# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001193125-23-064635
**Filing Date:** 2023-3
**Character Count:** 2390950
**Document Hash:** ed4e243e1bd01623764e69a5fa104a24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064635.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001193125-23-064635

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Six Circles Trust
- **CENTRAL INDEX KEY:** 0001724826
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23325
- **FILM NUMBER:** 23716830

**BUSINESS ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 212-270-6000

**MAIL ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 23Wall Trust
- **DATE OF NAME CHANGE:** 20171208

## Series and Classes Contracts Data

### Six Circles International Unconstrained Equity Fund (Series ID: S000061647)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000199639 | Six Circles International Unconstrained Equity Fund | CIUEX           |

### Six Circles Tax Aware Ultra Short Duration Fund (Series ID: S000061648)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000199640 | Six Circles Tax Aware Ultra Short Duration Fund | CUTAX           |

### Six Circles U.S. Unconstrained Equity Fund (Series ID: S000061649)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000199641 | Six Circles U.S. Unconstrained Equity Fund | CUSUX           |

### Six Circles Ultra Short Duration Fund (Series ID: S000061650)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000199642 | Six Circles Ultra Short Duration Fund | CUSDX           |

### Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (Series ID: S000063724)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000206545 | Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | CMEUX           |

### Six Circles Managed Equity Portfolio International Unconstrained Fund (Series ID: S000063725)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000206546 | Six Circles Managed Equity Portfolio International Unconstrained Fund | CMIUX           |

### Six Circles Global Bond Fund (Series ID: S000068181)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000218339 | Six Circles Global Bond Fund |  |

### Six Circles Tax Aware Bond Fund (Series ID: S000068182)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000218340 | Six Circles Tax Aware Bond Fund |  |

### Six Circles Credit Opportunities Fund (Series ID: S000068977)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000220641 | Six Circles Credit Opportunities Fund |  |

##### [**Table of Contents**](#toc)

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-23325** 

------

## SIX CIRCLES TRUST
**On behalf of the following series:** 

------

**Six Circles U.S. Unconstrained Equity Fund** 

**Six Circles International Unconstrained Equity Fund** 

**Six Circles Tax Aware Ultra Short Duration Fund** 

**Six Circles Ultra Short Duration Fund** 

**Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** 

**Six Circles Managed Equity Portfolio International Unconstrained Fund** 

**Six Circles Global Bond Fund** 

**Six Circles Tax Aware Bond Fund** 

**Six Circles Credit Opportunities Fund** 

**(Exact name of registrant as specified in charter)** 

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**383 Madison Avenue, New York, NY 10179** 

**(Address of principal executive offices) (Zip Code)** 

------

**The Corporation Trust Company** 

**1209 Orange Street** 

**Wilmington, DE 19801** 

**(Name and address of agent for service)** 

------

**Registrant's telephone number, including area code: (212) 464-2070** 

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

------

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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##### [**Table of Contents**](#toc)
**Item 1. Report to Stockholders.** 

------

##### [**Table of Contents**](#toc)

## Annual Report

## SIX CIRCLES<sup>®</sup> FUNDS
December 31, 2022

Six Circles Ultra Short Duration Fund

Six Circles Tax Aware Ultra Short Duration Fund

Six Circles U.S. Unconstrained Equity Fund

Six Circles International Unconstrained Equity Fund

Six Circles Global Bond Fund

Six Circles Tax Aware Bond Fund

Six Circles Credit Opportunities Fund

![LOGO](g4301196covlogo.jpg)

------

##### [**Table of Contents**](#toc)
**CONTENTS** 

---

| | |
|:---|:---|
| [President's Letter](#toc430119_1) | **1** |
| [Market Overview](#toc430119_2) | **2** |
| [Fund Commentaries](#toc430119_3) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles Ultra Short Duration Fund](#toc430119_4) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles Tax Aware Ultra Short Duration Fund](#toc430119_5) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles U.S. Unconstrained Equity Fund](#toc430119_6) | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles International Unconstrained Equity Fund](#toc430119_7) | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles Global Bond Fund](#toc430119_8) | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles Tax Aware Bond Fund](#toc430119_9) | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles Credit Opportunities Fund](#toc430119_10) | **18** |
| [Schedules of Portfolio Investments](#toc430119_11) | **20** |
| [Financial Statements](#toc430119_12) | **247** |
| [Financial Highlights](#toc430119_13) | **268** |
| [Notes to Financial Statements](#toc430119_14) | **282** |
| [Report of Independent Registered Public Accounting Firm](#toc430119_14a) | **309** |
| [Schedule of Shareholder Expenses](#toc430119_15) | **310** |
| [Tax information](#toc430119_15a) | **311** |
| [Trustees and Officers](#toc430119_17a) | **312** |
| [Privacy Policy — Located at the back of this Annual Report](#toc430119_17b) |  |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** 

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

For additional information about the risks of investing in the Funds' see section 5 starting on page 304.

***For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan representative or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully.*** An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as stand-alone investments.

------

##### [**Table of Contents**](#toc)
**PRESIDENT'S LETTER** 

December 31, 2022 (Unaudited)

**Dear Shareholder,** 

We hope this letter finds you well.

In 2022, a steady stream of market, economic and geopolitical events helped shape often volatile financial markets.

The Six Circles Funds are designed to help our discretionary portfolios navigate through changing markets, by giving us the flexibility to target key themes and our highest conviction ideas. On the following pages, we provide detailed discussions on the strategies we implemented in each of the Six Circles Funds during the 12-month period covered by this report.

As a reminder, the Six Circles Funds are not meant to be standalone investments. They are purposefully constructed as completion funds and, as such, we believe they should be reviewed and evaluated within the context of your broader portfolio for a complete picture of their performance.

I hope you find the information on these pages to be informative and helpful. If you should have any questions about the Funds, you can contact your J.P. Morgan team, visit the Fund's website at www.sixcirclesfunds.com, or call us at 212-464-2070.

Wishing you and yours a healthy, happy and prosperous 2023.

Sincerely,

![LOGO](g430119savino_sig.jpg)

Mary Savino

President, Six Circles Funds

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 1

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##### [**Table of Contents**](#toc)
**Market Overview** 

As Of December 31, 2022 (Unaudited)

2022 was a challenging year for markets globally with rising recession risks. The MSCI USA Index fell 19.46% through December 2022. Developed Non-U.S. and Emerging Markets equities also fell, with the MSCI World ex-USA Index, MSCI Emerging Markets Index and MSCI World Index down 14.29%, 20.09% and 18.14% during the period, respectively.

Global bond and cash markets outperformed equities, with the Bloomberg Barclays U.S. 1-3 Month Treasury Bill Index up 1.52% and the Bloomberg Barclays Global-Aggregate Index - Hedged USD down 11.22%.

In order to slow down high inflation, the Fed raised rates by 4.25% in 2022 and reiterated that they will continue to do so until inflation falls from elevated levels. Given the year end pricing of Fed Funds futures contracts, we believe the market is pricing in a peak Fed funds rate of approximately 5%, which is a sign investors believe the Fed must continue tightening significantly to curb inflation.

 <br> 2 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(0.04)%** |
| Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index | **1.52%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**567422** |
| Duration | **0.52 years** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles Ultra Short Duration Fund (the "Fund") seeks to generate current income consistent with capital preservation. The Fund mainly invests in U.S. dollar and non-U.S. dollar denominated investment grade short-term fixed and floating rate debt securities. The Fund allocates assets among securities with various maturities which, under normal market conditions, will not exceed an average effective portfolio duration of two years.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser") constructs the Fund's portfolios by allocating the Fund's assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each a "Sub-Adviser").

The Adviser currently engages the following Sub-Advisers:

• Goldman Sachs Asset Management, L.P. ("Goldman")(a)

• BlackRock Investment Management, LLC ("BlackRock")

• Pacific Investment Management Company LLC ("PIMCO")

(a) During the reporting period, the Adviser did not allocate Fund assets to Goldman.

The Adviser may adjust allocations to the Sub-Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the "Board") with respect to the hiring, termination or replacement of a Sub-Adviser. As such, the identity of the Fund's Sub-Advisers, the investment strategies they pursue and the portion of the Fund allocated to them, may change over time.

The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period of January 1, 2022 through December 31, 2022 (the "reporting period"), the Fund posted a negative

return on an absolute basis, and underperformed relative to the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

By sector composition, Investment Grade Credit and Securitized Credit comprised approximately 83% of the Fund's exposure on a look-through basis at the end of the reporting period, and were the Fund's largest sector overweights relative to the Index. During the reporting period, both sectors detracted from the Fund's performance on an absolute basis and relative to the Index.

The Fund's exposure to Government Bonds was the Fund's largest sector underweight relative to the Index and comprised approximately 9% of the Fund's exposure on a look-through basis at the end of the reporting period. During the reporting period, the sector detracted from the Fund's performance on an absolute basis, but contributed to the Fund's performance relative to the Index.

On an allocation level, the Fund's allocations to Core Ultra Short contributed to the Fund's return on an absolute basis, while its allocation to Global Markets detracted.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period the Fund was allocated to two Sub-Advisers as follows.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION**\*\*\* | **PORTFOLIO ALLOCATION**\*\*\* |
| Core Ultra Short (BlackRock) | 70% |
| Global Markets (PIMCO) | 30 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 3

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##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited) (continued)

Within the fixed income allocation on the broader Portfolio level, the Adviser prefers high-quality liquid investments combined with flexibility to implement opportunistic ideas across fixed income markets. The majority of the Fund's assets were invested into the more liquid segments of the fixed income market, with approximately 97% of the Fund invested in instruments with maturities of three years and under as of December 31, 2022.

The Adviser allocates to the two Sub-Advisers, with the expectation that the Sub-Advisers will capitalize on the opportunities present in the segment of the fixed income market that their specific mandate is focused on.

The Core Ultra Short allocation, which comprised approximately 70% of the Fund as of December 31, 2022, invests in a diversified fixed income portfolio on the shorter end of the U.S. fixed income market, balancing income against credit quality, within the context of the broader Portfolios.

The Global Markets allocation, which comprised approximately 30% of the Fund as of December 31, 2022, has a broad investment universe, seeking total return opportunities within the global fixed income markets.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since<br>Inception<br>(July 9, 2018)** |
| Six Circles Ultra Short Duration Fund | (0.04)% | 1.28% |

---

**GROWTH OF $10,000 REPORT** (07/09/2018 TO 12/31/2022)

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![LOGO](g430119g20a74.jpg)

![LOGO](g430119g04u06.jpg)

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<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments. 

<sup>2)</sup> (0.11)% of the amount shown in the Fund's "Cash" line item reflects the mark-to-market value of the Fund's derivative positions. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.31% and 0.18% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Ultra Short Duration Fund and the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index from July 9, 2018 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> 4 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(0.36)%** |
| iMoneyNet Tax-Free National Institutional Money Market Index | **0.98%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**564290** |
| Duration | **0.53 years** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles Tax Aware Ultra Short Duration Fund (the "Fund") seeks to generate current income consistent with capital preservation. The Fund invests at least 50% of its net assets in municipal securities, the income from which is exempt from federal income tax<sup>1)</sup>. The Fund also may invest in taxable instruments. The Fund allocates assets among securities with various maturities which, under normal market conditions, will not exceed an average effective portfolio duration of two years.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser") constructs the Fund's portfolios by allocating the Fund's assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each a "Sub-Adviser").

The Adviser currently engages the following Sub-Advisers:

• Goldman Sachs Asset Management, L.P. ("Goldman")(a)

• Insight North America LLC ("Insight")

• Pacific Investment Management Company LLC ("PIMCO")

(a) During the reporting period, the Adviser did not allocate Fund assets to Goldman.

The Adviser may adjust allocations to the Sub-Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the "Board") with respect to the hiring, termination or replacement of a Sub-Adviser. As such, the identity of the Fund's Sub-Advisers, the investment strategies they pursue and the portion of the Fund allocated to them, may change over time.

The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period of January 1, 2022 through December 31, 2022 (the "reporting period"), the Fund posted a negative

return on an absolute basis, and underperformed relative to the iMoneyNet Tax-Free National Institutional Money Market Index (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

By sector composition, Municipal Bonds and Investment Grade Credit were the largest sector exposures in the Fund on a look-through basis and comprised approximately 67% and 16% of the Fund, respectively, at the end of the reporting period. Both exposures detracted from the Fund's performance on an absolute basis and relative to the Index.

On an allocation level, the Fund's allocation to Core Municipal Ultra Short contributed to the Fund's return on an absolute basis, while its allocation to Global Markets detracted.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period the Fund was allocated to two Sub-Advisers as follows.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION**\*\*\* | **PORTFOLIO ALLOCATION**\*\*\* |
| Core Municipal Ultra Short (Insight) | 70% |
| Global Markets (PIMCO) | 30 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

<sup>1)</sup> Interest on Municipal securities is exempt from federal income tax however interest on certain bonds may be subject to the federal alternative minimum tax for individuals.

Within the fixed income allocation on the broader Portfolio level, the Adviser prefers high-quality liquid investments combined with flexibility to implement opportunistic ideas across fixed income markets. The majority of the Fund's assets were invested into the more liquid segments of the fixed income

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 5

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##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited) (continued)

market, with approximately 99% of the Fund invested in instruments with maturities of three years and under as of December 31, 2022.

The Adviser allocates to the two Sub-Advisers, with the expectation that the Sub-Advisers will capitalize on the opportunities present in the segment of the fixed income market that their specific mandate is focused on.

The Core Municipal Ultra Short allocation, which comprised approximately 70% of the Fund as of December 31, 2022, invests in a diversified fixed income portfolio on the shorter end of the U.S. municipal fixed income market, balancing income against credit quality, within the context of the broader Portfolio.

The Global Markets allocation, which comprised approximately 30% of the Fund as of December 31, 2022, has a broad investment universe, seeking total return opportunities within the global taxable fixed income markets.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since<br>Inception<br>(July 9, 2018)** |
| Six Circles Tax Aware Ultra Short Duration Fund | (0.36)% | 0.89% |

---

**GROWTH OF $10,000 REPORT** (07/09/2018 TO 12/31/2022)

------

![LOGO](g430119g28b28.jpg)

![LOGO](g430119g06x09.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global Industry Classification Standard (GICS®) and may differ from categories listed within the Schedule of Investments. 

<sup>2)</sup> 0.03% of the amount shown in the Fund's "Cash" line item reflects the mark-to-market value of the Funds derivative positions. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.30% and 0.15% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Tax Aware Ultra Short Duration Fund and the iMoneyNet Tax-Free National Institutional Money Market Index from July 9, 2018 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Although the performance of the iMoneyNet Tax-Free National Institutional Money Market Index reflects returns of constituent mutual funds net of expenses, the index itself is unmanaged and no expenses are deducted at the index level. The performance of the Index has also been adjusted to reflect reinvestment of all dividends and capital gain distributions of the mutual funds included in the Index, if applicable.

The iMoneyNet Tax-Free National Institutional Money Market Index is an average of all tax-free and municipal, U.S.-domiciled institutional and retail money market funds. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> 6 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

## Six Circles U.S. Unconstrained Equity Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(21.22)%** |
| MSCI USA Index | **(19.46)%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**14690706** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles U.S. Unconstrained Equity Fund (the "Fund") seeks to provide capital appreciation. The Fund invests at least 80% of its net assets in equity securities issued by U.S. companies and other instruments with economic characteristics similar to equity securities issued by U.S. companies. The Fund is generally unconstrained by any particular capitalization, style or industry sector.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser"), actively allocates the Fund's investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the "Sub-Adviser" or "BlackRock"). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. In addition to allocating and reallocating the Fund's assets among one or more indexed investment strategies, the Adviser may also select securities of specific individual companies for the Fund to purchase or sell on an ongoing basis and the amount of the Fund's assets to allocate to such securities. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period of January 1, 2022 through December 31, 2022 (the "reporting period"), the Fund posted a negative return on an absolute basis, and underperformed relative to the MSCI USA Index (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

Health Care, Information Technology and Industrials sectors comprised approximately 69% of the Fund's sector exposure on a look-through basis at the end of the reporting period and were the Fund's largest sector overweights relative to the

Index. During the reporting period, Health Care contributed to the fund's performance on an absolute basis while Industrials and Information Technology detracted. Relative to the index, Health Care and Information Technology contributed to the Fund's performance, while Industrials detracted.

Consumer Staples, Energy and Consumer Discretionary sectors comprised approximately 9% of the Fund's sector exposure on a look-through basis at the end of the reporting period and were the Fund's largest sector underweights relative to the Index. Energy and Consumer Staples contributed to the Fund's performance on an absolute basis while Consumer Discretionary detracted. Relative to the Index, all three sectors detracted from the Fund's performance. Additionally, the Fund's underweight to Communication Services was the largest detractor of Fund performance relative to the Index. Communication Services comprised 7% of the Fund's sector exposure on a look-through basis at the end of the reporting period.

On an allocation level, the Fund's allocation to U.S. Pharmaceuticals was the largest contributor to the Fund's return on an absolute basis, whereas U.S. Internet Retail was the largest detractor to the Fund's return on an absolute basis during the reporting period.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period, the Fund was allocated to fourteen strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION**\*\*\* | |
| USA | 21% |
| U.S. Software | 16 |
| U.S. Financials | 11 |
| U.S. Pharmaceuticals | 9 |
| U.S. Managed Health Care | 8 |
| U.S. Air, Freight & Logistics | 6 |
| U.S. Industrials | 6 |
| U.S Data Processing | 5 |
| U.S. Interactive Media & Services | 5 |
| Life Sciences Tools & Services | 3 |
| U.S. Technology, Hardware & Equipment | 3 |
| U.S. Semiconductor & Semiconductor Equipment | 3 |
| U.S. Beverages | 2 |
| U.S. Internet Retail | 2 |

---

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 7

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##### [**Table of Contents**](#toc)

## Six Circles U.S. Unconstrained Equity Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited) (continued)

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

Allocation to Broad USA comprised approximately 21% of the Fund as of December 31, 2022. Within the context of the broader Portfolios, the Adviser believes that an allocation to Broad USA provides the ability to tactically allocate to broad U.S. large cap exposure and use as a potential funding source for future targeted allocations.

Allocation to U.S. Software and U.S. Internet Retail provides what the Adviser believes is a multi-year opportunity for the leaders in this space to take advantage of businesses shifting workloads onto Cloud-based platforms. These exposures collectively comprised approximately 18% of the Fund as of December 31, 2022.

Allocation to U.S. Financials comprised approximately 11% of the Fund as of December 31, 2022. The Adviser believes in capital adequacy and dividend sustainability in the sector and currently has conviction in the sector given compelling valuations and more realistic market expectations about potential credit costs and buybacks.

Allocation to U.S. Pharmaceuticals comprised approximately 9% of the Fund, as of December 31, 2022. The Adviser believes that pharmaceutical companies have strong fundamentals with attractive valuations in the current market.

Allocation to U.S. Managed Health Care comprised approximately 8% of the Fund as of December 31, 2022. The Adviser believes that the allocation focuses on the intersection of health care and innovation, focusing on four paradigm shifts within Health Care identified by the Adviser, including big data, advanced diagnostics, targeted therapies, and enhanced aging.

Allocation to U.S. Industrials was approximately 6% of the Fund as of December 31, 2022.

Allocation to U.S. Air, Freight & Logistics comprised approximately 6% of the Fund as of December 31, 2022.

Allocation to U.S. Interactive Media & Services focuses on companies engaged in content and information creation or distribution through proprietary platforms, where revenues are

derived primarily through pay-per-click advertisements. This allocation was approximately 5% of the Fund as of December 31, 2022. The Adviser believes in the opportunities available in the cloud market and views this exposure as potential for continued strength in earnings growth.

Allocation to U.S. Data Processing was approximately 5% of the Fund as of December 31, 2022. The Adviser believes that the companies within the sector's core business have been accelerating and expanding into new payment flows.

Allocation to Life Sciences Tools & Services was approximately 3% of the Fund as of December 31, 2022. The Adviser believes that the sector is comprised of high quality and large cap companies with high potential earnings growth.

Allocation to U.S. Technology Hardware & Equipment allows the Adviser to access specific exposures within the Technology sector. The allocation comprised approximately 3% of the Fund as of December 31, 2022.

The Adviser believes that valuations for U.S. Semiconductors & Semiconductor Equipment companies are now more reasonable and provide an attractive entry point. This allocation comprised approximately 3% of the Fund as of December 31, 2022.

Allocation to U.S. Beverages was approximately 2% of the Fund's exposure as of December 31, 2022 and reflects the Adviser's belief that this industry is relatively defensive versus the market.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022  | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022  | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022  |
| | **1 Year** | **Since<br>Inception<br>(July 9, 2018)** |
| Six Circles U.S. Unconstrained Equity Fund | (21.22)% | 9.30% |

---

**GROWTH OF $10,000 REPORT** (07/09/2018 TO 12/31/2022)

------

![LOGO](g430119g45v80.jpg)

 <br> 8 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
![LOGO](g430119g08q12.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. Cash and mark-to-market value on derivatives contracts represent less than 0.5%. The above Sector allocation uses The Global Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.26% and 0.05% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles U.S. Unconstrained Equity Fund and the MSCI USA Index from July 9, 2018 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the secu rities included in the Index, if applicable.

The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the U.S. market. With 626 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the United States. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 9

------

##### [**Table of Contents**](#toc)

## Six Circles International Unconstrained Equity Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(13.60)%** |
| MSCI World ex-USA Index | **(14.29)%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**11380626** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles International Unconstrained Equity Fund (the "Fund") seeks to provide capital appreciation. The Fund invests at least 80% of its net assets in equity securities and other instruments with economic characteristics similar to equity securities. The Fund primarily invests in the equity securities of non-U.S. companies and is generally unconstrained by any particular capitalization, style or sector or non-U.S. country.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser"), actively allocates the Fund's investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the "Sub-Adviser" or "BlackRock"). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period of January 1, 2022 through December 31, 2022 (the "reporting period"), the Fund posted a negative return on an absolute basis, but outperformed the MSCI World ex-USA Index (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

Health Care, Consumer Discretionary and Information Technology sectors comprised approximately 44% of the Fund's sector exposure on a look-through basis at the end of the reporting period, and were the Fund's largest sector overweights relative to the Index. All three sectors detracted on an absolute basis. Relative to the Index, the Fund's overweight to Health Care contributed to the Fund's performance, while Information Technology modestly detracted.

Industrials, Communication Services and Materials sectors comprised approximately 9% of the Fund's sector exposure on a look-through basis at the end of the reporting period, and were the Fund's largest sector underweights relative to the Index. All three sectors detracted from the Fund's performance on an absolute basis. Relative to the Index, Communication Services and Industrials contributed to the Fund's performance, while Materials detracted.

On an allocation level, Europe Semiconductors and Semiconductor Equipment was the largest contributor to the Fund's performance on an absolute basis, while the allocation to Europe ex-UK was the largest detractor from the Fund's return on an absolute basis during the reporting period.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period, the Fund was allocated to fourteen strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION**\*\*\* | |
| Europe Financials | 18% |
| Europe Pharmaceuticals | 14 |
| Broad UK | 11 |
| Switzerland Food Products | 9 |
| Europe ex-UK | 8 |
| Europe Integrated Oil & Gas | 8 |
| Europe Textile Luxury Goods | 8 |
| Europe Automobiles | 5 |
| Europe Semiconductor & Semiconductor Equipment | 5 |
| Europe Industrials | 4 |
| Germany Application Software | 3 |
| Japan | 3 |
| Korea Technology, Hardware, Storage & Peripherals | 3 |
| Europe ex-UK Utilities | 1 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

 <br> 10 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
Allocation to Europe ex-UK comprised approximately 8% of the Fund as of December 31, 2022. Within the context of the broader Portfolios, the Adviser believes that this is a defensive position and the exposure to renewable energy helps diversify against European Energy positions and provides a growth dynamic to the sector, while trading at reasonable valuations.

Allocation to Europe Pharmaceuticals comprised approximately 14% of the Fund as of December 31, 2022 and provides what the Adviser believes to be a defensive exposure with attractive fundamentals and valuations, within the context of the broader Portfolios.

Allocation to Europe Financials was approximately 18% of the Fund as of December 31, 2022. The Adviser has conviction in this sector due to improved capital levels.

Allocation to Broad UK comprised approximately 11% of the Fund as of December 31, 2022. Within the context of the broader Portfolios, the Adviser believes that the allocation adds to a more cyclical European market that has clarity as COVID-19 subsides.

The Adviser believes that the allocation to Europe Automobiles is expected to perform well as the economy recovers. This allocation comprised approximately 5% of the Fund as of December 31, 2022.

Allocation to Switzerland Food Products was approximately 9% of the fund as of December 31, 2022 and serves as a defensive position, allowing the Adviser access to mainly large cap companies.

The Adviser believes that companies within the Europe Semiconductors sector have reasonable valuations making the exposure very attractive. The sector comprised approximately 5% of the Fund as of December 31, 2022.

Allocation to Europe Industrials was approximately 4% of the Fund as of December 31, 2022. The Adviser believes that the Industrials sector is built on cyclical exposures that will benefit from economic recovery and growth.

Allocation to Europe Textile Luxury Goods was approximately 8% of the Fund as of December 31, 2022.

Allocation to Europe Integrated Oil & Gas was approximately 8% of the Fund as of December 31, 2022.

The Adviser believes that the allocation to Korea Technology Hardware, Storage and Peripherals provides exposure to a strong player within the global technology supply chain. The allocation was approximately 3% of the Fund as of December 31, 2022.

The Adviser believes that allocation to Europe ex-UK Utilities serves as a defensive position with exposure to renewable energy, which helps diversify against European Energy positions and provides a growth dynamic to the sector. This allocation was approximately 1% of the Fund as of December 31, 2022.

The Adviser believes that the allocation to Broad Japan provides exposure to high quality Japanese Equity companies with evolving business models. The allocation was approximately 3% of the Fund as of December 31, 2022

Allocation to German Application Software was approximately 3% of the fund as of December 31, 2022. German Investable Market Index is primarily made up of SAP, a company the advisor believes that the market is currently underappreciating given its cloud transition, value of defensive cashflows, and positive business model changes.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since<br>Inception<br>(July 9, 2018)** |
| Six Circles International Unconstrained Equity Fund | (13.60)% | 0.76% |

---

**GROWTH OF $10,000 REPORT** (07/09/2018 TO 12/31/2022)

------

![LOGO](g430119g64t68.jpg)

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 11

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##### [**Table of Contents**](#toc)

## Six Circles International Unconstrained Equity Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited) (continued)

![LOGO](g430119g10i15.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. Cash and mark-to-market value on derivatives contracts represent less than 0.5%. The above Sector allocation uses The Global Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.30% and 0.10% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles International Unconstrained Equity Fund and the MSCI World ex-USA Index from July 9, 2018 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World ex-USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The MSCI World ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries—excluding the United States. With 884 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. With 1,377 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> 12 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | |
| Fund\* | **(8.95)%** |
| Bloomberg Barclays Global-Aggregate Index - Hedged USD | **(11.22)%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**7909895** |
| Duration | **6.51 years** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles Global Bond Fund (the "Fund") seeks to provide total return. The Fund invests mainly in a global portfolio of investment grade fixed income securities with varying maturities across government, corporate, and securitized fixed income sectors. The Fund will also allocate across a number of different countries around the World.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser") constructs the Fund's portfolios by allocating the Fund's assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each a "Sub-Adviser").

The Adviser currently engages the following Sub-Advisers:

• BlackRock Investment Management, LLC ("BlackRock")

• Pacific Investment Management Company LLC ("PIMCO")

• PGIM, Inc. ("PGIM")

The Adviser may adjust allocations to the Sub-Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the "Board") with respect to the hiring, termination or replacement of a Sub-Adviser. As such, the identity of the Fund's Sub-Advisers, the investment strategies they pursue and the portion of the Fund allocated to them, may change over time.

The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period January 1, 2022 through December 31, 2022, (the "reporting period") the Fund posted a negative return on an absolute basis, but outperformed relative to the Bloomberg Barclays Global-Aggregate Index – Hedged USD (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to

the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

By sector composition, Investment Grade Credit was the largest sector exposure in the Fund on a look-through basis and comprised approximately 41% of the Fund at the end of the reporting period, with the Fund being overweight this sector relative to the Index. Investment Grade Credit detracted from the Fund's performance on an absolute basis during the reporting period, but contributed relative to the Index.

Government Bonds comprised approximately 33% of the Fund's exposure on a look-through basis at the end of the reporting period, with the Fund being underweight this sector relative to the Index. During the reporting period, exposure to Government Bonds detracted from the Fund's performance on an absolute basis, however was the largest contributor to performance relative to the Index.

On an allocation level, the Fund's allocation to China Treasury & Policy Bank contributed to the Fund's return on an absolute basis during the reporting period, while the allocation to Pan-European Government was the largest detractor.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period, the Fund was allocated to twelve strategies across various sectors, credit ratings, maturity buckets, and regional exposures.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION\*\*\*** | |
| Pan-European Credit (BlackRock) | 34% |
| China Treasury + Policy Bank (BlackRock) | 10 |
| U.S. Treasury 10-20 Year (BlackRock) | 10 |
| Global Credit (PGIM) | 8 |
| Global Securitized (PIMCO) | 8 |
| Pan-European Government (BlackRock) | 7 |
| U.S. Securitized (BlackRock) | 7 |
| Asia Pacific Government ex- China (BlackRock) | 5 |
| Global Government (PGIM) | 4 |
| U.S. Credit (BlackRock) | 3 |
| U.S. Government (BlackRock) | 3 |
| Pan- European Securitized (BlackRock) | 1 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2022 for financial

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 13

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited) (continued)

reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

Allocation to Global Credit and Pan European Credit comprised approximately 42% of the Fund as of December 31, 2022 and provide what the Adviser believes to be a full tracking error, flexible access point to a broad range of global corporate bonds across different regions, sectors, and credit qualities.

Allocations to Asia Pacific Government ex-China and Pan-European Government comprised approximately 12% of the Fund as of December 31, 2022 and provide what the Adviser believes is a low tracking error, tactical way to allocate to government bonds within these regions.

Allocation to Global Securitized and Pan European Securitized comprised approximately 9% of the Fund as of December 31, 2022 and provide what the Adviser believes to be full tracking error, flexible access to a broad range of securitized debt across different regions, sectors, and credit qualities.

The Adviser believes that the allocation to Global Government provides full tracking error access to a broad range of government bonds across different regions. The allocation was approximately 4% of the Fund as of December 31, 2022.

Allocations to U.S. Treasury, U.S. Credit, U.S. Government, and U.S. Securitized comprised approximately 23% of the Fund as of December 31, 2022. These allocations provide what the Adviser believes is a low tracking error, tactical way to allocate within these sectors.

Allocations to China Treasury & Policy Bank comprised approximately 10% of the Fund as of December 31, 2022. This exposure allows the portfolio to tactically allocate to Chinese government bonds.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since<br>Inception<br>(May 19, 2020)** |
| Six Circles Global Bond Fund | (8.95)% | (2.82)% |

---

**GROWTH OF $10,000 REPORT** (05/19/2020 TO 12/31/2022)

------

![LOGO](g430119g13n14.jpg)

![LOGO](g430119g13n15.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments. 

<sup>2)</sup> (1.51)% of the amount shown in the Fund's "Cash" line item reflects the mark-to-market value of the Funds derivative positions. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.30% and 0.11% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on May 19, 2020.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Global Bond Fund and the Bloomberg Barclays Global-Aggregate Index - Hedged USD from May 19, 2020 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays Global-Aggregate Index - Hedged USD does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

 <br> 14 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)
The Bloomberg Barclays Global-Aggregate Index - Hedged USD provides a broad-based measure of the global investment grade fixed income markets. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 15

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(7.32)%** |
| Bloomberg Barclays 1-15 Year Municipal Bond Index | **(5.95)%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**5860578** |
| Duration | **5.76 years** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles Tax Aware Bond Fund (the "Fund") seeks to provide after-tax total return. The Fund invests at least 50% in municipal securities across varying maturity ranges, the income from which is exempt from federal income tax<sup>(a)</sup>. The Fund also may invest in taxable instruments.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser") constructs the Fund's portfolios by allocating the Fund's assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each a "Sub-Adviser").

The Adviser currently engages the following Sub-Advisers:

• Allspring Global Investments, LLC ("Allspring")

• BlackRock Investment Management, LLC ("BlackRock")(b)

• Capital International Inc. ("Capital Group")

• Nuveen Asset Management, LLC ("Nuveen")

(b) During the reporting period, the Adviser did not allocate Fund assets to this Sub-Adviser.

The Adviser may adjust allocations to the Sub-Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the "Board") with respect to the hiring, termination or replacement of a Sub-Adviser. As such, the identity of the Fund's Sub-Advisers, the investment strategies they pursue and the portion of the Fund allocated to them, may change over time.

The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period January 1, 2022 through December 31, 2022, (the "reporting period"), the Fund posted a negative return on an absolute basis, and underperformed relative to the Bloom-

berg Barclays 1-15 Year Municipal Bond Index (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

By sector composition, Investment Grade Rated Municipal Bonds were the largest sector exposure in the Fund on a look-through basis and comprised approximately 88% of the Fund at the end of the reporting period, with the Fund being underweight this sector relative to the Index. During the reporting period, this sector detracted from the Fund's performance on both an absolute basis, and relative to the Index.

High Yield Municipal Bonds were approximately 9% of the Fund's exposure on a look-through basis at the end of the reporting period, with the Fund being overweight this sector relative to the Index. During the reporting period, exposure to High Yield Municipal Bonds detracted from the Fund's performance on an absolute basis and relative to the Index.

On an allocation level, the full tracking error Municipal allocations managed by Nuveen was the largest detractor on an absolute basis during the reporting period.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period, the Fund was allocated to five strategies across various sectors, credit ratings, maturity buckets, and regional exposures.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION**\*\*\* | **PORTFOLIO ALLOCATION**\*\*\* |
| Municipals (Allspring) | 38% |
| Municipals (Nuveen) | 37 |
| Short Duration Municipal (Capital Group) | 11 |
| Intermediate Duration Municipal (Capital Group) | 8 |
| Long Duration Municipal (Capital Group) | 6 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

 <br> 16 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)
\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

<sup>(a)</sup> Interest on Municipal securities is exempt from federal income tax however interest on certain bonds may be subject to the federal alternative minimum tax for individuals.

Allocations to Short Duration Municipal, Intermediate Duration Municipal and Long Duration Municipal comprised approximately 11%, 8% and 6% of the Fund, respectively, as of December 31, 2022. These allocations provide what the Adviser believes to be low tracking error, flexible access points to municipal debt within short, intermediate and long maturity ranges.

The Adviser believes that the allocations to Municipal strategies sub-advised by Nuveen and Allspring provide full tracking error, flexible access to a broad range of municipals across different sectors and credit qualities. Each of these allocations were approximately 38% of the Fund as of December 31, 2022.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since<br>Inception<br>(May 19, 2020)** |
| Six Circles Tax Aware Bond Fund | (7.32)% | (0.63)% |

---

**GROWTH OF $10,000 REPORT** (05/19/2020 TO 12/31/2022)

------

![LOGO](g430119g13n17.jpg)

![LOGO](g430119g13n22.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global 

Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments.

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.28% and 0.13% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on May 19, 2020.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Tax Aware Bond Fund and the Bloomberg Barclays 1-15 Year Municipal Bond Index from May 19, 2020 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays 1-15 Year Municipal Bond Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg Barclays 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 17

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(10.02)%** |
| Bloomberg Barclays U.S. Intermediate Corporate Bond Index | **(9.40)%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**4461834** |
| Duration | **3.50 years** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles Credit Opportunities Fund (the "Fund") seeks to provide total return. The Fund invests mainly in global fixed

income opportunities, including below investment-grade debt, as well as other tactical credit opportunities.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser") constructs the Fund's portfolios by allocating the Fund's assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each a "Sub-Adviser").

The Adviser currently engages the following Sub-Advisers:

• BlackRock Investment Management, LLC ("BlackRock")

• BlueBay Asset Management LLP ("BlueBay")(a)

• Federated Investment Management Company ("Federated")(b)

• Lord Abbett & Co, LLC ("Lord Abbett")

• Muzinich & Co., Inc. ("Muzinich")(a)

• Pacific Investment Management Company LLC ("PIMCO")

• PGIM, INC. ("PGIM")

(a) During the reporting period, the Fund has not allocated assets to these Sub-Advisers.

(b) During the reporting period, the Adviser has reduced the portion of the Fund allocated to Federated to zero.

The Adviser may adjust allocations to the Sub-Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the "Board") with respect to the hiring, termination or replacement of a Sub-Adviser. As such, the identity of the Fund's Sub-Advisers, the investment strategies they pursue and the portion of the Fund allocated to them, may change over time.

The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period January 1, 2022 through December 31, 2022, (the "reporting period") the Fund posted a negative return on an absolute basis, and underperformed relative to the Bloomberg Barclays U.S. Intermediate Corporate Bond Index (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

By sector composition, High Yield was the largest sector exposure in the Fund on a look-through basis and comprised approximately 82% of the Fund at the end of the reporting period. During the reporting period, this sector detracted from the Fund's performance on an absolute basis and relative to the Index.

The Fund's long position in interest rates and duration via U.S. 2 Year Treasury Note Futures detracted from performance on an absolute basis and relative to the Index as interest rates rose.

Investment Grade Corporate Bonds was the largest sector underweight, with approximately 10% of the Fund's exposure on a look-through basis at the end of the reporting period. During the reporting period, exposure to Investment Grade Corporate Bonds detracted from the Fund's performance on an absolute basis but contributed to the Fund's performance relative to the Index.

On an allocation level, High Yield allocations managed by PGIM were the largest detractor on an absolute basis during the reporting period.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period, the Fund was allocated to four Sub-Advisers across various sectors, credit ratings, maturity buckets, and regional exposures.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION**\*\*\* | **PORTFOLIO ALLOCATION**\*\*\* |
| High Yield (BlackRock) | 50% |
| High Yield (PGIM) | 30 |
| Asia High Yield (PIMCO) | 17 |
| Short Duration (Lord Abbett) | 3 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the

 <br> 18 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)
net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

Allocations to High Yield managed by BlackRock comprised approximately 50% of the Fund as of December 31, 2022. The Adviser believes that the allocation provides flexibility in the portfolio construction process for adjusting credit quality and sector allocations in response to market movements.

Allocations to High Yield managed by PGIM comprised approximately 30% of the Fund as of December 31, 2022. This allocation provides what the Adviser believes to be a broader market exposure, with potential ability to offer excess returns without taking large sector or credit rating bets.

Allocation to Asia High Yield managed by PIMCO comprised approximately 17% of the Fund as of December 31, 2022 and provides what the Adviser believes to be a more focused exposure to CCC or B-rated names.

Allocations to Short Duration managed by Lord Abbett comprised approximately 3% of the Fund as of December 31, 2022. The Adviser believes that this allocation provides a higher quality, shorter duration exposure and consists of investment grade and securitized bonds.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since<br>Inception<br>(August 19, 2020)** |
| Six Circles Credit Opportunities Fund | (10.02)% | (1.32)% |

---

**GROWTH OF $10,000 REPORT** (08/19/2020 TO 12/31/2022)

------

![LOGO](g430119g73v45.jpg)

![LOGO](g430119g00n74.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. The above Sector allocation uses The Global Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments. 

<sup>2)</sup> 0.47% of the amount shown in the Fund's "Cash" line item reflects the mark-to-market value of the Fund's derivative positions. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.81% and 0.25% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on August 19, 2020.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Credit Opportunities Fund and the Bloomberg Barclays U.S. Intermediate Corporate Bond Index from August 19, 2020 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Intermediate Corporate Bond Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg Barclays U.S. Intermediate Corporate Total Return Bond Index measures the investment grade, fixed-rate, taxable corporate bond market whose maturity ranges between 1 to 9.9999 years. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 19

------

##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — 17.3%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027 |  | 1200 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3RA, Class A, (ICE LIBOR USD 3 Month + 1.05%), 5.42%, 01/28/2031 (e) (aa) |  | 1226 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 5.46%, 01/28/2031 (e) (aa) |  | 1577 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 5.48%, 11/17/2027 (e) (aa) |  | 192 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoflorence Srl, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 2.59%, 12/24/2044 (aa) | EUR | 725 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%) 2.64%,<br>12/24/2044 (aa) | EUR | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonoria Spain 2022 FT, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SP, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.84%), 2.73%, 01/25/2040 (aa) | EUR | 800 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SP, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 2.00%), 3.89%, 01/26/2040 (aa) | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; BA Credit Card Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A1, Class A1, 0.44%, 09/15/2026 |  | 2180 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A2, Class A2, 5.00%, 04/15/2028 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd., (Cayman Islands), Series 2019-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.07%), 5.31%,<br>04/20/2031 (e) (aa) |  | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Battalion CLO Ltd., (Cayman Islands), Series 2020-18A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 5.28%,<br>10/15/2036 (e) (aa) |  | 1000 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO Ltd., (Cayman Islands), Series 2015-6BR, Class A, (ICE LIBOR USD 3 Month + 1.19%), 5.43%, 07/20/2034 (e) (aa) |  | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (ICE LIBOR USD 3 Month + 1.10%), 5.34%, 01/20/2031 (e) (aa) |  | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHG Securitization Trust, Series 2022-B, Class A, 3.75%, 06/18/2035 (e) |  | 103 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birch Grove CLO Ltd., (Cayman Islands), Series 19A, Class AR, (ICE LIBOR USD 3 Month + 1.13%), 5.90%,<br>06/15/2031 (e) (aa) |  | 2000 | 1963 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW Canada Auto Trust, (Canada), Series 2022-1A, Class A1, 3.65%,<br>12/20/2024 (e) | CAD | 601 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 5.64%,<br>12/15/2038 (e) (aa) |  | 360 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 5.39%,<br>10/20/2029 (e) (aa) |  | 436 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.58%), 4.90%,<br>07/15/2027 (aa) |  | 900 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A3, 0.52%, 02/17/2026 |  | 1021 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A2B, (United States 30 Day Average SOFR + 0.60%), 4.41%, 05/15/2025 (aa) |  | 801 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A2A, 5.34%, 12/15/2025 |  | 700 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Funding II LLC, Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 4.97%, 08/15/2032 (e) (aa) |  | 389 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 5.28%,<br>10/17/2031 (e) (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 5.74%, 10/25/2037 (e) (aa) |  | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.62%), 4.98%, 04/22/2026 (aa) |  | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A5, Class A5, (ICE LIBOR USD 1 Month + 0.61%), 4.83%, 08/07/2027 (aa) |  | 900 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%,<br>05/15/2030 (e) |  | 350 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2021-2, Class A3, 0.53%,<br>12/22/2026 (e) |  | 500 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.60%), 4.92%,<br>12/15/2026 (aa) |  | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLST LLC, Series 2022-1A, Class A1, 1.56%, 05/22/2023 (e) |  | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dowson plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.68%), 4.08%, 10/20/2028 (aa) | GBP | 256 | 310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 20 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.20%), 4.60%, 10/20/2028 (aa) | GBP | 200 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.92%), 4.32%, 01/20/2029 (aa) | GBP | 273 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class B, Reg. S, (SONIA Interest Rate Benchmark + 2.70%), 6.10%, 08/20/2029 (aa) | GBP | 159 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 5.14%, 07/18/2030 (e) (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) |  | 826 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2019-3, Class A2, 2.06%,<br>05/20/2025 (e) |  | 41 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e) |  | 791 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Auto Securitization Trust, (Canada), Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e) | CAD | 1062 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2022-A, Class A2B, (United States 30 Day Average SOFR + 0.60%), 4.41%,<br>10/15/2024 (aa) |  | 581 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A4, 2.24%, 10/15/2024 |  | 196 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A2A, 3.44%, 02/15/2025 |  | 2522 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class A1, 0.70%, 09/15/2025 |  | 1400 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL4, Class A, (United States 30 Day Average SOFR + 1.90%), 5.71%, 01/19/2039 (e) (aa) |  | 583 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL6, Class A, (CME Term SOFR 1 Month + 2.58%), 6.90%, 08/17/2037 (e) (aa) |  | 640 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilbert Park CLO Ltd., (Cayman Islands), Series 2017-1A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 5.27%,<br>10/15/2030 (e) (aa) |  | 1650 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A2, 2.93%, 10/21/2024 |  | 1844 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A2A, 4.01%, 10/21/2024 |  | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A4, 2.21%, 11/18/2024 |  | 163 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A3, 1.84%, 09/16/2024 |  | 169 | 168 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A2A, 3.50%, 09/16/2025 | 4255 | 4213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A2B, (United States 30 Day Average SOFR + 0.60%), 4.41%, 09/16/2025 (aa) | 900 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMF Canada Leasing Trust, (Canada), Series 2021-1A, Class A2, 0.64%,<br>03/20/2024 (e)<br> CAD | 143 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%,<br>03/25/2025 (e) | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A4, 1.85%, 08/15/2025 | 204 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A2, 3.81%, 03/18/2025 | 3110 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A2B, (United States 30 Day Average SOFR + 0.63%), 4.44%, 02/18/2025 (e) (aa) | 2727 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A2A, 3.64%, 05/15/2025 | 1011 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 5.37%,<br>10/19/2028 (e) (aa) | 676 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust, Series 2022-B, Class A2, 3.73%, 06/16/2025 | 817 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; KREF Ltd., (Cayman Islands), Series 2022-FL3, Class A, (CME Term SOFR 1 Month + 1.45%), 5.77%,<br>02/17/2039 (e) (aa) | 1310 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XLI Ltd., (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 5.15%, 04/22/2027 (e) (aa) | 836 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.15%, 10/15/2032 (e) (aa) | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%,<br>11/21/2025 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.22%,<br>12/16/2058 (e) (aa) | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Student Loan Trust, Series 2019-BA, Class A2B, (ICE LIBOR USD 1 Month + 0.98%), 5.30%, 12/15/2059 (e) (aa) | 264 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 5.29%, 06/27/2067 (e) (aa) | 836 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class AFL, (ICE LIBOR USD 1 Month + 0.74%), 5.09%, 04/20/2062 (e) (aa) | 1069 | 1036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 21

------

##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 26 Ltd., (Cayman Islands), Series 2017-26A, Class AR, (ICE LIBOR USD 3 Month + 0.92%), 5.11%, 10/18/2030 (e) (aa) |  | 1900 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, Series 2022-A, Class A2A, 3.45%, 08/15/2024 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662 | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHA Credit Funding 6 Ltd., (Cayman Islands), Series 2020-6A, Class AR, (ICE LIBOR USD 3 Month + 1.14%), 5.38%,<br>07/20/2034 (e) (aa) |  | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 5.41%, 03/14/2029 (e) (aa) |  | 835 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%,<br>09/10/2026 (e) |  | 223 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%,<br>03/11/2024 (e) |  | 111 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XIII LLC, (Japan), Series 2021-2A, Class A2, 0.39%,<br>08/12/2024 (e) |  | 264 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., (Cayman Islands), Series 2013-2A, Class A1A3, (ICE LIBOR USD 3 Month + 1.00%), 5.23%, 10/17/2031 (e) (aa) |  | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 5.18%, 07/25/2035 (aa) |  | 587 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pawnee Equipment Receivables Series LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2, 1.10%, 07/15/2027 (e) |  | 759 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.81%, 08/15/2023 (e) |  | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 4.84%, 02/15/2028 (e) |  | 900 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCL Funding VI plc, (United Kingdom), Series 2022-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 4.83%, 07/15/2026 (aa) | GBP | 723 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e) |  | 692 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e) |  | 478 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e) |  | 253 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.64%,<br>07/25/2051 (e) (aa) |  | 112 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red & Black Auto Germany UG, (Germany), Series 8, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 2.44%, 09/15/2030 (aa) | EUR | 200 | 210 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Red & Black Auto Italy Srl, (Italy), Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 2.59%, 12/28/2031 (aa) | EUR | 1055 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockford Tower CLO Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 5.43%,<br>10/20/2030 (e) (aa) |  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR 3 Ltd., (Cayman Islands), Series 2018-3A, Class A1R2, (ICE LIBOR USD 3 Month + 1.09%), 5.17%,<br>01/15/2030 (e) (aa) |  | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A2, 2.12%, 10/15/2026 |  | 375 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A2, 4.05%, 07/15/2025 |  | 641 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (ICE LIBOR EUR 1 Month + 1.75%), 3.37%, 11/14/2034 (aa) | EUR | 276 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 4.96%, 10/25/2029 (e) (aa) |  | 827 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 5.77%, 02/17/2032 (e) (aa) |  | 548 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e) |  | 382 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.22%, 09/15/2034 (e) (aa) |  | 841 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) |  | 455 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A1, (ICE LIBOR USD 1 Month + 0.73%), 5.05%, 01/15/2053 (e) (aa) |  | 2034 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 4.67%, 02/16/2055 (e) (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 5.61%, 10/15/2058 (e) (aa) |  | 1976 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symphony CLO XXIV Ltd., (Cayman Islands), Series 2020-24A, Class A, (ICE LIBOR USD 3 Month + 1.20%), 5.52%,<br>01/23/2032 (e) (aa) |  | 700 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (ICE LIBOR USD 3 Month + 1.02%), 4.96%, 10/13/2032 (e) (aa) |  | 265 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 5.05%, 11/20/2061 (e) (aa) |  | 201 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e) |  | 1500 | 1373 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 22 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A2A, 3.83%, 08/15/2025 | 1500 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A2B, (United States 30 Day Average SOFR + 0.57%), 4.38%, 08/15/2025 (aa) | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 5.30%, 10/15/2029 (e) (aa) | 2003 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 4.62%, 07/22/2024 (aa) | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02%, 10/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 5.23%,<br>10/15/2031 (e) (aa) | 1150 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.98%), 5.06%,<br>06/07/2030 (e) (aa) | 259 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2021-3A, Class A3, 0.95%, 06/16/2025 (e) | 1460 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wind River CLO Ltd., (Cayman Islands), Series 2013-1A, Class A1RR, (ICE LIBOR USD 3 Month + 0.98%), 5.22%, 07/20/2030 (e) (aa) | 230 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $100,305) |  | 98006 |
|  **Certificates of Deposit — 2.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), 1.35%, 02/13/2023 | 3000 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Series CD, (SOFR Compounded Index + 0.24%), 4.37%, 02/13/2023 (aa) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; MUFG Bank Ltd., (Japan), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.30%), 4.60%, 03/10/2023 (aa) | 3000 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.30%), 4.60%, 03/13/2023 (aa) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank, (United Kingdom), (United States SOFR + 0.42%), 4.72%, 07/28/2023 (aa) | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 12288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,300) |  | 12288 |
|  **Collateralized Mortgage Obligations — 3.6%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 5.34%, 11/16/2066 (e) (aa) | 40 | 40 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Canterbury Finance No. 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 4.59%, 05/16/2056 (e) (aa) | GBP | 445 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 4.17%, 08/20/2045 (aa) | GBP | 466 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z) |  | 317 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 2.33%, 10/28/2059 (aa) | EUR | 809 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finsbury Square plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.01%), 4.42%, 12/16/2069 (aa) | GBP | 89 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 4.71%, 06/16/2070 (e) (aa) | GBP | 219 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 3.50%, 05/25/2050 (aa) |  | 1543 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class D, 2.00%, 08/25/2038 |  | 1485 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Friary No. 7 plc, (United Kingdom), Series 7, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.67%), 0.00%, 10/21/2070 (aa) | GBP | 260 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) |  | 560 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA,<br>(United States 30 Day Average SOFR + 0.90%), 4.81%, 01/20/2073 (aa) (bb) (cc) |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 3.49%, 12/20/2064 (aa) |  | 1140 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-121, Class PE, 3.00%, 07/20/2046 |  | 164 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 4.19%, 08/20/2065 (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 2.50%, 05/20/2044 (aa) |  | 373 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.33%, 06/20/2071 (aa) |  | 1376 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) |  | 945 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.18%, 01/20/2072 (aa) |  | 680 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 329 | 298 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 23

------

##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hops Hill No. 1 Plc, (United Kingdom), Series 1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.95%), 4.38%, 05/27/2054 (aa) | GBP | 415 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 377 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 117 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 310 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 599 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resimac Bastille Trust Series, (Australia), Series 2021-2NCA, Class A1A, (ICE LIBOR USD 1 Month + 0.65%), 4.82%, 02/03/2053 (e) (aa) |  | 312 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 4.50%, 11/17/2030 (e) (aa) | GBP | 800 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silverstone Master Issuer plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 4.21%,<br>01/21/2070 (e) (aa) |  | 700 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1X, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.29%), 3.24%, 01/21/2070 (aa) | GBP | 550 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 215 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z) |  | 132 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 287 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 3.83%, 07/20/2060 (e) (aa) | GBP | 146 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 0.90%), 3.83%, 07/20/2045 (e) (aa) | GBP | 605 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 5.39%,<br>05/25/2058 (e) (aa) |  | 310 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $21,498) |  |  | 20260 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Commercial Mortgage-Backed Securities — 6.1%**  | **Commercial Mortgage-Backed Securities — 6.1%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (ICE LIBOR USD 1 Month + 0.88%), 5.12%,<br>09/15/2034 (e) (aa) | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT Trust, Series 2019-CRE3, Class A, (CME Term SOFR 1 Month + 1.38%), 5.71%, 09/14/2036 (e) (aa) | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT Trust, (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 5.42%, 11/17/2038 (e) (aa) | 499 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.08%, 01/16/2037 (e) (aa) | 951 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.32%, 06/15/2035 (e) (aa) | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DSNY, Class A, (ICE LIBOR USD 1 Month + 0.85%), 5.17%, 09/15/2034 (e) (aa) | 853 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 5.37%, 04/15/2036 (e) (aa) | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.46%, 08/19/2038 (e) (aa) | 700 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.57%, 09/15/2036 (e) (aa) | 500 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2022-LP2, Class A, (CME Term SOFR 1 Month + 1.01%), 5.35%,<br>02/15/2039 (e) (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2022-IND, Class A, (CME Term SOFR 1 Month + 1.49%), 5.82%, 04/15/2037 (e) (aa) | 887 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, (ICE LIBOR USD 1 Month + 1.07%), 5.39%,<br>12/15/2037 (e) (aa) | 765 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 5.32%,<br>02/15/2039 (e) (aa) | 530 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 | 794 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC15, Class A4, 4.37%, 09/10/2046 (z) | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 5.50%, 10/15/2036 (e) (aa) | 900 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cold Storage Trust, Series 2020-ICE5, Class A, (ICE LIBOR USD 1 Month + 0.90%), 5.22%, 11/15/2037 (e) (aa) | 411 | 400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 24 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM, Series 2013-GAM, Class A2, 3.37%, 02/10/2028 (e) | 1191 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR8, Class A5, 3.61%, 06/10/2046 (z) | 347 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR11, Class A4, 4.26%, 08/10/2050 | 750 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047 | 446 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS3, Class A4, 3.82%, 06/10/2047 | 1600 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class ASB, 3.04%, 02/10/2048 | 225 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, (ICE LIBOR USD 1 Month + 0.98%), 5.30%, 05/15/2036 (e) (aa) | 590 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Series 2021-BHAR, Class A, (ICE LIBOR USD 1 Month + 1.15%), 5.47%, 11/15/2038 (e) (aa) | 974 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBGS Mortgage Trust, Series 2018-BIOD, Class A, (ICE LIBOR USD 1 Month + 0.80%), 5.04%, 05/15/2035 (e) (aa) | 1188 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-STAR, Class A, (ICE LIBOR USD 1 Month + 0.95%), 5.27%, 12/15/2036 (e) (aa) | 690 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ECI, Class A, (CME Term SOFR 1 Month + 2.19%), 6.53%, 08/15/2039 (e) (aa) | 760 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SHIP, Class A, (CME Term SOFR 1 Month + 0.73%), 5.07%, 08/15/2036 (e) (aa) | 650 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2013-GC16, Class A4, 4.27%, 11/10/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp; ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (CME Term SOFR 1 Month + 2.25%), 6.58%,<br>10/15/2039 (e) (aa) | 480 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, Series 2022-STAY, Class A, (CME Term SOFR 1 Month + 2.49%), 6.82%, 08/15/2039 (e) (aa) | 1250 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, 4.13%, 07/05/2031 (e) | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Mortgage Trust, Series 2021-BMR, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.02%, 03/15/2038 (e) (aa) | 295 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.41%, 12/15/2034 (e) (aa) | 1130 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp; MHC Commercial Mortgage Trust, Series 2021-MHC, Class A, (ICE LIBOR USD 1 Month + 0.80%), 5.12%,<br>04/15/2038 (e) (aa) | 1135 | 1101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C10, Class ASB, 3.91%, 07/15/2046 (z) |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C11, Class AAB, 3.85%, 08/15/2046 |  | 86 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.32%, 05/15/2036 (e) (aa) |  | 700 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.73%,<br>03/15/2039 (e) (aa) |  | 1100 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.16%, 03/15/2035 (e) (aa) |  | 900 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.02%, 10/15/2038 (e) (aa) |  | 900 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPGI Trust, Series 2021-DGWD, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.02%, 06/15/2026 (e) (aa) |  | 1360 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 1.30%), 3.22%, 02/27/2033 (aa) | EUR | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC12, Class A3FL, (ICE LIBOR USD 1 Month + 1.05%), 5.38%, 07/15/2046 (e) (aa) |  | 690 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-NXS2, Class A2, 3.02%, 07/15/2058 |  | 146 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HSDB, Class A, (ICE LIBOR USD 1 Month + 0.85%), 5.37%, 12/13/2031 (e) (aa) |  | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, Series 2013-C18, Class A5, 4.16%, 12/15/2046 (z) |  | 1250 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $36,500) |  |  | 35069 |
|  **Corporate Bonds — 52.4%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., (ICE LIBOR USD 3 Month + 1.11%), 5.72%,<br>11/15/2023 (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023 |  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 6.09%, 02/01/2024 (aa) |  | 4000 | 4018 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 25

------

##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.45%, 09/19/2023 (aa) | AUD | 720 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.64%), 4.96%, 03/25/2024 (aa) |  | 3750 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.18%), 5.92%, 06/12/2024 (aa) |  | 5300 | 5338 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Telecommunications plc, (United Kingdom), 4.50%, 12/04/2023 |  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., (Japan), 4.14%, 07/26/2024 (e) |  | 370 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), 3.60%, 04/04/2023 (e) |  | 1300 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd., (South Korea), Reg. S, 3.75%, 04/16/2023 |  | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 4.26%, 02/17/2023 (aa) | AUD | <br>2400 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.50%), 4.82%, 03/22/2024 (aa) |  | 5000 | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.10%), 5.71%, 05/15/2025 (aa) |  | 200 | 202 |
|  |  |  | 18807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 23222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 6.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 5.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp.,<br>0.55%, 07/12/2024 |  | 1070 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/07/2023 |  | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.38%), 4.51%, 08/12/2024 (e) (aa) |  | 2130 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.84%), 5.16%, 04/01/2025 (e) (aa) |  | 1100 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.,<br>1.05%, 03/08/2024 |  | 2059 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/05/2023 |  | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/09/2023 |  | 1200 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.76%), 5.03%, 03/08/2024 (aa) |  | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/03/2023 (e) |  | 2790 | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/17/2024 (e) |  | 725 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/08/2023 |  | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, 0.75%, 03/01/2024 (e) |  | 2100 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/10/2023 (e) |  | 1800 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC,<br>1.05%, 03/08/2024 (e) |  | 1170 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/21/2023 (e) |  | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.64%), 5.37%, 03/08/2024 (e) (aa) |  | 3375 | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV, (Netherlands), 5.25%, 04/15/2023 |  | 3700 | 3695 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., (SOFR Compounded Index + 0.65%), 4.97%, 12/29/2023 (aa) |  | 2100 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC,<br>0.88%, 11/22/2023 (e) |  | 1800 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/13/2023 (e) |  | 2090 | 2070 |
|  |  |  | 32522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., 4.50%, 04/30/2024 |  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.7%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven, Inc.,<br>0.63%, 02/10/2023 (e) |  | 1700 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 02/10/2024 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 | 2069 |
|  |  |  | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 36775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 5.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV, (Netherlands), 0.80%, 09/24/2024 (e) |  | 400 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., 0.75%, 09/29/2023 |  | 2625 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 5.24%,<br>12/16/2024 (aa) | AUD | 700 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc.,<br>3.65%, 02/15/2024 |  | 2345 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.01%), 5.09%, 10/17/2023 (aa) |  | 1797 | 1801 |
|  |  |  | 4105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc.,<br>0.87%, 12/01/2023 |  | 1000 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp.,<br>0.60%, 12/01/2023 |  | 1330 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc.,<br>1.22%, 10/18/2024 |  | 850 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.53%), 4.34%, 10/18/2024 (aa) |  | 1285 | 1273 |
|  |  |  | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.,<br>5.00%, 03/15/2024 |  | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc.,<br>0.65%, 08/03/2023 |  | 3040 | 2961 |
|  |  |  | 3757 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 26 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., 2.60%, 11/21/2024 | 6000 | 5743 |
|  Bayer US Finance II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/2023 (e) | 5195 | 5120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.01%), 5.78%, 12/15/2023 (e) (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp., 3.00%, 07/15/2023 | 2000 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC, (Ireland), 2.88%, 09/23/2023 | 796 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd., (Japan), 4.40%, 11/26/2023 | 200 | 198 |
|  |  | 16515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 32079 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66, 0.90%, 02/15/2024 | 1800 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., (Saudi Arabia), Reg. S, 2.88%, 04/16/2024 | 1500 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026 | 1000 | 936 |
|  |  | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada),<br>0.55%, 10/04/2023 | 220 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/16/2024 | 720 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2023 | 1750 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.40%),<br>4.56%, 02/17/2023 (aa) | 375 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc.,<br>3.15%, 01/15/2023 | 569 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/2023 (e) | 500 | 500 |
|  |  | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 8198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 22.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aozora Bank Ltd., (Japan), Reg. S, 1.05%, 09/09/2024 | 1000 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (Spain), 0.88%, 09/18/2023 | 1800 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.45%), 0.70%, 06/30/2024 (aa) | 400 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/12/2023 | 3400 | 3382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.67%), 1.84%, 02/04/2025 (aa) | 1490 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa) | 1100 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa) | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), Series H, 4.25%, 09/14/2024 | 2000 | 1974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 4.97%, 06/15/2023 (aa) | AUD | 1000 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.38%), 6.02%, 05/16/2024 (aa) |  | 4400 | 4399 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France),<br>3.80%, 01/10/2024 (e) |  | 600 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 01/10/2024 |  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa) |  | 800 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), 4.00%, 04/15/2024 |  | 700 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), 0.45%, 06/22/2023 |  | 2200 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa) |  | 6480 | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 1.72%), 4.77%, 10/27/2023 (aa) | AUD | 1000 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.37%), 5.59%, 05/24/2025 (aa) |  | 2000 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG, (Switzerland), 0.52%, 08/09/2023 |  | 1000 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 1.15%), 4.26%, 05/26/2023 (aa) | AUD | 2500 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 01/12/2024 |  | 1200 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 5.80%, 09/12/2023 (aa) |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), 3.95%, 02/27/2023 |  | 1500 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA, (Norway), (SOFR Compounded Index + 0.83%), 5.15%, 03/28/2025 (e) (aa) |  | 1295 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, (Canada), 0.70%,<br>05/21/2024 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/10/2025 (e) |  | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.43%), 4.62%, 05/21/2024 (e) (aa) |  | 1900 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 4.15%, 02/18/2025 (aa) | AUD | 700 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The),<br>0.52%, 03/08/2023 |  | 4000 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/23/2023 |  | 1516 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.50%), 4.78%, 09/10/2024 (aa) |  | 2500 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.39%), 5.70%, 03/15/2024 (aa) |  | 800 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), 3.60%, 05/25/2023 |  | 1500 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.58%), 4.75%, 11/22/2024 (aa) |  | 620 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.00%), 5.67%, 05/18/2024 (aa) |  | 3500 | 3486 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 27

------

##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.23%), 5.97%, 03/11/2025 (aa) |  | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyBank NA, (United States SOFR + 0.32%), 0.43%, 06/14/2024 (aa) |  | 375 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), 4.05%, 08/16/2023 |  | 1400 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 1.30%), 4.51%, 03/20/2023 (aa) | AUD | 300 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.86%), 5.19%, 07/26/2023 (aa) |  | 2300 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.65%), 5.46%, 07/18/2025 (aa) |  | 1300 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (Japan), 3.55%, 03/05/2023 |  | 2500 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.63%), 5.39%, 05/25/2024 (aa) |  | 5000 | 4972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.46%), 0.53%, 01/25/2024 (aa) |  | 7200 | 7152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.56%), 1.16%, 10/21/2025 (aa) |  | 1400 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/2024 (aa) |  | 2500 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.55%), 6.27%, 06/25/2024 (aa) |  | 1750 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 5.67%,<br>08/30/2023 (e) (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 0.26%), 3.29%, 08/12/2024 (aa) | AUD | 1000 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 0.35%), 3.55%, 03/18/2024 (f) (aa) | AUD | 1000 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), 5.66%, 10/25/2024 |  | 980 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.08%), 3.37%, 01/05/2024 (aa) |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, (France),<br>2.63%, 01/22/2025 (e) |  | 800 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/28/2024 (e) |  | 700 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/14/2023 (e) |  | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa) |  | 1600 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.19%,<br>10/16/2024 (aa) | AUD | 2300 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e) |  | 200 | 185 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada), 4.29%, 09/13/2024 |  | 2000 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, (ICE LIBOR USD 3 Month + 0.74%), 3.69%, 08/02/2024 (aa) |  | 5000 | 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 3.96%, 07/30/2025 (aa) | AUD | 2100 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.36%), 4.47%, 02/09/2024 (e) (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.45%), 4.56%, 08/09/2024 (e) (aa) |  | 1615 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.60%), 1.65%, 06/02/2024 (aa) |  | 3000 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/27/2023 (f) | CAD | 2500 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Bank, (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.87%), 5.31%, 02/01/2023 (aa) |  | 300 | 300 |
|  |  |  | 107472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),<br>4.13%, 07/03/2023 |  | 2600 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 |  | 1100 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda), 5.00%, 04/01/2023 |  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co.,<br>3.38%, 05/03/2024 |  | 970 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/2024 |  | 2000 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.93%), 5.18%, 03/04/2025 (aa) |  | 1120 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 3.88%, 05/01/2023 (e) |  | 2500 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., 2.60%, 05/11/2023 |  | 3500 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc., (Japan), 3.96%, 09/19/2023 (e) |  | 550 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025 |  | 1900 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp., (Japan), 3.25%, 12/04/2024 |  | 400 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, 4.38%, 03/19/2024 |  | 2750 | 2701 |
|  |  |  | 19523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Savings & Loans — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, (United Kingdom),<br>0.55%, 01/22/2024 (e) |  | 400 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.06%), 3.77%, 03/08/2024 (e) (aa) |  | 1300 | 1293 |
|  |  |  | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 128668 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 28 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The),<br>1.43%, 02/04/2024 | 1200 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 05/01/2023 | 1000 | 998 |
|  |  | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., 0.65%, 07/15/2023 | 695 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S,<br>3.90%, 03/22/2023 | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., (United States SOFR + 0.45%),<br>4.57%, 11/13/2023 (aa) | 835 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Finance America, Inc., Reg. S,<br>0.85%, 09/09/2023 | 1200 | 1164 |
|  |  | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC,<br>1.95%, 07/02/2023 | 700 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV, (Netherlands),<br>4.50%, 08/15/2023 | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc.,<br>0.35%, 08/15/2023 | 480 | 467 |
|  |  | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp., 3.65%, 06/15/2024 | 5100 | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., 0.95%, 02/15/2024 | 1800 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., (Canada), 1.35%, 12/02/2024 | 2140 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc., 3.88%, 12/01/2023 | 2000 | 1975 |
|  |  | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / PTL Finance Corp., 2.70%, 03/14/2023 (e) | 3000 | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/2024 (e) | 2000 | 1958 |
|  |  | 4942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 22980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., 5.45%, 06/15/2023 | 600 | 600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., 2.95%, 05/15/2023 |  | 1700 | 1687 |
|  |  |  | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.63%, 01/15/2024 |  | 7000 | 6882 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc., (South Korea),<br>1.00%, 01/19/2024 (e) |  | 400 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2024 |  | 1000 | 950 |
|  |  |  | 8212 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., 0.38%, 03/01/2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | 3717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/01/2024 |  | 1115 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., 3.80%, 10/01/2023 |  | 3415 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., 2.40%, 09/15/2023 |  | 3500 | 3429 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc., 0.60%, 08/15/2023 |  | 4800 | 4674 |
|  |  |  | 16254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 26753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ausgrid Finance Pty Ltd., (Australia),<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/2023 (e) |  | 700 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 4.31%, 10/30/2024 (aa) | AUD | 1500 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.30%, 09/15/2023 (aa) |  | 1800 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands),<br>2.65%, 09/10/2024 (e) |  | 1500 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2025 (e) |  | 300 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd., (Israel),<br>6.88%, 06/21/2023 (e) |  | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6, Reg. S, 5.00%, 11/12/2024 (e) |  | 800 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024 |  | 1740 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., 0.65%, 03/01/2023 |  | 3965 | 3938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.54%), 4.77%, 03/01/2023 (aa) |  | 710 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.,<br>3.25%, 06/15/2023 |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/2024 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2024 |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/2023 |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2023 |  | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., 0.70%, 04/03/2023 |  | 2200 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), Series 2021, (SOFR Compounded Index + 0.37%), 4.49%, 05/10/2023 (aa) |  | 1300 | 1296 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 29

------

##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 17496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $303,573) |  | 297677 |
|  **Foreign Government Securities — 0.6%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026 | 3100 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 4.95%, 07/16/2023 (aa) | 800 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,902) |  | 3495 |
|  **Municipal Bonds — 0.5%** (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, Series A, Rev., 0.42%, 11/01/2023 | 590 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Series A, Rev., 0.36%, 08/01/2023 | 450 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Carolina at Charlotte (The), Rev., 0.41%, 04/01/2023 | 350 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Rev., 0.94%, 04/15/2024 | 1555 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,945) |  | 2836 |
|  **U.S. Government Agency Securities — 1.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLBs,<br>0.96%, 03/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 07/27/2026 | 567 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/28/2024 | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC,<br>4.05%, 08/28/2025 | 2500 | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 10/25/2024 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.36%, 11/22/2024 | 1700 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, 4.00%, 02/28/2025 | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities (Cost $9,866) |  | 9509 |
|  **U.S. Treasury Obligation — 1.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note, 3.25%, 08/31/2024<br>(Cost $6,131) | 6200 | 6073 |
|  **Short-Term Investments — 14.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Certificates of Deposit — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, 1.17%, 02/09/2023 (n) | 1700 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank plc, 1.67%, 03/03/2023 (n) | 2000 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank plc, (United Kingdom), 4.06%, 07/13/2023 (n) | 2000 | 1985 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Certificates of Deposit — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 0.00%, 09/21/2023 (n) |  | 2000 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 02/02/2023 (n) |  | 3000 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG, 3.17%, 06/09/2023 (n) |  | 1200 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis Bank SA, 3.10%, 06/09/2023 (n) |  | 3000 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 08/18/2023 (n) |  | 2000 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken, 4.06%, 08/16/2023 (n) |  | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken, (Sweden), (United States SOFR + 0.25%), 4.70%, 02/24/2023 (aa) |  | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), 1.17%, 02/10/2023 (n) |  | 1500 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit |  |  | 21281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 4.84%, 01/04/2023 (e) (n) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bacardi-Martini BV, (Netherlands), 5.27%, 01/12/2023 (e) (n) |  | 1700 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 4.73%, 02/01/2023 (e) (n) |  | 1100 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), 5.02%, 01/20/2023 (e) (n) |  | 1700 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge US, Inc., 4.86%, 01/26/2023 (e) (n) |  | 1800 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance America LLC, 5.53%, 09/01/2023 (e) (n) |  | 1500 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., 4.75%, 01/17/2023 (e) (n) |  | 1800 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC USA, Inc., 4.50%, 08/23/2023 (e) (n) |  | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc., 4.88%, 01/10/2023 (e) (n) |  | 1200 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., (Australia), 1.39%, 02/06/2023 (e) (n) |  | 3000 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp., (Canada), 4.79%, 01/25/2023 (e) (n) |  | 1700 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  |  | 17676 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 5.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 5.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Israel Bill—Makam, (Israel), Series 313, Reg. S, Zero Coupon, 03/02/2023 | ILS | 670 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Treasury Discount Bill, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1110, Zero Coupon, 01/06/2023 | JPY | 1100000 | 8382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1111, Reg. S, Zero Coupon, 01/11/2023 | JPY | 100000 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1113, Reg. S, Zero Coupon, 01/16/2023 | JPY | 410000 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1114, Zero Coupon, 01/23/2023 | JPY | 1000000 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1123, Zero Coupon, 03/06/2023 | JPY | 1200000 | 9146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  |  | 29224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bond — 0.1%** (t) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Taxable, Series A, GO, 4.25%, 06/15/2023 |  | 380 | 380 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 30 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Short-Term Investments — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreement — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp., 4.10%,<br>dated 12/30/2022 due 01/03/2023, repurchase price $3,001 collateralized by U.S. Treasury Security, 1.63%, due 05/15/2031, with a value of $3,065. |  | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 1.56%, 01/03/2023 | AUD | 19 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/03/2023 | GBP | 120 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman 1.70%, 01/04/2023 | NZD | (–)(h) | (–)(h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 1.10%, 01/02/2023 | EUR | 88 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada,<br>3.06%, 01/03/2023 | CAD | 188 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 7478 | 7478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp.,<br>3.69%, 01/03/2023 |  | 98 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.69%, 01/03/2023 |  | 126 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 8093 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/02/2023 (ii) | 164 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/16/2023 (ii) | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/02/2023 (ii) | 845 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $79,380) |  | 80738 |
|  **Total Investments — 99.7%<br>(Cost—$576,400)** |  | **565951** |
|  **Other Assets in Excess of Liabilities — 0.3%** |  | **1471** |
|  **NET ASSETS — 100.0%** |  | $**567422** |

---

------

---

| | |
|:---|:---|
| Percentages | indicated are based on net assets.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  SOFR 3 Month | 465 | 06/2023 | USD | 110519 | (35) |
|  **Short Contracts** |  |  |  |  |  |
|  SOFR 3 Month | (133) | 06/2024 | USD | (32080) | 84 |
|  U.S. Treasury 5 Year Note | (174) | 03/2023 | USD | (18779) | (1) |
|  U.S. Treasury Ultra Bond | (1) | 03/2023 | USD | (137) | 2 |
|  U.S. Ultra Treasury 10 Year Note | (40) | 03/2023 | USD | (4738) | 7 |
|  |  |  |  |  | 92 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 57 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 3267 | CAD | 4418 | Bank of America, NA | 01/10/2023 | 5 |
|  AUD | 526 | USD | 357 | Morgan Stanley & Co. | 02/16/2023 | 2 |
|  AUD | 2627 | USD | 1781 | Morgan Stanley & Co. | 02/16/2023 | 10 |
|  USD | 196 | ILS | 664 | Bank of America, NA | 03/02/2023 | 6 |
|  USD | 3466 | GBP | 2843 | UBS AG LONDON | 03/15/2023 | 23 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 46 |
|  USD | 7936 | JPY | 1100000 | Citibank, NA | 01/06/2023 | (448) |
|  USD | 3338 | GBP | 2773 | Bank of America, NA | 01/10/2023 | (15) |
|  USD | 681 | JPY | 100000 | Barclays Bank plc | 01/11/2023 | (82) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 31

------

##### [**Table of Contents**](#toc)

## Six Circles Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 2795 | JPY | 410000 | Barclays Bank plc | 01/17/2023 | (335) |
|  USD | 7588 | JPY | 1000000 | UBS AG LONDON | 01/23/2023 | (52) |
|  USD | 13730 | AUD | 20231 | Bank of America, NA | 02/16/2023 | (69) |
|  USD | 176 | AUD | 263 | Morgan Stanley & Co. | 02/16/2023 | (3) |
|  USD | 8702 | JPY | 1200000 | Citibank, NA | 03/06/2023 | (517) |
|  USD | 5449 | EUR | 5106 | UBS AG LONDON | 03/15/2023 | (43) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (1564) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | (1518) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE($)** |
|  ICE LIBOR USD 1 Month | ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD | 9600 |  | 29 | 29 |
|  ICE LIBOR USD 1 Month | ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD | 12500 |  | 42 | 42 |
|  United States SOFR | 3.55% annually | Pay | 09/02/2024 | USD | 5000 | (—)(h) | (84) | (84) |
|  United States SOFR | 4.80% annually | Pay | 11/07/2024 | USD | 12700 | 66 | 7 | 73 |
|  Total | Total | Total | Total | Total | Total | 66 | (6) | 60 |

---

------

(a) Value of floating rate index as of December 31, 2022 was as follows:

---

| | |
|:---|:---|
| <br> **FLOATING RATE INDEX** | |
|  ICE LIBOR USD 1 Month | 4.39% |
|  ICE LIBOR USD 3 Month | 4.77% |
|  United States SOFR | 4.30% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swap contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** |
| **REFERENCE OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE PAID<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%)** <sup>(2)</sup> | **NOTIONAL<br>AMOUNT**<br> <sup>(3)</sup> | **NOTIONAL<br>AMOUNT**<br> <sup>(3)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** <sup>(4)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE($)** |
|  CDX.NA.IG.35-V1 | 1.00 | Quarterly | 12/20/2025 | 0.55 | USD | 700 | (15) | 6 | (9) |
|  CDX.NA.IG.36-V1 | 1.00 | Quarterly | 06/20/2026 | 0.62 | USD | 3400 | (83) | 41 | (42) |
|  CDX.NA.IG.37-V1 | 1.00 | Quarterly | 12/20/2026 | 0.69 | USD | 9800 | (242) | 130 | (112) |
|  Total | Total | Total | Total | Total | Total | Total | (340) | 177 | (163) |

---

------

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 32 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)
**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| ASX | — Australian Stock Exchange |
| BBSW | — Bank Bill Swap Rate |
| CDX | — Credit Default Swap Index |
| CLO | — Collateralized Loan Obligations |
| CMT | — Constant Maturity Treasury |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| ICE | — Intercontinental Exchange |
| LIBOR | — London Interbank Offered Rate |
| Reg. S | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REMICS | — Real Estate Mortgage Investment Conduit |
| Rev. | — Revenue |
| SOFR | — Secured Overnight Financing Rate |
| SONIA | — Sterling Overnight Interbank Average Rate |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2022. |
| (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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (f) | — Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares or principal/ $500. |
| (n) | — The rate shown is the effective yield as of December 31, 2022. |
| (t) | — The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (z) | — Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2022. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022. |
| (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. |
| (ii) | — Approximately $360 of these investments are restricted as collateral for forwards to various brokers. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound |
| ILS | — Israeli New Shekel |
| JPY | — Japanese Yen |
| NZD | — New Zealand Dollar |
| USD | — United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 33

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — 4.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027 | 1200 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW Canada Auto Trust, (Canada), Series 2022-1A, Class A1, 3.65%, 12/20/2024 (e)<br> CAD | 661 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.58%), 4.90%, 07/15/2027 (aa) | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, Series 2022-4, Class A2A, 5.34%, 12/15/2025 | 700 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 5.74%, 10/25/2037 (e) (aa) | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.62%), 4.98%,<br>04/22/2026 (aa) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A5, Class A5, (ICE LIBOR USD 1 Month + 0.61%), 4.83%,<br>08/07/2027 (aa) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2021-2, Class A3, 0.53%, 12/22/2026 (e) | 500 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.60%), 4.92%, 12/15/2026 (aa) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLST LLC, Series 2022-1A, Class A1, 1.56%, 05/22/2023 (e) | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) | 901 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e) | 890 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Auto Securitization Trust, (Canada), Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e)<br> CAD | &nbsp;&nbsp;&nbsp;&nbsp;572 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class A1, 0.70%, 09/15/2025 | 1700 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A2, 2.93%, 10/21/2024 | 765 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A2A, 4.01%, 10/21/2024 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (United States 30 Day Average SOFR + 0.60%), 4.41%, 09/16/2025 (aa) | 900 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMF Canada Leasing Trust, (Canada), Series 2021-1A, Class A2, 0.64%, 03/20/2024 (e)<br> CAD | 143 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 03/25/2025 (e) | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e) | 900 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 5.29%, 06/27/2067 (e) (aa) | 947 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e) | 260 | 255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%, 03/11/2024 (e) |  | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XIII LLC, (Japan), Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e) |  | 297 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 5.18%, 07/25/2035 (aa) |  | 761 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pawnee Equipment Receivables Series LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2, 1.10%, 07/15/2027 (e) |  | 835 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 3.81%, 08/15/2023 (e) |  | 201 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A2, 4.84%, 02/15/2028 (e) |  | 900 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e) |  | 779 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e) |  | 478 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e) |  | 253 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, Series 2022-2, Class A2, 2.12%, 10/15/2026 |  | 375 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 4.96%, 10/25/2029 (e) (aa) |  | 919 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e) |  | 406 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) |  | 520 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 5.05%, 11/20/2061 (e) (aa) |  | 201 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e) |  | 1800 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2A, 3.83%, 08/15/2025 |  | 1500 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $26,288) |  |  | 25357 |
|  **Collateralized Mortgage Obligations — 3.3%**  | **Collateralized Mortgage Obligations — 3.3%**  | **Collateralized Mortgage Obligations — 3.3%**  | **Collateralized Mortgage Obligations — 3.3%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avon Finance No. 2 plc, (United Kingdom), Series 2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 4.33%, 09/20/2048 (aa) | GBP | &nbsp;&nbsp;&nbsp;&nbsp;133 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 5.34%, 11/16/2066 (e) (aa) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canterbury Finance No. 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 4.59%, 05/16/2056 (aa) | GBP | 445 | 537 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 34 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 4.17%, 08/20/2045 (aa) | GBP | 466 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z) |  | 317 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finsbury Square plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.01%), 4.42%, 12/16/2069 (aa) | GBP | 119 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 4.71%, 06/16/2070 (e) (aa) | GBP | &nbsp;&nbsp;&nbsp;&nbsp;219 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 3.50%, 05/25/2050 (aa) |  | 1719 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class D, 2.00%, 08/25/2038 |  | 1567 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) |  | 635 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA,<br>(United States 30 Day Average SOFR + 0.90%), 4.81%, 01/20/2073 (aa) (bb) (cc) |  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 3.49%, 12/20/2064 (aa) |  | 1140 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-121, Class PE, 3.00%, 07/20/2046 |  | 195 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 4.19%, 08/20/2065 (aa) |  | 1327 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 2.50%, 05/20/2044 (aa) |  | 437 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.33%, 06/20/2071 (aa) |  | 1462 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) |  | 945 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.18%, 01/20/2072 (aa) |  | 777 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 263 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e) |  | 1316 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 440 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 117 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 277 | 249 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 637 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 4.50%, 11/17/2030 (e) (aa) | GBP | 800 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silverstone Master Issuer plc, (United Kingdom), Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 4.21%,<br>01/21/2070 (e) (aa) |  | 700 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 258 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 323 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 3.83%, 07/20/2060 (e) (aa) | GBP | &nbsp;&nbsp;&nbsp;&nbsp;146 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 0.90%), 3.83%, 07/20/2045 (e) (aa) | GBP | 605 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 5.39%, 05/25/2058 (e) (aa) |  | 310 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $19,572) |  |  | 18345 |
|  **Commercial Mortgage-Backed Securities — 1.5%** | **Commercial Mortgage-Backed Securities — 1.5%** | **Commercial Mortgage-Backed Securities — 1.5%** | **Commercial Mortgage-Backed Securities — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (ICE LIBOR USD 1 Month + 0.88%), 5.12%, 09/15/2034 (e) (aa) |  | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT Trust, Series 2019-CRE3, Class A, (CME Term SOFR 1 Month + 1.38%), 5.71%, 09/14/2036 (e) (aa) |  | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT Trust, (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 5.42%, 11/17/2038 (e) (aa) |  | 428 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.08%, 01/16/2037 (e) (aa) |  | 856 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.32%, 06/15/2035 (e) (aa) |  | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 5.37%, 04/15/2036 (e) (aa) |  | 400 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.46%, 08/19/2038 (e) (aa) |  | 900 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.57%, 09/15/2036 (e) (aa) |  | 500 | 485 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 35

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 |  | 662 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 5.50%, 10/15/2036 (e) (aa) |  | 900 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.41%, 12/15/2034 (e) (aa) |  | 900 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046 |  | 86 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.32%, 05/15/2036 (e) (aa) |  | 700 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.16%, 03/15/2035 (e) (aa) |  | 900 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.02%, 10/15/2038 (e) (aa) |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMC Finance LLC, Series 2021-FL4, Class A, (ICE LIBOR USD 1 Month + 1.10%), 5.44%, 06/16/2036 (e) (aa) |  | 297 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $8,680) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $8,680) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $8,680) | 8350 |
|  **Corporate Bonds — 14.6%**  | **Corporate Bonds — 14.6%**  | **Corporate Bonds — 14.6%**  | **Corporate Bonds — 14.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023 |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 6.09%, 02/01/2024 (aa) |  | 1700 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.45%, 09/19/2023 (aa) | AUD | 800 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.18%), 5.92%, 06/12/2024 (aa) |  | 800 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Telecommunications plc, (United Kingdom), 4.50%, 12/04/2023 |  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), 3.60%,<br>04/04/2023 (e) |  | 1400 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 4.26%, 02/17/2023 (aa) | AUD | 1500 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.10%), 5.71%, 05/15/2025 (aa) |  | 900 | 907 |
|  |  |  | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 6971 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.,<br>3.25%, 01/05/2023 |  | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/09/2023 |  | 1200 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America,<br>0.80%, 04/03/2023 (e) |  | 1200 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 09/18/2023 |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/08/2023 |  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV, (Netherlands), 5.25%, 04/15/2023 |  | 1700 | 1698 |
|  |  |  | 5472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.4%**  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.4%**  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.4%**  | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven, Inc., 0.63%, 02/10/2023 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp., Reg. S, (BBSW ASX Australian 3 Month + 1.13%), 4.25%,<br>03/08/2024 (aa) | AUD | 600 | 409 |
|  |  |  | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 7672 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV, (Netherlands), 0.80%, 09/24/2024 (e) |  | 400 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 5.24%,<br>12/16/2024 (aa) | AUD | 1000 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare-Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 5.00%, 03/15/2024 |  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 5.78%, 12/15/2023 (e) (aa) |  | 3500 | 3492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., (Saudi Arabia), Reg. S, 2.88%, 04/16/2024 |  | 1600 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026 |  | 1000 | 936 |
|  |  |  | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., 5.63%, 11/15/2023 (e) |  | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 6.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 5.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aozora Bank Ltd., (Japan), Reg. S, 1.05%, 09/09/2024 |  | 1100 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (Spain), 0.88%, 09/18/2023 |  | 1800 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 4.97%, 06/15/2023 (aa) | AUD | 750 | 511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 36 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.38%), 6.02%, 05/16/2024 (aa) |  | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 01/10/2024 |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa) |  | 1300 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., (BBSW ASX Australian 3 Month + 1.72%), 4.77%, 10/27/2023 (aa) | AUD | 1000 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG, (Switzerland), (BBSW ASX Australian 3 Month + 1.15%), 4.26%, 05/26/2023 (aa) | AUD | 2500 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 01/12/2024 |  | 1100 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 5.80%, 09/12/2023 (aa) |  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/21/2024 (e) |  | 1100 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/10/2025 (e) |  | 500 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 4.15%, 02/18/2025 (aa) | AUD | 700 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (BBSW ASX Australian 3 Month + 1.55%), 4.60%, 05/02/2024 (aa) | AUD | 500 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.60%), 6.33%, 11/29/2023 (aa) |  | 1400 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.00%), 5.67%, 05/18/2024 (aa) |  | 800 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.23%), 5.97%, 03/11/2025 (aa) |  | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), 4.05%, 08/16/2023 |  | 1390 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 1.30%), 4.51%, 03/20/2023 (aa) | AUD | 300 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 5.19%, 07/26/2023 (aa) |  | 2500 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 5.39%, 05/25/2024 (aa) |  | 3400 | 3381 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.55%), 6.27%, 06/25/2024 (aa) |  | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 5.67%, 08/30/2023 (e) (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 0.26%), 3.29%, 08/12/2024 (aa) | AUD | 1000 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BBSW ASX Australian 3 Month + 0.35%), 3.55%, 03/18/2024 (f) (aa) | AUD | 500 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, (France), 2.63%, 01/22/2025 (e) |  | 800 | 753 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/28/2024 (e) |  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/14/2023 (e) |  | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa) |  | 1700 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.19%, 10/16/2024 (aa) | AUD | 2400 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e) |  | 400 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 3.96%, 07/30/2025 (aa) | AUD | 2200 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., (United States SOFR + 1.32%), 5.24%, 04/25/2026 (aa) |  | 1200 | 1196 |
|  |  |  | 33082 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023 |  | 1100 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025 |  | 2300 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp., (Japan), 3.25%, 12/04/2024 |  | 400 | 385 |
|  |  |  | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Savings & Loans — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, (United Kingdom), 0.55%, 01/22/2024 (e) |  | 400 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.06%), 3.77%, 03/08/2024 (e) (aa) |  | 1400 | 1393 |
|  |  |  | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 38431 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/2024 |  | 1000 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 05/01/2023 |  | 1400 | 1398 |
|  |  |  | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023 |  | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV, (Netherlands), 4.50%, 08/15/2023 |  | 1700 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., 0.95%, 02/15/2024 |  | 1200 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 6149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., 5.45%, 06/15/2023 |  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., 2.95%, 05/15/2023 |  | 1000 | 992 |
|  |  |  | 1592 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 37

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc., (South Korea), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/19/2024 (e) | 300 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2024 | 1000 | 950 |
|  |  | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc., 0.60%, 08/15/2023 | 1300 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., Series A, (ICE LIBOR USD 3 Month + 0.48%), 4.92%, 11/01/2023 (aa) | 1300 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ausgrid Finance Pty Ltd., (Australia), 3.85%, 05/01/2023 (e) | 700 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.30%,<br>09/15/2023 (aa) | 800 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands), 4.25%, 06/15/2025 (e) | 300 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd., (Israel),<br>6.88%, 06/21/2023 (e) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6, Reg. S, 5.00%, 11/12/2024 (e) | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024 | 1800 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.,<br>1.70%, 11/15/2023 | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/2023 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2024 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/2023 | 400 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2023 | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., (SOFR Compounded Index + 0.64%), 4.96%, 04/03/2023 (aa) | 1700 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), Series 2021, (SOFR Compounded Index + 0.37%), 4.49%, 05/10/2023 (aa) | 1400 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 10365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $85,153) |  | 82713 |
|  **Foreign Government Securities — 0.6%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026 | 3400 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 4.95%, 07/16/2023 (aa) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $3,902) |  | 3455 |
|  **Municipal Bonds — 68.0% (t)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Home Mortgage, Series B, Rev., VRDO, 3.65%, 01/06/2023 (z) | 2400 | 2400 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority, Series 4, Rev., AMT, 5.00%, 12/01/2024 | 1215 | 1255 |
|  |  | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona State University, Series A, Rev., VRDO, 3.55%, 01/06/2023 (z) | 13295 | 13295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Sharp Healthcare, Series C, Rev., VRDO, LOC: Barclays Bank plc, 2.20%, 01/02/2023 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, Rev., AMT, 5.00%, 05/15/2025 | 2475 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Revenue, Series B8, Rev., VRDO, 3.00%, 01/06/2023 (z) | 5500 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Subordinate, Series B7, Rev., VRDO, 3.00%, 01/06/2023 (z) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco International Airport, Series B, Rev., VRDO, LOC: Barclays Bank plc, 3.10%, 01/06/2023 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Series C3, GO, VRDO, LOC: U.S. Bank NA, 2.65%, 01/06/2023 (z) | 1445 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Series AL1, Rev., VRDO, 2.45%, 01/02/2023 (z) | 4800 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Valley-Mission Community College District, GO, 5.00%, 08/01/2024 | 3000 | 3106 |
|  |  | 33422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 3.58%, 01/06/2023 (z) | 5680 | 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issuer, Rev., 4.00%, 07/01/2023 | 550 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Yale University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 2.75%,<br>01/02/2023 (z) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series V1, Rev., VRDO, 2.75%,<br>01/02/2023 (z) | 2750 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Series A, Rev., 4.00%, 05/01/2023 | 1530 | 1535 |
|  |  | 14516 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Rev., VRDO, LOC: Wells Fargo Bank NA, 3.58%, 01/06/2023 (z) | 2325 | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University, Series B2, Rev., VRDO, LOC: Bank of America NA, 3.63%, 01/06/2023 (z) | 3495 | 3495 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 38 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 3.63%, 01/06/2023 (z) | 1915 | 1915 |
|  |  | 7735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien, Rev., AGM, 5.00%, 07/01/2023 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 3.66%, 01/06/2023 (z) | 3340 | 3340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 3.66%, 01/06/2023 (z) | 2800 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2024 | 3750 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., VRDO, 3.60%, 01/06/2023 (z) | 8385 | 8385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Nemours Foundation, Series B, Rev., VRDO, LOC: Northern Trust Co., 3.45%, 01/06/2023 (z) | 1900 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Utility Authority, Series B, Rev., 5.00%, 03/01/2023 | 2215 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Lottery Revenue, Lottery, Series A, Rev., 5.00%, 07/01/2025 | 2000 | 2108 |
|  |  | 25616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Department of Aviation, Series C, Rev., AMT, 5.00%, 07/01/2024 | 615 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Idaho — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 3.62%, 01/02/2023 (z) | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2023 | 2250 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2024 | 5000 | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Catherine Cook School Project, Rev., VRDO, LOC: Northern Trust Co., 3.70%, 01/06/2023 (z) | 1770 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Second Lien, Series A, Rev., 5.00%, 01/01/2024 | 2700 | 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A, GO, 5.00%, 03/01/2023 | 500 | 501 |
|  |  | 12466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 3.62%, 01/02/2023 (z) | 1300 | 1300 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, Series A, Rev., AGM, 5.00%, 07/01/2023 | 550 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Series A, Rev., VRDO, BAN, CNTY GTD, 3.65%, 01/06/2023 (z) | 7700 | 7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2025 | 2000 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2023 | 4650 | 4698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 3.65%, 01/06/2023 (z) | 5700 | 5700 |
|  |  | 12489 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Michigan, Series D1, Rev., VRDO, 3.50%, 01/02/2023 (z) | 2170 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Rev., AMT, 4.00%, 12/01/2023 (e) | 12715 | 12762 |
|  |  | 14932 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Rochester, Mayo Clinic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 3.60%, 01/06/2023 (z) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, 3.60%, 01/06/2023 (z) | 3900 | 3900 |
|  |  | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of St. Louis, Airport Revenue, Series A, Rev., AGM, 5.00%, 07/01/2024 | 2000 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, SSM Healthcare, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2024 | 2380 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., VRDO, 3.40%, 01/02/2023 (z) | 4235 | 4235 |
|  |  | 8734 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Bishop Guertin High School, Rev., VRDO, LOC: TD Bank NA, 3.65%, 01/06/2023 (z) | 1965 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Series B, Rev., VRDO, 3.40%, 01/02/2023 (z) | 6000 | 6000 |
|  |  | 7965 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 39

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey City Redevelopment Agency, Bayfront Redevelopment Project, Rev., 4.00%, 12/15/2024 | 5350 | 5473 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Rev., 5.00%, 07/01/2024 | 6930 | 7146 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Virtua Health, Series C, Rev., VRDO, LOC: JPMorgan Chase Bank NA, 2.20%, 01/02/2023 (z) | 3475 | 3475 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Series B, Rev., AMT, 5.00%, 12/01/2023 | 300 | 304 |
|  |  | 16398 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 5.00%, 09/01/2024 | 6750 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Subordinate, Series A, Rev., 5.00%, 06/15/2025 | 2795 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of New Mexico (The), System Improvement, Rev., VRDO, 3.35%, 01/06/2023 (z) | 7045 | 7045 |
|  |  | 16908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2018, Series B, GO, VRDO, 3.40%, 01/02/2023 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2021, Series C, GO, 5.00%, 08/01/2024 | 1015 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2017, Series A4, GO, VRDO, LOC: Citibank NA, 3.58%, 01/06/2023 (z) | 1090 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2018, Series B, GO, VRDO, 3.40%, 01/02/2023 (z) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2023 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.63%, 01/02/2023 (z) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 4.00%, 10/01/2023 | 1150 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 10/01/2023 | 2805 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program, Rev., 5.00%, 10/01/2023 | 1245 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St. John's University, Series A, Rev., 5.00%, 07/01/2023 | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, Series O, Rev., 5.00%, 01/01/2023 | 8905 | 8905 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Rev., 5.00%, 03/15/2024 | 1630 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 3.56%, 01/02/2023 (z) | 1430 | 1430 |
|  |  | 30924 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024 | 3000 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 3.62%, 01/06/2023 (z) | 2300 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 3.60%, 01/02/2023 (z) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), Series B2, Rev., VRDO, 3.58%, 01/06/2023 (z) | 6725 | 6725 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System, Rev., VRDO, 3.60%, 01/06/2023 (z) | 14000 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Mental Health Facilities Improvement, Series A, Rev., 5.00%, 02/01/2024 | 500 | 511 |
|  |  | 28536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1, Series A, GO, 2.00%, 03/01/2023 | 2130 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2024 | 1100 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington & Multnomah Counties School District No. 48J Beaverton, Series B, GO, SCH BD GTY, 5.00%, 06/15/2024 | 2000 | 2063 |
|  |  | 3192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, Series C, Rev., 5.00%, 06/01/2025 | 1355 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Higher Education Authority, Harrisburg Area Community, Rev., BAM, 5.00%, 10/01/2023 | 600 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Series A, Rev., 4.00%, 10/15/2023 | 700 | 704 |
|  |  | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Municipal Power Agency, Series E, Rev., 5.00%, 01/01/2023 | 2250 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allen Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 | 1205 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, Financing System, Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 3.55%, 01/06/2023 (z) | 19400 | 19400 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Garland Electric Utility System Revenue, Series A, Rev., 5.00%, 03/01/2025 | 2190 | 2285 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 40 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Combined Utility System Revenue, Combined First Lien, Rev., VRDO, 3.64%, 01/06/2023 (z) | 16000 | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 3.65%, 01/06/2023 (aa) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesquite, GO, 3.00%, 02/15/2023 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Municipal Drainage Utility, Rev., 5.00%, 02/01/2023 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Wichita Falls Water & Sewer System Revenue, Rev., 5.00%, 08/01/2024 | 1540 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Williamson, GO, 4.00%, 02/15/2023 | 2315 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025 | 2140 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Worth Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025 | 1150 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 | 1160 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2023 | 1600 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corp., Rev., 5.00%, 05/15/2023 | 1200 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024 | 1375 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Transportation Commission Highway, GO, 5.00%, 04/01/2025 | 3000 | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas A&M University, Financing System, Series E, Rev., 5.00%, 05/15/2025 | 3000 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Public Finance Authority, Rev., 5.00%, 02/01/2025 | 2980 | 3119 |
|  |  | 68099 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Valley Water Reclamation Facility, Green Bond, Series C, Rev., 5.00%, 03/01/2024 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Salt Lake City Public Utilities Revenue, Rev., 5.00%, 02/01/2025 | 1550 | 1623 |
|  |  | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle County Economic Development Authority, Sentara Martha Jefferson, Rev., VRDO, 3.58%, 01/02/2023 (z) | 4350 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Economic Development Authority, Sentara Healthcare Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 3.62%, 01/06/2023 (z) | 6700 | 6700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, 3.58%, 01/06/2023 (z) | 9440 | 9440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College, Series E1, Rev., 5.00%, 02/01/2024 | 1285 | 1315 |
|  |  | 21805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 3.65%, 01/06/2023 (z) | 8270 | 8270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Washington — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snohomish County School District No. 6 Mukilteo, GO, SCH BD GTY, 5.00%, 12/01/2023 |  | 1000 | 1019 |
|  |  |  | 9289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $386,914) |  |  | 383861 |
|  **U.S. Government Agency Securities — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLBs,<br>0.96%, 03/05/2026 |  | 2400 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 07/27/2026 |  | 600 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, 5.36%, 11/22/2024 |  | 1700 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities<br>(Cost $4,700) |  |  | 4389 |
|  **U.S. Treasury Obligation — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note, 3.25%, 08/31/2024<br>(Cost $7,021) |  | 7100 | 6955 |
|  **Short-Term Investments — 4.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 4.84%, 01/04/2023 (e) (n) |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bacardi-Martini BV, 5.27%, 01/12/2023 (e) (n) |  | 1700 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., 4.73%, 02/01/2023 (e) (n) |  | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, 5.02%, 01/20/2023 (e) (n) |  | 1700 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge U.S., Inc., 4.86%, 01/26/2023 (e) (n) |  | 1800 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., 4.75%, 01/17/2023 (e) (n) |  | 1800 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc., 4.88%, 01/10/2023 (e) (n) |  | 1200 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp., 4.79%, 01/25/2023 (e) (n) |  | 1700 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  |  | 11370 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Israel Bill—Makam, (Israel), Series 313, Reg. S, Zero Coupon, 03/02/2023 | ILS | 330 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Treasury Discount Bill, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1111, Reg. S, Zero Coupon, 01/11/2023 | JPY | 90000 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1113, Reg. S, Zero Coupon, 01/16/2023 | JPY | 390000 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  |  | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds — 1.4%** (t) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Rev., TRAN, 4.00%, 06/29/2023 |  | 5000 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Los Angeles, Rev., TRAN, 4.00%, 06/30/2023 |  | 3000 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds |  |  | 8042 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreement — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp., 4.31%, dated 12/30/2022 due 01/03/2023, repurchase price $3,001 collateralized by U.S. Treasury Security, 0.63%, due 05/15/2030, with a value of $3,066. |  | 3000 | 3000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 41

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
|  **Short-Term Investments — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 1.56%, 01/03/2023 | AUD | 16 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/03/2023 | GBP | 76 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 1.10%, 01/02/2023 | EUR | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada,<br>3.06%, 01/03/2023 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;163 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 93 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.69%, 01/03/2023 |  | 143 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/02/2023 (ii) |  | 296 | 295 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/16/2023 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/02/2023 (ii) | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $26,580) |  | 26943 |
|  **Total Investments — 99.3%<br>(Cost - $568,810)** |  | **560368** |
|  **Other Assets in Excess of Liabilities — 0.7%** |  | **3922** |
|  **NET ASSETS — 100.0%** |  | $**564290** |

---

------

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  SOFR 3 Month | 470 | 06/2023 | USD | 111708 | (36) |
|  **Short Contracts** |  |  |  |  |  |
|  SOFR 3 Month | (133) | 06/2024 | USD | (32080) | 84 |
|  U.S. Treasury 5 Year Note | (178) | 03/2023 | USD | (19211) | (1) |
|  U.S. Treasury Ultra Bond | (1) | 03/2023 | USD | (137) | 2 |
|  U.S. Ultra Treasury 10 Year Note | (40) | 03/2023 | USD | (4738) | 7 |
|  |  |  |  |  | 92 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 56 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 1114 | CAD | 1494 | Barclays Bank plc | 01/10/2023 | 10 |
|  AUD | 2653 | USD | 1799 | Morgan Stanley & Co. | 02/16/2023 | 11 |
|  AUD | 728 | USD | 494 | Morgan Stanley & Co. | 02/16/2023 | 3 |
|  USD | 96 | ILS | 327 | Bank of America, NA | 03/02/2023 | 3 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | 27 |
|  USD | 3543 | GBP | 2944 | Bank of America, NA | 01/10/2023 | (16) |
|  USD | 613 | JPY | 90000 | Barclays Bank plc | 01/11/2023 | (74) |
|  USD | 2658 | JPY | 390000 | Barclays Bank plc | 01/17/2023 | (319) |
|  USD | 12897 | AUD | 19003 | Bank of America, NA | 02/16/2023 | (65) |
|  USD | 161 | AUD | 241 | Morgan Stanley & Co. | 02/16/2023 | (3) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (477) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | (450) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 42 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE($)** |
|  ICE LIBOR USD 1 Month | ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD | 10800 |  | 23 | 23 |
|  ICE LIBOR USD 1 Month | ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD | 14200 |  | 26 | 26 |
|  United States SOFR | 3.55% annually | Pay | 09/02/2024 | USD | 4400 | 3 | (77) | (74) |
|  United States SOFR | 4.25% annually | Pay | 09/26/2024 | USD | 300 | (1) | (—)(h) | (1) |
|  United States SOFR | 4.80% annually | Pay | 11/07/2024 | USD | 14400 | 79 | 3 | 82 |
|  Total |  |  |  |  |  | 81 | (25) | 56 |

---

------

(a) Value of floating rate index as of December 31, 2022 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  ICE LIBOR USD 1 Month | 4.39% |
|  ICE LIBOR USD 3 Month | 4.77% |
|  United States SOFR | 4.30% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(1)</sup> **as of December 31, 2022:** |
| **REFERENCE<br>OBLIGATION/INDEX** | **FINANCING<br>RATE PAID<br>BY THE<br>FUND (%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD (%)** <sup>(2)</sup> | **NOTIONAL<br>AMOUNT** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(3)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** <sup>(4)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE($)** |
|  CDX.NA.IG.35-V1 | 1.00 | Quarterly | 12/20/2025 | 0.55 | USD | 800 | (17) | 7 | (10) |
|  CDX.NA.IG.36-V1 | 1.00 | Quarterly | 06/20/2026 | 0.62 | USD | 3900 | (95) | 47 | (48) |
|  CDX.NA.IG.37-V1 | 1.00 | Quarterly | 12/20/2026 | 0.69 | USD | 9300 | (232) | 126 | (106) |
|  Total | Total | Total | Total | Total |  |  | (344) | 180 | (164) |

---

------

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 43

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Ultra Short Duration Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| ASX | — Australian Stock Exchange |
| AGM | — Insured by Assured Guaranty Municipal Corp. |
| AMT | — Alternative Minimum Tax |
| BAM | — Insured by Build America Mutual |
| BAN | — Bond Anticipation Note |
| BBSW | — Bank Bill Swap Rate |
| CDX | — Credit Default Swap Index |
| CNTY | — County |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| GTD | — Guaranteed |
| ICE | — Intercontinental Exchange |
| LIBOR | — London Interbank Offered Rate |
| LIQ | — Liquidity Agreement |
| LOC | — Letter of Credit |
| PSF | — Permanent School Fund |
| Reg. S | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REMICS | — Real Estate Mortgage Investment Conduit |
| Rev. | — Revenue |
| SCH BD GTY | — School Bond Guaranty |
| SIFMA | — Securities Industry and Financial Markets Association |
| SOFR | — Secured Overnight Financing Rate |
| SONIA | — Sterling Overnight Interbank Average Rate |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2022. |

---

---

| | |
|:---|:---|
| TRAN | — Tax & Revenue Anticipation Note |
| VRDO | — Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of December 31, 2022. |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | — Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares or principal/$500 |
| (n) | — The rate shown is the effective yield as of December 31, 2022. |
| (t) | — The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (z) | — Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2022. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022 |
| (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. |
| (ii) | — Approximately $318 of these investments are restricted as collateral for forwards to Barclays Bank plc. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| GBP | — British Pound |
| ILS | — Israeli New Shekel |
| JPY | — Japanese Yen |
| USD | — United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 44 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

## Six Circles U.S. Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — 99.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 21 | 6340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 10 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp., Class A | 9 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 17 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 77 | 3889 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 54 | 3738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 14 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 22 | 3175 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 9 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 21 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc, (United Kingdom) | 47 | 15329 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 24 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 30 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 22 | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 9 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 22 | 5173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 3 | 353 |
|  |  | 53852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 48 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. (a) | 53 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 27 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 18 | 1720 |
|  |  | 6097 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 15 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 123 | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 66 | 3120 |
|  |  | 8452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 70077 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 39 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 19 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A (a) | 40 | 1779 |
|  |  | 4648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 33 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (a) | 3847 | 339444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C (a) | 3557 | 315574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a) | 3894 | 327071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. (a) | 4 | 7386 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 32 | 5762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A (a) | 41 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 99 | 4830 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 238 | 9883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc. (a) | 52 | 6269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. (a) | 14 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a) | 15 | 2108 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 528 | 11326 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 14 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A (a) | 246 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. (a) | 178 | 7367 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc., (Uruguay) (a) | 19 | 16195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A (a) | 1462 | 175951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 41 | 11991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc., Class A (a) | 14 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 268 | 37362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 369 | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc., Class A (a) | 12 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 721 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 578 | 14304 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. (a) | 9 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C (a) | 18 | 592 |
|  |  | 1320115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc.,<br>Class A (a) | 10 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 414 | 14467 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., Class A (a) | 37 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 18 | 7295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 28 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 15 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C (a) | 11 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global plc, (United Kingdom), Class A (a) | 40 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global plc, (United Kingdom), Class C (a) | 26 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C (a) | 13 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class A | 14 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 13 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 43 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Class B | 63 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 71 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) (a) | 170 | 14788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 212 | 2008 |
|  |  | 50006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 61 | 7419 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 672 | 12366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 1050 | 50002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 210 | 6703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 90 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | 58 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 41 | 10504 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. (a) | 55 | 7677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 380 | 14960 |
|  |  | 112796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 1487565 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 45

------

##### [**Table of Contents**](#toc)

## Six Circles U.S. Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. (a) | 64 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. (a) | 72 | 2440 |
|  |  | 4531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 120 | 14069 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 33 | 906 |
|  |  | 14975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 56 | 13526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 380 | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 141 | 4749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc. (a) | 33 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 136 | 13473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 26 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 243 | 29930 |
|  |  | 66803 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc, (Ireland) (a) | 25 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 18 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 5 | 653 |
|  |  | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 170 | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 219 | 10358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson plc, (United Kingdom) | 81 | 10345 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 25 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 4 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 17 | 9693 |
|  |  | 43194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. (a) | 18 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | 12 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 4 | 943 |
|  |  | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 22 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 30 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 23 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc. (a) | — (h) | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 21 | 962 |
|  |  | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 6 | 916 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 23 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a) | 115 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. (a) | 24 | 1162 |
|  |  | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 25 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. (a) | 33 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 26 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 47 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. (a) | 10 | 814 |
|  |  | 11003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 5 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a) | 2 | 4385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 23 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 23 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 6 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc. (a) | 16 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A (a) | 3 | 3510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 40 | 18314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 14 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 20 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 21 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 2 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 12 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 94 | 29703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 57 | 11414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc., (Canada) (a) | 10 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 69 | 18095 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 5 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 33 | 3876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 107 | 10577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 43 | 6426 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 109 | 8666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 9 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 4 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 78 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 141 | 20001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 26 | 3325 |
|  |  | 172030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 8 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 330552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 28.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 157 | 7193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 54 | 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. | 18 | 1784 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 46 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. (a) | 13 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 139 | 14023 |
|  |  | 28762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 172 | 11279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 2285 | 145351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 89 | 20625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 430 | 15327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 107 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 218 | 22141 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 768 | 138676 |
|  |  | 358908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 11 | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 49 | 12894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 13 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. (a) | 16 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A (a) | 18 | 7494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 70 | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 117 | 10019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics Plc (a) | 19 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 121 | 24544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 14 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc. (a) | 30 | 5465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. (a) | 10 | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 25 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagen, Inc. (a) | 13 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 22 | 6436 |
|  |  | 91902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc., Class A (a) | 142 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 312 | 74603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A (a) | 398 | 24999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., Class A | 52 | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 9 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 36 | 16472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate plc, (United Kingdom) (a) | 118 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 152 | 11727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 48 | 9346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. (a) | 33 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc., (Puerto Rico) | 38 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evo Payments, Inc., Class A (a) | 31 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. (a) | 53 | 9707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 6 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 207 | 20542 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A (a) | 14 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 18 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp; MoneyGram International, Inc. (a) | 56 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 84 | 23287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paya Holdings, Inc. (a) | 57 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp. (a) | 36 | 7024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc., Class A (a) | 8 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc. (a) | 141 | 770 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (a) | 825 | 58750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 54 | 7755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc. (a) | 55 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp., Class A (a) | 56 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International, Inc. | 43 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 84 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 172 | 57720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp. (a) | 203 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A (a) | 32 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a) | 188 | 3387 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 76 | 4288 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 31 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. (a) | 28 | 9859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A | 61 | 10743 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc. (a) | 29 | 4752 |
|  |  | 390054 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 72 | 5696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 22 | 5536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 221 | 33480 |
|  |  | 44712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co. | 19 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 37 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 54 | 4538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 12 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 22 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. (The) | 9 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co. | 23 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 78 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 59 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 13 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 23 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 134 | 8937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 42 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 34 | 2086 |
|  |  | 36959 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 165 | 18116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. (a) | 7 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc. (a) | 509 | 10729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 42 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 121 | 10017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 129 | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | 5 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 530 | 140622 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 29 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (a) | 54 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp. (a) | 18 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 23 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | 7 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp. (a) | 6 | 1692 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 47

------

##### [**Table of Contents**](#toc)

## Six Circles U.S. Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a) | 33 | 8760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp. (a) | 3 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc, (Ireland) | 125 | 9717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure Ltd., (Jersey) (a) | 7 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 97 | 13553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp. (a) | 40 | 6694 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 12 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS plc | 8 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 31 | 7495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 5 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 301 | 165496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 45 | 15402 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 57 | 13352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 21 | 2620 |
|  |  | 452180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent, Inc. (a) | 168 | 7557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 934 | 76612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. (a) | 39 | 8569 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc. (a) | 3 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 394 | 202041 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 21 | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 208 | 106645 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 144 | 29518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | 10 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. (a) | 96 | 31778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 10 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1541 | 816984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 7 | 1033 |
|  |  | 1289749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 6 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 21 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 10 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 29 | 3922 |
|  |  | 8041 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 161 | 26068 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 14 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | 27 | 6789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 2000 | 143878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 25 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp. | 29 | 9504 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 123 | 11478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 35 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. (a) | 44 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 743 | 271741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc. (a) | 15 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc, (Ireland) (a) | 4 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 2460 | 434566 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 14 | 5089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 2384 | 264481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 8 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 215 | 6012 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 5282 | 270665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 1146 | 12750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Class A | 437 | 64016 |
|  |  | 1538551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 4239818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy—Alternate Sources — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a) | 40 | 10701 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 29 | 4358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc. (a) | 203 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc., (Israel) (a) | 17 | 4759 |
|  |  | 22329 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 30 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | 8 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 172 | 30921 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 121 | 14235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 63 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 53 | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 15 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 57 | 7442 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 30 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 384 | 42346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 24 | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 25 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 73 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 48 | 5529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 84 | 5291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 22 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 45 | 4667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 20 | 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | — (h) | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 37 | 4636 |
|  |  | 138808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | 93 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 83 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 125 | 6707 |
|  |  | 12711 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 19 | 2779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 186 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 41 | 2678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 20 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 102 | 3354 |
|  |  | 13614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 187462 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 48 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 3794 | 125647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 471 | 21417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1081 | 48899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 344 | 13561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 458 | 15043 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 11 | 8269 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 314 | 7693 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 123 | 14988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 182 | 62470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 988 | 13935 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 685 | 11938 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 114 | 16513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 693 | 58937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 123 | 10911 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 231 | 36470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 644 | 13883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank | 59 | 6768 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 233 | 18067 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group (a) | 47 | 10824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 757 | 32577 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 821 | 35790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 160 | 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 2026 | 83668 |
|  |  | 675851 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 292 | 7132 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 344 | 50890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 64 | 20048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 197 | 12578 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Inc., Class A | 66 | 47122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 231 | 21466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 52 | 6476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 737 | 61384 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., Class A | 183 | 30739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A (a) | 98 | 3478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 173 | 16919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp. (a) | 20 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 276 | 7287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 286 | 29385 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Money Express, Inc. (a) | 22 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 337 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 39 | 8359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 646 | 224626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 175 | 10754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 99 | 10568 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 66 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 352 | 11572 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 143 | 15645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 53 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 1226 | 254753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 276 | 3794 |
|  |  | 869367 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 353 | 25365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 163 | 22102 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 57 | 7848 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 441 | 27873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon plc, Class A | 105 | 31628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., (Bermuda) (a) | 193 | 12120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 106 | 19908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 32 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 670 | 206871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 114 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd., (Switzerland) | 226 | 49815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 108 | 11086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 230 | 6589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 12 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group Ltd., (Bermuda) | 30 | 9887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 211 | 7949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 73 | 8801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 209 | 15843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 149 | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 163 | 9528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Corp. (a) | 8 | 10541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 265 | 43817 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 393 | 28425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 158 | 13288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 319 | 41416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 215 | 21418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 140 | 26243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson plc, (United Kingdom) | 69 | 16802 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 105 | 7636 |
|  |  | 700855 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 72 | 4927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 361 | 26760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 145 | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 301 | 13962 |
|  |  | 49965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A (a) | 37 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 15 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 20 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 43 | 9047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 337 | 7114 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 13 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 12 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 7 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 40 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 30 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 9 | 5796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 16 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 35 | 2042 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 49

------

##### [**Table of Contents**](#toc)

## Six Circles U.S. Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 5 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 10 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 23 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc., Class A | 35 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 73 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 70 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 53 | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 21 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 59 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 59 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 11 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 89 | 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 13 | 3738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 52 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 17 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A | 9 | 2635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 31 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 11 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 30 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 36 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 79 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 46 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 84 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 15 | 1139 |
|  |  | 91522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 2390425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The) (a) | 222 | 42314 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 93 | 23121 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 17 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 27 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 145 | 5697 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 74 | 15370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 94 | 45679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 57 | 31243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 583 | 58870 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 20 | 12362 |
|  |  | 240460 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 335 | 13806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 51 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc | 276 | 17676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 12 | 2983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 6 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 84 | 3918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. (a) | 7 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 36 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 13 | 2272 |
|  |  | 49321 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 93 | 12960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 234 | 22489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. (a) | 25 | 2494 |
|  |  | 37943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 228 | 34055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion plc, (Ireland) | 33 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 152 | 11551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc. (a) | 20 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 135 | 8687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd., (Switzerland) | 14 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 266 | 57019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., Class B | 21 | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 43 | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 17 | 24889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding plc | 54 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 85 | 9773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 66 | 3348 |
|  |  | 170598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 50 | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair plc, (United Kingdom) | 58 | 2605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | 86 | 11155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 101 | 13391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 162 | 25383 |
|  |  | 52534 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 20 | 4466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 60 | 4511 |
|  |  | 8977 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction &<br>Mining — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 207 | 49699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 44 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 114 | 48681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 57 | 7656 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 30 | 6739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 156 | 8132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 20 | 4779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 160 | 12542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 45 | 11652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 66 | 6612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 71 | 7889 |
|  |  | 116739 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 50 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 221 | 26495 |
| &nbsp;&nbsp;&nbsp;&nbsp; AO Smith Corp. | 49 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 19 | 4573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. plc | 159 | 25011 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 436 | 36498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 120 | 26384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 50 | 14497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 12 | 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 87 | 6164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies plc, (Ireland) | 91 | 15345 |
|  |  | 162484 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor plc, (United Kingdom) | 136 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 30 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 9 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 9 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 13 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Co. | 40 | 1409 |
|  |  | 7177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 14 | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 567 | 51892 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 850 | 26343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 768 | 79830 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 1158 | 200572 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 31 | 5488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc., Class A | 58 | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 94 | 23117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 36 | 10326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 244 | 50564 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 3520 | 611865 |
|  |  | 1063032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 1968283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 25.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, (Ireland), Class A | 60 | 15881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 4030 | 523582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 54 | 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc. (a) | 112 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 181 | 19025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 74 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc. (a) | 5 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. (a) | 22 | 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 597 | 29200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 358 | 5708 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 258 | 6933 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 85 | 11933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 51 | 5390 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 40 | 2919 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 51 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 50 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp; TaskUS, Inc., Class A (a) | 15 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc. | 13 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. (a) | 82 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 76 | 8471 |
|  |  | 649987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business Equipment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A (a) | 13 | 3275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a) | 492 | 31862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 156 | 25650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 267 | 25956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 122 | 68449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 41 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 1267 | 33492 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 43 | 16243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 42 | 17497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 259 | 9581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 165 | 11590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 339 | 16962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 13 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 758 | 110717 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV, (Netherlands) | 78 | 12313 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 128 | 7978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc. (a) | 33 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 341 | 37509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 49 | 4459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 48 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 276 | 45683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. (a) | 37 | 2551 |
|  |  | 492885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 72 | 5525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 420 | 141338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 16 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc. (a) | 79 | 19046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Technology, Inc. (a) | 25 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 194 | 36241 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc. (a) | 33 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 167 | 6159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings, Inc. (a) | 84 | 9161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight, Inc. (a) | 138 | 8507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 86 | 11503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 244 | 39199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. (a) | 125 | 8042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 23 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 29 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 22 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 220 | 16179 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc., Class A (a) | 180 | 9955 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 51

------

##### [**Table of Contents**](#toc)

## Six Circles U.S. Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A (a) | 247 | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 179 | 6851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 26 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a) | 22 | 13411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 457 | 30975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 455 | 45977 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 41 | 11911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 240 | 93452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 53 | 9296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 6348 | 1522403 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A (a) | 6 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 40 | 18621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 1434 | 117231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 1505 | 9663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 241 | 27871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. (a) | 45 | 13931 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 99 | 11929 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 33 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 96 | 41491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. (a) | 899 | 119164 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 181 | 70367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 20 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Splunk, Inc. (a) | 146 | 12529 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 174 | 9058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 137 | 43717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 14 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 16 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | 37 | 11769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc. (a) | 222 | 6355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | 12 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp., Class A (a) | 90 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc., Class A (a) | 190 | 23299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A (a) | 181 | 30333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A (a) | 203 | 13745 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A (a) | 164 | 4936 |
|  |  | 2663278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 3809425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 51 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 23 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 20 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 53 | 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 49 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 26 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 39 | 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 30 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 77 | 4717 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 15 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 76 | 7848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 32 | 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 19 | 2185 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 21 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 31 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 106 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 42 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 183 | 15274 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 20 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. (a) | 128 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 62 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 48 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 29 | 4528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 99 | 7062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 23 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 32 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 59 | 4128 |
|  |  | 89819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 13 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 37 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 24 | 882 |
|  |  | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 17 | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 23 | 1084 |
|  |  | 3717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 96864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $13,072,527) |  | 14580471 |
|  | **PRINCIPAL**<br> **AMOUNT ($)** |  |
|  **Short-Term Investments — 0.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.69%, 01/03/2023 | 6939 | 6939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 3.69%, 01/03/2023 | 3633 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 3.69%, 01/03/2023 | 29483 | 29483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 3.69%, 01/03/2023 | 9616 | 9616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.69%, 01/03/2023 | 45829 | 45829 |
|  Total Short-Term Investments<br>(Cost $95,500) |  | 95500 |
|  **Total Investments — 100.0%<br>(Cost — $13,168,027)** |  | **14675971** |
|  **Other Assets in Excess of Liabilities — 0.0%** | **Other Assets in Excess of Liabilities — 0.0%** | **14735** |
|  **NET ASSETS — 100.0%** |  | **$14690706** |

---

------

Percentages indicated are based on net assets.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 52 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
| E-mini Consumer Staples Select Sector | 27 | 03/2023 | USD | 2088 | (45) |
| E-mini Financial Select Sector | 120 | 03/2023 | USD | 12929 | (194) |
| E-mini Health Care Select Sector | 52 | 03/2023 | USD | 7386 | (199) |
| E-mini Russell 2000 Index | 1 | 03/2023 | USD | 92 | (3) |
| Micro E-mini NASDAQ 100 Index | 385 | 03/2023 | USD | 8874 | (387) |
| NASDAQ 100 E-mini Index | 75 | 03/2023 | USD | 17264 | (731) |
| S&P 500 E-mini Index | 217 | 03/2023 | USD | 42613 | (721) |
| S&P MidCap 400 E-mini Index | 15 | 03/2023 | USD | 3752 | (88) |
| Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | (2368) |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 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. |
| USD | — United States Dollar |

---

**Summary of Investments by Industry, December 31, 2022** 

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Software | 18.1% |
|  Pharmaceuticals | 10.5% |
|  Internet | 9.0% |
|  Healthcare—Services | 8.8% |
|  Transportation | 7.2% |
|  Diversified Financial Services | 5.9% |
|  Insurance | 4.8% |
|  Banks | 4.6% |
|  Computers | 4.4% |
|  Semiconductors | 3.4% |
|  Healthcare—Products | 3.1% |
|  Commercial Services | 2.7% |
|  Beverages | 2.4% |
|  Aerospace/Defense | 1.6% |
|  Retail | 1.2% |
|  Electronics | 1.2% |
|  Miscellaneous Manufacturers | 1.1% |
|  Others (Each less than 1.0%) | 9.3% |
|  Short-Term Investments | 0.7% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 53

------

##### [**Table of Contents**](#toc)

## Six Circles International Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — 97.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Austria — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 508 | 16259 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 258 | 13264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG | 37 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp; voestalpine AG | 15 | 406 |
|  |  | 33063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Belgium — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 238 | 10560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA | 111 | 6712 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 3 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA | 18 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 147 | 11737 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 370 | 23817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA | 23 | 5007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA | 9 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 186 | 14625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umicore SA | 26 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw CVA | 20 | 571 |
|  |  | 78183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc | 229 | 4273 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S, Class A | 1 | 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S, Class B | 2 | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S, Class B | 13 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chr Hansen Holding A/S | 13 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 15 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 1020 | 20115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (a) | 12 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 84 | 13225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (a) | 8 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 2432 | 330273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novozymes A/S, Class B | 26 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted AS (e) | 105 | 9451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 207 | 14616 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 4 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 531 | 12631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 451 | 13170 |
|  |  | 432151 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Finland — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 18 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 244 | 4070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko Oyj, Class B | 34 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 152 | 7871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 55 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 694 | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 4972 | 53259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 157 | 8613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 709 | 37055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ, Class R | 69 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 68 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 215 | 1812 |
|  |  | 123696 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA (a) | 23 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris (a) | 13 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 67 | 9565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 264 | 31426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA | 142 | 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (e) | 88 | 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA | 8 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 2760 | 76895 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 6 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1641 | 93433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SE | 111 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 102 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA | 131 | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 21 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 76 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 221 | 10799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 88 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio | 6 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 1780 | 18722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 83 | 4361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 11 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 86 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred | 32 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 38 | 3689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA | 321 | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 1010 | 14446 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 37 | 6763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo SE | 64 | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA | 6 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE | 195 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 72 | 111877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA | 56 | 5977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 171 | 86970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (a) | 29 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Francaise des Jeux SAEM (e) | 14 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 119 | 9580 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 31 | 11118 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 632 | 459704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 257 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 27 | 5228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 29 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remy Cointreau SA | 3 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA (a) | 544 | 18167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 153 | 19136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi | 1676 | 161593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 4 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 243 | 34068 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEB SA | 3 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 1190 | 29842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA | 11 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance | 26 | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 48 | 6095 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 4356 | 273471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubisoft Entertainment SA (a) | 12 | 352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 54 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail—Rodamco-Westfield (a) | 15 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo | 27 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 368 | 9462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 240 | 23963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivendi SE | 91 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendel SE | 39 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA (a) (e) | 30 | 1194 |
|  |  | 1604104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 395 | 53476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Registered) | 604 | 128984 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 118 | 5812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Registered) | 1443 | 74279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 937 | 83001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bechtle AG | 11 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 13 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 69 | 4394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG | 5 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (a) | 1572 | 14700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 14 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro AG (e) | 24 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (a) | 202 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE (a) (e) | 21 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Registered) | 3056 | 34351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 281 | 48371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Registered) (a) | 267 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Registered) | 443 | 16581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Registered) | 416 | 8270 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 1241 | 12339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 28 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG & Co. KGaA | 26 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 54 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 68 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE | 89 | 17589 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement AG | 18 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; HelloFresh SE (a) | 22 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 14 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 2822 | 85771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG | 33 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 10 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 2275 | 148785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 190 | 36630 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 24 | 5138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 207 | 67012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 189 | 9664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma SE | 241 | 14582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 2 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 19 | 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 354 | 15663 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 3413 | 352408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (e) | 11 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Registered) | 342 | 47142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG | 194 | 3642 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (e) | 36 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG, Class A | 17 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Deutschland Holding AG | 140 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Internet AG (Registered) | 12 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG | 84 | 13206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 92 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (a) (e) | 28 | 996 |
|  |  | 1339181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ireland — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (a) | 60 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc | 1601 | 6146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc | 1582 | 15078 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH plc | 99 | 3927 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC plc | 89 | 4363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian plc | 828 | 28030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment plc (a) | 22 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group plc, Class A | 21 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group plc | 69 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit Kappa Group plc | 32 | 1196 |
|  |  | 70806 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplifon SpA | 16 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali SpA | 1642 | 29197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano NV | 65 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin SpA | 3 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 4495 | 24175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 4380 | 62274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 357 | 76641 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 902 | 14976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA (e) | 45 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 24701 | 54722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | 896 | 8606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 468 | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA (a) (e) | 77 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (e) | 771 | 7525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA | 113 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | 153 | 6367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 1140 | 5526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA (a) | 1290 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna—Rete Elettrica Nazionale | 782 | 5775 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 2840 | 40305 |
|  |  | 368156 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 17 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 58 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 17 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 13 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 40 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (a) | 14 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 40 | 1258 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 55

------

##### [**Table of Contents**](#toc)

## Six Circles International Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc Co. Ltd. | 19 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 111 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 163 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azbil Corp. | 10 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 18 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 51 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brother Industries Ltd. | 21 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 89 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 15 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 13 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 47 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 57 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 60 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group Ltd. | 96 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberAgent, Inc. | 38 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 20 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 9 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 87 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 155 | 4995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 22 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 6 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 53 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp., Class A | — (h) | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 118 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 38 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 19 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 3 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 27 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 22 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 272 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 17 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 5 | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 11 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 32 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 17 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-Reit | — (h) | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMO Payment Gateway, Inc. | 4 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings, Inc. | 21 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamamatsu Photonics KK | 12 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 20 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 2 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hirose Electric Co. Ltd. | 3 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | 10 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 86 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 144 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshizaki Corp. | 10 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 32 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 34 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | 10 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 19 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iida Group Holdings Co. Ltd. | 13 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 92 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 52 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ito En Ltd. | 5 | 171 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 105 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itochu Techno-Solutions Corp. | 9 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. (a) | 13 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 45 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | 1 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 37 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 211 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 18 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | — (h) | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 106 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 44 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSR Corp. | 16 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 38 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kakaku.com, Inc. | 12 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 62 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAO Corp. | 42 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 143 | 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keio Corp. | 9 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keisei Electric Railway Co. Ltd. | 12 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 17 | 6678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 13 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kintetsu Group Holdings Co. Ltd. | 15 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 73 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobayashi Pharmaceutical Co. Ltd. | 5 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 13 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koei Tecmo Holdings Co. Ltd. | 10 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | 19 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 82 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 8 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kose Corp. | 3 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 90 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. | 9 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 28 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 24 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 7 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lixil Corp. | 26 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 39 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 20 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 137 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mazda Motor Corp. | 50 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Holdings Co. Japan Ltd. | 8 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 10 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 32 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 25 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 113 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 112 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 171 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 105 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 58 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 28 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 1061 | 7122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 127 | 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Chemicals, Inc. | 16 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 80 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 31 | 762 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 56 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 214 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 22 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 40 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 51 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 22 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 42 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGK Insulators Ltd. | 21 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. | 40 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings, Inc. | 27 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 98 | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | — (h) | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIPPON EXPRESS HOLDINGS INC | 7 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 74 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc. | — (h) | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 15 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Shinyaku Co. Ltd. | 4 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 72 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 106 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 43 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 11 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. | 206 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nisshin Seifun Group, Inc. | 18 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 6 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 7 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 13 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 258 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 11 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | — (h) | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 30 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Data Corp. | 56 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 58 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 6 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odakyu Electric Railway Co. Ltd. | 26 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oji Holdings Corp. | 72 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 108 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omron Corp. | 16 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 32 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open House Group Co. Ltd. | 7 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 3 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 18 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 106 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 33 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 10 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 35 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 34 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 196 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 16 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc. | 77 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 128 | 3994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (a) | 104 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 192 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | 51 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 8 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 22 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 14 | 209 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 19 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seiko Epson Corp. | 25 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 33 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 55 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 67 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 26 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharp Corp. | 20 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 21 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 7 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimizu Corp. | 49 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 33 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 24 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 36 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shizuoka Financial Group, Inc. | 40 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 5 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 255 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 107 | 4521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 28 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 112 | 8514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Square Enix Holdings Co. Ltd. | 8 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 55 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; SUMCO Corp. | 31 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Chemical Co. Ltd. | 132 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 100 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 63 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 22 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 116 | 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Holdings, Inc. | 30 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 27 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 12 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 33 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 15 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 47 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 16 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 133 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 34 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 57 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 20 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobu Railway Co. Ltd. | 17 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 10 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 163 | 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electric Power Co. Holdings, Inc. (a) | 135 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 13 | 3908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 35 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 47 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN INC | 23 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 123 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toshiba Corp. | 35 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosoh Corp. | 23 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTO Ltd. | 13 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 13 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 941 | 12839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 19 | 695 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 57

------

##### [**Table of Contents**](#toc)

## Six Circles International Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 12 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 36 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp; USS Co. Ltd. | 18 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welcia Holdings Co. Ltd. | 8 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 19 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | 11 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Corp. | 12 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 26 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 25 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yaskawa Electric Corp. | 21 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 20 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Z Holdings Corp. | 237 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 11 | 274 |
|  |  | 275867 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Jordan — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals plc | 323 | 6015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 67 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA | 133 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE | 17 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 64 | 1130 |
|  |  | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands** — **6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA, GDR (e) | 597 | 8271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (a) (e) | 3 | 3855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon NV | 2638 | 13368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 23 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (a) | 7 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 101 | 25679 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 878 | 478964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (e) | 126 | 9303 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR NV (a) | 160 | 11717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 13 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 33 | 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV | 25 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 5571 | 67856 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 13 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Just Eat Takeaway.com NV (a) (e) | 24 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 134 | 3862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke DSM NV | 22 | 2759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 422 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 114 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 413 | 16869 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI NV | 14 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (a) | 107 | 7355 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (a) | 29 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 53 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 6239 | 88585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 93 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 117 | 12279 |
|  |  | 774095 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Norway** — **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adevinta ASA, Class B (a) | 38 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 41 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 1375 | 27147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 1668 | 59955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 300 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 40 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 54 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 172 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 99 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 9 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 92 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 21 | 902 |
|  |  | 101210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Portugal** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP—Energias de Portugal SA | 1538 | 7667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | 878 | 11844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 37 | 811 |
|  |  | 20322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea** — **2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 4579 | 200973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (Registered), GDR | 43 | 47120 |
|  |  | 248093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain** — **2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 14 | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 97 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (a) (e) | 34 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (a) | 58 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 8975 | 54056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 24841 | 74278 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 6557 | 25709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (e) | 70 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. ACCIONA Energias Renovables SA | 36 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis SA | 158 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enagas SA | 100 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA | 179 | 3380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SA | 219 | 5739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA (a) | 40 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 3346 | 39058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 141 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | 82 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Electrica Corp. SA | 224 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 2421 | 38540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 672 | 2432 |
|  |  | 274842 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 129 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 447 | 9619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 1200 | 14214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 699 | 7459 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 58 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB | 35 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrolux AB, Class B | 29 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embracer Group AB, Class B (a) | 85 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 293 | 5329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 176 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 440 | 9347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 78 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (e) | 23 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B (a) | 84 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB, Class B | 30 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B | 92 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 250 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 12 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husqvarna AB, Class B | 189 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 196 | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 224 | 5439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 122 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B | 67 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class A | 742 | 13796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 2690 | 48691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinnevik AB, Class B (a) | 357 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 114 | 4847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 106 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 677 | 6322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 23 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 476 | 8609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 220 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A | 2389 | 27506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 153 | 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 170 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB SCA, Class B | 76 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 2157 | 21714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 1339 | 22778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (a) | 22 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 76 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B | 375 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 335 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class A | 92 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 673 | 12153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo Car AB, Class B (a) | 1692 | 7703 |
|  |  | 274375 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 702 | 21409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecco Group AG (Registered) | 71 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc. | 64 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bachem Holding AG, Class B | 4 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding AG (Registered) | 68 | 10471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise (Registered) | 45 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut AG (Registered) | 11 | 21067 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKW AG | 12 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 3 | 31650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 33437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Registered), Class A | 1191 | 154469 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clariant AG (Registered) (a) | 29 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG | 117 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Registered) | 5326 | 15899 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG (Registered) | 1 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Registered) | 16 | 7560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Registered) | 1 | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore plc | 5671 | 37818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG (a) | 71 | 3677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 316 | 18392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG (Registered) | 24 | 5641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Registered) | 22 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Registered) | 10 | 4692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA (Registered) | 8233 | 950965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG (Registered) | 3178 | 287595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 34 | 29711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 1071 | 339495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 18 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Registered) | 11 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Registered) | 3 | 6634 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG Group AG (a) | 38 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Registered) | 19 | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Registered) | 7 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 1477 | 52486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG (Registered) | 14 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 66 | 18693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) (Registered) | 122 | 6342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Registered) | 46 | 23489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Registered) | 10 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 446 | 41708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG (Registered) | 3 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos AG (Registered) | 8 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Registered) | 4951 | 92019 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG (e) | 12 | 3310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 222 | 106358 |
|  |  | 2363953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Arab Emirates — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health plc (a) (bb) (cc) | 116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — 23.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc | 1879 | 30306 |
| &nbsp;&nbsp;&nbsp;&nbsp; abrdn plc | 4078 | 9266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group plc | 346 | 8890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American plc | 738 | 28885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group plc | 396 | 22504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods plc | 207 | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc | 2977 | 402782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group plc (e) | 547 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVEVA Group plc | 70 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc | 5411 | 28706 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc | 2814 | 29067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc | 31037 | 59057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Developments plc | 594 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings plc | 63 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP plc | 41442 | 239117 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc | 1241 | 49079 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 59

------

##### [**Table of Contents**](#toc)

## Six Circles International Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. plc (The) | 510 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group plc | 4034 | 5448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl plc | 303 | 10097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group plc | 1072 | 26065 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 457 | 7335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 26 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc | 1025 | 23672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International plc | 81 | 6450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo plc | 1322 | 57856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain plc | 342 | 5443 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK plc | 7813 | 135039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (a) | 2948 | 11665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma plc | 220 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Lansdown plc | 693 | 7141 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 38554 | 238937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands plc | 524 | 13056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc | 842 | 6279 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group plc | 107 | 6129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group plc | 145 | 7059 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury plc | 1019 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion plc | 1502 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Matthey plc | 107 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher plc | 1142 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group plc | 411 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc | 11532 | 34574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc | 131682 | 71860 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc | 635 | 54597 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc | 4845 | 10957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries plc | 3645 | 5873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi plc | 282 | 4766 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc | 2125 | 25452 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc | 10261 | 32725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next plc | 75 | 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocado Group plc (a) | 335 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson plc | 385 | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon plc | 185 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings plc | 1446 | 10595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential plc | 5308 | 72380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group plc | 415 | 28793 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX plc | 1726 | 47713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial plc | 2256 | 13858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto plc | 653 | 45941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc (a) | 7523 | 8403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The) | 591 | 5325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders plc | 1414 | 7431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro plc | 702 | 6466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent plc | 146 | 4663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell plc | 16000 | 451045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc | 505 | 6749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group plc | 328 | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering plc | 66 | 8453 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE plc | 620 | 12747 |
| &nbsp;&nbsp;&nbsp;&nbsp; St James's Place plc | 1050 | 13838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc | 4827 | 36005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Wimpey plc | 2094 | 2565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco plc |  | 4333 | 11677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever plc |  | 1478 | 74597 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group plc |  | 396 | 4730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc |  | 15331 | 15526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread plc |  | 117 | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP plc |  | 634 | 6263 |
|  |  |  | 2675511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $10,532,658) |  |  | 11072344 |
|  **Preferred Stocks — 1.5%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG |  | 170 | 14342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche AG (a) |  | 323 | 32582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA |  | 22 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE |  | 434 | 23665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG |  | 3 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG |  | 525 | 65177 |
|  |  |  | 138517 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. |  | 796 | 31917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $201,803) |  |  | 170434 |
|  | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** |  |
|  **Short-Term Investments — 0.6%**  | **Short-Term Investments — 0.6%**  | **Short-Term Investments — 0.6%**  | **Short-Term Investments — 0.6%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.69%, 01/03/2023 |  | 7152 | 7152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 2.30%, 01/03/2023 | GBP | 8634 | 10438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.63%), 01/02/2023 | SEK | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 01/03/2023 | CHF | 11613 | 12559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/02/2023 | NOK | 13549 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 01/02/2023 | DKK | 11755 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 01/02/2023 | EUR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/03/2023 | HKD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/03/2023 | CAD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 01/03/2023 | ZAR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 01/02/2023 | EUR | 18243 | 19528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 822 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 3.69%, 01/03/2023 |  | 4429 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (12.63%), 01/02/2023 | SEK | 11394 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33%), 01/04/2023 | JPY | 128684 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 85 | 85 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 60 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
|  **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.69%, 01/03/2023 | 3441 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $63,602) |  | 63602 |
|  **Total Investments — 99.4%<br>(Cost — $10,798,063)** |  | **11306380** |
|  **Other Assets in Excess of Liabilities — 0.6%** | **Other Assets in Excess of Liabilities — 0.6%** | **74246** |
|  **NET ASSETS — 100.0%** |  | **$11380626** |

---

------

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Amsterdam Index | 20 | 01/2023 | EUR | 2999 | (46) |
|  Euro STOXX 50 Index | 918 | 03/2023 | EUR | 38108 | (914) |
|  FTSE 100 Index | 261 | 03/2023 | GBP | 23573 | (16) |
|  MSCI Emerging Markets Index | 33 | 03/2023 | USD | 1600 | (17) |
|  TOPIX Index | 16 | 03/2023 | JPY | 2313 | (6) |
|  Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | (999) |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (cc) | — Security is valued in good faith at fair value by or under the direction of the Board of Trustees. |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| SEK | — Swedish Krona |
| USD | — United States Dollar |
| ZAR | — South African Rand |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 61

------

##### [**Table of Contents**](#toc)

## Six Circles International Unconstrained Equity Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

**Summary of Investments by Industry, December 31, 2022** 

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Pharmaceuticals | 16.1% |
|  Banks | 11.9% |
|  Oil & Gas | 10.2% |
|  Food | 9.6% |
|  Semiconductors | 8.2% |
|  Insurance | 6.9% |
|  Apparel | 6.7% |
|  Auto Manufacturers | 5.4% |
|  Software | 3.3% |
|  Retail | 2.1% |
|  Electric | 1.7% |
|  Diversified Financial Services | 1.6% |
|  Commercial Services | 1.4% |
|  Mining | 1.1% |
|  Investment Companies | 1.1% |
|  Others (Each less than 1.0%) | 12.1% |
|  Short-Term Investments | 0.6% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 62 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — 106.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset-Backed Securities — 0.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 11 Ltd., (Cayman Islands), Series 2019-11A, Class AR, (ICE LIBOR USD 3 Month + 1.14%), 5.46%, 07/22/2032 (e) (aa) | 1900 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 5.13%, 01/15/2032 (e) (aa) | 3300 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.15%), 5.23%, 01/16/2030 (e) (aa) | 4952 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit Street Partners CLO XVII Ltd., (Cayman Islands), Series 2019-17A, Class AR, (ICE LIBOR USD 3 Month + 1.08%), 5.16%, 07/15/2032 (e) (aa) | 4300 | 4194 |
| &nbsp;&nbsp;&nbsp;&nbsp; CARLYLE US CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 5.24%, 04/20/2031 (e) (aa) | 1900 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust, Series 2020-1, Class A3, 1.89%, 12/16/2024 | 98 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 5.27%, 10/24/2030 (e) (aa) | 3200 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.03%), 5.27%, 04/20/2030 (e) (aa) | 5329 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (ICE LIBOR EUR 3 Month + 0.66%), 2.95%, 04/15/2033 (e) (aa) | EUR 7,600 | 7873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 36 Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (ICE LIBOR USD 3 Month + 1.02%), 5.10%, 04/15/2029 (e) (aa) | 5843 | 5766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2020-B, Class A4, 0.79%, 11/15/2025 | 850 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 08/18/2025 | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024 | 51 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XXVI Ltd., (Cayman Islands), Series 2017-26A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 5.61%, 07/29/2030 (e) (aa) | 2360 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite XVIII Ltd., (Cayman Islands), Series 2016-18A, Class AR2, (ICE LIBOR USD 3 Month + 0.88%), 5.49%, 11/15/2028 (e) (aa) | 7332 | 7241 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset-Backed Securities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.15%), 5.23%, 04/15/2029 (e) (aa) | 246 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marble Point CLO X Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 5.12%, 10/15/2030 (e) (aa) | 1800 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mountain View CLO LLC, (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.09%), 5.17%, 10/16/2029 (e) (aa) | 1682 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 5.12%, 01/16/2031 (e) (aa) | 2900 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024 | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP CLO Ltd., (Cayman Islands), Series 2017-14A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 5.83%, 11/20/2030 (e) (aa) | 5000 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sculptor CLO XXV Ltd., (Cayman Islands), Series 25A, Class A1, (ICE LIBOR USD 3 Month + 1.27%), 5.35%, 01/15/2031 (e) (aa) | 1200 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XII Ltd., (Cayman Islands), Series 2016-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 5.29%, 10/20/2028 (e) (aa) | 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (ICE LIBOR USD 3 Month + 1.06%), 5.14%, 07/15/2031 (e) (aa) | 700 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture XXI CLO Ltd., (Cayman Islands), Series 2015-21A, Class AR, (ICE LIBOR USD 3 Month + 0.88%), 4.96%, 07/15/2027 (e) (aa) | 143 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrant CLO VI Ltd., (Cayman Islands), Series 2017-6A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 5.70%, 06/20/2029 (e) (aa) | 2124 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 5.03%, 04/17/2030 (e) (aa) | 4915 | 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO Ltd., (Cayman Islands), Series 2015-1A, Class AR4, (ICE LIBOR USD 3 Month + 0.89%), 5.13%, 07/20/2029 (e) (aa) | 1129 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025 | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $73,102) |  | 70701 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 63

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z) | 6061 | 4874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 4.37%, 05/25/2051 (e) (aa) | 444 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3404, Class SA, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.68%, 01/15/2038 (aa) | 1265 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3680, Class SA, IF, IO, (5.00% - ICE LIBOR USD 1 Month), 0.68%, 06/15/2040 (aa) | 2380 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4023, Class S, IF, IO, (6.25% - ICE LIBOR USD 1 Month), 1.93%, 03/15/2042 (aa) | 1084 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4056, Class GS, IF, IO, (6.65% - ICE LIBOR USD 1 Month), 2.33%, 12/15/2041 (aa) | 598 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4134, Class PI, IO, 3.00%, 11/15/2042 | 487 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4165, Class TI, IO, 3.00%, 12/15/2042 | 524 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4479, Class AI, IO, 3.50%, 09/15/2025 | 4550 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4598, Class IK, IO, 3.50%, 03/15/2046 | 621 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4710, Class EI, IO, 3.50%, 11/15/2031 | 3657 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4751, Class EF, (ICE LIBOR USD 1 Month + 0.25%), 4.57%, 05/15/2041 (aa) | 2991 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4764, Class WF, (ICE LIBOR USD 1 Month + 0.30%), 4.62%, 02/15/2048 (aa) | 4942 | 4735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4790, Class F, (ICE LIBOR USD 1 Month + 0.19%), 4.51%, 10/15/2043 (aa) | 1972 | 1902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4825, Class SE, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 1.88%, 09/15/2048 (aa) | 4347 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4888, Class IB, IO, 4.00%, 03/15/2047 | 372 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4990, Class MI, IO, 4.00%, 07/25/2050 | 4507 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5003, Class AS, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 1.71%, 08/25/2050 (aa) | 7340 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5013, Class IQ, IO, 3.50%, 09/25/2050 | 5537 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5016, Class PI, IO, 3.00%, 09/25/2050 | 11762 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5024, Class BI, IO, 2.00%, 10/25/2050 | 18853 | 2203 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5034, Class YI, IO, 4.00%, 11/25/2050 | 2941 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5045, Class DI, IO, 2.50%, 11/25/2050 | 2936 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5047, Class CI, IO, 2.00%, 12/25/2050 | 1784 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5056, Class PI, IO, 2.50%, 12/25/2050 | 9076 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5062, Class EI, IO, 2.00%, 01/25/2051 | 3828 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5065, Class IG, IO, 3.00%, 01/25/2051 | 3504 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class DI, IO, 3.50%, 02/25/2041 | 1427 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class LI, IO, 2.50%, 02/25/2051 | 15065 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5071, Class IN, IO, 4.00%, 08/25/2050 | 5784 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5087, Class IL, IO, 3.00%, 03/25/2051 | 2107 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5124, Class LI, IO, 4.50%, 07/25/2051 | 12752 | 2819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class UI, IO, 3.50%, 01/25/2052 | 4533 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5210, Class AI, IO, 3.50%, 01/25/2042 | 4629 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5227, Class EI, IO, 4.00%, 04/25/2050 | 5121 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STRIPs, Series 365, Class C2, IO, 4.00%, 06/15/2049 | 4228 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Interest STRIP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 379, Class S56, IO, (ICE LIBOR USD 1 Month + 7.90%), 3.51%, 05/25/2037 (aa) | 409 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class 1, PO, Zero Coupon, 10/25/2040 | 327 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class 23, IO, 6.00%, 11/25/2040 (z) | 155 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-30, Class JS, IF, IO, (6.44% - ICE LIBOR USD 1 Month), 2.05%, 04/25/2037 (aa) | 1807 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-53, Class IO, IO, 3.50%, 05/25/2027 | 520 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-98, Class JI, IO, 3.00%, 04/25/2027 | 1353 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-135, Class SB, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 1.71%, 12/25/2042 (aa) | 1020 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043 | 411 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-34, Class US, IF, (8.60% - ICE LIBOR USD 1 Month), 0.00%, 06/25/2044 (aa) | 67 | 53 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 64 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-26, Class SY, IF, (7.03% - ICE LIBOR USD 1 Month), 0.00%, 11/25/2042 (aa) | 514 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-63, Class AS, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.61%, 09/25/2046 (aa) | 1687 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-67, Class HF, (ICE LIBOR USD 1 Month + 0.30%), 4.69%, 09/25/2048 (aa) | 2733 | 2615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-67, Class SH, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 1.81%, 09/25/2048 (aa) | 3503 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-77, Class PF, (ICE LIBOR USD 1 Month + 0.30%), 4.69%, 10/25/2048 (aa) | 2191 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-48, Class IB, IO, 0.67%, 06/25/2039 (z) | 23315 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-68, Class US, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.61%, 11/25/2049 (aa) | 6473 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-78, Class DI, IO, 4.50%, 11/25/2049 | 651 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-42, Class CI, IO, 3.00%, 06/25/2050 | 13242 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-60, Class BI, IO, 3.50%, 09/25/2050 | 11889 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 | 8988 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class PI, IO, 2.00%, 12/25/2049 | 10882 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-86, Class PI, IO, 2.50%, 12/25/2050 | 3451 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IM, IO, 2.00%, 12/25/2050 | 10232 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class LI, IO, 3.00%, 12/25/2050 | 11790 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 | 987 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 3.23%, 03/25/2061 (aa) | 10635 | 10656 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 4.34%, 12/20/2064 (aa) | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H33, Class FA, (ICE LIBOR USD 1 Month + 0.66%), 3.42%, 12/20/2065 (aa) | 9689 | 9513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H03, Class HA, 3.00%, 01/20/2067 | 4592 | 4406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 1.97%, 01/20/2069 (aa) | 4351 | 4182 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 3.63%, 10/20/2069 (aa) | 2505 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class LI, IO, 2.50%, 09/20/2050 | 11592 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class MT, IO, (ICE LIBOR USD 1 Month + 6.15%), 0.05%, 07/20/2047 (aa) | 14262 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class TN, IO, (ICE LIBOR USD 1 Month + 6.20%), 0.10%, 09/20/2047 (aa) | 19210 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H12, Class F, (ICE LIBOR USD 1 Month + 0.50%), 3.75%, 07/20/2070 (aa) | 547 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H13, Class FA, (ICE LIBOR USD 1 Month + 0.45%), 2.98%, 07/20/2070 (aa) | 4978 | 4765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 4.56%, 08/20/2070 (aa) | 6985 | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 3.31%, 07/20/2070 (aa) | 3014 | 2983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 3.08%, 04/20/2070 (aa) | 5335 | 5261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H16, Class FN, (ICE LIBOR USD 1 Month + 1.25%), 4.39%, 09/20/2070 (aa) | 1883 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23, Class GI, IO, 2.00%, 02/20/2051 | 12382 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122, Class IT, IO, 2.50%, 07/20/2051 | 12524 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-206, Class IG, IO, 2.50%, 09/20/2051 | 10917 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-223, Class QI, IO, 2.50%, 10/20/2051 | 11486 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H03, Class ML, 5.22%, 01/20/2071 (z) | 10486 | 10718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 5.33%, 09/20/2071 (aa) | 7808 | 7979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 5.33%, 09/20/2071 (aa) | 9599 | 9829 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z) | 1839 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A2, 2.50%, 12/25/2051 (e) (z) | 884 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e) | 2268 | 2112 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 65

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 4004 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 4.37%, 09/25/2051 (e) (aa) | 1917 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 4.42%, 10/25/2051 (e) (aa) | 446 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 4.42%, 07/25/2051 (e) (aa) | 8895 | 8005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z) | 4228 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $184,008) |  | 165935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Mortgage-Backed Securities — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Mortgage-Backed Securities — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048 | 365 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class AS, 3.75%, 09/15/2060 | 750 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z) | 500 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z) | 1235 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class A4, 3.06%, 11/15/2052 | 1000 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class ASB, 2.99%, 11/15/2052 | 500 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6, Class ASB, 2.60%, 02/15/2053 | 600 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class A5, 2.04%, 04/15/2053 | 210 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP Trust, Series 2021-330N, Class A, (ICE LIBOR USD 1 Month + 0.80%), 5.12%, 06/15/2038 (e) (aa) | 2800 | 2615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z) | 350 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A5, 2.29%, 03/15/2053 | 500 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A5, 2.03%, 10/15/2053 | 750 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.57%, 09/15/2036 (e) (aa) | 4600 | 4464 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Mortgage-Backed Securities — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Mortgage-Backed Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-21M, Class A, (ICE LIBOR USD 1 Month + 0.73%), 5.05%, 10/15/2036 (e) (aa) | 2235 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050 | 919 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050 | 1100 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC23, Class AS, 3.86%, 07/10/2047 | 250 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class A4, 3.64%, 10/10/2047 | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC33, Class AS, 4.11%, 09/10/2058 | 500 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 250 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049 | 298 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049 | 262 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Series 2020-FACT, Class A, (ICE LIBOR USD 1 Month + 1.35%), 5.67%, 10/15/2037 (e) (aa) | 2100 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K047, Class A2, 3.33%, 05/25/2025 (z) | 1000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K049, Class A2, 3.01%, 07/25/2025 | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K057, Class A2, 2.57%, 07/25/2026 | 850 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K063, Class A2, 3.43%, 01/25/2027 (z) | 1000 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class A2, 3.29%, 11/25/2027 | 500 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K073, Class A2, 3.35%, 01/25/2028 | 1000 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K075, Class A2, 3.65%, 02/25/2028 (z) | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K094, Class A2, 2.90%, 06/25/2029 | 112 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class A2, 2.65%, 11/25/2029 | 500 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class A2, 1.52%, 03/25/2030 | 304 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class A2, 1.41%, 08/25/2030 | 1500 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class A2, 1.49%, 09/25/2030 | 500 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K725, Class A2, 3.00%, 01/25/2024 | 220 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K726, Class A2, 2.91%, 04/25/2024 | 689 | 671 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 66 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Mortgage-Backed Securities — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Mortgage-Backed Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K729, Class A2, 3.14%, 10/25/2024 | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K737, Class A2, 2.53%, 10/25/2026 | 650 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z) | 472 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M5, Class A2, 2.47%, 04/25/2026 | 500 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M11, Class A2, 2.98%, 08/25/2029 | 1000 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M12, Class A2, 3.06%, 06/25/2027 (z) | 97 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M13, Class A2, 2.93%, 09/25/2027 (z) | 516 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M8, Class A2, 3.30%, 06/25/2028 (z) | 908 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M46, Class A2, 1.32%, 05/25/2030 | 1000 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 250 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUXE Trust, Series 2021-TRIP, Class A, (ICE LIBOR USD 1 Month + 1.05%), 5.37%, 10/15/2038 (e) (aa) | 1004 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5, 3.10%, 11/15/2049 | 500 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A4, 3.72%, 12/15/2049 | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class ASB, 4.12%, 06/15/2051 | 687 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A5, 4.30%, 08/15/2051 | 1380 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC18, Class A5, 3.41%, 12/15/2047 | 420 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A5, 3.45%, 02/15/2048 | 918 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC20, Class A5, 3.18%, 04/15/2050 | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 09/15/2050 | 1000 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A4, 3.58%, 10/15/2050 | 550 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A5, 4.21%, 05/15/2051 | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $49,117) |  | 43330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — 43.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide Finance SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/20/2030 | EUR | 800 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/13/2024 | EUR | 1200 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/05/2028 | EUR | 1000 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/05/2032 | EUR | 2000 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/12/2025 | EUR | 4450 | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/2050 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/28/2028 | EUR | 1000 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/28/2032 | EUR | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp., 5.65%, 06/01/2052 |  | 210 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle New Holding GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/25/2025 | EUR | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 11/25/2028 | EUR | 3900 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentum Netherlands BV for Givaudan SA, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/17/2025 | EUR | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/17/2030 | EUR | 1000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 12/03/2029 | EUR | 1000 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.57%), 1.50%, 10/21/2025 (x) (aa) | EUR | 1000 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/20/2027 | EUR | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/06/2029 | EUR | 500 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/27/2025 | EUR | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2029 |  | 365 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2032 |  | 175 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, 4.78%, 07/19/2026 | EUR | 3900 | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2026 (e) |  | 1800 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/2043 |  | 505 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/2044 |  | 120 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026 | EUR | 1875 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Chemical Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/30/2025 |  | 118 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2041 |  | 600 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/2053 |  | 195 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co., 1.88%, 11/23/2026 | EUR | 1500 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc., 1.00%, 01/15/2024 | EUR | 1950 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp; EI du Pont de Nemours and Co., 2.30%, 07/15/2030 |  | 404 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp., 3.20%, 10/01/2026 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc., 1.80%, 09/25/2026 | EUR | 1500 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/08/2027 | EUR | 1000 | 898 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 67

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 12/01/2029 | EUR | 500 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/22/2028 | EUR | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/19/2027 | EUR | 1000 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 05/19/2032 | EUR | 800 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/20/2028 | EUR | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/22/2024 | EUR | 1825 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc, (Ireland), Reg. S, 1.00%, 09/30/2051 | EUR | 1500 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance BV, (Netherlands), 4.88%, 03/15/2044 |  | 550 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance II BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/17/2026 | EUR | 1000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/17/2031 | EUR | 1000 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/2040 |  | 290 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/2049 |  | 1000 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The), 4.25%, 11/15/2023 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc., 0.88%, 11/03/2025 | EUR | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/15/2026 |  | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 03/13/2027 | EUR | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/01/2025 | EUR | 1500 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/2029 | EUR | 4200 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/2032 |  | 365 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2045 |  | 31 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/2025 |  | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/06/2029 | EUR | 2000 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/02/2027 | EUR | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/17/2029 | EUR | 3000 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2061 |  | 100 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/04/2030 (e) |  | 1000 | 804 |
|  |  |  | 61744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, 8.88%, 05/15/2031 |  | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi Finance Europe GmbH, (Austria), Reg. S, 2.38%, 04/01/2028 | EUR | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/15/2024 | EUR | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/27/2026 | EUR | 1000 | 992 |
|  |  |  | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/19/2025 | EUR | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 09/26/2026 | EUR | 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/2025 |  | 320 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/2030 |  | 980 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2031 |  | 4310 | 3691 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/2030 |  | 155 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/08/2030 |  | 245 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/21/2036 |  | 130 | 137 |
|  |  |  | 8361 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 09/18/2025 | EUR | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 03/11/2026 | EUR | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/11/2029 | GBP | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 09/21/2032 | EUR | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039 |  | 920 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10, Reg. S, 3.25%, 09/24/2027 | EUR | 1898 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12, Reg. S, 4.30%, 09/25/2042 | GBP | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13, Reg. S, 3.13%, 04/29/2033 | EUR | 241 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17, Reg. S, 1.50%, 04/29/2030 | EUR | 2175 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., 4.13%, 03/01/2028 |  | 1500 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Capital Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/01/2029 | EUR | 1900 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/10/2028 | EUR | 3900 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/01/2033 | EUR | 6325 | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Finance Europe Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/11/2024 | EUR | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/15/2026 | EUR | 3500 | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/17/2025 | EUR | 4500 | 4571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/01/2026 | EUR | 1500 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2027 |  | 2500 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/11/2025 | EUR | 2700 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/11/2029 | EUR | 800 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance plc, (United Kingdom), Reg. S, 4.00%, 12/11/2029 | GBP | 2000 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051 |  | 150 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/23/2025 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/2045 |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/16/2040 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/2043 |  | 1100 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamana Gold, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/2031 |  | 2705 | 2027 |
|  |  |  | 43121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 115355 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/2041 |  | 184 | 130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 68 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Advertising — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; JCDecaux SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 02/07/2030 | EUR | 1000 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 04/24/2028 |  | EUR 1,000 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; MMS USA Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/13/2025 |  | EUR 2,900 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/13/2028 |  | EUR 3,700 | 3468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA, (France), Reg. S, 1.63%, 12/16/2024 |  | EUR 4,000 | 4130 |
|  |  |  | 12407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet** — **0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/2040 |  | 700 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2060 |  | 265 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/2051 |  | 75 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/2061 |  | 225 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/2029 |  | 885 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 03/08/2025 |  | EUR 1,500 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/08/2028 |  | EUR 1,500 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/03/2027 |  | EUR 1,500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/23/2024 |  | EUR 1,000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/2026 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/2030 |  | 195 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2034 |  | EUR 1,600 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2030 |  | 2140 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2028 |  | 700 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2027 |  | 700 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/2027 |  | 240 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/2032 |  | 630 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/2052 |  | 130 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/2062 |  | 150 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.21%, 01/19/2026 |  | EUR 4,000 | 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.29%, 07/13/2029 |  | EUR 4,000 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.54%, 08/03/2028 |  | EUR 1,000 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.99%, 07/13/2033 |  | EUR 1,000 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.03%, 08/03/2032 |  | EUR 1,500 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.09%, 01/19/2030 |  | EUR 1,000 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.78%, 01/19/2034 | EUR | 1000 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/2031 |  | 360 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2027 |  | 277 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2025 |  | 132 | 132 |
|  |  |  | 25228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2051 |  | 2440 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2024 |  | 105 | 104 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Media — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2050 |  | 740 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/2025 |  | 1545 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/14/2029 | EUR | 3100 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/20/2036 | GBP | 575 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/2031 |  | 2875 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/2027 |  | 57 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/2030 |  | 530 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/2062 |  | 50 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/2051 |  | 190 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/2028 |  | 298 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 |  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/2027 |  | 1940 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/2046 |  | 420 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/2040 |  | 300 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/2047 |  | 145 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2030 |  | 120 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/2038 |  | 120 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cox Communications, Inc., 3.50%, 08/15/2027 (e) |  | 3180 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2029 |  | 940 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/2047 |  | 1100 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2027 |  | 1335 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/2032 |  | 930 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 04/22/2028 | EUR | 3600 | 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 10/06/2025 |  | EUR 2,000 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/05/2026 |  | GBP 1,100 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITV plc, (United Kingdom), Reg. S, 1.38%, 09/26/2026 |  | EUR 1,500 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, 4.85%, 07/01/2042 |  | 2080 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030 | GBP | 2475 | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDF Infrastructure SASU, (France), Reg. S, 1.75%, 12/01/2029 | EUR | 4500 | 3647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2042 |  | 300 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041 |  | 800 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivendi SE, (France), Reg. S, 1.13%, 12/11/2028 | EUR | 1200 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/2026 |  | 45 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2029 |  | 790 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/30/2028 | EUR | 2500 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/03/2030 | EUR | 1475 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/22/2027 | EUR | 4375 | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/13/2024 | EUR | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/23/2026 | EUR | 5000 | 5237 |
|  |  |  | 51941 |
| **Telecommunications — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/2028 | EUR | 1300 | 1279 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 69

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Telecommunications — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/07/2041 | GBP | 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/27/2026 | GBP | 1200 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/28/2030 | GBP | 2000 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/2028 |  | 180 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/2026 |  | 1170 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/05/2026 |  | EUR 2,250 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/14/2039 | EUR | 500 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/19/2032 | EUR | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/2035 | EUR | 825 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 |  | 2790 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/2055 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051 |  | 1800 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/2059 |  | 720 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/2027 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/2057 |  | 227 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/2060 |  | 70 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2043 | GBP | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/2042 |  | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/2048 |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2046 |  | 70 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/2039 |  | 195 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/15/2027 | GBP | 850 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/30/2040 | GBP | 400 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/2052 |  | 135 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series US-3, 0.75%, 03/17/2024 |  | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chorus Ltd., (New Zealand), Reg. S, 3.63%, 09/07/2029 |  | EUR 2,650 | 2747 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023 |  | EUR 1,300 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc., 5.45%, 11/15/2079 |  | 115 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033 |  | EUR 1,600 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eutelsat SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/13/2028 |  | EUR 4,400 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 10/02/2025 |  | EUR 1,000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/13/2027 |  | EUR 1,000 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Switch Holdings Ltd., (British Virgin Islands), Reg. S, 1.50%, 01/31/2024 | EUR | 850 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/10/2025 |  | 300 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/10/2030 |  | 381 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV, (Netherlands), Reg. S, 5.75%, 09/17/2029 |  | GBP 5,000 | 6039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/2030 |  | 47 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/2031 |  | 1130 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/23/2029 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2044 |  | 875 | 793 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Telecommunications — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/03/2025 | EUR | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.08%, 12/13/2025 | EUR | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.34%, 03/03/2030 | EUR | 500 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 12/13/2028 | EUR | 1000 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; O2 Telefonica Deutschland Finanzierungs GmbH, (Germany), Reg. S, 1.75%, 07/05/2025 |  | EUR 1,000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/04/2026 |  | EUR 2,000 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/04/2032 |  | EUR 2,000 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/15/2032 |  | GBP 1,100 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/01/2025 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/04/2024 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/2027 (e) |  | 257 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/2032 (e) |  | 68 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2042 (e) |  | 251 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/2052 (e) |  | 192 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), Reg. S, 3.50%, 01/14/2029 | EUR | 2300 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/2025 |  | 2800 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/2026 |  | 2500 | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/26/2029 | EUR | 2715 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 03/01/2024 | EUR | 1900 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028 | EUR | 1300 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034 | EUR | 700 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Corp. Ltd., (Australia), Reg. S, 1.00%, 04/23/2030 | EUR | 3500 | 3103 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2026 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/2026 |  | 510 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2041 |  | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/2051 |  | 120 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060 |  | 325 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 |  | 3420 | 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2050 |  | 55 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/2033 |  | 165 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2053 |  | 140 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 |  | 480 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/02/2025 | EUR | 750 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/08/2027 | EUR | 475 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/19/2039 | EUR | 700 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 |  | 78 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/2028 |  | 350 | 304 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 70 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Telecommunications — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 |  | 340 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/08/2031 | GBP | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 |  | 650 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 |  | 1070 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2060 |  | 15 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/17/2026 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2025 |  | 90 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/2051 |  | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2052 |  | 370 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/2029 |  | 150 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 06/18/2024 | GBP | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2046 |  | 80 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/2036 |  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/2028 |  | 450 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/2034 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/31/2034 | EUR | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/2046 |  | 320 | 289 |
|  |  |  | 76061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 165637 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028 | EUR | 2700 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; easyJet plc, (United Kingdom), Reg. S, 0.88%, 06/11/2025 | EUR | 1500 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/25/2026 | EUR | 1500 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 09/15/2025 | EUR | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., 5.13%, 06/15/2027 |  | 1150 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026 (e) |  | 525 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029 (e) |  | 360 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wizz Air Finance Co. BV, (Netherlands), Reg. S, 1.00%, 01/19/2026 | EUR | 1000 | 882 |
|  |  |  | 9074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025 | GBP | 825 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/11/2028 | EUR | 800 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/07/2025 | EUR | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 02/11/2027 | GBP | 1200 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc., 4.13%, 07/15/2027 |  | 2020 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp., 2.40%, 04/23/2025 |  | 25 | 24 |
|  |  |  | 5105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., 0.75%, 11/25/2026 | GBP | 4800 | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/19/2027 | GBP | 2300 | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital LLC, 3.90%, 04/09/2025 (e) (jj) |  | 1100 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., 2.60%, 09/01/2050 |  | 160 | 100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Auto Manufacturers — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongfeng Motor Hong Kong International Co. Ltd., (Hong Kong), Reg. S, 0.43%, 10/19/2024 | EUR | 600 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co., 3.25%, 02/12/2032 |  | 700 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 545 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 3065 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2045 |  | 425 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/2043 |  | 295 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/2036 |  | 520 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.55%, 07/30/2027 | GBP | 2000 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.69%, 03/26/2025 | EUR | 1475 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/18/2023 |  | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/06/2024 | GBP | 1300 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 09/03/2025 | GBP | 2325 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 |  | 110 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/2027 |  | 1450 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 |  | 585 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/2025 |  | 980 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/2025 |  | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027 |  | 1120 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd., (Japan), 2.53%, 03/10/2027 |  | 410 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance Canada, Inc., (Canada), Reg. S, 3.00%, 02/23/2027 | EUR | 2625 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/06/2031 | EUR | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 07/03/2037 | EUR | 775 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 08/22/2023 | EUR | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 04/07/2025 | EUR | 1760 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/2024 (e) |  | 1600 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.65%, 03/17/2026 | EUR | 4800 | 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 09/17/2028 | EUR | 2400 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 09/17/2025 (e) |  | 3000 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR Financial Europe BV, (Netherlands), Reg. S, 3.25%, 11/29/2025 | EUR | 10750 | 11375 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCI Banque SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 12/01/2025 | EUR | 7000 | 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 07/06/2027 | EUR | 2100 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 09/21/2028 | EUR | 3375 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e) |  | 460 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/2026 |  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/2025 |  | 580 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/2025 |  | 175 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Bank GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/15/2023 | EUR | 300 | 318 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 71

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Auto Manufacturers — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/10/2024 | EUR | 6500 | 6682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 12/15/2025 | EUR | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Financial Services AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/01/2024 | EUR | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 10/16/2026 | EUR | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 04/06/2023 | EUR | 915 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/06/2025 | EUR | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/06/2028 | EUR | 1450 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026 | GBP | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, 4.35%, 06/08/2027 (e) |  | 1540 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen International Finance NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 06/10/2024 | EUR | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/28/2025 | EUR | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.75%), 3.50%, 06/17/2025 (x) (aa) | EUR | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.92%), 3.75%, 12/28/2027 (x) (aa) | EUR | 1000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa) | EUR | 2000 | 1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 11/16/2038 | EUR | 1900 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 9 Year + 3.36%), 4.38%, 03/28/2031 (x) (aa) | EUR | 1000 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa) | EUR | 210 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/19/2024 | EUR | 4000 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 07/20/2026 | EUR | 1500 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/19/2029 | EUR | 1000 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/20/2025 | EUR | 1000 | 1013 |
|  |  |  | 97681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc, (Jersey), 1.50%, 03/10/2025 | EUR | 425 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoliv, Inc., Reg. S, 0.75%, 06/26/2023 | EUR | 700 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc., 1.00%, 05/19/2031 |  | EUR 1,500 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040 | EUR | 300 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 11/24/2023 | EUR | 1125 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/2030 |  | 1000 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/2025 |  | 2000 | 1954 |
|  |  |  | 6529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl Finance plc, (United Kingdom), Reg. S, 1.50%, 10/30/2030 |  | GBP 1,050 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/31/2027 |  | EUR 4,100 | 3868 |
|  |  |  | 4803 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithsonian Institution, 1.87%, 09/01/2029 |  | 1000 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/30/2027 |  | EUR 2,050 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; WarnerMedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 (e) |  | 705 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 (e) |  | 1140 | 833 |
|  |  |  | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 07/03/2029 |  | GBP 2,500 | 2545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 06/26/2026 |  | GBP 5,000 | 5864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/27/2025 |  | EUR 1,000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/14/2027 |  | EUR 1,000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/17/2028 | EUR | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/27/2029 |  | EUR 1,000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/22/2025 | EUR | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/24/2026 | EUR | 500 | 518 |
|  |  |  | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031 |  | GBP 172 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc., 3.00%, 05/15/2030 |  | 439 | 370 |
|  |  |  | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Finance Luxembourg Sarl, (Luxembourg), 1.10%, 11/09/2027 |  | EUR 425 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/02/2026 |  | EUR 200 | 193 |
|  |  |  | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/2026 |  | 650 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2025 |  | 2710 | 2635 |
|  |  |  | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023 |  | EUR 425 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/2029 |  | 785 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/2031 |  | 410 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/01/2024 |  | 400 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/23/2030 |  | 225 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/08/2024 | EUR | 1500 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 08/24/2026 | GBP | 600 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 05/15/2027 |  | EUR 4,933 | 4853 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 72 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Lodging — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/08/2028 | GBP | 450 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 08/14/2025 |  | GBP 2,100 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 |  | 995 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/2031 |  | 550 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027 |  | GBP 1,500 | 1523 |
|  |  |  | 14485 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc., 4.75%, 06/01/2030 |  | 1300 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc., 1.65%, 01/15/2031 |  | 2595 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp., 1.60%, 04/20/2030 |  | 40 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., 4.10%, 01/15/2052 |  | 115 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/2025 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/20/2024 |  | 300 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/2025 |  | 400 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/01/2030 |  | 270 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 |  | 1265 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031 | GBP | 29 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&M Finance BV, (Netherlands), Reg. S, 0.25%, 08/25/2029 | EUR | 1500 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/2027 |  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/2056 |  | 95 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/2052 |  | 280 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/2043 |  | 1050 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/2036 |  | 90 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2050 |  | 50 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2030 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 |  | 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 06/15/2026 |  | EUR 1,500 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/03/2028 |  | EUR 1,000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/26/2027 |  | EUR 1,000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 11/27/2024 |  | EUR 1,500 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/31/2029 |  | EUR 1,500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/2025 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/2049 |  | 12 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/2048 |  | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/09/2052 |  | 265 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/01/2038 |  | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roadster Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 12/09/2024 | EUR | 500 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 12/08/2027 | EUR | 500 | 399 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Retail — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/08/2026 |  | EUR 2,550 | 2682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/2051 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd., (Australia), Reg. S, 0.95%, 10/21/2033 |  | EUR 1,000 | 773 |
|  |  |  | 19311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 178883 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical** — **5.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/15/2025 |  | EUR 2,000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/2027 |  | EUR 4,800 | 4615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/2031 |  | EUR 2,000 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/2041 |  | 525 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/2051 |  | 370 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/2046 |  | 40 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/2061 |  | 550 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/2044 |  | 65 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/2049 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 02/14/2059 |  | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., 1.00%, 09/12/2025 | EUR | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/16/2023 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/2028 |  | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/2031 |  | 60 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/2024 |  | 485 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/2024 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/2027 |  | 2450 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/2040 |  | 45 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/25/2050 |  | 45 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/2047 |  | 490 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/2032 |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/2049 |  | 485 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/2052 |  | 450 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/13/2027 | EUR | 3000 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/13/2045 | EUR | 800 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/26/2028 |  | GBP 2,000 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 01/16/2030 |  | EUR 4,300 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/09/2052 |  | GBP 1,500 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 01/19/2023 |  | EUR 3,800 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/25/2025 |  | EUR 5,500 | 5730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/06/2029 |  | EUR 2,500 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/2025 (e) |  | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/04/2026 |  | GBP 5,000 | 5632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/2028 |  | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 11/24/2034 | GBP | 600 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 03/12/2024 | GBP | 235 | 288 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 73

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Agriculture — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Netherlands Finance BV, (Netherlands), Reg. S, 2.38%, 10/07/2024 | EUR | 2000 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Finance Europe BV, (Netherlands), 1.85%, 06/16/2023 | EUR | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/2025 |  | 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/25/2027 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/02/2031 (e) |  | 750 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/23/2030 (e) |  | 1500 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance Netherlands BV, (Netherlands), Reg. S, 1.75%, 03/18/2033 |  | EUR 3,000 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/27/2025 |  | EUR 2,000 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 02/12/2027 |  | EUR 3,900 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/26/2026 |  | EUR 6,161 | 6399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 09/28/2026 |  | GBP 4,000 | 4733 |
| &nbsp;&nbsp;&nbsp;&nbsp; JT International Financial Services BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/26/2029 |  | EUR 6,100 | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/28/2025 |  | EUR 6,600 | 6509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.79%), 2.38%, 04/07/2081 (aa) |  | EUR 3,000 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/28/2033 | GBP | 6475 | 5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.18%), 2.88%, 10/07/2083 (aa) |  | EUR 2,500 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 08/03/2026 |  | EUR 1,000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/08/2024 |  | EUR 2,700 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/01/2031 |  | EUR 1,000 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/2026 |  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 08/01/2039 |  | EUR 2,000 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/2025 |  | 34 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/2030 |  | 70 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/09/2036 |  | EUR 1,000 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/2025 |  | EUR 2,500 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/30/2024 |  | EUR 1,500 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/03/2026 |  | EUR 4,700 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/14/2029 |  | EUR 1,250 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/03/2033 |  | EUR 1,000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/2044 |  | 1185 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2043 |  | 105 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/2024 |  | 240 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 |  | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/2038 |  | 655 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025 | EUR | 344 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sudzucker International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/28/2025 |  | EUR 2,500 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 10/31/2027 | EUR | 500 | 545 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Agriculture — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Viterra Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/24/2025 |  | EUR 1,000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/24/2028 |  | EUR 2,050 | 1755 |
|  |  |  | 116057 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/2026 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036 |  | 1700 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046 |  | 1600 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA, (Belgium), Reg. S, 2.75%, 03/17/2036 | EUR | 890 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/2028 |  | 500 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/2040 |  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/2049 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCEP Finance Ireland DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/06/2025 | EUR | 3000 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/06/2029 |  | EUR 2,400 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/09/2029 |  | EUR 4,800 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 03/15/2029 |  | EUR 3,300 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/09/2041 | EUR | 800 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/08/2031 |  | EUR 1,000 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/09/2035 |  | EUR 1,000 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2040 |  | 90 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/2060 |  | 355 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/2051 |  | 320 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/2030 |  | 640 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 12/02/2028 |  | EUR 3,000 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/12/2029 |  | EUR 1,000 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/27/2026 |  | EUR 2,000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/07/2025 |  | EUR 3,900 | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa SAB de CV, (Mexico), 1.85%, 09/01/2032 |  | 450 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031 |  | EUR 1,900 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/01/2031 |  | 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/2027 |  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/2026 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/2027 |  | 400 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/2032 |  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Capital BV, (Netherlands), Reg. S, 0.13%, 09/28/2028 |  | EUR 4,000 | 3565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Capital plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/2032 |  | 1220 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/2043 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/2027 |  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/2033 |  | 200 | 210 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 74 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Beverages — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 03/27/2027 | EUR | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 03/27/2032 | EUR | 600 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/08/2038 | GBP | 625 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Investment Corp., 4.25%, 05/11/2042 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV, (Mexico), 0.50%, 05/28/2028 |  | EUR 1,000 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV, (Netherlands), Reg. S, 2.88%, 08/04/2025 |  | EUR 1,300 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 3.95%, 04/15/2029 |  | 503 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/2032 |  | 235 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2052 |  | 775 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 10/09/2032 |  | EUR 2,300 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/06/2028 |  | EUR 1,000 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/14/2033 |  | EUR 3,950 | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/16/2039 |  | EUR 1,000 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/18/2031 |  | EUR 1,000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/2030 |  | 230 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/2029 |  | 440 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2049 |  | 65 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/22/2029 | GBP | 750 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/2046 |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/22/2034 | GBP | 1400 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/2028 |  | 55 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/02/2047 |  | 85 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/2052 |  | 440 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/07/2025 | EUR | 3100 | 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 11/02/2028 |  | EUR 1,500 | 1578 |
|  |  |  | 59259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/2025 |  | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/2024 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/2029 |  | 845 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/2062 |  | 405 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/2051 |  | 55 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2053 |  | 85 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/2030 |  | 980 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/2050 |  | 155 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, (United Kingdom), 1.20%, 09/02/2025 |  | 320 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/02/2051 |  | 35 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/2050 |  | 30 | 19 |
|  |  |  | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026 | GBP | 400 | 437 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Commercial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; ALD SA, (France), Reg. S, 1.25%, 03/02/2026 |  | EUR 3,000 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/18/2023 | EUR | 2000 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/18/2026 | EUR | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/20/2024 | EUR | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/20/2027 | EUR | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; American University (The), Series 2019, 3.67%, 04/01/2049 |  | 80 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; APRR SA, (France), Reg. S, 1.88%, 01/03/2029 | EUR | 4000 | 3934 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASTM SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/25/2026 | EUR | 1000 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/25/2030 | EUR | 1000 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 02/08/2028 | EUR | 500 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/2030 |  | 90 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/2028 |  | 630 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027 | EUR | 3900 | 3828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock International Group plc, (United Kingdom), Reg. S, 1.38%, 09/13/2027 | EUR | 1000 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block Financial LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/2028 |  | 39 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2030 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Institute of Technology, 4.70%, 11/01/2111 |  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Case Western Reserve University, Series 22-C, 5.41%, 06/01/2122 |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Nippon Expressway Co. Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.89%, 09/29/2025 |  | 600 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.89%, 12/10/2025 |  | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.87%, 09/26/2024 | AUD | 1000 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Channel Link Enterprises Finance plc, (United Kingdom), Series A8, Reg. S, (ICE LIBOR EUR 6 Month + 5.90%), 2.71%, 06/30/2050 (aa) | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. No. 2, 3.70%, 04/01/2027 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Claremont Mckenna College, 3.78%, 01/01/2122 |  | 50 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke University, Series 2020, 2.68%, 10/01/2044 |  | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026 | JPY | 100000 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/10/2025 | EUR | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/18/2029 | EUR | 1000 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 03/06/2026 | EUR | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/2031 |  | 850 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/2030 |  | 1800 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 |  | 1280 | 1265 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 75

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Commercial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/2023 (e) |  | 3200 | 3133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/2024 (e) |  | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2045 (e) |  | 400 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2037 (e) |  | 800 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.74%, 10/29/2025 | GBP | 600 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/25/2026 | EUR | 2625 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/07/2032 | GBP | 425 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Washington University (The), Series 2014, 4.30%, 09/15/2044 |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holding d'Infrastructures de Transport SASU, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/14/2028 | EUR | 300 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/04/2027 | EUR | 1600 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; ISS Finance BV, (Netherlands), Reg. S, 1.25%, 07/07/2025 | EUR | 3500 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp; ISS Global A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/18/2026 | EUR | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 08/31/2027 | EUR | 1700 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 12/02/2024 | EUR | 3500 | 3632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johns Hopkins University, Series A, 2.81%, 01/01/2060 |  | 600 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 06/22/2026 | EUR | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/30/2027 | EUR | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, 3.89%, 07/01/2116 |  | 663 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 |  | 650 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, 2.99%, 07/01/2050 |  | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp., 1.75%, 03/09/2027 | EUR | 1125 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern University, Series 2020, 2.64%, 12/01/2050 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; President and Fellows of Harvard College, 2.52%, 10/15/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosegur Cash SA, (Spain), Reg. S, 1.38%, 02/04/2026 | EUR | 1500 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosegur Cia de Seguridad SA, (Spain), Reg. S, 2.50%, 04/06/2029 | EUR | 1000 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/2032 |  | 520 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/2041 |  | 150 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/12/2025 | EUR | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/20/2032 |  | 610 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/18/2024 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/10/2028 | EUR | 500 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 03/10/2032 | EUR | 6000 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/12/2026 | EUR | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/13/2027 | EUR | 4500 | 4413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/27/2027 | EUR | 2325 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 06/27/2030 | EUR | 1900 | 2062 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Commercial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/14/2028 | EUR | 1000 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 06/27/2032 | GBP | 1000 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/2060 |  | 351 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/2027 (e) |  | 335 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027 | EUR | 2500 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomas Jefferson University, 3.85%, 11/01/2057 |  | 50 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 05/16/2029 | EUR | 2000 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/29/2028 | EUR | 2000 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 09/16/2024 | EUR | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 08/28/2025 | EUR | 3000 | 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/08/2030 | EUR | 3100 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd. / TAL International Container Corp., (Bermuda), 3.25%, 03/15/2032 |  | 90 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees of Princeton University (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/2052 |  | 1295 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.52%, 07/01/2050 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Southern California, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/01/2050 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 2.95%, 10/01/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., 5.50%, 06/15/2045 |  | 143 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington University (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/2122 |  | 255 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 3.52%, 04/15/2054 |  | 900 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellcome Trust Ltd. (The), (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/14/2071 | GBP | 1500 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.52%, 02/07/2118 | GBP | 200 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026 | JPY | 200000 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/18/2024 | EUR | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/30/2027 | EUR | 1500 | 1393 |
|  |  |  | 93767 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 3.25%, 08/15/2032 |  | 680 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/15/2030 |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/2049 |  | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 05/05/2030 | EUR | 2800 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/30/2024 | EUR | 1450 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/30/2038 | EUR | 1125 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/2026 |  | 70 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/25/2050 |  | 35 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/11/2027 | EUR | 425 | 488 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 76 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Cosmetics/Personal Care — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030 | EUR | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever Finance Netherlands BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/28/2026 | EUR | 2475 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 02/12/2027 | EUR | 825 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/29/2028 | EUR | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 02/28/2031 | EUR | 1500 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/16/2028 | EUR | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/25/2030 | EUR | 1000 | 965 |
|  |  |  | 13952 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co., 3.95%, 03/15/2025 |  | 310 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/2038 |  | 245 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/2048 |  | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/15/2025 | EUR | 1000 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/15/2026 | EUR | 3000 | 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/2030 |  | 1010 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2051 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 11/18/2025 |  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/01/2025 |  | 255 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/01/2030 |  | 322 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/2026 |  | 70 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp., 1.70%, 06/03/2028 |  | 281 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2032 (e) |  | 575 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (e) |  | 1020 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/20/2029 | EUR | 1500 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/17/2024 | EUR | 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/10/2025 | EUR | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/2030 |  | 200 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/2026 |  | 470 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group Financial Services Unlimited Co., (Ireland), Reg. S, 2.38%, 09/10/2025 | EUR | 2700 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/24/2024 | EUR | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 05/25/2028 | EUR | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2027 |  | 665 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 07/01/2027 | GBP | 5000 | 5767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/2042 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2050 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The), 3.95%, 01/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., 2.38%, 07/16/2040 (e) |  | 1200 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/2026 |  | 100 | 88 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Food — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/2024 |  | 150 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/2047 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International Holdings Netherlands BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/09/2029 | EUR | 1000 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/22/2029 | EUR | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/09/2032 | EUR | 1000 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/17/2028 | EUR | 1000 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/17/2033 | EUR | 500 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/04/2031 |  | 1000 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2032 |  | 300 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Finance International Ltd., (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/14/2026 | EUR | 1500 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/29/2031 | EUR | 1200 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco Corporate Treasury Services plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/29/2026 | EUR | 1500 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 10/24/2023 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 11/02/2028 | GBP | 1300 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/27/2030 | GBP | 825 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd., (Australia), Reg. S, 0.38%, 11/15/2028 | EUR | 1500 | 1264 |
|  |  |  | 34676 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare—Products** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories, 4.90%, 11/30/2046 |  | 685 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon Finance BV, (Netherlands), Reg. S, 2.38%, 05/31/2028 | EUR | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Medical Systems Europe BV, (Netherlands), 0.75%, 03/08/2025 | EUR | 1300 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson Euro Finance Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21%, 06/04/2026 | EUR | 825 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 08/13/2041 | EUR | 2000 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/01/2027 | EUR | 800 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/2024 |  | 44 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp., 2.80%, 12/10/2051 |  | 105 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; DH Europe Finance II Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 03/18/2026 | EUR | 3775 | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/18/2039 | EUR | 700 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/2049 |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp., 4.30%, 06/15/2028 |  | 705 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.55%, 11/15/2024 (e) |  | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic Global Holdings SCA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 10/15/2028 | EUR | 1000 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/2040 | EUR | 1625 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/15/2050 | EUR | 900 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/02/2049 | EUR | 900 | 594 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 77

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Healthcare—Products — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2028 | EUR | 3400 | 3523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/2034 | EUR | 4200 | 4224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molnlycke Holding AB, (Sweden), Reg. S, 1.88%, 02/28/2025 | EUR | 1900 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc, (United Kingdom), 4.57%, 10/11/2029 | EUR | 1500 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., 1.00%, 12/03/2031 | EUR | 1300 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific Finance I BV, (Netherlands), 1.13%, 10/18/2033 | EUR | 1000 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 10/18/2024 |  | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/01/2049 | EUR | 900 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/21/2034 | EUR | 700 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werfenlife SA, (Spain), Reg. S, 0.50%, 10/28/2026 | EUR | 1200 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 11/15/2027 | EUR | 1000 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 12/13/2026 | EUR | 500 | 505 |
|  |  |  | 31051 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare—Services — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp., 3.39%, 10/15/2049 |  | 35 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aetna, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/2023 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2024 |  | 58 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051 |  | 755 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allina Health System, Series 2019, 3.89%, 04/15/2049 |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascension Health, 3.95%, 11/15/2046 |  | 140 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Health, 2.91%, 01/01/2042 |  | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/2051 |  | 7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Hope, Series 2013, 5.62%, 11/15/2043 |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 |  | 1000 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, 3.91%, 10/01/2050 |  | 368 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke University Health System, Inc., Series 2017, 3.92%, 06/01/2047 |  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/2029 |  | 545 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/2024 |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/2028 |  | 2900 | 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE, (Luxembourg), Reg. S, 2.13%, 07/25/2024 | EUR | 796 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hackensack Meridian Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 09/01/2041 |  | 1385 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.88%, 09/01/2050 |  | 35 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/2027 (e) |  | 2560 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2052 (e) |  | 345 | 270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Healthcare—Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2024 |  | 933 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/2039 |  | 700 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2025 |  | 375 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e) |  | 1400 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 08/03/2023 |  | 175 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/2029 |  | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/2024 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2028 |  | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/2047 |  | 1200 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/2051 |  | 250 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, 1.55%, 06/01/2026 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Finance International NV, (Belgium), Reg. S, 1.63%, 04/21/2027 | EUR | 2800 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mayo Clinic, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/15/2043 |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 4.00%, 11/15/2047 |  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.20%, 11/15/2061 |  | 440 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memorial Health Services, 3.45%, 11/01/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052 |  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050 |  | 1500 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; MultiCare Health System, 2.80%, 08/15/2050 |  | 1000 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; MyMichigan Health, Series 2020, 3.41%, 06/01/2050 |  | 1498 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York and Presbyterian Hospital (The), 2.26%, 08/01/2040 |  | 1090 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 08/01/2045 |  | 70 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwell Healthcare, Inc., 4.26%, 11/01/2047 |  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; OhioHealth Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/2031 |  | 830 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/15/2041 |  | 370 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.04%, 11/15/2050 |  | 535 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 1.38%, 11/15/2025 |  | 700 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.22%, 11/15/2050 |  | 849 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 01/01/2052 |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2032, 2.04%, 01/01/2032 |  | 470 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/2042 |  | 453 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Healthcare Services, 4.88%, 08/01/2052 |  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051 |  | 150 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sentara Healthcare, Series 2021, 2.93%, 11/01/2051 |  | 2365 | 1550 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 78 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Healthcare—Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Health Resources, 2.33%, 11/15/2050 |  | 750 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Health Corp., Series 2021, 2.63%, 12/01/2040 |  | 233 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMass Memorial Health Care Obligated Group, 5.36%, 07/01/2052 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 |  | 160 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/2060 |  | 160 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/2027 |  | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2027 |  | 75 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2049 |  | 1100 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2025 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2028 |  | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2059 |  | 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2029 |  | 250 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2043 |  | 120 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2024 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/2025 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2028 |  | 320 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/2030 |  | 220 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/2033 |  | 330 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2053 |  | 340 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2063 |  | 520 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/2050 |  | 50 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/2050 |  | 50 | 30 |
|  |  |  | 30586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp., 1.25%, 03/03/2025 | EUR | 3326 | 3448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The), 1.80%, 05/15/2030 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA, (Germany), Reg. S, 0.50%, 11/17/2032 | EUR | 1000 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., 0.63%, 09/07/2024 | EUR | 1500 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/07/2050 |  | 165 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032 | GBP | 2175 | 2047 |
|  |  |  | 7969 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/2024 |  | 345 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 |  | 5460 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2024 |  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 |  | 230 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/2049 |  | 480 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/2042 |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 |  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/2045 |  | 25 | 22 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Pharmaceuticals — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/2025 |  | 640 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/2027 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/2047 |  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/28/2024 |  | 105 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/2028 |  | 480 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/03/2029 | EUR | 1500 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/12/2028 | EUR | 1000 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/2030 |  | 300 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 01/12/2029 | EUR | 1900 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/12/2031 | EUR | 1900 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/06/2030 | EUR | 1000 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029 | EUR | 600 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson and Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 05/20/2050 |  | 100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/22/2032 |  | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/2040 |  | 75 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/2050 |  | 140 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/2029 |  | 1743 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/2027 |  | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/2052 |  | 360 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/2062 |  | 190 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2039 |  | 495 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/2048 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., 3.08%, 06/15/2024 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/2030 |  | 75 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/2027 |  | 2800 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/2051 |  | 290 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2025 |  | 940 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/2026 |  | 630 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2048 |  | 880 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/2027 |  | 40 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/2024 |  | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2029 |  | 300 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/2050 |  | 340 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 |  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 |  | 1330 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/2045 |  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/14/2033 | EUR | 1500 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/01/2031 | EUR | 4800 | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/14/2051 | EUR | 3500 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/2061 | EUR | 2875 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 06/02/2026 | EUR | 1500 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/01/2049 | EUR | 2500 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/03/2030 | EUR | 2500 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/2029 |  | 130 | 122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 79

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Pharmaceuticals — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/19/2033 | GBP | 640 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 04/10/2042 | GBP | 150 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/2027 |  | 105 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/20/2028 | EUR | 1000 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/2035 | EUR | 1000 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/2040 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/2060 |  | 290 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/2038 |  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/2036 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/03/2025 |  | 70 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/17/2025 | EUR | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/30/2026 | EUR | 2000 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/17/2029 | GBP | 1925 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/02/2024 | EUR | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/02/2036 | EUR | 1000 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/2026 | EUR | 1900 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/2028 |  | 977 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/2040 |  | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/2034 | EUR | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/2051 |  | 30 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/2061 |  | 355 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/2029 |  | 280 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/2045 |  | 60 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/2049 |  | 40 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck Financial Services GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 12/15/2023 | EUR | 600 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 07/16/2025 | EUR | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa) | EUR | 1500 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.94%), 2.88%, 06/25/2079 (aa) | EUR | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mylan, Inc., 5.20%, 04/15/2048 |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp., 2.75%, 08/14/2050 |  | 176 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/2027 |  | 37 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Finance SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/23/2028 | EUR | 2000 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/20/2028 | EUR | 1000 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/30/2027 | EUR | 1000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 08/14/2030 | EUR | 1000 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 08/14/2038 | EUR | 1000 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk Finance Netherlands BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/31/2025 | EUR | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/30/2027 | EUR | 1000 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/31/2030 | EUR | 1000 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/2026 |  | 145 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/2026 |  | 920 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 09/15/2040 |  | 100 | 105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Pharmaceuticals — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Finance Europe BV, (Netherlands), Reg. S, 0.88%, 02/25/2025 | EUR | 1600 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 11/14/2023 | EUR | 600 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20FX, Reg. S, 1.88%, 03/21/2038 | EUR | 800 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030 | EUR | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upjohn Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.02%, 06/23/2024 | EUR | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.36%, 06/23/2027 | EUR | 1000 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.91%, 06/23/2032 | EUR | 1400 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/22/2024 | EUR | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/2026 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/22/2040 |  | 2200 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/2050 |  | 170 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/2028 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2043 |  | 245 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/2025 |  | 330 | 337 |
|  |  |  | 76513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 466453 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ERG SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/11/2027 | EUR | 5000 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/15/2031 | EUR | 1300 | 1034 |
|  |  |  | 5560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/15/2026 (e) |  | 1360 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 (e) |  | 1400 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/15/2031 (e) |  | 1585 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.93%, 12/04/2040 | EUR | 3000 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.47%, 09/21/2041 | EUR | 1000 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.83%, 09/19/2024 | EUR | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.10%, 11/15/2034 | EUR | 1000 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.23%, 05/08/2031 | EUR | 2800 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.57%, 02/16/2027 | EUR | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.59%, 07/03/2028 | EUR | 2300 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.64%, 06/26/2029 | EUR | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.27%, 07/03/2026 | GBP | 2000 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.52%, 04/07/2028 | EUR | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.82%, 04/07/2032 | EUR | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.88%), 3.25%, 03/22/2026 (x) (aa) | EUR | 1500 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa) | EUR | 1800 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa) | GBP | 2900 | 3077 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 80 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Oil & Gas — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada), 6.50%, 02/15/2037 |  | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp., 1.55%, 05/11/2025 |  | 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA, Inc., 1.02%, 08/12/2027 |  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037 |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2047 |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/2032 |  | 383 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/15/2038 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2039 |  | 75 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips Co., 4.03%, 03/15/2062 |  | 250 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc., 4.90%, 06/01/2044 |  | 124 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2024 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/2041 |  | 575 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2028 |  | 1750 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/2031 |  | 2400 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 |  | 260 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053 |  | 435 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/14/2028 | EUR | 1000 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/23/2030 | EUR | 500 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/11/2034 | EUR | 1900 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/18/2026 | EUR | 9200 | 9080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/02/2026 | EUR | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/17/2027 | EUR | 2700 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/17/2028 | EUR | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/18/2031 | EUR | 500 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.17%), 2.63%,<br>10/13/2025 (x) (aa) | EUR | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC6, Reg. S, (EUR Swap Rate 5 Year + 2.20%), 2.00%,<br>02/11/2027 (x) (aa) | EUR | 1000 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC9, Reg. S, (EUR Swap Rate 5 Year + 2.77%), 2.75%,<br>02/11/2030 (x) (aa) | EUR | 1000 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC9, Reg. S, (EUR Swap Rate 5 Year + 3.64%), 3.38%,<br>07/13/2029 (x) (aa) | EUR | 1000 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/2026 (e) |  | 80 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027 |  | 90 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 10/01/2025 |  | 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 |  | 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/2025 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 |  | 550 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/09/2026 | EUR | 3000 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/22/2032 | EUR | 825 | 731 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Oil & Gas — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/2026 |  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/2030 |  | 260 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/2049 |  | 30 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/2040 |  | 1800 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/2050 |  | 165 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 03/11/2031 | GBP | 150 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14%, 06/26/2024 | EUR | 3500 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52%, 06/26/2028 | EUR | 1500 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 06/26/2032 | EUR | 1050 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 06/26/2039 | EUR | 2200 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/2051 |  | 545 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., 2.90%, 09/29/2031 |  | 700 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/2024 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/2041 |  | 120 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/2047 |  | 16 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp., 6.60%, 10/01/2037 |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/2028 |  | 250 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2054 |  | 125 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas plc, (Hungary), Reg. S, 1.50%, 10/08/2027 | EUR | 5200 | 4577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv Exploration, Inc., 5.38%, 01/01/2026 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., 7.38%, 11/01/2031 |  | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, (Mexico), (ICE LIBOR USD 3 Month + 0.43%), 5.04%, 02/15/2024 (aa) |  | 375 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 1.90%, 08/15/2030 |  | 1050 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polski Koncern Naftowy ORLEN SA, (Poland), Reg. S, 1.13%, 05/27/2028 | EUR | 1300 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/20/2027 | EUR | 3900 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 09/15/2025 | EUR | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 04/07/2032 | EUR | 1000 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/2051 |  | 380 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/2050 |  | 70 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2038 |  | 115 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital Canada Ltd., (Canada), Reg. S, 2.13%, 09/18/2029 | EUR | 1000 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies Capital International SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 05/18/2031 | EUR | 1000 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 10/04/2029 | EUR | 2000 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.49%, 04/08/2027 | EUR | 1900 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.49%, 09/04/2030 | EUR | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.54%, 05/31/2039 | EUR | 1000 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.62%, 05/18/2040 | EUR | 1000 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.99%, 04/08/2032 | EUR | 2000 | 1869 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 81

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Oil & Gas — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 01/17/2027 (x) (aa) | EUR | <br>2000 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.00%, 06/04/2030 (x) (aa) | EUR | <br>1900 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.75%), 2.71%, 05/05/2023 (x) (aa) | EUR | 650 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.94%), 3.25%, 07/17/2036 (x) (aa) | EUR | 500 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa) | EUR | <br>5500 | 5490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%,<br>10/25/2027 (x) (aa) | EUR | <br>1000 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC12, Reg. S, (EUR Swap Rate 5 Year + 2.51%), 2.13%,<br>07/25/2032 (x) (aa) | EUR | <br>3550 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp., 4.00%, 06/01/2052 |  | 140 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Var Energi ASA, (Norway), 5.00%, 05/18/2027 (e) |  | 1600 | 1499 |
|  |  |  | 105373 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 4.08%, 12/15/2047 |  | 370 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc., 3.95%, 12/01/2042 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/15/2024 | EUR | <br>1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 10/15/2027 | EUR | <br>1500 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/15/2031 | EUR | 500 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/06/2032 | EUR | 500 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Finance France SAS, (France), Reg. S, 1.00%, 02/18/2026 | EUR | 500 | 496 |
|  |  |  | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/2029 |  | 1418 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/31/2025 |  | 365 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e) |  | 1330 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipeline Group, Inc., 4.50%, 06/01/2025 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2032 |  | 335 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029 |  | 1500 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2025 |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/2025 |  | 220 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 |  | 5800 | 5481 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Pipelines — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/2045 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047 |  | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 |  | 1210 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 |  | 1705 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2049 |  | 460 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2042 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) |  | 1490 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 3.30%, 02/15/2053 |  | 55 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2025 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/2024 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/16/2028 |  | 150 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/2050 |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/2045 |  | 1700 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa) |  | 600 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, 4.30%, 05/01/2024 |  | 3200 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/2042 |  | 850 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/15/2038 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., 1.75%, 11/15/2026 |  | 390 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/16/2027 | EUR | 1500 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/2051 |  | 35 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/2052 |  | 605 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/2045 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magellan Midstream Partners LP, 5.00%, 03/01/2026 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/2026 |  | 400 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/2030 |  | 2195 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 |  | 75 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/2048 |  | 1293 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2025 |  | 2340 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/2058 |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 |  | 1435 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/2047 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2049 |  | 520 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners LP, 6.13%, 02/01/2041 |  | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/2025 |  | 1100 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/2029 |  | 1210 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/2049 |  | 2522 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/2048 |  | 35 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/2026 |  | 245 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 11/15/2032 |  | 175 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 01/15/2051 |  | 220 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP / PAA Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/2029 |  | 65 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/2045 |  | 140 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 |  | 70 | 71 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 82 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Pipelines — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/2033 |  | 525 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/2052 |  | 485 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 |  | 1245 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP / Targa Resources Partners Finance Corp., |  | 200 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2032 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/2031 |  | 33 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 |  | 499 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransCanada PipeLines Ltd., (Canada), 6.20%, 10/15/2037 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 |  | 80 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2028 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 02/01/2026 |  | 428 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2030 |  | 1900 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2051 |  | 80 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2023 |  | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/2045 |  | 69 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2052 |  | 220 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2043 |  | 15 | 14 |
|  |  |  | 41252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 156254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** — **15.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 10.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 09/17/2041 | EUR | 100 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/10/2033 | EUR | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/16/2025 | GBP | 1500 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/12/2037 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/12/2038 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/30/2030 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Bank NV, (Netherlands), Reg. S, 0.01%, 11/16/2025 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa) | EUR | 1000 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 2.00%), 3.63%, 07/04/2026 (aa) | EUR | 1500 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMCO—Asset Management Co. SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/20/2028 | EUR | 163 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/27/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenta Spaarbank NV, (Belgium), Reg. S, 0.01%, 02/11/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arion Banki HF, (Iceland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/05/2026 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 07/14/2025 | EUR | 3950 | 3565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkea Public Sector SCF SA, (France), Reg. S, 0.13%, 01/15/2030 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASB Finance Ltd., (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/08/2028 | EUR | 1000 | 851 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/24/2029 | EUR | 1000 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/18/2024 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/17/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa) | EUR | 2925 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/08/2026 | EUR | 3504 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/29/2024 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16, Reg. S, 2.88%, 07/16/2024 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.13%, 03/24/2027 (aa) | EUR | 2000 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/02/2024 | EUR | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 11/15/2026 | EUR | 1000 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/14/2027 | EUR | 1000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/18/2023 |  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 11/22/2026 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.82%), 0.88%, 01/14/2029 (aa) | EUR | 3500 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 06/21/2026 | EUR | 1000 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.00%, 01/16/2030 (aa) | EUR | 1000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/14/2025 | EUR | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/20/2027 | EUR | 2100 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/10/2027 | EUR | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 10/14/2029 | EUR | 3200 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.97%), 0.63%, 11/07/2025 (aa) | EUR | 3700 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/22/2025 | EUR | 2500 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/26/2027 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 1.55%), 1.13%, 03/11/2027 (aa) | EUR | 2900 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 2.20%), 2.63%, 03/24/2026 (aa) | EUR | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 02/27/2032 | EUR | 200 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 02/11/2028 | EUR | 1900 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/07/2025 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/25/2028 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/05/2026 | EUR | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2030 | EUR | 1900 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 02/17/2027 | GBP | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/08/2027 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/2025 |  | 400 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/2030 |  | 200 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/2030 |  | 2000 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/24/2025 |  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 1.05%), 3.63%, 09/27/2026 (aa) | EUR | 3000 | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/2024 |  | 3800 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/2027 |  | 200 | 196 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 83

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Totta SA, (Portugal), Reg. S, 0.88%, 04/25/2024 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa) | EUR | 1900 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.74%), 0.81%, 10/24/2024 (aa) |  | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 0.98%, 09/25/2025 (aa) |  | 177 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 1.10%, 05/24/2032 (aa) | EUR | 2500 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.65%), 1.53%, 12/06/2025 (aa) |  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.10%), 1.67%, 06/02/2029 (aa) | GBP | 2000 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa) |  | 1465 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.95%, 10/27/2026 (aa) | EUR | 2000 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa) (jj) |  | 2900 | 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa) |  | 1000 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.30%, 07/25/2025 | GBP | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.99%), 2.50%, 02/13/2031 (aa) |  | 3300 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa) |  | 2605 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa) |  | 1920 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa) |  | 2150 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030 (aa) |  | 65 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa) |  | 60 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa) |  | 1000 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa) |  | 350 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa) |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.75%), 3.58%, 04/27/2031 (aa) | GBP | 1500 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 3.84%, 04/25/2025 (aa) |  | 1760 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/2029 (aa) |  | 295 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.21%), 3.97%, 02/07/2030 (aa) |  | 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/2025 |  | 4200 | 4113 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa) |  | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 3.15%), 4.08%, 03/20/2051 (aa) |  | 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 4.38%, 04/27/2028 (aa) |  | 940 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa) |  | 115 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/2044 |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 1720 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/2044 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.16%), 5.02%, 07/22/2033 (aa) |  | 880 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) |  | 205 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 07/31/2028 | GBP | 650 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa) |  | 1000 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa) |  | 660 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc, (Ireland), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 1.88%, 06/05/2026 (aa) | EUR | 4400 | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 06/08/2029 | EUR | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/05/2026 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/2025 |  | 120 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.25%, 09/14/2024 |  | 730 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), (United States SOFR + 1.35%), 4.41%, 07/24/2026 (aa) |  | 235 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New Zealand, (New Zealand), Reg. S, 2.55%, 06/29/2027 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/14/2027 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 12/15/2027 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/23/2023 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/26/2030 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/2024 |  | 140 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/2026 |  | 170 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/2025 |  | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/08/2026 | EUR | 3000 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.25%, 12/23/2032 (aa) | EUR | 3600 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/07/2025 | EUR | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/11/2026 | EUR | 1000 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/03/2028 | EUR | 1000 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/15/2023 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/08/2026 | EUR | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/17/2030 | EUR | 1000 | 843 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 84 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/23/2025 | EUR | 4000 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/19/2031 | EUR | 600 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/26/2027 | EUR | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/03/2030 | EUR | 1000 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/16/2028 | EUR | 3000 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 11/04/2026 | EUR | 1200 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/18/2029 | EUR | 1000 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2028 | EUR | 1500 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/06/2029 | EUR | 500 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/21/2024 | EUR | 2000 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 09/14/2027 | EUR | 3400 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 09/14/2032 | EUR | 3000 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa) | EUR | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank plc, (United Kingdom), Reg. S, 5.75%, 09/14/2026 | GBP | 90 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa) | EUR | 4800 | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 02/07/2028 (aa) | EUR | 2700 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa) |  | 300 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.68%), 2.89%, 01/31/2027 (aa) | EUR | 3150 | 3192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/08/2026 | GBP | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/12/2027 | GBP | 1200 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa) | GBP | 825 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.65%), 5.50%, 08/09/2028 (aa) |  | 975 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa) |  | 660 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 3.30%), 7.39%, 11/02/2028 (aa) |  | 1550 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030 | CHF | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/21/2028 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 05/12/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 07/31/2028 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Landesbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/02/2029 | EUR | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/14/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa) | EUR | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/01/2031 | EUR | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belfius Bank SA, (Belgium), Reg. S, 3.25%, 10/18/2027 | EUR | 100 | 107 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Berlin Hyp AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/07/2028 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/10/2032 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 200, Reg. S, 0.38%, 02/21/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.50%, 07/15/2025 (aa) | EUR | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa) | EUR | 1000 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.50%, 09/01/2028 (aa) | EUR | 3900 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.50%, 01/19/2030 (aa) | EUR | 3500 | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 12/03/2032 | EUR | 3000 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.88%, 07/11/2030 (aa) | EUR | 3000 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.17%), 0.88%, 08/31/2033 (aa) | EUR | 1000 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 08/28/2024 | EUR | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/11/2026 | EUR | 1000 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa) | EUR | 1500 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) |  | 1200 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/28/2029 | EUR | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/23/2028 | EUR | 500 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2028 | EUR | 1500 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.68%, 06/30/2027 (e) (aa) |  | 1250 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 12/14/2027 | GBP | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.65%), 2.00%, 05/24/2031 (aa) | GBP | 2500 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.10%, 04/07/2032 | EUR | 1500 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.16%, 09/15/2029 (e) (aa) |  | 975 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 01/11/2027 | EUR | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 02/17/2025 | EUR | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 1.60%), 2.50%, 03/31/2032 (aa) | EUR | 4300 | 4071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.37%), 2.75%, 07/25/2028 (aa) | EUR | 1500 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/24/2029 | GBP | 2000 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.51%), 3.05%, 01/13/2031 (e) (aa) |  | 1800 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/23/2026 | GBP | 600 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNZ International Funding Ltd., (New Zealand), Reg. S, 0.38%, 09/14/2024 | EUR | 4050 | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/15/2026 | EUR | 6200 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/14/2031 | EUR | 1900 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/24/2027 | EUR | 1300 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/26/2024 | EUR | 1500 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/28/2025 | EUR | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/31/2024 | EUR | 1200 | 1251 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 85

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 12/22/2025 | GBP | 2000 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/05/2028 | EUR | 500 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa) |  | 1145 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/29/2032 | EUR | 4300 | 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/11/2024 (e) |  | 1200 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.87%), 5.75%, 07/19/2033 (e) (aa) |  | 850 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Centrale du Credit Immobilier de France SA, (France), Reg. S, 0.00%, 01/17/2024 | EUR | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caixa Economica Montepio Geral Caixa Economica Bancaria SA, (Portugal), Reg. S, 0.13%, 11/14/2024 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa) | EUR | 1500 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa) | EUR | 2100 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/25/2025 | EUR | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/11/2027 | EUR | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.63%), 1.25%, 06/18/2031 (aa) | EUR | 500 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/19/2026 | EUR | 2300 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.68%), 2.25%, 04/17/2030 (aa) | EUR | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 09/07/2029 | EUR | 2500 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 3.55%), 6.25%, 02/23/2033 (aa) | EUR | 1400 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.04%, 07/09/2027 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/2025 |  | 805 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Financement Foncier SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/15/2026 | EUR | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.23%, 09/14/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/04/2024 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 10/25/2041 | EUR | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/21/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/29/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 03/15/2030 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 04/25/2055 | EUR | 20 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.67%), 0.98%, 05/01/2025 (aa) |  | 640 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.77%), 1.12%, 01/28/2027 (aa) |  | 130 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.66%), 1.25%, 07/06/2026 (aa) | EUR | 2000 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa) |  | 3250 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/28/2025 | EUR | 700 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.69%), 2.01%, 01/25/2026 (aa) |  | 90 | 83 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.18%), 2.52%, 11/03/2032 (aa) |  | 465 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa) |  | 1060 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa) |  | 3600 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa) |  | 75 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa) |  | 155 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.53%), 3.29%, 03/17/2026 (aa) |  | 1000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa) |  | 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.39%), 3.67%, 07/24/2028 (aa) |  | 450 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 3.71%, 09/22/2028 (aa) | EUR | 725 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa) |  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 4.11%, 09/22/2033 (aa) | EUR | 975 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.37%), 4.14%, 05/24/2025 (aa) |  | 1535 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.84%), 4.28%, 04/24/2048 (aa) |  | 160 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/2025 |  | 3500 | 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/2045 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/2048 |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.89%), 4.66%, 05/24/2028 (aa) |  | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa) |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/31/2033 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.34%), 6.27%, 11/17/2033 (aa) |  | 1630 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Bank plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/22/2027 | EUR | 5000 | 5110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 06/08/2026 | GBP | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/11/2030 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/12/2032 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/09/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/04/2026 | EUR | 1500 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/27/2023 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.50%), 3.00%, 09/14/2027 (aa) | EUR | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 5.25%), 8.63%, 02/28/2033 (aa) | GBP | 1800 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/28/2028 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/18/2028 | EUR | 1000 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa) | EUR | 1825 | 1840 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 86 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/24/2025 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/27/2040 | EUR | 100 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/26/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/02/2032 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 02/08/2028 | EUR | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa) | EUR | 700 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/23/2026 | EUR | 1475 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 02/03/2027 | EUR | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/22/2023 | EUR | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa) | EUR | 2100 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/2025 |  | 890 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa) | EUR | 700 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 05/23/2041 | GBP | 50 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Italia SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/15/2033 | EUR | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/30/2024 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 01/20/2032 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 1.00%, 04/22/2026 (aa) | EUR | 3000 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/05/2029 | EUR | 1100 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa) | GBP | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 12/20/2026 | EUR | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.77%), 1.88%, 04/22/2027 (aa) | EUR | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/20/2024 | EUR | 600 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 4.00%, 10/12/2026 (aa) | EUR | 2000 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Mutuel Arkea SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/31/2024 | EUR | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/01/2026 | EUR | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/19/2027 | EUR | 4000 | 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/01/2032 | EUR | 3600 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/05/2026 | EUR | 1000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/01/2028 | EUR | 800 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa) | EUR | 1400 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 1.60%), 2.13%, 10/13/2026 (aa) | EUR | 1000 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 1.95%), 2.88%, 04/02/2032 (aa) | EUR | 1000 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa) |  | 755 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa) | EUR | 1475 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 5.02%), 9.02%, 11/15/2033 (e) (aa) |  | 250 | 257 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Schweiz AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/31/2030 | CHF | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.39%, 12/05/2025 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credito Emiliano SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/07/2028 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.05%), 1.13%, 01/19/2028 (aa) | EUR | 2000 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crelan SA, (Belgium), Reg. S, 5.38%, 10/31/2025 | EUR | 1700 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, IF, (1.15% — ICE EURIBOR Swap Rate 1 Year), 0.50%,<br>08/27/2025 (aa) | EUR | 425 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 05/26/2025 | EUR | 3000 | 2983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa) | EUR | 3500 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.00%, 05/15/2031 (aa) | EUR | 1000 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.85%), 1.38%, 02/17/2027 (aa) | EUR | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.70%), 1.38%, 02/12/2030 (aa) | EUR | 3000 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa) | GBP | 6800 | 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Hypotek AB, (Sweden), Series 2512, Reg. S, 1.00%, 12/17/2025 | SEK | 2000 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Mortgage Bank plc, (Finland), Reg. S, 0.01%, 11/24/2026 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Bank Ltd., (Singapore), Reg. S, 2.81%, 10/13/2025 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/21/2030 | EUR | 75 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.00%, 11/19/2025 (aa) | EUR | 800 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 08/30/2023 | EUR | 775 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/17/2025 | EUR | 800 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.67%), 1.38%, 06/10/2026 (aa) | EUR | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.38%), 1.88%, 02/23/2028 (aa) | EUR | 2900 | 2714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa) |  | 2950 | 2605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/20/2027 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) |  | 150 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa) |  | 750 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/16/2024 | GBP | 1500 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.72%), 3.04%, 05/28/2032 (aa) |  | 150 | 114 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 87

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/30/2024 |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.26%), 3.74%, 01/07/2033 (aa) |  | 800 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 02/12/2024 | GBP | 1000 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 1.94%), 4.00%, 06/24/2026 (aa) | GBP | 2000 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/29/2027 | EUR | 4100 | 4336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.30%), 4.00%, 06/24/2032 (aa) | EUR | 4000 | 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 2.95%), 5.00%, 09/05/2030 (aa) | EUR | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 6.00%), 5.63%, 05/19/2031 (aa) | EUR | 4000 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Kreditbank AG, (Germany), Reg. S, 1.63%, 05/05/2032 | EUR | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Pfandbriefbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 08/30/2027 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/13/2026 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexia Credit Local SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/29/2024 | EUR | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/22/2027 | EUR | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/17/2026 | EUR | 600 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 11/26/2024 | EUR | 700 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 02/12/2025 | GBP | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA, (Norway), Reg. S, (EUR Swap Rate 5 Year + 2.00%), 4.63%, 02/28/2033 (aa) | EUR | 5425 | 5717 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/12/2028 | EUR | 5000 | 4489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/21/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/07/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 11/20/2024 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; DZ HYP AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 06/23/2028 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/27/2028 | EUR | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/15/2030 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/31/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/27/2023 | EUR | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 04/17/2034 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eika Boligkreditt A/S, (Norway), Reg. S, 0.38%, 02/26/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Bank, (Canada), Reg. S, 0.01%, 09/16/2024 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.10%, 11/16/2028 (aa) | EUR | 1000 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 05/17/2028 | EUR | 1000 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/26/2024 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/12/2037 | EUR | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/05/2025 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/22/2026 | EUR | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.10%), 0.88%, 11/15/2032 (aa) | EUR | 4500 | 3817 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/07/2026 | EUR | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.10%), 1.63%, 09/08/2031 (aa) | EUR | 1000 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank, (United States SOFR + 0.62%), 1.91%, 02/12/2024 (aa) |  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 08/19/2024 | EUR | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/26/2028 | EUR | 1000 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.61%), 0.86%, 02/12/2026 (aa) |  | 28 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/09/2029 | EUR | 3900 | 3347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/18/2033 |  | EUR 1,000 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa) |  | 585 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/15/2024 |  | EUR 3,150 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa) |  | 1310 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 12/07/2027 |  | GBP 3,000 | 3018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.73%), 1.76%, 01/24/2025 (aa) |  | 120 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 1815 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/01/2028 | EUR | 5000 | 4753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 |  | 3395 | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa) |  | 4115 | 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa) |  | 600 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.47%), 2.91%, 07/21/2042 (aa) |  | 865 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.41%), 3.10%, 02/24/2033 (aa) |  | 280 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/25/2029 | GBP | 1500 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa) |  | 2500 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/27/2025 | EUR | 4000 | 4257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2025 |  | 97 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa) |  | 480 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.95%), 3.63%, 10/29/2029 (aa) |  | GBP 2,000 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/21/2029 | EUR | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa) |  | 60 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 01/29/2026 | GBP | 2000 | 2341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.51%), 4.39%, 06/15/2027 (aa) |  | 1360 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 4.48%, 08/23/2028 (aa) |  | 495 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/2045 |  | 21 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2041 |  | 50 | 52 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 88 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 |  | 170 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/18/2038 | GBP | 825 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank Canada, (Canada), Reg. S, 1.50%, 09/15/2027 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.03%), 0.77%, 11/13/2031 (aa) | EUR | 1000 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa) |  | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA Interest Rate Benchmark + 1.31%), 1.75%, 07/24/2027 (aa) | GBP | 800 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 2.01%, 09/22/2028 (aa) |  | 800 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 03/15/2027 | EUR | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa) |  | 600 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/30/2025 | EUR | 5000 | 5211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa) | GBP | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa) | GBP | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.45%), 3.02%, 06/15/2027 (aa) | EUR | 2175 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa) |  | 900 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.51%), 4.18%, 12/09/2025 (aa) |  | 1400 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.11%), 4.76%, 06/09/2028 (aa) |  | 480 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.53%), 4.76%, 03/29/2033 (aa) |  | 430 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.87%), 5.40%, 08/11/2033 (aa) |  | 700 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/2037 |  | 400 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 04/07/2038 | GBP | 300 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 3.35%), 7.39%, 11/03/2028 (aa) |  | 3200 | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington National Bank (The), 5.65%, 01/10/2030 |  | 580 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypo Vorarlberg Bank AG, (Austria), Reg. S, 0.75%, 02/11/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd., (China), Reg. S, 0.13%, 10/28/2024 | EUR | 2500 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 12/08/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/18/2029 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/21/2030 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa) | EUR | 2500 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.43%), 0.13%, 11/29/2025 (aa) | EUR | 1500 | 1487 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.70%), 0.38%, 09/29/2028 (aa) | EUR | 1000 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa) | EUR | 1000 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.00%, 11/13/2030 (aa) | EUR | 1000 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.15%), 1.00%, 11/16/2032 (aa) | EUR | 1500 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 02/14/2025 | EUR | 3200 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa) | GBP | 1900 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.85%), 1.25%, 02/16/2027 (aa) | EUR | 2000 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/11/2028 | EUR | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.25%), 1.63%, 09/26/2029 (aa) | EUR | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa) |  | 1465 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/20/2028 | EUR | 800 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.35%), 2.00%, 03/22/2030 (aa) | EUR | 3000 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.10%), 2.13%, 05/23/2026 (aa) | EUR | 3000 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa) | EUR | 1300 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/18/2026 | GBP | 2000 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa) | EUR | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.64%), 3.87%, 03/28/2026 (aa) |  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.83%), 4.02%, 03/28/2028 (aa) |  | 1560 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/02/2023 |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.07%), 4.25%, 03/28/2033 (aa) |  | 885 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 4.88%, 11/14/2027 (aa) | EUR | 5300 | 5776 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028 | EUR | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/14/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 03/23/2023 | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/24/2026 | EUR | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 12/04/2024 | EUR | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/16/2028 | EUR | 500 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/04/2024 | EUR | 1500 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/10/2024 | EUR | 3100 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/20/2028 | EUR | 4000 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 05/26/2025 | EUR | 4375 | 4484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/15/2030 | GBP | 3000 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/24/2025 | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 09/06/2027 | EUR | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 01/13/2030 | EUR | 3000 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/21/2025 (e) |  | 1060 | 1082 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 89

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 4.40%), 8.25%, 11/21/2033 (e) (aa) |  | 1305 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XR, 3.25%, 09/23/2024 (e) |  | 2900 | 2752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investec plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa) | GBP | 1500 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa) | GBP | 1000 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank Berlin, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/04/2027 | EUR | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 208, 0.05%, 03/02/2035 | EUR | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jyske Bank A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.50%), 0.05%, 09/02/2026 (aa) | EUR | 3350 | 3148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.42%), 0.25%, 02/17/2028 (aa) | EUR | 2000 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 2.10%), 4.63%, 04/11/2026 (aa) | EUR | 5000 | 5311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/18/2025 | EUR | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/15/2026 | EUR | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/31/2027 | EUR | 500 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/30/2027 | EUR | 2230 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/15/2027 | EUR | 1140 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2028 | EUR | 585 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/15/2029 | EUR | 254 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/17/2030 | EUR | 1108 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/10/2031 | EUR | 670 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/05/2027 | EUR | 520 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 02/28/2024 | EUR | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/29/2034 | EUR | 280 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/09/2032 | EUR | 830 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/15/2025 | EUR | 1100 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/18/2025 |  | 1400 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/23/2030 | EUR | 360 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/20/2036 | EUR | 548 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/28/2026 | EUR | 520 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/2027 | EUR | 500 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/18/2024 | GBP | 2000 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/15/2026 | GBP | 5000 | 5340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/04/2039 | EUR | 40 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 12/15/2025 | GBP | 425 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/31/2035 | EUR | 202 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/02/2025 |  | 195 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/15/2029 | EUR | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/2024 |  | 750 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/02/2037 | CAD | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 03/15/2037 | GBP | 825 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/07/2032 | GBP | 1300 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/07/2028 | GBP | 2500 | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EXC, 5.50%, 06/18/2025 | GBP | 9900 | 12283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025 | EUR | 100 | 101 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; La Banque Postale SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/12/2026 | EUR | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/23/2031 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/24/2029 | EUR | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Baden-Wuerttemberg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/18/2027 | EUR | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/07/2029 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/15/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 02/26/2027 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 809, Reg. S, 0.38%, 07/29/2026 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 829, Reg. S, 1.75%, 02/28/2028 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Hessen-Thueringen Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/04/2029 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/19/2037 | EUR | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/12/2027 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa) | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/25/2027 | EUR | 400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 12/15/2025 | GBP | 2000 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/28/2026 | EUR | 535 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/19/2028 | EUR | 1500 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/27/2029 | EUR | 520 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 12/18/2029 | EUR | 180 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 03/08/2027 | EUR | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 08/29/2025 | EUR | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/14/2028 | EUR | 1140 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/20/2030 | EUR | 140 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/31/2036 | EUR | 75 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 12/15/2026 | GBP | 2000 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberbank SA, (Spain), Reg. S, 0.25%, 09/25/2029 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Bank plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/18/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/25/2024 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/08/2029 | GBP | 100 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 09/17/2040 | GBP | 300 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa) | GBP | 1900 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 2.40%), 2.71%, 12/03/2035 (aa) | GBP | 600 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.30%), 4.98%, 08/11/2033 (aa) |  | 800 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 10/01/2031 | GBP | 1500 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.08%, 05/31/2029 | GBP | 2000 | 2160 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 90 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2027 | EUR | 425 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 07/15/2025 | EUR | 975 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/30/2027 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4, Reg. S, 1.38%, 11/10/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.55%), 0.95%, 07/19/2025 (aa) |  | 400 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa) |  | 2000 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.94%), 2.26%, 06/14/2025 (aa) | EUR | 2275 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.83%), 2.34%, 01/19/2028 (aa) |  | 640 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.55%), 5.06%, 09/12/2025 (aa) |  | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa) |  | 3450 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.12%, 09/06/2024 | EUR | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.21%, 10/07/2025 | EUR | 2000 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.72%), 0.47%, 09/06/2029 (aa) | EUR | 1000 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.10%, 04/08/2032 | EUR | 1000 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa) |  | 3000 | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.90%), 2.65%, 05/22/2026 (aa) |  | 500 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.24%), 2.84%, 07/16/2025 (aa) |  | 400 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.05%), 5.41%, 09/13/2028 (aa) |  | 2900 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR EUR 3 Month + 0.70%), 0.41%, 10/29/2027 (aa) | EUR | 4350 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa) | EUR | 1675 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.62%), 0.73%, 04/05/2024 (aa) |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.56%), 1.16%, 10/21/2025 (aa) |  | 1240 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa) |  | 225 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.88%), 1.59%, 05/04/2027 (aa) |  | 185 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/27/2027 | EUR | 2500 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.02%), 1.93%, 04/28/2032 (aa) |  | 1350 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR EUR 3 Month + 0.90%), 2.10%, 05/08/2026 (aa) | EUR | 900 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/09/2027 | GBP | 1425 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) |  | 3900 | 3232 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.43%), 2.80%, 01/25/2052 (aa) |  | 45 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR EUR 3 Month + 1.25%), 2.95%, 05/07/2032 (aa) | EUR | 5200 | 4932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.16%), 3.62%, 04/17/2025 (aa) |  | 235 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/2045 |  | 170 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/2047 |  | 23 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.63%), 4.43%, 01/23/2030 (aa) |  | 75 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa) |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.67%), 4.68%, 07/17/2026 (aa) |  | 965 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/2025 |  | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 4.84%), 5.60%, 03/24/2051 (aa) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA Interest Rate Benchmark + 2.25%), 5.79%, 11/18/2033 (aa) | GBP | 4300 | 5204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) |  | 1020 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.56%), 6.34%, 10/18/2033 (aa) |  | 910 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Hypothekenbank eG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/02/2040 | EUR | 50 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/01/2029 | EUR | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/18/2039 | EUR | 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/25/2024 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/04/2028 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/20/2024 | EUR | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/18/2024 | EUR | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/30/2026 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/18/2026 | EUR | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa) | GBP | 1425 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 05/24/2028 | EUR | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 08/30/2029 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada), Reg. S, 0.75%, 03/13/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa) | EUR | 200 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 0.75%, 11/15/2025 (aa) | EUR | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.04%, 09/14/2032 (aa) | EUR | 875 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa) | EUR | 1200 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa) | EUR | 100 | 104 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 91

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.75%), 2.11%, 11/28/2031 (aa) | GBP | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa) |  | 2000 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (GBP Swap Rate 1 Year + 1.49%), 2.88%, 09/19/2026 (aa) | GBP | 2000 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.91%), 4.07%, 09/06/2028 (aa) | EUR | 1950 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.75%), 4.89%, 05/18/2029 (aa) |  | 1670 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.27%), 5.52%, 09/30/2028 (aa) |  | 700 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/12/2025 | EUR | 1500 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/18/2026 | EUR | 1000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 08/27/2025 | EUR | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIBC Bank NV, (Netherlands), Reg. S, 0.63%, 06/01/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; NORD/LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norddeutsche Landesbank-Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/23/2026 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 10/28/2026 | EUR | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/29/2026 | EUR | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/26/2023 | EUR | 425 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 02/16/2027 | EUR | 2000 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5534, Reg. S, 1.00%, 09/18/2024 | SEK | 1500 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5535, Reg. S, 1.00%, 09/17/2025 | SEK | 2200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5536, Reg. S, 0.50%, 09/16/2026 | SEK | 1200 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Reg. S, 1.00%, 06/16/2027 | SEK | 2000 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Kiinnitysluottopankki OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/18/2027 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/14/2032 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRW Bank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/28/2031 | EUR | 138 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/09/2035 | EUR | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/10/2025 | EUR | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 12/16/2024 | GBP | 2000 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/26/2025 | EUR | 320 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/17/2041 | EUR | 300 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/30/2028 | EUR | 260 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/28/2039 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/13/2049 | EUR | 87 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nykredit Realkredit A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13HH, Reg. S, 1.00%, 07/01/2024 | DKK | 700 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2026 | DKK | 800 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 01/01/2027 | DKK | 1200 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 01/01/2028 | DKK | 200 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 2.00%, 01/01/2025 | DKK | 300 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 2.00%, 01/01/2026 | DKK | 1000 | 138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Oesterreichische Kontrollbank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/08/2026 | EUR | 150 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/26/2024 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; OP Mortgage Bank, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/15/2029 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/28/2024 | EUR | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/05/2027 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/26/2030 | CHF | 800 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 670, Reg. S, 0.00%, 07/29/2024 | CHF | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 680, Reg. S, 0.00%, 03/30/2026 | CHF | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 682, Reg. S, 0.00%, 04/06/2027 | CHF | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 683, Reg. S, 0.00%, 02/25/2028 | CHF | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 684, Reg. S, 0.00%, 05/10/2045 | CHF | 125 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 695, Reg. S, 0.00%, 10/26/2029 | CHF | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 696, Reg. S, 0.13%, 11/19/2032 | CHF | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 697, Reg. S, 0.00%, 05/20/2041 | CHF | 200 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 701, Reg. S, 0.13%, 06/20/2031 | CHF | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 483, Reg. S, 0.00%, 01/27/2027 | CHF | 900 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 485, Reg. S, 0.00%, 10/02/2026 | CHF | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 524, Reg. S, 0.00%, 06/21/2028 | CHF | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 526, Reg. S, 0.00%, 07/19/2030 | CHF | 75 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 528, Reg. S, 0.00%, 03/15/2030 | CHF | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, Reg. S, 0.00%, 03/18/2033 | CHF | 120 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 531, Reg. S, 0.00%, 02/15/2036 | CHF | 205 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 536, Reg. S, 0.20%, 06/12/2035 | CHF | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 538, Reg. S, 0.00%, 07/25/2031 | CHF | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), (SOFR Compounded Index + 1.09%), 5.67%, 10/28/2025 (aa) |  | 580 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 09/14/2027 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/22/2025 | EUR | 2000 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 2.88%, 06/18/2032 (aa) | EUR | 1000 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/08/2025 | EUR | 3000 | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/27/2028 | EUR | 3000 | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.20%), 7.38%, 12/20/2032 (aa) | EUR | 800 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 0.63%, 08/28/2026 | EUR | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e) |  | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/05/2028 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/29/2024 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/02/2024 | EUR | 1300 | 1339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 92 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/10/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/2025 |  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/13/2027 | EUR | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/2027 |  | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/25/2024 |  | 530 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2027 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Consumer Bank A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/25/2025 | EUR | 5200 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/01/2023 | EUR | 2000 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., 3.45%, 06/02/2025 |  | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.80%), 0.60%, 09/13/2029 (aa) | EUR | 2050 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.79%), 1.09%, 03/15/2025 (aa) |  | 600 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 2200 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK plc, (United Kingdom), Reg. S, 5.75%, 03/02/2026 | GBP | 100 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 07/01/2024 | EUR | 1475 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/19/2023 | EUR | 325 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.35%), 1.38%, 10/31/2028 (aa) | EUR | 425 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 11/24/2025 | EUR | 6825 | 7217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 579, Reg. S, 1.00%, 12/18/2024 | SEK | 2000 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 581, Reg. S, 0.50%, 12/16/2026 | SEK | 2000 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 601, Reg. S, 3.00%, 12/06/2027 | SEK | 2000 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/24/2026 | EUR | 1000 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/08/2027 | EUR | 2900 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/25/2027 | EUR | 1700 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.28%), 0.88%, 09/22/2028 (aa) | EUR | 1500 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EUR Swap Rate 5 Year + 1.55%), 1.00%, 11/24/2030 (aa) | EUR | 1000 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/23/2025 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.50%), 1.13%, 04/21/2026 (aa) | EUR | 3900 | 3884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.60%), 1.13%, 06/30/2031 (aa) | EUR | 1000 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 12/07/2027 | GBP | 3000 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/12/2030 | EUR | 2000 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 1.50%, 05/30/2025 (aa) | EUR | 500 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 2.23%, 01/21/2026 (e) (aa) |  | 2850 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 05/30/2029 | EUR | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.30%), 2.80%, 01/19/2028 (e) (aa) |  | 2595 | 2274 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; SpareBank 1 Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/22/2027 | EUR | 5100 | 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/26/2024 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebank 1 Oestlandet, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/30/2024 | EUR | 600 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 04/27/2027 | EUR | 1000 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpareBank 1 SR-Bank ASA, (Norway), Reg. S, 0.63%, 03/25/2024 | EUR | 700 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebanken Soer Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/25/2028 | EUR | 5000 | 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/06/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; SR-Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/10/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/17/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stadshypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/24/2028 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1588, Reg. S, 1.50%, 03/01/2024 | SEK | 2000 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1589, Reg. S, 1.50%, 12/03/2024 | SEK | 2000 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1590, Reg. S, 1.00%, 09/03/2025 | SEK | 2000 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1591, Reg. S, 0.50%, 06/01/2026 | SEK | 2000 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1592, Reg. S, 1.00%, 03/01/2027 | SEK | 2000 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1594, Reg. S, 2.00%, 09/01/2028 | SEK | 2000 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) |  | 1200 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.18%), 2.61%, 01/12/2028 (e) (aa) |  | 2600 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51%, 01/12/2024 |  | 685 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/2025 |  | 250 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.55%, 06/15/2026 | EUR | 6000 | 5931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/2028 |  | 400 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/2024 |  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/06/2028 | EUR | 1000 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/03/2026 | EUR | 3200 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/18/2030 | EUR | 1875 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/15/2025 | EUR | 2000 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.80%), 3.25%, 06/01/2033 (aa) | EUR | 1500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 11/01/2027 | EUR | 1200 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sveriges Sakerstallda Obligationer AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/14/2030 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/30/2025 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 146, Reg. S, 0.50%, 06/11/2025 | SEK | 2000 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 147, Reg. S, 2.00%, 06/17/2026 | SEK | 2000 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, Reg. S, 0.25%, 06/09/2027 | SEK | 2000 | 165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 93

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.57%), 0.30%, 05/20/2027 (aa) | EUR | 1500 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/05/2025 | EUR | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 02/17/2027 | EUR | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.00%), 1.38%, 12/08/2027 (aa) | GBP | 1500 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.28%), 1.50%, 09/18/2028 (aa) | EUR | 1900 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.10%, 05/25/2027 | EUR | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa) | EUR | 1500 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sydbank A/S, (Denmark), Reg. S, (EUR Swap Rate 1 Year + 1.80%), 4.75%, 09/30/2025 (aa) | EUR | 6500 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/26/2024 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/2026 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.71%, 07/28/2025 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 04/08/2030 | EUR | 1300 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/27/2026 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/2024 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/2032 |  | 560 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/2027 |  | 535 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/2025 |  | 160 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/2029 |  | 1400 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), Reg. S, 0.50%, 03/31/2031 | EUR | 1000 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/24/2028 | EUR | 1000 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa) | EUR | 1200 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/24/2033 | EUR | 1000 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.80%), 1.00%, 03/21/2025 (aa) | EUR | 3000 | 3088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa) | EUR | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 09/01/2026 | EUR | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/30/2024 | EUR | 5000 | 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 0.96%), 1.88%, 11/03/2029 (aa) | GBP | 4000 | 3949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa) |  | 2000 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 2.75%, 06/15/2027 (aa) | EUR | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.35%), 3.13%, 06/15/2030 (aa) | EUR | 1500 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/15/2028 | EUR | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/10/2031 | EUR | 125 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/15/2032 | EUR | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 05/22/2034 | EUR | 50 | 41 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/11/2029 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 04/09/2024 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank Austria AG, (Austria), Reg. S, 0.05%, 09/21/2035 | EUR | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.33%, 01/19/2026 | EUR | 1000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/31/2026 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/09/2025 | EUR | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.80%, 07/05/2029 (aa) | EUR | 1000 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 01/19/2031 | EUR | 1000 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 0.85%), 0.93%, 01/18/2028 (aa) | EUR | 1000 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 1.20%, 01/20/2026 (aa) | EUR | 3275 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.55%), 1.25%, 06/25/2025 (aa) | EUR | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.90%), 1.63%, 07/03/2025 (aa) | EUR | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/18/2032 | EUR | 1000 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.80%, 01/20/2030 | EUR | 1000 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 10/24/2026 | EUR | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 2.55%), 2.20%, 07/22/2027 (aa) | EUR | 1000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa) |  | 3000 | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 2.85%), 5.85%, 11/15/2027 (aa) | EUR | 6500 | 7061 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 06/07/2024 | EUR | 1300 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa) |  | 2300 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.66%), 4.55%, 07/22/2028 (aa) |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.43%), 5.73%, 10/21/2026 (aa) |  | 280 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029 | CHF | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Money UK plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.38%, 05/27/2024 (aa) | EUR | 225 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 2.57%), 3.13%, 06/22/2025 (aa) | GBP | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa) | GBP | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa) | GBP | 1000 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 08/14/2030 | EUR | 1500 | 1213 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 94 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 02/02/2027 | EUR | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 10/26/2026 | EUR | 1000 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 1.74%, 05/04/2030 (aa) | EUR | 3100 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/27/2026 | EUR | 1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/24/2031 | GBP | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.09%), 2.41%, 10/30/2025 (aa) |  | 92 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/02/2029 |  | GBP 1,500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa) |  | 2440 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa) |  | 1590 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 1.28%), 3.47%, 04/26/2028 (aa) | GBP | 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/12/2029 | GBP | 1500 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.51%), 3.53%, 03/24/2028 (aa) |  | 370 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/2045 |  | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 3.91%, 04/25/2026 (aa) |  | 1635 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa) |  | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa) |  | 1245 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/02/2035 | GBP | 1500 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/2046 |  | 95 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) |  | 1360 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 11/29/2035 | GBP | 1000 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/2044 |  | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/22/2028 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/02/2026 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 04/17/2027 | EUR | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.08%, 04/05/2027 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 08/26/2025 |  | 580 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Securities NZ Ltd., (New Zealand), Reg. S, 0.43%, 12/14/2026 | EUR | 2500 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuercher Kantonalbank, (Switzerland), Series 150, Reg. S, 0.10%, 03/31/2031 | CHF | 240 | 219 |
|  |  |  | 862373 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aareal Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 07/25/2025 | EUR | 2300 | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 236, Reg. S, 0.01%, 02/01/2028 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/2024 |  | 380 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/2041 |  | 400 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2023 |  | 150 | 149 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Diversified Financial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043 | GBP | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/2025 |  | 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/2024 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/2025 |  | 370 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033 | GBP | 50 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040 | GBP | 41 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA Bank Europe SCF, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/22/2027 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/18/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035 | EUR | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025 | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Julius Baer & Co. AG, (Switzerland), Reg. S, 0.00%, 06/25/2024 | EUR | 3000 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/16/2028 | EUR | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/27/2030 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/29/2036 | EUR | 100 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 12/03/2030 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/22/2027 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/02/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/12/2030 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/27/2032 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., (Canada), 4.00%, 04/01/2024 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse de Refinancement de l'Habitat SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/08/2029 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 04/30/2027 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 03/05/2024 | CHF | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald LP, 4.50%,<br>04/14/2027 (e) |  | 2055 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., 0.80%, 06/12/2024 | EUR | 825 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc., 3.65%, 01/12/2027 |  | 505 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), 1.15%, 05/13/2026 |  | 525 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., 2.65%, 03/15/2032 |  | 203 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 04/12/2028 | EUR | 4200 | 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/03/2031 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 12/16/2024 | EUR | 100 | 101 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 95

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Diversified Financial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/30/2024 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 08/11/2028 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/06/2034 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/07/2030 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Public Sector SCF SA, (France), Reg. S, 0.88%, 08/02/2027 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Mutuel Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/20/2028 | EUR | 5000 | 4464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/15/2027 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 03/04/2032 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 02/08/2028 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 01/19/2024 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services, 6.70%, 11/29/2032 |  | 410 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harbour Funding plc, (United Kingdom), Reg. S, 5.28%, 03/31/2034 | GBP | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC SFH France SA, (France), Reg. S, 0.75%, 03/22/2027 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypo Tirol Bank AG, (Austria), Reg. S, 0.01%, 03/11/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028 | GBP | 4000 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/2030 |  | 250 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/2025 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/2031 |  | 1250 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/2032 |  | 1420 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jyske Realkredit A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/01/2027 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/01/2024 | DKK | 100 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32lE, Reg. S, 1.00%, 04/01/2023 | DKK | 200 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32IE, Reg. S, 1.00%, 04/01/2025 | DKK | 400 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Banque Postale Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/30/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/04/2028 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lansforsakringar Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/31/2027 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 517, Reg. S, 1.50%, 09/18/2024 | SEK | 600 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 518, Reg. S, 1.25%, 09/17/2025 | SEK | 1000 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 519, Reg. S, 1.50%, 09/16/2026 | SEK | 900 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 520, Reg. S, 1.00%, 09/15/2027 | SEK | 1000 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 521, Reg. S, 0.50%, 09/20/2028 | SEK | 700 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeasePlan Corp. NV, (Netherlands), Reg. S, 2.13%, 05/06/2025 | EUR | 3000 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/19/2024 | EUR | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/06/2030 | GBP | 2000 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 12/06/2027 | EUR | 3800 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lseg Netherlands BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/06/2025 | EUR | 1500 | 1487 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Diversified Financial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/06/2028 | EUR | 1000 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/06/2033 | EUR | 1000 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/01/2027 | EUR | 2025 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/2029 |  | 710 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/2027 |  | 80 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/2050 |  | 160 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/13/2030 | EUR | 2750 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 07/30/2033 | EUR | 1500 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/28/2029 | EUR | 2300 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/16/2025 |  | 1955 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/2031 |  | 1255 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/2032 |  | 1320 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/03/2025 |  | 2700 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Kredit Realkreditaktieselskab, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/01/2024 (e) | DKK | 500 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/01/2026 (e) | DKK | 500 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/2026 | DKK | 500 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC2, Reg. S, 1.00%, 04/01/2025 (e) | DKK | 200 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC2, Reg. S, 1.00%, 04/01/2027 (e) | DKK | 500 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Export Funding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 07/30/2024 (e) |  | 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series PP, 1.40%, 07/15/2028 |  | 775 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain), Series A6, 4.25%, 04/10/2031 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prs Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/24/2026 | GBP | 189 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/23/2029 | GBP | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realkredit Danmark A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10f, Reg. S, 1.00%, 01/01/2025 (e) | DKK | 700 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10F, Reg. S, 1.00%, 01/01/2026 (e) | DKK | 1300 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22S, Reg. S, 0.00%, 10/01/2040 (e) | DKK | 44 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/29/2029 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/02/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/28/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/05/2028 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/05/2034 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebanken Vest Boligkreditt A/S, (Norway), Reg. S, 0.38%, 01/20/2032 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 05/28/2025 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 194, Reg. S, 1.00%, 09/18/2024 | SEK | 1600 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 195, Reg. S, 1.00%, 06/18/2025 | SEK | 2000 | 180 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 96 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Diversified Financial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 196, Reg. S, 1.00%, 03/18/2026 | SEK | 1000 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 197, Reg. S, 1.00%, 03/17/2027 | SEK | 700 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035 | GBP | 1370 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; TP ICAP Finance plc, (United Kingdom), Reg. S, 5.25%, 05/29/2026 | GBP | 2000 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/15/2026 | EUR | 4800 | 4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2029 | EUR | 4100 | 4018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2040 |  | 130 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/2047 |  | 200 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036 | GBP | 225 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The), 1.35%, 03/15/2026 |  | 1900 | 1665 |
|  |  |  | 75581 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc., 4.75%, 01/15/2049 |  | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd., (Hong Kong), Reg. S, (EUR Swap Rate 5 Year + 1.10%), 0.88%, 09/09/2033 (aa) | EUR | 3700 | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alleghany Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2051 |  | 435 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/2030 |  | 150 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz Finance II BV, (Netherlands), Series 62, Reg. S, 4.50%, 03/13/2043 | GBP | 1500 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa) | EUR | 2500 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc., 1.88%, 06/21/2027 | EUR | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Corp., 2.80%, 05/15/2030 |  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Corp. / Aon Global Holdings PLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/23/2051 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/28/2052 |  | 60 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Global Ltd., (United Kingdom), 4.60%, 06/14/2044 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aquarius & Investments plc for Zurich Insurance Co. Ltd., (Ireland), Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 4.25%, 10/02/2043 (aa) | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentum Netherlands BV for Zurich Insurance Co. Ltd., (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 3.20%), 2.75%, 02/19/2049 (aa) | EUR | 500 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/09/2031 |  | 300 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/2052 |  | 70 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa) | EUR | 1000 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.95%), 5.00%, 09/30/2024 (x) (aa) | EUR | 1000 | 1060 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Insurance — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 5.20%), 5.13%, 09/29/2045 (aa) | EUR | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.71%, 06/30/2032 | EUR | 1000 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.43%, 07/14/2031 | EUR | 1000 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 01/29/2029 | EUR | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/04/2026 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 4.50%), 4.60%, 11/21/2025 (x) (aa) | EUR | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 5.35%), 5.00%, 06/08/2048 (aa) | EUR | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 5.35%), 5.50%, 10/27/2047 (aa) | EUR | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.24%, 04/08/2024 | EUR | 1300 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/14/2025 (e) |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Holding Ltd., (Bermuda), 3.95%, 05/25/2051 |  | 55 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 11/13/2027 | EUR | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.55%), 3.38%, 12/04/2045 (aa) | EUR | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.48%), 3.88%, 07/03/2044 (aa) | EUR | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa) | GBP | 825 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa) | GBP | 430 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 2.40%), 1.38%, 10/07/2041 (aa) | EUR | 1225 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 3.38%, 07/06/2047 (aa) | EUR | 1900 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 4.25%, 03/10/2043 (aa) | EUR | 1200 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 2.87%), 6.69%,<br>07/06/2026 (x) (aa) | GBP | 375 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/18/2030 | EUR | 2200 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/19/2039 | GBP | 825 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/2050 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/2052 |  | 395 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/2048 |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/12/2025 | EUR | 1900 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/2028 | EUR | 1000 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Cardif SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/29/2024 | EUR | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.93%), 4.03%, 11/25/2025 (x) (aa) | EUR | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 |  | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/17/2052 |  | 238 | 193 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 97

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Insurance — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028 | EUR | 4900 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb INA Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/15/2029 | EUR | 1000 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/15/2031 | EUR | 1000 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/2028 | EUR | 3000 | 2834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloverie PLC for Zurich Insurance Co. Ltd., (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 12/15/2028 | EUR | 1000 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 09/16/2024 | EUR | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp., 2.05%, 08/15/2030 |  | 2500 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNP Assurances, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/27/2029 | EUR | 1000 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.65%), 2.50%, 06/30/2051 (aa) | EUR | 1000 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/04/2025 (e) |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/2042 (e) |  | 155 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Assurances SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.50%), 4.25%, 01/13/2025 (x) (aa) | EUR | 6000 | 6238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa) | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enstar Group Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/01/2031 |  | 440 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/2029 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/2052 |  | 22 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2050 |  | 745 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., (Canada), 3.38%, 03/03/2031 |  | 2000 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/2032 (e) |  | 1100 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe des Assurances du Credit Mutuel SADIR, (France), Reg. S, (ICE LIBOR EUR 3 Month + 2.65%), 1.85%,<br>04/21/2042 (aa) | EUR | 2200 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 2.38%), 1.13%, 10/09/2039 (aa) | EUR | 1000 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 5.88%, 08/26/2043 (aa) | EUR | 4600 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., 4.00%, 11/23/2051 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033 | GBP | 425 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa) | GBP | 825 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa) | GBP | 600 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024 | EUR | 2000 | 2084 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Insurance — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/2050 (e) |  | 830 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2052 (e) |  | 495 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp., 3.20%, 05/15/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa) | GBP | 825 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/07/2052 |  | 1000 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 03/21/2030 | EUR | 5050 | 4616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/2051 |  | 780 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/2048 |  | 850 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2039 |  | 179 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/2049 |  | 170 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2052 |  | 275 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 12/09/2024 | GBP | 1000 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/09/2024 | EUR | 2125 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2029 | EUR | 500 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 06/16/2027 | EUR | 1475 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 12/08/2027 | GBP | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/12/2028 | GBP | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 09/21/2029 | GBP | 2125 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2025 | EUR | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/30/2026 | GBP | 2000 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/02/2025 | GBP | 1000 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 2.10%), 1.00%, 05/26/2042 (aa) | EUR | 4800 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 2.55%), 1.25%, 05/26/2041 (aa) | EUR | 5000 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.40%), 3.25%, 05/26/2049 (aa) | EUR | 2000 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027 | EUR | 1900 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa) | EUR | 1350 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030 | GBP | 1121 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/28/2031 | GBP | 1400 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 12/18/2025 | GBP | 425 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc., 3.10%, 11/15/2026 |  | 1400 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The),<br>3.70%, 03/15/2052 |  | 150 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2047 |  | 20 | 17 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 98 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Insurance — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential plc, (United Kingdom), 5.88%, 05/11/2029 | GBP | 1500 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/27/2030 | EUR | 1000 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 2.50%, 09/03/2052 (aa) | EUR | 1025 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 4.05%), 3.38%, 05/23/2049 (aa) | EUR | 2275 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG, (Germany), Reg. S, 4.00%, 10/25/2029 | EUR | 2500 | 2665 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNIQA Insurance Group AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/09/2030 | EUR | 500 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa) | EUR | 500 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE LIBOR EUR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa) | EUR | 500 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group,<br>4.00%, 06/15/2029 |  | 1750 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2051 |  | 980 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2042 |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp.,<br>3.55%, 03/30/2052 |  | 60 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/2050 |  | 700 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc.,<br>2.95%, 09/15/2029 |  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/2024 |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2049 |  | 250 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/2027 |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Finance Ireland Designated Activity Co., (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 06/17/2039 | EUR | 500 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 4.10%), 5.13%, 11/23/2052 (aa) | GBP | 5625 | 6158 |
|  |  |  | 131932 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., 2.15%, 07/15/2026 |  | 385 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc., 2.95%, 03/10/2026 |  | 150 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings BDC, Inc., 3.30%, 11/23/2026 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, 3.25%, 03/15/2027 |  | 45 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, 2.85%, 09/30/2028 |  | 23 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp., 2.63%, 01/15/2027 |  | 382 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc., 2.50%, 08/24/2026 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/29/2035 | EUR | 425 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/12/2030 | EUR | 700 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/10/2032 | EUR | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Capital Corp., 3.00%, 07/14/2026 |  | 165 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDGH GMTN RSC Ltd., (United Arab Emirates), Reg. S, 1.00%, 03/10/2034 | EUR | 600 | 478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Investment Companies — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospect Capital Corp.,<br>3.36%, 11/15/2026 |  | 95 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 10/15/2028 |  | 80 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendel SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 06/01/2031 | EUR | 4400 | 3484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/26/2026 | EUR | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/18/2034 | EUR | 1000 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/09/2027 | EUR | 1000 | 999 |
|  |  |  | 9735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032 | GBP | 350 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Capital Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 02/17/2027 | EUR | 1000 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/28/2030 | EUR | 1500 | 1139 |
|  |  |  | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038 | GBP | 1000 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akelius Residential Property Financing BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/22/2030 | EUR | 2000 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/17/2028 | EUR | 1000 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balder Finland OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/18/2027 | EUR | 1000 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/20/2029 | EUR | 1000 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Property Partners Europe Holdings Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/12/2023 | EUR | 2200 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/20/2030 | EUR | 1000 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/12/2029 | EUR | 2500 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/15/2024 | EUR | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/20/2028 | GBP | 1075 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033 | GBP | 50 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc.,<br>2.50%, 04/01/2031 |  | 475 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2026 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citycon Treasury BV, (Netherlands), Reg. S, 2.50%, 10/01/2024 | EUR | 3875 | 3877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarion Funding plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 11/13/2032 | GBP | 1000 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 09/07/2051 | GBP | 500 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/18/2029 | GBP | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Property Group SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/27/2031 | EUR | 2000 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 01/14/2030 | EUR | 1000 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/12/2026 | EUR | 1000 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/22/2028 | GBP | 3500 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTP NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/21/2025 | EUR | 2865 | 2566 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 99

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Real Estate — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/27/2023 | EUR | 750 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/27/2026 | EUR | 3500 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/20/2026 | EUR | 1000 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/21/2029 | EUR | 600 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Wohnen SE, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/07/2031 | EUR | 500 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/30/2025 | EUR | 2000 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 04/07/2041 | EUR | 500 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2030 | EUR | 2000 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/29/2027 | EUR | 1000 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 01/23/2026 | EUR | 2000 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026 | EUR | 1200 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048 | GBP | 1000 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOWOGE Wohnungs-baugesellschaft mbH, (Germany), Reg. S, 1.13%, 11/01/2033 | EUR | 100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy Wilson Europe Real Estate Ltd., (Jersey), Reg. S, 3.25%, 11/12/2025 | EUR | 1500 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kojamo OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/28/2029 | EUR | 1000 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/31/2026 | EUR | 1000 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026 | GBP | 825 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logicor Financing Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2024 | EUR | 1500 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/13/2026 | EUR | 1200 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 05/13/2025 | EUR | 2000 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp; London & Quadrant Housing Trust, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/31/2032 | GBP | 1000 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 10/20/2038 | GBP | 425 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/28/2028 | GBP | 1225 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 07/20/2057 | GBP | 425 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 02/28/2053 | GBP | 500 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032 | GBP | 28 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; NE Property BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/23/2024 | EUR | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/09/2026 | EUR | 1000 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/20/2030 | EUR | 500 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/14/2027 | EUR | 500 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Notting Hill Genesis, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/03/2036 | GBP | 2800 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/12/2048 | GBP | 1000 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/20/2054 | GBP | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 07/07/2042 | GBP | 1000 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust, (Canada),<br>2.50%, 10/15/2031 (e) |  | 580 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/2029 (e) (jj) |  | 2100 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optivo Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.28%, 03/22/2048 | GBP | 2000 | 1671 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Real Estate — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 03/13/2043 | GBP | 1000 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048 | GBP | 1325 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; P3 Group Sarl, (Luxembourg), Reg. S, 0.88%, 01/26/2026 | EUR | 490 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, (Sweden), Reg. S, 2.25%, 03/13/2025 | EUR | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax Euro Mtn NL BV, (Netherlands), Reg. S, 1.63%, 02/24/2026 | EUR | 1000 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB, (Sweden), Reg. S, 1.00%, 08/12/2027 | EUR | 475 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinochem Offshore Capital Co. Ltd., (British Virgin Islands), Reg. S, 0.75%, 11/25/2025 | EUR | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031 | GBP | 43 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039 | GBP | 80 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033 | GBP | 34 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/09/2026 | EUR | 300 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/03/2023 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/28/2041 | EUR | 1100 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DIP, Reg. S, 1.50%, 03/31/2025 | EUR | 2000 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE, (Germany), Reg. S, 0.75%, 09/01/2032 | EUR | 1700 | 1206 |
|  |  |  | 71998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031 | EUR | 1200 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030 | EUR | 400 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp.,<br>0.88%, 05/21/2029 | EUR | 1000 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/2025 |  | 400 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/04/2025 | EUR | 2050 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/22/2026 | EUR | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2031 |  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/2051 |  | 157 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 |  | 270 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP,<br>4.05%, 07/01/2030 |  | 1175 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 |  | 2300 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2029 |  | 875 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust,<br>3.15%, 07/01/2029 |  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmila SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/30/2027 | EUR | 1000 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/16/2024 | EUR | 1000 | 1029 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 100 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **REITS — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/2026 |  | 720 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/2025 |  | 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/2041 |  | 235 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, 3.60%, 11/15/2031 |  | 155 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/2027 | EUR | 1000 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/2033 | EUR | 1900 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/18/2024 |  | 85 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/2026 |  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERP Operating LP, 2.85%, 11/01/2026 |  | 150 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalworth Real Estate Investments Ltd., (Guernsey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 07/29/2026 | EUR | 500 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/29/2025 | EUR | 1000 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 |  | 1025 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/2024 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 |  | 235 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/2023 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2026 |  | 1500 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2028 |  | 360 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Australia Finance Pty Ltd., (Australia), Reg. S, 1.38%, 09/27/2025 | EUR | 2758 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammerson Ireland Finance DAC, (Ireland), Reg. S, 1.75%, 06/03/2027 | EUR | 3000 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammerson plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/23/2026 | GBP | 900 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 04/21/2028 | GBP | 1400 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc., 3.00%, 01/15/2030 |  | 1400 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, Series J, 2.90%, 12/15/2031 |  | 575 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp., 2.70%, 10/01/2030 |  | 1900 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 02/17/2031 | EUR | 1000 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 12/13/2032 | EUR | 1000 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/12/2029 | EUR | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Storage LP,<br>3.50%, 07/01/2026 |  | 45 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/2027 |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercialys SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.80%, 02/27/2026 | EUR | 1000 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/28/2029 | EUR | 2000 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/01/2030 | EUR | 1000 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 07/13/2027 | EUR | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership LP / MPT Finance Corp., 0.99%, 10/15/2026 | EUR | 1650 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc., 3.00%, 02/01/2031 |  | 400 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc.,<br>3.25%, 04/15/2033 |  | 265 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2027 |  | 16 | 15 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **REITS — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis Euro Finance LLC, 0.25%, 09/10/2027 | EUR | 2725 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis LP, 2.25%, 06/30/2029 | GBP | 1600 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage,<br>0.50%, 09/09/2030 | EUR | 1500 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/2026 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/2026 |  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/2028 |  | 300 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/2028 |  | 400 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/2031 |  | 650 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/2031 |  | 65 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 09/15/2027 |  | 110 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/2029 |  | 145 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier LP, 2.75%, 05/17/2031 |  | 262 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.,<br>1.63%, 12/15/2030 | GBP | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/13/2033 | GBP | 1100 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2027 |  | 2000 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029 |  | 800 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2025 |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/2032 |  | 440 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care LP, 3.20%, 12/01/2031 |  | 295 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1 / Scentre Group Trust 2, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 03/28/2029 | EUR | 2000 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 04/11/2028 | EUR | 2000 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group Trust 1, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/16/2024 | EUR | 2000 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/16/2026 | GBP | 554 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp; SELP Finance Sarl, (Luxembourg), Reg. S, 3.75%, 08/10/2027 | EUR | 825 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon International Finance SCA, (Luxembourg), Reg. S, 1.25%, 05/13/2025 | EUR | 2325 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group LP,<br>1.38%, 01/15/2027 |  | 70 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2025 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.38%, 12/04/2031 | EUR | 1500 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty LP, 4.13%, 01/15/2026 |  | 2300 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 |  | 635 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2030 |  | 1645 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/2052 |  | 225 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc.,<br>2.75%, 01/15/2031 |  | 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/2030 |  | 2400 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2024 |  | 3500 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2034 | GBP | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/20/2028 | GBP | 1650 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co.,<br>4.00%, 11/15/2029 |  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2030 |  | 1500 | 1370 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 101

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **REITS — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc., 2.25%, 04/01/2033 |  | 1000 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPC Eurobond BV, (Netherlands),<br>0.95%, 06/01/2030 | EUR | 1800 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 04/15/2028 | EUR | 825 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/15/2027 | EUR | 1800 | 1721 |
|  |  |  | 80258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Savings & Loans — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coventry Building Society, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/07/2028 | EUR | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/07/2026 | EUR | 5000 | 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/22/2025 | EUR | 2000 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 03/25/2027 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 01/28/2026 | GBP | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yorkshire Building Society, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/13/2027 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/16/2028 | EUR | 5000 | 4370 |
|  |  |  | 11911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 1246222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government — 7.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-National — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; African Development Bank, (Supranational), 0.25%, 11/21/2024 | EUR | 925 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/22/2027 | EUR | 1000 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/24/2028 | EUR | 400 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/2029 | EUR | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.03%, 01/31/2030 | EUR | 3550 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 07/16/2025 | EUR | 800 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/07/2027 | GBP | 5000 | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/10/2025 | GBP | 3000 | 3367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/24/2023 |  | 280 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/15/2024 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/22/2025 |  | 300 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/19/2024 | GBP | 2000 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/30/2024 |  | 258 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/27/2024 |  | 2525 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/15/2027 |  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank (The), (Supranational), 0.50%, 10/30/2024 |  | 495 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. Andina de Fomento, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/04/2026 | EUR | 2000 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 02/13/2025 | EUR | 10000 | 10085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Council Of Europe Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/09/2027 | EUR | 2000 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/20/2031 | EUR | 5000 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/19/2032 | EUR | 3000 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/27/2025 | EUR | 175 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/30/2029 | EUR | 1500 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/09/2025 | EUR | 50 | 51 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Multi-National — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Abwicklungsanstalt, (Germany), Reg. S, 0.01%, 11/03/2023 | EUR | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/25/2023 | EUR | 825 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/30/2027 | CAD | 300 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/07/2032 | GBP | 300 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Bank for Reconstruction & Development, (Supranational),<br>0.00%, 01/10/2024 | EUR | 3900 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/10/2023 |  | 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/19/2025 |  | 135 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank, (Supranational),<br>0.00%, 03/15/2024 | EUR | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/25/2025 | EUR | 15200 | 15234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/13/2026 | EUR | 700 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/17/2027 | EUR | 1500 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/28/2028 | EUR | 1000 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/28/2037 (e) | CAD | 150 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/15/2035 | EUR | 4200 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 05/24/2024 | EUR | 2000 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/16/2030 | EUR | 7900 | 6882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/13/2034 | EUR | 34000 | 25244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 10/15/2026 | EUR | 5000 | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 12/14/2026 | GBP | 1875 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/20/2029 | EUR | 6000 | 5347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/15/2040 | EUR | 3950 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/16/2025 | EUR | 25000 | 25094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/26/2026 |  | 1300 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/14/2026 | EUR | 3000 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/2027 | EUR | 2000 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/13/2037 | EUR | 2000 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/25/2025 |  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/15/2024 | GBP | 3000 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 12/15/2023 | GBP | 1375 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/15/2026 | GBP | 2000 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/13/2047 | EUR | 200 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/14/2032 | EUR | 3275 | 2918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/07/2025 | GBP | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/15/2032 | EUR | 11000 | 10243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/16/2048 | EUR | 2845 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/14/2025 |  | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/2023 |  | 180 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2025 |  | 600 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/15/2025 | EUR | 10000 | 10643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/13/2030 | EUR | 230 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/14/2023 |  | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/29/2024 |  | 165 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 03/14/2042 | EUR | 2025 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/08/2037 | GBP | 1000 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2024 | EUR | 25000 | 27144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/07/2044 | GBP | 3100 | 3779 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 102 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Multi-National — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2039 | GBP | 3500 | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.27%, 08/28/2024 | IDR | 10000000 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1981, 2.63%, 03/15/2035 | EUR | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DIP, Reg. S, 4.63%, 10/12/2054 | GBP | 3055 | 3873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMS Wertmanagement, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/29/2030 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/20/2023 | GBP | 600 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank, (Supranational),<br>0.50%, 09/23/2024 |  | 750 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/20/2026 |  | 400 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/15/2023 | GBP | 1650 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/15/2025 | GBP | 2000 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/2027 |  | 1000 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/15/2025 |  | 290 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/03/2029 | GBP | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/18/2023 |  | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/16/2024 |  | 230 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/21/2024 |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/14/2023 | IDR | 10000000 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Development Association, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/19/2026 | EUR | 1000 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 04/22/2036 | EUR | 3500 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/22/2027 | GBP | 2000 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 01/17/2042 | EUR | 1000 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/05/2037 | EUR | 500 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/15/2038 | EUR | 4000 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Finance Corp., (Supranational),<br>0.25%, 12/15/2025 | GBP | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/07/2025 | GBP | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/2023 |  | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/2025 |  | 2120 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp; North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028 | CHF | 200 | 194 |
|  |  |  | 258165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transport for London, (United Kingdom), Reg. S, 4.00%, 09/12/2033 | GBP | 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Regional (State/Province) — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032 | EUR | 860 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; UK Municipal Bonds Agency Finance Co. Designated Activity Co., (Ireland), Reg. S, 1.63%, 08/26/2060 | GBP | 100 | 55 |
|  |  |  | 732 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; European Financial Stability Facility, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/13/2027 | EUR | 4325 | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/20/2031 | EUR | 9600 | 8058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/17/2029 | EUR | 7000 | 6135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/18/2052 | EUR | 1000 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 10/17/2023 | EUR | 3500 | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 02/17/2025 | EUR | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/20/2023 | EUR | 2425 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/11/2025 | EUR | 8000 | 8057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/16/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 01/20/2050 | EUR | 2500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 04/10/2035 | EUR | 15900 | 12952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.20%, 02/17/2045 | EUR | 2325 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/31/2047 | EUR | 10000 | 7602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 09/05/2040 | EUR | 370 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 12/15/2025 | EUR | 13000 | 13359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 02/13/2043 | EUR | 1900 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/17/2053 | EUR | 2050 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/28/2056 | EUR | 2000 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 02/19/2024 | EUR | 5000 | 5305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/11/2028 | EUR | 15000 | 15524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/21/2032 | EUR | 5000 | 5026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/03/2029 | EUR | 1020 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/03/2037 | EUR | 3000 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Stability Mechanism, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/10/2023 | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/15/2026 | EUR | 500 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/04/2030 | EUR | 1900 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/15/2031 | EUR | 3900 | 3196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/31/2023 | EUR | 2000 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/02/2026 | EUR | 5600 | 5551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/05/2029 | EUR | 6000 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/05/2028 | EUR | 2750 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/18/2042 | EUR | 1020 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/23/2025 | EUR | 15000 | 15251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 06/23/2027 | EUR | 5000 | 4905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 10/20/2045 | EUR | 1050 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.80%, 11/02/2046 | EUR | 10420 | 8712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 12/01/2055 | EUR | 180 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 11/20/2023 | EUR | 700 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Union, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/06/2026 | EUR | 10350 | 9992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/04/2028 | EUR | 1800 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/22/2031 | EUR | 5800 | 4836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/04/2031 | EUR | 10000 | 8280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/22/2036 | EUR | 2900 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 02/04/2037 | EUR | 10000 | 7256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 07/04/2041 | EUR | 4800 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/04/2025 | EUR | 3575 | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/04/2023 | EUR | 925 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 07/06/2051 | EUR | 5900 | 3434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/04/2031 | EUR | 3925 | 3503 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 103

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.75%, 01/04/2047 | EUR | 5000 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 07/04/2025 | EUR | 20700 | 21031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/06/2032 | EUR | 5800 | 5129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/04/2036 | EUR | 1265 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/04/2035 | EUR | 5000 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 12/04/2029 | EUR | 20000 | 19511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 10/04/2027 | EUR | 10000 | 10219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/04/2052 | EUR | 4000 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/04/2048 | EUR | 1000 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/04/2038 | EUR | 4000 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/04/2042 | EUR | 5015 | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series MFA, Reg. S, 3.00%, 03/04/2053 | EUR | 6000 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.00%, 11/04/2025 | EUR | 5198 | 5133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.00%, 06/02/2028 | EUR | 5500 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.00%, 10/04/2030 | EUR | 10000 | 8488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.00%, 07/04/2035 | EUR | 16150 | 11642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.10%, 10/04/2040 | EUR | 7675 | 4730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.20%, 06/04/2036 | EUR | 9600 | 6908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.30%, 11/04/2050 | EUR | 1220 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.45%, 05/02/2046 | EUR | 5000 | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 1.13%, 06/04/2037 | EUR | 5000 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp; HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026 | GBP | 900 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCR Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2028 | GBP | 300 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2038 | GBP | 110 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/07/2051 | GBP | 50 | 67 |
|  |  |  | 344527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Government |  |  | 603746 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense** — **0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 06/09/2030 | EUR | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/07/2028 | EUR | 1100 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/07/2032 | EUR | 1000 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e) |  | 1350 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/2028 |  | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2025 |  | 800 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 |  | 2300 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., 2.25%, 06/01/2031 |  | 300 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 |  | 85 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/2052 |  | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/2053 |  | 400 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/2062 |  | 455 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2046 |  | 360 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/2025 |  | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/2027 |  | 400 | 409 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2054 |  | 400 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/2063 |  | 185 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp., 2.15%, 05/18/2030 | EUR | 1500 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/01/2051 |  | 200 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/2024 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/16/2025 |  | 140 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/2027 |  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/16/2026 | EUR | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/17/2031 | EUR | 500 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/26/2026 | EUR | 3800 | 3611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/29/2027 | EUR | 1000 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/23/2025 | EUR | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/15/2028 | EUR | 3300 | 3059 |
|  |  |  | 21259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aliaxis Finance SA, (Belgium), Reg. S, 0.88%, 11/08/2028 | EUR | 1500 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Buzzi Unicem SpA, (Italy), Reg. S, 2.13%, 04/28/2023 | EUR | 1225 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/2025 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/2027 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/05/2040 |  | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH Finance DAC, (Ireland), Reg. S, 1.38%, 10/18/2028 | EUR | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029 | GBP | 1500 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH SMW Finance DAC, (Ireland), Reg. S, 1.25%, 11/05/2026 | EUR | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc., 2.50%, 07/01/2031 |  | 154 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim Finance Luxembourg SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/29/2026 | EUR | 500 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/03/2030 | EUR | 500 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/23/2031 | EUR | 1000 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/19/2033 | EUR | 500 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/06/2025 | EUR | 5000 | 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 05/26/2028 | EUR | 2000 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.07%), 3.00%, 04/05/2024 (x) (aa) | EUR | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 3.00%, 05/12/2032 | GBP | 1500 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imerys SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/15/2031 | EUR | 2000 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/15/2027 | EUR | 3000 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 03/31/2028 | EUR | 2000 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 12/10/2024 | EUR | 1000 | 1039 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 104 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/2027 | EUR | 1000 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/2032 | EUR | 1000 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/2028 | EUR | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc., 1.35%, 08/01/2025 |  | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., 4.25%, 07/02/2024 |  | 4540 | 4481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning, 3.95%, 08/15/2029 |  | 1000 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2030 |  | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/2048 |  | 440 | 376 |
|  |  |  | 33178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/2025 | EUR | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/15/2030 |  | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/21/2028 |  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/2029 | EUR | 1500 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/2051 |  | 169 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/24/2028 | EUR | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/06/2026 | EUR | 1000 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/06/2032 | EUR | 1000 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signify NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/11/2024 | EUR | 550 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/11/2027 | EUR | 175 | 176 |
|  |  |  | 6267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/12/2031 |  | 425 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/2029 |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 09/22/2026 |  | 275 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion US Holding Co., Inc., 3.20%, 10/01/2024 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026 | EUR | 2525 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc., 3.88%, 01/12/2028 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc., 5.50%, 06/01/2032 |  | 530 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/2026 |  | 220 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029 |  | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/12/2030 |  | 175 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/10/2032 | EUR | 2500 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/22/2028 | EUR | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2026 |  | 400 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/02/2034 | EUR | 8700 | 9193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc., 1.70%, 04/15/2026 |  | 150 | 133 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/2029 |  | 245 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/30/2024 |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/2027 |  | 55 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/14/2025 | EUR | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/16/2029 | EUR | 1000 | 836 |
|  |  |  | 19699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/19/2030 | EUR | 2000 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/16/2024 | EUR | 1500 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/05/2029 | EUR | 300 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/02/2032 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/05/2028 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/02/2030 | EUR | 2500 | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/15/2033 | EUR | 1200 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 04/12/2026 | EUR | 2000 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRCC Hean Ltd., (Hong Kong), Reg. S, 0.88%, 05/20/2026 | EUR | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032 | EUR | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial Emisiones SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.54%, 11/12/2028 | EUR | 1000 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/31/2025 | EUR | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/14/2026 | EUR | 1000 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heathrow Funding Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 10/31/2046 | GBP | 325 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.45%, 12/10/2031 | GBP | 225 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 12/03/2026 | GBP | 150 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 02/14/2024 | GBP | 825 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/03/2027 | EUR | 2000 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/03/2025 | EUR | 1500 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Schiphol Group NV, (Netherlands), Reg. S, 0.38%, 09/08/2027 | EUR | 300 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 04/26/2028 | EUR | 1000 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/23/2024 | EUR | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technip Energies NV, (Netherlands), Reg. S, 1.13%, 05/28/2028 | EUR | 5100 | 4418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vantage Towers AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/31/2027 | EUR | 1200 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/31/2030 | EUR | 500 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA, (France), Reg. S, 3.38%, 10/17/2032 | EUR | 2000 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worley US Finance Sub Ltd., Reg. S, 0.88%, 06/09/2026 | EUR | 3075 | 2861 |
|  |  |  | 30024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 105

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., 2.38%, 03/15/2033 |  | 150 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/2030 |  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/2032 |  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2028 |  | 250 | 240 |
|  |  |  | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc., 3.10%, 05/01/2050 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery-Construction & Mining** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/2025 |  | 150 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/17/2025 |  | 560 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc., 4.75%, 05/15/2064 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso Outotec OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/26/2028 | EUR | 1000 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 12/07/2027 | EUR | 3050 | 3274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/07/2027 | EUR | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 09/27/2029 | EUR | 1000 | 1040 |
|  |  |  | 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery-Diversified — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO International Holdings BV, (Netherlands), Reg. S, 0.80%, 10/06/2028 | EUR | 4700 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026 | EUR | 1325 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/03/2029 | EUR | 500 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/08/2032 | EUR | 500 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Capital LLC, 3.95%, 05/23/2025 |  | 1065 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial Finance Europe SA, (Luxembourg), Reg. S, 0.00%, 04/01/2024 |  | EUR 1,000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/04/2027 |  | EUR 1,000 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/09/2026 |  | EUR 1,000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highland Holdings Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32%, 12/15/2026 |  | EUR 1,500 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93%, 12/15/2031 |  | EUR 2,050 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/15/2031 |  | 1185 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 |  | 332 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Capital Corp., 3.40%, 06/06/2025 |  | 115 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Cash Management SARL, (Luxembourg), Reg. S, 1.65%, 06/13/2039 | EUR | 825 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 04/05/2025 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 04/05/2027 |  | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 02/15/2050 |  | 10 | 7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery-Diversified — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/2025 |  | 350 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/2024 |  | 1800 | 1771 |
|  |  |  | 17661 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/2032 |  | 680 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2030 |  | 85 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Capital Unlimited Co., (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/08/2026 |  | EUR 1,000 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.58%, 03/08/2030 |  | EUR 1,500 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 05/14/2025 |  | EUR 2,525 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/20/2024 |  | EUR 1,000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp., 4.15%, 11/02/2042 |  | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Capital UK Funding Unlimited Co., (Ireland), Reg. S, 5.88%, 01/18/2033 | GBP | 950 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/17/2029 |  | EUR 1,000 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 05/28/2027 |  | EUR 1,000 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/19/2035 |  | EUR 1,000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 12/07/2028 | GBP | 500 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 12/18/2040 | GBP | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 12/05/2024 | EUR | 2700 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/05/2027 | EUR | 1000 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/05/2031 | EUR | 500 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/22/2030 | EUR | 1500 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/19/2034 | EUR | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp., 1.13%, 03/01/2025 |  | EUR 1,650 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029 |  | 2000 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Financieringsmaatschappij NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 02/28/2024 | EUR | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/08/2033 | EUR | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group plc, (United Kingdom), Reg. S, 2.00%, 02/23/2027 | EUR | 4602 | 4602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/01/2026 |  | 80 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/2031 |  | 540 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc., 2.45%, 03/15/2031 |  | 1900 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies Luxembourg Finance SA, (Luxembourg), 4.50%, 03/21/2049 |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabtec Transportation Netherlands BV, (Netherlands), 1.25%, 12/03/2027 |  | EUR 1,500 | 1360 |
|  |  |  | 30888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor UK Finance plc, (United Kingdom), 1.13%, 06/23/2027 | EUR | 1500 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp., 0.88%, 03/15/2024 | EUR | 2000 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Finance plc, (United Kingdom), Reg. S, 1.50%, 10/04/2027 | EUR | 1000 | 961 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 106 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DS Smith plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/12/2026 | EUR | 4300 | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EMT7, Reg. S, 1.38%, 07/26/2024 | EUR | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America, 3.05%, 10/01/2051 |  | 105 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp., 5.50%, 09/15/2025 (e) |  | 1460 | 1439 |
|  |  |  | 10540 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030 |  | 575 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S, (Denmark), Reg. S, 4.00%, 04/04/2025 | GBP | 800 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurizon Network Pty Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/18/2024 | EUR | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/01/2026 | EUR | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024 | EUR | 825 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/2052 |  | 380 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/2051 |  | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/2045 |  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/2053 |  | 75 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/2044 |  | 170 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2041 |  | 700 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/2041 |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co., (Canada), 4.40%, 08/05/2052 |  | 430 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co., (Canada), 3.10%, 12/02/2051 |  | 210 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bahn Finance GMBH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 01/28/2036 | CHF | 150 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/09/2027 | EUR | 140 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 12/17/2027 | EUR | 300 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/29/2051 | EUR | 112 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/28/2031 | EUR | 2000 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/16/2040 | EUR | 50 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 08/26/2024 | CHF | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 08/16/2033 | EUR | 189 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/24/2030 | EUR | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 07/08/2030 | AUD | 200 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/27/2024 | AUD | 300 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 10/29/2025 |  | AUD 1,000 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa) | EUR | 1700 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036 | GBP | 2000 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovie dello Stato Italiane SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/27/2025 | EUR | 510 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/14/2027 | EUR | 2175 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Southern, 4.20%, 11/15/2069 |  | 10 | 7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; La Poste SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/18/2029 | EUR | 200 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/17/2027 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/21/2026 | EUR | 1300 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/18/2036 | EUR | 600 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/21/2032 | EUR | 1000 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030 | GBP | 190 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 4.10%, 05/15/2121 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; OeBB-Infrastruktur AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/2029 | EUR | 325 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/24/2033 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/18/2032 | EUR | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/30/2025 | EUR | 80 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/2062 |  | 150 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/2037 |  | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/2070 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/2071 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 1.50%, 11/15/2032 | EUR | 1125 | 978 |
|  |  |  | 21173 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / PTL Finance Corp., 4.40%, 07/01/2027 (e) |  | 730 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 199476 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030 |  | 1135 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/2028 |  | 295 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 05/24/2029 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/2028 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/10/2026 | EUR | 1125 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/2030 |  | 250 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/2041 |  | 85 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/2060 |  | 15 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/2050 |  | 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/2051 |  | 30 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/2061 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/2061 |  | 40 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/31/2029 | GBP | 425 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/2026 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/2029 |  | 1020 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/2027 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2047 |  | 1000 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/2052 |  | 285 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/2062 |  | 425 | 356 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 107

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/14/2026 |  | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/14/2031 |  | 540 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Bank International DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/27/2026 | EUR | 1000 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 10/18/2027 | EUR | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., 2.20%, 03/15/2031 |  | 1060 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Luxembourg Sarl, (Luxembourg), 3.38%, 12/01/2024 |  | 1400 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 6.35%, 10/15/2045 |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/09/2034 | EUR | 1000 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/2027 |  | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/2032 |  | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/2026 |  | 1060 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/2025 |  | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2049 |  | 390 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/2052 |  | 830 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 10/15/2026 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/2041 |  | 50 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc., 1.88%, 06/22/2025 |  | 1700 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne FLIR LLC, 2.50%, 08/01/2030 |  | 1910 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/26/2027 | EUR | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/02/2025 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/24/2029 | EUR | 1000 | 1010 |
|  |  |  | 18785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipments — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/2026 |  | 985 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/2028 |  | 342 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/2031 |  | 62 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/2025 |  | 1915 | 1860 |
|  |  |  | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors** — **0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/2028 |  | 200 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/2051 |  | 250 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/2027 (e) |  | 270 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc., 3.30%, 04/01/2027 |  | 55 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/25/2030 | EUR | 1000 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 05/07/2029 | EUR | 1200 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/07/2026 | EUR | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/28/2027 | EUR | 2750 | 2743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.88%, 01/15/2027 |  | 90 | 85 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (e) |  | 3335 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/2025 |  | 217 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (e) |  | 950 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/2033 (e) |  | 93 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/2026 |  | 1320 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034 (e) |  | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 (e) |  | 635 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2051 (e) |  | 65 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 475 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/2028 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 (e) |  | 400 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/2037 (e) |  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/17/2025 | EUR | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/24/2026 | EUR | 1400 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 06/24/2029 | EUR | 1000 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/24/2032 | EUR | 2000 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc., 4.25%, 09/01/2025 |  | 3680 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., 3.70%, 04/01/2060 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 |  | 1000 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/2027 |  | 590 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC, (Multinational), 4.88%, 03/01/2024 |  | 95 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/2030 |  | 59 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/2051 |  | 260 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/2048 |  | 17 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xilinx, Inc., 2.38%, 06/01/2030 |  | 295 | 249 |
|  |  |  | 25357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard, Inc., 2.50%, 09/15/2050 |  | 70 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc., 2.30%, 02/01/2030 |  | 288 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 2.95%, 02/15/2051 |  | 275 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., 3.10%, 03/01/2041 |  | 180 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 05/21/2031 | GBP | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., 3.50%, 07/01/2029 |  | 170 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc., 1.65%, 07/15/2030 |  | 18 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/2050 |  | 1160 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/02/2033 | EUR | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/2060 |  | 535 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/2062 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/06/2028 | EUR | 1000 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/2026 |  | 155 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 |  | 900 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 |  | 300 | 257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 108 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2050 |  | 715 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 |  | 450 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/2060 |  | 60 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/2061 |  | 410 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 745 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The), (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 02/25/2031 | GBP | 2000 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/08/2034 | GBP | 3500 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/18/2029 | EUR | 5000 | 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/01/2025 | EUR | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc., 1.40%, 09/01/2030 |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc., 4.50%, 05/15/2025 |  | 235 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., 3.50%, 04/01/2027 |  | 450 | 421 |
|  |  |  | 17472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 64692 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A2A SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/16/2029 |  | EUR 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/02/2033 |  | EUR 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACEA SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/06/2029 |  | EUR 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/15/2024 |  | EUR 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Texas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 |  | 885 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2052 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.10%, 07/01/2030 |  | 2600 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The), 2.45%, 01/15/2031 |  | 125 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2052 |  | 30 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/2027 |  | 310 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliander NV, (Netherlands), 2.88%, 06/14/2024 |  | EUR 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/2024 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/2031 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 11/15/2030 |  | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2050 |  | 1200 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 12/01/2052 |  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 03/15/2024 |  | 90 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/2030 |  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/2050 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 |  | 120 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amprion GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/23/2033 | EUR | 1500 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.97%, 09/22/2032 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;800 | 844 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Appalachian Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, 4.50%, 08/01/2032 |  | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Y, 4.50%, 03/01/2049 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Z, 3.70%, 05/01/2050 |  | 45 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Public Service Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/2031 |  | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/2029 |  | 84 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/2050 |  | 60 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic City Electric Co., 4.00%, 10/15/2028 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2050 |  | 50 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/2052 |  | 655 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/15/2031 |  | 400 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/2051 |  | 420 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2050 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/2053 (e) |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/2043 |  | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/15/2030 |  | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/2029 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038 |  | GBP 1,725 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AD, 2.90%, 07/01/2050 |  | 45 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AF, 3.35%, 04/01/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AH, 3.60%, 03/01/2052 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/2052 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2030 |  | 45 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/2028 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027 | EUR | 1425 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coentreprise de Transport d'Electricite SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/29/2024 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 07/29/2032 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2050 |  | 55 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2028 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 |  | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/2045 |  | 980 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 132, 3.15%, 03/15/2032 |  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Light and Power Co. (The), Series A, 2.05%, 07/01/2031 |  | 905 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051 |  | 100 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/2061 |  | 210 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2046 |  | 10 | 8 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 109

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/15/2052 |  | 60 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09-C, 5.50%, 12/01/2039 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/2030 |  | 70 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/2050 |  | 55 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/2049 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 12/01/2060 |  | 20 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.65%, 12/01/2048 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, 5.60%, 06/15/2042 |  | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2060 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/2050 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2046 |  | 1100 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2050 |  | 25 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/2052 |  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043 |  | 1400 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/2025 |  | 220 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2028 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.35%, 08/15/2032 |  | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.60%, 03/15/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.85%, 08/15/2052 |  | 245 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/2030 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2050 |  | 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/2045 |  | 1100 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 04/01/2051 |  | 130 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/2026 Series C, 3 |  | 250 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .40%, 06/15/2029 |  | 19 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/2052 |  | 60 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/2028 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/2040 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/2025 |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 |  | 110 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/2031 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/2026 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/2028 | EUR | 2150 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/2046 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2034 | EUR | 2200 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/2049 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2028 |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2032 |  | 450 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 |  | 120 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/2051 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/2048 |  | 10 | 9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/2050 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series YYY, 3.25%, 10/01/2049 |  | 40 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/2030 |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/2029 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2049 |  | 80 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/2032 |  | 290 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052 |  | 150 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON International Finance BV, (Netherlands), Reg. S, 6.13%, 07/06/2039 | GBP | 650 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE, (Germany), Reg. S, 1.00%, 10/07/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP—Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027 | EUR | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Finance BV, (Netherlands), Reg. S, 2.00%, 04/22/2025 | EUR | 1300 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/13/2026 | EUR | 600 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/29/2033 | EUR | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/13/2036 | EUR | 200 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 12/09/2049 | EUR | 600 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/12/2034 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 09/22/2050 | GBP | 800 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/27/2037 | GBP | 500 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 10/17/2041 | GBP | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE Swap Rate GBP SONIA 15 Year + 3.32%), 5.88%,<br>01/22/2029 (x) (aa) | GBP | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/18/2031 | GBP | 465 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa) | GBP | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 01/23/2114 | GBP | 600 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 06/02/2034 | GBP | 600 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricity North West Ltd., (United Kingdom), Series BR, Reg. S, 8.88%, 03/25/2026 | GBP | 2000 | 2669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP, 2.64%, 06/15/2031 |  | 110 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnBW Energie Baden-Wuerttemberg AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa) | EUR | 100 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa) | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnBW International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/01/2028 | EUR | 182 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/01/2033 | EUR | 97 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/17/2025 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/17/2024 | EUR | 4375 | 4455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/28/2026 | EUR | 1000 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/17/2027 | EUR | 1000 | 923 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 110 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/28/2029 | EUR | 1000 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/17/2030 | EUR | 1000 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/28/2034 | EUR | 3000 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/17/2036 | EUR | 1500 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/16/2024 | EUR | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/21/2025 | EUR | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/12/2031 (e) |  | 300 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/10/2024 (e) |  | 3500 | 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/06/2028 (e) |  | 1700 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 (e) |  | 940 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/14/2032 (e) |  | 1185 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041 | EUR | 20 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enexis Holding NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/02/2031 | EUR | 134 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 04/28/2026 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/21/2027 | EUR | 1000 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/26/2029 | EUR | 1000 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/26/2036 | EUR | 1000 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/27/2025 | EUR | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.88%), 1.50%, 05/30/2028 (x) (aa) | EUR | 3000 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.84%), 1.63%, 04/08/2025 (x) (aa) | EUR | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/27/2028 | EUR | 3000 | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/28/2037 | EUR | 1000 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/19/2026 | EUR | 3000 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa) | EUR | 1800 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/01/2060 | GBP | 4000 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 10/30/2028 | GBP | 4000 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, 4.20%, 04/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/2025 |  | 230 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/2050 |  | 30 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/15/2030 |  | 2300 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/2032 |  | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/2051 |  | 30 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/01/2027 (jj) |  | 2500 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/2028 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/2048 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/2029 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2052 |  | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESB Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/14/2031 | EUR | 224 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/08/2027 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Kansas Central, Inc., 3.45%, 04/15/2050 |  | 55 | 40 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Metro, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2048 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 4.13%, 04/01/2049 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.25%, 06/01/2030 |  | 150 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc., 2.45%, 09/15/2024 |  | 3000 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/2032 |  | 300 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/2050 |  | 30 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/27/2024 |  | 85 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/2027 |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, 1.65%, 08/15/2030 |  | 1410 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; EWE AG, (Germany), Reg. S, 0.38%, 10/22/2032 | EUR | 90 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/2027 (e) |  | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/2052 (e) |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/2046 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/2050 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e) |  | 1100 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/2032 |  | 200 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/2051 |  | 235 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/2049 |  | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/2048 |  | 500 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/2048 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; FLUVIUS System Operator CVBA, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/24/2031 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 07/06/2032 | EUR | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ, (Finland), Reg. S, 2.13%, 02/27/2029 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 |  | 2350 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2052 |  | 180 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/2051 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/2050 |  | 60 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hera SpA, (Italy), Reg. S, 0.25%, 12/03/2030 | EUR | 160 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola Finanzas SA, (Spain), Reg. S, 1.25%, 10/28/2026 | EUR | 2000 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola International BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa) | EUR | 2000 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interstate Power and Light Co., 3.50%, 09/30/2049 |  | 110 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030 | EUR | 550 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC Holdings Corp., 4.95%, 09/22/2027 (e) |  | 1170 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Utilities Co., 3.30%, 06/01/2050 |  | 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/01/2052 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/2027 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/30/2031 |  | 10 | 11 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 111

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Power Co., Series B, 3.10%, 07/30/2051 |  | 40 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e) |  | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Distribution East Midlands plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.53%, 09/20/2028 | EUR | 3000 | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.95%, 09/20/2032 | EUR | 2000 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 12/10/2040 | GBP | 1000 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Distribution South Wales plc, (United Kingdom), Series WALE, 5.75%, 03/23/2040 | GBP | 2000 | 2411 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027 | GBP | 20 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Transmission plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.19%, 01/20/2025 | EUR | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/17/2040 | GBP | 425 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/01/2028 | EUR | 1000 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 09/18/2029 | EUR | 3075 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.18%, 06/30/2026 | EUR | 3925 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/2026 |  | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/2031 |  | 80 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/2025 |  | 110 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2049 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/28/2029 | EUR | 1000 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/15/2025 | EUR | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/15/2026 | EUR | 3900 | 3846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 04/19/2026 | EUR | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/19/2027 | EUR | 1200 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/29/2028 | EUR | 1200 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/05/2029 | EUR | 1000 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevada Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, 2.40%, 05/01/2030 |  | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, 3.13%, 08/01/2050 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 |  | 1280 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/2029 |  | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2052 |  | 100 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/2024 |  | 2065 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035 | GBP | 150 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/2031 |  | 1450 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/2051 |  | 35 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/2052 |  | 30 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2052 |  | 10 | 9 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/02/2025 (e) |  | 2150 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/2027 (e) |  | 2275 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSTAR Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/2051 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/2052 |  | 470 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., 5.05%, 10/01/2048 |  | 90 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Power Co., Series R, 2.90%, 10/01/2051 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., 4.15%, 04/01/2047 |  | 920 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/2049 |  | 50 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/2052 (e) |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2052 (e) |  | 150 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Finance Ltd., (Australia), Reg. S, 1.00%, 09/17/2029 | EUR | 2500 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/14/2028 | EUR | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.62%), 5.25%, 12/08/3022 (aa) | EUR | 2050 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/09/2040 | GBP | 425 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa) | EUR | 119 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 |  | 335 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/2031 |  | 40 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2050 |  | 40 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/2028 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2047 |  | 900 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2040 |  | 300 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/2030 |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050 |  | 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2052 |  | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2052 |  | 740 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/2051 |  | 1400 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/2050 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/01/2053 |  | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; PECO Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/2050 |  | 50 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/2051 |  | 435 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2052 |  | 385 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031 | EUR | 1000 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., 4.13%, 04/15/2030 |  | 330 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 36, 2.70%, 01/15/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 38, 4.10%, 06/01/2032 |  | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 39, 4.50%, 06/01/2052 |  | 160 | 144 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 112 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/2031 |  | 35 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/2050 |  | 60 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/2030 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/2032 |  | 300 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2028 |  | 120 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., 0.80%, 08/15/2025 |  | 3000 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/15/2028 |  | 1040 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/15/2032 |  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Sound Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 09/15/2051 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/2049 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ren Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/16/2029 | EUR | 1000 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 01/18/2028 | EUR | 1000 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTE Reseau de Transport d'Electricite SADIR, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/09/2049 | EUR | 100 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/27/2030 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 11/27/2025 | EUR | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/18/2036 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 05/24/2026 | EUR | 2000 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/24/2030 | EUR | 2000 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/2048 |  | 820 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 2.95%, 08/15/2051 |  | 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XXX, 3.00%, 03/15/2032 |  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scottish Hydro Electric Transmission plc, (United Kingdom), Reg. S, 2.13%, 03/24/2036 | GBP | 1500 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/2028 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2029 |  | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2048 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/2032 |  | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/2029 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/2052 |  | 310 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/2050 |  | 80 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2042 |  | 900 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2039 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/2051 |  | 6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/2028 |  | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/2025 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.65%, 06/01/2051 |  | 10 | 7 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/2032 |  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 0.60%, 02/26/2024 |  | 60 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa) |  | 90 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.70%, 04/30/2030 |  | 95 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/2051 |  | 325 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/2026 |  | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Public Service Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2047 |  | 1000 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, 3.15%, 05/01/2050 |  | 60 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031 | GBP | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/06/2025 | EUR | 2000 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 04/16/2025 | EUR | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 09/04/2027 | EUR | 1000 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 04/16/2030 | EUR | 2300 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 08/01/2029 | EUR | 2325 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.42%), 3.13%, 04/14/2027 (x) (aa) | EUR | 3000 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.70%), 4.00%, 01/21/2028 (x) (aa) | EUR | 3500 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032 | EUR | 500 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stedin Holding NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/24/2025 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/03/2030 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tampa Electric Co., 4.30%, 06/15/2048 |  | 120 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tauron Polska Energia SA, (Poland), Reg. S, 2.38%, 07/05/2027 | EUR | 1000 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; TenneT Holding BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/03/2030 | EUR | 120 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 06/13/2026 | EUR | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/09/2041 | EUR | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/26/2029 | EUR | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/05/2034 | EUR | 2600 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/17/2042 | EUR | 100 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 10/28/2034 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna—Rete Elettrica Nazionale, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 07/25/2025 | EUR | 3900 | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/25/2030 | EUR | 825 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/24/2032 | EUR | 200 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/10/2026 | EUR | 4000 | 3956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/11/2028 | EUR | 1000 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/26/2027 | EUR | 2125 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/2030 |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/2051 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2050 |  | 10 | 8 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 113

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/2032 |  | 50 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/2051 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/2049 |  | 40 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/2052 |  | 150 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041 | EUR | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/2051 |  | 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2049 |  | 50 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/2047 |  | 60 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/2052 |  | 90 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e) |  | 1400 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/2025 |  | 47 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/2025 |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., 1.70%, 06/15/2028 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Power and Light Co., 3.00%, 07/01/2029 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/01/2051 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/01/2049 |  | 55 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/2027 |  | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/2030 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2049 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/2032 |  | 165 | 158 |
|  |  |  | 201773 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Infrastructure Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/15/2029 | EUR | 4800 | 4123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/15/2033 | EUR | 3900 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/22/2027 | EUR | 2000 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 07/15/2030 | EUR | 2000 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/22/2030 | GBP | 2430 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/2031 |  | 1630 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/15/2029 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/15/2052 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/2049 |  | 210 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/2043 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2052 |  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., 4.40%, 07/01/2032 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 12/11/2031 | EUR | 1125 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/14/2024 | EUR | 850 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2031 |  | 285 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 |  | 325 | 324 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Gas plc, (United Kingdom),<br>Reg. S, 1.38%, 02/07/2031 | GBP | 1600 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.41%, 01/20/2026 | EUR | 2500 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/12/2024 | EUR | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Capital Markets SA, (Spain), Reg. S, 1.13%, 04/11/2024 | EUR | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Gasunie NV, (Netherlands), Reg. S, 0.75%, 10/13/2036 | EUR | 100 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/2025 |  | 3000 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/2027 |  | 130 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2047 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/2044 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2052 |  | 110 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc., 4.25%, 09/01/2032 |  | 120 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/2031 |  | 1550 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/2050 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/15/2052 |  | 610 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025 | EUR | 1300 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/15/2025 | EUR | 2000 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/07/2028 | EUR | 500 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/30/2031 | EUR | 500 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/20/2029 | EUR | 3175 | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/17/2030 | EUR | 1500 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/25/2026 | EUR | 1650 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series VV, 4.30%, 01/15/2049 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series WW, 3.95%, 02/15/2050 |  | 200 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/2046 |  | 20 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/2032 |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20-A, 1.75%, 01/15/2031 |  | 3700 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 3.15%, 09/30/2051 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Gas Networks plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/03/2025 | GBP | 825 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/2040 | GBP | 825 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 |  | 205 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034 | EUR | 1200 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041 | GBP | 825 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Gas Light Co., 3.65%, 09/15/2049 |  | 10 | 7 |
|  |  |  | 44514 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 114 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinity Water Finance 2004 plc, (United Kingdom), 5.88%, 07/13/2026 | GBP | 30 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/2049 |  | 60 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/2032 |  | 330 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/2031 |  | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2030 |  | 40 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/01/2052 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northumbrian Water Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/11/2026 | GBP | 825 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 01/23/2042 | GBP | 1000 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/29/2033 | GBP | 425 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Utilities Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/22/2040 | GBP | 300 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 02/11/2041 | GBP | 1050 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/16/2028 | GBP | 380 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033 | GBP | 900 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA, (France), Reg. S, 1.50%, 04/03/2029 | EUR | 2300 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wessex Water Services Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/17/2029 | GBP | 2700 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 03/10/2028 | GBP | 2425 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 10/14/2033 | GBP | 2675 | 3240 |
|  |  |  | 16581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 262868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $3,686,110) |  |  | 3459586 |
|  **Foreign Government Securities — 27.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Action Logement Services, (France), Reg. S, 3.13%, 09/28/2037 | EUR | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adif Alta Velocidad, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 04/30/2030 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 01/28/2025 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agence Francaise de Developpement EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/29/2031 | EUR | 300 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/21/2026 | EUR | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/29/2029 | EUR | 400 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/30/2024 | EUR | 400 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/25/2036 | EUR | 100 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2030 | EUR | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/31/2035 | EUR | 500 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 09/17/2024 | EUR | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/31/2034 | EUR | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/25/2032 | EUR | 200 | 182 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Agence France Locale, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/20/2027 | EUR | 500 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/20/2026 | EUR | 400 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/20/2028 | EUR | 1000 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agricultural Development Bank of China, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 06/23/2024 | CNY | 15000 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 11/06/2024 | CNH | 56000 | 8158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 10/27/2030 | CNH | 14350 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1605, 3.33%, 01/06/2026 | CNY | 37000 | 5430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1618, 3.58%, 04/22/2026 | CNY | 29000 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1705, 3.85%, 01/06/2027 | CNY | 17500 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1806, 4.65%, 05/11/2028 | CNY | 8100 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1901, 3.75%, 01/25/2029 | CNY | 33000 | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1906, 3.74%, 07/12/2029 | CNY | 65500 | 9841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1908, 3.63%, 07/19/2026 | CNY | 170800 | 25329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1909, 3.24%, 08/14/2024 | CNY | 54000 | 7868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, 2.96%, 04/17/2030 | CNY | 109400 | 15704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005, 2.25%, 04/22/2025 | CNY | 106800 | 15234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2105, 3.52%, 05/24/2031 | CNY | 17000 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2108, 2.99%, 08/11/2026 | CNY | 66000 | 9576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.30%, 11/05/2031 | CNY | 14000 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2202, 2.74%, 02/23/2027 | CNY | 17000 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2205, 3.06%, 06/06/2032 | CNY | 54700 | 7872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 2.97%, 10/14/2032 | CNY | 9000 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andorra International Bond, (Andorra), Reg. S, 1.25%, 05/06/2031 | EUR | 1000 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland Council, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/26/2029 | EUR | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2027 | EUR | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/28/2025 | CHF | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia Government Bond, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 138, Reg. S, 3.25%, 04/21/2029 | AUD | 1845 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 139, Reg. S, 3.25%, 04/21/2025 | AUD | 1475 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 140, Reg. S, 4.50%, 04/21/2033 | AUD | 1491 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144, Reg. S, 3.75%, 04/21/2037 | AUD | 533 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, Reg. S, 2.75%, 11/21/2027 | AUD | 4230 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, Reg. S, 2.25%, 05/21/2028 | AUD | 1340 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, Reg. S, 3.00%, 03/21/2047 | AUD | 696 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 152, Reg. S, 2.75%, 11/21/2028 | AUD | 418 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, Reg. S, 2.75%, 11/21/2029 | AUD | 305 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 155, Reg. S, 2.50%, 05/21/2030 | AUD | 5705 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, Reg. S, 2.75%, 05/21/2041 | AUD | 938 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 158, 1.25%, 05/21/2032 | AUD | 570 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 159, Reg. S, 0.25%, 11/21/2024 | AUD | 5572 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, Reg. S, 1.00%, 12/21/2030 | AUD | 4850 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 161, Reg. S, 0.25%, 11/21/2025 | AUD | 4340 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 162, Reg. S, 1.75%, 06/21/2051 | AUD | 1250 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 166, Reg. S, 3.00%, 11/21/2033 | AUD | 4070 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Capital Territory, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/22/2025 | AUD | 200 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/2031 | AUD | 370 | 199 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 115

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/09/2029 | EUR | 500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/11/2032 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/20/2033 | EUR | 130 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Community of Andalusia Spain, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/30/2031 | EUR | 163 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/30/2029 | EUR | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Community of Madrid Spain, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.42%, 04/30/2030 | EUR | 161 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.77%, 04/30/2028 | EUR | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.83%, 04/30/2025 | EUR | 270 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/15/2026 | EUR | 500 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basque Government, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/30/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 04/30/2030 | EUR | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/16/2026 | EUR | 170 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e) |  | 670 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNG Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/20/2031 | EUR | 200 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 01/15/2030 | EUR | 320 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 04/11/2026 | EUR | 530 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 07/09/2035 | EUR | 230 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 11/09/2024 | EUR | 550 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 12/15/2025 | GBP | 1900 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.81%, 06/28/2049 | EUR | 200 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/17/2035 | EUR | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/04/2024 | EUR | 702 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/30/2037 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/15/2039 | EUR | 170 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/13/2032 | EUR | 320 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/04/2027 | EUR | 410 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e) | CLP | 300000 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bpifrance SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/25/2025 | EUR | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/29/2030 | EUR | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/04/2031 | EUR | 200 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 05/25/2026 | EUR | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/26/2028 | EUR | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 09/23/2050 | EUR | 1300 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 09/03/2024 | EUR | 800 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/23/2029 | EUR | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 09/23/2034 | EUR | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12YR, Reg. S, 3.00%, 03/21/2028 | EUR | 800 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesobligation, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 179, Reg. S, 0.00%, 04/05/2024 | EUR | 2138 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 180, Reg. S, 0.00%, 10/18/2024 | EUR | 2006 | 2052 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 181, Reg. S, 0.00%, 04/11/2025 | EUR | 3100 | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 182, Reg. S, 0.00%, 10/10/2025 | EUR | 670 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, Reg. S, 0.00%, 04/10/2026 | EUR | 2416 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 184, Reg. S, 0.00%, 10/09/2026 | EUR | 500 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 185, Reg. S, 0.00%, 04/16/2027 | EUR | 2083 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 186, Reg. S, 1.30%, 10/15/2027 | EUR | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland Bundesanleihe, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/15/2026 | EUR | 1370 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/15/2027 | EUR | 651 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/15/2028 | EUR | 735 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/15/2029 | EUR | 2432 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/15/2030 | EUR | 743 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/15/2030 | EUR | 1120 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/15/2031 | EUR | 1589 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/15/2031 | EUR | 2260 | 1962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/15/2032 | EUR | 4389 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/15/2035 | EUR | 2559 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/15/2036 | EUR | 1570 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/15/2050 | EUR | 1901 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 08/15/2052 | EUR | 1815 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/15/2027 | EUR | 3310 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 08/15/2028 | EUR | 2892 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/15/2029 | EUR | 1270 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/15/2025 | EUR | 2409 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/15/2026 | EUR | 967 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 08/15/2027 | EUR | 2810 | 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/15/2028 | EUR | 230 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 08/15/2024 | EUR | 1729 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 08/15/2025 | EUR | 2031 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/15/2038 | EUR | 640 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 08/15/2048 | EUR | 1668 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/15/2024 | EUR | 3807 | 4021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 08/15/2032 | EUR | 1750 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.80%, 08/15/2053 | EUR | 300 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/04/2044 | EUR | 1651 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 08/15/2046 | EUR | 3216 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 07/04/2042 | EUR | 908 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/04/2037 | EUR | 1493 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 07/04/2039 | EUR | 1174 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 07/04/2028 | EUR | 1661 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 07/04/2034 | EUR | 1771 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 07/04/2040 | EUR | 964 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 01/04/2031 | EUR | 700 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 01/04/2028 | EUR | 780 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 01/04/2030 | EUR | 775 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 07/04/2027 | EUR | 1410 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2031 | EUR | 560 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2050 | EUR | 852 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesschatzanweisungen, (Germany), Reg. S, 0.20%, 06/14/2024 | EUR | 930 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse d'Amortissement de la Dette Sociale, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2028 | EUR | 200 | 182 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 116 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 | EUR | 300 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 10/25/2023 | EUR | 700 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/15/2031 | EUR | 300 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 01/19/2032 | EUR | 400 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 11/25/2029 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2032 | EUR | 400 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/25/2027 | EUR | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 11/25/2032 | EUR | 400 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 12/15/2025 | EUR | 1383 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Francaise de Financement Local, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/07/2025 | EUR | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/30/2031 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/23/2025 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/16/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/19/2026 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/01/2046 | EUR | 100 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/25/2028 | EUR | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/11/2032 | EUR | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/28/2038 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/02/2028 | EUR | 5000 | 5264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada Housing Trust No. 1, (Canada), 0.95%, 06/15/2025 (e) | CAD | 1000 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Government Bond, (Canada), 1.00%, 06/01/2027 | CAD | 200 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/2031 | CAD | 600 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/01/2053 | CAD | 400 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2023 | CAD | 1900 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2032 | CAD | 600 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | CAD | 530 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2028 | CAD | 500 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | CAD | 2090 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041 | CAD | 150 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024 | CHF | 240 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045 | CHF | 50 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cassa Depositi e Prestiti SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/21/2028 | EUR | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/20/2027 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDP Financial, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/06/2027 | EUR | 6000 | 5851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/25/2039 (e) |  | 250 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.60%, 11/25/2039 |  | 250 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond, (Chile), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 01/26/2027 | EUR | 5000 | 4569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 07/02/2031 | EUR | 1050 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/22/2051 | EUR | 900 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/26/2036 | EUR | 1000 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/30/2025 | EUR | 4000 | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/27/2032 |  | 200 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2034 |  | 200 | 170 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; China Development Bank, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 07/19/2027 | CNH | 15000 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.23%, 11/27/2025 | CNH | 10000 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/19/2027 | CNH | 13000 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.30%, 08/02/2032 | CNH | 7000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.35%, 08/06/2024 | CNH | 7000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.35%, 09/19/2024 | CNH | 1000 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 11/13/2028 | CNH | 2500 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1510, 4.21%, 04/13/2025 | CNY | 53000 | 7906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1518, 3.74%, 09/10/2025 | CNY | 14700 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1605, 3.80%, 01/25/2036 | CNY | 29000 | 4407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1710, 4.04%, 04/10/2027 | CNY | 110000 | 16580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1805, 4.88%, 02/09/2028 | CNY | 28400 | 4474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1806, 4.73%, 04/02/2025 | CNY | 10230 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1810, 4.04%, 07/06/2028 | CNY | 6600 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1904, 3.68%, 02/26/2026 | CNY | 76500 | 11335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1905, 3.48%, 01/08/2029 | CNY | 235500 | 34872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1908, 3.42%, 07/02/2024 | CNY | 28000 | 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1909, 3.50%, 08/13/2026 | CNY | 104100 | 15385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1910, 3.65%, 05/21/2029 | CNY | 181900 | 27185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1915, 3.45%, 09/20/2029 | CNY | 66600 | 9831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003, 3.23%, 01/10/2025 | CNY | 187300 | 27334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, 3.43%, 01/14/2027 | CNY | 28000 | 4114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005, 3.07%, 03/10/2030 | CNY | 47200 | 6810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 3.70%, 10/20/2030 | CNY | 18000 | 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2104, 3.40%, 01/08/2028 | CNY | 4000 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2105, 3.66%, 03/01/2031 | CNY | 83500 | 12551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.41%, 06/07/2031 | CNY | 46200 | 6819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2115, 3.12%, 09/13/2031 | CNY | 22500 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2205, 3.00%, 01/17/2032 | CNY | 83000 | 11888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 2.98%, 04/22/2032 | CNY | 24200 | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Government Bond, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 04/09/2025 | CNY | 520700 | 74150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 02/24/2025 | CNY | 52000 | 7443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 01/20/2027 | CNY | 200000 | 28455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 09/02/2024 | CNY | 80000 | 11520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 04/15/2027 | CNH | 81000 | 11593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 05/21/2030 | CNY | 526700 | 74735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 08/12/2026 | CNY | 52500 | 7563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/2029 | CNY | 32000 | 4588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/17/2032 | CNY | 110600 | 15698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/24/2029 | CNY | 37000 | 5325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/2027 | CNY | 363000 | 52583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 05/27/2031 | CNY | 52600 | 7651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/11/2026 | CNY | 13900 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.16%, 06/27/2023 | CNH | 500 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 07/04/2023 | CNH | 2000 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.31%, 11/30/2025 | CNH | 2000 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 11/21/2024 | CNH | 3000 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/04/2026 | CNH | 24000 | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 03/16/2050 | CNY | 215500 | 31581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/2072 | CNY | 87260 | 12716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 10/18/2051 | CNY | 15700 | 2372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 06/27/2028 | CNH | 26500 | 3944 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 117

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 05/21/2030 | CNH | 8500 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 04/12/2051 | CNY | 106000 | 16537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 05/25/2070 | CNY | 20670 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 09/14/2050 | CNY | 113600 | 17940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 12/12/2026 | CNH | 19000 | 2847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 07/04/2036 | CNH | 13500 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/22/2024 | CNH | 8500 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/30/2035 | CNH | 30500 | 4705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 12/04/2027 | CNH | 20000 | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 12/12/2031 | CNH | 3000 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.29%, 05/22/2029 | CNH | 3000 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.40%, 12/12/2046 | CNH | 26000 | 4223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1617, 2.74%, 08/04/2026 | CNY | 3400 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1908, 4.00%, 06/24/2069 | CNY | 5000 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Government International Bond, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/12/2026 | EUR | 3700 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/12/2031 | EUR | 3250 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milan Italy, (Italy), 4.02%, 06/29/2035 | EUR | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Montreal Canada, (Canada), 2.30%, 09/01/2029 | CAD | 600 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Quebec Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/06/2031 | CAD | 300 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/20/2027 | CAD | 565 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Toronto Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/28/2035 | CAD | 200 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/02/2036 | CAD | 300 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, (Colombia), 9.85%, 06/28/2027 | COP | 500000 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communaute Francaise de Belgique, (Belgium), Reg. S, 1.63%, 05/03/2032 | EUR | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPPIB Capital, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/06/2027 | EUR | 2550 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/18/2041 | EUR | 2500 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/20/2024 | EUR | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2049 | EUR | 600 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2071 | GBP | 2000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croatia Government International Bond, (Croatia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/19/2029 | EUR | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/04/2033 | EUR | 1000 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/17/2031 | EUR | 1000 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 06/15/2028 | EUR | 3000 | 3088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/27/2030 | EUR | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2027 | EUR | 2000 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cyprus Government International Bond, (Cyprus), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 12/03/2024 | EUR | 347 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/21/2030 | EUR | 235 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 01/20/2032 | EUR | 300 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/21/2040 | EUR | 720 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 04/16/2050 | EUR | 10 | 8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic Government Bond, (Czech Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 49, Reg. S, 4.20%, 12/04/2036 | CZK | 5390 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53, Reg. S, 4.85%, 11/26/2057 | CZK | 2340 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58, Reg. S, 5.70%, 05/25/2024 | CZK | 140 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, Reg. S, 2.50%, 08/25/2028 | CZK | 16760 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 89, Reg. S, 2.40%, 09/17/2025 | CZK | 16910 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 95, Reg. S, 1.00%, 06/26/2026 | CZK | 6860 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 97, Reg. S, 0.45%, 10/25/2023 | CZK | 12000 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 100, 0.25%, 02/10/2027 | CZK | 34990 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 103, 2.00%, 10/13/2033 | CZK | 7260 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 105, 2.75%, 07/23/2029 | CZK | 5810 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 1.20%, 03/13/2031 | CZK | 27250 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 125, 1.50%, 04/24/2040 | CZK | 3380 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 130, 0.05%, 11/29/2029 | CZK | 4980 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 138, 1.75%, 06/23/2032 | CZK | 3170 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 1.95%, 07/30/2037 | CZK | 3710 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark Government Bond, (Denmark), 0.25%, 11/15/2052 | DKK | 3801 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/15/2027 | DKK | 2948 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/15/2029 | DKK | 8494 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/2023 | DKK | 3720 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2025 | DKK | 1380 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2039 | DKK | 6730 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/10/2024 | DKK | 1470 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TWIN, 0.00%, 11/15/2031 | DKK | 6577 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Bank of Japan, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/10/2025 | EUR | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/28/2023 | GBP | 600 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/01/2026 | EUR | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/26/2027 | EUR | 900 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, 0.24%, 10/13/2027 | JPY | 100000 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030 | EUR | 200 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Union, (Supranational), Reg. S, 3.38%, 04/04/2032 | EUR | 1200 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export Development Canada, (Canada),<br>Reg. S, 0.50%, 02/25/2027 | EUR | 2000 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of China (The), (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1514, 3.87%, 09/14/2025 | CNY | 25000 | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1603, 3.33%, 02/22/2026 | CNY | 15000 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1610, 3.18%, 09/05/2026 | CNY | 10000 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1703, 4.11%, 03/20/2027 | CNY | 14000 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1905, 3.28%, 02/11/2024 | CNY | 112000 | 16266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1910, 3.86%, 05/20/2029 | CNY | 77800 | 11760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005, 2.93%, 03/02/2025 | CNY | 82600 | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007, 3.26%, 02/24/2027 | CNY | 52400 | 7685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, 3.23%, 03/23/2030 | CNY | 47400 | 6905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011, 3.74%, 11/16/2030 | CNY | 10000 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2105, 3.22%, 05/14/2026 | CNY | 6500 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2113, 2.76%, 11/05/2024 | CNY | 10000 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 3.18%, 03/11/2032 | CNY | 80400 | 11673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2211, 2.90%, 08/19/2032 | CNY | 35600 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2215, 2.82%, 06/17/2027 | CNY | 4000 | 575 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 118 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea, (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.60%, 11/08/2023 | AUD | 1100 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.00%, 05/15/2024 | IDR | 400000 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland Government Bond, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2030 (e) | EUR | 170 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/15/2031 (e) | EUR | 385 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 04/15/2036 (e) | EUR | 280 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 04/15/2052 (e) | EUR | 340 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/15/2040 (e) | EUR | 384 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/15/2026 (e) | EUR | 820 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/15/2027 (e) | EUR | 280 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/15/2029 (e) | EUR | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/15/2043 (e) | EUR | 90 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/15/2031 (e) | EUR | 321 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/15/2025 (e) | EUR | 430 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/15/2034 (e) | EUR | 421 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/15/2027 (e) | EUR | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/15/2032 (e) | EUR | 330 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/15/2024 (e) | EUR | 447 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/04/2042 (e) | EUR | 275 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 07/04/2028 (e) | EUR | 120 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 07/04/2025 (e) | EUR | 270 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S,<br>1.38%, 04/15/2047 (e) | EUR | 357 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finnvera OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/09/2029 | EUR | 300 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 08/07/2028 | EUR | 1500 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/17/2025 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 12/17/2023 | EUR | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free and Hanseatic City of Hamburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/07/2026 | EUR | 280 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 06/30/2028 | EUR | 180 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/05/2035 | EUR | 70 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 09/03/2049 | EUR | 70 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/18/2041 | EUR | 94 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free State of Bavaria, (Germany), Reg. S, 0.01%, 01/18/2035 | EUR | 352 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free State of Saxony, (Germany), Reg. S, 0.01%, 11/05/2029 | EUR | 197 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bond OAT, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2024 | EUR | 2793 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/25/2024 | EUR | 4470 | 4621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2025 | EUR | 1620 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/25/2025 | EUR | 3340 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2027 | EUR | 4215 | 4029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2029 | EUR | 3675 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 | EUR | 2647 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2031 | EUR | 3404 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2032 | EUR | 2480 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/25/2026 | EUR | 3576 | 3477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2025 | EUR | 5793 | 5876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2026 | EUR | 1209 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2029 | EUR | 3547 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2040 (e) | EUR | 5014 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/25/2044 (e) | EUR | 972 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2072 (e) | EUR | 753 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/25/2028 | EUR | 1180 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2028 | EUR | 3803 | 3653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/25/2028 | EUR | 1185 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2052 (e) | EUR | 3627 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2053 (e) | EUR | 1598 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/25/2025 | EUR | 2810 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2027 | EUR | 3898 | 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2034 | EUR | 2842 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2036 (e) | EUR | 2854 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2038 | EUR | 550 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2031 | EUR | 3873 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2050 (e) | EUR | 2391 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 06/25/2039 (e) | EUR | 1597 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2066 (e) | EUR | 686 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/25/2032 | EUR | 1180 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/25/2048 (e) | EUR | 1407 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 05/25/2024 | EUR | 883 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2030 | EUR | 5621 | 5885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2043 (e) | EUR | 140 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/25/2027 | EUR | 3179 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2045 | EUR | 2665 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/25/2026 | EUR | 36 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/25/2038 | EUR | 658 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/25/2055 (e) | EUR | 1031 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/25/2060 | EUR | 1108 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 04/25/2041 | EUR | 2142 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 04/25/2035 | EUR | 1867 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 04/25/2029 | EUR | 2037 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 10/25/2032 | EUR | 1029 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 10/25/2025 | EUR | 2740 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 46, Reg. S, 1.13%, 09/30/2024 | EUR | 720 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58, Reg. S, 0.00%, 02/19/2027 | EUR | 220 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, Reg. S, 0.01%, 02/04/2031 | EUR | 146 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gestion Securite de Stocks Securite SA, (France), Reg. S, 4.00%, 01/24/2024 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government Bond Programme, (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 03/02/2032 | HKD | 800 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97%, 01/17/2029 | HKD | 1300 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government International Bond, (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.80%, 11/30/2024 | CNH | 5000 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/30/2026 | CNH | 10000 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Development Board, (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.76%, 02/24/2027 |  | SGD 250 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.97%, 01/25/2029 |  | SGD 750 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/21/2024 |  | SGD 750 | 544 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 119

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24/C, 2.50%, 10/24/2024 | HUF | 281740 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26/E, 1.50%, 04/22/2026 | HUF | 100410 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26/D, 2.75%, 12/22/2026 | HUF | 80210 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27/A, 3.00%, 10/27/2027 | HUF | 194780 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28/A, 6.75%, 10/22/2028 | HUF | 75000 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30/A, 3.00%, 08/21/2030 | HUF | 297350 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33/A, 2.25%, 04/20/2033 | HUF | 57020 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34/A, 2.25%, 06/22/2034 | HUF | 100520 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 41/A, 3.00%, 04/25/2041 | HUF | 27170 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government International Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/18/2030 | EUR | 1000 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/28/2032 | EUR | 1000 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 10/10/2027 | EUR | 825 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 06/05/2035 | EUR | 2000 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro-Quebec, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2040 | CAD | 300 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 8.40%, 03/28/2025 |  | 600 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 8.91%, 11/18/2024 |  | 800 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HK, 9.38%, 04/15/2030 |  | 500 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ile-de-France Mobilites, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 05/28/2031 | EUR | 300 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2034 | EUR | 300 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.28%, 02/14/2042 | EUR | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/14/2027 | EUR | 3102 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/12/2033 | EUR | 1000 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/2031 |  | 234 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.15%, 07/18/2024 | EUR | 2050 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/14/2028 | EUR | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/20/2032 |  | 600 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Treasury Bond, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR56, 8.38%, 09/15/2026 | IDR | 13567000 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR59, 7.00%, 05/15/2027 | IDR | 15000000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR64, 6.13%, 05/15/2028 | IDR | 407000 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR67, 8.75%, 02/15/2044 | IDR | 7300000 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR76, 7.38%, 05/15/2048 | IDR | 8695000 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR77, 8.13%, 05/15/2024 | IDR | 18300000 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR80, 7.50%, 06/15/2035 | IDR | 25000000 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR81, 6.50%, 06/15/2025 | IDR | 16400000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR83, 7.50%, 04/15/2040 | IDR | 13547000 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR85, 7.75%, 04/15/2031 | IDR | 47416000 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR87, 6.50%, 02/15/2031 | IDR | 4800000 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025 | CHF | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024 | EUR | 150 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Instituto de Credito Oficial, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/30/2024 | EUR | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.65%, 01/31/2028 | EUR | 100 | 103 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/2027 | EUR | 2125 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/2029 |  | 13 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/31/2030 |  | 1000 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10%, 09/17/2035 | EUR | 1475 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 01/21/2061 | EUR | 1000 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/23/2027 | GBP | 2900 | 2907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/21/2029 | EUR | 5000 | 4482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/28/2025 |  | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/28/2025 |  | 2100 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/21/2035 | EUR | 50 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 02/10/2026 |  | 750 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 10/22/2046 | EUR | 2000 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 12/13/2024 | GBP | 2050 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/21/2029 | GBP | 2000 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/08/2034 | EUR | 9000 | 7790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.00%), 1.60%, 05/31/2026 (aa) |  | 1000 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/2025 |  | 475 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/19/2024 |  | 465 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/27/2023 |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland Government Bond, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/18/2031 | EUR | 1127 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 05/15/2027 | EUR | 430 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 10/18/2030 | EUR | 611 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 10/18/2032 | EUR | 290 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 05/15/2035 | EUR | 691 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 04/22/2041 | EUR | 385 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 05/15/2028 | EUR | 862 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.10%, 05/15/2029 | EUR | 957 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 05/15/2033 | EUR | 330 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.35%, 03/18/2031 | EUR | 365 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/15/2050 | EUR | 593 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 05/15/2037 | EUR | 290 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/18/2045 | EUR | 555 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 05/15/2030 | EUR | 330 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 03/18/2024 | EUR | 490 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/13/2025 | EUR | 790 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government AID Bond, (Israel), 5.50%, 09/18/2033 |  | 900 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Zero Coupon, 11/01/2024 |  | 24 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government Bond—Fixed, (Israel), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 5.50%, 01/31/2042 | ILS | 290 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 327, 2.00%, 03/31/2027 | ILS | 800 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 330, 1.00%, 03/31/2030 | ILS | 1200 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 537, 1.50%, 05/31/2037 | ILS | 305 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bond, (Israel), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/18/2032 | EUR | 3000 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/18/2027 | EUR | 2000 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/16/2049 | EUR | 825 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/03/2030 |  | 400 | 363 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 120 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 0.00%, 01/30/2024 | EUR | 1430 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 0.00%, 04/15/2024 | EUR | 1278 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 0.00%, 12/15/2024 | EUR | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 1.20%, 08/15/2025 | EUR | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, Reg. S, 0.00%, 01/15/2024 | EUR | 1045 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 0.00%, 04/01/2026 | EUR | 2810 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 0.00%, 08/01/2026 | EUR | 1267 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 1.10%, 04/01/2027 | EUR | 370 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 1.75%, 07/01/2024 | EUR | 2050 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 1.85%, 07/01/2025 (e) | EUR | 980 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 2.65%, 12/01/2027 | EUR | 660 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, Reg. S, 0.35%, 02/01/2025 | EUR | 2130 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.25%, 03/15/2028 | EUR | 1590 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.50%, 07/15/2028 | EUR | 1694 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.65%, 10/15/2023 | EUR | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 1.45%, 11/15/2024 | EUR | 950 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 1.45%, 05/15/2025 | EUR | 1013 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 1.85%, 05/15/2024 | EUR | 1340 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.10%, 07/15/2026 | EUR | 1844 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.50%, 11/15/2025 | EUR | 545 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.85%, 01/15/2027 (e) | EUR | 6435 | 6164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.60%, 08/01/2031 (e) | EUR | 2294 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 08/01/2030 | EUR | 1510 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 12/01/2031 (e) | EUR | 2105 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 06/01/2032 | EUR | 1455 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.25%, 12/01/2026 | EUR | 2107 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.50%, 06/01/2025 | EUR | 1620 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.65%, 12/01/2030 (e) | EUR | 2253 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.00%, 12/01/2025 | EUR | 1400 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.00%, 02/01/2028 | EUR | 342 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.05%, 08/01/2027 | EUR | 2080 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.20%, 06/01/2027 | EUR | 1977 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.50%, 12/01/2024 | EUR | 994 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.50%, 12/01/2032 | EUR | 490 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.80%, 12/01/2028 | EUR | 2648 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 08/01/2029 | EUR | 1946 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.75%, 09/01/2024 | EUR | 1230 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 0.90%, 04/01/2031 | EUR | 1957 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 1.35%, 04/01/2030 | EUR | 1390 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 4.50%, 03/01/2024 | EUR | 59 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13Y, Reg. S, 4.00%, 04/30/2035 (e) | EUR | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.45%, 09/01/2033 (e) | EUR | 1611 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 4.75%, 09/01/2028 (e) | EUR | 1270 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 0.95%, 03/01/2037 (e) | EUR | 1134 | 757 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 1.45%, 03/01/2036 (e) | EUR | 879 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.25%, 03/01/2038 (e) | EUR | 520 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.50%, 03/01/2030 (e) | EUR | 86 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 4.50%, 03/01/2026 (e) | EUR | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 5.00%, 03/01/2025 (e) | EUR | 890 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17Y, Reg. S, 1.65%, 03/01/2032 (e) | EUR | 676 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 2.25%, 09/01/2036 (e) | EUR | 1014 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 2.95%, 09/01/2038b (e) | EUR | 852 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 1.80%, 03/01/2041 (e) | EUR | 1274 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 3.10%, 03/01/2040 (e) | EUR | 1112 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26Y, Reg. S, 3.35%, 03/01/2035 (e) | EUR | 2660 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.15%, 09/01/2052 (e) | EUR | 641 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 3.85%, 09/01/2049 (e) | EUR | 930 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 6.50%, 11/01/2027 | EUR | 890 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 7.25%, 11/01/2026 | EUR | 2200 | 2660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.70%, 09/01/2051 (e) | EUR | 1667 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 2.70%, 03/01/2047 (e) | EUR | 920 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 3.25%, 09/01/2046 (e) | EUR | 1090 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 3.45%, 03/01/2048 (e) | EUR | 1035 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.00%, 02/01/2037 (e) | EUR | 1310 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.75%, 09/01/2044 (e) | EUR | 2105 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.00%, 08/01/2034 (e) | EUR | 966 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.00%, 09/01/2040 (e) | EUR | 960 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.25%, 11/01/2029 | EUR | 1777 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.75%, 02/01/2033 | EUR | 1100 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 6.00%, 05/01/2031 | EUR | 1753 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 5.00%, 08/01/2039 (e) | EUR | 1341 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34Y, Reg. S, 1.50%, 04/30/2045 (e) | EUR | 951 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50Y, Reg. S, 2.15%, 03/01/2072 (e) | EUR | 357 | 214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 121

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50Y, Reg. S, 2.80%, 03/01/2067 (e) | EUR | 665 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CAC, Reg. S, 2.45%, 09/01/2050 (e) | EUR | 862 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Expressway Holding and Debt Repayment Agency, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37, 2.42%, 06/20/2028 | JPY | 100000 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, 1.96%, 09/19/2031 | JPY | 100000 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 271, 0.02%, 03/31/2026 | JPY | 200000 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 347, 0.73%, 04/30/2048 | JPY | 200000 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Finance Corp., (Japan), Series 57, 0.00%, 10/17/2025 | JPY | 200000 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Finance Organization for Municipalities, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 02/12/2027 | EUR | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/02/2025 |  | 1000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55, 0.78%, 12/28/2023 | JPY | 100000 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 69, 0.48%, 02/28/2025 | JPY | 100000 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 2.32%, 06/18/2027 | JPY | 120000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Five Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 141, 0.10%, 09/20/2024 | JPY | 1500000 | 11442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 0.10%, 12/20/2024 | JPY | 1283550 | 9791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 143, 0.10%, 03/20/2025 | JPY | 15700 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144, 0.10%, 06/20/2025 | JPY | 329000 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, 0.01%, 06/20/2026 | JPY | 409750 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, 0.01%, 12/20/2026 | JPY | 1874550 | 14198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 0.01%, 03/20/2027 | JPY | 1554850 | 11757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 153, 0.01%, 06/20/2027 | JPY | 459600 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Forty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, 2.40%, 03/20/2048 | JPY | 100000 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, 2.20%, 03/20/2050 | JPY | 976550 | 8622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5, 2.00%, 03/20/2052 | JPY | 362900 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10, 0.90%, 03/20/2057 | JPY | 400450 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12, 0.50%, 03/20/2059 | JPY | 687650 | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15, 1.00%, 03/20/2062 | JPY | 46350 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Ten Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 342, 0.10%, 03/20/2026 | JPY | 62900 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 343, 0.10%, 06/20/2026 | JPY | 227350 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 344, 0.10%, 09/20/2026 | JPY | 2100450 | 15988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 346, 0.10%, 03/20/2027 | JPY | 1000000 | 7590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 349, 0.10%, 12/20/2027 | JPY | 1115800 | 8435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 357, 0.10%, 12/20/2029 | JPY | 538000 | 4007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 358, 0.10%, 03/20/2030 | JPY | 995000 | 7388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 360, 0.10%, 09/20/2030 | JPY | 510250 | 3773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 361, 0.10%, 12/20/2030 | JPY | 971000 | 7166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 363, 0.10%, 06/20/2031 | JPY | 765250 | 5634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 366, 0.20%, 03/20/2032 | JPY | 180000 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 367, 0.20%, 06/20/2032 | JPY | 251200 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 368, 0.20%, 09/20/2032 | JPY | 502950 | 3752 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Thirty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5, 2.20%, 05/20/2031 | JPY | 143400 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, 1.70%, 06/20/2033 | JPY | 100000 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17, 2.40%, 12/20/2034 | JPY | 112150 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 18, 2.30%, 03/20/2035 | JPY | 870900 | 7790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20, 2.50%, 09/20/2035 | JPY | 156800 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, 2.30%, 12/20/2035 | JPY | 749850 | 6714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22, 2.50%, 03/20/2036 | JPY | 132250 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 23, 2.50%, 06/20/2036 | JPY | 149200 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24, 2.50%, 09/20/2036 | JPY | 405100 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32, 2.30%, 03/20/2040 | JPY | 271450 | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33, 2.00%, 09/20/2040 | JPY | 333000 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34, 2.20%, 03/20/2041 | JPY | 444200 | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35, 2.00%, 09/20/2041 | JPY | 844000 | 7220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 43, 1.70%, 06/20/2044 | JPY | 64500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50, 0.80%, 03/20/2046 | JPY | 81550 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 51, 0.30%, 06/20/2046 | JPY | 197200 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 52, 0.50%, 09/20/2046 | JPY | 145450 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 61, 0.70%, 12/20/2048 | JPY | 167700 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 62, 0.50%, 03/20/2049 | JPY | 608350 | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 63, 0.40%, 06/20/2049 | JPY | 209600 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 64, 0.40%, 09/20/2049 | JPY | 387050 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 65, 0.40%, 12/20/2049 | JPY | 517250 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, 0.40%, 03/20/2050 | JPY | 354850 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 67, 0.60%, 06/20/2050 | JPY | 50000 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 68, 0.60%, 09/20/2050 | JPY | 131500 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 70, 0.70%, 03/20/2051 | JPY | 30000 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, 0.70%, 06/20/2051 | JPY | 118600 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73, 0.70%, 12/20/2051 | JPY | 20000 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 74, 1.00%, 03/20/2052 | JPY | 104000 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, 1.30%, 06/20/2052 | JPY | 40000 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 76, 1.40%, 09/20/2052 | JPY | 100900 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Twenty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 80, 2.10%, 06/20/2025 | JPY | 517000 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 92, 2.10%, 12/20/2026 | JPY | 196250 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 94, 2.10%, 03/20/2027 | JPY | 1047500 | 8618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 96, 2.10%, 06/20/2027 | JPY | 93350 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 105, 2.10%, 09/20/2028 | JPY | 263700 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 1.90%, 09/20/2030 | JPY | 608800 | 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 1.80%, 09/20/2030 | JPY | 965200 | 8085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 125, 2.20%, 03/20/2031 | JPY | 768850 | 6654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 126, 2.00%, 03/20/2031 | JPY | 845200 | 7210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 133, 1.80%, 12/20/2031 | JPY | 818050 | 6934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 134, 1.80%, 03/20/2032 | JPY | 447550 | 3803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 137, 1.70%, 06/20/2032 | JPY | 295450 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 140, 1.70%, 09/20/2032 | JPY | 218800 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 147, 1.60%, 12/20/2033 | JPY | 91200 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, 1.50%, 03/20/2034 | JPY | 970000 | 8035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 1.20%, 12/20/2034 | JPY | 585550 | 4677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 164, 0.50%, 03/20/2038 | JPY | 432900 | 3043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 168, 0.40%, 03/20/2039 | JPY | 534150 | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 170, 0.30%, 09/20/2039 | JPY | 293500 | 1944 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 122 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 172, 0.40%, 03/20/2040 | JPY | 145000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 173, 0.40%, 06/20/2040 | JPY | 872500 | 5807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, 0.50%, 12/20/2040 | JPY | 698400 | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 176, 0.50%, 03/20/2041 | JPY | 143050 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177, 0.40%, 06/20/2041 | JPY | 688850 | 4510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 178, 0.50%, 09/20/2041 | JPY | 872300 | 5809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 179, 0.50%, 12/20/2041 | JPY | 25000 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 180, 0.80%, 03/20/2042 | JPY | 125000 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 182, 1.10%, 09/20/2042 | JPY | 45700 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Two Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 430, 0.01%, 11/01/2023 | JPY | 300000 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 434, 0.01%, 03/01/2024 | JPY | 2149800 | 16380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Housing Finance Agency, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, 1.75%, 03/19/2026 | JPY | 200000 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 108, 1.43%, 06/18/2027 | JPY | 100000 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026 | JPY | 200000 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030 | JPY | 103411 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey International Bond, (Jersey),<br>Reg. S, 3.75%, 06/09/2054 | GBP | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Junta de Castilla y Leon, (Spain), Reg. S, 0.43%, 04/30/2030 | EUR | 62 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Government International Bond, (Kazakhstan), Reg. S, 1.50%, 09/30/2034 | EUR | 400 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Belgium Government Bond, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Reg. S, 5.00%, 03/28/2035 (e) | EUR | 580 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, Reg. S, 4.25%, 03/28/2041 (e) | EUR | 820 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 64, Reg. S, 4.50%, 03/28/2026 (e) | EUR | 705 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, Reg. S, 4.00%, 03/28/2032 | EUR | 342 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, Reg. S, 3.75%, 06/22/2045 | EUR | 563 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 72, Reg. S, 2.60%, 06/22/2024 (e) | EUR | 850 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73, Reg. S, 3.00%, 06/22/2034 (e) | EUR | 2138 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 74, Reg. S, 0.80%, 06/22/2025 (e) | EUR | 739 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, Reg. S, 1.00%, 06/22/2031 (e) | EUR | 997 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 76, Reg. S, 1.90%, 06/22/2038 (e) | EUR | 513 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 77, Reg. S, 1.00%, 06/22/2026 (e) | EUR | 1412 | 1428 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, Reg. S, 1.60%, 06/22/2047 (e) | EUR | 1007 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 80, Reg. S, 2.15%, 06/22/2066 (e) | EUR | 411 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 82, Reg. S, 0.50%, 10/22/2024 (e) | EUR | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 83, Reg. S, 2.25%, 06/22/2057 (e) | EUR | 467 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 84, Reg. S, 1.45%, 06/22/2037 (e) | EUR | 300 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 85, Reg. S, 0.80%, 06/22/2028 (e) | EUR | 1912 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, Reg. S, 1.25%, 04/22/2033 (e) | EUR | 874 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 87, Reg. S, 0.90%, 06/22/2029 (e) | EUR | 1504 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 88, Reg. S, 1.70%, 06/22/2050 (e) | EUR | 616 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 89, Reg. S, 0.10%, 06/22/2030 (e) | EUR | 472 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 90, Reg. S, 0.40%, 06/22/2040 (e) | EUR | 885 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 91, Reg. S, 0.00%, 10/22/2027 (e) | EUR | 1816 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 92, Reg. S, 0.00%, 10/22/2031 (e) | EUR | 1087 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 93, Reg. S, 0.65%, 06/22/2071 (e) | EUR | 428 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 94, Reg. S, 0.35%, 06/22/2032 (e) | EUR | 1390 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 95, Reg. S, 1.40%, 06/22/2053 (e) | EUR | 565 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 96, Reg. S, 2.75%, 04/22/2039 (e) | EUR | 400 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommunalbanken A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/24/2029 | EUR | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/20/2026 | EUR | 1200 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/24/2027 | EUR | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommunekredit, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/04/2034 | EUR | 500 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/29/2023 | EUR | 175 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/24/2025 | EUR | 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/15/2032 | EUR | 4000 | 3998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommuninvest I Sverige AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/12/2025 | SEK | 3000 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2505, Reg. S, 1.00%, 05/12/2025 | SEK | 5000 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2602, Reg. S, 0.75%, 02/04/2026 | SEK | 2880 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2611, Reg. S, 1.00%, 11/12/2026 | SEK | 4000 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G24, Reg. S, 0.38%, 03/27/2024 | SEK | 4880 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank (The), (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.83%, 08/10/2027 | SEK | 2000 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/08/2027 | EUR | 6500 | 6678 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 123

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/22/2025 | IDR | 15000000 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026 |  | 800 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Housing Finance Corp., (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 06/18/2024 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.96%, 07/19/2026 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024 | CHF | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea National Oil Corp., (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/04/2024 | CHF | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.26%, 07/30/2027 | CHF | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Treasury Bond, (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2409, 1.38%, 09/10/2024 | KRW | 6317140 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2509, 1.13%, 09/10/2025 | KRW | 3647620 | 2691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2612, 1.50%, 12/10/2026 | KRW | 9574780 | 6940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3006, 1.38%, 06/10/2030 | KRW | 3108500 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3106, 2.00%, 06/10/2031 | KRW | 3015550 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3112, 2.38%, 12/10/2031 | KRW | 1717530 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3909, 1.13%, 09/10/2039 | KRW | 2422100 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4009, 1.50%, 09/10/2040 | KRW | 2000000 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4603, 2.00%, 03/10/2046 | KRW | 1444000 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4703, 2.13%, 03/10/2047 | KRW | 365530 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5003, 1.50%, 03/10/2050 | KRW | 7596800 | 3770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7009, 1.63%, 09/10/2070 | KRW | 876950 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuntarahoitus OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/14/2030 | EUR | 500 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/06/2029 | EUR | 400 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/07/2024 | EUR | 180 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 02/23/2033 | EUR | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Baden-Wuerttemberg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/02/2030 | EUR | 118 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/27/2026 | EUR | 380 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Berlin, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/02/2030 | EUR | 490 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 01/18/2030 | EUR | 135 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/24/2045 | EUR | 90 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/26/2052 | EUR | 100 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 08/02/2032 | EUR | 180 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 493, Reg. S, 0.63%, 02/08/2027 | EUR | 570 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 495, Reg. S, 1.38%, 06/05/2037 | EUR | 260 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 506, Reg. S, 1.38%, 08/27/2038 | EUR | 115 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, Reg. S, 0.10%, 01/18/2041 | EUR | 80 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Thueringen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 05/06/2030 | EUR | 260 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/13/2051 | EUR | 100 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latvia Government International Bond, (Latvia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/17/2031 | EUR | 100 | 78 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/30/2028 | EUR | 390 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/16/2036 | EUR | 110 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 02/19/2049 | EUR | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithuania Government International Bond, (Lithuania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/06/2025 | EUR | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/28/2050 | EUR | 210 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/06/2030 | EUR | 440 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/01/2032 | EUR | 210 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg Government Bond, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/28/2025 | EUR | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/13/2026 | EUR | 130 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/28/2030 | EUR | 150 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia Government Bond, (Malaysia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 114, 4.18%, 07/15/2024 | MYR | 3000 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 3.58%, 07/15/2032 | MYR | 4400 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 216, 4.74%, 03/15/2046 | MYR | 1620 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 3.89%, 08/15/2029 | MYR | 6600 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 307, 3.50%, 05/31/2027 | MYR | 2000 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 418, 4.89%, 06/08/2038 | MYR | 3010 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 518, 4.92%, 07/06/2048 | MYR | 550 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 519, 3.76%, 05/22/2040 | MYR | 2290 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia Government Investment Issue, (Malaysia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 119, 4.13%, 07/09/2029 | MYR | 1930 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 217, 4.05%, 08/15/2024 | MYR | 3090 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 218, 4.37%, 10/31/2028 | MYR | 7600 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 4.47%, 09/15/2039 | MYR | 2000 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, 5.36%, 05/15/2052 | MYR | 1780 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 319, 3.73%, 03/31/2026 | MYR | 2640 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 417, 4.90%, 05/08/2047 | MYR | 521 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 617, 4.72%, 06/15/2033 | MYR | 795 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitano de Lisboa EPE, (Portugal), 4.80%, 12/07/2027 | EUR | 700 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 12/23/2025 | EUR | 500 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Bonos, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 05/29/2031 | MXN | 12000 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M 20, 7.50%, 06/03/2027 | MXN | 17000 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M 20, 8.50%, 05/31/2029 | MXN | 1000 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M 30, 8.50%, 11/18/2038 | MXN | 2000 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/17/2030 | EUR | 1200 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/18/2027 | EUR | 3075 | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/25/2033 | EUR | 2000 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/08/2026 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/25/2051 | EUR | 2200 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/06/2045 | EUR | 825 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/2034 |  | 700 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 03/15/2115 | EUR | 500 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/12/2052 |  | 400 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/2029 |  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/10/2048 |  | 250 | 192 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 124 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 03/19/2114 | GBP | 800 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 |  | 80 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/06/2024 | GBP | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ministeries Van de Vlaamse Gemeenschap, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/23/2051 | EUR | 100 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 11/21/2033 | EUR | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/12/2038 | EUR | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/11/2044 | EUR | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/12/2032 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Finance Authority of British Columbia, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 06/01/2025 | CAD | 200 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/09/2029 | CAD | 300 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/03/2023 | CAD | 500 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Waterschapsbank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/28/2030 | EUR | 374 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 09/25/2023 | EUR | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/07/2024 | EUR | 683 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/28/2046 | EUR | 169 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/04/2041 | EUR | 200 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/01/2028 | EUR | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/27/2036 | EUR | 140 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/15/2039 | EUR | 160 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/31/2025 | CAD | 1000 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands Government Bond, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2024 (e) | EUR | 446 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/2026 | EUR | 1630 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2027 (e) | EUR | 990 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/15/2029 | EUR | 230 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/15/2030 (e) | EUR | 764 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/15/2031 (e) | EUR | 1167 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2038 (e) | EUR | 562 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2052 (e) | EUR | 814 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/15/2025 (e) | EUR | 354 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/15/2029 (e) | EUR | 479 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/15/2032 (e) | EUR | 860 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/15/2040 (e) | EUR | 980 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2027 (e) | EUR | 1613 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2028 (e) | EUR | 1090 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 07/15/2024 (e) | EUR | 644 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/15/2054 (e) | EUR | 230 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/15/2033 (e) | EUR | 1938 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/15/2047 (e) | EUR | 1348 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/15/2042 (e) | EUR | 1181 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/15/2037 (e) | EUR | 974 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 01/15/2028 (e) | EUR | 666 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; New South Wales Treasury Corp., (Australia), 1.25%, 11/20/2030 | AUD | 1800 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 11/22/2032 | AUD | 800 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2028 | AUD | 560 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/20/2030 | AUD | 200 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 3.00%, 05/20/2027 | AUD | 1100 | 716 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Government Bond, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 425, Reg. S, 2.75%, 04/15/2025 | NZD | 1700 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 427, Reg. S, 4.50%, 04/15/2027 | NZD | 730 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, 3.00%, 04/20/2029 | NZD | 1130 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 528, 0.25%, 05/15/2028 | NZD | 1180 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 532, 2.00%, 05/15/2032 | NZD | 1090 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 551, 2.75%, 05/15/2051 | NZD | 433 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Local Government Funding Agency Bond, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/15/2037 | NZD | 830 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/14/2033 | NZD | 300 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Territory Treasury Corp., (Australia), Reg. S, 2.00%, 04/21/2031 | AUD | 600 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway Government Bond, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 476, Reg. S, 3.00%, 03/14/2024 (e) | NOK | 6073 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 477, Reg. S, 1.75%, 03/13/2025 (e) | NOK | 1920 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 478, Reg. S, 1.50%, 02/19/2026 (e) | NOK | 4500 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 479, Reg. S, 1.75%, 02/17/2027 (e) | NOK | 3070 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 480, Reg. S, 2.00%, 04/26/2028 (e) | NOK | 3320 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 481, Reg. S, 1.75%, 09/06/2029 (e) | NOK | 3040 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 482, Reg. S, 1.38%, 08/19/2030 (e) | NOK | 5080 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 483, Reg. S, 1.25%, 09/17/2031 (e) | NOK | 2794 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 484, Reg. S, 2.13%, 05/18/2032 (e) | NOK | 4567 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMERS Finance Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/13/2025 (e) | EUR | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 05/13/2025 | EUR | 2700 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031 | CAD | 1500 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Finance Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/06/2025 | EUR | 6800 | 6798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 05/20/2041 | EUR | 1850 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 10/05/2029 | EUR | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond, (Panama), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/19/2033 |  | 400 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/19/2063 |  | 400 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International Bond, (Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 11/17/2036 | EUR | 1000 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/30/2026 | EUR | 825 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/2031 |  | 110 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 |  | 570 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/28/2121 |  | 25 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/2051 |  | 75 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.90%, 08/12/2037 | PEN | 1000 | 235 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 125

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond, (Philippines), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/10/2031 |  | 200 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/28/2041 | EUR | 1000 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 04/13/2033 |  | 400 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/02/2030 |  | 100 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal Obrigacoes do Tesouro OT, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 10/17/2031 (e) | EUR | 472 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.48%, 10/18/2030 (e) | EUR | 377 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 10/15/2027 (e) | EUR | 1155 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 10/12/2035 (e) | EUR | 861 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/12/2052 (e) | EUR | 140 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.15%, 04/11/2042 (e) | EUR | 145 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.65%, 07/16/2032 (e) | EUR | 230 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 06/15/2029 (e) | EUR | 613 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 10/17/2028 (e) | EUR | 1047 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 10/15/2025 (e) | EUR | 820 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 07/21/2026 (e) | EUR | 580 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 02/15/2030 (e) | EUR | 510 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.10%, 04/15/2037 (e) | EUR | 527 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.10%, 02/15/2045 (e) | EUR | 640 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 04/14/2027 (e) | EUR | 480 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.65%, 02/15/2024 (e) | EUR | 699 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.25%, 04/18/2034 (e) | EUR | 426 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Alberta Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 02/20/2029 | SEK | 2000 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/01/2026 | CAD | 600 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of British Columbia Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/18/2048 | CAD | 400 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/01/2036 |  | 300 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/30/2023 | CAD | 620 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029 | CAD | 500 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045 | CAD | 200 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Ontario Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/25/2030 | EUR | 3000 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 12/15/2026 | GBP | 1900 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/09/2031 | EUR | 3000 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 12/15/2023 | GBP | 500 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/17/2025 | EUR | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/21/2025 | EUR | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/02/2035 | CAD | 300 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Quebec Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/05/2031 | EUR | 8000 | 6635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/25/2032 | EUR | 3000 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/04/2027 | EUR | 3500 | 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/05/2028 | EUR | 1025 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 01/22/2024 | EUR | 425 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | CAD | 200 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series PD, 7.50%, 09/15/2029 |  | 100 | 118 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048 | CAD | 400 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Queensland Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 08/21/2031 (e) | AUD | 1160 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/20/2034 (e) | A | UD 500 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/20/2041 (e) | AUD | 450 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 2.75%, 08/20/2027 (e) | AUD | 1800 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032 | EUR | 200 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regie Autonome des Transports Parisiens, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/15/2024 | EUR | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 12/19/2036 | EUR | 682 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/25/2027 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2031 | EUR | 500 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/25/2032 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region of Ile de France, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/20/2028 | EUR | 200 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/14/2025 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 03/27/2024 | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region Wallonne Belgium, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 06/22/2025 | EUR | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/03/2026 | EUR | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2031 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/22/2037 | EUR | 100 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.05%, 06/22/2040 | EUR | 100 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/06/2032 | EUR | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Austria Government Bond, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/15/2024 (e) | EUR | 280 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/20/2028 (e) | EUR | 490 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/20/2030 (e) | EUR | 408 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/20/2031 (e) | EUR | 1344 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/20/2040 (e) | EUR | 350 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 10/20/2036 (e) | EUR | 500 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/20/2027 (e) | EUR | 1100 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/20/2029 (e) | EUR | 739 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 04/20/2071 (e) | EUR | 161 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/20/2026 (e) | EUR | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/20/2028 (e) | EUR | 740 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/20/2051 (e) | EUR | 1052 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 06/30/2120 (e) | EUR | 300 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 02/20/2032 (e) | EUR | 480 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.20%, 10/20/2025 (e) | EUR | 860 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/20/2047 (e) | EUR | 495 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/02/2086 (e) | EUR | 190 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 05/23/2049 (e) | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.10%, 09/20/2117 (e) | EUR | 376 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 05/23/2034 (e) | EUR | 673 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 06/20/2044 (e) | EUR | 368 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 01/26/2062 (e) | EUR | 210 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 03/15/2037 (e) | EUR | 765 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.85%, 03/15/2026 (e) | EUR | 911 | 1037 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 126 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 07/15/2027 | EUR | 133 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Reg. S, 1.65%, 10/21/2024 (e) | EUR | 1468 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Austria Government International Bond, (Austria), Reg. S, 5.38%, 12/01/2034 (e) | CAD | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Italy Government International Bond, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/17/2026 |  | 2000 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/17/2029 |  | 200 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa) | EUR | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 07/31/2024 | EUR | 520 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/31/2034 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 08/04/2028 | GBP | 1050 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 423, Zero Coupon, 04/25/2023 | PLN | 2781 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 424, 2.50%, 04/25/2024 | PLN | 1639 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 428, 2.75%, 04/25/2028 | PLN | 500 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, 5.75%, 04/25/2029 | PLN | 530 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 432, 1.75%, 04/25/2032 | PLN | 2723 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 447, 4.00%, 04/25/2047 | PLN | 373 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 726, 2.50%, 07/25/2026 | PLN | 1890 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 727, 2.50%, 07/25/2027 | PLN | 7250 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1024, 2.25%, 10/25/2024 | PLN | 5960 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1026, 0.25%, 10/25/2026 | PLN | 6040 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1029, 2.75%, 10/25/2029 | PLN | 3773 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1030, 1.25%, 10/25/2030 | PLN | 1213 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/07/2023 | EUR | 425 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/10/2025 | EUR | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/10/2027 | EUR | 1900 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 08/07/2026 | EUR | 1825 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 10/22/2027 | EUR | 6000 | 5863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/08/2049 | EUR | 53 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 01/18/2036 | EUR | 1000 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/25/2032 | EUR | 3000 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 01/20/2025 | EUR | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romania Government Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, 4.00%, 10/25/2023 | RON | 4550 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 3.25%, 06/24/2026 | RON | 2215 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 3.65%, 07/28/2025 | RON | 2600 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.25%, 04/28/2036 | RON | 555 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, 2.50%, 10/25/2027 | RON | 1350 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10YR, 4.15%, 10/24/2030 | RON | 3055 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 6.70%, 02/25/2032 | RON | 1440 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian Government International Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 12/02/2029 | EUR | 2000 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/13/2030 | EUR | 1000 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/14/2033 | EUR | 1500 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.12%, 07/16/2031 | EUR | 3000 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/07/2028 | EUR | 3000 | 2671 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/19/2027 | EUR | 2000 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/02/2040 | EUR | 1000 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/26/2026 | EUR | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/14/2041 | EUR | 800 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 10/28/2024 | EUR | 1475 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/13/2042 | EUR | 1000 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/08/2038 | EUR | 1425 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/28/2050 | EUR | 1265 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.62%, 05/26/2030 | EUR | 1875 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 02/07/2034 | EUR | 1000 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 09/27/2026 | EUR | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 09/27/2029 | EUR | 2000 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/09/2027 | EUR | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 07/09/2039 | EUR | 1200 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFIL SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/24/2024 | EUR | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 06/04/2029 | EUR | 300 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 10/18/2024 | EUR | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Government Bond, (Singapore), 1.88%, 03/01/2050 | SGD | 723 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/2026 | SGD | 1864 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/01/2039 | SGD | 650 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2046 | SGD | 318 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/01/2029 | SGD | 280 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/01/2030 | SGD | 1665 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2033 | SGD | 950 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovakia Government Bond, (Slovakia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 231, 0.63%, 05/22/2026 | EUR | 860 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 233, Reg. S, 2.00%, 10/17/2047 | EUR | 180 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 234, Reg. S, 1.00%, 06/12/2028 | EUR | 240 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 235, Reg. S, 2.25%, 06/12/2068 | EUR | 49 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 236, Reg. S, 0.75%, 04/09/2030 | EUR | 420 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 239, Reg. S, 1.00%, 05/14/2032 | EUR | 718 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 241, Reg. S, 0.13%, 06/17/2027 | EUR | 162 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 242, Reg. S, 0.38%, 04/21/2036 | EUR | 379 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 243, Reg. S, 1.00%, 10/13/2051 | EUR | 130 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenia Government Bond, (Slovenia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS66, Reg. S, 4.63%, 09/09/2024 | EUR | 319 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS70, Reg. S, 5.13%, 03/30/2026 | EUR | 470 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS74, Reg. S, 1.50%, 03/25/2035 | EUR | 120 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS76, Reg. S, 3.13%, 08/07/2045 | EUR | 160 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS77, Reg. S, 2.25%, 03/03/2032 | EUR | 130 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS78, Reg. S, 1.75%, 11/03/2040 | EUR | 212 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS82, Reg. S, 0.28%, 01/14/2030 | EUR | 586 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS84, Reg. S, 0.88%, 07/15/2030 | EUR | 190 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS87, Reg. S, 0.69%, 03/03/2081 | EUR | 121 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; SNCF Reseau, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/22/2029 | EUR | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/09/2031 | EUR | 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/29/2037 | EUR | 300 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/12/2026 | CHF | 300 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/05/2048 | EUR | 100 | 76 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 127

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/2035 | CAD | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.83%, 03/25/2060 | GBP | 2000 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/10/2033 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 03/11/2052 | GBP | 145 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 12/07/2028 | GBP | 300 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Du Grand Paris EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 10/15/2060 | EUR | 300 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/10/2046 | EUR | 100 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/26/2051 | EUR | 200 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/22/2028 | EUR | 700 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 05/25/2050 | EUR | 300 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Nationale SNCF SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/17/2030 | EUR | 300 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2040 | EUR | 100 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2061 | EUR | 100 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/02/2029 | EUR | 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 03/18/2027 | GBP | 400 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Australian Government Financing Authority, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/23/2036 | AUD | 389 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26, Reg. S, 3.00%, 07/20/2026 | AUD | 800 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain Government Bond, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/31/2024 | EUR | 509 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/2025 | EUR | 1159 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 05/31/2025 | EUR | 1920 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/2027 | EUR | 1730 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/31/2028 (e) | EUR | 618 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 04/30/2031 (e) | EUR | 1030 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/30/2030 (e) | EUR | 1423 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/31/2031 (e) | EUR | 1458 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 10/31/2029 (e) | EUR | 440 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 04/30/2032 (e) | EUR | 1960 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 07/30/2027 (e) | EUR | 1321 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/30/2029 | EUR | 1100 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 07/30/2037 (e) | EUR | 2093 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/30/2042 (e) | EUR | 613 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/31/2050 (e) | EUR | 1930 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.20%, 10/31/2040 (e) | EUR | 1721 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/31/2030 (e) | EUR | 2458 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 10/31/2026 (e) | EUR | 1651 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 04/30/2028 (e) | EUR | 666 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 07/30/2028 (e) | EUR | 1421 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 10/31/2027 (e) | EUR | 1740 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/30/2029 (e) | EUR | 4130 | 3984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 10/31/2071 (e) | EUR | 389 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2027 (e) | EUR | 1325 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.60%, 04/30/2025 (e) | EUR | 1005 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 07/30/2035 (e) (ee) | EUR | 2233 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.90%, 10/31/2052 (e) | EUR | 582 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 04/30/2026 (e) | EUR | 2578 | 2669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 07/30/2030 (e) | EUR | 1340 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.15%, 10/31/2025 (e) | EUR | 3525 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 07/30/2033 (e) | EUR | 1491 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.55%, 10/31/2032 (e) | EUR | 410 | 402 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/31/2024 (e) | EUR | 1693 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 10/31/2046 (e) | EUR | 1363 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 07/30/2043 (e) | EUR | 190 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 07/30/2066 (e) | EUR | 970 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 04/30/2024 (e) | EUR | 1457 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/31/2037 (e) | EUR | 773 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.65%, 07/30/2025 (e) | EUR | 1956 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.70%, 07/30/2041 (e) | EUR | 1064 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.80%, 01/31/2024 (e) | EUR | 818 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.90%, 07/30/2040 (e) | EUR | 999 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.15%, 10/31/2028 (e) | EUR | 1476 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.15%, 10/31/2044 (e) | EUR | 971 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/30/2032 | EUR | 1706 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.90%, 07/30/2026 (e) | EUR | 420 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/31/2029 | EUR | 1430 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5YR, Reg. S, 0.25%, 07/30/2024 (e) | EUR | 1223 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.70%, 10/31/2048 (e) | EUR | 1014 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Brandenburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/26/2046 | EUR | 159 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 11/26/2038 | EUR | 180 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Bremen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 191, Reg. S, 1.88%, 03/18/2024 | EUR | 580 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 215, Reg. S, 1.20%, 01/30/2034 | EUR | 40 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 224, Reg. S, 0.40%, 08/20/2049 | EUR | 30 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 232, Reg. S, 0.55%, 02/04/2050 | EUR | 30 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 247, Reg. S, 0.15%, 09/14/2040 | EUR | 110 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 258, Reg. S, 0.50%, 05/06/2041 | EUR | 138 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hesse, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 10/10/2031 | EUR | 203 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 12/10/2024 | EUR | 600 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/10/2024 | EUR | 490 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1801, Reg. S, 0.63%, 08/02/2028 | EUR | 230 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006, Reg. S, 0.01%, 03/11/2030 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Lower Saxony, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/10/2031 | EUR | 479 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 03/09/2035 | EUR | 277 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/06/2024 | EUR | 325 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/17/2029 | EUR | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 884, Reg. S, 0.88%, 10/25/2028 | EUR | 320 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 898, Reg. S, 0.01%, 08/13/2030 | EUR | 149 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 901, Reg. S, 0.01%, 11/25/2027 | EUR | 500 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Rhine-Westphalia Germany, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2029 | EUR | 161 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 04/09/2030 | EUR | 294 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 01/27/2051 | EUR | 270 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/02/2050 | EUR | 373 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/25/2039 | EUR | 110 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 08/16/2041 | EUR | 360 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 07/30/2049 | EUR | 100 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 03/13/2028 | EUR | 144 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 01/10/2121 | EUR | 195 | 81 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 128 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/15/2120 | EUR | 234 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 02/16/2043 | EUR | 100 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 01/19/2122 | EUR | 150 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.65%, 02/22/2038 | EUR | 110 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.65%, 05/16/2047 | EUR | 420 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 10/26/2057 | EUR | 172 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/11/2068 | EUR | 104 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 03/15/2024 | EUR | 630 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 09/26/2078 | EUR | 154 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/13/2025 | GBP | 1000 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.15%, 03/21/2119 | EUR | 226 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15YR, Reg. S, 0.00%, 10/12/2035 | EUR | 654 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15YR, Reg. S, 1.10%, 03/13/2034 | EUR | 110 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1250, Reg. S, 2.38%, 05/13/2033 | EUR | 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1409, Reg. S, 0.50%, 04/16/2026 | EUR | 360 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Rhineland-Palatinate, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 01/26/2027 | EUR | 220 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/10/2051 | EUR | 200 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/19/2026 | EUR | 725 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Saarland, (Germany), Reg. S, 0.05%, 11/05/2040 | EUR | 68 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Saxony-Anhalt, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/24/2051 | EUR | 123 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 04/10/2024 | EUR | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.75%, 01/29/2029 | EUR | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Schleswig-Holstein Germany, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/12/2029 | EUR | 331 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/22/2029 | EUR | 140 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 08/31/2028 | EUR | 140 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of the Grand-Duchy of Luxembourg, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/24/2031 | EUR | 103 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/25/2029 | EUR | 380 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046 | GBP | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svensk Exportkredit AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/11/2037 |  | 224 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/30/2027 | EUR | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden Government Bond, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1053, Reg. S, 3.50%, 03/30/2039 (e) | SEK | 3010 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1056, Reg. S, 2.25%, 06/01/2032 (e) | SEK | 5000 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1057, Reg. S, 1.50%, 11/13/2023 (e) | SEK | 4040 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1058, Reg. S, 2.50%, 05/12/2025 (e) | SEK | 5100 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1059, Reg. S, 1.00%, 11/12/2026 (e) | SEK | 4770 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1060, Reg. S, 0.75%, 05/12/2028 (e) | SEK | 6075 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1061, Reg. S, 0.75%, 11/12/2029 (e) | SEK | 2100 | 180 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1062, Reg. S, 0.13%, 05/12/2031 (e) | SEK | 5705 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1063, Reg. S, 0.50%, 11/24/2045 (e) | SEK | 790 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1064, Reg. S, 1.38%, 06/23/2071 (e) | SEK | 570 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 04/24/2023 | EUR | 700 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Confederation Government Bond, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/22/2029 | CHF | 170 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/26/2034 | CHF | 679 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/24/2039 | CHF | 629 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/27/2030 | CHF | 330 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/27/2032 | CHF | 260 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/28/2045 | CHF | 110 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/24/2055 | CHF | 222 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/30/2058 | CHF | 160 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/11/2024 | CHF | 410 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/27/2037 | CHF | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/24/2025 | CHF | 190 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2042 | CHF | 140 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/25/2064 | CHF | 111 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/22/2031 | CHF | 52 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/27/2027 | CHF | 510 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/08/2028 | CHF | 273 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/06/2049 | CHF | 180 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tasmanian Public Finance Corp., (Australia), Reg. S, 2.25%, 01/22/2032 | AUD | 350 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand Government Bond, (Thailand),<br>1.45%, 12/17/2024 | THB | 43580 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/17/2029 | THB | 54000 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/17/2049 | THB | 7984 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/17/2031 | THB | 4242 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/17/2026 | THB | 55884 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/17/2046 | THB | 7000 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/17/2038 | THB | 19320 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/2036 | THB | 25000 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/17/2043 | THB | 17930 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/20/2031 | THB | 44450 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/2066 | THB | 25620 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metropolitan Government, (Japan), Reg. S, 0.75%, 07/16/2025 |  | 1000 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Corp. of Victoria, (Australia), 0.50%, 11/20/2025 |  | AUD 1,640 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/20/2030 | AUD | 2230 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/15/2033 | AUD | 900 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/2034 | AUD | 500 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/2041 | AUD | 688 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027 | EUR | 200 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/2025 |  | 2000 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 |  | 1007 | 1013 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 129

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; UNEDIC ASSEO, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/05/2030 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/19/2030 | EUR | 200 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 11/25/2026 | EUR | 600 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/25/2029 |  | EUR 1,000 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/16/2035 | EUR | 300 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 03/03/2026 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/21/2027 | EUR | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2033 | EUR | 200 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/25/2032 | EUR | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom Gilt, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/31/2024 | GBP | 2308 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/30/2026 | GBP | 1730 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/31/2028 | GBP | 1847 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/31/2025 | GBP | 1730 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/31/2031 | GBP | 4196 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2026 | GBP | 2697 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2030 | GBP | 2152 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/31/2029 | GBP | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/22/2061 | GBP | 1322 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/07/2025 | GBP | 3618 | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/31/2035 | GBP | 2984 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/22/2050 | GBP | 2236 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/22/2029 | GBP | 2400 | 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/31/2033 | GBP | 801 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/31/2046 | GBP | 2109 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/22/2024 | GBP | 1510 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/31/2032 | GBP | 2152 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/31/2039 | GBP | 2046 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/22/2073 | GBP | 447 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/22/2027 | GBP | 3271 | 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/22/2041 | GBP | 1891 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/31/2051 | GBP | 1886 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/22/2026 | GBP | 2950 | 3314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/22/2047 | GBP | 1123 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/31/2053 | GBP | 500 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2028 | GBP | 2175 | 2361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2054 | GBP | 1731 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2071 | GBP | 1560 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 09/07/2037 | GBP | 1529 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 01/22/2049 | GBP | 1690 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/22/2057 | GBP | 1744 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/07/2025 | GBP | 2163 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/22/2065 | GBP | 1082 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/07/2024 | GBP | 2780 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/22/2044 | GBP | 2850 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/22/2045 | GBP | 3037 | 3373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/22/2068 | GBP | 1199 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 07/22/2052 | GBP | 1027 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/22/2060 | GBP | 1318 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2027 | GBP | 1950 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/07/2032 | GBP | 1620 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/07/2036 | GBP | 1449 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 09/07/2039 | GBP | 894 | 1108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2040 | GBP | 2245 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2046 | GBP | 3998 | 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2049 (ff) | GBP | 1387 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2055 | GBP | 1689 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 09/07/2034 | GBP | 1799 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2042 | GBP | 1057 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 12/07/2030 | GBP | 2676 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 12/07/2038 | GBP | 1679 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 03/07/2025 | GBP | 1348 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 12/07/2028 | GBP | 912 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States International Development Finance Corp., 3.37%, 10/05/2034 |  | 88 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay Government International Bond, (Uruguay), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 04/20/2055 |  | 350 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/2050 |  | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ville de Paris, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 11/20/2034 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2031 | EUR | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/29/2025 | EUR | 500 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Australian Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/23/2041 | AUD | 290 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28, Reg. S, 3.25%, 07/20/2028 | AUD | 700 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities (Cost $2,507,276) |  |  | 2184992 |
|  **Mortgage-Backed Securities — 17.2%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2046 |  | 181 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2044 |  | 414 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2045 |  | 829 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2046 |  | 133 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2046 |  | 191 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, Single Family, 15 years, 3.00%, 05/01/2029 |  | 5835 | 5619 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, Single Family, 30 years, 3.00%, 03/01/2046 |  | 19 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2046 |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2040 |  | 278 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2040 |  | 2499 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2040 |  | 568 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2047 |  | 1821 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2048 |  | 39 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 1 Year + 1.64%), 3.57%, 01/01/2050 (aa) |  | 59 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2043 |  | 63 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2044 |  | 87 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2035 |  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 15 years, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/2035 |  | 394 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2036 |  | 596 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/2037 |  | 852 | 739 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 130 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2037 | 878 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2035 | 777 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2036 | 5365 | 4791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2036 | 444 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2036 | 2709 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2036 | 1282 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2036 | 691 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2036 | 3841 | 3431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2036 | 388 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2037 | 4654 | 4156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2037 | 1723 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2037 | 1071 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2037 | 2021 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2032 | 2429 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2035 | 8631 | 7950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2036 | 1375 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2037 | 164 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2037 | 400 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2028 | 44 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2028 | 1391 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2029 | 48 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2030 | 668 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2030 | 121 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2031 | 43 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2032 | 121 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2033 | 57 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2025 | 374 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2033 | 328 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2034 | 801 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2035 | 641 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2035 | 167 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2036 | 184 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2025 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2026 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2029 | 387 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 392 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 20 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2042 | 371 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2042 | 132 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2039 | 285 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2039 | 165 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2039 | 630 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2039 | 383 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/2051 | 27 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/2051 | 51 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/2051 | 5677 | 4389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/2051 | 951 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2050 | 760 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2050 | 4590 | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2051 | 4179 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2051 | 3046 | 2492 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2051 | 11808 | 9658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2051 | 1416 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2051 | 1439 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2051 | 1845 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2051 | 6008 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | 4656 | 3802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2052 | 498 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2052 | 2255 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2052 | 838 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2050 | 23378 | 19942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2050 | 821 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2051 | 12628 | 10770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2051 | 425 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2051 | 15044 | 12927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2051 | 871 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 | 1817 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | 221 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2052 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2049 | 2318 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2049 | 1769 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2050 | 3797 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2050 | 1756 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2050 | 4156 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 | 3382 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2051 | 5873 | 5239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2051 | 10049 | 8840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2051 | 11573 | 10185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 | 1648 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 | 3185 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2052 | 6811 | 6006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2043 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2047 | 344 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 1836 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2048 | 313 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2048 | 3959 | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2048 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2049 | 46 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2049 | 576 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 | 2361 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 | 2172 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2050 | 3174 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2051 | 502 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2052 | 438 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2048 | 2896 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2049 | 2482 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2049 | 1542 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2050 | 1087 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2050 | 1236 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2050 | 10349 | 9842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2052 | 559 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 | 1289 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2052 | 591 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2047 | 188 | 185 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 131

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2048 | 215 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 | 624 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2048 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 | 745 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2049 | 1438 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2050 | 994 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2050 | 3584 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2052 | 239 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2052 | 159 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 | 437 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2052 | 274 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 | 648 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 | 324 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 | 272 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2052 | 307 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2052 | 349 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2052 (bb) | 3910 | 3920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 01/30/2053 (bb) | 755 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 1.50%, 01/01/2038 (w) | 2316 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2038 (w) | 14200 | 13007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2038 (w) | 2325 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2038 (w) | 1575 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2038 (w) | 1525 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2038 (w) | 7000 | 6956 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 1.50%, 01/01/2053 (w) | 5800 | 4473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2053 (w) | 87500 | 71309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2053 (w) | 1250 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 02/01/2053 (w) | 41500 | 35221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2053 (w) | 51512 | 45269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2053 (w) | 17085 | 15541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 02/01/2053 (w) | 76450 | 71782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2053 (w) | 44829 | 42089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2053 (w) | 1200 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 02/01/2053 (w) | 12500 | 12322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2053 (w) | 32996 | 32537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 02/01/2053 (w) | 7400 | 7419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 01/01/2053 (w) | 25642 | 25724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 01/01/2053 (w) | 9500 | 9646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 02/01/2053 (w) | 21200 | 21503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 01/01/2053 (w) | 7500 | 7684 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2027 | 410 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32%, 01/01/2026 | 2106 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2045 | 340 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2060 (gg) | 19595 | 17278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 04/01/2032 | 4156 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 01/01/2037 | 322 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2024 | 105 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2027 | 165 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2028 | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2032 | 74 | 70 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2042 | 154 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2043 | 229 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2043 | 112 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2045 | 271 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 797 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2048 | 82 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2049 | 294 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2041 | 128 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046 | 112 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/2031 | 2291 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 12/01/2032 | 3320 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047 | 893 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/2036 | 568 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/2036 | 515 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/2037 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2037 | 502 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/2037 | 199 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/2037 | 548 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2028 | 16 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2028 | 129 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2028 | 125 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2032 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2035 | 883 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2036 | 6591 | 5887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2036 | 492 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2036 | 1253 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2036 | 2496 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2036 | 1256 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2037 | 613 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2037 | 1049 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2037 | 1236 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2037 | 750 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2035 | 256 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2036 | 2358 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2036 | 942 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2036 | 142 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2037 | 263 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2037 | 545 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2037 | 140 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2027 | 604 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2027 | 42 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2028 | 256 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2029 | 71 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2030 | 47 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2030 | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2030 | 698 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2030 | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2031 | 116 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2031 | 253 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2032 | 108 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2033 | 74 | 71 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 132 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2033 | 120 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2034 | 1459 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2034 | 540 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2035 | 625 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2025 | 209 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2026 | 603 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2031 | 76 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2034 | 485 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2035 | 1579 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2035 | 957 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2035 | 94 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2035 | 306 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2025 | 77 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2026 | 89 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2026 | 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2027 | 55 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2033 | 612 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 425 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 | 1437 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 20 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2042 | 772 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2042 | 394 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2042 | 1459 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2037 | 505 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2038 | 112 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2039 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2039 | 175 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2039 | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/2050 | 1393 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/2051 | 2112 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/2051 | 1275 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2050 | 1497 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2050 | 1309 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2050 | 992 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2050 | 8251 | 6759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2051 | 4237 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2051 | 1401 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2051 | 2143 | 1753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2051 | 3881 | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2051 | 1909 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2051 | 6215 | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2051 | 3223 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2051 | 19601 | 16014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2051 | 2369 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 (hh) | 16582 | 13544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2052 | 32 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2046 | 5622 | 4855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2050 | 19 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2050 | 8911 | 7610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2050 | 14072 | 11991 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2051 | 1950 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2051 | 5493 | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2051 | 6717 | 5714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2051 | 1812 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2051 | 4014 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2051 | 963 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2051 | 5468 | 4650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2051 | 14634 | 12443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 | 19426 | 16511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2052 | 1137 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 | 16551 | 14068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | 4961 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 | 945 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2046 | 1229 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2046 | 3250 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2047 | 628 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2048 | 6424 | 5855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2050 | 3173 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2050 | 1622 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2050 | 11802 | 10431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2050 | 3374 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2050 | 4212 | 3756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2051 | 1586 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2051 | 11363 | 10020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 | 7315 | 6438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2051 | 1611 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2051 | 1343 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2051 | 3416 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2051 | 3575 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2051 | 2748 | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2052 | 5439 | 4784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 | 848 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 | 2193 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2052 | 7753 | 6830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 | 1448 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2052 | 1487 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2042 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2042 | 170 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2043 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2043 | 7495 | 7026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2043 (gg) | 18947 | 17722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2044 | 232 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2045 | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | 2108 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2046 | 4062 | 3778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2047 | 4361 | 4086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2047 | 945 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2047 | 67 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2047 | 1388 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 2212 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2048 | 199 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2049 | 360 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2049 | 3923 | 3631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2049 | 615 | 569 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 133

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2050 | 177 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2050 | 4193 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2050 | 10595 | 9718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2051 | 821 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2052 (gg) | 14618 | 13495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2052 (gg) | 18771 | 17137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2052 | 3831 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2052 | 51 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 | 1446 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2042 | 611 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2043 | 235 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2045 | 256 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2046 | 148 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2047 | 42 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2047 | 522 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 | 80 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2048 | 447 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2048 | 31 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2048 | 133 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2048 | 312 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2049 | 1251 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 | 1248 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2049 | 227 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2050 | 1016 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2051 | 2666 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2051 | 258 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 | 1593 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2052 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2047 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2047 | 634 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2048 | 632 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2048 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 | 455 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2049 (gg) | 5272 | 5139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2049 | 483 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2049 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2050 | 154 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2050 | 7659 | 7491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2052 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2052 | 1395 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2052 | 410 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2052 | 830 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052 | 990 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2052 | 2991 | 2885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2052 | 499 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2049 | 1093 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 | 571 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 | 552 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 | 599 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA I Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2049 | 212 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2050 | 17 | 15 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/2049 | 264 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2047 | 121 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2050 | 688 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2042 | 2550 | 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/2045 | 2563 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2045 | 862 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2047 | 3853 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/2048 | 53 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2048 | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/2049 | 104 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2049 | 174 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2050 | 192 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/2041 | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/2050 | 341 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/2040 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2040 | 41 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (ICE LIBOR USD 1 Month + 2.20%), 5.28%, 02/20/2071 (aa) | 3577 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (ICE LIBOR USD 1 Month + 2.21%), 5.29%, 10/20/2071 (aa) | 11605 | 11955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (CMT Index 1 Year + 1.84%), 5.92%, 07/20/2072 (aa) | 19557 | 20465 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035 | 3379 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/2051 | 319 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/20/2050 | 161 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/2050 | 5207 | 4407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/2050 | 1820 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/2050 | 3026 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/2051 | 1107 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/2051 | 8625 | 7261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/2051 | 5833 | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/2052 | 538 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/2052 | 1465 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/20/2052 | 3430 | 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/2051 | 332 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/2051 | 2513 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/2051 | 6870 | 5983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/2051 | 8780 | 7637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/2051 | 1653 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/2051 | 3734 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/2051 | 4102 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/2052 | 981 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/2052 | 492 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/2052 | 869 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/2052 | 291 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/2052 | 487 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2043 | 478 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2043 | 98 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/2045 | 105 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2046 | 2275 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2047 | 457 | 413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 134 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/2049 | 34 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2050 | 4167 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2050 | 6659 | 5984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2051 | 683 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2051 | 2301 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2051 | 3845 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2051 | 939 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2052 | 8795 | 7844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2052 | 376 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/2052 | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2052 | 500 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2045 | 2834 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2047 | 3658 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/2048 | 188 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2048 | 223 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2048 | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/2049 | 1073 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2049 | 1059 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2049 | 1342 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/2049 | 566 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2049 | 446 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/2050 | 668 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/2050 | 133 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/2052 | 4599 | 4232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/2052 | 2739 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2052 | 1047 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/2048 | 1087 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2048 | 1849 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/2048 | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2048 | 930 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/2049 | 575 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/2050 | 226 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2050 | 2709 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/2052 | 212 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2052 | 2586 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/2052 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2052 | 425 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/2047 | 438 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/2047 | 857 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/2047 | 1632 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2047 | 361 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2047 | 1109 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2048 (gg) | 8116 | 7936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/2048 | 666 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2048 | 767 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/2049 | 2009 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2049 | 287 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2049 | 735 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/2052 | 1691 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/2048 | 191 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/20/2049 | 380 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/2052 | 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2052 | 944 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/2052 | 1345 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/2052 | 480 | 483 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2053 (w) | 711 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 02/01/2053 (w) | 19400 | 16821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2053 (w) | 5187 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 02/01/2053 (w) | 17450 | 15567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2053 (w) | 13170 | 12116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2053 (w) | 14860 | 14077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2053 (w) | 650 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2053 (w) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 01/01/2053 (w) | 170 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $1,478,974) |  | 1361069 |
|  **Municipal Bonds — 0.1%** (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project, Agricultural Improvement & Power District, Build America Bonds, Series A, Rev., 4.84%, 01/01/2041 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Build America Bonds, Series S1, Rev., 6.92%, 04/01/2040 | 115 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031 | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Taxable, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.19%, 06/01/2037 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.35%, 06/01/2041 | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051 | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Francisco Public Utilities Commission Water Revenue, Build America Bonds, Rev., 6.95%, 11/01/2050 | 70 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District, Taxable, GO, 2.11%, 08/01/2032 | 150 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Build America Bonds, Rev., 6.57%, 07/01/2045 | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Revenue, Build America Bonds, Rev., 6.60%, 07/01/2050 | 30 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Build America Bond, GO, 5.75%, 07/01/2034 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049 | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Taxable, Series N, Rev., 3.26%, 05/15/2060 | 50 | 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 135

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | |
| **California — continued** | **California — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Transportation Commission, Taxable, Series A, Rev., 3.25%, 04/01/2048 | 100 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Build America Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 7.35%, 11/01/2039 | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 7.50%, 04/01/2034 | 50 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 7.55%, 04/01/2039 | 150 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 7.60%, 11/01/2040 | 50 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030 | 350 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Rev., 5.95%, 05/15/2045 | 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Taxable, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AQ, Rev., 4.77%, 05/15/2115 | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BJ, Rev., 3.07%, 05/15/2051 | 5 | 4 |
|  |  | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114 | 895 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.26%, 07/01/2025 | 100 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, Rev., 6.90%, 12/01/2040 | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Taxable, Second Lien, Series B, Rev., 3.24%, 01/01/2042 | 40 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033 | 350 | 336 |
|  |  | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue, Taxable, Series A, Rev., 2.95%, 05/01/2041 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Taxable Consolidated Loan, Series H, GO, 2.90%, 09/01/2049 | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Build America Bonds, GO, 4.91%, 05/01/2029 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Taxable, Series D, GO, 2.66%, 09/01/2039 | 148 | 118 |
|  |  | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State University, Taxable, Series A, Rev., 4.17%, 08/15/2122 | 115 | 85 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Michigan — continued** | **Michigan — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Michigan, Taxable, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 2.56%, 04/01/2050 | 25 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.60%, 04/01/2047 | 14 | 12 |
|  |  | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050 | 35 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Build America Bonds, Series B, Rev., 6.56%, 12/15/2040 | 125 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, Build America Bonds, Series F, Rev., 7.41%, 01/01/2040 | 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |
|  |  | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Build America Bonds, GO, 5.52%, 10/01/2037 | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Taxable Green Bond, Series C2, Rev., 5.18%, 11/15/2049 | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Rev., 5.95%, 06/15/2042 | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, State University of New York Dormitory Facilities, Taxable, Rev., 3.14%, 07/01/2043 | 150 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 174, Rev., 4.46%, 10/01/2062 | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, Rev., 3.29%, 08/01/2069 | 40 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040 | 250 | 261 |
|  |  | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), Taxable,<br>Series A, Rev., 4.80%, 06/01/2111 | 130 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Taxable, Public Service Company, Series A2, Rev., 4.62%, 06/01/2044 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State University, Taxable, Rev., BAM, 3.42%, 03/01/2060 | 10 | 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 136 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | |
| **Oregon — continued** | **Oregon — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034 | 50 | 54 |
|  |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, Rev., 2.93%, 07/01/2045 | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, Build America Bonds, Series C, Rev., 4.79%, 08/15/2046 | 110 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039 | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048 | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Taxable, Senior Lien, Series A, Rev., 2.61%, 12/01/2048 | 130 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Taxable, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.09%, 11/01/2051 | 425 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.51%, 11/01/2051 | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.09%, 11/01/2040 | 100 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049 | 65 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Build America Bonds Taxable, GO, 5.52%, 04/01/2039 | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044 | 10 | 7 |
|  |  | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117 | 40 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $8,564) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7126 |
|  **U.S. Government Agency Securities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding Corp., 5.48%, 06/27/2042 | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLBs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/14/2025 | 2000 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/2028 | 650 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/14/2029 | 1170 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/21/2025 | 1000 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/12/2025 | 107 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/2032 | 184 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 | 400 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STRIPs, Zero Coupon, 03/15/2031 | 700 | 496 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/22/2023 |  | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/05/2030 |  | 1310 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/07/2028 | GBP | 460 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Interest STRIP, Zero Coupon, 07/15/2030 |  | 112 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Interest STRIP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/2028 |  | 166 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/15/2028 |  | 358 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/15/2029 |  | 175 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/2030 |  | 950 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/2030 |  | 1780 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Principal STRIP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/2030 |  | 915 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/2030 |  | 145 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, 4.63%, 06/07/2043 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities<br>(Cost $14,564) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12710 |
|  **U.S. Treasury Obligations — 13.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 |  | 62482 | 39405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 |  | 51225 | 32056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 (jj) |  | 7480 | 4068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 |  | 79570 | 52121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 |  | 1626 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 |  | 1600 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 |  | 117500 | 81006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 |  | 97000 | 69059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 |  | 700 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 |  | 2730 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 |  | 102400 | 73652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 |  | 2169 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 2650 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 |  | 92300 | 69881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 940 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 |  | 1800 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | 400 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 |  | 78850 | 60634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 |  | 700 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 |  | 1800 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 1420 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 |  | 1000 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 1370 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 |  | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042 |  | 1000 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047 |  | 700 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 |  | 1575 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043 |  | 720 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 |  | 1185 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 |  | 500 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 |  | 1500 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 |  | 640 | 518 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 137

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 | 500 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 900 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 | 1730 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 | 229 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047 | 338 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047 | 500 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 | 250 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 | 520 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 | 400 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 750 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 | 1200 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 860 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044 | 350 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 57100 | 50400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 46550 | 41888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/2048 | 500 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 | 500 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 1790 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 1500 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 (jj) | 3115 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2040 | 31800 | 31217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 34170 | 33673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 575 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2040 | 19769 | 20324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2038 | 3000 | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039 | 25900 | 27172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2040 | 21500 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 | 410 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 1805 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2038 | 23301 | 24890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2040 | 19900 | 21516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 300 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2041 | 14400 | 15754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 1500 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | 365 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025 | 46 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/2024 | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/2024 | 700 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/2024 | 2000 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/2024 | 3500 | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/2025 | 1000 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/30/2025 | 1500 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/2025 (jj) | 5255 | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/2025 | 500 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/2025 | 500 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/2025 | 600 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/2024 | 2600 | 2461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/15/2024 | 2000 | 1869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/2025 | 1585 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/2025 | 500 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/2025 | 990 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/2026 | 600 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/31/2027 | 315 | 268 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/2027 | 4600 | 3885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/31/2025 | 500 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/2027 | 1532 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/2027 | 500 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/2027 | 400 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027 | 700 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/2026 | 2350 | 2079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/2027 | 1000 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/2027 | 200 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 (jj) | 6343 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030 | 3555 | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/2026 | 1500 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/2026 | 2500 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/2026 | 2400 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 | 2000 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/2028 | 1000 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/2024 | 1000 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/2026 | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 2300 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 2200 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/2024 | 500 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028 | 1095 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/2026 | 630 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/2027 | 1000 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 1300 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 3500 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 3500 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 2000 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/2026 | 1700 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/2028 | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/2028 | 2300 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 1550 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/2028 | 190 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028 | 1800 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031 | 1430 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 | 2300 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/2028 | 2500 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 1700 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/2024 | 750 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/2024 | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/2024 | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 | 1000 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028 | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030 | 399 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/2026 | 500 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2026 | 2500 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/2026 | 1400 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/2029 | 500 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2031 | 1970 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/2024 | 3800 | 3643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/2025 | 5800 | 5485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/2026 | 840 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/2029 | 500 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029 | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2027 | 1500 | 1376 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 138 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029 | 500 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 1550 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/2024 | 1000 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2025 | 1000 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 | 1535 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/29/2024 | 55 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/2024 | 1000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/2024 | 3000 | 2887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/2024 | 400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/2025 | 1000 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/2024 | 3000 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2024 | 700 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025 | 575 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/2026 | 400 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2027 | 3200 | 2982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2027 | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/2024 | 1000 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/2024 | 800 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2027 | 1000 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 1100 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2029 | 600 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/2024 | 1500 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/2024 | 1500 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/2025 | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/2029 | 500 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/2024 | 1500 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/28/2025 | 1000 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/2025 | 800 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 1500 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 1900 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 | 2660 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 1000 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 1600 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/2025 | 900 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/2025 | 2500 | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/2025 | 1000 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/2025 | 1300 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 2500 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 | 1800 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/2029 | 1000 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 2885 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/2024 | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 | 1000 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/2025 | 120 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/2025 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/2027 | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 6390 | 6107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/2024 | 2720 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 1000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/2025 | 500 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 | 985 | 981 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 |  | 990 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029 (w) |  | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2025 |  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/2029 |  | 4500 | 4512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027 |  | 2900 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 |  | 14125 | 14467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2025 |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/2024 |  | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2025 |  | 2500 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury STRIP Coupon Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/2024 |  | 800 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/2026 |  | 5000 | 4353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2026 |  | 5000 | 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2028 (ee) (ff) (jj) |  | 12000 | 9467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2038 (jj) |  | 6250 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2041 |  | 200 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/2045 |  | 600 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $1,078,717) |  |  | 1034392 |
|  | **NUMBER OF**<br> **CONTRACTS** | **NUMBER OF**<br> **CONTRACTS** |  |
|  **Option Purchased — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Put Option — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 01/12/2053 at USD 94.03, European Style, Notional Amount: USD 3,258, OTC Traded |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $27) |  | 7000 | 35 |
|  | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** |  |
|  **Short-Term Investments — 1.2%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 01/03/2023 | AUD | 533 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/03/2023 | GBP | 4049 | 4895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 01/03/2023 | CHF | 254 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/02/2023 | NOK | 611 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 01/02/2023 | DKK | 538 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/04/2023 | NZD | 141 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/03/2023 | SGD | 256 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/03/2023 | HKD | 1698 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 1.10%, 01/02/2023 | EUR | 28165 | 30149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/03/2023 | CAD | 25 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 15888 | 15888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (12.63%), 01/02/2023 | SEK | 1136 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., (0.33%), 01/04/2023 | JPY | 56476 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.69%, 01/03/2023 |  | 43302 | 43302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 96066 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 139

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Short-Term Investments — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/02/2023 (ii) | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/02/2023 (hh) (ii) | 2503 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/23/2023 (hh) (ii) | 1084 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 3593 |
|  Total Short-Term Investments (Cost $99,658) |  | 99659 |
|  **Total Investments, Before Short Positions —106.7%<br>(Cost — $9,180,117)** |  | **8439535** |
|  **Liabilities in Excess of Other Assets — (6.7)%** | **Liabilities in Excess of Other Assets — (6.7)%** | **(529640)** |
|  **NET ASSETS — 100.0%** |  | $**7909895** |
|  **Short Positions — 3.2%** |  |  |
|  **Mortgage-Backed Securities — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2035 | 167 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2036 | 184 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2038 (w) | 5600 | 5250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2038 (w) | 3000 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2053 (w) | 1783 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2053 (w) | 5150 | 4367 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2053 (w) | 50484 | 44365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 02/01/2053 (w) | 91700 | 80643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2053 (w) | 31000 | 28199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2053 (w) | 32950 | 30936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2053 (w) | 16200 | 15605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 01/01/2053 (w) | 7400 | 7424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 01/01/2053 (w) | 9500 | 9645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2035 | 306 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2035 | 957 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 30 years, 4.00%, 12/20/2050 | 2709 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 02/01/2053 (w) | 1500 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2053 (w) | 3500 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2053 (w) | 7000 | 6631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2053 (w) | 6400 | 6214 |
|  Total Mortgage-Backed Securities (Proceeds $255,062) |  | 252385 |
|  **Total Securities Sold Short — 3.2%<br>(Proceeds $255,062)** |  | **252385** |

---

------

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Euro BOBL | 28 | 03/2023 | EUR | 3585 | (116) |
|  Euro Buxl | 33 | 03/2023 | EUR | 5724 | (947) |
|  Euro Schatz | 32 | 03/2023 | EUR | 3653 | (42) |
|  Long Gilt | 15 | 03/2023 | GBP | 1894 | (82) |
|  SOFR 3 Month | 212 | 03/2023 | USD | 50641 | (246) |
|  Swiss Confederation Bond | 49 | 03/2023 | CHF | 7675 | (337) |
|  U.S. Treasury 10 Year Note | 80 | 03/2023 | USD | 9032 | (48) |
|  U.S. Treasury 2 Year Note | 98 | 03/2023 | USD | 20076 | 21 |
|  U.S. Treasury 5 Year Note | 90 | 03/2023 | USD | 9745 | (31) |
|  U.S. Treasury Long Bond | 250 | 03/2023 | USD | 31606 | (270) |
|  U.S. Treasury Ultra Bond | 147 | 03/2023 | USD | 19923 | (179) |
|  U.S. Ultra Treasury 10 Year Note | 13 | 03/2023 | USD | 1545 | (8) |
|  |  |  |  |  | (2285) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 140 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (54) | 03/2023 | EUR | (6875) | 184 |
|  Euro Bund | (64) | 03/2023 | EUR | (9489) | 383 |
|  Euro Schatz | (34) | 03/2023 | EUR | (3883) | 46 |
|  Long Gilt | (8) | 03/2023 | GBP | (1010) | 44 |
|  SOFR 3 Month | (212) | 09/2023 | USD | (50768) | 320 |
|  U.S. Treasury 10 Year Note | (422) | 03/2023 | USD | (47708) | 319 |
|  U.S. Treasury 2 Year Note | (17) | 03/2023 | USD | (3483) | (4) |
|  U.S. Treasury 5 Year Note | (99) | 03/2023 | USD | (10718) | 33 |
|  U.S. Treasury Long Bond | (31) | 03/2023 | USD | (3881) | (5) |
|  U.S. Treasury Ultra Bond | (23) | 03/2023 | USD | (3211) | 122 |
|  U.S. Ultra Treasury 10 Year Note | (94) | 03/2023 | USD | (11194) | 75 |
|  |  |  |  |  | 1517 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (768) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  AUD | 2160 | USD | 1449 | Bank of America, NA | 01/04/2023 | 22 |
|  AUD | 9175 | USD | 6244 | Bank of New York Mellon | 01/04/2023 | 3 |
|  AUD | 9175 | USD | 6234 | Deutsche Bank AG | 01/04/2023 | 12 |
|  AUD | 9175 | USD | 6230 | Morgan Stanley & Co. | 01/04/2023 | 17 |
|  AUD | 9183 | USD | 6235 | Toronto-Dominion Bank (The) | 01/04/2023 | 18 |
|  AUD | 9175 | USD | 6231 | UBS AG LONDON | 01/04/2023 | 16 |
|  CHF | 175 | USD | 185 | Bank of America, NA | 01/04/2023 | 5 |
|  EUR | 127 | CHF | 125 | Bank of America, NA | 01/04/2023 | 1 |
|  CHF | 530 | USD | 559 | Bank of America, NA | 01/04/2023 | 14 |
|  CHF | 45 | USD | 48 | Citibank, NA | 01/04/2023 | — (h) |
|  CNY | 19500 | USD | 2765 | Brown Brothers Harriman & Co. | 01/04/2023 | 41 |
|  USD | 3038 | CNY | 21100 | Brown Brothers Harriman & Co. | 01/04/2023 | 3 |
|  CNY | 1000 | USD | 142 | Brown Brothers Harriman & Co. | 01/04/2023 | 2 |
|  CZK | 107739 | USD | 4761 | UBS AG LONDON | 01/04/2023 | 7 |
|  DKK | 9005 | USD | 1293 | Bank of America, NA | 01/04/2023 | 3 |
|  DKK | 2670 | USD | 371 | Bank of America, NA | 01/04/2023 | 14 |
|  DKK | 29402 | USD | 4222 | Morgan Stanley & Co. | 01/04/2023 | 11 |
|  EUR | 3110 | USD | 3212 | Bank of America, NA | 01/04/2023 | 118 |
|  EUR | 5620 | USD | 5804 | Bank of America, NA | 01/04/2023 | 212 |
|  EUR | 150 | USD | 159 | Bank of America, NA | 01/04/2023 | 1 |
|  EUR | 50 | USD | 53 | Bank of America, NA | 01/04/2023 | — (h) |
|  EUR | 673 | USD | 700 | Bank of America, NA | 01/04/2023 | 20 |
|  EUR | 2600 | USD | 2723 | Bank of America, NA | 01/04/2023 | 60 |
|  EUR | 535 | USD | 552 | Bank of America, NA | 01/04/2023 | 20 |
|  EUR | 154740 | USD | 165185 | Bank of New York Mellon | 01/04/2023 | 456 |
|  EUR | 76 | SEK | 850 | Goldman Sachs International | 01/04/2023 | – (h) |
|  EUR | 35 | USD | 37 | Morgan Stanley & Co. | 01/04/2023 | 1 |
|  EUR | 11101 | USD | 11823 | Morgan Stanley & Co. | 01/04/2023 | 60 |
|  EUR | 1115536 | USD | 1188046 | Morgan Stanley & Co. | 01/04/2023 | 6079 |
|  EUR | 155203 | USD | 165493 | UBS AG LONDON | 01/04/2023 | 644 |
|  EUR | 160 | USD | 169 | UBS AG LONDON | 01/04/2023 | 2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 141

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  EUR | 11100 | USD | 11836 | UBS AG LONDON | 01/04/2023 | 46 |
|  EUR | 1115540 | USD | 1189500 | UBS AG LONDON | 01/04/2023 | 4629 |
|  EUR | 154740 | USD | 165007 | Westpac Banking Corp. | 01/04/2023 | 634 |
|  EUR | 2390 | USD | 2487 | Westpac Banking Corp. | 01/04/2023 | 72 |
|  GBP | 337812 | USD | 408179 | Bank of New York Mellon | 01/04/2023 | 220 |
|  GBP | 28900 | USD | 34920 | Bank of New York Mellon | 01/04/2023 | 19 |
|  GBP | 811 | USD | 980 | Bank of New York Mellon | 01/04/2023 | 1 |
|  GBP | 1190 | USD | 1428 | Citibank, NA | 01/04/2023 | 10 |
|  GBP | 28989 | USD | 34899 | UBS AG LONDON | 01/04/2023 | 146 |
|  GBP | 28900 | USD | 34769 | Westpac Banking Corp. | 01/04/2023 | 170 |
|  USD | 463 | HKD | 3612 | Royal Bank of Canada | 01/04/2023 | — (h) |
|  HUF | 49360 | USD | 123 | Bank of America, NA | 01/04/2023 | 9 |
|  HUF | 821986 | USD | 2190 | UBS AG LONDON | 01/04/2023 | 14 |
|  JPY | 603170 | USD | 4342 | Bank of America, NA | 01/04/2023 | 254 |
|  JPY | 8064135 | USD | 61273 | Bank of New York Mellon | 01/04/2023 | 173 |
|  JPY | 8064135 | USD | 61185 | Deutsche Bank AG | 01/04/2023 | 261 |
|  JPY | 8064135 | USD | 61181 | Morgan Stanley & Co. | 01/04/2023 | 264 |
|  JPY | 675560 | USD | 5010 | Toronto-Dominion Bank (The) | 01/04/2023 | 137 |
|  JPY | 8064126 | USD | 61124 | Toronto-Dominion Bank (The) | 01/04/2023 | 321 |
|  JPY | 252680 | USD | 1819 | UBS AG LONDON | 01/04/2023 | 107 |
|  JPY | 8064135 | USD | 61124 | UBS AG LONDON | 01/04/2023 | 321 |
|  NOK | 29255 | USD | 2972 | Westpac Banking Corp. | 01/04/2023 | 15 |
|  NZD | 910 | USD | 565 | Bank of America, NA | 01/04/2023 | 12 |
|  NZD | 5630 | USD | 3574 | Standard Chartered Bank | 01/04/2023 | 1 |
|  PLN | 1120 | USD | 245 | Bank of America, NA | 01/04/2023 | 11 |
|  PLN | 10 | USD | 2 | Morgan Stanley & Co. | 01/04/2023 | – (h) |
|  PLN | 26228 | USD | 5971 | UBS AG LONDON | 01/04/2023 | 15 |
|  RON | 12160 | USD | 2623 | UBS AG LONDON | 01/04/2023 | 11 |
|  SEK | 1960 | USD | 184 | Bank of America, NA | 01/04/2023 | 4 |
|  SEK | 2435 | USD | 229 | Bank of America, NA | 01/04/2023 | 4 |
|  SGD | 1400 | USD | 1022 | Bank of America, NA | 01/04/2023 | 23 |
|  SGD | 6992 | USD | 5215 | Goldman Sachs International | 01/04/2023 | 5 |
|  AUD | 602 | USD | 407 | HSBC Bank plc | 01/12/2023 | 4 |
|  USD | 583 | CAD | 782 | Morgan Stanley & Co. | 01/12/2023 | 6 |
|  EUR | 725 | USD | 762 | Bank of America, NA | 01/12/2023 | 14 |
|  EUR | 853 | USD | 907 | Bank of America, NA | 01/12/2023 | 6 |
|  EUR | 617 | USD | 649 | Bank of America, NA | 01/12/2023 | 12 |
|  EUR | 789 | USD | 839 | HSBC Bank plc | 01/12/2023 | 6 |
|  EUR | 3630 | USD | 3877 | Morgan Stanley & Co. | 01/12/2023 | 11 |
|  GBP | 614 | USD | 738 | Morgan Stanley & Co. | 01/12/2023 | 4 |
|  JPY | 100174 | USD | 735 | Bank of America, NA | 01/12/2023 | 29 |
|  AUD | 116 | USD | 72 | Goldman Sachs International | 01/19/2023 | 7 |
|  CAD | 161 | USD | 118 | Bank of America, NA | 01/19/2023 | — (h) |
|  DKK | 1270 | USD | 183 | Morgan Stanley & Co. | 01/19/2023 | 1 |
|  EUR | 51 | USD | 50 | Bank of America, NA | 01/19/2023 | 5 |
|  EUR | 256 | USD | 251 | HSBC Bank plc | 01/19/2023 | 23 |
|  EUR | 2257 | USD | 2412 | Morgan Stanley & Co. | 01/19/2023 | 7 |
|  GBP | 767 | USD | 923 | Morgan Stanley & Co. | 01/19/2023 | 5 |
|  JPY | 125642 | USD | 954 | Morgan Stanley & Co. | 01/19/2023 | 5 |
|  JPY | 48677 | USD | 351 | Morgan Stanley & Co. | 01/19/2023 | 21 |
|  AUD | 1890 | USD | 1283 | Deutsche Bank AG | 02/02/2023 | 5 |
|  AUD | 870 | USD | 591 | UBS AG LONDON | 02/02/2023 | 2 |
|  USD | 4387 | CHF | 4030 | Citibank, NA | 02/02/2023 | 13 |
|  USD | 5814 | CHF | 5342 | Citibank, NA | 02/02/2023 | 18 |
|  CHF | 140 | USD | 152 | Morgan Stanley & Co. | 02/02/2023 | — (h) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 142 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  CHF | 90 | USD | 98 | UBS AG LONDON | 02/02/2023 | — (h) |
|  CHF | 240 | USD | 260 | UBS AG LONDON | 02/02/2023 | — (h) |
|  EUR | 1930 | USD | 2068 | Bank of America, NA | 02/02/2023 | 2 |
|  EUR | 1130 | USD | 1209 | Bank of America, NA | 02/02/2023 | 4 |
|  EUR | 654 | USD | 700 | Bank of America, NA | 02/02/2023 | 2 |
|  EUR | 9480 | USD | 10139 | Bank of America, NA | 02/02/2023 | 30 |
|  EUR | 21000 | USD | 22460 | Bank of America, NA | 02/02/2023 | 67 |
|  EUR | 620 | USD | 663 | Bank of America, NA | 02/02/2023 | 2 |
|  EUR | 40000 | USD | 42780 | Morgan Stanley & Co. | 02/02/2023 | 128 |
|  EUR | 17290 | USD | 18492 | Morgan Stanley & Co. | 02/02/2023 | 55 |
|  EUR | 430 | USD | 460 | Morgan Stanley & Co. | 02/02/2023 | 1 |
|  GBP | 1870 | USD | 2251 | Bank of America, NA | 02/02/2023 | 11 |
|  GBP | 3940 | USD | 4743 | UBS AG LONDON | 02/02/2023 | 24 |
|  GBP | 7375 | USD | 8879 | UBS AG LONDON | 02/02/2023 | 45 |
|  USD | 464 | HKD | 3612 | Royal Bank of Canada | 02/02/2023 | 1 |
|  JPY | 398530 | USD | 3031 | Deutsche Bank AG | 02/02/2023 | 18 |
|  JPY | 2272780 | USD | 17311 | Deutsche Bank AG | 02/02/2023 | 77 |
|  JPY | 557390 | USD | 4240 | Morgan Stanley & Co. | 02/02/2023 | 24 |
|  USD | 4724 | SEK | 49185 | Bank of America, NA | 02/02/2023 | 2 |
|  USD | 4164 | SEK | 43343 | Goldman Sachs International | 02/02/2023 | 3 |
|  SGD | 250 | USD | 187 | Deutsche Bank AG | 02/02/2023 | — (h) |
|  CNH | 1411 | USD | 203 | HSBC Bank plc | 02/23/2023 | 2 |
|  CNH | 1903 | USD | 274 | HSBC Bank plc | 02/23/2023 | 2 |
|  USD | 11715 | IDR | 182438822 | Bank of America, NA | 03/15/2023 | 7 |
|  IDR | 11558909 | USD | 739 | Barclays Bank plc | 03/15/2023 | 3 |
|  USD | 851 | ILS | 2907 | Citibank, NA | 03/15/2023 | 21 |
|  KRW | 1538049 | USD | 1181 | Morgan Stanley & Co. | 03/15/2023 | 38 |
|  USD | 1495 | MXN | 29171 | Citibank, NA | 03/15/2023 | 17 |
|  MXN | 1244 | USD | 62 | Morgan Stanley & Co. | 03/15/2023 | 1 |
|  USD | 1399 | MYR | 6136 | Goldman Sachs International | 03/15/2023 | 1 |
|  USD | 8624 | MYR | 37773 | Goldman Sachs International | 03/15/2023 | 23 |
|  USD | 7398 | THB | 252178 | UBS AG LONDON | 03/15/2023 | 67 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 16653 |
|  USD | 6472 | AUD | 9610 | Bank of New York Mellon | 01/04/2023 | (71) |
|  USD | 6470 | AUD | 9610 | Deutsche Bank AG | 01/04/2023 | (73) |
|  USD | 6466 | AUD | 9610 | Morgan Stanley & Co. | 01/04/2023 | (77) |
|  USD | 6474 | AUD | 9603 | Toronto-Dominion Bank (The) | 01/04/2023 | (64) |
|  USD | 6474 | AUD | 9610 | UBS AG LONDON | 01/04/2023 | (69) |
|  CHF | 4030 | USD | 4373 | Citibank, NA | 01/04/2023 | (15) |
|  CHF | 5342 | USD | 5796 | Citibank, NA | 01/04/2023 | (20) |
|  USD | 4493 | CHF | 4250 | Morgan Stanley & Co. | 01/04/2023 | (104) |
|  USD | 6202 | CHF | 5872 | Morgan Stanley & Co. | 01/04/2023 | (148) |
|  CHF | 125 | EUR | 127 | Morgan Stanley & Co. | 01/04/2023 | (1) |
|  USD | 16433 | CNY | 114500 | Brown Brothers Harriman & Co. | 01/04/2023 | (38) |
|  USD | 3587 | CNY | 25000 | Brown Brothers Harriman & Co. | 01/04/2023 | (9) |
|  USD | 399304 | CNY | 2846600 | Brown Brothers Harriman & Co. | 01/04/2023 | (10178) |
|  USD | 399545 | CNY | 2846600 | Brown Brothers Harriman & Co. | 01/04/2023 | (9938) |
|  USD | 309 | CZK | 7310 | Morgan Stanley & Co. | 01/04/2023 | (15) |
|  USD | 4269 | CZK | 100429 | UBS AG LONDON | 01/04/2023 | (175) |
|  USD | 1239 | DKK | 8860 | Morgan Stanley & Co. | 01/04/2023 | (37) |
|  USD | 20 | DKK | 145 | Morgan Stanley & Co. | 01/04/2023 | (1) |
|  USD | 4485 | DKK | 32072 | Morgan Stanley & Co. | 01/04/2023 | (132) |
|  USD | 700 | EUR | 656 | Bank of America, NA | 01/04/2023 | (2) |
|  SEK | 850 | EUR | 78 | Bank of America, NA | 01/04/2023 | (2) |
|  USD | 1062095 | EUR | 1022061 | Bank of New York Mellon | 01/04/2023 | (31970) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 143

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 164633 | EUR | 158305 | Bank of New York Mellon | 01/04/2023 | (4825) |
|  USD | 11058 | EUR | 10641 | Bank of New York Mellon | 01/04/2023 | (333) |
|  USD | 8674 | EUR | 8400 | Morgan Stanley & Co. | 01/04/2023 | (317) |
|  USD | 1247832 | EUR | 1199815 | Morgan Stanley & Co. | 01/04/2023 | (36510) |
|  USD | 440 | EUR | 420 | Morgan Stanley & Co. | 01/04/2023 | (10) |
|  USD | 3584 | EUR | 3400 | Morgan Stanley & Co. | 01/04/2023 | (55) |
|  USD | 12990 | EUR | 12490 | Morgan Stanley & Co. | 01/04/2023 | (380) |
|  USD | 164548 | EUR | 158305 | UBS AG LONDON | 01/04/2023 | (4909) |
|  USD | 165136 | EUR | 158773 | Westpac Banking Corp. | 01/04/2023 | (4823) |
|  GBP | 210 | USD | 256 | Bank of America, NA | 01/04/2023 | (2) |
|  USD | 398168 | GBP | 331512 | Bank of New York Mellon | 01/04/2023 | (2614) |
|  USD | 35005 | GBP | 29145 | Bank of New York Mellon | 01/04/2023 | (230) |
|  USD | 1004 | GBP | 836 | Bank of New York Mellon | 01/04/2023 | (7) |
|  USD | 7512 | GBP | 6300 | Morgan Stanley & Co. | 01/04/2023 | (104) |
|  GBP | 25 | USD | 31 | Morgan Stanley & Co. | 01/04/2023 | (—)(h) |
|  USD | 799 | GBP | 670 | UBS AG LONDON | 01/04/2023 | (11) |
|  USD | 35011 | GBP | 29145 | UBS AG LONDON | 01/04/2023 | (224) |
|  USD | 35119 | GBP | 29229 | Westpac Banking Corp. | 01/04/2023 | (217) |
|  HKD | 3612 | USD | 463 | Royal Bank of Canada | 01/04/2023 | (1) |
|  USD | 2197 | HUF | 871346 | UBS AG LONDON | 01/04/2023 | (139) |
|  USD | 60451 | JPY | 8370415 | Bank of New York Mellon | 01/04/2023 | (3328) |
|  USD | 60376 | JPY | 8370415 | Deutsche Bank AG | 01/04/2023 | (3403) |
|  USD | 60347 | JPY | 8370415 | Morgan Stanley & Co. | 01/04/2023 | (3433) |
|  USD | 60634 | JPY | 8370416 | Toronto-Dominion Bank (The) | 01/04/2023 | (3146) |
|  USD | 60568 | JPY | 8370415 | UBS AG LONDON | 01/04/2023 | (3211) |
|  USD | 2952 | NOK | 29255 | Westpac Banking Corp. | 01/04/2023 | (34) |
|  USD | 4080 | NZD | 6540 | UBS AG LONDON | 01/04/2023 | (72) |
|  USD | 6032 | PLN | 27358 | UBS AG LONDON | 01/04/2023 | (212) |
|  USD | 2556 | RON | 12160 | Goldman Sachs International | 01/04/2023 | (78) |
|  SEK | 49185 | USD | 4716 | Bank of America, NA | 01/04/2023 | (2) |
|  SEK | 43343 | USD | 4156 | Goldman Sachs International | 01/04/2023 | (3) |
|  USD | 4861 | SEK | 51145 | Morgan Stanley & Co. | 01/04/2023 | (40) |
|  USD | 4351 | SEK | 45778 | Morgan Stanley & Co. | 01/04/2023 | (36) |
|  USD | 6136 | SGD | 8392 | Royal Bank of Canada | 01/04/2023 | (130) |
|  USD | 2212 | DKK | 15820 | Morgan Stanley & Co. | 01/10/2023 | (66) |
|  USD | 12783 | EUR | 12094 | Bank of America, NA | 01/10/2023 | (169) |
|  USD | 29352 | EUR | 27804 | Bank of America, NA | 01/10/2023 | (423) |
|  USD | 12220 | EUR | 11734 | BNP Paribas | 01/10/2023 | (346) |
|  USD | 389 | AUD | 584 | Morgan Stanley & Co. | 01/12/2023 | (9) |
|  CAD | 3034 | USD | 2271 | Morgan Stanley & Co. | 01/12/2023 | (30) |
|  USD | 737 | EUR | 692 | Bank of America, NA | 01/12/2023 | (4) |
|  USD | 40379 | EUR | 38921 | Citibank, NA | 01/12/2023 | (1307) |
|  USD | 89484 | EUR | 86252 | Citibank, NA | 01/12/2023 | (2897) |
|  USD | 1465 | EUR | 1373 | HSBC Bank plc | 01/12/2023 | (6) |
|  USD | 5349 | EUR | 5176 | HSBC Bank plc | 01/12/2023 | (196) |
|  USD | 430 | EUR | 409 | HSBC Bank plc | 01/12/2023 | (9) |
|  USD | 40861 | EUR | 38921 | Morgan Stanley & Co. | 01/12/2023 | (825) |
|  USD | 90552 | EUR | 86252 | Morgan Stanley & Co. | 01/12/2023 | (1829) |
|  USD | 1258 | GBP | 1055 | HSBC Bank plc | 01/12/2023 | (17) |
|  USD | 24440 | GBP | 20422 | Morgan Stanley & Co. | 01/12/2023 | (254) |
|  USD | 16206 | GBP | 13541 | Morgan Stanley & Co. | 01/12/2023 | (169) |
|  USD | 64627 | JPY | 8903670 | Barclays Bank plc | 01/12/2023 | (3290) |
|  USD | 198 | AUD | 295 | Citibank, NA | 01/19/2023 | (3) |
|  USD | 6985 | AUD | 11122 | HSBC Bank plc | 01/19/2023 | (592) |
|  USD | 11680 | CAD | 16119 | HSBC Bank plc | 01/19/2023 | (226) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 144 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 52 | CAD | 72 | Morgan Stanley & Co. | 01/19/2023 | (1) |
|  USD | 2514 | CHF | 2476 | Morgan Stanley & Co. | 01/19/2023 | (169) |
|  USD | 248 | CZK | 6310 | Bank of America, NA | 01/19/2023 | (31) |
|  USD | 320 | CZK | 8130 | Goldman Sachs International | 01/19/2023 | (40) |
|  USD | 299 | CZK | 7606 | HSBC Bank plc | 01/19/2023 | (38) |
|  USD | 780 | DKK | 5921 | Barclays Bank plc | 01/19/2023 | (73) |
|  USD | 946 | EUR | 951 | Bank of America, NA | 01/19/2023 | (73) |
|  USD | 2106 | EUR | 2037 | Citibank, NA | 01/19/2023 | (77) |
|  USD | 717 | GBP | 622 | Bank of America, NA | 01/19/2023 | (34) |
|  USD | 491 | GBP | 412 | Citibank, NA | 01/19/2023 | (7) |
|  USD | 370 | HUF | 159515 | Morgan Stanley & Co. | 01/19/2023 | (56) |
|  USD | 342 | NOK | 3663 | Bank of America, NA | 01/19/2023 | (32) |
|  USD | 635 | NZD | 1136 | Barclays Bank plc | 01/19/2023 | (87) |
|  USD | 645 | PLN | 3282 | HSBC Bank plc | 01/19/2023 | (104) |
|  USD | 511 | RON | 2629 | Goldman Sachs International | 01/19/2023 | (58) |
|  USD | 1024 | SEK | 11538 | Citibank, NA | 01/19/2023 | (82) |
|  USD | 6251 | AUD | 9175 | Bank of New York Mellon | 02/02/2023 | (4) |
|  USD | 6241 | AUD | 9175 | Deutsche Bank AG | 02/02/2023 | (13) |
|  USD | 6237 | AUD | 9175 | Morgan Stanley & Co. | 02/02/2023 | (17) |
|  USD | 6242 | AUD | 9183 | Toronto-Dominion Bank (The) | 02/02/2023 | (18) |
|  USD | 6238 | AUD | 9175 | UBS AG LONDON | 02/02/2023 | (17) |
|  CHF | 125 | EUR | 127 | Bank of America, NA | 02/02/2023 | (1) |
|  USD | 414228 | CNY | 2874000 | Brown Brothers Harriman & Co. | 02/02/2023 | (192) |
|  USD | 3358 | CNY | 23300 | Brown Brothers Harriman & Co. | 02/02/2023 | (1) |
|  USD | 413888 | CNY | 2874000 | Brown Brothers Harriman & Co. | 02/02/2023 | (532) |
|  USD | 4753 | CZK | 107739 | UBS AG LONDON | 02/02/2023 | (6) |
|  USD | 1296 | DKK | 9005 | Bank of America, NA | 02/02/2023 | (3) |
|  USD | 4231 | DKK | 29402 | Morgan Stanley & Co. | 02/02/2023 | (11) |
|  USD | 165522 | EUR | 154740 | Bank of New York Mellon | 02/02/2023 | (469) |
|  SEK | 850 | EUR | 76 | Goldman Sachs International | 02/02/2023 | (1) |
|  USD | 11847 | EUR | 11101 | Morgan Stanley & Co. | 02/02/2023 | (62) |
|  USD | 1190457 | EUR | 1115536 | Morgan Stanley & Co. | 02/02/2023 | (6186) |
|  USD | 11860 | EUR | 11100 | UBS AG LONDON | 02/02/2023 | (47) |
|  USD | 1191899 | EUR | 1115540 | UBS AG LONDON | 02/02/2023 | (4749) |
|  USD | 165827 | EUR | 155203 | UBS AG LONDON | 02/02/2023 | (661) |
|  USD | 165339 | EUR | 154740 | Westpac Banking Corp. | 02/02/2023 | (652) |
|  USD | 981 | GBP | 811 | Bank of New York Mellon | 02/02/2023 | (—)(h) |
|  USD | 408505 | GBP | 337812 | Bank of New York Mellon | 02/02/2023 | (235) |
|  USD | 34948 | GBP | 28900 | Bank of New York Mellon | 02/02/2023 | (20) |
|  USD | 34927 | GBP | 28989 | UBS AG LONDON | 02/02/2023 | (148) |
|  USD | 34795 | GBP | 28900 | Westpac Banking Corp. | 02/02/2023 | (172) |
|  HKD | 1670 | USD | 214 | Deutsche Bank AG | 02/02/2023 | (—)(h) |
|  HKD | 20 | USD | 3 | UBS AG LONDON | 02/02/2023 | (—)(h) |
|  USD | 2170 | HUF | 821986 | UBS AG LONDON | 02/02/2023 | (13) |
|  USD | 61504 | JPY | 8064135 | Bank of New York Mellon | 02/02/2023 | (190) |
|  USD | 61416 | JPY | 8064135 | Deutsche Bank AG | 02/02/2023 | (279) |
|  USD | 61413 | JPY | 8064135 | Morgan Stanley & Co. | 02/02/2023 | (281) |
|  USD | 61354 | JPY | 8064126 | Toronto-Dominion Bank (The) | 02/02/2023 | (340) |
|  USD | 61356 | JPY | 8064135 | UBS AG LONDON | 02/02/2023 | (338) |
|  USD | 2975 | NOK | 29255 | Westpac Banking Corp. | 02/02/2023 | (15) |
|  USD | 3575 | NZD | 5630 | Standard Chartered Bank | 02/02/2023 | (1) |
|  USD | 5957 | PLN | 26228 | UBS AG LONDON | 02/02/2023 | (14) |
|  USD | 2619 | RON | 12160 | UBS AG LONDON | 02/02/2023 | (10) |
|  SEK | 2590 | USD | 249 | Bank of America, NA | 02/02/2023 | (—)(h) |
|  SEK | 200 | USD | 19 | UBS AG LONDON | 02/02/2023 | (—)(h) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 145

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 5218 | SGD | 6992 | Goldman Sachs International | 02/02/2023 | (5) |
|  USD | 51859 | CNH | 361896 | Citibank, NA | 02/23/2023 | (642) |
|  USD | 207 | CNH | 1459 | Citibank, NA | 02/23/2023 | (4) |
|  CNH | 2836 | USD | 411 | Morgan Stanley & Co. | 02/23/2023 | (–) (h) |
|  USD | 367 | CLP | 319372 | Barclays Bank plc | 03/15/2023 | (6) |
|  USD | 3148 | IDR | 49417649 | HSBC Bank plc | 03/15/2023 | (23) |
|  USD | 27624 | KRW | 35663130 | UBS AG LONDON | 03/15/2023 | (634) |
|  USD | 312 | PEN | 1205 | Morgan Stanley & Co. | 03/15/2023 | (3) |
|  USD | 1075 | SGD | 1454 | Morgan Stanley & Co. | 03/15/2023 | (12) |
|  USD | 1371 | THB | 48057 | Goldman Sachs International | 03/15/2023 | (26) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (156660) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | (140007) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | **Over the Counter ("OTC") Interest Rate Swaps contracts outstanding as of December 31, 2022:** | | |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING RATE** | **COUNTERPARTY** | **MATURITY**<br> **DATE** | **NOTIONAL**<br> **AMOUNT** | **NOTIONAL**<br> **AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  Bank Negara Malaysia KLIBOR Interbank<br> Offered Rate Fixing 3 Month | 2.44% quarterly | Pay | Morgan Stanley & Co. | 11/17/2030 | MYR | 5000 | (–)(h) | (114) | (114) |
| Total | Total | Total | Total | Total | Total | Total | (–)(h) | (114) | (114) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING RATE** | **MATURITY**<br> **DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Pay | 07/08/2023 | JPY | 360000 | 3 | (4) | (1) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Pay | 07/08/2024 | JPY | 600000 | (11) | (4) | (15) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.14% annually | Pay | 12/06/2024 | JPY | 1500000 | — (h) | (19) | (19) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.10% semi-annually | Pay | 12/03/2025 | JPY | 140000 | (–) (h) | (8) | (8) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Receive | 07/08/2029 | JPY | 300000 | 70 | 37 | 10 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30% semi-annually | Pay | 12/03/2030 | JPY | 143500 | (—)(h) | (39) | (39) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.00% annually | Pay | 07/08/2031 | JPY | 95000 | (1) | (46) | (47) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.15% annually | Pay | 07/08/2037 | JPY | 135000 | (78) | (48) | (126) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.25% annually | Pay | 07/08/2041 | JPY | 40000 | (—)(h) | (48) | (48) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.45% annually | Pay | 07/08/2051 | JPY | 35000 | (—)(h) | (56) | (56) |
|  BBSW ASX Australian 6 Month | 2.50% semi-annually | Pay | 12/03/2025 | AUD | 3390 | 269 | (376) | (107) |
|  BBSW ASX Australian 6 Month | 2.75% semi-annually | Pay | 12/03/2030 | AUD | 1035 | 144 | (224) | (80) |
|  Canada Bankers Acceptances 3 Month | 2.50% semi-annually | Pay | 12/03/2024 | CAD | 7410 | (126) | (87) | (213) |
|  Canada Bankers Acceptances 3 Month | 2.50% semi-annually | Pay | 12/03/2025 | CAD | 8915 | 563 | (869) | (306) |
|  Canada Bankers Acceptances 3 Month | 2.60% semi-annually | Pay | 12/03/2027 | CAD | 3510 | (75) | (62) | (137) |
|  Canada Bankers Acceptances 3 Month | 2.65% semi-annually | Pay | 12/03/2030 | CAD | 4555 | 434 | (680) | (246) |
|  Canada Bankers Acceptances 3 Month | 2.75% semi-annually | Pay | 12/03/2037 | CAD | 660 | (40) | (25) | (65) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 146 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING RATE** | **MATURITY**<br> **DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  Canada Bankers Acceptances 3 Month | 2.80% semi-annually | Pay | 12/03/2040 | CAD | 1585 | 308 | (483) | (175) |
|  Canada Bankers Acceptances 3 Month | 2.80% semi-annually | Pay | 12/03/2049 | CAD | 1245 | 321 | (473) | (152) |
|  Canada Bankers Acceptances 3 Month | 2.80% semi-annually | Pay | 12/03/2051 | CAD | 560 | (38) | (29) | (67) |
|  CFETS China Fixing Repo Rates 7 Day | 2.81% quarterly | Pay | 04/12/2026 | CNY | 3590 | — (h) | 4 | 4 |
|  Colombia IBR Overnight Nominal Interbank Reference Rate | 4.44% quarterly | Pay | 09/10/2030 | COP | 2257000 | — (h) | (135) | (135) |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.20% annually | Pay | 05/11/2052 | EUR | 1810 | (182) | (311) | (493) |
|  ICE LIBOR USD 3 Month | 1.50% semi-annually | Pay | 12/15/2028 | USD | 27300 | 151 | (3722) | (3571) |
|  KRW Certificate of Deposit 3 Month | 3.15% quarterly | Pay | 08/04/2024 | KRW | 1448000 | — (h) | (14) | (14) |
|  KRW Certificate of Deposit 3 Month | 1.00% quarterly | Pay | 09/01/2025 | KRW | 2400000 | — (h) | (136) | (136) |
|  KRW Certificate of Deposit 3 Month | 1.07% quarterly | Pay | 04/27/2030 | KRW | 200000 | (8) | (18) | (26) |
|  KRW Certificate of Deposit 3 Month | 0.97% quarterly | Pay | 08/14/2030 | KRW | 2100000 | — (h) | (291) | (291) |
|  KRW Certificate of Deposit 3 Month | 0.94% quarterly | Pay | 08/19/2030 | KRW | 5075000 | (83) | (617) | (700) |
|  KRW Certificate of Deposit 3 Month | 2.82% quarterly | Pay | 04/28/2032 | KRW | 1245595 | (13) | (41) | (54) |
|  SONIA Interest Rate Benchmark | 0.45% annually | Pay | 03/31/2026 | GBP | 1250 | — (h) | (188) | (188) |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2046 | GBP | 2080 | 332 | (1239) | (907) |
|  Swiss Average Rate ON Intraday Value | 0.13% annually | Pay | 11/05/2031 | CHF | 150 | 2 | (28) | (26) |
|  Thailand Overnight Repo Rate ON | 1.15% quarterly | Pay | 11/19/2030 | THB | 31000 | — (h) | (88) | (88) |
|  United States FEDEF | 0.10% maturity | Receive | 01/13/2023 | USD | 442600 | 37 | 7622 | 7659 |
|  United States FEDEF | 0.20% maturity | Receive | 04/29/2023 | USD | 22600 | 1 | 662 | 663 |
|  United States SOFR | 1.75% annually | Pay | 06/15/2025 | USD | 53500 | (1423) | (1984) | (3407) |
|  United States SOFR | 2.00% annually | Receive | 12/21/2027 | USD | 13700 | 1018 | 71 | 1089 |
|  United States SOFR | 1.22% annually | Receive | 08/15/2028 | USD | 5797 | — (h) | 768 | 768 |
|  United States SOFR | 2.00% annually | Receive | 12/21/2029 | USD | 19600 | 1964 | (1) | 1963 |
|  United States SOFR | 1.75% annually | Pay | 06/15/2032 | USD | 3600 | (381) | (158) | (539) |
|  United States SOFR | 2.00% annually | Receive | 12/21/2032 | USD | 66500 | 9078 | (408) | 8670 |
|  Total | Total | Total | Total | Total |  | 12236 | (3795) | 8441 |

---

------

(a) Value of floating rate index as of December 31, 2022 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  Bank Negara Malaysia KLIBOR Interbank Offered rate Fixing 3 Month | 3.68% |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.02)% |
|  BBSW ASX Australian 6 Month | 3.77% |
|  Canada Bankers Acceptances 3 Month | 4.94% |
|  CFETS China Fixing Repo Rates 7 Day | 3.00% |
|  Colombia IBR Overnight Nominal Interbank Reference Rate | 11.14% |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.90% |
|  ICE LIBOR USD 3 Month | 4.77% |
|  KRW Certificate of Deposit 3 Month | 3.98% |
|  SONIA Interest Rate Benchmark | 3.43% |
|  Swiss Average Rate ON Intraday Value | 0.94% |
|  Thailand Overnight Repo Rate ON | 1.25% |
|  United States FEDEF | 4.33% |
|  United States SOFR | 4.30% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** | **Written Call Option contracts on securities as of December 31, 2022:** |
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL**<br> **AMOUNT** | **NOTIONAL**<br> **AMOUNT** | **EXERCISE**<br> **PRICE** | **EXERCISE**<br> **PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 01/12/2053 | BofA Securities, Inc. | (10000) | USD | (4) | USD | 96.91 | 01/05/2023 | $(—) (h) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 02/13/2053 | BofA Securities, Inc. | (10000) | USD | (6589) | USD | 94.91 | 02/06/2023 | (69) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | BofA Securities, Inc. | (3000) | USD | (656) | USD | 101.81 | 02/06/2023 | (6) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 147

------

##### [**Table of Contents**](#toc)

## Six Circles Global Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL**<br> **AMOUNT** | **NOTIONAL**<br> **AMOUNT** | **EXERCISE**<br> **PRICE** | **EXERCISE**<br> **PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | BofA Securities, Inc. | (2200) | USD | (398) | USD | 102.00 | 02/06/2023 | $(4) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | Citigroup Global Markets, Inc. | (9900) | USD | (2301) | USD | 101.75 | 02/06/2023 | (23) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | Citigroup Global Markets, Inc. | (6700) | USD | (1212) | USD | 102.00 | 02/06/2023 | (12) |
|  |  |  |  |  |  |  |  | (114) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** | **Written Put Option contracts on securities as of December 31, 2022:** |
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL**<br> **AMOUNT** | **NOTIONAL**<br> **AMOUNT** | **EXERCISE**<br> **PRICE** | **EXERCISE**<br> **PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 01/12/2053 | BofA Securities, Inc. | (7000) | USD | (3258) | USD | 94.03 | 01/05/2023 | (35) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 01/12/2053 | BofA Securities, Inc. | (10000) | USD | (10479) | USD | 94.91 | 01/05/2023 | (111) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 01/12/2053 | BofA Securities, Inc. | (15000) | USD | (19648) | USD | 95.22 | 01/05/2023 | (206) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 3.00%, 01/12/2053 | Citigroup Global Markets, Inc. | (11100) | USD | (27097) | USD | 90.56 | 01/05/2023 | (299) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 01/12/2053 | Citigroup Global Markets, Inc. | (10000) | USD | (16476) | USD | 95.59 | 01/05/2023 | (172) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | BofA Securities, Inc. | (2200) | USD | (1538) | USD | 100.00 | 02/06/2023 | (15) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | BofA Securities, Inc. | (3000) | USD | (1882) | USD | 99.81 | 02/06/2023 | (19) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | Citigroup Global Markets, Inc. | (6700) | USD | (4684) | USD | 100.00 | 02/06/2023 | (47) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/13/2053 | Citigroup Global Markets, Inc. | (9900) | USD | (5987) | USD | 99.75 | 02/06/2023 | (60) |
|  |  |  |  |  |  |  |  | (964) |
|  Total Written Options Contracts (Premiums Received $678) |  |  |  |  |  |  |  | (1078) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** |
| **COUNTERPARTY** | **BORROWING<br>RATE (%)** | **SETTLEMENT<br>DATE** | **MATURITY<br>DATE** | **AMOUNT<br>BORROWED** | **PAYABLE FOR<br>REVERSE<br>REPURCHASE<br>AGREEMENTS** | **COLLATERAL<br>PLEDGED/<br>(RECEIVED)** | **NET AMOUNT<br>(DUE TO)/FROM<br>COUNTERPATRY** |
| Wells Fargo Bank, National Association | 4.20 | 11/14/2022 | 1/12/2023 | (5147) | (5176) | 5176 |  |
| Wells Fargo Bank, National Association | 4.46 | 12/12/2022 | 1/12/2023 | (13097) | (13129) | 13129 |  |
| Wells Fargo Bank, National Association | 4.46 | 12/13/2022 | 1/12/2023 | (11391) | (11418) | 11418 |  |
| BofA Securities, Inc. | 4.45 | 12/30/2022 | 1/3/2023 | (33655) | (33663) | 33663 |  |
|  |  |  |  |  | (63386) |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** |
| **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
| | **OVERNIGHT AND<br>CONTINUOUS** | **UP TO 30 DAYS** | **31-90 DAYS** | **GREATER THAN<br>90 DAYS** | **TOTAL** |
|  Reverse Repurchase Agreements |  |  |  |  |  |
|  Mortgage Backed Securities |  | (63386) |  |  | (63386) |
|  Payable for Reverse Repurchase Agreements |  |  |  |  |  |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| ACES | — Alternative Credit Enhancement Securities |
| ARM | — Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2022. |
| ASX | — Australian Stock Exchange |
| BAM | — Insured by Build America Mutual |
| BBSW | — Bank Bill Swap Rate |
| BofA | — Bank of America |
| CFETS | — China Foreign Exchange Trade System |
| CLO | — Collateralized Loan Obligations |
| CMT | — Constant Maturity Treasury |

---

---

| | |
|:---|:---|
| CPI | — Consumer Price Index |
| EURIBOR | — Euro Interbank Offered Rate |
| FEDEF | — Federal Fund Effective Rate (Continuous Series) |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| IBR | — Indicador Bancario de Referencia |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 148 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| ESTR | — Euro short-term rate |
| ICE | — Intercontinental Exchange |
| IF | — Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of December 31, 2022. The rate may be subject to a cap and floor. |
| IO | — Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
| KLIBOR | — Kuala Lumpur Interbank Offered Rate |
| LIBOR | — London Interbank Offered Rate |
| OTC | — Over the Counter |
| OYJ | — Public Limited Company |
| PO | — Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
| REIT | — Real Estate Investment Trust |
| Reg. S | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REMICS | — Real Estate Mortgage Investment Conduit |
| Rev. | — Revenue |
| SOFR | — Secured Overnight Financing Rate |
| SONIA | — Sterling Overnight Interbank Average Rate |
| STRIP | — Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2022. |
| TBA | — To Be Announced |
| TONAR | — Tokyo Overnight Average Rate |
| VA | — Veterans Administration |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares or principal/ $500. |
| (t) | — The date shown represents the earliest of the next put date or final maturity date. |
| (w) | — All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (x) | — Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022. |
| (z) | — Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2022. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022. |
| (bb) | — Security has been valued using significant unobservable inputs. |
| (ee) | — Approximately $581 of these investments are restricted as collateral for swaps to Citigroup Clearing. |
| (ff) | — Approximately $647 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc. |
| (gg) | — Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements. |
| (hh) | — Approximately $2,056 of these investments are restricted as collateral for TBAs to various brokers. |
| (ii) | — Approximately $1,714 of these investments are restricted as collateral for forwards to various brokers. |
| (jj) | — Approximately $6,486 of these investments are restricted as collateral for bi-lateral derivatives to various brokers. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan |
| CNY | — Chinese Yuan |
| COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombian Peso |
| CZK | — Czech Koruna |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| HUF | — Hungarian Forint |
| IDR | — Indonesian Rupiah |
| ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israeli New Shekel |
| JPY | — Japanese Yen |
| KRW | — Korean Won |
| MXN | — Mexican Peso |
| MYR | — Malaysian Ringgit |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peruvian Nuevo Sol |
| PLN | — Polish Zloty |
| RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Leu |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| THB | — Thai Baht |
| USD | — United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 149

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bond — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare-Services — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tower Health, Series 2020, 4.45%, 02/01/2050<br>(Cost $864) | 1000 | 481 |
|  **Municipal Bonds — 95.2%** (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama** — **2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035 (p) | 2000 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority, Garvee, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2032 (p) | 1160 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2035 (p) | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2036 (p) | 2000 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Housing Finance Authority, South Oak Residence Project, Rev., 1.25%, 12/01/2025 (z) | 4270 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2037 | 6400 | 7181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2039 | 10000 | 11123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 5000 | 5057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2051 (z) | 14030 | 13673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 04/01/2053 (z) | 2000 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 4.31%, 04/01/2053 (aa) | 9250 | 8792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.25%, 02/01/2053 (z) | 12245 | 12764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z) | 1930 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project, Series F, Rev., 5.50%, 11/01/2053 (z) | 10625 | 11149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z) | 10110 | 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z) | 3410 | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z) | 7810 | 7724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5000 | 4929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 6505 | 6427 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4075 | 4284 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson, Sewer Revenue, Senior Lien, Warrants, Series A, Rev., AGM, 5.50%, 10/01/2053 | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053 | 220 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Authority for Baptist Health, Series B, Rev., VRDO, 4.33%, 01/06/2023 (z) | 2035 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Authority of the City of Huntsville, Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 06/01/2045 | 1750 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 06/01/2038 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 2375 | 2629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z) | 3250 | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z) | 1000 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Series B1, Rev., 5.00%, 05/01/2053 (z) | 1795 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z) | 4580 | 4484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z) | 6000 | 5787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z) | 1820 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alabama Docks Department, Docks, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, AMT, 5.00%, 10/01/2025 | 1750 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, AMT, 5.00%, 10/01/2026 | 1890 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p) | 2525 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A, Rev., 4.50%, 05/01/2032 (e) | 855 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAB Medicine Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2032 | 1800 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 09/01/2041 | 1750 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Works Board of the City of Birmingham, Series B, Rev., 5.00%, 01/01/2038 (p) | 1630 | 1630 |
|  |  | 161168 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 150 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 (p) | 125 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2033 (p) | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 1760 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Social Bonds State Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 920 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | 945 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Senior, Series B2, Rev., Zero Coupon, 06/01/2066 | 9475 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska International Airports System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 10/01/2027 | 2000 | 2129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 10/01/2030 | 5000 | 5424 |
|  |  | 12628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona** — **1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents, Series A, Rev., 5.00%, 07/01/2043 | 2480 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.00%, 01/01/2044 (p) | 1055 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029 | 2705 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Rev., 3.63%, 05/20/2033 | 1180 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 09/01/2035 | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 09/01/2036 | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Greathearts Arizona Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2024 | 125 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2026 | 125 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051 | 2000 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Macombs Facilities Project, Series A, Rev., 4.00%, 07/01/2061 | 1000 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2032 | 1375 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 2000 | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/15/2031 (e) | 525 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2041 (e) | 500 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2051 (e) | 700 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona State University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2043 | 1105 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2042 | 2000 | 2074 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona State University, Board of Regents, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2042 | 2000 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, Intel Corp. Project, Rev., AMT, 5.00%, 09/01/2042 (z) | 3000 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, Intel Corp. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.40%, 12/01/2035 (z) | 775 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 09/01/2052 (z) | 2860 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Bullhead Excise Taxes Revenue, Second Series, Rev., 0.60%, 07/01/2024 | 250 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2031 | 2000 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2032 | 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2034 | 1600 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029 | 1515 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2034 | 2185 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2024 | 130 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2044 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 1500 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2033 | 2000 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028 | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047 | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the City of Phoenix, Republic Services, Rev., AMT, 4.10%, 12/01/2035 (z) | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The), American Leadership Academy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2023 (e) | 1290 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2025 (e) | 2555 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2027 (e) | 2680 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2030 (e) | 1510 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The), Tucson Medical Center, Rev., 4.00%, 04/01/2035 | 825 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027 | 3260 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyrene Elementary School District No. 28, School Improvement Project 2010,<br>Series B, GO, 4.50%, 07/01/2024 | 315 | 317 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 151

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.50%, 07/01/2025 | 255 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035 | 1000 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21910 | 21941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Arizona University, Speed Stimulus Plan Economic Education, Rev., 5.00%, 08/01/2032 (p) | 3145 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.00%, 12/01/2045 | 7300 | 7631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Salt River Project, Series A, Rev., 5.00%, 01/01/2026 | 3000 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp., Senior, Rev., 5.50%, 12/01/2029 | 1475 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempe Industrial Development Authority, Friendship Village of Tempe, Rev., 1.13%, 12/01/2026 | 3350 | 2876 |
|  |  | 102693 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arkansas** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority Public Safety Charges Revenue, Division of Emergency Management Project, Rev., 5.00%, 06/01/2024 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.50%, 09/01/2049 (e) | 630 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 (e) | 3000 | 2901 |
|  |  | 4479 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California** — **8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alameda County, Oakland Unified School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2027 | 65 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2040 (p) | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048 | 4000 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim Housing & Public Improvements Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2035 | 250 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2050 | 1780 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | 2250 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.00%, 04/01/2053 (z) | 2200 | 2152 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 4.11%, 04/01/2056 (aa) | 2675 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 4.07%, 04/01/2056 (aa) | 5000 | 4849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, Subordinated, Series S4, Rev., 5.00%, 04/01/2031 (p) | 4000 | 4021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5000 | 5283 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Series B1, Rev., 4.00%, 02/01/2052 (z) | 2500 | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z) | 6860 | 6825 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond, Clean Energy, Rev., 5.00%, 12/01/2053 (w) (z) | 7160 | 7461 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 340 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2033 | 170 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Sonoma County Securitization, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2031 | 255 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2033 | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2049 | 325 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037 | 340 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Educational Facilities Authority, University Southern California, Series C, Rev., 5.25%, 10/01/2024 (p) | 210 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z) | 945 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System, Rev., 3.00%, 03/01/2041 (z) | 1860 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars Sinai Health System, Rev., 4.00%, 08/15/2040 | 4050 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Children's Hospital, Rev., 4.00%, 11/01/2035 | 1460 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3000 | 3031 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 152 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Commonspirit Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 04/01/2038 | 3500 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2033 | 3000 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035 | 3010 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Stanford Health Care, Series A, Rev., 5.00%, 11/15/2030 | 2000 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2043 (p) | 465 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z) | 1055 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, Series 2021-1, Rev., 3.50%, 11/20/2035 | 3717 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, Social Certificates, Series A, Rev., 3.25%, 08/20/2036 | 4244 | 3669 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Brightline West Passenger Rail Project, Rev., AMT, 0.85%, 01/01/2050 (e) (z) | 5000 | 4990 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.36%, 12/01/2050 (aa) | 1370 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1230 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Open Door Community Health Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2034 | 920 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2035 | 960 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2036 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Republic Services, Inc. Project, Series B, Rev., AMT, 2.35%, 07/01/2051 (z) | 560 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037 | 745 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Subordinate Caritas Project, Series B, Rev., 4.00%, 08/15/2041 | 300 | 270 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e) | 2995 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Walnut Apartments, Rev., HUD, 0.45%, 12/01/2024 (z) | 1125 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 0.70%, 12/01/2044 (z) | 1670 | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.50%, 10/01/2045 (z) | 5050 | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 2960 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Plant Bonds, Rev., AMT, 5.00%, 07/01/2037 (e) | 1500 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Republic Services, Rev., AMT, 4.10%, 08/01/2023 (e) (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project, Rev., 2.13%, 11/15/2027 (e) | 1000 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) | 325 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Henry Mayo Newhall Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2030 | 1165 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2032 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/15/2023 | 130 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) | 1230 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039 | 7560 | 7781 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Davidson Library, Series C, Rev., 5.00%, 03/01/2031 (p) | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Forward Delivery, Series A, Rev., 5.00%, 02/01/2030 | 2500 | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Green Bond Natural Resources, Rev., 5.00%, 11/01/2033 | 1035 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Various Capital Projects, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2030 | 1245 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2031 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2026 | 565 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 11/01/2037 | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Series A, Rev., 5.00%, 11/01/2044 | 2640 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035 | 1000 | 1020 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 153

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Unrefunded Systemwide, Rev., 5.00%, 11/01/2039 (p) | 4700 | 4899 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Series B, Special Assessment, 4.00%, 09/02/2040 | 570 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., AGM, 5.13%, 08/15/2047 | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 3.40%, 07/01/2041 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2044 | 6065 | 6067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/01/2054 | 1100 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2026 (e) | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2041 (e) | 2000 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2056 (e) | 3000 | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028 | 435 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, South California Edison Co., Rev., 2.63%, 11/01/2033 (z) | 275 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Villa Del Sol Apartments, Rev., 0.39%, 10/01/2023 (z) | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034 | 125 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 4.00%, 06/15/2041 | 1215 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R2, GO, 5.00%, 06/15/2023 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R2, GO, 5.00%, 06/15/2024 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities And Services, Special Tax, 4.00%, 09/01/2036 (e) | 155 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035 | 810 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco, Special Tax District No. 2020-1, Mission Rock Facilities and Services, Special Tax, 4.00%, 09/01/2031 (e) | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Long Beach Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, AMT, 5.00%, 06/01/2042 | 1000 | 1037 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, AMT, 5.25%, 06/01/2047 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2026 | 1500 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 05/15/2046 | 21965 | 22201 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Private Activity, Series A, Rev., AMT, 5.00%, 05/15/2045 | 5000 | 5143 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.75%, 05/15/2040 | 2415 | 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/15/2036 | 4090 | 4371 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2029 | 4000 | 4383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/15/2047 | 4000 | 4195 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/15/2038 | 2000 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2027 | 2605 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2029 | 4485 | 4834 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2027 | 1235 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2029 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate P3 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/15/2026 | 1180 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/15/2046 | 8000 | 8192 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/15/2033 | 1330 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/15/2039 | 1510 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/15/2044 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026 | 500 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023 | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Department of Airports, Senior, Series B, Rev., 5.00%, 05/15/2034 | 1600 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Roseville, Special Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2040 | 1000 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2035 | 1160 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Francisco CA Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4235 | 4464 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033 | 1770 | 2036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 154 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Victorville Electric Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2038 | 1055 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2039 | 1110 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041 | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coachella Valley Water District Drinking Water System Revenue, Notes, Series A, Rev., 1.38%, 06/01/2025 | 2000 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, AGM, 5.00%, 08/01/2042 | 750 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1400 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033 | 105 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042 | 540 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 3295 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 215 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) | 410 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e) | 2000 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Department of Veterans Affairs, Veteran's Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 895 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1200 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Municipal Water District, Series A, Rev., 3.00%, 07/01/2024 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1280 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily ML Certificates, Series 2021-ML10, Class A, Rev., 2.03%, 01/25/2038 (e) | 340 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fontana Public Facilities Financing Authority, Series A, Special Tax, 4.00%, 09/01/2023 | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresno Unified School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 2.00%, 08/01/2023 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 2.00%, 08/01/2024 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilroy School Facilities Financing Authority, General Obligations, Series A, Rev., 5.00%, 08/01/2046 (p) | 5000 | 5062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034 | 1900 | 1525 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051 | 2235 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Unified School District, COP, 5.25%, 08/01/2047 | 3000 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Development Authority, Sunny Garden Apartments, Rev., HUD, 0.20%, 07/01/2024 (z) | 155 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.00%, 06/01/2023 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Green Bond Measure R, Rev., 5.00%, 06/01/2027 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027 | 1255 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034 | 7000 | 7689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated, Series A, Rev., 5.00%, 06/01/2033 | 2000 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 1500 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 07/01/2027 | 1500 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 07/01/2029 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2037 | 740 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2039 | 500 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2038 | 275 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2049 | 9500 | 10223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2038 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 07/01/2036 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 07/01/2026 | 2285 | 2475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 07/01/2028 | 1000 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RYQ, GO, 5.00%, 07/01/2035 | 1280 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 112 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 155

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Sustainability Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QRR, GO, 5.00%, 07/01/2026 | 550 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QRR, GO, 5.00%, 07/01/2031 | 1400 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California, Rev., 5.00%, 01/01/2038 | 3015 | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039 | 2535 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natomas Unified School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 4.00%, 08/01/2045 | 7740 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 4.00%, 08/01/2049 | 2655 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2023 (p) | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2027 | 1480 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2031 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2032 | 2000 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2036 | 1160 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043 | 2000 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050 | 10000 | 7418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oakland Unified School District/Alameda County, Election of 2012, Series A, GO, AGM, 4.00%, 08/01/2034 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario International Airport Authority, Series A, Rev., AGM, 5.00%, 05/15/2046 | 1500 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033 | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Transportation Authority, 405 Improvement Project, Rev., BAN, 5.00%, 10/15/2024 (p) | 3230 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3000 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, Rev., 5.00%, 11/01/2039 | 4000 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, Capital Appreciation, Electric of 2004, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGC, Zero Coupon, 08/01/2028 | 500 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGC, Zero Coupon, 08/01/2031 | 330 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peralta Community College District, GO, 5.25%, 08/01/2037 | 2000 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Oakland, Intermediate Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., AMT, 5.00%, 05/01/2027 | 2500 | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., AMT, 5.00%, 05/01/2028 | 4275 | 4581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., AMT, 5.00%, 05/01/2029 | 405 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, AGM, 5.25%, 09/01/2052 | 1085 | 1167 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031 | 525 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento City Unified School District, Election of 2020 Measure, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/01/2024 | 860 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/01/2038 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento County Sanitation Districts Financing Authority, Series A, Rev., 5.00%, 12/01/2044 | 4250 | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | 2000 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p) | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Community College District, GO, 4.00%, 08/01/2032 (p) | 2910 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2036 | 1090 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Subordinate Airport Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2026 | 2120 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2027 | 2000 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2034 | 1000 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039 | 1565 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031 | 1030 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1875 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission-San Francisco International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., AMT, 5.00%, 05/01/2025 | 1500 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., AMT, 5.00%, 05/01/2028 | 3000 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2027 | 775 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2044 | 1495 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2025 | 2000 | 2070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 156 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2030 | 2000 | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2031 | 205 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2032 | 2000 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/01/2046 | 1920 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, Junior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 01/15/2044 | 8020 | 8115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 01/15/2049 | 3000 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034 | 3000 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1700 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santa Clara Valley Water District, Water System Utility Improvement, COP, 5.00%, 06/01/2038 | 2495 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santaluz Community Facilities District No. 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 3.00%, 09/01/2023 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 3.00%, 09/01/2024 | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra View Local Health Care District, Tulare Co., Rev., 4.00%, 07/01/2024 | 475 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Green Bond Milford Wind Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2024 | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2025 | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 03/01/2036 | 4000 | 4119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/01/2041 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2024 | 5000 | 5187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2027 | 145 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2029 | 80 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2029 | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2029 | 13215 | 15202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2029 | 700 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2030 | 55 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2031 | 1500 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2047 | 1500 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CU, GO, 5.50%, 12/01/2052 | 250 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028 | 5000 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Group B, GO, 5.50%, 10/01/2025 | 9000 | 9201 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Various Purpose, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2031 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/01/2033 | 3550 | 3701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2035 | 2825 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2036 | 8850 | 9123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2029 | 1000 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2030 | 115 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2031 | 1000 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2033 | 500 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2034 | 2180 | 2481 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2035 | 505 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2035 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5500 | 5737 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AK, Rev., 5.00%, 05/15/2048 (z) | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AR, Rev., 5.00%, 05/15/2041 | 2000 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S, Rev., 5.00%, 05/15/2031 | 1500 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 4.00%, 05/15/2046 | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 05/15/2035 | 1980 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 4.00%, 05/15/2047 | 1300 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032 | 350 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Santa Clara Valley Joint Powers Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2045 | 1500 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2050 | 2000 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Val Verde Unified School District, Election 2012, Series A, GO, BAM, 5.00%, 08/01/2042 (p) | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victor Valley Union High School District, Series B, GO, AGM, 4.00%, 08/01/2036 | 1270 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027 | 805 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; William S Hart Union High School District, Capital Appreciation Election 2001, Series B, GO, AGM, Zero Coupon, 09/01/2025 | 1960 | 1814 |
|  |  | 523571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado** — **3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerotropolis Regional Transportation Authority, Rev., 4.25%, 12/01/2041 | 500 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040 | 500 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arapahoe County School District No. 6 Littleton, GO, 5.00%, 12/01/2023 | 670 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042 | 2180 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026 | 220 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053 | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 11/15/2041 | 3000 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2029 | 1000 | 1081 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 157

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 11/15/2053 | 4000 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 11/15/2053 | 4775 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2040 | 4750 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2041 | 3000 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2045 | 11050 | 12021 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, Subordinate System, Series A, Rev., AMT, 5.00%, 12/01/2034 | 2510 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051 | 9925 | 9461 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2027 | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2030 | 3000 | 3259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., AMT, 5.00%, 11/15/2031 (z) | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, Airport System Revenue, Subordinated, Series A, Rev., AMT, 5.00%, 12/01/2027 | 5840 | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043 | 3000 | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041 (p) | 1800 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise, Central 70 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/31/2025 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/31/2030 | 1505 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2036 | 175 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2041 | 175 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, AdventHealth Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/15/2051 | 9790 | 7137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 | 2000 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2038 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital Co. Project, Series A, Rev., 5.00%, 12/01/2033 | 3765 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Commonspirit Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2027 | 1025 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2034 | 1240 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 08/01/2028 | 2215 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 08/01/2044 | 11025 | 11045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Rev., 5.00%, 05/15/2048 | 1070 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 | 500 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030 | 1175 | 1339 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 2105 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., GNMA, 3.00%, 11/01/2051 | 2990 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rev., GNMA COLL, 3.25%, 11/01/2051 | 1640 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Social Bonds Class I, Series H, Rev., GNMA, 3.00%, 11/01/2051 | 1315 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copperleaf Metropolitan District No. 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 12/01/2023 | 305 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 12/01/2025 | 470 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crystal Valley, Metropolitan District No. 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 12/01/2028 | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 12/01/2029 | 405 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 12/01/2030 | 360 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036 | 1320 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025 | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Series B, Rev., (United States SOFR \* 0.67 + 0.35%), 3.23%, 09/01/2039 (aa) | 1485 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027 | 1250 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 290 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2027 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2028 | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2040 | 2775 | 2787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e) | 3000 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p) | 2000 | 2079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Western Metropolitan District, GO, 4.75%, 12/01/2050 | 500 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson Center Metropolitan District No. 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.13%, 12/01/2040 | 575 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.38%, 12/01/2047 | 795 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031 | 2000 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032 | 1500 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042 | 3950 | 2151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 158 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | 3000 | 3514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pueblo Urban Renewal Authority, EVRAZ Project Tax Increment, Tax Allocation, 4.75%, 12/01/2045 (e) | 635 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners Eagle, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2026 | 575 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2027 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2032 | 1470 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041 | 500 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036 | 1350 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spring Valley Metropolitan District No. 3, Series A, GO, 5.00%, 12/01/2049 | 1360 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Colorado, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 6.00%, 12/15/2041 | 15000 | 17601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 09/01/2026 | 1500 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 12/15/2029 | 1000 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Colorado, University Enterprise, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 06/01/2051 (z) | 4000 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 1500 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | 460 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 | 585 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036 | 2565 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051 | 5000 | 5307 |
|  |  | 182868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut** — **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Social Bond, Series C, Rev., (SIFMA Municipal Swap Index + 0.63%), 4.29%, 05/15/2051 (aa) | 1560 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Social Bonds, Series A1, Rev., 3.50%, 11/15/2051 | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Series 2017 B1, Rev., 5.00%, 07/01/2029 | 4845 | 5554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2026 | 555 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2033 | 565 | 617 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2035 | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2038 | 2500 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2041 | 2250 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2024 | 175 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2030 | 865 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Yale New Haven, Series B, Rev., 1.80%, 07/01/2049 (z) | 4000 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Yale University, Series C2, Rev., 5.00%, 07/01/2057 (z) | 1725 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030 | 500 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, Health & Educational Facilities Authority, Sacred Heart University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 4.00%, 07/01/2045 | 750 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 07/01/2037 | 950 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, Health & Educational Facilities Authority, Yale University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 1.10%, 07/01/2048 (z) | 1755 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.00%, 07/01/2040 (z) | 4320 | 4809 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2026 | 5000 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2032 | 2250 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2033 | 500 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 01/15/2028 | 3500 | 3685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 03/15/2032 | 850 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2026 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 06/15/2037 | 40 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 500 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2035 | 500 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2042 | 10000 | 11213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 11/01/2038 | 3500 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/01/2028 | 1480 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/01/2033 | 1675 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/01/2036 | 1500 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 01/15/2038 | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 11/15/2041 | 1525 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Obligation Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2025 | 1150 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2040 | 300 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031 | 1220 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e) | 195 | 169 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 159

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Hamden, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 08/15/2027 | 535 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/15/2029 | 575 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/15/2031 | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.00%, 08/01/2032 | 2255 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2025 | 2590 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2026 | 1400 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2037 | 3000 | 3185 |
|  |  | 80545 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z) | 4065 | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5345 | 5666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2027 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2033 | 2265 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Delaware, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 02/01/2031 | 1000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2028 | 6520 | 7285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2031 | 85 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2024 | 1500 | 1559 |
|  |  | 23165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia** — **1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2040 | 1725 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2037 | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2040 | 10000 | 9834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/01/2031 | 1500 | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2039 | 2500 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/01/2030 | 3250 | 3728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 02/01/2028 | 820 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 02/01/2029 | 70 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 02/01/2034 | 5000 | 5751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 02/01/2028 | 110 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Kenilworth 166 Apartments, Rev., HUD, 1.25%, 06/01/2025 (z) | 3225 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038 | 1010 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031 | 2000 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 745 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2032 (p) | 1500 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2028 (p) | 270 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2029 (p) | 275 | 295 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2026 | 1335 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2029 | 2000 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2027 | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2027 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2023 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2025 | 450 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2032 | 5000 | 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2044 | 3890 | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, Airport System, Series A, Rev., AMT, 5.00%, 10/01/2033 | 3000 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049 | 1000 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., AGM, 4.00%, 10/01/2052 | 5000 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., AGM, 4.00%, 10/01/2053 | 1965 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Airport System Revenue, Series A, Rev., AMT, 5.00%, 10/01/2034 | 395 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041 (p) | 350 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention & Sports Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2034 | 1015 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2036 | 330 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2033 | 1000 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention & Sports Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Tax Allocation, 5.00%, 10/01/2029 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Tax Allocation, 5.00%, 10/01/2030 | 1500 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2026 | 1650 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2037 | 2000 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029 | 1540 | 1754 |
|  |  | 76723 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida** — **4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Oak Hammock At The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 | 615 | 558 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 160 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | 1000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2034 | 2570 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Stewardship Community District, Phase 3 Master Improvements Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.75%, 05/01/2031 | 420 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.13%, 05/01/2041 | 1775 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Stewardship Community District, Phase 4 Master Improvement, Special Assessment, BAN, 3.50%, 05/01/2026 (e) | 1000 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 345 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmont II Community Development District, 2020 Assessment Area, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.50%, 12/15/2025 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.13%, 12/15/2030 | 125 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 295 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Health First, Inc., Rev., 5.00%, 04/01/2025 | 1600 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broward County Housing Finance Authority, Solaris Apartments, Series B, Rev., 0.70%, 01/01/2025 (z) | 1470 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038 | 675 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1350 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., College Park Towers Apartments, Rev., HUD, 1.25%, 05/01/2024 (z) | 7500 | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) | 325 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040 | 150 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e) | 1370 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2029 | 565 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AGM, 5.00%, 07/01/2034 | 3000 | 3421 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AGM, 5.00%, 07/01/2035 | 10000 | 11311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 07/01/2038 | 3625 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 07/01/2039 | 1260 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042 | 605 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e) | 260 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029 | 250 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034 | 1250 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Baptist Health, Rev., VRDO, 3.65%, 01/06/2023 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Brooks Rehabilitation Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2034 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2045 | 1500 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lake Worth Beach Consolidated Utility Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2029 | 1930 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2030 | 2135 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036 | 175 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039 | 1075 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028 | 2000 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046 | 4000 | 4052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052 | 145 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collier County Water-Sewer District, Rev., 4.00%, 07/01/2043 | 3145 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031 | 3000 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2033 | 655 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2036 | 2000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 | 3000 | 2695 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 161

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4370 | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lee Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2029 | 180 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2032 | 2000 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049 | 13000 | 13996 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 6000 | 6139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2025 | 1250 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2031 | 2000 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2044 | 2200 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2049 | 3250 | 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2040 | 7000 | 7113 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AGM, AMT, 4.00%, 10/01/2040 | 2675 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Aviation Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2028 | 7000 | 7163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2027 | 1325 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 2000 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 | 350 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Water & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2031 | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2033 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052 | 2450 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e) | 115 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daytona Beach Housing Authority, The WM at River Project, Rev., 1.25%, 12/01/2025 (z) | 115 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duval County Public Schools, Series A, COP, AGM, 5.00%, 07/01/2032 | 4750 | 5401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040 | 300 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 | 195 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030 | 500 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail, Series B, Rev., AMT, 7.38%, 01/01/2049 (e) | 9500 | 8286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Passenger, Rev., AMT, 2.90%, 12/01/2056 (z) | 3440 | 3430 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brighton, Florida Passenger Rail, Rev., AMT, 7.25%, 07/01/2057 (e) | 8000 | 7976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) | 1500 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037 | 2400 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 | 400 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mayflower Retirement, Rev., 1.75%, 06/01/2026 (e) | 510 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035 | 1200 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Virgin Trains USA Passenger, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 6.38%,<br>01/01/2049 (e) (z) | 3225 | 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 6.50%,<br>01/01/2049 (e) (z) | 2000 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 615 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1455 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052 | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 6845 | 6672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1900 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Pierce Utilities Authority, Series A, Rev., AGM, 5.00%, 10/01/2039 | 925 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, Series A, Rev., AMT, 5.00%, 10/01/2032 | 1500 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, Priority Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 1500 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2036 | 2230 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Aviation Authority, Tampa, Rev., AMT, 5.00%, 10/01/2040 (p) | 750 | 770 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 162 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A, Rev., 4.00%, 08/01/2045 | 3275 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3A, Rev., 5.00%, 10/01/2035 | 5000 | 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series IIIB, Rev., 5.00%, 10/01/2032 | 1295 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031 | 1795 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037 | 750 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031 | 885 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Northeast Sector Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.50%, 05/01/2025 (e) | 865 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.20%, 05/01/2030 (e) | 545 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.50%, 05/01/2040 | 925 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025 | 425 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee Memorial Health System, Float Mode, Lee Memorial, Rev., VRDO, 4.21%, 01/06/2023 (z) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority, Mount Sinai Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2039 | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2044 | 5000 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency, Tax Increment Revenue, Tax Allocation, 5.00%, 02/01/2028 | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Platform 3750 LLC, Rev., 0.25%, 08/01/2024 (z) | 1525 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1345 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025 | 165 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group, Rev., 4.00%, 10/01/2052 | 5000 | 4543 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Presbyterian Retirement Communities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2036 (w) | 295 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2047 | 790 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Housing Finance Authority, Stratford Point Apartments, Rev., 0.55%, 01/01/2025 (z) | 885 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Series 2018A, Rev., 5.00%, 10/01/2035 | 2480 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, BRRH Corporation Obligated Group, Rev., 5.00%, 12/01/2024 (p) | 1910 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2270 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Housing Finance Authority, Christian Manor, Rev., 1.25%, 02/15/2025 (z) | 1985 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | 800 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036 | 1720 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pine Ridge Plantation Community Development District, Senior Lien, Series A1, Special Assessment, AGM, 3.00%, 05/01/2023 | 480 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinellas County Housing Finance Authority, Jordan Park Apartments, Rev., HUD, 0.65%, 01/01/2025 (z) | 1135 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reunion East Community Development District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.40%, 05/01/2026 | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.85%, 05/01/2031 | 25 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 | 500 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County Public Hospital District, Sarasota Memorial Hospital Project, Rev., 4.00%, 07/01/2052 | 6000 | 5260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033 | 1000 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031 | 400 | 362 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 163

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Broward County, Series A, COP, 5.00%, 07/01/2027 | 1500 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032 | 800 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037 | 1575 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. John's County School Board, Series A, COP, AGM, 5.25%, 07/01/2047 | 3000 | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027 | 4000 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation, Rev., 5.00%, 07/01/2024 | 430 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Revenue, Series B, Rev., 5.00%, 07/01/2033 | 1000 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033 | 2390 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027 | 1060 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Department of Transportation, Turnpike System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2029 | 500 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2023 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) | 225 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneybrook South Community Development District, Fox South Assessment Area, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.50%,<br>12/15/2025 (e) | 415 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.00%,<br>12/15/2030 (e) | 475 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.50%,<br>12/15/2040 (e) | 1030 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Storey Park Community Development District, Assessment Area Four Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.38%,<br>06/15/2026 (e) | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.88%,<br>06/15/2031 (e) | 60 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%,<br>05/01/2042 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%,<br>05/01/2025 (e) | 380 | 363 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041 | 130 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No. 13, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 1.88%, 05/01/2025 (e) | 735 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.63%, 05/01/2030 (e) | 1465 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Villages Improvement District, Special Assessment, Unit of Development #8, Special Assessment, 5.38%, 05/01/2042 | 1875 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Senior South Sumter Utilities Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2031 | 1300 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2033 | 1150 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2039 | 1490 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2040 | 1610 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041 | 650 | 699 |
|  |  | 286391 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia** — **3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Urban Residential Finance Authority, Sylvan Senior Apartments, Rev., FHA, 0.41%, 12/01/2025 (z) | 575 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z) | 4425 | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2035 | 1100 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2036 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2037 | 1135 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2038 | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlanta, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 2425 | 2656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 2400 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlanta Obligated Group, Series A, Rev., 4.00%, 07/01/2044 | 3000 | 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carroll County, School District, GO, 5.00%, 04/01/2024 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Department of Aviation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2026 | 960 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2034 | 540 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037 | 1000 | 1006 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 164 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 | 2000 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Department of Aviation, Series B, Rev., AMT, 5.00%, 07/01/2028 | 3300 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 | 1155 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Columbia Village Project, Series A, Rev., HUD, 0.34%, 08/01/2024 (z) | 285 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority for Fulton County, Jonesboro Road Senior Village, Rev., 3.00%, 10/01/2025 (z) | 2020 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The), Oglethorpe Power Corp. Scherer Project, Series A, Rev., 1.50%, 01/01/2040 (z) | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z) | 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z) | 1785 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Rockdale County, Arbours at Conyers Project, Rev., 3.63%, 02/01/2026 (z) | 1085 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e) | 1000 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Ports Authority, Rev., 5.25%, 07/01/2043 | 2705 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia State Road & Tollway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2026 | 3200 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 5250 | 5758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 5500 | 6143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2030 | 6205 | 7168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 04/01/2048 (z) | 1650 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2052 (z) | 14500 | 14381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 09/01/2052 (z) | 2000 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., (ICE LIBOR USD 1 Month \* 0.67 + 0.75%), 3.51%, 04/01/2048 (aa) | 11500 | 11449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 08/01/2049 (z) | 1575 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2028 | 2500 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2029 | 1500 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2052 (z) | 8000 | 8259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z) | 105 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 03/01/2050 (z) | 6350 | 6260 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2052 (z) | 10310 | 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%,<br>08/01/2052 (e) (z) | 11000 | 10342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Main Street Gas, Series D, Rev., LIQ: Royal Bank of Canada, (ICE LIBOR USD 1 Month \* 0.67 + 0.83%), 3.59%, 08/01/2048 (aa) | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Series B, Rev., 5.00%, 07/01/2045 | 10000 | 10382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2037 | 500 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2024 | 470 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2025 | 360 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Combined Cycle Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/01/2023 | 2750 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2029 | 250 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 | 1125 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 07/01/2033 | 1610 | 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 07/01/2035 | 1300 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 07/01/2036 | 2795 | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 01/01/2036 | 330 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 01/01/2041 | 1000 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2023 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 01/01/2025 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 01/01/2027 | 125 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2049 | 2000 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2039 | 1400 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2023 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033 | 1010 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Subordinate Project One, Series A, Rev., 5.00%, 01/01/2030 | 705 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Georgia Housing Authority, Dallas Manor Apartments Projects, Rev., HUD, 0.25%, 10/01/2024 (z) | 260 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paulding County Hospital Authority, Anticipation Certificates Wellstar Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 325 | 350 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 165

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2038 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Emory University, Series B, Rev., 4.00%, 09/01/2039 | 1420 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Savannah College of Art And Design, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2038 | 1400 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2027 | 400 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024 | 150 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 02/01/2024 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2023 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 07/01/2031 | 500 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 12/01/2027 | 1335 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 01/01/2025 | 2000 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035 | 750 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Group 2, Series A, GO, 4.00%, 08/01/2034 | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Tranche #1, Series A, GO, 5.00%, 07/01/2023 | 1420 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2000 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2021-XG0308, Rev., LIQ: Bank of America NA, 0.00%, 01/01/2052 (e) (z) | 1565 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valdosta Housing Authority, Tishco Rural Rental Housing, Rev., 1.25%, 02/01/2025 (z) | 375 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Villa Rica Downtown Development Authority, Arbours At Villa Rica Project, Rev., 1.25%, 08/01/2025 (z) | 4415 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker County Development Authority, Gateway At Rossville Project, Rev., 0.46%, 12/01/2024 (z) | 1000 | 965 |
|  |  | 182732 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Guam — 0.0% (g)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 (w) | 750 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Territory of Guam, Series F, Rev., 4.00%, 01/01/2042 | 1000 | 872 |
|  |  | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hawaii** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035 | 2110 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Honolulu, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2025 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 30 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2029 | 1000 | 1143 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hawaii — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii, Series FG, GO, 4.00%, 10/01/2032 | 2000 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2032 | 1500 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2033 | 1630 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2034 | 2000 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 1250 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Department of Budget & Finance, Rev., 3.20%, 07/01/2039 | 3000 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Harbor System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2034 | 3555 | 3620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 07/01/2032 | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029 | 1000 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1000 | 1148 |
|  |  | 23521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Idaho** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Trinity Health Credit Group, Series A, Rev., 5.00%, 12/01/2047 | 1715 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, Garvee, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2029 | 280 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2030 | 1250 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2031 | 750 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037 | 165 | 187 |
|  |  | 4524 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois** — **6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029 | 1765 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 12/01/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2041 | 1000 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2042 | 7500 | 7180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Capital Appreciation School Reform, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL, Zero Coupon, 12/01/2024 | 500 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL, Zero Coupon, 12/01/2029 | 1220 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, NATL, Zero Coupon, 12/01/2028 | 500 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, NATL, Zero Coupon, 12/01/2029 | 1105 | 828 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 166 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Dedicated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 12/01/2034 | 2000 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, GO, 5.00%, 12/01/2034 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046 | 10000 | 10066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Second Lien, Series A, Rev., AMT, 5.00%, 01/01/2041 | 3000 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Rev., AMT, 5.00%, 01/01/2030 | 3400 | 3473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Passenger Facility Charge, Rev., AMT, 5.00%, 01/01/2032 | 3500 | 3503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2035 | 3500 | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2035 | 6000 | 6562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts Revenue, Section 5307, Rev., 5.00%, 06/01/2023 | 700 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., BAM, 5.00%, 12/01/2046 | 4500 | 4594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2051 | 4750 | 4769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2049 | 4000 | 3548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2055 | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority, Sales Tax Receipts Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 12/01/2044 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2049 | 10000 | 10103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2045 | 6750 | 6837 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034 | 1565 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2027 | 5500 | 5692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2033 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2034 | 4500 | 4739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2049 | 6325 | 6428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 6.00%, 01/01/2038 | 8775 | 9254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 01/01/2038 (e) | 521 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, Zero Coupon, 01/01/2027 | 500 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 01/01/2025 | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 01/01/2028 | 1450 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Special Assessment Revenue, Lakeshore East Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.69%,<br>12/01/2026 (e) | 305 | 281 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.04%,<br>12/01/2028 (e) | 270 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, Second Lien, Rev., 5.00%, 01/01/2042 | 575 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Waterworks Revenue, Second Lien Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2023 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2044 | 2410 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Capital Appreciation City Colleges, GO, NATL, Zero Coupon, 01/01/2031 | 75 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Chicago Works, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.25%, 01/01/2038 (w) | 2680 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2039 (w) | 1180 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2040 (w) | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2041 (w) | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2043 (w) | 1500 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027 | 5000 | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County Community College District No. 508, City Colleges Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.13%, 12/01/2038 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 12/01/2030 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 | 2000 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1910 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2000 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2025 | 960 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 11/15/2026 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2026 | 3900 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2028 | 2300 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2033 | 250 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook Sales Tax Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2025 | 690 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2045 | 2500 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1240 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2036 | 710 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2039 | 3000 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 5.00%, 05/15/2050 (z) | 2550 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e) | 500 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030 | 2600 | 2627 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 167

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z) | 895 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Ann & Robert H. Lurie Children's Hospital of Chicago, Rev., 5.00%, 08/15/2035 | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Ascension Health Credit, Series C, Rev., 5.00%, 02/15/2036 | 1355 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045 | 14250 | 14654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Centegra Health System, Series A, Rev., 5.00%, 09/01/2025 (p) | 130 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4160 | 4220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Green Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2033 | 8190 | 8591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2040 | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2040 | 1750 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2032 | 750 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2034 | 125 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028 | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 1080 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northshore University Health System, Rev., 5.00%, 08/15/2035 | 1500 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, OSF Healthcare System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2050 | 1000 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2045 | 10900 | 10917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 05/15/2050 (z) | 2250 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 | 400 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.36%, 05/01/2042 (aa) | 180 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2135 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2032 (p) | 4000 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2026 (p) | 1690 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Carle Foundation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2031 | 2530 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 08/15/2053 (z) | 285 | 314 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, UChicago Medicine, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2052 (z) | 1710 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2047 | 17000 | 17665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2028 | 3000 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2034 | 1750 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2035 | 1400 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago, Series A, Rev., 5.00%, 10/01/2038 | 1000 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., FHA, 0.80%, 07/01/2026 | 270 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.75%, 04/01/2050 | 1490 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Concord Commons, Rev., 0.25%, 02/01/2024 (z) | 1200 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 4080 | 3961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 430 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Sports Facilities Authority (The), State Tax Supported, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2030 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.25%, 06/15/2031 | 225 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2028 | 185 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2041 | 3300 | 3506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2044 | 6580 | 6862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2029 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 01/01/2023 | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | 5115 | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2028 | 4000 | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2041 | 2190 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Toll Highway Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2036 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1555 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State University, Auxiliary Facilities System, Series A, Rev., AGM, 5.00%, 04/01/2023 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macon County, School District No. 61 Decatur, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 01/01/2040 | 1420 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 01/01/2045 | 3000 | 2860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Rev., NATL, Zero Coupon, 12/15/2034 | 500 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042 | 5645 | 5647 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 168 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 12/15/2035 | 500 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 06/15/2036 | 6000 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 06/15/2037 | 500 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, Zero Coupon, 06/15/2044 | 500 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, Zero Coupon, 06/15/2027 | 660 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027 | 125 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Place Expansion, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 06/15/2025 | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2042 | 4990 | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Series D, GO, 5.00%, 12/01/2031 | 2000 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 | 2065 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2023 | 130 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025 | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Illinois University, Housing, Rev., BAM, 5.00%, 04/01/2032 | 650 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 | 1215 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2036 | 485 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 07/01/2023 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 01/01/2028 | 6810 | 6954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2028 | 3000 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 01/01/2029 | 2085 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2029 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 02/01/2030 | 2000 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 05/01/2030 | 2000 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 07/01/2038 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 03/01/2041 | 250 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2023 | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2024 | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/01/2026 | 1360 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2027 | 2355 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2028 | 2500 | 2585 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2030 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2046 | 1000 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 03/01/2042 | 1500 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 03/01/2047 | 2690 | 2752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/01/2029 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/01/2031 | 5000 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.50%, 05/01/2039 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 11/01/2029 | 4200 | 4303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.25%, 10/01/2047 | 3000 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2024 | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2026 | 1980 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2027 | 6080 | 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2028 | 2500 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029 | 2250 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Junior Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 06/15/2026 | 505 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 06/15/2031 | 1500 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Build America Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 6.90%, 03/01/2035 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 7.35%, 07/01/2035 | 3714 | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facilities System, Series A, Rev., 5.00%, 04/01/2025 | 140 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Illinois, Auxiliary Facility, Series A, Rev., AGM-CR, 4.00%, 04/01/2036 | 4730 | 4607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10000 | 10929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Will County Community Unit School District No. 209-U Wilmington, GO, AGM, 5.50%, 02/01/2038 | 1195 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Will Grundy Etc. Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031 (p) | 3375 | 3455 |
|  |  | 402395 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana** — **2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047 | 1000 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Franklin, Otterbein Homes, Series B, Rev., 5.00%, 07/01/2023 | 115 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Kokomo, KHA RAD I Apartments, Rev., HUD, 0.56%, 02/01/2025 (z) | 2175 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z) | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z) | 5000 | 5069 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 169

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Whiting, Whiting Industry Environmental Facilities, Bp Products North America, Inc., Series A, Rev., AMT, 5.00%, 03/01/2046 (z) | 1585 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042 | 925 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1500 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p) | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project, Green Bonds, Rev., 5.00%, 10/01/2031 | 500 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047 | 8000 | 8040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z) | 3305 | 3342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Duke Energy Industry Project, Series A4, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 3.60%, 01/02/2023 (z) | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, First Lien, CWA Authority Project, Rev., 5.00%, 10/01/2023 | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indianapolis Power, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 0.75%, 12/01/2038 (z) | 4875 | 4229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | 7025 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040 | 5060 | 4877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ohio Valley Electric Corp. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.25%, 11/01/2030 | 2000 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 2.50%, 11/01/2030 | 1000 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Private Activity Ohio River Bridge, Rev., AMT, 5.00%, 07/01/2035 (p) | 2000 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Private Activity Ohio River Bridges Project, Rev., AMT, 5.00%, 07/01/2044 (p) | 10000 | 10075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Private Activity, Ohio River Bridges, Rev., AMT, 5.00%, 07/01/2048 (p) | 7435 | 7491 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Second Lien, CWA Authority Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2034 | 2000 | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2035 | 3000 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037 | 1150 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1000 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034 | 1315 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Health Facility Financing Authority, Ascension Health Substitute Credit Group, Series A, Rev., 4.00%, 11/01/2023 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 815 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, RD Moving Forward Justus Project, Rev., 0.33%, 06/01/2024 (z) | 135 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052 | 990 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052 | 45 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency, Series A, Rev., 5.00%, 01/01/2029 | 400 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 4.00%, 06/01/2036 | 5000 | 5079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 4.00%, 06/01/2041 | 9000 | 8779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2024 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2025 | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, CityWay 1 Project, Series B, Rev., 5.00%, 02/01/2024 | 175 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029 | 2855 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 01/01/2029 | 3000 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 01/01/2030 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 01/01/2031 | 4000 | 4049 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 170 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 01/01/2032 | 4500 | 4553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 01/01/2033 | 3500 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., AMT, 5.00%, 01/01/2032 | 4885 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., AMT, 5.00%, 01/01/2033 | 5000 | 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10000 | 9723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purdue University, Series A, Rev., 5.00%, 07/01/2027 | 1500 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030 | 1200 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tippecanoe School Corp., GO, 4.00%, 07/15/2023 | 1080 | 1086 |
|  |  | 136251 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iowa** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clinton Community School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 06/01/2024 | 1425 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 06/01/2026 | 1290 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2034 | 1030 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049 | 330 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Iowa Fertilizer Company Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2050 (z) | 5905 | 5648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2050 | 2435 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 1995 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 06/01/2049 | 7750 | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 06/01/2065 | 15345 | 1656 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 1745 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025 | 3625 | 3611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5185 | 5758 |
|  |  | 34668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kansas** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036 | 1000 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z) | 1500 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p) | 3865 | 4221 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047 | 7350 | 7478 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kansas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 203 Piper, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 09/01/2040 | 900 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.25%, 09/01/2052 | 1000 | 1102 |
|  |  | 16258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky** — **1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e) | 1685 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032 | 8620 | 6950 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026 | 605 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 | 8100 | 7222 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 1000 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040 | 420 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Norton Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., NATL, Zero Coupon, 10/01/2026 | 3930 | 3433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., NATL, Zero Coupon, 10/01/2027 | 1995 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Senior Next Generation Information, Rev., 5.00%, 07/01/2040 | 5000 | 4899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Housing Corp., Cambridge Square Project, Rev., 0.30%, 08/01/2024 (z) | 575 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Housing Corp., New Hope Properties Portfolio, Rev., HUD, 0.41%, 04/01/2024 (z) | 275 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 08/01/2052 (z) | 2000 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., (ICE LIBOR USD 1 Month \* 0.67 + 1.12%), 3.88%,<br>12/01/2049 (aa) | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., (United States SOFR \* 0.67 + 1.20%), 4.08%, 08/01/2052 (aa) | 2500 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 02/01/2050 (z) | 10885 | 10669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z) | 12885 | 12791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State University, Kentucky State University Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2033 | 145 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2035 | 135 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2036 | 155 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2038 | 650 | 643 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 171

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2750 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 | 670 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033 | 1000 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027 | 2000 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 4.00%, 10/01/2034 | 125 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 | 3180 | 3226 |
|  |  | 67218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana** — **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Alexandria, Utilities Revenue, Series A, Rev., 5.00%, 05/01/2038 (p) | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Shreveport, Water & Sewer Improvement, GO, 5.00%, 09/01/2032 (p) | 4390 | 4529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., AGM, 5.00%, 08/01/2027 | 1400 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4500 | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e) | 630 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Hollywood Acres And Hollywood Heights Projects, Rev., 0.55%, 12/01/2023 | 165 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Mabry Place Townhouse Project, Rev., 0.31%, 08/01/2024 (z) | 1955 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052 | 1245 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 06/01/2030 | 2755 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.50%, 04/01/2036 | 1000 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Loyola University Project, Rev., 4.00%, 10/01/2038 | 2560 | 2352 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z) | 1100 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042 | 1480 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2040 | 14500 | 14619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2045 | 4000 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1100 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, General Airport North Terminal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2038 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2048 | 5000 | 4935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z) | 875 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1170 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Tammany Parish Hospital Service District No. 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2032 | 1615 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2034 | 1655 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9555 | 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 0.60%, 05/01/2043 (z) | 4135 | 4086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., (United States SOFR \* 0.70 + 0.50%), 3.51%, 05/01/2043 (aa) | 1135 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 0.60%, 05/01/2043 (z) | 1605 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023 | 125 | 126 |
|  |  | 72488 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Authority of Maine, Supplemental Educational Loan Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., AGM, AMT, 2.38%, 12/01/2033 | 705 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., AGM, AMT, 5.00%, 12/01/2023 | 165 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., AGM, AMT, 5.00%, 12/01/2024 | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., AGM, AMT, 5.00%, 12/01/2025 | 85 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 07/01/2030 | 50 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 07/01/2031 | 295 | 333 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 172 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 07/01/2032 | 315 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051 | 970 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Turnpike Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2045 | 9000 | 8717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2028 | 2000 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2031 | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2033 | 1155 | 1314 |
|  |  | 15342 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland** — **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3200 | 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Baltimore, Series 83, GO, 5.00%, 03/01/2024 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Howard, Series D, GO, 5.00%, 02/15/2030 | 3000 | 3347 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Series B, GO, 4.00%, 11/01/2028 | 1500 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Prince George's, Series A, GO, 5.00%, 07/01/2029 | 1250 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Prince George's, Behavioral Health Facility, COP, 5.00%, 10/01/2023 | 650 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Prince George's, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) | 750 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 09/01/2051 | 155 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 3.25%, 09/01/2050 | 2545 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Community Development Administration Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042 | 1430 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Residential, Series B, Rev., AMT, 4.50%, 09/01/2048 | 1505 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Social Bonds, Series C, Rev., 3.00%, 09/01/2051 | 2511 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047 | 1300 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Morgan State University Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2040 | 665 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.38%, 07/01/2038 | 1250 | 1330 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Port Covington Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 3.25%, 09/01/2030 | 1405 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2040 | 2280 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2038 | 2020 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2025 | 470 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2036 | 4580 | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041 | 2315 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2042 | 3000 | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2045 | 4000 | 4083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 08/15/2038 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028 | 1300 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority Built to Learn Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/01/2035 | 2000 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/01/2036 | 2125 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2033 | 1375 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030 | 1500 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Baltimore Washington International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2037 | 865 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2038 | 965 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2039 | 1160 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1500 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028 | 7000 | 7880 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033 | 1000 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, State and Local Facilities Loan, Series A, GO, 5.00%, 06/01/2036 | 1500 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2018-XF0605, Rev., LIQ: Bank of America NA, 0.00%, 05/01/2047 (e) (z) | 3300 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2029 | 3000 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, BAN, VRDO, 3.65%, 01/06/2023 (z) | 3100 | 3100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 173

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Consolidated Public Improvement, Rev., CNTY GTD, 5.00%, 06/01/2029 | 1500 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Consolidated Public Improvement Bonds, Rev., CNTY GTD, 5.00%, 06/01/2033 | 3000 | 3348 |
|  |  | 83152 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts** — **1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039 | 1570 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, 5.50%, 01/01/2034 | 1000 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2044 (z) | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 11/01/2024 | 3000 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 11/01/2047 | 5000 | 5439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue, Rail Enhancement Project, Series B, Rev., 5.00%, 06/01/2025 | 375 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 07/01/2050 (z) | 5000 | 5571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 0.25%, 07/01/2024 (z) | 370 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044 | 1150 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Harvard University Issue, Series A, Rev., 5.00%, 10/15/2030 | 1000 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045 | 10000 | 10102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e) | 1000 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044 | 2000 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 4.26%, 07/01/2049 (e) (aa) | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051 | 1250 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 2.63%, 07/01/2036 | 1010 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2023 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2024 | 615 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., AMT, 5.00%, 01/01/2025 | 3000 | 3082 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037 | 180 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038 | 1030 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Health & Educational Facilities Authority, Mass Institute Technology, Rev., 5.50%, 07/01/2032 | 2000 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 3.45%, 01/06/2023 (z) | 4015 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Social Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 3395 | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 12/01/2023 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Social Bonds, Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047 | 1040 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Sustainability Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 0.75%, 06/01/2025 | 115 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D3, Rev., FHA HUD, 3.35%, 06/01/2027 | 650 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Sustainability Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., HUD, 0.30%, 12/01/2023 | 105 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., HUD, 0.40%, 06/01/2024 | 140 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Port Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2037 | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 5.00%, 07/01/2031 | 1495 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 5.00%, 07/01/2032 | 2000 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Green Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2031 | 925 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2038 | 2580 | 2742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2040 | 3500 | 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027 | 1105 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036 (p) | 7190 | 7353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Subordinated, Contract, Rev., 5.00%, 01/01/2039 (z) | 3725 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond, Series B, Rev., 5.00%, 08/01/2026 | 1000 | 1082 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 174 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5000 | 5431 |
|  |  | 85378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan** — **1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., AGM, (ICE LIBOR USD 3 Month \* 0.67 + 0.60%), 3.11%, 07/01/2032 (aa) | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Detroit, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 04/01/2041 | 500 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2039 | 115 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2046 | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2050 | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Downtown Development Authority, Catalyst Development Project, Series A, Tax Allocation, AGM, 5.00%, 07/01/2048 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerald R Ford International Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2026 | 225 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2027 | 350 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2028 | 275 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2029 | 600 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2034 | 1140 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2038 | 1300 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2039 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2040 | 1125 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, Taxable Senior Lien, Series C, Rev., 2.19%, 07/01/2027 | 3000 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032 | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030 | 3200 | 3403 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Anse Creuse Public Schools, GO, Q-SBLF, 5.00%, 05/01/2029 (p) | 2405 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2023 | 1375 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2045 | 5000 | 5055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Aquinas College Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2036 | 300 | 268 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2046 | 2000 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Spectrum, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/15/2042 | 2500 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2030 | 3000 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p) | 95 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System, Series A, Rev., 5.00%, 11/15/2048 | 5000 | 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Higher Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2032 | 690 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2033 | 800 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2034 | 570 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2035 | 1200 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Holland Community Hospital, Series A, Rev., 5.00%, 01/01/2040 (p) | 1980 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Multi Modal McLaren Health Care, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2044 | 9625 | 8961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2050 | 2500 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Senior Lien Great Lakes, Rev., 5.00%, 07/01/2033 | 5000 | 5116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group, Rev., 5.00%, 12/01/2036 | 1000 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 10/15/2027 | 2500 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 10/15/2029 | 1750 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, Multi Modal Facilities Program, Rev., VRDO, 3.72%, 01/06/2023 (z) | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Refunding and Project Ascension Health Senior Credit Group, Rev., 4.00%, 11/15/2047 (z) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 0.55%, 04/01/2025 | 375 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.00%, 06/01/2051 | 2415 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Carpenter Place Apartments, Rev., HUD, 1.25%, 12/01/2024 (z) | 495 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Social Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 06/01/2052 | 3285 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2053 | 2435 | 2538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Social Bonds, Series D, Rev., 5.50%, 06/01/2053 | 350 | 374 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 175

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2029 | 2000 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2038 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 02/15/2039 | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z) | 1620 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029 | 3450 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030 | 810 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z) | 1685 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034 | 1470 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Series B, Rev., BAM, 5.00%, 12/01/2039 | 3000 | 3033 |
|  |  | 95940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota** — **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hennepin, Series C, GO, 5.00%, 12/15/2032 | 1500 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dakota County Community Development Agency, Aster House Apartments Project, Rev., 0.35%, 06/01/2024 (z) | 2415 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9000 | 9165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1000 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minneapolis St. Paul Metropolitan Airports Commission, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2034 | 1345 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 01/01/2047 | 1845 | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 765 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 08/01/2032 | 2365 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052 | 885 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 3345 | 3258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 341 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 3.00%, 01/01/2051 | 1780 | 1732 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 95 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 1140 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 250 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029 | 1245 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Municipal Gas Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2052 (z) | 4370 | 4383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037 | 945 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shakopee Independent School District No. 720, Series D, GO, 5.00%, 02/01/2024 | 3685 | 3764 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) | 4500 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Minnesota, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 09/01/2037 | 690 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2026 | 250 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2029 | 45 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2032 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2033 | 2000 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2034 | 2000 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 3.00%, 08/01/2026 | 710 | 713 |
|  |  | 50464 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mississippi** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Chevron USA, Inc., Rev., VRDO, 3.60%, 01/06/2023 (z) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044 | 175 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048 | 1360 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Home Corp., J&A Development Portfolio Project, Series 1, Rev., 0.30%, 02/01/2024 (z) | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Home Corp., Social Bond, Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.00%, 12/01/2052 | 185 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Home Corp., Southwest Village Apartments Project, Rev., HUD, 2.00%, 02/01/2025 (z) | 2970 | 2926 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 176 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mississippi — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z) | 250 | 259 |
|  |  | 8950 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri** — **0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cape Girardeau County Industrial Development Authority, SoutheastHealth, Rev., 4.00%, 03/01/2041 | 870 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of St. Charles, Series B, COP, 4.00%, 02/01/2029 | 515 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/01/2034 | 2500 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/01/2035 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (z) | 2695 | 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, BJC Health System, Series B, Rev., 4.00%, 05/01/2051 (z) | 1500 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Rev., 5.00%, 11/01/2035 | 3400 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Luke's Health System, Rev., 4.00%, 11/15/2038 | 2000 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1410 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Kansas City International Airport, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 03/01/2036 | 1250 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 03/01/2040 | 2500 | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 03/01/2029 | 3050 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 03/01/2038 | 2480 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044 | 5000 | 5083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan St. Louis Sewer District, & Improvement, Series A, Rev., 5.00%, 05/01/2030 | 5000 | 5482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 412 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, First Place Homeownership Loan, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 05/01/2052 | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052 | 3170 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052 | 440 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2000 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orchard Farm R-V School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 04/01/2027 (p) | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 04/01/2028 (p) | 410 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plaza at Noah's Ark Community Improvement District, Rev., 3.00%, 05/01/2030 | 575 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Charles County Industrial Development Authority, Hidden Valley Estates, Rev., HUD, 0.27%, 08/01/2025 (z) | 1290 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045 | 3215 | 3317 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Missouri, Health & Educational Facilities, Saint Luke's Health System, Inc., Rev., 5.00%, 11/15/2023 | 290 | 295 |
|  |  | 49603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Montana** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Board of Housing, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/01/2050 | 3125 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 06/01/2052 | 360 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., AMT, 3.50%, 12/01/2042 | 345 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 12/01/2051 | 1230 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana State Board of Regents, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 11/15/2031 | 250 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 11/15/2032 | 630 | 728 |
|  |  | 6980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z) | 4000 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 05/01/2053 (z) | 3915 | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Douglas, Creighton University Project, Rev., (SIFMA Municipal Swap Index + 0.53%), 4.19%, 07/01/2035 (aa) | 2230 | 2195 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 177

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z) | 350 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Health Facilities Children's Hospital, Rev., 5.00%, 11/15/2047 | 3000 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2100 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County, Hospital Authority No. 2, Children's Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z) | 2190 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Public Power District, Series A, Rev., 0.60%, 01/01/2051 (z) | 9000 | 8875 |
|  |  | 27832 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nevada** — **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 210 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | 2000 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2030 | 1445 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 06/15/2026 | 1250 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District, Building, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/15/2029 | 500 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, AGM-CR, 5.00%, 06/15/2033 | 3000 | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033 | 1010 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Jet Aviation Fuel Tax, Rev., AMT, 5.00%, 07/01/2025 | 1625 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027 | 6000 | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040 | 2000 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Passenger Facility Charge Revenue, McCarran International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2029 | 5000 | 5633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2031 | 1950 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 2385 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3335 | 3438 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nevada — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1425 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031 | 1000 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Convention & Visitors Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2029 | 1345 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 1275 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2043 | 5150 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2026 | 1500 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 06/01/2032 | 1560 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | 5000 | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley, Water District, Series B, GO, 5.00%, 12/01/2023 | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry, Brightline West Passenger Rail Project, Rev., AMT, 0.85%, 01/01/2050 (e) (z) | 4500 | 4491 |
|  |  | 59341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., 4.13%, 01/20/2034 | 958 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 4.38%, 09/20/2036 | 660 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e) | 2000 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Saint Luke's University Health, Rev., 4.00%, 08/15/2036 | 720 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Springpoint Senior Living, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2026 | 270 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2027 | 250 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2028 | 290 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2029 | 300 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2030 | 280 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2031 | 290 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036 | 2000 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Waste Management, Inc. Project, Rev., AMT, (SIFMA Municipal Swap Index + 0.38%), 4.04%, 10/01/2033 (aa) | 4170 | 4044 |
|  |  | 11117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey** — **3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/15/2042 | 530 | 565 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 178 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/15/2047 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Newark, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 10/01/2027 | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AGM, 5.00%, 10/01/2028 | 750 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026 | 1000 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gloucester County Improvement Authority, The Rowan University Fossil Park, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 07/01/2046 | 725 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 07/01/2051 | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson County Improvement Authority, Hudson County Courthouse Project, Rev., 5.00%, 10/01/2028 | 150 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | 2500 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 06/15/2036 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 06/15/2041 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.50%, 06/15/2028 | 5000 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.50%, 06/15/2032 (p) | 2000 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2023 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 06/15/2033 | 1500 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, American Water Company, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 1.20%, 11/01/2034 (z) | 1265 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 1.15%, 06/01/2023 | 135 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Rev., AMT, 5.13%, 09/15/2023 | 710 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025 | 245 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, New Jersey American Water Company, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 1.10%, 11/01/2029 (z) | 2610 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 0.85%, 12/01/2025 | 2205 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Portal North Bridge NJ Transit, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2038 | 5345 | 5638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2052 | 6190 | 6260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/01/2041 | 6000 | 6387 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2031 (p) | 1190 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EEE, Rev., 5.00%, 06/15/2032 | 1500 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GGG, Rev., 5.25%, 09/01/2026 (e) | 8000 | 8538 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction SIFMA, Series I, Rev., (SIFMA Municipal Swap Index + 1.60%), 5.26%, 03/01/2028 (aa) | 10000 | 9998 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Self Designated Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 4.00%, 06/15/2034 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 4.00%, 06/15/2035 | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, State House Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2027 | 10690 | 11436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2028 | 8635 | 9328 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028 | 2000 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Princeton University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2024 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 07/01/2036 | 1015 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., AGM, 5.00%, 07/01/2035 | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, AtlantiCare Health System Obligated, Rev., 5.00%, 07/01/2032 | 2070 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group, Rev., 5.00%, 07/01/2037 | 1600 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2024 | 570 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2027 | 1340 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2028 | 1480 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2029 | 1440 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 3.50%, 12/01/2039 | 125 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.00%, 12/01/2041 | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024 | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Rev., AMT, 5.00%, 12/01/2023 | 215 | 218 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 179

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1195 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051 | 2550 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Browns Woods Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z) | 850 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052 | 825 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 06/15/2035 | 2000 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/15/2028 | 300 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2029 | 1550 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2030 | 3000 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 4.00%, 06/15/2040 | 3750 | 3425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 4.00%, 06/15/2050 | 500 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 06/15/2029 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 06/15/2035 | 3000 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 06/15/2045 | 660 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2032 | 2000 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038 | 1000 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Program B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2037 | 2000 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2046 | 14455 | 15222 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.00%, 06/15/2036 | 1305 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035 | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2039 | 2000 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2028 | 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2031 | 1560 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2042 | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.50%, 01/01/2048 | 1750 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 01/01/2028 | 2400 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 01/01/2027 | 1000 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 01/01/2032 | 7000 | 7292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark Board of Education, Sustainability Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2034 | 400 | 410 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2035 | 410 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2036 | 425 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2037 | 430 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Hudson Sewerage Authority, Senior Lien Lease Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 06/01/2039 | 1100 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 06/01/2040 | 1100 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 06/01/2041 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 06/01/2042 | 1000 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rutgers The State University of New Jersey, Series L, Rev., 5.00%, 05/01/2043 (p) | 1805 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Marine Terminal, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2025 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2026 | 1015 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 11/01/2030 | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 11/01/2033 | 1215 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 11/01/2041 | 2925 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052 | 3100 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New Jersey, Covid-19 Emergency Bonds, General Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 06/01/2030 | 2000 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2028 | 4245 | 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 0.00%, 09/11/2025 (e) (z) | 4720 | 4720 |
|  |  | 197046 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albuquerque Municipal School District No. 12, Series A, GO, 5.00%, 08/01/2024 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029 | 3000 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z) | 1000 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, San Juan And Four Corners, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.15%, 04/01/2033 | 4890 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051 | 1000 | 875 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 180 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2030 | 1050 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1295 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Single Family Mortgage Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 2190 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 195 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z) | 3500 | 3587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1375 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winrock Town Center Tax Increment Development District No. 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e) | 1750 | 1426 |
|  |  | 22437 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York** — **12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023 | 1225 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broome County, Local Development Corp., United Health Services Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 04/01/2039 | 2750 | 2614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 04/01/2026 | 500 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Rev., 5.00%, 07/01/2026 | 325 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Academic Leadership Charter School, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2023 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2024 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) | 1220 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | 555 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2052 | 700 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Long Beach, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2025 | 1990 | 2063 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 1500 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1I, GO, 5.00%, 03/01/2026 | 360 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 08/01/2034 | 3000 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 08/01/2036 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2029 | 2900 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 09/01/2034 | 2000 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2041 | 3000 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.25%, 09/01/2042 | 8715 | 9690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 08/01/2031 | 1000 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 10/01/2031 | 500 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 08/01/2035 | 90 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 12/01/2037 | 1760 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, GO, 5.00%, 08/01/2031 | 500 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C4, GO, AGC, 3.95%, 10/01/2027 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2027 | 330 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2024 | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2031 | 1380 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2036 | 11955 | 12940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2044 | 2560 | 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 08/01/2028 | 1625 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 08/01/2033 | 2000 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 03/01/2037 (p) | 745 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 04/01/2039 | 5000 | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 03/01/2043 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J3, GO, AGM, 3.95%, 06/01/2036 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, GO, 5.00%, 08/01/2025 | 1320 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2001, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, GO, VRDO, 3.97%, 01/02/2023 (z) | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, GO, VRDO, 3.86%, 01/06/2023 (z) | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2008, Series J10, GO, 5.00%, 08/01/2026 | 505 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z) | 125 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038 | 5000 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2021, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 08/01/2037 | 450 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2033 | 2000 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2035 | 4740 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2022, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 05/01/2039 | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 05/01/2041 | 2000 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 05/01/2044 | 1000 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Unrefunded, Series F1, GO, 5.00%, 03/01/2037 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Yonkers, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, BAM, 5.00%, 11/15/2038 | 500 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, BAM, 5.00%, 11/15/2039 | 1000 | 1089 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 181

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045 | 485 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Nassau, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, BAM, 5.00%, 10/01/2027 | 1450 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2025 | 1005 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046 | 1250 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042 | 4000 | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 4.00%, 02/15/2047 | 9335 | 8540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2026 | 1050 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2045 | 2210 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2042 | 2070 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2037 | 1250 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 1.50%, 09/01/2051 (z) | 5700 | 5296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025 | 2680 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, (United States SOFR \* 0.67 + 0.55%), 3.43%, 11/01/2032 (aa) | 1770 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, (United States SOFR \* 0.67 + 0.80%), 3.68%, 11/01/2032 (aa) | 430 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2030 | 3025 | 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2034 | 8000 | 8635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B4, Rev., 5.00%, 11/15/2023 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2024 | 340 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2025 | 540 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.00%, 11/15/2056 | 3100 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/15/2027 | 1200 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/15/2038 | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2500 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., BAN, 5.00%, 02/01/2023 | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 11/15/2027 | 1085 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2023 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C2, Rev., Zero Coupon, 11/15/2032 | 500 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2040 | 2465 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/15/2034 (z) | 5000 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 4.00%, 11/15/2045 | 60 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/15/2029 | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 11/15/2025 | 1000 | 1037 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 11/15/2046 | 2000 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/15/2043 | 2000 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D3, Rev., 4.00%, 11/15/2049 | 1000 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10000 | 10558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Transportation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 11/15/2044 | 4500 | 4356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.25%, 11/15/2039 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 11/15/2037 | 4795 | 4840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.00%, 11/15/2026 | 305 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1720 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Rochester Regional Health Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2028 | 1700 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2029 | 1900 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Health and Hospitals Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2024 | 270 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2026 | 6055 | 6472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2027 | 5360 | 5840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2028 | 3760 | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2029 | 2485 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Sustainability Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., FHA, 0.70%, 11/01/2060 (z) | 2500 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C2, Rev., 0.70%, 11/01/2060 (z) | 1790 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z) | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 3.00%, 01/01/2040 | 250 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 4.00%, 01/01/2032 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 01/01/2025 | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 01/01/2027 | 625 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 01/01/2029 | 1000 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.00%, 01/01/2030 | 1500 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Yankee Stadium Project Pilot, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 03/01/2045 | 8825 | 8213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 03/01/2028 | 1250 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 03/01/2029 | 1500 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 03/01/2030 | 3900 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Series CC1, Rev., 4.00%, 06/15/2052 | 5000 | 4591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 182 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Rev., VRDO, 3.48%, 01/02/2023 (z) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040 | 17800 | 18352 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035 | 585 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S1, Rev., 4.00%, 07/15/2034 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S1, Rev., 5.00%, 07/15/2031 | 1590 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S1, Rev., 5.00%, 07/15/2043 | 1505 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029 | 3000 | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2028 | 600 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 11/01/2038 | 5000 | 4880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 3.00%, 02/01/2028 | 730 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 5.00%, 02/01/2023 | 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2039 | 3000 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Rev., 4.00%, 11/01/2035 | 7000 | 7084 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2038 | 2000 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2025 | 255 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2042 | 2000 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 08/01/2042 | 815 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DS, Rev., 4.00%, 11/01/2038 | 4000 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025 | 8000 | 7727 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2031 | 1000 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2042 | 3000 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 4.00%, 05/01/2042 | 2000 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 5.00%, 08/01/2040 | 1720 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable Subordinate, Series F2, Rev., 2.85%, 05/01/2025 | 6600 | 6288 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Rev., 5.00%, 11/01/2026 | 375 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Revenue, Series I, Rev., 5.00%, 05/01/2027 | 345 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA2, Rev., 5.00%, 06/15/2029 | 1350 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB2, Rev., 5.00%, 06/15/2027 | 1500 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, Rev., 5.00%, 06/15/2041 | 2000 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GG1, Rev., 5.00%, 06/15/2030 | 1000 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GG, Rev., 5.00%, 06/15/2039 | 2660 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Second General Resolution, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2026 | 880 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2029 | 870 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2047 | 14655 | 14696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.00%, 06/15/2048 | 2730 | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.25%, 06/15/2037 | 2345 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD1, Rev., 5.00%, 06/15/2048 | 3115 | 3243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD2, Rev., 5.00%, 06/15/2040 | 2000 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, Rev., 5.00%, 06/15/2047 | 6680 | 6940 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 3.40%, 01/02/2023 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Water And Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042 | 1180 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC, Rev., 3.00%, 02/15/2042 | 1755 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC, Rev., 4.00%, 02/15/2043 | 1000 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e) | 10900 | 9889 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Power Authority, Green Transmission Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 11/15/2036 | 145 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 11/15/2028 | 1000 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 11/15/2033 | 1700 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 11/15/2034 | 1385 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 11/15/2035 | 1250 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B, Rev., 5.00%, 03/15/2027 (p) | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/15/2039 | 1000 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2024 (p) | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2029 | 3000 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2034 | 2000 | 2151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 183

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2040 | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Bidding Group 1, Series E, Rev., 5.00%, 03/15/2029 | 3000 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Cornell University, Series A, Rev., 5.00%, 07/01/2031 | 1000 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031 | 1227 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034 | 1100 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Group 1, Series A, Rev., 5.00%, 03/15/2024 (p) | 2000 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Group 2, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2031 | 1000 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2033 | 2000 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2036 | 2015 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5000 | 5397 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Montefiore Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2025 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2026 | 900 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2031 | 1010 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Municipal Health Facilities, Rev., 4.00%, 01/15/2023 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University, Series A, Rev., 4.00%, 07/01/2035 | 620 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2045 | 6500 | 6089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 05/01/2052 | 4930 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2052 | 3000 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St. John's University, Series A, Rev., 4.00%, 07/01/2048 | 1000 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded, Series D, Rev., 5.00%, 02/15/2027 | 35 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded School Districts Revenue, Rev., AGM, 5.00%, 10/01/2025 | 1460 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037 | 2500 | 2572 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Green Bond 2010 Master Finance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2036 | 720 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2037 | 1760 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2038 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/15/2028 | 575 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/15/2031 | 250 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Municipal Water, Subordinated, Rev., 5.00%, 06/15/2042 | 2655 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System Incorporate Project, Rev., AMT, 2.75%, 09/01/2050 (e) (z) | 250 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Sustainability Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., SONYMA, 0.70%, 11/01/2056 (z) | 2375 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z) | 4170 | 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K2, Rev., HUD, SONYMA, 1.00%, 11/01/2061 (z) | 2320 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., SONYMA, 0.70%, 11/01/2024 | 1085 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series P, Rev., 1.55%, 11/01/2023 | 215 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 03/15/2041 | 500 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 03/15/2033 | 1000 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rev., 5.00%, 01/01/2024 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 3120 | 2977 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Bidding Group 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2027 | 4000 | 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2034 | 1690 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050 | 4000 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Personal Income Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2037 | 2000 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2041 | 5000 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/15/2030 | 500 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C3, Rev., 5.00%, 03/15/2038 | 1860 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2042 | 2000 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/15/2028 | 1250 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/15/2034 | 3000 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2024 | 1000 | 1026 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 184 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, General Purpose, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2042 | 5000 | 5283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.54%, 03/15/2028 | 7000 | 6558 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., American Airlines, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.25%, 08/01/2026 | 770 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2026 | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc. LaGuardia, Rev., AMT, 5.00%, 01/01/2032 | 3000 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035 | 11000 | 10940 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2046 | 12180 | 11661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2050 | 7425 | 7215 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2031 | 4500 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, AMT, 4.00%, 07/01/2035 | 3080 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2041 | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 JFK International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2030 | 1710 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2032 | 2005 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2037 | 3500 | 3602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2038 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 John F Kennedy International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2038 | 300 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2039 | 300 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2040 | 1475 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2041 | 300 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2042 | 300 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2024 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2025 | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2026 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2028 | 200 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2037 | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2038 | 2250 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5000 | 5364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, Rev., AMT, 5.00%, 07/15/2023 | 1220 | 1228 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2031 | 4500 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2032 | 1250 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2036 | 2040 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 206, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1620 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 5.00%, 07/15/2032 | 1500 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038 | 670 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039 | 1250 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 09/01/2026 | 3000 | 3067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, Rev., 4.00%, 07/15/2036 | 10250 | 10297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, Rev., 5.00%, 07/15/2034 | 5000 | 5654 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Municipal Products, Inc. Trust, Floaters, Series 2022, Rev., AMT, VRDO, LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 3.76%, 01/06/2023 (e) (z) | 9000 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Social Bond, Series 239, Rev., SONYMA, 3.25%, 10/01/2051 | 295 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Social Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 233, Rev., 3.00%, 10/01/2045 | 2495 | 2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 235, Rev., AMT, 0.40%, 04/01/2023 | 215 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 235, Rev., AMT, 0.55%, 10/01/2023 | 190 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052 | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 2.00%, 05/15/2045 (z) | 4250 | 3811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAN, 5.00%, 08/15/2024 | 3000 | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAN, 5.00%, 11/01/2025 | 3165 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2038 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2041 | 1975 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2047 | 2500 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2049 | 3040 | 3210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Green Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 5.00%, 11/15/2027 | 1155 | 1274 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 185

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E2B, Rev., 5.00%, 11/15/2032 | 850 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047 | 5250 | 5612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040 | 5000 | 5479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2050 (z) | 7000 | 7442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 05/15/2052 | 10000 | 10899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1-A, Rev., 5.00%, 05/15/2038 | 2000 | 2211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2035 | 2000 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2036 | 2000 | 2266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2038 | 4240 | 4708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036 | 750 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6780 | 5981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Restructuring, Rev., 5.00%, 12/15/2025 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Restructuring Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE, Rev., 5.00%, 12/15/2029 | 1500 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE, Rev., 5.00%, 12/15/2030 | 2335 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE, Rev., 5.00%, 12/15/2032 | 800 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Industrial Development Agency, Marble Hall Tuckahoe Limited, Rev., FHA, 0.28%, 04/01/2024 (z) | 270 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning, Rev., 2.88%, 07/01/2026 (e) | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e) | 340 | 306 |
|  |  | 701970 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina** — **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z) | 2285 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2023 | 1750 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2049 | 5000 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2049 | 5000 | 5081 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte, 2003 Governmental Facilities Project, VRDO, COP, LIQ: Wells Fargo Bank NA, 3.65%, 01/06/2023 (z) | 2600 | 2600 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027 | 1315 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Goldsboro, Grand At Day Point Project, Rev., HUD, GNMA COLL, 0.28%, 05/01/2024 (z) | 2785 | 2743 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025 | 4000 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Wake, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2023 | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2026 | 1000 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37A, Rev., AMT, 3.50%, 07/01/2039 | 55 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Rev., 4.00%, 07/01/2050 | 360 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032 | 1545 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 995 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Wind Crest Senior Living, Rev., 0.36%, 06/01/2024 (z) | 825 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, CaroMont Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 02/01/2036 | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2051 (z) | 790 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041 | 1050 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Presbyterian Homes Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2027 | 600 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2040 | 1200 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2045 | 2250 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1760 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041 | 830 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024 | 7130 | 7262 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038 | 2375 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2032 | 1200 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027 | 2750 | 3015 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 186 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029 | 1000 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, University of North Carolina at Chapel Hill, Rev., (United States SOFR \* 0.67 + 0.65%), 3.53%, 12/01/2041 (aa) | 1250 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2120 | 2371 |
|  |  | 57209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Dakota** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass County Joint Water Resource District, Series A, GO, 0.48%, 05/01/2024 | 3635 | 3455 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Grand Forks, Altru Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | 595 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2031 | 1900 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of West Fargo, Series A, GO, 2.00%, 05/01/2023 | 525 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Ward, Trinity Obligation Group, Series C, Rev., 5.00%, 06/01/2043 | 2500 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 07/01/2051 | 2145 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 01/01/2050 | 820 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052 | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | 2710 | 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052 | 1070 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Dakota, Series A, COP, AGM, 4.00%, 06/01/2046 | 1480 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 313 |
|  |  | 17301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio** — **2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046 | 5775 | 5835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical, Rev., 4.00%, 11/15/2042 | 1265 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Summa Health Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2034 | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2035 | 1000 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 | 750 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Fremont Energy Center Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2036 | 1750 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2026 | 600 | 636 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055 | 12815 | 11123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048 | 2210 | 1891 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035 | 1085 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland Department of Public Utilities, Division of Water, Series FF, Rev., 5.00%, 01/01/2026 | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051 | 1000 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Butler, UC Health, Rev., 5.00%, 11/15/2030 | 1300 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cuyahoga, Series D, Rev., 5.00%, 12/01/2026 | 3500 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Franklin, Nationwide Children's Hospital, Rev., 5.00%, 11/01/2031 | 1000 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Geauga, South Franklin Circle Project, Series A, Rev., 8.00%, 12/31/2047 (p) (z) | 5965 | 6084 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1510 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2027 | 725 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2029 | 145 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2033 | 230 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Kettering Health Network Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2037 | 525 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2041 | 1200 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dayton Metropolitan Housing Authority, Southern Montgomery Apartments, Rev., HUD, 0.32%, 09/01/2024 (z) | 1505 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton City School District, Various Purpose, GO, 5.00%, 12/01/2034 (p) | 1500 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z) | 5000 | 5085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2028 | 515 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2030 | 1005 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Ohio Medical University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 12/01/2043 | 1475 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2035 | 250 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z) | 1250 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z) | 7000 | 6981 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 187

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z) | 7205 | 7185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1000 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 1.38%, 02/01/2026 (z) | 1875 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 1.50%, 02/01/2026 (z) | 120 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 3.89%, 12/01/2042 (aa) | 155 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040 | 1065 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Otterbein Homes Obligated, Rev., 4.00%, 07/01/2023 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Senior University Circle, Inc. Project, Rev., 5.00%, 01/15/2037 | 265 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034 | 1125 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 1020 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Chevybrook Estates Apartments Project, Rev., 0.35%, 03/01/2024 (z) | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Franklin Manor North Project, Rev., HUD, 0.25%, 09/01/2024 (z) | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Glen Meadows Apartments, Rev., HUD, 0.40%, 11/01/2024 (z) | 620 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Marianna Terrace Apartments, Rev., HUD, 1.30%, 03/01/2025 (z) | 330 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Pendleton Apartments Project, Rev., HUD, 0.26%, 03/01/2025 (z) | 150 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Post Oak Station, Rev., HUD, 3.35%,<br>07/01/2025 (z) | 295 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038 | 1500 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2028 | 500 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2029 | 1445 | 1635 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2032 | 270 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2033 | 365 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2039 | 3000 | 3382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, Junior Lien, Infrastructure Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2025 | 455 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 02/15/2029 | 1500 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Series A, Rev., 5.00%, 06/01/2029 | 500 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund, Green Bond, Series A, Rev., 5.00%, 12/01/2034 | 160 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund, Loan Fund, Series A, Rev., 5.00%, 12/01/2031 | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Fresh Water, Series A, Rev., 5.00%, 06/01/2023 | 155 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031 | 300 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund, Series A, Rev., VRDO, 3.60%, 01/06/2023 (z) | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2024 | 130 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2034 | 1000 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 02/01/2038 (p) | 3000 | 3212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, GO, 5.00%, 05/01/2035 | 300 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2023 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2033 | 2410 | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2034 | 2425 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2039 | 570 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2027 | 940 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030 | 125 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Garvee, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., 5.00%, 12/15/2025 | 800 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., 5.00%, 12/15/2028 | 1000 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2028 | 1000 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2031 | 1000 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Higher Education, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 05/01/2032 | 10000 | 10882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2028 (p) | 350 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034 | 1000 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p) | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Premier Health Partners, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2039 | 1320 | 1205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 188 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2041 | 1450 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | 680 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037 | 1000 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041 | 1000 | 1016 |
|  |  | 129090 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma City Economic Development Trust, Increment District #8 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2032 | 1640 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2033 | 5000 | 5297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2034 | 4440 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038 | 2000 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 3.96%, 01/06/2023 (z) | 2110 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 | 1110 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057 | 6000 | 5415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026 | 1500 | 1439 |
|  |  | 23681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon** — **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Portland Water System Revenue, Second Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 05/01/2039 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2033 | 1825 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities Authority of Multnomah County Oregon, Green Bond Terwilliger, Rev., 0.95%, 06/01/2027 | 1200 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1000 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045 | 1330 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028 | 1850 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z) | 1500 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Business Development Commission, Intel Corp. Project, Series 232, Rev., 2.40%, 12/01/2040 (z) | 200 | 198 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031 | 1740 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1595 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2036 | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035 | 1270 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1020 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2032 | 185 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2040 | 750 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046 | 3000 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Series N, GO, 5.00%, 12/01/2023 | 1890 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9095 | 10100 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052 | 645 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services Department, The Susan Emmons Apartment, Rev., HUD, 0.38%, 06/01/2024 (z) | 945 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services Department, Westwind Apartments Project, Rev., HUD, 0.25%, 03/01/2024 (z) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article Xi-M & Xi-N Seismic, GO, 5.00%, 06/01/2030 | 1995 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027 | 1220 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051 | 1425 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Oregon, Series A, Rev., 5.00%, 04/01/2048 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamhill County Hospital Authority, Friendsview, Series B3, Rev., 1.75%, 11/15/2026 | 1360 | 1246 |
|  |  | 41766 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 189

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania** — **6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Series A, Rev., AGM, AMT, 4.00%, 01/01/2046 | 11800 | 10495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Health Network Obligations, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2033 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2047 | 4560 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, University Pittsburgh Medical Center, Rev., 4.00%, 07/15/2038 | 2185 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Industrial Development Authority, United States Steel Corp., Rev., 4.88%, 11/01/2024 | 1500 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047 | 2250 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, Hospital Development Authority, Pittsburg University Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2036 | 2200 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2027 | 765 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, Sanitary Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 06/01/2035 | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 06/01/2036 | 675 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2030 | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2032 | 550 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2033 | 600 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 | 1000 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) | 180 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p) | 1000 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025 | 1380 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berks County Industrial Development Authority, Tower Health Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2050 | 1500 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2047 | 2155 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bethlehem Area School District Authority, Bethlehem Area School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (United States SOFR \* 0.67 + 0.35%), 3.23%, 01/01/2030 (aa) | 230 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (United States SOFR \* 0.67 + 0.35%), 3.23%, 07/01/2031 (aa) | 305 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (United States SOFR \* 0.67 + 0.35%), 3.23%, 01/01/2032 (aa) | 240 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032 | 1000 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Bradford Progress Authority, Guthrie Clinic, Rev., VRDO, 4.23%, 01/06/2023 (z) | 400 | 400 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chester County Health and Education Facilities Authority, Main Line Health System, Series B, Rev., 5.00%, 06/01/2024 | 1000 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lancaster, GO, BAM, 5.00%, 11/01/2047 | 6665 | 7049 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 5.00%, 08/01/2031 | 1795 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2030 | 4000 | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2047 | 5000 | 5085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 4.00%, 07/01/2050 | 1500 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2028 | 10000 | 10690 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2041 | 1100 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2045 | 7000 | 7399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2042 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2035 | 2235 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2046 | 3750 | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040 | 2790 | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Pittsburgh, GO, 5.00%, 09/01/2030 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 4.00%, 03/15/2034 | 5000 | 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 4.00%, 03/01/2035 | 3650 | 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 4.00%, 03/15/2035 | 2000 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Allegheny, Series C75, GO, 5.00%, 11/01/2028 | 2305 | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Berks, GO, 4.00%, 11/15/2027 (p) | 225 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lehigh, St. Luke's Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 4.76%, 08/15/2038 (aa) | 355 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland Valley School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/15/2032 (p) | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/15/2034 (p) | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware River Port Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2037 | 3000 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2040 | 10000 | 10124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 5000 | 5619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., (ICE LIBOR USD 3 Month \* 0.67 + 0.75%), 3.94%, 06/01/2037 (aa) | 250 | 197 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 190 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DuBois Hospital Authority, Penn Highlands Healthcare, Rev., 4.00%, 07/15/2045 | 1400 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (ICE LIBOR USD 1 Month \* 0.67 + 1.07%), 4.00%, 06/01/2028 (aa) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 04/01/2043 (z) | 1630 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039 | 1000 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037 | 600 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056 | 765 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029 | 3455 | 3409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroeville Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2029 | 1425 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2038 | 1200 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2039 | 2000 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2038 | 250 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 4.17%, 01/06/2023 (z) | 14050 | 14050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1610 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Retirement Life Communities, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2033 | 1500 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2045 | 2585 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Castle Sanitation Authority, Series A, Rev., AGM, 3.00%, 06/01/2029 | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norristown Area School District, GO, 5.00%, 09/01/2026 | 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Bridges Finco Project, Rev., AMT, 5.00%, 06/30/2023 | 495 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2030 | 3460 | 3533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2034 | 2000 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2042 | 1250 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2028 | 1590 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2029 | 450 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2031 | 800 | 800 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, PPL Energy Supply LLC, Series B, Rev., VRDO, LOC: MUFG Bank Ltd., 4.81%, 01/06/2023 (z) | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, Rev., VRDO, AMT, 3.60%, 01/03/2023 (z) | 15000 | 15000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, AMT, 5.00%, 12/31/2057 | 6730 | 6675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, AMT, 5.50%, 06/30/2042 | 5640 | 5973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 06/30/2048 | 7000 | 7288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2061 | 1500 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Rev., 5.00%, 07/01/2038 | 5500 | 5511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, UPMC, Series A1, Rev., 4.00%, 04/15/2045 | 5440 | 4829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z) | 2000 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z) | 2000 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 1.75%, 08/01/2038 (z) | 5000 | 4776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, (SIFMA Municipal Swap Index + 0.40%), 4.06%, 06/01/2041 (aa) | 805 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 0.58%, 08/01/2037 (z) | 2610 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, Series A, Rev., AMT, 5.00%, 06/01/2026 | 95 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, Senior, Series A, Rev., AMT, 5.00%, 06/01/2028 | 3775 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Rev., 5.00%, 08/15/2042 | 1250 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1170 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050 | 3250 | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Harrison Senior Tower, Rev., 0.25%, 06/01/2024 (z) | 185 | 182 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 191

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, School of Nursing, Rev., HUD, 0.27%, 08/01/2024 (z) | 3200 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2027 | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2031 | 250 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2034 | 1000 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2046 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 12/01/2024 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AGM, 5.25%, 07/15/2028 | 300 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2044 | 2500 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/01/2039 | 3000 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2026 | 400 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2027 | 900 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2028 | 700 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2039 | 1305 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 12/01/2047 | 3000 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 12/01/2040 | 1400 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 12/01/2042 | 1555 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2027 | 345 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2041 | 1560 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2046 | 1350 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2030 | 1750 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2043 | 2135 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinated, Series A, Rev., 5.00%, 12/01/2036 | 2775 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Rev., 5.00%, 05/01/2033 | 1250 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) | 900 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Thomas Jefferson, Rev., VRDO, 4.17%, 01/06/2023 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Thomas Jefferson University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2032 | 1110 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2035 | 1105 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2047 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045 | 5000 | 4777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, 4.00%, 09/01/2036 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, 4.00%, 09/01/2038 | 500 | 491 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AGM, 4.00%, 09/01/2045 | 2250 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, (SIFMA Municipal Swap Index + 0.65%), 4.31%, 09/01/2040 (aa) | 3110 | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, Subordinated, Series B, Rev., AGM, 5.00%, 09/01/2031 | 750 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ridley School District, GO, BAM, 5.25%, 11/15/2039 | 4545 | 4968 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 610 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2031 | 245 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2035 | 3000 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 09/01/2035 | 5000 | 5201 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia (The), Green Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2027 | 895 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2028 | 1485 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2029 | 450 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1025 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2041 | 3000 | 3361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2042 | 1500 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2047 | 7750 | 8501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sports & Exhibition Authority of Pittsburgh and Allegheny County, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 02/01/2027 | 2250 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 02/01/2028 | 2590 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Montgomery County Community College, Rev., 5.50%, 05/01/2033 (p) | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Northampton County Area Community, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2029 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2030 | 640 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2031 | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 03/01/2027 | 715 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 03/01/2028 | 755 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030 | 3480 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westmoreland County Industrial Development Authority, Excela Health Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2025 | 575 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 1400 | 1478 |
|  |  | 351819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Restructured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 07/01/2033 | 481 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 07/01/2035 | 433 | 364 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 192 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 07/01/2037 | 371 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 07/01/2041 | 505 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 07/01/2046 | 525 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.25%, 07/01/2023 | 1267 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.38%, 07/01/2025 | 1917 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.63%, 07/01/2027 | 4045 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.63%, 07/01/2029 | 2000 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.75%, 07/01/2031 | 2008 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 07/01/2024 | 161 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 07/01/2033 | 7410 | 4005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z) | 2279 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.25%, 07/01/2023 (d) | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.25%, 07/01/2024 (d) | 2450 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC, Rev., 4.63%, 07/01/2025 (d) | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NN, Rev., NATL, 4.75%, 07/01/2033 (d) | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2020 (d) | 285 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2021 (d) | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2037 (d) | 1200 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.63%, 07/01/2025 (d) | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.75%, 07/01/2026 (d) | 295 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 580 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Libor, Series UU, Rev., AGM, (ICE LIBOR USD 3 Month \* 0.67 + 0.52%), 3.03%, 07/01/2029 (d) (aa) | 500 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., Zero Coupon, 07/01/2031 | 2925 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.75%, 07/01/2053 | 3000 | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 07/01/2058 | 8500 | 7717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.55%, 07/01/2040 | 1385 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.33%, 07/01/2040 | 7100 | 6396 |
|  |  | 43798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Rhode Island — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049 | 375 | 373 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Rhode Island — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 3.00%, 10/01/2050 | 1215 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051 | 2720 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority, Senior Bond, Series A, Rev., AMT, 5.00%, 12/01/2029 | 370 | 403 |
|  |  | 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Columbia Waterworks & Sewer System Revenue, Rev., 5.00%, 02/01/2047 | 2625 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Rock Hill, Combined Utility System, Rev., 5.00%, 01/01/2027 | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Housing Authority, Colonial Bluffs Apartments, Rev., 1.25%, 08/01/2025 (z) | 770 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Housing Authority, Palmetto Terrace Apartment, Rev., 0.31%, 06/01/2024 (z) | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexington County Health Services District, Inc., Lexmed Obligated Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2030 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2031 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z) | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z) | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1500 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., VRDO, 4.20%, 01/06/2023 (z) | 5800 | 5800 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Ports Authority, Rev., AMT, 5.00%, 07/01/2043 | 5680 | 5826 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2033 | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2034 | 2000 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2037 | 2000 | 1904 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 193

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2038 | 520 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2024 | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2025 | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2027 | 1525 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2028 | 1700 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2029 | 85 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | 4500 | 4935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2041 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050 | 5000 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027 | 1600 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 01/01/2052 | 735 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2052 | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.25%, 01/01/2052 | 7360 | 7224 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, James Lewis Jr. Eastside, Rev., FNMA COLL, 0.30%, 09/01/2024 (z) | 2190 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, Villages At Congaree, Rev., 1.25%, 06/01/2025 (z) | 895 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spartanburg Housing Authority, Connecticut Village Apartments, Rev., 1.05%, 08/01/2025 (z) | 625 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spartanburg Housing Authority, Hickory Heights And Oakland, Rev., HUD, 0.29%, 10/01/2024 (z) | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spartanburg Regional Health Services District, Services District, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2026 | 565 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2028 | 500 | 538 |
|  |  | 60015 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Dakota — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041 | 250 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051 | 2905 | 2812 |
|  |  | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartments, Rev., 0.20%, 08/01/2024 (z) | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, Series A1, Rev., 5.00%, 08/01/2028 | 305 | 329 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p) | 965 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044 | 3365 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Educational and Housing Facility Board of the City of Memphis (The), Tillman Cove Apartments, Rev., HUD, 0.55%, 12/01/2024 (z) | 2275 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z) | 410 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knoxville's Community Development Corp., Austin 1B Apartments Project, Rev., 0.22%, 10/01/2024 (z) | 320 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 270 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2043 | 2055 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 7555 | 7714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Richland Hills Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z) | 5644 | 5533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Vanderbilt University Medical, Rev., 5.00%, 07/01/2031 | 2785 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Industrial Development Board, Waste Management, Inc. Tennessee Project, Rev., AMT, 0.58%, 08/01/2031 (z) | 600 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Rev., 5.00%, 07/01/2025 (p) | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2026 | 70 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 170 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2033 | 270 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2047 | 3500 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 07/01/2038 | 1625 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z) | 5500 | 5375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z) | 5000 | 5289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2049 (z) | 4480 | 4447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2052 (z) | 20595 | 21315 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 194 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026 | 1410 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Project, Series A, Rev., 4.00%, 05/01/2048 (z) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Residential Finance Program I, Rev., 3.75%, 01/01/2050 | 245 | 244 |
|  |  | 72104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Community College District, Maintenance Tax Notes, GO, 5.00%, 02/15/2030 | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027 | 1000 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2024 | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2025 | 445 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2026 | 265 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2030 | 425 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 5.00%, 08/15/2031 | 555 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Legacy Traditional Schools, Rev., 4.13%, 02/15/2041 | 815 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Legacy Traditional Schools Texas, Rev., 6.00%, 02/15/2042 (e) | 250 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033 | 1125 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barbers Hill Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2033 | 1010 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2035 | 3000 | 3441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District, Certificates Obligation, GO, 5.00%, 02/15/2031 | 1000 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District, Certificates of Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2036 | 370 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2037 | 230 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2030 | 1000 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 08/15/2027 | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1670 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazosport Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2029 | 2000 | 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2030 | 1925 | 2161 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameron County Housing Finance Corp., Sunfield Country Apartments, Rev., 0.28%, 02/01/2024 (z) | 415 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Area Housing Finance Corp., Redwood Apartments, Rev., 0.41%, 01/01/2041 (z) | 6605 | 6350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2040 | 800 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2051 | 1250 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2037 | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2046 | 1500 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2039 | 600 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2040 | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2024 | 230 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2045 | 3595 | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 01/01/2033 | 480 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 01/01/2045 | 2665 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025 | 4770 | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinated Lien, Rev., 5.00%, 01/01/2042 (p) | 1630 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Subordinate, Series C, Rev., 5.00%, 08/15/2042 | 5000 | 4907 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Austin, Certificates Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2032 | 1750 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2033 | 1100 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2034 | 1750 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Arlington, Tax Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041 | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Arlington, Water & Wastewater System Revenue, Rev., 5.00%, 06/01/2023 | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2029 | 1400 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2040 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Water & Wastewater System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2036 | 185 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2039 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2025 | 510 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2032 | 1000 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Airport System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2030 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2033 | 1130 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2036 | 3335 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Electric Utility Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2037 | 1505 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2038 | 1340 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2044 | 1000 | 1064 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 195

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 7000 | 7363 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Midpark Towers, Rev., 0.35%, 01/01/2024 (z) | 120 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Waterworks & Sewer System Revenue, Series C, Rev., 4.00%, 10/01/2031 | 2000 | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas, Waterworks & Sewer System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2039 | 7470 | 7581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2040 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/01/2029 | 1125 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Eagle Pass, Certificates Obligation, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 03/01/2039 | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AGM, 4.00%, 03/01/2041 | 680 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fort Worth, GO, 4.00%, 03/01/2030 | 1150 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Garland, Certificates Obligation, GO, 5.00%, 02/15/2024 | 275 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e) | 500 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, Subordinated Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2040 | 3570 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2024 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 1000 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2034 | 2500 | 2676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2027 | 1995 | 2178 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041 | 3365 | 2851 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033 | 1200 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2023 | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2024 | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2025 | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2029 | 280 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System Revenue, Subordinated Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 890 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 1000 | 1075 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System Revenue, First Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2029 | 1100 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2029 | 1850 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e) | 315 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e) | 330 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Laredo, Certificates Obligation, GO, 5.00%, 02/15/2033 | 1070 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lubbock Electric Light & Power System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2026 | 800 | 853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2027 | 785 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2028 | 900 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026 | 350 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesquite, Waterworks & Sewer System Revenue, Rev., 4.00%, 03/01/2023 | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Palestine, Certificates Obligation, GO, AGM, 4.00%, 02/15/2046 | 5000 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2030 | 1660 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2025 | 3095 | 3236 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, Junior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2037 | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (SIFMA Municipal Swap Index + 0.87%), 4.53%, 02/01/2048 (aa) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2048 (p) | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 1.13%, 12/01/2045 (z) | 6510 | 5718 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2027 | 2000 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Electric & Gas Systems Revenue, Junior Lien, Rev., 5.00%, 02/01/2043 (p) | 4350 | 4356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036 | 1065 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public School, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2035 | 415 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2047 | 1300 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 4.00%, 08/15/2036 | 700 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 4.00%, 08/15/2047 | 1175 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2023 | 60 | 61 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 196 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2024 | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2025 | 70 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2026 | 55 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2027 | 30 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2028 | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2030 | 215 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026 | 1840 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 08/15/2023 | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 08/15/2024 | 115 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 08/15/2025 | 145 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conroe Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2024 | 750 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Bexar, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/15/2040 | 11085 | 10859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 06/15/2031 (p) | 1500 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041 | 2550 | 2851 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1430 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2024 | 1900 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2029 | 1150 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026 | 1750 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Nueces, GO, 5.00%, 02/15/2029 | 460 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District, School Building, Series B2, GO, PSF-GTD, 0.28%, 02/15/2040 (z) | 1410 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2029 (p) | 1890 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2046 (p) | 2000 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2032 | 1000 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2050 | 4000 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Dallas Fort Worth International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2025 | 1825 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2026 | 2850 | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Del Valle Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2031 | 3085 | 3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2032 | 3405 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2033 | 5740 | 6107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2034 | 3280 | 3461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 06/15/2026 | 1750 | 1889 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Denton Independent School District, GO, PSF-GTD, 5.00%, 08/15/2027 | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2026 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forney Independent School District, Series B, GO, PSF-GTD, 5.00%, 08/15/2033 | 1555 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Grand Parkway Toll Road Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2026 | 750 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2027 | 285 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2029 | 890 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2030 | 1000 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Independent School District, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z) | 640 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z) | 860 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frisco Independent School District, school Building, Series A, GO, PSF-GTD, 4.00%, 08/15/2032 | 2140 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galveston Independent School District, GO, PSF-GTD, 5.00%, 02/01/2031 | 670 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galveston Public Facility Corp., The Oleanders At Broadway, Rev., HUD, 0.47%, 08/01/2025 (z) | 560 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 900 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10125 | 9209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p) | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gregory-Portland Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hale Center Education Facilities Corp., Wayland Baptist University Project, Rev., 5.00%, 03/01/2034 | 1265 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z) | 465 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harlandale Independent School District, Variable Maintenance Tax Notes, GO, BAM, 2.00%, 08/15/2040 (z) | 350 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harlingen Consolidated Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024 | 80 | 83 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 197

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Medical Facilities Mortgage Revenue, Rev., (ICE LIBOR USD 1 Month \* 0.70 + 0.65%), 3.53%, 11/15/2046 (aa) | 1130 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2041 | 3205 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2051 (z) | 3000 | 3387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z) | 6315 | 5851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029 | 1700 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030 | 1200 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z) | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hidalgo County Regional Mobility Authority, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2033 | 575 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2034 | 750 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Options, Inc., The Oaks Project, Rev., 0.50%, 08/01/2041 (z) | 240 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1100 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Housing Finance Corp., Temenos Place Apartments, Rev., 0.29%, 08/01/2024 (z) | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2475 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 450 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035 | 250 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 | 575 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Love Field Airport Modernization Corp., Southwest Airlines Co. Project, Rev., AMT, 5.00%, 11/01/2028 | 2000 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 05/15/2031 | 4795 | 5544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 5.00%, 05/15/2032 | 5040 | 5803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2023 | 2265 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2027 | 700 | 757 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029 | 3500 | 3110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z) | 4945 | 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medina Valley Independent School District, GO, PSF-GTD, 0.82%, 02/15/2051 (z) | 615 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025 | 435 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland County Public Facility Corp., Palladium West Francis, Rev., 0.35%, 06/01/2024 (z) | 3000 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A, Rev., 5.00%, 08/15/2047 | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049 | 100 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038 | 1365 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Central Texas Housing Finance Corp., Bluebonnet Ridge Apartment, Rev., 0.38%, 08/01/2040 (z) | 505 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; North East Independent School District, Series C, GO, PSF-GTD, 2.05%, 08/01/2046 (z) | 2665 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026 | 1520 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041 | 575 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2029 | 1800 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2027 | 1150 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030 | 1500 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier, Series A, Rev., 5.00%, 01/01/2025 (p) | 345 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2035 | 2000 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1500 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 4000 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2048 | 2335 | 2403 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 198 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2035 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2037 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2027 | 215 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2033 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, System First Tier, Rev., 5.00%, 01/01/2023 (p) | 365 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Unrefunded First Tier, Series A, Rev., 5.00%, 01/01/2025 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z) | 13550 | 12770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odessa Junior College District, Consolidated Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 07/01/2024 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 4.00%, 07/01/2026 | 1015 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047 | 2000 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1075 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent University Fund—University of Texas System, Permanent University Fund Bonds, Rev., 5.00%, 07/01/2028 | 800 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2026 | 850 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2028 | 1250 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 1250 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Beaumont Navigation District, Jefferson Gulf Coast Energy, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.00%, 01/01/2027 (e) | 550 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.25%, 01/01/2029 (e) | 800 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.88%, 01/01/2041 (e) | 120 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e) | 3000 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Port Arthur Navigation District, Motiva Enterprises, Rev., VRDO, 4.46%, 01/06/2023 (z) | 13600 | 13600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2030 | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwall Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2031 | 1000 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of The Incarnate Word, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2038 | 2065 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2041 | 1000 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Housing Trust Finance Corp., The Arbors At West Avenue, Rev., HUD, 1.45%, 03/01/2026 (z) | 805 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System, Series 2013F, Rev., 1.00%, 05/01/2043 (z) | 5000 | 4449 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043 | 3500 | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2023 | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Series B, GO, 4.00%, 08/01/2030 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032 | 14655 | 15492 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Water Financial Assistance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2024 | 125 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 08/01/2037 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Housing Finance Corp. of Travis County, ECG Yager LP Yager, Rev., 0.46%, 09/01/2041 (z) | 2500 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health, Series A, Rev., 5.00%, 11/15/2045 | 2195 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047 | 12415 | 13681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2052 (z) | 4455 | 4863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B, Rev., 5.00%, 07/01/2035 | 1110 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 1.36%, 09/01/2024 | 800 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AGM, 1.39%, 09/01/2025 | 600 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 1000 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA COLL, 4.00%, 03/01/2050 | 410 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA COLL, 6.00%, 03/01/2053 | 600 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Corona Del Valle, Rev., HUD, 0.37%, 08/01/2025 (z) | 380 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Palladium Simpson Stuart Apartments, Rev., 0.35%, 01/01/2025 (z) | 1290 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Social Bond, Series A, Rev., GNMA, 3.50%, 07/01/2052 | 1145 | 1123 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 199

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052 | 2250 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2025 | 1305 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2028 | 4950 | 5136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2030 | 3300 | 3429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2031 | 2000 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | 4555 | 4795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Power Agency, Rev., AGM, 3.00%, 09/01/2038 | 500 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 11920 | 11369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/31/2030 | 3970 | 3967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/30/2033 | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z) | 4500 | 4096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, Master Trust, Rev., 4.00%, 10/15/2033 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, Revolving Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2038 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2024 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2028 | 125 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2028 | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund, Rev., 5.00%, 08/01/2027 | 2835 | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/15/2033 | 1900 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/15/2026 | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2030 | 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2047 | 2480 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 04/15/2049 | 11535 | 12163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2000 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tomball Independent School District, School Building, Series B2, GO, PSF-GTD, 0.26%, 02/15/2039 (z) | 3055 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z) | 190 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travis County Housing Finance Corp., Montopolis Apartments, Rev., 0.40%, 07/01/2041 (z) | 1930 | 1821 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 | 1500 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Houston, Series A, Rev., 5.00%, 02/15/2041 | 2000 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Trinity Regional Water District, Rev., 4.00%, 08/01/2024 | 900 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Trinity Regional Water District, Regional Treated Water Supply, Rev., BAM, 3.00%, 08/01/2023 | 715 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uptown Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2033 | 400 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2035 | 995 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036 | 750 | 755 |
|  |  | 498509 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Salt Lake City Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 1750 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2037 | 5000 | 5257 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc., Series B, Rev., 5.00%, 05/15/2060 (z) | 2625 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e) | 1415 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite School District Board of Education, GO, SCH BD GTY, 5.00%, 06/01/2024 | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030 | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 | 2000 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e) | 600 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Utah, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 07/01/2024 | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 07/01/2030 | 2000 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2025 | 2250 | 2382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2029 | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1505 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1750 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Housing Corp., Drawdown New City, Rev., HUD, 3.50%, 08/01/2025 (z) | 900 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2025 | 115 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 130 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2031 | 210 | 238 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 200 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah— continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2035 | 700 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2037 | 2250 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Transit Authority, Series A, Rev., 5.25%, 06/15/2023 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vineyard Redevelopment Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, AGM, 5.00%, 05/01/2023 | 725 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, AGM, 5.00%, 05/01/2024 | 190 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, AGM, 5.00%, 05/01/2025 | 615 | 645 |
|  |  | 29306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vermont — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049 | 310 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., Series A, Rev., AMT, 2.38%, 06/15/2039 | 595 | 511 |
|  |  | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virgin Islands — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Matching Fund Special Purpose Securitization Corp., Series A, Rev., 5.00%, 10/01/2027 | 1505 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035 | 1365 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAN, 5.00%, 11/01/2023 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2051 | 4000 | 3930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030 | 300 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028 | 550 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027 | 3000 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Inova Health System Project, Rev., 5.00%, 05/15/2029 | 2000 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Redevelopment & Housing Authority, Arrowbrook Apartments Project, Rev., 0.41%, 01/01/2041 (z) | 225 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Redevelopment & Housing Authority, One University Senior Apartments, Rev., 1.25%, 12/01/2025 (z) | 4680 | 4463 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily VRD Certificates, Series M67, Rev., 2.25%, 12/15/2037 | 979 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Senior Lien, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2031 | 1500 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2032 | 4495 | 5163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2038 (p) | 1000 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 2100 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, Westminster Canterbury Richmond, Rev., 5.00%, 10/01/2042 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hopewell Redevelopment & Housing Authority, Hopewell Heights Apartment, Rev., HUD, 0.49%, 12/01/2024 (z) | 750 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 | 150 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z) | 2125 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Centra Health Obligation Group, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 01/01/2051 | 4750 | 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2038 | 1100 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2029 | 700 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1175 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Occoquan Sewage Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2033 (p) | 2630 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2027 (p) | 2485 | 2626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2215 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Series B, Rev., 5.00%, 09/01/2023 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College and Equipment, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2029 | 1000 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 3750 | 4286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e) | 1000 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Regent University Project, Rev., 5.00%, 06/01/2023 | 165 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Commonwealth Transportation Board, Rev., 5.00%, 05/15/2027 | 1500 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Housing Development Authority, Series G, Rev., 5.05%, 11/01/2047 | 1750 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Port Authority Commonwealth Port Fund, Rev., AMT, 5.00%, 07/01/2039 (p) | 1955 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Series A, Rev., 4.00%, 08/01/2027 (p) | 2000 | 2013 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 201

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033 | 1000 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Series A, Rev., 5.00%, 11/01/2024 (p) | 105 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028 | 1510 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028 | 1000 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Lifespire of Virginia, Rev., 3.00%, 12/01/2023 | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, National Senior Campuses, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2025 | 700 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2032 | 1500 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien 95 Express, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 400 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2033 | 2320 | 2463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2036 | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, 495 Hot, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2040 | 3735 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2041 | 3470 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2047 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Elizabeth River, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.00%, 01/01/2041 | 8740 | 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2030 | 3125 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2033 | 1500 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2034 | 2250 | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Transform 66 P3 Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2047 | 1800 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2052 | 8425 | 7939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2056 | 1000 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z) | 4500 | 4079 |
|  |  | 108075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2035 (p) | 1085 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1285 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue, Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 3.91%, 05/01/2045 (aa) | 2960 | 2902 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1300 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034 | 665 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Grant, GO, 5.25%, 12/01/2047 | 1000 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of King, Series A, GO, 5.00%, 12/01/2034 | 1335 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of King, Sewer Revenue, Rev., AGM, 5.00%, 01/01/2047 | 5000 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station, Rev., 4.00%, 07/01/2042 | 1625 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everett Housing Authority, Baker Heights Legacy, Rev., 0.30%, 09/01/2024 (z) | 575 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County, Public Utility District No. 2, Electric Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-O, Rev., 5.00%, 01/01/2047 | 4950 | 5166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, Rev., 2.00%, 01/01/2044 (z) | 1500 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; HopeSource III Portfolio Projects, Rev., 1.25%, 01/01/2025 (z) | 2765 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 4.00%, 12/01/2032 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1325 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10000 | 9917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien,<br>Rev., AMT, 5.00%, 04/01/2028 | 2250 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2028 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2030 | 4000 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2032 | 2110 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2044 | 2000 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2046 | 3500 | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2047 | 1250 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2047 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 08/01/2034 | 5000 | 5405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seattle Housing Authority, Lam Bow Apartments Project, Rev., 1.25%, 06/01/2024 | 120 | 117 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 202 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026 | 2045 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2145 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028 | 1500 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2000 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 08/01/2038 | 1500 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 06/01/2034 | 1000 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2040 | 13645 | 14131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, GO, 5.00%, 08/01/2044 | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2036 | 1475 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2040 | 3890 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2025 | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/01/2035 | 4760 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 4.00%, 07/01/2033 | 2000 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 02/01/2031 | 1000 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 08/01/2031 | 750 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RC, GO, 5.00%, 08/01/2029 | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, GO, 5.00%, 08/01/2034 | 1840 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022B, GO, 4.00%, 02/01/2035 | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Bid Group, Series C, GO, 5.00%, 02/01/2024 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, MVFT/VRF GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 06/01/2034 | 4080 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 06/01/2038 | 2775 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Various Purpose, Series 2015A1, GO, 5.00%, 08/01/2036 | 11200 | 11493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1275 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Washington, Series C, Rev., 5.00%, 04/01/2026 | 1500 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Fred Hutchinson Cancer, Series C, Rev., (SIFMA Municipal Swap Index + 1.05%), 4.71%, 01/01/2042 (p) (aa) | 13000 | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1200 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2040 (e) | 860 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2050 | 5000 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2045 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 3.50%, 12/20/2035 | 1920 | 1692 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Washington — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2N, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 12/01/2050 | 745 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2000 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Garden Haus Apartments Project, Rev., 0.37%, 07/01/2024 (z) | 350 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Horizon House Project, Rev., 5.00%, 01/01/2023 (e) | 275 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (e) | 1000 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051 | 975 | 937 |
|  |  | 161763 |
| &nbsp;&nbsp;&nbsp;&nbsp; **West Virginia** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030 | 300 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e) | 500 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1050 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z) | 2765 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, WV United Health System Obligated Group, Rev., 5.38%, 06/01/2038 (p) | 2000 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038 | 1000 | 1108 |
|  |  | 8006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milwaukee, Promissory Notes, Series N4, GO, 5.00%, 04/01/2030 | 10150 | 11298 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2665 | 2845 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 203

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Municipal Bonds — continued** | | |
| **Wisconsin — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028 | 250 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031 | 1700 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Appalachian Healthcare System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 350 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2039 | 350 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1105 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030 | 3000 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, CFP3 Eastern Michigan University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 07/01/2029 | 500 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2034 | 260 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2042 | 5625 | 6056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.38%, 07/01/2047 | 8025 | 8611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.50%, 07/01/2052 | 6005 | 6525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, CHF Wilmington LLC University, Rev., AGM, 5.00%, 07/01/2053 | 3970 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z) | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Lenoir Rhyne University, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 1625 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2037 | 1705 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Point College Prep Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2030 (e) | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2041 (e) | 250 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Renown Regional Medical Center Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2026 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 425 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 600 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2034 | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 | 4000 | 3852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Sky Harbour Capital LLC, Rev., AMT, 4.00%, 07/01/2036 | 815 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026 | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Variable Ref Providence St. Joseph Health, Series C, Rev., 4.00%, 10/01/2041 (z) | 935 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Waste Management, Inc. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 1.10%, 07/01/2029 (z) | 1445 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.63%, 11/01/2025 | 5000 | 4705 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Wisconsin — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2027 | 2400 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, GO, 5.00%, 11/01/2027 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20212, GO, 5.00%, 05/01/2026 | 5850 | 6304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 05/01/2039 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 05/01/2035 | 10580 | 11846 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035 | 440 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Center District, Capital Appreciation Senior Dedicated, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, Zero Coupon, 12/15/2036 | 1550 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, Zero Coupon, 12/15/2039 | 1750 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AGM, Zero Coupon, 12/15/2040 | 1650 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AGM, Zero Coupon, 12/15/2028 | 545 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AGM, Zero Coupon, 12/15/2029 | 395 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027 | 1675 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 5940 | 6632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 6355 | 7191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027 | 500 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Series B1, Rev., 5.00%, 02/15/2052 (z) | 2000 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group, Rev., 5.00%, 11/15/2035 | 4500 | 4665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036 | 1500 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2045 | 2500 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 12/01/2048 | 3000 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2030 | 1280 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2033 | 1010 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated, Rev., 5.00%, 04/01/2035 | 1325 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Gundersen Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2035 | 545 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2036 | 2100 | 2108 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 204 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Municipal Bonds — continued** | | |
| **Wisconsin — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2051 (z) | 2600 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2042 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2046 | 4550 | 4559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, St. John's Communities, Inc. Project, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/15/2045 (p) | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/15/2050 (p) | 1725 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., HUD, 0.40%, 05/01/2045 (z) | 195 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., HUD, 0.50%, 11/01/2050 (z) | 245 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 03/01/2047 | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, Social Bond, Series A, Rev., 3.00%, 03/01/2052 | 890 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, Social Bonds, Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052 | 1325 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Rapids School District, GO, 5.00%, 04/01/2026 | 1110 | 1186 |
|  |  | 144205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wyoming — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039 | 1000 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Laramie, Cheyenne Regional Medical Center, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2026 | 615 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2028 | 460 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1045 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyoming Community Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 3.00%, 06/01/2049 | 1305 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 3.60%, 01/06/2023 (z) | 3000 | 3000 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Wyoming — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 | 1575 | 1536 |
|  |  | 9003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $5,971,397) |  | 5579731 |
|  **Short-Term Investments — 3.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds — 0.2% (t)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Rev., TRAN, 4.00%, 06/29/2023 | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katy Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Series A, Rev., TRAN, 4.00%, 06/30/2023 | 825 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A, GO, 5.00%, 03/01/2023 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Oyster Bay, Notes, GO, 3.00%, 03/09/2023 | 10000 | 9998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds |  | 14341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.69%, 01/03/2023 | 6826 | 6826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 3.69%, 01/03/2023 | 14581 | 14581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 3.69%, 01/03/2023 | 139480 | 139480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 3.69%, 01/03/2023 | 51791 | 51791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.69%, 01/03/2023 | 1009 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  | 213687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $228,076) |  | 228028 |
|  **Total Investments — 99.1%<br>(Cost—$6,200,337)** |  | **5808240** |
|  **Other Assets in Excess of Liabilities — 0.9%** |  | **52338** |
|  **NET ASSETS — 100.0%** |  | $**5860578** |

---

------

Percentages indicated are based on net assets.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 205

------

##### [**Table of Contents**](#toc)

## Six Circles Tax Aware Bond Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  **Long Contracts** |  |  |  |  |  |
|  U.S. Treasury 5 Year Note | 322 | 03/2023 | USD | 34868 | (115) |
|  **Short Contracts** |  |  |  |  |  |
|  U.S. Treasury 10 Year Note | (25) | 03/2023 | USD | (2827) | 19 |
|  U.S. Treasury 2 Year Note | (80) | 03/2023 | USD | (16426) | 20 |
|  U.S. Treasury Ultra Bond | (25) | 03/2023 | USD | (3430) | 73 |
|  U.S. Ultra Treasury 10 Year Note | (105) | 03/2023 | USD | (12568) | 149 |
|  |  |  |  |  | 261 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 146 |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| AGC | — Insured by Assured Guaranty Corp. |
| AGM | — Insured by Assured Guaranty Municipal Corp. |
| AMBAC | — Insured by American Municipal Bond Assurance Corp. |
| AMT | — Alternative Minimum Tax |
| BAM | — Insured by Build America Mutual |
| BAN | — Bond Anticipation Note |
| BHAC | — Insured by Berkshire Hathaway Assurance Corp. |
| CNTY | — County |
| COLL | — Collateral |
| COP | — Certificate of Participation |
| CR | — Custodial Receipts |
| FHA | — Federal Housing Administration |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| GTD | — Guaranteed |
| HUD | — U.S. Department of Housing and Urban Development |
| ICE | — Intercontinental Exchange |
| LIBOR | — London Interbank Offered Rate |
| LIQ | — Liquidity Agreement |
| LOC | — Letter of Credit |
| NATL | — Insured by National Public Finance Guarantee Corp. |
| PSF | — Permanent School Fund |
| Q-SBLF | — Qualified School Bond Loan Fund |
| RE | — Reinsured |
| Rev. | — Revenue |
| SCH BD GTY | — School Bond Guaranty |

---

---

| | |
|:---|:---|
| SIFMA | — Securities Industry and Financial Markets Association |
| SOFR | — Secured Overnight Financing Rate |
| SONYMA | — State of New York Mortgage Agency |
| TRAN | — Tax & Revenue Anticipation Note |
| VRDO | — Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of December 31, 2022. |
| (d) | — Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (p) | — Security is prerefunded or escrowed to maturity. |
| (t) | — The date shown represents the earliest of the next put date or final maturity date. |
| (w) | — All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) | — Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2022. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022. |
| USD | — United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 206 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Auto Receivables Trust, Series 2019-3, Class A3, 1.93%, 05/15/2024 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A, 3.39%, 05/15/2027 | 1350 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A, 3.75%, 08/15/2027 | 600 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMC CLO 23 Ltd., (Cayman Islands), Series 2020-23A, Class A1R, (ICE LIBOR USD 3 Month + 1.04%), 5.12%,<br>10/17/2031 (e) (aa) | 1740 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e) | 1150 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/17/2028 | 135 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDS LLC, Series 2022-FL11, Class ATS, (CME Term SOFR 1 Month + 1.80%), 6.12%, 03/19/2039 (e) (aa) | 1000 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO Ltd., (Cayman Islands), Series 2016-2A, Class A1R2, (ICE LIBOR USD 3 Month + 1.12%), 5.80%, 08/20/2032 (e) (aa) | 14500 | 14094 |
| &nbsp;&nbsp;&nbsp;&nbsp; BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 5.64%,<br>12/15/2038 (e) (aa) | 1770 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95%, 10/15/2027 | 280 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd., (Cayman Islands), Series 2015-5A, Class A1RR, (ICE LIBOR USD 3 Month + 1.08%), 5.32%, 01/20/2032 (e) (aa) | 3750 | 3682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N1, Class A, 0.70%, 01/10/2028 | 199 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-P1, Class A3, 3.35%, 02/10/2027 | 1465 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%,<br>05/15/2030 (e) | 675 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2021-2, Class A2, 0.33%, 12/22/2026 (e) | 408 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Card Execution Note Trust, Series 2022-A3, Class A3, 3.56%, 07/15/2027 | 425 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 19 Ltd., (Cayman Islands), Series 2022-6A, Class A, (CME Term SOFR 3 Month + 2.20%), 5.82%,<br>10/17/2034 (e) (aa) | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class C, 0.98%, 06/15/2026 | 420 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, 1.55%, 06/15/2027 | 100 | 91 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%,<br>07/15/2027 (e) | 324 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 07/15/2031 (e) | 850 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generate CLO Ltd., (Cayman Islands), Series 2A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 5.47%, 01/22/2031 (e) (aa) | 2170 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A3, 3.42%, 06/20/2025 | 980 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A2A, 4.01%, 10/21/2024 | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A3, 4.01%, 09/22/2025 | 364 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; GREYWOLF CLO VI Ltd., (Cayman Islands), Series 2018-1A, Class A1, (CME Term SOFR 3 Month + 1.29%), 5.34%, 04/26/2031 (e) (aa) | 2460 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guggenheim CLO STAT Ltd., (Cayman Islands), Series 2022-1A, Class A1A, (CME Term SOFR 3 Month + 2.59%), 6.71%, 10/25/2031 (e) (aa) | 8000 | 7981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, Series 2022-C, Class A2A, 4.34%, 01/15/2025 (e) | 1250 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jamestown CLO VI-R Ltd., (Cayman Islands), Series 2018-6RA, Class A1, (ICE LIBOR USD 3 Month + 1.15%), 5.51%, 04/25/2030 (e) (aa) | 935 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Static CLO Ltd., (Cayman Islands), Series 2022-2A, Class A1, (CME Term SOFR 3 Month + 2.22%), 6.74%,<br>10/20/2031 (e) (aa) | 12000 | 11990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e) | 915 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XVIII Ltd., (Cayman Islands), Series 2015-18A, Class ARR, (ICE LIBOR USD 3 Month + 0.94%), 5.22%, 10/21/2030 (e) (aa) | 9000 | 8874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 2.10%, 11/20/2036 (e) | 895 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-AA, Class A, 6.45%, 10/20/2037 (e) | 440 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd., (Cayman Islands), Series 2022-FL8, Class AS, (United States 30 Day Average SOFR + 1.75%), 5.58%, 02/19/2037 (e) (aa) | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e) | 618 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061 (e) | 1480 | 1252 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 207

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 535 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e) | 190 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 5.94%, 05/15/2034 (e) | 320 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Trust, Series 2022-1, Class A, 2.03%, 10/15/2029 (e) | 695 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2022-3A, Class A1A, (CME Term SOFR 3 Month + 1.82%), 5.83%, 04/15/2031 (e) (aa) | 10000 | 9956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Race Point VIII CLO Ltd., (Cayman Islands), Series 2013-8A, Class AR2, (ICE LIBOR USD 3 Month + 1.04%), 5.72%, 02/20/2030 (e) (aa) | 4682 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 1 Ltd., (Cayman Islands), Series 2018-1A, Class AR, (ICE LIBOR USD 3 Month + 0.98%), 5.06%,<br>07/15/2031 (e) (aa) | 340 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rad CLO 7 Ltd., (Cayman Islands), Series 2020-7A, Class A1, (ICE LIBOR USD 3 Month + 1.20%), 5.28%,<br>04/17/2033 (e) (aa) | 250 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 04/15/2026 (e) | 1066 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class A2, 3.98%, 01/15/2025 | 415 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class A2, 4.37%, 05/15/2025 | 415 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A2, 2.47%, 04/20/2026 (e) | 571 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2, 0.42%, 08/20/2026 (e) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A3, 0.83%, 08/21/2028 (e) | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class B, 1.37%, 08/20/2029 (e) | 1000 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAR Trust, Series 2022-SFR3, Class A, (CME Term SOFR 1 Month + 1.65%), 5.97%, 05/17/2024 (e) (aa) | 1655 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCW CLO Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.34%), 5.40%,<br>04/22/2033 (e) (aa) | 500 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; TICP CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A, (ICE LIBOR USD 3 Month + 1.14%), 5.38%, 01/20/2031 (e) (aa) | 1000 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Securitization Trust, Series 2021-5, Class A, 1.31%, 11/20/2031 (e) | 810 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2022-7, Class A1A, SUB, 5.23%, 11/22/2027 | 265 | 267 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class A1RR, (ICE LIBOR USD 3 Month + 1.02%), 5.10%, 04/17/2030 (e) (aa) | 4741 | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.29%, 01/20/2031 (e) (aa) | 8500 | 8380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.25%), 5.49%,<br>01/20/2032 (e) (aa) | 7600 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $119,961) |  | 118409 |
|  **Collateralized Mortgage Obligations** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM1, Class A1, 0.81%, 05/25/2065 (e) (z) | 680 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3, Class A1, 1.02%, 04/25/2066 (e) (z) | 383 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM1, Class A1, 2.27%, 11/25/2066 (e) (z) | 921 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 216 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A1, 1.05%, 06/25/2066 (e) (z) | 562 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R2, Class A1, 0.92%, 02/25/2064 (e) (z) | 710 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R3, Class A1, 1.02%, 04/25/2064 (e) (z) | 361 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations (Cost $3,831) |  | 3248 |
|  **Commercial Mortgage-Backed Securities** — **0.4%** | **Commercial Mortgage-Backed Securities** — **0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series 2018-TALL, Class C, (ICE LIBOR USD 1 Month + 1.12%), 5.44%, 03/15/2037 (e) (aa) | 1600 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2015-1740, Class C, 3.34%, 01/10/2035 (e) | 2750 | 2343 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-XL2, Class A, (ICE LIBOR USD 1 Month + 0.69%), 5.01%, 10/15/2038 (e) (aa) | 834 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, Series 2017-SLCT, Class F, (ICE LIBOR USD 1 Month + 4.38%), 8.69%, 07/15/2034 (e) (aa) | 1700 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp; BXHPP Trust, Series 2021-FILM, Class B, (ICE LIBOR USD 1 Month + 0.90%), 5.22%, 08/15/2036 (e) (aa) | 600 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class XA, IO, 0.98%, 02/15/2053 (z) | 45042 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Series 2021-BHAR, Class A, (ICE LIBOR USD 1 Month + 1.15%), 5.47%, 11/15/2038 (e) (aa) | 2000 | 1907 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 208 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; DBWF Mortgage Trust, Series 2018-GLKS, Class A, (ICE LIBOR USD 1 Month + 1.03%), 5.47%, 12/19/2030 (e) (aa) |  | 452 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Wolf Trust, Series 2019-WOLF, Class A, (ICE LIBOR USD 1 Month + 1.03%), 5.35%, 12/15/2036 (e) (aa) |  | 1850 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ROSS, Class A, (ICE LIBOR USD 1 Month + 1.15%), 5.47%, 05/15/2026 (e) (aa) |  | 720 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ROSS, Class H, (ICE LIBOR USD 1 Month + 5.90%), 10.22%, 05/15/2026 (e) (aa) |  | 270 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 05/15/2049 |  | 900 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2014-150E, Class A, 3.91%, 09/09/2032 (e) |  | 1220 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waikiki Beach Hotel Trust, Series 2019-WBM, Class D, (ICE LIBOR USD 1 Month + 2.03%), 6.35%, 12/15/2033 (e) (aa) |  | 600 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C15, Class AS, 4.36%, 08/15/2046 (z) |  | 1000 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C19, Class A5, 4.10%, 03/15/2047 |  | 1245 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities (Cost $21,081) |  |  | 18564 |
|  **Convertible Bonds** — **0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc., 0.75%, 05/01/2025 |  | 493 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, (Cayman Islands), Reg. S, Zero Coupon, 04/27/2028 |  | 5100 | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., Zero Coupon, 12/15/2025 |  | 2600 | 2190 |
|  |  |  | 7123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media** — **0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/15/2026 |  | 623 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/2028 |  | 986 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/2050 (e) |  | 375 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/30/2050 (e) |  | 870 | 847 |
|  |  |  | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 9554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air France-KLM, (France), Reg. S, (ICE EURIBOR Swap Rate 3 Year + 13.00%), 6.50%, 11/23/2025 (x) (aa) | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA, (Spain), Reg. S, 1.13%, 05/18/2028 | EUR | 100 | 78 |
|  |  |  | 183 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co., Zero Coupon, 03/15/2026 |  | 1011 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA, (Italy), Reg. S, Zero Coupon, 02/24/2028 | EUR | 200 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Zero Coupon, 12/15/2025 |  | 292 | 290 |
|  |  |  | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., 2.75%, 10/15/2042 |  | 33 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., 2.25%, 05/01/2026 |  | 1524 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., 1.75%, 05/01/2026 |  | 582 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, 3.25%, 04/01/2028 |  | 1391 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 0.25%, 05/15/2025 |  | 825 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank plc, (United Kingdom),<br>Zero Coupon, 02/04/2025 |  | 2039 | 2654 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA, (Spain), Reg. S, 0.50%, 07/05/2028 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM AG, (Austria), Reg. S, Zero Coupon, 03/05/2025 | EUR | 200 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/15/2024 |  | 3189 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/2025 |  | 45 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds (Cost $24,569) |  |  | 25717 |
|  **Corporate Bonds** — **83.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials** — **4.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals** — **1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2031 (e) |  | 2594 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2043 |  | 500 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2025 (e) |  | 2000 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/2030 (e) |  | 1759 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV, (Netherlands), Reg. S, 3.75%, 01/15/2025 | EUR | 200 | 205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 209

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) |  | 2955 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e) |  | 2670 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/2024 |  | 408 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/2027 |  | 1942 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (e) |  | 1150 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (e) |  | 2088 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNAC HK Finbridge Co. Ltd., (Hong Kong), Reg. S, 4.13%, 07/19/2027 |  | 1300 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond BC BV, (Netherlands), 4.63%, 10/01/2029 (e) |  | 7713 | 6190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc., 3.88%,<br>09/01/2028 (e) |  | 11067 | 9407 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; GC Treasury Center Co. Ltd., (Thailand), 5.20%, 03/30/2052 (e) |  | 800 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e) |  | 2462 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e) |  | 3453 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (e) |  | 160 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iris Holding, Inc., 10.00%, 12/15/2028 (e) |  | 2200 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe US Midco 2, Inc., 9.25% (cash), 11/01/2026 (e) (v) |  | 2349 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monitchem HoldCo 3 SA, (Luxembourg), Reg. S, 5.25%, 03/15/2025 | EUR | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2028 (e) |  | 3000 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2029 (e) |  | 300 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de CV, (Mexico), 1.88%, 05/11/2026 (e) |  | 249 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e) |  | 2795 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 (e) |  | 717 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e) |  | 6286 | 5154 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPCM SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/2027 (e) |  | 387 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/2030 (e) |  | 1080 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox, Inc., 4.63%, 03/15/2029 (e) |  | 1715 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc., 3.63%, 06/15/2031 (e) |  | 3050 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Finance Sarl / Venator Materials LLC, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2025 (e) |  | 1835 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 07/01/2025 (e) |  | 529 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2027 (e) |  | 858 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/2029 (e) |  | 8015 | 6470 |
|  |  |  | 67223 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel** — **0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABJA Investment Co. Pte Ltd., (Singapore), Reg. S, 5.45%, 01/24/2028 |  | 6800 | 6603 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2029 |  | 816 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2031 |  | 441 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/2027 |  | 112 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, (Canada), 8.75%,<br>07/15/2026 (e) |  | 83 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) |  | 11282 | 10749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/2028 |  | 2899 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/15/2030 |  | 1781 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2030 |  | 264 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/2032 |  | 400 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Steel Ltd., (India), Reg. S, 5.95%, 04/18/2024 |  | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources Ltd., (Australia), 8.13%, 05/01/2027 (e) |  | 2537 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Periama Holdings LLC, Reg. S, 5.95%, 04/19/2026 |  | 14950 | 13912 |
|  |  |  | 41228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining** — **1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV, (Netherlands), 5.50%, 12/15/2027 (e) |  | 246 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital plc, (United Kingdom), 4.88%, 05/14/2025 (e) |  | 344 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arconic Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/2025 (e) |  | 1567 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/2028 (e) |  | 2951 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bukit Makmur Mandiri Utama PT, (Indonesia), Reg. S, 7.75%, 02/10/2026 |  | 5100 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 06/08/2024 |  | 2900 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.38%, 05/02/2023 |  | 1600 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2029 (e) |  | 7664 | 6227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 02/15/2026 | EUR | 400 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 (e) |  | 1126 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2026 (e) |  | 3517 | 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e) |  | 775 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e) |  | 608 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2024 (e) |  | 4285 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/2026 (e) |  | 335 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/2027 (e) |  | 1812 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2025 (e) |  | 3450 | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport Indonesia PT, (Indonesia), Reg. S, 5.32%, 04/14/2032 |  | 7000 | 6421 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 210 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 04/27/2026 (e) |  | 196 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/27/2027 (e) |  | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/30/2023 (e) |  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/29/2024 (e) |  | 558 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co., 7.25%, 02/15/2028 |  | 1308 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc., (Canada), 6.13%, 04/01/2029 (e) |  | 3956 | 3580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2031 (e) |  | 5973 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2028 (e) |  | 1072 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., (Canada), 5.95%, 03/15/2024 |  | 207 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Gold, Inc., (Canada), 7.50%, 07/15/2027 (e) |  | 5801 | 5091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2026 (e) |  | 5714 | 5123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 (e) |  | 2436 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030 (e) |  | 9659 | 8563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029 | EUR | 900 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vedanta Resources Finance II plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/11/2025 (e) |  | 200 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.95%, 03/11/2025 |  | 14100 | 9570 |
|  |  |  | 84985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 193436 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 11.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel International BV, (Netherlands), 6.63%, 08/01/2025 (e) |  | 1608 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/2027 (e) |  | 11593 | 10024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 (e) |  | 11949 | 8774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2028 (e) |  | 3975 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., 8.88%, 12/15/2027 (e) |  | 10089 | 7594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC / Outfront Media Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 (e) |  | 3458 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2030 (e) |  | 66 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 (e) |  | 2273 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026 | EUR | 400 | 360 |
|  |  |  | 36159 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet** — **1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuris Finance US, Inc. / Acuris Finance Sarl, 5.00%, 05/01/2028 (e) |  | 3167 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANGI Group LLC, 3.88%, 08/15/2028 (e) |  | 1234 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arches Buyer, Inc., 4.25%, 06/01/2028 (e) |  | 115 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2027 (e) |  | 6541 | 5391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2028 (e) |  | 1050 | 780 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2025 (e) |  | 1185 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/2030 (e) |  | 1960 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 03/01/2029 (e) |  | 2039 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; iliad SA, (France), Reg. S, 2.38%, 06/17/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; ION Trading Technologies Sarl, (Luxembourg), 5.75%, 05/15/2028 (e) |  | 1649 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/2031 (e) |  | 2980 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028 (e) |  | 1587 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/15/2030 | EUR | 215 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/2026 |  | 710 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2029 | EUR | 220 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/2028 |  | 175 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/30/2027 (e) |  | 797 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028 (e) |  | 3949 | 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/01/2028 (e) |  | 483 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.06%, 07/13/2031 |  | 3300 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.99%, 01/19/2052 |  | 8900 | 6433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2029 (e) |  | 11751 | 10238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028 (e) |  | 1267 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2027 (e) |  | 5377 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2026 (e) |  | 949 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Group BV, (Netherlands), Reg. S, 4.88%, 07/01/2024 | EUR | 644 | 640 |
|  |  |  | 52569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media** — **4.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice Financing SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 01/15/2025 | EUR | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/15/2028 | EUR | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 08/15/2029 | EUR | 107 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 (e) |  | 515 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2029 (e) |  | 4470 | 3516 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/2025 |  | 2319 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2024 |  | 115 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., 4.00%, 11/15/2030 (e) |  | 4674 | 3668 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2023 (e) |  | 230 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 (e) |  | 13655 | 10953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034 (e) |  | 9246 | 6824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 (e) |  | 989 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 4989 | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 (e) |  | 5638 | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 (e) |  | 7511 | 6403 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 211

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 (e) | 9667 | 7837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 (e) | 14113 | 12755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027 (e) | 9219 | 8554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029 (e) | 4241 | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/2033 | 1096 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053 | 4108 | 3192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2063 | 2400 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2031 (e) | 4151 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2030 (e) | 11213 | 7925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (e) | 7344 | 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030 (e) | 11735 | 6484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 (e) | 2575 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2024 | 646 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028 (e) | 825 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 (e) | 2315 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 (e) | 1800 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029 (e) | 1500 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028 (e) | 500 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC / Diamond Sports Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/2026 (e) | 17957 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2027 (e) | 10954 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027 (e) | 2737 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2023 | 2475 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 | 1444 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 (e) | 3539 | 2981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 (e) | 8438 | 6734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 | 8173 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 | 4515 | 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., 11.75%,<br>11/15/2027 (e) | 3006 | 3096 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., 2.90%, 03/01/2027 | 120 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI LLC, 4.75%, 10/15/2028 (e) | 182 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2026 (e) | 4325 | 3853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2027 (e) | 1000 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2027 (e) | 600 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/2026 | 1500 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC, (Ireland), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 (e) | 2096 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (e) | 3129 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2027 (e) | 1775 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., 3.88%, 05/15/2029 (e) | 250 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc., 4.75%, 11/01/2028 (e) | 590 | 510 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC / Radiate Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2026 (e) |  | 5987 | 4399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/2028 (e) |  | 13709 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCS & RDS SA, (Romania), Reg. S, 3.25%, 02/05/2028 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2030 (e) |  | 7344 | 5506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/2027 (e) |  | 36 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026 (e) |  | 3571 | 3171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/2031 (e) |  | 3760 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028 (e) |  | 114 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2030 (e) |  | 47 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (e) |  | 3364 | 3110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2029 (e) |  | 134 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele Columbus AG, (Germany), Reg. S, 3.88%, 05/02/2025 | EUR | 344 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) |  | 2000 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/2025 (e) |  | 4029 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/2027 (e) |  | 8781 | 8472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030 (e) |  | 1885 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPC Broadband Finco BV, (Netherlands), 4.88%, 07/15/2031 (e) |  | 3916 | 3289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Videotron Ltd., (Canada), 3.63%, 06/15/2029 (e) |  | 1498 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Finance plc, (United Kingdom), Reg. S, 3.75%, 07/15/2030 | EUR | 100 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC, (Ireland), Reg. S, 4.88%, 07/15/2028 | GBP | 300 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e) |  | 2529 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp; VZ Secured Financing BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/15/2032 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 (e) |  | 3475 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV, (Netherlands), 5.13%, 02/28/2030 (e) |  | 3066 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziggo BV, (Netherlands), 4.88%, 01/15/2030 (e) |  | 152 | 127 |
|  |  |  | 210093 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **4.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France Holding SA, (Luxembourg), 10.50%, 05/15/2027 (e) |  | 7809 | 5954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 01/15/2029 | EUR | 400 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 (e) |  | 3129 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028 (e) |  | 155 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2029 (e) |  | 788 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/2027 (e) |  | 6418 | 5846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd., (India), Reg. S, 4.38%, 06/10/2025 |  | 11000 | 10695 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 212 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British Telecommunications plc, (United Kingdom), (CMT Index 5 Year + 2.99%), 4.25%, 11/23/2081 (e) (aa) |  | 200 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAS Capital No. 1 Ltd., (British Virgin Islands), Reg. S, (CMT Index 5 Year + 3.64%), 4.00%, 07/12/2026 (x) (aa) |  | 3000 | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies LLC, 6.00%, 06/15/2025 (e) |  | 5160 | 4710 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/2029 (e) |  | 4806 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2026 (e) |  | 3163 | 2907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/2028 (e) |  | 275 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/2027 (e) |  | 1653 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Finco Sarl / Connect US Finco LLC, (Multinational), 6.75%, 10/01/2026 (e) |  | 14272 | 13227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Communications, Inc., 6.50%, 10/01/2028 (e) |  | 3793 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. / Digicel international Holdings Ltd., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/31/2026 (e) |  | 6725 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/25/2024 (e) |  | 1000 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.00% (blend (cash 6% + PIK 7%)), 12/31/2025 (e) (v) |  | 5151 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Ltd., (Bermuda), 6.75%, 03/01/2023 (e) |  | 19230 | 7365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 (e) |  | 1861 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (e) |  | 576 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2030 (e) |  | 1489 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029 (e) |  | 3165 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030 (e) |  | 8627 | 8771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Telecom, Inc., (Philippines), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/23/2035 |  | 4200 | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 5.53%), 4.20%, 08/02/2026 (x) (aa) |  | 7384 | 6576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iliad Holding SASU, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 10/15/2028 | EUR | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2026 (e) |  | 11161 | 10351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028 (e) |  | 6644 | 6005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2023 (d) (bb) (cc) |  | 3425 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/2030 (e) |  | 5820 | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2024 (d) (e) (bb) (cc) |  | 3800 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2025 (d) (e) (bb) (cc) |  | 1875 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/2027 (e) |  | 7275 | 6159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029 (e) |  | 1977 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029 (e) |  | 2431 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/2029 (e) |  | 147 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2028 (e) |  | 2156 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/2027 (e) |  | 709 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligado Networks LLC, 15.50% (PIK), 11/01/2023 (e) (v) |  | 284 | 91 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA, (Spain), Reg. S, 4.00%, 09/18/2027 | EUR | 319 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2027 (e) |  | 7320 | 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 (e) |  | 3215 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 (e) |  | 502 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ, (Finland), 6.63%, 05/15/2039 |  | 1719 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.19%), 2.88%, 05/27/2026 (x) (aa) | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 5.40%), 5.63%, 01/29/2024 (x) (aa) | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 09/19/2025 | EUR | 500 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (USD ICE Swap Rate 5 Year + 4.23%), 6.00%, 07/19/2023 (x) (aa) |  | 500 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2028 |  | 6581 | 6844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/2032 |  | 13839 | 16470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2024 |  | 5984 | 6104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/2025 |  | 1390 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/2026 |  | 6235 | 6560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/2023 |  | 3500 | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034 |  | 367 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 |  | 500 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036 |  | 2971 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia Finance SA, (Luxembourg), Reg. S, 7.75%, 01/24/2033 | EUR | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/18/2029 | EUR | 459 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/30/2024 (e) |  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Europe BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 8 Year + 2.97%), 3.88%, 06/22/2026 (x) (aa) | EUR | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 6 Year + 4.32%), 7.13%, 08/23/2028 (x) (aa) | EUR | 200 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 |  | 167 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 |  | 160 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/2026 |  | 36 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2027 |  | 90 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., 2.10%, 03/22/2028 |  | 220 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2025 (e) |  | 7978 | 7402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/2027 (e) |  | 393 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 (e) |  | 132 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc., 3.75%,<br>10/01/2029 (e) |  | 2775 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/31/2029 | GBP | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031 (e) |  | 549 | 445 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 213

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031 (e) |  | 2806 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.48%), 3.00%, 08/27/2080 (aa) | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa) | GBP | 300 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.05%), 6.25%,<br>10/03/2078 (aa) |  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2027 (e) |  | 8767 | 6503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/2028 (e) |  | 18652 | 10577 |
|  |  |  | 217628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 516449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical** — **15.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines** — **1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada, (Canada), 3.88%,<br>08/15/2026 (e) |  | 2695 | 2387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air France-KLM, (France), Reg. S, 3.88%, 07/01/2026 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co., 7.25%,<br>08/15/2027 (e) |  | 410 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc., 3.75%, 03/01/2025 (e) |  | 153 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., 11.75%, 07/15/2025 (e) |  | 8390 | 8998 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/2026 (e) |  | 770 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029 (e) |  | 10755 | 9810 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Airways 2013-1 Class A Pass Through Trust, 4.63%, 06/20/2024 (e) |  | 175 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay Pacific MTN Financing HK Ltd., (Hong Kong), Reg. S, 4.88%, 08/17/2026 |  | 2200 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc., 7.00%,<br>05/01/2025 (e) |  | 297 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG, (Germany), Reg. S, 3.50%, 07/14/2029 | EUR | 400 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finnair OYJ, (Finland), Reg. S, 4.25%, 05/19/2025 | EUR | 125 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., (Cayman Islands), 5.75%, 01/20/2026 (e) |  | 5504 | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e) |  | 6959 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd., (Singapore), Reg. S, 3.00%, 07/20/2026 |  | 4650 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/20/2025 (e) |  | 1248 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Pass Through Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20-1, Class A, 5.88%, 10/15/2027 |  | 84 | 83 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20-1, Class B, 4.88%, 01/15/2026 |  | 46 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026 (e) |  | 2694 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029 (e) |  | 10914 | 9503 |
|  |  |  | 55171 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031 (e) |  | 1419 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2029 (e) |  | 326 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc., 4.88%, 05/15/2026 (e) |  | 3350 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc., 4.13%,<br>11/15/2029 (e) |  | 1700 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., 3.50%, 03/01/2031 (e) |  | 5151 | 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp., 4.63%, 07/10/2025 |  | 190 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; William Carter Co. (The), 5.63%, 03/15/2027 (e) |  | 2855 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e) |  | 4850 | 3674 |
|  |  |  | 16498 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers** — **1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission, Inc., 3.75%, 01/30/2031 (e) |  | 2800 | 2303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/2032 |  | 4321 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2043 |  | 5723 | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 12/08/2046 |  | 2200 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/2032 |  | 651 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 11/01/2046 |  | 1275 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/2025 |  | 1500 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 |  | 12828 | 11141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/2028 |  | 577 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/2029 |  | 1530 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/2031 |  | 600 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/2027 |  | 400 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 1493 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/2027 |  | 440 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/2025 |  | 597 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/2027 |  | 2500 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/2026 |  | 908 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 03/06/2025 | GBP | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 3820 | 3564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/2029 |  | 5609 | 5079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/2025 |  | 7396 | 7108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/2024 |  | 879 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geely Automobile Holdings Ltd., (Cayman Islands), Reg. S, (CMT Index 5 Year + 5.45%), 4.00%, 12/09/2024 (x) (aa) |  | 2650 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2045 |  | 1512 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/2029 |  | 1179 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/2048 |  | 830 | 680 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 214 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/2032 |  | 697 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/2049 |  | 366 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/2025 |  | 1000 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa) |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/03/2023 (e) |  | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/08/2024 (e) |  | 500 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc, (United Kingdom), Reg. S, 4.50%, 07/15/2028 | EUR | 200 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; PM General Purchaser LLC, 9.50%, 10/01/2028 (e) |  | 1760 | 1342 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCI Banque SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa) | EUR | 600 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp; TML Holdings Pte Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.35%, 06/09/2026 |  | 6650 | 5889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 06/03/2024 |  | 3000 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp., 4.50%,<br>10/15/2028 (e) |  | 76 | 65 |
|  |  |  | 69088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment** — **0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 08/15/2024 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/2026 (e) |  | 4925 | 4585 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 |  | 3625 | 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarios Global LP / Clarios US Finance Co., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 (e) |  | 7107 | 6944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2027 (e) |  | 19892 | 19494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana Financing Luxembourg Sarl, (Luxembourg), 5.75%, 04/15/2025 (e) |  | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/2030 |  | 950 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2032 |  | 575 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 |  | 1200 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 |  | 700 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e) |  | 186 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Faurecia SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/15/2027 | EUR | 300 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 06/15/2026 | EUR | 150 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 |  | 1109 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/2033 |  | 1211 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/2025 |  | 105 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Antolin-Irausa SA, (Spain), Reg. S, 3.50%, 04/30/2028 | EUR | 200 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc., 7.00%, 04/30/2028 |  | 1025 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF Europe Finance BV, (Netherlands), Reg. S, 2.00%, 02/23/2026 | EUR | 300 | 276 |
|  |  |  | 41530 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e) |  | 45 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc., 7.63%, 05/01/2027 (e) |  | 553 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e) |  | 5700 | 4855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc., 4.00%,<br>09/01/2029 (e) |  | 218 | 176 |
|  |  |  | 5564 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment** — **2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banijay Group SAS, (France), Reg. S, 6.50%, 03/01/2026 | EUR | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyne USA, Inc., 4.75%, 05/15/2029 (e) |  | 4784 | 4234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (e) |  | 3313 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2025 (e) |  | 13807 | 13429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/2027 (e) |  | 11854 | 11647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 07/01/2025 (e) |  | 2445 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCM Merger, Inc., 6.38%, 05/01/2026 (e) |  | 3027 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDI Escrow Issuer, Inc., 5.75%,<br>04/01/2030 (e) |  | 8522 | 7639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2025 (e) |  | 2963 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc., 5.50%,<br>04/01/2027 (e) |  | 120 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirsa Finance International Sarl, (Luxembourg), Reg. S, 4.75%, 05/22/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPUK Finance Ltd., (Jersey), Reg. S, 4.88%, 08/28/2025 | GBP | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everi Holdings, Inc., 5.00%, 07/15/2029 (e) |  | 675 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gamma Bidco SpA, (Italy), Reg. S, 6.25%, 07/15/2025 | EUR | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc., 7.63%, 04/15/2026 (e) |  | 3779 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Game Technology plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2029 (e) |  | 2055 | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2027 (e) |  | 800 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., 6.75%, 02/15/2029 (e) |  | 2300 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029 (e) |  | 7466 | 4329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2028 (e) |  | 410 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (e) |  | 3461 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/2024 (e) |  | 33 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027 (e) |  | 8687 | 8507 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 215

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Entertainments Ltd., (United Kingdom), 5.75%, 06/15/2026 (e) |  | 2016 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e) |  | 2446 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e) |  | 957 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e) |  | 313 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2029 (e) |  | 4250 | 3358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2027 (e) |  | 2064 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinewood Finance Co. Ltd., (United Kingdom), Reg. S, 3.63%, 11/15/2027 | GBP | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031 (e) |  | 4491 | 3177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e) |  | 2680 | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scientific Games International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/2028 (e) |  | 1956 | 1866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2029 (e) |  | 500 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/2025 (e) |  | 1058 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., 5.50%, 04/15/2027 (e) |  | 1986 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e) |  | 958 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/2024 (e) |  | 118 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/15/2025 (e) |  | 112 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 (e) |  | 14616 | 10677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/2062 (e) |  | 2791 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2029 (e) |  | 9607 | 8234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2025 (e) |  | 1849 | 1839 |
|  |  |  | 119013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark International Finance Sarl, (Luxembourg), Reg. S, 3.13%, 04/01/2025 | EUR | 447 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2025 (e) |  | 124 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 (e) |  | 2822 | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/2025 (e) |  | 2470 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elior Group SA, (France), Reg. S, 3.75%, 07/15/2026 | EUR | 100 | 89 |
|  |  |  | 5740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders** — **1.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashton Woods USA LLC / Ashton Woods Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 (e) |  | 2383 | 1908 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2030 (e) | 500 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 (e) | 1400 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 | 5850 | 5117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2025 | 2555 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2029 | 1800 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030 (e) | 5959 | 4646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 (e) | 2611 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2027 (e) | 4400 | 3908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 (e) | 1838 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/2027 | 4375 | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Communities Corp., (Canada), 7.00%, 12/15/2025 (e) | 750 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/2026 (e) | 2425 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 (e) | 1475 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2031 | 1050 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 | 2000 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/15/2027 | 698 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/2030 | 3350 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc., 4.95%, 02/01/2028 | 2443 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattamy Group Corp., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2030 (e) | 3580 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2027 (e) | 6574 | 5830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/06/2027 | 2728 | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2025 | 800 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shea Homes LP / Shea Homes Funding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 | 3225 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2029 | 450 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; STL Holding Co. LLC, 7.50%,<br>02/15/2026 (e) | 2765 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/2030 (e) | 5571 | 4839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 (e) | 700 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2027 (e) | 3870 | 3716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2027 | 1300 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/2028 | 2651 | 2401 |
|  |  | 72214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempur Sealy International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (e) | 398 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) | 93 | 78 |
|  |  | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025 (e) | 3594 | 3084 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 216 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2031 |  | 6000 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2032 |  | 1000 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Escrow Issuer Corp., 6.50%, 10/01/2029 (e) |  | 9101 | 5274 |
|  |  |  | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time** — **0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., (Panama), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (e) |  | 2788 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 (e) |  | 4173 | 2980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2029 (e) |  | 4735 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/2026 (e) |  | 436 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.63%, 03/01/2026 | EUR | 103 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/2027 (e) |  | 3426 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.13%, 02/01/2026 | EUR | 400 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/2026 (e) |  | 2566 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (e) |  | 3131 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2026 (e) |  | 2868 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/2026 (e) |  | 173 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC, 6.75%, 02/15/2027 (e) |  | 2266 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e) |  | 74 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2026 (e) |  | 1661 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2029 (e) |  | 69 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) |  | 87 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., (Liberia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 (e) |  | 589 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027 (e) |  | 1105 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026 (e) |  | 308 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028 (e) |  | 102 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 (e) |  | 4033 | 4053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/2029 (e) |  | 2130 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025 (e) |  | 1428 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/2027 (e) |  | 643 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/2027 (e) |  | 200 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2025 (e) |  | 500 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e) |  | 1746 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vista Outdoor, Inc., 4.50%, 03/15/2029 (e) |  | 50 | 37 |
|  |  |  | 36824 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging** — **3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.56%), 4.38%,<br>01/30/2024 (x) (aa) | EUR | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/2027 |  | 191 | 178 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2031 (e) | 4596 | 3998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Path Holdings Ltd., (British Virgin Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 01/27/2026 | 1719 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.85%, 01/27/2028 | 600 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Star BVI Ltd., (British Virgin Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 05/18/2026 | 2900 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.05%, 01/27/2027 | 1200 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 10/19/2025 | 7400 | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.85%, 07/02/2024 | 7100 | 6040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting New York LLC / GENNY Capital, Inc., 3.30%, 02/15/2026 (e) | 270 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2032 (e) | 3998 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029 (e) | 3145 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031 (e) | 613 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 | 2389 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028 (e) | 503 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., 1.30%, 10/01/2023 | 440 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 3.90%, 08/08/2029 | 793 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 06/06/2025 | 5580 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 07/17/2027 | 1600 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 07/21/2028 | 18250 | 15197 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM China Holdings Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/01/2027 | 2800 | 2477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/2025 (e) | 2000 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 06/18/2025 | 2970 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/2024 (e) | 1900 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 05/15/2024 | 1300 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 05/15/2026 | 2300 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/2026 | 750 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 | 8026 | 7004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 | 650 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2025 | 1300 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2025 | 3875 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/08/2027 | 3300 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/08/2026 | 8850 | 8167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/08/2025 | 9600 | 9195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 08/08/2028 | 10500 | 9854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Station Casinos LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 (e) | 3193 | 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2031 (e) | 588 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Studio City Finance Ltd., (British Virgin Islands), Reg. S, 6.00%, 07/15/2025 | 10783 | 9349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025 (e) | 3950 | 3687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023 (e) | 165 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 10/01/2024 | 2000 | 1888 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 217

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 12/15/2029 |  | 650 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2026 (e) |  | 500 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 01/15/2026 |  | 12550 | 11512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2027 (e) |  | 2430 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 10/01/2027 |  | 1900 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/2028 (e) |  | 4800 | 4100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 08/26/2028 |  | 3900 | 3331 |
|  |  |  | 150931 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029 (e) |  | 1500 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (e) |  | 7891 | 6385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 (e) |  | 1255 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2025 (e) |  | 77 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7-Eleven, Inc., 0.80%, 02/10/2024 (e) |  | 425 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arko Corp., 5.13%, 11/15/2029 (e) |  | 1650 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (e) |  | 2996 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp; At Home Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2028 (e) |  | 300 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/2029 (e) |  | 1475 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v) |  | 125 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Roofing Supply, Inc., 4.13%, 05/15/2029 (e) |  | 1529 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc., 5.00%, 10/01/2024 (e) |  | 1300 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burger King France SAS, (France), Reg. S, (ICE LIBOR EUR 3 Month + 4.75%), 6.39%, 11/01/2026 (aa) | EUR | 400 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrols Restaurant Group, Inc., 5.88%, 07/01/2029 (e) |  | 975 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Automotive Financing plc, (United Kingdom), Reg. S, 4.88%, 07/15/2027 | GBP | 200 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; eG Global Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/07/2025 | EUR | 922 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 10/30/2025 | EUR | 1636 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/2025 (e) |  | 5305 | 4631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/2025 (e) |  | 1765 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas LP / Ferrellgas Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/2026 (e) |  | 300 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029 (e) |  | 1385 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 (e) |  | 3093 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2030 (e) |  | 3387 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Service Project SA, (Spain), Reg. S, 5.50%, 01/21/2027 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e) |  | 5476 | 4100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029 (e) |  | 2000 | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/2031 (e) |  | 2980 | 2079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldstory SASU, (France), Reg. S, 5.38%, 03/01/2026 | EUR | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; GYP Holdings III Corp., 4.63%,<br>05/01/2029 (e) |  | 1083 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jollibee Worldwide Pte Ltd., (Singapore), Reg. S, 4.13%, 01/24/2026 |  | 4200 | 4005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 6.25%,<br>01/15/2029 (e) |  | 2999 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, 4.88%, 05/01/2029 (e) |  | 3053 | 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc., 3.88%, 06/01/2029 (e) |  | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/2029 (e) |  | 3700 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/2029 (e) |  | 550 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/2029 (e) |  | 2325 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/15/2027 (e) |  | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc., 3.75%, 06/15/2029 (e) |  | 252 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart, Inc. / PetSmart Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 (e) |  | 250 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2029 (e) |  | 4836 | 4542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Holdings LLC / Sally Capital, Inc., 5.63%, 12/01/2025 |  | 3850 | 3709 |
| &nbsp;&nbsp;&nbsp;&nbsp; SRS Distribution, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/2028 (e) |  | 5844 | 5181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2029 (e) |  | 6386 | 5082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/2029 (e) |  | 4266 | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., 7.50%, 04/15/2026 (e) |  | 1728 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suburban Propane Partners LP / Suburban Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 (e) |  | 3800 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/2027 |  | 2075 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) |  | 4075 | 3484 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Cap Buyer LLC, 6.88%, 10/15/2028 (e) |  | 11799 | 10206 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Cap Parent LLC, 8.25% (cash), 03/15/2026 (e) (v) |  | 1891 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc., 5.38%, 04/01/2032 |  | 478 | 443 |
|  |  |  | 100310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Storage/Warehousing** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026 |  | 3050 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc., 5.45%, 11/01/2041 |  | 2701 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 691310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 218 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical** — **10.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., 3.22%, 08/15/2024 |  | 86 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc, (United Kingdom), 3.95%, 06/15/2025 (e) |  | 358 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., 6.00%, 06/15/2030 (e) |  | 4450 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/26/2024 (e) |  | 643 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/27/2027 (e) |  | 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/17/2025 |  | 77 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 |  | 193 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vector Group Ltd., 5.75%, 02/01/2029 (e) |  | 4175 | 3620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viterra Finance BV, (Netherlands), 2.00%, 04/21/2026 (e) |  | 700 | 608 |
|  |  |  | 10290 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., 3.60%, 02/15/2028 |  | 222 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cidron Aida Finco Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 04/01/2028 | EUR | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 04/01/2028 | GBP | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., 0.75%, 09/29/2023 |  | 760 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/13/2027 |  | 54 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 12/12/2025 |  | 38 | 38 |
|  |  |  | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services** — **4.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd., (India), 3.38%, 07/24/2024 (e) |  | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT Security Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/2029 (e) |  | 2114 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2032 (e) |  | 156 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e) |  | 1646 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), 6.13%, 10/15/2026 (e) |  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 (e) |  | 9393 | 6817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2026 (e) |  | 17766 | 16256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2027 (e) |  | 7871 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/01/2028 | EUR | 160 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028 (e) |  | 10572 | 8683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc., 5.63%, 04/15/2026 (e) |  | 900 | 810 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 900 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/2027 (e) |  | 3949 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp; APi Group DE, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/2029 (e) |  | 1730 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (e) |  | 450 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; APX Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029 (e) |  | 4475 | 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2027 (e) |  | 154 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (e) |  | 3300 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Finance Plc, (Jersey), Reg. S, 4.75%, 01/30/2026 | EUR | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 11/30/2028 | EUR | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 11/30/2028 | GBP | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., 3.50%, 06/01/2031 |  | 11344 | 9052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 (e) |  | 4163 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2025 (e) |  | 1450 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, 05/15/2029 (e) |  | 1200 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., 4.50%, 05/01/2028 (e) |  | 3614 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp; eHi Car Services Ltd., (Cayman Islands), Reg. S, 7.00%, 09/21/2026 |  | 8050 | 4840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garda World Security Corp., (Canada), 4.63%, 02/15/2027 (e) |  | 27 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/2029 (e) |  | 176 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/2030 (e) |  | 545 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2028 (e) |  | 3973 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/2025 |  | 47 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/2030 |  | 717 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/2029 |  | 716 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/2023 |  | 146 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 |  | 2184 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2052 |  | 3558 | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc., 4.50%, 10/01/2029 (e) |  | 4458 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc., 5.50%, 07/15/2027 (e) |  | 6512 | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2026 (e) |  | 632 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (e) |  | 1875 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp; India Toll Roads, (Mauritius), Reg. S, 5.50%, 08/19/2024 |  | 6100 | 5863 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Financiere Atalian SASU, (France), Reg. S, 4.00%, 05/15/2024 | EUR | 300 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/2026 (e) |  | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loxam SAS, (France), Reg. S, 3.25%, 01/14/2025 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metis Merger Sub LLC, 6.50%, 05/15/2029 (e) |  | 5185 | 4353 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 219

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, 5.50%, 09/01/2028 (e) |  | 2048 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) |  | 1530 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) |  | 2972 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC / Prime Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026 (e) |  | 2330 | 2236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028 (e) |  | 3412 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rekeep SpA, (Italy), Reg. S, 7.25%, 02/01/2026 | EUR | 300 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Capital BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 5.93%), 4.88%, 05/05/2024 (x) (aa) |  | 1131 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 7.40%), 5.00%, 02/05/2026 (x) (aa) |  | 6150 | 5692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/2025 (e) |  | 1849 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/2025 (e) |  | 1903 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/2027 (e) |  | 639 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2030 |  | 1170 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2031 |  | 5054 | 4259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (e) |  | 3590 | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, 7.38%, 10/15/2027 (e) |  | 10018 | 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e) |  | 299 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026 | EUR | 176 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd., (Bermuda), 0.80%, 08/01/2023 (e) |  | 400 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 |  | 2700 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 |  | 3995 | 3349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2028 |  | 2025 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2030 |  | 425 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/2029 (e) |  | 10922 | 10854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verscend Escrow Corp., 9.75%, 08/15/2026 (e) |  | 16227 | 15898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e) |  | 2141 | 1932 |
|  |  |  | 191149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc., Reg. S, 3.88%, 04/15/2026 | EUR | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 4.75%, 01/15/2029 (e) |  | 62 | 56 |
|  |  |  | 255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food** — **1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2026 (e) |  | 80 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 (e) |  | 3350 | 2811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030 (e) |  | 1144 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2028 (e) |  | 5322 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2025 |  | 4250 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2027 |  | 2271 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bellis Acquisition Co. plc, (United Kingdom), Reg. S, 3.25%, 02/16/2026 | GBP | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e) |  | 675 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Modern Dairy Holdings Ltd., (Cayman Islands), Reg. S, 2.13%, 07/14/2026 |  | 1800 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC / Chobani Finance Corp., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2028 (e) |  | 6559 | 5710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/2025 (e) |  | 11998 | 11683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Global Finance BV, (Netherlands), Reg. S, 3.63%, 05/15/2026 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; FPC Resources Ltd., (British Virgin Islands), Reg. S, 4.38%, 09/11/2027 |  | 300 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational), 3.75%, 12/01/2031 (e) |  | 182 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; JGSH Philippines Ltd., (British Virgin Islands), Reg. S, 4.13%, 07/09/2030 |  | 6350 | 5538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2049 |  | 4302 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/2045 |  | 3550 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2050 |  | 27 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/2039 |  | 2000 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/2039 (e) |  | 500 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/2030 (e) |  | 1988 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 (e) |  | 8132 | 7105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/2028 (e) |  | 72 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market Bidco Finco plc, (United Kingdom), 5.50%, 11/04/2027 (e) | GBP | 250 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocado Group plc, (United Kingdom), Reg. S, 3.88%, 10/08/2026 | GBP | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029 (e) |  | 553 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (e) |  | 4337 | 4091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Picard Groupe SAS, (France), Reg. S, 3.88%, 07/01/2026 | EUR | 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 (e) |  | 2757 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2031 (e) |  | 8148 | 6930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 (e) |  | 1666 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 (e) |  | 2780 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (e) |  | 1000 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2028 (e) |  | 700 | 659 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 220 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Foods Finance plc, (United Kingdom), Reg. S, 3.50%, 10/15/2026 | GBP | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quatrim SASU, (France), Reg. S, 5.88%, 01/15/2024 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) |  | 1439 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 6.75%, 10/15/2028 (e) |  | 123 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2029 (e) |  | 3074 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2025 (e) |  | 456 | 451 |
|  |  |  | 83267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products** — **0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor Funding, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/15/2028 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/2029 (e) |  | 602 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2028 (e) |  | 4191 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden Spinco Corp., 8.63%, 07/20/2030 (e) |  | 1541 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 5.60%, 11/15/2025 (e) |  | 225 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029 (e) |  | 4816 | 3876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 (e) |  | 16186 | 12856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc., 4.25%, 06/01/2028 (e) |  | 2101 | 1918 |
|  |  |  | 24922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services** — **2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., 5.00%, 04/15/2029 (e) |  | 126 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., 5.75%, 07/15/2029 (e) |  | 2942 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cano Health LLC, 6.25%, 10/01/2028 (e) |  | 875 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent Pharma Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2029 (e) |  | 431 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2030 (e) |  | 5260 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 |  | 2006 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 |  | 2694 | 2108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/2031 |  | 1549 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 |  | 9768 | 8007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 |  | 348 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031 (e) |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2028 (e) |  | 2244 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHS / Community Health Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030 (e) |  | 512 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/2027 (e) |  | 700 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029 (e) |  | 4656 | 3895 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 9332 | 6965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2030 (e) |  | 3000 | 2408 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare—Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2028 |  | 55 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2031 |  | 2671 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 |  | 1800 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2052 (e) |  | 2410 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2025 |  | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 12/01/2027 |  | 950 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/2033 |  | 2900 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/15/2026 | EUR | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 03/15/2029 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (e) |  | 397 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korian SA, (France), Reg. S, (UK Gilts 5 Year + 9.08%), 4.13%, 03/15/2024 (x) (aa) | GBP | 300 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy LifePoint Health LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2027 (e) |  | 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2025 (e) |  | 1730 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 5.38%, 01/15/2029 (e) |  | 6650 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/2030 (e) |  | 334 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2032 (e) |  | 3672 | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (e) |  | 4525 | 3824 |
| &nbsp;&nbsp;&nbsp;&nbsp; RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (e) |  | 7550 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2025 (e) |  | 777 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/2027 (e) |  | 4875 | 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc., 3.63%, 01/15/2029 (e) |  | 2212 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 (e) |  | 6704 | 5808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 (e) |  | 8455 | 7318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/2026 (e) |  | 8048 | 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 (e) |  | 4407 | 4099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 (e) |  | 4507 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 (e) |  | 2272 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2027 (e) |  | 630 | 602 |
|  |  |  | 106232 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp., 4.25%, 03/15/2029 (e) |  | 2815 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/2030 |  | 101 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/2028 |  | 360 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2026 (e) |  | 900 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/2027 (e) |  | 2525 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spectrum Brands, Inc., 3.88%, 03/15/2031 (e) |  | 2767 | 2152 |
|  |  |  | 7747 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 221

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals** — **1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 (e) |  | 4650 | 3893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/2030 (e) |  | 801 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2028 (e) |  | 2315 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e) |  | 3100 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/30/2028 (e) |  | 4000 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 (e) |  | 8800 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 (e) |  | 6510 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2031 (e) |  | 2370 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029 (e) |  | 6918 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2028 (e) |  | 450 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/2023 (e) |  | 554 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2025 (e) |  | 300 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.01%), 5.78%, 12/15/2023 (e) (aa) |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 01/15/2028 | EUR | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028 (e) |  | 3327 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., 4.30%, 03/25/2028 |  | 154 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 (e) |  | 2550 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030 (e) |  | 1184 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruenenthal GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 11/15/2026 | EUR | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/15/2028 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Happiness H&H International Holdings Ltd., (Cayman Islands), Reg. S, 5.63%, 10/24/2024 |  | 8250 | 7252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e) |  | 4853 | 4325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, (Germany), Reg. S, 3.50%, 09/30/2024 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc., 4.38%, 10/31/2029 (e) |  | 1566 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. / Organon Foreign Debt Co-Issuer BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/30/2028 | EUR | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/2028 (e) |  | 2614 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031 (e) |  | 6617 | 5726 |
| &nbsp;&nbsp;&nbsp;&nbsp; P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e) |  | 2408 | 1950 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Health Sciences, Inc., 2.88%, 07/15/2026 (e) |  | 2919 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/31/2023 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2025 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/2026 |  | 1757 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/2025 |  | 200 | 199 |
|  |  |  | 57865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 483043 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies — Diversified** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Miguel Corp., (Philippines), Reg. S, (CMT Index 5 Year + 10.24%), 5.50%, 07/29/2025 (x) (aa) |  | 3150 | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy** — **11.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal** — **0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaro Indonesia PT, (Indonesia), Reg. S, 4.25%, 10/31/2024 |  | 5200 | 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coronado Finance Pty Ltd., (Australia), 10.75%, 05/15/2026 (e) |  | 1554 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indika Energy Capital IV Pte Ltd., (Singapore), Reg. S, 8.25%, 10/22/2025 |  | 7950 | 7836 |
|  |  |  | 14422 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources** — **1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Green Energy UP Ltd. / Prayatna Developers Pvt. Ltd. / Parampujya Solar Energ, (India), Reg. S, 6.25%, 12/10/2024 |  | 4300 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continuum Energy Levanter Pte Ltd., (Singapore), Reg. S, 4.50%, 02/09/2027 |  | 1161 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Holdco Scsp, (Luxembourg), Reg. S, 4.63%, 10/15/2026 | EUR | 201 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e) |  | 154 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Dutch BV, (Netherlands), Reg. S, 3.85%, 03/29/2026 |  | 8309 | 7185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Investment Co., (Mauritius), Reg. S, 4.88%, 08/16/2023 |  | 6633 | 6477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Solar Mauritius Ltd., (Mauritius), Reg. S, 5.55%, 01/29/2025 |  | 5850 | 5487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Wind Projects Mauritius Ltd., (Mauritius), 5.50%, 04/06/2025 (e) |  | 7200 | 6724 |
| &nbsp;&nbsp;&nbsp;&nbsp; India Green Energy Holdings, (Mauritius), Reg. S, 5.38%, 04/29/2024 |  | 9000 | 8663 |
| &nbsp;&nbsp;&nbsp;&nbsp; India Green Power Holdings, (Mauritius), Reg. S, 4.00%, 02/22/2027 |  | 300 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Battery America, Inc., Reg. S, 2.13%, 01/26/2026 |  | 2400 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC, 4.75%, 01/15/2030 (e) |  | 1906 | 1658 |
|  |  |  | 44067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas** — **5.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2026 (e) |  | 9088 | 9015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA, (Norway), 2.00%, 07/15/2026 (e) |  | 314 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/2030 (e) |  | 4495 | 4167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/2029 (e) |  | 950 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apache Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2043 |  | 250 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/2040 |  | 4480 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/2049 |  | 695 | 562 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 222 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC / ARU Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 (e) | 7534 | 6718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/2026 (e) | 6350 | 6160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/31/2028 (e) | 2272 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/2027 (e) | 1550 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athabasca Oil Corp., (Canada), 9.75%, 11/01/2026 (e) | 3120 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Callon Petroleum Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/2026 | 3558 | 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2030 (e) | 5176 | 4736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2028 (e) | 4934 | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2026 (e) | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 (e) | 3385 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029 (e) | 6088 | 5927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp., 6.38%, 06/01/2026 (e) | 142 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/2026 (d) (e) | 2405 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2025 (d) (e) | 6667 | 6520 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029 (e) | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/2027 (e) | 3352 | 3327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/2031 (e) | 2599 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate Energy Partners III LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/2029 (e) | 5671 | 4871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2026 (e) | 663 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/2030 (e) | 6543 | 5625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029 (e) | 7272 | 6563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026 (e) | 512 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/2024 | 450 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 | 275 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, 7.25%, 05/01/2026 (e) | 6029 | 5681 |
| &nbsp;&nbsp;&nbsp;&nbsp; CrownRock LP / CrownRock Finance, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 (e) | 1052 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2025 (e) | 4272 | 4123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., 5.25%, 10/15/2027 | 415 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2052 | 1719 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 | 3462 | 3521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Earthstone Energy Holdings LLC, 8.00%, 04/15/2027 (e) | 3635 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028 (e) | 2933 | 2816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA, (Italy), Series X-R, 4.00%, 09/12/2023 (e) | 1000 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnQuest plc, (United Kingdom), 11.63%, 11/01/2027 (e) | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/2027 | 326 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/2025 | 342 | 343 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp., 8.00%, 05/17/2026 (e) | 69 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harbour Energy plc, (United Kingdom), 5.50%, 10/15/2026 (e) | 264 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I LP / Hilcorp Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2029 (e) | 3332 | 2966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030 (e) | 410 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031 (e) | 9144 | 7887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2028 (e) | 786 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032 (e) | 1177 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laredo Petroleum, Inc., 9.50%, 01/15/2025 | 151 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026 (e) | 156 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co., 5.88%, 09/15/2026 | 1255 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medco Oak Tree Pte Ltd., (Singapore), Reg. S, 7.38%, 05/14/2026 | 11550 | 10977 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 (e) | 3900 | 3678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/2027 (e) | 2175 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., (Bermuda), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2026 (e) | 415 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028 (e) | 5393 | 4934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2025 | 3231 | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/2027 (e) | 6844 | 6630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil and Gas, Inc., 8.13%, 03/01/2028 (e) | 10615 | 10196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/15/2039 | 132 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/15/2046 | 2293 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/2049 | 86 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2044 | 777 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2045 | 1401 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2025 | 416 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 4291 | 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2028 | 2795 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 422 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/2046 | 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 | 7205 | 7446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/2024 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 05/15/2028 | 675 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 | 2134 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/2031 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 | 2081 | 2350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2038 | 204 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2037 | 267 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkland Corp., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 (e) | 2925 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/2030 (e) | 500 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2027 (e) | 2443 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDC Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2026 | 85 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2024 | 115 | 113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 223

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, 6.88%, 04/01/2027 (e) |  | 1533 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/30/2023 |  | 275 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/2026 |  | 315 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petron Corp., (Philippines), Reg. S, (CMT Index 5 Year + 7.57%), 5.95%, 04/19/2026 (x) (aa) |  | 3500 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e) |  | 687 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030 (e) |  | 1021 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/2025 |  | 1926 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol International Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.41%), 4.25%, 09/11/2028 (x) (aa) | EUR | 385 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockcliff Energy II LLC, 5.50%, 10/15/2029 (e) |  | 5450 | 4986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saka Energi Indonesia PT, (Indonesia), Reg. S, 4.45%, 05/05/2024 |  | 2400 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Innovation Co. Ltd., (South Korea), Reg. S, 4.13%, 07/13/2023 |  | 2590 | 2560 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/2025 |  | 400 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 |  | 1111 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2026 |  | 1210 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 |  | 2591 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2029 |  | 2526 | 2342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 |  | 4825 | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/2025 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026 |  | 145 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunoco LP / Sunoco Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2029 |  | 1500 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/2030 |  | 1775 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2028 |  | 1120 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tap Rock Resources LLC, 7.00%, 10/01/2026 (e) |  | 8474 | 7882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd., (Bermuda), 2.63%, 08/15/2025 (e) |  | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean, Inc., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/2025 (e) |  | 225 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/2027 (e) |  | 3000 | 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/2027 (e) |  | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc., (Canada), 6.88%, 05/01/2030 (e) |  | 197 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc., 9.75%, 11/01/2023 (e) |  | 225 | 221 |
|  |  |  | 252656 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2028 (e) |  | 6860 | 6277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/2027 (e) |  | 2184 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e) |  | 1285 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc., 4.65%, 11/15/2024 |  | 157 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saipem Finance International BV, (Netherlands), Reg. S, 2.63%, 01/07/2025 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; USA Compression Partners LP / USA Compression Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/2026 |  | 2288 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/2027 |  | 6357 | 5944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/2028 (e) |  | 1908 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/2030 (e) |  | 1732 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/2024 (e) |  | 213 | 217 |
|  |  |  | 21784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines** — **4.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners LP / Antero Midstream Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 (e) |  | 5604 | 5123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 (e) |  | 3581 | 3384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 (e) |  | 2146 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2026 (e) |  | 450 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2026 |  | 88 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/2044 |  | 46 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/2043 |  | 17 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025 |  | 1019 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/2032 |  | 6252 | 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2031 |  | 7800 | 6640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 |  | 6694 | 6023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 4.63%, 10/15/2028 |  | 4518 | 4084 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Midstream Partners LP, 4.75%, 04/15/2030 (e) |  | 1116 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e) |  | 7893 | 6895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027 (e) |  | 62 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029 (e) |  | 2831 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/2029 (e) |  | 104 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029 |  | 2250 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2025 |  | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027 |  | 178 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/03/2036 (e) |  | 610 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2037 (e) |  | 260 | 262 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 224 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 (e) | 6531 | 5611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/2031 (e) | 244 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Paso Natural Gas Co. LLC, 3.50%, 02/15/2032 (e) | 1022 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2030 | 1524 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2023 | 276 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2050 | 3765 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/2047 | 830 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 | 1109 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2033 | 1297 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 1381 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnLink Midstream LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029 | 666 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2028 (e) | 5127 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2030 (e) | 844 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnLink Midstream Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/2025 | 96 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/2026 | 2605 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/2045 | 14 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/2047 | 1586 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2044 | 113 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQM Midstream Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 (e) | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 (e) | 248 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2025 (e) | 2241 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 (e) | 3000 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2027 (e) | 1225 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030 (e) | 1983 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025 | 484 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 | 237 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Partners LP / GLP Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 1050 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2027 | 600 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, 4.25%, 02/15/2030 (e) | 2421 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings LLC, 6.50%, 08/01/2029 (e) | 4988 | 4201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 | 697 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/2052 | 1970 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings LP, 5.88%, 06/15/2030 (e) | 3949 | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP, 4.95%, 03/14/2052 | 504 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Fortress Energy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/2026 (e) | 16113 | 14964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2025 (e) | 5646 | 5340 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (e) | 3681 | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOVA Gas Transmission Ltd., (Canada), 7.88%, 04/01/2023 | 420 | 422 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2025 |  | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2026 |  | 2493 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/2030 |  | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/2029 |  | 716 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/13/2047 |  | 829 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP / PAA Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/2029 |  | 1179 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/2024 |  | 121 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/2037 |  | 489 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/2029 (e) |  | 183 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/2038 (e) |  | 5750 | 5319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2024 |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2026 |  | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 09/15/2037 (e) |  | 869 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028 (e) |  | 3468 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2027 (e) |  | 836 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (e) |  | 2483 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2031 (e) |  | 2664 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., 6.25%, 07/01/2052 |  | 1263 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP / Targa Resources Partners Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2032 |  | 2496 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2027 |  | 244 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 (e) |  | 12456 | 10899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/2033 (e) |  | 10957 | 8951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031 (e) |  | 3865 | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2030 |  | 2100 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/2026 |  | 785 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/2048 |  | 624 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/2044 |  | 190 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2048 |  | 463 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2050 |  | 10919 | 8897 |
|  |  |  | 180461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 513390 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** — **12.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks** — **2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), 4.75%, 07/28/2025 (e) |  | 700 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 04/10/2025 (e) (aa) |  | 483 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 5.70%), 5.25%, 10/09/2024 (x) (aa) | EUR | 359 | 353 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 225

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.04%), 6.00%, 03/29/2024 (x) (aa) | EUR | 400 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPM SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 3.40%), 3.38%, 01/19/2032 (aa) | EUR | 214 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank PCL, (Thailand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 1.90%), 3.73%, 09/25/2034 (aa) |  | 8750 | 7310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 4.73%), 5.00%, 09/23/2025 (x) (aa) |  | 3400 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk. PT, (Indonesia), Reg. S, 3.75%, 03/30/2026 |  | 9050 | 8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (aa) |  | 80 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa) |  | 672 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa) |  | 297 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 3.84%, 04/25/2025 (aa) |  | 1063 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa) |  | 355 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 230 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) |  | 2875 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.95%, 04/21/2025 |  | 552 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of East Asia Ltd. (The), (Hong Kong), Reg. S, (CMT Index 5 Year + 3.75%), 4.00%, 05/29/2030 (aa) |  | 3400 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/25/2023 (e) |  | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.65%), 6.25%, 09/16/2026 (e) (aa) |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), 3.70%, 06/07/2025 |  | 141 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc., 4.88%, 11/17/2025 |  | 544 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.71%), 2.85%, 05/07/2026 (aa) |  | 376 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.61%), 3.93%, 05/07/2025 (aa) |  | 415 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.36%), 4.34%, 05/16/2024 (aa) |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa) |  | 465 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa) |  | 794 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) |  | 221 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.65%), 6.88%, 12/06/2029 (x) (aa) | EUR | 200 | 212 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2025 (e) |  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/2026 (e) |  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/21/2024 (e) |  | 235 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), 3.95%, 08/04/2025 |  | 231 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa) |  | 935 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/2026 |  | 608 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.37%), 4.14%, 05/24/2025 (aa) |  | 243 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (CMT Index 5 Year + 3.60%), 4.00%, 12/10/2025 (x) (aa) |  | 185 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Y, (CMT Index 5 Year + 3.00%), 4.15%, 11/15/2026 (x) (aa) |  | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 6.36%), 6.13%, 10/09/2025 (x) (aa) | EUR | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/17/2025 (e) |  | 450 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.24%), 4.75%, 03/23/2029 (e) (x) (aa) |  | 261 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 06/12/2024 (e) (aa) |  | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Semi-annual Swap Rate 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (x) (aa) |  | 200 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.46%), 6.25%, 12/18/2024 (x) (aa) |  | 200 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa) | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, (Denmark), (ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (e) (aa) |  | 1193 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.30%), 4.00%, 06/24/2032 (aa) | EUR | 400 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 6.94%), 10.00%, 12/01/2027 (x) (aa) | EUR | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Bank of the Philippines, (Philippines), Reg. S, 2.38%, 03/11/2031 |  | 2683 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Bank, 4.25%, 03/13/2026 |  | 250 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co., (CME Term SOFR 3 Month + 1.72%), 2.97%, 09/27/2025 (aa) |  | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., 7.63%, 05/01/2026 (e) |  | 883 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 200 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) |  | 554 | 494 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 226 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa) |  | 316 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 4.48%, 08/23/2028 (aa) |  | 212 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, (CMT Index 5 Year + 3.22%), 4.95%, 02/10/2025 (x) (aa) |  | 441 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd., (India), Reg. S, (CMT Index 5 Year + 2.93%), 3.70%, 08/25/2026 (x) (aa) |  | 1800 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.65%), 4.60%, 12/17/2030 (x) (aa) |  | 200 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 3.35%), 7.39%, 11/03/2028 (aa) |  | 1950 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa) |  | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (USD ICE Swap Rate 5 Year + 1.94%), 4.70%, 03/22/2028 (aa) |  | 614 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.34%), 5.75%, 11/16/2026 (x) (aa) |  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/12/2023 (e) |  | 367 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa) |  | 2045 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/2024 (e) |  | 672 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026 (e) |  | 300 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 7.19%), 7.75%, 01/11/2027 (x) (aa) | EUR | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL, (Thailand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 1.70%), 3.34%, 10/02/2031 (aa) |  | 3700 | 3249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 4.94%), 5.28%, 10/14/2025 (x) (aa) |  | 9900 | 9282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), 4.58%, 12/10/2025 |  | 200 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., (Australia), 4.88%, 06/10/2025 (e) |  | 284 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.45%), 0.96%, 10/11/2025 (aa) |  | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.70%), 4.79%, 07/18/2025 (aa) |  | 295 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.55%), 5.06%, 09/12/2025 (aa) |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.51%), 0.79%, 01/22/2025 (aa) |  | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.16%), 3.62%, 04/17/2025 (aa) |  | 390 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/2024 (aa) |  | 950 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.77%), 6.14%, 10/16/2026 (aa) |  | 104 | 106 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.55%), 4.52%, 06/25/2024 (aa) |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp., 6.13%, 11/02/2032 |  | 854 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 2.14%), 6.04%, 10/28/2033 (aa) |  | 657 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series V, (CMT Index 5 Year + 3.24%), 6.20%, 09/15/2027 (x) (aa) |  | 1070 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc., (Puerto Rico), 6.13%, 09/14/2023 |  | 2500 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), 3.97%, 07/26/2024 |  | 116 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., (United States SOFR + 2.33%), 5.81%, 09/09/2026 (aa) |  | 85 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.79%), 1.09%, 03/15/2025 (aa) |  | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.08%), 3.37%, 01/05/2024 (aa) |  | 952 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/2025 (e) |  | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/26/2024 (e) |  | 585 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.98%), 7.75%, 08/15/2027 (e) (x) (aa) |  | 4100 | 4052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 4.98%), 7.75%, 08/15/2027 (x) (aa) |  | 4400 | 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 3.10%), 7.78%, 11/16/2025 (e) (aa) |  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/2027 |  | 179 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.08%), 8.13%, 10/31/2082 (aa) |  | 1103 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), (CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (e) (x) (aa) |  | 200 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 7.33%), 7.50%, 06/03/2026 (x) (aa) | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.83%, 12/04/2023 (e) |  | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa) |  | 223 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) |  | 231 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, (CMT Index 5 Year + 3.45%), 3.90%, 03/15/2026 (x) (aa) |  | 259 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Bank, (South Korea), Reg. S, 4.75%, 04/30/2024 |  | 2500 | 2460 |
|  |  |  | 89672 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 227

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/2024 |  | 336 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/2025 |  | 347 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e) |  | 534 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., 3.00%, 09/15/2023 |  | 320 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda), 4.40%, 09/25/2023 |  | 448 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/02/2023 |  | 80 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/2024 |  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/20/2025 |  | 329 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.85%), 3.55%, 09/15/2026 (x) (aa) |  | 760 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/2025 |  | 156 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/2027 |  | 115 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 5.50%, 12/15/2024 (e) |  | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., (Cayman Islands), 4.25%, 04/15/2026 (e) |  | 439 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/03/2027 (e) |  | 2010 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/22/2033 (e) |  | 2318 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Aviation Ltd., (Singapore), Reg. S, 3.25%, 04/29/2025 |  | 600 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., 4.75%, 12/15/2024 (e) |  | 1716 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.37%), 4.17%, 05/09/2025 (aa) |  | 260 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.69%), 4.96%, 12/06/2024 (aa) |  | 311 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), Series H, (CMT Index 10 Year + 3.08%), 4.00%, 12/01/2030 (x) (aa) |  | 1868 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services, 6.70%, 11/29/2032 |  | 605 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; doValue SpA, (Italy), Reg. S, 5.00%, 08/04/2025 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.88%, 02/15/2026 (e) |  | 250 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc., 6.50%,<br>08/15/2025 (e) |  | 2647 | 2607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., Reg. S, 5.38%, 02/15/2026 | GBP | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 11/01/2025 | EUR | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.75%, 11/01/2025 | GBP | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., (Cayman Islands), 6.50% (cash), 09/15/2024 (e) (v) |  | 162 | 138 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Point Capital, Inc., 5.00%, 02/01/2026 (e) |  | 874 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrum AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/15/2024 | EUR | 78 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/15/2026 | EUR | 200 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.25%, 03/15/2028 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 08/15/2028 (e) |  | 4790 | 3907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jerrold Finco plc, (United Kingdom), Reg. S, 4.88%, 01/15/2026 | GBP | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; LD Holdings Group LLC, 6.13%, 04/01/2028 (e) |  | 2453 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; LFS Topco LLC, 5.88%, 10/15/2026 (e) |  | 625 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Financing Sarl, (Luxembourg), Reg. S, 3.63%, 04/01/2024 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., 4.38%, 05/15/2031 (e) |  | 500 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd., (India), Reg. S, 4.40%, 09/02/2023 |  | 930 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2030 (e) |  | 2266 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 (e) |  | 5726 | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2031 (e) |  | 118 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2027 (e) |  | 2191 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/25/2023 |  | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2029 |  | 6280 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/2024 |  | 190 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/2024 |  | 229 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/25/2023 |  | 161 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; NFP Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/2028 (e) |  | 6117 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/2028 (e) |  | 13957 | 11505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/2030 (e) |  | 385 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen Finance LLC, 4.13%, 11/01/2024 (e) |  | 190 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 |  | 1301 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 |  | 1100 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 |  | 3889 | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 |  | 1118 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2024 |  | 171 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 |  | 255 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2025 |  | 12525 | 12033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026 |  | 564 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Holdings Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/2023 (e) |  | 765 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2024 (e) |  | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029 (e) |  | 925 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/2025 (e) |  | 2000 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (e) |  | 5639 | 4857 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 228 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/2029 (e) |  | 695 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2031 (e) |  | 640 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2033 (e) |  | 1805 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwood Financing plc, (United Kingdom), Reg. S, 6.00%, 11/15/2026 | GBP | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd., (India), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 07/18/2025 |  | 1484 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.40%, 03/13/2024 |  | 1148 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp., 3.13%, 11/02/2026 |  | 61 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC / XO Management Holding, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/2030 (e) |  | 1150 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/2027 (e) |  | 4479 | 4041 |
|  |  |  | 94103 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/2029 (e) |  | 98 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2027 (e) |  | 9998 | 8955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2029 (e) |  | 8197 | 6741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (e) |  | 18259 | 16412 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc., 4.88%, 06/30/2029 (e) |  | 2469 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Corp., 8.21%, 01/01/2027 |  | 269 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e) |  | 1386 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc., 5.25%, 05/30/2025 |  | 250 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Global Funding, 1.75%, 10/07/2026 (e) |  | 406 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding, 1.40%, 07/07/2025 (e) |  | 183 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/2026 (e) |  | 220 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 04/11/2027 (e) |  | 444 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; GA Global Funding Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/13/2024 (e) |  | 486 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/11/2025 (e) |  | 483 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Bidco Ltd., (Jersey), Reg. S, 6.50%, 07/31/2026 | GBP | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e) |  | 3725 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/2029 (e) |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/2026 (e) |  | 8997 | 8808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., (Canada), 10.50%, 12/15/2030 (e) |  | 1914 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyobo Life Insurance Co. Ltd., (South Korea), Reg. S, (CMT Index 5 Year + 2.89%), 5.90%, 06/15/2052 (aa) |  | 800 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., Reg. S, (EUR Swap Rate 5 Year + 3.70%), 3.63%, 05/23/2059 (aa) | EUR | 200 | 189 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Muang Thai Life Assurance PCL, (Thailand), Reg. S, (CMT Index 10 Year + 2.40%), 3.55%, 01/27/2037 (aa) |  | 2400 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZhongAn Online P&C Insurance Co. Ltd., (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/16/2025 |  | 4750 | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/08/2026 |  | 1100 | 925 |
|  |  |  | 60572 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies** — **0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2027 |  | 498 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/2025 (e) |  | 602 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e) |  | 2373 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huarong Finance 2019 Co. Ltd., (British Virgin Islands), Reg. S, 4.50%, 05/29/2029 |  | 9250 | 7651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huarong Finance II Co. Ltd., (British Virgin Islands), Reg. S, 5.00%, 11/19/2025 |  | 9700 | 8930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises LP / Icahn Enterprises Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2029 |  | 4025 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2027 |  | 4403 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 |  | 190 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owl Rock Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/2026 |  | 424 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/2025 |  | 1308 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2026 |  | 113 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; OWL Rock Core Income Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/2026 |  | 284 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/21/2025 |  | 195 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/2027 (e) |  | 2820 | 2815 |
|  |  |  | 32177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Pte Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 3.74%), 4.50%, 05/17/2026 (x) (aa) |  | 1000 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 3.73%), 4.60%, 06/29/2027 (x) (aa) |  | 5260 | 2683 |
|  |  |  | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate** — **3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ADLER Group SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 11/13/2026 | EUR | 200 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/05/2025 | EUR | 100 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agile Group Holdings Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 04/21/2025 |  | 3100 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/02/2025 |  | 7350 | 3898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.98%), 3.38%, 09/23/2024 (x) (aa) | EUR | 200 | 99 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 229

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China SCE Group Holdings Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 09/29/2024 |  | 5450 | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/04/2026 |  | 4300 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFI Holdings Group Co. Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.45%, 08/17/2026 (d) |  | 7550 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 07/16/2025 (d) |  | 5500 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Country Garden Holdings Co. Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 07/12/2026 |  | 5900 | 3334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/22/2025 |  | 2120 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 01/12/2031 |  | 1300 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/22/2030 |  | 4773 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 02/06/2026 |  | 3700 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.80%, 08/06/2030 |  | 4079 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 01/17/2025 |  | 1000 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 01/14/2027 |  | 10752 | 6150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.40%, 05/27/2025 |  | 1000 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 01/14/2030 |  | 3200 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 04/08/2024 |  | 2300 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 04/08/2026 |  | 9500 | 5993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.00%, 01/27/2024 |  | 3150 | 2426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e) |  | 4802 | 4583 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIC Asset AG, (Germany), Reg. S, 2.25%, 09/22/2026 | EUR | 100 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easy Tactic Ltd., (British Virgin Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50% (PIK), 07/11/2027 (v) |  | 8500 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50% (PIK), 07/11/2028 (v) |  | 1650 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (e) |  | 5405 | 4544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemdale Ever Prosperity Investment Ltd., (Hong Kong), Reg. S, 4.95%, 08/12/2024 |  | 3000 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Prime Capital Pte Ltd., (Singapore), Reg. S, 5.95%, 01/23/2025 |  | 1800 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenland Global Investment Ltd., (British Virgin Islands), Reg. S, 7.25%, 01/22/2027 |  | 8700 | 2801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greentown China Holdings Ltd., (Cayman Islands), Reg. S, 4.70%, 04/29/2025 |  | 3900 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e) |  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad AB, (Sweden), Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa) | EUR | 150 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/2029 (e) |  | 206 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2031 (e) |  | 4370 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/2028 (e) |  | 5000 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hunt Cos., Inc., 5.25%, 04/15/2029 (e) |  | 5540 | 4656 |
| &nbsp;&nbsp;&nbsp;&nbsp; KWG Group Holdings Ltd., (Cayman Islands), Reg. S, 5.95%, 08/10/2025 |  | 14000 | 5690 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Longfor Group Holdings Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.95%, 09/16/2029 | 1300 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 01/16/2028 | 1200 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Metro Global Ltd., (British Virgin Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/02/2026 | 2300 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.80%, 12/15/2024 | 3700 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.80%, 08/05/2023 | 7100 | 6535 |
| &nbsp;&nbsp;&nbsp;&nbsp; NWD Finance BVI Ltd., (British Virgin Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 7.89%), 5.25%, 03/22/2026 (x) (aa) | 22300 | 19301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 3 Year + 6.20%), 6.15%, 03/16/2025 (x) (aa) | 2700 | 2483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powerlong Real Estate Holdings Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 04/30/2025 | 8400 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 08/10/2024 | 800 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realogy Group LLC / Realogy Co-Issuer Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2030 (e) | 1005 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 (e) | 7245 | 5480 |
| &nbsp;&nbsp;&nbsp;&nbsp; RKPF Overseas 2019 A Ltd., (British Virgin Islands), Reg. S, 6.00%, 09/04/2025 | 2000 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; RKPF Overseas 2020 A Ltd., (British Virgin Islands), Reg. S, 5.13%, 07/26/2026 | 11350 | 8059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seazen Group Ltd., (Cayman Islands), Reg. S, 4.45%, 07/13/2025 | 3248 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shui On Development Holding Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/03/2025 | 500 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 06/29/2026 | 3300 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.15%, 08/24/2024 | 750 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunac China Holdings Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 04/26/2024 (d) | 1500 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 07/09/2023 (d) | 9400 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.80%, 10/20/2024 (d) | 6800 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.95%, 10/11/2023 (d) | 2000 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theta Capital Pte Ltd., (Singapore), Reg. S, 6.75%, 10/31/2026 | 1200 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Times China Holdings Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.55%, 06/04/2024 | 8800 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.60%, 03/02/2023 | 1200 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; VLL International, Inc., (Cayman Islands), Reg. S, 5.75%, 11/28/2024 | 9200 | 8653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wanda Properties International Co. Ltd., (British Virgin Islands), Reg. S, 7.25%, 01/29/2024 | 2150 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wanda Properties Overseas Ltd., (British Virgin Islands), Reg. S, 6.88%, 07/23/2023 | 2000 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheelock MTN BVI Ltd., (British Virgin Islands), Reg. S, 2.38%, 01/25/2026 | 3000 | 2748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yanlord Land HK Co. Ltd., (Hong Kong), Reg. S, 5.13%, 05/20/2026 | 9700 | 7978 |
|  |  | 174275 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 230 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS** — **2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/2026 |  | 28 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/2031 |  | 643 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/2028 |  | 240 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 |  | 414 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2032 |  | 2479 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e) |  | 65 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., 4.30%, 02/15/2029 |  | 1528 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust LP, 5.55%, 01/15/2028 |  | 831 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/2031 |  | 5925 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/2024 |  | 250 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 |  | 4150 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/2025 |  | 2933 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, 4.75%, 12/15/2026 |  | 305 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/2029 |  | 1528 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/2032 |  | 1073 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 |  | 2297 | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2025 |  | 139 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/2023 |  | 226 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (e) |  | 2934 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e) |  | 2974 | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain UK plc, (United Kingdom), Reg. S, 3.88%, 11/15/2025 | GBP | 300 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 (e) |  | 108 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2030 (e) |  | 349 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust, 4.00%, 03/15/2025 |  | 99 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 (e) |  | 19 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; LMIRT Capital Pte Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 06/19/2024 |  | 1800 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 02/09/2026 |  | 1500 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership LP / MPT Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 10/15/2026 | EUR | 117 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/05/2023 | GBP | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 03/24/2025 | EUR | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2031 |  | 8073 | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 |  | 1849 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 |  | 1669 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 06/01/2025 (e) |  | 4440 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties LP / RHP Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2029 (e) |  | 1341 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 |  | 2776 | 2512 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e) | 159 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care LP, 5.13%, 08/15/2026 | 3400 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029 | 6809 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 | 3200 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., 5.50%, 11/01/2023 (e) | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.88%, 02/15/2025 (e) | 10434 | 10099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 04/15/2028 (e) | 1095 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 | 308 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2030 | 1554 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/2052 | 3243 | 2869 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2025 (e) | 625 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027 (e) | 105 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2029 (e) | 183 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030 (e) | 3251 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 (e) | 639 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2026 (e) | 2029 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2028 (e) | 876 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2025 (e) | 389 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029 (e) | 2754 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/2024 (e) | 611 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 (e) | 4538 | 4424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty LP, 3.50%, 01/15/2025 | 219 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEA Finance LLC / Westfield UK & Europe Finance plc, 3.75%, 09/17/2024 (e) | 500 | 473 |
|  |  | 87620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Savings & Loans — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society, (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE LIBOR USD 3 Month + 1.06%), 3.77%, 03/08/2024 (e) (aa) | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/2026 (e) | 394 | 358 |
|  |  | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 542165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1MDB Global Investments Ltd., (British Virgin Islands), Reg. S, 4.40%, 03/09/2023 | 15400 | 15077 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense** — **3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/2031 | 697 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 | 8268 | 8089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 | 3915 | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/2060 | 9247 | 8478 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 231

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028 (e) |  | 8003 | 7398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2026 (e) |  | 14059 | 13640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/2034 (e) |  | 351 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/2024 (e) |  | 2296 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2025 (e) |  | 2010 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027 (e) |  | 18866 | 18300 |
| &nbsp;&nbsp;&nbsp;&nbsp; F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e) |  | 2386 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/2025 (e) |  | 364 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2027 (e) |  | 7022 | 6688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/2025 (e) |  | 3087 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/2029 (e) |  | 3306 | 3480 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm UK Holdings plc, (United Kingdom), 6.88%, 05/15/2026 |  | 2700 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 |  | 7809 | 6866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 |  | 1500 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2027 |  | 400 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2026 (e) |  | 39465 | 38920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2027 |  | 1451 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/2025 (e) |  | 451 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Group, Inc., 8.88%, 06/01/2024 (e) |  | 422 | 429 |
|  |  |  | 132736 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials** — **1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e) |  | 4059 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e) |  | 500 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eco Material Technologies, Inc., 7.88%, 01/31/2027 (e) |  | 2100 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp., 5.75%, 03/01/2028 |  | 1755 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp; HT Troplast GmbH, (Germany), Reg. S, 9.25%, 07/15/2025 | EUR | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN, Inc., 4.63%, 12/15/2025 (e) |  | 2390 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masonite International Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2030 (e) |  | 97 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028 (e) |  | 2388 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e) |  | 2100 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 (e) |  | 1441 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028 (e) |  | 1674 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2026 | EUR | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 (e) |  | 10868 | 9724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/21/2026 | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031 (e) |  | 7121 | 5368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030 (e) |  | 7344 | 5985 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 (e) |  | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 (e) |  | 127 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Materials LLC / Summit Materials Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2029 (e) |  | 71 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/2027 (e) |  | 375 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; West China Cement Ltd., (Jersey), Reg. S, 4.95%, 07/08/2026 |  | 9200 | 7684 |
|  |  |  | 46252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments** — **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments** — **0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipments** — **0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/2029 (e) |  | 1000 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2028 (e) |  | 3000 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/31/2027 (e) |  | 700 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys, 4.38%, 12/15/2027 (e) |  | 560 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2025 (e) |  | 3369 | 3411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028 (e) |  | 6566 | 6651 |
|  |  |  | 14678 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAC Technologies Holdings, Inc., (Cayman Islands), Reg. S, 3.00%, 11/27/2024 |  | 7350 | 6706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp., 5.00%, 12/15/2029 (e) |  | 4558 | 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imola Merger Corp., 4.75%, 05/15/2029 (e) |  | 4078 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Likewize Corp., 9.75%, 10/15/2025 (e) |  | 2330 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 74 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2030 (e) |  | 864 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 547 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 (e) |  | 7652 | 6661 |
|  |  |  | 24312 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa) | EUR | 300 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc., 4.38%, 04/15/2029 (e) |  | 2789 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artera Services LLC, 9.03%, 12/04/2025 (e) |  | 1311 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestial Miles Ltd., (British Virgin Islands), Reg. S, (CMT Index 5 Year + 8.21%), 5.75%, 01/31/2024 (x) (aa) |  | 11500 | 10988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Finance Co. SA, (Spain), Reg. S, 1.50%, 06/08/2028 | EUR | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc., 4.50%, 04/15/2029 (e) |  | 343 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMR Hyderabad International Airport Ltd., (India), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 10/27/2027 |  | 1700 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/02/2026 |  | 7650 | 7115 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 232 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heathrow Finance plc, (United Kingdom), Reg. S, 5.75%, 03/03/2025 | GBP | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; India Airport Infra, (Mauritius), Reg. S, 6.25%, 10/25/2025 |  | 700 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp., 3.63%, 03/15/2029 (e) |  | 500 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vantage Towers AG, (Germany), Reg. S, 0.38%, 03/31/2027 | EUR | 100 | 99 |
|  |  |  | 25029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control** — **0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2027 (e) |  | 2440 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 (e) |  | 41 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covanta Holding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/2029 (e) |  | 2737 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030 |  | 156 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2028 (e) |  | 356 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (e) |  | 7073 | 6047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2029 (e) |  | 4531 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029 (e) |  | 586 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2026 (e) |  | 4326 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, 5.88%, 06/30/2029 (e) |  | 221 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paprec Holding SA, (France), Reg. S, 3.50%, 07/01/2028 | EUR | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Pro USA, Inc., 5.50%, 02/15/2026 (e) |  | 6956 | 6143 |
|  |  |  | 26047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining** — **0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/2028 (e) |  | 341 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2029 (e) |  | 3560 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp., 5.00%, 05/15/2029 (e) |  | 5416 | 4868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp., 4.13%, 11/15/2028 (e) |  | 4705 | 3999 |
|  |  |  | 12289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified** — **0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATS Corp., (Canada), 4.13%, 12/15/2028 (e) |  | 114 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030 (e) |  | 5561 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031 (e) |  | 1218 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Finance, Inc., 4.63%, 12/15/2028 (e) |  | 2294 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite US Holdings Corp., 11.00%, 10/01/2027 (e) |  | 155 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky III Holding Ltd., (Canada), 13.00% (cash), 02/15/2025 (e) (v) |  | 122 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024 (e) |  | 3671 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., 4.00%, 06/15/2029 (e) |  | 2609 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; OT Merger Corp., 7.88%, 10/15/2029 (e) |  | 394 | 209 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Renk AG / Frankfurt am Main, (Germany), Reg. S, 5.75%, 07/15/2025 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Acquisition Ltd. / Titan Co-Borrower LLC, (Multinational), 7.75%, 04/15/2026 (e) |  | 9065 | 8164 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Holdco GmbH, (Germany), 7.63%, 07/15/2028 (e) |  | 3781 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 585 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e) |  | 9622 | 8512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., 4.38%, 08/15/2023 |  | 200 | 198 |
|  |  |  | 35753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 (e) |  | 6030 | 5859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) |  | 1170 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vallourec SA, (France), Reg. S, 8.50%, 06/30/2026 | EUR | 200 | 210 |
|  |  |  | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amsted Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2030 (e) |  | 3466 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/2027 (e) |  | 1122 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e) |  | 4501 | 4344 |
|  |  |  | 8363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers** — **1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v) |  | 7274 | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/01/2028 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/01/2029 | EUR | 300 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/2028 (e) |  | 1514 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 (e) |  | 10552 | 8363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2027 (e) |  | 3717 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 08/15/2026 | EUR | 113 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2027 (e) |  | 600 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2030 |  | 118 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/2031 |  | 3006 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/2029 (e) |  | 5356 | 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030 (e) |  | 4077 | 3491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC, 5.25%, 04/01/2030 (e) |  | 422 | 399 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 233

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiber Bidco Spa, (Italy), Reg. S, 11.00%, 10/25/2027 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e) |  | 1375 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/01/2029 | EUR | 400 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2024 |  | 725 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2027 (e) |  | 1059 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v) |  | 1775 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e) |  | 2814 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kleopatra Finco Sarl, (Luxembourg), Reg. S, 4.25%, 03/01/2026 | EUR | 300 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028 (e) |  | 4035 | 3515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2026 (e) |  | 2525 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/01/2029 (e) |  | 1050 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/2027 (e) |  | 325 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024 (e) |  | 141 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; OI European Group BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/15/2025 | EUR | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030 (e) |  | 300 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 (e) |  | 354 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (e) |  | 875 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp., 4.00%, 12/01/2027 (e) |  | 89 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc., 4.13%, 02/01/2028 |  | 93 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/01/2025 (e) |  | 425 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 08/01/2024 (e) |  | 2725 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp., 4.13%, 04/15/2029 (e) |  | 2625 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2026 (e) |  | 4865 | 4459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/2027 (e) |  | 7911 | 7258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verallia SA, (France), Reg. S, 1.88%, 11/10/2031 | EUR | 200 | 166 |
|  |  |  | 63888 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030 |  | 349 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE, (France), Reg. S, 3.50%, 10/30/2025 | EUR | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Misc Capital Two Labuan Ltd., (Malaysia), Reg. S, 3.75%, 04/06/2027 |  | 1800 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.68%), 2.63%, 03/24/2029 (x) (aa) | EUR | 200 | 162 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaspan Corp., (Marshall Island), 5.50%, 08/01/2029 (e) |  | 70 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Escrow Sub LLC, 7.50%, 11/15/2027 (e) |  | 1639 | 1659 |
|  |  |  | 3818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2028 (e) |  | 4607 | 3930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025 (e) |  | 127 | 120 |
|  |  |  | 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 404614 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology** — **4.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers** — **0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atos SE, (France), Reg. S, 1.75%, 05/07/2025 | EUR | 200 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/2028 (e) |  | 249 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2029 (e) |  | 3713 | 3268 |
| &nbsp;&nbsp;&nbsp;&nbsp; CA Magnum Holdings, (Mauritius), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/31/2026 (e) |  | 5680 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 10/31/2026 |  | 10350 | 9431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centurion Bidco SpA, (Italy), Reg. S, 5.88%, 09/30/2026 | EUR | 300 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Condor Merger Sub, Inc., 7.38%, 02/15/2030 (e) |  | 9529 | 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/2026 |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/2026 |  | 407 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc., 4.75%, 09/30/2028 (e) |  | 306 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd., (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 01/27/2028 (e) |  | 1600 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 04/24/2025 |  | 2800 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (e) |  | 1289 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 (e) |  | 4301 | 3598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2030 (e) |  | 1052 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (e) |  | 3199 | 3205 |
|  |  |  | 40131 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipments — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2029 |  | 1552 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/2028 |  | 641 | 549 |
|  |  |  | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors** — **0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/2031 (e) |  | 1148 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/2033 (e) |  | 1442 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (e) |  | 1646 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (e) |  | 832 | 600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 234 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/2033 (e) |  | 2864 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/2034 (e) |  | 67 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/2028 |  | 1046 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 |  | 619 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/2032 |  | 2526 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris Escrow Corp., 4.75%, 04/15/2029 (e) |  | 14115 | 12872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/2029 (e) |  | 2062 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2028 (e) |  | 1488 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc., 2.95%, 04/15/2031 |  | 1568 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc., 4.25%, 09/01/2025 |  | 723 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/15/2024 (e) |  | 78 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/2029 |  | 1179 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc., (South Korea), 1.50%, 01/19/2026 (e) |  | 731 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc., 4.00%, 06/15/2029 (e) |  | 2082 | 1754 |
|  |  |  | 31268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software** — **3.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e) |  | 11817 | 8708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e) |  | 7035 | 6103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 10/02/2025 | EUR | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/02/2025 (e) |  | 6936 | 6746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/2026 (e) |  | 7862 | 7417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e) |  | 1900 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e) |  | 5021 | 4914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/2028 (e) |  | 9332 | 8085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/2029 (e) |  | 5034 | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029 (e) |  | 17776 | 14983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (e) |  | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029 (e) |  | 7729 | 6614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e) |  | 3446 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp., 4.00%, 06/15/2028 (e) |  | 2735 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 4.63%, 05/01/2028 (e) |  | 699 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; MicroStrategy, Inc., 6.13%, 06/15/2028 (e) |  | 4981 | 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2033 (e) |  | 71 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 (e) |  | 344 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (e) |  | 3782 | 3144 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp., (Canada), 6.90%, 12/01/2027 (e) | 5930 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/2028 | 676 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2025 | 74 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/2031 | 3290 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 | 2095 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2050 | 4462 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 | 5180 | 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 | 2450 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 | 2881 | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 | 5859 | 6324 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc., 3.63%, 02/15/2025 (e) | 2103 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., 5.50%, 09/30/2027 (e) | 7575 | 7109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., 3.88%, 03/15/2031 | 3704 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e) | 321 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) | 7574 | 6365 |
|  |  | 131427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 204697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities** — **3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric** — **3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACEN Finance Ltd., (Cayman Islands), Reg. S, 4.00%, 03/08/2025 (x) | 5400 | 3482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Green Energy Ltd., (India), Reg. S, 4.38%, 09/08/2024 | 1500 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The), 3.30%, 07/15/2025 (e) | 527 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander Funding Trust, 1.84%, 11/15/2023 (e) | 527 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., 5.75%, 11/01/2027 | 90 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/2031 (e) | 7455 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 (e) | 2273 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/2029 (e) | 5585 | 4807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 (e) | 7225 | 6068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2028 (e) | 11346 | 10131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cikarang Listrindo Tbk. PT, (Indonesia), Reg. S, 4.95%, 09/14/2026 | 6400 | 5967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Renewable Power Mauritius Pte Ltd., (Mauritius), Reg. S, 4.25%, 03/25/2027 | 2149 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 (e) | 630 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2028 (e) | 1589 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comision Federal de Electricidad, (Mexico), Reg. S, 4.75%, 02/23/2027 | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/2026 | 94 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2025 | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 | 52 | 52 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 235

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/15/2029 |  | 705 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/15/2026 (x) (aa) |  | 792 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (CMT Index 5 Year + 3.90%), 5.00%, 12/15/2026 (x) (aa) |  | 329 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP – Energias de Portugal SA, (Portugal), Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa) | EUR | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.97%), 3.38%, 06/15/2030 (x) (aa) | EUR | 400 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa) | GBP | 300 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.86%), 7.50%, 09/06/2028 (x) (aa) | EUR | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e) |  | 234 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fells Point Funding Trust, 3.05%, 01/31/2027 (e) |  | 524 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/2025 |  | 330 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/2030 |  | 561 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/2030 |  | 24 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/2050 |  | 6043 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/2025 (e) |  | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/2049 (e) |  | 640 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/2044 (e) |  | 985 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., 4.70%, 04/01/2024 (e) |  | 312 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Hydro Energy Ltd., (India), Reg. S, 4.13%, 05/18/2031 |  | 5133 | 4278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minejesa Capital BV, (Netherlands), Reg. S, 4.63%, 08/10/2030 |  | 4700 | 4113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 05/07/2029 |  | 6239 | 5179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 2.44%), 2.37%, 11/23/2026 (x) (aa) | EUR | 400 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031 (e) |  | 9179 | 6983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2032 (e) |  | 1075 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029 (e) |  | 4310 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 |  | 1555 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 |  | 538 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., 3.15%, 01/01/2026 |  | 354 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) |  | 2042 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 |  | 925 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030 |  | 10611 | 9656 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc., 5.85%, 11/15/2027 |  | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries, (India), Reg. S, 4.50%, 07/14/2028 |  | 9600 | 8075 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Global Power Holdings Corp., (Philippines), Reg. S, (CMT Index 5 Year + 9.20%), 7.00%, 10/21/2025 (x) (aa) |  | 10150 | 7663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Energy Geothermal Wayang Windu Ltd., (British Virgin Islands), Reg. S, 6.75%, 04/24/2033 |  | 4703 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp., (Canada), 7.75%, 11/15/2029 |  | 772 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa) |  | 4249 | 3866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) |  | 1525 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/2024 (e) |  | 473 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029 (e) |  | 11551 | 9966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/13/2024 (e) |  | 495 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027 (e) |  | 1454 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026 (e) |  | 2824 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027 (e) |  | 4353 | 4134 |
|  |  |  | 140893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriGas Partners LP / AmeriGas Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/2025 |  | 2280 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/2026 |  | 3905 | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e) |  | 162 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., 5.50%, 01/15/2026 |  | 289 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc., 1.10%, 03/11/2024 |  | 125 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI International LLC, Reg. S, 2.50%, 12/01/2029 | EUR | 200 | 163 |
|  |  |  | 6622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Kemble Finance plc, (United Kingdom), Reg. S, 4.63%, 05/19/2026 | GBP | 168 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 147686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $3,890,862) |  |  | 3714611 |
|  **Foreign Government Securities** — **1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Authority, (Hong Kong), Reg. S, (CMT Index 5 Year + 4.70%), 2.10%, 03/08/2026 (x) (aa) |  | 4300 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mongolia Government International Bond, (Mongolia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.45%, 07/07/2031 |  | 200 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 04/07/2026 |  | 4400 | 3762 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 236 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/2023 (e) | 4200 | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 05/01/2023 | 1800 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond, (Oman), Reg. S, 7.00%, 01/25/2051 | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan Government International Bond, (Pakistan), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 04/08/2026 | 12200 | 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 12/05/2027 | 19300 | 7456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.38%, 04/08/2031 | 12850 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, (Sri Lanka), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/18/2023 (d) | 2600 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 05/11/2027 (d) (e) | 15600 | 4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.20%, 05/11/2027 (d) | 3800 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 04/18/2028 (d) | 4000 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.85%, 03/14/2024 (d) | 12100 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.55%, 03/28/2030 (d) | 2000 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vietnam Government International Bond, (Vietnam), Series 30YR, 5.50%, 03/12/2028 | 233 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $67,408) |  | 43938 |
|  **Municipal Bond — 0.0%** (g) (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Taxable, Louisiana Utilities Restoration Corp., Rev., 3.62%, 02/01/2029<br>(Cost $204) | 204 | 198 |
|  **U.S. Treasury Obligations** — **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Note, 0.13%, 01/15/2032 (ii) | 6880 | 6033 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/2024 (jj) | 26890 | 26098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 12520 | 11882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2024 (w) | 1400 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/31/2024 | 562 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/2024 | 577 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $48,303) |  | 46547 |
|  | **SHARES** |  |
|  **Common Stock** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelsat SA (Luxembourg) (a) (bb) (cc)<br>(Cost $4,732) | 87 | 1982 |
|  **Preferred Stock** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow LLC (a) (f) (bb) (cc)<br>(Cost $6,490) | 6 | 6467 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Loan Assignments — 5.7%** (o) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Falcon I, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 09/30/2028 (aa) | 601 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, (CME Term SOFR 6 Month + 4.75%), 8.83%, 08/27/2026 (aa) | 2458 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.38%), 7.97%, 10/04/2029 (aa) | 4069 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrition & Biosciences, Inc., 3-Year Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.25%), 5.76%, 02/01/2024 (f) (aa) | 64 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparta U.S. Holdco LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.00%), 7.14%, 08/02/2028 (aa) | 982 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;W. R. Grace Holdings LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 8.50%, 09/22/2028 (u) (aa) | 1596 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 9114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications** — **1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 7.91%, 08/21/2026 (aa) | 6026 | 5477 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuris Finance US, Inc., Initial Dollar Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.73%, 02/16/2028 (aa) | 178 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNT Holdings I Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.24%, 11/08/2027 (aa) | 2292 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Hulu Holdings LLC, Term Loan A, (ICE LIBOR USD 1 Month + 0.88%), 5.26%, 03/15/2024 (aa) | 750 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, 2020 June New Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 09/13/2024 (aa) | 2277 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.25%), 10.65%, 02/23/2029 (aa) | 1209 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I LLC, Amendment No. 2 Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 09/13/2024 (aa) | — (h) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 7.98%, 08/31/2028 (aa) | 4707 | 4516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 2021 Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 8.23%, 04/04/2025 (aa) | 1075 | 1074 |
|  |  | 12006 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 237

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Loan Assignments — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 1.75%), 6.14%, 04/30/2025 (aa) | 860 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, Term Loan (First Lien), (CME Term SOFR 1 Month + 8.00%), 12.32%, 05/25/2026 (aa) | 2745 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, Term Loan (Second Lien), (CME Term SOFR 1 Month + 3.25%), 7.57%, 08/24/2026 (aa) | 4720 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; DIRECTV Financing LLC, Closing Date Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 9.38%, 08/02/2027 (aa) | 6483 | 6298 |
|  |  | 10310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Bell, Inc., Term B-2 Loan, (CME Term SOFR 1 Month + 3.25%), 7.67%, 11/22/2028 (aa) | 486 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.50%), 7.89%, 12/11/2026 (u) (aa) | 3498 | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.15%, 12/01/2027 (aa) | 1856 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Limited, Initial Term B Loan (First Lien), (Saint Lucia), (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 05/27/2024 (aa) | 1481 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings S.A., Term B Loan, (Luxembourg), (CME Term SOFR 6 Month + 4.25%), 7.44%, 02/01/2029 (u) (aa) | 3542 | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrado Corp., Initial Term B Loan, (ICE LIBOR USD 3 Month + 4.00%), 8.41%, 10/10/2024 (u) (aa) | 7226 | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrado Corp., Incremental Term B-1 Loan, (ICE LIBOR USD 3 Month + 3.50%), 7.91%, 10/10/2024 (u) (aa) | 1914 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., Term A Loan, (ICE LIBOR USD 1 Month + 2.00%), 6.38%, 01/31/2025 (aa) | 751 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xplornet Communications, Inc., Refinancing Term Loan (First Lien), (Canada), (ICE LIBOR USD 1 Month + 4.00%), 8.38%, 10/02/2028 (u) (aa) | 3157 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 7.38%, 03/09/2027 (u) (aa) | 7449 | 6013 |
|  |  | 27874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 55667 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 4.75%), 8.99%, 04/20/2028 (u) (aa) | 5708 | 5677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 5.25%), 10.00%, 06/21/2027 (aa) | 1505 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 3.75%), 7.99%, 10/20/2027 (aa) | 1100 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; United AirLines, Inc., Class B Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 8.11%, 04/21/2028 (aa) | 825 | 813 |
|  |  | 9156 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc., Term Loan, (CME Term SOFR 6 Month + 3.50%), 7.73%, 02/20/2029 (aa) | 2975 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc., Amendment No.3 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.63%), 9.05%, 06/11/2026 (aa) | 115 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs Inc., Term B Facility Loan, (ICE LIBOR USD 1 Month + 2.00%), 6.39%, 12/27/2024 (aa) | 346 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formula One Management Limited, Facility B Loan (First Lien), (United Kingdom), (CME Term SOFR 3 Month + 3.25%), 7.57%, 01/15/2030 (u) (aa) | 934 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raptor Acquisition Corp., Term B Loan (First Lien), (Canada), (ICE LIBOR USD 3 Month + 4.00%), 8.75%, 11/01/2026 (aa) | 200 | 196 |
|  |  | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Initial B Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.32%, 01/27/2029 (aa) | 4739 | 4497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC, Term A Facility Loan, (ICE LIBOR USD 1 Month + 1.50%), 5.89%, 04/16/2024 (aa) | 500 | 490 |
|  |  | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundation Building Materials, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 7.66%, 01/31/2028 (aa) | 183 | 173 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 238 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Loan Assignments — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 03/06/2028 (aa) | 2481 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp., 2022 Replacement Term B Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 12/15/2027 (u) (aa) | 1489 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; SRS Distribution, Inc., 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.92%, 06/02/2028 (aa) | 2392 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., 2019 Refinancing New Term B-1 Loan, (ICE LIBOR USD 3 Month + 5.00%), 7.78%, 04/16/2026 (aa) | 801 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, Initial Closing Date Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.07%, 10/19/2027 (aa) | 2585 | 2495 |
|  |  | 9510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 28150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Naked Juice LLC, Initial Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 10.68%, 01/24/2030 (aa) | 111 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naked Juice LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.93%, 01/24/2029 (aa) | 1202 | 1073 |
|  |  | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 7.94%, 06/02/2028 (aa) | 756 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc., Delayed Draw Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.93%, 06/22/2029 (u) (aa) | 659 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Materials Technology Group US Holdings, Inc., Initial USD Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.93%, 06/22/2029 (u) (aa) | 1428 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; PECF USS Intermediate Holding III Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 8.63%, 12/15/2028 (aa) | 1936 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL Inc., 2021 Other Term B-1 Loan, (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 12/17/2027 (aa) | 385 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL Inc., 2021 Other Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 12/17/2027 (aa) | 617 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, 2021 Second Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.50%), 8.58%, 01/15/2027 (aa) | 2290 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verscend Holding Corp., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.00%), 8.38%, 08/27/2025 (aa) | 6904 | 6846 |
|  |  | 14256 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC, 2020 New Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 10/25/2027 (aa) | 167 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare—Services** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Envision Healthcare Corp., First Out Term Loan, (CME Term SOFR 3 Month + 7.88%), 12.61%, 03/31/2027 (aa) | 53 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 8.16%, 11/16/2025 (aa) | 192 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Newco, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 11/15/2028 (aa) | 2284 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quorum Health Corp., Term Loan (Exit), (ICE LIBOR USD 3 Month + 8.00%), 11.78%, 04/29/2025 (aa) | 627 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., 2021 New Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.05%, 08/31/2026 (aa) | 1140 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; WCG Purchaser Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.00%), 8.38%, 01/08/2027 (aa) | 287 | 260 |
|  |  | 4237 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 8.73%, 10/01/2027 (aa) | 3975 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 23537 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC / Aru Finance Corp., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 12.94%, 11/01/2025 (aa) | 3716 | 3916 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport LNG investments, LLLP, Initial Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 7.74%, 12/21/2028 (aa) | 2831 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp; M6 ETX Holdings II Midco LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.50%), 9.16%, 09/19/2029 (u) (aa) | 1305 | 1303 |
|  |  | 3989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 7905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial** — **0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Group Holdings, Inc., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.50%), 8.88%, 07/31/2026 (aa) | 496 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cowen Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 7.43%, 03/24/2028 (aa) | 316 | 316 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 239

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Loan Assignments — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.75%), 11.13%, 04/07/2028 (aa) | 763 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deerfield Dakota Holding LLC, Initial Dollar Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 8.07%, 04/09/2027 (aa) | 1690 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Borrower, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 8.25%, 08/02/2028 (aa) | 530 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Borrower, Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.50%), 10.25%, 08/02/2029 (aa) | 668 | 580 |
|  |  | 4183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, Initial Term Loan (2018), (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 05/09/2025 (aa) | 4563 | 4498 |
| &nbsp;&nbsp;&nbsp;&nbsp; AssuredPartners, Inc., 2022 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.82%, 02/12/2027 (aa) | 2000 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC, New B-4 Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.25%), 9.63%, 01/20/2029 (aa) | 1785 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub International Ltd., 2022 Incremental Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.22%, 11/10/2029 (u) (aa) | 1748 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub International Limited, B-3 Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 7.53%, 04/25/2025 (aa) | 185 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., 2020 Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 8.63%, 09/03/2026 (aa) | 689 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 12/31/2025 (aa) | 1314 | 1277 |
|  |  | 11682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, Term Loan A, (ICE LIBOR USD 1 Month + 1.00%), 5.39%, 01/31/2025 (aa) | 1552 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 17382 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobham Ultra SeniorCo S.a r.l., Facility B (USD), (Luxembourg), (ICE LIBOR USD 3 Month + 3.75%), 7.06%, 08/06/2029 (aa) | 1394 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Propulsion, Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.58%, 09/14/2029 (aa) | 1395 | 1353 |
|  |  | 2705 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chariot Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 11/03/2028 (aa) | 2536 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 8.49%, 06/21/2024 (aa) | 8863 | 7910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Group Holding LLC, Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 3.75%), 7.91%, 07/02/2029 (u) (aa) | 1790 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Apple Bidco LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 2.75%), 7.13%, 09/22/2028 (aa) | 356 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Apple Bidco LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.75%), 10.13%, 09/21/2029 (aa) | 96 | 92 |
|  |  | 10135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Filtration Group Corp., 2021 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 10/21/2028 (aa) | 992 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.0%** (g) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp., Term B Loan, (ICE LIBOR USD 1 Month + 2.75%), 6.89%, 03/02/2027 (aa) | 496 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., Initial Term Loan, (Canada), (ICE LIBOR USD 3 Month + 3.00%), 8.15%, 03/28/2025 (aa) | 7346 | 6847 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Flow, Inc., Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.92%, 04/05/2029 (aa) | 1977 | 1842 |
|  |  | 8689 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Next Generation, Inc., Initial Term Loan (2021) (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 12/01/2027 (aa) | 2295 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., Term B Loan (First Lien), (CME Term SOFR 1 Month + 4.18%), 8.60%, 04/13/2029 (aa) | 496 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 7.37%, 04/03/2024 (aa) | 2799 | 2729 |
|  |  | 5425 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 240 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Loan Assignments — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MHI Holdings LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 9.38%, 09/21/2026 (aa) | 456 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIT Worldwide Logistics Holdings, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.75%), 8.49%, 04/06/2028 (aa) | 397 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc., Refinancing Term Loan (2018), (ICE LIBOR USD 1 Month + 1.75%), 5.93%, 02/24/2025 (aa) | 386 | 385 |
|  |  | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 31989 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology** — **1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magenta Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.75%), 9.17%, 07/27/2028 (aa) | 6843 | 5825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magenta Buyer LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 8.25%), 12.67%, 07/27/2029 (aa) | 491 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.97%, 03/01/2029 (u) (aa) | 5881 | 5460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 02/01/2028 (aa) | 5800 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peraton Corp., Term B-1 Loan (Second Lien), (ICE LIBOR USD 1 Month + 7.75%), 12.09%, 02/01/2029 (aa) | 1922 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempo Acquisition LLC, Initial Term B-1 Loan, (CME Term SOFR 1 Month + 3.00%), 7.32%, 08/31/2028 (aa) | 486 | 484 |
|  |  | 19630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software** — **1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning LLC, Initial Term Loan (2021) (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 7.88%, 12/11/2028 (u) (aa) | 1940 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.75%), 10.13%, 12/10/2029 (aa) | 458 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.82%, 02/15/2029 (aa) | 8537 | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banff Guarantor Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.50%), 9.88%, 02/27/2026 (aa) | 2895 | 2656 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Co. Inc., 2021 Replacement Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 10/02/2025 (aa) | 1761 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 7.38%, 10/30/2026 (aa) | 1331 | 1310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.50%), 9.08%, 07/06/2029 (aa) | 2208 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dun & Bradstreet Corp., The, 2022 Incremental Term B-2 Loan, (CME Term SOFR 1 Month + 3.25%), 7.57%, 01/18/2029 (aa) | 1489 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; EP Purchaser LLC, Closing Date Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 8.23%, 11/06/2028 (aa) | 487 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epicor Software Corp., Term C Loan, (ICE LIBOR USD 1 Month + 3.25%), 7.63%, 07/30/2027 (aa) | 497 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services Holdings I LLC, Initial Dollar Term Loan (2020), (ICE LIBOR USD 1 Month + 4.00%), 8.38%, 12/01/2027 (aa) | 2980 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helios Software Holdings, Inc., Initial Dollar Term Loan (2021), (CME Term SOFR 1 Month + 3.75%), 8.17%, 03/11/2028 (aa) | 1407 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Misys Limited, Dollar Term Loan (First Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 3.50%), 6.87%, 06/13/2024 (aa) | 1996 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Misys Limited, Dollar Term Loan (Second Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 7.25%), 10.62%, 06/13/2025 (aa) | 670 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planview Parent, Inc., Closing Date Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 11.98%, 12/18/2028 (aa) | 180 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco LLC, Dollar Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 8.73%, 06/02/2028 (aa) | 2505 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 8.39%, 04/26/2024 (aa) | 222 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., Initial Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.50%), 10.88%, 04/23/2029 (aa) | 1465 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.00%), 7.38%, 04/24/2028 (aa) | 4910 | 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.58%, 07/14/2028 (aa) | 2310 | 1917 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 241

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Loan Assignments — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sophia, L.P., Term Loan B (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 8.23%, 10/07/2027 (aa) | 10084 | 9713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovos Compliance LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.50%), 8.88%, 08/11/2028 (aa) | 1628 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIBCO Software, Inc., Dollar Term B Loan, (CME Term SOFR 3 Month + 4.50%), 9.18%, 03/30/2029 (aa) | 4443 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG Inc., 2021 Incremental Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 5.25%), 9.00%, 05/03/2027 (aa) | 2421 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 8.13%, 05/04/2026 (aa) | 3286 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritas US Inc., Dollar Term B-2021 Loan, (ICE LIBOR USD 3 Month + 5.00%), 9.73%, 09/01/2025 (aa) | 474 | 333 |
|  |  | 58169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 77799 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC, Term Loan, (ICE LIBOR USD 3 Month + 6.00%), 10.41%, 07/30/2026 (aa) | 1416 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments<br>(Cost $259,117) |  | 252016 |
|  | **NUMBER OF<br>RIGHTS** |  |
|  **Rights** — **0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications** — **0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications** — **0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intelsat Jackson Holdings SA, expiring, 12/31/2049 (bb) (cc) | 18 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $—) |  |  |
|  | **PRINCIPAL<br>AMOUNT ($)** |  |
|  **Short-Term Investments** — **3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, 5.43%, 01/24/2023 (n) | 1105 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc., 5.27%, 01/09/2023 (e) (n) | 664 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/03/2023<br> GB | P 7 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 | 85068 | 85068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 01/03/2023<br> CH | F 1 | 1 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 1.10%, 01/02/2023 | EUR | 252 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/03/2023 | CAD | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 1175 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 3.69%, 01/03/2023 |  | 51263 | 51263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 137786 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.0%** (g) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB DNs, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/01/2023 |  | 729 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/14/2023 |  | 766 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities |  |  | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/26/2023 (ii) |  | 153 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/21/2023 |  | 3267 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/02/2023 (ii) |  | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/30/2023 |  | 12100 | 11976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/11/2023 |  | 6336 | 6261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  |  | 21700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $162,729) |  |  | 162736 |
|  **Total Investments — 98.5%<br>(Cost — $4,609,287)** |  |  | **4394433** |
|  **Other Assets in Excess of Liabilities — 1.5%** |  |  | **67401** |
|  **NET ASSETS — 100.0%** |  |  | $**4461834** |

---

------

Percentages indicated are based on net assets.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 242 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro Schatz | 2 | 03/2023 | EUR | 228 | (3) |
|  U.S. Treasury 10 Year Note | 480 | 03/2023 | USD | 54262 | (359) |
|  U.S. Treasury 2 Year Note | 473 | 03/2023 | USD | 96913 | 89 |
|  U.S. Treasury 5 Year Note | 574 | 03/2023 | USD | 62054 | (102) |
|  U.S. Treasury Long Bond | 28 | 03/2023 | USD | 3528 | (18) |
|  |  |  |  |  | (393) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (1) | 03/2023 | EUR | (128) | 4 |
|  U.S. Treasury 10 Year Note | (49) | 03/2023 | USD | (5532) | 29 |
|  U.S. Treasury 5 Year Note | (99) | 03/2023 | USD | (10709) | 24 |
|  U.S. Treasury Long Bond | (19) | 03/2023 | USD | (2395) | 13 |
|  U.S. Treasury Ultra Bond | (342) | 03/2023 | USD | (46269) | 334 |
|  Total unrealized appreciation |  |  |  |  | 404 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 11 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2022:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 4330 | GBP | 3544 | UBS AG LONDON | 03/15/2023 | 38 |
|  USD | 2634 | EUR | 2530 | HSBC Bank plc | 01/12/2023 | (76) |
|  USD | 266 | GBP | 223 | Morgan Stanley & Co. | 01/12/2023 | (3) |
|  USD | 189 | EUR | 178 | Bank of America, NA | 03/15/2023 | (2) |
|  USD | 25853 | EUR | 24147 | Bank of America, NA | 03/15/2023 | (120) |
|  USD | 160 | EUR | 150 | Morgan Stanley & Co. | 03/15/2023 | (1) |
|  USD | 92 | EUR | 86 | Morgan Stanley & Co. | 03/15/2023 | (1) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (203) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | (165) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2022:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING RATE** | **MATURITY DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  United States SOFR | 1.75% annually | Receive | 06/15/2024 | USD | 59800 | 2316 | 530 | 2846 |
|  United States SOFR | 1.00% annually | Receive | 06/15/2027 | USD | 11400 | 1499 | (162) | 1337 |
|  United States SOFR | 1.75% annually | Pay | 06/15/2032 | USD | 400 | 30 | 30 | 60 |
|  United States SOFR | 1.50% annually | Receive | 06/15/2042 | USD | 2400 | 186 | 492 | 678 |
|  United States SOFR | 1.50% annually | Pay | 06/15/2052 | USD | 1300 | (342) | (82) | (424) |
|  Total | Total | Total | Total | Total |  | 3689 | 808 | 4497 |

---

------

(a) Value of floating rate index as of December 31, 2022 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  United States SOFR | 4.30% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 243

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** |
| **REFERENCE <br>OBLIGATION/INDEX** | **FINANCING<br>RATE RECEIVED<br>BY THE FUND(%)** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED CREDIT<br>SPREAD(%)** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** <sup>(5)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  Novafives SAS, 5.00%, 06/15/2025 | 5.00 | Quarterly | Goldman Sachs International | 06/20/2023 | 11.91 | EUR | 4 | (—)(h) | — (h) | (—)(h) |
|  Novafives SAS, 5.00%, 06/15/2025 | 5.00 | Quarterly | Goldman Sachs International | 06/20/2023 | 11.91 | EUR | 6 | (—)(h) | — (h) | (—)(h) |
|  Novafives SAS, 5.00%, 06/15/2025 | 5.00 | Quarterly | Citibank, NA | 06/20/2023 | 11.91 | EUR | 20 | (2) | 1 | (1) |
|  ThyssenKrupp AG, 2.50%, 02/25/2025 | 5.00 | Quarterly | Bank of America | 12/20/2023 | 3.23 | EUR | 140 | (4) | 9 | 5 |
|  Telecom Italia SpA, 3.63%, 01/19/2024 | 5.00 | Quarterly | Barclays Bank plc | 12/20/2024 | 2.98 | EUR | 300 | 13 | (–)(h) | 13 |
|  CMA CGM SA, 7.5%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs International | 06/20/2026 | 3.57 | EUR | 10 | 1 | (–)(h) | 1 |
|  Jaguar Land Rover Automotive, 2.20%, 01/15/2024 | 5.00 | Quarterly | Barclays Bank plc | 12/20/2026 | 9.97 | EUR | 30 | 1 | (6) | (5) |
|  Jaguar Land Rover Automotive, 2.20%, 01/15/2024 | 5.00 | Quarterly | Morgan Stanley | 12/20/2026 | 9.97 | EUR | 10 | — (h) | (2) | (2) |
|  Jaguar Land Rover Automotive, 2.20%, 01/15/2024 | 5.00 | Quarterly | Bank of America | 12/20/2026 | 9.97 | EUR | 20 | (1) | (2) | (3) |
|  CMA CGM SA, 7.5%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs International | 06/20/2027 | 4.10 | EUR | 70 | 3 | — (h) | 3 |
|  CMA CGM SA, 7.5%, 01/15/2026 | 5.00 | Quarterly | Barclays Bank plc | 06/20/2027 | 4.10 | EUR | 49 | 2 | — (h) | 2 |
|  Adler Real Estate AG, 2.13%, 02/06/2024 | 5.00 | Quarterly | Bank of America | 12/20/2027 | 17.04 | EUR | 200 | (50) | (2) | (52) |
|  Socialist Republic of Vietnam, 4.80%, 11/19/2024 | 1.00 | Quarterly | Citibank, NA | 12/20/2027 | 1.42 | USD | 4300 | (124) | 46 | (78) |
|  Total |  |  |  |  |  |  |  | (161) | 44 | (117) |
| **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Over the Counter "OTC" Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** |
| **REFERENCE <br>OBLIGATION/INDEX** | **FINANCING<br>RATE PAID<br>BY THE FUND(%)** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED CREDIT<br>SPREAD(%)** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** <sup>(5)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Bank of America | 12/20/2027 | 0.62 | USD | 12700 | (150) | (72) | (222) |
|  Korea International Bond, 2.75%, 01/19/2027 | 1.00 | Quarterly | Barclays Bank plc | 12/20/2027 | 0.54 | USD | 1100 | (23) | (—)(h) | (23) |
|  Total |  |  |  |  |  |  |  | (173) | (72) | (245) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 244 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — sell protection** <sup>(1)</sup> **as of December 31, 2022:** |
| **REFERENCE <br>OBLIGATION/ INDEX** | **FINANCING<br>RATE RECEIVED<br>BY THE FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED CREDIT<br>SPREAD(%)** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** <sup>(5)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  CDX.NA.HY.38-V2 | 5.00 | Quarterly | 06/20/2027 | 4.43 | USD | 82541 | (1536) | 3379 | 1843 |
|  ITRX.ASIAXJ.IG.38-V1 | 1.00 | Quarterly | 12/20/2027 | 1.33 | USD | 2833 | (87) | 48 | (39) |
|  CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.85 | USD | 38502 | 49 | 239 | 288 |
|  CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 4.85 | USD | 14490 | 186 | (77) | 109 |
|  Total |  |  |  |  |  |  | (1388) | 3589 | 2201 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** | **Centrally Cleared Credit Default Swaps contracts outstanding — buy protection** <sup>(2)</sup> **as of December 31, 2022:** |
| **REFERENCE <br>OBLIGATION/INDEX** | **FINANCING<br>RATE PAID<br>BY THE FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED CREDIT<br>SPREAD(%)** <sup>(3)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **NOTIONAL<br>AMOUNT** <sup>(4)</sup> | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** <sup>(5)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  CDX.NA.IG.39-V1 | 1.00 | Quarterly | 12/20/2032 | 1.18 | USD | 14105 | 336 | (147) | 189 |
|  Total | Total | Total | Total | Total | Total | Total | 336 | (147) | 189 |

---

------

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

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 245

------

##### [**Table of Contents**](#toc)

## Six Circles Credit Opportunities Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| CDX | — Credit Default Swap Index |
| CLO | — Collateralized Loan Obligations |
| CMT | — Constant Maturity Treasury |
| DN | — Discount Notes |
| EURIBOR | — Euro Interbank Offered Rate |
| FHLB | — Federal Home Loan Bank |
| ICE | — Intercontinental Exchange |
| IO | — Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As result, interest income may be reduced considerably. |
| LIBOR | — London Interbank Offered Rate |
| Reg. S | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REIT | — Real Estate Investment Trust |
| Rev. | — Revenue |
| SOFR | — Secured Overnight Financing Rate |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2022. |
| (a) | — Non-income producing security. |
| (d) | — Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | — Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | — Amount rounds to less than 0.05%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (h) | — Amount rounds to less than 500 shares or principal/ $500. |
| (n) | — The rate shown is the effective yield as of December 31, 2022. |
| (o) | — Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms. |
| (t) | — The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (u) | — All or a portion of the security is unsettled as of December 31, 2022. Unless otherwise indicated, the coupon rate is undetermined. |
| (v) | — Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (w) | — All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (x) | — Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2022. |
| (z) | — Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2022. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2022. |
| (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. |
| (ii) | — Approximately $401 of these investments are restricted as collateral for forwards to various brokers. |
| (jj) | — Approximately $85 of these investments are restricted as collateral for bi-lateral derivatives to various brokers. |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound |
| USD | — United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 246 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF ASSETS AND LIABILITIES** 

AS OF DECEMBER 31, 2022

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles Ultra<br>Short Duration<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $562951 |
|  Repurchase agreements, at value | 3000 |
|  Cash | 9 |
|  Foreign currency, at value | 3 |
|  Deposits at broker for futures contracts | 187 |
|  Deposits at broker for centrally cleared swaps | 416 |
|  Prepaid expenses | 1 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 2877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront receipts of $274) | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 46 |
|  Total Assets | 569891 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 1564 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 74 |
|  Total Liabilities | 2469 |
|  Net Assets | $567422 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $588378 |
|  Total distributable earnings (loss) | (20956) |
|  Total Net Assets | $567422 |
|  Outstanding units of beneficial interest (shares) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($0.0001 par value; unlimited number of shares authorized): | 58345 |
|  Net Asset Value, offering and redemption price per share (a): | $9.73 |
|  Cost of investments in non-affiliates | $573400 |
|  Cost of repurchase agreements | 3000 |
|  Cost of foreign currency | 3 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 247

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF ASSETS AND LIABILITIES** 

AS OF DECEMBER 31, 2022 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles Tax<br>Aware Ultra<br>Short Duration<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $557368 |
|  Repurchase agreements, at value | 3000 |
|  Cash | 24 |
|  Foreign currency, at value | 11 |
|  Deposits at broker for futures contracts | 187 |
|  Deposits at broker for centrally cleared swaps | 432 |
|  Prepaid expenses | 1 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront receipts of $263) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 27 |
|  Total Assets | 565536 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 477 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 78 |
|  Total Liabilities | 1246 |
|  Net Assets | $564290 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $580526 |
|  Total distributable earnings (loss) | (16236) |
|  Total Net Assets | $564290 |
|  Outstanding units of beneficial interest (shares) |  |
|  ($0.0001 par value; unlimited number of shares authorized): | 57697 |
|  Net Asset Value, offering and redemption price per share (a): | $9.78 |
|  Cost of investments in non-affiliates | $565810 |
|  Cost of repurchase agreements | 3000 |
|  Cost of foreign currency | 11 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 248 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles U.S.<br>Unconstrained<br>Equity Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $14675971 |
|  Cash | 184 |
|  Deposits at broker for futures contracts | 5610 |
|  Prepaid expenses | 65 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 13450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 11018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 65 |
|  Total Assets | 14706363 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 6926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 268 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 210 |
|  Total Liabilities | 15657 |
|  Net Assets | $14690706 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $14080513 |
|  Total distributable earnings (loss) | 610193 |
|  Total Net Assets | $14690706 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1275327 |
|  Net Asset Value, offering and redemption price per share: (a) | $11.52 |
|  Cost of investments in non-affiliates | $13168027 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 249

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF ASSETS AND LIABILITIES** 

AS OF DECEMBER 31, 2022 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles<br>International<br>Unconstrained<br>Equity Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $11306380 |
|  Foreign currency, at value | 331 |
|  Deposits at broker for futures contracts | 6649 |
|  Prepaid expenses | 57 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 6229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 15766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 61250 |
|  Total Assets | 11397469 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 2797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 5345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1209 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains tax | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | (—) (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 214 |
|  Total Liabilities | 16843 |
|  Net Assets | $11380626 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $12362182 |
|  Total distributable earnings (loss) | (981556) |
|  Total Net Assets | $11380626 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1224072 |
|  Net Asset Value, offering and redemption price per share: (b) | $9.30 |
|  Cost of investments in non-affiliates | $10798063 |
|  Cost of foreign currency | 331 |

---

------

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 250 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles<br>Global Bond<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $8439500 |
|  Options purchased, at value | 35 |
|  Foreign currency, at value | 4236 |
|  Deposits at broker for futures contracts | 3713 |
|  Deposits at broker for centrally cleared swaps | 3747 |
|  Deposits at broker for OTC contracts | 4590 |
|  Prepaid expenses | 1 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 141625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 679603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 9606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 67926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $12,236) | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 16653 |
|  Total Assets | 9371630 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreement | 63386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at value | 252385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian—cash | 26816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for delayed delivery securities | 3916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for OTC contracts | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 25251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 927019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding options written, at fair value | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 156660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $(–)(a)) | 114 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 94 |
|  Total Liabilities | 1461735 |
|  Net Assets | $7909895 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $9642811 |
|  Total distributable earnings (loss) | (1732916) |
|  Total Net Assets | $7909895 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 976898 |
|  Net Asset Value, offering and redemption price per share (b): | $8.10 |
|  Cost of investments in non-affiliates | $9180090 |
|  Cost of options purchased | 27 |
|  Cost of foreign currency | 4236 |
|  Proceeds from securities sold short | (255062) |
|  Premiums received from options written | (678) |

---

------

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 251

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF ASSETS AND LIABILITIES** 

AS OF DECEMBER 31, 2022 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles<br>Tax Aware<br>Bond Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $5808240 |
|  Cash | 554 |
|  Deposits at broker for futures contracts | 390 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 7023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 64304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 7 |
|  Total Assets | 5880922 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 16254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3182 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | – (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 93 |
|  Total Liabilities | 20344 |
|  Net Assets | $5860578 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $6373715 |
|  Total distributable earnings (loss) | (513137) |
|  Total Net Assets | $5860578 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 615713 |
|  Net Asset Value, offering and redemption price per share (b): | $9.52 |
|  Cost of investments in non-affiliates | $6200337 |

---

------

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 252 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles<br>Credit<br>Opportunities<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $4394433 |
|  Cash | 79 |
|  Deposits at broker for futures contracts | 4632 |
|  Deposits at broker for centrally cleared swaps | 13795 |
|  Deposits at broker for OTC contracts | 60 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 10782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 71505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $2,637) | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $15) | 24 |
|  Total Assets | 4500776 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 30345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 5722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront receipts of $349) | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on unfunded commitments | 36 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 928 |
|  Total Liabilities | 38942 |
|  Net Assets | $4461834 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $4848943 |
|  Total distributable earnings (loss) | (387109) |
|  Total Net Assets | $4461834 |
|  Outstanding units of beneficial interest (shares) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($0.0001 par value; unlimited number of shares authorized): | 513265 |
|  Net Asset Value, offering and redemption price per share (a): | $8.69 |
|  Cost of investments in non-affiliates | $4609287 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 253

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF OPERATIONS** 

FOR THE YEAR ENDED DECEMBER 31, 2022

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles<br>Ultra Short<br>Duration Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $9694 |
|  Total investment income | 9694 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 1499 |
|  Administration fees | 63 |
|  Custodian and accounting fees | 139 |
|  Professional fees | 74 |
|  Trustees' fees | 30 |
|  Printing and mailing costs | 73 |
|  Registration and filing fees | 23 |
|  Transfer agency fees | 25 |
|  Interest expense | 10 |
|  Other | 12 |
|  Total expenses | 1948 |
|  Less advisory fees waived | (804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1144 |
|  Net investment income (loss) | 8550 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (8396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1230) |
|  Net realized gain (loss) | 527 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (7215) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 184 |
|  Change in net unrealized appreciation (depreciation) | (9738) |
|  Net realized/unrealized gains (losses) | (9211) |
|  Change in net assets resulting from operations | $(661) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 254 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles**<br> **Tax Aware**<br> **Ultra Short<br>Duration Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $7406 |
|  Total investment income | 7406 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 1530 |
|  Administration fees | 63 |
|  Custodian and accounting fees | 103 |
|  Professional fees | 70 |
|  Trustees' fees | 30 |
|  Printing and mailing costs | 20 |
|  Registration and filing fees | 21 |
|  Transfer agency fees | 25 |
|  Interest expense | 16 |
|  Other | 11 |
|  Total expenses | 1889 |
|  Less advisory fees waived | (949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 940 |
|  Net investment income (loss) | 6466 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (1683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1347) |
|  Net realized gain (loss) | (1006) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (8557) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 167 |
|  Change in net unrealized appreciation (depreciation) | (7942) |
|  Net realized/unrealized gains (losses) | (8948) |
|  Change in net assets resulting from operations | $(2482) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 255

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF OPERATIONS** 

FOR THE YEAR ENDED DECEMBER 31, 2022 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles<br>U.S.<br>Unconstrained<br>Equity Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $1271 |
|  Dividend income from non-affiliates | 209450 |
|  Foreign taxes withheld | (49) |
|  Other Income | — (a) |
|  Total investment income | 210672 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 40033 |
|  Administration fees | 389 |
|  Custodian and accounting fees | 464 |
|  Professional fees | 365 |
|  Trustees' fees | 357 |
|  Printing and mailing costs | 233 |
|  Registration and filing fees | 348 |
|  Transfer agency fees | 36 |
|  Interest expense | 182 |
|  Other | 456 |
|  Total expenses | 42863 |
|  Less advisory fees waived | (33626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9237 |
|  Net investment income (loss) | 201435 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (673143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (29416) |
|  Net realized gain (loss) | (702559) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (3546351) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4141) |
|  Change in net unrealized appreciation (depreciation) | (3550492) |
|  Net realized/unrealized gains (losses) | (4253051) |
|  Change in net assets resulting from operations | $(4051616) |

---

------

(a) Amount rounds to less than $500.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 256 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles<br>International<br>Unconstrained<br>Equity Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $153 |
|  Dividend income from non-affiliates | 413246 |
|  Foreign taxes withheld | (50165) |
|  Other Income | 40 |
|  Total investment income | 363274 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 29967 |
|  Administration fees | 389 |
|  Custodian and accounting fees | 1736 |
|  Professional fees | 324 |
|  Trustees' fees | 279 |
|  Printing and mailing costs | 196 |
|  Registration and filing fees | 147 |
|  Transfer agency fees | 34 |
|  Interest expense | 515 |
|  Other | 546 |
|  Total expenses | 34133 |
|  Less advisory fees waived | (23977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10156 |
|  Net investment income (loss) | 353118 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (1266134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (19476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 6492 |
|  Net realized gain (loss) | (1287545) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (1217508)(a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (930) |
|  Change in net unrealized appreciation (depreciation) | (1221477) |
|  Net realized/unrealized gains (losses) | (2509022) |
|  Change in net assets resulting from operations | $(2155904) |

---

------

(a) Net of change in foreign capital gains tax of approximately $55.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 257

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF OPERATIONS** 

FOR THE YEAR ENDED DECEMBER 31, 2022 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles<br>Global Bond<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $127079 |
|  Foreign taxes withheld | (497) |
|  Total investment income | 126582 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 18419 |
|  Administration fees | 417 |
|  Custodian and accounting fees | 2501 |
|  Professional fees | 166 |
|  Trustees' fees | 169 |
|  Printing and mailing costs | 131 |
|  Registration and filing fees | 163 |
|  Transfer agency fees | 31 |
|  Interest expense | 462 |
|  Other | 116 |
|  Total expenses | 22575 |
|  Less advisory fees waived | (13884) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 8691 |
|  Net investment income (loss) | 117891 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (760520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 6659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (10141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 635238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 11847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (6031) |
|  Net realized gain (loss) | (134761) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (515060) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (676) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (156647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (4242) |
|  Change in net unrealized appreciation (depreciation) | (672402) |
|  Net realized/unrealized gains (losses) | (807163) |
|  Change in net assets resulting from operations | $(689272) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 258 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles<br>Tax Aware<br>Bond Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $103349 |
|  Total investment income | 103349 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 14017 |
|  Administration fees | 355 |
|  Custodian and accounting fees | 708 |
|  Professional fees | 150 |
|  Trustees' fees | 148 |
|  Printing and mailing costs | 101 |
|  Registration and filing fees | 62 |
|  Transfer agency fees | 31 |
|  Interest expense | 8 |
|  Other | 28 |
|  Total expenses | 15608 |
|  Less advisory fees waived | (7975) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 7633 |
|  Net investment income (loss) | 95716 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (121310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 946 |
|  Net realized gain (loss) | (120364) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (446805) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 117 |
|  Change in net unrealized appreciation (depreciation) | (446688) |
|  Net realized/unrealized gains (losses) | (567052) |
|  Change in net assets resulting from operations | $(471336) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 259

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF OPERATIONS** 

FOR THE YEAR ENDED DECEMBER 31, 2022 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
| | **Six Circles<br>Credit<br>Opportunities<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $214317 |
|  Foreign taxes withheld | (444) |
|  Other Income | 19 |
|  Total investment income | 213892 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 23795 |
|  Administration fees | 237 |
|  Custodian and accounting fees | 650 |
|  Professional fees | 208 |
|  Trustees' fees | 88 |
|  Printing and mailing costs | 167 |
|  Registration and filing fees | 174 |
|  Transfer agency fees | 28 |
|  Interest expense | 49 |
|  Other | 46 |
|  Total expenses | 25442 |
|  Less advisory fees waived | (16265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9177 |
|  Net investment income (loss) | 204715 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (166915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (396) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1439 |
|  Net realized gain (loss) | (175023) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (220085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | (36) |
|  Change in net unrealized appreciation (depreciation) | (215704) |
|  Net realized/unrealized gains (losses) | (390727) |
|  Change in net assets resulting from operations | $(186012) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 260 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF CHANGES IN NET ASSETS** 

FOR THE PERIODS INDICATED

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Ultra Short Duration Fund** | **Six Circles Ultra Short Duration Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $8550 | $3939 |
|  Net realized gain (loss) | 527 | 1065 |
|  Change in net unrealized appreciation (depreciation) | (9738) | (4307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (661) | 697 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (13350) | (5475) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | (38990) | 108673 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | (53001) | 103895 |
|  Beginning of year | 620423 | 516528 |
|  End of year | $567422 | $620423 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $70561 | $165274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 13348 | 5475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (122899) | (62076) |
|  **Total change in net assets resulting from capital transactions** | $(38990) | $108673 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 7166 | 16494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 1367 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (12514) | (6197) |
|  Change in Shares | (3981) | 10845 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 261

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF CHANGES IN NET ASSETS** 

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Tax Aware<br>Ultra Short Duration Fund** | **Six Circles Tax Aware<br>Ultra Short Duration Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $6466 | $3812 |
|  Net realized gain (loss) | (1006) | 514 |
|  Change in net unrealized appreciation (depreciation) | (7942) | (3916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (2482) | 410 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (9164) | (3511) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | (67131) | 77342 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | (78777) | 74241 |
|  Beginning of year | 643067 | 568826 |
|  End of year | $564290 | $643067 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $71441 | $153592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 9157 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (147729) | (79758) |
|  **Total change in net assets resulting from capital transactions** | $(67131) | $77342 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 7231 | 15352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 934 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (14993) | (7972) |
|  Change in Shares | (6828) | 7731 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 262 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **Six Circles U.S. Unconstrained**<br>**Equity Fund** | **Six Circles U.S. Unconstrained**<br>**Equity Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $201435 | $218175 |
|  Net realized gain (loss) | (702559) | 2354603 |
|  Change in net unrealized appreciation (depreciation) | (3550492) | 1874997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (4051616) | 4447775 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (386090) | (2760755) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 790459 | 3586515 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | (3647247) | 5273535 |
|  Beginning of year | 18337953 | 13064418 |
|  End of year | $14690706 | $18337953 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $3894429 | $4813126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 385573 | 2754133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3489543) | (3980744) |
|  **Total change in net assets resulting from capital transactions** | $790459 | $3586515 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 298755 | 322875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 33012 | 187484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (278426) | (260212) |
|  Change in Shares | 53341 | 250147 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 263

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF CHANGES IN NET ASSETS** 

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles International<br>Unconstrained Equity Fund** | **Six Circles International<br>Unconstrained Equity Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $353118 | $292581 |
|  Net realized gain (loss) | (1287545) | 546679 |
|  Change in net unrealized appreciation (depreciation) | (1221477) | 503192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (2155904) | 1342452 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (353505) | (338020) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | (338528) | 4602493 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | (2847937) | 5606925 |
|  Beginning of year | 14228563 | 8621638 |
|  End of year | $11380626 | $14228563 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $4195948 | $5240263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 353267 | 337426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4887743) | (975196) |
|  **Total change in net assets resulting from capital transactions** | $(338528) | $4602493 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 441008 | 477185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 37782 | 31594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (536770) | (90332) |
|  Change in Shares | (57980) | 418447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 264 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Global Bond Fund** | **Six Circles Global Bond Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** | | |
|  Net investment income (loss) | $117891 | $62612 |
|  Net realized gain (loss) | (134761) | 159916 |
|  Change in net unrealized appreciation (depreciation) | (672402) | (277139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (689272) | (54611) |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (806124) | (192154) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 1601228 | 1431120 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 105832 | 1184355 |
|  Beginning of year | 7804063 | 6619708 |
|  End of year | $7909895 | $7804063 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2881333 | $2078640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 806107 | 192146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2086212) | (839666) |
|  **Total change in net assets resulting from capital transactions** | $1601228 | $1431120 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 317366 | 206187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 97980 | 19328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (229254) | (83440) |
|  Change in Shares | 186092 | 142075 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 265

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF CHANGES IN NET ASSETS** 

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Tax Aware Bond Fund** | **Six Circles Tax Aware Bond Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $95716 | $60007 |
|  Net realized gain (loss) | (120364) | (1305) |
|  Change in net unrealized appreciation (depreciation) | (446688) | 4761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (471336) | 63463 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (94996) | (60695) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 34591 | 1359901 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | (531741) | 1362669 |
|  Beginning of year | 6392319 | 5029650 |
|  End of year | $5860578 | $6392319 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $4678962 | $1947770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 94959 | 60684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4739330) | (648553) |
|  **Total change in net assets resulting from capital transactions** | $34591 | $1359901 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 490645 | 186152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 9891 | 5810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (496232) | (62019) |
|  Change in Shares | 4304 | 129943 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 266 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $204715 | $101659 |
|  Net realized gain (loss) | (175023) | 6497 |
|  Change in net unrealized appreciation (depreciation) | (215704) | (9896) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (186012) | 98260 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (204554) | (111102) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 1272971 | 2515746 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 882405 | 2502904 |
|  Beginning of year | 3579429 | 1076525 |
|  End of year | $4461834 | $3579429 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $3514852 | $2880017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 204464 | 111014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2446345) | (475285) |
|  **Total change in net assets resulting from capital transactions** | $1272971 | $2515746 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 397218 | 279028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 23086 | 10794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (255391) | (46088) |
|  Change in Shares | 164913 | 243734 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 267

------

##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br>gains<br>(losses) on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Ultra Short Duration Fund** |  |  |  |  |  |  |  |
|  Year Ended December 31, 2022 | $9.95 | $0.14 | $(0.13) | $0.01 | $(0.23) | $— | $(0.23) |
|  Year Ended December 31, 2021 | 10.03 | 0.07 | (0.06) | 0.01 | (0.09) |  | (0.09) |
|  Year Ended December 31, 2020 | 9.99 | 0.15 | 0.05 | 0.20 | (0.16) |  | (0.16) |
|  Year Ended December 31, 2019 | 9.98 | 0.26 | 0.02 | 0.28 | (0.27) |  | (0.27) |
|  Period Ended December 31, 2018\* | 10.00 | 0.11 | (0.04) | 0.07 | (0.09) |  | (0.09) |

---

------

\* Six Circles Ultra Short Duration Fund was launched on July 9, 2018.

(a) Annualized except for certain expenses for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 268 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net expenses,<br>with interest<br>expense | Net expenses,<br>without interest<br>expense | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $9.73 | 0.06% | $567422 | 0.19% | 0.19% | 1.43% | 0.32% | 33.24% |
| 9.95 | 0.15 | 620423 | 0.18 (e) | 0.18 | 0.69 | 0.31 | 66.58 |
| 10.03 | 2.05 | 516528 | 0.17 (e) | 0.17 | 1.47 | 0.31 | 121.23 |
| 9.99 | 2.84 | 1200167 | 0.25 | 0.20 | 2.56 | 0.41 | 61.40 |
| 9.98 | 0.74 | 1082850 | 0.23 (e) | 0.23 | 2.46 | 0.63 | 24.56 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 269

------

##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** |
|  Year Ended December 31, 2022 | $9.97 | $0.10 | $(0.14) | $(0.04) | $(0.15) | $— | $(0.15) |
|  Year Ended December 31, 2021 | 10.02 | 0.06 | (0.05) | 0.01 | (0.06) |  | (0.06) |
|  Year Ended December 31, 2020 | 9.98 | 0.12 | 0.06 | 0.18 | (0.14) |  | (0.14) |
|  Year Ended December 31, 2019 | 9.98 | 0.19 | 0.01 | 0.20 | (0.20) |  | (0.20) |
|  Period Ended December 31, 2018\* | 10.00 | 0.08 | (0.03) | 0.05 | (0.07) |  | (0.07) |

---

------

\* Six Circles Tax Aware Ultra Short Duration Fund was launched on July 9, 2018.

(a) Annualized except for certain expenses for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 270 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net expenses,<br> with interest<br> expense | Net expenses,<br>without interest<br>expense | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $9.78 | (0.36)% | $564290 | 0.15% | 0.15% | 1.06% | 0.31% | 58.13% |
| 9.97 | 0.08 | 643067 | 0.15 (e) | 0.15 | 0.63 | 0.30 | 49.05 |
| 10.02 | 1.81 | 568826 | 0.14 (e) | 0.14 | 1.22 | 0.30 | 89.21 |
| 9.98 | 1.98 | 1355740 | 0.21 | 0.17 | 1.85 | 0.37 | 49.82 |
| 9.98 | 0.48 | 1098004 | 0.22 (e) | 0.22 | 1.90 | 0.64 | 33.02 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 271

------

##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br>gains<br>(losses) on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles U.S. Unconstrained Equity Fund** |  |  |  |  |  |  |  |
|  Year Ended December 31, 2022 | $15.01 | $0.16 | $(3.34) | $(3.18) | $(0.16) | $(0.15) | $(0.31) |
|  Year Ended December 31, 2021 | 13.44 | 0.20 | 3.84 | 4.04 | (0.19) | (2.28) | (2.47) |
|  Year Ended December 31, 2020 | 11.12 | 0.20 | 2.87 | 3.07 | (0.21) | (0.54) | (0.75) |
|  Year Ended December 31, 2019 | 9.05 | 0.21 | 2.05 | 2.26 | (0.19) | — (f) | (0.19) |
|  Period Ended December 31, 2018\* | 10.00 | 0.10 | (1.01) | (0.91) | (0.04) | — (f) | (0.04) |

---

------

\* Six Circles U.S. Unconstrained Equity Fund was launched on July 9, 2018.

(a) Annualized except for certain expenses for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 272 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net<br>expenses (e) | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $11.52 | (21.22)% | $14690706 | 0.06% | 1.26% | 0.27% | 48.77% |
| 15.01 | 30.48 | 18337953 | 0.05 | 1.26 | 0.26 | 70.88 |
| 13.44 | 27.64 | 13064418 | 0.06 | 1.71 | 0.27 | 71.32 |
| 11.12 | 24.94 | 11237068 | 0.08 | 2.05 | 0.29 | 58.71 |
| 9.05 | (9.13) | 4979458 | 0.14 | 2.27 | 0.42 | 15.24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 273

------

##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br> gains<br> (losses) on<br> investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles International Unconstrained Equity Fund** | **Six Circles International Unconstrained Equity Fund** |  |  |  |  |  |  |
|  Year Ended December 31, 2022 | $11.10 | $0.28 | $(1.79) | $(1.51) | $(0.29) | $— | $(0.29) |
|  Year Ended December 31, 2021 | 9.98 | 0.28 (f) | 1.11 | 1.39 | (0.27) |  | (0.27) |
|  Year Ended December 31, 2020 | 9.59 | 0.22 | 0.37 | 0.59 | (0.16) | (0.04) | (0.20) |
|  Year Ended December 31, 2019 | 8.30 | 0.31 | 1.26 | 1.57 | (0.28) |  | (0.28) |
|  Period Ended December 31, 2018\* | 10.00 | 0.07 | (1.75) | (1.68) | (0.02) |  | (0.02) |

---

------

\* Six Circles International Unconstrained Equity Fund was launched on July 9, 2018.

(a) Annualized except for certain expenses for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Includes income recognized from non-cash dividends which amounted to $0.02 per share and 0.152% of average net
assets for the year ended December 31, 2021.

(g) Includes interest expense, which was 0.009% for the year ended December 31, 2021.

(h) Includes interest expense, which was 0.009% for the year ended December 31, 2020.

(i) Includes interest expense, which was 0.006% for the period ended December 31, 2018.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 274 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net<br>expenses (e) | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $9.30 | (13.60)% | $11380626 | 0.08% | 2.95% | 0.28% | 69.15% |
| 11.10 | 14.04 | 14228563 | 0.10 (g) | 2.61 (f) | 0.30 | 61.71 |
| 9.98 | 6.17 | 8621638 | 0.10 (h) | 2.52 | 0.30 | 104.24 |
| 9.59 | 18.90 | 5355585 | 0.13 | 3.35 | 0.33 | 135.39 |
| 8.30 | (16.83) | 2504508 | 0.21 (i) | 1.84 | 0.55 | 76.24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 275

------

##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br>gains<br>(losses) on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Global Bond Fund** | **Six Circles Global Bond Fund** | **Six Circles Global Bond Fund** |  |  |  |  |  |
|  Year Ended December 31, 2022 | $9.87 | $0.15 | $(1.02) | $(0.87) | $(0.90) | $— | $(0.90) |
|  Year Ended December 31, 2021 | 10.20 | 0.09 | (0.17) | (0.08) | (0.25) | — (g) | (0.25) |
|  Period Ended December 31, 2020\* | 10.00 | 0.05 | 0.22 | 0.27 | (0.07) |  | (0.07) |

---

------

\* Six Circles Global Bond Fund was launched on May 19, 2020.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Includes interest expense, which was 0.006% for the year ended December 31, 2022.

(g) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 276 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net<br>expenses (e) | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $8.10 | (8.84)% | $7909895 | 0.12 %(f) | 1.60% | 0.31% | 227.27% |
| 9.87 | (0.74) | 7804063 | 0.11 | 0.86 | 0.30 | 308.56 |
| 10.20 | 2.67 | 6619708 | 0.16 | 0.74 | 0.36 | 198.77 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 277

------

##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br>gains<br>(losses) on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Tax Aware Bond Fund** | **Six Circles Tax Aware Bond Fund** | **Six Circles Tax Aware Bond Fund** |  |  |  |  |  |
|  Year Ended December 31, 2022 | $10.46 | $0.17 | $(0.94) | $(0.77) | $(0.17) | $— | $(0.17) |
|  Year Ended December 31, 2021 | 10.45 | 0.11 | 0.01 | 0.12 | (0.11) | — (f) | (0.11) |
|  Period Ended December 31, 2020\* | 10.00 | 0.05 | 0.45 | 0.50 | (0.05) |  | (0.05) |

---

------

\* Six Circles Tax Aware Bond Fund was launched on May 19, 2020.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 278 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net<br>expenses (e) | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $9.52 | (7.41)% | $5860578 | 0.14% | 1.71% | 0.28% | 49.51% |
| 10.46 | 1.15 | 6392319 | 0.13 | 1.04 | 0.28 | 13.54 |
| 10.45 | 5.03 | 5029650 | 0.18 | 0.85 | 0.35 | 35.13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 279

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##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Credit Opportunities Fund** |  |  |  |  |  |  |  |
|  Year Ended December 31, 2022 | $10.28 | $0.58 | $(1.61) | $(1.03) | $(0.56) | $— | $(0.56) |
|  Year Ended December 31, 2021 | 10.29 | 0.34 | 0.01 (f) | 0.35 | (0.35) | (0.01) | (0.36) |
|  Period Ended December 31, 2020\* | 10.00 | 0.13 | 0.28 | 0.41 | (0.12) |  | (0.12) |

---

------

\* Six Circles Credit Opportunities Fund was launched on August 19, 2020.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund's net
realized and unrealized gains (losses) presented on the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund's investments.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 280 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net<br>expenses (e) | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $8.69 | (10.02)% | $4461834 | 0.29% | 6.45% | 0.80% | 123.84% |
| 10.28 | 3.42 | 3579429 | 0.25 | 3.26 | 0.81 | 51.33 |
| 10.29 | 4.11 | 1076525 | 0.44 | 3.40 | 1.11 | 11.35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 281

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022

**1. Organization** 

Six Circles Trust (the "Trust") was formed on November 8, 2017, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 8, 2017, as amended and restated June 12, 2018, and further amended to add fund series on September 21, 2018, November 19, 2019, and April 13, 2020, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following are seven separate series of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report. Each Fund currently offers one class of shares.

---

| | | |
|:---|:---|:---|
| **Fund** | **Commencement of Operations** | **Diversification Status** |
|  Six Circles Ultra Short Duration Fund | July 9, 2018 | Diversified |
|  Six Circles Tax Aware Ultra Short Duration Fund | July 9, 2018 | Diversified |
|  Six Circles U.S. Unconstrained Equity Fund | July 9, 2018 | Non-Diversified |
|  Six Circles International Unconstrained Equity Fund | July 9, 2018 | Non-Diversified |
|  Six Circles Global Bond Fund | May 19, 2020 | Non-Diversified |
|  Six Circles Tax Aware Bond Fund | May 19, 2020 | Non-Diversified |
|  Six Circles Credit Opportunities Fund | August 19, 2020 | Non-Diversified |

---

The investment objective of each of the Six Circles Ultra Short Duration Fund and the Six Circles Tax Aware Ultra Short Duration Fund is to generate current income consistent with capital preservation.

The investment objective of each of the Six Circles U.S. Unconstrained Equity Fund and the Six Circles International Unconstrained Equity Fund is to provide capital appreciation.

The investment objective of the Six Circles Global Bond Fund and the Six Circles Credit Opportunities Fund is to provide total return.

The investment objective of the Six Circles Tax Aware Bond Fund is to provide after-tax total return.

J.P. Morgan Private Investments Inc. ("JPMPI"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as the Funds' investment adviser (the "Adviser"). The Adviser has engaged certain Sub-Advisers to manage the assets of the Funds.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

The Board has designated the Adviser as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee ("VC"), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds' investments with respect to Rule 2a-5 under the 1940 Act. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

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

 <br> 282 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
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.

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

**Six Circles Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $98006 | $— | $98006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 12288 |  | 12288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 19760 | 500 | 20260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 35069 |  | 35069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 1506 |  | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 23222 |  | 23222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 36775 |  | 36775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 32079 |  | 32079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 8198 |  | 8198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 128668 |  | 128668 |

---

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 283

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**Six Circles Ultra Short Duration Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | $— | $22980 | $— | $22980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 26753 |  | 26753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 17496 |  | 17496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 297677 |  | 297677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 3495 |  | 3495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2836 |  | 2836 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 9509 |  | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  | 6073 |  | 6073 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 21281 |  | 21281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 17676 |  | 17676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 29224 |  | 29224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 380 |  | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 3000 |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 8093 |  | 8093 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 1084 |  | 1084 |
|  Total Short-Term Investments |  | 80738 |  | 80738 |
|  **Total Investments in Securities** | $— | $565451 | $500 | $565951 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $93 | $— | $— | $93 |
|  Forward Foreign Currency Exchange contracts |  | 46 |  | 46 |
|  Centrally Cleared Interest Rate Swap contracts |  | 78 |  | 78 |
|  Centrally Cleared Credit Default Swaps contracts |  | 177 |  | 177 |
|  **Total Appreciation in Other Financial Instruments** | $93 | $301 | $— | $394 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(36) | $— | $— | $(36) |
|  Forward Foreign Currency Exchange contracts |  | (1564) |  | (1564) |
|  Centrally Cleared Interest Rate Swap contract |  | (84) |  | (84) |
|  **Total Depreciation in Other Financial Instruments** | $(36) | $(1648) | $— | $(1684) |

---

**Six Circles Tax Aware Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1<br>Quoted prices** | **Level 2<br>Other significant<br>observable inputs** | **Level 3<br>Significant<br>unobservable inputs** | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $25357 | $— | $25357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 17945 | 400 | 18345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 8350 |  | 8350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 6971 |  | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 7672 |  | 7672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 5045 |  | 5045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 3987 |  | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 38431 |  | 38431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 6149 |  | 6149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 4093 |  | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 10365 |  | 10365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 82713 |  | 82713 |

---

 <br> 284 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**Six Circles Tax Aware Ultra Short Duration Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | $— | $3455 | $— | $3455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 383861 |  | 383861 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 4389 |  | 4389 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  | 6955 |  | 6955 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 11370 |  | 11370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 3751 |  | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 8042 |  | 8042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 3000 |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 461 |  | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 319 |  | 319 |
|  Total Short-Term Investments |  | 26943 |  | 26943 |
|  **Total Investments in Securities** | $— | $559968 | $400 | $560368 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $93 | $— | $— | $93 |
|  Forward Foreign Currency Exchange contracts |  | 27 |  | 27 |
|  Centrally Cleared Interest Rate Swap contracts |  | 52 |  | 52 |
|  Centrally Cleared Credit Default Swaps contracts |  | 180 |  | 180 |
|  **Total Appreciation in Other Financial Instruments** | $93 | $259 | $— | $352 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(37) | $— | $— | $(37) |
|  Forward Foreign Currency Exchange contracts |  | (477) |  | (477) |
|  Centrally Cleared Interest Rate Swap contracts |  | (77) |  | (77) |
|  **Total Depreciation in Other Financial Instruments** | $(37) | $(554) | $— | $(591) |

---

**Six Circles U.S. Unconstrained Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $70077 | $— | $— | $70077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 1487565 |  |  | 1487565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 330552 |  |  | 330552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 4239818 |  |  | 4239818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 187462 |  |  | 187462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial | 2390425 |  |  | 2390425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1968283 |  |  | 1968283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 3809425 |  |  | 3809425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 96864 |  |  | 96864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 14580471 |  |  | 14580471 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 95500 |  | 95500 |
|  **Total Investments in Securities** | $14580471 | $95500 | $— | $14675971 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(2368) | $— | $— | $(2368) |

---

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 285

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**Six Circles International Unconstrained Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $33063 | $— | $33063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 78183 |  | 78183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 4273 |  | 4273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 432151 |  | 432151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 123696 |  | 123696 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 1604104 |  | 1604104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 1339181 |  | 1339181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3500 | 67306 |  | 70806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 368156 |  | 368156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 289 | 275578 |  | 275867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordan |  | 6015 |  | 6015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 4448 |  | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 88585 | 685510 |  | 774095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 101210 |  | 101210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 20322 |  | 20322 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 248093 |  | 248093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 274842 |  | 274842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 274375 |  | 274375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2363953 |  | 2363953 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1454 | 2674057 |  | 2675511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 93828 | 10978516 |  | 11072344 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 138517 |  | 138517 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 31917 |  | 31917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks |  | 170434 |  | 170434 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 63602 |  | 63602 |
|  **Total Investments in Securities** | $93828 | $11212552 | $— | $11306380 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(999) | $— | $— | $(999) |

---

**Six Circles Global Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $70701 | $— | $70701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 165935 |  | 165935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 43330 |  | 43330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 115355 |  | 115355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 165637 |  | 165637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 178883 |  | 178883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 466453 |  | 466453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 156254 |  | 156254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1246222 |  | 1246222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 603746 |  | 603746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 199476 |  | 199476 |

---

 <br> 286 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**Six Circles Global Bond Fund (Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | $— | $64692 | $— | $64692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 262868 |  | 262868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 3459586 |  | 3459586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 2184992 |  | 2184992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 1356374 | 4695 | 1361069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 7126 |  | 7126 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 12710 |  | 12710 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 1034392 |  | 1034392 |
|  Option Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Put Option |  | 35 |  | 35 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 96066 |  | 96066 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 3593 |  | 3593 |
|  Total Short-Term Investments |  | 99659 |  | 99659 |
|  **Total Investments in Securities** | $— | $8434840 | $4695 | $8439535 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $— | $252385 | $— | $252385 |
|  Reverse Repurchase Agreements |  | 63386 |  | 63386 |
|  **Total Liabilities** | $— | $315771 | $— | $315771 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1547 | $— | $— | $1547 |
|  Forward Foreign Currency Exchange contracts |  | 16653 |  | 16653 |
|  Centrally Cleared Interest Rate Swap contracts |  | 9164 |  | 9164 |
|  **Total Appreciation in Other Financial Instruments** | $1547 | $25817 | $— | $27364 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(2315) | $— | $— | $(2315) |
|  Forward Foreign Currency Exchange contracts |  | (156660) |  | (156660) |
|  OTC Interest Rate Swap contract |  | (114) |  | (114) |
|  Centrally Cleared Interest Rate Swap contracts |  | (12959) |  | (12959) |
|  Written Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (114) |  | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Put Option contracts |  | (964) |  | (964) |
|  Total Written Option contracts |  | (1078) |  | (1078) |
|  **Total Depreciation in Other Financial Instruments** | $(2315) | $(170811) | $— | $(173126) |

---

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 287

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**Six Circles Tax Aware Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | $— | $481 | $— | $481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5579731 |  | 5579731 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 14341 |  | 14341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 213687 |  | 213687 |
|  Total Short-Term Investments |  | 228028 |  | 228028 |
|  **Total Investments in Securities** | $— | $5808240 | $— | $5808240 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $261 | $— | $— | $261 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contract | $(115) | $— | $— | $(115) |

---

**Six Circles Credit Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $118409 | $— | $118409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 3248 |  | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  | 18564 |  | 18564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 9554 |  | 9554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 1137 |  | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 684 |  | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 7858 |  | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 2654 |  | 2654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 106 |  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 3724 |  | 3724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds |  | 25717 |  | 25717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 193436 |  | 193436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 516449 | — (a) | 516449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 691310 |  | 691310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 483043 |  | 483043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 2744 |  | 2744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 513390 |  | 513390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 542165 |  | 542165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 15077 |  | 15077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 404614 |  | 404614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 204697 |  | 204697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 147686 |  | 147686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 3714611 | — (a) | 3714611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 43938 |  | 43938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 198 |  | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 46547 |  | 46547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | 1982 | 1982 |

---

 <br> 288 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**Six Circles Credit Opportunities Fund—(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | $— | $— | $6467 | $6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 9114 |  | 9114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 55667 |  | 55667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 28150 |  | 28150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 23537 |  | 23537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 7905 |  | 7905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 17382 |  | 17382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 31989 |  | 31989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 77799 |  | 77799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 473 |  | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 252016 |  | 252016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | — (a) | — (a) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 1764 |  | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 137786 |  | 137786 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 1486 |  | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 21700 |  | 21700 |
|  Total Short-Term Investments |  | 162736 |  | 162736 |
|  Total Investments in Securities | $— | $4385984 | $8449 | $4394433 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $493 | $— | $— | $493 |
|  Forward Foreign Currency contract |  | 38 |  | 38 |
|  Centrally Cleared Interest Rate Swap contracts |  | 1052 |  | 1052 |
|  OTC Credit Default Swaps contracts |  | 56 |  | 56 |
|  Centrally Cleared Credit Default Swaps contracts |  | 3666 |  | 3666 |
|  **Total Appreciation in Other Financial Instruments** | $493 | $4812 | $— | $5305 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(482) | $— | $— | $(482) |
|  Forward Foreign Currency Exchange contracts |  | (203) |  | (203) |
|  Centrally Cleared Interest Rate Swap contracts |  | (244) |  | (244) |
|  OTC Credit Default Swaps contracts |  | (84) |  | (84) |
|  Centrally Cleared Credit Default Swaps contracts |  | (224) |  | (224) |
|  **Total Depreciation in Other Financial Instruments** | $(482) | $(755) | $— | $(1237) |

---

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(a) Amount rounds to less than $500.

There were no significant transfers into or out of level 3 for the year ended December 31, 2022 for the Funds.

**B. Restricted Securities —** Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments —** The Funds may purchase when-issued securities, including To Be Announced ("TBA") securities, and enter into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchase delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 289

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

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

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 5.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities, if any. As of December 31, 2022 the Six Circles Credit Opportunities Fund had the following loan commitments outstanding in which all or a portion of the commitment was unfunded (amounts in thousands):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Unfunded<br>Commitment** | **Unfunded<br>Commitment** | **Funded<br>Commitment** | **Funded<br>Commitment** | **Total<br>Commitment** | **Total<br>Commitment** |
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Par** | **Value** | **Par** | **Value** | **Par** | **Value** |
|  ARC Falcon I, Inc. | Delayed Draw Term Loan | 9/30/2028 | 1.00% | 1.00% | 89 | $78 |  | $— | 89 | $78 |
|  athenahealth Group, Inc. | Initial Delayed Draw<br>Term Loan | 2/15/2029 | 3.50% | 3.50% | 1046 | 942 |  |  | 1046 | 942 |
|  |  |  |  |  | 1135 | $1020 |  | $— | 1135 | $1020 |

---

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

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

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 E(1) — E(4) below describe the various derivatives used by the Funds.

**(1) Options —** The Six Circles Global Bond Fund purchased and sold ("wrote") put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased* — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized

 <br> 290 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written* — Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

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

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

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

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

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 on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed after each Fund's SOI.

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

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

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

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

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 291

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

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

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

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

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

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

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

**Credit Default Swaps** 

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

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

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

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**Interest Rate Swaps** 

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

 <br> 292 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**(5) Summary of Derivatives Information** 

The following tables present the value of derivatives held as of December 31, 2022, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

**Six Circles Ultra Short Duration Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | | | |
| **Gross Assets:** | | **Futures<br>Contracts** (a) | **Forward<br>Foreign Currency<br>Exchange<br>Contracts** | **Centrally<br>Cleared<br>Swaps** (b) | **Total** |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $93 | $– | $144 | $237 |
|  Foreign exchange contracts | Receivables |  | 46 |  | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $93 | $46 | $144 | $283 |
| **Gross Liabilities:** |  |  |  |  |  |
|  Credit contracts | Payables | $– | $– | $(163) | $(163) |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | (36) |  | (84) | (120) |
|  Foreign exchange contracts | Payables |  | (1564) |  | (1564) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(36) | $(1564) | $(247) | $(1847) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The
Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and
Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

**Six Circles Tax Aware Ultra Short Duration Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | | | | |
| **Gross Assets:** | | **Futures<br>Contracts** (a) | **Forward<br>Foreign Currency<br>Exchange<br>Contracts** | **Centrally<br>Cleared<br>Swaps** (b) | **Total** |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $93 | $– | $131 | $224 |
|  Foreign exchange contracts | Receivables |  | 27 |  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $93 | $27 | $131 | $251 |
| **Gross Liabilities:** |  |  |  |  |  |
|  Credit contracts | Payables | $– | $– | $(164) | $(164) |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | (37) |  | (75) | (112) |
|  Foreign exchange contracts | Payables |  | (477) |  | (477) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(37) | $(477) | $(239) | $(753) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The
Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and
Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

**Six Circles U.S. Unconstrained Equity Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |
| **Gross Liabilities:** | | **Futures<br>Contracts** (a) |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(2368) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The
Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 293

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**Six Circles International Unconstrained Equity Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | |
| **Gross Liabilities:** | | **Futures<br>Contracts** (a) |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(999) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The
Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

**Six Circles Global Bond Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |
| **Gross Assets:** | | **Futures<br>Contracts** (a) | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Centrally<br>Cleared<br>Swaps** (b) | **OTC<br>Swaps** | **OTC<br>Options<br>Written** | **OTC<br>Options<br>Purchased** | **Total** |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $1547 | $— | $20923 | $— | $— | $35 | $22505 |
|  Foreign exchange contracts | Receivables |  | 16653 |  |  |  |  | 16653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $1547 | $16653 | $20923 | $— | $— | $35 | $39158 |
| **Gross Liabilities:** |  |  |  |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(2315) | $— | $(12482) | $(114) | $(1078) | $— | $(15989) |
|  Foreign exchange contracts | Payables |  | (156660) |  |  |  |  | (156660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(2315) | $(156660) | $(12482) | $(114) | $(1078) | $— | $(172649) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The
Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and
Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

**Six Circles Tax Aware Bond Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | |
| **Gross Assets:** | | **Futures<br>Contracts** (a) |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $261 |
| **Gross Liabilities:** |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(115) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The
Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> 294 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**Six Circles Credit Opportunities Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |
| **Gross Assets:** | | **Futures<br>Contracts** (a) | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Centrally<br>Cleared<br>Swaps** (b) | **OTC<br>Swaps** | **Total** |
|  Credit contracts | Receivables | $— | $— | $2429 | $24 | $2453 |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | 493 |  | 4921 |  | 5414 |
|  Foreign exchange contracts | Receivables |  | 38 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $493 | $38 | $7350 | $24 | $7905 |
| **Gross Liabilities:** |  |  |  |  |  |  |
|  Credit contracts | Payables | $— | $— | $(39) | $(386) | $(425) |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | (482) |  | (424) |  | (906) |
|  Foreign exchange contracts | Payables |  | (203) |  |  | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(482) | $(203) | $(463) | $(386) | $(1534) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The
Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and
Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the Funds' gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of December 31, 2022 (amounts in thousands):

**Six Circles Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Received** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $11 | $(11) | $— | $— |
|  Morgan Stanley & Co. | 12 | (3) |  | 9 |
|  UBS AG LONDON | 23 | (23) |  |  |
|  | $46 | $(37) | $— | $9 |
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due<br>To Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $84 | $(11) | $— | $73 |
|  Barclays Bank plc | 417 |  | (348) | 69 |
|  Citibank, NA | 965 |  |  | 965 |
|  Morgan Stanley & Co. | 3 | (3) |  |  |
|  UBS AG LONDON | 95 | (23) |  | 72 |
|  | $1564 | $(37) | $(348) | $1179 |

---

------

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to
master netting arrangements on the Statements of Assets and Liabilities.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 295

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**Six Circles Tax Aware Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Received** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $3 | $(3) | $— | $— |
|  Barclays Bank plc | 10 | (10) |  |  |
|  Morgan Stanley & Co. | 14 | (3) |  | 11 |
|  | $27 | $(16) | $— | $11 |
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due<br>To Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $81 | $(3) | $— | $78 |
|  Barclays Bank plc | 393 | (10) | (318) | 65 |
|  Morgan Stanley & Co. | 3 | (3) |  |  |
|  | $477 | $(16) | $(318) | $143 |

---

------

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to
master netting arrangements on the Statements of Assets and Liabilities.

**Six Circles Global Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Received** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $1000 | $(1000) | $– $|  |
|  Bank of New York Mellon | 872 | (872) | – |  |
|  Barclays Bank plc | 3 | (3) | – |  |
|  Brown Brothers Harriman & Co. | 46 | (46) | – |  |
|  Citibank, NA | 79 | (79) | – |  |
|  Citigroup Global Markets, Inc. | 35 | (35) | – |  |
|  Deutsche Bank AG | 373 | (373) | – |  |
|  Goldman Sachs International | 39 | (39) | – |  |
|  HSBC Bank plc | 37 | (37) | – |  |
|  Morgan Stanley & Co. | 6739 | (6739) | – |  |
|  Royal Bank of Canada | 1 | (1) | – |  |
|  Standard Chartered Bank | 1 | (1) | – |  |
|  Toronto-Dominion Bank (The) | 476 | (476) | – |  |
|  UBS AG LONDON | 6096 | (6096) | – |  |
|  Westpac Banking Corp. | 891 | (891) | – |  |
|  | $16688 | $(16688) | $– $|  |

---

 <br> 296 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due<br>To Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $1243 | $(1000) | $(243) | $— |
|  Bank of New York Mellon | 44296 | (872) |  | 43424 |
|  Barclays Bank plc | 3456 | (3) | (125) | 3328 |
|  BNP Paribas | 346 |  | (303) | 43 |
|  Brown Brothers Harriman & Co. | 20888 | (46) |  | 20842 |
|  Citibank, NA | 5054 | (79) | (2745) | 2230 |
|  Citigroup Global Markets, Inc. | 613 | (35) | (578) |  |
|  Deutsche Bank AG | 3768 | (373) |  | 3395 |
|  Goldman Sachs International | 211 | (39) | (125) | 47 |
|  HSBC Bank plc | 1211 | (37) | (949) | 225 |
|  Morgan Stanley & Co. | 51494 | (6739) | (6978) | 37777 |
|  Royal Bank of Canada | 131 | (1) |  | 130 |
|  Standard Chartered Bank | 1 | (1) |  |  |
|  Toronto-Dominion Bank (The) | 3568 | (476) |  | 3092 |
|  UBS AG LONDON | 15659 | (6096) | (20) | 9543 |
|  Westpac Banking Corp. | 5913 | (891) |  | 5022 |
|  | $157852 | $(16688) | $(12066) | $129098 |

---

------

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to
master netting arrangements on the Statements of Assets and Liabilities.

**Six Circles Credit Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Received** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $9 | $(9) | $— | $— |
|  Barclays Bank plc | — (b) | (—)(b) |  |  |
|  Citibank, NA | 47 |  |  | 47 |
|  Goldman Sachs International | — (b) | (—)(b) |  | — (b) |
|  UBS AG LONDON | 38 |  |  | 38 |
|  | $94 | $(9) | $— | $85 |
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due To<br>Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $198 | $(9) | $(189) | $— |
|  Barclays Bank plc | 6 | (—)(b) | (6) |  |
|  Goldman Sachs International | — (b) | (—)(b) |  |  |
|  HSBC Bank plc | 76 |  | (72) | 4 |
|  Morgan Stanley & Co. | 7 |  | (7) |  |
|  | $287 | $(9) | $(274) | $4 |

---

------

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to
master netting arrangements on the Statements of Assets and Liabilities.

(b) Amount rounds to less than $500.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 297

------

##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

The following tables present the effect of derivatives on the Statements of Operations for the year ended December 31, 2022, by primary underlying risk exposure (amounts in thousands):

**Six Circles Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $– | $– | $(140) | $(140) |
|  Interest rate contracts | 1238 |  | (1090) | 148 |
|  Foreign exchange contracts |  | 8475 |  | 8475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1238 | $8475 | $(1230) | $8483 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $– | $– | $181 | $181 |
|  Interest rate contracts | 555 |  | 3 | 558 |
|  Foreign exchange contracts |  | (3247) |  | (3247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $555 | $(3247) | $184 | $(2508) |

---

**Six Circles Tax Aware Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $– | $– | $(141) | $(141) |
|  Interest rate contracts | 266 |  | (1206) | (940) |
|  Foreign exchange contracts |  | 1710 |  | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $266 | $1710 | $(1347) | $629 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Total** |
|  Credit contracts | $– | $– | $182 | $182 |
|  Interest rate contracts | 660 |  | (15) | 645 |
|  Foreign exchange contracts |  | (201) |  | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $660 | $(201) | $167 | $626 |

---

**Six Circles U.S. Unconstrained Equity Fund** 

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Equity contracts | $(29416) |

---

---

| | |
|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Equity contracts | $(4141) |

---

 <br> 298 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**Six Circles International Unconstrained Equity Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Total** |
|  Equity contracts | $(8427) | $— | $(8427) |
|  Foreign exchange contracts |  | 6492 | 6492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(8427) | $6492 | $(1935) |

---

---

| | |
|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Equity contracts | $(3039) |

---

**Six Circles Global Bond Fund** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Options<br>written** | **Options<br>purchased** | **Total** |
|  Interest rate contracts | $(11619) | $— | $(6031) | $6659 | $(194) | $(11185) |
|  Foreign exchange contracts |  | 635238 |  |  |  | 635238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(11619) | $635238 | $(6031) | $6659 | $(194) | $624053 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Options<br>written** | **Options<br>purchased** | **Total** |
|  Interest rate contracts | $186 | $— | $(4242) | $(676) | $58 | $(4674) |
|  Foreign exchange contracts |  | (156647) |  |  |  | (156647) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $186 | $(156647) | $(4242) | $(676) | $58 | $(161321) |

---

**Six Circles Tax Aware Bond Fund** 

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Interest rate contracts | $946 |

---

---

| | |
|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Interest rate contracts | $117 |

---

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 299

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**Six Circles Credit Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures**<br> **Contracts** | **Forward Foreign**<br> **Currency Exchange**<br> **Contracts** | **Swaps** | **Total** |
|  Credit contracts | $— | $— | $(154) | $(154) |
|  Equity contracts | 122 |  |  | 122 |
|  Interest rate contracts | (11330) |  | 1593 | (9737) |
|  Foreign exchange contracts |  | 2057 |  | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(11208) | $2057 | $1439 | $(7712) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures**<br> **Contracts** | **Forward Foreign**<br> **Currency Exchange**<br> **Contracts** | **Swaps** | **Total** |
|  Credit contracts | $— | $— | $3374 | $3374 |
|  Interest rate contracts | 63 |  | 808 | 871 |
|  Foreign exchange contracts |  | 142 |  | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $63 | $142 | $4182 | $4387 |

---

**Derivatives Volume** 

The table below discloses the volume of the Funds' options, futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended December 31, 2022 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Circles<br>Ultra Short<br>Duration Fund** | **Six Circles Tax<br>Aware Ultra<br>Short<br>Duration Fund** | **Six Circles U.S.<br>Unconstrained<br>Equity Fund** | **Six Circles<br>International<br>Unconstrained<br>Equity Fund** | **Six Circles<br>Global<br>Bond Fund** | **Six Circles<br>Tax Aware<br>Bond Fund** | **Six Circles<br>Credit<br>Opportunities<br>Fund** |
|  **Futures Contracts:** |  |  |  |  |  |  |  |
|  Average Notional Amount Long | $105705 (a) | $112580 (a) | $110159 | $100393 | $163496 | $18149 (b) | $229368 |
|  Average Notional Amount Short | 48186 | 37972 | 14373 (c) |  | 101828 | 25355 | 43957 |
|  **Forward Foreign Currency Exchange:** |  |  |  |  |  |  |  |
|  Average Principal Amount Purchased | 7148 | 4736 |  | 278636 (c) | 1925514 |  | 3272 (b) |
|  Average Principal Amount Sold | 65595 | 28823 |  | 264348 (c) | 6769243 |  | 31750 |
|  **Credit Default Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount — Buy Protection | 13915 | 14085 |  |  |  |  | 20984 (d) |
|  Average Notional Amount — Sell Protection |  |  |  |  |  |  | 105796 |
|  **Interest Rate Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount | 49900 | 54969 |  |  | 932260 |  | 145100 (b) |
|  **Over the Counter Options:** |  |  |  |  |  |  |  |
|  Average Number of Contracts Written |  |  |  |  | 174269 |  |  |
|  Average Number of Contracts Purchased |  |  |  |  | 11308 |  |  |

---

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(a) Positions were open for 8 months during the year.

(b) Positions were open for 11 months during the year.

(c) Positions were open for 1 month during the year.

(d) Positions were open for 10 month during the year.

**F. Foreign Currency Translation —** The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets

 <br> 300 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within the Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency. Currency gains or losses may be realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**G. Short Sales —** The Funds may engage in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the custodian is recorded as Restricted cash on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as Interest income or Interest expense, respectively, on securities sold short on the Statements of Operations. The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Funds will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds will record a realized gain if the price of the borrowed security declines between those dates.

**H. Security Transactions, Investment Income and Expense Allocation —** Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date or corporate action date at fair value. Six Circles Credit Opportunities Fund may receive income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest income on the Statements of Operations.

Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

The Funds are charged for those expenses of the Trust that are directly attributable to each Fund. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

**I. Repurchase Agreements —** The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds' policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, shall equal at least 100% of the principal amount of the repurchase transaction. The repurchase agreements further authorize the Funds to demand additional collateral in the event that the dollar value of the collateral falls below 100%. The Funds will make payments for such securities only upon physical delivery or upon evidence of book entry transfer to the account of the custodian.

Repurchase Agreements outstanding at period end, if any, are listed after each Fund's SOI.

The Funds' repurchase agreements are not subject to master netting arrangements.

**J. Reverse Repurchase Agreements —** In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to coun-

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 301

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

terparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

Reverse repurchase agreements outstanding at period end, if any, are listed after each Fund's SOI.

Six Circles Global Bond Fund had an average amount of borrowings outstanding during the year ended December 31, 2022 of $5,457,212 at a weighted average interest rate of 3.816%.

**K. Federal Income Tax —** Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open years, and has concluded that no provision for federal income tax is required in the Funds' financial statements. At December 31, 2022 the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

**L. Foreign Tax —** The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**M. Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Net Investment Income** | **Net Investment Income** | **Net Realized Capital Gains** | **Net Realized Capital Gains** |
|  Six Circles Ultra Short Duration Fund |  | Monthly |  | Annual |
|  Six Circles Tax Aware Ultra Short Duration Fund |  | Monthly |  | Annual |
|  Six Circles U.S. Unconstrained Equity Fund |  | Annual |  | Annual |
|  Six Circles International Unconstrained Equity Fund |  | Annual |  | Annual |
|  Six Circles Global Bond Fund |  | Monthly |  | Annual |
|  Six Circles Tax Aware Bond Fund |  | Monthly |  | Annual |
|  Six Circles Credit Opportunities Fund |  | Monthly |  | Annual |

---

Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short- term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

**N. Sale-buyback Transactions —** A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected in the payable for investments purchased on the Statements of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions. Sale-buyback transactions are governed by Master Securities Forward Transaction Agreements ("Master Forward Agreements"), which are agreements between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of sale-buyback transactions as of period end, if any, is disclosed in the Fund's Schedule of Investments.

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Six Circles Global Bond Fund had an average amount of borrowings outstanding during the year ended December 31, 2022 of $15,684 at a weighted average interest rate of 0.024%.

**3. Fees and Other Transactions with Affiliates** 

**A. Investment Advisory Fees —** The Adviser serves as the Funds' investment adviser pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). Under the terms of the Investment Advisory Agreement, the Adviser generally manages the Funds' investments in accordance with the stated policies of each Fund, subject to the supervision of the Funds' Board of Trustees. For the services provided to the Funds, the Adviser is entitled to a fee, accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of each Fund except Six Circles Credit Opportunities Fund. The fee for the Six Circles Credit Opportunities Fund is 0.75% of the average daily net assets.

The Adviser selects and oversees professional money managers (the "Sub-Advisers") who are responsible for investing the assets of the Funds under sub-advisory agreements (the "Sub-Advisory Agreements"). Pursuant to each respective Sub-Advisory Agreement, the Adviser agrees to pay each Sub-Adviser a sub-advisory fee from its investment advisory fees. BlackRock Investment Management, LLC ("BlackRock"), BlueBay Asset Management ("BlueBay"), Insight North America LLC ("Insight"), Capital International, Inc. ("Capital Group"), Goldman Sachs Asset Management, L.P. ("Goldman"), Muzinich & Co. ("Muzinich"), Nuveen Asset Management, LLC ("Nuveen") , Pacific Investment Management Company LLC ("PIMCO"), PGIM, Inc. ("PGIM"), Allspring Global Investments, LLC ("Allspring"), and Lord Abbett & Co. LLC ("Lord Abbett") currently serve as the Sub-Advisers to the Funds. The Sub-Advisers are paid a management fee by the Adviser pursuant to their individually negotiated Sub-Advisory Agreements.

On October 5, 2018, the Adviser entered into an agreement to allow Russell Investments Implementation Services, LLC ("Russell") to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. During the reporting period, the Funds have not allocated assets to Russell.

During the reporting period, the Advisor reduced the portion of the Credit Opportunities Fund allocated to Federated Investment Management Company ("Federated") to zero, and, as of the expiration of the Fund's Sub-advisory agreement with Federated on July 28, 2022, Federated no longer serves as a Sub-Adviser to the Fund.

During the reporting period, an affiliate of the Adviser made a payment to the Six Circles Global Bond Fund of $9,408 relating to a trade error.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3G and reflected on the Statement of Operations.

**B. Administration and Accounting Fees —** Pursuant to an Administrative Agency Agreement, Brown Brothers Harriman & Co. (the "Administrator") provides certain administration and fund accounting services to the Funds.

**C. Distribution Fees —** Pursuant to a Distribution Agreement, Foreside Fund Services, LLC (the "Distributor"), will serve as the Funds' principal underwriter and acts as the agent of the Funds in connection with the continuous offering of shares of each Fund. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor does not receive compensation from the Funds, but instead is compensated by the Adviser for certain distribution-related expenses.

**D. Custodian —** Pursuant to a Custodian Agreement, Brown Brothers Harriman & Co. serves as the custodian (the "Custodian") for each of the Funds and is responsible for holding portfolio securities and cash and maintaining the books of account and records of portfolio transactions.

**E. Transfer Agent —** Pursuant to a Transfer Agency and Service Agreement, DST Asset Manager Solutions, Inc. (the "Transfer Agent") serves as each Fund's transfer and dividend disbursing agent. The Transfer Agent is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

**F. Waivers and Reimbursements —** The Adviser has contractually agreed through at least April 30, 2023, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay the Fund's Sub-Advisers. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Fund. The Adviser has also contractually agreed through at least April 30, 2023, to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the "Expense Cap"):

---

| | |
|:---|:---|
| **Fund** | **Expense Cap** |
|  Six Circles Ultra Short Duration Fund | 0.40% |
|  Six Circles Tax Aware Ultra Short Duration Fund | 0.40% |
|  Six Circles U.S. Unconstrained Equity Fund | 0.45% |
|  Six Circles International Unconstrained Equity Fund | 0.50% |
|  Six Circles Global Bond Fund | 0.40% |
|  Six Circles Tax Aware Bond Fund | 0.40% |
|  Six Circles Credit Opportunities Fund | 0.95% |

---

An expense reimbursement by the Fund's Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause the Fund's operating expenses (taking into account any reimbursements or waiver by the Adviser and repayments by the Fund) to exceed the Expense Cap in effect at the

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 303

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through April 30, 2023, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the year ended December 31, 2022 there were no amounts reimbursed by the Adviser, nor were there amounts available for potential future recoupment by the Adviser.

**G. Cross Trades —** The Funds may participate in purchase and sale transactions with other Six Circles Funds. These cross trades are executed in accordance with procedures adopted by the Trust's Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security. During the year ended December 31, 2022 the aggregate value of purchases and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Purchases** | **Sales** | **Realized<br>gain/loss** |
|  Six Circles U.S. Unconstrained Equity Fund | $120760 | $8975 | $(3374) |
|  Six Circles International Unconstrained Equity Fund | 13597 | 967 | (65) |

---

**4. Investment Transactions** 

During the year ended December 31, 2022 purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases<br>(excluding U.S.<br>Government)** | **Sales<br>(excluding U.S.<br>Government)** | **Purchases<br>of U.S.<br>Government** | **Sales<br>of U.S.<br>Government** |
|  Six Circles Ultra Short Duration Fund | $214666 | $138042 | $29387 | $23712 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 325025 | 314117 | 24288 | 24583 |
|  Six Circles U.S. Unconstrained Equity Fund | 8482443 | 7799734 |  |  |
|  Six Circles International Unconstrained Equity Fund | 8226430 | 8432138 |  |  |
|  Six Circles Global Bond Fund | 4456898 | 3077350 | 14082010 | 13604572 |
|  Six Circles Tax Aware Bond Fund | 3227866 | 2640181 |  |  |
|  Six Circles Credit Opportunities Fund | 4718256 | 3427012 | 236622 | 259197 |

---

**5. Risks, Concentrations and Indemnifications** 

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Since Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund are non-diversified, they may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Funds` shares being more sensitive to economic results among those issuing the securities.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund, invest in foreign issuers and foreign securities (including depositary receipts) which are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded "delivery versus payment," the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets." Emerging market countries typically have less-established economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries.

The Global Bond and Credit Opportunities Funds invest a substantial portion of their assets in the Asia Pacific region. The small size of securities markets and the low trading volume in some countries in the Asia Pacific Region may lead to a lack of liquidity. Also, some Asia Pacific economies and financial markets have been extremely volatile in recent years. Many of the countries in the region are developing, both politically and

 <br> 304 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
economically. They may have relatively unstable governments and economies based on only a few commodities or industries. The share prices of companies in the region tend to be volatile and there is a significant possibility of loss. Also, some companies in the region may have less established product markets or a small management group and they may be more vulnerable to political or economic conditions, like nationalization. In addition, some countries have restricted the flow of money in and out of the country.

Certain of the currencies in the Asia Pacific region have experienced extreme volatility relative to the U.S. dollar. For example, Thailand, Indonesia, the Philippines and South Korea have had currency crises and have sought help from the International Monetary Fund. Holding securities in currencies that are devalued (or in companies whose revenues are substantially in currencies that are devalued) will likely decrease the value of the Fund. The trading volume on some Asia Pacific region stock exchanges is much lower than in the United States, and Asia Pacific region securities of some companies are less liquid and more volatile than similar U.S. securities. In addition, brokerage commissions on regional stock exchanges are fixed and are generally higher than the negotiated commissions in the United States. The imposition of tariffs or other trade barriers, or a downturn in the economy of a significant trading partner could adversely impact Asia Pacific companies. If the Fund concentrates in the Asia Pacific region, the Fund's performance may be more volatile than that of a fund that invests globally. If Asia Pacific securities fall out of favor, it may cause a fund that concentrates in the Asia Pacific region to underperform funds that do not concentrate in the Asia Pacific region.

As of December 31, 2022, the Six Circles International Unconstrained Equity Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
| **France** | **Germany** | **Switzerland** | **United Kingdom** |
| 14.1% | 13.0% | 20.8% | 23.5% |

---

As of December 31, 2022, the Six Circles Global Bond Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

---

| |
|:---|
| **China** |
| 11.0% |

---

As of December 31, 2022 a significant portion of the Six Circles International Unconstrained Equity and Six Circles Global Bond Funds' net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Overnight bank deposits of foreign currency can result in negative interest rates based on monetary policies in that respective country.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund may be subject to leveraging risk, which is the risk that certain transactions of the Fund, such as loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund may invest in high yield securities that are not rated or rated below investment grade (commonly known as "junk bonds"). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

Six Circles Credit Opportunities Fund may invest a substantial portion of the Fund's total assets in below investment grade credit instruments including "high-yield" instruments (also known as "junk bonds") and "distressed" debt instruments. Any investments in distressed or defaulted securities subject the Fund to even greater credit risk than investments in other below investment-grade instruments. Investments in obligations of restructured, distressed and bankrupt issuers, including debt obligations that are already in default, generally trade significantly below par and may lack liquidity. Defaulted securities might be repaid only after which the issuer might not make any interest or other payments, and such proceedings may result in only partial recovery of principal or no recovery at all. Recovery could involve an exchange of the defaulted obligation for other debt instruments or equity securities of the issuer or its affiliates, each of which may in turn be illiquid or speculative and be valued by the Fund at significantly less than its original purchase price. In addition, investments in distressed issuers may subject the Fund to liability as a lender.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds' net assets could be adversely affected.

The Six Circles Credit Opportunities Fund invests in loan assignments. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 305

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale. Certain loan assignments are also subject to the risks associated with high yield securities described above.

The value of the Funds' investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of this pandemic to public health and business and market conditions, including exchange trading suspensions and closures, may continue to have a significant negative impact on the performance of the Funds' investments, increase the Funds' volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. The Funds' operations may be interrupted as a result, which may contribute to the negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken, and may continue to take, actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on the Funds' investment performance. The full impact of the COVID-19 pandemic, or other future epidemics or pandemics, is currently unknown.

The Funds may also invest in shares of other investment companies and ETFs. ETFs are ownership interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks many of which are designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. Shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another investment company or ETF. The Fund is subject to the risks associated with the ETF's or investment company's investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies. The price and movement of an ETF or closed-end fund designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their net asset value (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed each Fund's original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts and forward foreign currency exchange contracts.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Tax Aware Bond Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers' ratings and the Fund's ability to collect principal and interest in the event of an issuer's default may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as "benchmarks" and are the subject of recent regulatory reform.

 <br> 306 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**6. Income Taxes and Distributions to Shareholders** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2022 were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate<br>Tax Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Six Circles Ultra Short Duration Fund | $575027 | $3600 | $(14240) | $(10640) |
|  Six Circles Tax Aware Ultra Short Duration Fund | 568497 | 1228 | (9859) | (8631) |
|  Six Circles U.S. Unconstrained Equity Fund | 13596095 | 2305679 | (1228171) | 1077508 |
|  Six Circles International Unconstrained Equity Fund | 11149566 | 1158489 | 1002674 | 155815 |
|  Six Circles Global Bond Fund | 8838317 | 286600 | (1071293) | (784693) |
|  Six Circles Tax Aware Bond Fund | 6204044 | 23728 | (419386) | (395658) |
|  Six Circles Credit Opportunities Fund | 4630360 | 64403 | (293959) | (229556) |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in swap contracts, mark-to-market of forward foreign currency contracts, mark-to-market of futures contracts, REITs, straddle loss deferrals, wash sale loss deferrals, contingent debt obligation investments, debt to equity perpetual bond investments and mark-to-market investments in passive foreign investment companies ("PFICs").

The tax character of distributions paid during the year ended December 31, 2022 was as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary<br>Income\*** | **Net<br>Long-Term<br>Capital Gains** | **Tax<br>Exempt<br>Income** | **Total<br>Distributions<br>Paid** |
|  Six Circles Ultra Short Duration Fund | $13350 | $— | $— | $13350 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 7161 |  | 2003 | 9164 |
|  Six Circles U.S. Unconstrained Equity Fund | 356647 | 29443 |  | 386090 |
|  Six Circles International Unconstrained Equity Fund | 353505 |  |  | 353505 |
|  Six Circles Global Bond Fund | 806124 |  |  | 806124 |
|  Six Circles Tax Aware Bond Fund | 775 |  | 94221 | 94996 |
|  Six Circles Credit Opportunities Fund | 204554 |  |  | 204554 |

---

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2021 was as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary<br>Income\*** | **Net<br>Long-Term<br>Capital Gains** | **Tax<br>Exempt<br>Income** | **Total<br>Distributions<br>Paid** |
|  Six Circles Ultra Short Duration Fund | $5475 | $— | $— | $5475 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 1914 |  | 1597 | 3511 |
|  Six Circles U.S. Unconstrained Equity Fund | 1650072 | 1110683 |  | 2760755 |
|  Six Circles International Unconstrained Equity Fund | 338020 |  |  | 338020 |
|  Six Circles Global Bond Fund | 192154 |  |  | 192154 |
|  Six Circles Tax Aware Bond Fund | 42 | 92 | 60561 | 60695 |
|  Six Circles Credit Opportunities Fund | 110704 | 398 |  | 111102 |

---

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2022, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Current<br>Distributable<br>Ordinary<br>Income** | **Current<br>Distributable<br>Long-Term<br>Capital Gain <br>(Tax Basis Capital<br>Loss Carryover)** | **Other Book/Tax<br>Temporary<br>Differences** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Six Circles Ultra Short Duration Fund | $— | $(5431) | $(4884) | $(10641) |
|  Six Circles Tax Aware Ultra Short Duration Fund |  | (5909) | (1699) | (8628) |
|  Six Circles U.S. Unconstrained Equity Fund | 4958 | (472272) |  | 1077507 |
|  Six Circles International Unconstrained Equity Fund | 18866 | (1156081) |  | 155659 |
|  Six Circles Global Bond Fund |  | (312249) | (637746) | (782921) |
|  Six Circles Tax Aware Bond Fund | 733 | (118212) |  | (395658) |
|  Six Circles Credit Opportunities Fund | 1714 | (159256) |  | (229567) |

---

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 307

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

For the Funds, the cumulative timing differences primarily consist of capital loss carryforwards, mark-to-market futures contracts, REITS, straddle loss deferrals, contingent debt obligation investments, debt to equity perpetual bond investments, mark-to-market investments in passive foreign investment companies ("PFICs") and wash sale loss deferrals.

As of December 31, 2022, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character** | **Capital Loss Carryforward Character** |
| | **Short-Term** | **Long-Term** |
|  Six Circles Ultra Short Duration Fund | $4343 | $1088 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 2258 | 3651 |
|  Six Circles U.S. Unconstrained Equity Fund |  | 472272 |
|  Six Circles International Unconstrained Equity Fund | 436063 | 720018 |
|  Six Circles Global Bond Fund | 276438 | 35811 |
|  Six Circles Tax Aware Bond Fund | 53442 | 64770 |
|  Six Circles Credit Opportunities Fund | 107301 | 51955 |

---

During the year ended December 31, 2022 the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized** | **Capital Loss Utilized** |
| | **Short-Term** | **Long-Term** |
|  Six Circles Ultra Short Duration Fund | $— | $(458) |
|  Six Circles Tax Aware Ultra Short Duration Fund |  | (553) |

---

Specified ordinary losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2022, the Funds deferred to January 1, 2023 the following specified ordinary losses (amounts in thousands):

---

| | |
|:---|:---|
| | **Specified<br>Ordinary Loss** |
|  Six Circles Ultra Short Duration Fund | $4885 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 1699 |
|  Six Circles Global Bond Fund | 637746 |

---

**7. Ownership Concentration** 

As of December 31, 2022, the Funds each had one affiliated omnibus account for the benefit of its clients which owned approximately 99% of its outstanding shares.

**8. New Accounting Pronouncement** 

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this ASU.

In March 2020, the FASB issued Accounting Standard Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2024. Management expects that the adoption of this guidance will not have a material impact on the Funds' financial statements.

**9. Subsequent Events** 

The Funds have evaluated subsequent events through the date of issuance of this report and have determined that there are no material events that require disclosure.

 <br> 308 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Six Circles Trust and Shareholders of Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund (seven of the funds constituting Six Circles Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

We have served as the auditor of one or more investment companies in the Six Circles Trust complex since 2018.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 309

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**SCHEDULE OF SHAREHOLDER EXPENSES** 

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each fund on July 1, 2022 and continued to hold your shares at the end of the reporting period, December 31, 2022

**Actual Expenses** 

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses<br>Paid During<br>the Period**\* | **Annualized<br>Expense<br>Ratio** |
|  **Six Circles Ultra Short Duration Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1011.80 | $1.01 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.20 | 1.02 | 0.20% |
|  **Six Circles Tax Aware Ultra Short Duration Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1004.80 | 0.81 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.40 | 0.82 | 0.16% |
|  **Six Circles U.S. Unconstrained Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 986.20 | 0.30 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.90 | 0.31 | 0.06% |
|  **Six Circles International Unconstrained Equity Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1071.60 | 0.42 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.80 | 0.41 | 0.08% |
|  **Six Circles Global Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 984.20 | 0.65 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.55 | 0.66 | 0.13% |
|  **Six Circles Tax Aware Bond Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1005.10 | 0.71 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.50 | 0.71 | 0.14% |
|  **Six Circles Credit Opportunities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1034.30 | 1.49 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1023.74 | 1.48 | 0.29% |

---

\* Expenses are equal to each Fund's respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <br> 310 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**TAX INFORMATION** 

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Circles<br>Ultra Short<br>Duration Fund** | **Six Circles<br>Tax Aware Ultra<br>Short Duration Fund** | **Six Circles<br>U.S. Unconstrained<br>Equity Fund** | **Six Circles International<br>Unconstrained<br>Equity Fund** |
|  Record Date | Monthly | Monthly | 12/14/2022 | 12/14/2022 |
|  Payable Date | Monthly | Monthly | 12/16/2022 | 12/16/2022 |
|  Ordinary Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Dividend Income for Individuals |  |  | 55.74% | 98.16% |
|  Dividends Qualifying for the Dividends Received |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deduction for Corporations |  |  | 55.11% |  |
|  Foreign Source Income |  |  |  | 100.00% |
|  Foreign Tax Paid Per Share |  |  |  | 0.040777 |
|  Interest from Tax-Exempt Obligations |  | 21.85% |  |  |
|  Interest from Federal Obligations | 2.07% | 2.19% |  |  |
|  Long-Term Capital Gain Dividend |  |  | 0.023087 |  |
|  | **Six Circles<br>Global<br>Bond Fund** | **Six Circles<br>Tax Aware<br>Bond Fund** | **Six Circles<br>Credit Opportunities<br>Fund** |  |
|  Record Date | Monthly | Monthly | Monthly |  |
|  Payable Date | Monthly | Monthly | Monthly |  |
|  Ordinary Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Dividend Income for Individuals |  |  |  |  |
|  Dividends Qualifying for the Dividends Received |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deduction for Corporations |  |  |  |  |
|  Foreign Source Income |  |  |  |  |
|  Foreign Tax Paid Per Share |  |  |  |  |
|  Interest from Tax-Exempt Obligations |  | 99.18% |  |  |
|  Interest from Federal Obligations | 4.46% |  | 1.31% |  |
|  Long-Term Capital Gain Dividend |  |  |  |  |

---

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 311

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##### [**Table of Contents**](#toc)
**TRUSTEES** 

The names of the Trustees of the Trust, together with information regarding their year of birth, the year each Trustee first became a Board member of the Trust, principal occupations and other board memberships, including those in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act") or subject to the requirements of Section 15(d) of the Securities Exchange Act or any company registered as an investment company under the 1940 Act, are shown below. The contact address for each of the Trustees is 383 Madison Avenue, New York, NY 10179. The Funds' Statement of Additional Information includes additional information about the Trustees, and is available, without charge, by calling collect at 1-212-464-2070, or on the Six Circles Funds' website at www.sixcirclesfunds.com.

---

| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth;<br>Positions with<br>the Fund since)** (1) | **Principal Occupation<br>During Past 5 Years** | **Number<br>of Funds in Fund<br>Complex Overseen<br>by Trustee** (2) | **Other Directorships Held<br>During the Past 5 Years** |
|  **Independent Trustees** | | | |
| Lisa M. Borders (1957);<br>Trustee since inception | Consultant, LMB Group (management consulting) (February 2019–present); President and Chief Executive Officer, TIME'S UP (social welfare) (October 2018–February 2019); President, Women's National Basketball Association (March 2016–October 2018); Vice President, The Coca-Cola Company (2013–2016). | 11 | Global Director, Operation Hope (2015-2016; 2020- present); Director, Grady Health System (Chair, Quality Committee 2014-2017); Independent Director, Lottery.com (2021-2022); Chair, Borders Commission, United States Olympic and Paralympic Committee; Trustee, Duke University; Chair, The Coca-Cola Foundation. |
| James P. Donovan (1950);<br>Lead Independent<br>Trustee since inception | Chairman, Cross Culture Coach LLC (education) (2012–present). | 11 | Chairman and President, Cannon Point Preservation Corp.; Chairman, Cross Culture Coach LLC. |
| Neil Medugno (1957);<br>Trustee since inception | Retired; Partner, Wellington Management Company LLP, Chief Financial Officer,<br>Wellington Funds Group (investment management) (1994–2017). | 11 | Independent Trustee, James Alpha Funds Trust d/b/a Easterly Funds Trust (2021- present). |
| Lauren K. Stack (1963);<br>Trustee since inception | Head of Operations, HyperSpectral APD, LLC (Medtech) (2020-present);<br>Principal, b2G Capital, Inc. (consulting)<br>(2016 present). | 11 | Independent Trustee, Board Chair, Virginia529; Director, HyperSpectral APD, LLC; Director, ACT for Alexandria (2002-2019); Director, Inova Alexandria Hospital Foundation. |
|  **Interested Trustees** |  |  |  |
| Mary E. Savino (1962);<br>Chairman since inception | Managing Director, J.P. Morgan Securities LLC, Asset & Wealth Management division, Head of J.P. Morgan Private Investments Inc. Investment Advisory Business (2016–present); Global Head of Portfolio Management Group (2013–2016); Global Head of Client Portfolio Management for Global Access Funds (2009–2013); various other positions including Head of U.S. Mutual Funds since joining the firm in 1988. | 11 | Director, J.P. Morgan Private Investments Inc. |

---

 <br> 312 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth;<br>Positions with<br>the Fund since) (1)** | **Principal Occupation<br>During Past 5 Years** | **Number<br>of Funds in Fund<br>Complex Overseen<br>by Trustee (2)** | **Other Directorships Held<br>During the Past 5 Years** |
| Kevin Klingert (1962)\*;<br>Trustee since 2022 | Retired; President, Russell Investments Group, Ltd. (April 2021-October 2022); Senior Advisor, Morgan Stanley Investment Management Inc. (2016-2017); Managing Director, Morgan Stanley Investment Management Inc. (2007-2016). | 11 | Director, Russell Investment Management, LLC, Russell Investments Capital, LLC, Russell Investments Delaware, LLC, Russell Investments Implementation Services, LLC, Russell Investments Fund Management, LLC, Russell Investments International Services Company, LLC, Russell Investments PMF 2019 GP, LLC, Russell Investments Trust Company, Russell Investments Implementation Services Limited, Russell Investments Systems Limited (April 2021-October 2022). |

---

------

(1) The Trustee serve for an indefinite term.

(2) (2) A Fund Complex means two or more registered investment companies that: (i) hold themselves out to
investors as related companies for purposes of investment and investor services; or (ii) have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered
investment companies. The Six Circles Funds Complex for which the Board serves currently includes three registered investment companies (11 funds).

\* From April 12, 2021, to October 1, 2022, Mr. Klingert was the President of Russell Investments Group, Ltd., where he also held numerous other positions, including as director of Russell Investments Implementation Services, LLC, the interim sub-adviser to the Funds. Due to his prior employment, the Trust has determined to treat Mr. Klingert as an "interested person" for at least two years following the end of his employment at Russell Investments Group, Ltd. Mr. Klingert has no ongoing financial interest in the Russell Investment Group, Ltd. or Russell Invesments Implementation Services, LLC. 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 313

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##### [**Table of Contents**](#toc)
**OFFICERS** 

The Trust's executive officers (listed below) generally are employees of the Adviser or one of its affiliates. The officers conduct and supervise the business operations of the Trust. The officers hold office until a successor has been elected and duly qualified. The Trust has no employees. The names of the officers of the Funds, together with their year of birth, information regarding their positions held with the Trust and principal occupations are shown below. The contact address for each of the officers, unless otherwise noted, is 383 Madison Avenue, New York, NY 10179.

---

| | |
|:---|:---|
| **Name (Year of Birth),<br>Positions Held with<br>the Trust (Since)** | **Principal Occupations During Past 5 Years** |
| Mary E. Savino (1962),<br>President and Principal Executive<br>Officer since inception | Managing Director, JPMorgan Securities LLC, Asset & Wealth Management division, Head of JPMorgan Private Investments Inc. Investment Advisory Business (2016-present); Global Head of Portfolio Management Group (2013-2016); Global Head of Client Portfolio Management for Global Access Funds (2009-2013); various other positions including Head of U.S. Mutual Funds since joining the firm in 1988. |
| Abby L. Ingber (1962),<br>Chief Legal Officer and Secretary<br>since inception | Executive Director and Assistant General Counsel, JPMorgan Chase Bank, N.A. (2017-present); Deputy General Counsel, Schroder Investment Management North America Inc. and Chief Legal Officer and Secretary, Schroder Funds (2006-2017) |
| Michael Choi (1971),<br>Chief Compliance Officer since inception | Chief Compliance Officer, J.P. Morgan Private Investments Inc. (2016-present); Managing Director, JPMorgan Chase Bank, N.A. (2018-present); Executive Director; Assistant General Counsel, JPMorgan Chase Bank, N.A. (2008-2016) |
| Gregory R. McNeil (1975),<br>Principal Financial Officer and Treasurer since inception | Executive Director, JPMorgan Securities LLC (2018-present); Vice President, AQR Capital Management, LLC; Treasurer, AQR Funds (2015-2018) |
| Gina M. Andes (1976),<br>Assistant Treasurer since inception | Executive Director, JP Morgan Securities LLC (2020-present); Vice President, JP Morgan Securities LLC (2017-2019); Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2013-2017) |
| Pamela Woodley (1971),<br>Assistant Secretary since 2021 | Vice President and Assistant General Counsel, JPMorgan Chase Bank, N.A. (2004-present) |

---

 <br> 314 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
![LOGO](g430119g18a32.jpg)

Feb 2019

---

| | |
|:---|:---|
| **FACTS** | WHAT DOES SIX CIRCLES TRUST\* DO WITH YOUR PERSONAL INFORMATION? |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | The types of personal information we may collect and share depend on the product or service you have with us. This information can include:<br>◾ Social Security number<br>◾ account balances and transaction history<br>◾ investment experience and risk tolerance<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Six Circles Trust, chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reasons we can share your personal information** | **Does Six Circles<br>Trust share?** | **Can you limit this<br>sharing?** |
| &nbsp;&nbsp;&nbsp; **For our everyday business purposes —**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our marketing purposes —**<br> to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | No | We don't share |

---

\* Six Circles Trust and its fund series do not currently, nor are they expected to, collect personal non-public information from individuals, since holdings are held on the books of each fund on an omnibus basis by financial intermediaries. To the extent Six Circles Trust does get access to personal information through its affiliates or otherwise, this statement would apply. 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | Call 212-464-2070 to speak with a Managed Solutions & Strategies Investor Relations representative. We accept operator relay calls. |

---

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##### [**Table of Contents**](#toc)
![LOGO](g430119g18a32.jpg)

 **Page 2**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | Six Circles Trust |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;&nbsp;**How does Six Circles Trust protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We only authorize our personnel to access information about you when they need it to do their work for us. We require companies working for us to protect your information. |
| &nbsp;&nbsp;&nbsp;**How does Six Circles Trust collect my personal information?** | We may collect your personal information, for example, when you<br>◾ open an account or make a wire transfer<br>◾ direct us to buy securities or direct us to sell your securities<br>◾ provide your account information<br>|
| &nbsp;&nbsp;&nbsp;**Why can't I limit all sharing?** | Federal law gives you the right to limit only<br>◾ sharing for affiliates' everyday business purposes – information about your creditworthiness<br>◾ affiliates from using your information to market to you<br>◾ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;&nbsp;**Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ Our affiliates include companies with the Chase or J.P. Morgan name including J.P. Morgan Private Investments Inc., our investment adviser.* |
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ We do not share with nonaffiliates so they can market to you* |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>*◾ We don't jointly market* |

---

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##### [**Table of Contents**](#toc)
*For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as a stand-alone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.* ****

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

***Contact Six Circles Funds collect at 1-212-464-2070 for a fund prospectus. You can also visit us at www.sixcirclesfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the Six Circles Funds before investing. The prospectus contains this and other information about the Six Circles Funds. Read the prospectus carefully before investing.***

The Six Circles Funds file complete schedules of their fund holdings for the first and third quarters of their fiscal year with the SEC on Form N-PORT. The Six Circles Funds' Forms N-PORT are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the Six Circles Funds' website at www.sixcirclesfunds.com/literature.

A description of the Six Circles Funds' policies and procedures with respect to the disclosure of the Six Circles Funds' holdings is available in the prospectuses and Statements of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling collect 1-212-464-2070 or on the Six Circles Funds' website at www.sixcirclesfunds.com. A description of such policies and procedures is in the Statement of Additional Information available on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser, and the Adviser in turn has delegated such authority to the Sub-Advisers. A copy of the Six Circles Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Six Circles Funds' website at www.sixcirclesfunds.com no later than August 31 of each year. The Six Circles Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

<sup>©</sup>JPMorgan Chase & Co. 2022. All rights reserved. December 31, 2022.

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##### [**Table of Contents**](#toc)

## Annual Report

## SIX CIRCLES<sup>®</sup> FUNDS
December 31, 2022

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

Six Circles Managed Equity Portfolio International Unconstrained Fund

![LOGO](g4204646covlogo.jpg)

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##### [**Table of Contents**](#toc)
**CONTENTS** 

---

| | |
|:---|:---|
| [President's Letter](#toc420464_1) | **1** |
| [Market Overview](#toc420464_2) | **2** |
| [Fund Commentaries](#toc420464_3) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles Managed Equity Portfolio U.S. Unconstrained Fund](#toc420464_4) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Six Circles Managed Equity Portfolio International Unconstrained Fund](#toc420464_5) | **6** |
| [Schedules of Portfolio Investments](#toc420464_6) | **9** |
| [Financial Statements](#toc420464_7) | **30** |
| [Financial Highlights](#toc420464_8) | **36** |
| [Notes to Financial Statements](#toc420464_9) | **40** |
| [Report of Independent Registered Public Accounting Firm](#toc420464_9a) | **51** |
| [Schedule of Shareholder Expenses](#toc420464_11) | **52** |
| [Tax information](#toc420464_11a) | **53** |
| [Trustees and Officers](#toc420464_14) | **54** |
|  Privacy Policy — Located at the back of this Annual Report |  |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** 

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

For additional information about the risks of investing in the Funds' see section 5 starting on page 47.

***For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan representative or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully.*** An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as stand-alone investments.

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##### [**Table of Contents**](#toc)
**PRESIDENT'S LETTER** 

DECEMBER 31, 2022 (Unaudited)

**Dear Shareholder,** 

We hope this letter finds you well.

In 2022, a steady stream of market, economic and geopolitical events helped shape often volatile financial markets.

The Six Circles Funds are designed to help our discretionary portfolios navigate through changing markets, by giving us the flexibility to target key themes and our highest conviction ideas. On the following pages, we provide detailed discussions on the strategies we implemented in each of the Six Circles Funds during the 12-month period covered by this report.

As a reminder, the Six Circles Funds are not meant to be standalone investments. They are purposefully constructed as completion funds and, as such, we believe they should be reviewed and evaluated within the context of your broader portfolio for a complete picture of their performance.

I hope you find the information on these pages to be informative and helpful. If you should have any questions about the Funds, you can contact your J.P. Morgan team, visit the Fund's website at www.sixcirclesfunds.com, or call us at 212-464-2070.

Wishing you and yours a healthy, happy and prosperous 2023.

Sincerely,

![LOGO](g420464savino_sig.jpg)

Mary Savino

President, Six Circles Funds

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 1

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##### [**Table of Contents**](#toc)
**Market Overview** 

As Of December 31, 2022 (Unaudited)

2022 was a challenging year for markets globally with rising recession risks. The MSCI USA Index fell 19.46% through December 2022. Developed Non-U.S. and Emerging Markets equities also fell, with the MSCI World ex-USA Index, MSCI Emerging Markets Index and MSCI World Index down 14.29%, 20.09% and 18.14% during the period, respectively.

Global bond and cash markets outperformed equities, with the Bloomberg Barclays U.S. 1-3 Month Treasury Bill Index up 1.52% and the Bloomberg Barclays Global Aggregate Hedged Index down 11.22%.

In order to slow down high inflation, the Fed raised rates by 4.25% in 2022 and reiterated that they will continue to do so until inflation falls from elevated levels. Given the year end pricing of Fed Funds futures contracts, we believe the market is pricing in a peak Fed funds rate of approximately 5%, which is a sign investors believe the Fed must continue tightening significantly to curb inflation.

 <br> 2 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(20.26)%** |
| MSCI USA Index | **(19.46)%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**6201022** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (the "Fund") seeks to provide capital appreciation. The Fund invests at least 80% of its net assets in equity securities issued by U.S. companies and other instruments with economic characteristics similar to equity securities issued by U.S. companies. The Fund is generally unconstrained by any particular capitalization, style or industry sector.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser"), actively allocates the Fund's investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the "Sub-Adviser" or "BlackRock"). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. In addition to allocating and reallocating the Fund's assets among one or more indexed investment strategies, the Adviser may also select securities of specific individual companies for the Fund to purchase or sell on an ongoing basis and the amount of the Fund's assets to allocate to such securities. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary Managed Equity Portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the broader Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period January 1, 2022 through December 31, 2022 (the "reporting period"), the Fund posted a negative return on an absolute basis, and underperformed relative to the MSCI USA Index (the "Index"). References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index, but rather is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

Information Technology and Health Care sectors comprised approximately 53% of the Fund's sector exposure on a look-through basis at the end of the reporting period, and were the Fund's largest sector overweights relative to the Index. During

the reporting period, Health Care contributed to the Fund's performance while Information Technology detracted, both on an absolute basis and relative to the Index.

Consumer Discretionary, Industrials and Consumer Staples sectors comprised approximately 18% of the Fund's sector exposure on a look-through basis at the end of the reporting period, and were the Fund's largest sector underweights relative to the Index. During the reporting period, Consumer Staples contributed to the Fund's performance on an absolute basis, while Consumer Discretionary and Industrials sectors detracted from the Fund's performance on an absolute basis. Relative to the Index, all three sectors detracted from the Fund's performance.

On an allocation level, the Fund's allocation to USA Energy was the largest contributor to the Fund's performance on an absolute basis, while allocation to Broad USA detracted on an absolute basis during the reporting period.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period, the Fund was allocated to twenty-one strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION\*\*\*** | |
| USA | 37% |
| U.S. Software | 7 |
| U.S. Financials | 6 |
| U.S. Pharmaceuticals | 6 |
| U.S. Information Technology | 5 |
| U.S. Managed Health Care | 5 |
| U.S. Technology, Hardware & Equipment | 4 |
| U.S. Air, Freight & Logistics | 3 |
| U.S. Communication Services | 3 |
| U.S. Consumer Discretionary | 3 |
| U.S. Data Processing | 3 |
| U.S. Interactive Media & Services | 3 |
| USA Energy | 3 |
| Life Sciences Tools & Services | 2 |
| U.S. Electronic Equipment | 2 |
| U.S. Semiconductor & Semiconductor Equipment | 2 |
| U.S. Utilities | 2 |
| U.S. Beverages | 1 |
| U.S. Biotechnology | 1 |
| U.S. Custom Equity Sleeve (JPMPI) | 1 |
| U.S. Internet Retail | 1 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 3

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##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited) (continued)

net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

Allocation to Broad USA, which was approximately 37% of the Fund as of December 31, 2022, provides what the Adviser believes to be an ability to tactically allocate to broad U.S. large cap exposure and use as a potential funding source for future targeted allocations.

Allocations to U.S. Software and U.S. Internet Retail provide what the Adviser believes is a multi-year opportunity for the leaders in this space to take advantage of businesses shifting workloads onto Cloud platforms. These exposures comprised approximately 8% of the Fund as of December 31, 2022.

Allocations to U.S. Pharmaceuticals and U.S. Biotechnology comprised approximately 7% of the Fund as of December 31, 2022. The Adviser believes that pharmaceutical companies have strong fundamentals with attractive valuations in the current market. The Biotechnology sector focuses on companies primarily engaged in the research, development, manufacturing and / or marketing of products based on genetic analysis and genetic engineering.

Allocation to U.S. Financials comprised approximately 6% of the Fund as of December 31, 2022. The Adviser believes in capital adequacy and dividend sustainability in the sector and currently has conviction in the sector given compelling valuations and more realistic market expectations about potential credit costs and buybacks.

Allocation to U.S. Information Technology, which allows the Adviser to access specific exposures within the Technology sector, was approximately 5% of the Fund as of December 31, 2022.

Allocation to U.S. Managed Health Care comprised approximately 5% of the Fund as of December 31, 2022. The Adviser believes that the allocation focuses on the intersection of Health Care and innovation, focusing on four paradigm shifts within Health Care identified by the Adviser, including big data, advanced diagnostics, targeted therapies, and enhanced aging.

Allocation to U.S. Technology, Hardware & Equipment allows the Adviser to access specific exposures within the Technology sector. The allocation comprised approximately 4% of the Fund as of December 31, 2022.

Allocation to U.S. Air, Freight & Logistics comprised approximately 3% of the Fund as of December 31, 2022.

Allocation to U.S. Communications Services allows the Adviser to gain specific exposures within the mega cap technology sectors. The allocation was approximately 3% of the Fund as of December 31, 2022.

Allocation to U.S. Interactive Media & Services focuses on companies engaged in content and information creation or distribution through proprietary platforms, where revenues are derived primarily through pay-per-click advertisements. This allocation was approximately 3% of the Fund as of December 31, 2022. The Adviser believes in the opportunities available in the cloud market and views this exposure as potential for continued strength in earnings growth.

Allocation to U.S. Data Processing was approximately 3% of the Fund as of December 31, 2022. The Adviser believes that the companies within the sector's core business have been accelerating and expanding into new payment flows.

The Adviser believes that valuations for U.S. Semiconductors & Semiconductor Equipment companies are now more reasonable and provide an attractive entry point. This allocation comprised approximately 2% of the Fund as of December 31, 2022.

The Adviser believes that allocation to U.S. Electronic Equipment is attractive given its position within the broader Information Technology sector and structural change over the past decade. This allocation comprised approximately 2% of the Fund as of December 31, 2022.

Allocation to USA Energy comprised approximately 3% of the Fund as of December 31, 2022.

The Adviser believes that utilities have cheapened versus the market with no change to the underlying fundamentals (for example, higher leverage, negative free-cash-flow coverage), making the sector incrementally more attractive as a defensive diversifier in the portfolio. This allocation to U.S. Utilities was approximately 2% of the Fund's exposure as of December 31, 2022.

Allocation to Life Sciences Tools & Services was approximately 2% of the Fund as of December 31, 2022. The Adviser believes that the sector is comprised of high quality and large cap companies with high potential earnings growth.

Allocation to U.S. Beverages was approximately 1% of the Fund's exposure as of December 31, 2022, and reflects the Adviser's belief that major players of this sector are going through structural changes.

 <br> 4 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
Allocation to the Custom Equity Sleeve was approximately 1% of the Fund as of December 31, 2022. This portion of the Fund's investments is allocated to individual publicly traded large capitalization U.S. equity securities, selected by the Adviser. Securities included in the U.S. Custom Equity Sleeve may be represented by a variety of U.S. sectors, sub-sectors or industries and are selected for inclusion by the Adviser based on its investment analysis in order to assist with either portfolio construction, risk management, liquidity considerations, or a combination thereof.

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since<br>Inception<br>(April 10, 2019)** |
| Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | (20.26)% | 10.67% |

---

**GROWTH OF $10,000 REPORT** (04/10/2019 to 12/31/2022)

------

![LOGO](g420464g45v80.jpg)

![LOGO](g420464g08q12.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. Cash and mark-to-market value on derivatives contracts represent less than 0.5%. The above Sector allocation uses The Global Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.28% and 0.07% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on April 10, 2019.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and the MSCI USA Index from April 10, 2019 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the U.S. market. With 624 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the United States. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 5

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##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN** | **REPORTING PERIOD RETURN** |
| Fund\* | **(12.54)%** |
| MSCI World ex-USA Index | **(14.29)%** |
| Net Assets as of 12/31/2022 (In Thousands) | $**3191667** |

---

**INVESTMENT OBJECTIVES AND STRATEGY**\*\*

Six Circles Managed Equity Portfolio International Unconstrained Fund (the "Fund") seeks to provide capital appreciation. The Fund invests at least 80% of its net assets in equity securities and other instruments with economic characteristics similar to equity securities. The Fund primarily invests in the equity securities of non-U.S. companies and is generally unconstrained by any particular capitalization, style or sector or non-U.S. country.

**INVESTMENT APPROACH** 

J.P. Morgan Private Investments Inc., the Fund's investment adviser ("JPMPI" or the "Adviser"), actively allocates the Fund's investments among a range of indexed investment strategies that are managed by the current sub-adviser, BlackRock Investment Management, LLC (the "Sub-Adviser" or "BlackRock"). For each indexed investment strategy, the Sub-Adviser seeks to replicate the performance of an index or sub-index selected by the Adviser. The Fund is specifically designed to serve as a completion portfolio and accomplish particular goals within discretionary Managed Equity Portfolios managed by JPMPI or its affiliates (the "Portfolios"). The Adviser utilizes the Fund to express targeted investment views, while taking into consideration positions held at the aggregate level in the Portfolios. As such, the Fund's allocations and performance should be evaluated in the context of the broader Portfolios and not on a standalone basis.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?** 

During the period January 1, 2022 through December 31, 2022 (the "reporting period"), the Fund posted a negative return on an absolute basis, but outperformed the MSCI World ex-USA Index (the "Index") on a relative basis. References to the Index are for informational purposes. The use of the Index does not imply the Fund is being managed to the Index and is disclosed to allow for comparison of the Fund's performance to that of a well-known and widely recognized index.

Consumer Discretionary, Information Technology, and Consumer Staples sectors comprised approximately 40% of the Fund's sector exposure on a look-through basis at the end of the reporting period, and were the Fund's largest sector overweights relative to the Index. All three sectors detracted from the Fund's performance on an absolute basis. Relative to the Index,

Information Technology contributed to performance, while Consumer Discretionary and Consumer Staples detracted from the Fund's performance. Additionally, Health Care, which was moderately overweight relative to the Index, detracted on an absolute basis but relative to Index, was the largest contributor to the Fund's performance.

Financials, Industrials, and Materials comprised approximately 33% of the Fund's sector exposure on a look-through basis at the end of the reporting period, and were the Fund's largest sector underweights relative to the Index. All three sectors detracted from the Fund's performance on an absolute basis. Relative to the Index, Materials and Industrials modestly contributed to performance, while Financials detracted from the Fund's performance.

On an allocation level, the Fund's allocation to Europe Integrated Oil & Gas was the largest contributor to the Fund's return on an absolute basis, while the allocation to Europe Textile Luxury Goods was the largest detractor from the Fund's return on an absolute basis during the reporting period.

**HOW WAS THE FUND POSITIONED?** 

At the end of the reporting period, the Fund was allocated to eighteen strategies managed by one Sub-Adviser, across various sector and sub-industry exposures as follows.

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION\*\*\*** | |
| Europe Financials | 13% |
| Europe Pharmaceuticals | 11 |
| Europe Textile Luxury Goods | 11 |
| Europe Industrials | 10 |
| Europe | 7 |
| Europe Food Products | 6 |
| Europe Integrated Oil & Gas | 6 |
| Europe Semiconductor & Semiconductor Equipment | 6 |
| Europe Automobiles | 5 |
| Japan | 4 |
| Switzerland Food Products | 4 |
| Europe ex-UK Utilities | 3 |
| European Metals & Mining | 3 |
| Germany Application Software | 3 |
| Japan Interactive Home Entertainment | 3 |
| Korea Technology, Hardware, Storage & Peripherals | 2 |
| Pacific ex-Japan | 2 |
| Canada | 1 |

---

------

\* The return shown is based on the net asset value calculated for shareholder transactions. Certain adjustments were made to the

 <br> 6 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
net assets of the Fund at December 31, 2022 for financial reporting purposes, and as a result, the net asset value for shareholder transactions and the total return based on that net asset value may differ from the adjusted net assets and the total return for financial reporting.

\*\* The Adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

\*\*\* Percentages are based on total investments as of December 31, 2022. The portfolio allocation is subject to change.

Allocation to Europe Financials was approximately 13% of the Fund as of December 31, 2022. The Adviser currently has conviction in the sector due to improved capital levels, and believes Financials can directly benefit from higher inflation and interest rates through higher lending costs and better net interest margin.

Allocation to Europe Pharmaceuticals comprised approximately 11% of the Fund as of December 31, 2022 and provides what the Adviser believes to be a defensive exposure with attractive fundamentals and valuations, within the context of the broader Portfolios.

The Adviser believes that companies in the Europe Textiles Luxury Goods sector are high quality consumer-oriented companies within the Consumer Discretionary sector, and provides for the cyclical exposure in Europe. This allocation comprised approximately 11% of the Fund as of December 31, 2022.

Allocation to Europe Industrials was approximately 10% of the Fund as of December 31, 2022 and provides an exposure that the Adviser believes will benefit from economic growth and recovery.

Broad European Equities sector has exposure to companies with secular tailwinds and a large concentration in semiconductors. This allocation comprised approximately 7% of the Fund as of December 31, 2022.

Allocation to Europe Food Products was approximately 6% of the fund as of December 31, 2022 and serves as a defensive position, allowing the Adviser access to a concentrated index of high-quality European companies.

The Adviser believes that companies within the Europe Semiconductors sector have reasonable valuations making the exposure very attractive. The sector comprised approximately 6% of the Fund as of December 31, 2022.

Allocation to Europe Integrated Oil & Gas provides exposure to a cyclical industry and comprised approximately 6% of the Fund as of December 31, 2022.

The Adviser believes that the allocation to Broad Japan provides exposure to high quality Japanese Equity companies with evolving business models. The allocation was approximately 4% of the Fund as of December 31, 2022.

Allocation to Switzerland Food Products was approximately 4% of the fund as of December 31, 2022 and serves as a defensive position, allowing the Adviser access to a concentrated index of high-quality Swiss companies.

The Adviser believes that the allocation to Europe Automobiles is expected to perform well as the economy recovers. This allocation comprised approximately 5% of the Fund as of December 31, 2022.

Allocation to Europe Metals and Mining provides what the Adviser believes is a cyclical exposure to companies with strong balance sheets. The allocation was approximately 3% of the Fund as of December 31, 2022.

The Adviser believes that the allocation to Europe ex-UK Utilities serves as a defensive position with exposure to renewable energy, which helps diversify against European Energy positions and provides a growth dynamic to the sector. This allocation was approximately 3% of the Fund as of December 31, 2022.

The Adviser believes that the allocation to Japan Interactive Home Entertainment provides exposure to companies that have quality earnings potential that may be underappreciated by the market. This allocation was approximately 3% of the Fund as of December 31, 2022.

Allocation to German Application Software was approximately 3% of the fund as of December 31, 2022. German Investable Market Index is primarily made up of SAP, a company the Adviser believes that the market is currently underappreciating given its cloud transition, value of defensive cashflows, and positive business model changes.

Allocation to Pacific ex-Japan and Canada comprised approximately 2% and 1% of the Fund respectively, as of December 31, 2022. The Adviser believes that the allocation provides for the diversification of the regional exposure.

Allocation to Korea Technology Hardware, Storage and Peripherals provides what the Adviser believes is exposure to a strong player within the global technology supply chain. This allocation was approximately 2% of the Fund as of December 31, 2022.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 7

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##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**FUND COMMENTARY** 

Twelve Months Ended December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 | **AVERAGE ANNUAL TOTAL RETURNS**<br> AS OF DECEMBER 31, 2022 |
| | **1 Year** | **Since**<br> **Inception<br>(April 10, 2019)** |
| Six Circles Managed Equity Portfolio International Unconstrained Fund | (12.54)% | 4.89% |

---

**GROWTH OF $10,000 REPORT** (04/10/2019 to 12/31/2022)

------

![LOGO](g420464g64t68.jpg)

![LOGO](g420464g10i15.jpg)

------

<sup>1)</sup> Presented percentages may not sum to 100% due to rounding to the nearest percent. Cash and mark-to-market value on derivatives contracts represent less than 0.5%. The above Sector allocation uses The Global Industry Classification Standard (GICS<sup>®</sup>) and may differ from categories listed within the Schedule of Investments. 

***The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.32% and 0.12% respectively. Contact your J.P. Morgan representative or call 1-212-464-2070 for the most recent month-end performance.***

The Fund commenced operations on April 10, 2019.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Managed Equity Portfolio International Unconstrained Fund and the MSCI World ex-USA Index from April 10, 2019 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World ex-USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The MSCI World ex-USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries—excluding the United States. With 884 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets (EM) countries. With 1,377 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 <br> 8 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — 99.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 16 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 7 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp., Class A | 9 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 13 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 50 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 37 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 10 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 17 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 8 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 18 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc, (United Kingdom) | 34 | 11078 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 20 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. (The) | 26 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 16 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 7 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 16 | 3894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 3 | 340 |
|  |  | 40496 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 28 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. (a) | 54 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 19 | 2440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 14 | 1374 |
|  |  | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 10 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 90 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 51 | 2402 |
|  |  | 6271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 52414 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 53 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 28 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A (a) | 55 | 2448 |
|  |  | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 43 | 3718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (a) | 1514 | 133601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C (a) | 1401 | 124306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a) | 1907 | 160194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. (a) | 5 | 9647 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 111 | 19807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc., Class A (a) | 20 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 47 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 115 | 4788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc. (a) | 25 | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. (a) | 20 | 1753 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a) | 11 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 151 | 3230 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 13 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marqeta, Inc., Class A (a) | 55 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. (a) | 69 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc., (Uruguay) (a) | 9 | 7800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A (a) | 577 | 69425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 58 | 17234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc., Class A (a) | 16 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 75 | 10509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 143 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roku, Inc., Class A (a) | 19 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 283 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 104 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. (a) | 9 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C (a) | 15 | 478 |
|  |  | 590665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A (a) | 15 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 579 | 20258 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., Class A (a) | 45 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 7 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 44 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 22 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C (a) | 17 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global plc, (United Kingdom), Class A (a) | 30 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Global plc, (United Kingdom), Class C (a) | 48 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One, Class C (a) | 28 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class A | 12 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 24 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 57 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, Class B | 83 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 91 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) (a) | 240 | 20829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 313 | 2969 |
|  |  | 63254 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 44 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 939 | 17295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 781 | 37210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 664 | 21211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 65 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | 133 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 31 | 7990 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. (a) | 81 | 11327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 552 | 21760 |
|  |  | 124939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 785371 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 9

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. (a) | 17 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co. (a) | 16 | 544 |
|  |  | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 149 | 17485 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 43 | 1179 |
|  |  | 18664 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 10 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 484 | 5629 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 169 | 5696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lucid Group, Inc. (a) | 83 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 25 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 46 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 312 | 38483 |
|  |  | 56107 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc, (Ireland) (a) | 33 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 30 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 8 | 998 |
|  |  | 5290 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 29 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 41 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson plc, (United Kingdom) | 19 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 29 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 4 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 3 | 1832 |
|  |  | 10790 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. (a) | 26 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | 28 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 5 | 1283 |
|  |  | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark | 32 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 38 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 29 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc. (a) | — (h) | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 26 | 1168 |
|  |  | 8679 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 7 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 57 | 752 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a) | 130 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. (a) | 28 | 1402 |
|  |  | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 33 | 4166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. (a) | 39 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 34 | 5061 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 40 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. (a) | 14 | 1120 |
|  |  | 13575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 7 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a) | 2 | 5423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 29 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 25 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 8 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc. (a) | 21 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A (a) | 3 | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 30 | 13486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 15 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 26 | 6313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 26 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 4 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 16 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 120 | 37914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 73 | 14501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc., (Canada) (a) | 14 | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 86 | 22696 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 7 | 6118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 42 | 4907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 134 | 13273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 55 | 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 136 | 10802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 13 | 2864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 6 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 52 | 1959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 102 | 14493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 33 | 4201 |
|  |  | 195579 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 17 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 320696 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 25.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 120 | 5508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 40 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. | 12 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 6 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. (a) | 7 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 103 | 10430 |
|  |  | 21312 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 10 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 62 | 4067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 845 | 53743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 32 | 7385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 153 | 5468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 39 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 80 | 8139 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 283 | 51052 |
|  |  | 131855 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 20 | 4750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 89 | 23364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 25 | 6874 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. (a) | 31 | 3251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A (a) | 5 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 52 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 212 | 18216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics Plc (a) | 36 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 37 | 7381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 32 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc. (a) | 56 | 9991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. (a) | 18 | 13044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 18 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagen, Inc. (a) | 23 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 42 | 12220 |
|  |  | 114652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc., Class A (a) | 52 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 104 | 24948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A (a) | 134 | 8404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., Class A | 8 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 2 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 7 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate plc, (United Kingdom) (a) | 22 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 25 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 9 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. (a) | 7 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc., (Puerto Rico) | 8 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evo Payments, Inc., Class A (a) | 7 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. (a) | 18 | 3254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 8 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 70 | 6931 |
| &nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc., Class A (a) | 3 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 7 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; MoneyGram International, Inc. (a) | 13 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 29 | 8185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paya Holdings, Inc. (a) | 12 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp. (a) | 9 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc., Class A (a) | 3 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc. (a) | 30 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (a) | 274 | 19520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 8 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remitly Global, Inc. (a) | 13 | 145 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp., Class A (a) | 12 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International, Inc. | 9 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 15 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 58 | 19362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp. (a) | 45 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., Class A (a) | 7 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a) | 62 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 15 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 8 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. (a) | 5 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A | 11 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc. (a) | 6 | 1052 |
|  |  | 117505 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 53 | 4205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 16 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 161 | 24362 |
|  |  | 32632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co. | 17 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 33 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 41 | 3432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 9 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 16 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. (The) | 8 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co. | 19 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 52 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 49 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 9 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 18 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 93 | 6199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 34 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 22 | 1366 |
|  |  | 27956 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 119 | 13066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. (a) | 5 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc. (a) | 146 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 29 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 36 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 97 | 4501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | 3 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 182 | 48314 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 20 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (a) | 40 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp. (a) | 33 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 15 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | 5 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp. (a) | 4 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a) | 24 | 6245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp. (a) | 4 | 565 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 11

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc, (Ireland) | 92 | 7129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure Ltd., (Jersey) (a) | 5 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 29 | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp. (a) | 12 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 9 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS plc | 6 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 23 | 5612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 3 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 101 | 55814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 14 | 4630 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 17 | 3925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 15 | 1858 |
|  |  | 181561 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent, Inc. (a) | 53 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 255 | 20949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. (a) | 12 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc. (a) | 5 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 108 | 55547 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 15 | 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 57 | 29367 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 43 | 8897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | 7 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. (a) | 26 | 8534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 8 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 460 | 244019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 5 | 756 |
|  |  | 379980 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 7 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 15 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 9 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 24 | 3286 |
|  |  | 6886 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 295 | 47639 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 10 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | 20 | 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 642 | 46187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 19 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp. | 20 | 6707 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 89 | 8269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 25 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. (a) | 43 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 240 | 87660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc. (a) | 9 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc, (Ireland) (a) | 4 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 794 | 140284 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 10 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 770 | 85413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 15 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 60 | 1684 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 1705 | 87339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 384 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Class A | 141 | 20623 |
|  |  | 554501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 1568840 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (a) | 24 | 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 17 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Partners LP | 8 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plug Power, Inc. (a) | 25 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc., (Israel) (a) | 9 | 2691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunnova Energy International, Inc. (a) | 11 | 190 |
|  |  | 12643 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 64 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | 21 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 341 | 61222 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 234 | 27671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 140 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 111 | 6850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 32 | 4358 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 108 | 13973 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 62 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 768 | 84736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 51 | 7194 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 42 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 128 | 3474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 92 | 10702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 169 | 10656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 52 | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 89 | 9235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 42 | 9591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 1 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 72 | 9117 |
|  |  | 276653 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | 192 | 5662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 170 | 6697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 260 | 13924 |
|  |  | 26283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 40 | 6042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 371 | 6705 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 81 | 5337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 36 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 222 | 7310 |
|  |  | 28075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 343654 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 12 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1192 | 39494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 145 | 6588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 333 | 15082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 103 | 4065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 140 | 4587 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 3 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 113 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 37 | 4527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 57 | 19730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 296 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 204 | 3549 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 35 | 5055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 219 | 18599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 41 | 3592 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 71 | 11257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 194 | 4173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank | 18 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 71 | 5540 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group (a) | 13 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 237 | 10178 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 251 | 10927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 48 | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 636 | 26242 |
|  |  | 209924 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 85 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 109 | 16148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 20 | 6251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 79 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Inc., Class A | 2 | 1339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 71 | 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 17 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 246 | 20518 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., Class A | 63 | 10669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A (a) | 25 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services | 52 | 5120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp. (a) | 4 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 82 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 99 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Money Express, Inc. (a) | 5 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 97 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 14 | 3053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 234 | 81245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 71 | 4367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 40 | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 32 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 102 | 3347 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 43 | 4732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 30 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 453 | 94218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The) | 110 | 1517 |
|  |  | 291615 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 109 | 7853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 51 | 6975 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 17 | 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 135 | 8568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon plc, Class A | 37 | 10994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., (Bermuda) (a) | 73 | 4613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 38 | 7211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 11 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 213 | 65892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 39 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd., (Switzerland) | 68 | 14995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 30 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 78 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 5 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group Ltd., (Bermuda) | 8 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 63 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 21 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 63 | 4769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 45 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 49 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Corp. (a) | 3 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 86 | 14260 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 121 | 8729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 49 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 102 | 13189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 62 | 6131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 42 | 7957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson plc, (United Kingdom) | 20 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 36 | 2613 |
|  |  | 221624 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 33 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 166 | 12313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 61 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 107 | 4974 |
|  |  | 21367 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A (a) | 24 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 11 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 17 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 31 | 6499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 78 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 9 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 12 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 6 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 28 | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 20 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 6 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 10 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 23 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 4 | 822 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 13

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 7 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 15 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc., Class A | 24 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 42 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 52 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 38 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 17 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 38 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 44 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 7 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 62 | 6972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 10 | 2874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 38 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 10 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A | 7 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 22 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 8 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 18 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 28 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 62 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 28 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co., Class REIT | 52 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 10 | 796 |
|  |  | 61084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 807435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The) (a) | 39 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 16 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 2 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 4 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 27 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 13 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 16 | 7978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 10 | 5516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 101 | 10178 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 3 | 2088 |
|  |  | 41707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 60 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 12 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc | 47 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 1 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 5 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 14 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. (a) | 8 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 8 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 10 | 1773 |
|  |  | 11926 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 15 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 42 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. (a) | 7 | 748 |
|  |  | 6925 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 69 | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion plc, (Ireland) | 5 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 491 | 37370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc. (a) | 55 | 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 24 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd., (Switzerland) | 20 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 46 | 9865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., Class B | 3 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 147 | 25228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 5 | 7431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies Holding plc | 9 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 264 | 30287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 207 | 10471 |
|  |  | 141579 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 10 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Group LP | 3 | 39 |
|  |  | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair plc, (United Kingdom) | 16 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp. (a) | 4 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | 16 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 17 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 29 | 4554 |
|  |  | 9524 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 4 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 11 | 807 |
|  |  | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 36 | 8527 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 145 | 6840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 20 | 8532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 11 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 5 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 27 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 3 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 30 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 8 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 12 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 13 | 1399 |
|  |  | 27054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 14 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 39 | 4654 |
| &nbsp;&nbsp;&nbsp;&nbsp; AO Smith Corp. | 12 | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 3 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. plc | 28 | 4400 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 76 | 6364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 21 | 4621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 9 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 39 | 15493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 15 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies plc, (Ireland) | 16 | 2767 |
|  |  | 43363 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor plc, (United Kingdom) | 116 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 25 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 14 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 7 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 11 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Co. | 22 | 778 |
|  |  | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 2 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 129 | 11783 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 147 | 4558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 168 | 17408 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 253 | 43746 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 6 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc., Class A | 12 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 16 | 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 7 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 43 | 8859 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 869 | 151086 |
|  |  | 245049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 545012 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 25.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, (Ireland), Class A | 66 | 17703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 3014 | 391651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 55 | 3166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent, Inc. (a) | 26 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 50 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 54 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc. (a) | 6 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. (a) | 5 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 171 | 8354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 248 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 197 | 5280 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 95 | 13402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 10 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 9 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 39 | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 36 | 1889 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TaskUS, Inc., Class A (a) | 4 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Holdings, Inc. | 3 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. (a) | 62 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 21 | 2349 |
|  |  | 464282 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business Equipment — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A (a) | 43 | 10918 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a) | 288 | 18637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 92 | 15108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 154 | 14989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 73 | 40745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 25 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 745 | 19699 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 25 | 9462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 25 | 10418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 148 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 98 | 6876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 199 | 9961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 8 | 2747 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 447 | 65333 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV, (Netherlands) | 47 | 7360 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 76 | 4765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc. (a) | 19 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 201 | 22086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 31 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 28 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 163 | 26955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc. (a) | 22 | 1493 |
|  |  | 290822 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 12.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 103 | 7864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 120 | 40407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 18 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc. (a) | 22 | 5283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Technology, Inc. (a) | 6 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 56 | 10414 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc. (a) | 7 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 47 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings, Inc. (a) | 23 | 2475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Knight, Inc. (a) | 39 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 30 | 4089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 69 | 11142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. (a) | 37 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 23 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 6 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 5 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 61 | 4516 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc., Class A (a) | 52 | 2881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A (a) | 66 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 48 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 37 | 4483 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 15

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a) | 6 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 155 | 10510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 154 | 15528 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 12 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 68 | 26500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 17 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 1809 | 433722 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A (a) | 7 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 15 | 6816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 408 | 33381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 434 | 2786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 81 | 9364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. (a) | 13 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 27 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 47 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 27 | 11796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. (a) | 255 | 33757 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 51 | 19993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 23 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Splunk, Inc. (a) | 40 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 60 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 39 | 12349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 21 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 22 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | 10 | 3330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc. (a) | 58 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | 8 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp., Class A (a) | 20 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc., Class A (a) | 55 | 6741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A (a) | 52 | 8694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A (a) | 59 | 3994 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A (a) | 63 | 1911 |
|  |  | 786056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 1552078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 104 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 6 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 39 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altus Power, Inc., Class A (a) | 5 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 42 | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 86 | 8148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avangrid, Inc. | 8 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 7 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 102 | 3050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class A | 3 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 9 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 47 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 60 | 5697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 54 | 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 139 | 8521 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 31 | 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 129 | 13294 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 63 | 3979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 34 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 37 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 56 | 4692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 167 | 7233 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 90 | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 3 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. | 11 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 5 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 4 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 322 | 26905 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Corp. | 6 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 42 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 20 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 4 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 4 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. (a) | 247 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 11 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNM Resources, Inc. | 8 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 9 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 126 | 3673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 84 | 5168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 51 | 7909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 183 | 13032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 2 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Via Renewables, Inc., Class A | 2 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 59 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 51 | 4798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 91 | 6362 |
|  |  | 165645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 22 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 9 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 10 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 65 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 4 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 6 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 1 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Industries, Inc. | 12 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 7 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 6 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 40 | 1473 |
|  |  | 8611 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 4 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 29 | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 1 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 5 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd., (Cayman Islands) | 2 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 40 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp; SJW Group | 3 | 214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 16 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 2 | 90 |
|  |  | 7436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 181692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $6,022,736) |  | 6157192 |
|  | **PRINCIPAL<br>AMOUNT ($)** |  |
|  **Short-Term Investments — 0.6%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 3.69%, 01/03/2023 | 4662 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, 3.69%, 01/03/2023 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 3.69%, 01/03/2023 | 1341 | 1341 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 3.69%, 01/03/2023 | 11549 | 11549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 3.69%, 01/03/2023 | 4850 | 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 3.69%, 01/03/2023 | 18039 | 18039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $40,441) |  | 40441 |
|  **Total Investments — 99.9%<br>(Cost — $6,063,177)** |  | **6197633** |
|  **Other Assets in Excess of Liabilities — 0.1%** | **Other Assets in Excess of Liabilities — 0.1%** | **3389** |
|  **NET ASSETS — 100.0%** |  | $**6201022** |

---

------

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  E-mini Consumer Discretionary Select Sector | 10 | 03/2023 | USD | 1345 | (31) |
|  E-mini Consumer Staples Select Sector | 9 | 03/2023 | USD | 698 | (17) |
|  E-mini Energy Select Sector | 20 | 03/2023 | USD | 1811 | 30 |
|  E-mini Financial Select Sector | 27 | 03/2023 | USD | 2908 | (43) |
|  E-mini Health Care Select Sector | 17 | 03/2023 | USD | 2414 | (64) |
|  E-mini Utilities Select Sector | 11 | 03/2023 | USD | 804 | (16) |
|  E-mini Technology Select Sector | 23 | 03/2023 | USD | 2920 | (14) |
|  Micro E-mini NASDAQ 100 Index | 393 | 03/2023 | USD | 8975 | (312) |
|  Micro E-mini Russell 2000 Index | 6 | 03/2023 | USD | 52 | 1 |
|  Micro E-mini S&P 500 Index | 257 | 03/2023 | USD | 5097 | (135) |
|  S&P 500 E-mini Index | 77 | 03/2023 | USD | 15313 | (449) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (1050) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 17

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 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. |
| USD | — United States Dollar |

---

**Summary of Investments by Industry, December 31, 2022** 

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Software | 12.7% |
|  Internet | 9.5% |
|  Pharmaceuticals | 8.9% |
|  Computers | 7.5% |
|  Healthcare — Services | 6.1% |
|  Diversified Financial Services | 4.7% |
|  Semiconductors | 4.7% |
|  Oil & Gas | 4.5% |
|  Transportation | 4.0% |
|  Insurance | 3.6% |
|  Banks | 3.4% |
|  Retail | 3.2% |
|  Healthcare — Products | 2.9% |
|  Electric | 2.7% |
|  Electronics | 2.3% |
|  Beverages | 2.1% |
|  Telecommunications | 2.0% |
|  Commercial Services | 1.9% |
|  Biotechnology | 1.9% |
|  Media | 1.0% |
|  Others (Each less than 1.0%) | 9.7% |
|  Short-Term Investments | 0.7% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 18 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — 97.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Australia — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ampol Ltd. | 10 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 122 | 1963 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Group | 48 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 24 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. | 8 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurizon Holdings Ltd. | 75 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 206 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueScope Steel Ltd. | 19 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 57 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 3 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 54 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 69 | 4816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 22 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 20 | 3828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexus | 45 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Group Ltd. | 58 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Metals Group Ltd. | 69 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group | 69 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPT Group (The) | 78 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDP Education Ltd. | 8 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGO Ltd. | 28 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 100 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendlease Corp. Ltd. | 29 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) (a) | 91 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 15 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt Ltd. | 112 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources Ltd. | 7 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirvac Group | 164 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 129 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newcrest Mining Ltd. | 36 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 47 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orica Ltd. | 18 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 70 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilbara Minerals Ltd. (a) | 103 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. (a) | 38 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 60 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ramsay Health Care Ltd. | 7 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 2 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reece Ltd. | 9 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 15 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos Ltd. | 130 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group | 212 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEEK Ltd. | 14 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 19 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. | 189 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland | 97 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 51 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 165 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 125 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Wine Estates Ltd. | 29 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. | 158 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. | 9 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 46 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. | 143 | 2259 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Australia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 6 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 77 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 49 | 1130 |
|  |  | 45504 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Austria — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 101 | 3243 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 56 | 2890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG | 22 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; voestalpine AG | 51 | 1356 |
|  |  | 9340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Belgium — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 47 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA | 21 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 1 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA | 11 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 29 | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 74 | 4751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA | 5 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solvay SA | 2 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 41 | 3261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umicore SA | 5 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouses De Pauw CVA | 4 | 115 |
|  |  | 16828 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 9 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada (a) | 4 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. | 14 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | 16 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 6 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. | 13 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 13 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 24 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Corp. | 36 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. | 1 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A (a) | 7 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 28 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRP, Inc. | 1 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc. (a) | 6 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 9 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Apartment Properties REIT | 2 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 18 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 12 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 22 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Ltd. | 19 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 1 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., Class A | 3 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., Class B | 3 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 28 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. (a) | 4 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | — (h) | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) (a) | 2 | 118 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 19

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 6 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | 8 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc. | 5 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., Class A | 3 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 41 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | — (h) | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | 12 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp. | 1 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 10 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 4 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 1 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 4 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., Class A | 4 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc. | 6 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. (e) | 7 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 2 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc. | 2 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 4 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 4 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A (a) | 12 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 4 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 26 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 3 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp. | 13 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 6 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 38 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc. | 5 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 7 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northland Power, Inc. | 5 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 11 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvei Corp. (a) | 1 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onex Corp. | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 5 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 4 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkland Corp. | 3 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | 11 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 11 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quebecor, Inc., Class B | 3 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 6 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; RioCan Real Estate Investment Trust | 3 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ritchie Bros Auctioneers, Inc. | 2 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 7 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 28 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. | 5 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shaw Communications, Inc., Class B | 10 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (a) | 24 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 12 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 27 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 20 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 10 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 9 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc. | 2 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 3 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. | 1 | 112 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries Ltd. | 2 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 36 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | 6 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fraser Timber Co. Ltd. | 1 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 9 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 2 | 289 |
|  |  | 34462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc | 174 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S, Class A | 1 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller—Maersk A/S, Class B | 1 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S, Class B | 2 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chr Hansen Holding A/S | 3 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 3 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 203 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (a) | 2 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 51 | 8021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (a) | 2 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 543 | 73781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novozymes A/S, Class B | 5 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted AS (e) | 59 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 73 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 2 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 106 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 274 | 7982 |
|  |  | 114172 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Finland — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 3 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 143 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko Oyj, Class B | 7 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 92 | 4774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 10 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 132 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 990 | 10610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 35 | 1921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 141 | 7382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ, Class R | 13 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 13 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 128 | 1083 |
|  |  | 30240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA (a) | 4 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris (a) | 8 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 13 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 160 | 19044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA | 87 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (e) | 18 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkema SA | 1 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 551 | 15338 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 1 | 109 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 20 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 327 | 18635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SE | 22 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 62 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA | 79 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 4 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 14 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 134 | 6549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 17 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 356 | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 284 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 7 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 16 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred | 6 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 22 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA | 188 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 574 | 8207 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 7 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo SE | 13 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA | 1 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE | 119 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 26 | 39554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA | 12 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 60 | 30746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA (a) | 5 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Francaise des Jeux SAEM (e) | 3 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 72 | 5795 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 6 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 223 | 162514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 48 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 5 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 6 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remy Cointreau SA | 1 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA (a) | 141 | 4708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 93 | 11600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi | 374 | 36097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 1 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 147 | 20644 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEB SA | 1 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 238 | 5966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA | 2 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleperformance | 16 | 3830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 29 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 948 | 59530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubisoft Entertainment SA (a) | 2 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail—Rodamco-Westfield (a) | 3 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo | 5 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 209 | 5378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 146 | 14526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivendi SE | 18 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendel SE | 8 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA (a) (e) | 6 | 232 |
|  |  | 521294 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 139 | 18905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Registered) | 120 | 25698 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 22 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Registered) | 322 | 16594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 243 | 21505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bechtle AG | 2 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 2 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 42 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carl Zeiss Meditec AG | 1 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG (a) | 314 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 3 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro AG (e) | 5 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG (a) | 122 | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE (a) (e) | 4 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Registered) | 609 | 6841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 56 | 9638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Registered) (a) | 162 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG (Registered) | 269 | 10052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Registered) | 79 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 705 | 7011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 5 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG & Co. KGaA | 5 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 10 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 41 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE | 18 | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement AG | 4 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; HelloFresh SE (a) | 4 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 3 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 852 | 25898 |
| &nbsp;&nbsp;&nbsp;&nbsp; KION Group AG | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG | 20 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 2 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 589 | 38494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 42 | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 14 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 41 | 13351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 48 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma SE | 85 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 1 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 12 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 202 | 8920 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 861 | 88937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (e) | 2 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Registered) | 207 | 28574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG | 118 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (e) | 7 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG, Class A | 3 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Deutschland Holding AG | 25 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Internet AG (Registered) | 2 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG | 22 | 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 17 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (a) (e) | 5 | 192 |
|  |  | 371363 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 21

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hong Kong — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 486 | 5371 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 151 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budweiser Brewing Co. APAC Ltd. (e) | 70 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 82 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 110 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 26 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 67 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESR Group Ltd. (e) | 81 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR (a) | 2 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 89 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Lung Properties Ltd. | 82 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | 31 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 60 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; HK Electric Investments & HK Electric Investments Ltd. | 108 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 154 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 456 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 49 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 46 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. | 7 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 86 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | 63 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; New World Development Co. Ltd. | 61 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | 57 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 140 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 55 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 59 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A | 20 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Properties Ltd. | 47 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 56 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (e) | 340 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 68 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xinyi Glass Holdings Ltd. | 74 | 137 |
|  |  | 17158 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ireland — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV (a) | 37 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc | 317 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc | 314 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH plc | 18 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC plc | 27 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian plc | 249 | 8448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment plc (a) | 4 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries plc | 18 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group plc, Class A | 70 | 6366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group plc | 42 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit Kappa Group plc | 6 | 227 |
|  |  | 26590 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplifon SpA | 3 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali SpA | 327 | 5815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio On Spa (a) (bb) (cc) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano NV | 13 | 131 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DiaSorin SpA | 1 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 2555 | 13740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 953 | 13549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 92 | 19829 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 180 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA (e) | 8 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 4922 | 10904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA | 177 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 165 | 8793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA (a) (e) | 15 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (e) | 155 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA | 69 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | 34 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 633 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA (a) | 248 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna—Rete Elettrica Nazionale | 446 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 566 | 8031 |
|  |  | 97793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 7 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 24 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 7 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 6 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 17 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. (a) | 6 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 17 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Intecc Co. Ltd. | 8 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 46 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 68 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azbil Corp. | 4 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 7 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 21 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brother Industries Ltd. | 9 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 37 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 209 | 6662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 5 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 20 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 24 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 25 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLOPL, Inc. | 69 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concordia Financial Group Ltd. | 40 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberAgent, Inc. | 16 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 8 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 4 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 36 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 65 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 9 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 2 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 22 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House REIT Investment Corp., Class A | — (h) | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 49 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; DeNA Co. Ltd. | 99 | 1323 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 22 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 16 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsu Group, Inc. | 8 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 1 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 11 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 9 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 114 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 7 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 2 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 5 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 13 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 7 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP J-REIT | — (h) | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMO Payment Gateway, Inc. | 2 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; GungHo Online Entertainment, Inc. | 53 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hakuhodo DY Holdings, Inc. | 9 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamamatsu Photonics KK | 5 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 8 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 1 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hirose Electric Co. Ltd. | 1 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Construction Machinery Co. Ltd. | 4 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 36 | 1806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 60 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoshizaki Corp. | 4 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 13 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 14 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ibiden Co. Ltd. | 4 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 8 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iida Group Holdings Co. Ltd. | 5 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 39 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 22 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ito En Ltd. | 2 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 44 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itochu Techno-Solutions Corp. | 4 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. (a) | 5 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 19 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Metropolitan Fund Invest | — (h) | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 15 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 88 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 7 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Real Estate Investment Corp. | — (h) | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 44 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 18 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSR Corp. | 7 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 16 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kakaku.com, Inc. | 5 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 26 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAO Corp. | 18 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 60 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keio Corp. | 4 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keisei Electric Railway Co. Ltd. | 5 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 7 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 5 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kintetsu Group Holdings Co. Ltd. | 6 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 31 | 465 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobayashi Pharmaceutical Co. Ltd. | 2 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 6 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koei Tecmo Holdings Co. Ltd. | 142 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koito Manufacturing Co. Ltd. | 8 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 34 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 112 | 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kose Corp. | 1 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 38 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. | 4 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 12 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 10 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 3 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lixil Corp. | 11 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 16 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 8 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 57 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mazda Motor Corp. | 21 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Holdings Co. Japan Ltd. | 3 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEIJI Holdings Co. Ltd. | 4 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 13 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. | 11 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 47 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 47 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 71 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 44 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 25 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 12 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 442 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 53 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Chemicals, Inc. | 7 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 34 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 13 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; MIXI, Inc. | 46 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 89 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 9 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 17 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 21 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 9 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 574 | 12878 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGK Insulators Ltd. | 9 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec Corp. | 17 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon M&A Center Holdings, Inc. | 11 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 1330 | 55926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. | — (h) | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Express Holdings, Inc. | 3 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 31 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Prologis REIT, Inc. | — (h) | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 6 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Shinyaku Co. Ltd. | 2 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 30 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone Corp. | 44 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 18 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Chemical Corp. | 5 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. | 86 | 269 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 23

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nisshin Seifun Group, Inc. | 7 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissin Foods Holdings Co. Ltd. | 2 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 3 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 5 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 108 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Holdings, Inc. | 4 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Real Estate Master Fund, Inc. | — (h) | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 12 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Data Corp. | 23 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 24 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 3 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odakyu Electric Railway Co. Ltd. | 11 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oji Holdings Corp. | 30 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 45 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omron Corp. | 7 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ono Pharmaceutical Co. Ltd. | 13 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open House Group Co. Ltd. | 3 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 2 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 7 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 44 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 14 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 4 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 15 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 14 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 82 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persol Holdings Co. Ltd. | 7 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc. | 32 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 53 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (a) | 43 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 80 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ricoh Co. Ltd. | 21 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rohm Co. Ltd. | 3 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 9 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCSK Corp. | 6 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 8 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seiko Epson Corp. | 10 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 14 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 23 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 28 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 11 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharp Corp. | 8 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 9 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 3 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimizu Corp. | 20 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 14 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 10 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 15 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shizuoka Financial Group, Inc. | 17 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 2 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 106 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 45 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 12 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 47 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Square Enix Holdings Co. Ltd. | 103 | 4800 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 23 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; SUMCO Corp. | 13 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Chemical Co. Ltd. | 55 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 42 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 27 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 9 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 48 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Holdings, Inc. | 12 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 12 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 5 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 14 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 6 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 20 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 7 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 56 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 14 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 24 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 8 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobu Railway Co. Ltd. | 7 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 4 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 68 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electric Power Co. Holdings, Inc. (a) | 57 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 6 | 1645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 15 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 20 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN, Inc. | 10 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 51 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toshiba Corp. | 15 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tosoh Corp. | 10 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTO Ltd. | 5 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 6 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 392 | 5347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 8 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 5 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 15 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; USS Co. Ltd. | 8 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welcia Holdings Co. Ltd. | 4 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 8 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yakult Honsha Co. Ltd. | 5 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Corp. | 5 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 11 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Holdings Co. Ltd. | 11 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yaskawa Electric Corp. | 9 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 8 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Z Holdings Corp. | 99 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 5 | 114 |
|  |  | 203830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Jordan — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals plc | 54 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 232 | 6113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA | 25 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE | 3 | 239 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 24 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 12 | 202 |
|  |  | 6612 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Macau — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd. (a) | 99 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA, GDR (e) | 119 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (a) (e) | 1 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon NV | 526 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 4 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (a) | 1 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 31 | 7748 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 265 | 144620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (e) | 25 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR NV (a) | 32 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 2 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 6 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV | 15 | 2212 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 1110 | 13519 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 45 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Just Eat Takeaway.com NV (a) (e) | 5 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 26 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke DSM NV | 4 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 78 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 22 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 82 | 3366 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI NV | 3 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (a) | 20 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV (a) | 5 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 32 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 1614 | 22923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 18 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 71 | 7442 |
|  |  | 220068 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Zealand — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. (a) | 51 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 24 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury NZ Ltd. | 29 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 52 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spark New Zealand Ltd. | 76 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (a) | 6 | 262 |
|  |  | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Norway — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adevinta ASA, Class B (a) | 7 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 8 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 274 | 5407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 363 | 13049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 59 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 24 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 183 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 593 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 333 | 2401 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Norway — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 30 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 17 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 4 | 180 |
|  |  | 32386 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Portugal — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP—Energias de Portugal SA | 872 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | 191 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 7 | 152 |
|  |  | 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Singapore — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 137 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust | 216 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitaland Investment Ltd. | 106 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Developments Ltd. | 17 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 74 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting Singapore Ltd. | 251 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A (a) | 53 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Cycle & Carriage Ltd. | 4 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Corp. Ltd. | 59 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Logistics Trust | 139 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapletree Pan Asia Commercial Trust | 98 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 138 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR (a) | 15 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | 55 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 32 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | 65 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 337 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 48 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; UOL Group Ltd. | 19 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Corp. Ltd. | 11 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. | 78 | 244 |
|  |  | 8778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 909 | 39881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. (Registered), GDR | 23 | 25661 |
|  |  | 65542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 8 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 59 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (a) (e) | 20 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA (a) | 11 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 1791 | 10786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 4948 | 14794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 1306 | 5121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (e) | 13 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. ACCIONA Energias Renovables SA | 22 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis SA | 94 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enagas SA | 62 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA | 101 | 1894 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 25

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SA | 132 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA (a) | 7 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 1902 | 22200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 27 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | 49 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Electrica Corp. SA | 104 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 527 | 8382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 130 | 470 |
|  |  | 81714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 78 | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 271 | 5839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 728 | 8623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 423 | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB | 121 | 4528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrolux AB, Class B | 5 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embracer Group AB, Class B (a) | 17 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 179 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 106 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 87 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 15 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (e) | 4 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B (a) | 16 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getinge AB, Class B | 6 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B | 17 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 47 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 2 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husqvarna AB, Class B | 114 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 39 | 938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 46 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 74 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B | 40 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class A | 146 | 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 537 | 9716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinnevik AB, Class B (a) | 72 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 23 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 63 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 411 | 3833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 5 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 289 | 5221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 134 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A | 476 | 5480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 92 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 104 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB SCA, Class B | 15 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 429 | 4320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 266 | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (a) | 4 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 14 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B | 71 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 66 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class A | 54 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 409 | 7385 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo Car AB, Class B (a) | 437 | 1992 |
|  |  | 94118 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — 20.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 426 | 12980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adecco Group AG (Registered) | 43 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon, Inc. | 12 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bachem Holding AG, Class B | 1 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baloise Holding AG (Registered) | 13 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise (Registered) | 9 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut AG (Registered) | 3 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKW AG | 7 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 1 | 8835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 9259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA (Registered), Class A | 421 | 54609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clariant AG (Registered) (a) | 5 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG | 5 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group AG (Registered) | 1063 | 3172 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG (Registered) | — (h) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Registered) | 10 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Registered) | — (h) | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore plc | 4302 | 28691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG (a) | 14 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 63 | 3666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG (Registered) | 15 | 3423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Registered) | 4 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Registered) | 2 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA (Registered) | 2294 | 264979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG (Registered) | 710 | 64246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 7 | 5920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 239 | 75844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 11 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Registered) | 6 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Registered) | 2 | 4027 |
| &nbsp;&nbsp;&nbsp;&nbsp; SIG Group AG (a) | 8 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Registered) | 4 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Registered) | 1 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 446 | 15847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG (Registered) | 3 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 23 | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) (Registered) | 42 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Registered) | 9 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Registered) | 2 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 89 | 8308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG (Registered) | 1 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temenos AG (Registered) | 2 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Registered) | 986 | 18334 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG (e) | 7 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 44 | 21191 |
|  |  | 643825 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 26 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Arab Emirates — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health plc (a) (bb) (cc) | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc | 287 | 4630 |
| &nbsp;&nbsp;&nbsp;&nbsp; abrdn plc | 634 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group plc | 53 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American plc | 560 | 21914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group plc | 119 | 6783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods plc | 158 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc | 508 | 68807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group plc (e) | 23 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVEVA Group plc | 3 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc | 825 | 4378 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc | 848 | 8760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc | 4736 | 9011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Developments plc | 25 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group Holdings plc | 3 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP plc | 7171 | 41378 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc | 52 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; British Land Co. plc (The) | 22 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group plc | 172 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl plc | 91 | 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group plc | 316 | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 278 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 5 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc | 43 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croda International plc | 3 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo plc | 56 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain plc | 15 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK plc | 1335 | 23069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc (a) | 123 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma plc | 9 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Lansdown plc | 106 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 5883 | 36458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands plc | 22 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc | 35 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group plc | 4 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group plc | 44 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury plc | 43 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion plc | 64 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Matthey plc | 5 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher plc | 46 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group plc | 17 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc | 1758 | 5271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc | 20092 | 10965 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc | 97 | 8330 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc | 742 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries plc | 1101 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondi plc | 12 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc | 89 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc | 1565 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next plc | 3 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocado Group plc (a) | 14 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson plc | 16 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon plc | 8 | 116 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings plc | 220 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential plc | 810 | 11044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group plc | 17 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX plc | 520 | 14380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial plc | 681 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto plc | 495 | 34853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc (a) | 2270 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The) | 25 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders plc | 217 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro plc | 30 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent plc | 6 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell plc | 2769 | 78052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc | 21 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group plc | 98 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering plc | 20 | 2541 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE plc | 26 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. James's Place plc | 160 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc | 737 | 5493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Wimpey plc | 88 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco plc | 182 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever plc | 62 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group plc | 17 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc | 644 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread plc | 5 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP plc | 27 | 267 |
|  |  | 461306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp., Class A | 3 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $2,923,378) |  | 3116043 |
|  **Preferred Stocks — 1.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 44 | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche AG (a) | 83 | 8424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 4 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE | 112 | 6129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG | 1 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG | 136 | 16889 |
|  |  | 35666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 159 | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $47,318) |  | 42035 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 27

------

##### [**Table of Contents**](#toc)

## Six Circles Managed Equity Portfolio International Unconstrained Fund
**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF DECEMBER 31, 2022 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
|  **Short-Term Investments — 0.5%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd.,<br>1.56%, 01/03/2023 | AUD | 140 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/03/2023 | GBP | 1485 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.63%), 01/02/2023 | SEK | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 01/03/2023 | CHF | 1398 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 01/02/2023 | NOK | 4959 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 01/02/2023 | DKK | 4392 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 01/02/2023 | EUR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 01/03/2023 | AUD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/04/2023 | NZD | 19 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/03/2023 | SGD | 27 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/03/2023 | GBP | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/03/2023 | HKD | 348 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 01/03/2023 | ZAR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA,<br>1.10%, 01/02/2023 | EUR | 7138 | 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 128 | 128 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada,<br>3.06%, 01/03/2023 | CAD | 238 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 1352 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB,<br>(12.63%), 01/02/2023 | SEK | 8309 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33%), 01/04/2023 | JPY | 82316 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/03/2023 |  | 1110 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd.,<br>3.69%, 01/03/2023 |  | 780 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $17,228) |  |  | 17228 |
|  **Total Investments — 99.5%<br>(Cost — $2,987,924)** |  |  | **3175306** |
|  **Other Assets in Excess of Liabilities — 0.5%** | **Other Assets in Excess of Liabilities — 0.5%** | **Other Assets in Excess of Liabilities — 0.5%** | **16361** |
|  **NET ASSETS — 100.0%** |  |  | **$3191667** |

---

------

Percentages indicated are based on net assets

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** | **Futures contracts outstanding as of December 31, 2022:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
| Amsterdam Index | 11 | 01/2023 | EUR | 1652 | (28) |
| ASX SPI 200 Index | 1 | 03/2023 | AUD | 122 | (3) |
| Euro STOXX 50 Index | 334 | 03/2023 | EUR | 13835 | (302) |
| FTSE 100 Index | 40 | 03/2023 | GBP | 3601 | 9 |
| MSCI Emerging Markets Index | 11 | 03/2023 | USD | 537 | (9) |
| S&P Toronto Stock Exchange 60 Index | 1 | 03/2023 | CAD | 179 | (6) |
| SGX MSCI Singapore Index | 4 | 01/2023 | SGD | 88 | (1) |
| TOPIX Index | 5 | 03/2023 | JPY | 724 | (3) |
|  Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | (343) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 28 SIX CIRCLES TRUST DECEMBER 31, 2022

------

##### [**Table of Contents**](#toc)
**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

**AS OF DECEMBER 31, 2022** 

---

| | |
|:---|:---|
| 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. |
| 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 |

---

**Summary of Investments by Industry, December 31, 2022** 

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Pharmaceuticals | 12.0% |
|  Food | 10.4% |
|  Banks | 8.8% |
|  Semiconductors | 8.5% |
|  Apparel | 8.3% |
|  Oil & Gas | 7.2% |
|  Auto Manufacturers | 5.3% |
|  Insurance | 5.0% |
|  Software | 4.1% |
|  Mining | 3.5% |
|  Electric | 2.9% |
|  Retail | 2.7% |
|  Toys/Games/Hobbies | 1.8% |
|  Aerospace/Defense | 1.7% |
|  Commercial Services | 1.7% |
|  Electrical Components & Equipments | 1.3% |
|  Miscellaneous Manufacturers | 1.2% |
|  Transportation | 1.2% |
|  Machinery — Diversified | 1.1% |
|  Diversified Financial Services | 1.1% |
|  Engineering & Construction | 1.0% |
|  Others (Each less than 1.0%) | 8.7% |
|  Short-Term Investments | 0.5% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 29

------

##### [**Table of Contents**](#toc)
**STATEMENTS OF ASSETS AND LIABILITIES** 

AS OF DECEMBER 31, 2022

(Amounts in thousands, except per share amounts)

---

| | |
|:---|:---|
| | **<br>Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $6197633 |
|  Cash | 113 |
|  Deposits at broker for futures contracts | 2626 |
|  Prepaid expenses | 29 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 6778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 4418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 30 |
|  Total Assets | 6211627 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 6335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 127 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 120 |
|  Total Liabilities | 10605 |
|  Net Assets | $6201022 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $6587235 |
|  Total distributable earnings (loss) | (386213) |
|  Total Net Assets | $6201022 |
|  Outstanding units of beneficial interest (shares) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($0.0001 par value; unlimited number of shares authorized): | 472584 |
|  Net Asset Value, offering and redemption price per share: (a) | $13.12 |
|  Cost of investments in non-affiliates | $6063177 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 30 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles<br>Managed<br>Equity Portfolio<br>International<br>Unconstrained<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $3175306 |
|  Foreign currency, at value | 15 |
|  Deposits at broker for futures contracts | 1920 |
|  Prepaid expenses | 12 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 3465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 12644 |
|  Total Assets | 3195064 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian—cash | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 289 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 106 |
|  Total Liabilities | 3397 |
|  Net Assets | $3191667 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $3278821 |
|  Total distributable earnings (loss) | (87154) |
|  Total Net Assets | $3191667 |
|  Outstanding units of beneficial interest (shares) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($0.0001 par value; unlimited number of shares authorized): | 290162 |
|  Net Asset Value, offering and redemption price per share: (a) | $11.00 |
|  Cost of investments in non-affiliates | $2987924 |
|  Cost of foreign currency | 15 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 31

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##### [**Table of Contents**](#toc)
**STATEMENTS OF OPERATIONS** 

FOR THE YEAR ENDED DECEMBER 31, 2022

(Amounts in thousands)

---

| | |
|:---|:---|
| | **<br>Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $709 |
|  Dividend income from non-affiliates | 89093 |
|  Foreign taxes withheld | (26) |
|  Other Income | 3 |
|  Total investment income | 89779 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 15471 |
|  Administration fees | 393 |
|  Custodian and accounting fees | 601 |
|  Professional fees | 228 |
|  Trustees' fees | 159 |
|  Printing and mailing costs | 52 |
|  Registration and filing fees | 280 |
|  Transfer agency fees | 26 |
|  Interest expense | 73 |
|  Other | 185 |
|  Total expenses | 17468 |
|  Less advisory fees waived | (12997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4471 |
|  Net investment income (loss) | 85308 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (479913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8806) |
|  Net realized gain (loss) | (488719) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (1015550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1475) |
|  Change in net unrealized appreciation (depreciation) | (1017025) |
|  Net realized/unrealized gains (losses) | (1505744) |
|  Change in net assets resulting from operations | $(1420436) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 32 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| | **Six Circles<br>Managed<br>Equity Portfolio<br>International<br>Unconstrained<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $3 |
|  Dividend income from non-affiliates | 109637 |
|  Foreign taxes withheld | (12578) |
|  Other Income | 13 |
|  Total investment income | 97075 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 7540 |
|  Administration fees | 221 |
|  Custodian and accounting fees | 1544 |
|  Professional fees | 133 |
|  Trustees' fees | 88 |
|  Printing and mailing costs | 27 |
|  Registration and filing fees | 109 |
|  Transfer agency fees | 25 |
|  Interest expense | 178 |
|  Other | 326 |
|  Total expenses | 10191 |
|  Less advisory fees waived | (6038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 4153 |
|  Net investment income (loss) | 92922 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (232226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (4722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4255) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 733 |
|  Net realized gain (loss) | (240470) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (272121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (250) |
|  Change in net unrealized appreciation (depreciation) | (273180) |
|  Net realized/unrealized gains (losses) | (513650) |
|  Change in net assets resulting from operations | $(420728) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 33

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##### [**Table of Contents**](#toc)
**STATEMENTS OF CHANGES** 

FOR THE PERIODS INDICATED

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **<br>Six Circles Managed Equity Portfolio U.S.<br>Unconstrained Fund** | **<br>Six Circles Managed Equity Portfolio U.S.<br>Unconstrained Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $85308 | $43020 |
|  Net realized gain (loss) | (488719) | 136827 |
|  Change in net unrealized appreciation (depreciation) | (1017025) | 660633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (1420436) | 840480 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (92320) | (198144) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 2600643 | 2389287 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 1087887 | 3031623 |
|  Beginning of year | 5113135 | 2081512 |
|  End of year | $6201022 | $5113135 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $4805910 | $2610690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 92177 | 197606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2297444) | (419009) |
|  **Total change in net assets resulting from capital transactions** | $2600643 | $2389287 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 324608 | 168736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 6915 | 12153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (165040) | (26298) |
|  Change in Shares | 166483 | 154591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 34 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **<br>Six Circles Managed Equity Portfolio<br>International Unconstrained Fund** | **<br>Six Circles Managed Equity Portfolio<br>International Unconstrained Fund** |
| | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $92922 | $54078 |
|  Net realized gain (loss) | (240470) | 88323 |
|  Change in net unrealized appreciation (depreciation) | (273180) | 190455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (420728) | 332856 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (94370) | (55626) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 716277 | 1324635 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 201179 | 1601865 |
|  Beginning of year | 2990488 | 1388623 |
|  End of year | $3191667 | $2990488 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1931031 | $1471056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 94213 | 55492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1308967) | (201913) |
|  **Total change in net assets resulting from capital transactions** | $716277 | $1324635 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 171535 | 116971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 8526 | 4461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (120867) | (16384) |
|  Change in Shares | 59194 | 105048 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 35

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##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br>gains<br>(losses) on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** |  |
|  Year Ended December 31, 2022 | $16.70 | $0.20 | $(3.58) | $(3.38) | $(0.18) | $(0.02) | $(0.20) |
|  Year Ended December 31, 2021 | 13.74 | 0.19 | 3.46 | 3.65 | (0.15) | (0.54) | (0.69) |
|  Year Ended December 31, 2020 | 11.00 | 0.21 | 2.99 | 3.20 | (0.20) | (0.26) | (0.46) |
|  Period Ended December 31, 2019\* | 10.00 | 0.14 | 1.05 | 1.19 | (0.12) | (0.07) | (0.19) |

---

------

\* Six Circles Managed Equity Portfolio U.S. Unconstrained Fund was launched on April 10, 2019.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 36 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net expenses (e) | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $13.12 | (20.26)% | $6201022 | 0.07% | 1.38% | 0.28% | 49.13% |
| 16.70 | 26.68 | 5113135 | 0.07 | 1.19 | 0.28 | 26.74 |
| 13.74 | 29.09 | 2081512 | 0.09 | 1.79 | 0.30 | 54.88 |
| 11.00 | 11.90 | 1420625 | 0.11 | 1.94 | 0.33 | 44.20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 37

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##### [**Table of Contents**](#toc)
**FINANCIAL HIGHLIGHTS** 

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
| |<br>Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) (b) | Net realized<br>and unrealized<br>gains<br>(losses) on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Managed Equity Portfolio International Unconstrained Fund** | **Six Circles Managed Equity Portfolio International Unconstrained Fund** | **Six Circles Managed Equity Portfolio International Unconstrained Fund** |  |  |  |  |  |
|  Year Ended December 31, 2022 | $12.95 | $0.34 | $(1.96) | $(1.62) | $(0.33) | $— | $(0.33) |
|  Year Ended December 31, 2021 | 11.03 | 0.34 (f) | 1.83 | 2.17 | (0.25) |  | (0.25) |
|  Year Ended December 31, 2020 | 10.28 | 0.21 | 0.74 | 0.95 | (0.20) |  | (0.20) |
|  Period Ended December 31, 2019\* | 10.00 | 0.20 | 0.24 | 0.44 | (0.16) |  | (0.16) |

---

------

\* Six Circles Managed Equity Portfolio International Unconstrained Fund was launched on April 10, 2019.

(a) Certain expenses incurred by the Fund were not annualized for the period.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America
and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, which was 0.006% for the year ended December 31, 2022.

(f) Includes income recognized from non-cash dividends which amounted to $0.02 per share and 0.134% of average net
assets for the year ended December 31, 2021.

(g) Includes interest expense, which was 0.009% for the year ended December 31, 2021.

(h) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> 38 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Net asset<br>value,<br>end of<br>period | Total<br>return (c)(d) | Net assets,<br>end of<br>period (000's) | Net<br>expenses,<br>with<br>interest<br>expense | Net<br>expenses,<br>without<br>interest<br>expense | Net<br>investment<br>income<br>(loss) | Expenses<br>without waivers<br>and reimbursements | Portfolio<br>turnover<br>rate (c) |
| $11.00 | (12.54)% | $3191667 | 0.14 %(e) | 0.13% | 3.08% | 0.34% | 81.90% |
| 12.95 | 19.76 | 2990488 | 0.12 (g) | 0.11 | 2.70 (f) | 0.32 | 32.44 |
| 11.03 | 9.25 | 1388623 | 0.20 | 0.19 | 2.22 | 0.40 | 91.56 |
| 10.28 | 4.41 | 901626 | 0.26 (h) | 0.26 | 2.86 | 0.48 | 62.67 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.** 

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 39

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022

**1. Organization** 

Six Circles Trust (the "Trust") was formed on November 8, 2017, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 8, 2017, as amended and restated June 12, 2018, and further amended to add fund series on September 21, 2018, November 19, 2019, and April 13, 2020, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund are two separate series of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report. The Funds are classified as "non-diversified" funds. Each Fund currently offers one class of shares. The Funds commenced operations on April 10, 2019.

The investment objective of each of the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund is to provide capital appreciation.

J.P. Morgan Private Investments Inc. ("JPMPI"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as the Funds' investment adviser (the "Adviser"). The Adviser has engaged a Sub-Adviser to manage the assets of the Funds.

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

The Board has designated the Adviser as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee ("VC"), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds' investments with respect to Rule 2a-5 under the 1940 Act. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

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

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

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

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

Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but

 <br> 40 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
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.

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**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $52414 | $— | $— | $52414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 785371 |  |  | 785371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 320696 |  |  | 320696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 1568840 |  |  | 1568840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 343654 |  |  | 343654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial | 807435 |  |  | 807435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 545012 |  |  | 545012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 1552078 |  |  | 1552078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 181692 |  |  | 181692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 6157192 |  |  | 6157192 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 40441 |  | 40441 |
|  **Total Investments in Securities** | $6157192 | $40441 | $— | $6197633 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $31 | $— | $— | $31 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(1081) | $— | $— | $(1081) |

---

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 41

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**Six Circles Managed Equity Portfolio International Unconstrained Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $1963 | $43541 | $— | $45504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 9340 |  | 9340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 16828 |  | 16828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 33576 | 886 |  | 34462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 3245 |  | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 114172 |  | 114172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 30240 |  | 30240 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 521294 |  | 521294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 371363 |  | 371363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 100 | 17058 |  | 17158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2136 | 24454 |  | 26590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 97793 |  | 97793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 122 | 203708 |  | 203830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordan |  | 1011 |  | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 6612 |  | 6612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 324 |  | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 22923 | 197145 |  | 220068 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand |  | 1390 |  | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 32386 |  | 32386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 7078 |  | 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 936 | 7842 |  | 8778 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 65542 |  | 65542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 81714 |  | 81714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 94118 |  | 94118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 643825 |  | 643825 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 282 | 461024 |  | 461306 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 72 |  |  | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 62110 | 3053933 |  | 3116043 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 35666 |  | 35666 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 6369 |  | 6369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks |  | 42035 |  | 42035 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 17228 |  | 17228 |
|  **Total Investments in Securities** | $62110 | $3113196 | $— | $3175306 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Future contract | $9 | $— | $— | $9 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(352) | $— | $— | $(352) |

---

There were no significant transfers into or out of level 3 for the year ended December 31, 2022 for the Funds.

**B. Restricted Securities —** Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of December 31, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

**C. 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

 <br> 42 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
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, as recorded on the Statements of Assets and Liabilities.

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.

Note C(1) – C(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 on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed after each Fund's SOI.

The use of futures contracts may expose the Funds to 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 in excess of the amounts shown on the Statements of Assets and Liabilities, 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. As of December 31, 2022, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 43

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**(3) Summary of Derivatives Information** 

The following tables present the value of derivatives held as of December 31, 2022, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

**Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |
| **Gross Assets:** | | **Futures<br>Contracts** (a) |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $31 |
| **Gross Liabilities:** |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(1081) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs.

The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

**Six Circles Managed Equity Portfolio International Unconstrained Fund** 

---

| | | |
|:---|:---|:---|
| **Derivative Contracts** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |
| **Gross Assets:** | | **Futures<br>Contracts** (a) |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $9 |
| **Gross Liabilities:** |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(352) |

---

------

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs.

The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended December 31, 2022, by primary underlying risk exposure (amounts in thousands):

**Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** 

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Equity contracts | $(8806) |

---

---

| | |
|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Equity contracts | $(1475) |

---

**Six Circles Managed Equity Portfolio International Unconstrained Fund** 

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** | **Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Total** |
|  Equity contracts | $(4722) | $— | $(4722) |
|  Foreign exchange contracts |  | 733 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(4722) | $733 | $(3989) |

---

---

| | |
|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** |
|  Equity contracts | $(809) |

---

 <br> 44 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**Derivatives Volume** 

The table below discloses the volume of the Funds' futures contracts and forward foreign currency exchange contracts activity during the year ended December 31, 2022 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

---

| | | |
|:---|:---|:---|
| | **Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund** | **Six Circles<br>Managed Equity<br>Portfolio<br>International<br>Unconstrained<br>Fund** |
|  **Futures Contracts:** |  |  |
|  Average Notional Amount Long | $44738 | $38255 |
|  Average Notional Amount Short |  |  |
|  **Forward Foreign Currency Exchange:** |  |  |
|  Average Principal Amount Purchased |  | 52672 (a) |
|  Average Principal Amount Sold |  | 47497 (a) |

---

------

(a) Positions were open for 1 month during the period.

**D. Foreign Currency Translation —** The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within the Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency. Currency gains or losses may be realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**E. Security Transactions, Investment Income and Expense Allocation —** Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date or corporate action date at fair value. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

The Funds are charged for those expenses of the Trust that are directly attributable to each Fund. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

**F. Federal Income Tax —** Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open periods, and has concluded that no provision for federal income tax is required in the Funds' financial statements. At December 31, 2022, the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. The Funds' federal, state and local income and federal excise tax returns for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 45

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**G. Foreign Tax —** The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**H. Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Net Investment Income** | **Net Investment Income** | **Net Realized Capital Gains** | **Net Realized Capital Gains** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund |  | Annual |  | Annual |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund |  | Annual |  | Annual |

---

Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

**3. Fees and Other Transactions with Affiliates** 

**A. Investment Advisory Fees —** The Adviser serves as the Funds' investment adviser pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). Under the terms of the Investment Advisory Agreement, the Adviser generally manages the Funds' investments in accordance with the stated policies of each Fund, subject to the supervision of the Funds' Board of Trustees. For the services provided to the Funds, the Adviser is entitled to a fee, accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of each Fund.

The Adviser selects and oversees professional money managers (the "Sub-Advisers") who are responsible for investing the assets of the Funds under sub-advisory agreements (the "Sub-Advisory Agreements"). Pursuant to each respective Sub-Advisory Agreement, the Adviser agrees to pay each Sub-Adviser a sub-advisory fee from its investment advisory fees. BlackRock Investment Management, LLC ("BlackRock") currently serves as the Sub-Adviser to the Funds. The Sub-Adviser is paid a management fee by the Adviser pursuant to their individually negotiated Sub-Advisory Agreement.

The Adviser engaged Russell Investments Implementation Services, LLC ("Russell") to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. During the reporting period, the Funds have not allocated assets to Russell.

During the reporting period, an affiliate of the Adviser made a payment to the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund of $79,170 relating to a trade error.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3G and reflected on the Statement of Operations.

**B. Administration and Accounting Fees —** Pursuant to an Administrative Agency Agreement, Brown Brothers Harriman & Co. (the "Administrator") provides certain administration and fund accounting services to the Funds.

**C. Distribution Fees —** Pursuant to a Distribution Agreement, Foreside Fund Services, LLC (the "Distributor"), will serve as the Funds' principal underwriter and acts as the agent of the Funds in connection with the continuous offering of shares of each Fund. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor does not receive compensation from the Funds, but instead is compensated by the Adviser for certain distribution-related expenses.

**D. Custodian —** Pursuant to a Custodian Agreement, Brown Brothers Harriman & Co. serves as the custodian (the "Custodian") for each of the Funds and is responsible for holding portfolio securities and cash and maintaining the books of account and records of portfolio transactions.

**E. Transfer Agent —** Pursuant to a Transfer Agency and Service Agreement, DST Asset Manager Solutions, Inc. (the "Transfer Agent") serves as each Fund's transfer and dividend disbursing agent. The Transfer Agent is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

**F. Waivers and Reimbursements —** The Adviser has contractually agreed through at least April 30, 2023, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay the Fund's Sub-Adviser. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Fund. The Adviser has also contractually agreed through at least April 30, 2023, to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes,

 <br> 46 SIX CIRCLES TRUST DECEMBER 31, 2022

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expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the "Expense Cap"):

---

| | |
|:---|:---|
| **Fund** | **Expense Cap** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | 0.45% |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 0.50% |

---

An expense reimbursement by the Fund's Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause the Fund's operating expenses (taking into account any reimbursements or waiver by the Adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through April 30, 2023, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the year ended December 31, 2022, there were no amounts reimbursed by the Adviser, nor were there amounts available for potential future recoupment by the Adviser.

**G. Cross Trades —** The Funds may participate in purchase and sale transactions with other Six Circles Funds. These cross trades are executed in accordance with procedures adopted by the Trust's Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security.

During the year ended December 31, 2022, the aggregate value of purchase and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Purchases** | **Sales** | **Realized<br>gain/loss** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $8975 | $120760 | $(27061) |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 967 | 13597 | 137 |

---

**4. Investment Transactions** 

During the year ended December 31, 2022, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Purchases<br>(excluding U.S.<br>Government)** | **Sales<br>(excluding U.S.<br>Government)** | **Purchases<br>of U.S.<br>Government** | **Sales<br>of U.S.<br>Government** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $5596309 | $2990729 | $– $|  |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 3181204 | 2436605 | – |  |

---

**5. Risks, Concentrations and Indemnifications** 

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Since the Funds are non-diversified, they may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Funds` shares being more sensitive to economic results among those issuing the securities.

The Funds invest in foreign issuers and foreign securities (including depositary receipts) which are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded "delivery versus payment," the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets." Emerging market countries typically have less-established economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, the Fund is limited in its ability to

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 47

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries.

As of December 31, 2022, the Six Circles Managed Equity Portfolio International Unconstrained Fund had non-U.S. country allocations representing greater than 10% of Net Assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| **France** | **Germany** | **Switzerland** | **United Kingdom** |
|  16.3% | 12.7% | 20.2% | 14.5% |

---

As of December 31, 2022, a significant portion of the Six Circles Managed Equity Portfolio International Unconstrained Fund net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds' net assets could be adversely affected.

The value of the Funds' investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. For example, the outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of this pandemic to public health and business and market conditions, including exchange trading suspensions and closures, may continue to have a significant negative impact on the performance of the Funds' investments, increase the Funds' volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. The Funds' operations may be interrupted as a result, which may contribute to the negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken, and may continue to take, actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on the Funds' investment performance. The full impact of the COVID-19 pandemic, or other future epidemics or pandemics, is currently unknown.

The Funds may also invest in shares of other investment companies and ETFs. ETFs are ownership interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks many of which are designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. Shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another investment company or ETF. The Fund is subject to the risks associated with the ETF's or investment company's investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies. The price and movement of an ETF or closed-end fund designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their net asset value (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed each Fund's original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap contracts and forward foreign currency exchange contracts.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as "benchmarks" and are the subject of recent regulatory reform.

 <br> 48 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**6. Income Taxes and Distributions to Shareholders** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2022 were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate<br>Tax Cost** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $6334828 | $653108 | $(791353) | $(138245) |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 3115407 | 389431 | (329875) | 59556 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in, mark-to-market of forward foreign currency contracts, mark-to-market of futures contracts, REITs, straddle loss deferrals, wash sale loss deferrals and mark-to-market investments in passive foreign investment companies ("PFICs").

The tax character of distributions paid during the year ended December 31, 2022 was as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary<br>Income**\* | **Net<br>Long-Term<br>Capital Gains** | **Tax<br>Exempt<br>Income** | **Total<br>Distributions<br>Paid** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $88583 | $3737 | $– $| 92320 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 94370 |  | – | 94370 |

---

------

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2021 was as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ordinary<br>Income**\* | **Net<br>Long-Term<br>Capital Gains** | **Tax<br>Exempt<br>Income** | **Total<br>Distributions<br>Paid** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $104256 | $93888 | $– $| 198144 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 55626 |  | – | 55626 |

---

------

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2022, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Current<br>Distributable<br>Ordinary<br>Income** | **Current<br>Distributable<br>Long-Term<br>Capital Gain<br>(Tax Basis Capital<br>Loss Carryover)** | **Other Book/Tax<br>Temporary<br>Differences** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $932 | $(248901) | $– $| (138245) |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 502 | (147216) | – | 59560 |

---

For the Funds, the cumulative timing differences primarily consist of capital loss carryforwards, mark-to-market futures contracts, REITS, straddle loss deferrals and mark-to-market investments in passive foreign investment companies ("PFICs") and wash sale loss deferrals.

As of December 31, 2022, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character** | **Capital Loss Carryforward Character** |
| | **Short-Term** | **Long-Term** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $169820 | $79082 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 96574 | 50642 |

---

**7. Ownership Concentration** 

As of December 31, 2022, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund each had one affiliated omnibus account for the benefit of its clients which owned approximately 99% of its outstanding shares.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 49

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##### [**Table of Contents**](#toc)
**NOTES TO FINANCIAL STATEMENTS** 

AS OF DECEMBER 31, 2022 (continued)

**8. New Accounting Pronouncement** 

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in the ASU clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not be considered in measuring fair value. The ASU is effective for interim and annual reporting periods beginning after December 15, 2023, with the option of early adoption. Management is currently evaluating the impact, if any, of applying this ASU.

In March 2020, the FASB issued Accounting Standard Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2024. Management expects that the adoption of this guidance will not have a material impact on the Funds' financial statements.

**9. Subsequent Events** 

The Funds have evaluated subsequent events through the date of issuance of this report and have determined that there are no material events that require disclosure.

 <br> 50 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Six Circles Trust and Shareholders of Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund (two of the funds constituting Six Circles Trust, hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the three years in the period ended December 31, 2022 and for the period April 10, 2019 (commencement of operations) through December 31, 2019 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the three years in the period ended December 31, 2022 and for the period April 10, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2023

We have served as the auditor of one or more investment companies in the Six Circles Trust complex since 2018.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 51

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##### [**Table of Contents**](#toc)
**SCHEDULE OF SHAREHOLDER EXPENSES** 

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Fund on July 1, 2022, and continued to hold your shares at the end of the reporting period, December 31, 2022.

**Actual Expenses** 

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses<br>Paid During<br>the Period\*** | **Annualized<br>Expense<br>Ratio** |
|  **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1004.30 | $0.40 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.80 | 0.41 | 0.08 |
|  **Six Circles Managed Equity Portfolio International Unconstrained Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual | 1000.00 | 1081.80 | 0.73 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical | 1000.00 | 1024.50 | 0.71 | 0.14 |

---

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\* Expenses are equal to each Fund's respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 <br> 52 SIX CIRCLES TRUST DECEMBER 31, 2022

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**TAX INFORMATION** 

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
| | **Six Circles Managed<br>Equity Portfolio U.S.<br>Unconstrained Fund** | **Six Circles Managed Equity<br>Portfolio International<br>Unconstrained Fund** |
|  Record Date | 12/14/2022 | 12/14/2022 |
|  Payable Date | 12/16/2022 | 12/16/2022 |
|  Ordinary Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Dividend Income for Individuals | 94.95% | 95.70% |
|  Dividends Qualifying for the Dividends Received |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deduction for Corporations | 92.55% |  |
|  Foreign Source Income |  | 100.00% |
|  Foreign Tax Paid Per Share |  | 0.043283 |
|  Interest from Tax-Exempt Obligations |  |  |
|  Interest from Federal Obligations |  |  |
|  Long-Term Capital Gain Dividend | 0.007907 |  |

---

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 53

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##### [**Table of Contents**](#toc)
**TRUSTEES** 

The names of the Trustees of the Trust, together with information regarding their year of birth, the year each Trustee first became a Board member of the Trust, principal occupations and other board memberships, including those in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act") or subject to the requirements of Section 15(d) of the Securities Exchange Act or any company registered as an investment company under the 1940 Act, are shown below. The contact address for each of the Trustees is 383 Madison Avenue, New York, NY 10179. The Funds' Statement of Additional Information includes additional information about the Trustees, and is available, without charge, by calling collect at 1-212-464-2070, or on the Six Circles Funds' website at www.sixcirclesfunds.com.

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| | | | |
|:---|:---|:---|:---|
| **Name (Year of Birth;<br>Positions with<br>the Fund since) (1)** | **Principal Occupation<br>During Past 5 Years** | **Number<br>of Funds in Fund<br>Complex Overseen by<br>Trustee (2)** | **Other Directorships Held<br>During the Past 5 Years** |
|  **Independent Trustees** | | | |
| Lisa M. Borders (1957);<br>Trustee since inception | Consultant, LMB Group (management consulting) (February 2019–present); President and Chief Executive Officer, TIME'S UP (social welfare) (October 2018–February 2019); President, Women's National Basketball Association (March 2016–October 2018); Vice President, The Coca-Cola Company (2013–2016). | 11 | Global Director, Operation Hope (2015-2016; 2020-present); Director, Grady Health System (Chair, Quality Committee 2014-2017); Independent Director, Lottery.com (2021-2022); Chair, Borders Commission, United States Olympic and Paralympic Committee; Trustee, Duke University; Chair, The Coca-Cola Foundation. |
| James P. Donovan (1950);<br>Lead Independent Trustee since inception | Chairman, Cross Culture Coach LLC (education) (2012–present). | 11 | Chairman and President, Cannon Point Preservation Corp.; Chairman, Cross Culture Coach LLC. |
| Neil Medugno (1957); Trustee since inception | Retired; Partner, Wellington Management Company LLP, Chief Financial Officer, Wellington Funds Group (investment management) (1994–2017). | 11 | Independent Trustee, James Alpha Funds Trust d/b/a Easterly Funds Trust (2021-present). |
| Lauren K. Stack (1963);<br>Trustee since inception | Head of Operations, HyperSpectral APD, LLC (Medtech) (2020-present); Principal, b2G Capital, Inc. (consulting) (2016 present). | 11 | Independent Trustee, Board Chair, Virginia 529; Director, HyperSpectral APD, LLC; Director, ACT for Alexandria (2002-2019); Director, Inova Alexandria Hospital Foundation. |
|  **Interested Trustees** |  |  |  |
| Mary E. Savino (1962); Chairman since inception | Managing Director, J.P. Morgan Securities LLC, Asset & Wealth Management division, Head of J.P. Morgan Private Investments Inc. Investment Advisory Business (2016–present); Global Head of Portfolio Management Group (2013–2016); Global Head of Client Portfolio Management for Global Access Funds (2009–2013); various other positions including Head of U.S. Mutual Funds since joining the firm in 1988. | 11 | Director, J.P. Morgan Private Investments Inc. |
| Kevin Klingert (1962)\*; Trustee since 2022 | Retired; President, Russell Investments Group, Ltd. (April 2021–October 2022); Senior Advisor, Morgan Stanley Investment Management Inc. (2016–2017); Managing Director, Morgan Stanley Investment Management Inc. (2007–2016). | 11 | Director, Russell Investment Management, LLC, Russell Investments Capital, LLC, Russell Investments Delaware, LLC, Russell Investments Implementation Services, LLC, Russell Investments Fund Management, LLC, Russell Investments International Services Company, LLC, Russell Investments PMF 2019 GP, LLC, Russell Investments Trust Company, Russell Investments Implementation Services Limited, Russell Investments Systems Limited (April 2021–October 2022). |

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(1) The Trustee serve for an indefinite term.

(2) A Fund Complex means two or more registered investment companies that: (i) hold themselves out to investors as
related companies for purposes of investment and investor services; or (ii) have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment
companies. The Six Circles Funds Complex for which the Board serves currently includes three registered investment companies (11 funds).

\* From April 12, 2021, to October 1, 2022, Mr. Klingert was the President of Russell Investments Group, Ltd., where he also held numerous other positions, including as director of Russell Investments Implementation Services, LLC, the interim sub-adviser to the Funds. Due to his prior employment, the Trust has determined to treat Mr. Klingert as an "interested person" for at least two years following the end of his employment at Russell Investments Group, Ltd. Mr. Klingert has no ongoing financial interest in the Russell Investment Group, Ltd. or Russell Investments Implementation Services, LLC. 

 <br> 54 SIX CIRCLES TRUST DECEMBER 31, 2022

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##### [**Table of Contents**](#toc)
**OFFICERS** 

The Trust's executive officers (listed below) generally are employees of the Adviser or one of its affiliates. The officers conduct and supervise the business operations of the Trust. The officers hold office until a successor has been elected and duly qualified. The Trust has no employees. The names of the officers of the Funds, together with their year of birth, information regarding their positions held with the Trust and principal occupations are shown below. The contact address for each of the officers, unless otherwise noted, is 383 Madison Avenue, New York, NY 10179.

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| | |
|:---|:---|
| **Name (Year of Birth),<br>Positions Held with<br>the Trust (Since)** | **Principal Occupations During Past 5 Years** |
| Mary E. Savino (1962),<br>President and Principal Executive Officer since inception | Managing Director, JPMorgan Securities LLC, Asset & Wealth Management division, Head of JPMorgan Private Investments Inc. Investment Advisory Business (2016-present); Global Head of Portfolio Management Group (2013-2016); Global Head of Client Portfolio Management for Global Access Funds (2009-2013); various other positions including Head of U.S. Mutual Funds since joining the firm in 1988. |
| Abby L. Ingber (1962),<br>Chief Legal Officer and Secretary since inception | Executive Director and Assistant General Counsel, JPMorgan Chase Bank, N.A. (2017-present); Deputy General Counsel, Schroder Investment Management North America Inc. and Chief Legal Officer and Secretary, Schroder Funds (2006-2017) |
| Michael Choi (1971),<br>Chief Compliance Officer since inception | Chief Compliance Officer, J.P. Morgan Private Investments Inc. (2016-present); Managing Director, JPMorgan Chase Bank, N.A. (2018-present); Executive Director; Assistant General Counsel, JPMorgan Chase Bank, N.A. (2008-2016) |
| Gregory R. McNeil (1975),<br>Principal Financial Officer and Treasurer since inception | Executive Director, JPMorgan Securities LLC (2018-present); Vice President, AQR Capital Management, LLC; Treasurer, AQR Funds (2015-2018) |
| Gina M. Andes (1976),<br>Assistant Treasurer since inception | Executive Director, JP Morgan Securities LLC (2020-present); Vice President, JP Morgan Securities LLC (2017-2019); Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2013-2017) |
| Pamela Woodley (1971),<br>Assistant Secretary since 2021 | Vice President and Assistant General Counsel, JPMorgan Chase Bank, N.A. (2004-present) |

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 <br> DECEMBER 31, 2022 SIX CIRCLES TRUST 55

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##### [**Table of Contents**](#toc)
![LOGO](g420464g18a32.jpg)

Feb 2019

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| | |
|:---|:---|
| **FACTS** | WHAT DOES SIX CIRCLES TRUST\* DO WITH YOUR PERSONAL INFORMATION? |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | The types of personal information we may collect and share depend on the product or service you have with us. This information can include:<br>◾ Social Security number<br>◾ account balances and transaction history<br>◾ investment experience and risk tolerance<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Six Circles Trust, chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reasons we can share your personal information** | **Does Six Circles<br>Trust share?** | **Can you limit this<br>sharing?** |
| &nbsp;&nbsp;&nbsp; **For our everyday business purposes —**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our marketing purposes —**<br> to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | No | We don't share |

---

\* Six Circles Trust and its fund series do not currently, nor are they expected to, collect personal non-public information from individuals, since holdings are held on the books of each fund on an omnibus basis by financial intermediaries. To the extent Six Circles Trust does get access to personal information through its affiliates or otherwise, this statement would apply. 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Questions?** | Call 212-464-2070 to speak with a Managed Solutions & Strategies Investor Relations representative. We accept operator relay calls. |

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##### [**Table of Contents**](#toc)
![LOGO](g420464g18a32.jpg)

 **Page 2**<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | Six Circles Trust |

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| | |
|:---|:---|
| &nbsp;&nbsp;**What we do** | &nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;&nbsp;**How does Six Circles Trust protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We only authorize our personnel to access information about you when they need it to do their work for us. We require companies working for us to protect your information. |
| &nbsp;&nbsp;&nbsp;**How does Six Circles Trust collect my personal information?** | We may collect your personal information, for example, when you<br>◾ open an account or make a wire transfer<br>◾ direct us to buy securities or direct us to sell your securities<br>◾ provide your account information<br>|
| &nbsp;&nbsp;&nbsp;**Why can't I limit all sharing?** | Federal law gives you the right to limit only<br>◾ sharing for affiliates' everyday business purposes – information about your creditworthiness<br>◾ affiliates from using your information to market to you<br>◾ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;&nbsp;**Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ Our affiliates include companies with the Chase or J.P. Morgan name including J.P. Morgan Private Investments Inc., our investment adviser.* |
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>*◾ We do not share with nonaffiliates so they can market to you* |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>*◾ We don't jointly market* |

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##### [**Table of Contents**](#toc)
*For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to <u>www.sixcirclesfunds.com</u> for a prospectus. Read the prospectus carefully. An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as stand-alone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at <u>accessibility.support@jpmorgan.com</u> for assistance.* ****

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

***Contact Six Circles Funds collect at 1-212-464-2070 for a fund prospectus. You can also visit us at www.sixcirclesfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the Six Circles Funds before investing. The prospectus contains this and other information about the Six Circles Funds. Read the prospectus carefully before investing.***

The Six Circles Funds file complete schedules of their fund holdings for the first and third quarters of their fiscal year with the SEC on Form N-PORT. The Six Circles Funds' Forms N-PORT are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the Six Circles Funds' website at www.sixcirclesfunds.com/literature.

A description of the Six Circles Funds' policies and procedures with respect to the disclosure of the Six Circles Funds' holdings is available in the prospectuses and Statements of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling collect 1-212-464-2070 or on the Six Circles Funds' website at www.sixcirclesfunds.com. A description of such policies and procedures is in the Statement of Additional Information available on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser, and the Adviser in turn has delegated such authority to the Sub-Advisers. A copy of the Six Circles Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Six Circles Funds' website at www.sixcirclesfunds.com no later than August 31 of each year. The Six Circles Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

<sup>©</sup>JPMorgan Chase & Co. 2022. All rights reserved. December 31, 2022.

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##### [**Table of Contents**](#toc)
**Item 2. Code of Ethics.** 

As of the period ended December 31, 2022 (the "Reporting Period"), the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer, principal accounting officer or controller or persons performing similar functions. During the Reporting Period, there have been no changes to, amendments to or waivers from, any provision of the code of ethics. A copy of this code of ethics can be obtained upon request, free of charge, by calling (212) 464-2070.

**Item 3. Audit Committee Financial Expert.** 

The Board of Trustees of the Registrant has determined that Neil Medugno possesses the attributes identified in Instruction (b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Neil Medugno as the Registrant's audit committee financial expert. Neil Medugno is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

The following fees paid to PricewaterhouseCoopers, LLP, the Registrant's principal accounting firm, are for services rendered for the fiscal years ended December 31, 2022 and December 31, 2021;

(a) <u>Audit Fees</u> The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $497,257 for 2022 and $429,202 for 2021.

(b) <u>Audit Related Fees</u> The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item was $0 for 2022 and $0 for 2021.

(c) <u>Tax Fees</u> The aggregate fees billed in each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning was $95,279 for 2022 and $95,279 for 2021. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and loc al entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| (d) | <u>All Other Fees</u><br> The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for 2022 and $0 for 2021. |
| (e)(1) | Pursuant to the Registrant's Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The audit committee has delegated to its Chairman the approval of such services subject to reports to the full audit committee at its next subsequent meeting. |
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, with respect to: Audit-Related Fees were 0%; Tax Fees were 100%; and Other Fees were 0%. |
| (f) | Not applicable. |
| (g) | The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $0 for 2022 and $0 for 2021. |
| (h)<br>| The Registrant's audit committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. |
| (i) | Not applicable. |
| (j) | Not applicable. |

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##### [**Table of Contents**](#toc)
**Item 5. Audit Committee of Listed Registrants.** 

(a) (b) Not Applicable. Not Applicable.

**Item 6. Investments.** 

(a) A Schedule of Investments in securities of unaffiliated issuers as of the close of the Reporting Period is included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11. Controls and Procedures.** 

(a) The Registrant's principal executive and financial officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective, as of a date within 90 days of the filing date of this Form N-CSR, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's second fiscal quarter of the period covered by this Form N-CSR, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | [Certifications required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed as Exhibit 13(a)(2) to this Form N-CSR.](d403324dex99cert.htm) |
| (b) | [Certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are furnished as Exhibit 13(b) to this Form N-CSR.](d403324dex99906cert.htm) |

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Six Circles Trust

By: (Signature and Title)

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| |
|:---|
| /s/ Mary Savino |
| Mary Savino |
| Title: President - Principal Executive Officer |
| Date: March 8, 2023 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: (Signature and Title)

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| |
|:---|
| /s/ Mary Savino |
| Mary Savino |
| Title: President - Principal Executive Officer |
| Date: March 8, 2023 |

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By: (Signature and Title)

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| |
|:---|
| /s/ Gregory McNeil |
| Gregory McNeil |
| Title: Treasurer - Principal Financial Officer |

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Date: March 8, 2023

## Ex-99.Cert

Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT** 

I, Mary Savino, certify that:

1. I have reviewed this report on Form N-CSR of Six Circles Trust on behalf of Six Circles U.S. Unconstrained
Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, Six Circles Managed Equity
Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, and Six Circles Credit Opportunities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

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| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Mary Savino |
|  | Mary Savino, President |
|  | (Principal Executive Officer) |

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Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT** 

**AND SECTION 302 OF THE SARBANES-OXLEY ACT** 

I, Gregory McNeil, certify that:

1. I have reviewed this report on Form N-CSR of Six Circles Trust on
behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S.
Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, and Six Circles Credit Opportunities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

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| | |
|:---|:---|
| Date: March 8, 2023 | Gregory McNeil, Treasurer |
|  | Gregory McNeil, Treasurer |
|  | (Principal Financial Officer) |

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## Exhibit 99.906

Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906

OF THE SARBANES-OXLEY ACT

I, Mary Savino, President (Principal Executive Officer) of Six Circles Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, and Six Circles Credit Opportunities Fund for the annual period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Mary Savino |
|  | Mary Savino, President |
|  | (Principal Executive Officer) |

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Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906

OF THE SARBANES-OXLEY ACT

I, Gregory McNeil**,** Treasurer (Principal Financial Officer) of Six Circles Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, and Six Circles Credit Opportunities Fund for the annual period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 8, 2023 | /s/ Gregory McNeil |
|  | Gregory McNeil, Treasurer |
|  | (Principal Financial Officer) |

---