Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Asset-Backed Securities — 13.2% | ||||||||
| AMMC CLO XII Ltd., (Cayman Islands), Series 2013-12A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 1.40%, 11/10/2030 (e) (aa) | 1,250 | 1,250 | ||||||
| Anchorage Capital CLO Ltd., (Cayman Islands), | ||||||||
| Series 2014-3RA, Class A, (ICE LIBOR USD 3 Month + 1.05%), 1.27%, 01/28/2031 (e) (aa) | 1,250 | 1,244 | ||||||
| Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 1.31%, 01/28/2031 (e) (aa) | 1,577 | 1,576 | ||||||
| Series 2016-8A, Class AR, (ICE LIBOR USD 3 Month + 1.00%), 1.22%, 07/28/2028 (e) (aa) | 1,497 | 1,497 | ||||||
| Apidos CLO XXI, (Cayman Islands), Series 2015-21A, Class A1R, (ICE LIBOR USD 3 Month + 0.93%), 1.15%, 07/18/2027 (e) (aa) | 855 | 855 | ||||||
| Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.02%, 11/17/2027 (e) (aa) | 425 | 424 | ||||||
| Atrium XII, (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 1.05%, 04/22/2027 (e) (aa) | 949 | 949 | ||||||
| Avery Point VI CLO Ltd., (Cayman Islands), Series 2015-6A, Class AR2, (ICE LIBOR USD 3 Month + 0.90%), 1.06%, 08/05/2027 (e) (aa) | 1,500 | 1,500 | ||||||
| Battalion CLO Ltd., (Cayman Islands), Series 2020-18A, Class A1, (ICE LIBOR USD 3 Month + 1.80%), 2.04%, 10/15/2032 (e) (aa) | 1,000 | 1,002 | ||||||
| Benefit Street Partners CLO VI Ltd., (Cayman Islands), Series 2015-VIA, Class A1R, (ICE LIBOR USD 3 Month + 1.24%), 1.46%, 10/18/2029 (e) (aa) | 1,000 | 1,000 | ||||||
| Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (ICE LIBOR USD 3 Month + 1.10%), 1.32%, 01/20/2031 (e) (aa) | 1,000 | 993 | ||||||
| Birch Grove CLO Ltd., (Cayman Islands), Series 19A, Class A, (ICE LIBOR USD 3 Month + 1.49%), 1.67%, 06/15/2031 (e) (aa) | 2,000 | 2,002 | ||||||
| BlueMountain CLO Ltd., (Cayman Islands), Series 2012-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 1.23%, 11/20/2028 (e) (aa) | 2,035 | 2,036 | ||||||
| BMW Canada Auto Trust, (Canada), Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e) | CAD | 996 | 796 | |||||
| Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 10/20/2029 (e) (aa) | 500 | 500 | ||||||
| CBAM Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.23%), 1.45%, 10/17/2029 (e) (aa) | 1,140 | 1,140 | ||||||
| Chesapeake Funding II LLC, | ||||||||
| Series 2018-2A, Class A1, 3.23%, 08/15/2030 (e) | 776 | 786 | ||||||
| Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e) | 729 | 738 | ||||||
| Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 0.76%, 08/16/2032 (e) (aa) | 921 | 926 | ||||||
| CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 1.42%, 10/17/2031 (e) (aa) | 750 | 750 | ||||||
| CNH Equipment Trust, Series 2020-A, Class A2, 1.08%, 07/17/2023 | 435 | 436 | ||||||
| Drive Auto Receivables Trust, Series 2019-4, Class A3, 2.16%, 05/15/2023 | 202 | 203 | ||||||
| Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 0.00%, 07/18/2030 (e) (w) (aa) | 1,500 | 1,500 | ||||||
| DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e) | 1,310 | 1,312 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Asset-Backed Securities — continued | ||||||||
| Enterprise Fleet Financing LLC, | ||||||||
| Series 2018-2, Class A2, 3.14%, 02/20/2024 (e) | 246 | 246 | ||||||
| Series 2019-3, Class A2, 2.06%, 05/20/2025 (e) | 1,072 | 1,088 | ||||||
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e) | 798 | 790 | ||||||
| Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e) | CAD | 760 | 612 | |||||
| Ford Credit Auto Lease Trust, Series 2020-B, Class A2B, (ICE LIBOR USD 1 Month + 0.26%), 0.37%, 12/15/2022 (aa) | 1,048 | 1,049 | ||||||
| Ford Credit Floorplan Master Owner Trust A, | ||||||||
| Series 2018-3, Class A2, (ICE LIBOR USD 1 Month + 0.40%), 0.51%, 10/15/2023 (aa) | 3,000 | 3,005 | ||||||
| Series 2019-1, Class A, 2.84%, 03/15/2024 | 1,400 | 1,433 | ||||||
| Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.71%, 09/15/2024 (aa) | 2,480 | 2,495 | ||||||
| Series 2020-1, Class A1, 0.70%, 09/15/2025 | 1,400 | 1,403 | ||||||
| Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.65%), 0.75%, 02/25/2036 (aa) | 737 | 737 | ||||||
| Honda Auto Receivables Owner Trust, Series 2018-4, Class A3, 3.16%, 01/17/2023 | 362 | 366 | ||||||
| ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 1.36%, 10/19/2028 (e) (aa) | 977 | 977 | ||||||
| John Deere Owner Trust, Series 2020-B, Class A2, 0.41%, 03/15/2023 | 1,294 | 1,294 | ||||||
| KVK CLO Ltd., (Cayman Islands), Series 2018-1A, Class A, (ICE LIBOR USD 3 Month + 0.93%), 1.11%, 05/20/2029 (e) (aa) | 373 | 373 | ||||||
| Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e) | 239 | 241 | ||||||
| Marlette Funding Trust, Series 2018-4A, Class A, 3.71%, 12/15/2028 (e) | 16 | 15 | ||||||
| Navient Private Education Loan Trust, Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 1.01%, 12/16/2058 (e) (aa) | 671 | 671 | ||||||
| Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.01%, 06/27/2067 (e) (aa) | 1,199 | 1,202 | ||||||
| Neuberger Berman Loan Advisers CLO Ltd., (Cayman Islands), Series 2017-26A, Class A, (ICE LIBOR USD 3 Month + 1.17%), 1.39%, 10/18/2030 (e) (aa) | 1,900 | 1,900 | ||||||
| Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e) | 300 | 312 | ||||||
| Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%, 03/11/2024 (e) | 1,500 | 1,497 | ||||||
| OZLM XII Ltd., (Cayman Islands), Series 2015-12A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 1.26%, 04/30/2027 (e) (aa) | 177 | 177 | ||||||
| OZLM XIV Ltd., (Cayman Islands), Series 2015-14A, Class A1AR, (ICE LIBOR USD 3 Month + 1.16%), 1.40%, 01/15/2029 (e) (aa) | 655 | 655 | ||||||
| Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2018-5A, Class A1, (ICE LIBOR USD 3 Month + 0.85%), 1.07%, 01/20/2027 (e) (aa) | 1,004 | 1,003 | ||||||
| Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.90%, 07/25/2035 (aa) | 1,493 | 1,492 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Asset-Backed Securities — continued | ||||||||
| RR 3 Ltd., (Cayman Islands), Series 2018-3A, Class A1R2, (ICE LIBOR USD 3 Month + 1.09%), 1.33%, 01/15/2030 (e) (aa) | 1,000 | 999 | ||||||
| SLM Student Loan Trust, | ||||||||
| Series 2003-10A, Class A3, (ICE LIBOR USD 3 Month + 0.47%), 0.65%, 12/15/2027 (e) (aa) | 867 | 867 | ||||||
| Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.82%, 10/25/2029 (e) (aa) | 1,600 | 1,602 | ||||||
| SMB Private Education Loan Trust, | ||||||||
| Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e) | 618 | 627 | ||||||
| Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 1.56%, 02/17/2032 (e) (aa) | 1,151 | 1,163 | ||||||
| Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e) | 813 | 834 | ||||||
| Series 2020-PTA, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.41%, 09/15/2054 (e) (aa) | 859 | 859 | ||||||
| Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 700 | 704 | ||||||
| Series 2020-PTB, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.41%, 09/15/2054 (e) (aa) | 711 | 711 | ||||||
| SoFi Consumer Loan Program Trust, | ||||||||
| Series 2019-1, Class A, 3.24%, 02/25/2028 (e) | 63 | 63 | ||||||
| Series 2019-3, Class A, 2.90%, 05/25/2028 (e) | 193 | 195 | ||||||
| SoFi Professional Loan Program LLC, Series 2016-C, Class A2B, 2.36%, 12/27/2032 (e) | 512 | 517 | ||||||
| SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e) | 1,148 | 1,154 | ||||||
| Sound Point CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 01/23/2029 (e) (aa) | 500 | 500 | ||||||
| Springleaf Funding Trust, Series 2017-AA, Class A, 2.68%, 07/15/2030 (e) | 221 | 222 | ||||||
| Stratus CLO Ltd., (Cayman Islands), Series 2020-2A, Class A, (ICE LIBOR USD 3 Month + 1.30%), 1.57%, 10/15/2028 (e) (aa) | 1,500 | 1,499 | ||||||
| TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.16%), 1.38%, 10/13/2029 (e) (aa) | 265 | 265 | ||||||
| Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e) | 1,500 | 1,521 | ||||||
| Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 1.46%, 10/15/2029 (e) (aa) | 2,100 | 2,100 | ||||||
| Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 0.38%, 07/22/2024 (aa) | 520 | 521 | ||||||
| Voya CLO Ltd., (Cayman Islands), | ||||||||
| Series 2015-2A, Class AR, (ICE LIBOR USD 3 Month + 0.97%), 1.19%, 07/23/2027 (e) (aa) | 697 | 697 | ||||||
| Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.39%, 10/15/2031 (e) (aa) | 1,150 | 1,150 | ||||||
| VOYA CLO, (Cayman Islands), | ||||||||
| Series 2017-2A, Class A1, (ICE LIBOR USD 3 Month + 1.21%), 1.45%, 06/07/2030 (e) (aa) | 270 | 270 | ||||||
| Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.98%), 0.00%, 06/07/2030 (e) (w) (aa) | 270 | 270 | ||||||
| World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024 | 576 | 577 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities (Cost $70,007) |
70,335 | |||||||
|
|
|
|||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Certificates of Deposit — 1.5% | ||||||||
| Financial — 1.5% | ||||||||
| Banks — 1.5% | ||||||||
| Barclays Bank plc, (United Kingdom), 0.33%, 02/01/2022 | 1,900 | 1,901 | ||||||
| Credit Suisse AG, (Switzerland), (United States SOFR + 0.30%), 0.31%, 09/17/2021 (aa) | 3,000 | 3,002 | ||||||
| Sumitomo Mitsui Banking Corp., (Japan), 0.70%, 07/15/2022 | 3,000 | 3,002 | ||||||
|
|
|
|||||||
| Total Financial | 7,905 | |||||||
|
|
|
|||||||
| Total Certificates of Deposit (Cost $7,900) |
7,905 | |||||||
|
|
|
|||||||
| Collateralized Mortgage Obligations — 3.8% | ||||||||
| Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.89%, 11/16/2066 (e) (aa) | 167 | 168 | ||||||
| Canterbury Finance NO 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.40%, 05/16/2056 (aa) | GBP | 1,000 | 1,392 | |||||
| COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z) | 361 | 363 | ||||||
| Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.48%, 08/26/2058 (e) (z) | 257 | 257 | ||||||
| Finsbury Square plc, (United Kingdom), | ||||||||
| Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 1.03%, 09/12/2068 (aa) | GBP | 298 | 411 | |||||
| Series 2019-3, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.01%), 1.06%, 12/16/2069 (aa) | GBP | 262 | 363 | |||||
| Series 2020-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 1.35%, 06/16/2070 (e) (aa) | GBP | 460 | 640 | |||||
| FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.92%, 05/25/2050 (aa) | 2,643 | 2,664 | ||||||
| GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) | 1,395 | 1,410 | ||||||
| GNMA, | ||||||||
| Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.77%, 12/20/2064 (aa) | 1,716 | 1,735 | ||||||
| Series 2017-121, Class PE, 3.00%, 07/20/2046 | 734 | 752 | ||||||
| Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.47%, 08/20/2065 (aa) | 2,325 | 2,327 | ||||||
| Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.54%, 05/20/2044 (aa) | 760 | 761 | ||||||
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) | 500 | 508 | ||||||
| Lanark Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A1, (ICE LIBOR USD 3 Month + 0.77%), 0.95%, 12/22/2069 (e) (aa) | 850 | 852 | ||||||
| London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.90%, 11/15/2049 (aa) | GBP | 68 | 93 | |||||
| New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) | 183 | 198 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Collateralized Mortgage Obligations — continued | ||||||||
| Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.30%, 04/27/2057 (aa) | GBP | 590 | 816 | |||||
| Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.86%, 08/20/2056 (aa) | GBP | 190 | 263 | |||||
| Sage AR Funding No 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark+1.25%), 1.30%, 11/17/2030 (e) (aa) | GBP | 800 | 1,105 | |||||
| Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.79%, 01/21/2070 (e) (aa) | 127 | 127 | ||||||
| Starwood Mortgage Residential Trust, | ||||||||
| Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) | 805 | 814 | ||||||
| Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z) | 420 | 421 | ||||||
| Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.00%, 07/20/2060 (e) (aa) | GBP | 200 | 276 | |||||
| Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2045 (e) (aa) | GBP | 797 | 1,100 | |||||
| Trinity Square plc, (United Kingdom), Series 2015-1X, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 1.15%), 1.18%, 07/15/2051 (aa) | GBP | 115 | 159 | |||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations (Cost $19,418) |
19,975 | |||||||
|
|
|
|||||||
| Commercial Mortgage-Backed Securities — 4.3% | ||||||||
| AREIT Trust, | ||||||||
| Series 2018-CRE2, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.09%, 11/14/2035 (e) (aa) | 692 | 692 | ||||||
| Series 2019-CRE3, Class A, (ICE LIBOR USD 1 Month + 1.02%), 1.13%, 09/14/2036 (e) (aa) | 500 | 499 | ||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.16%, 04/15/2036 (e) (aa) | 400 | 399 | ||||||
| BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.86%, 11/15/2035 (e) (aa) | 1,111 | 1,111 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 | 1,200 | 1,266 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class A4, 4.37%, 09/10/2046 (z) | 1,000 | 1,082 | ||||||
| COMM, Series 2013-GAM, Class A2, 3.37%, 02/10/2028 (e) | 1,406 | 1,395 | ||||||
| COMM Mortgage Trust, | ||||||||
| Series 2013-CR11, Class A4, 4.26%, 08/10/2050 | 750 | 810 | ||||||
| Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047 | 1,156 | 1,201 | ||||||
| Series 2015-CR23, Class A2, 2.85%, 05/10/2048 | 576 | 576 | ||||||
| Series 2015-CR27, Class A2, 2.22%, 10/10/2048 | — | (h) | — | (h) | ||||
| Series 2015-LC19, Class A2, 2.79%, 02/10/2048 | 433 | 433 | ||||||
| Series 2015-LC19, Class ASB, 3.04%, 02/10/2048 | 456 | 476 | ||||||
| GPMT Ltd., (Cayman Islands), Series 2018-FL1, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.01%, 11/21/2035 (e) (aa) | 190 | 189 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Commercial Mortgage-Backed Securities — continued | ||||||||
| GS Mortgage Securities Trust, | ||||||||
| Series 2012-GCJ9, Class A3, 2.77%, 11/10/2045 | 971 | 995 | ||||||
| Series 2013-GC14, Class A3, 3.53%, 08/10/2046 | 147 | 147 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class A, 4.13%, 07/05/2031 (e) | 1,000 | 1,067 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||
| Series 2013-C10, Class ASB, 3.91%, 07/15/2046 (z) | 166 | 171 | ||||||
| Series 2013-C11, Class AAB, 3.85%, 08/15/2046 | 500 | 518 | ||||||
| Morgan Stanley Capital I Trust, | ||||||||
| Series 2012-C4, Class AS, 3.77%, 03/15/2045 | 1,400 | 1,433 | ||||||
| Series 2014-CPT, Class A, 3.35%, 07/13/2029 (e) | 1,500 | 1,500 | ||||||
| Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.11%, 05/15/2036 (e) (aa) | 700 | 691 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Commercial Mortgage-Backed Securities — continued | ||||||||
| PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.08%, 04/14/2036 (e) (aa) | 738 | 738 | ||||||
| Rosslyn Portfolio Trust, Series 2017-ROSS, Class B, (ICE LIBOR USD 1 Month + 1.25%), 2.24%, 06/15/2033 (e) (aa) | 388 | 390 | ||||||
| UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class AAB, 3.19%, 01/10/2045 | 211 | 211 | ||||||
| VMC Finance LLC, Series 2018-FL2, Class A, (ICE LIBOR USD 1 Month + 0.92%), 1.03%, 10/15/2035 (e) (aa) | 361 | 361 | ||||||
| Wells Fargo Commercial Mortgage Trust, | ||||||||
| Series 2012-LC5, Class ASB, 2.53%, 10/15/2045 | 618 | 625 | ||||||
| Series 2013-LC12, Class A3FL, (ICE LIBOR USD 1 Month + 1.05%), 1.16%, 07/15/2046 (e) (aa) | 1,000 | 1,002 | ||||||
| Series 2015-NXS2, Class A2, 3.02%, 07/15/2058 | 423 | 432 | ||||||
| Series 2016-NXS5, Class A2, 2.71%, 01/15/2059 | 8 | 8 | ||||||
| WFRBS Commercial Mortgage Trust, | ||||||||
| Series 2012-C9, Class A3, 2.87%, 11/15/2045 | 1,654 | 1,700 | ||||||
| Series 2013-C12, Class ASB, 2.84%, 03/15/2048 | 701 | 714 | ||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities (Cost $22,828) |
22,832 | |||||||
|
|
|
|||||||
| Corporate Bonds — 54.1% | ||||||||
| Basic Materials — 0.9% | ||||||||
| Chemicals — 0.9% | ||||||||
| LYB International Finance III LLC, (ICE LIBOR USD 3 Month + 1.00%), 1.20%, 10/01/2023 (aa) | 2,400 | 2,407 | ||||||
| Nutrition & Biosciences, Inc., 0.70%, 09/15/2022 (e) | 2,400 | 2,404 | ||||||
|
|
|
|||||||
| Total Basic Materials | 4,811 | |||||||
|
|
|
|||||||
| Communications — 2.1% | ||||||||
| Media — 1.2% | ||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 1.86%, 02/01/2024 (aa) | 1,000 | 1,027 | ||||||
| 4.46%, 07/23/2022 | 5,250 | 5,476 | ||||||
|
|
|
|||||||
| 6,503 | ||||||||
|
|
|
|||||||
| Telecommunications — 0.9% | ||||||||
| NTT Finance Corp., (Japan), 0.37%, 03/03/2023 (e) | 2,500 | 2,499 | ||||||
| SK Telecom Co. Ltd., (South Korea), Reg. S, 3.75%, 04/16/2023 | 400 | 424 | ||||||
| Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC, 3.36%, 09/20/2021 (e) | 59 | 59 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Telecommunications — continued | ||||||||
| Verizon Communications, Inc., | ||||||||
| Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 1.23%, 02/17/2023 (aa) | AUD | 1,800 | 1,380 | |||||
| (ICE LIBOR USD 3 Month + 1.10%), 1.30%, 05/15/2025 (aa) | 200 | 205 | ||||||
|
|
|
|||||||
| 4,567 | ||||||||
|
|
|
|||||||
| Total Communications | 11,070 | |||||||
|
|
|
|||||||
| Consumer Cyclical — 6.6% | ||||||||
| Auto Manufacturers — 6.2% | ||||||||
| BMW Finance NV, (Netherlands), 2.25%, 08/12/2022 (e) | 1,100 | 1,126 | ||||||
| Daimler Finance North America LLC, | ||||||||
| 0.75%, 03/01/2024 (e) | 900 | 895 | ||||||
| Reg. S, (ICE LIBOR USD 3 Month + 0.67%), 0.87%, 11/05/2021 (aa) | 300 | 301 | ||||||
| 2.55%, 08/15/2022 (e) | 3,250 | 3,333 | ||||||
| General Motors Financial Co., Inc., | ||||||||
| (ICE LIBOR USD 3 Month + 0.85%), 1.07%, 04/09/2021 (aa) | 1,000 | 1,000 | ||||||
| (ICE LIBOR USD 3 Month + 1.10%), 1.29%, 11/06/2021 (aa) | 730 | 734 | ||||||
| 3.45%, 04/10/2022 | 2,000 | 2,047 | ||||||
| 3.55%, 07/08/2022 | 3,500 | 3,625 | ||||||
| Hyundai Capital America, 0.80%, 04/03/2023 (e) (w) | 2,790 | 2,784 | ||||||
| Nissan Motor Acceptance Corp., | ||||||||
| (ICE LIBOR USD 3 Month + 0.65%), 0.87%, 07/13/2022 (e) (aa) | 600 | 600 | ||||||
| (ICE LIBOR USD 3 Month + 0.69%), 0.88%, 09/28/2022 (e) (aa) | 1,800 | 1,799 | ||||||
| 1.05%, 03/08/2024 (e) | 1,170 | 1,170 | ||||||
| (ICE LIBOR USD 3 Month + 0.89%), 1.11%, 01/13/2022 (e) (aa) | 40 | 40 | ||||||
| Stellantis NV, (Netherlands), 5.25%, 04/15/2023 | 1,000 | 1,082 | ||||||
| Toyota Motor Credit Corp., | ||||||||
| 2.95%, 04/13/2021 | 3,000 | 3,001 | ||||||
| 3.30%, 01/12/2022 | 1,100 | 1,125 | ||||||
| Volkswagen Group of America Finance LLC, | ||||||||
| 0.75%, 11/23/2022 (e) | 6,000 | 6,017 | ||||||
| (ICE LIBOR USD 3 Month + 0.86%), 1.05%, 09/24/2021 (e) (aa) | 1,000 | 1,004 | ||||||
| 2.70%, 09/26/2022 (e) | 200 | 206 | ||||||
| 2.90%, 05/13/2022 (e) | 1,250 | 1,283 | ||||||
|
|
|
|||||||
| 33,172 | ||||||||
|
|
|
|||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Lodging — 0.4% | ||||||||
| Marriott International, Inc., Series N, 3.13%, 10/15/2021 | 2,000 | 2,012 | ||||||
|
|
|
|||||||
| Total Consumer Cyclical | 35,184 | |||||||
|
|
|
|||||||
| Consumer Non-cyclical — 12.1% | ||||||||
| Agriculture — 2.1% | ||||||||
| Altria Group, Inc., 4.75%, 05/05/2021 | 4,000 | 4,014 | ||||||
| BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.07%, 08/15/2022 (aa) | 3,200 | 3,224 | ||||||
| Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e) | 2,800 | 2,892 | ||||||
| JT International Financial Services BV, (Netherlands), Reg. S, 3.50%, 09/28/2023 | 1,000 | 1,068 | ||||||
|
|
|
|||||||
| 11,198 | ||||||||
|
|
|
|||||||
| Biotechnology — 0.1% | ||||||||
| Gilead Sciences, Inc., 2.50%, 09/01/2023 | 782 | 815 | ||||||
|
|
|
|||||||
| Commercial Services — 2.4% | ||||||||
| Central Nippon Expressway Co. Ltd., (Japan), Reg. S, 2.36%, 05/28/2021 | 10,000 | 10,027 | ||||||
| Equifax, Inc., (ICE LIBOR USD 3 Month + 0.87%), 1.06%, 08/15/2021 (aa) | 2,800 | 2,806 | ||||||
|
|
|
|||||||
| 12,833 | ||||||||
|
|
|
|||||||
| Food — 2.2% | ||||||||
| General Mills, Inc., | ||||||||
| 2.60%, 10/12/2022 | 915 | 944 | ||||||
| 6.41%, 10/15/2022 | 500 | 543 | ||||||
| Kroger Co. (The), 2.80%, 08/01/2022 | 3,000 | 3,085 | ||||||
| Mondelez International Holdings Netherlands BV, (Netherlands), 2.00%, 10/28/2021 (e) | 6,000 | 6,049 | ||||||
| Tyson Foods, Inc., 4.50%, 06/15/2022 | 792 | 822 | ||||||
|
|
|
|||||||
| 11,443 | ||||||||
|
|
|
|||||||
| Healthcare - Services — 1.1% | ||||||||
| Anthem, Inc., | ||||||||
| 2.95%, 12/01/2022 | 1,500 | 1,559 | ||||||
| 3.13%, 05/15/2022 | 4,149 | 4,274 | ||||||
|
|
|
|||||||
| 5,833 | ||||||||
|
|
|
|||||||
| Pharmaceuticals — 4.2% | ||||||||
| AbbVie, Inc., | ||||||||
| 2.90%, 11/06/2022 | 3,500 | 3,630 | ||||||
| 5.00%, 12/15/2021 | 3,455 | 3,523 | ||||||
| Bayer US Finance II LLC, | ||||||||
| (ICE LIBOR USD 3 Month + 1.01%), 1.19%, 12/15/2023 (e) (aa) | 2,700 | 2,737 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Pharmaceuticals — continued | ||||||||
| 3.88%, 12/15/2023 (e) | 3,000 | 3,233 | ||||||
| Becton Dickinson and Co., (ICE LIBOR USD 3 Month + 1.03%), 1.21%, 06/06/2022 (aa) | 945 | 954 | ||||||
| Cigna Corp., 3.75%, 07/15/2023 | 1,624 | 1,736 | ||||||
| CVS Health Corp., | ||||||||
| 2.13%, 06/01/2021 | 4,000 | 4,005 | ||||||
| 3.50%, 07/20/2022 | 279 | 289 | ||||||
| Shire Acquisitions Investments Ireland DAC, (Ireland), 2.88%, 09/23/2023 | 1,000 | 1,051 | ||||||
| Takeda Pharmaceutical Co. Ltd., (Japan), 4.40%, 11/26/2023 | 1,000 | 1,093 | ||||||
|
|
|
|||||||
| 22,251 | ||||||||
|
|
|
|||||||
| Total Consumer Non-cyclical | 64,373 | |||||||
|
|
|
|||||||
| Diversified — 0.2% | ||||||||
| Holding Companies—Diversified — 0.2% | ||||||||
| Hutchison Whampoa International 12 II Ltd., (Cayman Islands), Reg. S, 3.25%, 11/08/2022 | 900 | 938 | ||||||
|
|
|
|||||||
| Energy — 1.7% | ||||||||
| Oil & Gas — 1.3% | ||||||||
| BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e) | 750 | 764 | ||||||
| Cenovus Energy, Inc., (Canada), 3.80%, 09/15/2023 | 1,900 | 2,008 | ||||||
| Diamondback Energy, Inc., 0.90%, 03/24/2023 | 900 | 900 | ||||||
| Dolphin Energy Ltd. LLC, (United Arab Emirates), Reg. S, 5.50%, 12/15/2021 | 1,500 | 1,550 | ||||||
| Phillips 66, 0.90%, 02/15/2024 | 1,800 | 1,801 | ||||||
|
|
|
|||||||
| 7,023 | ||||||||
|
|
|
|||||||
| Pipelines — 0.4% | ||||||||
| Enbridge, Inc., (Canada), (United States SOFR + 0.40%), 0.41%, 02/17/2023 (aa) | 375 | 376 | ||||||
| Williams Cos., Inc. (The), 3.60%, 03/15/2022 | 1,500 | 1,536 | ||||||
|
|
|
|||||||
| 1,912 | ||||||||
|
|
|
|||||||
| Total Energy | 8,935 | |||||||
|
|
|
|||||||
| Financial — 24.4% | ||||||||
| Banks — 19.5% | ||||||||
| Banco Santander Chile, (Chile), (ICE LIBOR USD 3 Month + 1.20%), 1.39%, 11/28/2021 (aa) | 3,000 | 3,012 | ||||||
| Banco Santander SA, (Spain), 3.85%, 04/12/2023 | 1,000 | 1,061 | ||||||
| Bank of America Corp., | ||||||||
| (ICE LIBOR USD 3 Month + 0.65%), 0.85%, 06/25/2022 (aa) | 1,700 | 1,702 | ||||||
| (Canada Bankers Acceptances 3 Month + 1.13%), 2.60%, 03/15/2023 (f) (aa) | CAD | 1,000 | 811 | |||||
| (ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa) | 4,500 | 4,680 | ||||||
| Bank of Montreal, (Canada), (United States SOFR + 0.68%), 0.69%, 03/10/2023 (aa) | 1,900 | 1,916 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Barclays plc, (United Kingdom), | ||||||||
| (ICE LIBOR USD 3 Month + 1.38%), 1.57%, 05/16/2024 (aa) | 1,200 | 1,217 | ||||||
| Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.84%, 06/15/2023 (aa) | AUD | 1,000 | 773 | |||||
| BNP Paribas SA, (France), Reg. S, (BBSW ASX Australian 3 Month + 1.75%), 1.78%, 12/16/2022 (aa) | AUD | 500 | 386 | |||||
| BPCE SA, (France), | ||||||||
| (ICE LIBOR USD 3 Month + 1.22%), 1.40%, 05/22/2022 (e) (aa) | 1,000 | 1,010 | ||||||
| 3.00%, 05/22/2022 (e) | 1,000 | 1,029 | ||||||
| Citigroup, Inc., | ||||||||
| (ICE LIBOR USD 3 Month + 0.95%), 1.17%, 07/24/2023 (aa) | 700 | 706 | ||||||
| (ICE LIBOR USD 3 Month + 1.07%), 1.25%, 12/08/2021 (aa) | 2,000 | 2,012 | ||||||
| (United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa) | 1,250 | 1,275 | ||||||
| (United States SOFR + 0.87%), 2.31%, 11/04/2022 (aa) | 700 | 707 | ||||||
| (ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa) | 4,233 | 4,317 | ||||||
| Citizens Bank NA, 3.25%, 02/14/2022 | 2,000 | 2,046 | ||||||
| Credit Suisse Group AG, (Switzerland), 3.80%, 06/09/2023 | 1,000 | 1,061 | ||||||
| Credit Suisse Group Funding Guernsey Ltd., (Guernsey), | ||||||||
| 3.45%, 04/16/2021 | 6,500 | 6,506 | ||||||
| 3.80%, 09/15/2022 | 1,000 | 1,042 | ||||||
| Danske Bank A/S, (Denmark), | ||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.24%, 09/12/2023 (aa) | 500 | 504 | ||||||
| (ICE LIBOR USD 3 Month + 1.25%), 3.00%, 09/20/2022 (e) (aa) | 1,000 | 1,010 | ||||||
| First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.18%, 04/16/2022 (aa) | 1,700 | 1,707 | ||||||
| Goldman Sachs Group, Inc. (The), | ||||||||
| 0.48%, 01/27/2023 | 2,650 | 2,646 | ||||||
| 0.52%, 03/08/2023 | 4,000 | 4,000 | ||||||
| (ICE LIBOR USD 3 Month + 0.75%), 0.93%, 02/23/2023 (aa) | 1,000 | 1,008 | ||||||
| 3.20%, 02/23/2023 | 1,516 | 1,587 | ||||||
| HSBC Holdings plc, (United Kingdom), | ||||||||
| (ICE LIBOR USD 3 Month + 1.00%), 1.19%, 05/18/2024 (aa) | 1,000 | 1,010 | ||||||
| (ICE LIBOR USD 3 Month + 1.23%), 1.41%, 03/11/2025 (aa) | 1,000 | 1,020 | ||||||
| 3.60%, 05/25/2023 | 1,500 | 1,596 | ||||||
| KEB Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.89%, 10/02/2022 (e) (aa) | 400 | 402 | ||||||
| Lloyds Banking Group plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.25%), 2.86%, 03/17/2023 (aa) | 1,000 | 1,021 | ||||||
| Mitsubishi UFJ Financial Group, Inc., (Japan), | ||||||||
| (ICE LIBOR USD 3 Month + 0.86%), 1.08%, 07/26/2023 (aa) | 2,300 | 2,327 | ||||||
| 3.22%, 03/07/2022 | 3,000 | 3,080 | ||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Mizuho Financial Group, Inc., (Japan), | ||||||||
| (ICE LIBOR USD 3 Month + 0.63%), 0.82%, 05/25/2024 (aa) | 2,000 | 2,009 | ||||||
| (ICE LIBOR USD 3 Month + 0.94%), 1.13%, 02/28/2022 (aa) | 1,000 | 1,007 | ||||||
| 2.63%, 04/12/2021 (e) | 1,500 | 1,501 | ||||||
| 3.55%, 03/05/2023 | 2,500 | 2,646 | ||||||
| Morgan Stanley, | ||||||||
| (United States SOFR + 0.46%), 0.53%, 01/25/2024 (aa) | 3,000 | 2,994 | ||||||
| (United States SOFR + 0.70%), 0.73%, 01/20/2023 (aa) | 900 | 902 | ||||||
| (Canada Bankers Acceptances 3 Month + 0.30%), 0.74%, 02/03/2023 (f) (aa) | CAD | 1,800 | 1,434 | |||||
| (ICE LIBOR USD 3 Month + 0.93%), 1.15%, 07/22/2022 (aa) | 700 | 702 | ||||||
| 3.75%, 02/25/2023 | 1,000 | 1,060 | ||||||
| Natwest Group plc, (United Kingdom), | ||||||||
| (ICE LIBOR USD 3 Month + 1.47%), 1.66%, 05/15/2023 (aa) | 400 | 405 | ||||||
| (ICE LIBOR USD 3 Month + 1.55%), 1.75%, 06/25/2024 (aa) | 900 | 919 | ||||||
| (ICE LIBOR USD 3 Month + 1.48%), 3.50%, 05/15/2023 (aa) | 1,000 | 1,030 | ||||||
| 3.88%, 09/12/2023 | 3,000 | 3,217 | ||||||
| NatWest Markets plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.40%), 1.59%, 09/29/2022 (e) (aa) | 2,100 | 2,137 | ||||||
| Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.13%, 08/30/2023 (e) (aa) | 200 | 202 | ||||||
| QNB Finance Ltd., (Cayman Islands), | ||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.20%, 05/02/2022 (aa) | 800 | 802 | ||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.35%), 1.54%, 05/31/2021 (aa) | 1,200 | 1,202 | ||||||
| Royal Bank of Canada, (Canada), (United States SOFR + 0.30%), 0.33%, 01/19/2024 (aa) | 800 | 799 | ||||||
| Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022 | 1,900 | 1,944 | ||||||
| Skandinaviska Enskilda Banken AB, (Sweden), (ICE LIBOR USD 3 Month + 0.65%), 0.83%, 12/12/2022 (e) (aa) | 500 | 504 | ||||||
| Standard Chartered plc, (United Kingdom), | ||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.38%, 09/10/2022 (aa) | 300 | 301 | ||||||
| (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa) | 1,600 | 1,723 | ||||||
| Synchrony Bank, 3.00%, 06/15/2022 | 300 | 308 | ||||||
| Truist Bank, (ICE LIBOR USD 3 Month + 0.59%), 0.78%, 05/17/2022 (aa) | 1,000 | 1,006 | ||||||
| UBS Group AG, (Switzerland), | ||||||||
| (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa) | 3,500 | 3,607 | ||||||
| 3.00%, 04/15/2021 (e) | 4,675 | 4,679 | ||||||
| Wells Fargo & Co., | ||||||||
| (United States SOFR + 1.60%), 1.65%, 06/02/2024 (aa) | 3,000 | 3,065 | ||||||
| 2.51%, 10/27/2023 (f) | CAD | 2,500 | 2,068 | |||||
|
|
|
|||||||
| 104,360 | ||||||||
|
|
|
|||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Diversified Financial Services — 4.3% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), | ||||||||
| 4.45%, 12/16/2021 | 700 | 716 | ||||||
| 5.00%, 10/01/2021 | 1,460 | 1,492 | ||||||
| Aircastle Ltd., (Bermuda), 5.50%, 02/15/2022 | 1,350 | 1,404 | ||||||
| American Express Co., | ||||||||
| 3.38%, 05/17/2021 | 3,000 | 3,003 | ||||||
| 3.40%, 02/27/2023 | 1,257 | 1,323 | ||||||
| Aviation Capital Group LLC, 2.88%, 01/20/2022 (e) | 1,400 | 1,420 | ||||||
| BOC Aviation Ltd., (Singapore), | ||||||||
| (ICE LIBOR USD 3 Month + 1.05%), 1.25%, 05/04/2021 (e) (aa) | 200 | 200 | ||||||
| Reg. S, 2.38%, 09/15/2021 | 2,200 | 2,208 | ||||||
| Capital One Bank USA NA, (United States SOFR + 0.62%), 2.01%, 01/27/2023 (aa) | 1,500 | 1,518 | ||||||
| Capital One Financial Corp., 2.60%, 05/11/2023 | 3,500 | 3,639 | ||||||
| Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e) | 800 | 821 | ||||||
| Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025 | 1,900 | 1,895 | ||||||
| Synchrony Financial, | ||||||||
| 2.85%, 07/25/2022 | 300 | 308 | ||||||
| 3.75%, 08/15/2021 | 3,000 | 3,020 | ||||||
|
|
|
|||||||
| 22,967 | ||||||||
|
|
|
|||||||
| Insurance — 0.6% | ||||||||
| Marsh & McLennan Cos., Inc., 4.80%, 07/15/2021 | 3,000 | 3,001 | ||||||
|
|
|
|||||||
| Total Financial | 130,328 | |||||||
|
|
|
|||||||
| Industrial — 2.3% | ||||||||
| Aerospace/Defense — 0.3% | ||||||||
| Boeing Co. (The), | ||||||||
| 1.17%, 02/04/2023 | 1,000 | 1,005 | ||||||
| 4.51%, 05/01/2023 | 600 | 643 | ||||||
|
|
|
|||||||
| 1,648 | ||||||||
|
|
|
|||||||
| Miscellaneous Manufacturers — 0.3% | ||||||||
| Siemens Financieringsmaatschappij NV, (Netherlands), 0.40%, 03/11/2023 (e) | 1,495 | 1,497 | ||||||
|
|
|
|||||||
| Transportation — 0.6% | ||||||||
| Ryder System, Inc., 3.65%, 03/18/2024 | 3,000 | 3,238 | ||||||
|
|
|
|||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Trucking & Leasing — 1.1% | ||||||||
| GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.92%, 11/05/2021 (aa) | 500 | 502 | ||||||
| Penske Truck Leasing Co. Lp / PTL Finance Corp., | ||||||||
| 2.70%, 03/14/2023 (e) | 3,000 | 3,111 | ||||||
| 3.90%, 02/01/2024 (e) | 2,000 | 2,149 | ||||||
|
|
|
|||||||
| 5,762 | ||||||||
|
|
|
|||||||
| Total Industrial | 12,145 | |||||||
|
|
|
|||||||
| Technology — 1.4% | ||||||||
| Computers — 0.6% | ||||||||
| Dell International LLC / EMC Corp., 5.45%, 06/15/2023 (e) | 1,500 | 1,639 | ||||||
| Hewlett Packard Enterprise Co., (ICE LIBOR USD 3 Month + 0.72%), 0.96%, 10/05/2021 (aa) | 1,464 | 1,464 | ||||||
|
|
|
|||||||
| 3,103 | ||||||||
|
|
|
|||||||
| Semiconductors — 0.1% | ||||||||
| NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e) | 400 | 418 | ||||||
|
|
|
|||||||
| Software — 0.7% | ||||||||
| Fidelity National Information Services, Inc., 0.38%, 03/01/2023 | 3,745 | 3,733 | ||||||
|
|
|
|||||||
| Total Technology | 7,254 | |||||||
|
|
|
|||||||
| Utilities — 2.4% | ||||||||
| Electric — 2.4% | ||||||||
| Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.71%, 09/15/2023 (aa) | 1,800 | 1,802 | ||||||
| Duke Energy Corp., (ICE LIBOR USD 3 Month + 0.65%), 0.83%, 03/11/2022 (aa) | 2,000 | 2,009 | ||||||
| Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e) | 300 | 337 | ||||||
| NextEra Energy Capital Holdings, Inc., | ||||||||
| (United States SOFR + 0.54%), 0.55%, 03/01/2023 (aa) | 710 | 712 | ||||||
| 0.65%, 03/01/2023 | 3,965 | 3,978 | ||||||
| Pacific Gas and Electric Co., | ||||||||
| 1.75%, 06/16/2022 | 600 | 601 | ||||||
| 3.25%, 06/15/2023 | 100 | 104 | ||||||
| 3.40%, 08/15/2024 | 100 | 106 | ||||||
| 3.75%, 02/15/2024 | 100 | 106 | ||||||
| 3.85%, 11/15/2023 | 100 | 106 | ||||||
| 4.25%, 08/01/2023 | 800 | 853 | ||||||
| Southern California Edison Co., 0.70%, 04/03/2023 (w) | 2,200 | 2,199 | ||||||
|
|
|
|||||||
| Total Utilities | 12,913 | |||||||
|
|
|
|||||||
| Total Corporate Bonds (Cost $287,108) |
287,951 | |||||||
|
|
|
|||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Foreign Government Securities — 2.0% | ||||||||
| Canada Housing Trust No. 1, (Canada), 1.25%, 06/15/2021 (e) | CAD | 6,000 | 4,786 | |||||
| International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026 | 3,100 | 3,047 | ||||||
| Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.01%, 10/30/2022 (aa) | 400 | 403 | ||||||
| Qatar Government International Bond, (Qatar), Reg. S, 2.38%, 06/02/2021 | 1,400 | 1,404 | ||||||
| Saudi Government International Bond, (Saudi Arabia), Reg. S, 2.38%, 10/26/2021 | 1,200 | 1,213 | ||||||
|
|
|
|||||||
| Total Foreign Government Securities | ||||||||
| (Cost $10,677) | 10,853 | |||||||
|
|
|
|||||||
| Municipal Bonds — 0.7% (t) | ||||||||
| California — 0.2% | ||||||||
| Municipal Improvement Corp. of Los Angeles, | ||||||||
| Series A, Rev., 0.32%, 11/01/2022 | 415 | 414 | ||||||
| Series A, Rev., 0.42%, 11/01/2023 | 590 | 584 | ||||||
|
|
|
|||||||
| 998 | ||||||||
|
|
|
|||||||
| Maryland — 0.1% | ||||||||
| State of Maryland Department of Transportation, Series A, Rev., 0.36%, 08/01/2023 | 450 | 447 | ||||||
|
|
|
|||||||
| North Carolina — 0.1% | ||||||||
| University of North Carolina at Charlotte (The), | ||||||||
| Rev., 0.29%, 04/01/2022 | 175 | 175 | ||||||
| Rev., 0.41%, 04/01/2023 | 350 | 351 | ||||||
|
|
|
|||||||
| 526 | ||||||||
|
|
|
|||||||
| Pennsylvania — 0.3% | ||||||||
| Philadelphia Authority for Industrial Development, Rev., 0.94%, 04/15/2024 (w) | 1,555 | 1,559 | ||||||
|
|
|
|||||||
| Total Municipal Bonds | ||||||||
| (Cost $3,535) | 3,530 | |||||||
|
|
|
|||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| U.S. Government Agency Securities — 2.8% | ||||||||
| FHLBs, | ||||||||
| 0.50%, 03/12/2024 | 5,000 | 5,000 | ||||||
| 0.96%, 03/05/2026 | 3,100 | 3,085 | ||||||
| FHLMC, | ||||||||
| 0.60%, 10/20/2025 | 4,000 | 3,941 | ||||||
| 0.65%, 10/27/2025 | 3,000 | 2,964 | ||||||
|
|
|
|||||||
| Total U.S. Government Agency Securities (Cost $15,100) |
14,990 | |||||||
|
|
|
|||||||
| Short-Term Investments — 18.7% | ||||||||
| Banker’s Acceptance Bill — 0.3% | ||||||||
| Royal Bank of Canada, (Canada), 0.19%, 04/01/2021 (n) | CAD 2,000 | 1,591 | ||||||
|
|
|
|||||||
| Certificates of Deposit — 3.5% | ||||||||
| Bank of Montreal, (Canada), (ICE LIBOR USD 3 Month + 0.04%), 0.28%, 10/06/2021 (aa) | 2,000 | 2,000 | ||||||
| Barclays Bank plc, (United Kingdom), (ICE LIBOR USD 3 Month + 0.48%), 0.69%, 07/30/2021 (aa) | 4,000 | 4,006 | ||||||
| Credit Suisse AG, (Switzerland), (United States SOFR + 0.35%), 0.36%, 08/03/2021 (aa) | 3,000 | 3,002 | ||||||
| Deutsche Bank AG, (Germany), 0.58%, 08/11/2021 | 2,000 | 2,001 | ||||||
| Lloyds Banking Group plc, (United Kingdom), 0.47%, 07/20/2021 (n) | 3,000 | 3,003 | ||||||
| Norinchukin Bank, 0.22%, 05/11/2021 (n) | 1,800 | 1,800 | ||||||
| Standard Chartered Bank, (United Kingdom), (ICE LIBOR USD 3 Month + 0.15%), 0.33%, 08/24/2021 (aa) | 2,750 | 2,751 | ||||||
|
|
|
|||||||
| Total Certificates of Deposit | 18,563 | |||||||
|
|
|
|||||||
| Commercial Papers — 2.8% | ||||||||
| AT&T, Inc., 0.30%, 12/14/2021 (e) (n) | 3,500 | 3,492 | ||||||
| Enel Finance America LLC, 0.43%, 02/22/2022 (e) (n) | 4,000 | 3,987 | ||||||
| NatWest Markets plc, (United Kingdom), Series G, 0.37%, 01/28/2022 (e) (n) | 2,000 | 1,995 | ||||||
| VW Credit, Inc., 0.37%, 02/16/2022 (e) (n) | 5,500 | 5,482 | ||||||
|
|
|
|||||||
| Total Commercial Papers | 14,956 | |||||||
|
|
|
|||||||
| Corporate Bond — 0.2% | ||||||||
| Pacific Gas and Electric Co., (ICE LIBOR USD 3 Month + 1.38%), 1.57%, 11/15/2021 (aa) | 900 | 902 | ||||||
|
|
|
|||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Short-Term Investments — continued | ||||||||
| Foreign Government Securities — 8.8% | ||||||||
| Japan Treasury Discount Bill, (Japan), | ||||||||
| Series 957, Zero Coupon, 06/10/2021 | JPY 400,000 | 3,613 | ||||||
| Series 965, Zero Coupon, 04/19/2021 | JPY 3,400,000 | 30,708 | ||||||
| Series 970, Zero Coupon, 05/17/2021 | JPY 1,384,600 | 12,507 | ||||||
|
|
|
|||||||
| Total Foreign Government Securities | 46,828 | |||||||
|
|
|
|||||||
| Time Deposits — 1.2% | ||||||||
| Australia & New Zealand Banking Group Ltd., 0.00%, 04/01/2021 | 161 | 161 | ||||||
| BNP Paribas SA, 0.00%, 04/01/2021 | 6,289 | 6,289 | ||||||
| Brown Brothers Harriman, | ||||||||
| (0.54%), 04/01/2021 | AUD 1 | 1 | ||||||
| (0.31%), 04/01/2021 | JPY 66 | 1 | ||||||
| 0.00%, 04/01/2021 | CAD 59 | 47 | ||||||
| 0.00%, 04/01/2021 | GBP — | (h) | — | (h) | ||||
| Citibank NA, 0.00%, 04/01/2021 | GBP 114 | 157 | ||||||
|
|
|
|||||||
| Total Time Deposits | 6,656 | |||||||
|
|
|
|||||||
| U.S. Government Agency Securities — 1.9% | ||||||||
| FHLB, DNs, | ||||||||
| Zero Coupon, 05/21/2021 | 1,900 | 1,900 | ||||||
| Zero Coupon, 06/16/2021 | 8,300 | 8,300 | ||||||
|
|
|
|||||||
| Total U.S. Government Agency Securities | 10,200 | |||||||
|
|
|
|||||||
| U.S. Treasury Obligation — 0.0% (g) | ||||||||
| U.S. Treasury Bill, Zero Coupon, 04/29/2021 | 81 | 81 | ||||||
|
|
|
|||||||
| Total Short-Term Investments (Cost $102,569) |
99,777 | |||||||
|
|
|
|||||||
| Total Investments — 101.1% (Cost—$539,142)* |
538,148 | |||||||
| Liabilities in Excess of Other Assets — (1.1)% |
(5,749 | ) | ||||||
|
|
|
|||||||
| NET ASSETS — 100.0% |
$ | 532,399 | ||||||
|
|
|
|||||||
Percentages indicated are based on net assets
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2021:
Exchange Traded
| DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
| Long Contracts |
||||||||||||||||||||
| Canadian Bankers’ Acceptance |
123 | 03/2023 | CAD | 24,304 | (130 | ) | ||||||||||||||
| U.S. Treasury 2 Year Note |
324 | 06/2021 | USD | 71,579 | (63 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| (193 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Short Contracts |
||||||||||||||||||||
| U.S. Treasury 5 Year Note |
(227 | ) | 06/2021 | USD | (28,347 | ) | 335 | |||||||||||||
| U.S. Ultra Treasury 10 Year Note |
(24 | ) | 06/2021 | USD | (3,533 | ) | 85 | |||||||||||||
|
|
|
|||||||||||||||||||
| 420 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
227 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021:
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| USD |
1,404 | AUD |
1,816 | Morgan Stanley & Co. | 04/07/2021 | 24 | ||||||||||||
| USD |
388 | AUD |
510 | Morgan Stanley & Co. | 04/07/2021 | 1 | ||||||||||||
| USD |
753 | AUD |
945 | Bank of America, NA | 04/07/2021 | 35 | ||||||||||||
| CAD |
260 | USD |
207 | Barclays Bank plc | 04/07/2021 | — | (h) | |||||||||||
| USD |
6,075 | CAD |
7,590 | Bank of America, NA | 04/07/2021 | 35 | ||||||||||||
| CAD |
7,330 | USD |
5,816 | Bank of America, NA | 04/07/2021 | 17 | ||||||||||||
| USD |
240 | GBP |
173 | Morgan Stanley & Co. | 04/07/2021 | 2 | ||||||||||||
| USD |
6,530 | GBP |
4,612 | Bank of America, NA | 04/07/2021 | 172 | ||||||||||||
| GBP |
4,785 | USD |
6,571 | Bank of America, NA | 04/07/2021 | 25 | ||||||||||||
| USD |
14,464 | JPY |
1,500,000 | Morgan Stanley & Co. | 04/19/2021 | 915 | ||||||||||||
| USD |
18,333 | JPY |
1,900,000 | Citibank NA | 04/19/2021 | 1,171 | ||||||||||||
| USD |
2,489 | AUD |
3,271 | Morgan Stanley & Co. | 05/04/2021 | 4 | ||||||||||||
| USD |
736 | AUD |
945 | Bank of America, NA | 05/17/2021 | 18 | ||||||||||||
| USD |
6,442 | GBP |
4,612 | Bank of America, NA | 05/17/2021 | 83 | ||||||||||||
| USD |
3,659 | JPY |
384,600 | Citibank NA | 05/17/2021 | 184 | ||||||||||||
| USD |
9,420 | JPY |
1,000,000 | BNP Paribas | 05/17/2021 | 385 | ||||||||||||
| USD |
3,781 | JPY |
400,000 | Bank of America, NA | 06/10/2021 | 166 | ||||||||||||
| USD |
4,830 | CAD |
6,028 | Citibank NA | 06/16/2021 | 33 | ||||||||||||
|
|
|
|||||||||||||||||
| Total unrealized appreciation |
3,270 | |||||||||||||||||
|
|
|
|||||||||||||||||
| USD |
1,581 | CAD |
2,000 | Citibank NA | 04/01/2021 | (11 | ) | |||||||||||
| AUD |
3,271 | USD |
2,489 | Morgan Stanley & Co. | 04/07/2021 | (4 | ) | |||||||||||
| USD |
5,816 | CAD |
7,330 | Bank of America, NA | 05/04/2021 | (17 | ) | |||||||||||
| USD |
6,572 | GBP |
4,785 | Bank of America, NA | 05/05/2021 | (25 | ) | |||||||||||
| AUD |
945 | USD |
753 | Bank of America, NA | 05/17/2021 | (35 | ) | |||||||||||
| USD |
5,977 | CAD |
7,590 | Bank of America, NA | 05/17/2021 | (63 | ) | |||||||||||
| CAD |
7,590 | USD |
6,075 | Bank of America, NA | 05/17/2021 | (35 | ) | |||||||||||
| GBP |
4,612 | USD |
6,530 | Bank of America, NA | 05/17/2021 | (171 | ) | |||||||||||
|
|
|
|||||||||||||||||
| Total unrealized depreciation |
(361 | ) | ||||||||||||||||
|
|
|
|||||||||||||||||
| Net unrealized appreciation (depreciation) |
2,909 | |||||||||||||||||
|
|
|
|||||||||||||||||
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2021:
| FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/ RECEIVE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) | |||||||||||||||||
| ICE LIBOR USD 1 Month |
ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD | 9,600 | — | (3 | ) | (3 | ) | ||||||||||||||
| ICE LIBOR USD 1 Month |
ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD | 12,500 | — | (4 | ) | (4 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total |
— | (7 | ) | (7 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
|
(a) Value of floating rate index as of March 31, 2021 was as follows:
|
| |||||||||||||||||||||||
| FLOATING RATE |
||||||||||||||||||||||||
| ICE LIBOR USD 1 Month |
|
0.11 | % | |||||||||||||||||||||
| ICE LIBOR USD 3 Month |
|
0.19 | % | |||||||||||||||||||||
Centrally Cleared Credit default swap contracts outstanding — buy protection (1) as of March 31, 2021:
| REFERENCE |
FINANCING RATE PAID BY THE FUND (%) |
PAYMENT FREQUENCY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (2) |
NOTIONAL AMOUNT (3) |
UPFRONT PAYMENTS (RECEIPTS) ($) (4) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
||||||||||||||||||||||||||||
| CDX.NA.IG.36-V1 |
1.00 | Quarterly | 06/20/2026 | 0.54 | USD | 7,100 | $ | (154 | ) | $ | (14 | ) | $ | (168 | ) | |||||||||||||||||||||
| CDX.NA.IG.35-V1 |
1.00 | Quarterly | 12/20/2025 | 0.48 | USD | 4,600 | (98 | ) | (14 | ) | (111 | ) | ||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| $ | (252 | ) | $ | (28 | ) | $ | (279 | ) | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| (1) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. | |
| (2) | Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. | |
| (3) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. | |
| (4) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Six Circles Ultra Short Duration Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021
| ASX |
— | Australian Stock Exchange | ||
| BBSW |
— | Bank Bill Swap Rate | ||
| CLO |
— | Collateralized Loan Obligations | ||
| DN |
— | Discount Notes | ||
| FHLB |
— | Federal Home Loan Bank | ||
| FHLMC |
— | Federal Home Loan Mortgage Corp. | ||
| FNMA |
— | Federal National Mortgage Association | ||
| GNMA |
— | Government National Mortgage Association | ||
| ICE |
— | Intercontinental Exchange | ||
| LIBOR |
— | London Interbank Offered Rate | ||
| Reg. S |
— | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | ||
| REMICS |
— | Real Estate Mortgage Investment Conduit | ||
| 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 March 31, 2021. | ||
| (e) |
— | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
| (f) |
— | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. | ||
| (g) |
— | Amount rounds to less than 0.05%. | ||
| (h) |
— | Amount rounds to less than 500 shares or principal/ $500. | ||
| (n) |
— | The rate shown is the effective yield as of March 31, 2021. | ||
| (t) |
— | The date shown represents the earliest of the next put date or final maturity date. | ||
| (w) |
— | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
| (z) |
— | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2021. | ||
| (aa) |
— | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2021 | ||
| * |
— | The cost of securities is substantially the same for federal income tax purposes. | ||
| AUD |
— | Australian Dollar | ||
| CAD |
— | Canadian Dollar | ||
| GBP |
— | British Pound | ||
| JPY |
— | Japanese Yen | ||
| USD |
— | United States Dollar |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Asset-Backed Securities — 4.1% | ||||||||
| BMW Canada Auto Trust, (Canada), Series 2020-1A, Class A1, 1.96%, 09/20/2022 (e) | CAD 1,075 | 860 | ||||||
| Chesapeake Funding II LLC, Series 2019-1A, Class A1, 2.94%, 04/15/2031 (e) | 729 | 738 | ||||||
| DT Auto Owner Trust, Series 2020-3A, Class A, 0.54%, 04/15/2024 (e) | 1,507 | 1,508 | ||||||
| FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e) | 898 | 889 | ||||||
| Ford Auto Securitization Trust, (Canada), Series 2019-BA, Class A2, 2.32%, 10/15/2023 (e) | CAD 760 | 612 | ||||||
| Ford Credit Floorplan Master Owner Trust A, | ||||||||
| Series 2018-3, Class A2, (ICE LIBOR USD 1 Month + 0.40%), 0.51%, 10/15/2023 (aa) | 2,900 | 2,904 | ||||||
| Series 2019-3, Class A2, (ICE LIBOR USD 1 Month + 0.60%), 0.71%, 09/15/2024 (aa) | 600 | 604 | ||||||
| Series 2020-1, Class A1, 0.70%, 09/15/2025 | 1,700 | 1,704 | ||||||
| Home Equity Asset Trust, Series 2005-8, Class M1, (ICE LIBOR USD 1 Month + 0.65%), 0.75%, 02/25/2036 (aa) | 749 | 748 | ||||||
| Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, SUB, 3.75%, 04/25/2059 (e) | 239 | 241 | ||||||
| Marlette Funding Trust, Series 2018-4A, Class A, 3.71%, 12/15/2028 (e) | 16 | 15 | ||||||
| Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.01%, 06/27/2067 (e) (aa) | 1,359 | 1,362 | ||||||
| Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e) | 350 | 365 | ||||||
| Oscar US Funding XII LLC, (Japan), Series 2021-1A, Class A2, 0.40%, 03/11/2024 (e) | 1,700 | 1,697 | ||||||
| Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 0.90%, 07/25/2035 (aa) | 1,937 | 1,936 | ||||||
| SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 0.82%, 10/25/2029 (e) (aa) | 1,778 | 1,780 | ||||||
| SMB Private Education Loan Trust, | ||||||||
| Series 2015-B, Class A2A, 2.98%, 07/15/2027 (e) | 618 | 627 | ||||||
| Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e) | 863 | 886 | ||||||
| Series 2020-PTA, Class A1, (ICE LIBOR USD 1 Month + 0.30%), 0.41%, 09/15/2054 (e) (aa) | 228 | 228 | ||||||
| Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 800 | 805 | ||||||
| SoFi Consumer Loan Program Trust, | ||||||||
| Series 2019-1, Class A, 3.24%, 02/25/2028 (e) | 63 | 63 | ||||||
| Series 2019-3, Class A, 2.90%, 05/25/2028 (e) | 193 | 195 | ||||||
| SoFi Professional Loan Program Trust, Series 2020-A, Class A1FX, 2.06%, 05/15/2046 (e) | 530 | 533 | ||||||
| Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e) | 1,800 | 1,826 | ||||||
| World Omni Select Auto Trust, Series 2020-A, Class A2, 0.47%, 06/17/2024 | 576 | 577 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities (Cost $23,411) |
23,703 | |||||||
|
|
|
|||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Collateralized Mortgage Obligations — 3.7% | ||||||||
| Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 0.89%, 11/16/2066 (e) (aa) | 167 | 168 | ||||||
| Canterbury Finance No 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.35%), 1.40%, 05/16/2056 (aa) | GBP 1,000 | 1,392 | ||||||
| COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.26%, 09/25/2065 (e) (z) | 361 | 363 | ||||||
| Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.48%, 08/26/2058 (e) (z) | 257 | 257 | ||||||
| Finsbury Square plc, (United Kingdom), |
||||||||
| Series 2018-2, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.95%), 1.03%, 09/12/2068 (aa) | GBP 744 | 1,028 | ||||||
| Series 2019-3, Class A, Reg. S, (SONIA Deposit Rates Swap 3 Month + 1.01%), 1.06%, 12/16/2069 (aa) | GBP 349 | 483 | ||||||
| Series 2020-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.30%), 1.35%, 06/16/2070 (e) (aa) | GBP 460 | 640 | ||||||
| FNMA REMICS, Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 0.92%, 05/25/2050 (aa) | 2,945 | 2,969 | ||||||
| GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) | 1,581 | 1,598 | ||||||
| GNMA, | ||||||||
| Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 0.77%, 12/20/2064 (aa) | 1,716 | 1,735 | ||||||
| Series 2017-121, Class PE, 3.00%, 07/20/2046 | 872 | 893 | ||||||
| Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 0.47%, 08/20/2065 (aa) | 2,325 | 2,328 | ||||||
| Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 0.54%, 05/20/2044 (aa) | 893 | 893 | ||||||
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) | 400 | 406 | ||||||
| Lanark Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A1, (ICE LIBOR USD 3 Month + 0.77%), 0.95%, 12/22/2069 (e) (aa) | 850 | 851 | ||||||
| London Wall Mortgage Capital plc, (United Kingdom), Series 2017-FL1, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 0.85%), 0.90%, 11/15/2049 (aa) | GBP 84 | 117 | ||||||
| New Residential Mortgage Loan Trust, Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) | 183 | 198 | ||||||
| Polaris RMBS, (United Kingdom), Series 2019-1, Class A, Reg. S, (SONIA Deposit Rates Swap 1 Month + 1.25%), 1.30%, 04/27/2057 (aa) | GBP 649 | 898 | ||||||
| Ripon Mortgages plc, (United Kingdom), Series 1X, Class A1, Reg. S, (ICE LIBOR GBP 3 Month + 0.80%), 0.86%, 08/20/2056 (aa) | GBP 253 | 350 | ||||||
| Sage AR Funding No 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Deposit Rates Swap 3 Month + 1.25%), 1.30%, 11/17/2030 (e) (aa) | GBP 800 | 1,105 | ||||||
| Silverstone Master Issuer plc, (United Kingdom), Series 2019-1A, Class 1A, (ICE LIBOR USD 3 Month + 0.57%), 0.79%, 01/21/2070 (e) (aa) | 127 | 127 | ||||||
| Starwood Mortgage Residential Trust, Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) | 967 | 977 | ||||||
| Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.00%, 07/20/2060 (e) (aa) | GBP 200 | 276 | ||||||
| Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Deposit Rates Swap 3 Month + 0.90%), 0.95%, 07/20/2045 (e) (aa) | GBP 797 | 1,100 | ||||||
| Trinity Square plc, (United Kingdom), Series 2015-1X, Class A, Reg. S, (ICE LIBOR GBP 3 Month + 1.15%), 1.18%, 07/15/2051 (aa) | GBP 115 | 159 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations (Cost $20,673) |
21,311 | |||||||
|
|
|
|||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Commercial Mortgage-Backed Securities — 1.3% |
||||||||
| AREIT Trust, |
||||||||
| Series 2018-CRE2, Class A, (ICE LIBOR USD 1 Month + 0.98%), 1.09%, 11/14/2035 (e) (aa) |
692 | 692 | ||||||
| Series 2019-CRE3, Class A, (ICE LIBOR USD 1 Month + 1.02%), 1.13%, 09/14/2036 (e) (aa) |
500 | 499 | ||||||
| AREIT Trust, (Cayman Islands), Series 2020-CRE4, Class A, (ICE LIBOR USD 1 Month + 2.62%), 2.73%, 04/15/2037 (e) (aa) | 1,100 | 1,113 | ||||||
| BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 1.16%, 04/15/2036 (e) (aa) | 400 | 399 | ||||||
| BX Commercial Mortgage Trust, Series 2018-IND, Class A, (ICE LIBOR USD 1 Month + 0.75%), 0.86%, 11/15/2035 (e) (aa) | 1,209 | 1,209 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 | 1,000 | 1,055 | ||||||
| GPMT Ltd., (Cayman Islands), Series 2018-FL1, Class A, (ICE LIBOR USD 1 Month + 0.90%), 1.01%, 11/21/2035 (e) (aa) | 190 | 189 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046 | 500 | 518 | ||||||
| Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.11%, 05/15/2036 (e) (aa) | 700 | 691 | ||||||
| PFP Ltd., (Cayman Islands), Series 2019-5, Class A, (ICE LIBOR USD 1 Month + 0.97%), 1.08%, 04/14/2036 (e) (aa) | 738 | 738 | ||||||
| VMC Finance LLC, Series 2018-FL2, Class A, (ICE LIBOR USD 1 Month + 0.92%), 1.03%, 10/15/2035 (e) (aa) | 411 | 410 | ||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities (Cost $7,509) |
7,513 | |||||||
|
|
|
|||||||
| Corporate Bonds — 15.1% |
||||||||
| Communications — 0.4% |
||||||||
| Media — 0.2% |
||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital, (ICE LIBOR USD 3 Month + 1.65%), 1.86%, 02/01/2024 (aa) |
1,100 | 1,130 | ||||||
|
|
|
|||||||
| Telecommunications — 0.2% |
||||||||
| Verizon Communications, Inc., |
||||||||
| Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 1.23%, 02/17/2023 (aa) |
AUD 1,400 | 1,074 | ||||||
| (ICE LIBOR USD 3 Month + 1.10%), 1.30%, 05/15/2025 (aa) |
200 | 204 | ||||||
|
|
|
|||||||
| 1,278 | ||||||||
|
|
|
|||||||
| Total Communications |
2,408 | |||||||
|
|
|
|||||||
| Consumer Cyclical — 1.2% |
||||||||
| Auto Manufacturers — 1.2% |
||||||||
| General Motors Financial Co., Inc., 3.45%, 04/10/2022 |
1,500 | 1,535 | ||||||
| Hyundai Capital America, |
||||||||
| 0.80%, 04/03/2023 (e) (w) |
1,200 | 1,197 | ||||||
| 3.00%, 06/20/2022 (e) |
174 | 179 | ||||||
| Nissan Motor Acceptance Corp., |
||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 0.63%), 0.82%, 09/21/2021 (aa) |
400 | 400 | ||||||
| (ICE LIBOR USD 3 Month + 0.65%), 0.87%, 07/13/2022 (e) (aa) |
700 | 700 | ||||||
| (ICE LIBOR USD 3 Month + 0.69%), 0.88%, 09/28/2022 (e) (aa) |
1,620 | 1,619 | ||||||
| Volkswagen Group of America Finance LLC, (ICE LIBOR USD 3 Month + 0.86%), 1.05%, 09/24/2021 (e) (aa) | 1,000 | 1,004 | ||||||
|
|
|
|||||||
| Total Consumer Cyclical |
6,634 | |||||||
|
|
|
|||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Consumer Non-cyclical — 2.6% |
||||||||
| Agriculture — 1.4% |
||||||||
| BAT Capital Corp., (ICE LIBOR USD 3 Month + 0.88%), 1.07%, 08/15/2022 (aa) |
3,500 | 3,526 | ||||||
| Imperial Brands Finance plc, (United Kingdom), 3.75%, 07/21/2022 (e) |
3,100 | 3,202 | ||||||
| JT International Financial Services BV, (Netherlands), Reg. S, 3.50%, 09/28/2023 |
1,200 | 1,281 | ||||||
|
|
|
|||||||
| 8,009 | ||||||||
|
|
|
|||||||
| Commercial Services — 0.5% |
||||||||
| Equifax, Inc., (ICE LIBOR USD 3 Month + 0.87%), 1.06%, 08/15/2021 (aa) |
3,090 | 3,097 | ||||||
|
|
|
|||||||
| Food — 0.1% |
||||||||
| General Mills, Inc., 6.41%, 10/15/2022 |
600 | 651 | ||||||
|
|
|
|||||||
| Pharmaceuticals — 0.6% |
||||||||
| Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 1.19%, 12/15/2023 (e) (aa) |
3,500 | 3,548 | ||||||
|
|
|
|||||||
| Total Consumer Non-cyclical |
15,305 | |||||||
|
|
|
|||||||
| Diversified — 0.2% |
||||||||
| Holding Companies — Diversified — 0.2% |
||||||||
| Hutchison Whampoa International 12 II Ltd., (Cayman Islands), Reg. S, 3.25%, 11/08/2022 |
1,225 | 1,277 | ||||||
|
|
|
|||||||
| Energy — 0.5% |
||||||||
| Oil & Gas — 0.5% |
||||||||
| BG Energy Capital plc, (United Kingdom), 4.00%, 10/15/2021 (e) |
1,045 | 1,065 | ||||||
| Dolphin Energy Ltd. LLC, (United Arab Emirates), Reg. S, 5.50%, 12/15/2021 |
1,600 | 1,653 | ||||||
|
|
|
|||||||
| Total Energy |
2,718 | |||||||
|
|
|
|||||||
| Financial — 8.6% |
||||||||
| Banks — 5.9% |
||||||||
| Banco Santander Chile, (Chile), (ICE LIBOR USD 3 Month + 1.20%), 1.39%, 11/28/2021 (aa) |
3,200 | 3,213 | ||||||
| Bank of America Corp., (Canada Bankers Acceptances 3 Month + 1.13%), 2.60%, 03/15/2023 (f) (aa) |
CAD 1,200 | 973 | ||||||
| Barclays plc, (United Kingdom), |
||||||||
| (ICE LIBOR USD 3 Month + 1.38%), 1.57%, 05/16/2024 (aa) |
1,000 | 1,014 | ||||||
| Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 1.84%, 06/15/2023 (aa) |
AUD 750 | 580 | ||||||
| BNP Paribas SA, (France), Reg. S, (BBSW ASX Australian 3 Month + 1.75%), 1.78%, 12/16/2022 (aa) |
AUD 700 | 541 | ||||||
| Citigroup, Inc., (ICE LIBOR USD 3 Month + 0.95%), 1.17%, 07/24/2023 (aa) |
850 | 857 | ||||||
| Danske Bank A/S, (Denmark), |
||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 1.24%, 09/12/2023 (aa) |
600 | 605 | ||||||
| (ICE LIBOR USD 3 Month + 1.25%), 3.00%, 09/20/2022 (e) (aa) |
1,200 | 1,212 | ||||||
| First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, (ICE LIBOR USD 3 Month + 0.95%), 1.18%, 04/16/2022 (aa) | 1,800 | 1,808 | ||||||
| Goldman Sachs Group, Inc. (The), (ICE LIBOR USD 3 Month + 0.75%), 0.93%, 02/23/2023 (aa) |
200 | 202 | ||||||
| HSBC Holdings plc, (United Kingdom), |
||||||||
| (ICE LIBOR USD 3 Month + 1.00%), 1.19%, 05/18/2024 (aa) |
800 | 808 | ||||||
| (ICE LIBOR USD 3 Month + 1.23%), 1.41%, 03/11/2025 (aa) |
1,000 | 1,020 | ||||||
| KEB Hana Bank, (South Korea), (ICE LIBOR USD 3 Month + 0.70%), 0.89%, 10/02/2022 (e) (aa) |
500 | 502 | ||||||
| Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 1.08%, 07/26/2023 (aa) | 2,500 | 2,530 | ||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||||
| Corporate Bonds — continued |
||||||||||
| Financial — continued |
||||||||||
| Banks — continued |
||||||||||
| Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 0.82%, 05/25/2024 (aa) |
3,400 | 3,416 | ||||||||
| Morgan Stanley, |
||||||||||
| (United States SOFR + 0.70%), 0.73%, 01/20/2023 (aa) |
1,594 | 1,598 | ||||||||
| (Canada Bankers Acceptances 3 Month + 0.30%), 0.74%, 02/03/2023 (f) (aa) |
CAD | 2,000 | 1,593 | |||||||
| Natwest Group plc, (United Kingdom), |
||||||||||
| (ICE LIBOR USD 3 Month + 1.47%), 1.66%, 05/15/2023 (aa) |
700 | 708 | ||||||||
| (ICE LIBOR USD 3 Month + 1.55%), 1.75%, 06/25/2024 (aa) |
700 | 715 | ||||||||
| NatWest Markets plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.40%), 1.59%, 09/29/2022 (e) (aa) |
2,360 | 2,401 | ||||||||
| Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 1.13%, 08/30/2023 (e) (aa) |
200 | 202 | ||||||||
| QNB Finance Ltd., (Cayman Islands), |
||||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.00%), 1.20%, 05/02/2022 (aa) |
1,100 | 1,103 | ||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.35%), 1.54%, 05/31/2021 (aa) |
1,200 | 1,201 | ||||||||
| Royal Bank of Canada, (Canada), (United States SOFR + 0.30%), 0.33%, 01/19/2024 (aa) |
400 | 399 | ||||||||
| Shinhan Bank Co. Ltd., (South Korea), Reg. S, 2.88%, 03/28/2022 |
2,100 | 2,149 | ||||||||
| Standard Chartered plc, (United Kingdom), |
||||||||||
| Reg. S, (ICE LIBOR USD 3 Month + 1.20%), 1.38%, 09/10/2022 (aa) |
500 | 502 | ||||||||
| (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa) |
1,700 | 1,830 | ||||||||
|
|
|
|||||||||
| 33,682 | ||||||||||
|
|
|
|||||||||
| Diversified Financial Services — 2.7% |
||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.45%, 12/16/2021 |
700 | 716 | ||||||||
| Aircastle Ltd., (Bermuda), 5.50%, 02/15/2022 |
1,450 | 1,508 | ||||||||
| American Express Co., 2.75%, 05/20/2022 |
3,700 | 3,792 | ||||||||
| Aviation Capital Group LLC, 2.88%, 01/20/2022 (e) |
1,600 | 1,623 | ||||||||
| BOC Aviation Ltd., (Singapore), |
||||||||||
| (ICE LIBOR USD 3 Month + 1.05%), 1.25%, 05/04/2021 (e) (aa) |
200 | 200 | ||||||||
| Reg. S, 2.38%, 09/15/2021 |
2,500 | 2,510 | ||||||||
| Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e) |
1,700 | 1,745 | ||||||||
| Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025 |
2,300 | 2,294 | ||||||||
| ORIX Corp., (Japan), 2.90%, 07/18/2022 |
688 | 709 | ||||||||
| Synchrony Financial, 2.85%, 07/25/2022 |
600 | 616 | ||||||||
|
|
|
|||||||||
| 15,713 | ||||||||||
|
|
|
|||||||||
| Total Financial |
49,395 | |||||||||
|
|
|
|||||||||
| Industrial — 0.4% |
||||||||||
| Aerospace/Defense — 0.3% |
||||||||||
| Boeing Co. (The), |
||||||||||
| 1.17%, 02/04/2023 | 800 | 804 | ||||||||
| 4.51%, 05/01/2023 | 1,000 | 1,071 | ||||||||
|
|
|
|||||||||
| 1,875 | ||||||||||
|
|
|
|||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||||
| Corporate Bonds — continued |
||||||||||
| Trucking & Leasing — 0.1% |
||||||||||
| GATX Corp., (ICE LIBOR USD 3 Month + 0.72%), 0.92%, 11/05/2021 (aa) |
500 | 502 | ||||||||
|
|
|
|||||||||
| Total Industrial |
2,377 | |||||||||
|
|
|
|||||||||
| Technology — 0.1% |
||||||||||
| Semiconductors — 0.1% |
||||||||||
| NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e) |
400 | 418 | ||||||||
|
|
|
|||||||||
| Utilities — 1.1% |
||||||||||
| Electric — 1.1% |
||||||||||
| American Electric Power Co., Inc., Series A, (ICE LIBOR USD 3 Month + 0.48%), 0.69%, 11/01/2023 (aa) | 1,300 | 1,302 | ||||||||
| Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 0.71%, 09/15/2023 (aa) |
800 | 801 | ||||||||
| Israel Electric Corp. Ltd., (Israel), Series 6, Reg. S, 5.00%, 11/12/2024 (e) |
300 | 337 | ||||||||
| Pacific Gas and Electric Co., |
||||||||||
| 1.75%, 06/16/2022 | 600 | 601 | ||||||||
| 3.25%, 06/15/2023 | 200 | 208 | ||||||||
| 3.75%, 02/15/2024 | 100 | 106 | ||||||||
| 3.85%, 11/15/2023 | 400 | 424 | ||||||||
| 4.25%, 08/01/2023 | 800 | 853 | ||||||||
| Southern California Edison Co., (United States SOFR + 0.64%), 0.65%, 04/03/2023 (w) (aa) |
1,700 | 1,701 | ||||||||
|
|
|
|||||||||
| Total Utilities |
6,333 | |||||||||
|
|
|
|||||||||
| Total Corporate Bonds (Cost $86,059) |
86,865 | |||||||||
|
|
|
|||||||||
| Foreign Government Securities — 1.5% |
||||||||||
| Export-Import Bank of Korea, (South Korea), (ICE LIBOR USD 3 Month + 0.53%), 0.73%, 06/25/2022 (aa) | 1,000 | 1,004 | ||||||||
| International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026 |
3,400 | 3,342 | ||||||||
| Korea Development Bank (The), (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.80%), 1.01%, 10/30/2022 (aa) | 500 | 504 | ||||||||
| Qatar Government International Bond, (Qatar), Reg. S, 2.38%, 06/02/2021 |
2,100 | 2,107 | ||||||||
| Saudi Government International Bond, (Saudi Arabia), Reg. S, 2.38%, 10/26/2021 |
1,300 | 1,313 | ||||||||
|
|
|
|||||||||
| Total Foreign Government Securities (Cost $8,324) |
8,270 | |||||||||
|
|
|
|||||||||
| Municipal Bonds — 63.7% (t) |
||||||||||
| Alabama — 0.1% |
||||||||||
| Lower Alabama Gas District, Series A, Rev., 4.00%, 12/01/2022 |
550 | 583 | ||||||||
|
|
|
|||||||||
| Alaska — 0.4% |
||||||||||
| Alaska Housing Finance Corp., Series B, Rev., VRDO, 0.05%, 04/07/2021 (z) |
2,400 | 2,400 | ||||||||
|
|
|
|||||||||
| Arizona — 0.9% |
||||||||||
| City of Phoenix Civic Improvement Corp., Senior Lien, Rev., AMT, 5.00%, 07/01/2021 |
1,750 | 1,769 | ||||||||
| Maricopa County Industrial Development Authority, Honorhealth, Series A, Rev., 5.00%, 09/01/2021 |
725 | 739 | ||||||||
| Maricopa County Unified School District, GO, 5.00%, 07/01/2022 |
1,310 | 1,389 | ||||||||
| Maricopa County, Union High School District No. 210, School Improvement Project 2011 and 2017, GO, 5.00%, 07/01/2022 | 1,000 | 1,060 | ||||||||
|
|
|
|||||||||
| 4,957 | ||||||||||
|
|
|
|||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||||
| Municipal Bonds — continued |
||||||||||
| California — 2.7% |
||||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series B, Rev., AMT, 5.00%, 07/01/2022 |
1,430 | 1,507 | ||||||||
| California Statewide Communities Development Authority, Washington Court Apartments, Rev., HUD, 0.22%, 08/01/2023 (z) | 2,250 | 2,254 | ||||||||
| City of Long Beach, Series B, Rev., AMT, 4.00%, 05/15/2022 |
3,000 | 3,121 | ||||||||
| City of Long Beach, Harbor Revenue, Series C, Rev., 4.00%, 07/15/2021 |
2,000 | 2,022 | ||||||||
| Golden State Tobacco Securitization Corp., Series A1, Rev., 5.00%, 06/01/2021 |
400 | 403 | ||||||||
| Los Angeles Department of Water, Series B4, Rev., VRDO, 0.04%, 04/01/2021 (z) |
500 | 500 | ||||||||
| Sacramento County Sanitation Districts Financing Authority, Rev., 5.00%, 12/01/2022 |
2,000 | 2,160 | ||||||||
| Southern California Public Power Authority, Windy Point/Windy Flats Project, Rev., 5.00%, 07/01/2021 | 1,250 | 1,264 | ||||||||
| State of California, |
||||||||||
| GO, 5.00%, 10/01/2022 |
1,000 | 1,072 | ||||||||
| GO, 5.00%, 11/01/2022 |
1,000 | 1,076 | ||||||||
|
|
|
|||||||||
| 15,379 | ||||||||||
|
|
|
|||||||||
| Colorado — 2.6% |
||||||||||
| City & County of Denver, Airport System, Series A, Rev., AMT, 5.00%, 11/15/2021 |
2,000 | 2,057 | ||||||||
| Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Health System, Inc. Obligated Group, Series A, Rev., 5.00%, 01/01/2022 | 2,500 | 2,589 | ||||||||
| Colorado Housing & Finance Authority, Multifamily Project, Series B2, Class I, Rev., 1.35%, 02/01/2022 |
5,000 | 5,016 | ||||||||
| Denver City & County School District No. 1, GO, 5.00%, 12/01/2022 |
3,000 | 3,241 | ||||||||
| Weld County School District No. 6 Greeley, GO, 5.00%, 12/01/2022 |
1,850 | 1,998 | ||||||||
|
|
|
|||||||||
| 14,901 | ||||||||||
|
|
|
|||||||||
| Connecticut — 2.4% |
||||||||||
| Connecticut Housing Finance Authority, |
||||||||||
| Series B3, Rev., VRDO, 0.05%, 04/07/2021 (z) |
280 | 280 | ||||||||
| Series F3, Rev., VRDO, 0.05%, 04/07/2021 (z) |
10,000 | 10,000 | ||||||||
| Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issuer, |
||||||||||
| Rev., 4.00%, 07/01/2022 (w) |
500 | 522 | ||||||||
| Rev., 4.00%, 07/01/2023 (w) |
550 | 593 | ||||||||
| Connecticut State, Health & Educational Facilities Authority, Yale University, Series U2, Rev., 2.00%, 07/01/2033 (z) | 1,300 | 1,320 | ||||||||
| Hartford County, Metropolitan District (The), Series A, GO, 5.00%, 07/15/2022 |
1,200 | 1,273 | ||||||||
|
|
|
|||||||||
| 13,988 | ||||||||||
|
|
|
|||||||||
| District of Columbia — 0.1% |
||||||||||
| District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 0.05%, 04/07/2021 (z) | 500 | 500 | ||||||||
|
|
|
|||||||||
| Florida — 6.4% |
||||||||||
| City of Fort Lauderdale, Police and Public Safety Project, Series B, GO, 5.00%, 07/01/2022 |
1,215 | 1,288 | ||||||||
| City of Gainesville, Utilities System, |
||||||||||
| Series A, Rev., 5.00%, 10/01/2021 |
1,400 | 1,433 | ||||||||
| Series B, Rev., VRDO, 0.06%, 04/07/2021 (z) |
4,830 | 4,830 | ||||||||
| City of Orlando, Series B, Rev., 5.00%, 10/01/2021 |
775 | 794 | ||||||||
| County of Miami-Dade Aviation, Series C, Rev., 5.00%, 10/01/2021 |
1,650 | 1,688 | ||||||||
| County of Miami-Dade, Building Better Communities Project, Series A, GO, 5.00%, 07/01/2022 |
6,000 | 6,361 | ||||||||
| Florida Atlantic University Finance Corp., Series A, Rev., 5.00%, 07/01/2021 |
880 | 888 | ||||||||
| Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 0.05%, 04/07/2021 (z) | 3,455 | 3,455 | ||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||||
| Municipal Bonds — continued |
||||||||||
| Florida — continued |
||||||||||
| Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.05%, 04/07/2021 (z) | 4,000 | 4,000 | ||||||||
| Lee Memorial Health System, Series A1, Rev., 5.00%, 04/01/2022 |
1,000 | 1,046 | ||||||||
| Orlando Utilities Commission, Series 1, Rev., VRDO, 0.06%, 04/07/2021 (z) |
6,200 | 6,200 | ||||||||
| Seacoast Utility Authority, Series B, Rev., 5.00%, 03/01/2023 |
2,215 | 2,417 | ||||||||
| State of Florida, Board Education, Capital Outlay, Series A, GO, 5.00%, 06/01/2022 |
2,500 | 2,640 | ||||||||
|
|
|
|||||||||
| 37,040 | ||||||||||
|
|
|
|||||||||
| Georgia — 0.2% |
||||||||||
| Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group, Series A, Rev., 5.00%, 07/01/2022 | 1,040 | 1,102 | ||||||||
|
|
|
|||||||||
| Hawaii — 0.2% |
||||||||||
| State of Hawaii, Series EA, GO, 5.00%, 12/01/2021 |
1,075 | 1,109 | ||||||||
|
|
|
|||||||||
| Idaho — 0.8% |
||||||||||
| Idaho Health Facilities Authority, St. Luke’s Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 0.06%, 04/01/2021 (z) | 4,500 | 4,500 | ||||||||
|
|
|
|||||||||
| Illinois — 2.8% |
||||||||||
| Chicago O’Hare International Airport, Senior Lien, |
||||||||||
| Series A, Rev., AMT, 5.00%, 01/01/2022 (p) |
2,000 | 2,070 | ||||||||
| Series C, Rev., 5.00%, 01/01/2022 |
3,670 | 3,799 | ||||||||
| County of Cook, Series A, GO, 5.00%, 11/15/2023 |
2,250 | 2,521 | ||||||||
| Illinois Finance Authority, Northwestern Memorial Hospital, Series A2, Rev., VRDO, 0.06%, 04/01/2021 (z) | 2,675 | 2,675 | ||||||||
| Illinois Finance Authority, University of Chicago Medical Center Obligated Group, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.05%, 04/01/2021 (z) | 200 | 200 | ||||||||
| Illinois Housing Development Authority, Multifamily Housing, Century Woods IL TC LP, Rev., GNMA COLL, 1.90%, 10/01/2022 (z) | 1,500 | 1,512 | ||||||||
| Illinois Housing Development Authority, Multifamily Housing, Heather Ridge IL TC LP, Rev., 1.90%, 10/01/2022 (z) | 3,000 | 3,025 | ||||||||
| State of Illinois, Series A, GO, 5.00%, 03/01/2023 |
500 | 540 | ||||||||
|
|
|
|||||||||
| 16,342 | ||||||||||
|
|
|
|||||||||
| Indiana — 1.7% |
||||||||||
| Indiana Finance Authority, Educational Facilities, Marian University Project, Rev., 6.50%, 09/15/2030 (p) |
3,000 | 3,084 | ||||||||
| Indiana Finance Authority, Green Bond, Series B, Rev., 5.00%, 02/01/2022 |
950 | 988 | ||||||||
| Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 04/01/2021 (z) | 800 | 800 | ||||||||
| Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.06%, 04/01/2021 (z) |
1,300 | 1,300 | ||||||||
| Indianapolis Local Public Improvement Bond Bank, Series A, Rev., 5.00%, 06/01/2022 |
400 | 421 | ||||||||
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, Rev., AMT, 5.00%, 01/01/2022 | 3,085 | 3,190 | ||||||||
|
|
|
|||||||||
| 9,783 | ||||||||||
|
|
|
|||||||||
| Kansas — 0.2% |
||||||||||
| Geary County Unified School District No. 475, Series B, GO, 5.00%, 09/01/2022 |
1,275 | 1,361 | ||||||||
|
|
|
|||||||||
| Louisiana — 0.4% |
||||||||||
| Jefferson Sales Tax District, Series A, Rev., AGM, 5.00%, 12/01/2021 |
2,325 | 2,396 | ||||||||
|
|
|
|||||||||
| Maryland — 0.4% |
||||||||||
| City of Frederick, Public Improvement, GO, 3.00%, 12/01/2022 |
1,000 | 1,047 | ||||||||
| County of Anne Arundel, General Improvements, GO, 5.00%, 04/01/2022 |
1,165 | 1,221 | ||||||||
|
|
|
|||||||||
| 2,268 | ||||||||||
|
|
|
|||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||||
| Municipal Bonds — continued |
||||||||||
| Massachusetts — 4.7% |
||||||||||
| Commonwealth of Massachusetts, Series B, GO, 5.00%, 07/01/2023 |
4,650 | 5,149 | ||||||||
| Massachusetts Bay Transportation Authority, Series A2, Rev., VRDO, 0.04%, 04/07/2021 (z) |
5,130 | 5,130 | ||||||||
| Massachusetts Development Finance Agency, Beth Israel Lahey Health Obligated Group, Series K, Rev., 4.00%, 07/01/2021 | 720 | 726 | ||||||||
| Massachusetts Development Finance Agency, Dana-Farber Cancer Institute Obligated Group, Series O, Rev., 5.00%, 12/01/2021 | 1,000 | 1,031 | ||||||||
| Massachusetts Development Finance Agency, Northeastern University, Series A, Rev., 5.00%, 10/01/2022 |
2,350 | 2,517 | ||||||||
| Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 0.06%, 04/07/2021 (z) | 5,700 | 5,700 | ||||||||
| Massachusetts Educational Financing Authority, |
||||||||||
| Series B, Rev., AMT, 5.00%, 07/01/2021 |
900 | 910 | ||||||||
| Series B, Rev., AMT, 5.00%, 07/01/2022 |
2,000 | 2,117 | ||||||||
| Massachusetts School Building Authority, |
||||||||||
| Series A, Rev., 5.00%, 08/15/2022 (p) |
2,710 | 2,887 | ||||||||
| Town of Hingham, Water Bonds, GO, 5.00%, 02/15/2022 |
650 | 677 | ||||||||
|
|
|
|||||||||
| 26,844 | ||||||||||
|
|
|
|||||||||
| Michigan — 0.6% |
||||||||||
| University of Michigan, Series D1, Rev., VRDO, 0.03%, 04/01/2021 (z) |
3,675 | 3,675 | ||||||||
|
|
|
|||||||||
| Missouri — 0.5% |
||||||||||
| State of Missouri, Health & Educational Facilities Authority, Series F, Rev., VRDO, 0.06%, 04/01/2021 (z) | 2,635 | 2,635 | ||||||||
|
|
|
|||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||||
| Municipal Bonds — continued |
||||||||||
| Nevada — 1.5% |
||||||||||
| County of Clark Department of Aviation, Series A1, Rev., AMT, 5.00%, 07/01/2021 |
5,000 | 5,056 | ||||||||
| Las Vegas Valley Water District, Series B, GO, 5.00%, 06/01/2022 |
2,000 | 2,113 | ||||||||
| Washoe County School District, Series C, GO, 5.00%, 10/01/2021 |
1,250 | 1,280 | ||||||||
|
|
|
|||||||||
| 8,449 | ||||||||||
|
|
|
|||||||||
| New Hampshire — 1.1% |
||||||||||
| New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Series B, Rev., VRDO, 0.06%, 04/01/2021 (z) | 2,600 | 2,600 | ||||||||
| New Hampshire Health and Education Facilities Authority, University System, Series B1, Rev., VRDO, 0.06%, 04/01/2021 (z) | 3,420 | 3,420 | ||||||||
|
|
|
|||||||||
| 6,020 | ||||||||||
|
|
|
|||||||||
| New Jersey — 0.8% |
||||||||||
| City of Newark, Series A, GO, 5.00%, 10/01/2022 |
700 | 742 | ||||||||
| New Jersey Sports & Exposition Authority, Series A, Rev., 5.00%, 09/01/2021 |
4,000 | 4,072 | ||||||||
|
|
|
|||||||||
| 4,814 | ||||||||||
|
|
|
|||||||||
| New Mexico — 0.1% |
||||||||||
| New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 11/01/2021 | 625 | 638 | ||||||||
|
|
|
|||||||||
| New York — 9.4% |
||||||||||
| City of New York, |
||||||||||
| Series F, GO, 5.00%, 08/01/2022 |
1,125 | 1,170 | ||||||||
| Series G6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.07%, 04/01/2021 (z) |
315 | 315 | ||||||||
| Series I4, GO, VRDO, LOC: TD Bank NA, 0.06%, 04/01/2021 (z) |
2,000 | 2,000 | ||||||||
| Metropolitan Transportation Authority, |
||||||||||
| Series A, Rev., BAN, 4.00%, 02/01/2022 |
12,000 | 12,325 | ||||||||
| Series A, Rev., BAN, 5.00%, 03/01/2022 |
2,000 | 2,084 | ||||||||
| New York City Municipal Water Finance Authority, Water & Sewer System, Series F1, Rev., VRDO, 0.07%, 04/01/2021 (z) | 5,700 | 5,700 | ||||||||
| New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series BB, Rev., VRDO, 0.07%, 04/01/2021 (z) | 1,000 | 1,000 | ||||||||
| New York City Transitional Finance Authority, Future Tax Secured Revenue, |
||||||||||
| Rev., 5.00%, 11/01/2023 (w) |
1,000 | 1,122 | ||||||||
| Series A4, Rev., VRDO, 0.06%, 04/01/2021 (z) |
3,500 | 3,500 | ||||||||
| Series B1, Rev., 4.00%, 11/01/2022 |
1,800 | 1,909 | ||||||||
| Series B5, Rev., VRDO, 0.07%, 04/01/2021 (z) |
1,000 | 1,000 | ||||||||
| Series E1, Rev., 5.00%, 02/01/2022 |
2,490 | 2,590 | ||||||||
| New York State Dormitory Authority, School Districts Financing Program, Rev., 5.00%, 10/01/2023 |
1,245 | 1,388 | ||||||||
| New York State Urban Development Corp., Series A, Rev., 5.00%, 03/15/2022 |
8,575 | 8,968 | ||||||||
| Onondaga County Resource Recovery Agency, Series A, Rev., AGM, AMT, 5.00%, 05/01/2021 |
1,915 | 1,921 | ||||||||
| Port Authority of New York & New Jersey, Consolidated, |
||||||||||
| Series 180, Rev., AMT, 5.00%, 09/01/2021 |
3,060 | 3,119 | ||||||||
| Series 195, Rev., AMT, 5.00%, 10/01/2021 |
1,600 | 1,637 | ||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued |
||||||||
| Town of Oyster Bay, GO, 2.00%, 03/01/2022 | 900 | 912 | ||||||
| Triborough Bridge & Tunnel Authority, Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 0.07%, 04/01/2021 (z) | 1,430 | 1,430 | ||||||
|
|
|
|||||||
| 54,090 | ||||||||
|
|
|
|||||||
| North Carolina — 0.2% | ||||||||
| County of Durham, GO, 5.00%, 04/01/2022 | 1,135 | 1,190 | ||||||
|
|
|
|||||||
| Ohio — 2.1% | ||||||||
| City of Cincinnati, Series A, GO, 5.00%, 12/01/2032 (p) | 1,700 | 1,796 | ||||||
| Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 0.05%, 04/01/2021 (z) | 3,800 | 3,800 | ||||||
| Ohio State University (The), Series B2, Rev., VRDO, 0.06%, 04/07/2021 (z) | 6,725 | 6,725 | ||||||
|
|
|
|||||||
| 12,321 | ||||||||
|
|
|
|||||||
| Oklahoma — 0.4% | ||||||||
| Tulsa County, Independent School District No. 1, Series A, GO, 2.00%, 03/01/2023 | 2,130 | 2,199 | ||||||
|
|
|
|||||||
| Pennsylvania — 4.3% | ||||||||
| Commonwealth of Pennsylvania, First Series, GO, 5.00%, 08/15/2021 | 7,210 | 7,335 | ||||||
| Geisinger Authority, Health System, Series A, Rev., 5.00%, 04/01/2022 | 2,400 | 2,513 | ||||||
| Lancaster Higher Education Authority, Harrisburg Area Community, Rev., BAM, 5.00%, 10/01/2023 | 600 | 670 | ||||||
| Pennsylvania Economic Development Financing Authority, | ||||||||
| Series A, Rev., 4.00%, 10/15/2022 (w) | 600 | 634 | ||||||
| Series A, Rev., 4.00%, 10/15/2023 (w) | 700 | 765 | ||||||
| Pennsylvania Economic Development Financing Authority, Waste Management PA Obligated Group, Series A, Rev., 2.15%, 11/01/2021 | 1,375 | 1,390 | ||||||
| Philadelphia Authority for Industrial Development, Rev., 5.00%, 10/01/2021 | 4,000 | 4,090 | ||||||
| Philadelphia Authority for Industrial Development, City Service Agreement, Rebuild Project, Rev., 5.00%, 05/01/2021 | 750 | 752 | ||||||
| Phoenixville Area School District, GO, 4.00%, 11/15/2022 | 1,000 | 1,057 | ||||||
| Ringgold Pennsylvania School District, GO, BAM, 3.00%, 09/01/2022 | 2,325 | 2,413 | ||||||
| School District of Philadelphia (The), | ||||||||
| Series A, GO, 5.00%, 09/01/2021 | 1,600 | 1,630 | ||||||
| Series F, GO, 5.00%, 09/01/2021 | 1,500 | 1,529 | ||||||
|
|
|
|||||||
| 24,778 | ||||||||
|
|
|
|||||||
| Rhode Island — 0.3% | ||||||||
| Rhode Island Commerce Corp., Grant Anticipation, Rev., 5.00%, 06/15/2022 | 1,550 | 1,639 | ||||||
|
|
|
|||||||
| Tennessee — 1.2% | ||||||||
| Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2022 | 1,750 | 1,851 | ||||||
| Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur, Rev., VRDO, AGM, 0.06%, 04/01/2021 (z) | 2,875 | 2,875 | ||||||
| Tennessee Energy Acquisition Corp., Series A, Rev., 5.25%, 09/01/2021 | 2,040 | 2,081 | ||||||
|
|
|
|||||||
| 6,807 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — 10.0% | ||||||||
| Allen Independent School District, | ||||||||
| GO, PSF-GTD, 5.00%, 02/15/2022 | 3,000 | 3,127 | ||||||
| GO, PSF-GTD, 5.00%, 02/15/2023 | 1,205 | 1,314 | ||||||
| City of Arlington, Water & Wastewater System, Series A, Rev., 2.00%, 06/01/2021 | 400 | 401 | ||||||
| City of Corpus Christi, Utility System Revenue, Junior Lien, Rev., 5.00%, 07/15/2021 | 3,635 | 3,684 | ||||||
| City of Dallas, Refunding and Improvement, GO, 5.00%, 02/15/2022 | 3,000 | 3,125 | ||||||
| City of Houston, Series A, GO, 5.00%, 03/01/2022 | 2,505 | 2,615 | ||||||
| City of Houston, Airport System, Series D, Rev., 5.00%, 07/01/2021 | 1,150 | 1,163 | ||||||
| City of Mesquite, GO, 3.00%, 02/15/2023 | 1,000 | 1,051 | ||||||
| City of San Antonio, Municipal Drainage Utility, Rev., 5.00%, 02/01/2023 | 1,000 | 1,088 | ||||||
| Collin County, Community College District, Series A, GO, 5.00%, 08/15/2022 | 1,310 | 1,396 | ||||||
| County of Harris, Road Bonds, Series A, GO, 5.00%, 10/01/2022 | 1,660 | 1,781 | ||||||
| County of Williamson, | ||||||||
| GO, 4.00%, 02/15/2022 | 3,190 | 3,295 | ||||||
| GO, 4.00%, 02/15/2023 | 2,315 | 2,478 | ||||||
| GO, 5.00%, 02/15/2022 | 1,000 | 1,042 | ||||||
| Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2022 | 3,000 | 3,224 | ||||||
| Fort Bend Independent School District, | ||||||||
| GO, PSF-GTD, 5.00%, 08/15/2021 | 1,000 | 1,018 | ||||||
| GO, PSF-GTD, 5.00%, 08/15/2022 | 1,000 | 1,066 | ||||||
| Frisco Independent School District, | ||||||||
| GO, PSF-GTD, 5.00%, 02/15/2022 | 2,000 | 2,084 | ||||||
| GO, PSF-GTD, 5.00%, 08/15/2022 | 1,240 | 1,322 | ||||||
| Harris County Toll Road Authority, First Lien, | ||||||||
| Rev., 5.00%, 08/15/2022 | 2,100 | 2,240 | ||||||
| Rev., 5.00%, 08/15/2023 | 1,600 | 1,782 | ||||||
| North Texas Tollway Authority, Rev., 5.00%, 01/01/2022 (p) | 880 | 911 | ||||||
| North Texas Tollway Authority, Unrefunded, Rev., 5.00%, 01/01/2022 | 1,120 | 1,159 | ||||||
| Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022 | 1,280 | 1,362 | ||||||
| San Antonio Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022 | 6,560 | 6,835 | ||||||
| Texas State University System, Series A, Rev., 5.00%, 03/15/2022 | 2,200 | 2,301 | ||||||
| Texas Water Development Board, Master Trust, | ||||||||
| Rev., 3.00%, 10/15/2021 | 1,750 | 1,777 | ||||||
| Rev., 3.00%, 04/15/2022 | 1,000 | 1,030 | ||||||
| Rev., 3.00%, 10/15/2022 | 2,000 | 2,087 | ||||||
|
|
|
|||||||
| 57,758 | ||||||||
|
|
|
|||||||
| Virginia — 2.1% | ||||||||
| Albermarle County Economic Development Authority, Sentara Healthcare Obligated Group, Series B, Rev., VRDO, 0.06%, 04/01/2021 (z) | 1,350 | 1,350 | ||||||
| Norfolk Economic Development Authority, Sentara Healthcare Obligated Group, Series A, Rev., VRDO, 0.08%, 04/07/2021 (z) | 9,400 | 9,400 | ||||||
| Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2021 | 1,405 | 1,421 | ||||||
|
|
|
|||||||
| 12,171 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Washington — 1.2% | ||||||||
| Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 0.07%, 04/07/2021 (z) | 4,000 | 4,000 | ||||||
| Pierce County, School District No. 403 Bethel, GO, SCH BD GTY, 4.00%, 12/01/2021 | 850 | 872 | ||||||
| Port of Seattle, Intermediate Lien, Rev., AMT, 5.00%, 04/01/2022 | 2,000 | 2,091 | ||||||
|
|
|
|||||||
| 6,963 | ||||||||
|
|
|
|||||||
| Wisconsin — 0.9% | ||||||||
| State of Wisconsin, Series A, GO, 5.00%, 05/01/2022 | 4,815 | 5,067 | ||||||
|
|
|
|||||||
| Total Municipal Bonds (Cost $365,309) |
366,667 | |||||||
|
|
|
|||||||
| U.S. Government Agency Securities — 2.0% | ||||||||
| FHLB, 0.96%, 03/05/2026 | 3,400 | 3,383 | ||||||
| FHLMC, | ||||||||
| 0.60%, 10/20/2025 | 4,600 | 4,532 | ||||||
| 0.65%, 10/27/2025 | 3,600 | 3,557 | ||||||
|
|
|
|||||||
| Total U.S. Government Agency Securities (Cost $11,600) |
11,472 | |||||||
|
|
|
|||||||
| Short-Term Investments — 9.1% | ||||||||
| Municipal Bonds — 5.3% (t) | ||||||||
| City of San Antonio, GO, 5.00%, 08/01/2021 | 1,550 | 1,575 | ||||||
| Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issuer, Rev., 3.00%, 07/01/2021 (w) | 350 | 352 | ||||||
| County of Erie, GO, RAN, 3.00%, 06/24/2021 | 5,000 | 5,032 | ||||||
| Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.00%, 07/01/2021 | 1,100 | 1,112 | ||||||
| San Diego Unified School District, Series A, Rev., TRAN, 5.00%, 06/30/2021 | 4,400 | 4,453 | ||||||
| State of Illinois, Series A, GO, 5.00%, 03/01/2022 | 500 | 520 | ||||||
| State of Texas, Rev., TRAN, 4.00%, 08/26/2021 | 11,900 | 12,087 | ||||||
| Township of Washington, Gloucester County, Series A, GO, BAN, 1.75%, 06/22/2021 | 6,000 | 6,019 | ||||||
|
|
|
|||||||
| Total Municipal Bonds | 31,150 | |||||||
|
|
|
|||||||
| Time Deposits — 1.3% | ||||||||
| Australia & New Zealand Banking Group Ltd., 0.00%, 04/01/2021 | 5,020 | 5,020 | ||||||
| Barclays SA, 0.00%, 04/01/2021 | 156 | 156 | ||||||
| Brown Brothers Harriman, | ||||||||
| (0.76%), 04/01/2021 | EUR | 2 | 2 | |||||
| (0.54%), 04/01/2021 | AUD | — | (h) | — | (h) | |||
| (0.31%), 04/01/2021 | JPY | 26 | — | (h) | ||||
| 0.00%, 04/01/2021 | CAD | 74 | 59 | |||||
| Citibank NA, | ||||||||
| 0.00%, 04/01/2021 | GBP | 55 | 76 | |||||
| 0.00%, 04/01/2021 | 1,939 | 1,939 | ||||||
|
|
|
|||||||
| Total Time Deposits | 7,252 | |||||||
|
|
|
|||||||
| U.S. Government Agency Security — 2.2% | ||||||||
| FHLB, DN, Zero Coupon, 06/16/2021 | 12,500 | 12,500 | ||||||
|
|
|
|||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Short-Term Investments — continued |
||||||||
| U.S. Treasury Obligations — 0.3% | ||||||||
| U.S. Cash Management Bill, Zero Coupon, 07/27/2021 | 1,600 | 1,600 | ||||||
| U.S. Treasury Bill, Zero Coupon, 04/29/2021 | 62 | 62 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations | 1,662 | |||||||
|
|
|
|||||||
| Total Short-Term Investments (Cost $52,554) | 52,564 | |||||||
|
|
|
|||||||
| Total Investments — 100.5% (Cost—$575,439)* |
578,365 | |||||||
| Liabilities in Excess of Other Assets — (0.5)% | (2,952 | ) | ||||||
|
|
|
|||||||
| NET ASSETS — 100.0% | $ | 575,413 | ||||||
|
|
|
|||||||
Percentages indicated are based on net assets
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2021:
Exchange Traded
| DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
| Long Contracts |
||||||||||||||||||||
| Canadian Bankers’ Acceptance |
157 | 03/2023 | CAD | 31,022 | (166 | ) | ||||||||||||||
| U.S. Treasury 2 Year Note |
358 | 06/2021 | USD | 79,091 | (70 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| (236 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Short Contracts |
||||||||||||||||||||
| U.S. Ultra Treasury 10 Year Note |
(26 | ) | 06/2021 | USD | (3,826 | ) | 90 | |||||||||||||
| U.S. Treasury 5 Year Note |
(258 | ) | 06/2021 | USD | (32,219 | ) | 382 | |||||||||||||
|
|
|
|||||||||||||||||||
| 472 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) |
236 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021:
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| USD |
548 | AUD |
688 | Bank of America, NA | 04/07/2021 | 25 | ||||||||||||
| USD |
543 | AUD |
713 | Morgan Stanley & Co. | 04/07/2021 | 1 | ||||||||||||
| USD |
1,092 | AUD |
1,413 | Morgan Stanley & Co. | 04/07/2021 | 19 | ||||||||||||
| CAD |
5,325 | USD |
4,225 | Bank of America, NA | 04/07/2021 | 12 | ||||||||||||
| USD |
4,476 | CAD |
5,592 | Bank of America, NA | 04/07/2021 | 26 | ||||||||||||
| CAD |
267 | USD |
212 | Barclays Bank plc | 04/07/2021 | — | (h) | |||||||||||
| USD |
7,618 | GBP |
5,381 | Bank of America, NA | 04/07/2021 | 200 | ||||||||||||
| GBP |
5,389 | USD |
7,401 | Bank of America, NA | 04/07/2021 | 29 | ||||||||||||
| USD |
235 | GBP |
169 | Morgan Stanley & Co. | 04/07/2021 | 2 | ||||||||||||
| USD |
2,141 | AUD |
2,814 | Morgan Stanley & Co. | 05/04/2021 | 4 | ||||||||||||
| USD |
536 | AUD |
688 | Bank of America, NA | 05/17/2021 | 13 | ||||||||||||
| USD |
7,516 | GBP |
5,381 | Bank of America, NA | 05/17/2021 | 97 | ||||||||||||
|
|
|
|||||||||||||||||
| Total unrealized appreciation |
428 | |||||||||||||||||
|
|
|
|||||||||||||||||
| AUD |
2,814 | USD |
2,141 | Morgan Stanley & Co. | 04/07/2021 | (4 | ) | |||||||||||
| GBP |
161 | USD |
224 | Bank of America, NA | 04/07/2021 | (2 | ) | |||||||||||
| USD |
4,225 | CAD |
5,325 | Bank of America, NA | 05/04/2021 | (12 | ) | |||||||||||
| USD |
7,402 | GBP |
5,389 | Bank of America, NA | 05/05/2021 | (29 | ) | |||||||||||
| AUD |
688 | USD |
548 | Bank of America, NA | 05/17/2021 | (25 | ) | |||||||||||
| USD |
4,404 | CAD |
5,592 | Bank of America, NA | 05/17/2021 | (46 | ) | |||||||||||
| CAD |
5,592 | USD |
4,476 | Bank of America, NA | 05/17/2021 | (26 | ) | |||||||||||
| GBP |
5,381 | USD |
7,619 | Bank of America, NA | 05/17/2021 | (200 | ) | |||||||||||
|
|
|
|||||||||||||||||
| Total unrealized depreciation |
(344 | ) | ||||||||||||||||
|
|
|
|||||||||||||||||
| Net unrealized appreciation (depreciation) |
84 | |||||||||||||||||
|
|
|
|||||||||||||||||
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2021:
| FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/ RECEIVE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) | |||||||||||||||||
| ICE LIBOR USD 1 Month |
ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD 10,800 | — | (3 | ) | (3 | ) | |||||||||||||||
| ICE LIBOR USD 1 Month |
ICE LIBOR USD 3 Month | Pay | 01/13/2023 | USD 14,200 | — | (4 | ) | (4 | ) | |||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total |
— | (7 | ) | (7 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| (a) | Value of floating rate index as of March 31, 2021 was as follows: |
| FLOATING RATE INDEX |
||||
| ICE LIBOR USD 1 Month |
0.11 | % | ||
| ICE LIBOR USD 3 Month |
0.19 | % | ||
Centrally Cleared Credit default swap contracts outstanding — buy protection (1) as of March 31, 2021:
| REFERENCE |
FINANCING RATE PAID BY THE FUND (%) |
PAYMENT FREQUENCY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (2) |
NOTIONAL AMOUNT (3) |
UPFRONT PAYMENTS (RECEIPTS) ($) (4) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
||||||||||||||||||||||||
| CDX.NA.IG.36-V1 |
1.00 | Quarterly | 06/20/2026 | 0.54 | USD 9,300 | $ | (201 | ) | $ | (19 | ) | $ | (220 | ) | ||||||||||||||||||
| CDX.NA.IG.35-V1 |
1.00 | Quarterly | 12/20/2025 | 0.48 | USD 5,800 | (124 | ) | (17 | ) | (141 | ) | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
| $ | (325 | ) | $ | (36 | ) | $ | (361 | ) | ||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
| (1) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. |
| (2) | Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. |
| (3) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. |
| (4) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Six Circles Tax Aware Ultra Short Duration Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021
| AGM |
— | Insured by Assured Guaranty Municipal Corp. | ||
| AMT |
— | Alternative Minimum Tax | ||
| ASX |
— | Australian Stock Exchange | ||
| BAM |
— | Insured by Build America Mutual | ||
| BAN |
— | Bond Anticipation Note | ||
| BBSW |
— | Bank Bill Swap Rate | ||
| CDX |
— | Credit Default Swap Index | ||
| COLL |
— | Collateral | ||
| DN |
— | Discount Notes | ||
| 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 | ||
| HUD |
— | U.S. Department of Housing and Urban Development | ||
| ICE |
— | Intercontinental Exchange | ||
| LIBOR |
— | London Interbank Offered Rate | ||
| LIQ |
— | Liquidity Agreement | ||
| LOC |
— | Letter of Credit | ||
| PSF |
— | Permanent School Fund | ||
| RAN |
— | Revenue Anticipation Note | ||
| Reg. S |
— | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | ||
| REMICS |
— | Real Estate Mortgage Investment Conduit | ||
| Rev. |
— | Revenue | ||
| RMBS |
— | Residential Mortgage-Backed Securities | ||
| SCH BD GTY |
— | School Bond Guaranty | ||
| SOFR |
— | Secured Overnight Financing Rate | ||
| SONIA |
— | Sterling Overnight Interbank Average Rate | ||
| SUB |
— | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2021. | ||
| TRAN |
— | Tax & Revenue Anticipation Note | ||
| VRDO |
— | Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2021. | ||
| (e) |
— | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Six Circles Tax Aware Ultra Short Duration Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (continued)
| (f) |
— | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. | ||
| (h) |
— | Amount rounds to less than 500 shares or principal/ $500. | ||
| (p) |
— | Security is prerefunded or escrowed to maturity. | ||
| (t) |
— | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | ||
| (w) |
— | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
| (z) |
— | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2021. | ||
| (aa) |
— | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2021. | ||
| * |
— | The cost of securities is substantially the same for federal income tax purposes. | ||
| AUD |
— | Australian Dollar | ||
| CAD |
— | Canadian Dollar | ||
| EUR |
— | Euro | ||
| GBP |
— | British Pound | ||
| JPY |
— | Japanese Yen | ||
| USD |
— | United States Dollar |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — 99.2% |
||||||||
| Basic Materials — 1.0% |
||||||||
| Chemicals — 0.8% |
||||||||
| Air Products & Chemicals, Inc. |
34 | 9,672 | ||||||
| Albemarle Corp. |
42 | 6,083 | ||||||
| Axalta Coating Systems Ltd. (a) |
7 | 202 | ||||||
| Celanese Corp., Class A |
44 | 6,593 | ||||||
| CF Industries Holdings, Inc. |
125 | 5,662 | ||||||
| Dow, Inc. |
134 | 8,590 | ||||||
| DuPont de Nemours, Inc. |
126 | 9,734 | ||||||
| Eastman Chemical Co. |
56 | 6,186 | ||||||
| Ecolab, Inc. |
42 | 8,992 | ||||||
| FMC Corp. |
56 | 6,221 | ||||||
| International Flavors & Fragrances, Inc. |
55 | 7,667 | ||||||
| Linde plc, (United Kingdom) |
55 | 15,499 | ||||||
| LyondellBasell Industries NV, Class A |
68 | 7,125 | ||||||
| Mosaic Co. (The) |
189 | 5,987 | ||||||
| PPG Industries, Inc. |
53 | 7,996 | ||||||
| RPM International, Inc. |
6 | 589 | ||||||
| Sherwin-Williams Co. (The) |
13 | 9,590 | ||||||
|
|
|
|||||||
| 122,388 | ||||||||
|
|
|
|||||||
| Forest Products & Paper — 0.0% (g) |
||||||||
| International Paper Co. |
131 | 7,100 | ||||||
|
|
|
|||||||
| Iron/Steel — 0.1% |
||||||||
| Nucor Corp. |
102 | 8,201 | ||||||
| Steel Dynamics, Inc. |
13 | 643 | ||||||
|
|
|
|||||||
| 8,844 | ||||||||
|
|
|
|||||||
| Mining — 0.1% |
||||||||
| Freeport-McMoRan, Inc. (a) |
239 | 7,883 | ||||||
| Newmont Corp. |
144 | 8,702 | ||||||
|
|
|
|||||||
| 16,585 | ||||||||
|
|
|
|||||||
| Total Basic Materials |
154,917 | |||||||
|
|
|
|||||||
| Communications — 17.3% |
||||||||
| Advertising — 0.2% |
||||||||
| Interpublic Group of Cos., Inc. (The) |
209 | 6,104 | ||||||
| Omnicom Group, Inc. |
85 | 6,297 | ||||||
| Trade Desk, Inc. (The), Class A (a) |
27 | 17,858 | ||||||
|
|
|
|||||||
| 30,259 | ||||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Internet — 15.6% |
||||||||
| Airbnb, Inc., Class A (a) |
3 | 628 | ||||||
| Alphabet, Inc., Class A (a) |
205 | 423,010 | ||||||
| Alphabet, Inc., Class C (a) |
197 | 406,523 | ||||||
| Amazon.com, Inc. (a) |
318 | 984,586 | ||||||
| Booking Holdings, Inc. (a) |
5 | 11,342 | ||||||
| CDW Corp. |
64 | 10,533 | ||||||
| Chewy, Inc., Class A (a) |
5 | 392 | ||||||
| eBay, Inc. |
580 | 35,516 | ||||||
| Etsy, Inc. (a) |
118 | 23,773 | ||||||
| Expedia Group, Inc. (a) |
40 | 6,868 | ||||||
| F5 Networks, Inc. (a) |
41 | 8,558 | ||||||
| Facebook, Inc., Class A (a) |
1,647 | 485,182 | ||||||
| GoDaddy, Inc., Class A (a) |
11 | 831 | ||||||
| IAC/InterActiveCorp. (a) |
5 | 1,065 | ||||||
| Match Group, Inc. (a) |
16 | 2,215 | ||||||
| MercadoLibre, Inc., (Argentina) (a) |
3 | 4,178 | ||||||
| Netflix, Inc. (a) |
39 | 20,207 | ||||||
| NortonLifeLock, Inc. |
627 | 13,339 | ||||||
| Okta, Inc., Class A (a) |
8 | 1,687 | ||||||
| Palo Alto Networks, Inc. (a) |
62 | 20,081 | ||||||
| Pinterest, Inc., Class A (a) |
33 | 2,413 | ||||||
| Roku, Inc., Class A (a) |
7 | 2,198 | ||||||
| Snap, Inc., Class A (a) |
58 | 3,012 | ||||||
| Twitter, Inc. (a) |
619 | 39,367 | ||||||
| Uber Technologies, Inc. (a) |
476 | 25,937 | ||||||
| VeriSign, Inc. (a) |
35 | 7,054 | ||||||
| Wayfair, Inc., Class A (a) |
4 | 1,389 | ||||||
| Zendesk, Inc. (a) |
77 | 10,150 | ||||||
| Zillow Group, Inc., Class A (a) |
3 | 430 | ||||||
| Zillow Group, Inc., Class C (a) |
10 | 1,286 | ||||||
|
|
|
|||||||
| 2,553,750 | ||||||||
|
|
|
|||||||
| Media — 0.6% |
||||||||
| Altice USA, Inc., Class A (a) |
11 | 360 | ||||||
| Cable One, Inc. |
— | (h) | 563 | |||||
| Charter Communications, Inc., Class A (a) |
18 | 10,808 | ||||||
| Comcast Corp., Class A |
397 | 21,461 | ||||||
| Discovery, Inc., Class A (a) |
46 | 2,018 | ||||||
| Discovery, Inc., Class C (a) |
72 | 2,660 | ||||||
| DISH Network Corp., Class A (a) |
163 | 5,904 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Media — continued | ||||||||
| FactSet Research Systems, Inc. |
21 | 6,555 | ||||||
| Fox Corp., Class A |
113 | 4,078 | ||||||
| Fox Corp., Class B |
53 | 1,856 | ||||||
| Liberty Broadband Corp., Class A (a) |
2 | 233 | ||||||
| Liberty Broadband Corp., Class C (a) |
10 | 1,499 | ||||||
| Liberty Global plc, (United Kingdom), Class A (a) |
10 | 266 | ||||||
| Liberty Global plc, (United Kingdom), Class C (a) |
26 | 667 | ||||||
| Liberty Media Corp.-Liberty Formula One, Class C (a) |
11 | 475 | ||||||
| Liberty Media Corp.-Liberty SiriusXM, Class A (a) |
7 | 305 | ||||||
| Liberty Media Corp.-Liberty SiriusXM, Class C (a) |
10 | 455 | ||||||
| News Corp., Class A |
190 | 4,843 | ||||||
| News Corp., Class B |
47 | 1,096 | ||||||
| Sirius XM Holdings, Inc. |
54 | 328 | ||||||
| ViacomCBS, Inc., Class B |
96 | 4,341 | ||||||
| Walt Disney Co. (The) (a) |
145 | 26,740 | ||||||
|
|
|
|||||||
| 97,511 | ||||||||
|
|
|
|||||||
| Telecommunications — 0.9% |
||||||||
| Arista Networks, Inc. (a) |
31 | 9,508 | ||||||
| AT&T, Inc. |
651 | 19,691 | ||||||
| Cisco Systems, Inc. |
1,007 | 52,087 | ||||||
| Corning, Inc. |
293 | 12,763 | ||||||
| Juniper Networks, Inc. |
282 | 7,149 | ||||||
| Lumen Technologies, Inc. |
444 | 5,928 | ||||||
| Motorola Solutions, Inc. |
66 | 12,354 | ||||||
| T-Mobile US, Inc. (a) |
79 | 9,852 | ||||||
| Verizon Communications, Inc. |
368 | 21,372 | ||||||
|
|
|
|||||||
| 150,704 | ||||||||
|
|
|
|||||||
| Total Communications |
2,832,224 | |||||||
|
|
|
|||||||
| Consumer Cyclical — 4.0% |
||||||||
| Airlines — 0.2% |
||||||||
| Alaska Air Group, Inc. (a) |
81 | 5,575 | ||||||
| American Airlines Group, Inc. (a) |
235 | 5,607 | ||||||
| Delta Air Lines, Inc. (a) |
188 | 9,070 | ||||||
| Southwest Airlines Co. (a) |
163 | 9,974 | ||||||
| United Airlines Holdings, Inc. (a) |
97 | 5,581 | ||||||
|
|
|
|||||||
| 35,807 | ||||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Apparel — 0.3% |
||||||||
| Hanesbrands, Inc. |
267 | 5,254 | ||||||
| NIKE, Inc., Class B |
121 | 16,126 | ||||||
| PVH Corp. (a) |
52 | 5,473 | ||||||
| Ralph Lauren Corp., Class A (a) |
44 | 5,441 | ||||||
| Tapestry, Inc. (a) |
123 | 5,053 | ||||||
| Under Armour, Inc., Class A (a) |
127 | 2,809 | ||||||
| Under Armour, Inc., Class C (a) |
129 | 2,380 | ||||||
| VF Corp. |
91 | 7,266 | ||||||
|
|
|
|||||||
| 49,802 | ||||||||
|
|
|
|||||||
| Auto Manufacturers — 0.6% |
||||||||
| Cummins, Inc. |
93 | 24,119 | ||||||
| Ford Motor Co. (a) |
659 | 8,075 | ||||||
| General Motors Co. (a) |
175 | 10,063 | ||||||
| PACCAR, Inc. |
227 | 21,060 | ||||||
| Tesla, Inc. (a) |
56 | 37,543 | ||||||
|
|
|
|||||||
| 100,860 | ||||||||
|
|
|
|||||||
| Auto Parts & Equipment — 0.1% |
||||||||
| Aptiv plc, (Ireland) (a) |
54 | 7,404 | ||||||
| Autoliv, Inc., (Sweden) (a) |
5 | 491 | ||||||
| BorgWarner, Inc. |
125 | 5,777 | ||||||
| Lear Corp. |
3 | 596 | ||||||
|
|
|
|||||||
| 14,268 | ||||||||
|
|
|
|||||||
| Distribution/Wholesale — 0.4% |
||||||||
| Copart, Inc. (a) |
156 | 16,897 | ||||||
| Fastenal Co. |
402 | 20,221 | ||||||
| LKQ Corp. (a) |
144 | 6,089 | ||||||
| Pool Corp. |
19 | 6,387 | ||||||
| WW Grainger, Inc. |
36 | 14,364 | ||||||
|
|
|
|||||||
| 63,958 | ||||||||
|
|
|
|||||||
| Entertainment — 0.1% |
||||||||
| Caesars Entertainment, Inc. (a) |
54 | 4,741 | ||||||
| DraftKings, Inc., Class A (a) |
10 | 625 | ||||||
| Live Nation Entertainment, Inc. (a) |
72 | 6,085 | ||||||
| Penn National Gaming, Inc. (a) |
42 | 4,393 | ||||||
| Vail Resorts, Inc. (a) |
3 | 787 | ||||||
|
|
|
|||||||
| 16,631 | ||||||||
|
|
|
|||||||
| Food Service — 0.0% (g) |
||||||||
| Aramark |
15 | 554 | ||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Home Builders — 0.2% |
||||||||
| DR Horton, Inc. |
89 | 7,968 | ||||||
| Lennar Corp., Class A |
79 | 8,040 | ||||||
| NVR, Inc. (a) |
1 | 6,746 | ||||||
| PulteGroup, Inc. |
132 | 6,927 | ||||||
|
|
|
|||||||
| 29,681 | ||||||||
|
|
|
|||||||
| Home Furnishings — 0.1% |
||||||||
| Leggett & Platt, Inc. |
111 | 5,066 | ||||||
| Whirlpool Corp. |
31 | 6,817 | ||||||
|
|
|
|||||||
| 11,883 | ||||||||
|
|
|
|||||||
| Housewares — 0.1% |
||||||||
| Newell Brands, Inc. |
242 | 6,479 | ||||||
|
|
|
|||||||
| Leisure Time — 0.1% |
||||||||
| Carnival Corp. (a) |
249 | 6,611 | ||||||
| Norwegian Cruise Line Holdings Ltd. (a) |
178 | 4,906 | ||||||
| Peloton Interactive, Inc., Class A (a) |
15 | 1,741 | ||||||
| Royal Caribbean Cruises Ltd. (a) |
73 | 6,290 | ||||||
|
|
|
|||||||
| 19,548 | ||||||||
|
|
|
|||||||
| Lodging — 0.2% |
||||||||
| Hilton Worldwide Holdings, Inc. (a) |
63 | 7,624 | ||||||
| Las Vegas Sands Corp. (a) |
111 | 6,743 | ||||||
| Marriott International, Inc., Class A (a) |
56 | 8,268 | ||||||
| MGM Resorts International |
170 | 6,471 | ||||||
| Wynn Resorts Ltd. (a) |
46 | 5,818 | ||||||
|
|
|
|||||||
| 34,924 | ||||||||
|
|
|
|||||||
| Retail — 1.6% |
||||||||
| Advance Auto Parts, Inc. |
34 | 6,276 | ||||||
| AutoZone, Inc. (a) |
6 | 7,863 | ||||||
| Best Buy Co., Inc. |
65 | 7,507 | ||||||
| Burlington Stores, Inc. (a) |
4 | 1,263 | ||||||
| CarMax, Inc. (a) |
53 | 6,978 | ||||||
| Carvana Co., Class A (a) |
4 | 1,045 | ||||||
| Chipotle Mexican Grill, Inc., Class A (a) |
6 | 7,914 | ||||||
| Costco Wholesale Corp. |
46 | 16,087 | ||||||
| Darden Restaurants, Inc. |
46 | 6,588 | ||||||
| Dollar General Corp. |
44 | 8,984 | ||||||
| Dollar Tree, Inc. (a) |
66 | 7,498 | ||||||
| Domino’s Pizza, Inc. |
17 | 6,427 | ||||||
| Gap, Inc. (The) (a) |
178 | 5,290 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Retail — continued | ||||||||
| Genuine Parts Co. |
57 | 6,564 | ||||||
| Home Depot, Inc. (The) |
89 | 27,258 | ||||||
| L Brands, Inc. (a) |
90 | 5,573 | ||||||
| Lowe’s Cos., Inc. |
80 | 15,221 | ||||||
| Lululemon Athletica, Inc., (Canada) (a) |
8 | 2,473 | ||||||
| McDonald’s Corp. |
74 | 16,548 | ||||||
| O’Reilly Automotive, Inc. (a) |
16 | 8,053 | ||||||
| Ross Stores, Inc. |
67 | 8,091 | ||||||
| Starbucks Corp. |
126 | 13,803 | ||||||
| Target Corp. |
63 | 12,410 | ||||||
| TJX Cos., Inc. (The) |
159 | 10,513 | ||||||
| Tractor Supply Co. |
39 | 6,988 | ||||||
| Ulta Beauty, Inc. (a) |
21 | 6,371 | ||||||
| Walgreens Boots Alliance, Inc. |
151 | 8,305 | ||||||
| Walmart, Inc. |
135 | 18,342 | ||||||
| Yum! Brands, Inc. |
71 | 7,657 | ||||||
|
|
|
|||||||
| 263,890 | ||||||||
|
|
|
|||||||
| Textiles — 0.0% (g) |
||||||||
| Mohawk Industries, Inc. (a) |
33 | 6,424 | ||||||
|
|
|
|||||||
| Toys/Games/Hobbies — 0.0% (g) |
||||||||
| Hasbro, Inc. |
66 | 6,350 | ||||||
|
|
|
|||||||
| Total Consumer Cyclical |
661,059 | |||||||
|
|
|
|||||||
| Consumer Non-cyclical — 20.3% |
||||||||
| Agriculture — 0.2% |
||||||||
| Altria Group, Inc. |
232 | 11,850 | ||||||
| Archer-Daniels-Midland Co. |
135 | 7,692 | ||||||
| Bunge Ltd. |
10 | 830 | ||||||
| Philip Morris International, Inc. |
162 | 14,371 | ||||||
|
|
|
|||||||
| 34,743 | ||||||||
|
|
|
|||||||
| Beverages — 4.3% |
||||||||
| Brown-Forman Corp., Class B |
464 | 31,977 | ||||||
| Coca-Cola Co. (The) |
5,232 | 275,791 | ||||||
| Constellation Brands, Inc., Class A |
237 | 53,929 | ||||||
| Keurig Dr Pepper, Inc. |
706 | 24,271 | ||||||
| Molson Coors Beverage Co., Class B (a) |
355 | 18,165 | ||||||
| Monster Beverage Corp. (a) |
558 | 50,832 | ||||||
| PepsiCo., Inc. |
1,776 | 251,236 | ||||||
|
|
|
|||||||
| 706,201 | ||||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Biotechnology — 2.7% |
||||||||
| Alexion Pharmaceuticals, Inc. (a) |
190 | 29,101 | ||||||
| Alnylam Pharmaceuticals, Inc. (a) |
81 | 11,418 | ||||||
| Amgen, Inc. |
433 | 107,832 | ||||||
| Biogen, Inc. (a) |
129 | 36,074 | ||||||
| BioMarin Pharmaceutical, Inc. (a) |
127 | 9,622 | ||||||
| Bio-Rad Laboratories, Inc., Class A (a) |
11 | 6,424 | ||||||
| Corteva, Inc. |
167 | 7,767 | ||||||
| Exact Sciences Corp. (a) |
112 | 14,695 | ||||||
| Gilead Sciences, Inc. |
972 | 62,810 | ||||||
| Illumina, Inc. (a) |
23 | 8,845 | ||||||
| Incyte Corp. (a) |
200 | 16,275 | ||||||
| Ionis Pharmaceuticals, Inc. (a) |
93 | 4,183 | ||||||
| Moderna, Inc. (a) |
194 | 25,429 | ||||||
| Regeneron Pharmaceuticals, Inc. (a) |
85 | 40,431 | ||||||
| Royalty Pharma plc, Class A |
11 | 486 | ||||||
| Seagen, Inc. (a) |
88 | 12,260 | ||||||
| Vertex Pharmaceuticals, Inc. (a) |
209 | 44,835 | ||||||
|
|
|
|||||||
| 438,487 | ||||||||
|
|
|
|||||||
| Commercial Services — 2.1% |
||||||||
| AMERCO |
5 | 3,019 | ||||||
| Automatic Data Processing, Inc. |
58 | 10,909 | ||||||
| Avalara, Inc. (a) |
52 | 6,999 | ||||||
| Booz Allen Hamilton Holding Corp., Class A |
66 | 5,331 | ||||||
| Cintas Corp. |
59 | 20,290 | ||||||
| CoStar Group, Inc. (a) |
19 | 15,747 | ||||||
| Equifax, Inc. |
92 | 16,672 | ||||||
| FleetCor Technologies, Inc. (a) |
24 | 6,529 | ||||||
| Gartner, Inc. (a) |
35 | 6,318 | ||||||
| Global Payments, Inc. |
45 | 9,081 | ||||||
| IHS Markit Ltd., (United Kingdom) |
245 | 23,697 | ||||||
| MarketAxess Holdings, Inc. |
34 | 16,952 | ||||||
| Moody’s Corp. |
118 | 35,318 | ||||||
| Nielsen Holdings plc |
208 | 5,243 | ||||||
| PayPal Holdings, Inc. (a) |
94 | 22,766 | ||||||
| Quanta Services, Inc. |
62 | 5,440 | ||||||
| Robert Half International, Inc. |
128 | 9,985 | ||||||
| Rollins, Inc. |
275 | 9,451 | ||||||
| S&P Global, Inc. |
165 | 58,184 | ||||||
| Square, Inc., Class A (a) |
24 | 5,385 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Commercial Services — continued |
||||||||
| TransUnion |
93 | 8,394 | ||||||
| United Rentals, Inc. (a) |
53 | 17,439 | ||||||
| Verisk Analytics, Inc., Class A |
109 | 19,220 | ||||||
|
|
|
|||||||
| 338,369 | ||||||||
|
|
|
|||||||
| Cosmetics/Personal Care — 0.3% |
||||||||
| Colgate-Palmolive Co. |
125 | 9,853 | ||||||
| Estee Lauder Cos., Inc. (The), Class A |
33 | 9,728 | ||||||
| Procter & Gamble Co. (The) |
203 | 27,494 | ||||||
|
|
|
|||||||
| 47,075 | ||||||||
|
|
|
|||||||
| Food — 0.6% |
||||||||
| Campbell Soup Co. |
123 | 6,176 | ||||||
| Conagra Brands, Inc. |
178 | 6,685 | ||||||
| General Mills, Inc. |
131 | 8,036 | ||||||
| Hershey Co. (The) |
45 | 7,116 | ||||||
| Hormel Foods Corp. |
132 | 6,298 | ||||||
| J M Smucker Co. (The) |
52 | 6,570 | ||||||
| Kellogg Co. |
106 | 6,728 | ||||||
| Kraft Heinz Co. (The) |
188 | 7,516 | ||||||
| Kroger Co. (The) |
206 | 7,405 | ||||||
| Lamb Weston Holdings, Inc. |
76 | 5,873 | ||||||
| McCormick & Co., Inc. |
79 | 7,032 | ||||||
| Mondelez International, Inc., Class A |
191 | 11,195 | ||||||
| Sysco Corp. |
97 | 7,613 | ||||||
| Tyson Foods, Inc., Class A |
94 | 6,980 | ||||||
|
|
|
|||||||
| 101,223 | ||||||||
|
|
|
|||||||
| Healthcare—Products — 1.3% |
||||||||
| 10X Genomics, Inc., Class A (a) |
4 | 740 | ||||||
| Abbott Laboratories |
163 | 19,565 | ||||||
| ABIOMED, Inc. (a) |
21 | 6,668 | ||||||
| Align Technology, Inc. (a) |
15 | 8,128 | ||||||
| Avantor, Inc. (a) |
30 | 876 | ||||||
| Baxter International, Inc. |
103 | 8,726 | ||||||
| Boston Scientific Corp. (a) |
235 | 9,065 | ||||||
| Cooper Cos., Inc. (The) |
18 | 6,749 | ||||||
| Danaher Corp. |
67 | 15,167 | ||||||
| DENTSPLY SIRONA, Inc. |
101 | 6,426 | ||||||
| Edwards Lifesciences Corp. (a) |
107 | 8,924 | ||||||
| Hologic, Inc. (a) |
93 | 6,949 | ||||||
| IDEXX Laboratories, Inc. (a) |
16 | 7,846 | ||||||
| Insulet Corp. (a) |
4 | 951 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Healthcare - Products — continued |
||||||||
| Intuitive Surgical, Inc. (a) |
15 | 11,139 | ||||||
| Masimo Corp. (a) |
3 | 706 | ||||||
| Medtronic plc, (Ireland) |
136 | 16,078 | ||||||
| Novocure Ltd., (Jersey) (a) |
5 | 695 | ||||||
| PerkinElmer, Inc. |
52 | 6,636 | ||||||
| ResMed, Inc. |
39 | 7,505 | ||||||
| STERIS plc |
35 | 6,643 | ||||||
| Stryker Corp. |
45 | 10,881 | ||||||
| Teleflex, Inc. |
16 | 6,455 | ||||||
| Thermo Fisher Scientific, Inc. |
38 | 17,317 | ||||||
| Varian Medical Systems, Inc. (a) |
37 | 6,487 | ||||||
| West Pharmaceutical Services, Inc. |
25 | 6,961 | ||||||
| Zimmer Biomet Holdings, Inc. |
47 | 7,512 | ||||||
|
|
|
|||||||
| 211,795 | ||||||||
|
|
|
|||||||
| Healthcare - Services — 0.8% |
||||||||
| Anthem, Inc. |
31 | 11,290 | ||||||
| Catalent, Inc. (a) |
192 | 20,188 | ||||||
| Centene Corp. (a) |
124 | 7,898 | ||||||
| DaVita, Inc. (a) |
55 | 5,955 | ||||||
| HCA Healthcare, Inc. |
47 | 8,797 | ||||||
| Humana, Inc. |
22 | 9,128 | ||||||
| IQVIA Holdings, Inc. (a) |
42 | 8,036 | ||||||
| Laboratory Corp. of America Holdings (a) |
29 | 7,500 | ||||||
| Molina Healthcare, Inc. (a) |
3 | 725 | ||||||
| PPD, Inc. (a) |
7 | 270 | ||||||
| Quest Diagnostics, Inc. |
53 | 6,842 | ||||||
| Teladoc Health, Inc. (a) |
7 | 1,302 | ||||||
| UnitedHealth Group, Inc. |
77 | 28,477 | ||||||
| Universal Health Services, Inc., Class B |
45 | 6,024 | ||||||
|
|
|
|||||||
| 122,432 | ||||||||
|
|
|
|||||||
| Household Products/Wares — 0.2% |
||||||||
| Avery Dennison Corp. |
37 | 6,731 | ||||||
| Church & Dwight Co., Inc. |
82 | 7,122 | ||||||
| Clorox Co. (The) |
37 | 7,140 | ||||||
| Kimberly-Clark Corp. |
62 | 8,674 | ||||||
|
|
|
|||||||
| 29,667 | ||||||||
|
|
|
|||||||
| Pharmaceuticals — 7.8% |
||||||||
| AbbVie, Inc. |
1,290 | 139,555 | ||||||
| AmerisourceBergen Corp., Class A |
58 | 6,883 | ||||||
| Becton Dickinson and Co. |
42 | 10,231 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Pharmaceuticals — continued |
||||||||
| Bristol-Myers Squibb Co. |
1,961 | 123,776 | ||||||
| Cardinal Health, Inc. |
112 | 6,794 | ||||||
| Cigna Corp. |
46 | 11,014 | ||||||
| CVS Health Corp. |
161 | 12,101 | ||||||
| Dexcom, Inc. (a) |
21 | 7,672 | ||||||
| Elanco Animal Health, Inc. (a) |
26 | 761 | ||||||
| Eli Lilly & Co. |
694 | 129,618 | ||||||
| Henry Schein, Inc. (a) |
91 | 6,294 | ||||||
| Horizon Therapeutics Plc (a) |
13 | 1,210 | ||||||
| Jazz Pharmaceuticals plc, (Ireland) (a) |
3 | 488 | ||||||
| Johnson & Johnson |
2,232 | 366,810 | ||||||
| McKesson Corp. |
40 | 7,768 | ||||||
| Merck & Co., Inc. |
2,185 | 168,414 | ||||||
| Neurocrine Biosciences, Inc. (a) |
62 | 6,040 | ||||||
| Perrigo Co. plc, (Ireland) |
235 | 9,515 | ||||||
| Pfizer, Inc. |
4,812 | 174,322 | ||||||
| Sarepta Therapeutics, Inc. (a) |
52 | 3,882 | ||||||
| Viatris, Inc. (a) |
1,389 | 19,407 | ||||||
| Zoetis, Inc., Class A |
432 | 68,076 | ||||||
|
|
|
|||||||
| 1,280,631 | ||||||||
|
|
|
|||||||
| Total Consumer Non-cyclical |
3,310,623 | |||||||
|
|
|
|||||||
| Energy — 1.2% |
||||||||
| Energy—Alternate Sources — 0.2% |
||||||||
| Enphase Energy, Inc. (a) |
70 | 11,307 | ||||||
| Plug Power, Inc. (a) |
228 | 8,181 | ||||||
| SolarEdge Technologies, Inc., (Israel) (a) |
16 | 4,456 | ||||||
| Sunrun, Inc. (a) |
58 | 3,505 | ||||||
|
|
|
|||||||
| 27,449 | ||||||||
|
|
|
|||||||
| Oil & Gas — 0.8% |
||||||||
| APA Corp. |
258 | 4,622 | ||||||
| Cabot Oil & Gas Corp. |
312 | 5,862 | ||||||
| Chevron Corp. |
173 | 18,179 | ||||||
| ConocoPhillips |
183 | 9,676 | ||||||
| Devon Energy Corp. |
265 | 5,788 | ||||||
| Diamondback Energy, Inc. |
67 | 4,912 | ||||||
| EOG Resources, Inc. |
117 | 8,465 | ||||||
| Exxon Mobil Corp. |
364 | 20,323 | ||||||
| Hess Corp. |
92 | 6,529 | ||||||
| HollyFrontier Corp. |
135 | 4,823 | ||||||
| Marathon Oil Corp. |
449 | 4,793 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Oil & Gas — continued |
||||||||
| Marathon Petroleum Corp. |
137 | 7,307 | ||||||
| Occidental Petroleum Corp. |
239 | 6,349 | ||||||
| Phillips 66 |
90 | 7,327 | ||||||
| Pioneer Natural Resources Co. |
47 | 7,443 | ||||||
| Valero Energy Corp. |
93 | 6,648 | ||||||
|
|
|
|||||||
| 129,046 | ||||||||
|
|
|
|||||||
| Oil & Gas Services — 0.1% |
||||||||
| Baker Hughes Co., Class A |
265 | 5,729 | ||||||
| Halliburton Co. |
283 | 6,066 | ||||||
| NOV, Inc. (a) |
329 | 4,511 | ||||||
| Schlumberger NV |
280 | 7,613 | ||||||
|
|
|
|||||||
| 23,919 | ||||||||
|
|
|
|||||||
| Pipelines — 0.1% |
||||||||
| Cheniere Energy, Inc. (a) |
14 | 1,043 | ||||||
| Kinder Morgan, Inc. |
460 | 7,653 | ||||||
| ONEOK, Inc. |
133 | 6,726 | ||||||
| Williams Cos., Inc. (The) |
305 | 7,228 | ||||||
|
|
|
|||||||
| 22,650 | ||||||||
|
|
|
|||||||
| Total Energy |
203,064 | |||||||
|
|
|
|||||||
| Financial — 17.0% |
||||||||
| Banks — 6.1% |
||||||||
| Bank of America Corp. |
4,931 | 190,781 | ||||||
| Bank of New York Mellon Corp. (The) |
724 | 34,240 | ||||||
| Citigroup, Inc. |
1,396 | 101,595 | ||||||
| Citizens Financial Group, Inc. |
517 | 22,847 | ||||||
| Comerica, Inc. |
80 | 5,723 | ||||||
| Fifth Third Bancorp |
744 | 27,846 | ||||||
| First Republic Bank |
172 | 28,628 | ||||||
| Goldman Sachs Group, Inc. (The) |
221 | 72,219 | ||||||
| Huntington Bancshares, Inc. |
1,344 | 21,125 | ||||||
| KeyCorp. |
1,152 | 23,009 | ||||||
| M&T Bank Corp. |
153 | 23,133 | ||||||
| Morgan Stanley |
904 | 70,234 | ||||||
| Northern Trust Corp. |
225 | 23,693 | ||||||
| PNC Financial Services Group, Inc. (The) |
319 | 55,985 | ||||||
| Regions Financial Corp. |
1,122 | 23,184 | ||||||
| State Street Corp. |
312 | 26,235 | ||||||
| SVB Financial Group (a) |
53 | 26,051 | ||||||
| Truist Financial Corp. |
999 | 58,249 | ||||||
| US Bancorp |
1,030 | 56,993 | ||||||
| Wells Fargo & Co. |
2,625 | 102,544 | ||||||
| Zions Bancorp NA |
98 | 5,399 | ||||||
|
|
|
|||||||
| 999,713 | ||||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Diversified Financial Services — 3.7% |
||||||||
| Ally Financial, Inc. |
217 | 9,798 | ||||||
| American Express Co. |
483 | 68,382 | ||||||
| Ameriprise Financial, Inc. |
119 | 27,760 | ||||||
| Apollo Global Management, Inc., Class A |
93 | 4,381 | ||||||
| BlackRock, Inc., Class A |
75 | 56,411 | ||||||
| Capital One Financial Corp. |
362 | 46,117 | ||||||
| Cboe Global Markets, Inc. |
123 | 12,101 | ||||||
| Charles Schwab Corp. (The) |
1,051 | 68,483 | ||||||
| CME Group, Inc., Class A |
269 | 54,855 | ||||||
| Discover Financial Services |
301 | 28,593 | ||||||
| Franklin Resources, Inc. |
361 | 10,678 | ||||||
| Intercontinental Exchange, Inc. |
412 | 46,055 | ||||||
| Invesco Ltd. |
433 | 10,931 | ||||||
| Mastercard, Inc., Class A |
72 | 25,727 | ||||||
| Nasdaq, Inc. |
107 | 15,838 | ||||||
| Raymond James Financial, Inc. |
171 | 20,905 | ||||||
| SEI Investments Co. |
130 | 7,908 | ||||||
| Synchrony Financial |
436 | 17,719 | ||||||
| T Rowe Price Group, Inc. |
204 | 34,942 | ||||||
| Tradeweb Markets, Inc., Class A |
83 | 6,130 | ||||||
| Visa, Inc., Class A |
134 | 28,313 | ||||||
| Western Union Co. (The) |
244 | 6,018 | ||||||
|
|
|
|||||||
| 608,045 | ||||||||
|
|
|
|||||||
| Insurance — 5.5% |
||||||||
| Aflac, Inc. |
619 | 31,669 | ||||||
| Alleghany Corp. (a) |
10 | 5,975 | ||||||
| Allstate Corp. (The) |
262 | 30,062 | ||||||
| American Financial Group, Inc. |
74 | 8,444 | ||||||
| American International Group, Inc. |
678 | 31,334 | ||||||
| Aon plc, Class A |
185 | 42,472 | ||||||
| Arch Capital Group Ltd., (Bermuda) (a) |
235 | 9,007 | ||||||
| Arthur J Gallagher & Co. |
162 | 20,257 | ||||||
| Assurant, Inc. |
84 | 11,907 | ||||||
| Athene Holding Ltd., (Bermuda), Class A (a) |
74 | 3,707 | ||||||
| Berkshire Hathaway, Inc., Class B (a) |
856 | 218,678 | ||||||
| Brown & Brown, Inc. |
133 | 6,080 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Insurance — continued |
||||||||
| Chubb Ltd., (Switzerland) |
333 | 52,555 | ||||||
| Cincinnati Financial Corp. |
175 | 18,080 | ||||||
| Equitable Holdings, Inc. |
230 | 7,499 | ||||||
| Erie Indemnity Co., Class A |
15 | 3,206 | ||||||
| Everest Re Group Ltd., (Bermuda) |
45 | 11,088 | ||||||
| Fidelity National Financial, Inc. |
199 | 8,077 | ||||||
| Globe Life, Inc. |
172 | 16,653 | ||||||
| Hartford Financial Services Group, Inc. (The) |
421 | 28,127 | ||||||
| Lincoln National Corp. |
307 | 19,106 | ||||||
| Loews Corp. |
251 | 12,866 | ||||||
| Markel Corp. (a) |
11 | 12,355 | ||||||
| Marsh & McLennan Cos., Inc. |
396 | 48,223 | ||||||
| MetLife, Inc. |
648 | 39,417 | ||||||
| Principal Financial Group, Inc. |
348 | 20,893 | ||||||
| Progressive Corp. (The) |
441 | 42,202 | ||||||
| Prudential Financial, Inc. |
358 | 32,638 | ||||||
| Reinsurance Group of America, Inc. |
41 | 5,148 | ||||||
| RenaissanceRe Holdings Ltd., (Bermuda) |
29 | 4,610 | ||||||
| Travelers Cos., Inc. (The) |
223 | 33,590 | ||||||
| Unum Group |
189 | 5,250 | ||||||
| Voya Financial, Inc. |
68 | 4,316 | ||||||
| Willis Towers Watson plc, (United Kingdom) |
127 | 29,149 | ||||||
| WR Berkley Corp. |
235 | 17,703 | ||||||
|
|
|
|||||||
| 892,343 | ||||||||
|
|
|
|||||||
| Private Equity — 0.3% |
||||||||
| Blackstone Group, Inc. (The) |
484 | 36,070 | ||||||
| Carlyle Group, Inc. (The) |
70 | 2,590 | ||||||
| KKR & Co., Inc. |
301 | 14,700 | ||||||
|
|
|
|||||||
| 53,360 | ||||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Real Estate — 0.0% (g) |
||||||||
| CBRE Group, Inc., Class A (a) |
93 | 7,338 | ||||||
|
|
|
|||||||
| REITS — 1.4% |
||||||||
| AGNC Investment Corp. |
297 | 4,970 | ||||||
| Alexandria Real Estate Equities, Inc. |
42 | 6,922 | ||||||
| American Tower Corp. |
54 | 12,859 | ||||||
| Annaly Capital Management, Inc. |
777 | 6,679 | ||||||
| AvalonBay Communities, Inc. |
38 | 7,006 | ||||||
| Boston Properties, Inc. |
60 | 6,052 | ||||||
| Camden Property Trust |
6 | 683 | ||||||
| Crown Castle International Corp. |
62 | 10,701 | ||||||
| Digital Realty Trust, Inc. |
59 | 8,280 | ||||||
| Duke Realty Corp. |
156 | 6,557 | ||||||
| Equinix, Inc. |
14 | 9,467 | ||||||
| Equity LifeStyle Properties, Inc. |
11 | 703 | ||||||
| Equity Residential |
99 | 7,111 | ||||||
| Essex Property Trust, Inc. |
23 | 6,291 | ||||||
| Extra Space Storage, Inc. |
50 | 6,605 | ||||||
| Federal Realty Investment Trust |
49 | 5,020 | ||||||
| Healthpeak Properties, Inc. |
204 | 6,471 | ||||||
| Host Hotels & Resorts, Inc. (a) |
364 | 6,138 | ||||||
| Invitation Homes, Inc. |
35 | 1,118 | ||||||
| Iron Mountain, Inc. |
164 | 6,084 | ||||||
| Kimco Realty Corp. |
278 | 5,207 | ||||||
| Medical Properties Trust, Inc. |
35 | 737 | ||||||
| Mid-America Apartment Communities, Inc. |
46 | 6,630 | ||||||
| Omega Healthcare Investors, Inc. |
13 | 486 | ||||||
| Prologis, Inc. |
103 | 10,893 | ||||||
| Public Storage |
33 | 8,043 | ||||||
| Realty Income Corp. |
109 | 6,924 | ||||||
| Regency Centers Corp. |
103 | 5,814 | ||||||
| SBA Communications Corp., Class A |
28 | 7,794 | ||||||
| Simon Property Group, Inc. |
67 | 7,634 | ||||||
| Sun Communities, Inc. |
7 | 1,030 | ||||||
| UDR, Inc. |
138 | 6,041 | ||||||
| Ventas, Inc. |
120 | 6,412 | ||||||
| VEREIT, Inc. |
13 | 511 | ||||||
| VICI Properties, Inc. |
34 | 955 | ||||||
| Vornado Realty Trust |
122 | 5,536 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| REITS — continued |
||||||||
| Welltower, Inc. |
101 | 7,252 | ||||||
| Weyerhaeuser Co. |
203 | 7,228 | ||||||
| WP Carey, Inc. |
11 | 792 | ||||||
|
|
|
|||||||
| 221,636 | ||||||||
|
|
|
|||||||
| Savings & Loans — 0.0% (g) |
||||||||
| People’s United Financial, Inc. |
302 | 5,406 | ||||||
|
|
|
|||||||
| Total Financial |
2,787,841 | |||||||
|
|
|
|||||||
| Industrial — 15.6% |
||||||||
| Aerospace/Defense — 2.0% |
||||||||
| Boeing Co. (The) (a) |
283 | 72,166 | ||||||
| General Dynamics Corp. |
151 | 27,456 | ||||||
| HEICO Corp. |
21 | 2,621 | ||||||
| HEICO Corp., Class A |
35 | 3,960 | ||||||
| Howmet Aerospace, Inc. (a) |
365 | 11,724 | ||||||
| L3Harris Technologies, Inc. |
132 | 26,680 | ||||||
| Lockheed Martin Corp. |
139 | 51,503 | ||||||
| Northrop Grumman Corp. |
96 | 30,980 | ||||||
| Raytheon Technologies Corp. |
813 | 62,833 | ||||||
| Teledyne Technologies, Inc. (a) |
32 | 13,145 | ||||||
| TransDigm Group, Inc. (a) |
34 | 20,082 | ||||||
|
|
|
|||||||
| 323,150 | ||||||||
|
|
|
|||||||
| Building Materials — 0.6% |
||||||||
| Carrier Global Corp. |
540 | 22,781 | ||||||
| Fortune Brands Home & Security, Inc. |
128 | 12,252 | ||||||
| Johnson Controls International plc |
448 | 26,707 | ||||||
| Lennox International, Inc. |
17 | 5,223 | ||||||
| Martin Marietta Materials, Inc. |
20 | 6,822 | ||||||
| Masco Corp. |
224 | 13,401 | ||||||
| Owens Corning |
52 | 4,780 | ||||||
| Vulcan Materials Co. |
41 | 6,932 | ||||||
|
|
|
|||||||
| 98,898 | ||||||||
|
|
|
|||||||
| Electrical Components & Equipments — 0.4% |
||||||||
| AMETEK, Inc. |
158 | 20,145 | ||||||
| Emerson Electric Co. |
353 | 31,888 | ||||||
| Generac Holdings, Inc. (a) |
48 | 15,557 | ||||||
|
|
|
|||||||
| 67,590 | ||||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Electronics — 1.2% |
||||||||
| Agilent Technologies, Inc. |
66 | 8,345 | ||||||
| Allegion plc, (Ireland) |
91 | 11,423 | ||||||
| Amphenol Corp., Class A |
213 | 14,026 | ||||||
| Arrow Electronics, Inc. (a) |
18 | 1,981 | ||||||
| FLIR Systems, Inc. |
99 | 5,609 | ||||||
| Fortive Corp. |
228 | 16,096 | ||||||
| Garmin Ltd., (Switzerland) |
53 | 6,951 | ||||||
| Honeywell International, Inc. |
370 | 80,276 | ||||||
| Keysight Technologies, Inc. (a) |
80 | 11,423 | ||||||
| Mettler-Toledo International, Inc. (a) |
7 | 7,615 | ||||||
| Sensata Technologies Holding plc (a) |
76 | 4,419 | ||||||
| TE Connectivity Ltd., (Switzerland) |
112 | 14,468 | ||||||
| Trimble, Inc. (a) |
127 | 9,868 | ||||||
| Waters Corp. (a) |
24 | 6,779 | ||||||
|
|
|
|||||||
| 199,279 | ||||||||
|
|
|
|||||||
| Engineering & Construction — 0.1% |
||||||||
| Jacobs Engineering Group, Inc. |
107 | 13,864 | ||||||
|
|
|
|||||||
| Environmental Control — 0.4% |
||||||||
| Pentair plc, (United Kingdom) |
171 | 10,656 | ||||||
| Republic Services, Inc., Class A |
166 | 16,454 | ||||||
| Waste Connections, Inc. |
132 | 14,278 | ||||||
| Waste Management, Inc. |
252 | 32,528 | ||||||
|
|
|
|||||||
| 73,916 | ||||||||
|
|
|
|||||||
| Hand/Machine Tools — 0.2% |
||||||||
| Snap-on, Inc. |
50 | 11,597 | ||||||
| Stanley Black & Decker, Inc. |
108 | 21,495 | ||||||
|
|
|
|||||||
| 33,092 | ||||||||
|
|
|
|||||||
| Machinery - Construction & Mining — 0.4% |
||||||||
| Caterpillar, Inc. |
290 | 67,308 | ||||||
|
|
|
|||||||
| Machinery - Diversified — 1.1% |
||||||||
| Cognex Corp. |
36 | 3,019 | ||||||
| Deere & Co. |
160 | 60,040 | ||||||
| Dover Corp. |
111 | 15,155 | ||||||
| IDEX Corp. |
64 | 13,459 | ||||||
| Ingersoll Rand, Inc. (a) |
283 | 13,927 | ||||||
| Nordson Corp. |
27 | 5,302 | ||||||
| Otis Worldwide Corp. |
283 | 19,364 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Machinery - Diversified — continued |
||||||||
| Rockwell Automation, Inc. |
78 | 20,814 | ||||||
| Westinghouse Air Brake Technologies Corp. |
159 | 12,585 | ||||||
| Xylem, Inc. |
142 | 14,889 | ||||||
|
|
|
|||||||
| 178,554 | ||||||||
|
|
|
|||||||
| Miscellaneous Manufacturers — 1.6% |
||||||||
| 3M Co. |
312 | 60,149 | ||||||
| AO Smith Corp. |
149 | 10,094 | ||||||
| Eaton Corp. plc |
235 | 32,463 | ||||||
| General Electric Co. |
4,735 | 62,175 | ||||||
| Illinois Tool Works, Inc. |
183 | 40,461 | ||||||
| Parker-Hannifin Corp. |
80 | 25,358 | ||||||
| Textron, Inc. |
210 | 11,783 | ||||||
| Trane Technologies plc, (Ireland) |
151 | 25,014 | ||||||
|
|
|
|||||||
| 267,497 | ||||||||
|
|
|
|||||||
| Packaging & Containers — 0.2% |
||||||||
| Amcor plc, (United Kingdom) |
574 | 6,707 | ||||||
| Ball Corp. |
87 | 7,341 | ||||||
| Crown Holdings, Inc. |
9 | 878 | ||||||
| Packaging Corp. of America |
47 | 6,286 | ||||||
| Sealed Air Corp. |
129 | 5,889 | ||||||
| Westrock Co. |
127 | 6,593 | ||||||
|
|
|
|||||||
| 33,694 | ||||||||
|
|
|
|||||||
| Shipbuilding — 0.1% |
||||||||
| Huntington Ingalls Industries, Inc. |
47 | 9,692 | ||||||
|
|
|
|||||||
| Transportation — 7.3% |
||||||||
| CH Robinson Worldwide, Inc. |
631 | 60,196 | ||||||
| CSX Corp. |
436 | 42,041 | ||||||
| Expeditors International of Washington, Inc. |
779 | 83,878 | ||||||
| FedEx Corp. |
1,064 | 302,206 | ||||||
| JB Hunt Transport Services, Inc. |
76 | 12,806 | ||||||
| Kansas City Southern |
72 | 19,080 | ||||||
| Knight-Swift Transportation Holdings, Inc., Class A |
64 | 3,087 | ||||||
| Norfolk Southern Corp. |
147 | 39,384 | ||||||
| Old Dominion Freight Line, Inc. |
70 | 16,932 | ||||||
| Union Pacific Corp. |
357 | 78,792 | ||||||
| United Parcel Service, Inc., Class B |
3,099 | 526,883 | ||||||
| XPO Logistics, Inc. (a) |
45 | 5,556 | ||||||
|
|
|
|||||||
| 1,190,841 | ||||||||
|
|
|
|||||||
| Total Industrial |
2,557,375 | |||||||
|
|
|
|||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Technology — 21.5% |
||||||||
| Computers — 3.7% |
||||||||
| Accenture plc, (Ireland), Class A |
62 | 17,152 | ||||||
| Apple, Inc. |
3,598 | 439,452 | ||||||
| Cognizant Technology Solutions Corp., Class A |
106 | 8,310 | ||||||
| Crowdstrike Holdings, Inc., Class A (a) |
115 | 20,962 | ||||||
| Dell Technologies, Inc., Class C (a) |
52 | 4,562 | ||||||
| DXC Technology Co. (a) |
188 | 5,890 | ||||||
| EPAM Systems, Inc. (a) |
3 | 1,344 | ||||||
| Fortinet, Inc. (a) |
120 | 22,104 | ||||||
| Hewlett Packard Enterprise Co. |
613 | 9,655 | ||||||
| HP, Inc. |
472 | 14,984 | ||||||
| International Business Machines Corp. |
101 | 13,490 | ||||||
| Leidos Holdings, Inc. |
124 | 11,927 | ||||||
| NetApp, Inc. |
128 | 9,285 | ||||||
| Seagate Technology plc |
117 | 9,013 | ||||||
| Western Digital Corp. |
143 | 9,557 | ||||||
| Zscaler, Inc. (a) |
48 | 8,207 | ||||||
|
|
|
|||||||
| 605,894 | ||||||||
|
|
|
|||||||
| Office/Business Equipment — 0.1% |
||||||||
| Zebra Technologies Corp., Class A (a) |
23 | 11,036 | ||||||
|
|
|
|||||||
| Semiconductors — 4.2% |
||||||||
| Advanced Micro Devices, Inc. (a) |
435 | 34,135 | ||||||
| Analog Devices, Inc. |
149 | 23,136 | ||||||
| Applied Materials, Inc. |
327 | 43,640 | ||||||
| Broadcom, Inc. |
135 | 62,693 | ||||||
| Intel Corp. |
1,340 | 85,785 | ||||||
| IPG Photonics Corp. (a) |
34 | 7,094 | ||||||
| KLA Corp. |
66 | 21,740 | ||||||
| Lam Research Corp. |
54 | 32,338 | ||||||
| Marvell Technology Group Ltd. |
204 | 9,978 | ||||||
| Maxim Integrated Products, Inc. |
143 | 13,079 | ||||||
| Microchip Technology, Inc. |
116 | 18,025 | ||||||
| Micron Technology, Inc. (a) |
405 | 35,693 | ||||||
| Monolithic Power Systems, Inc. |
29 | 10,344 | ||||||
| NVIDIA Corp. |
200 | 106,612 | ||||||
| NXP Semiconductors NV, (Netherlands) |
115 | 23,110 | ||||||
| ON Semiconductor Corp. (a) |
125 | 5,184 | ||||||
| Qorvo, Inc. (a) |
67 | 12,163 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Semiconductors — continued |
||||||||
| QUALCOMM, Inc. |
386 | 51,206 | ||||||
| Skyworks Solutions, Inc. |
83 | 15,173 | ||||||
| Teradyne, Inc. |
99 | 12,017 | ||||||
| Texas Instruments, Inc. |
312 | 59,024 | ||||||
| Xilinx, Inc. |
117 | 14,552 | ||||||
|
|
|
|||||||
| 696,721 | ||||||||
|
|
|
|||||||
| Software — 13.5% |
||||||||
| Activision Blizzard, Inc. |
110 | 10,242 | ||||||
| Adobe, Inc. (a) |
327 | 155,655 | ||||||
| Akamai Technologies, Inc. (a) |
66 | 6,756 | ||||||
| ANSYS, Inc. (a) |
73 | 24,892 | ||||||
| Autodesk, Inc. (a) |
164 | 45,441 | ||||||
| Black Knight, Inc. (a) |
8 | 620 | ||||||
| Broadridge Financial Solutions, Inc. |
45 | 6,825 | ||||||
| Cadence Design Systems, Inc. (a) |
226 | 30,979 | ||||||
| Ceridian HCM Holding, Inc. (a) |
87 | 7,360 | ||||||
| Cerner Corp. |
98 | 7,027 | ||||||
| Citrix Systems, Inc. |
117 | 16,480 | ||||||
| Cloudflare, Inc., Class A (a) |
131 | 9,224 | ||||||
| Coupa Software, Inc. (a) |
45 | 11,478 | ||||||
| Datadog, Inc., Class A (a) |
115 | 9,599 | ||||||
| DocuSign, Inc., Class A (a) |
115 | 23,329 | ||||||
| Dropbox, Inc., Class A (a) |
205 | 5,464 | ||||||
| Dynatrace, Inc. (a) |
118 | 5,671 | ||||||
| Electronic Arts, Inc. |
61 | 8,232 | ||||||
| Fair Isaac Corp. (a) |
19 | 9,265 | ||||||
| Fidelity National Information Services, Inc. |
77 | 10,892 | ||||||
| Fiserv, Inc. (a) |
82 | 9,721 | ||||||
| Guidewire Software, Inc. (a) |
54 | 5,521 | ||||||
| HubSpot, Inc. (a) |
28 | 12,925 | ||||||
| Intuit, Inc. |
186 | 71,271 | ||||||
| Jack Henry & Associates, Inc. |
41 | 6,211 | ||||||
| Microsoft Corp. |
4,734 | 1,116,165 | ||||||
| MongoDB, Inc., Class A (a) |
3 | 904 | ||||||
| MSCI, Inc., Class A |
61 | 25,691 | ||||||
| Oracle Corp. |
1,366 | 95,844 | ||||||
| Paychex, Inc. |
78 | 7,620 | ||||||
| Paycom Software, Inc. (a) |
47 | 17,353 | ||||||
| PTC, Inc. (a) |
72 | 9,957 | ||||||
| RingCentral, Inc., Class A (a) |
49 | 14,742 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Software — continued |
||||||||
| Roper Technologies, Inc. |
65 | 26,330 | ||||||
| salesforce.com, Inc. (a) |
624 | 132,153 | ||||||
| ServiceNow, Inc. (a) |
139 | 69,422 | ||||||
| Slack Technologies, Inc., Class A (a) |
301 | 12,216 | ||||||
| Snowflake, Inc., Class A (a) |
1 | 342 | ||||||
| Splunk, Inc. (a) |
105 | 14,216 | ||||||
| SS&C Technologies Holdings, Inc. |
150 | 10,494 | ||||||
| Synopsys, Inc. (a) |
123 | 30,592 | ||||||
| Take-Two Interactive Software, Inc. (a) |
40 | 6,987 | ||||||
| Twilio, Inc., Class A (a) |
9 | 3,051 | ||||||
| Tyler Technologies, Inc. (a) |
39 | 16,729 | ||||||
| Veeva Systems, Inc., Class A (a) |
8 | 2,206 | ||||||
| VMware, Inc., Class A (a) |
56 | 8,368 | ||||||
| Workday, Inc., Class A (a) |
118 | 29,294 | ||||||
| Zoom Video Communications, Inc., Class A (a) |
128 | 40,991 | ||||||
|
|
|
|||||||
| 2,202,747 | ||||||||
|
|
|
|||||||
| Total Technology |
3,516,398 | |||||||
|
|
|
|||||||
| Utilities — 1.3% |
||||||||
| Electric — 1.2% |
||||||||
| AES Corp. (The) |
233 | 6,245 | ||||||
| Alliant Energy Corp. |
122 | 6,616 | ||||||
| Ameren Corp. |
85 | 6,928 | ||||||
| American Electric Power Co., Inc. |
101 | 8,564 | ||||||
| CenterPoint Energy, Inc. |
282 | 6,391 | ||||||
| CMS Energy Corp. |
112 | 6,860 | ||||||
| Consolidated Edison, Inc. |
100 | 7,494 | ||||||
| Dominion Energy, Inc. |
130 | 9,865 | ||||||
| DTE Energy Co. |
56 | 7,411 | ||||||
| Duke Energy Corp. |
110 | 10,602 | ||||||
| Edison International |
119 | 7,002 | ||||||
| Entergy Corp. |
70 | 6,928 | ||||||
| Evergy, Inc. |
109 | 6,484 | ||||||
| Eversource Energy |
89 | 7,707 | ||||||
| Exelon Corp. |
200 | 8,760 | ||||||
| FirstEnergy Corp. |
191 | 6,640 | ||||||
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Electric — continued | ||||||||
| NextEra Energy, Inc. |
199 | 15,039 | ||||||
| NRG Energy, Inc. |
148 | 5,581 | ||||||
| OGE Energy Corp. |
9 | 300 | ||||||
| PG&E Corp. (a) |
93 | 1,089 | ||||||
| Pinnacle West Capital Corp. |
76 | 6,203 | ||||||
| PPL Corp. |
243 | 7,010 | ||||||
| Public Service Enterprise Group, Inc. |
128 | 7,688 | ||||||
| Sempra Energy |
62 | 8,225 | ||||||
| Southern Co. (The) |
162 | 10,083 | ||||||
| Vistra Corp. |
33 | 585 | ||||||
| WEC Energy Group, Inc. |
82 | 7,634 | ||||||
| Xcel Energy, Inc. |
122 | 8,133 | ||||||
|
|
|
|||||||
| 198,067 | ||||||||
|
|
|
|||||||
| Gas — 0.1% |
||||||||
| Atmos Energy Corp. |
67 | 6,617 | ||||||
| NiSource, Inc. |
255 | 6,159 | ||||||
| UGI Corp. |
14 | 571 | ||||||
|
|
|
|||||||
| 13,347 | ||||||||
|
|
|
|||||||
| Water — 0.0% (g) |
||||||||
| American Water Works Co., Inc. |
51 | 7,689 | ||||||
| Essential Utilities, Inc. |
15 | 665 | ||||||
|
|
|
|||||||
| 8,354 | ||||||||
|
|
|
|||||||
| Total Utilities |
219,768 | |||||||
|
|
|
|||||||
| Total Common Stocks (Cost $12,956,644) |
16,243,269 | |||||||
|
|
|
|||||||
| PRINCIPAL AMOUNT ($) |
||||||||
| Short-Term Investments — 0.8% | ||||||||
| Time Deposits — 0.8% | ||||||||
| Australia & New Zealand Banking Group Ltd., 0.00%, 04/01/2021 |
15,897 | 15,897 | ||||||
| Barclays SA, 0.00%, 04/01/2021 |
18,194 | 18,194 | ||||||
| BNP Paribas SA, 0.00%, 04/01/2021 |
76,535 | 76,535 | ||||||
| Brown Brothers Harriman, 0.00%, 04/01/2021 |
— | (h) | — | (h) | ||||
| Sumitomo Mitsui Banking Corp., 0.00%, 04/01/2021 |
14,233 | 14,233 | ||||||
| Sumitomo Mitsui Trust Bank, 0.00%, 04/01/2021 |
6,120 | 6,120 | ||||||
|
|
|
|||||||
| Total Short-Term Investments (Cost $130,979) |
130,979 | |||||||
|
|
|
|||||||
| Total Investments — 100.0% (Cost - $13,087,623) * |
16,374,248 | |||||||
| Other Assets in Excess of Liabilities — 0.0% |
146 | |||||||
|
|
|
|||||||
| NET ASSETS — 100.0% |
$ | 16,374,394 | ||||||
|
|
|
|||||||
Percentages indicated are based on net assets.
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2021:
Exchange Traded
| DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
| Long Contracts |
||||||||||||||||||||
| Micro E-mini NASDAQ 100 Index | 29 | 06/2021 | USD | 752 | 8 | |||||||||||||||
| NASDAQ 100 E-mini Index | 116 | 06/2021 | USD | 29,956 | 412 | |||||||||||||||
| S&P 500 E-mini Index | 337 | 06/2021 | USD | 66,211 | 641 | |||||||||||||||
| S&P MidCap 400 E-mini Index | 58 | 06/2021 | USD | 15,244 | (134 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) | 927 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
Six Circles U.S. Unconstrained Equity Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021
| REIT | — | Real Estate Investment Trust | ||
| (a) | — | Non-income producing security. | ||
| (g) | — | Amount rounds to less than 0.05%. | ||
| (h) | — | Amount rounds to less than 500 shares or principal/ $500. | ||
| * | — | The cost of securities is substantially the same for federal income tax purposes. | ||
| USD | — | United States Dollar |
Six Circles U.S. Unconstrained Equity Fund
Summary of Investments by Industry, March 31, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY |
PERCENTAGE | |||
| Internet |
15.6 | % | ||
| Software |
13.4 | % | ||
| Pharmaceuticals |
7.8 | % | ||
| Transportation |
7.3 | % | ||
| Banks |
6.1 | % | ||
| Insurance |
5.4 | % | ||
| Beverages |
4.3 | % | ||
| Semiconductors |
4.3 | % | ||
| Diversified Financial Services |
3.7 | % | ||
| Computers |
3.7 | % | ||
| Biotechnology |
2.7 | % | ||
| Commercial Services |
2.1 | % | ||
| Aerospace/Defense |
2.0 | % | ||
| Miscellaneous Manufacturers |
1.6 | % | ||
| Retail |
1.6 | % | ||
| REITS |
1.4 | % | ||
| Healthcare - Products |
1.3 | % | ||
| Electronics |
1.2 | % | ||
| Electric |
1.2 | % | ||
| Machinery - Diversified |
1.1 | % | ||
| Others (Each less than 1.0%) |
11.4 | % | ||
| Short-Term Investments |
0.8 | % | ||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — 95.7% |
||||||||
| Argentina — 0.0% (g) |
||||||||
| Telecom Argentina SA, ADR |
1 | 7 | ||||||
| YPF SA, ADR (a) |
8 | 33 | ||||||
|
|
|
|||||||
| 40 | ||||||||
|
|
|
|||||||
| Australia — 0.3% |
||||||||
| BHP Group plc |
1,077 | 31,019 | ||||||
|
|
|
|||||||
| Austria — 0.1% |
||||||||
| Erste Group Bank AG (a) |
19 | 630 | ||||||
| OMV AG |
10 | 497 | ||||||
| Raiffeisen Bank International AG |
10 | 216 | ||||||
| Verbund AG |
154 | 11,180 | ||||||
| voestalpine AG |
8 | 319 | ||||||
|
|
|
|||||||
| 12,842 | ||||||||
|
|
|
|||||||
| Belgium — 0.9% |
||||||||
| Ageas SA |
380 | 22,925 | ||||||
| Anheuser-Busch InBev SA |
377 | 23,674 | ||||||
| Elia Group SA |
73 | 8,024 | ||||||
| Etablissements Franz Colruyt NV |
4 | 220 | ||||||
| Galapagos NV (a) |
3 | 218 | ||||||
| Groupe Bruxelles Lambert SA |
8 | 778 | ||||||
| KBC Group NV (a) |
17 | 1,209 | ||||||
| Proximus SADP |
10 | 220 | ||||||
| Sofina SA |
1 | 346 | ||||||
| Solvay SA |
5 | 613 | ||||||
| UCB SA |
204 | 19,413 | ||||||
| Umicore SA |
13 | 696 | ||||||
|
|
|
|||||||
| 78,336 | ||||||||
|
|
|
|||||||
| Brazil — 0.1% |
||||||||
| Ambev SA |
222 | 602 | ||||||
| Atacadao SA |
17 | 72 | ||||||
| B2W Cia Digital (a) |
9 | 102 | ||||||
| B3 SA - Brasil Bolsa Balcao |
97 | 937 | ||||||
| Banco Bradesco SA |
70 | 293 | ||||||
| Banco BTG Pactual SA |
10 | 175 | ||||||
| Banco do Brasil SA |
40 | 216 | ||||||
| Banco Inter SA |
4 | 115 | ||||||
| Banco Santander Brasil SA |
19 | 131 | ||||||
| BB Seguridade Participacoes SA |
29 | 127 | ||||||
| BRF SA (a) |
24 | 106 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Brazil — continued |
||||||||
| CCR SA |
51 | 117 | ||||||
| Centrais Eletricas Brasileiras SA |
14 | 87 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo (Registered) |
18 | 130 | ||||||
| Cia Siderurgica Nacional SA |
30 | 199 | ||||||
| Cosan SA |
12 | 188 | ||||||
| CPFL Energia SA |
8 | 46 | ||||||
| Energisa SA |
8 | 63 | ||||||
| Engie Brasil Energia SA |
10 | 75 | ||||||
| Equatorial Energia SA |
38 | 167 | ||||||
| Hapvida Participacoes e Investimentos SA (e) |
44 | 117 | ||||||
| Hypera SA |
21 | 117 | ||||||
| JBS SA |
53 | 286 | ||||||
| Klabin SA (a) |
33 | 162 | ||||||
| Localiza Rent a Car SA |
27 | 284 | ||||||
| Lojas Renner SA |
41 | 313 | ||||||
| Magazine Luiza SA |
127 | 456 | ||||||
| Natura & Co. Holding SA (a) |
39 | 336 | ||||||
| Notre Dame Intermedica Participacoes SA (a) |
24 | 352 | ||||||
| Petrobras Distribuidora SA |
30 | 118 | ||||||
| Petroleo Brasileiro SA |
165 | 704 | ||||||
| Raia Drogasil SA |
54 | 239 | ||||||
| Rumo SA (a) |
57 | 205 | ||||||
| Sul America SA |
14 | 82 | ||||||
| Suzano SA (a) |
33 | 399 | ||||||
| Telefonica Brasil SA |
24 | 192 | ||||||
| TIM SA/Brazil |
44 | 100 | ||||||
| TOTVS SA |
29 | 150 | ||||||
| Ultrapar Participacoes SA |
30 | 112 | ||||||
| Vale SA |
165 | 2,876 | ||||||
| Via Varejo S/A (a) |
54 | 116 | ||||||
| WEG SA |
36 | 482 | ||||||
|
|
|
|||||||
| 12,146 | ||||||||
|
|
|
|||||||
| Chile — 0.1% |
||||||||
| Antofagasta plc |
201 | 4,690 | ||||||
| Banco de Chile |
1,989 | 234 | ||||||
| Banco de Credito e Inversiones SA |
2 | 120 | ||||||
| Banco Santander Chile |
2,952 | 184 | ||||||
| Cencosud SA |
61 | 130 | ||||||
| Cencosud Shopping SA |
27 | 56 | ||||||
| Cia Cervecerias Unidas SA |
6 | 52 | ||||||
| Colbun SA |
309 | 60 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Chile — continued |
||||||||
| Empresas CMPC SA |
56 | 180 | ||||||
| Empresas COPEC SA |
19 | 230 | ||||||
| Enel Americas SA |
1,607 | 268 | ||||||
| Enel Chile SA |
1,169 | 91 | ||||||
| Falabella SA |
31 | 139 | ||||||
|
|
|
|||||||
| 6,434 | ||||||||
|
|
|
|||||||
| China — 1.4% |
||||||||
| 21Vianet Group, Inc., ADR (a) |
4 | 119 | ||||||
| 360 Security Technology, Inc., Class A |
17 | 37 | ||||||
| 3SBio, Inc. (a) (e) |
66 | 58 | ||||||
| 51job, Inc., ADR (a) |
1 | 79 | ||||||
| AAC Technologies Holdings, Inc. |
33 | 168 | ||||||
| AECC Aviation Power Co. Ltd., Class A |
6 | 39 | ||||||
| Agile Group Holdings Ltd. |
54 | 89 | ||||||
| Agricultural Bank of China Ltd., Class A |
216 | 112 | ||||||
| Agricultural Bank of China Ltd., Class H |
1,214 | 487 | ||||||
| Aier Eye Hospital Group Co. Ltd., Class A |
11 | 99 | ||||||
| Air China Ltd., Class A |
40 | 55 | ||||||
| Air China Ltd., Class H |
62 | 54 | ||||||
| Airtac International Group |
5 | 178 | ||||||
| AK Medical Holdings Ltd. (e) |
24 | 31 | ||||||
| Alibaba Group Holding Ltd., ADR (a) |
85 | 19,190 | ||||||
| A-Living Smart City Services Co. Ltd. (e) |
21 | 92 | ||||||
| Aluminum Corp. of China Ltd., Class A (a) |
14 | 8 | ||||||
| Aluminum Corp. of China Ltd., Class H (a) |
184 | 76 | ||||||
| Anhui Conch Cement Co. Ltd., Class A |
15 | 117 | ||||||
| Anhui Conch Cement Co. Ltd., Class H |
54 | 349 | ||||||
| Anhui Gujing Distillery Co. Ltd., Class A |
1 | 45 | ||||||
| Anhui Gujing Distillery Co. Ltd., Class B |
5 | 72 | ||||||
| Anhui Kouzi Distillery Co. Ltd., Class A |
1 | 6 | ||||||
| ANTA Sports Products Ltd. |
48 | 787 | ||||||
| Asymchem Laboratories Tianjin Co. Ltd., Class A |
1 | 44 | ||||||
| Autobio Diagnostics Co. Ltd., Class A |
— | (h) | 5 | |||||
| Autohome, Inc., ADR |
3 | 250 | ||||||
| AVIC Jonhon Optronic Technology Co. Ltd., Class A |
1 | 9 | ||||||
| AVIC Shenyang Aircraft Co. Ltd., Class A |
4 | 37 | ||||||
| AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A |
8 | 29 | ||||||
| AviChina Industry & Technology Co. Ltd., Class H |
103 | 69 | ||||||
| Baidu, Inc., ADR (a) |
12 | 2,606 | ||||||
| Bank of Beijing Co. Ltd., Class A |
55 | 40 | ||||||
| Bank of Chengdu Co. Ltd., Class A |
6 | 10 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Bank of China Ltd., Class A |
126 | 64 | ||||||
| Bank of China Ltd., Class H |
3,488 | 1,330 | ||||||
| Bank of Communications Co. Ltd., Class A |
151 | 114 | ||||||
| Bank of Communications Co. Ltd., Class H |
369 | 235 | ||||||
| Bank of Hangzhou Co. Ltd., Class A |
13 | 32 | ||||||
| Bank of Jiangsu Co. Ltd., Class A |
50 | 50 | ||||||
| Bank of Nanjing Co. Ltd., Class A |
31 | 48 | ||||||
| Bank of Ningbo Co. Ltd., Class A |
17 | 100 | ||||||
| Bank of Shanghai Co. Ltd., Class A |
37 | 49 | ||||||
| Baoshan Iron & Steel Co. Ltd., Class A |
44 | 54 | ||||||
| Baozun, Inc., ADR (a) |
3 | 97 | ||||||
| BeiGene Ltd., ADR (a) |
2 | 723 | ||||||
| Beijing Capital International Airport Co. Ltd., Class H |
86 | 67 | ||||||
| Beijing Dabeinong Technology Group Co. Ltd., Class A |
5 | 6 | ||||||
| Beijing Enlight Media Co. Ltd., Class A |
4 | 7 | ||||||
| Beijing New Building Materials plc, Class A |
6 | 39 | ||||||
| Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A |
5 | 38 | ||||||
| Beijing Shunxin Agriculture Co. Ltd., Class A |
1 | 4 | ||||||
| Beijing Tiantan Biological Products Corp. Ltd., Class A |
5 | 27 | ||||||
| Beijing Yanjing Brewery Co. Ltd., Class A |
5 | 6 | ||||||
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A |
86 | 77 | ||||||
| Betta Pharmaceuticals Co. Ltd., Class A |
— | (h) | 7 | |||||
| BGI Genomics Co. Ltd., Class A |
2 | 38 | ||||||
| Bilibili, Inc., ADR (a) |
7 | 771 | ||||||
| BOE Technology Group Co. Ltd., Class A |
113 | 109 | ||||||
| BYD Co. Ltd., Class A |
4 | 112 | ||||||
| BYD Co. Ltd., Class H |
36 | 779 | ||||||
| BYD Electronic International Co. Ltd. |
35 | 206 | ||||||
| By-health Co. Ltd., Class A |
2 | 7 | ||||||
| Caitong Securities Co. Ltd., Class A |
3 | 6 | ||||||
| CanSino Biologics, Inc., Class H (a) (e) |
2 | 91 | ||||||
| CGN Power Co. Ltd., Class H (e) |
343 | 83 | ||||||
| Changchun High & New Technology Industry Group, Inc., Class A |
1 | 83 | ||||||
| Changjiang Securities Co. Ltd., Class A |
6 | 7 | ||||||
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A |
— | (h) | 9 | |||||
| Chaozhou Three-Circle Group Co. Ltd., Class A |
8 | 52 | ||||||
| Chifeng Jilong Gold Mining Co. Ltd., Class A (a) |
3 | 6 | ||||||
| China Aoyuan Group Ltd. |
53 | 57 | ||||||
| China Bohai Bank Co. Ltd., Class H (a) (e) |
134 | 60 | ||||||
| China Cinda Asset Management Co. Ltd., Class H |
327 | 68 | ||||||
| China CITIC Bank Corp. Ltd., Class H |
455 | 231 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| China Communications Services Corp. Ltd., Class H |
112 | 50 | ||||||
| China Conch Venture Holdings Ltd. |
71 | 332 | ||||||
| China Construction Bank Corp., Class A |
17 | 19 | ||||||
| China Construction Bank Corp., Class H |
4,326 | 3,646 | ||||||
| China East Education Holdings Ltd. (e) |
28 | 60 | ||||||
| China Eastern Airlines Corp. Ltd., Class A |
9 | 7 | ||||||
| China Everbright Bank Co. Ltd., Class A |
169 | 105 | ||||||
| China Everbright Bank Co. Ltd., Class H |
115 | 50 | ||||||
| China Evergrande Group |
101 | 193 | ||||||
| China Feihe Ltd. (e) |
53 | 150 | ||||||
| China Galaxy Securities Co. Ltd., Class A |
24 | 38 | ||||||
| China Galaxy Securities Co. Ltd., Class H |
122 | 75 | ||||||
| China Greatwall Technology Group Co. Ltd., Class A |
3 | 7 | ||||||
| China Hongqiao Group Ltd. |
76 | 102 | ||||||
| China Huarong Asset Management Co. Ltd., Class H (e) |
374 | 49 | ||||||
| China International Capital Corp. Ltd., Class A (a) |
4 | 30 | ||||||
| China International Capital Corp. Ltd., Class H (a) (e) |
62 | 151 | ||||||
| China Jushi Co. Ltd., Class A |
13 | 37 | ||||||
| China Lesso Group Holdings Ltd. |
50 | 108 | ||||||
| China Life Insurance Co. Ltd., Class A |
9 | 45 | ||||||
| China Life Insurance Co. Ltd., Class H |
316 | 657 | ||||||
| China Literature Ltd. (a) (e) |
14 | 137 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H |
141 | 193 | ||||||
| China Medical System Holdings Ltd. |
60 | 119 | ||||||
| China Meidong Auto Holdings Ltd. |
28 | 130 | ||||||
| China Merchants Bank Co. Ltd., Class A |
54 | 418 | ||||||
| China Merchants Bank Co. Ltd., Class H |
175 | 1,341 | ||||||
| China Merchants Energy Shipping Co. Ltd., Class A |
8 | 7 | ||||||
| China Merchants Securities Co. Ltd., Class A |
23 | 68 | ||||||
| China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
38 | 71 | ||||||
| China Minsheng Banking Corp. Ltd., Class A |
136 | 105 | ||||||
| China Minsheng Banking Corp. Ltd., Class H |
237 | 138 | ||||||
| China Molybdenum Co. Ltd., Class A |
56 | 45 | ||||||
| China Molybdenum Co. Ltd., Class H |
165 | 101 | ||||||
| China National Building Material Co. Ltd., Class H |
170 | 246 | ||||||
| China National Software & Service Co. Ltd., Class A |
1 | 6 | ||||||
| China Northern Rare Earth Group High-Tech Co. Ltd., Class A (a) |
17 | 48 | ||||||
| China Oilfield Services Ltd., Class H |
72 | 74 | ||||||
| China Pacific Insurance Group Co. Ltd., Class A |
21 | 122 | ||||||
| China Pacific Insurance Group Co. Ltd., Class H |
124 | 492 | ||||||
| China Petroleum & Chemical Corp., Class A |
103 | 68 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| China Petroleum & Chemical Corp., Class H |
1,032 | 547 | ||||||
| China Railway Group Ltd., Class A |
96 | 86 | ||||||
| China Railway Group Ltd., Class H |
119 | 63 | ||||||
| China Resources Pharmaceutical Group Ltd. (e) |
76 | 47 | ||||||
| China Shenhua Energy Co. Ltd., Class A |
24 | 75 | ||||||
| China Shenhua Energy Co. Ltd., Class H |
149 | 308 | ||||||
| China Shipbuilding Industry Co. Ltd., Class A (a) |
73 | 46 | ||||||
| China South Publishing & Media Group Co. Ltd., Class A |
33 | 53 | ||||||
| China Southern Airlines Co. Ltd., Class A (a) |
80 | 84 | ||||||
| China Southern Airlines Co. Ltd., Class H (a) |
54 | 40 | ||||||
| China State Construction Engineering Corp. Ltd., Class A |
117 | 93 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A |
5 | 253 | ||||||
| China Tower Corp. Ltd., Class H (e) |
1,826 | 271 | ||||||
| China TransInfo Technology Co. Ltd., Class A |
2 | 5 | ||||||
| China Vanke Co. Ltd., Class A |
30 | 138 | ||||||
| China Vanke Co. Ltd., Class H |
68 | 267 | ||||||
| China Yangtze Power Co. Ltd., Class A |
56 | 184 | ||||||
| China Yuhua Education Corp. Ltd. (e) |
54 | 42 | ||||||
| China Zheshang Bank Co. Ltd., Class A |
112 | 69 | ||||||
| Chongqing Brewery Co. Ltd., Class A |
2 | 34 | ||||||
| Chongqing Changan Automobile Co. Ltd., Class A (a) |
12 | 25 | ||||||
| Chongqing Rural Commercial Bank Co. Ltd., Class H |
190 | 82 | ||||||
| Chongqing Zhifei Biological Products Co. Ltd., Class A |
4 | 114 | ||||||
| CIFI Holdings Group Co. Ltd. |
142 | 138 | ||||||
| CITIC Ltd. |
281 | 267 | ||||||
| CITIC Securities Co. Ltd., Class A |
35 | 128 | ||||||
| CITIC Securities Co. Ltd., Class H |
85 | 196 | ||||||
| Contemporary Amperex Technology Co. Ltd., Class A |
6 | 310 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class A (a) |
39 | 81 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H (a) |
98 | 126 | ||||||
| Country Garden Holdings Co. Ltd. |
327 | 421 | ||||||
| Country Garden Services Holdings Co. Ltd. |
65 | 663 | ||||||
| CSC Financial Co. Ltd., Class A |
9 | 42 | ||||||
| CSPC Pharmaceutical Group Ltd. |
418 | 508 | ||||||
| Dali Foods Group Co. Ltd. (e) |
117 | 67 | ||||||
| Daqin Railway Co. Ltd., Class A |
80 | 86 | ||||||
| Daqo New Energy Corp., ADR (a) |
2 | 167 | ||||||
| DaShenLin Pharmaceutical Group Co. Ltd., Class A |
3 | 36 | ||||||
| Dongfang Electric Corp. Ltd., Class A |
4 | 8 | ||||||
| Dongfeng Motor Group Co. Ltd., Class H |
114 | 106 | ||||||
| DouYu International Holdings Ltd., ADR (a) |
5 | 54 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| East Group Co. Ltd., Class A |
27 | 26 | ||||||
| East Money Information Co. Ltd., Class A |
26 | 108 | ||||||
| ENN Energy Holdings Ltd. |
35 | 561 | ||||||
| Eve Energy Co. Ltd., Class A |
6 | 70 | ||||||
| Ever Sunshine Lifestyle Services Group Ltd. (Registered) |
30 | 76 | ||||||
| Everbright Securities Co. Ltd., Class A |
12 | 29 | ||||||
| Fangda Carbon New Material Co. Ltd., Class A (a) |
8 | 10 | ||||||
| FAW Jiefang Group Co. Ltd., Class A (a) |
4 | 7 | ||||||
| First Capital Securities Co. Ltd., Class A |
5 | 5 | ||||||
| Focus Media Information Technology Co. Ltd., Class A |
48 | 68 | ||||||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A |
7 | 181 | ||||||
| Fosun International Ltd. |
114 | 159 | ||||||
| Founder Securities Co. Ltd., Class A (a) |
46 | 61 | ||||||
| Foxconn Industrial Internet Co. Ltd., Class A |
19 | 42 | ||||||
| Fu Jian Anjoy Foods Co. Ltd., Class A |
1 | 29 | ||||||
| Fuyao Glass Industry Group Co. Ltd., Class A |
7 | 49 | ||||||
| Fuyao Glass Industry Group Co. Ltd., Class H (e) |
20 | 119 | ||||||
| Ganfeng Lithium Co. Ltd., Class A |
3 | 49 | ||||||
| GDS Holdings Ltd., ADR (a) |
4 | 346 | ||||||
| Gemdale Corp., Class A |
19 | 35 | ||||||
| Genscript Biotech Corp. (a) |
50 | 89 | ||||||
| GF Securities Co. Ltd., Class A |
21 | 51 | ||||||
| GF Securities Co. Ltd., Class H |
40 | 62 | ||||||
| Gigadevice Semiconductor Beijing, Inc., Class A |
2 | 44 | ||||||
| GoerTek, Inc., Class A |
11 | 45 | ||||||
| GOME Retail Holdings Ltd. (a) |
446 | 83 | ||||||
| Gotion High-tech Co. Ltd., Class A (a) |
7 | 41 | ||||||
| Great Wall Motor Co. Ltd., Class A |
8 | 38 | ||||||
| Great Wall Motor Co. Ltd., Class H |
131 | 365 | ||||||
| Greenland Holdings Corp. Ltd., Class A |
8 | 7 | ||||||
| Greentown China Holdings Ltd. |
42 | 54 | ||||||
| Greentown Service Group Co. Ltd. (Registered) |
64 | 98 | ||||||
| GSX Techedu, Inc., ADR (a) |
3 | 111 | ||||||
| Guangdong Haid Group Co. Ltd., Class A |
6 | 66 | ||||||
| Guangdong Hongda Blasting Co. Ltd., Class A |
1 | 6 | ||||||
| Guangdong Kinlong Hardware Products Co. Ltd., Class A |
— | (h) | 8 | |||||
| Guanghui Energy Co. Ltd., Class A (a) |
14 | 7 | ||||||
| Guangzhou Automobile Group Co. Ltd., Class H |
126 | 106 | ||||||
| Guangzhou Baiyun International Airport Co. Ltd., Class A |
3 | 6 | ||||||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
1 | 6 | ||||||
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
2 | 33 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Guangzhou R&F Properties Co. Ltd., Class H |
75 | 99 | ||||||
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A |
2 | 30 | ||||||
| Guangzhou Tinci Materials Technology Co. Ltd., Class A |
1 | 6 | ||||||
| Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A |
15 | 33 | ||||||
| Guolian Securities Co. Ltd., Class A (a) |
10 | 24 | ||||||
| Guosen Securities Co. Ltd., Class A |
3 | 6 | ||||||
| Guotai Junan Securities Co. Ltd., Class A |
21 | 51 | ||||||
| Guoyuan Securities Co. Ltd., Class A |
5 | 6 | ||||||
| Haidilao International Holding Ltd. (e) |
35 | 240 | ||||||
| Haier Smart Home Co. Ltd., Class A |
19 | 89 | ||||||
| Haier Smart Home Co. Ltd., Class H (a) |
86 | 347 | ||||||
| Haitian International Holdings Ltd. |
29 | 116 | ||||||
| Haitong Securities Co. Ltd., Class A |
69 | 116 | ||||||
| Haitong Securities Co. Ltd., Class H |
88 | 82 | ||||||
| Hangzhou First Applied Material Co. Ltd., Class A |
3 | 39 | ||||||
| Hangzhou Tigermed Consulting Co. Ltd., Class A |
3 | 67 | ||||||
| Hangzhou Tigermed Consulting Co. Ltd., Class H (a) (e) |
4 | 84 | ||||||
| Hansoh Pharmaceutical Group Co. Ltd. (a) (e) |
54 | 259 | ||||||
| Henan Shuanghui Investment & Development Co. Ltd., Class A |
9 | 54 | ||||||
| Hengan International Group Co. Ltd. |
29 | 187 | ||||||
| Hengli Petrochemical Co. Ltd., Class A |
18 | 82 | ||||||
| Hengtong Optic-electric Co. Ltd., Class A |
3 | 5 | ||||||
| Hengyi Petrochemical Co. Ltd., Class A |
3 | 7 | ||||||
| Hesteel Co. Ltd., Class A (a) |
19 | 7 | ||||||
| Hithink RoyalFlush Information Network Co. Ltd., Class A |
2 | 33 | ||||||
| Hongfa Technology Co. Ltd., Class A |
1 | 7 | ||||||
| Hua Hong Semiconductor Ltd. (a) (e) |
26 | 143 | ||||||
| Huadong Medicine Co. Ltd., Class A |
7 | 39 | ||||||
| Huagong Tech Co. Ltd., Class A |
2 | 6 | ||||||
| Hualan Biological Engineering, Inc., Class A |
7 | 44 | ||||||
| Huaneng Power International, Inc., Class H |
192 | 68 | ||||||
| Huatai Securities Co. Ltd., Class A |
19 | 50 | ||||||
| Huatai Securities Co. Ltd., Class H (e) |
68 | 105 | ||||||
| Huaxia Bank Co. Ltd., Class A |
33 | 33 | ||||||
| Huaxin Cement Co. Ltd., Class A |
2 | 7 | ||||||
| Huayu Automotive Systems Co. Ltd., Class A |
9 | 40 | ||||||
| Huazhu Group Ltd., ADR (a) |
7 | 389 | ||||||
| Hubei Biocause Pharmaceutical Co. Ltd., Class A |
10 | 6 | ||||||
| Hunan Valin Steel Co. Ltd., Class A |
31 | 33 | ||||||
| Hundsun Technologies, Inc., Class A |
4 | 48 | ||||||
| HUYA, Inc., ADR (a) |
3 | 61 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Iflytek Co. Ltd., Class A |
9 | 64 | ||||||
| Industrial & Commercial Bank of China Ltd., Class A |
162 | 137 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H |
2,748 | 1,977 | ||||||
| Industrial Bank Co. Ltd., Class A |
53 | 196 | ||||||
| Industrial Securities Co. Ltd., Class A |
34 | 44 | ||||||
| Ingenic Semiconductor Co. Ltd., Class A (a) |
1 | 5 | ||||||
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (a) |
233 | 55 | ||||||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
9 | 7 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
19 | 119 | ||||||
| Innovent Biologics, Inc. (a) (e) |
45 | 455 | ||||||
| iQIYI, Inc., ADR (a) |
12 | 201 | ||||||
| JA Solar Technology Co. Ltd., Class A (a) |
1 | 5 | ||||||
| Jafron Biomedical Co. Ltd., Class A |
1 | 7 | ||||||
| Jason Furniture Hangzhou Co. Ltd., Class A |
1 | 7 | ||||||
| JCET Group Co. Ltd., Class A (a) |
6 | 31 | ||||||
| JD Health International, Inc. (a) (e) |
13 | 187 | ||||||
| JD.com, Inc., ADR (a) |
38 | 3,239 | ||||||
| Jiangsu Expressway Co. Ltd., Class H |
64 | 80 | ||||||
| Jiangsu Hengli Hydraulic Co. Ltd., Class A |
4 | 53 | ||||||
| Jiangsu Hengrui Medicine Co. Ltd., Class A |
15 | 209 | ||||||
| Jiangsu King’s Luck Brewery JSC Ltd., Class A |
5 | 40 | ||||||
| Jiangsu Shagang Co. Ltd., Class A |
4 | 6 | ||||||
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
4 | 105 | ||||||
| Jiangsu Yangnong Chemical Co. Ltd., Class A |
— | (h) | 7 | |||||
| Jiangsu Zhongtian Technology Co. Ltd., Class A |
4 | 7 | ||||||
| Jiangxi Copper Co. Ltd., Class A |
16 | 55 | ||||||
| Jiangxi Copper Co. Ltd., Class H |
38 | 73 | ||||||
| Jiangxi Zhengbang Technology Co. Ltd., Class A |
3 | 6 | ||||||
| Jinke Properties Group Co. Ltd., Class A |
6 | 6 | ||||||
| Jinxin Fertility Group Ltd. (e) |
58 | 125 | ||||||
| JiuGui Liquor Co. Ltd., Class A |
— | (h) | 9 | |||||
| Jiumaojiu International Holdings Ltd. (a) (e) |
26 | 104 | ||||||
| Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A |
3 | 24 | ||||||
| JOYY, Inc., ADR |
3 | 243 | ||||||
| Juewei Food Co. Ltd., Class A |
3 | 29 | ||||||
| Kaisa Group Holdings Ltd. |
118 | 59 | ||||||
| KE Holdings, Inc., ADR (a) |
6 | 347 | ||||||
| Kingdee International Software Group Co. Ltd. (a) |
116 | 364 | ||||||
| Kingfa Sci & Tech Co. Ltd., Class A |
3 | 8 | ||||||
| Kingsoft Cloud Holdings Ltd., ADR (a) |
2 | 98 | ||||||
| Kingsoft Corp. Ltd. |
37 | 247 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Koolearn Technology Holding Ltd. (a) (e) |
10 | 23 | ||||||
| Kuaishou Technology, Class B (a) (e) |
9 | 326 | ||||||
| Kuang-Chi Technologies Co. Ltd., Class A (a) |
12 | 36 | ||||||
| Kweichow Moutai Co. Ltd., Class A |
3 | 1,013 | ||||||
| KWG Group Holdings Ltd. |
57 | 97 | ||||||
| Lenovo Group Ltd. |
318 | 454 | ||||||
| Lens Technology Co. Ltd., Class A |
15 | 58 | ||||||
| Leyard Optoelectronic Co. Ltd., Class A |
7 | 8 | ||||||
| Li Auto, Inc., ADR (a) |
8 | 203 | ||||||
| Li Ning Co. Ltd. |
94 | 612 | ||||||
| Liaoning Cheng Da Co. Ltd., Class A |
2 | 6 | ||||||
| Lingyi iTech Guangdong Co., Class A |
19 | 24 | ||||||
| Logan Group Co. Ltd. |
61 | 103 | ||||||
| Lomon Billions Group Co. Ltd., Class A |
3 | 12 | ||||||
| Longfor Group Holdings Ltd. (e) |
78 | 517 | ||||||
| LONGi Green Energy Technology Co. Ltd., Class A |
10 | 141 | ||||||
| Lufax Holding Ltd., ADR (a) |
9 | 135 | ||||||
| Luxshare Precision Industry Co. Ltd., Class A |
21 | 107 | ||||||
| Luzhou Laojiao Co. Ltd., Class A |
4 | 144 | ||||||
| Maccura Biotechnology Co. Ltd., Class A |
1 | 6 | ||||||
| Mango Excellent Media Co. Ltd., Class A |
6 | 49 | ||||||
| Maxscend Microelectronics Co. Ltd., Class A |
— | (h) | 37 | |||||
| Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (a) |
4 | 9 | ||||||
| Meituan, Class B (a) (e) |
161 | 6,287 | ||||||
| Metallurgical Corp. of China Ltd, Class A |
18 | 10 | ||||||
| Microport Scientific Corp. |
30 | 170 | ||||||
| Midea Group Co. Ltd., Class A |
9 | 112 | ||||||
| Ming Yuan Cloud Group Holdings Ltd. (a) |
18 | 83 | ||||||
| Minth Group Ltd. |
34 | 142 | ||||||
| Momo, Inc., ADR |
6 | 94 | ||||||
| Muyuan Foods Co. Ltd., Class A |
10 | 159 | ||||||
| NanJi E-Commerce Co. Ltd., Class A |
3 | 5 | ||||||
| Nanjing Securities Co. Ltd., Class A |
4 | 6 | ||||||
| NARI Technology Co. Ltd., Class A |
16 | 76 | ||||||
| NAURA Technology Group Co. Ltd., Class A |
2 | 35 | ||||||
| NavInfo Co. Ltd., Class A |
3 | 6 | ||||||
| NetEase, Inc., ADR |
19 | 1,913 | ||||||
| New China Life Insurance Co. Ltd., Class A |
8 | 61 | ||||||
| New China Life Insurance Co. Ltd., Class H |
33 | 130 | ||||||
| New Hope Liuhe Co. Ltd., Class A |
12 | 37 | ||||||
| New Oriental Education & Technology Group, Inc., ADR (a) |
69 | 966 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Ningbo Tuopu Group Co. Ltd., Class A |
1 | 6 | ||||||
| NIO, Inc., ADR (a) |
57 | 2,225 | ||||||
| Noah Holdings Ltd., ADR (a) |
2 | 69 | ||||||
| Nongfu Spring Co. Ltd., Class H (a) (e) |
14 | 72 | ||||||
| Offcn Education Technology Co. Ltd., Class A |
6 | 27 | ||||||
| OFILM Group Co. Ltd., Class A |
3 | 4 | ||||||
| Orient Securities Co. Ltd., Class A |
29 | 39 | ||||||
| Oriental Pearl Group Co. Ltd., Class A |
72 | 106 | ||||||
| Ovctek China, Inc., Class A |
4 | 50 | ||||||
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (a) |
97 | 33 | ||||||
| People’s Insurance Co. Group of China Ltd. (The), Class H |
389 | 126 | ||||||
| Perfect World Co. Ltd., Class A |
2 | 5 | ||||||
| PetroChina Co. Ltd., Class A |
11 | 7 | ||||||
| PetroChina Co. Ltd., Class H |
854 | 310 | ||||||
| Pharmaron Beijing Co. Ltd., Class H (e) |
7 | 127 | ||||||
| PICC Property & Casualty Co. Ltd., Class H |
264 | 230 | ||||||
| Pinduoduo, Inc., ADR (a) |
17 | 2,339 | ||||||
| Ping An Bank Co. Ltd., Class A |
49 | 165 | ||||||
| Ping An Healthcare and Technology Co. Ltd. (a) (e) |
22 | 281 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class A |
30 | 361 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H |
265 | 3,164 | ||||||
| Poly Developments and Holdings Group Co. Ltd., Class A |
38 | 83 | ||||||
| Poly Property Services Co. Ltd. (Registered) |
6 | 39 | ||||||
| Postal Savings Bank of China Co. Ltd., Class A |
69 | 62 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H (e) |
453 | 340 | ||||||
| Power Construction Corp. of China Ltd., Class A |
74 | 46 | ||||||
| Proya Cosmetics Co. Ltd., Class A |
— | (h) | 7 | |||||
| Qingdao Rural Commercial Bank Corp., Class A |
9 | 6 | ||||||
| RLX Technology, Inc., ADR (a) |
5 | 53 | ||||||
| Rongsheng Petrochemical Co. Ltd., Class A |
12 | 49 | ||||||
| SAIC Motor Corp. Ltd., Class A |
23 | 68 | ||||||
| Sanan Optoelectronics Co. Ltd., Class A |
16 | 56 | ||||||
| Sangfor Technologies, Inc., Class A |
1 | 53 | ||||||
| Sany Heavy Industry Co. Ltd., Class A |
25 | 130 | ||||||
| SDIC Capital Co. Ltd., Class A |
3 | 6 | ||||||
| Seazen Group Ltd. (a) |
90 | 111 | ||||||
| Seazen Holdings Co. Ltd., Class A |
8 | 60 | ||||||
| SF Holding Co. Ltd., Class A |
12 | 143 | ||||||
| SG Micro Corp., Class A |
— | (h) | 7 | |||||
| Shaanxi Coal Industry Co. Ltd., Class A |
27 | 46 | ||||||
| Shandong Gold Mining Co. Ltd., Class A |
15 | 50 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Shandong Gold Mining Co. Ltd., Class H (e) |
37 | 70 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
6 | 37 | ||||||
| Shandong Linglong Tyre Co. Ltd., Class A |
5 | 35 | ||||||
| Shandong Sinocera Functional Material Co. Ltd., Class A |
1 | 7 | ||||||
| Shandong Sun Paper Industry JSC Ltd., Class A |
7 | 17 | ||||||
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
108 | 214 | ||||||
| Shanghai Bairun Investment Holding Group Co. Ltd., Class A |
3 | 42 | ||||||
| Shanghai Baosight Software Co. Ltd., Class A |
1 | 6 | ||||||
| Shanghai Electric Group Co. Ltd., Class A (a) |
63 | 53 | ||||||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A |
6 | 33 | ||||||
| Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
22 | 94 | ||||||
| Shanghai International Airport Co. Ltd., Class A |
4 | 36 | ||||||
| Shanghai International Port Group Co. Ltd., Class A |
151 | 110 | ||||||
| Shanghai Jahwa United Co. Ltd., Class A |
1 | 10 | ||||||
| Shanghai Jinjiang International Hotels Co. Ltd., Class A |
1 | 8 | ||||||
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
56 | 49 | ||||||
| Shanghai M&G Stationery, Inc., Class A |
3 | 44 | ||||||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
33 | 64 | ||||||
| Shanghai Pudong Development Bank Co. Ltd., Class A |
76 | 128 | ||||||
| Shanghai Putailai New Energy Technology Co. Ltd., Class A |
— | (h) | 6 | |||||
| Shanghai RAAS Blood Products Co. Ltd., Class A |
32 | 36 | ||||||
| Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A |
22 | 37 | ||||||
| Shanxi Meijin Energy Co. Ltd., Class A (a) |
7 | 8 | ||||||
| Shanxi Taigang Stainless Steel Co. Ltd., Class A |
12 | 8 | ||||||
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
3 | 133 | ||||||
| Shengyi Technology Co. Ltd., Class A |
9 | 31 | ||||||
| Shennan Circuits Co. Ltd., Class A |
— | (h) | 5 | |||||
| Shenwan Hongyuan Group Co. Ltd., Class A |
90 | 64 | ||||||
| Shenzhen Airport Co. Ltd., Class A |
5 | 7 | ||||||
| Shenzhen Capchem Technology Co. Ltd., Class A |
— | (h) | 5 | |||||
| Shenzhen Energy Group Co. Ltd., Class A |
28 | 48 | ||||||
| Shenzhen Goodix Technology Co. Ltd., Class A |
1 | 25 | ||||||
| Shenzhen Inovance Technology Co. Ltd., Class A |
5 | 67 | ||||||
| Shenzhen Kangtai Biological Products Co. Ltd., Class A |
3 | 57 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
3 | 177 | ||||||
| Shenzhen Overseas Chinese Town Co. Ltd., Class A |
6 | 9 | ||||||
| Shenzhen SC New Energy Technology Corp., Class A |
— | (h) | 5 | |||||
| Shenzhen Sunway Communication Co. Ltd., Class A |
1 | 5 | ||||||
| Shenzhou International Group Holdings Ltd. |
38 | 786 | ||||||
| Sichuan Chuantou Energy Co. Ltd., Class A |
22 | 42 | ||||||
| Sichuan Swellfun Co. Ltd., Class A |
1 | 7 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Silergy Corp. |
3 | 247 | ||||||
| Sinolink Securities Co. Ltd., Class A |
3 | 5 | ||||||
| Sinoma Science & Technology Co. Ltd., Class A |
2 | 8 | ||||||
| Sinopharm Group Co. Ltd., Class H |
65 | 157 | ||||||
| Sinotrans Ltd., Class A |
10 | 6 | ||||||
| Sinotruk Hong Kong Ltd. |
31 | 93 | ||||||
| Smoore International Holdings Ltd. (a) (e) |
29 | 178 | ||||||
| Songcheng Performance Development Co. Ltd., Class A |
11 | 37 | ||||||
| SooChow Securities Co. Ltd., Class A |
4 | 6 | ||||||
| Spring Airlines Co. Ltd., Class A |
2 | 16 | ||||||
| STO Express Co. Ltd., Class A |
4 | 5 | ||||||
| Sunac China Holdings Ltd. |
110 | 473 | ||||||
| Sungrow Power Supply Co. Ltd., Class A |
4 | 49 | ||||||
| Suning.com Co. Ltd., Class A |
34 | 36 | ||||||
| Sunny Optical Technology Group Co. Ltd. |
32 | 724 | ||||||
| Sunwoda Electronic Co. Ltd., Class A |
2 | 5 | ||||||
| Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A |
2 | 4 | ||||||
| TAL Education Group, ADR (a) |
17 | 918 | ||||||
| TBEA Co. Ltd., Class A |
5 | 9 | ||||||
| TCL Technology Group Corp., Class A |
49 | 71 | ||||||
| Tencent Holdings Ltd. |
257 | 20,487 | ||||||
| Tencent Music Entertainment Group, ADR (a) |
16 | 337 | ||||||
| Thunder Software Technology Co. Ltd., Class A |
— | (h) | 7 | |||||
| Tianfeng Securities Co. Ltd., Class A |
7 | 5 | ||||||
| Tianjin Zhonghuan Semiconductor Co. Ltd., Class A |
13 | 55 | ||||||
| Tianma Microelectronics Co. Ltd., Class A |
3 | 7 | ||||||
| Tianshui Huatian Technology Co. Ltd., Class A |
3 | 6 | ||||||
| Tingyi Cayman Islands Holding Corp. |
88 | 162 | ||||||
| Tongcheng-Elong Holdings Ltd. (Registered) (a) |
38 | 85 | ||||||
| Tongkun Group Co. Ltd., Class A |
9 | 28 | ||||||
| Tongling Nonferrous Metals Group Co. Ltd., Class A |
17 | 7 | ||||||
| Tongwei Co. Ltd., Class A |
13 | 65 | ||||||
| Topchoice Medical Corp., Class A (a) |
1 | 38 | ||||||
| Topsec Technologies Group, Inc., Class A (a) |
2 | 7 | ||||||
| Topsports International Holdings Ltd. (e) |
51 | 76 | ||||||
| TravelSky Technology Ltd., Class H |
40 | 94 | ||||||
| Trip.com Group Ltd., ADR (a) |
22 | 852 | ||||||
| Tsingtao Brewery Co. Ltd., Class A |
3 | 35 | ||||||
| Tsingtao Brewery Co. Ltd., Class H |
20 | 178 | ||||||
| Unigroup Guoxin Microelectronics Co. Ltd., Class A |
2 | 33 | ||||||
| Uni-President China Holdings Ltd. |
70 | 85 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Unisplendour Corp. Ltd., Class A |
13 | 39 | ||||||
| Universal Scientific Industrial Shanghai Co. Ltd., Class A |
2 | 7 | ||||||
| Vipshop Holdings Ltd., ADR (a) |
20 | 595 | ||||||
| Visionox Technology, Inc., Class A (a) |
4 | 5 | ||||||
| Walvax Biotechnology Co. Ltd., Class A |
8 | 52 | ||||||
| Wangfujing Group Co. Ltd., Class A |
6 | 29 | ||||||
| Wangsu Science & Technology Co. Ltd., Class A |
6 | 6 | ||||||
| Wanhua Chemical Group Co. Ltd., Class A |
9 | 152 | ||||||
| Want Want China Holdings Ltd. |
230 | 173 | ||||||
| Weibo Corp., ADR (a) |
3 | 129 | ||||||
| Weichai Power Co. Ltd., Class A |
12 | 35 | ||||||
| Weichai Power Co. Ltd., Class H |
89 | 223 | ||||||
| Weimob, Inc. (a) (e) |
69 | 156 | ||||||
| Wens Foodstuffs Group Co. Ltd., Class A |
21 | 55 | ||||||
| Will Semiconductor Co. Ltd. Shanghai, Class A |
3 | 99 | ||||||
| Wingtech Technology Co. Ltd., Class A |
4 | 59 | ||||||
| Wuhan Guide Infrared Co. Ltd., Class A |
7 | 38 | ||||||
| Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A |
8 | 28 | ||||||
| Wuliangye Yibin Co. Ltd., Class A |
10 | 407 | ||||||
| WuXi AppTec Co. Ltd., Class A |
6 | 125 | ||||||
| WuXi AppTec Co. Ltd., Class H (e) |
14 | 269 | ||||||
| Wuxi Biologics Cayman, Inc. (a) (e) |
147 | 1,847 | ||||||
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A |
3 | 40 | ||||||
| Wuxi Taiji Industry Co. Ltd., Class A |
4 | 5 | ||||||
| Xiaomi Corp., Class B (a) (e) |
626 | 2,090 | ||||||
| Xinjiang Goldwind Science & Technology Co. Ltd., Class A |
3 | 7 | ||||||
| Xinjiang Goldwind Science & Technology Co. Ltd., Class H |
38 | 72 | ||||||
| Xinyi Solar Holdings Ltd. |
202 | 335 | ||||||
| XPeng, Inc., ADR (a) |
8 | 293 | ||||||
| Yadea Group Holdings Ltd. (e) |
50 | 111 | ||||||
| Yantai Eddie Precision Machinery Co. Ltd., Class A |
1 | 6 | ||||||
| Yanzhou Coal Mining Co. Ltd., Class H |
72 | 85 | ||||||
| Yealink Network Technology Corp. Ltd., Class A |
1 | 7 | ||||||
| Yifeng Pharmacy Chain Co. Ltd., Class A |
— | (h) | 5 | |||||
| Yihai International Holding Ltd. (a) |
21 | 219 | ||||||
| Yihai Kerry Arawana Holdings Co. Ltd., Class A (a) |
5 | 65 | ||||||
| Yonghui Superstores Co. Ltd., Class A |
7 | 7 | ||||||
| Yonyou Network Technology Co. Ltd., Class A |
11 | 60 | ||||||
| Youngor Group Co. Ltd., Class A |
7 | 8 | ||||||
| YTO Express Group Co. Ltd., Class A |
4 | 7 | ||||||
| Yum China Holdings, Inc. |
18 | 1,081 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| China — continued |
||||||||
| Yunda Holding Co. Ltd., Class A |
3 | 6 | ||||||
| Yunnan Baiyao Group Co. Ltd., Class A |
4 | 76 | ||||||
| Yunnan Energy New Material Co. Ltd., Class A |
3 | 53 | ||||||
| Zai Lab Ltd., ADR (a) |
3 | 414 | ||||||
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
2 | 83 | ||||||
| Zhaojin Mining Industry Co. Ltd., Class H |
74 | 67 | ||||||
| Zhejiang Century Huatong Group Co. Ltd., Class A (a) |
37 | 40 | ||||||
| Zhejiang Chint Electrics Co. Ltd., Class A |
13 | 72 | ||||||
| Zhejiang Dahua Technology Co. Ltd., Class A |
14 | 54 | ||||||
| Zhejiang Dingli Machinery Co. Ltd., Class A |
2 | 35 | ||||||
| Zhejiang Expressway Co. Ltd., Class H |
90 | 80 | ||||||
| Zhejiang Huahai Pharmaceutical Co. Ltd., Class A |
1 | 5 | ||||||
| Zhejiang Huayou Cobalt Co. Ltd., Class A (a) |
4 | 39 | ||||||
| Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A |
1 | 7 | ||||||
| Zhejiang Longsheng Group Co. Ltd., Class A |
3 | 7 | ||||||
| Zhejiang NHU Co. Ltd., Class A |
9 | 54 | ||||||
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A |
12 | 39 | ||||||
| Zhejiang Semir Garment Co. Ltd., Class A |
4 | 7 | ||||||
| Zhejiang Weixing New Building Materials Co. Ltd., Class A |
10 | 37 | ||||||
| Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A |
1 | 5 | ||||||
| Zhenro Properties Group Ltd. (Registered) |
68 | 48 | ||||||
| Zheshang Securities Co. Ltd., Class A |
17 | 34 | ||||||
| ZhongAn Online P&C Insurance Co. Ltd., Class H (a) (e) |
17 | 104 | ||||||
| Zhongjin Gold Corp. Ltd., Class A |
25 | 33 | ||||||
| Zhongsheng Group Holdings Ltd. |
26 | 184 | ||||||
| Zhuzhou CRRC Times Electric Co. Ltd., Class H |
23 | 86 | ||||||
| Zijin Mining Group Co. Ltd., Class A |
70 | 104 | ||||||
| Zijin Mining Group Co. Ltd., Class H |
248 | 307 | ||||||
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
26 | 51 | ||||||
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
52 | 75 | ||||||
| ZTE Corp., Class A (cc) |
9 | 40 | ||||||
| ZTE Corp., Class H |
29 | 75 | ||||||
| ZTO Express Cayman, Inc., ADR |
19 | 558 | ||||||
|
|
|
|||||||
| 128,913 | ||||||||
|
|
|
|||||||
| Colombia — 0.0% (g) |
||||||||
| Bancolombia SA |
10 | 79 | ||||||
| Ecopetrol SA |
331 | 214 | ||||||
| Grupo de Inversiones Suramericana SA |
8 | 50 | ||||||
| Interconexion Electrica SA ESP |
19 | 114 | ||||||
|
|
|
|||||||
| 457 | ||||||||
|
|
|
|||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Cyprus — 0.0% (g) |
||||||||
| Polymetal International plc |
10 | 201 | ||||||
| TCS Group Holding plc (Registered), GDR |
5 | 296 | ||||||
|
|
|
|||||||
| 497 | ||||||||
|
|
|
|||||||
| Czech Republic — 0.0% (g) |
||||||||
| CEZ AS |
9 | 223 | ||||||
| Komercni banka as (a) |
4 | 129 | ||||||
| Moneta Money Bank AS (a) (e) |
32 | 118 | ||||||
|
|
|
|||||||
| 470 | ||||||||
|
|
|
|||||||
| Denmark — 4.5% |
||||||||
| Ambu A/S, Class B |
11 | 511 | ||||||
| AP Moller - Maersk A/S, Class A |
4 | 7,984 | ||||||
| AP Moller - Maersk A/S, Class B |
7 | 16,511 | ||||||
| Carlsberg A/S, Class B |
51 | 7,819 | ||||||
| Chr Hansen Holding A/S (a) |
7 | 637 | ||||||
| Coloplast A/S, Class B |
8 | 1,188 | ||||||
| Danske Bank A/S |
46 | 858 | ||||||
| Demant A/S (a) |
7 | 305 | ||||||
| DSV PANALPINA A/S |
240 | 47,029 | ||||||
| Genmab A/S (a) |
4 | 1,431 | ||||||
| GN Store Nord AS |
9 | 671 | ||||||
| H Lundbeck A/S |
111 | 3,807 | ||||||
| Novo Nordisk A/S, Class B |
2,781 | 187,388 | ||||||
| Novozymes A/S, Class B |
14 | 886 | ||||||
| Orsted AS (e) |
431 | 69,640 | ||||||
| Pandora A/S (a) |
7 | 712 | ||||||
| ROCKWOOL International A/S, Class B |
9 | 3,912 | ||||||
| Tryg A/S |
710 | 16,743 | ||||||
| Vestas Wind Systems A/S |
228 | 47,018 | ||||||
|
|
|
|||||||
| 415,050 | ||||||||
|
|
|
|||||||
| Egypt — 0.0% (g) |
||||||||
| Commercial International Bank Egypt SAE, GDR |
64 | 236 | ||||||
| Eastern Co. SAE |
52 | 39 | ||||||
|
|
|
|||||||
| 275 | ||||||||
|
|
|
|||||||
| Finland — 1.5% |
||||||||
| Elisa OYJ |
9 | 568 | ||||||
| Fortum OYJ |
1,009 | 26,946 | ||||||
| Kesko Oyj, Class B |
18 | 556 | ||||||
| Kone OYJ, Class B |
394 | 32,179 | ||||||
| Neste OYJ |
28 | 1,495 | ||||||
| Nokia OYJ (a) |
4,625 | 18,472 | ||||||
| Nordea Bank Abp |
216 | 2,125 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Finland — continued |
||||||||
| Orion OYJ, Class B |
171 | 6,861 | ||||||
| Sampo OYJ, Class A |
1,021 | 46,048 | ||||||
| Stora Enso OYJ, Class R |
39 | 722 | ||||||
| UPM-Kymmene OYJ |
36 | 1,276 | ||||||
| Wartsila OYJ Abp |
512 | 5,367 | ||||||
|
|
|
|||||||
| 142,615 | ||||||||
|
|
|
|||||||
| France — 11.8% |
||||||||
| Accor SA (a) |
12 | 458 | ||||||
| Aeroports de Paris (a) |
34 | 4,086 | ||||||
| Air Liquide SA |
31 | 5,109 | ||||||
| Airbus SE (a) |
681 | 77,229 | ||||||
| Alstom SA (a) |
307 | 15,274 | ||||||
| Amundi SA (a) (e) |
4 | 323 | ||||||
| Arkema SA |
5 | 556 | ||||||
| Atos SE (a) |
81 | 6,314 | ||||||
| AXA SA |
4,194 | 112,575 | ||||||
| BioMerieux |
3 | 351 | ||||||
| BNP Paribas SA (a) |
75 | 4,560 | ||||||
| Bollore SA |
59 | 284 | ||||||
| Bouygues SA |
263 | 10,536 | ||||||
| Bureau Veritas SA |
339 | 9,645 | ||||||
| Capgemini SE |
132 | 22,391 | ||||||
| Carrefour SA |
41 | 739 | ||||||
| Cie de Saint-Gobain (a) |
589 | 34,802 | ||||||
| Cie Generale des Etablissements Michelin SCA |
11 | 1,691 | ||||||
| CNP Assurances (a) |
371 | 7,042 | ||||||
| Covivio |
3 | 296 | ||||||
| Credit Agricole SA (a) |
77 | 1,112 | ||||||
| Danone SA |
306 | 20,935 | ||||||
| Dassault Aviation SA (a) |
3 | 3,227 | ||||||
| Dassault Systemes SE |
108 | 23,103 | ||||||
| Edenred |
202 | 10,533 | ||||||
| Eiffage SA (a) |
97 | 9,732 | ||||||
| Electricite de France SA (a) |
1,426 | 19,130 | ||||||
| Engie SA (a) |
4,217 | 59,907 | ||||||
| EssilorLuxottica SA |
19 | 3,083 | ||||||
| Eurazeo SE (a) |
2 | 181 | ||||||
| Faurecia SE (a) |
8 | 417 | ||||||
| Gecina SA |
3 | 420 | ||||||
| Getlink SE (a) |
508 | 7,782 | ||||||
| Hermes International |
2 | 2,330 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| France — continued |
||||||||
| Iliad SA |
1 | 187 | ||||||
| Ipsen SA |
61 | 5,215 | ||||||
| Kering SA |
5 | 3,479 | ||||||
| Klepierre SA |
13 | 302 | ||||||
| La Francaise des Jeux SAEM (e) |
6 | 260 | ||||||
| Legrand SA |
309 | 28,735 | ||||||
| L’Oreal SA |
17 | 6,380 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE |
18 | 12,296 | ||||||
| Natixis SA (a) |
65 | 312 | ||||||
| Orange SA |
133 | 1,633 | ||||||
| Orpea SA (a) |
3 | 399 | ||||||
| Pernod Ricard SA |
104 | 19,408 | ||||||
| Publicis Groupe SA |
14 | 879 | ||||||
| Remy Cointreau SA |
11 | 2,076 | ||||||
| Renault SA (a) |
338 | 14,620 | ||||||
| Safran SA (a) |
371 | 50,489 | ||||||
| Sanofi |
1,830 | 180,942 | ||||||
| Sartorius Stedim Biotech |
2 | 757 | ||||||
| Schneider Electric SE |
624 | 95,022 | ||||||
| SCOR SE (a) |
344 | 11,714 | ||||||
| SEB SA |
2 | 291 | ||||||
| Societe Generale SA (a) |
54 | 1,410 | ||||||
| Sodexo SA (a) |
6 | 564 | ||||||
| Suez SA |
793 | 16,785 | ||||||
| Teleperformance |
68 | 24,803 | ||||||
| Thales SA |
124 | 12,282 | ||||||
| TOTAL SE |
167 | 7,784 | ||||||
| Ubisoft Entertainment SA (a) |
6 | 463 | ||||||
| Unibail-Rodamco-Westfield (a) |
9 | 736 | ||||||
| Valeo SA |
15 | 517 | ||||||
| Veolia Environnement SA |
1,251 | 32,090 | ||||||
| Vinci SA |
604 | 61,861 | ||||||
| Vivendi SE |
55 | 1,812 | ||||||
| Wendel SE |
2 | 221 | ||||||
| Worldline SA (a) (e) |
194 | 16,227 | ||||||
|
|
|
|||||||
| 1,089,104 | ||||||||
|
|
|
|||||||
| Germany — 14.3% |
||||||||
| adidas AG (a) |
13 | 3,927 | ||||||
| Allianz SE (Registered) |
894 | 227,345 | ||||||
| BASF SE |
61 | 5,044 | ||||||
| Bayer AG (Registered) |
1,587 | 100,565 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Germany — continued |
||||||||
| Bayerische Motoren Werke AG |
582 | 60,435 | ||||||
| Bechtle AG |
22 | 4,190 | ||||||
| Beiersdorf AG |
7 | 709 | ||||||
| Brenntag SE |
179 | 15,313 | ||||||
| Carl Zeiss Meditec AG |
3 | 403 | ||||||
| Commerzbank AG (a) |
67 | 409 | ||||||
| Continental AG |
7 | 969 | ||||||
| Covestro AG (e) |
12 | 822 | ||||||
| Daimler AG (Registered) |
1,505 | 134,316 | ||||||
| Delivery Hero SE (a) (e) |
9 | 1,116 | ||||||
| Deutsche Bank AG (Registered) (a) |
131 | 1,562 | ||||||
| Deutsche Boerse AG |
13 | 2,100 | ||||||
| Deutsche Lufthansa AG (Registered) (a) |
345 | 4,573 | ||||||
| Deutsche Post AG (Registered) |
1,148 | 62,982 | ||||||
| Deutsche Telekom AG (Registered) |
220 | 4,431 | ||||||
| Deutsche Wohnen SE |
23 | 1,061 | ||||||
| E.ON SE |
5,224 | 60,878 | ||||||
| Evonik Industries AG |
14 | 494 | ||||||
| Fresenius Medical Care AG & Co. KGaA |
14 | 1,045 | ||||||
| Fresenius SE & Co. KGaA |
28 | 1,239 | ||||||
| GEA Group AG |
177 | 7,260 | ||||||
| Hannover Rueck SE |
131 | 23,873 | ||||||
| HeidelbergCement AG |
10 | 900 | ||||||
| HelloFresh SE (a) |
10 | 733 | ||||||
| Henkel AG & Co. KGaA |
7 | 685 | ||||||
| HOCHTIEF AG |
29 | 2,552 | ||||||
| Infineon Technologies AG |
1,068 | 45,455 | ||||||
| KION Group AG |
83 | 8,227 | ||||||
| Knorr-Bremse AG |
84 | 10,520 | ||||||
| LANXESS AG |
6 | 408 | ||||||
| LEG Immobilien SE |
5 | 625 | ||||||
| Merck KGaA |
209 | 35,709 | ||||||
| MTU Aero Engines AG |
62 | 14,508 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
304 | 93,547 | ||||||
| Nemetschek SE |
47 | 3,016 | ||||||
| Puma SE (a) |
7 | 639 | ||||||
| Rational AG |
6 | 4,586 | ||||||
| RWE AG |
1,471 | 57,743 | ||||||
| SAP SE |
854 | 104,748 | ||||||
| Scout24 AG (e) |
7 | 543 | ||||||
| Siemens AG (Registered) |
886 | 145,562 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Germany — continued |
||||||||
| Siemens Energy AG (a) |
463 | 16,628 | ||||||
| Siemens Healthineers AG (e) |
18 | 969 | ||||||
| Symrise AG, Class A |
9 | 1,038 | ||||||
| TeamViewer AG (a) (e) |
131 | 5,599 | ||||||
| Telefonica Deutschland Holding AG |
69 | 203 | ||||||
| Uniper SE |
465 | 16,826 | ||||||
| United Internet AG (Registered) |
7 | 285 | ||||||
| Volkswagen AG |
57 | 20,713 | ||||||
| Vonovia SE |
35 | 2,267 | ||||||
| Zalando SE (a) (e) |
10 | 997 | ||||||
|
|
|
|||||||
| 1,323,292 | ||||||||
|
|
|
|||||||
| Greece — 0.0% (g) |
||||||||
| Hellenic Telecommunications Organization SA |
12 | 192 | ||||||
| JUMBO SA |
5 | 92 | ||||||
| OPAP SA |
11 | 143 | ||||||
|
|
|
|||||||
| 427 | ||||||||
|
|
|
|||||||
| Hong Kong — 0.1% |
||||||||
| Alibaba Health Information Technology Ltd. (a) |
174 | 497 | ||||||
| Alibaba Pictures Group Ltd. (a) |
590 | 77 | ||||||
| Beijing Enterprises Holdings Ltd. |
21 | 74 | ||||||
| Beijing Enterprises Water Group Ltd. (a) |
216 | 82 | ||||||
| Bosideng International Holdings Ltd. |
152 | 69 | ||||||
| Brilliance China Automotive Holdings Ltd. |
122 | 115 | ||||||
| China Education Group Holdings Ltd. (Registered) |
39 | 70 | ||||||
| China Everbright Environment Group Ltd. |
157 | 107 | ||||||
| China Everbright Ltd. |
38 | 50 | ||||||
| China Gas Holdings Ltd. |
113 | 465 | ||||||
| China Jinmao Holdings Group Ltd. |
226 | 91 | ||||||
| China Mengniu Dairy Co. Ltd. (a) |
123 | 709 | ||||||
| China Merchants Port Holdings Co. Ltd. |
66 | 101 | ||||||
| China Overseas Land & Investment Ltd. |
161 | 421 | ||||||
| China Overseas Property Holdings Ltd. |
60 | 56 | ||||||
| China Power International Development Ltd. |
182 | 42 | ||||||
| China Resources Beer Holdings Co. Ltd. |
64 | 504 | ||||||
| China Resources Cement Holdings Ltd. |
106 | 120 | ||||||
| China Resources Gas Group Ltd. |
40 | 222 | ||||||
| China Resources Land Ltd. |
144 | 702 | ||||||
| China Resources Power Holdings Co. Ltd. |
80 | 107 | ||||||
| China State Construction International Holdings Ltd. |
88 | 61 | ||||||
| China Taiping Insurance Holdings Co. Ltd. |
71 | 144 | ||||||
| China Traditional Chinese Medicine Holdings Co. Ltd. |
126 | 79 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Hong Kong — continued |
||||||||
| China Youzan Ltd. (a) |
608 | 200 | ||||||
| COSCO SHIPPING Ports Ltd. |
92 | 67 | ||||||
| Far East Horizon Ltd. |
95 | 114 | ||||||
| Geely Automobile Holdings Ltd. |
265 | 682 | ||||||
| Guangdong Investment Ltd. |
146 | 239 | ||||||
| Hopson Development Holdings Ltd. |
28 | 101 | ||||||
| Hutchison China MediTech Ltd., ADR (a) |
3 | 91 | ||||||
| Kingboard Holdings Ltd. |
32 | 173 | ||||||
| Kingboard Laminates Holdings Ltd. |
54 | 116 | ||||||
| Kunlun Energy Co. Ltd. |
202 | 213 | ||||||
| Lee & Man Paper Manufacturing Ltd. |
65 | 60 | ||||||
| Nine Dragons Paper Holdings Ltd. |
77 | 113 | ||||||
| Shenzhen International Holdings Ltd. |
56 | 93 | ||||||
| Shenzhen Investment Ltd. |
150 | 52 | ||||||
| Shimao Group Holdings Ltd. |
52 | 164 | ||||||
| Sino Biopharmaceutical Ltd. |
484 | 486 | ||||||
| SSY Group Ltd. |
60 | 35 | ||||||
| Sun Art Retail Group Ltd. |
105 | 86 | ||||||
| Vinda International Holdings Ltd. |
18 | 61 | ||||||
| Wharf Holdings Ltd. (The) |
71 | 188 | ||||||
| Yuexiu Property Co. Ltd. |
374 | 85 | ||||||
|
|
|
|||||||
| 8,384 | ||||||||
|
|
|
|||||||
| Hungary — 0.0% (g) |
||||||||
| MOL Hungarian Oil & Gas plc (a) |
15 | 112 | ||||||
| OTP Bank Nyrt (a) |
10 | 433 | ||||||
| Richter Gedeon Nyrt |
7 | 192 | ||||||
|
|
|
|||||||
| 737 | ||||||||
|
|
|
|||||||
| India — 0.4% |
||||||||
| ACC Ltd. |
4 | 92 | ||||||
| Adani Green Energy Ltd. (a) |
16 | 249 | ||||||
| Adani Ports & Special Economic Zone Ltd. (a) |
22 | 213 | ||||||
| Ambuja Cements Ltd. |
31 | 131 | ||||||
| Apollo Hospitals Enterprise Ltd. |
4 | 144 | ||||||
| Asian Paints Ltd. |
16 | 574 | ||||||
| Aurobindo Pharma Ltd. |
12 | 149 | ||||||
| Avenue Supermarts Ltd. (a) (e) |
8 | 306 | ||||||
| Axis Bank Ltd. (a) |
101 | 965 | ||||||
| Bajaj Auto Ltd. (a) |
3 | 147 | ||||||
| Bajaj Finance Ltd. (a) |
12 | 864 | ||||||
| Bajaj Finserv Ltd. (a) |
2 | 227 | ||||||
| Balkrishna Industries Ltd. |
4 | 85 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| India — continued |
||||||||
| Bandhan Bank Ltd. (a) (e) |
33 | 152 | ||||||
| Berger Paints India Ltd. |
10 | 103 | ||||||
| Bharat Forge Ltd. (a) |
10 | 82 | ||||||
| Bharat Petroleum Corp. Ltd. |
32 | 189 | ||||||
| Bharti Airtel Ltd. |
110 | 784 | ||||||
| Biocon Ltd. (a) |
20 | 114 | ||||||
| Britannia Industries Ltd. |
5 | 239 | ||||||
| Cipla Ltd. (a) |
19 | 215 | ||||||
| Coal India Ltd. |
62 | 111 | ||||||
| Colgate-Palmolive India Ltd. |
7 | 148 | ||||||
| Container Corp. Of India Ltd. |
12 | 101 | ||||||
| Dabur India Ltd. |
24 | 178 | ||||||
| Divi’s Laboratories Ltd. (a) |
6 | 285 | ||||||
| DLF Ltd. |
27 | 105 | ||||||
| Dr Reddy’s Laboratories Ltd. |
5 | 311 | ||||||
| Eicher Motors Ltd. (a) |
6 | 204 | ||||||
| GAIL India Ltd. |
68 | 127 | ||||||
| Godrej Consumer Products Ltd. (a) |
18 | 177 | ||||||
| Grasim Industries Ltd. |
14 | 278 | ||||||
| Havells India Ltd. |
10 | 142 | ||||||
| HCL Technologies Ltd. |
47 | 630 | ||||||
| HDFC Asset Management Co. Ltd. (e) |
2 | 91 | ||||||
| HDFC Life Insurance Co. Ltd. (a) (e) |
39 | 368 | ||||||
| Hero MotoCorp. Ltd. |
5 | 205 | ||||||
| Hindalco Industries Ltd. |
67 | 303 | ||||||
| Hindustan Petroleum Corp. Ltd. |
26 | 84 | ||||||
| Hindustan Unilever Ltd. |
37 | 1,224 | ||||||
| Housing Development Finance Corp. Ltd. |
76 | 2,596 | ||||||
| ICICI Bank Ltd. (a) |
228 | 1,821 | ||||||
| ICICI Lombard General Insurance Co. Ltd. (e) |
9 | 174 | ||||||
| ICICI Prudential Life Insurance Co. Ltd. (a) (e) |
16 | 99 | ||||||
| Indian Oil Corp. Ltd. |
94 | 118 | ||||||
| Indraprastha Gas Ltd. |
14 | 97 | ||||||
| Indus Towers Ltd. |
27 | 92 | ||||||
| Info Edge India Ltd. (a) |
3 | 193 | ||||||
| Infosys Ltd. |
152 | 2,849 | ||||||
| InterGlobe Aviation Ltd. (a) (e) |
4 | 97 | ||||||
| Ipca Laboratories Ltd. |
3 | 82 | ||||||
| ITC Ltd. |
139 | 415 | ||||||
| JSW Steel Ltd. |
40 | 258 | ||||||
| Jubilant Foodworks Ltd. (a) |
4 | 143 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| India — continued |
||||||||
| Kotak Mahindra Bank Ltd. (a) |
24 | 589 | ||||||
| Larsen & Toubro Infotech Ltd. (e) |
2 | 126 | ||||||
| Larsen & Toubro Ltd. |
31 | 606 | ||||||
| Lupin Ltd. |
10 | 138 | ||||||
| Mahindra & Mahindra Ltd. |
36 | 388 | ||||||
| Marico Ltd. |
24 | 136 | ||||||
| Maruti Suzuki India Ltd. |
6 | 537 | ||||||
| Motherson Sumi Systems Ltd. (a) |
49 | 136 | ||||||
| MRF Ltd. |
— | (h) | 97 | |||||
| Muthoot Finance Ltd. (a) |
5 | 88 | ||||||
| Nestle India Ltd. |
1 | 344 | ||||||
| NTPC Ltd. |
192 | 281 | ||||||
| Oil & Natural Gas Corp. Ltd. |
122 | 170 | ||||||
| Page Industries Ltd. |
— | (h) | 109 | |||||
| Petronet LNG Ltd. |
39 | 120 | ||||||
| PI Industries Ltd. |
4 | 113 | ||||||
| Pidilite Industries Ltd. (a) |
8 | 193 | ||||||
| Piramal Enterprises Ltd. |
4 | 95 | ||||||
| Power Grid Corp. of India Ltd. |
92 | 272 | ||||||
| REC Ltd. |
38 | 68 | ||||||
| Reliance Industries Ltd. |
127 | 3,486 | ||||||
| SBI Life Insurance Co. Ltd. (a) (e) |
18 | 219 | ||||||
| Shree Cement Ltd. (a) |
— | (h) | 190 | |||||
| Shriram Transport Finance Co. Ltd. |
8 | 158 | ||||||
| Siemens Ltd. |
3 | 80 | ||||||
| State Bank of India (a) |
79 | 394 | ||||||
| Sun Pharmaceutical Industries Ltd. |
35 | 291 | ||||||
| Tata Consultancy Services Ltd. |
41 | 1,797 | ||||||
| Tata Consumer Products Ltd. |
30 | 265 | ||||||
| Tata Motors Ltd. (a) |
71 | 293 | ||||||
| Tata Steel Ltd. |
27 | 307 | ||||||
| Tech Mahindra Ltd. |
30 | 405 | ||||||
| Titan Co. Ltd. |
16 | 337 | ||||||
| Torrent Pharmaceuticals Ltd. |
2 | 75 | ||||||
| Trent Ltd. |
8 | 81 | ||||||
| UltraTech Cement Ltd. |
5 | 473 | ||||||
| United Spirits Ltd. (a) |
13 | 98 | ||||||
| UPL Ltd. |
22 | 192 | ||||||
| Vedanta Ltd. |
88 | 277 | ||||||
| Wipro Ltd. |
50 | 286 | ||||||
| Yes Bank Ltd. (a) |
425 | 91 | ||||||
| Zee Entertainment Enterprises Ltd. |
36 | 102 | ||||||
|
|
|
|||||||
| 34,633 | ||||||||
|
|
|
|||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Indonesia — 0.1% |
||||||||
| Adaro Energy Tbk. PT |
550 | 45 | ||||||
| Aneka Tambang Tbk |
333 | 52 | ||||||
| Astra International Tbk. PT |
1,088 | 397 | ||||||
| Bank Central Asia Tbk. PT |
453 | 969 | ||||||
| Bank Mandiri Persero Tbk. PT |
823 | 348 | ||||||
| Bank Negara Indonesia Persero Tbk. PT (a) |
319 | 126 | ||||||
| Bank Rakyat Indonesia Persero Tbk. PT (a) |
2,693 | 817 | ||||||
| Barito Pacific Tbk. PT (a) |
1,143 | 76 | ||||||
| Charoen Pokphand Indonesia Tbk. PT |
314 | 151 | ||||||
| Gudang Garam Tbk. PT (a) |
20 | 49 | ||||||
| Indah Kiat Pulp & Paper Tbk. PT |
115 | 83 | ||||||
| Indocement Tunggal Prakarsa Tbk. PT |
58 | 49 | ||||||
| Indofood CBP Sukses Makmur Tbk. PT |
85 | 54 | ||||||
| Indofood Sukses Makmur Tbk. PT |
192 | 87 | ||||||
| Kalbe Farma Tbk. PT |
1,090 | 118 | ||||||
| Merdeka Copper Gold Tbk. PT (a) |
493 | 73 | ||||||
| Perusahaan Gas Negara Tbk. PT |
482 | 44 | ||||||
| Sarana Menara Nusantara Tbk. PT |
1,326 | 100 | ||||||
| Semen Indonesia Persero Tbk. PT |
129 | 92 | ||||||
| Telkom Indonesia Persero Tbk. PT |
2,505 | 591 | ||||||
| Unilever Indonesia Tbk. PT |
326 | 148 | ||||||
| United Tractors Tbk. PT |
67 | 101 | ||||||
|
|
|
|||||||
| 4,570 | ||||||||
|
|
|
|||||||
| Ireland — 1.0% |
||||||||
| CRH plc |
52 | 2,444 | ||||||
| DCC plc |
157 | 13,653 | ||||||
| Experian plc |
1,469 | 50,620 | ||||||
| Flutter Entertainment plc (a) |
12 | 2,572 | ||||||
| Kerry Group plc, Class A |
79 | 9,829 | ||||||
| Kingspan Group plc |
179 | 15,137 | ||||||
| Smurfit Kappa Group plc |
16 | 765 | ||||||
|
|
|
|||||||
| 95,020 | ||||||||
|
|
|
|||||||
| Isle of Man — 0.1% |
||||||||
| Entain plc (a) |
298 | 6,231 | ||||||
|
|
|
|||||||
| Italy — 4.3% |
||||||||
| Amplifon SpA (a) |
8 | 309 | ||||||
| Assicurazioni Generali SpA |
2,392 | 47,789 | ||||||
| Atlantia SpA (a) |
576 | 10,772 | ||||||
| Davide Campari-Milano NV |
287 | 3,217 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Italy — continued |
||||||||
| DiaSorin SpA |
2 | 269 | ||||||
| Enel SpA |
18,595 | 184,969 | ||||||
| Eni SpA |
169 | 2,085 | ||||||
| Ferrari NV |
222 | 46,378 | ||||||
| FinecoBank Banca Fineco SpA (a) |
35 | 576 | ||||||
| Infrastrutture Wireless Italiane SpA (e) |
22 | 249 | ||||||
| Intesa Sanpaolo SpA (a) |
1,100 | 2,981 | ||||||
| Mediobanca Banca di Credito Finanziario SpA (a) |
41 | 458 | ||||||
| Moncler SpA (a) |
13 | 738 | ||||||
| Nexi SpA (a) (e) |
360 | 6,273 | ||||||
| Poste Italiane SpA (e) |
1,133 | 14,385 | ||||||
| Prysmian SpA |
278 | 9,039 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA |
169 | 9,084 | ||||||
| Snam SpA |
4,912 | 27,230 | ||||||
| Telecom Italia SpA |
979 | 544 | ||||||
| Terna Rete Elettrica Nazionale SpA |
3,300 | 24,920 | ||||||
| UniCredit SpA (a) |
141 | 1,494 | ||||||
|
|
|
|||||||
| 393,759 | ||||||||
|
|
|
|||||||
| Jordan — 0.1% |
||||||||
| Hikma Pharmaceuticals plc |
356 | 11,173 | ||||||
|
|
|
|||||||
| Luxembourg — 0.0% (g) |
||||||||
| ArcelorMittal SA (a) |
48 | 1,372 | ||||||
| Aroundtown SA |
66 | 473 | ||||||
| Eurofins Scientific SE (a) |
9 | 844 | ||||||
| Reinet Investments SCA |
9 | 175 | ||||||
| SES SA, Class A |
26 | 202 | ||||||
| Tenaris SA |
32 | 359 | ||||||
|
|
|
|||||||
| 3,425 | ||||||||
|
|
|
|||||||
| Malaysia — 0.1% |
||||||||
| AMMB Holdings Bhd. |
88 | 62 | ||||||
| Axiata Group Bhd. |
115 | 101 | ||||||
| CIMB Group Holdings Bhd. |
294 | 307 | ||||||
| Dialog Group Bhd. |
189 | 142 | ||||||
| DiGi.Com Bhd. |
128 | 112 | ||||||
| Fraser & Neave Holdings Bhd. |
7 | 49 | ||||||
| Gamuda Bhd. (a) |
64 | 55 | ||||||
| Genting Bhd. |
89 | 108 | ||||||
| Genting Malaysia Bhd. |
124 | 92 | ||||||
| Genting Plantations Bhd. |
14 | 30 | ||||||
| HAP Seng Consolidated Bhd. |
24 | 49 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Malaysia — continued |
||||||||
| Hartalega Holdings Bhd. |
75 | 162 | ||||||
| Hong Leong Bank Bhd. |
34 | 152 | ||||||
| Hong Leong Financial Group Bhd. |
14 | 58 | ||||||
| IHH Healthcare Bhd. |
132 | 169 | ||||||
| IOI Corp. Bhd. |
105 | 106 | ||||||
| Kossan Rubber Industries |
57 | 45 | ||||||
| Kuala Lumpur Kepong Bhd. |
21 | 114 | ||||||
| Malayan Banking Bhd. |
188 | 373 | ||||||
| Malaysia Airports Holdings Bhd. |
47 | 70 | ||||||
| Maxis Bhd. |
98 | 107 | ||||||
| MISC Bhd. |
58 | 95 | ||||||
| Nestle Malaysia Bhd. |
4 | 114 | ||||||
| Petronas Chemicals Group Bhd. |
115 | 222 | ||||||
| Petronas Dagangan Bhd. |
16 | 79 | ||||||
| Petronas Gas Bhd. |
32 | 124 | ||||||
| PPB Group Bhd. |
33 | 149 | ||||||
| Press Metal Aluminium Holdings Bhd. |
62 | 147 | ||||||
| Public Bank Bhd. |
637 | 645 | ||||||
| QL Resources Bhd. |
59 | 86 | ||||||
| RHB Bank Bhd. |
84 | 109 | ||||||
| Sime Darby Bhd. |
103 | 60 | ||||||
| Sime Darby Plantation Bhd. |
87 | 98 | ||||||
| Supermax Corp. Bhd. |
65 | 60 | ||||||
| Telekom Malaysia Bhd. |
50 | 74 | ||||||
| Tenaga Nasional Bhd. |
109 | 267 | ||||||
| Top Glove Corp. Bhd. |
211 | 230 | ||||||
| Westports Holdings Bhd. |
37 | 37 | ||||||
|
|
|
|||||||
| 5,059 | ||||||||
|
|
|
|||||||
| Mexico — 0.1% |
||||||||
| America Movil SAB de CV, Class L |
1,559 | 1,062 | ||||||
| Arca Continental SAB de CV |
26 | 128 | ||||||
| Becle SAB de CV |
28 | 64 | ||||||
| Cemex SAB de CV (a) |
678 | 476 | ||||||
| Coca-Cola Femsa SAB de CV |
24 | 111 | ||||||
| Fibra Uno Administracion SA de CV |
142 | 166 | ||||||
| Fomento Economico Mexicano SAB de CV |
89 | 668 | ||||||
| Fresnillo plc |
94 | 1,121 | ||||||
| Gruma SAB de CV, Class B |
11 | 129 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV, Class B (a) |
17 | 181 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV, Class B (a) |
9 | 168 | ||||||
| Grupo Bimbo SAB de CV, Class A |
71 | 148 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Mexico — continued |
||||||||
| Grupo Carso SAB de CV (a), Class A1 |
18 | 48 | ||||||
| Grupo Financiero Banorte SAB de CV, Class O (a) |
114 | 645 | ||||||
| Grupo Financiero Inbursa SAB de CV, Class O (a) |
109 | 99 | ||||||
| Grupo Mexico SAB de CV, Class A |
135 | 713 | ||||||
| Grupo Televisa SAB (a), Class CPO |
106 | 188 | ||||||
| Industrias Penoles SAB de CV (a) |
6 | 77 | ||||||
| Infraestructura Energetica Nova SAB de CV (a) |
25 | 98 | ||||||
| Kimberly-Clark de Mexico SAB de CV, Class A |
73 | 125 | ||||||
| Megacable Holdings SAB de CV |
18 | 64 | ||||||
| Orbia Advance Corp. SAB de CV |
48 | 128 | ||||||
| Promotora y Operadora de Infraestructura SAB de CV |
12 | 90 | ||||||
| Telesites SAB de CV (a) |
71 | 73 | ||||||
| Wal-Mart de Mexico SAB de CV |
235 | 741 | ||||||
|
|
|
|||||||
| 7,511 | ||||||||
|
|
|
|||||||
| Netherlands — 5.7% |
||||||||
| ABN AMRO Bank NV, CVA, GDR (a) (e) |
28 | 342 | ||||||
| Adyen NV (a) (e) |
15 | 33,190 | ||||||
| Aegon NV |
3,880 | 18,433 | ||||||
| Akzo Nobel NV |
13 | 1,433 | ||||||
| Argenx SE (a) |
3 | 817 | ||||||
| ASM International NV |
39 | 11,218 | ||||||
| ASML Holding NV |
348 | 213,600 | ||||||
| EXOR NV |
7 | 608 | ||||||
| Heineken Holding NV |
57 | 5,067 | ||||||
| Heineken NV |
128 | 13,169 | ||||||
| ING Groep NV |
260 | 3,170 | ||||||
| JDE Peet’s NV (a) |
37 | 1,360 | ||||||
| Just Eat Takeaway.com NV (a) (e) |
8 | 774 | ||||||
| Koninklijke Ahold Delhaize NV |
73 | 2,043 | ||||||
| Koninklijke DSM NV |
11 | 1,938 | ||||||
| Koninklijke KPN NV |
238 | 806 | ||||||
| Koninklijke Philips NV (a) |
60 | 3,423 | ||||||
| Koninklijke Vopak NV |
5 | 233 | ||||||
| NN Group NV |
644 | 31,409 | ||||||
| Prosus NV (a) |
32 | 3,578 | ||||||
| QIAGEN NV (a) |
15 | 743 | ||||||
| Randstad NV |
137 | 9,647 | ||||||
| Royal Dutch Shell plc, Class A |
2,092 | 40,674 | ||||||
| Royal Dutch Shell plc, Class B |
1,891 | 34,801 | ||||||
| Stellantis NV |
3,602 | 63,720 | ||||||
| Wolters Kluwer NV |
310 | 26,908 | ||||||
|
|
|
|||||||
| 523,104 | ||||||||
|
|
|
|||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Norway — 0.3% |
||||||||
| Adevinta ASA, Class B (a) |
16 | 242 | ||||||
| DNB ASA |
61 | 1,309 | ||||||
| Equinor ASA |
65 | 1,269 | ||||||
| Gjensidige Forsikring ASA |
432 | 10,125 | ||||||
| Mowi ASA |
218 | 5,403 | ||||||
| Norsk Hydro ASA |
89 | 575 | ||||||
| Orkla ASA |
372 | 3,645 | ||||||
| Schibsted ASA, Class A (a) |
5 | 212 | ||||||
| Schibsted ASA, Class B (a) |
7 | 234 | ||||||
| Telenor ASA |
47 | 820 | ||||||
| Yara International ASA |
12 | 604 | ||||||
|
|
|
|||||||
| 24,438 | ||||||||
|
|
|
|||||||
| Pakistan — 0.0% (g) |
||||||||
| Habib Bank Ltd. |
49 | 37 | ||||||
| MCB Bank Ltd. |
69 | 78 | ||||||
|
|
|
|||||||
| 115 | ||||||||
|
|
|
|||||||
| Peru — 0.0% (g) |
||||||||
| Cia de Minas Buenaventura SAA, ADR (a) |
10 | 103 | ||||||
| Credicorp Ltd. |
3 | 462 | ||||||
| Southern Copper Corp. |
5 | 324 | ||||||
|
|
|
|||||||
| 889 | ||||||||
|
|
|
|||||||
| Philippines — 0.0% (g) |
||||||||
| Aboitiz Equity Ventures, Inc. |
81 | 58 | ||||||
| Aboitiz Power Corp. |
85 | 41 | ||||||
| Ayala Corp. |
12 | 189 | ||||||
| Ayala Land, Inc. |
361 | 256 | ||||||
| Bank of the Philippine Islands |
88 | 148 | ||||||
| BDO Unibank, Inc. |
93 | 195 | ||||||
| Globe Telecom, Inc. |
2 | 62 | ||||||
| GT Capital Holdings, Inc. |
4 | 44 | ||||||
| International Container Terminal Services, Inc. |
42 | 106 | ||||||
| JG Summit Holdings, Inc. |
130 | 160 | ||||||
| Jollibee Foods Corp. |
20 | 72 | ||||||
| Manila Electric Co. |
10 | 57 | ||||||
| Megaworld Corp. |
440 | 32 | ||||||
| Metro Pacific Investments Corp. |
676 | 52 | ||||||
| Metropolitan Bank & Trust Co. |
93 | 85 | ||||||
| PLDT, Inc. |
4 | 95 | ||||||
| Puregold Price Club, Inc. |
42 | 34 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Philippines — continued |
||||||||
| SM Investments Corp. |
10 | 205 | ||||||
| SM Prime Holdings, Inc. |
432 | 312 | ||||||
| Universal Robina Corp. |
38 | 104 | ||||||
|
|
|
|||||||
| 2,307 | ||||||||
|
|
|
|||||||
| Poland — 0.0% (g) |
||||||||
| Allegro.eu SA (a) (e) |
16 | 218 | ||||||
| Bank Polska Kasa Opieki SA (a) |
9 | 152 | ||||||
| CD Projekt SA (a) |
3 | 146 | ||||||
| Cyfrowy Polsat SA |
17 | 124 | ||||||
| Dino Polska SA (a) (e) |
2 | 147 | ||||||
| KGHM Polska Miedz SA (a) |
6 | 301 | ||||||
| LPP SA (a) |
— | (h) | 123 | |||||
| Orange Polska SA (a) |
36 | 60 | ||||||
| PGE Polska Grupa Energetyczna SA (a) |
38 | 66 | ||||||
| Polski Koncern Naftowy ORLEN SA |
14 | 228 | ||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA |
70 | 107 | ||||||
| Powszechna Kasa Oszczednosci Bank Polski SA (a) |
41 | 336 | ||||||
| Powszechny Zaklad Ubezpieczen SA (a) |
28 | 239 | ||||||
| Santander Bank Polska SA (a) |
2 | 99 | ||||||
|
|
|
|||||||
| 2,346 | ||||||||
|
|
|
|||||||
| Portugal — 0.4% |
||||||||
| EDP—Energias de Portugal SA |
6,405 | 36,581 | ||||||
| Galp Energia SGPS SA |
33 | 387 | ||||||
| Jeronimo Martins SGPS SA |
17 | 281 | ||||||
|
|
|
|||||||
| 37,249 | ||||||||
|
|
|
|||||||
| Qatar — 0.0% (g) |
||||||||
| Barwa Real Estate Co. |
143 | 128 | ||||||
| Commercial Bank PSQC (The) |
111 | 148 | ||||||
| Industries Qatar QSC |
80 | 264 | ||||||
| Masraf Al Rayan QSC |
232 | 274 | ||||||
| Mesaieed Petrochemical Holding Co. |
263 | 134 | ||||||
| Ooredoo QPSC |
51 | 99 | ||||||
| Qatar Electricity & Water Co. QSC |
27 | 125 | ||||||
| Qatar Gas Transport Co. Ltd. |
144 | 125 | ||||||
| Qatar International Islamic Bank QSC |
50 | 120 | ||||||
| Qatar Islamic Bank SAQ |
61 | 276 | ||||||
| Qatar National Bank QPSC |
210 | 1,038 | ||||||
|
|
|
|||||||
| 2,731 | ||||||||
|
|
|
|||||||
| Romania — 0.0% (g) |
||||||||
| NEPI Rockcastle plc |
27 | 169 | ||||||
|
|
|
|||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Russia — 0.1% |
||||||||
| Alrosa PJSC |
111 | 155 | ||||||
| Gazprom PJSC |
523 | 1,579 | ||||||
| Inter RAO UES PJSC |
2,111 | 143 | ||||||
| LUKOIL PJSC |
19 | 1,496 | ||||||
| Magnit PJSC (Registered), GDR |
16 | 233 | ||||||
| Mail.Ru Group Ltd. (Registered), GDR (a) |
6 | 136 | ||||||
| MMC Norilsk Nickel PJSC |
3 | 893 | ||||||
| Mobile TeleSystems PJSC, ADR |
25 | 206 | ||||||
| Moscow Exchange MICEX-RTS PJSC |
58 | 133 | ||||||
| Novatek PJSC (Registered), ADR |
4 | 813 | ||||||
| Novolipetsk Steel PJSC |
63 | 203 | ||||||
| PhosAgro PJSC (Registered), GDR |
6 | 104 | ||||||
| Polyus PJSC |
1 | 271 | ||||||
| Rosneft Oil Co. PJSC |
54 | 409 | ||||||
| Sberbank of Russia PJSC |
480 | 1,842 | ||||||
| Severstal PAO |
11 | 228 | ||||||
| Surgutneftegas PJSC |
389 | 178 | ||||||
| Tatneft PJSC |
66 | 519 | ||||||
| VTB Bank PJSC |
222,468 | 125 | ||||||
| X5 Retail Group NV (Registered), GDR |
6 | 209 | ||||||
| Yandex NV, Class A (a) |
13 | 876 | ||||||
|
|
|
|||||||
| 10,751 | ||||||||
|
|
|
|||||||
| Saudi Arabia — 0.1% |
||||||||
| Abdullah Al Othaim Markets Co. |
2 | 83 | ||||||
| Advanced Petrochemical Co. |
5 | 92 | ||||||
| Al Rajhi Bank |
54 | 1,421 | ||||||
| Alinma Bank (a) |
50 | 247 | ||||||
| Almarai Co. JSC |
13 | 186 | ||||||
| Arab National Bank |
30 | 165 | ||||||
| Bank AlBilad |
20 | 187 | ||||||
| Bank Al-Jazira |
20 | 85 | ||||||
| Banque Saudi Fransi |
28 | 250 | ||||||
| Bupa Arabia for Cooperative Insurance Co. (a) |
3 | 91 | ||||||
| Co. for Cooperative Insurance (The) (a) |
3 | 64 | ||||||
| Dar Al Arkan Real Estate Development Co. (a) |
23 | 56 | ||||||
| Dr Sulaiman Al Habib Medical Services Group Co. |
2 | 64 | ||||||
| Emaar Economic City (a) |
17 | 48 | ||||||
| Etihad Etisalat Co. (a) |
17 | 134 | ||||||
| Jarir Marketing Co. |
2 | 114 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued |
||||||||
| Saudi Arabia — continued |
||||||||
| Mobile Telecommunications Co. Saudi Arabia (a) |
19 | 76 | ||||||
| National Commercial Bank |
68 | 968 | ||||||
| National Industrialization Co. (a) |
19 | 76 | ||||||
| Rabigh Refining & Petrochemical Co. (a) |
12 | 52 | ||||||
| Riyad Bank |
64 | 383 | ||||||
| SABIC Agri-Nutrients Co. |
9 | 232 | ||||||
| Sahara International Petrochemical Co. |
16 | 93 | ||||||
| Samba Financial Group (a) |
44 | 457 | ||||||
| Saudi Airlines Catering Co. (a) |
2 | 34 | ||||||
| Saudi Arabian Mining Co. (a) |
21 | 324 | ||||||
| Saudi Arabian Oil Co. (e) |
95 | 912 | ||||||
| Saudi Basic Industries Corp. |
41 | 1,270 | ||||||
| Saudi British Bank (The) |
37 | 262 | ||||||
| Saudi Cement Co. |
4 | 67 | ||||||
| Saudi Electricity Co. |
36 | 224 | ||||||
| Saudi Industrial Investment Group |
10 | 88 | ||||||
| Saudi Kayan Petrochemical Co. (a) |
33 | 139 | ||||||
| Saudi Telecom Co. |
27 | 916 | ||||||
| Savola Group (The) |
12 | 127 | ||||||
| Yanbu National Petrochemical Co. |
12 | 225 | ||||||
|
|
|
|||||||
| 10,212 | ||||||||
|
|
|
|||||||
| Singapore — 0.0% (g) |
||||||||
| BOC Aviation Ltd. (e) |
9 | 88 | ||||||
|
|
|
|||||||
| South Africa — 0.2% |
||||||||
| Absa Group Ltd. |
32 | 275 | ||||||
| African Rainbow Minerals Ltd. |
5 | 96 | ||||||
| Anglo American Platinum Ltd. |
2 | 337 | ||||||
| AngloGold Ashanti Ltd. |
19 | 406 | ||||||
| Aspen Pharmacare Holdings Ltd. (a) |
16 | 160 | ||||||
| Bid Corp. Ltd. (a) |
15 | 287 | ||||||
| Bidvest Group Ltd. (The) |
15 | 170 | ||||||
| Capitec Bank Holdings Ltd. (a) |
3 | 296 | ||||||
| Clicks Group Ltd. |
12 | 201 | ||||||
| Discovery Ltd. (a) |
18 | 162 | ||||||
| Exxaro Resources Ltd. |
10 | 116 | ||||||
| FirstRand Ltd. |
226 | 791 | ||||||
| Gold Fields Ltd. |
40 | 377 | ||||||
| Growthpoint Properties Ltd. |
127 | 114 | ||||||
| Harmony Gold Mining Co. Ltd. (a) |
25 | 106 | ||||||
| Impala Platinum Holdings Ltd. |
34 | 636 | ||||||
| Kumba Iron Ore Ltd. |
2 | 103 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| South Africa — continued |
||||||||
| Mr Price Group Ltd. |
10 | 134 | ||||||
| MTN Group |
80 | 467 | ||||||
| MultiChoice Group |
19 | 164 | ||||||
| Naspers Ltd., Class N |
19 | 4,645 | ||||||
| Nedbank Group Ltd. |
16 | 153 | ||||||
| Northam Platinum Ltd. (a) |
15 | 266 | ||||||
| Old Mutual Ltd. |
218 | 187 | ||||||
| Rand Merchant Investment Holdings Ltd. |
33 | 69 | ||||||
| Remgro Ltd. |
22 | 154 | ||||||
| Sanlam Ltd. |
76 | 306 | ||||||
| Sasol Ltd. (a) |
24 | 352 | ||||||
| Shoprite Holdings Ltd. |
25 | 268 | ||||||
| Sibanye Stillwater Ltd. |
125 | 556 | ||||||
| SPAR Group Ltd. (The) |
10 | 133 | ||||||
| Standard Bank Group Ltd. |
57 | 487 | ||||||
| Tiger Brands Ltd. |
7 | 93 | ||||||
| Vodacom Group Ltd. |
31 | 266 | ||||||
| Woolworths Holdings Ltd. (a) |
49 | 164 | ||||||
|
|
|
|||||||
| 13,497 | ||||||||
|
|
|
|||||||
| South Korea — 3.1% |
||||||||
| Alteogen, Inc. (a) |
1 | 103 | ||||||
| Amorepacific Corp. |
1 | 318 | ||||||
| AMOREPACIFIC Group |
1 | 71 | ||||||
| BGF retail Co. Ltd. |
— | (h) | 42 | |||||
| Celltrion Healthcare Co. Ltd. (a) |
3 | 404 | ||||||
| Celltrion Pharm, Inc. (a) |
1 | 92 | ||||||
| Celltrion, Inc. (a) |
4 | 1,234 | ||||||
| Cheil Worldwide, Inc. |
3 | 59 | ||||||
| CJ CheilJedang Corp. |
— | (h) | 134 | |||||
| CJ Corp. |
1 | 51 | ||||||
| CJ ENM Co. Ltd. |
— | (h) | 53 | |||||
| CJ Logistics Corp. (a) |
— | (h) | 69 | |||||
| Coway Co. Ltd. |
2 | 117 | ||||||
| Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) |
1 | 36 | ||||||
| DB Insurance Co. Ltd. |
2 | 81 | ||||||
| Doosan Bobcat, Inc. (a) |
2 | 77 | ||||||
| Doosan Heavy Industries & Construction Co. Ltd. (a) |
8 | 95 | ||||||
| Douzone Bizon Co. Ltd. |
1 | 72 | ||||||
| E-MART, Inc. |
1 | 127 | ||||||
| Fila Holdings Corp. |
2 | 78 | ||||||
| GS Engineering & Construction Corp. |
2 | 89 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| South Korea — continued |
||||||||
| GS Holdings Corp. |
2 | 64 | ||||||
| GS Retail Co. Ltd. |
1 | 38 | ||||||
| Hana Financial Group, Inc. |
13 | 494 | ||||||
| Hankook Tire & Technology Co. Ltd. |
3 | 133 | ||||||
| Hanmi Pharm Co. Ltd. |
— | (h) | 78 | |||||
| Hanon Systems |
8 | 122 | ||||||
| Hanwha Corp. |
1 | 41 | ||||||
| Hanwha Solutions Corp. (a) |
5 | 238 | ||||||
| HLB, Inc. (a) |
4 | 134 | ||||||
| Hotel Shilla Co. Ltd. |
1 | 99 | ||||||
| Hyundai Engineering & Construction Co. Ltd. |
5 | 207 | ||||||
| Hyundai Glovis Co. Ltd. |
1 | 142 | ||||||
| Hyundai Heavy Industries Holdings Co. Ltd. |
— | (h) | 118 | |||||
| Hyundai Marine & Fire Insurance Co. Ltd. |
2 | 54 | ||||||
| Hyundai Mobis Co. Ltd. |
3 | 780 | ||||||
| Hyundai Motor Co. |
7 | 1,278 | ||||||
| Hyundai Steel Co. |
4 | 187 | ||||||
| Industrial Bank of Korea |
12 | 100 | ||||||
| Kakao Corp. |
3 | 1,145 | ||||||
| Kangwon Land, Inc. (a) |
4 | 97 | ||||||
| KB Financial Group, Inc. |
17 | 860 | ||||||
| Kia Motors Corp. |
11 | 842 | ||||||
| KMW Co. Ltd. (a) |
1 | 65 | ||||||
| Korea Aerospace Industries Ltd. |
3 | 103 | ||||||
| Korea Electric Power Corp. |
11 | 219 | ||||||
| Korea Gas Corp. (a) |
1 | 43 | ||||||
| Korea Investment Holdings Co. Ltd. |
2 | 137 | ||||||
| Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) |
2 | 223 | ||||||
| Korea Zinc Co. Ltd. |
— | (h) | 129 | |||||
| Korean Air Lines Co. Ltd. (a) |
7 | 172 | ||||||
| KT&G Corp. |
5 | 388 | ||||||
| Kumho Petrochemical Co. Ltd. |
1 | 176 | ||||||
| LG Chem Ltd. |
2 | 1,473 | ||||||
| LG Corp. |
4 | 327 | ||||||
| LG Display Co. Ltd. |
10 | 205 | ||||||
| LG Electronics, Inc. |
5 | 619 | ||||||
| LG Household & Health Care Ltd. |
— | (h) | 565 | |||||
| LG Innotek Co. Ltd. |
1 | 113 | ||||||
| LG Uplus Corp. |
12 | 128 | ||||||
| Lotte Chemical Corp. |
1 | 194 | ||||||
| Lotte Corp. |
1 | 31 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| South Korea — continued |
||||||||
| Lotte Shopping Co. Ltd. |
— | (h) | 44 | |||||
| Meritz Securities Co. Ltd. |
10 | 43 | ||||||
| Mirae Asset Daewoo Co. Ltd. |
12 | 108 | ||||||
| NAVER Corp. |
6 | 1,848 | ||||||
| NCSoft Corp. |
1 | 585 | ||||||
| Netmarble Corp. (e) |
1 | 104 | ||||||
| NH Investment & Securities Co. Ltd. |
4 | 43 | ||||||
| Orion Corp. |
1 | 117 | ||||||
| Ottogi Corp. |
— | (h) | 42 | |||||
| Pan Ocean Co. Ltd. |
13 | 72 | ||||||
| Pearl Abyss Corp. (a) |
— | (h) | 77 | |||||
| POSCO |
3 | 912 | ||||||
| POSCO Chemical Co. Ltd. |
1 | 160 | ||||||
| S-1 Corp. |
1 | 59 | ||||||
| Samsung Biologics Co. Ltd. (a) (e) |
1 | 514 | ||||||
| Samsung C&T Corp. |
4 | 486 | ||||||
| Samsung Card Co. Ltd. |
1 | 34 | ||||||
| Samsung Electro-Mechanics Co. Ltd. |
2 | 409 | ||||||
| Samsung Electronics Co. Ltd. |
3,057 | 221,133 | ||||||
| Samsung Electronics Co. Ltd. (Registered), GDR |
21 | 38,238 | ||||||
| Samsung Engineering Co. Ltd. (a) |
6 | 75 | ||||||
| Samsung Fire & Marine Insurance Co. Ltd. |
2 | 302 | ||||||
| Samsung Heavy Industries Co. Ltd. (a) |
20 | 138 | ||||||
| Samsung Life Insurance Co. Ltd. |
3 | 203 | ||||||
| Samsung SDI Co. Ltd. |
2 | 1,435 | ||||||
| Samsung SDS Co. Ltd. |
2 | 289 | ||||||
| Samsung Securities Co. Ltd. |
3 | 95 | ||||||
| Seegene, Inc. |
1 | 89 | ||||||
| Shin Poong Pharmaceutical Co. Ltd. |
1 | 93 | ||||||
| Shinhan Financial Group Co. Ltd. |
20 | 672 | ||||||
| Shinsegae, Inc. |
— | (h) | 68 | |||||
| SK Biopharmaceuticals Co. Ltd. (a) |
1 | 109 | ||||||
| SK Chemicals Co. Ltd. |
— | (h) | 72 | |||||
| SK Holdings Co. Ltd. |
2 | 381 | ||||||
| SK Hynix, Inc. |
24 | 2,869 | ||||||
| SK Innovation Co. Ltd. (a) |
3 | 495 | ||||||
| SK Telecom Co. Ltd. |
2 | 415 | ||||||
| S-Oil Corp. (a) |
2 | 131 | ||||||
| Woori Financial Group, Inc. |
23 | 204 | ||||||
| Yuhan Corp. |
2 | 117 | ||||||
|
|
|
|||||||
| 289,243 | ||||||||
|
|
|
|||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Spain — 3.6% |
||||||||
| ACS Actividades de Construccion y Servicios SA |
274 | 9,110 | ||||||
| Aena SME SA (e) |
79 | 12,743 | ||||||
| Amadeus IT Group SA (a) |
369 | 26,287 | ||||||
| Banco Bilbao Vizcaya Argentaria SA |
451 | 2,348 | ||||||
| Banco Santander SA (a) |
1,145 | 3,906 | ||||||
| CaixaBank SA |
295 | 915 | ||||||
| Cellnex Telecom SA (e) |
22 | 1,247 | ||||||
| Enagas SA |
318 | 6,925 | ||||||
| Endesa SA |
783 | 20,739 | ||||||
| Ferrovial SA |
566 | 14,788 | ||||||
| Grifols SA |
21 | 548 | ||||||
| Iberdrola SA |
14,101 | 182,003 | ||||||
| Industria de Diseno Textil SA |
72 | 2,390 | ||||||
| Naturgy Energy Group SA |
706 | 17,327 | ||||||
| Red Electrica Corp. SA |
746 | 13,229 | ||||||
| Repsol SA |
104 | 1,291 | ||||||
| Siemens Gamesa Renewable Energy SA |
276 | 10,696 | ||||||
| Telefonica SA |
336 | 1,509 | ||||||
|
|
|
|||||||
| 328,001 | ||||||||
|
|
|
|||||||
| Sweden — 3.7% |
||||||||
| Alfa Laval AB (a) |
365 | 11,046 | ||||||
| Assa Abloy AB, Class B |
1,161 | 33,413 | ||||||
| Atlas Copco AB, Class A |
777 | 47,387 | ||||||
| Atlas Copco AB, Class B |
452 | 23,557 | ||||||
| Boliden AB |
18 | 676 | ||||||
| Electrolux AB, Class B |
15 | 417 | ||||||
| Epiroc AB, Class A |
764 | 17,305 | ||||||
| Epiroc AB, Class B |
450 | 9,371 | ||||||
| EQT AB |
16 | 522 | ||||||
| Essity AB, Class B |
40 | 1,280 | ||||||
| Evolution Gaming Group AB (e) |
11 | 1,567 | ||||||
| Fastighets AB Balder, Class B (a) |
7 | 334 | ||||||
| H & M Hennes & Mauritz AB, Class B (a) |
53 | 1,204 | ||||||
| Hexagon AB, Class B |
230 | 21,253 | ||||||
| Husqvarna AB, Class B |
28 | 401 | ||||||
| ICA Gruppen AB |
7 | 327 | ||||||
| Industrivarden AB, Class A (a) |
7 | 262 | ||||||
| Industrivarden AB, Class C (a) |
11 | 373 | ||||||
| Investment AB Latour, Class B |
170 | 4,395 | ||||||
| Investor AB, Class B |
30 | 2,418 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Sweden — continued |
||||||||
| Kinnevik AB, Class B (a) |
16 | 782 | ||||||
| L E Lundbergforetagen AB, Class B (a) |
5 | 276 | ||||||
| Lundin Energy AB |
12 | 389 | ||||||
| Nibe Industrier AB, Class B |
362 | 11,233 | ||||||
| Sandvik AB (a) |
1,308 | 35,780 | ||||||
| Securitas AB, Class B |
361 | 6,144 | ||||||
| Skandinaviska Enskilda Banken AB, Class A |
108 | 1,321 | ||||||
| Skanska AB, Class B |
392 | 9,843 | ||||||
| SKF AB, Class B |
442 | 12,583 | ||||||
| Svenska Cellulosa AB SCA, Class B (a) |
40 | 713 | ||||||
| Svenska Handelsbanken AB, Class A |
104 | 1,125 | ||||||
| Swedbank AB, Class A |
60 | 1,062 | ||||||
| Swedish Match AB |
80 | 6,263 | ||||||
| Tele2 AB, Class B |
33 | 448 | ||||||
| Telefonaktiebolaget LM Ericsson, Class B |
2,385 | 31,615 | ||||||
| Telia Co. AB |
163 | 708 | ||||||
| Volvo AB, Class B (a) |
1,650 | 41,775 | ||||||
|
|
|
|||||||
| 339,568 | ||||||||
|
|
|
|||||||
| Switzerland — 15.0% |
||||||||
| ABB Ltd. (Registered) |
2,135 | 64,940 | ||||||
| Adecco Group AG (Registered) |
180 | 12,142 | ||||||
| Alcon, Inc. (a) |
33 | 2,296 | ||||||
| Baloise Holding AG (Registered) |
101 | 17,092 | ||||||
| Banque Cantonale Vaudoise (Registered) |
2 | 205 | ||||||
| Barry Callebaut AG (Registered) |
1 | 3,349 | ||||||
| Chocoladefabriken Lindt & Spruengli AG |
1 | 4,434 | ||||||
| Chocoladefabriken Lindt & Spruengli AG (Registered) |
— | (h) | 4,568 | |||||
| Cie Financiere Richemont SA (Registered) |
35 | 3,335 | ||||||
| Clariant AG (Registered) |
13 | 268 | ||||||
| Coca-Cola HBC AG |
187 | 5,959 | ||||||
| Credit Suisse Group AG, Class A (Registered) |
163 | 1,723 | ||||||
| EMS-Chemie Holding AG (Registered) |
1 | 486 | ||||||
| Geberit AG (Registered) |
43 | 27,307 | ||||||
| Givaudan SA (Registered) |
1 | 2,337 | ||||||
| Glencore plc (a) |
5,102 | 20,034 | ||||||
| Julius Baer Group Ltd. |
15 | 951 | ||||||
| Kuehne + Nagel International AG (Registered) |
63 | 17,890 | ||||||
| LafargeHolcim Ltd. (Registered) (a) |
35 | 2,048 | ||||||
| Logitech International SA (Registered) |
135 | 14,109 | ||||||
| Lonza Group AG (Registered) |
5 | 2,771 | ||||||
| Nestle SA (Registered) |
1,425 | 158,879 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Switzerland — continued |
||||||||
| Novartis AG (Registered) |
3,586 | 306,530 | ||||||
| Partners Group Holding AG |
1 | 1,588 | ||||||
| Roche Holding AG |
1,186 | 385,272 | ||||||
| Schindler Holding AG |
47 | 13,884 | ||||||
| Schindler Holding AG (Registered) |
23 | 6,661 | ||||||
| SGS SA (Registered) |
7 | 19,921 | ||||||
| Sika AG (Registered) |
9 | 2,698 | ||||||
| Sonova Holding AG (Registered) (a) |
4 | 965 | ||||||
| STMicroelectronics NV |
521 | 19,922 | ||||||
| Straumann Holding AG (Registered) |
1 | 859 | ||||||
| Swatch Group AG (The) |
2 | 555 | ||||||
| Swatch Group AG (The) (Registered) |
3 | 179 | ||||||
| Swiss Life Holding AG (Registered) |
66 | 32,406 | ||||||
| Swiss Prime Site AG (Registered) |
5 | 466 | ||||||
| Swiss Re AG |
620 | 60,928 | ||||||
| Swisscom AG (Registered) |
2 | 924 | ||||||
| Temenos AG (Registered) |
55 | 7,883 | ||||||
| UBS Group AG (Registered) |
242 | 3,741 | ||||||
| Vifor Pharma AG |
73 | 10,002 | ||||||
| Zurich Insurance Group AG |
326 | 138,819 | ||||||
|
|
|
|||||||
| 1,381,326 | ||||||||
|
|
|
|||||||
| Taiwan — 0.5% |
||||||||
| Accton Technology Corp. |
21 | 204 | ||||||
| Acer, Inc. |
124 | 137 | ||||||
| Advantech Co. Ltd. |
16 | 200 | ||||||
| ASE Technology Holding Co. Ltd. |
150 | 572 | ||||||
| Asia Cement Corp. |
95 | 160 | ||||||
| ASMedia Technology, Inc. |
2 | 106 | ||||||
| Asustek Computer, Inc. |
31 | 407 | ||||||
| AU Optronics Corp. (a) |
427 | 319 | ||||||
| Catcher Technology Co. Ltd. |
29 | 215 | ||||||
| Cathay Financial Holding Co. Ltd. |
331 | 557 | ||||||
| Chailease Holding Co. Ltd. |
51 | 353 | ||||||
| Chang Hwa Commercial Bank Ltd. |
285 | 176 | ||||||
| Cheng Shin Rubber Industry Co. Ltd. |
72 | 122 | ||||||
| Chicony Electronics Co. Ltd. |
25 | 89 | ||||||
| China Development Financial Holding Corp. |
592 | 218 | ||||||
| China Life Insurance Co. Ltd. |
112 | 101 | ||||||
| China Steel Corp. |
511 | 465 | ||||||
| Chunghwa Telecom Co. Ltd. |
179 | 700 | ||||||
| Compal Electronics, Inc. |
213 | 200 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Taiwan — continued |
||||||||
| CTBC Financial Holding Co. Ltd. |
789 | 612 | ||||||
| Delta Electronics, Inc. |
89 | 908 | ||||||
| E.Sun Financial Holding Co. Ltd. |
528 | 483 | ||||||
| Eclat Textile Co. Ltd. |
9 | 152 | ||||||
| Evergreen Marine Corp. Taiwan Ltd. (a) |
106 | 170 | ||||||
| Far Eastern New Century Corp. |
126 | 134 | ||||||
| Far EasTone Telecommunications Co. Ltd. |
72 | 162 | ||||||
| Feng TAY Enterprise Co. Ltd. |
17 | 116 | ||||||
| First Financial Holding Co. Ltd. |
444 | 346 | ||||||
| Formosa Chemicals & Fibre Corp. |
146 | 450 | ||||||
| Formosa Petrochemical Corp. |
44 | 150 | ||||||
| Formosa Plastics Corp. |
175 | 621 | ||||||
| Foxconn Technology Co. Ltd. |
46 | 118 | ||||||
| Fubon Financial Holding Co. Ltd. |
266 | 531 | ||||||
| Giant Manufacturing Co. Ltd. |
15 | 181 | ||||||
| Globalwafers Co. Ltd. |
10 | 265 | ||||||
| Highwealth Construction Corp. |
35 | 53 | ||||||
| Hiwin Technologies Corp. |
11 | 157 | ||||||
| Hon Hai Precision Industry Co. Ltd. |
557 | 2,443 | ||||||
| Hotai Motor Co. Ltd. |
13 | 269 | ||||||
| Hua Nan Financial Holdings Co. Ltd. |
431 | 282 | ||||||
| Innolux Corp. (a) |
361 | 269 | ||||||
| Inventec Corp. |
140 | 133 | ||||||
| Largan Precision Co. Ltd. |
5 | 565 | ||||||
| Lite-On Technology Corp., ADR |
85 | 188 | ||||||
| MediaTek, Inc. |
67 | 2,305 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Taiwan — continued |
||||||||
| Mega Financial Holding Co. Ltd. |
493 | 551 | ||||||
| Micro-Star International Co. Ltd. |
29 | 178 | ||||||
| Nan Ya Plastics Corp. |
214 | 601 | ||||||
| Nan Ya Printed Circuit Board Corp. (a) |
9 | 113 | ||||||
| Nanya Technology Corp. |
54 | 176 | ||||||
| Nien Made Enterprise Co. Ltd. |
6 | 84 | ||||||
| Novatek Microelectronics Corp. |
27 | 550 | ||||||
| Oneness Biotech Co. Ltd. (a) |
8 | 74 | ||||||
| Pegatron Corp. |
93 | 243 | ||||||
| Phison Electronics Corp. |
7 | 121 | ||||||
| Pou Chen Corp. |
141 | 164 | ||||||
| Powertech Technology, Inc. |
31 | 115 | ||||||
| President Chain Store Corp. |
26 | 249 | ||||||
| Quanta Computer, Inc. |
123 | 424 | ||||||
| Realtek Semiconductor Corp. |
21 | 367 | ||||||
| Ruentex Development Co. Ltd. |
40 | 70 | ||||||
| Shanghai Commercial & Savings Bank Ltd. (The) |
160 | 236 | ||||||
| Shin Kong Financial Holding Co. Ltd. |
462 | 149 | ||||||
| SinoPac Financial Holdings Co. Ltd. |
484 | 219 | ||||||
| Synnex Technology International Corp. |
76 | 146 | ||||||
| Taishin Financial Holding Co. Ltd. |
507 | 238 | ||||||
| Taiwan Business Bank |
402 | 140 | ||||||
| Taiwan Cement Corp. |
220 | 361 | ||||||
| Taiwan Cooperative Financial Holding Co. Ltd. |
455 | 338 | ||||||
| Taiwan High Speed Rail Corp. |
86 | 95 | ||||||
| Taiwan Mobile Co. Ltd. |
81 | 279 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. |
1,099 | 23,144 | ||||||
| Unimicron Technology Corp. |
52 | 168 | ||||||
| Uni-President Enterprises Corp. |
206 | 529 | ||||||
| United Microelectronics Corp. |
524 | 940 | ||||||
| Vanguard International Semiconductor Corp. |
39 | 149 | ||||||
| Walsin Technology Corp. |
15 | 132 | ||||||
| Win Semiconductors Corp. |
15 | 207 | ||||||
| Winbond Electronics Corp. |
129 | 135 | ||||||
| Wistron Corp. |
118 | 139 | ||||||
| Wiwynn Corp. |
4 | 119 | ||||||
| WPG Holdings Ltd. |
107 | 183 | ||||||
| Yageo Corp. |
17 | 333 | ||||||
| Yuanta Financial Holding Co. Ltd. |
385 | 304 | ||||||
| Zhen Ding Technology Holding Ltd. |
27 | 115 | ||||||
|
|
|
|||||||
| 50,242 | ||||||||
|
|
|
|||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Thailand — 0.1% |
||||||||
| Advanced Info Service PCL, NVDR |
54 | 301 | ||||||
| Airports of Thailand PCL, NVDR |
189 | 419 | ||||||
| Asset World Corp. PCL, NVDR |
322 | 53 | ||||||
| B Grimm Power PCL, NVDR |
36 | 53 | ||||||
| Bangkok Bank PCL (Registered) |
29 | 117 | ||||||
| Bangkok Commercial Asset Management PCL, NVDR |
76 | 53 | ||||||
| Bangkok Dusit Medical Services PCL, NVDR |
392 | 272 | ||||||
| Bangkok Expressway & Metro PCL, NVDR |
344 | 96 | ||||||
| Berli Jucker PCL, NVDR |
48 | 61 | ||||||
| BTS Group Holdings PCL, NVDR |
494 | 153 | ||||||
| Bumrungrad Hospital PCL, NVDR |
17 | 72 | ||||||
| Central Pattana PCL, NVDR |
95 | 178 | ||||||
| Central Retail Corp. PCL, NVDR (a) |
78 | 93 | ||||||
| Charoen Pokphand Foods PCL, NVDR |
179 | 169 | ||||||
| CP ALL PCL, NVDR |
259 | 575 | ||||||
| Delta Electronics Thailand PCL, NVDR |
14 | 127 | ||||||
| Electricity Generating PCL, NVDR |
17 | 101 | ||||||
| Energy Absolute PCL, NVDR |
65 | 130 | ||||||
| Global Power Synergy PCL, NVDR |
31 | 78 | ||||||
| Gulf Energy Development PCL, NVDR |
141 | 152 | ||||||
| Home Product Center PCL, NVDR |
255 | 121 | ||||||
| Indorama Ventures PCL, NVDR |
71 | 101 | ||||||
| Intouch Holdings PCL, NVDR |
121 | 224 | ||||||
| Kasikornbank PCL |
45 | 210 | ||||||
| Kasikornbank PCL, NVDR |
35 | 163 | ||||||
| Krung Thai Bank PCL, NVDR |
191 | 75 | ||||||
| Krungthai Card PCL, NVDR |
32 | 80 | ||||||
| Land & Houses PCL, NVDR |
343 | 94 | ||||||
| Minor International PCL, NVDR (a) |
131 | 136 | ||||||
| Muangthai Capital PCL, NVDR |
34 | 77 | ||||||
| Osotspa PCL, NVDR |
30 | 34 | ||||||
| PTT Exploration & Production PCL, NVDR |
63 | 231 | ||||||
| PTT Global Chemical PCL, NVDR |
96 | 194 | ||||||
| PTT Oil & Retail Business PCL, NVDR |
127 | 131 | ||||||
| PTT PCL, NVDR |
514 | 675 | ||||||
| Ratch Group PCL, NVDR |
37 | 61 | ||||||
| Siam Cement PCL (The), NVDR |
37 | 475 | ||||||
| Siam Commercial Bank PCL (The), NVDR |
42 | 150 | ||||||
| Sri Trang Gloves Thailand PCL, NVDR |
41 | 53 | ||||||
| Srisawad Corp. PCL, NVDR |
34 | 93 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| Thailand — continued |
||||||||
| Thai Oil PCL, NVDR |
44 | 86 | ||||||
| Thai Union Group PCL, NVDR |
148 | 69 | ||||||
| Total Access Communication PCL, NVDR |
27 | 28 | ||||||
| True Corp. PCL, NVDR |
494 | 54 | ||||||
|
|
|
|||||||
| 6,868 | ||||||||
|
|
|
|||||||
| Turkey — 0.0% (g) |
||||||||
| Akbank TAS |
128 | 73 | ||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS |
27 | 48 | ||||||
| BIM Birlesik Magazalar AS |
20 | 174 | ||||||
| Eregli Demir ve Celik Fabrikalari TAS |
57 | 106 | ||||||
| Ford Otomotiv Sanayi AS |
3 | 66 | ||||||
| Haci Omer Sabanci Holding AS |
36 | 38 | ||||||
| KOC Holding AS |
32 | 75 | ||||||
| Turk Hava Yollari AO (a) |
22 | 34 | ||||||
| Turkcell Iletisim Hizmetleri AS |
50 | 91 | ||||||
| Turkiye Garanti Bankasi AS (a) |
94 | 76 | ||||||
| Turkiye Is Bankasi AS, Class C (a) |
62 | 36 | ||||||
| Turkiye Petrol Rafinerileri AS (a) |
5 | 57 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS |
54 | 47 | ||||||
| Yapi ve Kredi Bankasi AS (a) |
115 | 31 | ||||||
|
|
|
|||||||
| 952 | ||||||||
|
|
|
|||||||
| United Arab Emirates — 0.0% (g) |
||||||||
| Abu Dhabi Commercial Bank PJSC (a) |
133 | 224 | ||||||
| Abu Dhabi Islamic Bank PJSC |
104 | 139 | ||||||
| Aldar Properties PJSC (a) |
171 | 176 | ||||||
| Dubai Islamic Bank PJSC |
132 | 163 | ||||||
| Emaar Malls PJSC (a) |
137 | 63 | ||||||
| Emaar Properties PJSC (a) |
160 | 155 | ||||||
| Emirates NBD Bank PJSC |
117 | 367 | ||||||
| Emirates Telecommunications Group Co. PJSC |
92 | 540 | ||||||
| First Abu Dhabi Bank PJSC |
134 | 533 | ||||||
| NMC Health plc (a) (cc) |
116 | — | ||||||
|
|
|
|||||||
| 2,360 | ||||||||
|
|
|
|||||||
| United Kingdom — 21.6% |
||||||||
| 3i Group plc |
497 | 7,896 | ||||||
| Admiral Group plc |
503 | 21,493 | ||||||
| Anglo American plc |
626 | 24,533 | ||||||
| Ashtead Group plc |
722 | 43,112 | ||||||
| Associated British Foods plc (a) |
335 | 11,114 | ||||||
| AstraZeneca plc |
2,702 | 269,694 | ||||||
| Auto Trader Group plc (a) (e) |
493 | 3,771 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| United Kingdom — continued |
||||||||
| AVEVA Group plc |
145 | 6,842 | ||||||
| Aviva plc |
10,260 | 57,832 | ||||||
| BAE Systems plc |
5,156 | 35,906 | ||||||
| Barclays plc |
8,857 | 22,683 | ||||||
| Barratt Developments plc (a) |
520 | 5,348 | ||||||
| Berkeley Group Holdings plc |
64 | 3,930 | ||||||
| BP plc |
10,338 | 41,992 | ||||||
| British American Tobacco plc |
2,153 | 81,849 | ||||||
| British Land Co. plc (The) |
450 | 3,127 | ||||||
| BT Group plc, Class A (a) |
4,557 | 9,722 | ||||||
| Bunzl plc |
538 | 17,227 | ||||||
| Burberry Group plc (a) |
207 | 5,406 | ||||||
| CNH Industrial NV (a) |
1,186 | 18,356 | ||||||
| Coca-Cola European Partners plc |
101 | 5,280 | ||||||
| Compass Group plc (a) |
911 | 18,402 | ||||||
| Croda International plc |
71 | 6,233 | ||||||
| Diageo plc |
2,195 | 90,156 | ||||||
| Direct Line Insurance Group plc |
3,564 | 15,387 | ||||||
| Evraz plc |
260 | 2,074 | ||||||
| Ferguson plc |
361 | 43,066 | ||||||
| GlaxoSmithKline plc |
10,330 | 182,879 | ||||||
| Halma plc |
479 | 15,677 | ||||||
| Hargreaves Lansdown plc |
170 | 3,602 | ||||||
| HSBC Holdings plc |
10,394 | 60,581 | ||||||
| Imperial Brands plc |
889 | 18,218 | ||||||
| Informa plc (a) |
767 | 5,922 | ||||||
| InterContinental Hotels Group plc (a) |
89 | 6,093 | ||||||
| Intertek Group plc |
259 | 19,990 | ||||||
| J Sainsbury plc |
908 | 3,037 | ||||||
| JD Sports Fashion plc (a) |
263 | 2,993 | ||||||
| Johnson Matthey plc |
99 | 4,105 | ||||||
| Kingfisher plc (a) |
1,078 | 4,723 | ||||||
| Land Securities Group plc |
360 | 3,419 | ||||||
| Legal & General Group plc |
15,587 | 59,845 | ||||||
| Lloyds Banking Group plc (a) |
36,143 | 21,203 | ||||||
| London Stock Exchange Group plc |
162 | 15,439 | ||||||
| M&G plc |
1,328 | 3,794 | ||||||
| Melrose Industries plc (a) |
7,795 | 17,924 | ||||||
| Mondi plc |
248 | 6,320 | ||||||
| National Grid plc |
1,795 | 21,302 | ||||||
| Natwest Group plc |
2,476 | 6,700 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Common Stocks — continued | ||||||||
| United Kingdom — continued |
||||||||
| Next plc (a) |
68 | 7,357 | ||||||
| Ocado Group plc (a) |
248 | 6,959 | ||||||
| Pearson plc |
384 | 4,098 | ||||||
| Persimmon plc |
163 | 6,596 | ||||||
| Phoenix Group Holdings plc |
1,436 | 14,516 | ||||||
| Prudential plc |
6,815 | 145,177 | ||||||
| Reckitt Benckiser Group plc |
363 | 32,470 | ||||||
| RELX plc |
3,094 | 77,606 | ||||||
| Rentokil Initial plc (a) |
2,974 | 19,858 | ||||||
| Rio Tinto plc |
573 | 43,676 | ||||||
| Rolls-Royce Holdings plc (a) |
13,422 | 19,491 | ||||||
| RSA Insurance Group plc |
2,703 | 25,355 | ||||||
| Sage Group plc (The) |
1,379 | 11,647 | ||||||
| Schroders plc |
63 | 3,062 | ||||||
| Segro plc |
608 | 7,858 | ||||||
| Severn Trent plc |
122 | 3,877 | ||||||
| Smith & Nephew plc |
447 | 8,487 | ||||||
| Smiths Group plc |
637 | 13,491 | ||||||
| Spirax-Sarco Engineering plc |
118 | 18,592 | ||||||
| SSE plc |
531 | 10,644 | ||||||
| St James’s Place plc |
274 | 4,813 | ||||||
| Standard Chartered plc |
1,370 | 9,432 | ||||||
| Standard Life Aberdeen plc |
1,138 | 4,545 | ||||||
| Taylor Wimpey plc (a) |
1,861 | 4,627 | ||||||
| Tesco plc |
3,948 | 12,464 | ||||||
| Unilever plc |
1,342 | 74,875 | ||||||
| United Utilities Group plc |
348 | 4,449 | ||||||
| Vodafone Group plc |
13,696 | 24,976 | ||||||
| Whitbread plc (a) |
103 | 4,865 | ||||||
| Wm Morrison Supermarkets plc |
1,230 | 3,093 | ||||||
| WPP plc |
626 | 7,972 | ||||||
|
|
|
|||||||
| 1,993,125 | ||||||||
|
|
|
|||||||
| Uruguay — 0.0% (g) |
||||||||
| Globant SA (a) |
2 | 333 | ||||||
|
|
|
|||||||
| Total Common Stocks |
8,832,333 | |||||||
|
|
|
|||||||
| Preferred Stocks — 1.9% |
||||||||
| Brazil — 0.1% |
||||||||
| Alpargatas SA (a) |
10 | 63 | ||||||
| Banco Bradesco SA |
209 | 995 | ||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Preferred Stocks — continued | ||||||||
| Brazil — continued |
||||||||
| Bradespar SA |
10 | 125 | ||||||
| Centrais Eletricas Brasileiras SA |
10 | 63 | ||||||
| Cia Energetica de Minas Gerais |
38 | 89 | ||||||
| Cia Paranaense de Energia |
51 | 64 | ||||||
| Gerdau SA |
52 | 278 | ||||||
| Itau Unibanco Holding SA |
221 | 1,097 | ||||||
| Itausa SA |
214 | 393 | ||||||
| Lojas Americanas SA |
39 | 154 | ||||||
| Petroleo Brasileiro SA |
207 | 888 | ||||||
|
|
|
|||||||
| 4,209 | ||||||||
|
|
|
|||||||
| Chile — 0.0% (g) |
||||||||
| Embotelladora Andina SA, Class B |
44 | 116 | ||||||
| Sociedad Quimica y Minera de Chile SA, Class B |
6 | 343 | ||||||
|
|
|
|||||||
| 459 | ||||||||
|
|
|
|||||||
| Colombia — 0.0% (g) |
||||||||
| Bancolombia SA |
22 | 176 | ||||||
|
|
|
|||||||
| Germany — 1.4% |
||||||||
| Bayerische Motoren Werke AG |
100 | 7,962 | ||||||
| FUCHS PETROLUB SE |
5 | 222 | ||||||
| Henkel AG & Co. KGaA |
12 | 1,332 | ||||||
| Porsche Automobil Holding SE |
269 | 28,576 | ||||||
| Sartorius AG |
2 | 1,180 | ||||||
| Volkswagen AG |
326 | 91,372 | ||||||
|
|
|
|||||||
| 130,644 | ||||||||
|
|
|
|||||||
| Russia — 0.0% (g) |
||||||||
| Surgutneftegas PJSC |
300 | 166 | ||||||
|
|
|
|||||||
| South Korea — 0.4% |
||||||||
| Hyundai Motor Co. |
3 | 259 | ||||||
| LG Chem Ltd. |
— | (h) | 107 | |||||
| LG Household & Health Care Ltd. |
— | (h) | 51 | |||||
| Samsung Electronics Co. Ltd. |
526 | 34,079 | ||||||
|
|
|
|||||||
| 34,496 | ||||||||
|
|
|
|||||||
| Total Preferred Stocks (Cost $111,324) |
170,150 | |||||||
|
|
|
|||||||
| NUMBER |
||||||||
| Rights — 0.0% (g) |
||||||||
| Chile — 0.0% (g) |
||||||||
| Sociedad Quimica y Minera de Chile SA, expiring 04/24/2021 (a) |
1 | 3 | ||||||
|
|
|
|||||||
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
| Rights — continued | ||||||||
| Italy — 0.0% (g) |
||||||||
| Snam Spa, expiring 12/31/2049 (a) (cc) |
4,747 | 5 | ||||||
|
|
|
|||||||
| Total Rights (Cost $35) |
8 | |||||||
|
|
|
|||||||
|
PRINCIPAL |
||||||||
| Short-Term Investments — 1.7% |
||||||||
| Time Deposits — 1.7% |
||||||||
| Australia & New Zealand Banking Group Ltd., 0.00%, 04/01/2021 |
758 | 758 | ||||||
| Barclays SA, 0.00%, 04/01/2021 |
12,378 | 12,378 | ||||||
| BNP Paribas SA, |
||||||||
| (1.85%), 04/01/2021 |
CHF | 23,187 | 24,533 | |||||
| (0.76%), 04/01/2021 |
EUR | 27,957 | 32,785 | |||||
| 0.00%, 04/01/2021 |
7,539 | 7,539 | ||||||
| Brown Brothers Harriman, |
||||||||
| (1.85%), 04/01/2021 |
CHF | — | (h) | — | (h) | |||
| (0.76%), 04/01/2021 |
EUR | 13 | 15 | |||||
| (0.47%), 04/06/2021 |
DKK | 38,793 | 6,116 | |||||
| (0.26%), 04/01/2021 |
SEK | 37,566 | 4,302 | |||||
| (0.13%), 04/06/2021 |
NOK | 3,612 | 422 | |||||
| (0.06%), 04/01/2021 |
HKD | 72 | 9 | |||||
| 0.00%, 04/01/2021 |
GBP | — | (h) | — | (h) | |||
| 0.00%, 04/01/2021 |
— | (h) | — | (h) | ||||
| 5.40%, 04/01/2021 |
ZAR | 411 | 28 | |||||
| Citibank NA, |
||||||||
| (0.76%), 04/01/2021 |
EUR | 29,366 | 34,438 | |||||
| 0.00%, 04/01/2021 |
GBP | 22,950 | 31,639 | |||||
| 0.00%, 04/01/2021 |
346 | 346 | ||||||
| Sumitomo Mitsui Trust Bank Ltd., 0.00%, 04/01/2021 |
1,393 | 1,394 | ||||||
|
|
|
|||||||
| Total Short-Term Investments (Cost $156,702) |
156,702 | |||||||
|
|
|
|||||||
| Total Investments — 99.3% (Cost—$7,977,028) * |
9,159,193 | |||||||
| Other Assets in Excess of Liabilities — 0.8% |
72,498 | |||||||
|
|
|
|||||||
| NET ASSETS — 100.0% |
$ | 9,231,691 | ||||||
|
|
|
|||||||
Percentages indicated are based on net assets.
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2021:
Exchange Traded
| DESCRIPTION |
NUMBER OF |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||
| Long Contracts |
||||||||||||||||||
| Euro STOXX 50 Index |
2,324 | 06/2021 | EUR | 103,368 | 1,995 | |||||||||||||
| FTSE 100 Index |
797 | 06/2021 | GBP | 73,601 | (211 | ) | ||||||||||||
| MSCI Emerging Markets Index |
355 | 06/2021 | USD | 23,725 | (251 | ) | ||||||||||||
|
|
|
|||||||||||||||||
| Total unrealized appreciation (depreciation) |
1,533 | |||||||||||||||||
|
|
|
|||||||||||||||||
Six Circles International Unconstrained Equity Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021
| ADR | — | American Depositary Receipt | ||
| CVA | — | Dutch Certification | ||
| GDR | — | Global Depositary Receipt | ||
| NVDR | — | Non-Voting Depository Receipts | ||
| 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/ $500. | ||
| (cc) | — | Security is valued in good faith at fair value by or under the direction of the Board of Trustees. | ||
| * | — | The cost of securities is substantially the same for federal income tax purposes. | ||
| CHF | — | Swiss Franc | ||
| DKK | — | Danish Krone | ||
| EUR | — | Euro | ||
| GBP | — | British Pound | ||
| HKD | — | Hong Kong Dollar | ||
| NOK | — | Norwegian Krone | ||
| SEK | — | Swedish Krona | ||
| USD | — | United States Dollar | ||
| ZAR | — | South African Rand |
Six Circles International Unconstrained Equity Fund
Summary of Investments by Industry, March 31, 2021
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY |
PERCENTAGE | |||
| Pharmaceuticals |
18.8 | % | ||
| Insurance |
13.9 | % | ||
| Electric |
9.0 | % | ||
| Semiconductors |
6.7 | % | ||
| Auto Manufacturers |
5.7 | % | ||
| Commercial Services |
4.1 | % | ||
| Food |
2.9 | % | ||
| Aerospace/Defense |
2.3 | % | ||
| Banks |
2.2 | % | ||
| Electrical Components & Equipments |
2.2 | % | ||
| Miscellaneous Manufacturers |
2.2 | % | ||
| Beverages |
2.0 | % | ||
| Machinery - Diversified |
1.9 | % | ||
| Transportation |
1.9 | % | ||
| Software |
1.8 | % | ||
| Oil & Gas |
1.8 | % | ||
| Engineering & Construction |
1.5 | % | ||
| Mining |
1.5 | % | ||
| Telecommunications |
1.2 | % | ||
| Agriculture |
1.2 | % | ||
| Building Materials |
1.2 | % | ||
| Others (Each less than 1.0%) |
12.3 | % | ||
| Short-Term Investments |
1.7 | % | ||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Long Positions — 99.0% | ||||||||
| Asset-Backed Securities — 1.1% | ||||||||
| Adams Mill CLO Ltd., (Cayman Islands), Series 2014-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.10%), 1.34%, 07/15/2026 (e) (aa) | 352 | 352 | ||||||
| American Express Credit Account Master Trust, Series 2019-3, Class A, 2.00%, 04/15/2025 | 615 | 630 | ||||||
| Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.30%), 1.52%, 01/16/2030 (e) (aa) | 8,200 | 8,201 | ||||||
| Benefit Street Partners CLO III Ltd., (Cayman Islands), Series 2013-IIIA, Class A1R, (ICE LIBOR USD 3 Month + 1.25%), 1.47%, 07/20/2029 (e) (aa) | 998 | 999 | ||||||
| BlueMountain CLO Ltd., (Cayman Islands), Series 2015-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.93%), 1.15%, 07/18/2027 (e) (aa) | 2,052 | 2,052 | ||||||
| Capital One Multi-Asset Execution Trust, | ||||||||
| Series 2017-A3, Class A3, 2.43%, 01/15/2025 | 360 | 368 | ||||||
| Series 2019-A2, Class A2, 1.72%, 08/15/2024 | 500 | 510 | ||||||
| Carlyle Global Market Strategies CLO Ltd., (Cayman Islands), Series 2015-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 1.22%, 07/28/2028 (e) (aa) | 1,216 | 1,217 | ||||||
| Carmax Auto Owner Trust, | ||||||||
| Series 2019-4, Class A3, 2.02%, 11/15/2024 | 141 | 144 | ||||||
| Series 2020-1, Class A3, 1.89%, 12/16/2024 | 300 | 307 | ||||||
| Catamaran CLO Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.09%), 0.00%, 01/18/2029 (e) (aa) | 600 | 600 | ||||||
| CBAM Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.23%), 1.45%, 10/17/2029 (e) (aa) | 2,000 | 2,000 | ||||||
| Crown City CLO II, (Cayman Islands), Series 2020-2A, Class A1A, (ICE LIBOR USD 3 Month + 1.38%), 1.63%, 01/20/2032 (e) (aa) | 1,000 | 1,003 | ||||||
| Dryden Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (ICE LIBOR USD 3 Month + 1.02%), 1.26%, 04/15/2029 (e) (aa) | 6,400 | 6,403 | ||||||
| Dryden XXVII-R Euro CLO BV, (Netherlands), Series 2017-27A, Class AR, (ICE LIBOR EUR 3 Month + 0.66%), 0.66%, 04/15/2033 (e) (aa) | EUR | 7,600 | 8,910 | |||||
| Ford Credit Auto Owner Trust, Series 2020-B, Class A4, 0.79%, 11/15/2025 | 850 | 856 | ||||||
| GM Financial Consumer Automobile Receivables Trust, Series 2020-2, Class A4, 1.74%, 08/18/2025 | 500 | 515 | ||||||
| Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024 | 131 | 133 | ||||||
| KKR CLO Ltd., (Cayman Islands), Series 18, Class A, (ICE LIBOR USD 3 Month + 1.27%), 1.50%, 07/18/2030 (e) (aa) | 3,200 | 3,201 | ||||||
| Marathon CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.15%), 1.34%, 04/15/2029 (e) (aa) | 450 | 450 | ||||||
| Marble Point CLO X Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 0.00%, 10/15/2030 (e) (w) (aa) | 1,800 | 1,800 | ||||||
| Mercedes-Benz Auto Lease Trust, Series 2020-A, Class A4, 1.88%, 09/15/2025 | 1,000 | 1,019 | ||||||
| Mercedes-Benz Auto Receivables Trust, Series 2019-1, Class A4, 2.04%, 01/15/2026 | 1,000 | 1,031 | ||||||
| MidOcean Credit CLO VI, (Cayman Islands), Series 2016-6A, Class AR, (ICE LIBOR USD 3 Month + 1.25%), 1.47%, 01/20/2029 (e) (aa) | 2,000 | 2,000 | ||||||
| Mountain View CLO LLC, (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.09%), 1.31%, 10/16/2029 (e) (aa) | 1,800 | 1,799 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Asset-Backed Securities — continued | ||||||||
| MP CLO VIII Ltd., (Cayman Islands), Series 2015-2A, Class AR, (ICE LIBOR USD 3 Month + 0.91%), 1.13%, 10/28/2027 (e) (aa) | 1,569 | 1,568 | ||||||
| Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024 | 131 | 133 | ||||||
| Oaktree CLO, (Cayman Islands), Series 2014-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.29%), 1.48%, 05/13/2029 (e) (aa) | 1,947 | 1,947 | ||||||
| OCP CLO Ltd., (Cayman Islands), Series 2017-14A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 1.33%, 11/20/2030 (e) (aa) | 5,000 | 5,001 | ||||||
| OZLM XIV Ltd., (Cayman Islands), Series 2015-14A, Class A1AR, (ICE LIBOR USD 3 Month + 1.16%), 1.40%, 01/15/2029 (e) (aa) | 3,000 | 3,000 | ||||||
| Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2018-5A, Class A1, (ICE LIBOR USD 3 Month + 0.85%), 1.07%, 01/20/2027 (e) (aa) | 382 | 381 | ||||||
| Race Point IX CLO Ltd., (Cayman Islands), Series 2015-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.21%), 1.45%, 10/15/2030 (e) (aa) | 497 | 497 | ||||||
| Sculptor CLO XXV Ltd., (Cayman Islands), Series 25A, Class A1, (ICE LIBOR USD 3 Month + 1.27%), 0.00%, 01/15/2031 (e) (aa) | 1,200 | 1,199 | ||||||
| Sound Point CLO XII Ltd., (Cayman Islands), Series 2016-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 1.27%, 10/20/2028 (e) (aa) | 100 | 100 | ||||||
| Sound Point CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 01/23/2029 (e) (aa) | 6,000 | 6,000 | ||||||
| Venture CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (ICE LIBOR USD 3 Month + 1.06%), 1.40%, 07/15/2031 (e) (aa) | 700 | 699 | ||||||
| Venture XXI CLO Ltd., (Cayman Islands), Series 2015-21A, Class AR, (ICE LIBOR USD 3 Month + 0.88%), 1.12%, 07/15/2027 (e) (aa) | 1,735 | 1,735 | ||||||
| VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1, (ICE LIBOR USD 3 Month + 1.21%), 1.45%, 06/07/2030 (e) (aa) | 4,500 | 4,500 | ||||||
| World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025 | 175 | 177 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities (Cost $73,589) |
73,437 | |||||||
|
|
|
|||||||
| Certificate of Deposit —0.0% (g) | ||||||||
| Financial — 0.0% (g) | ||||||||
| Banks — 0.0% (g) | ||||||||
| China Development Bank, (China), 3.20%, 09/23/2021 (Cost $145) |
CNH | 1,000 | 153 | |||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Collateralized Mortgage Obligations — 1.5% | ||||||||
| FHLMC REMICS, | ||||||||
| Series 3404, Class SA, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.89%, 01/15/2038 (aa) | 1,787 | 322 | ||||||
| Series 3680, Class SA, IF, IO, (5.00% - ICE LIBOR USD 1 Month), 4.89%, 06/15/2040 (aa) | 5,010 | 592 | ||||||
| Series 4023, Class S, IF, IO, (6.25% - ICE LIBOR USD 1 Month), 6.14%, 03/15/2042 (aa) | 1,822 | 321 | ||||||
| Series 4056, Class GS, IF, IO, (6.65% - ICE LIBOR USD 1 Month), 6.54%, 12/15/2041 (aa) | 1,063 | 148 | ||||||
| Series 4134, Class PI, IO, 3.00%, 11/15/2042 | 677 | 58 | ||||||
| Series 4165, Class TI, IO, 3.00%, 12/15/2042 | 827 | 45 | ||||||
| Series 4479, Class AI, IO, 3.50%, 09/15/2025 | 11,426 | 590 | ||||||
| Series 4598, Class IK, IO, 3.50%, 03/15/2046 | 981 | 168 | ||||||
| Series 4710, Class EI, IO, 3.50%, 11/15/2031 | 7,071 | 655 | ||||||
| Series 4825, Class SE, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 6.09%, 09/15/2048 (aa) | 7,483 | 1,559 | ||||||
| Series 4888, Class IB, IO, 4.00%, 03/15/2047 | 919 | 102 | ||||||
| Series 4974, Class PO, PO, Zero Coupon, 08/25/2042 | 53 | 47 | ||||||
| Series 4990, Class MI, IO, 4.00%, 07/25/2050 | 7,137 | 1,217 | ||||||
| Series 5003, Class AS, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 5.99%, 08/25/2050 (aa) | 7,736 | 2,086 | ||||||
| Series 5016, Class PI, IO, 3.00%, 09/25/2050 | 14,936 | 2,296 | ||||||
| Series 5034, Class YI, IO, 4.00%, 11/25/2050 | 5,140 | 826 | ||||||
| Series 5045, Class DI, IO, 2.50%, 11/25/2050 | 3,589 | 291 | ||||||
| Series 5047, Class CI, IO, 2.00%, 12/25/2050 | 2,252 | 225 | ||||||
| Series 5056, Class PI, IO, 2.50%, 12/25/2050 | 10,879 | 875 | ||||||
| Series 5062, Class EI, IO, 2.00%, 01/25/2051 | 4,714 | 568 | ||||||
| Series 5065, Class IG, IO, 3.00%, 01/25/2051 | 4,617 | 674 | ||||||
| Series 5069, Class DI, IO, 3.50%, 02/25/2041 | 2,129 | 291 | ||||||
| Series 5069, Class LI, IO, 2.50%, 02/25/2051 | 19,865 | 3,058 | ||||||
| Series 5071, Class IN, IO, 4.00%, 08/25/2050 | 9,505 | 1,708 | ||||||
| Series 5087, Class IL, IO, 3.00%, 03/25/2051 | 3,238 | 569 | ||||||
| FHLMC STRIPs, Series 365, Class C2, IO, 4.00%, 06/15/2049 | 7,677 | 1,223 | ||||||
| FNMA Interest STRIP, | ||||||||
| Series 379, Class S56, IF, IO, (7.90% - ICE LIBOR USD 1 Month), 7.79%, 05/25/2037 (aa) | 662 | 150 | ||||||
| Series 406, Class 23, IO, 6.00%, 11/25/2040 (z) | 237 | 66 | ||||||
| FNMA REMICS, | ||||||||
| Series 2012-53, Class IO, IO, 3.50%, 05/25/2027 | 2,132 | 91 | ||||||
| Series 2012-98, Class JI, IO, 3.00%, 04/25/2027 | 4,175 | 175 | ||||||
| Series 2012-133, Class MO, PO, Zero Coupon, 12/25/2042 | 200 | 150 | ||||||
| Series 2012-135, Class SB, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 5.99%, 12/25/2042 (aa) | 1,712 | 303 | ||||||
| Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043 | 1,049 | 944 | ||||||
| Series 2014-34, Class US, IF, (8.60% - ICE LIBOR USD 1 Month), 8.38%, 06/25/2044 (aa) | 76 | 81 | ||||||
| Series 2016-26, Class SY, IF, (7.03% - ICE LIBOR USD 1 Month), 6.78%, 11/25/2042 (aa) | 846 | 828 | ||||||
| Series 2016-63, Class AS, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.89%, 09/25/2046 (aa) | 1,564 | 346 | ||||||
| Series 2018-67, Class SH, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 6.09%, 09/25/2048 (aa) | 5,740 | 1,213 | ||||||
| Series 2019-48, Class IB, IO, 0.68%, 06/25/2039 (z) | 31,780 | 867 | ||||||
| Series 2019-68, Class US, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 5.89%, 11/25/2049 (aa) | 10,261 | 2,028 | ||||||
| Series 2019-78, Class DI, IO, 4.50%, 11/25/2049 | 1,412 | 158 | ||||||
| Series 2020-42, Class CI, IO, 3.00%, 06/25/2050 | 16,379 | 2,784 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Collateralized Mortgage Obligations — continued | ||||||||
| Series 2020-60, Class BI, IO, 3.50%, 09/25/2050 | 18,170 | 2,603 | ||||||
| Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 | 13,656 | 1,851 | ||||||
| Series 2020-86, Class PI, IO, 2.50%, 12/25/2050 | 4,017 | 339 | ||||||
| Series 2020-89, Class IM, IO, 2.00%, 12/25/2050 | 12,115 | 1,444 | ||||||
| Series 2020-89, Class LI, IO, 3.00%, 12/25/2050 | 16,323 | 2,833 | ||||||
| Series 2020-93, Class JI, IO, 2.50%, 01/25/2051 | 4,258 | 605 | ||||||
| Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 | 1,284 | 189 | ||||||
| GNMA, | ||||||||
| Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 0.62%, 12/20/2064 (aa) | 124 | 124 | ||||||
| Series 2015-H33, Class FA, (ICE LIBOR USD 1 Month + 0.66%), 0.78%, 12/20/2065 (aa) | 10,017 | 10,136 | ||||||
| Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 0.77%, 01/20/2069 (aa) | 6,853 | 6,983 | ||||||
| Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 0.92%, 10/20/2069 (aa) | 3,906 | 4,015 | ||||||
| Series 2020-142, Class MT, IF, IO, (6.15% - ICE LIBOR USD 1 Month), 0.05%, 07/20/2047 (aa) | 22,971 | 37 | ||||||
| Series 2020-142, Class TN, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 0.10%, 09/20/2047 (aa) | 35,829 | 115 | ||||||
| Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 1.36%, 08/20/2070 (aa) | 10,061 | 10,660 | ||||||
| Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 1.16%, 07/20/2070 (aa) | 5,151 | 5,369 | ||||||
| Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 1.36%, 04/20/2070 (aa) | 8,791 | 9,263 | ||||||
| Series 2020-H16, Class FN, (ICE LIBOR USD 1 Month + 1.25%), 1.36%, 09/20/2070 (aa) | 2,991 | 3,166 | ||||||
| MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 12,520 | 12,623 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations (Cost $101,130) |
103,053 | |||||||
|
|
|
|||||||
| Commercial Mortgage-Backed Securities —0.6% | ||||||||
| Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048 | 561 | 597 | ||||||
| BANK, | ||||||||
| Series 2017-BNK7, Class AS, 3.75%, 09/15/2060 | 750 | 819 | ||||||
| Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z) | 500 | 565 | ||||||
| Barclays Commercial Mortgage Trust, | ||||||||
| Series 2019-C5, Class A4, 3.06%, 11/15/2052 | 1,000 | 1,054 | ||||||
| Series 2019-C5, Class ASB, 2.99%, 11/15/2052 | 500 | 535 | ||||||
| BBCMS Mortgage Trust, | ||||||||
| Series 2020-C6, Class ASB, 2.60%, 02/15/2053 | 600 | 630 | ||||||
| Series 2020-C7, Class A5, 2.04%, 04/15/2053 | 210 | 205 | ||||||
| Benchmark Mortgage Trust, | ||||||||
| Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z) | 350 | 357 | ||||||
| Series 2020-B17, Class A5, 2.29%, 03/15/2053 | 500 | 497 | ||||||
| Series 2020-B20, Class A5, 2.03%, 10/15/2053 | 750 | 727 | ||||||
| CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050 | 1,000 | 1,077 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Commercial Mortgage-Backed Securities — continued | ||||||||
| Citigroup Commercial Mortgage Trust, | ||||||||
| Series 2014-GC23, Class AS, 3.86%, 07/10/2047 | 250 | 270 | ||||||
| Series 2014-GC25, Class A4, 3.64%, 10/10/2047 | 500 | 541 | ||||||
| Series 2015-GC33, Class AS, 4.11%, 09/10/2058 | 500 | 546 | ||||||
| Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 250 | 261 | ||||||
| COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049 | 466 | 495 | ||||||
| CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049 | 392 | 415 | ||||||
| CSMC, Series 2020-FACT, Class A, (ICE LIBOR USD 1 Month + 1.35%), 1.46%, 10/15/2037 (e) (aa) | 2,100 | 2,112 | ||||||
| FHLMC Multifamily Structured Pass Through Certificates, | ||||||||
| Series K027, Class A2, 2.64%, 01/25/2023 | 805 | 834 | ||||||
| Series K047, Class A2, 3.33%, 05/25/2025 (z) | 1,000 | 1,094 | ||||||
| Series K049, Class A2, 3.01%, 07/25/2025 | 250 | 270 | ||||||
| Series K057, Class A2, 2.57%, 07/25/2026 | 850 | 906 | ||||||
| Series K063, Class A2, 3.43%, 01/25/2027 (z) | 1,000 | 1,112 | ||||||
| Series K071, Class A2, 3.29%, 11/25/2027 | 500 | 554 | ||||||
| Series K073, Class A2, 3.35%, 01/25/2028 | 1,000 | 1,111 | ||||||
| Series K075, Class A2, 3.65%, 02/25/2028 (z) | 500 | 565 | ||||||
| Series K094, Class A2, 2.90%, 06/25/2029 | 112 | 121 | ||||||
| Series K103, Class A2, 2.65%, 11/25/2029 | 500 | 531 | ||||||
| Series K108, Class A2, 1.52%, 03/25/2030 | 304 | 296 | ||||||
| Series K117, Class A2, 1.41%, 08/25/2030 | 1,500 | 1,439 | ||||||
| Series K118, Class A2, 1.49%, 09/25/2030 | 500 | 483 | ||||||
| Series K725, Class A2, 3.00%, 01/25/2024 | 225 | 239 | ||||||
| Series K726, Class A2, 2.91%, 04/25/2024 | 902 | 954 | ||||||
| Series K729, Class A2, 3.14%, 10/25/2024 | 200 | 215 | ||||||
| Series K737, Class A2, 2.53%, 10/25/2026 | 650 | 689 | ||||||
| FNMA-ACES, | ||||||||
| Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z) | 674 | 733 | ||||||
| Series 2016-M5, Class A2, 2.47%, 04/25/2026 | 500 | 526 | ||||||
| Series 2017-M11, Class A2, 2.98%, 08/25/2029 | 1,000 | 1,081 | ||||||
| Series 2017-M12, Class A2, 3.08%, 06/25/2027 (z) | 137 | 149 | ||||||
| Series 2017-M13, Class A2, 2.94%, 09/25/2027 (z) | 674 | 734 | ||||||
| Series 2020-M46, Class A2, 1.32%, 05/25/2030 | 1,000 | 958 | ||||||
| GS Mortgage Securities Trust, | ||||||||
| Series 2013-GC12, Class AS, 3.38%, 06/10/2046 | 400 | 417 | ||||||
| Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 250 | 263 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||
| Series 2012-C5, Class A4, 3.18%, 08/15/2045 | 1,000 | 1,024 | ||||||
| Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 500 | 539 | ||||||
| Series 2016-C31, Class A5, 3.10%, 11/15/2049 | 500 | 534 | ||||||
| Series 2016-C32, Class A4, 3.72%, 12/15/2049 | 1,000 | 1,102 | ||||||
| UBS Commercial Mortgage Trust, | ||||||||
| Series 2018-C11, Class ASB, 4.12%, 06/15/2051 | 687 | 769 | ||||||
| Series 2018-C12, Class A5, 4.30%, 08/15/2051 | 1,380 | 1,563 | ||||||
| UBS-Barclays Commercial Mortgage Trust, | ||||||||
| Series 2012-C2, Class A4, 3.53%, 05/10/2063 | 200 | 205 | ||||||
| Series 2012-C4, Class A5, 2.85%, 12/10/2045 | 500 | 515 | ||||||
| Series 2013-C5, Class A4, 3.18%, 03/10/2046 | 415 | 431 | ||||||
| Series 2013-C6, Class A4, 3.24%, 04/10/2046 | 400 | 417 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Commercial Mortgage-Backed Securities — continued | ||||||||
| Wells Fargo Commercial Mortgage Trust, | ||||||||
| Series 2014-LC18, Class A5, 3.41%, 12/15/2047 | 420 | 454 | ||||||
| Series 2015-C27, Class A5, 3.45%, 02/15/2048 | 918 | 988 | ||||||
| Series 2015-LC20, Class A5, 3.18%, 04/15/2050 | 500 | 537 | ||||||
| Series 2017-C39, Class A5, 3.42%, 09/15/2050 | 1,000 | 1,086 | ||||||
| Series 2017-C40, Class A4, 3.58%, 10/15/2050 | 550 | 601 | ||||||
| WFRBS Commercial Mortgage Trust, | ||||||||
| Series 2013-C12, Class A4, 3.20%, 03/15/2048 | 400 | 417 | ||||||
| Series 2014-C20, Class ASB, 3.64%, 05/15/2047 | 961 | 1,006 | ||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities (Cost $41,006) |
40,165 | |||||||
|
|
|
|||||||
| Corporate Bonds —19.3% | ||||||||
| Basic Materials — 0.7% | ||||||||
| Chemicals — 0.4% | ||||||||
| Air Liquide Finance SA, (France), | ||||||||
| Reg. S, 0.63%, 06/20/2030 | EUR | 400 | 485 | |||||
| Reg. S, 0.75%, 06/13/2024 | EUR | 600 | 724 | |||||
| Air Products and Chemicals, Inc., | ||||||||
| 1.00%, 02/12/2025 | EUR | 1,550 | 1,898 | |||||
| 2.80%, 05/15/2050 | 15 | 14 | ||||||
| Albemarle New Holding GmbH, (Germany), Reg. S, 1.63%, 11/25/2028 | EUR | 1,000 | 1,245 | |||||
| Argentum Netherlands BV for Givaudan SA, (Netherlands), | ||||||||
| Reg. S, 1.13%, 09/17/2025 | EUR | 800 | 983 | |||||
| Reg. S, 2.00%, 09/17/2030 | EUR | 2,200 | 2,969 | |||||
| Cabot Corp., 4.00%, 07/01/2029 | 50 | 53 | ||||||
| Celanese US Holdings LLC, 2.13%, 03/01/2027 | EUR | 900 | 1,136 | |||||
| CF Industries, Inc., 4.50%, 12/01/2026 (e) | 1,800 | 2,026 | ||||||
| Covestro AG, (Germany), | ||||||||
| Reg. S, 0.88%, 02/03/2026 | EUR | 1,875 | 2,272 | |||||
| Reg. S, 1.38%, 06/12/2030 | EUR | 775 | 965 | |||||
| Dow Chemical Co. (The), | ||||||||
| 4.55%, 11/30/2025 | 1,800 | 2,041 | ||||||
| 5.25%, 11/15/2041 | 600 | 750 | ||||||
| DuPont de Nemours, Inc., | ||||||||
| 2.17%, 05/01/2023 | 100 | 100 | ||||||
| 4.21%, 11/15/2023 | 900 | 978 | ||||||
| Eastman Chemical Co., | ||||||||
| 1.50%, 05/26/2023 | EUR | 900 | 1,084 | |||||
| 3.60%, 08/15/2022 | 2,900 | 3,000 | ||||||
| Ecolab, Inc., 1.00%, 01/15/2024 | EUR | 1,950 | 2,351 | |||||
| FMC Corp., 4.50%, 10/01/2049 | 25 | 28 | ||||||
| Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027 | EUR | 100 | 123 | |||||
| Huntsman International LLC, | ||||||||
| 4.50%, 05/01/2029 | 332 | 367 | ||||||
| 5.13%, 11/15/2022 | 145 | 153 | ||||||
| Linde Finance BV, (Netherlands), | ||||||||
| Reg. S, 0.55%, 05/19/2032 | EUR | 400 | 475 | |||||
| Reg. S, 1.88%, 05/22/2024 | EUR | 425 | 532 | |||||
| LYB International Finance BV, (Netherlands), 4.88%, 03/15/2044 | 550 | 634 | ||||||
| LYB International Finance III LLC, 4.20%, 10/15/2049 | 600 | 636 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Chemicals — continued | ||||||||
| Mosaic Co. (The), 4.25%, 11/15/2023 | 45 | 49 | ||||||
| PPG Industries, Inc., | ||||||||
| 1.20%, 03/15/2026 | 45 | 44 | ||||||
| 2.55%, 06/15/2030 | 140 | 142 | ||||||
| RPM International, Inc., 4.55%, 03/01/2029 | 60 | 67 | ||||||
| Sherwin-Williams Co. (The), | ||||||||
| 3.13%, 06/01/2024 | 100 | 106 | ||||||
| 3.30%, 05/15/2050 | 70 | 69 | ||||||
| 3.45%, 08/01/2025 | 90 | 98 | ||||||
| 3.80%, 08/15/2049 | 90 | 95 | ||||||
| 4.50%, 06/01/2047 | 50 | 58 | ||||||
| Westlake Chemical Corp., | ||||||||
| 1.63%, 07/17/2029 | EUR | 500 | 610 | |||||
| 4.38%, 11/15/2047 | 40 | 43 | ||||||
| 5.00%, 08/15/2046 | 20 | 24 | ||||||
| Yara International ASA, (Norway), 3.15%, 06/04/2030 (e) | 1,000 | 1,029 | ||||||
|
|
|
|||||||
| 30,456 | ||||||||
|
|
|
|||||||
| Iron/Steel — 0.1% | ||||||||
| Reliance Steel & Aluminum Co., | ||||||||
| 1.30%, 08/15/2025 | 20 | 20 | ||||||
| 2.15%, 08/15/2030 | 235 | 225 | ||||||
| Steel Dynamics, Inc., 3.25%, 01/15/2031 | 2,100 | 2,221 | ||||||
| Vale Overseas Ltd., (Cayman Islands), | ||||||||
| 6.88%, 11/21/2036 | 90 | 119 | ||||||
| 6.88%, 11/10/2039 | 136 | 182 | ||||||
| Vale SA, (Brazil), 5.63%, 09/11/2042 | 204 | 245 | ||||||
|
|
|
|||||||
| 3,012 | ||||||||
|
|
|
|||||||
| Mining — 0.2% | ||||||||
| Anglo American Capital plc, (United Kingdom), | ||||||||
| Reg. S, 1.63%, 03/11/2026 | EUR | 500 | 622 | |||||
| Reg. S, 3.38%, 03/11/2029 | GBP | 1,350 | 2,005 | |||||
| Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039 | 920 | 1,203 | ||||||
| BHP Billiton Finance Ltd., (Australia), Series 17, Reg. S, 1.50%, 04/29/2030 | EUR | 775 | 987 | |||||
| Glencore Capital Finance DAC, (Ireland), | ||||||||
| Reg. S, 0.75%, 03/01/2029 | EUR | 850 | 979 | |||||
| Reg. S, 1.25%, 03/01/2033 | EUR | 1,625 | 1,850 | |||||
| Kinross Gold Corp., (Canada), 4.50%, 07/15/2027 | 2,500 | 2,814 | ||||||
| Newmont Corp., 4.88%, 03/15/2042 | 30 | 36 | ||||||
| Norsk Hydro ASA, (Norway), Reg. S, 1.13%, 04/11/2025 | EUR | 900 | 1,089 | |||||
| Southern Copper Corp., | ||||||||
| 3.88%, 04/23/2025 | 35 | 38 | ||||||
| 5.88%, 04/23/2045 | 104 | 137 | ||||||
| 6.75%, 04/16/2040 | 10 | 14 | ||||||
| Teck Resources Ltd., (Canada), 6.25%, 07/15/2041 | 1,100 | 1,351 | ||||||
|
|
|
|||||||
| 13,125 | ||||||||
|
|
|
|||||||
| Total Basic Materials | 46,593 | |||||||
|
|
|
|||||||
| Communications — 1.3% | ||||||||
| Advertising — 0.1% | ||||||||
| Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041 | 100 | 97 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Advertising — continued | ||||||||
| MMS USA Investments, Inc., | ||||||||
| Reg. S, 0.63%, 06/13/2025 | EUR | 1,500 | 1,788 | |||||
| Reg. S, 1.75%, 06/13/2031 | EUR | 1,000 | 1,259 | |||||
| WPP Finance 2013, (United Kingdom), Reg. S, 2.88%, 09/14/2046 | GBP | 425 | 543 | |||||
|
|
|
|||||||
| 3,687 | ||||||||
|
|
|
|||||||
| Internet — 0.1% | ||||||||
| Alibaba Group Holding Ltd., (Cayman Islands), 3.15%, 02/09/2051 | 200 | 185 | ||||||
| Alphabet, Inc., | ||||||||
| 1.90%, 08/15/2040 | 700 | 603 | ||||||
| 2.25%, 08/15/2060 | 65 | 53 | ||||||
| Amazon.com, Inc., | ||||||||
| 3.88%, 08/22/2037 | 20 | 23 | ||||||
| 4.25%, 08/22/2057 | 30 | 35 | ||||||
| Booking Holdings, Inc., | ||||||||
| 0.50%, 03/08/2028 | EUR | 1,000 | 1,180 | |||||
| 1.80%, 03/03/2027 | EUR | 1,000 | 1,274 | |||||
| eBay, Inc., 1.90%, 03/11/2025 | 5 | 5 | ||||||
| Expedia Group, Inc., | ||||||||
| 2.50%, 06/03/2022 | EUR | 500 | 598 | |||||
| 2.95%, 03/15/2031 (e) | 200 | 197 | ||||||
| 3.60%, 12/15/2023 (e) | 10 | 11 | ||||||
| 4.63%, 08/01/2027 (e) | 5 | 6 | ||||||
| JD.com, Inc., (Cayman Islands), 3.38%, 01/14/2030 | 325 | 335 | ||||||
| Prosus NV, (Netherlands), | ||||||||
| Reg. S, 1.54%, 08/03/2028 | EUR | 1,075 | 1,292 | |||||
| Reg. S, 2.03%, 08/03/2032 | EUR | 675 | 810 | |||||
|
|
|
|||||||
| 6,607 | ||||||||
|
|
|
|||||||
| Media — 0.4% | ||||||||
| Charter Communications Operating LLC / Charter Communications Operating Capital, | ||||||||
| 3.50%, 06/01/2041 | 35 | 33 | ||||||
| 3.90%, 06/01/2052 | 2,100 | 2,011 | ||||||
| 4.46%, 07/23/2022 | 190 | 198 | ||||||
| 4.50%, 02/01/2024 | 115 | 126 | ||||||
| 4.80%, 03/01/2050 | 80 | 86 | ||||||
| 4.91%, 07/23/2025 | 1,545 | 1,752 | ||||||
| 5.75%, 04/01/2048 | 25 | 30 | ||||||
| 6.38%, 10/23/2035 | 90 | 117 | ||||||
| 6.48%, 10/23/2045 | 30 | 39 | ||||||
| Comcast Corp., | ||||||||
| 1.50%, 02/15/2031 | 2,900 | 2,688 | ||||||
| 1.88%, 02/20/2036 | GBP | 1,075 | 1,441 | |||||
| 2.35%, 01/15/2027 | 2,000 | 2,087 | ||||||
| 2.65%, 08/15/2062 | 55 | 46 | ||||||
| 3.60%, 03/01/2024 | 200 | 218 | ||||||
| 3.97%, 11/01/2047 | 220 | 245 | ||||||
| 4.05%, 11/01/2052 | 40 | 45 | ||||||
| 4.25%, 10/15/2030 | 120 | 138 | ||||||
| 4.60%, 10/15/2038 | 20 | 24 | ||||||
| Cox Communications, Inc., 3.50%, 08/15/2027 (e) | 3,180 | 3,452 | ||||||
| Discovery Communications LLC, | ||||||||
| 5.20%, 09/20/2047 | 1,100 | 1,299 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Media — continued | ||||||||
| 5.30%, 05/15/2049 | 90 | 107 | ||||||
| Informa plc, (United Kingdom), Reg. S, 2.13%, 10/06/2025 | EUR | 856 | 1,059 | |||||
| ITV plc, (United Kingdom), Reg. S, 1.38%, 09/26/2026 | EUR | 1,300 | 1,581 | |||||
| Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030 | GBP | 475 | 711 | |||||
| RELX Finance BV, (Netherlands), Reg. S, 0.00%, 03/18/2024 | EUR | 100 | 118 | |||||
| Sky Ltd., (United Kingdom), | ||||||||
| Reg. S, 2.25%, 11/17/2025 | EUR | 450 | 584 | |||||
| Reg. S, 2.50%, 09/15/2026 | EUR | 850 | 1,131 | |||||
| Thomson Reuters Corp., (Canada), 4.30%, 11/23/2023 | 120 | 130 | ||||||
| Time Warner Cable LLC, | ||||||||
| 4.50%, 09/15/2042 | 80 | 85 | ||||||
| 5.50%, 09/01/2041 | 800 | 945 | ||||||
| ViacomCBS, Inc., 5.85%, 09/01/2043 | 1,450 | 1,860 | ||||||
| Vivendi SE, (France), | ||||||||
| Reg. S, 0.63%, 06/11/2025 | EUR | 1,200 | 1,433 | |||||
| Reg. S, 1.13%, 12/11/2028 | EUR | 1,200 | 1,462 | |||||
| Wolters Kluwer NV, (Netherlands), | ||||||||
| Reg. S, 0.75%, 07/03/2030 | EUR | 775 | 930 | |||||
| Reg. S, 1.50%, 03/22/2027 | EUR | 2,275 | 2,879 | |||||
|
|
|
|||||||
| 31,090 | ||||||||
|
|
|
|||||||
| Telecommunications — 0.7% | ||||||||
| America Movil SAB de CV, (Mexico), 5.00%, 10/27/2026 | GBP | 100 | 164 | |||||
| AT&T, Inc., | ||||||||
| 0.90%, 03/25/2024 | 100 | 100 | ||||||
| 1.70%, 03/25/2026 | 405 | 405 | ||||||
| 1.80%, 09/05/2026 | EUR | 1,150 | 1,454 | |||||
| 1.80%, 09/14/2039 | EUR | 1,200 | 1,414 | |||||
| 2.05%, 05/19/2032 | EUR | 100 | 130 | |||||
| 2.45%, 03/15/2035 | EUR | 425 | 555 | |||||
| 3.30%, 02/01/2052 | 25 | 23 | ||||||
| 3.50%, 06/01/2041 | 1,700 | 1,677 | ||||||
| 3.50%, 02/01/2061 | 45 | 41 | ||||||
| 3.55%, 09/15/2055 (e) | 5 | 4 | ||||||
| 3.65%, 06/01/2051 | 1,800 | 1,737 | ||||||
| 3.80%, 12/01/2057 (e) | 52 | 49 | ||||||
| 3.85%, 06/01/2060 | 20 | 19 | ||||||
| 4.25%, 06/01/2043 | GBP | 200 | 331 | |||||
| 4.30%, 12/15/2042 | 25 | 27 | ||||||
| 4.45%, 04/01/2024 | 47 | 51 | ||||||
| 4.80%, 06/15/2044 | 20 | 23 | ||||||
| 4.85%, 03/01/2039 | 175 | 203 | ||||||
| 5.25%, 03/01/2037 | 60 | 72 | ||||||
| Reg. S, 5.50%, 03/15/2027 | GBP | 450 | 757 | |||||
| 7.00%, 04/30/2040 | GBP | 400 | 875 | |||||
| Bell Canada, (Canada), Series US-3, 0.75%, 03/17/2024 | 100 | 100 | ||||||
| CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023 | EUR | 1,300 | 1,538 | |||||
| Deutsche Telekom International Finance BV, (Netherlands), | ||||||||
| 3.60%, 01/19/2027 (e) | 900 | 986 | ||||||
| 8.75%, 06/15/2030 | 236 | 349 | ||||||
| Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024 | EUR | 100 | 120 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Telecommunications — continued | ||||||||
| Global Switch Holdings Ltd., (British Virgin Islands), Reg. S, 1.50%, 01/31/2024 | EUR | 450 | 546 | |||||
| Level 3 Financing, Inc., | ||||||||
| 3.40%, 03/01/2027 (e) | 2,000 | 2,117 | ||||||
| 3.88%, 11/15/2029 (e) | 750 | 790 | ||||||
| Motorola Solutions, Inc., | ||||||||
| 2.30%, 11/15/2030 | 47 | 45 | ||||||
| 4.00%, 09/01/2024 | 15 | 17 | ||||||
| 4.60%, 02/23/2028 | 1,375 | 1,564 | ||||||
| 4.60%, 05/23/2029 | 40 | 45 | ||||||
| Orange SA, (France), Reg. S, 3.25%, 01/15/2032 | GBP | 1,100 | 1,705 | |||||
| OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026 | EUR | 100 | 120 | |||||
| Proximus SADP, (Belgium), Reg. S, 2.38%, 04/04/2024 | EUR | 100 | 126 | |||||
| Sprint Corp., 7.63%, 02/15/2025 | 2,800 | 3,328 | ||||||
| Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.88%, 03/01/2024 | EUR | 1,000 | 1,231 | |||||
| Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028 | EUR | 700 | 823 | |||||
| Telstra Corp. Ltd., (Australia), 3.13%, 04/07/2025 (e) | 2,600 | 2,776 | ||||||
| T-Mobile USA, Inc., | ||||||||
| 1.50%, 02/15/2026 (e) | 10 | 10 | ||||||
| 3.50%, 04/15/2025 (e) | 2,525 | 2,725 | ||||||
| 3.88%, 04/15/2030 (e) | 2,520 | 2,746 | ||||||
| Verizon Communications, Inc., | ||||||||
| 0.88%, 04/02/2025 | EUR | 750 | 910 | |||||
| 0.88%, 04/08/2027 | EUR | 475 | 579 | |||||
| 0.88%, 03/19/2032 | EUR | 1,100 | 1,304 | |||||
| 1.30%, 05/18/2033 | EUR | 1,225 | 1,502 | |||||
| 1.68%, 10/30/2030 (e) | 78 | 72 | ||||||
| 1.85%, 05/18/2040 | EUR | 750 | 944 | |||||
| 1.88%, 11/03/2038 | GBP | 200 | 257 | |||||
| 2.50%, 04/08/2031 | GBP | 1,000 | 1,440 | |||||
| 2.55%, 03/21/2031 | 650 | 648 | ||||||
| 2.65%, 11/20/2040 | 970 | 884 | ||||||
| 2.88%, 11/20/2050 | 20 | 18 | ||||||
| 2.99%, 10/30/2056 (e) | 35 | 31 | ||||||
| 3.00%, 11/20/2060 | 60 | 52 | ||||||
| 3.25%, 02/17/2026 | EUR | 200 | 271 | |||||
| 3.38%, 02/15/2025 | 50 | 54 | ||||||
| 3.70%, 03/22/2061 | 350 | 344 | ||||||
| 4.07%, 06/18/2024 | GBP | 100 | 153 | |||||
| 4.13%, 08/15/2046 | 80 | 87 | ||||||
| 4.40%, 11/01/2034 | 20 | 23 | ||||||
| 4.50%, 08/10/2033 | 1,900 | 2,205 | ||||||
| 4.86%, 08/21/2046 | 170 | 203 | ||||||
|
|
|
|||||||
| 45,899 | ||||||||
|
|
|
|||||||
| Total Communications | 87,283 | |||||||
|
|
|
|||||||
| Consumer Cyclical — 1.4% | ||||||||
| Airlines — 0.1% | ||||||||
| easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028 | EUR | 1,350 | 1,560 | |||||
| Ryanair DAC, (Ireland), Reg. S, 1.13%, 08/15/2023 | EUR | 675 | 804 | |||||
| Southwest Airlines Co., 5.25%, 05/04/2025 | 1,630 | 1,854 | ||||||
|
|
|
|||||||
| 4,218 | ||||||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Apparel — 0.0% (g) | ||||||||
| Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025 | GBP | 425 | 579 | |||||
| LVMH Moet Hennessy Louis Vuitton SE, (France), | ||||||||
| Reg. S, 0.13%, 02/11/2028 | EUR | 800 | 942 | |||||
| Reg. S, 0.75%, 04/07/2025 | EUR | 300 | 364 | |||||
| NIKE, Inc., | ||||||||
| 3.25%, 03/27/2040 | 166 | 174 | ||||||
| 3.38%, 03/27/2050 | 33 | 34 | ||||||
| Tapestry, Inc., 4.13%, 07/15/2027 | 52 | 57 | ||||||
| VF Corp., 2.40%, 04/23/2025 | 25 | 26 | ||||||
|
|
|
|||||||
| 2,176 | ||||||||
|
|
|
|||||||
| Auto Manufacturers — 1.0% | ||||||||
| American Honda Finance Corp., | ||||||||
| 0.55%, 07/12/2024 | 112 | 111 | ||||||
| 0.75%, 11/25/2026 | GBP | 4,800 | 6,475 | |||||
| 1.00%, 09/10/2025 | 6,900 | 6,790 | ||||||
| BMW US Capital LLC, | ||||||||
| 3.80%, 04/06/2023 (e) | 169 | 180 | ||||||
| 3.90%, 04/09/2025 (e) | 1,100 | 1,212 | ||||||
| Cummins, Inc., 2.60%, 09/01/2050 | 30 | 27 | ||||||
| Daimler AG, (Germany), | ||||||||
| Reg. S, 0.75%, 03/11/2033 | EUR | 1,150 | 1,348 | |||||
| Reg. S, 1.13%, 11/06/2031 | EUR | 15 | 18 | |||||
| Reg. S, 1.63%, 08/22/2023 | EUR | 20 | 25 | |||||
| Reg. S, 2.13%, 07/03/2037 | EUR | 775 | 1,037 | |||||
| Reg. S, 2.38%, 05/22/2030 | EUR | 425 | 576 | |||||
| Reg. S, 2.63%, 04/07/2025 | EUR | 1,760 | 2,278 | |||||
| Daimler Finance North America LLC, 2.55%, 08/15/2022 (e) | 3,100 | 3,179 | ||||||
| Daimler International Finance BV, (Netherlands), Reg. S, 0.63%, 02/27/2023 | EUR | 425 | 506 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Auto Manufacturers — continued | ||||||||
| Ford Motor Credit Co. LLC, | ||||||||
| 2.75%, 06/14/2024 | GBP | 1,600 | 2,225 | |||||
| 3.37%, 11/17/2023 | 2,000 | 2,050 | ||||||
| 4.00%, 11/13/2030 | 545 | 541 | ||||||
| General Motors Co., | ||||||||
| 5.20%, 04/01/2045 | 455 | 521 | ||||||
| 5.40%, 04/01/2048 | 275 | 324 | ||||||
| 6.60%, 04/01/2036 | 520 | 674 | ||||||
| 6.75%, 04/01/2046 | 106 | 143 | ||||||
| General Motors Financial Co., Inc., | ||||||||
| Reg. S, 0.85%, 02/26/2026 | EUR | 370 | 439 | |||||
| Reg. S, 1.69%, 03/26/2025 | EUR | 775 | 957 | |||||
| 1.70%, 08/18/2023 | 70 | 71 | ||||||
| Reg. S, 2.20%, 04/01/2024 | EUR | 100 | 124 | |||||
| Reg. S, 2.25%, 09/06/2024 | GBP | 700 | 992 | |||||
| Reg. S, 2.35%, 09/03/2025 | GBP | 1,225 | 1,740 | |||||
| 2.70%, 08/20/2027 | 1,450 | 1,476 | ||||||
| 2.75%, 06/20/2025 | 80 | 84 | ||||||
| 2.90%, 02/26/2025 | 45 | 47 | ||||||
| 3.45%, 04/10/2022 | 60 | 61 | ||||||
| 4.20%, 11/06/2021 | 200 | 204 | ||||||
| 5.20%, 03/20/2023 | 20 | 22 | ||||||
| Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023 | EUR | 425 | 537 | |||||
| Nissan Motor Co. Ltd., (Japan), 3.52%, 09/17/2025 (e) | 3,000 | 3,177 | ||||||
| PACCAR Financial Europe BV, (Netherlands), | ||||||||
| Reg. S, 0.00%, 03/03/2023 | EUR | 500 | 589 | |||||
| Reg. S, 0.13%, 03/07/2022 | EUR | 100 | 118 | |||||
| Stellantis NV, (Netherlands), | ||||||||
| Reg. S, 0.63%, 03/30/2027 | EUR | 1,100 | 1,285 | |||||
| Reg. S, 2.75%, 05/15/2026 | EUR | 800 | 1,038 | |||||
| Toyota Motor Corp., (Japan), 0.68%, 03/25/2024 | 180 | 180 | ||||||
| Toyota Motor Credit Corp., | ||||||||
| 0.80%, 10/16/2025 | 3,875 | 3,806 | ||||||
| 0.80%, 01/09/2026 | 100 | 98 | ||||||
| Traton Finance Luxembourg SA, (Luxembourg), | ||||||||
| Reg. S, 0.13%, 03/24/2025 | EUR | 1,500 | 1,758 | |||||
| Reg. S, 1.25%, 03/24/2033 | EUR | 1,200 | 1,412 | |||||
| Volkswagen Bank GmbH, (Germany), | ||||||||
| Reg. S, 0.75%, 06/15/2023 | EUR | 300 | 357 | |||||
| Reg. S, 1.25%, 06/10/2024 | EUR | 1,500 | 1,822 | |||||
| Volkswagen Financial Services AG, (Germany), | ||||||||
| Reg. S, 2.25%, 10/16/2026 | EUR | 10 | 13 | |||||
| Reg. S, 2.50%, 04/06/2023 | EUR | 915 | 1,126 | |||||
| Reg. S, 3.00%, 04/06/2025 | EUR | 20 | 26 | |||||
| Reg. S, 3.38%, 04/06/2028 | EUR | 1,450 | 2,022 | |||||
| Volkswagen International Finance NV, (Netherlands), | ||||||||
| Reg. S, (EUR Swap Rate 5 Year + 3.75%), 3.50%, 06/17/2025 (x) (aa) | EUR | 1,000 | 1,253 | |||||
| Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa) | EUR | 2,000 | 2,562 | |||||
| Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa) | EUR | 210 | 277 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Auto Manufacturers — continued | ||||||||
| Volvo Treasury AB, (Sweden), | ||||||||
| Reg. S, 0.13%, 09/17/2024 | EUR | 425 | 501 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 4.10%), 4.85%, 03/10/2078 (aa) | EUR | 1,575 | 1,993 | |||||
|
|
|
|||||||
| 62,407 | ||||||||
|
|
|
|||||||
| Auto Parts & Equipment — 0.1% | ||||||||
| Aptiv Corp., 4.15%, 03/15/2024 | 55 | 60 | ||||||
| Aptiv plc, (Jersey), 1.50%, 03/10/2025 | EUR | 425 | 525 | |||||
| Autoliv, Inc., Reg. S, 0.75%, 06/26/2023 | EUR | 700 | 833 | |||||
| BorgWarner, Inc., 1.80%, 11/07/2022 | EUR | 425 | 510 | |||||
| Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040 | EUR | 300 | 330 | |||||
| Lear Corp., | ||||||||
| 4.25%, 05/15/2029 | 30 | 33 | ||||||
| 5.25%, 05/15/2049 | 35 | 41 | ||||||
| Magna International, Inc., (Canada), | ||||||||
| 1.90%, 11/24/2023 | EUR | 1,125 | 1,385 | |||||
| 2.45%, 06/15/2030 | 1,000 | 1,001 | ||||||
| 4.15%, 10/01/2025 | 2,000 | 2,241 | ||||||
|
|
|
|||||||
| 6,959 | ||||||||
|
|
|
|||||||
| Distribution/Wholesale — 0.0% (g) | ||||||||
| Bunzl Finance plc, (United Kingdom), Reg. S, 1.50%, 10/30/2030 | GBP | 550 | 730 | |||||
|
|
|
|||||||
| Home Builders — 0.0% (g) | ||||||||
| NVR, Inc., 3.00%, 05/15/2030 | 380 | 390 | ||||||
|
|
|
|||||||
| Home Furnishings — 0.0% (g) | ||||||||
| Whirlpool Finance Luxembourg Sarl, (Luxembourg), | ||||||||
| 1.10%, 11/09/2027 | EUR | 225 | 272 | |||||
| 1.25%, 11/02/2026 | EUR | 200 | 246 | |||||
|
|
|
|||||||
| 518 | ||||||||
|
|
|
|||||||
| Housewares — 0.0% (g) | ||||||||
| Newell Brands, Inc., 4.70%, 04/01/2026 | 650 | 719 | ||||||
|
|
|
|||||||
| Lodging — 0.0% (g) | ||||||||
| Choice Hotels International, Inc., 3.70%, 12/01/2029 | 40 | 42 | ||||||
| InterContinental Hotels Group plc, (United Kingdom), | ||||||||
| Reg. S, 3.38%, 10/08/2028 | GBP | 450 | 654 | |||||
| Reg. S, 3.75%, 08/14/2025 | GBP | 100 | 149 | |||||
| Las Vegas Sands Corp., | ||||||||
| 3.20%, 08/08/2024 | 20 | 21 | ||||||
| 3.50%, 08/18/2026 | 50 | 52 | ||||||
| Marriott International, Inc., Series HH, 2.85%, 04/15/2031 | 1,245 | 1,223 | ||||||
|
|
|
|||||||
| 2,141 | ||||||||
|
|
|
|||||||
| Retail — 0.2% | ||||||||
| AutoNation, Inc., 4.75%, 06/01/2030 | 1,519 | 1,751 | ||||||
| AutoZone, Inc., 1.65%, 01/15/2031 | 2,595 | 2,374 | ||||||
| Costco Wholesale Corp., 1.75%, 04/20/2032 | 137 | 131 | ||||||
| Dollar General Corp., 4.15%, 11/01/2025 | 10 | 11 | ||||||
| Genuine Parts Co., 1.88%, 11/01/2030 | 280 | 258 | ||||||
| Home Depot, Inc. (The), 3.50%, 09/15/2056 | 75 | 77 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Retail — continued | ||||||||
| 4.20%, 04/01/2043 | 800 | 927 | ||||||
| 5.88%, 12/16/2036 | 90 | 124 | ||||||
| Lowe’s Cos., Inc., 3.50%, 04/01/2051 | 95 | 96 | ||||||
| McDonald’s Corp., Reg. S, 2.38%, 11/27/2024 | EUR | 800 | 1,022 | |||||
| Mitchells & Butlers Finance plc, (United Kingdom), Series A2, Reg. S, 5.57%, 12/15/2030 | GBP | 17 | 27 | |||||
| Next Group plc, (United Kingdom), | ||||||||
| Reg. S, 3.00%, 08/26/2025 | GBP | 225 | 332 | |||||
| Reg. S, 3.63%, 05/18/2028 | GBP | 1,075 | 1,608 | |||||
| Reg. S, 4.38%, 10/02/2026 | GBP | 300 | 466 | |||||
| Walgreens Boots Alliance, Inc., | ||||||||
| 3.30%, 11/18/2021 | 50 | 51 | ||||||
| 4.65%, 06/01/2046 | 20 | 21 | ||||||
| 4.80%, 11/18/2044 | 15 | 16 | ||||||
| Walmart, Inc., | ||||||||
| 2.55%, 04/08/2026 | EUR | 2,550 | 3,373 | |||||
| 2.95%, 09/24/2049 | 25 | 25 | ||||||
| Reg. S, 5.25%, 09/28/2035 | GBP | 550 | 1,107 | |||||
|
|
|
|||||||
| 13,797 | ||||||||
|
|
|
|||||||
| Textiles — 0.0% (g) | ||||||||
| Mohawk Industries, Inc., 2.00%, 01/14/2022 | EUR | 550 | 653 | |||||
|
|
|
|||||||
| Total Consumer Cyclical | 94,708 | |||||||
|
|
|
|||||||
| Consumer Non-cyclical — 2.8% | ||||||||
| Agriculture — 0.3% | ||||||||
| Altria Group, Inc., | ||||||||
| 2.20%, 06/15/2027 | EUR | 825 | 1,044 | |||||
| 3.40%, 02/04/2041 | 25 | 23 | ||||||
| 3.70%, 02/04/2051 | 120 | 109 | ||||||
| 3.88%, 09/16/2046 | 40 | 39 | ||||||
| 4.00%, 02/04/2061 | 120 | 111 | ||||||
| 5.38%, 01/31/2044 | 65 | 76 | ||||||
| 5.95%, 02/14/2049 | 10 | 12 | ||||||
| 6.20%, 02/14/2059 | 58 | 70 | ||||||
| BAT Capital Corp., | ||||||||
| Reg. S, 1.13%, 11/16/2023 | EUR | 100 | 120 | |||||
| 2.79%, 09/06/2024 | 3,285 | 3,462 | ||||||
| 3.22%, 08/15/2024 | 100 | 107 | ||||||
| 3.73%, 09/25/2040 | 35 | 33 | ||||||
| 4.76%, 09/06/2049 | 50 | 51 | ||||||
| BAT International Finance plc, (United Kingdom), | ||||||||
| Reg. S, 2.38%, 01/19/2023 | EUR | 3,800 | 4,642 | |||||
| Reg. S, 7.25%, 03/12/2024 | GBP | 235 | 382 | |||||
| Bunge Finance Europe BV, (Netherlands), 1.85%, 06/16/2023 | EUR | 300 | 364 | |||||
| Bunge Ltd. Finance Corp., 3.75%, 09/25/2027 | 30 | 33 | ||||||
| Cargill, Inc., 2.13%, 04/23/2030 (e) | 1,500 | 1,473 | ||||||
| JT International Financial Services BV, (Netherlands), | ||||||||
| Reg. S, 1.13%, 09/28/2025 | EUR | 100 | 122 | |||||
| Reg. S, 2.75%, 09/28/2033 | GBP | 975 | 1,413 | |||||
| Philip Morris International, Inc., 0.80%, 08/01/2031 | EUR | 1,125 | 1,289 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Agriculture — continued | ||||||||
| 0.88%, 05/01/2026 | 1,715 | 1,664 | ||||||
| 4.25%, 11/10/2044 | 220 | 245 | ||||||
| 6.38%, 05/16/2038 | 155 | 214 | ||||||
| STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025 | EUR | 1,025 | 1,228 | |||||
|
|
|
|||||||
| 18,326 | ||||||||
|
|
|
|||||||
| Beverages — 0.3% | ||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., | ||||||||
| 4.70%, 02/01/2036 | 1,700 | 1,990 | ||||||
| 4.90%, 02/01/2046 | 1,100 | 1,303 | ||||||
| Anheuser-Busch InBev SA, (Belgium), | ||||||||
| Reg. S, 2.75%, 03/17/2036 | EUR | 10 | 14 | |||||
| Reg. S, 3.70%, 04/02/2040 | EUR | 800 | 1,268 | |||||
| Anheuser-Busch InBev Worldwide, Inc., | ||||||||
| 4.15%, 01/23/2025 | 150 | 167 | ||||||
| 5.55%, 01/23/2049 | 50 | 64 | ||||||
| Coca-Cola Co. (The), | ||||||||
| 0.13%, 03/09/2029 | EUR | 3,500 | 4,059 | |||||
| 0.13%, 03/15/2029 | EUR | 1,700 | 1,973 | |||||
| 0.50%, 03/09/2033 | EUR | 500 | 578 | |||||
| 1.00%, 03/09/2041 | EUR | 400 | 458 | |||||
| 3.00%, 03/05/2051 | 230 | 223 | ||||||
| Constellation Brands, Inc., 3.70%, 12/06/2026 | 25 | 28 | ||||||
| Diageo Capital plc, (United Kingdom), 3.88%, 04/29/2043 | 10 | 11 | ||||||
| Diageo Finance plc, (United Kingdom), Reg. S, 1.88%, 03/27/2027 | EUR | 1,000 | 1,291 | |||||
| Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031 | GBP | 32 | 50 | |||||
| Keurig Dr Pepper, Inc., | ||||||||
| 3.13%, 12/15/2023 | 90 | 95 | ||||||
| 4.06%, 05/25/2023 | 26 | 28 | ||||||
| PepsiCo., Inc., | ||||||||
| 0.40%, 10/09/2032 | EUR | 1,200 | 1,385 | |||||
| 1.05%, 10/09/2050 | EUR | 750 | 832 | |||||
| 3.45%, 10/06/2046 | 115 | 121 | ||||||
| Pernod Ricard SA, (France), Reg. S, 1.13%, 04/07/2025 | EUR | 1,600 | 1,958 | |||||
|
|
|
|||||||
| 17,896 | ||||||||
|
|
|
|||||||
| Biotechnology — 0.0% (g) | ||||||||
| Amgen, Inc., 1.90%, 02/21/2025 | 100 | 103 | ||||||
| Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/2030 | 1,000 | 924 | ||||||
|
|
|
|||||||
| 1,027 | ||||||||
|
|
|
|||||||
| Commercial Services — 0.5% | ||||||||
| Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026 | GBP | 400 | 591 | |||||
| ALD SA, (France), Reg. S, 1.25%, 10/11/2022 | EUR | 2,500 | 2,996 | |||||
| Amadeus IT Group SA, (Spain), Reg. S, 0.88%, 09/18/2023 | EUR | 2,000 | 2,389 | |||||
| American University (The), Series 2019, 3.67%, 04/01/2049 | 30 | 33 | ||||||
| Automatic Data Processing, Inc., 1.25%, 09/01/2030 | 1,500 | 1,373 | ||||||
| Block Financial LLC, 3.88%, 08/15/2030 | 10 | 10 | ||||||
| Central Nippon Expressway Co. Ltd., (Japan), | ||||||||
| Reg. S, 1.87%, 09/26/2024 | AUD | 1,000 | 771 | |||||
| Series 65, 0.03%, 07/14/2021 | JPY | 100,000 | 903 | |||||
| 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 | 119 | |||||
| Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 | 1,000 | 1,282 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Commercial Services — continued | ||||||||
| Duke University, Series 2020, 2.68%, 10/01/2044 | 20 | 19 | ||||||
| East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026 | JPY | 100,000 | 901 | |||||
| Equifax, Inc., | ||||||||
| 2.60%, 12/15/2025 | 110 | 116 | ||||||
| 3.10%, 05/15/2030 | 1,830 | 1,898 | ||||||
| ERAC USA Finance LLC, | ||||||||
| 2.70%, 11/01/2023 (e) | 3,200 | 3,357 | ||||||
| 3.85%, 11/15/2024 (e) | 160 | 176 | ||||||
| 4.50%, 02/15/2045 (e) | 400 | 459 | ||||||
| 7.00%, 10/15/2037 (e) | 800 | 1,151 | ||||||
| Euronet Worldwide, Inc., 1.38%, 05/22/2026 | EUR | 2,825 | 3,351 | |||||
| Experian Finance plc, (United Kingdom), | ||||||||
| Reg. S, 0.74%, 10/29/2025 | GBP | 300 | 407 | |||||
| Reg. S, 1.38%, 06/25/2026 | EUR | 1,125 | 1,401 | |||||
| Reg. S, 3.25%, 04/07/2032 | GBP | 225 | 347 | |||||
| George Washington University (The), Series 2014, 4.30%, 09/15/2044 | 30 | 35 | ||||||
| Global Payments, Inc., 1.20%, 03/01/2026 | 200 | 197 | ||||||
| Holding d’Infrastructures de Transport SASU, (France), Reg. S, 2.50%, 05/04/2027 | EUR | 1,900 | 2,474 | |||||
| IHS Markit Ltd., (Bermuda), | ||||||||
| 3.63%, 05/01/2024 | 60 | 64 | ||||||
| 4.13%, 08/01/2023 | 20 | 21 | ||||||
| 4.25%, 05/01/2029 | 148 | 167 | ||||||
| 4.75%, 08/01/2028 | 50 | 58 | ||||||
| Johns Hopkins University, Series A, 2.81%, 01/01/2060 | 600 | 558 | ||||||
| Massachusetts Institute of Technology, | ||||||||
| 3.89%, 07/01/2116 | 663 | 714 | ||||||
| 4.68%, 07/01/2114 | 500 | 641 | ||||||
| Series F, 2.99%, 07/01/2050 | 20 | 21 | ||||||
| Moody’s Corp., | ||||||||
| 0.95%, 02/25/2030 | EUR | 1,125 | 1,369 | |||||
| 1.75%, 03/09/2027 | EUR | 1,125 | 1,436 | |||||
| 2.55%, 08/18/2060 | 20 | 16 | ||||||
| Nats En Route plc, (United Kingdom), Reg. S, 5.25%, 03/31/2026 | GBP | 21 | 33 | |||||
| Northwestern University, Series 2020, 2.64%, 12/01/2050 | 10 | 9 | ||||||
| PayPal Holdings, Inc., | ||||||||
| 2.40%, 10/01/2024 | 50 | 52 | ||||||
| 2.65%, 10/01/2026 | 90 | 95 | ||||||
| 3.25%, 06/01/2050 | 35 | 35 | ||||||
| President and Fellows of Harvard College, 2.52%, 10/15/2050 | 10 | 9 | ||||||
| Quanta Services, Inc., 2.90%, 10/01/2030 | 200 | 203 | ||||||
| Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/2050 | 5 | 5 | ||||||
| S&P Global, Inc., | ||||||||
| 1.25%, 08/15/2030 | 2,100 | 1,921 | ||||||
| 2.30%, 08/15/2060 | 86 | 70 | ||||||
| Transurban Finance Co. Pty Ltd., (Australia), Reg. S, 3.00%, 04/08/2030 | EUR | 100 | 139 | |||||
| Trustees of Princeton University (The), Series 2020, 2.52%, 07/01/2050 | 20 | 19 | ||||||
| University of Southern California, 2.81%, 10/01/2050 | 20 | 19 | ||||||
| Verisk Analytics, Inc., 5.50%, 06/15/2045 | 98 | 123 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Commercial Services — continued | ||||||||
| West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026 | JPY | 200,000 | 1,825 | |||||
|
|
|
|||||||
| 36,378 | ||||||||
|
|
|
|||||||
| Cosmetics/Personal Care — 0.2% | ||||||||
| Colgate-Palmolive Co., 0.50%, 03/06/2026 | EUR | 2,275 | 2,741 | |||||
| Estee Lauder Cos., Inc. (The), | ||||||||
| 2.60%, 04/15/2030 | 60 | 62 | ||||||
| 3.13%, 12/01/2049 | 20 | 20 | ||||||
| Procter & Gamble Co. (The), | ||||||||
| 0.63%, 10/30/2024 | EUR | 1,450 | 1,750 | |||||
| 1.20%, 10/30/2028 | EUR | 1,000 | 1,266 | |||||
| 1.88%, 10/30/2038 | EUR | 1,125 | 1,575 | |||||
| 4.88%, 05/11/2027 | EUR | 425 | 644 | |||||
| Unilever Finance Netherlands BV, (Netherlands), | ||||||||
| Reg. S, 0.50%, 08/12/2023 | EUR | 1,400 | 1,672 | |||||
| Reg. S, 1.13%, 02/12/2027 | EUR | 425 | 531 | |||||
| Unilever plc, (United Kingdom), Reg. S, 1.50%, 06/11/2039 | EUR | 625 | 812 | |||||
|
|
|
|||||||
| 11,073 | ||||||||
|
|
|
|||||||
| Food — 0.1% | ||||||||
| Conagra Brands, Inc., 5.30%, 11/01/2038 | 10 | 12 | ||||||
| Flowers Foods, Inc., 2.40%, 03/15/2031 | 35 | 34 | ||||||
| General Mills, Inc., 3.00%, 02/01/2051 (e) | 20 | 19 | ||||||
| Hershey Co. (The), 2.65%, 06/01/2050 | 10 | 9 | ||||||
| Hormel Foods Corp., 1.80%, 06/11/2030 | 125 | 120 | ||||||
| Kerry Group Financial Services Unltd Co., (Ireland), Reg. S, 2.38%, 09/10/2025 | EUR | 1,400 | 1,799 | |||||
| Kroger Co. (The), 3.95%, 01/15/2050 | 5 | 5 | ||||||
| Mars, Inc., 2.38%, 07/16/2040 (e) | 1,200 | 1,098 | ||||||
| McCormick & Co., Inc., | ||||||||
| 0.90%, 02/15/2026 | 100 | 97 | ||||||
| 3.15%, 08/15/2024 | 150 | 160 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Food — continued | ||||||||
| 4.20%, 08/15/2047 | 5 | 6 | ||||||
| Mondelez International Holdings Netherlands BV, (Netherlands), Reg. S, 0.38%, 09/22/2029 | EUR | 100 | 116 | |||||
| Mondelez International, Inc., | ||||||||
| 0.75%, 03/17/2033 | EUR | 1,800 | 2,078 | |||||
| 1.88%, 10/15/2032 | 1,300 | 1,210 | ||||||
| Tesco Corporate Treasury Services plc, (United Kingdom), | ||||||||
| Reg. S, 0.88%, 05/29/2026 | EUR | 1,500 | 1,814 | |||||
| Reg. S, 1.38%, 10/24/2023 | EUR | 100 | 121 | |||||
| Reg. S, 2.75%, 04/27/2030 | GBP | 425 | 616 | |||||
|
|
|
|||||||
| 9,314 | ||||||||
|
|
|
|||||||
| Healthcare - Products — 0.4% | ||||||||
| Abbott Ireland Financing DAC, (Ireland), | ||||||||
| Reg. S, 0.10%, 11/19/2024 | EUR | 700 | 827 | |||||
| Reg. S, 0.38%, 11/19/2027 | EUR | 1,950 | 2,315 | |||||
| Abbott Laboratories, 4.90%, 11/30/2046 | 115 | 149 | ||||||
| Becton Dickinson Euro Finance Sarl, (Luxembourg), 1.21%, 06/04/2026 | EUR | 425 | 523 | |||||
| Boston Scientific Corp., | ||||||||
| 0.63%, 12/01/2027 | EUR | 800 | 948 | |||||
| 3.45%, 03/01/2024 | 100 | 107 | ||||||
| Danaher Corp., 2.50%, 03/30/2030 | EUR | 525 | 716 | |||||
| DH Europe Finance II Sarl, (Luxembourg), | ||||||||
| 0.20%, 03/18/2026 | EUR | 3,775 | 4,447 | |||||
| 1.35%, 09/18/2039 | EUR | 700 | 836 | |||||
| 1.80%, 09/18/2049 | EUR | 700 | 868 | |||||
| Edwards Lifesciences Corp., 4.30%, 06/15/2028 | 135 | 152 | ||||||
| Koninklijke Philips NV, (Netherlands), Reg. S, 1.38%, 05/02/2028 | EUR | 500 | 634 | |||||
| Medtronic Global Holdings SCA, (Luxembourg), | ||||||||
| 0.00%, 03/15/2023 | EUR | 325 | 383 | |||||
| 0.38%, 03/07/2023 | EUR | 100 | 119 | |||||
| 0.38%, 10/15/2028 | EUR | 500 | 588 | |||||
| 1.38%, 10/15/2040 | EUR | 825 | 983 | |||||
| 1.63%, 10/15/2050 | EUR | 1,000 | 1,198 | |||||
| 1.75%, 07/02/2049 | EUR | 900 | 1,114 | |||||
| Molnlycke Holding AB, (Sweden), Reg. S, 0.63%, 01/15/2031 | EUR | 1,625 | 1,844 | |||||
| PerkinElmer, Inc., 3.30%, 09/15/2029 | 140 | 148 | ||||||
| Stryker Corp., 1.00%, 12/03/2031 | EUR | 1,300 | 1,565 | |||||
| Thermo Fisher Scientific, Inc., | ||||||||
| 1.88%, 10/01/2049 | EUR | 1,125 | 1,394 | |||||
| 0.13%, 03/01/2025 | EUR | 2,275 | 2,680 | |||||
| 1.75%, 04/15/2027 | EUR | 100 | 128 | |||||
| 2.88%, 07/24/2037 | EUR | 625 | 914 | |||||
| 4.10%, 08/15/2047 | 160 | 185 | ||||||
| 4.13%, 03/25/2025 | 70 | 78 | ||||||
| Zimmer Biomet Holdings, Inc., | ||||||||
| 3.70%, 03/19/2023 | 100 | 106 | ||||||
| 4.45%, 08/15/2045 | 10 | 11 | ||||||
|
|
|
|||||||
| 25,960 | ||||||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Healthcare - Services — 0.4% | ||||||||
| Advocate Health & Hospitals Corp., 3.39%, 10/15/2049 | 35 | 36 | ||||||
| Aetna, Inc., 2.80%, 06/15/2023 | 30 | 31 | ||||||
| AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051 | 755 | 696 | ||||||
| Allina Health System, Series 2019, 3.89%, 04/15/2049 | 40 | 45 | ||||||
| Anthem, Inc., | ||||||||
| 3.35%, 12/01/2024 | 100 | 108 | ||||||
| 4.10%, 03/01/2028 | 2,900 | 3,260 | ||||||
| Ascension Health, 3.95%, 11/15/2046 | 70 | 80 | ||||||
| City of Hope, Series 2013, 5.62%, 11/15/2043 | 35 | 47 | ||||||
| CommonSpirit Health, 3.91%, 10/01/2050 | 18 | 18 | ||||||
| Eurofins Scientific SE, (Luxembourg), | ||||||||
| Reg. S, 2.13%, 07/25/2024 | EUR | 800 | 993 | |||||
| Reg. S, 3.75%, 07/17/2026 | EUR | 1,750 | 2,391 | |||||
| Hackensack Meridian Health, Inc., | ||||||||
| Series 2020, 2.68%, 09/01/2041 | 1,335 | 1,235 | ||||||
| Series 2020, 2.88%, 09/01/2050 | 35 | 33 | ||||||
| HCA, Inc., | ||||||||
| 5.00%, 03/15/2024 | 1,383 | 1,539 | ||||||
| 5.13%, 06/15/2039 | 700 | 836 | ||||||
| 5.25%, 06/15/2026 | 148 | 170 | ||||||
| 5.25%, 06/15/2049 | 140 | 171 | ||||||
| 5.50%, 06/15/2047 | 247 | 305 | ||||||
| Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e) | 1,400 | 1,377 | ||||||
| Humana, Inc., | ||||||||
| 2.90%, 12/15/2022 | 50 | 52 | ||||||
| 3.85%, 10/01/2024 | 50 | 54 | ||||||
| 4.63%, 12/01/2042 | 30 | 35 | ||||||
| 4.95%, 10/01/2044 | 130 | 156 | ||||||
| Kaiser Foundation Hospitals, 4.15%, 05/01/2047 | 1,700 | 1,993 | ||||||
| Laboratory Corp. of America Holdings, 4.70%, 02/01/2045 | 210 | 239 | ||||||
| Mayo Clinic, | ||||||||
| 3.77%, 11/15/2043 | 30 | 32 | ||||||
| Series 2013, 4.00%, 11/15/2047 | 25 | 29 | ||||||
| Series 2021, 3.20%, 11/15/2061 (w) | 440 | 435 | ||||||
| Memorial Health Services, 3.45%, 11/01/2049 | 10 | 10 | ||||||
| Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052 | 50 | 59 | ||||||
| Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050 | 1,500 | 1,377 | ||||||
| MidMichigan Health, Series 2020, 3.41%, 06/01/2050 | 1,498 | 1,498 | ||||||
| MultiCare Health System, 2.80%, 08/15/2050 | 1,000 | 915 | ||||||
| New York and Presbyterian Hospital (The), | ||||||||
| 2.26%, 08/01/2040 | 1,090 | 973 | ||||||
| 4.02%, 08/01/2045 | 20 | 23 | ||||||
| Northwell Healthcare, Inc., 4.26%, 11/01/2047 | 25 | 28 | ||||||
| OhioHealth Corp., Series 2020, 3.04%, 11/15/2050 | 535 | 529 | ||||||
| PeaceHealth Obligated Group, | ||||||||
| Series 2020, 1.38%, 11/15/2025 | 700 | 698 | ||||||
| Series 2020, 3.22%, 11/15/2050 | 849 | 826 | ||||||
| Texas Health Resources, 2.33%, 11/15/2050 | 750 | 612 | ||||||
| Trinity Health Corp., Series 2021, 2.63%, 12/01/2040 | 233 | 221 | ||||||
| UnitedHealth Group, Inc., | ||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Healthcare - Services — continued | ||||||||
| 2.00%, 05/15/2030 | 160 | 157 | ||||||
| 3.13%, 05/15/2060 | 140 | 137 | ||||||
| 3.70%, 08/15/2049 | 1,100 | 1,192 | ||||||
| 3.75%, 07/15/2025 | 20 | 22 | ||||||
| 3.88%, 08/15/2059 | 50 | 56 | ||||||
| 4.25%, 03/15/2043 | 120 | 140 | ||||||
| Universal Health Services, Inc., 2.65%, 10/15/2030 (e) | 194 | 187 | ||||||
|
|
|
|||||||
| 26,056 | ||||||||
|
|
|
|||||||
| Household Products/Wares — 0.0% (g) | ||||||||
| Avery Dennison Corp., 1.25%, 03/03/2025 | EUR | 650 | 794 | |||||
| Clorox Co. (The), 1.80%, 05/15/2030 | 10 | 9 | ||||||
| Kimberly-Clark Corp., 2.88%, 02/07/2050 | 45 | 44 | ||||||
| Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032 | GBP | 1,675 | 2,292 | |||||
|
|
|
|||||||
| 3,139 | ||||||||
|
|
|
|||||||
| Pharmaceuticals — 0.6% | ||||||||
| AbbVie, Inc., | ||||||||
| 2.60%, 11/21/2024 | 190 | 201 | ||||||
| 3.20%, 11/21/2029 | 4,960 | 5,273 | ||||||
| 4.25%, 11/21/2049 | 1,400 | 1,577 | ||||||
| 4.70%, 05/14/2045 | 65 | 77 | ||||||
| AmerisourceBergen Corp., | ||||||||
| 2.80%, 05/15/2030 | 5 | 5 | ||||||
| 3.25%, 03/01/2025 | 40 | 43 | ||||||
| 4.25%, 03/01/2045 | 10 | 11 | ||||||
| 4.30%, 12/15/2047 | 30 | 33 | ||||||
| AstraZeneca plc, (United Kingdom), 0.70%, 04/08/2026 | 1,620 | 1,560 | ||||||
| Becton Dickinson and Co., 2.89%, 06/06/2022 | 17 | 17 | ||||||
| Bristol-Myers Squibb Co., | ||||||||
| 2.35%, 11/13/2040 | 25 | 23 | ||||||
| 2.55%, 11/13/2050 | 110 | 98 | ||||||
| 3.40%, 07/26/2029 | 3,340 | 3,647 | ||||||
| 3.88%, 08/15/2025 | 24 | 26 | ||||||
| 4.55%, 02/20/2048 | 10 | 12 | ||||||
| Cardinal Health, Inc., | ||||||||
| 2.62%, 06/15/2022 | 40 | 41 | ||||||
| 3.08%, 06/15/2024 | 10 | 11 | ||||||
| 4.37%, 06/15/2047 | 2 | 2 | ||||||
| Cigna Corp., | ||||||||
| 2.40%, 03/15/2030 | 75 | 75 | ||||||
| 3.40%, 03/01/2027 | 2,800 | 3,036 | ||||||
| 4.90%, 12/15/2048 | 800 | 977 | ||||||
| CVS Health Corp., | ||||||||
| 1.30%, 08/21/2027 | 40 | 38 | ||||||
| 2.63%, 08/15/2024 | 60 | 63 | ||||||
| 3.70%, 03/09/2023 | 32 | 34 | ||||||
| 4.13%, 04/01/2040 | 1,200 | 1,322 | ||||||
| 4.30%, 03/25/2028 | 846 | 960 | ||||||
| 4.78%, 03/25/2038 | 75 | 89 | ||||||
| 5.05%, 03/25/2048 | 1,200 | 1,469 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Pharmaceuticals — continued | ||||||||
| Eli Lilly and Co., | ||||||||
| 0.63%, 11/01/2031 | EUR | 2,500 | 2,974 | |||||
| 4.15%, 03/15/2059 | 15 | 17 | ||||||
| GlaxoSmithKline Capital plc, (United Kingdom), | ||||||||
| 5.25%, 12/19/2033 | GBP | 640 | 1,225 | |||||
| Reg. S, 5.25%, 04/10/2042 | GBP | 50 | 105 | |||||
| Johnson & Johnson, | ||||||||
| 2.10%, 09/01/2040 | 10 | 9 | ||||||
| 2.25%, 09/01/2050 | 30 | 27 | ||||||
| 2.45%, 09/01/2060 | 40 | 35 | ||||||
| 3.40%, 01/15/2038 | 110 | 119 | ||||||
| 3.55%, 03/01/2036 | 15 | 17 | ||||||
| McKesson Corp., | ||||||||
| 0.90%, 12/03/2025 | 70 | 69 | ||||||
| 3.13%, 02/17/2029 | GBP | 925 | 1,375 | |||||
| Merck & Co., Inc., | ||||||||
| 1.88%, 10/15/2026 | EUR | 1,000 | 1,293 | |||||
| 2.35%, 06/24/2040 | 50 | 46 | ||||||
| 3.70%, 02/10/2045 | 60 | 66 | ||||||
| Merck Financial Services GmbH, (Germany), Reg. S, 0.01%, 12/15/2023 | EUR | 600 | 707 | |||||
| Merck KGaA, (Germany), | ||||||||
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa) | EUR | 800 | 957 | |||||
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.94%), 2.88%, 06/25/2079 (aa) | EUR | 400 | 511 | |||||
| Mylan, Inc., 5.20%, 04/15/2048 | 30 | 34 | ||||||
| Novartis Capital Corp., 2.75%, 08/14/2050 | 116 | 110 | ||||||
| Roche Finance Europe BV, (Netherlands), | ||||||||
| Reg. S, 0.50%, 02/27/2023 | EUR | 200 | 238 | |||||
| Reg. S, 0.88%, 02/25/2025 | EUR | 1,600 | 1,953 | |||||
| Sanofi, (France), | ||||||||
| Reg. S, 2.50%, 11/14/2023 | EUR | 600 | 750 | |||||
| Series 20FX, Reg. S, 1.88%, 03/21/2038 | EUR | 400 | 566 | |||||
| Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030 | EUR | 1,000 | 1,407 | |||||
| Upjohn Finance BV, (Netherlands), Reg. S, 1.91%, 06/23/2032 | EUR | 1,400 | 1,761 | |||||
| Utah Acquisition Sub, Inc., 3.95%, 06/15/2026 | 30 | 33 | ||||||
| Viatris, Inc., 3.85%, 06/22/2040 (e) | 2,200 | 2,243 | ||||||
| Zoetis, Inc., | ||||||||
| 3.90%, 08/20/2028 | 40 | 44 | ||||||
| 4.70%, 02/01/2043 | 190 | 229 | ||||||
|
|
|
|||||||
| 39,640 | ||||||||
|
|
|
|||||||
| Total Consumer Non-cyclical | 188,809 | |||||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Energy — 1.0% | ||||||||
| Oil & Gas — 0.5% | ||||||||
| Aker BP ASA, (Norway), 2.88%, 01/15/2026 (e) | 1,400 | 1,445 | ||||||
| BP Capital Markets plc, (United Kingdom), | ||||||||
| Reg. S, 1.53%, 09/26/2022 | EUR | 175 | 211 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa) | EUR | 1,300 | 1,652 | |||||
| Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa) | GBP | 500 | 731 | |||||
| Canadian Natural Resources Ltd., (Canada), | ||||||||
| 2.95%, 01/15/2023 | 10 | 10 | ||||||
| 3.85%, 06/01/2027 | 10 | 11 | ||||||
| 4.95%, 06/01/2047 | 55 | 64 | ||||||
| 6.25%, 03/15/2038 | 18 | 23 | ||||||
| Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026 | EUR | 100 | 125 | |||||
| Chevron Corp., 2.24%, 05/11/2030 | 80 | 79 | ||||||
| Chevron USA, Inc., | ||||||||
| 1.02%, 08/12/2027 | 3,000 | 2,885 | ||||||
| 5.25%, 11/15/2043 | 75 | 97 | ||||||
| CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037 | 40 | 52 | ||||||
| ConocoPhillips, | ||||||||
| 2.40%, 02/15/2031 (e) | 2,100 | 2,063 | ||||||
| 4.88%, 10/01/2047 (e) | 20 | 24 | ||||||
| Diamondback Energy, Inc., | ||||||||
| 2.88%, 12/01/2024 | 3,100 | 3,269 | ||||||
| 3.13%, 03/24/2031 | 2,540 | 2,530 | ||||||
| 3.50%, 12/01/2029 | 450 | 467 | ||||||
| 4.40%, 03/24/2051 | 35 | 35 | ||||||
| Equinor ASA, (Norway), | ||||||||
| Reg. S, 1.38%, 05/22/2032 | EUR | 425 | 540 | |||||
| 1.75%, 01/22/2026 | 200 | 205 | ||||||
| 2.38%, 05/22/2030 | 60 | 60 | ||||||
| 3.25%, 11/18/2049 | 30 | 29 | ||||||
| 3.63%, 04/06/2040 | 1,800 | 1,911 | ||||||
| 3.70%, 04/06/2050 | 15 | 16 | ||||||
| Reg. S, 6.88%, 03/11/2031 | GBP | 50 | 101 | |||||
| Exxon Mobil Corp., | ||||||||
| 0.14%, 06/26/2024 | EUR | 2,000 | 2,363 | |||||
| 0.84%, 06/26/2032 | EUR | 550 | 641 | |||||
| 1.41%, 06/26/2039 | EUR | 700 | 812 | |||||
| 3.45%, 04/15/2051 | 125 | 125 | ||||||
| Hess Corp., 3.50%, 07/15/2024 | 10 | 11 | ||||||
| HollyFrontier Corp., 4.50%, 10/01/2030 | 24 | 25 | ||||||
| Husky Energy, Inc., (Canada), 4.40%, 04/15/2029 | 3,700 | 3,947 | ||||||
| MOL Hungarian Oil & Gas plc, (Hungary), Reg. S, 1.50%, 10/08/2027 | EUR | 364 | 444 | |||||
| Petroleos Mexicanos, (Mexico), | ||||||||
| (ICE LIBOR USD 3 Month + 0.43%), 0.62%, 02/15/2024 (aa) | 900 | 901 | ||||||
| 1.95%, 12/20/2022 | 1,600 | 1,622 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Oil & Gas — continued | ||||||||
| Pioneer Natural Resources Co., 1.90%, 08/15/2030 | 1,197 | 1,112 | ||||||
| TOTAL SE, (France), | ||||||||
| Reg. S, (EUR Swap Rate 5 Year + 2.75%), 2.71%, 05/05/2023 (x) (aa) | EUR | 650 | 791 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa) | EUR | 2,000 | 2,593 | |||||
| Series NC12, Reg. S, (EUR Swap Rate 5 Year + 2.51%), 2.13%, 07/25/2032 (x) (aa) | EUR | 1,350 | 1,559 | |||||
|
|
|
|||||||
| 35,581 | ||||||||
|
|
|
|||||||
| Oil & Gas Services — 0.0% (g) | ||||||||
| Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., | ||||||||
| 4.08%, 12/15/2047 | 110 | 117 | ||||||
| 4.49%, 05/01/2030 | 100 | 114 | ||||||
| Halliburton Co., | ||||||||
| 3.50%, 08/01/2023 | 60 | 64 | ||||||
| 5.00%, 11/15/2045 | 20 | 22 | ||||||
| Schlumberger Finance BV, (Netherlands), Reg. S, 0.25%, 10/15/2027 | EUR | 500 | 587 | |||||
| Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025 | 30 | 30 | ||||||
|
|
|
|||||||
| 934 | ||||||||
|
|
|
|||||||
| Pipelines — 0.5% | ||||||||
| Cheniere Corpus Christi Holdings LLC, | ||||||||
| 3.70%, 11/15/2029 | 478 | 503 | ||||||
| 5.88%, 03/31/2025 | 115 | 131 | ||||||
| Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e) | 1,330 | 1,406 | ||||||
| Enbridge, Inc., (Canada), | ||||||||
| 2.90%, 07/15/2022 | 20 | 21 | ||||||
| 4.00%, 10/01/2023 | 100 | 107 | ||||||
| Energy Transfer Operating LP, | ||||||||
| 4.05%, 03/15/2025 | 100 | 108 | ||||||
| 4.20%, 04/15/2027 | 5,800 | 6,318 | ||||||
| 5.30%, 04/15/2047 | 10 | 10 | ||||||
| Enterprise Products Operating LLC, | ||||||||
| 4.20%, 01/31/2050 | 40 | 42 | ||||||
| 5.10%, 02/15/2045 | 1,700 | 2,010 | ||||||
| (ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa) | 600 | 601 | ||||||
| Kinder Morgan Energy Partners LP, | ||||||||
| 4.30%, 05/01/2024 | 3,200 | 3,513 | ||||||
| 4.70%, 11/01/2042 | 850 | 910 | ||||||
| Magellan Midstream Partners LP, | ||||||||
| 3.95%, 03/01/2050 | 940 | 923 | ||||||
| 5.00%, 03/01/2026 | 10 | 12 | ||||||
| MPLX LP, | ||||||||
| 2.65%, 08/15/2030 | 1,500 | 1,469 | ||||||
| 4.50%, 04/15/2038 | 15 | 16 | ||||||
| 4.70%, 04/15/2048 | 1,213 | 1,305 | ||||||
| 4.88%, 06/01/2025 | 2,300 | 2,590 | ||||||
| 5.20%, 03/01/2047 | 10 | 12 | ||||||
| 5.50%, 02/15/2049 | 80 | 94 | ||||||
| ONEOK Partners LP, 4.90%, 03/15/2025 | 80 | 89 | ||||||
| ONEOK, Inc., | ||||||||
| 2.20%, 09/15/2025 | 1,000 | 1,019 | ||||||
| 2.75%, 09/01/2024 | 10 | 11 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Pipelines — continued | ||||||||
| 3.40%, 09/01/2029 | 60 | 61 | ||||||
| 4.45%, 09/01/2049 | 2,422 | 2,380 | ||||||
| 7.15%, 01/15/2051 | 20 | 26 | ||||||
| Plains All American Pipeline LP / PAA Finance Corp., | ||||||||
| 3.55%, 12/15/2029 | 65 | 65 | ||||||
| 5.15%, 06/01/2042 | 1,600 | 1,615 | ||||||
| Sabine Pass Liquefaction LLC, | ||||||||
| 4.20%, 03/15/2028 | 71 | 78 | ||||||
| 4.50%, 05/15/2030 | 40 | 45 | ||||||
| 5.88%, 06/30/2026 | 70 | 82 | ||||||
| Sunoco Logistics Partners Operations LP, | ||||||||
| 5.35%, 05/15/2045 | 10 | 10 | ||||||
| 5.40%, 10/01/2047 | 52 | 56 | ||||||
| TransCanada PipeLines Ltd., (Canada), 6.20%, 10/15/2037 | 10 | 13 | ||||||
| Transcontinental Gas Pipe Line Co. LLC, | ||||||||
| 3.25%, 05/15/2030 | 80 | 84 | ||||||
| 4.00%, 03/15/2028 | 20 | 22 | ||||||
| Valero Energy Partners LP, 4.38%, 12/15/2026 | 1,736 | 1,945 | ||||||
| Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034 | EUR | 400 | 458 | |||||
| Williams Cos., Inc. (The), | ||||||||
| 3.50%, 11/15/2030 | 1,900 | 2,013 | ||||||
| 4.50%, 11/15/2023 | 80 | 87 | ||||||
| 5.10%, 09/15/2045 | 74 | 85 | ||||||
|
|
|
|||||||
| 32,345 | ||||||||
|
|
|
|||||||
| Total Energy | 68,860 | |||||||
|
|
|
|||||||
| Financial — 7.0% | ||||||||
| Banks — 4.7% | ||||||||
| ABN AMRO Bank NV, (Netherlands), | ||||||||
| Reg. S, 0.60%, 01/15/2027 | EUR | 1,600 | 1,907 | |||||
| Reg. S, 0.88%, 01/14/2026 | EUR | 100 | 124 | |||||
| Reg. S, 1.25%, 01/10/2033 | EUR | 100 | 132 | |||||
| Reg. S, 1.45%, 04/12/2038 | EUR | 100 | 138 | |||||
| Reg. S, 1.50%, 09/30/2030 | EUR | 100 | 134 | |||||
| Reg. S, 3.50%, 09/21/2022 | EUR | 200 | 249 | |||||
| Aegon Bank NV, (Netherlands), Reg. S, 0.01%, 11/16/2025 | EUR | 100 | 119 | |||||
| Aktia Bank OYJ, (Finland), Reg. S, 0.38%, 05/30/2023 | EUR | 100 | 120 | |||||
| AMCO—Asset Management Co. SpA, (Italy), Reg. S, 1.38%, 01/27/2025 | EUR | 100 | 122 | |||||
| ANZ New Zealand Int’l Ltd., (New Zealand), Reg. S, 0.13%, 09/22/2023 | EUR | 100 | 119 | |||||
| Argenta Spaarbank NV, (Belgium), Reg. S, 0.01%, 02/11/2031 | EUR | 100 | 117 | |||||
| ASB Finance Ltd., (New Zealand), Reg. S, 0.63%, 10/18/2024 | EUR | 100 | 121 | |||||
| Australia & New Zealand Banking Group Ltd., (Australia), | ||||||||
| Reg. S, 0.25%, 11/29/2022 | EUR | 100 | 119 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa) | EUR | 1,525 | 1,784 | |||||
| Banca Monte dei Paschi di Siena SpA, (Italy), | ||||||||
| Reg. S, 0.88%, 10/08/2026 | EUR | 3,504 | 4,293 | |||||
| Reg. S, 2.00%, 01/29/2024 | EUR | 100 | 125 | |||||
| Series 16, Reg. S, 2.88%, 07/16/2024 | EUR | 100 | 129 | |||||
| Banco Bilbao Vizcaya Argentaria SA, (Spain), | ||||||||
| 0.88%, 09/18/2023 | 200 | 200 | ||||||
| Reg. S, 0.88%, 11/22/2026 | EUR | 100 | 125 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Banco BPM SpA, (Italy), Reg. S, 0.75%, 03/31/2022 | EUR | 200 | 237 | |||||
| Banco Comercial Portugues SA, (Portugal), Reg. S, 0.75%, 05/31/2022 | EUR | 100 | 119 | |||||
| Banco de Sabadell SA, (Spain), | ||||||||
| Reg. S, 0.88%, 03/05/2023 | EUR | 1,300 | 1,548 | |||||
| Reg. S, 1.00%, 04/26/2027 | EUR | 100 | 126 | |||||
| Reg. S, 1.63%, 03/07/2024 | EUR | 1,200 | 1,465 | |||||
| Banco di Desio e della Brianza SpA, (Italy), Reg. S, 0.88%, 09/12/2024 | EUR | 100 | 122 | |||||
| Banco Santander SA, (Spain), | ||||||||
| Reg. S, 0.10%, 02/27/2032 | EUR | 200 | 234 | |||||
| Reg. S, 0.20%, 02/11/2028 | EUR | 1,000 | 1,159 | |||||
| Reg. S, 0.75%, 09/09/2022 | EUR | 100 | 119 | |||||
| Reg. S, 1.00%, 04/07/2025 | EUR | 200 | 247 | |||||
| Reg. S, 1.38%, 01/05/2026 | EUR | 100 | 123 | |||||
| Reg. S, 1.63%, 10/22/2030 | EUR | 1,000 | 1,195 | |||||
| Reg. S, 1.75%, 02/17/2027 | GBP | 500 | 690 | |||||
| 1.85%, 03/25/2026 | 200 | 199 | ||||||
| 3.49%, 05/28/2030 | 2,000 | 2,081 | ||||||
| 3.80%, 02/23/2028 | 200 | 216 | ||||||
| 3.85%, 04/12/2023 | 200 | 212 | ||||||
| Bank of America Corp., | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa) | EUR | 2,300 | 2,770 | |||||
| (United States SOFR + 0.74%), 0.81%, 10/24/2024 (aa) | 240 | 241 | ||||||
| (United States SOFR + 0.91%), 0.98%, 09/25/2025 (aa) | 30 | 30 | ||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.38%, 05/09/2030 (aa) | EUR | 1,150 | 1,430 | |||||
| (United States SOFR + 1.13%), 2.46%, 10/22/2025 (aa) | 20 | 21 | ||||||
| (United States SOFR + 1.25%), 2.50%, 02/13/2031 (aa) | 3,300 | 3,267 | ||||||
| (United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa) | 1,870 | 1,747 | ||||||
| (ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa) | 250 | 256 | ||||||
| (ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (aa) | 250 | 260 | ||||||
| (ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa) | 10 | 11 | ||||||
| (ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa) | 25 | 26 | ||||||
| (ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa) | 350 | 375 | ||||||
| (ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa) | 25 | 27 | ||||||
| (ICE LIBOR USD 3 Month + 0.78%), 3.55%, 03/05/2024 (aa) | 25 | 26 | ||||||
| (ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa) | 120 | 128 | ||||||
| 4.00%, 01/22/2025 | 4,200 | 4,589 | ||||||
| (ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa) | 170 | 188 | ||||||
| (United States SOFR + 3.41%), 4.08%, 03/20/2051 (aa) | 185 | 206 | ||||||
| (ICE LIBOR USD 3 Month + 1.52%), 4.33%, 03/15/2050 (aa) | 115 | 132 | ||||||
| 4.88%, 04/01/2044 | 50 | 61 | ||||||
| Reg. S, 7.00%, 07/31/2028 | GBP | 350 | 664 | |||||
| Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa) | 1,000 | 1,001 | ||||||
| Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa) | 150 | 152 | ||||||
| Bank of Montreal, (Canada), | ||||||||
| Reg. S, 0.10%, 10/20/2023 | EUR | 100 | 119 | |||||
| 1.85%, 05/01/2025 | 120 | 123 | ||||||
| Bank of Nova Scotia (The), (Canada), | ||||||||
| Reg. S, 0.01%, 01/14/2027 | EUR | 100 | 119 | |||||
| Reg. S, 0.25%, 09/28/2022 | EUR | 100 | 118 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Reg. S, 0.38%, 10/23/2023 | EUR | 100 | 120 | |||||
| 1.05%, 03/02/2026 | 120 | 118 | ||||||
| Bankinter SA, (Spain), Reg. S, 0.88%, 08/03/2022 | EUR | 100 | 119 | |||||
| Banque Federative du Credit Mutuel SA, (France), | ||||||||
| Reg. S, 0.50%, 11/16/2022 | EUR | 1,200 | 1,426 | |||||
| 0.65%, 02/27/2024 (e) | 1,300 | 1,296 | ||||||
| Reg. S, 0.75%, 06/15/2023 | EUR | 100 | 120 | |||||
| Reg. S, 1.88%, 11/04/2026 | EUR | 1,200 | 1,506 | |||||
| Barclays Bank plc, (United Kingdom), 5.75%, 09/14/2026 | GBP | 90 | 150 | |||||
| Barclays plc, (United Kingdom), | ||||||||
| (CMT Index 1 Year + 0.80%), 1.01%, 12/10/2024 (aa) | 200 | 200 | ||||||
| Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 02/07/2028 (aa) | EUR | 1,700 | 2,045 | |||||
| (United States SOFR + 2.71%), 2.85%, 05/07/2026 (aa) | 1,200 | 1,256 | ||||||
| Reg. S, 3.25%, 02/12/2027 | GBP | 600 | 894 | |||||
| Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa) | GBP | 425 | 628 | |||||
| 4.34%, 01/10/2028 | 1,800 | 1,996 | ||||||
| (ICE LIBOR USD 3 Month + 1.40%), 4.61%, 02/15/2023 (aa) | 900 | 930 | ||||||
| Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030 | CHF | 100 | 109 | |||||
| BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), Reg. S, 0.01%, 01/21/2028 | EUR | 100 | 119 | |||||
| Bayerische Landesbank, (Germany), Reg. S, 0.25%, 01/14/2025 | EUR | 100 | 120 | |||||
| Belfius Bank SA, (Belgium), Reg. S, 0.13%, 01/28/2030 | EUR | 100 | 119 | |||||
| Berlin Hyp AG, (Germany), | ||||||||
| Reg. S, 0.01%, 07/07/2028 | EUR | 100 | 119 | |||||
| Reg. S, 0.01%, 01/27/2031 | EUR | 100 | 117 | |||||
| Series 200, Reg. S, 0.38%, 02/21/2025 | EUR | 100 | 121 | |||||
| BNP Paribas SA, (France), | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.50%, 09/01/2028 (aa) | EUR | 1,100 | 1,285 | |||||
| Reg. S, 1.13%, 01/15/2023 | EUR | 2,430 | 2,924 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa) | EUR | 800 | 944 | |||||
| Reg. S, 1.38%, 05/28/2029 | EUR | 100 | 125 | |||||
| Reg. S, 1.63%, 07/02/2031 | EUR | 1,600 | 1,957 | |||||
| (United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa) | 1,100 | 1,081 | ||||||
| (United States SOFR + 2.07%), 2.22%, 06/09/2026 (e) (aa) | 3,000 | 3,075 | ||||||
| Reg. S, (EUR Swap Rate 5 Year + 1.85%), 2.38%, 11/20/2030 (aa) | EUR | 800 | 1,007 | |||||
| Reg. S, 2.88%, 10/01/2026 | EUR | 100 | 131 | |||||
| Reg. S, 3.38%, 01/23/2026 | GBP | 600 | 905 | |||||
| BNZ International Funding Ltd., (New Zealand), Reg. S, 0.38%, 09/14/2024 | EUR | 1,450 | 1,731 | |||||
| BPCE SA, (France), | ||||||||
| Reg. S, 0.25%, 01/15/2026 | EUR | 2,600 | 3,078 | |||||
| Reg. S, 0.50%, 02/24/2027 | EUR | 1,300 | 1,535 | |||||
| Reg. S, 0.88%, 01/31/2024 | EUR | 1,200 | 1,443 | |||||
| (United States SOFR + 1.52%), 1.65%, 10/06/2026 (e) (aa) | 1,145 | 1,142 | ||||||
| 4.63%, 07/11/2024 (e) | 1,800 | 1,985 | ||||||
| BPER Banca, (Italy), Reg. S, 0.88%, 01/22/2022 | EUR | 100 | 118 | |||||
| Caisse Centrale du Credit Immobilier de France SA, (France), | ||||||||
| Reg. S, 0.00%, 01/17/2024 | EUR | 200 | 237 | |||||
| Reg. S, 0.13%, 10/26/2022 | EUR | 400 | 473 | |||||
| Caixa Economica Montepio Geral Caixa Economica Bancaria SA, (Portugal), | ||||||||
| Reg. S, 0.13%, 11/14/2024 | EUR | 100 | 119 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Reg. S, 0.88%, 10/17/2022 | EUR | 4,200 | 5,011 | |||||
| CaixaBank SA, (Spain), | ||||||||
| Reg. S, 1.00%, 09/25/2025 | EUR | 300 | 372 | |||||
| Reg. S, 1.25%, 01/11/2027 | EUR | 200 | 254 | |||||
| Canadian Imperial Bank of Commerce, (Canada), | ||||||||
| Reg. S, 0.04%, 07/09/2027 | EUR | 100 | 119 | |||||
| Reg. S, 0.10%, 10/24/2023 | CHF | 50 | 54 | |||||
| 3.10%, 04/02/2024 | 25 | 26 | ||||||
| Cie de Financement Foncier SA, (France), | ||||||||
| Reg. S, 0.23%, 09/14/2026 | EUR | 100 | 121 | |||||
| Reg. S, 0.25%, 03/16/2022 | EUR | 200 | 236 | |||||
| Reg. S, 0.25%, 04/11/2023 | EUR | 100 | 119 | |||||
| Reg. S, 0.50%, 09/04/2024 | EUR | 100 | 121 | |||||
| Reg. S, 0.75%, 05/29/2026 | EUR | 100 | 124 | |||||
| Reg. S, 3.88%, 04/25/2055 | EUR | 45 | 98 | |||||
| Citigroup, Inc., | ||||||||
| (United States SOFR + 0.69%), 0.78%, 10/30/2024 (aa) | 330 | 330 | ||||||
| (United States SOFR + 0.77%), 1.12%, 01/28/2027 (aa) | 130 | 127 | ||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.07%), 1.50%, 07/24/2026 (aa) | EUR | 3,500 | 4,324 | |||||
| Reg. S, 1.50%, 10/26/2028 | EUR | 2,550 | 3,221 | |||||
| Reg. S, 1.63%, 03/21/2028 | EUR | 100 | 126 | |||||
| (United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa) | 25 | 25 | ||||||
| 1.75%, 01/28/2025 | EUR | 1,650 | 2,060 | |||||
| (United States SOFR + 0.87%), 2.31%, 11/04/2022 (aa) | 150 | 152 | ||||||
| (United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa) | 3,600 | 3,595 | ||||||
| (United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa) | 155 | 166 | ||||||
| (ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa) | 190 | 194 | ||||||
| (ICE LIBOR USD 3 Month + 0.90%), 3.35%, 04/24/2025 (aa) | 65 | 69 | ||||||
| 3.38%, 03/01/2023 | 150 | 158 | ||||||
| (ICE LIBOR USD 3 Month + 1.84%), 4.28%, 04/24/2048 (aa) | 60 | 70 | ||||||
| 4.40%, 06/10/2025 | 3,500 | 3,889 | ||||||
| (United States SOFR + 3.91%), 4.41%, 03/31/2031 (aa) | 75 | 85 | ||||||
| 4.65%, 07/23/2048 | 215 | 263 | ||||||
| 4.75%, 05/18/2046 | 50 | 59 | ||||||
| Clydesdale Bank plc, (United Kingdom), Reg. S, 4.63%, 06/08/2026 | GBP | 100 | 164 | |||||
| Commerzbank AG, (Germany), | ||||||||
| Reg. S, 0.01%, 03/11/2030 | EUR | 100 | 118 | |||||
| Reg. S, 0.50%, 06/09/2026 | EUR | 100 | 122 | |||||
| Reg. S, 2.00%, 11/27/2023 | EUR | 100 | 125 | |||||
| Commonwealth Bank of Australia, (Australia), | ||||||||
| Reg. S, 0.88%, 02/19/2029 | EUR | 100 | 125 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa) | EUR | 1,425 | 1,750 | |||||
| Reg. S, 3.00%, 05/03/2022 | EUR | 100 | 122 | |||||
| Cooperatieve Rabobank UA, (Netherlands), | ||||||||
| Reg. S, 0.01%, 07/02/2030 | EUR | 100 | 117 | |||||
| Reg. S, 0.01%, 11/27/2040 | EUR | 100 | 108 | |||||
| Reg. S, 0.63%, 04/26/2026 | EUR | 100 | 123 | |||||
| Reg. S, 0.88%, 02/08/2028 | EUR | 100 | 126 | |||||
| Reg. S, 1.25%, 03/23/2026 | EUR | 775 | 969 | |||||
| Reg. S, 1.38%, 02/03/2027 | EUR | 25 | 32 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Reg. S, 2.38%, 05/22/2023 | EUR | 30 | 37 | |||||
| Reg. S, 4.13%, 09/14/2022 | EUR | 1,950 | 2,425 | |||||
| 4.38%, 08/04/2025 | 250 | 277 | ||||||
| Reg. S, 5.25%, 05/23/2041 | GBP | 50 | 106 | |||||
| Credit Agricole Italia SpA, (Italy), | ||||||||
| Reg. S, 0.13%, 03/15/2033 | EUR | 100 | 115 | |||||
| Reg. S, 0.25%, 09/30/2024 | EUR | 100 | 120 | |||||
| Reg. S, 0.25%, 01/17/2028 | EUR | 100 | 120 | |||||
| Credit Agricole SA, (France), | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 1.00%, 04/22/2026 (aa) | EUR | 3,000 | 3,635 | |||||
| Reg. S, 1.75%, 03/05/2029 | EUR | 100 | 128 | |||||
| Reg. S, 2.38%, 05/20/2024 | EUR | 100 | 127 | |||||
| 3.75%, 04/24/2023 (e) | 2,200 | 2,338 | ||||||
| Credit Suisse AG, (Switzerland), 0.50%, 02/02/2024 | 250 | 247 | ||||||
| Credit Suisse Group AG, (Switzerland), | ||||||||
| Reg. S, 0.65%, 09/10/2029 | EUR | 775 | 896 | |||||
| Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa) | EUR | 1,400 | 1,687 | |||||
| (United States SOFR + 1.56%), 2.59%, 09/11/2025 (e) (aa) | 3,850 | 3,992 | ||||||
| (United States SOFR + 3.73%), 4.19%, 04/01/2031 (e) (aa) | 2,000 | 2,174 | ||||||
| Danske Bank A/S, (Denmark), | ||||||||
| Reg. S, 0.25%, 11/28/2022 | EUR | 425 | 502 | |||||
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 0.50%, 08/27/2025 (aa) | EUR | 425 | 503 | |||||
| (CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa) | 3,350 | 3,368 | ||||||
| Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa) | GBP | 2,000 | 2,819 | |||||
| Reg. S, 3.75%, 06/23/2022 | EUR | 50 | 62 | |||||
| Danske Hypotek AB, (Sweden), | ||||||||
| Series 2212, Reg. S, 1.00%, 12/21/2022 | SEK | 2,000 | 233 | |||||
| Series 2512, Reg. S, 1.00%, 12/17/2025 | SEK | 2,000 | 237 | |||||
| de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028 | EUR | 100 | 127 | |||||
| Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029 | EUR | 100 | 118 | |||||
| Deutsche Bank AG, (Germany), | ||||||||
| Reg. S, 0.13%, 01/21/2030 | EUR | 75 | 89 | |||||
| Reg. S, 0.25%, 03/08/2024 | EUR | 100 | 120 | |||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.00%, 11/19/2025 (aa) | EUR | 400 | 476 | |||||
| Reg. S, 1.13%, 08/30/2023 | EUR | 775 | 935 | |||||
| Reg. S, 1.13%, 03/17/2025 | EUR | 400 | 483 | |||||
| 1.69%, 03/19/2026 | 150 | 150 | ||||||
| (United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa) | 1,120 | 1,122 | ||||||
| (United States SOFR + 2.16%), 2.22%, 09/18/2024 (aa) | 585 | 600 | ||||||
| 3.95%, 02/27/2023 | 2,700 | 2,852 | ||||||
| Deutsche Hypothekenbank AG, (Germany), | ||||||||
| Reg. S, 0.13%, 11/23/2023 | EUR | 100 | 119 | |||||
| Reg. S, 0.50%, 06/29/2026 | EUR | 50 | 61 | |||||
| Deutsche Kreditbank AG, (Germany), Reg. S, 0.01%, 11/07/2029 | EUR | 50 | 59 | |||||
| Deutsche Pfandbriefbank AG, (Germany), Reg. S, 0.63%, 08/30/2027 | EUR | 100 | 124 | |||||
| Dexia Credit Local SA, (France), | ||||||||
| Reg. S, 0.00%, 05/29/2024 | EUR | 300 | 356 | |||||
| Reg. S, 0.01%, 01/22/2027 | EUR | 200 | 237 | |||||
| Reg. S, 0.63%, 01/17/2026 | EUR | 600 | 733 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Reg. S, 1.25%, 11/26/2024 | EUR | 700 | 869 | |||||
| Discover Bank, 3.45%, 07/27/2026 | 1,200 | 1,298 | ||||||
| DNB Boligkreditt A/S, (Norway), | ||||||||
| Reg. S, 0.01%, 01/21/2031 | EUR | 100 | 116 | |||||
| Reg. S, 0.25%, 01/23/2023 | EUR | 200 | 238 | |||||
| Reg. S, 0.38%, 11/20/2024 | EUR | 100 | 121 | |||||
| Reg. S, 1.88%, 11/21/2022 | EUR | 100 | 122 | |||||
| DZ HYP AG, (Germany), | ||||||||
| Reg. S, 0.01%, 06/23/2028 | EUR | 100 | 119 | |||||
| Reg. S, 0.01%, 10/27/2028 | EUR | 25 | 30 | |||||
| Reg. S, 0.63%, 10/27/2023 | EUR | 200 | 241 | |||||
| Reg. S, 0.88%, 04/17/2034 | EUR | 100 | 127 | |||||
| Eika Boligkreditt A/S, (Norway), Reg. S, 0.38%, 02/26/2025 | EUR | 100 | 121 | |||||
| Erste Group Bank AG, (Austria), | ||||||||
| Reg. S, 0.25%, 06/26/2024 | EUR | 100 | 120 | |||||
| Reg. S, 0.75%, 02/05/2025 | EUR | 100 | 122 | |||||
| Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026 | EUR | 100 | 119 | |||||
| Goldman Sachs Group, Inc. (The), | ||||||||
| (United States SOFR + 0.61%), 0.86%, 02/12/2026 (aa) | 55 | 54 | ||||||
| Reg. S, 0.88%, 01/21/2030 | EUR | 350 | 417 | |||||
| (United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa) | 270 | 264 | ||||||
| Reg. S, 1.38%, 05/15/2024 | EUR | 1,650 | 1,991 | |||||
| (United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa) | 1,310 | 1,298 | ||||||
| Reg. S, 2.00%, 03/22/2028 | EUR | 1,000 | 1,291 | |||||
| 2.60%, 02/07/2030 | 130 | 132 | ||||||
| Reg. S, 3.13%, 07/25/2029 | GBP | 800 | 1,215 | |||||
| (ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa) | 2,500 | 2,682 | ||||||
| 3.50%, 04/01/2025 | 115 | 125 | ||||||
| 3.80%, 03/15/2030 | 3,200 | 3,522 | ||||||
| (ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa) | 350 | 389 | ||||||
| (ICE LIBOR USD 3 Month + 1.43%), 4.41%, 04/23/2039 (aa) | 85 | 98 | ||||||
| 4.75%, 10/21/2045 | 190 | 233 | ||||||
| 5.15%, 05/22/2045 | 116 | 145 | ||||||
| 6.75%, 10/01/2037 | 50 | 70 | ||||||
| 6.88%, 01/18/2038 | GBP | 225 | 482 | |||||
| Hamburg Commercial Bank AG, (Germany), Reg. S, 0.25%, 04/25/2022 | EUR | 100 | 118 | |||||
| Heta Asset Resolution AG, (Austria), Reg. S, 2.38%, 12/13/2022 | EUR | 800 | 982 | |||||
| HSBC Bank plc, (United Kingdom), Reg. S, 6.25%, 01/30/2041 | GBP | 175 | 366 | |||||
| HSBC Holdings plc, (United Kingdom), | ||||||||
| (United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa) | 1,000 | 1,000 | ||||||
| (SONIA Interest Rate Benchmark + 1.31%), 1.75%, 07/24/2027 (aa) | GBP | 800 | 1,113 | |||||
| (GBP Swap Rate 1 Year + 0.94%), 2.18%, 06/27/2023 (aa) | GBP | 425 | 596 | |||||
| (GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa) | GBP | 1,000 | 1,479 | |||||
| (GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa) | GBP | 225 | 333 | |||||
| (ICE LIBOR USD 3 Month + 0.99%), 3.95%, 05/18/2024 (aa) | 200 | 213 | ||||||
| (ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa) | 900 | 976 | ||||||
| Reg. S, 7.00%, 04/07/2038 | GBP | 300 | 618 | |||||
| ING Bank NV, (Netherlands), | ||||||||
| Reg. S, 0.75%, 02/18/2029 | EUR | 100 | 125 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Reg. S, 1.88%, 05/22/2023 | EUR | 100 | 124 | |||||
| ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030 | EUR | 100 | 118 | |||||
| ING Groep NV, (Netherlands), | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa) | EUR | 1,500 | 1,759 | |||||
| Reg. S, 1.13%, 02/14/2025 | EUR | 1,200 | 1,465 | |||||
| Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa) | GBP | 900 | 1,199 | |||||
| (United States SOFR + 1.01%), 1.73%, 04/01/2027 (w) (aa) | 1,265 | 1,263 | ||||||
| Reg. S, 2.00%, 09/20/2028 | EUR | 300 | 391 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa) | EUR | 300 | 372 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa) | EUR | 300 | 370 | |||||
| 4.10%, 10/02/2023 | 200 | 217 | ||||||
| Intesa Sanpaolo SpA, (Italy), | ||||||||
| Reg. S, 0.63%, 03/23/2023 | EUR | 100 | 120 | |||||
| Reg. S, 0.75%, 03/16/2028 | EUR | 1,000 | 1,175 | |||||
| Reg. S, 2.13%, 05/26/2025 | EUR | 2,275 | 2,862 | |||||
| Reg. S, 3.38%, 01/24/2025 | EUR | 100 | 134 | |||||
| Series XR, 3.25%, 09/23/2024 (e) | 2,900 | 3,089 | ||||||
| Investitionsbank Berlin, (Germany), Series 208, 0.05%, 03/02/2035 | EUR | 100 | 113 | |||||
| KBC Bank NV, (Belgium), Reg. S, 0.38%, 09/01/2022 | EUR | 100 | 119 | |||||
| Kookmin Bank, (South Korea), Reg. S, 0.05%, 07/15/2025 | EUR | 100 | 118 | |||||
| Kreditanstalt fuer Wiederaufbau, (Germany), | ||||||||
| 0.00%, 04/28/2022 | EUR | 390 | 461 | |||||
| Reg. S, 0.00%, 06/30/2023 | EUR | 880 | 1,047 | |||||
| Reg. S, 0.00%, 02/18/2025 | EUR | 120 | 144 | |||||
| Reg. S, 0.00%, 03/31/2027 | EUR | 500 | 599 | |||||
| Reg. S, 0.00%, 09/17/2030 | EUR | 150 | 178 | |||||
| Reg. S, 0.01%, 05/05/2027 | EUR | 520 | 623 | |||||
| Reg. S, 0.05%, 09/29/2034 | EUR | 280 | 322 | |||||
| 0.13%, 06/07/2023 | EUR | 850 | 1,013 | |||||
| 0.25%, 09/15/2025 |
EUR | 1,100 | 1,333 | |||||
| 0.38%, 07/18/2025 | 200 | 196 | ||||||
| Reg. S, 0.38%, 04/23/2030 | EUR | 360 | 442 | |||||
| Reg. S, 0.50%, 09/28/2026 | EUR | 520 | 641 | |||||
| 0.50%, 09/15/2027 | EUR | 500 | 618 | |||||
| Reg. S, 0.88%, 07/04/2039 | EUR | 40 | 51 | |||||
| Reg. S, 1.00%, 12/15/2022 | GBP | 1,650 | 2,307 | |||||
| Reg. S, 1.13%, 06/15/2037 | EUR | 340 | 450 | |||||
| Reg. S, 1.38%, 12/15/2025 | GBP | 225 | 322 | |||||
| Reg. S, 1.38%, 07/31/2035 | EUR | 202 | 275 | |||||
| 2.00%, 05/02/2025 | 195 | 205 | ||||||
| 2.13%, 08/15/2023 | EUR | 1,100 | 1,375 | |||||
| 2.38%, 12/29/2022 | 275 | 285 | ||||||
| 4.70%, 06/02/2037 | CAD | 100 | 98 | |||||
| Reg. S, 4.88%, 03/15/2037 | GBP | 425 | 879 | |||||
| 6.00%, 12/07/2028 | GBP | 500 | 949 | |||||
| Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025 | EUR | 100 | 125 | |||||
| La Banque Postale SA, (France), | ||||||||
| Reg. S, 0.25%, 07/12/2026 | EUR | 200 | 236 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 2.25%), 2.75%, 11/19/2027 (aa) | EUR | 2,000 | 2,446 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Landesbank Baden-Wuerttemberg, (Germany), | ||||||||
| Reg. S, 0.38%, 02/18/2027 | EUR | 200 | 236 | |||||
| Reg. S, 0.50%, 08/04/2022 | EUR | 100 | 119 | |||||
| Reg. S, 0.88%, 09/15/2025 | EUR | 100 | 124 | |||||
| Series 809, Reg. S, 0.38%, 07/29/2026 | EUR | 100 | 119 | |||||
| Landesbank Hessen-Thueringen Girozentrale, (Germany), Reg. S, 0.63%, 01/12/2027 | EUR | 200 | 247 | |||||
| Landwirtschaftliche Rentenbank, (Germany), | ||||||||
| Reg. S, 0.00%, 11/27/2029 | EUR | 270 | 320 | |||||
| Reg. S, 0.05%, 06/12/2023 | EUR | 270 | 321 | |||||
| Reg. S, 0.25%, 08/29/2025 | EUR | 300 | 363 | |||||
| Reg. S, 0.38%, 02/14/2028 | EUR | 140 | 172 | |||||
| Reg. S, 0.63%, 02/20/2030 | EUR | 140 | 175 | |||||
| Lansforsakringar Hypotek AB, (Sweden), | ||||||||
| Series 515, Reg. S, 2.25%, 09/21/2022 | SEK | 700 | 83 | |||||
| Series 516, Reg. S, 1.25%, 09/20/2023 | SEK | 1,000 | 118 | |||||
| Series 517, Reg. S, 1.50%, 09/18/2024 | SEK | 600 | 72 | |||||
| Series 519, Reg. S, 1.50%, 09/16/2026 | SEK | 400 | 48 | |||||
| Series 520, Reg. S, 1.00%, 09/15/2027 | SEK | 500 | 59 | |||||
| Liberbank SA, (Spain), Reg. S, 0.25%, 09/25/2029 | EUR | 100 | 119 | |||||
| Lloyds Bank plc, (United Kingdom), | ||||||||
| Reg. S, 0.13%, 06/18/2026 | EUR | 100 | 119 | |||||
| Reg. S, 0.25%, 03/25/2024 | EUR | 100 | 120 | |||||
| Reg. S, 4.88%, 03/30/2027 | GBP | 100 | 170 | |||||
| Reg. S, 7.63%, 04/22/2025 | GBP | 600 | 1,030 | |||||
| Lloyds Banking Group plc, (United Kingdom), | ||||||||
| Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.50%, 11/12/2025 (aa) | EUR | 2,400 | 2,849 | |||||
| (CMT Index 1 Year + 0.55%), 0.70%, 05/11/2024 (aa) | 200 | 200 | ||||||
| 3.90%, 03/12/2024 | 2,500 | 2,712 | ||||||
| Mediobanca Banca di Credito Finanziario SpA, (Italy), | ||||||||
| Reg. S, 0.75%, 07/15/2027 | EUR | 425 | 498 | |||||
| Reg. S, 1.13%, 07/15/2025 | EUR | 975 | 1,184 | |||||
| Series 4, Reg. S, 1.38%, 11/10/2025 | EUR | 100 | 126 | |||||
| Mitsubishi UFJ Financial Group, Inc., (Japan), 3.76%, 07/26/2023 | 2,950 | 3,158 | ||||||
| Mizuho Financial Group, Inc., (Japan), | ||||||||
| (ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa) | 3,000 | 3,084 | ||||||
| (United States SOFR + 1.24%), 2.84%, 07/16/2025 (aa) | 200 | 211 | ||||||
| Morgan Stanley, | ||||||||
| (ICE LIBOR EUR 3 Month + 0.72%), 0.50%, 02/07/2031 (aa) | EUR | 2,000 | 2,308 | |||||
| (ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa) | EUR | 1,675 | 1,996 | |||||
| (ICE LIBOR EUR 3 Month + 0.83%), 1.34%, 10/23/2026 (aa) | EUR | 100 | 123 | |||||
| (United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa) | 215 | 200 | ||||||
| 1.88%, 04/27/2027 | EUR | 1,300 | 1,665 | |||||
| (United States SOFR + 1.02%), 1.93%, 04/28/2032 (aa) | 1,350 | 1,267 | ||||||
| 2.63%, 03/09/2027 | GBP | 725 | 1,066 | |||||
| (United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) | 3,900 | 3,966 | ||||||
| (United States SOFR + 1.43%), 2.80%, 01/25/2052 (aa) | 185 | 168 | ||||||
| (ICE LIBOR USD 3 Month + 1.46%), 3.97%, 07/22/2038 (aa) | 270 | 301 | ||||||
| 4.10%, 05/22/2023 | 2,700 | 2,887 | ||||||
| 4.30%, 01/27/2045 | 120 | 140 | ||||||
| (ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa) | 10 | 12 | ||||||
| 4.88%, 11/01/2022 | 90 | 96 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| 5.00%, 11/24/2025 | 140 | 161 | ||||||
| (United States SOFR + 4.84%), 5.60%, 03/24/2051 (aa) | 215 | 299 | ||||||
| Muenchener Hypothekenbank eG, (Germany), | ||||||||
| Reg. S, 0.01%, 11/02/2040 | EUR | 50 | 54 | |||||
| Reg. S, 1.50%, 06/25/2024 | EUR | 100 | 125 | |||||
| Reg. S, 2.50%, 07/04/2028 | EUR | 100 | 140 | |||||
| National Australia Bank Ltd., (Australia), | ||||||||
| Reg. S, 0.25%, 03/28/2022 | EUR | 100 | 118 | |||||
| Reg. S, 0.75%, 01/30/2026 | EUR | 100 | 123 | |||||
| National Bank of Canada, (Canada), Reg. S, 0.75%, 03/13/2025 | EUR | 100 | 122 | |||||
| Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030 | EUR | 100 | 117 | |||||
| Natwest Group plc, (United Kingdom), | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa) | EUR | 1,200 | 1,485 | |||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa) | EUR | 100 | 123 | |||||
| (CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa) | 2,000 | 2,063 | ||||||
| Reg. S, (UK Gilts 5 Year + 3.55%), 3.62%, 08/14/2030 (aa) | GBP | 600 | 881 | |||||
| NIBC Bank NV, (Netherlands), Reg. S, 0.63%, 06/01/2026 | EUR | 100 | 122 | |||||
| NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027 | EUR | 100 | 118 | |||||
| Norddeutsche Landesbank-Girozentrale, (Germany), Reg. S, 0.25%, 10/28/2026 | EUR | 20 | 24 | |||||
| Nordea Bank Abp, (Finland), | ||||||||
| Reg. S, 0.88%, 06/26/2023 | EUR | 425 | 510 | |||||
| 3.75%, 08/30/2023 (e) | 1,900 | 2,044 | ||||||
| Nordea Hypotek AB, (Sweden), | ||||||||
| Series 5533, Reg. S, 1.25%, 09/20/2023 | SEK | 1,700 | 201 | |||||
| Series 5534, Reg. S, 1.00%, 09/18/2024 | SEK | 1,500 | 177 | |||||
| Series 5535, Reg. S, 1.00%, 09/17/2025 | SEK | 1,800 | 213 | |||||
| Series 5536, Reg. S, 0.50%, 09/16/2026 | SEK | 500 | 57 | |||||
| Nordea Kiinnitysluottopankki OYJ, (Finland), | ||||||||
| Reg. S, 0.13%, 06/18/2027 | EUR | 100 | 120 | |||||
| Reg. S, 0.63%, 10/19/2022 | EUR | 200 | 239 | |||||
| NRW Bank, (Germany), | ||||||||
| Reg. S, 0.10%, 07/09/2035 | EUR | 100 | 114 | |||||
| Reg. S, 0.25%, 03/10/2025 | EUR | 120 | 144 | |||||
| Reg. S, 0.50%, 05/26/2025 | EUR | 320 | 390 | |||||
| Reg. S, 0.75%, 06/30/2028 | EUR | 260 | 325 | |||||
| 1.20%, 03/28/2039 | EUR | 100 | 131 | |||||
| 1.25%, 05/13/2049 | EUR | 87 | 119 | |||||
| Nykredit Realkredit A/S, (Denmark), | ||||||||
| Series 01E, Reg. S, 1.00%, 10/01/2053 | DKK | 42,112 | 6,423 | |||||
| Series 13H, Reg. S, 1.00%, 01/01/2022 | DKK | 800 | 127 | |||||
| Series 13HH, Reg. S, 1.00%, 07/01/2024 | DKK | 200 | 33 | |||||
| Series 13H, Reg. S, 1.00%, 01/01/2027 | DKK | 100 | 17 | |||||
| Series 13H, 2.00%, 01/01/2025 | DKK | 100 | 17 | |||||
| Series 13H, Reg. S, 2.00%, 01/01/2026 | DKK | 500 | 87 | |||||
| Oesterreichische Kontrollbank AG, (Austria), | ||||||||
| Reg. S, 0.00%, 10/08/2026 | EUR | 150 | 179 | |||||
| Reg. S, 0.25%, 09/26/2024 | EUR | 300 | 360 | |||||
| OP Mortgage Bank, (Finland), | ||||||||
| Reg. S, 0.25%, 03/13/2024 | EUR | 100 | 120 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Reg. S, 0.63%, 02/15/2029 | EUR | 100 | 124 | |||||
| Reg. S, 1.00%, 11/28/2024 | EUR | 150 | 186 | |||||
| Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland), | ||||||||
| Reg. S, 0.00%, 02/26/2030 | CHF | 700 | 741 | |||||
| Series 642, Reg. S, 0.00%, 02/14/2022 | CHF | 175 | 186 | |||||
| Series 670, Reg. S, 0.00%, 07/29/2024 | CHF | 100 | 108 | |||||
| Series 675, Reg. S, 0.00%, 06/15/2027 | CHF | 50 | 54 | |||||
| Series 678, Reg. S, 0.00%, 08/26/2049 | CHF | 125 | 123 | |||||
| Series 680, Reg. S, 0.00%, 03/30/2026 | CHF | 50 | 54 | |||||
| Series 682, Reg. S, 0.00%, 04/06/2027 | CHF | 50 | 54 | |||||
| Series 683, Reg. S, 0.00%, 02/25/2028 | CHF | 200 | 214 | |||||
| Series 684, Reg. S, 0.00%, 05/10/2045 | CHF | 50 | 49 | |||||
| Series 696, Reg. S, 0.13%, 11/19/2032 | CHF | 100 | 106 | |||||
| Series 697, Reg. S, 0.00%, 05/20/2041 | CHF | 50 | 50 | |||||
| Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland), | ||||||||
| Series 472, Reg. S, 0.00%, 07/25/2023 | CHF | 150 | 161 | |||||
| Series 483, Reg. S, 0.00%, 01/27/2027 | CHF | 900 | 968 | |||||
| Series 485, Reg. S, 0.00%, 10/02/2026 | CHF | 300 | 323 | |||||
| Series 524, Reg. S, 0.00%, 06/21/2028 | CHF | 50 | 53 | |||||
| Series 526, Reg. S, 0.00%, 07/19/2030 | CHF | 75 | 79 | |||||
| Series 528, Reg. S, 0.00%, 03/15/2030 | CHF | 50 | 53 | |||||
| Series 531, Reg. S, 0.00%, 02/15/2036 | CHF | 125 | 129 | |||||
| Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 10/01/2026 | EUR | 100 | 118 | |||||
| Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 0.63%, 08/28/2026 | EUR | 100 | 123 | |||||
| Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 0.88%, 07/12/2028 | EUR | 100 | 126 | |||||
| Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e) | 200 | 255 | ||||||
| Royal Bank of Canada, (Canada), | ||||||||
| Reg. S, 0.25%, 01/29/2024 | EUR | 100 | 120 | |||||
| Reg. S, 0.25%, 05/02/2024 | EUR | 700 | 830 | |||||
| Reg. S, 0.63%, 09/10/2025 | EUR | 100 | 122 | |||||
| 0.88%, 01/20/2026 | 130 | 128 | ||||||
| 1.15%, 06/10/2025 | 260 | 259 | ||||||
| 2.25%, 11/01/2024 | 25 | 26 | ||||||
| Santander Consumer Bank A/S, (Norway), | ||||||||
| Reg. S, 0.13%, 02/25/2025 | EUR | 2,700 | 3,172 | |||||
| Reg. S, 0.75%, 03/01/2023 | EUR | 2,000 | 2,388 | |||||
| Santander Holdings USA, Inc., 3.45%, 06/02/2025 | 50 | 54 | ||||||
| Santander UK Group Holdings plc, (United Kingdom), 3.57%, 01/10/2023 | 200 | 204 | ||||||
| Santander UK plc, (United Kingdom), | ||||||||
| Reg. S, 1.25%, 09/18/2024 | EUR | 100 | 124 | |||||
| Reg. S, 5.75%, 03/02/2026 | GBP | 100 | 171 | |||||
| Series 61, Reg. S, 0.25%, 04/21/2022 | EUR | 100 | 118 | |||||
| Skandinaviska Enskilda Banken AB, (Sweden), | ||||||||
| Reg. S, 0.05%, 07/01/2024 | EUR | 775 | 917 | |||||
| Reg. S, 0.25%, 05/19/2023 | EUR | 325 | 385 | |||||
| Reg. S, 0.63%, 01/30/2023 | EUR | 100 | 120 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 1.35%), 1.38%, 10/31/2028 (aa) | EUR | 425 | 511 | |||||
| Series 576, Reg. S, 1.00%, 12/20/2023 | SEK | 2,000 | 235 | |||||
| Series 578, Reg. S, 4.25%, 12/01/2023 | SEK | 500 | 64 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Series 579, Reg. S, 1.00%, 12/18/2024 | SEK | 2,000 | 236 | |||||
| Societe Generale SA, (France), | ||||||||
| Reg. S, 0.75%, 01/25/2027 | EUR | 2,200 | 2,609 | |||||
| Reg. S, 1.13%, 01/23/2025 | EUR | 100 | 121 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 1.60%), 1.13%, 06/30/2031 (w) (aa) | EUR | 3,300 | 3,846 | |||||
| 2.63%, 01/22/2025 (e) | 2,100 | 2,176 | ||||||
| SpareBank 1 Boligkreditt A/S, (Norway), | ||||||||
| Reg. S, 0.01%, 09/22/2027 | EUR | 100 | 119 | |||||
| Reg. S, 0.38%, 06/26/2024 | EUR | 100 | 120 | |||||
| Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 127 | |||||
| Sparebank 1 Oestlandet, (Norway), Reg. S, 0.25%, 09/30/2024 | EUR | 600 | 713 | |||||
| SpareBank 1 SR-Bank ASA, (Norway), Reg. S, 0.63%, 03/25/2024 | EUR | 700 | 839 | |||||
| SR-Boligkreditt A/S, (Norway), Reg. S, 0.75%, 10/17/2025 | EUR | 100 | 123 | |||||
| Stadshypotek AB, (Sweden), | ||||||||
| Reg. S, 0.13%, 10/05/2026 | EUR | 130 | 156 | |||||
| Reg. S, 0.38%, 02/22/2023 | EUR | 100 | 119 | |||||
| Series 1587, Reg. S, 1.50%, 06/01/2023 | SEK | 2,000 | 236 | |||||
| Series 1588, Reg. S, 1.50%, 03/01/2024 | SEK | 2,000 | 239 | |||||
| Series 1589, Reg. S, 1.50%, 12/03/2024 | SEK | 2,000 | 240 | |||||
| Series 1594, Reg. S, 2.00%, 09/01/2028 | SEK | 1,000 | 126 | |||||
| Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (e) (aa) | 1,800 | 1,871 | ||||||
| Sumitomo Mitsui Banking Corp., (Japan), | ||||||||
| Reg. S, 0.41%, 11/07/2029 | EUR | 4,100 | 4,906 | |||||
| Reg. S, 0.55%, 11/06/2023 | EUR | 100 | 120 | |||||
| Sumitomo Mitsui Financial Group, Inc., (Japan), | ||||||||
| 2.45%, 09/27/2024 | 200 | 209 | ||||||
| 2.70%, 07/16/2024 | 3,700 | 3,908 | ||||||
| 3.75%, 07/19/2023 | 20 | 21 | ||||||
| 3.94%, 10/16/2023 | 120 | 130 | ||||||
| SVB Financial Group, 1.80%, 02/02/2031 | 225 | 207 | ||||||
| Svenska Handelsbanken AB, (Sweden), | ||||||||
| Reg. S, 0.50%, 02/18/2030 | EUR | 975 | 1,146 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 0.80%), 1.25%, 03/02/2028 (aa) | EUR | 1,675 | 2,005 | |||||
| Sveriges Sakerstallda Obligationer AB, (Sweden), | ||||||||
| Reg. S, 0.63%, 10/30/2025 | EUR | 100 | 123 | |||||
| Series 144, Reg. S, 1.00%, 06/21/2023 | SEK | 2,000 | 234 | |||||
| Series 146, Reg. S, 0.50%, 06/11/2025 | SEK | 2,000 | 231 | |||||
| Swedbank AB, (Sweden), | ||||||||
| Reg. S, 0.75%, 05/05/2025 | EUR | 700 | 848 | |||||
| Reg. S, 1.00%, 06/01/2022 | EUR | 425 | 506 | |||||
| Swedbank Hypotek AB, (Sweden), | ||||||||
| Reg. S, 0.05%, 05/28/2025 | EUR | 100 | 119 | |||||
| Series 191, Reg. S, 1.00%, 06/15/2022 | SEK | 1,700 | 197 | |||||
| Series 192, Reg. S, 1.00%, 03/15/2023 | SEK | 1,000 | 117 | |||||
| Series 193, Reg. S, 1.00%, 12/20/2023 | SEK | 500 | 59 | |||||
| Series 194, Reg. S, 1.00%, 09/18/2024 | SEK | 1,100 | 130 | |||||
| Series 195, Reg. S, 1.00%, 06/18/2025 | SEK | 1,500 | 177 | |||||
| Tesco Personal Finance Group plc, (United Kingdom), Reg. S, 3.50%, 07/25/2025 | GBP | 100 | 145 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Toronto-Dominion Bank (The), (Canada), | ||||||||
| Reg. S, 0.25%, 03/26/2024 | EUR | 100 | 120 | |||||
| Reg. S, 0.38%, 04/27/2023 | EUR | 100 | 119 | |||||
| 2.65%, 06/12/2024 | 50 | 53 | ||||||
| 3.25%, 03/11/2024 | 20 | 21 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Truist Financial Corp., | ||||||||
| 1.20%, 08/05/2025 | 160 | 160 | ||||||
| 3.88%, 03/19/2029 | 1,400 | 1,553 | ||||||
| UBS Group AG, (Switzerland), | ||||||||
| Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa) | EUR | 1,200 | 1,388 | |||||
| Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa) | EUR | 200 | 243 | |||||
| Reg. S, 1.75%, 11/16/2022 | EUR | 1,450 | 1,755 | |||||
| (ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa) | 3,900 | 4,019 | ||||||
| UniCredit Bank AG, (Germany), | ||||||||
| Reg. S, 0.01%, 09/15/2028 | EUR | 50 | 59 | |||||
| Reg. S, 0.01%, 03/10/2031 | EUR | 125 | 146 | |||||
| Reg. S, 0.25%, 01/15/2032 | EUR | 50 | 60 | |||||
| Reg. S, 0.85%, 05/22/2034 | EUR | 50 | 63 | |||||
| Reg. S, 0.88%, 01/11/2029 | EUR | 100 | 126 | |||||
| UniCredit Bank Austria AG, (Austria), Reg. S, 0.05%, 09/21/2035 | EUR | 100 | 113 | |||||
| UniCredit SpA, (Italy), | ||||||||
| Reg. S, 0.38%, 10/31/2026 | EUR | 100 | 120 | |||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 1.20%, 01/20/2026 (aa) | EUR | 1,175 | 1,397 | |||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.25%, 06/16/2026 (aa) | EUR | 475 | 574 | |||||
| 6.57%, 01/14/2022 (e) | 700 | 730 | ||||||
| Unione di Banche Italiane SpA, (Italy), | ||||||||
| Reg. S, 0.38%, 09/14/2026 | EUR | 100 | 121 | |||||
| Reg. S, 1.00%, 01/27/2023 | EUR | 100 | 120 | |||||
| Reg. S, 1.50%, 04/10/2024 | EUR | 2,100 | 2,568 | |||||
| United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027 | EUR | 100 | 118 | |||||
| US Bancorp, 0.85%, 06/07/2024 | EUR | 700 | 845 | |||||
| Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029 | CHF | 50 | 53 | |||||
| Virgin Money UK plc, (United Kingdom), | ||||||||
| Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa) | GBP | 100 | 150 | |||||
| Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa) | GBP | 500 | 756 | |||||
| Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024 | EUR | 100 | 119 | |||||
| Wells Fargo & Co., | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 1.74%, 05/04/2030 (aa) | EUR | 1,200 | 1,523 | |||||
| (United States SOFR + 1.09%), 2.41%, 10/30/2025 (aa) | 400 | 418 | ||||||
| (United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa) | 1,975 | 1,931 | ||||||
| (ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa) | 1,590 | 1,703 | ||||||
| 3.75%, 01/24/2024 | 65 | 70 | ||||||
| 4.75%, 12/07/2046 | 95 | 111 | ||||||
| (United States SOFR + 4.50%), 5.01%, 04/04/2051 (aa) | 70 | 90 | ||||||
| Westpac Banking Corp., (Australia), Reg. S, 0.38%, 04/02/2026 | EUR | 100 | 121 | |||||
| Westpac Securities NZ Ltd., (New Zealand), Reg. S, 0.25%, 04/06/2022 | EUR | 100 | 118 | |||||
| Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028 | EUR | 100 | 126 | |||||
|
|
|
|||||||
| 320,867 | ||||||||
|
|
|
|||||||
| Diversified Financial Services — 0.4% | ||||||||
| Aareal Bank AG, (Germany), | ||||||||
| Series 225, Reg. S, 0.13%, 02/01/2023 | EUR | 100 | 119 | |||||
| Series 236, Reg. S, 0.01%, 02/01/2028 | EUR | 100 | 119 | |||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023 | 150 | 161 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Diversified Financial Services — continued | ||||||||
| Affiliated Managers Group, Inc., | ||||||||
| 3.30%, 06/15/2030 | 300 | 311 | ||||||
| 3.50%, 08/01/2025 | 20 | 22 | ||||||
| Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043 | GBP | 100 | 170 | |||||
| Air Lease Corp., | ||||||||
| 2.63%, 07/01/2022 | 140 | 143 | ||||||
| 3.50%, 01/15/2022 | 20 | 21 | ||||||
| Ally Financial, Inc., | ||||||||
| 1.45%, 10/02/2023 | 40 | 40 | ||||||
| 3.05%, 06/05/2023 | 40 | 42 | ||||||
| Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024 | EUR | 200 | 240 | |||||
| Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033 | GBP | 50 | 100 | |||||
| AXA Bank Europe SCF, (France), Reg. S, 0.50%, 04/18/2025 | EUR | 200 | 243 | |||||
| AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035 | EUR | 100 | 114 | |||||
| AYT Cedulas Cajas Global FTA, (Spain), Series 3, 3.75%, 12/14/2022 | EUR | 100 | 126 | |||||
| AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025 | EUR | 100 | 137 | |||||
| BPCE SFH SA, (France), | ||||||||
| Reg. S, 0.01%, 05/27/2030 | EUR | 100 | 117 | |||||
| Reg. S, 0.01%, 01/29/2036 | EUR | 100 | 112 | |||||
| Reg. S, 0.63%, 09/22/2027 | EUR | 100 | 124 | |||||
| Reg. S, 0.75%, 09/02/2025 | EUR | 100 | 123 | |||||
| Reg. S, 2.38%, 11/29/2023 | EUR | 200 | 252 | |||||
| Brookfield Finance, Inc., (Canada), 4.00%, 04/01/2024 | 40 | 43 | ||||||
| Caisse de Refinancement de l’Habitat SA, (France), | ||||||||
| Reg. S, 0.01%, 10/08/2029 | EUR | 100 | 118 | |||||
| Reg. S, 0.13%, 04/30/2027 | EUR | 100 | 120 | |||||
| Reg. S, 2.38%, 03/05/2024 | CHF | 50 | 57 | |||||
| 3.30%, 09/23/2022 | EUR | 100 | 124 | |||||
| 3.90%, 10/20/2023 | EUR | 100 | 131 | |||||
| Capital One Financial Corp., | ||||||||
| 0.80%, 06/12/2024 | EUR | 425 | 509 | |||||
| 1.65%, 06/12/2029 | EUR | 1,078 | 1,343 | |||||
| Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025 | EUR | 100 | 137 | |||||
| Clifford Capital Pte Ltd., (Singapore), Reg. S, 3.11%, 08/18/2032 | 200 | 200 | ||||||
| CME Group, Inc., | ||||||||
| 4.15%, 06/15/2048 | 140 | 168 | ||||||
| 5.30%, 09/15/2043 | 228 | 307 | ||||||
| Credit Agricole Home Loan SFH SA, (France), | ||||||||
| Reg. S, 0.13%, 12/16/2024 | EUR | 100 | 120 | |||||
| Reg. S, 0.38%, 09/30/2024 | EUR | 100 | 121 | |||||
| Reg. S, 0.50%, 02/19/2026 | EUR | 100 | 122 | |||||
| Reg. S, 0.63%, 11/28/2022 | EUR | 100 | 119 | |||||
| Reg. S, 0.88%, 08/11/2028 | EUR | 200 | 252 | |||||
| Reg. S, 0.88%, 05/06/2034 | EUR | 100 | 127 | |||||
| Credit Agricole Public Sector SCF SA, (France), Reg. S, 0.88%, 08/02/2027 | EUR | 100 | 125 | |||||
| Credit Mutuel Home Loan SFH SA, (France), | ||||||||
| Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 127 | |||||
| Reg. S, 4.13%, 01/19/2024 | EUR | 100 | 133 | |||||
| Credit Suisse Schweiz AG, (Switzerland), Reg. S, 0.00%, 10/31/2030 | CHF | 25 | 26 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Diversified Financial Services — continued | ||||||||
| Danmarks Skibskredit A/S, (Denmark), Reg. S, 0.13%, 03/20/2025 | EUR | 100 | 118 | |||||
| DLR Kredit A/S, (Denmark), Series B, Reg. S, 1.00%, 10/01/2022 | DKK | 300 | 48 | |||||
| FCA Bank SpA, (Italy), Reg. S, 0.25%, 02/28/2023 | EUR | 3,000 | 3,535 | |||||
| GE Capital International Funding Co.Unlimited Co., (Ireland), 4.42%, 11/15/2035 | 200 | 229 | ||||||
| GE Capital UK Funding Unlimited Co., (Ireland), Reg. S, 5.88%, 01/18/2033 | GBP | 550 | 1,023 | |||||
| Harbour Funding plc, (United Kingdom), Reg. S, 5.28%, 03/31/2034 | GBP | 25 | 45 | |||||
| Hypo Tirol Bank AG, (Austria), Reg. S, 0.01%, 03/11/2031 | EUR | 100 | 116 | |||||
| Intercontinental Exchange, Inc., | ||||||||
| 3.00%, 09/15/2060 | 90 | 80 | ||||||
| 3.75%, 12/01/2025 | 25 | 27 | ||||||
| 4.25%, 09/21/2048 | 110 | 122 | ||||||
| Jefferies Group LLC, 2.75%, 10/15/2032 | 1,420 | 1,387 | ||||||
| Jyske Realkredit A/S, (Denmark), | ||||||||
| Reg. S, 0.25%, 07/01/2023 | EUR | 100 | 119 | |||||
| Series 32lE, Reg. S, 1.00%, 04/01/2023 | DKK | 200 | 32 | |||||
| Series CCE, Reg. S, 0.01%, 10/01/2027 | EUR | 100 | 119 | |||||
| Series CCE, Reg. S, 1.00%, 10/01/2024 | DKK | 100 | 17 | |||||
| La Banque Postale Home Loan SFH SA, (France), | ||||||||
| Reg. S, 0.50%, 01/30/2026 | EUR | 100 | 122 | |||||
| Reg. S, 2.38%, 01/15/2024 | EUR | 100 | 127 | |||||
| London Stock Exchange Group plc, (United Kingdom), Reg. S, 1.75%, 12/06/2027 | EUR | 1,000 | 1,287 | |||||
| Mastercard, Inc., | ||||||||
| 2.10%, 12/01/2027 | EUR | 1,025 | 1,357 | |||||
| 2.95%, 03/15/2051 | 100 | 98 | ||||||
| 3.65%, 06/01/2049 | 140 | 152 | ||||||
| 3.85%, 03/26/2050 | 90 | 102 | ||||||
| Nasdaq, Inc., | ||||||||
| 0.88%, 02/13/2030 | EUR | 1,950 | 2,317 | |||||
| 1.75%, 05/19/2023 | EUR | 1,025 | 1,243 | |||||
| 4.25%, 06/01/2024 | 60 | 66 | ||||||
| Nomura Holdings, Inc., (Japan), 2.65%, 01/16/2025 | 2,200 | 2,275 | ||||||
| Nordea Kredit Realkreditaktieselskab, (Denmark), | ||||||||
| Series CC2, Reg. S, 1.00%, 04/01/2025 (e) | DKK | 200 | 33 | |||||
| Series CT2, Reg. S, 1.00%, 10/01/2022 | DKK | 400 | 64 | |||||
| Private Export Funding Corp., 0.55%, 07/30/2024 (e) | 300 | 300 | ||||||
| Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain), Series A6, 4.25%, 04/10/2031 | EUR | 100 | 165 | |||||
| Prs Finance plc, (United Kingdom), | ||||||||
| Reg. S, 1.75%, 11/24/2026 | GBP | 192 | 279 | |||||
| Reg. S, 2.00%, 01/23/2029 | GBP | 700 | 1,021 | |||||
| Realkredit Danmark A/S, (Denmark), Series 22S, Reg. S, 0.00%, 10/01/2040 | DKK | 49 | 7 | |||||
| Societe Generale SFH SA, (France), | ||||||||
| Reg. S, 0.50%, 01/20/2023 | EUR | 100 | 119 | |||||
| Reg. S, 0.50%, 06/02/2025 | EUR | 100 | 122 | |||||
| Reg. S, 0.50%, 01/28/2026 | EUR | 100 | 122 | |||||
| Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031 | GBP | 44 | 76 | |||||
| THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035 | GBP | 50 | 93 | |||||
| Visa, Inc., 2.70%, 04/15/2040 | 190 | 186 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Diversified Financial Services — continued | ||||||||
| Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036 | GBP | 225 | 447 | |||||
| Western Union Co. (The), 1.35%, 03/15/2026 | 1,900 | 1,851 | ||||||
|
|
|
|||||||
| 28,413 | ||||||||
|
|
|
|||||||
| Insurance — 0.8% | ||||||||
| Aflac, Inc., 4.75%, 01/15/2049 | 190 | 235 | ||||||
| Ageas SA, (Belgium), Reg. S, (ICE LIBOR EUR 3 Month + 3.10%), 1.88%, 11/24/2051 (aa) | EUR | 400 | 464 | |||||
| Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa) | EUR | 2,400 | 3,087 | |||||
| American International Group, Inc., 3.40%, 06/30/2030 | 3,080 | 3,272 | ||||||
| Aon Corp., 2.80%, 05/15/2030 | 50 | 51 | ||||||
| Aon plc, (Ireland), 4.60%, 06/14/2044 | 10 | 12 | ||||||
| Aquarius & Investments plc for Zurich Insurance Co. Ltd., (Ireland), Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 4.25%, 10/02/2043 (aa) | EUR | 100 | 129 | |||||
| Assicurazioni Generali SpA, (Italy), | ||||||||
| Reg. S, 3.88%, 01/29/2029 | EUR | 500 | 688 | |||||
| Reg. S, 4.13%, 05/04/2026 | EUR | 100 | 138 | |||||
| Athene Global Funding, 2.50%, 01/14/2025 (e) | 20 | 21 | ||||||
| Aviva plc, (United Kingdom), | ||||||||
| Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa) | GBP | 425 | 639 | |||||
| Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa) | GBP | 230 | 384 | |||||
| AXA SA, (France), | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 2.40%), 1.38%, 10/07/2041 (aa) (bb) | EUR | 1,775 | 2,057 | |||||
| Reg. S, (ICE LIBOR GBP 3 Month + 2.75%), 6.69%, 07/06/2026 (x) (aa) | GBP | 375 | 629 | |||||
| Berkshire Hathaway Finance Corp., | ||||||||
| 2.38%, 06/19/2039 | GBP | 425 | 616 | |||||
| 4.20%, 08/15/2048 | 130 | 149 | ||||||
| 4.25%, 01/15/2049 | 10 | 12 | ||||||
| Berkshire Hathaway, Inc., 0.00%, 03/12/2025 | EUR | 1,000 | 1,174 | |||||
| BNP Paribas Cardif SA, (France), Reg. S, 1.00%, 11/29/2024 | EUR | 1,000 | 1,202 | |||||
| Brown & Brown, Inc., 4.20%, 09/15/2024 | 65 | 71 | ||||||
| Chubb INA Holdings, Inc., 1.55%, 03/15/2028 | EUR | 2,000 | 2,515 | |||||
| CNA Financial Corp., 2.05%, 08/15/2030 | 2,500 | 2,374 | ||||||
| CNP Assurances, (France), Reg. S, 0.38%, 03/08/2028 | EUR | 400 | 460 | |||||
| Credit Agricole Assurances SA, (France), | ||||||||
| Reg. S, 2.00%, 07/17/2030 | EUR | 1,200 | 1,472 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa) | EUR | 100 | 134 | |||||
| Enstar Group Ltd., (Bermuda), 4.95%, 06/01/2029 | 90 | 101 | ||||||
| Everest Reinsurance Holdings, Inc., 3.50%, 10/15/2050 | 745 | 716 | ||||||
| Fairfax Financial Holdings Ltd., (Canada), 4.63%, 04/29/2030 | 317 | 346 | ||||||
| Helvetia Europe SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.95%), 2.75%, 09/30/2041 (aa) | EUR | 1,500 | 1,902 | |||||
| Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033 | GBP | 225 | 440 | |||||
| Legal & General Group plc, (United Kingdom), | ||||||||
| Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa) | GBP | 425 | 651 | |||||
| Reg. S, (UK Gilts 5 Year + 4.58%), 5.38%, 10/27/2045 (aa) | GBP | 300 | 474 | |||||
| Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024 | EUR | 2,000 | 2,458 | |||||
| Liberty Mutual Group, Inc., 3.95%, 10/15/2050 (e) | 830 | 854 | ||||||
| Loews Corp., 3.20%, 05/15/2030 | 10 | 11 | ||||||
| M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa) | GBP | 425 | 672 | |||||
| Markel Corp., | ||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Insurance — continued | ||||||||
| 3.50%, 11/01/2027 | 5 | 6 | ||||||
| 4.15%, 09/17/2050 | 1,000 | 1,096 | ||||||
| Marsh & McLennan Cos., Inc., | ||||||||
| 1.98%, 03/21/2030 | EUR | 3,150 | 4,135 | |||||
| 4.20%, 03/01/2048 | 190 | 219 | ||||||
| 4.75%, 03/15/2039 | 99 | 122 | ||||||
| 4.90%, 03/15/2049 | 45 | 57 | ||||||
| MetLife, Inc., 4.05%, 03/01/2045 | 75 | 85 | ||||||
| Metropolitan Life Global Funding I, | ||||||||
| Reg. S, 0.38%, 04/09/2024 | EUR | 1,125 | 1,340 | |||||
| Reg. S, 0.55%, 06/16/2027 | EUR | 775 | 934 | |||||
| Reg. S, 1.63%, 09/21/2029 | GBP | 1,125 | 1,560 | |||||
| NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa) | EUR | 1,350 | 1,807 | |||||
| Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030 | GBP | 1,121 | 1,843 | |||||
| Phoenix Group Holdings plc, (United Kingdom), | ||||||||
| Reg. S, 5.63%, 04/28/2031 | GBP | 1,400 | 2,277 | |||||
| Reg. S, 6.63%, 12/18/2025 | GBP | 425 | 701 | |||||
| Principal Financial Group, Inc., 3.10%, 11/15/2026 | 1,400 | 1,510 | ||||||
| Progressive Corp. (The), | ||||||||
| 4.13%, 04/15/2047 | 190 | 218 | ||||||
| 4.20%, 03/15/2048 | 70 | 81 | ||||||
| RenaissanceRe Finance, Inc., 3.45%, 07/01/2027 | 60 | 65 | ||||||
| Sampo OYJ, (Finland), | ||||||||
| Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 2.50%, 09/03/2052 (aa) | EUR | 525 | 652 | |||||
| Reg. S, (ICE LIBOR EUR 3 Month + 4.05%), 3.38%, 05/23/2049 (aa) | EUR | 675 | 906 | |||||
| Storebrand Livsforsikring A/S, (Norway), Reg. S, (ICE LIBOR EUR 6 Month + 2.95%), 1.88%, 09/30/2051 (aa) | EUR | 1,000 | 1,155 | |||||
| Unum Group, 4.00%, 06/15/2029 | 1,700 | 1,840 | ||||||
| W R Berkley Corp., 4.00%, 05/12/2050 | 700 | 742 | ||||||
| Willis North America, Inc., | ||||||||
| 2.95%, 09/15/2029 | 50 | 51 | ||||||
| 3.60%, 05/15/2024 | 100 | 108 | ||||||
| XLIT Ltd., (Cayman Islands), (ICE LIBOR EUR 3 Month + 2.90%), 3.25%, 06/29/2047 (aa) | EUR | 1,300 | 1,712 | |||||
|
|
|
|||||||
| 55,832 | ||||||||
|
|
|
|||||||
| Investment Companies — 0.1% | ||||||||
| Ares Capital Corp., | ||||||||
| 2.15%, 07/15/2026 | 230 | 224 | ||||||
| 3.25%, 07/15/2025 | 90 | 93 | ||||||
| 3.50%, 02/10/2023 | 92 | 96 | ||||||
| 3.88%, 01/15/2026 | 87 | 91 | ||||||
| 4.25%, 03/01/2025 | 165 | 177 | ||||||
| EXOR NV, (Netherlands), | ||||||||
| Reg. S, 0.88%, 01/19/2031 | EUR | 450 | 527 | |||||
| Reg. S, 1.75%, 01/18/2028 | EUR | 500 | 636 | |||||
| Reg. S, 2.13%, 12/02/2022 | EUR | 225 | 273 | |||||
| FS KKR Capital Corp., 3.40%, 01/15/2026 | 240 | 238 | ||||||
| Goldman Sachs BDC, Inc., 2.88%, 01/15/2026 | 345 | 349 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Investment Companies — continued | ||||||||
| Investor AB, (Sweden), | ||||||||
| Reg. S, 0.38%, 10/29/2035 | EUR | 425 | 472 | |||||
| Reg. S, 1.50%, 09/12/2030 | EUR | 700 | 911 | |||||
| Owl Rock Capital Corp., 3.40%, 07/15/2026 | 25 | 25 | ||||||
|
|
|
|||||||
| 4,112 | ||||||||
|
|
|
|||||||
| Private Equity — 0.1% | ||||||||
| 3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032 | GBP | 350 | 640 | |||||
| Blackstone Property Partners Europe Holdings Sarl, (Luxembourg), | ||||||||
| Reg. S, 0.50%, 09/12/2023 | EUR | 2,200 | 2,602 | |||||
| Reg. S, 2.00%, 02/15/2024 | EUR | 500 | 612 | |||||
|
|
|
|||||||
| 3,854 | ||||||||
|
|
|
|||||||
| Real Estate — 0.3% | ||||||||
| Annington Funding plc, (United Kingdom), Reg. S, 1.65%, 07/12/2024 | EUR | 2,000 | 2,454 | |||||
| Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033 | GBP | 50 | 87 | |||||
| CBRE Global Investors Open-Ended Fund SCA SICAV-SIF Pan European Core Fund, (Luxembourg), Reg. S, 0.50%, 01/27/2028 | EUR | 775 | 898 | |||||
| Citycon Treasury BV, (Netherlands), Reg. S, 2.50%, 10/01/2024 | EUR | 1,575 | 1,941 | |||||
| Clarion Funding plc, (United Kingdom), Reg. S, 2.63%, 01/18/2029 | GBP | 100 | 149 | |||||
| Fastighets AB Balder, (Sweden), Reg. S, 1.88%, 01/23/2026 | EUR | 1,000 | 1,239 | |||||
| Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026 | EUR | 1,200 | 1,448 | |||||
| Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026 | GBP | 425 | 607 | |||||
| Logicor Financing Sarl, (Luxembourg), | ||||||||
| Reg. S, 0.75%, 07/15/2024 | EUR | 1,500 | 1,789 | |||||
| Reg. S, 1.50%, 07/13/2026 | EUR | 1,200 | 1,479 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Real Estate — continued | ||||||||
| London & Quadrant Housing Trust, (United Kingdom), | ||||||||
| Reg. S, 2.00%, 10/20/2038 | GBP | 425 | 567 | |||||
| Reg. S, 2.63%, 02/28/2028 | GBP | 625 | 925 | |||||
| Reg. S, 2.75%, 07/20/2057 | GBP | 225 | 334 | |||||
| Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032 | GBP | 33 | 51 | |||||
| Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 4.13%, 02/01/2029 (e) | 900 | 991 | ||||||
| Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048 | GBP | 425 | 694 | |||||
| Samhallsbyggnadsbolaget i Norden AB, (Sweden), | ||||||||
| Reg. S, 1.00%, 08/12/2027 | EUR | 1,575 | 1,851 | |||||
| Reg. S, 1.75%, 01/14/2025 | EUR | 850 | 1,043 | |||||
| Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039 | GBP | 84 | 169 | |||||
| Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033 | GBP | 38 | 62 | |||||
| Vonovia Finance BV, (Netherlands), | ||||||||
| Reg. S, 0.63%, 07/09/2026 | EUR | 300 | 360 | |||||
| Reg. S, 0.88%, 07/03/2023 | EUR | 100 | 120 | |||||
| Reg. S, 1.63%, 04/07/2024 | EUR | 500 | 614 | |||||
|
|
|
|||||||
| 19,872 | ||||||||
|
|
|
|||||||
| REITS — 0.6% | ||||||||
| Alexandria Real Estate Equities, Inc., 1.88%, 02/01/2033 | 40 | 36 | ||||||
| Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030 | EUR | 200 | 233 | |||||
| American Campus Communities Operating Partnership LP, 3.30%, 07/15/2026 | 20 | 21 | ||||||
| American Tower Corp., | ||||||||
| 1.00%, 01/15/2032 | EUR | 3,000 | 3,521 | |||||
| 1.30%, 09/15/2025 | 60 | 60 | ||||||
| 1.38%, 04/04/2025 | EUR | 1,050 | 1,285 | |||||
| 3.38%, 05/15/2024 | 25 | 27 | ||||||
| Brixmor Operating Partnership LP, | ||||||||
| 4.05%, 07/01/2030 | 375 | 404 | ||||||
| 4.13%, 06/15/2026 | 2,300 | 2,538 | ||||||
| 4.13%, 05/15/2029 | 875 | 944 | ||||||
| Camden Property Trust, 3.35%, 11/01/2049 | 10 | 10 | ||||||
| Crown Castle International Corp., 1.35%, 07/15/2025 | 100 | 100 | ||||||
| Digital Realty Trust LP, 4.75%, 10/01/2025 | 50 | 57 | ||||||
| Digital Stout Holding LLC, Reg. S, 3.75%, 10/17/2030 | GBP | 550 | 860 | |||||
| Equinix, Inc., | ||||||||
| 1.00%, 03/15/2033 | EUR | 1,000 | 1,161 | |||||
| 2.63%, 11/18/2024 | 120 | 126 | ||||||
| ERP Operating LP, 2.85%, 11/01/2026 | 50 | 53 | ||||||
| GLP Capital LP / GLP Financing II, Inc., | ||||||||
| 3.35%, 09/01/2024 | 20 | 21 | ||||||
| 4.00%, 01/15/2030 | 5 | 5 | ||||||
| 4.00%, 01/15/2031 | 229 | 237 | ||||||
| 5.30%, 01/15/2029 | 135 | 151 | ||||||
| 5.38%, 11/01/2023 | 30 | 33 | ||||||
| 5.75%, 06/01/2028 | 60 | 69 | ||||||
| Healthpeak Properties, Inc., 3.00%, 01/15/2030 | 1,400 | 1,443 | ||||||
| Host Hotels & Resorts LP, Series H, 3.38%, 12/15/2029 | 64 | 63 | ||||||
| Kimco Realty Corp., 2.70%, 10/01/2030 | 1,900 | 1,889 | ||||||
| Life Storage LP, 3.88%, 12/15/2027 | 50 | 55 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| REITS — continued | ||||||||
| LifeStorage LP, 3.50%, 07/01/2026 | 205 | 223 | ||||||
| Omega Healthcare Investors, Inc., | ||||||||
| 3.25%, 04/15/2033 | 200 | 192 | ||||||
| 4.50%, 04/01/2027 | 36 | 39 | ||||||
| Prologis Euro Finance LLC, 0.25%, 09/10/2027 | EUR | 1,425 | 1,667 | |||||
| Prologis LP, | ||||||||
| 2.25%, 06/30/2029 | GBP | 600 | 871 | |||||
| 3.25%, 10/01/2026 | 50 | 55 | ||||||
| Public Storage, | ||||||||
| 3.09%, 09/15/2027 | 220 | 238 | ||||||
| 3.39%, 05/01/2029 | 145 | 158 | ||||||
| Realty Income Corp., | ||||||||
| 1.63%, 12/15/2030 | GBP | 100 | 135 | |||||
| 3.00%, 01/15/2027 | 2,000 | 2,122 | ||||||
| 3.88%, 07/15/2024 | 100 | 109 | ||||||
| 3.88%, 04/15/2025 | 100 | 110 | ||||||
| Simon International Finance SCA, (Luxembourg), | ||||||||
| Reg. S, 1.13%, 03/19/2033 | EUR | 1,000 | 1,178 | |||||
| Reg. S, 1.25%, 05/13/2025 | EUR | 425 | 522 | |||||
| Simon Property Group LP, 3.50%, 09/01/2025 | 80 | 87 | ||||||
| Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.38%, 12/04/2031 | EUR | 800 | 934 | |||||
| Ventas Realty LP, 4.13%, 01/15/2026 | 2,300 | 2,576 | ||||||
| VEREIT Operating Partnership LP, | ||||||||
| 2.85%, 12/15/2032 | 800 | 774 | ||||||
| 3.10%, 12/15/2029 | 800 | 817 | ||||||
| Welltower, Inc., | ||||||||
| 2.75%, 01/15/2031 | 50 | 50 | ||||||
| 3.10%, 01/15/2030 | 1,500 | 1,541 | ||||||
| 4.50%, 01/15/2024 | 3,500 | 3,825 | ||||||
| 4.80%, 11/20/2028 | GBP | 850 | 1,376 | |||||
| Weyerhaeuser Co., | ||||||||
| 4.00%, 11/15/2029 | 65 | 72 | ||||||
| 4.00%, 04/15/2030 | 1,693 | 1,870 | ||||||
| WP Carey, Inc., 2.25%, 04/01/2033 | 1,000 | 928 | ||||||
| WPC Eurobond BV, (Netherlands), | ||||||||
| 0.95%, 06/01/2030 | EUR | 1,800 | 2,085 | |||||
| 1.35%, 04/15/2028 | EUR | 425 | 515 | |||||
|
|
|
|||||||
| 40,471 | ||||||||
|
|
|
|||||||
| Savings & Loans — 0.0% (g) | ||||||||
| Nationwide Building Society, (United Kingdom), | ||||||||
| Reg. S, 0.63%, 03/25/2027 | EUR | 100 | 123 | |||||
| Reg. S, 5.63%, 01/28/2026 | GBP | 100 | 170 | |||||
| Yorkshire Building Society, (United Kingdom), Reg. S, 0.01%, 10/13/2027 | EUR | 100 | 118 | |||||
|
|
|
|||||||
| 411 | ||||||||
|
|
|
|||||||
| Total Financial | 473,832 | |||||||
|
|
|
|||||||
| Government — 1.7% | ||||||||
| Multi - National — 1.0% | ||||||||
| African Development Bank, (Supranational), | ||||||||
| 0.25%, 11/21/2024 | EUR | 925 | 1,112 | |||||
| 0.88%, 05/24/2028 | EUR | 200 | 251 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Multi - National — continued | ||||||||
| 1.63%, 09/16/2022 | 65 | 67 | ||||||
| Asian Development Bank, (Supranational), | ||||||||
| Reg. S, 0.03%, 01/31/2030 | EUR | 1,850 | 2,177 | |||||
| 1.63%, 01/24/2023 | 130 | 133 | ||||||
| 1.75%, 09/13/2022 | 270 | 276 | ||||||
| 2.63%, 01/30/2024 | 258 | 274 | ||||||
| Council Of Europe Development Bank, (Supranational), | ||||||||
| Reg. S, 0.38%, 10/27/2022 | EUR | 725 | 863 | |||||
| Reg. S, 0.38%, 03/27/2025 | EUR | 175 | 212 | |||||
| Reg. S, 0.63%, 01/30/2029 | EUR | 800 | 1,001 | |||||
| Reg. S, 0.75%, 06/09/2025 | EUR | 50 | 62 | |||||
| Erste Abwicklungsanstalt, (Germany), Reg. S, 0.01%, 11/03/2023 | EUR | 1,000 | 1,188 | |||||
| EUROFIMA, (Supranational), | ||||||||
| Reg. S, 0.25%, 04/25/2023 | EUR | 825 | 982 | |||||
| 4.55%, 03/30/2027 | CAD | 400 | 365 | |||||
| European Bank for Reconstruction & Development, (Supranational), | ||||||||
| 0.25%, 07/10/2023 | 95 | 95 | ||||||
| 6.45%, 12/13/2022 | IDR | 10,000,000 | 703 | |||||
| European Investment Bank, (Supranational), | ||||||||
| 0.00%, 10/16/2023 | EUR | 3,200 | 3,811 | |||||
| 0.00%, 03/15/2024 | EUR | 300 | 358 | |||||
| 0.00%, 03/25/2025 | EUR | 10,200 | 12,221 | |||||
| Reg. S, 0.00%, 03/13/2026 | EUR | 700 | 841 | |||||
| Reg. S, 0.00%, 06/17/2027 | EUR | 1,500 | 1,800 | |||||
| Zero Coupon, 05/28/2037 (e) | CAD | 150 | 77 | |||||
| Reg. S, 0.01%, 11/15/2035 | EUR | 200 | 227 | |||||
| 0.05%, 01/16/2030 | EUR | 1,500 | 1,790 | |||||
| Reg. S, 0.25%, 06/15/2040 | EUR | 50 | 57 | |||||
| Reg. S, 0.38%, 04/14/2026 | EUR | 3,000 | 3,670 | |||||
| 0.63%, 07/25/2025 | 20 | 20 | ||||||
| Reg. S, 0.88%, 12/15/2023 | GBP | 1,675 | 2,347 | |||||
| 0.88%, 09/13/2047 | EUR | 100 | 128 | |||||
| Reg. S, 1.00%, 04/14/2032 | EUR | 1,675 | 2,181 | |||||
| Reg. S, 1.00%, 11/14/2042 | EUR | 1,475 | 1,956 | |||||
| Reg. S, 1.13%, 09/15/2036 | EUR | 2,050 | 2,710 | |||||
| Reg. S, 1.38%, 03/07/2025 | GBP | 100 | 143 | |||||
| 1.50%, 10/16/2048 | EUR | 445 | 652 | |||||
| Reg. S, 2.25%, 10/14/2022 | EUR | 4,100 | 5,023 | |||||
| Reg. S, 2.50%, 10/31/2022 | GBP | 1,000 | 1,429 | |||||
| 2.50%, 03/15/2023 | 180 | 188 | ||||||
| 2.75%, 09/13/2030 | EUR | 130 | 194 | |||||
| Reg. S, 3.00%, 09/28/2022 | EUR | 4,600 | 5,690 | |||||
| 3.13%, 12/14/2023 | 250 | 268 | ||||||
| 3.25%, 01/29/2024 | 315 | 340 | ||||||
| Reg. S, 3.63%, 03/14/2042 | EUR | 25 | 48 | |||||
| Reg. S, 4.50%, 03/07/2044 | GBP | 1,100 | 2,392 | |||||
| Reg. S, 6.27%, 08/28/2024 | IDR | 10,000,000 | 700 | |||||
| Series 1981, 2.63%, 03/15/2035 | EUR | 40 | 62 | |||||
| Series DIP, Reg. S, 4.63%, 10/12/2054 | GBP | 555 | 1,373 | |||||
| FMS Wertmanagement, (Germany), Reg. S, 1.13%, 03/20/2023 | GBP | 1,200 | 1,682 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Multi - National — continued | ||||||||
| Inter-American Development Bank, (Supranational), | ||||||||
| 1.25%, 12/15/2023 | GBP | 1,650 | 2,334 | |||||
| 2.13%, 01/15/2025 | 250 | 264 | ||||||
| 2.50%, 01/18/2023 | 230 | 239 | ||||||
| 2.63%, 01/16/2024 | 130 | 138 | ||||||
| 3.00%, 02/21/2024 | 200 | 215 | ||||||
| 7.88%, 03/14/2023 | IDR | 10,000,000 | 722 | |||||
| International Finance Corp., (Supranational), 2.88%, 07/31/2023 | 80 | 85 | ||||||
| North American Development Bank, (Supranational), | ||||||||
| Reg. S, 0.20%, 11/28/2028 | CHF | 200 | 213 | |||||
| 2.40%, 10/26/2022 | 303 | 311 | ||||||
|
|
|
|||||||
| 68,660 | ||||||||
|
|
|
|||||||
| Municipal — 0.0% (g) | ||||||||
| Transport for London, (United Kingdom), | ||||||||
| Reg. S, 4.00%, 09/12/2033 | GBP | 500 | 859 | |||||
| 5.00%, 03/31/2035 | GBP | 200 | 355 | |||||
|
|
|
|||||||
| 1,214 | ||||||||
|
|
|
|||||||
| Regional (State/Province) — 0.0% (g) | ||||||||
| KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032 | EUR | 500 | 562 | |||||
|
|
|
|||||||
| Sovereign — 0.7% | ||||||||
| European Financial Stability Facility, (Luxembourg), | ||||||||
| Reg. S, 0.00%, 10/13/2027 | EUR | 1,325 | 1,584 | |||||
| Reg. S, 0.13%, 10/17/2023 | EUR | 3,500 | 4,179 | |||||
| Reg. S, 0.40%, 02/17/2025 | EUR | 1,000 | 1,215 | |||||
| Reg. S, 0.50%, 01/20/2023 | EUR | 3,425 | 4,101 | |||||
| Reg. S, 0.50%, 07/11/2025 | EUR | 1,000 | 1,223 | |||||
| Reg. S, 0.63%, 10/16/2026 | EUR | 100 | 124 | |||||
| Reg. S, 0.70%, 01/20/2050 | EUR | 1,300 | 1,593 | |||||
| Reg. S, 0.88%, 04/10/2035 | EUR | 1,500 | 1,919 | |||||
| Reg. S, 1.20%, 02/17/2045 | EUR | 1,225 | 1,653 | |||||
| Reg. S, 1.45%, 09/05/2040 | EUR | 170 | 237 | |||||
| Reg. S, 1.75%, 07/17/2053 | EUR | 50 | 79 | |||||
| Reg. S, 2.25%, 09/05/2022 | EUR | 3,700 | 4,521 | |||||
| Reg. S, 2.75%, 12/03/2029 | EUR | 520 | 764 | |||||
| European Stability Mechanism, (Supranational), | ||||||||
| Reg. S, 0.00%, 10/18/2022 | EUR | 2,000 | 2,368 | |||||
| Reg. S, 0.00%, 02/10/2023 | EUR | 100 | 119 | |||||
| Reg. S, 0.10%, 07/31/2023 | EUR | 2,000 | 2,383 | |||||
| Reg. S, 0.50%, 03/02/2026 | EUR | 400 | 491 | |||||
| Reg. S, 0.75%, 09/05/2028 | EUR | 1,450 | 1,829 | |||||
| Reg. S, 0.88%, 07/18/2042 | EUR | 20 | 25 | |||||
| Reg. S, 1.75%, 10/20/2045 | EUR | 50 | 75 | |||||
| Reg. S, 1.80%, 11/02/2046 | EUR | 920 | 1,419 | |||||
| Reg. S, 1.85%, 12/01/2055 | EUR | 80 | 132 | |||||
| Reg. S, 2.13%, 11/20/2023 | EUR | 700 | 880 | |||||
| European Union, (Supranational), | ||||||||
| Reg. S, 0.00%, 11/04/2025 | EUR | 698 | 838 | |||||
| Reg. S, 0.10%, 10/04/2040 | EUR | 975 | 1,081 | |||||
| Reg. S, 0.20%, 06/04/2036 | EUR | 1,000 | 1,166 | |||||
| Reg. S, 0.30%, 11/04/2050 | EUR | 1,220 | 1,354 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Sovereign — continued | ||||||||
| Reg. S, 0.50%, 04/04/2025 | EUR | 1,875 | 2,291 | |||||
| Reg. S, 0.63%, 11/04/2023 | EUR | 925 | 1,120 | |||||
| Reg. S, 0.75%, 04/04/2031 | EUR | 2,025 | 2,573 | |||||
| Reg. S, 1.13%, 04/04/2036 | EUR | 665 | 881 | |||||
| Reg. S, 3.75%, 04/04/2042 | EUR | 15 | 29 | |||||
| LCR Finance plc, (United Kingdom), | ||||||||
| Reg. S, 4.50%, 12/07/2028 | GBP | 300 | 521 | |||||
| Reg. S, 4.50%, 12/07/2038 | GBP | 110 | 223 | |||||
| 5.10%, 03/07/2051 | GBP | 50 | 126 | |||||
| Svensk Exportkredit AB, (Sweden), Zero Coupon, 05/11/2037 | 224 | 142 | ||||||
|
|
|
|||||||
| 45,258 | ||||||||
|
|
|
|||||||
| Total Government | 115,694 | |||||||
|
|
|
|||||||
| Industrial — 1.2% | ||||||||
| Aerospace/Defense — 0.1% | ||||||||
| Airbus SE, (Netherlands), | ||||||||
| Reg. S, 2.00%, 04/07/2028 | EUR | 100 | 130 | |||||
| Reg. S, 2.38%, 06/09/2040 | EUR | 900 | 1,192 | |||||
| BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e) | 1,350 | 1,261 | ||||||
| Boeing Co. (The), | ||||||||
| 4.51%, 05/01/2023 | 250 | 268 | ||||||
| 4.88%, 05/01/2025 | 130 | 145 | ||||||
| 5.71%, 05/01/2040 | 2,300 | 2,809 | ||||||
| 5.81%, 05/01/2050 | 105 | 132 | ||||||
| 5.93%, 05/01/2060 | 30 | 38 | ||||||
| Raytheon Technologies Corp., | ||||||||
| 3.20%, 03/15/2024 | 30 | 32 | ||||||
| 3.95%, 08/16/2025 | 140 | 156 | ||||||
| 7.20%, 08/15/2027 | 20 | 26 | ||||||
| Teledyne Technologies, Inc., 2.75%, 04/01/2031 | 2,400 | 2,389 | ||||||
|
|
|
|||||||
| 8,578 | ||||||||
|
|
|
|||||||
| Building Materials — 0.2% | ||||||||
| Buzzi Unicem SpA, (Italy), Reg. S, 2.13%, 04/28/2023 | EUR | 1,225 | 1,496 | |||||
| Carrier Global Corp., | ||||||||
| 2.24%, 02/15/2025 | 20 | 21 | ||||||
| 2.49%, 02/15/2027 | 10 | 10 | ||||||
| 3.38%, 04/05/2040 | 130 | 129 | ||||||
| 3.58%, 04/05/2050 | 85 | 83 | ||||||
| Fortune Brands Home & Security, Inc., 3.25%, 09/15/2029 | 31 | 32 | ||||||
| HeidelbergCement Finance Luxembourg SA, (Luxembourg), | ||||||||
| Reg. S, 1.13%, 12/01/2027 | EUR | 25 | 30 | |||||
| Reg. S, 2.50%, 10/09/2024 | EUR | 30 | 38 | |||||
| Imerys SA, (France), Reg. S, 2.00%, 12/10/2024 | EUR | 600 | 750 | |||||
| LafargeHolcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 3.00%, 05/12/2032 | GBP | 425 | 627 | |||||
| Lennox International, Inc., 1.35%, 08/01/2025 | 27 | 27 | ||||||
| Martin Marietta Materials, Inc., 4.25%, 07/02/2024 | 4,540 | 4,976 | ||||||
| Mohawk Capital Finance SA, (Luxembourg), 1.75%, 06/12/2027 | EUR | 400 | 500 | |||||
| Owens Corning, | ||||||||
| 3.88%, 06/01/2030 | 100 | 109 | ||||||
| 3.95%, 08/15/2029 | 1,000 | 1,100 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Building Materials — continued | ||||||||
| Vulcan Materials Co., | ||||||||
| 3.50%, 06/01/2030 | 60 | 65 | ||||||
| 4.50%, 04/01/2025 | 10 | 11 | ||||||
| 4.70%, 03/01/2048 | 900 | 1,055 | ||||||
|
|
|
|||||||
| 11,059 | ||||||||
|
|
|
|||||||
| Electrical Components & Equipments — 0.0% (g) | ||||||||
| Eaton Capital Unlimited Co., (Ireland), Reg. S, 0.70%, 05/14/2025 | EUR | 1,325 | 1,597 | |||||
| Signify NV, (Netherlands), | ||||||||
| Reg. S, 2.00%, 05/11/2024 | EUR | 550 | 682 | |||||
| Reg. S, 2.38%, 05/11/2027 | EUR | 175 | 228 | |||||
|
|
|
|||||||
| 2,507 | ||||||||
|
|
|
|||||||
| Electronics — 0.1% | ||||||||
| Agilent Technologies, Inc., | ||||||||
| 2.10%, 06/04/2030 | 282 | 276 | ||||||
| 2.30%, 03/12/2031 | 100 | 97 | ||||||
| 2.75%, 09/15/2029 | 60 | 61 | ||||||
| Allegion US Holding Co., Inc., 3.20%, 10/01/2024 | 85 | 90 | ||||||
| Amphenol Corp., 2.80%, 02/15/2030 | 147 | 151 | ||||||
| Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026 | EUR | 1,325 | 1,604 | |||||
| Arrow Electronics, Inc., 3.88%, 01/12/2028 | 20 | 22 | ||||||
| Flex Ltd., (Singapore), 3.75%, 02/01/2026 | 25 | 27 | ||||||
| FLIR Systems, Inc., 2.50%, 08/01/2030 | 1,625 | 1,590 | ||||||
| Jabil, Inc., 3.00%, 01/15/2031 | 87 | 86 | ||||||
| Keysight Technologies, Inc., | ||||||||
| 4.55%, 10/30/2024 | 200 | 223 | ||||||
| 4.60%, 04/06/2027 | 55 | 63 | ||||||
| Trimble, Inc., 4.90%, 06/15/2028 | 235 | 271 | ||||||
|
|
|
|||||||
| 4,561 | ||||||||
|
|
|
|||||||
| Engineering & Construction — 0.1% | ||||||||
| Aeroporti di Roma SpA, (Italy), Series A4, 5.44%, 02/20/2023 | GBP | 50 | 73 | |||||
| Aeroports de Paris, (France), | ||||||||
| Reg. S, 1.00%, 01/05/2029 | EUR | 300 | 368 | |||||
| Reg. S, 1.50%, 07/02/2032 | EUR | 100 | 126 | |||||
| Reg. S, 2.75%, 04/02/2030 | EUR | 1,200 | 1,667 | |||||
| Heathrow Funding Ltd., (Jersey), | ||||||||
| Reg. S, 4.63%, 10/31/2046 | GBP | 325 | 567 | |||||
| Reg. S, 6.45%, 12/10/2031 | GBP | 225 | 422 | |||||
| Reg. S, 6.75%, 12/03/2026 | GBP | 50 | 87 | |||||
| Reg. S, 7.13%, 02/14/2024 | GBP | 425 | 671 | |||||
| Royal Schiphol Group NV, (Netherlands), Reg. S, 0.38%, 09/08/2027 | EUR | 300 | 355 | |||||
| Vantage Towers AG, (Germany), Reg. S, 0.38%, 03/31/2027 | EUR | 600 | 702 | |||||
|
|
|
|||||||
| 5,038 | ||||||||
|
|
|
|||||||
| Environmental Control — 0.0% (g) | ||||||||
| Republic Services, Inc., 2.50%, 08/15/2024 | 50 | 53 | ||||||
| Waste Connections, Inc., (Canada), | ||||||||
| 2.60%, 02/01/2030 | 200 | 200 | ||||||
| 4.25%, 12/01/2028 | 30 | 34 | ||||||
|
|
|
|||||||
| 287 | ||||||||
|
|
|
|||||||
| Machinery - Construction & Mining — 0.0% (g) | ||||||||
| Caterpillar Financial Services Corp., 0.90%, 03/02/2026 | 265 | 261 | ||||||
| Caterpillar, Inc., 3.25%, 04/09/2050 | 220 | 224 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Machinery - Construction & Mining — continued | ||||||||
| Metso Outotec OYJ, (Finland), Reg. S, 0.88%, 05/26/2028 | EUR | 500 | 593 | |||||
| Oshkosh Corp., 3.10%, 03/01/2030 | 5 | 5 | ||||||
|
|
|
|||||||
| 1,083 | ||||||||
|
|
|
|||||||
| Machinery—Diversified — 0.1% | ||||||||
| Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026 | EUR | 425 | 515 | |||||
| CNH Industrial Finance Europe SA, (Luxembourg), Reg. S, 0.00%, 04/01/2024 | EUR | 1,000 | 1,171 | |||||
| IDEX Corp., 3.00%, 05/01/2030 | 332 | 342 | ||||||
| John Deere Capital Corp., 2.60%, 03/07/2024 | 50 | 53 | ||||||
| John Deere Cash Management SA, (Luxembourg), | ||||||||
| Reg. S, 2.20%, 04/02/2032 | EUR | 1,025 | 1,426 | |||||
| Reg. S, 1.38%, 04/02/2024 | EUR | 700 | 860 | |||||
| Reg. S, 1.65%, 06/13/2039 | EUR | 425 | 567 | |||||
| Otis Worldwide Corp., | ||||||||
| 2.06%, 04/05/2025 | 20 | 20 | ||||||
| 3.36%, 02/15/2050 | 80 | 78 | ||||||
| Westinghouse Air Brake Technologies Corp., | ||||||||
| 3.20%, 06/15/2025 | 50 | 53 | ||||||
| 4.40%, 03/15/2024 | 1,800 | 1,957 | ||||||
|
|
|
|||||||
| 7,042 | ||||||||
|
|
|
|||||||
| Miscellaneous Manufacturers — 0.1% | ||||||||
| Alfa Laval Treasury International AB, (Sweden), Reg. S, 1.38%, 09/12/2022 | EUR | 900 | 1,074 | |||||
| Alstom SA, (France), Reg. S, 0.00%, 01/11/2029 | EUR | 200 | 228 | |||||
| General Electric Co., | ||||||||
| 4.25%, 05/01/2040 | 30 | 33 | ||||||
| 4.35%, 05/01/2050 | 5 | 6 | ||||||
| Reg. S, 5.38%, 12/18/2040 | GBP | 4 | 7 | |||||
| 6.75%, 03/15/2032 | 50 | 67 | ||||||
| Illinois Tool Works, Inc., 1.25%, 05/22/2023 | EUR | 1,025 | 1,236 | |||||
| Parker-Hannifin Corp., | ||||||||
| 1.13%, 03/01/2025 | EUR | 850 | 1,038 | |||||
| 4.00%, 06/14/2049 | 95 | 106 | ||||||
| Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029 | 2,000 | 2,274 | ||||||
| Siemens Financieringsmaatschappij NV, (Netherlands), Reg. S, 0.30%, 02/28/2024 | EUR | 20 | 24 | |||||
| Textron, Inc., 2.45%, 03/15/2031 | 1,900 | 1,839 | ||||||
| Trane Technologies Luxembourg Finance SA, (Luxembourg), 4.50%, 03/21/2049 | 105 | 122 | ||||||
|
|
|
|||||||
| 8,054 | ||||||||
|
|
|
|||||||
| Packaging & Containers — 0.1% | ||||||||
| Ball Corp., 0.88%, 03/15/2024 | EUR | 2,000 | 2,355 | |||||
| DS Smith plc, (United Kingdom), Reg. S, 0.88%, 09/12/2026 | EUR | 2,300 | 2,757 | |||||
| SIG Combibloc PurchaseCo. Sarl, (Luxembourg), Reg. S, 1.88%, 06/18/2023 | EUR | 2,000 | 2,423 | |||||
|
|
|
|||||||
| 7,535 | ||||||||
|
|
|
|||||||
| Transportation — 0.4% | ||||||||
| AP Moller—Maersk A/S, (Denmark), | ||||||||
| Reg. S, 1.75%, 03/16/2026 | EUR | 1,450 | 1,827 | |||||
| Reg. S, 4.00%, 04/04/2025 | GBP | 800 | 1,218 | |||||
| Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024 | EUR | 425 | 536 | |||||
| Burlington Northern Santa Fe LLC, | ||||||||
| 4.15%, 04/01/2045 | 50 | 57 | ||||||
| 4.55%, 09/01/2044 | 170 | 200 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Transportation — continued | ||||||||
| 4.95%, 09/15/2041 | 700 | 868 | ||||||
| 5.40%, 06/01/2041 | 70 | 90 | ||||||
| Deutsche Bahn Finance GMBH, (Germany), | ||||||||
| Reg. S, 0.50%, 04/09/2027 | EUR | 140 | 170 | |||||
| Reg. S, 1.38%, 03/28/2031 | EUR | 2,000 | 2,594 | |||||
| Reg. S, 1.38%, 04/16/2040 | EUR | 50 | 64 | |||||
| Reg. S, 1.50%, 08/26/2024 | CHF | 500 | 565 | |||||
| Reg. S, 1.50%, 12/08/2032 | EUR | 200 | 264 | |||||
| Reg. S, 1.63%, 08/16/2033 | EUR | 100 | 134 | |||||
| 1.99%, 07/08/2030 | AUD | 200 | 143 | |||||
| Reg. S, 2.75%, 06/20/2022 | GBP | 500 | 710 | |||||
| Reg. S, 3.50%, 09/27/2024 | AUD | 300 | 247 | |||||
| Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa) | EUR | 1,700 | 2,022 | |||||
| FedEx Corp., | ||||||||
| 1.30%, 08/05/2031 | EUR | 1,125 | 1,394 | |||||
| 0.70%, 05/13/2022 | EUR | 425 | 503 | |||||
| 1.63%, 01/11/2027 | EUR | 700 | 885 | |||||
| 3.80%, 05/15/2025 | 160 | 176 | ||||||
| Ferrovie dello Stato Italiane SpA, (Italy), Reg. S, 1.50%, 06/27/2025 | EUR | 810 | 1,003 | |||||
| Ile-de-France Mobilites, (France), Reg. S, 1.00%, 05/25/2034 | EUR | 200 | 250 | |||||
| Kansas City Southern, 4.20%, 11/15/2069 | 10 | 10 | ||||||
| La Poste SA, (France), | ||||||||
| Reg. S, 0.38%, 09/17/2027 | EUR | 100 | 119 | |||||
| Reg. S, 0.63%, 10/21/2026 | EUR | 1,300 | 1,571 | |||||
| Reg. S, 0.63%, 01/18/2036 | EUR | 600 | 677 | |||||
| Reg. S, 1.38%, 04/21/2032 | EUR | 1,000 | 1,271 | |||||
| Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030 | GBP | 190 | 341 | |||||
| OeBB-Infrastruktur AG, (Austria), | ||||||||
| 2.25%, 05/28/2029 | EUR | 325 | 451 | |||||
| 3.00%, 10/24/2033 | EUR | 100 | 157 | |||||
| Reg. S, 3.38%, 05/18/2032 | EUR | 4 | 6 | |||||
| Reg. S, 3.88%, 06/30/2025 | EUR | 80 | 111 | |||||
| Reg. S, 4.88%, 06/27/2022 | EUR | 500 | 626 | |||||
| United Parcel Service, Inc., | ||||||||
| 1.50%, 11/15/2032 | EUR | 1,125 | 1,469 | |||||
| 5.30%, 04/01/2050 | 205 | 277 | ||||||
|
|
|
|||||||
| 23,006 | ||||||||
|
|
|
|||||||
| Trucking & Leasing — 0.0% (g) | ||||||||
| Penske Truck Leasing Co. Lp / PTL Finance Corp., 4.88%, 07/11/2022 (e) | 2,800 | 2,952 | ||||||
|
|
|
|||||||
| Total Industrial | 81,702 | |||||||
|
|
|
|||||||
| Technology — 0.6% | ||||||||
| Computers — 0.2% | ||||||||
| Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030 | 357 | 350 | ||||||
| Apple, Inc., | ||||||||
| 0.50%, 11/15/2031 | EUR | 775 | 928 | |||||
| 1.00%, 11/10/2022 | EUR | 700 | 839 | |||||
| 1.38%, 05/24/2029 | EUR | 100 | 129 | |||||
| 1.63%, 11/10/2026 | EUR | 1,125 | 1,445 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Computers — continued | ||||||||
| 2.05%, 09/11/2026 | 140 | 145 | ||||||
| 2.38%, 02/08/2041 | 35 | 32 | ||||||
| 2.65%, 02/08/2051 | 30 | 27 | ||||||
| 2.80%, 02/08/2061 | 20 | 18 | ||||||
| 3.05%, 07/31/2029 | GBP | 425 | 669 | |||||
| 3.25%, 02/23/2026 | 50 | 54 | ||||||
| 3.35%, 02/09/2027 | 15 | 16 | ||||||
| 3.75%, 11/13/2047 | 1,000 | 1,094 | ||||||
| Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025 | EUR | 100 | 120 | |||||
| Dell International LLC / EMC Corp., | ||||||||
| 5.45%, 06/15/2023 (e) | 100 | 109 | ||||||
| 5.85%, 07/15/2025 (e) | 10 | 12 | ||||||
| 6.02%, 06/15/2026 (e) | 85 | 101 | ||||||
| 6.10%, 07/15/2027 (e) | 5 | 6 | ||||||
| 6.20%, 07/15/2030 (e) | 5 | 6 | ||||||
| 8.10%, 07/15/2036 (e) | 13 | 19 | ||||||
| 8.35%, 07/15/2046 (e) | 157 | 238 | ||||||
| Fortinet, Inc., 2.20%, 03/15/2031 | 475 | 459 | ||||||
| Genpact Luxembourg Sarl, (Luxembourg), | ||||||||
| 3.38%, 12/01/2024 | 1,400 | 1,506 | ||||||
| 3.70%, 04/01/2022 | 100 | 103 | ||||||
| Hewlett Packard Enterprise Co., 4.45%, 10/02/2023 | 120 | 130 | ||||||
| HP, Inc., | ||||||||
| 2.20%, 06/17/2025 | 100 | 103 | ||||||
| 3.00%, 06/17/2027 | 100 | 106 | ||||||
| 6.00%, 09/15/2041 | 8 | 10 | ||||||
| NetApp, Inc., 1.88%, 06/22/2025 | 1,760 | 1,796 | ||||||
| Teleperformance, (France), | ||||||||
| Reg. S, 0.25%, 11/26/2027 | EUR | 500 | 578 | |||||
| Reg. S, 1.50%, 04/03/2024 | EUR | 2,600 | 3,165 | |||||
| Reg. S, 1.88%, 07/02/2025 | EUR | 200 | 251 | |||||
|
|
|
|||||||
| 14,564 | ||||||||
|
|
|
|||||||
| Semiconductors — 0.3% | ||||||||
| ASML Holding NV, (Netherlands), | ||||||||
| Reg. S, 0.63%, 05/07/2029 | EUR | 100 | 121 | |||||
| Reg. S, 1.63%, 05/28/2027 | EUR | 1,450 | 1,859 | |||||
| Broadcom, Inc., | ||||||||
| 3.15%, 11/15/2025 | 7 | 7 | ||||||
| 3.42%, 04/15/2033 (e) | 163 | 164 | ||||||
| 3.46%, 09/15/2026 | 80 | 86 | ||||||
| 3.47%, 04/15/2034 (e) | 100 | 100 | ||||||
| 3.50%, 02/15/2041 (e) | 130 | 124 | ||||||
| 3.75%, 02/15/2051 (e) | 245 | 235 | ||||||
| 4.11%, 09/15/2028 | 20 | 22 | ||||||
| 4.30%, 11/15/2032 | 215 | 234 | ||||||
| 5.00%, 04/15/2030 | 2,980 | 3,387 | ||||||
| Infineon Technologies AG, (Germany), | ||||||||
| Reg. S, 0.75%, 06/24/2023 | EUR | 800 | 955 | |||||
| Reg. S, 1.13%, 06/24/2026 | EUR | 200 | 245 | |||||
| Reg. S, 2.00%, 06/24/2032 | EUR | 1,600 | 2,067 | |||||
| Marvell Technology Group Ltd., (Bermuda), 4.88%, 06/22/2028 | 131 | 150 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Semiconductors — continued | ||||||||
| Microchip Technology, Inc., 3.92%, 06/01/2021 | 2,900 | 2,917 | ||||||
| Micron Technology, Inc., | ||||||||
| 2.50%, 04/24/2023 | 110 | 114 | ||||||
| 4.66%, 02/15/2030 | 297 | 337 | ||||||
| NVIDIA Corp., 3.70%, 04/01/2060 | 10 | 11 | ||||||
| NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 3.40%, 05/01/2030 (e) | 1,000 | 1,053 | ||||||
| NXP BV / NXP Funding LLC, (Netherlands), 3.88%, 09/01/2022 (e) | 2,600 | 2,715 | ||||||
| Texas Instruments, Inc., | ||||||||
| 1.75%, 05/04/2030 | 90 | 86 | ||||||
| 4.15%, 05/15/2048 | 17 | 20 | ||||||
| Xilinx, Inc., 2.38%, 06/01/2030 | 305 | 297 | ||||||
|
|
|
|||||||
| 17,306 | ||||||||
|
|
|
|||||||
| Software — 0.1% | ||||||||
| Activision Blizzard, Inc., | ||||||||
| 1.35%, 09/15/2030 | 2,000 | 1,805 | ||||||
| 2.50%, 09/15/2050 | 100 | 84 | ||||||
| Adobe, Inc., 2.30%, 02/01/2030 | 88 | 89 | ||||||
| Autodesk, Inc., 2.85%, 01/15/2030 | 71 | 73 | ||||||
| Electronic Arts, Inc., | ||||||||
| 1.85%, 02/15/2031 | 25 | 24 | ||||||
| 2.95%, 02/15/2051 | 60 | 55 | ||||||
| Fidelity National Information Services, Inc., | ||||||||
| 1.15%, 03/01/2026 | 100 | 98 | ||||||
| 2.25%, 03/01/2031 | 730 | 715 | ||||||
| 3.10%, 03/01/2041 | 180 | 176 | ||||||
| 3.36%, 05/21/2031 | GBP | 100 | 153 | |||||
| Fiserv, Inc., 2.65%, 06/01/2030 | 155 | 156 | ||||||
| Intuit, Inc., 1.65%, 07/15/2030 | 355 | 336 | ||||||
| Microsoft Corp., | ||||||||
| 2.53%, 06/01/2050 | 1,100 | 1,002 | ||||||
| 2.68%, 06/01/2060 | 110 | 100 | ||||||
| 3.04%, 03/17/2062 | 10 | 10 | ||||||
| Oracle Corp., | ||||||||
| 1.65%, 03/25/2026 | 40 | 40 | ||||||
| 2.50%, 04/01/2025 | 350 | 367 | ||||||
| 3.65%, 03/25/2041 | 95 | 96 | ||||||
| 3.85%, 04/01/2060 | 60 | 59 | ||||||
| 3.95%, 03/25/2051 | 70 | 72 | ||||||
| 4.10%, 03/25/2061 | 80 | 82 | ||||||
| Roper Technologies, Inc., | ||||||||
| 1.75%, 02/15/2031 | 2,000 | 1,856 | ||||||
| 2.35%, 09/15/2024 | 200 | 209 | ||||||
| SAP SE, (Germany), Reg. S, 1.00%, 04/01/2025 | EUR | 50 | 61 | |||||
| ServiceNow, Inc., 1.40%, 09/01/2030 | 2,025 | 1,829 | ||||||
| VMware, Inc., 4.50%, 05/15/2025 | 95 | 106 | ||||||
|
|
|
|||||||
| 9,653 | ||||||||
|
|
|
|||||||
| Total Technology | 41,523 | |||||||
|
|
|
|||||||
| Utilities — 1.6% | ||||||||
| Electric — 1.2% | ||||||||
| A2A SpA, (Italy), Reg. S, 1.00%, 07/16/2029 | EUR | 100 | 122 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued | ||||||||
| ACEA SpA, (Italy), | ||||||||
| Reg. S, 0.50%, 04/06/2029 | EUR | 100 | 117 | |||||
| Reg. S, 2.63%, 07/15/2024 | EUR | 100 | 127 | |||||
| AEP Texas, Inc., Series I, 2.10%, 07/01/2030 | 2,600 | 2,499 | ||||||
| Alliander NV, (Netherlands), 2.88%, 06/14/2024 | EUR | 100 | 129 | |||||
| Ameren Corp., | ||||||||
| 2.50%, 09/15/2024 | 30 | 31 | ||||||
| 3.50%, 01/15/2031 | 10 | 11 | ||||||
| Ameren Illinois Co., | ||||||||
| 1.55%, 11/15/2030 | 30 | 28 | ||||||
| 3.25%, 03/15/2050 | 1,200 | 1,201 | ||||||
| American Electric Power Co., Inc., | ||||||||
| 2.30%, 03/01/2030 | 25 | 24 | ||||||
| 3.25%, 03/01/2050 | 20 | 19 | ||||||
| Appalachian Power Co., | ||||||||
| Series Y, 4.50%, 03/01/2049 | 20 | 23 | ||||||
| Series Z, 3.70%, 05/01/2050 | 45 | 45 | ||||||
| Arizona Public Service Co., | ||||||||
| 2.60%, 08/15/2029 | 84 | 86 | ||||||
| 3.35%, 05/15/2050 | 10 | 10 | ||||||
| 4.25%, 03/01/2049 | 10 | 11 | ||||||
| Atlantic City Electric Co., 4.00%, 10/15/2028 | 50 | 56 | ||||||
| Baltimore Gas and Electric Co., 2.90%, 06/15/2050 | 10 | 9 | ||||||
| Berkshire Hathaway Energy Co., | ||||||||
| 2.85%, 05/15/2051 | 10 | 9 | ||||||
| 4.25%, 10/15/2050 | 15 | 17 | ||||||
| 5.15%, 11/15/2043 | 60 | 74 | ||||||
| Black Hills Corp., | ||||||||
| 3.05%, 10/15/2029 | 20 | 21 | ||||||
| 3.88%, 10/15/2049 | 10 | 10 | ||||||
| Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038 | GBP | 1,325 | 1,859 | |||||
| CenterPoint Energy Houston Electric LLC, Series AD, 2.90%, 07/01/2050 | 45 | 42 | ||||||
| CenterPoint Energy, Inc., | ||||||||
| 2.95%, 03/01/2030 | 5 | 5 | ||||||
| 4.25%, 11/01/2028 | 10 | 11 | ||||||
| Coentreprise de Transport d’Electricite SA, (France), | ||||||||
| Reg. S, 0.88%, 09/29/2024 | EUR | 100 | 121 | |||||
| Reg. S, 2.13%, 07/29/2032 | EUR | 100 | 135 | |||||
| Commonwealth Edison Co., | ||||||||
| 3.00%, 03/01/2050 | 100 | 95 | ||||||
| 3.70%, 08/15/2028 | 10 | 11 | ||||||
| 4.00%, 03/01/2048 | 25 | 28 | ||||||
| 4.00%, 03/01/2049 | 10 | 11 | ||||||
| 4.70%, 01/15/2044 | 1,000 | 1,187 | ||||||
| Consolidated Edison Co. of New York, Inc., | ||||||||
| 3.85%, 06/15/2046 | 10 | 10 | ||||||
| Series 09-C, 5.50%, 12/01/2039 | 10 | 13 | ||||||
| Series 20A, 3.35%, 04/01/2030 | 70 | 75 | ||||||
| Series 20B, 3.95%, 04/01/2050 | 55 | 59 | ||||||
| Series A, 4.13%, 05/15/2049 | 20 | 22 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued | ||||||||
| Series E, 4.65%, 12/01/2048 | 10 | 12 | ||||||
| Consumers Energy Co., | ||||||||
| 2.50%, 05/01/2060 | 10 | 8 | ||||||
| 3.10%, 08/15/2050 | 30 | 29 | ||||||
| 3.25%, 08/15/2046 | 1,100 | 1,094 | ||||||
| 3.75%, 02/15/2050 | 25 | 28 | ||||||
| Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043 | 1,400 | 1,661 | ||||||
| Dominion Energy, Inc., | ||||||||
| 3.90%, 10/01/2025 | 220 | 242 | ||||||
| 4.25%, 06/01/2028 | 20 | 23 | ||||||
| Series A, 4.60%, 03/15/2049 | 10 | 12 | ||||||
| Series C, 3.38%, 04/01/2030 | 20 | 21 | ||||||
| DTE Electric Co., | ||||||||
| 2.95%, 03/01/2050 | 25 | 24 | ||||||
| 3.70%, 03/15/2045 | 1,100 | 1,160 | ||||||
| 3.95%, 03/01/2049 | 10 | 11 | ||||||
| DTE Energy Co., | ||||||||
| Series C, 3.40%, 06/15/2029 | 20 | 21 | ||||||
| Series F, 1.05%, 06/01/2025 | 1,400 | 1,381 | ||||||
| Duke Energy Carolinas LLC, 5.30%, 02/15/2040 | 10 | 13 | ||||||
| Duke Energy Corp., | ||||||||
| 2.45%, 06/01/2030 | 10 | 10 | ||||||
| 2.65%, 09/01/2026 | 30 | 31 | ||||||
| 3.75%, 09/01/2046 | 10 | 10 | ||||||
| 4.20%, 06/15/2049 | 20 | 21 | ||||||
| Duke Energy Florida LLC, 4.20%, 07/15/2048 | 10 | 11 | ||||||
| Duke Energy Indiana LLC, | ||||||||
| 2.75%, 04/01/2050 | 20 | 18 | ||||||
| Series YYY, 3.25%, 10/01/2049 | 40 | 39 | ||||||
| Duke Energy Ohio, Inc., | ||||||||
| 3.65%, 02/01/2029 | 10 | 11 | ||||||
| 3.70%, 06/15/2046 | 1,700 | 1,768 | ||||||
| 4.30%, 02/01/2049 | 80 | 91 | ||||||
| E.ON International Finance BV, (Netherlands), Reg. S, 6.13%, 07/06/2039 | GBP | 350 | 731 | |||||
| E.ON SE, (Germany), Reg. S, 1.00%, 10/07/2025 | EUR | 100 | 122 | |||||
| EDP—Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027 | EUR | 100 | 126 | |||||
| EDP Finance BV, (Netherlands), Reg. S, 2.00%, 04/22/2025 | EUR | 700 | 885 | |||||
| Electricite de France SA, (France), | ||||||||
| Reg. S, 1.00%, 10/13/2026 | EUR | 600 | 737 | |||||
| Reg. S, 1.88%, 10/13/2036 | EUR | 100 | 131 | |||||
| Reg. S, 2.00%, 12/09/2049 | EUR | 600 | 754 | |||||
| Reg. S, 5.13%, 09/22/2050 | GBP | 400 | 812 | |||||
| Reg. S, (GBP Swap Rate 15 Year + 3.05%), 5.88%, 01/22/2029 (x) (aa) | GBP | 300 | 465 | |||||
| 5.88%, 07/18/2031 | GBP | 265 | 492 | |||||
| Reg. S, (GBP Swap Rate 13 Year + 3.96%), 6.00%, 01/29/2026 (x) (aa) | GBP | 100 | 155 | |||||
| Reg. S, 6.13%, 06/02/2034 | GBP | 300 | 591 | |||||
| EnBW Energie Baden-Wuerttemberg AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa) | EUR | 100 | 121 | |||||
| EnBW International Finance BV, (Netherlands), Reg. S, 0.63%, 04/17/2025 | EUR | 200 | 241 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued | ||||||||
| Enel Finance International NV, (Netherlands), | ||||||||
| Reg. S, 0.00%, 06/17/2024 | EUR | 2,275 | 2,681 | |||||
| 2.65%, 09/10/2024 (e) | 3,500 | 3,681 | ||||||
| 3.50%, 04/06/2028 (e) | 1,700 | 1,817 | ||||||
| Enel SpA, (Italy), | ||||||||
| Reg. S, (EUR Swap Rate 5 Year + 2.68%), 2.25%, 12/10/2026 (x) (aa) | EUR | 350 | 428 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 2.10%), 2.50%, 08/24/2023 (x) (aa) | EUR | 425 | 521 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 3.56%), 3.50%, 05/24/2080 (aa) | EUR | 100 | 128 | |||||
| e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041 | EUR | 20 | 38 | |||||
| Enexis Holding NV, (Netherlands), | ||||||||
| Reg. S, 0.88%, 04/28/2026 | EUR | 100 | 123 | |||||
| Reg. S, 1.50%, 10/20/2023 | EUR | 100 | 122 | |||||
| Engie SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa) | EUR | 1,800 | 2,285 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued | ||||||||
| Entergy Corp., | ||||||||
| 0.90%, 09/15/2025 | 30 | 29 | ||||||
| 3.75%, 06/15/2050 | 30 | 30 | ||||||
| Entergy Louisiana LLC, | ||||||||
| 1.60%, 12/15/2030 | 1,500 | 1,396 | ||||||
| 2.90%, 03/15/2051 | 30 | 28 | ||||||
| 3.12%, 09/01/2027 | 2,500 | 2,704 | ||||||
| 3.25%, 04/01/2028 | 10 | 11 | ||||||
| 4.20%, 09/01/2048 | 10 | 11 | ||||||
| Entergy Texas, Inc., 4.00%, 03/30/2029 | 15 | 17 | ||||||
| ESB Finance DAC, (Ireland), | ||||||||
| Reg. S, 1.75%, 02/07/2029 | EUR | 100 | 131 | |||||
| Reg. S, 1.88%, 06/14/2031 | EUR | 224 | 299 | |||||
| Reg. S, 2.13%, 06/08/2027 | EUR | 100 | 131 | |||||
| Evergy Kansas Central, Inc., 3.45%, 04/15/2050 | 5 | 5 | ||||||
| Evergy Metro, Inc., | ||||||||
| 4.20%, 03/15/2048 | 10 | 11 | ||||||
| Series 2019, 4.13%, 04/01/2049 | 20 | 23 | ||||||
| Series 2020, 2.25%, 06/01/2030 | 10 | 10 | ||||||
| Evergy, Inc., 2.45%, 09/15/2024 | 3,000 | 3,140 | ||||||
| Eversource Energy, | ||||||||
| 3.45%, 01/15/2050 | 30 | 30 | ||||||
| Series R, 1.65%, 08/15/2030 | 1,410 | 1,306 | ||||||
| Exelon Corp., | ||||||||
| 3.50%, 06/01/2022 | 2,649 | 2,732 | ||||||
| 4.05%, 04/15/2030 | 10 | 11 | ||||||
| 4.45%, 04/15/2046 | 10 | 12 | ||||||
| 4.70%, 04/15/2050 | 10 | 12 | ||||||
| FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e) | 1,100 | 1,192 | ||||||
| Florida Power & Light Co., | ||||||||
| 3.15%, 10/01/2049 | 20 | 20 | ||||||
| 3.95%, 03/01/2048 | 500 | 569 | ||||||
| 4.13%, 06/01/2048 | 20 | 23 | ||||||
| FLUVIUS System Operator CVBA, (Belgium), Reg. S, 2.88%, 10/09/2023 | EUR | 400 | 505 | |||||
| Fortum OYJ, (Finland), | ||||||||
| Reg. S, 2.13%, 02/27/2029 | EUR | 100 | 132 | |||||
| Reg. S, 0.88%, 02/27/2023 | EUR | 170 | 203 | |||||
| Georgia Power Co., | ||||||||
| Series A, 3.25%, 03/15/2051 | 20 | 19 | ||||||
| Series B, 3.70%, 01/30/2050 | 60 | 61 | ||||||
| Hera SpA, (Italy), | ||||||||
| Reg. S, 0.25%, 12/03/2030 | EUR | 160 | 182 | |||||
| Reg. S, 2.38%, 07/04/2024 | EUR | 100 | 127 | |||||
| Iberdrola International BV, (Netherlands), | ||||||||
| Reg. S, 0.38%, 09/15/2025 | EUR | 1,900 | 2,270 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 1.59%), 1.88%, 02/22/2023 (x) (aa) | EUR | 1,200 | 1,441 | |||||
| Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa) | EUR | 400 | 483 | |||||
| Interstate Power and Light Co., 3.50%, 09/30/2049 | 10 | 10 | ||||||
| Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030 | EUR | 550 | 666 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued | ||||||||
| Kentucky Utilities Co., 3.30%, 06/01/2050 | 25 | 24 | ||||||
| MidAmerican Energy Co., | ||||||||
| 3.10%, 05/01/2027 | 10 | 11 | ||||||
| 6.75%, 12/30/2031 | 10 | 14 | ||||||
| Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e) | 200 | 213 | ||||||
| National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040 | GBP | 425 | 549 | |||||
| National Grid plc, (United Kingdom), Reg. S, 0.55%, 09/18/2029 | EUR | 1,575 | 1,835 | |||||
| National Rural Utilities Cooperative Finance Corp., | ||||||||
| 1.35%, 03/15/2031 | 50 | 45 | ||||||
| 4.30%, 03/15/2049 | 20 | 23 | ||||||
| Nevada Power Co., | ||||||||
| Series DD, 2.40%, 05/01/2030 | 100 | 99 | ||||||
| Series EE, 3.13%, 08/01/2050 | 30 | 29 | ||||||
| NextEra Energy Capital Holdings, Inc., | ||||||||
| 2.25%, 06/01/2030 | 1,280 | 1,251 | ||||||
| 2.75%, 11/01/2029 | 35 | 36 | ||||||
| Northern Powergrid Holdings Co., (United Kingdom), 7.25%, 12/15/2022 | GBP | 450 | 689 | |||||
| Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035 | GBP | 50 | 92 | |||||
| Northern States Power Co., | ||||||||
| 2.25%, 04/01/2031 | 1,450 | 1,447 | ||||||
| 2.60%, 06/01/2051 | 25 | 22 | ||||||
| 3.20%, 04/01/2052 | 10 | 10 | ||||||
| NRG Energy, Inc., | ||||||||
| 2.00%, 12/02/2025 (e) | 2,150 | 2,150 | ||||||
| 2.45%, 12/02/2027 (e) | 1,275 | 1,264 | ||||||
| Oglethorpe Power Corp., 5.05%, 10/01/2048 | 20 | 23 | ||||||
| Oklahoma Gas and Electric Co., 4.15%, 04/01/2047 | 900 | 981 | ||||||
| Oncor Electric Delivery Co. LLC, | ||||||||
| 2.75%, 06/01/2024 | 20 | 21 | ||||||
| 3.10%, 09/15/2049 | 50 | 49 | ||||||
| 3.70%, 05/15/2050 | 5 | 5 | ||||||
| Orsted A/S, (Denmark), | ||||||||
| Reg. S, 5.75%, 04/09/2040 | GBP | 225 | 479 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa) | EUR | 119 | 157 | |||||
| Pacific Gas and Electric Co., | ||||||||
| 1.75%, 06/16/2022 | 50 | 50 | ||||||
| 3.15%, 01/01/2026 | 40 | 42 | ||||||
| 3.50%, 08/01/2050 | 20 | 17 | ||||||
| 3.75%, 07/01/2028 | 10 | 11 | ||||||
| 4.50%, 07/01/2040 | 100 | 101 | ||||||
| 4.55%, 07/01/2030 | 10 | 11 | ||||||
| 4.95%, 07/01/2050 | 10 | 10 | ||||||
| PacifiCorp., | ||||||||
| 3.30%, 03/15/2051 | 800 | 793 | ||||||
| 4.15%, 02/15/2050 | 15 | 17 | ||||||
| PECO Energy Co., | ||||||||
| 2.80%, 06/15/2050 | 50 | 46 | ||||||
| 3.05%, 03/15/2051 | 435 | 427 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued | ||||||||
| PPL Capital Funding, Inc., | ||||||||
| 4.13%, 04/15/2030 | 120 | 135 | ||||||
| 5.00%, 03/15/2044 | 1,000 | 1,189 | ||||||
| Public Service Co. of Colorado, Series 36, 2.70%, 01/15/2051 | 10 | 9 | ||||||
| Public Service Electric and Gas Co., | ||||||||
| 2.05%, 08/01/2050 | 10 | 8 | ||||||
| 2.45%, 01/15/2030 | 20 | 20 | ||||||
| 3.65%, 09/01/2028 | 120 | 133 | ||||||
| 3.85%, 05/01/2049 | 10 | 11 | ||||||
| Public Service Enterprise Group, Inc., 0.80%, 08/15/2025 | 3,000 | 2,917 | ||||||
| Puget Energy, Inc., 4.10%, 06/15/2030 | 10 | 11 | ||||||
| Puget Sound Energy, Inc., 3.25%, 09/15/2049 | 20 | 19 | ||||||
| Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025 | EUR | 100 | 123 | |||||
| RTE Reseau de Transport d’Electricite SADIR, (France), | ||||||||
| Reg. S, 1.50%, 09/27/2030 | EUR | 200 | 259 | |||||
| Reg. S, 1.63%, 11/27/2025 | EUR | 300 | 378 | |||||
| Reg. S, 2.00%, 04/18/2036 | EUR | 100 | 137 | |||||
| San Diego Gas & Electric Co., 4.15%, 05/15/2048 | 820 | 921 | ||||||
| Sempra Energy, | ||||||||
| 3.40%, 02/01/2028 | 10 | 11 | ||||||
| 4.00%, 02/01/2048 | 10 | 10 | ||||||
| Southern California Edison Co., | ||||||||
| 2.85%, 08/01/2029 | 10 | 10 | ||||||
| 3.65%, 02/01/2050 | 60 | 59 | ||||||
| 4.00%, 04/01/2047 | 20 | 21 | ||||||
| 4.05%, 03/15/2042 | 900 | 932 | ||||||
| 6.05%, 03/15/2039 | 10 | 13 | ||||||
| Series 20A, 2.95%, 02/01/2051 | 6 | 5 | ||||||
| Series B, 3.65%, 03/01/2028 | 25 | 27 | ||||||
| Series D, 3.40%, 06/01/2023 | 1,400 | 1,482 | ||||||
| Series E, 3.70%, 08/01/2025 | 10 | 11 | ||||||
| Southern Co. (The), | ||||||||
| Series 21-A, 0.60%, 02/26/2024 | 60 | 60 | ||||||
| Series A, 3.70%, 04/30/2030 | 75 | 81 | ||||||
| Southwestern Electric Power Co., Series N, 1.65%, 03/15/2026 | 50 | 50 | ||||||
| Southwestern Public Service Co., | ||||||||
| 3.70%, 08/15/2047 | 1,000 | 1,033 | ||||||
| Series 8, 3.15%, 05/01/2050 | 60 | 58 | ||||||
| SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031 | GBP | 100 | 140 | |||||
| SSE plc, (United Kingdom), Reg. S, 1.75%, 04/16/2030 | EUR | 1,300 | 1,669 | |||||
| Stedin Holding NV, (Netherlands), | ||||||||
| Reg. S, 0.88%, 10/24/2025 | EUR | 100 | 122 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 2.75%), 3.25%, 12/01/2021 (x) (aa) | EUR | 100 | 120 | |||||
| Tampa Electric Co., 4.30%, 06/15/2048 | 10 | 11 | ||||||
| TenneT Holding BV, (Netherlands), | ||||||||
| Reg. S, 0.88%, 06/03/2030 | EUR | 120 | 147 | |||||
| Reg. S, 1.00%, 06/13/2026 | EUR | 200 | 247 | |||||
| Reg. S, 1.75%, 06/04/2027 | EUR | 300 | 388 | |||||
| Terna Rete Elettrica Nazionale SpA, (Italy), | ||||||||
| Reg. S, 0.38%, 09/25/2030 | EUR | 425 | 490 | |||||
| Reg. S, 0.75%, 07/24/2032 | EUR | 100 | 119 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued | ||||||||
| Reg. S, 1.38%, 07/26/2027 | EUR | 1,125 | 1,412 | |||||
| Tucson Electric Power Co., | ||||||||
| 1.50%, 08/01/2030 | 30 | 28 | ||||||
| 4.00%, 06/15/2050 | 10 | 11 | ||||||
| Union Electric Co., 3.25%, 10/01/2049 | 40 | 40 | ||||||
| Virginia Electric and Power Co., | ||||||||
| 3.30%, 12/01/2049 | 50 | 50 | ||||||
| Series B, 3.80%, 09/15/2047 | 35 | 38 | ||||||
| Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e) | 1,400 | 1,465 | ||||||
| WEC Energy Group, Inc., 3.55%, 06/15/2025 | 168 | 182 | ||||||
| Western Power Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027 | GBP | 20 | 34 | |||||
| Wisconsin Power and Light Co., 3.00%, 07/01/2029 | 50 | 53 | ||||||
| Wisconsin Public Service Corp., 3.30%, 09/01/2049 | 5 | 5 | ||||||
| Xcel Energy, Inc., | ||||||||
| 3.40%, 06/01/2030 | 20 | 21 | ||||||
| 3.50%, 12/01/2049 | 20 | 20 | ||||||
|
|
|
|||||||
| 84,270 | ||||||||
|
|
|
|||||||
| Gas — 0.3% | ||||||||
| APT Pipelines Ltd., (Australia), Reg. S, 2.00%, 07/15/2030 | EUR | 1,000 | 1,283 | |||||
| Atmos Energy Corp., | ||||||||
| 1.50%, 01/15/2031 | 1,630 | 1,488 | ||||||
| 2.63%, 09/15/2029 | 15 | 15 | ||||||
| 3.38%, 09/15/2049 | 210 | 208 | ||||||
| 4.15%, 01/15/2043 | 10 | 11 | ||||||
| Italgas SpA, (Italy), | ||||||||
| Reg. S, 1.00%, 12/11/2031 | EUR | 1,125 | 1,362 | |||||
| Reg. S, 1.13%, 03/14/2024 | EUR | 850 | 1,032 | |||||
| National Fuel Gas Co., 2.95%, 03/01/2031 | 25 | 24 | ||||||
| National Grid Gas plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031 | GBP | 1,600 | 2,080 | |||||
| Nederlandse Gasunie NV, (Netherlands), Reg. S, 2.63%, 07/13/2022 | EUR | 100 | 122 | |||||
| NiSource, Inc., | ||||||||
| 0.95%, 08/15/2025 | 3,000 | 2,942 | ||||||
| 3.49%, 05/15/2027 | 130 | 141 | ||||||
| 3.60%, 05/01/2030 | 25 | 27 | ||||||
| 4.38%, 05/15/2047 | 15 | 17 | ||||||
| 4.80%, 02/15/2044 | 10 | 11 | ||||||
| Piedmont Natural Gas Co., Inc., | ||||||||
| 2.50%, 03/15/2031 | 1,550 | 1,533 | ||||||
| 3.35%, 06/01/2050 | 15 | 14 | ||||||
| Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025 | EUR | 1,300 | 1,615 | |||||
| Snam SpA, (Italy), Reg. S, 0.88%, 10/25/2026 | EUR | 850 | 1,035 | |||||
| Southern California Gas Co., | ||||||||
| Series VV, 4.30%, 01/15/2049 | 20 | 24 | ||||||
| Series XX, 2.55%, 02/01/2030 | 25 | 25 | ||||||
| Southern Co. Gas Capital Corp., | ||||||||
| 3.95%, 10/01/2046 | 20 | 21 | ||||||
| Series 20-A, 1.75%, 01/15/2031 | 3,700 | 3,401 | ||||||
| Southern Gas Networks plc, (United Kingdom), | ||||||||
| Reg. S, 2.50%, 02/03/2025 | GBP | 425 | 621 | |||||
| 6.38%, 05/15/2040 | GBP | 425 | 938 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Gas — continued | ||||||||
| Southwest Gas Corp., | ||||||||
| 2.20%, 06/15/2030 | 45 | 43 | ||||||
| 4.15%, 06/01/2049 | 10 | 11 | ||||||
| Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041 | GBP | 425 | 547 | |||||
| Washington Gas Light Co., 3.65%, 09/15/2049 | 10 | 11 | ||||||
|
|
|
|||||||
| 20,602 | ||||||||
|
|
|
|||||||
| Water — 0.1% | ||||||||
| Affinity Water Finance plc, (United Kingdom), 5.88%, 07/13/2026 | GBP | 30 | 51 | |||||
| American Water Capital Corp., | ||||||||
| 2.80%, 05/01/2030 | 25 | 26 | ||||||
| 4.15%, 06/01/2049 | 35 | 40 | ||||||
| Essential Utilities, Inc., 2.70%, 04/15/2030 | 40 | 40 | ||||||
| Northumbrian Water Finance plc, (United Kingdom), | ||||||||
| Reg. S, 1.63%, 10/11/2026 | GBP | 425 | 597 | |||||
| Reg. S, 5.63%, 04/29/2033 | GBP | 225 | 431 | |||||
| Thames Water Utilities Finance plc, (United Kingdom), | ||||||||
| Reg. S, 2.38%, 04/22/2040 | GBP | 300 | 404 | |||||
| Reg. S, 5.50%, 02/11/2041 | GBP | 550 | 1,098 | |||||
| 6.75%, 11/16/2028 | GBP | 180 | 334 | |||||
| United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033 | GBP | 900 | 1,266 | |||||
| Wessex Water Services Finance plc, (United Kingdom), | ||||||||
| Reg. S, 1.50%, 09/17/2029 | GBP | 700 | 944 | |||||
| Reg. S, 5.38%, 03/10/2028 | GBP | 225 | 386 | |||||
| Reg. S, 5.75%, 10/14/2033 | GBP | 375 | 732 | |||||
|
|
|
|||||||
| 6,349 | ||||||||
|
|
|
|||||||
| Total Utilities | 111,221 | |||||||
|
|
|
|||||||
| Total Corporate Bonds (Cost $1,329,926) |
1,310,225 | |||||||
|
|
|
|||||||
| Foreign Government Securities —48.1% | ||||||||
| Action Logement Services, (France), Reg. S, 0.50%, 10/30/2034 | EUR | 100 | 117 | |||||
| Adif Alta Velocidad, (Spain), | ||||||||
| Reg. S, 0.55%, 04/30/2030 | EUR | 200 | 238 | |||||
| Reg. S, 1.88%, 09/22/2022 | EUR | 600 | 727 | |||||
| Reg. S, 1.88%, 01/28/2025 | EUR | 100 | 127 | |||||
| Agence Francaise de Developpement EPIC, (France), | ||||||||
| Reg. S, 0.00%, 03/25/2025 | EUR | 200 | 238 | |||||
| Reg. S, 0.25%, 07/21/2026 | EUR | 500 | 602 | |||||
| Reg. S, 0.25%, 06/29/2029 | EUR | 400 | 478 | |||||
| Reg. S, 0.38%, 04/30/2024 | EUR | 400 | 480 | |||||
| Reg. S, 0.50%, 05/25/2030 | EUR | 200 | 244 | |||||
| Reg. S, 0.50%, 05/31/2035 | EUR | 300 | 355 | |||||
| Reg. S, 1.38%, 09/17/2024 | EUR | 500 | 622 | |||||
| Reg. S, 1.50%, 10/31/2034 | EUR | 100 | 133 | |||||
| Agence France Locale, (France), | ||||||||
| Reg. S, 0.00%, 09/20/2027 | EUR | 500 | 590 | |||||
| Reg. S, 0.13%, 06/20/2026 | EUR | 100 | 119 | |||||
| Reg. S, 1.13%, 06/20/2028 | EUR | 1,000 | 1,269 | |||||
| Agricultural Development Bank of China, (China), | ||||||||
| 2.25%, 03/12/2022 | CNY | 62,000 | 9,419 | |||||
| Reg. S, 3.40%, 11/06/2024 | CNH | 56,000 | 8,705 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 1512, 4.18%, 05/04/2022 | CNY | 8,000 | 1,237 | |||||
| Series 1605, 3.33%, 01/06/2026 | CNY | 17,000 | 2,582 | |||||
| Series 1705, 3.85%, 01/06/2027 | CNY | 35,000 | 5,426 | |||||
| Series 1712, 4.21%, 08/23/2022 | CNY | 27,000 | 4,189 | |||||
| Series 1806, 4.65%, 05/11/2028 | CNY | 8,100 | 1,315 | |||||
| Series 1813, 3.55%, 11/21/2023 | CNY | 600 | 92 | |||||
| Series 1901, 3.75%, 01/25/2029 | CNY | 7,000 | 1,076 | |||||
| Series 1906, 3.74%, 07/12/2029 | CNY | 88,000 | 13,527 | |||||
| Series 1907, 3.12%, 07/17/2022 | CNY | 40,000 | 6,118 | |||||
| Series 1908, 3.63%, 07/19/2026 | CNY | 105,300 | 16,193 | |||||
| Series 1909, 3.24%, 08/14/2024 | CNY | 58,000 | 8,835 | |||||
| Series 2002, 2.20%, 04/01/2023 | CNY | 101,200 | 15,176 | |||||
| Series 2004, 2.96%, 04/17/2030 | CNY | 103,000 | 14,904 | |||||
| Series 2005, 2.25%, 04/22/2025 | CNY | 150,700 | 22,007 | |||||
| Auckland Council, (New Zealand), | ||||||||
| Reg. S, 1.00%, 01/19/2027 | EUR | 300 | 376 | |||||
| Reg. S, 1.50%, 11/28/2025 | CHF | 300 | 345 | |||||
| Australia Government Bond, (Australia), | ||||||||
| Series 128, Reg. S, 5.75%, 07/15/2022 | AUD | 5,500 | 4,481 | |||||
| Series 133, Reg. S, 5.50%, 04/21/2023 | AUD | 14,600 | 12,315 | |||||
| Series 136, Reg. S, 4.75%, 04/21/2027 | AUD | 10,000 | 9,270 | |||||
| Series 138, Reg. S, 3.25%, 04/21/2029 | AUD | 365 | 315 | |||||
| Series 140, Reg. S, 4.50%, 04/21/2033 | AUD | 12,300 | 11,930 | |||||
| Series 142, Reg. S, 4.25%, 04/21/2026 | AUD | 5,000 | 4,457 | |||||
| Series 144, Reg. S, 3.75%, 04/21/2037 | AUD | 1,950 | 1,776 | |||||
| Series 145, Reg. S, 2.75%, 06/21/2035 | AUD | 1,250 | 1,019 | |||||
| Series 148, Reg. S, 2.75%, 11/21/2027 | AUD | 3,250 | 2,721 | |||||
| Series 149, Reg. S, 2.25%, 05/21/2028 | AUD | 200 | 162 | |||||
| Series 150, Reg. S, 3.00%, 03/21/2047 | AUD | 980 | 792 | |||||
| Series 152, Reg. S, 2.75%, 11/21/2028 | AUD | 1,400 | 1,170 | |||||
| Series 154, Reg. S, 2.75%, 11/21/2029 | AUD | 34,155 | 28,451 | |||||
| Series 155, Reg. S, 2.50%, 05/21/2030 | AUD | 4,050 | 3,302 | |||||
| Series 156, Reg. S, 2.75%, 05/21/2041 | AUD | 5,491 | 4,322 | |||||
| Series 158, 1.25%, 05/21/2032 | AUD | 1,000 | 710 | |||||
| Series 159, Reg. S, 0.25%, 11/21/2024 | AUD | 12,383 | 9,376 | |||||
| Series 160, Reg. S, 1.00%, 12/21/2030 | AUD | 2,250 | 1,596 | |||||
| Series 161, Reg. S, 0.25%, 11/21/2025 | AUD | 2,100 | 1,566 | |||||
| Series 162, Reg. S, 1.75%, 06/21/2051 | AUD | 3,150 | 1,914 | |||||
| Series 139, Reg. S, 3.25%, 04/21/2025 | AUD | 7,475 | 6,304 | |||||
| Australian Capital Territory, (Australia), Reg. S, 1.25%, 05/22/2025 | AUD | 200 | 156 | |||||
| Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria), | ||||||||
| Reg. S, 0.10%, 07/09/2029 | EUR | 500 | 595 | |||||
| Reg. S, 0.63%, 09/15/2022 | EUR | 160 | 191 | |||||
| Reg. S, 2.75%, 06/20/2033 | EUR | 130 | 199 | |||||
| Autonomous Community of Andalusia Spain, (Spain), Reg. S, 1.38%, 04/30/2029 | EUR | 30 | 38 | |||||
| Autonomous Community of Madrid Spain, (Spain), | ||||||||
| Reg. S, 0.42%, 04/30/2030 | EUR | 161 | 191 | |||||
| Reg. S, 1.19%, 05/08/2022 | EUR | 600 | 715 | |||||
| Reg. S, 1.83%, 04/30/2025 | EUR | 270 | 343 | |||||
| 4.30%, 09/15/2026 | EUR | 500 | 726 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Basque Government, (Spain), | ||||||||
| Reg. S, 0.25%, 04/30/2031 | EUR | 100 | 116 | |||||
| Reg. S, 0.85%, 04/30/2030 | EUR | 50 | 62 | |||||
| Reg. S, 1.75%, 03/16/2026 | EUR | 170 | 218 | |||||
| Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e) | 670 | 655 | ||||||
| BNG Bank NV, (Netherlands), | ||||||||
| Reg. S, 0.00%, 01/20/2031 | EUR | 200 | 235 | |||||
| Reg. S, 0.10%, 01/15/2030 | EUR | 320 | 381 | |||||
| Reg. S, 0.13%, 04/11/2026 | EUR | 530 | 637 | |||||
| Reg. S, 0.13%, 07/09/2035 | EUR | 130 | 149 | |||||
| Reg. S, 0.20%, 11/09/2024 | EUR | 550 | 661 | |||||
| Reg. S, 0.88%, 10/17/2035 | EUR | 100 | 126 | |||||
| Reg. S, 1.50%, 07/15/2039 | EUR | 170 | 236 | |||||
| Reg. S, 3.88%, 05/26/2023 | EUR | 470 | 604 | |||||
| Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e) | CLP | 70,000 | 107 | |||||
| Bpifrance SACA, (France), | ||||||||
| Reg. S, 0.13%, 11/25/2023 | EUR | 300 | 357 | |||||
| Reg. S, 0.13%, 03/25/2025 | EUR | 400 | 478 | |||||
| Reg. S, 0.25%, 03/29/2030 | EUR | 200 | 238 | |||||
| Reg. S, 0.63%, 05/25/2026 | EUR | 500 | 613 | |||||
| Reg. S, 0.75%, 07/22/2022 | GBP | 200 | 277 | |||||
| Reg. S, 0.88%, 09/26/2028 | EUR | 200 | 251 | |||||
| Reg. S, 1.00%, 05/25/2027 | EUR | 500 | 628 | |||||
| Reg. S, 2.38%, 04/25/2022 | EUR | 300 | 363 | |||||
| Bulgaria Government International Bond, (Bulgaria), | ||||||||
| Reg. S, 2.95%, 09/03/2024 | EUR | 400 | 519 | |||||
| Series 12YR, Reg. S, 3.00%, 03/21/2028 | EUR | 400 | 560 | |||||
| Bundesobligation, (Germany), | ||||||||
| Series 176, Reg. S, 0.00%, 10/07/2022 | EUR | 2,020 | 2,393 | |||||
| Series 177, Reg. S, 0.00%, 04/14/2023 | EUR | 460 | 547 | |||||
| Series 178, Reg. S, 0.00%, 10/13/2023 | EUR | 2,790 | 3,333 | |||||
| Series 179, Reg. S, 0.00%, 04/05/2024 | EUR | 79 | 95 | |||||
| Series 180, Reg. S, 0.00%, 10/18/2024 | EUR | 1,926 | 2,316 | |||||
| Series 181, Reg. S, 0.00%, 04/11/2025 | EUR | 790 | 952 | |||||
| Series 182, Reg. S, 0.00%, 10/10/2025 | EUR | 4,670 | 5,644 | |||||
| Series 183, Reg. S, 0.00%, 04/10/2026 | EUR | 200 | 242 | |||||
| Bundesrepublik Deutschland Bundesanleihe, (Germany), | ||||||||
| Reg. S, 0.00%, 08/15/2026 | EUR | 1,900 | 2,305 | |||||
| Reg. S, 0.00%, 11/15/2027 | EUR | 1,560 | 1,896 | |||||
| Reg. S, 0.00%, 08/15/2029 | EUR | 1,830 | 2,222 | |||||
| Reg. S, 0.00%, 02/15/2030 | EUR | 890 | 1,079 | |||||
| Reg. S, 0.00%, 08/15/2030 | EUR | 1,120 | 1,356 | |||||
| Reg. S, 0.00%, 02/15/2031 | EUR | 839 | 1,013 | |||||
| Reg. S, 0.00%, 05/15/2035 | EUR | 2,165 | 2,559 | |||||
| Reg. S, 0.00%, 08/15/2050 | EUR | 1,058 | 1,152 | |||||
| Reg. S, 0.25%, 02/15/2027 | EUR | 2,557 | 3,151 | |||||
| Reg. S, 0.25%, 08/15/2028 | EUR | 420 | 520 | |||||
| Reg. S, 0.25%, 02/15/2029 | EUR | 210 | 260 | |||||
| Reg. S, 0.50%, 02/15/2025 | EUR | 227 | 279 | |||||
| Reg. S, 0.50%, 02/15/2026 | EUR | 650 | 806 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 0.50%, 08/15/2027 | EUR | 2,160 | 2,709 | |||||
| Reg. S, 0.50%, 02/15/2028 | EUR | 230 | 289 | |||||
| Reg. S, 1.00%, 08/15/2024 | EUR | 250 | 310 | |||||
| Reg. S, 1.00%, 08/15/2025 | EUR | 1,130 | 1,424 | |||||
| Reg. S, 1.25%, 08/15/2048 | EUR | 1,050 | 1,570 | |||||
| Reg. S, 1.50%, 09/04/2022 | EUR | 530 | 641 | |||||
| Reg. S, 1.50%, 02/15/2023 | EUR | 1,240 | 1,514 | |||||
| Reg. S, 1.50%, 05/15/2023 | EUR | 1,370 | 1,682 | |||||
| Reg. S, 1.75%, 07/04/2022 | EUR | 330 | 399 | |||||
| Reg. S, 1.75%, 02/15/2024 | EUR | 1,701 | 2,138 | |||||
| Reg. S, 2.00%, 08/15/2023 | EUR | 3,450 | 4,309 | |||||
| Reg. S, 2.50%, 07/04/2044 | EUR | 1,460 | 2,655 | |||||
| Reg. S, 2.50%, 08/15/2046 | EUR | 2,552 | 4,738 | |||||
| Reg. S, 3.25%, 07/04/2042 | EUR | 632 | 1,241 | |||||
| Reg. S, 5.50%, 01/04/2031 | EUR | 940 | 1,745 | |||||
| Reg. S, 6.25%, 01/04/2030 | EUR | 775 | 1,452 | |||||
| Series 3, Reg. S, 4.75%, 07/04/2034 | EUR | 1,183 | 2,308 | |||||
| Series 5, Reg. S, 4.00%, 01/04/2037 | EUR | 990 | 1,911 | |||||
| Series 8, Reg. S, 4.75%, 07/04/2040 | EUR | 1,084 | 2,435 | |||||
| Series 97, Reg. S, 6.50%, 07/04/2027 | EUR | 1,410 | 2,403 | |||||
| Series 98, Reg. S, 4.75%, 07/04/2028 | EUR | 1,060 | 1,731 | |||||
| Series 98, Reg. S, 5.63%, 01/04/2028 | EUR | 780 | 1,305 | |||||
| Series 2007, Reg. S, 4.25%, 07/04/2039 | EUR | 1,020 | 2,130 | |||||
| Series G, Reg. S, 0.00%, 08/15/2030 | EUR | 770 | 936 | |||||
| Bundesschatzanweisungen, (Germany), Reg. S, 0.00%, 06/10/2022 | EUR | 2,050 | 2,423 | |||||
| Caisse d’Amortissement de la Dette Sociale, (France), | ||||||||
| Reg. S, 0.00%, 02/25/2028 | EUR | 200 | 238 | |||||
| Reg. S, 0.00%, 11/25/2030 | EUR | 300 | 350 | |||||
| Reg. S, 0.00%, 05/25/2031 | EUR | 100 | 116 | |||||
| Reg. S, 0.13%, 10/25/2023 | EUR | 1,800 | 2,146 | |||||
| Reg. S, 4.00%, 12/15/2025 | EUR | 1,383 | 1,959 | |||||
| Series DIP, Reg. S, 0.13%, 11/25/2022 | EUR | 300 | 355 | |||||
| Caisse des Depots et Consignations, (France), Reg. S, 0.00%, 06/19/2024 | EUR | 300 | 357 | |||||
| Caisse Francaise de Financement Local, (France), | ||||||||
| Reg. S, 0.01%, 05/07/2025 | EUR | 100 | 119 | |||||
| Reg. S, 1.00%, 04/25/2028 | EUR | 100 | 127 | |||||
| Reg. S, 1.25%, 05/11/2032 | EUR | 100 | 132 | |||||
| Reg. S, 1.50%, 06/28/2038 | EUR | 200 | 278 | |||||
| Series 12, Reg. S, 0.63%, 01/26/2023 | EUR | 200 | 239 | |||||
| Canada Housing Trust No. 1, (Canada), 0.95%, 06/15/2025 (e) | CAD | 1,000 | 793 | |||||
| Canadian Government Bond, (Canada), | ||||||||
| 1.00%, 06/01/2027 | CAD | 200 | 158 | |||||
| 3.50%, 12/01/2045 | CAD | 1,500 | 1,563 | |||||
| 4.00%, 06/01/2041 | CAD | 150 | 162 | |||||
| Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024 | CHF | 240 | 259 | |||||
| Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045 | CHF | 50 | 52 | |||||
| Cassa Depositi e Prestiti SpA, (Italy), | ||||||||
| Reg. S, 0.75%, 11/21/2022 | EUR | 600 | 715 | |||||
| Reg. S, 1.00%, 09/21/2028 | EUR | 100 | 121 | |||||
| Reg. S, 2.00%, 04/20/2027 | EUR | 100 | 129 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 2.13%, 09/27/2023 | EUR | 200 | 247 | |||||
| Chile Government International Bond, (Chile), | ||||||||
| 0.83%, 07/02/2031 | EUR | 550 | 664 | |||||
| 1.25%, 01/22/2051 | EUR | 200 | 212 | |||||
| 2.55%, 01/27/2032 | 200 | 201 | ||||||
| China Development Bank, (China), | ||||||||
| Reg. S, 0.88%, 01/24/2024 | EUR | 425 | 510 | |||||
| Reg. S, 4.35%, 08/06/2024 | CNH | 5,000 | 799 | |||||
| Reg. S, 4.35%, 09/19/2024 | CNH | 1,000 | 160 | |||||
| Series 1518, 3.74%, 09/10/2025 | CNY | 18,000 | 2,783 | |||||
| Series 1605, 3.80%, 01/25/2036 | CNY | 10,000 | 1,524 | |||||
| Series 1706, 4.02%, 04/17/2022 | CNY | 12,000 | 1,852 | |||||
| Series 1710, 4.04%, 04/10/2027 | CNY | 10,000 | 1,567 | |||||
| Series 1804, 4.69%, 03/23/2023 | CNY | 143,000 | 22,487 | |||||
| Series 1805, 4.88%, 02/09/2028 | CNY | 17,000 | 2,801 | |||||
| Series 1806, 4.73%, 04/02/2025 | CNY | 20,230 | 3,240 | |||||
| Series 1810, 4.04%, 07/06/2028 | CNY | 17,000 | 2,667 | |||||
| Series 1811, 3.76%, 08/14/2023 | CNY | 16,000 | 2,482 | |||||
| Series 1903, 3.30%, 02/01/2024 | CNY | 120,000 | 18,354 | |||||
| Series 1905, 3.48%, 01/08/2029 | CNY | 196,500 | 29,664 | |||||
| Series 1907, 3.18%, 05/17/2022 | CNY | 200 | 31 | |||||
| Series 1908, 3.42%, 07/02/2024 | CNY | 121,000 | 18,547 | |||||
| Series 1909, 3.50%, 08/13/2026 | CNY | 64,600 | 9,876 | |||||
| Series 1910, 3.65%, 05/21/2029 | CNY | 187,900 | 28,698 | |||||
| Series 1915, 3.45%, 09/20/2029 | CNY | 112,000 | 16,856 | |||||
| Series 2003, 3.23%, 01/10/2025 | CNY | 197,300 | 29,997 | |||||
| Series 2004, 3.43%, 01/14/2027 | CNY | 80,000 | 12,135 | |||||
| Series 2005, 3.07%, 03/10/2030 | CNY | 10,000 | 1,459 | |||||
| Series 2008, 2.89%, 06/22/2025 | CNY | 15,000 | 2,245 | |||||
| China Government Bond, (China), | ||||||||
| 1.99%, 04/09/2025 | CNY | 335,000 | 49,038 | |||||
| 2.36%, 07/02/2023 | CNY | 352,500 | 53,220 | |||||
| 2.64%, 08/13/2022 | CNY | 246,000 | 37,463 | |||||
| 2.68%, 05/21/2030 | CNY | 73,000 | 10,629 | |||||
| 2.85%, 06/04/2027 | CNY | 606,500 | 90,700 | |||||
| Reg. S, 3.30%, 07/04/2023 | CNH | 2,000 | 309 | |||||
| Reg. S, 3.31%, 11/30/2025 | CNH | 2,000 | 312 | |||||
| Reg. S, 3.38%, 11/21/2024 | CNH | 3,000 | 467 | |||||
| Reg. S, 3.38%, 07/04/2026 | CNH | 24,000 | 3,760 | |||||
| 3.39%, 03/16/2050 | CNY | 257,440 | 36,888 | |||||
| Reg. S, 3.60%, 06/27/2028 | CNH | 8,500 | 1,358 | |||||
| Reg. S, 3.60%, 05/21/2030 | CNH | 7,000 | 1,126 | |||||
| 3.73%, 05/25/2070 | CNY | 36,800 | 5,564 | |||||
| 3.76%, 03/22/2071 | CNY | 30,000 | 4,595 | |||||
| 3.81%, 09/14/2050 | CNY | 151,000 | 23,446 | |||||
| Reg. S, 3.85%, 12/12/2026 | CNH | 19,000 | 3,059 | |||||
| Reg. S, 4.00%, 05/22/2024 | CNH | 8,500 | 1,344 | |||||
| Reg. S, 4.00%, 11/30/2035 | CNH | 6,500 | 1,089 | |||||
| Reg. S, 4.15%, 12/04/2027 | CNH | 20,000 | 3,300 | |||||
| Reg. S, 4.29%, 05/22/2029 | CNH | 3,000 | 504 | |||||
| Reg. S, 4.40%, 12/12/2046 | CNH | 25,000 | 4,516 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 1809, 3.17%, 04/19/2023 | CNY | 17,000 | 2,614 | |||||
| Series 1819, 3.54%, 08/16/2028 | CNY | 500 | 78 | |||||
| Series 1824, 4.08%, 10/22/2048 | CNY | 22,100 | 3,570 | |||||
| Series 1827, 3.25%, 11/22/2028 | CNY | 143,100 | 21,867 | |||||
| Series 1906, 3.29%, 05/23/2029 | CNY | 10,000 | 1,529 | |||||
| Series 1907, 3.25%, 06/06/2026 | CNY | 15,700 | 2,416 | |||||
| Series 1908, 4.00%, 06/24/2069 | CNY | 5,000 | 799 | |||||
| Series 1910, 3.86%, 07/22/2049 | CNY | 2,500 | 391 | |||||
| Series 1911, 2.75%, 08/08/2022 | CNY | 43,000 | 6,561 | |||||
| Series 1913, 2.94%, 10/17/2024 | CNY | 10,000 | 1,526 | |||||
| Series 1915, 3.13%, 11/21/2029 | CNY | 8,000 | 1,210 | |||||
| Series 1916, 3.12%, 12/05/2026 | CNY | 15,000 | 2,291 | |||||
| China Government International Bond, (China), | ||||||||
| Reg. S, 0.13%, 11/12/2026 | EUR | 200 | 235 | |||||
| Reg. S, 0.50%, 11/12/2031 | EUR | 650 | 764 | |||||
| City of Milan Italy, (Italy), 4.02%, 06/29/2035 | EUR | 40 | 62 | |||||
| City of Montreal Canada, (Canada), 2.30%, 09/01/2029 | CAD | 600 | 490 | |||||
| City of Quebec Canada, (Canada), 2.65%, 12/20/2027 | CAD | 565 | 470 | |||||
| City of Toronto Canada, (Canada), | ||||||||
| 2.95%, 04/28/2035 | CAD | 200 | 165 | |||||
| 3.50%, 06/02/2036 | CAD | 300 | 263 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Colombia Government International Bond, (Colombia), | ||||||||
| 3.00%, 01/30/2030 | 200 | 196 | ||||||
| 3.88%, 03/22/2026 | EUR | 200 | 266 | |||||
| Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.50%, 11/27/2022 | EUR | 600 | 724 | |||||
| CPPIB Capital, Inc., (Canada), | ||||||||
| Reg. S, 0.25%, 04/06/2027 | EUR | 1,450 | 1,746 | |||||
| Reg. S, 0.38%, 06/20/2024 | EUR | 300 | 362 | |||||
| Reg. S, 0.75%, 07/15/2049 | EUR | 300 | 353 | |||||
| Croatia Government International Bond, (Croatia), Reg. S, 1.13%, 03/04/2033 | EUR | 500 | 586 | |||||
| Cyprus Government International Bond, (Cyprus), | ||||||||
| Reg. S, 0.63%, 01/21/2030 | EUR | 235 | 282 | |||||
| Reg. S, 1.25%, 01/21/2040 | EUR | 720 | 887 | |||||
| Reg. S, 2.25%, 04/16/2050 | EUR | 10 | 15 | |||||
| Czech Republic Government Bond, (Czech Republic), | ||||||||
| Series 49, Reg. S, 4.20%, 12/04/2036 | CZK | 5,390 | 307 | |||||
| Series 58, Reg. S, 5.70%, 05/25/2024 | CZK | 140 | 7 | |||||
| Series 78, Reg. S, 2.50%, 08/25/2028 | CZK | 7,890 | 372 | |||||
| Series 89, Reg. S, 2.40%, 09/17/2025 | CZK | 16,910 | 790 | |||||
| Series 95, Reg. S, 1.00%, 06/26/2026 | CZK | 500 | 22 | |||||
| Series 97, Reg. S, 0.45%, 10/25/2023 | CZK | 12,000 | 531 | |||||
| Series 100, 0.25%, 02/10/2027 | CZK | 10,380 | 431 | |||||
| Series 103, 2.00%, 10/13/2033 | CZK | 2,260 | 100 | |||||
| Series 105, 2.75%, 07/23/2029 | CZK | 11,450 | 551 | |||||
| Series 121, 1.20%, 03/13/2031 | CZK | 9,670 | 402 | |||||
| Series 125, 1.50%, 04/24/2040 | CZK | 3,380 | 132 | |||||
| Denmark Government Bond, (Denmark), | ||||||||
| 1.50%, 11/15/2023 | DKK | 3,960 | 657 | |||||
| 1.75%, 11/15/2025 | DKK | 1,380 | 240 | |||||
| 4.50%, 11/15/2039 | DKK | 5,350 | 1,499 | |||||
| 7.00%, 11/10/2024 | DKK | 1,470 | 295 | |||||
| Series 10Y, Reg. S, 0.00%, 11/15/2031 (e) | DKK | 680 | 107 | |||||
| Series 10Y, 0.50%, 11/15/2027 | DKK | 4,540 | 754 | |||||
| Series 10YR, Reg. S, 0.50%, 11/15/2029 (e) | DKK | 8,718 | 1,451 | |||||
| Series 30Y, Reg. S, 0.25%, 11/15/2052 (e) | DKK | 2,004 | 300 | |||||
| Development Bank of Japan, Inc., (Japan), | ||||||||
| Reg. S, 1.13%, 04/28/2023 | GBP | 600 | 839 | |||||
| 4.75%, 11/26/2027 | EUR | 900 | 1,389 | |||||
| Series 86, 0.24%, 10/13/2027 | JPY | 100,000 | 910 | |||||
| Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030 | EUR | 200 | 236 | |||||
| European Union, (Supranational), Reg. S, 3.38%, 04/04/2032 | EUR | 600 | 965 | |||||
| Export-Import Bank of China (The), (China), | ||||||||
| Series 1514, 3.87%, 09/14/2025 | CNY | 31,000 | 4,815 | |||||
| Series 1603, 3.33%, 02/22/2026 | CNY | 100 | 15 | |||||
| Series 1610, 3.18%, 09/05/2026 | CNY | 10,000 | 1,503 | |||||
| Series 1703, 4.11%, 03/20/2027 | CNY | 10,000 | 1,571 | |||||
| Series 1905, 3.28%, 02/11/2024 | CNY | 53,000 | 8,100 | |||||
| Series 1906, 3.37%, 06/03/2022 | CNY | 40,000 | 6,136 | |||||
| Series 1908, 3.23%, 11/04/2022 | CNY | 8,000 | 1,225 | |||||
| Series 1910, 3.86%, 05/20/2029 | CNY | 63,000 | 9,764 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 2003, 2.17%, 04/07/2023 | CNY | 17,500 | 2,635 | |||||
| Series 2005, 2.93%, 03/02/2025 | CNY | 114,600 | 17,204 | |||||
| Series 2007, 3.26%, 02/24/2027 | CNY | 48,000 | 7,215 | |||||
| Series 2010, 3.23%, 03/23/2030 | CNY | 40,500 | 5,995 | |||||
| Series 2012, 2.95%, 08/10/2022 | CNY | 66,000 | 10,076 | |||||
| Export-Import Bank of Korea, (South Korea), Reg. S, 8.00%, 05/15/2024 | IDR | 400,000 | 29 | |||||
| Finland Government Bond, (Finland), | ||||||||
| Reg. S, 0.00%, 09/15/2023 (e) | EUR | 330 | 393 | |||||
| Reg. S, 0.13%, 04/15/2036 (e) | EUR | 120 | 139 | |||||
| Reg. S, 0.13%, 04/15/2052 (e) | EUR | 150 | 157 | |||||
| Reg. S, 0.25%, 09/15/2040 (e) | EUR | 220 | 254 | |||||
| Reg. S, 0.50%, 04/15/2026 (e) | EUR | 820 | 1,013 | |||||
| Reg. S, 0.50%, 09/15/2027 (e) | EUR | 280 | 349 | |||||
| Reg. S, 0.50%, 09/15/2029 (e) | EUR | 610 | 760 | |||||
| Reg. S, 0.75%, 04/15/2031 (e) | EUR | 110 | 140 | |||||
| Reg. S, 0.88%, 09/15/2025 (e) | EUR | 430 | 537 | |||||
| Reg. S, 1.13%, 04/15/2034 (e) | EUR | 360 | 479 | |||||
| Reg. S, 1.50%, 04/15/2023 (e) | EUR | 454 | 556 | |||||
| Reg. S, 2.00%, 04/15/2024 (e) | EUR | 250 | 317 | |||||
| Reg. S, 2.63%, 07/04/2042 (e) | EUR | 170 | 294 | |||||
| Series 5y, Reg. S, 0.00%, 04/15/2022 (e) | EUR | 6 | 7 | |||||
| Series 30Y, Reg. S, 1.38%, 04/15/2047 (e) | EUR | 270 | 393 | |||||
| Finnvera OYJ, (Finland), | ||||||||
| Reg. S, 0.38%, 04/09/2029 | EUR | 100 | 122 | |||||
| Reg. S, 0.75%, 08/07/2028 | EUR | 100 | 125 | |||||
| Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain), | ||||||||
| Reg. S, 0.01%, 09/17/2025 | EUR | 100 | 119 | |||||
| Reg. S, 0.85%, 12/17/2023 | EUR | 600 | 726 | |||||
| Free and Hanseatic City of Hamburg, (Germany), | ||||||||
| Reg. S, 0.00%, 04/07/2026 | EUR | 280 | 334 | |||||
| Reg. S, 0.01%, 06/30/2028 | EUR | 180 | 214 | |||||
| Reg. S, 0.20%, 09/03/2049 | EUR | 70 | 74 | |||||
| Free State of Bavaria, (Germany), Reg. S, 0.01%, 01/18/2035 | EUR | 352 | 398 | |||||
| French Republic Government Bond OAT, (France), | ||||||||
| Reg. S, 0.00%, 11/25/2029 | EUR | 2,540 | 3,017 | |||||
| Reg. S, 1.00%, 11/25/2025 | EUR | 1,150 | 1,446 | |||||
| Reg. S, 0.00%, 05/25/2022 | EUR | 2,260 | 2,670 | |||||
| Reg. S, 0.00%, 02/25/2023 | EUR | 1,850 | 2,197 | |||||
| Reg. S, 0.00%, 03/25/2023 | EUR | 3,301 | 3,922 | |||||
| Reg. S, 0.00%, 03/25/2024 | EUR | 1,300 | 1,553 | |||||
| Reg. S, 0.00%, 03/25/2025 | EUR | 3,340 | 4,006 | |||||
| Reg. S, 0.00%, 02/25/2026 | EUR | 85 | 102 | |||||
| Reg. S, 0.00%, 11/25/2030 | EUR | 2,326 | 2,741 | |||||
| Reg. S, 0.25%, 11/25/2026 | EUR | 2,730 | 3,328 | |||||
| Reg. S, 0.50%, 05/25/2025 | EUR | 3,140 | 3,847 | |||||
| Reg. S, 0.50%, 05/25/2026 | EUR | 398 | 491 | |||||
| Reg. S, 0.50%, 05/25/2029 | EUR | 1,920 | 2,381 | |||||
| Reg. S, 0.50%, 05/25/2040 (e) | EUR | 2,476 | 2,904 | |||||
| Reg. S, 0.50%, 05/25/2072 (e) | EUR | 341 | 325 | |||||
| Reg. S, 0.75%, 05/25/2028 | EUR | 1,430 | 1,804 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 0.75%, 11/25/2028 | EUR | 1,140 | 1,440 | |||||
| Reg. S, 0.75%, 05/25/2052 (e) | EUR | 2,445 | 2,822 | |||||
| Reg. S, 1.00%, 05/25/2027 | EUR | 2,430 | 3,097 | |||||
| Reg. S, 1.25%, 05/25/2034 | EUR | 1,879 | 2,506 | |||||
| Reg. S, 1.25%, 05/25/2036 (e) | EUR | 1,564 | 2,090 | |||||
| Reg. S, 1.50%, 05/25/2031 | EUR | 1,020 | 1,382 | |||||
| Reg. S, 1.50%, 05/25/2050 (e) | EUR | 1,420 | 1,987 | |||||
| Reg. S, 1.75%, 05/25/2023 | EUR | 1,840 | 2,270 | |||||
| Reg. S, 1.75%, 11/25/2024 | EUR | 2,930 | 3,734 | |||||
| Reg. S, 1.75%, 06/25/2039 (e) | EUR | 1,060 | 1,535 | |||||
| Reg. S, 1.75%, 05/25/2066 (e) | EUR | 750 | 1,153 | |||||
| Reg. S, 2.00%, 05/25/2048 (e) | EUR | 1,548 | 2,396 | |||||
| Reg. S, 2.25%, 10/25/2022 | EUR | 900 | 1,103 | |||||
| Reg. S, 2.25%, 05/25/2024 | EUR | 300 | 384 | |||||
| Reg. S, 2.50%, 05/25/2030 | EUR | 6,088 | 8,865 | |||||
| Reg. S, 2.75%, 10/25/2027 | EUR | 1,560 | 2,210 | |||||
| Reg. S, 3.00%, 04/25/2022 | EUR | 1,497 | 1,823 | |||||
| Reg. S, 3.25%, 05/25/2045 | EUR | 1,230 | 2,295 | |||||
| Reg. S, 3.50%, 04/25/2026 | EUR | 36 | 51 | |||||
| Reg. S, 4.00%, 10/25/2038 | EUR | 850 | 1,612 | |||||
| Reg. S, 4.00%, 04/25/2055 (e) | EUR | 841 | 1,921 | |||||
| Reg. S, 4.00%, 04/25/2060 | EUR | 671 | 1,605 | |||||
| Reg. S, 4.25%, 10/25/2023 | EUR | 332 | 439 | |||||
| Reg. S, 4.50%, 04/25/2041 | EUR | 1,700 | 3,533 | |||||
| Reg. S, 4.75%, 04/25/2035 | EUR | 1,827 | 3,498 | |||||
| Reg. S, 5.50%, 04/25/2029 | EUR | 1,830 | 3,152 | |||||
| Reg. S, 5.75%, 10/25/2032 | EUR | 1,060 | 2,065 | |||||
| Reg. S, 6.00%, 10/25/2025 | EUR | 2,740 | 4,188 | |||||
| Reg. S, 8.50%, 04/25/2023 | EUR | 1,220 | 1,702 | |||||
| Gemeinsame Deutsche Bundeslaender, (Germany), | ||||||||
| Series 46, Reg. S, 1.13%, 09/30/2024 | EUR | 720 | 892 | |||||
| Series 58, Reg. S, 0.00%, 02/19/2027 | EUR | 220 | 263 | |||||
| Gestion Securite de Stocks Securite SA, (France), Reg. S, 4.00%, 01/24/2024 | EUR | 100 | 131 | |||||
| Hong Kong Government Bond Programme, (Hong Kong), 1.97%, 01/17/2029 | HKD | 1,300 | 176 | |||||
| Housing & Development Board, (Singapore), | ||||||||
| Reg. S, 1.76%, 02/24/2027 | SGD | 250 | 188 | |||||
| 2.09%, 08/30/2022 | SGD | 500 | 378 | |||||
| Reg. S, 2.25%, 11/21/2024 | SGD | 750 | 580 | |||||
| Reg. S, 2.32%, 01/24/2028 | SGD | 250 | 194 | |||||
| Reg. S, 2.60%, 10/30/2029 | SGD | 1,500 | 1,174 | |||||
| Hungary Government Bond, (Hungary), | ||||||||
| Series 24/C, 2.50%, 10/24/2024 | HUF | 281,740 | 944 | |||||
| Series 26/E, 1.50%, 04/22/2026 | HUF | 100,410 | 319 | |||||
| Series 27/A, 3.00%, 10/27/2027 | HUF | 194,780 | 665 | |||||
| Series 28/A, 6.75%, 10/22/2028 | HUF | 25,000 | 106 | |||||
| Series 30/A, 3.00%, 08/21/2030 | HUF | 157,350 | 533 | |||||
| Series 33/A, 2.25%, 04/20/2033 | HUF | 57,020 | 175 | |||||
| Hungary Government International Bond, (Hungary), | ||||||||
| Reg. S, 0.50%, 11/18/2030 | EUR | 500 | 574 | |||||
| Reg. S, 1.75%, 10/10/2027 | EUR | 425 | 544 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Hydro-Quebec, (Canada), | ||||||||
| 6.00%, 02/15/2040 | CAD | 300 | 355 | |||||
| SUB, 8.40%, 03/28/2025 | 200 | 254 | ||||||
| SUB, 8.91%, 11/18/2024 | 500 | 638 | ||||||
| Indonesia Government International Bond, (Indonesia), | ||||||||
| 0.90%, 02/14/2027 | EUR | 1,600 | 1,884 | |||||
| 1.85%, 03/12/2031 | 234 | 225 | ||||||
| Reg. S, 2.15%, 07/18/2024 | EUR | 550 | 682 | |||||
| Reg. S, 3.75%, 06/14/2028 | EUR | 500 | 696 | |||||
| Indonesia Treasury Bond, (Indonesia), | ||||||||
| Series FR63, 5.63%, 05/15/2023 | IDR | 55,000,000 | 3,835 | |||||
| Series FR74, 7.50%, 08/15/2032 | IDR | 90,000,000 | 6,342 | |||||
| Series FR75, 7.50%, 05/15/2038 | IDR | 101,000,000 | 6,983 | |||||
| Series FR80, 7.50%, 06/15/2035 | IDR | 10,000,000 | 702 | |||||
| Series FR81, 6.50%, 06/15/2025 | IDR | 119,400,000 | 8,410 | |||||
| Series FR82, 7.00%, 09/15/2030 | IDR | 83,820,000 | 5,836 | |||||
| Series FR83, 7.50%, 04/15/2040 | IDR | 39,000,000 | 2,682 | |||||
| Series FR85, 7.75%, 04/15/2031 | IDR | 30,000,000 | 2,182 | |||||
| Series FR86, 5.50%, 04/15/2026 | IDR | 52,000,000 | 3,514 | |||||
| Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024 | EUR | 150 | 206 | |||||
| Instituto de Credito Oficial, (Spain), Reg. S, 0.25%, 04/30/2024 | EUR | 50 | 60 | |||||
| International Bank for Reconstruction & Development, (Supranational), | ||||||||
| 0.00%, 01/15/2027 | EUR | 1,125 | 1,343 | |||||
| Zero Coupon, 10/31/2030 | 1,000 | 807 | ||||||
| 0.10%, 09/17/2035 | EUR | 775 | 881 | |||||
| 0.25%, 09/23/2027 | GBP | 900 | 1,198 | |||||
| 0.38%, 07/28/2025 | 50 | 49 | ||||||
| 0.50%, 07/24/2023 | GBP | 1,450 | 2,011 | |||||
| 0.50%, 06/21/2035 | EUR | 50 | 60 | |||||
| 0.88%, 12/13/2024 | GBP | 50 | 70 | |||||
| 1.63%, 01/15/2025 | 215 | 223 | ||||||
| 2.00%, 01/26/2022 | 165 | 168 | ||||||
| 2.50%, 03/19/2024 | 365 | 387 | ||||||
| 3.00%, 09/27/2023 | 200 | 213 | ||||||
| Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026 | EUR | 100 | 119 | |||||
| Ireland Government Bond, (Ireland), | ||||||||
| Reg. S, 0.20%, 10/18/2030 | EUR | 881 | 1,056 | |||||
| Reg. S, 0.40%, 05/15/2035 | EUR | 610 | 729 | |||||
| Reg. S, 0.00%, 10/18/2022 | EUR | 330 | 391 | |||||
| Reg. S, 0.20%, 05/15/2027 | EUR | 880 | 1,068 | |||||
| Reg. S, 0.90%, 05/15/2028 | EUR | 12 | 15 | |||||
| Reg. S, 1.10%, 05/15/2029 | EUR | 240 | 311 | |||||
| Reg. S, 1.35%, 03/18/2031 | EUR | 365 | 487 | |||||
| Reg. S, 1.50%, 05/15/2050 | EUR | 296 | 414 | |||||
| Reg. S, 1.70%, 05/15/2037 | EUR | 290 | 412 | |||||
| Reg. S, 2.00%, 02/18/2045 | EUR | 365 | 562 | |||||
| Reg. S, 2.40%, 05/15/2030 | EUR | 590 | 851 | |||||
| Reg. S, 3.40%, 03/18/2024 | EUR | 490 | 642 | |||||
| Reg. S, 3.90%, 03/20/2023 | EUR | 270 | 345 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| 5.40%, 03/13/2025 | EUR | 790 | 1,145 | |||||
| Israel Government AID Bond, (Israel), 5.50%, 09/18/2033 | 900 | 1,232 | ||||||
| Israel Government Bond—Fixed, (Israel), | ||||||||
| Series 142, 5.50%, 01/31/2042 | ILS | 290 | 141 | |||||
| Series 327, 2.00%, 03/31/2027 | ILS | 800 | 258 | |||||
| Series 537, 1.50%, 05/31/2037 | ILS | 305 | 89 | |||||
| Israel Government International Bond, (Israel), | ||||||||
| Reg. S, 2.50%, 01/16/2049 | EUR | 425 | 629 | |||||
| 2.75%, 07/03/2030 | 200 | 209 | ||||||
| Italy Buoni Poliennali Del Tesoro, (Italy), | ||||||||
| Reg. S, 0.85%, 01/15/2027 (e) | EUR | 6,435 | 7,853 | |||||
| Reg. S, 1.80%, 03/01/2041 (e) | EUR | 945 | 1,191 | |||||
| Reg. S, 0.30%, 08/15/2023 (e) | EUR | 1,640 | 1,952 | |||||
| Reg. S, 0.35%, 02/01/2025 | EUR | 380 | 454 | |||||
| Reg. S, 0.60%, 06/15/2023 | EUR | 1,640 | 1,964 | |||||
| Reg. S, 0.90%, 08/01/2022 | EUR | 2,380 | 2,839 | |||||
| Reg. S, 0.90%, 04/01/2031 | EUR | 710 | 852 | |||||
| Reg. S, 0.95%, 09/15/2027 (e) | EUR | 685 | 840 | |||||
| Reg. S, 0.95%, 08/01/2030 | EUR | 1,510 | 1,829 | |||||
| Reg. S, 0.95%, 03/01/2037 (e) | EUR | 203 | 232 | |||||
| Reg. S, 1.00%, 07/15/2022 | EUR | 2,250 | 2,686 | |||||
| Reg. S, 1.25%, 12/01/2026 | EUR | 520 | 649 | |||||
| Reg. S, 1.35%, 04/15/2022 | EUR | 72 | 86 | |||||
| Reg. S, 1.35%, 04/01/2030 | EUR | 1,390 | 1,745 | |||||
| Reg. S, 1.45%, 11/15/2024 | EUR | 1,900 | 2,359 | |||||
| Reg. S, 1.45%, 05/15/2025 | EUR | 770 | 960 | |||||
| Reg. S, 1.45%, 03/01/2036 (e) | EUR | 710 | 877 | |||||
| Reg. S, 1.50%, 06/01/2025 | EUR | 1,620 | 2,026 | |||||
| Reg. S, 1.50%, 04/30/2045 (e) | EUR | 490 | 577 | |||||
| Reg. S, 1.65%, 12/01/2030 (e) | EUR | 1,423 | 1,829 | |||||
| Reg. S, 1.65%, 03/01/2032 (e) | EUR | 513 | 658 | |||||
| Reg. S, 1.70%, 09/01/2051 (e) | EUR | 507 | 601 | |||||
| Reg. S, 1.75%, 07/01/2024 | EUR | 1,140 | 1,422 | |||||
| Reg. S, 1.85%, 07/01/2025 (e) | EUR | 2,260 | 2,867 | |||||
| Reg. S, 2.00%, 12/01/2025 | EUR | 760 | 976 | |||||
| Reg. S, 2.00%, 02/01/2028 | EUR | 140 | 183 | |||||
| Reg. S, 2.05%, 08/01/2027 | EUR | 1,290 | 1,687 | |||||
| Reg. S, 2.10%, 07/15/2026 | EUR | 1,480 | 1,921 | |||||
| Reg. S, 2.20%, 06/01/2027 | EUR | 1,580 | 2,081 | |||||
| Reg. S, 2.25%, 09/01/2036 (e) | EUR | 800 | 1,094 | |||||
| Reg. S, 2.45%, 09/01/2033 (e) | EUR | 863 | 1,197 | |||||
| Reg. S, 2.50%, 12/01/2024 | EUR | 500 | 643 | |||||
| Reg. S, 2.50%, 11/15/2025 | EUR | 279 | 366 | |||||
| Reg. S, 2.70%, 03/01/2047 (e) | EUR | 320 | 467 | |||||
| Reg. S, 2.80%, 12/01/2028 | EUR | 590 | 818 | |||||
| Reg. S, 2.80%, 03/01/2067 (e) | EUR | 540 | 791 | |||||
| Reg. S, 2.95%, 09/01/2038 (e) | EUR | 330 | 492 | |||||
| Reg. S, 3.00%, 08/01/2029 | EUR | 900 | 1,273 | |||||
| Reg. S, 3.10%, 03/01/2040 (e) | EUR | 791 | 1,205 | |||||
| Reg. S, 3.25%, 09/01/2046 (e) | EUR | 1,090 | 1,736 | |||||
| Reg. S, 3.35%, 03/01/2035 (e) | EUR | 2,860 | 4,374 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 3.45%, 03/01/2048 (e) | EUR | 580 | 959 | |||||
| Reg. S, 3.50%, 03/01/2030 (e) | EUR | 1,306 | 1,926 | |||||
| Reg. S, 3.75%, 09/01/2024 | EUR | 1,230 | 1,637 | |||||
| Reg. S, 3.85%, 09/01/2049 (e) | EUR | 612 | 1,083 | |||||
| Reg. S, 4.00%, 02/01/2037 (e) | EUR | 1,310 | 2,172 | |||||
| Reg. S, 4.50%, 05/01/2023 | EUR | 2,610 | 3,371 | |||||
| Reg. S, 4.50%, 03/01/2024 | EUR | 59 | 79 | |||||
| Reg. S, 4.50%, 03/01/2026 (e) | EUR | 3 | 4 | |||||
| Reg. S, 4.75%, 08/01/2023 (e) | EUR | 1,000 | 1,313 | |||||
| Reg. S, 4.75%, 09/01/2028 (e) | EUR | 1,470 | 2,275 | |||||
| Reg. S, 4.75%, 09/01/2044 (e) | EUR | 2,050 | 3,959 | |||||
| Reg. S, 5.00%, 03/01/2025 (e) | EUR | 890 | 1,253 | |||||
| Reg. S, 5.00%, 08/01/2034 (e) | EUR | 1,080 | 1,907 | |||||
| Reg. S, 5.00%, 08/01/2039 (e) | EUR | 1,061 | 2,008 | |||||
| Reg. S, 5.00%, 09/01/2040 (e) | EUR | 960 | 1,834 | |||||
| Reg. S, 5.25%, 11/01/2029 | EUR | 1,407 | 2,312 | |||||
| Reg. S, 5.50%, 09/01/2022 | EUR | 760 | 965 | |||||
| Reg. S, 5.50%, 11/01/2022 | EUR | 1,414 | 1,811 | |||||
| Reg. S, 5.75%, 02/01/2033 | EUR | 682 | 1,243 | |||||
| Reg. S, 6.00%, 05/01/2031 | EUR | 1,150 | 2,051 | |||||
| Reg. S, 6.50%, 11/01/2027 | EUR | 890 | 1,468 | |||||
| Reg. S, 7.25%, 11/01/2026 | EUR | 1,580 | 2,589 | |||||
| Series 5Y, Reg. S, 2.45%, 10/01/2023 | EUR | 1,062 | 1,331 | |||||
| Series CAC, Reg. S, 2.45%, 09/01/2050 (e) | EUR | 789 | 1,100 | |||||
| Japan Bank for International Cooperation, (Japan), 2.38%, 07/21/2022 | 200 | 205 | ||||||
| Japan Expressway Holding and Debt Repayment Agency, (Japan), | ||||||||
| Series 37, 2.42%, 06/20/2028 | JPY | 100,000 | 1,050 | |||||
| Series 75, 1.96%, 09/19/2031 | JPY | 100,000 | 1,062 | |||||
| Japan Finance Corp., (Japan), | ||||||||
| Series 57, 0.00%, 10/17/2025 | JPY | 400,000 | 3,611 | |||||
| Series 62, 0.00%, 07/31/2024 | JPY | 1,870,000 | 16,882 | |||||
| Japan Finance Organization for Municipalities, (Japan), | ||||||||
| Reg. S, 0.05%, 02/12/2027 | EUR | 200 | 236 | |||||
| Series 4, 0.31%, 07/28/2023 | JPY | 1,000,000 | 9,095 | |||||
| Series 39, 0.82%, 08/26/2022 | JPY | 10,000 | 91 | |||||
| Series 55, 0.78%, 12/28/2023 | JPY | 100,000 | 922 | |||||
| Series 69, 0.48%, 02/28/2025 | JPY | 100,000 | 919 | |||||
| Series 72, 0.51%, 05/23/2025 | JPY | 1,016,000 | 9,366 | |||||
| Series 2022, 2.32%, 06/18/2027 | JPY | 1,400,000 | 14,380 | |||||
| Japan Government Five Year Bond, (Japan), | ||||||||
| Series 135, 0.10%, 03/20/2023 | JPY | 3,819,750 | 34,651 | |||||
| Series 136, 0.10%, 06/20/2023 | JPY | 2,000,000 | 18,155 | |||||
| Series 137, 0.10%, 09/20/2023 | JPY | 1,675,050 | 15,215 | |||||
| Series 143, 0.10%, 03/20/2025 | JPY | 934,600 | 8,512 | |||||
| Series 144, 0.10%, 06/20/2025 | JPY | 329,000 | 2,998 | |||||
| Japan Government Forty Year Bond, (Japan), | ||||||||
| Series 1, 2.40%, 03/20/2048 | JPY | 100,000 | 1,300 | |||||
| Series 3, 2.20%, 03/20/2050 | JPY | 2,683,300 | 34,038 | |||||
| Series 4, 2.20%, 03/20/2051 | JPY | 540,200 | 6,879 | |||||
| Series 5, 2.00%, 03/20/2052 | JPY | 362,900 | 4,479 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 7, 1.70%, 03/20/2054 | JPY | 50,200 | 589 | |||||
| Series 8, 1.40%, 03/20/2055 | JPY | 278,900 | 3,062 | |||||
| Series 9, 0.40%, 03/20/2056 | JPY | 36,500 | 301 | |||||
| Series 10, 0.90%, 03/20/2057 | JPY | 261,400 | 2,518 | |||||
| Series 11, 0.80%, 03/20/2058 | JPY | 802,900 | 7,507 | |||||
| Series 12, 0.50%, 03/20/2059 | JPY | 1,099,550 | 9,297 | |||||
| Series 13, 0.50%, 03/20/2060 | JPY | 650,050 | 5,479 | |||||
| Japan Government Ten Year Bond, (Japan), | ||||||||
| Series 328, 0.60%, 03/20/2023 | JPY | 378,650 | 3,468 | |||||
| Series 329, 0.80%, 06/20/2023 | JPY | 731,950 | 6,746 | |||||
| Series 330, 0.80%, 09/20/2023 | JPY | 5,612,350 | 51,843 | |||||
| Series 336, 0.50%, 12/20/2024 | JPY | 523,900 | 4,840 | |||||
| Series 342, 0.10%, 03/20/2026 | JPY | 720,300 | 6,565 | |||||
| Series 343, 0.10%, 06/20/2026 | JPY | 988,200 | 9,007 | |||||
| Series 344, 0.10%, 09/20/2026 | JPY | 2,222,800 | 20,261 | |||||
| Series 345, 0.10%, 12/20/2026 | JPY | 7,942,800 | 72,433 | |||||
| Series 346, 0.10%, 03/20/2027 | JPY | 1,000,000 | 9,118 | |||||
| Series 347, 0.10%, 06/20/2027 | JPY | 1,381,350 | 12,593 | |||||
| Series 348, 0.10%, 09/20/2027 | JPY | 3,407,900 | 31,062 | |||||
| Series 349, 0.10%, 12/20/2027 | JPY | 2,115,800 | 19,284 | |||||
| Series 350, 0.10%, 03/20/2028 | JPY | 1,093,350 | 9,965 | |||||
| Series 352, 0.10%, 09/20/2028 | JPY | 743,400 | 6,765 | |||||
| Series 354, 0.10%, 03/20/2029 | JPY | 142,650 | 1,297 | |||||
| Series 355, 0.10%, 06/20/2029 | JPY | 156,050 | 1,419 | |||||
| Series 356, 0.10%, 09/20/2029 | JPY | 2,081,850 | 18,913 | |||||
| Series 357, 0.10%, 12/20/2029 | JPY | 972,650 | 8,829 | |||||
| Series 358, 0.10%, 03/20/2030 | JPY | 1,115,100 | 10,114 | |||||
| Series 359, 0.10%, 06/20/2030 | JPY | 4,656,500 | 42,209 | |||||
| Series 360, 0.10%, 09/20/2030 | JPY | 910,250 | 8,240 | |||||
| Series 361, 0.10%, 12/20/2030 | JPY | 434,100 | 3,924 | |||||
| Japan Government Thirty Year Bond, (Japan), | ||||||||
| Series 4, 2.90%, 11/20/2030 | JPY | 149,300 | 1,712 | |||||
| Series 11, 1.70%, 06/20/2033 | JPY | 100,000 | 1,067 | |||||
| Series 19, 2.30%, 06/20/2035 | JPY | 3,067,700 | 35,496 | |||||
| Series 20, 2.50%, 09/20/2035 | JPY | 82,250 | 975 | |||||
| Series 21, 2.30%, 12/20/2035 | JPY | 749,850 | 8,714 | |||||
| Series 32, 2.30%, 03/20/2040 | JPY | 225,850 | 2,718 | |||||
| Series 33, 2.00%, 09/20/2040 | JPY | 3,575,400 | 41,435 | |||||
| Series 34, 2.20%, 03/20/2041 | JPY | 764,100 | 9,143 | |||||
| Series 35, 2.00%, 09/20/2041 | JPY | 480,950 | 5,612 | |||||
| Series 37, 1.90%, 09/20/2042 | JPY | 1,558,300 | 18,016 | |||||
| Series 38, 1.80%, 03/20/2043 | JPY | 103,400 | 1,180 | |||||
| Series 39, 1.90%, 06/20/2043 | JPY | 198,200 | 2,301 | |||||
| Series 42, 1.70%, 03/20/2044 | JPY | 688,300 | 7,752 | |||||
| Series 44, 1.70%, 09/20/2044 | JPY | 224,350 | 2,533 | |||||
| Series 45, 1.50%, 12/20/2044 | JPY | 2,900 | 32 | |||||
| Series 46, 1.50%, 03/20/2045 | JPY | 711,600 | 7,759 | |||||
| Series 47, 1.60%, 06/20/2045 | JPY | 627,000 | 6,971 | |||||
| Series 48, 1.40%, 09/20/2045 | JPY | 2,360,800 | 25,313 | |||||
| Series 49, 1.40%, 12/20/2045 | JPY | 438,550 | 4,703 | |||||
| Series 50, 0.80%, 03/20/2046 | JPY | 366,700 | 3,475 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 51, 0.30%, 06/20/2046 | JPY | 112,550 | 947 | |||||
| Series 52, 0.50%, 09/20/2046 | JPY | 86,100 | 760 | |||||
| Series 53, 0.60%, 12/20/2046 | JPY | 9,550 | 86 | |||||
| Series 56, 0.80%, 09/20/2047 | JPY | 2,362,650 | 22,299 | |||||
| Series 57, 0.80%, 12/20/2047 | JPY | 326,000 | 3,074 | |||||
| Series 58, 0.80%, 03/20/2048 | JPY | 176,250 | 1,661 | |||||
| Series 61, 0.70%, 12/20/2048 | JPY | 146,700 | 1,347 | |||||
| Series 62, 0.50%, 03/20/2049 | JPY | 2,351,650 | 20,463 | |||||
| Series 63, 0.40%, 06/20/2049 | JPY | 8,650 | 73 | |||||
| Series 64, 0.40%, 09/20/2049 | JPY | 61,800 | 522 | |||||
| Series 65, 0.40%, 12/20/2049 | JPY | 517,250 | 4,360 | |||||
| Series 66, 0.40%, 03/20/2050 | JPY | 455,350 | 3,837 | |||||
| Series 67, 0.60%, 06/20/2050 | JPY | 477,500 | 4,238 | |||||
| Series 68, 0.60%, 09/20/2050 | JPY | 131,500 | 1,166 | |||||
| Series 69, 0.70%, 12/20/2050 | JPY | 360,100 | 3,278 | |||||
| Japan Government Twenty Year Bond, (Japan), | ||||||||
| Series 75, 2.10%, 03/20/2025 | JPY | 37,000 | 363 | |||||
| Series 80, 2.10%, 06/20/2025 | JPY | 517,000 | 5,105 | |||||
| Series 82, 2.10%, 09/20/2025 | JPY | 1,631,800 | 16,192 | |||||
| Series 92, 2.10%, 12/20/2026 | JPY | 196,250 | 1,993 | |||||
| Series 94, 2.10%, 03/20/2027 | JPY | 47,500 | 484 | |||||
| Series 96, 2.10%, 06/20/2027 | JPY | 93,350 | 956 | |||||
| Series 99, 2.10%, 12/20/2027 | JPY | 771,550 | 7,968 | |||||
| Series 105, 2.10%, 09/20/2028 | JPY | 25,450 | 266 | |||||
| Series 109, 1.90%, 03/20/2029 | JPY | 6,139,250 | 63,769 | |||||
| Series 118, 2.00%, 06/20/2030 | JPY | 1,865,000 | 19,837 | |||||
| Series 121, 1.90%, 09/20/2030 | JPY | 1,808,800 | 19,139 | |||||
| Series 122, 1.80%, 09/20/2030 | JPY | 965,200 | 10,131 | |||||
| Series 123, 2.10%, 12/20/2030 | JPY | 167,000 | 1,801 | |||||
| Series 124, 2.00%, 12/20/2030 | JPY | 253,200 | 2,708 | |||||
| Series 125, 2.20%, 03/20/2031 | JPY | 390,200 | 4,255 | |||||
| Series 126, 2.00%, 03/20/2031 | JPY | 845,200 | 9,065 | |||||
| Series 133, 1.80%, 12/20/2031 | JPY | 526,850 | 5,601 | |||||
| Series 140, 1.70%, 09/20/2032 | JPY | 2,049,100 | 21,722 | |||||
| Series 145, 1.70%, 06/20/2033 | JPY | 109,050 | 1,164 | |||||
| Series 146, 1.70%, 09/20/2033 | JPY | 104,950 | 1,122 | |||||
| Series 148, 1.50%, 03/20/2034 | JPY | 970,000 | 10,182 | |||||
| Series 149, 1.50%, 06/20/2034 | JPY | 4,177,850 | 43,911 | |||||
| Series 150, 1.40%, 09/20/2034 | JPY | 6,281,850 | 65,353 | |||||
| Series 151, 1.20%, 12/20/2034 | JPY | 585,550 | 5,956 | |||||
| Series 152, 1.20%, 03/20/2035 | JPY | 1,277,600 | 13,010 | |||||
| Series 153, 1.30%, 06/20/2035 | JPY | 800,000 | 8,252 | |||||
| Series 154, 1.20%, 09/20/2035 | JPY | 622,650 | 6,349 | |||||
| Series 155, 1.00%, 12/20/2035 | JPY | 963,350 | 9,578 | |||||
| Series 156, 0.40%, 03/20/2036 | JPY | 1,111,200 | 10,170 | |||||
| Series 157, 0.20%, 06/20/2036 | JPY | 127,600 | 1,131 | |||||
| Series 161, 0.60%, 06/20/2037 | JPY | 562,450 | 5,272 | |||||
| Series 164, 0.50%, 03/20/2038 | JPY | 349,100 | 3,212 | |||||
| Series 165, 0.50%, 06/20/2038 | JPY | 397,450 | 3,649 | |||||
| Series 166, 0.70%, 09/20/2038 | JPY | 22,000 | 209 | |||||
| Series 167, 0.50%, 12/20/2038 | JPY | 1,278,150 | 11,710 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 168, 0.40%, 03/20/2039 | JPY | 689,000 | 6,190 | |||||
| Series 172, 0.40%, 03/20/2040 | JPY | 145,000 | 1,295 | |||||
| Series 173, 0.40%, 06/20/2040 | JPY | 872,500 | 7,782 | |||||
| Series 174, 0.40%, 09/20/2040 | JPY | 2,985,300 | 26,594 | |||||
| Series 175, 0.50%, 12/20/2040 | JPY | 407,050 | 3,692 | |||||
| Japan Government Two Year Bond, (Japan), Series 415, 0.10%, 08/01/2022 | JPY | 959,300 | 8,689 | |||||
| Japan Housing Finance Agency, (Japan), | ||||||||
| Series 71, 1.75%, 03/19/2026 | JPY | 200,000 | 1,957 | |||||
| Series 108, 1.43%, 06/18/2027 | JPY | 100,000 | 977 | |||||
| Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026 | JPY | 200,000 | 1,806 | |||||
| Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030 | JPY | 99,217 | 923 | |||||
| Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054 | GBP | 400 | 781 | |||||
| Kazakhstan Government International Bond, (Kazakhstan), Reg. S, 1.50%, 09/30/2034 | EUR | 200 | 235 | |||||
| Kingdom of Belgium Government Bond, (Belgium), | ||||||||
| Series 44, Reg. S, 5.00%, 03/28/2035 (e) | EUR | 450 | 877 | |||||
| Series 60, Reg. S, 4.25%, 03/28/2041 (e) | EUR | 772 | 1,550 | |||||
| Series 66, Reg. S, 4.00%, 03/28/2032 | EUR | 530 | 897 | |||||
| Series 68, Reg. S, 2.25%, 06/22/2023 | EUR | 762 | 952 | |||||
| Series 71, Reg. S, 3.75%, 06/22/2045 | EUR | 400 | 795 | |||||
| Series 72, Reg. S, 2.60%, 06/22/2024 (e) | EUR | 80 | 104 | |||||
| Series 73, Reg. S, 3.00%, 06/22/2034 (e) | EUR | 2,150 | 3,458 | |||||
| Series 74, Reg. S, 0.80%, 06/22/2025 (e) | EUR | 870 | 1,080 | |||||
| Series 75, Reg. S, 1.00%, 06/22/2031 (e) | EUR | 477 | 619 | |||||
| Series 76, Reg. S, 1.90%, 06/22/2038 (e) | EUR | 493 | 722 | |||||
| Series 77, Reg. S, 1.00%, 06/22/2026 (e) | EUR | 1,200 | 1,519 | |||||
| Series 78, Reg. S, 1.60%, 06/22/2047 (e) | EUR | 920 | 1,303 | |||||
| Series 79, Reg. S, 0.20%, 10/22/2023 (e) | EUR | 650 | 779 | |||||
| Series 80, Reg. S, 2.15%, 06/22/2066 (e) | EUR | 290 | 491 | |||||
| Series 81, Reg. S, 0.80%, 06/22/2027 (e) | EUR | 100 | 126 | |||||
| Series 82, Reg. S, 0.50%, 10/22/2024 (e) | EUR | 780 | 951 | |||||
| Series 83, Reg. S, 2.25%, 06/22/2057 (e) | EUR | 290 | 488 | |||||
| Series 84, Reg. S, 1.45%, 06/22/2037 (e) | EUR | 190 | 261 | |||||
| Series 85, Reg. S, 0.80%, 06/22/2028 (e) | EUR | 1,400 | 1,777 | |||||
| Series 86, Reg. S, 1.25%, 04/22/2033 | EUR | 700 | 937 | |||||
| Series 87, Reg. S, 0.90%, 06/22/2029 (e) | EUR | 730 | 936 | |||||
| Series 88, Reg. S, 1.70%, 06/22/2050 (e) | EUR | 470 | 684 | |||||
| Series 89, Reg. S, 0.10%, 06/22/2030 | EUR | 722 | 864 | |||||
| Series 90, Reg. S, 0.40%, 06/22/2040 (e) | EUR | 260 | 299 | |||||
| Series 91, Reg. S, 0.00%, 10/22/2027 (e) | EUR | 1,040 | 1,250 | |||||
| Series 93, Reg. S, 0.65%, 06/22/2071 (e) | EUR | 258 | 261 | |||||
| Series 65, Reg. S, 4.25%, 09/28/2022 (e) | EUR | 460 | 579 | |||||
| Kommunalbanken A/S, (Norway), | ||||||||
| Reg. S, 0.05%, 10/24/2029 | EUR | 100 | 117 | |||||
| Reg. S, 0.63%, 04/20/2026 | EUR | 500 | 613 | |||||
| Kommunekredit, (Denmark), | ||||||||
| Reg. S, 0.25%, 03/29/2023 | EUR | 175 | 208 | |||||
| Reg. S, 0.50%, 01/24/2025 | EUR | 700 | 851 | |||||
| Kommuninvest I Sverige AB, (Sweden), | ||||||||
| Reg. S, 1.50%, 05/12/2025 | SEK | 3,000 | 361 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 2505, Reg. S, 1.00%, 05/12/2025 | SEK | 5,000 | 590 | |||||
| Series 2602, Reg. S, 0.75%, 02/04/2026 | SEK | 2,880 | 336 | |||||
| Series G23, Reg. S, 0.63%, 06/01/2023 | SEK | 100 | 12 | |||||
| Series G24, Reg. S, 0.38%, 03/27/2024 | SEK | 4,880 | 563 | |||||
| Korea Development Bank (The), (South Korea), 6.00%, 01/22/2025 | IDR | 15,000,000 | 1,027 | |||||
| Korea Housing Finance Corp., (South Korea), Reg. S, 0.10%, 06/18/2024 | EUR | 100 | 119 | |||||
| Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024 | CHF | 300 | 320 | |||||
| Korea National Oil Corp., (South Korea), Reg. S, 0.00%, 10/04/2024 | CHF | 300 | 321 | |||||
| Korea Treasury Bond, (South Korea), | ||||||||
| Series 2212, 1.25%, 12/10/2022 | KRW | 6,850,000 | 6,088 | |||||
| Series 2306, 1.00%, 06/10/2023 | KRW | 41,745,000 | 36,849 | |||||
| Series 2509, 1.13%, 09/10/2025 | KRW | 18,030,000 | 15,629 | |||||
| Series 2612, 1.50%, 12/10/2026 | KRW | 9,600,000 | 8,377 | |||||
| Series 2912, 1.38%, 12/10/2029 | KRW | 24,541,000 | 20,664 | |||||
| Series 3006, 1.38%, 06/10/2030 | KRW | 1,200,000 | 1,004 | |||||
| Series 3609, 1.50%, 09/10/2036 | KRW | 900,000 | 725 | |||||
| Series 3909, 1.13%, 09/10/2039 | KRW | 39,443,630 | 29,274 | |||||
| Series 5003, 1.50%, 03/10/2050 | KRW | 12,127,000 | 9,194 | |||||
| Series 6609, 1.50%, 09/10/2066 | KRW | 2,340,000 | 1,669 | |||||
| Kuntarahoitus OYJ, (Finland), | ||||||||
| Reg. S, 0.05%, 09/06/2029 | EUR | 100 | 119 | |||||
| Reg. S, 0.13%, 03/07/2024 | EUR | 180 | 215 | |||||
| Reg. S, 1.25%, 02/23/2033 | EUR | 200 | 265 | |||||
| Land Baden-Wuerttemberg, (Germany), | ||||||||
| Reg. S, 0.63%, 01/27/2026 | EUR | 380 | 468 | |||||
| Series 120, Reg. S, 2.00%, 11/13/2023 | EUR | 220 | 275 | |||||
| Land Berlin, (Germany), | ||||||||
| Reg. S, 0.01%, 07/02/2030 | EUR | 490 | 576 | |||||
| Series 493, Reg. S, 0.63%, 02/08/2027 | EUR | 570 | 705 | |||||
| Series 495, Reg. S, 1.38%, 06/05/2037 | EUR | 260 | 352 | |||||
| Series 530, Reg. S, 0.10%, 01/18/2041 | EUR | 80 | 87 | |||||
| Land Thueringen, (Germany), Reg. S, 0.05%, 05/06/2030 | EUR | 260 | 307 | |||||
| Latvia Government International Bond, (Latvia), | ||||||||
| Reg. S, 1.13%, 05/30/2028 | EUR | 390 | 500 | |||||
| Reg. S, 1.38%, 05/16/2036 | EUR | 110 | 151 | |||||
| Lithuania Government International Bond, (Lithuania), | ||||||||
| Reg. S, 0.25%, 05/06/2025 | EUR | 70 | 84 | |||||
| Reg. S, 0.50%, 07/28/2050 | EUR | 140 | 158 | |||||
| Reg. S, 0.75%, 05/06/2030 | EUR | 440 | 549 | |||||
| Luxembourg Government Bond, (Luxembourg), | ||||||||
| Reg. S, 0.00%, 04/28/2025 | EUR | 240 | 288 | |||||
| Reg. S, 0.00%, 11/13/2026 | EUR | 130 | 156 | |||||
| Reg. S, 0.00%, 04/28/2030 | EUR | 150 | 178 | |||||
| Malaysia Government Bond, (Malaysia), | ||||||||
| Series 118, 3.88%, 03/14/2025 | MYR | 2,000 | 505 | |||||
| Series 215, 3.80%, 09/30/2022 | MYR | 1,000 | 247 | |||||
| Series 216, 4.74%, 03/15/2046 | MYR | 7,200 | 1,803 | |||||
| Series 217, 4.06%, 09/30/2024 | MYR | 12,000 | 3,048 | |||||
| Series 218, 3.76%, 04/20/2023 | MYR | 15,000 | 3,735 | |||||
| Series 219, 3.89%, 08/15/2029 | MYR | 3,800 | 955 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 317, 4.76%, 04/07/2037 | MYR | 2,200 | 562 | |||||
| Series 318, 4.64%, 11/07/2033 | MYR | 10,000 | 2,553 | |||||
| Series 319, 3.48%, 06/14/2024 | MYR | 5,500 | 1,372 | |||||
| Series 418, 4.89%, 06/08/2038 | MYR | 11,600 | 2,994 | |||||
| Series 518, 4.92%, 07/06/2048 | MYR | 1,800 | 458 | |||||
| Series 519, 3.76%, 05/22/2040 | MYR | 30 | 7 | |||||
| Malaysia Government Investment Issue, (Malaysia), | ||||||||
| Series 119, 4.13%, 07/09/2029 | MYR | 31,630 | 8,053 | |||||
| Series 217, 4.05%, 08/15/2024 | MYR | 3,090 | 786 | |||||
| Series 218, 4.37%, 10/31/2028 | MYR | 7,600 | 1,968 | |||||
| Series 418, 3.73%, 03/31/2022 | MYR | 1,800 | 442 | |||||
| Series 517, 4.76%, 08/04/2037 | MYR | 1,600 | 406 | |||||
| Series 615, 4.79%, 10/31/2035 | MYR | 6,300 | 1,617 | |||||
| Series 617, 4.72%, 06/15/2033 | MYR | 3,000 | 775 | |||||
| Series 719, 3.15%, 05/15/2023 | MYR | 9,000 | 2,217 | |||||
| Mexican Bonos, (Mexico), | ||||||||
| Series M, 7.75%, 05/29/2031 | MXN | 12,000 | 625 | |||||
| Series M 20, 7.50%, 06/03/2027 | MXN | 7,000 | 365 | |||||
| Series M 20, 8.50%, 05/31/2029 | MXN | 1,000 | 55 | |||||
| Mexico Government International Bond, (Mexico), | ||||||||
| 1.13%, 01/17/2030 | EUR | 600 | 681 | |||||
| 1.35%, 09/18/2027 | EUR | 1,575 | 1,907 | |||||
| 1.63%, 04/08/2026 | EUR | 100 | 124 | |||||
| 2.13%, 10/25/2051 | EUR | 300 | 293 | |||||
| 3.00%, 03/06/2045 | EUR | 425 | 514 | |||||
| 4.60%, 02/10/2048 | 250 | 255 | ||||||
| 5.75%, 10/12/2110 | 20 | 22 | ||||||
| 6.75%, 02/06/2024 | GBP | 100 | 161 | |||||
| Ministeries Van de Vlaamse Gemeenschap, (Belgium), | ||||||||
| Reg. S, 0.01%, 06/23/2027 | EUR | 500 | 594 | |||||
| Reg. S, 0.38%, 10/13/2026 | EUR | 300 | 364 | |||||
| Reg. S, 1.00%, 01/23/2051 | EUR | 100 | 120 | |||||
| Reg. S, 1.38%, 11/21/2033 | EUR | 300 | 398 | |||||
| Reg. S, 1.50%, 07/12/2038 | EUR | 100 | 134 | |||||
| Municipal Finance Authority of British Columbia, (Canada), | ||||||||
| 1.10%, 06/01/2025 | CAD | 200 | 160 | |||||
| 2.55%, 10/09/2029 | CAD | 300 | 250 | |||||
| 2.80%, 12/03/2023 | CAD | 1,000 | 843 | |||||
| Nederlandse Waterschapsbank NV, (Netherlands), | ||||||||
| Reg. S, 0.05%, 01/28/2030 | EUR | 250 | 295 | |||||
| 0.13%, 09/25/2023 | EUR | 400 | 477 | |||||
| Reg. S, 0.25%, 06/07/2024 | EUR | 683 | 821 | |||||
| Reg. S, 0.50%, 01/19/2023 | EUR | 260 | 311 | |||||
| Reg. S, 0.75%, 10/04/2041 | EUR | 100 | 121 | |||||
| Reg. S, 1.00%, 03/01/2028 | EUR | 300 | 381 | |||||
| Reg. S, 1.25%, 05/27/2036 | EUR | 140 | 185 | |||||
| Reg. S, 1.50%, 06/15/2039 | EUR | 160 | 221 | |||||
| 5.20%, 03/31/2025 | CAD | 1,000 | 922 | |||||
| Netherlands Government Bond, (Netherlands), | ||||||||
| Reg. S, 4.00%, 01/15/2037 (e) | EUR | 621 | 1,181 | |||||
| Reg. S, 0.00%, 01/15/2027 (e) | EUR | 990 | 1,195 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 0.00%, 07/15/2030 (e) | EUR | 620 | 743 | |||||
| Reg. S, 0.00%, 01/15/2052 (e) | EUR | 359 | 380 | |||||
| Reg. S, 0.25%, 07/15/2029 (e) | EUR | 423 | 520 | |||||
| Reg. S, 0.50%, 07/15/2026 (e) | EUR | 460 | 570 | |||||
| Reg. S, 0.50%, 01/15/2040 (e) | EUR | 484 | 603 | |||||
| Reg. S, 0.75%, 07/15/2027 (e) | EUR | 1,520 | 1,922 | |||||
| Reg. S, 0.75%, 07/15/2028 (e) | EUR | 120 | 153 | |||||
| Reg. S, 1.75%, 07/15/2023 (e) | EUR | 1,605 | 1,988 | |||||
| Reg. S, 2.00%, 07/15/2024 (e) | EUR | 560 | 715 | |||||
| Reg. S, 2.25%, 07/15/2022 (e) | EUR | 812 | 988 | |||||
| Reg. S, 2.50%, 01/15/2033 (e) | EUR | 2,150 | 3,299 | |||||
| Reg. S, 2.75%, 01/15/2047 (e) | EUR | 1,030 | 1,969 | |||||
| Reg. S, 3.75%, 01/15/2042 (e) | EUR | 710 | 1,442 | |||||
| Reg. S, 5.50%, 01/15/2028 (e) | EUR | 666 | 1,100 | |||||
| New South Wales Treasury Corp., (Australia), | ||||||||
| Reg. S, 1.00%, 02/08/2024 | AUD | 500 | 387 | |||||
| Reg. S, 1.25%, 03/20/2025 | AUD | 3,000 | 2,341 | |||||
| Reg. S, 2.00%, 03/20/2031 | AUD | 1,900 | 1,447 | |||||
| Reg. S, 2.00%, 03/08/2033 | AUD | 1,500 | 1,111 | |||||
| 2.25%, 05/07/2041 | AUD | 700 | 480 | |||||
| Reg. S, 3.00%, 03/20/2028 | AUD | 1,800 | 1,515 | |||||
| Reg. S, 3.00%, 02/20/2030 | AUD | 200 | 167 | |||||
| Series 22, 6.00%, 03/01/2022 | AUD | 600 | 480 | |||||
| Series 27, Reg. S, 3.00%, 05/20/2027 | AUD | 4,100 | 3,454 | |||||
| New Zealand Government Bond, (New Zealand), | ||||||||
| 0.25%, 05/15/2028 | NZD | 3,700 | 2,386 | |||||
| 0.50%, 05/15/2024 | NZD | 5,500 | 3,841 | |||||
| 1.50%, 05/15/2031 | NZD | 2,700 | 1,830 | |||||
| 1.75%, 05/15/2041 | NZD | 630 | 378 | |||||
| Series 423, Reg. S, 5.50%, 04/15/2023 | NZD | 3,250 | 2,509 | |||||
| Series 425, Reg. S, 2.75%, 04/15/2025 | NZD | 600 | 453 | |||||
| Series 427, Reg. S, 4.50%, 04/15/2027 | NZD | 730 | 610 | |||||
| Series 429, 3.00%, 04/20/2029 | NZD | 280 | 217 | |||||
| Series 433, Reg. S, 3.50%, 04/14/2033 | NZD | 1,980 | 1,595 | |||||
| Series 437, Reg. S, 2.75%, 04/15/2037 | NZD | 2,050 | 1,505 | |||||
| New Zealand Local Government Funding Agency Bond, (New Zealand), | ||||||||
| Reg. S, 2.00%, 04/15/2037 | NZD | 200 | 122 | |||||
| 3.50%, 04/14/2033 | NZD | 300 | 229 | |||||
| Northern Territory Treasury Corp., (Australia), | ||||||||
| Reg. S, 2.00%, 04/21/2031 | AUD | 600 | 444 | |||||
| Reg. S, 2.75%, 04/21/2027 | AUD | 2,200 | 1,817 | |||||
| Norway Government Bond, (Norway), | ||||||||
| Series 475, Reg. S, 2.00%, 05/24/2023 (e) | NOK | 1,590 | 192 | |||||
| Series 476, Reg. S, 3.00%, 03/14/2024 (e) | NOK | 3,240 | 404 | |||||
| Series 477, Reg. S, 1.75%, 03/13/2025 (e) | NOK | 1,920 | 232 | |||||
| Series 478, Reg. S, 1.50%, 02/19/2026 (e) | NOK | 1,020 | 122 | |||||
| Series 479, Reg. S, 1.75%, 02/17/2027 (e) | NOK | 3,070 | 370 | |||||
| Series 480, Reg. S, 2.00%, 04/26/2028 (e) | NOK | 1,450 | 177 | |||||
| Series 481, Reg. S, 1.75%, 09/06/2029 (e) | NOK | 3,040 | 365 | |||||
| Series 483, Reg. S, 1.25%, 09/17/2031 (e) | NOK | 1,629 | 185 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Series 482, Reg. S, 1.38%, 08/19/2030 (e) | NOK | 3,270 | 379 | |||||
| OMERS Finance Trust, (Canada), | ||||||||
| 0.45%, 05/13/2025 (e) | EUR | 250 | 300 | |||||
| Reg. S, 0.45%, 05/13/2025 | EUR | 2,700 | 3,241 | |||||
| Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031 | CAD | 1,000 | 621 | |||||
| Ontario Teachers’ Finance Trust, (Canada), Reg. S, 0.50%, 05/06/2025 | EUR | 2,100 | 2,543 | |||||
| Panama Government International Bond, (Panama), | ||||||||
| 2.25%, 09/29/2032 | 435 | 413 | ||||||
| 6.70%, 01/26/2036 | 60 | 81 | ||||||
| Peruvian Government International Bond, (Peru), | ||||||||
| 2.39%, 01/23/2026 | 105 | 108 | ||||||
| Reg. S, 2.75%, 01/30/2026 | EUR | 425 | 555 | |||||
| 2.78%, 01/23/2031 | 110 | 110 | ||||||
| 3.55%, 03/10/2051 | 50 | 48 | ||||||
| Reg. S, 6.90%, 08/12/2037 |
PEN | 1,000 | 287 | |||||
| Philippine Government International Bond, (Philippines), | ||||||||
| 1.65%, 06/10/2031 | 200 | 189 | ||||||
| 2.46%, 05/05/2030 | 200 | 202 | ||||||
| 9.50%, 02/02/2030 | 100 | 155 | ||||||
| Portugal Obrigacoes do Tesouro OT, (Portugal), | ||||||||
| Reg. S, 0.48%, 10/18/2030 (e) | EUR | 770 | 924 | |||||
| Reg. S, 0.70%, 10/15/2027 (e) | EUR | 1,455 | 1,798 | |||||
| Reg. S, 0.90%, 10/12/2035 (e) | EUR | 337 | 410 | |||||
| Reg. S, 1.00%, 04/12/2052 (e) | EUR | 100 | 110 | |||||
| Reg. S, 1.95%, 06/15/2029 (e) | EUR | 233 | 315 | |||||
| Reg. S, 2.13%, 10/17/2028 (e) | EUR | 410 | 559 | |||||
| Reg. S, 2.20%, 10/17/2022 (e) | EUR | 740 | 905 | |||||
| Reg. S, 2.88%, 10/15/2025 (e) | EUR | 610 | 821 | |||||
| Reg. S, 2.88%, 07/21/2026 (e) | EUR | 580 | 795 | |||||
| Reg. S, 3.88%, 02/15/2030 (e) | EUR | 50 | 78 | |||||
| Reg. S, 4.10%, 04/15/2037 (e) | EUR | 510 | 909 | |||||
| Reg. S, 4.10%, 02/15/2045 (e) | EUR | 500 | 965 | |||||
| Reg. S, 4.13%, 04/14/2027 (e) | EUR | 480 | 711 | |||||
| Reg. S, 5.65%, 02/15/2024 (e) | EUR | 920 | 1,270 | |||||
| Series 15Y, Reg. S, 2.25%, 04/18/2034 (e) | EUR | 300 | 429 | |||||
| Province of Alberta Canada, (Canada), | ||||||||
| Reg. S, 1.50%, 12/15/2022 | GBP | 400 | 563 | |||||
| 2.20%, 06/01/2026 | CAD | 600 | 495 | |||||
| Province of British Columbia Canada, (Canada), | ||||||||
| 2.80%, 06/18/2048 | CAD | 200 | 162 | |||||
| 7.25%, 09/01/2036 | 50 | 77 | ||||||
| 7.88%, 11/30/2023 | CAD | 120 | 112 | |||||
| Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029 | CAD | 500 | 420 | |||||
| Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045 | CAD | 200 | 176 | |||||
| Province of Ontario Canada, (Canada), | ||||||||
| Reg. S, 0.25%, 12/15/2026 | GBP | 1,000 | 1,339 | |||||
| Reg. S, 0.50%, 12/15/2023 | GBP | 500 | 692 | |||||
| Reg. S, 0.63%, 04/17/2025 | EUR | 400 | 488 | |||||
| 5.60%, 06/02/2035 | CAD | 300 | 327 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Province of Quebec Canada, (Canada), | ||||||||
| Reg. S, 0.88%, 07/05/2028 | EUR | 1,025 | 1,280 | |||||
| Reg. S, 2.38%, 01/22/2024 | EUR | 425 | 538 | |||||
| 3.50%, 12/01/2045 | CAD | 200 | 179 | |||||
| Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048 | CAD | 300 | 256 | |||||
| Queensland Treasury Corp., (Australia), | ||||||||
| Reg. S, 1.75%, 08/21/2031 (e) | AUD | 1,700 | 1,255 | |||||
| Reg. S, 1.75%, 07/20/2034 (e) | AUD | 1,100 | 770 | |||||
| Reg. S, 2.25%, 04/16/2040 (e) | AUD | 1,100 | 761 | |||||
| Reg. S, 3.25%, 08/21/2029 (e) | AUD | 2,000 | 1,706 | |||||
| Reg. S, 3.50%, 08/21/2030 (e) | AUD | 1,500 | 1,303 | |||||
| Series 23, Reg. S, 4.25%, 07/21/2023 (e) | AUD | 3,500 | 2,904 | |||||
| Series 24, Reg. S, 5.75%, 07/22/2024 | AUD | 1,100 | 983 | |||||
| Series 26, Reg. S, 3.25%, 07/21/2026 (e) | AUD | 1,000 | 851 | |||||
| Series 27, Reg. S, 2.75%, 08/20/2027 (e) | AUD | 800 | 664 | |||||
| Series 28, Reg. S, 3.25%, 07/21/2028 (e) | AUD | 2,100 | 1,796 | |||||
| Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032 | EUR | 200 | 239 | |||||
| Regie Autonome des Transports Parisiens, (France), | ||||||||
| Reg. S, 0.38%, 06/15/2024 | EUR | 300 | 360 | |||||
| Reg. S, 0.88%, 05/25/2027 | EUR | 100 | 124 | |||||
| Reg. S, 1.75%, 05/25/2031 | EUR | 500 | 673 | |||||
| Region of Ile de France, (France), | ||||||||
| Reg. S, 0.50%, 06/14/2025 | EUR | 200 | 243 | |||||
| Reg. S, 3.63%, 03/27/2024 | EUR | 100 | 131 | |||||
| Region Wallonne Belgium, (Belgium), | ||||||||
| Reg. S, 0.05%, 06/22/2025 | EUR | 800 | 951 | |||||
| Reg. S, 0.25%, 05/03/2026 | EUR | 300 | 360 | |||||
| Reg. S, 1.05%, 06/22/2040 | EUR | 100 | 122 | |||||
| Republic of Austria Government Bond, (Austria), | ||||||||
| Reg. S, 0.00%, 04/20/2023 (e) | EUR | 850 | 1,010 | |||||
| Reg. S, 0.00%, 07/15/2023 (e) | EUR | 700 | 833 | |||||
| Reg. S, 0.00%, 07/15/2024 (e) | EUR | 280 | 335 | |||||
| Reg. S, 0.00%, 02/20/2030 (e) | EUR | 347 | 413 | |||||
| Reg. S, 0.00%, 02/20/2031 (e) | EUR | 100 | 118 | |||||
| Reg. S, 0.00%, 10/20/2040 (e) | EUR | 150 | 164 | |||||
| Reg. S, 0.50%, 04/20/2027 (e) | EUR | 600 | 746 | |||||
| Reg. S, 0.50%, 02/20/2029 (e) | EUR | 610 | 759 | |||||
| Reg. S, 0.75%, 10/20/2026 (e) | EUR | 1,000 | 1,254 | |||||
| Reg. S, 0.75%, 02/20/2028 (e) | EUR | 440 | 556 | |||||
| Reg. S, 0.75%, 03/20/2051 (e) | EUR | 355 | 441 | |||||
| Reg. S, 0.85%, 06/30/2120 (e) | EUR | 75 | 85 | |||||
| Reg. S, 1.50%, 02/20/2047 (e) | EUR | 317 | 466 | |||||
| Reg. S, 1.50%, 11/02/2086 (e) | EUR | 190 | 305 | |||||
| Reg. S, 2.10%, 09/20/2117 (e) | EUR | 320 | 654 | |||||
| Reg. S, 2.40%, 05/23/2034 (e) | EUR | 752 | 1,149 | |||||
| Reg. S, 3.15%, 06/20/2044 (e) | EUR | 330 | 627 | |||||
| Reg. S, 3.65%, 04/20/2022 (e) | EUR | 790 | 968 | |||||
| Reg. S, 3.80%, 01/26/2062 (e) | EUR | 150 | 377 | |||||
| Reg. S, 4.15%, 03/15/2037 (e) | EUR | 530 | 1,010 | |||||
| Reg. S, 4.85%, 03/15/2026 (e) | EUR | 570 | 850 | |||||
| Series 1, Reg. S, 1.65%, 10/21/2024 (e) | EUR | 1,468 | 1,862 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Republic of Italy Government International Bond, (Italy), | ||||||||
| 2.88%, 10/17/2029 | 200 | 203 | ||||||
| Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa) | EUR | 1,000 | 1,490 | |||||
| Reg. S, 5.13%, 07/31/2024 | EUR | 520 | 713 | |||||
| Reg. S, 6.00%, 08/04/2028 | GBP | 1,050 | 1,868 | |||||
| Republic of Poland Government Bond, (Poland), | ||||||||
| Series 424, 2.50%, 04/25/2024 | PLN | 1,639 | 442 | |||||
| Series 428, 2.75%, 04/25/2028 | PLN | 500 | 139 | |||||
| Series 447, 4.00%, 04/25/2047 | PLN | 160 | 56 | |||||
| Series 722, Zero Coupon, 07/25/2022 | PLN | 2,880 | 728 | |||||
| Series 726, 2.50%, 07/25/2026 | PLN | 770 | 211 | |||||
| Series 727, 2.50%, 07/25/2027 | PLN | 5,420 | 1,488 | |||||
| Series 922, 5.75%, 09/23/2022 | PLN | 1,690 | 463 | |||||
| Series 1024, 2.25%, 10/25/2024 | PLN | 5,960 | 1,602 | |||||
| Series 1029, 2.75%, 10/25/2029 | PLN | 2,800 | 784 | |||||
| Series 1030, 1.25%, 10/25/2030 | PLN | 579 | 142 | |||||
| Republic of Poland Government International Bond, (Poland), | ||||||||
| Reg. S, 0.00%, 07/07/2023 | EUR | 425 | 502 | |||||
| Reg. S, 0.00%, 02/10/2025 | EUR | 60 | 71 | |||||
| Reg. S, 0.88%, 05/10/2027 | EUR | 1,000 | 1,242 | |||||
| Reg. S, 1.13%, 08/07/2026 | EUR | 925 | 1,158 | |||||
| Reg. S, 2.00%, 03/08/2049 | EUR | 53 | 80 | |||||
| Romania Government Bond, (Romania), Series 5Y, 3.65%, 07/28/2025 | RON | 1,000 | 249 | |||||
| Romanian Government International Bond, (Romania), | ||||||||
| Reg. S, 2.75%, 02/26/2026 | EUR | 15 | 20 | |||||
| Reg. S, 2.88%, 10/28/2024 | EUR | 775 | 996 | |||||
| Reg. S, 3.38%, 02/08/2038 | EUR | 225 | 285 | |||||
| Reg. S, 3.38%, 01/28/2050 | EUR | 665 | 815 | |||||
| Reg. S, 3.62%, 05/26/2030 | EUR | 975 | 1,310 | |||||
| Russian Federal Bond—OFZ, (Russia), | ||||||||
| Series 6207, 8.15%, 02/03/2027 | RUB | 32,780 | 464 | |||||
| Series 6212, 7.05%, 01/19/2028 | RUB | 53,210 | 713 | |||||
| Series 6220, 7.40%, 12/07/2022 | RUB | 20,430 | 278 | |||||
| Series 6221, 7.70%, 03/23/2033 | RUB | 27,810 | 388 | |||||
| Series 6222, 7.10%, 10/16/2024 | RUB | 69,940 | 951 | |||||
| Series 6223, 6.50%, 02/28/2024 | RUB | 70,390 | 942 | |||||
| Series 6225, 7.25%, 05/10/2034 | RUB | 22,444 | 302 | |||||
| Series 6226, 7.95%, 10/07/2026 | RUB | 951 | 13 | |||||
| Series 6228, 7.65%, 04/10/2030 | RUB | 58,968 | 818 | |||||
| Series 6233, 6.10%, 07/18/2035 | RUB | 17,890 | 216 | |||||
| Russian Foreign Bond—Eurobond, (Russia), Reg. S, 2.88%, 12/04/2025 | EUR | 300 | 383 | |||||
| Saitama Prefecture, (Japan), Series 7, 2.29%, 06/22/2029 | JPY | 500,000 | 5,320 | |||||
| Saudi Government International Bond, (Saudi Arabia), | ||||||||
| Reg. S, 0.75%, 07/09/2027 | EUR | 100 | 120 | |||||
| Reg. S, 2.00%, 07/09/2039 | EUR | 300 | 366 | |||||
| SFIL SA, (France), | ||||||||
| Reg. S, 0.00%, 05/24/2024 | EUR | 200 | 238 | |||||
| Reg. S, 0.13%, 10/18/2024 | EUR | 500 | 596 | |||||
| Singapore Government Bond, (Singapore), | ||||||||
| 2.00%, 02/01/2024 | SGD | 7,700 | 5,938 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| 2.13%, 06/01/2026 | SGD | 600 | 469 | |||||
| 2.25%, 08/01/2036 | SGD | 600 | 457 | |||||
| 2.38%, 06/01/2025 | SGD | 600 | 474 | |||||
| 2.38%, 07/01/2039 | SGD | 1,320 | 1,023 | |||||
| 2.63%, 05/01/2028 | SGD | 5,450 | 4,378 | |||||
| 2.75%, 04/01/2042 | SGD | 2,710 | 2,237 | |||||
| 2.75%, 03/01/2046 | SGD | 960 | 798 | |||||
| 2.88%, 09/01/2030 | SGD | 1,015 | 829 | |||||
| 3.13%, 09/01/2022 | SGD | 500 | 386 | |||||
| 3.38%, 09/01/2033 | SGD | 1,150 | 986 | |||||
| Slovakia Government Bond, (Slovakia), | ||||||||
| Series 225, Reg. S, 3.00%, 02/28/2023 | EUR | 370 | 463 | |||||
| Series 231, 0.63%, 05/22/2026 | EUR | 860 | 1,063 | |||||
| Series 233, Reg. S, 2.00%, 10/17/2047 | EUR | 180 | 273 | |||||
| Series 239, Reg. S, 1.00%, 05/14/2032 | EUR | 868 | 1,121 | |||||
| Slovenia Government Bond, (Slovenia), | ||||||||
| Series RS70, Reg. S, 5.13%, 03/30/2026 | EUR | 470 | 706 | |||||
| Series RS74, Reg. S, 1.50%, 03/25/2035 | EUR | 120 | 162 | |||||
| Series RS76, Reg. S, 3.13%, 08/07/2045 | EUR | 160 | 285 | |||||
| Series RS77, Reg. S, 2.25%, 03/03/2032 | EUR | 130 | 187 | |||||
| Series RS78, Reg. S, 1.75%, 11/03/2040 | EUR | 112 | 158 | |||||
| Series RS82, Reg. S, 0.28%, 01/14/2030 | EUR | 200 | 242 | |||||
| Series RS84, Reg. S, 0.88%, 07/15/2030 | EUR | 190 | 242 | |||||
| SNCF Reseau, (France), | ||||||||
| Reg. S, 0.88%, 01/22/2029 | EUR | 200 | 250 | |||||
| Reg. S, 1.13%, 05/19/2027 | EUR | 400 | 505 | |||||
| Reg. S, 1.50%, 05/29/2037 | EUR | 300 | 400 | |||||
| Reg. S, 2.00%, 11/12/2026 | CHF | 300 | 359 | |||||
| Reg. S, 2.00%, 02/05/2048 | EUR | 100 | 141 | |||||
| Reg. S, 5.00%, 10/10/2033 | EUR | 200 | 366 | |||||
| Reg. S, 5.00%, 03/11/2052 | GBP | 145 | 336 | |||||
| Reg. S, 5.25%, 12/07/2028 | GBP | 300 | 537 | |||||
| Societe Du Grand Paris EPIC, (France), | ||||||||
| Reg. S, 0.70%, 10/15/2060 | EUR | 200 | 208 | |||||
| Reg. S, 1.13%, 10/22/2028 | EUR | 700 | 895 | |||||
| Reg. S, 1.13%, 05/25/2034 | EUR | 200 | 256 | |||||
| Reg. S, 1.70%, 05/25/2050 | EUR | 300 | 420 | |||||
| Societe Nationale SNCF SA, (France), | ||||||||
| Reg. S, 0.63%, 04/17/2030 | EUR | 300 | 366 | |||||
| Reg. S, 1.00%, 05/25/2040 | EUR | 100 | 118 | |||||
| Reg. S, 1.50%, 02/02/2029 | EUR | 100 | 129 | |||||
| Reg. S, 4.63%, 02/02/2024 | EUR | 300 | 402 | |||||
| Reg. S, 5.38%, 03/18/2027 | GBP | 400 | 683 | |||||
| South Australian Government Financing Authority, (Australia), | ||||||||
| 2.75%, 05/24/2030 | AUD | 500 | 408 | |||||
| Series 23, 4.25%, 11/20/2023 | AUD | 350 | 294 | |||||
| Series 24, Reg. S, 2.25%, 08/15/2024 | AUD | 400 | 322 | |||||
| Series 26, Reg. S, 3.00%, 07/20/2026 | AUD | 1,600 | 1,344 | |||||
| Spain Government Bond, (Spain), | ||||||||
| Reg. S, 1.25%, 10/31/2030 (e) | EUR | 2,170 | 2,780 | |||||
| Reg. S, 2.15%, 10/31/2025 (e) | EUR | 3,525 | 4,606 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| 0.00%, 04/30/2023 | EUR | 3,350 | 3,968 | |||||
| 0.00%, 01/31/2025 | EUR | 1,479 | 1,759 | |||||
| Reg. S, 0.10%, 04/30/2031 (e) | EUR | 148 | 170 | |||||
| 0.35%, 07/30/2023 | EUR | 1,880 | 2,248 | |||||
| 0.40%, 04/30/2022 | EUR | 1,099 | 1,302 | |||||
| Reg. S, 0.50%, 04/30/2030 (e) | EUR | 1,128 | 1,357 | |||||
| Reg. S, 0.60%, 10/31/2029 (e) | EUR | 680 | 828 | |||||
| Reg. S, 0.80%, 07/30/2027 (e) | EUR | 1,640 | 2,033 | |||||
| Reg. S, 1.00%, 10/31/2050 (e) | EUR | 1,180 | 1,295 | |||||
| Reg. S, 1.20%, 10/31/2040 (e) | EUR | 990 | 1,208 | |||||
| Reg. S, 1.30%, 10/31/2026 (e) | EUR | 1,121 | 1,427 | |||||
| Reg. S, 1.40%, 04/30/2028 (e) | EUR | 230 | 297 | |||||
| Reg. S, 1.45%, 10/31/2027 (e) | EUR | 1,840 | 2,375 | |||||
| Reg. S, 1.45%, 04/30/2029 (e) | EUR | 3,020 | 3,926 | |||||
| Reg. S, 1.45%, 10/31/2071 (e) | EUR | 220 | 238 | |||||
| Reg. S, 1.50%, 04/30/2027 (e) | EUR | 1,750 | 2,260 | |||||
| Reg. S, 1.60%, 04/30/2025 (e) | EUR | 430 | 545 | |||||
| Reg. S, 1.85%, 07/30/2035 (e) | EUR | 1,650 | 2,245 | |||||
| Reg. S, 1.95%, 04/30/2026 (e) | EUR | 340 | 444 | |||||
| Reg. S, 1.95%, 07/30/2030 (e) | EUR | 1,340 | 1,821 | |||||
| Reg. S, 2.35%, 07/30/2033 (e) | EUR | 850 | 1,215 | |||||
| Reg. S, 2.75%, 10/31/2024 (e) | EUR | 1,693 | 2,211 | |||||
| Reg. S, 2.90%, 10/31/2046 (e) | EUR | 600 | 977 | |||||
| Reg. S, 3.45%, 07/30/2066 (e) | EUR | 784 | 1,470 | |||||
| Reg. S, 3.80%, 04/30/2024 (e) | EUR | 940 | 1,247 | |||||
| Reg. S, 4.20%, 01/31/2037 (e) | EUR | 807 | 1,438 | |||||
| Reg. S, 4.40%, 10/31/2023 (e) | EUR | 770 | 1,017 | |||||
| Reg. S, 4.65%, 07/30/2025 (e) | EUR | 1,763 | 2,518 | |||||
| Reg. S, 4.70%, 07/30/2041 (e) | EUR | 910 | 1,804 | |||||
| Reg. S, 4.90%, 07/30/2040 (e) | EUR | 936 | 1,878 | |||||
| Reg. S, 5.15%, 10/31/2028 (e) | EUR | 1,623 | 2,638 | |||||
| Reg. S, 5.15%, 10/31/2044 (e) | EUR | 850 | 1,843 | |||||
| 5.75%, 07/30/2032 | EUR | 1,158 | 2,163 | |||||
| Reg. S, 5.90%, 07/30/2026 (e) | EUR | 16 | 25 | |||||
| 6.00%, 01/31/2029 | EUR | 1,430 | 2,454 | |||||
| Series 5YR, Reg. S, 0.25%, 07/30/2024 (e) | EUR | 3 | 4 | |||||
| Series 30Y, Reg. S, 2.70%, 10/31/2048 (e) | EUR | 741 | 1,175 | |||||
| State of Brandenburg, (Germany), Reg. S, 1.45%, 11/26/2038 | EUR | 180 | 247 | |||||
| State of Bremen, (Germany), | ||||||||
| Series 191, Reg. S, 1.88%, 03/18/2024 | EUR | 580 | 728 | |||||
| Series 215, Reg. S, 1.20%, 01/30/2034 | EUR | 40 | 52 | |||||
| Series 224, Reg. S, 0.40%, 08/20/2049 | EUR | 30 | 34 | |||||
| Series 232, Reg. S, 0.55%, 02/04/2050 | EUR | 30 | 35 | |||||
| State of Hesse, (Germany), | ||||||||
| Reg. S, 0.88%, 12/10/2024 | EUR | 600 | 739 | |||||
| Reg. S, 1.38%, 06/10/2024 | EUR | 490 | 609 | |||||
| Series 1701, Reg. S, 0.13%, 01/25/2024 | EUR | 492 | 588 | |||||
| Series 1801, Reg. S, 0.63%, 08/02/2028 | EUR | 230 | 286 | |||||
| State of Lower Saxony, (Germany), | ||||||||
| Reg. S, 0.01%, 01/10/2031 | EUR | 479 | 561 | |||||
| Reg. S, 0.05%, 03/09/2035 | EUR | 277 | 314 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 0.25%, 02/06/2024 | EUR | 325 | 390 | |||||
| Series 884, Reg. S, 0.88%, 10/25/2028 | EUR | 320 | 405 | |||||
| State of North Rhine-Westphalia Germany, (Germany), | ||||||||
| Reg. S, 0.20%, 04/09/2030 | EUR | 100 | 120 | |||||
| Reg. S, 0.20%, 01/27/2051 | EUR | 80 | 84 | |||||
| Reg. S, 0.38%, 02/16/2023 | EUR | 400 | 477 | |||||
| Reg. S, 0.38%, 09/02/2050 | EUR | 210 | 233 | |||||
| Reg. S, 0.75%, 08/16/2041 | EUR | 360 | 442 | |||||
| Reg. S, 0.80%, 07/30/2049 | EUR | 100 | 124 | |||||
| Reg. S, 0.95%, 01/10/2121 | EUR | 60 | 60 | |||||
| Reg. S, 1.38%, 01/15/2120 | EUR | 140 | 178 | |||||
| Reg. S, 1.45%, 02/16/2043 | EUR | 100 | 140 | |||||
| Reg. S, 1.65%, 02/22/2038 | EUR | 110 | 155 | |||||
| Reg. S, 1.65%, 05/16/2047 | EUR | 80 | 118 | |||||
| Reg. S, 1.75%, 10/26/2057 | EUR | 100 | 156 | |||||
| Reg. S, 1.75%, 07/11/2068 | EUR | 20 | 31 | |||||
| Reg. S, 1.88%, 09/15/2022 | EUR | 600 | 729 | |||||
| Reg. S, 1.88%, 03/15/2024 | EUR | 630 | 791 | |||||
| Reg. S, 2.15%, 03/21/2119 | EUR | 202 | 356 | |||||
| Series 15YR, Reg. S, 0.00%, 10/12/2035 | EUR | 147 | 164 | |||||
| Series 15YR, Reg. S, 1.10%, 03/13/2034 | EUR | 110 | 143 | |||||
| Series 790, Reg. S, 4.38%, 04/29/2022 | EUR | 640 | 790 | |||||
| Series 1250, Reg. S, 2.38%, 05/13/2033 | EUR | 350 | 517 | |||||
| Series 1409, Reg. S, 0.50%, 04/16/2026 | EUR | 360 | 441 | |||||
| State of Rhineland-Palatinate, (Germany), | ||||||||
| Reg. S, 0.38%, 01/26/2027 | EUR | 220 | 269 | |||||
| Reg. S, 0.75%, 01/19/2026 | EUR | 350 | 433 | |||||
| State of Saxony-Anhalt, (Germany), Reg. S, 1.88%, 04/10/2024 | EUR | 300 | 377 | |||||
| State of Schleswig-Holstein Germany, (Germany), | ||||||||
| Reg. S, 0.13%, 06/12/2029 | EUR | 160 | 191 | |||||
| Reg. S, 0.50%, 03/22/2029 | EUR | 140 | 173 | |||||
| Reg. S, 0.63%, 08/31/2028 | EUR | 140 | 174 | |||||
| States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046 | GBP | 200 | 351 | |||||
| Sweden Government Bond, (Sweden), | ||||||||
| Series 1053, 3.50%, 03/30/2039 | SEK | 2,210 | 370 | |||||
| Series 1054, 3.50%, 06/01/2022 | SEK | 6,250 | 747 | |||||
| Series 1056, Reg. S, 2.25%, 06/01/2032 | SEK | 1,000 | 137 | |||||
| Series 1057, Reg. S, 1.50%, 11/13/2023 (e) | SEK | 7,010 | 840 | |||||
| Series 1059, Reg. S, 1.00%, 11/12/2026 | SEK | 4,770 | 577 | |||||
| Series 1060, Reg. S, 0.75%, 05/12/2028 (e) | SEK | 3,560 | 425 | |||||
| Series 1061, Reg. S, 0.75%, 11/12/2029 (e) | SEK | 2,490 | 296 | |||||
| Series 1062, Reg. S, 0.13%, 05/12/2031 (e) | SEK | 3,640 | 405 | |||||
| Series 1063, Reg. S, 0.50%, 11/24/2045 | SEK | 640 | 67 | |||||
| Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 04/24/2023 | EUR | 700 | 833 | |||||
| Swiss Confederation Government Bond, (Switzerland), | ||||||||
| Reg. S, 0.00%, 06/22/2029 | CHF | 240 | 262 | |||||
| Reg. S, 0.00%, 06/26/2034 | CHF | 520 | 560 | |||||
| Reg. S, 0.00%, 07/24/2039 | CHF | 130 | 138 | |||||
| Reg. S, 0.50%, 05/27/2030 | CHF | 330 | 377 | |||||
| Reg. S, 0.50%, 06/28/2045 | CHF | 60 | 72 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 0.50%, 05/30/2058 | CHF | 160 | 204 | |||||
| Reg. S, 1.25%, 06/11/2024 | CHF | 410 | 462 | |||||
| Reg. S, 1.25%, 06/27/2037 | CHF | 230 | 295 | |||||
| Reg. S, 1.50%, 07/24/2025 | CHF | 190 | 220 | |||||
| Reg. S, 1.50%, 04/30/2042 | CHF | 140 | 196 | |||||
| Reg. S, 2.00%, 05/25/2022 | CHF | 200 | 218 | |||||
| Reg. S, 2.00%, 06/25/2064 | CHF | 80 | 158 | |||||
| Reg. S, 3.25%, 06/27/2027 | CHF | 510 | 668 | |||||
| Reg. S, 4.00%, 04/08/2028 | CHF | 273 | 381 | |||||
| Reg. S, 4.00%, 01/06/2049 | CHF | 130 | 290 | |||||
| Thailand Government Bond, (Thailand), | ||||||||
| 1.45%, 12/17/2024 | THB | 58,000 | 1,901 | |||||
| 1.60%, 12/17/2029 | THB | 37,000 | 1,170 | |||||
| 1.88%, 06/17/2049 | THB | 64,000 | 1,612 | |||||
| 2.00%, 12/17/2022 | THB | 61,000 | 2,004 | |||||
| 2.00%, 06/17/2042 | THB | 19,000 | 537 | |||||
| 2.13%, 12/17/2026 | THB | 1,570 | 53 | |||||
| 2.40%, 12/17/2023 | THB | 220,000 | 7,383 | |||||
| 2.88%, 12/17/2028 | THB | 282,000 | 9,822 | |||||
| 2.88%, 06/17/2046 | THB | 15,000 | 482 | |||||
| 3.30%, 06/17/2038 | THB | 202,300 | 7,082 | |||||
| 3.60%, 06/17/2067 | THB | 53,000 | 1,878 | |||||
| 3.65%, 06/20/2031 | THB | 50,000 | 1,853 | |||||
| Tokyo Metropolitan Government, (Japan), | ||||||||
| Series 716, 0.77%, 12/20/2022 | JPY | 100,000 | 914 | |||||
| Series 726, 0.73%, 12/20/2023 | JPY | 1,800,000 | 16,568 | |||||
| Series 727, 0.72%, 12/20/2023 | JPY | 1,200,000 | 11,043 | |||||
| Series 747, 0.48%, 09/19/2025 | JPY | 200,000 | 1,843 | |||||
| Treasury Corp. of Victoria, (Australia), | ||||||||
| 1.00%, 11/20/2023 | AUD | 3,650 | 2,828 | |||||
| 1.25%, 11/19/2027 | AUD | 1,600 | 1,212 | |||||
| Reg. S, 1.50%, 09/10/2031 | AUD | 2,400 | 1,726 | |||||
| Reg. S, 2.25%, 11/20/2034 | AUD | 3,800 | 2,828 | |||||
| 2.25%, 11/20/2041 | AUD | 500 | 338 | |||||
| Reg. S, 3.00%, 10/20/2028 | AUD | 1,200 | 1,009 | |||||
| Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027 | EUR | 200 | 237 | |||||
| UNEDIC ASSEO, (France), | ||||||||
| Reg. S, 0.00%, 03/05/2030 | EUR | 100 | 117 | |||||
| Reg. S, 0.10%, 11/25/2026 | EUR | 600 | 718 | |||||
| Reg. S, 0.25%, 11/25/2029 | EUR | 1,000 | 1,200 | |||||
| Reg. S, 0.25%, 07/16/2035 | EUR | 200 | 232 | |||||
| Reg. S, 0.63%, 03/03/2026 | EUR | 100 | 123 | |||||
| Reg. S, 0.88%, 10/25/2022 | EUR | 1,100 | 1,317 | |||||
| Reg. S, 1.25%, 10/21/2027 | EUR | 200 | 257 | |||||
| United Kingdom Gilt, (United Kingdom), | ||||||||
| Reg. S, 0.13%, 01/31/2023 | GBP | 1,430 | 1,972 | |||||
| Reg. S, 0.13%, 01/31/2024 | GBP | 1,180 | 1,623 | |||||
| Reg. S, 0.13%, 01/30/2026 | GBP | 160 | 218 | |||||
| Reg. S, 0.38%, 10/22/2030 | GBP | 1,669 | 2,196 | |||||
| Reg. S, 0.50%, 07/22/2022 | GBP | 1,970 | 2,733 | |||||
| Reg. S, 0.50%, 10/22/2061 | GBP | 876 | 910 | |||||
| Reg. S, 0.63%, 06/07/2025 | GBP | 2,690 | 3,762 | |||||
| Reg. S, 0.63%, 07/31/2035 | GBP | 590 | 751 | |||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued | ||||||||
| Reg. S, 0.63%, 10/22/2050 | GBP | 1,389 | 1,562 | |||||
| Reg. S, 0.75%, 07/22/2023 | GBP | 1,850 | 2,588 | |||||
| Reg. S, 0.88%, 10/22/2029 | GBP | 2,290 | 3,182 | |||||
| Reg. S, 1.00%, 04/22/2024 | GBP | 1,510 | 2,135 | |||||
| Reg. S, 1.25%, 07/22/2027 | GBP | 2,480 | 3,570 | |||||
| Reg. S, 1.25%, 10/22/2041 | GBP | 626 | 847 | |||||
| Reg. S, 1.50%, 07/22/2026 | GBP | 2,420 | 3,527 | |||||
| Reg. S, 1.50%, 07/22/2047 | GBP | 1,483 | 2,095 | |||||
| Reg. S, 1.63%, 10/22/2028 | GBP | 1,463 | 2,161 | |||||
| Reg. S, 1.63%, 10/22/2054 | GBP | 880 | 1,299 | |||||
| Reg. S, 1.63%, 10/22/2071 | GBP | 709 | 1,133 | |||||
| Reg. S, 1.75%, 09/07/2037 | GBP | 1,420 | 2,102 | |||||
| Reg. S, 1.75%, 01/22/2049 | GBP | 1,210 | 1,811 | |||||
| Reg. S, 1.75%, 07/22/2057 | GBP | 1,190 | 1,844 | |||||
| Reg. S, 2.00%, 09/07/2025 | GBP | 1,980 | 2,936 | |||||
| Reg. S, 2.25%, 09/07/2023 | GBP | 2,190 | 3,176 | |||||
| Reg. S, 2.50%, 07/22/2065 | GBP | 860 | 1,677 | |||||
| Reg. S, 2.75%, 09/07/2024 | GBP | 1,260 | 1,889 | |||||
| Reg. S, 3.25%, 01/22/2044 | GBP | 2,391 | 4,509 | |||||
| Reg. S, 3.50%, 01/22/2045 | GBP | 2,231 | 4,402 | |||||
| Reg. S, 3.50%, 07/22/2068 | GBP | 935 | 2,321 | |||||
| Reg. S, 3.75%, 07/22/2052 | GBP | 1,102 | 2,445 | |||||
| Reg. S, 4.00%, 01/22/2060 | GBP | 1,030 | 2,592 | |||||
| Reg. S, 4.25%, 12/07/2027 | GBP | 1,620 | 2,776 | |||||
| Reg. S, 4.25%, 06/07/2032 | GBP | 1,800 | 3,343 | |||||
| Reg. S, 4.25%, 03/07/2036 | GBP | 1,130 | 2,215 | |||||
| Reg. S, 4.25%, 09/07/2039 | GBP | 1,450 | 2,980 | |||||
| Reg. S, 4.25%, 12/07/2040 | GBP | 1,840 | 3,836 | |||||
| Reg. S, 4.25%, 12/07/2046 | GBP | 3,115 | 6,952 | |||||
| Reg. S, 4.25%, 12/07/2049 | GBP | 1,335 | 3,098 | |||||
| Reg. S, 4.25%, 12/07/2055 | GBP | 1,230 | 3,072 | |||||
| Reg. S, 4.50%, 09/07/2034 | GBP | 1,730 | 3,398 | |||||
| Reg. S, 4.50%, 12/07/2042 | GBP | 1,127 | 2,476 | |||||
| Reg. S, 4.75%, 12/07/2030 | GBP | 1,980 | 3,722 | |||||
| Reg. S, 4.75%, 12/07/2038 | GBP | 1,480 | 3,182 | |||||
| Reg. S, 5.00%, 03/07/2025 | GBP | 930 | 1,521 | |||||
| Reg. S, 6.00%, 12/07/2028 | GBP | 940 | 1,810 | |||||
| United States International Development Finance Corp., 3.37%, 10/05/2034 | 95 | 105 | ||||||
| Uruguay Government International Bond, (Uruguay), | ||||||||
| 4.98%, 04/20/2055 | 50 | 61 | ||||||
| 5.10%, 06/18/2050 | 90 | 111 | ||||||
| Ville de Paris, (France), Reg. S, 1.75%, 05/25/2031 | EUR | 200 | 270 | |||||
| Western Australian Treasury Corp., (Australia), | ||||||||
| Reg. S, 1.75%, 10/22/2031 | AUD | 800 | 592 | |||||
| Series 24, Reg. S, 2.50%, 07/23/2024 | AUD | 2,800 | 2,273 | |||||
| Series 26, Reg. S, 3.00%, 10/21/2026 | AUD | 400 | 337 | |||||
| Series 28, Reg. S, 3.25%, 07/20/2028 | AUD | 1,400 | 1,200 | |||||
|
|
|
|||||||
| Total Foreign Government Securities | ||||||||
| (Cost $3,355,664) | 3,266,832 | |||||||
|
|
|
|||||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Mortgage-Backed Securities — 20.2% | ||||||||
| FHLMC Gold Pool, | ||||||||
| 3.00%, 10/01/2046 | 420 | 431 | ||||||
| 3.50%, 12/01/2044 | 981 | 1,024 | ||||||
| 3.50%, 06/01/2045 | 864 | 904 | ||||||
| 3.50%, 05/01/2046 | 376 | 392 | ||||||
| 3.50%, 10/01/2046 | 352 | 366 | ||||||
| FHLMC Gold Pool, Single Family, 30 years, | ||||||||
| 3.00%, 03/01/2046 | 33 | 35 | ||||||
| 3.00%, 12/01/2046 | 52 | 55 | ||||||
| 4.00%, 08/01/2040 | 543 | 598 | ||||||
| 4.00%, 10/01/2040 | 3,866 | 4,283 | ||||||
| 4.00%, 11/01/2040 | 932 | 1,027 | ||||||
| 4.00%, 11/01/2047 | 4,038 | 4,363 | ||||||
| 4.00%, 01/01/2048 | 85 | 92 | ||||||
| FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 1 Year + 1.64%), 3.53%, 01/01/2050 (aa) | 146 | 152 | ||||||
| FHLMC Pool, | ||||||||
| 3.50%, 02/01/2043 | 134 | 147 | ||||||
| 3.50%, 02/01/2044 | 146 | 159 | ||||||
| 6.00%, 08/01/2035 | 60 | 63 | ||||||
| FHLMC Pool, Single Family, 15 years, | ||||||||
| 2.00%, 02/01/2036 | 7,115 | 7,318 | ||||||
| 1.50%, 12/01/2035 | 532 | 534 | ||||||
| 2.00%, 12/01/2035 | 1,121 | 1,151 | ||||||
| 2.00%, 03/01/2036 | 571 | 588 | ||||||
| 2.50%, 07/01/2032 | 3,801 | 3,992 | ||||||
| 3.50%, 02/01/2034 | 1,356 | 1,462 | ||||||
| FHLMC Pool, Single Family, 20 years, | ||||||||
| 3.50%, 06/01/2039 | 626 | 662 | ||||||
| 3.50%, 07/01/2039 | 373 | 393 | ||||||
| 3.50%, 08/01/2039 | 1,302 | 1,377 | ||||||
| 3.50%, 09/01/2039 | 772 | 818 | ||||||
| FHLMC Pool, Single Family, 30 years, | ||||||||
| 2.50%, 11/01/2050 | 63,839 | 65,640 | ||||||
| 2.00%, 10/01/2050 | 4,176 | 4,170 | ||||||
| 2.00%, 02/01/2051 | 4,908 | 4,903 | ||||||
| 2.00%, 03/01/2051 | 2,145 | 2,142 | ||||||
| 3.00%, 08/01/2050 | 10,729 | 11,228 | ||||||
| 3.50%, 01/01/2050 | 1,093 | 1,155 | ||||||
| 3.50%, 03/01/2050 | 27,282 | 28,784 | ||||||
| 4.00%, 06/01/2049 | 168 | 180 | ||||||
| 1.50%, 12/01/2050 | 2,309 | 2,232 | ||||||
| 2.00%, 04/01/2051(w) | 13,250 | 13,220 | ||||||
| 2.50%, 09/01/2050 | 16,474 | 16,935 | ||||||
| 2.50%, 10/01/2050 | 114 | 117 | ||||||
| 2.50%, 12/01/2050 | 1,899 | 1,949 | ||||||
| 3.00%, 11/01/2049 | 3,653 | 3,845 | ||||||
| 3.00%, 05/01/2050 | 5,406 | 5,727 | ||||||
| 3.00%, 07/01/2050 | 305 | 321 | ||||||
| 3.00%, 09/01/2050 | 9,468 | 9,977 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Mortgage-Backed Securities — continued | ||||||||
| 3.50%, 03/01/2048 | 501 | 540 | ||||||
| 3.50%, 05/01/2048 | 7,762 | 8,256 | ||||||
| 3.50%, 01/01/2049 | 152 | 161 | ||||||
| 3.50%, 02/01/2049 | 878 | 946 | ||||||
| 3.50%, 07/01/2049 | 1,833 | 1,936 | ||||||
| 3.50%, 09/01/2049 | 2,008 | 2,150 | ||||||
| 3.50%, 10/01/2049 | 1,005 | 1,077 | ||||||
| 3.50%, 04/01/2050 | 5,045 | 5,437 | ||||||
| 4.00%, 10/01/2048 | 6,356 | 6,865 | ||||||
| 4.00%, 04/01/2049 | 6,577 | 7,084 | ||||||
| 4.00%, 09/01/2049 | 2,692 | 2,944 | ||||||
| 4.00%, 12/01/2049 | 64 | 69 | ||||||
| 4.00%, 03/01/2050 | 106 | 114 | ||||||
| 4.00%, 08/01/2050 | 3,122 | 3,350 | ||||||
| 4.00%, 09/01/2050 (hh) | 17,446 | 19,108 | ||||||
| 4.50%, 08/01/2049 | 2,684 | 2,979 | ||||||
| 4.50%, 10/01/2050 | 10,213 | 11,249 | ||||||
| 5.00%, 12/01/2049 | 737 | 834 | ||||||
| FNMA or FHLMC, Single Family, 15 years, | ||||||||
| TBA, 1.50%, 04/01/2036 (w) | 5,675 | 5,699 | ||||||
| TBA, 1.50%, 05/01/2036 (w) | 2,250 | 2,256 | ||||||
| TBA, 2.00%, 04/01/2036 (w) | 1,425 | 1,462 | ||||||
| TBA, 2.00%, 05/01/2051 (w) | 70,200 | 71,934 | ||||||
| FNMA or FHLMC, Single Family, 15 years, TBA, 2.50%, 04/15/2035 (w) | 14,275 | 14,855 | ||||||
| TBA, 2.50%, 05/01/2036 (w) | 24,200 | 25,171 | ||||||
| TBA, 3.00%, 04/01/2036 (w) | 15,200 | 16,042 | ||||||
| TBA, 3.50%, 04/01/2036 (w) | 8,250 | 8,795 | ||||||
| TBA, 4.00%, 04/01/2036 (w) | 250 | 266 | ||||||
| TBA, 4.00%, 05/01/2036 (w) | 7,000 | 7,449 | ||||||
| FNMA or FHLMC, Single Family, 30 years, | ||||||||
| TBA, 1.50%, 04/01/2051 (w) | 5,625 | 5,434 | ||||||
| TBA, 2.00%, 04/01/2051 (w) | 7,684 | 7,661 | ||||||
| TBA, 2.00%, 05/01/2051 (w) | 9,000 | 8,957 | ||||||
| TBA, 2.00%, 06/01/2051 (w) | 31,100 | 30,921 | ||||||
| TBA, 2.50%, 04/01/2051 (w) | 58,076 | 59,554 | ||||||
| TBA, 2.50%, 05/01/2051 (w) | 3,000 | 3,070 | ||||||
| TBA, 2.50%, 06/01/2051 (w) | 7,000 | 7,148 | ||||||
| TBA, 3.00%, 04/01/2051 (w) | 18,217 | 18,975 | ||||||
| TBA, 3.00%, 05/01/2051 (w) | 21,300 | 22,190 | ||||||
| TBA, 3.00%, 06/01/2051 (w) | 7,200 | 7,496 | ||||||
| TBA, 3.50%, 04/01/2051 (w) | 18,966 | 20,028 | ||||||
| TBA, 3.50%, 05/01/2051 (w) | 200 | 211 | ||||||
| TBA, 4.00%, 04/01/2051 (w) | 24,694 | 26,500 | ||||||
| TBA, 4.00%, 05/01/2051 (w) | 3,931 | 4,219 | ||||||
| TBA, 4.50%, 04/01/2051 (w) | 8,450 | 9,199 | ||||||
| TBA, 5.00%, 04/01/2051 (w) | 1,150 | 1,274 | ||||||
| TBA, 5.00%, 05/01/2051 (w) | 1,000 | 1,108 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Mortgage-Backed Securities — continued | ||||||||
| FNMA Pool, | ||||||||
| 3.50%, 02/01/2045 | 455 | 496 | ||||||
| 2.53%, 05/01/2026 | 6,750 | 7,152 | ||||||
| 3.00%, 05/01/2045 | 711 | 731 | ||||||
| FHA/VA, 3.00%, 01/01/2047 | 1,377 | 1,427 | ||||||
| 3.00%, 03/01/2060 | 29,481 | 31,871 | ||||||
| 3.50%, 08/01/2032 | 120 | 128 | ||||||
| 3.50%, 12/01/2042 | 277 | 299 | ||||||
| 3.50%, 04/01/2043 | 388 | 423 | ||||||
| 3.50%, 11/01/2043 | 186 | 202 | ||||||
| 3.50%, 09/01/2048 | 298 | 310 | ||||||
| 3.50%, 07/01/2049 | 466 | 485 | ||||||
| 4.00%, 04/01/2041 | 220 | 242 | ||||||
| 4.00%, 08/01/2046 | 184 | 204 | ||||||
| 5.39%, 07/01/2024 | 615 | 666 | ||||||
| FNMA Pool, Single Family, 15 years, | ||||||||
| 2.00%, 12/01/2035 | 3,772 | 3,875 | ||||||
| 2.00%, 02/01/2036 | 5,990 | 6,156 | ||||||
| 2.00%, 03/01/2036 | 433 | 445 | ||||||
| 2.50%, 08/01/2035 | 424 | 441 | ||||||
| 2.50%, 03/01/2036 | 3,000 | 3,160 | ||||||
| 3.00%, 02/01/2034 | 2,644 | 2,794 | ||||||
| 3.00%, 03/01/2035 | 755 | 797 | ||||||
| 3.00%, 08/01/2035 | 2,999 | 3,164 | ||||||
| 3.50%, 03/01/2035 | 2,926 | 3,159 | ||||||
| 3.50%, 05/01/2035 | 65 | 70 | ||||||
| FNMA Pool, Single Family, 20 years, | ||||||||
| 3.50%, 03/01/2037 | 709 | 776 | ||||||
| 3.50%, 08/01/2038 | 250 | 263 | ||||||
| 3.50%, 04/01/2039 | 33 | 35 | ||||||
| 3.50%, 08/01/2039 | 404 | 426 | ||||||
| FNMA Pool, Single Family, 30 years, | ||||||||
| 2.50%, 12/01/2050 | 38,822 | 39,904 | ||||||
| 2.00%, 09/01/2050 | 1,616 | 1,613 | ||||||
| 2.00%, 02/01/2051 | 1,672 | 1,669 | ||||||
| 2.00%, 04/01/2051 | 1,673 | 1,670 | ||||||
| 2.50%, 10/01/2050 | 5,780 | 5,948 | ||||||
| 3.00%, 01/01/2050 | 6,181 | 6,455 | ||||||
| 3.00%, 07/01/2050 | 12,808 | 13,477 | ||||||
| 3.00%, 09/01/2050 | 42,711 | 44,838 | ||||||
| 3.50%, 02/01/2048 | 4,662 | 4,938 | ||||||
| 3.50%, 06/01/2049 | 3,955 | 4,174 | ||||||
| 3.50%, 07/01/2050 | 17,543 | 18,801 | ||||||
| 4.00%, 06/01/2049 | 2,395 | 2,607 | ||||||
| 2.00%, 12/01/2050 | 10,280 | 10,278 | ||||||
| 2.00%, 01/01/2051 | 4,930 | 4,925 | ||||||
| 2.00%, 03/01/2051 | 2,490 | 2,486 | ||||||
| 2.50%, 08/01/2046 | 8,904 | 9,167 | ||||||
| 2.50%, 08/01/2050 | 25 | 26 | ||||||
| 2.50%, 09/01/2050 | 25,060 | 25,761 | ||||||
| 2.50%, 11/01/2050 | 19,514 | 20,067 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Mortgage-Backed Securities — continued | ||||||||
| 2.50%, 03/01/2051 | 2,932 | 3,009 | ||||||
| 2.50%, 04/01/2051 | 2,982 | 3,060 | ||||||
| 3.00%, 08/01/2046 | 2,196 | 2,311 | ||||||
| 3.00%, 04/01/2048 | 10,008 | 10,607 | ||||||
| 3.00%, 03/01/2050 | 2,467 | 2,610 | ||||||
| 3.00%, 12/01/2050 | 5,413 | 5,769 | ||||||
| 3.00%, 01/01/2051 | 2,329 | 2,456 | ||||||
| 3.50%, 12/01/2045 | 4,029 | 4,314 | ||||||
| 3.50%, 07/01/2046 | 6,957 | 7,497 | ||||||
| 3.50%, 07/01/2047 | 955 | 1,013 | ||||||
| 3.50%, 09/01/2047 | 138 | 147 | ||||||
| 3.50%, 03/01/2048 | 334 | 361 | ||||||
| 3.50%, 08/01/2049 | 346 | 366 | ||||||
| 3.50%, 05/01/2050 | 3,693 | 3,949 | ||||||
| 4.00%, 04/01/2039 | 2,239 | 2,480 | ||||||
| 4.00%, 03/01/2042 | 933 | 1,043 | ||||||
| 4.00%, 04/01/2043 | 401 | 439 | ||||||
| 4.00%, 02/01/2045 | 430 | 473 | ||||||
| 4.00%, 09/01/2046 | 244 | 270 | ||||||
| 4.00%, 09/01/2047 | 88 | 95 | ||||||
| 4.00%, 10/01/2047 | 1,110 | 1,197 | ||||||
| 4.00%, 03/01/2048 | 176 | 190 | ||||||
| 4.00%, 04/01/2048 | 998 | 1,074 | ||||||
| 4.00%, 06/01/2048 | 79 | 85 | ||||||
| 4.00%, 08/01/2048 | 54 | 58 | ||||||
| 4.00%, 12/01/2048 | 134 | 144 | ||||||
| 4.00%, 07/01/2049 | 55 | 59 | ||||||
| 4.00%, 10/01/2049 | 55 | 59 | ||||||
| 4.00%, 11/01/2049 | 400 | 436 | ||||||
| 4.00%, 02/01/2050 | 937 | 1,006 | ||||||
| 4.00%, 05/01/2050 | 2,405 | 2,582 | ||||||
| 4.00%, 06/01/2050 | 5,074 | 5,444 | ||||||
| 4.50%, 09/01/2048 | 1,323 | 1,444 | ||||||
| 4.50%, 05/01/2049 | 1,404 | 1,528 | ||||||
| 5.00%, 09/01/2049 | 2,451 | 2,767 | ||||||
| GNMA II Pool, | ||||||||
| 3.50%, 06/20/2048 | 181 | 188 | ||||||
| 3.50%, 07/20/2048 | 158 | 165 | ||||||
| 3.50%, 08/20/2049 | 401 | 412 | ||||||
| 3.50%, 11/20/2049 | 666 | 694 | ||||||
| 4.00%, 11/20/2041 | 40 | 43 | ||||||
| 4.50%, 08/20/2040 | 50 | 55 | ||||||
| 4.50%, 10/20/2040 | 57 | 62 | ||||||
| GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035 | 4,901 | 5,029 | ||||||
| GNMA II Pool, Single Family, 30 years, | ||||||||
| 4.50%, 05/20/2048 | 15,704 | 17,236 | ||||||
| 4.50%, 11/20/2048 | 1,351 | 1,507 | ||||||
| 2.50%, 12/20/2050 | 4,557 | 4,702 | ||||||
| 2.50%, 01/20/2051 | 497 | 513 | ||||||
| 2.50%, 02/20/2051 | 3,664 | 3,780 | ||||||
| 3.00%, 09/20/2046 | 4,528 | 4,774 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Mortgage-Backed Securities — continued | ||||||||
| 3.00%, 04/20/2049 | 70 | 73 | ||||||
| 3.00%, 07/20/2050 | 9,651 | 10,058 | ||||||
| 3.00%, 08/20/2050 | 14,650 | 15,268 | ||||||
| 3.00%, 01/20/2051 | 3,451 | 3,614 | ||||||
| 3.50%, 09/20/2045 | 5,450 | 5,839 | ||||||
| 3.50%, 09/20/2047 | 6,663 | 7,082 | ||||||
| 3.50%, 08/20/2048 | 421 | 446 | ||||||
| 3.50%, 11/20/2048 | 485 | 512 | ||||||
| 3.50%, 12/20/2048 | 13 | 14 | ||||||
| 3.50%, 07/20/2049 | 2,691 | 2,841 | ||||||
| 3.50%, 01/20/2050 | 1,872 | 1,976 | ||||||
| 3.50%, 04/20/2050 | 325 | 343 | ||||||
| 4.00%, 07/20/2048 | 2,699 | 2,901 | ||||||
| 4.00%, 11/20/2048 | 78 | 84 | ||||||
| 4.00%, 05/20/2049 | 1,618 | 1,732 | ||||||
| 4.00%, 03/20/2050 | 57,000 | 60,836 | ||||||
| 4.50%, 03/20/2047 | 778 | 876 | ||||||
| 4.50%, 06/20/2047 | 1,525 | 1,716 | ||||||
| 4.50%, 10/20/2047 | 712 | 795 | ||||||
| 4.50%, 11/20/2047 | 2,077 | 2,295 | ||||||
| 4.50%, 09/20/2048 | 712 | 775 | ||||||
| 4.50%, 10/20/2049 | 2,105 | 2,279 | ||||||
| 5.00%, 12/20/2048 | 489 | 544 | ||||||
| GNMA, Single Family, 30 years, | ||||||||
| TBA, 2.00%, 04/01/2051 (w) | 9,100 | 9,183 | ||||||
| TBA, 2.00%, 05/01/2051 (w) | 33,500 | 33,752 | ||||||
| TBA, 2.50%, 04/01/2051 (w) | 18,775 | 19,358 | ||||||
| TBA, 2.50%, 06/01/2051 (w) | 35,200 | 36,150 | ||||||
| TBA, 3.00%, 05/01/2051 (w) | 39,200 | 40,850 | ||||||
| TBA, 3.50%, 04/01/2051 (w) | 4,775 | 5,039 | ||||||
| TBA, 3.50%, 05/01/2051 (w) | 12,100 | 12,778 | ||||||
| TBA, 4.00%, 04/01/2051 (w) | 14,575 | 15,559 | ||||||
| TBA, 4.50%, 04/01/2051 (w) | 8,850 | 9,572 | ||||||
| TBA, 5.00%, 04/01/2051 (w) | 675 | 739 | ||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities (Cost $1,380,587) |
1,372,266 | |||||||
|
|
|
|||||||
| Municipal Bonds — 0.0% (g) (t) | ||||||||
| Arizona — 0.0% (g) | ||||||||
| Salt River Project, Agricultural Improvement & Power District, Build America Bonds, Series A, Rev., 4.84%, 01/01/2041 | 100 | 127 | ||||||
|
|
|
|||||||
| California — 0.0% (g) | ||||||||
| Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031 | 100 | 103 | ||||||
| California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051 | 15 | 14 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039 | 50 | 64 | ||||||
| Los Angeles Department of Water & Power Power System Revenue, Build America Bonds, Rev., 6.60%, 07/01/2050 | 30 | 49 | ||||||
| Los Angeles Unified School District, Build America Bond, GO, 5.75%, 07/01/2034 | 25 | 33 | ||||||
| State of California, Build America Bonds, | ||||||||
| GO, 7.50%, 04/01/2034 | 50 | 77 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued | ||||||||
| California — continued | ||||||||
| GO, 7.55%, 04/01/2039 | 50 | 81 | ||||||
| GO, 7.60%, 11/01/2040 | 50 | 83 | ||||||
| University of California, Build America Bonds, Rev., 5.95%, 05/15/2045 | 35 | 48 | ||||||
| University of California, Taxable, | ||||||||
| Series AQ, Rev., 4.77%, 05/15/2115 | 20 | 25 | ||||||
| Series BJ, Rev., 3.07%, 05/15/2051 | 5 | 5 | ||||||
|
|
|
|||||||
| 582 | ||||||||
|
|
|
|||||||
| District of Columbia — 0.0% (g) | ||||||||
| District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114 | 895 | 1,161 | ||||||
|
|
|
|||||||
| Illinois — 0.0% (g) | ||||||||
| State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033 | 100 | 113 | ||||||
|
|
|
|||||||
| Massachusetts — 0.0% (g) | ||||||||
| Commonwealth of Massachusetts, Taxable Consolidated Loan, Series H, GO, 2.90%, 09/01/2049 | 15 | 15 | ||||||
|
|
|
|||||||
| Michigan — 0.0% (g) | ||||||||
| University of Michigan, Taxable, Series B, Rev., 2.56%, 04/01/2050 | 25 | 24 | ||||||
|
|
|
|||||||
| Missouri — 0.0% (g) | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050 | 35 | 37 | ||||||
|
|
|
|||||||
| New Jersey — 0.0% (g) | ||||||||
| New Jersey Transportation Trust Fund Authority, Build America Bonds, Series B, Rev., 6.56%, 12/15/2040 | 25 | 35 | ||||||
| New Jersey Turnpike Authority, Build America Bonds, Series F, Rev., 7.41%, 01/01/2040 | 30 | 47 | ||||||
|
|
|
|||||||
| 82 | ||||||||
|
|
|
|||||||
| New York — 0.0% (g) | ||||||||
| City of New York, Build America Bonds, GO, 5.52%, 10/01/2037 | 25 | 32 | ||||||
| New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043 | 30 | 41 | ||||||
| Port Authority of New York & New Jersey, Consolidated, Series 174, Rev., 4.46%, 10/01/2062 | 20 | 25 | ||||||
| Port Authority of New York & New Jersey, Taxable, Consolidated Bonds, Series 21, Rev., 3.29%, 08/01/2069 | 40 | 39 | ||||||
|
|
|
|||||||
| 137 | ||||||||
|
|
|
|||||||
| Oregon — 0.0% (g) | ||||||||
| Oregon State University, Rev., Taxable, BAM, 3.42%, 03/01/2060 | 10 | 10 | ||||||
| State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034 | 50 | 67 | ||||||
|
|
|
|||||||
| 77 | ||||||||
|
|
|
|||||||
| Texas — 0.0% (g) | ||||||||
| City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039 | 20 | 28 | ||||||
| Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048 | 30 | 40 | ||||||
| North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049 | 15 | 24 | ||||||
| Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044 | 10 | 9 | ||||||
| University of Texas System, Build America Bonds, Series C, Rev., 4.79%, 08/15/2046 | 10 | 13 | ||||||
|
|
|
|||||||
| 114 | ||||||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued | ||||||||
| Virginia — 0.0% (g) |
||||||||
| University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117 | 40 | 46 | ||||||
|
|
|
|||||||
| Total Municipal Bonds (Cost $2,729) |
2,515 | |||||||
|
|
|
|||||||
| U.S. Government Agency Securities — 0.3% | ||||||||
| FHLBs, |
||||||||
| 0.50%, 04/14/2025 | 2,000 | 1,984 | ||||||
| 3.25%, 11/16/2028 | 650 | 731 | ||||||
| 5.50%, 07/15/2036 | 200 | 288 | ||||||
| FHLMC, |
||||||||
| Zero Coupon, 12/14/2029 | 1,000 | 849 | ||||||
| Zero Coupon, 12/17/2029 | 32 | 27 | ||||||
| Zero Coupon, 01/02/2034 | 550 | 412 | ||||||
| 0.13%, 07/25/2022 | 5 | 5 | ||||||
| 0.25%, 08/24/2023 | 2,650 | 2,651 | ||||||
| 0.38%, 07/21/2025 | 800 | 787 | ||||||
| 1.50%, 02/12/2025 | 107 | 111 | ||||||
| 6.25%, 07/15/2032 | 207 | 298 | ||||||
| 6.75%, 03/15/2031 | 400 | 579 | ||||||
| FHLMC Coupon STRIPs, Zero Coupon, 03/15/2030 | 235 | 197 | ||||||
| FHLMC STRIPs, Zero Coupon, 03/15/2031 | 700 | 572 | ||||||
| FNMA, |
||||||||
| 0.25%, 05/22/2023 | 3,000 | 3,004 | ||||||
| 0.30%, 08/03/2023 | 100 | 100 | ||||||
| 0.35%, 08/18/2023 | 1,500 | 1,502 | ||||||
| 0.88%, 08/05/2030 | 910 | 841 | ||||||
| 5.38%, 06/07/2021 GBP | 362 | 503 | ||||||
| 6.25%, 05/15/2029 | 1,000 | 1,352 | ||||||
| FNMA Interest STRIP, |
||||||||
| Zero Coupon, 09/23/2027 | 117 | 106 | ||||||
| Zero Coupon, 10/08/2027 | 129 | 117 | ||||||
| Zero Coupon, 07/15/2030 | 14 | 12 | ||||||
| Zero Coupon, 11/15/2030 | 13 | 11 | ||||||
| Resolution Funding Corp. Interest STRIP, |
||||||||
| Zero Coupon, 10/15/2028 | 50 | 44 | ||||||
| Zero Coupon, 07/15/2029 | 500 | 428 | ||||||
| Zero Coupon, 10/15/2029 | 40 | 34 | ||||||
| Zero Coupon, 01/15/2030 | 285 | 240 | ||||||
| Resolution Funding Corp. Principal STRIP, Zero Coupon, 01/15/2030 | 50 | 42 | ||||||
| Tennessee Valley Authority, |
||||||||
| 4.63%, 06/07/2043 GBP | 200 | 407 | ||||||
| 5.88%, 04/01/2036 | 400 | 576 | ||||||
|
|
|
|||||||
| Total U.S. Government Agency Securities (Cost $19,263) |
18,810 | |||||||
|
|
|
|||||||
| U.S. Treasury Obligations —7.9% | ||||||||
| U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025 | 41 | 44 | ||||||
| U.S. Treasury Bonds, |
||||||||
| 1.13%, 05/15/2040 | 6,482 | 5,274 | ||||||
| 1.13%, 08/15/2040 | 3,225 | 2,614 | ||||||
| 1.25%, 05/15/2050 | 9,480 | 7,130 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| U.S. Treasury Obligations — continued | ||||||||
| 1.38%, 11/15/2040 | 170 | 144 | ||||||
| 1.38%, 08/15/2050 | 3,626 | 2,818 | ||||||
| 1.63%, 11/15/2050 | 1,200 | 996 | ||||||
| 1.88%, 02/15/2041 | 400 | 371 | ||||||
| 1.88%, 02/15/2051 | 1,250 | 1,105 | ||||||
| 2.00%, 02/15/2050 | 2,609 | 2,379 | ||||||
| 2.25%, 08/15/2046 | 3,000 | 2,903 | ||||||
| 2.25%, 08/15/2049 | 3,300 | 3,181 | ||||||
| 2.38%, 11/15/2049 | 2,200 | 2,179 | ||||||
| 2.50%, 02/15/2045 | 5,500 | 5,601 | ||||||
| 2.50%, 02/15/2046 | 1,000 | 1,016 | ||||||
| 2.50%, 05/15/2046 | 1,975 | 2,008 | ||||||
| 2.75%, 11/15/2042 | 2,000 | 2,139 | ||||||
| 2.75%, 08/15/2047 | 900 | 959 | ||||||
| 2.75%, 11/15/2047 | 900 | 959 | ||||||
| 2.88%, 05/15/2043 | 2,000 | 2,183 | ||||||
| 2.88%, 11/15/2046 | 1,500 | 1,634 | ||||||
| 2.88%, 05/15/2049 | 3,000 | 3,285 | ||||||
| 3.00%, 05/15/2042 | 800 | 891 | ||||||
| 3.00%, 11/15/2044 | 900 | 1,001 | ||||||
| 3.00%, 05/15/2045 | 1,730 | 1,924 | ||||||
| 3.00%, 11/15/2045 | 4,229 | 4,709 | ||||||
| 3.00%, 02/15/2047 | 4,588 | 5,119 | ||||||
| 3.00%, 08/15/2048 | 2,020 | 2,261 | ||||||
| 3.00%, 02/15/2049 | 2,400 | 2,689 | ||||||
| 3.13%, 11/15/2041 | 800 | 909 | ||||||
| 3.13%, 02/15/2043 | 860 | 976 | ||||||
| 3.38%, 11/15/2048 | 3,700 | 4,431 | ||||||
| 3.63%, 08/15/2043 | 4,090 | 5,008 | ||||||
| 3.63%, 02/15/2044 | 3,000 | 3,679 | ||||||
| 3.75%, 11/15/2043 | 3,115 | 3,888 | ||||||
| 3.88%, 08/15/2040 | 900 | 1,133 | ||||||
| 4.25%, 11/15/2040 | 1,769 | 2,336 | ||||||
| 4.38%, 05/15/2041 | 410 | 551 | ||||||
| 4.50%, 02/15/2036 | 1,805 | 2,385 | ||||||
| 4.63%, 02/15/2040 | 1,000 | 1,376 | ||||||
| 4.75%, 02/15/2037 | 300 | 410 | ||||||
| 4.75%, 02/15/2041 | 800 | 1,124 | ||||||
| 5.00%, 05/15/2037 | 300 | 421 | ||||||
| U.S. Treasury STRIP Coupon Bonds, | ||||||||
| Zero Coupon, 05/15/2024 | 800 | 789 | ||||||
| Zero Coupon, 05/15/2026 | 5,000 | 4,734 | ||||||
| Zero Coupon, 11/15/2026 | 5,000 | 4,667 | ||||||
| Zero Coupon, 11/15/2028 (ee) (ff) | 12,000 | 10,580 | ||||||
| Zero Coupon, 11/15/2038 | 6,250 | 4,086 | ||||||
| Zero Coupon, 11/15/2041 (ee) | 200 | 120 | ||||||
| Zero Coupon, 08/15/2045 | 600 | 323 | ||||||
| U.S. Treasury Notes, | ||||||||
| 0.13%, 04/30/2022 | 512 | 512 | ||||||
| 0.13%, 05/31/2022 | 8,200 | 8,202 | ||||||
| 0.13%, 06/30/2022 | 30,000 | 30,005 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| U.S. Treasury Obligations — continued | ||||||||
| 0.13%, 07/31/2022 | 8,200 | 8,201 | ||||||
| 0.13%, 09/30/2022 | 2,500 | 2,500 | ||||||
| 0.13%, 10/31/2022 | 18,000 | 17,998 | ||||||
| 0.13%, 07/15/2023 | 13,000 | 12,973 | ||||||
| 0.13%, 08/15/2023 | 45 | 45 | ||||||
| 0.13%, 01/15/2024 | 100 | 99 | ||||||
| 0.25%, 04/15/2023 | 1,203 | 1,205 | ||||||
| 0.25%, 06/15/2023 | 11,000 | 11,012 | ||||||
| 0.25%, 03/15/2024 | 1,000 | 997 | ||||||
| 0.25%, 05/31/2025 | 10,000 | 9,808 | ||||||
| 0.25%, 06/30/2025 | 10,000 | 9,794 | ||||||
| 0.25%, 07/31/2025 | 19,920 | 19,477 | ||||||
| 0.25%, 09/30/2025 | 2,500 | 2,437 | ||||||
| 0.25%, 10/31/2025 | 600 | 584 | ||||||
| 0.38%, 04/30/2025 | 1,085 | 1,071 | ||||||
| 0.38%, 11/30/2025 | 3,500 | 3,422 | ||||||
| 0.38%, 12/31/2025 | 4,990 | 4,871 | ||||||
| 0.38%, 01/31/2026 | 600 | 585 | ||||||
| 0.38%, 07/31/2027 | 6,215 | 5,868 | ||||||
| 0.38%, 09/30/2027 | 5,500 | 5,172 | ||||||
| 0.50%, 03/15/2023 | 8,000 | 8,051 | ||||||
| 0.50%, 04/30/2027 | 2,532 | 2,424 | ||||||
| 0.50%, 05/31/2027 | 4,500 | 4,298 | ||||||
| 0.50%, 06/30/2027 | 5,000 | 4,769 | ||||||
| 0.50%, 08/31/2027 | 2,400 | 2,280 | ||||||
| 0.63%, 11/30/2027 | 2,200 | 2,096 | ||||||
| 0.63%, 12/31/2027 | 3,600 | 3,425 | ||||||
| 0.63%, 05/15/2030 | 13,078 | 11,892 | ||||||
| 0.63%, 08/15/2030 | 4,555 | 4,124 | ||||||
| 0.75%, 03/31/2026 | 1,500 | 1,486 | ||||||
| 0.75%, 01/31/2028 | 2,500 | 2,395 | ||||||
| 0.88%, 11/15/2030 | 4,700 | 4,342 | ||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| U.S. Treasury Obligations — continued | ||||||||
| 1.13%, 02/28/2027 | 4,000 | 3,986 | ||||||
| 1.13%, 02/15/2031 | 3,100 | 2,927 | ||||||
| 1.25%, 07/31/2023 | 8,100 | 8,294 | ||||||
| 1.25%, 03/31/2028 | 2,500 | 2,472 | ||||||
| 1.50%, 08/15/2026 | 1,000 | 1,024 | ||||||
| 1.50%, 02/15/2030 | 3,399 | 3,355 | ||||||
| 1.63%, 02/15/2026 | 5,500 | 5,685 | ||||||
| 1.63%, 05/15/2026 | 2,500 | 2,581 | ||||||
| 1.63%, 08/15/2029 | 2,000 | 2,006 | ||||||
| 1.75%, 09/30/2022 | 1,400 | 1,434 | ||||||
| 1.75%, 05/15/2023 | 140 | 145 | ||||||
| 1.75%, 12/31/2026 | 840 | 869 | ||||||
| 1.75%, 11/15/2029 | 2,000 | 2,022 | ||||||
| 1.88%, 07/31/2022 | 4,000 | 4,093 | ||||||
| 1.88%, 08/31/2022 | 675 | 692 | ||||||
| 2.00%, 07/31/2022 | 1,600 | 1,640 | ||||||
| 2.00%, 11/30/2022 | 1,560 | 1,608 | ||||||
| 2.00%, 02/15/2023 | 500 | 517 | ||||||
| 2.00%, 08/15/2025 | 3,000 | 3,160 | ||||||
| 2.00%, 11/15/2026 | 6,700 | 7,027 | ||||||
| 2.13%, 02/29/2024 | 55 | 58 | ||||||
| 2.13%, 03/31/2024 | 12,000 | 12,629 | ||||||
| 2.13%, 07/31/2024 | 3,000 | 3,166 | ||||||
| 2.13%, 09/30/2024 | 10,400 | 10,983 | ||||||
| 2.13%, 05/15/2025 | 11,000 | 11,640 | ||||||
| 2.25%, 11/15/2024 | 10,700 | 11,351 | ||||||
| 2.25%, 11/15/2025 | 2,575 | 2,741 | ||||||
| 2.25%, 02/15/2027 | 5,000 | 5,308 | ||||||
| 2.25%, 08/15/2027 | 4,200 | 4,449 | ||||||
| 2.38%, 01/31/2023 | 1,600 | 1,665 | ||||||
| 2.38%, 08/15/2024 | 3,800 | 4,043 | ||||||
| 2.38%, 05/15/2027 | 8,000 | 8,546 | ||||||
| 2.38%, 05/15/2029 | 3,500 | 3,717 | ||||||
| 2.63%, 02/15/2029 | 1,600 | 1,729 | ||||||
| 2.75%, 07/31/2023 | 7,000 | 7,411 | ||||||
| 2.75%, 11/15/2023 | 4,300 | 4,579 | ||||||
| 2.75%, 02/15/2024 | 3,000 | 3,208 | ||||||
| 2.75%, 02/28/2025 | 13,800 | 14,930 | ||||||
| 2.75%, 02/15/2028 | 3,000 | 3,270 | ||||||
| 2.88%, 11/15/2021 | 1 | 1 | ||||||
| 2.88%, 09/30/2023 | 3,000 | 3,196 | ||||||
| 2.88%, 10/31/2023 | 1,524 | 1,626 | ||||||
| 2.88%, 04/30/2025 | 10,900 | 11,864 | ||||||
| 2.88%, 11/30/2025 | 1,300 | 1,421 | ||||||
| 2.88%, 05/15/2028 | 4,500 | 4,944 | ||||||
| 2.88%, 08/15/2028 | 1,800 | 1,979 | ||||||
| 3.00%, 09/30/2025 | 120 | 132 | ||||||
| 3.13%, 11/15/2028 | 6,390 | 7,141 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations (Cost $567,369) |
535,126 | |||||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Short-Term Investments — 8.9% |
||||||||
| Repurchase Agreement — 0.4% |
||||||||
| BofA Securities, Inc., 0.02%, dated 03/31/2021 due 04/01/2021, repurchase price $25,500, collateralized by U.S. Treasury Security, 3.38%, due 11/15/2048, with a value of $25,853. | 25,500 | 25,500 | ||||||
|
|
|
|||||||
| Time Deposits — 8.2% |
||||||||
| Australia & New Zealand Banking Group Ltd., 0.00%, 04/01/2021 | 32,575 | 32,575 | ||||||
| Barclays SA, 0.00%, 04/01/2021 | 165,770 | 165,770 | ||||||
| BNP Paribas SA, |
||||||||
| (1.85%), 04/01/2021 | CHF | 187 | 197 | |||||
| (0.76%), 04/01/2021 | EUR | 10,456 | 12,262 | |||||
| 0.00%, 04/01/2021 | 103,794 | 103,794 | ||||||
| Brown Brothers Harriman, |
||||||||
| (1.85%), 04/01/2021 | CHF | 9 | 9 | |||||
| (0.76%), 04/01/2021 | EUR | 17 | 20 | |||||
| (0.54%), 04/01/2021 | AUD | 253 | 192 | |||||
| (0.47%), 04/06/2021 | DKK | 822 | 130 | |||||
| (0.26%), 04/01/2021 | SEK | 620 | 71 | |||||
| (0.13%), 04/06/2021 | NOK | 733 | 86 | |||||
| (0.06%), 04/01/2021 | HKD | 8,152 | 1,049 | |||||
| 0.00%, 04/01/2021 | CAD | 9 | 7 | |||||
| 0.00%, 04/01/2021 | GBP | — | (h) | — | (h) | |||
| 0.00%, 04/01/2021 | SGD | 576 | 428 | |||||
| 0.00%, 04/01/2021 | — | (h) | — | (h) | ||||
| 0.05%, 04/01/2021 | NZD | 886 | 619 | |||||
| Citibank NA, |
||||||||
| (0.76%), 04/01/2021 | EUR | 345 | 405 | |||||
| 0.00%, 04/01/2021 | GBP | 1,424 | 1,963 | |||||
| 0.00%, 04/01/2021 | 9,170 | 9,170 | ||||||
| Sumitomo Mitsui Banking Corp., |
||||||||
| (0.31%), 04/01/2021 | JPY | 25,404,684 | 229,440 | |||||
| 0.00%, 04/01/2021 | 710 | 710 | ||||||
| Sumitomo Mitsui Trust Bank Ltd., 0.00%, 04/01/2021 | 1,125 | 1,125 | ||||||
|
|
|
|||||||
| Total Time Deposits |
560,022 | |||||||
|
|
|
|||||||
| U.S. Government Agency Security — 0.0% (g) |
||||||||
| FHLB, DN, Zero Coupon, 06/30/2021 | 2,100 | 2,100 | ||||||
|
|
|
|||||||
| U.S. Treasury Obligations — 0.3% |
||||||||
| U.S. Cash Management Bill, Zero Coupon, 06/29/2021 (ee) (hh) | 10,000 | 10,000 | ||||||
| U.S. Treasury Bills, |
||||||||
| Zero Coupon, 04/29/2021 (ee) (hh) | 3,742 | 3,742 | ||||||
| Zero Coupon, 08/19/2021 (ee) | 3,071 | 3,070 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
16,812 | |||||||
|
|
|
|||||||
| Total Short-Term Investments (Cost $604,433) |
604,434 | |||||||
|
|
|
|||||||
| Total Investments, Before Short Positions — 107.9% (Cost—$7,475,841)* |
7,327,016 | |||||||
| Liabilities in Excess of Other Assets — (7.9)% |
(533,804 | ) | ||||||
|
|
|
|||||||
| NET ASSETS — 100.0% |
$ | 6,793,212 | ||||||
|
|
|
|||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Short Positions — 1.6% |
||||||||
| Foreign Government Security — 0.0% (g) |
||||||||
| China Development Bank, (China), Series 1706, 4.02%, 04/17/2022 (Proceeds $1,815) | CNY 12,000 | 1,853 | ||||||
|
|
|
|||||||
| Mortgage-Backed Securities — 1.6% | ||||||||
| FNMA or FHLMC, Single Family, 30 years, | ||||||||
| TBA, 2.50%, 04/01/2051 (w) | 50,000 | 51,272 | ||||||
| TBA, 2.50%, 05/01/2051 (w) | 12,000 | 12,280 | ||||||
| GNMA, Single Family, 30 years, TBA, 4.00%, 04/01/2051 (w) | 39,500 | 42,166 | ||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities (Proceeds $106,885) |
105,718 | |||||||
|
|
|
|||||||
| Total Securities Sold Short— 1.6% (Proceeds $108,700) |
107,571 | |||||||
|
|
|
|||||||
Percentages indicated are based on net assets.
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| Futures contracts outstanding as of March 31, 2021: | ||||||||||||||||||||
| Exchange Traded | ||||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
| Long Contracts | ||||||||||||||||||||
| 3 Month Eurodollar | 20 | 12/2021 | USD | 4,989 | (2 | ) | ||||||||||||||
| Australian Government 10 Year Bond |
1 | 06/2021 | AUD | 106 | (1 | ) | ||||||||||||||
| Canadian Government 10 Year Bond |
21 | 06/2021 | CAD | 2,365 | (46 | ) | ||||||||||||||
| Euro BOBL | 21 | 06/2021 | EUR | 3,327 | — | (h) | ||||||||||||||
| Euro Bund | 85 | 06/2021 | EUR | 17,103 | (30 | ) | ||||||||||||||
| Euro Buxl | 18 | 06/2021 | EUR | 4,401 | (52 | ) | ||||||||||||||
| Euro Schatz | 107 | 06/2021 | EUR | 14,063 | 4 | |||||||||||||||
| Long Gilt | 37 | 06/2021 | GBP | 6,554 | (46 | ) | ||||||||||||||
| Swiss Confederation Bond | 17 | 06/2021 | CHF | 2,960 | 1 | |||||||||||||||
| U.S. Treasury 10 Year Note | 266 | 06/2021 | USD | 35,191 | (362 | ) | ||||||||||||||
| U.S. Treasury 2 Year Note | 186 | 06/2021 | USD | 41,088 | (33 | ) | ||||||||||||||
| U.S. Treasury 5 Year Note | 5 | 06/2021 | USD | 619 | (2 | ) | ||||||||||||||
| U.S. Treasury Long Bond | 93 | 06/2021 | USD | 14,854 | (476 | ) | ||||||||||||||
| U.S. Treasury Ultra Bond | 74 | 06/2021 | USD | 14,224 | (814 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| (1,859 | ) | |||||||||||||||||||
| Short Contracts | ||||||||||||||||||||
| Euro BOBL | (34) | 06/2021 | EUR | (5,384 | ) | (2 | ) | |||||||||||||
| Euro Buxl | (3) | 06/2021 | EUR | (737 | ) | 12 | ||||||||||||||
| Euro Schatz | (12) | 06/2021 | EUR | (1,577 | ) | — | (h) | |||||||||||||
| Long Gilt | (8) | 06/2021 | GBP | (1,422 | ) | 15 | ||||||||||||||
| U.S. Treasury 10 Year Note | (760) | 06/2021 | USD | (101,903 | ) | 2,390 | ||||||||||||||
| U.S. Treasury 5 Year Note | (148) | 06/2021 | USD | (18,414 | ) | 151 | ||||||||||||||
| U.S. Treasury Long Bond | (34) | 06/2021 | USD | (5,521 | ) | 265 | ||||||||||||||
| U.S. Treasury Ultra Bond | (10) | 06/2021 | USD | (1,834 | ) | 22 | ||||||||||||||
| U.S. Ultra Treasury 10 Year Note | (27) | 06/2021 | USD | (4,021 | ) | 141 | ||||||||||||||
|
|
|
|||||||||||||||||||
| 2,994 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total unrealized appreciation (depreciation) | 1,135 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021:
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| AUD |
8,021 | USD |
6,088 | Citibank, NA | 04/06/2021 | 5 | ||||||||||||
| USD |
6,736 | AUD |
8,527 | Morgan Stanley & Co. | 04/06/2021 | 259 | ||||||||||||
| USD |
75,331 | AUD |
96,100 | Westpac Banking Corp. | 04/06/2021 | 2,337 | ||||||||||||
| USD |
75,324 | AUD |
96,100 | Westpac Banking Corp. | 04/06/2021 | 2,331 | ||||||||||||
| CAD |
12,622 | USD |
10,034 | Citibank, NA | 04/06/2021 | 9 | ||||||||||||
| CAD |
591 | USD |
467 | Morgan Stanley & Co. | 04/06/2021 | 3 | ||||||||||||
| CAD |
919 | USD |
726 | Morgan Stanley & Co. | 04/06/2021 | 5 | ||||||||||||
| USD |
32 | CHF |
30 | Bank of America, NA | 04/06/2021 | — | (h) | |||||||||||
| USD |
2,264 | CHF |
2,027 | Barclays Bank plc | 04/06/2021 | 119 | ||||||||||||
| USD |
3,696 | CHF |
3,340 | Morgan Stanley & Co. | 04/06/2021 | 162 | ||||||||||||
| USD |
4,990 | CHF |
4,516 | UBS AG LONDON | 04/06/2021 | 212 | ||||||||||||
| USD |
926 | CNY |
6,000 | Brown Brothers Harriman & Co. | 04/06/2021 | 11 | ||||||||||||
| USD |
3,857 | CNY |
25,000 | Brown Brothers Harriman & Co. | 04/06/2021 | 44 | ||||||||||||
| USD |
771 | CNY |
5,000 | Brown Brothers Harriman & Co. | 04/06/2021 | 8 | ||||||||||||
| USD |
2,148 | CNY |
14,000 | Brown Brothers Harriman & Co. | 04/06/2021 | 13 | ||||||||||||
| CNY |
5,064,500 | USD |
771,675 | Brown Brothers Harriman & Co. | 04/06/2021 | 885 | ||||||||||||
| USD |
386,945 | CNY |
2,507,250 | Brown Brothers Harriman & Co. | 04/06/2021 | 4,479 | ||||||||||||
| USD |
386,432 | CNY |
2,507,250 | Brown Brothers Harriman & Co. | 04/06/2021 | 3,966 | ||||||||||||
| USD |
3,190 | CZK |
68,810 | Morgan Stanley & Co. | 04/06/2021 | 98 | ||||||||||||
| USD |
182 | CZK |
3,959 | UBS AG LONDON | 04/06/2021 | 4 | ||||||||||||
| USD |
4,813 | DKK |
29,513 | UBS AG LONDON | 04/06/2021 | 160 | ||||||||||||
| USD |
424 | DKK |
2,600 | UBS AG LONDON | 04/06/2021 | 14 | ||||||||||||
| USD |
158,052 | EUR |
130,240 | Bank of America, NA | 04/06/2021 | 5,316 | ||||||||||||
| USD |
1,821 | EUR |
1,527 | Barclays Bank plc | 04/06/2021 | 30 | ||||||||||||
| USD |
14,871 | EUR |
12,242 | BNP Paribas | 04/06/2021 | 515 | ||||||||||||
| USD |
158,044 | EUR |
130,240 | Citibank, NA | 04/06/2021 | 5,309 | ||||||||||||
| USD |
84,665 | EUR |
69,707 | Citibank, NA | 04/06/2021 | 2,918 | ||||||||||||
| USD |
39,943 | EUR |
32,886 | Citibank, NA | 04/06/2021 | 1,377 | ||||||||||||
| USD |
24,254 | EUR |
19,996 | Goldman Sachs International | 04/06/2021 | 804 | ||||||||||||
| USD |
453,162 | EUR |
373,610 | Goldman Sachs International | 04/06/2021 | 15,020 | ||||||||||||
| EUR |
369,435 | USD |
433,163 | Goldman Sachs International | 04/06/2021 | 83 | ||||||||||||
| USD |
61 | EUR |
50 | Morgan Stanley & Co. | 04/06/2021 | 2 | ||||||||||||
| USD |
267 | EUR |
225 | Morgan Stanley & Co. | 04/06/2021 | 4 | ||||||||||||
| USD |
242 | EUR |
202 | Morgan Stanley & Co. | 04/06/2021 | 4 | ||||||||||||
| USD |
40,011 | EUR |
32,886 | Morgan Stanley & Co. | 04/06/2021 | 1,444 | ||||||||||||
| USD |
306 | EUR |
253 | Morgan Stanley & Co. | 04/06/2021 | 9 | ||||||||||||
| USD |
84,808 | EUR |
69,707 | Morgan Stanley & Co. | 04/06/2021 | 3,062 | ||||||||||||
| USD |
315 | EUR |
260 | Morgan Stanley & Co. | 04/06/2021 | 10 | ||||||||||||
| USD |
2,021 | EUR |
1,671 | Morgan Stanley & Co. | 04/06/2021 | 62 | ||||||||||||
| USD |
742 | EUR |
622 | Morgan Stanley & Co. | 04/06/2021 | 13 | ||||||||||||
| USD |
303 | EUR |
255 | UBS AG LONDON | 04/06/2021 | 4 | ||||||||||||
| USD |
547 | EUR |
454 | UBS AG LONDON | 04/06/2021 | 15 | ||||||||||||
| USD |
118 | EUR |
98 | UBS AG LONDON | 04/06/2021 | 3 | ||||||||||||
| USD |
2,051 | EUR |
1,701 | UBS AG LONDON | 04/06/2021 | 57 | ||||||||||||
| EUR |
128,715 | USD |
150,925 | UBS AG LONDON | 04/06/2021 | 23 | ||||||||||||
| USD |
158,475 | EUR |
130,632 | Westpac Banking Corp. | 04/06/2021 | 5,279 | ||||||||||||
| GBP |
64,002 | USD |
88,140 | Bank of America, NA | 04/06/2021 | 94 | ||||||||||||
| GBP |
25,364 | USD |
34,939 | Bank of America, NA | 04/06/2021 | 28 | ||||||||||||
| USD |
37,403 | GBP |
26,775 | Bank of America, NA | 04/06/2021 | 491 | ||||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021 (continued):
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| USD |
1,493 | GBP |
1,071 | Bank of America, NA | 04/06/2021 | 17 | ||||||||||||
| USD |
34,123 | GBP |
24,328 | Barclays Bank plc | 04/06/2021 | 584 | ||||||||||||
| USD |
21,852 | GBP |
15,579 | Barclays Bank plc | 04/06/2021 | 374 | ||||||||||||
| GBP |
25,295 | USD |
34,836 | Citibank, NA | 04/06/2021 | 36 | ||||||||||||
| USD |
37,396 | GBP |
26,775 | Citibank, NA | 04/06/2021 | 484 | ||||||||||||
| USD |
92,052 | GBP |
66,027 | Goldman Sachs International | 04/06/2021 | 1,026 | ||||||||||||
| GBP |
15,579 | USD |
21,358 | Morgan Stanley & Co. | 04/06/2021 | 120 | ||||||||||||
| GBP |
21,664 | USD |
29,699 | Morgan Stanley & Co. | 04/06/2021 | 167 | ||||||||||||
| GBP |
25,295 | USD |
34,819 | UBS AG LONDON | 04/06/2021 | 53 | ||||||||||||
| USD |
37,483 | GBP |
26,853 | Westpac Banking Corp. | 04/06/2021 | 463 | ||||||||||||
| USD |
2,244 | HUF |
669,234 | Bank of America, NA | 04/06/2021 | 77 | ||||||||||||
| HUF |
669,234 | USD |
2,161 | UBS AG LONDON | 04/06/2021 | 6 | ||||||||||||
| IDR |
30,000,000 | USD |
2,055 | Brown Brothers Harriman & Co. | 04/06/2021 | 10 | ||||||||||||
| IDR |
539,579,800 | USD |
36,958 | Brown Brothers Harriman & Co. | 04/06/2021 | 188 | ||||||||||||
| USD |
37,643 | IDR |
539,579,800 | Brown Brothers Harriman & Co. | 04/06/2021 | 498 | ||||||||||||
| JPY |
53,242,665 | USD |
480,313 | Citibank, NA | 04/06/2021 | 548 | ||||||||||||
| JPY |
53,242,660 | USD |
480,356 | Deutsche Bank AG | 04/06/2021 | 504 | ||||||||||||
| USD |
501,126 | JPY |
53,179,350 | Deutsche Bank AG | 04/06/2021 | 20,838 | ||||||||||||
| USD |
15,129 | JPY |
1,646,000 | Goldman Sachs International | 04/06/2021 | 263 | ||||||||||||
| JPY |
53,234,675 | USD |
480,371 | Goldman Sachs International | 04/06/2021 | 417 | ||||||||||||
| USD |
501,029 | JPY |
53,187,325 | Goldman Sachs International | 04/06/2021 | 20,668 | ||||||||||||
| USD |
71,416 | JPY |
7,523,104 | Morgan Stanley & Co. | 04/06/2021 | 3,471 | ||||||||||||
| USD |
501,267 | JPY |
53,187,325 | UBS AG LONDON | 04/06/2021 | 20,906 | ||||||||||||
| USD |
306 | KRW |
346,425 | Citibank, NA | 04/06/2021 | — | (h) | |||||||||||
| MYR |
126,900 | USD |
30,534 | Deutsche Bank AG | 04/06/2021 | 69 | ||||||||||||
| USD |
31,316 | MYR |
126,900 | Standard Chartered Bank | 04/06/2021 | 713 | ||||||||||||
| USD |
2,174 | NOK |
18,586 | Bank of America, NA | 04/06/2021 | 1 | (h) | |||||||||||
| USD |
251 | NOK |
2,131 | Morgan Stanley & Co. | 04/06/2021 | 2 | ||||||||||||
| NOK |
2,131 | USD |
247 | Morgan Stanley & Co. | 04/06/2021 | 2 | ||||||||||||
| NZD |
23,400 | USD |
16,338 | Citibank, NA | 04/06/2021 | 5 | ||||||||||||
| USD |
1,456 | NZD |
2,000 | Goldman Sachs International | 04/06/2021 | 59 | ||||||||||||
| USD |
365 | NZD |
498 | Morgan Stanley & Co. | 04/06/2021 | 17 | ||||||||||||
| NZD |
498 | USD |
347 | Morgan Stanley & Co. | 04/06/2021 | 1 | ||||||||||||
| USD |
15,729 | NZD |
21,400 | UBS AG LONDON | 04/06/2021 | 784 | ||||||||||||
| USD |
5,755 | PLN |
21,454 | Morgan Stanley & Co. | 04/06/2021 | 326 | ||||||||||||
| PLN |
21,454 | USD |
5,406 | UBS AG LONDON | 04/06/2021 | 23 | ||||||||||||
| USD |
5,071 | SEK |
42,327 | Bank of America, NA | 04/06/2021 | 224 | ||||||||||||
| USD |
3,943 | SEK |
32,895 | Bank of America, NA | 04/06/2021 | 177 | ||||||||||||
| USD |
831 | SEK |
6,856 | Morgan Stanley & Co. | 04/06/2021 | 46 | ||||||||||||
| USD |
56 | SEK |
475 | Morgan Stanley & Co. | 04/06/2021 | 2 | ||||||||||||
| SGD |
27,700 | USD |
20,563 | Bank of America, NA | 04/06/2021 | 29 | ||||||||||||
| USD |
1,127 | SGD |
1,500 | BNP Paribas | 04/06/2021 | 12 | ||||||||||||
| USD |
20,405 | SGD |
27,100 | BNP Paribas | 04/06/2021 | 259 | ||||||||||||
| USD |
9,046 | EUR |
7,600 | Barclays Bank plc | 04/07/2021 | 133 | ||||||||||||
| USD |
1,238 | HKD |
9,600 | UBS AG LONDON | 04/07/2021 | 3 | ||||||||||||
| HKD |
9,600 | USD |
1,235 | UBS AG LONDON | 04/07/2021 | — | (h) | |||||||||||
| USD |
36,714 | THB |
1,115,936 | Citibank, NA | 04/07/2021 | 1,005 | ||||||||||||
| THB |
1,115,936 | USD |
35,580 | Goldman Sachs International | 04/07/2021 | 129 | ||||||||||||
| USD |
5,255 | DKK |
32,147 | Bank of America, NA | 04/09/2021 | 187 | ||||||||||||
| USD |
1,674 | DKK |
10,253 | Morgan Stanley & Co. | 04/09/2021 | 58 | ||||||||||||
| USD |
1,174 | IDR |
17,054,070 | Citibank, NA | 04/16/2021 | 1 | ||||||||||||
| USD |
1,174 | IDR |
17,054,070 | Citibank, NA | 04/16/2021 | 1 | ||||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021 (continued):
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| USD |
1,210 | IDR |
17,570,860 | Citibank, NA | 04/16/2021 | 1 | ||||||||||||
| USD |
1,061 | KRW |
1,200,000 | Citibank, NA | 04/16/2021 | 1 | ||||||||||||
| USD |
3,664 | MYR |
15,130 | Goldman Sachs International | 04/16/2021 | 16 | ||||||||||||
| USD |
487 | CZK |
10,510 | Barclays Bank plc | 04/19/2021 | 14 | ||||||||||||
| USD |
790 | DKK |
4,831 | Citibank, NA | 04/19/2021 | 28 | ||||||||||||
| USD |
394 | EUR |
335 | Barclays Bank plc | 04/19/2021 | 1 | ||||||||||||
| USD |
449 | HUF |
133,297 | Citibank, NA | 04/19/2021 | 18 | ||||||||||||
| USD |
539 | JPY |
59,505 | Barclays Bank plc | 04/19/2021 | 1 | ||||||||||||
| USD |
694 | PLN |
2,581 | Barclays Bank plc | 04/19/2021 | 41 | ||||||||||||
| USD |
253 | RON |
1,017 | Citibank, NA | 04/19/2021 | 11 | ||||||||||||
| USD |
2,130 | AUD |
2,800 | Citibank, NA | 05/04/2021 | 3 | ||||||||||||
| USD |
2,127 | AUD |
2,800 | Citibank, NA | 05/04/2021 | — | (h) | |||||||||||
| USD |
71,576 | AUD |
94,100 | Citibank, NA | 05/04/2021 | 91 | ||||||||||||
| USD |
71,494 | AUD |
94,100 | Citibank, NA | 05/04/2021 | 8 | ||||||||||||
| USD |
1,524 | AUD |
2,000 | Morgan Stanley & Co. | 05/04/2021 | 4 | ||||||||||||
| USD |
306 | CHF |
288 | Citibank, NA | 05/04/2021 | 1 | ||||||||||||
| USD |
191 | CHF |
180 | Citibank, NA | 05/04/2021 | 1 | ||||||||||||
| USD |
61 | CHF |
57 | Morgan Stanley & Co. | 05/04/2021 | — | (h) | |||||||||||
| USD |
11 | CHF |
10 | UBS AG LONDON | 05/04/2021 | — | (h) | |||||||||||
| USD |
3,517 | CHF |
3,310 | UBS AG LONDON | 05/04/2021 | 12 | ||||||||||||
| USD |
4,680 | CHF |
4,405 | UBS AG LONDON | 05/04/2021 | 16 | ||||||||||||
| USD |
184 | CZK |
4,081 | Citibank, NA | 05/04/2021 | — | (h) | |||||||||||
| USD |
3,095 | CZK |
68,869 | UBS AG LONDON | 05/04/2021 | 1 | ||||||||||||
| USD |
85 | DKK |
540 | Citibank, NA | 05/04/2021 | — | (h) | |||||||||||
| USD |
4,663 | DKK |
29,513 | Goldman Sachs International | 05/04/2021 | 8 | ||||||||||||
| USD |
411 | DKK |
2,600 | Goldman Sachs International | 05/04/2021 | 1 | ||||||||||||
| USD |
8,932 | EUR |
7,600 | Bank of America, NA | 05/04/2021 | 14 | ||||||||||||
| USD |
151,538 | EUR |
129,102 | Bank of America, NA | 05/04/2021 | 48 | ||||||||||||
| USD |
14,396 | EUR |
12,242 | BNP Paribas | 05/04/2021 | 31 | ||||||||||||
| USD |
15,588 | EUR |
13,255 | Citibank, NA | 05/04/2021 | 34 | ||||||||||||
| USD |
151,047 | EUR |
128,715 | Citibank, NA | 05/04/2021 | 12 | ||||||||||||
| USD |
16,464 | EUR |
14,000 | Citibank, NA | 05/04/2021 | 36 | ||||||||||||
| USD |
694 | EUR |
590 | Citibank, NA | 05/04/2021 | 2 | ||||||||||||
| USD |
23,521 | EUR |
20,016 | UBS AG LONDON | 05/04/2021 | 34 | ||||||||||||
| USD |
24 | EUR |
20 | UBS AG LONDON | 05/04/2021 | — | (h) | |||||||||||
| USD |
1,903 | GBP |
1,379 | Citibank, NA | 05/04/2021 | 2 | ||||||||||||
| USD |
2,760 | GBP |
2,000 | Citibank, NA | 05/04/2021 | 2 | ||||||||||||
| USD |
246 | GBP |
178 | Morgan Stanley & Co. | 05/04/2021 | — | (h) | |||||||||||
| USD |
1,442 | GBP |
1,046 | Morgan Stanley & Co. | 05/04/2021 | — | (h) | |||||||||||
| USD |
184 | HUF |
56,727 | Citibank, NA | 05/04/2021 | — | (h) | |||||||||||
| USD |
61 | HUF |
18,942 | Morgan Stanley & Co. | 05/04/2021 | — | (h) | |||||||||||
| USD |
2,305 | NOK |
19,632 | Citibank, NA | 05/04/2021 | 10 | ||||||||||||
| USD |
123 | PLN |
485 | Citibank, NA | 05/04/2021 | — | (h) | |||||||||||
| USD |
225 | SEK |
1,960 | Citibank, NA | 05/04/2021 | — | (h) | |||||||||||
| USD |
184 | SEK |
1,601 | Citibank, NA | 05/04/2021 | — | (h) | |||||||||||
| USD |
3,831 | SEK |
33,370 | UBS AG LONDON | 05/04/2021 | 9 | ||||||||||||
| USD |
4,860 | SEK |
42,327 | UBS AG LONDON | 05/04/2021 | 12 | ||||||||||||
| USD |
2,169 | CHF |
2,027 | Citibank, NA | 05/05/2021 | 22 | ||||||||||||
| USD |
38,057 | EUR |
32,271 | Citibank, NA | 05/05/2021 | 189 | ||||||||||||
| USD |
82,519 | EUR |
69,974 | Citibank, NA | 05/05/2021 | 409 | ||||||||||||
| USD |
38,035 | EUR |
32,271 | Morgan Stanley & Co. | 05/05/2021 | 167 | ||||||||||||
| USD |
240 | EUR |
204 | Morgan Stanley & Co. | 05/05/2021 | 1 | ||||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021 (continued):
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| USD |
82,471 | EUR |
69,974 | Morgan Stanley & Co. | 05/05/2021 | 361 | ||||||||||||
| USD |
794 | SEK |
6,856 | Citibank, NA | 05/05/2021 | 9 | ||||||||||||
| USD |
533 | JPY |
58,482 | Citibank, NA | 05/07/2021 | 5 | ||||||||||||
| USD |
8,120 | JPY |
897,000 | Morgan Stanley & Co. | 05/07/2021 | 16 | ||||||||||||
| USD |
68,011 | JPY |
|
7,460,788 |
|
Morgan Stanley & Co. | 05/07/2021 | 607 | ||||||||||
| USD |
502 | CNH |
3,265 | Citibank, NA | 05/18/2021 | 6 | ||||||||||||
| USD |
31,333 | CNH |
203,922 | Morgan Stanley & Co. | 05/18/2021 | 373 | ||||||||||||
| USD |
192 | CNY |
1,251 | Barclays Bank plc | 05/18/2021 | 2 | ||||||||||||
| USD |
429 | CNY |
2,794 | Morgan Stanley & Co. | 05/18/2021 | 4 | ||||||||||||
| USD |
519 | ILS |
1,717 | Morgan Stanley & Co. | 06/16/2021 | 5 | ||||||||||||
| USD |
1,015 | MYR |
4,196 | Barclays Bank plc | 06/16/2021 | 6 | ||||||||||||
| USD |
93 | PEN |
346 | Barclays Bank plc | 06/16/2021 | 1 | ||||||||||||
| USD |
173 | PEN |
642 | Citibank, NA | 06/16/2021 | 2 | ||||||||||||
| USD |
59 | PEN |
217 | Morgan Stanley & Co. | 06/16/2021 | 1 | ||||||||||||
| USD |
496 | RUB |
36,948 | Citibank, NA | 06/16/2021 | 11 | ||||||||||||
| USD |
246 | RUB |
18,749 | Citibank, NA | 06/16/2021 | – | (h) | |||||||||||
| USD |
4,742 | RUB |
354,624 | Morgan Stanley & Co. | 06/16/2021 | 95 | ||||||||||||
| USD |
890 | SGD |
1,185 | Citibank, NA | 06/16/2021 | 9 | ||||||||||||
| USD |
1,235 | THB |
38,077 | Morgan Stanley & Co. | 06/16/2021 | 17 | ||||||||||||
| USD |
2,556 | DKK |
16,062 | Bank of America, NA | 07/01/2021 | 20 | ||||||||||||
| USD |
4,181 | DKK |
26,338 | BNP Paribas | 07/01/2021 | 22 | ||||||||||||
|
|
|
|||||||||||||||||
| Total unrealized appreciation |
135,970 | |||||||||||||||||
|
|
|
|||||||||||||||||
| AUD |
2,000 | USD |
1,551 | Citibank, NA | 04/06/2021 | (32 | ) | |||||||||||
| AUD |
94,100 | USD |
71,566 | Citibank, NA | 04/06/2021 | (92 | ) | |||||||||||
| AUD |
94,100 | USD |
71,484 | Citibank, NA | 04/06/2021 | (10 | ) | |||||||||||
| AUD |
2,000 | USD |
1,549 | Morgan Stanley & Co. | 04/06/2021 | (29 | ) | |||||||||||
| AUD |
506 | USD |
392 | Morgan Stanley & Co. | 04/06/2021 | (7 | ) | |||||||||||
| USD |
10,466 | CAD |
13,213 | Barclays Bank plc | 04/06/2021 | (47 | ) | |||||||||||
| CHF |
111 | USD |
122 | Bank of America, NA | 04/06/2021 | (4 | ) | |||||||||||
| CHF |
2,027 | USD |
2,167 | Citibank, NA | 04/06/2021 | (22 | ) | |||||||||||
| CHF |
60 | USD |
66 | Morgan Stanley & Co. | 04/06/2021 | (3 | ) | |||||||||||
| CHF |
3,310 | USD |
3,514 | UBS AG LONDON | 04/06/2021 | (12 | ) | |||||||||||
| CHF |
4,405 | USD |
4,676 | UBS AG LONDON | 04/06/2021 | (16 | ) | |||||||||||
| CZK |
3,900 | USD |
178 | Goldman Sachs International | 04/06/2021 | (3 | ) | |||||||||||
| CZK |
68,869 | USD |
3,095 | UBS AG LONDON | 04/06/2021 | (1 | ) | |||||||||||
| DKK |
29,513 | USD |
4,660 | Goldman Sachs International | 04/06/2021 | (8 | ) | |||||||||||
| DKK |
2,600 | USD |
411 | Goldman Sachs International | 04/06/2021 | (1 | ) | |||||||||||
| EUR |
129,102 | USD |
151,450 | Bank of America, NA | 04/06/2021 | (48 | ) | |||||||||||
| EUR |
69,974 | USD |
82,468 | Citibank, NA | 04/06/2021 | (408 | ) | |||||||||||
| EUR |
128,715 | USD |
150,960 | Citibank, NA | 04/06/2021 | (12 | ) | |||||||||||
| EUR |
32,271 | USD |
38,033 | Citibank, NA | 04/06/2021 | (188 | ) | |||||||||||
| EUR |
8,910 | USD |
10,799 | Goldman Sachs International | 04/06/2021 | (350 | ) | |||||||||||
| EUR |
32,271 | USD |
38,011 | Morgan Stanley & Co. | 04/06/2021 | (166 | ) | |||||||||||
| EUR |
1,692 | USD |
2,056 | Morgan Stanley & Co. | 04/06/2021 | (71 | ) | |||||||||||
| EUR |
4,175 | USD |
5,072 | Morgan Stanley & Co. | 04/06/2021 | (176 | ) | |||||||||||
| EUR |
153 | USD |
182 | Morgan Stanley & Co. | 04/06/2021 | (3 | ) | |||||||||||
| EUR |
1,615 | USD |
1,962 | Morgan Stanley & Co. | 04/06/2021 | (68 | ) | |||||||||||
| EUR |
69,974 | USD |
82,420 | Morgan Stanley & Co. | 04/06/2021 | (360 | ) | |||||||||||
| EUR |
190 | USD |
231 | Morgan Stanley & Co. | 04/06/2021 | (8 | ) | |||||||||||
| EUR |
20,016 | USD |
23,508 | UBS AG LONDON | 04/06/2021 | (34 | ) | |||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021 (continued):
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| EUR |
15 | USD |
18 | UBS AG LONDON | 04/06/2021 | (1 | ) | |||||||||||
| USD |
487 | GBP |
355 | Bank of America, NA | 04/06/2021 | (2 | ) | |||||||||||
| GBP |
10 | USD |
14 | Citibank, NA | 04/06/2021 | – | (h) | |||||||||||
| GBP |
88 | USD |
122 | Citibank, NA | 04/06/2021 | (2 | ) | |||||||||||
| GBP |
964 | USD |
1,348 | Morgan Stanley & Co. | 04/06/2021 | (19 | ) | |||||||||||
| GBP |
1,046 | USD |
1,442 | Morgan Stanley & Co. | 04/06/2021 | – | (h) | |||||||||||
| GBP |
2,025 | USD |
2,832 | Morgan Stanley & Co. | 04/06/2021 | (40 | ) | |||||||||||
| GBP |
176 | USD |
244 | Morgan Stanley & Co. | 04/06/2021 | (2 | ) | |||||||||||
| GBP |
1,700 | USD |
2,360 | Morgan Stanley & Co. | 04/06/2021 | (16 | ) | |||||||||||
| GBP |
15 | USD |
21 | Morgan Stanley & Co. | 04/06/2021 | – | (h) | |||||||||||
| GBP |
4,540 | USD |
6,330 | Westpac Banking Corp. | 04/06/2021 | (71 | ) | |||||||||||
| JPY |
200,000 | USD |
1,876 | Deutsche Bank AG | 04/06/2021 | (70 | ) | |||||||||||
| JPY |
7,460,788 | USD |
67,993 | Morgan Stanley & Co. | 04/06/2021 | (611 | ) | |||||||||||
| JPY |
62,316 | USD |
585 | Morgan Stanley & Co. | 04/06/2021 | (22 | ) | |||||||||||
| JPY |
1,280,000 | USD |
12,019 | Morgan Stanley & Co. | 04/06/2021 | (459 | ) | |||||||||||
| KRW |
346,425 | USD |
307 | Barclays Bank plc | 04/06/2021 | (1 | ) | |||||||||||
| NOK |
19,632 | USD |
2,305 | Citibank, NA | 04/06/2021 | (10 | ) | |||||||||||
| USD |
122 | NOK |
1,046 | Goldman Sachs International | 04/06/2021 | – | (h) | |||||||||||
| SEK |
6,856 | USD |
794 | Citibank, NA | 04/06/2021 | (9 | ) | |||||||||||
| SEK |
42,327 | USD |
4,859 | UBS AG LONDON | 04/06/2021 | (12 | ) | |||||||||||
| SEK |
33,370 | USD |
3,830 | UBS AG LONDON | 04/06/2021 | (9 | ) | |||||||||||
| SGD |
900 | USD |
676 | Goldman Sachs International | 04/06/2021 | (7 | ) | |||||||||||
| EUR |
7,600 | USD |
8,927 | Bank of America, NA | 04/07/2021 | (14 | ) | |||||||||||
| DKK |
16,062 | USD |
2,552 | Bank of America, NA | 04/09/2021 | (20 | ) | |||||||||||
| DKK |
26,338 | USD |
4,175 | BNP Paribas | 04/09/2021 | (22 | ) | |||||||||||
| USD |
48 | KRW |
55,000 | Citibank, NA | 04/16/2021 | – | (h) | |||||||||||
| USD |
50,780 | KRW |
57,953,320 | Citibank, NA | 04/16/2021 | (422 | ) | |||||||||||
| USD |
1,754 | KRW |
2,000,000 | Citibank, NA | 04/16/2021 | (13 | ) | |||||||||||
| USD |
53,375 | KRW |
60,908,735 | Morgan Stanley & Co. | 04/16/2021 | (439 | ) | |||||||||||
| USD |
22,877 | KRW |
26,103,745 | Morgan Stanley & Co. | 04/16/2021 | (186 | ) | |||||||||||
| USD |
2,767 | GBP |
2,028 | Barclays Bank plc | 04/19/2021 | (29 | ) | |||||||||||
| GBP |
1,060 | USD |
1,483 | Morgan Stanley & Co. | 04/19/2021 | (21 | ) | |||||||||||
| USD |
433,412 | EUR |
369,435 | Goldman Sachs International | 05/04/2021 | (85 | ) | |||||||||||
| USD |
151,013 | EUR |
128,715 | UBS AG LONDON | 05/04/2021 | (22 | ) | |||||||||||
| USD |
88,149 | GBP |
64,002 | Bank of America, NA | 05/04/2021 | (93 | ) | |||||||||||
| USD |
34,942 | GBP |
25,364 | Bank of America, NA | 05/04/2021 | (28 | ) | |||||||||||
| USD |
34,839 | GBP |
25,295 | Citibank, NA | 05/04/2021 | (36 | ) | |||||||||||
| USD |
34,822 | GBP |
25,295 | UBS AG LONDON | 05/04/2021 | (53 | ) | |||||||||||
| USD |
1,235 | HKD |
9,600 | UBS AG LONDON | 05/04/2021 | – | (h) | |||||||||||
| USD |
2,160 | HUF |
669,234 | UBS AG LONDON | 05/04/2021 | (6 | ) | |||||||||||
| USD |
36,878 | IDR |
539,579,800 | Brown Brothers Harriman & Co. | 05/04/2021 | (191 | ) | |||||||||||
| USD |
2,050 | IDR |
30,000,000 | Brown Brothers Harriman & Co. | 05/04/2021 | (11 | ) | |||||||||||
| USD |
30,504 | MYR |
126,900 | Deutsche Bank AG | 05/04/2021 | (67 | ) | |||||||||||
| USD |
16,337 | NZD |
23,400 | Citibank, NA | 05/04/2021 | (5 | ) | |||||||||||
| USD |
5,407 | PLN |
21,454 | UBS AG LONDON | 05/04/2021 | (22 | ) | |||||||||||
| USD |
20,559 | SGD |
27,700 | Bank of America, NA | 05/04/2021 | (30 | ) | |||||||||||
| USD |
6,088 | AUD |
8,021 | Citibank, NA | 05/05/2021 | (5 | ) | |||||||||||
| USD |
10,035 | CAD |
12,622 | Citibank, NA | 05/05/2021 | (10 | ) | |||||||||||
| EUR |
1,158 | USD |
1,365 | Morgan Stanley & Co. | 05/05/2021 | (6 | ) | |||||||||||
| USD |
21,359 | GBP |
15,579 | Morgan Stanley & Co. | 05/05/2021 | (121 | ) | |||||||||||
| USD |
29,702 | GBP |
21,664 | Morgan Stanley & Co. | 05/05/2021 | (168 | ) | |||||||||||
| USD |
247 | NOK |
2,131 | Morgan Stanley & Co. | 05/05/2021 | (2 | ) | |||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021 (continued):
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| USD |
347 | NZD |
498 | Morgan Stanley & Co. | 05/05/2021 | (1 | ) | |||||||||||
| USD |
35,539 | THB |
1,115,936 | Goldman Sachs International | 05/06/2021 | (166 | ) | |||||||||||
| USD |
35,142 | CNY |
231,000 | Brown Brothers Harriman & Co. | 05/07/2021 | (5 | ) | |||||||||||
| USD |
769,833 | CNY |
5,064,500 | Brown Brothers Harriman & Co. | 05/07/2021 | (742 | ) | |||||||||||
| USD |
480,456 | JPY |
53,242,665 | Citibank, NA | 05/07/2021 | (563 | ) | |||||||||||
| USD |
480,499 | JPY |
53,242,660 | Deutsche Bank AG | 05/07/2021 | (520 | ) | |||||||||||
| USD |
480,512 | JPY |
53,234,675 | Goldman Sachs International | 05/07/2021 | (435 | ) | |||||||||||
| USD |
787 | CNH |
5,194 | Morgan Stanley & Co. | 05/18/2021 | (2 | ) | |||||||||||
| USD |
3,377 | IDR |
49,417,649 | Citibank, NA | 06/16/2021 | (6 | ) | |||||||||||
| KRW |
346,425 | USD |
306 | Citibank, NA | 06/16/2021 | — | (h) | |||||||||||
| USD |
1,098 | MXN |
22,914 | Barclays Bank plc | 06/16/2021 | (15 | ) | |||||||||||
|
|
|
|||||||||||||||||
| Total unrealized depreciation |
(8,124 | ) | ||||||||||||||||
|
|
|
|||||||||||||||||
| Net unrealized appreciation (depreciation) |
127,846 | |||||||||||||||||
|
|
|
|||||||||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Over-the-Counter (“OTC”) Interest Rate Swap contracts outstanding as of March 31, 2021:
| FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/ RECEIVE FLOATING RATE |
COUNTERPARTY | MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
||||||||||||||||||||||
| Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month |
2.44% quarterly | Pay | |
Morgan Stanley & Co. |
|
11/17/2030 | MYR | 5,000 | (— | )(h) | (73 | ) | (73 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total |
|
(— | )(h) | (73 | ) | (73 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2021:
| FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/RECEIVE FLOATING RATE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) | |||||||||||||||||
| Bank of Thailand BIBOR Fixings 6 Month |
1.15% semi-annually | Pay | 11/19/2030 | THB | 31,000 | – | (h) | (55 | ) | (55 | ) | |||||||||||||
| BBSW ASX Australian 6 Month |
2.50% semi-annually | Pay | 12/03/2025 | AUD | 3,390 | 269 | (49 | ) | 220 | |||||||||||||||
| BBSW ASX Australian 6 Month |
2.75% semi-annually | Pay | 12/03/2030 | AUD | 1,035 | 144 | (69 | ) | 75 | |||||||||||||||
| Canada Bankers Acceptances 3 Month |
2.45% semi-annually | Pay | 12/03/2022 | CAD | 4,125 | 136 | (9 | ) | 127 | |||||||||||||||
| Canada Bankers Acceptances 3 Month |
2.50% semi-annually | Pay | 12/03/2025 | CAD | 6,915 | 475 | (155 | ) | 320 | |||||||||||||||
| Canada Bankers Acceptances 3 Month |
2.65% semi-annually | Pay | 12/03/2030 | CAD | 2,725 | 329 | (197 | ) | 132 | |||||||||||||||
| Canada Bankers Acceptances 3 Month |
2.80% semi-annually | Pay | 12/03/2040 | CAD | 1,585 | 308 | (241 | ) | 67 | |||||||||||||||
| Canada Bankers Acceptances 3 Month |
2.80% semi-annually | Pay | 12/03/2049 | CAD | 1,245 | 322 | (255 | ) | 67 | |||||||||||||||
| Colombia IBR Overnight Nominal Interbank Reference Rate |
4.44% quarterly | Pay | 09/10/2030 | COP | 2,257,000 | – | (h) | (46 | ) | (46 | ) | |||||||||||||
| ICE LIBOR JPY 6 Month |
(0.05%) semi-annually | Pay | 11/12/2022 | JPY | 9,220,978 | – | (h) | (14 | ) | (14 | ) | |||||||||||||
| ICE LIBOR JPY 6 Month |
(0.06%) semi-annually | Pay | 02/16/2023 | JPY | 1,438,763 | – | (h) | (6 | ) | (6 | ) | |||||||||||||
| ICE LIBOR JPY 6 Month |
(0.04%) semi-annually | Pay | 03/17/2024 | JPY | 14,868,300 | 1 | (89 | ) | (88 | ) | ||||||||||||||
| ICE LIBOR JPY 6 Month |
(0.03%) semi-annually | Pay | 11/12/2025 | JPY | 2,490,466 | – | (h) | (37 | ) | (37 | ) | |||||||||||||
| ICE LIBOR JPY 6 Month |
(0.05%) semi-annually | Pay | 11/17/2025 | JPY | 873,680 | – | (h) | (18 | ) | (18 | ) | |||||||||||||
| ICE LIBOR JPY 6 Month |
(0.04%) semi-annually | Pay | 12/02/2025 | JPY | 1,479,353 | – | (h) | (27 | ) | (27 | ) | |||||||||||||
| ICE LIBOR JPY 6 Month |
0.10% semi-annually | Pay | 12/03/2025 | JPY | 140,000 | 9 | (2 | ) | 7 | |||||||||||||||
| ICE LIBOR JPY 6 Month |
(0.03%) semi-annually | Pay | 03/17/2026 | JPY | 1,900,000 | – | (h) | (34 | ) | (34 | ) | |||||||||||||
| ICE LIBOR JPY 6 Month |
0.30% semi-annually | Pay | 12/03/2030 | JPY | 143,500 | 35 | (14 | ) | 21 | |||||||||||||||
| ICE LIBOR JPY 6 Month |
0.14% semi-annually | Pay | 04/06/2031 | JPY | 100,000 | – | (h) | (2 | ) | (2 | ) | |||||||||||||
| ICE LIBOR USD 3 Month |
0.25% semi-annually | Receive | 06/16/2023 | USD | 76,100 | 64 | 52 | 116 | ||||||||||||||||
| ICE LIBOR USD 3 Month |
0.25% semi-annually | Receive | 06/16/2024 | USD | 41,220 | 311 | 115 | 426 | ||||||||||||||||
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2021 (continued):
| FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/RECEIVE FLOATING RATE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) | |||||||||||||||||
| ICE LIBOR USD 3 Month |
0.50% semi-annually | Pay | 06/16/2028 | USD | 9,300 | (423 | ) | (213 | ) | (636 | ) | |||||||||||||
| ICE LIBOR USD 3 Month |
1.00% semi-annually | Receive | 12/16/2030 | USD | 2,020 | (10 | ) | (124 | ) | (134 | ) | |||||||||||||
| ICE LIBOR USD 3 Month |
0.75% semi-annually | Pay | 03/17/2031 | USD | 400 | (9 | ) | (29 | ) | (38 | ) | |||||||||||||
| ICE LIBOR USD 3 Month |
0.75% semi-annually | Pay | 06/16/2031 | USD | 23,400 | (1,371 | ) | (1,002 | ) | (2,373 | ) | |||||||||||||
| ICE LIBOR USD 3 Month |
0.75% semi-annually | Pay | 06/16/2031 | USD | 34,300 | (2,791 | ) | (686 | ) | (3,477 | ) | |||||||||||||
| KRW Certificate of Deposit 3 Month |
1.00% quarterly | Pay | 09/01/2025 | KRW | 2,400,000 | – | (h) | (40 | ) | (40 | ) | |||||||||||||
| KRW Certificate of Deposit 3 Month |
0.97% quarterly | Pay | 08/14/2030 | KRW | 2,100,000 | – | (h) | (119 | ) | (119 | ) | |||||||||||||
| KRW Certificate of Deposit 3 Month |
0.94% quarterly | Pay | 08/19/2030 | KRW | 3,575,000 | – | (h) | (207 | ) | (207 | ) | |||||||||||||
| SONIA Interest Rate Benchmark |
0.45% annually | Pay | 03/31/2026 | GBP | 1,250 | – | (h) | (1 | ) | (1 | ) | |||||||||||||
| SONIA Interest Rate Benchmark |
0.11% annually | Receive | 09/30/2030 | GBP | 500 | – | (h) | 42 | 42 | |||||||||||||||
| SONIA Interest Rate Benchmark |
0.26% annually | Receive | 09/30/2040 | GBP | 275 | – | (h) | 49 | 49 | |||||||||||||||
| SONIA Interest Rate Benchmark |
0.26% annually | Receive | 09/30/2050 | GBP | 200 | – | (h) | 50 | 50 | |||||||||||||||
| United States FEDEF |
0.03% annually | Receive | 06/12/2022 | USD | 450 | – | (h) | – | (h) | – | (h) | |||||||||||||
| United States FEDEF |
0.20 % maturity | Receive | 01/13/2023 | USD | 442,600 | 37 | 227 | 264 | ||||||||||||||||
| United States FEDEF |
0.20 % maturity | Receive | 04/29/2023 | USD | 22,600 | 1 | 8 | 9 | ||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total |
|
(2,163 | ) | (3,197 | ) | (5,360 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| (a) | Value of floating rate index as of March 31, 2021 was as follows: |
| FLOATING RATE INDEX |
||||
| Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month |
1.94 | % | ||
| Bank of Thailand BIBOR Fixings 6 Month |
0.73 | % | ||
| BBSW ASX Australian 6 Month |
0.09 | % | ||
| Canada Bankers Acceptances 3 Month |
0.44 | % | ||
| Colombia IBR Overnight Nominal Interbank Reference Rate |
1.68 | % | ||
| ICE LIBOR JPY 6 Month |
(0.04 | %) | ||
| ICE LIBOR USD 3 Month |
0.19 | % | ||
| KRW Certificate of Deposit 3 Month |
0.75 | % | ||
| SONIA Interest Rate Benchmark |
0.05 | % | ||
| United States FEDEF |
0.06 | % | ||
Six Circles Global Bond Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021
| ACES |
— | Alternative Credit Enhancement Securities | ||||
| ARM |
— | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of March 31, 2021. | ||||
| ASX |
— | Australian Stock Exchange | ||||
| BAM |
— | Insured by Build America Mutual | ||||
| BBSW |
— | Bank Bill Swap Rate | ||||
| BIBOR |
— | Bangkok Interbank Offered Rate | ||||
| BofA |
— | Bank of America | ||||
| CLO |
— | Collateralized Loan Obligations | ||||
| CMT |
— | Constant Maturity Treasury | ||||
| CPI |
— | Consumer Price Index | ||||
| DN |
— | Discount Notes | ||||
| FHA |
— | Federal Housing Administration | ||||
| EURIBOR |
— | Euro Interbank Offered Rate | ||||
| FEDEF |
— | Federal Fund Effective Rate (Continuous Series) | ||||
| FHLB |
— | Federal Home Loan Bank | ||||
| FHLMC |
— | Federal Home Loan Mortgage Corp. | ||||
| FNMA |
— | Federal National Mortgage Association | ||||
| GO |
— | General Obligation | ||||
| GNMA |
— | Government National Mortgage Association | ||||
| IBR |
— | Indicador Bancario de Referencia | ||||
| ICE |
— | Intercontinental Exchange | ||||
| IF |
— | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of Marh 31, 2021. The rate may be subject to a cap and floor. | ||||
| IO |
— | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. | ||||
| KLIBOR |
— | Kuala Lumpur Interbank Offered Rate | ||||
| LIBOR |
— | London Interbank Offered Rate | ||||
| OYJ |
— | Public Limited Company | ||||
| PO |
— | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. | ||||
| Reg. S |
— | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
Six Circles Global Bond Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (continued)
| REIT | — | Real Estate Investment Trust | ||
| REMICS | — | Real Estate Mortgage Investment Conduit | ||
| Rev. | — | Revenue | ||
| SOFR | — | Secured Overnight Financing Rate | ||
| SONIA | — | Sterling Overnight Interbank Average Rate | ||
| STRIPS | — | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. | ||
| SUB | — | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2021. | ||
| TBA | — | To Be Announced | ||
| 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. | ||
| (t) | — | The date shown represents the earliest of the next put date or final maturity date. | ||
| (w) | — | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
| (x) | — | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2021. | ||
| (z) | — | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2021. | ||
| (aa) | — | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2021. | ||
| (bb) | — | Security has been valued using significant unobservable inputs. | ||
| (ee) | — | Approximately $4,936,735 of this investment is restricted as collateral for swaps to various brokers. | ||
| (ff) | — | Approximately $601,314 of these investments is restricted as collateral for futures to Citigroup Global Markets, Inc. | ||
| (hh) | — | Approximately $4,308,514 of these investments is restricted as collateral for TBAs to various brokers. | ||
| * | — | The cost of securities is substantially the same for federal income tax purposes. | ||
| AUD | — | Australian Dollar | ||
| CAD | — | Canadian Dollar | ||
| CHF | — | Swiss Franc | ||
| CLP | — | Chilean Peso | ||
| CNH | — | Chinese Yuan | ||
| CNY | — | Chinese Yuan | ||
| COP | — | Colombian Peso | ||
| CZK | — | Czech Koruna | ||
| DKK | — | Danish Krone | ||
| EUR | — | Euro | ||
| GBP | — | British Pound | ||
| HKD | — | Hong Kong Dollar | ||
| HUF | — | Hungarian Forint |
Six Circles Global Bond Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (continued)
| IDR | — | Indonesian Rupiah | ||
| ILS | — | Israeli New Shekel | ||
| JPY | — | Japanese Yen | ||
| KRW | — | Korean Won | ||
| MXN | — | Mexican Peso | ||
| MYR | — | Malaysian Ringgit | ||
| NOK | — | Norwegian Krone | ||
| NZD | — | New Zealand Dollar | ||
| PEN | — | Peruvian Nuevo Sol | ||
| PLN | — | Polish Zloty | ||
| RON | — | Romanian Leu | ||
| RUB | — | Russian Ruble | ||
| SEK | — | Swedish Krona | ||
| SGD | — | Singapore Dollar | ||
| THB | — | Thai Baht | ||
| USD | — | United States Dollar |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — 94.2% (t) |
||||||||
| Alabama — 1.8% |
||||||||
| Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035 | 2,000 | 2,406 | ||||||
| Alabama Housing Finance Authority, Capstone At Kinsey Cove Project, Rev., 0.35%, 12/01/2023 (z) | 1,005 | 1,007 | ||||||
| Alabama Public School and College Authority, Social Bonds, | ||||||||
| Series A, Rev., 5.00%, 11/01/2035 | 5,000 | 6,602 | ||||||
| Series A, Rev., 5.00%, 11/01/2039 | 10,000 | 13,013 | ||||||
| Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 5,000 | 5,931 | ||||||
| Baldwin County Board of Education, School Warrants, | ||||||||
| Rev., 5.00%, 06/01/2024 (p) | 2,605 | 2,752 | ||||||
| Rev., 5.00%, 06/01/2026 (p) | 2,870 | 3,032 | ||||||
| Black Belt Energy Gas District, | ||||||||
| Rev., 4.00%, 06/01/2051 (w) (z) | 12,535 | 15,266 | ||||||
| Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2046 (z) | 1,110 | 1,116 | ||||||
| Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z) | 1,175 | 1,340 | ||||||
| Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5,000 | 5,803 | ||||||
| City of Birmingham, Series A, GO, 5.00%, 03/01/2043 (p) | 1,935 | 2,113 | ||||||
| City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4,075 | 4,994 | ||||||
| City of Huntsville, Warrants, Series A, GO, 5.00%, 09/01/2028 | 2,030 | 2,626 | ||||||
| City of Oxford, Warrants, Series C, GO, 5.00%, 10/01/2029 (p) | 1,435 | 1,539 | ||||||
| County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053 | 220 | 258 | ||||||
| Health Care Authority of the City of Huntsville, Health System, | ||||||||
| Series B1, Rev., 4.00%, 06/01/2045 | 1,750 | 1,996 | ||||||
| Series B1, Rev., 5.00%, 06/01/2038 | 1,000 | 1,265 | ||||||
| Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 3,020 | 3,752 | ||||||
| Industrial Development Board of the City of Mobile Alabama, Power Co., Barry Plant, Rev., 2.90%, 07/15/2034 (z) | 2,000 | 2,132 | ||||||
| Morgan County Board of Education, Rev., 5.00%, 03/01/2035 (p) | 2,720 | 2,896 | ||||||
| Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z) |
1,000 | 1,021 | ||||||
| Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z) |
100 | 110 | ||||||
| State of Alabama Docks Department, Docks, | ||||||||
| Series A, Rev., AGM, AMT, 5.00%, 10/01/2025 | 1,750 | 2,046 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Alabama — continued |
||||||||
| Series A, Rev., AGM, AMT, 5.00%, 10/01/2026 | 1,890 | 2,267 | ||||||
| Tuscaloosa City Board of Education, Warrants, | ||||||||
| Rev., 5.00%, 08/01/2041 (p) | 2,525 | 3,110 | ||||||
| Rev., 5.00%, 08/01/2046 (p) | 305 | 376 | ||||||
| UAB Medicine Finance Authority, | ||||||||
| Rev., 5.00%, 09/01/2032 | 1,800 | 2,323 | ||||||
| Series B, Rev., 5.00%, 09/01/2041 | 1,450 | 1,687 | ||||||
| Water Works Board of the City of Birmingham, Series B, Rev., 5.00%, 01/01/2038 (p) | 3,000 | 3,253 | ||||||
|
|
|
|||||||
| 98,032 | ||||||||
|
|
|
|||||||
| Alaska — 0.2% |
||||||||
| Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 7,245 | 7,967 | ||||||
| Alaska Housing Finance Corp., State Capital Project, Rev., 5.00%, 12/01/2031 (p) | 1,690 | 1,784 | ||||||
| Borough of North Slope, Series B, GO, 5.00%, 06/30/2023 (p) | 1,665 | 1,684 | ||||||
|
|
|
|||||||
| 11,435 | ||||||||
|
|
|
|||||||
| Arizona — 1.6% |
||||||||
| Arizona Board of Regents, Arizona State University, Series C, Rev., 5.00%, 07/01/2031 (w) | 1,000 | 1,349 | ||||||
| Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.00%, 01/01/2044 | 1,055 | 1,166 | ||||||
| Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029 | 2,705 | 3,104 | ||||||
| Arizona Industrial Development Authority, | ||||||||
| Series 2019-2, Class A, Rev., 3.63%, 05/20/2033 | 976 | 1,105 | ||||||
| Series A, Rev., 4.00%, 09/01/2035 | 225 | 265 | ||||||
| Series A, Rev., 4.00%, 09/01/2036 | 250 | 294 | ||||||
| Arizona State University, | ||||||||
| Series B, Rev., VRDO, 0.08%, 04/07/2021 (z) | 2,005 | 2,005 | ||||||
| Series C, Rev., 5.00%, 07/01/2042 | 2,000 | 2,372 | ||||||
| Arizona State University, Board of Regents, | ||||||||
| Series A, Rev., 5.00%, 07/01/2043 (p) | 1,500 | 1,590 | ||||||
| Series B, Rev., 5.00%, 07/01/2026 | 100 | 122 | ||||||
| Series B, Rev., 5.00%, 07/01/2042 | 2,000 | 2,406 | ||||||
| Arizona Water Infrastructure Finance Authority, Unrefunded, Water Quality, Rev., 5.00%, 10/01/2023 (p) | 1,665 | 1,786 | ||||||
| Chandler Industrial Development Authority, Intel Corp. Project, Rev., 2.40%, 12/01/2035 (z) | 300 | 314 | ||||||
| City of Mesa Excise Tax Revenue, Rev., 5.00%, 07/01/2028 | 600 | 772 | ||||||
| City of Phoenix Civic Improvement Corp., | ||||||||
| Series A, Rev., 5.00%, 07/01/2029 | 1,000 | 1,219 | ||||||
| Series A, Rev., 5.00%, 07/01/2031 | 2,000 | 2,408 | ||||||
| Series A, Rev., 5.00%, 07/01/2032 | 1,000 | 1,200 | ||||||
| City of Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 4.00%, 07/01/2021 | 1,000 | 1,009 | ||||||
| City of Phoenix, Civic Improvement Corp., | ||||||||
| Series A, Rev., 5.00%, 07/01/2034 | 2,185 | 2,602 | ||||||
| Series B, Rev., 5.00%, 07/01/2024 | 130 | 150 | ||||||
| City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien, | ||||||||
| Series A, Rev., 5.00%, 07/01/2044 | 1,000 | 1,227 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 1,500 | 1,841 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2033 | 2,000 | 2,474 | ||||||
| City of Phoenix, Civic Improvement Corp., Senior Lien, Series B, Rev., 5.00%, 07/01/2021 | 1,500 | 1,517 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Arizona — continued |
||||||||
| County of Pima, Sewer System Revenue, | ||||||||
| Series A, Rev., 5.00%, 07/01/2021 | 2,100 | 2,124 | ||||||
| Series B, Rev., 5.00%, 07/01/2024 (p) | 760 | 769 | ||||||
| Series B, Rev., 5.00%, 07/01/2025 (p) | 4,500 | 4,553 | ||||||
| Maricopa County Industrial Development Authority, Banner Health Obligated Group, Rev., 5.00%, 01/01/2026 | 2,500 | 3,009 | ||||||
| Maricopa County Industrial Development Authority, Honorhealth, Series A, Rev., 5.00%, 09/01/2026 | 700 | 857 | ||||||
| Maricopa County Pollution Control Corp., Public Service Company of New Mexico, Rev., 1.05%, 01/01/2038 (z) | 695 | 699 | ||||||
| Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21,910 | 24,995 | ||||||
| Northern Arizona University, Speed Stimulas Plan Economic Education, Rev., 5.00%, 08/01/2032 (p) | 3,145 | 3,492 | ||||||
| Salt River Project Agricultural Improvement & Power, Series A, Rev., 5.00%, 12/01/2045 | 7,300 | 8,488 | ||||||
| Salt River Project Agricultural Improvement & Power District, | ||||||||
| Series A, Rev., 5.00%, 01/01/2022 | 1,000 | 1,036 | ||||||
| Series A, Rev., 5.00%, 12/01/2024 | 1,305 | 1,347 | ||||||
| Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 554 | ||||||
| Salt Verde Financial Corp., Senior, | ||||||||
| Rev., 5.25%, 12/01/2021 | 600 | 618 | ||||||
| Rev., 5.50%, 12/01/2029 | 1,475 | 1,923 | ||||||
| State of Arizona, Series A, COP, 5.00%, 10/01/2021 | 80 | 82 | ||||||
|
|
|
|||||||
| 88,843 | ||||||||
|
|
|
|||||||
| Arkansas — 0.0% (g) |
||||||||
| Arkansas Development Finance Authority Public Safety Charges Revenue, Division of Emergency Management Project, Rev., 5.00%, 06/01/2024 | 1,000 | 1,141 | ||||||
| Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.50%, 09/01/2049 (e) | 630 | 684 | ||||||
|
|
|
|||||||
| 1,825 | ||||||||
|
|
|
|||||||
| California — 10.4% |
||||||||
| Alameda County, Oakland Unified School District, | ||||||||
| GO, 5.00%, 08/01/2027 | 65 | 79 | ||||||
| Series A, GO, 5.00%, 08/01/2040 | 300 | 350 | ||||||
| Anaheim Housing & Public Improvements Authority, | ||||||||
| Series A, Rev., 5.00%, 10/01/2035 | 250 | 296 | ||||||
| Series A, Rev., 5.00%, 10/01/2050 | 1,780 | 2,094 | ||||||
| Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | 2,250 | 2,714 | ||||||
| Bay Area Toll Authority, San Francisco Bay Area, | ||||||||
| Rev., 2.00%, 04/01/2053 (z) | 2,200 | 2,284 | ||||||
| Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 0.50%, 04/01/2056 (aa) | 2,675 | 2,681 | ||||||
| Bay Area Toll Authority, Subordinated, Series S4, Rev., 5.00%, 04/01/2031 (p) | 4,000 | 4,387 | ||||||
| Beverly Hills Unified School District, 2008 Election, GO, 2.00%, 08/01/2022 | 1,400 | 1,435 | ||||||
| Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5,000 | 6,127 | ||||||
| California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 12 | ||||||
| California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, | ||||||||
| Rev., 5.00%, 06/01/2032 | 340 | 449 | ||||||
| Rev., 5.00%, 06/01/2033 | 170 | 224 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| California — continued |
||||||||
| California County, Tobacco Securitization Agency, Sonoma County Securitization, | ||||||||
| Rev., 5.00%, 06/01/2031 | 255 | 339 | ||||||
| Rev., 5.00%, 06/01/2032 | 250 | 330 | ||||||
| Rev., 5.00%, 06/01/2033 | 300 | 394 | ||||||
| Rev., 5.00%, 06/01/2049 | 405 | 494 | ||||||
| California Health Facilities Financing Authority, Adventist Health System, Rev., 3.00%, 03/01/2041 (z) | 1,905 | 2,010 | ||||||
| California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3,000 | 3,564 | ||||||
| California Health Facilities Financing Authority, Commonspirit Health, | ||||||||
| Series A, Rev., 4.00%, 04/01/2038 | 3,500 | 4,055 | ||||||
| Series A, Rev., 5.00%, 04/01/2033 | 3,000 | 3,846 | ||||||
| California Health Facilities Financing Authority, Kaiser Permanente, Series C, Rev., 5.00%, 06/01/2041 (z) | 1,000 | 1,316 | ||||||
| California Health Facilities Financing Authority, Pih Health, Series A, Rev., 5.00%, 06/01/2035 | 3,010 | 3,860 | ||||||
| California Health Facilities Financing Authority, Providence St. Josephs, Rev., 5.00%, 10/01/2039 (z) |
2,000 | 2,388 | ||||||
| California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2043 (p) |
465 | 555 | ||||||
| California Housing Finance, Series 2021-1, Class A, Rev., 3.50%, 11/20/2035 | 3,925 | 4,476 | ||||||
| California Infrastructure & Economic Development Bank, Brightline West Passenger, Rev., AMT, 0.45%, 01/01/2050 (e) (z) | 22,535 | 22,537 | ||||||
| California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 0.75%, 12/01/2050 (aa) | 1,370 | 1,382 | ||||||
| California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1,230 | 1,484 | ||||||
| California Municipal Finance Authority, Anaheim Electric Utility District System, Rev., 5.00%, 10/01/2022 |
1,175 | 1,260 | ||||||
| California Municipal Finance Authority, Palomar Health, COP, 5.00%, 11/01/2027 (e) | 445 | 524 | ||||||
| California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) |
2,000 | 2,061 | ||||||
| California Municipal Finance Authority, Southern California Insitute, Rev., 5.00%, 12/01/2037 |
745 | 853 | ||||||
| California Municipal Finance Authority, Waste Management, Inc. Project, | ||||||||
| Rev., AMT, 0.70%, 12/01/2044 (z) | 1,670 | 1,684 | ||||||
| Rev., AMT, 0.20%, 10/01/2045 (z) | 16,300 | 16,295 | ||||||
| Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 2,960 | 3,216 | ||||||
| California Pollution Control Financing Authority, Republic Services, Inc. Project, | ||||||||
| Series A, Rev., AMT, 0.18%, 08/01/2023 (e) (z) | 4,000 | 4,000 | ||||||
| Rev., AMT, 0.20%, 11/01/2042 (e) (z) | 7,000 | 7,000 | ||||||
| California Public Finance Authority, Henry Mayo Newhall Hospital, | ||||||||
| Rev., 5.00%, 10/15/2030 | 1,165 | 1,366 | ||||||
| Rev., 5.00%, 10/15/2032 | 1,000 | 1,164 | ||||||
| Series A, Rev., 4.00%, 10/15/2022 | 110 | 116 | ||||||
| Series A, Rev., 4.00%, 10/15/2023 | 130 | 140 | ||||||
| California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) |
1,230 | 1,366 | ||||||
| California State Public Works Board, Capital Projects, Series D, Rev., 5.00%, 11/01/2029 | 3,460 | 4,557 | ||||||
| California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039 | 7,560 | 8,611 | ||||||
| California State Public Works Board, Davidson Library, Series C, Rev., 5.00%, 03/01/2031 (p) | 1,250 | 1,366 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| California — continued |
||||||||
| California State Public Works Board, Various Purpose, | ||||||||
| Series A, Rev., 5.00%, 08/01/2025 (w) | 1,275 | 1,441 | ||||||
| Series A, Rev., 5.00%, 08/01/2028 (w) | 375 | 453 | ||||||
| California State University, Series A, Rev., 5.00%, 11/01/2044 | 2,640 | 3,327 | ||||||
| California State University, Systemwide, | ||||||||
| Series A, Rev., 5.00%, 11/01/2037 (p) | 9,200 | 9,457 | ||||||
| Series A, Rev., 5.00%, 11/01/2039 | 5,035 | 5,766 | ||||||
| Series A, Rev., 5.00%, 11/01/2042 (p) | 3,980 | 4,287 | ||||||
| Series C, Rev., 5.00%, 11/01/2026 | 1,685 | 2,089 | ||||||
| California State, Public Works Board, | ||||||||
| Series B, Rev., 5.00%, 10/01/2028 | 110 | 138 | ||||||
| Series E, Rev., 5.00%, 09/01/2024 (p) | 1,865 | 1,994 | ||||||
| California State, Public Works Board Projects, Series D, Rev., 5.00%, 09/01/2024 (p) | 1,700 | 1,817 | ||||||
| California Statewide Communities Development Authority, Series B, Special Assessment, 4.00%, 09/02/2040 |
1,120 | 1,240 | ||||||
| California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 0.12%, 07/01/2041 (z) | 2,000 | 2,000 | ||||||
| California Statewide Communities Development Authority, Kaiser Permanente, Series 2004L, Rev., 5.00%, 04/01/2038 (z) | 5,000 | 6,581 | ||||||
| California Statewide Communities Development Authority, Loma Linda University Medical Center, |
||||||||
| Rev., 5.25%, 12/01/2044 | 6,065 | 6,717 | ||||||
| Rev., 5.50%, 12/01/2054 | 1,100 | 1,223 | ||||||
| Series A, Rev., 5.00%, 12/01/2026 (e) | 300 | 359 | ||||||
| California Statewide Communities Development Authority, Villa Del Sol Apartments, Rev., 0.39%, 10/01/2023 (z) | 560 | 560 | ||||||
| Chino Basin Regional Financing Authority, Series B, Rev., 4.00%, 11/01/2025 | 3,000 | 3,445 | ||||||
| City & County of San Francisco, Series D1, GO, 4.00%, 06/15/2041 | 1,215 | 1,416 | ||||||
| City & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035 |
810 | 923 | ||||||
| City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 220 | ||||||
| City of Los Angeles Department of Airports, Los Angeles International Airport, | ||||||||
| Rev., AMT, 5.00%, 05/15/2032 | 2,000 | 2,509 | ||||||
| Series A, Rev., 5.00%, 05/15/2040 | 500 | 634 | ||||||
| City of Los Angeles Department of Airports, Senior, | ||||||||
| Series A, Rev., AMT, 4.75%, 05/15/2040 | 2,415 | 2,739 | ||||||
| Series B, Rev., 5.00%, 05/15/2027 | 2,570 | 3,231 | ||||||
| Series C, Rev., AMT, 5.00%, 05/15/2036 | 4,090 | 5,195 | ||||||
| City of Los Angeles Department of Airports, Subordinated, | ||||||||
| Series C, Rev., AMT, 5.00%, 05/15/2033 | 1,330 | 1,618 | ||||||
| Series E, Rev., 5.00%, 05/15/2039 | 1,510 | 1,872 | ||||||
| Series E, Rev., 5.00%, 05/15/2044 | 1,000 | 1,227 | ||||||
| City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023 | 150 | 165 | ||||||
| City of Los Angeles, Department of Airports, Senior, | ||||||||
| Series B, Rev., 5.00%, 05/15/2026 | 2,000 | 2,446 | ||||||
| Series B, Rev., 5.00%, 05/15/2034 | 1,600 | 2,090 | ||||||
| City of Los Angeles, Wastewater System Revenue, Subordinated, Series A, Rev., 5.00%, 06/01/2025 | 1,040 | 1,147 | ||||||
| City of Roseville, Special Tax, 5.00%, 09/01/2035 | 1,160 | 1,361 | ||||||
| City of Roseville, Special Tax, Special Tax, 4.00%, 09/01/2040 | 1,000 | 1,096 | ||||||
| City of San Francisco CA Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4,235 | 5,254 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| California — continued |
||||||||
| City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033 | 1,770 | 2,337 | ||||||
| Coast Community College District, Series F, GO, 4.00%, 08/01/2022 | 100 | 105 | ||||||
| Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1,400 | 924 | ||||||
| Contra Costa Water District, Series F, Rev., 2.00%, 10/01/2021 | 125 | 126 | ||||||
| County of Sacramento, Airport System Revenue, Senior, Rev., 4.00%, 07/01/2037 | 2,000 | 2,344 | ||||||
| County of Sacramento, Airport System Revenue, Subordinated, Series E, Rev., 5.00%, 07/01/2029 | 1,025 | 1,298 | ||||||
| CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 3,295 | 3,794 | ||||||
| CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 215 | 248 | ||||||
| CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) | 410 | 434 | ||||||
| Department of Veterans Affairs, Veteran’s Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 995 | 1,087 | ||||||
| Deutsche Bank Spears/Lifers Trust, Series DBE8061, Rev., LIQ: Deutsche Bank AG, 0.58%, 01/01/2060 (e) (z) | 5,000 | 5,000 | ||||||
| East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1,200 | 1,484 | ||||||
| East Side Union High School District, 2008 Election, Series D, GO, 5.00%, 08/01/2037 (p) | 10,000 | 10,650 | ||||||
| Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1,280 | 1,415 | ||||||
| Foothill-De Anza Community College District, Series C, GO, 5.00%, 08/01/2040 (p) | 1,430 | 1,453 | ||||||
| Gilroy School Facilities Financing Authority, General Obligations, Series A, Rev., 5.00%, 08/01/2046 (p) | 5,000 | 5,562 | ||||||
| Golden State Tobacco Securitization Corp., Series A2, Rev., 5.00%, 06/01/2047 | 1,000 | 1,035 | ||||||
| Kern Community College District, GO, BAN, Zero Coupon, 08/01/2023 | 280 | 277 | ||||||
| Los Angeles Community College District, Series C, GO, 5.00%, 08/01/2021 | 2,300 | 2,336 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, | ||||||||
| Series A, Rev., 5.00%, 06/01/2024 | 3,365 | 3,863 | ||||||
| Series A, Rev., 5.00%, 06/01/2034 | 7,000 | 8,655 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated, | ||||||||
| Series A, Rev., 5.00%, 06/01/2026 | 500 | 614 | ||||||
| Series A, Rev., 5.00%, 06/01/2033 | 3,000 | 4,005 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Prop A, First Tier, Senior, Series A, Rev., 5.00%, 07/01/2021 | 1,260 | 1,275 | ||||||
| Los Angeles County Metropolitan Transportation Authority, Senior Proposition, Series B, Rev., 5.00%, 07/01/2022 (p) | 1,000 | 1,012 | ||||||
| Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 3,000 | 4,058 | ||||||
| Los Angeles Department of Water, | ||||||||
| Series B, Rev., 4.00%, 07/01/2027 | 1,500 | 1,808 | ||||||
| Series B, Rev., 4.00%, 07/01/2029 | 1,000 | 1,245 | ||||||
| Series B, Rev., 5.00%, 07/01/2037 | 740 | 932 | ||||||
| Series C, Rev., 5.00%, 07/01/2033 | 2,765 | 3,670 | ||||||
| Los Angeles Department of Water & Power Power System Revenue, | ||||||||
| Series A, Rev., 5.25%, 07/01/2049 | 9,500 | 11,906 | ||||||
| Series B, Rev., 4.00%, 01/01/2022 | 120 | 123 | ||||||
| Series B, Rev., 5.00%, 07/01/2038 | 1,000 | 1,220 | ||||||
| Series A, Rev., 5.00%, 07/01/2021 | 5,640 | 5,706 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| California — continued |
||||||||
| Los Angeles Department of Water & Power, Power System Revenue, Series B, Rev., 5.00%, 07/01/2023 | 155 | 172 | ||||||
| Los Angeles Unified School District, | ||||||||
| Series C, GO, 4.00%, 07/01/2040 | 1,000 | 1,180 | ||||||
| Series C, GO, 5.00%, 07/01/2026 | 2,285 | 2,814 | ||||||
| Series C, GO, 5.00%, 07/01/2027 | 5,000 | 6,328 | ||||||
| Series C, GO, 5.00%, 07/01/2028 | 1,000 | 1,292 | ||||||
| Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 126 | ||||||
| Metropolitan Water District of Southern California, | ||||||||
| Rev., 5.00%, 01/01/2038 | 3,015 | 3,801 | ||||||
| Series A1, Rev., VRDO, 0.04%, 04/01/2021 (z) | 2,050 | 2,050 | ||||||
| Metropolitan Water District of Southern California, Subordinated, Series B, Rev., 4.00%, 08/01/2021 |
1,620 | 1,635 | ||||||
| Monterey Peninsula Unified School District, Election 2010, Series A, GO, AGM, 5.75%, 08/01/2041 (p) |
6,000 | 6,110 | ||||||
| Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039 |
2,535 | 3,260 | ||||||
| Natomas Unified School District, | ||||||||
| Series A, GO, AGM, 4.00%, 08/01/2045 | 7,740 | 8,696 | ||||||
| Series A, GO, AGM, 4.00%, 08/01/2049 | 2,655 | 2,978 | ||||||
| Norman Y Mineta San Jose International Airport SJC, | ||||||||
| Series A, Rev., AMT, 5.00%, 03/01/2023 | 100 | 109 | ||||||
| Series A, Rev., AMT, 5.00%, 03/01/2024 | 1,435 | 1,622 | ||||||
| Series A, Rev., AMT, 5.00%, 03/01/2031 (w) | 1,000 | 1,303 | ||||||
| Series A, Rev., AMT, 5.00%, 03/01/2032 (w) | 2,000 | 2,589 | ||||||
| Northern California Power Agency, Hydroelectric Project, Series A, Rev., 5.00%, 07/01/2023 | 145 | 160 | ||||||
| Orange County Water District, Interim Obligations, Series A, COP, 2.00%, 08/15/2023 | 1,540 | 1,592 | ||||||
| Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3,000 | 3,681 | ||||||
| Palomar Health, Rev., 5.00%, 11/01/2039 | 4,000 | 4,496 | ||||||
| Palomar Health, Capital Appreciation, Electric Of 2004, Series A, GO, AGC, Zero Coupon, 08/01/2028 | 500 | 449 | ||||||
| Paramount Unified School District, Election of 2006, GO, AGM, 5.00%, 08/01/2046 (p) | 2,270 | 2,306 | ||||||
| Pomona Unified School District, 2016 Election, Series D, GO, 4.00%, 08/01/2038 | 2,745 | 3,277 | ||||||
| Port of Oakland, Intermediate Lien, | ||||||||
| Series H, Rev., AMT, 5.00%, 05/01/2022 | 1,700 | 1,781 | ||||||
| Series H, Rev., AMT, 5.00%, 05/01/2027 | 2,500 | 3,062 | ||||||
| Series H, Rev., AMT, 5.00%, 05/01/2028 | 1,875 | 2,334 | ||||||
| Series H, Rev., AMT, 5.00%, 05/01/2029 | 405 | 512 | ||||||
| Port of Oakland, Senior Lien, Series P, Rev., AMT, 5.00%, 05/01/2026 (p) | 1,110 | 1,165 | ||||||
| Redondo Beach Unified School District, Election of 2008, Series E, GO, 5.50%, 08/01/2034 (p) |
1,000 | 1,018 | ||||||
| Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | 2,000 | 2,398 | ||||||
| San Bernardino City Unified School District, | ||||||||
| Series A, GO, AGM, 5.00%, 08/01/2021 | 1,150 | 1,168 | ||||||
| Series A, GO, AGM, 5.00%, 08/01/2022 | 1,500 | 1,596 | ||||||
| San Diego Community College District, | ||||||||
| GO, 0.00%, 08/01/2041 | 2,000 | 1,134 | ||||||
| GO, 4.00%, 08/01/2032 | 2,910 | 3,366 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| California — continued |
||||||||
| GO, 5.00%, 08/01/2025 (p) | 10,000 | 10,650 | ||||||
| San Diego County Regional Airport Authority, Subordinate Airport Revenue Bonds, | ||||||||
| Rev., 5.00%, 07/01/2026 | 2,120 | 2,592 | ||||||
| Rev., 5.00%, 07/01/2027 | 2,000 | 2,505 | ||||||
| San Diego County Regional Airport Authority, Subordinated, | ||||||||
| Rev., 5.00%, 07/01/2034 | 2,000 | 2,576 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 936 | ||||||
| San Diego County Regional Transportation Commission, Series A, Rev., 5.00%, 10/01/2022 | 6,355 | 6,808 | ||||||
| San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039 | 1,565 | 1,892 | ||||||
| San Diego Unified School District, | ||||||||
| Series L2, GO, 4.00%, 07/01/2022 | 1,350 | 1,415 | ||||||
| Series R4, GO, 5.00%, 07/01/2026 | 2,500 | 2,977 | ||||||
| San Diego Unified School District, Measure YY Bonds, Series D2, GO, 5.00%, 07/01/2022 | 2,000 | 2,121 | ||||||
| San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031 | 1,030 | 1,277 | ||||||
| San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1,875 | 2,317 | ||||||
| San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 5.00%, 08/01/2026 | 1,000 | 1,234 | ||||||
| San Francisco City & County Airport Comm-San Francisco International Airport, | ||||||||
| Series A, Rev., 5.00%, 05/01/2031 | 205 | 244 | ||||||
| Series C, Rev., 5.00%, 05/01/2046 | 1,920 | 2,253 | ||||||
| Series F, Rev., AMT, 5.00%, 05/01/2023 (p) | 245 | 246 | ||||||
| San Francisco Unified School District, | ||||||||
| GO, 5.00%, 06/15/2021 | 1,000 | 1,009 | ||||||
| Series B, GO, 4.00%, 06/15/2022 | 2,000 | 2,092 | ||||||
| Series B, GO, 4.00%, 06/15/2027 | 1,000 | 1,198 | ||||||
| San Jose Financing Authority, Civic Center Project, Series A, Rev., 5.00%, 06/01/2028 (p) | 1,010 | 1,113 | ||||||
| San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1,700 | 1,654 | ||||||
| Santa Clara Unified School District, GO, 5.00%, 07/01/2024 | 100 | 115 | ||||||
| Santa Clara Valley Water District, Water System Utility Improvement, COP, 5.00%, 06/01/2038 | 2,495 | 3,229 | ||||||
| Saugus Union School District School Facilities Improvement District No. 2014-1, Series C, GO, 3.00%, 08/01/2022 | 1,000 | 1,038 | ||||||
| Sierra View Local Health Care District, Tulare Co., | ||||||||
| Rev., 4.00%, 07/01/2022 | 460 | 479 | ||||||
| Rev., 4.00%, 07/01/2024 | 475 | 520 | ||||||
| Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.00%, 07/01/2034 | 1,000 | 1,174 | ||||||
| Southern California Public Power Authority, Green Bond Milford Wind Co., | ||||||||
| Rev., 5.00%, 07/01/2023 (w) | 135 | 149 | ||||||
| Rev., 5.00%, 07/01/2024 (w) | 40 | 46 | ||||||
| Rev., 5.00%, 07/01/2025 (w) | 310 | 369 | ||||||
| Rev., 5.00%, 07/01/2026 (w) | 25 | 31 | ||||||
| Southern California Public Power Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2023 | 2,195 | 2,431 | ||||||
| State of California, | ||||||||
| GO, 4.00%, 03/01/2036 | 8,850 | 10,634 | ||||||
| GO, 4.00%, 11/01/2041 | 2,750 | 3,106 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| California — continued |
||||||||
| GO, 4.00%, 11/01/2045 | 2,000 | 2,250 | ||||||
| GO, 5.00%, 11/01/2022 | 120 | 129 | ||||||
| GO, 5.00%, 12/01/2026 | 4,000 | 4,974 | ||||||
| GO, 5.00%, 12/01/2029 | 700 | 926 | ||||||
| GO, 5.00%, 11/01/2030 | 10,910 | 14,643 | ||||||
| GO, 5.00%, 12/01/2030 | 55 | 74 | ||||||
| GO, 5.00%, 10/01/2047 | 1,500 | 1,777 | ||||||
| GO, AGM, 5.25%, 08/01/2032 | 1,000 | 1,390 | ||||||
| State of California Department of Water Resources, Water System, Series AT, Rev., (SIFMA Municipal Swap Index + 0.37%), 0.42%, 12/01/2035 (aa) | 1,250 | 1,253 | ||||||
| State of California, Bid Group, GO, 5.00%, 08/01/2027 | 3,065 | 3,763 | ||||||
| State of California, Department of Water Resources, Series BB, Rev., 5.00%, 12/01/2027 | 1,855 | 2,372 | ||||||
| State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5,500 | 6,296 | ||||||
| Tender Option Bond Trust Receipts/ Certificates, Series 2017XF0568, Rev., LIQ: Bank of America NA, 0.00%, 04/01/2049 (e) (z) | 8,400 | 8,400 | ||||||
| Tobacco Securitization Authority of Northern California, Senior Bonds, Sacramento County, Series B1, Rev., 0.45%, 06/01/2030 | 90 | 89 | ||||||
| Tuolumne Wind Project Authority, Series A, Rev., 5.00%, 01/01/2023 | 4,425 | 4,800 | ||||||
| Turlock Public Financing Authority Water Revenue, Rev., BAN, 4.00%, 03/01/2027 | 18,500 | 18,758 | ||||||
| University of California, | ||||||||
| Series AR, Rev., 5.00%, 05/15/2041 | 2,000 | 2,381 | ||||||
| Series BH, Rev., 5.00%, 05/15/2026 | 90 | 110 | ||||||
| Series S, Rev., 5.00%, 05/15/2026 (w) | 190 | 221 | ||||||
| University of California, Limited Proj, | ||||||||
| Series K, Rev., 5.00%, 05/15/2035 | 1,980 | 2,375 | ||||||
| Series M, Rev., 4.00%, 05/15/2047 | 1,300 | 1,465 | ||||||
| University of California, Limited Project, Series K, Rev., 4.00%, 05/15/2046 | 300 | 334 | ||||||
| University of California, Limited Project Revenue Bonds, | ||||||||
| Series Q, Rev., 5.00%, 05/15/2032 | 350 | 474 | ||||||
| Series Q, Rev., 5.00%, 05/15/2035 | 1,000 | 1,334 | ||||||
| Upper Santa Clara Valley Joint Powers Authority, | ||||||||
| Series A, Rev., 4.00%, 08/01/2045 | 1,500 | 1,659 | ||||||
| Series A, Rev., 4.00%, 08/01/2050 | 2,000 | 2,206 | ||||||
| Ventura County Public Financing Authority, | ||||||||
| Series A, Rev., 5.00%, 11/01/2024 (p) | 1,000 | 1,077 | ||||||
| Series A, Rev., 5.00%, 11/01/2025 (p) | 1,000 | 1,077 | ||||||
| Series A, Rev., 5.00%, 11/01/2026 (p) | 1,000 | 1,077 | ||||||
| West Hills Community College District, Election 2008, Series B, GO, AGM, 6.50%, 08/01/2041 (p) |
4,000 | 4,083 | ||||||
|
|
|
|||||||
| 557,536 | ||||||||
|
|
|
|||||||
| Colorado — 1.6% |
||||||||
| Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1,000 | 1,221 | ||||||
| Arapahoe County School District No. 6 Littleton, GO, 5.00%, 12/01/2023 | 670 | 753 | ||||||
| Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 582 | ||||||
| Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026 | 220 | 256 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Colorado — continued |
||||||||
| City & County of Denver, Airport System Revenue, | ||||||||
| Series A, Rev., AMT, 5.00%, 11/15/2027 | 2,000 | 2,497 | ||||||
| Series A, Rev., AMT, 5.00%, 11/15/2028 | 2,500 | 3,091 | ||||||
| Series B2, Rev., AMT, 5.00%, 11/15/2031 (z) | 1,000 | 1,189 | ||||||
| City & County of Denver, Airport System Revenue, Subordinated, Series A, Rev., AMT, 5.00%, 12/01/2027 |
2,000 | 2,490 | ||||||
| City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043 | 3,000 | 3,591 | ||||||
| City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041 | 1,800 | 2,138 | ||||||
| City of Colorado Springs Utilities System Revenue, System Improvement, Subordinated Lien, Series A, Rev., VRDO, 0.05%, 04/07/2021 (z) | 1,480 | 1,480 | ||||||
| City of Colorado Springs, Utilities System Revenue, | ||||||||
| Series A, Rev., 5.00%, 11/15/2021 | 2,500 | 2,575 | ||||||
| Series A, Rev., 5.00%, 11/15/2022 | 1,195 | 1,288 | ||||||
| Series B, Rev., 5.00%, 11/15/2021 | 135 | 139 | ||||||
| Colorado Bridge Enterprise, Central 70 Project, | ||||||||
| Rev., AMT, 4.00%, 12/31/2025 | 1,000 | 1,124 | ||||||
| Rev., AMT, 4.00%, 12/31/2030 | 1,505 | 1,675 | ||||||
| Colorado Educational & Cultural Facilities Authority, Johnson & Wales University, Series B, Rev., 5.00%, 04/01/2021 | 3,690 | 3,690 | ||||||
| Colorado Health Facilities Authority, Adventhealth Obligated, Rev., 4.00%, 11/15/2038 | 2,000 | 2,344 | ||||||
| Colorado Health Facilities Authority, Childrens Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1,000 | 1,192 | ||||||
| Colorado Health Facilities Authority, Commonspirit Health, | ||||||||
| Series A1, Rev., 5.00%, 08/01/2027 | 1,025 | 1,266 | ||||||
| Series A1, Rev., 5.00%, 08/01/2034 | 1,240 | 1,551 | ||||||
| Series A2, Rev., 5.00%, 08/01/2028 | 2,215 | 2,787 | ||||||
| Series A2, Rev., 5.00%, 08/01/2044 | 4,010 | 4,862 | ||||||
| Colorado Health Facilities Authority, Covenant Retirement Communities, Series A, Rev., 5.00%, 12/01/2033 (p) |
500 | 540 | ||||||
| Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 5.00%, 11/01/2029 | 1,000 | 1,303 | ||||||
| Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030 | 1,175 | 1,542 | ||||||
| Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 2,500 | 2,705 | ||||||
| Colorado Housing and Finance Authority, Social Bond, Series B, Rev., GNMA, 3.00%, 05/01/2051 | 6,815 | 7,445 | ||||||
| Copperleaf Metropolitan District No. 2, | ||||||||
| GO, BAM, 4.00%, 12/01/2023 | 305 | 334 | ||||||
| GO, BAM, 4.00%, 12/01/2025 | 470 | 541 | ||||||
| Crystal Valley, Metropolitan District No. 2, | ||||||||
| Series A, GO, AGM, 5.00%, 12/01/2028 | 500 | 638 | ||||||
| Series A, GO, AGM, 5.00%, 12/01/2029 | 405 | 526 | ||||||
| Series A, GO, AGM, 5.00%, 12/01/2030 | 360 | 473 | ||||||
| Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1,000 | 1,231 | ||||||
| Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025 |
500 | 595 | ||||||
| E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 130 | 109 | ||||||
| E-470 Public Highway Authority, Senior, | ||||||||
| Series A, Rev., 5.00%, 09/01/2027 | 1,000 | 1,248 | ||||||
| Series A, Rev., 5.00%, 09/01/2028 | 1,000 | 1,274 | ||||||
| Series A, Rev., 5.00%, 09/01/2040 | 2,775 | 3,104 | ||||||
| Great Western Metropolitan District, GO, 4.75%, 12/01/2050 | 500 | 523 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Colorado — continued |
||||||||
| Jefferson Center Metropolitan District No. 1, | ||||||||
| Series A2, Rev., 4.13%, 12/01/2040 | 575 | 607 | ||||||
| Series A2, Rev., 4.38%, 12/01/2047 | 795 | 841 | ||||||
| Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031 | 2,000 | 2,566 | ||||||
| Poudre Tech Metropolitan District, GO, AGM, 3.00%, 12/01/2022 | 420 | 437 | ||||||
| Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | 3,000 | 4,605 | ||||||
| Pueblo County School District No. 70, Series A, GO, 4.00%, 12/01/2026 | 1,355 | 1,606 | ||||||
| Pueblo Urban Renewal Authority, Everaz Project Tax Increment, Tax Allocation, 4.75%, 12/01/2045 (e) |
635 | 675 | ||||||
| Regional Transportation District, Denver Transit Partners Eagle, | ||||||||
| Series A, Rev., 5.00%, 07/15/2026 | 575 | 687 | ||||||
| Series A, Rev., 5.00%, 01/15/2027 | 1,000 | 1,208 | ||||||
| Series A, Rev., 5.00%, 01/15/2032 | 1,470 | 1,892 | ||||||
| State of Colorado, Series A, COP, 5.00%, 09/01/2026 | 1,500 | 1,839 | ||||||
| Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 540 | ||||||
| Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 500 | 544 | ||||||
| Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | 500 | 542 | ||||||
| Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 |
585 | 629 | ||||||
|
|
|
|||||||
| 87,130 | ||||||||
|
|
|
|||||||
| Connecticut — 1.4% |
||||||||
| City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 284 | ||||||
| Connecticut Housing Finance Authority, Series E1, Rev., 3.00%, 11/15/2050 | 2,000 | 2,168 | ||||||
| Connecticut Housing Finance Authority, Mortgage Finance Program, Series A1, Rev., 3.50%, 11/15/2045 |
3,865 | 4,302 | ||||||
| Connecticut State Health & Educational Facilities Authority, Hartford Healthcare, | ||||||||
| Series A, Rev., 5.00%, 07/01/2032 (p) | 2,360 | 2,388 | ||||||
| Series A, Rev., 5.00%, 07/01/2041 (p) | 1,780 | 1,801 | ||||||
| Connecticut State Health & Educational Facilities Authority, Yale New Haven, Series B, Rev., 1.80%, 07/01/2049 (z) | 4,000 | 4,150 | ||||||
| Connecticut State Health & Educational Facilities Authority, Yale University | ||||||||
| Series A, Rev., 2.05%, 07/01/2035 (z) | 7,025 | 7,061 | ||||||
| Series U2, Rev., 2.00%, 07/01/2033 (z) | 250 | 254 | ||||||
| Connecticut State, Health & Educational Facilities Authority, Series J, Rev., 5.00%, 11/01/2025 | 1,000 | 1,026 | ||||||
| Connecticut State, Health & Educational Facilities Authority, Bridgeport Hospital, Series D, Rev., 5.00%, 07/01/2025 | 3,565 | 3,771 | ||||||
| Connecticut State, Health & Educational Facilities Authority, Sacred Heart University, | ||||||||
| Series K, Rev., 4.00%, 07/01/2045 | 750 | 846 | ||||||
| Series K, Rev., 5.00%, 07/01/2037 | 950 | 1,187 | ||||||
| Connecticut State, Health & Educational Facilities Authority, Yale University, | ||||||||
| Series A2, Rev., 2.00%, 07/01/2042 (z) | 3,575 | 3,807 | ||||||
| Series A, Rev., 1.10%, 07/01/2048 (z) | 1,755 | 1,782 | ||||||
| Series C1, Rev., 5.00%, 07/01/2040 (z) | 2,515 | 3,191 | ||||||
| State of Connecticut, | ||||||||
| Series 2021A, GO, 3.00%, 01/15/2022 | 1,655 | 1,691 | ||||||
| Series 2021A, GO, 3.00%, 01/15/2026 | 5,000 | 5,541 | ||||||
| Series 2021A, GO, 4.00%, 01/15/2027 | 7,000 | 8,232 | ||||||
| Series 2021A, GO, 4.00%, 01/15/2028 | 3,500 | 4,174 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Connecticut — continued |
||||||||
| Series A, GO, 4.00%, 03/15/2032 | 850 | 938 | ||||||
| Series B, GO, 5.00%, 06/15/2026 | 1,000 | 1,180 | ||||||
| Series E, GO, 5.00%, 10/15/2026 | 1,500 | 1,842 | ||||||
| State of Connecticut, Special Tax Obligation Bonds, | ||||||||
| Rev., 5.00%, 05/01/2025 | 1,150 | 1,351 | ||||||
| Rev., 5.00%, 05/01/2040 | 300 | 377 | ||||||
| State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031 |
1,220 | 1,394 | ||||||
| State of Connecticut, Transportation Infrastructure, Series B, Rev., 5.00%, 08/01/2021 | 1,405 | 1,427 | ||||||
| Town of Hamden, Series A, GO, BAM, 5.00%, 08/01/2032 | 500 | 634 | ||||||
| University of Connecticut, | ||||||||
| Series A, Rev., 5.00%, 02/15/2025 | 2,590 | 3,025 | ||||||
| Series A, Rev., 5.00%, 08/15/2026 | 1,400 | 1,544 | ||||||
| Series A, Rev., 5.00%, 01/15/2037 | 3,000 | 3,576 | ||||||
|
|
|
|||||||
| 74,944 | ||||||||
|
|
|
|||||||
| Delaware — 0.5% |
||||||||
| Delaware State Economic Development Authority, Nrg Energy Project, Rev., 1.25%, 10/01/2045 (z) |
4,065 | 4,045 | ||||||
| Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5,345 | 6,724 | ||||||
| Delaware Transportation Authority, | ||||||||
| Rev., 5.00%, 07/01/2027 | 1,000 | 1,260 | ||||||
| Rev., 5.00%, 07/01/2033 | 2,265 | 2,985 | ||||||
| State of Delaware, | ||||||||
| GO, 4.00%, 02/01/2031 | 3,000 | 3,640 | ||||||
| GO, 5.00%, 02/01/2024 | 4,000 | 4,535 | ||||||
| Series B, GO, 4.00%, 07/01/2024 | 1,750 | 1,959 | ||||||
| State of Delaware, Unrefunded, Series B, GO, 5.00%, 07/01/2021 | 90 | 91 | ||||||
|
|
|
|||||||
| 25,239 | ||||||||
|
|
|
|||||||
| District of Columbia — 1.8% |
||||||||
| District of Columbia, | ||||||||
| Rev., 5.00%, 06/01/2040 | 1,725 | 2,011 | ||||||
| Series A, Rev., 4.00%, 03/01/2037 | 2,000 | 2,386 | ||||||
| Series A, Rev., 4.00%, 03/01/2040 | 12,345 | 14,609 | ||||||
| Series A, GO, 5.00%, 06/01/2022 | 2,175 | 2,297 | ||||||
| Series A, Rev., 5.00%, 12/01/2022 | 2,000 | 2,161 | ||||||
| Series A, Rev., 5.00%, 03/01/2031 | 1,500 | 1,966 | ||||||
| Series C, Rev., 4.00%, 05/01/2039 | 2,500 | 2,986 | ||||||
| Series C, Rev., 5.00%, 05/01/2023 | 100 | 110 | ||||||
| Series C, Rev., 5.00%, 10/01/2030 | 4,500 | 5,915 | ||||||
| Series D, GO, 5.00%, 06/01/2026 | 3,500 | 4,286 | ||||||
| Series E, GO, 5.00%, 06/01/2021 | 1,250 | 1,260 | ||||||
| District of Columbia Housing Finance Agency, 218 Vine St Project, Rev., 0.30%, 01/01/2040 (z) | 2,500 | 2,505 | ||||||
| District of Columbia, Association American Medical Colleges, | ||||||||
| Series B, Rev., 5.00%, 10/01/2041 (p) | 1,850 | 1,895 | ||||||
| Series B, Rev., 5.25%, 10/01/2036 (p) | 12,425 | 12,738 | ||||||
| District of Columbia, Income Tax, Series B, Rev., 5.00%, 12/01/2026 | 3,440 | 3,710 | ||||||
| District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 745 | 830 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| District of Columbia — continued |
||||||||
| District of Columbia, National Public Radio, Rev., 4.00%, 04/01/2032 (p) | 1,500 | 1,753 | ||||||
| District of Columbia, Water & Sewer Authority, Subordinated Lien, Series A, Rev., 5.00%, 10/01/2027 | 615 | 658 | ||||||
| Metropolitan Washington Airports Authority, | ||||||||
| Rev., AMT, 5.00%, 10/01/2026 | 1,335 | 1,628 | ||||||
| Rev., AMT, 5.00%, 10/01/2029 | 2,000 | 2,462 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2027 | 5,000 | 6,246 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2031 | 5,000 | 6,343 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2032 | 2,000 | 2,576 | ||||||
| Metropolitan Washington Airports Authority, Airport System Revenue, | ||||||||
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 2,025 | 2,564 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2034 | 395 | 496 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049 | 1,000 | 1,120 | ||||||
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041 | 350 | 443 | ||||||
| Washington Metropolitan Area Transit Authority, | ||||||||
| Series A, Rev., 5.00%, 07/15/2026 | 1,650 | 2,016 | ||||||
| Series A, Rev., 5.00%, 07/15/2031 | 4,240 | 5,611 | ||||||
| Series A, Rev., 5.00%, 07/15/2037 | 2,000 | 2,582 | ||||||
|
|
|
|||||||
| 98,163 | ||||||||
|
|
|
|||||||
| Florida — 3.6% |
||||||||
| Alachua County, Health Facilities Authority, Shands Teaching Hospital and Clinic, Rev., 5.00%, 12/01/2032 | 1,000 | 1,267 | ||||||
| Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 345 | 362 | ||||||
| Belmont II Community Development District, 2020 Assessment Area, | ||||||||
| Special Assessment, 2.50%, 12/15/2025 | 25 | 25 | ||||||
| Special Assessment, 3.13%, 12/15/2030 | 125 | 128 | ||||||
| Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 395 | 395 | ||||||
| Brevard County Health Facilities Authority, Health First, Inc., Rev., 5.00%, 04/01/2025 | 1,600 | 1,805 | ||||||
| Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1,350 | 1,632 | ||||||
| Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040 | 150 | 177 | ||||||
| Capital Trust Agency, Inc., Lutz Perparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 320 | ||||||
| Citizens Property Insurance, Inc., Senior Secured, Series A1, Rev., 5.00%, 06/01/2022 | 320 | 338 | ||||||
| City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029 | 250 | 314 | ||||||
| City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034 | 1,250 | 1,648 | ||||||
| City of Jacksonville, Brooks Rehabilitation Project, | ||||||||
| Rev., 4.00%, 11/01/2034 | 500 | 574 | ||||||
| Rev., 4.00%, 11/01/2045 | 1,500 | 1,671 | ||||||
| City of Lake Worth Beach Consolidated Utility Revenue, | ||||||||
| Rev., BAM, 5.00%, 10/01/2029 | 1,930 | 2,504 | ||||||
| Rev., BAM, 5.00%, 10/01/2030 | 2,135 | 2,818 | ||||||
| City Of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023 | 100 | 111 | ||||||
| City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028 | 3,000 | 3,863 | ||||||
| County of Broward Airport System Revenue, Series P1, Rev., AMT, 5.00%, 10/01/2026 (p) | 1,120 | 1,200 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Florida — continued |
||||||||
| County of Broward, Airport System Revenue, | ||||||||
| Rev., AMT, 5.00%, 10/01/2033 | 655 | 786 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 1,006 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2,000 | 2,457 | ||||||
| County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 |
3,000 | 3,331 | ||||||
| County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4,370 | 5,217 | ||||||
| County of Miami-Dade Aviation Revenue, | ||||||||
| Series A, Rev., 5.00%, 10/01/2023 | 2,000 | 2,230 | ||||||
| Series A, Rev., 5.00%, 10/01/2025 | 1,250 | 1,490 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2025 (p) | 2,250 | 2,410 | ||||||
| Series A, Rev., 5.00%, 10/01/2031 | 2,000 | 2,600 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2031 (p) | 1,000 | 1,071 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2032 (p) | 1,000 | 1,071 | ||||||
| County of Miami-Dade, Aviation Revenue, | ||||||||
| Rev., AMT, 5.00%, 10/01/2028 | 7,000 | 8,014 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 2,000 | 2,329 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2027 (p) | 1,455 | 1,657 | ||||||
| County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 |
350 | 409 | ||||||
| County of Miami-Dade, Transit System, Sales Tax, | ||||||||
| Rev., 5.00%, 07/01/2025 (p) | 35 | 37 | ||||||
| Rev., 5.00%, 07/01/2042 (p) | 5,000 | 5,303 | ||||||
| County of Miami-Dade, Water & Sewer System Revenue, Series B, Rev., AGM, 5.25%, 10/01/2022 |
1,125 | 1,209 | ||||||
| County of Sarasota FL Utility System Revenue, | ||||||||
| Series A, Rev., 5.00%, 10/01/2027 | 560 | 711 | ||||||
| Series A, Rev., 5.00%, 10/01/2028 | 615 | 798 | ||||||
| Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e) | 265 | 268 | ||||||
| DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 401 | ||||||
| Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040 | 300 | 312 | ||||||
| Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 |
300 | 300 | ||||||
| Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030 | 500 | 522 | ||||||
| Florida Development Finance Corp., Brightline Florida Passenger Rail, Series B, Rev., AMT, 7.38%, 01/01/2049 (e) | 8,000 | 7,862 | ||||||
| Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) |
1,500 | 1,584 | ||||||
| Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 |
400 | 455 | ||||||
| Florida Development Finance Corp., Virgin Trains USA Passenger, | ||||||||
| Series A, Rev., AMT, 6.38%, 01/01/2049 (e) (z) | 2,000 | 1,948 | ||||||
| Series A, Rev., AMT, 6.50%, 01/01/2049 (e) (z) | 2,000 | 1,928 | ||||||
| Florida Housing Finance Corp., Social Bonds, | ||||||||
| Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 2,650 | 2,906 | ||||||
| Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 12,000 | 13,095 | ||||||
| Florida Housing Finance Corp., Valencia Park Apartments, Series A, Rev., 0.25%, 12/01/2023 (z) |
2,375 | 2,377 | ||||||
| Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1,900 | 2,466 | ||||||
| Greater Orlando Aviation Authority, Series A, Rev., AMT, 5.00%, 10/01/2032 | 1,500 | 1,889 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Florida — continued |
||||||||
| Greater Orlando Aviation Authority, Priority Subordinated, | ||||||||
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 1,500 | 1,809 | ||||||
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2,230 | 2,669 | ||||||
| Hammock Reserve Community Development District, Assesment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 570 | ||||||
| Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.05%, 04/07/2021 (z) | 6,000 | 6,000 | ||||||
| Highlands County, Health Facilities Authority, Hospital Adventist Health, Rev., VRDO, 0.05%, 04/07/2021 (z) | 3,000 | 3,000 | ||||||
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project, Series A, Rev., 4.00%, 08/01/2045 | 3,275 | 3,688 | ||||||
| Hillsborough County, School Board, Master Lease Program, Series A, COP, 5.00%, 07/01/2029 (p) | 200 | 212 | ||||||
| JEA Electric System, Series 3A, Rev., 5.00%, 10/01/2022 | 370 | 396 | ||||||
| JEA Electric System Revenue, | ||||||||
| Series 3A, Rev., 5.00%, 10/01/2021 | 500 | 512 | ||||||
| Series 3A, Rev., 5.00%, 10/01/2035 | 5,000 | 6,430 | ||||||
| Series IIIB, Rev., 5.00%, 10/01/2032 | 1,295 | 1,592 | ||||||
| JEA Water & Sewer System Revenue, Series A, Rev., 5.00%, 10/01/2025 | 1,000 | 1,196 | ||||||
| JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031 | 885 | 1,103 | ||||||
| Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 323 | ||||||
| Lakewood Ranch Stewardship District, Northeast Sector Project, | ||||||||
| Special Assessment, 2.50%, 05/01/2025 (e) | 1,165 | 1,173 | ||||||
| Special Assessment, 3.20%, 05/01/2030 (e) | 545 | 560 | ||||||
| Special Assessment, 3.50%, 05/01/2040 | 925 | 934 | ||||||
| Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025 | 690 | 698 | ||||||
| Miami-Dade County Housing Finance Authority, Platform 3750 LLC, Rev., 0.25%, 08/01/2024 (z) | 2,810 | 2,812 | ||||||
| Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 362 | ||||||
| North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1,345 | 1,355 | ||||||
| Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025 | 270 | 273 | ||||||
| Orange County Health Facilities Authority, Rev., 5.00%, 10/01/2025 | 1,970 | 2,343 | ||||||
| Orlando Utilities Commission, | ||||||||
| Series 2018A, Rev., 5.00%, 10/01/2035 | 2,480 | 3,069 | ||||||
| Series C, Rev., 5.00%, 10/01/2022 | 3,010 | 3,227 | ||||||
| Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2,170 | 2,544 | ||||||
| Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | 800 | 824 | ||||||
| Pine Ridge Plantation Community Development District, Senior Lien, | ||||||||
| Series A1, Special Assessment, AGM, 3.00%, 05/01/2022 | 470 | 481 | ||||||
| Series A1, Special Assessment, AGM, 3.00%, 05/01/2023 | 480 | 503 | ||||||
| Pinellas County Housing Finance Authority, Lexington Club Renaissance, Rev., 0.30%, 04/01/2023 (z) | 2,000 | 2,001 | ||||||
| Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 | 500 | 527 | ||||||
| Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 472 | ||||||
| Sarasota County Public Hospital District, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.05%, 04/07/2021 (z) | 6,035 | 6,035 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Florida — continued |
||||||||
| Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 653 | ||||||
| School District of Broward County, Series A, COP, 5.00%, 07/01/2025 (p) | 2,830 | 2,998 | ||||||
| State of Florida, Series D, GO, 5.00%, 06/01/2024 | 7,555 | 7,613 | ||||||
| State of Florida Department of Transportation, Rev., 5.00%, 07/01/2024 | 430 | 494 | ||||||
| State of Florida Department of Transportation Turnpike System Revenue, | ||||||||
| Series A, Rev., 5.00%, 07/01/2023 | 1,000 | 1,012 | ||||||
| Series B, Rev., 5.00%, 07/01/2021 | 335 | 339 | ||||||
| State of Florida Department of Transportation, Indirect Garvee, Series A, Rev., 5.00%, 07/01/2023 | 5,000 | 5,516 | ||||||
| State of Florida Lottery Revenue, Series A, Rev., 5.00%, 07/01/2022 | 1,625 | 1,647 | ||||||
| State of Florida, Board Education, Capital Outlay, Series A, GO, 4.00%, 06/01/2021 | 75 | 75 | ||||||
| State of Florida, Department of Transportation, Turnpike System Revenue, | ||||||||
| Series A, Rev., 5.00%, 07/01/2022 | 1,310 | 1,390 | ||||||
| Series A, Rev., 5.00%, 07/01/2029 | 2,000 | 2,622 | ||||||
| Series B, Rev., 5.00%, 07/01/2023 | 125 | 138 | ||||||
| Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) (w) |
225 | 224 | ||||||
| Stoneybrook South Community Development District, Fox South Assessment Area, | ||||||||
| Special Assessment, 2.50%, 12/15/2025 (e) | 675 | 679 | ||||||
| Special Assessment, 3.00%, 12/15/2030 (e) | 475 | 478 | ||||||
| Special Assessment, 3.50%, 12/15/2040 (e) | 1,030 | 1,040 | ||||||
| Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e) | 500 | 502 | ||||||
| Village Community Development District No. 13, | ||||||||
| Special Assessment, 1.88%, 05/01/2025 (e) | 1,000 | 1,014 | ||||||
| Special Assessment, 2.63%, 05/01/2030 (e) | 1,500 | 1,548 | ||||||
| Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 672 | ||||||
|
|
|
|||||||
| 193,948 | ||||||||
|
|
|
|||||||
| Georgia — 2.5% | ||||||||
| Atlanta Urban Residential Finance Authority, Sylvan Senior Apartments, Rev., FHA, 0.41%, 12/01/2025 (z) |
575 | 574 | ||||||
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds, | ||||||||
| Rev., 4.00%, 03/01/2035 | 1,100 | 1,292 | ||||||
| Rev., 4.00%, 03/01/2036 | 1,000 | 1,169 | ||||||
| Rev., 4.00%, 03/01/2037 | 1,135 | 1,322 | ||||||
| Rev., 4.00%, 03/01/2038 | 1,000 | 1,161 | ||||||
| Brookhaven Development Authority, Children’s Healthcare of Atlanta Obligated Group, | ||||||||
| Series A, Rev., 4.00%, 07/01/2044 | 3,000 | 3,481 | ||||||
| Series A, Rev., 4.00%, 07/01/2049 | 4,150 | 4,768 | ||||||
| Carroll County, School District, GO, 5.00%, 04/01/2024 | 1,000 | 1,139 | ||||||
| City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 |
3,000 | 3,741 | ||||||
| City of Atlanta, Department of Aviation, Series B, Rev., AMT, 5.00%, 07/01/2028 | 3,300 | 4,159 | ||||||
| City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 |
1,155 | 1,455 | ||||||
| City of Atlanta, Water & Wastewater Revenue, Rev., 5.00%, 11/01/2024 | 3,110 | 3,621 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Georgia — continued |
||||||||
| Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033 | 500 | 594 | ||||||
| Development Authority of Burke County (The), Oglethorpe Power Corp. Scherer Project, Series A, Rev., 1.50%, 01/01/2040 (z) | 250 | 255 | ||||||
| Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z) | 125 | 128 | ||||||
| George L Smith II Congress Center Authority, Convention Center Hotel, | ||||||||
| Series 1, Rev., 4.00%, 01/01/2036 (w) | 95 | 109 | ||||||
| Series 2, Rev., 5.00%, 01/01/2054 (e) (w) | 1,000 | 1,090 | ||||||
| Georgia Housing & Finance Authority, Series A, Rev., 4.00%, 06/01/2050 | 3,860 | 4,342 | ||||||
| Georgia State Road & Tollway Authority, | ||||||||
| Rev., 5.00%, 06/01/2026 | 3,200 | 3,908 | ||||||
| Rev., 5.00%, 06/01/2027 | 5,250 | 6,580 | ||||||
| Rev., 5.00%, 06/01/2028 | 5,500 | 7,055 | ||||||
| Rev., 5.00%, 06/01/2030 | 6,205 | 8,260 | ||||||
| Main Street Natural Gas, Inc., | ||||||||
| Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 04/01/2048 (z) | 5,000 | 5,399 | ||||||
| Series B, Rev., 4.00%, 08/01/2049 (z) | 2,675 | 2,977 | ||||||
| Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z) | 105 | 114 | ||||||
| Series C, Rev., 4.00%, 03/01/2050 (z) | 7,350 | 8,471 | ||||||
| Metropolitan Atlanta Rapid Transit Authority, Series B, Rev., 5.00%, 07/01/2045 | 10,000 | 11,952 | ||||||
| Municipal Electric Authority of Georgia, Combined Cycle Project, | ||||||||
| Series A, Rev., 4.00%, 11/01/2023 | 2,750 | 3,006 | ||||||
| Series A, Rev., 5.00%, 11/01/2027 | 250 | 313 | ||||||
| Series A, Rev., 5.00%, 11/01/2029 | 250 | 322 | ||||||
| Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 |
1,125 | 1,319 | ||||||
| Municipal Electric Authority of Georgia, Project One, Subordinated, | ||||||||
| Series B, Rev., 4.00%, 01/01/2039 | 1,400 | 1,631 | ||||||
| Series B, Rev., 5.00%, 01/01/2023 | 1,000 | 1,080 | ||||||
| Private Colleges & Universities Authority, Emory University, Series A, Rev., 5.00%, 09/01/2041 (p) |
2,000 | 2,040 | ||||||
| Private Colleges & Universities Authority, Various Emory University, Series B, Rev., (SIFMA Municipal Swap Index + 0.42%), 0.47%, 10/01/2039 (aa) | 1,000 | 1,001 | ||||||
| Richmond County Development Authority, Subordinated, Series C, Rev., Zero Coupon, 12/01/2021 (p) | 3,645 | 3,642 | ||||||
| Savannah Economic Development Authority, Series A, Rev., Zero Coupon, 12/01/2021 (p) | 4,000 | 3,996 | ||||||
| Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024 |
150 | 155 | ||||||
| State of Georgia, | ||||||||
| Series A1, GO, 5.00%, 02/01/2024 | 100 | 113 | ||||||
| Series C, GO, 4.00%, 09/01/2021 | 95 | 97 | ||||||
| Series C, GO, 4.00%, 10/01/2022 | 2,015 | 2,131 | ||||||
| Series E, GO, 5.00%, 12/01/2021 | 1,865 | 1,925 | ||||||
| State of Georgia, Group 1, | ||||||||
| Series A, GO, 5.00%, 08/01/2026 | 2,500 | 3,082 | ||||||
| Series A, GO, 5.00%, 08/01/2027 | 2,000 | 2,534 | ||||||
| State of Georgia, Group 2, Series A, GO, 4.00%, 08/01/2034 | 2,000 | 2,470 | ||||||
| State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2,000 | 2,618 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Georgia — continued |
||||||||
| Tender Option Bond Trust Receipts/Certificates, Series 2017ZF0589, Rev., LIQ: Bank of America NA, 0.00%, 06/01/2049 (e) (z) | 3,750 | 3,750 | ||||||
| Thomaston Housing Authority, Fairview Apartments Project, Series A, Rev., FNMA, 0.34%, 12/01/2023 (z) |
4,250 | 4,257 | ||||||
| Valdosta & Lowndes County Hospital Authority, South Medical Center Project, Series B, Rev., CNTY GTD, 5.00%, 10/01/2041 (p) | 4,100 | 4,198 | ||||||
|
|
|
|||||||
| 134,796 | ||||||||
|
|
|
|||||||
| Hawaii — 0.5% | ||||||||
| City & County Honolulu, Wastewater System Revenue, Senior, Series A, Rev., 4.50%, 07/01/2030 (p) |
2,000 | 2,021 | ||||||
| City & County of Honolulu, | ||||||||
| Series A, GO, 5.00%, 10/01/2025 | 15 | 18 | ||||||
| Series A, GO, 5.00%, 09/01/2027 | 30 | 38 | ||||||
| City & County of Honolulu, Wastewater System, Senior, Series A, Rev., 4.50%, 07/01/2028 (p) | 1,000 | 1,010 | ||||||
| County of Maui, GO, 5.00%, 03/01/2028 | 1,175 | 1,498 | ||||||
| State of Hawaii, | ||||||||
| Series EA, GO, 5.00%, 12/01/2023 | 2,000 | 2,063 | ||||||
| Series FE, GO, 5.00%, 10/01/2021 | 2,500 | 2,559 | ||||||
| Series FG, GO, 4.00%, 10/01/2032 | 2,000 | 2,281 | ||||||
| State of Hawaii Airports System Revenue, | ||||||||
| Rev., AMT, 5.00%, 07/01/2021 (p) | 2,500 | 2,528 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2032 | 1,500 | 1,836 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2033 | 1,630 | 1,989 | ||||||
| Series B, Rev., 5.00%, 07/01/2026 | 1,250 | 1,524 | ||||||
| State of Hawaii Harbor System Revenue, | ||||||||
| Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 298 | ||||||
| Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 590 | ||||||
| Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 884 | ||||||
| Series A, Rev., AMT, 4.00%, 07/01/2034 | 3,555 | 4,175 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 307 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 627 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 319 | ||||||
| Series C, Rev., 4.00%, 07/01/2032 | 200 | 244 | ||||||
| State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1,000 | 1,313 | ||||||
|
|
|
|||||||
| 28,122 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Idaho — 0.0% (g) |
||||||||
| Idaho Health Facilities Authority, Trinity Health Credit Group, Series A, Rev., 5.00%, 12/01/2047 | 1,715 | 2,055 | ||||||
| University of Idaho, Rev., 5.25%, 04/01/2041 (z) | 90 | 90 | ||||||
|
|
|
|||||||
| 2,145 | ||||||||
|
|
|
|||||||
| Illinois — 6.0% | ||||||||
| Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029 | 1,765 | 2,115 | ||||||
| Chicago Board of Education, | ||||||||
| Series A, GO, AGM, 5.00%, 12/01/2026 | 10 | 12 | ||||||
| Series A, GO, 5.00%, 12/01/2041 | 1,000 | 1,204 | ||||||
| Chicago Board of Education, Capital Appreciation School Reform, | ||||||||
| Series A, GO, NATL , Zero Coupon, 12/01/2029 | 1,005 | 826 | ||||||
| Series B1, GO, NATL , Zero Coupon, 12/01/2022 | 1,105 | 1,090 | ||||||
| Series B1, GO, NATL , Zero Coupon, 12/01/2028 | 200 | 170 | ||||||
| Series B1, GO, NATL , Zero Coupon, 12/01/2029 | 1,105 | 908 | ||||||
| Chicago Board of Education, Capital Appreciation, School Reform, Series A, GO, NATL, Zero Coupon, 12/01/2024 | 210 | 200 | ||||||
| Chicago O’Hare International Airport, General Senior Lien, Series B, Rev., AMT, 5.00%, 01/01/2025 (p) |
1,200 | 1,242 | ||||||
| Chicago O’Hare International Airport, Senior Lien, | ||||||||
| Series A, Rev., 4.00%, 01/01/2035 | 3,500 | 4,094 | ||||||
| Series A, Rev., BAM, 4.00%, 01/01/2036 | 3,000 | 3,535 | ||||||
| Series A, Rev., 5.00%, 01/01/2035 | 6,000 | 7,593 | ||||||
| Chicago Transit Authority, Sales Tax Receipts Fund, | ||||||||
| Rev., AGM, 5.00%, 12/01/2044 | 1,000 | 1,147 | ||||||
| Rev., 5.25%, 12/01/2036 (p) | 10,600 | 10,958 | ||||||
| Rev., 5.25%, 12/01/2049 | 3,000 | 3,481 | ||||||
| Series A, Rev., 5.00%, 12/01/2045 | 6,750 | 8,229 | ||||||
| City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1,000 | 1,108 | ||||||
| City of Chicago, | ||||||||
| Series A, GO, 5.00%, 01/01/2027 | 2,180 | 2,377 | ||||||
| Series A, GO, 5.50%, 01/01/2033 | 1,815 | 2,039 | ||||||
| Series A, GO, 6.00%, 01/01/2038 | 9,260 | 11,130 | ||||||
| Series C, GO , Zero Coupon, 01/01/2027 | 500 | 438 | ||||||
| Series C, GO, 5.00%, 01/01/2028 | 1,450 | 1,661 | ||||||
| City of Chicago Waterworks Revenue, Second Lien Project, Rev., 5.00%, 11/01/2023 | 100 | 110 | ||||||
| City of Chicago, Waterworks Revenue, Second Lien, Rev., 4.00%, 11/01/2021 | 200 | 204 | ||||||
| Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 |
2,000 | 2,457 | ||||||
| Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1,910 | 2,242 | ||||||
| Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2,000 | 2,315 | ||||||
| Cook County, Community Unit School District No. 401, Elmwood Park, | ||||||||
| GO, 3.00%, 12/01/2021 | 715 | 728 | ||||||
| GO, 3.00%, 12/01/2022 | 500 | 521 | ||||||
| County of Cook, | ||||||||
| Series A, GO, AGM, 5.00%, 11/15/2026 | 1,000 | 1,228 | ||||||
| Series A, GO, 5.00%, 11/15/2026 | 3,900 | 4,775 | ||||||
| Series A, GO, 5.00%, 11/15/2028 | 2,300 | 2,936 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Illinois — continued |
||||||||
| County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1,240 | 1,583 | ||||||
| Illinois Finance Authority, Series B2, Rev., 5.00%, 05/15/2050 (z) | 2,550 | 3,049 | ||||||
| Illinois Finance Authority, Advocate Health Care, Rev., 5.00%, 06/01/2042 (p) | 1,000 | 1,056 | ||||||
| Illinois Finance Authority, Advocate Health Care Network Project, | ||||||||
| Rev., 4.00%, 11/01/2030 | 2,000 | 2,248 | ||||||
| Rev., 4.00%, 06/01/2047 (p) | 2,550 | 2,662 | ||||||
| Rev., 5.00%, 05/01/2022 | 1,000 | 1,051 | ||||||
| Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z) | 895 | 894 | ||||||
| Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital of Chicago, Rev., 5.00%, 08/15/2035 |
500 | 609 | ||||||
| Illinois Finance Authority, Ascension Health, Series A, Rev., 5.00%, 11/15/2037 (p) | 1,530 | 1,576 | ||||||
| Illinois Finance Authority, Ascension Health Credit, Series C, Rev., 5.00%, 02/15/2036 | 1,355 | 1,620 | ||||||
| Illinois Finance Authority, Bradley University, Series B, Rev., VRDO, LOC: PNC Bank NA, 0.06%, 04/07/2021 (z) | 6,000 | 6,000 | ||||||
| Illinois Finance Authority, Centegra Health System, | ||||||||
| Series A, Rev., 5.00%, 09/01/2025 | 1,495 | 1,712 | ||||||
| Series A, Rev., 5.00%, 09/01/2027 | 1,200 | 1,370 | ||||||
| Illinois Finance Authority, Clean Water Initiative, Rev., 5.00%, 07/01/2021 | 7,305 | 7,390 | ||||||
| Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4,160 | 4,996 | ||||||
| Illinois Finance Authority, Green Bonds, | ||||||||
| Rev., 4.00%, 01/01/2033 | 8,190 | 10,078 | ||||||
| Rev., 4.00%, 07/01/2040 | 1,500 | 1,791 | ||||||
| Rev., 5.00%, 01/01/2022 | 1,500 | 1,554 | ||||||
| Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery, | ||||||||
| Rev., 4.00%, 10/01/2040 | 1,750 | 1,976 | ||||||
| Rev., 5.00%, 10/01/2032 | 750 | 956 | ||||||
| Rev., 5.00%, 10/01/2034 | 125 | 158 | ||||||
| Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, | ||||||||
| Rev., 5.00%, 01/01/2022 | 220 | 228 | ||||||
| Rev., 5.00%, 07/01/2023 | 1,650 | 1,824 | ||||||
| Rev., 5.00%, 01/01/2028 | 100 | 127 | ||||||
| Illinois Finance Authority, Illinois State University, Rev., 7.00%, 04/01/2043 (p) | 7,500 | 7,500 | ||||||
| Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 1,080 | 1,280 | ||||||
| Illinois Finance Authority, Northshore University Health System, | ||||||||
| Rev., 5.00%, 08/15/2031 | 1,000 | 1,307 | ||||||
| Rev., 5.00%, 08/15/2035 | 1,500 | 1,928 | ||||||
| Illinois Finance Authority, Northwest Community Hospital, Series A, Rev., 5.00%, 07/01/2027 | 1,000 | 1,201 | ||||||
| Illinois Finance Authority, OSF Healthcare System, Series B1, Rev., 5.00%, 05/15/2050 (z) | 2,250 | 2,552 | ||||||
| Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 (w) | 400 | 457 | ||||||
| Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 0.75%, 05/01/2042 (aa) | 180 | 180 | ||||||
| Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2,135 | 2,563 | ||||||
| Illinois Finance Authority, Swedish Covenant Hospital, Series A, Rev., 5.00%, 08/15/2026 (p) | 1,690 | 2,075 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Illinois — continued |
||||||||
| Illinois Finance Authority, University of Chicago, | ||||||||
| Series A, Rev., 5.00%, 10/01/2025 (w) | 545 | 641 | ||||||
| Series A, Rev., 5.00%, 10/01/2028 (w) | 3,000 | 3,799 | ||||||
| Series A, Rev., 5.00%, 10/01/2034 (w) | 1,750 | 2,383 | ||||||
| Series A, Rev., 5.00%, 10/01/2035 (w) | 1,400 | 1,931 | ||||||
| Illinois Housing Development Authority, Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.75%, 04/01/2050 |
1,445 | 1,608 | ||||||
| Illinois Housing Development Authority, Concord Commons, Rev., 0.25%, 02/01/2024 (z) | 1,745 | 1,745 | ||||||
| Illinois Housing Development Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 04/01/2051 | 4,480 | 4,909 | ||||||
| Illinois State Toll Highway Authority, | ||||||||
| Series A, Rev., 5.00%, 01/01/2028 | 100 | 126 | ||||||
| Series A, Rev., 5.00%, 01/01/2044 | 1,000 | 1,216 | ||||||
| Series B, Rev., 5.00%, 01/01/2029 | 100 | 120 | ||||||
| Series C, Rev., 5.00%, 01/01/2023 | 60 | 65 | ||||||
| Illinois State Toll Highway Authority, Senior, | ||||||||
| Series A, Rev., 5.00%, 12/01/2031 | 5,115 | 6,099 | ||||||
| Series B, Rev., 5.00%, 01/01/2028 | 7,020 | 8,843 | ||||||
| Series B, Rev., 5.00%, 01/01/2041 | 2,000 | 2,384 | ||||||
| Illinois State Toll Highway Authority, Toll Highway Revenue, | ||||||||
| Series A, Rev., 5.00%, 01/01/2036 | 1,000 | 1,287 | ||||||
| Series A, Rev., 5.00%, 01/01/2037 | 1,555 | 1,993 | ||||||
| Illinois State Toll Highway Authority, Toll Highway Revenue, Senior, | ||||||||
| Rev., 5.00%, 01/01/2027 | 500 | 616 | ||||||
| Rev., 5.00%, 01/01/2031 | 1,000 | 1,294 | ||||||
| Macon County, School District No. 61 Decatur, | ||||||||
| GO, AGM, 4.00%, 01/01/2040 | 1,420 | 1,565 | ||||||
| GO, AGM, 4.00%, 01/01/2045 | 3,000 | 3,275 | ||||||
| Metropolitan Pier & Exposition Authority, Rev., NATL, Zero Coupon, 12/15/2034 | 1,500 | 1,043 | ||||||
| Metropolitan Pier & Exposition Authority Revenue, Mccormick Place Expansion, Rev., 5.00%, 06/15/2042 |
2,500 | 3,054 | ||||||
| Metropolitan Pier & Exposition Authority, Capital Appreciation,Mccormick, Series B, Rev., AGM, Zero Coupon, 06/15/2027 | 660 | 606 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 |
2,065 | 2,515 | ||||||
| Railsplitter Tobacco Settlement Authority, | ||||||||
| Rev., 5.00%, 06/01/2022 | 1,250 | 1,316 | ||||||
| Rev., 5.00%, 06/01/2023 | 130 | 142 | ||||||
| Rev., 5.25%, 06/01/2021 | 1,305 | 1,315 | ||||||
| Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025 | 25 | 30 | ||||||
| Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 930 | ||||||
| Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 |
1,215 | 1,431 | ||||||
| State of Illinois, | ||||||||
| GO, 4.00%, 06/01/2036 | 485 | 517 | ||||||
| GO, 5.00%, 07/01/2023 | 1,000 | 1,092 | ||||||
| GO, 5.00%, 08/01/2024 | 850 | 894 | ||||||
| GO, 5.00%, 02/01/2026 | 2,000 | 2,337 | ||||||
| GO, 5.00%, 01/01/2028 | 6,810 | 7,792 | ||||||
| GO, 5.00%, 02/01/2028 | 3,000 | 3,522 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Illinois — continued |
||||||||
| GO, 5.00%, 01/01/2029 | 2,085 | 2,387 | ||||||
| GO, 5.00%, 02/01/2029 | 2,000 | 2,340 | ||||||
| GO, 5.25%, 02/01/2030 | 2,000 | 2,185 | ||||||
| GO, 5.50%, 05/01/2030 | 2,000 | 2,554 | ||||||
| Series A, GO, 4.00%, 01/01/2026 | 1,050 | 1,072 | ||||||
| Series A, GO, 5.00%, 10/01/2021 | 65 | 66 | ||||||
| Series A, GO, 5.00%, 10/01/2023 | 300 | 330 | ||||||
| Series A, GO, 5.00%, 11/01/2026 | 2,500 | 2,964 | ||||||
| Series A, GO, 5.00%, 03/01/2027 | 2,355 | 2,806 | ||||||
| Series A, GO, 5.00%, 03/01/2028 | 2,500 | 3,009 | ||||||
| Series B, GO, 5.00%, 10/01/2026 | 1,000 | 1,184 | ||||||
| Series B, GO, 5.00%, 10/01/2028 | 1,715 | 2,082 | ||||||
| Series B, GO, 5.00%, 10/01/2029 | 1,000 | 1,229 | ||||||
| Series B, GO, 5.00%, 10/01/2031 | 5,000 | 6,173 | ||||||
| Series B, GO, 5.50%, 05/01/2039 | 250 | 308 | ||||||
| Series C, GO, 5.00%, 11/01/2029 | 4,485 | 5,238 | ||||||
| Series D, GO, 5.00%, 11/01/2021 | 4,500 | 4,614 | ||||||
| Series D, GO, 5.00%, 11/01/2026 | 1,980 | 2,332 | ||||||
| Series D, GO, 5.00%, 11/01/2027 | 6,130 | 7,303 | ||||||
| Series D, GO, 5.00%, 11/01/2028 | 2,750 | 3,245 | ||||||
| Tender Option Bond Trust Receipts/Certificates, Series 2018XL0082, Rev., VRDO, LIQ: Barclays Bank plc, 0.15%, 04/07/2021 (e) (z) | 15,370 | 15,370 | ||||||
| University of Illinois, Auxiliary Facilities System, | ||||||||
| Series A, Rev., 5.00%, 04/01/2022 | 300 | 313 | ||||||
| Series A, Rev., 5.00%, 04/01/2025 | 140 | 157 | ||||||
| Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10,000 | 12,129 | ||||||
| Will Grundy Etc Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031 | 3,375 | 3,830 | ||||||
|
|
|
|||||||
| 320,279 | ||||||||
|
|
|
|||||||
| Indiana — 2.1% | ||||||||
| City of Franklin, Otterbeit Homes, Series B, Rev., 5.00%, 07/01/2023 | 115 | 126 | ||||||
| City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z) |
250 | 250 | ||||||
| City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025 |
100 | 108 | ||||||
| City of Rockport, Rockport Pollution Control, Aep Generating Company Project, Series A, Rev., 1.35%, 07/01/2025 (z) | 20 | 20 | ||||||
| City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z) | 5,000 | 5,773 | ||||||
| City of Whiting, Whiting Industry Environmental Facilities, Bp Products North America, Inc., Series A, Rev., AMT, 5.00%, 03/01/2046 (z) | 1,585 | 1,719 | ||||||
| County of Knox, Good Samaritan Hospital, Series A, Rev., 5.00%, 04/01/2037 | 1,200 | 1,241 | ||||||
| Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1,500 | 1,723 | ||||||
| Indiana Finance Authority, Community Foundation Northwest Industry, Rev., 4.00%, 03/01/2034 (p) |
150 | 155 | ||||||
| Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p) | 665 | 731 | ||||||
| Indiana Finance Authority, Cwa Authority Project, Green Bonds, Rev., 5.00%, 10/01/2031 | 500 | 664 | ||||||
| Indiana Finance Authority, Cwa Authority, First Lien, Series A, Rev., 5.25%, 10/01/2025 | 1,325 | 1,357 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Indiana — continued |
||||||||
| Indiana Finance Authority, Duke Energy Industry Project, Series A4, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 04/01/2021 (z) | 2,500 | 2,500 | ||||||
| Indiana Finance Authority, Educational Facilities, Marian University Project, Rev., 6.38%, 09/15/2041 (p) | 1,000 | 1,028 | ||||||
| Indiana Finance Authority, Green Bond, State Revolving Fund, Rev., 5.00%, 02/01/2047 | 7,000 | 8,597 | ||||||
| Indiana Finance Authority, Indiana University Health, Series C, Rev., 5.00%, 12/01/2022 | 250 | 270 | ||||||
| Indiana Finance Authority, Indianapolis Power, | ||||||||
| Series A, Rev., 0.75%, 12/01/2038 (z) | 4,875 | 4,806 | ||||||
| Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | 7,025 | 6,915 | ||||||
| Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2045 | 5,000 | 5,642 | ||||||
| Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 153 | ||||||
| Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1,000 | 1,036 | ||||||
| Indiana Health Facility Financing Authority, Ascension Health Substitute Credit Group, Series A, Rev., 4.00%, 11/01/2023 | 85 | 93 | ||||||
| Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 650 | 712 | ||||||
| Indiana University, Series X, Rev., 3.00%, 08/01/2029 | 1,000 | 1,091 | ||||||
| Indianapolis Local Public Improvement Bond Bank, | ||||||||
| Series A, Rev., AGM, 4.00%, 06/01/2041 | 9,000 | 10,439 | ||||||
| Series A, Rev., 5.00%, 06/01/2022 | 1,000 | 1,053 | ||||||
| Series A, Rev., 5.00%, 06/01/2024 | 165 | 187 | ||||||
| Series A, Rev., 5.00%, 06/01/2025 | 500 | 583 | ||||||
| Series B, Rev., 5.00%, 02/01/2024 (w) | 175 | 197 | ||||||
| Series B, Rev., 5.00%, 02/01/2025 (w) | 205 | 230 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 239 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, | ||||||||
| Rev., AMT, 5.00%, 01/01/2026 | 1,050 | 1,247 | ||||||
| Rev., AMT, 5.00%, 01/01/2029 | 2,855 | 3,590 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, | ||||||||
| Series D, Rev., AMT, 5.00%, 01/01/2028 | 3,715 | 4,145 | ||||||
| Series D, Rev., AMT, 5.00%, 01/01/2029 | 3,000 | 3,336 | ||||||
| Series D, Rev., AMT, 5.00%, 01/01/2030 | 2,000 | 2,221 | ||||||
| Series D, Rev., AMT, 5.00%, 01/01/2031 | 4,000 | 4,443 | ||||||
| Series D, Rev., AMT, 5.00%, 01/01/2032 | 4,500 | 4,998 | ||||||
| Series D, Rev., AMT, 5.00%, 01/01/2033 | 3,500 | 3,887 | ||||||
| Series I, Rev., AMT, 5.00%, 01/01/2032 | 4,885 | 5,575 | ||||||
| Series I, Rev., AMT, 5.00%, 01/01/2033 | 5,000 | 5,695 | ||||||
| Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10,000 | 11,776 | ||||||
| Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030 | 1,200 | 1,519 | ||||||
| Tippecanoe School Corp., GO, 4.00%, 07/15/2023 | 1,080 | 1,166 | ||||||
|
|
|
|||||||
| 113,236 | ||||||||
|
|
|
|||||||
| Iowa — 0.8% | ||||||||
| Clinton Community School District, | ||||||||
| GO, AGM, 5.00%, 06/01/2024 | 1,425 | 1,623 | ||||||
| GO, AGM, 5.00%, 06/01/2026 | 1,290 | 1,559 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Iowa — continued |
||||||||
| Iowa Finance Authority, Cj Bio America, Incorporate Project, Rev., VRDO, LOC: Korea Development Bank, 0.11%, 04/07/2021 (z) | 16,000 | 16,000 | ||||||
| Iowa Finance Authority, Fertilizer Co. Project, Rev., 5.25%, 12/01/2025 | 3,550 | 3,888 | ||||||
| Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 2,000 | 2,191 | ||||||
| PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 1,000 | 1,205 | ||||||
| Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025 | 3,625 | 3,960 | ||||||
| Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5,185 | 6,607 | ||||||
| West Des Moines Community School District, Capital Loan Notes, Series A, GO, 5.00%, 05/01/2028 | 3,000 | 3,808 | ||||||
|
|
|
|||||||
| 40,841 | ||||||||
|
|
|
|||||||
| Kansas — 0.3% | ||||||||
| State of Kansas, Department of Transportation, Series C3, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.40%), 0.48%, 09/01/2023 (aa) | 2,000 | 2,004 | ||||||
| University of Kansas Hospital Authority, Rev., 5.00%, 03/01/2031 | 1,230 | 1,612 | ||||||
| University of Kansas Hospital Authority, University Kansas Health System, Series A, Rev., 5.00%, 03/01/2047 |
10,000 | 11,642 | ||||||
| Wyandotte County-Kansas City Unified Government Utility System Revenue, Improvement, Series B, Rev., 5.00%, 09/01/2026 (p) | 210 | 224 | ||||||
|
|
|
|||||||
| 15,482 | ||||||||
|
|
|
|||||||
| Kentucky — 0.7% | ||||||||
| County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 (w) | 8,100 | 8,064 | ||||||
| County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 1,000 | 989 | ||||||
| Kentucky Asset Liability Commission, Project Notes, Series A, Rev., 5.00%, 09/01/2022 | 2,000 | 2,132 | ||||||
| Kentucky Economic Development Finance Authority, Baptist Healthcare System, Rev., 5.00%, 08/15/2042 (p) |
175 | 178 | ||||||
| Kentucky Economic Development Finance Authority, Norton Healthcare, Inc., | ||||||||
| Series B, Rev., NATL , Zero Coupon, 10/01/2026 | 3,930 | 3,575 | ||||||
| Series B, Rev., NATL , Zero Coupon, 10/01/2027 | 1,995 | 1,763 | ||||||
| Kentucky Housing Corp., City View Park Project, Rev., 1.16%, 02/01/2023 (z) | 3,500 | 3,530 | ||||||
| Kentucky Housing Corp., New Hope Properties Portfolio, Rev., HUD, 0.41%, 04/01/2024 (z) | 3,170 | 3,174 | ||||||
| Kentucky Housing Corp., Winterwood II Rural Housing, Rev., 0.37%, 10/01/2024 (z) | 1,295 | 1,295 | ||||||
| Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z) | 3,475 | 3,845 | ||||||
| Kentucky State Property & Building Commission, Project No. 100, Series A, Rev., 5.00%, 08/01/2026 (p) |
2,000 | 2,031 | ||||||
| Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2,750 | 2,724 | ||||||
| Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 |
670 | 804 | ||||||
| Louisville/Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 4.00%, 10/01/2035 |
500 | 553 | ||||||
| Tender Option Bond Trust Receipts/Certificates, Series 2018XG0161, Rev., AGM, LOC: Bank of America NA, LIQ: Bank of America NA, 0.00%, 12/01/2041 (e) (z) | 5,460 | 5,460 | ||||||
|
|
|
|||||||
| 40,117 | ||||||||
|
|
|
|||||||
| Louisiana — 1.6% | ||||||||
| City of Alexandria, Utilities Revenue, Series A, Rev., 5.00%, 05/01/2038 (p) | 4,000 | 4,399 | ||||||
| City of Shreveport, GO, 5.00%, 08/01/2029 (p) | 4,790 | 4,865 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Louisiana — continued |
||||||||
| Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, | ||||||||
| Rev., AGM, 5.00%, 08/01/2022 | 80 | 85 | ||||||
| Rev., AGM, 5.00%, 08/01/2027 | 1,400 | 1,738 | ||||||
| East Baton Rouge Parish, Sewerage Commission, Series B, Rev., 5.00%, 02/01/2039 (p) | 1,200 | 1,408 | ||||||
| East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4,500 | 4,555 | ||||||
| Ernest N. Morial New Orleans Exhibition Hall Authority, Special Tax, 5.00%, 07/15/2027 | 900 | 953 | ||||||
| Louisiana Housing Corp., Stone Vista Apartments Project, Rev., 0.32%, 12/01/2023 (z) | 1,250 | 1,250 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Sewage Commission, Subordinated Lien, | ||||||||
| Rev., 5.00%, 02/01/2028 (p) | 1,655 | 1,872 | ||||||
| Series A, Rev., 4.00%, 02/01/2048 (p) | 1,660 | 1,777 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project, | ||||||||
| Rev., 2.00%, 06/01/2030 (w) | 2,755 | 2,771 | ||||||
| Rev., 2.50%, 04/01/2036 (w) | 500 | 503 | ||||||
| Louisiana Public Facilities Authority, Lafayette General Health, Series A, Rev., 5.00%, 11/01/2041 (p) | 800 | 963 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z) | 2,935 | 3,431 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, | ||||||||
| Rev., 5.00%, 05/15/2042 | 1,480 | 1,735 | ||||||
| Rev., 6.50%, 05/15/2037 (p) | 2,295 | 2,312 | ||||||
| Louisiana Public Facilities Authority, Ochsner Clinic Project, Rev., 6.75%, 05/15/2041 (p) | 760 | 766 | ||||||
| Louisiana State University & Agricultural & Mechanical College, Auxiliary, Series A, Rev., 5.00%, 07/01/2021 | 1,285 | 1,299 | ||||||
| New Orleans Aviation Board, Series B, Rev., AMT, 5.00%, 01/01/2040 | 3,000 | 3,386 | ||||||
| New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1,100 | 1,301 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Louisiana — continued |
||||||||
| New Orleans Aviation Board, General Airport North Terminal, | ||||||||
| Series B, Rev., AMT, 5.00%, 01/01/2038 | 1,000 | 1,169 | ||||||
| Series B, Rev., AMT, 5.00%, 01/01/2048 | 5,000 | 5,758 | ||||||
| Parish of St. James, Various Nucor Steel Louisiana, Series A1, Rev., VRDO, 0.15%, 04/07/2021 (z) |
5,000 | 5,000 | ||||||
| Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z) |
875 | 900 | ||||||
| Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1,170 | 1,444 | ||||||
| Regional Transit Authority Sales Tax Revenue, Series A, Rev., AGM, 5.00%, 01/01/2029 | 3,000 | 3,818 | ||||||
| St Tammany Parish Hospital Service District No. 1, | ||||||||
| Series A, Rev., 5.00%, 07/01/2032 | 1,615 | 1,995 | ||||||
| Series A, Rev., 5.00%, 07/01/2034 | 1,655 | 2,028 | ||||||
| State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9,555 | 12,028 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, | ||||||||
| Series A, Rev., 0.60%, 05/01/2043 (z) | 4,135 | 4,133 | ||||||
| Series D, Rev., 0.55%, 05/01/2043 (z) | 2,295 | 2,295 | ||||||
| Series D, Rev., 0.60%, 05/01/2043 (z) | 1,605 | 1,604 | ||||||
| Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023 | 125 | 137 | ||||||
|
|
|
|||||||
| 83,678 | ||||||||
|
|
|
|||||||
| Maine — 0.2% | ||||||||
| Maine Turnpike Authority, | ||||||||
| Rev., 4.00%, 07/01/2045 | 9,000 | 10,438 | ||||||
| Rev., 5.00%, 07/01/2031 | 400 | 523 | ||||||
| Rev., 5.00%, 07/01/2033 | 1,155 | 1,496 | ||||||
|
|
|
|||||||
| 12,457 | ||||||||
|
|
|
|||||||
| Maryland — 2.9% | ||||||||
| City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3,200 | 4,077 | ||||||
| City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 500 | 576 | ||||||
| County of Baltimore, Series 83, GO, 5.00%, 03/01/2024 | 555 | 631 | ||||||
| County of Howard, Metropolitan District, Series E, GO, 5.00%, 02/15/2027 | 1,850 | 2,311 | ||||||
| County of Montgomery, | ||||||||
| Series A, GO, 4.00%, 08/01/2031 | 5,000 | 6,239 | ||||||
| Series B, GO, 4.00%, 11/01/2028 | 7,985 | 9,784 | ||||||
| Series C, GO, 5.00%, 10/01/2026 | 1,000 | 1,238 | ||||||
| County of Prince George’s, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) |
500 | 570 | ||||||
| County of Prince George’s, Consolidated Public Improvement, Series A, GO, 5.00%, 09/15/2026 (p) |
65 | 66 | ||||||
| County of Prince George’s, Public Improvement, Series A, GO, 4.00%, 07/15/2032 | 5,000 | 6,088 | ||||||
| Maryland Community Development Administration, | ||||||||
| Series B, Rev., 4.00%, 09/01/2049 | 2,335 | 2,594 | ||||||
| Series D, Rev., 3.25%, 09/01/2050 | 500 | 550 | ||||||
| Maryland Community Development Administration Multi-Family Mortgage Revenue, Huntington Apartments, Series C, Rev., 2.34%, 04/01/2021 (e) | 10,000 | 10,000 | ||||||
| Maryland Community Development Administration, Residential, | ||||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Maryland — continued |
||||||||
| Series A, Rev., 3.75%, 03/01/2050 | 1,420 | 1,581 | ||||||
| Series A, Rev., 4.50%, 09/01/2048 | 6,490 | 7,343 | ||||||
| Series B, Rev., AMT, 4.50%, 09/01/2048 | 5,770 | 6,481 | ||||||
| Maryland Economic Development Corp., Morgan State University Project, Rev., 4.00%, 07/01/2040 |
665 | 732 | ||||||
| Maryland Economic Development Corp., Port Covington Project, | ||||||||
| Tax Allocation, 3.25%, 09/01/2030 | 1,405 | 1,524 | ||||||
| Tax Allocation, 4.00%, 09/01/2040 | 1,280 | 1,412 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2043 (p) |
2,000 | 2,120 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, | ||||||||
| Rev., 4.00%, 01/01/2038 | 1,155 | 1,274 | ||||||
| Rev., 5.00%, 01/01/2025 (w) | 470 | 517 | ||||||
| Rev., 5.00%, 01/01/2036 (w) | 2,290 | 2,754 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Ascension Health, Series B, Rev., 5.00%, 11/15/2051 (p) | 1,150 | 1,184 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Carroll Hospital, Series A, Rev., 5.00%, 07/01/2023 (p) | 1,415 | 1,500 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Loyola University Maryland, Series A, Rev., 5.00%, 10/01/2039 (p) | 5,275 | 5,659 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028 |
1,300 | 1,500 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System, Rev., 5.00%, 07/01/2024 (p) | 2,500 | 2,865 | ||||||
| Maryland State Transportation Authority, Series A, Rev., 4.00%, 07/01/2038 (w) | 1,000 | 1,212 | ||||||
| State of Maryland, | ||||||||
| Series A, GO, 2.75%, 08/01/2025 | 1,735 | 1,831 | ||||||
| Series B, GO, 5.00%, 08/01/2022 | 270 | 288 | ||||||
| State of Maryland, First, | ||||||||
| Series A, GO, 5.00%, 03/01/2024 (p) | 1,000 | 1,044 | ||||||
| Series B, GO, 4.50%, 08/01/2021 | 1,305 | 1,324 | ||||||
| State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1,500 | 1,941 | ||||||
| State of Maryland, Group 2, State and Local Facilities Loan, GO, 5.00%, 08/01/2033 | 2,000 | 2,649 | ||||||
| State of Maryland, Local Facilities Loan, | ||||||||
| Series A, GO, 4.00%, 03/15/2034 | 18,070 | 22,060 | ||||||
| Series A, GO, 5.00%, 08/01/2028 | 7,000 | 9,057 | ||||||
| Series A, GO, 5.00%, 08/01/2029 | 4,000 | 5,282 | ||||||
| State of Maryland, Second, Series B, GO, 5.00%, 08/01/2025 (p) | 505 | 538 | ||||||
| Tender Option Bond Trust Receipts/Certificates, Series 2018XF0605, Rev., LIQ: Bank of America NA, 0.00%, 05/01/2047 (e) (z) | 3,300 | 3,300 | ||||||
| Washington Suburban Sanitary Commission, | ||||||||
| Rev., CNTY GTD, 5.00%, 06/01/2021 | 4,245 | 4,277 | ||||||
| Rev., CNTY GTD, 5.00%, 06/01/2028 | 1,000 | 1,289 | ||||||
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 4,000 | 5,265 | ||||||
| Series A, Rev., VRDO, BAN, CNTY GTD, 0.06%, 04/07/2021 (z) | 3,400 | 3,400 | ||||||
| Washington Suburban Sanitary Commission, Consolidated Public Improvement, | ||||||||
| Rev., CNTY GTD, 3.00%, 06/01/2021 | 135 | 136 | ||||||
| Rev., CNTY GTD, 4.00%, 06/01/2022 | 75 | 78 | ||||||
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 1,500 | 1,921 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Maryland — continued |
||||||||
| Series 2, Rev., CNTY GTD, 5.00%, 06/01/2022 | 1,200 | 1,267 | ||||||
| Washington Suburban Sanitary Commission, Consolidated Public Improvement Bonds, Rev., CNTY GTD, 5.00%, 06/01/2033 | 3,000 | 3,785 | ||||||
|
|
|
|||||||
| 155,114 | ||||||||
|
|
|
|||||||
| Massachusetts — 1.6% | ||||||||
| Commonwealth of Massachusetts, | ||||||||
| Series A, GO, 5.00%, 04/01/2024 (p) | 2,500 | 2,500 | ||||||
| Series A, GO, 5.00%, 06/01/2044 (z) | 1,500 | 1,653 | ||||||
| Series D, GO, 4.00%, 11/01/2036 | 2,500 | 3,036 | ||||||
| Series D, GO, 4.00%, 11/01/2041 | 4,000 | 4,763 | ||||||
| Commonwealth of Massachusetts, Consolidated Loan, | ||||||||
| Series D2, GO, 1.70%, 08/01/2043 (z) | 1,000 | 1,018 | ||||||
| Series E, GO, 5.00%, 08/01/2024 (p) | 2,000 | 2,032 | ||||||
| Massachusetts Development Finance Agency, Series A1, Rev., 5.00%, 07/01/2050 (z) | 5,000 | 6,495 | ||||||
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e) |
1,000 | 1,136 | ||||||
| Massachusetts Educational Financing Authority, | ||||||||
| Series B, Rev., AMT, 2.63%, 07/01/2036 | 5,460 | 5,498 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2023 | 250 | 275 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2024 | 615 | 700 | ||||||
| Series I, Rev., AMT, 5.00%, 01/01/2025 | 3,000 | 3,457 | ||||||
| Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 0.04%, 04/07/2021 (z) | 4,015 | 4,015 | ||||||
| Massachusetts Health & Educational Facilities Authority, University of Massachusetts, Series A, Rev., 1.85%, 11/01/2030 (z) | 1,250 | 1,270 | ||||||
| Massachusetts Housing Finance Agency, Social Bond, | ||||||||
| Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 3,750 | 4,099 | ||||||
| Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 12/01/2023 | 500 | 562 | ||||||
| Massachusetts Port Authority, | ||||||||
| Series A, Rev., 5.00%, 07/01/2037 | 1,000 | 1,321 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2033 | 465 | 611 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2034 | 415 | 543 | ||||||
| Series B, Rev., AMT, 5.00%, 07/01/2035 | 495 | 642 | ||||||
| Series E, Rev., AMT, 5.00%, 07/01/2031 | 1,495 | 1,982 | ||||||
| Series E, Rev., AMT, 5.00%, 07/01/2032 | 2,000 | 2,639 | ||||||
| Series E, Rev., AMT, 5.00%, 07/01/2046 | 6,500 | 8,163 | ||||||
| Massachusetts School Building Authority, Senior, | ||||||||
| Series B, Rev., 5.00%, 08/15/2028 (p) | 5,000 | 5,333 | ||||||
| Series B, Rev., 5.00%, 10/15/2041 (p) | 1,355 | 1,390 | ||||||
| Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036 | 7,190 | 8,048 | ||||||
| Massachusetts Water Resources Authority, Series C, Rev., 4.00%, 08/01/2022 (p) | 3,180 | 3,341 | ||||||
| Massachusetts Water Resources Authority, Green Bonds, | ||||||||
| Series C, Rev., 4.00%, 08/01/2022 (p) | 700 | 736 | ||||||
| Metropolitan Boston Transit Parking Corp., Rev., 5.25%, 07/01/2036 | 300 | 303 | ||||||
| University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5,000 | 6,196 | ||||||
|
|
|
|||||||
| 83,757 | ||||||||
|
|
|
|||||||
| Michigan — 1.3% | ||||||||
| City of Detroit, Sewage Disposal System Revenue, Senior Lien, Series A, Rev., 5.00%, 07/01/2023 |
5,000 | 5,293 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Michigan — continued |
||||||||
| City of Detroit, Social Bonds, | ||||||||
| Series A, GO, 4.00%, 04/01/2041 | 500 | 551 | ||||||
| Series A, GO, 5.00%, 04/01/2039 | 115 | 138 | ||||||
| Series A, GO, 5.00%, 04/01/2046 | 35 | 42 | ||||||
| Series A, GO, 5.00%, 04/01/2050 | 30 | 36 | ||||||
| City of Lansing, GO, AGM, 5.00%, 05/01/2028 | 515 | 652 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032 |
75 | 90 | ||||||
| Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030 |
3,200 | 3,880 | ||||||
| L’Anse Creuse Public Schools, GO, Q-SBLF, 5.00%, 05/01/2029 | 2,405 | 2,822 | ||||||
| Lenawee County Hospital Finance Authority, Promedica Healthcare, Series B, Rev., 6.00%, 11/15/2035 (p) | 1,000 | 1,036 | ||||||
| Michigan Finance Authority, | ||||||||
| Rev., 5.00%, 11/15/2022 | 125 | 134 | ||||||
| Rev., 5.00%, 11/15/2023 | 1,375 | 1,540 | ||||||
| Rev., 5.00%, 11/15/2025 | 435 | 511 | ||||||
| Series A, Rev., 5.00%, 06/01/2039 (p) | 5,085 | 5,369 | ||||||
| Michigan Finance Authority, Higher Educational Facilities Authority, | ||||||||
| Rev., 5.00%, 09/01/2032 (w) | 690 | 888 | ||||||
| Rev., 5.00%, 09/01/2033 (w) | 800 | 1,025 | ||||||
| Rev., 5.00%, 09/01/2034 (w) | 570 | 728 | ||||||
| Rev., 5.00%, 09/01/2035 (w) | 1,200 | 1,529 | ||||||
| Michigan Finance Authority, Holland Community Hospital, Series A, Rev., 5.00%, 01/01/2040 | 1,980 | 2,104 | ||||||
| Michigan Finance Authority, Local Government Loan Program, Series D1, Rev., 5.00%, 07/01/2021 |
1,300 | 1,315 | ||||||
| Michigan Finance Authority, Senior, | ||||||||
| Series A, Rev., 4.00%, 06/01/2022 | 1,500 | 1,563 | ||||||
| Series A, Rev., 5.00%, 06/01/2024 | 2,000 | 2,276 | ||||||
| Michigan Finance Authority, Trinity Health Co., Rev., 5.00%, 12/01/2034 (p) | 2,560 | 2,703 | ||||||
| Michigan Finance Authority,Refunded, Hospital Trinity Health, Rev., 5.00%, 12/01/2039 (p) | 1,000 | 1,032 | ||||||
| Michigan State Building Authority, | ||||||||
| Series I, Rev., 5.00%, 10/15/2027 | 2,500 | 3,162 | ||||||
| Series I, Rev., 5.00%, 10/15/2029 | 1,750 | 2,306 | ||||||
| Michigan State Building Authority, Facilities Program, | ||||||||
| Series IA, Rev., 5.00%, 10/15/2023 (p) | 1,140 | 1,169 | ||||||
| Series IA, Rev., 5.50%, 10/15/2045 (p) | 2,770 | 2,849 | ||||||
| Michigan State Building Authority, Multi Modal Facilities Program, Rev., VRDO, 0.11%, 04/07/2021 (z) |
3,500 | 3,500 | ||||||
| Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 |
100 | 127 | ||||||
| Michigan State Hospital Finance Authority, Trinity Health, Rev., 5.00%, 12/01/2034 (p) | 1,000 | 1,056 | ||||||
| Michigan State Hospital Finance Authority, Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2029 |
1,010 | 1,265 | ||||||
| Michigan State Hospital Finance Authority, Trinity Health Credit Group, | ||||||||
| Rev., 5.00%, 12/01/2026 (p) | 810 | 855 | ||||||
| Series B, Rev., 5.00%, 12/01/2048 (p) | 755 | 797 | ||||||
| Michigan State Housing Development Authority, | ||||||||
| Rev., 0.32%, 12/01/2023 (z) | 4,150 | 4,159 | ||||||
| Series C, Rev., 3.00%, 06/01/2051 | 2,770 | 3,025 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Michigan — continued |
||||||||
| Michigan State University, | ||||||||
| Series A, Rev., 5.00%, 08/15/2022 | 705 | 751 | ||||||
| Series A, Rev., 5.00%, 08/15/2029 | 2,000 | 2,617 | ||||||
| Series A, Rev., 5.00%, 08/15/2038 | 250 | 275 | ||||||
| Michigan State University, Board of Trustees, Series B, Rev., 4.00%, 02/15/2024 | 300 | 331 | ||||||
| Monroe County Economic Development Corp., Collateral Detroit Edison Co., Series AA, Rev., NATL, 6.95%, 09/01/2022 | 2,500 | 2,733 | ||||||
| State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 536 | ||||||
| State of Michigan, Garvee, Rev., GAN, 5.00%, 03/15/2024 | 1,435 | 1,630 | ||||||
| Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034 | 1,470 | 1,718 | ||||||
|
|
|
|||||||
| 72,118 | ||||||||
|
|
|
|||||||
| Minnesota — 1.1% | ||||||||
| Burnsville-Eagan-Savage Independent School District No. 191, | ||||||||
| GO, 4.00%, 02/01/2024 | 1,040 | 1,145 | ||||||
| GO, 4.00%, 02/01/2026 | 1,210 | 1,399 | ||||||
| County of Hennepin, | ||||||||
| Series B, GO, 5.00%, 12/01/2027 | 2,850 | 3,636 | ||||||
| Series C, GO, 5.00%, 12/15/2032 | 3,000 | 3,936 | ||||||
| Dakota County Community Development Agency, Aster House Apartments Project, Rev., 0.35%, 06/01/2024 (z) | 4,815 | 4,823 | ||||||
| Farmington Independent School District No. 192, Series A, GO, 5.00%, 02/01/2025 | 2,680 | 3,030 | ||||||
| Housing & Redevelopment Authority of The City of St Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9,000 | 10,559 | ||||||
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1,000 | 1,027 | ||||||
| Minnesota Housing Finance Agency, | ||||||||
| Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 395 | 433 | ||||||
| Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 3,865 | 4,213 | ||||||
| Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 565 | 590 | ||||||
| Series I, Rev., 3.00%, 01/01/2051 | 2,555 | 2,794 | ||||||
| Robbinsdale Independent School District No. 281, Series B, GO, 5.00%, 02/01/2024 | 3,020 | 3,410 | ||||||
| Shakopee Independent School District No. 720, Series D, GO, 5.00%, 02/01/2024 | 3,685 | 4,156 | ||||||
| St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) |
1,500 | 1,534 | ||||||
| State of Minnesota, | ||||||||
| Series A, GO, 5.00%, 08/01/2026 | 250 | 309 | ||||||
| Series A, GO, 5.00%, 10/01/2029 | 45 | 57 | ||||||
| Series A, GO, 5.00%, 08/01/2031 | 2,340 | 3,067 | ||||||
| Series A, GO, 5.00%, 08/01/2034 | 2,000 | 2,544 | ||||||
| Series B, GO, 4.00%, 08/01/2028 | 2,000 | 2,451 | ||||||
| Series B, GO, 5.00%, 08/01/2022 | 100 | 106 | ||||||
| Series E, GO, 3.00%, 08/01/2026 | 710 | 799 | ||||||
| State of Minnesota 911 Services Revenue, Public Safety Community, Rev., 5.00%, 06/01/2021 | 1,000 | 1,008 | ||||||
| State of Minnesota, Various Purpose, Series F, GO, 5.00%, 10/01/2021 | 1,000 | 1,024 | ||||||
|
|
|
|||||||
| 58,050 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Mississippi — 0.2% | ||||||||
| Mississippi Development Bank, Hinds Community College District Capital, Rev., AGM, 5.25%, 04/01/2029 (p) | 2,425 | 2,425 | ||||||
| Mississippi Home Corp., Gateway Affordable Community, Rev., HUD, 2.40%, 02/01/2022 (p) (z) | 4,500 | 4,530 | ||||||
| Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z) | 250 | 286 | ||||||
| State of Mississippi, Series F, GO, 5.00%, 11/01/2030 (p) | 1,000 | 1,202 | ||||||
|
|
|
|||||||
| 8,443 | ||||||||
|
|
|
|||||||
| Missouri — 1.2% | ||||||||
| City of Kansas City Airport Revenue, General Improvement, Series A, Rev., AMT, 5.00%, 09/01/2023 (p) | 1,000 | 1,019 | ||||||
| City of St. Charles, Series B, COP, 4.00%, 02/01/2029 | 515 | 618 | ||||||
| Curators of the University of Missouri (The), | ||||||||
| Series A, Rev., 4.00%, 11/01/2034 | 2,500 | 2,762 | ||||||
| Series A, Rev., 4.00%, 11/01/2035 | 1,000 | 1,103 | ||||||
| Hanley Road Corridor Transportation Development District, Rev., 1.00%, 10/01/2027 | 400 | 388 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (w) (z) | 2,695 | 3,413 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, BJC Health System, Series B, Rev., 4.00%, 05/01/2051 (w) (z) | 6,750 | 7,831 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Rev., 5.00%, 11/01/2035 | 1,700 | 2,014 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, Lukes Health System, Rev., 4.00%, 11/15/2038 | 2,000 | 2,340 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1,410 | 1,580 | ||||||
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 546 | ||||||
| Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 1,138 | ||||||
| Kansas City Industrial Development Authority, Cathedral Towers, Rev., 0.35%, 12/01/2024 (z) | 6,000 | 6,008 | ||||||
| Kansas City Industrial Development Authority, Kansas City International Airport, | ||||||||
| Rev., AMT, 4.00%, 03/01/2036 | 1,250 | 1,440 | ||||||
| Rev., AMT, 4.00%, 03/01/2040 | 2,500 | 2,846 | ||||||
| Rev., AMT, 5.00%, 03/01/2029 | 3,050 | 3,852 | ||||||
| Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 471 | ||||||
| Missouri Housing Development Commission, First Place Homeownership Loan, | ||||||||
| Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 05/01/2052 | 560 | 614 | ||||||
| Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 2,000 | 2,205 | ||||||
| Missouri State Environmental Improvement & Energy Resources Authority, Revolving Funds Program, Series A, Rev., 5.00%, 01/01/2023 (p) | 1,100 | 1,140 | ||||||
| Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2,000 | 2,149 | ||||||
| Orchard Farm R-V School District, | ||||||||
| COP, 4.00%, 04/01/2027 | 400 | 464 | ||||||
| COP, 4.00%, 04/01/2028 | 410 | 480 | ||||||
| RBC Municipal Products, Inc. Trust, Floater Certificates, Series C16, Rev., VRDO, LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 0.11%, 04/07/2021 (e) (z) | 11,000 | 11,000 | ||||||
| St Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045 | 3,215 | 3,972 | ||||||
| State of Missouri, Health & Educational Facilities, Saint Lukes Health System, Inc., Rev., 5.00%, 11/15/2023 | 290 | 324 | ||||||
|
|
|
|||||||
| 61,717 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Montana — 0.2% | ||||||||
| Montana Board of Housing, | ||||||||
| Rev., 3.00%, 12/01/2050 | 2,580 | 2,814 | ||||||
| Series A1, Rev., 3.00%, 06/01/2051 | 4,800 | 5,260 | ||||||
| Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | 1,000 | 1,183 | ||||||
|
|
|
|||||||
| 9,257 | ||||||||
|
|
|
|||||||
| Nebraska — 0.5% | ||||||||
| Central Plains Energy Project, | ||||||||
| Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z) | 4,000 | 4,541 | ||||||
| Rev., 5.00%, 09/01/2042 | 625 | 663 | ||||||
| Central Plains Energy, Project No. 3, Series A, Rev., 5.00%, 09/01/2042 | 1,000 | 1,400 | ||||||
| City of Omaha, Various Purpose, | ||||||||
| Series A, GO, 4.00%, 04/15/2022 | 1,125 | 1,170 | ||||||
| Series A, GO, 4.00%, 04/15/2023 | 1,675 | 1,802 | ||||||
| County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z) | 350 | 352 | ||||||
| Douglas County Hospital Authority No. 2, Health Facilities Childrens Hospital, Rev., 5.00%, 11/15/2047 | 3,000 | 3,526 | ||||||
| Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2,100 | 2,240 | ||||||
| Douglas County, Hospital Authority No. 2, Childrens Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z) | 2,190 | 2,588 | ||||||
| Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1,000 | 1,104 | ||||||
| Nebraska Public Power District, Series A, Rev., 0.60%, 01/01/2051 (z) | 9,000 | 9,029 | ||||||
|
|
|
|||||||
| 28,415 | ||||||||
|
|
|
|||||||
| Nevada — 1.2% | ||||||||
| City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1,000 | 1,165 | ||||||
| City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 210 | 218 | ||||||
| City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | 2,000 | 2,508 | ||||||
| Clark County School District, Building, | ||||||||
| Series A, GO, 5.00%, 06/15/2029 | 500 | 624 | ||||||
| Series B, GO, AGM-CR, 5.00%, 06/15/2033 | 3,000 | 3,754 | ||||||
| County of Clark Passenger Facility Charge Revenue, Mccarran International, | ||||||||
| Rev., 5.00%, 07/01/2029 | 5,000 | 6,459 | ||||||
| Rev., 5.00%, 07/01/2031 | 1,950 | 2,484 | ||||||
| Rev., 5.00%, 07/01/2032 | 2,385 | 3,027 | ||||||
| County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3,335 | 3,951 | ||||||
| County of Clark, Limited Tax, Flood Control, GO, 5.00%, 11/01/2038 (p) | 2,000 | 2,247 | ||||||
| County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1,425 | 1,825 | ||||||
| County of Washoe, Sierra Pacific Power Company, Rev., AMT, 0.63%, 03/01/2036 (z) | 900 | 901 | ||||||
| Las Vegas Convention & Visitors Authority, Series B, Rev., 5.00%, 07/01/2043 | 4,900 | 5,787 | ||||||
| Las Vegas Valley Water District, | ||||||||
| Series B, GO, 5.00%, 12/01/2021 | 1,500 | 1,548 | ||||||
| Series B, GO, 5.00%, 06/01/2022 | 1,000 | 1,056 | ||||||
| Series B, GO, 5.00%, 06/01/2023 | 5,065 | 5,592 | ||||||
| Series D, GO, 5.00%, 06/01/2023 | 1,180 | 1,303 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Nevada — continued | ||||||||
| Series A, GO, 5.00%, 06/01/2022 | 6,000 | 6,338 | ||||||
| Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | 5,000 | 5,932 | ||||||
| Las Vegas Valley, Water District, Series B, GO, 5.00%, 12/01/2023 | 70 | 79 | ||||||
| Nevada Housing Division, Pinewood Terrace Apartments, Rev., 0.26%, 04/01/2024 (z) | 500 | 500 | ||||||
| Nevada Housing Division, Whittell Pointe, Rev., 0.30%, 10/01/2023 (z) | 3,665 | 3,669 | ||||||
| State of Nevada, Department of Business & Industry, Republic Services, Inc. Project, Rev., AMT, 0.30%, 12/01/2026 (e) (z) | 2,000 | 2,000 | ||||||
|
|
|
|||||||
| 62,967 | ||||||||
|
|
|
|||||||
| New Hampshire — 0.1% | ||||||||
| New Hampshire Business Finance Authority, Rev., 4.13%, 01/20/2034 | 984 | 1,141 | ||||||
| New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e) | 2,000 | 2,071 | ||||||
| New Hampshire Business Finance Authority, Springpoint Senior Living, | ||||||||
| Rev., 4.00%, 01/01/2026 | 270 | 306 | ||||||
| Rev., 4.00%, 01/01/2027 | 250 | 287 | ||||||
| Rev., 4.00%, 01/01/2028 | 290 | 331 | ||||||
| Rev., 4.00%, 01/01/2029 | 300 | 340 | ||||||
| Rev., 4.00%, 01/01/2030 | 280 | 316 | ||||||
| Rev., 4.00%, 01/01/2031 | 290 | 325 | ||||||
| New Hampshire Business Finance Authority, Waste Management, Series A2, Rev., AMT, 0.20%, 09/01/2021 (z) | 1,000 | 1,000 | ||||||
|
|
|
|||||||
| 6,117 | ||||||||
|
|
|
|||||||
| New Jersey — 3.7% | ||||||||
| City of Newark, | ||||||||
| Series A, GO, AGM, 5.00%, 10/01/2027 | 100 | 123 | ||||||
| Series A, GO, AGM, 5.00%, 10/01/2028 | 750 | 937 | ||||||
| Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026 | 1,000 | 927 | ||||||
| Gloucester County Improvement Authority, The Rowan University Fossil Park, | ||||||||
| Rev., BAM, 4.00%, 07/01/2046 (w) | 725 | 830 | ||||||
| Rev., BAM, 4.00%, 07/01/2051 (w) | 1,000 | 1,139 | ||||||
| Hudson County Improvement Authority, Hudson County Courthouse Project, Rev., 5.00%, 10/01/2028 | 150 | 191 | ||||||
| New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1,000 | 1,213 | ||||||
| New Jersey Economic Development Authority, | ||||||||
| Series A, Rev., 5.00%, 11/01/2027 | 2,500 | 3,087 | ||||||
| Series AAA, Rev., 5.50%, 06/15/2028 | 5,000 | 6,133 | ||||||
| Series B, Rev., 5.00%, 11/01/2023 | 75 | 84 | ||||||
| Series DDD, Rev., 5.00%, 06/15/2033 | 1,500 | 1,778 | ||||||
| New Jersey Economic Development Authority, American Water Company, Series B, Rev., AMT, 1.20%, 11/01/2034 (z) | 1,195 | 1,210 | ||||||
| New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Rev., AMT, 5.13%, 09/15/2023 | 2,000 | 2,122 | ||||||
| New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025 | 245 | 280 | ||||||
| New Jersey Economic Development Authority, Municipal Rehabilitation, Series A, Rev., 5.25%, 04/01/2027 (z) | 5,000 | 6,162 | ||||||
| New Jersey Economic Development Authority, New Jersey American Water Company, Inc., | ||||||||
| Rev., AMT, 1.10%, 11/01/2029 (z) | 2,610 | 2,591 | ||||||
| Series E, Rev., AMT, 0.85%, 12/01/2025 | 2,205 | 2,182 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New Jersey — continued | ||||||||
| New Jersey Economic Development Authority, School Facilities, Series GG, Rev., 5.00%, 09/01/2021 | 3,000 | 3,008 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction, | ||||||||
| Rev., 5.00%, 03/01/2031 | 1,190 | 1,276 | ||||||
| Series GGG, Rev., 5.25%, 09/01/2026 (e) | 3,000 | 3,617 | ||||||
| New Jersey Economic Development Authority, School Facilities Construction Sifma, Series I, Rev., (SIFMA Municipal Swap Index + 1.60%), 1.65%, 03/01/2028 (aa) | 10,000 | 10,022 | ||||||
| New Jersey Economic Development Authority, Self Designated Social Bonds, | ||||||||
| Series QQQ, Rev., 4.00%, 06/15/2034 | 500 | 576 | ||||||
| Series QQQ, Rev., 4.00%, 06/15/2035 | 500 | 574 | ||||||
| Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 667 | ||||||
| Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 502 | ||||||
| Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 498 | ||||||
| New Jersey Economic Development Authority, State House Project, | ||||||||
| Series B, Rev., 5.00%, 06/15/2027 | 10,690 | 13,097 | ||||||
| Series B, Rev., 5.00%, 06/15/2028 | 8,635 | 10,757 | ||||||
| New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028 | 2,000 | 2,321 | ||||||
| New Jersey Educational Facilities Authority, Princeton University, | ||||||||
| Series A, Rev., 5.00%, 07/01/2022 | 1,710 | 1,814 | ||||||
| Series I, Rev., 5.00%, 07/01/2024 | 1,290 | 1,488 | ||||||
| Series I, Rev., 5.00%, 07/01/2036 | 1,015 | 1,255 | ||||||
| New Jersey Health Care Facilities Financing Authority, Inspira Health Obligated Group, Rev., 5.00%, 07/01/2037 | 1,600 | 1,925 | ||||||
| New Jersey Health Care Facilities Financing Authority, Princeton Health Care, Rev., 5.00%, 07/01/2025 | 1,320 | 1,564 | ||||||
| New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024 | 300 | 346 | ||||||
| New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1,195 | 1,249 | ||||||
| New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051 | 3,200 | 3,564 | ||||||
| New Jersey Housing & Mortgage Finance Agency, Pilgrim Baptist Village, Rev., HUD, 1.50%, 09/01/2022 (z) | 165 | 166 | ||||||
| New Jersey Transportation Trust Fund Authority, | ||||||||
| Series A, Rev., 5.00%, 12/15/2028 | 300 | 377 | ||||||
| Series AA, Rev., 4.00%, 06/15/2040 | 3,750 | 4,243 | ||||||
| Series AA, Rev., 5.00%, 06/15/2035 | 3,000 | 3,750 | ||||||
| Series AA, Rev., 5.00%, 06/15/2045 | 660 | 801 | ||||||
| Series B, Rev., 5.25%, 06/15/2022 (p) | 3,350 | 3,383 | ||||||
| Series B, Rev., 5.25%, 06/15/2023 (p) | 2,500 | 2,525 | ||||||
| Series B, Rev., 5.25%, 06/15/2036 | 1,500 | 1,512 | ||||||
| New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038 | 3,250 | 2,122 | ||||||
| New Jersey Transportation Trust Fund Authority, Transportation System Bond, Rev., 4.00%, 12/15/2039 | 2,000 | 2,239 | ||||||
| New Jersey Transportation Trust Fund Authority,Transportation System Bond, | ||||||||
| Rev., 5.00%, 12/15/2028 | 1,000 | 1,256 | ||||||
| Rev., 5.00%, 12/15/2031 | 1,560 | 1,947 | ||||||
| New Jersey Turnpike Authority, | ||||||||
| Series A, Rev., 4.00%, 01/01/2042 | 1,000 | 1,167 | ||||||
| Series A, Rev., 5.00%, 01/01/2030 (p) | 1,000 | 1,060 | ||||||
| Series E, Rev., 5.00%, 01/01/2027 | 1,000 | 1,228 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New Jersey — continued | ||||||||
| Princeton, GO, 2.00%, 12/15/2023 | 1,735 | 1,817 | ||||||
| Rutgers The State University of New Jersey, Series L, Rev., 5.00%, 05/01/2043 (p) | 1,805 | 1,985 | ||||||
| South Jersey Port Corp., Marine Terminal, | ||||||||
| Series B, Rev., AMT, 5.00%, 01/01/2025 | 500 | 570 | ||||||
| Series B, Rev., AMT, 5.00%, 01/01/2026 | 1,015 | 1,185 | ||||||
| South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1,000 | 1,159 | ||||||
| South Jersey Transportation Authority, | ||||||||
| Series A, Rev., AGM, 5.00%, 11/01/2030 | 500 | 646 | ||||||
| Series A, Rev., AGM, 5.00%, 11/01/2033 | 1,215 | 1,551 | ||||||
| Series A, Rev., BAM, 5.00%, 11/01/2041 | 2,925 | 3,695 | ||||||
| State of New Jersey, Covid-19 Emergency Bonds, General Obligations, | ||||||||
| Series A, GO, 4.00%, 06/01/2030 | 2,000 | 2,423 | ||||||
| Series A, GO, 4.00%, 06/01/2031 | 8,340 | 10,188 | ||||||
| Series A, GO, 5.00%, 06/01/2028 | 4,245 | 5,342 | ||||||
| Series A, GO, 5.00%, 06/01/2029 | 15,000 | 19,175 | ||||||
| Tender Option Bond Trust Receipts/Certificates, Series 2019XG0258, Rev., VRDO, LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 0.08%, 04/07/2021 (e) (z) | 13,300 | 13,300 | ||||||
| Tender Option Bond Trust Receipts/Certificates, Floaters, | ||||||||
| Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 0.00%, 07/01/2026 (e) (z) | 4,000 | 4,000 | ||||||
| Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 0.08%, 04/07/2021 (e) (z) | 9,500 | 9,500 | ||||||
| Tobacco Settlement Financing Corp., | ||||||||
| Series A, Rev., 5.00%, 06/01/2021 | 555 | 559 | ||||||
| Series A, Rev., 5.00%, 06/01/2022 | 2,055 | 2,166 | ||||||
|
|
|
|||||||
| 198,146 | ||||||||
|
|
|
|||||||
| New Mexico — 0.5% | ||||||||
| Albuquerque Municipal School District No. 12, | ||||||||
| Series A, GO, 5.00%, 08/01/2024 | 250 | 288 | ||||||
| Series B, GO, 5.00%, 08/01/2024 | 330 | 380 | ||||||
| City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z) | 4,635 | 4,683 | ||||||
| New Mexico Finance Authority,Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024 | 1,000 | 1,149 | ||||||
| New Mexico Hospital Equipment Loan Council, | ||||||||
| Rev., 5.00%, 06/01/2030 | 1,050 | 1,333 | ||||||
| Rev., 5.00%, 06/01/2032 | 1,000 | 1,253 | ||||||
| New Mexico Mortgage Finance Authority, Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 3,400 | 3,712 | ||||||
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 6,505 | 7,173 | ||||||
| New Mexico Municipal Energy Acquisition Authority, | ||||||||
| Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 05/01/2022 | 95 | 99 | ||||||
| Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z) | 3,815 | 4,453 | ||||||
| Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1,375 | 1,735 | ||||||
|
|
|
|||||||
| 26,258 | ||||||||
|
|
|
|||||||
| New York — 12.1% | ||||||||
| Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023 | 1,225 | 1,367 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued | ||||||||
| Broome County, Local Development Corp., United Health Services Hospital, | ||||||||
| Rev., AGM, 4.00%, 04/01/2039 | 2,750 | 3,160 | ||||||
| Rev., AGM, 5.00%, 04/01/2026 | 500 | 602 | ||||||
| Build NYC Resource Corp., Rev., 5.00%, 07/01/2026 | 325 | 377 | ||||||
| Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) | 1,220 | 1,226 | ||||||
| Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 757 | ||||||
| City of Long Beach, | ||||||||
| Series A, GO, 5.00%, 09/01/2025 | 1,990 | 2,282 | ||||||
| Series A, GO, 5.00%, 09/01/2027 | 1,500 | 1,776 | ||||||
| City of New York, | ||||||||
| Series 1I, GO, 5.00%, 03/01/2026 | 360 | 407 | ||||||
| Series A1, GO, 4.00%, 08/01/2034 | 3,000 | 3,558 | ||||||
| Series A1, GO, 5.00%, 08/01/2026 | 2,000 | 2,443 | ||||||
| Series A1, GO, 5.00%, 08/01/2028 | 1,795 | 2,295 | ||||||
| Series A1, GO, 5.00%, 08/01/2029 | 2,900 | 3,760 | ||||||
| Series A1, GO, 5.00%, 08/01/2041 | 3,000 | 3,705 | ||||||
| Series A, GO, 5.00%, 08/01/2028 | 100 | 125 | ||||||
| Series B1, GO, 5.00%, 11/01/2029 | 1,920 | 2,500 | ||||||
| Series C1, GO, 4.00%, 08/01/2022 | 1,800 | 1,891 | ||||||
| Series C, GO, 5.00%, 08/01/2022 | 60 | 64 | ||||||
| Series C, GO, 5.00%, 08/01/2027 | 1,870 | 2,340 | ||||||
| Series D1, GO, 5.00%, 12/01/2024 | 150 | 174 | ||||||
| Series D1, GO, 5.00%, 12/01/2031 | 1,380 | 1,743 | ||||||
| Series D1, GO, 5.00%, 12/01/2036 | 11,955 | 14,841 | ||||||
| Series D1, GO, 5.00%, 12/01/2044 | 2,560 | 3,132 | ||||||
| Series D, GO, 5.00%, 08/01/2023 | 1,000 | 1,108 | ||||||
| Series E, GO, 5.00%, 08/01/2028 | 1,625 | 2,077 | ||||||
| Series F1, GO, 5.00%, 04/01/2037 | 2,730 | 3,330 | ||||||
| Series F1, GO, 5.00%, 04/01/2039 | 5,000 | 6,081 | ||||||
| Series F1, GO, 5.00%, 03/01/2043 | 1,000 | 1,259 | ||||||
| Series J3, GO, AGM, 0.14%, 06/01/2036 (z) | 2,000 | 2,000 | ||||||
| Series J, GO, 5.00%, 08/01/2025 | 2,320 | 2,572 | ||||||
| City of New York NY, Series C4, GO, AGC, 0.16%, 10/01/2027 (z) | 2,000 | 2,000 | ||||||
| City of New York Prerefunded, Series F1, GO, 5.00%, 03/01/2037 (p) | 745 | 813 | ||||||
| City of New York, Fiscal 2001, | ||||||||
| Series 2, GO, VRDO, 0.20%, 04/01/2021 (z) | 1,400 | 1,400 | ||||||
| Series 3, GO, VRDO, 0.21%, 04/07/2021 (z) | 1,065 | 1,065 | ||||||
| City of New York, Fiscal 2008, Series J10, GO, 5.00%, 08/01/2026 | 1,755 | 2,144 | ||||||
| City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z) | 1,455 | 1,708 | ||||||
| City of New York, Fiscal 2020, | ||||||||
| Series B1, GO, 4.00%, 10/01/2023 | 990 | 1,080 | ||||||
| Series B1, GO, 5.00%, 10/01/2038 | 5,000 | 6,256 | ||||||
| City of New York, Fiscal 2021, | ||||||||
| Series C, GO, 4.00%, 08/01/2037 | 450 | 525 | ||||||
| Series C, GO, 5.00%, 08/01/2033 | 2,000 | 2,592 | ||||||
| Series C, GO, 5.00%, 08/01/2035 | 4,740 | 6,074 | ||||||
| City of New York, Unrefunded, Series F1, GO, 5.00%, 03/01/2037 | 5 | 5 | ||||||
| County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045 | 485 | 554 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued | ||||||||
| County of Nassau, | ||||||||
| Series B, GO, BAM, 5.00%, 10/01/2027 | 1,450 | 1,780 | ||||||
| Series C, GO, 5.00%, 10/01/2025 | 1,005 | 1,190 | ||||||
| Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046 | 1,250 | 1,412 | ||||||
| Geneva Development Corp., Hobart & William Smith College, Rev., 5.00%, 09/01/2032 (p) | 530 | 566 | ||||||
| Hudson Yards Infrastructure Corp., | ||||||||
| Rev., 4.00%, 02/15/2044 | 9,335 | 10,305 | ||||||
| Series A, Rev., 5.00%, 02/15/2026 | 1,050 | 1,260 | ||||||
| Series A, Rev., 5.00%, 02/15/2045 | 2,210 | 2,576 | ||||||
| Long Island Power Authority, | ||||||||
| Rev., 5.00%, 09/01/2042 | 2,070 | 2,497 | ||||||
| Series A, Rev., 5.00%, 09/01/2037 | 1,250 | 1,617 | ||||||
| Series C, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.75%), 0.83%, 05/01/2033 (aa) | 5,000 | 5,005 | ||||||
| Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025 | 2,680 | 2,708 | ||||||
| Long Island Power Authority, Unrefunded, Series A, Rev., 5.00%, 09/01/2042 | 500 | 531 | ||||||
| Metropolitan Transportation Authority, | ||||||||
| Rev., AGM, (United States SOFR * 0.67 + 0.80%), 0.00%, 11/01/2032 (w) (aa) | 430 | 430 | ||||||
| Rev., AGM, (United States SOFR * 0.67 + 0.55%), 0.00%, 11/01/2032 (w) (aa) | 1,770 | 1,770 | ||||||
| Series A, Rev., BAN, 4.00%, 02/01/2022 | 4,645 | 4,771 | ||||||
| Series B1, Rev., BAN, 5.00%, 05/15/2022 | 4,000 | 4,190 | ||||||
| Series B, Rev., 5.00%, 11/15/2024 | 1,095 | 1,260 | ||||||
| Series B, Rev., 5.00%, 11/15/2025 | 540 | 639 | ||||||
| Series B, Rev., AMBAC, 5.25%, 11/15/2024 | 500 | 581 | ||||||
| Series C, Rev., 5.00%, 11/15/2022 | 1,000 | 1,072 | ||||||
| Series C, Rev., 5.00%, 11/15/2047 (p) | 4,125 | 4,450 | ||||||
| Series D1, Rev., BAN, 5.00%, 09/01/2022 | 3,000 | 3,179 | ||||||
| Series D1, Rev., 5.00%, 11/01/2028 | 2,000 | 2,117 | ||||||
| Series D, Rev., 5.00%, 11/15/2027 | 1,200 | 1,438 | ||||||
| Series D, Rev., 5.00%, 11/15/2038 | 600 | 649 | ||||||
| Series F, Rev., 5.00%, 11/15/2022 | 135 | 145 | ||||||
| Series F, Rev., BAN, 5.00%, 11/15/2022 | 3,375 | 3,605 | ||||||
| Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2,500 | 3,415 | ||||||
| Metropolitan Transportation Authority, Green Bond, | ||||||||
| Series A1, Rev., BAN, 5.00%, 02/01/2023 | 1,575 | 1,694 | ||||||
| Series A2, Rev., 5.00%, 11/15/2024 | 1,815 | 2,089 | ||||||
| Series A2, Rev., 5.00%, 11/15/2027 | 1,085 | 1,301 | ||||||
| Series B, Rev., 5.00%, 11/15/2021 | 125 | 128 | ||||||
| Series B, Rev., 5.00%, 11/15/2023 | 100 | 111 | ||||||
| Metropolitan Transportation Authority, Green Bonds, | ||||||||
| Series A2, Rev., 5.00%, 11/15/2025 | 2,000 | 2,366 | ||||||
| Series B1, Rev., 5.00%, 11/15/2046 | 2,000 | 2,350 | ||||||
| Series C1, Rev., 5.00%, 11/15/2024 | 340 | 391 | ||||||
| Series C1, Rev., 5.00%, 11/15/2025 | 850 | 1,006 | ||||||
| Series C1, Rev., 5.00%, 11/15/2026 | 4,500 | 5,446 | ||||||
| Series C1, Rev., 5.00%, 11/15/2027 | 1,115 | 1,373 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued | ||||||||
| Series D1, Rev., 5.00%, 11/15/2043 | 2,000 | 2,444 | ||||||
| Series D3, Rev., 4.00%, 11/15/2049 | 2,000 | 2,213 | ||||||
| Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10,000 | 11,882 | ||||||
| Metropolitan Transportation Authority, Refunding, Transportation Subordinated, Series C1, Rev., 5.00%, 11/15/2025 | 1,055 | 1,248 | ||||||
| Metropolitan Transportation Authority, Transportation, | ||||||||
| Series A1, Rev., 5.00%, 11/15/2044 | 4,500 | 4,857 | ||||||
| Series A1, Rev., 5.25%, 11/15/2039 | 1,000 | 1,089 | ||||||
| Series C1, Rev., 5.00%, 11/15/2026 | 305 | 359 | ||||||
| Series C2, Rev., BAN, 5.00%, 09/01/2021 | 3,000 | 3,053 | ||||||
| Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1,720 | 2,082 | ||||||
| Metropolitan Transportation Authority, Transportation, Green Bonds, Series B, Rev., 5.00%, 11/15/2022 | 605 | 649 | ||||||
| Metropolitan Transportation Authority, Unrefunded Balance, Transportation, Series A, Rev., 5.00%, 11/15/2041 (p) | 4,000 | 4,120 | ||||||
| Monroe County Industrial Development Corp., Rochester Regional Health Project, | ||||||||
| Rev., 5.00%, 12/01/2022 | 600 | 644 | ||||||
| Rev., 5.00%, 12/01/2027 | 1,000 | 1,241 | ||||||
| Rev., 5.00%, 12/01/2028 | 1,700 | 2,149 | ||||||
| Rev., 5.00%, 12/01/2029 | 1,900 | 2,432 | ||||||
| Nassau County Interim Finance Authority, Taxable, Series B, Rev., 1.28%, 11/15/2028 | 8,000 | 7,773 | ||||||
| New York City Health and Hospitals Corp., | ||||||||
| Series A, Rev., 4.00%, 02/15/2025 | 1,250 | 1,412 | ||||||
| Series A, Rev., 5.00%, 02/15/2024 | 270 | 305 | ||||||
| Series A, Rev., 5.00%, 02/15/2025 | 2,225 | 2,597 | ||||||
| Series A, Rev., 5.00%, 02/15/2026 | 6,055 | 7,284 | ||||||
| Series A, Rev., 5.00%, 02/15/2027 | 5,360 | 6,615 | ||||||
| Series A, Rev., 5.00%, 02/15/2028 | 3,760 | 4,740 | ||||||
| Series A, Rev., 5.00%, 02/15/2029 | 2,485 | 3,189 | ||||||
| New York City Housing Development Corp., Sustainability Bonds, Rev., FHA, 0.70%, 11/01/2060 (z) | 9,490 | 9,503 | ||||||
| New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z) | 1,000 | 1,003 | ||||||
| New York City Housing Development Corp., Sustainable Neighborhood Bonds, Rev., 1.75%, 05/01/2059 (z) | 1,000 | 1,010 | ||||||
| New York City Industrial Development Agency, Queens Baseball Stadium Project, | ||||||||
| Series A, Rev., AGM, 4.00%, 01/01/2032 | 1,000 | 1,205 | ||||||
| Series A, Rev., AGM, 5.00%, 01/01/2025 | 250 | 291 | ||||||
| Series A, Rev., AGM, 5.00%, 01/01/2027 | 625 | 770 | ||||||
| Series A, Rev., AGM, 5.00%, 01/01/2029 | 1,000 | 1,278 | ||||||
| Series A, Rev., AGM, 5.00%, 01/01/2030 | 1,500 | 1,942 | ||||||
| New York City Industrial Development Agency, Yankee Stadium Project Pilot, | ||||||||
| Rev., AGM, 4.00%, 03/01/2045 | 8,825 | 10,085 | ||||||
| Rev., AGM, 5.00%, 03/01/2028 | 1,250 | 1,558 | ||||||
| Rev., AGM, 5.00%, 03/01/2029 | 1,500 | 1,902 | ||||||
| Rev., AGM, 5.00%, 03/01/2030 | 3,900 | 5,022 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040 | 17,800 | 20,665 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035 | 585 | 675 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued | ||||||||
| New York City Transitional Finance Authority Building Aid Revenue, Subordinate, Series S1, Rev., 5.00%, 07/15/2043 | 1,505 | 1,766 | ||||||
| New York City Transitional Finance Authority Future Tax Secured, | ||||||||
| Rev., 5.00%, 11/01/2028 | 1,000 | 1,283 | ||||||
| Rev., 5.00%, 08/01/2029 | 5,000 | 6,482 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, | ||||||||
| Series A1, Rev., 5.00%, 05/01/2022 | 65 | 69 | ||||||
| Series E1, Rev., 3.00%, 02/01/2028 | 730 | 826 | ||||||
| Series E1, Rev., 5.00%, 02/01/2023 | 135 | 147 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Fiscal 2011, Series D, Rev., 5.00%, 02/01/2035 | 1,000 | 1,004 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, | ||||||||
| Rev., 4.00%, 11/01/2035 | 7,000 | 8,301 | ||||||
| Rev., 5.00%, 11/01/2021 | 920 | 946 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, | ||||||||
| Rev., 4.00%, 05/01/2038 | 2,000 | 2,341 | ||||||
| Series A1, Rev., 5.00%, 08/01/2042 | 2,000 | 2,438 | ||||||
| Series A3, Rev., 4.00%, 05/01/2041 | 11,000 | 12,590 | ||||||
| Series C1, Rev., 5.00%, 11/01/2021 | 1,970 | 2,025 | ||||||
| Series DS, Rev., 4.00%, 11/01/2038 | 4,000 | 4,675 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, | ||||||||
| Rev., 3.75%, 11/01/2025 | 8,000 | 8,624 | ||||||
| Series A1, Rev., 5.00%, 08/01/2021 (p) | 1,000 | 1,016 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, | ||||||||
| Rev., 5.00%, 05/01/2031 | 1,000 | 1,316 | ||||||
| Series A3, Rev., 4.00%, 05/01/2042 | 2,000 | 2,283 | ||||||
| Series A3, Rev., 5.00%, 08/01/2040 | 1,720 | 2,089 | ||||||
| Series C1, Rev., 5.00%, 05/01/2024 | 1,000 | 1,143 | ||||||
| New York City Transitional Finance Authority Future Tax Secured, Future Tax Secured Subordinated Fiscal, | ||||||||
| Series 1, Rev., 5.00%, 11/01/2026 | 3,345 | 4,129 | ||||||
| Series 1, Rev., 5.00%, 11/01/2028 | 2,475 | 3,175 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured, Rev., 5.00%, 11/01/2026 | 375 | 463 | ||||||
| New York City Transitional Finance Authority, Future Tax Secured Revenue, | ||||||||
| Rev., 5.00%, 11/01/2024 (w) | 2,755 | 3,204 | ||||||
| Series I, Rev., 5.00%, 05/01/2027 | 345 | 379 | ||||||
| New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 648 | ||||||
| New York City Water & Sewer System, | ||||||||
| Series AA2, Rev., 5.00%, 06/15/2029 | 2,850 | 3,725 | ||||||
| Series FF, Rev., 5.00%, 06/15/2041 | 2,000 | 2,539 | ||||||
| Series GG1, Rev., 5.00%, 06/15/2030 | 1,000 | 1,331 | ||||||
| Series GG, Rev., 5.00%, 06/15/2039 | 2,660 | 3,111 | ||||||
| New York City Water & Sewer System, Second General Resolution, | ||||||||
| Rev., 5.00%, 06/15/2026 | 3,600 | 4,409 | ||||||
| Rev., 5.00%, 06/15/2029 | 870 | 1,137 | ||||||
| Rev., 5.00%, 06/15/2047 | 14,655 | 16,008 | ||||||
| Series CC1, Rev., 5.00%, 06/15/2048 | 2,730 | 3,270 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued | ||||||||
| Series CC1, Rev., 5.25%, 06/15/2037 | 2,345 | 2,912 | ||||||
| Series DD1, Rev., 5.00%, 06/15/2048 | 3,115 | 3,778 | ||||||
| Series DD2, Rev., 5.00%, 06/15/2040 | 2,000 | 2,446 | ||||||
| Series DD, Rev., 5.00%, 06/15/2047 | 6,550 | 7,844 | ||||||
| Series FF, Rev., 5.00%, 06/15/2045 | 500 | 528 | ||||||
| New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 0.06%, 04/01/2021 (z) | 2,000 | 2,000 | ||||||
| New York City Water & Sewer System, Water And Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042 | 1,180 | 1,396 | ||||||
| New York City, Water & Sewer System, Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 622 | ||||||
| New York Liberty Development Corp., World Trade Center Project, | ||||||||
| Rev., 5.75%, 11/15/2051 | 10,165 | 10,487 | ||||||
| Series 1, Rev., 5.00%, 11/15/2044 (e) | 1,700 | 1,855 | ||||||
| New York State Dormitory Authority, | ||||||||
| Series A, Rev., 5.00%, 03/15/2024 | 100 | 114 | ||||||
| Series A, Rev., 5.00%, 03/15/2029 | 3,000 | 3,872 | ||||||
| Series A, Rev., 5.00%, 03/15/2034 | 2,000 | 2,433 | ||||||
| Series A, Rev., 5.00%, 03/15/2040 | 1,000 | 1,232 | ||||||
| Series D, Rev., 4.00%, 02/15/2037 | 2,000 | 2,319 | ||||||
| New York State Dormitory Authority, Conrell University, Series A, Rev., 5.00%, 07/01/2031 | 1,000 | 1,369 | ||||||
| New York State Dormitory Authority, Convent of the Sacred Heart, Rev., AGM, 5.63%, 11/01/2035 (p) | 1,000 | 1,004 | ||||||
| New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 | 100 | 121 | ||||||
| New York State Dormitory Authority, General Purpose, Unrefunded, Series A, Rev., 5.00%, 02/15/2022 | 250 | 260 | ||||||
| New York State Dormitory Authority, Group 1, Series A, Rev., 5.00%, 03/15/2024 | 2,000 | 2,273 | ||||||
| New York State Dormitory Authority, Group 2, | ||||||||
| Series A, Rev., 5.00%, 03/15/2033 | 2,000 | 2,601 | ||||||
| Series A, Rev., 5.00%, 03/15/2036 | 2,015 | 2,516 | ||||||
| New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5,000 | 6,219 | ||||||
| New York State Dormitory Authority, Montefiore Obligated Group, | ||||||||
| Series A, Rev., 5.00%, 08/01/2025 | 2,035 | 2,373 | ||||||
| Series A, Rev., 5.00%, 08/01/2026 | 750 | 898 | ||||||
| Series A, Rev., 5.00%, 08/01/2031 | 1,010 | 1,241 | ||||||
| New York State Dormitory Authority, Municipal Health Facilities, Rev., 4.00%, 01/15/2023 | 50 | 50 | ||||||
| New York State Dormitory Authority, New York University, Series A, Rev., 4.00%, 07/01/2035 | 620 | 709 | ||||||
| New York State Dormitory Authority, North Shore—Long Island Jewish, Series A, Rev., 5.00%, 05/01/2021 | 150 | 150 | ||||||
| New York State Dormitory Authority, Rockefeller University, Series A, Rev., 5.00%, 07/01/2038 | 1,000 | 1,055 | ||||||
| New York State Dormitory Authority, School Districts Financing Program, Series A, Rev., AGM, 5.00%, 10/01/2025 | 1,460 | 1,739 | ||||||
| New York State Dormitory Authority, State University Dormitory Facilities, Series A, Rev., 5.00%, 07/01/2023 (p) | 150 | 159 | ||||||
| New York State Dormitory Authority, State University New York Dormitory Facilities, Series B, Rev., 5.00%, 07/01/2031 | 1,365 | 1,570 | ||||||
| New York State Environmental Facilities Corp., Series B, Rev., 5.00%, 06/15/2023 | 1,000 | 1,105 | ||||||
| New York State Environmental Facilities Corp., Municipal Water, Subordinated, Rev., 5.00%, 06/15/2042 | 2,655 | 3,234 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued | ||||||||
| New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Incorporate Project, Rev., AMT, 2.75%, 09/01/2050 (e) (z) | 250 | 257 | ||||||
| New York State Housing Finance Agency, Sustainability Bonds, | ||||||||
| Series K, SONYMA, Rev., 0.70%, 11/01/2024 | 1,085 | 1,090 | ||||||
| Series P, Rev., 1.55%, 11/01/2023 | 300 | 300 | ||||||
| New York State Thruway Authority, | ||||||||
| Series K, Rev., 5.00%, 01/01/2022 | 105 | 109 | ||||||
| Series L, Rev., 5.00%, 01/01/2024 | 75 | 84 | ||||||
| New York State Thruway Authority, General Revenue, Series I, Rev., 5.00%, 01/01/2032 (p) | 2,050 | 2,124 | ||||||
| New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 4,120 | 4,786 | ||||||
| New York State Thruway Authority, Transportation, Series A, Rev., 5.00%, 03/15/2024 | 100 | 102 | ||||||
| New York State Urban Development Corp., Series A, Rev., 4.00%, 03/15/2049 | 1,300 | 1,475 | ||||||
| New York State Urban Development Corp., Personal Income Tax, | ||||||||
| Rev., 4.00%, 03/15/2037 | 2,000 | 2,340 | ||||||
| Rev., 4.00%, 03/15/2041 | 5,000 | 5,767 | ||||||
| Rev., 5.00%, 03/15/2030 | 500 | 651 | ||||||
| Series C3, Rev., 5.00%, 03/15/2038 | 1,685 | 2,060 | ||||||
| New York State Urban Development Corp., State Personal Income Tax, | ||||||||
| Rev., 5.00%, 03/15/2028 | 1,250 | 1,581 | ||||||
| Rev., 5.00%, 03/15/2034 | 3,000 | 3,387 | ||||||
| Series A, Rev., 5.00%, 03/15/2024 | 8,000 | 9,097 | ||||||
| New York State Urban Development Corp., State Personal Income Tax, General Purpose, | ||||||||
| Series A, Rev., 5.00%, 03/15/2042 | 5,000 | 6,132 | ||||||
| Series B, Rev., 3.54%, 03/15/2028 | 7,000 | 7,730 | ||||||
| New York State Urban Development Corp., State Personal Income Taxes Facilities, Rev., NATL, 5.50%, 03/15/2024 | 6,000 | 6,910 | ||||||
| New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia, Rev., AMT, 5.00%, 10/01/2035 | 10,000 | 12,430 | ||||||
| New York Transportation Development Corp., Laguardia Airport Terminal B, Rev., AMT, 5.25%, 01/01/2050 | 2,000 | 2,252 | ||||||
| New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 695 | ||||||
| New York Transportation Development Corp., Terminal 4 John F Kennedy International, | ||||||||
| Rev., AMT, 4.00%, 12/01/2038 | 300 | 338 | ||||||
| Rev., AMT, 4.00%, 12/01/2039 | 300 | 337 | ||||||
| Rev., AMT, 4.00%, 12/01/2040 | 1,475 | 1,641 | ||||||
| Rev., AMT, 4.00%, 12/01/2041 | 300 | 333 | ||||||
| Rev., AMT, 4.00%, 12/01/2042 | 300 | 332 | ||||||
| Rev., 5.00%, 12/01/2024 | 200 | 229 | ||||||
| Rev., 5.00%, 12/01/2025 | 200 | 234 | ||||||
| Rev., 5.00%, 12/01/2026 | 200 | 240 | ||||||
| Rev., 5.00%, 12/01/2027 | 200 | 247 | ||||||
| Rev., 5.00%, 12/01/2028 | 200 | 248 | ||||||
| Rev., 5.00%, 12/01/2037 | 250 | 308 | ||||||
| Rev., 5.00%, 12/01/2038 | 250 | 307 | ||||||
| Port Authority of New York & New Jersey, | ||||||||
| Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5,000 | 6,165 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| New York — continued | ||||||||
| Series 223, Rev., AMT, 5.00%, 07/15/2023 | 1,220 | 1,349 | ||||||
| Series 226, Rev., AMT, 5.00%, 10/15/2031 (w) | 2,500 | 3,235 | ||||||
| Port Authority of New York & New Jersey, Consolidated, | ||||||||
| Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3,000 | 3,617 | ||||||
| Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1,620 | 2,087 | ||||||
| Series 221, Rev., AMT, 5.00%, 07/15/2032 | 1,500 | 1,922 | ||||||
| Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, | ||||||||
| Rev., AMT, 5.00%, 09/01/2026 | 3,000 | 3,429 | ||||||
| Series 222, Rev., 4.00%, 07/15/2036 | 10,250 | 12,117 | ||||||
| Series 222, Rev., 5.00%, 07/15/2034 | 5,000 | 6,455 | ||||||
| Tender Option Bond Trust Receipts/Certificates, Series 2020ZF0950, Rev., VRDO, LIQ: Toronto Dominion Bank, 0.08%, 04/07/2021 (e) (z) | 7,020 | 7,020 | ||||||
| Triborough Bridge & Tunnel Authority, | ||||||||
| Series A, Rev., 5.00%, 11/15/2038 | 1,000 | 1,072 | ||||||
| Series A, Rev., 5.00%, 11/15/2041 | 1,975 | 2,344 | ||||||
| Series A, Rev., 5.00%, 11/15/2049 | 3,040 | 3,788 | ||||||
| Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025 | 50 | 55 | ||||||
| Trust for Cultural Resources of The City of New York (The), American Museum of Natural History, Series B1, Rev., (SIFMA Municipal Swap Index + 0.10%), 0.15%, 04/01/2044 (aa) | 750 | 750 | ||||||
| TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6,780 | 7,327 | ||||||
| Utility Debt Securitization Authority, Restructuring, | ||||||||
| Rev., 5.00%, 12/15/2025 | 105 | 118 | ||||||
| Series TE, Rev., 5.00%, 12/15/2033 | 3,150 | 3,536 | ||||||
| Westchester County Industrial Development Agency, Eg Mount Vernon Preservation, Rev., FNMA COLL, 0.30%, 12/01/2023 (z) | 1,525 | 1,527 | ||||||
| Westchester County Industrial Development Agency, Marble Hall Tuckahoe Limited, Rev., FHA, 0.28%, 04/01/2024 (z) | 3,135 | 3,133 | ||||||
|
|
|
|||||||
| 644,442 | ||||||||
|
|
|
|||||||
| North Carolina — 1.8% | ||||||||
| Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 5.00%, 01/15/2048 (z) | 1,000 | 1,042 | ||||||
| City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International, | ||||||||
| Rev., 5.00%, 07/01/2049 | 5,000 | 6,131 | ||||||
| Rev., AMT, 5.00%, 07/01/2049 | 5,000 | 5,992 | ||||||
| City of Charlotte, 2003 Governmental Facilities Project, VRDO, COP, LIQ: Wells Fargo Bank NA, 0.04%, 04/07/2021 (z) | 3,000 | 3,000 | ||||||
| City of Charlotte, Water & Sewer System Revenue, | ||||||||
| Rev., 5.00%, 07/01/2026 | 1,850 | 2,275 | ||||||
| Rev., 5.00%, 07/01/2027 | 1,000 | 1,265 | ||||||
| City of Durham, Water & Sewer Utility System Revenue, Rev., 5.00%, 06/01/2041 (p) | 500 | 504 | ||||||
| County of Wake, | ||||||||
| Series A, Rev., 5.00%, 08/01/2021 | 50 | 51 | ||||||
| Series B, GO, 5.00%, 08/01/2023 | 1,400 | 1,556 | ||||||
| County of Wake, Public Improvement, GO, 5.00%, 09/01/2021 | 110 | 112 | ||||||
| Durham Housing Authority, Jj Henderson, Rev., HUD, 0.30%, 06/01/2024 (z) | 1,750 | 1,752 | ||||||
| Durham Housing Authority, Oakley Square Apartments Project, Series A, Rev., 0.30%, 05/01/2024 (z) | 2,000 | 2,002 | ||||||
| North Carolina Capital Facilities Finance Agency, Republic Services, Inc. Project, Rev., AMT, 0.19%, 06/01/2038 (z) | 10,000 | 9,998 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| North Carolina — continued | ||||||||
| North Carolina Eastern Municipal Power Agency, Prerefunded, Series A, Rev., 6.00%, 01/01/2026 (p) | 1,000 | 1,043 | ||||||
| North Carolina Housing Finance Agency, | ||||||||
| Series 37A, Rev., AMT, 3.50%, 07/01/2039 | 100 | 105 | ||||||
| Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032 | 1,705 | 1,728 | ||||||
| Series 45, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 3,900 | 4,256 | ||||||
| North Carolina Medical Care Commission, Caromont Health, Series B, Rev., 5.00%, 02/01/2051 (z) | 790 | 953 | ||||||
| North Carolina Medical Care Commission, Presbyterian Homes Obligations, | ||||||||
| Series A, Rev., 4.00%, 10/01/2027 | 710 | 825 | ||||||
| Series A, Rev., 4.00%, 10/01/2040 | 1,200 | 1,346 | ||||||
| Series A, Rev., 4.00%, 10/01/2045 | 1,750 | 1,945 | ||||||
| North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1,760 | 2,276 | ||||||
| North Carolina Municipal Power Agency No. 1, Series B, Rev., 5.00%, 01/01/2027 (p) | 1,000 | 1,036 | ||||||
| North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024 | 5,200 | 5,855 | ||||||
| North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038 | 2,375 | 2,926 | ||||||
| North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049 | 1,000 | 1,229 | ||||||
| Raleigh Durham Airport Authority, | ||||||||
| Series A, Rev., AMT, 5.00%, 05/01/2032 | 1,200 | 1,504 | ||||||
| Sanford Housing Authority, Matthews Garden Gilmore, Rev., HUD, 0.00%, 10/01/2023 (z) | 3,750 | 3,754 | ||||||
| State of North Carolina, | ||||||||
| Series A, GO, 5.00%, 06/01/2022 | 1,440 | 1,521 | ||||||
| Series A, GO, 5.00%, 06/01/2026 | 3,000 | 3,679 | ||||||
| State of North Carolina, Build Nc Programs, | ||||||||
| Series B, Rev., 5.00%, 05/01/2026 | 2,255 | 2,753 | ||||||
| Series B, Rev., 5.00%, 05/01/2027 | 2,750 | 3,453 | ||||||
| State of North Carolina, Public Improvement, Series B, GO, 5.00%, 06/01/2026 | 3,500 | 4,292 | ||||||
| University of North Carolina at Chapel Hill, | ||||||||
| Series A, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.35%), 0.43%, 12/01/2041 (aa) | 1,125 | 1,125 | ||||||
| Series B, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.40%), 0.48%, 12/01/2041 (aa) | 3,000 | 3,007 | ||||||
| University of North Carolina at Chapel Hill Hospital, Rev., 5.00%, 02/01/2045 | 5,140 | 7,472 | ||||||
| Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2,120 | 2,770 | ||||||
|
|
|
|||||||
| 96,533 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| North Dakota — 0.3% | ||||||||
| City of West Fargo, | ||||||||
| Series A, GO, 2.00%, 05/01/2022 | 500 | 509 | ||||||
| Series A, GO, 2.00%, 05/01/2023 | 525 | 544 | ||||||
| North Dakota Housing Finance Agency, | ||||||||
| Series B, Rev., 3.00%, 07/01/2051 | 2,365 | 2,584 | ||||||
| Series C, Rev., 4.00%, 01/01/2050 | 1,000 | 1,133 | ||||||
| North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | 6,535 | 7,207 | ||||||
| North Dakota Housing Finance Agency, Housing Home Mortgage Finance Program, Series E, Rev., VRDO, 0.05%, 04/07/2021 (z) | 2,000 | 2,000 | ||||||
| West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 352 | ||||||
|
|
|
|||||||
| 14,329 | ||||||||
|
|
|
|||||||
| Ohio — 2.2% | ||||||||
| Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046 | 1,605 | 1,857 | ||||||
| Akron Bath Copley Joint Township Hospital District, Summa Health Obligations, | ||||||||
| Rev., 4.00%, 11/15/2034 | 500 | 577 | ||||||
| Rev., 4.00%, 11/15/2035 | 1,000 | 1,149 | ||||||
| Rev., 4.00%, 11/15/2038 | 750 | 851 | ||||||
| Rev., 5.00%, 11/15/2026 | 200 | 241 | ||||||
| American Municipal Power, Inc., Series A, Rev., 5.25%, 02/15/2033 (p) | 2,430 | 2,538 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055 | 5,000 | 5,633 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Capital Appreciation, Series A3, Rev., 6.25%, 06/01/2037 (p) | 2,820 | 3,019 | ||||||
| Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048 | 2,210 | 2,464 | ||||||
| City of Cincinnati, Water System Revenue, Series A, Rev., 5.00%, 12/01/2036 (p) | 2,500 | 2,580 | ||||||
| City of Cleveland, Airport System Revenue, Series A, Rev., AGM, 5.00%, 01/01/2031 (p) | 1,000 | 1,036 | ||||||
| City of Columbus, | ||||||||
| Series 1, GO, 5.00%, 07/01/2026 (p) | 1,000 | 1,108 | ||||||
| Series A, GO, 5.00%, 04/01/2032 | 2,200 | 2,945 | ||||||
| Cleveland Department of Public Utilities, Division of Water, Series FF, Rev., 5.00%, 01/01/2026 | 300 | 362 | ||||||
| County of Allen Hospital Facilities Revenue, Catholic Health Partners, Series A, Rev., 5.00%, 05/01/2042 (p) | 1,465 | 1,542 | ||||||
| County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 63 | ||||||
| County of Cuyahoga, Series D, Rev., 5.00%, 12/01/2026 | 3,500 | 4,310 | ||||||
| County of Geauga, South Franklin Circle Project, Series A, Rev., 8.00%, 12/31/2047 (p) (z) | 6,035 | 6,933 | ||||||
| County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1,510 | 1,891 | ||||||
| County of Montgomery, Kettering Health Network Obligations, | ||||||||
| Rev., 4.00%, 08/01/2037 | 525 | 620 | ||||||
| Rev., 4.00%, 08/01/2041 | 1,200 | 1,401 | ||||||
| Dayton Metro Library, Library Improvement, Series A, GO, 5.00%, 12/01/2038 (p) | 145 | 150 | ||||||
| Hamilton City School District, Various Purpose, GO, 5.00%, 12/01/2034 (p) | 1,500 | 1,755 | ||||||
| Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z) | 5,000 | 5,796 | ||||||
| Northeast Ohio Medical University, Series A, Rev., 4.00%, 12/01/2035 | 250 | 284 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Ohio — continued | ||||||||
| Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z) | 1,250 | 1,299 | ||||||
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1,000 | 1,078 | ||||||
| Ohio Higher Educational Facility Commission, University Of Dayton, Rev., 5.00%, 02/01/2034 | 1,125 | 1,427 | ||||||
| Ohio Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 1,385 | 1,549 | ||||||
| Ohio Housing Finance Agency, The Arts Apartments Project, Series A, Rev., HUD, 0.35%, 12/01/2023 (z) | 2,750 | 2,755 | ||||||
| Ohio Turnpike & Infrastructure Commission, Junior Lien, Infrastructure Project, Rev., 5.00%, 02/15/2025 | 455 | 494 | ||||||
| Ohio Water Development Authority, | ||||||||
| Series A, Rev., 5.00%, 06/01/2029 | 500 | 653 | ||||||
| Series A, Rev., 5.00%, 12/01/2035 | 1,000 | 1,341 | ||||||
| Ohio Water Development Authority, Fresh Water, Series A, Rev., 5.00%, 06/01/2023 | 155 | 171 | ||||||
| Ohio Water Development Authority, Water Pollution Control Loan Fund, | ||||||||
| Series A, Rev., VRDO, 0.05%, 04/07/2021 (z) | 3,500 | 3,500 | ||||||
| Series B, Rev., 5.00%, 06/01/2024 | 1,000 | 1,147 | ||||||
| Series B, Rev., 5.00%, 06/01/2025 | 1,300 | 1,542 | ||||||
| State of Ohio, | ||||||||
| Series A, GO, 5.00%, 08/01/2021 | 1,500 | 1,524 | ||||||
| Series A, GO, 5.00%, 09/15/2022 | 95 | 102 | ||||||
| Series A, GO, 5.00%, 12/15/2022 | 75 | 81 | ||||||
| Series A, GO, 5.00%, 02/01/2024 | 2,000 | 2,265 | ||||||
| Series A, GO, 5.00%, 02/01/2038 | 3,000 | 3,550 | ||||||
| State of Ohio, Cleveland Clinic Health System, Series A, Rev., 5.00%, 01/01/2027 | 940 | 1,165 | ||||||
| State of Ohio, Common School, Series A, GO, 5.00%, 06/15/2022 | 825 | 873 | ||||||
| State of Ohio, Common Shares, Series C, GO, 4.00%, 09/15/2022 | 5,000 | 5,280 | ||||||
| State of Ohio, Conservation Project, | ||||||||
| Series B, GO, 4.00%, 03/01/2022 | 1,145 | 1,185 | ||||||
| Series B, GO, 4.00%, 03/01/2023 | 1,000 | 1,073 | ||||||
| State of Ohio, Conservation Projects, Series A, GO, 2.00%, 03/01/2022 | 135 | 137 | ||||||
| State of Ohio, Higher Education, | ||||||||
| Series A, GO, 5.00%, 05/01/2025 | 320 | 379 | ||||||
| Series A, GO, 5.00%, 05/01/2026 | 1,000 | 1,220 | ||||||
| Series A, GO, 5.00%, 05/01/2032 | 10,000 | 12,374 | ||||||
| Series C, GO, 5.00%, 08/01/2028 | 5,500 | 7,094 | ||||||
| State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p) | 180 | 197 | ||||||
| State of Ohio, Portsmouth Bypass Project P3, Rev., AMT, 5.00%, 06/30/2022 | 160 | 169 | ||||||
| State of Ohio, Premier Health Partners, | ||||||||
| Rev., 4.00%, 11/15/2039 | 1,320 | 1,476 | ||||||
| Rev., 4.00%, 11/15/2041 | 1,450 | 1,611 | ||||||
| Rev., 5.00%, 11/15/2028 | 680 | 858 | ||||||
| State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041 | 1,000 | 1,147 | ||||||
| Toledo City School District, School Facilities Improvement, | ||||||||
| GO, 5.00%, 12/01/2030 (p) | 1,125 | 1,268 | ||||||
| Series B, GO, 5.00%, 12/01/2024 (p) | 2,920 | 3,156 | ||||||
|
|
|
|||||||
| 116,245 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Oklahoma — 0.1% |
||||||||
| Oklahoma Development Finance Authority, Gilcrease Expressway West, Rev., AMT, 1.63%, 07/06/2023 | 1,100 | 1,105 | ||||||
| Oklahoma Housing Finance Agency, Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2050 | 2,010 | 2,220 | ||||||
| Oklahoma Turnpike Authority, Second, Series C, Rev., 5.00%, 01/01/2031 (p) | 3,000 | 3,108 | ||||||
|
|
|
|||||||
| 6,433 | ||||||||
|
|
|
|||||||
| Oregon — 1.0% |
||||||||
| City of Portland Sewer System Revenue, Second Lien, Series A, Rev., 4.00%, 03/01/2033 | 3,850 | 4,724 | ||||||
| City of Portland Water System Revenue, Second Lien, Series A, Rev., 5.00%, 05/01/2033 | 1,825 | 2,376 | ||||||
| Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1,000 | 1,305 | ||||||
| Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045 | 1,330 | 1,545 | ||||||
| Multnomah County School District No. 1 Portland, | ||||||||
| GO, SCH BD GTY, 5.00%, 06/15/2028 | 1,850 | 2,384 | ||||||
| Series B, GO, SCH BD GTY, 5.00%, 06/15/2022 | 10,000 | 10,580 | ||||||
| Multnomah County School District No. 3 Parkrose, Series A, GO, SCH BD GTY, 5.00%, 06/30/2035 (p) | 500 | 506 | ||||||
| Oregon State Facilities Authority, Providence Health and Services, Series A, Rev., 5.00%, 10/01/2022 | 80 | 86 | ||||||
| Oregon State Lottery, Series A, Rev., 5.25%, 04/01/2030 (p) | 1,700 | 1,700 | ||||||
| Port of Portland Airport Revenue, | ||||||||
| Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1,595 | 1,996 | ||||||
| Series 27A, Rev., AMT, 5.00%, 07/01/2036 | 2,000 | 2,496 | ||||||
| Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1,020 | 1,241 | ||||||
| Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023 | 100 | 110 | ||||||
| State of Oregon, Series N, GO, 5.00%, 12/01/2023 | 2,070 | 2,136 | ||||||
| State of Oregon Department of Transportation, Series A, Rev., 5.00%, 11/15/2025 (p) | 2,000 | 2,157 | ||||||
| State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9,095 | 11,717 | ||||||
| State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 120 | ||||||
| State of Oregon, Article Xi-M & Xi-N Seismic, GO, 5.00%, 06/01/2030 | 1,995 | 2,672 | ||||||
| State of Oregon, St Property, Series J, GO, 5.00%, 05/01/2036 (p) | 1,050 | 1,054 | ||||||
| University of Oregon, Series A, Rev., 5.00%, 04/01/2048 | 1,000 | 1,207 | ||||||
|
|
|
|||||||
| 52,112 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Pennsylvania — 4.5% |
||||||||
| Allegheny County Airport Authority, Pittsburgh International Airport, Series B, Rev., 4.00%, 01/01/2030 (p) | 670 | 689 | ||||||
| Allegheny County Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2047 | 3,000 | 3,517 | ||||||
| Allegheny County Hospital Development Authority, University Pittsburgh Medical Center, Rev., 4.00%, 07/15/2038 | 1,375 | 1,602 | ||||||
| Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023 | 1,000 | 1,090 | ||||||
| Allegheny County, Hospital Development Authority, Pittsburg University Medical Center, | ||||||||
| Series A, Rev., 4.00%, 07/15/2036 | 2,200 | 2,579 | ||||||
| Series A, Rev., 5.00%, 07/15/2027 | 765 | 957 | ||||||
| Allegheny County, Sanitary Authority, | ||||||||
| Series B, Rev., 4.00%, 06/01/2035 | 400 | 482 | ||||||
| Series B, Rev., 4.00%, 06/01/2036 | 675 | 809 | ||||||
| Series B, Rev., 5.00%, 06/01/2030 | 500 | 650 | ||||||
| Series B, Rev., 5.00%, 06/01/2032 | 550 | 724 | ||||||
| Series B, Rev., 5.00%, 06/01/2033 | 600 | 786 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) | 325 | 399 | ||||||
| Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025 | 1,380 | 1,553 | ||||||
| Berks County Industrial Development Authority, Tower Health Project, Rev., 5.00%, 11/01/2047 | 3,155 | 3,163 | ||||||
| Bucks County, Industrial Development Authority, Waste Management, Inc. Project, Rev., AMT, 2.75%, 12/01/2022 | 100 | 104 | ||||||
| Capital Region Water Water Revenue, Rev., 5.00%, 07/15/2032 | 1,000 | 1,250 | ||||||
| Chester County Health and Education Facilities Authority, Main Line Health System, Series B, Rev., 5.00%, 06/01/2024 | 1,000 | 1,147 | ||||||
| City of Philadelphia, | ||||||||
| GO, AGM, 5.00%, 08/01/2031 | 1,795 | 2,216 | ||||||
| Series A, GO, 5.00%, 08/01/2030 | 4,000 | 4,711 | ||||||
| City of Philadelphia Airport Revenue, | ||||||||
| Series A, Rev., 5.00%, 07/01/2047 | 5,000 | 5,979 | ||||||
| Series C, Rev., AMT, 4.00%, 07/01/2050 | 1,500 | 1,651 | ||||||
| Series C, Rev., AMT, 5.00%, 07/01/2028 | 10,000 | 12,462 | ||||||
| City of Philadelphia, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2035 | 2,235 | 2,649 | ||||||
| City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040 | 2,790 | 3,598 | ||||||
| City of Pittsburgh, | ||||||||
| GO, 5.00%, 09/01/2030 | 500 | 624 | ||||||
| Series B, GO, 5.00%, 09/01/2025 (p) | 3,000 | 3,206 | ||||||
| Series B, GO, 5.00%, 09/01/2026 (p) | 1,000 | 1,069 | ||||||
| Commonwealth Financing Authority, Series B, Rev., 5.00%, 06/01/2027 (p) | 500 | 528 | ||||||
| Commonwealth of Pennsylvania, | ||||||||
| Series 1, GO, 4.00%, 03/15/2034 | 5,000 | 5,552 | ||||||
| Series 1, GO, 4.00%, 03/01/2035 | 3,650 | 4,234 | ||||||
| Series 1, GO, 4.00%, 03/15/2035 | 2,000 | 2,216 | ||||||
| Series 1, GO, 5.00%, 11/15/2026 (p) | 1,000 | 1,030 | ||||||
| County of Allegheny, Series C75, GO, 5.00%, 11/01/2028 | 2,305 | 2,837 | ||||||
| County of Lehigh, Lehigh Valley Health Network, Rev., 4.00%, 07/01/2049 | 1,000 | 1,140 | ||||||
| Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1,000 | 1,174 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Pennsylvania — continued |
||||||||
| Cumberland Valley School District, | ||||||||
| GO, 5.00%, 11/15/2032 (p) | 150 | 169 | ||||||
| GO, 5.00%, 11/15/2034 (p) | 140 | 157 | ||||||
| Delaware River Joint Toll Bridge Commission, Series A, Rev., 5.00%, 07/01/2025 (p) | 1,020 | 1,081 | ||||||
| Delaware River Port Authority, | ||||||||
| Rev., 5.00%, 01/01/2030 | 2,500 | 2,809 | ||||||
| Rev., 5.00%, 01/01/2037 | 3,000 | 3,342 | ||||||
| Delaware Valley Regional Finance Authority, | ||||||||
| Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 5,000 | 6,446 | ||||||
| Series C, Rev., (ICE LIBOR USD 3 Month * 0.67 + 0.75%), 0.88%, 06/01/2037 (aa) | 500 | 490 | ||||||
| DuBois Hospital Authority, Penn Highlands Healthcare, | ||||||||
| Rev., 4.00%, 07/15/2045 | 1,400 | 1,500 | ||||||
| Rev., 5.00%, 07/15/2043 | 3,410 | 3,926 | ||||||
| Emmaus General Authority, Rev., VRDO, AGM, 0.05%, 04/07/2021 (z) | 4,710 | 4,710 | ||||||
| Geisinger Authority, Geisinger Health System, Series C, Rev., 5.00%, 04/01/2043 (z) | 2,630 | 3,390 | ||||||
| Health Care Facilities Authority of Sayre, Guthrie Health, Rev., (ICE LIBOR USD 3 Month * 0.67 + 0.78%), 0.91%, 12/01/2024 (aa) | 1,665 | 1,668 | ||||||
| Lancaster County Hospital Authority, Health Facilities St Annes, Rev., 5.00%, 04/01/2033 | 1,830 | 1,860 | ||||||
| Lehigh County Industrial Development Authority, Electricity Utilities Corp., Rev., 1.80%, 09/01/2029 (z) | 2,000 | 2,040 | ||||||
| Lycoming County Authority, Pennsylvania College Technology, Rev., 5.00%, 05/01/2026 | 2,000 | 2,099 | ||||||
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1,610 | 1,803 | ||||||
| Montgomery County Industrial Development Authority, Retirement, | ||||||||
| Rev., 5.00%, 11/15/2025 (p) | 1,500 | 1,581 | ||||||
| Rev., 5.00%, 11/15/2028 (p) | 1,600 | 1,687 | ||||||
| Montgomery County Industrial Development Authority, Retirement Life Cmntys, | ||||||||
| Rev., 5.00%, 11/15/2033 | 1,500 | 1,752 | ||||||
| Series C, Rev., 5.00%, 11/15/2045 | 2,585 | 3,060 | ||||||
| New Castle Sanitation Authority, | ||||||||
| Series A, Rev., AGM, 3.00%, 06/01/2029 | 500 | 550 | ||||||
| Series A, Rev., AGM, 3.00%, 06/01/2030 | 500 | 546 | ||||||
| Norristown Area School District, GO, 5.00%, 09/01/2026 | 1,500 | 1,803 | ||||||
| Pennsylvania Economic Development Financing Authority, | ||||||||
| Rev., AMT, 5.00%, 06/30/2022 | 1,000 | 1,056 | ||||||
| Series A, Rev., 5.00%, 11/15/2023 | 1,665 | 1,869 | ||||||
| Pennsylvania Economic Development Financing Authority, Bridges Finco Project, Rev., AMT, 5.00%, 06/30/2023 | 495 | 543 | ||||||
| Pennsylvania Economic Development Financing Authority, Philadelphia Bioslides Facility, | ||||||||
| Rev., 4.00%, 01/01/2028 | 1,590 | 1,827 | ||||||
| Rev., 4.00%, 01/01/2029 | 450 | 521 | ||||||
| Rev., 4.00%, 01/01/2031 | 800 | 932 | ||||||
| Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, Rev., AMT, 0.25%, 06/01/2044 (w) (z) | 2,500 | 2,500 | ||||||
| Pennsylvania Economic Development Financing Authority, Upmc, Series A1, Rev., 4.00%, 04/15/2045 | 5,440 | 6,264 | ||||||
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, | ||||||||
| Rev., AMT, 0.18%, 08/01/2045 (z) | 4,000 | 4,000 | ||||||
| Rev., AMT, 1.75%, 08/01/2038 (z) | 5,000 | 5,170 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Pennsylvania — continued |
||||||||
| Pennsylvania Higher Educational Facilities Authority, Temple University, | ||||||||
| Rev., 5.00%, 04/01/2035 (p) | 5,000 | 5,242 | ||||||
| Rev., 5.00%, 04/01/2042 (p) | 3,025 | 3,172 | ||||||
| Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1,170 | 1,341 | ||||||
| Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050 | 3,600 | 3,924 | ||||||
| Pennsylvania Housing Finance Agencyl, Social Bonds, | ||||||||
| Series 134B, Rev., AMT, 5.00%, 04/01/2022 | 1,000 | 1,047 | ||||||
| Series 134B, Rev., AMT, 5.00%, 10/01/2022 | 1,000 | 1,069 | ||||||
| Pennsylvania Turnpike Commission, | ||||||||
| Series A1, Rev., 5.00%, 12/01/2027 | 1,000 | 1,266 | ||||||
| Series A1, Rev., 5.00%, 12/01/2031 | 250 | 312 | ||||||
| Series A1, Rev., 5.00%, 12/01/2034 | 1,000 | 1,235 | ||||||
| Series A1, Rev., 5.00%, 12/01/2046 | 1,000 | 1,179 | ||||||
| Series A2, Rev., 5.00%, 12/01/2024 | 100 | 117 | ||||||
| Series A2, Rev., 5.00%, 12/01/2025 | 1,300 | 1,568 | ||||||
| Series A, Rev., 5.00%, 12/01/2044 | 2,000 | 2,496 | ||||||
| Series A, Rev., AGM, 5.25%, 07/15/2028 | 300 | 390 | ||||||
| Series A, Rev., 5.25%, 12/01/2044 | 2,500 | 3,189 | ||||||
| Series B, Rev., 5.00%, 12/01/2026 | 400 | 495 | ||||||
| Series B, Rev., 5.00%, 12/01/2027 | 900 | 1,140 | ||||||
| Series B, Rev., 5.00%, 12/01/2028 | 700 | 906 | ||||||
| Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1,000 | 1,194 | ||||||
| Pennsylvania Turnpike Commission, Senior Lien, Series A, Rev., 5.00%, 12/01/2042 (p) | 2,000 | 2,161 | ||||||
| Pennsylvania Turnpike Commission, Subordinate, Series A, Rev., 4.00%, 12/01/2043 | 2,135 | 2,470 | ||||||
| Pennsylvania Turnpike Commission, Subordinated, | ||||||||
| Series A, Rev., 5.00%, 12/01/2036 | 2,670 | 3,221 | ||||||
| Series B, Rev., 5.25%, 12/01/2031 (p) | 1,000 | 1,034 | ||||||
| Philadelphia Authority for Industrial Development, Rev., 5.00%, 05/01/2033 | 1,250 | 1,550 | ||||||
| Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) | 900 | 1,039 | ||||||
| Philadelphia Authority for Industrial Development, Thomas Jefferson University, | ||||||||
| Series A, Rev., 5.00%, 09/01/2032 | 1,110 | 1,337 | ||||||
| Series A, Rev., 5.00%, 09/01/2035 | 1,105 | 1,321 | ||||||
| Series A, Rev., 5.00%, 09/01/2047 | 1,000 | 1,171 | ||||||
| Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045 | 5,000 | 5,718 | ||||||
| Pittsburgh Water & Sewer Authority, | ||||||||
| Series B, Rev., AGM, 4.00%, 09/01/2036 | 500 | 600 | ||||||
| Series B, Rev., AGM, 4.00%, 09/01/2038 | 500 | 592 | ||||||
| Series B, Rev., AGM, 4.00%, 09/01/2045 | 2,250 | 2,611 | ||||||
| Series C, Rev., AGM, (SIFMA Municipal Swap Index + 0.65%), 0.70%, 09/01/2040 (aa) | 4,275 | 4,284 | ||||||
| Pittsburgh Water & Sewer Authority, Subordinated, Series B, Rev., AGM, 5.00%, 09/01/2031 | 1,750 | 2,340 | ||||||
| Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1,025 | 1,164 | ||||||
| Sports & Exhibition Authority of Pittsburgh and Allegheny County, | ||||||||
| Rev., AGM, 5.00%, 02/01/2027 | 2,250 | 2,751 | ||||||
| Rev., AGM, 5.00%, 02/01/2028 | 2,590 | 3,228 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Pennsylvania — continued |
||||||||
| State Public School Building Authority, Montgomery County Community College, Rev., 5.50%, 05/01/2033 | 1,000 | 1,104 | ||||||
| State Public School Building Authority, Northampton County Area Community, | ||||||||
| Rev., BAM, 4.00%, 03/01/2029 | 1,000 | 1,183 | ||||||
| Rev., BAM, 4.00%, 03/01/2030 | 640 | 749 | ||||||
| Rev., BAM, 4.00%, 03/01/2031 | 500 | 585 | ||||||
| Rev., BAM, 5.00%, 03/01/2027 | 715 | 873 | ||||||
| Rev., BAM, 5.00%, 03/01/2028 | 755 | 942 | ||||||
| State Public School Building Authority, Philadelphia Community College Project, Rev., 5.00%, 06/15/2022 | 250 | 264 | ||||||
| State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030 | 3,480 | 4,223 | ||||||
| State Public School Building Authority, School District of Philadelphia, | ||||||||
| Rev., 5.00%, 04/01/2024 (p) | 2,000 | 2,097 | ||||||
| Rev., 5.00%, 04/01/2030 (p) | 3,000 | 3,145 | ||||||
| Westmoreland County Industrial Development Authority, Excela Health Project, | ||||||||
| Series A, Rev., 4.00%, 07/01/2024 | 255 | 278 | ||||||
| Series A, Rev., 4.00%, 07/01/2025 | 575 | 637 | ||||||
| Series A, Rev., 4.00%, 07/01/2026 | 1,250 | 1,410 | ||||||
| Series A, Rev., 5.00%, 07/01/2028 | 1,400 | 1,707 | ||||||
|
|
|
|||||||
| 240,599 | ||||||||
|
|
|
|||||||
| Puerto Rico — 0.3% |
||||||||
| Puerto Rico Electric Power Authority, | ||||||||
| Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 514 | ||||||
| Series TT, Rev., 5.00%, 07/01/2020 (d) | 270 | 244 | ||||||
| Series TT, Rev., 5.00%, 07/01/2037 (d) | 630 | 570 | ||||||
| Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 419 | ||||||
| Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 520 | 467 | ||||||
| Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 454 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, Series A1, Rev., Zero Coupon, 07/01/2031 | 2,825 | 2,162 | ||||||
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, | ||||||||
| Series A1, Rev., 4.55%, 07/01/2040 | 1,075 | 1,165 | ||||||
| Series A2, Rev., 4.33%, 07/01/2040 | 7,950 | 8,505 | ||||||
|
|
|
|||||||
| 14,500 | ||||||||
|
|
|
|||||||
| Rhode Island — 0.1% |
||||||||
| Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity, | ||||||||
| Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 500 | ||||||
| Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 299 | ||||||
| Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 721 | ||||||
| Series 73A, Rev., 3.00%, 10/01/2050 | 1,500 | 1,637 | ||||||
|
|
|
|||||||
| 3,157 | ||||||||
|
|
|
|||||||
| South Carolina — 1.2% |
||||||||
| City of Rock Hill, Combined Utility System, Rev., 5.00%, 01/01/2027 | 250 | 299 | ||||||
| Lexington County Health Services District, Inc., Lexmed Obligated Group, | ||||||||
| Rev., 4.00%, 11/01/2030 | 1,000 | 1,144 | ||||||
| Rev., 4.00%, 11/01/2031 | 1,000 | 1,140 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| South Carolina — continued |
||||||||
| Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z) | 40 | 44 | ||||||
| South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z) | 1,000 | 1,180 | ||||||
| South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1,000 | 1,175 | ||||||
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1,500 | 1,850 | ||||||
| South Carolina Ports Authority, Rev., AMT, 5.00%, 07/01/2043 | 5,680 | 6,868 | ||||||
| South Carolina Public Service Authority, | ||||||||
| Series A, Rev., 4.00%, 12/01/2033 | 1,000 | 1,200 | ||||||
| Series A, Rev., 4.00%, 12/01/2034 | 2,000 | 2,392 | ||||||
| Series A, Rev., 5.00%, 12/01/2024 | 500 | 581 | ||||||
| Series A, Rev., 5.00%, 12/01/2028 | 1,700 | 1,986 | ||||||
| Series A, Rev., 5.00%, 12/01/2031 | 4,500 | 5,929 | ||||||
| Series A, Rev., 5.00%, 12/01/2032 | 1,000 | 1,309 | ||||||
| Series A, Rev., 5.00%, 12/01/2050 | 5,000 | 5,719 | ||||||
| Series B, Rev., 5.00%, 12/01/2041 | 1,000 | 1,197 | ||||||
| Series C, Rev., 5.00%, 12/01/2021 | 500 | 515 | ||||||
| South Carolina Public Service Authority, Santee Cooper, Series A, Rev., 5.75%, 12/01/2043 (p) | 4,445 | 5,093 | ||||||
| South Carolina Public Service Authority, Santee Cooper Project, | ||||||||
| Series C, Rev., 5.00%, 12/01/2036 | 715 | 735 | ||||||
| Series D, Rev., 5.00%, 12/01/2043 (p) | 3,125 | 3,299 | ||||||
| South Carolina State Housing Finance & Development Authority, | ||||||||
| Series A, Rev., 4.00%, 07/01/2050 | 3,270 | 3,702 | ||||||
| Series B, Rev., 3.25%, 01/01/2052 | 8,140 | 8,967 | ||||||
| South Carolina Transportation Infrastructure Bank, Series 2003B, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.45%), 0.53%, 10/01/2031 (aa) | 7,000 | 7,004 | ||||||
|
|
|
|||||||
| 63,328 | ||||||||
|
|
|
|||||||
| South Dakota — 0.0% (g) |
||||||||
| Harrisburg School District No. 41-2, GO, 4.50%, 07/15/2036 (p) | 1,000 | 1,034 | ||||||
|
|
|
|||||||
| Tennessee — 0.7% |
||||||||
| Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, Series A1, Rev., 5.00%, 08/01/2028 | 305 | 384 | ||||||
| City of Knoxville, Wastewater System Revenue, Series A, Rev., 5.00%, 04/01/2028 (w) | 2,000 | 2,563 | ||||||
| City of Memphis, Gas System Revenue, Rev., 4.00%, 12/01/2045 | 2,175 | 2,564 | ||||||
| City of Memphis, Sanitary Sewerage System Revenue, | ||||||||
| Series B, Rev., 5.00%, 10/01/2022 | 1,430 | 1,533 | ||||||
| Series B, Rev., 5.00%, 10/01/2023 | 1,000 | 1,119 | ||||||
| Series B, Rev., 5.00%, 10/01/2027 | 1,000 | 1,264 | ||||||
| County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 304 | ||||||
| Greeneville Health & Educational Facilities Board, People Road Portfolio Project, Rev., 1.45%, 12/01/2022 (z) | 1,115 | 1,124 | ||||||
| Health Educational and Housing Facility Board of the City of Memphis, Memphis Towers Apartments, Rev., 0.25%, 12/01/2023 (z) | 3,875 | 3,882 | ||||||
| Memphis-Shelby County Airport Authority, | ||||||||
| Rev., AMT, 5.00%, 07/01/2032 | 270 | 329 | ||||||
| Rev., AMT, 5.00%, 07/01/2043 | 2,055 | 2,434 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Tennessee — continued |
||||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 2,685 | 3,168 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Volunteer Healthcare, Rev., Zero Coupon, 06/01/2021 (p) | 4,480 | 4,479 | ||||||
| Metropolitan Government of Nashville & Davidson County, Electric Revenue, Series A, Rev., 5.00%, 05/15/2030 | 1,000 | 1,333 | ||||||
| Metropolitan Government of Nashville & Davidson County, Improvement, Series A, GO, 5.00%, 01/01/2025 (p) | 1,400 | 1,518 | ||||||
| Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Rev., 5.00%, 07/01/2025 | 560 | 620 | ||||||
| Metropolitan Nashville Airport Authority, Subordinated, Series A, Rev., 5.00%, 07/01/2054 | 1,000 | 1,233 | ||||||
| Tennessee Energy Acquisition Corp., Rev., 4.00%, 11/01/2049 (z) | 3,250 | 3,687 | ||||||
| Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026 | 1,410 | 1,729 | ||||||
| Tennessee Housing Development Agency, Residental Financial Program, Rev., 3.00%, 07/01/2051 (w) | 460 | 504 | ||||||
| Tennessee Housing Development Agency, Residential Finance Program Bonds, Rev., 4.00%, 01/01/2048 | 2,875 | 3,223 | ||||||
|
|
|
|||||||
| 38,994 | ||||||||
|
|
|
|||||||
| Texas — 10.3% |
||||||||
| Abilene Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2024 (p) | 2,800 | 3,053 | ||||||
| Angleton Independent School District, GO, PSF-GTD, 4.00%, 02/15/2022 | 2,880 | 2,975 | ||||||
| Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027 | 1,000 | 1,257 | ||||||
| Austin Affordable Public Facility Corp., Inc., Bridge at Turtle Creek, Rev., 0.42%, 12/01/2040 (z) | 6,000 | 6,012 | ||||||
| Austin Independent School District, GO, PSF-GTD, 5.00%, 08/01/2028 | 1,000 | 1,290 | ||||||
| Balmorhea Independent School District, Series A, GO, PSF-GTD, 4.00%, 02/15/2050 | 2,500 | 2,675 | ||||||
| Barbers Hill Independent School District, GO, PSF-GTD, 5.00%, 02/15/2029 | 4,370 | 5,691 | ||||||
| Bexar County Hospital District, Certificates Obligation, GO, 5.00%, 02/15/2031 | 1,000 | 1,276 | ||||||
| Board of Regents of the University of Texas System, | ||||||||
| Series A, Rev., 5.00%, 08/15/2030 | 2,000 | 2,679 | ||||||
| Series E, Rev., 5.00%, 08/15/2027 | 1,000 | 1,262 | ||||||
| Board of Regents of the University of Texas System, Green Bond, Series B, Rev., 2.50%, 08/15/2036 (z) | 5,000 | 5,024 | ||||||
| Board of Regents of the University of Texas System, Refunding Financing System, Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.04%, 04/07/2021 (z) | 2,500 | 2,500 | ||||||
| Boerne Public Facilities Corp., Liv At Boerne Senior Apartments, Rev., 2.75%, 11/01/2022 (z) | 100 | 101 | ||||||
| Boerne School District, School Building, GO, PSF-GTD, 5.00%, 02/01/2043 (p) | 1,800 | 1,873 | ||||||
| Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1,670 | 2,027 | ||||||
| Brazosport Independent School District, | ||||||||
| GO, PSF-GTD, 5.00%, 02/15/2022 | 6,000 | 6,252 | ||||||
| GO, PSF-GTD, 5.00%, 02/15/2027 | 2,500 | 3,118 | ||||||
| GO, PSF-GTD, 5.00%, 02/15/2028 | 2,500 | 3,194 | ||||||
| GO, PSF-GTD, 5.00%, 02/15/2029 | 3,000 | 3,910 | ||||||
| GO, PSF-GTD, 5.00%, 02/15/2030 | 3,000 | 3,879 | ||||||
| Capital Area Housing Finance Corp., Redwood Apartments, Rev., 0.41%, 01/01/2041 (z) | 9,205 | 9,214 | ||||||
| Carrollton-Farmers Branch Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 (w) | 935 | 1,017 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — continued |
||||||||
| Central Texas Regional Mobility Authority, | ||||||||
| Series B, Rev., 4.00%, 01/01/2040 (w) | 800 | 929 | ||||||
| Series B, Rev., 4.00%, 01/01/2051 (w) | 1,250 | 1,412 | ||||||
| Series B, Rev., 5.00%, 01/01/2046 (w) | 1,500 | 1,863 | ||||||
| Central Texas Regional Mobility Authority, Senior Lien, | ||||||||
| Series B, Rev., 4.00%, 01/01/2039 | 600 | 691 | ||||||
| Series B, Rev., 4.00%, 01/01/2040 | 500 | 575 | ||||||
| Series B, Rev., 5.00%, 01/01/2024 | 230 | 258 | ||||||
| Series B, Rev., 5.00%, 01/01/2045 | 3,595 | 4,402 | ||||||
| Series E, Rev., 5.00%, 01/01/2045 | 2,665 | 3,263 | ||||||
| Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025 | 4,770 | 5,408 | ||||||
| Central Texas Regional Mobility Authority, Subordinated Lien, Rev., 5.00%, 01/01/2042 (p) | 3,000 | 3,253 | ||||||
| Central Texas Turnpike System, First Tier, Series A, Rev., 5.00%, 08/15/2041 (p) | 7,045 | 7,513 | ||||||
| City Austin, Certificates Obligation, | ||||||||
| GO, 5.00%, 09/01/2032 | 1,750 | 2,326 | ||||||
| GO, 5.00%, 09/01/2033 | 1,100 | 1,455 | ||||||
| GO, 5.00%, 09/01/2034 | 1,750 | 2,304 | ||||||
| City of Austin, GO, 5.00%, 11/01/2021 | 1,520 | 1,563 | ||||||
| City of Austin, Airport System Revenue, | ||||||||
| Rev., AMT, 5.00%, 11/15/2025 | 3,000 | 3,565 | ||||||
| Series B, Rev., AMT, 5.00%, 11/15/2030 | 1,000 | 1,271 | ||||||
| Series B, Rev., AMT, 5.00%, 11/15/2033 | 1,130 | 1,333 | ||||||
| Series B, Rev., AMT, 5.00%, 11/15/2036 | 3,335 | 3,997 | ||||||
| City of Austin, Electric Utility Revenue, | ||||||||
| Series B, Rev., 5.00%, 11/15/2037 | 1,505 | 1,923 | ||||||
| Series B, Rev., 5.00%, 11/15/2038 | 1,340 | 1,705 | ||||||
| Series B, Rev., 5.00%, 11/15/2044 | 2,000 | 2,504 | ||||||
| City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 820 | ||||||
| City of Austin, Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 7,000 | 8,516 | ||||||
| City of Dallas, Waterworks & Sewer System Revenue, | ||||||||
| Series C, Rev., 4.00%, 10/01/2039 | 7,470 | 8,969 | ||||||
| Series C, Rev., 4.00%, 10/01/2040 | 1,000 | 1,193 | ||||||
| Series C, Rev., 5.00%, 10/01/2029 | 1,125 | 1,484 | ||||||
| Series C, Rev., 5.00%, 10/01/2032 | 3,450 | 4,583 | ||||||
| City of Denton Utility System Revenue, Rev., 5.00%, 12/01/2022 | 1,000 | 1,076 | ||||||
| City of Houston Airport System Revenue, Subordinated Lien, | ||||||||
| Series A, Rev., AMT, 4.00%, 07/01/2040 | 3,570 | 4,058 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2023 (p) | 10,000 | 10,579 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2024 | 1,000 | 1,138 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 1,000 | 1,250 | ||||||
| Series A, Rev., AMT, 5.00%, 07/01/2034 | 1,000 | 1,255 | ||||||
| Series B, Rev., 5.00%, 07/01/2027 | 1,995 | 2,482 | ||||||
| City of Houston Combined Utility System Revenue, First Lien, Series C, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.36%), 0.44%, 05/15/2034 (aa) | 1,250 | 1,251 | ||||||
| City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 588 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — continued |
||||||||
| City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 698 | ||||||
| City of Houston, Airport System Revenue, Subordinated Lien, | ||||||||
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 890 | 1,113 | ||||||
| Series B, Rev., 5.00%, 07/01/2026 | 1,000 | 1,215 | ||||||
| Series B, Rev., 5.00%, 07/01/2030 | 1,000 | 1,299 | ||||||
| City of Houston, Combined Utility System Revenue, First Lien, | ||||||||
| Series C, Rev., 5.00%, 11/15/2029 | 2,850 | 3,770 | ||||||
| Series D, Rev., 5.00%, 11/15/2026 (p) | 460 | 474 | ||||||
| City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e) | 500 | 502 | ||||||
| City of Laredo, Certificates Obligation, GO, 5.00%, 02/15/2033 | 1,070 | 1,305 | ||||||
| City of Lubbock Water & Wastewater System, | ||||||||
| Series B, Rev., 5.00%, 02/15/2023 | 400 | 435 | ||||||
| Series B, Rev., 5.00%, 02/15/2024 | 490 | 555 | ||||||
| City of San Antonio Electric & Gas Systems Revenue, Junior Lien, | ||||||||
| Rev., 5.00%, 02/01/2048 (p) | 3,645 | 3,960 | ||||||
| Series D, Rev., 1.13%, 12/01/2045 (z) | 6,510 | 6,507 | ||||||
| City of San Antonio, Electric & Gas Systems Revenue, | ||||||||
| Rev., 4.00%, 02/01/2027 | 3,000 | 3,557 | ||||||
| Series B, Rev., 2.00%, 02/01/2033 (z) | 1,370 | 1,374 | ||||||
| City of San Antonio, Electric & Gas Systems Revenue, Junior Lien, Rev., 5.00%, 02/01/2043 (p) | 4,350 | 4,726 | ||||||
| City of San Antonio, General Improvement, GO, 5.00%, 02/01/2023 (p) | 1,240 | 1,290 | ||||||
| Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036 | 1,065 | 1,268 | ||||||
| Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026 | 1,840 | 2,248 | ||||||
| College Station Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024 | 2,285 | 2,641 | ||||||
| Collin County, Community College District, GO, 4.00%, 08/15/2021 | 85 | 86 | ||||||
| Conroe Independent School District, | ||||||||
| Series A, GO, PSF-GTD, 5.00%, 02/15/2024 | 750 | 851 | ||||||
| Series A, GO, PSF-GTD, 5.00%, 02/15/2026 | 2,450 | 2,968 | ||||||
| Series A, GO, PSF-GTD, 5.00%, 02/15/2029 | 2,370 | 3,087 | ||||||
| County of Bexar, | ||||||||
| GO, 4.00%, 06/15/2040 | 11,085 | 12,372 | ||||||
| GO, 5.00%, 06/15/2031 | 1,500 | 1,823 | ||||||
| County of Bexar, Certificates Obligation, | ||||||||
| Series A, GO, 4.00%, 06/15/2036 (p) | 1,000 | 1,084 | ||||||
| Series B, GO, 5.00%, 06/15/2043 (p) | 1,000 | 1,106 | ||||||
| County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1,430 | 1,726 | ||||||
| County of Harris, | ||||||||
| Series A, GO, 5.00%, 10/01/2022 | 4,615 | 4,950 | ||||||
| Series A, GO, 5.00%, 10/01/2024 | 3,500 | 4,061 | ||||||
| Series A, GO, 5.00%, 10/01/2026 | 2,390 | 2,952 | ||||||
| Series A, GO, 5.00%, 10/01/2029 | 1,150 | 1,515 | ||||||
| County of Harris, Road Bonds, GO, 5.00%, 10/01/2022 | 1,185 | 1,271 | ||||||
| County of Harris, Cultural Education Facilities Finance Corp., Teco Project, Rev., 5.00%, 11/15/2022 | 1,000 | 1,075 | ||||||
| County of Harris, Flood Control District, Series A, GO, 4.00%, 10/01/2036 | 2,800 | 3,372 | ||||||
| County of Harris, Refunding Road, Series A, GO, 5.00%, 10/01/2029 | 1,090 | 1,299 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — continued |
||||||||
| Crowley Independent School District, School Building, GO, PSF-GTD, 5.00%, 08/01/2045 (p) | 2,000 | 2,382 | ||||||
| Dallas Area Rapid Transit, Series A, Rev., 5.00%, 12/01/2046 | 5,000 | 5,843 | ||||||
| Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2032 | 1,000 | 1,301 | ||||||
| Dallas Fort Worth International Airport, | ||||||||
| Series B, Rev., 4.00%, 11/01/2034 | 1,395 | 1,675 | ||||||
| Series B, Rev., AMT, 4.50%, 11/01/2045 | 1,000 | 1,056 | ||||||
| Series E, Rev., 5.00%, 11/01/2023 | 1,000 | 1,075 | ||||||
| Dallas Fort Worth International Airport, Joint Improvement, | ||||||||
| Series D, Rev., AMT, 5.00%, 11/01/2038 (p) | 210 | 216 | ||||||
| Series D, Rev., AMT, 5.00%, 11/01/2042 (p) | 11,550 | 11,867 | ||||||
| Dallas Independent School District, | ||||||||
| GO, PSF-GTD, 4.00%, 02/15/2022 | 1,510 | 1,560 | ||||||
| GO, PSF-GTD, 4.00%, 02/15/2023 | 540 | 579 | ||||||
| Series A, GO, PSF-GTD, 5.00%, 08/15/2023 | 130 | 145 | ||||||
| Series A, GO, PSF-GTD, 5.00%, 08/15/2034 | 1,000 | 1,143 | ||||||
| Dallas/Fort Worth, International Airport, Series C, Rev., AMT, 5.13%, 11/01/2043 | 350 | 374 | ||||||
| Denton Independent School District, GO, PSF-GTD, 5.00%, 08/15/2027 | 1,000 | 1,260 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — continued |
||||||||
| Fort Bend Independent School District, GO, PSF-GTD, 5.00%, 08/15/2023 | 1,190 | 1,325 | ||||||
| Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z) | 1,000 | 1,001 | ||||||
| Frisco Independent School District, GO, PSF-GTD, 3.00%, 02/15/2022 | 1,625 | 1,665 | ||||||
| Frisco Independent School District, school Building, Series A, GO, PSF-GTD, 4.00%, 08/15/2032 | 2,140 | 2,445 | ||||||
| Garland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 | 4,000 | 4,360 | ||||||
| Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022 | 1,000 | 1,042 | ||||||
| Series A, GO, PSF-GTD, 5.00%, 02/15/2028 | 2,000 | 2,406 | ||||||
| Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10,125 | 11,762 | ||||||
| Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p) | 100 | 112 | ||||||
| Gregory-Portland Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023 | 3,220 | 3,509 | ||||||
| Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z) | 465 | 465 | ||||||
| Harlingen Consolidated Independent School District, | ||||||||
| GO, PSF-GTD, 5.00%, 08/15/2024 | 80 | 92 | ||||||
| GO, PSF-GTD, 5.00%, 08/15/2026 | 105 | 129 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Baylor College, Rev., 5.00%, 11/15/2037 (p) | 1,465 | 1,579 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Memorial Herman Health System, Series A, Rev., 5.00%, 12/01/2024 | 2,000 | 2,320 | ||||||
| Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z) | 6,210 | 6,213 | ||||||
| Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z) | 1,000 | 1,161 | ||||||
| Harris County, Metropolitan Transit Authority, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2021 | 100 | 103 | ||||||
| Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024 | 100 | 115 | ||||||
| Harris County-Houston Sports Authority, Prefunded, Senior Lien, Series A, Rev., AGM, 5.00%, 11/15/2022 (p) | 650 | 701 | ||||||
| Houston Community College System, | ||||||||
| Series A, GO, 3.00%, 02/15/2022 | 300 | 307 | ||||||
| Series A, GO, 4.00%, 02/15/2023 | 725 | 776 | ||||||
| Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1,100 | 1,163 | ||||||
| Houston Independent School District, GO, PSF-GTD, 5.00%, 02/15/2022 | 1,600 | 1,667 | ||||||
| Houston Independent School District, Maintenance Tax Notes, | ||||||||
| GO, 5.00%, 07/15/2021 | 1,500 | 1,520 | ||||||
| GO, 5.00%, 07/15/2022 | 80 | 85 | ||||||
| Houston Independent School District, Schoolhouse, Series B, GO, PSF-GTD, 2.40%, 06/01/2036 (z) | 1,500 | 1,505 | ||||||
| Humble Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2022 | 1,200 | 1,251 | ||||||
| Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2,475 | 2,938 | ||||||
| Katy Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2031 (p) | 1,000 | 1,042 | ||||||
| Klein Independent School District, GO, PSF-GTD, 5.00%, 08/01/2021 | 1,500 | 1,524 | ||||||
| Lewisville Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2024 | 1,000 | 1,156 | ||||||
| Lewisville Independent School District, School Building, Series E, GO, PSF-GTD, 5.00%, 08/15/2029 (p) | 4,000 | 4,266 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — continued |
||||||||
| Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 | 575 | 626 | ||||||
| Lower Colorado River Authority, Lcra Transmission Services, | ||||||||
| Rev., 5.00%, 05/15/2021 | 1,000 | 1,006 | ||||||
| Rev., 5.00%, 05/15/2027 | 700 | 868 | ||||||
| Series A, Rev., 5.00%, 05/15/2022 | 1,000 | 1,054 | ||||||
| Lower Colorado River Authority, Transmission Services Co., Rev., 5.00%, 05/15/2022 | 5,000 | 5,271 | ||||||
| Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 129 | ||||||
| Lumberton Independent School District, GO, PSF-GTD, 4.00%, 02/15/2023 | 1,125 | 1,202 | ||||||
| Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z) | 4,945 | 4,952 | ||||||
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2028 (p) | 1,000 | 1,028 | ||||||
| Metropolitan Transit Authority of Harris County, Sales & Use Tax Revenue, Series A, Rev., 5.00%, 11/01/2036 (p) | 1,785 | 1,835 | ||||||
| Midland County Public Facility Corp., Palladium West Francis, Rev., 0.35%, 06/01/2024 (z) | 8,500 | 8,515 | ||||||
| Midlothian Independent School District, GO, PSF-GTD, 5.00%, 02/15/2023 | 1,410 | 1,535 | ||||||
| Mission Economic Development Corp., Republic Services, Rev., AMT, 0.18%, 01/01/2026 (z) | 4,000 | 4,000 | ||||||
| New Hope Cultural Education Facilities Finance Corp., Childrens Health System, Series A, Rev., 5.00%, 08/15/2047 | 1,000 | 1,187 | ||||||
| North Fort Bend Water Authority, Series B, Rev., 5.00%, 12/15/2029 | 1,130 | 1,483 | ||||||
| North Texas Tollway Authority, Series A, Rev., 5.00%, 01/01/2028 | 1,750 | 2,087 | ||||||
| North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030 | 1,500 | 1,301 | ||||||
| North Texas Tollway Authority, First Tier, | ||||||||
| Series A, Rev., 5.00%, 01/01/2025 | 390 | 421 | ||||||
| Series A, Rev., 5.00%, 01/01/2029 (p) | 1,000 | 1,036 | ||||||
| Series D, Rev., 5.00%, 01/01/2038 (p) | 2,120 | 2,196 | ||||||
| North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 4.00%, 01/01/2035 | 2,000 | 2,335 | ||||||
| North Texas Tollway Authority, Second Tier, Series B, Rev., 5.00%, 01/01/2033 | 1,000 | 1,198 | ||||||
| Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z) | 16,850 | 16,862 | ||||||
| Odessa Housing Finance Corp., Rev., 0.37%, 02/01/2024 (z) | 1,540 | 1,542 | ||||||
| Pasadena Independent School District, School Building, | ||||||||
| GO, PSF-GTD, 5.00%, 02/15/2038 | 7,500 | 8,143 | ||||||
| Series A, GO, PSF-GTD, 5.00%, 02/15/2035 (p) | 1,000 | 1,042 | ||||||
| Pearland Independent School District, | ||||||||
| GO, PSF-GTD, 5.00%, 02/15/2026 | 5,505 | 6,652 | ||||||
| GO, PSF-GTD, 5.00%, 02/15/2027 | 3,490 | 4,334 | ||||||
| Plano Independent School District, | ||||||||
| GO, PSF-GTD, 5.00%, 02/15/2023 | 2,665 | 2,905 | ||||||
| Series A, GO, PSF-GTD, 4.00%, 02/15/2023 | 100 | 103 | ||||||
| Round Rock Independent School District, | ||||||||
| Series A, GO, PSF-GTD, 5.00%, 08/01/2021 | 1,700 | 1,727 | ||||||
| Series A, GO, PSF-GTD, 5.00%, 08/01/2031 | 2,000 | 2,631 | ||||||
| San Antonio Housing Trust Finance Corp., Alsbury Park Apartments, Rev., FHA, 1.38%, 09/01/2022 (z) | 10 | 10 | ||||||
| San Antonio Independent School District, Series B, GO, PSF-GTD, 5.00%, 08/15/2027 | 1,255 | 1,583 | ||||||
| Schertz-Cibolo-Universal City Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2022 | 1,000 | 1,064 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — continued |
||||||||
| Socorro Independent School District, School Building, GO, PSF-GTD, 5.00%, 08/15/2023 (p) | 565 | 575 | ||||||
| Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2023 | 65 | 71 | ||||||
| State of Texas, Transportation Commission Highway Improvement, GO, 5.00%, 04/01/2022 | 3,000 | 3,145 | ||||||
| State of Texas, Veterans, GO, VRDO, 0.10%, 04/07/2021 (z) | 10,000 | 10,000 | ||||||
| State of Texas, Water Financial Assistance, GO, 5.00%, 08/01/2024 | 125 | 144 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health, Series A, Rev., 5.00%, 11/15/2045 | 2,195 | 2,573 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B, Rev., 5.00%, 07/01/2035 | 1,110 | 1,375 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable, | ||||||||
| Rev., AGM, 1.36%, 09/01/2024 | 800 | 810 | ||||||
| Rev., AGM, 1.39%, 09/01/2025 | 600 | 602 | ||||||
| Tarrant Regional Water District, City of Dallas Project, Series A, Rev., 4.00%, 09/01/2024 | 3,000 | 3,375 | ||||||
| Texas Department of Housing & Community Affairs, OSO Bay Apartments Mandatory, Rev., 0.27%, 09/01/2024 (z) | 700 | 700 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, | ||||||||
| Rev., 5.00%, 12/15/2022 | 200 | 215 | ||||||
| Rev., 5.00%, 12/15/2023 | 1,215 | 1,361 | ||||||
| Rev., 5.00%, 12/15/2024 | 835 | 965 | ||||||
| Rev., 5.00%, 12/15/2025 | 2,400 | 2,846 | ||||||
| Rev., 5.00%, 12/15/2026 | 2,435 | 2,955 | ||||||
| Rev., 5.00%, 12/15/2030 | 2,905 | 3,742 | ||||||
| Rev., 5.00%, 12/15/2032 | 3,300 | 4,364 | ||||||
| Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | 7,285 | 8,559 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 4,420 | 5,272 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., Lbj Infrastructure Group, | ||||||||
| Rev., 4.00%, 12/31/2030 | 3,970 | 4,721 | ||||||
| Rev., 4.00%, 06/30/2033 | 1,000 | 1,168 | ||||||
| Texas Transportation Commission State Highway Fund, Series A, Rev., 5.00%, 10/01/2021 | 1,000 | 1,024 | ||||||
| Texas Transportation Commission State Highway Fund, First Tier, | ||||||||
| Rev., 5.00%, 10/01/2022 | 2,195 | 2,354 | ||||||
| Series A, Rev., 5.00%, 04/01/2021 | 1,375 | 1,375 | ||||||
| Series A, Rev., 5.00%, 04/01/2022 | 1,000 | 1,048 | ||||||
| Texas Water Development Board, Master Trust, | ||||||||
| Rev., 4.00%, 10/15/2033 | 1,000 | 1,236 | ||||||
| Rev., 5.00%, 10/15/2026 | 2,000 | 2,477 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Texas — continued |
||||||||
| Texas Water Development Board, Revolving Fund, | ||||||||
| Rev., 4.00%, 08/01/2038 | 500 | 605 | ||||||
| Rev., 5.00%, 08/01/2024 | 250 | 289 | ||||||
| Rev., 5.00%, 08/01/2028 | 125 | 161 | ||||||
| Series A, Rev., 5.00%, 10/15/2028 | 100 | 128 | ||||||
| Texas Water Development Board, St Revolving Fund, Rev., 5.00%, 08/01/2022 | 1,000 | 1,064 | ||||||
| Texas Water Development Board, St Wtrust Implementation Fund, | ||||||||
| Series A, Rev., 4.00%, 10/15/2033 | 1,900 | 2,245 | ||||||
| Series A, Rev., 5.00%, 10/15/2047 | 2,480 | 3,033 | ||||||
| Series B, Rev., 5.00%, 04/15/2049 | 11,535 | 14,348 | ||||||
| Texas Water Development Board, St Wtrust Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2,000 | 2,461 | ||||||
| Texas Water Development Board, State Water Implementation Fund, Series A, Rev., 5.00%, 04/15/2026 | 100 | 122 | ||||||
| Texas Water Development Board, Water Implementation Fund, Series A, Rev., 4.00%, 10/15/2049 | 1,000 | 1,171 | ||||||
| Tomball Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2023 | 1,870 | 2,033 | ||||||
| Travis County Housing Finance Corp., Montopolis Apartments, Rev., 0.40%, 07/01/2041 (z) | 1,930 | 1,928 | ||||||
| Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 | 1,500 | 1,975 | ||||||
| University of Houston, Series A, Rev., 5.00%, 02/15/2026 | 2,050 | 2,480 | ||||||
| University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 129 | ||||||
| Upper Trinity Regional Water District, Rev., 4.00%, 08/01/2024 | 900 | 1,000 | ||||||
| Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036 | 750 | 870 | ||||||
|
|
|
|||||||
| 548,707 | ||||||||
|
|
|
|||||||
| Utah — 0.6% |
||||||||
| County of Utah, Ihc Health Services, Inc., | ||||||||
| Rev., 5.00%, 05/15/2043 (p) | 3,175 | 3,192 | ||||||
| Series B, Rev., 5.00%, 05/15/2060 (z) | 2,000 | 2,439 | ||||||
| Emery County School District, GO, SCH BD GTY, 5.00%, 06/15/2025 | 1,740 | 2,069 | ||||||
| Granite School District Board of Education, GO, SCH BD GTY, 5.00%, 06/01/2024 | 1,755 | 2,014 | ||||||
| Jordan Valley Water Conservancy District, Series B, Rev., 5.00%, 10/01/2041 (p) | 5,000 | 5,000 | ||||||
| Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.00%, 07/01/2023 (p) | 1,000 | 1,060 | ||||||
| Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 (w) | 2,000 | 2,576 | ||||||
| State of Utah, | ||||||||
| GO, 5.00%, 07/01/2024 | 100 | 115 | ||||||
| GO, 5.00%, 07/01/2026 | 2,000 | 2,461 | ||||||
| GO, 5.00%, 07/01/2030 | 4,500 | 5,818 | ||||||
| Series B, GO, 5.00%, 07/01/2021 | 90 | 91 | ||||||
| Series B, GO, 5.00%, 07/01/2022 | 1,000 | 1,060 | ||||||
| Series B, GO, 5.00%, 07/01/2029 | 100 | 130 | ||||||
| University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1,505 | 1,827 | ||||||
| University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1,750 | 2,096 | ||||||
| Utah Transit Authority, Series A, Rev., 5.25%, 06/15/2023 | 85 | 94 | ||||||
|
|
|
|||||||
| 32,042 | ||||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Vermont — 0.0% (g) |
||||||||
| Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049 | 390 | 441 | ||||||
| Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 301 | ||||||
|
|
|
|||||||
| 742 | ||||||||
|
|
|
|||||||
| Virginia — 1.7% |
||||||||
| Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030 | 300 | 381 | ||||||
| Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028 | 550 | 690 | ||||||
| City of Norfolk, Capital Improvement, Series C, GO, 5.00%, 10/01/2042 (p) | 7,825 | 7,825 | ||||||
| City of Richmond Public Utility Revenue, Taxable, Series B, Rev., 2.35%, 01/15/2027 | 3,000 | 3,175 | ||||||
| City of Suffolk, GO, 5.00%, 06/01/2042 (p) | 2,000 | 2,015 | ||||||
| County of Fairfax, Series A, GO, 5.00%, 10/01/2031 | 1,000 | 1,326 | ||||||
| County of Fairfax, Public Improvement, | ||||||||
| Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 1,151 | ||||||
| Series B, GO, 5.00%, 10/01/2022 | 2,795 | 2,999 | ||||||
| County of Loudoun, Series A, GO, 4.00%, 12/01/2030 | 3,000 | 3,637 | ||||||
| Fairfax County Redevelopment & Housing Authority, Arrowbrook Apartments Project, Rev., 0.41%, 01/01/2041 (z) | 5,250 | 5,256 | ||||||
| Hampton Roads Transportation Accountability Commission, Senior Lien, | ||||||||
| Series A, Rev., 5.00%, 07/01/2031 | 1,500 | 2,005 | ||||||
| Series A, Rev., 5.00%, 07/01/2032 | 4,495 | 5,982 | ||||||
| Series A, Rev., 5.00%, 07/01/2038 | 1,000 | 1,227 | ||||||
| Series A, Rev., 5.00%, 07/01/2039 | 2,100 | 2,729 | ||||||
| Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z) | 2,125 | 2,116 | ||||||
| Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1,175 | 1,432 | ||||||
| Roanoke Economic Development Authority, Carilion Clinic, Rev., 5.00%, 07/01/2053 (z) | 4,000 | 5,199 | ||||||
| University of Virginia, | ||||||||
| Series A, Rev., 5.00%, 06/01/2021 | 2,160 | 2,177 | ||||||
| Series B, Rev., 5.00%, 08/01/2021 (p) | 1,420 | 1,442 | ||||||
| Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2,215 | 2,488 | ||||||
| Virginia College Building Authority, Series A, Rev., 5.00%, 02/01/2023 | 1,505 | 1,637 | ||||||
| Virginia College Building Authority, 21st Century Century College And Equipment, Rev., 5.00%, 02/01/2033 | 3,750 | 4,904 | ||||||
| Virginia College Building Authority, 21st Century College, Rev., 5.00%, 02/01/2025 | 1,300 | 1,524 | ||||||
| Virginia College Building Authority, 21st Century College and Equipment, Rev., 5.00%, 02/01/2029 | 1,000 | 1,304 | ||||||
| Virginia Public Building Authority, Series A, Rev., 5.00%, 08/01/2021 | 1,175 | 1,194 | ||||||
| Virginia Resources Authority, Revolving Fund, Series A, Rev., 5.00%, 08/01/2023 | 700 | 711 | ||||||
| Virginia Small Business Financing Authority, 95 Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2044 | 1,500 | 1,544 | ||||||
| Virginia Small Business Financing Authority, National Senior Campuses, | ||||||||
| Series A, Rev., 5.00%, 01/01/2024 | 755 | 842 | ||||||
| Series A, Rev., 5.00%, 01/01/2025 | 700 | 804 | ||||||
| Series A, Rev., 5.00%, 01/01/2026 | 1,100 | 1,296 | ||||||
| Series A, Rev., 5.00%, 01/01/2031 | 1,500 | 1,832 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Virginia — continued |
||||||||
| Series A, Rev., 5.00%, 01/01/2032 | 1,500 | 1,822 | ||||||
| Virginia Small Business Financing Authority, Senior Lien, Express Lanes LLC Project, Rev., AMT, 5.00%, 01/01/2040 | 1,450 | 1,493 | ||||||
| Virginia Small Business Financing Authority, Transform 66 P3 Project, | ||||||||
| Rev., AMT, 5.00%, 12/31/2049 | 1,500 | 1,741 | ||||||
| Rev., AMT, 5.00%, 12/31/2052 | 4,000 | 4,637 | ||||||
| Rev., AMT, 5.00%, 12/31/2056 | 1,000 | 1,156 | ||||||
| Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z) | 5,575 | 5,554 | ||||||
| Wise County Industrial Development Authority, Virginia Electric & Power Company Project, Series A, Rev., 1.20%, 11/01/2040 (z) | 15 | 15 | ||||||
|
|
|
|||||||
| 89,262 | ||||||||
|
|
|
|||||||
| Washington — 3.0% |
||||||||
| Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2035 | 1,085 | 1,284 | ||||||
| Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1,285 | 1,539 | ||||||
| City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1,300 | 1,553 | ||||||
| City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 1,014 | ||||||
| City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040 | 1,000 | 1,091 | ||||||
| Clark County School District No. 37 Vancouver, GO, SCH BD GTY, 4.00%, 12/01/2023 | 3,765 | 4,140 | ||||||
| County of King, Series A, GO, 5.00%, 12/01/2034 | 1,335 | 1,769 | ||||||
| County of King, Sewer Revenue, | ||||||||
| Rev., 5.00%, 01/01/2024 (p) | 1,570 | 1,627 | ||||||
| Rev., AGM, 5.00%, 01/01/2047 | 5,000 | 5,631 | ||||||
| Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 126 | ||||||
| Energy Northwest, Columbia Generating, Series A, Rev., 5.00%, 07/01/2022 | 1,125 | 1,138 | ||||||
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series B, Rev., AMT, 5.00%, 01/01/2022 (p) | 1,330 | 1,377 | ||||||
| Grant County, Public Utility District No. 2, Electric Revenue, | ||||||||
| Series 2017-O, Rev., 5.00%, 01/01/2047 | 4,950 | 5,946 | ||||||
| Series R, Rev., 2.00%, 01/01/2044 (z) | 1,500 | 1,586 | ||||||
| King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 4.00%, 12/01/2032 | 1,000 | 1,088 | ||||||
| King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1,325 | 1,692 | ||||||
| Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10,000 | 11,887 | ||||||
| Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028 | 500 | 567 | ||||||
| Port of Seattle, Intermediate Lien, | ||||||||
| Rev., AMT, 5.00%, 04/01/2028 | 2,250 | 2,800 | ||||||
| Rev., AMT, 5.00%, 04/01/2030 | 4,000 | 4,971 | ||||||
| Rev., AMT, 5.00%, 04/01/2044 | 2,000 | 2,384 | ||||||
| Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2,145 | 2,458 | ||||||
| Skagit County Public Hospital District No. 2, GO, 5.00%, 12/01/2025 (p) | 1,020 | 1,101 | ||||||
| Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028 | 1,500 | 1,947 | ||||||
| Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2,000 | 2,493 | ||||||
| State of Washington, | ||||||||
| GO, 5.00%, 06/01/2026 | 345 | 422 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Washington — continued |
||||||||
| GO, 5.00%, 06/01/2040 | 4,250 | 5,471 | ||||||
| Series 2020A, GO, 5.00%, 08/01/2036 | 8,000 | 10,243 | ||||||
| Series 2020A, GO, 5.00%, 08/01/2038 | 1,500 | 1,909 | ||||||
| Series 2021A, GO, 5.00%, 06/01/2034 | 1,000 | 1,311 | ||||||
| Series A1, GO, 5.00%, 08/01/2040 | 13,645 | 16,076 | ||||||
| Series A, GO, 5.00%, 08/01/2022 | 85 | 90 | ||||||
| Series A, GO, 5.00%, 08/01/2040 | 3,890 | 5,024 | ||||||
| Series B, GO, 5.00%, 07/01/2025 | 75 | 89 | ||||||
| Series B, GO, 5.00%, 06/01/2035 | 4,760 | 6,222 | ||||||
| Series E, GO, 5.00%, 06/01/2022 | 1,625 | 1,717 | ||||||
| Series E, GO, 5.00%, 02/01/2023 | 1,250 | 1,361 | ||||||
| Series RC, GO, 5.00%, 08/01/2029 | 100 | 125 | ||||||
| Series RD, GO, 5.00%, 08/01/2024 | 1,025 | 1,183 | ||||||
| Series R-2017A, GO, 5.00%, 08/01/2022 | 975 | 1,038 | ||||||
| Series R-2017A, GO, 5.00%, 08/01/2034 | 1,840 | 2,221 | ||||||
| Series R-2020B, GO, 5.00%, 01/01/2026 | 2,500 | 3,020 | ||||||
| State of Washington, Motor Vehicle, Series R-2012D, GO, 5.00%, 07/01/2023 | 1,000 | 1,060 | ||||||
| State of Washington, Motor Vehicle Fuel Tax, Series B, GO, 5.00%, 07/01/2021 | 105 | 106 | ||||||
| State of Washington, Various Purpose, | ||||||||
| Series 2015A1, GO, 5.00%, 08/01/2036 | 11,200 | 12,743 | ||||||
| Series A, GO, 5.00%, 08/01/2024 (p) | 4,750 | 4,825 | ||||||
| Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1,275 | 1,585 | ||||||
| University of Washington, Forward Delivery, | ||||||||
| Series C, Rev., 5.00%, 04/01/2022 | 1,250 | 1,310 | ||||||
| Series C, Rev., 5.00%, 04/01/2025 | 1,750 | 2,065 | ||||||
| Series C, Rev., 5.00%, 04/01/2026 | 1,750 | 2,133 | ||||||
| Washington Health Care Facilities Authority, Fred Hutchinson Cancer, | ||||||||
| Rev., (ICE LIBOR USD 1 Month * 0.67 + 1.10%), 1.17%, 01/01/2042 (aa) | 550 | 552 | ||||||
| Series C, Rev., (SIFMA Municipal Swap Index + 1.05%), 1.10%, 01/01/2042 (aa) | 3,000 | 3,025 | ||||||
| Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1,200 | 1,461 | ||||||
| Washington Health Care Facilities Authority, Providence Health & Services, Series B, Rev., 5.00%, 10/01/2042 (z) | 345 | 353 | ||||||
| Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, | ||||||||
| Rev., 4.00%, 12/01/2040 (e) | 860 | 1,009 | ||||||
| Rev., 4.00%, 12/01/2048 (e) | 870 | 1,004 | ||||||
| Rev., 5.00%, 09/01/2045 | 1,000 | 1,257 | ||||||
| Washington State Housing Finance Commission, College Glen Apartments Project, Series A, Rev., FHA, 1.55%, 07/01/2022 (z) | 1,000 | 1,010 | ||||||
| Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2,000 | 2,260 | ||||||
| Washington State Housing Finance Commission, Horizon House Project, Rev., 5.00%, 01/01/2023 (e) | 275 | 292 | ||||||
| Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (e) | 1,000 | 1,005 | ||||||
|
|
|
|||||||
| 159,786 | ||||||||
|
|
|
|||||||
| West Virginia — 0.2% |
||||||||
| Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030 | 300 | 389 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| West Virginia — continued |
||||||||
| Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1,050 | 1,129 | ||||||
| Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 538 | ||||||
| West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z) | 2,765 | 2,770 | ||||||
| West Virginia Housing Development Fund, Charles Towers, Rev., FHA, 0.21%, 09/01/2023 (z) | 480 | 480 | ||||||
| West Virginia University, Series A, Rev., 5.00%, 10/01/2029 (p) | 1,500 | 1,609 | ||||||
| West Virginia University Project, Series A, Rev., 5.00%, 10/01/2032 (p) | 1,000 | 1,073 | ||||||
|
|
|
|||||||
| 7,988 | ||||||||
|
|
|
|||||||
| Wisconsin — 1.9% |
||||||||
| City of Milwaukee, Corporate Purpose Bonds, Series B4, GO, 5.00%, 04/01/2030 | 1,800 | 2,207 | ||||||
| City of Milwaukee, Promissory Notes, Series N4, GO, 5.00%, 04/01/2030 | 10,150 | 13,154 | ||||||
| City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2,665 | 3,248 | ||||||
| City of Superior, Collateral Midwest Energy Resources, Series E, Rev., NATL, 6.90%, 08/01/2021 | 510 | 521 | ||||||
| County of Barron, Highway Department Bond, | ||||||||
| Series B, GO, 3.00%, 11/01/2025 | 1,150 | 1,272 | ||||||
| Series B, GO, 3.00%, 11/01/2026 | 1,185 | 1,329 | ||||||
| County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028 | 250 | 316 | ||||||
| Fox Valley Technical College District, School Facilities, Series C, GO, 3.00%, 12/01/2027 (p) | 5,000 | 5,236 | ||||||
| Public Finance Authority, Appalachian Healthcare System, | ||||||||
| Rev., 5.00%, 07/01/2036 | 350 | 437 | ||||||
| Rev., 5.00%, 07/01/2037 | 300 | 373 | ||||||
| Rev., 5.00%, 07/01/2039 | 350 | 432 | ||||||
| Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1,105 | 1,283 | ||||||
| Public Finance Authority, Point College Prep Project, | ||||||||
| Rev., 4.00%, 06/15/2030 (e) | 200 | 207 | ||||||
| Rev., 5.00%, 06/15/2041 (e) | 250 | 263 | ||||||
| Public Finance Authority, Renown Regional Medical Center Project, | ||||||||
| Rev., 5.00%, 06/01/2026 | 500 | 605 | ||||||
| Rev., 5.00%, 06/01/2027 | 425 | 526 | ||||||
| Rev., 5.00%, 06/01/2028 | 600 | 759 | ||||||
| Rev., 5.00%, 06/01/2034 | 1,000 | 1,281 | ||||||
| Public Finance Authority, Waste Management, Inc. Project, Rev., AMT, 2.63%, 11/01/2025 | 5,000 | 5,435 | ||||||
| Public Finance Authority,Waste Management, Inc. Project, Rev., AMT, 0.18%, 06/01/2023 (z) | 4,000 | 4,000 | ||||||
| State of Wisconsin, | ||||||||
| Series 1, GO, 5.00%, 05/01/2027 | 2,400 | 3,011 | ||||||
| Series 1, GO, 5.00%, 05/01/2030 | 2,500 | 3,340 | ||||||
| Series 20212, GO, 5.00%, 05/01/2026 | 5,850 | 7,146 | ||||||
| Series A, GO, 5.00%, 05/01/2021 | 4,010 | 4,024 | ||||||
| Series B, GO, 5.00%, 05/01/2035 | 10,580 | 13,546 | ||||||
| Wisconsin Center District, Capital Appreciation Senior Dedicated, | ||||||||
| Series C, Rev., AGM , Zero Coupon, 12/15/2036 | 1,550 | 1,008 | ||||||
| Series C, Rev., AGM , Zero Coupon, 12/15/2039 | 1,750 | 1,003 | ||||||
| Series C, Rev., AGM , Zero Coupon, 12/15/2040 | 1,650 | 904 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Municipal Bonds — continued |
||||||||
| Wisconsin — continued |
||||||||
| Series D, Rev., AGM , Zero Coupon, 12/15/2028 | 545 | 480 | ||||||
| Series D, Rev., AGM , Zero Coupon, 12/15/2029 | 395 | 337 | ||||||
| Wisconsin Department of Transportation, | ||||||||
| Series 1, Rev., 5.00%, 07/01/2024 (p) | 1,940 | 2,058 | ||||||
| Series A, Rev., 5.00%, 07/01/2027 | 1,675 | 2,114 | ||||||
| Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group, Series A, Rev., 5.00%, 11/15/2021 | 180 | 185 | ||||||
| Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, | ||||||||
| Rev., 5.00%, 11/15/2027 | 500 | 633 | ||||||
| Rev., 5.00%, 11/15/2029 | 1,000 | 1,316 | ||||||
| Rev., 5.00%, 11/15/2036 | 1,500 | 1,791 | ||||||
| Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, | ||||||||
| Rev., 5.00%, 02/15/2051 (z) | 2,600 | 3,100 | ||||||
| Series B1, Rev., 5.00%, 02/15/2052 (z) | 2,000 | 2,271 | ||||||
| Series B, Rev., 5.00%, 02/15/2042 | 1,000 | 1,123 | ||||||
| Series B, Rev., 5.00%, 02/15/2046 | 4,550 | 5,083 | ||||||
| Wisconsin Housing & Economic Development Authority, Series D, Rev., 4.00%, 03/01/2047 | 3,670 | 4,045 | ||||||
| Wisconsin Rapids School District, GO, 5.00%, 04/01/2026 | 1,110 | 1,327 | ||||||
|
|
|
|||||||
| 102,729 | ||||||||
|
|
|
|||||||
| Wyoming — 0.1% |
||||||||
| County of Laramie, Cheyenne Regional Medical Center, | ||||||||
| Rev., 4.00%, 05/01/2026 | 615 | 711 | ||||||
| Rev., 4.00%, 05/01/2028 | 460 | 547 | ||||||
| County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1,045 | 1,076 | ||||||
| Wyoming Community Development Authority, Series 2, Rev., 3.00%, 06/01/2049 | 1,500 | 1,636 | ||||||
|
|
|
|||||||
| 3,970 | ||||||||
|
|
|
|||||||
| Total Municipal Bonds (Cost $5,024,311) |
5,035,539 | |||||||
|
|
|
|||||||
| Short-Term Investments —6.3% |
||||||||
| Municipal Bonds — 2.6% (t) |
||||||||
| California Public Finance Authority, Henry Mayo Newhall Hospital, Series A, Rev., 4.00%, 10/15/2021 | 95 | 97 | ||||||
| City & County of San Francisco, Series B, GO, 2.00%, 06/15/2021 | 5,000 | 5,019 | ||||||
| City of Austin, GO, 5.00%, 05/01/2021 | 1,650 | 1,656 | ||||||
| City of Boston, Series A, GO, 5.00%, 11/01/2021 | 2,850 | 2,930 | ||||||
| City of Omaha, Various Purpose, Series A, GO, 4.00%, 04/15/2021 | 850 | 851 | ||||||
| City of Philadelphia, Series A, Rev., TRAN, 4.00%, 06/30/2021 | 680 | 686 | ||||||
| City of San Antonio, Certificates Obligation, GO, 5.00%, 08/01/2021 | 1,620 | 1,646 | ||||||
| City of San Antonio, Tax Notes, GO, 5.00%, 08/01/2021 | 2,245 | 2,281 | ||||||
| City of Wichita, Temporary Notes, Series 302, GO, 3.50%, 10/15/2021 | 2,000 | 2,036 | ||||||
| Commonwealth of Pennsylvania, Series 1, GO, 3.00%, 05/01/2021 | 3,000 | 3,006 | ||||||
| Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2021 | 440 | 446 | ||||||
| County of Los Angeles, Series A, Rev., TRAN, 4.00%, 06/30/2021 | 5,000 | 5,048 | ||||||
| County of Nassau, Series B, GO, TAN, 2.00%, 12/10/2021 | 5,000 | 5,064 | ||||||
| County of Suffolk, | ||||||||
| Series I, GO, TAN, 2.00%, 07/22/2021 | 4,000 | 4,022 | ||||||
| Series I, GO, TAN, 3.00%, 09/24/2021 | 5,000 | 5,064 | ||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Short-Term Investments — continued |
||||||||
| Municipal Bonds — continued |
||||||||
| Series II, GO, TAN, 2.00%, 08/19/2021 | 2,000 | 2,013 | ||||||
| Georgia State Road & Tollway Authority, Rev., 5.00%, 06/01/2021 | 1,500 | 1,511 | ||||||
| Harlandale Independent School District, GO, PSF-GTD, 3.00%, 08/15/2021 | 1,355 | 1,369 | ||||||
| Kentucky Asset Liability Commission, Project Notes, Series A, Rev., 5.00%, 09/01/2021 | 2,000 | 2,039 | ||||||
| Kentucky Rural Water Finance Corp., Public Projects Construction, Rev., 0.43%, 12/01/2021 | 4,460 | 4,460 | ||||||
| Los Angeles Department of Water, Series C, Rev., 5.00%, 07/01/2021 | 1,000 | 1,012 | ||||||
| Metropolitan District, GO, BAN, 3.00%, 09/01/2021 | 7,000 | 7,081 | ||||||
| Michigan State University, Series A, Rev., 5.00%, 08/15/2021 | 720 | 733 | ||||||
| Mineola Union Free School District, GO, TAN, 1.25%, 06/24/2021 | 6,500 | 6,514 | ||||||
| Mount San Jacinto Community College District, Election of 2014, Series C, GO, 3.00%, 08/01/2021 | 2,750 | 2,776 | ||||||
| San Diego Unified School District, Series A, Rev., TRAN, 5.00%, 06/30/2021 | 2,670 | 2,702 | ||||||
| School District of Philadelphia, Series A, Rev., TRAN, 4.00%, 06/30/2021 | 3,710 | 3,746 | ||||||
| State of Colorado, Rev., TRAN, 4.00%, 06/25/2021 | 10,000 | 10,091 | ||||||
| State of Florida Department of Transportation Turnpike System Revenue, Series B, Rev., 5.00%, 07/01/2021 | 1,810 | 1,831 | ||||||
| State of Illinois, Series C, GO, 4.00%, 03/01/2022 | 820 | 845 | ||||||
| State of Texas, Rev., TRAN, 4.00%, 08/26/2021 | 40,295 | 40,929 | ||||||
| State of Washington, Bid Group, Series C, GO, 5.00%, 02/01/2022 | 6,165 | 6,414 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III, Rev., 5.00%, 12/15/2021 | 245 | 253 | ||||||
| Town of Stratford, Series B, GO, BAN, 2.00%, 12/16/2021 | 2,500 | 2,532 | ||||||
| Weld County School District No. Re-5J, GO, 5.00%, 12/01/2021 | 565 | 583 | ||||||
|
|
|
|||||||
| Total Municipal Bonds | 139,286 | |||||||
|
|
|
|||||||
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Short-Term Investments — continued |
||||||||
| Time Deposits — 3.7% |
||||||||
| Barclays SA, 0.00%, 04/01/2021 | 93,646 | 93,646 | ||||||
| BNP Paribas SA, 0.00%, 04/01/2021 | 34,129 | 34,129 | ||||||
| Citibank NA, 0.00%, 04/01/2021 | 13,528 | 13,528 | ||||||
| Sumitomo Mitsui Banking Corp., 0.00%, 04/01/2021 | 57,336 | 57,336 | ||||||
|
|
|
|||||||
| Total Time Deposits | 198,639 | |||||||
|
|
|
|||||||
| Total Short-Term Investments (Cost $337,889) |
337,925 | |||||||
|
|
|
|||||||
| Total Investments — 100.5% (Cost—$5,362,200)* |
5,373,464 | |||||||
| Liabilities in Excess of Other Assets — (0.5)% |
(28,595 | ) | ||||||
|
|
|
|||||||
| NET ASSETS — 100.0% |
$ | 5,344,869 | ||||||
|
|
|
|||||||
Percentages indicated are based on net assets.
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2021:
Exchange Traded
| DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||
| Long Contracts |
||||||||||||
| U.S. Treasury 5 Year Note |
748 | 06/2021 | USD | 93,288 | (986 | ) | ||||||
| Short Contracts |
||||||||||||
| U.S. Ultra Treasury 10 Year Note |
(38) | 06/2021 | USD | (5,606) | 146 | |||||||
|
|
|
|||||||||||
| Total unrealized appreciation (depreciation) |
(840 | ) | ||||||||||
|
|
|
|||||||||||
Six Circles Tax Aware Bond Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021
| AGC | — | Insured by Assured Guaranty Corp. | ||
| AGM | — | Insured by Assured Guaranty Municipal Corp. | ||
| AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||
| AMT | — | Alternative Minimum Tax | ||
| BAM | — | Insured by Build America Mutual | ||
| BAN | — | Bond Anticipation Note | ||
| BHAC | — | Insured by Berkshire Hathaway Assurance Corp. | ||
| CNTY | — | County | ||
| COLL | — | Collateral | ||
| COP | — | Certificate of Participation | ||
| CR | — | Custodial Receipts | ||
| FHA | — | Federal Housing Administration | ||
| FHLMC | — | Federal Home Loan Mortgage Corp. | ||
| FNMA | — | Federal National Mortgage Association | ||
| GAN | — | Grant Anticipation Notes | ||
| GNMA | — | Government National Mortgage Association | ||
| GO | — | General Obligation | ||
| GTD | — | Guaranteed | ||
| HUD | — | U.S. Department of Housing and Urban Development | ||
| ICE | — | Intercontinental Exchange | ||
| LIBOR | — | London Interbank Offered Rate | ||
| LIQ | — | Liquidity Agreement | ||
| LOC | — | Letter of Credit | ||
| NATL | — | Insured by National Public Finance Guarantee Corp. | ||
| PSF | — | Permanent School Fund | ||
| Q-SBLF | — | Qualified School Bond Loan Fund | ||
| RE | — | Reinsured | ||
| Rev. | — | Revenue | ||
| SCH BD GTY | — | School Bond Guaranty | ||
| SIFMA | — | Securities Industry and Financial Markets Association | ||
| SOFR | — | Secured Overnight Financing Rate | ||
| SONYMA | — | State of New York Mortgage Agency | ||
| TAN | — | Tax Anticipation Note | ||
| TRAN | — | Tax & Revenue Anticipation Note | ||
| VRDO | — | Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2021. | ||
| (d) | — | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. | ||
| (e) | — | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
| (g) | — | Amount rounds to less than 0.05%. | ||
| (p) | — | Security is prerefunded or escrowed to maturity. | ||
| (t) | — | The date shown represents the earliest of the next put date or final maturity date. |
Six Circles Tax Aware Bond Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (continued)
| (w) | - | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
| (z) | — | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2021. | ||
| (aa) | — | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2021. | ||
| * | — | The cost of securities is substantially the same for federal income tax purposes. | ||
| USD | — | United States Dollar |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Asset-Backed Securities — 5.3% | ||||||||
| Ally Auto Receivables Trust, Series 2019-3, Class A3, 1.93%, 05/15/2024 | 759 | 768 | ||||||
| American Credit Acceptance Receivables Trust, Series 2020-3, Class A, 0.62%, 10/13/2023 (e) | 4,538 | 4,542 | ||||||
| Avis Budget Rental Car Funding AESOP LLC, | ||||||||
| Series 2018-2A, Class A, 4.00%, 03/20/2025 (e) | 4,000 | 4,336 | ||||||
| Series 2019-3A, Class A, 2.36%, 03/20/2026 (e) | 1,320 | 1,373 | ||||||
| Series 2020-2A, Class A, 2.02%, 02/20/2027 (e) | 1,150 | 1,173 | ||||||
| BMW Vehicle Lease Trust, Series 2021-1, Class A3, 0.29%, 01/25/2024 | 6,100 | 6,094 | ||||||
| Carlyle US CLO Ltd., (Cayman Islands), Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 1.05%), 0.00%, 07/20/2031 (e) (w) (aa) | 1,240 | 1,240 | ||||||
| Carvana Auto Receivables Trust, | ||||||||
| Series 2019-2A, Class C, 3.00%, 06/17/2024 (e) | 330 | 339 | ||||||
| Series 2021-N1, Class A, 0.70%, 01/10/2028 | 725 | 724 | ||||||
| Cedar Funding VIII CLO Ltd., (Cayman Islands), Series 2017-8A, Class A1, (ICE LIBOR USD 3 Month + 1.25%), 1.47%, 10/17/2030 (e) (aa) | 300 | 300 | ||||||
| CF Hippolyta LLC, Series 2021-1A, Class B1, 1.98%, 03/15/2061 (e) | 4,000 | 3,988 | ||||||
| Drive Auto Receivables Trust, | ||||||||
| Series 2019-4, Class C, 2.51%, 11/17/2025 | 2,000 | 2,040 | ||||||
| Series 2020-2, Class B, 1.42%, 03/17/2025 | 3,155 | 3,198 | ||||||
| Dryden CLO Ltd., (Cayman Islands), Series 2020-77A, Class A, (ICE LIBOR USD 3 Month + 2.00%), 2.18%, 05/20/2031 (e) (aa) | 3,500 | 3,506 | ||||||
| Exeter Automobile Receivables Trust, | ||||||||
| Series 2016-3A, Class D, 6.40%, 07/17/2023 (e) | 2,000 | 2,021 | ||||||
| Series 2019-4A, Class B, 2.30%, 12/15/2023 (e) | 3,351 | 3,367 | ||||||
| Series 2020-2A, Class A, 1.13%, 08/15/2023 (e) | 4,827 | 4,837 | ||||||
| Ford Credit Auto Owner Trust, | ||||||||
| Series 2017-2, Class A, 2.36%, 03/15/2029 (e) | 4,000 | 4,114 | ||||||
| Series 2018-1, Class A, 3.19%, 07/15/2031 (e) | 3,600 | 3,879 | ||||||
| Galaxy XIX CLO Ltd., (Cayman Islands), Series 2015-19A, Class A1RR, (ICE LIBOR USD 3 Month + 0.95%), 0.00%, 07/24/2030 (e) (aa) | 4,000 | 4,000 | ||||||
| GM Financial Automobile Leasing Trust, Series 2020-2, Class A3, 0.80%, 07/20/2023 | 1,200 | 1,207 | ||||||
| GREYWOLF CLO VI Ltd., (Cayman Islands), Series 2018-1A, Class A1, (ICE LIBOR USD 3 Month + 1.03%), 1.25%, 04/26/2031 (e) (aa) | 3,460 | 3,460 | ||||||
| Honda Auto Receivables Owner Trust, Series 2021-1, Class A2, 0.16%, 07/21/2023 | 2,801 | 2,798 | ||||||
| HPEFS Equipment Trust, Series 2020-2A, Class A2, 0.65%, 07/22/2030 (e) | 5,293 | 5,300 | ||||||
| KKR CLO Ltd., (Cayman Islands), Series 18, Class A, (ICE LIBOR USD 3 Month + 1.27%), 1.50%, 07/18/2030 (e) (aa) | 4,000 | 4,001 | ||||||
| Madison Park Funding XXV Ltd., (Cayman Islands), Series 2017-25A, Class A1, (ICE LIBOR USD 3 Month + 1.18%), 1.40%, 04/25/2029 (e) (aa) | 300 | 300 | ||||||
| Madison Park Funding XXXV Ltd., (Cayman Islands), Series 2019-35A, Class A1R, (ICE LIBOR USD 3 Month + 0.99%), 0.00%, 04/20/2032 (e) (w) (aa) | 1,920 | 1,920 | ||||||
| Magnetite Xxix Ltd., (Cayman Islands), Series 2021-29A, Class A, (ICE LIBOR USD 3 Month + 0.99%), 1.09%, 01/15/2034 (e) (aa) | 250 | 250 | ||||||
| Mountain View CLO LLC, (Cayman Islands), Series 2017-2A, Class A, (ICE LIBOR USD 3 Month + 1.21%), 1.43%, 01/16/2031 (e) (aa) | 550 | 550 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Asset-Backed Securities — continued | ||||||||
| MRA Issuance Trust, Series 2021-8, Class A1Y, (ICE LIBOR USD 1 Month + 1.15%), 0.00%, 10/15/2021 (e) (aa) (bb) (cc) | 7,800 | 7,800 | ||||||
| NextGear Floorplan Master Owner Trust, | ||||||||
| Series 2018-2A, Class A2, 3.69%, 10/15/2023 (e) | 1,623 | 1,652 | ||||||
| Series 2019-2A, Class A2, 2.07%, 10/15/2024 (e) | 6,000 | 6,149 | ||||||
| Octagon Investment Partners 32 Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 0.00%, 07/15/2029 (e) (w) (aa) | 4,000 | 4,000 | ||||||
| Octagon Loan Funding Ltd., (Cayman Islands), Series 2014-1A, Class ARR, (ICE LIBOR USD 3 Month + 1.18%), 1.37%, 11/18/2031 (e) (aa) | 5,022 | 5,032 | ||||||
| OneMain Financial Issuance Trust, | ||||||||
| Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 3,800 | 4,037 | ||||||
| Series 2020-2A, Class A, 1.75%, 09/14/2035 (e) | 4,000 | 4,007 | ||||||
| Palmer Square CLO Ltd., (Cayman Islands), Series 2020-1A, Class A1, (ICE LIBOR USD 3 Month + 2.00%), 2.22%, 04/20/2029 (e) (aa) | 3,250 | 3,253 | ||||||
| PFS Financing Corp., Series 2018-F, Class A, 3.52%, 10/15/2023 (e) | 4,800 | 4,879 | ||||||
| Race Point IX CLO Ltd., (Cayman Islands), Series 2015-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.21%), 1.45%, 10/15/2030 (e) (aa) | 338 | 338 | ||||||
| Regatta Funding LP, (Cayman Islands), Series 2013-2A, Class A1R3, (ICE LIBOR USD 3 Month + 0.85%), 0.95%, 01/15/2029 (e) (aa) | 3,000 | 3,000 | ||||||
| Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 04/15/2026 (e) | 1,066 | 1,074 | ||||||
| Santander Drive Auto Receivables Trust, Series 2017-2, Class D, 3.49%, 07/17/2023 | 968 | 969 | ||||||
| Santander Retail Auto Lease Trust, Series 2021-A, Class A3, 0.51%, 07/22/2024 (e) | 2,175 | 2,172 | ||||||
| SCF Equipment Leasing LLC, | ||||||||
| Series 2019-2A, Class B, 2.76%, 08/20/2026 (e) | 1,905 | 1,979 | ||||||
| Series 2021-1A, Class A2, 0.42%, 08/20/2026 (e) | 500 | 500 | ||||||
| Series 2021-1A, Class A3, 0.83%, 08/21/2028 (e) | 500 | 496 | ||||||
| Series 2021-1A, Class B, 1.37%, 08/20/2029 (e) | 1,000 | 986 | ||||||
| Summer BidCo. BV, (Netherlands), Reg. S, 9.00% (cash), 11/15/2025 (v) | EUR | 105 | 126 | |||||
| Synchrony Card Funding LLC, Series 2019-A1, Class A, 2.95%, 03/15/2025 | 1,594 | 1,635 | ||||||
| Synchrony Card Issuance Trust, Series 2018-A1, Class A, 3.38%, 09/15/2024 | 6,005 | 6,090 | ||||||
| TCI-Flatiron CLO Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 0.96%), 0.00%, 04/20/2034 (e) (w) (aa) | 4,000 | 4,000 | ||||||
| Tesla Auto Lease Trust, Series 2020-A, Class A2, 0.55%, 05/22/2023 (e) | 4,057 | 4,063 | ||||||
| THL Credit Wind River CLO Ltd., (Cayman Islands), Series 2013-2A, Class AR, (ICE LIBOR USD 3 Month + 1.23%), 1.45%, 10/18/2030 (e) (aa) | 320 | 320 | ||||||
| TICP CLO XII Ltd., (Cayman Islands), Series 2018-12A, Class A, (ICE LIBOR USD 3 Month + 1.11%), 1.35%, 01/15/2031 (e) (aa) | 3,000 | 3,001 | ||||||
| Toyota Auto Loan Extended Note Trust, Series 2021-1A, Class A, 1.07%, 02/27/2034 (e) | 3,500 | 3,474 | ||||||
| Verizon Owner Trust, Series 2020-C, Class A, 0.41%, 04/21/2025 | 6,000 | 6,001 | ||||||
| Wind River CLO Ltd., (Cayman Islands), Series 2013-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.25%), 1.47%, 07/20/2030 (e) (aa) | 390 | 390 | ||||||
| World Financial Network Credit Card Master Trust, | ||||||||
| Series 2018-C, Class A, 3.55%, 08/15/2025 | 4,000 | 4,070 | ||||||
| Series 2019-B, Class A, 2.49%, 04/15/2026 | 1,970 | 2,020 | ||||||
| York CLO-2 Ltd., (Cayman Islands), Series 2015-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 1.37%, 01/22/2031 (e) (aa) | 4,170 | 4,172 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities (Cost $167,737) |
167,310 | |||||||
|
|
|
|||||||
| Collateralized Mortgage Obligations — 0.2% | ||||||||
| CSMC Trust, Series 2021-AFC1, Class A1, 0.83%, 03/25/2056 (e) (z) | 2,042 | 2,037 | ||||||
| Ellington Financial Mortgage Trust, Series 2021-1, Class A1, 0.80%, 02/25/2066 (e) (z) | 2,719 | 2,712 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Collateralized Mortgage Obligations — continued | ||||||||
| Verus Securitization Trust, | ||||||||
| Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 508 | 507 | ||||||
| Series 2021-R2, Class A1, 0.92%, 02/25/2064 (e) (z) | 1,970 | 1,971 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations (Cost $7,239) |
7,227 | |||||||
|
|
|
|||||||
| Commercial Mortgage-Backed Securities — 2.9% | ||||||||
| BBCMS Mortgage Trust, Series 2018-TALL, Class C, (ICE LIBOR USD 1 Month + 1.12%), 1.23%, 03/15/2037 (e) (aa) | 1,600 | 1,564 | ||||||
| BFLD, Series 2019-DPLO, Class E, (ICE LIBOR USD 1 Month + 2.24%), 2.35%, 10/15/2034 (e) (aa) |
2,502 | 2,480 | ||||||
| BWAY Mortgage Trust, Series 2015-1740, Class C, 3.34%, 01/10/2035 (e) | 2,750 | 2,738 | ||||||
| BX Commercial Mortgage Trust, Series 2019-XL, Class D, (ICE LIBOR USD 1 Month + 1.45%), 1.56%, 10/15/2036 (e) (aa) | 4,063 | 4,063 | ||||||
| BX Trust, Series 2017-SLCT, Class F, (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 07/15/2034 (e) (aa) |
1,700 | 1,701 | ||||||
| CFCRE Commercial Mortgage Trust, Series 2016-C4, Class A4, 3.28%, 05/10/2058 | 900 | 973 | ||||||
| CHT Mortgage Trust, | ||||||||
| Series 2017-CSMO, Class B, (ICE LIBOR USD 1 Month + 1.40%), 1.51%, 11/15/2036 (e) (aa) | 1,494 | 1,495 | ||||||
| Series 2017-CSMO, Class E, (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 11/15/2036 (e) (aa) | 5,310 | 5,313 | ||||||
| Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class XA, IO, 0.99%, 02/15/2053 (z) | 45,316 | 3,190 | ||||||
| Credit Suisse Commercial Mortgage Securities Corp., Series 2019-SKLZ, Class A, (ICE LIBOR USD 1 Month + 1.25%), 1.36%, 01/15/2034 (e) (aa) | 6,000 | 6,015 | ||||||
| DBWF Mortgage Trust, Series 2018-GLKS, Class A, (ICE LIBOR USD 1 Month + 1.03%), 1.14%, 12/19/2030 (e) (aa) | 452 | 451 | ||||||
| Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.55%, 09/10/2035 (e) (z) | 3,845 | 4,167 | ||||||
| Great Wolf Trust, | ||||||||
| Series 2019-WOLF, Class A, (ICE LIBOR USD 1 Month + 1.03%), 1.14%, 12/15/2036 (e) (aa) | 8,000 | 7,990 | ||||||
| Series 2019-WOLF, Class D, (ICE LIBOR USD 1 Month + 1.93%), 2.04%, 12/15/2036 (e) (aa) | 3,000 | 2,946 | ||||||
| Series 2019-WOLF, Class E, (ICE LIBOR USD 1 Month + 2.73%), 2.84%, 12/15/2036 (e) (aa) | 2,000 | 1,942 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Commercial Mortgage-Backed Securities — continued | ||||||||
| GS Mortgage Securities Corp. Trust, | ||||||||
| Series 2018-RIVR, Class A, (ICE LIBOR USD 1 Month + 0.95%), 1.06%, 07/15/2035 (e) (aa) | 2,036 | 2,034 | ||||||
| Series 2019-70P, Class A, (ICE LIBOR USD 1 Month + 1.00%), 1.11%, 10/15/2036 (e) (aa) | 1,252 | 1,250 | ||||||
| GS Mortgage Securities Trust, Series 2015-GC34, Class A4, 3.51%, 10/10/2048 | 3,129 | 3,401 | ||||||
| Life Mortgage Trust, Series 2021-BMR, Class A, (ICE LIBOR USD 1 Month + 0.70%), 0.81%, 03/15/2038 (e) (aa) | 4,000 | 4,002 | ||||||
| Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||
| Series 2013-C7, Class A4, 2.92%, 02/15/2046 | 1,860 | 1,923 | ||||||
| Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 900 | 971 | ||||||
| One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054 (e) | 7,045 | 7,106 | ||||||
| ONE Mortgage Trust, Series 2021-PARK, Class A, (ICE LIBOR USD 1 Month + 0.70%), 0.81%, 03/15/2036 (e) (aa) | 3,800 | 3,787 | ||||||
| PFP Ltd., (Cayman Islands), | ||||||||
| Series 2019-6, Class C, (ICE LIBOR USD 1 Month + 2.10%), 2.21%, 04/14/2037 (e) (aa) | 1,297 | 1,294 | ||||||
| Series 2019-6, Class D, (ICE LIBOR USD 1 Month + 2.45%), 2.56%, 04/14/2037 (e) (aa) | 4,000 | 3,940 | ||||||
| Series 2021-7, Class A, (ICE LIBOR USD 1 Month + 0.85%), 0.95%, 04/14/2038 (e) (aa) | 10,000 | 10,000 | ||||||
| Waikiki Beach Hotel Trust, Series 2019-WBM, Class D, (ICE LIBOR USD 1 Month + 2.03%), 2.14%, 12/15/2033 (e) (aa) | 600 | 590 | ||||||
| WFRBS Commercial Mortgage Trust, | ||||||||
| Series 2013-C15, Class AS, 4.36%, 08/15/2046 (z) | 1,000 | 1,053 | ||||||
| Series 2014-C19, Class A5, 4.10%, 03/15/2047 | 2,745 | 2,985 | ||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities (Cost $91,722) |
91,364 | |||||||
|
|
|
|||||||
| Convertible Bonds — 1.6% | ||||||||
| Basic Materials — 0.0% (g) | ||||||||
| Mining — 0.0% (g) | ||||||||
| Glencore Funding LLC, Reg. S, Zero Coupon, 03/27/2025 | 200 | 193 | ||||||
|
|
|
|||||||
| Communications — 0.5% | ||||||||
| Internet — 0.2% | ||||||||
| Booking Holdings, Inc., 0.75%, 05/01/2025 (e) | 1,657 | 2,436 | ||||||
| Uber Technologies, Inc., Zero Coupon, 12/15/2025 (e) | 2,358 | 2,477 | ||||||
|
|
|
|||||||
| 4,913 | ||||||||
|
|
|
|||||||
| Media — 0.3% | ||||||||
| Cable One, Inc., 1.13%, 03/15/2028 (e) | 2,153 | 2,169 | ||||||
| DISH Network Corp., | ||||||||
| 2.38%, 03/15/2024 | 1,042 | 1,002 | ||||||
| 3.38%, 08/15/2026 | 1,588 | 1,526 | ||||||
| Liberty Broadband Corp., | ||||||||
| 1.25%, 09/30/2050 (e) | 1,822 | 1,782 | ||||||
| 2.75%, 09/30/2050 (e) | 3,517 | 3,554 | ||||||
|
|
|
|||||||
| 10,033 | ||||||||
|
|
|
|||||||
| Total Communications | 14,946 | |||||||
|
|
|
|||||||
| Consumer Cyclical — 0.1% | ||||||||
| Airlines — 0.0% (g) | ||||||||
| International Consolidated Airlines Group SA, (Spain), Reg. S, 0.63%, 11/17/2022 | EUR | 100 | 113 | |||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Convertible Bonds — continued | ||||||||
| Auto Manufacturers — 0.0% (g) | ||||||||
| Ford Motor Co., Zero Coupon, 03/15/2026 (e) | 814 | 820 | ||||||
|
|
|
|||||||
| Entertainment — 0.1% | ||||||||
| Live Nation Entertainment, Inc., | ||||||||
| 2.00%, 02/15/2025 | 531 | 588 | ||||||
| 2.50%, 03/15/2023 | 1,633 | 2,281 | ||||||
|
|
|
|||||||
| 2,869 | ||||||||
|
|
|
|||||||
| Total Consumer Cyclical | 3,802 | |||||||
|
|
|
|||||||
| Consumer Non-cyclical — 0.1% | ||||||||
| Commercial Services — 0.0% (g) | ||||||||
| Nexi SpA, (Italy), Reg. S, Zero Coupon, 02/24/2028 | EUR | 100 | 111 | |||||
|
|
|
|||||||
| Healthcare - Services — 0.1% | ||||||||
| Anthem, Inc., 2.75%, 10/15/2042 | 440 | 2,205 | ||||||
|
|
|
|||||||
| Total Consumer Non-cyclical | 2,316 | |||||||
|
|
|
|||||||
| Energy — 0.3% | ||||||||
| Oil & Gas — 0.3% | ||||||||
| BP Capital Markets plc, (United Kingdom), Reg. S, 1.00%, 04/28/2023 | GBP | 200 | 288 | |||||
| Centennial Resource Production LLC, 3.25%, 04/01/2028 | 1,512 | 1,416 | ||||||
| CNX Resources Corp., 2.25%, 05/01/2026 (e) | 1,000 | 1,351 | ||||||
| EQT Corp., 1.75%, 05/01/2026 (e) | 1,472 | 2,162 | ||||||
| PDC Energy, Inc., 1.13%, 09/15/2021 | 892 | 884 | ||||||
| Pioneer Natural Resources Co., 0.25%, 05/15/2025 (e) | 1,971 | 3,087 | ||||||
|
|
|
|||||||
| Total Energy | 9,188 | |||||||
|
|
|
|||||||
| Financial — 0.5% | ||||||||
| Banks — 0.5% | ||||||||
| Barclays Bank plc, (United Kingdom), | ||||||||
| Zero Coupon, 02/04/2025 | 3,988 | 5,206 | ||||||
| Series VUN, Zero Coupon, 02/18/2025 | 3,818 | 4,122 | ||||||
| BofA Finance LLC, 0.13%, 09/01/2022 | 4,720 | 5,267 | ||||||
| Cembra Money Bank AG, (Switzerland), Reg. S, Zero Coupon, 07/09/2026 | CHF | 200 | 217 | |||||
|
|
|
|||||||
| Total Financial | 14,812 | |||||||
|
|
|
|||||||
| Industrial — 0.0% (g) | ||||||||
| Engineering & Construction — 0.0% (g) | ||||||||
| Cellnex Telecom SA, (Spain), Reg. S, 0.75%, 11/20/2031 | EUR | 400 | 451 | |||||
|
|
|
|||||||
| Technology — 0.1% | ||||||||
| Semiconductors — 0.1% | ||||||||
| ams AG, (Austria), Reg. S, Zero Coupon, 03/05/2025 | EUR | 200 | 196 | |||||
| Microchip Technology, Inc., | ||||||||
| 0.13%, 11/15/2024 | 847 | 999 | ||||||
| 1.63%, 02/15/2025 | 91 | 315 | ||||||
| 1.63%, 02/15/2027 | 591 | 1,344 | ||||||
| ON Semiconductor Corp., 1.63%, 10/15/2023 | 1,004 | 2,081 | ||||||
|
|
|
|||||||
| Total Technology | 4,935 | |||||||
|
|
|
|||||||
| Total Convertible Bonds (Cost $50,787) |
50,643 | |||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — 78.2% | ||||||||
| Basic Materials — 3.5% | ||||||||
| Chemicals — 1.2% | ||||||||
| Ashland Services BV, (Netherlands), Reg. S, 2.00%, 01/30/2028 | EUR | 100 | 116 | |||||
| Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) | 1,518 | 1,480 | ||||||
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e) | 932 | 974 | ||||||
| CeramTec BondCo GmbH, (Germany), Reg. S, 5.25%, 12/15/2025 | EUR | 200 | 238 | |||||
| Chemours Co. (The), | ||||||||
| 4.00%, 05/15/2026 | EUR | 200 | 237 | |||||
| 5.75%, 11/15/2028 (e) | 127 | 134 | ||||||
| 7.00%, 05/15/2025 | 3,399 | 3,496 | ||||||
| Element Solutions, Inc., 3.88%, 09/01/2028 (e) | 6,021 | 5,946 | ||||||
| GCP Applied Technologies, Inc., 5.50%, 04/15/2026 (e) | 344 | 354 | ||||||
| HB Fuller Co., 4.25%, 10/15/2028 | 600 | 610 | ||||||
| Hexion, Inc., 7.88%, 07/15/2027 (e) | 1,125 | 1,210 | ||||||
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e) | 2,407 | 2,709 | ||||||
| INEOS Finance plc, (United Kingdom), Reg. S, 3.38%, 03/31/2026 | EUR | 200 | 241 | |||||
| INEOS Quattro Finance 2 Plc, (United Kingdom), 3.38%, 01/15/2026 (e) | 200 | 200 | ||||||
| LYB International Finance III LLC, (ICE LIBOR USD 3 Month + 1.00%), 1.20%, 10/01/2023 (aa) | 1,104 | 1,107 | ||||||
| Minerals Technologies, Inc., 5.00%, 07/01/2028 (e) | 310 | 320 | ||||||
| Monitchem HoldCo 3 SA, (Luxembourg), Reg. S, 5.25%, 03/15/2025 | EUR | 200 | 241 | |||||
| Mosaic Co. (The), 3.25%, 11/15/2022 | 493 | 512 | ||||||
| Nouryon Holding BV, (Netherlands), 8.00%, 10/01/2026 (e) | 3,259 | 3,462 | ||||||
| OCI NV, (Netherlands), Reg. S, 3.63%, 10/15/2025 | EUR | 100 | 122 | |||||
| PQ Corp., 5.75%, 12/15/2025 (e) | 370 | 379 | ||||||
| Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e) | 700 | 725 | ||||||
| TPC Group, Inc., | ||||||||
| 10.50%, 08/01/2024 (e) | 1,150 | 1,039 | ||||||
| 10.88%, 08/01/2024 (e) | 283 | 293 | ||||||
| Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., (Luxembourg), 5.13%, 04/01/2029 (e) | 200 | 206 | ||||||
| Tronox Finance plc, (United Kingdom), 5.75%, 10/01/2025 (e) | 1,500 | 1,565 | ||||||
| Tronox, Inc., | ||||||||
| 4.63%, 03/15/2029 (e) | 1,475 | 1,477 | ||||||
| 6.50%, 05/01/2025 (e) | 3,932 | 4,217 | ||||||
| Valvoline, Inc., 4.25%, 02/15/2030 (e) | 1,150 | 1,173 | ||||||
| Venator Finance Sarl / Venator Materials LLC, (Multinational), | ||||||||
| 5.75%, 07/15/2025 (e) | 600 | 582 | ||||||
| 9.50%, 07/01/2025 (e) | 1,000 | 1,118 | ||||||
| WR Grace & Co-Conn, | ||||||||
| 4.88%, 06/15/2027 (e) | 1,515 | 1,568 | ||||||
| 5.63%, 10/01/2024 (e) | 830 | 911 | ||||||
|
|
|
|||||||
| 38,962 | ||||||||
|
|
|
|||||||
| Forest Products & Paper — 0.0% (g) | ||||||||
| Clearwater Paper Corp., 4.75%, 08/15/2028 (e) | 1,061 | 1,069 | ||||||
| Suzano Austria GmbH, (Austria), 5.75%, 07/14/2026 (e) | 200 | 235 | ||||||
|
|
|
|||||||
| 1,304 | ||||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Iron/Steel — 0.4% | ||||||||
| Allegheny Technologies, Inc., 7.88%, 08/15/2023 | 46 | 50 | ||||||
| Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) | 6,237 | 6,796 | ||||||
| Cleveland-Cliffs, Inc., | ||||||||
| 4.63%, 03/01/2029 (e) | 650 | 649 | ||||||
| 4.88%, 03/01/2031 (e) | 825 | 811 | ||||||
| CSN Resources SA, (Luxembourg), 7.63%, 02/13/2023 (e) | 400 | 415 | ||||||
| thyssenkrupp AG, (Germany), Reg. S, 2.88%, 02/22/2024 | EUR | 100 | 119 | |||||
| United States Steel Corp., | ||||||||
| 6.25%, 03/15/2026 | 49 | 50 | ||||||
| 6.88%, 03/01/2029 | 2,925 | 2,998 | ||||||
|
|
|
|||||||
| 11,888 | ||||||||
|
|
|
|||||||
| Mining — 1.9% | ||||||||
| Alcoa Nederland Holding BV, (Netherlands), 6.75%, 09/30/2024 (e) | 500 | 517 | ||||||
| Anglo American Capital plc, (United Kingdom), | ||||||||
| 4.13%, 04/15/2021 (e) | 362 | 362 | ||||||
| 4.88%, 05/14/2025 (e) | 445 | 502 | ||||||
| 5.38%, 04/01/2025 (e) | 2,294 | 2,613 | ||||||
| Arconic Corp., | ||||||||
| 6.00%, 05/15/2025 (e) | 570 | 615 | ||||||
| 6.13%, 02/15/2028 (e) | 2,173 | 2,321 | ||||||
| Coeur Mining, Inc., 5.13%, 02/15/2029 (e) | 500 | 478 | ||||||
| Compass Minerals International, Inc., 4.88%, 07/15/2024 (e) | 750 | 777 | ||||||
| Constellium SE, (France), | ||||||||
| 3.75%, 04/15/2029 (e) | 2,664 | 2,547 | ||||||
| 5.63%, 06/15/2028 (e) | 1,876 | 1,980 | ||||||
| 5.75%, 05/15/2024 (e) | 1,085 | 1,098 | ||||||
| Eldorado Gold Corp., (Canada), 9.50%, 06/01/2024 (e) | 1,576 | 1,714 | ||||||
| First Quantum Minerals Ltd., (Canada), | ||||||||
| 6.50%, 03/01/2024 (e) | 485 | 492 | ||||||
| 6.88%, 03/01/2026 (e) | 2,900 | 3,002 | ||||||
| 7.25%, 04/01/2023 (e) | 4,725 | 4,808 | ||||||
| FMG Resources August 2006 Pty Ltd., (Australia), | ||||||||
| 4.38%, 04/01/2031 (e) | 950 | 968 | ||||||
| 5.13%, 05/15/2024 (e) | 850 | 921 | ||||||
| Freeport-McMoRan, Inc., | ||||||||
| 4.25%, 03/01/2030 | 50 | 53 | ||||||
| 4.55%, 11/14/2024 | 2,690 | 2,941 | ||||||
| 5.00%, 09/01/2027 | 925 | 983 | ||||||
| 5.25%, 09/01/2029 | 600 | 656 | ||||||
| 5.45%, 03/15/2043 | 3,748 | 4,500 | ||||||
| Glencore Finance Canada Ltd., (Canada), 4.25%, 10/25/2022 (e) | 465 | 490 | ||||||
| Glencore Funding LLC, | ||||||||
| 4.13%, 05/30/2023 (e) | 2,374 | 2,539 | ||||||
| 4.13%, 03/12/2024 (e) | 2,000 | 2,165 | ||||||
| 4.63%, 04/29/2024 (e) | 558 | 614 | ||||||
| Hecla Mining Co., 7.25%, 02/15/2028 | 1,000 | 1,073 | ||||||
| Hudbay Minerals, Inc., (Canada), | ||||||||
| 4.50%, 04/01/2026 (e) | 375 | 390 | ||||||
| 6.13%, 04/01/2029 (e) | 1,400 | 1,494 | ||||||
| IAMGOLD Corp., (Canada), 5.75%, 10/15/2028 (e) | 1,800 | 1,823 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Mining — continued | ||||||||
| Joseph T Ryerson & Son, Inc., 8.50%, 08/01/2028 (e) | 650 | 728 | ||||||
| Kaiser Aluminum Corp., 6.50%, 05/01/2025 (e) | 473 | 501 | ||||||
| Kinross Gold Corp., (Canada), 5.95%, 03/15/2024 | 206 | 232 | ||||||
| KME SE, (Germany), Reg. S, 6.75%, 02/01/2023 | EUR | 100 | 99 | |||||
| New Gold, Inc., (Canada), | ||||||||
| 6.38%, 05/15/2025 (e) | 350 | 361 | ||||||
| 7.50%, 07/15/2027 (e) | 4,940 | 5,116 | ||||||
| Novelis Corp., | ||||||||
| 4.75%, 01/30/2030 (e) | 2,616 | 2,695 | ||||||
| 5.88%, 09/30/2026 (e) | 3,090 | 3,234 | ||||||
| Vedanta Resources Finance II plc, (United Kingdom), 8.95%, 03/11/2025 (e) | 416 | 398 | ||||||
|
|
|
|||||||
| 58,800 | ||||||||
|
|
|
|||||||
| Total Basic Materials | 110,954 | |||||||
|
|
|
|||||||
| Communications — 12.8% | ||||||||
| Advertising — 0.5% | ||||||||
| Clear Channel International BV, (Netherlands), 6.63%, 08/01/2025 (e) | 2,099 | 2,194 | ||||||
| Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028 (e) | 2,066 | 2,048 | ||||||
| Lamar Media Corp., | ||||||||
| 3.63%, 01/15/2031 (e) | 350 | 336 | ||||||
| 4.88%, 01/15/2029 | 25 | 26 | ||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp., | ||||||||
| 4.25%, 01/15/2029 (e) | 741 | 713 | ||||||
| 5.00%, 08/15/2027 (e) | 307 | 310 | ||||||
| 6.25%, 06/15/2025 (e) | 500 | 529 | ||||||
| Summer BC Holdco A Sarl, (Luxembourg), Reg. S, 9.25%, 10/31/2027 | EUR | 90 | 114 | |||||
| Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026 | EUR | 300 | 370 | |||||
| Terrier Media Buyer, Inc., 8.88%, 12/15/2027 (e) | 8,395 | 9,033 | ||||||
|
|
|
|||||||
| 15,673 | ||||||||
|
|
|
|||||||
| Internet — 1.0% | ||||||||
| Adevinta ASA, (Norway), Reg. S, 3.00%, 11/15/2027 | EUR | 100 | 121 | |||||
| ANGI Group LLC, 3.88%, 08/15/2028 (e) | 1,003 | 1,003 | ||||||
| Arches Buyer, Inc., | ||||||||
| 4.25%, 06/01/2028 (e) | 115 | 115 | ||||||
| 6.13%, 12/01/2028 (e) | 38 | 39 | ||||||
| Baidu, Inc., (Cayman Islands), 3.08%, 04/07/2025 | 2,400 | 2,526 | ||||||
| Cablevision Lightpath LLC, | ||||||||
| 3.88%, 09/15/2027 (e) | 2,258 | 2,235 | ||||||
| 5.63%, 09/15/2028 (e) | 2,412 | 2,448 | ||||||
| Cars.com, Inc., 6.38%, 11/01/2028 (e) | 900 | 937 | ||||||
| Expedia Group, Inc., 3.60%, 12/15/2023 (e) | 1,086 | 1,156 | ||||||
| Go Daddy Operating Co. LLC / GD Finance Co., Inc., | ||||||||
| 3.50%, 03/01/2029 (e) | 974 | 959 | ||||||
| 5.25%, 12/01/2027 (e) | 1,000 | 1,045 | ||||||
| Match Group Holdings II LLC, | ||||||||
| 4.63%, 06/01/2028 (e) | 769 | 786 | ||||||
| 5.00%, 12/15/2027 (e) | 1,000 | 1,047 | ||||||
| Meituan, (Cayman Islands), 2.13%, 10/28/2025 (e) | 800 | 794 | ||||||
| Netflix, Inc., | ||||||||
| Reg. S, 3.63%, 06/15/2030 | EUR | 200 | 274 | |||||
| 4.88%, 06/15/2030 (e) | 1,031 | 1,187 | ||||||
| 5.38%, 11/15/2029 (e) | 1,539 | 1,820 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Internet — continued | ||||||||
| 5.88%, 11/15/2028 | 876 | 1,060 | ||||||
| Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 6.00%, 02/15/2028 (e) | 458 | 457 | ||||||
| NortonLifeLock, Inc., 5.00%, 04/15/2025 (e) | 215 | 218 | ||||||
| Twitter, Inc., 3.88%, 12/15/2027 (e) | 250 | 262 | ||||||
| Uber Technologies, Inc., | ||||||||
| 6.25%, 01/15/2028 (e) | 5 | 5 | ||||||
| 7.50%, 05/15/2025 (e) | 5,521 | 5,958 | ||||||
| 7.50%, 09/15/2027 (e) | 2,525 | 2,790 | ||||||
| 8.00%, 11/01/2026 (e) | 2,143 | 2,320 | ||||||
| United Group BV, (Netherlands), Reg. S, 4.00%, 11/15/2027 | EUR | 100 | 116 | |||||
| VeriSign, Inc., 5.25%, 04/01/2025 | 1,045 | 1,180 | ||||||
|
|
|
|||||||
| 32,858 | ||||||||
|
|
|
|||||||
| Media — 5.8% | ||||||||
| Altice Financing SA, (Luxembourg), | ||||||||
| Reg. S, 3.00%, 01/15/2028 | EUR | 100 | 112 | |||||
| 5.00%, 01/15/2028 (e) | 2,175 | 2,151 | ||||||
| 7.50%, 05/15/2026 (e) | 2,989 | 3,123 | ||||||
| AMC Networks, Inc., 4.25%, 02/15/2029 | 1,444 | 1,404 | ||||||
| Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026 (e) | 215 | 216 | ||||||
| Cable One, Inc., 4.00%, 11/15/2030 (e) | 353 | 349 | ||||||
| CCO Holdings LLC / CCO Holdings Capital Corp., | ||||||||
| 4.25%, 02/01/2031 (e) | 6,976 | 6,991 | ||||||
| 4.50%, 08/15/2030 (e) | 3,175 | 3,236 | ||||||
| 4.50%, 05/01/2032 (e) | 17,838 | 18,061 | ||||||
| 4.75%, 03/01/2030 (e) | 6,200 | 6,425 | ||||||
| 5.00%, 02/01/2028 (e) | 525 | 555 | ||||||
| 5.13%, 05/01/2027 (e) | 2,360 | 2,495 | ||||||
| 5.50%, 05/01/2026 (e) | 1,500 | 1,547 | ||||||
| 5.75%, 02/15/2026 (e) | 1,447 | 1,493 | ||||||
| 5.88%, 05/01/2027 (e) | 3,025 | 3,122 | ||||||
| Clear Channel Worldwide Holdings, Inc., | ||||||||
| 5.13%, 08/15/2027 (e) | 9,006 | 9,065 | ||||||
| 9.25%, 02/15/2024 | 723 | 752 | ||||||
| CSC Holdings LLC, | ||||||||
| 3.38%, 02/15/2031 (e) | 1,065 | 1,004 | ||||||
| 4.13%, 12/01/2030 (e) | 2,500 | 2,483 | ||||||
| 4.63%, 12/01/2030 (e) | 8,810 | 8,666 | ||||||
| 5.25%, 06/01/2024 | 1,000 | 1,079 | ||||||
| 5.38%, 02/01/2028 (e) | 2,372 | 2,493 | ||||||
| 5.50%, 05/15/2026 (e) | 2,768 | 2,854 | ||||||
| 5.75%, 01/15/2030 (e) | 2,984 | 3,143 | ||||||
| 6.50%, 02/01/2029 (e) | 825 | 912 | ||||||
| 6.75%, 11/15/2021 | 5,600 | 5,747 | ||||||
| 7.50%, 04/01/2028 (e) | 200 | 220 | ||||||
| Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026 (e) | 498 | 507 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Media — continued | ||||||||
| Diamond Sports Group LLC / Diamond Sports Finance Co., | ||||||||
| 5.38%, 08/15/2026(e) | 3,068 | 2,208 | ||||||
| 6.63%, 08/15/2027(e) | 9,300 | 4,883 | ||||||
| DISH DBS Corp., | ||||||||
| 5.88%, 07/15/2022 | 7,057 | 7,371 | ||||||
| 5.88%, 11/15/2024 | 2,115 | 2,213 | ||||||
| 6.75%, 06/01/2021 | 4,590 | 4,622 | ||||||
| 7.38%, 07/01/2028 | 1,750 | 1,836 | ||||||
| 7.75%, 07/01/2026 | 5,303 | 5,841 | ||||||
| Entercom Media Corp., | ||||||||
| 6.50%, 05/01/2027(e) | 825 | 853 | ||||||
| 6.75%, 03/31/2029(e) | 325 | 338 | ||||||
| 7.25%, 11/01/2024(e) | 625 | 647 | ||||||
| EW Scripps Co. (The), 5.13%, 05/15/2025 (e) | 950 | 969 | ||||||
| Gray Television, Inc., | ||||||||
| 4.75%, 10/15/2030(e) | 2,480 | 2,458 | ||||||
| 5.88%, 07/15/2026(e) | 605 | 627 | ||||||
| 7.00%, 05/15/2027(e) | 350 | 381 | ||||||
| iHeartCommunications, Inc., | ||||||||
| 4.75%, 01/15/2028(e) | 525 | 529 | ||||||
| 5.25%, 08/15/2027(e) | 600 | 617 | ||||||
| 6.38%, 05/01/2026 | 730 | 775 | ||||||
| 8.38%, 05/01/2027 | 1,900 | 2,040 | ||||||
| LCPR Senior Secured Financing DAC, (Ireland), | ||||||||
| 5.13%, 07/15/2029(e) | 1,535 | 1,562 | ||||||
| 6.75%, 10/15/2027(e) | 2,221 | 2,368 | ||||||
| Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2027 (e) | 350 | 364 | ||||||
| Nexstar Broadcasting, Inc., | ||||||||
| 4.75%, 11/01/2028(e) | 2,650 | 2,678 | ||||||
| 5.63%, 07/15/2027(e) | 1,550 | 1,629 | ||||||
| Radiate Holdco LLC / Radiate Finance, Inc., | ||||||||
| 4.50%, 09/15/2026(e) | 4,442 | 4,492 | ||||||
| 6.50%, 09/15/2028(e) | 6,679 | 7,053 | ||||||
| Scripps Escrow II, Inc., | ||||||||
| 3.88%, 01/15/2029(e) | 750 | 737 | ||||||
| 5.38%, 01/15/2031(e) | 333 | 331 | ||||||
| Scripps Escrow, Inc., 5.88%, 07/15/2027 (e) | 825 | 850 | ||||||
| Sinclair Television Group, Inc., | ||||||||
| 4.13%, 12/01/2030(e) | 1,654 | 1,592 | ||||||
| 5.13%, 02/15/2027(e) | 61 | 60 | ||||||
| 5.50%, 03/01/2030(e) | 800 | 780 | ||||||
| 5.88%, 03/15/2026(e) | 1,100 | 1,119 | ||||||
| Sirius XM Radio, Inc., | ||||||||
| 3.88%, 08/01/2022(e) | 150 | 150 | ||||||
| 4.13%, 07/01/2030(e) | 729 | 730 | ||||||
| 5.38%, 07/15/2026(e) | 2,585 | 2,669 | ||||||
| 5.50%, 07/01/2029(e) | 1,448 | 1,566 | ||||||
| TEGNA, Inc., 5.00%, 09/15/2029 | 1,050 | 1,090 | ||||||
| Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) | 2,200 | 2,310 | ||||||
| Townsquare Media, Inc., 6.88%, 02/01/2026 (e) | 275 | 293 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Media — continued | ||||||||
| Univision Communications, Inc., | ||||||||
| 5.13%, 02/15/2025 (e) | 1,550 | 1,565 | ||||||
| 6.63%, 06/01/2027 (e) | 4,528 | 4,836 | ||||||
| 9.50%, 05/01/2025 (e) | 684 | 749 | ||||||
| UPC Holding BV, (Netherlands), Reg. S, 3.88%, 06/15/2029 | EUR | 200 | 233 | |||||
| UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029 | EUR | 244 | 289 | |||||
| Urban One, Inc., 7.38%, 02/01/2028 (e) | 835 | 865 | ||||||
| Virgin Media Finance plc, (United Kingdom), | ||||||||
| Reg. S, 3.75%, 07/15/2030 | EUR | 200 | 235 | |||||
| 5.00%, 07/15/2030 (e) | 1,450 | 1,448 | ||||||
| Virgin Media Secured Finance plc, (United Kingdom), | ||||||||
| 4.50%, 08/15/2030 (e) | 346 | 349 | ||||||
| 5.50%, 08/15/2026 (e) | 775 | 804 | ||||||
| 5.50%, 05/15/2029 (e) | 1,912 | 2,029 | ||||||
| Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e) | 3,116 | 3,174 | ||||||
| Ziggo Bond Co. BV, (Netherlands), | ||||||||
| 5.13%, 02/28/2030 (e) | 1,568 | 1,603 | ||||||
| 6.00%, 01/15/2027 (e) | 1,625 | 1,694 | ||||||
| Ziggo BV, (Netherlands), 4.88%, 01/15/2030 (e) | 1,047 | 1,070 | ||||||
|
|
|
|||||||
| 184,779 | ||||||||
|
|
|
|||||||
| Telecommunications — 5.5% | ||||||||
| Altice France Holding SA, (Luxembourg), | ||||||||
| 6.00%, 02/15/2028 (e) | 2,565 | 2,527 | ||||||
| 10.50%, 05/15/2027 (e) | 9,181 | 10,338 | ||||||
| Altice France SA, (France), | ||||||||
| Reg. S, 4.13%, 01/15/2029 | EUR | 400 | 469 | |||||
| 5.50%, 01/15/2028 (e) | 2,186 | 2,244 | ||||||
| 7.38%, 05/01/2026 (e) | 11,105 | 11,549 | ||||||
| 8.13%, 02/01/2027 (e) | 678 | 743 | ||||||
| AT&T, Inc., | ||||||||
| 0.90%, 03/25/2024 | 660 | 660 | ||||||
| 1.70%, 03/25/2026 | 550 | 550 | ||||||
| Avaya, Inc., 6.13%, 09/15/2028 (e) | 3,513 | 3,737 | ||||||
| CommScope Technologies LLC, | ||||||||
| 5.00%, 03/15/2027 (e) | 1,096 | 1,086 | ||||||
| 6.00%, 06/15/2025 (e) | 1,830 | 1,866 | ||||||
| CommScope, Inc., | ||||||||
| 5.50%, 03/01/2024 (e) | 994 | 1,025 | ||||||
| 6.00%, 03/01/2026 (e) | 2,297 | 2,425 | ||||||
| 7.13%, 07/01/2028 (e) | 831 | 883 | ||||||
| Connect Finco Sarl / Connect US Finco LLC, (Multinational), 6.75%, 10/01/2026 (e) | 7,959 | 8,474 | ||||||
| Consolidated Communications, Inc., 6.50%, 10/01/2028 (e) | 2,296 | 2,480 | ||||||
| Digicel Group 0.5 Ltd., (Bermuda), 10.00% (PIK), 04/01/2024 (v) | 1,250 | 1,216 | ||||||
| Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Multinational), | ||||||||
| 8.75%, 05/25/2024 (e) | 1,545 | 1,593 | ||||||
| 8.00%, 12/31/2026 (e) | 4,725 | 4,560 | ||||||
| 13.00% (Blend (cash 6.00% + PIK 7.00%)), 12/31/2025 (e) (v) | 2,000 | 2,010 | ||||||
| Digicel Ltd., (Bermuda), 6.75%, 03/01/2023 (e) | 6,500 | 5,948 | ||||||
| Frontier Communications Corp., | ||||||||
| 5.00%, 05/01/2028 (e) | 3,660 | 3,724 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Telecommunications — continued | ||||||||
| 5.88%, 10/15/2027 (e) | 2,236 | 2,370 | ||||||
| 6.75%, 05/01/2029 (e) | 891 | 940 | ||||||
| Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc., 9.88%, 05/01/2024 (e) | 770 | 810 | ||||||
| Intelsat Jackson Holdings SA, (Luxembourg), 9.75%, 07/15/2025 (d) (e) | 1,875 | 1,158 | ||||||
| Intrado Corp., 8.50%, 10/15/2025 (e) | 1,000 | 1,013 | ||||||
| Level 3 Financing, Inc., | ||||||||
| 3.75%, 07/15/2029 (e) | 2,645 | 2,589 | ||||||
| 4.25%, 07/01/2028 (e) | 3,037 | 3,071 | ||||||
| 4.63%, 09/15/2027 (e) | 825 | 849 | ||||||
| 5.25%, 03/15/2026 | 1,200 | 1,236 | ||||||
| Ligado Networks LLC, 15.50% (PIK), 11/01/2023 (e) (v) | 506 | 506 | ||||||
| LogMeIn, Inc., 5.50%, 09/01/2027 (e) | 675 | 707 | ||||||
| Lorca Telecom Bondco SA, (Spain), Reg. S, 4.00%, 09/18/2027 | EUR | 300 | 361 | |||||
| Lumen Technologies, Inc., | ||||||||
| 4.00%, 02/15/2027 (e) | 1,725 | 1,762 | ||||||
| 4.50%, 01/15/2029 (e) | 3,251 | 3,171 | ||||||
| 5.13%, 12/15/2026 (e) | 3,445 | 3,629 | ||||||
| Series P, 7.60%, 09/15/2039 | 3,188 | 3,650 | ||||||
| Series S, 6.45%, 06/15/2021 | 800 | 806 | ||||||
| Series T, 5.80%, 03/15/2022 | 3,000 | 3,105 | ||||||
| Series U, 7.65%, 03/15/2042 | 2,983 | 3,393 | ||||||
| Series W, 6.75%, 12/01/2023 | 225 | 248 | ||||||
| Series Y, 7.50%, 04/01/2024 | 1,000 | 1,121 | ||||||
| Matterhorn Telecom SA, (Luxembourg), Reg. S, 4.00%, 11/15/2027 | EUR | 300 | 357 | |||||
| Nokia OYJ, (Finland), 6.63%, 05/15/2039 | 275 | 336 | ||||||
| NTT Finance Corp., (Japan), | ||||||||
| 0.58%, 03/01/2024 (e) | 200 | 199 | ||||||
| 1.16%, 04/03/2026 (e) | 337 | 333 | ||||||
| Oi SA, (Brazil), Reg. S. 10.00% (cash), 07/27/2025 (v) | 200 | 211 | ||||||
| QualityTech LP / QTS Finance Corp., 3.88%, 10/01/2028 (e) | 783 | 779 | ||||||
| Qwest Corp., 6.75%, 12/01/2021 | 1,000 | 1,034 | ||||||
| SoftBank Group Corp., (Japan), | ||||||||
| Reg. S, 5.00%, 04/15/2028 | EUR | 100 | 132 | |||||
| Reg. S, (USD ICE Swap Rate 5 Year + 4.23%), 6.00%, 07/19/2023 (x) (aa) | 600 | 602 | ||||||
| Sprint Capital Corp., | ||||||||
| 6.88%, 11/15/2028 | 3,739 | 4,715 | ||||||
| 8.75%, 03/15/2032 | 2,744 | 4,057 | ||||||
| Sprint Communications, Inc., | ||||||||
| 6.00%, 11/15/2022 | 100 | 107 | ||||||
| 11.50%, 11/15/2021 | 1,959 | 2,077 | ||||||
| Sprint Corp., | ||||||||
| 7.13%, 06/15/2024 | 400 | 460 | ||||||
| 7.25%, 09/15/2021 | 200 | 205 | ||||||
| 7.63%, 02/15/2025 | 4,000 | 4,754 | ||||||
| 7.63%, 03/01/2026 | 6,671 | 8,172 | ||||||
| 7.88%, 09/15/2023 | 2,885 | 3,296 | ||||||
| Switch Ltd., 3.75%, 09/15/2028 (e) | 1,438 | 1,416 | ||||||
| Telecom Italia Capital SA, (Luxembourg), 6.00%, 09/30/2034 | 3,393 | 3,848 | ||||||
| Telecom Italia Finance SA, (Luxembourg), Reg. S, 7.75%, 01/24/2033 | EUR | 400 | 688 | |||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Telecommunications — continued | ||||||||
| Telecom Italia SpA, (Italy), | ||||||||
| Reg. S, 1.63%, 01/18/2029 | EUR | 200 | 229 | |||||
| 5.30%, 05/30/2024 (e) | 1,172 | 1,270 | ||||||
| Telefonica Europe BV, (Netherlands), Reg. S, (EUR Swap Rate 6 Year + 4.11%), 4.38%, 12/14/2024 (x) (aa) | EUR | 300 | 382 | |||||
| Telesat Canada / Telesat LLC, (Canada), 4.88%, 06/01/2027 (e) | 755 | 755 | ||||||
| T-Mobile USA, Inc., | ||||||||
| 2.88%, 02/15/2031 | 572 | 553 | ||||||
| 3.50%, 04/15/2031 | 1,268 | 1,279 | ||||||
| 4.50%, 02/01/2026 | 3,500 | 3,581 | ||||||
| 4.75%, 02/01/2028 | 1,000 | 1,069 | ||||||
| 6.00%, 03/01/2023 | 1,300 | 1,308 | ||||||
| 6.00%, 04/15/2024 | 1,500 | 1,511 | ||||||
| Viasat, Inc., | ||||||||
| 5.63%, 09/15/2025 (e) | 765 | 778 | ||||||
| 5.63%, 04/15/2027 (e) | 1,796 | 1,884 | ||||||
| 6.50%, 07/15/2028 (e) | 2,246 | 2,365 | ||||||
| Vmed O2 UK Financing I plc, (United Kingdom), Reg. S, 3.25%, 01/31/2031 | EUR | 200 | 236 | |||||
| Vodafone Group plc, (United Kingdom), | ||||||||
| Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.05%), 6.25%, 10/03/2078 (aa) | 200 | 220 | ||||||
| Series NC10, Reg. S, (EUR Swap Rate 5 Year + 3.23%), 3.00%, 08/27/2080 (aa) | EUR | 100 | 121 | |||||
| VTR Comunicaciones SpA, (Chile), 5.13%, 01/15/2028 (e) | 521 | 545 | ||||||
| Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 08/15/2028 (e) | 415 | 422 | ||||||
| Zayo Group Holdings, Inc., | ||||||||
| 4.00%, 03/01/2027 (e) | 3,617 | 3,559 | ||||||
| 6.13%, 03/01/2028 (e) | 8,152 | 8,384 | ||||||
|
|
|
|||||||
| 174,831 | ||||||||
|
|
|
|||||||
| Total Communications | 408,141 | |||||||
|
|
|
|||||||
| Consumer Cyclical — 14.6% | ||||||||
| Airlines — 0.8% | ||||||||
| American Airlines Group, Inc., 3.75%, 03/01/2025 (e) | 1,030 | 879 | ||||||
| American Airlines, Inc., 11.75%, 07/15/2025 (e) | 3,580 | 4,426 | ||||||
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd, (Multinational), | ||||||||
| 5.50%, 04/20/2026 (e) | 669 | 698 | ||||||
| 5.75%, 04/20/2029 (e) | 4,699 | 5,008 | ||||||
| Delta Air Lines, Inc., 7.00%, 05/01/2025 (e) | 1,623 | 1,869 | ||||||
| Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), | ||||||||
| 4.50%, 10/20/2025 (e) | 3 | 3 | ||||||
| 4.75%, 10/20/2028 (e) | 2,560 | 2,782 | ||||||
| Deutsche Lufthansa AG, (Germany), Reg. S, 2.88%, 02/11/2025 | EUR | 100 | 116 | |||||
| Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., (Cayman Islands), 5.75%, 01/20/2026 (e) | 1,658 | 1,762 | ||||||
| International Consolidated Airlines Group SA, (Spain), | ||||||||
| Reg. S, 1.50%, 07/04/2027 | EUR | 100 | 105 | |||||
| Reg. S, 2.75%, 03/25/2025 | EUR | 100 | 116 | |||||
| Reg. S, 3.75%, 03/25/2029 | EUR | 100 | 115 | |||||
| Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e) | 4,202 | 4,601 | ||||||
| Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands), 8.00%, 09/20/2025 (e) | 1,127 | 1,273 | ||||||
| United Airlines 2020-1 Class A Pass Through Trust, Series 20-1, 5.88%, 10/15/2027 | 3,088 | 3,423 | ||||||
| United Airlines 2020-1 Class B Pass Through Trust, 4.88%, 01/15/2026 | 60 | 62 | ||||||
|
|
|
|||||||
| 27,238 | ||||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Apparel — 0.3% | ||||||||
| Crocs, Inc., 4.25%, 03/15/2029 (e) | 535 | 523 | ||||||
| Hanesbrands, Inc., 4.63%, 05/15/2024 (e) | 500 | 531 | ||||||
| Levi Strauss & Co., | ||||||||
| 3.50%, 03/01/2031(e) | 280 | 270 | ||||||
| 5.00%, 05/01/2025 | 200 | 204 | ||||||
| PVH Corp., 4.63%, 07/10/2025 | 1,590 | 1,747 | ||||||
| Tapestry, Inc., 4.25%, 04/01/2025 | 1,000 | 1,086 | ||||||
| William Carter Co. (The), | ||||||||
| 5.50%, 05/15/2025(e) | 686 | 732 | ||||||
| 5.63%, 03/15/2027(e) | 1,000 | 1,056 | ||||||
| Wolverine World Wide, Inc., | ||||||||
| 5.00%, 09/01/2026(e) | 325 | 329 | ||||||
| 6.38%, 05/15/2025(e) | 2,225 | 2,370 | ||||||
|
|
|
|||||||
| 8,848 | ||||||||
|
|
|
|||||||
| Auto Manufacturers — 2.4% | ||||||||
| Allison Transmission, Inc., | ||||||||
| 3.75%, 01/30/2031(e) | 2,291 | 2,219 | ||||||
| 5.88%, 06/01/2029(e) | 1,474 | 1,612 | ||||||
| Daimler Finance North America LLC, | ||||||||
| 3.65%, 02/22/2024(e) | 2,800 | 3,019 | ||||||
| 3.88%, 09/15/2021(e) | 964 | 979 | ||||||
| Ford Motor Co., | ||||||||
| 4.75%, 01/15/2043 | 7,025 | 7,077 | ||||||
| 5.29%, 12/08/2046 | 4,125 | 4,336 | ||||||
| 7.40%, 11/01/2046 | 275 | 341 | ||||||
| 8.50%, 04/21/2023 | 250 | 279 | ||||||
| 9.00%, 04/22/2025 | 8,360 | 10,125 | ||||||
| 9.63%, 04/22/2030 | 350 | 488 | ||||||
| Ford Motor Credit Co. LLC, | ||||||||
| 2.90%, 02/16/2028 | 623 | 599 | ||||||
| 2.98%, 08/03/2022 | 5,210 | 5,288 | ||||||
| 3.38%, 11/13/2025 | 2,250 | 2,288 | ||||||
| 3.82%, 11/02/2027 | 200 | 202 | ||||||
| 4.00%, 11/13/2030 | 2,075 | 2,058 | ||||||
| 4.13%, 08/17/2027 | 315 | 325 | ||||||
| 4.13%, 08/04/2025 | 3,342 | 3,496 | ||||||
| 4.39%, 01/08/2026 | 2,500 | 2,628 | ||||||
| 4.54%, 03/06/2025 | GBP | 100 | 147 | |||||
| 5.11%, 05/03/2029 | 360 | 386 | ||||||
| 5.13%, 06/16/2025 | 4,216 | 4,549 | ||||||
| 5.58%, 03/18/2024 | 3,635 | 3,923 | ||||||
| General Motors Co., | ||||||||
| 5.40%, 10/02/2023 | 52 | 56 | ||||||
| 6.13%, 10/01/2025 | 50 | 59 | ||||||
| General Motors Financial Co., Inc., | ||||||||
| 2.75%, 06/20/2025 | 2,724 | 2,843 | ||||||
| 3.15%, 06/30/2022 | 988 | 1,016 | ||||||
| 3.20%, 07/06/2021 | 276 | 277 | ||||||
| 5.10%, 01/17/2024 | 1,658 | 1,833 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Auto Manufacturers — continued | ||||||||
| 5.20%, 03/20/2023 | 104 | 113 | ||||||
| Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa) | 5 | 5 | ||||||
| Jaguar Land Rover Automotive plc, (United Kingdom), Reg. S, 6.88%, 11/15/2026 | EUR | 100 | 132 | |||||
| JB Poindexter & Co., Inc., 7.13%, 04/15/2026 (e) | 950 | 1,003 | ||||||
| Navistar International Corp., | ||||||||
| 6.63%, 11/01/2025 (e) | 25 | 26 | ||||||
| 9.50%, 05/01/2025 (e) | 3,775 | 4,148 | ||||||
| PM General Purchaser LLC, 9.50%, 10/01/2028 (e) | 1,800 | 1,921 | ||||||
| RCI Banque SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa) | EUR | 200 | 234 | |||||
| Stellantis NV, (Netherlands), 5.25%, 04/15/2023 | 3,000 | 3,245 | ||||||
| Tesla, Inc., 5.30%, 08/15/2025 (e) | 2,463 | 2,556 | ||||||
| Volkswagen Group of America Finance LLC, | ||||||||
| 2.90%, 05/13/2022 (e) | 222 | 228 | ||||||
| 3.35%, 05/13/2025 (e) | 1,110 | 1,191 | ||||||
| 4.00%, 11/12/2021 (e) | 300 | 307 | ||||||
| 4.25%, 11/13/2023 (e) | 278 | 302 | ||||||
| Wabash National Corp., 5.50%, 10/01/2025 (e) | 349 | 357 | ||||||
|
|
|
|||||||
| 78,216 | ||||||||
|
|
|
|||||||
| Auto Parts & Equipment — 1.2% | ||||||||
| Adient Global Holdings Ltd., (Jersey), 4.88%, 08/15/2026 (e) | 4,650 | 4,772 | ||||||
| Adient US LLC, | ||||||||
| 7.00%, 05/15/2026 (e) | 2 | 2 | ||||||
| 9.00%, 04/15/2025 (e) | 427 | 474 | ||||||
| American Axle & Manufacturing, Inc., | ||||||||
| 6.25%, 04/01/2025 | 50 | 51 | ||||||
| 6.25%, 03/15/2026 | 1,675 | 1,716 | ||||||
| 6.50%, 04/01/2027 | 950 | 986 | ||||||
| 6.88%, 07/01/2028 | 1,500 | 1,572 | ||||||
| Clarios Global LP / Clarios US Finance Co., (Multinational), | ||||||||
| Reg. S, 4.38%, 05/15/2026 | EUR | 300 | 364 | |||||
| 6.25%, 05/15/2026 (e) | 1,981 | 2,104 | ||||||
| 8.50%, 05/15/2027 (e) | 9,013 | 9,705 | ||||||
| Clarios Global LP, (Canada), 6.75%, 05/15/2025 (e) | 3,502 | 3,746 | ||||||
| Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e) | 1,375 | 1,162 | ||||||
| Dana Financing Luxembourg Sarl, (Luxembourg), | ||||||||
| 5.75%, 04/15/2025 (e) | 75 | 77 | ||||||
| 6.50%, 06/01/2026 (e) | 875 | 908 | ||||||
| Dana, Inc., | ||||||||
| 5.38%, 11/15/2027 | 775 | 814 | ||||||
| 5.50%, 12/15/2024 | 100 | 102 | ||||||
| 5.63%, 06/15/2028 | 1,700 | 1,819 | ||||||
| Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e) | 1,095 | 1,157 | ||||||
| Faurecia SE, (France), Reg. S, 3.75%, 06/15/2028 | EUR | 100 | 124 | |||||
| Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/2025 | 767 | 860 | ||||||
| IHO Verwaltungs GmbH, (Germany), | ||||||||
| 4.75% (cash), 09/15/2026 (e) (v) | 1,265 | 1,299 | ||||||
| 6.00% (cash), 05/15/2027 (e) (v) | 325 | 341 | ||||||
| 6.38% (cash), 05/15/2029 (e) (v) | 1,000 | 1,093 | ||||||
| Meritor, Inc., 4.50%, 12/15/2028 (e) | 71 | 71 | ||||||
| Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (e) | 850 | 877 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Auto Parts & Equipment — continued |
||||||||
| Tenneco, Inc., | ||||||||
| 5.13%, 04/15/2029 (e) | 1,775 | 1,750 | ||||||
| 7.88%, 01/15/2029 (e) | 238 | 268 | ||||||
| ZF Finance GmbH, (Germany), Reg. S, 3.75%, 09/21/2028 | EUR | 100 | 128 | |||||
| ZF North America Capital, Inc., 4.75%, 04/29/2025 (e) | 1,465 | 1,573 | ||||||
|
|
|
|||||||
| 39,915 | ||||||||
|
|
|
|||||||
| Distribution/Wholesale — 0.5% |
||||||||
| American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/2026 (e) | 1,938 | 2,001 | ||||||
| Core & Main Holdings LP, 8.63% (cash), 09/15/2024 (e) (v) | 1,153 | 1,170 | ||||||
| Core & Main LP, 6.13%, 08/15/2025 (e) | 7,362 | 7,556 | ||||||
| H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e) | 4,404 | 4,283 | ||||||
| IAA, Inc., 5.50%, 06/15/2027 (e) | 28 | 30 | ||||||
| KAR Auction Services, Inc., 5.13%, 06/01/2025 (e) | 800 | 809 | ||||||
|
|
|
|||||||
| 15,849 | ||||||||
|
|
|
|||||||
| Entertainment — 2.9% |
||||||||
| Affinity Gaming, 6.88%, 12/15/2027 (e) | 664 | 700 | ||||||
| Bally’s Corp., 6.75%, 06/01/2027 (e) | 4,255 | 4,563 | ||||||
| Banijay Group SAS, (France), Reg. S, 6.50%, 03/01/2026 | EUR | 200 | 239 | |||||
| Boyne USA, Inc., 7.25%, 05/01/2025 (e) | 400 | 416 | ||||||
| Caesars Entertainment, Inc., | ||||||||
| 6.25%, 07/01/2025 (e) | 9,058 | 9,636 | ||||||
| 8.13%, 07/01/2027 (e) | 6,169 | 6,806 | ||||||
| Caesars Resort Collection LLC / CRC Finco, Inc., | ||||||||
| 5.25%, 10/15/2025 (e) | 4,890 | 4,932 | ||||||
| 5.75%, 07/01/2025 (e) | 2,651 | 2,798 | ||||||
| CCM Merger, Inc., 6.38%, 05/01/2026 (e) | 475 | 504 | ||||||
| Cedar Fair LP, 5.25%, 07/15/2029 | 1,450 | 1,493 | ||||||
| Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, | ||||||||
| 5.50%, 05/01/2025 (e) | 2,876 | 3,023 | ||||||
| 6.50%, 10/01/2028 (e) | 3 | 3 | ||||||
| Churchill Downs, Inc., | ||||||||
| 4.75%, 01/15/2028 (e) | 1,612 | 1,667 | ||||||
| 5.50%, 04/01/2027 (e) | 397 | 415 | ||||||
| Cirsa Finance International Sarl, (Luxembourg), Reg. S, 4.75%, 05/22/2025 | EUR | 200 | 226 | |||||
| CPUK Finance Ltd., (Jersey), Reg. S, 4.88%, 08/28/2025 | GBP | 200 | 278 | |||||
| Gamma Bidco SpA, (Italy), Reg. S, 6.25%, 07/15/2025 | EUR | 100 | 122 | |||||
| Golden Entertainment, Inc., 7.63%, 04/15/2026 (e) | 1,500 | 1,596 | ||||||
| International Game Technology plc, (United Kingdom), | ||||||||
| Reg. S, 3.50%, 06/15/2026 | EUR | 200 | 239 | |||||
| 4.13%, 04/15/2026 (e) | 200 | 206 | ||||||
| 5.25%, 01/15/2029 (e) | 1,050 | 1,095 | ||||||
| 6.25%, 01/15/2027 (e) | 1,055 | 1,169 | ||||||
| 6.50%, 02/15/2025 (e) | 1,250 | 1,369 | ||||||
| Jacobs Entertainment, Inc., 7.88%, 02/01/2024 (e) | 622 | 647 | ||||||
| Live Nation Entertainment, Inc., | ||||||||
| 3.75%, 01/15/2028 (e) | 200 | 197 | ||||||
| 4.75%, 10/15/2027 (e) | 906 | 913 | ||||||
| 4.88%, 11/01/2024 (e) | 412 | 419 | ||||||
| 6.50%, 05/15/2027 (e) | 4,444 | 4,928 | ||||||
| Merlin Entertainments Ltd., (United Kingdom), 5.75%, 06/15/2026 (e) | 420 | 444 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Entertainment — continued |
||||||||
| Mohegan Gaming & Entertainment, | ||||||||
| 7.88%, 10/15/2024 (e) | 325 | 339 | ||||||
| 8.00%, 02/01/2026 (e) | 2,550 | 2,573 | ||||||
| Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e) | 1,000 | 1,020 | ||||||
| Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 8.50%, 11/15/2027 (e) | 1,450 | 1,559 | ||||||
| Penn National Gaming, Inc., 5.63%, 01/15/2027 (e) | 3,125 | 3,242 | ||||||
| Powdr Corp., 6.00%, 08/01/2025 (e) | 186 | 196 | ||||||
| Scientific Games International, Inc., | ||||||||
| 5.00%, 10/15/2025 (e) | 396 | 410 | ||||||
| 7.00%, 05/15/2028 (e) | 818 | 874 | ||||||
| 7.25%, 11/15/2029 (e) | 1,500 | 1,628 | ||||||
| 8.25%, 03/15/2026 (e) | 5,688 | 6,100 | ||||||
| 8.63%, 07/01/2025 (e) | 5,558 | 6,043 | ||||||
| Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e) | 2,900 | 2,928 | ||||||
| Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e) | 3,568 | 3,861 | ||||||
| Stars Group Holdings BV / Stars Group US Co-Borrower LLC, (Netherlands), 7.00%, 07/15/2026 (e) |
1,650 | 1,724 | ||||||
| Vail Resorts, Inc., 6.25%, 05/15/2025 (e) | 921 | 982 | ||||||
| WMG Acquisition Corp., | ||||||||
| 3.00%, 02/15/2031 (e) | 500 | 475 | ||||||
| 3.88%, 07/15/2030 (e) | 25 | 25 | ||||||
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., | ||||||||
| 5.13%, 10/01/2029 (e) | 6,306 | 6,454 | ||||||
| 7.75%, 04/15/2025 (e) | 1,220 | 1,323 | ||||||
|
|
|
|||||||
| 92,799 | ||||||||
|
|
|
|||||||
| Food Service — 0.1% |
||||||||
| Aramark Services, Inc., | ||||||||
| 5.00%, 04/01/2025 (e) | 325 | 333 | ||||||
| 5.00%, 02/01/2028 (e) | 41 | 42 | ||||||
| 6.38%, 05/01/2025 (e) | 2,668 | 2,828 | ||||||
|
|
|
|||||||
| 3,203 | ||||||||
|
|
|
|||||||
| Home Builders — 1.8% |
||||||||
| Ashton Woods USA LLC / Ashton Woods Finance Co., | ||||||||
| 6.63%, 01/15/2028 (e) | 200 | 213 | ||||||
| 6.75%, 08/01/2025 (e) | 2,950 | 3,046 | ||||||
| Beazer Homes USA, Inc., | ||||||||
| 5.88%, 10/15/2027 | 2,600 | 2,691 | ||||||
| 6.75%, 03/15/2025 | 2,150 | 2,215 | ||||||
| 7.25%, 10/15/2029 | 925 | 1,008 | ||||||
| Brookfield Residential Properties, Inc. / Brookfield Residential US Corp., (Canada), | ||||||||
| 4.88%, 02/15/2030 (e) | 2,563 | 2,565 | ||||||
| 6.25%, 09/15/2027 (e) | 5,575 | 5,819 | ||||||
| Century Communities, Inc., | ||||||||
| 5.88%, 07/15/2025 | 752 | 778 | ||||||
| 6.75%, 06/01/2027 | 1,850 | 1,967 | ||||||
| Forestar Group, Inc., 5.00%, 03/01/2028 (e) | 1,100 | 1,142 | ||||||
| KB Home, | ||||||||
| 4.80%, 11/15/2029 | 2,175 | 2,278 | ||||||
| 6.88%, 06/15/2027 | 800 | 937 | ||||||
| Lennar Corp., | ||||||||
| 4.50%, 04/30/2024 | 1,818 | 1,978 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Home Builders — continued |
||||||||
| 4.75%, 11/15/2022 | 1,000 | 1,049 | ||||||
| 4.75%, 05/30/2025 | 915 | 1,019 | ||||||
| 5.38%, 10/01/2022 | 1,000 | 1,062 | ||||||
| LGI Homes, Inc., 6.88%, 07/15/2026 (e) | 1,108 | 1,157 | ||||||
| M/I Homes, Inc., 4.95%, 02/01/2028 | 1,880 | 1,947 | ||||||
| Mattamy Group Corp., (Canada), | ||||||||
| 4.63%, 03/01/2030 (e) | 3,784 | 3,759 | ||||||
| 5.25%, 12/15/2027 (e) | 250 | 261 | ||||||
| Meritage Homes Corp., | ||||||||
| 5.13%, 06/06/2027 | 1,500 | 1,646 | ||||||
| 6.00%, 06/01/2025 | 2,575 | 2,887 | ||||||
| New Home Co., Inc. (The), 7.25%, 10/15/2025 (e) | 750 | 776 | ||||||
| Picasso Finance Sub, Inc., 6.13%, 06/15/2025 (e) | 1,796 | 1,908 | ||||||
| Shea Homes LP / Shea Homes Funding Corp., | ||||||||
| 4.75%, 02/15/2028 (e) | 1,000 | 1,018 | ||||||
| 4.75%, 04/01/2029 (e) | 1,150 | 1,163 | ||||||
| STL Holding Co. LLC, 7.50%, 02/15/2026 (e) | 950 | 988 | ||||||
| Taylor Morrison Communities, Inc., | ||||||||
| 5.13%, 08/01/2030 (e) | 2,252 | 2,393 | ||||||
| 5.75%, 01/15/2028 (e) | 900 | 991 | ||||||
| 5.88%, 06/15/2027 (e) | 2,622 | 2,891 | ||||||
| 6.63%, 07/15/2027 (e) | 2,800 | 3,013 | ||||||
| Tri Pointe Homes, Inc., | ||||||||
| 5.25%, 06/01/2027 | 175 | 187 | ||||||
| 5.70%, 06/15/2028 | 600 | 663 | ||||||
| Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e) | 771 | 785 | ||||||
|
|
|
|||||||
| 58,200 | ||||||||
|
|
|
|||||||
| Home Furnishings — 0.0% (g) |
||||||||
| Tempur Sealy International, Inc., 4.00%, 04/15/2029 (e) | 1,380 | 1,373 | ||||||
|
|
|
|||||||
| Housewares — 0.2% |
||||||||
| CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025 (e) | 566 | 607 | ||||||
| Newell Brands, Inc., 4.88%, 06/01/2025 | 1,150 | 1,269 | ||||||
| Scotts Miracle-Gro Co. (The), | ||||||||
| 4.00%, 04/01/2031 (e) | 1,323 | 1,304 | ||||||
| 4.50%, 10/15/2029 | 1,927 | 1,987 | ||||||
|
|
|
|||||||
| 5,167 | ||||||||
|
|
|
|||||||
| Leisure Time — 0.8% |
||||||||
| Carnival Corp., (Panama), | ||||||||
| 5.75%, 03/01/2027 (e) | 4,098 | 4,213 | ||||||
| 9.88%, 08/01/2027 (e) | 1,036 | 1,220 | ||||||
| Reg. S, 10.13%, 02/01/2026 | EUR | 200 | 271 | |||||
| 11.50%, 04/01/2023 (e) | 4,900 | 5,617 | ||||||
| Life Time, Inc., | ||||||||
| 5.75%, 01/15/2026 (e) | 1,408 | 1,448 | ||||||
| 8.00%, 04/15/2026 (e) | 787 | 811 | ||||||
| NCL Corp. Ltd., (Bermuda), | ||||||||
| 3.63%, 12/15/2024 (e) | 1,350 | 1,274 | ||||||
| 5.88%, 03/15/2026 (e) | 741 | 751 | ||||||
| 10.25%, 02/01/2026 (e) | 540 | 634 | ||||||
| NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) | 1,293 | 1,317 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Leisure Time — continued |
||||||||
| Royal Caribbean Cruises Ltd., (Liberia), | ||||||||
| 5.25%, 11/15/2022 | 200 | 206 | ||||||
| 5.50%, 04/01/2028 (e) | 1,661 | 1,671 | ||||||
| 9.13%, 06/15/2023 (e) | 772 | 851 | ||||||
| 11.50%, 06/01/2025 (e) | 1,970 | 2,297 | ||||||
| Viking Cruises Ltd., (Bermuda), | ||||||||
| 5.88%, 09/15/2027 (e) | 25 | 24 | ||||||
| 6.25%, 05/15/2025 (e) | 500 | 495 | ||||||
| 7.00%, 02/15/2029 (e) | 229 | 236 | ||||||
| Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e) | 499 | 504 | ||||||
| Vista Outdoor, Inc., 4.50%, 03/15/2029 (e) | 575 | 569 | ||||||
|
|
|
|||||||
| 24,409 | ||||||||
|
|
|
|||||||
| Lodging — 1.3% |
||||||||
| Accor SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.56%), 4.38%, 01/30/2024 (x) (aa) | EUR | 200 | 242 | |||||
| Boyd Gaming Corp., | ||||||||
| 4.75%, 12/01/2027 | 3,191 | 3,252 | ||||||
| 6.00%, 08/15/2026 | 1,050 | 1,093 | ||||||
| 6.38%, 04/01/2026 | 1,575 | 1,624 | ||||||
| 8.63%, 06/01/2025 (e) | 721 | 802 | ||||||
| Full House Resorts, Inc., 8.25%, 02/15/2028 (e) | 288 | 307 | ||||||
| Genting New York LLC / GENNY Capital, Inc., 3.30%, 02/15/2026 (e) | 225 | 224 | ||||||
| Hilton Domestic Operating Co., Inc., | ||||||||
| 3.63%, 02/15/2032 (e) | 2,850 | 2,766 | ||||||
| 3.75%, 05/01/2029 (e) | 1,600 | 1,584 | ||||||
| 4.00%, 05/01/2031 (e) | 1,542 | 1,542 | ||||||
| 4.88%, 01/15/2030 | 1,958 | 2,077 | ||||||
| 5.38%, 05/01/2025 (e) | 425 | 448 | ||||||
| 5.75%, 05/01/2028 (e) | 791 | 852 | ||||||
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 | 1,567 | 1,636 | ||||||
| InterContinental Hotels Group plc, (United Kingdom), Reg. S, 3.38%, 10/08/2028 | GBP | 100 | 145 | |||||
| Marriott International, Inc., Series EE, 5.75%, 05/01/2025 | 637 | 731 | ||||||
| MGM Resorts International, | ||||||||
| 4.63%, 09/01/2026 | 500 | 524 | ||||||
| 4.75%, 10/15/2028 | 3,855 | 3,982 | ||||||
| 5.50%, 04/15/2027 | 1,900 | 2,042 | ||||||
| 6.00%, 03/15/2023 | 1,190 | 1,275 | ||||||
| 6.75%, 05/01/2025 | 2,590 | 2,784 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Lodging — continued |
||||||||
| Station Casinos LLC, | ||||||||
| 4.50%, 02/15/2028 (e) | 1,425 | 1,418 | ||||||
| 5.00%, 10/01/2025 (e) | 701 | 710 | ||||||
| Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025 (e) | 900 | 877 | ||||||
| Travel + Leisure Co., | ||||||||
| 6.60%, 10/01/2025 | 1,440 | 1,613 | ||||||
| 6.63%, 07/31/2026 (e) | 754 | 856 | ||||||
| Whitbread Group plc, (United Kingdom), Reg. S, 3.00%, 05/31/2031 | GBP | 100 | 136 | |||||
| Wyndham Hotels & Resorts, Inc., | ||||||||
| 4.38%, 08/15/2028 (e) | 319 | 322 | ||||||
| 5.38%, 04/15/2026 (e) | 1,810 | 1,851 | ||||||
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 4.25%, 05/30/2023 (e) | 840 | 855 | ||||||
| Wynn Macau Ltd., (Cayman Islands), | ||||||||
| 4.88%, 10/01/2024 (e) | 750 | 761 | ||||||
| 5.13%, 12/15/2029 (e) | 525 | 538 | ||||||
| 5.50%, 10/01/2027 (e) | 1,330 | 1,388 | ||||||
|
|
|
|||||||
| 41,257 | ||||||||
|
|
|
|||||||
| Office Furnishings — 0.0% (g) |
||||||||
| Interface, Inc., 5.50%, 12/01/2028 (e) | 475 | 491 | ||||||
|
|
|
|||||||
| Retail — 2.2% |
||||||||
| 1011778 BC ULC / New Red Finance, Inc., (Canada), | ||||||||
| 3.50%, 02/15/2029 (e) | 1,300 | 1,266 | ||||||
| 4.00%, 10/15/2030 (e) | 5,575 | 5,380 | ||||||
| 4.38%, 01/15/2028 (e) | 2,540 | 2,552 | ||||||
| 5.75%, 04/15/2025 (e) | 77 | 82 | ||||||
| 7-Eleven, Inc., 0.80%, 02/10/2024 (e) | 280 | 279 | ||||||
| Academy Ltd., 6.00%, 11/15/2027 (e) | 350 | 368 | ||||||
| Arcos Dorados Holdings, Inc., (British Virgin Islands), 5.88%, 04/04/2027 (e) | 200 | 211 | ||||||
| Asbury Automotive Group, Inc., | ||||||||
| 4.50%, 03/01/2028 | 388 | 397 | ||||||
| 4.75%, 03/01/2030 | 3 | 3 | ||||||
| BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v) | 163 | 169 | ||||||
| Brinker International, Inc., | ||||||||
| 3.88%, 05/15/2023 | 800 | 812 | ||||||
| 5.00%, 10/01/2024 (e) | 1,781 | 1,859 | ||||||
| Burger King France SAS, (France), Reg. S, 6.00%, 05/01/2024 | EUR | 100 | 120 | |||||
| Caleres, Inc., 6.25%, 08/15/2023 | 500 | 503 | ||||||
| Carvana Co., 5.50%, 04/15/2027 (e) | 999 | 1,004 | ||||||
| Dufry One BV, (Netherlands), Reg. S, 2.50%, 10/15/2024 | EUR | 200 | 230 | |||||
| eG Global Finance plc, (United Kingdom), | ||||||||
| Reg. S, 6.25%, 10/30/2025 | EUR | 200 | 239 | |||||
| Reg. S, 6.25%, 03/30/2026 | GBP | 119 | 163 | |||||
| 6.75%, 02/07/2025 (e) | 818 | 836 | ||||||
| 8.50%, 10/30/2025 (e) | 1,193 | 1,265 | ||||||
| Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e) | 1,853 | 1,830 | ||||||
| Gap, Inc. (The), 8.88%, 05/15/2027 (e) | 275 | 321 | ||||||
| Golden Nugget, Inc., 6.75%, 10/15/2024 (e) | 2,205 | 2,227 | ||||||
| Goldstory SASU, (France), Reg. S, 5.38%, 03/01/2026 | EUR | 100 | 120 | |||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Retail — continued |
||||||||
| IRB Holding Corp., | ||||||||
| 6.75%, 02/15/2026 (e) | 369 | 382 | ||||||
| 7.00%, 06/15/2025 (e) | 263 | 283 | ||||||
| Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) | 3 | 3 | ||||||
| KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 5.25%, 06/01/2026 (e) | 25 | 26 | ||||||
| Kohl’s Corp., 4.25%, 07/17/2025 | 987 | 1,080 | ||||||
| L Brands, Inc., | ||||||||
| 6.63%, 10/01/2030 (e) | 3 | 3 | ||||||
| 6.88%, 07/01/2025 (e) | 1,583 | 1,759 | ||||||
| 6.88%, 11/01/2035 | 1,441 | 1,717 | ||||||
| 9.38%, 07/01/2025 (e) | 606 | 755 | ||||||
| LBM Acquisition LLC, 6.25%, 01/15/2029 (e) | 1,268 | 1,306 | ||||||
| Macy’s, Inc., 8.38%, 06/15/2025 (e) | 722 | 799 | ||||||
| Marks & Spencer plc, (United Kingdom), Reg. S, 4.50%, 07/10/2027 | GBP | 100 | 146 | |||||
| Michaels Stores, Inc., 8.00%, 07/15/2027 (e) | 625 | 691 | ||||||
| Murphy Oil USA, Inc., 3.75%, 02/15/2031 (e) | 150 | 147 | ||||||
| NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (e) | 1,869 | 1,906 | ||||||
| Nordstrom, Inc., 8.75%, 05/15/2025 (e) | 1,405 | 1,590 | ||||||
| Park River Holdings, Inc., 5.63%, 02/01/2029 (e) | 2,175 | 2,107 | ||||||
| Penske Automotive Group, Inc., 3.50%, 09/01/2025 | 438 | 448 | ||||||
| PetSmart, Inc. / PetSmart Finance Corp., | ||||||||
| 4.75%, 02/15/2028 (e) | 2,081 | 2,133 | ||||||
| 7.75%, 02/15/2029 (e) | 4,357 | 4,734 | ||||||
| Sally Holdings LLC / Sally Capital, Inc., | ||||||||
| 5.50%, 11/01/2023 | 1,000 | 1,009 | ||||||
| 5.63%, 12/01/2025 | 1,250 | 1,289 | ||||||
| 8.75%, 04/30/2025 (e) | 3,000 | 3,340 | ||||||
| Specialty Building Products Holdings LLC / SBP Finance Corp., 6.38%, 09/30/2026 (e) | 1,831 | 1,891 | ||||||
| SRS Distribution, Inc., 8.25%, 07/01/2026 (e) | 806 | 849 | ||||||
| Staples, Inc., 7.50%, 04/15/2026 (e) | 2,655 | 2,801 | ||||||
| Stonegate Pub Co. Financing 2019 PLC, (United Kingdom), Reg. S, 8.25%, 07/31/2025 | GBP | 200 | 291 | |||||
| Suburban Propane Partners LP / Suburban Energy Finance Corp., | ||||||||
| 5.50%, 06/01/2024 | 1,128 | 1,145 | ||||||
| 5.75%, 03/01/2025 | 1,805 | 1,835 | ||||||
| 5.88%, 03/01/2027 | 1,425 | 1,482 | ||||||
| Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) | 1,390 | 1,404 | ||||||
| Tendam Brands SAU, (Spain), Reg. S, (ICE LIBOR EUR 3 Month + 5.25%), 5.25%, 09/15/2024 (aa) | EUR | 100 | 110 | |||||
| Very Group Funding Plc (The), (United Kingdom), Reg. S, 7.75%, 11/15/2022 | GBP | 100 | 139 | |||||
| White Cap Buyer LLC, 6.88%, 10/15/2028 (e) | 3,080 | 3,270 | ||||||
| White Cap Parent LLC, 8.25% (cash), 03/15/2026 (e) (v) | 1,360 | 1,418 | ||||||
| Yum! Brands, Inc., | ||||||||
| 3.63%, 03/15/2031 | 1,300 | 1,250 | ||||||
| 4.63%, 01/31/2032 (w) | 100 | 102 | ||||||
| 4.75%, 01/15/2030 (e) | 527 | 557 | ||||||
|
|
|
|||||||
| 68,433 | ||||||||
|
|
|
|||||||
| Toys/Games/Hobbies — 0.1% |
||||||||
| Mattel, Inc., | ||||||||
| 3.38%, 04/01/2026 (e) | 630 | 651 | ||||||
| 3.75%, 04/01/2029 (e) | 776 | 785 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Toys/Games/Hobbies — continued |
||||||||
| 5.45%, 11/01/2041 | 300 | 328 | ||||||
| 6.20%, 10/01/2040 | 23 | 27 | ||||||
| 6.75%, 12/31/2025 (e) | 161 | 169 | ||||||
|
|
|
|||||||
| 1,960 | ||||||||
|
|
|
|||||||
| Total Consumer Cyclical | 467,358 | |||||||
|
|
|
|||||||
| Consumer Non-cyclical — 12.3% |
||||||||
| Agriculture — 0.2% | ||||||||
| BAT Capital Corp., 3.22%, 08/15/2024 | 86 | 92 | ||||||
| BAT International Finance plc, (United Kingdom), | ||||||||
| 1.67%, 03/25/2026 | 906 | 896 | ||||||
| 3.95%, 06/15/2025 (e) | 1,108 | 1,212 | ||||||
| Imperial Brands Finance plc, (United Kingdom), | ||||||||
| 3.13%, 07/26/2024 (e) | 1,223 | 1,293 | ||||||
| 3.75%, 07/21/2022 (e) | 342 | 353 | ||||||
| Reynolds American, Inc., 4.45%, 06/12/2025 | 332 | 368 | ||||||
| Tereos Finance Groupe I SA, (France), Reg. S, 7.50%, 10/30/2025 | EUR | 100 | 127 | |||||
| Vector Group Ltd., 5.75%, 02/01/2029 (e) | 2,800 | 2,887 | ||||||
|
|
|
|||||||
| 7,228 | ||||||||
|
|
|
|||||||
| Beverages — 0.1% |
||||||||
| Bacardi Ltd., (Bermuda), 4.45%, 05/15/2025 (e) | 223 | 248 | ||||||
| Central American Bottling Corp., (British Virgin Islands), 5.75%, 01/31/2027 (e) | 750 | 794 | ||||||
| Triton Water Holdings, Inc., 6.25%, 04/01/2029 (e) | 402 | 410 | ||||||
|
|
|
|||||||
| 1,452 | ||||||||
|
|
|
|||||||
| Commercial Services — 2.9% |
||||||||
| Adani Ports & Special Economic Zone Ltd., (India), 3.38%, 07/24/2024 (e) | 800 | 839 | ||||||
| ADT Security Corp. (The), 4.88%, 07/15/2032 (e) | 1,581 | 1,607 | ||||||
| Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e) | 650 | 642 | ||||||
| Allied Universal Holdco LLC / Allied Universal Finance Corp., | ||||||||
| 6.63%, 07/15/2026 (e) | 11,114 | 11,786 | ||||||
| 9.75%, 07/15/2027 (e) | 6,852 | 7,518 | ||||||
| AMN Healthcare, Inc., | ||||||||
| 4.00%, 04/15/2029 (e) | 1,875 | 1,865 | ||||||
| 4.63%, 10/01/2027 (e) | 303 | 310 | ||||||
| APX Group, Inc., 6.75%, 02/15/2027 (e) | 1,804 | 1,935 | ||||||
| Autostrade per l’Italia SpA, (Italy), Reg. S, 1.88%, 11/04/2025 | EUR | 100 | 121 | |||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc., | ||||||||
| 4.75%, 04/01/2028 (e) | 925 | 943 | ||||||
| 5.38%, 03/01/2029 (e) | 305 | 315 | ||||||
| Brink’s Co. (The), 5.50%, 07/15/2025 (e) | 1,200 | 1,267 | ||||||
| Element Fleet Management Corp., (Canada), 1.60%, 04/06/2024 (e) (bb) | 132 | 132 | ||||||
| Garda World Security Corp., (Canada), | ||||||||
| 4.63%, 02/15/2027 (e) | 1,801 | 1,801 | ||||||
| 9.50%, 11/01/2027 (e) | 3,133 | 3,468 | ||||||
| Gartner, Inc., | ||||||||
| 3.75%, 10/01/2030 (e) | 2,008 | 1,988 | ||||||
| 4.50%, 07/01/2028 (e) | 1,510 | 1,557 | ||||||
| Herc Holdings, Inc., 5.50%, 07/15/2027 (e) | 899 | 957 | ||||||
| House of Finance NV (The), (Belgium), Reg. S, 4.38%, 07/15/2026 | EUR | 100 | 119 | |||||
| Intertrust Group BV, (Netherlands), Reg. S, 3.38%, 11/15/2025 | EUR | 100 | 120 | |||||
| IPD 3 BV, (Netherlands), Reg. S, 5.50%, 12/01/2025 | EUR | 300 | 363 | |||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Commercial Services — continued |
||||||||
| Jaguar Holding Co. II / PPD Development LP, | ||||||||
| 4.63%, 06/15/2025 (e) | 1,650 | 1,716 | ||||||
| 5.00%, 06/15/2028 (e) | 1,787 | 1,861 | ||||||
| La Financiere Atalian SASU, (France), Reg. S, 6.63%, 05/15/2025 | GBP | 100 | 135 | |||||
| Laureate Education, Inc., 8.25%, 05/01/2025 (e) | 4,600 | 4,807 | ||||||
| Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/2026 (e) | 166 | 169 | ||||||
| Loxam SAS, (France), | ||||||||
| Reg. S, 3.75%, 07/15/2026 | EUR | 100 | 118 | |||||
| Reg. S, 5.75%, 07/15/2027 | EUR | 100 | 116 | |||||
| MPH Acquisition Holdings LLC, 5.75%, 11/01/2028 (e) | 4,699 | 4,608 | ||||||
| NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) (w) | 1,609 | 1,650 | ||||||
| Nielsen Co. Luxembourg Sarl (The), (Luxembourg), 5.00%, 02/01/2025 (e) | 500 | 511 | ||||||
| Nielsen Finance LLC / Nielsen Finance Co., | ||||||||
| 5.00%, 04/15/2022 (e) | 2,620 | 2,621 | ||||||
| 5.63%, 10/01/2028 (e) | 3,706 | 3,896 | ||||||
| 5.88%, 10/01/2030 (e) | 765 | 826 | ||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc., | ||||||||
| 3.38%, 08/31/2027 (e) | 646 | 627 | ||||||
| 5.75%, 04/15/2026 (e) | 266 | 287 | ||||||
| 6.25%, 01/15/2028 (e) | 1,498 | 1,559 | ||||||
| Rekeep SpA, (Italy), Reg. S, 7.25%, 02/01/2026 | EUR | 100 | 125 | |||||
| Sabre GLBL, Inc., | ||||||||
| 7.38%, 09/01/2025 (e) | 2,237 | 2,438 | ||||||
| 9.25%, 04/15/2025 (e) | 1,841 | 2,195 | ||||||
| Service Corp. International, | ||||||||
| 3.38%, 08/15/2030 | 1,847 | 1,803 | ||||||
| 8.00%, 11/15/2021 | 935 | 974 | ||||||
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (e) | 1,177 | 1,224 | ||||||
| Signal Parent, Inc., 6.13%, 04/01/2029 (e) (w) | 650 | 644 | ||||||
| Sotheby’s, 7.38%, 10/15/2027 (e) | 2,403 | 2,599 | ||||||
| Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026 | EUR | 100 | 122 | |||||
| United Rentals North America, Inc., | ||||||||
| 3.88%, 02/15/2031 | 1,900 | 1,913 | ||||||
| 4.00%, 07/15/2030 | 475 | 483 | ||||||
| 4.88%, 01/15/2028 | 4,000 | 4,214 | ||||||
| 5.25%, 01/15/2030 | 1,000 | 1,086 | ||||||
| 5.88%, 09/15/2026 | 1,500 | 1,571 | ||||||
| Verisure Holding AB, (Sweden), Reg. S, 3.25%, 02/15/2027 | EUR | 100 | 118 | |||||
| Verscend Escrow Corp., 9.75%, 08/15/2026 (e) | 5,913 | 6,340 | ||||||
|
|
|
|||||||
| 93,009 | ||||||||
|
|
|
|||||||
| Cosmetics/Personal Care — 0.0% (g) |
||||||||
| Coty, Inc., Reg. S, 4.00%, 04/15/2023 | EUR | 200 | 229 | |||||
| Edgewell Personal Care Co., 4.13%, 04/01/2029 (e) | 625 | 621 | ||||||
|
|
|
|||||||
| 850 | ||||||||
|
|
|
|||||||
| Food — 2.4% |
||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, | ||||||||
| 3.25%, 03/15/2026 (e) | 230 | 229 | ||||||
| 3.50%, 02/15/2023 (e) | 25 | 26 | ||||||
| 3.50%, 03/15/2029 (e) | 2,891 | 2,751 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Food — continued |
||||||||
| 4.63%, 01/15/2027 (e) | 2,979 | 3,088 | ||||||
| 4.88%, 02/15/2030 (e) | 968 | 995 | ||||||
| 5.88%, 02/15/2028 (e) | 2,087 | 2,219 | ||||||
| 7.50%, 03/15/2026 (e) | 1,500 | 1,657 | ||||||
| B&G Foods, Inc., 5.25%, 09/15/2027 | 750 | 780 | ||||||
| Bellis Acquisition Co. plc , (United Kingdom), Reg. S, 3.25%, 02/16/2026 | GBP | 100 | 138 | |||||
| C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e) | 1,425 | 1,386 | ||||||
| Chobani LLC / Chobani Finance Corp., Inc., | ||||||||
| 4.63%, 11/15/2028 (e) | 1,226 | 1,250 | ||||||
| 7.50%, 04/15/2025 (e) | 3,616 | 3,763 | ||||||
| Iceland Bondco plc, (United Kingdom), | ||||||||
| Reg. S, 4.38%, 05/15/2028 | GBP | 200 | 266 | |||||
| Reg. S, 4.63%, 03/15/2025 | GBP | 100 | 136 | |||||
| JBS USA LUX SA / JBS USA Finance, Inc., (Multinational), 6.75%, 02/15/2028 (e) | 732 | 805 | ||||||
| JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational), | ||||||||
| 5.50%, 01/15/2030 (e) | 437 | 484 | ||||||
| 6.50%, 04/15/2029 (e) | 5,167 | 5,836 | ||||||
| Kraft Heinz Foods Co., | ||||||||
| 3.00%, 06/01/2026 | 758 | 799 | ||||||
| 4.25%, 03/01/2031 | 4,913 | 5,411 | ||||||
| 4.38%, 06/01/2046 | 4,770 | 4,973 | ||||||
| 4.88%, 10/01/2049 | 7,616 | 8,518 | ||||||
| 5.00%, 07/15/2035 | 400 | 460 | ||||||
| 5.00%, 06/04/2042 | 525 | 589 | ||||||
| 5.20%, 07/15/2045 | 3,550 | 4,096 | ||||||
| 5.50%, 06/01/2050 | 5,490 | 6,743 | ||||||
| 6.88%, 01/26/2039 | 1,250 | 1,719 | ||||||
| Lamb Weston Holdings, Inc., 4.88%, 05/15/2028 (e) | 375 | 403 | ||||||
| NBM US Holdings, Inc., 7.00%, 05/14/2026 (e) | 1,000 | 1,075 | ||||||
| Picard Groupe SAS, (France), Reg. S, (ICE LIBOR EUR 3 Month + 3.00%), 3.00%, 11/30/2023 (aa) | EUR | 200 | 234 | |||||
| Pilgrim’s Pride Corp., | ||||||||
| 4.25%, 04/15/2031 (e) (w) | 1,450 | 1,445 | ||||||
| 5.75%, 03/15/2025 (e) | 2,350 | 2,398 | ||||||
| 5.88%, 09/30/2027 (e) | 1,500 | 1,608 | ||||||
| Post Holdings, Inc., | ||||||||
| 4.50%, 09/15/2031 (e) | 1,515 | 1,498 | ||||||
| 4.63%, 04/15/2030 (e) | 1,804 | 1,807 | ||||||
| 5.63%, 01/15/2028 (e) | 1,216 | 1,280 | ||||||
| 5.75%, 03/01/2027 (e) | 1,075 | 1,131 | ||||||
| Premier Foods Finance plc, (United Kingdom), Reg. S, 6.25%, 10/15/2023 | GBP | 100 | 141 | |||||
| Quatrim SASU, (France), Reg. S, 5.88%, 01/15/2024 | EUR | 100 | 123 | |||||
| Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) | 1,156 | 1,166 | ||||||
| US Foods, Inc., 4.75%, 02/15/2029 (e) | 2,238 | 2,238 | ||||||
|
|
|
|||||||
| 75,664 | ||||||||
|
|
|
|||||||
| Healthcare - Products — 0.3% |
||||||||
| Avantor Funding, Inc., 4.63%, 07/15/2028 (e) | 3,579 | 3,738 | ||||||
| Hologic, Inc., 3.25%, 02/15/2029 (e) | 177 | 175 | ||||||
| Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, | ||||||||
| 7.25%, 02/01/2028 (e) | 3,326 | 3,644 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Healthcare - Products — continued |
||||||||
| 7.38%, 06/01/2025 (e) | 2,066 | 2,221 | ||||||
|
|
|
|||||||
| 9,778 | ||||||||
|
|
|
|||||||
| Healthcare - Services — 4.0% |
||||||||
| Acadia Healthcare Co., Inc., 5.00%, 04/15/2029 (e) | 592 | 614 | ||||||
| AHP Health Partners, Inc., 9.75%, 07/15/2026 (e) | 374 | 405 | ||||||
| Akumin, Inc., (Canada), 7.00%, 11/01/2025 (e) | 100 | 106 | ||||||
| CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028 | EUR | 200 | 234 | |||||
| Catalent Pharma Solutions, Inc., | ||||||||
| Reg. S, 2.38%, 03/01/2028 | EUR | 300 | 350 | |||||
| 3.13%, 02/15/2029 (e) | 647 | 621 | ||||||
| 5.00%, 07/15/2027 (e) | 768 | 805 | ||||||
| Centene Corp., | ||||||||
| 2.50%, 03/01/2031 | 2,446 | 2,330 | ||||||
| 3.00%, 10/15/2030 | 2,456 | 2,452 | ||||||
| 4.63%, 12/15/2029 | 3,046 | 3,297 | ||||||
| 5.38%, 06/01/2026 (e) | 765 | 800 | ||||||
| 5.38%, 08/15/2026 (e) | 5,040 | 5,316 | ||||||
| Charles River Laboratories International, Inc., | ||||||||
| 3.75%, 03/15/2029 (e) | 175 | 175 | ||||||
| 4.00%, 03/15/2031 (e) | 942 | 958 | ||||||
| 4.25%, 05/01/2028 (e) | 405 | 417 | ||||||
| CHS / Community Health Systems, Inc., | ||||||||
| 5.63%, 03/15/2027 (e) | 672 | 707 | ||||||
| 6.00%, 01/15/2029 (e) | 726 | 768 | ||||||
| 6.63%, 02/15/2025 (e) | 5,779 | 6,100 | ||||||
| 6.88%, 04/15/2029 (e) | 1,818 | 1,900 | ||||||
| 8.00%, 03/15/2026 (e) | 6,501 | 7,030 | ||||||
| 8.13%, 06/30/2024 (e) | 199 | 208 | ||||||
| CommonSpirit Health, 1.55%, 10/01/2025 | 616 | 619 | ||||||
| DaVita, Inc., | ||||||||
| 3.75%, 02/15/2031 (e) | 4,325 | 4,144 | ||||||
| 4.63%, 06/01/2030 (e) | 2,812 | 2,860 | ||||||
| Encompass Health Corp., | ||||||||
| 4.63%, 04/01/2031 | 1,229 | 1,272 | ||||||
| 4.75%, 02/01/2030 | 684 | 704 | ||||||
| Fresenius Medical Care US Finance II, Inc., 5.88%, 01/31/2022 (e) | 276 | 287 | ||||||
| Global Medical Response, Inc., 6.50%, 10/01/2025 (e) | 1,450 | 1,501 | ||||||
| HCA, Inc., | ||||||||
| 3.50%, 09/01/2030 | 4,968 | 5,025 | ||||||
| 5.25%, 04/15/2025 | 1,686 | 1,924 | ||||||
| 5.25%, 06/15/2026 | 1,516 | 1,742 | ||||||
| 5.38%, 02/01/2025 | 5,027 | 5,608 | ||||||
| 5.38%, 09/01/2026 | 1,089 | 1,228 | ||||||
| 5.63%, 09/01/2028 | 3,154 | 3,627 | ||||||
| 5.88%, 05/01/2023 | 50 | 54 | ||||||
| 5.88%, 02/01/2029 | 725 | 845 | ||||||
| IQVIA, Inc., | ||||||||
| 5.00%, 10/15/2026 (e) | 897 | 932 | ||||||
| 5.00%, 05/15/2027 (e) | 480 | 507 | ||||||
| Legacy LifePoint Health LLC, | ||||||||
| 4.38%, 02/15/2027 (e) | 790 | 774 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Healthcare - Services — continued |
||||||||
| 6.75%, 04/15/2025 (e) | 1,253 | 1,331 | ||||||
| LifePoint Health, Inc., 5.38%, 01/15/2029 (e) | 2,438 | 2,401 | ||||||
| MEDNAX, Inc., 6.25%, 01/15/2027 (e) | 2,987 | 3,194 | ||||||
| Molina Healthcare, Inc., | ||||||||
| 3.88%, 11/15/2030 (e) | 1,534 | 1,574 | ||||||
| 4.38%, 06/15/2028 (e) | 1,256 | 1,293 | ||||||
| Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (e) | 1,908 | 2,037 | ||||||
| RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (e) | 6,373 | 6,899 | ||||||
| RP Escrow Issuer LLC, 5.25%, 12/15/2025 (e) | 165 | 171 | ||||||
| Select Medical Corp., 6.25%, 08/15/2026 (e) | 1,190 | 1,265 | ||||||
| Surgery Center Holdings, Inc., | ||||||||
| 6.75%, 07/01/2025 (e) | 2,616 | 2,674 | ||||||
| 10.00%, 04/15/2027 (e) | 3,048 | 3,360 | ||||||
| Syneos Health, Inc., 3.63%, 01/15/2029 (e) | 1,978 | 1,924 | ||||||
| Tenet Healthcare Corp., | ||||||||
| 4.63%, 07/15/2024 | 525 | 534 | ||||||
| 4.63%, 09/01/2024 (e) | 2,122 | 2,183 | ||||||
| 4.63%, 06/15/2028 (e) | 350 | 359 | ||||||
| 4.88%, 01/01/2026 (e) | 2,276 | 2,365 | ||||||
| 5.13%, 05/01/2025 | 1,800 | 1,825 | ||||||
| 5.13%, 11/01/2027 (e) | 2,017 | 2,109 | ||||||
| 6.13%, 10/01/2028 (e) | 14,989 | 15,611 | ||||||
| 6.25%, 02/01/2027 (e) | 4,129 | 4,360 | ||||||
| 6.75%, 06/15/2023 | 220 | 238 | ||||||
| 7.50%, 04/01/2025 (e) | 98 | 106 | ||||||
| US Acute Care Solutions LLC, 6.38%, 03/01/2026 (e) | 122 | 127 | ||||||
|
|
|
|||||||
| 127,186 | ||||||||
|
|
|
|||||||
| Household Products/Wares — 0.1% |
||||||||
| ACCO Brands Corp., 4.25%, 03/15/2029 (e) | 1,125 | 1,095 | ||||||
| Central Garden & Pet Co., 4.13%, 10/15/2030 | 834 | 842 | ||||||
| Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 5.00%, 12/31/2026 (e) | 339 | 339 | ||||||
| Spectrum Brands, Inc., | ||||||||
| 3.88%, 03/15/2031 (e) | 349 | 341 | ||||||
| 5.50%, 07/15/2030 (e) | 1,871 | 2,002 | ||||||
|
|
|
|||||||
| 4,619 | ||||||||
|
|
|
|||||||
| Pharmaceuticals — 2.3% |
||||||||
| AdaptHealth LLC, | ||||||||
| 4.63%, 08/01/2029 (e) | 1,036 | 1,031 | ||||||
| 6.13%, 08/01/2028 (e) | 1,750 | 1,855 | ||||||
| Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e) | 2,400 | 2,663 | ||||||
| Bausch Health Cos., Inc., (Canada), | ||||||||
| 5.00%, 01/30/2028 (e) | 2,075 | 2,115 | ||||||
| 5.00%, 02/15/2029 (e) | 2,701 | 2,667 | ||||||
| 5.25%, 01/30/2030 (e) | 4,885 | 4,905 | ||||||
| 5.25%, 02/15/2031 (e) | 6,562 | 6,531 | ||||||
| 5.75%, 08/15/2027 (e) | 1,165 | 1,254 | ||||||
| 6.13%, 04/15/2025 (e) | 4,500 | 4,613 | ||||||
| 6.25%, 02/15/2029 (e) | 12,701 | 13,479 | ||||||
| 7.00%, 01/15/2028 (e) | 2,959 | 3,212 | ||||||
| 7.25%, 05/30/2029 (e) | 2,500 | 2,791 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Pharmaceuticals — continued |
||||||||
| 9.00%, 12/15/2025 (e) | 2,172 | 2,359 | ||||||
| Bayer US Finance II LLC, | ||||||||
| 3.88%, 12/15/2023 (e) | 554 | 597 | ||||||
| 4.25%, 12/15/2025 (e) | 2,940 | 3,271 | ||||||
| Cheplapharm Arzneimittel GmbH, (Germany), | ||||||||
| Reg. S, 4.38%, 01/15/2028 | EUR | 200 | 245 | |||||
| 5.50%, 01/15/2028 (e) | 1,019 | 1,059 | ||||||
| Diocle Spa, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 3.88%), 3.88%, 06/30/2026 (aa) | EUR | 90 | 106 | |||||
| Endo Dac / Endo Finance LLC / Endo Finco, Inc., (Multinational), | ||||||||
| 6.00%, 06/30/2028 (e) | 1,743 | 1,412 | ||||||
| 9.50%, 07/31/2027 (e) | 2,228 | 2,420 | ||||||
| Endo Luxembourg Finance Co. I Sarl / Endo US Inc, (Luxembourg), 6.13%, 04/01/2029 (e) | 2,761 | 2,789 | ||||||
| HLF Financing Sarl LLC / Herbalife International, Inc., 7.25%, 08/15/2026 (e) | 1,610 | 1,686 | ||||||
| Nidda BondCo GmbH, (Germany), Reg. S, 5.00%, 09/30/2025 | EUR | 100 | 118 | |||||
| P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e) | 2,002 | 2,142 | ||||||
| Par Pharmaceutical, Inc., 7.50%, 04/01/2027 (e) | 5,810 | 6,177 | ||||||
| Prestige Brands, Inc., | ||||||||
| 3.75%, 04/01/2031 (e) | 940 | 897 | ||||||
| 5.13%, 01/15/2028 (e) | 50 | 52 | ||||||
| Rossini Sarl, (Luxembourg), Reg. S, 6.75%, 10/30/2025 | EUR | 100 | 124 | |||||
| Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), | ||||||||
| 4.50%, 03/01/2025 | EUR | 200 | 246 | |||||
| 6.00%, 01/31/2025 | EUR | 100 | 129 | |||||
| Vizient, Inc., 6.25%, 05/15/2027 (e) | 935 | 992 | ||||||
|
|
|
|||||||
| 73,937 | ||||||||
|
|
|
|||||||
| Total Consumer Non-cyclical | 393,723 | |||||||
| Diversified — 0.0% (g) |
||||||||
| Holding Companies - Divers — 0.0% (g) |
||||||||
| Stena International SA, (Luxembourg), 6.13%, 02/01/2025 (e) | 550 | 555 | ||||||
|
|
|
|||||||
| Energy — 10.6% |
||||||||
| Energy - Alternate Sources — 0.1% |
||||||||
| Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e) | 1,450 | 1,519 | ||||||
| TerraForm Power Operating LLC, | ||||||||
| 4.25%, 01/31/2023 (e) | 1,550 | 1,600 | ||||||
| 4.75%, 01/15/2030 (e) | 471 | 489 | ||||||
|
|
|
|||||||
| 3,608 | ||||||||
|
|
|
|||||||
| Oil & Gas — 6.5% |
||||||||
| Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2026 (e) | 3,222 | 3,335 | ||||||
| Antero Resources Corp., | ||||||||
| 5.00%, 03/01/2025 | 2,400 | 2,402 | ||||||
| 5.63%, 06/01/2023 | 525 | 527 | ||||||
| 7.63%, 02/01/2029 (e) | 2,327 | 2,478 | ||||||
| 8.38%, 07/15/2026 (e) | 2,669 | 2,942 | ||||||
| Apache Corp., | ||||||||
| 4.38%, 10/15/2028 | 200 | 199 | ||||||
| 4.75%, 04/15/2043 | 2,262 | 2,098 | ||||||
| 4.88%, 11/15/2027 | 1,677 | 1,719 | ||||||
| 5.10%, 09/01/2040 | 1,295 | 1,266 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Oil & Gas — continued |
||||||||
| 5.25%, 02/01/2042 | 78 | 77 | ||||||
| 5.35%, 07/01/2049 | 25 | 24 | ||||||
| 7.75%, 12/15/2029 | 1,450 | 1,686 | ||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., | ||||||||
| 7.00%, 11/01/2026 (e) | 4,150 | 4,148 | ||||||
| 8.25%, 12/31/2028 (e) | 1,875 | 1,950 | ||||||
| 9.00%, 11/01/2027 (e) | 1,857 | 2,358 | ||||||
| BP Capital Markets plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa) | GBP | 100 | 146 | |||||
| Callon Petroleum Co., | ||||||||
| 6.25%, 04/15/2023 | 950 | 846 | ||||||
| 9.00%, 04/01/2025 (e) | 2,926 | 2,968 | ||||||
| Cenovus Energy, Inc., (Canada), | ||||||||
| 3.00%, 08/15/2022 | 2,226 | 2,277 | ||||||
| 3.80%, 09/15/2023 | 994 | 1,051 | ||||||
| 5.38%, 07/15/2025 | 951 | 1,068 | ||||||
| Centennial Resource Production LLC, 6.88%, 04/01/2027 (e) | 863 | 768 | ||||||
| Chesapeake Energy Corp., | ||||||||
| 5.50%, 02/01/2026 (e) | 330 | 343 | ||||||
| 5.88%, 02/01/2029 (e) | 560 | 594 | ||||||
| Cimarex Energy Co., 4.38%, 06/01/2024 | 1,182 | 1,285 | ||||||
| Citgo Holding, Inc., 9.25%, 08/01/2024 (e) | 1,470 | 1,459 | ||||||
| CITGO Petroleum Corp., 7.00%, 06/15/2025 (e) | 699 | 719 | ||||||
| CNX Resources Corp., | ||||||||
| 6.00%, 01/15/2029 (e) | 2,036 | 2,116 | ||||||
| 7.25%, 03/14/2027 (e) | 2,761 | 2,965 | ||||||
| Colgate Energy Partners III LLC, 7.75%, 02/15/2026 (e) | 422 | 414 | ||||||
| Comstock Resources, Inc., | ||||||||
| 6.75%, 03/01/2029 (e) | 3,994 | 4,094 | ||||||
| 7.50%, 05/15/2025 (e) | 729 | 756 | ||||||
| 9.75%, 08/15/2026 | 804 | 875 | ||||||
| Continental Resources, Inc., | ||||||||
| 3.80%, 06/01/2024 | 2,430 | 2,491 | ||||||
| 4.90%, 06/01/2044 | 778 | 778 | ||||||
| 5.75%, 01/15/2031 (e) | 2,818 | 3,184 | ||||||
| CrownRock LP / CrownRock Finance, Inc., 5.63%, 10/15/2025 (e) | 6,961 | 7,102 | ||||||
| Diamondback Energy, Inc., | ||||||||
| 0.90%, 03/24/2023 | 293 | 293 | ||||||
| 2.88%, 12/01/2024 | 1,410 | 1,487 | ||||||
| 4.75%, 05/31/2025 | 342 | 382 | ||||||
| 5.38%, 05/31/2025 | 3,500 | 3,611 | ||||||
| Double Eagle III Midco 1 LLC / Double Eagle Finance Corp., 7.75%, 12/15/2025 (e) | 2,739 | 2,924 | ||||||
| Endeavor Energy Resources LP / EER Finance, Inc., | ||||||||
| 5.50%, 01/30/2026 (e) | 4,309 | 4,472 | ||||||
| 5.75%, 01/30/2028 (e) | 2,510 | 2,651 | ||||||
| 6.63%, 07/15/2025 (e) | 1,800 | 1,924 | ||||||
| EQT Corp., | ||||||||
| 3.90%, 10/01/2027 | 3,038 | 3,102 | ||||||
| 5.00%, 01/15/2029 | 775 | 829 | ||||||
| 8.50%, 02/01/2030 | 1,027 | 1,310 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Oil & Gas — continued |
||||||||
| Hilcorp Energy I LP / Hilcorp Finance Co., | ||||||||
| 5.00%, 12/01/2024(e) | 1,325 | 1,335 | ||||||
| 5.75%, 10/01/2025(e) | 50 | 50 | ||||||
| 5.75%, 02/01/2029(e) | 805 | 812 | ||||||
| 6.00%, 02/01/2031(e) | 2,344 | 2,379 | ||||||
| 6.25%, 11/01/2028(e) | 1,000 | 1,030 | ||||||
| Indigo Natural Resources LLC, 5.38%, 02/01/2029 (e) | 1,967 | 1,938 | ||||||
| Laredo Petroleum, Inc., 9.50%, 01/15/2025 | 575 | 553 | ||||||
| Matador Resources Co., 5.88%, 09/15/2026 | 3,436 | 3,346 | ||||||
| MEG Energy Corp., (Canada), | ||||||||
| 5.88%, 02/01/2029(e) | 1,008 | 1,010 | ||||||
| 6.50%, 01/15/2025(e) | 3,092 | 3,194 | ||||||
| 7.13%, 02/01/2027(e) | 3,151 | 3,301 | ||||||
| Murphy Oil Corp., 6.88%, 08/15/2024 | 850 | 869 | ||||||
| Nabors Industries Ltd., (Bermuda), | ||||||||
| 7.25%, 01/15/2026(e) | 2,300 | 1,909 | ||||||
| 7.50%, 01/15/2028(e) | 1,775 | 1,460 | ||||||
| Nabors Industries, Inc., 5.75%, 02/01/2025 | 2,575 | 1,911 | ||||||
| Neptune Energy Bondco plc, (United Kingdom), 6.63%, 05/15/2025 (e) | 400 | 402 | ||||||
| Northern Oil and Gas, Inc., 8.13%, 03/01/2028 (e) | 1,644 | 1,635 | ||||||
| Occidental Petroleum Corp., | ||||||||
| (ICE LIBOR USD 3 Month + 1.45%), 1.64%, 08/15/2022 (aa) | 1,810 | 1,791 | ||||||
| 2.70%, 08/15/2022 | 1,756 | 1,757 | ||||||
| 2.70%, 02/15/2023 | 1,497 | 1,494 | ||||||
| 2.90%, 08/15/2024 | 6,379 | 6,308 | ||||||
| 3.00%, 02/15/2027 | 250 | 235 | ||||||
| 3.40%, 04/15/2026 | 50 | 48 | ||||||
| 3.50%, 06/15/2025 | 275 | 272 | ||||||
| 3.50%, 08/15/2029 | 112 | 105 | ||||||
| 4.10%, 02/15/2047 | 458 | 366 | ||||||
| 4.20%, 03/15/2048 | 668 | 538 | ||||||
| 4.40%, 04/15/2046 | 2,660 | 2,254 | ||||||
| 4.50%, 07/15/2044 | 2,183 | 1,856 | ||||||
| 4.63%, 06/15/2045 | 2,020 | 1,762 | ||||||
| 5.50%, 12/01/2025 | 2,011 | 2,123 | ||||||
| 5.55%, 03/15/2026 | 25 | 26 | ||||||
| 5.88%, 09/01/2025 | 3,175 | 3,385 | ||||||
| 6.13%, 01/01/2031 | 2,404 | 2,654 | ||||||
| 6.20%, 03/15/2040 | 2,495 | 2,564 | ||||||
| 6.45%, 09/15/2036 | 1,625 | 1,794 | ||||||
| 6.63%, 09/01/2030 | 2,100 | 2,360 | ||||||
| 6.95%, 07/01/2024 | 31 | 34 | ||||||
| 7.50%, 05/01/2031 | 1,300 | 1,512 | ||||||
| 8.50%, 07/15/2027 | 1,400 | 1,659 | ||||||
| 8.88%, 07/15/2030 | 1,100 | 1,387 | ||||||
| Ovintiv, Inc., | ||||||||
| 6.50%, 08/15/2034 | 1,328 | 1,597 | ||||||
| 6.50%, 02/01/2038 | 150 | 181 | ||||||
| 6.63%, 08/15/2037 | 75 | 91 | ||||||
| 7.38%, 11/01/2031 | 219 | 278 | ||||||
| Parkland Corp., (Canada), 4.50%, 10/01/2029 (e) (w) | 675 | 677 | ||||||
| Parsley Energy LLC / Parsley Finance Corp., 4.13%, 02/15/2028 (e) | 670 | 709 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Oil & Gas — continued |
||||||||
| PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 05/15/2025 (e) | 4,511 | 4,600 | ||||||
| PDC Energy, Inc., | ||||||||
| 5.75%, 05/15/2026 | 3,754 | 3,894 | ||||||
| 6.13%, 09/15/2024 | 444 | 455 | ||||||
| Petroleos Mexicanos, (Mexico), | ||||||||
| (ICE LIBOR USD 3 Month + 3.65%), 3.83%, 03/11/2022 (aa) | 1,000 | 1,013 | ||||||
| 4.25%, 01/15/2025 | 1,200 | 1,202 | ||||||
| Precision Drilling Corp., (Canada), | ||||||||
| 5.25%, 11/15/2024 | 600 | 555 | ||||||
| 7.75%, 12/15/2023 | 415 | 416 | ||||||
| Range Resources Corp., | ||||||||
| 4.88%, 05/15/2025 | 4,425 | 4,377 | ||||||
| 5.00%, 03/15/2023 | 1,512 | 1,537 | ||||||
| 8.25%, 01/15/2029 (e) | 999 | 1,069 | ||||||
| 9.25%, 02/01/2026 | 1,816 | 1,973 | ||||||
| Repsol International Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.41%), 4.25%, 09/11/2028 (x) (aa) | EUR | 300 | 387 | |||||
| Saudi Arabian Oil Co., (Saudi Arabia), | ||||||||
| 1.63%, 11/24/2025 (e) | 400 | 403 | ||||||
| 2.88%, 04/16/2024 (e) | 450 | 474 | ||||||
| Seven Generations Energy Ltd., (Canada), 5.38%, 09/30/2025 (e) | 2,778 | 2,880 | ||||||
| SM Energy Co., | ||||||||
| 5.00%, 01/15/2024 | 580 | 545 | ||||||
| 5.63%, 06/01/2025 | 675 | 625 | ||||||
| 6.13%, 11/15/2022 | 400 | 391 | ||||||
| 6.75%, 09/15/2026 | 225 | 208 | ||||||
| 10.00%, 01/15/2025 (e) | 4,281 | 4,816 | ||||||
| Southwestern Energy Co., | ||||||||
| 4.10%, 03/15/2022 | 1,061 | 1,061 | ||||||
| 6.45%, 01/23/2025 | 20 | 21 | ||||||
| 8.38%, 09/15/2028 | 911 | 1,000 | ||||||
| Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026 | 146 | 186 | ||||||
| Sunoco LP / Sunoco Finance Corp., | ||||||||
| 4.50%, 05/15/2029 (e) | 1,568 | 1,562 | ||||||
| 5.50%, 02/15/2026 | 1,475 | 1,515 | ||||||
| Teine Energy Ltd., (Canada), 6.88%, 04/15/2029 (e) (w) | 607 | 611 | ||||||
| Tengizchevroil Finance Co. International Ltd., (Bermuda), 2.63%, 08/15/2025 (e) | 800 | 808 | ||||||
| Transocean, Inc., (Cayman Islands), 11.50%, 01/30/2027 (e) | 1,200 | 1,029 | ||||||
| Valero Energy Corp., | ||||||||
| 1.20%, 03/15/2024 | 129 | 130 | ||||||
| 2.70%, 04/15/2023 | 556 | 577 | ||||||
| 2.85%, 04/15/2025 | 696 | 727 | ||||||
| 3.65%, 03/15/2025 | 593 | 636 | ||||||
| Vine Energy Holdings LLC, 6.75%, 04/15/2029 (e) (bb) | 1,928 | 1,928 | ||||||
| Vine Oil & Gas LP / Vine Oil & Gas Finance Corp., 8.75%, 04/15/2023 (e) | 201 | 214 | ||||||
| Viper Energy Partners LP, 5.38%, 11/01/2027 (e) | 641 | 667 | ||||||
| WPX Energy, Inc., | ||||||||
| 4.50%, 01/15/2030 | 194 | 209 | ||||||
| 5.25%, 09/15/2024 | 2,000 | 2,218 | ||||||
| 5.25%, 10/15/2027 | 2,324 | 2,476 | ||||||
| 5.75%, 06/01/2026 | 110 | 115 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Oil & Gas — continued |
||||||||
| 5.88%, 06/15/2028 | 32 | 35 | ||||||
| 8.25%, 08/01/2023 | 143 | 164 | ||||||
|
|
|
|||||||
| 207,153 | ||||||||
|
|
|
|||||||
| Oil & Gas Services — 0.4% | ||||||||
| Archrock Partners LP / Archrock Partners Finance Corp., | ||||||||
| 6.25%, 04/01/2028 (e) | 4,237 | 4,304 | ||||||
| 6.88%, 04/01/2027 (e) | 1,452 | 1,514 | ||||||
| TechnipFMC plc, (United Kingdom), 6.50%, 02/01/2026 (e) | 1,605 | 1,679 | ||||||
| USA Compression Partners LP / USA Compression Finance Corp., | ||||||||
| 6.88%, 04/01/2026 | 1,734 | 1,778 | ||||||
| 6.88%, 09/01/2027 | 2,729 | 2,811 | ||||||
|
|
|
|||||||
| 12,086 | ||||||||
|
|
|
|||||||
| Pipelines — 3.6% | ||||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp., | ||||||||
| 5.75%, 03/01/2027 (e) | 257 | 257 | ||||||
| 5.75%, 01/15/2028 (e) | 3,290 | 3,286 | ||||||
| 7.88%, 05/15/2026 (e) | 2,756 | 2,964 | ||||||
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.63%, 12/15/2025 (e) | 672 | 724 | ||||||
| Buckeye Partners LP, | ||||||||
| 4.50%, 03/01/2028 (e) | 282 | 283 | ||||||
| 5.60%, 10/15/2044 | 1,033 | 996 | ||||||
| 5.85%, 11/15/2043 | 17 | 17 | ||||||
| Cheniere Corpus Christi Holdings LLC, | ||||||||
| 5.88%, 03/31/2025 | 2,198 | 2,504 | ||||||
| 7.00%, 06/30/2024 | 1,866 | 2,148 | ||||||
| Cheniere Energy Partners LP, | ||||||||
| 4.00%, 03/01/2031 (e) | 3,606 | 3,669 | ||||||
| 4.50%, 10/01/2029 | 4,071 | 4,234 | ||||||
| Cheniere Energy, Inc., 4.63%, 10/15/2028 (e) | 8,617 | 8,963 | ||||||
| CNX Midstream Partners LP / CNX Midstream Finance Corp., 6.50%, 03/15/2026 (e) | 1,050 | 1,068 | ||||||
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 02/01/2029 (e) |
1,657 | 1,632 | ||||||
| DCP Midstream Operating LP, | ||||||||
| 5.63%, 07/15/2027 | 1,000 | 1,086 | ||||||
| 6.75%, 09/15/2037 (e) | 658 | 734 | ||||||
| Energy Transfer Operating LP, 6.50%, 02/01/2042 | 2,515 | 2,991 | ||||||
| EnLink Midstream LLC, 5.63%, 01/15/2028 (e) | 692 | 669 | ||||||
| EnLink Midstream Partners LP, | ||||||||
| 4.15%, 06/01/2025 | 241 | 236 | ||||||
| 4.40%, 04/01/2024 | 879 | 886 | ||||||
| 4.85%, 07/15/2026 | 20 | 19 | ||||||
| 5.05%, 04/01/2045 | 14 | 11 | ||||||
| 5.60%, 04/01/2044 | 1,390 | 1,154 | ||||||
| EQM Midstream Partners LP, | ||||||||
| 4.50%, 01/15/2029 (e) | 1,735 | 1,691 | ||||||
| 4.75%, 01/15/2031 (e) | 789 | 765 | ||||||
| 5.50%, 07/15/2028 | 1,625 | 1,706 | ||||||
| 6.00%, 07/01/2025 (e) | 1,870 | 2,013 | ||||||
| 6.50%, 07/01/2027 (e) | 1,816 | 1,974 | ||||||
| 6.50%, 07/15/2048 | 600 | 598 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Pipelines — continued | ||||||||
| Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 01/15/2027 | 242 | 245 | ||||||
| Global Partners LP / GLP Finance Corp., | ||||||||
| 6.88%, 01/15/2029 | 375 | 403 | ||||||
| 7.00%, 08/01/2027 | 600 | 633 | ||||||
| Harvest Midstream I LP, 7.50%, 09/01/2028 (e) | 1,346 | 1,447 | ||||||
| Hess Midstream Operations LP, 5.13%, 06/15/2028 (e) | 825 | 834 | ||||||
| Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 02/01/2028 (e) | 650 | 658 | ||||||
| New Fortress Energy, Inc., | ||||||||
| 6.50%, 09/30/2026 (e) (w) | 3,598 | 3,621 | ||||||
| 6.75%, 09/15/2025 (e) | 4,992 | 5,129 | ||||||
| NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (e) | 2,041 | 2,094 | ||||||
| NGPL PipeCo. LLC, | ||||||||
| 4.38%, 08/15/2022 (e) | 1,700 | 1,765 | ||||||
| 7.77%, 12/15/2037 (e) | 1,166 | 1,544 | ||||||
| NOVA Gas Transmission Ltd., (Canada), 7.88%, 04/01/2023 | 564 | 644 | ||||||
| NuStar Logistics LP, | ||||||||
| 5.63%, 04/28/2027 | 50 | 52 | ||||||
| 5.75%, 10/01/2025 | 728 | 779 | ||||||
| 6.00%, 06/01/2026 | 1,825 | 1,968 | ||||||
| 6.38%, 10/01/2030 | 13 | 14 | ||||||
| Oasis Midstream Partners LP / OMP Finance Corp., 8.00%, 04/01/2029 (e) | 400 | 411 | ||||||
| Plains All American Pipeline LP / PAA Finance Corp., 6.65%, 01/15/2037 | 359 | 419 | ||||||
| Rattler Midstream LP, 5.63%, 07/15/2025 (e) | 948 | 990 | ||||||
| Rockies Express Pipeline LLC, | ||||||||
| 3.60%, 05/15/2025 (e) | 50 | 50 | ||||||
| 6.88%, 04/15/2040 (e) | 1,500 | 1,620 | ||||||
| 7.50%, 07/15/2038 (e) | 1,000 | 1,115 | ||||||
| Rubis Terminal Infra SAS, (France), Reg. S, 5.63%, 05/15/2025 | EUR | 100 | 124 | |||||
| Sabine Pass Liquefaction LLC, | ||||||||
| 5.63%, 04/15/2023 | 224 | 243 | ||||||
| 5.75%, 05/15/2024 | 3,792 | 4,278 | ||||||
| Summit Midstream Holdings LLC / Summit Midstream Finance Corp., | ||||||||
| 5.50%, 08/15/2022 | 275 | 266 | ||||||
| 5.75%, 04/15/2025 | 850 | 693 | ||||||
| Sunoco Logistics Partners Operations LP, 5.40%, 10/01/2047 | 2,152 | 2,298 | ||||||
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., | ||||||||
| 5.50%, 09/15/2024 (e) | 666 | 676 | ||||||
| 5.50%, 01/15/2028 (e) | 1,850 | 1,807 | ||||||
| 6.00%, 03/01/2027 (e) | 1,438 | 1,452 | ||||||
| 6.00%, 12/31/2030 (e) | 1,429 | 1,413 | ||||||
| 7.50%, 10/01/2025 (e) | 816 | 878 | ||||||
| Targa Resources Partners LP / Targa Resources Partners Finance Corp., | ||||||||
| 4.88%, 02/01/2031 (e) | 1,924 | 1,950 | ||||||
| 5.00%, 01/15/2028 | 1,005 | 1,046 | ||||||
| 5.38%, 02/01/2027 | 2,000 | 2,074 | ||||||
| 5.50%, 03/01/2030 | 3,626 | 3,807 | ||||||
| 5.88%, 04/15/2026 | 2,250 | 2,356 | ||||||
| 6.50%, 07/15/2027 | 1,665 | 1,809 | ||||||
| 6.88%, 01/15/2029 | 8 | 9 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Pipelines — continued | ||||||||
| Western Midstream Operating LP, | ||||||||
| (ICE LIBOR USD 3 Month + 1.85%), 2.32%, 01/13/2023 (aa) | 835 | 818 | ||||||
| 3.95%, 06/01/2025 | 1,204 | 1,237 | ||||||
| 4.35%, 02/01/2025 | 1,250 | 1,294 | ||||||
| 4.75%, 08/15/2028 | 700 | 732 | ||||||
| 5.30%, 02/01/2030 | 1,425 | 1,544 | ||||||
| 5.30%, 03/01/2048 | 2,401 | 2,410 | ||||||
| 5.45%, 04/01/2044 | 2,018 | 2,069 | ||||||
| 5.50%, 08/15/2048 | 251 | 247 | ||||||
| 6.50%, 02/01/2050 | 3,169 | 3,426 | ||||||
|
|
|
|||||||
| 116,669 | ||||||||
|
|
|
|||||||
| Total Energy | 339,516 | |||||||
|
|
|
|||||||
| Financial — 9.8% | ||||||||
| Banks — 3.0% | ||||||||
| ABN AMRO Bank NV, (Netherlands), 4.75%, 07/28/2025 (e) | 1,879 | 2,102 | ||||||
| AIB Group plc, (Ireland), | ||||||||
| (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 04/10/2025 (e) (aa) | 2,983 | 3,244 | ||||||
| 4.75%, 10/12/2023 (e) | 3,203 | 3,501 | ||||||
| Reg. S, (EUR Swap Rate 5 Year + 6.63%), 6.25%, 06/23/2025 (x) (aa) | EUR | 200 | 263 | |||||
| Australia & New Zealand Banking Group Ltd., (Australia), | ||||||||
| 4.40%, 05/19/2026 (e) | 1,614 | 1,808 | ||||||
| 4.50%, 03/19/2024 (e) | 280 | 307 | ||||||
| Banco Bilbao Vizcaya Argentaria SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.46%), 6.00%, 01/15/2026 (x) (aa) | EUR | 200 | 263 | |||||
| Bank of America Corp., | ||||||||
| (United States SOFR + 1.01%), 1.20%, 10/24/2026 (aa) | 1,014 | 1,000 | ||||||
| (United States SOFR + 1.15%), 1.32%, 06/19/2026 (aa) | 408 | 406 | ||||||
| (United States SOFR + 0.90%), 2.02%, 02/13/2026 (aa) | 186 | 190 | ||||||
| (ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa) | 85 | 91 | ||||||
| Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 03/10/2026 (x) (aa) | 732 | 842 | ||||||
| Series L, 3.95%, 04/21/2025 | 279 | 306 | ||||||
| Bank of Ireland Group plc, (Ireland), 4.50%, 11/25/2023 (e) | 1,589 | 1,729 | ||||||
| BankUnited, Inc., 4.88%, 11/17/2025 | 864 | 973 | ||||||
| Barclays Bank plc, (United Kingdom), 10.18%, 06/12/2021 (e) | 340 | 346 | ||||||
| Barclays plc, (United Kingdom), | ||||||||
| (ICE LIBOR USD 3 Month + 1.40%), 4.61%, 02/15/2023 (aa) | 2,741 | 2,832 | ||||||
| Reg. S, (UK Gilts 5 Year + 6.02%), 6.38%, 12/15/2025 (x) (aa) | GBP | 200 | 302 | |||||
| (UK Gilts 5 Year + 6.58%), 7.13%, 06/15/2025 (x) (aa) | GBP | 200 | 310 | |||||
| BBVA Bancomer SA, (Mexico), 4.38%, 04/10/2024 (e) | 1,400 | 1,522 | ||||||
| BNP Paribas SA, (France), (United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) | 221 | 216 | ||||||
| CaixaBank SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 4.50%), 5.25%, 03/23/2026 (x) (aa) | EUR | 200 | 247 | |||||
| Citigroup, Inc., | ||||||||
| (United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa) | 1,202 | 1,284 | ||||||
| 3.70%, 01/12/2026 | 608 | 668 | ||||||
| 3.88%, 03/26/2025 | 67 | 73 | ||||||
| (CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa) | 625 | 622 | ||||||
| 4.40%, 06/10/2025 | 1,273 | 1,414 | ||||||
| Series W, (CMT Index 5 Year + 3.60%), 4.00%, 12/10/2025 (x) (aa) | 888 | 897 | ||||||
| Credit Suisse Group AG, (Switzerland), | ||||||||
| (United States SOFR + 0.98%), 1.31%, 02/02/2027 (e) (aa) | 276 | 267 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| (United States SOFR + 2.04%), 2.19%, 06/05/2026 (e) (aa) | 1,106 | 1,124 | ||||||
| (ICE LIBOR USD 3 Month + 1.20%), 3.00%, 12/14/2023 (e) (aa) | 4,689 | 4,847 | ||||||
| (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 06/12/2024 (e) (aa) | 1,818 | 1,941 | ||||||
| (CMT Index 5 Year + 3.55%), 4.50%, 09/03/2030 (e) (x) (aa) | 220 | 205 | ||||||
| Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.46%), 6.25%, 12/18/2024 (x) (aa) | 200 | 213 | ||||||
| (CMT Index 5 Year + 4.82%), 6.38%, 08/21/2026 (e) (x) (aa) | 3,149 | 3,354 | ||||||
| Reg. S, (USD ICE Swap Rate 5 Year + 4.33%), 7.25%, 09/12/2025 (x) (aa) | 400 | 434 | ||||||
| Danske Bank A/S, (Denmark), | ||||||||
| (CMT Index 1 Year + 1.03%), 1.17%, 12/08/2023 (e) (aa) | 482 | 485 | ||||||
| 1.23%, 06/22/2024 (e) | 2,125 | 2,145 | ||||||
| (CMT Index 1 Year + 1.35%), 1.62%, 09/11/2026 (e) (aa) | 2,585 | 2,556 | ||||||
| (ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (e) (aa) | 1,943 | 2,068 | ||||||
| (CMT Index 1 Year + 1.73%), 5.00%, 01/12/2023 (e) (aa) | 221 | 228 | ||||||
| 5.38%, 01/12/2024 (e) | 3,312 | 3,693 | ||||||
| Freedom Mortgage Corp., 7.63%, 05/01/2026 (e) | 508 | 533 | ||||||
| Goldman Sachs Group, Inc. (The), | ||||||||
| (ICE LIBOR USD 3 Month + 1.60%), 1.79%, 11/29/2023 (aa) | 468 | 482 | ||||||
| (ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa) | 316 | 339 | ||||||
| 3.50%, 01/23/2025 | 79 | 85 | ||||||
| 3.50%, 04/01/2025 | 500 | 541 | ||||||
| Series R, (CMT Index 5 Year + 3.22%), 4.95%, 02/10/2025 (x) (aa) | 2,036 | 2,154 | ||||||
| HSBC Bank plc, (United Kingdom), Series 1M, (ICE LIBOR USD 6 Month + 0.25%), 0.75%, 06/30/2021 (x) (aa) | 90 | 79 | ||||||
| HSBC Holdings plc, (United Kingdom), | ||||||||
| 4.25%, 03/14/2024 | 672 | 731 | ||||||
| (CMT Index 5 Year + 3.65%), 4.60%, 12/17/2030 (x) (aa) | 1,568 | 1,548 | ||||||
| ING Groep NV, (Netherlands), (CMT Index 5 Year + 4.34%), 5.75%, 11/16/2026 (x) (aa) | 200 | 218 | ||||||
| Intesa Sanpaolo SpA, (Italy), | ||||||||
| 3.38%, 01/12/2023 (e) | 1,000 | 1,042 | ||||||
| 5.02%, 06/26/2024 (e) | 1,000 | 1,091 | ||||||
| Reg. S, (EUR Swap Rate 5 Year + 7.19%), 7.75%, 01/11/2027 (x) (aa) | EUR | 200 | 287 | |||||
| Series XR, 3.25%, 09/23/2024 (e) | 4,141 | 4,411 | ||||||
| Itau Unibanco Holding SA, (Brazil), 2.90%, 01/24/2023 (e) | 800 | 816 | ||||||
| Lloyds Banking Group plc, (United Kingdom), 4.58%, 12/10/2025 | 444 | 496 | ||||||
| Macquarie Bank Ltd., (Australia), 4.88%, 06/10/2025 (e) | 3,034 | 3,365 | ||||||
| Macquarie Group Ltd., (Australia), | ||||||||
| (United States SOFR + 1.07%), 1.34%, 01/12/2027 (e) (aa) | 446 | 438 | ||||||
| (ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (e) (aa) | 277 | 288 | ||||||
| Morgan Stanley, | ||||||||
| 5.00%, 11/24/2025 | 334 | 384 | ||||||
| Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.85%, 07/15/2021 (x) (aa) | 614 | 615 | ||||||
| National Westminster Bank plc, (United Kingdom), | ||||||||
| Series B, (ICE LIBOR USD 6 Month + 0.25%), 0.50%, 08/14/2021 (x) (aa) | 200 | 194 | ||||||
| Series C, (ICE LIBOR USD 3 Month + 0.25%), 0.44%, 05/28/2021 (x) (aa) | 200 | 193 | ||||||
| Natwest Group plc, (United Kingdom), | ||||||||
| (ICE LIBOR USD 3 Month + 1.48%), 3.50%, 05/15/2023 (aa) | 539 | 555 | ||||||
| 3.88%, 09/12/2023 | 607 | 651 | ||||||
| 5.13%, 05/28/2024 | 2,636 | 2,937 | ||||||
| Nordea Bank Abp, (Finland), 4.88%, 05/13/2021 (e) | 762 | 766 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Banks — continued | ||||||||
| Popular, Inc., (Puerto Rico), 6.13%, 09/14/2023 | 985 | 1,064 | ||||||
| Santander Holdings USA, Inc., 3.50%, 06/07/2024 | 444 | 475 | ||||||
| Standard Chartered plc, (United Kingdom), | ||||||||
| (CMT Index 1 Year + 0.78%), 0.99%, 01/12/2025 (e) (aa) | 706 | 702 | ||||||
| (CMT Index 1 Year + 0.88%), 1.21%, 03/23/2025 (e) (aa) | 200 | 200 | ||||||
| (CMT Index 1 Year + 1.17%), 1.32%, 10/14/2023 (e) (aa) | 221 | 223 | ||||||
| (ICE LIBOR USD 3 Month + 1.21%), 2.82%, 01/30/2026 (e) (aa) | 2,207 | 2,294 | ||||||
| (ICE LIBOR USD 3 Month + 1.15%), 4.25%, 01/20/2023 (e) (aa) | 1,936 | 1,990 | ||||||
| Stichting AK Rabobank Certificaten, (Netherlands), Reg. S, SUB, 2.19% (x) | EUR | 205 | 311 | |||||
| Turkiye Vakiflar Bankasi TAO, (Turkey), 5.75%, 01/30/2023 (e) | 1,300 | 1,279 | ||||||
| UBS AG, (Switzerland), | ||||||||
| Reg. S, 5.13%, 05/15/2024 | 2,637 | 2,901 | ||||||
| 7.63%, 08/17/2022 | 4,228 | 4,608 | ||||||
| UBS Group AG, (Switzerland), (CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (e) (x) (aa) | 817 | 806 | ||||||
| UniCredit SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 7.33%), 7.50%, 06/03/2026 (x) (aa) |
EUR | 400 | 555 | |||||
| Wells Fargo & Co., | ||||||||
| (United States SOFR + 2.00%), 2.19%, 04/30/2026 (aa) | 705 | 727 | ||||||
| (United States SOFR + 1.09%), 2.41%, 10/30/2025 (aa) | 336 | 351 | ||||||
| (CMT Index 5 Year + 3.45%), 3.90%, 03/15/2026 (x) (aa) | 2,300 | 2,323 | ||||||
|
|
|
|||||||
| 97,366 | ||||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Diversified Financial Services — 2.5% | ||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), | ||||||||
| 2.88%, 08/14/2024 | 336 | 346 | ||||||
| 3.50%, 01/15/2025 | 662 | 694 | ||||||
| Air Lease Corp., | ||||||||
| (ICE LIBOR USD 3 Month + 0.67%), 0.85%, 06/03/2021 (aa) | 565 | 565 | ||||||
| 3.00%, 09/15/2023 | 2,500 | 2,609 | ||||||
| Aircastle Ltd., (Bermuda), | ||||||||
| 4.40%, 09/25/2023 | 448 | 477 | ||||||
| 5.50%, 02/15/2022 | 186 | 194 | ||||||
| Alliance Data Systems Corp., | ||||||||
| 4.75%, 12/15/2024 (e) | 1,465 | 1,504 | ||||||
| 7.00%, 01/15/2026 (e) | 489 | 523 | ||||||
| Ally Financial, Inc., | ||||||||
| 1.45%, 10/02/2023 | 80 | 81 | ||||||
| 3.88%, 05/21/2024 | 858 | 927 | ||||||
| 4.63%, 03/30/2025 | 208 | 231 | ||||||
| 5.13%, 09/30/2024 | 2,352 | 2,651 | ||||||
| 5.75%, 11/20/2025 | 2,342 | 2,662 | ||||||
| 8.00%, 11/01/2031 | 775 | 1,079 | ||||||
| Antares Holdings LP, 3.95%, 07/15/2026 (e) | 250 | 252 | ||||||
| Arrow Global Finance plc, (United Kingdom), Reg. S, 5.13%, 09/15/2024 | GBP | 200 | 278 | |||||
| Aviation Capital Group LLC, | ||||||||
| 1.95%, 01/30/2026 (e) | 354 | 345 | ||||||
| 5.50%, 12/15/2024 (e) | 1,476 | 1,650 | ||||||
| Avolon Holdings Funding Ltd., (Cayman Islands), | ||||||||
| 2.13%, 02/21/2026 (e) | 298 | 285 | ||||||
| 3.63%, 05/01/2022 (e) | 1,848 | 1,884 | ||||||
| 4.25%, 04/15/2026 (e) | 439 | 460 | ||||||
| 5.13%, 10/01/2023 (e) | 580 | 618 | ||||||
| Charles Schwab Corp. (The), Series H, (CMT Index 1 Year + 3.08%), 4.00%, 12/01/2030 (x) (aa) |
3,136 | 3,078 | ||||||
| Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.88%, 02/15/2026 (e) | 250 | 256 | ||||||
| Encore Capital Group, Inc., Reg. S, 5.38%, 02/15/2026 | GBP | 300 | 431 | |||||
| Garfunkelux Holdco 3 SA, (Luxembourg), | ||||||||
| Reg. S, 6.75%, 11/01/2025 | EUR | 200 | 242 | |||||
| Reg. S, 7.75%, 11/01/2025 | GBP | 100 | 143 | |||||
| Genworth Mortgage Holdings, Inc., 6.50%, 08/15/2025 (e) | 2,412 | 2,606 | ||||||
| Global Aircraft Leasing Co. Ltd., (Cayman Islands), 6.50% (cash), 09/15/2024 (e) (v) | 1,670 | 1,602 | ||||||
| goeasy Ltd., (Canada), 5.38%, 12/01/2024 (e) | 700 | 725 | ||||||
| Home Point Capital, Inc., 5.00%, 02/01/2026 (e) | 2,316 | 2,293 | ||||||
| Intrum AB, (Sweden), Reg. S, 4.88%, 08/15/2025 | EUR | 300 | 367 | |||||
| Jerrold Finco plc, (United Kingdom), Reg. S, 5.25%, 01/15/2027 | GBP | 100 | 140 | |||||
| LD Holdings Group LLC, 6.13%, 04/01/2028 (e) | 1,000 | 1,017 | ||||||
| LHC3 plc, (Jersey), Reg. S, 4.13% (cash), 08/15/2024 (v) | EUR | 100 | 119 | |||||
| LPL Holdings, Inc., 4.00%, 03/15/2029 (e) | 1,725 | 1,738 | ||||||
| Nationstar Mortgage Holdings, Inc., | ||||||||
| 5.13%, 12/15/2030 (e) | 1,160 | 1,140 | ||||||
| 5.50%, 08/15/2028 (e) | 4,576 | 4,595 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Diversified Financial Services — continued | ||||||||
| Navient Corp., | ||||||||
| 4.88%, 03/15/2028 | 250 | 244 | ||||||
| 5.88%, 10/25/2024 | 740 | 777 | ||||||
| 6.13%, 03/25/2024 | 875 | 924 | ||||||
| 6.50%, 06/15/2022 | 1,755 | 1,842 | ||||||
| 6.75%, 06/25/2025 | 426 | 463 | ||||||
| 6.75%, 06/15/2026 | 1,200 | 1,301 | ||||||
| 7.25%, 09/25/2023 | 50 | 54 | ||||||
| NFP Corp., 6.88%, 08/15/2028 (e) | 6,394 | 6,641 | ||||||
| OneMain Finance Corp., | ||||||||
| 4.00%, 09/15/2030 | 829 | 806 | ||||||
| 5.38%, 11/15/2029 | 3,000 | 3,191 | ||||||
| 5.63%, 03/15/2023 | 994 | 1,052 | ||||||
| 6.13%, 05/15/2022 | 350 | 367 | ||||||
| 6.13%, 03/15/2024 | 1,596 | 1,724 | ||||||
| 6.63%, 01/15/2028 | 2,519 | 2,855 | ||||||
| 6.88%, 03/15/2025 | 1,881 | 2,140 | ||||||
| 7.13%, 03/15/2026 | 1,981 | 2,285 | ||||||
| 8.25%, 10/01/2023 | 305 | 343 | ||||||
| 8.88%, 06/01/2025 | 150 | 166 | ||||||
| Park Aerospace Holdings Ltd., (Cayman Islands), | ||||||||
| 4.50%, 03/15/2023 (e) | 1,614 | 1,686 | ||||||
| 5.50%, 02/15/2024 (e) | 1,590 | 1,728 | ||||||
| PennyMac Financial Services, Inc., | ||||||||
| 4.25%, 02/15/2029 (e) | 925 | 885 | ||||||
| 5.38%, 10/15/2025 (e) | 890 | 922 | ||||||
| PHH Mortgage Corp., 7.88%, 03/15/2026 (e) | 475 | 487 | ||||||
| Quicken Loans LLC, 5.25%, 01/15/2028 (e) | 1,525 | 1,605 | ||||||
| Quicken Loans LLC / Quicken Loans Co-Issuer, Inc., 3.88%, 03/01/2031 (e) | 1,646 | 1,588 | ||||||
| United Wholesale Mortgage LLC, | ||||||||
| 5.50%, 11/15/2025 (e) | 1,300 | 1,355 | ||||||
| 5.50%, 04/15/2029 (e) (w) | 375 | 375 | ||||||
|
|
|
|||||||
| 78,613 | ||||||||
|
|
|
|||||||
| Insurance — 1.0% | ||||||||
| Achmea BV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.78%), 4.63%, 03/24/2029 (x) (aa) | EUR | 200 | 251 | |||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, | ||||||||
| 4.25%, 10/15/2027 (e) | 4,663 | 4,705 | ||||||
| 6.75%, 10/15/2027 (e) | 7,898 | 8,476 | ||||||
| AmWINS Group, Inc., 7.75%, 07/01/2026 (e) | 1,924 | 2,059 | ||||||
| Ardonagh Midco 2 plc, (United Kingdom), 11.50% (cash), 01/15/2027 (e) (v) | 685 | 733 | ||||||
| AssuredPartners, Inc., 5.63%, 01/15/2029 (e) | 1,570 | 1,600 | ||||||
| CNO Financial Group, Inc., 5.25%, 05/30/2025 | 2,028 | 2,296 | ||||||
| Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (e) | 804 | 919 | ||||||
| Galaxy Bidco Ltd., (Jersey), Reg. S, 6.50%, 07/31/2026 | GBP | 300 | 438 | |||||
| GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e) | 2,067 | 2,219 | ||||||
| Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co-Issuer, Inc., (Bermuda), 7.63% (cash), 10/15/2025 (e) (v) | 567 | 608 | ||||||
| HUB International Ltd., 7.00%, 05/01/2026 (e) | 4,633 | 4,811 | ||||||
| Legal & General Group plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.38%), 5.63%, 03/24/2031 (x) (aa) | GBP | 200 | 301 | |||||
| Liberty Mutual Group, Inc., Reg. S, (EUR Swap Rate 5 Year + 3.70%), 3.63%, 05/23/2059 (aa) |
EUR | 200 | 239 | |||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Insurance — continued | ||||||||
| MGIC Investment Corp., 5.25%, 08/15/2028 | 300 | 312 | ||||||
| Unipol Gruppo SpA, (Italy), Reg. S, 3.25%, 09/23/2030 | EUR | 100 | 124 | |||||
| USI, Inc., 6.88%, 05/01/2025 (e) | 1,675 | 1,704 | ||||||
|
|
|
|||||||
| 31,795 | ||||||||
|
|
|
|||||||
| Investment Companies — 0.2% | ||||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., | ||||||||
| 4.38%, 02/01/2029 (e) | 1,293 | 1,263 | ||||||
| 5.25%, 05/15/2027 | 249 | 257 | ||||||
| 6.25%, 05/15/2026 | 837 | 877 | ||||||
| Owl Rock Capital Corp., | ||||||||
| 3.40%, 07/15/2026 | 207 | 210 | ||||||
| 3.75%, 07/22/2025 | 1,268 | 1,314 | ||||||
| 4.25%, 01/15/2026 | 791 | 830 | ||||||
| Owl Rock Technology Finance Corp., 3.75%, 06/17/2026 (e) | 145 | 148 | ||||||
|
|
|
|||||||
| 4,899 | ||||||||
|
|
|
|||||||
| Real Estate — 0.5% | ||||||||
| ADLER Group SA, (Luxembourg), Reg. S, 3.25%, 08/05/2025 | EUR | 100 | 122 | |||||
| ADLER Real Estate AG, (Germany), Reg. S, 3.00%, 04/27/2026 | EUR | 100 | 123 | |||||
| Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.98%), 3.38%, 09/23/2024 (x) (aa) | EUR | 100 | 122 | |||||
| Canary Wharf Group Investment Holdings plc, (United Kingdom), | ||||||||
| Reg. S, 1.75%, 04/07/2026 (w) | EUR | 100 | 118 | |||||
| Reg. S, 3.38%, 04/23/2028 (w) | GBP | 100 | 137 | |||||
| Citycon OYJ, (Finland), Reg. S, (EUR Swap Rate 5 Year + 4.71%), 4.50%, 11/24/2024 (x) (aa) | EUR | 100 | 120 | |||||
| Consus Real Estate AG, (Germany), Reg. S, 9.63%, 05/15/2024 | EUR | 100 | 124 | |||||
| Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e) | 1,328 | 1,436 | ||||||
| DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, 1.88%, 10/15/2024 | EUR | 100 | 113 | |||||
| Fastighets AB Balder, (Sweden), Reg. S, (EUR Swap Rate 5 Year + 3.19%), 2.87%, 06/02/2081 (aa) | EUR | 100 | 116 | |||||
| Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (e) | 3,450 | 3,606 | ||||||
| Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e) | 50 | 51 | ||||||
| Heimstaden Bostad AB, (Sweden), | ||||||||
| Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa) | EUR | 100 | 116 | |||||
| Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa) | EUR | 100 | 121 | |||||
| Howard Hughes Corp. (The), | ||||||||
| 4.13%, 02/01/2029 (e) | 456 | 446 | ||||||
| 4.38%, 02/01/2031 (e) | 1,607 | 1,574 | ||||||
| 5.38%, 08/01/2028 (e) | 2,952 | 3,103 | ||||||
| Hunt Cos., Inc., | ||||||||
| 5.25%, 04/15/2029 (e) (bb) | 1,900 | 1,900 | ||||||
| 6.25%, 02/15/2026 (e) | 1,923 | 1,984 | ||||||
| Kennedy-Wilson, Inc., 5.88%, 04/01/2024 | 410 | 414 | ||||||
| Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 01/15/2029 (e) | 326 | 322 | ||||||
|
|
|
|||||||
| 16,168 | ||||||||
|
|
|
|||||||
| REITS — 2.6% | ||||||||
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 05/15/2026 (e) | 16 | 17 | ||||||
| Diversified Healthcare Trust, | ||||||||
| 4.75%, 02/15/2028 | 3,975 | 3,920 | ||||||
| 9.75%, 06/15/2025 | 1,958 | 2,217 | ||||||
| EPR Properties, 4.75%, 12/15/2026 | 780 | 820 | ||||||
| Equinix, Inc., 5.38%, 05/15/2027 | 3,562 | 3,831 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| REITS — continued | ||||||||
| ESH Hospitality, Inc., | ||||||||
| 4.63%, 10/01/2027(e) | 1,050 | 1,111 | ||||||
| 5.25%, 05/01/2025(e) | 2,645 | 2,698 | ||||||
| Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 (e) | 1,114 | 1,082 | ||||||
| GLP Capital LP / GLP Financing II, Inc., | ||||||||
| 4.00%, 01/15/2030 | 1,303 | 1,355 | ||||||
| 4.00%, 01/15/2031 | 57 | 59 | ||||||
| 5.25%, 06/01/2025 | 834 | 935 | ||||||
| HAT Holdings I LLC / HAT Holdings II LLC, | ||||||||
| 5.25%, 07/15/2024(e) | 1,000 | 1,032 | ||||||
| 6.00%, 04/15/2025(e) | 1,375 | 1,451 | ||||||
| Iron Mountain UK plc, (United Kingdom), Reg. S, 3.88%, 11/15/2025 | GBP | 100 | 139 | |||||
| Iron Mountain, Inc., | ||||||||
| 5.25%, 07/15/2030(e) | 1,511 | 1,559 | ||||||
| 5.63%, 07/15/2032(e) | 1,087 | 1,136 | ||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., | ||||||||
| 4.25%, 02/01/2027(e) | 1,180 | 1,162 | ||||||
| 5.25%, 03/15/2022(e) | 390 | 393 | ||||||
| MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., | ||||||||
| 3.88%, 02/15/2029(e) | 2,452 | 2,443 | ||||||
| 4.50%, 09/01/2026 | 1,210 | 1,266 | ||||||
| 4.50%, 01/15/2028 | 2,440 | 2,519 | ||||||
| 4.63%, 06/15/2025(e) | 1,110 | 1,171 | ||||||
| 5.63%, 05/01/2024 | 2,378 | 2,552 | ||||||
| MPT Operating Partnership LP / MPT Finance Corp., | ||||||||
| 3.50%, 03/15/2031 | 3,951 | 3,875 | ||||||
| 4.63%, 08/01/2029 | 2,085 | 2,194 | ||||||
| 5.00%, 10/15/2027 | 2,507 | 2,637 | ||||||
| 5.25%, 08/01/2026 | 250 | 258 | ||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, | ||||||||
| 5.88%, 10/01/2028(e) | 2,050 | 2,174 | ||||||
| 7.50%, 06/01/2025(e) | 3,550 | 3,880 | ||||||
| RHP Hotel Properties LP / RHP Finance Corp., | ||||||||
| 4.50%, 02/15/2029(e) | 793 | 796 | ||||||
| 4.75%, 10/15/2027 | 1,690 | 1,730 | ||||||
| Sabra Health Care LP, 5.13%, 08/15/2026 | 75 | 83 | ||||||
| SBA Communications Corp., | ||||||||
| 3.13%, 02/01/2029(e) | 275 | 264 | ||||||
| 3.88%, 02/15/2027 | 3,186 | 3,257 | ||||||
| 4.88%, 09/01/2024 | 1,605 | 1,648 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| REITS — continued | ||||||||
| Service Properties Trust, | ||||||||
| 5.50%, 12/15/2027 | 150 | 159 | ||||||
| 7.50%, 09/15/2025 | 1,524 | 1,731 | ||||||
| SL Green Operating Partnership LP, 3.25%, 10/15/2022 | 1,060 | 1,093 | ||||||
| Starwood Property Trust, Inc., 5.50%, 11/01/2023 (e) | 2 | 2 | ||||||
| Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.88%, 02/15/2025 (e) | 3,795 | 4,106 | ||||||
| Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, | ||||||||
| 6.00%, 04/15/2023 (e) | 2,000 | 2,032 | ||||||
| 6.50%, 02/15/2029 (e) | 2,192 | 2,179 | ||||||
| VEREIT Operating Partnership LP, 4.63%, 11/01/2025 | 1,282 | 1,447 | ||||||
| VICI Properties LP / VICI Note Co., Inc., | ||||||||
| 3.75%, 02/15/2027 (e) | 5,843 | 5,849 | ||||||
| 4.13%, 08/15/2030 (e) | 2,416 | 2,437 | ||||||
| 4.25%, 12/01/2026 (e) | 2,376 | 2,431 | ||||||
| 4.63%, 12/01/2029 (e) | 1,200 | 1,245 | ||||||
|
|
|
|||||||
| 82,375 | ||||||||
|
|
|
|||||||
| Total Financial | 311,216 | |||||||
|
|
|
|||||||
| Industrial — 7.8% | ||||||||
| Aerospace/Defense — 2.1% | ||||||||
| BAE Systems plc, (United Kingdom), 4.75%, 10/11/2021 (e) | 1,120 | 1,144 | ||||||
| Boeing Co. (The), | ||||||||
| 2.80%, 03/01/2023 | 988 | 1,024 | ||||||
| 4.51%, 05/01/2023 | 2,286 | 2,449 | ||||||
| 4.88%, 05/01/2025 | 2,274 | 2,531 | ||||||
| 5.15%, 05/01/2030 | 508 | 584 | ||||||
| 5.81%, 05/01/2050 | 6,738 | 8,497 | ||||||
| 5.93%, 05/01/2060 | 6,323 | 8,088 | ||||||
| F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e) | 1,396 | 1,399 | ||||||
| Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025 (e) | 124 | 130 | ||||||
| Rolls-Royce plc, (United Kingdom), | ||||||||
| 5.75%, 10/15/2027 (e) | 2,411 | 2,566 | ||||||
| Reg. S, 5.75%, 10/15/2027 | GBP | 300 | 449 | |||||
| Signature Aviation US Holdings, Inc., 4.00%, 03/01/2028 (e) | 490 | 498 | ||||||
| Spirit AeroSystems, Inc., | ||||||||
| 5.50%, 01/15/2025 (e) | 803 | 849 | ||||||
| 7.50%, 04/15/2025 (e) | 550 | 591 | ||||||
| SSL Robotics LLC, 9.75%, 12/31/2023 (e) | 1,832 | 2,060 | ||||||
| TransDigm UK Holdings plc, (United Kingdom), 6.88%, 05/15/2026 | 2,700 | 2,842 | ||||||
| TransDigm, Inc., | ||||||||
| 4.63%, 01/15/2029 (e) | 2,085 | 2,053 | ||||||
| 5.50%, 11/15/2027 | 2,175 | 2,248 | ||||||
| 6.25%, 03/15/2026 (e) | 11,828 | 12,537 | ||||||
| 6.38%, 06/15/2026 | 793 | 820 | ||||||
| 7.50%, 03/15/2027 | 50 | 53 | ||||||
| 8.00%, 12/15/2025 (e) | 8,109 | 8,831 | ||||||
| Triumph Group, Inc., 8.88%, 06/01/2024 (e) | 3,432 | 3,862 | ||||||
|
|
|
|||||||
| 66,105 | ||||||||
|
|
|
|||||||
| Building Materials — 1.0% | ||||||||
| Cemex SAB de CV, (Mexico), Reg. S, 3.13%, 03/19/2026 | EUR | 100 | 120 | |||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Building Materials — continued | ||||||||
| Cornerstone Building Brands, Inc., | ||||||||
| 6.13%, 01/15/2029 (e) | 3,627 | 3,863 | ||||||
| 8.00%, 04/15/2026 (e) | 3,875 | 4,036 | ||||||
| CP Atlas Buyer, Inc., 7.00%, 12/01/2028 (e) | 1,303 | 1,370 | ||||||
| Forterra Finance LLC / FRTA Finance Corp., 6.50%, 07/15/2025 (e) | 765 | 822 | ||||||
| Griffon Corp., 5.75%, 03/01/2028 | 2,600 | 2,771 | ||||||
| HT Troplast GmbH, (Germany), Reg. S, 9.25%, 07/15/2025 | EUR | 100 | 128 | |||||
| JELD-WEN, Inc., 4.63%, 12/15/2025 (e) | 1,000 | 1,012 | ||||||
| Masonite International Corp., (Canada), 5.38%, 02/01/2028 (e) | 854 | 906 | ||||||
| Patrick Industries, Inc., 7.50%, 10/15/2027 (e) | 1,200 | 1,310 | ||||||
| SRM Escrow Issuer LLC, 6.00%, 11/01/2028 (e) | 3,341 | 3,501 | ||||||
| Standard Industries, Inc., | ||||||||
| Reg. S, 2.25%, 11/21/2026 | EUR | 100 | 119 | |||||
| 3.38%, 01/15/2031 (e) | 3,913 | 3,708 | ||||||
| 4.38%, 07/15/2030 (e) | 3,711 | 3,744 | ||||||
| 4.75%, 01/15/2028 (e) | 1,325 | 1,374 | ||||||
| 5.00%, 02/15/2027 (e) | 100 | 104 | ||||||
| Summit Materials LLC / Summit Materials Finance Corp., | ||||||||
| 5.25%, 01/15/2029 (e) | 1,129 | 1,181 | ||||||
| 6.50%, 03/15/2027 (e) | 850 | 893 | ||||||
| US Concrete, Inc., 5.13%, 03/01/2029 (e) | 1,050 | 1,082 | ||||||
|
|
|
|||||||
| 32,044 | ||||||||
|
|
|
|||||||
| Electrical Components & Equipments — 0.3% | ||||||||
| Belden, Inc., Reg. S, 3.88%, 03/15/2028 | EUR | 100 | 121 | |||||
| Energizer Holdings, Inc., 4.75%, 06/15/2028 (e) | 1,558 | 1,607 | ||||||
| WESCO Distribution, Inc., | ||||||||
| 5.38%, 06/15/2024 | 125 | 128 | ||||||
| 7.13%, 06/15/2025 (e) | 5,501 | 6,015 | ||||||
| 7.25%, 06/15/2028 (e) | 1,707 | 1,910 | ||||||
|
|
|
|||||||
| 9,781 | ||||||||
|
|
|
|||||||
| Electronics — 0.2% | ||||||||
| Brightstar Escrow Corp., 9.75%, 10/15/2025 (e) | 450 | 488 | ||||||
| Flex Ltd., (Singapore), 3.75%, 02/01/2026 | 1,000 | 1,073 | ||||||
| Itron, Inc., 5.00%, 01/15/2026 (e) | 410 | 420 | ||||||
| Sensata Technologies BV, (Netherlands), | ||||||||
| 4.00%, 04/15/2029 (e) | 2,130 | 2,168 | ||||||
| 5.63%, 11/01/2024 (e) | 25 | 28 | ||||||
| Sensata Technologies, Inc., | ||||||||
| 3.75%, 02/15/2031 (e) | 268 | 264 | ||||||
| 4.38%, 02/15/2030 (e) | 2,175 | 2,282 | ||||||
| Vontier Corp., 1.80%, 04/01/2026 (e) | 168 | 167 | ||||||
|
|
|
|||||||
| 6,890 | ||||||||
|
|
|
|||||||
| Engineering & Construction — 0.3% | ||||||||
| Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa) | EUR | 300 | 361 | |||||
| AECOM, | ||||||||
| 5.13%, 03/15/2027 | 3,125 | 3,400 | ||||||
| 5.88%, 10/15/2024 | 50 | 56 | ||||||
| Brand Industrial Services, Inc., 8.50%, 07/15/2025 (e) | 1,477 | 1,489 | ||||||
| Dycom Industries, Inc., 4.50%, 04/15/2029 (e) (w) | 353 | 354 | ||||||
| Ferrovial Netherlands BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 2.13%), 2.12%, 02/14/2023 (x) (aa) | EUR | 100 | 116 | |||||
| Fluor Corp., 3.50%, 12/15/2024 | 47 | 48 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Engineering & Construction — continued | ||||||||
| Fraport AG Frankfurt Airport Services Worldwide, (Germany), Reg. S, 1.88%, 03/31/2028 | EUR | 175 | 209 | |||||
| Heathrow Finance plc, (United Kingdom), Reg. S, 4.63%, 09/01/2029 | GBP | 300 | 418 | |||||
| KBR, Inc., 4.75%, 09/30/2028 (e) | 6 | 6 | ||||||
| MasTec, Inc., 4.50%, 08/15/2028 (e) | 342 | 355 | ||||||
| PowerTeam Services LLC, 9.03%, 12/04/2025 (e) | 1,000 | 1,110 | ||||||
| TopBuild Corp., 3.63%, 03/15/2029 (e) | 1,425 | 1,407 | ||||||
|
|
|
|||||||
| 9,329 | ||||||||
|
|
|
|||||||
| Environmental Control — 0.4% | ||||||||
| Clean Harbors, Inc., 5.13%, 07/15/2029 (e) | 517 | 549 | ||||||
| Covanta Holding Corp., 5.00%, 09/01/2030 | 71 | 71 | ||||||
| GFL Environmental, Inc., (Canada), | ||||||||
| 3.50%, 09/01/2028 (e) | 991 | 961 | ||||||
| 3.75%, 08/01/2025 (e) | 1,159 | 1,176 | ||||||
| 4.00%, 08/01/2028 (e) | 1,770 | 1,713 | ||||||
| 5.13%, 12/15/2026 (e) | 2,895 | 3,051 | ||||||
| 8.50%, 05/01/2027 (e) | 870 | 958 | ||||||
| Stericycle, Inc., 3.88%, 01/15/2029 (e) | 176 | 174 | ||||||
| Tervita Corp., (Canada), 11.00%, 12/01/2025 (e) | 148 | 168 | ||||||
| Waste Pro USA, Inc., 5.50%, 02/15/2026 (e) | 1,938 | 1,984 | ||||||
|
|
|
|||||||
| 10,805 | ||||||||
|
|
|
|||||||
| Machinery—Construction & Mining — 0.1% | ||||||||
| BWX Technologies, Inc., | ||||||||
| 4.13%, 06/30/2028 (e) | 1,426 | 1,440 | ||||||
| 4.13%, 04/15/2029 (e) (w) | 399 | 405 | ||||||
| Terex Corp., 5.00%, 05/15/2029 (e) (w) | 2,229 | 2,307 | ||||||
|
|
|
|||||||
| 4,152 | ||||||||
|
|
|
|||||||
| Machinery - Diversified — 0.5% | ||||||||
| ATS Automation Tooling Systems, Inc., (Canada), 4.13%, 12/15/2028 (e) | 189 | 187 | ||||||
| CNH Industrial Capital LLC, 4.88%, 04/01/2021 | 138 | 138 | ||||||
| CNH Industrial NV, (Netherlands), 4.50%, 08/15/2023 | 562 | 609 | ||||||
| Colfax Corp., 6.38%, 02/15/2026 (e) | 910 | 968 | ||||||
| GrafTech Finance, Inc., 4.63%, 12/15/2028 (e) | 644 | 648 | ||||||
| Husky III Holding Ltd., (Canada), 13.00% (cash), 02/15/2025 (e) (v) | 1,401 | 1,524 | ||||||
| Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024 (e) | 2,906 | 3,041 | ||||||
| Novafives SAS, (France), Reg. S, 5.00%, 06/15/2025 | EUR | 100 | 109 | |||||
| Sofima Holding SPA, (Italy), Reg. S, 3.75%, 01/15/2028 | EUR | 100 | 118 | |||||
| Titan Acquisition Ltd. / Titan Co-Borrower LLC, (Multinational), 7.75%, 04/15/2026 (e) | 1,902 | 1,978 | ||||||
| Vertical Holdco GmbH, (Germany), | ||||||||
| Reg. S, 6.63%, 07/15/2028 | EUR | 100 | 125 | |||||
| 7.63%, 07/15/2028 (e) | 2,840 | 3,054 | ||||||
| Vertical Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 200 | 246 | |||||
| Vertical US Newco, Inc., 5.25%, 07/15/2027 (e) | 3,754 | 3,930 | ||||||
| Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/2025 | 58 | 61 | ||||||
|
|
|
|||||||
| 16,736 | ||||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Metal Fabricate/Hardware — 0.1% | ||||||||
| Hillman Group, Inc. (The), 6.38%, 07/15/2022 (e) | 1,672 | 1,674 | ||||||
|
|
|
|||||||
| Miscellaneous Manufacturers — 0.9% | ||||||||
| Amsted Industries, Inc., | ||||||||
| 4.63%, 05/15/2030 (e) | 1,908 | 1,932 | ||||||
| 5.63%, 07/01/2027 (e) | 122 | 129 | ||||||
| Bombardier, Inc., (Canada), | ||||||||
| 6.13%, 01/15/2023 (e) | 3,973 | 4,137 | ||||||
| 7.50%, 12/01/2024 (e) | 3,455 | 3,451 | ||||||
| 7.50%, 03/15/2025 (e) | 1,500 | 1,476 | ||||||
| 7.88%, 04/15/2027 (e) | 9,241 | 9,062 | ||||||
| 8.75%, 12/01/2021 (e) | 3,060 | 3,210 | ||||||
| Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e) | 3,228 | 3,382 | ||||||
| Koppers, Inc., 6.00%, 02/15/2025 (e) | 1,400 | 1,443 | ||||||
|
|
|
|||||||
| 28,222 | ||||||||
|
|
|
|||||||
| Packaging & Containers — 1.7% | ||||||||
| ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v) | 6,532 | 6,857 | ||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), | ||||||||
| Reg. S, 2.00%, 09/01/2028 | EUR | 100 | 117 | |||||
| Reg. S, 3.00%, 09/01/2029 | EUR | 100 | 117 | |||||
| 4.00%, 09/01/2029 (e) | 4,216 | 4,205 | ||||||
| Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational), | ||||||||
| 4.13%, 08/15/2026 (e) | 910 | 934 | ||||||
| 5.25%, 08/15/2027 (e) | 5,055 | 5,176 | ||||||
| 6.00%, 02/15/2025 (e) | 1,900 | 1,958 | ||||||
| Ball Corp., 2.88%, 08/15/2030 | 925 | 891 | ||||||
| Berry Global, Inc., | ||||||||
| 4.88%, 07/15/2026 (e) | 75 | 79 | ||||||
| 5.13%, 07/15/2023 | 1,068 | 1,080 | ||||||
| Crown Americas LLC / Crown Americas Capital Corp. IV, 4.50%, 01/15/2023 | 625 | 657 | ||||||
| Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026 | 146 | 155 | ||||||
| Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026 | 350 | 363 | ||||||
| Flex Acquisition Co., Inc., | ||||||||
| 6.88%, 01/15/2025 (e) | 175 | 178 | ||||||
| 7.88%, 07/15/2026 (e) | 2,500 | 2,622 | ||||||
| Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e) | 400 | 425 | ||||||
| Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v) | 425 | 433 | ||||||
| Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e) | 408 | 421 | ||||||
| Kleopatra Finco Sarl, (Luxembourg), Reg. S, 4.25%, 03/01/2026 | EUR | 100 | 117 | |||||
| LABL Escrow Issuer LLC, | ||||||||
| 6.75%, 07/15/2026 (e) | 1,014 | 1,086 | ||||||
| 10.50%, 07/15/2027 (e) | 621 | 692 | ||||||
| Mauser Packaging Solutions Holding Co., | ||||||||
| 5.50%, 04/15/2024 (e) | 2,012 | 2,043 | ||||||
| 7.25%, 04/15/2025 (e) | 1,175 | 1,175 | ||||||
| OI European Group BV, (Netherlands), Reg. S, 2.88%, 02/15/2025 | EUR | 100 | 119 | |||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Packaging & Containers — continued | ||||||||
| Owens-Brockway Glass Container, Inc., | ||||||||
| 5.38%, 01/15/2025 (e) | 50 | 52 | ||||||
| 6.63%, 05/13/2027 (e) | 2,500 | 2,718 | ||||||
| Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu, 4.00%, 10/15/2027 (e) | 875 | 858 | ||||||
| Sealed Air Corp., | ||||||||
| 4.00%, 12/01/2027 (e) | 89 | 91 | ||||||
| 5.25%, 04/01/2023 (e) | 750 | 794 | ||||||
| Silgan Holdings, Inc., 1.40%, 04/01/2026 (e) | 1,200 | 1,175 | ||||||
| Trident TPI Holdings, Inc., | ||||||||
| 6.63%, 11/01/2025 (e) | 25 | 25 | ||||||
| 9.25%, 08/01/2024 (e) | 1,175 | 1,246 | ||||||
| TriMas Corp., 4.13%, 04/15/2029 (e) | 4,900 | 4,900 | ||||||
| Trivium Packaging Finance BV, (Netherlands), | ||||||||
| Reg. S, 3.75%, 08/15/2026 | EUR | 100 | 120 | |||||
| 5.50%, 08/15/2026 (e) | 3,420 | 3,587 | ||||||
| 8.50%, 08/15/2027 (e) | 6,699 | 7,270 | ||||||
|
|
|
|||||||
| 54,736 | ||||||||
|
|
|
|||||||
| Shipbuilding — 0.0% (g) | ||||||||
| Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025 | 743 | 810 | ||||||
|
|
|
|||||||
| Transportation — 0.2% | ||||||||
| CMA CGM SA, (France), Reg. S, 7.50%, 01/15/2026 | EUR | 300 | 384 | |||||
| Danaos Corp., (Marshall Island), 8.50%, 03/01/2028 (e) | 285 | 305 | ||||||
| Getlink SE, (France), Reg. S, 3.50%, 10/30/2025 | EUR | 100 | 122 | |||||
| National Express Group plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.14%), 4.25%, 12/26/2025 (x) (aa) | GBP | 100 | 142 | |||||
| Rumo Luxembourg Sarl, (Luxembourg), 5.88%, 01/18/2025 (e) | 400 | 422 | ||||||
| Ryder System, Inc., 3.75%, 06/09/2023 | 139 | 148 | ||||||
| Watco Cos. LLC / Watco Finance Corp., 6.50%, 06/15/2027 (e) | 25 | 26 | ||||||
| XPO Logistics, Inc., | ||||||||
| 6.13%, 09/01/2023 (e) | 150 | 152 | ||||||
| 6.25%, 05/01/2025 (e) | 4,820 | 5,164 | ||||||
| 6.75%, 08/15/2024 (e) | 75 | 79 | ||||||
|
|
|
|||||||
| 6,944 | ||||||||
|
|
|
|||||||
| Trucking & Leasing — 0.0% (g) | ||||||||
| Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025 (e) | 81 | 85 | ||||||
|
|
|
|||||||
| Total Industrial | 248,313 | |||||||
|
|
|
|||||||
| Technology — 3.9% | ||||||||
| Computers — 1.6% | ||||||||
| Austin BidCo, Inc., 7.13%, 12/15/2028 (e) | 83 | 84 | ||||||
| Banff Merger Sub, Inc., 9.75%, 09/01/2026 (e) | 12,304 | 13,111 | ||||||
| Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e) | 1,389 | 1,396 | ||||||
| Centurion Bidco SpA, (Italy), Reg. S, 5.88%, 09/30/2026 | EUR | 200 | 244 | |||||
| Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 | 239 | 234 | ||||||
| Dell International LLC / EMC Corp., | ||||||||
| 4.00%, 07/15/2024 (e) | 674 | 731 | ||||||
| 5.45%, 06/15/2023 (e) | 4,206 | 4,597 | ||||||
| 5.88%, 06/15/2021 (e) | 190 | 190 | ||||||
| 7.13%, 06/15/2024 (e) | 5,310 | 5,466 | ||||||
| Diebold Nixdorf, Inc., 9.38%, 07/15/2025 (e) | 175 | 195 | ||||||
| Everi Payments, Inc., 7.50%, 12/15/2025 (e) | 2,225 | 2,315 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Computers — continued | ||||||||
| NCR Corp., | ||||||||
| 5.00%, 10/01/2028 (e) | 591 | 597 | ||||||
| 5.13%, 04/15/2029 (e) (w) | 2,497 | 2,526 | ||||||
| 5.25%, 10/01/2030 (e) | 2,390 | 2,420 | ||||||
| 6.13%, 09/01/2029 (e) | 1,213 | 1,284 | ||||||
| Presidio Holdings, Inc., 4.88%, 02/01/2027 (e) | 847 | 868 | ||||||
| Science Applications International Corp., 4.88%, 04/01/2028 (e) | 817 | 845 | ||||||
| Seagate HDD Cayman, (Cayman Islands), | ||||||||
| 3.13%, 07/15/2029 (e) | 600 | 579 | ||||||
| 3.38%, 07/15/2031 (e) | 375 | 361 | ||||||
| Tempo Acquisition LLC / Tempo Acquisition Finance Corp., | ||||||||
| 5.75%, 06/01/2025 (e) | 2,130 | 2,250 | ||||||
| 6.75%, 06/01/2025 (e) | 9,566 | 9,775 | ||||||
|
|
|
|||||||
| 50,068 | ||||||||
|
|
|
|||||||
| Office/Business & Equipments — 0.1% | ||||||||
| CDW LLC / CDW Finance Corp., | ||||||||
| 3.25%, 02/15/2029 | 2,161 | 2,134 | ||||||
| 4.13%, 05/01/2025 | 23 | 24 | ||||||
|
|
|
|||||||
| 2,158 | ||||||||
|
|
|
|||||||
| Semiconductors — 0.6% | ||||||||
| ams AG, (Austria), 7.00%, 07/31/2025 (e) | 700 | 749 | ||||||
| Broadcom, Inc., | ||||||||
| 3.15%, 11/15/2025 | 3,064 | 3,264 | ||||||
| 4.70%, 04/15/2025 | 146 | 165 | ||||||
| Entegris, Inc., 4.38%, 04/15/2028 (e) | 858 | 885 | ||||||
| Infineon Technologies AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.63%, 01/01/2028 (x) (aa) | EUR | 100 | 127 | |||||
| Microchip Technology, Inc., | ||||||||
| 0.97%, 02/15/2024 (e) | 889 | 887 | ||||||
| 2.67%, 09/01/2023 (e) | 1,446 | 1,506 | ||||||
| 3.92%, 06/01/2021 | 906 | 911 | ||||||
| 4.25%, 09/01/2025 (e) | 5,255 | 5,490 | ||||||
| 4.33%, 06/01/2023 | 438 | 470 | ||||||
| NXP BV / NXP Funding LLC, (Netherlands), | ||||||||
| 3.88%, 09/01/2022 (e) | 1,008 | 1,053 | ||||||
| 4.63%, 06/01/2023 (e) | 666 | 721 | ||||||
| ON Semiconductor Corp., 3.88%, 09/01/2028 (e) | 1,018 | 1,047 | ||||||
| Qorvo, Inc., 3.38%, 04/01/2031 (e) | 550 | 539 | ||||||
| SK Hynix, Inc., (South Korea), 1.50%, 01/19/2026 (e) | 1,200 | 1,180 | ||||||
| Synaptics, Inc., 4.00%, 06/15/2029 (e) | 657 | 652 | ||||||
|
|
|
|||||||
| 19,646 | ||||||||
|
|
|
|||||||
| Software — 1.6% | ||||||||
| Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e) | 4,351 | 4,275 | ||||||
| Boxer Parent Co., Inc., | ||||||||
| Reg. S, 6.50%, 10/02/2025 | EUR | 300 | 374 | |||||
| 7.13%, 10/02/2025 (e) | 1,551 | 1,664 | ||||||
| 9.13%, 03/01/2026 (e) | 3,019 | 3,214 | ||||||
| Brunello Bidco SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 3.75%, 02/15/2028 (aa) | EUR | 100 | 117 | |||||
| BY Crown Parent LLC / BY Bond Finance, Inc., 4.25%, 01/31/2026 (e) | 5,812 | 6,008 | ||||||
| Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e) | 1,348 | 1,394 | ||||||
| Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%, 03/01/2025 (e) | 3,214 | 3,276 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Software — continued |
||||||||
| Dun & Bradstreet Corp. (The), | ||||||||
| 6.88%, 08/15/2026 (e) | 1,502 | 1,604 | ||||||
| 10.25%, 02/15/2027 (e) | 4,476 | 4,996 | ||||||
| MSCI, Inc., | ||||||||
| 3.63%, 09/01/2030 (e) | 1,031 | 1,048 | ||||||
| 3.88%, 02/15/2031 (e) | 727 | 743 | ||||||
| Open Text Corp., (Canada), 3.88%, 02/15/2028 (e) | 692 | 695 | ||||||
| Open Text Holdings, Inc., 4.13%, 02/15/2030 (e) | 574 | 582 | ||||||
| Playtika Holding Corp., 4.25%, 03/15/2029 (e) | 1,694 | 1,669 | ||||||
| PTC, Inc., | ||||||||
| 3.63%, 02/15/2025 (e) | 350 | 359 | ||||||
| 4.00%, 02/15/2028 (e) | 400 | 406 | ||||||
| Rackspace Technology Global, Inc., | ||||||||
| 3.50%, 02/15/2028 (e) | 975 | 937 | ||||||
| 5.38%, 12/01/2028 (e) | 2,222 | 2,260 | ||||||
| Rocket Software, Inc., 6.50%, 02/15/2029 (e) | 2,639 | 2,663 | ||||||
| Solera LLC / Solera Finance, Inc., 10.50%, 03/01/2024 (e) | 71 | 73 | ||||||
| SS&C Technologies, Inc., 5.50%, 09/30/2027 (e) | 6,054 | 6,441 | ||||||
| Twilio, Inc., 3.88%, 03/15/2031 | 457 | 467 | ||||||
| Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e) | 6,081 | 6,324 | ||||||
| ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) | 907 | 887 | ||||||
|
|
|
|||||||
| 52,476 | ||||||||
|
|
|
|||||||
| Total Technology | 124,348 | |||||||
|
|
|
|||||||
| Utilities — 2.9% | ||||||||
| Electric — 2.5% | ||||||||
| AES Corp. (The), 3.30%, 07/15/2025 (e) | 997 | 1,058 | ||||||
| Alexander Funding Trust, 1.84%, 11/15/2023 (e) | 1,472 | 1,495 | ||||||
| American Transmission Systems, Inc., 5.25%, 01/15/2022 (e) | 240 | 248 | ||||||
| Calpine Corp., | ||||||||
| 3.75%, 03/01/2031 (e) | 1,673 | 1,595 | ||||||
| 4.50%, 02/15/2028 (e) | 4,059 | 4,093 | ||||||
| 4.63%, 02/01/2029 (e) | 6,568 | 6,399 | ||||||
| 5.00%, 02/01/2031 (e) | 3,130 | 3,051 | ||||||
| 5.13%, 03/15/2028 (e) | 9,004 | 9,046 | ||||||
| 5.25%, 06/01/2026 (e) | 1,044 | 1,075 | ||||||
| Cemig Geracao e Transmissao SA, (Brazil), 9.25%, 12/05/2024 (e) | 400 | 457 | ||||||
| Clearway Energy Operating LLC, 4.75%, 03/15/2028 (e) | 254 | 264 | ||||||
| Comision Federal de Electricidad, (Mexico), 4.88%, 01/15/2024 (e) | 1,200 | 1,310 | ||||||
| Dominion Energy, Inc., SUB, 4.10%, 04/01/2021 | 498 | 498 | ||||||
| Edison International, Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/15/2026 (x) (aa) | 1,500 | 1,526 | ||||||
| Electricite de France SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 06/15/2030 (x) (aa) |
EUR | 600 | 749 | |||||
| Emera US Finance LP, 2.70%, 06/15/2021 | 554 | 556 | ||||||
| Enel Finance International NV, (Netherlands), | ||||||||
| 4.25%, 09/14/2023 (e) | 2,174 | 2,352 | ||||||
| 4.63%, 09/14/2025 (e) | 1,672 | 1,893 | ||||||
| FirstEnergy Corp., | ||||||||
| 2.05%, 03/01/2025 | 2,380 | 2,392 | ||||||
| 2.65%, 03/01/2030 | 29 | 28 | ||||||
| Series B, 2.25%, 09/01/2030 | 24 | 22 | ||||||
| Series B, 4.40%, 07/15/2027 | 621 | 668 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Corporate Bonds — continued | ||||||||
| Electric — continued |
||||||||
| Series B, 4.75%, 03/15/2023 | 720 | 759 | ||||||
| Series C, 3.40%, 03/01/2050 | 216 | 188 | ||||||
| Series C, 5.35%, 07/15/2047 | 2,203 | 2,474 | ||||||
| FirstEnergy Transmission LLC, | ||||||||
| 4.55%, 04/01/2049(e) | 36 | 38 | ||||||
| 5.45%, 07/15/2044(e) | 1,622 | 1,869 | ||||||
| NRG Energy, Inc., | ||||||||
| 3.38%, 02/15/2029(e) | 1,525 | 1,489 | ||||||
| 3.63%, 02/15/2031(e) | 2,303 | 2,246 | ||||||
| 3.75%, 06/15/2024(e) | 1,298 | 1,392 | ||||||
| 5.25%, 06/15/2029(e) | 975 | 1,043 | ||||||
| 5.75%, 01/15/2028 | 275 | 292 | ||||||
| 6.63%, 01/15/2027 | 3,100 | 3,224 | ||||||
| 7.25%, 05/15/2026 | 75 | 78 | ||||||
| Orano SA, (France), Reg. S, 2.75%, 03/08/2028 | EUR | 100 | 121 | |||||
| Pacific Gas and Electric Co., | ||||||||
| 3.15%, 01/01/2026 | 2,350 | 2,447 | ||||||
| 3.75%, 02/15/2024 | 1,250 | 1,328 | ||||||
| Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) | 1,367 | 1,389 | ||||||
| PG&E Corp., | ||||||||
| 5.00%, 07/01/2028 | 2,600 | 2,747 | ||||||
| 5.25%, 07/01/2030 | 2,929 | 3,109 | ||||||
| Pike Corp., 5.50%, 09/01/2028 (e) | 5 | 5 | ||||||
| Vistra Operations Co. LLC, | ||||||||
| 3.55%, 07/15/2024(e) | 2,188 | 2,289 | ||||||
| 5.00%, 07/31/2027(e) | 2,300 | 2,372 | ||||||
| 5.50%, 09/01/2026(e) | 4,600 | 4,767 | ||||||
| 5.63%, 02/15/2027(e) | 2,088 | 2,170 | ||||||
|
|
|
|||||||
| 78,611 | ||||||||
|
|
|
|||||||
| Gas — 0.4% | ||||||||
| AmeriGas Partners LP / AmeriGas Finance Corp., | ||||||||
| 5.50%, 05/20/2025 | 1,505 | 1,637 | ||||||
| 5.63%, 05/20/2024 | 2,000 | 2,221 | ||||||
| 5.75%, 05/20/2027 | 600 | 654 | ||||||
| 5.88%, 08/20/2026 | 4,170 | 4,589 | ||||||
| Atmos Energy Corp., 0.63%, 03/09/2023 | 443 | 443 | ||||||
| ONE Gas, Inc., | ||||||||
| 0.85%, 03/11/2023 | 929 | 930 | ||||||
| 1.10%, 03/11/2024 | 1,310 | 1,309 | ||||||
|
|
|
|||||||
| 11,783 | ||||||||
|
|
|
|||||||
| Water — 0.0% (g) | ||||||||
| Solaris Midstream Holdings LLC, 7.63%, 04/01/2026 (e) (w) | 499 | 510 | ||||||
| Thames Water Kemble Finance plc, (United Kingdom), Reg. S, 4.63%, 05/19/2026 | GBP | 268 | 374 | |||||
|
|
|
|||||||
| 884 | ||||||||
|
|
|
|||||||
| Total Utilities | 91,278 | |||||||
|
|
|
|||||||
| Total Corporate Bonds | ||||||||
| (Cost $2,507,502) | 2,495,402 | |||||||
|
|
|
|||||||
| Foreign Government Securities — 0.1% | ||||||||
| Egypt Government International Bond, (Egypt), 6.13%, 01/31/2022 (e) | 800 | 821 | ||||||
| Kenya Government International Bond, (Kenya), 6.88%, 06/24/2024 (e) | 1,000 | 1,099 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Foreign Government Securities — continued |
||||||||
| Morocco Government International Bond, (Morocco), 4.25%, 12/11/2022 (e) | 800 | 838 | ||||||
| Total Foreign Government Securities | ||||||||
| (Cost $2,773) | 2,758 | |||||||
|
|
|
|||||||
| U.S. Treasury Obligations — 4.0% | ||||||||
| U.S. Treasury Notes, | ||||||||
| 0.13%, 10/31/2022 | 27,630 | 27,627 | ||||||
| 0.13%, 01/31/2023 | 98,652 | 98,594 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations | ||||||||
| (Cost $126,304) | 126,221 | |||||||
|
|
|
|||||||
| Loan Assignments — 4.4% (o) | ||||||||
| Basic Materials — 0.3% | ||||||||
| Chemicals — 0.3% | ||||||||
| Alpha 3 BV, Initial Dollar Term Loan, (Netherlands), (ICE LIBOR USD 3 Month + 2.50%), 3.00%, 03/18/2028 (u) (aa) | 1,588 | 1,582 | ||||||
| Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 08/27/2026 (aa) | 444 | 449 | ||||||
| Diamond, Initial USD Term Loan, (Netherlands), (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 09/06/2024 (aa) | 2,165 | 2,152 | ||||||
| Lummus Technology Holdings V LLC, 2021 Refinancing Term B Loan, (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 06/30/2027 (u) (aa) | 1,490 | 1,482 | ||||||
| Nutrition & Biosciences, Inc., 3-Year Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.25%), 1.46%, 01/17/2023 (u) (aa) | 64 | 64 | ||||||
| Nutrition & Biosciences, Inc., 5-year Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.63%), 1.83%, 01/17/2025 (u) (aa) | 113 | 113 | ||||||
| Solenis Holdings LLC, Initial Dollar Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 4.19%, 06/26/2025 (aa) | 1,239 | 1,234 | ||||||
| Solenis Holdings LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 8.50%), 8.69%, 06/26/2026 (aa) | 2,256 | 2,254 | ||||||
|
|
|
|||||||
| Total Basic Materials | 9,330 | |||||||
|
|
|
|||||||
| Communications — 0.7% | ||||||||
| Advertising — 0.1% | ||||||||
| Clear Channel Outdoor Holdings, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 3.71%, 08/21/2026 (aa) | 2,834 | 2,719 | ||||||
| Terrier Media Buyer, Inc., 2021 Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 12/17/2026 (aa) | 865 | 856 | ||||||
|
|
|
|||||||
| 3,575 | ||||||||
|
|
|
|||||||
| Internet — 0.1% | ||||||||
| Acuris Finance US, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 02/16/2028 (aa) |
263 | 261 | ||||||
| Barracuda Networks, Inc., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.75%), 7.50%, 10/30/2028 (aa) | 827 | 840 | ||||||
| CNT Holdings I Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 11/08/2027 (aa) | 449 | 448 | ||||||
| Comcast Hulu Holdings LLC, Term Loan A, (ICE LIBOR USD 1 Month + 0.88%), 0.98%, 03/15/2024 (aa) | 1,750 | 1,732 | ||||||
| MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.25%), 6.36%, 02/23/2029 (aa) | 109 | 110 | ||||||
| Northwest Fiber LLC, Term B-2 Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 04/30/2027 (u) (aa) | 313 | 312 | ||||||
| Uber Technologies, Inc., 2021 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 3.61%, 04/04/2025 (u) (aa) | 247 | 246 | ||||||
|
|
|
|||||||
| 3,949 | ||||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Loan Assignments — continued |
||||||||
| Media — 0.1% | ||||||||
| iHeartCommunications, Inc., Second Amendment Incremental Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.75%, 05/01/2026 (u) (aa) | 995 | 995 | ||||||
| Nielsen Finance LLC, Class B-4 Term Loan, (ICE LIBOR USD 3 Month + 2.00%), 2.08%, 10/04/2023 (u) (aa) | 2,148 | 2,144 | ||||||
| Radiate HoldCo LLC, Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.25%, 09/25/2026 (u) (aa) | 464 | 463 | ||||||
|
|
|
|||||||
| 3,602 | ||||||||
|
|
|
|||||||
| Telecommunications — 0.4% |
||||||||
| Connect Finco SARL, Amendment No. 1 Refinancing Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.50%), 4.50%, 12/11/2026 (aa) | 740 | 737 | ||||||
| Delta Topco, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/01/2027 (aa) |
601 | 600 | ||||||
| Digicel International Finance Limited, Initial Term B Loan (First Lien), (Saint Lucia), (ICE LIBOR USD 3 Month + 3.25%), 3.51%, 05/27/2024 (u) (aa) | 689 | 654 | ||||||
| Intelsat Jackson Holdings SA, Tranche B-5 Term Loan, (Luxembourg), 8.63%, 01/02/2024 | 2,006 | 2,044 | ||||||
| Intrado Corp., Initial Term B Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 10/10/2024 (u) (aa) |
4,977 | 4,812 | ||||||
| Intrado Corp., Incremental Term B-1 Loan , (ICE LIBOR USD 3 Month + 3.50%), 4.50%, 10/10/2024 (aa) | 1,516 | 1,453 | ||||||
| Xplornet Communications, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 4.86%, 06/10/2027 (aa) | 2,149 | 2,148 | ||||||
| Zayo Group Holdings, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 03/09/2027 (aa) | 1,055 | 1,045 | ||||||
|
|
|
|||||||
| 13,493 | ||||||||
|
|
|
|||||||
| Total Communications | 24,619 | |||||||
|
|
|
|||||||
| Consumer Cyclical — 0.6% | ||||||||
| Airlines — 0.1% | ||||||||
| AAdvantage Loyality IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 4.75%), 5.50%, 04/20/2028 (u) (aa) | 2,438 | 2,495 | ||||||
| SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 3.75%), 4.75%, 10/20/2027 (aa) | 490 | 514 | ||||||
|
|
|
|||||||
| 3,009 | ||||||||
|
|
|
|||||||
| Auto Manufacturers — 0.0% (g) | ||||||||
| Ford Motor Co., Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.87%, 12/31/2022 (u) (aa) | 850 | 825 | ||||||
|
|
|
|||||||
| Entertainment — 0.0% (g) | ||||||||
| Flutter Entertainment plc, USD Term Loan, (Ireland), (ICE LIBOR USD 3 Month + 3.50%), 3.70%, 07/10/2025 (aa) | 173 | 173 | ||||||
|
|
|
|||||||
| Leisure Time — 0.1% | ||||||||
| Hayward Industries, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 3.55%, 08/05/2024 (u) (aa) | 1,677 | 1,673 | ||||||
| Life Time, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/16/2024 (u) (aa) | 1,047 | 1,045 | ||||||
|
|
|
|||||||
| 2,718 | ||||||||
|
|
|
|||||||
| Lodging — 0.1% | ||||||||
| Caesars Resort Collection LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.50%), 4.61%, 07/21/2025 (aa) | 1,265 | 1,267 | ||||||
| Diamond Resorts International, Inc., 2018 Refinancing Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.55%, 09/02/2023 (u) (aa) | 718 | 718 | ||||||
| Golden Nugget, Inc., Initial B Term Loan, (ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/04/2023 (aa) | 912 | 897 | ||||||
|
|
|
|||||||
| 2,882 | ||||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Loan Assignments — continued |
||||||||
| Retail — 0.3% | ||||||||
| Foundation Building Materials, Inc., Sailor Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 3.75%, 01/31/2028 (aa) | 68 | 67 | ||||||
| Foundation Building Materials, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.75%, 01/31/2028 (aa) | 118 | 117 | ||||||
| IRB Holding Corp., Fourth Amendment Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/2027 (u) (aa) | 1,865 | 1,856 | ||||||
| LBM Acquisition LLC, Initial Delayed Draw Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027 (u) (aa) | 10 | 10 | ||||||
| LBM Acquisition LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 12/17/2027 (aa) | 45 | 45 | ||||||
| PetSmart LLC, Initial Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 02/11/2028 (u) (aa) | 3,192 | 3,185 | ||||||
| SRS Distribution, Inc., First Amendment Incremental Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 4.36%, 05/23/2025 (aa) | 258 | 257 | ||||||
| SRS Distribution, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.11%, 05/23/2025 (u) (aa) | 1,378 | 1,358 | ||||||
| White Cap Buyer LLC, Initial Closing Date Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.50%, 10/19/2027 (u) (aa) | 2,912 | 2,905 | ||||||
|
|
|
|||||||
| 9,800 | ||||||||
|
|
|
|||||||
| Total Consumer Cyclical | 19,407 | |||||||
|
|
|
|||||||
| Consumer Non-cyclical — 0.4% | ||||||||
| Commercial Services — 0.2% | ||||||||
| Parexel International Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 09/27/2024 (aa) |
369 | 364 | ||||||
| Sabre GLBL, Inc., 2020 Other Term B Loan, (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/17/2027 (aa) |
100 | 101 | ||||||
| Sotheby’s, Initial Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 4.96%, 01/15/2027 (aa) |
192 | 193 | ||||||
| Verscend Holding Corp., Term B Loan Retired 04/01/2021, (ICE LIBOR USD 3 Month + 0.00%), 4.70%, 08/27/2025 (u) (aa) | 4,987 | 4,982 | ||||||
|
|
|
|||||||
| 5,640 | ||||||||
|
|
|
|||||||
| Food — 0.0% (g) | ||||||||
| US Foods, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.86%, 06/27/2023 (aa) |
997 | 983 | ||||||
|
|
|
|||||||
| Healthcare—Products — 0.0% (g) | ||||||||
| Ortho-Clinical Diagnostics, Inc., Second Amendment New Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 06/30/2025 (aa) | 845 | 844 | ||||||
|
|
|
|||||||
| Healthcare—Services — 0.1% | ||||||||
| Envision Healthcare Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 10/10/2025 (u) (aa) | 2,130 | 1,833 | ||||||
| LifePoint Health, Inc., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 11/16/2025 (aa) | 592 | 590 | ||||||
| WCG Purchaser Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 5.00%, 01/08/2027 (aa) | 293 | 292 | ||||||
|
|
|
|||||||
| 2,715 | ||||||||
|
|
|
|||||||
| Pharmaceuticals — 0.1% | ||||||||
| Change Healthcare Holdings LLC, Closing Date Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 3.50%, 03/01/2024 (aa) | 1,084 | 1,083 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Loan Assignments — continued |
||||||||
| Pharmaceuticals — continued |
||||||||
| Endo Luxembourg Finance Co. I S.a r.l., 2021 Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 5.00%), 5.00%, 03/27/2028 (u) (aa) | 2,401 | 2,373 | ||||||
| NVA Holdings, Inc., Term A-5 Loan, (ICE LIBOR USD 1 Month + 2.50%), 2.63%, 02/19/2025 (aa) | 731 | 709 | ||||||
|
|
|
|||||||
| 4,165 | ||||||||
|
|
|
|||||||
| Total Consumer Non-cyclical | 14,347 | |||||||
|
|
|
|||||||
| Energy — 0.2% | ||||||||
| Oil & Gas — 0.2% | ||||||||
| Ascent Resources Utica Holdings Llc / Aru Finance Corp., Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 10.00%, 11/01/2025 (u) (aa) | 5,059 | 5,590 | ||||||
| Hess Corp., Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 2.25%, 03/16/2023 (u) (aa) | 762 | 751 | ||||||
|
|
|
|||||||
| Total Energy | 6,341 | |||||||
|
|
|
|||||||
| Financial — 0.4% | ||||||||
| Insurance — 0.2% | ||||||||
| Alliant Holdings Intermediate LLC, Initial Term Loan (2018), (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 05/09/2025 (aa) | 597 | 590 | ||||||
| Asurion LLC, New B-3 Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 5.25%), 5.45%, 01/31/2028 (u) (aa) | 1,794 | 1,825 | ||||||
| Asurion LLC, Replacement B-6 Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.00%, 11/03/2023 (u) (aa) |
1,448 | 1,443 | ||||||
| Hub International Limited, B-3 Incremental Term Loan, (ICE LIBOR USD 6 Month + 3.25%), 4.00%, 04/25/2025 (u) (aa) | 742 | 741 | ||||||
| Sedgwick Claims Management Services, Inc., 2020 Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 09/03/2026 (u) (aa) | 591 | 592 | ||||||
| Sedgwick Claims Management Services, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 3.36%, 12/31/2025 (u) (aa) | 1,834 | 1,808 | ||||||
|
|
|
|||||||
| 6,999 | ||||||||
|
|
|
|||||||
| REITS — 0.2% | ||||||||
| Invitation Homes Operating Partnership LP, Term Loan A, (ICE LIBOR USD 1 Month + 1.55%), 1.65%, 01/31/2025 (u) (aa) | 3,302 | 3,244 | ||||||
| VICI Properties 1 LLC, Term B Loan, (ICE LIBOR USD 1 Month + 1.75%), 1.95%, 12/20/2024 (u) (aa) | 1,031 | 1,019 | ||||||
| Welltower, Inc., Loan, (ICE LIBOR USD 1 Month + 1.20%), 0.72%, 04/01/2022 (aa) (bb) (cc) |
1,978 | 1,978 | ||||||
|
|
|
|||||||
| 6,241 | ||||||||
|
|
|
|||||||
| Total Financial | 13,240 | |||||||
|
|
|
|||||||
| Industrial — 0.6% | ||||||||
| Aerospace/Defense — 0.1% | ||||||||
| Boeing Co., The, Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.25%), 1.43%, 02/07/2022 (aa) |
3,929 | 3,925 | ||||||
| Sequa Mezzanine Holdings L.L.C., Extended Term Loan (First Lien), (ICE LIBOR USD 3 Month + 6.75%), 7.75%, 11/28/2023 (aa) | 291 | 292 | ||||||
| Spirit Aerosystems, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 5.25%), 6.00%, 01/15/2025 (aa) |
311 | 312 | ||||||
|
|
|
|||||||
| 4,529 | ||||||||
|
|
|
|||||||
| Building Materials — 0.1% | ||||||||
| CP Atlas Buyer, Inc., Initial Tranche B-1 Term Loan Retired 02/04/2021, (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/23/2027 (u) (aa) | 523 | 519 | ||||||
| CP Atlas Buyer, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.25%, 11/23/2027 (aa) |
107 | 107 | ||||||
| CPG International LLC, New Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 3.25%, 05/05/2024 (aa) |
725 | 724 | ||||||
|
|
|
|||||||
| 1,350 | ||||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Loan Assignments — continued |
||||||||
| Engineering & Construction — 0.2% | ||||||||
| Brand Energy & Infrastructure Services, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 5.25%, 06/21/2024 (aa) | 5,642 | 5,548 | ||||||
|
|
|
|||||||
| Machinery—Construction & Mining — 0.0% (g) | ||||||||
| Vertiv Group Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 3.12%, 03/02/2027 (aa) |
451 | 447 | ||||||
|
|
|
|||||||
| Machinery—Diversified — 0.1% | ||||||||
| Titan Acquisition Limited, Initial Term Loan, (Canada), (ICE LIBOR USD 3 Month + 3.00%), 3.27%, 03/28/2025 (u) (aa) | 2,879 | 2,816 | ||||||
|
|
|
|||||||
| Miscellaneous Manufactur — 0.0% (g) | ||||||||
| Momentive Performance Materials, Inc., Initial Dollar Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 05/15/2024 (aa) | 509 | 500 | ||||||
|
|
|
|||||||
| Packaging & Containers — 0.1% | ||||||||
| BWay Holding Co., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 3.44%, 04/03/2024 (aa) |
1,286 | 1,257 | ||||||
| Owens-Illinois Group, Inc., Tranche A TLA, (ICE LIBOR USD 3 Month + 1.50%), 1.50%, 06/25/2024 (u) (aa) |
995 | 982 | ||||||
|
|
|
|||||||
| 2,239 | ||||||||
|
|
|
|||||||
| Shipbuilding — 0.0% (g) | ||||||||
| MHI Holdings LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 5.11%, 09/21/2026 (aa) |
542 | 543 | ||||||
|
|
|
|||||||
| Total Industrial | 17,972 | |||||||
|
|
|
|||||||
| Technology — 1.1% |
||||||||
| Computers — 0.2% |
||||||||
| McAfee LLC, Term B USD Loan, (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 09/30/2024 (aa) |
1,792 | 1,792 | ||||||
| Peraton Corp., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 02/01/2028 (u) (aa) |
1,913 | 1,911 | ||||||
| Peraton Corp., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 4.50%, 02/01/2028 (u) (aa) |
1,087 | 1,086 | ||||||
|
|
|
|||||||
| 4,789 | ||||||||
|
|
|
|||||||
| Software — 0.9% | ||||||||
| Azalea TopCo, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 3.71%, 07/24/2026 (u) (aa) | 721 | 714 | ||||||
| Boxer Parent Company, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 3.93%, 10/02/2025 (aa) | 1,564 | 1,556 | ||||||
| Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.00%, 10/30/2026 (u) (aa) | 2,514 | 2,511 | ||||||
| Castle US Holding Corp., Initial Dollar Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 3.95%, 01/29/2027 (aa) |
1,097 | 1,083 | ||||||
| Dun & Bradstreet Corp., The, Initial Term Borrowing, (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 02/06/2026 (aa) | 1,696 | 1,686 | ||||||
| Epicor Software Corp., Term C Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.00%, 07/30/2027 (u) (aa) |
2,441 | 2,432 | ||||||
| Greeneden U.S. Holdings I LLC, Initial Dollar Term Loan (2020), (ICE LIBOR USD 1 Month + 4.00%), 4.75%, 12/01/2027 (aa) | 1,873 | 1,871 | ||||||
| Helios Software Holdings, Inc., Initial Dollar Term Loan (2021), (ICE LIBOR USD 3 Month + 3.75%), 3.93%, 03/11/2028 (aa) | 491 | 487 | ||||||
| Informatica LLC, Dollar 2020 Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 02/25/2027 (u) (aa) |
1,670 | 1,656 | ||||||
| Informatica LLC, Initial Loan (Second Lien), 7.13%, 02/25/2025 | 558 | 570 | ||||||
| Misys Limited, Dollar Term Loan (Second Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 7.25%), 8.25%, 06/13/2025 (aa) | 1,000 | 1,004 | ||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Loan Assignments — continued |
||||||||
| Software — continued |
||||||||
| Mitchell International, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 11/29/2024 (aa) | 893 | 878 | ||||||
| Planview Parent, Inc., Closing Date Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 8.00%, 12/18/2028 (aa) | 180 | 179 | ||||||
| Project Alpha Intermediate Holding, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 4.15%, 04/26/2024 (u) (aa) | 278 | 277 | ||||||
| Rackspace Technology Global, Inc., 2021 Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 02/15/2028 (u) (aa) | 796 | 788 | ||||||
| RealPage, Inc., Term Loan, (ICE LIBOR USD 3 Month + 0.00%), 0.00%, 02/18/2028 (u) (aa) |
1,707 | 1,698 | ||||||
| Renaissance Holding Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 3.36%, 05/30/2025 (aa) | 421 | 410 | ||||||
| Solera LLC, Dollar Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 2.86%, 03/03/2023 (aa) | 295 | 294 | ||||||
| Sophia, L.P., Closing Date Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 4.50%, 10/07/2027 (aa) |
3,899 | 3,894 | ||||||
| TIBCO Software, Inc., Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 7.25%), 7.36%, 03/03/2028 (aa) |
455 | 459 | ||||||
| UKG, Inc., 2021 Incremental Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.25%), 4.00%, 05/04/2026 (u) (aa) | 445 | 445 | ||||||
| UKG, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 3.86%, 05/04/2026 (aa) |
794 | 793 | ||||||
| Veritas US, Inc., Initial Dollar Term B-2020 Loan Retired 03/26/2021, (ICE LIBOR USD 3 Month + 5.00%), 6.00%, 09/01/2025 (u) (aa) | 3,661 | 3,664 | ||||||
|
|
|
|||||||
| 29,349 | ||||||||
|
|
|
|||||||
| Total Technology | 34,138 | |||||||
|
|
|
|||||||
| Utilities — 0.1% | ||||||||
| Electric — 0.1% | ||||||||
| Heritage Power LLC, Term Loan, (ICE LIBOR USD 3 Month + 6.00%), 7.00%, 07/30/2026 (aa) |
1,492 | 1,427 | ||||||
|
|
|
|||||||
| Total Loan Assignments | ||||||||
| (Cost $141,295) | 140,821 | |||||||
|
|
|
|||||||
| Short-Term Investments — 4.6% | ||||||||
| Commercial Papers — 0.7% | ||||||||
| BAT International Finance PLC, (United Kingdom), 0.32%, 04/22/2021 (e) (n) | 2,000 | 1,999 | ||||||
| CommonSpirit Health, Series B, 0.80%, 04/14/2021 (n) | 4,267 | 4,267 | ||||||
| Conagra Brands, Inc., 0.32%, 04/08/2021 (e) (n) | 1,000 | 1,000 | ||||||
| Dollarama, Inc., (Canada), 0.23%, 04/06/2021 (e) (n) | 1,000 | 1,000 | ||||||
| Enel Finance America LLC, 0.45%, 02/04/2022 (e) (n) | 1,000 | 997 | ||||||
| General Motors Financial Co., Inc., | ||||||||
| 0.28%, 04/01/2021 (e) (n) | 1,555 | 1,555 | ||||||
| 0.40%, 04/12/2021 (e) (n) | 1,000 | 1,000 | ||||||
| Hawaiian Electric Industries, Inc., 0.45%, 04/07/2021 (e) (n) | 1,337 | 1,337 | ||||||
| Humana, Inc., 0.22%, 04/12/2021 (e) (n) | 1,000 | 1,000 | ||||||
| Jabil, Inc., 0.60%, 04/05/2021 (e) (n) | 8,682 | 8,681 | ||||||
|
|
|
|||||||
| Total Commercial Papers | 22,836 | |||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
| SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
| Short-Term Investments — continued | ||||||||
| Time Deposits — 3.9% |
||||||||
| Australia & New Zealand Banking Group Ltd., 0.00%, 04/01/2021 | 4,853 | 4,853 | ||||||
| Barclays SA, 0.00%, 04/01/2021 | 49,596 | 49,596 | ||||||
| BNP Paribas SA, | ||||||||
| (0.76%), 04/01/2021 | EUR | 179 | 210 | |||||
| 0.00%, 04/01/2021 | 28,914 | 28,914 | ||||||
| Brown Brothers Harriman, (1.85%), 04/01/2021 | CHF | — | (h) | 1 | ||||
| Citibank NA, 0.00%, 04/01/2021 | GBP | 18 | 25 | |||||
| Sumitomo Mitsui Banking Corp., 0.00%, 04/01/2021 | 38,879 | 38,879 | ||||||
|
|
|
|||||||
| Total Time Deposits | 122,478 | |||||||
|
|
|
|||||||
| Total Short-Term Investments | ||||||||
| (Cost $145,312) | 145,314 | |||||||
|
|
|
|||||||
| Total Investments — 101.3% (Cost - $3,240,671) * |
3,227,060 | |||||||
| Liabilities in Excess of Other Assets — (1.3)% | (40,915 | ) | ||||||
|
|
|
|||||||
| NET ASSETS — 100.0% | $ | 3,186,145 | ||||||
|
|
|
|||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2021:
Exchange Traded
| DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||
|
|
|
|
|
|
|
|
||||||
| Long Contracts |
||||||||||||
| Euro Schatz |
2 | 06/2021 | EUR | 263 | — | (h) | ||||||
| U.S. Treasury Long Bond |
39 | 06/2021 | USD | 6,227 | (198 | ) | ||||||
| U.S. Treasury 2 Year Note |
1,034 | 06/2021 | USD | 228,360 | (128 | ) | ||||||
| U.S. Treasury 5 Year Note |
245 | 06/2021 | USD | 30,335 | (103 | ) | ||||||
|
|
|
|||||||||||
| (429 | ) | |||||||||||
|
|
|
|||||||||||
| Short Contracts |
||||||||||||
| Euro BOBL |
(3) | 06/2021 | EUR | (476) | 1 | |||||||
| U.S. Treasury Long Bond |
(41) | 06/2021 | USD | (6,533) | 195 | |||||||
| U.S. Treasury 10 Year Note |
(57) | 06/2021 | USD | (7,504) | 40 | |||||||
| U.S. Treasury 5 Year Note |
(583) | 06/2021 | USD | (72,716) | 775 | |||||||
| U.S. Treasury Ultra Bond |
(96) | 06/2021 | USD | (18,153) | 756 | |||||||
|
|
|
|||||||||||
| 1,767 | ||||||||||||
|
|
|
|||||||||||
| Total unrealized appreciation (depreciation) |
1,338 | |||||||||||
|
|
|
|||||||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Forward foreign currency exchange contracts outstanding as of March 31, 2021:
| CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
| USD |
218 | CHF |
202 | Morgan Stanley & Co. | 06/16/2021 | 4 | ||||||||||||
| USD |
116 | EUR |
98 | Bank of America, NA | 06/16/2021 | 1 | ||||||||||||
| USD |
23,823 | EUR |
19,993 | BNP Paribas | 06/16/2021 | 341 | ||||||||||||
| USD |
117 | EUR |
98 | Morgan Stanley & Co. | 06/16/2021 | 2 | ||||||||||||
| USD |
10 | EUR |
8 | Morgan Stanley & Co. | 06/16/2021 | — | (h) | |||||||||||
| USD |
104 | EUR |
87 | Morgan Stanley & Co. | 06/16/2021 | 1 | ||||||||||||
| USD |
122 | EUR |
103 | Morgan Stanley & Co. | 06/16/2021 | 1 | ||||||||||||
| USD |
200 | EUR |
170 | Morgan Stanley & Co. | 06/16/2021 | — | (h) | |||||||||||
| USD |
6,536 | GBP |
4,679 | Morgan Stanley & Co. | 06/16/2021 | 84 | ||||||||||||
| USD |
135 | GBP |
97 | Citibank, NA | 06/16/2021 | 1 | ||||||||||||
|
|
|
|||||||||||||||||
| Net unrealized appreciation (depreciation) |
435 | |||||||||||||||||
|
|
|
|||||||||||||||||
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Over the Counter (“OTC”) Credit default swap contracts outstanding — sell protection (1) as of March 31, 2021:
| REFERENCE |
FINANCING RATE RECEIVED BY THE FUND (%) |
PAYMENT FREQUENCY |
COUNTERPARTY | MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (2) |
NOTIONAL AMOUNT (3) |
UPFRONT PAYMENTS (RECEIPTS) ($) (4) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
|||||||||||||||||||||||||||
| Adler Real Estate AG, 1.50%, 12/06/2021 |
5.00 | Quarterly | |
Morgan Stanley |
|
12/20/2025 | 1.87 | EUR | 30 | 5 | — | (h) | 5 | |||||||||||||||||||||||
| International Game Technology plc, 4.75%, 02/15/2023 |
5.00 | Quarterly | |
Goldman Sachs |
|
12/20/2025 | 2.82 | EUR | 20 | 2 | — | (h) | 2 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| 7 | — | (h) | 7 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Centrally Cleared Credit default swap contracts outstanding — sell protection (1) as of March 31, 2021:
| REFERENCE |
FINANCING RATE RECEIVED BY THE FUND (%) |
PAYMENT FREQUENCY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (2) |
NOTIONAL AMOUNT (3) |
UPFRONT PAYMENTS (RECEIPTS) ($) (4) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
||||||||||||||||||||||||
| CDX.NA.HY.35-V1 |
5.00 | Quarterly | 12/20/2025 | 2.88 | USD | 37,525 | 3,018 | 450 | 3,468 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| 3,018 | 450 | 3,468 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (1) The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. |
| (2) Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. |
| (3) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. |
| (4) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Six Circles Credit Opportunities Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021
| CDX | — | Credit Default Swap Index | ||
| CLO | — | Collateralized Loan Obligations | ||
| CMT | — | Constant Maturity Treasury | ||
| EURIBOR | — | Euro Interbank Offered Rate | ||
| ICE | — | Intercontinental Exchange | ||
| IO | — | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. | ||
| LIBOR | — | London Interbank Offered Rate | ||
| OTC | — | Over-the-Counter | ||
| Reg. S | — | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | ||
| REIT | — | Real Estate Investment Trust | ||
| SOFR | — | Secured Overnight Financing Rate | ||
| SUB | — | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2021. | ||
| (d) | — | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. | ||
| (e) | — | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
| (g) | — | Amount rounds to less than 0.05%. | ||
| (h) | — | Amount rounds to less than 500 shares or principal/ $500. | ||
| (n) | — | The rate shown is the effective yield as of March 31, 2021. | ||
| (o) | — | Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms. | ||
| (u) | — | All or a portion of the security is unsettled as of March 31, 2021. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position. | ||
| (v) | — | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | ||
| (w) | — | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
| (x) | — | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2021. | ||
| (z) | — | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2021. |
Six Circles Credit Opportunities Fund
| (aa) | — | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2021. | ||
| (bb) | — | Security has been valued using significant unobservable inputs. | ||
| (cc) | — | Security is valued in good faith at fair value by or under the direction of the Board of Trustees. | ||
| * | — | The cost of securities is substantially the same for federal income tax purposes. | ||
| CHF | — | Swiss Franc | ||
| EUR | — | Euro | ||
| GBP | — | British Pound | ||
| USD | — | United States Dollar |
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited)
A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Board has appointed the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of J.P. Morgan Private Investments Inc. (the “Adviser”), to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.
A market-based approach is primarily used to value the Funds’ investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available, market quotations are determined not to be reliable, or whose value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s net asset value (“NAV”) is calculated, are valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equity securities listed on a North American, Central American, South American or Caribbean (“Americas”) securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the net assets values of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.
Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services.
The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.
Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows.
Shares of exchange-traded funds (“ETFs”) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.
Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
| • | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
| • | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| • | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Six Circles Ultra Short Duration Fund
| Level 1 Quoted prices |
Level
2 Other significant observable inputs |
Level
3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
||||||||||||||||
| Debt Securities |
||||||||||||||||
| Asset-Backed Securities |
$ | — | $ | 70,335 | $ | — | $ | 70,335 | ||||||||
| Certificates of Deposit |
||||||||||||||||
| Financial |
— | 7,905 | — | 7,905 | ||||||||||||
| Collateralized Mortgage Obligations |
— | 19,975 | — | 19,975 | ||||||||||||
| Commercial Mortgage-Backed Securities |
— | 22,832 | — | 22,832 | ||||||||||||
| Corporate Bonds |
||||||||||||||||
| Basic Materials |
— | 4,811 | — | 4,811 | ||||||||||||
| Communications |
— | 11,070 | — | 11,070 | ||||||||||||
| Consumer Cyclical |
— | 35,184 | — | 35,184 | ||||||||||||
| Consumer Non-cyclical |
— | 64,373 | — | 64,373 | ||||||||||||
| Diversified |
— | 938 | — | 938 | ||||||||||||
| Energy |
— | 8,935 | — | 8,935 | ||||||||||||
| Financial |
— | 130,328 | — | 130,328 | ||||||||||||
| Industrial |
— | 12,145 | — | 12,145 | ||||||||||||
| Technology |
— | 7,254 | — | 7,254 | ||||||||||||
| Utilities |
— | 12,913 | — | 12,913 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Corporate Bonds |
— | 287,951 | — | 287,951 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Foreign Government Securities |
— | 10,853 | — | 10,853 | ||||||||||||
| Municipal Bonds |
— | 3,530 | — | 3,530 | ||||||||||||
| U.S. Government Agency Securities |
— | 14,990 | — | 14,990 | ||||||||||||
| Short-Term Investments |
||||||||||||||||
| Banker’s Acceptance Bill |
— | 1,591 | — | 1,591 | ||||||||||||
| Certificates of Deposit |
— | 18,563 | — | 18,563 | ||||||||||||
| Commercial Papers |
— | 14,956 | — | 14,956 | ||||||||||||
| Corporate Bond |
— | 902 | — | 902 | ||||||||||||
| Foreign Government Securities |
— | 46,828 | — | 46,828 | ||||||||||||
| Time Deposits |
— | 6,656 | — | 6,656 | ||||||||||||
| U.S. Government Agency Securities |
— | 10,200 | — | 10,200 | ||||||||||||
| U.S. Treasury Obligation |
— | 81 | — | 81 | ||||||||||||
| Total Short-Term Investments |
— | 99,777 | — | 99,777 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | — | $ | 538,148 | $ | — | $ | 538,148 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Six Circles Ultra Short Duration Fund (continued)
| Appreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | 420 | $ | — | $ | — | $ | 420 | ||||||||
| Forward Foreign Currency Exchange contracts |
— | 3,270 | — | 3,270 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Appreciation in Other Financial Instruments |
$ | 420 | $ | 3,270 | $ | — | $ | 3,690 | ||||||||
| Depreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | (193) | $ | — | $ | — | $ | (193) | ||||||||
| Forward Foreign Currency Exchange contracts |
— | (361) | — | (361) | ||||||||||||
| Centrally Cleared Interest Rate Swap contracts |
— | (7) | — | (7) | ||||||||||||
| Centrally Cleared Credit Default Swap contracts |
— | (28) | — | (28) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Depreciation in Other Financial Instruments |
$ | (193) | $ | (396) | $ | — | $ | (589) | ||||||||
|
|
|
|
|
|
|
|
|
Six Circles Tax Aware Ultra Short Duration Fund
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
||||||||||||||||
| Debt Securities |
||||||||||||||||
| Asset-Backed Securities |
$ | — | $ | 23,703 | $ | — | $ | 23,703 | ||||||||
| Collateralized Mortgage Obligations |
— | 21,311 | — | 21,311 | ||||||||||||
| Commercial Mortgage-Backed Securities |
— | 7,513 | — | 7,513 | ||||||||||||
| Corporate Bonds |
||||||||||||||||
| Communications |
— | 2,408 | — | 2,408 | ||||||||||||
| Consumer Cyclical |
— | 6,634 | — | 6,634 | ||||||||||||
| Consumer Non-cyclical |
— | 15,305 | — | 15,305 | ||||||||||||
| Diversified |
— | 1,277 | — | 1,277 | ||||||||||||
| Energy |
— | 2,718 | — | 2,718 | ||||||||||||
| Financial |
— | 49,395 | — | 49,395 | ||||||||||||
| Industrial |
— | 2,377 | — | 2,377 | ||||||||||||
| Technology |
— | 418 | — | 418 | ||||||||||||
| Utilities |
— | 6,333 | — | 6,333 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Corporate Bonds |
— | 86,865 | — | 86,865 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Foreign Government Securities |
— | 8,270 | — | 8,270 | ||||||||||||
| Municipal Bonds |
— | 366,667 | — | 366,667 | ||||||||||||
| U.S. Government Agency Securities |
— | 11,472 | — | 11,472 | ||||||||||||
| Short-Term Investments |
||||||||||||||||
| Municipal Bonds |
— | 31,150 | — | 31,150 | ||||||||||||
| Time Deposits |
— | 7,252 | — | 7,252 | ||||||||||||
| U.S. Government Agency Security |
— | 12,500 | — | 12,500 | ||||||||||||
| U.S. Treasury Obligations |
— | 1,662 | — | 1,662 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Short-Term Investments |
— | 52,564 | — | 52,564 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | — | $ | 578,365 | $ | — | $ | 578,365 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Appreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | 472 | $ | — | $ | — | $ | 472 | ||||||||
| Forward Foreign Currency Exchange contracts |
— | 428 | — | 428 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Appreciation in Other Financial Instruments |
$ | 472 | $ | 428 | $ | — | $ | 900 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Depreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | (236) | $ | — | $ | — | $ | (236) | ||||||||
| Forward Foreign Currency Exchange contracts |
— | (344) | — | (344) | ||||||||||||
| Centrally Cleared Interest Rate Swap contracts |
— | (7) | — | (7) | ||||||||||||
| Centrally Cleared Credit Default Swap contracts |
— | (36) | — | (36) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Depreciation in Other Financial Instruments |
$ | (236) | $ | (387) | $ | — | $ | (623) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Six Circles U.S. Unconstrained Equity Fund
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
||||||||||||||||
| Common Stocks |
||||||||||||||||
| Basic Materials |
$ | 154,917 | $ | — | $ | — | $ | 154,917 | ||||||||
| Communications |
2,832,224 | — | — | 2,832,224 | ||||||||||||
| Consumer Cyclical |
661,059 | — | — | 661,059 | ||||||||||||
| Consumer Non-cyclical |
3,310,623 | — | — | 3,310,623 | ||||||||||||
| Energy |
203,064 | — | — | 203,064 | ||||||||||||
| Financial |
2,787,841 | — | — | 2,787,841 | ||||||||||||
| Industrial |
2,557,375 | — | — | 2,557,375 | ||||||||||||
| Technology |
3,516,398 | — | — | 3,516,398 | ||||||||||||
| Utilities |
219,768 | — | — | 219,768 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Common Stocks |
16,243,269 | — | — | 16,243,269 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Short-Term Investments |
||||||||||||||||
| Time Deposits |
— | 130,979 | — | 130,979 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | 16,243,269 | $ | 130,979 | $ | — | $ | 16,374,248 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Appreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | 1,061 | $ | — | $ | — | $ | 1,061 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Depreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | (134) | $ | — | $ | — | $ | (134) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Six Circles International Unconstrained Equity Fund
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
||||||||||||||||
| Common Stocks |
||||||||||||||||
| Argentina |
$ | 40 | $ | — | $ | — | $ | 40 | ||||||||
| Australia |
— | 31,019 | — | 31,019 | ||||||||||||
| Austria |
— | 12,842 | — | 12,842 | ||||||||||||
| Belgium |
— | 78,336 | — | 78,336 | ||||||||||||
| Brazil |
12,146 | — | — | 12,146 | ||||||||||||
| Chile |
232 | 6,202 | — | 6,434 | ||||||||||||
| China |
42,752 | 86,121 | 40 | 128,913 | ||||||||||||
| Colombia |
457 | — | — | 457 | ||||||||||||
| Cyprus |
— | 497 | — | 497 | ||||||||||||
| Czech Republic |
— | 470 | — | 470 | ||||||||||||
| Denmark |
— | 415,050 | — | 415,050 | ||||||||||||
| Egypt |
39 | 236 | — | 275 | ||||||||||||
| Finland |
— | 142,615 | — | 142,615 | ||||||||||||
| France |
2,076 | 1,087,028 | — | 1,089,104 | ||||||||||||
| Germany |
16,628 | 1,306,664 | — | 1,323,292 | ||||||||||||
| Greece |
— | 427 | — | 427 | ||||||||||||
| Hong Kong |
205 | 8,064 | 115 | 8,384 | ||||||||||||
| Hungary |
— | 737 | — | 737 | ||||||||||||
| India |
— | 34,633 | — | 34,633 | ||||||||||||
| Indonesia |
148 | 4,422 | — | 4,570 | ||||||||||||
| Ireland |
— | 95,020 | — | 95,020 | ||||||||||||
| Isle of Man |
— | 6,231 | — | 6,231 | ||||||||||||
| Italy |
— | 393,759 | — | 393,759 | ||||||||||||
| Jordan |
— | 11,173 | — | 11,173 | ||||||||||||
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Six Circles International Unconstrained Equity Fund (continued)
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Luxembourg |
$ | 175 | $ | 3,250 | $ | — | $ | 3,425 | ||||||||
| Malaysia |
341 | 4,718 | — | 5,059 | ||||||||||||
| Mexico |
6,390 | 1,121 | — | 7,511 | ||||||||||||
| Netherlands |
63,720 | 459,384 | — | 523,104 | ||||||||||||
| Norway |
— | 24,438 | — | 24,438 | ||||||||||||
| Pakistan |
— | 115 | — | 115 | ||||||||||||
| Peru |
889 | — | — | 889 | ||||||||||||
| Philippines |
41 | 2,266 | — | 2,307 | ||||||||||||
| Poland |
124 | 2,222 | — | 2,346 | ||||||||||||
| Portugal |
281 | 36,968 | — | 37,249 | ||||||||||||
| Qatar |
527 | 2,204 | — | 2,731 | ||||||||||||
| Romania |
169 | — | — | 169 | ||||||||||||
| Russia |
310 | 10,441 | — | 10,751 | ||||||||||||
| Saudi Arabia |
1,691 | 8,521 | — | 10,212 | ||||||||||||
| Singapore |
— | 88 | — | 88 | ||||||||||||
| South Africa |
431 | 13,066 | — | 13,497 | ||||||||||||
| South Korea |
59 | 289,184 | — | 289,243 | ||||||||||||
| Spain |
— | 328,001 | — | 328,001 | ||||||||||||
| Sweden |
— | 339,568 | — | 339,568 | ||||||||||||
| Switzerland |
— | 1,381,326 | — | 1,381,326 | ||||||||||||
| Taiwan |
515 | 49,727 | — | 50,242 | ||||||||||||
| Thailand |
184 | 6,684 | — | 6,868 | ||||||||||||
| Turkey |
247 | 705 | — | 952 | ||||||||||||
| United Arab Emirates |
540 | 1,820 | — | 2,360 | ||||||||||||
| United Kingdom |
5,280 | 1,987,845 | — | 1,993,125 | ||||||||||||
| Uruguay |
333 | — | — | 333 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Common Stocks |
156,970 | 8,675,208 | 155 | 8,832,333 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Preferred Stocks |
||||||||||||||||
| Brazil |
4,209 | — | — | 4,209 | ||||||||||||
| Chile |
— | 459 | — | 459 | ||||||||||||
| Colombia |
176 | — | — | 176 | ||||||||||||
| Germany |
— | 130,644 | — | 130,644 | ||||||||||||
| Russia |
— | 166 | — | 166 | ||||||||||||
| South Korea |
— | 34,496 | — | 34,496 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Preferred Stocks |
4,385 | 165,765 | — | 170,150 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Rights |
||||||||||||||||
| Chile |
3 | — | — | 3 | ||||||||||||
| Italy |
— | — | 5 | 5 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Rights |
3 | — | 5 | 8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Short-Term Investments |
||||||||||||||||
| Time Deposits |
— | 156,702 | — | 156,702 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | 161,358 | $ | 8,997,675 | $ | 160 | $ | 9,159,193 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Appreciation in Other Financial Instruments |
||||||||||||||||
| Future contract |
$ | 1,995 | $ | — | $ | — | $ | 1,995 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Depreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | (462) | $ | — | $ | — | $ | (462) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Six Circles Global Bond Fund
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
||||||||||||||||
| Debt Securities |
||||||||||||||||
| Asset-Backed Securities |
$ | — | $ | 73,437 | $ | — | $ | 73,437 | ||||||||
| Certificate of Deposit |
||||||||||||||||
| Financial |
— | 153 | — | 153 | ||||||||||||
| Collateralized Mortgage Obligations |
— | 103,053 | — | 103,053 | ||||||||||||
| Commercial Mortgage-Backed Securities |
— | 40,165 | — | 40,165 | ||||||||||||
| Corporate Bonds |
||||||||||||||||
| Basic Materials |
— | 46,593 | — | 46,593 | ||||||||||||
| Communications |
— | 87,283 | — | 87,283 | ||||||||||||
| Consumer Cyclical |
— | 94,708 | — | 94,708 | ||||||||||||
| Consumer Non-cyclical |
— | 188,809 | — | 188,809 | ||||||||||||
| Energy |
— | 68,860 | — | 68,860 | ||||||||||||
| Financial |
— | 471,775 | 2,057 | 473,832 | ||||||||||||
| Government |
— | 115,694 | — | 115,694 | ||||||||||||
| Industrial |
— | 81,702 | — | 81,702 | ||||||||||||
| Technology |
— | 41,523 | — | 41,523 | ||||||||||||
| Utilities |
— | 111,221 | — | 111,221 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Corporate Bonds |
— | 1,308,168 | 2,057 | 1,310,225 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Foreign Government Securities |
— | 3,266,832 | — | 3,266,832 | ||||||||||||
| Mortgage-Backed Securities |
— | 1,372,266 | — | 1,372,266 | ||||||||||||
| Municipal Bonds |
— | 2,515 | — | 2,515 | ||||||||||||
| U.S. Government Agency Securities |
— | 18,810 | — | 18,810 | ||||||||||||
| U.S. Treasury Obligations |
— | 535,126 | — | 535,126 | ||||||||||||
| Short-Term Investments |
||||||||||||||||
| Repurchase Agreement |
— | 25,500 | — | 25,500 | ||||||||||||
| Time Deposits |
— | 560,022 | — | 560,022 | ||||||||||||
| U.S. Government Agency Security |
— | 2,100 | — | 2,100 | ||||||||||||
| U.S. Treasury Obligations |
— | 16,812 | — | 16,812 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Short-Term Investments |
— | 604,434 | — | 604,434 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | — | $ | 7,324,959 | $ | 2,057 | $ | 7,327,016 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Debt Securities |
||||||||||||||||
| Foreign Government Security |
$ | — | $ | 1,853 | $ | — | $ | 1,853 | ||||||||
| Mortgage-Backed Securities |
— | 105,718 | — | 105,718 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Securities Sold Short |
$ | — | $ | 107,571 | $ | — | $ | 107,571 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Appreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | 3,001 | $ | — | $ | — | $ 3,001 | |||||||||
| Forward Foreign Currency Exchange contracts |
— | 135,970 | — | 135,970 | ||||||||||||
| Centrally Cleared Interest Rate Swap contracts |
— | 543 | — | 543 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Appreciation in Other Financial Instruments |
$ | 3,001 | $ | 136,513 | $ | — | $ | 139,514 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Depreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | (1,866) | $ | — | $ | — | $ | (1,866) | ||||||||
| Forward Foreign Currency Exchange contracts |
— | (8,124) | — | (8,124) | ||||||||||||
| OTC Interest Rate Swap contracts |
— | (73) | — | (73) | ||||||||||||
| Centrally Cleared Interest Rate Swap contracts |
— | (3,740) | — | (3,740) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Depreciation in Other Financial Instruments |
$ | (1,866) | $ | (11,937) | $ | — | $ | (13,803) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Six Circles Tax Aware Bond Fund
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
||||||||||||||||
| Debt Securities |
||||||||||||||||
| Municipal Bonds |
$ | — | $ | 5,035,539 | $ | — | $ | 5,035,539 | ||||||||
| Short-Term Investments |
||||||||||||||||
| Municipal Bonds |
— | 139,286 | — | 139,286 | ||||||||||||
| Time Deposits |
— | 198,639 | — | 198,639 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Short-Term Investments |
— | 337,925 | — | 337,925 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | — | $ | 5,373,464 | $ | — | $5,373,464 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Appreciation in Other Financial Instruments |
||||||||||||||||
| Future contract |
$ | 146 | $ | — | $ | — | $ | 146 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Depreciation in Other Financial Instruments |
||||||||||||||||
| Futures contract |
$ | (986) | $ | — | $ | — | $ | (986) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Six Circles Credit Opportunities Fund
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Investments in Securities |
||||||||||||||||
| Debt Securities |
||||||||||||||||
| Asset-Backed Securities |
$ | — | $ | 159,510 | $ | 7,800 | $ | 167,310 | ||||||||
| Collateralized Mortgage Obligations |
— | 7,227 | — | 7,227 | ||||||||||||
| Commercial Mortgage-Backed Securities |
— | 91,364 | — | 91,364 | ||||||||||||
| Convertible Bonds |
||||||||||||||||
| Basic Materials |
— | 193 | — | 193 | ||||||||||||
| Communications |
— | 14,946 | — | 14,946 | ||||||||||||
| Consumer Cyclical |
— | 3,802 | — | 3,802 | ||||||||||||
| Consumer Non-cyclical |
— | 2,316 | — | 2,316 | ||||||||||||
| Energy |
— | 9,188 | — | 9,188 | ||||||||||||
| Financial |
— | 14,812 | — | 14,812 | ||||||||||||
| Industrial |
— | 451 | — | 451 | ||||||||||||
| Technology |
— | 4,935 | — | 4,935 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Convertible Bonds |
— | 50,643 | — | 50,643 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Corporate Bonds |
||||||||||||||||
| Basic Materials |
— | 110,954 | — | 110,954 | ||||||||||||
| Communications |
— | 408,141 | — | 408,141 | ||||||||||||
| Consumer Cyclical |
— | 467,358 | — | 467,358 | ||||||||||||
| Consumer Non-cyclical |
— | 393,591 | 132 | 393,723 | ||||||||||||
| Diversified |
— | 555 | — | 555 | ||||||||||||
| Energy |
— | 337,588 | 1,928 | 339,516 | ||||||||||||
| Financial |
— | 309,316 | 1,900 | 311,216 | ||||||||||||
| Industrial |
— | 248,313 | — | 248,313 | ||||||||||||
| Technology |
— | 124,348 | — | 124,348 | ||||||||||||
| Utilities |
— | 91,278 | — | 91,278 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Corporate Bonds |
— | 2,491,442 | 3,960 | 2,495,402 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Foreign Government Securities |
— | 2,758 | — | 2,758 | ||||||||||||
| U.S. Treasury Obligations |
— | 126,221 | — | 126,221 | ||||||||||||
| Loan Assignments |
||||||||||||||||
| Basic Materials |
— | 9,330 | — | 9,330 | ||||||||||||
| Communications |
— | 24,619 | — | 24,619 | ||||||||||||
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Six Circles Credit Opportunities Fund (continued)
| Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
| Consumer Cyclical |
$ | — | $ | 19,407 | $ | — | $ | 19,407 | ||||||||
| Consumer Non-cyclical |
— | 14,347 | — | 14,347 | ||||||||||||
| Energy |
— | 6,341 | — | 6,341 | ||||||||||||
| Financial |
— | 11,262 | 1,978 | 13,240 | ||||||||||||
| Industrial |
— | 17,972 | — | 17,972 | ||||||||||||
| Technology |
— | 34,138 | — | 34,138 | ||||||||||||
| Utilities |
— | 1,427 | — | 1,427 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Loan Assignments |
— | 138,843 | 1,978 | 140,821 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Short-Term Investments |
||||||||||||||||
| Commercial Papers |
— | 22,836 | — | 22,836 | ||||||||||||
| Time Deposits |
— | 122,478 | — | 122,478 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Short-Term Investments |
— | 145,314 | — | 145,314 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities |
$ | — | $ | 3,213,322 | $ | 13,738 | $ | 3,227,060 | ||||||||
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| Appreciation in Other Financial Instruments |
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| Futures contracts |
$ | 1,767 | $ | — | $ | — | $ | 1,767 | ||||||||
| Forward Foreign Currency Exchange contracts |
— | 435 | — | 435 | ||||||||||||
| OTC Credit default swap contracts |
— | — | (h) | — | — | (h) | ||||||||||
| Centrally Cleared Credit default swap contracts |
— | 450 | — | 450 | ||||||||||||
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| Total Appreciation in Other Financial Instruments |
$ | 1,767 | $ | 885 | $ | — | $ | 2,652 | ||||||||
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| Depreciation in Other Financial Instruments |
||||||||||||||||
| Futures contracts |
$ | (429 | ) | $ | — | $ | — | $ | (429 | ) | ||||||
| OTC Credit default swap contracts |
— | — | (h) | — | — | (h) | ||||||||||
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| Total Depreciation in Other Financial Instruments |
$ | (429 | ) | $ | — | (h) | $ | — | $ | (429 | ) | |||||
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B. Loan Assignments — The Six Circles Credit Opportunities Fund invests in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the “Agent”) for a group of loan investors (“Loan Investors”). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, each 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, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.
Certain loan assignments are also subject to the risks associated with high yield securities.
Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities, if any. As of March 31, 2021, The Six Circles Credit Opportunities Fund had the following unfunded loan commitments (amounts in thousands):
| Unfunded Commitment |
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| Security Description |
Term | Maturity Date | Commitment Fee Rate |
Rate if Funded |
Par | Value | ||||||||||||||||||
| U.S. Concrete, Inc. |
Initial Term Loan | 05/01/2025 | 1.375 | % | 1.38 | % | 1,500 | 1,485 | ||||||||||||||||
C. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.
The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.
Notes C(1) — C(3) below describe the various derivatives used by the Funds.
(1) Futures Contracts — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Global Bond Fund used interest rate futures to manage interest rate risks associated with portfolio investments. 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 fixed income index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs. The Six Circles U.S. Unconstrained Equity Fund and Six Circles International Unconstrained Equity Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as changes in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.
The use of futures contracts may expose the Funds to interest rate risk 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 Funds to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent the liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2) Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund’s SOI.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (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.
(3) 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 engaged in various swap transactions, including interest swaps and credit default swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Fund’s SOI.
Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability at the beginning of the measurement period.
Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.
The Funds may be required to post or receive collateral in the form of cash or securities based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.
The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
The The Six Circles Ultra Short Duration, Six Circles Tax Aware Ultra Short Duration and Six Circles Credit Opportunities Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements.
The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2021 (Unaudited) (continued)
Interest Rate Swaps
The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Global Bond Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.
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 standalone 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.