Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 18.9% |
||||||||
American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027 | 1,200 | 1,171 | ||||||
Americredit Automobile Receivables Trust, Series 2023-1, Class A2B, (United States 30 Day Average SOFR + 0.73%), 5.29%, 10/19/2026 (aa) | 1,400 | 1,397 | ||||||
Anchorage Capital CLO Ltd., (Cayman Islands), | ||||||||
Series 2014-3RA, Class A, (ICE LIBOR USD 3 Month + 1.05%), 5.85%, 01/28/2031 (e) (aa) | 1,224 | 1,208 | ||||||
Series 2015-7A, Class AR2, (ICE LIBOR USD 3 Month + 1.09%), 5.89%, 01/28/2031 (e) (aa) | 1,575 | 1,549 | ||||||
Atlas Senior Loan Fund III Ltd., (Cayman Islands), Series 2013-1A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 5.71%, 11/17/2027 (e) (aa) | 146 | 145 | ||||||
Autoflorence Srl, (Italy), | ||||||||
Series 2, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 3.60%, 12/24/2044 (aa) | EUR | 653 | 706 | |||||
Series 2, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 3.65%, 12/24/2044 (aa) | EUR | 135 | 142 | |||||
Autonoria Spain 2022 FT, (Spain), | ||||||||
Series 2022-SP, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.84%), 3.74%, 01/25/2040 (aa) | EUR | 800 | 868 | |||||
Series 2022-SP, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 2.00%), 4.90%, 01/26/2040 (aa) | EUR | 100 | 108 | |||||
BA Credit Card Trust, | ||||||||
Series 2021-A1, Class A1, 0.44%, 09/15/2026 | 2,180 | 2,080 | ||||||
Series 2022-A2, Class A2, 5.00%, 04/15/2028 | 1,485 | 1,502 | ||||||
Barings CLO Ltd., (Cayman Islands), Series 2019-3A, Class A1R, (ICE LIBOR USD 3 Month + 1.07%), 5.88%, 04/20/2031 (e) (aa) | 250 | 247 | ||||||
Battalion CLO Ltd., (Cayman Islands), Series 2020-18A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 5.99%, 10/15/2036 (e) (aa) | 1,000 | 974 | ||||||
Bavarian Sky 5 plc, (United Kingdom), Series UK5, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.62%), 4.80%, 04/20/2031 (w) (aa) | GBP | 1,215 | 1,499 | |||||
Benefit Street Partners CLO Ltd., (Cayman Islands), Series 2015-6BR, Class A, (ICE LIBOR USD 3 Month + 1.19%), 6.00%, 07/20/2034 (e) (aa) | 1,000 | 977 | ||||||
Benefit Street Partners CLO VIII Ltd., (Cayman Islands), Series 2015-8A, Class A1AR, (ICE LIBOR USD 3 Month + 1.10%), 5.91%, 01/20/2031 (e) (aa) | 1,000 | 985 | ||||||
BHG Securitization Trust, Series 2022-B, Class A, 3.75%, 06/18/2035 (e) | 83 | 82 | ||||||
Birch Grove CLO Ltd., (Cayman Islands), Series 19A, Class AR, (ICE LIBOR USD 3 Month + 1.13%), 6.00%, 06/15/2031 (e) (aa) | 2,000 | 1,959 | ||||||
BMW Canada Auto Trust, (Canada), Series 2022-1A, Class A1, 3.65%, 12/20/2024 (e) | CAD | 473 | 348 | |||||
BMW Vehicle Lease Trust, Series 2023-1, Class A2, 5.27%, 02/25/2025 | 500 | 500 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 6.00%, 12/15/2038 (e) (aa) | 360 | 351 | ||||||
Bumper De SA, (Luxembourg), Series 2023-DE1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.58%), 3.40%, 08/23/2032 (aa) | EUR | 600 | 651 | |||||
Burnham Park CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 5.96%, 10/20/2029 (e) (aa) | 394 | 390 | ||||||
Capital One Multi-Asset Execution Trust, | ||||||||
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.58%), 5.26%, 07/15/2027 (aa) | 900 | 900 | ||||||
Series 2022-A2, Class A, 3.49%, 05/15/2027 | 500 | 488 | ||||||
CarMax Auto Owner Trust, | ||||||||
Series 2021-2, Class A3, 0.52%, 02/17/2026 | 858 | 828 | ||||||
Series 2022-2, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 05/15/2025 (aa) | 574 | 575 | ||||||
Series 2022-4, Class A2A, 5.34%, 12/15/2025 | 700 | 699 | ||||||
Series 2022-4, Class A2B, (United States 30 Day Average SOFR + 0.90%), 5.46%, 12/15/2025 (aa) | 1,000 | 1,001 | ||||||
Chesapeake Funding II LLC, Series 2020-1A, Class A2, (ICE LIBOR USD 1 Month + 0.65%), 5.33%, 08/15/2032 (e) (aa) | 338 | 338 | ||||||
CIFC Funding Ltd., (Cayman Islands), Series 2014-5A, Class A1R2, (ICE LIBOR USD 3 Month + 1.20%), 5.99%, 10/17/2031 (e) (aa) | 1,000 | 989 | ||||||
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 6.20%, 10/25/2037 (e) (aa) | 82 | 82 | ||||||
Citibank Credit Card Issuance Trust, | ||||||||
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.62%), 5.37%, 04/22/2026 (aa) | 900 | 901 | ||||||
Series 2018-A5, Class A5, (ICE LIBOR USD 1 Month + 0.61%), 5.32%, 08/07/2027 (aa) | 900 | 900 | ||||||
Dell Equipment Finance Trust, Series 2021-2, Class A3, 0.53%, 12/22/2026 (e) | 500 | 485 | ||||||
Discover Card Execution Note Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.60%), 5.28%, 12/15/2026 (aa) | 900 | 900 | ||||||
Dowson plc, (United Kingdom), | ||||||||
Series 2021-2, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.68%), 4.78%, 10/20/2028 (aa) | GBP | 164 | 203 | |||||
Series 2021-2, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.20%), 5.30%, 10/20/2028 (aa) | GBP | 200 | 246 | |||||
Series 2022-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.92%), 5.02%, 01/20/2029 (aa) | GBP | 222 | 274 | |||||
Series 2022-2, Class B, Reg. S, (SONIA Interest Rate Benchmark + 2.70%), 6.80%, 08/20/2029 (aa) | GBP | 500 | 621 | |||||
Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 5.74%, 07/18/2030 (e) (aa) | 1,458 | 1,436 | ||||||
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) | 795 | 692 | ||||||
FCT Autonoria, (France), | ||||||||
Series 2023-DE, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.47%), 3.04%, 01/26/2043 (aa) | EUR | 1,200 | 1,297 | |||||
Series 2023-DE, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 1.15%), 3.72%, 01/26/2043 (aa) | EUR | 300 | 325 | |||||
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e) | 790 | 716 | ||||||
Ford Auto Securitization Trust, (Canada), Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e) | CAD | 876 | 633 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Asset-Backed Securities continued |
||||||||
Ford Credit Auto Lease Trust, Series 2022-A, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 10/15/2024 (aa) | 437 | 437 | ||||||
Ford Credit Auto Owner Trust, | ||||||||
Series 2019-B, Class A4, 2.24%, 10/15/2024 | 107 | 107 | ||||||
Series 2022-B, Class A2A, 3.44%, 02/15/2025 | 1,868 | 1,855 | ||||||
Series 2022-D, Class A3, 5.27%, 05/17/2027 | 110 | 111 | ||||||
Series 2023-A, Class A2B, (United States 30 Day Average SOFR + 0.72%), 5.32%, 03/15/2026 (aa) | 2,086 | 2,089 | ||||||
Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class A1, 0.70%, 09/15/2025 | 1,400 | 1,370 | ||||||
FS Rialto Issuer LLC, | ||||||||
Series 2022-FL4, Class A, (United States 30 Day Average SOFR + 1.90%), 6.46%, 01/19/2039 (e) (aa) | 583 | 575 | ||||||
Series 2022-FL6, Class A, (CME Term SOFR 1 Month + 2.58%), 7.27%, 08/17/2037 (e) (aa) | 640 | 642 | ||||||
Gilbert Park CLO Ltd., (Cayman Islands), Series 2017-1A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 5.98%, 10/15/2030 (e) (aa) | 1,650 | 1,631 | ||||||
GM Financial Automobile Leasing Trust, | ||||||||
Series 2022-2, Class A2, 2.93%, 10/21/2024 | 1,427 | 1,412 | ||||||
Series 2022-3, Class A2A, 4.01%, 10/21/2024 | 832 | 827 | ||||||
Series 2023-1, Class A2A, 5.27%, 06/20/2025 | 1,000 | 999 | ||||||
GM Financial Consumer Automobile Receivables Trust, | ||||||||
Series 2019-3, Class A4, 2.21%, 11/18/2024 | 103 | 103 | ||||||
Series 2020-1, Class A3, 1.84%, 09/16/2024 | 70 | 70 | ||||||
Series 2022-3, Class A2A, 3.50%, 09/16/2025 | 3,684 | 3,646 | ||||||
Series 2022-3, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 09/16/2025 (aa) | 1,472 | 1,471 | ||||||
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 03/25/2025 (e) | 100 | 98 | ||||||
Honda Auto Receivables Owner Trust, Series 2022-2, Class A2, 3.81%, 03/18/2025 | 3,110 | 3,086 | ||||||
Hyundai Auto Lease Securitization Trust, | ||||||||
Series 2021-C, Class A3, 0.38%, 09/16/2024 (e) | 1,700 | 1,667 | ||||||
Series 2023-A, Class A2A, 5.20%, 04/15/2025 (e) | 900 | 899 | ||||||
Hyundai Auto Receivables Trust, | ||||||||
Series 2022-A, Class A2B, (United States 30 Day Average SOFR + 0.63%), 5.19%, 02/18/2025 (e) (aa) | 1,990 | 1,991 | ||||||
Series 2022-B, Class A2A, 3.64%, 05/15/2025 | 900 | 892 | ||||||
ICG US CLO Ltd., (Cayman Islands), Series 2015-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.14%), 5.94%, 10/19/2028 (e) (aa) | 624 | 619 | ||||||
John Deere Owner Trust, Series 2022-B, Class A2, 3.73%, 06/16/2025 | 801 | 794 | ||||||
Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.80%), 3.36%, 02/26/2035 (aa) | EUR | 481 | 521 | |||||
KREF Ltd., (Cayman Islands), Series 2022-FL3, Class A, (CME Term SOFR 1 Month + 1.45%), 6.21%, 02/17/2039 (e) (aa) | 1,310 | 1,287 | ||||||
Madison Park Funding XLI Ltd., (Cayman Islands), Series 12A, Class AR, (ICE LIBOR USD 3 Month + 0.83%), 5.65%, 04/22/2027 (e) (aa) | 589 | 585 | ||||||
Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.95%, 10/15/2032 (e) (aa) | 250 | 245 | ||||||
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e) | 600 | 598 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e) | 1,500 | 1,423 | ||||||
Navient Private Education Loan Trust, | ||||||||
Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 12/16/2058 (e) (aa) | 134 | 134 | ||||||
Series 2018-BX, Class A2B, Reg. S, (ICE LIBOR USD 1 Month + 0.72%), 5.40%, 12/15/2059 (aa) | 556 | 549 | ||||||
Series 2020-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 11/15/2068 (e) (aa) | 715 | 700 | ||||||
Navient Private Education Refi Loan Trust, | ||||||||
Series 2019-D, Class A2B, (ICE LIBOR USD 1 Month + 1.05%), 5.73%, 12/15/2059 (e) (aa) | 334 | 327 | ||||||
Series 2019-GA, Class A, 2.40%, 10/15/2068 (e) | 171 | 159 | ||||||
Series 2021-DA, Class A, (Prime Rate1.99%), 5.76%, 04/15/2060 (e) (aa) | 427 | 392 | ||||||
Navient Student Loan Trust, Series 2019-BA, Class A2B, (ICE LIBOR USD 1 Month + 0.98%), 5.66%, 12/15/2059 (e) (aa) | 246 | 242 | ||||||
Nelnet Student Loan Trust, | ||||||||
Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 5.75%, 06/27/2067 (e) (aa) | 773 | 760 | ||||||
Series 2021-CA, Class AFL, (ICE LIBOR USD 1 Month + 0.74%), 5.50%, 04/20/2062 (e) (aa) | 996 | 972 | ||||||
Neuberger Berman Loan Advisers CLO 26 Ltd., (Cayman Islands), Series 2017-26A, Class AR, (ICE LIBOR USD 3 Month + 0.92%), 5.71%, 10/18/2030 (e) (aa) | 1,900 | 1,873 | ||||||
Nissan Auto Lease Trust, Series 2022-A, Class A2A, 3.45%, 08/15/2024 | 2,941 | 2,924 | ||||||
OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 6.16%, 03/14/2029 (e) (aa) | 835 | 833 | ||||||
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e) | 172 | 169 | ||||||
Oscar US Funding XIII LLC, (Japan), Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e) | 134 | 133 | ||||||
Palmer Square CLO Ltd., (Cayman Islands), Series 2013-2A, Class A1A3, (ICE LIBOR USD 3 Month + 1.00%), 5.79%, 10/17/2031 (e) (aa) | 250 | 246 | ||||||
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 5.64%, 07/25/2035 (aa) | 526 | 517 | ||||||
Pawnee Equipment Receivables LLC, | ||||||||
Series 2021-1, Class A2, 1.10%, 07/15/2027 (e) | 638 | 613 | ||||||
Series 2022-1, Class A2, 4.84%, 02/15/2028 (e) | 816 | 811 | ||||||
PCL Funding VI plc, (United Kingdom), Series 2022-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 5.47%, 07/15/2026 (aa) | GBP | 723 | 879 | |||||
PRET LLC, | ||||||||
Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e) | 680 | 628 | ||||||
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e) | 438 | 412 | ||||||
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e) | 243 | 227 | ||||||
Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (ICE LIBOR USD 1 Month + 1.25%), 6.10%, 07/25/2051 (e) (aa) | 95 | 92 | ||||||
Red & Black Auto Germany UG, (Germany), Series 8, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.75%), 3.40%, 09/15/2030 (aa) | EUR | 187 | 201 | |||||
Red & Black Auto Italy Srl, (Italy), Series 1, Class A, Reg. S, (ICE LIBOR EUR 1 Month + 0.70%), 3.63%, 12/28/2031 (aa) | EUR | 915 | 991 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Rockford Tower CLO Ltd., (Cayman Islands), Series 2017-3A, Class A, (ICE LIBOR USD 3 Month + 1.19%), 6.00%, 10/20/2030 (e) (aa) | 250 | 247 | ||||||
RR 3 Ltd., (Cayman Islands), Series 2018-3A, Class A1R2, (ICE LIBOR USD 3 Month + 1.09%), 5.88%, 01/15/2030 (e) (aa) | 1,000 | 991 | ||||||
Santander Drive Auto Receivables Trust, | ||||||||
Series 2022-2, Class A2, 2.12%, 10/15/2026 | 4 | 4 | ||||||
Series 2022-4, Class A2, 4.05%, 07/15/2025 | 371 | 370 | ||||||
SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (ICE LIBOR EUR 1 Month + 1.75%), 4.38%, 11/14/2034 (aa) | EUR | 245 | 264 | |||||
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 5.42%, 10/25/2029 (e) (aa) | 622 | 616 | ||||||
SMB Private Education Loan Trust, | ||||||||
Series 2016-B, Class A2B, (ICE LIBOR USD 1 Month + 1.45%), 6.13%, 02/17/2032 (e) (aa) | 466 | 465 | ||||||
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e) | 322 | 310 | ||||||
Series 2017-A, Class A2B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 09/15/2034 (e) (aa) | 1,085 | 1,075 | ||||||
Series 2020-A, Class A2B, (ICE LIBOR USD 1 Month + 0.83%), 5.51%, 09/15/2037 (e) (aa) | 557 | 541 | ||||||
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 427 | 381 | ||||||
Series 2021-A, Class A2A1, (ICE LIBOR USD 1 Month + 0.73%), 5.41%, 01/15/2053 (e) (aa) | 1,871 | 1,812 | ||||||
Series 2021-D, Class A1B, (ICE LIBOR USD 1 Month + 0.60%), 5.28%, 03/17/2053 (e) (aa) | 213 | 205 | ||||||
Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 6.01%, 02/16/2055 (e) (aa) | 963 | 947 | ||||||
Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 6.36%, 10/15/2058 (e) (aa) | 1,880 | 1,887 | ||||||
Symphony CLO XXIV Ltd., (Cayman Islands), Series 2020-24A, Class A, (ICE LIBOR USD 3 Month + 1.20%), 6.02%, 01/23/2032 (e) (aa) | 700 | 690 | ||||||
TAGUS - Sociedade de Titularizacao de Creditos SA / Viriato Finance No. 1, (Portugal), Series 1, Class B, Reg. S, (ICE LIBOR EUR 1 Month + 0.95%), 3.88%, 10/28/2040 (aa) | EUR | 420 | 448 | |||||
TCI-Symphony CLO Ltd., (Cayman Islands), Series 2016-1A, Class AR2, (ICE LIBOR USD 3 Month + 1.02%), 5.84%, 10/13/2032 (e) (aa) | 265 | 260 | ||||||
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 5.46%, 11/20/2061 (e) (aa) | 186 | 182 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e) | 1,500 | 1,392 | ||||||
Toyota Auto Receivables Owner Trust, | ||||||||
Series 2022-C, Class A2A, 3.83%, 08/15/2025 | 1,481 | 1,467 | ||||||
Series 2022-C, Class A2B, (United States 30 Day Average SOFR + 0.57%), 5.13%, 08/15/2025 (aa) | 1,974 | 1,974 | ||||||
Venture XVIII CLO Ltd., (Cayman Islands), Series 2014-18A, Class AR, (ICE LIBOR USD 3 Month + 1.22%), 6.01%, 10/15/2029 (e) (aa) | 1,879 | 1,861 | ||||||
Verizon Owner Trust, Series 2020-A, Class A1B, (ICE LIBOR USD 1 Month + 0.27%), 5.03%, 07/22/2024 (aa) | 16 | 16 | ||||||
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02%, 10/21/2024 | 2,305 | 2,278 | ||||||
Voya CLO Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 5.94%, 10/15/2031 (e) (aa) | 1,150 | 1,133 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
VOYA CLO, (Cayman Islands), Series 2017-2A, Class A1R, (ICE LIBOR USD 3 Month + 0.98%), 5.77%, 06/07/2030 (e) (aa) | 242 | 239 | ||||||
Westlake Automobile Receivables Trust, Series 2021-3A, Class A3, 0.95%, 06/16/2025 (e) | 1,460 | 1,432 | ||||||
Wind River CLO Ltd., (Cayman Islands), Series 2013-1A, Class A1RR, (ICE LIBOR USD 3 Month + 0.98%), 5.79%, 07/20/2030 (e) (aa) | 209 | 207 | ||||||
World Omni Auto Receivables Trust, Series 2023-A, Class A2A, 5.18%, 07/15/2026 | 700 | 701 | ||||||
|
|
|||||||
Total Asset-Backed Securities (Cost $109,186) |
107,597 | |||||||
|
|
|||||||
Certificate of Deposit 0.2% |
||||||||
Financial 0.2% |
||||||||
Banks 0.2% |
||||||||
Standard Chartered Bank, (United Kingdom), (United States SOFR + 0.42%), 5.24%, 07/28/2023 (aa) (Cost $1,300) |
1,300 | 1,300 | ||||||
|
|
|||||||
Collateralized Mortgage Obligations 3.4% |
||||||||
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 5.57%, 11/16/2066 (e) (aa) | 27 | 27 | ||||||
Canterbury Finance No. 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 5.43%, 05/16/2056 (aa) | GBP | 185 | 228 | |||||
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 4.99%, 08/20/2045 (aa) | GBP | 438 | 535 | |||||
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z) | 309 | 286 | ||||||
Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 3.22%, 10/28/2059 (aa) | EUR | 807 | 866 | |||||
Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 4.72%, 06/25/2074 (aa) | GBP | 309 | 382 | |||||
Finsbury Square plc, (United Kingdom), Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 5.46%, 06/16/2070 (e) (aa) | GBP | 193 | 238 | |||||
FNMA REMICS, | ||||||||
Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 3.79%, 05/25/2050 (aa) | 1,503 | 1,506 | ||||||
Series 2022-8, Class D, 2.00%, 08/25/2038 | 1,425 | 1,299 | ||||||
Friary No. 7 plc, (United Kingdom), Series 7, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.67%), 4.58%, 10/21/2070 (aa) | GBP | 239 | 295 | |||||
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) | 541 | 526 | ||||||
GNMA, | ||||||||
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 5.22%, 12/20/2064 (aa) | 1,130 | 1,113 | ||||||
Series 2017-121, Class PE, 3.00%, 07/20/2046 | 159 | 153 | ||||||
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 4.92%, 08/20/2065 (aa) | 1,133 | 1,126 | ||||||
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 5.08%, 05/20/2044 (aa) | 362 | 346 | ||||||
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 6.06%, 06/20/2071 (aa) | 1,382 | 1,418 | ||||||
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 928 | 831 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Collateralized Mortgage Obligations continued |
||||||||
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.91%, 01/20/2072 (aa) | 684 | 661 | ||||||
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa) | 508 | 508 | ||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) | 317 | 288 | ||||||
Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 0.00%, 10/15/2072 | GBP | 666 | 826 | |||||
Hops Hill No. 1 plc, (United Kingdom), Series 1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.95%), 5.11%, 05/27/2054 (aa) | GBP | 404 | 498 | |||||
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e) | 1,211 | 1,114 | ||||||
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) | 363 | 318 | ||||||
New Residential Mortgage Loan Trust, | ||||||||
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) | 113 | 105 | ||||||
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) | 300 | 275 | ||||||
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) | 557 | 499 | ||||||
Resimac Bastille Trust Series, (Australia), Series 2021-2NCA, Class A1A, (ICE LIBOR USD 1 Month + 0.65%), 5.32%, 02/03/2053 (e) (aa) | 267 | 266 | ||||||
Silverstone Master Issuer plc, (United Kingdom), | ||||||||
Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 4.97%, 01/21/2070 (e) (aa) | 700 | 697 | ||||||
Series 2022-1X, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.29%), 4.20%, 01/21/2070 (aa) | GBP | 550 | 673 | |||||
Starwood Mortgage Residential Trust, | ||||||||
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) | 199 | 186 | ||||||
Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z) | 126 | 111 | ||||||
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) | 275 | 245 | ||||||
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.79%, 07/20/2060 (e) (aa) | GBP | 137 | 168 | |||||
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 1.35%), 5.24%, 07/20/2045 (e) (aa) | GBP | 559 | 685 | |||||
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 5.85%, 05/25/2058 (e) (aa) | 292 | 288 | ||||||
|
|
|||||||
Total Collateralized Mortgage Obligations (Cost $20,435) |
19,586 | |||||||
|
|
|||||||
Commercial Mortgage-Backed Securities 4.4% |
||||||||
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (ICE LIBOR USD 1 Month + 0.88%), 5.60%, 09/15/2034 (e) (aa) | 500 | 485 | ||||||
AREIT Trust, Series 2019-CRE3, Class A, (CME Term SOFR 1 Month + 1.38%), 6.04%, 09/14/2036 (e) (aa) | 21 | 20 | ||||||
AREIT Trust, (Cayman Islands), Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 5.79%, 11/17/2038 (e) (aa) | 499 | 485 | ||||||
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.69%, 06/15/2035 (e) (aa) | 500 | 484 | ||||||
BAMLL Commercial Mortgage Securities Trust, | ||||||||
Series 2018-DSNY, Class A, (ICE LIBOR USD 1 Month + 0.85%), 5.54%, 09/15/2034 (e) (aa) | 853 | 834 | ||||||
Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 5.73%, 04/15/2036 (e) (aa) | 400 | 393 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Commercial Mortgage-Backed Securities continued |
||||||||
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.83%, 08/19/2038 (e) (aa) | 700 | 700 | ||||||
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.93%, 09/15/2036 (e) (aa) | 500 | 486 | ||||||
CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 5.82%, 02/15/2039 (e) (aa) | 530 | 486 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 | 729 | 701 | ||||||
Citigroup Commercial Mortgage Trust, | ||||||||
Series 2013-GC15, Class A4, 4.37%, 09/10/2046 (z) | 1,000 | 992 | ||||||
Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 5.86%, 10/15/2036 (e) (aa) | 900 | 862 | ||||||
COMM Mortgage Trust, | ||||||||
Series 2013-CR8, Class A5, 3.61%, 06/10/2046 (z) | 91 | 90 | ||||||
Series 2013-CR11, Class A4, 4.26%, 08/10/2050 | 750 | 743 | ||||||
Series 2014-UBS2, Class ASB, 3.47%, 03/10/2047 | 346 | 342 | ||||||
Series 2014-UBS3, Class A4, 3.82%, 06/10/2047 | 1,600 | 1,557 | ||||||
Series 2015-LC19, Class ASB, 3.04%, 02/10/2048 | 196 | 191 | ||||||
CSMC, Series 2021-BHAR, Class A, (ICE LIBOR USD 1 Month + 1.15%), 5.84%, 11/15/2038 (e) (aa) | 974 | 931 | ||||||
DBGS Mortgage Trust, Series 2018-BIOD, Class A, (ICE LIBOR USD 1 Month + 0.80%), 5.49%, 05/15/2035 (e) (aa) | 1,188 | 1,167 | ||||||
GS Mortgage Securities Trust, Series 2013-GC16, Class A4, 4.27%, 11/10/2046 | 1,000 | 988 | ||||||
ILPT Commercial Mortgage Trust, Series 2022-LPF2, Class A, (CME Term SOFR 1 Month + 2.25%), 7.07%, 10/15/2039 (e) (aa) | 480 | 479 | ||||||
INTOWN Mortgage Trust, Series 2022-STAY, Class A, (CME Term SOFR 1 Month + 2.49%), 7.32%, 08/15/2039 (e) (aa) | 1,250 | 1,240 | ||||||
Life Mortgage Trust, Series 2021-BMR, Class A, (CME Term SOFR 1 Month + 0.81%), 5.64%, 03/15/2038 (e) (aa) | 295 | 286 | ||||||
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.90%, 12/15/2034 (e) (aa) | 1,130 | 1,067 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046 | 28 | 28 | ||||||
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.68%, 05/15/2036 (e) (aa) | 700 | 673 | ||||||
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 6.22%, 03/15/2039 (e) (aa) | 1,100 | 1,084 | ||||||
Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.65%, 03/15/2035 (e) (aa) | 782 | 756 | ||||||
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 5.33%, 11/17/2030 (e) (aa) | GBP | 800 | 953 | |||||
SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.38%, 10/15/2038 (e) (aa) | 900 | 863 | ||||||
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (CME Term SOFR 1 Month + 2.19%), 7.01%, 05/15/2037 (e) (aa) | 415 | 399 | ||||||
Taurus UK DAC, (Ireland), Series 2019-UK2, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.32%), 5.40%, 11/17/2029 (aa) | GBP | 951 | 1,152 | |||||
Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (ICE LIBOR EUR 3 Month + 1.30%), 4.00%, 02/27/2033 (aa) | EUR | 1,000 | 1,032 | |||||
Wells Fargo Commercial Mortgage Trust, | ||||||||
Series 2015-NXS2, Class A2, 3.02%, 07/15/2058 | 146 | 141 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Commercial Mortgage-Backed Securities continued |
||||||||
Series 2017-HSDB, Class A, (ICE LIBOR USD 1 Month + 1.10%), 5.91%, 12/13/2031 (e) (aa) | 1,000 | 991 | ||||||
WFRBS Commercial Mortgage Trust, Series 2013-C18, Class A5, 4.16%, 12/15/2046 (z) | 1,250 | 1,228 | ||||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities (Cost $26,428) |
25,309 | |||||||
|
|
|||||||
Corporate Bonds 52.2% |
||||||||
Basic Materials 0.3% |
||||||||
Chemicals 0.3% |
||||||||
DuPont de Nemours, Inc., (ICE LIBOR USD 3 Month + 1.11%), 5.97%, 11/15/2023 (aa) | 1,500 | 1,505 | ||||||
|
|
|||||||
Communications 4.8% |
||||||||
Internet 0.1% |
||||||||
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023 | 400 | 398 | ||||||
|
|
|||||||
Media 1.1% |
||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, | ||||||||
4.50%, 02/01/2024 | 2,000 | 1,980 | ||||||
(ICE LIBOR USD 3 Month + 1.65%), 6.46%, 02/01/2024 (aa) | 4,000 | 4,015 | ||||||
|
|
|||||||
5,995 | ||||||||
|
|
|||||||
Telecommunications 3.6% |
||||||||
AT&T, Inc., | ||||||||
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.94%, 09/19/2023 (aa) | AUD | 720 | 482 | |||||
(SOFR Compounded Index + 0.64%), 5.49%, 03/25/2024 (aa) | 3,750 | 3,745 | ||||||
(ICE LIBOR USD 3 Month + 1.18%), 6.33%, 06/12/2024 (aa) | 5,300 | 5,322 | ||||||
British Telecommunications plc, (United Kingdom), 4.50%, 12/04/2023 | 400 | 397 | ||||||
NTT Finance Corp., (Japan), 4.14%, 07/26/2024 (e) | 370 | 367 | ||||||
Rogers Communications, Inc., (Canada), 2.95%, 03/15/2025 (e) | 3,750 | 3,610 | ||||||
SES SA, (Luxembourg), 3.60%, 04/04/2023 (e) | 1,300 | 1,300 | ||||||
SK Telecom Co. Ltd., (South Korea), Reg. S, 3.75%, 04/16/2023 | 400 | 400 | ||||||
Verizon Communications, Inc., | ||||||||
(SOFR Compounded Index + 0.50%), 5.34%, 03/22/2024 (aa) | 5,000 | 4,991 | ||||||
(ICE LIBOR USD 3 Month + 1.10%), 5.96%, 05/15/2025 (aa) | 200 | 200 | ||||||
|
|
|||||||
20,814 | ||||||||
|
|
|||||||
Total Communications | 27,207 | |||||||
|
|
|||||||
Consumer Cyclical 5.7% |
||||||||
Auto Manufacturers 5.2% |
||||||||
American Honda Finance Corp., | ||||||||
0.55%, 07/12/2024 | 1,070 | 1,014 | ||||||
0.88%, 07/07/2023 | 1,000 | 989 | ||||||
BMW US Capital LLC, | ||||||||
(SOFR Compounded Index + 0.38%), 5.10%, 08/12/2024 (e) (aa) | 2,130 | 2,113 | ||||||
(SOFR Compounded Index + 0.84%), 5.69%, 04/01/2025 (e) (aa) | 1,100 | 1,093 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Auto Manufacturers continued |
||||||||
Daimler Truck Finance North America LLC, 5.20%, 01/17/2025 (e) | 2,000 | 2,002 | ||||||
General Motors Financial Co., Inc., | ||||||||
1.05%, 03/08/2024 | 2,059 | 1,969 | ||||||
3.50%, 11/07/2024 | 1,000 | 974 | ||||||
3.70%, 05/09/2023 | 1,200 | 1,198 | ||||||
(United States SOFR + 0.76%), 5.56%, 03/08/2024 (aa) | 1,000 | 993 | ||||||
Hyundai Capital America, | ||||||||
0.80%, 04/03/2023 (e) | 2,790 | 2,790 | ||||||
1.00%, 09/17/2024 (e) | 2,425 | 2,272 | ||||||
Reg. S, 4.13%, 06/08/2023 | 300 | 299 | ||||||
Mercedes-Benz Finance North America LLC, 0.75%, 03/01/2024 (e) | 2,100 | 2,016 | ||||||
Stellantis NV, (Netherlands), 5.25%, 04/15/2023 | 3,700 | 3,699 | ||||||
Toyota Motor Credit Corp., (SOFR Compounded Index + 0.65%), 5.50%, 12/29/2023 (aa) | 2,100 | 2,097 | ||||||
Volkswagen Financial Services Australia Pty Ltd., (Australia), Reg. S, 3.10%, 04/17/2023 | AUD | 700 | 468 | |||||
Volkswagen Group of America Finance LLC, | ||||||||
0.88%, 11/22/2023 (e) | 1,800 | 1,750 | ||||||
4.25%, 11/13/2023 (e) | 2,090 | 2,075 | ||||||
|
|
|||||||
29,811 | ||||||||
|
|
|||||||
Home Builders 0.1% |
||||||||
Lennar Corp., 4.50%, 04/30/2024 | 500 | 494 | ||||||
|
|
|||||||
Retail 0.4% |
||||||||
7-Eleven, Inc., 0.80%, 02/10/2024 (e) | 2,174 | 2,081 | ||||||
|
|
|||||||
Total Consumer Cyclical | 32,386 | |||||||
|
|
|||||||
Consumer Non-cyclical 6.9% |
||||||||
Beverages 0.1% |
||||||||
JDE Peets NV, (Netherlands), 0.80%, 09/24/2024 (e) | 400 | 373 | ||||||
|
|
|||||||
Biotechnology 1.2% |
||||||||
Amgen, Inc., 5.25%, 03/02/2025 | 1,935 | 1,953 | ||||||
Gilead Sciences, Inc., | ||||||||
0.75%, 09/29/2023 | 2,625 | 2,568 | ||||||
3.70%, 04/01/2024 | 2,600 | 2,570 | ||||||
|
|
|||||||
7,091 | ||||||||
|
|
|||||||
Commercial Services 0.1% |
||||||||
Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 5.71%, 12/16/2024 (aa) | AUD | 700 | 473 | |||||
|
|
|||||||
Food 0.9% |
||||||||
General Mills, Inc., | ||||||||
3.65%, 02/15/2024 | 2,345 | 2,315 | ||||||
(ICE LIBOR USD 3 Month + 1.01%), 5.84%, 10/17/2023 (aa) | 1,797 | 1,804 | ||||||
J M Smucker Co. (The), 3.50%, 03/15/2025 | 1,000 | 974 | ||||||
|
|
|||||||
5,093 | ||||||||
|
|
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 0.8% |
||||||||
Baxter International, Inc., 0.87%, 12/01/2023 | 1,000 | 973 | ||||||
Stryker Corp., 0.60%, 12/01/2023 | 1,330 | 1,290 | ||||||
Thermo Fisher Scientific, Inc., | ||||||||
1.22%, 10/18/2024 | 850 | 806 | ||||||
(SOFR Compounded Index + 0.53%), 5.12%, 10/18/2024 (aa) | 1,285 | 1,277 | ||||||
|
|
|||||||
4,346 | ||||||||
|
|
|||||||
Healthcare - Services 0.8% |
||||||||
HCA, Inc., 5.00%, 03/15/2024 | 1,800 | 1,790 | ||||||
Humana, Inc., 0.65%, 08/03/2023 | 3,040 | 2,997 | ||||||
|
|
|||||||
4,787 | ||||||||
|
|
|||||||
Pharmaceuticals 3.0% |
||||||||
AbbVie, Inc., 2.60%, 11/21/2024 | 6,000 | 5,788 | ||||||
Bayer US Finance II LLC, | ||||||||
3.88%, 12/15/2023 (e) | 5,195 | 5,138 | ||||||
(ICE LIBOR USD 3 Month + 1.01%), 5.88%, 12/15/2023 (e) (aa) | 2,700 | 2,697 | ||||||
Cigna Group (The), 3.00%, 07/15/2023 | 2,000 | 1,985 | ||||||
CVS Health Corp., 4.00%, 12/05/2023 | 600 | 596 | ||||||
Shire Acquisitions Investments Ireland DAC, (Ireland), 2.88%, 09/23/2023 | 796 | 786 | ||||||
Takeda Pharmaceutical Co. Ltd., (Japan), 4.40%, 11/26/2023 | 200 | 199 | ||||||
|
|
|||||||
17,189 | ||||||||
|
|
|||||||
Total Consumer Non-cyclical | 39,352 | |||||||
|
|
|||||||
Energy 1.2% |
||||||||
Oil & Gas 0.7% |
||||||||
Eni SpA, (Italy), Series X-R, 4.00%, 09/12/2023 (e) | 1,200 | 1,190 | ||||||
Phillips 66, 0.90%, 02/15/2024 | 1,800 | 1,741 | ||||||
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026 | 1,000 | 958 | ||||||
|
|
|||||||
3,889 | ||||||||
|
|
|||||||
Pipelines 0.5% |
||||||||
Enbridge, Inc., (Canada), | ||||||||
0.55%, 10/04/2023 | 220 | 214 | ||||||
2.15%, 02/16/2024 | 720 | 699 | ||||||
4.00%, 10/01/2023 | 1,750 | 1,739 | ||||||
Kinder Morgan, Inc., 5.63%, 11/15/2023 (e) | 500 | 500 | ||||||
|
|
|||||||
3,152 | ||||||||
|
|
|||||||
Total Energy | 7,041 | |||||||
|
|
|||||||
Financial 20.8% |
||||||||
Banks 17.6% |
||||||||
Aozora Bank Ltd., (Japan), Reg. S, 1.05%, 09/09/2024 | 1,000 | 936 | ||||||
Banco Bilbao Vizcaya Argentaria SA, (Spain), 0.88%, 09/18/2023 | 1,800 | 1,759 | ||||||
Banco Santander SA, (Spain), | ||||||||
(CMT Index 1 Year + 0.45%), 0.70%, 06/30/2024 (aa) | 400 | 394 | ||||||
3.85%, 04/12/2023 | 3,400 | 3,399 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
Bank of America Corp., | ||||||||
(United States SOFR + 1.46%), 1.49%, 05/19/2024 (aa) | 600 | 597 | ||||||
(United States SOFR + 0.67%), 1.84%, 02/04/2025 (aa) | 1,490 | 1,445 | ||||||
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa) | 1,000 | 994 | ||||||
(United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa) | 2,000 | 1,973 | ||||||
Bank of Montreal, (Canada), Series H, 4.25%, 09/14/2024 | 2,000 | 1,975 | ||||||
Bank of Nova Scotia (The), (Canada), Series FRN, (SOFR Compounded Index + 0.45%), 5.03%, 04/15/2024 (aa) | 500 | 497 | ||||||
Barclays plc, (United Kingdom), | ||||||||
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 5.46%, 06/15/2023 (aa) | AUD | 1,000 | 669 | |||||
(ICE LIBOR USD 3 Month + 1.38%), 6.25%, 05/16/2024 (aa) | 4,400 | 4,384 | ||||||
BNP Paribas SA, (France), | ||||||||
3.80%, 01/10/2024 (e) | 600 | 589 | ||||||
Reg. S, 3.80%, 01/10/2024 | 200 | 197 | ||||||
(ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa) | 800 | 790 | ||||||
BPCE SA, (France), 4.00%, 04/15/2024 | 700 | 684 | ||||||
Canadian Imperial Bank of Commerce, (Canada), | ||||||||
0.45%, 06/22/2023 | 2,200 | 2,176 | ||||||
1.60%, 06/09/2023 | AUD | 1,200 | 798 | |||||
Citigroup, Inc., | ||||||||
(United States SOFR + 1.67%), 1.68%, 05/15/2024 (aa) | 6,480 | 6,453 | ||||||
(BBSW ASX Australian 3 Month + 1.72%), 5.10%, 10/27/2023 (aa) | AUD | 1,000 | 671 | |||||
(United States SOFR + 1.37%), 6.13%, 05/24/2025 (aa) | 2,000 | 2,001 | ||||||
Credit Suisse AG, (Switzerland), | ||||||||
0.52%, 08/09/2023 | 1,100 | 1,069 | ||||||
1.00%, 05/05/2023 | 900 | 891 | ||||||
(BBSW ASX Australian 3 Month + 1.15%), 4.70%, 05/26/2023 (aa) | AUD | 2,500 | 1,665 | |||||
Danske Bank A/S, (Denmark), | ||||||||
Reg. S, 5.38%, 01/12/2024 | 1,200 | 1,189 | ||||||
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 6.21%, 09/12/2023 (aa) | 500 | 500 | ||||||
DNB Bank ASA, (Norway), (SOFR Compounded Index + 0.83%), 5.68%, 03/28/2025 (e) (aa) | 1,295 | 1,288 | ||||||
Federation des Caisses Desjardins du Quebec, (Canada), | ||||||||
0.70%, 05/21/2024 (e) | 1,000 | 949 | ||||||
2.05%, 02/10/2025 (e) | 500 | 470 | ||||||
(United States SOFR + 0.43%), 5.18%, 05/21/2024 (e) (aa) | 1,900 | 1,885 | ||||||
First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 4.57%, 02/18/2025 (aa) | AUD | 700 | 465 | |||||
Goldman Sachs Group, Inc. (The), | ||||||||
(United States SOFR + 0.50%), 5.30%, 09/10/2024 (aa) | 2,500 | 2,488 | ||||||
(United States SOFR + 1.39%), 6.21%, 03/15/2024 (aa) | 800 | 802 | ||||||
HSBC Holdings plc, (United Kingdom), | ||||||||
3.60%, 05/25/2023 | 1,500 | 1,492 | ||||||
(United States SOFR + 0.58%), 5.32%, 11/22/2024 (aa) | 620 | 607 | ||||||
(ICE LIBOR USD 3 Month + 1.00%), 5.92%, 05/18/2024 (aa) | 3,500 | 3,473 | ||||||
(ICE LIBOR USD 3 Month + 1.23%), 6.38%, 03/11/2025 (aa) | 1,000 | 1,000 | ||||||
HSBC USA, Inc., 5.63%, 03/17/2025 | 1,500 | 1,504 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
KeyBank NA, (SOFR Compounded Index + 0.32%), 0.43%, 06/14/2024 (aa) | 375 | 363 | ||||||
Lloyds Banking Group plc, (United Kingdom), 4.05%, 08/16/2023 | 1,400 | 1,390 | ||||||
Mitsubishi UFJ Financial Group, Inc., (Japan), | ||||||||
(ICE LIBOR USD 3 Month + 0.86%), 5.68%, 07/26/2023 (aa) | 2,300 | 2,299 | ||||||
(United States SOFR + 1.65%), 6.24%, 07/18/2025 (aa) | 1,300 | 1,300 | ||||||
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 5.59%, 05/25/2024 (aa) | 5,000 | 4,976 | ||||||
Morgan Stanley, | ||||||||
(United States SOFR + 0.56%), 1.16%, 10/21/2025 (aa) | 1,400 | 1,307 | ||||||
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/2024 (aa) | 2,500 | 2,495 | ||||||
(United States SOFR + 0.46%), 5.11%, 01/25/2024 (aa) | 7,200 | 7,178 | ||||||
(ICE LIBOR USD 3 Month + 1.22%), 6.06%, 05/08/2024 (aa) | 400 | 400 | ||||||
NatWest Group plc, (United Kingdom), | ||||||||
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa) | 800 | 796 | ||||||
(ICE LIBOR USD 3 Month + 1.55%), 6.68%, 06/25/2024 (aa) | 1,750 | 1,748 | ||||||
NatWest Markets plc, (United Kingdom), 3.48%, 03/22/2025 (e) | 825 | 788 | ||||||
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 5.89%, 08/30/2023 (e) (aa) | 200 | 200 | ||||||
Oversea-Chinese Banking Corp. Ltd., (Singapore), | ||||||||
(BBSW ASX Australian 3 Month + 0.26%), 3.76%, 08/12/2024 (aa) | AUD | 1,000 | 665 | |||||
(BBSW ASX Australian 3 Month + 0.35%), 4.04%, 03/18/2024 (f) (aa) | AUD | 1,000 | 667 | |||||
Royal Bank of Canada, (Canada), 5.66%, 10/25/2024 | 980 | 988 | ||||||
Societe Generale SA, (France), | ||||||||
2.63%, 01/22/2025 (e) | 800 | 749 | ||||||
3.88%, 03/28/2024 (e) | 700 | 683 | ||||||
4.25%, 09/14/2023 (e) | 300 | 296 | ||||||
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa) | 1,600 | 1,567 | ||||||
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.60%, 10/16/2024 (aa) | AUD | 2,300 | 1,534 | |||||
Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e) | 200 | 188 | ||||||
Toronto-Dominion Bank (The), (Canada), | ||||||||
4.29%, 09/13/2024 | 2,000 | 1,976 | ||||||
(United States SOFR + 0.45%), 5.30%, 09/28/2023 (aa) | 1,700 | 1,699 | ||||||
UBS AG, (Switzerland), | ||||||||
Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 4.25%, 07/30/2025 (aa) | AUD | 2,100 | 1,396 | |||||
(United States SOFR + 0.36%), 5.07%, 02/09/2024 (e) (aa) | 1,000 | 995 | ||||||
(United States SOFR + 0.45%), 5.16%, 08/09/2024 (e) (aa) | 1,615 | 1,604 | ||||||
Wells Fargo & Co., | ||||||||
(United States SOFR + 1.60%), 1.65%, 06/02/2024 (aa) | 3,000 | 2,981 | ||||||
2.51%, 10/27/2023 (f) | CAD | 2,500 | 1,820 | |||||
|
|
|||||||
100,166 | ||||||||
|
|
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 3.0% |
||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023 | 1,100 | 1,089 | ||||||
Aircastle Ltd., (Bermuda), 5.00%, 04/01/2023 | 500 | 500 | ||||||
American Express Co., | ||||||||
3.38%, 05/03/2024 | 970 | 951 | ||||||
3.40%, 02/22/2024 | 2,000 | 1,969 | ||||||
(United States SOFR + 0.93%), 5.72%, 03/04/2025 (aa) | 1,120 | 1,113 | ||||||
Aviation Capital Group LLC, 3.88%, 05/01/2023 (e) | 3,000 | 2,988 | ||||||
Capital One Financial Corp., 2.60%, 05/11/2023 | 3,500 | 3,486 | ||||||
Mitsubishi HC Capital, Inc., (Japan), 3.96%, 09/19/2023 (e) | 550 | 546 | ||||||
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025 | 1,900 | 1,738 | ||||||
ORIX Corp., (Japan), 3.25%, 12/04/2024 | 400 | 386 | ||||||
Synchrony Financial, 4.38%, 03/19/2024 | 2,750 | 2,647 | ||||||
|
|
|||||||
17,413 | ||||||||
|
|
|||||||
Insurance 0.1% | ||||||||
Marsh & McLennan Cos., Inc., 3.88%, 03/15/2024 | 713 | 703 | ||||||
|
|
|||||||
Savings & Loans 0.1% | ||||||||
Nationwide Building Society, (United Kingdom), 0.55%, 01/22/2024 (e) | 400 | 385 | ||||||
|
|
|||||||
Total Financial | 118,667 | |||||||
|
|
|||||||
Industrial 4.1% | ||||||||
Aerospace/Defense 0.7% | ||||||||
Boeing Co. (The), | ||||||||
1.43%, 02/04/2024 | 1,200 | 1,159 | ||||||
4.51%, 05/01/2023 | 1,000 | 1,000 | ||||||
Northrop Grumman Corp., 2.93%, 01/15/2025 | 2,000 | 1,936 | ||||||
|
|
|||||||
4,095 | ||||||||
|
|
|||||||
Building Materials 0.1% | ||||||||
Martin Marietta Materials, Inc., 0.65%, 07/15/2023 | 695 | 685 | ||||||
|
|
|||||||
Machinery - Construction & Mining 0.4% | ||||||||
Caterpillar Financial Services Corp., (United States SOFR + 0.45%), 5.17%, 11/13/2023 (aa) | 835 | 835 | ||||||
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023 | 1,200 | 1,177 | ||||||
|
|
|||||||
2,012 | ||||||||
|
|
|||||||
Machinery - Diversified 0.8% | ||||||||
CNH Industrial Capital LLC, 1.95%, 07/02/2023 | 700 | 693 | ||||||
CNH Industrial NV, (Netherlands), 4.50%, 08/15/2023 | 1,000 | 995 | ||||||
John Deere Capital Corp., 5.15%, 03/03/2025 | 2,600 | 2,631 | ||||||
Rockwell Automation, Inc., 0.35%, 08/15/2023 | 480 | 472 | ||||||
|
|
|||||||
4,791 | ||||||||
|
|
|||||||
Miscellaneous Manufacturers 0.9% | ||||||||
Parker-Hannifin Corp., 3.65%, 06/15/2024 | 5,100 | 5,017 | ||||||
|
|
|||||||
Transportation 0.7% | ||||||||
Canadian Pacific Railway Co., (Canada), 1.35%, 12/02/2024 | 2,140 | 2,016 | ||||||
Ryder System, Inc., 3.88%, 12/01/2023 | 2,000 | 1,973 | ||||||
|
|
|||||||
3,989 | ||||||||
|
|
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Trucking & Leasing 0.5% | ||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp., 3.90%, 02/01/2024 (e) | 2,000 | 1,969 | ||||||
SMBC Aviation Capital Finance DAC, (Ireland), Reg. S, 4.13%, 07/15/2023 | 1,000 | 993 | ||||||
|
|
|||||||
2,962 | ||||||||
|
|
|||||||
Total Industrial | 23,551 | |||||||
|
|
|||||||
Technology 5.2% | ||||||||
Computers 0.1% | ||||||||
Dell International LLC / EMC Corp., 5.45%, 06/15/2023 | 600 | 600 | ||||||
|
|
|||||||
Semiconductors 2.0% | ||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.63%, 01/15/2024 | 7,000 | 6,897 | ||||||
NXP BV / NXP Funding LLC, (Multinational), 4.88%, 03/01/2024 | 3,000 | 2,978 | ||||||
SK Hynix, Inc., (South Korea), | ||||||||
1.00%, 01/19/2024 (e) | 400 | 385 | ||||||
Reg. S, 1.00%, 01/19/2024 | 1,000 | 964 | ||||||
|
|
|||||||
11,224 | ||||||||
|
|
|||||||
Software 3.1% | ||||||||
Fidelity National Information Services, Inc., 0.60%, 03/01/2024 | 1,115 | 1,066 | ||||||
Fiserv, Inc., | ||||||||
2.75%, 07/01/2024 | 1,500 | 1,455 | ||||||
3.80%, 10/01/2023 | 3,415 | 3,384 | ||||||
Oracle Corp., | ||||||||
2.40%, 09/15/2023 | 3,500 | 3,455 | ||||||
2.95%, 11/15/2024 | 1,000 | 971 | ||||||
3.40%, 07/08/2024 | 1,625 | 1,591 | ||||||
VMware, Inc., | ||||||||
0.60%, 08/15/2023 | 4,800 | 4,710 | ||||||
1.00%, 08/15/2024 | 1,500 | 1,415 | ||||||
|
|
|||||||
18,047 | ||||||||
|
|
|||||||
Total Technology | 29,871 | |||||||
|
|
|||||||
Utilities 3.2% | ||||||||
Electric 3.2% | ||||||||
Ausgrid Finance Pty Ltd., (Australia), | ||||||||
3.85%, 05/01/2023 (e) | 700 | 699 | ||||||
Reg. S, (BBSW ASX Australian 3 Month + 1.22%), 4.60%, 10/30/2024 (aa) | AUD | 1,500 | 1,002 | |||||
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.40%, 09/15/2023 (aa) | 1,800 | 1,793 | ||||||
Enel Finance International NV, (Netherlands), | ||||||||
2.65%, 09/10/2024 (e) | 1,500 | 1,447 | ||||||
4.25%, 06/15/2025 (e) | 300 | 294 | ||||||
Israel Electric Corp. Ltd., (Israel), | ||||||||
6.88%, 06/21/2023 (e) | 500 | 501 | ||||||
Series 6, Reg. S, 5.00%, 11/12/2024 (e) | 800 | 790 | ||||||
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024 | 1,740 | 1,670 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued |
||||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
2.94%, 03/21/2024 | 4,000 | 3,903 | ||||||
4.26%, 09/01/2024 | 1,175 | 1,163 | ||||||
Pacific Gas and Electric Co., | ||||||||
3.25%, 06/15/2023 | 100 | 100 | ||||||
3.40%, 08/15/2024 | 100 | 97 | ||||||
3.75%, 02/15/2024 | 100 | 98 | ||||||
3.85%, 11/15/2023 | 100 | 99 | ||||||
4.25%, 08/01/2023 | 800 | 795 | ||||||
Southern California Edison Co., 0.70%, 04/03/2023 | 2,200 | 2,200 | ||||||
Southern Co. (The), Series 2021, (SOFR Compounded Index + 0.37%), 5.09%, 05/10/2023 (aa) | 1,300 | 1,298 | ||||||
|
|
|||||||
Total Utilities | 17,949 | |||||||
|
|
|||||||
Total Corporate Bonds (Cost $301,589) |
297,529 | |||||||
|
|
|||||||
Foreign Government Securities 0.7% |
||||||||
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026 | 500 | 503 | ||||||
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026 | 3,100 | 2,789 | ||||||
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 5.67%, 07/16/2023 (aa) | 800 | 801 | ||||||
|
|
|||||||
Total Foreign Government Securities (Cost $4,400) |
4,093 | |||||||
|
|
|||||||
Municipal Bonds 0.5% (t) |
||||||||
California 0.1% |
||||||||
Municipal Improvement Corp. of Los Angeles, Series A, Rev., 0.42%, 11/01/2023 | 590 | 574 | ||||||
|
|
|||||||
Maryland 0.1% |
||||||||
State of Maryland Department of Transportation, Series A, Rev., 0.36%, 08/01/2023 | 450 | 443 | ||||||
|
|
|||||||
North Carolina 0.1% |
||||||||
University of North Carolina at Charlotte (The), Rev., 0.41%, 04/01/2023 | 350 | 350 | ||||||
|
|
|||||||
Pennsylvania 0.2% |
||||||||
Philadelphia Authority for Industrial Development, Rev., 0.94%, 04/15/2024 | 1,555 | 1,490 | ||||||
|
|
|||||||
Total Municipal Bonds (Cost $2,945) |
2,857 | |||||||
|
|
|||||||
U.S. Government Agency Securities 6.7% |
||||||||
FHLBs, | ||||||||
0.38%, 05/17/2024 | 1,500 | 1,428 | ||||||
0.46%, 09/10/2024 | 2,500 | 2,358 | ||||||
1.04%, 06/14/2024 | 2,000 | 1,914 | ||||||
1.11%, 07/27/2026 | 567 | 515 | ||||||
3.63%, 02/28/2024 | 1,000 | 988 | ||||||
5.17%, 03/08/2024 | 2,000 | 1,997 |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
U.S. Government Agency Securities continued |
||||||||
5.48%, 02/26/2025 | 1,700 | 1,696 | ||||||
5.50%, 04/01/2024 | 3,000 | 3,014 | ||||||
5.51%, 04/01/2024 | 2,000 | 2,005 | ||||||
5.55%, 04/05/2024 | 2,000 | 2,005 | ||||||
5.71%, 03/14/2025 | 1,700 | 1,702 | ||||||
0.40%, 05/24/2024 | 1,360 | 1,295 | ||||||
FHLMC, | ||||||||
4.05%, 08/28/2025 | 2,500 | 2,470 | ||||||
5.05%, 01/28/2025 | 1,000 | 996 | ||||||
5.08%, 10/25/2024 | 1,000 | 1,000 | ||||||
5.36%, 11/22/2024 | 1,700 | 1,697 | ||||||
5.65%, 03/07/2025 | 3,400 | 3,403 | ||||||
5.68%, 04/03/2025 (w) | 1,700 | 1,702 | ||||||
5.73%, 04/03/2025 (w) | 1,700 | 1,703 | ||||||
5.82%, 03/20/2025 | 1,700 | 1,704 | ||||||
5.95%, 03/21/2025 | 1,700 | 1,704 | ||||||
FNMA, 4.00%, 02/28/2025 | 1,000 | 986 | ||||||
|
|
|||||||
Total U.S. Government Agency Securities (Cost $38,346) |
38,282 | |||||||
|
|
|||||||
U.S. Treasury Obligations 2.1% |
||||||||
U.S. Treasury Notes, | ||||||||
0.75%, 12/31/2023 | 4,000 | 3,882 | ||||||
1.50%, 02/29/2024 | 1,910 | 1,856 | ||||||
3.25%, 08/31/2024 (ii) | 6,200 | 6,104 | ||||||
|
|
|||||||
Total U.S. Treasury Obligations (Cost $11,880) |
11,842 | |||||||
|
|
|||||||
Short-Term Investments 12.9% |
||||||||
Certificates of Deposit 1.7% |
||||||||
Barclays Bank plc, (United Kingdom), 4.06%, 07/13/2023 (n) | 2,000 | 1,991 | ||||||
Citibank NA, 0.00%, 09/21/2023 (n) | 2,000 | 1,996 | ||||||
Natixis Bank SA, | ||||||||
3.10%, 06/09/2023 (n) | 3,000 | 2,988 | ||||||
4.06%, 08/18/2023 (n) | 2,000 | 1,990 | ||||||
Svenska Handelsbanken, 4.06%, 08/16/2023 (n) | 1,000 | 994 | ||||||
|
|
|||||||
Total Certificates of Deposit | 9,959 | |||||||
|
|
|||||||
Commercial Papers 1.9% |
||||||||
American Electric Power Co., Inc., 5.02%, 04/11/2023 (e) (n) | 2,200 | 2,197 | ||||||
AT&T, Inc., 5.93%, 02/21/2024 (e) (n) | 2,000 | 1,897 | ||||||
BAT International Finance plc, 6.09%, 06/30/2023 (e) (n) | 1,500 | 1,479 | ||||||
Bayer Corp., 609.61%, 07/10/2023 (e) (n) | 1,500 | 1,476 | ||||||
Enel Finance America LLC, 5.53%, 09/01/2023 (e) (n) | 1,500 | 1,459 | ||||||
HSBC USA, Inc., 4.50%, 08/23/2023 (e) (n) | 500 | 490 | ||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
5.64%, 05/08/2023 (e) (n) | 900 | 895 | ||||||
5.64%, 05/09/2023 (e) (n) | 900 | 894 | ||||||
|
|
|||||||
Total Commercial Papers | 10,787 | |||||||
|
|
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Short-Term Investments continued |
||||||||
Corporate Bond 0.5% |
||||||||
Bank of Nova Scotia (The), 0.00%, 05/16/2023 | CAD | 3,900 | 2,868 | |||||
Foreign Government Securities 4.4% |
||||||||
Canadian Treasury Bill, (Canada), Zero Coupon, 04/27/2023 | CAD | 16,500 | 12,171 | |||||
France Treasury Bill BTF, (France), Reg. S, Zero Coupon, 06/28/2023 | EUR | 5,000 | 5,387 | |||||
Japan Treasury Discount Bill, (Japan), Series 1112, Zero Coupon, 04/10/2023 | JPY | 1,000,000 | 7,531 | |||||
|
|
|||||||
Total Foreign Government Securities | 25,089 | |||||||
|
|
|||||||
Municipal Bond 0.1% (t) |
||||||||
State of Connecticut, Taxable, Series A, GO, 4.25%, 06/15/2023 | 380 | 379 | ||||||
|
|
|||||||
Repurchase Agreement 0.6% |
||||||||
BNP Paribas Securities Corp., 4.92%, dated 03/31/2023 due 04/03/2023, repurchase price $3,501 collateralized by U.S. Treasury Security, 1.03%, due 07/15/2030, with a value of $3,568 | 3,500 | 3,500 | ||||||
|
|
|||||||
Time Deposits 3.6% |
||||||||
Australia & New Zealand Banking Group Ltd., 2.20%, 04/03/2023 | AUD | | (h) | | (h) | |||
BNP Paribas SA, 3.32%, 04/03/2023 | CAD | 68 | 51 | |||||
Brown Brothers Harriman & Co., | ||||||||
3.40%, 04/03/2023 | NZD | | (h) | | (h) | |||
Citibank NA, | ||||||||
1.91%, 04/03/2023 | EUR | 98 | 106 | |||||
4.18%, 04/03/2023 | 152 | 152 | ||||||
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023 | GBP | 13 | 16 | |||||
Sumitomo Mitsui Banking Corp., 4.18%, 04/03/2023 | 143 | 143 | ||||||
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023 | 19,963 | 19,963 | ||||||
|
|
|||||||
Total Time Deposits | 20,431 | |||||||
|
|
|||||||
U.S. Treasury Obligation 0.1% |
||||||||
U.S. Treasury Bill, Zero Coupon, 04/06/2023 | 521 | 521 | ||||||
|
|
|||||||
Total Short-Term Investments (Cost $73,066) |
73,534 | |||||||
|
|
|||||||
Total Investments 102.0% (Cost - $589,575)* |
581,929 | |||||||
Liabilities in Excess of Other Assets (2.0)% |
(11,578 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 570,351 | ||||||
|
|
Percentages indicated are based on net assets.
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023:
Exchange Traded
DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
Long Contracts |
||||||||||||||||||||
SOFR 3 Month |
208 | 12/2023 | USD | 49,063 | 542 | |||||||||||||||
Short Contracts |
||||||||||||||||||||
U.S. Treasury 2 Year Note |
(113 | ) | 06/2023 | USD | (23,057 | ) | (272 | ) | ||||||||||||
U.S. Treasury 5 Year Note |
(130 | ) | 06/2023 | USD | (13,942 | ) | (294 | ) | ||||||||||||
U.S. Treasury Ultra Bond |
(1 | ) | 06/2023 | USD | (137 | ) | (5 | ) | ||||||||||||
U.S. Ultra Treasury 10 Year Note |
(5 | ) | 06/2023 | USD | (590 | ) | (15 | ) | ||||||||||||
|
|
|||||||||||||||||||
(586 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation (depreciation) |
(44 | ) | ||||||||||||||||||
|
|
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023:
CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||||
CAD |
288 | USD | 209 | Bank of America, NA | 04/04/2023 | 4 | ||||||||||||||
CAD |
2,060 | USD | 1,522 | Bank of America, NA | 04/04/2023 | 3 | ||||||||||||||
GBP |
152 | USD | 185 | Barclays Bank plc | 04/04/2023 | 2 | ||||||||||||||
USD |
2,745 | GBP | 2,222 | Barclays Bank plc | 05/02/2023 | 2 | ||||||||||||||
USD |
823 | AUD | 1,190 | Bank of America, NA | 05/16/2023 | 26 | ||||||||||||||
USD |
12,427 | AUD | 17,947 | Bank of America, NA | 05/16/2023 | 411 | ||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation |
448 | |||||||||||||||||||
|
|
|||||||||||||||||||
USD |
3,027 | CAD | 4,118 | Morgan Stanley & Co. | 04/04/2023 | (20 | ) | |||||||||||||
USD |
2,845 | GBP | 2,374 | Bank of America, NA | 04/04/2023 | (83 | ) | |||||||||||||
GBP |
2,222 | USD | 2,743 | Barclays Bank plc | 04/04/2023 | (2 | ) | |||||||||||||
USD |
7,366 | JPY | 1,000,000 | UBS AG London | 04/10/2023 | (172 | ) | |||||||||||||
USD |
11,962 | CAD | 16,500 | BNP Paribas | 04/27/2023 | (251 | ) | |||||||||||||
USD |
1,522 | CAD | 2,059 | Bank of America, NA | 05/02/2023 | (2 | ) | |||||||||||||
AUD |
371 | USD | 249 | Bank of America, NA | 05/16/2023 | ( | )(h) | |||||||||||||
AUD |
2,425 | USD | 1,684 | Morgan Stanley & Co. | 05/16/2023 | (61 | ) | |||||||||||||
USD |
2,875 | CAD | 3,900 | Bank of America, NA | 05/16/2023 | (12 | ) | |||||||||||||
USD |
440 | EUR | 410 | BNP Paribas | 06/21/2023 | (7 | ) | |||||||||||||
USD |
1,586 | EUR | 1,489 | Goldman Sachs International | 06/21/2023 | (36 | ) | |||||||||||||
USD |
3,180 | EUR | 2,944 | UBS AG London | 06/21/2023 | (27 | ) | |||||||||||||
USD |
3,176 | EUR | 2,944 | UBS AG London | 06/21/2023 | (32 | ) | |||||||||||||
USD |
422 | GBP | 345 | BNP Paribas | 06/21/2023 | (4 | ) | |||||||||||||
USD |
1,096 | GBP | 890 | BNP Paribas | 06/21/2023 | (4 | ) | |||||||||||||
USD |
4,364 | GBP | 3,617 | Citibank, NA | 06/21/2023 | (105 | ) | |||||||||||||
USD |
5,393 | EUR | 5,000 | Goldman Sachs International | 06/28/2023 | (56 | ) | |||||||||||||
|
|
|||||||||||||||||||
Total unrealized depreciation |
(874 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||
Net unrealized appreciation (depreciation) |
(426 | ) | ||||||||||||||||||
|
|
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Centrally Cleared Credit Default Swaps contracts outstanding buy protection (1) as of March 31, 2023:
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.40-V1 |
1.00 | % | quarterly | 06/20/2028 | 0.76 | % | USD | 11,300 | (104 | ) | (28 | ) | (132 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total |
|
(104 | ) | (28 | ) | (132 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
(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 sellers performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. |
(3) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. |
(4) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Six Circles Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023
| ||||
ASX |
| Australian Stock Exchange | ||
BBSW |
| Bank Bill Swap Rate | ||
CDX |
| Credit Default Swap Index | ||
CLO |
| Collateralized Loan Obligations | ||
CMT |
| Constant Maturity Treasury | ||
FHLB |
| Federal Home Loan Bank | ||
FHLMC |
| Federal Home Loan Mortgage Corp. | ||
FNMA |
| Federal National Mortgage Association | ||
GNMA |
| Government National Mortgage Association | ||
GO |
| General Obligation | ||
ICE |
| Intercontinental Exchange | ||
LIBOR |
| London Interbank Offered Rate | ||
Reg. S |
| Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the Securities Act), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | ||
REMICS |
| Real Estate Mortgage Investment Conduit | ||
Rev. |
| Revenue | ||
SOFR |
| Secured Overnight Financing Rate | ||
SONIA |
| Sterling Overnight Interbank Average Rate | ||
SUB |
| Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023. | ||
(e) |
| Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
(f) |
| Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. | ||
(h) |
| Amount rounds to less than 500 shares or principal/ $500. | ||
(n) |
| The rate shown is the effective yield as of March 31, 2023. | ||
(t) |
| The date shown represents the earliest of the next put date, next demand date or final maturity date. | ||
(w) |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
(z) |
| Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2023. | ||
(aa) |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023. | ||
(ii) |
| Approximately $14 of this investment is restricted as collateral for forwards to Morgan Stanley & Co. International plc. | ||
* |
| The cost of securities is substantially the same for federal income tax purposes. | ||
AUD |
| Australian Dollar | ||
CAD |
| Canadian Dollar | ||
EUR |
| Euro | ||
GBP |
| British Pound | ||
JPY |
| Japanese Yen | ||
NZD |
| New Zealand Dollar | ||
USD |
| United States Dollar |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
Asset-Backed Securities 5.9% | ||||||||
American Express Credit Account Master Trust, Series 2022-2, Class A, 3.39%, 05/15/2027 | 1,200 | 1,171 | ||||||
BMW Canada Auto Trust, (Canada), Series 2022-1A, Class A1, 3.65%, 12/20/2024 (e) | CAD | 521 | 383 | |||||
BMW Vehicle Lease Trust, Series 2023-1, Class A2, 5.27%, 02/25/2025 | 1,000 | 999 | ||||||
Capital One Multi-Asset Execution Trust, | ||||||||
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.58%), 5.26%, 07/15/2027 (aa) | 1,000 | 1,000 | ||||||
Series 2022-A2, Class A, 3.49%, 05/15/2027 | 500 | 488 | ||||||
Capital One Prime Auto Receivables Trust, Series 2022-2, Class A2B, (United States 30 Day Average SOFR + 0.65%), 5.21%, 09/15/2025 (aa) | 1,814 | 1,813 | ||||||
Carmax Auto Owner Trust, | ||||||||
Series 2022-4, Class A2A, 5.34%, 12/15/2025 | 700 | 699 | ||||||
Series 2022-4, Class A2B, (United States 30 Day Average SOFR + 0.90%), 5.46%, 12/15/2025 (aa) | 1,300 | 1,302 | ||||||
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, (ICE LIBOR USD 1 Month + 1.35%), 6.20%, 10/25/2037 (e) (aa) | 82 | 82 | ||||||
Citibank Credit Card Issuance Trust, | ||||||||
Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.62%), 5.37%, 04/22/2026 (aa) | 1,000 | 1,001 | ||||||
Series 2017-A6, Class A6, (ICE LIBOR USD 1 Month + 0.77%), 5.57%, 05/14/2029 (aa) | 2,000 | 1,990 | ||||||
Series 2018-A5, Class A5, (ICE LIBOR USD 1 Month + 0.61%), 5.32%, 08/07/2027 (aa) | 1,000 | 1,000 | ||||||
Dell Equipment Finance Trust, Series 2021-2, Class A3, 0.53%, 12/22/2026 (e) | 500 | 485 | ||||||
Discover Card Execution Note Trust, Series 2017-A5, Class A5, (ICE LIBOR USD 1 Month + 0.60%), 5.28%, 12/15/2026 (aa) | 1,000 | 1,000 | ||||||
ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) | 867 | 755 | ||||||
Enterprise Fleet Financing LLC, Series 2022-1, Class A2, 3.03%, 01/20/2028 (e) | 850 | 829 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (e) | 889 | 806 | ||||||
Ford Auto Securitization Trust, (Canada), Series 2021-AA, Class A2, 1.16%, 10/15/2025 (e) | CAD | 472 | 341 | |||||
Ford Credit Auto Owner Trust, Series 2023-A, Class A1, 5.03%, 04/15/2024 | 2,000 | 2,000 | ||||||
Ford Credit Floorplan Master Owner Trust A, Series 2020-1, Class A1, 0.70%, 09/15/2025 | 1,700 | 1,664 | ||||||
GM Financial Automobile Leasing Trust, | ||||||||
Series 2022-2, Class A2, 2.93%, 10/21/2024 | 592 | 585 | ||||||
Series 2022-3, Class A2A, 4.01%, 10/21/2024 | 832 | 827 | ||||||
Series 2023-1, Class A2A, 5.27%, 06/20/2025 | 1,300 | 1,299 |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (United States 30 Day Average SOFR + 0.60%), 5.16%, 09/16/2025 (aa) | 1,732 | 1,731 | ||||||
Hertz Vehicle Financing III LLC, Series 2022-3A, Class A, 3.37%, 03/25/2025 (e) | 100 | 98 | ||||||
Hyundai Auto Lease Securitization Trust, | ||||||||
Series 2021-C, Class A3, 0.38%, 09/16/2024 (e) | 2,000 | 1,962 | ||||||
Series 2023-A, Class A2A, 5.20%, 04/15/2025 (e) | 900 | 898 | ||||||
Master Credit Card Trust II, (Canada), Series 2023-1A, Class A, 4.70%, 06/21/2027 (e) | 600 | 598 | ||||||
Master Credit Card Trust, (Canada), Series 2021-1A, Class A, 0.53%, 11/21/2025 (e) | 900 | 854 | ||||||
Navient Private Education Loan Trust, Series 2018-BX, Class A2B, Reg. S, (ICE LIBOR USD 1 Month + 0.72%), 5.40%, 12/15/2059 (aa) | 927 | 915 | ||||||
Nelnet Student Loan Trust, Series 2019-2A, Class A, (ICE LIBOR USD 1 Month + 0.90%), 5.75%, 06/27/2067 (e) (aa) | 876 | 862 | ||||||
Oscar US Funding XI LLC, (Japan), Series 2019-2A, Class A4, 2.68%, 09/10/2026 (e) | 200 | 197 | ||||||
Oscar US Funding XIII LLC, (Japan), Series 2021-2A, Class A2, 0.39%, 08/12/2024 (e) | 150 | 150 | ||||||
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-WCW2, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 5.64%, 07/25/2035 (aa) | 682 | 670 | ||||||
Pawnee Equipment Receivables Series LLC, | ||||||||
Series 2021-1, Class A2, 1.10%, 07/15/2027 (e) | 702 | 674 | ||||||
Series 2022-1, Class A2, 4.84%, 02/15/2028 (e) | 816 | 811 | ||||||
PRET LLC, | ||||||||
Series 2021-NPL3, Class A1, SUB, 1.87%, 07/25/2051 (e) | 765 | 707 | ||||||
Series 2021-NPL6, Class A1, SUB, 2.49%, 07/25/2051 (e) | 438 | 412 | ||||||
Pretium Mortgage Credit Partners LLC, Series 2021-RN1, Class A1, SUB, 1.99%, 02/25/2061 (e) | 243 | 227 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-2, Class A2, 2.12%, 10/15/2026 | 4 | 4 | ||||||
SLM Student Loan Trust, Series 2004-10, Class A7B, (ICE LIBOR USD 3 Month + 0.60%), 5.42%, 10/25/2029 (e) (aa) | 691 | 684 | ||||||
SMB Private Education Loan Trust, | ||||||||
Series 2016-C, Class A2A, 2.34%, 09/15/2034 (e) | 342 | 329 | ||||||
Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 487 | 436 | ||||||
Towd Point Asset Trust, Series 2021-SL1, Class A2, (ICE LIBOR USD 1 Month + 0.70%), 5.46%, 11/20/2061 (e) (aa) | 186 | 182 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2020-1A, Class A, 1.35%, 05/25/2033 (e) | 1,800 | 1,671 | ||||||
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2A, 3.83%, 08/15/2025 | 1,481 | 1,467 | ||||||
World Omni Auto Receivables Trust, Series 2023-A, Class A2A, 5.18%, 07/15/2026 | 1,000 | 1,001 | ||||||
|
|
|||||||
Total Asset-Backed Securities (Cost $40,819) |
40,059 | |||||||
|
|
|||||||
Collateralized Mortgage Obligations 2.4% | ||||||||
Avon Finance No. 2 plc, (United Kingdom), Series 2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 5.07%, 09/20/2048 (aa) | GBP | 126 | 155 | |||||
Brass NO 8 plc, (United Kingdom), Series 8A, Class A1, (ICE LIBOR USD 3 Month + 0.70%), 5.57%, 11/16/2066 (e) (aa) | 27 | 27 | ||||||
Canterbury Finance No 1 plc, (United Kingdom), Series 1, Class A2, Reg. S, (SONIA Interest Rate Benchmark + 1.35%), 5.43%, 05/16/2056 (aa) | GBP | 185 | 228 |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
Collateralized Mortgage Obligations continued | ||||||||
Cheshire plc, (United Kingdom), Series 2020-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.90%), 4.99%, 08/20/2045 (aa) | GBP | 438 | 535 | |||||
CSMC Trust, Series 2021-RPL4, Class A1, 1.80%, 12/27/2060 (e) (z) | 309 | 286 | ||||||
Finsbury Square plc, (United Kingdom), Series 2020-2A, Class A, (SONIA Interest Rate Benchmark + 1.30%), 5.46%, 06/16/2070 (e) (aa) | GBP | 193 | 238 | |||||
FNMA REMICS, | ||||||||
Series 2020-29, Class FC, (ICE LIBOR USD 1 Month + 0.80%), 3.79%, 05/25/2050 (aa) | 1,675 | 1,679 | ||||||
Series 2022-8, Class D, 2.00%, 08/25/2038 | 1,504 | 1,371 | ||||||
GCAT LLC, Series 2020-3, Class A1, SUB, 2.98%, 09/25/2025 (e) | 613 | 596 | ||||||
GNMA, | ||||||||
Series 2015-H04, Class FA, (ICE LIBOR USD 1 Month + 0.65%), 5.22%, 12/20/2064 (aa) | 1,130 | 1,113 | ||||||
Series 2017-121, Class PE, 3.00%, 07/20/2046 | 189 | 181 | ||||||
Series 2018-H18, Class FC, (ICE LIBOR USD 1 Month + 0.35%), 4.92%, 08/20/2065 (aa) | 1,133 | 1,126 | ||||||
Series 2019-54, Class KF, (ICE LIBOR USD 1 Month + 0.42%), 5.08%, 05/20/2044 (aa) | 425 | 406 | ||||||
Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 6.06%, 06/20/2071 (aa) | 1,469 | 1,507 | ||||||
Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 928 | 831 | ||||||
Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.91%, 01/20/2072 (aa) | 782 | 756 | ||||||
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa) | 406 | 406 | ||||||
GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) | 254 | 231 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 1.75%, 07/25/2061 (e) | 1,292 | 1,188 | ||||||
MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) | 424 | 371 | ||||||
New Residential Mortgage Loan Trust, | ||||||||
Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) | 113 | 105 | ||||||
Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) | 268 | 246 | ||||||
Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) | 592 | 530 | ||||||
Silverstone Master Issuer plc, (United Kingdom), Series 2022-1A, Class 1A, (United States SOFR + 0.38%), 4.97%, 01/21/2070 (e) (aa) | 700 | 697 | ||||||
Starwood Mortgage Residential Trust, | ||||||||
Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) | 239 | 224 | ||||||
Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) | 310 | 276 | ||||||
Stratton Mortgage Funding, (United Kingdom), Series 2021-2A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.79%, 07/20/2060 (e) (aa) | GBP | 137 | 168 | |||||
Towd Point Mortgage Funding, (United Kingdom), Series 2019-A13A, Class A1, (SONIA Interest Rate Benchmark + 1.35%), 5.24%, 07/20/2045 (e) (aa) | GBP | 559 | 685 | |||||
Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (ICE LIBOR USD 1 Month + 1.00%), 5.85%, 05/25/2058 (e) (aa) | 292 | 288 | ||||||
|
|
|||||||
Total Collateralized Mortgage Obligations (Cost $17,344) |
16,450 | |||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
Commercial Mortgage-Backed Securities 1.3% | ||||||||
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, (ICE LIBOR USD 1 Month + 0.88%), 5.60%, 09/15/2034 (e) (aa) | 500 | 485 | ||||||
AREIT Trust, Series 2019-CRE3, Class A, (CME Term SOFR 1 Month + 1.38%), 6.04%, 09/14/2036 (e) (aa) | 21 | 20 | ||||||
AREIT Trust, (Cayman Islands), | ||||||||
Series 2021-CRE5, Class A, (ICE LIBOR USD 1 Month + 1.08%), 5.79%, 11/17/2038 (e) (aa) | 428 | 416 | ||||||
Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.81%, 01/16/2037 (e) (aa) | 843 | 817 | ||||||
Ashford Hospitality Trust, Series 2018-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.69%, 06/15/2035 (e) (aa) | 500 | 484 | ||||||
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class A, (ICE LIBOR USD 1 Month + 1.05%), 5.73%, 04/15/2036 (e) (aa) | 400 | 393 | ||||||
BDS LLC, Series 2022-FL12, Class A, (CME Term SOFR 1 Month + 2.14%), 6.83%, 08/19/2038 (e) (aa) | 900 | 899 | ||||||
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.93%, 09/15/2036 (e) (aa) | 500 | 486 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class ASB, 3.09%, 05/10/2058 | 607 | 584 | ||||||
Citigroup Commercial Mortgage Trust, Series 2021-KEYS, Class A, (ICE LIBOR USD 1 Month + 1.18%), 5.86%, 10/15/2036 (e) (aa) | 900 | 863 | ||||||
MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 5.90%, 12/15/2034 (e) (aa) | 900 | 850 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11, Class AAB, 3.85%, 08/15/2046 | 28 | 28 | ||||||
Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (ICE LIBOR USD 1 Month + 1.00%), 5.68%, 05/15/2036 (e) (aa) | 700 | 673 | ||||||
Natixis Commercial Mortgage Securities Trust, Series 2022-RRI, Class A, (CME Term SOFR 1 Month + 1.82%), 6.65%, 03/15/2035 (e) (aa) | 782 | 756 | ||||||
Sage AR Funding No. 1 plc, (United Kingdom), Series 1A, Class A, (SONIA Interest Rate Benchmark + 1.25%), 5.33%, 11/17/2030 (e) (aa) | GBP | 800 | 953 | |||||
SREIT Trust, Series 2021-IND, Class A, (ICE LIBOR USD 1 Month + 0.70%), 5.38%, 10/15/2038 (e) (aa) | 100 | 96 | ||||||
VMC Finance LLC, Series 2021-FL4, Class A, (ICE LIBOR USD 1 Month + 1.10%), 5.86%, 06/16/2036 (e) (aa) | 297 | 289 | ||||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities (Cost $9,477) |
9,092 | |||||||
|
|
|||||||
Corporate Bonds 13.7% | ||||||||
Communications 1.0% | ||||||||
Internet 0.0% (g) | ||||||||
SK Broadband Co. Ltd., (South Korea), Reg. S, 3.88%, 08/13/2023 | 200 | 199 | ||||||
|
|
|||||||
Media 0.3% | ||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.50%, 02/01/2024 | 300 | 297 | ||||||
(ICE LIBOR USD 3 Month + 1.65%), 6.46%, 02/01/2024 (aa) | 1,700 | 1,706 | ||||||
|
|
|||||||
2,003 | ||||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Telecommunications 0.7% | ||||||||
AT&T, Inc., | ||||||||
Reg. S, 3.45%, 09/19/2023 | AUD | 800 | 533 | |||||
Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.94%, 09/19/2023 (aa) | AUD | 800 | 536 | |||||
(ICE LIBOR USD 3 Month + 1.18%), 6.33%, 06/12/2024 (aa) | 800 | 803 | ||||||
British Telecommunications plc, (United Kingdom), 4.50%, 12/04/2023 | 400 | 397 | ||||||
SES SA, (Luxembourg), 3.60%, 04/04/2023 (e) | 1,400 | 1,400 | ||||||
Verizon Communications, Inc., (ICE LIBOR USD 3 Month + 1.10%), 5.96%, 05/15/2025 (aa) | 900 | 902 | ||||||
|
|
|||||||
4,571 | ||||||||
|
|
|||||||
Total Communications | 6,773 | |||||||
|
|
|||||||
Consumer Cyclical 1.0% | ||||||||
Auto Manufacturers 0.9% | ||||||||
General Motors Financial Co., Inc., 3.70%, 05/09/2023 | 1,200 | 1,198 | ||||||
Hyundai Capital America, | ||||||||
0.80%, 04/03/2023 (e) | 1,200 | 1,200 | ||||||
Reg. S, 0.80%, 04/03/2023 | 250 | 250 | ||||||
0.80%, 01/08/2024 (e) | 1,200 | 1,156 | ||||||
Reg. S, 1.25%, 09/18/2023 | 100 | 98 | ||||||
Reg. S, 4.13%, 06/08/2023 | 400 | 399 | ||||||
Stellantis NV, (Netherlands), 5.25%, 04/15/2023 | 1,700 | 1,699 | ||||||
Volkswagen Financial Services Australia Pty Ltd., (Australia), Reg. S, 3.10%, 04/17/2023 | AUD | 700 | 468 | |||||
|
|
|||||||
6,468 | ||||||||
|
|
|||||||
Retail 0.1% | ||||||||
McDonalds Corp., Reg. S, (BBSW ASX Australian 3 Month + 1.13%), 4.76%, 03/08/2024 (aa) | AUD | 600 | 402 | |||||
|
|
|||||||
Total Consumer Cyclical | 6,870 | |||||||
Consumer Non-cyclical 1.1% | ||||||||
Beverages 0.0% (g) | ||||||||
JDE Peets NV, (Netherlands), 0.80%, 09/24/2024 (e) | 400 | 373 | ||||||
|
|
|||||||
Commercial Services 0.1% | ||||||||
Transurban Queensland Finance Pty Ltd., (Australia), Reg. S, (BBSW ASX Australian 3 Month + 2.05%), 5.71%, 12/16/2024 (aa) | AUD | 1,000 | 675 | |||||
|
|
|||||||
Healthcare - Products 0.2% | ||||||||
Baxter International, Inc., (SOFR Compounded Index + 0.26%), 5.04%, 12/01/2023 (aa) | 500 | 497 | ||||||
Thermo Fisher Scientific, Inc., (SOFR Compounded Index + 0.39%), 4.98%, 10/18/2023 (aa) | 770 | 768 | ||||||
|
|
|||||||
1,265 | ||||||||
|
|
|||||||
Healthcare - Services 0.3% | ||||||||
HCA, Inc., 5.00%, 03/15/2024 | 2,000 | 1,988 | ||||||
|
|
|||||||
Pharmaceuticals 0.5% | ||||||||
Bayer US Finance II LLC, (ICE LIBOR USD 3 Month + 1.01%), 5.88%, 12/15/2023 (e) (aa) | 3,500 | 3,496 | ||||||
|
|
|||||||
Total Consumer Non-cyclical | 7,797 | |||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 0.5% | ||||||||
Oil & Gas 0.3% | ||||||||
Eni SpA, (Italy), Series X-R, 4.00%, 09/12/2023 (e) | 1,000 | 992 | ||||||
Woodside Finance Ltd., (Australia), Reg. S, 3.70%, 09/15/2026 | 1,000 | 958 | ||||||
|
|
|||||||
1,950 | ||||||||
|
|
|||||||
Pipelines 0.2% | ||||||||
Kinder Morgan, Inc., 5.63%, 11/15/2023 (e) | 1,500 | 1,499 | ||||||
|
|
|||||||
Total Energy | 3,449 | |||||||
|
|
|||||||
Financial 6.8% | ||||||||
Banks 6.1% | ||||||||
Aozora Bank Ltd., (Japan), Reg. S, 1.05%, 09/09/2024 | 1,100 | 1,029 | ||||||
Banco Bilbao Vizcaya Argentaria SA, (Spain), 0.88%, 09/18/2023 | 1,800 | 1,759 | ||||||
Bank of America Corp., | ||||||||
(United States SOFR + 1.46%), 1.49%, 05/19/2024 (aa) | 880 | 875 | ||||||
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa) | 500 | 497 | ||||||
Bank of Nova Scotia (The), (Canada), Series FRN, (SOFR Compounded Index + 0.45%), 5.03%, 04/15/2024 (aa) | 500 | 497 | ||||||
Barclays plc, (United Kingdom), | ||||||||
Reg. S, (BBSW ASX Australian 3 Month + 1.80%), 5.46%, 06/15/2023 (aa) | AUD | 750 | 502 | |||||
(ICE LIBOR USD 3 Month + 1.38%), 6.25%, 05/16/2024 (aa) | 1,300 | 1,295 | ||||||
BNP Paribas SA, (France), | ||||||||
Reg. S, 3.80%, 01/10/2024 | 200 | 196 | ||||||
(ICE LIBOR USD 3 Month + 2.24%), 4.71%, 01/10/2025 (e) (aa) | 1,900 | 1,877 | ||||||
Canadian Imperial Bank of Commerce, (Canada), 1.60%, 06/09/2023 | AUD | 1,500 | 998 | |||||
Citigroup, Inc., (BBSW ASX Australian 3 Month + 1.72%), 5.10%, 10/27/2023 (aa) | AUD | 1,000 | 671 | |||||
Credit Suisse AG, (Switzerland), (BBSW ASX Australian 3 Month + 1.15%), 4.70%, 05/26/2023 (aa) | AUD | 2,500 | 1,665 | |||||
Danske Bank A/S, (Denmark), | ||||||||
Reg. S, 5.38%, 01/12/2024 | 1,100 | 1,090 | ||||||
Reg. S, (ICE LIBOR USD 3 Month + 1.06%), 6.21%, 09/12/2023 (aa) | 600 | 600 | ||||||
Federation des Caisses Desjardins du Quebec, (Canada), | ||||||||
0.70%, 05/21/2024 (e) | 1,100 | 1,044 | ||||||
2.05%, 02/10/2025 (e) | 500 | 470 | ||||||
First Abu Dhabi Bank PJSC, (United Arab Emirates), (BBSW ASX Australian 3 Month + 1.10%), 4.57%, 02/18/2025 (aa) | AUD | 700 | 465 | |||||
Goldman Sachs Group, Inc. (The), | ||||||||
Reg. S, (BBSW ASX Australian 3 Month + 1.55%), 4.90%, 05/02/2024 (aa) | AUD | 500 | 335 | |||||
(ICE LIBOR USD 3 Month + 1.60%), 6.55%, 11/29/2023 (aa) | 1,400 | 1,405 | ||||||
HSBC Holdings plc, (United Kingdom), | ||||||||
(ICE LIBOR USD 3 Month + 1.00%), 5.92%, 05/18/2024 (aa) | 800 | 794 | ||||||
(ICE LIBOR USD 3 Month + 1.23%), 6.38%, 03/11/2025 (aa) | 1,000 | 1,000 | ||||||
Lloyds Banking Group plc, (United Kingdom), 4.05%, 08/16/2023 | 1,390 | 1,380 | ||||||
Mitsubishi UFJ Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.86%), 5.68%, 07/26/2023 (aa) | 2,500 | 2,499 |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Mizuho Financial Group, Inc., (Japan), (ICE LIBOR USD 3 Month + 0.63%), 5.59%, 05/25/2024 (aa) | 3,400 | 3,384 | ||||||
Morgan Stanley, (United States SOFR + 0.46%), 5.11%, 01/25/2024 (aa) | 2,000 | 1,994 | ||||||
NatWest Group plc, (United Kingdom), | ||||||||
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa) | 1,300 | 1,293 | ||||||
(ICE LIBOR USD 3 Month + 1.55%), 6.68%, 06/25/2024 (aa) | 700 | 699 | ||||||
Nordea Bank Abp, (Finland), (ICE LIBOR USD 3 Month + 0.94%), 5.89%, 08/30/2023 (e) (aa) | 200 | 200 | ||||||
Oversea-Chinese Banking Corp. Ltd., (Singapore), | ||||||||
(BBSW ASX Australian 3 Month + 0.26%), 3.76%, 08/12/2024 (aa) | AUD | 1,000 | 665 | |||||
(BBSW ASX Australian 3 Month + 0.35%), 4.04%, 03/18/2024 (f) (aa) | AUD | 500 | 334 | |||||
Societe Generale SA, (France), | ||||||||
2.63%, 01/22/2025 (e) | 800 | 749 | ||||||
3.88%, 03/28/2024 (e) | 500 | 488 | ||||||
4.25%, 09/14/2023 (e) | 500 | 494 | ||||||
Standard Chartered plc, (United Kingdom), (ICE LIBOR USD 3 Month + 1.56%), 3.79%, 05/21/2025 (e) (aa) | 1,700 | 1,665 | ||||||
Sumitomo Mitsui Financial Group, Inc., (Japan), Reg. S, (BBSW ASX Australian 3 Month + 1.25%), 4.60%, 10/16/2024 (aa) | AUD | 2,400 | 1,601 | |||||
Sumitomo Mitsui Trust Bank Ltd., (Japan), 0.80%, 09/16/2024 (e) | 400 | 376 | ||||||
Toronto-Dominion Bank (The), (Canada), (United States SOFR + 0.45%), 5.30%, 09/28/2023 (aa) | 2,000 | 1,998 | ||||||
UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.87%), 4.25%, 07/30/2025 (aa) | AUD | 2,200 | 1,462 | |||||
Wells Fargo & Co., (United States SOFR + 1.32%), 5.96%, 04/25/2026 (aa) | 1,200 | 1,201 | ||||||
|
|
|||||||
41,546 | ||||||||
|
|
|||||||
Diversified Financial Services 0.6% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.50%, 09/15/2023 | 1,100 | 1,090 | ||||||
Aviation Capital Group LLC, 3.88%, 05/01/2023 (e) | 600 | 598 | ||||||
Mitsubishi HC Capital, Inc., (Japan), 3.56%, 02/28/2024 (e) | 350 | 343 | ||||||
Nomura Holdings, Inc., (Japan), 1.85%, 07/16/2025 | 2,300 | 2,103 | ||||||
ORIX Corp., (Japan), 3.25%, 12/04/2024 | 400 | 386 | ||||||
|
|
|||||||
4,520 | ||||||||
|
|
|||||||
Savings & Loans 0.1% | ||||||||
Nationwide Building Society, (United Kingdom), 0.55%, 01/22/2024 (e) | 400 | 385 | ||||||
|
|
|||||||
Total Financial | 46,451 | |||||||
|
|
|||||||
Industrial 1.0% | ||||||||
Aerospace/Defense 0.4% | ||||||||
Boeing Co. (The), | ||||||||
1.43%, 02/04/2024 | 1,000 | 966 | ||||||
4.51%, 05/01/2023 | 1,400 | 1,400 | ||||||
|
|
|||||||
2,366 | ||||||||
|
|
|||||||
Machinery - Construction & Mining 0.1% | ||||||||
Komatsu Finance America, Inc., Reg. S, 0.85%, 09/09/2023 | 1,000 | 981 | ||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 - Diversified 0.3% | ||||||||
CNH Industrial NV, (Netherlands), 4.50%, 08/15/2023 | 1,700 | 1,691 | ||||||
|
|
|||||||
Trucking & Leasing 0.2% | ||||||||
SMBC Aviation Capital Finance DAC, (Ireland), Reg. S, 4.13%, 07/15/2023 | 1,500 | 1,490 | ||||||
|
|
|||||||
Total Industrial | 6,528 | |||||||
|
|
|||||||
Technology 0.5% | ||||||||
Computers 0.1% | ||||||||
Dell International LLC / EMC Corp., 5.45%, 06/15/2023 | 600 | 600 | ||||||
|
|
|||||||
Semiconductors 0.2% | ||||||||
SK Hynix, Inc., (South Korea), | ||||||||
1.00%, 01/19/2024 (e) | 300 | 289 | ||||||
Reg. S, 1.00%, 01/19/2024 | 1,000 | 964 | ||||||
|
|
|||||||
1,253 | ||||||||
|
|
|||||||
Software 0.2% | ||||||||
VMware, Inc., 0.60%, 08/15/2023 | 1,300 | 1,275 | ||||||
|
|
|||||||
Total Technology | 3,128 | |||||||
|
|
|||||||
Utilities 1.8% | ||||||||
Electric 1.8% | ||||||||
American Electric Power Co., Inc., Series A, (ICE LIBOR USD 3 Month + 0.48%), 5.29%, 11/01/2023 (aa) | 1,300 | 1,294 | ||||||
Ausgrid Finance Pty Ltd., (Australia), 3.85%, 05/01/2023 (e) | 700 | 699 | ||||||
Dominion Energy, Inc., Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.40%, 09/15/2023 (aa) | 800 | 797 | ||||||
Enel Finance International NV, (Netherlands), | ||||||||
2.65%, 09/10/2024 (e) | 1,800 | 1,737 | ||||||
4.25%, 06/15/2025 (e) | 300 | 293 | ||||||
Israel Electric Corp. Ltd., (Israel), | ||||||||
6.88%, 06/21/2023 (e) | 500 | 500 | ||||||
Series 6, Reg. S, 5.00%, 11/12/2024 (e) | 300 | 297 | ||||||
Kansai Electric Power Co., Inc. (The), (Japan), Reg. S, 2.55%, 09/17/2024 | 1,800 | 1,728 | ||||||
Pacific Gas and Electric Co., | ||||||||
1.70%, 11/15/2023 | 200 | 195 | ||||||
3.25%, 06/15/2023 | 200 | 199 | ||||||
3.75%, 02/15/2024 | 100 | 98 | ||||||
3.85%, 11/15/2023 | 400 | 394 | ||||||
4.25%, 08/01/2023 | 800 | 796 | ||||||
Southern California Edison Co., (SOFR Compounded Index + 0.64%), 5.14%, 04/03/2023 (aa) | 1,700 | 1,700 | ||||||
Southern Co. (The), Series 2021, (SOFR Compounded Index + 0.37%), 5.09%, 05/10/2023 (aa) | 1,400 | 1,398 | ||||||
|
|
|||||||
Total Utilities | 12,125 | |||||||
|
|
|||||||
Total Corporate Bonds (Cost $95,228) |
93,121 | |||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
Foreign Government Securities 0.7% | ||||||||
Export-Import Bank of Korea, (South Korea), 4.88%, 01/11/2026 | 800 | 805 | ||||||
International Bank for Reconstruction & Development, (Supranational), 0.65%, 02/10/2026 | 3,400 | 3,059 | ||||||
Korea National Oil Corp., (South Korea), Reg. S, (ICE LIBOR USD 3 Month + 0.88%), 5.67%, 07/16/2023 (aa) | 500 | 500 | ||||||
|
|
|||||||
Total Foreign Government Securities (Cost $4,699) |
4,364 | |||||||
|
|
|||||||
Municipal Bonds 68.3% (t) | ||||||||
Alaska 0.5% | ||||||||
Alaska Housing Finance Corp., Home Mortgage, Series B, Rev., VRDO, 3.90%, 04/07/2023 (z) | 2,400 | 2,400 | ||||||
Alaska Municipal Bond Bank Authority, Series 4, Rev., AMT, 5.00%, 12/01/2024 | 1,215 | 1,251 | ||||||
|
|
|||||||
3,651 | ||||||||
|
|
|||||||
Arizona 1.9% | ||||||||
Arizona State University, Series A, Rev., VRDO, 4.00%, 04/07/2023 (z) | 13,295 | 13,295 | ||||||
|
|
|||||||
California 4.4% | ||||||||
City of Los Angeles Department of Airports, Green Bonds Subordinated, Rev., AMT, 5.00%, 05/15/2025 (w) | 750 | 780 | ||||||
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, Rev., AMT, 5.00%, 05/15/2025 | 2,475 | 2,577 | ||||||
San Francisco City & County Airport Commission International Airport, Revenue Refunding, Second Series, Series A, Rev., AMT, 5.00%, 05/01/2025 | 3,000 | 3,107 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Series B, Rev., VRDO, LOC: Barclays Bank plc, 3.50%, 04/07/2023 (z) | 19,265 | 19,265 | ||||||
State of California, Series C3, GO, VRDO, LOC: U.S. Bank NA, 3.30%, 04/07/2023 (z) | 1,445 | 1,445 | ||||||
West Valley-Mission Community College District, GO, 5.00%, 08/01/2024 | 3,000 | 3,097 | ||||||
|
|
|||||||
30,271 | ||||||||
|
|
|||||||
Connecticut 3.1% | ||||||||
Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 3.88%, 04/07/2023 (z) | 5,680 | 5,680 | ||||||
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issuer, Rev., 4.00%, 07/01/2023 | 550 | 551 | ||||||
Connecticut State Health & Educational Facilities Authority, Yale University, | ||||||||
Series A, Rev., VRDO, 3.50%, 04/01/2023 (z) | 10,000 | 10,000 | ||||||
Series V1, Rev., VRDO, 3.50%, 04/01/2023 (z) | 3,500 | 3,500 | ||||||
State of Connecticut Special Tax Revenue, Series A, Rev., 4.00%, 05/01/2023 | 1,530 | 1,531 | ||||||
|
|
|||||||
21,262 | ||||||||
|
|
|||||||
District of Columbia 1.5% | ||||||||
District of Columbia, Rev., VRDO, LOC: Wells Fargo Bank NA, 3.95%, 04/07/2023 (z) | 2,325 | 2,325 | ||||||
District of Columbia, Georgetown University, Series B2, Rev., VRDO, LOC: Bank of America NA, 3.85%, 04/07/2023 (z) | 3,495 | 3,495 | ||||||
District of Columbia, Georgetown University (The), Series B1, Rev., VRDO, LOC: Bank of America NA, 3.85%, 04/07/2023 (z) | 1,915 | 1,915 |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
District of Columbia continued | ||||||||
Metropolitan Washington Airports Authority Aviation Revenue, | ||||||||
Series A, Rev., AMT, 5.00%, 10/01/2025 | 1,665 | 1,745 | ||||||
Series B, Rev., 5.00%, 10/01/2025 | 1,030 | 1,093 | ||||||
|
|
|||||||
10,573 | ||||||||
|
|
|||||||
Florida 5.6% | ||||||||
Central Florida Expressway Authority, Senior Lien, Rev., AGM, 5.00%, 07/01/2023 | 1,000 | 1,006 | ||||||
County of Miami-Dade Seaport Department, Senior Bonds, Series A, Rev., AMT, 5.00%, 10/01/2025 | 1,500 | 1,569 | ||||||
Florida Gulf Coast University Financing Corp., Parking Project, Series A, Rev., VRDO, LOC: TD Bank NA, 3.95%, 04/07/2023 (z) | 3,215 | 3,215 | ||||||
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 3.97%, 04/07/2023 (z) | 2,800 | 2,800 | ||||||
JEA Water & Sewer System Revenue, | ||||||||
Series A, Rev., 5.00%, 10/01/2024 | 3,750 | 3,838 | ||||||
Series B1, Rev., VRDO, 4.02%, 04/07/2023 (z) | 8,385 | 8,385 | ||||||
Orange County Health Facilities Authority, Nemours Foundation, Series B, Rev., VRDO, LOC: Northern Trust Co., 3.78%, 04/07/2023 (z) | 15,545 | 15,545 | ||||||
State of Florida Lottery Revenue, Lottery, Series A, Rev., 5.00%, 07/01/2025 | 2,000 | 2,109 | ||||||
|
|
|||||||
38,467 | ||||||||
|
|
|||||||
Georgia 0.3% | ||||||||
City of Atlanta, Department of Aviation, Series C, Rev., AMT, 5.00%, 07/01/2024 | 615 | 629 | ||||||
Main Street Natural Gas, Inc., Series A, Rev., 5.00%, 06/01/2025 | 700 | 714 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, Rev., AGM, 5.00%, 07/01/2025 | 550 | 578 | ||||||
|
|
|||||||
1,921 | ||||||||
|
|
|||||||
Idaho 0.7% | ||||||||
Idaho Health Facilities Authority, St. Lukes Health System Obligated Group, Rev., VRDO, LOC: U.S. Bank NA, 3.80%, 04/01/2023 (z) | 4,500 | 4,500 | ||||||
|
|
|||||||
Illinois 2.4% | ||||||||
County of Cook, | ||||||||
Series A, GO, 5.00%, 11/15/2023 | 2,250 | 2,277 | ||||||
Series A, GO, 5.00%, 11/15/2024 | 5,000 | 5,162 | ||||||
Illinois Finance Authority, The Catherine Cook School Project, Rev., VRDO, LOC: Northern Trust Co., 4.10%, 04/07/2023 (z) | 1,770 | 1,770 | ||||||
Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2024 | 1,005 | 1,028 | ||||||
Sales Tax Securitization Corp., Rev., 5.00%, 01/01/2025 | 3,250 | 3,374 | ||||||
Sales Tax Securitization Corp., Second Lien, Series A, Rev., 5.00%, 01/01/2024 | 2,700 | 2,743 | ||||||
|
|
|||||||
16,354 | ||||||||
|
|
|||||||
Indiana 0.8% | ||||||||
Indiana Finance Authority, Sisters St Francis I, Rev., VRDO, LOC: Barclays Bank plc, 3.75%, 04/01/2023 (z) | 4,000 | 4,000 | ||||||
Indiana Municipal Power Agency, Series B, Rev., VRDO, LOC: U.S. Bank NA, 3.80%, 04/01/2023 (z) | 1,300 | 1,300 | ||||||
|
|
|||||||
5,300 | ||||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Kansas 0.3% | ||||||||
Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 5.00%, 10/01/2025 | 1,935 | 2,054 | ||||||
|
|
|||||||
Maine 0.1% | ||||||||
Maine Health & Higher Educational Facilities Authority, Series A, Rev., AGM, 5.00%, 07/01/2023 | 550 | 553 | ||||||
|
|
|||||||
Maryland 1.1% | ||||||||
Washington Suburban Sanitary Commission, Series A, Rev., CNTY GTD, BAN, VRDO, 3.98%, 04/07/2023 (z) | 7,700 | 7,700 | ||||||
|
|
|||||||
Massachusetts 1.8% | ||||||||
Commonwealth of Massachusetts, | ||||||||
Series A, GO, 5.00%, 01/01/2025 | 2,000 | 2,086 | ||||||
Series B, GO, 5.00%, 07/01/2023 | 4,650 | 4,678 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 3.95%, 04/07/2023 (z) | 5,700 | 5,700 | ||||||
|
|
|||||||
12,464 | ||||||||
|
|
|||||||
Michigan 2.2% | ||||||||
University of Michigan, Series D1, Rev., VRDO, 3.70%, 04/01/2023 (z) | 2,170 | 2,170 | ||||||
Wayne County Airport Authority, Rev., AMT, 4.00%, 12/01/2023 (e) | 12,715 | 12,772 | ||||||
|
|
|||||||
14,942 | ||||||||
|
|
|||||||
Minnesota 2.5% | ||||||||
City of Rochester, Mayo Clinic, | ||||||||
Series A, Rev., VRDO, 4.00%, 04/07/2023 (z) | 13,000 | 13,000 | ||||||
Series B, Rev., VRDO, 4.00%, 04/07/2023 (z) | 3,900 | 3,900 | ||||||
|
|
|||||||
16,900 | ||||||||
|
|
|||||||
Missouri 1.4% | ||||||||
City of Kansas City, Series A, GO, 5.00%, 02/01/2026 | 900 | 965 | ||||||
City of St. Louis, Airport Revenue, Series A, Rev., AGM, 5.00%, 07/01/2024 | 2,000 | 2,053 | ||||||
Health & Educational Facilities Authority of the State of Missouri, SSM Healthcare, | ||||||||
Series A, Rev., 5.00%, 06/01/2024 | 2,380 | 2,436 | ||||||
Series F, Rev., VRDO, 3.75%, 04/01/2023 (z) | 4,235 | 4,235 | ||||||
|
|
|||||||
9,689 | ||||||||
|
|
|||||||
New Hampshire 0.4% | ||||||||
New Hampshire Health and Education Facilities Authority Act, Bishop Guertin High School, Rev., VRDO, LOC: TD Bank NA, 4.00%, 04/07/2023 (z) | 1,965 | 1,965 | ||||||
New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire, Series B, Rev., VRDO, 3.75%, 04/01/2023 (z) | 1,000 | 1,000 | ||||||
|
|
|||||||
2,965 | ||||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 Jersey 1.9% | ||||||||
Jersey City Redevelopment Agency, Bayfront Redevelopment Project, Rev., 4.00%, 12/15/2024 | 5,350 | 5,469 | ||||||
New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group, Rev., 5.00%, 07/01/2024 | 6,930 | 7,100 | ||||||
New Jersey Higher Education Student Assistance Authority, Series B, Rev., AMT, 5.00%, 12/01/2023 | 300 | 304 | ||||||
|
|
|||||||
12,873 | ||||||||
|
|
|||||||
New Mexico 2.5% | ||||||||
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 5.00%, 09/01/2024 | 6,750 | 6,912 | ||||||
New Mexico Finance Authority, Subordinate, Series A, Rev., 5.00%, 06/15/2025 | 2,795 | 2,946 | ||||||
University of New Mexico (The), System Improvement, Rev., VRDO, 3.90%, 04/07/2023 (z) | 7,045 | 7,045 | ||||||
|
|
|||||||
16,903 | ||||||||
|
|
|||||||
New York 8.4% | ||||||||
City of New York, Fiscal 2018, Series B, GO, VRDO, 3.65%, 04/01/2023 (z) | 12,000 | 12,000 | ||||||
City of New York, Fiscal 2021, Series C, GO, 5.00%, 08/01/2024 | 1,015 | 1,047 | ||||||
City of New York, Fiscal Year 2017, Series A4, GO, VRDO, LOC: Citibank NA, 3.96%, 04/07/2023 (z) | 1,090 | 1,090 | ||||||
City of New York, Fiscal Year 2018, Series B, GO, VRDO, 3.65%, 04/01/2023 (z) | 5,000 | 5,000 | ||||||
Metropolitan Transportation Authority, Series A1, Rev., VRDO, LOC: TD Bank NA, 3.60%, 04/01/2023 (z) | 1,000 | 1,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, Series E1, Rev., 5.00%, 11/01/2025 | 7,000 | 7,457 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Revenue, | ||||||||
Rev., VRDO, 3.75%, 04/01/2023 (z) | 3,000 | 3,000 | ||||||
Rev., 5.00%, 11/01/2023 | 1,000 | 1,013 | ||||||
New York State Dormitory Authority, | ||||||||
Series A, Rev., AGM, 4.00%, 10/01/2023 | 1,150 | 1,157 | ||||||
Series B, Rev., 4.00%, 10/01/2023 | 2,805 | 2,822 | ||||||
New York State Dormitory Authority, School Districts Financing Program, Rev., 5.00%, 10/01/2023 | 1,245 | 1,259 | ||||||
New York State Dormitory Authority, St Johns University, Series A, Rev., 5.00%, 07/01/2023 | 500 | 503 | ||||||
New York State Dormitory Authority, Unrefunded General Purpose, Rev., 5.00%, 02/15/2026 | 6,590 | 7,068 | ||||||
New York State Urban Development Corp., Rev., 5.00%, 03/15/2024 | 1,630 | 1,669 | ||||||
Port Authority of New York & New Jersey, Series 207, Rev., AMT, 5.00%, 09/15/2024 | 3,000 | 3,078 | ||||||
Triborough Bridge & Tunnel Authority, Series B3, Rev., VRDO, LOC: State Street Bank & Trust Co., 3.65%, 04/01/2023 (z) | 1,430 | 1,430 | ||||||
Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels, Rev., 5.00%, 11/15/2025 | 6,455 | 6,871 | ||||||
|
|
|||||||
57,464 | ||||||||
|
|
|||||||
North Carolina 0.5% | ||||||||
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024 (p) | 3,000 | 3,053 | ||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Ohio 4.2% | ||||||||
County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 4.00%, 04/07/2023 (z) | 2,100 | 2,100 | ||||||
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 3.80%, 04/01/2023 (z) | 5,000 | 5,000 | ||||||
Ohio State University (The), Series B2, Rev., VRDO, 3.80%, 04/07/2023 (z) | 6,725 | 6,725 | ||||||
State of Ohio, Cleveland Clinic Health System, Rev., VRDO, 3.95%, 04/07/2023 (z) | 14,000 | 14,000 | ||||||
State of Ohio, Mental Health Facilities Improvement, Series A, Rev., 5.00%, 02/01/2024 | 500 | 510 | ||||||
|
|
|||||||
28,335 | ||||||||
|
|
|||||||
Oklahoma 0.6% | ||||||||
Oklahoma Municipal Power Authority, Power Supply System, Series A, Rev., AGM, 5.00%, 01/01/2026 | 3,500 | 3,729 | ||||||
|
|
|||||||
Oregon 1.0% | ||||||||
Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2024 | 1,100 | 1,126 | ||||||
Portland Community College District, GO, 5.00%, 06/15/2025 | 3,235 | 3,414 | ||||||
Washington & Multnomah Counties School District No. 48J Beaverton, Series B, GO, SCH BD GTY, 5.00%, 06/15/2024 | 2,000 | 2,057 | ||||||
|
|
|||||||
6,597 | ||||||||
|
|
|||||||
Pennsylvania 0.4% | ||||||||
City of Philadelphia Water & Wastewater Revenue, Series C, Rev., 5.00%, 06/01/2025 | 1,355 | 1,421 | ||||||
Lancaster Higher Education Authority, Harrisburg Area Community, Rev., BAM, 5.00%, 10/01/2023 | 600 | 607 | ||||||
Pennsylvania Economic Development Financing Authority, Series A, Rev., 4.00%, 10/15/2023 | 700 | 704 | ||||||
|
|
|||||||
2,732 | ||||||||
|
|
|||||||
Texas 10.9% | ||||||||
Austin Independent School District, GO, 5.00%, 08/01/2025 | 4,500 | 4,755 | ||||||
Board of Regents of the University of Texas System, Financing System, Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co, 3.85%, 04/07/2023 (z) | 23,400 | 23,400 | ||||||
City of Garland Electric Utility System Revenue, Series A, Rev., 5.00%, 03/01/2025 | 2,190 | 2,281 | ||||||
City of Houston Combined Utility System Revenue, Combined First Lien, Rev., VRDO, 3.90%, 04/07/2023 (z) | 16,000 | 16,000 | ||||||
City of Houston Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 3.90%, 04/07/2023 (aa) | 5,000 | 5,000 | ||||||
City of Wichita Falls Water & Sewer System Revenue, Rev., 5.00%, 08/01/2024 | 1,540 | 1,589 | ||||||
Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2023 | 1,600 | 1,614 | ||||||
Cypress-Fairbanks Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025 | 2,140 | 2,237 | ||||||
Fort Worth Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025 | 1,150 | 1,202 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp., Rev., 5.00%, 05/15/2023 | 1,200 | 1,203 | ||||||
Plano Independent School District, GO, 5.00%, 02/15/2025 | 3,600 | 3,764 | ||||||
San Antonio Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024 | 1,375 | 1,420 | ||||||
State of Texas, Transportation Commission Highway, GO, 5.00%, 04/01/2025 | 3,000 | 3,142 | ||||||
Texas A&M University, Financing System, Series E, Rev., 5.00%, 05/15/2025 | 3,000 | 3,158 | ||||||
Texas Public Finance Authority, Rev., 5.00%, 02/01/2025 | 2,980 | 3,113 | ||||||
|
|
|||||||
73,878 | ||||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Utah 0.5% | ||||||||
Central Valley Water Reclamation Facility, Green Bond, Series C, Rev., 5.00%, 03/01/2024 | 500 | 511 | ||||||
City of Salt Lake City Public Utilities Revenue, Rev., 5.00%, 02/01/2025 | 1,550 | 1,619 | ||||||
University of Utah, Green Bonds, Series A, Rev., 5.00%, 08/01/2025 | 925 | 980 | ||||||
|
|
|||||||
3,110 | ||||||||
|
|
|||||||
Virginia 3.2% | ||||||||
Albemarle County Economic Development Authority, Sentara Martha Jefferson, Rev., VRDO, 3.80%, 04/01/2023 (z) | 4,350 | 4,350 | ||||||
Norfolk Economic Development Authority, Sentara Healthcare Obligated Group, | ||||||||
Series A, Rev., VRDO, 4.00%, 04/07/2023 (z) | 6,700 | 6,700 | ||||||
Series B, Rev., VRDO, 3.90%, 04/07/2023 (z) | 9,440 | 9,440 | ||||||
Virginia College Building Authority, 21st Century College, Series E1, Rev., 5.00%, 02/01/2024 | 1,285 | 1,311 | ||||||
|
|
|||||||
21,801 | ||||||||
|
|
|||||||
Washington 3.2% | ||||||||
Central Puget Sound Regional Transit Authority, Green Bonds, Series S1, Rev., 5.00%, 11/01/2025 | 5,000 | 5,325 | ||||||
Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 4.00%, 04/07/2023 (z) | 8,270 | 8,270 | ||||||
Port of Seattle, Private Activity, Rev., AMT, 5.00%, 09/01/2025 | 6,885 | 7,209 | ||||||
Snohomish County School District No. 6 Mukilteo, GO, SCH BD GTY, 5.00%, 12/01/2023 | 1,000 | 1,016 | ||||||
|
|
|||||||
21,820 | ||||||||
|
|
|||||||
Total Municipal Bonds (Cost $467,253) |
465,156 | |||||||
|
|
|||||||
U.S. Government Agency Securities 2.7% | ||||||||
FHLBs, | ||||||||
1.11%, 07/27/2026 | 600 | 545 | ||||||
5.48%, 02/26/2025 | 2,000 | 1,996 | ||||||
5.71%, 03/14/2025 | 2,000 | 2,001 | ||||||
FHLMC, | ||||||||
5.36%, 11/22/2024 | 1,700 | 1,697 | ||||||
5.65%, 03/07/2025 | 4,000 | 4,003 | ||||||
5.68%, 04/03/2025 (w) | 2,000 | 2,003 | ||||||
5.73%, 04/03/2025 (w) | 2,000 | 2,003 | ||||||
5.82%, 03/20/2025 | 2,000 | 2,005 | ||||||
5.95%, 03/21/2025 | 2,000 | 2,005 | ||||||
|
|
|||||||
Total U.S. Government Agency Securities (Cost $18,300) |
18,258 | |||||||
|
|
|||||||
U.S. Treasury Obligation 1.0% | ||||||||
U.S. Treasury Note, 3.25%, 08/31/2024 (ii) (Cost $6,834) |
6,900 | 6,793 | ||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
Short-Term Investments 4.2% | ||||||||
Commercial Papers 0.5% | ||||||||
American Electric Power Co., Inc., 5.02%, 04/11/2023 (e) (n) | 900 | 898 | ||||||
Edison International, | ||||||||
5.59%, 05/11/2023 (e) (n) | 250 | 248 | ||||||
5.59%, 05/19/2023 (e) (n) | 350 | 348 | ||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
5.64%, 05/08/2023 (e) (n) | 1,050 | 1,044 | ||||||
5.64%, 05/09/2023 (e) (n) | 1,050 | 1,044 | ||||||
|
|
|||||||
Total Commercial Papers | 3,582 | |||||||
|
|
|||||||
Corporate Bond 0.5% | ||||||||
Bank of Nova Scotia (The), 0.00%, 05/16/2023 | CAD | 4,900 | 3,603 | |||||
|
|
|||||||
Foreign Government Security 0.3% | ||||||||
Japan Treasury Discount Bill, (Japan), Series 1142, Reg. S, Zero Coupon, 06/12/2023 | JPY | 280,000 | 2,110 | |||||
|
|
|||||||
Municipal Bonds 1.2% (t) | ||||||||
City of Los Angeles, Rev., TRAN, 4.00%, 06/29/2023 | 5,000 | 5,016 | ||||||
County of Los Angeles, Rev., TRAN, 4.00%, 06/30/2023 | 3,000 | 3,010 | ||||||
|
|
|||||||
Total Municipal Bonds | 8,026 | |||||||
|
|
|||||||
Repurchase Agreement 1.3% | ||||||||
BNP Paribas Securities Corp., 4.92%, dated 03/31/2023 due 04/03/2023, repurchase price $8,604 collateralized by U.S. Treasury Security, 1.50%, due 01/31/2027, with a value of $8,800. | 8,600 | 8,600 | ||||||
|
|
|||||||
Time Deposits 0.3% | ||||||||
Australia & New Zealand Banking Group Ltd., | ||||||||
2.20%, 04/03/2023 | AUD | | (h) | | (h) | |||
4.18%, 04/03/2023 | 1,848 | 1,848 | ||||||
BNP Paribas SA, 3.32%, 04/03/2023 | CAD | 250 | 185 | |||||
Brown Brothers Harriman & Co., 3.15%, 04/03/2023 | GBP | 7 | 9 | |||||
Citibank NA, | ||||||||
1.91%, 04/03/2023 | EUR | 2 | 2 | |||||
4.18%, 04/03/2023 | 205 | 205 | ||||||
|
|
|||||||
Total Time Deposits | 2,249 | |||||||
|
|
|||||||
U.S. Treasury Obligation 0.1% | ||||||||
U.S. Treasury Bill, Zero Coupon, 04/06/2023 | 494 | 494 | ||||||
|
|
|||||||
Total Short-Term Investments (Cost $28,607) |
28,664 | |||||||
|
|
|||||||
Total Investments 100.2% (Cost - $688,561)* |
681,957 | |||||||
Liabilities in Excess of Other Assets (0.2)% | (1,141 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% | $ | 680,816 | ||||||
|
|
Percentages indicated are based on net assets.
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023:
Exchange Traded
DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
Long Contracts |
||||||||||||||||||||
SOFR 3 Month |
286 | 12/2023 | USD | 67,463 | 744 | |||||||||||||||
Short Contracts |
||||||||||||||||||||
U.S. Treasury 2 Year Note |
(64 | ) | 06/2023 | USD | (13,115 | ) | (98 | ) | ||||||||||||
U.S. Treasury 5 Year Note |
(147 | ) | 06/2023 | USD | (15,760 | ) | (338 | ) | ||||||||||||
U.S. Treasury Ultra Bond |
(1 | ) | 06/2023 | USD | (137 | ) | (5 | ) | ||||||||||||
U.S. Ultra Treasury 10 Year Note |
(5 | ) | 06/2023 | USD | (590 | ) | (15 | ) | ||||||||||||
|
|
|||||||||||||||||||
(456 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation (depreciation) |
288 | |||||||||||||||||||
|
|
Forward foreign currency exchange contracts outstanding as of March 31, 2023:
CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||||
CAD |
640 | USD | 473 | Bank of America, NA | 04/04/2023 | 1 | ||||||||||||||
GBP |
183 | USD | 223 | Barclays Bank plc | 04/04/2023 | 2 | ||||||||||||||
USD |
2,902 | GBP | 2,349 | Barclays Bank plc | 05/02/2023 | 2 | ||||||||||||||
USD |
11,970 | AUD | 17,287 | Bank of America, NA | 05/16/2023 | 396 | ||||||||||||||
USD |
1,030 | AUD | 1,490 | Bank of America, NA | 05/16/2023 | 33 | ||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation |
|
434 | ||||||||||||||||||
|
|
|||||||||||||||||||
USD |
875 | CAD | 1,190 | Morgan Stanley & Co. | 04/04/2023 | (6 | ) | |||||||||||||
USD |
3,035 | GBP | 2,532 | Bank of America, NA | 04/04/2023 | (89 | ) | |||||||||||||
GBP |
2,349 | USD | 2,900 | Barclays Bank plc | 04/04/2023 | (2 | ) | |||||||||||||
USD |
473 | CAD | 640 | Bank of America, NA | 05/02/2023 | (1 | ) | |||||||||||||
AUD |
389 | USD | 261 | Bank of America, NA | 05/16/2023 | ( | )(h) | |||||||||||||
AUD |
1,516 | USD | 1,053 | Morgan Stanley & Co. | 05/16/2023 | (38 | ) | |||||||||||||
USD |
3,613 | CAD | 4,900 | Bank of America, NA | 05/16/2023 | (15 | ) | |||||||||||||
USD |
2,078 | JPY | 280,000 | Barclays Bank plc | 06/12/2023 | (53 | ) | |||||||||||||
|
|
|||||||||||||||||||
Total unrealized depreciation |
|
(204 | ) | |||||||||||||||||
|
|
|||||||||||||||||||
Net unrealized appreciation (depreciation) |
|
230 | ||||||||||||||||||
|
|
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Centrally Cleared Credit Default Swaps contracts outstanding buy protection (1) as of March 31, 2023:
REFERENCE |
FINANCING RATE PAID BY THE FUND(%) |
PAYMENT FREQUENCY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (2) |
NOTIONAL AMOUNT (3) |
UPFRONT PAYMENTS (RECEIPTS) ($) (4) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
||||||||||||||||||||||||
CDX.NA.IG.40-V1 |
1.00 | % | quarterly | 06/20/2028 | 0.76 | % | USD 11,700 | (108 | ) | (29 | ) | (137 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Total |
|
(108 | ) | (29 | ) | (137 | ) | |||||||||||||||||||||||||
|
|
(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 sellers performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. |
(3) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. |
(4) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
ASX |
| Australian Stock Exchange | ||
AGM |
| Insured by Assured Guaranty Municipal Corp. | ||
AMT |
| Alternative Minimum Tax | ||
BAM |
| Insured by Build America Mutual | ||
BAN |
| Bond Anticipation Note | ||
BBSW |
| Bank Bill Swap Rate | ||
CDX |
| Credit Default Swap Index | ||
CNTY |
| County | ||
FHLB |
| Federal Home Loan Bank | ||
FHLMC |
| Federal Home Loan Mortgage Corp. | ||
FNMA |
| Federal National Mortgage Association | ||
GNMA |
| Government National Mortgage Association | ||
GO |
| General Obligation | ||
GTD |
| Guaranteed | ||
ICE |
| Intercontinental Exchange | ||
LIBOR |
| London Interbank Offered Rate | ||
LIQ |
| Liquidity Agreement | ||
LOC |
| Letter of Credit | ||
PSF |
| Permanent School Fund | ||
Reg. S |
| Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the Securities Act), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | ||
REMICS |
| Real Estate Mortgage Investment Conduit | ||
Rev. |
| Revenue | ||
SCH BD GTY |
| School Bond Guaranty | ||
SIFMA |
| Securities Industry and Financial Markets Association | ||
SOFR |
| Secured Overnight Financing Rate | ||
SONIA |
| Sterling Overnight Interbank Average Rate | ||
SUB |
| Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023. | ||
TRAN |
| Tax & Revenue Anticipation Note | ||
VRDO |
| Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2023. | ||
(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. |
Six Circles Tax Aware Ultra Short Duration Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)
(n) |
| The rate shown is the effective yield as of March 31, 2023. | ||
(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, 2023. | ||
(aa) |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023. | ||
(ii) |
| Approximately $64 of this investment is restricted as collateral for forwards to Barclays Bank plc. | ||
* |
| The cost of securities is substantially the same for federal income tax purposes. | ||
AUD |
| Australian Dollar | ||
CAD |
| Canadian Dollar | ||
EUR |
| Euro | ||
GBP |
| British Pound | ||
JPY |
| Japanese Yen | ||
USD |
| United States Dollar |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks 99.3% |
||||||||
Basic Materials 0.3% |
||||||||
Chemicals 0.2% |
||||||||
Air Products & Chemicals, Inc. |
13 | 3,727 | ||||||
Albemarle Corp. |
7 | 1,487 | ||||||
Celanese Corp., Class A |
5 | 518 | ||||||
CF Industries Holdings, Inc. |
12 | 858 | ||||||
Dow, Inc. |
48 | 2,652 | ||||||
DuPont de Nemours, Inc. |
36 | 2,575 | ||||||
Eastman Chemical Co. |
7 | 562 | ||||||
Ecolab, Inc. |
16 | 2,620 | ||||||
FMC Corp. |
6 | 743 | ||||||
International Flavors & Fragrances, Inc. |
13 | 1,221 | ||||||
Linde plc |
31 | 11,022 | ||||||
LyondellBasell Industries NV, Class A |
17 | 1,620 | ||||||
Mosaic Co. (The) |
22 | 1,005 | ||||||
PPG Industries, Inc. |
15 | 1,967 | ||||||
RPM International, Inc. |
6 | 504 | ||||||
Sherwin-Williams Co. (The) |
14 | 3,171 | ||||||
Westlake Corp. |
3 | 306 | ||||||
|
|
|||||||
36,558 | ||||||||
|
|
|||||||
Forest Products & Paper 0.0% (g) |
||||||||
International Paper Co. |
32 | 1,149 | ||||||
|
|
|||||||
Iron/Steel 0.0% (g) |
||||||||
Cleveland-Cliffs, Inc. (a) |
31 | 568 | ||||||
Nucor Corp. |
16 | 2,508 | ||||||
Reliance Steel & Aluminum Co. |
4 | 1,049 | ||||||
Steel Dynamics, Inc. |
11 | 1,292 | ||||||
|
|
|||||||
5,417 | ||||||||
|
|
|||||||
Mining 0.1% |
||||||||
Alcoa Corp. |
10 | 412 | ||||||
Freeport-McMoRan, Inc. |
81 | 3,327 | ||||||
Newmont Corp. |
43 | 2,121 | ||||||
|
|
|||||||
5,860 | ||||||||
|
|
|||||||
Total Basic Materials |
48,984 | |||||||
|
|
|||||||
Communications 16.7% |
||||||||
Advertising 0.0% (g) |
||||||||
Interpublic Group of Cos., Inc. (The) |
25 | 938 | ||||||
Omnicom Group, Inc. |
14 | 1,290 | ||||||
Trade Desk, Inc. (The), Class A (a) |
27 | 1,661 | ||||||
|
|
|||||||
3,889 | ||||||||
|
|
|||||||
Internet 15.5% |
||||||||
Airbnb, Inc., Class A (a) |
23 | 2,834 | ||||||
Alphabet, Inc., Class A (a) |
4,811 | 499,062 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Internet continued |
||||||||
Alphabet, Inc., Class C (a) |
4,412 | 458,803 | ||||||
Amazon.com, Inc. (a) |
8,495 | 877,440 | ||||||
Booking Holdings, Inc. (a) |
2 | 6,233 | ||||||
CDW Corp. |
52 | 10,103 | ||||||
Chewy, Inc., Class A (a) |
87 | 3,269 | ||||||
DoorDash, Inc., Class A (a) |
216 | 13,729 | ||||||
eBay, Inc. |
500 | 22,168 | ||||||
Etsy, Inc. (a) |
115 | 12,828 | ||||||
Expedia Group, Inc. (a) |
9 | 917 | ||||||
F5, Inc. (a) |
25 | 3,572 | ||||||
Gen Digital, Inc. |
516 | 8,861 | ||||||
GoDaddy, Inc., Class A (a) |
7 | 524 | ||||||
Marqeta, Inc., Class A (a) |
306 | 1,400 | ||||||
Match Group, Inc. (a) |
219 | 8,420 | ||||||
MercadoLibre, Inc., (Uruguay) (a) |
42 | 55,146 | ||||||
Meta Platforms, Inc., Class A (a) |
1,810 | 383,661 | ||||||
Netflix, Inc. (a) |
27 | 9,314 | ||||||
Okta, Inc., Class A (a) |
9 | 779 | ||||||
Palo Alto Networks, Inc. (a) |
274 | 54,790 | ||||||
Pinterest, Inc., Class A (a) |
472 | 12,860 | ||||||
Roku, Inc., Class A (a) |
8 | 518 | ||||||
Snap, Inc., Class A (a) |
874 | 9,799 | ||||||
Uber Technologies, Inc. (a) |
92 | 2,920 | ||||||
VeriSign, Inc. (a) |
5 | 1,005 | ||||||
Zillow Group, Inc., Class C (a) |
11 | 495 | ||||||
|
|
|||||||
2,461,450 | ||||||||
|
|
|||||||
Media 0.2% |
||||||||
Charter Communications, Inc., Class A (a) |
6 | 2,169 | ||||||
Comcast Corp., Class A |
267 | 10,132 | ||||||
DISH Network Corp., Class A (a) |
16 | 146 | ||||||
FactSet Research Systems, Inc. |
20 | 8,302 | ||||||
Fox Corp., Class A |
26 | 899 | ||||||
Fox Corp., Class B |
3 | 87 | ||||||
Liberty Broadband Corp., Class C (a) |
6 | 519 | ||||||
Liberty Global plc, (United Kingdom), Class A (a) |
20 | 384 | ||||||
Liberty Global plc, (United Kingdom), Class C (a) |
10 | 200 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (a) |
12 | 932 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A (a) |
1 | 30 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C (a) |
7 | 189 | ||||||
News Corp., Class A |
24 | 422 | ||||||
Paramount Global, Class B |
42 | 931 | ||||||
Sirius XM Holdings, Inc. |
3 | 12 | ||||||
Walt Disney Co. (The) (a) |
113 | 11,364 | ||||||
Warner Bros Discovery, Inc. (a) |
144 | 2,171 | ||||||
|
|
|||||||
38,889 | ||||||||
|
|
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Telecommunications 1.0% |
||||||||
Arista Networks, Inc. (a) |
95 | 15,961 | ||||||
AT&T, Inc. |
439 | 8,443 | ||||||
Cisco Systems, Inc. |
1,605 | 83,890 | ||||||
Corning, Inc. |
319 | 11,239 | ||||||
Juniper Networks, Inc. |
128 | 4,415 | ||||||
Motorola Solutions, Inc. |
64 | 18,375 | ||||||
T-Mobile US, Inc. (a) |
37 | 5,362 | ||||||
Verizon Communications, Inc. |
257 | 10,013 | ||||||
|
|
|||||||
157,698 | ||||||||
|
|
|||||||
Total Communications |
2,661,926 | |||||||
|
|
|||||||
Consumer Cyclical 1.3% |
||||||||
Airlines 0.0% (g) |
||||||||
Delta Air Lines, Inc. (a) |
15 | 508 | ||||||
Southwest Airlines Co. |
16 | 509 | ||||||
|
|
|||||||
1,017 | ||||||||
|
|
|||||||
Apparel 0.1% |
||||||||
NIKE, Inc., Class B |
79 | 9,644 | ||||||
VF Corp. |
17 | 400 | ||||||
|
|
|||||||
10,044 | ||||||||
|
|
|||||||
Auto Manufacturers 0.3% |
||||||||
Cummins, Inc. |
10 | 2,279 | ||||||
Ford Motor Co. |
244 | 3,074 | ||||||
General Motors Co. |
94 | 3,446 | ||||||
Lucid Group, Inc. (a) |
16 | 130 | ||||||
PACCAR, Inc. |
32 | 2,362 | ||||||
Rivian Automotive, Inc., Class A (a) |
18 | 275 | ||||||
Tesla, Inc. (a) |
162 | 33,633 | ||||||
|
|
|||||||
45,199 | ||||||||
|
|
|||||||
Auto Parts & Equipment 0.0% (g) |
||||||||
Aptiv plc, (Ireland) (a) |
16 | 1,828 | ||||||
BorgWarner, Inc. |
14 | 699 | ||||||
Lear Corp. |
4 | 539 | ||||||
|
|
|||||||
3,066 | ||||||||
|
|
|||||||
Distribution/Wholesale 0.1% |
||||||||
Copart, Inc. (a) |
26 | 1,984 | ||||||
Fastenal Co. |
32 | 1,720 | ||||||
Ferguson plc, (United Kingdom) |
13 | 1,713 | ||||||
LKQ Corp. |
18 | 1,025 | ||||||
Pool Corp. |
2 | 612 | ||||||
WW Grainger, Inc. |
3 | 1,923 | ||||||
|
|
|||||||
8,977 | ||||||||
|
|
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Entertainment 0.0% (g) |
||||||||
Caesars Entertainment, Inc. (a) |
11 | 525 | ||||||
Live Nation Entertainment, Inc. (a) |
10 | 677 | ||||||
Vail Resorts, Inc. |
2 | 505 | ||||||
|
|
|||||||
1,707 | ||||||||
|
|
|||||||
Food Service 0.0% (g) |
||||||||
Aramark |
13 | 466 | ||||||
|
|
|||||||
Home Builders 0.0% (g) |
||||||||
DR Horton, Inc. |
18 | 1,714 | ||||||
Lennar Corp., Class A |
18 | 1,911 | ||||||
NVR, Inc. (a) |
| (h) | 814 | |||||
PulteGroup, Inc. |
10 | 591 | ||||||
|
|
|||||||
5,030 | ||||||||
|
|
|||||||
Home Furnishings 0.0% (g) |
||||||||
Whirlpool Corp. |
3 | 352 | ||||||
|
|
|||||||
Housewares 0.0% (g) |
||||||||
Newell Brands, Inc. |
25 | 310 | ||||||
|
|
|||||||
Leisure Time 0.0% (g) |
||||||||
Carnival Corp. (a) |
67 | 676 | ||||||
Royal Caribbean Cruises Ltd. (a) |
15 | 975 | ||||||
|
|
|||||||
1,651 | ||||||||
|
|
|||||||
Lodging 0.1% |
||||||||
Hilton Worldwide Holdings, Inc. |
17 | 2,408 | ||||||
Las Vegas Sands Corp. (a) |
22 | 1,254 | ||||||
Marriott International, Inc., Class A |
17 | 2,905 | ||||||
MGM Resorts International |
28 | 1,233 | ||||||
Wynn Resorts Ltd. (a) |
7 | 759 | ||||||
|
|
|||||||
8,559 | ||||||||
|
|
|||||||
Retail 0.7% |
||||||||
Advance Auto Parts, Inc. |
4 | 490 | ||||||
AutoZone, Inc. (a) |
1 | 2,625 | ||||||
Bath & Body Works, Inc. |
12 | 442 | ||||||
Best Buy Co., Inc. |
15 | 1,140 | ||||||
Burlington Stores, Inc. (a) |
4 | 789 | ||||||
CarMax, Inc. (a) |
10 | 619 | ||||||
Chipotle Mexican Grill, Inc., Class A (a) |
2 | 2,998 | ||||||
Costco Wholesale Corp. |
27 | 13,471 | ||||||
Darden Restaurants, Inc. |
10 | 1,584 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Retail continued |
||||||||
Dollar General Corp. |
14 | 2,938 | ||||||
Dollar Tree, Inc. (a) |
14 | 2,018 | ||||||
Dominos Pizza, Inc. |
1 | 494 | ||||||
Genuine Parts Co. |
10 | 1,618 | ||||||
Home Depot, Inc. (The) |
61 | 18,001 | ||||||
Lowes Cos., Inc. |
37 | 7,354 | ||||||
Lululemon Athletica, Inc., (Canada) (a) |
7 | 2,549 | ||||||
McDonalds Corp. |
45 | 12,619 | ||||||
OReilly Automotive, Inc. (a) |
4 | 3,050 | ||||||
Ross Stores, Inc. |
20 | 2,172 | ||||||
Starbucks Corp. |
70 | 7,256 | ||||||
Target Corp. |
29 | 4,801 | ||||||
TJX Cos., Inc. (The) |
72 | 5,617 | ||||||
Tractor Supply Co. |
7 | 1,567 | ||||||
Ulta Beauty, Inc. (a) |
3 | 1,668 | ||||||
Walgreens Boots Alliance, Inc. |
45 | 1,558 | ||||||
Walmart, Inc. |
93 | 13,715 | ||||||
Yum! Brands, Inc. |
15 | 2,033 | ||||||
|
|
|||||||
115,186 | ||||||||
|
|
|||||||
Toys/Games/Hobbies 0.0% (g) |
||||||||
Hasbro, Inc. |
7 | 388 | ||||||
|
|
|||||||
Total Consumer Cyclical |
201,952 | |||||||
|
|
|||||||
Consumer Non-cyclical 26.0% |
||||||||
Agriculture 0.1% |
||||||||
Altria Group, Inc. |
106 | 4,733 | ||||||
Archer-Daniels-Midland Co. |
36 | 2,851 | ||||||
Bunge Ltd. |
11 | 1,058 | ||||||
Darling Ingredients, Inc. (a) |
8 | 484 | ||||||
Philip Morris International, Inc. |
91 | 8,876 | ||||||
|
|
|||||||
18,002 | ||||||||
|
|
|||||||
Beverages 2.2% |
||||||||
Brown-Forman Corp., Class B |
168 | 10,794 | ||||||
Coca-Cola Co. (The) |
2,270 | 140,836 | ||||||
Constellation Brands, Inc., Class A |
92 | 20,672 | ||||||
Keurig Dr Pepper, Inc. |
435 | 15,355 | ||||||
Molson Coors Beverage Co., Class B |
107 | 5,533 | ||||||
Monster Beverage Corp. (a) |
430 | 23,225 | ||||||
PepsiCo., Inc. |
762 | 138,968 | ||||||
|
|
|||||||
355,383 | ||||||||
|
|
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 0.5% |
||||||||
Alnylam Pharmaceuticals, Inc. (a) |
7 | 1,453 | ||||||
Amgen, Inc. |
32 | 7,811 | ||||||
Biogen, Inc. (a) |
9 | 2,497 | ||||||
BioMarin Pharmaceutical, Inc. (a) |
11 | 1,061 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) |
20 | 9,365 | ||||||
Corteva, Inc. |
47 | 2,834 | ||||||
Gilead Sciences, Inc. |
76 | 6,325 | ||||||
Horizon Therapeutics plc (a) |
12 | 1,362 | ||||||
Illumina, Inc. (a) |
138 | 31,999 | ||||||
Incyte Corp. (a) |
9 | 619 | ||||||
Moderna, Inc. (a) |
20 | 3,001 | ||||||
Regeneron Pharmaceuticals, Inc. (a) |
7 | 5,412 | ||||||
Royalty Pharma plc, Class A |
15 | 545 | ||||||
Seagen, Inc. (a) |
9 | 1,819 | ||||||
United Therapeutics Corp. (a) |
3 | 601 | ||||||
Vertex Pharmaceuticals, Inc. (a) |
15 | 4,861 | ||||||
|
|
|||||||
81,565 | ||||||||
|
|
|||||||
Commercial Services 2.2% |
||||||||
Affirm Holdings, Inc., Class A (a) |
143 | 1,616 | ||||||
Automatic Data Processing, Inc. |
326 | 72,631 | ||||||
Block, Inc., Class A (a) |
422 | 28,948 | ||||||
Booz Allen Hamilton Holding Corp., Class A |
6 | 545 | ||||||
Cass Information Systems, Inc. |
9 | 398 | ||||||
Cintas Corp. |
6 | 2,764 | ||||||
Clarivate plc, (United Kingdom) (a) |
11 | 100 | ||||||
CoStar Group, Inc. (a) |
22 | 1,517 | ||||||
Equifax, Inc. |
7 | 1,405 | ||||||
Euronet Worldwide, Inc. (a) |
36 | 4,019 | ||||||
EVERTEC, Inc., (Puerto Rico) |
40 | 1,341 | ||||||
FleetCor Technologies, Inc. (a) |
54 | 11,463 | ||||||
Flywire Corp. (a) |
23 | 681 | ||||||
Gartner, Inc. (a) |
4 | 1,354 | ||||||
Global Payments, Inc. |
213 | 22,402 | ||||||
I3 Verticals, Inc., Class A (a) |
16 | 396 | ||||||
MarketAxess Holdings, Inc. |
20 | 7,872 | ||||||
MoneyGram International, Inc. (a) |
61 | 633 | ||||||
Moodys Corp. |
90 | 27,535 | ||||||
Paylocity Holding Corp. (a) |
37 | 7,334 | ||||||
Paymentus Holdings, Inc., Class A (a) |
13 | 114 | ||||||
Payoneer Global, Inc. (a) |
146 | 914 | ||||||
PayPal Holdings, Inc. (a) |
851 | 64,613 | ||||||
Quanta Services, Inc. |
9 | 1,464 | ||||||
Remitly Global, Inc. (a) |
62 | 1,047 | ||||||
Repay Holdings Corp., Class A (a) |
63 | 413 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Robert Half International, Inc. |
6 | 502 | ||||||
Rollins, Inc. |
10 | 363 | ||||||
S&P Global, Inc. |
186 | 64,054 | ||||||
Sabre Corp. (a) |
229 | 983 | ||||||
Shift4 Payments, Inc., Class A (a) |
36 | 2,754 | ||||||
Toast, Inc., Class A (a) |
197 | 3,495 | ||||||
TransUnion |
11 | 666 | ||||||
U-Haul Holding Co. |
3 | 157 | ||||||
United Rentals, Inc. |
4 | 1,653 | ||||||
Verisk Analytics, Inc., Class A |
9 | 1,664 | ||||||
WEX, Inc. (a) |
32 | 5,806 | ||||||
|
|
|||||||
345,616 | ||||||||
|
|
|||||||
Cosmetics/Personal Care 0.2% |
||||||||
Colgate-Palmolive Co. |
45 | 3,378 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
14 | 3,419 | ||||||
Procter & Gamble Co. (The) |
146 | 21,692 | ||||||
|
|
|||||||
28,489 | ||||||||
|
|
|||||||
Food 0.2% |
||||||||
Campbell Soup Co. |
10 | 540 | ||||||
Conagra Brands, Inc. |
26 | 976 | ||||||
General Mills, Inc. |
37 | 3,142 | ||||||
Hershey Co. (The) |
8 | 2,084 | ||||||
Hormel Foods Corp. |
15 | 597 | ||||||
J M Smucker Co. (The) |
7 | 1,065 | ||||||
Kellogg Co. |
15 | 1,009 | ||||||
Kraft Heinz Co. (The) |
51 | 1,989 | ||||||
Kroger Co. (The) |
40 | 1,986 | ||||||
Lamb Weston Holdings, Inc. |
7 | 696 | ||||||
McCormick & Co., Inc. |
13 | 1,053 | ||||||
Mondelez International, Inc., Class A |
89 | 6,195 | ||||||
Sysco Corp. |
28 | 2,150 | ||||||
Tyson Foods, Inc., Class A |
21 | 1,266 | ||||||
|
|
|||||||
24,748 | ||||||||
|
|
|||||||
Healthcare - Products 3.0% |
||||||||
Abbott Laboratories |
109 | 11,037 | ||||||
Align Technology, Inc. (a) |
5 | 1,533 | ||||||
Avantor, Inc. (a) |
587 | 12,414 | ||||||
Baxter International, Inc. |
28 | 1,124 | ||||||
Bio-Techne Corp. |
136 | 10,099 | ||||||
Boston Scientific Corp. (a) |
93 | 4,629 | ||||||
Cooper Cos., Inc. (The) |
3 | 952 | ||||||
Danaher Corp. |
603 | 152,064 | ||||||
DENTSPLY SIRONA, Inc. |
15 | 600 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Edwards Lifesciences Corp. (a) |
38 | 3,132 | ||||||
Exact Sciences Corp. (a) |
11 | 718 | ||||||
GE HealthCare Technologies, Inc. (a) |
23 | 1,848 | ||||||
Hologic, Inc. (a) |
14 | 1,106 | ||||||
IDEXX Laboratories, Inc. (a) |
5 | 2,281 | ||||||
Insulet Corp. (a) |
3 | 1,099 | ||||||
Intuitive Surgical, Inc. (a) |
21 | 5,458 | ||||||
Masimo Corp. (a) |
2 | 411 | ||||||
Medtronic plc, (Ireland) |
84 | 6,741 | ||||||
Novocure Ltd., (Jersey, Channel Islands) (a) |
4 | 262 | ||||||
PerkinElmer, Inc. |
110 | 14,724 | ||||||
Repligen Corp. (a) |
45 | 7,646 | ||||||
ResMed, Inc. |
8 | 1,739 | ||||||
STERIS plc |
5 | 1,033 | ||||||
Stryker Corp. |
21 | 6,017 | ||||||
Teleflex, Inc. |
3 | 703 | ||||||
Thermo Fisher Scientific, Inc. |
342 | 197,208 | ||||||
Waters Corp. (a) |
51 | 15,830 | ||||||
West Pharmaceutical Services, Inc. |
65 | 22,377 | ||||||
Zimmer Biomet Holdings, Inc. |
14 | 1,835 | ||||||
|
|
|||||||
486,620 | ||||||||
|
|
|||||||
Healthcare - Services 7.2% |
||||||||
Catalent, Inc. (a) |
202 | 13,302 | ||||||
Centene Corp. (a) |
895 | 56,568 | ||||||
Charles River Laboratories International, Inc. (a) |
44 | 8,934 | ||||||
DaVita, Inc. (a) |
3 | 229 | ||||||
Elevance Health, Inc. |
389 | 178,878 | ||||||
HCA Healthcare, Inc. |
13 | 3,377 | ||||||
Humana, Inc. |
204 | 98,837 | ||||||
IQVIA Holdings, Inc. (a) |
162 | 32,243 | ||||||
Laboratory Corp. of America Holdings |
6 | 1,346 | ||||||
Molina Healthcare, Inc. (a) |
94 | 25,232 | ||||||
Quest Diagnostics, Inc. |
7 | 932 | ||||||
UnitedHealth Group, Inc. |
1,521 | 719,006 | ||||||
Universal Health Services, Inc., Class B |
4 | 445 | ||||||
|
|
|||||||
1,139,329 | ||||||||
|
|
|||||||
Household Products/Wares 0.0% (g) |
||||||||
Avery Dennison Corp. |
4 | 774 | ||||||
Church & Dwight Co., Inc. |
14 | 1,204 | ||||||
Clorox Co. (The) |
6 | 984 | ||||||
Kimberly-Clark Corp. |
19 | 2,510 | ||||||
|
|
|||||||
5,472 | ||||||||
|
|
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 10.4% |
||||||||
AbbVie, Inc. |
107 | 17,039 | ||||||
AmerisourceBergen Corp. |
9 | 1,446 | ||||||
Becton Dickinson and Co. |
18 | 4,433 | ||||||
Bristol-Myers Squibb Co. |
2,413 | 167,251 | ||||||
Cardinal Health, Inc. |
17 | 1,269 | ||||||
Cigna Group (The) |
19 | 4,818 | ||||||
CVS Health Corp. |
84 | 6,264 | ||||||
Dexcom, Inc. (a) |
23 | 2,651 | ||||||
Elanco Animal Health, Inc. (a) |
10 | 90 | ||||||
Eli Lilly & Co. |
895 | 307,434 | ||||||
Henry Schein, Inc. (a) |
8 | 621 | ||||||
Jazz Pharmaceuticals plc, (Ireland) (a) |
2 | 337 | ||||||
Johnson & Johnson |
2,967 | 459,921 | ||||||
McKesson Corp. |
9 | 3,197 | ||||||
Merck & Co., Inc. |
2,878 | 306,158 | ||||||
Neurocrine Biosciences, Inc. (a) |
5 | 531 | ||||||
Organon & Co. |
270 | 6,339 | ||||||
Pfizer, Inc. |
6,370 | 259,902 | ||||||
Viatris, Inc. |
1,373 | 13,211 | ||||||
Zoetis, Inc., Class A |
528 | 87,859 | ||||||
|
|
|||||||
1,650,771 | ||||||||
|
|
|||||||
Total Consumer Non-cyclical |
4,135,995 | |||||||
|
|
|||||||
Energy 0.8% |
||||||||
Energy - Alternate Sources 0.1% |
||||||||
Enphase Energy, Inc. (a) |
43 | 8,975 | ||||||
First Solar, Inc. (a) |
30 | 6,603 | ||||||
Plug Power, Inc. (a) |
29 | 335 | ||||||
SolarEdge Technologies, Inc., (Israel) (a) |
18 | 5,324 | ||||||
|
|
|||||||
21,237 | ||||||||
|
|
|||||||
Oil & Gas 0.5% |
||||||||
APA Corp. |
16 | 569 | ||||||
Chesapeake Energy Corp. |
6 | 452 | ||||||
Chevron Corp. |
113 | 18,385 | ||||||
ConocoPhillips |
79 | 7,795 | ||||||
Coterra Energy, Inc. |
45 | 1,098 | ||||||
Devon Energy Corp. |
36 | 1,820 | ||||||
Diamondback Energy, Inc. |
10 | 1,373 | ||||||
EOG Resources, Inc. |
38 | 4,311 | ||||||
EQT Corp. |
21 | 660 | ||||||
Exxon Mobil Corp. |
251 | 27,552 | ||||||
Hess Corp. |
16 | 2,155 | ||||||
HF Sinclair Corp. |
17 | 822 | ||||||
Marathon Oil Corp. |
46 | 1,102 | ||||||
Marathon Petroleum Corp. |
30 | 4,062 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Occidental Petroleum Corp. |
44 | 2,757 | ||||||
Ovintiv, Inc. |
14 | 505 | ||||||
Phillips 66 |
30 | 3,049 | ||||||
Pioneer Natural Resources Co. |
14 | 2,835 | ||||||
Texas Pacific Land Corp. |
| (h) | 475 | |||||
Valero Energy Corp. |
24 | 3,310 | ||||||
|
|
|||||||
85,087 | ||||||||
|
|
|||||||
Oil & Gas Services 0.1% |
||||||||
Baker Hughes Co., Class A |
63 | 1,830 | ||||||
Halliburton Co. |
49 | 1,561 | ||||||
Schlumberger NV |
89 | 4,357 | ||||||
|
|
|||||||
7,748 | ||||||||
|
|
|||||||
Pipelines 0.1% |
||||||||
Cheniere Energy, Inc. |
12 | 1,947 | ||||||
Kinder Morgan, Inc. |
112 | 1,968 | ||||||
ONEOK, Inc. |
24 | 1,521 | ||||||
Targa Resources Corp. |
10 | 763 | ||||||
Williams Cos., Inc. (The) |
67 | 1,994 | ||||||
|
|
|||||||
8,193 | ||||||||
|
|
|||||||
Total Energy |
122,265 | |||||||
|
|
|||||||
Financial 15.3% |
||||||||
Banks 4.1% |
||||||||
Bank of America Corp. |
4,174 | 119,372 | ||||||
Bank of New York Mellon Corp. (The) |
535 | 24,301 | ||||||
Citigroup, Inc. |
1,184 | 55,539 | ||||||
Citizens Financial Group, Inc. |
404 | 12,264 | ||||||
Fifth Third Bancorp |
532 | 14,184 | ||||||
First Citizens BancShares, Inc., Class A |
13 | 12,985 | ||||||
First Horizon Corp. |
313 | 5,564 | ||||||
First Republic Bank |
146 | 2,041 | ||||||
Goldman Sachs Group, Inc. (The) |
203 | 66,492 | ||||||
Huntington Bancshares, Inc. |
1,161 | 13,004 | ||||||
KeyCorp. |
818 | 10,243 | ||||||
M&T Bank Corp. |
131 | 15,680 | ||||||
Morgan Stanley |
760 | 66,753 | ||||||
Northern Trust Corp. |
165 | 14,533 | ||||||
PNC Financial Services Group, Inc. (The) |
259 | 32,888 | ||||||
Regions Financial Corp. |
755 | 14,020 | ||||||
State Street Corp. |
228 | 17,235 | ||||||
Truist Financial Corp. |
854 | 29,133 | ||||||
US Bancorp |
899 | 32,402 | ||||||
Webster Financial Corp. |
199 | 7,830 | ||||||
Wells Fargo & Co. |
2,237 | 83,601 | ||||||
|
|
|||||||
650,064 | ||||||||
|
|
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 5.9% |
||||||||
Ally Financial, Inc. |
270 | 6,885 | ||||||
American Express Co. |
365 | 60,247 | ||||||
Ameriprise Financial, Inc. |
71 | 21,681 | ||||||
Apollo Global Management, Inc. |
217 | 13,710 | ||||||
BlackRock, Inc., Class A |
66 | 44,495 | ||||||
Capital One Financial Corp. |
262 | 25,179 | ||||||
Cboe Global Markets, Inc. |
57 | 7,665 | ||||||
Charles Schwab Corp. (The) |
872 | 45,668 | ||||||
CME Group, Inc., Class A |
208 | 39,783 | ||||||
Coinbase Global, Inc., Class A (a) |
65 | 4,389 | ||||||
Discover Financial Services |
201 | 19,832 | ||||||
Franklin Resources, Inc. |
258 | 6,955 | ||||||
Intercontinental Exchange, Inc. |
314 | 32,725 | ||||||
International Money Express, Inc. (a) |
24 | 606 | ||||||
Invesco Ltd. |
332 | 5,440 | ||||||
LPL Financial Holdings, Inc. |
43 | 8,789 | ||||||
Mastercard, Inc., Class A |
673 | 244,717 | ||||||
Nasdaq, Inc. |
224 | 12,254 | ||||||
Raymond James Financial, Inc. |
114 | 10,668 | ||||||
SEI Investments Co. |
59 | 3,378 | ||||||
Synchrony Financial |
399 | 11,590 | ||||||
T Rowe Price Group, Inc. |
169 | 19,096 | ||||||
Tradeweb Markets, Inc., Class A |
57 | 4,511 | ||||||
Visa, Inc., Class A |
1,279 | 288,384 | ||||||
Western Union Co. (The) |
248 | 2,761 | ||||||
|
|
|||||||
941,408 | ||||||||
|
|
|||||||
Insurance 4.5% |
||||||||
Aflac, Inc. |
403 | 26,007 | ||||||
Allstate Corp. (The) |
187 | 20,711 | ||||||
American Financial Group, Inc. |
68 | 8,321 | ||||||
American International Group, Inc. |
501 | 25,214 | ||||||
Aon plc, Class A |
115 | 36,315 | ||||||
Arch Capital Group Ltd., (Bermuda) (a) |
201 | 13,647 | ||||||
Arthur J Gallagher & Co. |
115 | 21,917 | ||||||
Assurant, Inc. |
32 | 3,802 | ||||||
Berkshire Hathaway, Inc., Class B (a) |
742 | 229,076 | ||||||
Brown & Brown, Inc. |
126 | 7,244 | ||||||
Chubb Ltd., (Switzerland) |
231 | 44,897 | ||||||
Cincinnati Financial Corp. |
102 | 11,423 | ||||||
Equitable Holdings, Inc. |
212 | 5,376 | ||||||
Erie Indemnity Co., Class A |
12 | 2,837 | ||||||
Everest Re Group Ltd., (Bermuda) |
34 | 12,298 | ||||||
Fidelity National Financial, Inc. |
206 | 7,193 | ||||||
Globe Life, Inc. |
91 | 10,021 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Hartford Financial Services Group, Inc. (The) |
243 | 16,949 | ||||||
Loews Corp. |
201 | 11,652 | ||||||
Markel Corp. (a) |
7 | 9,302 | ||||||
Marsh & McLennan Cos., Inc. |
273 | 45,420 | ||||||
MetLife, Inc. |
448 | 25,939 | ||||||
Principal Financial Group, Inc. |
154 | 11,473 | ||||||
Progressive Corp. (The) |
363 | 51,881 | ||||||
Prudential Financial, Inc. |
206 | 17,020 | ||||||
Travelers Cos., Inc. (The) |
159 | 27,332 | ||||||
Willis Towers Watson plc, (United Kingdom) |
65 | 14,991 | ||||||
WR Berkley Corp. |
143 | 8,895 | ||||||
|
|
|||||||
727,153 | ||||||||
|
|
|||||||
Private Equity 0.4% |
||||||||
Ares Management Corp., Class A |
81 | 6,727 | ||||||
Blackstone, Inc. |
387 | 34,025 | ||||||
Carlyle Group, Inc. (The) |
129 | 4,010 | ||||||
KKR & Co., Inc. |
304 | 15,989 | ||||||
|
|
|||||||
60,751 | ||||||||
|
|
|||||||
Real Estate 0.0% (g) |
||||||||
CBRE Group, Inc., Class A (a) |
24 | 1,759 | ||||||
|
|
|||||||
REITS 0.4% |
||||||||
Alexandria Real Estate Equities, Inc. |
10 | 1,259 | ||||||
American Homes 4 Rent, Class A |
16 | 513 | ||||||
American Tower Corp. |
27 | 5,587 | ||||||
Annaly Capital Management, Inc. |
254 | 4,851 | ||||||
AvalonBay Communities, Inc. |
10 | 1,682 | ||||||
Boston Properties, Inc. |
8 | 421 | ||||||
Camden Property Trust |
5 | 514 | ||||||
Crown Castle, Inc. |
25 | 3,405 | ||||||
Digital Realty Trust, Inc. |
18 | 1,809 | ||||||
Equinix, Inc. |
6 | 4,103 | ||||||
Equity LifeStyle Properties, Inc. |
8 | 518 | ||||||
Equity Residential |
27 | 1,641 | ||||||
Essex Property Trust, Inc. |
4 | 882 | ||||||
Extra Space Storage, Inc. |
8 | 1,226 | ||||||
Gaming and Leisure Properties, Inc. |
12 | 616 | ||||||
Healthcare Realty Trust, Inc., Class A |
12 | 241 | ||||||
Healthpeak Properties, Inc. |
32 | 699 | ||||||
Host Hotels & Resorts, Inc. |
46 | 751 | ||||||
Invitation Homes, Inc. |
43 | 1,328 | ||||||
Iron Mountain, Inc. |
14 | 733 | ||||||
Kimco Realty Corp. |
31 | 609 | ||||||
Medical Properties Trust, Inc. |
25 | 206 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Mid-America Apartment Communities, Inc. |
9 | 1,323 | ||||||
Prologis, Inc. |
58 | 7,213 | ||||||
Public Storage |
9 | 2,840 | ||||||
Realty Income Corp. |
37 | 2,371 | ||||||
Regency Centers Corp. |
9 | 526 | ||||||
SBA Communications Corp., Class A |
6 | 1,474 | ||||||
Simon Property Group, Inc. |
19 | 2,083 | ||||||
Sun Communities, Inc. |
7 | 949 | ||||||
UDR, Inc. |
19 | 782 | ||||||
Ventas, Inc. |
25 | 1,102 | ||||||
VICI Properties, Inc., Class A |
52 | 1,698 | ||||||
Welltower, Inc. |
30 | 2,166 | ||||||
Weyerhaeuser Co. |
58 | 1,737 | ||||||
WP Carey, Inc. |
10 | 790 | ||||||
|
|
|||||||
60,648 | ||||||||
|
|
|||||||
Total Financial |
2,441,783 | |||||||
|
|
|||||||
Industrial 6.5% |
||||||||
Aerospace/Defense 0.2% |
||||||||
Boeing Co. (The) (a) |
35 | 7,342 | ||||||
General Dynamics Corp. |
16 | 3,630 | ||||||
HEICO Corp. |
2 | 258 | ||||||
HEICO Corp., Class A |
3 | 406 | ||||||
Howmet Aerospace, Inc. |
22 | 947 | ||||||
L3Harris Technologies, Inc. |
12 | 2,292 | ||||||
Lockheed Martin Corp. |
15 | 6,863 | ||||||
Northrop Grumman Corp. |
9 | 4,185 | ||||||
Raytheon Technologies Corp. |
93 | 9,099 | ||||||
TransDigm Group, Inc. |
3 | 2,096 | ||||||
|
|
|||||||
37,118 | ||||||||
|
|
|||||||
Building Materials 0.1% |
||||||||
Carrier Global Corp. |
53 | 2,427 | ||||||
Fortune Brands Innovations, Inc. |
8 | 471 | ||||||
Johnson Controls International plc |
43 | 2,569 | ||||||
Lennox International, Inc. |
1 | 276 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Building Materials continued |
||||||||
Martin Marietta Materials, Inc. |
4 | 1,460 | ||||||
Masco Corp. |
11 | 567 | ||||||
Mohawk Industries, Inc. (a) |
4 | 425 | ||||||
Owens Corning |
6 | 575 | ||||||
Trane Technologies plc, (Ireland) |
15 | 2,736 | ||||||
Vulcan Materials Co. |
9 | 1,494 | ||||||
|
|
|||||||
13,000 | ||||||||
|
|
|||||||
Electrical Components & Equipment 0.0% (g) |
||||||||
AMETEK, Inc. |
15 | 2,192 | ||||||
Emerson Electric Co. |
35 | 3,053 | ||||||
Generac Holdings, Inc. (a) |
4 | 420 | ||||||
|
|
|||||||
5,665 | ||||||||
|
|
|||||||
Electronics 0.9% |
||||||||
Agilent Technologies, Inc. |
258 | 35,663 | ||||||
Allegion plc, (Ireland) |
4 | 382 | ||||||
Amphenol Corp., Class A |
233 | 19,078 | ||||||
Arrow Electronics, Inc. (a) |
26 | 3,253 | ||||||
Fortive Corp. |
24 | 1,630 | ||||||
Garmin Ltd., (Switzerland) |
11 | 1,079 | ||||||
Honeywell International, Inc. |
42 | 7,936 | ||||||
Hubbell, Inc., Class B |
3 | 782 | ||||||
Keysight Technologies, Inc. (a) |
69 | 11,109 | ||||||
Mettler-Toledo International, Inc. (a) |
20 | 30,021 | ||||||
Sensata Technologies Holding plc |
9 | 440 | ||||||
TE Connectivity Ltd. |
126 | 16,579 | ||||||
Trimble, Inc. (a) |
96 | 5,055 | ||||||
|
|
|||||||
133,007 | ||||||||
|
|
|||||||
Engineering & Construction 0.0% (g) |
||||||||
AECOM |
9 | 772 | ||||||
Jacobs Solutions, Inc. |
9 | 1,049 | ||||||
|
|
|||||||
1,821 | ||||||||
|
|
|||||||
Environmental Control 0.1% |
||||||||
Pentair plc, (United Kingdom) |
6 | 352 | ||||||
Republic Services, Inc., Class A |
15 | 2,082 | ||||||
Waste Connections, Inc., (Canada) |
16 | 2,278 | ||||||
Waste Management, Inc. |
26 | 4,194 | ||||||
|
|
|||||||
8,906 | ||||||||
|
|
|||||||
Hand/Machine Tools 0.0% (g) |
||||||||
Snap-on, Inc. |
3 | 638 | ||||||
Stanley Black & Decker, Inc. |
11 | 858 | ||||||
|
|
|||||||
1,496 | ||||||||
|
|
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 - Construction & Mining 0.0% (g) |
||||||||
Caterpillar, Inc. |
31 | 7,194 | ||||||
|
|
|||||||
Machinery - Diversified 0.1% |
||||||||
Cognex Corp. |
66 | 3,266 | ||||||
Deere & Co. |
17 | 7,152 | ||||||
Dover Corp. |
8 | 1,199 | ||||||
Graco, Inc. |
7 | 522 | ||||||
IDEX Corp. |
4 | 837 | ||||||
Ingersoll Rand, Inc. |
23 | 1,333 | ||||||
Nordson Corp. |
2 | 493 | ||||||
Otis Worldwide Corp. |
23 | 1,919 | ||||||
Rockwell Automation, Inc. |
7 | 2,009 | ||||||
Toro Co. (The) |
5 | 508 | ||||||
Westinghouse Air Brake Technologies Corp. |
11 | 1,137 | ||||||
Xylem, Inc. |
11 | 1,160 | ||||||
|
|
|||||||
21,535 | ||||||||
|
|
|||||||
Miscellaneous Manufacturers 0.3% |
||||||||
3M Co. |
35 | 3,711 | ||||||
AO Smith Corp. |
8 | 577 | ||||||
Axon Enterprise, Inc. (a) |
3 | 776 | ||||||
Carlisle Cos., Inc. |
3 | 683 | ||||||
Eaton Corp. plc |
26 | 4,521 | ||||||
General Electric Co. |
70 | 6,730 | ||||||
Illinois Tool Works, Inc. |
18 | 4,306 | ||||||
Parker-Hannifin Corp. |
8 | 2,624 | ||||||
Teledyne Technologies, Inc. (a) |
18 | 7,943 | ||||||
Textron, Inc. |
15 | 1,084 | ||||||
|
|
|||||||
32,955 | ||||||||
|
|
|||||||
Packaging & Containers 0.0% (g) |
||||||||
Amcor plc, (United Kingdom) |
73 | 827 | ||||||
Ball Corp. |
19 | 1,070 | ||||||
Crown Holdings, Inc. |
7 | 552 | ||||||
Packaging Corp. of America |
6 | 898 | ||||||
Sealed Air Corp. |
5 | 208 | ||||||
Westrock Co. |
20 | 595 | ||||||
|
|
|||||||
4,150 | ||||||||
|
|
|||||||
Shipbuilding 0.0% (g) |
||||||||
Huntington Ingalls Industries, Inc. |
2 | 408 | ||||||
|
|
|||||||
Transportation 4.8% |
||||||||
CH Robinson Worldwide, Inc. |
389 | 38,679 | ||||||
CSX Corp. |
131 | 3,915 | ||||||
Expeditors International of Washington, Inc. |
526 | 57,952 | ||||||
FedEx Corp. |
770 | 175,996 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Transportation continued |
||||||||
JB Hunt Transport Services, Inc. |
5 | 808 | ||||||
Knight-Swift Transportation Holdings, Inc., Class A |
9 | 529 | ||||||
Norfolk Southern Corp. |
14 | 2,873 | ||||||
Old Dominion Freight Line, Inc. |
5 | 1,842 | ||||||
Union Pacific Corp. |
37 | 7,499 | ||||||
United Parcel Service, Inc., Class B |
2,417 | 468,826 | ||||||
|
|
|||||||
758,919 | ||||||||
|
|
|||||||
Total Industrial |
1,026,174 | |||||||
|
|
|||||||
Technology 32.0% |
||||||||
Computers 7.3% |
||||||||
Accenture plc, (Ireland), Class A |
40 | 11,304 | ||||||
Apple, Inc. |
6,183 | 1,019,648 | ||||||
Cognizant Technology Solutions Corp., Class A |
36 | 2,196 | ||||||
Conduent, Inc. (a) |
121 | 416 | ||||||
Crowdstrike Holdings, Inc., Class A (a) |
185 | 25,408 | ||||||
Dell Technologies, Inc., Class C |
105 | 4,218 | ||||||
EPAM Systems, Inc. (a) |
3 | 1,017 | ||||||
ExlService Holdings, Inc. (a) |
24 | 3,877 | ||||||
Fortinet, Inc. (a) |
601 | 39,960 | ||||||
Hewlett Packard Enterprise Co. |
513 | 8,172 | ||||||
HP, Inc. |
391 | 11,468 | ||||||
International Business Machines Corp. |
56 | 7,360 | ||||||
Leidos Holdings, Inc. |
8 | 746 | ||||||
Maximus, Inc. |
44 | 3,469 | ||||||
NetApp, Inc. |
81 | 5,189 | ||||||
Seagate Technology Holdings plc |
73 | 4,853 | ||||||
TaskUS, Inc., Class A (a) |
18 | 257 | ||||||
TTEC Holdings, Inc. |
13 | 502 | ||||||
Western Digital Corp. (a) |
124 | 4,673 | ||||||
Zscaler, Inc. (a) |
78 | 9,084 | ||||||
|
|
|||||||
1,163,817 | ||||||||
|
|
|||||||
Office/Business Equipment 0.0% (g) |
||||||||
Zebra Technologies Corp., Class A (a) |
20 | 6,332 | ||||||
|
|
|||||||
Semiconductors 4.4% |
||||||||
Advanced Micro Devices, Inc. (a) |
512 | 50,211 | ||||||
Analog Devices, Inc. |
163 | 32,078 | ||||||
Applied Materials, Inc. |
274 | 33,697 | ||||||
Broadcom, Inc. |
132 | 84,824 | ||||||
Entegris, Inc. |
45 | 3,702 | ||||||
Intel Corp. |
1,321 | 43,159 | ||||||
KLA Corp. |
44 | 17,702 | ||||||
Lam Research Corp. |
43 | 22,837 | ||||||
Marvell Technology, Inc. |
272 | 11,766 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Microchip Technology, Inc. |
174 | 14,608 | ||||||
Micron Technology, Inc. |
347 | 20,943 | ||||||
Monolithic Power Systems, Inc. |
14 | 6,985 | ||||||
NVIDIA Corp. |
780 | 216,719 | ||||||
NXP Semiconductors NV, (Netherlands) |
81 | 15,089 | ||||||
ON Semiconductor Corp. (a) |
137 | 11,272 | ||||||
Qorvo, Inc. (a) |
31 | 3,161 | ||||||
QUALCOMM, Inc. |
355 | 45,279 | ||||||
Skyworks Solutions, Inc. |
51 | 5,970 | ||||||
Teradyne, Inc. |
49 | 5,219 | ||||||
Texas Instruments, Inc. |
287 | 53,403 | ||||||
Wolfspeed, Inc. (a) |
39 | 2,530 | ||||||
|
|
|||||||
701,154 | ||||||||
|
|
|||||||
Software 20.3% |
||||||||
Activision Blizzard, Inc. |
50 | 4,247 | ||||||
Adobe, Inc. (a) |
421 | 162,381 | ||||||
Akamai Technologies, Inc. (a) |
7 | 538 | ||||||
ANSYS, Inc. (a) |
79 | 26,399 | ||||||
Aspen Technology, Inc. (a) |
26 | 5,887 | ||||||
Atlassian Corp., (Australia), Class A (a) |
135 | 23,183 | ||||||
Autodesk, Inc. (a) |
195 | 40,618 | ||||||
AvidXchange Holdings, Inc. (a) |
37 | 287 | ||||||
Bentley Systems, Inc., Class B |
171 | 7,347 | ||||||
BILL Holdings, Inc. (a) |
85 | 6,860 | ||||||
Black Knight, Inc. (a) |
139 | 7,998 | ||||||
Broadridge Financial Solutions, Inc. |
91 | 13,327 | ||||||
Cadence Design Systems, Inc. (a) |
248 | 52,201 | ||||||
Ceridian HCM Holding, Inc. (a) |
125 | 9,129 | ||||||
Cloudflare, Inc., Class A (a) |
15 | 949 | ||||||
Concentrix Corp. |
32 | 3,867 | ||||||
CSG Systems International, Inc. |
22 | 1,206 | ||||||
Datadog, Inc., Class A (a) |
225 | 16,371 | ||||||
DocuSign, Inc., Class A (a) |
181 | 10,544 | ||||||
Dropbox, Inc., Class A (a) |
239 | 5,170 | ||||||
Dynatrace, Inc. (a) |
195 | 8,253 | ||||||
Electronic Arts, Inc. |
17 | 2,015 | ||||||
Fair Isaac Corp. (a) |
23 | 15,829 | ||||||
Fidelity National Information Services, Inc. |
467 | 25,366 | ||||||
Fiserv, Inc. (a) |
476 | 53,746 | ||||||
HubSpot, Inc. (a) |
42 | 18,018 | ||||||
Intuit, Inc. |
242 | 107,813 | ||||||
Jack Henry & Associates, Inc. |
56 | 8,435 | ||||||
Microsoft Corp. |
6,417 | 1,850,077 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
MongoDB, Inc., Class A (a) |
4 | 945 | ||||||
MSCI, Inc., Class A |
44 | 24,580 | ||||||
Oracle Corp. |
1,467 | 136,307 | ||||||
Palantir Technologies, Inc., Class A (a) |
1,541 | 13,017 | ||||||
Paychex, Inc. |
254 | 29,072 | ||||||
Paycom Software, Inc. (a) |
46 | 13,902 | ||||||
PTC, Inc. (a) |
101 | 12,929 | ||||||
ROBLOX Corp., Class A (a) |
22 | 969 | ||||||
Roper Technologies, Inc. |
96 | 42,513 | ||||||
Salesforce, Inc. (a) |
907 | 181,214 | ||||||
ServiceNow, Inc. (a) |
184 | 85,297 | ||||||
Snowflake, Inc., Class A (a) |
14 | 2,109 | ||||||
Splunk, Inc. (a) |
147 | 14,131 | ||||||
SS&C Technologies Holdings, Inc. |
178 | 10,059 | ||||||
Synopsys, Inc. (a) |
139 | 53,617 | ||||||
Take-Two Interactive Software, Inc. (a) |
10 | 1,250 | ||||||
Twilio, Inc., Class A (a) |
11 | 762 | ||||||
Tyler Technologies, Inc. (a) |
38 | 13,419 | ||||||
Unity Software, Inc. (a) |
223 | 7,246 | ||||||
Veeva Systems, Inc., Class A (a) |
8 | 1,473 | ||||||
Verra Mobility Corp., Class A (a) |
99 | 1,674 | ||||||
VMware, Inc., Class A (a) |
193 | 24,043 | ||||||
Workday, Inc., Class A (a) |
183 | 37,794 | ||||||
Zoom Video Communications, Inc., Class A (a) |
201 | 14,863 | ||||||
ZoomInfo Technologies, Inc., Class A (a) |
210 | 5,183 | ||||||
|
|
|||||||
3,216,429 | ||||||||
|
|
|||||||
Total Technology |
5,087,732 | |||||||
|
|
|||||||
Utilities 0.4% |
||||||||
Electric 0.4% |
||||||||
AES Corp. (The) |
32 | 779 | ||||||
Alliant Energy Corp. |
11 | 587 | ||||||
Ameren Corp. |
13 | 1,162 | ||||||
American Electric Power Co., Inc. |
36 | 3,245 | ||||||
CenterPoint Energy, Inc. |
31 | 921 | ||||||
CMS Energy Corp. |
14 | 870 | ||||||
Consolidated Edison, Inc. |
26 | 2,479 | ||||||
Constellation Energy Corp. |
20 | 1,580 | ||||||
Dominion Energy, Inc. |
50 | 2,790 | ||||||
DTE Energy Co. |
12 | 1,297 | ||||||
Duke Energy Corp. |
51 | 4,915 | ||||||
Edison International |
22 | 1,560 | ||||||
Entergy Corp. |
13 | 1,380 | ||||||
Evergy, Inc. |
10 | 640 | ||||||
Eversource Energy |
20 | 1,600 |
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Exelon Corp. |
70 | 2,943 | ||||||
FirstEnergy Corp. |
28 | 1,113 | ||||||
NextEra Energy, Inc. |
122 | 9,377 | ||||||
NRG Energy, Inc. |
14 | 469 | ||||||
PG&E Corp. (a) |
91 | 1,467 | ||||||
PPL Corp. |
39 | 1,084 | ||||||
Public Service Enterprise Group, Inc. |
35 | 2,165 | ||||||
Sempra Energy |
20 | 3,026 | ||||||
Southern Co. (The) |
72 | 4,986 | ||||||
Vistra Corp. |
16 | 395 | ||||||
WEC Energy Group, Inc. |
19 | 1,812 | ||||||
Xcel Energy, Inc. |
37 | 2,522 | ||||||
|
|
|||||||
57,164 | ||||||||
|
|
|||||||
Gas 0.0% (g) |
||||||||
Atmos Energy Corp. |
7 | 760 | ||||||
NiSource, Inc. |
17 | 487 | ||||||
UGI Corp. |
11 | 367 | ||||||
|
|
|||||||
1,614 | ||||||||
|
|
|||||||
Water 0.0% (g) |
||||||||
American Water Works Co., Inc. |
10 | 1,475 | ||||||
Essential Utilities, Inc. |
10 | 451 | ||||||
|
|
|||||||
1,926 | ||||||||
|
|
|||||||
Total Utilities |
60,704 | |||||||
|
|
|||||||
Total Common Stocks |
||||||||
(Cost $13,237,451) |
15,787,515 | |||||||
|
|
|||||||
SECURITY DESCRIPTION |
PRINCIPAL |
VALUE ($) | ||||||
Short-Term Investments 0.5% |
||||||||
Time Deposits 0.5% |
||||||||
Australia & New Zealand Banking Group Ltd., 4.18%, 04/03/2023 |
4,622 | 4,622 | ||||||
Citibank NA, 4.18%, 04/03/2023 |
18,074 | 18,074 | ||||||
Royal Bank of Canada, 4.18%, 04/03/2023 |
4,412 | 4,412 | ||||||
Sumitomo Mitsui Banking Corp., 4.18%, 04/03/2023 |
15,673 | 15,673 | ||||||
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023 |
33,711 | 33,711 | ||||||
|
|
|||||||
Total Short-Term Investments (Cost $76,492) |
76,492 | |||||||
|
|
|||||||
Total Investments 99.8% (Cost - $13,313,943) * |
15,864,007 | |||||||
Other Assets in Excess of Liabilities 0.2% |
27,946 | |||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 15,891,953 | ||||||
|
|
Percentages indicated are based on net assets.
Six Circles U.S. Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023:
Exchange Traded
DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
Long Contracts |
||||||||||||||||||||
E-mini Consumer Staples Select Sector Index |
36 | 06/2023 | USD | 2,620 | 107 | |||||||||||||||
E-mini Financial Select Sector Index |
127 | 06/2023 | USD | 12,679 | (2 | ) | ||||||||||||||
E-mini Health Care Select Sector Index |
92 | 06/2023 | USD | 11,704 | 432 | |||||||||||||||
E-mini Russell 2000 Index |
1 | 06/2023 | USD | 89 | 1 | |||||||||||||||
Micro E-mini NASDAQ 100 |
522 | 06/2023 | USD | 12,777 | 1,110 | |||||||||||||||
NASDAQ 100 E-mini Index |
48 | 06/2023 | USD | 11,862 | 907 | |||||||||||||||
S&P 500 E-mini Index |
158 | 06/2023 | USD | 30,895 | 1,794 | |||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation (depreciation) |
4,349 | |||||||||||||||||||
|
|
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
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/ $500. | ||
* | | The cost of securities is substantially the same for federal income tax purposes. | ||
USD | | United States Dollar |
Summary of Investments by Industry, March 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY |
PERCENTAGE | |||
Software |
20.3 | % | ||
Internet |
15.5 | % | ||
Pharmaceuticals |
10.4 | % | ||
Computers |
7.3 | % | ||
Healthcare - Services |
7.2 | % | ||
Diversified Financial Services |
5.9 | % | ||
Transportation |
4.8 | % | ||
Insurance |
4.6 | % | ||
Semiconductors |
4.4 | % | ||
Banks |
4.1 | % | ||
Healthcare - Products |
3.1 | % | ||
Beverages |
2.2 | % | ||
Commercial Services |
2.2 | % | ||
Others (Each less than 1.0%) |
7.5 | % | ||
Short-Term Investments |
0.5 | % |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks 97.0% |
||||||||
Austria 0.3% |
||||||||
Erste Group Bank AG |
819 | 27,120 | ||||||
OMV AG |
275 | 12,628 | ||||||
Verbund AG |
40 | 3,456 | ||||||
voestalpine AG |
16 | 551 | ||||||
|
|
|||||||
43,755 | ||||||||
|
|
|||||||
Belgium 1.7% |
||||||||
Ageas SA |
234 | 10,108 | ||||||
Anheuser-Busch InBev SA |
2,116 | 141,034 | ||||||
Dieteren Group |
3 | 674 | ||||||
Elia Group SA |
19 | 2,548 | ||||||
Groupe Bruxelles Lambert NV |
144 | 12,327 | ||||||
KBC Group NV |
595 | 40,871 | ||||||
Sofina SA |
22 | 5,025 | ||||||
Solvay SA |
10 | 1,175 | ||||||
UCB SA |
50 | 4,482 | ||||||
Umicore SA |
29 | 998 | ||||||
Warehouses De Pauw CVA |
23 | 697 | ||||||
|
|
|||||||
219,939 | ||||||||
|
|
|||||||
Cayman Islands 0.0% (g) |
||||||||
Parade Technologies Ltd. |
22 | 762 | ||||||
|
|
|||||||
Chile 0.0% (g) |
||||||||
Antofagasta plc |
174 | 3,414 | ||||||
|
|
|||||||
China 0.0% (g) |
||||||||
Silergy Corp. |
91 | 1,445 | ||||||
|
|
|||||||
Denmark 2.1% |
||||||||
AP Moller - Maersk A/S, Class A |
1 | 2,405 | ||||||
AP Moller - Maersk A/S, Class B |
2 | 4,270 | ||||||
Carlsberg A/S, Class B |
237 | 36,792 | ||||||
Chr Hansen Holding A/S |
15 | 1,124 | ||||||
Coloplast A/S, Class B |
17 | 2,210 | ||||||
Danske Bank A/S (a) |
1,642 | 33,036 | ||||||
Demant A/S (a) |
13 | 459 | ||||||
DSV A/S |
85 | 16,533 | ||||||
Genmab A/S (a) |
9 | 3,482 | ||||||
Novo Nordisk A/S, Class B |
657 | 104,361 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Denmark continued |
||||||||
Novozymes A/S, Class B |
29 | 1,467 | ||||||
Orsted AS (e) |
110 | 9,411 | ||||||
Pandora A/S |
284 | 27,245 | ||||||
ROCKWOOL A/S, Class B |
4 | 989 | ||||||
Tryg A/S |
522 | 11,423 | ||||||
Vestas Wind Systems A/S |
460 | 13,394 | ||||||
|
|
|||||||
268,601 | ||||||||
|
|
|||||||
Finland 1.2% |
||||||||
Elisa OYJ |
20 | 1,227 | ||||||
Fortum OYJ (a) |
261 | 3,999 | ||||||
Kesko OYJ, Class B |
39 | 838 | ||||||
Kone OYJ, Class B |
155 | 8,063 | ||||||
Metso Outotec OYJ |
299 | 3,262 | ||||||
Neste OYJ |
60 | 2,958 | ||||||
Nokia OYJ |
757 | 3,718 | ||||||
Nordea Bank Abp |
7,875 | 84,087 | ||||||
Orion OYJ, Class B |
42 | 1,891 | ||||||
Sampo OYJ, Class A |
698 | 32,938 | ||||||
Stora Enso OYJ, Class R |
77 | 1,000 | ||||||
UPM-Kymmene OYJ (a) |
75 | 2,517 | ||||||
Wartsila OYJ Abp |
216 | 2,041 | ||||||
|
|
|||||||
148,539 | ||||||||
|
|
|||||||
France 17.6% |
||||||||
Accor SA (a) |
24 | 778 | ||||||
Aeroports de Paris (a) |
13 | 1,923 | ||||||
Air Liquide SA |
74 | 12,320 | ||||||
Airbus SE |
269 | 35,954 | ||||||
Alstom SA |
146 | 3,964 | ||||||
Amundi SA (e) |
89 | 5,600 | ||||||
Arkema SA |
8 | 838 | ||||||
AXA SA |
2,731 | 83,329 | ||||||
BioMerieux |
6 | 618 | ||||||
BNP Paribas SA |
2,642 | 157,783 | ||||||
Bollore SE |
127 | 787 | ||||||
Bouygues SA |
103 | 3,462 | ||||||
Bureau Veritas SA |
134 | 3,840 | ||||||
Capgemini SE |
23 | 4,273 | ||||||
Carrefour SA |
84 | 1,688 | ||||||
Cie de Saint-Gobain |
223 | 12,703 | ||||||
Cie Generale des Etablissements Michelin SCA |
96 | 2,924 | ||||||
Covivio SA |
7 | 403 | ||||||
Credit Agricole SA |
2,889 | 32,596 | ||||||
Danone SA |
90 | 5,629 | ||||||
Dassault Aviation SA |
11 | 2,271 | ||||||
Dassault Systemes SE |
94 | 3,872 | ||||||
Edenred |
35 | 2,071 | ||||||
Eiffage SA |
38 | 4,117 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Engie SA |
1,065 | 16,857 | ||||||
EssilorLuxottica SA |
41 | 7,355 | ||||||
Eurazeo SE |
64 | 4,559 | ||||||
Gecina SA |
7 | 698 | ||||||
Getlink SE |
201 | 3,311 | ||||||
Hermes International |
99 | 200,681 | ||||||
Ipsen SA |
15 | 1,644 | ||||||
Kering SA |
234 | 152,857 | ||||||
Klepierre SA |
30 | 687 | ||||||
La Francaise des Jeux SAEM (e) |
15 | 620 | ||||||
Legrand SA |
122 | 11,102 | ||||||
LOreal SA |
34 | 15,174 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
866 | 795,002 | ||||||
Orange SA |
281 | 3,339 | ||||||
Pernod Ricard SA |
503 | 113,854 | ||||||
Publicis Groupe SA |
32 | 2,503 | ||||||
Remy Cointreau SA |
57 | 10,340 | ||||||
Renault SA (a) |
529 | 21,556 | ||||||
Safran SA |
156 | 23,025 | ||||||
Sanofi |
453 | 49,144 | ||||||
Sartorius Stedim Biotech |
4 | 1,202 | ||||||
Schneider Electric SE |
247 | 41,285 | ||||||
SEB SA |
4 | 409 | ||||||
Societe Generale SA |
1,918 | 43,226 | ||||||
Sodexo SA |
12 | 1,209 | ||||||
Teleperformance |
27 | 6,492 | ||||||
Thales SA |
49 | 7,191 | ||||||
TotalEnergies SE |
4,639 | 273,542 | ||||||
Unibail - Rodamco-Westfield (a) |
16 | 878 | ||||||
Valeo |
29 | 594 | ||||||
Veolia Environnement SA |
388 | 11,976 | ||||||
Vinci SA |
245 | 28,069 | ||||||
Vivendi SE |
101 | 1,023 | ||||||
Wendel SE |
39 | 4,141 | ||||||
Worldline SA (a) (e) |
34 | 1,430 | ||||||
|
|
|||||||
2,240,718 | ||||||||
|
|
|||||||
Germany 11.8% |
||||||||
adidas AG |
507 | 89,862 | ||||||
Allianz SE (Registered) |
586 | 135,236 | ||||||
BASF SE |
129 | 6,769 | ||||||
Bayer AG (Registered) |
390 | 24,913 | ||||||
Bayerische Motoren Werke AG |
911 | 99,833 | ||||||
Bechtle AG |
11 | 550 | ||||||
Beiersdorf AG |
14 | 1,822 | ||||||
Brenntag SE |
70 | 5,271 | ||||||
Carl Zeiss Meditec AG |
6 | 789 | ||||||
Commerzbank AG (a) |
2,534 | 26,683 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Continental AG |
15 | 1,155 | ||||||
Covestro AG (e) |
27 | 1,124 | ||||||
Daimler Truck Holding AG (a) |
206 | 6,958 | ||||||
Delivery Hero SE (a) (e) |
24 | 811 | ||||||
Deutsche Bank AG (Registered) |
3,001 | 30,518 | ||||||
Deutsche Boerse AG |
276 | 53,718 | ||||||
Deutsche Lufthansa AG (Registered) (a) |
270 | 3,002 | ||||||
Deutsche Post AG (Registered) |
451 | 21,133 | ||||||
Deutsche Telekom AG (Registered) |
454 | 10,998 | ||||||
E.ON SE |
1,308 | 16,321 | ||||||
Evonik Industries AG |
30 | 621 | ||||||
Fresenius Medical Care AG & Co. KGaA |
29 | 1,229 | ||||||
Fresenius SE & Co. KGaA |
59 | 1,602 | ||||||
GEA Group AG |
69 | 3,141 | ||||||
Hannover Rueck SE |
88 | 17,133 | ||||||
HeidelbergCement AG |
20 | 1,465 | ||||||
HelloFresh SE (a) |
23 | 554 | ||||||
Henkel AG & Co. KGaA |
13 | 955 | ||||||
Infineon Technologies AG |
2,767 | 113,639 | ||||||
Knorr-Bremse AG |
33 | 2,198 | ||||||
LEG Immobilien SE |
11 | 581 | ||||||
Mercedes-Benz Group AG |
2,208 | 169,805 | ||||||
Merck KGaA |
51 | 9,565 | ||||||
MTU Aero Engines AG |
24 | 6,092 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
203 | 71,130 | ||||||
Nemetschek SE |
186 | 12,830 | ||||||
Puma SE |
331 | 20,500 | ||||||
Rational AG |
2 | 1,577 | ||||||
Rheinmetall AG |
20 | 5,852 | ||||||
RWE AG |
374 | 16,102 | ||||||
SAP SE |
3,359 | 424,160 | ||||||
Scout24 SE (e) |
11 | 672 | ||||||
Siemens AG (Registered) |
348 | 56,408 | ||||||
Siemens Energy AG (a) |
236 | 5,205 | ||||||
Siemens Healthineers AG (e) |
40 | 2,283 | ||||||
Symrise AG, Class A |
19 | 2,029 | ||||||
Telefonica Deutschland Holding AG |
148 | 456 | ||||||
United Internet AG (Registered) |
14 | 235 | ||||||
Volkswagen AG |
81 | 13,926 | ||||||
Vonovia SE |
101 | 1,905 | ||||||
Zalando SE (a) (e) |
31 | 1,315 | ||||||
|
|
|||||||
1,502,631 | ||||||||
|
|
|||||||
Ireland 0.7% |
||||||||
AerCap Holdings NV (a) |
75 | 4,238 | ||||||
AIB Group plc |
2,540 | 10,280 | ||||||
Bank of Ireland Group plc |
2,549 | 25,790 | ||||||
CRH plc |
107 | 5,407 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Ireland continued |
||||||||
DCC plc |
75 | 4,370 | ||||||
Experian plc |
698 | 22,979 | ||||||
Flutter Entertainment plc (a) |
23 | 4,274 | ||||||
Kerry Group plc, Class A |
23 | 2,278 | ||||||
Kingspan Group plc |
71 | 4,838 | ||||||
Smurfit Kappa Group plc |
35 | 1,281 | ||||||
|
|
|||||||
85,735 | ||||||||
|
|
|||||||
Italy 4.2% |
||||||||
Amplifon SpA |
17 | 603 | ||||||
Assicurazioni Generali SpA |
1,610 | 32,088 | ||||||
Davide Campari-Milano NV |
1,272 | 15,516 | ||||||
DiaSorin SpA |
3 | 363 | ||||||
Enel SpA |
4,742 | 28,922 | ||||||
Eni SpA |
4,664 | 65,042 | ||||||
Ferrari NV |
347 | 93,996 | ||||||
FinecoBank Banca Fineco SpA |
1,453 | 22,264 | ||||||
Infrastrutture Wireless Italiane SpA (e) |
47 | 614 | ||||||
Intesa Sanpaolo SpA |
38,377 | 98,493 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
1,413 | 14,204 | ||||||
Moncler SpA |
642 | 44,359 | ||||||
Nexi SpA (a) (e) |
81 | 661 | ||||||
Poste Italiane SpA (e) |
755 | 7,697 | ||||||
Prysmian SpA |
116 | 4,870 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
42 | 1,763 | ||||||
Snam SpA |
1,203 | 6,380 | ||||||
Telecom Italia SpA (a) |
1,392 | 459 | ||||||
Terna - Rete Elettrica Nazionale |
829 | 6,803 | ||||||
UniCredit SpA |
4,568 | 86,103 | ||||||
|
|
|||||||
531,200 | ||||||||
|
|
|||||||
Japan 2.5% |
||||||||
Advantest Corp. |
17 | 1,585 | ||||||
Aeon Co. Ltd. |
62 | 1,199 | ||||||
AGC, Inc. |
18 | 679 | ||||||
Aisin Corp. |
14 | 378 | ||||||
Ajinomoto Co., Inc. |
43 | 1,499 | ||||||
ANA Holdings, Inc. (a) |
15 | 326 | ||||||
Asahi Group Holdings Ltd. |
43 | 1,585 | ||||||
Asahi Intecc Co. Ltd. |
20 | 359 | ||||||
Asahi Kasei Corp. |
117 | 819 | ||||||
Astellas Pharma, Inc. |
173 | 2,454 | ||||||
Azbil Corp. |
11 | 296 | ||||||
Bandai Namco Holdings, Inc. |
56 | 1,203 | ||||||
BayCurrent Consulting, Inc. |
12 | 515 | ||||||
Bridgestone Corp. |
54 | 2,181 | ||||||
Brother Industries Ltd. |
22 | 331 | ||||||
Canon, Inc. |
94 | 2,096 | ||||||
Capcom Co. Ltd. |
16 | 580 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Japan continued |
||||||||
Central Japan Railway Co. |
14 | 1,623 | ||||||
Chiba Bank Ltd. (The) |
49 | 316 | ||||||
Chubu Electric Power Co., Inc. |
60 | 634 | ||||||
Chugai Pharmaceutical Co. Ltd. |
63 | 1,561 | ||||||
Concordia Financial Group Ltd. |
102 | 374 | ||||||
CyberAgent, Inc. |
40 | 336 | ||||||
Dai Nippon Printing Co. Ltd. |
21 | 591 | ||||||
Daifuku Co. Ltd. |
29 | 535 | ||||||
Dai-ichi Life Holdings, Inc. |
92 | 1,695 | ||||||
Daiichi Sankyo Co. Ltd. |
165 | 6,012 | ||||||
Daikin Industries Ltd. |
23 | 4,198 | ||||||
Daito Trust Construction Co. Ltd. |
6 | 578 | ||||||
Daiwa House Industry Co. Ltd. |
57 | 1,334 | ||||||
Daiwa House REIT Investment Corp., Class A |
| (h) | 422 | |||||
Daiwa Securities Group, Inc. |
124 | 584 | ||||||
Denso Corp. |
41 | 2,303 | ||||||
Dentsu Group, Inc. |
19 | 670 | ||||||
Disco Corp. |
8 | 942 | ||||||
East Japan Railway Co. |
29 | 1,577 | ||||||
Eisai Co. Ltd. |
24 | 1,335 | ||||||
ENEOS Holdings, Inc. |
291 | 1,020 | ||||||
FANUC Corp. |
90 | 3,250 | ||||||
Fast Retailing Co. Ltd. |
17 | 3,612 | ||||||
Fuji Electric Co. Ltd. |
12 | 466 | ||||||
FUJIFILM Holdings Corp. |
34 | 1,726 | ||||||
Fujitsu Ltd. |
19 | 2,500 | ||||||
GLP J-Reit |
| (h) | 430 | |||||
GMO Payment Gateway, Inc. |
4 | 346 | ||||||
Hakuhodo DY Holdings, Inc. |
22 | 251 | ||||||
Hamamatsu Photonics KK |
13 | 707 | ||||||
Hankyu Hanshin Holdings, Inc. |
22 | 649 | ||||||
Hikari Tsushin, Inc. |
2 | 267 | ||||||
Hirose Electric Co. Ltd. |
3 | 353 | ||||||
Hitachi Construction Machinery Co. Ltd. |
10 | 240 | ||||||
Hitachi Ltd. |
91 | 5,007 | ||||||
Honda Motor Co. Ltd. |
153 | 4,055 | ||||||
Hoshizaki Corp. |
10 | 377 | ||||||
Hoya Corp. |
34 | 3,702 | ||||||
Hulic Co. Ltd. |
36 | 295 | ||||||
Ibiden Co. Ltd. |
11 | 421 | ||||||
Idemitsu Kosan Co. Ltd. |
20 | 433 | ||||||
Iida Group Holdings Co. Ltd. |
14 | 225 | ||||||
Inpex Corp. |
98 | 1,041 | ||||||
Isuzu Motors Ltd. |
56 | 666 | ||||||
ITOCHU Corp. |
112 | 3,641 | ||||||
Itochu Techno-Solutions Corp. |
9 | 227 | ||||||
Japan Airlines Co. Ltd. |
14 | 265 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Japan continued |
||||||||
Japan Exchange Group, Inc. |
47 | 717 | ||||||
Japan Metropolitan Fund Invest |
1 | 482 | ||||||
Japan Post Bank Co. Ltd. |
138 | 1,127 | ||||||
Japan Post Holdings Co. Ltd. |
224 | 1,815 | ||||||
Japan Post Insurance Co. Ltd. |
19 | 291 | ||||||
Japan Real Estate Investment Corp. |
| (h) | 462 | |||||
Japan Tobacco, Inc. |
113 | 2,385 | ||||||
JFE Holdings, Inc. |
46 | 581 | ||||||
JSR Corp. |
17 | 390 | ||||||
Kajima Corp. |
40 | 485 | ||||||
Kansai Electric Power Co., Inc. (The) |
66 | 640 | ||||||
KAO Corp. |
44 | 1,705 | ||||||
KDDI Corp. |
152 | 4,678 | ||||||
Keio Corp. |
10 | 341 | ||||||
Keisei Electric Railway Co. Ltd. |
12 | 373 | ||||||
Keyence Corp. |
18 | 8,969 | ||||||
Kikkoman Corp. |
14 | 694 | ||||||
Kintetsu Group Holdings Co. Ltd. |
16 | 515 | ||||||
Kirin Holdings Co. Ltd. |
78 | 1,231 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
5 | 294 | ||||||
Kobe Bussan Co. Ltd. |
14 | 391 | ||||||
Koei Tecmo Holdings Co. Ltd. |
11 | 204 | ||||||
Koito Manufacturing Co. Ltd. |
20 | 370 | ||||||
Komatsu Ltd. |
87 | 2,160 | ||||||
Konami Group Corp. |
9 | 399 | ||||||
Kose Corp. |
3 | 380 | ||||||
Kubota Corp. |
95 | 1,442 | ||||||
Kurita Water Industries Ltd. |
10 | 449 | ||||||
Kyocera Corp. |
30 | 1,581 | ||||||
Kyowa Kirin Co. Ltd. |
25 | 550 | ||||||
Lasertec Corp. |
7 | 1,262 | ||||||
Lixil Corp. |
28 | 454 | ||||||
M3, Inc. |
41 | 1,037 | ||||||
Makita Corp. |
21 | 521 | ||||||
Marubeni Corp. |
146 | 1,979 | ||||||
MatsukiyoCocokara & Co. |
11 | 567 | ||||||
Mazda Motor Corp. |
53 | 489 | ||||||
McDonalds Holdings Co. Japan Ltd. |
8 | 337 | ||||||
MEIJI Holdings Co. Ltd. |
21 | 495 | ||||||
MINEBEA MITSUMI, Inc. |
34 | 647 | ||||||
MISUMI Group, Inc. |
27 | 671 | ||||||
Mitsubishi Chemical Group Corp. |
122 | 726 | ||||||
Mitsubishi Corp. |
118 | 4,230 | ||||||
Mitsubishi Electric Corp. |
182 | 2,173 | ||||||
Mitsubishi Estate Co. Ltd. |
106 | 1,258 | ||||||
Mitsubishi HC Capital, Inc. |
62 | 318 | ||||||
Mitsubishi Heavy Industries Ltd. |
30 | 1,120 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Japan continued |
||||||||
Mitsubishi UFJ Financial Group, Inc. |
1,124 | 7,206 | ||||||
Mitsui & Co. Ltd. |
135 | 4,202 | ||||||
Mitsui Chemicals, Inc. |
17 | 444 | ||||||
Mitsui Fudosan Co. Ltd. |
85 | 1,604 | ||||||
Mitsui OSK Lines Ltd. |
32 | 805 | ||||||
Mizuho Financial Group, Inc. |
227 | 3,215 | ||||||
MonotaRO Co. Ltd. |
23 | 295 | ||||||
MS&AD Insurance Group Holdings, Inc. |
40 | 1,249 | ||||||
Murata Manufacturing Co. Ltd. |
54 | 3,291 | ||||||
NEC Corp. |
23 | 884 | ||||||
Nexon Co. Ltd. |
44 | 1,060 | ||||||
NGK Insulators Ltd. |
22 | 296 | ||||||
Nidec Corp. |
42 | 2,191 | ||||||
Nihon M&A Center Holdings, Inc. |
29 | 215 | ||||||
Nintendo Co. Ltd. |
104 | 4,032 | ||||||
Nippon Building Fund, Inc. |
| (h) | 599 | |||||
Nippon Express Holdings, Inc. |
7 | 434 | ||||||
Nippon Paint Holdings Co. Ltd. |
77 | 728 | ||||||
Nippon Prologis REIT, Inc. |
| (h) | 421 | |||||
Nippon Sanso Holdings Corp. |
16 | 294 | ||||||
Nippon Shinyaku Co. Ltd. |
5 | 212 | ||||||
Nippon Steel Corp. |
76 | 1,792 | ||||||
Nippon Telegraph & Telephone Corp. |
112 | 3,359 | ||||||
Nippon Yusen KK |
46 | 1,070 | ||||||
Nissan Chemical Corp. |
12 | 540 | ||||||
Nissan Motor Co. Ltd. |
217 | 819 | ||||||
Nisshin Seifun Group, Inc. |
19 | 221 | ||||||
Nissin Foods Holdings Co. Ltd. |
6 | 530 | ||||||
Nitori Holdings Co. Ltd. |
8 | 906 | ||||||
Nitto Denko Corp. |
13 | 861 | ||||||
Nomura Holdings, Inc. |
275 | 1,060 | ||||||
Nomura Real Estate Holdings, Inc. |
11 | 250 | ||||||
Nomura Real Estate Master Fund, Inc. |
| (h) | 444 | |||||
Nomura Research Institute Ltd. |
37 | 868 | ||||||
NTT Data Corp. |
59 | 774 | ||||||
Obayashi Corp. |
61 | 464 | ||||||
Obic Co. Ltd. |
7 | 1,030 | ||||||
Odakyu Electric Railway Co. Ltd. |
28 | 358 | ||||||
Oji Holdings Corp. |
76 | 300 | ||||||
Olympus Corp. |
115 | 2,018 | ||||||
Omron Corp. |
17 | 1,013 | ||||||
Ono Pharmaceutical Co. Ltd. |
34 | 704 | ||||||
Open House Group Co. Ltd. |
8 | 281 | ||||||
Oracle Corp. Japan |
4 | 267 | ||||||
Oriental Land Co. Ltd. |
94 | 3,218 | ||||||
ORIX Corp. |
112 | 1,853 | ||||||
Osaka Gas Co. Ltd. |
35 | 580 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Japan continued |
||||||||
Otsuka Corp. |
11 | 376 | ||||||
Otsuka Holdings Co. Ltd. |
37 | 1,172 | ||||||
Pan Pacific International Holdings Corp. |
36 | 687 | ||||||
Panasonic Holdings Corp. |
208 | 1,859 | ||||||
Persol Holdings Co. Ltd. |
17 | 334 | ||||||
Rakuten Group, Inc. |
84 | 389 | ||||||
Recruit Holdings Co. Ltd. |
136 | 3,730 | ||||||
Renesas Electronics Corp. (a) |
111 | 1,602 | ||||||
Resona Holdings, Inc. |
204 | 985 | ||||||
Ricoh Co. Ltd. |
52 | 386 | ||||||
Rohm Co. Ltd. |
8 | 683 | ||||||
SBI Holdings, Inc. |
23 | 453 | ||||||
SCSK Corp. |
15 | 220 | ||||||
Secom Co. Ltd. |
20 | 1,226 | ||||||
Seiko Epson Corp. |
26 | 373 | ||||||
Sekisui Chemical Co. Ltd. |
35 | 491 | ||||||
Sekisui House Ltd. |
58 | 1,190 | ||||||
Seven & i Holdings Co. Ltd. |
71 | 3,203 | ||||||
SG Holdings Co. Ltd. |
27 | 399 | ||||||
Sharp Corp. |
22 | 158 | ||||||
Shimadzu Corp. |
22 | 694 | ||||||
Shimano, Inc. |
7 | 1,196 | ||||||
Shimizu Corp. |
52 | 294 | ||||||
Shin-Etsu Chemical Co. Ltd. |
174 | 5,648 | ||||||
Shionogi & Co. Ltd. |
25 | 1,132 | ||||||
Shiseido Co. Ltd. |
38 | 1,768 | ||||||
Shizuoka Financial Group, Inc. |
42 | 299 | ||||||
SMC Corp. |
5 | 2,863 | ||||||
SoftBank Corp. |
270 | 3,119 | ||||||
SoftBank Group Corp. |
113 | 4,458 | ||||||
Sompo Holdings, Inc. |
29 | 1,157 | ||||||
Sony Group Corp. |
118 | 10,784 | ||||||
Square Enix Holdings Co. Ltd. |
8 | 384 | ||||||
Subaru Corp. |
57 | 916 | ||||||
SUMCO Corp. |
33 | 492 | ||||||
Sumitomo Chemical Co. Ltd. |
139 | 468 | ||||||
Sumitomo Corp. |
106 | 1,876 | ||||||
Sumitomo Electric Industries Ltd. |
67 | 856 | ||||||
Sumitomo Metal Mining Co. Ltd. |
23 | 884 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
123 | 4,914 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
31 | 1,068 | ||||||
Sumitomo Realty & Development Co. Ltd. |
29 | 653 | ||||||
Suntory Beverage & Food Ltd. |
13 | 484 | ||||||
Suzuki Motor Corp. |
34 | 1,253 | ||||||
Sysmex Corp. |
16 | 1,044 | ||||||
T&D Holdings, Inc. |
51 | 626 | ||||||
Taisei Corp. |
17 | 523 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Japan continued |
||||||||
Takeda Pharmaceutical Co. Ltd. |
141 | 4,644 | ||||||
TDK Corp. |
36 | 1,303 | ||||||
Terumo Corp. |
61 | 1,644 | ||||||
TIS, Inc. |
21 | 558 | ||||||
Tobu Railway Co. Ltd. |
18 | 421 | ||||||
Toho Co. Ltd. |
11 | 403 | ||||||
Tokio Marine Holdings, Inc. |
173 | 3,324 | ||||||
Tokyo Electric Power Co. Holdings, Inc. (a) |
145 | 516 | ||||||
Tokyo Electron Ltd. |
42 | 5,168 | ||||||
Tokyo Gas Co. Ltd. |
37 | 686 | ||||||
Tokyu Corp. |
50 | 659 | ||||||
TOPPAN INC |
25 | 494 | ||||||
Toray Industries, Inc. |
132 | 755 | ||||||
Toshiba Corp. |
37 | 1,239 | ||||||
Tosoh Corp. |
24 | 330 | ||||||
TOTO Ltd. |
13 | 442 | ||||||
Toyota Industries Corp. |
14 | 763 | ||||||
Toyota Motor Corp. |
996 | 14,184 | ||||||
Toyota Tsusho Corp. |
20 | 861 | ||||||
Trend Micro, Inc. |
13 | 613 | ||||||
Unicharm Corp. |
38 | 1,566 | ||||||
USS Co. Ltd. |
19 | 333 | ||||||
Welcia Holdings Co. Ltd. |
9 | 195 | ||||||
West Japan Railway Co. |
21 | 844 | ||||||
Yakult Honsha Co. Ltd. |
12 | 872 | ||||||
Yamaha Corp. |
13 | 506 | ||||||
Yamaha Motor Co. Ltd. |
28 | 728 | ||||||
Yamato Holdings Co. Ltd. |
27 | 467 | ||||||
Yaskawa Electric Corp. |
22 | 982 | ||||||
Yokogawa Electric Corp. |
21 | 347 | ||||||
Z Holdings Corp. |
249 | 706 | ||||||
ZOZO, Inc. |
12 | 270 | ||||||
|
|
|||||||
312,111 | ||||||||
|
|
|||||||
Jordan 0.0% (g) |
||||||||
Hikma Pharmaceuticals plc |
116 | 2,400 | ||||||
|
|
|||||||
Luxembourg 0.0% (g) |
||||||||
ArcelorMittal SA |
73 | 2,219 | ||||||
Aroundtown SA |
141 | 201 | ||||||
Eurofins Scientific SE |
19 | 1,269 | ||||||
Tenaris SA |
69 | 972 | ||||||
|
|
|||||||
4,661 | ||||||||
|
|
|||||||
Netherlands 8.3% |
||||||||
ABN AMRO Bank NV, CVA (e) |
959 | 15,209 | ||||||
Adyen NV (a) (e) |
3 | 4,844 | ||||||
Aegon NV |
2,596 | 11,147 | ||||||
Akzo Nobel NV |
26 | 2,009 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Common Stocks continued |
||||||||
Netherlands continued |
||||||||
Argenx SE (a) |
8 | 2,863 | ||||||
ASM International NV |
99 | 40,314 | ||||||
ASML Holding NV |
854 | 582,186 | ||||||
Euronext NV (e) |
125 | 9,549 | ||||||
EXOR NV (a) |
157 | 12,976 | ||||||
Heineken Holding NV |
281 | 25,743 | ||||||
Heineken NV |
632 | 67,886 | ||||||
IMCD NV |
26 | 4,253 | ||||||
ING Groep NV |
8,861 | 105,229 | ||||||
JDE Peets NV |
14 | 404 | ||||||
Just Eat Takeaway.com NV (a) (e) |
25 | 487 | ||||||
Koninklijke Ahold Delhaize NV |
147 | 5,013 | ||||||
Koninklijke DSM NV |
25 | 2,906 | ||||||
Koninklijke KPN NV |
463 | 1,634 | ||||||
Koninklijke Philips NV |
125 | 2,302 | ||||||
NN Group NV |
406 | 14,747 | ||||||
OCI NV |
15 | 495 | ||||||
Prosus NV (a) |
113 | 8,826 | ||||||
QIAGEN NV (a) |
32 | 1,449 | ||||||
Randstad NV |
55 | 3,237 | ||||||
Stellantis NV |
6,188 | 112,543 | ||||||
Universal Music Group NV |
102 | 2,572 | ||||||
Wolters Kluwer NV |
117 | 14,822 | ||||||
|
|
|||||||
1,055,645 | ||||||||
|
|
|||||||
Norway 0.8% |
||||||||
Adevinta ASA, Class B (a) |
41 | 288 | ||||||
Aker BP ASA |
45 | 1,097 | ||||||
DNB Bank ASA |
2,207 | 39,501 | ||||||
Equinor ASA |
1,776 | 50,495 | ||||||
Gjensidige Forsikring ASA |
290 | 4,750 | ||||||
Kongsberg Gruppen ASA |
40 | 1,608 | ||||||
Mowi ASA |
58 | 1,078 | ||||||
Norsk Hydro ASA |
191 | 1,423 | ||||||
Orkla ASA |
105 | 745 | ||||||
Salmar ASA |
9 | 399 | ||||||
Telenor ASA |
99 | 1,164 | ||||||
Yara International ASA |
23 | 1,002 | ||||||
|
|
|||||||
103,550 | ||||||||
|
|
|||||||
Portugal 0.2% |
||||||||
EDP - Energias de Portugal SA |
1,684 | 9,176 | ||||||
Galp Energia SGPS SA |
936 | 10,594 | ||||||
Jeronimo Martins SGPS SA |
40 | 927 | ||||||
|
|
|||||||
20,697 | ||||||||
|
|
|||||||
South Korea 1.1% |
||||||||
Samsung Electronics Co. Ltd. |
2,645 | 130,814 | ||||||
Samsung Electronics Co. Ltd. (Registered), GDR |
2 | 2,050 | ||||||
|
|
|||||||
132,864 | ||||||||
|
|
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 3.4% |
||||||||
Acciona SA |
15 | 2,921 | ||||||
ACS Actividades de Construccion y Servicios SA |
100 | 3,173 | ||||||
Aena SME SA (a) (e) |
34 | 5,551 | ||||||
Amadeus IT Group SA (a) |
64 | 4,264 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
14,341 | 102,531 | ||||||
Banco Santander SA |
39,948 | 148,867 | ||||||
CaixaBank SA |
10,533 | 41,099 | ||||||
Cellnex Telecom SA (e) |
80 | 3,097 | ||||||
Corp. ACCIONA Energias Renovables SA |
39 | 1,510 | ||||||
EDP Renovaveis SA |
148 | 3,381 | ||||||
Enagas SA |
100 | 1,916 | ||||||
Endesa SA |
188 | 4,088 | ||||||
Ferrovial SA |
223 | 6,552 | ||||||
Grifols SA (a) |
42 | 419 | ||||||
Iberdrola SA |
3,588 | 44,698 | ||||||
Industria de Diseno Textil SA |
154 | 5,161 | ||||||
Naturgy Energy Group SA |
87 | 2,605 | ||||||
Red Electrica Corp. SA |
224 | 3,942 | ||||||
Repsol SA |
2,575 | 39,595 | ||||||
Telefonica SA |
740 | 3,185 | ||||||
|
|
|||||||
428,555 | ||||||||
|
|
|||||||
Sweden 2.6% |
||||||||
Alfa Laval AB |
132 | 4,707 | ||||||
Assa Abloy AB, Class B |
455 | 10,899 | ||||||
Atlas Copco AB, Class A |
1,215 | 15,397 | ||||||
Atlas Copco AB, Class B |
719 | 8,274 | ||||||
Boliden AB |
38 | 1,506 | ||||||
Electrolux AB, Class B |
30 | 359 | ||||||
Embracer Group AB, Class B (a) |
90 | 422 | ||||||
Epiroc AB, Class A |
305 | 6,053 | ||||||
Epiroc AB, Class B |
173 | 2,953 | ||||||
EQT AB |
518 | 10,581 | ||||||
Essity AB, Class B |
85 | 2,439 | ||||||
Evolution AB (e) |
26 | 3,431 | ||||||
Fastighets AB Balder, Class B (a) |
89 | 365 | ||||||
Getinge AB, Class B |
32 | 783 | ||||||
H & M Hennes & Mauritz AB, Class B |
102 | 1,453 | ||||||
Hexagon AB, Class B |
273 | 3,146 | ||||||
Holmen AB, Class B |
13 | 504 | ||||||
Husqvarna AB, Class B |
190 | 1,645 | ||||||
Industrivarden AB, Class A |
185 | 5,004 | ||||||
Industrivarden AB, Class C |
226 | 6,095 | ||||||
Indutrade AB |
126 | 2,682 | ||||||
Investment AB Latour, Class B |
68 | 1,391 | ||||||
Investor AB, Class A |
726 | 14,810 | ||||||
Investor AB, Class B |
2,647 | 52,728 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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) |
352 | 5,260 | ||||||
L E Lundbergforetagen AB, Class B |
109 | 4,956 | ||||||
Lifco AB, Class B |
108 | 2,322 | ||||||
Nibe Industrier AB, Class B |
691 | 7,874 | ||||||
Sagax AB, Class B |
27 | 626 | ||||||
Sandvik AB |
484 | 10,271 | ||||||
Securitas AB, Class B |
225 | 1,998 | ||||||
Skandinaviska Enskilda Banken AB, Class A (a) |
3,841 | 42,396 | ||||||
Skanska AB, Class B |
155 | 2,374 | ||||||
SKF AB, Class B |
174 | 3,434 | ||||||
Svenska Cellulosa AB SCA, Class B |
84 | 1,110 | ||||||
Svenska Handelsbanken AB, Class A |
3,472 | 30,071 | ||||||
Swedbank AB, Class A |
2,153 | 35,409 | ||||||
Swedish Orphan Biovitrum AB (a) |
24 | 550 | ||||||
Tele2 AB, Class B |
81 | 807 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
409 | 2,398 | ||||||
Telia Co. AB |
375 | 951 | ||||||
Volvo AB, Class A |
91 | 1,955 | ||||||
Volvo AB, Class B |
686 | 14,128 | ||||||
Volvo Car AB, Class B (a) |
1,639 | 7,170 | ||||||
|
|
|||||||
333,687 | ||||||||
|
|
|||||||
Switzerland 16.1% |
||||||||
ABB Ltd. (Registered) |
715 | 24,591 | ||||||
Adecco Group AG (Registered) |
73 | 2,659 | ||||||
Alcon, Inc. |
70 | 4,971 | ||||||
Bachem Holding AG, Class B |
5 | 472 | ||||||
Baloise Holding AG (Registered) |
66 | 10,343 | ||||||
Banque Cantonale Vaudoise (Registered) |
72 | 6,804 | ||||||
Barry Callebaut AG (Registered) |
10 | 20,652 | ||||||
BKW AG |
12 | 1,930 | ||||||
Chocoladefabriken Lindt & Spruengli AG |
3 | 33,755 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) |
| (h) | 34,820 | |||||
Cie Financiere Richemont SA (Registered), Class A |
1,633 | 261,896 | ||||||
Clariant AG (Registered) (a) |
30 | 502 | ||||||
Coca-Cola HBC AG |
553 | 15,127 | ||||||
Credit Suisse Group AG (Registered) |
5,243 | 4,708 | ||||||
EMS-Chemie Holding AG (Registered) |
1 | 830 | ||||||
Geberit AG (Registered) |
16 | 9,112 | ||||||
Givaudan SA (Registered) |
1 | 4,238 | ||||||
Glencore plc |
4,557 | 26,223 | ||||||
Holcim AG (a) |
77 | 4,992 | ||||||
Julius Baer Group Ltd. |
309 | 21,116 | ||||||
Kuehne + Nagel International AG (Registered) |
25 | 7,368 | ||||||
Logitech International SA (Registered) |
24 | 1,406 | ||||||
Lonza Group AG (Registered) |
10 | 6,298 | ||||||
Nestle SA (Registered) |
7,522 | 917,206 | ||||||
Novartis AG (Registered) |
860 | 78,942 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Partners Group Holding AG |
33 | 31,054 | ||||||
Roche Holding AG |
289 | 82,868 | ||||||
Schindler Holding AG |
19 | 4,210 | ||||||
Schindler Holding AG (Registered) |
10 | 2,214 | ||||||
SGS SA (Registered) |
3 | 6,381 | ||||||
SIG Group AG (a) |
43 | 1,105 | ||||||
Sika AG (Registered) |
21 | 5,756 | ||||||
Sonova Holding AG (Registered) |
7 | 2,160 | ||||||
STMicroelectronics NV |
1,448 | 77,152 | ||||||
Straumann Holding AG (Registered) |
16 | 2,352 | ||||||
Swatch Group AG (The) |
91 | 31,308 | ||||||
Swatch Group AG (The) (Registered) |
163 | 10,338 | ||||||
Swiss Life Holding AG (Registered) |
45 | 27,672 | ||||||
Swiss Prime Site AG (Registered) |
11 | 899 | ||||||
Swiss Re AG |
438 | 45,002 | ||||||
Swisscom AG (Registered) |
4 | 2,301 | ||||||
Temenos AG (Registered) |
9 | 624 | ||||||
UBS Group AG (Registered) |
4,863 | 102,896 | ||||||
VAT Group AG (e) |
12 | 4,451 | ||||||
Zurich Insurance Group AG |
218 | 104,697 | ||||||
|
|
|||||||
2,046,401 | ||||||||
|
|
|||||||
Taiwan 1.2% |
||||||||
ASE Technology Holding Co. Ltd. |
924 | 3,429 | ||||||
eMemory Technology, Inc. |
18 | 1,108 | ||||||
Globalwafers Co. Ltd. |
62 | 1,060 | ||||||
MediaTek, Inc. |
429 | 11,122 | ||||||
Nanya Technology Corp. |
347 | 761 | ||||||
Novatek Microelectronics Corp. |
163 | 2,316 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
829 | 906 | ||||||
Realtek Semiconductor Corp. |
130 | 1,659 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
6,949 | 121,779 | ||||||
United Microelectronics Corp. (a) |
3,349 | 5,861 | ||||||
Vanguard International Semiconductor Corp. |
252 | 806 | ||||||
Win Semiconductors Corp. |
95 | 573 | ||||||
Winbond Electronics Corp. |
837 | 732 | ||||||
|
|
|||||||
152,112 | ||||||||
|
|
|||||||
United Arab Emirates % |
||||||||
NMC Health plc (a) (bb) (cc) |
116 | | ||||||
|
|
|||||||
United Kingdom 21.2% |
||||||||
3i Group plc |
1,710 | 35,633 | ||||||
abrdn plc |
3,574 | 8,995 | ||||||
Admiral Group plc |
318 | 7,995 | ||||||
Anglo American plc |
562 | 18,700 | ||||||
Ashtead Group plc |
332 | 20,417 | ||||||
Associated British Foods plc |
158 | 3,780 | ||||||
AstraZeneca plc |
1,083 | 150,050 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
Auto Trader Group plc (e) |
410 | 3,131 | ||||||
Aviva plc |
4,910 | 24,527 | ||||||
BAE Systems plc |
2,339 | 28,293 | ||||||
Barclays plc |
42,492 | 76,482 | ||||||
Barratt Developments plc |
446 | 2,565 | ||||||
Berkeley Group Holdings plc |
48 | 2,469 | ||||||
BP plc |
39,308 | 248,449 | ||||||
British American Tobacco plc |
941 | 32,983 | ||||||
British Land Co. plc (The) |
392 | 1,881 | ||||||
BT Group plc |
3,065 | 5,521 | ||||||
Bunzl plc |
256 | 9,686 | ||||||
Burberry Group plc |
1,320 | 42,277 | ||||||
CNH Industrial NV |
465 | 7,117 | ||||||
Coca-Cola Europacific Partners plc |
500 | 29,623 | ||||||
Compass Group plc |
777 | 19,534 | ||||||
Croda International plc |
62 | 4,989 | ||||||
Diageo plc |
6,225 | 277,821 | ||||||
Entain plc |
262 | 4,063 | ||||||
GSK plc |
2,843 | 50,229 | ||||||
Haleon plc |
2,244 | 8,914 | ||||||
Halma plc |
167 | 4,623 | ||||||
Hargreaves Lansdown plc |
621 | 6,153 | ||||||
HSBC Holdings plc |
53,516 | 363,721 | ||||||
Imperial Brands plc |
397 | 9,132 | ||||||
Informa plc |
631 | 5,405 | ||||||
InterContinental Hotels Group plc |
78 | 5,099 | ||||||
Intertek Group plc |
122 | 6,120 | ||||||
J Sainsbury plc |
781 | 2,687 | ||||||
JD Sports Fashion plc |
1,151 | 2,535 | ||||||
Johnson Matthey plc |
80 | 1,971 | ||||||
Kingfisher plc |
859 | 2,777 | ||||||
Land Securities Group plc |
308 | 2,365 | ||||||
Legal & General Group plc |
10,473 | 30,974 | ||||||
Lloyds Banking Group plc |
180,309 | 106,012 | ||||||
London Stock Exchange Group plc |
663 | 64,411 | ||||||
M&G plc |
3,930 | 9,633 | ||||||
Melrose Industries plc |
3,075 | 6,333 | ||||||
Mondi plc |
214 | 3,403 | ||||||
National Grid plc |
1,619 | 21,906 | ||||||
NatWest Group plc |
14,238 | 46,459 | ||||||
Next plc |
57 | 4,630 | ||||||
Ocado Group plc (a) |
258 | 1,710 | ||||||
Pearson plc |
287 | 3,005 | ||||||
Persimmon plc |
142 | 2,206 | ||||||
Phoenix Group Holdings plc |
1,312 | 8,868 | ||||||
Prudential plc |
4,824 | 66,042 | ||||||
Reckitt Benckiser Group plc |
317 | 24,089 |
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||
RELX plc |
1,450 | 46,970 | ||||||
Rentokil Initial plc |
1,903 | 13,912 | ||||||
Rio Tinto plc |
498 | 33,773 | ||||||
Rolls-Royce Holdings plc (a) |
6,325 | 11,650 | ||||||
Sage Group plc (The) |
450 | 4,316 | ||||||
Schroders plc |
1,562 | 8,909 | ||||||
Segro plc |
537 | 5,118 | ||||||
Severn Trent plc |
111 | 3,946 | ||||||
Shell plc |
15,288 | 435,677 | ||||||
Smith & Nephew plc |
387 | 5,377 | ||||||
Smiths Group plc |
268 | 5,693 | ||||||
Spirax-Sarco Engineering plc |
56 | 8,172 | ||||||
SSE plc |
478 | 10,663 | ||||||
St Jamess Place plc |
954 | 14,313 | ||||||
Standard Chartered plc |
6,593 | 49,966 | ||||||
Taylor Wimpey plc |
1,573 | 2,314 | ||||||
Tesco plc |
3,268 | 10,712 | ||||||
Unilever plc |
1,122 | 58,118 | ||||||
United Utilities Group plc |
301 | 3,941 | ||||||
Vodafone Group plc |
11,531 | 12,720 | ||||||
Whitbread plc |
89 | 3,303 | ||||||
WPP plc |
476 | 5,652 | ||||||
|
|
|||||||
2,693,608 | ||||||||
|
|
|||||||
Total Common Stocks (Cost $10,887,682) |
12,333,030 | |||||||
|
|
|||||||
Preferred Stocks 1.4% |
||||||||
Germany 1.2% |
||||||||
Bayerische Motoren Werke AG |
164 | 16,728 | ||||||
Dr Ing hc F Porsche AG (a) |
313 | 40,221 | ||||||
Henkel AG & Co. KGaA |
27 | 2,078 | ||||||
Porsche Automobil Holding SE |
421 | 24,185 | ||||||
Sartorius AG |
3 | 1,441 | ||||||
Volkswagen AG |
511 | 69,712 | ||||||
|
|
|||||||
154,365 | ||||||||
|
|
|||||||
South Korea 0.2% |
||||||||
Samsung Electronics Co. Ltd. |
456 | 18,968 | ||||||
|
|
|||||||
Total Preferred Stocks (Cost $174,108) |
173,333 | |||||||
|
|
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Short-Term Investments 0.7% |
||||||||
Time Deposits 0.7% |
||||||||
Australia & New Zealand Banking Group Ltd., 4.18%, 04/03/2023 |
1,466 | 1,466 | ||||||
Barclays SA, 4.18%, 04/03/2023 |
1,770 | 1,770 | ||||||
Brown Brothers Harriman & Co., |
||||||||
0.00%, 04/03/2023 |
CHF | 18,509 | 20,230 | |||||
1.40%, 04/03/2023 |
DKK | 23,693 | 3,449 | |||||
1.58%, 04/03/2023 |
NOK | 19,016 | 1,816 | |||||
1.74%, 04/03/2023 |
SEK | 30,082 | 2,898 | |||||
3.15%, 04/03/2023 |
GBP | 9,136 | 11,271 | |||||
Citibank NA, |
||||||||
1.91%, 04/03/2023 |
EUR | 29,712 | 32,222 | |||||
4.18%, 04/03/2023 |
2,354 | 2,354 | ||||||
Royal Bank of Canada, 4.18%, 04/03/2023 |
1,683 | 1,683 | ||||||
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023 |
GBP | 6,362 | 7,848 | |||||
Sumitomo Mitsui Banking Corp., (0.53%), 04/03/2023 |
JPY | 109,964 | 828 | |||||
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023 |
1,112 | 1,112 | ||||||
|
|
|||||||
Total Short-Term Investments (Cost $88,947) |
88,947 | |||||||
|
|
|||||||
Total Investments 99.1% (Cost - $11,150,737) * |
12,595,310 | |||||||
Other Assets in Excess of Liabilities 0.9% |
117,664 | |||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 12,712,974 | ||||||
|
|
Percentages indicated are based on net assets.
Futures contracts outstanding as of March 31, 2023:
Exchange Traded
DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
Long Contracts |
||||||||||||||||||||
Amsterdam Index |
15 | 04/2023 | EUR | 2,370 | 91 | |||||||||||||||
Euro STOXX 50 Index |
1,457 | 06/2023 | EUR | 64,430 | 2,899 | |||||||||||||||
FTSE 100 Index |
507 | 06/2023 | GBP | 46,985 | 791 | |||||||||||||||
MSCI Emerging Markets Index |
54 | 06/2023 | USD | 2,622 | 66 | |||||||||||||||
SGX FTSE Taiwan Index |
20 | 04/2023 | USD | 1,109 | 1 | |||||||||||||||
TOPIX Index |
28 | 06/2023 | JPY | 4,201 | 24 | |||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation (depreciation) |
3,872 | |||||||||||||||||||
|
|
Six Circles International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
CVA | | Dutch Certification | ||
REIT | | Real Estate Investment Trust | ||
(a) | | Non-income producing security. | ||
(e) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
(g) | | Amount rounds to less than 0.05%. | ||
(h) | | Amount rounds to less than 500 shares or principal/ $500. | ||
(bb) | | Security has been valued using significant unobservable inputs. | ||
(cc) | | Security is valued in good faith at fair value by or under the direction of the Board of Trustees. | ||
* | | The cost of securities is substantially the same for federal income tax purposes. | ||
CHF | | Swiss Franc | ||
DKK | | Danish Krone | ||
EUR | | Euro | ||
GBP | | British Pound | ||
JPY | | Japanese Yen | ||
NOK | | Norwegian Krone | ||
SEK | | Swedish Krona | ||
USD | | United States Dollar |
Summary of Investments by Industry, March 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY |
PERCENTAGE | |||
Banks |
16.4 | % | ||
Apparel |
10.3 | % | ||
Oil & Gas |
9.1 | % | ||
Semiconductors |
9.0 | % | ||
Food |
8.4 | % | ||
Insurance |
6.1 | % | ||
Beverages |
5.9 | % | ||
Auto Manufacturers |
5.7 | % | ||
Pharmaceuticals |
4.6 | % | ||
Software |
3.6 | % | ||
Retail |
3.2 | % | ||
Electric |
1.6 | % | ||
Diversified Financial Services |
1.6 | % | ||
Commercial Services |
1.2 | % | ||
Investment Companies |
1.0 | % | ||
Others (Each less than 1.0%) |
11.6 | % | ||
Short-Term Investments |
0.7 | % |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Long Positions 105.3% |
||||||||
Asset-Backed Securities 0.8% | ||||||||
Anchorage Capital CLO 11 Ltd., (Cayman Islands), Series 2019-11A, Class AR, (ICE LIBOR USD 3 Month + 1.14%), 5.96%, 07/22/2032 (e) (aa) | 1,900 | 1,857 | ||||||
ARES L CLO Ltd., (Cayman Islands), Series 2018-50A, Class AR, (ICE LIBOR USD 3 Month + 1.05%), 5.84%, 01/15/2032 (e) (aa) | 3,300 | 3,243 | ||||||
Atlas Senior Loan Fund Ltd., (Cayman Islands), Series 2017-8A, Class A, (ICE LIBOR USD 3 Month + 1.15%), 5.94%, 01/16/2030 (e) (aa) | 4,589 | 4,551 | ||||||
Benefit Street Partners CLO XVII Ltd., (Cayman Islands), Series 2019-17A, Class AR, (ICE LIBOR USD 3 Month + 1.08%), 5.87%, 07/15/2032 (e) (aa) | 4,300 | 4,221 | ||||||
CARLYLE US CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 1.00%), 5.81%, 04/20/2031 (e) (aa) | 1,900 | 1,866 | ||||||
Carmax Auto Owner Trust, Series 2020-1, Class A3, 1.89%, 12/16/2024 | 65 | 65 | ||||||
CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 5.77%, 10/24/2030 (e) (aa) | 3,100 | 3,055 | ||||||
Crestline Denali CLO XV Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.03%), 5.84%, 04/20/2030 (e) (aa) | 5,062 | 4,984 | ||||||
Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (ICE LIBOR EUR 3 Month + 0.66%), 2.95%, 04/15/2033 (e) (aa) | EUR | 7,600 | 7,994 | |||||
Dryden 36 Senior Loan Fund, (Cayman Islands), Series 2014-36A, Class AR3, (ICE LIBOR USD 3 Month + 1.02%), 5.81%, 04/15/2029 (e) (aa) | 5,447 | 5,401 | ||||||
Ford Credit Auto Owner Trust, Series 2020-B, Class A4, 0.79%, 11/15/2025 | 850 | 821 | ||||||
GM Financial Consumer Automobile Receivables Trust, | ||||||||
Series 2020-2, Class A4, 1.74%, 08/18/2025 | 500 | 488 | ||||||
Series 2023-1, Class A3, 4.66%, 02/16/2028 | 1,850 | 1,855 | ||||||
Series 2023-1, Class A4, 4.59%, 07/17/2028 | 230 | 229 | ||||||
Hyundai Auto Receivables Trust, Series 2020-A, Class A3, 1.41%, 11/15/2024 | 34 | 34 | ||||||
Madison Park Funding XXVI Ltd., (Cayman Islands), Series 2017-26A, Class AR, (ICE LIBOR USD 3 Month + 1.20%), 6.00%, 07/29/2030 (e) (aa) | 2,351 | 2,328 | ||||||
Magnetite XVIII Ltd., (Cayman Islands), Series 2016-18A, Class AR2, (ICE LIBOR USD 3 Month + 0.88%), 5.74%, 11/15/2028 (e) (aa) | 6,935 | 6,852 | ||||||
Marathon CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A1AR, (ICE LIBOR USD 3 Month + 1.15%), 5.94%, 04/15/2029 (e) (aa) | 237 | 236 | ||||||
Marble Point CLO X Ltd., (Cayman Islands), Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 5.83%, 10/15/2030 (e) (aa) | 1,731 | 1,706 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Asset-Backed Securities continued | ||||||||
Mountain View CLO LLC, (Cayman Islands), | ||||||||
Series 2017-1A, Class AR, (ICE LIBOR USD 3 Month + 1.09%), 5.88%, 10/16/2029 (e) (aa) | 1,423 | 1,410 | ||||||
Series 2017-2A, Class AR, (ICE LIBOR USD 3 Month + 1.04%), 5.83%, 01/16/2031 (e) (aa) | 2,900 | 2,860 | ||||||
Nissan Auto Receivables Owner Trust, Series 2020-A, Class A3, 1.38%, 12/16/2024 | 31 | 31 | ||||||
OCP CLO Ltd., (Cayman Islands), Series 2017-14A, Class A1A, (ICE LIBOR USD 3 Month + 1.15%), 6.07%, 11/20/2030 (e) (aa) | 5,000 | 4,953 | ||||||
Sculptor CLO XXV Ltd., (Cayman Islands), Series 25A, Class A1, (ICE LIBOR USD 3 Month + 1.27%), 6.06%, 01/15/2031 (e) (aa) | 1,200 | 1,183 | ||||||
Sound Point CLO XII Ltd., (Cayman Islands), Series 2016-2A, Class AR2, (ICE LIBOR USD 3 Month + 1.05%), 5.86%, 10/20/2028 (e) (aa) | 36 | 36 | ||||||
Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (ICE LIBOR USD 3 Month + 1.06%), 5.85%, 07/15/2031 (e) (aa) | 700 | 690 | ||||||
Vibrant CLO VI Ltd., (Cayman Islands), Series 2017-6A, Class AR, (ICE LIBOR USD 3 Month + 0.95%), 5.91%, 06/20/2029 (e) (aa) | 1,806 | 1,784 | ||||||
Voya CLO Ltd., (Cayman Islands), Series 2017-1A, Class A1R, (ICE LIBOR USD 3 Month + 0.95%), 5.74%, 04/17/2030 (e) (aa) | 4,534 | 4,474 | ||||||
Wellfleet CLO Ltd., (Cayman Islands), Series 2015-1A, Class AR4, (ICE LIBOR USD 3 Month + 0.89%), 5.70%, 07/20/2029 (e) (aa) | 925 | 912 | ||||||
World Omni Auto Receivables Trust, Series 2020-A, Class A3, 1.10%, 04/15/2025 | 39 | 38 | ||||||
|
|
|||||||
Total Asset-Backed Securities (Cost $72,166) |
70,157 | |||||||
|
|
|||||||
Collateralized Mortgage Obligations 2.1% | ||||||||
Citigroup Mortgage Loan Trust, | ||||||||
Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z) | 5,982 | 4,841 | ||||||
Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 5.00%, 05/25/2051 (e) (aa) | 438 | 400 | ||||||
FHLMC REMICS, | ||||||||
Series 3404, Class SA, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.32%, 01/15/2038 (aa) | 1,229 | 100 | ||||||
Series 3680, Class SA, IF, IO, (5.00% - ICE LIBOR USD 1 Month), 0.32%, 06/15/2040 (aa) | 2,306 | 113 | ||||||
Series 4023, Class S, IF, IO, (6.25% - ICE LIBOR USD 1 Month), 1.57%, 03/15/2042 (aa) | 1,071 | 98 | ||||||
Series 4056, Class GS, IF, IO, (6.65% - ICE LIBOR USD 1 Month), 1.97%, 12/15/2041 (aa) | 587 | 49 | ||||||
Series 4134, Class PI, IO, 3.00%, 11/15/2042 | 475 | 55 | ||||||
Series 4165, Class TI, IO, 3.00%, 12/15/2042 | 508 | 35 | ||||||
Series 4479, Class AI, IO, 3.50%, 09/15/2025 | 3,834 | 113 | ||||||
Series 4598, Class IK, IO, 3.50%, 03/15/2046 | 613 | 109 | ||||||
Series 4710, Class EI, IO, 3.50%, 11/15/2031 | 3,436 | 269 | ||||||
Series 4751, Class EF, (ICE LIBOR USD 1 Month + 0.25%), 4.93%, 05/15/2041 (aa) | 2,881 | 2,785 | ||||||
Series 4764, Class WF, (ICE LIBOR USD 1 Month + 0.30%), 4.98%, 02/15/2048 (aa) | 4,909 | 4,713 | ||||||
Series 4790, Class F, (ICE LIBOR USD 1 Month + 0.19%), 4.87%, 10/15/2043 (aa) | 1,919 | 1,864 | ||||||
Series 4825, Class SE, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 1.52%, 09/15/2048 (aa) | 4,247 | 518 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Collateralized Mortgage Obligations continued |
||||||||
Series 4888, Class IB, IO, 4.00%, 03/15/2047 | 348 | 50 | ||||||
Series 4990, Class MI, IO, 4.00%, 07/25/2050 | 4,460 | 1,007 | ||||||
Series 5003, Class AS, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 1.25%, 08/25/2050 (aa) | 7,262 | 1,026 | ||||||
Series 5013, Class IQ, IO, 3.50%, 09/25/2050 | 5,382 | 840 | ||||||
Series 5016, Class PI, IO, 3.00%, 09/25/2050 | 11,452 | 1,738 | ||||||
Series 5024, Class BI, IO, 2.00%, 10/25/2050 | 18,560 | 2,140 | ||||||
Series 5034, Class MI, IO, 2.00%, 11/25/2050 | 2,005 | 259 | ||||||
Series 5034, Class YI, IO, 4.00%, 11/25/2050 | 2,878 | 534 | ||||||
Series 5045, Class DI, IO, 2.50%, 11/25/2050 | 2,901 | 402 | ||||||
Series 5047, Class CI, IO, 2.00%, 12/25/2050 | 1,765 | 240 | ||||||
Series 5056, Class PI, IO, 2.50%, 12/25/2050 | 8,942 | 1,056 | ||||||
Series 5062, Class EI, IO, 2.00%, 01/25/2051 | 3,788 | 521 | ||||||
Series 5065, Class IG, IO, 3.00%, 01/25/2051 | 3,411 | 516 | ||||||
Series 5069, Class DI, IO, 3.50%, 02/25/2041 | 1,398 | 176 | ||||||
Series 5069, Class LI, IO, 2.50%, 02/25/2051 | 14,868 | 2,145 | ||||||
Series 5071, Class IN, IO, 4.00%, 08/25/2050 | 5,699 | 1,251 | ||||||
Series 5087, Class IL, IO, 3.00%, 03/25/2051 | 2,048 | 321 | ||||||
Series 5124, Class LI, IO, 4.50%, 07/25/2051 | 12,361 | 2,700 | ||||||
Series 5202, Class UI, IO, 3.50%, 01/25/2052 | 4,364 | 767 | ||||||
Series 5210, Class AI, IO, 3.50%, 01/25/2042 | 4,518 | 616 | ||||||
Series 5227, Class EI, IO, 4.00%, 04/25/2050 | 4,938 | 564 | ||||||
FHLMC STRIPs, Series 365, Class C2, IO, 4.00%, 06/15/2049 | 4,129 | 772 | ||||||
FNMA Interest STRIP, | ||||||||
Series 379, Class S56, IF, IO, (7.90% - ICE LIBOR USD 1 Month), 3.05%, 05/25/2037 (aa) | 396 | 56 | ||||||
Series 405, Class 1, PO, Zero Coupon, 10/25/2040 | 318 | 261 | ||||||
Series 406, Class 23, IO, 6.00%, 11/25/2040 (z) | 150 | 34 | ||||||
FNMA REMICS, | ||||||||
Series 2007-30, Class JS, IF, IO, (6.44% - ICE LIBOR USD 1 Month), 1.59%, 04/25/2037 (aa) | 1,704 | 169 | ||||||
Series 2012-53, Class IO, IO, 3.50%, 05/25/2027 | 474 | 21 | ||||||
Series 2012-98, Class JI, IO, 3.00%, 04/25/2027 | 1,109 | 23 | ||||||
Series 2012-135, Class SB, IF, IO, (6.10% - ICE LIBOR USD 1 Month), 1.25%, 12/25/2042 (aa) | 992 | 107 | ||||||
Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043 | 411 | 260 | ||||||
Series 2014-34, Class US, IF, (8.60% - ICE LIBOR USD 1 Month), 0.00%, 06/25/2044 (aa) | 67 | 56 | ||||||
Series 2016-26, Class SY, IF, (7.03% - ICE LIBOR USD 1 Month), 0.00%, 11/25/2042 (aa) | 514 | 352 | ||||||
Series 2016-63, Class AS, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.15%, 09/25/2046 (aa) | 1,642 | 193 | ||||||
Series 2017-97, Class BF, (ICE LIBOR USD 1 Month + 0.30%), 5.15%, 12/25/2047 (aa) | 5,000 | 4,844 | ||||||
Series 2018-67, Class HF, (ICE LIBOR USD 1 Month + 0.30%), 5.15%, 09/25/2048 (aa) | 2,684 | 2,539 | ||||||
Series 2018-67, Class SH, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 1.35%, 09/25/2048 (aa) | 3,426 | 384 | ||||||
Series 2018-77, Class PF, (ICE LIBOR USD 1 Month + 0.30%), 5.15%, 10/25/2048 (aa) | 2,128 | 2,045 | ||||||
Series 2019-48, Class IB, IO, 0.67%, 06/25/2039 (z) | 22,329 | 500 | ||||||
Series 2019-68, Class US, IF, IO, (6.00% - ICE LIBOR USD 1 Month), 1.15%, 11/25/2049 (aa) | 6,388 | 839 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Collateralized Mortgage Obligations continued |
||||||||
Series 2019-78, Class DI, IO, 4.50%, 11/25/2049 | 644 | 98 | ||||||
Series 2020-42, Class CI, IO, 3.00%, 06/25/2050 | 13,101 | 2,134 | ||||||
Series 2020-60, Class BI, IO, 3.50%, 09/25/2050 | 11,760 | 2,186 | ||||||
Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 | 8,878 | 1,271 | ||||||
Series 2020-74, Class PI, IO, 2.00%, 12/25/2049 | 10,650 | 1,104 | ||||||
Series 2020-86, Class PI, IO, 2.50%, 12/25/2050 | 3,400 | 522 | ||||||
Series 2020-89, Class IM, IO, 2.00%, 12/25/2050 | 10,067 | 1,259 | ||||||
Series 2020-89, Class LI, IO, 3.00%, 12/25/2050 | 11,626 | 1,929 | ||||||
Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 | 973 | 156 | ||||||
Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 2,320 | 379 | ||||||
Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 3.79%, 03/25/2061 (aa) | 10,091 | 9,847 | ||||||
GNMA, | ||||||||
Series 2015-H03, Class FA, (ICE LIBOR USD 1 Month + 0.50%), 5.07%, 12/20/2064 (aa) | 61 | 60 | ||||||
Series 2015-H33, Class FA, (ICE LIBOR USD 1 Month + 0.66%), 5.23%, 12/20/2065 (aa) | 9,674 | 9,544 | ||||||
Series 2017-H03, Class HA, 3.00%, 01/20/2067 | 4,441 | 4,282 | ||||||
Series 2019-H08, Class FE, (ICE LIBOR USD 1 Month + 0.65%), 5.22%, 01/20/2069 (aa) | 4,286 | 4,157 | ||||||
Series 2019-H16, Class FD, (ICE LIBOR USD 1 Month + 0.80%), 5.37%, 10/20/2069 (aa) | 2,426 | 2,394 | ||||||
Series 2020-142, Class LI, IO, 2.50%, 09/20/2050 | 11,373 | 1,571 | ||||||
Series 2020-142, Class MT, IF, IO, (6.15% - ICE LIBOR USD 1 Month), 0.05%, 07/20/2047 (aa) | 13,934 | 26 | ||||||
Series 2020-142, Class TN, IF, IO, (6.20% - ICE LIBOR USD 1 Month), 0.10%, 09/20/2047 (aa) | 18,725 | 78 | ||||||
Series 2020-H12, Class F, (ICE LIBOR USD 1 Month + 0.50%), 5.07%, 07/20/2070 (aa) | 596 | 579 | ||||||
Series 2020-H13, Class FA, (ICE LIBOR USD 1 Month + 0.45%), 5.02%, 07/20/2070 (aa) | 5,001 | 4,834 | ||||||
Series 2020-H14, Class FH, (ICE LIBOR USD 1 Month + 1.25%), 5.82%, 08/20/2070 (aa) | 6,858 | 6,936 | ||||||
Series 2020-H15, Class FH, (ICE LIBOR USD 1 Month + 1.05%), 5.62%, 07/20/2070 (aa) | 2,924 | 2,922 | ||||||
Series 2020-H15, Class FK, (ICE LIBOR USD 1 Month + 1.25%), 5.82%, 04/20/2070 (aa) | 5,185 | 5,167 | ||||||
Series 2020-H16, Class FN, (ICE LIBOR USD 1 Month + 1.25%), 5.82%, 09/20/2070 (aa) | 1,879 | 1,899 | ||||||
Series 2021-23, Class GI, IO, 2.00%, 02/20/2051 | 12,184 | 1,381 | ||||||
Series 2021-122, Class IT, IO, 2.50%, 07/20/2051 | 12,374 | 1,704 | ||||||
Series 2021-206, Class IG, IO, 2.50%, 09/20/2051 | 10,715 | 1,408 | ||||||
Series 2021-223, Class QI, IO, 2.50%, 10/20/2051 | 11,319 | 1,299 | ||||||
Series 2021-H03, Class ML, 6.53%, 01/20/2071 (z) | 10,155 | 10,377 | ||||||
Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 6.06%, 09/20/2071 (aa) | 7,733 | 7,926 | ||||||
Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 6.06%, 09/20/2071 (aa) | 9,631 | 9,897 | ||||||
Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 5.23%, 04/20/2072 (aa) | 556 | 546 | ||||||
Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa) | 2,923 | 2,923 | ||||||
Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa) | 8,575 | 8,574 | ||||||
Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 5.46%, 01/20/2073 (aa) | 6,491 | 6,490 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Collateralized Mortgage Obligations continued |
||||||||
Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.43%, 02/20/2073 (aa) | 11,701 | 11,677 | ||||||
GS Mortgage-Backed Securities Trust, | ||||||||
Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z) | 1,124 | 909 | ||||||
Series 2021-INV1, Class A2, 2.50%, 12/25/2051 (e) (z) | 872 | 706 | ||||||
IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e) | 2,171 | 2,024 | ||||||
MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 3,727 | 3,360 | ||||||
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 5.00%, 09/25/2051 (e) (aa) | 1,900 | 1,732 | ||||||
OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 10/25/2051 (e) (aa) | 442 | 402 | ||||||
PMT Loan Trust, | ||||||||
Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 07/25/2051 (e) (aa) | 8,776 | 8,029 | ||||||
Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z) | 4,171 | 3,364 | ||||||
|
|
|||||||
Total Collateralized Mortgage Obligations (Cost $215,741) |
198,448 | |||||||
|
|
|||||||
Commercial Mortgage-Backed Securities 0.5% | ||||||||
Banc of America Commercial Mortgage Trust, Series 2015-UBS7, Class ASB, 3.43%, 09/15/2048 | 336 | 324 | ||||||
BANK, | ||||||||
Series 2017-BNK7, Class AS, 3.75%, 09/15/2060 | 750 | 683 | ||||||
Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z) | 500 | 477 | ||||||
Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z) | 1,235 | 1,187 | ||||||
Barclays Commercial Mortgage Trust, | ||||||||
Series 2019-C5, Class A4, 3.06%, 11/15/2052 | 1,000 | 882 | ||||||
Series 2019-C5, Class ASB, 2.99%, 11/15/2052 | 500 | 463 | ||||||
BBCMS Mortgage Trust, | ||||||||
Series 2020-C6, Class ASB, 2.60%, 02/15/2053 | 600 | 541 | ||||||
Series 2020-C7, Class A5, 2.04%, 04/15/2053 | 210 | 172 | ||||||
BCP Trust, Series 2021-330N, Class A, (ICE LIBOR USD 1 Month + 0.80%), 5.48%, 06/15/2038 (e) (aa) | 2,800 | 2,579 | ||||||
Benchmark Mortgage Trust, | ||||||||
Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z) | 350 | 292 | ||||||
Series 2020-B17, Class A5, 2.29%, 03/15/2053 | 500 | 413 | ||||||
Series 2020-B20, Class A5, 2.03%, 10/15/2053 | 750 | 599 | ||||||
BWAY Mortgage Trust, Series 2021-1450, Class A, (ICE LIBOR USD 1 Month + 1.25%), 5.93%, 09/15/2036 (e) (aa) | 4,600 | 4,471 | ||||||
BX Commercial Mortgage Trust, Series 2021-21M, Class A, (ICE LIBOR USD 1 Month + 0.73%), 5.41%, 10/15/2036 (e) (aa) | 2,235 | 2,148 | ||||||
CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050 | 868 | 827 | ||||||
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050 | 1,100 | 1,015 | ||||||
Citigroup Commercial Mortgage Trust, | ||||||||
Series 2014-GC23, Class AS, 3.86%, 07/10/2047 | 250 | 241 | ||||||
Series 2014-GC25, Class A4, 3.64%, 10/10/2047 | 500 | 483 | ||||||
Series 2015-GC33, Class AS, 4.11%, 09/10/2058 | 500 | 472 | ||||||
Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 250 | 211 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Commercial Mortgage-Backed Securities continued |
||||||||
COMM Mortgage Trust, Series 2016-CR28, Class ASB, 3.53%, 02/10/2049 | 271 | 262 | ||||||
CSAIL Commercial Mortgage Trust, Series 2016-C7, Class ASB, 3.31%, 11/15/2049 | 242 | 233 | ||||||
CSMC, Series 2020-FACT, Class A, (ICE LIBOR USD 1 Month + 1.35%), 6.03%, 10/15/2037 (e) (aa) | 2,100 | 2,044 | ||||||
FHLMC Multifamily Structured Pass Through Certificates, | ||||||||
Series K047, Class A2, 3.33%, 05/25/2025 (z) | 1,000 | 975 | ||||||
Series K049, Class A2, 3.01%, 07/25/2025 | 250 | 242 | ||||||
Series K057, Class A2, 2.57%, 07/25/2026 | 850 | 805 | ||||||
Series K063, Class A2, 3.43%, 01/25/2027 (z) | 1,000 | 969 | ||||||
Series K071, Class A2, 3.29%, 11/25/2027 | 500 | 480 | ||||||
Series K073, Class A2, 3.35%, 01/25/2028 | 1,000 | 962 | ||||||
Series K075, Class A2, 3.65%, 02/25/2028 (z) | 500 | 487 | ||||||
Series K094, Class A2, 2.90%, 06/25/2029 | 112 | 104 | ||||||
Series K103, Class A2, 2.65%, 11/25/2029 | 500 | 455 | ||||||
Series K108, Class A2, 1.52%, 03/25/2030 | 304 | 256 | ||||||
Series K117, Class A2, 1.41%, 08/25/2030 | 1,500 | 1,235 | ||||||
Series K118, Class A2, 1.49%, 09/25/2030 | 500 | 414 | ||||||
Series K725, Class A2, 3.00%, 01/25/2024 | 219 | 215 | ||||||
Series K726, Class A2, 2.91%, 04/25/2024 | 687 | 672 | ||||||
Series K729, Class A2, 3.14%, 10/25/2024 | 200 | 195 | ||||||
Series K737, Class A2, 2.53%, 10/25/2026 | 650 | 613 | ||||||
Series K-152, Class A2, 3.78%, 11/25/2032 (z) | 2,500 | 2,410 | ||||||
FNMA-ACES, | ||||||||
Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z) | 465 | 446 | ||||||
Series 2016-M5, Class A2, 2.47%, 04/25/2026 | 500 | 473 | ||||||
Series 2017-M11, Class A2, 2.98%, 08/25/2029 | 1,000 | 934 | ||||||
Series 2017-M12, Class A2, 3.06%, 06/25/2027 (z) | 96 | 91 | ||||||
Series 2017-M13, Class A2, 2.93%, 09/25/2027 (z) | 514 | 487 | ||||||
Series 2018-M8, Class A2, 3.30%, 06/25/2028 (z) | 908 | 871 | ||||||
Series 2020-M46, Class A2, 1.32%, 05/25/2030 | 1,000 | 825 | ||||||
GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 250 | 218 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||
Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 500 | 470 | ||||||
Series 2016-C31, Class A5, 3.10%, 11/15/2049 | 500 | 461 | ||||||
Series 2016-C32, Class A4, 3.72%, 12/15/2049 | 1,000 | 940 | ||||||
UBS Commercial Mortgage Trust, | ||||||||
Series 2018-C11, Class ASB, 4.12%, 06/15/2051 | 687 | 661 | ||||||
Series 2018-C12, Class A5, 4.30%, 08/15/2051 | 1,380 | 1,308 | ||||||
Wells Fargo Commercial Mortgage Trust, | ||||||||
Series 2014-LC18, Class A5, 3.41%, 12/15/2047 | 420 | 402 | ||||||
Series 2015-C27, Class A5, 3.45%, 02/15/2048 | 918 | 878 | ||||||
Series 2015-LC20, Class A5, 3.18%, 04/15/2050 | 500 | 477 | ||||||
Series 2017-C39, Class A5, 3.42%, 09/15/2050 | 1,000 | 924 | ||||||
Series 2017-C40, Class A4, 3.58%, 10/15/2050 | 550 | 511 | ||||||
Series 2018-C44, Class A5, 4.21%, 05/15/2051 | 1,000 | 947 | ||||||
Series 2021-C60, Class A4, 2.34%, 08/15/2054 | 550 | 446 | ||||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities (Cost $50,709) |
45,278 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds 47.6% |
||||||||
Basic Materials 1.3% |
||||||||
Chemicals 0.7% |
||||||||
Air Liquide Finance SA, (France), | ||||||||
Reg. S, 0.63%, 06/20/2030 | EUR | 800 | 729 | |||||
Reg. S, 0.75%, 06/13/2024 | EUR | 1,200 | 1,262 | |||||
Air Products and Chemicals, Inc., | ||||||||
0.50%, 05/05/2028 | EUR | 1,000 | 926 | |||||
0.80%, 05/05/2032 | EUR | 2,000 | 1,686 | |||||
1.00%, 02/12/2025 | EUR | 4,450 | 4,632 | |||||
2.80%, 05/15/2050 | 15 | 11 | ||||||
4.00%, 03/03/2035 | EUR | 1,600 | 1,744 | |||||
Akzo Nobel NV, (Netherlands), | ||||||||
Reg. S, 1.50%, 03/28/2028 | EUR | 1,000 | 978 | |||||
Reg. S, 2.00%, 03/28/2032 | EUR | 1,000 | 913 | |||||
Albemarle Corp., 5.65%, 06/01/2052 | 210 | 201 | ||||||
Albemarle New Holding GmbH, (Germany), Reg. S, 1.63%, 11/25/2028 | EUR | 3,900 | 3,713 | |||||
Argentum Netherlands BV for Givaudan SA, (Netherlands), | ||||||||
Reg. S, 1.13%, 09/17/2025 | EUR | 800 | 814 | |||||
Reg. S, 2.00%, 09/17/2030 | EUR | 1,000 | 960 | |||||
Arkema SA, (France), | ||||||||
Reg. S, 0.75%, 12/03/2029 | EUR | 1,000 | 908 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.57%), 1.50%, 10/21/2025 (x) (aa) | EUR | 1,000 | 941 | |||||
Reg. S, 1.50%, 04/20/2027 | EUR | 1,000 | 1,005 | |||||
Brenntag Finance BV, (Netherlands), | ||||||||
Reg. S, 0.50%, 10/06/2029 | EUR | 500 | 427 | |||||
Reg. S, 1.13%, 09/27/2025 | EUR | 1,000 | 1,025 | |||||
Cabot Corp., 4.00%, 07/01/2029 | 30 | 28 | ||||||
Celanese US Holdings LLC, 4.78%, 07/19/2026 | EUR | 3,900 | 4,156 | |||||
CF Industries, Inc., | ||||||||
4.50%, 12/01/2026 (e) | 1,800 | 1,751 | ||||||
4.95%, 06/01/2043 | 505 | 434 | ||||||
5.38%, 03/15/2044 | 42 | 38 | ||||||
Covestro AG, (Germany), Reg. S, 0.88%, 02/03/2026 | EUR | 1,875 | 1,901 | |||||
Dow Chemical Co. (The), | ||||||||
4.55%, 11/30/2025 | 118 | 116 | ||||||
5.25%, 11/15/2041 | 600 | 580 | ||||||
6.90%, 05/15/2053 | 1,155 | 1,328 | ||||||
Eastman Chemical Co., 1.88%, 11/23/2026 | EUR | 1,500 | 1,508 | |||||
Ecolab, Inc., 1.00%, 01/15/2024 | EUR | 1,950 | 2,074 | |||||
EIDP, Inc., 2.30%, 07/15/2030 | 404 | 347 | ||||||
FMC Corp., 3.20%, 10/01/2026 | 10 | 9 | ||||||
Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027 | EUR | 100 | 99 | |||||
Huntsman International LLC, 4.50%, 05/01/2029 | 975 | 914 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Chemicals continued |
||||||||
International Flavors & Fragrances, Inc., 1.80%, 09/25/2026 | EUR | 1,500 | 1,474 | |||||
LANXESS AG, (Germany), | ||||||||
Reg. S, 0.00%, 09/08/2027 | EUR | 1,000 | 931 | |||||
Reg. S, 0.63%, 12/01/2029 | EUR | 500 | 427 | |||||
Reg. S, 1.75%, 03/22/2028 | EUR | 1,000 | 979 | |||||
Linde Finance BV, (Netherlands), | ||||||||
Reg. S, 0.25%, 05/19/2027 | EUR | 1,000 | 961 | |||||
Reg. S, 0.55%, 05/19/2032 | EUR | 800 | 676 | |||||
Reg. S, 1.00%, 04/20/2028 | EUR | 1,000 | 987 | |||||
Reg. S, 1.88%, 05/22/2024 | EUR | 1,825 | 1,957 | |||||
Linde plc, (Ireland), Reg. S, 1.00%, 09/30/2051 | EUR | 1,500 | 884 | |||||
LYB International Finance BV, (Netherlands), 4.88%, 03/15/2044 | 550 | 485 | ||||||
LYB International Finance II BV, (Netherlands), | ||||||||
0.88%, 09/17/2026 | EUR | 1,000 | 977 | |||||
1.63%, 09/17/2031 | EUR | 1,000 | 892 | |||||
3.50%, 03/02/2027 | 100 | 96 | ||||||
LYB International Finance III LLC, | ||||||||
3.38%, 10/01/2040 | 290 | 214 | ||||||
3.63%, 04/01/2051 | 235 | 167 | ||||||
PPG Industries, Inc., | ||||||||
0.88%, 11/03/2025 | EUR | 1,000 | 1,015 | |||||
1.20%, 03/15/2026 | 35 | 31 | ||||||
1.40%, 03/13/2027 | EUR | 1,000 | 999 | |||||
1.88%, 06/01/2025 | EUR | 1,500 | 1,565 | |||||
2.75%, 06/01/2029 | EUR | 4,200 | 4,241 | |||||
Solvay SA, (Belgium), | ||||||||
Reg. S, 0.50%, 09/06/2029 | EUR | 2,000 | 1,801 | |||||
Reg. S, 2.75%, 12/02/2027 | EUR | 1,000 | 1,047 | |||||
Westlake Corp., 1.63%, 07/17/2029 | EUR | 3,000 | 2,735 | |||||
Yara International ASA, (Norway), 3.15%, 06/04/2030 (e) | 1,000 | 842 | ||||||
|
|
|||||||
64,541 | ||||||||
|
|
|||||||
Forest Products & Paper 0.0% (g) |
||||||||
Georgia-Pacific LLC, 8.88%, 05/15/2031 | 100 | 126 | ||||||
Mondi Finance Europe GmbH, (Austria), Reg. S, 2.38%, 04/01/2028 | EUR | 500 | 498 | |||||
Mondi Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.50%, 04/15/2024 | EUR | 500 | 529 | |||||
Reg. S, 1.63%, 04/27/2026 | EUR | 1,000 | 1,008 | |||||
|
|
|||||||
2,161 | ||||||||
|
|
|||||||
Iron/Steel 0.1% |
||||||||
ArcelorMittal SA, (Luxembourg), | ||||||||
Reg. S, 1.75%, 11/19/2025 | EUR | 1,500 | 1,536 | |||||
Reg. S, 4.88%, 09/26/2026 | EUR | 1,500 | 1,659 | |||||
Reliance Steel & Aluminum Co., | ||||||||
1.30%, 08/15/2025 | 320 | 294 | ||||||
2.15%, 08/15/2030 | 980 | 823 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Iron/Steel continued |
||||||||
Steel Dynamics, Inc., | ||||||||
3.25%, 01/15/2031 | 4,310 | 3,829 | ||||||
3.45%, 04/15/2030 | 155 | 141 | ||||||
Vale Overseas Ltd., (Cayman Islands), 3.75%, 07/08/2030 | 245 | 220 | ||||||
|
|
|||||||
8,502 | ||||||||
|
|
|||||||
Mining 0.5% |
||||||||
Anglo American Capital plc, (United Kingdom), | ||||||||
Reg. S, 1.63%, 09/18/2025 | EUR | 1,000 | 1,024 | |||||
Reg. S, 1.63%, 03/11/2026 | EUR | 1,000 | 1,016 | |||||
Reg. S, 3.38%, 03/11/2029 | GBP | 1,500 | 1,625 | |||||
Reg. S, 4.75%, 09/21/2032 | EUR | 1,000 | 1,090 | |||||
AngloGold Ashanti Holdings plc, (Isle of Man), 3.75%, 10/01/2030 | 350 | 306 | ||||||
Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039 | 920 | 983 | ||||||
BHP Billiton Finance Ltd., (Australia), | ||||||||
Series 10, Reg. S, 3.25%, 09/24/2027 | EUR | 1,898 | 2,007 | |||||
Series 12, Reg. S, 4.30%, 09/25/2042 | GBP | 1,000 | 1,095 | |||||
Series 13, Reg. S, 3.13%, 04/29/2033 | EUR | 3,941 | 3,938 | |||||
Series 17, Reg. S, 1.50%, 04/29/2030 | EUR | 2,175 | 2,005 | |||||
BHP Billiton Finance USA Ltd., (Australia), | ||||||||
4.75%, 02/28/2028 | 600 | 607 | ||||||
4.90%, 02/28/2033 | 275 | 280 | ||||||
Freeport-McMoRan, Inc., 4.13%, 03/01/2028 | 1,500 | 1,406 | ||||||
Glencore Capital Finance DAC, (Ireland), | ||||||||
Reg. S, 0.75%, 03/01/2029 | EUR | 1,900 | 1,665 | |||||
Reg. S, 1.13%, 03/10/2028 | EUR | 3,900 | 3,635 | |||||
Glencore Finance Europe Ltd., (Jersey), | ||||||||
Reg. S, 0.63%, 09/11/2024 | EUR | 7,500 | 7,765 | |||||
Reg. S, 1.50%, 10/15/2026 | EUR | 3,500 | 3,503 | |||||
Reg. S, 3.75%, 04/01/2026 | EUR | 1,500 | 1,621 | |||||
Kinross Gold Corp., (Canada), 4.50%, 07/15/2027 | 2,500 | 2,421 | ||||||
Orano SA, (France), | ||||||||
Reg. S, 2.75%, 03/08/2028 | EUR | 100 | 100 | |||||
Reg. S, 5.38%, 05/15/2027 | EUR | 200 | 224 | |||||
Rio Tinto Finance plc, (United Kingdom), Reg. S, 4.00%, 12/11/2029 | GBP | 2,000 | 2,376 | |||||
Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051 | 150 | 103 | ||||||
Rio Tinto Finance USA plc, (United Kingdom), 5.13%, 03/09/2053 | 315 | 323 | ||||||
Southern Copper Corp., | ||||||||
3.88%, 04/23/2025 | 35 | 34 | ||||||
5.25%, 11/08/2042 | 112 | 108 | ||||||
5.88%, 04/23/2045 | 9 | 9 | ||||||
6.75%, 04/16/2040 | 10 | 11 | ||||||
Teck Resources Ltd., (Canada), 5.40%, 02/01/2043 | 1,100 | 1,029 | ||||||
Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031 | 2,705 | 2,174 | ||||||
|
|
|||||||
44,483 | ||||||||
|
|
|||||||
Total Basic Materials | 119,687 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Communications 2.1% |
||||||||
Advertising 0.3% |
||||||||
Interpublic Group of Cos., Inc. (The), 3.38%, 03/01/2041 | 64 | 48 | ||||||
JCDecaux SE, (France), | ||||||||
Reg. S, 1.63%, 02/07/2030 | EUR | 1,000 | 863 | |||||
Reg. S, 2.63%, 04/24/2028 | EUR | 1,000 | 984 | |||||
Reg. S, 5.00%, 01/11/2029 | EUR | 8,500 | 9,139 | |||||
MMS USA Holdings, Inc., | ||||||||
Reg. S, 0.63%, 06/13/2025 | EUR | 2,900 | 2,937 | |||||
Reg. S, 1.25%, 06/13/2028 | EUR | 3,700 | 3,561 | |||||
Reg. S, 1.75%, 06/13/2031 | EUR | 5,000 | 4,667 | |||||
Omnicom Group, Inc., 2.60%, 08/01/2031 | 620 | 526 | ||||||
|
|
|||||||
22,725 | ||||||||
|
|
|||||||
Internet 0.3% |
||||||||
Alphabet, Inc., | ||||||||
1.90%, 08/15/2040 | 700 | 490 | ||||||
2.25%, 08/15/2060 | 265 | 161 | ||||||
Amazon.com, Inc., | ||||||||
3.10%, 05/12/2051 | 75 | 57 | ||||||
3.25%, 05/12/2061 | 15 | 11 | ||||||
3.45%, 04/13/2029 | 885 | 850 | ||||||
Booking Holdings, Inc., | ||||||||
0.10%, 03/08/2025 | EUR | 1,500 | 1,523 | |||||
0.50%, 03/08/2028 | EUR | 1,500 | 1,400 | |||||
1.80%, 03/03/2027 | EUR | 1,500 | 1,524 | |||||
2.38%, 09/23/2024 | EUR | 1,000 | 1,067 | |||||
3.60%, 06/01/2026 | 50 | 49 | ||||||
4.63%, 04/13/2030 | 195 | 195 | ||||||
Expedia Group, Inc., | ||||||||
3.25%, 02/15/2030 | 2,140 | 1,853 | ||||||
3.80%, 02/15/2028 | 700 | 661 | ||||||
4.63%, 08/01/2027 | 700 | 686 | ||||||
Meta Platforms, Inc., | ||||||||
3.50%, 08/15/2027 | 240 | 232 | ||||||
4.65%, 08/15/2062 | 150 | 132 | ||||||
Prosus NV, (Netherlands), | ||||||||
Reg. S, 1.21%, 01/19/2026 | EUR | 4,000 | 3,872 | |||||
Reg. S, 1.29%, 07/13/2029 | EUR | 9,000 | 7,420 | |||||
Reg. S, 1.54%, 08/03/2028 | EUR | 1,000 | 881 | |||||
Reg. S, 1.99%, 07/13/2033 | EUR | 1,000 | 747 | |||||
Reg. S, 2.03%, 08/03/2032 | EUR | 3,900 | 3,012 | |||||
Reg. S, 2.09%, 01/19/2030 | EUR | 1,000 | 849 | |||||
Reg. S, 2.78%, 01/19/2034 | EUR | 2,700 | 2,159 | |||||
VeriSign, Inc., | ||||||||
2.70%, 06/15/2031 | 360 | 304 | ||||||
4.75%, 07/15/2027 | 277 | 276 | ||||||
5.25%, 04/01/2025 | 132 | 132 | ||||||
|
|
|||||||
30,543 | ||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Media 0.6% |
||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, | ||||||||
3.70%, 04/01/2051 | 2,440 | 1,556 | ||||||
3.95%, 06/30/2062 | 330 | 208 | ||||||
4.50%, 02/01/2024 | 105 | 104 | ||||||
4.80%, 03/01/2050 | 955 | 726 | ||||||
4.91%, 07/23/2025 | 1,545 | 1,529 | ||||||
5.25%, 04/01/2053 | 50 | 40 | ||||||
5.50%, 04/01/2063 | 35 | 28 | ||||||
Comcast Corp., | ||||||||
0.25%, 09/14/2029 | EUR | 3,100 | 2,711 | |||||
1.88%, 02/20/2036 | GBP | 575 | 508 | |||||
1.95%, 01/15/2031 (jj) | 2,875 | 2,390 | ||||||
2.35%, 01/15/2027 | 57 | 53 | ||||||
2.65%, 02/01/2030 | 530 | 472 | ||||||
2.65%, 08/15/2062 | 50 | 30 | ||||||
2.89%, 11/01/2051 | 190 | 129 | ||||||
3.15%, 02/15/2028 | 298 | 283 | ||||||
3.20%, 07/15/2036 | 25 | 21 | ||||||
3.30%, 02/01/2027 (jj) | 1,940 | 1,870 | ||||||
3.40%, 07/15/2046 | 420 | 325 | ||||||
3.75%, 04/01/2040 | 300 | 258 | ||||||
3.97%, 11/01/2047 | 145 | 122 | ||||||
4.25%, 10/15/2030 | 120 | 118 | ||||||
4.60%, 10/15/2038 | 120 | 116 | ||||||
4.65%, 02/15/2033 | 105 | 105 | ||||||
Cox Communications, Inc., 3.50%, 08/15/2027 (e) | 3,180 | 3,005 | ||||||
Discovery Communications LLC, | ||||||||
4.13%, 05/15/2029 | 940 | 873 | ||||||
5.20%, 09/20/2047 | 1,100 | 908 | ||||||
FactSet Research Systems, Inc., | ||||||||
2.90%, 03/01/2027 | 965 | 896 | ||||||
3.45%, 03/01/2032 | 540 | 470 | ||||||
Informa plc, (United Kingdom), | ||||||||
Reg. S, 1.25%, 04/22/2028 | EUR | 5,100 | 4,732 | |||||
Reg. S, 2.13%, 10/06/2025 | EUR | 7,000 | 7,228 | |||||
Reg. S, 3.13%, 07/05/2026 | GBP | 1,100 | 1,259 | |||||
ITV plc, (United Kingdom), Reg. S, 1.38%, 09/26/2026 | EUR | 1,500 | 1,478 | |||||
Paramount Global, 4.85%, 07/01/2042 | 1,580 | 1,208 | ||||||
Pearson Funding plc, (United Kingdom), Reg. S, 3.75%, 06/04/2030 | GBP | 2,475 | 2,739 | |||||
TDF Infrastructure SASU, (France), Reg. S, 1.75%, 12/01/2029 | EUR | 4,500 | 3,867 | |||||
Time Warner Cable LLC, | ||||||||
4.50%, 09/15/2042 | 300 | 230 | ||||||
5.50%, 09/01/2041 | 800 | 690 | ||||||
Vivendi SE, (France), Reg. S, 1.13%, 12/11/2028 | EUR | 1,200 | 1,126 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Media continued |
||||||||
Walt Disney Co. (The), | ||||||||
1.75%, 01/13/2026 | 45 | 42 | ||||||
2.00%, 09/01/2029 | 790 | 684 | ||||||
Wolters Kluwer NV, (Netherlands), | ||||||||
Reg. S, 0.25%, 03/30/2028 | EUR | 2,500 | 2,312 | |||||
Reg. S, 0.75%, 07/03/2030 | EUR | 1,475 | 1,314 | |||||
Reg. S, 1.50%, 03/22/2027 | EUR | 4,375 | 4,420 | |||||
Reg. S, 2.50%, 05/13/2024 | EUR | 1,000 | 1,072 | |||||
Reg. S, 3.00%, 09/23/2026 | EUR | 5,000 | 5,354 | |||||
59,609 | ||||||||
Telecommunications 0.9% |
||||||||
America Movil SAB de CV, (Mexico), | ||||||||
2.13%, 03/10/2028 | EUR | 1,300 | 1,299 | |||||
4.38%, 08/07/2041 | GBP | 1,500 | 1,603 | |||||
5.00%, 10/27/2026 | GBP | 1,200 | 1,472 | |||||
5.75%, 06/28/2030 | GBP | 2,000 | 2,553 | |||||
AT&T, Inc., | ||||||||
1.65%, 02/01/2028 | 180 | 158 | ||||||
1.70%, 03/25/2026 | 1,170 | 1,076 | ||||||
1.80%, 09/05/2026 | EUR | 2,250 | 2,297 | |||||
2.05%, 05/19/2032 | EUR | 200 | 186 | |||||
2.45%, 03/15/2035 | EUR | 825 | 748 | |||||
3.50%, 06/01/2041 | 2,790 | 2,198 | ||||||
3.55%, 09/15/2055 | 10 | 7 | ||||||
3.65%, 06/01/2051 | 1,800 | 1,359 | ||||||
3.65%, 09/15/2059 | 720 | 512 | ||||||
3.80%, 02/15/2027 | 40 | 39 | ||||||
3.80%, 12/01/2057 | 227 | 168 | ||||||
3.85%, 06/01/2060 | 70 | 52 | ||||||
4.25%, 06/01/2043 | GBP | 200 | 203 | |||||
4.30%, 12/15/2042 | 100 | 87 | ||||||
4.50%, 03/09/2048 | 15 | 13 | ||||||
4.75%, 05/15/2046 | 70 | 63 | ||||||
4.85%, 03/01/2039 | 195 | 183 | ||||||
Reg. S, 5.50%, 03/15/2027 | GBP | 850 | 1,055 | |||||
5.54%, 02/20/2026 | 340 | 341 | ||||||
7.00%, 04/30/2040 | GBP | 400 | 557 | |||||
Bell Telephone Co. of Canada or Bell Canada (The), (Canada), | ||||||||
3.65%, 08/15/2052 | 135 | 104 | ||||||
Series US-3, 0.75%, 03/17/2024 | 45 | 43 | ||||||
British Telecommunications plc, (United Kingdom), Reg. S, 1.75%, 03/10/2026 | EUR | 3,000 | 3,085 | |||||
Chorus Ltd., (New Zealand), Reg. S, 3.63%, 09/07/2029 | EUR | 2,650 | 2,802 | |||||
CK Hutchison Group Telecom Finance SA, (Luxembourg), Reg. S, 0.38%, 10/17/2023 | EUR | 1,300 | 1,386 | |||||
Corning, Inc., 5.45%, 11/15/2079 | 115 | 106 | ||||||
Elisa OYJ, (Finland), Reg. S, 0.88%, 03/17/2024 | EUR | 100 | 106 | |||||
Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), Reg. S, 0.88%, 05/17/2033 | EUR | 1,600 | 1,287 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Eutelsat SA, (France), | ||||||||
Reg. S, 2.00%, 10/02/2025 | EUR | 1,000 | 991 | |||||
Reg. S, 2.25%, 07/13/2027 | EUR | 1,000 | 942 | |||||
Juniper Networks, Inc., | ||||||||
1.20%, 12/10/2025 | 270 | 244 | ||||||
2.00%, 12/10/2030 | 381 | 302 | ||||||
Koninklijke KPN NV, (Netherlands), Reg. S, 5.75%, 09/17/2029 | GBP | 5,000 | 6,241 | |||||
Motorola Solutions, Inc., | ||||||||
2.30%, 11/15/2030 | 47 | 38 | ||||||
2.75%, 05/24/2031 | 1,130 | 928 | ||||||
4.60%, 05/23/2029 | 40 | 39 | ||||||
5.50%, 09/01/2044 | 875 | 829 | ||||||
NTT Finance Corp., (Japan), | ||||||||
Reg. S, 0.01%, 03/03/2025 | EUR | 500 | 507 | |||||
Reg. S, 0.08%, 12/13/2025 | EUR | 1,000 | 990 | |||||
Reg. S, 0.34%, 03/03/2030 | EUR | 500 | 430 | |||||
Reg. S, 0.40%, 12/13/2028 | EUR | 1,000 | 911 | |||||
O2 Telefonica Deutschland Finanzierungs GmbH, (Germany), Reg. S, 1.75%, 07/05/2025 | EUR | 1,000 | 1,033 | |||||
Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029 | EUR | 1,400 | 1,247 | |||||
Orange SA, (France), | ||||||||
Reg. S, 0.00%, 09/04/2026 | EUR | 2,000 | 1,928 | |||||
Reg. S, 0.50%, 09/04/2032 | EUR | 2,000 | 1,628 | |||||
Reg. S, 3.25%, 01/15/2032 | GBP | 1,100 | 1,196 | |||||
OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026 | EUR | 100 | 98 | |||||
Proximus SADP, (Belgium), | ||||||||
Reg. S, 0.75%, 11/17/2036 | EUR | 100 | 72 | |||||
Reg. S, 1.88%, 10/01/2025 | EUR | 100 | 104 | |||||
Reg. S, 2.38%, 04/04/2024 | EUR | 100 | 107 | |||||
Rogers Communications, Inc., (Canada), | ||||||||
3.20%, 03/15/2027 (e) | 257 | 241 | ||||||
3.80%, 03/15/2032 (e) | 68 | 61 | ||||||
4.50%, 03/15/2042 (e) | 251 | 216 | ||||||
4.55%, 03/15/2052 (e) | 192 | 158 | ||||||
SES SA, (Luxembourg), Reg. S, 3.50%, 01/14/2029 | EUR | 2,300 | 2,228 | |||||
Sprint LLC, | ||||||||
7.63%, 02/15/2025 | 2,800 | 2,905 | ||||||
7.63%, 03/01/2026 | 2,500 | 2,645 | ||||||
Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.00%, 05/26/2029 | EUR | 2,715 | 2,304 | |||||
Telenor ASA, (Norway), Reg. S, 0.25%, 02/14/2028 | EUR | 1,300 | 1,195 | |||||
Telia Co. AB, (Sweden), | ||||||||
Reg. S, 2.13%, 02/20/2034 | EUR | 700 | 632 | |||||
Reg. S, 3.88%, 10/01/2025 | EUR | 5,000 | 5,443 | |||||
Telstra Corp. Ltd., (Australia), Reg. S, 1.00%, 04/23/2030 | EUR | 3,500 | 3,168 | |||||
T-Mobile USA, Inc., | ||||||||
1.50%, 02/15/2026 | 10 | 9 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
2.63%, 04/15/2026 | 510 | 476 | ||||||
3.00%, 02/15/2041 | 50 | 37 | ||||||
3.30%, 02/15/2051 | 120 | 85 | ||||||
3.60%, 11/15/2060 | 580 | 412 | ||||||
3.75%, 04/15/2027 | 380 | 365 | ||||||
3.88%, 04/15/2030 | 3,420 | 3,207 | ||||||
4.50%, 04/15/2050 | 55 | 48 | ||||||
5.20%, 01/15/2033 | 165 | 168 | ||||||
5.65%, 01/15/2053 | 140 | 143 | ||||||
5.80%, 09/15/2062 | 480 | 496 | ||||||
Verizon Communications, Inc., | ||||||||
0.88%, 04/02/2025 | EUR | 750 | 772 | |||||
0.88%, 04/08/2027 | EUR | 475 | 465 | |||||
1.68%, 10/30/2030 | 78 | 63 | ||||||
2.10%, 03/22/2028 | 350 | 311 | ||||||
2.36%, 03/15/2032 | 340 | 279 | ||||||
2.50%, 04/08/2031 | GBP | 1,000 | 1,026 | |||||
2.55%, 03/21/2031 | 650 | 553 | ||||||
2.65%, 11/20/2040 | 1,070 | 764 | ||||||
3.25%, 02/17/2026 | EUR | 200 | 215 | |||||
3.38%, 02/15/2025 | 90 | 88 | ||||||
3.55%, 03/22/2051 | 70 | 53 | ||||||
3.88%, 03/01/2052 | 370 | 298 | ||||||
4.02%, 12/03/2029 | 150 | 144 | ||||||
4.13%, 08/15/2046 | 80 | 68 | ||||||
4.27%, 01/15/2036 | 25 | 23 | ||||||
4.33%, 09/21/2028 | 450 | 445 | ||||||
4.40%, 11/01/2034 | 20 | 19 | ||||||
4.75%, 10/31/2034 | EUR | 1,000 | 1,154 | |||||
|
|
|||||||
81,335 | ||||||||
|
|
|||||||
Total Communications | 194,212 | |||||||
|
|
|||||||
Consumer Cyclical 2.7% |
||||||||
Airlines 0.2% |
||||||||
easyJet FinCo. BV, (Netherlands), Reg. S, 1.88%, 03/03/2028 | EUR | 16,800 | 15,898 | |||||
easyJet plc, (United Kingdom), Reg. S, 0.88%, 06/11/2025 | EUR | 1,500 | 1,525 | |||||
Ryanair DAC, (Ireland), | ||||||||
Reg. S, 0.88%, 05/25/2026 | EUR | 1,500 | 1,481 | |||||
Reg. S, 2.88%, 09/15/2025 | EUR | 1,000 | 1,061 | |||||
Southwest Airlines Co., 5.13%, 06/15/2027 | 1,150 | 1,145 | ||||||
United Airlines, Inc., | ||||||||
4.38%, 04/15/2026 (e) | 525 | 503 | ||||||
4.63%, 04/15/2029 (e) | 360 | 326 | ||||||
Wizz Air Finance Co. BV, (Netherlands), Reg. S, 1.00%, 01/19/2026 | EUR | 1,000 | 939 | |||||
|
|
|||||||
22,878 | ||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Apparel 0.1% |
||||||||
Burberry Group plc, (United Kingdom), Reg. S, 1.13%, 09/21/2025 | GBP | 825 | 926 | |||||
LVMH Moet Hennessy Louis Vuitton SE, (France), | ||||||||
Reg. S, 0.13%, 02/11/2028 | EUR | 800 | 750 | |||||
Reg. S, 0.75%, 04/07/2025 | EUR | 300 | 309 | |||||
Reg. S, 1.13%, 02/11/2027 | GBP | 1,200 | 1,306 | |||||
Tapestry, Inc., 4.13%, 07/15/2027 | 2,020 | 1,925 | ||||||
VF Corp., 2.40%, 04/23/2025 | 25 | 24 | ||||||
|
|
|||||||
5,240 | ||||||||
|
|
|||||||
Auto Manufacturers 1.5% |
||||||||
American Honda Finance Corp., | ||||||||
0.75%, 11/25/2026 | GBP | 4,800 | 5,147 | |||||
1.50%, 10/19/2027 | GBP | 2,300 | 2,477 | |||||
Cummins, Inc., 2.60%, 09/01/2050 | 160 | 104 | ||||||
Dongfeng Motor Hong Kong International Co. Ltd., (Hong Kong), Reg. S, 0.43%, 10/19/2024 | EUR | 600 | 607 | |||||
Ford Motor Co., 3.25%, 02/12/2032 | 700 | 550 | ||||||
Ford Motor Credit Co. LLC, | ||||||||
4.00%, 11/13/2030 | 545 | 463 | ||||||
4.95%, 05/28/2027 | 3,065 | 2,923 | ||||||
General Motors Co., | ||||||||
5.20%, 04/01/2045 | 940 | 794 | ||||||
5.40%, 04/01/2048 | 215 | 186 | ||||||
6.25%, 10/02/2043 | 170 | 164 | ||||||
6.60%, 04/01/2036 | 520 | 535 | ||||||
General Motors Financial Co., Inc., | ||||||||
Reg. S, 1.69%, 03/26/2025 | EUR | 1,475 | 1,533 | |||||
1.70%, 08/18/2023 | 70 | 69 | ||||||
Reg. S, 2.35%, 09/03/2025 | GBP | 8,725 | 10,042 | |||||
2.35%, 02/26/2027 | 110 | 98 | ||||||
2.70%, 08/20/2027 | 1,450 | 1,297 | ||||||
2.70%, 06/10/2031 | 585 | 469 | ||||||
2.75%, 06/20/2025 | 980 | 927 | ||||||
2.90%, 02/26/2025 | 45 | 43 | ||||||
5.00%, 04/09/2027 | 1,120 | 1,106 | ||||||
Honda Motor Co. Ltd., (Japan), 2.53%, 03/10/2027 | 410 | 384 | ||||||
Mercedes-Benz Finance Canada, Inc., (Canada), Reg. S, 3.00%, 02/23/2027 | EUR | 2,625 | 2,804 | |||||
Mercedes-Benz Group AG, (Germany), | ||||||||
Reg. S, 1.13%, 11/06/2031 | EUR | 15 | 13 | |||||
Reg. S, 2.13%, 07/03/2037 | EUR | 775 | 688 | |||||
Mercedes-Benz International Finance BV, (Netherlands), | ||||||||
Reg. S, 1.63%, 08/22/2023 | EUR | 20 | 21 | |||||
Reg. S, 1.63%, 11/11/2024 | GBP | 5,000 | 5,868 | |||||
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/2024 (e) | 1,600 | 1,493 | ||||||
Nissan Motor Co. Ltd., (Japan), | ||||||||
Reg. S, 2.65%, 03/17/2026 | EUR | 4,800 | 4,890 | |||||
3.52%, 09/17/2025 (e) | 3,000 | 2,839 | ||||||
PACCAR Financial Europe BV, (Netherlands), Reg. S, 3.25%, 11/29/2025 | EUR | 10,750 | 11,598 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Auto Manufacturers continued |
||||||||
RCI Banque SA, (France), | ||||||||
Reg. S, 1.13%, 01/15/2027 | EUR | 5,000 | 4,806 | |||||
Reg. S, 4.13%, 12/01/2025 | EUR | 7,000 | 7,583 | |||||
Reg. S, 4.75%, 07/06/2027 | EUR | 2,100 | 2,300 | |||||
Reg. S, 4.88%, 09/21/2028 | EUR | 3,375 | 3,670 | |||||
Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e) | 460 | 372 | ||||||
Stellantis NV, (Netherlands), Reg. S, 4.38%, 03/14/2030 | EUR | 6,075 | 6,676 | |||||
Toyota Motor Credit Corp., | ||||||||
0.80%, 01/09/2026 | 200 | 181 | ||||||
3.65%, 08/18/2025 | 580 | 567 | ||||||
3.95%, 06/30/2025 | 175 | 173 | ||||||
4.80%, 01/10/2025 | 110 | 110 | ||||||
Volkswagen Bank GmbH, (Germany), | ||||||||
Reg. S, 1.25%, 06/10/2024 | EUR | 4,500 | 4,734 | |||||
Reg. S, 1.25%, 12/15/2025 | EUR | 1,000 | 1,015 | |||||
Volkswagen Financial Services AG, (Germany), | ||||||||
Reg. S, 0.00%, 02/12/2025 | EUR | 10,000 | 10,133 | |||||
Reg. S, 1.50%, 10/01/2024 | EUR | 1,000 | 1,053 | |||||
Reg. S, 2.25%, 10/16/2026 | EUR | 10 | 10 | |||||
Reg. S, 2.50%, 04/06/2023 | EUR | 915 | 992 | |||||
Reg. S, 3.00%, 04/06/2025 | EUR | 20 | 21 | |||||
Reg. S, 3.38%, 04/06/2028 | EUR | 1,450 | 1,529 | |||||
Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026 | GBP | 1,000 | 1,079 | |||||
Volkswagen Group of America Finance LLC, 4.35%, 06/08/2027 (e) | 1,540 | 1,499 | ||||||
Volkswagen International Finance NV, (Netherlands), | ||||||||
Reg. S, 0.05%, 06/10/2024 | EUR | 400 | 416 | |||||
Reg. S, 3.13%, 03/28/2025 | EUR | 1,000 | 1,069 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.75%), 3.50%, 06/17/2025 (x) (aa) | EUR | 1,000 | 1,021 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.92%), 3.75%, 12/28/2027 (x) (aa) | EUR | 1,000 | 957 | |||||
Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa) | EUR | 2,000 | 1,854 | |||||
Reg. S, 4.13%, 11/16/2038 | EUR | 1,900 | 1,950 | |||||
Reg. S, (EUR Swap Rate 9 Year + 3.36%), 4.38%, 03/28/2031 (x) (aa) | EUR | 1,000 | 906 | |||||
Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa) | EUR | 210 | 219 | |||||
Volkswagen Leasing GmbH, (Germany), | ||||||||
Reg. S, 0.00%, 07/19/2024 | EUR | 4,000 | 4,138 | |||||
Reg. S, 0.38%, 07/20/2026 | EUR | 1,500 | 1,452 | |||||
Reg. S, 0.63%, 07/19/2029 | EUR | 1,000 | 870 | |||||
Reg. S, 1.38%, 01/20/2025 | EUR | 1,000 | 1,040 | |||||
Reg. S, 1.50%, 06/19/2026 | EUR | 10,000 | 10,077 | |||||
|
|
|||||||
134,604 | ||||||||
|
|
|||||||
Auto Parts & Equipment 0.1% |
||||||||
Aptiv plc, (Jersey), 1.50%, 03/10/2025 | EUR | 425 | 440 | |||||
Autoliv, Inc., Reg. S, 4.25%, 03/15/2028 | EUR | 4,125 | 4,503 | |||||
BorgWarner, Inc., 1.00%, 05/19/2031 | EUR | 1,500 | 1,279 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040 | EUR | 300 | 206 | |||||
Magna International, Inc., (Canada), | ||||||||
2.45%, 06/15/2030 | 1,000 | 848 | ||||||
4.15%, 10/01/2025 | 2,000 | 1,956 | ||||||
Pirelli & C SpA, (Italy), Reg. S, 4.25%, 01/18/2028 | EUR | 3,925 | 4,250 | |||||
|
|
|||||||
13,482 | ||||||||
|
|
|||||||
Distribution/Wholesale 0.1% |
||||||||
Bunzl Finance plc, (United Kingdom), Reg. S, 1.50%, 10/30/2030 | GBP | 1,050 | 989 | |||||
IMCD NV, (Netherlands), Reg. S, 2.13%, 03/31/2027 | EUR | 4,100 | 3,984 | |||||
|
|
|||||||
4,973 | ||||||||
|
|
|||||||
Entertainment 0.1% |
||||||||
Smithsonian Institution, 1.87%, 09/01/2029 | 1,000 | 852 | ||||||
Universal Music Group NV, (Netherlands), Reg. S, 3.00%, 06/30/2027 | EUR | 2,050 | 2,155 | |||||
Warnermedia Holdings, Inc., | ||||||||
5.05%, 03/15/2042 (e) | 705 | 588 | ||||||
5.14%, 03/15/2052 (e) | 1,140 | 921 | ||||||
|
|
|||||||
4,516 | ||||||||
|
|
|||||||
Food Service 0.1% |
||||||||
Compass Group plc, (United Kingdom), | ||||||||
Reg. S, 2.00%, 07/03/2029 | GBP | 2,500 | 2,660 | |||||
Reg. S, 3.85%, 06/26/2026 | GBP | 5,000 | 6,067 | |||||
Sodexo SA, (France), | ||||||||
Reg. S, 0.75%, 04/27/2025 | EUR | 1,000 | 1,024 | |||||
Reg. S, 1.00%, 07/17/2028 | EUR | 500 | 483 | |||||
Reg. S, 1.00%, 04/27/2029 | EUR | 1,000 | 947 | |||||
Reg. S, 1.13%, 05/22/2025 | EUR | 500 | 515 | |||||
Reg. S, 2.50%, 06/24/2026 | EUR | 500 | 527 | |||||
|
|
|||||||
12,223 | ||||||||
|
|
|||||||
Home Builders 0.0% (g) |
||||||||
Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031 | GBP | 172 | 148 | |||||
NVR, Inc., 3.00%, 05/15/2030 | 1,039 | 913 | ||||||
Toll Brothers Finance Corp., 3.80%, 11/01/2029 | 670 | 601 | ||||||
|
|
|||||||
1,662 | ||||||||
|
|
|||||||
Home Furnishings 0.0% (g) |
||||||||
Whirlpool Finance Luxembourg Sarl, (Luxembourg), | ||||||||
1.10%, 11/09/2027 | EUR | 425 | 407 | |||||
1.25%, 11/02/2026 | EUR | 200 | 199 | |||||
|
|
|||||||
606 | ||||||||
|
|
|||||||
Housewares 0.0% (g) |
||||||||
Newell Brands, Inc., | ||||||||
4.70%, 04/01/2026 | 650 | 625 | ||||||
4.88%, 06/01/2025 | 2,710 | 2,642 | ||||||
|
|
|||||||
3,267 | ||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Leisure Time 0.0% (g) |
||||||||
Harley-Davidson Financial Services, Inc., Reg. S, 3.88%, 05/19/2023 | EUR | 425 | 461 | |||||
|
|
|||||||
Lodging 0.2% |
||||||||
Choice Hotels International, Inc., 3.70%, 12/01/2029 | 158 | 142 | ||||||
Hyatt Hotels Corp., | ||||||||
1.80%, 10/01/2024 | 400 | 379 | ||||||
4.38%, 09/15/2028 | 100 | 95 | ||||||
6.00%, 04/23/2030 | 363 | 368 | ||||||
InterContinental Hotels Group plc, (United Kingdom), | ||||||||
Reg. S, 1.63%, 10/08/2024 | EUR | 1,500 | 1,571 | |||||
Reg. S, 2.13%, 08/24/2026 | GBP | 600 | 664 | |||||
Reg. S, 2.13%, 05/15/2027 | EUR | 4,933 | 4,969 | |||||
Reg. S, 3.38%, 10/08/2028 | GBP | 450 | 497 | |||||
Reg. S, 3.75%, 08/14/2025 | GBP | 2,100 | 2,497 | |||||
Marriott International, Inc., | ||||||||
5.00%, 10/15/2027 | 995 | 996 | ||||||
Series HH, 2.85%, 04/15/2031 | 550 | 468 | ||||||
Whitbread Group plc, (United Kingdom), | ||||||||
Reg. S, 2.38%, 05/31/2027 | GBP | 1,500 | 1,595 | |||||
Reg. S, 3.00%, 05/31/2031 | GBP | 5,000 | 4,965 | |||||
|
|
|||||||
19,206 | ||||||||
|
|
|||||||
Retail 0.3% |
||||||||
AutoNation, Inc., 4.75%, 06/01/2030 | 1,300 | 1,222 | ||||||
AutoZone, Inc., | ||||||||
1.65%, 01/15/2031 | 2,595 | 2,065 | ||||||
4.75%, 02/01/2033 | 850 | 835 | ||||||
Costco Wholesale Corp., 1.60%, 04/20/2030 | 40 | 34 | ||||||
Dicks Sporting Goods, Inc., 4.10%, 01/15/2052 | 505 | 356 | ||||||
Genuine Parts Co., | ||||||||
1.75%, 02/01/2025 | 400 | 378 | ||||||
1.88%, 11/01/2030 | 270 | 215 | ||||||
2.75%, 02/01/2032 | 1,265 | 1,049 | ||||||
Greene King Finance plc, (United Kingdom), Series A2, 5.32%, 09/15/2031 | GBP | 28 | 33 | |||||
H&M Finance BV, (Netherlands), Reg. S, 0.25%, 08/25/2029 | EUR | 1,500 | 1,290 | |||||
Home Depot, Inc. (The), | ||||||||
2.50%, 04/15/2027 | 100 | 94 | ||||||
3.50%, 09/15/2056 | 95 | 74 | ||||||
3.63%, 04/15/2052 | 280 | 224 | ||||||
4.20%, 04/01/2043 | 1,050 | 949 | ||||||
5.88%, 12/16/2036 | 90 | 100 | ||||||
Lowes Cos., Inc., | ||||||||
3.00%, 10/15/2050 | 50 | 33 | ||||||
3.35%, 04/01/2027 | 40 | 38 | ||||||
4.50%, 04/15/2030 | 100 | 99 | ||||||
5.80%, 09/15/2062 | 75 | 75 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
McDonalds Corp., | ||||||||
Reg. S, 0.90%, 06/15/2026 | EUR | 1,500 | 1,500 | |||||
Reg. S, 1.75%, 05/03/2028 | EUR | 1,000 | 996 | |||||
Reg. S, 1.88%, 05/26/2027 | EUR | 1,000 | 1,018 | |||||
Reg. S, 2.38%, 11/27/2024 | EUR | 1,500 | 1,599 | |||||
Reg. S, 2.38%, 05/31/2029 | EUR | 1,500 | 1,509 | |||||
2.63%, 09/01/2029 | 495 | 449 | ||||||
3.38%, 05/26/2025 | 50 | 49 | ||||||
3.63%, 09/01/2049 | 747 | 595 | ||||||
4.45%, 09/01/2048 | 13 | 12 | ||||||
5.15%, 09/09/2052 | 265 | 268 | ||||||
6.30%, 03/01/2038 | 50 | 57 | ||||||
Pandora A/S, (Denmark), Reg. S, 4.50%, 04/10/2028 | EUR | 6,225 | 6,834 | |||||
Roadster Finance DAC, (Ireland), | ||||||||
Reg. S, 1.63%, 12/09/2024 | EUR | 500 | 480 | |||||
Reg. S, 2.38%, 12/08/2027 | EUR | 500 | 449 | |||||
Starbucks Corp., 4.75%, 02/15/2026 | 245 | 246 | ||||||
Walmart, Inc., | ||||||||
2.55%, 04/08/2026 | EUR | 2,550 | 2,716 | |||||
2.65%, 09/22/2051 | 20 | 15 | ||||||
Wesfarmers Ltd., (Australia), Reg. S, 0.95%, 10/21/2033 | EUR | 2,381 | 1,914 | |||||
|
|
|||||||
29,869 | ||||||||
|
|
|||||||
Total Consumer Cyclical | 252,987 | |||||||
|
|
|||||||
Consumer Non-cyclical 6.2% |
||||||||
Agriculture 1.3% |
||||||||
Altria Group, Inc., | ||||||||
1.70%, 06/15/2025 | EUR | 2,000 | 2,069 | |||||
2.20%, 06/15/2027 | EUR | 4,800 | 4,782 | |||||
3.13%, 06/15/2031 | EUR | 2,000 | 1,850 | |||||
3.40%, 02/04/2041 | 525 | 371 | ||||||
3.70%, 02/04/2051 | 370 | 249 | ||||||
3.88%, 09/16/2046 | 40 | 29 | ||||||
4.00%, 02/04/2061 | 550 | 386 | ||||||
5.38%, 01/31/2044 | 65 | 59 | ||||||
5.95%, 02/14/2049 | 10 | 9 | ||||||
6.20%, 02/14/2059 | 28 | 27 | ||||||
Archer-Daniels-Midland Co., 1.00%, 09/12/2025 | EUR | 1,500 | 1,531 | |||||
BAT Capital Corp., | ||||||||
Reg. S, 1.13%, 11/16/2023 | EUR | 100 | 107 | |||||
2.26%, 03/25/2028 | 100 | 85 | ||||||
2.79%, 09/06/2024 | 485 | 467 | ||||||
3.22%, 08/15/2024 | 100 | 97 | ||||||
3.56%, 08/15/2027 | 2,450 | 2,276 | ||||||
3.73%, 09/25/2040 | 45 | 32 | ||||||
3.98%, 09/25/2050 | 45 | 31 | ||||||
4.54%, 08/15/2047 | 210 | 156 | ||||||
4.76%, 09/06/2049 | 485 | 371 | ||||||
5.65%, 03/16/2052 | 160 | 140 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Agriculture continued |
||||||||
BAT International Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.25%, 03/13/2027 | EUR | 3,000 | 2,894 | |||||
Reg. S, 2.00%, 03/13/2045 | EUR | 800 | 468 | |||||
Reg. S, 2.25%, 06/26/2028 | GBP | 2,000 | 2,025 | |||||
Reg. S, 2.25%, 01/16/2030 | EUR | 4,300 | 3,828 | |||||
Reg. S, 2.25%, 09/09/2052 | GBP | 1,500 | 744 | |||||
Reg. S, 3.13%, 03/06/2029 | EUR | 2,500 | 2,458 | |||||
3.95%, 06/15/2025 (e) | 70 | 68 | ||||||
Reg. S, 4.00%, 09/04/2026 | GBP | 5,000 | 5,807 | |||||
4.45%, 03/16/2028 | 150 | 142 | ||||||
Reg. S, 6.00%, 11/24/2034 | GBP | 600 | 669 | |||||
Cargill, Inc., | ||||||||
1.70%, 02/02/2031 (e) | 750 | 605 | ||||||
2.13%, 04/23/2030 (e) (jj) | 1,500 | 1,281 | ||||||
Imperial Brands Finance Netherlands BV, (Netherlands), | ||||||||
Reg. S, 1.75%, 03/18/2033 | EUR | 3,000 | 2,347 | |||||
Reg. S, 5.25%, 02/15/2031 | EUR | 6,825 | 7,292 | |||||
Imperial Brands Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.38%, 01/27/2025 | EUR | 2,000 | 2,073 | |||||
Reg. S, 2.13%, 02/12/2027 | EUR | 3,900 | 3,903 | |||||
Reg. S, 3.38%, 02/26/2026 | EUR | 6,161 | 6,528 | |||||
Reg. S, 5.50%, 09/28/2026 | GBP | 4,000 | 4,862 | |||||
JT International Financial Services BV, (Netherlands), | ||||||||
Reg. S, 1.00%, 11/26/2029 | EUR | 6,100 | 5,346 | |||||
Reg. S, 1.13%, 09/28/2025 | EUR | 6,600 | 6,677 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.79%), 2.38%, 04/07/2081 (aa) | EUR | 3,000 | 2,969 | |||||
Reg. S, 2.75%, 09/28/2033 | GBP | 9,475 | 9,000 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.18%), 2.88%, 10/07/2083 (aa) | EUR | 2,500 | 2,323 | |||||
Philip Morris International, Inc., | ||||||||
0.13%, 08/03/2026 | EUR | 1,000 | 969 | |||||
0.63%, 11/08/2024 | EUR | 2,700 | 2,780 | |||||
0.80%, 08/01/2031 | EUR | 1,000 | 794 | |||||
0.88%, 05/01/2026 | 100 | 90 | ||||||
1.45%, 08/01/2039 | EUR | 2,000 | 1,255 | |||||
1.50%, 05/01/2025 | 34 | 32 | ||||||
1.75%, 11/01/2030 | 70 | 56 | ||||||
1.88%, 11/06/2037 | EUR | 4,000 | 2,851 | |||||
2.00%, 05/09/2036 | EUR | 1,000 | 753 | |||||
2.75%, 03/19/2025 | EUR | 2,500 | 2,654 | |||||
2.88%, 05/30/2024 | EUR | 1,500 | 1,610 | |||||
2.88%, 03/03/2026 | EUR | 4,700 | 4,969 | |||||
2.88%, 05/14/2029 | EUR | 1,250 | 1,269 | |||||
3.13%, 06/03/2033 | EUR | 1,000 | 941 | |||||
4.25%, 11/10/2044 | 1,515 | 1,257 | ||||||
4.88%, 11/15/2043 | 105 | 95 | ||||||
5.38%, 02/15/2033 | 710 | 725 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Agriculture continued |
||||||||
5.75%, 11/17/2032 | 160 | 168 | ||||||
6.38%, 05/16/2038 | 655 | 715 | ||||||
STG Global Finance BV, (Netherlands), Reg. S, 1.38%, 09/24/2025 | EUR | 344 | 341 | |||||
Sudzucker International Finance BV, (Netherlands), | ||||||||
Reg. S, 1.00%, 11/28/2025 | EUR | 2,500 | 2,554 | |||||
Reg. S, 5.13%, 10/31/2027 | EUR | 500 | 555 | |||||
Viterra Finance BV, (Netherlands), | ||||||||
Reg. S, 0.38%, 09/24/2025 | EUR | 1,000 | 978 | |||||
Reg. S, 1.00%, 09/24/2028 | EUR | 2,050 | 1,818 | |||||
|
|
|||||||
119,662 | ||||||||
|
|
|||||||
Beverages 1.0% |
||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., | ||||||||
3.65%, 02/01/2026 | 50 | 49 | ||||||
4.70%, 02/01/2036 | 1,700 | 1,691 | ||||||
4.90%, 02/01/2046 | 1,655 | 1,615 | ||||||
Anheuser-Busch InBev SA, (Belgium), | ||||||||
Reg. S, 2.75%, 03/17/2036 | EUR | 10 | 10 | |||||
Reg. S, 4.00%, 09/24/2025 | GBP | 10,000 | 12,147 | |||||
Reg. S, 9.75%, 07/30/2024 | GBP | 10,000 | 13,045 | |||||
Anheuser-Busch InBev Worldwide, Inc., | ||||||||
4.00%, 04/13/2028 | 500 | 493 | ||||||
4.35%, 06/01/2040 | 100 | 93 | ||||||
CCEP Finance Ireland DAC, (Ireland), | ||||||||
Reg. S, 0.00%, 09/06/2025 | EUR | 3,000 | 2,979 | |||||
Reg. S, 0.50%, 09/06/2029 | EUR | 2,400 | 2,135 | |||||
Coca-Cola Co. (The), | ||||||||
0.13%, 03/09/2029 | EUR | 4,800 | 4,295 | |||||
0.13%, 03/15/2029 | EUR | 3,300 | 2,942 | |||||
1.00%, 03/09/2041 | EUR | 800 | 562 | |||||
1.25%, 03/08/2031 | EUR | 1,000 | 919 | |||||
1.63%, 03/09/2035 | EUR | 1,000 | 883 | |||||
2.50%, 06/01/2040 | 90 | 69 | ||||||
2.75%, 06/01/2060 | 355 | 251 | ||||||
3.00%, 03/05/2051 | 320 | 248 | ||||||
3.45%, 03/25/2030 | 640 | 614 | ||||||
Coca-Cola Europacific Partners plc, (United Kingdom), | ||||||||
Reg. S, 0.20%, 12/02/2028 | EUR | 3,000 | 2,669 | |||||
Reg. S, 1.13%, 04/12/2029 | EUR | 1,000 | 929 | |||||
Reg. S, 1.75%, 03/27/2026 | EUR | 2,000 | 2,051 | |||||
Reg. S, 2.38%, 05/07/2025 | EUR | 3,900 | 4,134 | |||||
Coca-Cola Femsa SAB de CV, (Mexico), 1.85%, 09/01/2032 | 450 | 350 | ||||||
Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031 | EUR | 1,900 | 1,738 | |||||
Constellation Brands, Inc., | ||||||||
2.25%, 08/01/2031 | 50 | 41 | ||||||
4.35%, 05/09/2027 | 285 | 281 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Beverages continued |
||||||||
Diageo Capital BV, (Netherlands), Reg. S, 0.13%, 09/28/2028 | EUR | 4,000 | 3,650 | |||||
Diageo Capital plc, (United Kingdom), | ||||||||
2.13%, 04/29/2032 | 1,220 | 1,010 | ||||||
3.88%, 04/29/2043 | 10 | 9 | ||||||
5.30%, 10/24/2027 | 630 | 654 | ||||||
5.50%, 01/24/2033 | 200 | 216 | ||||||
Diageo Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.25%, 03/28/2033 | GBP | 3,000 | 2,710 | |||||
Reg. S, 1.88%, 03/27/2027 | EUR | 1,000 | 1,025 | |||||
Reg. S, 2.50%, 03/27/2032 | EUR | 600 | 600 | |||||
Reg. S, 2.75%, 06/08/2038 | GBP | 625 | 595 | |||||
Diageo Investment Corp., 4.25%, 05/11/2042 | 20 | 19 | ||||||
Heineken NV, (Netherlands), Reg. S, 2.88%, 08/04/2025 | EUR | 1,300 | 1,396 | |||||
Keurig Dr Pepper, Inc., | ||||||||
3.95%, 04/15/2029 | 503 | 481 | ||||||
4.50%, 04/15/2052 | 365 | 324 | ||||||
PepsiCo., Inc., | ||||||||
0.40%, 10/09/2032 | EUR | 6,900 | 5,673 | |||||
0.50%, 05/06/2028 | EUR | 1,000 | 944 | |||||
0.75%, 10/14/2033 | EUR | 3,950 | 3,250 | |||||
0.88%, 10/16/2039 | EUR | 1,000 | 723 | |||||
1.13%, 03/18/2031 | EUR | 1,000 | 918 | |||||
1.63%, 05/01/2030 | 230 | 194 | ||||||
2.63%, 07/29/2029 | 440 | 403 | ||||||
2.88%, 10/15/2049 | 65 | 49 | ||||||
3.20%, 07/22/2029 | GBP | 750 | 855 | |||||
3.45%, 10/06/2046 | 15 | 13 | ||||||
3.55%, 07/22/2034 | GBP | 1,400 | 1,564 | |||||
3.60%, 02/18/2028 | 55 | 54 | ||||||
4.00%, 05/02/2047 | 85 | 80 | ||||||
4.20%, 07/18/2052 | 440 | 418 | ||||||
4.65%, 02/15/2053 | 690 | 705 | ||||||
Pernod Ricard SA, (France), | ||||||||
Reg. S, 1.13%, 04/07/2025 | EUR | 3,100 | 3,209 | |||||
Reg. S, 3.25%, 11/02/2028 | EUR | 1,500 | 1,608 | |||||
|
|
|||||||
90,582 | ||||||||
|
|
|||||||
Biotechnology 0.1% |
||||||||
Amgen, Inc., | ||||||||
1.90%, 02/21/2025 | 200 | 189 | ||||||
3.63%, 05/22/2024 | 10 | 10 | ||||||
4.05%, 08/18/2029 | 845 | 814 | ||||||
4.40%, 02/22/2062 | 405 | 341 | ||||||
4.66%, 06/15/2051 | 55 | 50 | ||||||
4.88%, 03/01/2053 | 55 | 51 | ||||||
5.15%, 03/02/2028 | 110 | 112 | ||||||
5.25%, 03/02/2025 | 235 | 237 | ||||||
5.25%, 03/02/2030 | 120 | 123 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Biotechnology continued |
||||||||
5.25%, 03/02/2033 | 1,505 | 1,545 | ||||||
5.51%, 03/02/2026 | 240 | 241 | ||||||
5.60%, 03/02/2043 | 615 | 632 | ||||||
5.65%, 03/02/2053 | 450 | 466 | ||||||
Biogen, Inc., | ||||||||
2.25%, 05/01/2030 | 115 | 97 | ||||||
3.25%, 02/15/2051 | 135 | 95 | ||||||
Regeneron Pharmaceuticals, Inc., | ||||||||
1.75%, 09/15/2030 | 980 | 792 | ||||||
2.80%, 09/15/2050 | 155 | 103 | ||||||
Royalty Pharma plc, (United Kingdom), 1.20%, 09/02/2025 | 320 | 290 | ||||||
|
|
|||||||
6,188 | ||||||||
|
|
|||||||
Commercial Services 1.4% |
||||||||
Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026 | GBP | 10,400 | 11,922 | |||||
ALD SA, (France), Reg. S, 1.25%, 03/02/2026 | EUR | 3,000 | 3,001 | |||||
Amadeus IT Group SA, (Spain), | ||||||||
Reg. S, 0.88%, 09/18/2023 | EUR | 2,000 | 2,141 | |||||
Reg. S, 1.50%, 09/18/2026 | EUR | 1,000 | 1,011 | |||||
Reg. S, 2.50%, 05/20/2024 | EUR | 1,000 | 1,068 | |||||
Reg. S, 2.88%, 05/20/2027 | EUR | 500 | 524 | |||||
American University (The), Series 2019, 3.67%, 04/01/2049 | 80 | 65 | ||||||
APRR SA, (France), Reg. S, 1.88%, 01/03/2029 | EUR | 4,000 | 3,977 | |||||
ASTM SpA, (Italy), | ||||||||
Reg. S, 1.00%, 11/25/2026 | EUR | 1,000 | 964 | |||||
Reg. S, 1.50%, 01/25/2030 | EUR | 1,000 | 870 | |||||
Reg. S, 1.63%, 02/08/2028 | EUR | 500 | 475 | |||||
Automatic Data Processing, Inc., | ||||||||
1.25%, 09/01/2030 | 90 | 74 | ||||||
1.70%, 05/15/2028 | 630 | 561 | ||||||
Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027 | EUR | 3,900 | 3,912 | |||||
Autostrade per lItalia SpA, (Italy), | ||||||||
Reg. S, 1.63%, 01/25/2028 | EUR | 7,000 | 6,600 | |||||
Reg. S, 1.75%, 06/26/2026 | EUR | 7,000 | 7,006 | |||||
Reg. S, 2.25%, 01/25/2032 | EUR | 7,000 | 6,137 | |||||
Babcock International Group plc, (United Kingdom), Reg. S, 1.38%, 09/13/2027 | EUR | 1,000 | 951 | |||||
Block Financial LLC, | ||||||||
2.50%, 07/15/2028 | 39 | 33 | ||||||
3.88%, 08/15/2030 | 50 | 43 | ||||||
California Institute of Technology, 4.70%, 11/01/2111 | 25 | 23 | ||||||
Case Western Reserve University, Series 22-C, 5.41%, 06/01/2122 | 50 | 49 | ||||||
Central Nippon Expressway Co. Ltd., (Japan), | ||||||||
Reg. S, 0.89%, 09/29/2025 | 600 | 542 | ||||||
Reg. S, 0.89%, 12/10/2025 | 200 | 179 | ||||||
Reg. S, 1.87%, 09/26/2024 | AUD | 1,000 | 642 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Commercial Services continued |
||||||||
Channel Link Enterprises Finance plc, (United Kingdom), Series A8, Reg. S, (ICE LIBOR EUR 6 Month + 5.90%), 2.71%, 06/30/2050 (aa) | EUR | 100 | 98 | |||||
Cintas Corp. No. 2, 3.70%, 04/01/2027 | 30 | 29 | ||||||
Claremont Mckenna College, 3.78%, 01/01/2122 | 50 | 35 | ||||||
Duke University, Series 2020, 2.68%, 10/01/2044 | 20 | 15 | ||||||
East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026 | JPY | 100,000 | 749 | |||||
Edenred, (France), | ||||||||
Reg. S, 1.38%, 03/10/2025 | EUR | 1,000 | 1,042 | |||||
Reg. S, 1.38%, 06/18/2029 | EUR | 1,000 | 953 | |||||
Reg. S, 1.88%, 03/06/2026 | EUR | 500 | 517 | |||||
Equifax, Inc., | ||||||||
2.35%, 09/15/2031 | 850 | 683 | ||||||
3.10%, 05/15/2030 | 1,800 | 1,564 | ||||||
5.10%, 12/15/2027 | 535 | 537 | ||||||
ERAC USA Finance LLC, | ||||||||
2.70%, 11/01/2023 (e) | 3,200 | 3,147 | ||||||
3.85%, 11/15/2024 (e) | 160 | 157 | ||||||
4.50%, 02/15/2045 (e) | 400 | 356 | ||||||
7.00%, 10/15/2037 (e) | 800 | 944 | ||||||
Experian Finance plc, (United Kingdom), | ||||||||
Reg. S, 0.74%, 10/29/2025 | GBP | 600 | 670 | |||||
Reg. S, 1.38%, 06/25/2026 | EUR | 2,625 | 2,655 | |||||
Reg. S, 3.25%, 04/07/2032 | GBP | 425 | 464 | |||||
George Washington University (The), Series 2014, 4.30%, 09/15/2044 | 30 | 27 | ||||||
Global Payments, Inc., 4.88%, 03/17/2031 | EUR | 2,050 | 2,221 | |||||
Holding dInfrastructures de Transport SASU, (France), | ||||||||
Reg. S, 0.63%, 09/14/2028 | EUR | 300 | 269 | |||||
Reg. S, 2.50%, 05/04/2027 | EUR | 1,600 | 1,629 | |||||
ISS Finance BV, (Netherlands), Reg. S, 1.25%, 07/07/2025 | EUR | 3,500 | 3,573 | |||||
ISS Global A/S, (Denmark), | ||||||||
Reg. S, 0.88%, 06/18/2026 | EUR | 500 | 489 | |||||
Reg. S, 2.13%, 12/02/2024 | EUR | 3,500 | 3,686 | |||||
Johns Hopkins University, Series A, 2.81%, 01/01/2060 | 600 | 395 | ||||||
ManpowerGroup, Inc., | ||||||||
Reg. S, 1.75%, 06/22/2026 | EUR | 1,000 | 1,015 | |||||
Reg. S, 3.50%, 06/30/2027 | EUR | 500 | 537 | |||||
Massachusetts Institute of Technology, | ||||||||
3.89%, 07/01/2116 | 663 | 520 | ||||||
4.68%, 07/01/2114 | 650 | 597 | ||||||
Series F, 2.99%, 07/01/2050 | 20 | 15 | ||||||
Moodys Corp., 1.75%, 03/09/2027 | EUR | 1,125 | 1,136 | |||||
Northwestern University, Series 2020, 2.64%, 12/01/2050 | 10 | 7 | ||||||
President and Fellows of Harvard College, 2.52%, 10/15/2050 | 10 | 7 | ||||||
Prosegur Cash SA, (Spain), Reg. S, 1.38%, 02/04/2026 | EUR | 1,500 | 1,525 | |||||
Prosegur Cia de Seguridad SA, (Spain), Reg. S, 2.50%, 04/06/2029 | EUR | 1,000 | 973 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Quanta Services, Inc., | ||||||||
2.35%, 01/15/2032 | 520 | 411 | ||||||
3.05%, 10/01/2041 | 150 | 104 | ||||||
RELX Capital, Inc., | ||||||||
1.30%, 05/12/2025 | EUR | 500 | 518 | |||||
4.75%, 05/20/2032 | 610 | 603 | ||||||
RELX Finance BV, (Netherlands), | ||||||||
Reg. S, 0.00%, 03/18/2024 | EUR | 100 | 105 | |||||
Reg. S, 0.50%, 03/10/2028 | EUR | 500 | 470 | |||||
Reg. S, 0.88%, 03/10/2032 | EUR | 10,350 | 8,989 | |||||
Reg. S, 1.38%, 05/12/2026 | EUR | 1,000 | 1,018 | |||||
Reg. S, 1.50%, 05/13/2027 | EUR | 4,500 | 4,537 | |||||
Rentokil Initial Finance BV, (Netherlands), | ||||||||
Reg. S, 3.88%, 06/27/2027 | EUR | 2,325 | 2,514 | |||||
Reg. S, 4.38%, 06/27/2030 | EUR | 1,900 | 2,081 | |||||
Rentokil Initial plc, (United Kingdom), | ||||||||
Reg. S, 0.50%, 10/14/2028 | EUR | 1,000 | 898 | |||||
Reg. S, 5.00%, 06/27/2032 | GBP | 1,000 | 1,201 | |||||
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/2050 | 5 | 3 | ||||||
S&P Global, Inc., | ||||||||
2.30%, 08/15/2060 | 351 | 202 | ||||||
2.45%, 03/01/2027 | 335 | 314 | ||||||
SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027 | EUR | 2,500 | 2,337 | |||||
Thomas Jefferson University, 3.85%, 11/01/2057 | 50 | 38 | ||||||
Transurban Finance Co. Pty Ltd., (Australia), | ||||||||
Reg. S, 1.45%, 05/16/2029 | EUR | 2,000 | 1,891 | |||||
Reg. S, 1.75%, 03/29/2028 | EUR | 5,000 | 4,913 | |||||
Reg. S, 1.88%, 09/16/2024 | EUR | 1,000 | 1,054 | |||||
Reg. S, 2.00%, 08/28/2025 | EUR | 3,000 | 3,115 | |||||
Reg. S, 3.00%, 04/08/2030 | EUR | 3,100 | 3,173 | |||||
Triton Container International Ltd. / TAL International Container Corp., (Bermuda), 3.25%, 03/15/2032 | 90 | 71 | ||||||
Trustees of Princeton University (The), | ||||||||
4.20%, 03/01/2052 | 1,295 | 1,218 | ||||||
Series 2020, 2.52%, 07/01/2050 | 20 | 14 | ||||||
University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117 | GBP | 1,500 | 1,011 | |||||
University of Southern California, | ||||||||
2.81%, 10/01/2050 | 20 | 14 | ||||||
Series 21A, 2.95%, 10/01/2051 | 10 | 7 | ||||||
Verisk Analytics, Inc., 5.50%, 06/15/2045 | 143 | 139 | ||||||
Washington University (The), | ||||||||
4.35%, 04/15/2122 | 255 | 213 | ||||||
Series 2022, 3.52%, 04/15/2054 | 900 | 738 | ||||||
Wellcome Trust Ltd. (The), (United Kingdom), | ||||||||
Reg. S, 1.50%, 07/14/2071 | GBP | 1,500 | 783 | |||||
Reg. S, 2.52%, 02/07/2118 | GBP | 200 | 136 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026 | JPY | 200,000 | 1,511 | |||||
Worldline SA, (France), | ||||||||
Reg. S, 0.25%, 09/18/2024 | EUR | 1,000 | 1,029 | |||||
Reg. S, 0.88%, 06/30/2027 | EUR | 1,500 | 1,435 | |||||
|
|
|||||||
134,814 | ||||||||
|
|
|||||||
Cosmetics/Personal Care 0.2% |
||||||||
Colgate-Palmolive Co., 3.25%, 08/15/2032 | 340 | 318 | ||||||
Estee Lauder Cos., Inc. (The), | ||||||||
2.60%, 04/15/2030 | 60 | 54 | ||||||
3.13%, 12/01/2049 | 100 | 76 | ||||||
Procter & Gamble Co. (The), | ||||||||
0.35%, 05/05/2030 | EUR | 2,800 | 2,497 | |||||
0.63%, 10/30/2024 | EUR | 1,450 | 1,511 | |||||
1.88%, 10/30/2038 | EUR | 1,125 | 999 | |||||
2.70%, 02/02/2026 | 70 | 68 | ||||||
3.60%, 03/25/2050 | 35 | 30 | ||||||
4.88%, 05/11/2027 | EUR | 425 | 491 | |||||
Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030 | EUR | 200 | 182 | |||||
Unilever Finance Netherlands BV, (Netherlands), | ||||||||
Reg. S, 0.75%, 02/28/2026 | EUR | 2,475 | 2,493 | |||||
Reg. S, 1.13%, 02/12/2027 | EUR | 825 | 825 | |||||
Reg. S, 1.13%, 04/29/2028 | EUR | 1,000 | 974 | |||||
Reg. S, 1.25%, 02/28/2031 | EUR | 1,500 | 1,398 | |||||
Reg. S, 1.75%, 11/16/2028 | EUR | 6,000 | 5,999 | |||||
Reg. S, 1.75%, 03/25/2030 | EUR | 1,000 | 978 | |||||
|
|
|||||||
18,893 | ||||||||
|
|
|||||||
Food 0.5% |
||||||||
Campbell Soup Co., 3.95%, 03/15/2025 | 310 | 304 | ||||||
Conagra Brands, Inc., | ||||||||
5.30%, 11/01/2038 | 245 | 239 | ||||||
5.40%, 11/01/2048 | 35 | 34 | ||||||
General Mills, Inc., | ||||||||
0.13%, 11/15/2025 | EUR | 1,000 | 994 | |||||
0.45%, 01/15/2026 | EUR | 3,000 | 2,983 | |||||
2.88%, 04/15/2030 | 1,010 | 904 | ||||||
3.00%, 02/01/2051 | 30 | 22 | ||||||
3.91%, 04/13/2029 (w) | EUR | 7,625 | 8,344 | |||||
5.24%, 11/18/2025 | 150 | 151 | ||||||
Hershey Co. (The), | ||||||||
0.90%, 06/01/2025 | 255 | 235 | ||||||
1.70%, 06/01/2030 | 322 | 269 | ||||||
2.30%, 08/15/2026 | 70 | 67 | ||||||
2.65%, 06/01/2050 | 10 | 7 | ||||||
Hormel Foods Corp., 1.70%, 06/03/2028 | 281 | 247 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational), | ||||||||
3.00%, 05/15/2032 (e) | 575 | 450 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
5.75%, 04/01/2033 (e) | 1,020 | 974 | ||||||
Kellogg Co., | ||||||||
0.50%, 05/20/2029 | EUR | 1,500 | 1,341 | |||||
1.00%, 05/17/2024 | EUR | 500 | 526 | |||||
1.25%, 03/10/2025 | EUR | 500 | 520 | |||||
2.10%, 06/01/2030 | 40 | 34 | ||||||
Kerry Group Financial Services Unltd Co., (Ireland), Reg. S, 2.38%, 09/10/2025 | EUR | 2,700 | 2,875 | |||||
Koninklijke Ahold Delhaize NV, (Netherlands), Reg. S, 3.50%, 04/04/2028 (w) | EUR | 2,150 | 2,328 | |||||
Kraft Heinz Foods Co., | ||||||||
Reg. S, 1.50%, 05/24/2024 | EUR | 1,000 | 1,061 | |||||
Reg. S, 2.25%, 05/25/2028 | EUR | 1,000 | 1,008 | |||||
3.88%, 05/15/2027 | 665 | 649 | ||||||
Reg. S, 4.13%, 07/01/2027 | GBP | 5,000 | 5,951 | |||||
4.38%, 06/01/2046 | 175 | 152 | ||||||
5.00%, 06/04/2042 | 5 | 5 | ||||||
5.50%, 06/01/2050 | 100 | 101 | ||||||
Kroger Co. (The), 3.95%, 01/15/2050 | 5 | 4 | ||||||
Mars, Inc., 2.38%, 07/16/2040 (e) | 1,200 | 864 | ||||||
Mondelez International Holdings Netherlands BV, (Netherlands), | ||||||||
Reg. S, 0.25%, 09/09/2029 | EUR | 1,000 | 871 | |||||
Reg. S, 0.38%, 09/22/2029 | EUR | 200 | 175 | |||||
Reg. S, 0.63%, 09/09/2032 | EUR | 1,000 | 811 | |||||
Mondelez International, Inc., | ||||||||
0.25%, 03/17/2028 | EUR | 1,000 | 915 | |||||
0.75%, 03/17/2033 | EUR | 500 | 400 | |||||
1.50%, 02/04/2031 | 1,000 | 797 | ||||||
1.88%, 10/15/2032 | 300 | 240 | ||||||
Nestle Finance International Ltd., (Luxembourg), | ||||||||
Reg. S, 0.00%, 06/14/2026 | EUR | 1,500 | 1,475 | |||||
Reg. S, 1.25%, 03/29/2031 | EUR | 1,200 | 1,115 | |||||
Reg. S, 1.50%, 03/29/2035 | EUR | 5,000 | 4,437 | |||||
Tesco Corporate Treasury Services plc, (United Kingdom), | ||||||||
Reg. S, 0.88%, 05/29/2026 | EUR | 1,500 | 1,477 | |||||
Reg. S, 1.88%, 11/02/2028 | GBP | 1,300 | 1,350 | |||||
Reg. S, 2.75%, 04/27/2030 | GBP | 825 | 863 | |||||
Woolworths Group Ltd., (Australia), Reg. S, 0.38%, 11/15/2028 | EUR | 1,500 | 1,314 | |||||
|
|
|||||||
49,883 | ||||||||
|
|
|||||||
Healthcare - Products 0.4% |
||||||||
Abbott Laboratories, 4.90%, 11/30/2046 | 685 | 703 | ||||||
Alcon Finance BV, (Netherlands), Reg. S, 2.38%, 05/31/2028 | EUR | 200 | 202 | |||||
American Medical Systems Europe BV, (Netherlands), 0.75%, 03/08/2025 | EUR | 1,300 | 1,335 | |||||
Becton Dickinson Euro Finance Sarl, (Luxembourg), | ||||||||
1.21%, 06/04/2026 | EUR | 825 | 829 | |||||
1.34%, 08/13/2041 | EUR | 2,000 | 1,351 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Boston Scientific Corp., | ||||||||
0.63%, 12/01/2027 | EUR | 800 | 760 | |||||
3.45%, 03/01/2024 | 44 | 43 | ||||||
Danaher Corp., 2.80%, 12/10/2051 | 105 | 73 | ||||||
DH Europe Finance II Sarl, (Luxembourg), | ||||||||
0.20%, 03/18/2026 | EUR | 3,775 | 3,727 | |||||
1.35%, 09/18/2039 | EUR | 700 | 521 | |||||
3.40%, 11/15/2049 | 30 | 24 | ||||||
Edwards Lifesciences Corp., 4.30%, 06/15/2028 | 705 | 701 | ||||||
GE HealthCare Technologies, Inc., 5.55%, 11/15/2024 (e) | 700 | 704 | ||||||
Medtronic Global Holdings SCA, (Luxembourg), | ||||||||
1.13%, 03/07/2027 | EUR | 10,000 | 9,955 | |||||
1.63%, 10/15/2050 | EUR | 900 | 585 | |||||
1.75%, 07/02/2049 | EUR | 900 | 614 | |||||
3.00%, 10/15/2028 | EUR | 3,400 | 3,602 | |||||
3.38%, 10/15/2034 | EUR | 4,200 | 4,414 | |||||
Molnlycke Holding AB, (Sweden), Reg. S, 1.88%, 02/28/2025 | EUR | 1,900 | 1,982 | |||||
Smith & Nephew plc, (United Kingdom), 4.57%, 10/11/2029 | EUR | 1,500 | 1,650 | |||||
Stryker Corp., 1.00%, 12/03/2031 | EUR | 1,300 | 1,114 | |||||
Thermo Fisher Scientific Finance I BV, (Netherlands), 1.13%, 10/18/2033 | EUR | 1,000 | 844 | |||||
Thermo Fisher Scientific, Inc., | ||||||||
1.22%, 10/18/2024 | 80 | 76 | ||||||
1.88%, 10/01/2049 | EUR | 900 | 622 | |||||
Werfenlife SA, (Spain), Reg. S, 0.50%, 10/28/2026 | EUR | 1,200 | 1,142 | |||||
Zimmer Biomet Holdings, Inc., | ||||||||
1.16%, 11/15/2027 | EUR | 1,000 | 963 | |||||
2.43%, 12/13/2026 | EUR | 500 | 517 | |||||
|
|
|||||||
39,053 | ||||||||
|
|
|||||||
Healthcare - Services 0.4% |
||||||||
Advocate Health & Hospitals Corp., 3.39%, 10/15/2049 | 35 | 26 | ||||||
Aetna, Inc., | ||||||||
2.80%, 06/15/2023 | 30 | 30 | ||||||
3.50%, 11/15/2024 | 58 | 56 | ||||||
AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051 | 755 | 509 | ||||||
Allina Health System, Series 2019, 3.89%, 04/15/2049 | 40 | 32 | ||||||
Ascension Health, 3.95%, 11/15/2046 | 140 | 122 | ||||||
Banner Health, 2.91%, 01/01/2042 | 100 | 74 | ||||||
Beth Israel Lahey Health, Inc., Series L, 3.08%, 07/01/2051 | 7 | 5 | ||||||
City of Hope, Series 2013, 5.62%, 11/15/2043 | 35 | 36 | ||||||
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 | 1,000 | 926 | ||||||
CommonSpirit Health, 3.91%, 10/01/2050 | 368 | 284 | ||||||
Duke University Health System, Inc., Series 2017, 3.92%, 06/01/2047 | 50 | 43 | ||||||
Elevance Health, Inc., | ||||||||
2.88%, 09/15/2029 | 545 | 494 | ||||||
3.35%, 12/01/2024 | 100 | 97 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
4.10%, 03/01/2028 | 2,900 | 2,831 | ||||||
4.90%, 02/08/2026 | 130 | 130 | ||||||
Eurofins Scientific SE, (Luxembourg), Reg. S, 2.13%, 07/25/2024 | EUR | 796 | 841 | |||||
Fresenius SE & Co. KGaA, (Germany), Reg. S, 1.88%, 05/24/2025 | EUR | 7,000 | 7,313 | |||||
Hackensack Meridian Health, Inc., | ||||||||
Series 2020, 2.68%, 09/01/2041 | 1,385 | 988 | ||||||
Series 2020, 2.88%, 09/01/2050 | 35 | 24 | ||||||
HCA, Inc., | ||||||||
3.13%, 03/15/2027 (e) | 2,560 | 2,377 | ||||||
3.50%, 07/15/2051 | 185 | 127 | ||||||
4.63%, 03/15/2052 (e) | 345 | 286 | ||||||
5.00%, 03/15/2024 | 933 | 928 | ||||||
5.13%, 06/15/2039 | 355 | 332 | ||||||
5.25%, 06/15/2049 | 285 | 256 | ||||||
5.38%, 02/01/2025 | 375 | 375 | ||||||
Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/2030 (e) | 1,400 | 1,165 | ||||||
Humana, Inc., | ||||||||
0.65%, 08/03/2023 | 175 | 172 | ||||||
3.70%, 03/23/2029 | 80 | 75 | ||||||
3.85%, 10/01/2024 | 50 | 49 | ||||||
5.70%, 03/13/2026 | 480 | 482 | ||||||
5.75%, 03/01/2028 | 500 | 519 | ||||||
Kaiser Foundation Hospitals, | ||||||||
4.15%, 05/01/2047 | 1,200 | 1,056 | ||||||
Series 2021, 3.00%, 06/01/2051 | 250 | 175 | ||||||
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026 | 50 | 45 | ||||||
Lonza Finance International NV, (Belgium), Reg. S, 1.63%, 04/21/2027 | EUR | 2,800 | 2,803 | |||||
Mayo Clinic, | ||||||||
3.77%, 11/15/2043 | 30 | 26 | ||||||
Series 2013, 4.00%, 11/15/2047 | 25 | 22 | ||||||
Series 2021, 3.20%, 11/15/2061 | 440 | 308 | ||||||
Memorial Health Services, 3.45%, 11/01/2049 | 10 | 8 | ||||||
Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052 | 50 | 43 | ||||||
Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050 | 1,500 | 992 | ||||||
MultiCare Health System, 2.80%, 08/15/2050 | 1,000 | 613 | ||||||
MyMichigan Health, Series 2020, 3.41%, 06/01/2050 | 1,498 | 1,077 | ||||||
New York and Presbyterian Hospital (The), | ||||||||
2.26%, 08/01/2040 | 1,090 | 748 | ||||||
4.02%, 08/01/2045 | 70 | 62 | ||||||
Northwell Healthcare, Inc., 4.26%, 11/01/2047 | 25 | 21 | ||||||
OhioHealth Corp., | ||||||||
2.30%, 11/15/2031 | 830 | 693 | ||||||
2.83%, 11/15/2041 | 370 | 279 | ||||||
Series 2020, 3.04%, 11/15/2050 | 535 | 390 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
PeaceHealth Obligated Group, | ||||||||
Series 2020, 1.38%, 11/15/2025 | 700 | 637 | ||||||
Series 2020, 3.22%, 11/15/2050 | 749 | 529 | ||||||
Piedmont Healthcare, Inc., | ||||||||
2.86%, 01/01/2052 | 3 | 2 | ||||||
Series 2032, 2.04%, 01/01/2032 | 470 | 372 | ||||||
Series 2042, 2.72%, 01/01/2042 | 453 | 313 | ||||||
Presbyterian Healthcare Services, 4.88%, 08/01/2052 | 100 | 99 | ||||||
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051 | 150 | 91 | ||||||
Sentara Healthcare, Series 2021, 2.93%, 11/01/2051 | 2,365 | 1,653 | ||||||
Texas Health Resources, 2.33%, 11/15/2050 | 750 | 449 | ||||||
Trinity Health Corp., Series 2021, 2.63%, 12/01/2040 | 233 | 166 | ||||||
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/2052 | 5 | 5 | ||||||
UnitedHealth Group, Inc., | ||||||||
2.00%, 05/15/2030 | 160 | 136 | ||||||
2.95%, 10/15/2027 | 130 | 123 | ||||||
3.13%, 05/15/2060 | 160 | 111 | ||||||
3.45%, 01/15/2027 | 70 | 68 | ||||||
3.70%, 05/15/2027 | 75 | 73 | ||||||
3.70%, 08/15/2049 | 1,100 | 894 | ||||||
3.75%, 07/15/2025 | 20 | 20 | ||||||
3.85%, 06/15/2028 | 70 | 68 | ||||||
3.88%, 08/15/2059 | 50 | 41 | ||||||
4.00%, 05/15/2029 | 250 | 244 | ||||||
4.25%, 01/15/2029 | 170 | 169 | ||||||
4.25%, 03/15/2043 | 120 | 111 | ||||||
4.50%, 04/15/2033 | 150 | 149 | ||||||
5.00%, 10/15/2024 | 30 | 30 | ||||||
5.05%, 04/15/2053 | 250 | 252 | ||||||
5.15%, 10/15/2025 | 15 | 15 | ||||||
5.20%, 04/15/2063 | 1,300 | 1,312 | ||||||
5.25%, 02/15/2028 | 320 | 332 | ||||||
5.30%, 02/15/2030 | 220 | 232 | ||||||
5.35%, 02/15/2033 | 330 | 350 | ||||||
5.88%, 02/15/2053 | 340 | 382 | ||||||
6.05%, 02/15/2063 | 520 | 590 | ||||||
Universal Health Services, Inc., 2.65%, 10/15/2030 | 60 | 48 | ||||||
West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/2050 | 50 | 34 | ||||||
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/2050 | 50 | 31 | ||||||
|
|
|||||||
41,496 | ||||||||
|
|
|||||||
Household Products/Wares 0.1% |
||||||||
Clorox Co. (The), 1.80%, 05/15/2030 | 10 | 8 | ||||||
Henkel AG & Co. KGaA, (Germany), Reg. S, 0.50%, 11/17/2032 | EUR | 1,000 | 824 | |||||
Kimberly-Clark Corp., | ||||||||
0.63%, 09/07/2024 | EUR | 1,500 | 1,564 | |||||
2.88%, 02/07/2050 | 165 | 121 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Household Products/Wares continued |
||||||||
Reckitt Benckiser Treasury Services plc, (United Kingdom), Reg. S, 1.75%, 05/19/2032 | GBP | 2,175 | 2,141 | |||||
|
|
|||||||
4,658 | ||||||||
|
|
|||||||
Pharmaceuticals 0.8% | ||||||||
AbbVie, Inc., | ||||||||
2.60%, 11/21/2024 | 345 | 333 | ||||||
3.20%, 11/21/2029 | 5,460 | 5,063 | ||||||
3.85%, 06/15/2024 | 150 | 148 | ||||||
4.05%, 11/21/2039 | 230 | 205 | ||||||
4.25%, 11/21/2049 | 480 | 422 | ||||||
4.40%, 11/06/2042 | 25 | 23 | ||||||
4.50%, 05/14/2035 | 25 | 24 | ||||||
4.70%, 05/14/2045 | 25 | 23 | ||||||
AmerisourceBergen Corp., | ||||||||
3.25%, 03/01/2025 | 640 | 619 | ||||||
3.45%, 12/15/2027 | 5 | 5 | ||||||
4.25%, 03/01/2045 | 195 | 165 | ||||||
4.30%, 12/15/2047 | 25 | 21 | ||||||
Astrazeneca Finance LLC, | ||||||||
0.70%, 05/28/2024 | 105 | 100 | ||||||
1.75%, 05/28/2028 | 480 | 426 | ||||||
AstraZeneca plc, (United Kingdom), | ||||||||
Reg. S, 0.38%, 06/03/2029 | EUR | 1,500 | 1,356 | |||||
Reg. S, 1.25%, 05/12/2028 | EUR | 1,000 | 981 | |||||
1.38%, 08/06/2030 | 300 | 244 | ||||||
4.38%, 11/16/2045 | 90 | 86 | ||||||
Bayer AG, (Germany), | ||||||||
Reg. S, 0.38%, 01/12/2029 | EUR | 1,900 | 1,685 | |||||
Reg. S, 0.63%, 07/12/2031 | EUR | 1,900 | 1,564 | |||||
Reg. S, 1.13%, 01/06/2030 | EUR | 1,000 | 903 | |||||
Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029 | EUR | 600 | 582 | |||||
Becton Dickinson & Co., | ||||||||
3.79%, 05/20/2050 | 100 | 80 | ||||||
4.30%, 08/22/2032 | 35 | 34 | ||||||
Bristol-Myers Squibb Co., | ||||||||
2.35%, 11/13/2040 | 75 | 54 | ||||||
2.55%, 11/13/2050 | 140 | 93 | ||||||
3.40%, 07/26/2029 | 710 | 675 | ||||||
3.45%, 11/15/2027 | 70 | 67 | ||||||
3.70%, 03/15/2052 | 360 | 299 | ||||||
3.90%, 03/15/2062 | 190 | 157 | ||||||
4.13%, 06/15/2039 | 495 | 460 | ||||||
4.55%, 02/20/2048 | 8 | 8 | ||||||
Cardinal Health, Inc., | ||||||||
3.08%, 06/15/2024 | 10 | 10 | ||||||
4.50%, 11/15/2044 | 45 | 39 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Household Products/Wares continued |
||||||||
Cigna Group (The), | ||||||||
2.40%, 03/15/2030 | 75 | 65 | ||||||
3.40%, 03/01/2027 | 2,800 | 2,678 | ||||||
3.40%, 03/15/2051 | 290 | 212 | ||||||
4.13%, 11/15/2025 | 940 | 924 | ||||||
4.50%, 02/25/2026 | 630 | 627 | ||||||
4.90%, 12/15/2048 | 880 | 825 | ||||||
CVS Health Corp., | ||||||||
1.30%, 08/21/2027 | 40 | 35 | ||||||
2.63%, 08/15/2024 | 60 | 58 | ||||||
3.25%, 08/15/2029 | 300 | 274 | ||||||
4.25%, 04/01/2050 | 270 | 225 | ||||||
5.05%, 03/25/2048 | 1,200 | 1,119 | ||||||
Eli Lilly & Co., | ||||||||
0.50%, 09/14/2033 | EUR | 1,500 | 1,216 | |||||
0.63%, 11/01/2031 | EUR | 4,800 | 4,149 | |||||
1.13%, 09/14/2051 | EUR | 3,500 | 2,105 | |||||
1.38%, 09/14/2061 | EUR | 2,875 | 1,577 | |||||
1.63%, 06/02/2026 | EUR | 1,500 | 1,541 | |||||
1.70%, 11/01/2049 | EUR | 2,500 | 1,793 | |||||
3.38%, 03/15/2029 | 130 | 124 | ||||||
4.88%, 02/27/2053 | 400 | 412 | ||||||
4.95%, 02/27/2063 | 210 | 215 | ||||||
5.00%, 02/27/2026 | 480 | 484 | ||||||
GlaxoSmithKline Capital plc, (United Kingdom), | ||||||||
5.25%, 12/19/2033 | GBP | 640 | 834 | |||||
Reg. S, 5.25%, 04/10/2042 | GBP | 150 | 191 | |||||
Johnson & Johnson, | ||||||||
0.95%, 09/01/2027 | 105 | 93 | ||||||
1.15%, 11/20/2028 | EUR | 1,000 | 973 | |||||
1.65%, 05/20/2035 | EUR | 1,000 | 903 | |||||
2.10%, 09/01/2040 | 10 | 7 | ||||||
2.45%, 09/01/2060 | 290 | 190 | ||||||
3.40%, 01/15/2038 | 50 | 45 | ||||||
3.55%, 03/01/2036 | 15 | 14 | ||||||
McKesson Corp., | ||||||||
0.90%, 12/03/2025 | 70 | 63 | ||||||
1.50%, 11/17/2025 | EUR | 1,000 | 1,027 | |||||
1.63%, 10/30/2026 | EUR | 2,000 | 2,022 | |||||
3.13%, 02/17/2029 | GBP | 1,925 | 2,117 | |||||
5.25%, 02/15/2026 | 510 | 511 | ||||||
Merck & Co., Inc., | ||||||||
0.50%, 11/02/2024 | EUR | 1,000 | 1,038 | |||||
1.38%, 11/02/2036 | EUR | 1,000 | 835 | |||||
1.88%, 10/15/2026 | EUR | 1,900 | 1,960 | |||||
1.90%, 12/10/2028 | 977 | 865 | ||||||
2.35%, 06/24/2040 | 50 | 37 | ||||||
2.50%, 10/15/2034 | EUR | 500 | 492 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Household Products/Wares continued |
||||||||
2.75%, 12/10/2051 | 30 | 21 | ||||||
2.90%, 12/10/2061 | 355 | 242 | ||||||
3.40%, 03/07/2029 | 280 | 269 | ||||||
3.70%, 02/10/2045 | 60 | 52 | ||||||
4.00%, 03/07/2049 | 40 | 36 | ||||||
Merck Financial Services GmbH, (Germany), Reg. S, 0.13%, 07/16/2025 | EUR | 1,000 | 1,009 | |||||
Merck KGaA, (Germany), | ||||||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 1.63%, 09/09/2080 (aa) | EUR | 1,500 | 1,437 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.94%), 2.88%, 06/25/2079 (aa) | EUR | 200 | 190 | |||||
Mylan, Inc., 5.20%, 04/15/2048 | 30 | 24 | ||||||
Novartis Capital Corp., | ||||||||
2.75%, 08/14/2050 | 176 | 130 | ||||||
3.10%, 05/17/2027 | 37 | 35 | ||||||
Novartis Finance SA, (Luxembourg), | ||||||||
Reg. S, 0.00%, 09/23/2028 | EUR | 2,000 | 1,819 | |||||
Reg. S, 0.63%, 09/20/2028 | EUR | 1,000 | 941 | |||||
Reg. S, 1.13%, 09/30/2027 | EUR | 1,000 | 989 | |||||
Reg. S, 1.38%, 08/14/2030 | EUR | 1,000 | 954 | |||||
Reg. S, 1.70%, 08/14/2038 | EUR | 1,000 | 861 | |||||
Novo Nordisk Finance Netherlands BV, (Netherlands), | ||||||||
Reg. S, 0.75%, 03/31/2025 | EUR | 1,000 | 1,030 | |||||
Reg. S, 1.13%, 09/30/2027 | EUR | 1,000 | 992 | |||||
Reg. S, 1.38%, 03/31/2030 | EUR | 1,000 | 958 | |||||
Pfizer, Inc., | ||||||||
2.75%, 06/03/2026 | 145 | 139 | ||||||
3.00%, 12/15/2026 | 920 | 885 | ||||||
5.60%, 09/15/2040 | 100 | 108 | ||||||
Roche Finance Europe BV, (Netherlands), Reg. S, 0.88%, 02/25/2025 | EUR | 1,600 | 1,674 | |||||
Sanofi, (France), Series 20FX, Reg. S, 1.88%, 03/21/2038 | EUR | 800 | 713 | |||||
Takeda Pharmaceutical Co. Ltd., (Japan), Reg. S, 3.00%, 11/21/2030 | EUR | 1,000 | 1,027 | |||||
Upjohn Finance BV, (Netherlands), | ||||||||
Reg. S, 1.02%, 06/23/2024 | EUR | 1,000 | 1,045 | |||||
Reg. S, 1.36%, 06/23/2027 | EUR | 1,000 | 959 | |||||
Reg. S, 1.91%, 06/23/2032 | EUR | 1,400 | 1,166 | |||||
Utah Acquisition Sub, Inc., | ||||||||
Reg. S, 2.25%, 11/22/2024 | EUR | 1,000 | 1,055 | |||||
3.95%, 06/15/2026 | 30 | 28 | ||||||
Viatris, Inc., | ||||||||
3.85%, 06/22/2040 | 2,200 | 1,541 | ||||||
4.00%, 06/22/2050 | 170 | 112 | ||||||
Zoetis, Inc., | ||||||||
3.90%, 08/20/2028 | 40 | 39 | ||||||
4.70%, 02/01/2043 | 245 | 229 | ||||||
5.40%, 11/14/2025 | 330 | 335 | ||||||
|
|
|||||||
74,873 | ||||||||
|
|
|||||||
Total Consumer Non-cyclical | 580,102 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Energy 1.9% |
||||||||
Energy - Alternate Sources 0.1% |
||||||||
ERG SpA, (Italy), | ||||||||
Reg. S, 0.50%, 09/11/2027 | EUR | 5,000 | 4,672 | |||||
Reg. S, 0.88%, 09/15/2031 | EUR | 1,300 | 1,078 | |||||
|
|
|||||||
5,750 | ||||||||
|
|
|||||||
Oil & Gas 1.4% |
||||||||
Aker BP ASA, (Norway), | ||||||||
2.00%, 07/15/2026 (e) | 1,360 | 1,222 | ||||||
2.88%, 01/15/2026 (e) | 1,400 | 1,323 | ||||||
3.10%, 07/15/2031 (e) | 1,585 | 1,341 | ||||||
BP Capital Markets BV, (Netherlands), | ||||||||
Reg. S, 0.93%, 12/04/2040 | EUR | 3,000 | 1,938 | |||||
Reg. S, 1.47%, 09/21/2041 | EUR | 1,000 | 701 | |||||
BP Capital Markets plc, (United Kingdom), | ||||||||
Reg. S, 0.83%, 09/19/2024 | EUR | 1,000 | 1,047 | |||||
Reg. S, 1.10%, 11/15/2034 | EUR | 1,000 | 785 | |||||
Reg. S, 1.23%, 05/08/2031 | EUR | 2,800 | 2,503 | |||||
Reg. S, 1.57%, 02/16/2027 | EUR | 500 | 505 | |||||
Reg. S, 1.59%, 07/03/2028 | EUR | 2,300 | 2,247 | |||||
Reg. S, 1.64%, 06/26/2029 | EUR | 1,000 | 970 | |||||
Reg. S, 2.27%, 07/03/2026 | GBP | 2,000 | 2,300 | |||||
Reg. S, 2.52%, 04/07/2028 | EUR | 1,000 | 1,025 | |||||
Reg. S, 2.82%, 04/07/2032 | EUR | 500 | 498 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.88%), 3.25%, 03/22/2026 (x) (aa) | EUR | 1,500 | 1,501 | |||||
Reg. S, (EUR Swap Rate 5 Year + 4.12%), 3.63%, 03/22/2029 (x) (aa) | EUR | 1,800 | 1,698 | |||||
Reg. S, (UK Gilts 5 Year + 4.17%), 4.25%, 03/22/2027 (x) (aa) | GBP | 7,900 | 8,709 | |||||
Canadian Natural Resources Ltd., (Canada), 6.50%, 02/15/2037 | 145 | 152 | ||||||
Cepsa Finance SA, (Spain), Reg. S, 2.25%, 02/13/2026 | EUR | 100 | 104 | |||||
Chevron Corp., 1.55%, 05/11/2025 | 75 | 71 | ||||||
Chevron USA, Inc., 1.02%, 08/12/2027 | 100 | 88 | ||||||
CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037 | 60 | 66 | ||||||
ConocoPhillips, | ||||||||
4.88%, 10/01/2047 | 40 | 39 | ||||||
5.90%, 10/15/2032 | 193 | 212 | ||||||
5.90%, 05/15/2038 | 25 | 27 | ||||||
6.50%, 02/01/2039 | 75 | 87 | ||||||
Continental Resources, Inc., 4.90%, 06/01/2044 | 35 | 27 | ||||||
Devon Energy Corp., 5.88%, 06/15/2028 | 1,750 | 1,782 | ||||||
Diamondback Energy, Inc., | ||||||||
3.13%, 03/24/2031 | 2,400 | 2,077 | ||||||
6.25%, 03/15/2033 | 610 | 645 | ||||||
6.25%, 03/15/2053 | 435 | 449 | ||||||
Eni SpA, (Italy), | ||||||||
Reg. S, 0.63%, 01/23/2030 | EUR | 500 | 439 | |||||
Reg. S, 1.00%, 10/11/2034 | EUR | 1,900 | 1,518 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Reg. S, 1.25%, 05/18/2026 | EUR | 9,200 | 9,314 | |||||
Reg. S, 1.50%, 02/02/2026 | EUR | 1,000 | 1,025 | |||||
Reg. S, 1.50%, 01/17/2027 | EUR | 2,700 | 2,726 | |||||
Reg. S, 1.63%, 05/17/2028 | EUR | 1,000 | 987 | |||||
Reg. S, 2.00%, 05/18/2031 | EUR | 500 | 473 | |||||
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.17%), 2.63%, 10/13/2025 (x) (aa) | EUR | 7,000 | 6,984 | |||||
Series NC9, Reg. S, (EUR Swap Rate 5 Year + 2.77%), 2.75%, 02/11/2030 (x) (aa) | EUR | 1,000 | 837 | |||||
Series NC9, Reg. S, (EUR Swap Rate 5 Year + 3.64%), 3.38%, 07/13/2029 (x) (aa) | EUR | 1,000 | 901 | |||||
EQT Corp., | ||||||||
3.13%, 05/15/2026 (e) | 65 | 60 | ||||||
5.70%, 04/01/2028 | 400 | 400 | ||||||
6.13%, 02/01/2025 | 30 | 30 | ||||||
Equinor ASA, (Norway), | ||||||||
Reg. S, 0.75%, 11/09/2026 | EUR | 3,000 | 2,956 | |||||
Reg. S, 1.38%, 05/22/2032 | EUR | 825 | 743 | |||||
Reg. S, 1.63%, 11/09/2036 | EUR | 2,000 | 1,687 | |||||
1.75%, 01/22/2026 | 200 | 186 | ||||||
2.38%, 05/22/2030 | 260 | 229 | ||||||
3.25%, 11/18/2049 | 30 | 23 | ||||||
3.63%, 04/06/2040 | 1,800 | 1,545 | ||||||
3.70%, 04/06/2050 | 165 | 138 | ||||||
Reg. S, 6.88%, 03/11/2031 | GBP | 150 | 213 | |||||
Exxon Mobil Corp., | ||||||||
0.14%, 06/26/2024 | EUR | 3,500 | 3,647 | |||||
0.52%, 06/26/2028 | EUR | 1,500 | 1,397 | |||||
0.84%, 06/26/2032 | EUR | 1,050 | 886 | |||||
1.41%, 06/26/2039 | EUR | 2,200 | 1,594 | |||||
3.45%, 04/15/2051 | 545 | 432 | ||||||
Helmerich & Payne, Inc., 2.90%, 09/29/2031 | 700 | 581 | ||||||
Hess Corp., | ||||||||
3.50%, 07/15/2024 | 10 | 10 | ||||||
5.60%, 02/15/2041 | 120 | 115 | ||||||
5.80%, 04/01/2047 | 16 | 16 | ||||||
Marathon Petroleum Corp., | ||||||||
3.80%, 04/01/2028 | 250 | 238 | ||||||
4.50%, 04/01/2048 | 15 | 12 | ||||||
5.00%, 09/15/2054 | 125 | 107 | ||||||
MOL Hungarian Oil & Gas plc, (Hungary), Reg. S, 1.50%, 10/08/2027 | EUR | 5,200 | 4,785 | |||||
OMV AG, (Austria), Reg. S, (EUR Swap Rate 5 Year + 2.83%), 2.50%, 06/01/2026 (x) (aa) | EUR | 6,000 | 5,759 | |||||
Petroleos Mexicanos, (Mexico), (ICE LIBOR USD 3 Month + 0.43%), 5.29%, 02/15/2024 (aa) | 300 | 300 | ||||||
Pioneer Natural Resources Co., | ||||||||
1.90%, 08/15/2030 | 1,050 | 854 | ||||||
5.10%, 03/29/2026 | 620 | 622 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Polski Koncern Naftowy ORLEN SA, (Poland), Reg. S, 1.13%, 05/27/2028 | EUR | 1,300 | 1,177 | |||||
Shell International Finance BV, (Netherlands), | ||||||||
Reg. S, 1.63%, 01/20/2027 | EUR | 3,900 | 3,993 | |||||
Reg. S, 1.88%, 09/15/2025 | EUR | 1,000 | 1,051 | |||||
Reg. S, 1.88%, 04/07/2032 | EUR | 1,000 | 933 | |||||
3.00%, 11/26/2051 | 380 | 273 | ||||||
3.25%, 04/06/2050 | 70 | 53 | ||||||
6.38%, 12/15/2038 | 115 | 133 | ||||||
TotalEnergies Capital Canada Ltd., (Canada), Reg. S, 2.13%, 09/18/2029 | EUR | 1,000 | 989 | |||||
TotalEnergies Capital International SA, (France), | ||||||||
Reg. S, 0.95%, 05/18/2031 | EUR | 1,000 | 886 | |||||
Reg. S, 1.38%, 10/04/2029 | EUR | 2,000 | 1,896 | |||||
Reg. S, 1.49%, 04/08/2027 | EUR | 1,900 | 1,917 | |||||
Reg. S, 1.49%, 09/04/2030 | EUR | 1,000 | 940 | |||||
Reg. S, 1.54%, 05/31/2039 | EUR | 1,000 | 789 | |||||
Reg. S, 1.62%, 05/18/2040 | EUR | 1,000 | 760 | |||||
Reg. S, 1.99%, 04/08/2032 | EUR | 2,000 | 1,896 | |||||
TotalEnergies SE, (France), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 1.90%), 2.00%, 01/17/2027 (x) (aa) | EUR | 2,000 | 1,877 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.00%, 06/04/2030 (x) (aa) | EUR | 1,900 | 1,572 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 2.63%, 02/26/2025 (x) (aa) | EUR | 6,000 | 6,143 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.75%), 2.71%, 05/05/2023 (x) (aa) | EUR | 650 | 702 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.94%), 3.25%, 07/17/2036 (x) (aa) | EUR | 500 | 397 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.35%), 3.37%, 10/06/2026 (x) (aa) | EUR | 3,500 | 3,587 | |||||
Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa) | EUR | 1,000 | 896 | |||||
Series NC12, Reg. S, (EUR Swap Rate 5 Year + 2.51%), 2.13%, 07/25/2032 (x) (aa) | EUR | 3,550 | 2,775 | |||||
Valero Energy Corp., 4.00%, 06/01/2052 | 140 | 107 | ||||||
Var Energi ASA, (Norway), 5.00%, 05/18/2027 (e) | 1,600 | 1,517 | ||||||
|
|
|||||||
128,167 | ||||||||
|
|
|||||||
Oil & Gas Services 0.0% (g) |
||||||||
Schlumberger Finance BV, (Netherlands), | ||||||||
Reg. S, 0.00%, 10/15/2024 | EUR | 1,000 | 1,029 | |||||
Reg. S, 0.25%, 10/15/2027 | EUR | 1,500 | 1,410 | |||||
Reg. S, 0.50%, 10/15/2031 | EUR | 500 | 418 | |||||
Reg. S, 2.00%, 05/06/2032 | EUR | 500 | 470 | |||||
Schlumberger Finance Canada Ltd., (Canada), 1.40%, 09/17/2025 | 30 | 28 | ||||||
Schlumberger Finance France SAS, (France), Reg. S, 1.00%, 02/18/2026 | EUR | 500 | 506 | |||||
|
|
|||||||
3,861 | ||||||||
|
|
|||||||
Pipelines 0.4% |
||||||||
Cheniere Corpus Christi Holdings LLC, | ||||||||
3.70%, 11/15/2029 | 1,018 | 934 | ||||||
5.88%, 03/31/2025 | 5 | 5 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Pipelines continued |
||||||||
Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e) | 1,330 | 1,189 | ||||||
Columbia Pipeline Group, Inc., 4.50%, 06/01/2025 | 20 | 20 | ||||||
DCP Midstream Operating LP, | ||||||||
3.25%, 02/15/2032 | 335 | 282 | ||||||
5.13%, 05/15/2029 | 1,500 | 1,477 | ||||||
5.38%, 07/15/2025 | 70 | 70 | ||||||
Enbridge, Inc., (Canada), 5.97%, 03/08/2026 | 240 | 240 | ||||||
Energy Transfer LP, | ||||||||
2.90%, 05/15/2025 | 220 | 209 | ||||||
4.20%, 04/15/2027 | 5,830 | 5,581 | ||||||
5.35%, 05/15/2045 | 10 | 9 | ||||||
5.40%, 10/01/2047 | 190 | 168 | ||||||
5.55%, 02/15/2028 | 1,210 | 1,225 | ||||||
5.75%, 02/15/2033 | 1,705 | 1,738 | ||||||
6.25%, 04/15/2049 | 460 | 454 | ||||||
6.50%, 02/01/2042 | 10 | 10 | ||||||
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 1,490 | 1,313 | ||||||
Enterprise Products Operating LLC, | ||||||||
3.30%, 02/15/2053 | 55 | 40 | ||||||
3.75%, 02/15/2025 | 50 | 49 | ||||||
3.90%, 02/15/2024 | 50 | 49 | ||||||
4.15%, 10/16/2028 | 150 | 145 | ||||||
4.20%, 01/31/2050 | 40 | 34 | ||||||
5.10%, 02/15/2045 | 1,700 | 1,621 | ||||||
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 02/15/2078 (aa) | 600 | 482 | ||||||
Kinder Morgan Energy Partners LP, | ||||||||
4.30%, 05/01/2024 | 3,200 | 3,167 | ||||||
4.70%, 11/01/2042 | 850 | 727 | ||||||
6.95%, 01/15/2038 | 10 | 11 | ||||||
Kinder Morgan, Inc., | ||||||||
1.75%, 11/15/2026 | 390 | 351 | ||||||
2.25%, 03/16/2027 | EUR | 1,500 | 1,523 | |||||
3.60%, 02/15/2051 | 35 | 25 | ||||||
5.45%, 08/01/2052 | 465 | 431 | ||||||
Magellan Midstream Partners LP, 5.00%, 03/01/2026 | 10 | 10 | ||||||
MPLX LP, | ||||||||
1.75%, 03/01/2026 | 400 | 365 | ||||||
2.65%, 08/15/2030 | 2,195 | 1,863 | ||||||
4.50%, 04/15/2038 | 75 | 67 | ||||||
4.70%, 04/15/2048 | 1,293 | 1,082 | ||||||
4.88%, 06/01/2025 | 2,340 | 2,321 | ||||||
4.90%, 04/15/2058 | 40 | 33 | ||||||
4.95%, 03/14/2052 | 1,435 | 1,243 | ||||||
5.20%, 03/01/2047 | 10 | 9 | ||||||
5.50%, 02/15/2049 | 520 | 482 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Pipelines continued |
||||||||
5.65%, 03/01/2053 | 65 | 62 | ||||||
ONEOK Partners LP, 6.13%, 02/01/2041 | 24 | 23 | ||||||
ONEOK, Inc., | ||||||||
2.20%, 09/15/2025 | 1,100 | 1,019 | ||||||
3.40%, 09/01/2029 | 1,210 | 1,075 | ||||||
4.45%, 09/01/2049 | 2,522 | 1,952 | ||||||
5.20%, 07/15/2048 | 35 | 30 | ||||||
5.85%, 01/15/2026 | 245 | 248 | ||||||
6.10%, 11/15/2032 | 175 | 181 | ||||||
6.35%, 01/15/2031 | 90 | 94 | ||||||
7.15%, 01/15/2051 | 220 | 234 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., | ||||||||
3.55%, 12/15/2029 | 65 | 58 | ||||||
4.90%, 02/15/2045 | 140 | 112 | ||||||
Targa Resources Corp., | ||||||||
4.20%, 02/01/2033 | 525 | 472 | ||||||
4.95%, 04/15/2052 | 485 | 401 | ||||||
5.20%, 07/01/2027 | 1,245 | 1,232 | ||||||
6.13%, 03/15/2033 | 380 | 393 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., | ||||||||
4.00%, 01/15/2032 | 200 | 174 | ||||||
4.88%, 02/01/2031 | 33 | 31 | ||||||
5.00%, 01/15/2028 | 499 | 483 | ||||||
Transcontinental Gas Pipe Line Co. LLC, | ||||||||
3.25%, 05/15/2030 | 80 | 73 | ||||||
4.00%, 03/15/2028 | 20 | 19 | ||||||
7.85%, 02/01/2026 | 428 | 458 | ||||||
Western Midstream Operating LP, 6.15%, 04/01/2033 (w) | 330 | 334 | ||||||
Williams Cos., Inc. (The), | ||||||||
3.50%, 11/15/2030 | 1,900 | 1,720 | ||||||
4.50%, 11/15/2023 | 80 | 80 | ||||||
5.30%, 08/15/2052 | 140 | 131 | ||||||
5.80%, 11/15/2043 | 15 | 15 | ||||||
|
|
|||||||
42,158 | ||||||||
|
|
|||||||
Total Energy | 179,936 | |||||||
|
|
|||||||
Financial 17.7% |
||||||||
Banks 13.0% |
||||||||
ABN AMRO Bank NV, (Netherlands), | ||||||||
Reg. S, 0.40%, 09/17/2041 | EUR | 100 | 65 | |||||
Reg. S, 0.60%, 01/15/2027 | EUR | 10,000 | 9,548 | |||||
Reg. S, 1.25%, 01/10/2033 | EUR | 100 | 91 | |||||
Reg. S, 1.38%, 01/16/2025 | GBP | 1,500 | 1,732 | |||||
Reg. S, 1.38%, 01/12/2037 | EUR | 100 | 86 | |||||
Reg. S, 1.45%, 04/12/2038 | EUR | 100 | 85 | |||||
Achmea Bank NV, (Netherlands), Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 107 | |||||
Aegon Bank NV, (Netherlands), Reg. S, 0.01%, 11/16/2025 | EUR | 100 | 99 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
AIB Group plc, (Ireland), | ||||||||
Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa) | EUR | 1,000 | 983 | |||||
Reg. S, (EUR Swap Rate 1 Year + 2.00%), 3.63%, 07/04/2026 (aa) | EUR | 1,500 | 1,596 | |||||
AMCO - Asset Management Co. SpA, (Italy), | ||||||||
Reg. S, 0.75%, 04/20/2028 | EUR | 163 | 146 | |||||
Reg. S, 1.38%, 01/27/2025 | EUR | 100 | 103 | |||||
ANZ New Zealand Intl Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027 | EUR | 6,000 | 5,516 | |||||
Argenta Spaarbank NV, (Belgium), Reg. S, 0.01%, 02/11/2031 | EUR | 100 | 84 | |||||
Arion Banki HF, (Iceland), | ||||||||
Reg. S, 0.05%, 10/05/2026 | EUR | 100 | 95 | |||||
Reg. S, 0.38%, 07/14/2025 | EUR | 3,950 | 3,747 | |||||
Arkea Public Sector SCF SA, (France), Reg. S, 0.13%, 01/15/2030 | EUR | 100 | 88 | |||||
ASB Finance Ltd., (New Zealand), | ||||||||
Reg. S, 0.25%, 09/08/2028 | EUR | 1,000 | 897 | |||||
Reg. S, 0.50%, 09/24/2029 | EUR | 1,000 | 872 | |||||
Reg. S, 0.63%, 10/18/2024 | EUR | 100 | 103 | |||||
Australia & New Zealand Banking Group Ltd., (Australia), | ||||||||
Reg. S, 0.25%, 03/17/2025 | EUR | 100 | 102 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.12%), 0.67%, 05/05/2031 (aa) | EUR | 2,925 | 2,759 | |||||
Banca Monte dei Paschi di Siena SpA, (Italy), | ||||||||
Reg. S, 0.88%, 10/08/2026 | EUR | 3,504 | 3,395 | |||||
Series 16, Reg. S, 2.88%, 07/16/2024 | EUR | 100 | 107 | |||||
Banco Bilbao Vizcaya Argentaria SA, (Spain), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.13%, 03/24/2027 (aa) | EUR | 2,000 | 1,943 | |||||
Reg. S, 0.38%, 10/02/2024 | EUR | 1,000 | 1,031 | |||||
Reg. S, 0.38%, 11/15/2026 | EUR | 1,000 | 966 | |||||
Reg. S, 0.50%, 01/14/2027 | EUR | 1,000 | 950 | |||||
0.88%, 09/18/2023 | 200 | 195 | ||||||
Reg. S, 0.88%, 11/22/2026 | EUR | 100 | 99 | |||||
Reg. S, 1.00%, 06/21/2026 | EUR | 1,000 | 996 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.00%, 01/16/2030 (aa) | EUR | 1,000 | 995 | |||||
Reg. S, 1.38%, 05/14/2025 | EUR | 1,000 | 1,032 | |||||
Reg. S, 1.75%, 11/26/2025 | EUR | 10,000 | 10,327 | |||||
Reg. S, 3.50%, 02/10/2027 | EUR | 500 | 526 | |||||
Banco de Sabadell SA, (Spain), | ||||||||
Reg. S, (EUR Swap Rate 1 Year + 0.97%), 0.63%, 11/07/2025 (aa) | EUR | 3,700 | 3,774 | |||||
Reg. S, 0.88%, 07/22/2025 | EUR | 7,500 | 7,533 | |||||
Reg. S, 1.00%, 04/26/2027 | EUR | 100 | 98 | |||||
Reg. S, (EUR Swap Rate 1 Year + 1.55%), 1.13%, 03/11/2027 (aa) | EUR | 2,900 | 2,838 | |||||
Reg. S, (EUR Swap Rate 1 Year + 2.20%), 2.63%, 03/24/2026 (aa) | EUR | 1,500 | 1,529 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Banco Santander SA, (Spain), | ||||||||
Reg. S, 0.10%, 02/27/2032 | EUR | 200 | 162 | |||||
Reg. S, 0.20%, 02/11/2028 | EUR | 1,900 | 1,730 | |||||
Reg. S, 1.00%, 04/07/2025 | EUR | 100 | 103 | |||||
Reg. S, 1.13%, 10/25/2028 | EUR | 100 | 97 | |||||
Reg. S, 1.38%, 01/05/2026 | EUR | 200 | 202 | |||||
Reg. S, 1.63%, 10/22/2030 | EUR | 1,900 | 1,651 | |||||
Reg. S, 1.75%, 02/17/2027 | GBP | 1,000 | 1,057 | |||||
Reg. S, 2.38%, 09/08/2027 | EUR | 100 | 104 | |||||
2.75%, 05/28/2025 | 400 | 377 | ||||||
2.75%, 12/03/2030 | 200 | 156 | ||||||
Reg. S, 3.25%, 02/14/2028 | EUR | 100 | 108 | |||||
3.49%, 05/28/2030 | 2,000 | 1,744 | ||||||
3.50%, 03/24/2025 | 200 | 192 | ||||||
Reg. S, (EUR Swap Rate 1 Year + 1.05%), 3.63%, 09/27/2026 (aa) | EUR | 2,000 | 2,149 | |||||
Reg. S, 3.88%, 01/16/2028 | EUR | 10,000 | 10,879 | |||||
3.89%, 05/24/2024 | 3,800 | 3,715 | ||||||
5.29%, 08/18/2027 | 200 | 197 | ||||||
Series DIP, Reg. S, 3.25%, 04/04/2026 | EUR | 10,000 | 10,511 | |||||
Bank of America Corp., | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.81%, 05/09/2026 (aa) | EUR | 1,900 | 1,924 | |||||
(United States SOFR + 0.74%), 0.81%, 10/24/2024 (aa) | 60 | 58 | ||||||
(United States SOFR + 0.91%), 0.98%, 09/25/2025 (aa) | 177 | 165 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 1.10%, 05/24/2032 (aa) | EUR | 2,500 | 2,129 | |||||
(United States SOFR + 0.65%), 1.53%, 12/06/2025 (aa) | 25 | 23 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.89%), 1.66%, 04/25/2028 (aa) | EUR | 10,000 | 9,798 | |||||
Reg. S, (UK Gilts 1 Year + 1.10%), 1.67%, 06/02/2029 (aa) | GBP | 2,000 | 2,049 | |||||
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa) | 1,465 | 1,307 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.91%), 1.95%, 10/27/2026 (aa) | EUR | 2,000 | 2,055 | |||||
(United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa) (jj) | 2,900 | 2,492 | ||||||
(United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa) | 1,000 | 806 | ||||||
Reg. S, 2.30%, 07/25/2025 | GBP | 1,000 | 1,166 | |||||
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 02/13/2031 (aa) | 3,300 | 2,793 | ||||||
(United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa) | 2,605 | 2,128 | ||||||
(United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa) | 1,920 | 1,351 | ||||||
(United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa) | 2,150 | 1,793 | ||||||
(ICE LIBOR USD 3 Month + 1.19%), 2.88%, 10/22/2030 (aa) | 65 | 57 | ||||||
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/01/2025 (aa) | 10 | 10 | ||||||
(United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa) | 60 | 46 | ||||||
(United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa) | 1,000 | 961 | ||||||
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa) | 350 | 325 | ||||||
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 03/15/2025 (aa) | 25 | 25 | ||||||
Reg. S, (UK Gilts 1 Year + 1.75%), 3.58%, 04/27/2031 (aa) | GBP | 1,500 | 1,647 | |||||
(United States SOFR + 1.11%), 3.84%, 04/25/2025 (aa) | 1,760 | 1,727 | ||||||
(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/2029 (aa) | 295 | 279 | ||||||
(ICE LIBOR USD 3 Month + 1.21%), 3.97%, 02/07/2030 (aa) | 200 | 187 | ||||||
4.00%, 01/22/2025 | 4,200 | 4,103 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
(ICE LIBOR USD 3 Month + 1.32%), 4.08%, 04/23/2040 (aa) | 100 | 87 | ||||||
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 03/20/2051 (aa) | 50 | 41 | ||||||
(United States SOFR + 1.58%), 4.38%, 04/27/2028 (aa) | 940 | 910 | ||||||
(United States SOFR + 1.75%), 4.83%, 07/22/2026 (aa) | 115 | 113 | ||||||
4.88%, 04/01/2044 | 25 | 24 | ||||||
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) | 1,720 | 1,708 | ||||||
5.00%, 01/21/2044 | 20 | 19 | ||||||
(United States SOFR + 2.16%), 5.02%, 07/22/2033 (aa) | 880 | 870 | ||||||
(United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) | 205 | 214 | ||||||
Reg. S, 7.00%, 07/31/2028 | GBP | 650 | 863 | |||||
Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa) | 1,000 | 834 | ||||||
Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa) | 660 | 494 | ||||||
Bank of Ireland Group plc, (Ireland), | ||||||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 1.88%, 06/05/2026 (aa) | EUR | 4,400 | 4,507 | |||||
Reg. S, (EUR Swap Rate 1 Year + 2.05%), 4.88%, 07/16/2028 (aa) | EUR | 6,700 | 7,278 | |||||
Bank of Montreal, (Canada), | ||||||||
Reg. S, 0.05%, 06/08/2029 | EUR | 100 | 89 | |||||
Reg. S, 1.00%, 04/05/2026 | EUR | 100 | 101 | |||||
1.85%, 05/01/2025 | 120 | 112 | ||||||
Series H, 4.25%, 09/14/2024 | 730 | 721 | ||||||
Bank of New York Mellon Corp. (The), | ||||||||
(United States SOFR + 1.35%), 4.41%, 07/24/2026 (aa) | 235 | 232 | ||||||
(United States SOFR + 1.17%), 4.54%, 02/01/2029 (aa) | 210 | 208 | ||||||
(United States SOFR + 1.51%), 4.71%, 02/01/2034 (aa) | 100 | 98 | ||||||
Bank of New Zealand, (New Zealand), Reg. S, 2.55%, 06/29/2027 | EUR | 100 | 104 | |||||
Bank of Nova Scotia (The), (Canada), | ||||||||
Reg. S, 0.01%, 01/14/2027 | EUR | 100 | 95 | |||||
Reg. S, 0.01%, 12/15/2027 | EUR | 100 | 93 | |||||
Reg. S, 0.38%, 10/23/2023 | EUR | 100 | 107 | |||||
Reg. S, 0.38%, 03/26/2030 | EUR | 100 | 89 | |||||
1.05%, 03/02/2026 | 170 | 152 | ||||||
3.45%, 04/11/2025 | 510 | 494 | ||||||
4.85%, 02/01/2030 | 2,550 | 2,521 | ||||||
Bankinter SA, (Spain), | ||||||||
Reg. S, 0.88%, 07/08/2026 | EUR | 3,000 | 2,917 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.25%, 12/23/2032 (aa) | EUR | 3,600 | 3,176 | |||||
Banque Federative du Credit Mutuel SA, (France), | ||||||||
Reg. S, 0.01%, 03/07/2025 | EUR | 1,000 | 1,010 | |||||
Reg. S, 0.01%, 05/11/2026 | EUR | 1,000 | 966 | |||||
Reg. S, 0.63%, 11/03/2028 | EUR | 1,000 | 894 | |||||
Reg. S, 0.75%, 06/15/2023 | EUR | 100 | 108 | |||||
Reg. S, 0.75%, 06/08/2026 | EUR | 1,000 | 986 | |||||
Reg. S, 0.75%, 01/17/2030 | EUR | 1,000 | 866 | |||||
Reg. S, 1.00%, 05/23/2025 | EUR | 4,000 | 4,102 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
Reg. S, 1.13%, 11/19/2031 | EUR | 600 | 483 | |||||
Reg. S, 1.25%, 05/26/2027 | EUR | 1,000 | 980 | |||||
Reg. S, 1.25%, 06/03/2030 | EUR | 1,000 | 890 | |||||
Reg. S, 1.38%, 07/16/2028 | EUR | 3,000 | 2,867 | |||||
Reg. S, 1.88%, 11/04/2026 | EUR | 1,200 | 1,199 | |||||
Reg. S, 1.88%, 06/18/2029 | EUR | 1,000 | 925 | |||||
Reg. S, 2.50%, 05/25/2028 | EUR | 1,500 | 1,464 | |||||
Reg. S, 2.63%, 11/06/2029 | EUR | 500 | 494 | |||||
Reg. S, 3.00%, 05/21/2024 | EUR | 2,000 | 2,139 | |||||
Reg. S, 3.00%, 09/11/2025 | EUR | 7,000 | 7,407 | |||||
Reg. S, 3.13%, 09/14/2027 | EUR | 3,400 | 3,594 | |||||
Reg. S, 3.63%, 09/14/2032 | EUR | 3,000 | 3,201 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa) | EUR | 1,000 | 1,039 | |||||
4.94%, 01/26/2026 (e) | 2,000 | 1,975 | ||||||
Reg. S, 5.00%, 01/19/2026 | GBP | 10,000 | 12,251 | |||||
Barclays Bank plc, (United Kingdom), Reg. S, 5.75%, 09/14/2026 | GBP | 90 | 111 | |||||
Barclays plc, (United Kingdom), | ||||||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa) | EUR | 4,800 | 4,474 | |||||
Reg. S, (EUR Swap Rate 1 Year + 0.78%), 1.38%, 01/24/2026 (aa) | EUR | 7,000 | 7,177 | |||||
(CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa) | 300 | 263 | ||||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.68%), 2.89%, 01/31/2027 (aa) | EUR | 3,150 | 3,250 | |||||
Reg. S, 3.00%, 05/08/2026 | GBP | 100 | 113 | |||||
Reg. S, 3.25%, 02/12/2027 | GBP | 1,200 | 1,345 | |||||
Reg. S, (UK Gilts 5 Year + 3.75%), 3.75%, 11/22/2030 (aa) | GBP | 825 | 928 | |||||
(CMT Index 1 Year + 2.65%), 5.50%, 08/09/2028 (aa) | 975 | 961 | ||||||
(CMT Index 1 Year + 3.05%), 7.33%, 11/02/2026 (aa) | 660 | 676 | ||||||
(CMT Index 1 Year + 3.50%), 7.44%, 11/02/2033 (aa) | 855 | 944 | ||||||
Basellandschaftliche Kantonalbank, (Switzerland), Reg. S, 0.38%, 05/13/2030 | CHF | 100 | 96 | |||||
Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034 | EUR | 100 | 97 | |||||
BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), | ||||||||
Reg. S, 0.01%, 01/21/2028 | EUR | 100 | 93 | |||||
Reg. S, 0.10%, 05/12/2031 | EUR | 100 | 84 | |||||
Reg. S, 1.13%, 07/31/2028 | EUR | 100 | 97 | |||||
Bayerische Landesbank, (Germany), | ||||||||
Reg. S, 0.13%, 11/02/2029 | EUR | 100 | 90 | |||||
Reg. S, 0.25%, 01/14/2025 | EUR | 100 | 103 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa) | EUR | 100 | 86 | |||||
Reg. S, 2.13%, 09/01/2031 | EUR | 50 | 51 | |||||
Reg. S, 3.75%, 02/07/2029 | EUR | 200 | 210 | |||||
Belfius Bank SA, (Belgium), | ||||||||
Reg. S, 1.00%, 10/26/2024 | EUR | 5,000 | 5,179 | |||||
Reg. S, 3.25%, 10/18/2027 | EUR | 100 | 109 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Berlin Hyp AG, (Germany), | ||||||||
Reg. S, 0.01%, 07/07/2028 | EUR | 100 | 92 | |||||
Reg. S, 1.75%, 05/10/2032 | EUR | 100 | 97 | |||||
Series 200, Reg. S, 0.38%, 02/21/2025 | EUR | 100 | 103 | |||||
BNP Paribas SA, (France), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.75%), 0.50%, 07/15/2025 (aa) | EUR | 500 | 518 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa) | EUR | 1,000 | 934 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.95%), 0.50%, 09/01/2028 (aa) | EUR | 3,900 | 3,576 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.50%, 01/19/2030 (aa) | EUR | 3,500 | 3,041 | |||||
Reg. S, 0.63%, 12/03/2032 | EUR | 3,000 | 2,357 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.83%), 0.88%, 07/11/2030 (aa) | EUR | 3,000 | 2,633 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.17%), 0.88%, 08/31/2033 (aa) | EUR | 1,000 | 862 | |||||
Reg. S, 1.13%, 08/28/2024 | EUR | 500 | 523 | |||||
Reg. S, 1.13%, 06/11/2026 | EUR | 1,000 | 998 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa) | EUR | 1,500 | 1,393 | |||||
Reg. S, 1.38%, 05/28/2029 | EUR | 200 | 183 | |||||
Reg. S, 1.50%, 05/23/2028 | EUR | 500 | 473 | |||||
Reg. S, 1.50%, 05/25/2028 | EUR | 1,500 | 1,454 | |||||
(United States SOFR + 0.91%), 1.68%, 06/30/2027 (e) (aa) | 1,250 | 1,099 | ||||||
Reg. S, 1.88%, 12/14/2027 | GBP | 2,000 | 2,105 | |||||
Reg. S, (UK Gilts 5 Year + 1.65%), 2.00%, 05/24/2031 (aa) | GBP | 2,500 | 2,652 | |||||
Reg. S, 2.10%, 04/07/2032 | EUR | 1,500 | 1,371 | |||||
(United States SOFR + 1.22%), 2.16%, 09/15/2029 (e) (aa) | 1,665 | 1,387 | ||||||
Reg. S, 2.25%, 01/11/2027 | EUR | 500 | 506 | |||||
Reg. S, 2.38%, 02/17/2025 | EUR | 1,000 | 1,050 | |||||
Reg. S, (EUR Swap Rate 1 Year + 1.60%), 2.50%, 03/31/2032 (aa) | EUR | 4,300 | 4,211 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.37%), 2.75%, 07/25/2028 (aa) | EUR | 1,500 | 1,524 | |||||
Reg. S, 2.88%, 02/24/2029 | GBP | 2,000 | 2,119 | |||||
(United States SOFR + 1.51%), 3.05%, 01/13/2031 (e) (aa) | 1,800 | 1,542 | ||||||
Reg. S, 3.38%, 01/23/2026 | GBP | 600 | 701 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.92%), 3.88%, 01/10/2031 (aa) | EUR | 3,400 | 3,645 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.45%), 4.38%, 01/13/2029 (aa) | EUR | 5,900 | 6,437 | |||||
Reg. S, 5.75%, 06/13/2032 | GBP | 4,500 | 5,580 | |||||
BNZ International Funding Ltd., (New Zealand), Reg. S, 0.38%, 09/14/2024 | EUR | 4,050 | 4,188 | |||||
BPCE SA, (France), | ||||||||
Reg. S, 0.25%, 01/15/2026 | EUR | 6,200 | 6,113 | |||||
Reg. S, 0.25%, 01/14/2031 | EUR | 1,900 | 1,553 | |||||
Reg. S, 0.63%, 09/26/2024 | EUR | 1,500 | 1,551 | |||||
Reg. S, 0.63%, 04/28/2025 | EUR | 1,000 | 1,018 | |||||
Reg. S, 0.88%, 01/31/2024 | EUR | 1,200 | 1,271 | |||||
Reg. S, 1.00%, 12/22/2025 | GBP | 2,000 | 2,210 | |||||
Reg. S, 1.00%, 10/05/2028 | EUR | 500 | 467 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
Reg. S, 3.50%, 01/25/2028 | EUR | 10,000 | 10,675 | |||||
Reg. S, 4.00%, 11/29/2032 | EUR | 4,300 | 4,659 | |||||
Reg. S, 4.38%, 07/13/2028 | EUR | 3,000 | 3,271 | |||||
4.63%, 07/11/2024 (e) | 1,200 | 1,170 | ||||||
(United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa) | 1,700 | 1,694 | ||||||
Caixa Geral de Depositos SA, (Portugal), Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa) | EUR | 100 | 112 | |||||
CaixaBank SA, (Spain), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa) | EUR | 1,500 | 1,340 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa) | EUR | 2,100 | 1,956 | |||||
Reg. S, 1.00%, 09/25/2025 | EUR | 200 | 204 | |||||
Reg. S, 1.13%, 11/12/2026 | EUR | 8,000 | 7,816 | |||||
Reg. S, 1.25%, 01/11/2027 | EUR | 200 | 200 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.63%), 1.25%, 06/18/2031 (aa) | EUR | 500 | 475 | |||||
Reg. S, 1.38%, 06/19/2026 | EUR | 2,300 | 2,284 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.68%), 2.25%, 04/17/2030 (aa) | EUR | 1,000 | 1,006 | |||||
Reg. S, 3.75%, 09/07/2029 | EUR | 2,500 | 2,702 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.55%), 6.25%, 02/23/2033 (aa) | EUR | 1,400 | 1,544 | |||||
Caja Rural de Navarra SCC, (Spain), Reg. S, 3.00%, 04/26/2027 | EUR | 100 | 107 | |||||
Canadian Imperial Bank of Commerce, (Canada), | ||||||||
Reg. S, 0.04%, 07/09/2027 | EUR | 100 | 94 | |||||
3.95%, 08/04/2025 | 805 | 782 | ||||||
Cie de Financement Foncier SA, (France), | ||||||||
Reg. S, 0.01%, 07/15/2026 | EUR | 200 | 195 | |||||
Reg. S, 0.23%, 09/14/2026 | EUR | 100 | 98 | |||||
Reg. S, 0.50%, 09/04/2024 | EUR | 100 | 104 | |||||
Reg. S, 0.60%, 10/25/2041 | EUR | 100 | 68 | |||||
Reg. S, 0.75%, 01/21/2025 | EUR | 100 | 103 | |||||
Reg. S, 0.75%, 05/29/2026 | EUR | 100 | 100 | |||||
Reg. S, 2.38%, 03/15/2030 | EUR | 100 | 103 | |||||
Reg. S, 3.88%, 04/25/2055 | EUR | 20 | 25 | |||||
Citigroup, Inc., | ||||||||
(United States SOFR + 0.67%), 0.98%, 05/01/2025 (aa) | 640 | 608 | ||||||
(United States SOFR + 0.77%), 1.12%, 01/28/2027 (aa) | 130 | 116 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.66%), 1.25%, 07/06/2026 (aa) | EUR | 2,000 | 2,032 | |||||
(United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa) | 3,250 | 2,882 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.07%), 1.50%, 07/24/2026 (aa) | EUR | 10,000 | 10,191 | |||||
1.75%, 01/28/2025 | EUR | 700 | 734 | |||||
(United States SOFR + 0.69%), 2.01%, 01/25/2026 (aa) | 90 | 85 | ||||||
(United States SOFR + 1.18%), 2.52%, 11/03/2032 (aa) | 465 | 378 | ||||||
(United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa) | 1,060 | 879 | ||||||
(United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa) | 3,600 | 3,036 | ||||||
(United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa) | 75 | 54 | ||||||
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa) | 155 | 148 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
(United States SOFR + 1.53%), 3.29%, 03/17/2026 (aa) | 1,000 | 958 | ||||||
(CME Term SOFR 3 Month + 1.16%), 3.35%, 04/24/2025 (aa) | 65 | 63 | ||||||
(CME Term SOFR 3 Month + 1.65%), 3.67%, 07/24/2028 (aa) | 450 | 426 | ||||||
(United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa) | 100 | 90 | ||||||
(United States SOFR + 1.37%), 4.14%, 05/24/2025 (aa) | 1,535 | 1,507 | ||||||
(CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa) | 160 | 139 | ||||||
4.40%, 06/10/2025 | 3,500 | 3,410 | ||||||
4.65%, 07/30/2045 | 10 | 9 | ||||||
4.65%, 07/23/2048 | 25 | 23 | ||||||
(United States SOFR + 1.89%), 4.66%, 05/24/2028 (aa) | 200 | 197 | ||||||
(United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa) | 100 | 99 | ||||||
6.00%, 10/31/2033 | 50 | 51 | ||||||
(United States SOFR + 2.34%), 6.27%, 11/17/2033 (aa) | 1,630 | 1,760 | ||||||
Clydesdale Bank plc, (United Kingdom), Reg. S, 2.50%, 06/22/2027 | EUR | 5,000 | 5,196 | |||||
Commerzbank AG, (Germany), | ||||||||
Reg. S, 0.01%, 03/11/2030 | EUR | 100 | 88 | |||||
Reg. S, 0.25%, 01/12/2032 | EUR | 100 | 85 | |||||
Reg. S, 0.50%, 06/09/2026 | EUR | 100 | 100 | |||||
Reg. S, 1.00%, 03/04/2026 | EUR | 1,500 | 1,491 | |||||
Reg. S, 2.88%, 04/28/2026 | EUR | 100 | 108 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.50%), 3.00%, 09/14/2027 (aa) | EUR | 1,000 | 1,011 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.20%), 4.63%, 03/21/2028 (aa) | EUR | 4,000 | 4,248 | |||||
Reg. S, (UK Gilts 5 Year + 5.25%), 8.63%, 02/28/2033 (aa) | GBP | 1,800 | 2,215 | |||||
Commonwealth Bank of Australia, (Australia), | ||||||||
Reg. S, 0.75%, 02/28/2028 | EUR | 100 | 95 | |||||
Reg. S, 1.13%, 01/18/2028 | EUR | 1,000 | 959 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.45%), 1.94%, 10/03/2029 (aa) | EUR | 1,825 | 1,891 | |||||
Reg. S, 3.25%, 10/24/2025 | EUR | 100 | 108 | |||||
Cooperatieve Rabobank UA, (Netherlands), | ||||||||
Reg. S, 0.01%, 11/27/2040 | EUR | 100 | 61 | |||||
Reg. S, 0.63%, 04/26/2026 | EUR | 100 | 100 | |||||
Reg. S, 0.75%, 03/02/2032 | EUR | 100 | 89 | |||||
Reg. S, 0.88%, 02/08/2028 | EUR | 200 | 195 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa) | EUR | 700 | 669 | |||||
Reg. S, 1.25%, 03/23/2026 | EUR | 1,475 | 1,502 | |||||
Reg. S, 1.38%, 02/03/2027 | EUR | 25 | 25 | |||||
Reg. S, 2.38%, 05/22/2023 | EUR | 30 | 33 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa) | EUR | 2,100 | 2,173 | |||||
4.38%, 08/04/2025 | 890 | 860 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa) | EUR | 15,700 | 17,281 | |||||
Reg. S, 5.25%, 05/23/2041 | GBP | 50 | 66 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Credit Agricole Italia SpA, (Italy), | ||||||||
Reg. S, 0.13%, 03/15/2033 | EUR | 100 | 76 | |||||
Reg. S, 0.25%, 09/30/2024 | EUR | 100 | 103 | |||||
Reg. S, 0.38%, 01/20/2032 | EUR | 100 | 82 | |||||
Credit Agricole SA, (France), | ||||||||
Reg. S, 0.38%, 10/21/2025 | EUR | 7,000 | 7,004 | |||||
Reg. S, 1.00%, 09/18/2025 | EUR | 15,000 | 15,314 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 1.00%, 04/22/2026 (aa) | EUR | 3,000 | 3,054 | |||||
Reg. S, 1.75%, 03/05/2029 | EUR | 1,100 | 1,046 | |||||
Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa) | GBP | 600 | 617 | |||||
Reg. S, 1.88%, 12/20/2026 | EUR | 1,000 | 1,008 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.77%), 1.88%, 04/22/2027 (aa) | EUR | 1,000 | 1,010 | |||||
Reg. S, 2.38%, 05/20/2024 | EUR | 600 | 641 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 4.00%, 10/12/2026 (aa) | EUR | 2,000 | 2,164 | |||||
Reg. S, 4.00%, 01/18/2033 | EUR | 10,000 | 11,046 | |||||
Credit Mutuel Arkea SA, (France), | ||||||||
Reg. S, 3.25%, 06/01/2026 | EUR | 500 | 523 | |||||
Reg. S, 3.38%, 09/19/2027 | EUR | 3,000 | 3,158 | |||||
Reg. S, 4.25%, 12/01/2032 | EUR | 3,600 | 3,888 | |||||
Credit Suisse AG, (Switzerland), | ||||||||
Reg. S, 0.25%, 01/05/2026 | EUR | 1,000 | 960 | |||||
7.95%, 01/09/2025 | 1,700 | 1,728 | ||||||
Credit Suisse Group AG, (Switzerland), | ||||||||
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 07/17/2025 (aa) | EUR | 1,400 | 1,415 | |||||
Reg. S, (EUR Swap Rate 1 Year + 1.60%), 2.13%, 10/13/2026 (aa) | EUR | 900 | 886 | |||||
Reg. S, (EUR Swap Rate 1 Year + 1.95%), 2.88%, 04/02/2032 (aa) | EUR | 1,000 | 898 | |||||
(United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa) | 755 | 607 | ||||||
Credit Suisse Schweiz AG, (Switzerland), | ||||||||
Reg. S, 0.00%, 10/31/2030 | CHF | 25 | 22 | |||||
Reg. S, 3.39%, 12/05/2025 | EUR | 100 | 106 | |||||
Credito Emiliano SpA, (Italy), | ||||||||
Reg. S, 0.01%, 07/07/2028 | EUR | 100 | 91 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.05%), 1.13%, 01/19/2028 (aa) | EUR | 2,000 | 1,926 | |||||
Crelan SA, (Belgium), Reg. S, 5.38%, 10/31/2025 | EUR | 1,700 | 1,833 | |||||
Danske Bank A/S, (Denmark), | ||||||||
IF, Reg. S, (1.15% - ICE EURIBOR Swap Rate 1 Year), 0.50%, 08/27/2025 (aa) | EUR | 425 | 436 | |||||
Reg. S, 0.63%, 05/26/2025 | EUR | 3,000 | 3,038 | |||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa) | EUR | 3,500 | 3,147 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.00%, 05/15/2031 (aa) | EUR | 1,000 | 955 | |||||
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 1.38%, 02/17/2027 (aa) | EUR | 1,000 | 993 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.70%), 1.38%, 02/12/2030 (aa) | EUR | 3,000 | 3,010 | |||||
Reg. S, (UK Gilts 1 Year + 1.65%), 2.25%, 01/14/2028 (aa) | GBP | 6,800 | 7,210 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
(CMT Index 1 Year + 2.10%), 6.47%, 01/09/2026 (e) (aa) | 2,255 | 2,256 | ||||||
Danske Hypotek AB, (Sweden), Series 2512, Reg. S, 1.00%, 12/17/2025 | SEK | 2,000 | 180 | |||||
Danske Mortgage Bank plc, (Finland), Reg. S, 0.01%, 11/24/2026 | EUR | 100 | 97 | |||||
DBS Bank Ltd., (Singapore), Reg. S, 2.81%, 10/13/2025 | EUR | 100 | 106 | |||||
de Volksbank NV, (Netherlands), Reg. S, 1.00%, 03/08/2028 | EUR | 100 | 98 | |||||
Deutsche Apotheker-und Aerztebank eG, (Germany), Reg. S, 0.01%, 02/06/2029 | EUR | 100 | 91 | |||||
Deutsche Bank AG, (Germany), | ||||||||
Reg. S, 0.13%, 01/21/2030 | EUR | 75 | 67 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 1.00%, 11/19/2025 (aa) | EUR | 800 | 801 | |||||
Reg. S, 1.13%, 08/30/2023 | EUR | 775 | 832 | |||||
Reg. S, 1.13%, 03/17/2025 | EUR | 800 | 804 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.67%), 1.38%, 06/10/2026 (aa) | EUR | 1,000 | 1,017 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.38%), 1.88%, 02/23/2028 (aa) | EUR | 2,900 | 2,721 | |||||
(United States SOFR + 1.87%), 2.13%, 11/24/2026 (aa) | 2,950 | 2,540 | ||||||
Reg. S, 2.25%, 09/20/2027 | EUR | 100 | 104 | |||||
(United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) | 150 | 127 | ||||||
(United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa) | 750 | 636 | ||||||
Reg. S, 2.63%, 12/16/2024 | GBP | 1,500 | 1,707 | |||||
(United States SOFR + 1.72%), 3.04%, 05/28/2032 (aa) | 150 | 115 | ||||||
3.70%, 05/30/2024 | 100 | 95 | ||||||
(United States SOFR + 2.26%), 3.74%, 01/07/2033 (aa) | 200 | 144 | ||||||
Reg. S, 3.88%, 02/12/2024 | GBP | 1,000 | 1,196 | |||||
Reg. S, (SONIA Interest Rate Benchmark + 1.94%), 4.00%, 06/24/2026 (aa) | GBP | 2,000 | 2,310 | |||||
Reg. S, 4.00%, 11/29/2027 | EUR | 4,100 | 4,363 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.50%), 5.38%, 01/11/2029 (aa) | EUR | 1,300 | 1,374 | |||||
(United States SOFR + 3.18%), 6.72%, 01/18/2029 (aa) | 1,575 | 1,563 | ||||||
(United States SOFR + 3.65%), 7.08%, 02/10/2034 (aa) | 2,410 | 2,234 | ||||||
Deutsche Kreditbank AG, (Germany), Reg. S, 1.63%, 05/05/2032 | EUR | 50 | 48 | |||||
Deutsche Pfandbriefbank AG, (Germany), | ||||||||
Reg. S, 0.63%, 08/30/2027 | EUR | 100 | 97 | |||||
Reg. S, 1.00%, 04/13/2026 | EUR | 100 | 102 | |||||
Dexia Credit Local SA, (France), | ||||||||
Reg. S, 0.00%, 05/29/2024 | EUR | 300 | 313 | |||||
Reg. S, 0.00%, 01/21/2028 | EUR | 300 | 280 | |||||
Reg. S, 0.01%, 01/22/2027 | EUR | 200 | 193 | |||||
Reg. S, 0.63%, 01/17/2026 | EUR | 600 | 605 | |||||
Reg. S, 1.25%, 11/26/2024 | EUR | 700 | 733 | |||||
Reg. S, 2.13%, 02/12/2025 | GBP | 400 | 471 | |||||
DNB Bank ASA, (Norway), Reg. S, (EUR Swap Rate 5 Year + 2.00%), 4.63%, 02/28/2033 (aa) | EUR | 5,425 | 5,829 | |||||
DNB Boligkreditt A/S, (Norway), | ||||||||
Reg. S, 0.01%, 05/12/2028 | EUR | 5,000 | 4,603 | |||||
Reg. S, 0.01%, 01/21/2031 | EUR | 100 | 84 | |||||
Reg. S, 0.25%, 09/07/2026 | EUR | 100 | 98 | |||||
Reg. S, 0.38%, 11/20/2024 | EUR | 100 | 103 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
DZ HYP AG, (Germany), | ||||||||
Reg. S, 0.01%, 06/23/2028 | EUR | 100 | 92 | |||||
Reg. S, 0.01%, 10/27/2028 | EUR | 25 | 23 | |||||
Reg. S, 0.38%, 03/31/2026 | EUR | 100 | 100 | |||||
Reg. S, 0.63%, 10/27/2023 | EUR | 200 | 214 | |||||
Reg. S, 0.88%, 04/17/2034 | EUR | 100 | 86 | |||||
Reg. S, 3.00%, 11/30/2032 | EUR | 100 | 107 | |||||
Eika Boligkreditt A/S, (Norway), Reg. S, 0.38%, 02/26/2025 | EUR | 100 | 102 | |||||
Erste Group Bank AG, (Austria), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.52%), 0.10%, 11/16/2028 (aa) | EUR | 1,000 | 920 | |||||
Reg. S, 0.13%, 05/17/2028 | EUR | 1,000 | 884 | |||||
Reg. S, 0.25%, 06/26/2024 | EUR | 100 | 104 | |||||
Reg. S, 0.50%, 01/12/2037 | EUR | 100 | 74 | |||||
Reg. S, 0.75%, 02/05/2025 | EUR | 100 | 103 | |||||
Reg. S, 0.88%, 05/22/2026 | EUR | 1,000 | 987 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.10%), 0.88%, 11/15/2032 (aa) | EUR | 4,500 | 3,950 | |||||
Reg. S, 1.50%, 04/07/2026 | EUR | 1,000 | 1,019 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.10%), 1.63%, 09/08/2031 (aa) | EUR | 1,000 | 953 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.25%), 4.00%, 01/16/2031 (aa) | EUR | 1,500 | 1,598 | |||||
Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 0.01%, 04/08/2026 | EUR | 100 | 98 | |||||
Goldman Sachs Group, Inc. (The), | ||||||||
Reg. S, 0.13%, 08/19/2024 | EUR | 1,000 | 1,034 | |||||
Reg. S, 0.25%, 01/26/2028 | EUR | 1,000 | 904 | |||||
(United States SOFR + 0.61%), 0.86%, 02/12/2026 (aa) | 28 | 26 | ||||||
Reg. S, 0.88%, 05/09/2029 | EUR | 3,900 | 3,473 | |||||
Reg. S, 1.00%, 03/18/2033 | EUR | 1,000 | 792 | |||||
(United States SOFR + 0.79%), 1.09%, 12/09/2026 (aa) | 585 | 524 | ||||||
Reg. S, 1.38%, 05/15/2024 | EUR | 3,150 | 3,329 | |||||
(United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa) | 1,310 | 1,170 | ||||||
Reg. S, 1.50%, 12/07/2027 | GBP | 3,000 | 3,133 | |||||
(United States SOFR + 0.73%), 1.76%, 01/24/2025 (aa) | 120 | 116 | ||||||
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) | 1,815 | 1,618 | ||||||
2.60%, 02/07/2030 | 3,395 | 2,911 | ||||||
(United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa) | 4,115 | 3,429 | ||||||
(United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa) | 600 | 495 | ||||||
(United States SOFR + 1.47%), 2.91%, 07/21/2042 (aa) | 865 | 618 | ||||||
(United States SOFR + 1.41%), 3.10%, 02/24/2033 (aa) | 280 | 240 | ||||||
Reg. S, 3.13%, 07/25/2029 | GBP | 1,500 | 1,610 | |||||
Reg. S, 3.38%, 03/27/2025 | EUR | 4,000 | 4,306 | |||||
3.50%, 04/01/2025 | 97 | 94 | ||||||
(United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa) | 480 | 455 | ||||||
Reg. S, (UK Gilts 1 Year + 1.95%), 3.63%, 10/29/2029 (aa) | GBP | 2,000 | 2,222 | |||||
Reg. S, 4.00%, 09/21/2029 | EUR | 1,000 | 1,068 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa) | 60 | 52 | ||||||
Reg. S, 4.25%, 01/29/2026 | GBP | 2,000 | 2,400 | |||||
(United States SOFR + 1.51%), 4.39%, 06/15/2027 (aa) | 1,360 | 1,327 | ||||||
(United States SOFR + 1.73%), 4.48%, 08/23/2028 (aa) | 495 | 484 | ||||||
5.15%, 05/22/2045 | 21 | 20 | ||||||
6.25%, 02/01/2041 | 50 | 55 | ||||||
6.75%, 10/01/2037 | 170 | 184 | ||||||
6.88%, 01/18/2038 | GBP | 825 | 1,063 | |||||
HSBC Bank Canada, (Canada), Reg. S, 1.50%, 09/15/2027 | EUR | 100 | 100 | |||||
HSBC Holdings plc, (United Kingdom), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.03%), 0.77%, 11/13/2031 (aa) | EUR | 1,000 | 841 | |||||
(United States SOFR + 1.54%), 1.65%, 04/18/2026 (aa) | 1,000 | 913 | ||||||
(SONIA Interest Rate Benchmark + 1.31%), 1.75%, 07/24/2027 (aa) | GBP | 800 | 864 | |||||
(United States SOFR + 1.73%), 2.01%, 09/22/2028 (aa) | 800 | 685 | ||||||
Reg. S, 2.50%, 03/15/2027 | EUR | 2,000 | 2,056 | |||||
(United States SOFR + 1.43%), 3.00%, 03/10/2026 (aa) | 600 | 565 | ||||||
Reg. S, 3.00%, 06/30/2025 | EUR | 5,000 | 5,287 | |||||
(GBP Swap Rate 1 Year + 1.65%), 3.00%, 07/22/2028 (aa) | GBP | 1,000 | 1,103 | |||||
(GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa) | GBP | 225 | 235 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.45%), 3.02%, 06/15/2027 (aa) | EUR | 2,175 | 2,264 | |||||
Reg. S, 3.13%, 06/07/2028 | EUR | 11,000 | 11,095 | |||||
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 05/22/2030 (aa) | 900 | 811 | ||||||
(United States SOFR + 1.51%), 4.18%, 12/09/2025 (aa) | 1,400 | 1,359 | ||||||
(United States SOFR + 2.11%), 4.76%, 06/09/2028 (aa) | 480 | 465 | ||||||
(United States SOFR + 2.53%), 4.76%, 03/29/2033 (aa) | 430 | 388 | ||||||
(United States SOFR + 2.87%), 5.40%, 08/11/2033 (aa) | 700 | 686 | ||||||
(United States SOFR + 2.65%), 6.33%, 03/09/2044 (aa) | 1,680 | 1,762 | ||||||
6.50%, 09/15/2037 | 400 | 392 | ||||||
Reg. S, 7.00%, 04/07/2038 | GBP | 300 | 373 | |||||
(United States SOFR + 3.35%), 7.39%, 11/03/2028 (aa) | 3,200 | 3,403 | ||||||
Huntington National Bank (The), 5.65%, 01/10/2030 | 330 | 316 | ||||||
HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria), Reg. S, 0.13%, 06/30/2026 | EUR | 200 | 192 | |||||
Hypo Vorarlberg Bank AG, (Austria), | ||||||||
Reg. S, 0.75%, 02/11/2025 | EUR | 100 | 103 | |||||
Reg. S, 4.13%, 02/16/2026 | EUR | 100 | 108 | |||||
Industrial & Commercial Bank of China Ltd., (China), Reg. S, 0.13%, 10/28/2024 | EUR | 2,500 | 2,552 | |||||
ING Bank NV, (Netherlands), | ||||||||
Reg. S, 0.13%, 12/08/2031 | EUR | 100 | 84 | |||||
Reg. S, 0.75%, 02/18/2029 | EUR | 100 | 95 | |||||
Reg. S, 2.50%, 02/21/2030 | EUR | 100 | 104 | |||||
ING Belgium SA, (Belgium), Reg. S, 0.01%, 02/20/2030 | EUR | 100 | 87 | |||||
ING Groep NV, (Netherlands), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 0.10%, 09/03/2025 (aa) | EUR | 2,500 | 2,557 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.43%), 0.13%, 11/29/2025 (aa) | EUR | 1,500 | 1,519 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.70%), 0.38%, 09/29/2028 (aa) | EUR | 1,000 | 906 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa) | EUR | 1,000 | 918 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.00%, 11/13/2030 (aa) | EUR | 1,000 | 967 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.15%), 1.00%, 11/16/2032 (aa) | EUR | 1,500 | 1,341 | |||||
Reg. S, 1.13%, 02/14/2025 | EUR | 3,200 | 3,307 | |||||
Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa) | GBP | 1,900 | 1,918 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.85%), 1.25%, 02/16/2027 (aa) | EUR | 1,200 | 1,192 | |||||
Reg. S, 1.38%, 01/11/2028 | EUR | 1,000 | 962 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.25%), 1.63%, 09/26/2029 (aa) | EUR | 1,000 | 1,022 | |||||
(United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa) | 1,465 | 1,300 | ||||||
Reg. S, 2.00%, 09/20/2028 | EUR | 800 | 781 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.35%), 2.00%, 03/22/2030 (aa) | EUR | 3,000 | 3,037 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.10%), 2.13%, 05/23/2026 (aa) | EUR | 3,000 | 3,120 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.40%), 2.13%, 05/26/2031 (aa) | EUR | 1,300 | 1,289 | |||||
Reg. S, 3.00%, 02/18/2026 | GBP | 2,000 | 2,311 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 3.00%, 04/11/2028 (aa) | EUR | 300 | 325 | |||||
(United States SOFR + 1.64%), 3.87%, 03/28/2026 (aa) | 200 | 193 | ||||||
(United States SOFR + 1.83%), 4.02%, 03/28/2028 (aa) | 1,560 | 1,473 | ||||||
4.10%, 10/02/2023 | 200 | 198 | ||||||
(United States SOFR + 2.07%), 4.25%, 03/28/2033 (aa) | 885 | 808 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.85%), 4.88%, 11/14/2027 (aa) | EUR | 5,300 | 5,839 | |||||
ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028 | EUR | 200 | 183 | |||||
Intesa Sanpaolo SpA, (Italy), | ||||||||
Reg. S, 0.38%, 09/14/2026 | EUR | 100 | 98 | |||||
Reg. S, 0.63%, 02/24/2026 | EUR | 1,000 | 978 | |||||
Reg. S, 0.75%, 12/04/2024 | EUR | 500 | 515 | |||||
Reg. S, 0.75%, 03/16/2028 | EUR | 5,500 | 5,070 | |||||
Reg. S, 1.00%, 07/04/2024 | EUR | 1,500 | 1,569 | |||||
Reg. S, 1.35%, 02/24/2031 | EUR | 1,500 | 1,218 | |||||
Reg. S, 1.50%, 04/10/2024 | EUR | 3,100 | 3,283 | |||||
Reg. S, 1.75%, 03/20/2028 | EUR | 4,000 | 3,874 | |||||
Reg. S, 2.13%, 05/26/2025 | EUR | 4,375 | 4,564 | |||||
Reg. S, 2.50%, 01/15/2030 | GBP | 3,000 | 2,976 | |||||
Reg. S, 3.38%, 01/24/2025 | EUR | 100 | 108 | |||||
Reg. S, 4.75%, 09/06/2027 | EUR | 1,000 | 1,083 | |||||
Reg. S, 5.25%, 01/13/2030 | EUR | 3,000 | 3,369 | |||||
7.00%, 11/21/2025 (e) | 1,060 | 1,078 | ||||||
(CMT Index 1 Year + 4.40%), 8.25%, 11/21/2033 (e) (aa) | 1,305 | 1,382 | ||||||
Series XR, 3.25%, 09/23/2024 (e) | 2,900 | 2,784 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Investec plc, (United Kingdom), | ||||||||
Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa) | GBP | 1,500 | 1,503 | |||||
Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa) | GBP | 1,000 | 993 | |||||
Reg. S, (UK Gilts 5 Year + 5.91%), 9.13%, 03/06/2033 (aa) | GBP | 3,000 | 3,692 | |||||
Investitionsbank Berlin, (Germany), | ||||||||
Reg. S, 2.75%, 10/04/2027 | EUR | 300 | 322 | |||||
Series 208, 0.05%, 03/02/2035 | EUR | 100 | 75 | |||||
Jyske Bank A/S, (Denmark), | ||||||||
Reg. S, (EUR Swap Rate 1 Year + 0.50%), 0.05%, 09/02/2026 (aa) | EUR | 3,350 | 3,278 | |||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.42%), 0.25%, 02/17/2028 (aa) | EUR | 2,000 | 1,849 | |||||
Reg. S, (EUR Swap Rate 1 Year + 2.10%), 4.63%, 04/11/2026 (aa) | EUR | 10,000 | 10,842 | |||||
KBC Bank NV, (Belgium), Reg. S, 3.13%, 02/22/2027 | EUR | 100 | 108 | |||||
KBC Group NV, (Belgium), | ||||||||
Reg. S, 0.63%, 04/10/2025 | EUR | 8,000 | 8,191 | |||||
Reg. S, (UK Gilts 1 Year + 0.92%), 1.25%, 09/21/2027 (aa) | GBP | 5,000 | 5,312 | |||||
Kreditanstalt fuer Wiederaufbau, (Germany), | ||||||||
Reg. S, 0.00%, 02/18/2025 | EUR | 120 | 123 | |||||
Reg. S, 0.00%, 06/15/2026 | EUR | 500 | 494 | |||||
Reg. S, 0.00%, 03/31/2027 | EUR | 500 | 484 | |||||
Reg. S, 0.00%, 04/30/2027 | EUR | 2,230 | 2,152 | |||||
Reg. S, 0.00%, 12/15/2027 | EUR | 1,140 | 1,082 | |||||
Reg. S, 0.00%, 09/15/2028 | EUR | 1,325 | 1,232 | |||||
Reg. S, 0.00%, 11/09/2028 | EUR | 1,000 | 927 | |||||
Reg. S, 0.00%, 06/15/2029 | EUR | 254 | 231 | |||||
Reg. S, 0.00%, 09/17/2030 | EUR | 3,108 | 2,729 | |||||
Reg. S, 0.00%, 01/10/2031 | EUR | 670 | 583 | |||||
Reg. S, 0.01%, 05/05/2027 | EUR | 520 | 502 | |||||
0.05%, 02/28/2024 | EUR | 500 | 527 | |||||
Reg. S, 0.05%, 09/29/2034 | EUR | 780 | 606 | |||||
Reg. S, 0.13%, 01/09/2032 | EUR | 830 | 711 | |||||
0.25%, 09/15/2025 | EUR | 1,100 | 1,118 | |||||
0.38%, 07/18/2025 | 1,400 | 1,288 | ||||||
Reg. S, 0.38%, 04/23/2030 | EUR | 360 | 329 | |||||
Reg. S, 0.38%, 05/20/2036 | EUR | 548 | 423 | |||||
Reg. S, 0.50%, 09/28/2026 | EUR | 2,520 | 2,520 | |||||
0.50%, 09/15/2027 | EUR | 500 | 489 | |||||
0.63%, 01/07/2028 | EUR | 720 | 704 | |||||
Reg. S, 0.88%, 09/15/2026 | GBP | 5,000 | 5,533 | |||||
Reg. S, 0.88%, 07/04/2039 | EUR | 400 | 310 | |||||
Reg. S, 1.13%, 05/09/2033 | EUR | 550 | 504 | |||||
Reg. S, 1.38%, 12/15/2025 | GBP | 425 | 486 | |||||
Reg. S, 1.38%, 07/31/2035 | EUR | 202 | 182 | |||||
2.00%, 05/02/2025 | 195 | 187 | ||||||
Reg. S, 2.00%, 11/15/2029 | EUR | 500 | 515 | |||||
2.50%, 11/20/2024 | 750 | 728 | ||||||
Reg. S, 2.50%, 11/19/2025 | EUR | 3,450 | 3,707 | |||||
Reg. S, 2.75%, 02/14/2033 | EUR | 300 | 322 | |||||
Reg. S, 4.13%, 02/18/2026 | GBP | 10,000 | 12,322 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
4.70%, 06/02/2037 | CAD | 100 | 79 | |||||
Reg. S, 4.88%, 03/15/2037 | GBP | 825 | 1,101 | |||||
5.75%, 06/07/2032 | GBP | 1,300 | 1,840 | |||||
6.00%, 12/07/2028 | GBP | 2,500 | 3,399 | |||||
Series EXC, 5.50%, 06/18/2025 | GBP | 9,900 | 12,536 | |||||
Kutxabank SA, (Spain), Reg. S, 1.25%, 09/22/2025 | EUR | 100 | 103 | |||||
La Banque Postale SA, (France), | ||||||||
Reg. S, 0.25%, 07/12/2026 | EUR | 200 | 194 | |||||
Reg. S, 0.75%, 06/23/2031 | EUR | 100 | 82 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.78%), 1.00%, 02/09/2028 (aa) | EUR | 200 | 190 | |||||
Reg. S, 1.38%, 04/24/2029 | EUR | 200 | 184 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa) | EUR | 100 | 107 | |||||
Landesbank Baden-Wuerttemberg, (Germany), | ||||||||
Reg. S, 0.25%, 07/21/2028 | EUR | 200 | 177 | |||||
Reg. S, 0.38%, 02/18/2027 | EUR | 200 | 186 | |||||
Reg. S, 0.38%, 05/07/2029 | EUR | 100 | 83 | |||||
Reg. S, 0.88%, 09/15/2025 | EUR | 100 | 102 | |||||
Series 809, Reg. S, 0.38%, 07/29/2026 | EUR | 100 | 94 | |||||
Series 829, Reg. S, 1.75%, 02/28/2028 | EUR | 100 | 102 | |||||
Landesbank Hessen-Thueringen Girozentrale, (Germany), | ||||||||
Reg. S, 0.38%, 06/04/2029 | EUR | 100 | 85 | |||||
Reg. S, 0.50%, 01/19/2037 | EUR | 100 | 76 | |||||
Reg. S, 0.63%, 01/12/2027 | EUR | 100 | 99 | |||||
Reg. S, 4.00%, 02/04/2030 | EUR | 100 | 107 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa) | EUR | 100 | 102 | |||||
Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany), | ||||||||
Reg. S, 0.38%, 02/25/2027 | EUR | 400 | 391 | |||||
Reg. S, 0.63%, 12/15/2025 | GBP | 2,000 | 2,234 | |||||
Landwirtschaftliche Rentenbank, (Germany), | ||||||||
Reg. S, 0.00%, 09/28/2026 | EUR | 535 | 523 | |||||
Reg. S, 0.00%, 07/19/2028 | EUR | 1,700 | 1,581 | |||||
Reg. S, 0.00%, 12/13/2028 | EUR | 720 | 662 | |||||
Reg. S, 0.00%, 11/27/2029 | EUR | 520 | 465 | |||||
Reg. S, 0.05%, 12/18/2029 | EUR | 180 | 161 | |||||
Reg. S, 0.10%, 03/08/2027 | EUR | 200 | 194 | |||||
Reg. S, 0.25%, 08/29/2025 | EUR | 300 | 305 | |||||
Reg. S, 0.38%, 02/14/2028 | EUR | 1,140 | 1,093 | |||||
Reg. S, 0.50%, 02/28/2029 | EUR | 400 | 377 | |||||
Reg. S, 0.63%, 02/20/2030 | EUR | 140 | 130 | |||||
Reg. S, 0.63%, 10/31/2036 | EUR | 75 | 59 | |||||
Reg. S, 0.88%, 12/15/2026 | GBP | 2,000 | 2,190 | |||||
Reg. S, 2.75%, 02/16/2032 | EUR | 200 | 214 | |||||
Liberbank SA, (Spain), Reg. S, 0.25%, 09/25/2029 | EUR | 100 | 88 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
Lloyds Bank plc, (United Kingdom), | ||||||||
Reg. S, 0.13%, 06/18/2026 | EUR | 100 | 98 | |||||
Reg. S, 6.00%, 02/08/2029 | GBP | 100 | 133 | |||||
Reg. S, 6.50%, 09/17/2040 | GBP | 300 | 435 | |||||
Lloyds Banking Group plc, (United Kingdom), | ||||||||
(UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa) | GBP | 1,900 | 1,995 | |||||
Reg. S, (UK Gilts 5 Year + 2.40%), 2.71%, 12/03/2035 (aa) | GBP | 600 | 571 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.72%), 4.50%, 03/18/2030 (aa) | EUR | 4,000 | 4,236 | |||||
(CMT Index 1 Year + 2.30%), 4.98%, 08/11/2033 (aa) | 800 | 765 | ||||||
Macquarie Group Ltd., (Australia), | ||||||||
Reg. S, 2.13%, 10/01/2031 | GBP | 1,500 | 1,414 | |||||
Reg. S, 4.08%, 05/31/2029 | GBP | 2,000 | 2,233 | |||||
Mediobanca Banca di Credito Finanziario SpA, (Italy), | ||||||||
Reg. S, 0.75%, 07/15/2027 | EUR | 425 | 400 | |||||
Reg. S, 1.13%, 07/15/2025 | EUR | 975 | 994 | |||||
Reg. S, 2.38%, 06/30/2027 | EUR | 100 | 103 | |||||
Series 4, Reg. S, 1.38%, 11/10/2025 | EUR | 100 | 103 | |||||
Mitsubishi UFJ Financial Group, Inc., (Japan), | ||||||||
(CMT Index 1 Year + 0.55%), 0.95%, 07/19/2025 (aa) | 400 | 377 | ||||||
(CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa) | 2,000 | 1,768 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.94%), 2.26%, 06/14/2025 (aa) | EUR | 2,275 | 2,407 | |||||
(CMT Index 1 Year + 0.83%), 2.34%, 01/19/2028 (aa) | 640 | 574 | ||||||
(CMT Index 1 Year + 1.55%), 5.06%, 09/12/2025 (aa) | 1,000 | 993 | ||||||
(CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa) | 3,450 | 3,458 | ||||||
Mizuho Financial Group, Inc., (Japan), | ||||||||
Reg. S, 0.12%, 09/06/2024 | EUR | 1,000 | 1,028 | |||||
Reg. S, 0.21%, 10/07/2025 | EUR | 2,000 | 1,985 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.72%), 0.47%, 09/06/2029 (aa) | EUR | 1,000 | 888 | |||||
Reg. S, 2.10%, 04/08/2032 | EUR | 1,000 | 908 | |||||
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 05/25/2026 (aa) | 3,000 | 2,796 | ||||||
(CMT Index 1 Year + 0.90%), 2.65%, 05/22/2026 (aa) | 500 | 471 | ||||||
(United States SOFR + 1.24%), 2.84%, 07/16/2025 (aa) | 400 | 385 | ||||||
Reg. S, 4.42%, 05/20/2033 | EUR | 10,000 | 10,975 | |||||
(CMT Index 1 Year + 2.05%), 5.41%, 09/13/2028 (aa) | 2,900 | 2,910 | ||||||
Reg. S, 5.63%, 06/13/2028 | GBP | 3,150 | 3,906 | |||||
Morgan Stanley, | ||||||||
(ICE LIBOR EUR 3 Month + 0.70%), 0.41%, 10/29/2027 (aa) | EUR | 4,350 | 4,118 | |||||
(ICE LIBOR EUR 3 Month + 0.75%), 0.64%, 07/26/2024 (aa) | EUR | 1,675 | 1,797 | |||||
(United States SOFR + 0.56%), 1.16%, 10/21/2025 (aa) | 1,240 | 1,157 | ||||||
(United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa) | 225 | 200 | ||||||
(United States SOFR + 0.88%), 1.59%, 05/04/2027 (aa) | 185 | 166 | ||||||
1.88%, 04/27/2027 | EUR | 2,500 | 2,518 | |||||
(United States SOFR + 1.02%), 1.93%, 04/28/2032 (aa) | 1,350 | 1,061 | ||||||
(ICE LIBOR EUR 3 Month + 0.90%), 2.10%, 05/08/2026 (aa) | EUR | 900 | 936 | |||||
2.63%, 03/09/2027 | GBP | 1,425 | 1,594 | |||||
(United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) | 1,000 | 861 | ||||||
(United States SOFR + 1.43%), 2.80%, 01/25/2052 (aa) | 45 | 29 | ||||||
(ICE LIBOR EUR 3 Month + 1.25%), 2.95%, 05/07/2032 (aa) | EUR | 5,200 | 5,123 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
(United States SOFR + 1.16%), 3.62%, 04/17/2025 (aa) | 235 | 231 | ||||||
4.30%, 01/27/2045 | 170 | 150 | ||||||
4.38%, 01/22/2047 | 23 | 20 | ||||||
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 01/23/2030 (aa) | 75 | 72 | ||||||
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 04/22/2039 (aa) | 10 | 9 | ||||||
(ICE LIBOR EUR 3 Month + 1.30%), 4.66%, 03/02/2029 (aa) | EUR | 2,400 | 2,648 | |||||
(United States SOFR + 1.67%), 4.68%, 07/17/2026 (aa) | 965 | 952 | ||||||
(ICE LIBOR EUR 3 Month + 1.76%), 4.81%, 10/25/2028 (aa) | EUR | 5,000 | 5,540 | |||||
5.00%, 11/24/2025 | 140 | 139 | ||||||
(United States SOFR + 4.84%), 5.60%, 03/24/2051 (aa) | 40 | 42 | ||||||
(SONIA Interest Rate Benchmark + 2.25%), 5.79%, 11/18/2033 (aa) | GBP | 4,300 | 5,392 | |||||
(CMT Index 5 Year + 2.43%), 5.95%, 01/19/2038 (aa) | 135 | 134 | ||||||
(United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) | 1,020 | 1,072 | ||||||
(United States SOFR + 2.56%), 6.34%, 10/18/2033 (aa) | 750 | 819 | ||||||
Muenchener Hypothekenbank eG, (Germany), | ||||||||
Reg. S, 0.01%, 11/02/2040 | EUR | 50 | 31 | |||||
Reg. S, 0.13%, 02/01/2029 | EUR | 50 | 46 | |||||
Reg. S, 1.00%, 04/18/2039 | EUR | 50 | 39 | |||||
Reg. S, 1.50%, 06/25/2024 | EUR | 100 | 106 | |||||
Reg. S, 2.50%, 07/04/2028 | EUR | 100 | 105 | |||||
National Australia Bank Ltd., (Australia), | ||||||||
Reg. S, 0.25%, 05/20/2024 | EUR | 1,000 | 1,043 | |||||
Reg. S, 0.63%, 09/18/2024 | EUR | 1,000 | 1,038 | |||||
Reg. S, 0.75%, 01/30/2026 | EUR | 100 | 101 | |||||
Reg. S, 1.25%, 05/18/2026 | EUR | 1,000 | 1,019 | |||||
Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa) | GBP | 1,425 | 1,466 | |||||
Reg. S, 2.13%, 05/24/2028 | EUR | 500 | 507 | |||||
Reg. S, 2.35%, 08/30/2029 | EUR | 100 | 102 | |||||
National Bank of Canada, (Canada), | ||||||||
Reg. S, 0.75%, 03/13/2025 | EUR | 100 | 103 | |||||
5.25%, 01/17/2025 | 250 | 249 | ||||||
Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030 | EUR | 100 | 86 | |||||
NatWest Group plc, (United Kingdom), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa) | EUR | 2,200 | 1,935 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 0.75%, 11/15/2025 (aa) | EUR | 11,000 | 11,266 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.27%), 1.04%, 09/14/2032 (aa) | EUR | 2,375 | 2,107 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.08%), 1.75%, 03/02/2026 (aa) | EUR | 1,200 | 1,238 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.74%), 2.00%, 03/04/2025 (aa) | EUR | 100 | 106 | |||||
Reg. S, (UK Gilts 5 Year + 1.75%), 2.11%, 11/28/2031 (aa) | GBP | 600 | 623 | |||||
(CMT Index 1 Year + 2.15%), 2.36%, 05/22/2024 (aa) | 2,000 | 1,990 | ||||||
Reg. S, (GBP Swap Rate 1 Year + 1.49%), 2.88%, 09/19/2026 (aa) | GBP | 2,000 | 2,296 | |||||
Reg. S, (UK Gilts 1 Year + 2.10%), 3.62%, 03/29/2029 (aa) | GBP | 4,000 | 4,445 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.91%), 4.07%, 09/06/2028 (aa) | EUR | 1,950 | 2,076 | |||||
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 05/18/2029 (aa) | 1,670 | 1,602 | ||||||
(CMT Index 1 Year + 2.27%), 5.52%, 09/30/2028 (aa) | 700 | 693 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
NatWest Markets plc, (United Kingdom), | ||||||||
Reg. S, 0.13%, 06/18/2026 | EUR | 1,000 | 958 | |||||
Reg. S, 2.00%, 08/27/2025 | EUR | 1,000 | 1,037 | |||||
NIBC Bank NV, (Netherlands), Reg. S, 0.63%, 06/01/2026 | EUR | 100 | 100 | |||||
NORD / LB Luxembourg SA Covered Bond Bank, (Luxembourg), Reg. S, 0.01%, 06/10/2027 | EUR | 100 | 94 | |||||
Norddeutsche Landesbank-Girozentrale, (Germany), | ||||||||
Reg. S, 0.01%, 09/23/2026 | EUR | 100 | 97 | |||||
Reg. S, 0.25%, 10/28/2026 | EUR | 20 | 19 | |||||
Reg. S, 0.50%, 06/29/2026 | EUR | 50 | 50 | |||||
Reg. S, 3.13%, 02/20/2026 | EUR | 50 | 54 | |||||
Nordea Bank Abp, (Finland), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 0.92%), 0.63%, 08/18/2031 (aa) | EUR | 5,000 | 4,748 | |||||
Reg. S, 0.88%, 06/26/2023 | EUR | 425 | 459 | |||||
Reg. S, 1.13%, 02/16/2027 | EUR | 2,000 | 1,959 | |||||
Nordea Hypotek AB, (Sweden), | ||||||||
Series 5534, Reg. S, 1.00%, 09/18/2024 | SEK | 500 | 46 | |||||
Series 5535, Reg. S, 1.00%, 09/17/2025 | SEK | 2,200 | 199 | |||||
Series 5536, Reg. S, 0.50%, 09/16/2026 | SEK | 1,200 | 105 | |||||
Series 5537, Reg. S, 1.00%, 06/16/2027 | SEK | 2,000 | 174 | |||||
Nordea Kiinnitysluottopankki OYJ, (Finland), | ||||||||
Reg. S, 0.13%, 06/18/2027 | EUR | 100 | 95 | |||||
Reg. S, 2.50%, 09/14/2032 | EUR | 100 | 103 | |||||
NRW Bank, (Germany), | ||||||||
Reg. S, 0.00%, 07/28/2031 | EUR | 138 | 117 | |||||
Reg. S, 0.10%, 07/09/2035 | EUR | 300 | 225 | |||||
Reg. S, 0.25%, 03/10/2025 | EUR | 120 | 123 | |||||
Reg. S, 0.38%, 12/16/2024 | GBP | 2,000 | 2,298 | |||||
Reg. S, 0.38%, 05/16/2029 | EUR | 550 | 509 | |||||
Reg. S, 0.50%, 05/26/2025 | EUR | 320 | 327 | |||||
Reg. S, 0.50%, 06/17/2041 | EUR | 100 | 69 | |||||
Reg. S, 0.75%, 06/30/2028 | EUR | 260 | 251 | |||||
1.20%, 03/28/2039 | EUR | 100 | 81 | |||||
1.25%, 05/13/2049 | EUR | 87 | 64 | |||||
2.75%, 02/21/2029 | EUR | 500 | 535 | |||||
Nykredit Realkredit A/S, (Denmark), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 1.18%), 0.88%, 07/28/2031 (aa) | EUR | 5,000 | 4,685 | |||||
Series 13H, Reg. S, 1.00%, 07/01/2024 | DKK | 500 | 71 | |||||
Series 13H, Reg. S, 1.00%, 07/01/2026 | DKK | 800 | 108 | |||||
Series 13H, Reg. S, 1.00%, 01/01/2027 | DKK | 1,200 | 160 | |||||
Series 13H, Reg. S, 1.00%, 01/01/2028 | DKK | 200 | 26 | |||||
Series 13H, Reg. S, 2.00%, 01/01/2025 | DKK | 300 | 43 | |||||
Series 13H, Reg. S, 2.00%, 01/01/2026 | DKK | 1,000 | 140 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Oesterreichische Kontrollbank AG, (Austria), | ||||||||
Reg. S, 0.00%, 10/08/2026 | EUR | 150 | 146 | |||||
Reg. S, 0.25%, 09/26/2024 | EUR | 300 | 311 | |||||
OP Corporate Bank plc, (Finland), Reg. S, 4.13%, 04/18/2027 | EUR | 3,000 | 3,282 | |||||
OP Mortgage Bank, (Finland), | ||||||||
Reg. S, 0.63%, 02/15/2029 | EUR | 100 | 94 | |||||
Reg. S, 1.00%, 11/28/2024 | EUR | 150 | 156 | |||||
Reg. S, 1.00%, 10/05/2027 | EUR | 100 | 99 | |||||
Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland), | ||||||||
Reg. S, 0.00%, 02/26/2030 | CHF | 800 | 763 | |||||
Series 680, Reg. S, 0.00%, 03/30/2026 | CHF | 200 | 206 | |||||
Series 682, Reg. S, 0.00%, 04/06/2027 | CHF | 100 | 101 | |||||
Series 683, Reg. S, 0.00%, 02/25/2028 | CHF | 200 | 198 | |||||
Series 684, Reg. S, 0.00%, 05/10/2045 | CHF | 125 | 89 | |||||
Series 695, Reg. S, 0.00%, 10/26/2029 | CHF | 200 | 192 | |||||
Series 696, Reg. S, 0.13%, 11/19/2032 | CHF | 100 | 91 | |||||
Series 697, Reg. S, 0.00%, 05/20/2041 | CHF | 200 | 152 | |||||
Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland), | ||||||||
Series 483, Reg. S, 0.00%, 01/27/2027 | CHF | 900 | 912 | |||||
Series 485, Reg. S, 0.00%, 10/02/2026 | CHF | 200 | 204 | |||||
Series 524, Reg. S, 0.00%, 06/21/2028 | CHF | 50 | 49 | |||||
Series 528, Reg. S, 0.00%, 03/15/2030 | CHF | 50 | 48 | |||||
Series 530, Reg. S, 0.00%, 03/18/2033 | CHF | 120 | 107 | |||||
Series 531, Reg. S, 0.00%, 02/15/2036 | CHF | 205 | 173 | |||||
Series 536, Reg. S, 0.20%, 06/12/2035 | CHF | 50 | 44 | |||||
Series 538, Reg. S, 0.00%, 07/25/2031 | CHF | 200 | 185 | |||||
PNC Financial Services Group, Inc. (The), (SOFR Compounded Index + 1.09%), 5.67%, 10/28/2025 (aa) | 580 | 580 | ||||||
Prima Banka Slovensko A/S, (Slovakia), Reg. S, 0.01%, 09/14/2027 | EUR | 100 | 93 | |||||
Raiffeisen Bank International AG, (Austria), | ||||||||
Reg. S, 0.25%, 01/22/2025 | EUR | 2,000 | 1,991 | |||||
Reg. S, 3.88%, 03/16/2026 | EUR | 100 | 109 | |||||
Reg. S, 4.13%, 09/08/2025 | EUR | 3,000 | 3,192 | |||||
Reg. S, 5.75%, 01/27/2028 | EUR | 3,000 | 3,326 | |||||
Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 0.63%, 08/28/2026 | EUR | 200 | 198 | |||||
Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027 | EUR | 100 | 100 | |||||
Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028 | EUR | 100 | 107 | |||||
Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e) | 200 | 221 | ||||||
Royal Bank of Canada, (Canada), | ||||||||
Reg. S, 0.01%, 10/05/2028 | EUR | 100 | 91 | |||||
Reg. S, 0.25%, 05/02/2024 | EUR | 1,300 | 1,357 | |||||
Reg. S, 0.63%, 09/10/2025 | EUR | 100 | 101 | |||||
1.15%, 06/10/2025 | 100 | 92 | ||||||
Reg. S, 2.38%, 09/13/2027 | EUR | 150 | 156 | |||||
3.63%, 05/04/2027 | 90 | 86 | ||||||
5.00%, 02/01/2033 | 110 | 111 | ||||||
5.66%, 10/25/2024 | 530 | 535 | ||||||
6.00%, 11/01/2027 | 30 | 31 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
Santander Consumer Bank A/S, (Norway), Reg. S, 0.13%, 02/25/2025 | EUR | 5,200 | 5,228 | |||||
Santander Holdings USA, Inc., | ||||||||
3.45%, 06/02/2025 | 45 | 42 | ||||||
(United States SOFR + 2.36%), 6.50%, 03/09/2029 (aa) | 190 | 190 | ||||||
Santander UK Group Holdings plc, (United Kingdom), | ||||||||
Reg. S, (EUR Swap Rate 1 Year + 0.80%), 0.60%, 09/13/2029 (aa) | EUR | 2,050 | 1,767 | |||||
(United States SOFR + 0.79%), 1.09%, 03/15/2025 (aa) | 600 | 567 | ||||||
(United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) | 2,200 | 2,227 | ||||||
Skandinaviska Enskilda Banken AB, (Sweden), | ||||||||
Reg. S, 0.05%, 07/01/2024 | EUR | 1,475 | 1,529 | |||||
Reg. S, 0.25%, 05/19/2023 | EUR | 325 | 351 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.35%), 1.38%, 10/31/2028 (aa) | EUR | 425 | 450 | |||||
Reg. S, 3.25%, 11/24/2025 | EUR | 6,825 | 7,283 | |||||
Reg. S, 3.25%, 05/04/2028 | EUR | 100 | 109 | |||||
Series 579, Reg. S, 1.00%, 12/18/2024 | SEK | 2,000 | 184 | |||||
Series 581, Reg. S, 0.50%, 12/16/2026 | SEK | 2,000 | 173 | |||||
Series 601, Reg. S, 3.00%, 12/06/2027 | SEK | 2,000 | 188 | |||||
Societe Generale SA, (France), | ||||||||
Reg. S, 0.13%, 02/24/2026 | EUR | 1,000 | 976 | |||||
Reg. S, 0.25%, 07/08/2027 | EUR | 2,900 | 2,699 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.28%), 0.88%, 09/22/2028 (aa) | EUR | 1,500 | 1,395 | |||||
(EUR Swap Rate 5 Year + 1.55%), 1.00%, 11/24/2030 (aa) | EUR | 1,000 | 954 | |||||
Reg. S, 1.13%, 01/23/2025 | EUR | 200 | 206 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.50%), 1.13%, 04/21/2026 (aa) | EUR | 3,900 | 3,957 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.60%), 1.13%, 06/30/2031 (aa) | EUR | 1,000 | 931 | |||||
Reg. S, 1.25%, 12/07/2027 | GBP | 3,000 | 3,034 | |||||
Reg. S, 1.25%, 06/12/2030 | EUR | 2,000 | 1,742 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.60%), 1.50%, 05/30/2025 (aa) | EUR | 500 | 527 | |||||
(CMT Index 1 Year + 1.05%), 2.23%, 01/21/2026 (e) (aa) | 2,850 | 2,627 | ||||||
Reg. S, 2.63%, 05/30/2029 | EUR | 1,000 | 1,018 | |||||
(CMT Index 1 Year + 1.30%), 2.80%, 01/19/2028 (e) (aa) | 2,595 | 2,289 | ||||||
Reg. S, 4.00%, 11/16/2027 | EUR | 8,000 | 8,713 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.80%), 4.25%, 12/06/2030 (aa) | EUR | 1,500 | 1,570 | |||||
SpareBank 1 Boligkreditt A/S, (Norway), | ||||||||
Reg. S, 0.01%, 09/22/2027 | EUR | 5,000 | 4,693 | |||||
Reg. S, 0.13%, 05/12/2031 | EUR | 100 | 85 | |||||
Reg. S, 0.38%, 06/26/2024 | EUR | 100 | 104 | |||||
Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 95 | |||||
Sparebank 1 Oestlandet, (Norway), | ||||||||
Reg. S, 0.25%, 09/30/2024 | EUR | 600 | 615 | |||||
Reg. S, 1.75%, 04/27/2027 | EUR | 1,000 | 997 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
SpareBank 1 SR-Bank ASA, (Norway), Reg. S, 0.63%, 03/25/2024 | EUR | 700 | 734 | |||||
Sparebanken Soer Boligkreditt A/S, (Norway), | ||||||||
Reg. S, 0.01%, 09/25/2028 | EUR | 5,000 | 4,544 | |||||
Reg. S, 0.50%, 02/06/2026 | EUR | 100 | 100 | |||||
SR-Boligkreditt A/S, (Norway), | ||||||||
Reg. S, 0.01%, 03/10/2031 | EUR | 100 | 84 | |||||
Reg. S, 0.75%, 10/17/2025 | EUR | 100 | 102 | |||||
Stadshypotek AB, (Sweden), | ||||||||
Reg. S, 0.01%, 11/24/2028 | EUR | 100 | 91 | |||||
Reg. S, 0.50%, 07/11/2025 | EUR | 100 | 102 | |||||
Series 1589, Reg. S, 1.50%, 12/03/2024 | SEK | 2,000 | 186 | |||||
Series 1590, Reg. S, 1.00%, 09/03/2025 | SEK | 2,000 | 181 | |||||
Series 1591, Reg. S, 0.50%, 06/01/2026 | SEK | 2,000 | 175 | |||||
Series 1592, Reg. S, 1.00%, 03/01/2027 | SEK | 2,000 | 175 | |||||
Series 1594, Reg. S, 2.00%, 09/01/2028 | SEK | 2,000 | 178 | |||||
Standard Chartered plc, (United Kingdom), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 1.55%), 1.20%, 09/23/2031 (aa) | EUR | 4,000 | 3,718 | |||||
(CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) | 1,200 | 1,052 | ||||||
(CMT Index 1 Year + 1.18%), 2.61%, 01/12/2028 (e) (aa) | 2,600 | 2,301 | ||||||
Sumitomo Mitsui Financial Group, Inc., (Japan), | ||||||||
1.47%, 07/08/2025 | 250 | 229 | ||||||
Reg. S, 1.55%, 06/15/2026 | EUR | 6,000 | 6,014 | |||||
1.90%, 09/17/2028 | 400 | 338 | ||||||
5.46%, 01/13/2026 | 200 | 202 | ||||||
5.52%, 01/13/2028 | 200 | 203 | ||||||
5.71%, 01/13/2030 | 200 | 206 | ||||||
5.77%, 01/13/2033 | 760 | 794 | ||||||
Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027 | EUR | 100 | 92 | |||||
Svenska Handelsbanken AB, (Sweden), | ||||||||
Reg. S, 0.05%, 09/06/2028 | EUR | 1,000 | 890 | |||||
Reg. S, 0.13%, 11/03/2026 | EUR | 3,200 | 3,068 | |||||
Reg. S, 0.50%, 02/18/2030 | EUR | 1,875 | 1,592 | |||||
Reg. S, 1.00%, 04/15/2025 | EUR | 2,000 | 2,064 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.80%), 3.25%, 06/01/2033 (aa) | EUR | 1,500 | 1,504 | |||||
Reg. S, 3.75%, 11/01/2027 | EUR | 1,200 | 1,299 | |||||
Sveriges Sakerstallda Obligationer AB, (Sweden), | ||||||||
Reg. S, 0.01%, 03/14/2030 | EUR | 100 | 87 | |||||
Reg. S, 0.63%, 10/30/2025 | EUR | 100 | 101 | |||||
Series 146, Reg. S, 0.50%, 06/11/2025 | SEK | 2,000 | 180 | |||||
Series 147, Reg. S, 2.00%, 06/17/2026 | SEK | 1,000 | 92 | |||||
Series 148, Reg. S, 0.25%, 06/09/2027 | SEK | 2,000 | 169 | |||||
Swedbank AB, (Sweden), | ||||||||
Reg. S, (EUR Swap Rate 1 Year + 0.57%), 0.30%, 05/20/2027 (aa) | EUR | 1,500 | 1,429 | |||||
Reg. S, 0.75%, 05/05/2025 | EUR | 1,300 | 1,322 | |||||
Reg. S, 1.30%, 02/17/2027 | EUR | 1,000 | 969 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Banks continued |
||||||||
Reg. S, (UK Gilts 1 Year + 0.10%), 1.38%, 12/08/2027 (aa) | GBP | 1,500 | 1,590 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.28%), 1.50%, 09/18/2028 (aa) | EUR | 1,900 | 2,027 | |||||
Reg. S, 2.10%, 05/25/2027 | EUR | 1,000 | 1,010 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa) | EUR | 1,500 | 1,507 | |||||
Reg. S, (UK Gilts 5 Year + 0.38%), 7.27%, 11/15/2032 (aa) | GBP | 6,000 | 7,572 | |||||
Sydbank A/S, (Denmark), Reg. S, (EUR Swap Rate 1 Year + 1.80%), 4.75%, 09/30/2025 (aa) | EUR | 6,500 | 7,017 | |||||
Toronto-Dominion Bank (The), (Canada), | ||||||||
Reg. S, 0.25%, 03/26/2024 | EUR | 100 | 105 | |||||
1.25%, 09/10/2026 | 20 | 18 | ||||||
Reg. S, 1.71%, 07/28/2025 | EUR | 100 | 104 | |||||
Reg. S, 1.95%, 04/08/2030 | EUR | 1,300 | 1,219 | |||||
Reg. S, 2.88%, 04/05/2027 | GBP | 5,000 | 5,625 | |||||
Reg. S, 3.25%, 04/27/2026 | EUR | 100 | 108 | |||||
Reg. S, 3.72%, 03/13/2030 | EUR | 100 | 110 | |||||
4.29%, 09/13/2024 | 5 | 5 | ||||||
4.46%, 06/08/2032 | 560 | 545 | ||||||
4.69%, 09/15/2027 | 535 | 529 | ||||||
Truist Financial Corp., | ||||||||
1.20%, 08/05/2025 | 160 | 144 | ||||||
3.88%, 03/19/2029 | 1,400 | 1,257 | ||||||
UBS AG, (Switzerland), Reg. S, 0.50%, 03/31/2031 | EUR | 1,000 | 838 | |||||
UBS Group AG, (Switzerland), | ||||||||
Reg. S, 0.25%, 02/24/2028 | EUR | 1,000 | 884 | |||||
Reg. S, (EUR Swap Rate 1 Year + 0.77%), 0.25%, 11/05/2028 (aa) | EUR | 1,200 | 1,062 | |||||
Reg. S, 0.63%, 02/24/2033 | EUR | 1,000 | 752 | |||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.80%), 1.00%, 03/21/2025 (aa) | EUR | 3,000 | 3,140 | |||||
Reg. S, (EUR Swap Rate 1 Year + 0.75%), 1.25%, 04/17/2025 (aa) | EUR | 200 | 209 | |||||
Reg. S, 1.25%, 09/01/2026 | EUR | 1,000 | 977 | |||||
(CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa) | 2,000 | 1,601 | ||||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 2.75%, 06/15/2027 (aa) | EUR | 5,000 | 5,113 | |||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.35%), 3.13%, 06/15/2030 (aa) | EUR | 1,500 | 1,495 | |||||
Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.55%), 4.38%, 01/11/2031 (aa) | EUR | 2,000 | 2,115 | |||||
Unicaja Banco SA, (Spain), Reg. S, (EUR Swap Rate 1 Year + 2.15%), 5.13%, 02/21/2029 (aa) | EUR | 8,700 | 9,173 | |||||
UniCredit Bank AG, (Germany), | ||||||||
Reg. S, 0.01%, 09/15/2028 | EUR | 50 | 46 | |||||
Reg. S, 0.01%, 03/10/2031 | EUR | 125 | 106 | |||||
Reg. S, 0.25%, 01/15/2032 | EUR | 50 | 42 | |||||
Reg. S, 0.85%, 05/22/2034 | EUR | 50 | 43 | |||||
Reg. S, 0.88%, 01/11/2029 | EUR | 100 | 96 | |||||
Reg. S, 1.88%, 04/09/2024 | EUR | 100 | 107 | |||||
UniCredit Bank Austria AG, (Austria), | ||||||||
Reg. S, 0.05%, 09/21/2035 | EUR | 100 | 73 | |||||
Reg. S, 3.00%, 07/31/2026 | EUR | 100 | 107 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
UniCredit SpA, (Italy), | ||||||||
Reg. S, 0.33%, 01/19/2026 | EUR | 1,000 | 981 | |||||
Reg. S, 0.38%, 10/31/2026 | EUR | 100 | 97 | |||||
Reg. S, 0.50%, 04/09/2025 | EUR | 1,000 | 1,015 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.90%), 0.80%, 07/05/2029 (aa) | EUR | 1,000 | 899 | |||||
Reg. S, 0.85%, 01/19/2031 | EUR | 1,000 | 808 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 0.85%), 0.93%, 01/18/2028 (aa) | EUR | 1,000 | 950 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.35%), 1.20%, 01/20/2026 (aa) | EUR | 3,275 | 3,338 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.55%), 1.25%, 06/25/2025 (aa) | EUR | 1,000 | 1,046 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.90%), 1.63%, 07/03/2025 (aa) | EUR | 500 | 524 | |||||
Reg. S, 1.63%, 01/18/2032 | EUR | 1,000 | 839 | |||||
Reg. S, 1.80%, 01/20/2030 | EUR | 1,000 | 877 | |||||
Reg. S, 2.13%, 10/24/2026 | EUR | 1,000 | 1,022 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.55%), 2.20%, 07/22/2027 (aa) | EUR | 1,000 | 990 | |||||
(CMT Index 1 Year + 2.30%), 2.57%, 09/22/2026 (e) (aa) | 3,000 | 2,714 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 1.60%), 4.45%, 02/16/2029 (aa) | EUR | 9,350 | 9,752 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.85%), 5.85%, 11/15/2027 (aa) | EUR | 6,500 | 7,192 | |||||
United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027 | EUR | 100 | 93 | |||||
US Bancorp, | ||||||||
0.85%, 06/07/2024 | EUR | 1,300 | 1,349 | |||||
(CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa) | 2,300 | 1,780 | ||||||
(United States SOFR + 1.66%), 4.55%, 07/22/2028 (aa) | 20 | 19 | ||||||
(United States SOFR + 1.23%), 4.65%, 02/01/2029 (aa) | 240 | 234 | ||||||
(United States SOFR + 1.43%), 5.73%, 10/21/2026 (aa) | 280 | 281 | ||||||
Valiant Bank AG, (Switzerland), Reg. S, 0.00%, 07/31/2029 | CHF | 50 | 47 | |||||
Virgin Money UK plc, (United Kingdom), | ||||||||
Reg. S, (EUR Swap Rate 1 Year + 0.85%), 0.38%, 05/27/2024 (aa) | EUR | 225 | 242 | |||||
Reg. S, (SONIA Interest Rate Benchmark + 2.57%), 3.13%, 06/22/2025 (aa) | GBP | 1,000 | 1,173 | |||||
Reg. S, (UK Gilts 1 Year + 2.80%), 4.00%, 09/25/2026 (aa) | GBP | 200 | 231 | |||||
Reg. S, (UK Gilts 5 Year + 5.25%), 5.13%, 12/11/2030 (aa) | GBP | 1,000 | 1,142 | |||||
Vseobecna Uverova Banka A/S, (Slovakia), Reg. S, 0.25%, 03/26/2024 | EUR | 100 | 105 | |||||
Wells Fargo & Co., | ||||||||
Reg. S, 1.00%, 02/02/2027 | EUR | 1,000 | 968 | |||||
Reg. S, 1.38%, 10/26/2026 | EUR | 1,000 | 991 | |||||
Reg. S, 1.50%, 05/24/2027 | EUR | 13,000 | 12,752 | |||||
Reg. S, 2.00%, 04/27/2026 | EUR | 1,000 | 1,025 | |||||
Reg. S, 2.13%, 09/24/2031 | GBP | 1,000 | 963 | |||||
(ICE LIBOR USD 3 Month + 0.83%), 2.41%, 10/30/2025 (aa) | 92 | 87 | ||||||
Reg. S, 2.50%, 05/02/2029 | GBP | 1,500 | 1,558 | |||||
(United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa) | 2,440 | 1,811 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 |
||||||||
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 06/17/2027 (aa) | 1,590 | 1,494 | ||||||
Reg. S, (SONIA Interest Rate Benchmark + 1.28%), 3.47%, 04/26/2028 (aa) | GBP | 1,000 | 1,128 | |||||
Reg. S, 3.50%, 09/12/2029 | GBP | 1,500 | 1,641 | |||||
(United States SOFR + 1.51%), 3.53%, 03/24/2028 (aa) | 370 | 349 | ||||||
3.90%, 05/01/2045 | 20 | 16 | ||||||
(United States SOFR + 1.32%), 3.91%, 04/25/2026 (aa) | 1,635 | 1,586 | ||||||
(United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa) | 65 | 64 | ||||||
(United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa) | 1,245 | 1,103 | ||||||
4.63%, 11/02/2035 | GBP | 1,500 | 1,737 | |||||
4.75%, 12/07/2046 | 95 | 82 | ||||||
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) | 1,360 | 1,342 | ||||||
Reg. S, 4.88%, 11/29/2035 | GBP | 1,000 | 1,093 | |||||
5.61%, 01/15/2044 | 24 | 23 | ||||||
Westpac Banking Corp., (Australia), | ||||||||
Reg. S, 0.01%, 09/22/2028 | EUR | 100 | 90 | |||||
Reg. S, 0.88%, 04/17/2027 | EUR | 1,000 | 968 | |||||
Reg. S, 1.08%, 04/05/2027 | EUR | 100 | 99 | |||||
3.74%, 08/26/2025 | 580 | 567 | ||||||
Westpac Securities NZ Ltd., (New Zealand), Reg. S, 0.43%, 12/14/2026 | EUR | 2,500 | 2,387 | |||||
Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028 | EUR | 100 | 97 | |||||
Zuercher Kantonalbank, (Switzerland), Series 150, Reg. S, 0.10%, 03/31/2031 | CHF | 240 | 224 | |||||
|
|
|||||||
1,223,936 | ||||||||
|
|
|||||||
Diversified Financial Services 0.8% | ||||||||
Aareal Bank AG, (Germany), | ||||||||
Reg. S, 3.13%, 02/13/2026 | EUR | 100 | 108 | |||||
Reg. S, 4.50%, 07/25/2025 | EUR | 2,300 | 2,431 | |||||
Series 236, Reg. S, 0.01%, 02/01/2028 | EUR | 100 | 93 | |||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), | ||||||||
2.45%, 10/29/2026 | 650 | 584 | ||||||
3.40%, 10/29/2033 | 260 | 211 | ||||||
3.85%, 10/29/2041 | 400 | 305 | ||||||
4.50%, 09/15/2023 | 150 | 149 | ||||||
4.63%, 10/15/2027 | 190 | 184 | ||||||
Affordable Housing Finance plc, (United Kingdom), Reg. S, 2.89%, 08/11/2043 | GBP | 100 | 100 | |||||
American Express Co., | ||||||||
2.25%, 03/04/2025 | 125 | 119 | ||||||
3.38%, 05/03/2024 | 40 | 39 | ||||||
3.95%, 08/01/2025 | 370 | 363 | ||||||
4.90%, 02/13/2026 | 120 | 121 | ||||||
Ameriprise Financial, Inc., 5.15%, 05/15/2033 | 480 | 478 | ||||||
Arkea Home Loans SFH SA, (France), Reg. S, 0.38%, 03/04/2024 | EUR | 100 | 105 | |||||
Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033 | GBP | 50 | 66 | |||||
Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040 | GBP | 40 | 48 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Diversified Financial Services continued | ||||||||
AXA Bank Europe SCF, (France), | ||||||||
Reg. S, 0.01%, 01/22/2027 | EUR | 100 | 96 | |||||
Reg. S, 0.50%, 04/18/2025 | EUR | 100 | 102 | |||||
AXA Home Loan SFH SA, (France), Reg. S, 0.13%, 06/25/2035 | EUR | 100 | 74 | |||||
AyT Cedulas Cajas X Fondo de Titulizacion de Activos, (Spain), Series X, 3.75%, 06/30/2025 | EUR | 100 | 108 | |||||
Bank Julius Baer & Co. AG, (Switzerland), Reg. S, 0.00%, 06/25/2024 | EUR | 3,000 | 3,083 | |||||
BPCE SFH SA, (France), | ||||||||
Reg. S, 0.01%, 10/16/2028 | EUR | 100 | 91 | |||||
Reg. S, 0.01%, 05/27/2030 | EUR | 100 | 86 | |||||
Reg. S, 0.01%, 01/29/2036 | EUR | 100 | 71 | |||||
Reg. S, 0.13%, 12/03/2030 | EUR | 100 | 86 | |||||
Reg. S, 0.63%, 09/22/2027 | EUR | 100 | 97 | |||||
Reg. S, 0.75%, 09/02/2025 | EUR | 100 | 102 | |||||
Reg. S, 1.13%, 04/12/2030 | EUR | 100 | 94 | |||||
Reg. S, 1.75%, 05/27/2032 | EUR | 100 | 95 | |||||
Brookfield Finance, Inc., (Canada), 4.00%, 04/01/2024 | 40 | 39 | ||||||
Caisse de Refinancement de lHabitat SA, (France), | ||||||||
Reg. S, 0.01%, 10/08/2029 | EUR | 100 | 88 | |||||
Reg. S, 0.13%, 04/30/2027 | EUR | 100 | 96 | |||||
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (e) | 2,055 | 1,914 | ||||||
Capital One Financial Corp., 0.80%, 06/12/2024 | EUR | 825 | 838 | |||||
Cboe Global Markets, Inc., | ||||||||
1.63%, 12/15/2030 | 361 | 291 | ||||||
3.65%, 01/12/2027 | 505 | 487 | ||||||
Cedulas TDA 6 Fondo de Titulizacion de Activos, (Spain), Series A6, 3.88%, 05/23/2025 | EUR | 100 | 109 | |||||
Charles Schwab Corp. (The), 1.15%, 05/13/2026 | 525 | 461 | ||||||
CME Group, Inc., 2.65%, 03/15/2032 | 203 | 176 | ||||||
Credit Agricole Home Loan SFH SA, (France), | ||||||||
Reg. S, 0.01%, 04/12/2028 | EUR | 4,200 | 3,880 | |||||
Reg. S, 0.01%, 11/03/2031 | EUR | 100 | 83 | |||||
Reg. S, 0.13%, 12/16/2024 | EUR | 100 | 103 | |||||
Reg. S, 0.38%, 09/30/2024 | EUR | 100 | 104 | |||||
Reg. S, 0.88%, 08/11/2028 | EUR | 100 | 96 | |||||
Reg. S, 0.88%, 05/06/2034 | EUR | 100 | 84 | |||||
Reg. S, 2.13%, 01/07/2030 | EUR | 100 | 101 | |||||
Credit Agricole Public Sector SCF SA, (France), Reg. S, 0.88%, 08/02/2027 | EUR | 100 | 98 | |||||
Credit Mutuel Home Loan SFH SA, (France), | ||||||||
Reg. S, 0.01%, 07/20/2028 | EUR | 5,000 | 4,584 | |||||
Reg. S, 0.75%, 09/15/2027 | EUR | 100 | 97 | |||||
Reg. S, 0.88%, 03/04/2032 | EUR | 100 | 89 | |||||
Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 96 | |||||
Reg. S, 2.38%, 02/08/2028 | EUR | 100 | 104 | |||||
Discover Financial Services, 6.70%, 11/29/2032 | 85 | 87 | ||||||
Harbour Funding plc, (United Kingdom), Reg. S, 5.28%, 03/31/2034 | GBP | 25 | 31 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Diversified Financial Services continued | ||||||||
HSBC SFH France SA, (France), Reg. S, 0.75%, 03/22/2027 | EUR | 100 | 98 | |||||
Hypo Tirol Bank AG, (Austria), Reg. S, 0.01%, 03/11/2031 | EUR | 100 | 84 | |||||
IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028 | GBP | 4,000 | 3,797 | |||||
Intercontinental Exchange, Inc., | ||||||||
2.10%, 06/15/2030 | 250 | 210 | ||||||
3.00%, 09/15/2060 | 215 | 141 | ||||||
3.65%, 05/23/2025 | 20 | 20 | ||||||
5.20%, 06/15/2062 | 140 | 139 | ||||||
Jefferies Financial Group, Inc., | ||||||||
2.63%, 10/15/2031 | 1,250 | 955 | ||||||
2.75%, 10/15/2032 | 1,420 | 1,094 | ||||||
Jyske Realkredit A/S, (Denmark), | ||||||||
Reg. S, 1.00%, 10/01/2024 | DKK | 100 | 14 | |||||
Series 32lE, Reg. S, 1.00%, 04/01/2023 | DKK | 200 | 29 | |||||
Series 32IE, Reg. S, 1.00%, 04/01/2025 | DKK | 400 | 56 | |||||
La Banque Postale Home Loan SFH SA, (France), | ||||||||
Reg. S, 1.00%, 10/04/2028 | EUR | 100 | 97 | |||||
Reg. S, 3.00%, 01/31/2031 | EUR | 100 | 107 | |||||
Lansforsakringar Hypotek AB, (Sweden), | ||||||||
Reg. S, 1.38%, 05/31/2027 | EUR | 100 | 101 | |||||
Series 518, Reg. S, 1.25%, 09/17/2025 | SEK | 1,000 | 91 | |||||
Series 519, Reg. S, 1.50%, 09/16/2026 | SEK | 900 | 81 | |||||
Series 520, Reg. S, 1.00%, 09/15/2027 | SEK | 1,000 | 86 | |||||
Series 521, Reg. S, 0.50%, 09/20/2028 | SEK | 700 | 57 | |||||
LeasePlan Corp. NV, (Netherlands), Reg. S, 2.13%, 05/06/2025 | EUR | 3,000 | 3,117 | |||||
London Stock Exchange Group plc, (United Kingdom), | ||||||||
Reg. S, 1.63%, 04/06/2030 | GBP | 2,000 | 2,021 | |||||
Reg. S, 1.75%, 12/06/2027 | EUR | 3,800 | 3,807 | |||||
Lseg Netherlands BV, (Netherlands), | ||||||||
Reg. S, 0.00%, 04/06/2025 | EUR | 1,500 | 1,516 | |||||
Reg. S, 0.25%, 04/06/2028 | EUR | 1,000 | 931 | |||||
Reg. S, 0.75%, 04/06/2033 | EUR | 1,000 | 819 | |||||
Mastercard, Inc., | ||||||||
2.10%, 12/01/2027 | EUR | 2,025 | 2,090 | |||||
2.95%, 06/01/2029 | 710 | 657 | ||||||
3.30%, 03/26/2027 | 80 | 77 | ||||||
3.35%, 03/26/2030 | 105 | 100 | ||||||
3.85%, 03/26/2050 | 160 | 141 | ||||||
4.88%, 03/09/2028 | 190 | 196 | ||||||
Nasdaq, Inc., | ||||||||
0.88%, 02/13/2030 | EUR | 2,750 | 2,408 | |||||
0.90%, 07/30/2033 | EUR | 1,500 | 1,180 | |||||
1.75%, 03/28/2029 | EUR | 2,300 | 2,196 | |||||
Nomura Holdings, Inc., (Japan), | ||||||||
1.85%, 07/16/2025 | 1,955 | 1,788 | ||||||
2.61%, 07/14/2031 | 1,255 | 986 | ||||||
3.00%, 01/22/2032 | 1,320 | 1,059 | ||||||
5.10%, 07/03/2025 | 2,700 | 2,654 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Diversified Financial Services continued | ||||||||
Nordea Kredit Realkreditaktieselskab, (Denmark), | ||||||||
Reg. S, 1.00%, 10/01/2024 (e) | DKK | 300 | 42 | |||||
Reg. S, 1.00%, 04/01/2026 (e) | DKK | 500 | 68 | |||||
1.00%, 10/01/2026 | DKK | 500 | 67 | |||||
Series CC2, Reg. S, 1.00%, 04/01/2025 (e) | DKK | 200 | 28 | |||||
Series CC2, Reg. S, 1.00%, 04/01/2027 (e) | DKK | 500 | 66 | |||||
Private Export Funding Corp., | ||||||||
0.55%, 07/30/2024 (e) | 300 | 284 | ||||||
Series PP, 1.40%, 07/15/2028 | 775 | 673 | ||||||
Programa Cedulas TDA Fondo de Titulizacion de Activos, (Spain), Series A6, 4.25%, 04/10/2031 | EUR | 100 | 115 | |||||
Prs Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.75%, 11/24/2026 | GBP | 189 | 213 | |||||
Reg. S, 2.00%, 01/23/2029 | GBP | 500 | 546 | |||||
Realkredit Danmark A/S, (Denmark), | ||||||||
Series 10f, Reg. S, 1.00%, 01/01/2025 (e) | DKK | 700 | 98 | |||||
Series 10F, Reg. S, 1.00%, 01/01/2026 (e) | DKK | 1,300 | 177 | |||||
Series 22S, Reg. S, 0.00%, 10/01/2040 (e) | DKK | 43 | 5 | |||||
Societe Generale SFH SA, (France), | ||||||||
Reg. S, 0.01%, 10/29/2029 | EUR | 100 | 88 | |||||
Reg. S, 0.50%, 06/02/2025 | EUR | 100 | 102 | |||||
Reg. S, 0.50%, 01/28/2026 | EUR | 100 | 101 | |||||
Reg. S, 1.38%, 05/05/2028 | EUR | 100 | 99 | |||||
Reg. S, 1.75%, 05/05/2034 | EUR | 100 | 93 | |||||
Sparebanken Vest Boligkreditt A/S, (Norway), Reg. S, 0.38%, 01/20/2032 | EUR | 100 | 85 | |||||
Swedbank Hypotek AB, (Sweden), | ||||||||
Reg. S, 0.05%, 05/28/2025 | EUR | 100 | 101 | |||||
Series 194, Reg. S, 1.00%, 09/18/2024 | SEK | 1,600 | 148 | |||||
Series 195, Reg. S, 1.00%, 06/18/2025 | SEK | 2,000 | 182 | |||||
Series 196, Reg. S, 1.00%, 03/18/2026 | SEK | 1,000 | 90 | |||||
Series 197, Reg. S, 1.00%, 03/17/2027 | SEK | 700 | 61 | |||||
THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035 | GBP | 1,370 | 1,697 | |||||
TP ICAP Finance plc, (United Kingdom), Reg. S, 5.25%, 05/29/2026 | GBP | 2,000 | 2,325 | |||||
Visa, Inc., | ||||||||
1.50%, 06/15/2026 | EUR | 4,800 | 4,904 | |||||
2.00%, 06/15/2029 | EUR | 4,100 | 4,120 | |||||
2.70%, 04/15/2040 | 130 | 103 | ||||||
3.65%, 09/15/2047 | 200 | 174 | ||||||
Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036 | GBP | 225 | 285 | |||||
Western Union Co. (The), 1.35%, 03/15/2026 | 740 | 658 | ||||||
|
|
|||||||
76,623 | ||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Insurance 1.8% | ||||||||
Aflac, Inc., 4.75%, 01/15/2049 | 300 | 280 | ||||||
AIA Group Ltd., (Hong Kong), Reg. S, (EUR Swap Rate 5 Year + 1.10%), 0.88%, 09/09/2033 (aa) | EUR | 3,700 | 3,119 | |||||
Alleghany Corp., | ||||||||
3.25%, 08/15/2051 | 135 | 98 | ||||||
3.63%, 05/15/2030 | 15 | 14 | ||||||
Allianz Finance II BV, (Netherlands), Series 62, Reg. S, 4.50%, 03/13/2043 | GBP | 1,500 | 1,784 | |||||
Allianz SE, (Germany), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.65%), 2.24%, 07/07/2045 (aa) | EUR | 5,000 | 5,092 | |||||
Reg. S, (ICE EURIBOR Swap Rate 10 Year + 3.20%), 3.38%, 09/18/2024 (x) (aa) | EUR | 2,500 | 2,641 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.55%), 4.25%, 07/05/2052 (aa) | EUR | 6,000 | 5,976 | |||||
American International Group, Inc., 1.88%, 06/21/2027 | EUR | 1,000 | 990 | |||||
Aon Corp., 2.80%, 05/15/2030 | 50 | 44 | ||||||
Aon Corp. / Aon Global Holdings plc, | ||||||||
2.90%, 08/23/2051 | 20 | 13 | ||||||
3.90%, 02/28/2052 | 110 | 89 | ||||||
Aon Global Ltd., (United Kingdom), 4.60%, 06/14/2044 | 10 | 9 | ||||||
Aquarius & Investments plc for Zurich Insurance Co. Ltd., (Ireland), Reg. S, (ICE LIBOR EUR 3 Month + 3.45%), 4.25%, 10/02/2043 (aa) | EUR | 100 | 107 | |||||
Argentum Netherlands BV for Zurich Insurance Co. Ltd., (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 3.20%), 2.75%, 02/19/2049 (aa) | EUR | 500 | 469 | |||||
Arthur J Gallagher & Co., | ||||||||
2.40%, 11/09/2031 | 300 | 244 | ||||||
3.05%, 03/09/2052 | 70 | 45 | ||||||
5.75%, 03/02/2053 | 240 | 240 | ||||||
ASR Nederland NV, (Netherlands), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa) | EUR | 1,000 | 923 | |||||
Reg. S, (EUR Swap Rate 5 Year + 4.95%), 5.00%, 09/30/2024 (x) (aa) | EUR | 1,000 | 1,066 | |||||
Reg. S, (EUR Swap Rate 5 Year + 5.20%), 5.13%, 09/29/2045 (aa) | EUR | 1,000 | 1,062 | |||||
Assicurazioni Generali SpA, (Italy), | ||||||||
Reg. S, 1.71%, 06/30/2032 | EUR | 1,000 | 805 | |||||
Reg. S, 2.43%, 07/14/2031 | EUR | 1,000 | 881 | |||||
Reg. S, 3.88%, 01/29/2029 | EUR | 500 | 505 | |||||
Reg. S, 4.13%, 05/04/2026 | EUR | 100 | 107 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 4.50%), 4.60%, 11/21/2025 (x) (aa) | EUR | 1,000 | 1,050 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 5.35%), 5.00%, 06/08/2048 (aa) | EUR | 1,000 | 1,066 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 5.35%), 5.50%, 10/27/2047 (aa) | EUR | 1,000 | 1,082 | |||||
Athene Global Funding, | ||||||||
Reg. S, 1.24%, 04/08/2024 | EUR | 1,300 | 1,348 | |||||
2.50%, 01/14/2025 (e) | 20 | 19 | ||||||
Athene Holding Ltd., (Bermuda), 3.95%, 05/25/2051 | 55 | 38 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Insurance continued | ||||||||
Aviva plc, (United Kingdom), | ||||||||
Reg. S, 1.88%, 11/13/2027 | EUR | 500 | 500 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.55%), 3.38%, 12/04/2045 (aa) | EUR | 1,000 | 1,019 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.48%), 3.88%, 07/03/2044 (aa) | EUR | 1,000 | 1,056 | |||||
Reg. S, (UK Gilts 5 Year + 4.70%), 4.00%, 06/03/2055 (aa) | GBP | 825 | 793 | |||||
Reg. S, (UK Gilts 5 Year + 2.85%), 6.13%, 11/14/2036 (aa) | GBP | 430 | 528 | |||||
AXA SA, (France), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month +2.40%), 1.38%, 10/07/2041 (aa) | EUR | 1,225 | 997 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 3.38%, 07/06/2047 (aa) | EUR | 1,900 | 1,917 | |||||
Reg. S, (EUR Swap Rate 11 Year + 3.25%), 3.88%, 10/08/2025 (x) (aa) | EUR | 5,000 | 5,177 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 4.25%, 03/10/2043 (aa) | EUR | 1,200 | 1,183 | |||||
Reg. S, (SONIA Interest Rate Benchmark + 2.87%), 6.69%, 07/06/2026 (x) (aa) | GBP | 375 | 463 | |||||
Berkshire Hathaway Finance Corp., | ||||||||
1.50%, 03/18/2030 | EUR | 2,200 | 2,094 | |||||
2.38%, 06/19/2039 | GBP | 825 | 732 | |||||
2.85%, 10/15/2050 | 15 | 10 | ||||||
3.85%, 03/15/2052 | 395 | 329 | ||||||
4.20%, 08/15/2048 | 25 | 23 | ||||||
Berkshire Hathaway, Inc., | ||||||||
0.00%, 03/12/2025 | EUR | 1,900 | 1,924 | |||||
2.15%, 03/15/2028 | EUR | 1,000 | 1,012 | |||||
BNP Paribas Cardif SA, (France), | ||||||||
Reg. S, 1.00%, 11/29/2024 | EUR | 1,000 | 1,028 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.93%), 4.03%, 11/25/2025 (x) (aa) | EUR | 6,000 | 6,216 | |||||
Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028 | EUR | 4,900 | 4,303 | |||||
Chubb INA Holdings, Inc., | ||||||||
0.88%, 12/15/2029 | EUR | 1,000 | 897 | |||||
1.40%, 06/15/2031 | EUR | 1,000 | 894 | |||||
1.55%, 03/15/2028 | EUR | 3,000 | 2,944 | |||||
Cloverie plc for Zurich Insurance Co. Ltd., (Ireland), | ||||||||
Reg. S, 1.50%, 12/15/2028 | EUR | 1,000 | 971 | |||||
Reg. S, 1.75%, 09/16/2024 | EUR | 500 | 525 | |||||
CNA Financial Corp., 2.05%, 08/15/2030 | 2,500 | 2,039 | ||||||
CNP Assurances, (France), | ||||||||
Reg. S, 1.25%, 01/27/2029 | EUR | 1,000 | 886 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.65%), 2.50%, 06/30/2051 (aa) | EUR | 1,000 | 875 | |||||
Corebridge Financial, Inc., | ||||||||
3.50%, 04/04/2025 (e) | 100 | 96 | ||||||
4.35%, 04/05/2042 (e) | 155 | 127 | ||||||
Credit Agricole Assurances SA, (France), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 4.50%), 4.25%, 01/13/2025 (x) (aa) | EUR | 3,000 | 3,176 | |||||
Reg. S, (EUR Swap Rate 5 Year + 4.35%), 4.50%, 10/14/2025 (x) (aa) | EUR | 100 | 105 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Insurance continued | ||||||||
Enstar Group Ltd., (Bermuda), | ||||||||
3.10%, 09/01/2031 | 561 | 433 | ||||||
4.95%, 06/01/2029 | 10 | 9 | ||||||
Everest Reinsurance Holdings, Inc., | ||||||||
3.13%, 10/15/2052 | 82 | 55 | ||||||
3.50%, 10/15/2050 | 745 | 539 | ||||||
Fairfax Financial Holdings Ltd., (Canada), | ||||||||
3.38%, 03/03/2031 | 2,000 | 1,679 | ||||||
4.85%, 04/17/2028 | 375 | 365 | ||||||
5.63%, 08/16/2032 (e) | 1,440 | 1,415 | ||||||
Groupe des Assurances du Credit Mutuel SADIR, (France), Reg. S, (ICE LIBOR EUR 3 Month + 2.65%), 1.85%, 04/21/2042 (aa) | EUR | 2,200 | 1,723 | |||||
Hannover Rueck SE, (Germany), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.38%), 1.13%, 10/09/2039 (aa) | EUR | 1,000 | 836 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.75%), 5.88%, 08/26/2043 (aa) | EUR | 4,600 | 5,086 | |||||
Jackson Financial, Inc., 4.00%, 11/23/2051 | 5 | 3 | ||||||
Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033 | GBP | 425 | 562 | |||||
Legal & General Group plc, (United Kingdom), | ||||||||
Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa) | GBP | 825 | 883 | |||||
Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa) | GBP | 600 | 694 | |||||
Liberty Mutual Finance Europe DAC, (Ireland), Reg. S, 1.75%, 03/27/2024 | EUR | 2,000 | 2,114 | |||||
Liberty Mutual Group, Inc., | ||||||||
3.95%, 10/15/2050 (e) | 830 | 627 | ||||||
5.50%, 06/15/2052 (e) | 495 | 469 | ||||||
Loews Corp., 3.20%, 05/15/2030 | 10 | 9 | ||||||
M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa) | GBP | 825 | 886 | |||||
Markel Corp., 3.45%, 05/07/2052 | 1,000 | 701 | ||||||
Marsh & McLennan Cos., Inc., | ||||||||
1.98%, 03/21/2030 | EUR | 5,050 | 4,780 | |||||
2.90%, 12/15/2051 | 780 | 527 | ||||||
4.20%, 03/01/2048 | 850 | 727 | ||||||
4.75%, 03/15/2039 | 179 | 170 | ||||||
4.90%, 03/15/2049 | 170 | 162 | ||||||
MetLife, Inc., Reg. S, 5.38%, 12/09/2024 | GBP | 1,000 | 1,230 | |||||
Metropolitan Life Global Funding I, | ||||||||
Reg. S, 0.38%, 04/09/2024 | EUR | 2,125 | 2,224 | |||||
Reg. S, 0.50%, 05/25/2029 | EUR | 500 | 442 | |||||
Reg. S, 0.55%, 06/16/2027 | EUR | 1,475 | 1,398 | |||||
Reg. S, 0.63%, 12/08/2027 | GBP | 1,000 | 1,015 | |||||
Reg. S, 1.63%, 10/12/2028 | GBP | 1,000 | 1,043 | |||||
Reg. S, 1.63%, 09/21/2029 | GBP | 2,125 | 2,152 | |||||
Reg. S, 1.75%, 05/25/2025 | EUR | 1,000 | 1,033 | |||||
Reg. S, 3.50%, 09/30/2026 | GBP | 2,000 | 2,353 | |||||
Reg. S, 4.13%, 09/02/2025 | GBP | 1,000 | 1,206 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Insurance continued | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), | ||||||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.10%), 1.00%, 05/26/2042 (aa) | EUR | 9,800 | 7,462 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 2.55%), 1.25%, 05/26/2041 (aa) | EUR | 5,000 | 4,056 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.40%), 3.25%, 05/26/2049 (aa) | EUR | 2,000 | 1,955 | |||||
Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027 | EUR | 1,900 | 1,747 | |||||
New York Life Global Funding, Reg. S, 3.63%, 01/09/2030 | EUR | 9,625 | 10,178 | |||||
NN Group NV, (Netherlands), Reg. S, (ICE LIBOR EUR 3 Month + 4.00%), 4.50%, 01/15/2026 (x) (aa) | EUR | 1,350 | 1,400 | |||||
Old Republic International Corp., 3.85%, 06/11/2051 | 85 | 63 | ||||||
Pension Insurance Corp. plc, (United Kingdom), Reg. S, 5.63%, 09/20/2030 | GBP | 1,121 | 1,244 | |||||
Phoenix Group Holdings plc, (United Kingdom), Reg. S, 6.63%, 12/18/2025 | GBP | 425 | 525 | |||||
Principal Financial Group, Inc., | ||||||||
3.10%, 11/15/2026 | 1,400 | 1,336 | ||||||
5.50%, 03/15/2053 | 190 | 181 | ||||||
Progressive Corp. (The), | ||||||||
3.70%, 03/15/2052 | 150 | 120 | ||||||
4.13%, 04/15/2047 | 20 | 17 | ||||||
Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029 | GBP | 1,500 | 1,905 | |||||
Sampo OYJ, (Finland), | ||||||||
Reg. S, 2.25%, 09/27/2030 | EUR | 1,000 | 1,016 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.60%), 2.50%, 09/03/2052 (aa) | EUR | 1,025 | 856 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 4.05%), 3.38%, 05/23/2049 (aa) | EUR | 2,275 | 2,190 | |||||
Talanx AG, (Germany), Reg. S, 4.00%, 10/25/2029 | EUR | 2,500 | 2,732 | |||||
UNIQA Insurance Group AG, (Austria), | ||||||||
Reg. S, 1.38%, 07/09/2030 | EUR | 500 | 434 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa) | EUR | 500 | 391 | |||||
Reg. S, (ICE LIBOR EUR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa) | EUR | 500 | 532 | |||||
Unum Group, | ||||||||
4.00%, 06/15/2029 | 1,750 | 1,632 | ||||||
4.13%, 06/15/2051 | 980 | 698 | ||||||
5.75%, 08/15/2042 | 25 | 23 | ||||||
W R Berkley Corp., 4.00%, 05/12/2050 | 700 | 562 | ||||||
Willis North America, Inc., | ||||||||
2.95%, 09/15/2029 | 50 | 44 | ||||||
3.60%, 05/15/2024 | 100 | 98 | ||||||
3.88%, 09/15/2049 | 250 | 187 | ||||||
4.65%, 06/15/2027 | 100 | 98 | ||||||
Zurich Finance Ireland Designated Activity Co., (Ireland), | ||||||||
Reg. S, 1.63%, 06/17/2039 | EUR | 500 | 392 | |||||
Reg. S, (UK Gilts 5 Year + 4.10%), 5.13%, 11/23/2052 (aa) | GBP | 5,625 | 6,272 | |||||
|
|
|||||||
165,941 | ||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Investment Companies 0.2% | ||||||||
Ares Capital Corp., 2.15%, 07/15/2026 | 385 | 328 | ||||||
Barings BDC, Inc., 3.30%, 11/23/2026 | 20 | 18 | ||||||
Blackstone Private Credit Fund, 3.25%, 03/15/2027 | 45 | 38 | ||||||
Blackstone Secured Lending Fund, 2.85%, 09/30/2028 | 23 | 19 | ||||||
FS KKR Capital Corp., 2.63%, 01/15/2027 | 275 | 231 | ||||||
Golub Capital BDC, Inc., 2.50%, 08/24/2026 | 5 | 4 | ||||||
Investor AB, (Sweden), | ||||||||
Reg. S, 0.38%, 10/29/2035 | EUR | 425 | 305 | |||||
Reg. S, 1.50%, 09/12/2030 | EUR | 700 | 660 | |||||
Reg. S, 2.75%, 06/10/2032 | EUR | 1,000 | 1,015 | |||||
Main Street Capital Corp., 3.00%, 07/14/2026 | 165 | 144 | ||||||
MDGH GMTN RSC Ltd., (United Arab Emirates), Reg. S, 1.00%, 03/10/2034 | EUR | 600 | 480 | |||||
Temasek Financial I Ltd., (Singapore), Reg. S, 1.50%, 03/01/2028 | EUR | 4,300 | 4,278 | |||||
Wendel SE, (France), | ||||||||
Reg. S, 1.00%, 06/01/2031 | EUR | 4,400 | 3,646 | |||||
Reg. S, 1.38%, 04/26/2026 | EUR | 1,000 | 1,007 | |||||
Reg. S, 1.38%, 01/18/2034 | EUR | 1,000 | 774 | |||||
Reg. S, 2.50%, 02/09/2027 | EUR | 1,000 | 1,035 | |||||
|
|
|||||||
13,982 | ||||||||
|
|
|||||||
Private Equity 0.0% (g) | ||||||||
3i Group plc, (United Kingdom), Reg. S, 5.75%, 12/03/2032 | GBP | 350 | 437 | |||||
Intermediate Capital Group plc, (United Kingdom), | ||||||||
Reg. S, 1.63%, 02/17/2027 | EUR | 1,000 | 816 | |||||
Reg. S, 2.50%, 01/28/2030 | EUR | 1,500 | 1,023 | |||||
|
|
|||||||
2,276 | ||||||||
|
|
|||||||
Real Estate 0.8% | ||||||||
Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038 | GBP | 1,000 | 1,319 | |||||
Akelius Residential Property Financing BV, (Netherlands), | ||||||||
Reg. S, 0.75%, 02/22/2030 | EUR | 2,000 | 1,555 | |||||
Reg. S, 1.00%, 01/17/2028 | EUR | 1,000 | 871 | |||||
Aroundtown SA, (Luxembourg), Reg. S, 0.00%, 07/16/2026 | EUR | 10,000 | 7,659 | |||||
Balder Finland OYJ, (Finland), | ||||||||
Reg. S, 1.00%, 01/18/2027 | EUR | 1,000 | 830 | |||||
Reg. S, 1.00%, 01/20/2029 | EUR | 1,000 | 716 | |||||
Reg. S, 2.00%, 01/18/2031 | EUR | 5,000 | 3,453 | |||||
Blackstone Property Partners Europe Holdings Sarl, (Luxembourg), | ||||||||
Reg. S, 0.50%, 09/12/2023 | EUR | 2,200 | 2,332 | |||||
Reg. S, 1.63%, 04/20/2030 | EUR | 1,000 | 751 | |||||
Reg. S, 1.75%, 03/12/2029 | EUR | 2,500 | 2,003 | |||||
Reg. S, 2.00%, 02/15/2024 | EUR | 500 | 523 | |||||
Reg. S, 2.63%, 10/20/2028 | GBP | 1,075 | 1,007 | |||||
Broadgate Financing plc, (United Kingdom), Series A4, Reg. S, 4.82%, 07/05/2033 | GBP | 50 | 60 | |||||
CBRE Services, Inc., | ||||||||
2.50%, 04/01/2031 | 435 | 346 | ||||||
4.88%, 03/01/2026 | 20 | 20 | ||||||
Clarion Funding plc, (United Kingdom), | ||||||||
Reg. S, 1.25%, 11/13/2032 | GBP | 1,000 | 885 | |||||
Reg. S, 1.88%, 09/07/2051 | GBP | 500 | 313 | |||||
Reg. S, 2.63%, 01/18/2029 | GBP | 200 | 217 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Real Estate continued | ||||||||
CPI Property Group SA, (Luxembourg), | ||||||||
Reg. S, 1.50%, 01/27/2031 | EUR | 2,000 | 1,097 | |||||
Reg. S, 1.75%, 01/14/2030 | EUR | 1,000 | 619 | |||||
Reg. S, 2.75%, 05/12/2026 | EUR | 1,000 | 858 | |||||
Reg. S, 2.75%, 01/22/2028 | GBP | 1,800 | 1,499 | |||||
CTP NV, (Netherlands), | ||||||||
Reg. S, 0.50%, 06/21/2025 | EUR | 2,865 | 2,722 | |||||
Reg. S, 0.63%, 11/27/2023 | EUR | 750 | 787 | |||||
Reg. S, 0.63%, 09/27/2026 | EUR | 3,500 | 3,007 | |||||
Reg. S, 0.88%, 01/20/2026 | EUR | 1,000 | 903 | |||||
Reg. S, 1.25%, 06/21/2029 | EUR | 600 | 446 | |||||
Deutsche Wohnen SE, (Germany), | ||||||||
Reg. S, 0.50%, 04/07/2031 | EUR | 500 | 367 | |||||
Reg. S, 1.00%, 04/30/2025 | EUR | 2,000 | 2,026 | |||||
Reg. S, 1.30%, 04/07/2041 | EUR | 500 | 298 | |||||
Reg. S, 1.50%, 04/30/2030 | EUR | 2,000 | 1,711 | |||||
Fastighets AB Balder, (Sweden), | ||||||||
Reg. S, 1.13%, 01/29/2027 | EUR | 1,000 | 832 | |||||
Reg. S, 1.88%, 01/23/2026 | EUR | 2,000 | 1,825 | |||||
Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026 | EUR | 1,200 | 1,094 | |||||
Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048 | GBP | 1,000 | 891 | |||||
HOWOGE Wohnungsbaugesellschaft mbH, (Germany), Reg. S, 1.13%, 11/01/2033 | EUR | 100 | 78 | |||||
Kojamo OYJ, (Finland), | ||||||||
Reg. S, 0.88%, 05/28/2029 | EUR | 1,000 | 765 | |||||
Reg. S, 2.00%, 03/31/2026 | EUR | 1,000 | 960 | |||||
Logicor 2019-1 UK plc, (United Kingdom), Reg. S, 1.88%, 11/17/2026 | GBP | 825 | 897 | |||||
Logicor Financing Sarl, (Luxembourg), | ||||||||
Reg. S, 0.75%, 07/15/2024 | EUR | 1,500 | 1,511 | |||||
Reg. S, 1.50%, 07/13/2026 | EUR | 1,200 | 1,076 | |||||
Reg. S, 2.25%, 05/13/2025 | EUR | 2,000 | 1,983 | |||||
London & Quadrant Housing Trust, (United Kingdom), | ||||||||
Reg. S, 2.00%, 03/31/2032 | GBP | 1,000 | 965 | |||||
Reg. S, 2.00%, 10/20/2038 | GBP | 425 | 342 | |||||
Reg. S, 2.63%, 02/28/2028 | GBP | 1,225 | 1,356 | |||||
Reg. S, 2.75%, 07/20/2057 | GBP | 425 | 316 | |||||
Reg. S, 3.13%, 02/28/2053 | GBP | 500 | 412 | |||||
Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032 | GBP | 28 | 31 | |||||
NE Property BV, (Netherlands), | ||||||||
Reg. S, 1.75%, 11/23/2024 | EUR | 500 | 507 | |||||
Reg. S, 1.88%, 10/09/2026 | EUR | 1,000 | 924 | |||||
Reg. S, 2.00%, 01/20/2030 | EUR | 500 | 382 | |||||
Reg. S, 3.38%, 07/14/2027 | EUR | 500 | 476 | |||||
Notting Hill Genesis, (United Kingdom), | ||||||||
Reg. S, 2.00%, 06/03/2036 | GBP | 2,800 | 2,409 | |||||
Reg. S, 3.25%, 10/12/2048 | GBP | 1,000 | 873 | |||||
Reg. S, 4.38%, 02/20/2054 | GBP | 500 | 530 | |||||
Reg. S, 5.25%, 07/07/2042 | GBP | 1,000 | 1,220 | |||||
Ontario Teachers Cadillac Fairview Properties Trust, (Canada), | ||||||||
2.50%, 10/15/2031 (e) | 580 | 456 | ||||||
4.13%, 02/01/2029 (e) | 2,100 | 1,949 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Real Estate continued | ||||||||
Optivo Finance plc, (United Kingdom), | ||||||||
Reg. S, 3.28%, 03/22/2048 | GBP | 2,000 | 1,777 | |||||
Reg. S, 5.25%, 03/13/2043 | GBP | 1,000 | 1,222 | |||||
Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048 | GBP | 1,325 | 1,200 | |||||
P3 Group Sarl, (Luxembourg), Reg. S, 0.88%, 01/26/2026 | EUR | 490 | 456 | |||||
Sagax AB, (Sweden), Reg. S, 2.25%, 03/13/2025 | EUR | 1,000 | 1,019 | |||||
Sagax Euro Mtn NL BV, (Netherlands), Reg. S, 1.63%, 02/24/2026 | EUR | 1,000 | 946 | |||||
Samhallsbyggnadsbolaget i Norden AB, (Sweden), Reg. S, 1.00%, 08/12/2027 | EUR | 475 | 343 | |||||
Sinochem Offshore Capital Co. Ltd., (British Virgin Islands), Reg. S, 0.75%, 11/25/2025 | EUR | 1,000 | 980 | |||||
Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031 | GBP | 43 | 53 | |||||
Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039 | GBP | 80 | 111 | |||||
Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033 | GBP | 34 | 41 | |||||
Vonovia Finance BV, (Netherlands), | ||||||||
Reg. S, 0.63%, 07/09/2026 | EUR | 300 | 283 | |||||
Reg. S, 0.88%, 07/03/2023 | EUR | 100 | 107 | |||||
Reg. S, 1.00%, 01/28/2041 | EUR | 1,100 | 575 | |||||
Series DIP, Reg. S, 1.50%, 03/31/2025 | EUR | 2,000 | 2,041 | |||||
Vonovia SE, (Germany), Reg. S, 0.75%, 09/01/2032 | EUR | 1,700 | 1,181 | |||||
|
|
|||||||
78,595 | ||||||||
|
|
|||||||
REITS 1.0% | ||||||||
Aedifica SA, (Belgium), Reg. S, 0.75%, 09/09/2031 | EUR | 1,200 | 883 | |||||
Altarea SCA, (France), Reg. S, 1.75%, 01/16/2030 | EUR | 400 | 300 | |||||
American Tower Corp., | ||||||||
0.88%, 05/21/2029 | EUR | 1,000 | 871 | |||||
1.30%, 09/15/2025 | 400 | 366 | ||||||
1.38%, 04/04/2025 | EUR | 2,050 | 2,116 | |||||
1.95%, 05/22/2026 | EUR | 1,000 | 1,019 | |||||
2.70%, 04/15/2031 | 50 | 42 | ||||||
2.95%, 01/15/2051 | 157 | 100 | ||||||
3.65%, 03/15/2027 | 270 | 256 | ||||||
Brixmor Operating Partnership LP, | ||||||||
4.05%, 07/01/2030 | 1,175 | 1,058 | ||||||
4.13%, 06/15/2026 | 2,300 | 2,179 | ||||||
4.13%, 05/15/2029 | 875 | 799 | ||||||
Camden Property Trust, | ||||||||
3.15%, 07/01/2029 | 100 | 89 | ||||||
3.35%, 11/01/2049 | 10 | 7 | ||||||
Carmila SA, (France), | ||||||||
Reg. S, 1.63%, 05/30/2027 | EUR | 1,000 | 920 | |||||
Reg. S, 2.38%, 09/16/2024 | EUR | 1,000 | 1,054 | |||||
EPR Properties, 3.60%, 11/15/2031 | 155 | 116 | ||||||
Equinix, Inc., | ||||||||
0.25%, 03/15/2027 | EUR | 3,900 | 3,645 | |||||
1.00%, 03/15/2033 | EUR | 3,500 | 2,773 | |||||
1.45%, 05/15/2026 | 200 | 180 | ||||||
2.63%, 11/18/2024 | 85 | 82 | ||||||
2.90%, 11/18/2026 | 200 | 185 | ||||||
ERP Operating LP, 2.85%, 11/01/2026 | 150 | 140 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
REITS continued | ||||||||
Globalworth Real Estate Investments Ltd., (Guernsey), | ||||||||
Reg. S, 2.95%, 07/29/2026 | EUR | 500 | 431 | |||||
Reg. S, 3.00%, 03/29/2025 | EUR | 1,000 | 938 | |||||
GLP Capital LP / GLP Financing II, Inc., | ||||||||
3.25%, 01/15/2032 | 1,734 | 1,407 | ||||||
3.35%, 09/01/2024 | 20 | 19 | ||||||
5.30%, 01/15/2029 | 235 | 224 | ||||||
5.38%, 04/15/2026 | 1,500 | 1,455 | ||||||
5.75%, 06/01/2028 | 360 | 351 | ||||||
Goodman Australia Finance Pty Ltd., (Australia), Reg. S, 1.38%, 09/27/2025 | EUR | 2,758 | 2,738 | |||||
Hammerson Ireland Finance DAC, (Ireland), Reg. S, 1.75%, 06/03/2027 | EUR | 5,483 | 4,769 | |||||
Hammerson plc, (United Kingdom), | ||||||||
Reg. S, 6.00%, 02/23/2026 | GBP | 3,900 | 4,415 | |||||
Reg. S, 7.25%, 04/21/2028 | GBP | 1,400 | 1,594 | |||||
Healthpeak OP LLC, 3.00%, 01/15/2030 | 1,400 | 1,227 | ||||||
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/2031 | 415 | 324 | ||||||
Kimco Realty OP LLC, 2.70%, 10/01/2030 | 1,900 | 1,582 | ||||||
Klepierre SA, (France), | ||||||||
Reg. S, 0.88%, 02/17/2031 | EUR | 1,000 | 806 | |||||
Reg. S, 1.63%, 12/13/2032 | EUR | 1,000 | 824 | |||||
Reg. S, 2.00%, 05/12/2029 | EUR | 1,000 | 935 | |||||
Mercialys SA, (France), | ||||||||
Reg. S, 1.80%, 02/27/2026 | EUR | 1,000 | 966 | |||||
Reg. S, 2.50%, 02/28/2029 | EUR | 2,000 | 1,715 | |||||
Merlin Properties Socimi SA, (Spain), | ||||||||
Reg. S, 1.38%, 06/01/2030 | EUR | 1,000 | 813 | |||||
Reg. S, 2.38%, 07/13/2027 | EUR | 1,000 | 985 | |||||
MPT Operating Partnership LP / MPT Finance Corp., 0.99%, 10/15/2026 | EUR | 1,650 | 1,203 | |||||
National Health Investors, Inc., 3.00%, 02/01/2031 | 400 | 302 | ||||||
Omega Healthcare Investors, Inc., | ||||||||
3.25%, 04/15/2033 | 265 | 194 | ||||||
4.50%, 04/01/2027 | 16 | 15 | ||||||
Prologis Euro Finance LLC, 0.25%, 09/10/2027 | EUR | 2,725 | 2,489 | |||||
Prologis LP, | ||||||||
2.25%, 06/30/2029 | GBP | 1,600 | 1,677 | |||||
5.25%, 06/15/2053 | 120 | 119 | ||||||
Public Storage, | ||||||||
0.50%, 09/09/2030 | EUR | 1,500 | 1,195 | |||||
0.88%, 02/15/2026 | 50 | 45 | ||||||
1.50%, 11/09/2026 | 200 | 179 | ||||||
1.85%, 05/01/2028 | 300 | 262 | ||||||
1.95%, 11/09/2028 | 400 | 348 | ||||||
2.25%, 11/09/2031 | 165 | 137 | ||||||
2.30%, 05/01/2031 | 65 | 54 | ||||||
3.09%, 09/15/2027 | 110 | 104 | ||||||
3.39%, 05/01/2029 | 145 | 135 | ||||||
Realty Income Corp., | ||||||||
1.63%, 12/15/2030 | GBP | 200 | 189 | |||||
1.75%, 07/13/2033 | GBP | 1,100 | 968 | |||||
3.10%, 12/15/2029 | 800 | 717 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
REITS continued | ||||||||
3.88%, 04/15/2025 | 100 | 97 | ||||||
5.05%, 01/13/2026 | 14 | 14 | ||||||
5.63%, 10/13/2032 | 440 | 457 | ||||||
Sabra Health Care LP, 3.20%, 12/01/2031 | 295 | 216 | ||||||
Scentre Group Trust 1 / Scentre Group Trust 2, (Australia), | ||||||||
Reg. S, 1.45%, 03/28/2029 | EUR | 2,000 | 1,792 | |||||
Reg. S, 1.75%, 04/11/2028 | EUR | 2,000 | 1,869 | |||||
Scentre Group Trust 1, (Australia), | ||||||||
Reg. S, 2.25%, 07/16/2024 | EUR | 2,000 | 2,100 | |||||
Reg. S, 3.88%, 07/16/2026 | GBP | 554 | 650 | |||||
Simon International Finance SCA, (Luxembourg), Reg. S, 1.25%, 05/13/2025 | EUR | 2,325 | 2,363 | |||||
Simon Property Group LP, | ||||||||
1.38%, 01/15/2027 | 70 | 62 | ||||||
3.50%, 09/01/2025 | 50 | 48 | ||||||
5.85%, 03/08/2053 | 130 | 130 | ||||||
Tanger Properties LP, 2.75%, 09/01/2031 | 280 | 201 | ||||||
Unibail-Rodamco-Westfield SE, (France), Reg. S, 1.38%, 12/04/2031 | EUR | 1,500 | 1,202 | |||||
Ventas Realty LP, 4.13%, 01/15/2026 | 2,300 | 2,229 | ||||||
VICI Properties LP, | ||||||||
4.75%, 02/15/2028 | 635 | 602 | ||||||
4.95%, 02/15/2030 | 1,645 | 1,542 | ||||||
5.13%, 05/15/2032 | 39 | 37 | ||||||
5.63%, 05/15/2052 | 308 | 277 | ||||||
Welltower OP LLC, | ||||||||
2.75%, 01/15/2031 | 50 | 41 | ||||||
3.10%, 01/15/2030 | 2,400 | 2,091 | ||||||
4.50%, 01/15/2024 | 3,500 | 3,462 | ||||||
4.50%, 12/01/2034 | GBP | 300 | 319 | |||||
4.80%, 11/20/2028 | GBP | 1,650 | 1,927 | |||||
Weyerhaeuser Co., 4.00%, 04/15/2030 | 1,500 | 1,399 | ||||||
WP Carey, Inc., 2.25%, 04/01/2033 | 1,000 | 763 | ||||||
WPC Eurobond BV, (Netherlands), | ||||||||
0.95%, 06/01/2030 | EUR | 1,800 | 1,440 | |||||
1.35%, 04/15/2028 | EUR | 825 | 737 | |||||
2.13%, 04/15/2027 | EUR | 1,800 | 1,763 | |||||
|
|
|||||||
87,860 | ||||||||
|
|
|||||||
Savings & Loans 0.1% | ||||||||
Coventry Building Society, (United Kingdom), Reg. S, 2.63%, 12/07/2026 | EUR | 5,000 | 5,256 | |||||
Nationwide Building Society, (United Kingdom), | ||||||||
Reg. S, 0.25%, 07/22/2025 | EUR | 2,000 | 1,997 | |||||
Reg. S, 0.63%, 03/25/2027 | EUR | 100 | 98 | |||||
Reg. S, 5.63%, 01/28/2026 | GBP | 100 | 127 | |||||
Yorkshire Building Society, (United Kingdom), | ||||||||
Reg. S, 0.01%, 10/13/2027 | EUR | 100 | 93 | |||||
Reg. S, 0.01%, 11/16/2028 | EUR | 5,000 | 4,479 | |||||
|
|
|||||||
12,050 | ||||||||
|
|
|||||||
Total Financial | 1,661,263 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Government 8.4% | ||||||||
Multi-National 3.5% | ||||||||
African Development Bank, (Supranational), | ||||||||
0.25%, 11/21/2024 | EUR | 925 | 954 | |||||
0.50%, 03/22/2027 | EUR | 1,000 | 981 | |||||
0.50%, 03/21/2029 | EUR | 3,000 | 2,808 | |||||
0.88%, 05/24/2028 | EUR | 400 | 390 | |||||
2.25%, 09/14/2029 | EUR | 2,000 | 2,067 | |||||
Asian Development Bank, (Supranational), | ||||||||
Reg. S, 0.03%, 01/31/2030 | EUR | 3,550 | 3,155 | |||||
0.35%, 07/16/2025 | EUR | 800 | 813 | |||||
0.75%, 12/07/2027 | GBP | 5,000 | 5,320 | |||||
1.40%, 02/06/2037 | EUR | 7,000 | 6,129 | |||||
1.63%, 03/15/2024 | 100 | 97 | ||||||
1.95%, 07/22/2032 | EUR | 10,000 | 9,874 | |||||
2.00%, 01/22/2025 | 300 | 288 | ||||||
2.50%, 12/19/2024 | GBP | 2,000 | 2,383 | |||||
2.63%, 01/30/2024 | 258 | 253 | ||||||
4.13%, 09/27/2024 | 2,525 | 2,512 | ||||||
6.22%, 08/15/2027 | 100 | 108 | ||||||
Asian Infrastructure Investment Bank (The), (Supranational), | ||||||||
0.50%, 10/30/2024 | 495 | 465 | ||||||
Reg. S, 4.38%, 06/11/2026 | GBP | 11,000 | 13,553 | |||||
Corp. Andina de Fomento, (Supranational), | ||||||||
Reg. S, 0.25%, 02/04/2026 | EUR | 2,000 | 1,944 | |||||
Reg. S, 1.13%, 02/13/2025 | EUR | 10,000 | 10,276 | |||||
Council Of Europe Development Bank, (Supranational), | ||||||||
Reg. S, 0.00%, 04/09/2027 | EUR | 2,000 | 1,922 | |||||
Reg. S, 0.00%, 01/20/2031 | EUR | 5,000 | 4,310 | |||||
Reg. S, 0.25%, 01/19/2032 | EUR | 3,000 | 2,572 | |||||
Reg. S, 0.38%, 03/27/2025 | EUR | 175 | 179 | |||||
Reg. S, 0.63%, 01/30/2029 | EUR | 1,500 | 1,425 | |||||
Reg. S, 0.75%, 06/09/2025 | EUR | 50 | 51 | |||||
Erste Abwicklungsanstalt, (Germany), Reg. S, 0.01%, 11/03/2023 | EUR | 1,000 | 1,064 | |||||
Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational), | ||||||||
Reg. S, 0.25%, 04/25/2023 | EUR | 825 | 893 | |||||
4.55%, 03/30/2027 | CAD | 300 | 229 | |||||
5.50%, 06/07/2032 | GBP | 300 | 408 | |||||
European Bank for Reconstruction & Development, (Supranational), | ||||||||
0.25%, 07/10/2023 | 95 | 94 | ||||||
0.50%, 05/19/2025 | 135 | 125 | ||||||
European Investment Bank, (Supranational), | ||||||||
0.00%, 03/15/2024 | EUR | 300 | 316 | |||||
Reg. S, 0.00%, 03/25/2025 | EUR | 15,200 | 15,519 | |||||
Reg. S, 0.00%, 03/13/2026 | EUR | 700 | 696 | |||||
Reg. S, 0.00%, 06/17/2027 | EUR | 1,500 | 1,439 | |||||
Reg. S, 0.00%, 09/28/2028 | EUR | 1,000 | 926 | |||||
Zero Coupon, 05/28/2037 (e) | CAD | 150 | 62 | |||||
Reg. S, 0.01%, 11/15/2035 | EUR | 4,200 | 3,077 | |||||
Reg. S, 0.01%, 05/15/2041 | EUR | 15,000 | 9,128 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Multi-National continued | ||||||||
Reg. S, 0.05%, 05/24/2024 | EUR | 2,000 | 2,094 | |||||
Reg. S, 0.05%, 11/15/2029 | EUR | 10,000 | 8,999 | |||||
0.05%, 01/16/2030 | EUR | 17,900 | 16,021 | |||||
Reg. S, 0.05%, 10/13/2034 | EUR | 34,000 | 26,085 | |||||
Reg. S, 0.10%, 10/15/2026 | EUR | 5,000 | 4,914 | |||||
Reg. S, 0.13%, 12/14/2026 | GBP | 1,875 | 2,000 | |||||
Reg. S, 0.13%, 06/20/2029 | EUR | 6,000 | 5,488 | |||||
Reg. S, 0.25%, 06/15/2040 | EUR | 3,950 | 2,605 | |||||
0.38%, 07/16/2025 | EUR | 25,000 | 25,539 | |||||
0.38%, 03/26/2026 | 1,300 | 1,173 | ||||||
Reg. S, 0.38%, 04/14/2026 | EUR | 3,000 | 3,011 | |||||
0.50%, 01/15/2027 | EUR | 2,000 | 1,982 | |||||
Reg. S, 0.50%, 11/13/2037 | EUR | 2,000 | 1,494 | |||||
0.63%, 07/25/2025 | 100 | 93 | ||||||
Reg. S, 0.88%, 05/15/2026 | GBP | 2,000 | 2,238 | |||||
0.88%, 09/13/2047 | EUR | 200 | 133 | |||||
Reg. S, 1.00%, 03/14/2031 | EUR | 20,000 | 18,705 | |||||
Reg. S, 1.00%, 04/14/2032 | EUR | 3,275 | 2,997 | |||||
Reg. S, 1.38%, 03/07/2025 | GBP | 100 | 117 | |||||
Reg. S, 1.50%, 06/15/2032 | EUR | 11,000 | 10,520 | |||||
1.50%, 10/16/2048 | EUR | 2,845 | 2,164 | |||||
1.63%, 03/14/2025 | 200 | 191 | ||||||
2.75%, 08/15/2025 | 600 | 583 | ||||||
Reg. S, 2.75%, 09/15/2025 | EUR | 10,000 | 10,771 | |||||
2.75%, 09/13/2030 | EUR | 230 | 246 | |||||
3.13%, 12/14/2023 | 250 | 247 | ||||||
3.25%, 01/29/2024 | 165 | 163 | ||||||
Reg. S, 3.63%, 03/14/2042 | EUR | 2,025 | 2,291 | |||||
Reg. S, 3.88%, 06/08/2037 | GBP | 3,000 | 3,638 | |||||
4.13%, 04/15/2024 | EUR | 13,000 | 14,233 | |||||
4.50%, 10/15/2025 | EUR | 10,000 | 11,226 | |||||
Reg. S, 4.50%, 03/07/2044 | GBP | 3,000 | 3,874 | |||||
5.00%, 04/15/2039 | GBP | 3,500 | 4,772 | |||||
Reg. S, 6.27%, 08/28/2024 | IDR | 10,000,000 | 667 | |||||
Series 1981, 2.63%, 03/15/2035 | EUR | 40 | 41 | |||||
Series DIP, Reg. S, 4.63%, 10/12/2054 | GBP | 3,055 | 4,066 | |||||
FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030 | EUR | 1,000 | 905 | |||||
Inter-American Development Bank, (Supranational), | ||||||||
0.50%, 09/23/2024 | 750 | 709 | ||||||
0.88%, 04/20/2026 | 400 | 365 | ||||||
1.25%, 12/15/2025 | GBP | 2,000 | 2,278 | |||||
1.50%, 01/13/2027 | 1,000 | 917 | ||||||
2.13%, 01/15/2025 | 290 | 280 | ||||||
2.38%, 08/03/2029 | GBP | 1,000 | 1,120 | |||||
2.63%, 01/16/2024 | 230 | 226 | ||||||
3.00%, 02/21/2024 | 100 | 98 | ||||||
6.75%, 07/15/2027 | 700 | 766 | ||||||
International Development Association, (Supranational), | ||||||||
Reg. S, 0.00%, 10/19/2026 | EUR | 1,000 | 971 | |||||
Reg. S, 0.35%, 04/22/2036 | EUR | 3,500 | 2,680 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Multi-National continued | ||||||||
Reg. S, 0.38%, 09/22/2027 | GBP | 2,000 | 2,100 | |||||
Reg. S, 0.70%, 01/17/2042 | EUR | 1,000 | 697 | |||||
Reg. S, 1.75%, 05/05/2037 | EUR | 500 | 456 | |||||
Reg. S, 2.50%, 01/15/2038 | EUR | 4,000 | 3,991 | |||||
International Finance Corp., (Supranational), | ||||||||
0.25%, 12/15/2025 | GBP | 1,000 | 1,108 | |||||
Reg. S, 1.38%, 03/07/2025 | GBP | 1,000 | 1,165 | |||||
2.88%, 07/31/2023 | 80 | 80 | ||||||
3.63%, 09/15/2025 | 2,120 | 2,102 | ||||||
North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028 | CHF | 200 | 197 | |||||
|
|
|||||||
327,397 | ||||||||
|
|
|||||||
Municipal 0.0% (g) | ||||||||
Transport for London, (United Kingdom), | ||||||||
Reg. S, 3.88%, 07/23/2042 | GBP | 140 | 146 | |||||
Reg. S, 4.00%, 09/12/2033 | GBP | 300 | 339 | |||||
|
|
|||||||
485 | ||||||||
|
|
|||||||
Regional (State/Province) 0.0% (g) | ||||||||
KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032 | EUR | 860 | 695 | |||||
UK Municipal Bonds Agency Finance Co. Designated Activity Co., (Ireland), Reg. S, 1.63%, 08/26/2060 | GBP | 100 | 57 | |||||
|
|
|||||||
752 | ||||||||
|
|
|||||||
Sovereign 4.9% | ||||||||
European Financial Stability Facility, (Luxembourg), | ||||||||
Reg. S, 0.00%, 10/13/2027 | EUR | 4,325 | 4,106 | |||||
Reg. S, 0.00%, 01/20/2031 | EUR | 9,600 | 8,285 | |||||
Reg. S, 0.05%, 10/17/2029 | EUR | 9,000 | 8,096 | |||||
Reg. S, 0.05%, 01/18/2052 | EUR | 1,000 | 438 | |||||
Reg. S, 0.40%, 02/17/2025 | EUR | 1,000 | 1,032 | |||||
Reg. S, 0.50%, 07/11/2025 | EUR | 8,000 | 8,192 | |||||
Reg. S, 0.63%, 10/16/2026 | EUR | 100 | 100 | |||||
Reg. S, 0.70%, 01/20/2050 | EUR | 2,500 | 1,488 | |||||
Reg. S, 0.70%, 01/17/2053 | EUR | 10,000 | 5,596 | |||||
Reg. S, 0.75%, 05/03/2027 | EUR | 15,000 | 14,909 | |||||
Reg. S, 0.88%, 04/10/2035 | EUR | 15,900 | 13,310 | |||||
Reg. S, 1.20%, 02/17/2045 | EUR | 2,325 | 1,737 | |||||
Reg. S, 1.38%, 05/31/2047 | EUR | 10,000 | 7,575 | |||||
Reg. S, 1.45%, 09/05/2040 | EUR | 370 | 307 | |||||
Reg. S, 1.50%, 12/15/2025 | EUR | 13,000 | 13,551 | |||||
Reg. S, 1.70%, 02/13/2043 | EUR | 1,900 | 1,596 | |||||
Reg. S, 1.75%, 07/17/2053 | EUR | 2,050 | 1,575 | |||||
Reg. S, 2.00%, 02/28/2056 | EUR | 2,000 | 1,637 | |||||
Reg. S, 2.38%, 04/11/2028 | EUR | 15,000 | 15,820 | |||||
Reg. S, 2.38%, 06/21/2032 | EUR | 5,000 | 5,139 | |||||
Reg. S, 2.75%, 08/17/2026 | EUR | 15,000 | 16,139 | |||||
Reg. S, 2.75%, 12/03/2029 | EUR | 1,020 | 1,094 | |||||
Reg. S, 3.38%, 04/03/2037 | EUR | 3,000 | 3,309 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Sovereign continued | ||||||||
European Stability Mechanism, (Supranational), | ||||||||
Reg. S, 0.00%, 12/15/2026 | EUR | 10,500 | 10,220 | |||||
Reg. S, 0.01%, 03/04/2030 | EUR | 1,900 | 1,684 | |||||
Reg. S, 0.01%, 10/15/2031 | EUR | 8,900 | 7,523 | |||||
Reg. S, 0.50%, 03/02/2026 | EUR | 5,600 | 5,651 | |||||
Reg. S, 0.50%, 03/05/2029 | EUR | 6,000 | 5,651 | |||||
Reg. S, 0.75%, 09/05/2028 | EUR | 2,750 | 2,657 | |||||
Reg. S, 0.88%, 07/18/2042 | EUR | 1,020 | 720 | |||||
Reg. S, 1.00%, 09/23/2025 | EUR | 15,000 | 15,493 | |||||
Reg. S, 1.00%, 06/23/2027 | EUR | 5,000 | 4,998 | |||||
Reg. S, 1.75%, 10/20/2045 | EUR | 1,050 | 868 | |||||
Reg. S, 1.80%, 11/02/2046 | EUR | 10,420 | 8,669 | |||||
Reg. S, 1.85%, 12/01/2055 | EUR | 180 | 140 | |||||
European Union, (Supranational), | ||||||||
Reg. S, 0.00%, 07/06/2026 | EUR | 10,350 | 10,219 | |||||
Reg. S, 0.00%, 10/04/2028 | EUR | 1,800 | 1,666 | |||||
Reg. S, 0.00%, 04/22/2031 | EUR | 5,800 | 4,981 | |||||
Reg. S, 0.00%, 07/04/2031 | EUR | 30,000 | 25,601 | |||||
Reg. S, 0.25%, 04/22/2036 | EUR | 12,900 | 9,679 | |||||
Reg. S, 0.40%, 02/04/2037 | EUR | 10,000 | 7,454 | |||||
Reg. S, 0.45%, 07/04/2041 | EUR | 19,800 | 13,118 | |||||
Reg. S, 0.50%, 04/04/2025 | EUR | 3,575 | 3,685 | |||||
Reg. S, 0.70%, 07/06/2051 | EUR | 5,900 | 3,438 | |||||
Reg. S, 0.75%, 04/04/2031 | EUR | 3,925 | 3,598 | |||||
Reg. S, 0.80%, 07/04/2025 | EUR | 20,700 | 21,377 | |||||
Reg. S, 1.00%, 07/06/2032 | EUR | 5,800 | 5,294 | |||||
Reg. S, 1.13%, 04/04/2036 | EUR | 1,265 | 1,082 | |||||
Reg. S, 1.38%, 10/04/2029 | EUR | 8,000 | 7,881 | |||||
Reg. S, 1.50%, 10/04/2035 | EUR | 5,000 | 4,525 | |||||
Reg. S, 1.63%, 12/04/2029 | EUR | 20,000 | 19,976 | |||||
Reg. S, 2.00%, 10/04/2027 | EUR | 10,000 | 10,434 | |||||
Reg. S, 2.50%, 10/04/2052 | EUR | 9,000 | 8,307 | |||||
Reg. S, 2.63%, 02/04/2048 | EUR | 1,000 | 963 | |||||
Reg. S, 3.38%, 04/04/2038 | EUR | 4,000 | 4,423 | |||||
Reg. S, 3.38%, 11/04/2042 | EUR | 20,000 | 21,825 | |||||
Reg. S, 3.75%, 04/04/2042 | EUR | 5,015 | 5,765 | |||||
Series MFA, Reg. S, 3.00%, 03/04/2053 | EUR | 8,000 | 8,152 | |||||
Series SURE, Reg. S, 0.00%, 11/04/2025 | EUR | 5,198 | 5,227 | |||||
Series SURE, Reg. S, 0.00%, 06/02/2028 | EUR | 5,500 | 5,140 | |||||
Series SURE, Reg. S, 0.00%, 10/04/2030 | EUR | 10,000 | 8,732 | |||||
Series SURE, Reg. S, 0.00%, 07/04/2035 | EUR | 21,150 | 15,687 | |||||
Series SURE, Reg. S, 0.10%, 10/04/2040 | EUR | 7,675 | 4,837 | |||||
Series SURE, Reg. S, 0.20%, 06/04/2036 | EUR | 9,600 | 7,068 | |||||
Series SURE, Reg. S, 0.30%, 11/04/2050 | EUR | 1,220 | 623 | |||||
Series SURE, Reg. S, 0.45%, 05/02/2046 | EUR | 5,000 | 2,995 | |||||
Series SURE, Reg. S, 0.75%, 01/04/2047 | EUR | 5,000 | 3,209 | |||||
Series SURE, Reg. S, 1.13%, 06/04/2037 | EUR | 5,000 | 4,121 | |||||
HM Treasury UK Sovereign Sukuk plc, (United Kingdom), Reg. S, 0.33%, 07/22/2026 | GBP | 900 | 992 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Sovereign continued | ||||||||
LCR Finance plc, (United Kingdom), | ||||||||
Reg. S, 4.50%, 12/07/2028 | GBP | 400 | 507 | |||||
Reg. S, 4.50%, 12/07/2038 | GBP | 110 | 140 | |||||
5.10%, 03/07/2051 | GBP | 50 | 70 | |||||
|
|
|||||||
462,096 | ||||||||
|
|
|||||||
Total Government | 790,730 | |||||||
|
|
|||||||
Industrial 2.8% | ||||||||
Aerospace/Defense 0.3% | ||||||||
Airbus SE, (Netherlands), | ||||||||
Reg. S, 1.63%, 06/09/2030 | EUR | 500 | 476 | |||||
Reg. S, 2.00%, 04/07/2028 | EUR | 1,100 | 1,121 | |||||
Reg. S, 2.38%, 04/07/2032 | EUR | 1,000 | 979 | |||||
BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e) | 1,350 | 1,098 | ||||||
Boeing Co. (The), | ||||||||
3.45%, 11/01/2028 | 100 | 92 | ||||||
4.88%, 05/01/2025 | 800 | 798 | ||||||
5.71%, 05/01/2040 | 2,405 | 2,430 | ||||||
5.81%, 05/01/2050 | 50 | 50 | ||||||
General Dynamics Corp., | ||||||||
2.25%, 06/01/2031 | 300 | 258 | ||||||
3.75%, 05/15/2028 | 85 | 83 | ||||||
Hexcel Corp., 4.20%, 02/15/2027 | 170 | 161 | ||||||
Lockheed Martin Corp., | ||||||||
4.09%, 09/15/2052 | 35 | 32 | ||||||
4.15%, 06/15/2053 | 400 | 362 | ||||||
4.30%, 06/15/2062 | 455 | 412 | ||||||
4.70%, 05/15/2046 | 360 | 356 | ||||||
4.95%, 10/15/2025 | 400 | 406 | ||||||
5.10%, 11/15/2027 | 400 | 415 | ||||||
5.70%, 11/15/2054 | 400 | 454 | ||||||
5.90%, 11/15/2063 | 185 | 216 | ||||||
Raytheon Technologies Corp., | ||||||||
2.15%, 05/18/2030 | EUR | 1,500 | 1,425 | |||||
2.82%, 09/01/2051 | 200 | 139 | ||||||
3.20%, 03/15/2024 | 30 | 30 | ||||||
3.95%, 08/16/2025 | 140 | 138 | ||||||
7.20%, 08/15/2027 | 20 | 22 | ||||||
Safran SA, (France), | ||||||||
Reg. S, 0.13%, 03/16/2026 | EUR | 1,000 | 983 | |||||
Reg. S, 0.75%, 03/17/2031 | EUR | 5,500 | 4,941 | |||||
Thales SA, (France), | ||||||||
Reg. S, 0.00%, 03/26/2026 | EUR | 3,800 | 3,707 | |||||
Reg. S, 0.75%, 01/23/2025 | EUR | 1,000 | 1,031 | |||||
Reg. S, 1.00%, 05/15/2028 | EUR | 1,900 | 1,814 | |||||
|
|
|||||||
24,429 | ||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Building Materials 0.4% | ||||||||
Aliaxis Finance SA, (Belgium), Reg. S, 0.88%, 11/08/2028 | EUR | 1,500 | 1,251 | |||||
Carrier Global Corp., | ||||||||
2.24%, 02/15/2025 | 20 | 19 | ||||||
2.49%, 02/15/2027 | 10 | 10 | ||||||
3.38%, 04/05/2040 | 100 | 79 | ||||||
CRH Finance DAC, (Ireland), Reg. S, 1.38%, 10/18/2028 | EUR | 1,000 | 957 | |||||
Crh Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029 | GBP | 1,500 | 1,745 | |||||
CRH SMW Finance DAC, (Ireland), Reg. S, 1.25%, 11/05/2026 | EUR | 1,000 | 1,001 | |||||
Eagle Materials, Inc., 2.50%, 07/01/2031 | 154 | 126 | ||||||
HeidelbergCement AG, (Germany), Reg. S, 3.75%, 05/31/2032 | EUR | 6,125 | 6,215 | |||||
Holcim Finance Luxembourg SA, (Luxembourg), | ||||||||
Reg. S, 0.50%, 11/29/2026 | EUR | 500 | 485 | |||||
Reg. S, 0.50%, 09/03/2030 | EUR | 500 | 415 | |||||
Reg. S, 0.50%, 04/23/2031 | EUR | 1,000 | 808 | |||||
Reg. S, 0.63%, 04/06/2030 | EUR | 4,350 | 3,734 | |||||
Reg. S, 0.63%, 01/19/2033 | EUR | 500 | 380 | |||||
Reg. S, 1.50%, 04/06/2025 | EUR | 5,000 | 5,198 | |||||
Reg. S, 2.25%, 05/26/2028 | EUR | 2,000 | 1,990 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.07%), 3.00%, 04/05/2024 (x) (aa) | EUR | 500 | 522 | |||||
Holcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 3.00%, 05/12/2032 | GBP | 3,500 | 3,574 | |||||
Imerys SA, (France), | ||||||||
Reg. S, 1.00%, 07/15/2031 | EUR | 2,000 | 1,589 | |||||
Reg. S, 1.50%, 01/15/2027 | EUR | 3,000 | 2,960 | |||||
Reg. S, 2.00%, 12/10/2024 | EUR | 1,000 | 1,049 | |||||
Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland), | ||||||||
0.38%, 09/15/2027 | EUR | 1,000 | 938 | |||||
1.00%, 09/15/2032 | EUR | 1,000 | 858 | |||||
3.00%, 09/15/2028 | EUR | 1,000 | 1,038 | |||||
Lennox International, Inc., 1.35%, 08/01/2025 | 12 | 11 | ||||||
Martin Marietta Materials, Inc., 4.25%, 07/02/2024 | 40 | 40 | ||||||
Owens Corning, 3.95%, 08/15/2029 | 1,000 | 941 | ||||||
Trane Technologies Luxembourg Finance SA, (Luxembourg), 4.50%, 03/21/2049 | 15 | 13 | ||||||
Vulcan Materials Co., | ||||||||
3.50%, 06/01/2030 | 60 | 55 | ||||||
4.70%, 03/01/2048 | 440 | 399 | ||||||
5.80%, 03/01/2026 | 240 | 242 | ||||||
|
|
|||||||
38,642 | ||||||||
|
|
|||||||
Electrical Components & Equipment 0.1% | ||||||||
Emerson Electric Co., | ||||||||
1.25%, 10/15/2025 | EUR | 1,000 | 1,026 | |||||
1.95%, 10/15/2030 | 200 | 168 | ||||||
2.00%, 12/21/2028 | 25 | 22 | ||||||
2.00%, 10/15/2029 | EUR | 1,500 | 1,497 | |||||
2.80%, 12/21/2051 | 169 | 114 | ||||||
Legrand SA, (France), | ||||||||
Reg. S, 0.63%, 06/24/2028 | EUR | 1,000 | 943 | |||||
Reg. S, 1.00%, 03/06/2026 | EUR | 1,000 | 1,009 | |||||
Reg. S, 1.88%, 07/06/2032 | EUR | 1,000 | 951 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electrical Components & Equipment continued | ||||||||
Signify NV, (Netherlands), | ||||||||
Reg. S, 2.00%, 05/11/2024 | EUR | 550 | 584 | |||||
Reg. S, 2.38%, 05/11/2027 | EUR | 175 | 178 | |||||
|
|
|||||||
6,492 | ||||||||
|
|
|||||||
Electronics 0.2% | ||||||||
Agilent Technologies, Inc., | ||||||||
2.30%, 03/12/2031 | 425 | 356 | ||||||
2.75%, 09/15/2029 | 60 | 54 | ||||||
3.05%, 09/22/2026 | 275 | 259 | ||||||
Allegion US Holding Co., Inc., 3.20%, 10/01/2024 | 20 | 19 | ||||||
Amphenol Technologies Holding GmbH, (Germany), Reg. S, 0.75%, 05/04/2026 | EUR | 2,525 | 2,520 | |||||
Arrow Electronics, Inc., 6.13%, 03/01/2026 | 480 | 481 | ||||||
Avnet, Inc., 5.50%, 06/01/2032 | 428 | 416 | ||||||
Flex Ltd., (Singapore), | ||||||||
3.75%, 02/01/2026 | 220 | 211 | ||||||
4.88%, 06/15/2029 | 164 | 159 | ||||||
4.88%, 05/12/2030 | 175 | 170 | ||||||
Honeywell International, Inc., | ||||||||
0.75%, 03/10/2032 | EUR | 2,500 | 2,088 | |||||
2.25%, 02/22/2028 | EUR | 1,500 | 1,521 | |||||
2.50%, 11/01/2026 | 400 | 379 | ||||||
4.13%, 11/02/2034 | EUR | 8,700 | 9,560 | |||||
Jabil, Inc., 1.70%, 04/15/2026 | 150 | 135 | ||||||
Keysight Technologies, Inc., | ||||||||
3.00%, 10/30/2029 | 245 | 218 | ||||||
4.55%, 10/30/2024 | 200 | 198 | ||||||
4.60%, 04/06/2027 | 55 | 54 | ||||||
TD SYNNEX Corp., 2.65%, 08/09/2031 | 182 | 143 | ||||||
Tyco Electronics Group SA, (Luxembourg), | ||||||||
0.00%, 02/14/2025 | EUR | 1,000 | 1,016 | |||||
0.00%, 02/16/2029 | EUR | 1,000 | 875 | |||||
|
|
|||||||
20,832 | ||||||||
|
|
|||||||
Engineering & Construction 0.4% | ||||||||
ABB Finance BV, (Netherlands), | ||||||||
Reg. S, 0.00%, 01/19/2030 | EUR | 2,000 | 1,725 | |||||
Reg. S, 0.75%, 05/16/2024 | EUR | 1,500 | 1,581 | |||||
Aeroports de Paris, (France), | ||||||||
Reg. S, 1.00%, 01/05/2029 | EUR | 500 | 466 | |||||
Reg. S, 1.50%, 07/02/2032 | EUR | 100 | 88 | |||||
Reg. S, 2.13%, 10/02/2026 | EUR | 200 | 207 | |||||
Reg. S, 2.75%, 06/05/2028 | EUR | 100 | 105 | |||||
Reg. S, 2.75%, 04/02/2030 | EUR | 2,500 | 2,540 | |||||
Cellnex Finance Co. SA, (Spain), | ||||||||
Reg. S, 2.00%, 02/15/2033 | EUR | 1,200 | 996 | |||||
Reg. S, 2.25%, 04/12/2026 | EUR | 2,000 | 2,036 | |||||
CRCC Hean Ltd., (Hong Kong), Reg. S, 0.88%, 05/20/2026 | EUR | 300 | 296 | |||||
DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032 | EUR | 100 | 87 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Engineering & Construction continued | ||||||||
Ferrovial Emisiones SA, (Spain), | ||||||||
Reg. S, 0.54%, 11/12/2028 | EUR | 1,000 | 893 | |||||
Reg. S, 1.38%, 03/31/2025 | EUR | 1,000 | 1,036 | |||||
Reg. S, 1.38%, 05/14/2026 | EUR | 1,000 | 1,010 | |||||
Heathrow Funding Ltd., (Jersey), | ||||||||
Reg. S, 4.63%, 10/31/2046 | GBP | 325 | 344 | |||||
Reg. S, 6.45%, 12/10/2031 | GBP | 225 | 295 | |||||
Reg. S, 6.75%, 12/03/2026 | GBP | 150 | 192 | |||||
HOCHTIEF AG, (Germany), | ||||||||
Reg. S, 0.50%, 09/03/2027 | EUR | 2,000 | 1,909 | |||||
Reg. S, 1.75%, 07/03/2025 | EUR | 1,500 | 1,561 | |||||
Royal Schiphol Group NV, (Netherlands), | ||||||||
Reg. S, 0.38%, 09/08/2027 | EUR | 300 | 283 | |||||
Reg. S, 0.75%, 04/22/2033 | EUR | 200 | 165 | |||||
Sydney Airport Finance Co. Pty Ltd., (Australia), | ||||||||
Reg. S, 1.75%, 04/26/2028 | EUR | 1,000 | 974 | |||||
Reg. S, 2.75%, 04/23/2024 | EUR | 500 | 536 | |||||
Technip Energies NV, (Netherlands), Reg. S, 1.13%, 05/28/2028 | EUR | 11,100 | 10,135 | |||||
Vantage Towers AG, (Germany), | ||||||||
Reg. S, 0.38%, 03/31/2027 | EUR | 1,200 | 1,293 | |||||
Reg. S, 0.75%, 03/31/2030 | EUR | 500 | 539 | |||||
Vinci SA, (France), Reg. S, 3.38%, 10/17/2032 | EUR | 2,000 | 2,114 | |||||
Worley US Finance Sub Ltd., Reg. S, 0.88%, 06/09/2026 | EUR | 3,075 | 2,963 | |||||
|
|
|||||||
36,369 | ||||||||
|
|
|||||||
Environmental Control 0.0% (g) | ||||||||
Waste Connections, Inc., (Canada), | ||||||||
2.60%, 02/01/2030 | 200 | 176 | ||||||
3.20%, 06/01/2032 | 50 | 45 | ||||||
4.25%, 12/01/2028 | 250 | 245 | ||||||
|
|
|||||||
466 | ||||||||
|
|
|||||||
Hand/Machine Tools 0.0% (g) | ||||||||
Regal Rexnord Corp., | ||||||||
6.05%, 02/15/2026 (e) | 620 | 622 | ||||||
6.30%, 02/15/2030 (e) | 159 | 160 | ||||||
Snap-on, Inc., 3.10%, 05/01/2050 | 30 | 23 | ||||||
|
|
|||||||
805 | ||||||||
|
|
|||||||
Machinery - Construction & Mining 0.1% | ||||||||
Caterpillar Financial Services Corp., | ||||||||
0.80%, 11/13/2025 | 150 | 136 | ||||||
4.90%, 01/17/2025 | 560 | 563 | ||||||
Caterpillar, Inc., 4.75%, 05/15/2064 | 100 | 98 | ||||||
Metso Outotec OYJ, (Finland), | ||||||||
Reg. S, 0.88%, 05/26/2028 | EUR | 1,000 | 907 | |||||
Reg. S, 4.88%, 12/07/2027 | EUR | 3,050 | 3,388 | |||||
Sandvik AB, (Sweden), | ||||||||
Reg. S, 2.13%, 06/07/2027 | EUR | 1,000 | 1,025 | |||||
Reg. S, 3.75%, 09/27/2029 | EUR | 1,000 | 1,085 | |||||
|
|
|||||||
7,202 | ||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Machinery - Diversified 0.2% | ||||||||
AGCO International Holdings BV, (Netherlands), Reg. S, 0.80%, 10/06/2028 | EUR | 6,200 | 5,544 | |||||
Atlas Copco AB, (Sweden), Reg. S, 0.63%, 08/30/2026 | EUR | 1,325 | 1,315 | |||||
Atlas Copco Finance DAC, (Ireland), | ||||||||
Reg. S, 0.13%, 09/03/2029 | EUR | 500 | 445 | |||||
Reg. S, 0.75%, 02/08/2032 | EUR | 500 | 427 | |||||
CNH Industrial Capital LLC, 3.95%, 05/23/2025 | 1,065 | 1,037 | ||||||
CNH Industrial Finance Europe SA, (Luxembourg), Reg. S, 0.00%, 04/01/2024 | EUR | 1,000 | 1,046 | |||||
Dover Corp., | ||||||||
0.75%, 11/04/2027 | EUR | 1,000 | 944 | |||||
1.25%, 11/09/2026 | EUR | 1,000 | 1,001 | |||||
Highland Holdings Sarl, (Luxembourg), | ||||||||
0.32%, 12/15/2026 | EUR | 1,500 | 1,445 | |||||
0.93%, 12/15/2031 | EUR | 2,050 | 1,696 | |||||
IDEX Corp., | ||||||||
2.63%, 06/15/2031 | 1,185 | 999 | ||||||
3.00%, 05/01/2030 | 332 | 292 | ||||||
John Deere Capital Corp., | ||||||||
3.40%, 06/06/2025 | 115 | 113 | ||||||
4.75%, 01/20/2028 | 500 | 510 | ||||||
5.15%, 03/03/2025 | 255 | 258 | ||||||
John Deere Cash Management SARL, (Luxembourg), Reg. S, 1.65%, 06/13/2039 | EUR | 825 | 694 | |||||
Otis Worldwide Corp., | ||||||||
2.06%, 04/05/2025 | 20 | 19 | ||||||
2.29%, 04/05/2027 | 200 | 182 | ||||||
3.36%, 02/15/2050 | 10 | 7 | ||||||
Westinghouse Air Brake Technologies Corp., | ||||||||
3.20%, 06/15/2025 | 350 | 334 | ||||||
4.40%, 03/15/2024 | 1,800 | 1,776 | ||||||
|
|
|||||||
20,084 | ||||||||
|
|
|||||||
Metal Fabricate/Hardware 0.0% (g) | ||||||||
Norsk Hydro ASA, (Norway), | ||||||||
Reg. S, 1.13%, 04/11/2025 | EUR | 2,700 | 2,755 | |||||
Reg. S, 2.00%, 04/11/2029 | EUR | 800 | 760 | |||||
|
|
|||||||
3,515 | ||||||||
|
|
|||||||
Miscellaneous Manufacturers 0.5% | ||||||||
3M Co., 2.88%, 10/15/2027 | 230 | 215 | ||||||
Carlisle Cos., Inc., | ||||||||
2.20%, 03/01/2032 | 157 | 122 | ||||||
2.75%, 03/01/2030 | 85 | 72 | ||||||
Eaton Capital Unlimited Co., (Ireland), | ||||||||
Reg. S, 0.13%, 03/08/2026 | EUR | 10,000 | 9,782 | |||||
Reg. S, 0.58%, 03/08/2030 | EUR | 1,500 | 1,330 | |||||
Reg. S, 0.70%, 05/14/2025 | EUR | 2,525 | 2,574 | |||||
Reg. S, 0.75%, 09/20/2024 | EUR | 1,000 | 1,042 | |||||
Eaton Corp., 4.15%, 11/02/2042 | 100 | 89 | ||||||
GE Capital UK Funding Unlimited Co., (Ireland), Reg. S, 5.88%, 01/18/2033 | GBP | 950 | 1,207 | |||||
General Electric Co., | ||||||||
1.50%, 05/17/2029 | EUR | 1,000 | 975 | |||||
1.88%, 05/28/2027 | EUR | 1,000 | 1,010 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Miscellaneous Manufacturers continued | ||||||||
Reg. S, 4.13%, 09/19/2035 | EUR | 1,000 | 1,075 | |||||
Illinois Tool Works, Inc., | ||||||||
0.63%, 12/05/2027 | EUR | 1,000 | 947 | |||||
1.00%, 06/05/2031 | EUR | 500 | 445 | |||||
Parker-Hannifin Corp., 1.13%, 03/01/2025 | EUR | 1,650 | 1,693 | |||||
Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029 | 2,000 | 1,892 | ||||||
Siemens Financieringsmaatschappij NV, (Netherlands), | ||||||||
Reg. S, 0.30%, 02/28/2024 | EUR | 20 | 21 | |||||
Reg. S, 2.50%, 09/08/2027 | EUR | 5,200 | 5,466 | |||||
Reg. S, 3.00%, 09/08/2033 | EUR | 2,000 | 2,090 | |||||
Smiths Group plc, (United Kingdom), Reg. S, 2.00%, 02/23/2027 | EUR | 12,602 | 12,651 | |||||
Teledyne Technologies, Inc., | ||||||||
1.60%, 04/01/2026 | 80 | 73 | ||||||
2.75%, 04/01/2031 | 540 | 460 | ||||||
Textron, Inc., 2.45%, 03/15/2031 | 1,900 | 1,601 | ||||||
Wabtec Transportation Netherlands BV, (Netherlands), 1.25%, 12/03/2027 | EUR | 1,500 | 1,420 | |||||
|
|
|||||||
48,252 | ||||||||
|
|
|||||||
Packaging & Containers 0.1% | ||||||||
Amcor UK Finance plc, (United Kingdom), 1.13%, 06/23/2027 | EUR | 1,500 | 1,440 | |||||
Ball Corp., 0.88%, 03/15/2024 | EUR | 1,200 | 1,263 | |||||
Berry Global, Inc., 5.50%, 04/15/2028 (e) | 615 | 613 | ||||||
DS Smith plc, (United Kingdom), | ||||||||
Reg. S, 0.88%, 09/12/2026 | EUR | 4,300 | 4,187 | |||||
Series EMT7, Reg. S, 1.38%, 07/26/2024 | EUR | 500 | 520 | |||||
Packaging Corp. of America, 3.05%, 10/01/2051 | 105 | 72 | ||||||
Sealed Air Corp., 5.50%, 09/15/2025 (e) | 1,460 | 1,443 | ||||||
|
|
|||||||
9,538 | ||||||||
|
|
|||||||
Shipbuilding 0.0% (g) | ||||||||
Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030 | 575 | 538 | ||||||
|
|
|||||||
Transportation 0.5% | ||||||||
AP Moller - Maersk A/S, (Denmark), Reg. S, 4.00%, 04/04/2025 | GBP | 800 | 968 | |||||
Aurizon Network Pty Ltd., (Australia), | ||||||||
Reg. S, 2.00%, 09/18/2024 | EUR | 1,000 | 1,055 | |||||
Reg. S, 3.13%, 06/01/2026 | EUR | 1,000 | 1,046 | |||||
Brambles Finance Ltd., (Australia), Reg. S, 2.38%, 06/12/2024 | EUR | 825 | 878 | |||||
Brambles Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.50%, 10/04/2027 | EUR | 1,000 | 988 | |||||
Reg. S, 4.25%, 03/22/2031 | EUR | 14,325 | 15,581 | |||||
Burlington Northern Santa Fe LLC, | ||||||||
2.88%, 06/15/2052 | 380 | 265 | ||||||
3.00%, 04/01/2025 | 160 | 155 | ||||||
3.30%, 09/15/2051 | 20 | 15 | ||||||
4.15%, 04/01/2045 | 50 | 44 | ||||||
4.45%, 01/15/2053 | 75 | 70 | ||||||
4.55%, 09/01/2044 | 170 | 160 | ||||||
4.95%, 09/15/2041 | 700 | 693 | ||||||
5.40%, 06/01/2041 | 70 | 73 | ||||||
Canadian National Railway Co., (Canada), 4.40%, 08/05/2052 | 430 | 402 | ||||||
Canadian Pacific Railway Co., (Canada), 3.10%, 12/02/2051 | 210 | 150 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Transportation continued | ||||||||
Deutsche Bahn Finance GMBH, (Germany), | ||||||||
Reg. S, 0.10%, 01/28/2036 | CHF | 150 | 126 | |||||
Reg. S, 0.35%, 09/29/2031 | EUR | 100 | 86 | |||||
Reg. S, 0.50%, 04/09/2027 | EUR | 140 | 138 | |||||
Reg. S, 1.00%, 12/17/2027 | EUR | 300 | 296 | |||||
Reg. S, 1.13%, 12/18/2028 | EUR | 300 | 291 | |||||
Reg. S, 1.13%, 05/29/2051 | EUR | 112 | 69 | |||||
Reg. S, 1.38%, 03/28/2031 | EUR | 2,000 | 1,882 | |||||
Reg. S, 1.38%, 04/16/2040 | EUR | 50 | 38 | |||||
Reg. S, 1.50%, 08/26/2024 | CHF | 500 | 543 | |||||
Reg. S, 1.63%, 08/16/2033 | EUR | 189 | 172 | |||||
Reg. S, 1.88%, 02/13/2026 | GBP | 6,000 | 6,924 | |||||
Reg. S, 1.88%, 05/24/2030 | EUR | 300 | 297 | |||||
1.99%, 07/08/2030 | AUD | 200 | 109 | |||||
Reg. S, 3.50%, 09/27/2024 | AUD | 300 | 198 | |||||
Reg. S, 3.63%, 12/18/2037 | EUR | 390 | 422 | |||||
Reg. S, 3.75%, 10/29/2025 | AUD | 1,000 | 663 | |||||
Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa) | EUR | 1,700 | 1,464 | |||||
East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036 | GBP | 2,000 | 2,364 | |||||
Ferrovie dello Stato Italiane SpA, (Italy), Reg. S, 1.50%, 06/27/2025 | EUR | 510 | 528 | |||||
Kansas City Southern, 4.20%, 11/15/2069 | 10 | 8 | ||||||
La Poste SA, (France), | ||||||||
Reg. S, 0.00%, 07/18/2029 | EUR | 200 | 172 | |||||
Reg. S, 0.38%, 09/17/2027 | EUR | 100 | 95 | |||||
Reg. S, 0.63%, 10/21/2026 | EUR | 1,300 | 1,272 | |||||
Reg. S, 1.00%, 09/17/2034 | EUR | 200 | 160 | |||||
Reg. S, 1.38%, 04/21/2032 | EUR | 1,000 | 890 | |||||
Reg. S, 2.63%, 09/14/2028 | EUR | 100 | 104 | |||||
Network Rail Infrastructure Finance plc, (United Kingdom), Reg. S, 4.38%, 12/09/2030 | GBP | 190 | 242 | |||||
OeBB-Infrastruktur AG, (Austria), | ||||||||
2.25%, 05/28/2029 | EUR | 325 | 338 | |||||
3.00%, 10/24/2033 | EUR | 200 | 216 | |||||
Reg. S, 3.38%, 05/18/2032 | EUR | 4 | 4 | |||||
Reg. S, 3.88%, 06/30/2025 | EUR | 80 | 88 | |||||
Ryder System, Inc., 5.65%, 03/01/2028 | 110 | 111 | ||||||
Union Pacific Corp., | ||||||||
2.97%, 09/16/2062 | 150 | 99 | ||||||
3.60%, 09/15/2037 | 50 | 44 | ||||||
3.75%, 02/05/2070 | 5 | 4 | ||||||
3.80%, 04/06/2071 | 10 | 7 | ||||||
United Parcel Service, Inc., | ||||||||
1.50%, 11/15/2032 | EUR | 1,125 | 1,011 | |||||
5.05%, 03/03/2053 | 520 | 532 | ||||||
|
|
|||||||
44,550 | ||||||||
|
|
|||||||
Trucking & Leasing 0.0% (g) | ||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp., | ||||||||
4.40%, 07/01/2027 (e) | 730 | 700 | ||||||
5.55%, 05/01/2028 (e) | 1,135 | 1,132 | ||||||
|
|
|||||||
1,832 | ||||||||
|
|
|||||||
Total Industrial | 263,546 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Technology 0.9% | ||||||||
Computers 0.3% | ||||||||
Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030 | 1,135 | 956 | ||||||
Apple, Inc., | ||||||||
1.20%, 02/08/2028 | 295 | 260 | ||||||
1.38%, 05/24/2029 | EUR | 100 | 98 | |||||
1.40%, 08/05/2028 | 30 | 26 | ||||||
1.63%, 11/10/2026 | EUR | 1,125 | 1,157 | |||||
1.65%, 05/11/2030 | 250 | 213 | ||||||
2.38%, 02/08/2041 | 85 | 63 | ||||||
2.55%, 08/20/2060 | 15 | 10 | ||||||
2.65%, 05/11/2050 | 25 | 18 | ||||||
2.65%, 02/08/2051 | 30 | 21 | ||||||
2.80%, 02/08/2061 | 20 | 13 | ||||||
2.85%, 08/05/2061 | 40 | 27 | ||||||
3.05%, 07/31/2029 | GBP | 425 | 492 | |||||
3.25%, 02/23/2026 | 50 | 49 | ||||||
3.25%, 08/08/2029 | 1,020 | 975 | ||||||
3.35%, 02/09/2027 | 15 | 15 | ||||||
3.75%, 09/12/2047 | 1,000 | 871 | ||||||
3.95%, 08/08/2052 | 285 | 254 | ||||||
4.10%, 08/08/2062 | 425 | 377 | ||||||
Capgemini SE, (France), Reg. S, 0.63%, 06/23/2025 | EUR | 100 | 102 | |||||
CGI, Inc., (Canada), | ||||||||
1.45%, 09/14/2026 | 60 | 54 | ||||||
2.30%, 09/14/2031 | 540 | 426 | ||||||
Dell Bank International DAC, (Ireland), | ||||||||
Reg. S, 0.50%, 10/27/2026 | EUR | 1,000 | 962 | |||||
Reg. S, 4.50%, 10/18/2027 | EUR | 1,000 | 1,106 | |||||
Fortinet, Inc., 2.20%, 03/15/2031 | 35 | 29 | ||||||
Genpact Luxembourg Sarl, (Luxembourg), 3.38%, 12/01/2024 | 1,400 | 1,356 | ||||||
Hewlett Packard Enterprise Co., | ||||||||
5.90%, 10/01/2024 | 220 | 223 | ||||||
6.10%, 04/01/2026 | 220 | 222 | ||||||
6.35%, 10/15/2045 | 90 | 94 | ||||||
International Business Machines Corp., | ||||||||
1.25%, 02/09/2034 | EUR | 1,000 | 837 | |||||
2.20%, 02/09/2027 | 200 | 185 | ||||||
2.72%, 02/09/2032 | 100 | 86 | ||||||
3.30%, 05/15/2026 | 1,060 | 1,021 | ||||||
3.63%, 02/06/2031 | EUR | 1,700 | 1,840 | |||||
4.00%, 07/27/2025 | 300 | 296 | ||||||
4.00%, 02/06/2043 | EUR | 5,000 | 5,325 | |||||
4.25%, 05/15/2049 | 390 | 334 | ||||||
4.88%, 02/06/2038 | GBP | 1,000 | 1,188 | |||||
4.90%, 07/27/2052 | 450 | 418 | ||||||
Kyndryl Holdings, Inc., | ||||||||
2.05%, 10/15/2026 | 20 | 18 | ||||||
4.10%, 10/15/2041 | 50 | 33 | ||||||
NetApp, Inc., 1.88%, 06/22/2025 | 1,700 | 1,584 | ||||||
Teledyne FLIR LLC, 2.50%, 08/01/2030 | 1,910 | 1,606 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Computers continued | ||||||||
Teleperformance, (France), | ||||||||
Reg. S, 0.25%, 11/26/2027 | EUR | 500 | 455 | |||||
Reg. S, 1.88%, 07/02/2025 | EUR | 200 | 203 | |||||
Reg. S, 3.75%, 06/24/2029 | EUR | 1,000 | 1,030 | |||||
|
|
|||||||
26,928 | ||||||||
|
|
|||||||
Office/Business & Equipment 0.0% (g) | ||||||||
CDW LLC / CDW Finance Corp., | ||||||||
2.67%, 12/01/2026 | 985 | 886 | ||||||
3.28%, 12/01/2028 | 342 | 301 | ||||||
3.57%, 12/01/2031 | 262 | 225 | ||||||
4.13%, 05/01/2025 | 1,915 | 1,857 | ||||||
|
|
|||||||
3,269 | ||||||||
|
|
|||||||
Semiconductors 0.3% | ||||||||
Analog Devices, Inc., | ||||||||
1.70%, 10/01/2028 | 200 | 174 | ||||||
2.95%, 10/01/2051 | 250 | 182 | ||||||
3.45%, 06/15/2027 (e) | 270 | 261 | ||||||
Applied Materials, Inc., 3.30%, 04/01/2027 | 55 | 53 | ||||||
ASML Holding NV, (Netherlands), | ||||||||
Reg. S, 0.25%, 02/25/2030 | EUR | 1,000 | 877 | |||||
Reg. S, 0.63%, 05/07/2029 | EUR | 1,200 | 1,107 | |||||
Reg. S, 1.38%, 07/07/2026 | EUR | 2,000 | 2,048 | |||||
Reg. S, 1.63%, 05/28/2027 | EUR | 2,750 | 2,800 | |||||
Broadcom Corp. / Broadcom Cayman Finance Ltd., (Multinational), 3.88%, 01/15/2027 | 90 | 87 | ||||||
Broadcom, Inc., | ||||||||
3.14%, 11/15/2035 (e) | 3,335 | 2,562 | ||||||
3.15%, 11/15/2025 | 217 | 207 | ||||||
3.19%, 11/15/2036 (e) | 1,220 | 925 | ||||||
3.42%, 04/15/2033 (e) | 93 | 78 | ||||||
3.46%, 09/15/2026 | 1,320 | 1,260 | ||||||
3.47%, 04/15/2034 (e) | 100 | 82 | ||||||
3.50%, 02/15/2041 (e) | 635 | 478 | ||||||
3.75%, 02/15/2051 (e) | 65 | 48 | ||||||
4.00%, 04/15/2029 (e) | 475 | 444 | ||||||
4.11%, 09/15/2028 | 20 | 19 | ||||||
4.15%, 04/15/2032 (e) | 400 | 364 | ||||||
4.93%, 05/15/2037 (e) | 200 | 182 | ||||||
Infineon Technologies AG, (Germany), | ||||||||
Reg. S, 0.63%, 02/17/2025 | EUR | 2,000 | 2,053 | |||||
Reg. S, 1.13%, 06/24/2026 | EUR | 1,400 | 1,404 | |||||
Reg. S, 1.63%, 06/24/2029 | EUR | 1,000 | 962 | |||||
Reg. S, 2.00%, 06/24/2032 | EUR | 2,000 | 1,855 | |||||
Intel Corp., | ||||||||
4.88%, 02/10/2026 (jj) | 1,130 | 1,144 | ||||||
5.63%, 02/10/2043 | 225 | 230 | ||||||
5.70%, 02/10/2053 | 785 | 798 | ||||||
5.90%, 02/10/2063 | 295 | 303 | ||||||
Microchip Technology, Inc., 4.25%, 09/01/2025 | 3,680 | 3,616 | ||||||
NVIDIA Corp., 3.70%, 04/01/2060 | 10 | 8 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Semiconductors continued | ||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), | ||||||||
3.40%, 05/01/2030 | 1,000 | 898 | ||||||
4.40%, 06/01/2027 | 590 | 583 | ||||||
NXP BV / NXP Funding LLC, (Multinational), 4.88%, 03/01/2024 | 95 | 94 | ||||||
Texas Instruments, Inc., | ||||||||
1.75%, 05/04/2030 | 59 | 50 | ||||||
2.70%, 09/15/2051 | 260 | 186 | ||||||
4.15%, 05/15/2048 | 17 | 16 | ||||||
|
|
|||||||
28,438 | ||||||||
|
|
|||||||
Software 0.3% | ||||||||
Activision Blizzard, Inc., 2.50%, 09/15/2050 | 70 | 47 | ||||||
Adobe, Inc., 2.30%, 02/01/2030 | 288 | 255 | ||||||
Electronic Arts, Inc., 2.95%, 02/15/2051 | 255 | 174 | ||||||
Fidelity National Information Services, Inc., | ||||||||
3.10%, 03/01/2041 | 180 | 125 | ||||||
3.36%, 05/21/2031 | GBP | 100 | 108 | |||||
Fiserv, Inc., | ||||||||
3.00%, 07/01/2031 | GBP | 8,000 | 8,354 | |||||
3.50%, 07/01/2029 | 170 | 157 | ||||||
4.40%, 07/01/2049 | 135 | 114 | ||||||
5.45%, 03/02/2028 | 360 | 368 | ||||||
5.60%, 03/02/2033 | 315 | 327 | ||||||
Intuit, Inc., 1.65%, 07/15/2030 | 18 | 15 | ||||||
Microsoft Corp., | ||||||||
2.53%, 06/01/2050 | 1,160 | 817 | ||||||
2.68%, 06/01/2060 | 535 | 368 | ||||||
3.04%, 03/17/2062 | 30 | 22 | ||||||
Oracle Corp., | ||||||||
1.65%, 03/25/2026 | 155 | 142 | ||||||
2.30%, 03/25/2028 | 900 | 804 | ||||||
2.95%, 04/01/2030 | 300 | 265 | ||||||
3.60%, 04/01/2050 | 1,365 | 963 | ||||||
3.65%, 03/25/2041 | 450 | 347 | ||||||
3.85%, 04/01/2060 | 105 | 73 | ||||||
3.90%, 05/15/2035 | 285 | 249 | ||||||
3.95%, 03/25/2051 | 270 | 201 | ||||||
4.00%, 07/15/2046 | 325 | 248 | ||||||
4.10%, 03/25/2061 | 490 | 358 | ||||||
4.65%, 05/06/2030 | 115 | 112 | ||||||
4.90%, 02/06/2033 | 835 | 817 | ||||||
5.55%, 02/06/2053 | 670 | 636 | ||||||
6.90%, 11/09/2052 | 745 | 831 | ||||||
Sage Group plc (The), (United Kingdom), | ||||||||
Reg. S, 1.63%, 02/25/2031 | GBP | 2,000 | 1,910 | |||||
Reg. S, 2.88%, 02/08/2034 | GBP | 3,500 | 3,466 | |||||
Reg. S, 3.82%, 02/15/2028 | EUR | 3,400 | 3,660 | |||||
SAP SE, (Germany), | ||||||||
Reg. S, 0.38%, 05/18/2029 | EUR | 5,000 | 4,592 | |||||
Reg. S, 1.00%, 04/01/2025 | EUR | 50 | 53 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Software continued | ||||||||
ServiceNow, Inc., 1.40%, 09/01/2030 | 15 | 12 | ||||||
VMware, Inc., 4.50%, 05/15/2025 | 235 | 232 | ||||||
Workday, Inc., 3.50%, 04/01/2027 | 450 | 430 | ||||||
|
|
|||||||
31,652 | ||||||||
|
|
|||||||
Total Technology | 90,287 | |||||||
|
|
|||||||
Utilities 3.6% | ||||||||
Electric 2.8% | ||||||||
A2A SpA, (Italy), | ||||||||
Reg. S, 1.00%, 07/16/2029 | EUR | 100 | 90 | |||||
Reg. S, 1.00%, 11/02/2033 | EUR | 100 | 78 | |||||
Reg. S, 1.63%, 10/19/2027 | EUR | 200 | 202 | |||||
Reg. S, 4.38%, 02/03/2034 | EUR | 100 | 107 | |||||
ACEA SpA, (Italy), | ||||||||
Reg. S, 0.50%, 04/06/2029 | EUR | 100 | 90 | |||||
Reg. S, 1.75%, 05/23/2028 | EUR | 130 | 129 | |||||
Reg. S, 2.63%, 07/15/2024 | EUR | 100 | 107 | |||||
Reg. S, 3.88%, 01/24/2031 | EUR | 200 | 214 | |||||
AEP Texas, Inc., | ||||||||
3.45%, 05/15/2051 | 10 | 7 | ||||||
4.70%, 05/15/2032 | 885 | 862 | ||||||
5.25%, 05/15/2052 | 10 | 10 | ||||||
Series I, 2.10%, 07/01/2030 | 2,600 | 2,159 | ||||||
AES Corp. (The), 2.45%, 01/15/2031 | 125 | 102 | ||||||
Alabama Power Co., | ||||||||
3.00%, 03/15/2052 | 60 | 41 | ||||||
3.75%, 09/01/2027 | 310 | 302 | ||||||
Alliander NV, (Netherlands), | ||||||||
Reg. S, 2.63%, 09/09/2027 | EUR | 400 | 422 | |||||
2.88%, 06/14/2024 | EUR | 100 | 108 | |||||
Ameren Corp., | ||||||||
2.50%, 09/15/2024 | 30 | 29 | ||||||
3.50%, 01/15/2031 | 10 | 9 | ||||||
Ameren Illinois Co., | ||||||||
1.55%, 11/15/2030 | 30 | 24 | ||||||
3.25%, 03/15/2050 | 1,200 | 889 | ||||||
5.90%, 12/01/2052 | 20 | 23 | ||||||
American Electric Power Co., Inc., | ||||||||
2.03%, 03/15/2024 | 90 | 87 | ||||||
2.30%, 03/01/2030 | 25 | 21 | ||||||
3.25%, 03/01/2050 | 20 | 14 | ||||||
5.95%, 11/01/2032 | 120 | 127 | ||||||
Amprion GmbH, (Germany), | ||||||||
Reg. S, 0.63%, 09/23/2033 | EUR | 1,500 | 1,197 | |||||
Reg. S, 3.97%, 09/22/2032 | EUR | 800 | 881 | |||||
Appalachian Power Co., | ||||||||
Series BB, 4.50%, 08/01/2032 | 150 | 144 | ||||||
Series Y, 4.50%, 03/01/2049 | 20 | 17 | ||||||
Series Z, 3.70%, 05/01/2050 | 45 | 35 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
Arizona Public Service Co., | ||||||||
2.20%, 12/15/2031 | 100 | 80 | ||||||
2.60%, 08/15/2029 | 84 | 73 | ||||||
3.35%, 05/15/2050 | 60 | 42 | ||||||
4.25%, 03/01/2049 | 10 | 8 | ||||||
Atlantic City Electric Co., 4.00%, 10/15/2028 | 50 | 48 | ||||||
Baltimore Gas and Electric Co., | ||||||||
2.90%, 06/15/2050 | 50 | 34 | ||||||
4.55%, 06/01/2052 | 300 | 273 | ||||||
Berkshire Hathaway Energy Co., | ||||||||
1.65%, 05/15/2031 | 400 | 320 | ||||||
2.85%, 05/15/2051 | 420 | 287 | ||||||
4.25%, 10/15/2050 | 15 | 13 | ||||||
4.60%, 05/01/2053 | 25 | 23 | ||||||
5.15%, 11/15/2043 | 60 | 59 | ||||||
Black Hills Corp., | ||||||||
2.50%, 06/15/2030 | 100 | 83 | ||||||
3.05%, 10/15/2029 | 20 | 17 | ||||||
3.88%, 10/15/2049 | 10 | 8 | ||||||
CenterPoint Energy Houston Electric LLC, | ||||||||
Series AD, 2.90%, 07/01/2050 | 45 | 31 | ||||||
Series AF, 3.35%, 04/01/2051 | 10 | 8 | ||||||
Series AH, 3.60%, 03/01/2052 | 10 | 8 | ||||||
Series AJ, 4.85%, 10/01/2052 | 100 | 97 | ||||||
CenterPoint Energy, Inc., | ||||||||
2.95%, 03/01/2030 | 45 | 39 | ||||||
4.25%, 11/01/2028 | 3 | 3 | ||||||
CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027 | EUR | 1,425 | 1,422 | |||||
Coentreprise de Transport dElectricite SA, (France), | ||||||||
Reg. S, 0.88%, 09/29/2024 | EUR | 100 | 104 | |||||
Reg. S, 1.50%, 07/29/2028 | EUR | 100 | 98 | |||||
Reg. S, 2.13%, 07/29/2032 | EUR | 100 | 93 | |||||
Commonwealth Edison Co., | ||||||||
3.00%, 03/01/2050 | 55 | 39 | ||||||
3.70%, 08/15/2028 | 10 | 10 | ||||||
4.00%, 03/01/2048 | 25 | 21 | ||||||
4.00%, 03/01/2049 | 10 | 8 | ||||||
4.35%, 11/15/2045 | 980 | 848 | ||||||
5.30%, 02/01/2053 | 10 | 10 | ||||||
Series 131, 2.75%, 09/01/2051 | 440 | 291 | ||||||
Series 132, 3.15%, 03/15/2032 | 200 | 179 | ||||||
Connecticut Light and Power Co. (The), Series A, 2.05%, 07/01/2031 | 905 | 751 | ||||||
Consolidated Edison Co. of New York, Inc., | ||||||||
3.20%, 12/01/2051 | 100 | 72 | ||||||
3.60%, 06/15/2061 | 210 | 157 | ||||||
3.85%, 06/15/2046 | 10 | 8 | ||||||
6.15%, 11/15/2052 | 60 | 67 | ||||||
Series 09-C, 5.50%, 12/01/2039 | 10 | 10 | ||||||
Series 20A, 3.35%, 04/01/2030 | 70 | 65 | ||||||
Series 20B, 3.95%, 04/01/2050 | 55 | 45 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
Series A, 4.13%, 05/15/2049 | 20 | 17 | ||||||
Series C, 3.00%, 12/01/2060 | 20 | 13 | ||||||
Series E, 4.65%, 12/01/2048 | 10 | 9 | ||||||
Constellation Energy Generation LLC, | ||||||||
5.60%, 06/15/2042 | 70 | 69 | ||||||
5.80%, 03/01/2033 | 20 | 21 | ||||||
Consumers Energy Co., | ||||||||
2.50%, 05/01/2060 | 10 | 6 | ||||||
3.10%, 08/15/2050 | 30 | 22 | ||||||
3.25%, 08/15/2046 | 1,100 | 820 | ||||||
3.75%, 02/15/2050 | 25 | 20 | ||||||
4.20%, 09/01/2052 | 200 | 175 | ||||||
Dominion Energy South Carolina, Inc., 4.60%, 06/15/2043 | 1,400 | 1,293 | ||||||
Dominion Energy, Inc., | ||||||||
3.90%, 10/01/2025 | 220 | 214 | ||||||
4.25%, 06/01/2028 | 20 | 19 | ||||||
Series A, 4.35%, 08/15/2032 | 200 | 191 | ||||||
Series A, 4.60%, 03/15/2049 | 10 | 9 | ||||||
Series B, 4.85%, 08/15/2052 | 245 | 221 | ||||||
Series C, 3.38%, 04/01/2030 | 20 | 18 | ||||||
DTE Electric Co., | ||||||||
2.95%, 03/01/2050 | 25 | 18 | ||||||
3.70%, 03/15/2045 | 1,100 | 888 | ||||||
3.95%, 03/01/2049 | 10 | 8 | ||||||
Series B, 3.25%, 04/01/2051 | 130 | 96 | ||||||
DTE Energy Co., | ||||||||
2.85%, 10/01/2026 | 250 | 234 | ||||||
Series C, 3.40%, 06/15/2029 | 19 | 17 | ||||||
Duke Energy Carolinas LLC, | ||||||||
3.55%, 03/15/2052 | 60 | 47 | ||||||
3.95%, 11/15/2028 | 40 | 39 | ||||||
5.30%, 02/15/2040 | 10 | 10 | ||||||
5.35%, 01/15/2053 | 65 | 67 | ||||||
Duke Energy Corp., | ||||||||
0.90%, 09/15/2025 | 40 | 36 | ||||||
2.45%, 06/01/2030 | 110 | 94 | ||||||
2.55%, 06/15/2031 | 10 | 8 | ||||||
2.65%, 09/01/2026 | 30 | 28 | ||||||
3.10%, 06/15/2028 | EUR | 2,150 | 2,220 | |||||
3.50%, 06/15/2051 | 10 | 7 | ||||||
3.75%, 09/01/2046 | 10 | 8 | ||||||
3.85%, 06/15/2034 | EUR | 2,200 | 2,228 | |||||
4.20%, 06/15/2049 | 20 | 16 | ||||||
4.30%, 03/15/2028 | 100 | 98 | ||||||
4.50%, 08/15/2032 | 450 | 435 | ||||||
5.00%, 08/15/2052 | 120 | 111 | ||||||
Duke Energy Florida LLC, | ||||||||
3.00%, 12/15/2051 | 20 | 14 | ||||||
4.20%, 07/15/2048 | 10 | 9 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
Duke Energy Indiana LLC, | ||||||||
2.75%, 04/01/2050 | 20 | 13 | ||||||
5.40%, 04/01/2053 | 20 | 21 | ||||||
Series YYY, 3.25%, 10/01/2049 | 40 | 29 | ||||||
Duke Energy Ohio, Inc., | ||||||||
2.13%, 06/01/2030 | 30 | 25 | ||||||
3.65%, 02/01/2029 | 10 | 9 | ||||||
4.30%, 02/01/2049 | 80 | 68 | ||||||
Duke Energy Progress LLC, | ||||||||
3.40%, 04/01/2032 | 290 | 263 | ||||||
4.00%, 04/01/2052 | 150 | 124 | ||||||
E.ON International Finance BV, (Netherlands), Reg. S, 6.13%, 07/06/2039 | GBP | 650 | 836 | |||||
E.ON SE, (Germany), | ||||||||
Reg. S, 1.00%, 10/07/2025 | EUR | 100 | 103 | |||||
Reg. S, 3.50%, 01/12/2028 | EUR | 11,000 | 11,958 | |||||
EDP - Energias de Portugal SA, (Portugal), Reg. S, 1.63%, 04/15/2027 | EUR | 200 | 200 | |||||
EDP Finance BV, (Netherlands), Reg. S, 2.00%, 04/22/2025 | EUR | 1,300 | 1,374 | |||||
Electricite de France SA, (France), | ||||||||
Reg. S, 1.00%, 10/13/2026 | EUR | 600 | 600 | |||||
Reg. S, 1.00%, 11/29/2033 | EUR | 100 | 77 | |||||
Reg. S, 1.88%, 10/13/2036 | EUR | 200 | 161 | |||||
Reg. S, 2.00%, 12/09/2049 | EUR | 700 | 458 | |||||
Reg. S, 4.25%, 01/25/2032 | EUR | 400 | 430 | |||||
Reg. S, 4.63%, 01/25/2043 | EUR | 100 | 102 | |||||
Reg. S, 4.75%, 10/12/2034 | EUR | 1,600 | 1,748 | |||||
Reg. S, 5.13%, 09/22/2050 | GBP | 800 | 836 | |||||
Reg. S, 5.50%, 03/27/2037 | GBP | 500 | 580 | |||||
Reg. S, 5.50%, 10/17/2041 | GBP | 1,000 | 1,131 | |||||
Reg. S, (ICE Swap Rate GBP SONIA 15 Year + 3.32%), 5.88%, 01/22/2029 (x) (aa) | GBP | 300 | 306 | |||||
5.88%, 07/18/2031 | GBP | 465 | 578 | |||||
Reg. S, 6.00%, 01/23/2114 | GBP | 600 | 677 | |||||
Reg. S, 6.13%, 06/02/2034 | GBP | 600 | 753 | |||||
Reg. S, 6.25%, 05/30/2028 | GBP | 3,000 | 3,811 | |||||
Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033 | EUR | 5,400 | 5,822 | |||||
Emera US Finance LP, 2.64%, 06/15/2031 | 110 | 88 | ||||||
EnBW Energie Baden-Wuerttemberg AG, (Germany), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa) | EUR | 100 | 84 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa) | EUR | 100 | 90 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.88%, 06/29/2080 (aa) | EUR | 100 | 96 | |||||
EnBW International Finance BV, (Netherlands), | ||||||||
Reg. S, 0.13%, 03/01/2028 | EUR | 182 | 171 | |||||
Reg. S, 0.50%, 03/01/2033 | EUR | 97 | 76 | |||||
Reg. S, 0.63%, 04/17/2025 | EUR | 200 | 206 | |||||
Reg. S, 3.50%, 07/24/2028 | EUR | 120 | 129 | |||||
Reg. S, 4.00%, 01/24/2035 | EUR | 100 | 107 | |||||
Reg. S, 6.13%, 07/07/2039 | EUR | 40 | 51 | |||||
Enel Finance International NV, (Netherlands), | ||||||||
Reg. S, 0.00%, 06/17/2024 | EUR | 4,375 | 4,548 | |||||
Reg. S, 0.00%, 05/28/2026 | EUR | 1,000 | 969 | |||||
Reg. S, 0.38%, 06/17/2027 | EUR | 1,000 | 943 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
Reg. S, 0.38%, 05/28/2029 | EUR | 1,000 | 883 | |||||
Reg. S, 0.50%, 06/17/2030 | EUR | 1,000 | 850 | |||||
Reg. S, 0.88%, 09/28/2034 | EUR | 3,000 | 2,258 | |||||
Reg. S, 0.88%, 06/17/2036 | EUR | 1,500 | 1,070 | |||||
Reg. S, 1.00%, 09/16/2024 | EUR | 1,000 | 1,047 | |||||
Reg. S, 1.50%, 07/21/2025 | EUR | 2,000 | 2,079 | |||||
2.25%, 07/12/2031 (e) | 300 | 234 | ||||||
2.65%, 09/10/2024 (e) | 3,500 | 3,377 | ||||||
3.50%, 04/06/2028 (e) | 1,700 | 1,560 | ||||||
Reg. S, 4.50%, 02/20/2043 | EUR | 6,000 | 6,209 | |||||
5.00%, 06/15/2032 (e) | 940 | 883 | ||||||
7.50%, 10/14/2032 (e) | 1,185 | 1,323 | ||||||
Enel SpA, (Italy), Series 635, Reg. S, (EUR Swap Rate 5 Year + 2.58%), 3.38%, 08/24/2026 (x) (aa) | EUR | 5,000 | 4,921 | |||||
e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041 | EUR | 20 | 28 | |||||
Enexis Holding NV, (Netherlands), | ||||||||
Reg. S, 0.75%, 07/02/2031 | EUR | 134 | 118 | |||||
Reg. S, 0.88%, 04/28/2026 | EUR | 100 | 101 | |||||
Engie SA, (France), | ||||||||
Reg. S, 0.38%, 06/21/2027 | EUR | 1,000 | 957 | |||||
Reg. S, 0.38%, 10/26/2029 | EUR | 1,000 | 883 | |||||
Reg. S, 1.00%, 10/26/2036 | EUR | 1,000 | 745 | |||||
Reg. S, 1.38%, 03/27/2025 | EUR | 1,000 | 1,041 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.88%), 1.50%, 05/30/2028 (x) (aa) | EUR | 3,000 | 2,619 | |||||
Reg. S, (EUR Swap Rate 5 Year + 1.84%), 1.63%, 04/08/2025 (x) (aa) | EUR | 1,000 | 998 | |||||
Reg. S, 1.75%, 03/27/2028 | EUR | 3,000 | 2,994 | |||||
Reg. S, 2.00%, 09/28/2037 | EUR | 1,000 | 834 | |||||
Reg. S, 2.38%, 05/19/2026 | EUR | 3,000 | 3,160 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.17%), 3.25%, 11/28/2024 (x) (aa) | EUR | 1,800 | 1,886 | |||||
Reg. S, 5.00%, 10/01/2060 | GBP | 4,000 | 4,544 | |||||
Reg. S, 7.00%, 10/30/2028 | GBP | 2,000 | 2,676 | |||||
Entergy Arkansas LLC, 4.20%, 04/01/2049 | 10 | 8 | ||||||
Entergy Corp., | ||||||||
0.90%, 09/15/2025 | 230 | 207 | ||||||
3.75%, 06/15/2050 | 30 | 23 | ||||||
Entergy Louisiana LLC, | ||||||||
1.60%, 12/15/2030 (jj) | 2,300 | 1,818 | ||||||
2.35%, 06/15/2032 | 30 | 25 | ||||||
2.90%, 03/15/2051 | 30 | 20 | ||||||
3.12%, 09/01/2027 (jj) | 2,500 | 2,336 | ||||||
3.25%, 04/01/2028 | 10 | 9 | ||||||
4.20%, 09/01/2048 | 10 | 9 | ||||||
Entergy Texas, Inc., | ||||||||
4.00%, 03/30/2029 | 15 | 15 | ||||||
5.00%, 09/15/2052 | 200 | 193 | ||||||
ESB Finance DAC, (Ireland), | ||||||||
Reg. S, 1.88%, 06/14/2031 | EUR | 224 | 214 | |||||
Reg. S, 2.13%, 06/08/2027 | EUR | 100 | 102 | |||||
Reg. S, 3.75%, 01/25/2043 | EUR | 100 | 103 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
Evergy Kansas Central, Inc., | ||||||||
3.45%, 04/15/2050 | 55 | 41 | ||||||
5.70%, 03/15/2053 | 40 | 42 | ||||||
Evergy Metro, Inc., | ||||||||
4.20%, 03/15/2048 | 10 | 8 | ||||||
Series 2019, 4.13%, 04/01/2049 | 20 | 17 | ||||||
Series 2020, 2.25%, 06/01/2030 | 150 | 127 | ||||||
Evergy, Inc., 2.45%, 09/15/2024 | 3,000 | 2,872 | ||||||
Eversource Energy, | ||||||||
3.38%, 03/01/2032 | 300 | 269 | ||||||
3.45%, 01/15/2050 | 30 | 23 | ||||||
4.20%, 06/27/2024 | 85 | 84 | ||||||
4.60%, 07/01/2027 | 100 | 100 | ||||||
Series R, 1.65%, 08/15/2030 | 1,410 | 1,134 | ||||||
EWE AG, (Germany), Reg. S, 0.38%, 10/22/2032 | EUR | 90 | 71 | |||||
Exelon Corp., | ||||||||
2.75%, 03/15/2027 | 200 | 188 | ||||||
4.05%, 04/15/2030 | 10 | 9 | ||||||
4.10%, 03/15/2052 | 20 | 16 | ||||||
4.45%, 04/15/2046 | 10 | 9 | ||||||
4.70%, 04/15/2050 | 10 | 9 | ||||||
FirstEnergy Transmission LLC, 4.35%, 01/15/2025 (e) | 1,100 | 1,083 | ||||||
Florida Power & Light Co., | ||||||||
2.45%, 02/03/2032 | 200 | 171 | ||||||
2.88%, 12/04/2051 | 235 | 164 | ||||||
3.15%, 10/01/2049 | 20 | 15 | ||||||
3.95%, 03/01/2048 | 500 | 429 | ||||||
4.13%, 06/01/2048 | 20 | 17 | ||||||
5.30%, 04/01/2053 | 180 | 190 | ||||||
FLUVIUS System Operator CVBA, (Belgium), | ||||||||
Reg. S, 0.63%, 11/24/2031 | EUR | 100 | 85 | |||||
Reg. S, 4.00%, 07/06/2032 | EUR | 200 | 223 | |||||
Fortum OYJ, (Finland), Reg. S, 2.13%, 02/27/2029 | EUR | 100 | 98 | |||||
Georgia Power Co., | ||||||||
4.70%, 05/15/2032 | 2,350 | 2,326 | ||||||
5.13%, 05/15/2052 | 270 | 263 | ||||||
Series A, 3.25%, 03/15/2051 | 20 | 14 | ||||||
Series B, 3.70%, 01/30/2050 | 60 | 47 | ||||||
Hera SpA, (Italy), | ||||||||
Reg. S, 0.25%, 12/03/2030 | EUR | 160 | 129 | |||||
Reg. S, 1.00%, 04/25/2034 | EUR | 200 | 157 | |||||
Iberdrola Finanzas SA, (Spain), Reg. S, 1.25%, 10/28/2026 | EUR | 2,000 | 2,030 | |||||
Iberdrola International BV, (Netherlands), | ||||||||
Series NC5, Reg. S, (EUR Swap Rate 5 Year + 2.32%), 1.87%, 01/28/2026 (x) (aa) | EUR | 3,000 | 2,922 | |||||
Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa) | EUR | 2,000 | 1,765 | |||||
Ignitis Grupe AB, (Lithuania), Reg. S, 2.00%, 05/21/2030 | EUR | 110 | 100 | |||||
Interstate Power and Light Co., 3.50%, 09/30/2049 | 110 | 82 | ||||||
Iren SpA, (Italy), Reg. S, 1.00%, 07/01/2030 | EUR | 550 | 482 | |||||
ITC Holdings Corp., 4.95%, 09/22/2027 (e) | 1,170 | 1,176 | ||||||
Kentucky Utilities Co., 3.30%, 06/01/2050 | 25 | 18 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
MidAmerican Energy Co., | ||||||||
2.70%, 08/01/2052 | 15 | 10 | ||||||
3.10%, 05/01/2027 | 10 | 10 | ||||||
6.75%, 12/30/2031 | 10 | 11 | ||||||
Mississippi Power Co., Series B, 3.10%, 07/30/2051 | 40 | 27 | ||||||
Narragansett Electric Co. (The), 3.40%, 04/09/2030 (e) | 200 | 183 | ||||||
National Grid Electricity Distribution East Midlands plc, (United Kingdom), | ||||||||
Reg. S, 3.53%, 09/20/2028 | EUR | 3,000 | 3,194 | |||||
Reg. S, 3.95%, 09/20/2032 | EUR | 2,000 | 2,122 | |||||
Reg. S, 6.25%, 12/10/2040 | GBP | 1,000 | 1,337 | |||||
National Grid Electricity Distribution South Wales plc, (United Kingdom), Series WALE, 5.75%, 03/23/2040 | GBP | 2,000 | 2,533 | |||||
National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027 | GBP | 20 | 25 | |||||
National Grid Electricity Transmission plc, (United Kingdom), | ||||||||
Reg. S, 0.19%, 01/20/2025 | EUR | 1,000 | 1,020 | |||||
Reg. S, 2.00%, 04/17/2040 | GBP | 425 | 329 | |||||
National Grid plc, (United Kingdom), | ||||||||
Reg. S, 0.25%, 09/01/2028 | EUR | 1,000 | 896 | |||||
Reg. S, 0.55%, 09/18/2029 | EUR | 3,075 | 2,688 | |||||
Reg. S, 2.18%, 06/30/2026 | EUR | 3,925 | 4,076 | |||||
National Rural Utilities Cooperative Finance Corp., | ||||||||
1.00%, 06/15/2026 | 200 | 177 | ||||||
1.35%, 03/15/2031 | 80 | 62 | ||||||
3.45%, 06/15/2025 | 110 | 107 | ||||||
4.30%, 03/15/2049 | 20 | 17 | ||||||
Naturgy Finance BV, (Netherlands), | ||||||||
Reg. S, 0.75%, 11/28/2029 | EUR | 1,000 | 900 | |||||
Reg. S, 0.88%, 05/15/2025 | EUR | 1,000 | 1,024 | |||||
Reg. S, 1.25%, 01/15/2026 | EUR | 3,900 | 3,953 | |||||
Reg. S, 1.25%, 04/19/2026 | EUR | 1,000 | 1,008 | |||||
Reg. S, 1.38%, 01/19/2027 | EUR | 1,200 | 1,196 | |||||
Reg. S, 1.50%, 01/29/2028 | EUR | 1,200 | 1,182 | |||||
Reg. S, 1.88%, 10/05/2029 | EUR | 1,000 | 966 | |||||
Nevada Power Co., | ||||||||
Series DD, 2.40%, 05/01/2030 | 100 | 87 | ||||||
Series EE, 3.13%, 08/01/2050 | 30 | 21 | ||||||
NextEra Energy Capital Holdings, Inc., | ||||||||
2.25%, 06/01/2030 | 1,280 | 1,081 | ||||||
2.75%, 11/01/2029 | 35 | 31 | ||||||
3.00%, 01/15/2052 | 100 | 67 | ||||||
4.26%, 09/01/2024 | 2,065 | 2,045 | ||||||
4.63%, 07/15/2027 | 200 | 200 | ||||||
5.25%, 02/28/2053 | 850 | 837 | ||||||
6.05%, 03/01/2025 | 610 | 620 | ||||||
NIE Finance plc, (United Kingdom), Reg. S, 5.88%, 12/01/2032 | GBP | 100 | 130 | |||||
Northern Powergrid Yorkshire plc, (United Kingdom), Reg. S, 5.13%, 05/04/2035 | GBP | 150 | 184 | |||||
Northern States Power Co., | ||||||||
2.25%, 04/01/2031 | 1,450 | 1,229 | ||||||
2.60%, 06/01/2051 | 35 | 23 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
3.20%, 04/01/2052 | 30 | 22 | ||||||
4.50%, 06/01/2052 | 10 | 9 | ||||||
NRG Energy, Inc., | ||||||||
2.00%, 12/02/2025 (e) | 2,150 | 1,934 | ||||||
2.45%, 12/02/2027 (e) | 2,275 | 1,943 | ||||||
NSTAR Electric Co., | ||||||||
3.10%, 06/01/2051 | 30 | 21 | ||||||
4.55%, 06/01/2052 | 470 | 437 | ||||||
Oglethorpe Power Corp., 5.05%, 10/01/2048 | 90 | 82 | ||||||
Ohio Power Co., Series R, 2.90%, 10/01/2051 | 15 | 10 | ||||||
Oklahoma Gas and Electric Co., | ||||||||
4.15%, 04/01/2047 | 920 | 771 | ||||||
5.60%, 04/01/2053 (w) | 10 | 10 | ||||||
Oncor Electric Delivery Co. LLC, | ||||||||
3.10%, 09/15/2049 | 50 | 36 | ||||||
3.70%, 05/15/2050 | 5 | 4 | ||||||
4.60%, 06/01/2052 | 15 | 14 | ||||||
4.95%, 09/15/2052 | 150 | 148 | ||||||
Origin Energy Finance Ltd., (Australia), Reg. S, 1.00%, 09/17/2029 | EUR | 5,500 | 5,569 | |||||
Orsted A/S, (Denmark), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 1.86%), 1.50%, 02/18/3021 (aa) | EUR | 5,000 | 3,952 | |||||
Reg. S, 2.13%, 05/17/2027 | GBP | 5,000 | 5,574 | |||||
Reg. S, 2.25%, 06/14/2028 | EUR | 1,000 | 1,021 | |||||
Reg. S, 5.75%, 04/09/2040 | GBP | 425 | 544 | |||||
Reg. S, (EUR Swap Rate 5 Year + 4.75%), 6.25%, 06/26/3013 (aa) | EUR | 119 | 128 | |||||
Pacific Gas and Electric Co., | ||||||||
3.15%, 01/01/2026 | 335 | 312 | ||||||
3.25%, 06/01/2031 | 40 | 34 | ||||||
3.50%, 08/01/2050 | 40 | 26 | ||||||
3.75%, 07/01/2028 | 10 | 9 | ||||||
3.95%, 12/01/2047 | 900 | 638 | ||||||
4.50%, 07/01/2040 | 300 | 246 | ||||||
4.55%, 07/01/2030 | 30 | 28 | ||||||
4.95%, 07/01/2050 | 50 | 41 | ||||||
5.25%, 03/01/2052 | 100 | 85 | ||||||
6.70%, 04/01/2053 | 155 | 159 | ||||||
6.75%, 01/15/2053 | 50 | 52 | ||||||
PacifiCorp., | ||||||||
2.90%, 06/15/2052 | 740 | 505 | ||||||
3.30%, 03/15/2051 | 1,400 | 1,028 | ||||||
4.15%, 02/15/2050 | 15 | 13 | ||||||
5.35%, 12/01/2053 | 95 | 97 | ||||||
PECO Energy Co., | ||||||||
2.80%, 06/15/2050 | 50 | 34 | ||||||
3.05%, 03/15/2051 | 435 | 307 | ||||||
4.60%, 05/15/2052 | 385 | 358 | ||||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031 | EUR | 1,000 | 814 | |||||
PPL Capital Funding, Inc., 4.13%, 04/15/2030 | 330 | 310 | ||||||
PPL Electric Utilities Corp., 5.25%, 05/15/2053 | 90 | 93 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
Public Service Co. of Colorado, | ||||||||
5.25%, 04/01/2053 (w) | 50 | 51 | ||||||
Series 36, 2.70%, 01/15/2051 | 10 | 7 | ||||||
Series 38, 4.10%, 06/01/2032 | 200 | 192 | ||||||
Series 39, 4.50%, 06/01/2052 | 160 | 146 | ||||||
Public Service Electric and Gas Co., | ||||||||
1.90%, 08/15/2031 | 35 | 28 | ||||||
2.05%, 08/01/2050 | 60 | 35 | ||||||
2.45%, 01/15/2030 | 20 | 18 | ||||||
3.10%, 03/15/2032 | 300 | 268 | ||||||
3.65%, 09/01/2028 | 120 | 115 | ||||||
3.85%, 05/01/2049 | 10 | 8 | ||||||
Public Service Enterprise Group, Inc., 0.80%, 08/15/2025 | 3,000 | 2,745 | ||||||
Puget Energy, Inc., | ||||||||
2.38%, 06/15/2028 | 1,040 | 915 | ||||||
4.10%, 06/15/2030 | 10 | 9 | ||||||
4.22%, 03/15/2032 | 200 | 183 | ||||||
Puget Sound Energy, Inc., | ||||||||
2.89%, 09/15/2051 | 10 | 7 | ||||||
3.25%, 09/15/2049 | 20 | 14 | ||||||
Red Electrica Financiaciones SAU, (Spain), Reg. S, 1.13%, 04/24/2025 | EUR | 200 | 208 | |||||
Ren Finance BV, (Netherlands), | ||||||||
Reg. S, 0.50%, 04/16/2029 | EUR | 1,000 | 911 | |||||
Reg. S, 1.75%, 01/18/2028 | EUR | 1,000 | 991 | |||||
RTE Reseau de Transport dElectricite SADIR, (France), | ||||||||
Reg. S, 1.13%, 07/08/2040 | EUR | 200 | 147 | |||||
Reg. S, 1.13%, 09/09/2049 | EUR | 100 | 65 | |||||
Reg. S, 1.50%, 09/27/2030 | EUR | 100 | 94 | |||||
Reg. S, 1.63%, 11/27/2025 | EUR | 300 | 311 | |||||
Reg. S, 2.00%, 04/18/2036 | EUR | 100 | 91 | |||||
RWE AG, (Germany), | ||||||||
Reg. S, 2.13%, 05/24/2026 | EUR | 2,000 | 2,076 | |||||
Reg. S, 2.75%, 05/24/2030 | EUR | 2,000 | 2,014 | |||||
Reg. S, 4.13%, 02/13/2035 | EUR | 2,225 | 2,358 | |||||
San Diego Gas & Electric Co., | ||||||||
4.15%, 05/15/2048 | 820 | 708 | ||||||
Series WWW, 2.95%, 08/15/2051 | 25 | 17 | ||||||
Series XXX, 3.00%, 03/15/2032 | 200 | 175 | ||||||
Scottish Hydro Electric Transmission plc, (United Kingdom), Reg. S, 2.13%, 03/24/2036 | GBP | 1,500 | 1,316 | |||||
Sempra Energy, | ||||||||
3.40%, 02/01/2028 | 10 | 9 | ||||||
3.70%, 04/01/2029 | 100 | 93 | ||||||
4.00%, 02/01/2048 | 10 | 8 | ||||||
Sierra Pacific Power Co., 2.60%, 05/01/2026 | 100 | 94 | ||||||
Southern California Edison Co., | ||||||||
2.75%, 02/01/2032 | 100 | 86 | ||||||
2.85%, 08/01/2029 | 10 | 9 | ||||||
3.45%, 02/01/2052 | 310 | 226 | ||||||
3.65%, 02/01/2050 | 80 | 61 | ||||||
4.00%, 04/01/2047 | 20 | 16 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
4.05%, 03/15/2042 | 900 | 746 | ||||||
6.05%, 03/15/2039 | 10 | 10 | ||||||
Series 20A, 2.95%, 02/01/2051 | 6 | 4 | ||||||
Series B, 3.65%, 03/01/2028 | 25 | 24 | ||||||
Series E, 3.70%, 08/01/2025 | 10 | 10 | ||||||
Series H, 3.65%, 06/01/2051 | 10 | 8 | ||||||
Southern Co. (The), | ||||||||
5.70%, 10/15/2032 | 100 | 105 | ||||||
Series 21-A, 0.60%, 02/26/2024 | 60 | 57 | ||||||
Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa) | 90 | 76 | ||||||
Series A, 3.70%, 04/30/2030 | 95 | 88 | ||||||
Southwestern Electric Power Co., | ||||||||
3.25%, 11/01/2051 | 325 | 225 | ||||||
5.30%, 04/01/2033 | 40 | 40 | ||||||
Series N, 1.65%, 03/15/2026 | 50 | 46 | ||||||
Southwestern Public Service Co., | ||||||||
3.70%, 08/15/2047 | 1,000 | 779 | ||||||
Series 8, 3.15%, 05/01/2050 | 60 | 43 | ||||||
SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031 | GBP | 100 | 100 | |||||
SSE plc, (United Kingdom), | ||||||||
Reg. S, 0.88%, 09/06/2025 | EUR | 2,000 | 2,038 | |||||
Reg. S, 1.25%, 04/16/2025 | EUR | 1,000 | 1,035 | |||||
Reg. S, 1.38%, 09/04/2027 | EUR | 1,000 | 999 | |||||
Reg. S, 1.75%, 04/16/2030 | EUR | 2,300 | 2,175 | |||||
Reg. S, 2.88%, 08/01/2029 | EUR | 2,325 | 2,417 | |||||
Reg. S, (EUR Swap Rate 5 Year + 3.42%), 3.13%, 04/14/2027 (x) (aa) | EUR | 3,000 | 2,935 | |||||
Reg. S, 6.25%, 08/27/2038 | GBP | 3,000 | 3,927 | |||||
State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032 | EUR | 500 | 409 | |||||
Statkraft A/S, (Norway), Reg. S, 1.50%, 03/26/2030 | EUR | 5,000 | 4,777 | |||||
Stedin Holding NV, (Netherlands), | ||||||||
Reg. S, 0.88%, 10/24/2025 | EUR | 100 | 101 | |||||
Reg. S, 1.38%, 09/19/2028 | EUR | 200 | 196 | |||||
Reg. S, 2.38%, 06/03/2030 | EUR | 100 | 101 | |||||
System Energy Resources, Inc., 6.00%, 04/15/2028 | 425 | 436 | ||||||
Tampa Electric Co., 4.30%, 06/15/2048 | 120 | 102 | ||||||
Tauron Polska Energia SA, (Poland), Reg. S, 2.38%, 07/05/2027 | EUR | 1,000 | 893 | |||||
TenneT Holding BV, (Netherlands), | ||||||||
Reg. S, 0.88%, 06/03/2030 | EUR | 120 | 112 | |||||
Reg. S, 1.00%, 06/13/2026 | EUR | 200 | 203 | |||||
Reg. S, 1.13%, 06/09/2041 | EUR | 100 | 77 | |||||
Reg. S, 1.38%, 06/26/2029 | EUR | 100 | 98 | |||||
Reg. S, 1.63%, 11/17/2026 | EUR | 450 | 466 | |||||
Reg. S, 2.00%, 06/05/2034 | EUR | 100 | 94 | |||||
Reg. S, 2.75%, 05/17/2042 | EUR | 100 | 95 | |||||
Reg. S, 4.50%, 10/28/2034 | EUR | 500 | 582 | |||||
Reg. S, 4.75%, 10/28/2042 | EUR | 100 | 117 | |||||
Terna - Rete Elettrica Nazionale, (Italy), | ||||||||
Reg. S, 0.13%, 07/25/2025 | EUR | 3,900 | 3,917 | |||||
Reg. S, 0.38%, 09/25/2030 | EUR | 825 | 698 | |||||
Reg. S, 0.75%, 07/24/2032 | EUR | 200 | 166 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Electric continued | ||||||||
Reg. S, 1.00%, 04/10/2026 | EUR | 4,000 | 4,050 | |||||
Reg. S, 1.00%, 10/11/2028 | EUR | 1,000 | 942 | |||||
Reg. S, 1.38%, 07/26/2027 | EUR | 2,125 | 2,113 | |||||
Tucson Electric Power Co., | ||||||||
1.50%, 08/01/2030 | 30 | 24 | ||||||
3.25%, 05/01/2051 | 10 | 7 | ||||||
4.00%, 06/15/2050 | 10 | 8 | ||||||
5.50%, 04/15/2053 | 30 | 30 | ||||||
Union Electric Co., | ||||||||
2.15%, 03/15/2032 | 50 | 41 | ||||||
2.63%, 03/15/2051 | 10 | 7 | ||||||
3.25%, 10/01/2049 | 40 | 29 | ||||||
3.90%, 04/01/2052 | 150 | 125 | ||||||
Vattenfall AB, (Sweden), Reg. S, 3.75%, 10/18/2026 | EUR | 6,000 | 6,577 | |||||
Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041 | EUR | 100 | 73 | |||||
Virginia Electric and Power Co., | ||||||||
2.95%, 11/15/2051 | 25 | 17 | ||||||
3.30%, 12/01/2049 | 50 | 37 | ||||||
Series B, 3.80%, 09/15/2047 | 60 | 48 | ||||||
Series C, 4.63%, 05/15/2052 | 90 | 81 | ||||||
Vistra Operations Co. LLC, 3.55%, 07/15/2024 (e) | 1,400 | 1,351 | ||||||
WEC Energy Group, Inc., | ||||||||
3.55%, 06/15/2025 | 47 | 45 | ||||||
5.00%, 09/27/2025 | 300 | 300 | ||||||
Wisconsin Electric Power Co., 1.70%, 06/15/2028 | 10 | 9 | ||||||
Wisconsin Power and Light Co., 3.00%, 07/01/2029 | 50 | 45 | ||||||
Wisconsin Public Service Corp., | ||||||||
2.85%, 12/01/2051 | 20 | 14 | ||||||
3.30%, 09/01/2049 | 55 | 41 | ||||||
Xcel Energy, Inc., | ||||||||
1.75%, 03/15/2027 | 100 | 90 | ||||||
3.40%, 06/01/2030 | 20 | 18 | ||||||
3.50%, 12/01/2049 | 20 | 15 | ||||||
4.60%, 06/01/2032 | 165 | 160 | ||||||
|
|
|||||||
266,943 | ||||||||
|
|
|||||||
Gas 0.5% | ||||||||
APA Infrastructure Ltd., (Australia), | ||||||||
Reg. S, 0.75%, 03/15/2029 | EUR | 4,800 | 4,250 | |||||
Reg. S, 1.25%, 03/15/2033 | EUR | 3,900 | 3,103 | |||||
Reg. S, 2.00%, 03/22/2027 | EUR | 2,000 | 1,992 | |||||
Reg. S, 2.00%, 07/15/2030 | EUR | 2,000 | 1,836 | |||||
Reg. S, 3.50%, 03/22/2030 | GBP | 2,430 | 2,600 | |||||
Atmos Energy Corp., | ||||||||
1.50%, 01/15/2031 | 1,630 | 1,299 | ||||||
2.63%, 09/15/2029 | 15 | 13 | ||||||
2.85%, 02/15/2052 | 5 | 3 | ||||||
3.38%, 09/15/2049 | 210 | 160 | ||||||
4.15%, 01/15/2043 | 10 | 9 | ||||||
5.75%, 10/15/2052 | 100 | 109 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Gas continued | ||||||||
Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038 | GBP | 1,725 | 1,459 | |||||
CenterPoint Energy Resources Corp., 4.40%, 07/01/2032 | 30 | 29 | ||||||
Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044 | GBP | 3,000 | 2,946 | |||||
Italgas SpA, (Italy), | ||||||||
Reg. S, 1.00%, 12/11/2031 | EUR | 1,125 | 965 | |||||
Reg. S, 1.13%, 03/14/2024 | EUR | 850 | 897 | |||||
National Fuel Gas Co., 5.50%, 01/15/2026 | 140 | 140 | ||||||
National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031 | GBP | 1,600 | 1,467 | |||||
National Grid North America, Inc., | ||||||||
Reg. S, 0.41%, 01/20/2026 | EUR | 2,500 | 2,476 | |||||
Reg. S, 1.00%, 07/12/2024 | EUR | 1,000 | 1,047 | |||||
Naturgy Capital Markets SA, (Spain), Reg. S, 1.13%, 04/11/2024 | EUR | 1,000 | 1,060 | |||||
Nederlandse Gasunie NV, (Netherlands), | ||||||||
Reg. S, 0.75%, 10/13/2036 | EUR | 100 | 74 | |||||
Reg. S, 3.38%, 07/11/2034 | EUR | 100 | 105 | |||||
NiSource, Inc., | ||||||||
0.95%, 08/15/2025 | 3,000 | 2,728 | ||||||
3.49%, 05/15/2027 | 130 | 123 | ||||||
3.60%, 05/01/2030 | 25 | 23 | ||||||
4.38%, 05/15/2047 | 15 | 13 | ||||||
4.80%, 02/15/2044 | 10 | 9 | ||||||
5.00%, 06/15/2052 | 110 | 104 | ||||||
ONE Gas, Inc., 4.25%, 09/01/2032 | 120 | 117 | ||||||
Piedmont Natural Gas Co., Inc., | ||||||||
2.50%, 03/15/2031 | 1,550 | 1,293 | ||||||
3.35%, 06/01/2050 | 15 | 11 | ||||||
5.05%, 05/15/2052 | 610 | 564 | ||||||
Redexis Gas Finance BV, (Netherlands), Reg. S, 1.88%, 05/28/2025 | EUR | 1,300 | 1,347 | |||||
Snam SpA, (Italy), | ||||||||
Reg. S, 0.00%, 08/15/2025 | EUR | 2,000 | 1,995 | |||||
Reg. S, 0.00%, 12/07/2028 | EUR | 500 | 437 | |||||
Reg. S, 0.63%, 06/30/2031 | EUR | 500 | 412 | |||||
Reg. S, 0.75%, 06/20/2029 | EUR | 3,175 | 2,835 | |||||
Reg. S, 0.75%, 06/17/2030 | EUR | 1,500 | 1,293 | |||||
Reg. S, 0.88%, 10/25/2026 | EUR | 1,650 | 1,633 | |||||
Southern California Gas Co., | ||||||||
Series VV, 4.30%, 01/15/2049 | 20 | 17 | ||||||
Series WW, 3.95%, 02/15/2050 | 200 | 160 | ||||||
Southern Co. Gas Capital Corp., | ||||||||
3.95%, 10/01/2046 | 20 | 15 | ||||||
5.15%, 09/15/2032 | 100 | 101 | ||||||
Series 20-A, 1.75%, 01/15/2031 | 3,700 | 2,945 | ||||||
Series 21A, 3.15%, 09/30/2051 | 15 | 10 | ||||||
Southern Gas Networks plc, (United Kingdom), | ||||||||
Reg. S, 2.50%, 02/03/2025 | GBP | 825 | 971 | |||||
6.38%, 05/15/2040 | GBP | 825 | 1,083 | |||||
Southwest Gas Corp., | ||||||||
4.05%, 03/15/2032 | 205 | 188 | ||||||
4.15%, 06/01/2049 | 10 | 8 | ||||||
SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031 | EUR | 100 | 70 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued |
||||||||
Gas continued | ||||||||
Vier Gas Transport GmbH, (Germany), Reg. S, 0.50%, 09/10/2034 | EUR | 1,200 | 878 | |||||
Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041 | GBP | 825 | 622 | |||||
Washington Gas Light Co., 3.65%, 09/15/2049 | 10 | 8 | ||||||
|
|
|||||||
50,052 | ||||||||
|
|
|||||||
Water 0.3% | ||||||||
Affinity Water Finance 2004 plc, (United Kingdom), 5.88%, 07/13/2026 | GBP | 30 | 38 | |||||
American Water Capital Corp., | ||||||||
4.15%, 06/01/2049 | 60 | 51 | ||||||
4.45%, 06/01/2032 | 330 | 325 | ||||||
Essential Utilities, Inc., | ||||||||
2.40%, 05/01/2031 | 100 | 83 | ||||||
2.70%, 04/15/2030 | 40 | 35 | ||||||
5.30%, 05/01/2052 | 10 | 10 | ||||||
Northumbrian Water Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.63%, 10/11/2026 | GBP | 825 | 901 | |||||
Reg. S, 5.13%, 01/23/2042 | GBP | 1,000 | 1,170 | |||||
Reg. S, 5.63%, 04/29/2033 | GBP | 425 | 533 | |||||
Thames Water Utilities Finance plc, (United Kingdom), | ||||||||
Reg. S, 2.38%, 04/22/2040 | GBP | 300 | 236 | |||||
Reg. S, 5.50%, 02/11/2041 | GBP | 1,050 | 1,249 | |||||
6.75%, 11/16/2028 | GBP | 380 | 500 | |||||
United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033 | GBP | 900 | 844 | |||||
Veolia Environnement SA, (France), | ||||||||
Reg. S, 1.50%, 04/03/2029 | EUR | 2,300 | 2,214 | |||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.15%), 1.63%, 06/01/2026 (x) (aa) | EUR | 8,000 | 7,548 | |||||
Wessex Water Services Finance plc, (United Kingdom), | ||||||||
Reg. S, 1.50%, 09/17/2029 | GBP | 2,700 | 2,616 | |||||
Reg. S, 5.38%, 03/10/2028 | GBP | 2,425 | 2,985 | |||||
Reg. S, 5.75%, 10/14/2033 | GBP | 2,675 | 3,345 | |||||
|
|
|||||||
24,683 | ||||||||
|
|
|||||||
Total Utilities | 341,678 | |||||||
|
|
|||||||
Total Corporate Bonds (Cost $4,601,502) |
4,474,428 | |||||||
|
|
|||||||
Foreign Government Securities 26.3% | ||||||||
Action Logement Services, (France), | ||||||||
Reg. S, 0.38%, 10/05/2031 | EUR | 400 | 346 | |||||
Reg. S, 3.13%, 09/28/2037 | EUR | 200 | 204 | |||||
Reg. S, 3.63%, 05/25/2043 | EUR | 100 | 107 | |||||
Adif Alta Velocidad, (Spain), | ||||||||
Reg. S, 0.55%, 04/30/2030 | EUR | 100 | 88 | |||||
Reg. S, 0.95%, 04/30/2027 | EUR | 200 | 198 | |||||
Reg. S, 1.88%, 01/28/2025 | EUR | 100 | 106 | |||||
Agence Francaise de Developpement EPIC, (France), | ||||||||
Reg. S, 0.13%, 09/29/2031 | EUR | 300 | 252 | |||||
Reg. S, 0.25%, 07/21/2026 | EUR | 500 | 494 | |||||
Reg. S, 0.25%, 06/29/2029 | EUR | 400 | 364 | |||||
Reg. S, 0.38%, 04/30/2024 | EUR | 400 | 420 | |||||
Reg. S, 0.38%, 05/25/2036 | EUR | 100 | 73 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 0.50%, 05/25/2030 | EUR | 200 | 181 | |||||
Reg. S, 0.50%, 05/31/2035 | EUR | 500 | 388 | |||||
Reg. S, 1.38%, 09/17/2024 | EUR | 500 | 527 | |||||
Reg. S, 1.50%, 10/31/2034 | EUR | 900 | 809 | |||||
Reg. S, 1.63%, 05/25/2032 | EUR | 200 | 190 | |||||
Reg. S, 3.50%, 02/25/2033 | EUR | 100 | 111 | |||||
Agence France Locale, (France), | ||||||||
Reg. S, 0.00%, 09/20/2027 | EUR | 500 | 472 | |||||
Reg. S, 0.00%, 03/20/2031 | EUR | 100 | 84 | |||||
Reg. S, 0.13%, 06/20/2026 | EUR | 400 | 394 | |||||
Reg. S, 0.20%, 03/20/2029 | EUR | 400 | 365 | |||||
Reg. S, 1.13%, 06/20/2028 | EUR | 1,000 | 981 | |||||
Agricultural Development Bank of China, (China), | ||||||||
2.37%, 06/23/2024 | CNY | 5,000 | 726 | |||||
Reg. S, 3.40%, 11/06/2024 | CNH | 56,000 | 8,214 | |||||
Reg. S, 3.80%, 10/27/2030 | CNH | 14,350 | 2,151 | |||||
Series 1605, 3.33%, 01/06/2026 | CNY | 12,000 | 1,770 | |||||
Series 1618, 3.58%, 04/22/2026 | CNY | 29,000 | 4,311 | |||||
Series 1705, 3.85%, 01/06/2027 | CNY | 26,500 | 3,985 | |||||
Series 1806, 4.65%, 05/11/2028 | CNY | 8,100 | 1,275 | |||||
Series 1901, 3.75%, 01/25/2029 | CNY | 33,000 | 5,001 | |||||
Series 1904, 3.51%, 04/03/2024 | CNY | 10,000 | 1,470 | |||||
Series 1906, 3.74%, 07/12/2029 | CNY | 65,500 | 9,936 | |||||
Series 1908, 3.63%, 07/19/2026 | CNY | 176,000 | 26,226 | |||||
Series 1909, 3.24%, 08/14/2024 | CNY | 28,000 | 4,114 | |||||
Series 2004, 2.96%, 04/17/2030 | CNY | 99,400 | 14,411 | |||||
Series 2005, 2.25%, 04/22/2025 | CNY | 121,800 | 17,592 | |||||
Series 2105, 3.52%, 05/24/2031 | CNY | 17,000 | 2,559 | |||||
Series 2108, 2.99%, 08/11/2026 | CNY | 66,000 | 9,640 | |||||
Series 2110, 3.30%, 11/05/2031 | CNY | 14,000 | 2,076 | |||||
Series 2202, 2.74%, 02/23/2027 | CNY | 29,900 | 4,333 | |||||
Series 2205, 3.06%, 06/06/2032 | CNY | 54,700 | 7,969 | |||||
Series 2207, 2.50%, 08/24/2027 | CNY | 50,000 | 7,142 | |||||
Series 2210, 2.97%, 10/14/2032 | CNY | 56,500 | 8,160 | |||||
Series 2302, 3.10%, 02/27/2033 | CNY | 14,000 | 2,041 | |||||
Andorra International Bond, (Andorra), | ||||||||
Reg. S, 1.25%, 02/23/2027 | EUR | 800 | 786 | |||||
Reg. S, 1.25%, 05/06/2031 | EUR | 1,000 | 873 | |||||
Auckland Council, (New Zealand), | ||||||||
Reg. S, 0.13%, 09/26/2029 | EUR | 200 | 178 | |||||
Reg. S, 0.25%, 11/17/2031 | EUR | 200 | 167 | |||||
Reg. S, 1.00%, 01/19/2027 | EUR | 300 | 299 | |||||
Reg. S, 1.50%, 11/28/2025 | CHF | 300 | 325 | |||||
Australia Government Bond, (Australia), | ||||||||
Series 138, Reg. S, 3.25%, 04/21/2029 | AUD | 200 | 135 | |||||
Series 139, Reg. S, 3.25%, 04/21/2025 | AUD | 1,475 | 992 | |||||
Series 149, Reg. S, 2.25%, 05/21/2028 | AUD | 1,340 | 862 | |||||
Series 150, Reg. S, 3.00%, 03/21/2047 | AUD | 46 | 27 | |||||
Series 152, Reg. S, 2.75%, 11/21/2028 | AUD | 418 | 275 | |||||
Series 154, Reg. S, 2.75%, 11/21/2029 | AUD | 105 | 69 | |||||
Series 155, Reg. S, 2.50%, 05/21/2030 | AUD | 3,335 | 2,132 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series 156, Reg. S, 2.75%, 05/21/2041 | AUD | 400 | 233 | |||||
Series 158, 1.25%, 05/21/2032 | AUD | 290 | 163 | |||||
Series 159, Reg. S, 0.25%, 11/21/2024 | AUD | 262 | 167 | |||||
Series 160, Reg. S, 1.00%, 12/21/2030 | AUD | 320 | 181 | |||||
Series 161, Reg. S, 0.25%, 11/21/2025 | AUD | 680 | 424 | |||||
Series 162, Reg. S, 1.75%, 06/21/2051 | AUD | 360 | 155 | |||||
Series 165, Reg. S, 1.75%, 11/21/2032 | AUD | 220 | 128 | |||||
Series 166, Reg. S, 3.00%, 11/21/2033 | AUD | 190 | 123 | |||||
Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria), | ||||||||
Reg. S, 0.10%, 07/09/2029 | EUR | 500 | 455 | |||||
Reg. S, 2.75%, 06/11/2032 | EUR | 100 | 106 | |||||
Reg. S, 2.75%, 06/20/2033 | EUR | 130 | 137 | |||||
Autonomous Community of Andalusia Spain, (Spain), | ||||||||
Reg. S, 0.50%, 04/30/2031 | EUR | 363 | 312 | |||||
Reg. S, 1.38%, 04/30/2029 | EUR | 30 | 29 | |||||
Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035 | EUR | 100 | 108 | |||||
Autonomous Community of Madrid Spain, (Spain), | ||||||||
Reg. S, 0.42%, 04/30/2030 | EUR | 161 | 143 | |||||
Reg. S, 1.57%, 04/30/2029 | EUR | 200 | 197 | |||||
Reg. S, 1.72%, 04/30/2032 | EUR | 110 | 103 | |||||
Reg. S, 1.77%, 04/30/2028 | EUR | 200 | 202 | |||||
Reg. S, 1.83%, 04/30/2025 | EUR | 270 | 285 | |||||
Reg. S, 2.82%, 10/31/2029 | EUR | 100 | 105 | |||||
Reg. S, 3.60%, 04/30/2033 | EUR | 100 | 109 | |||||
4.30%, 09/15/2026 | EUR | 500 | 561 | |||||
Basque Government, (Spain), | ||||||||
Reg. S, 0.25%, 04/30/2031 | EUR | 100 | 85 | |||||
Reg. S, 0.45%, 04/30/2032 | EUR | 200 | 168 | |||||
Reg. S, 0.85%, 04/30/2030 | EUR | 50 | 46 | |||||
Reg. S, 1.75%, 03/16/2026 | EUR | 170 | 177 | |||||
Reg. S, 3.50%, 04/30/2033 | EUR | 100 | 109 | |||||
Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e) | 670 | 571 | ||||||
BNG Bank NV, (Netherlands), | ||||||||
Reg. S, 0.00%, 01/20/2031 | EUR | 200 | 172 | |||||
Reg. S, 0.10%, 01/15/2030 | EUR | 320 | 285 | |||||
Reg. S, 0.13%, 04/11/2026 | EUR | 530 | 526 | |||||
Reg. S, 0.13%, 04/19/2033 | EUR | 700 | 567 | |||||
Reg. S, 0.13%, 07/09/2035 | EUR | 230 | 174 | |||||
Reg. S, 0.20%, 11/09/2024 | EUR | 550 | 568 | |||||
Reg. S, 0.38%, 12/15/2025 | GBP | 1,900 | 2,105 | |||||
Reg. S, 0.81%, 06/28/2049 | EUR | 200 | 121 | |||||
Reg. S, 0.88%, 10/17/2035 | EUR | 100 | 83 | |||||
Reg. S, 0.88%, 10/24/2036 | EUR | 160 | 130 | |||||
Reg. S, 1.13%, 09/04/2024 | EUR | 702 | 739 | |||||
Reg. S, 1.25%, 03/30/2037 | EUR | 100 | 84 | |||||
Reg. S, 1.50%, 07/15/2039 | EUR | 170 | 143 | |||||
Reg. S, 1.88%, 07/13/2032 | EUR | 320 | 314 | |||||
Reg. S, 2.75%, 10/04/2027 | EUR | 410 | 440 | |||||
Reg. S, 3.00%, 02/23/2028 | EUR | 600 | 650 | |||||
Reg. S, 3.00%, 01/11/2033 | EUR | 500 | 538 | |||||
Bonos de la Tesoreria de la Republica en pesos, (Chile), Reg. S, 4.70%, 09/01/2030 (e) | CLP | 300,000 | 366 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Bpifrance SACA, (France), | ||||||||
Reg. S, 0.13%, 03/25/2025 | EUR | 400 | 409 | |||||
Reg. S, 0.25%, 03/29/2030 | EUR | 200 | 178 | |||||
Reg. S, 0.25%, 06/04/2031 | EUR | 200 | 173 | |||||
Reg. S, 0.63%, 05/25/2026 | EUR | 500 | 503 | |||||
Reg. S, 0.88%, 09/26/2028 | EUR | 200 | 193 | |||||
Reg. S, 2.13%, 11/29/2027 | EUR | 200 | 208 | |||||
Reg. S, 2.88%, 11/25/2029 | EUR | 500 | 535 | |||||
Bulgaria Government International Bond, (Bulgaria), | ||||||||
Reg. S, 1.38%, 09/23/2050 | EUR | 1,300 | 783 | |||||
Reg. S, 2.95%, 09/03/2024 | EUR | 800 | 859 | |||||
Reg. S, 4.13%, 09/23/2029 | EUR | 1,000 | 1,064 | |||||
Reg. S, 4.50%, 01/27/2033 | EUR | 6,000 | 6,375 | |||||
Reg. S, 4.63%, 09/23/2034 | EUR | 1,000 | 1,065 | |||||
Series 12YR, Reg. S, 3.00%, 03/21/2028 | EUR | 800 | 826 | |||||
Bundesobligation, (Germany), | ||||||||
Series 179, Reg. S, 0.00%, 04/05/2024 | EUR | 488 | 514 | |||||
Series 180, Reg. S, 0.00%, 10/18/2024 | EUR | 2,006 | 2,086 | |||||
Series 181, Reg. S, 0.00%, 04/11/2025 | EUR | 3,890 | 3,999 | |||||
Series 182, Reg. S, 0.00%, 10/10/2025 | EUR | 2,300 | 2,340 | |||||
Series 183, Reg. S, 0.00%, 04/10/2026 | EUR | 7,056 | 7,105 | |||||
Series 184, Reg. S, 0.00%, 10/09/2026 | EUR | 500 | 498 | |||||
Series 185, Reg. S, 0.00%, 04/16/2027 | EUR | 2,083 | 2,054 | |||||
Series 186, Reg. S, 1.30%, 10/15/2027 | EUR | 250 | 259 | |||||
Series 187, Reg. S, 2.20%, 04/13/2028 | EUR | 3,120 | 3,361 | |||||
Bundesrepublik Deutschland Bundesanleihe, (Germany), | ||||||||
Reg. S, 0.00%, 08/15/2026 | EUR | 1,370 | 1,370 | |||||
Reg. S, 0.00%, 11/15/2027 | EUR | 1,201 | 1,171 | |||||
Reg. S, 0.00%, 11/15/2028 | EUR | 735 | 702 | |||||
Reg. S, 0.00%, 08/15/2029 | EUR | 2,432 | 2,285 | |||||
Reg. S, 0.00%, 02/15/2030 | EUR | 8,343 | 7,760 | |||||
Reg. S, 0.00%, 08/15/2030 | EUR | 2,320 | 2,136 | |||||
Reg. S, 0.00%, 02/15/2031 | EUR | 1,589 | 1,446 | |||||
Reg. S, 0.00%, 08/15/2031 | EUR | 2,260 | 2,035 | |||||
Reg. S, 0.00%, 02/15/2032 | EUR | 4,819 | 4,288 | |||||
Reg. S, 0.00%, 05/15/2035 | EUR | 2,559 | 2,086 | |||||
Reg. S, 0.00%, 05/15/2036 | EUR | 2,870 | 2,275 | |||||
Reg. S, 0.00%, 08/15/2050 | EUR | 2,191 | 1,280 | |||||
Reg. S, 0.00%, 08/15/2052 | EUR | 2,515 | 1,400 | |||||
Reg. S, 0.25%, 02/15/2027 | EUR | 3,310 | 3,311 | |||||
Reg. S, 0.25%, 08/15/2028 | EUR | 2,892 | 2,815 | |||||
Reg. S, 0.25%, 02/15/2029 | EUR | 1,270 | 1,225 | |||||
Reg. S, 0.50%, 02/15/2025 | EUR | 7,959 | 8,292 | |||||
Reg. S, 0.50%, 02/15/2026 | EUR | 2,447 | 2,507 | |||||
Reg. S, 0.50%, 08/15/2027 | EUR | 2,810 | 2,817 | |||||
Reg. S, 0.50%, 02/15/2028 | EUR | 5,790 | 5,758 | |||||
Reg. S, 1.00%, 08/15/2024 | EUR | 4,009 | 4,245 | |||||
Reg. S, 1.00%, 08/15/2025 | EUR | 2,481 | 2,592 | |||||
Reg. S, 1.00%, 05/15/2038 | EUR | 2,800 | 2,483 | |||||
Reg. S, 1.25%, 08/15/2048 | EUR | 4,608 | 3,986 | |||||
Reg. S, 1.50%, 05/15/2024 | EUR | 3,807 | 4,070 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 1.70%, 08/15/2032 | EUR | 2,310 | 2,385 | |||||
Reg. S, 1.80%, 08/15/2053 | EUR | 2,160 | 2,053 | |||||
Reg. S, 2.10%, 11/15/2029 | EUR | 180 | 193 | |||||
Reg. S, 2.30%, 02/15/2033 | EUR | 6,140 | 6,650 | |||||
Reg. S, 2.50%, 07/04/2044 | EUR | 1,881 | 2,073 | |||||
Reg. S, 2.50%, 08/15/2046 | EUR | 3,996 | 4,437 | |||||
Reg. S, 3.25%, 07/04/2042 | EUR | 3,056 | 3,718 | |||||
Reg. S, 4.00%, 01/04/2037 | EUR | 1,493 | 1,916 | |||||
Reg. S, 4.25%, 07/04/2039 | EUR | 1,524 | 2,049 | |||||
Reg. S, 4.75%, 07/04/2028 | EUR | 1,661 | 2,012 | |||||
Reg. S, 4.75%, 07/04/2034 | EUR | 1,771 | 2,371 | |||||
Reg. S, 4.75%, 07/04/2040 | EUR | 2,014 | 2,887 | |||||
Reg. S, 5.50%, 01/04/2031 | EUR | 900 | 1,196 | |||||
Reg. S, 5.63%, 01/04/2028 | EUR | 780 | 968 | |||||
Reg. S, 6.25%, 01/04/2030 | EUR | 1,025 | 1,385 | |||||
Reg. S, 6.50%, 07/04/2027 | EUR | 1,410 | 1,779 | |||||
Series G, Reg. S, 0.00%, 08/15/2031 | EUR | 560 | 505 | |||||
Series G, Reg. S, 0.00%, 08/15/2050 | EUR | 852 | 499 | |||||
Bundesschatzanweisungen, (Germany), | ||||||||
Reg. S, 0.20%, 06/14/2024 | EUR | 930 | 978 | |||||
Reg. S, 0.40%, 09/13/2024 | EUR | 3,830 | 4,015 | |||||
Reg. S, 2.20%, 12/12/2024 | EUR | 2,340 | 2,514 | |||||
Caisse dAmortissement de la Dette Sociale, (France), | ||||||||
Reg. S, 0.00%, 02/25/2028 | EUR | 200 | 187 | |||||
Reg. S, 0.00%, 11/25/2030 | EUR | 900 | 778 | |||||
Reg. S, 0.00%, 05/25/2031 | EUR | 400 | 341 | |||||
Reg. S, 0.13%, 10/25/2023 | EUR | 700 | 746 | |||||
Reg. S, 0.13%, 09/15/2031 | EUR | 300 | 256 | |||||
Reg. S, 0.45%, 01/19/2032 | EUR | 400 | 347 | |||||
Reg. S, 0.60%, 11/25/2029 | EUR | 600 | 557 | |||||
Reg. S, 1.50%, 05/25/2032 | EUR | 400 | 381 | |||||
Reg. S, 1.75%, 11/25/2027 | EUR | 700 | 719 | |||||
Reg. S, 2.75%, 11/25/2032 | EUR | 400 | 422 | |||||
Reg. S, 3.00%, 05/25/2028 | EUR | 800 | 867 | |||||
Reg. S, 3.13%, 03/01/2030 | EUR | 1,000 | 1,094 | |||||
Reg. S, 4.00%, 12/15/2025 | EUR | 1,383 | 1,534 | |||||
Caisse des Depots et Consignations, (France), Reg. S, 3.13%, 05/25/2033 | EUR | 200 | 218 | |||||
Caisse Francaise de Financement Local, (France), | ||||||||
Reg. S, 0.01%, 05/07/2025 | EUR | 200 | 202 | |||||
Reg. S, 0.13%, 06/30/2031 | EUR | 100 | 84 | |||||
Reg. S, 0.38%, 06/23/2025 | EUR | 100 | 102 | |||||
Reg. S, 0.50%, 01/16/2025 | EUR | 100 | 103 | |||||
Reg. S, 0.50%, 01/19/2026 | EUR | 100 | 101 | |||||
Reg. S, 0.50%, 10/01/2046 | EUR | 100 | 60 | |||||
Reg. S, 1.00%, 04/25/2028 | EUR | 100 | 97 | |||||
Reg. S, 1.25%, 05/11/2032 | EUR | 100 | 91 | |||||
Reg. S, 1.50%, 06/28/2038 | EUR | 100 | 84 | |||||
Reg. S, 3.00%, 10/02/2028 | EUR | 5,000 | 5,354 | |||||
Canadian Government Bond, (Canada), | ||||||||
1.00%, 06/01/2027 | CAD | 200 | 136 | |||||
1.25%, 03/01/2025 | CAD | 1,115 | 789 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
1.50%, 06/01/2031 | CAD | 600 | 400 | |||||
1.75%, 12/01/2053 | CAD | 400 | 221 | |||||
2.00%, 09/01/2023 | CAD | 1,900 | 1,392 | |||||
2.00%, 06/01/2032 | CAD | 600 | 413 | |||||
2.00%, 12/01/2051 | CAD | 530 | 313 | |||||
3.50%, 03/01/2028 | CAD | 500 | 378 | |||||
3.50%, 12/01/2045 | CAD | 2,090 | 1,647 | |||||
4.00%, 06/01/2041 | CAD | 150 | 124 | |||||
Canton of Geneva Switzerland, (Switzerland), Reg. S, 0.02%, 11/27/2024 | CHF | 240 | 254 | |||||
Canton of Zurich, (Switzerland), Reg. S, 0.10%, 06/23/2045 | CHF | 50 | 38 | |||||
Cassa Depositi e Prestiti SpA, (Italy), | ||||||||
Reg. S, 1.00%, 09/21/2028 | EUR | 300 | 278 | |||||
Reg. S, 2.00%, 04/20/2027 | EUR | 100 | 101 | |||||
Reg. S, 3.88%, 02/13/2029 | EUR | 200 | 215 | |||||
CDP Financial, Inc., (Canada), | ||||||||
Reg. S, 1.13%, 04/06/2027 | EUR | 6,000 | 5,971 | |||||
5.60%, 11/25/2039 (e) | 250 | 276 | ||||||
Reg. S, 5.60%, 11/25/2039 | 250 | 276 | ||||||
Chile Government International Bond, (Chile), | ||||||||
0.10%, 01/26/2027 | EUR | 5,000 | 4,686 | |||||
0.83%, 07/02/2031 | EUR | 1,050 | 893 | |||||
1.25%, 01/22/2051 | EUR | 2,900 | 1,687 | |||||
1.30%, 07/26/2036 | EUR | 1,000 | 783 | |||||
Reg. S, 1.63%, 01/30/2025 | EUR | 4,000 | 4,168 | |||||
2.55%, 01/27/2032 | 200 | 171 | ||||||
3.50%, 01/31/2034 | 200 | 178 | ||||||
China Development Bank, (China), | ||||||||
Reg. S, 2.95%, 07/19/2027 | CNH | 15,000 | 2,175 | |||||
Reg. S, 3.23%, 11/27/2025 | CNH | 10,000 | 1,468 | |||||
Reg. S, 4.20%, 01/19/2027 | CNH | 13,000 | 1,973 | |||||
Reg. S, 4.30%, 08/02/2032 | CNH | 7,000 | 1,102 | |||||
Reg. S, 4.35%, 08/06/2024 | CNH | 7,000 | 1,042 | |||||
Reg. S, 4.35%, 09/19/2024 | CNH | 1,000 | 149 | |||||
Reg. S, 4.50%, 11/13/2028 | CNH | 2,500 | 389 | |||||
Series 1510, 4.21%, 04/13/2025 | CNY | 73,000 | 10,951 | |||||
Series 1518, 3.74%, 09/10/2025 | CNY | 54,700 | 8,153 | |||||
Series 1605, 3.80%, 01/25/2036 | CNY | 98,000 | 15,171 | |||||
Series 1613, 3.05%, 08/25/2026 | CNY | 9,700 | 1,423 | |||||
Series 1710, 4.04%, 04/10/2027 | CNY | 114,900 | 17,396 | |||||
Series 1806, 4.73%, 04/02/2025 | CNY | 10,230 | 1,549 | |||||
Series 1810, 4.04%, 07/06/2028 | CNY | 6,600 | 1,012 | |||||
Series 1904, 3.68%, 02/26/2026 | CNY | 46,500 | 6,948 | |||||
Series 1905, 3.48%, 01/08/2029 | CNY | 204,500 | 30,563 | |||||
Series 1908, 3.42%, 07/02/2024 | CNY | 50,000 | 7,360 | |||||
Series 1909, 3.50%, 08/13/2026 | CNY | 97,100 | 14,452 | |||||
Series 1910, 3.65%, 05/21/2029 | CNY | 181,900 | 27,450 | |||||
Series 1915, 3.45%, 09/20/2029 | CNY | 105,000 | 15,679 | |||||
Series 2003, 3.23%, 01/10/2025 | CNY | 139,300 | 20,500 | |||||
Series 2004, 3.43%, 01/14/2027 | CNY | 28,000 | 4,161 | |||||
Series 2005, 3.07%, 03/10/2030 | CNY | 47,200 | 6,891 | |||||
Series 2008, 2.89%, 06/22/2025 | CNY | 20,000 | 2,926 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series 2015, 3.70%, 10/20/2030 | CNY | 18,000 | 2,736 | |||||
Series 2104, 3.40%, 01/08/2028 | CNY | 4,000 | 595 | |||||
Series 2105, 3.66%, 03/01/2031 | CNY | 83,500 | 12,668 | |||||
Series 2110, 3.41%, 06/07/2031 | CNY | 46,200 | 6,899 | |||||
Series 2115, 3.12%, 09/13/2031 | CNY | 22,500 | 3,292 | |||||
Series 2118, 2.73%, 11/11/2024 | CNY | 6,000 | 876 | |||||
Series 2204, 2.99%, 03/01/2029 | CNY | 4,000 | 583 | |||||
Series 2205, 3.00%, 01/17/2032 | CNY | 97,000 | 14,070 | |||||
Series 2210, 2.98%, 04/22/2032 | CNY | 32,200 | 4,662 | |||||
China Government Bond, (China), | ||||||||
1.99%, 04/09/2025 | CNY | 485,700 | 70,008 | |||||
2.18%, 06/25/2024 | CNY | 17,000 | 2,469 | |||||
2.24%, 05/25/2025 | CNY | 37,000 | 5,358 | |||||
2.26%, 02/24/2025 | CNY | 62,000 | 8,993 | |||||
2.37%, 01/20/2027 | CNY | 250,000 | 36,029 | |||||
2.47%, 09/02/2024 | CNY | 18,000 | 2,622 | |||||
2.48%, 04/15/2027 | CNY | 134,300 | 19,415 | |||||
2.60%, 09/01/2032 | CNY | 63,800 | 9,067 | |||||
2.68%, 05/21/2030 | CNY | 491,700 | 70,694 | |||||
2.69%, 08/12/2026 | CNY | 160,500 | 23,420 | |||||
2.75%, 06/15/2029 | CNY | 106,500 | 15,424 | |||||
2.75%, 02/17/2032 | CNY | 110,600 | 15,934 | |||||
2.80%, 03/24/2029 | CNY | 54,000 | 7,854 | |||||
2.80%, 11/15/2032 | CNY | 18,000 | 2,599 | |||||
2.85%, 06/04/2027 | CNY | 363,000 | 53,202 | |||||
3.02%, 05/27/2031 | CNY | 46,500 | 6,861 | |||||
Reg. S, 3.16%, 06/27/2023 | CNH | 500 | 73 | |||||
Reg. S, 3.30%, 07/04/2023 | CNH | 2,000 | 292 | |||||
Reg. S, 3.31%, 11/30/2025 | CNH | 2,000 | 296 | |||||
Reg. S, 3.38%, 11/21/2024 | CNH | 3,000 | 444 | |||||
Reg. S, 3.38%, 07/04/2026 | CNH | 24,000 | 3,561 | |||||
3.39%, 03/16/2050 | CNY | 201,300 | 29,924 | |||||
3.40%, 07/15/2072 | CNY | 87,260 | 13,014 | |||||
3.53%, 10/18/2051 | CNY | 111,400 | 17,009 | |||||
Reg. S, 3.60%, 06/27/2028 | CNH | 26,500 | 3,991 | |||||
Reg. S, 3.60%, 05/21/2030 | CNH | 8,500 | 1,281 | |||||
3.72%, 04/12/2051 | CNY | 106,000 | 16,670 | |||||
3.73%, 05/25/2070 | CNY | 20,670 | 3,313 | |||||
3.81%, 09/14/2050 | CNY | 89,100 | 14,277 | |||||
Reg. S, 3.85%, 12/12/2026 | CNH | 19,000 | 2,866 | |||||
Reg. S, 3.90%, 07/04/2036 | CNH | 13,500 | 2,079 | |||||
Reg. S, 4.00%, 05/22/2024 | CNH | 8,500 | 1,257 | |||||
Reg. S, 4.00%, 11/30/2035 | CNH | 30,500 | 4,770 | |||||
Reg. S, 4.15%, 12/04/2027 | CNH | 20,000 | 3,076 | |||||
Reg. S, 4.15%, 12/12/2031 | CNH | 3,000 | 472 | |||||
Reg. S, 4.29%, 05/22/2029 | CNH | 3,000 | 470 | |||||
Reg. S, 4.40%, 12/12/2046 | CNH | 26,000 | 4,249 | |||||
Series 1908, 4.00%, 06/24/2069 | CNY | 5,000 | 847 | |||||
Series 2216, 2.50%, 07/25/2027 | CNY | 11,000 | 1,588 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
China Government International Bond, (China), | ||||||||
Reg. S, 0.13%, 11/12/2026 | EUR | 3,700 | 3,550 | |||||
Reg. S, 0.50%, 11/12/2031 | EUR | 3,250 | 2,734 | |||||
City of Milan Italy, (Italy), 4.02%, 06/29/2035 | EUR | 40 | 41 | |||||
City of Montreal Canada, (Canada), 2.30%, 09/01/2029 | CAD | 600 | 410 | |||||
City of Quebec Canada, (Canada), | ||||||||
2.10%, 07/06/2031 | CAD | 300 | 193 | |||||
2.65%, 12/20/2027 | CAD | 565 | 397 | |||||
City of Toronto Canada, (Canada), | ||||||||
2.95%, 04/28/2035 | CAD | 200 | 132 | |||||
3.50%, 06/02/2036 | CAD | 300 | 207 | |||||
Colombia Government International Bond, (Colombia), 9.85%, 06/28/2027 | COP | 500,000 | 99 | |||||
Communaute Francaise de Belgique, (Belgium), Reg. S, 1.63%, 05/03/2032 | EUR | 200 | 189 | |||||
CPPIB Capital, Inc., (Canada), | ||||||||
Reg. S, 0.25%, 04/06/2027 | EUR | 2,550 | 2,456 | |||||
Reg. S, 0.25%, 01/18/2041 | EUR | 2,500 | 1,555 | |||||
Reg. S, 0.38%, 06/20/2024 | EUR | 300 | 314 | |||||
Reg. S, 0.75%, 07/15/2049 | EUR | 600 | 366 | |||||
Reg. S, 1.63%, 10/22/2071 | GBP | 2,000 | 1,097 | |||||
Cyprus Government International Bond, (Cyprus), | ||||||||
Reg. S, 0.63%, 12/03/2024 | EUR | 347 | 360 | |||||
Reg. S, 0.63%, 01/21/2030 | EUR | 235 | 205 | |||||
Reg. S, 0.95%, 01/20/2032 | EUR | 300 | 251 | |||||
Reg. S, 1.25%, 01/21/2040 | EUR | 720 | 495 | |||||
Reg. S, 2.25%, 04/16/2050 | EUR | 10 | 8 | |||||
Czech Republic Government Bond, (Czech Republic), | ||||||||
Series 49, Reg. S, 4.20%, 12/04/2036 | CZK | 5,390 | 238 | |||||
Series 53, Reg. S, 4.85%, 11/26/2057 | CZK | 2,340 | 108 | |||||
Series 58, Reg. S, 5.70%, 05/25/2024 | CZK | 140 | 6 | |||||
Series 78, Reg. S, 2.50%, 08/25/2028 | CZK | 16,760 | 690 | |||||
Series 89, Reg. S, 2.40%, 09/17/2025 | CZK | 16,910 | 730 | |||||
Series 94, Reg. S, 0.95%, 05/15/2030 | CZK | 17,380 | 621 | |||||
Series 95, Reg. S, 1.00%, 06/26/2026 | CZK | 6,860 | 280 | |||||
Series 97, Reg. S, 0.45%, 10/25/2023 | CZK | 12,000 | 537 | |||||
Series 100, 0.25%, 02/10/2027 | CZK | 60,340 | 2,337 | |||||
Series 103, 2.00%, 10/13/2033 | CZK | 13,500 | 488 | |||||
Series 105, 2.75%, 07/23/2029 | CZK | 5,810 | 239 | |||||
Series 120, 1.25%, 02/14/2025 | CZK | 11,950 | 513 | |||||
Series 121, 1.20%, 03/13/2031 | CZK | 27,250 | 968 | |||||
Series 125, 1.50%, 04/24/2040 | CZK | 3,380 | 98 | |||||
Series 130, 0.05%, 11/29/2029 | CZK | 13,030 | 443 | |||||
Series 138, 1.75%, 06/23/2032 | CZK | 20,400 | 740 | |||||
Series 142, 1.95%, 07/30/2037 | CZK | 12,960 | 437 | |||||
Series 148, 6.00%, 02/26/2026 | CZK | 5,910 | 280 | |||||
Denmark Government Bond, (Denmark), | ||||||||
0.25%, 11/15/2052 | DKK | 5,921 | 459 | |||||
0.50%, 11/15/2027 | DKK | 5,478 | 726 | |||||
0.50%, 11/15/2029 | DKK | 13,494 | 1,723 | |||||
1.75%, 11/15/2025 | DKK | 5,460 | 774 | |||||
4.50%, 11/15/2039 | DKK | 10,830 | 1,963 | |||||
7.00%, 11/10/2024 | DKK | 1,470 | 228 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series G, 0.00%, 11/15/2031 | DKK | 960 | 113 | |||||
Series TWIN, 0.00%, 11/15/2031 | DKK | 10,597 | 1,245 | |||||
Development Bank of Japan, Inc., (Japan), | ||||||||
Reg. S, 0.88%, 10/10/2025 | EUR | 1,000 | 1,016 | |||||
Reg. S, 1.13%, 04/28/2023 | GBP | 600 | 739 | |||||
Reg. S, 2.13%, 09/01/2026 | EUR | 1,000 | 1,039 | |||||
4.75%, 11/26/2027 | EUR | 900 | 1,037 | |||||
Series 86, 0.24%, 10/13/2027 | JPY | 100,000 | 752 | |||||
Estonia Government International Bond, (Estonia), Reg. S, 0.13%, 06/10/2030 | EUR | 200 | 171 | |||||
European Union, (Supranational), Reg. S, 3.38%, 04/04/2032 | EUR | 1,200 | 1,340 | |||||
Export Development Canada, (Canada), | ||||||||
Reg. S, 0.50%, 02/25/2027 | EUR | 2,000 | 1,966 | |||||
Reg. S, 2.88%, 01/19/2028 | EUR | 10,000 | 10,760 | |||||
Export-Import Bank of China (The), (China), | ||||||||
Series 1514, 3.87%, 09/14/2025 | CNY | 29,000 | 4,335 | |||||
Series 1603, 3.33%, 02/22/2026 | CNY | 15,000 | 2,213 | |||||
Series 1610, 3.18%, 09/05/2026 | CNY | 10,000 | 1,470 | |||||
Series 1703, 4.11%, 03/20/2027 | CNY | 14,000 | 2,128 | |||||
Series 1905, 3.28%, 02/11/2024 | CNY | 60,000 | 8,787 | |||||
Series 1910, 3.86%, 05/20/2029 | CNY | 97,800 | 14,955 | |||||
Series 2005, 2.93%, 03/02/2025 | CNY | 82,600 | 12,090 | |||||
Series 2007, 3.26%, 02/24/2027 | CNY | 74,400 | 10,975 | |||||
Series 2010, 3.23%, 03/23/2030 | CNY | 47,400 | 6,990 | |||||
Series 2011, 3.74%, 11/16/2030 | CNY | 10,000 | 1,524 | |||||
Series 2015, 3.43%, 10/23/2025 | CNY | 6,000 | 887 | |||||
Series 2203, 2.57%, 06/10/2025 | CNY | 13,000 | 1,887 | |||||
Series 2205, 2.61%, 01/27/2027 | CNY | 40,000 | 5,761 | |||||
Series 2210, 3.18%, 03/11/2032 | CNY | 76,400 | 11,236 | |||||
Series 2211, 2.90%, 08/19/2032 | CNY | 57,600 | 8,273 | |||||
Series 2213, 2.64%, 12/05/2025 | CNY | 7,400 | 1,076 | |||||
Series 2215, 2.82%, 06/17/2027 | CNY | 4,000 | 579 | |||||
Export-Import Bank of Korea, (South Korea), | ||||||||
Reg. S, 2.60%, 11/08/2023 | AUD | 1,100 | 729 | |||||
Reg. S, 8.00%, 05/15/2024 | IDR | 400,000 | 27 | |||||
Finland Government Bond, (Finland), | ||||||||
Reg. S, 0.00%, 09/15/2030 (e) | EUR | 170 | 150 | |||||
Reg. S, 0.13%, 09/15/2031 (e) | EUR | 755 | 653 | |||||
Reg. S, 0.13%, 04/15/2036 (e) | EUR | 280 | 208 | |||||
Reg. S, 0.13%, 04/15/2052 (e) | EUR | 450 | 229 | |||||
Reg. S, 0.25%, 09/15/2040 (e) | EUR | 384 | 258 | |||||
Reg. S, 0.50%, 04/15/2026 (e) | EUR | 1,440 | 1,467 | |||||
Reg. S, 0.50%, 09/15/2027 (e) | EUR | 660 | 651 | |||||
Reg. S, 0.50%, 09/15/2029 (e) | EUR | 80 | 75 | |||||
Reg. S, 0.50%, 04/15/2043 (e) | EUR | 500 | 336 | |||||
Reg. S, 0.75%, 04/15/2031 (e) | EUR | 321 | 296 | |||||
Reg. S, 0.88%, 09/15/2025 (e) | EUR | 430 | 445 | |||||
Reg. S, 1.13%, 04/15/2034 (e) | EUR | 421 | 377 | |||||
Reg. S, 1.38%, 04/15/2027 (e) | EUR | 160 | 165 | |||||
Reg. S, 1.50%, 09/15/2032 (e) | EUR | 1,300 | 1,249 | |||||
Reg. S, 2.00%, 04/15/2024 (e) | EUR | 447 | 480 | |||||
Reg. S, 2.63%, 07/04/2042 (e) | EUR | 675 | 689 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 2.75%, 07/04/2028 (e) | EUR | 960 | 1,042 | |||||
Reg. S, 2.75%, 04/15/2038 (e) | EUR | 540 | 557 | |||||
Reg. S, 4.00%, 07/04/2025 (e) | EUR | 780 | 867 | |||||
Series 30Y, Reg. S, 1.38%, 04/15/2047 (e) | EUR | 577 | 463 | |||||
Finnvera OYJ, (Finland), | ||||||||
Reg. S, 0.38%, 04/09/2029 | EUR | 300 | 278 | |||||
Reg. S, 0.75%, 08/07/2028 | EUR | 1,500 | 1,447 | |||||
Reg. S, 2.13%, 03/08/2028 | EUR | 300 | 312 | |||||
Fondo De Titulizacion Del Deficit Del Sistema Electrico FTA, (Spain), | ||||||||
Reg. S, 0.01%, 09/17/2025 | EUR | 100 | 101 | |||||
Reg. S, 0.85%, 12/17/2023 | EUR | 1,000 | 1,065 | |||||
Free and Hanseatic City of Hamburg, (Germany), | ||||||||
Reg. S, 0.00%, 04/07/2026 | EUR | 280 | 277 | |||||
Reg. S, 0.01%, 06/30/2028 | EUR | 180 | 167 | |||||
0.01%, 11/05/2035 | EUR | 70 | 52 | |||||
Reg. S, 0.20%, 09/03/2049 | EUR | 70 | 36 | |||||
Reg. S, 0.25%, 02/18/2041 | EUR | 394 | 257 | |||||
Free State of Bavaria, (Germany), Reg. S, 0.01%, 01/18/2035 | EUR | 352 | 268 | |||||
Free State of Saxony, (Germany), | ||||||||
Reg. S, 0.01%, 11/05/2029 | EUR | 197 | 176 | |||||
Series 132, Reg. S, 0.01%, 12/17/2035 | EUR | 210 | 154 | |||||
French Republic Government Bond OAT, (France), | ||||||||
Reg. S, 0.00%, 02/25/2024 | EUR | 1,143 | 1,207 | |||||
Reg. S, 0.00%, 03/25/2024 | EUR | 1,820 | 1,916 | |||||
Reg. S, 0.00%, 02/25/2025 | EUR | 6,620 | 6,808 | |||||
Reg. S, 0.00%, 03/25/2025 | EUR | 2,140 | 2,197 | |||||
Reg. S, 0.00%, 02/25/2026 | EUR | 7,430 | 7,459 | |||||
Reg. S, 0.00%, 02/25/2027 | EUR | 7,205 | 7,052 | |||||
Reg. S, 0.00%, 11/25/2029 | EUR | 9,655 | 8,790 | |||||
Reg. S, 0.00%, 11/25/2030 | EUR | 2,647 | 2,341 | |||||
Reg. S, 0.00%, 11/25/2031 | EUR | 5,604 | 4,809 | |||||
Reg. S, 0.00%, 05/25/2032 | EUR | 3,990 | 3,366 | |||||
Reg. S, 0.25%, 11/25/2026 | EUR | 3,576 | 3,556 | |||||
Reg. S, 0.50%, 05/25/2025 | EUR | 5,793 | 5,987 | |||||
Reg. S, 0.50%, 05/25/2026 | EUR | 6,209 | 6,293 | |||||
Reg. S, 0.50%, 05/25/2029 | EUR | 3,547 | 3,380 | |||||
Reg. S, 0.50%, 05/25/2040 (e) | EUR | 5,014 | 3,537 | |||||
Reg. S, 0.50%, 06/25/2044 (e) | EUR | 972 | 627 | |||||
Reg. S, 0.50%, 05/25/2072 (e) | EUR | 953 | 405 | |||||
Reg. S, 0.75%, 02/25/2028 | EUR | 9,480 | 9,379 | |||||
Reg. S, 0.75%, 05/25/2028 | EUR | 5,273 | 5,199 | |||||
Reg. S, 0.75%, 11/25/2028 | EUR | 1,535 | 1,500 | |||||
Reg. S, 0.75%, 05/25/2052 (e) | EUR | 4,457 | 2,636 | |||||
Reg. S, 0.75%, 05/25/2053 (e) | EUR | 4,808 | 2,765 | |||||
Reg. S, 1.00%, 11/25/2025 | EUR | 2,810 | 2,915 | |||||
Reg. S, 1.00%, 05/25/2027 | EUR | 3,898 | 3,953 | |||||
Reg. S, 1.25%, 05/25/2034 | EUR | 3,372 | 3,065 | |||||
Reg. S, 1.25%, 05/25/2036 (e) | EUR | 5,764 | 5,031 | |||||
Reg. S, 1.25%, 05/25/2038 | EUR | 3,330 | 2,800 | |||||
Reg. S, 1.50%, 05/25/2031 | EUR | 3,873 | 3,842 | |||||
Reg. S, 1.50%, 05/25/2050 (e) | EUR | 3,031 | 2,286 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 1.75%, 11/25/2024 | EUR | 3,360 | 3,578 | |||||
Reg. S, 1.75%, 06/25/2039 (e) | EUR | 1,597 | 1,440 | |||||
Reg. S, 1.75%, 05/25/2066 (e) | EUR | 1,706 | 1,259 | |||||
Reg. S, 2.00%, 11/25/2032 | EUR | 8,670 | 8,760 | |||||
Reg. S, 2.00%, 05/25/2048 (e) | EUR | 3,737 | 3,216 | |||||
Reg. S, 2.25%, 05/25/2024 | EUR | 1,723 | 1,852 | |||||
Reg. S, 2.50%, 05/25/2030 | EUR | 9,201 | 9,874 | |||||
Reg. S, 2.50%, 05/25/2043 (e) | EUR | 2,570 | 2,487 | |||||
Reg. S, 2.75%, 10/25/2027 | EUR | 4,049 | 4,408 | |||||
Reg. S, 3.00%, 05/25/2054 (e) | EUR | 500 | 513 | |||||
Reg. S, 3.25%, 05/25/2045 | EUR | 3,425 | 3,739 | |||||
Reg. S, 3.50%, 04/25/2026 | EUR | 36 | 40 | |||||
Reg. S, 4.00%, 10/25/2038 | EUR | 2,618 | 3,136 | |||||
Reg. S, 4.00%, 04/25/2055 (e) | EUR | 1,031 | 1,277 | |||||
Reg. S, 4.00%, 04/25/2060 | EUR | 1,968 | 2,468 | |||||
Reg. S, 4.50%, 04/25/2041 | EUR | 2,142 | 2,737 | |||||
Reg. S, 4.75%, 04/25/2035 | EUR | 1,867 | 2,377 | |||||
Reg. S, 5.50%, 04/25/2029 | EUR | 2,037 | 2,550 | |||||
Reg. S, 5.75%, 10/25/2032 | EUR | 1,029 | 1,389 | |||||
Reg. S, 6.00%, 10/25/2025 | EUR | 2,740 | 3,206 | |||||
Gemeinsame Deutsche Bundeslaender, (Germany), | ||||||||
Series 46, Reg. S, 1.13%, 09/30/2024 | EUR | 720 | 757 | |||||
Series 58, Reg. S, 0.00%, 02/19/2027 | EUR | 220 | 212 | |||||
Series 60, Reg. S, 0.01%, 02/04/2031 | EUR | 146 | 126 | |||||
Series 62, Reg. S, 1.25%, 05/04/2029 | EUR | 580 | 570 | |||||
Hong Kong Government Bond Programme, (Hong Kong), 1.97%, 01/17/2029 | HKD | 200 | 24 | |||||
Hong Kong Government International Bond, (Hong Kong), | ||||||||
Reg. S, 2.80%, 11/30/2024 | CNH | 5,000 | 727 | |||||
Reg. S, 3.00%, 11/30/2026 | CNH | 10,000 | 1,451 | |||||
Hungary Government Bond, (Hungary), | ||||||||
Series 24/C, 2.50%, 10/24/2024 | HUF | 281,740 | 694 | |||||
Series 26/E, 1.50%, 04/22/2026 | HUF | 352,910 | 778 | |||||
Series 26/D, 2.75%, 12/22/2026 | HUF | 80,210 | 178 | |||||
Series 27/A, 3.00%, 10/27/2027 | HUF | 194,780 | 423 | |||||
Series 28/B, 4.50%, 03/23/2028 | HUF | 73,760 | 171 | |||||
Series 28/A, 6.75%, 10/22/2028 | HUF | 75,000 | 190 | |||||
Series 29/A, 2.00%, 05/23/2029 | HUF |
200,000 |
|
391 | ||||
Series 30/A, 3.00%, 08/21/2030 | HUF | 297,350 | 596 | |||||
Series 32/A, 4.75%, 11/24/2032 | HUF | 58,400 | 126 | |||||
Series 33/A, 2.25%, 04/20/2033 | HUF | 194,590 | 332 | |||||
Series 34/A, 2.25%, 06/22/2034 | HUF | 100,520 | 163 | |||||
Series 38/A, 3.00%, 10/27/2038 | HUF | 82,470 | 130 | |||||
Series 41/A, 3.00%, 04/25/2041 | HUF | 27,170 | 40 | |||||
Hungary Government International Bond, (Hungary), | ||||||||
Reg. S, 0.50%, 11/18/2030 | EUR | 1,000 | 766 | |||||
Reg. S, 1.63%, 04/28/2032 | EUR | 1,000 | 799 | |||||
Reg. S, 1.75%, 10/10/2027 | EUR | 825 | 794 | |||||
Reg. S, 1.75%, 06/05/2035 | EUR | 5,000 | 3,697 | |||||
Hydro-Quebec, (Canada), | ||||||||
6.00%, 02/15/2040 | CAD | 300 | 274 | |||||
SUB, 8.40%, 03/28/2025 | 600 | 641 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
SUB, 8.91%, 11/18/2024 | 800 | 852 | ||||||
Series HK, 9.38%, 04/15/2030 | 500 | 648 | ||||||
Ile-de-France Mobilites, (France), | ||||||||
Reg. S, 0.40%, 05/28/2031 | EUR | 300 | 263 | |||||
Reg. S, 0.68%, 11/24/2036 | EUR | 100 | 76 | |||||
Reg. S, 1.00%, 05/25/2034 | EUR | 300 | 256 | |||||
Reg. S, 1.28%, 02/14/2042 | EUR | 100 | 74 | |||||
Reg. S, 3.40%, 05/25/2043 | EUR | 100 | 105 | |||||
Indonesia Government International Bond, (Indonesia), | ||||||||
0.90%, 02/14/2027 | EUR | 3,102 | 2,993 | |||||
1.10%, 03/12/2033 | EUR | 1,000 | 797 | |||||
1.85%, 03/12/2031 | 234 | 191 | ||||||
Reg. S, 2.15%, 07/18/2024 | EUR | 2,050 | 2,176 | |||||
3.35%, 03/12/2071 | 200 | 138 | ||||||
Reg. S, 3.38%, 07/30/2025 | EUR | 7,000 | 7,517 | |||||
Reg. S, 3.75%, 06/14/2028 | EUR | 1,000 | 1,066 | |||||
4.65%, 09/20/2032 | 600 | 597 | ||||||
Indonesia Treasury Bond, (Indonesia), | ||||||||
Series FR56, 8.38%, 09/15/2026 | IDR | 3,269,000 | 231 | |||||
Series FR67, 8.75%, 02/15/2044 | IDR | 2,074,000 | 161 | |||||
Series FR85, 7.75%, 04/15/2031 | IDR | 6,304,000 | 449 | |||||
Industrial Bank of Korea, (South Korea), Reg. S, 0.02%, 07/16/2025 | CHF | 300 | 309 | |||||
Infraestruturas de Portugal SA, (Portugal), Reg. S, 4.68%, 10/16/2024 | EUR | 150 | 166 | |||||
Instituto de Credito Oficial, (Spain), | ||||||||
Reg. S, 0.25%, 04/30/2024 | EUR | 50 | 52 | |||||
Reg. S, 2.65%, 01/31/2028 | EUR | 100 | 106 | |||||
International Bank for Reconstruction & Development, (Supranational), | ||||||||
0.00%, 01/15/2027 | EUR | 2,125 | 2,057 | |||||
Zero Coupon, 07/15/2029 | 38 | 29 | ||||||
Zero Coupon, 10/31/2030 | 1,000 | 724 | ||||||
0.10%, 09/17/2035 | EUR | 1,475 | 1,100 | |||||
Reg. S, 0.20%, 01/21/2061 | EUR | 1,000 | 388 | |||||
0.25%, 09/23/2027 | GBP | 2,900 | 3,032 | |||||
0.25%, 05/21/2029 | EUR | 5,000 | 4,599 | |||||
0.38%, 07/28/2025 | 50 | 46 | ||||||
0.50%, 10/28/2025 | 2,100 | 1,923 | ||||||
0.50%, 06/21/2035 | EUR | 50 | 40 | |||||
0.65%, 02/10/2026 | 750 | 675 | ||||||
Reg. S, 0.70%, 10/22/2046 | EUR | 2,000 | 1,288 | |||||
0.88%, 12/13/2024 | GBP | 2,050 | 2,380 | |||||
1.00%, 12/21/2029 | GBP | 2,000 | 2,052 | |||||
1.20%, 08/08/2034 | EUR | 9,000 | 7,987 | |||||
(ICE LIBOR USD 3 Month + 0.00%), 1.60%, 05/31/2026 (aa) | 1,000 | 933 | ||||||
1.63%, 01/15/2025 | 475 | 453 | ||||||
2.50%, 03/19/2024 | 465 | 456 | ||||||
2.90%, 01/19/2033 | EUR | 6,000 | 6,395 | |||||
3.00%, 09/27/2023 | 200 | 198 | ||||||
Investitionsbank Schleswig-Holstein, (Germany), Reg. S, 0.01%, 05/15/2026 | EUR | 100 | 98 | |||||
Ireland Government Bond, (Ireland), | ||||||||
Reg. S, 0.00%, 10/18/2031 | EUR | 2,027 | 1,740 | |||||
Reg. S, 0.20%, 05/15/2027 | EUR | 1,940 | 1,904 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 0.20%, 10/18/2030 | EUR | 611 | 552 | |||||
Reg. S, 0.35%, 10/18/2032 | EUR | 290 | 251 | |||||
Reg. S, 0.40%, 05/15/2035 | EUR | 691 | 553 | |||||
Reg. S, 0.55%, 04/22/2041 | EUR | 385 | 269 | |||||
Reg. S, 0.90%, 05/15/2028 | EUR | 412 | 409 | |||||
Reg. S, 1.00%, 05/15/2026 | EUR | 350 | 361 | |||||
Reg. S, 1.10%, 05/15/2029 | EUR | 957 | 948 | |||||
Reg. S, 1.30%, 05/15/2033 | EUR | 780 | 734 | |||||
Reg. S, 1.35%, 03/18/2031 | EUR | 965 | 948 | |||||
Reg. S, 1.50%, 05/15/2050 | EUR | 1,093 | 822 | |||||
Reg. S, 1.70%, 05/15/2037 | EUR | 800 | 732 | |||||
Reg. S, 2.00%, 02/18/2045 | EUR | 685 | 604 | |||||
Reg. S, 2.40%, 05/15/2030 | EUR | 1,000 | 1,069 | |||||
Reg. S, 3.00%, 10/18/2043 | EUR | 460 | 490 | |||||
Reg. S, 3.40%, 03/18/2024 | EUR | 490 | 533 | |||||
5.40%, 03/13/2025 | EUR | 790 | 900 | |||||
Israel Government AID Bond, (Israel), | ||||||||
5.50%, 09/18/2033 | 200 | 226 | ||||||
Series 2, Zero Coupon, 11/01/2024 | 24 | 22 | ||||||
Israel Government Bond - Fixed, (Israel), | ||||||||
Series 142, 5.50%, 01/31/2042 | ILS | 290 | 97 | |||||
Series 327, 2.00%, 03/31/2027 | ILS | 800 | 208 | |||||
Series 330, 1.00%, 03/31/2030 | ILS | 1,200 | 278 | |||||
Series 537, 1.50%, 05/31/2037 | ILS | 305 | 64 | |||||
Israel Government International Bond, (Israel), | ||||||||
Reg. S, 0.63%, 01/18/2032 | EUR | 3,000 | 2,433 | |||||
Reg. S, 1.50%, 01/18/2027 | EUR | 2,000 | 1,983 | |||||
Reg. S, 2.50%, 01/16/2049 | EUR | 825 | 684 | |||||
2.75%, 07/03/2030 | 400 | 362 | ||||||
Italy Buoni Poliennali Del Tesoro, (Italy), | ||||||||
Series 2Y, Reg. S, 1.75%, 05/30/2024 | EUR | 4,640 | 4,944 | |||||
Series 3Y, Reg. S, 0.00%, 12/15/2024 | EUR | 650 | 668 | |||||
Series 3Y, Reg. S, 1.20%, 08/15/2025 | EUR | 500 | 516 | |||||
Series 3Y, Reg. S, 3.50%, 01/15/2026 | EUR | 1,720 | 1,871 | |||||
Series 5Y, Reg. S, 0.00%, 04/01/2026 | EUR | 2,810 | 2,757 | |||||
Series 5Y, Reg. S, 0.00%, 08/01/2026 | EUR | 1,767 | 1,713 | |||||
Series 5Y, Reg. S, 0.50%, 02/01/2026 | EUR | 5,270 | 5,277 | |||||
Series 5Y, Reg. S, 1.10%, 04/01/2027 | EUR | 2,370 | 2,349 | |||||
Series 5Y, Reg. S, 1.75%, 07/01/2024 | EUR | 2,050 | 2,183 | |||||
Series 5Y, Reg. S, 1.85%, 07/01/2025 (e) | EUR | 980 | 1,031 | |||||
Series 5Y, Reg. S, 2.65%, 12/01/2027 | EUR | 660 | 689 | |||||
Series 6Y, Reg. S, 0.35%, 02/01/2025 | EUR | 2,780 | 2,862 | |||||
Series 7Y, Reg. S, 0.25%, 03/15/2028 | EUR | 7,600 | 7,016 | |||||
Series 7Y, Reg. S, 0.45%, 02/15/2029 | EUR | 2,560 | 2,310 | |||||
Series 7Y, Reg. S, 0.50%, 07/15/2028 | EUR | 1,694 | 1,566 | |||||
Series 7Y, Reg. S, 0.65%, 10/15/2023 | EUR | 1,000 | 1,070 | |||||
Series 7Y, Reg. S, 1.45%, 11/15/2024 | EUR | 3,400 | 3,588 | |||||
Series 7Y, Reg. S, 1.45%, 05/15/2025 | EUR | 2,813 | 2,940 | |||||
Series 7Y, Reg. S, 1.85%, 05/15/2024 | EUR | 1,340 | 1,432 | |||||
Series 7Y, Reg. S, 2.10%, 07/15/2026 | EUR | 1,844 | 1,921 | |||||
Series 7Y, Reg. S, 2.50%, 11/15/2025 | EUR | 545 | 579 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series 7Y, Reg. S, 3.85%, 12/15/2029 | EUR | 1,500 | 1,632 | |||||
Series 8Y, Reg. S, 0.85%, 01/15/2027 (e) | EUR | 6,435 | 6,350 | |||||
Series 10Y, Reg. S, 0.60%, 08/01/2031 (e) | EUR | 2,294 | 1,911 | |||||
Series 10Y, Reg. S, 0.95%, 08/01/2030 | EUR | 1,510 | 1,339 | |||||
Series 10Y, Reg. S, 0.95%, 12/01/2031 (e) | EUR | 2,105 | 1,789 | |||||
Series 10Y, Reg. S, 0.95%, 06/01/2032 | EUR | 3,305 | 2,764 | |||||
Series 10Y, Reg. S, 1.25%, 12/01/2026 | EUR | 2,107 | 2,118 | |||||
Series 10Y, Reg. S, 1.50%, 06/01/2025 | EUR | 1,620 | 1,692 | |||||
Series 10Y, Reg. S, 1.65%, 12/01/2030 (e) | EUR | 2,253 | 2,090 | |||||
Series 10Y, Reg. S, 2.00%, 12/01/2025 | EUR | 1,400 | 1,467 | |||||
Series 10Y, Reg. S, 2.00%, 02/01/2028 | EUR | 1,402 | 1,419 | |||||
Series 10Y, Reg. S, 2.05%, 08/01/2027 | EUR | 3,580 | 3,664 | |||||
Series 10Y, Reg. S, 2.20%, 06/01/2027 | EUR | 1,977 | 2,042 | |||||
Series 10Y, Reg. S, 2.50%, 12/01/2024 | EUR | 994 | 1,066 | |||||
Series 10Y, Reg. S, 2.50%, 12/01/2032 | EUR | 5,610 | 5,358 | |||||
Series 10Y, Reg. S, 2.80%, 12/01/2028 | EUR | 2,648 | 2,755 | |||||
Series 10Y, Reg. S, 3.00%, 08/01/2029 | EUR | 1,946 | 2,030 | |||||
Series 10Y, Reg. S, 3.75%, 09/01/2024 | EUR | 1,230 | 1,343 | |||||
Series 10Y, Reg. S, 4.40%, 05/01/2033 | EUR | 1,830 | 2,036 | |||||
Series 11Y, Reg. S, 0.90%, 04/01/2031 | EUR | 1,957 | 1,694 | |||||
Series 11Y, Reg. S, 1.35%, 04/01/2030 | EUR | 2,100 | 1,939 | |||||
Series 11Y, Reg. S, 4.50%, 03/01/2024 | EUR | 59 | 65 | |||||
Series 13Y, Reg. S, 4.00%, 04/30/2035 (e) | EUR | 800 | 847 | |||||
Series 15Y, Reg. S, 2.45%, 09/01/2033 (e) | EUR | 1,611 | 1,505 | |||||
Series 15Y, Reg. S, 4.75%, 09/01/2028 (e) | EUR | 1,270 | 1,456 | |||||
Series 16Y, Reg. S, 0.95%, 03/01/2037 (e) | EUR | 2,724 | 1,955 | |||||
Series 16Y, Reg. S, 1.45%, 03/01/2036 (e) | EUR | 1,229 | 974 | |||||
Series 16Y, Reg. S, 3.25%, 03/01/2038 (e) | EUR | 3,300 | 3,154 | |||||
Series 16Y, Reg. S, 3.50%, 03/01/2030 (e) | EUR | 6,136 | 6,556 | |||||
Series 16Y, Reg. S, 4.50%, 03/01/2026 (e) | EUR | 2,853 | 3,190 | |||||
Series 16Y, Reg. S, 5.00%, 03/01/2025 (e) | EUR | 4,570 | 5,113 | |||||
Series 17Y, Reg. S, 1.65%, 03/01/2032 (e) | EUR | 2,246 | 2,024 | |||||
Series 20Y, Reg. S, 2.25%, 09/01/2036 (e) | EUR | 1,014 | 882 | |||||
Series 20Y, Reg. S, 2.95%, 09/01/2038 (e) | EUR | 2,612 | 2,408 | |||||
Series 20Y, Reg. S, 4.45%, 09/01/2043 (e) | EUR | 2,500 | 2,713 | |||||
Series 21Y, Reg. S, 1.80%, 03/01/2041 (e) | EUR | 1,754 | 1,309 | |||||
Series 21Y, Reg. S, 3.10%, 03/01/2040 (e) | EUR | 1,112 | 1,028 | |||||
Series 26Y, Reg. S, 3.35%, 03/01/2035 (e) | EUR | 2,660 | 2,643 | |||||
Series 30Y, Reg. S, 2.15%, 09/01/2052 (e) | EUR | 1,271 | 886 | |||||
Series 30Y, Reg. S, 3.85%, 09/01/2049 (e) | EUR | 1,380 | 1,373 | |||||
Series 30Y, Reg. S, 4.50%, 10/01/2053 (e) | EUR | 350 | 381 | |||||
Series 30Y, Reg. S, 6.50%, 11/01/2027 | EUR | 890 | 1,089 | |||||
Series 30Y, Reg. S, 7.25%, 11/01/2026 | EUR | 2,200 | 2,693 | |||||
Series 31Y, Reg. S, 1.70%, 09/01/2051 (e) | EUR | 2,267 | 1,443 | |||||
Series 31Y, Reg. S, 2.70%, 03/01/2047 (e) | EUR | 1,350 | 1,116 | |||||
Series 31Y, Reg. S, 3.25%, 09/01/2046 (e) | EUR | 1,090 | 996 | |||||
Series 31Y, Reg. S, 3.45%, 03/01/2048 (e) | EUR | 2,865 | 2,685 | |||||
Series 31Y, Reg. S, 4.00%, 02/01/2037 (e) | EUR | 1,310 | 1,387 | |||||
Series 31Y, Reg. S, 4.75%, 09/01/2044 (e) | EUR | 2,105 | 2,393 | |||||
Series 31Y, Reg. S, 5.00%, 08/01/2034 (e) | EUR | 966 | 1,123 | |||||
Series 31Y, Reg. S, 5.00%, 09/01/2040 (e) | EUR | 960 | 1,121 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series 31Y, Reg. S, 5.25%, 11/01/2029 | EUR | 1,777 | 2,104 | |||||
Series 31Y, Reg. S, 5.75%, 02/01/2033 | EUR | 1,260 | 1,549 | |||||
Series 31Y, Reg. S, 6.00%, 05/01/2031 | EUR | 1,753 | 2,185 | |||||
Series 32Y, Reg. S, 5.00%, 08/01/2039 (e) | EUR | 1,341 | 1,562 | |||||
Series 34Y, Reg. S, 1.50%, 04/30/2045 (e) | EUR | 1,851 | 1,213 | |||||
Series 50Y, Reg. S, 2.15%, 03/01/2072 (e) | EUR | 467 | 294 | |||||
Series 50Y, Reg. S, 2.80%, 03/01/2067 (e) | EUR | 1,055 | 800 | |||||
Series CAC, Reg. S, 2.45%, 09/01/2050 (e) | EUR | 1,442 | 1,096 | |||||
Japan Expressway Holding and Debt Repayment Agency, (Japan), | ||||||||
Series 37, 2.42%, 06/20/2028 | JPY | 100,000 | 835 | |||||
Series 75, 1.96%, 09/19/2031 | JPY | 100,000 | 840 | |||||
Series 271, 0.02%, 03/31/2026 | JPY | 30,000 | 226 | |||||
Japan Finance Corp., (Japan), Series 57, 0.00%, 10/17/2025 | JPY | 20,000 | 151 | |||||
Japan Finance Organization for Municipalities, (Japan), | ||||||||
Reg. S, 0.05%, 02/12/2027 | EUR | 500 | 477 | |||||
Reg. S, 0.63%, 09/02/2025 | 1,000 | 911 | ||||||
Series 55, 0.78%, 12/28/2023 | JPY | 100,000 | 757 | |||||
Series 69, 0.48%, 02/28/2025 | JPY | 100,000 | 759 | |||||
Series 2022, 2.32%, 06/18/2027 | JPY | 20,000 | 164 | |||||
Japan Government Five Year Bond, (Japan), | ||||||||
Series 142, 0.10%, 12/20/2024 | JPY | 207,500 | 1,568 | |||||
Series 143, 0.10%, 03/20/2025 | JPY | 15,700 | 119 | |||||
Series 144, 0.10%, 06/20/2025 | JPY | 329,000 | 2,487 | |||||
Series 148, 0.01%, 06/20/2026 | JPY | 409,750 | 3,090 | |||||
Series 151, 0.01%, 03/20/2027 | JPY | 173,000 | 1,302 | |||||
Series 153, 0.01%, 06/20/2027 | JPY | 459,600 | 3,455 | |||||
Japan Government Forty Year Bond, (Japan), | ||||||||
Series 1, 2.40%, 03/20/2048 | JPY | 100,000 | 950 | |||||
Series 3, 2.20%, 03/20/2050 | JPY | 505,850 | 4,627 | |||||
Series 10, 0.90%, 03/20/2057 (bb) | JPY | 3,050 | 20 | |||||
Series 15, 1.00%, 03/20/2062 | JPY | 51,850 | 348 | |||||
Japan Government Ten Year Bond, (Japan), | ||||||||
Series 343, 0.10%, 06/20/2026 | JPY | 227,350 | 1,720 | |||||
Series 344, 0.10%, 09/20/2026 | JPY | 145,600 | 1,101 | |||||
Series 349, 0.10%, 12/20/2027 | JPY | 59,700 | 450 | |||||
Series 357, 0.10%, 12/20/2029 | JPY | 341,050 | 2,551 | |||||
Series 358, 0.10%, 03/20/2030 | JPY | 81,300 | 608 | |||||
Series 361, 0.10%, 12/20/2030 | JPY | 148,000 | 1,099 | |||||
Series 363, 0.10%, 06/20/2031 | JPY | 310,050 | 2,294 | |||||
Series 364, 0.10%, 09/20/2031 | JPY | 215,000 | 1,590 | |||||
Series 366, 0.20%, 03/20/2032 | JPY | 444,100 | 3,318 | |||||
Japan Government Thirty Year Bond, (Japan), | ||||||||
Series 11, 1.70%, 06/20/2033 | JPY | 100,000 | 847 | |||||
Series 21, 2.30%, 12/20/2035 | JPY | 743,850 | 6,737 | |||||
Series 22, 2.50%, 03/20/2036 | JPY | 132,250 | 1,224 | |||||
Series 24, 2.50%, 09/20/2036 | JPY | 57,950 | 538 | |||||
Series 33, 2.00%, 09/20/2040 | JPY | 333,000 | 2,930 | |||||
Series 66, 0.40%, 03/20/2050 | JPY | 348,250 | 2,113 | |||||
Series 67, 0.60%, 06/20/2050 | JPY | 50,000 | 320 | |||||
Series 68, 0.60%, 09/20/2050 | JPY | 131,500 | 838 | |||||
Series 71, 0.70%, 06/20/2051 | JPY | 118,600 | 773 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series 74, 1.00%, 03/20/2052 | JPY | 104,000 | 732 | |||||
Series 77, 1.60%, 12/20/2052 | JPY | 37,500 | 305 | |||||
Japan Government Twenty Year Bond, (Japan), | ||||||||
Series 80, 2.10%, 06/20/2025 | JPY | 517,000 | 4,080 | |||||
Series 105, 2.10%, 09/20/2028 | JPY | 237,150 | 1,978 | |||||
Series 122, 1.80%, 09/20/2030 | JPY | 924,000 | 7,748 | |||||
Series 140, 1.70%, 09/20/2032 | JPY | 188,950 | 1,600 | |||||
Series 148, 1.50%, 03/20/2034 | JPY | 81,550 | 679 | |||||
Series 172, 0.40%, 03/20/2040 | JPY | 145,000 | 1,004 | |||||
Series 173, 0.40%, 06/20/2040 | JPY | 120,000 | 828 | |||||
Series 175, 0.50%, 12/20/2040 | JPY | 80,000 | 557 | |||||
Series 176, 0.50%, 03/20/2041 | JPY | 143,050 | 994 | |||||
Series 177, 0.40%, 06/20/2041 | JPY | 40,000 | 272 | |||||
Series 178, 0.50%, 09/20/2041 | JPY | 458,950 | 3,174 | |||||
Series 179, 0.50%, 12/20/2041 | JPY | 25,000 | 173 | |||||
Series 180, 0.80%, 03/20/2042 | JPY | 125,000 | 908 | |||||
Japan Government Two Year Bond, (Japan), Series 430, 0.01%, 11/01/2023 | JPY | 300,000 | 2,261 | |||||
Japan Housing Finance Agency, (Japan), | ||||||||
Series 71, 1.75%, 03/19/2026 | JPY | 200,000 | 1,579 | |||||
Series 108, 1.43%, 06/18/2027 | JPY | 100,000 | 791 | |||||
Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026 | JPY | 200,000 | 1,504 | |||||
Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030 | JPY | 104,311 | 861 | |||||
Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054 | GBP | 400 | 422 | |||||
Junta de Castilla y Leon, (Spain), Reg. S, 0.43%, 04/30/2030 | EUR | 62 | 55 | |||||
Kazakhstan Government International Bond, (Kazakhstan), Reg. S, 1.50%, 09/30/2034 | EUR | 400 | 312 | |||||
Kingdom of Belgium Government Bond, (Belgium), | ||||||||
Series 44, Reg. S, 5.00%, 03/28/2035 (e) | EUR | 580 | 746 | |||||
Series 60, Reg. S, 4.25%, 03/28/2041 (e) | EUR | 1,680 | 2,054 | |||||
Series 64, Reg. S, 4.50%, 03/28/2026 (e) | EUR | 1,195 | 1,363 | |||||
Series 66, Reg. S, 4.00%, 03/28/2032 | EUR | 342 | 403 | |||||
Series 71, Reg. S, 3.75%, 06/22/2045 | EUR | 863 | 998 | |||||
Series 73, Reg. S, 3.00%, 06/22/2034 (e) | EUR | 2,138 | 2,302 | |||||
Series 74, Reg. S, 0.80%, 06/22/2025 (e) | EUR | 2,359 | 2,453 | |||||
Series 75, Reg. S, 1.00%, 06/22/2031 (e) | EUR | 997 | 937 | |||||
Series 76, Reg. S, 1.90%, 06/22/2038 (e) | EUR | 1,743 | 1,592 | |||||
Series 77, Reg. S, 1.00%, 06/22/2026 (e) | EUR | 1,412 | 1,453 | |||||
Series 78, Reg. S, 1.60%, 06/22/2047 (e) | EUR | 1,737 | 1,349 | |||||
Series 80, Reg. S, 2.15%, 06/22/2066 (e) | EUR | 1,021 | 832 | |||||
Series 81, Reg. S, 0.80%, 06/22/2027 (e) | EUR | 970 | 974 | |||||
Series 82, Reg. S, 0.50%, 10/22/2024 (e) | EUR | 1,000 | 1,047 | |||||
Series 83, Reg. S, 2.25%, 06/22/2057 (e) | EUR | 467 | 397 | |||||
Series 84, Reg. S, 1.45%, 06/22/2037 (e) | EUR | 300 | 261 | |||||
Series 85, Reg. S, 0.80%, 06/22/2028 (e) | EUR | 2,362 | 2,335 | |||||
Series 86, Reg. S, 1.25%, 04/22/2033 (e) | EUR | 2,124 | 1,975 | |||||
Series 87, Reg. S, 0.90%, 06/22/2029 (e) | EUR | 2,254 | 2,198 | |||||
Series 88, Reg. S, 1.70%, 06/22/2050 (e) | EUR | 956 | 739 | |||||
Series 89, Reg. S, 0.10%, 06/22/2030 (e) | EUR | 1,332 | 1,196 | |||||
Series 90, Reg. S, 0.40%, 06/22/2040 (e) | EUR | 1,285 | 872 | |||||
Series 91, Reg. S, 0.00%, 10/22/2027 (e) | EUR | 3,496 | 3,363 | |||||
Series 92, Reg. S, 0.00%, 10/22/2031 (e) | EUR | 2,227 | 1,895 | |||||
Series 93, Reg. S, 0.65%, 06/22/2071 (e) | EUR | 628 | 283 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series 94, Reg. S, 0.35%, 06/22/2032 (e) | EUR | 1,880 | 1,621 | |||||
Series 95, Reg. S, 1.40%, 06/22/2053 (e) | EUR | 1,845 | 1,272 | |||||
Series 96, Reg. S, 2.75%, 04/22/2039 (e) | EUR | 400 | 407 | |||||
Series 97, Reg. S, 3.00%, 06/22/2033 (e) | EUR | 400 | 435 | |||||
Kommunalbanken A/S, (Norway), | ||||||||
Reg. S, 0.05%, 10/24/2029 | EUR | 6,200 | 5,524 | |||||
Reg. S, 0.63%, 04/20/2026 | EUR | 1,200 | 1,202 | |||||
Reg. S, 0.88%, 05/24/2027 | EUR | 500 | 494 | |||||
Kommunekredit, (Denmark), | ||||||||
Reg. S, 0.01%, 05/04/2034 | EUR | 500 | 385 | |||||
Reg. S, 0.50%, 01/24/2025 | EUR | 700 | 722 | |||||
Reg. S, 2.38%, 09/15/2032 | EUR | 4,000 | 4,090 | |||||
Reg. S, 2.88%, 01/19/2035 | EUR | 7,000 | 7,327 | |||||
Kommuninvest I Sverige AB, (Sweden), | ||||||||
Reg. S, 1.50%, 05/12/2025 | SEK | 3,000 | 277 | |||||
Series 2505, Reg. S, 1.00%, 05/12/2025 | SEK | 5,000 | 457 | |||||
Series 2602, Reg. S, 0.75%, 02/04/2026 | SEK | 2,880 | 257 | |||||
Series 2611, Reg. S, 1.00%, 11/12/2026 | SEK | 4,000 | 355 | |||||
Series G24, Reg. S, 0.38%, 03/27/2024 | SEK | 4,880 | 456 | |||||
Korea Development Bank (The), (South Korea), | ||||||||
Reg. S, 1.83%, 08/10/2027 | SEK | 2,000 | 183 | |||||
2.63%, 09/08/2027 | EUR | 6,500 | 6,820 | |||||
6.00%, 01/22/2025 | IDR | 15,000,000 | 987 | |||||
Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026 | 800 | 745 | ||||||
Korea Housing Finance Corp., (South Korea), Reg. S, 1.96%, 07/19/2026 | EUR | 100 | 103 | |||||
Korea Hydro & Nuclear Power Co. Ltd., (South Korea), Reg. S, 0.00%, 07/19/2024 | CHF | 300 | 317 | |||||
Korea National Oil Corp., (South Korea), | ||||||||
Reg. S, 0.00%, 10/04/2024 | CHF | 300 | 316 | |||||
Reg. S, 0.26%, 07/30/2027 | CHF | 300 | 298 | |||||
Korea Treasury Bond, (South Korea), | ||||||||
Series 2409, 1.38%, 09/10/2024 | KRW | 700,550 | 524 | |||||
Series 2612, 1.50%, 12/10/2026 | KRW | 719,490 | 518 | |||||
Series 3106, 2.00%, 06/10/2031 | KRW | 491,310 | 342 | |||||
Series 3112, 2.38%, 12/10/2031 | KRW | 140,920 | 101 | |||||
Series 4009, 1.50%, 09/10/2040 | KRW | 277,980 | 162 | |||||
Series 4209, 3.25%, 09/10/2042 | KRW | 79,120 | 60 | |||||
Series 5003, 1.50%, 03/10/2050 | KRW | 627,880 | 324 | |||||
Series 7009, 1.63%, 09/10/2070 | KRW | 72,350 | 33 | |||||
Kuntarahoitus OYJ, (Finland), | ||||||||
Reg. S, 0.00%, 10/14/2030 | EUR | 500 | 435 | |||||
Reg. S, 0.05%, 09/06/2029 | EUR | 400 | 360 | |||||
Reg. S, 0.13%, 03/07/2024 | EUR | 180 | 190 | |||||
Reg. S, 0.25%, 02/25/2032 | EUR | 100 | 85 | |||||
Reg. S, 0.38%, 12/17/2025 | GBP | 5,000 | 5,544 | |||||
Reg. S, 1.25%, 02/23/2033 | EUR | 200 | 184 | |||||
Reg. S, 3.00%, 09/25/2028 | EUR | 200 | 217 | |||||
Land Baden-Wuerttemberg, (Germany), | ||||||||
Reg. S, 0.01%, 09/02/2030 | EUR | 218 | 190 | |||||
Reg. S, 0.13%, 11/19/2040 | EUR | 100 | 64 | |||||
Reg. S, 0.63%, 01/27/2026 | EUR | 380 | 385 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Land Berlin, (Germany), | ||||||||
Reg. S, 0.01%, 07/02/2030 | EUR | 490 | 430 | |||||
Reg. S, 0.05%, 08/06/2040 | EUR | 200 | 126 | |||||
Reg. S, 0.10%, 01/18/2030 | EUR | 635 | 569 | |||||
Reg. S, 0.13%, 11/24/2045 | EUR | 90 | 50 | |||||
Reg. S, 0.15%, 02/22/2036 | EUR | 100 | 74 | |||||
Reg. S, 0.63%, 02/05/2029 | EUR | 800 | 760 | |||||
Reg. S, 0.63%, 01/26/2052 | EUR | 200 | 115 | |||||
Reg. S, 1.63%, 08/02/2032 | EUR | 180 | 174 | |||||
Series 493, Reg. S, 0.63%, 02/08/2027 | EUR | 220 | 218 | |||||
Series 495, Reg. S, 1.38%, 06/05/2037 | EUR | 260 | 224 | |||||
Series 506, Reg. S, 1.38%, 08/27/2038 | EUR | 115 | 97 | |||||
Series 530, Reg. S, 0.10%, 01/18/2041 | EUR | 80 | 50 | |||||
Land Thueringen, (Germany), | ||||||||
Reg. S, 0.05%, 05/06/2030 | EUR | 260 | 230 | |||||
Reg. S, 0.13%, 01/13/2051 | EUR | 100 | 48 | |||||
0.50%, 03/02/2029 | EUR | 500 | 471 | |||||
Latvia Government International Bond, (Latvia), | ||||||||
Reg. S, 0.00%, 03/17/2031 | EUR | 100 | 80 | |||||
Reg. S, 1.13%, 05/30/2028 | EUR | 390 | 372 | |||||
Reg. S, 1.38%, 05/16/2036 | EUR | 110 | 87 | |||||
Reg. S, 1.88%, 02/19/2049 | EUR | 100 | 76 | |||||
Reg. S, 3.50%, 01/17/2028 | EUR | 650 | 699 | |||||
Lithuania Government International Bond, (Lithuania), | ||||||||
Reg. S, 0.25%, 05/06/2025 | EUR | 70 | 70 | |||||
Reg. S, 0.50%, 07/28/2050 | EUR | 210 | 100 | |||||
Reg. S, 0.75%, 05/06/2030 | EUR | 440 | 387 | |||||
Reg. S, 2.13%, 06/01/2032 | EUR | 210 | 198 | |||||
Luxembourg Government Bond, (Luxembourg), | ||||||||
Reg. S, 0.00%, 04/28/2025 | EUR | 110 | 111 | |||||
Reg. S, 0.00%, 11/13/2026 | EUR | 400 | 390 | |||||
Reg. S, 0.00%, 04/28/2030 | EUR | 150 | 133 | |||||
Malaysia Government Bond, (Malaysia), | ||||||||
Series 114, 4.18%, 07/15/2024 | MYR | 740 | 170 | |||||
Series 219, 3.89%, 08/15/2029 | MYR | 6,600 | 1,497 | |||||
Series 519, 3.76%, 05/22/2040 | MYR | 640 | 137 | |||||
Malaysia Government Investment Issue, (Malaysia), | ||||||||
Series 119, 4.13%, 07/09/2029 | MYR | 810 | 185 | |||||
Series 417, 4.90%, 05/08/2047 | MYR | 271 | 66 | |||||
Series 617, 4.72%, 06/15/2033 | MYR | 505 | 121 | |||||
Metropolitano de Lisboa EPE, (Portugal), | ||||||||
4.80%, 12/07/2027 | EUR | 700 | 811 | |||||
7.30%, 12/23/2025 | EUR | 500 | 601 | |||||
Mexican Bonos, (Mexico), | ||||||||
Series M, 7.75%, 05/29/2031 | MXN | 12,000 | 624 | |||||
Series M 20, 7.50%, 06/03/2027 | MXN | 17,000 | 894 | |||||
Series M 20, 8.50%, 05/31/2029 | MXN | 1,000 | 55 | |||||
Series M 30, 8.50%, 11/18/2038 | MXN | 2,000 | 106 | |||||
Mexico Government International Bond, (Mexico), | ||||||||
1.13%, 01/17/2030 | EUR | 1,200 | 1,059 | |||||
1.35%, 09/18/2027 | EUR | 3,075 | 3,001 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
1.45%, 10/25/2033 | EUR | 2,000 | 1,564 | |||||
1.63%, 04/08/2026 | EUR | 200 | 204 | |||||
2.13%, 10/25/2051 | EUR | 2,200 | 1,327 | |||||
3.00%, 03/06/2045 | EUR | 825 | 652 | |||||
Reg. S, 3.38%, 02/23/2031 | EUR | 3,000 | 2,995 | |||||
3.50%, 02/12/2034 | 700 | 593 | ||||||
3.75%, 04/19/2071 | 200 | 133 | ||||||
Reg. S, 4.00%, 03/15/2115 | EUR | 3,500 | 2,691 | |||||
4.40%, 02/12/2052 | 400 | 312 | ||||||
4.50%, 04/22/2029 | 200 | 195 | ||||||
4.60%, 02/10/2048 | 250 | 204 | ||||||
Reg. S, 5.63%, 03/19/2114 | GBP | 800 | 740 | |||||
5.75%, 10/12/2110 | 80 | 71 | ||||||
6.75%, 02/06/2024 | GBP | 100 | 125 | |||||
Ministeries Van de Vlaamse Gemeenschap, (Belgium), | ||||||||
Reg. S, 0.30%, 10/20/2031 | EUR | 900 | 768 | |||||
Reg. S, 1.00%, 01/23/2051 | EUR | 100 | 61 | |||||
Reg. S, 1.38%, 11/21/2033 | EUR | 500 | 450 | |||||
Reg. S, 1.50%, 07/12/2038 | EUR | 100 | 83 | |||||
Reg. S, 1.50%, 04/11/2044 | EUR | 100 | 75 | |||||
Reg. S, 3.00%, 10/12/2032 | EUR | 100 | 106 | |||||
Reg. S, 3.25%, 01/12/2043 | EUR | 200 | 206 | |||||
Municipal Finance Authority of British Columbia, (Canada), | ||||||||
1.10%, 06/01/2025 | CAD | 200 | 139 | |||||
2.55%, 10/09/2029 | CAD | 300 | 210 | |||||
2.80%, 12/03/2023 | CAD | 500 | 366 | |||||
Nederlandse Waterschapsbank NV, (Netherlands), | ||||||||
Reg. S, 0.00%, 09/08/2031 | EUR | 930 | 784 | |||||
Reg. S, 0.05%, 01/28/2030 | EUR | 374 | 332 | |||||
0.13%, 09/25/2023 | EUR | 400 | 428 | |||||
Reg. S, 0.25%, 06/07/2024 | EUR | 683 | 714 | |||||
Reg. S, 0.38%, 09/28/2046 | EUR | 169 | 99 | |||||
Reg. S, 0.75%, 10/04/2041 | EUR | 200 | 141 | |||||
Reg. S, 1.00%, 03/01/2028 | EUR | 300 | 295 | |||||
Reg. S, 1.25%, 05/27/2036 | EUR | 140 | 120 | |||||
Reg. S, 1.50%, 04/27/2038 | EUR | 440 | 380 | |||||
Reg. S, 1.50%, 06/15/2039 | EUR | 160 | 135 | |||||
5.20%, 03/31/2025 | CAD | 1,000 | 759 | |||||
Netherlands Government Bond, (Netherlands), | ||||||||
Reg. S, 0.00%, 01/15/2026 (e) | EUR | 1,100 | 1,109 | |||||
Reg. S, 0.00%, 01/15/2027 (e) | EUR | 990 | 975 | |||||
0.00%, 01/15/2029 | EUR | 1,030 | 965 | |||||
Reg. S, 0.00%, 07/15/2030 (e) | EUR | 1,814 | 1,635 | |||||
Reg. S, 0.00%, 07/15/2031 (e) | EUR | 1,167 | 1,025 | |||||
Reg. S, 0.00%, 01/15/2038 (e) | EUR | 1,552 | 1,123 | |||||
Reg. S, 0.00%, 01/15/2052 (e) | EUR | 1,564 | 828 | |||||
Reg. S, 0.25%, 07/15/2025 (e) | EUR | 2,884 | 2,962 | |||||
Reg. S, 0.25%, 07/15/2029 (e) | EUR | 799 | 752 | |||||
Reg. S, 0.50%, 07/15/2026 (e) | EUR | 2,140 | 2,169 | |||||
Reg. S, 0.50%, 07/15/2032 (e) | EUR | 2,160 | 1,941 | |||||
Reg. S, 0.50%, 01/15/2040 (e) | EUR | 1,720 | 1,307 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 0.75%, 07/15/2027 (e) | EUR | 1,913 | 1,923 | |||||
Reg. S, 0.75%, 07/15/2028 (e) | EUR | 1,990 | 1,969 | |||||
Reg. S, 2.00%, 01/15/2054 (e) | EUR | 660 | 624 | |||||
Reg. S, 2.50%, 01/15/2033 (e) | EUR | 2,288 | 2,452 | |||||
Reg. S, 2.75%, 01/15/2047 (e) | EUR | 2,068 | 2,276 | |||||
Reg. S, 3.75%, 01/15/2042 (e) | EUR | 1,881 | 2,334 | |||||
Reg. S, 4.00%, 01/15/2037 (e) | EUR | 974 | 1,205 | |||||
Reg. S, 5.50%, 01/15/2028 (e) | EUR | 1,366 | 1,674 | |||||
New South Wales Treasury Corp., (Australia), | ||||||||
Reg. S, 2.00%, 03/20/2031 | AUD | 200 | 116 | |||||
Reg. S, 3.00%, 02/20/2030 | AUD | 200 | 128 | |||||
New Zealand Government Bond, (New Zealand), | ||||||||
Series 425, Reg. S, 2.75%, 04/15/2025 | NZD | 170 | 102 | |||||
Series 429, 3.00%, 04/20/2029 | NZD | 110 | 64 | |||||
Series 528, 0.25%, 05/15/2028 | NZD | 700 | 358 | |||||
Series 532, 2.00%, 05/15/2032 | NZD | 80 | 42 | |||||
Series 551, 2.75%, 05/15/2051 | NZD | 40 | 19 | |||||
New Zealand Local Government Funding Agency Bond, (New Zealand), | ||||||||
Reg. S, 2.00%, 04/15/2037 | NZD | 250 | 106 | |||||
3.50%, 04/14/2033 | NZD | 300 | 165 | |||||
Northern Territory Treasury Corp., (Australia), Reg. S, 2.00%, 04/21/2031 | AUD | 300 | 173 | |||||
Norway Government Bond, (Norway), | ||||||||
Series 476, Reg. S, 3.00%, 03/14/2024 (e) | NOK | 6,073 | 578 | |||||
Series 477, Reg. S, 1.75%, 03/13/2025 (e) | NOK | 6,500 | 604 | |||||
Series 478, Reg. S, 1.50%, 02/19/2026 (e) | NOK | 4,500 | 412 | |||||
Series 479, Reg. S, 1.75%, 02/17/2027 (e) | NOK | 3,070 | 280 | |||||
Series 480, Reg. S, 2.00%, 04/26/2028 (e) | NOK | 6,510 | 594 | |||||
Series 481, Reg. S, 1.75%, 09/06/2029 (e) | NOK | 3,040 | 270 | |||||
Series 482, Reg. S, 1.38%, 08/19/2030 (e) | NOK | 7,050 | 603 | |||||
Series 483, Reg. S, 1.25%, 09/17/2031 (e) | NOK | 7,444 | 620 | |||||
Series 484, Reg. S, 2.13%, 05/18/2032 (e) | NOK | 5,867 | 523 | |||||
Series 485, Reg. S, 3.50%, 10/06/2042 (e) | NOK | 1,280 | 133 | |||||
OMERS Finance Trust, (Canada), | ||||||||
0.45%, 05/13/2025 (e) | EUR | 250 | 254 | |||||
Reg. S, 0.45%, 05/13/2025 | EUR | 2,700 | 2,747 | |||||
Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031 | CAD | 1,500 | 823 | |||||
Ontario Teachers Finance Trust, (Canada), | ||||||||
Reg. S, 0.50%, 05/06/2025 | EUR | 6,800 | 6,926 | |||||
Reg. S, 0.90%, 05/20/2041 | EUR | 1,850 | 1,296 | |||||
Reg. S, 1.85%, 05/03/2032 | EUR | 10,000 | 9,442 | |||||
Reg. S, 3.30%, 10/05/2029 | EUR | 400 | 428 | |||||
Panama Government International Bond, (Panama), | ||||||||
3.30%, 01/19/2033 | 400 | 333 | ||||||
4.50%, 01/19/2063 | 400 | 288 | ||||||
Peruvian Government International Bond, (Peru), | ||||||||
1.25%, 03/11/2033 | EUR | 2,000 | 1,563 | |||||
Reg. S, 1.95%, 11/17/2036 | EUR | 1,000 | 759 | |||||
Reg. S, 2.75%, 01/30/2026 | EUR | 825 | 863 | |||||
2.78%, 01/23/2031 | 110 | 94 | ||||||
3.00%, 01/15/2034 | 570 | 464 | ||||||
3.23%, 07/28/2121 | 25 | 15 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
3.55%, 03/10/2051 | 75 | 55 | ||||||
Reg. S, 6.90%, 08/12/2037 | PEN | 1,000 | 249 | |||||
Philippine Government International Bond, (Philippines), | ||||||||
1.20%, 04/28/2033 | EUR | 5,000 | 4,013 | |||||
1.65%, 06/10/2031 | 200 | 160 | ||||||
1.75%, 04/28/2041 | EUR | 1,000 | 684 | |||||
3.20%, 07/06/2046 | 200 | 148 | ||||||
5.61%, 04/13/2033 | 400 | 425 | ||||||
9.50%, 02/02/2030 | 100 | 126 | ||||||
Portugal Obrigacoes do Tesouro OT, (Portugal), | ||||||||
Reg. S, 0.30%, 10/17/2031 (e) | EUR | 1,092 | 941 | |||||
Reg. S, 0.48%, 10/18/2030 (e) | EUR | 377 | 341 | |||||
Reg. S, 0.70%, 10/15/2027 (e) | EUR | 1,675 | 1,663 | |||||
Reg. S, 0.90%, 10/12/2035 (e) | EUR | 861 | 704 | |||||
Reg. S, 1.00%, 04/12/2052 (e) | EUR | 370 | 212 | |||||
Reg. S, 1.15%, 04/11/2042 (e) | EUR | 395 | 286 | |||||
Reg. S, 1.65%, 07/16/2032 (e) | EUR | 1,210 | 1,155 | |||||
Reg. S, 1.95%, 06/15/2029 (e) | EUR | 1,803 | 1,858 | |||||
Reg. S, 2.13%, 10/17/2028 (e) | EUR | 1,047 | 1,097 | |||||
Reg. S, 2.88%, 10/15/2025 (e) | EUR | 1,500 | 1,631 | |||||
Reg. S, 2.88%, 07/21/2026 (e) | EUR | 1,710 | 1,864 | |||||
Reg. S, 3.50%, 06/18/2038 (e) | EUR | 700 | 761 | |||||
Reg. S, 3.88%, 02/15/2030 (e) | EUR | 1,020 | 1,171 | |||||
Reg. S, 4.10%, 04/15/2037 (e) | EUR | 837 | 975 | |||||
Reg. S, 4.10%, 02/15/2045 (e) | EUR | 640 | 744 | |||||
Reg. S, 4.13%, 04/14/2027 (e) | EUR | 480 | 548 | |||||
Series 15Y, Reg. S, 2.25%, 04/18/2034 (e) | EUR | 426 | 420 | |||||
Province of Alberta Canada, (Canada), | ||||||||
Reg. S, 1.40%, 02/20/2029 | SEK | 2,000 | 167 | |||||
2.20%, 06/01/2026 | CAD | 600 | 426 | |||||
Province of British Columbia Canada, (Canada), | ||||||||
2.80%, 06/18/2048 | CAD | 400 | 236 | |||||
7.25%, 09/01/2036 | 300 | 394 | ||||||
7.88%, 11/30/2023 | CAD | 620 | 468 | |||||
Province of Manitoba Canada, (Canada), 2.75%, 06/02/2029 | CAD | 500 | 355 | |||||
Province of Nova Scotia Canada, (Canada), 3.45%, 06/01/2045 | CAD | 200 | 132 | |||||
Province of Ontario Canada, (Canada), | ||||||||
Reg. S, 0.01%, 11/25/2030 | EUR | 3,000 | 2,544 | |||||
Reg. S, 0.25%, 12/15/2026 | GBP | 1,900 | 2,011 | |||||
Reg. S, 0.25%, 06/09/2031 | EUR | 3,000 | 2,545 | |||||
Reg. S, 0.50%, 12/15/2023 | GBP | 500 | 599 | |||||
Reg. S, 0.63%, 04/17/2025 | EUR | 400 | 410 | |||||
Reg. S, 0.88%, 01/21/2025 | EUR | 1,000 | 1,037 | |||||
5.60%, 06/02/2035 | CAD | 300 | 259 | |||||
Province of Quebec Canada, (Canada), | ||||||||
Reg. S, 0.25%, 05/05/2031 | EUR | 8,000 | 6,825 | |||||
Reg. S, 0.50%, 01/25/2032 | EUR | 3,000 | 2,557 | |||||
Reg. S, 0.88%, 05/04/2027 | EUR | 3,500 | 3,454 | |||||
Reg. S, 0.88%, 07/05/2028 | EUR | 1,025 | 985 | |||||
Reg. S, 2.38%, 01/22/2024 | EUR | 425 | 457 | |||||
3.50%, 12/01/2045 | CAD | 200 | 135 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series PD, 7.50%, 09/15/2029 | 100 | 119 | ||||||
Province of Saskatchewan Canada, (Canada), 3.30%, 06/02/2048 | CAD | 400 | 257 | |||||
Queensland Treasury Corp., (Australia), | ||||||||
Reg. S, 1.75%, 08/21/2031 (e) | AUD | 600 | 341 | |||||
Series 27, Reg. S, 2.75%, 08/20/2027 (e) | AUD | 400 | 260 | |||||
Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032 | EUR | 200 | 174 | |||||
Regie Autonome des Transports Parisiens, (France), | ||||||||
Reg. S, 0.38%, 06/15/2024 | EUR | 300 | 314 | |||||
Reg. S, 0.40%, 12/19/2036 | EUR | 682 | 637 | |||||
Reg. S, 0.88%, 05/25/2027 | EUR | 100 | 99 | |||||
Reg. S, 1.75%, 05/25/2031 | EUR | 500 | 490 | |||||
Reg. S, 1.88%, 05/25/2032 | EUR | 100 | 97 | |||||
Region of Ile de France, (France), | ||||||||
Reg. S, 0.00%, 04/20/2028 | EUR | 200 | 186 | |||||
Reg. S, 0.50%, 06/14/2025 | EUR | 200 | 205 | |||||
Reg. S, 0.63%, 04/23/2027 | EUR | 200 | 197 | |||||
Reg. S, 2.23%, 07/19/2032 | EUR | 200 | 199 | |||||
Reg. S, 3.63%, 03/27/2024 | EUR | 100 | 108 | |||||
Region Wallonne Belgium, (Belgium), | ||||||||
Reg. S, 0.05%, 06/22/2025 | EUR | 800 | 812 | |||||
Reg. S, 0.25%, 05/03/2026 | EUR | 300 | 298 | |||||
Reg. S, 0.38%, 10/22/2031 | EUR | 100 | 85 | |||||
Reg. S, 0.50%, 06/22/2037 | EUR | 100 | 72 | |||||
Reg. S, 1.05%, 06/22/2040 | EUR | 100 | 72 | |||||
Reg. S, 1.25%, 05/03/2034 | EUR | 200 | 173 | |||||
Reg. S, 1.38%, 04/06/2032 | EUR | 200 | 185 | |||||
Reg. S, 3.25%, 06/22/2033 | EUR | 500 | 535 | |||||
Reg. S, 3.50%, 03/15/2043 | EUR | 100 | 105 | |||||
Republic of Austria Government Bond, (Austria), | ||||||||
Reg. S, 0.00%, 07/15/2024 (e) | EUR | 280 | 293 | |||||
Reg. S, 0.00%, 04/20/2025 (e) | EUR | 1,300 | 1,331 | |||||
Reg. S, 0.00%, 10/20/2028 (e) | EUR | 490 | 456 | |||||
Reg. S, 0.00%, 02/20/2030 (e) | EUR | 1,178 | 1,051 | |||||
Reg. S, 0.00%, 02/20/2031 (e) | EUR | 2,094 | 1,813 | |||||
Reg. S, 0.00%, 10/20/2040 (e) | EUR | 760 | 480 | |||||
Reg. S, 0.25%, 10/20/2036 (e) | EUR | 1,100 | 821 | |||||
Reg. S, 0.50%, 04/20/2027 (e) | EUR | 1,100 | 1,092 | |||||
Reg. S, 0.50%, 02/20/2029 (e) | EUR | 1,219 | 1,157 | |||||
Reg. S, 0.70%, 04/20/2071 (e) | EUR | 751 | 370 | |||||
Reg. S, 0.75%, 10/20/2026 (e) | EUR | 1,000 | 1,014 | |||||
Reg. S, 0.75%, 02/20/2028 (e) | EUR | 2,740 | 2,705 | |||||
Reg. S, 0.75%, 03/20/2051 (e) | EUR | 1,362 | 853 | |||||
Reg. S, 0.85%, 06/30/2120 (e) | EUR | 300 | 137 | |||||
Reg. S, 0.90%, 02/20/2032 (e) | EUR | 1,050 | 960 | |||||
Reg. S, 1.20%, 10/20/2025 (e) | EUR | 860 | 897 | |||||
Reg. S, 1.50%, 02/20/2047 (e) | EUR | 895 | 720 | |||||
Reg. S, 1.50%, 11/02/2086 (e) | EUR | 190 | 124 | |||||
Reg. S, 1.85%, 05/23/2049 (e) | EUR | 570 | 485 | |||||
Reg. S, 2.00%, 07/15/2026 (e) | EUR | 270 | 286 | |||||
Reg. S, 2.10%, 09/20/2117 (e) | EUR | 756 | 603 | |||||
Reg. S, 2.40%, 05/23/2034 (e) | EUR | 673 | 688 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 2.90%, 02/20/2033 (e) | EUR | 690 | 744 | |||||
Reg. S, 3.15%, 06/20/2044 (e) | EUR | 748 | 827 | |||||
Reg. S, 3.80%, 01/26/2062 (e) | EUR | 290 | 368 | |||||
Reg. S, 4.15%, 03/15/2037 (e) | EUR | 1,195 | 1,447 | |||||
Reg. S, 4.85%, 03/15/2026 (e) | EUR | 2,661 | 3,056 | |||||
Reg. S, 6.25%, 07/15/2027 | EUR | 133 | 164 | |||||
Series 1, Reg. S, 1.65%, 10/21/2024 (e) | EUR | 1,468 | 1,562 | |||||
Republic of Austria Government International Bond, (Austria), Reg. S, 5.38%, 12/01/2034 (e) | CAD | 200 | 165 | |||||
Republic of Italy Government International Bond, (Italy), | ||||||||
1.25%, 02/17/2026 | 2,000 | 1,781 | ||||||
2.88%, 10/17/2029 | 200 | 173 | ||||||
Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa) | EUR | 1,000 | 1,103 | |||||
Reg. S, 5.13%, 07/31/2024 | EUR | 520 | 575 | |||||
5.20%, 07/31/2034 | EUR | 200 | 229 | |||||
Reg. S, 6.00%, 08/04/2028 | GBP | 1,050 | 1,330 | |||||
Republic of Poland Government Bond, (Poland), | ||||||||
Series 424, 2.50%, 04/25/2024 | PLN | 1,639 | 366 | |||||
Series 425, 0.75%, 04/25/2025 | PLN | 1,810 | 377 | |||||
Series 428, 2.75%, 04/25/2028 | PLN | 6,310 | 1,260 | |||||
Series 429, 5.75%, 04/25/2029 | PLN | 530 | 121 | |||||
Series 432, 1.75%, 04/25/2032 | PLN | 4,323 | 709 | |||||
Series 447, 4.00%, 04/25/2047 | PLN | 373 | 61 | |||||
Series 725, 3.25%, 07/25/2025 | PLN | 4,160 | 907 | |||||
Series 726, 2.50%, 07/25/2026 | PLN | 4,870 | 1,011 | |||||
Series 727, 2.50%, 07/25/2027 | PLN | 8,450 | 1,703 | |||||
Series 1024, 2.25%, 10/25/2024 | PLN | 5,960 | 1,303 | |||||
Series 1026, 0.25%, 10/25/2026 | PLN | 6,040 | 1,147 | |||||
Series 1029, 2.75%, 10/25/2029 | PLN | 3,773 | 724 | |||||
Series 1030, 1.25%, 10/25/2030 | PLN | 4,143 | 689 | |||||
Republic of Poland Government International Bond, (Poland), | ||||||||
Reg. S, 0.00%, 07/07/2023 | EUR | 425 | 456 | |||||
Reg. S, 0.00%, 02/10/2025 | EUR | 160 | 162 | |||||
Reg. S, 0.88%, 05/10/2027 | EUR | 1,900 | 1,832 | |||||
Reg. S, 1.13%, 08/07/2026 | EUR | 1,825 | 1,816 | |||||
Reg. S, 1.38%, 10/22/2027 | EUR | 6,000 | 5,824 | |||||
Reg. S, 2.00%, 03/08/2049 | EUR | 53 | 39 | |||||
Reg. S, 2.38%, 01/18/2036 | EUR | 1,000 | 890 | |||||
Reg. S, 2.75%, 05/25/2032 | EUR | 3,000 | 2,915 | |||||
Reg. S, 4.25%, 02/14/2043 | EUR | 5,000 | 5,253 | |||||
Reg. S, 5.25%, 01/20/2025 | EUR | 1,000 | 1,112 | |||||
Romania Government Bond, (Romania), | ||||||||
Series 5Y, 3.25%, 06/24/2026 | RON | 2,215 | 430 | |||||
Series 5Y, 3.65%, 07/28/2025 | RON | 9,970 | 2,029 | |||||
Series 5Y, 4.25%, 04/28/2036 | RON | 1,215 | 194 | |||||
Series 7Y, 2.50%, 10/25/2027 | RON | 1,350 | 242 | |||||
Series 8Y, 4.15%, 01/26/2028 | RON | 1,930 | 370 | |||||
Series 10YR, 4.15%, 10/24/2030 | RON | 3,055 | 544 | |||||
Series 10Y, 6.70%, 02/25/2032 | RON | 3,130 | 650 | |||||
Series 10Y, 8.25%, 09/29/2032 | RON | 630 | 144 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Romanian Government International Bond, (Romania), | ||||||||
Reg. S, 1.38%, 12/02/2029 | EUR | 2,000 | 1,629 | |||||
Reg. S, 1.75%, 07/13/2030 | EUR | 1,000 | 796 | |||||
Reg. S, 2.00%, 04/14/2033 | EUR | 1,500 | 1,107 | |||||
Reg. S, 2.12%, 07/16/2031 | EUR | 3,000 | 2,360 | |||||
Reg. S, 2.13%, 03/07/2028 | EUR | 3,000 | 2,770 | |||||
Reg. S, 2.38%, 04/19/2027 | EUR | 2,000 | 1,940 | |||||
Reg. S, 2.63%, 12/02/2040 | EUR | 1,000 | 627 | |||||
Reg. S, 2.75%, 10/29/2025 | EUR | 6,000 | 6,294 | |||||
Reg. S, 2.75%, 02/26/2026 | EUR | 15 | 15 | |||||
Reg. S, 2.75%, 04/14/2041 | EUR | 800 | 508 | |||||
Reg. S, 2.88%, 10/28/2024 | EUR | 1,475 | 1,571 | |||||
Reg. S, 2.88%, 04/13/2042 | EUR | 1,000 | 634 | |||||
Reg. S, 3.38%, 02/08/2038 | EUR | 1,425 | 1,072 | |||||
Reg. S, 3.38%, 01/28/2050 | EUR | 1,265 | 827 | |||||
Reg. S, 3.62%, 05/26/2030 | EUR | 1,875 | 1,718 | |||||
Reg. S, 3.75%, 02/07/2034 | EUR | 1,000 | 845 | |||||
Reg. S, 3.88%, 10/29/2035 | EUR | 5,000 | 4,128 | |||||
Reg. S, 5.00%, 09/27/2026 | EUR | 1,000 | 1,082 | |||||
Reg. S, 6.63%, 09/27/2029 | EUR | 2,000 | 2,215 | |||||
Saudi Government International Bond, (Saudi Arabia), | ||||||||
Reg. S, 0.75%, 07/09/2027 | EUR | 2,200 | 2,106 | |||||
Reg. S, 2.00%, 07/09/2039 | EUR | 1,200 | 936 | |||||
SFIL SA, (France), | ||||||||
Reg. S, 0.00%, 05/24/2024 | EUR | 200 | 209 | |||||
Reg. S, 0.05%, 06/04/2029 | EUR | 300 | 270 | |||||
Reg. S, 0.13%, 10/18/2024 | EUR | 500 | 517 | |||||
Reg. S, 1.50%, 03/05/2032 | EUR | 300 | 284 | |||||
Singapore Government Bond, (Singapore), | ||||||||
1.88%, 03/01/2050 | SGD | 53 | 34 | |||||
2.13%, 06/01/2026 | SGD | 134 | 98 | |||||
2.38%, 07/01/2039 | SGD | 60 | 42 | |||||
2.75%, 03/01/2046 | SGD | 60 | 46 | |||||
2.88%, 07/01/2029 | SGD | 150 | 112 | |||||
2.88%, 09/01/2030 | SGD | 1,215 | 907 | |||||
3.38%, 09/01/2033 | SGD | 100 | 78 | |||||
Slovakia Government Bond, (Slovakia), | ||||||||
Series 231, 0.63%, 05/22/2026 | EUR | 860 | 858 | |||||
Series 232, Reg. S, 1.88%, 03/09/2037 | EUR | 160 | 135 | |||||
Series 233, Reg. S, 2.00%, 10/17/2047 | EUR | 280 | 216 | |||||
Series 234, Reg. S, 1.00%, 06/12/2028 | EUR | 240 | 232 | |||||
Series 235, Reg. S, 2.25%, 06/12/2068 | EUR | 99 | 75 | |||||
Series 236, Reg. S, 0.75%, 04/09/2030 | EUR | 420 | 379 | |||||
Series 238, Reg. S, 0.25%, 05/14/2025 | EUR | 690 | 701 | |||||
Series 239, Reg. S, 1.00%, 05/14/2032 | EUR | 718 | 621 | |||||
Series 241, Reg. S, 0.13%, 06/17/2027 | EUR | 162 | 154 | |||||
Series 242, Reg. S, 0.38%, 04/21/2036 | EUR | 379 | 261 | |||||
Series 243, Reg. S, 1.00%, 10/13/2051 | EUR | 280 | 156 | |||||
Series 244, Reg. S, 4.00%, 10/19/2032 | EUR | 80 | 89 | |||||
Series 245, Reg. S, 3.75%, 02/23/2035 | EUR | 840 | 894 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Slovenia Government Bond, (Slovenia), | ||||||||
Series RS66, Reg. S, 4.63%, 09/09/2024 | EUR | 319 | 357 | |||||
Series RS70, Reg. S, 5.13%, 03/30/2026 | EUR | 470 | 544 | |||||
Series RS74, Reg. S, 1.50%, 03/25/2035 | EUR | 120 | 104 | |||||
Series RS76, Reg. S, 3.13%, 08/07/2045 | EUR | 160 | 160 | |||||
Series RS77, Reg. S, 2.25%, 03/03/2032 | EUR | 130 | 129 | |||||
Series RS78, Reg. S, 1.75%, 11/03/2040 | EUR | 212 | 174 | |||||
Series RS80, Reg. S, 1.00%, 03/06/2028 | EUR | 500 | 490 | |||||
Series RS82, Reg. S, 0.28%, 01/14/2030 | EUR | 586 | 521 | |||||
Series RS84, Reg. S, 0.88%, 07/15/2030 | EUR | 190 | 174 | |||||
Series RS85, Reg. S, 0.49%, 10/20/2050 | EUR | 190 | 99 | |||||
Series RS87, Reg. S, 0.69%, 03/03/2081 | EUR | 121 | 60 | |||||
Series RS91, Reg. S, 3.63%, 03/11/2033 | EUR | 760 | 846 | |||||
SNCF Reseau, (France), | ||||||||
Reg. S, 0.88%, 01/22/2029 | EUR | 200 | 191 | |||||
Reg. S, 1.00%, 11/09/2031 | EUR | 300 | 273 | |||||
Reg. S, 1.13%, 05/19/2027 | EUR | 500 | 502 | |||||
Reg. S, 1.13%, 05/25/2030 | EUR | 500 | 474 | |||||
Reg. S, 1.50%, 05/29/2037 | EUR | 300 | 254 | |||||
Reg. S, 2.00%, 11/12/2026 | CHF | 300 | 328 | |||||
Reg. S, 2.00%, 02/05/2048 | EUR | 100 | 78 | |||||
Reg. S, 2.25%, 12/20/2047 | EUR | 100 | 83 | |||||
Reg. S, 3.13%, 10/25/2028 | EUR | 500 | 543 | |||||
4.70%, 06/01/2035 | CAD | 100 | 79 | |||||
Reg. S, 4.83%, 03/25/2060 | GBP | 2,000 | 2,541 | |||||
Reg. S, 5.00%, 10/10/2033 | EUR | 200 | 247 | |||||
Reg. S, 5.00%, 03/11/2052 | GBP | 145 | 183 | |||||
Reg. S, 5.25%, 12/07/2028 | GBP | 300 | 388 | |||||
Societe Du Grand Paris EPIC, (France), | ||||||||
Reg. S, 0.00%, 11/25/2030 | EUR | 400 | 342 | |||||
Reg. S, 0.30%, 09/02/2036 | EUR | 200 | 143 | |||||
Reg. S, 0.70%, 10/15/2060 | EUR | 300 | 127 | |||||
Reg. S, 0.88%, 05/10/2046 | EUR | 100 | 62 | |||||
Reg. S, 1.00%, 11/26/2051 | EUR | 200 | 114 | |||||
Reg. S, 1.13%, 10/22/2028 | EUR | 700 | 685 | |||||
Reg. S, 1.13%, 05/25/2034 | EUR | 200 | 171 | |||||
Reg. S, 1.70%, 05/25/2050 | EUR | 300 | 218 | |||||
Reg. S, 3.50%, 05/25/2043 | EUR | 500 | 527 | |||||
Societe Nationale SNCF SA, (France), | ||||||||
Reg. S, 0.63%, 04/17/2030 | EUR | 300 | 273 | |||||
Reg. S, 1.00%, 05/25/2040 | EUR | 100 | 71 | |||||
Reg. S, 1.00%, 01/19/2061 | EUR | 100 | 45 | |||||
Reg. S, 1.50%, 02/02/2029 | EUR | 300 | 296 | |||||
Reg. S, 5.38%, 03/18/2027 | GBP | 400 | 509 | |||||
South Australian Government Financing Authority, (Australia), Reg. S, 2.00%, 05/23/2036 | AUD | 89 | 45 | |||||
Spain Government Bond, (Spain), | ||||||||
Reg. S, 0.00%, 05/31/2024 | EUR | 509 | 533 | |||||
0.00%, 01/31/2025 | EUR | 5,469 | 5,630 | |||||
0.00%, 05/31/2025 | EUR | 970 | 988 | |||||
0.00%, 01/31/2026 | EUR | 3,200 | 3,201 | |||||
0.00%, 01/31/2027 | EUR | 1,730 | 1,680 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 0.00%, 01/31/2028 (e) | EUR | 3,878 | 3,650 | |||||
Reg. S, 0.10%, 04/30/2031 (e) | EUR | 1,030 | 878 | |||||
Reg. S, 0.50%, 04/30/2030 (e) | EUR | 5,923 | 5,390 | |||||
Reg. S, 0.50%, 10/31/2031 (e) | EUR | 3,588 | 3,118 | |||||
Reg. S, 0.60%, 10/31/2029 (e) | EUR | 980 | 911 | |||||
Reg. S, 0.70%, 04/30/2032 (e) | EUR | 2,660 | 2,318 | |||||
Reg. S, 0.80%, 07/30/2027 (e) | EUR | 1,321 | 1,310 | |||||
0.80%, 07/30/2029 | EUR | 1,100 | 1,040 | |||||
Reg. S, 0.85%, 07/30/2037 (e) | EUR | 4,393 | 3,313 | |||||
Reg. S, 1.00%, 07/30/2042 (e) | EUR | 1,293 | 885 | |||||
Reg. S, 1.00%, 10/31/2050 (e) | EUR | 2,900 | 1,683 | |||||
Reg. S, 1.20%, 10/31/2040 (e) | EUR | 2,511 | 1,852 | |||||
Reg. S, 1.25%, 10/31/2030 (e) | EUR | 2,458 | 2,337 | |||||
Reg. S, 1.30%, 10/31/2026 (e) | EUR | 1,651 | 1,696 | |||||
Reg. S, 1.40%, 04/30/2028 (e) | EUR | 2,796 | 2,811 | |||||
Reg. S, 1.40%, 07/30/2028 (e) | EUR | 1,421 | 1,423 | |||||
Reg. S, 1.45%, 10/31/2027 (e) | EUR | 4,440 | 4,510 | |||||
Reg. S, 1.45%, 04/30/2029 (e) | EUR | 5,130 | 5,089 | |||||
Reg. S, 1.45%, 10/31/2071 (e) | EUR | 549 | 289 | |||||
Reg. S, 1.50%, 04/30/2027 (e) | EUR | 1,325 | 1,359 | |||||
Reg. S, 1.60%, 04/30/2025 (e) | EUR | 2,810 | 2,969 | |||||
Reg. S, 1.85%, 07/30/2035 (e) (ee) | EUR | 2,233 | 2,034 | |||||
Reg. S, 1.90%, 10/31/2052 (e) | EUR | 842 | 604 | |||||
Reg. S, 1.95%, 04/30/2026 (e) | EUR | 3,228 | 3,406 | |||||
Reg. S, 1.95%, 07/30/2030 (e) | EUR | 1,340 | 1,346 | |||||
Reg. S, 2.15%, 10/31/2025 (e) | EUR | 3,525 | 3,760 | |||||
Reg. S, 2.35%, 07/30/2033 (e) | EUR | 1,491 | 1,478 | |||||
Reg. S, 2.55%, 10/31/2032 (e) | EUR | 2,160 | 2,206 | |||||
2.80%, 05/31/2026 | EUR | 900 | 972 | |||||
Reg. S, 2.90%, 10/31/2046 (e) | EUR | 1,463 | 1,386 | |||||
Reg. S, 3.15%, 04/30/2033 (e) | EUR | 3,130 | 3,342 | |||||
Reg. S, 3.45%, 07/30/2043 (e) | EUR | 1,330 | 1,375 | |||||
Reg. S, 3.45%, 07/30/2066 (e) | EUR | 1,610 | 1,595 | |||||
Reg. S, 3.80%, 04/30/2024 (e) | EUR | 1,457 | 1,593 | |||||
Reg. S, 4.20%, 01/31/2037 (e) | EUR | 773 | 896 | |||||
Reg. S, 4.65%, 07/30/2025 (e) | EUR | 1,956 | 2,205 | |||||
Reg. S, 4.70%, 07/30/2041 (e) | EUR | 714 | 876 | |||||
Reg. S, 4.80%, 01/31/2024 (e) | EUR | 818 | 899 | |||||
Reg. S, 4.90%, 07/30/2040 (e) | EUR | 2,689 | 3,370 | |||||
Reg. S, 5.15%, 10/31/2028 (e) | EUR | 1,476 | 1,773 | |||||
Reg. S, 5.15%, 10/31/2044 (e) | EUR | 1,421 | 1,862 | |||||
5.75%, 07/30/2032 | EUR | 1,706 | 2,226 | |||||
Reg. S, 5.90%, 07/30/2026 (e) | EUR | 2,920 | 3,463 | |||||
6.00%, 01/31/2029 | EUR | 1,780 | 2,237 | |||||
Series 5YR, Reg. S, 0.25%, 07/30/2024 (e) | EUR | 1,223 | 1,280 | |||||
Series 30Y, Reg. S, 2.70%, 10/31/2048 (e) | EUR | 2,634 | 2,366 | |||||
State of Brandenburg, (Germany), | ||||||||
Reg. S, 0.13%, 01/26/2046 | EUR | 259 | 143 | |||||
Reg. S, 1.45%, 11/26/2038 | EUR | 180 | 153 | |||||
Reg. S, 2.50%, 01/25/2029 | EUR | 200 | 211 | |||||
Reg. S, 3.00%, 02/27/2032 | EUR | 200 | 218 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
State of Bremen, (Germany), | ||||||||
Series 191, Reg. S, 1.88%, 03/18/2024 | EUR | 580 | 620 | |||||
Series 215, Reg. S, 1.20%, 01/30/2034 | EUR | 40 | 36 | |||||
Series 224, Reg. S, 0.40%, 08/20/2049 | EUR | 30 | 17 | |||||
Series 232, Reg. S, 0.55%, 02/04/2050 | EUR | 30 | 17 | |||||
Series 247, Reg. S, 0.15%, 09/14/2040 | EUR | 210 | 134 | |||||
Series 250, Reg. S, 0.01%, 10/06/2028 | EUR | 640 | 591 | |||||
Series 258, Reg. S, 0.50%, 05/06/2041 | EUR | 138 | 93 | |||||
State of Hesse, (Germany), | ||||||||
Reg. S, 0.13%, 10/10/2031 | EUR | 203 | 173 | |||||
Reg. S, 0.88%, 12/10/2024 | EUR | 600 | 626 | |||||
Reg. S, 1.38%, 06/10/2024 | EUR | 490 | 520 | |||||
Series 1801, Reg. S, 0.63%, 08/02/2028 | EUR | 230 | 221 | |||||
Series 2006, Reg. S, 0.01%, 03/11/2030 | EUR | 100 | 89 | |||||
Series 2301, 2.88%, 01/10/2033 | EUR | 800 | 862 | |||||
State of Lower Saxony, (Germany), | ||||||||
Reg. S, 0.00%, 02/11/2027 | EUR | 1,310 | 1,266 | |||||
Reg. S, 0.01%, 01/10/2031 | EUR | 479 | 414 | |||||
Reg. S, 0.05%, 03/09/2035 | EUR | 277 | 210 | |||||
Reg. S, 0.25%, 02/06/2024 | EUR | 325 | 344 | |||||
Reg. S, 0.38%, 05/14/2029 | EUR | 500 | 465 | |||||
Reg. S, 1.50%, 10/17/2029 | EUR | 200 | 198 | |||||
Series 884, Reg. S, 0.88%, 10/25/2028 | EUR | 320 | 310 | |||||
Series 898, Reg. S, 0.01%, 08/13/2030 | EUR | 149 | 130 | |||||
Series 901, Reg. S, 0.01%, 11/25/2027 | EUR | 640 | 606 | |||||
State of North Rhine-Westphalia Germany, (Germany), | ||||||||
Reg. S, 0.00%, 01/15/2029 | EUR | 161 | 147 | |||||
Reg. S, 0.20%, 04/09/2030 | EUR | 694 | 623 | |||||
Reg. S, 0.20%, 01/27/2051 | EUR | 270 | 134 | |||||
Reg. S, 0.38%, 09/02/2050 | EUR | 713 | 383 | |||||
Reg. S, 0.50%, 11/25/2039 | EUR | 110 | 78 | |||||
Reg. S, 0.75%, 08/16/2041 | EUR | 360 | 255 | |||||
Reg. S, 0.80%, 07/30/2049 | EUR | 100 | 63 | |||||
Reg. S, 0.90%, 11/15/2028 | EUR | 600 | 583 | |||||
Reg. S, 0.95%, 03/13/2028 | EUR | 144 | 142 | |||||
Reg. S, 0.95%, 01/10/2121 | EUR | 195 | 83 | |||||
Reg. S, 1.38%, 01/15/2120 | EUR | 434 | 232 | |||||
Reg. S, 1.45%, 02/16/2043 | EUR | 100 | 80 | |||||
Reg. S, 1.45%, 01/19/2122 | EUR | 150 | 83 | |||||
Reg. S, 1.65%, 02/22/2038 | EUR | 480 | 426 | |||||
Reg. S, 1.65%, 05/16/2047 | EUR | 620 | 501 | |||||
Reg. S, 1.75%, 10/26/2057 | EUR | 172 | 132 | |||||
Reg. S, 1.75%, 07/11/2068 | EUR | 104 | 73 | |||||
Reg. S, 1.88%, 03/15/2024 | EUR | 630 | 674 | |||||
Reg. S, 1.95%, 09/26/2078 | EUR | 254 | 192 | |||||
Reg. S, 2.13%, 06/13/2025 | GBP | 1,000 | 1,178 | |||||
Reg. S, 2.15%, 03/21/2119 | EUR | 376 | 288 | |||||
Reg. S, 2.75%, 01/15/2032 | EUR | 430 | 459 | |||||
Reg. S, 2.90%, 01/15/2053 | EUR | 390 | 408 | |||||
Reg. S, 3.40%, 03/07/2073 | EUR | 100 | 114 | |||||
Series 15YR, Reg. S, 0.00%, 10/12/2035 | EUR | 654 | 481 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Series 15YR, Reg. S, 1.10%, 03/13/2034 | EUR | 240 | 213 | |||||
Series 1250, Reg. S, 2.38%, 05/13/2033 | EUR | 350 | 359 | |||||
Series 1409, Reg. S, 0.50%, 04/16/2026 | EUR | 980 | 985 | |||||
Series 1439, Reg. S, 1.55%, 06/16/2048 | EUR | 200 | 157 | |||||
State of Rhineland-Palatinate, (Germany), | ||||||||
Reg. S, 0.01%, 01/21/2031 | EUR | 410 | 354 | |||||
Reg. S, 0.38%, 01/26/2027 | EUR | 220 | 216 | |||||
Reg. S, 0.38%, 03/10/2051 | EUR | 200 | 107 | |||||
Reg. S, 0.75%, 01/19/2026 | EUR | 725 | 737 | |||||
State of Saarland, (Germany), Reg. S, 0.05%, 11/05/2040 | EUR | 68 | 43 | |||||
State of Saxony-Anhalt, (Germany), | ||||||||
Reg. S, 0.00%, 03/10/2031 | EUR | 280 | 241 | |||||
0.35%, 02/09/2032 | EUR | 100 | 86 | |||||
Reg. S, 0.50%, 03/24/2051 | EUR | 123 | 69 | |||||
Reg. S, 1.88%, 04/10/2024 | EUR | 300 | 321 | |||||
Series 10Y, Reg. S, 0.75%, 01/29/2029 | EUR | 200 | 192 | |||||
State of Schleswig-Holstein Germany, (Germany), | ||||||||
Reg. S, 0.05%, 07/08/2031 | EUR | 400 | 343 | |||||
Reg. S, 0.13%, 06/12/2029 | EUR | 331 | 302 | |||||
Reg. S, 0.50%, 03/22/2029 | EUR | 140 | 132 | |||||
Reg. S, 0.63%, 08/31/2028 | EUR | 140 | 134 | |||||
State of the Grand-Duchy of Luxembourg, (Luxembourg), | ||||||||
Reg. S, 0.00%, 03/24/2031 | EUR | 103 | 89 | |||||
Reg. S, 0.00%, 09/14/2032 | EUR | 400 | 330 | |||||
Reg. S, 1.38%, 05/25/2029 | EUR | 380 | 377 | |||||
Reg. S, 1.75%, 05/25/2042 | EUR | 360 | 313 | |||||
States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046 | GBP | 200 | 200 | |||||
Svensk Exportkredit AB, (Sweden), | ||||||||
Zero Coupon, 05/11/2037 | 224 | 118 | ||||||
Reg. S, 2.00%, 06/30/2027 | EUR | 1,000 | 1,032 | |||||
Sweden Government Bond, (Sweden), | ||||||||
Series 1053, Reg. S, 3.50%, 03/30/2039 | SEK | 3,890 | 435 | |||||
Series 1056, Reg. S, 2.25%, 06/01/2032 | SEK | 9,200 | 887 | |||||
Series 1058, Reg. S, 2.50%, 05/12/2025 (e) | SEK | 5,100 | 488 | |||||
Series 1059, Reg. S, 1.00%, 11/12/2026 | SEK | 10,000 | 912 | |||||
Series 1060, Reg. S, 0.75%, 05/12/2028 (e) | SEK | 16,175 | 1,436 | |||||
Series 1061, Reg. S, 0.75%, 11/12/2029 (e) | SEK | 7,090 | 617 | |||||
Series 1062, Reg. S, 0.13%, 05/12/2031 (e) | SEK | 5,705 | 463 | |||||
Series 1063, Reg. S, 0.50%, 11/24/2045 | SEK | 2,100 | 139 | |||||
Series 1064, Reg. S, 1.38%, 06/23/2071 (e) | SEK | 570 | 36 | |||||
Series 1065, Reg. S, 1.75%, 11/11/2033 | SEK | 2,830 | 261 | |||||
Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 04/24/2023 | EUR | 700 | 758 | |||||
Swiss Confederation Government Bond, (Switzerland), | ||||||||
Reg. S, 0.00%, 06/22/2029 | CHF | 670 | 682 | |||||
Reg. S, 0.00%, 06/26/2034 | CHF | 1,179 | 1,131 | |||||
Reg. S, 0.00%, 07/24/2039 | CHF | 1,009 | 905 | |||||
Reg. S, 0.50%, 05/27/2030 | CHF | 540 | 564 | |||||
Reg. S, 0.50%, 06/27/2032 | CHF | 760 | 781 | |||||
Reg. S, 0.50%, 06/28/2045 | CHF | 110 | 104 | |||||
Reg. S, 0.50%, 05/24/2055 | CHF | 222 | 199 | |||||
Reg. S, 0.50%, 05/30/2058 | CHF | 160 | 142 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 1.25%, 06/11/2024 | CHF | 410 | 448 | |||||
Reg. S, 1.25%, 05/28/2026 | CHF | 550 | 602 | |||||
Reg. S, 1.25%, 06/27/2037 | CHF | 330 | 361 | |||||
Reg. S, 1.50%, 07/24/2025 | CHF | 190 | 209 | |||||
Reg. S, 1.50%, 04/30/2042 | CHF | 240 | 275 | |||||
Reg. S, 2.00%, 06/25/2064 | CHF | 411 | 586 | |||||
Reg. S, 2.25%, 06/22/2031 | CHF | 52 | 62 | |||||
Reg. S, 3.25%, 06/27/2027 | CHF | 510 | 603 | |||||
Reg. S, 4.00%, 04/08/2028 | CHF | 663 | 823 | |||||
Reg. S, 4.00%, 01/06/2049 | CHF | 440 | 782 | |||||
Thailand Government Bond, (Thailand), | ||||||||
1.45%, 12/17/2024 | THB | 3,270 | 95 | |||||
1.60%, 12/17/2029 | THB | 54,000 | 1,523 | |||||
2.13%, 12/17/2026 | THB | 4,024 | 119 | |||||
2.88%, 06/17/2046 | THB | 1,430 | 41 | |||||
3.40%, 06/17/2036 | THB | 4,000 | 126 | |||||
3.45%, 06/17/2043 | THB | 980 | 31 | |||||
3.65%, 06/20/2031 | THB | 3,480 | 112 | |||||
4.00%, 06/17/2066 | THB | 1,620 | 53 | |||||
Tokyo Metropolitan Government, (Japan), Reg. S, 0.75%, 07/16/2025 | 1,000 | 915 | ||||||
Treasury Corp. of Victoria, (Australia), | ||||||||
2.25%, 11/20/2034 | AUD | 500 | 273 | |||||
2.25%, 11/20/2041 | AUD | 500 | 229 | |||||
Reg. S, 2.50%, 10/22/2029 | AUD | 200 | 125 | |||||
Reg. S, 4.75%, 09/15/2036 | AUD | 100 | 69 | |||||
Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027 | EUR | 200 | 191 | |||||
U.S. Treasury Notes, | ||||||||
2.63%, 04/15/2025 | 2,000 | 1,943 | ||||||
4.13%, 09/30/2027 | 1,007 | 1,025 | ||||||
UNEDIC ASSEO, (France), | ||||||||
Reg. S, 0.00%, 03/05/2030 | EUR | 100 | 89 | |||||
Reg. S, 0.00%, 11/19/2030 | EUR | 200 | 174 | |||||
Reg. S, 0.01%, 05/25/2031 | EUR | 1,700 | 1,458 | |||||
Reg. S, 0.10%, 11/25/2026 | EUR | 600 | 586 | |||||
Reg. S, 0.25%, 11/25/2029 | EUR | 1,000 | 910 | |||||
Reg. S, 0.25%, 07/16/2035 | EUR | 300 | 228 | |||||
Reg. S, 0.50%, 05/25/2036 | EUR | 300 | 227 | |||||
Reg. S, 0.63%, 03/03/2026 | EUR | 100 | 101 | |||||
Reg. S, 1.25%, 10/21/2027 | EUR | 200 | 201 | |||||
Reg. S, 1.25%, 05/25/2033 | EUR | 200 | 182 | |||||
Reg. S, 1.75%, 11/25/2032 | EUR | 300 | 290 | |||||
United Kingdom Gilt, (United Kingdom), | ||||||||
Reg. S, 0.13%, 01/30/2026 | GBP | 5,130 | 5,765 | |||||
Reg. S, 0.13%, 01/31/2028 | GBP | 5,987 | 6,307 | |||||
Reg. S, 0.25%, 01/31/2025 | GBP | 4,950 | 5,712 | |||||
Reg. S, 0.25%, 07/31/2031 | GBP | 4,196 | 3,992 | |||||
Reg. S, 0.38%, 10/22/2026 | GBP | 3,607 | 3,973 | |||||
Reg. S, 0.38%, 10/22/2030 | GBP | 7,352 | 7,256 | |||||
Reg. S, 0.50%, 01/31/2029 | GBP | 4,670 | 4,845 | |||||
Reg. S, 0.50%, 10/22/2061 | GBP | 3,012 | 1,330 | |||||
Reg. S, 0.63%, 06/07/2025 | GBP | 4,338 | 5,037 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Reg. S, 0.63%, 07/31/2035 | GBP | 5,584 | 4,828 | |||||
Reg. S, 0.63%, 10/22/2050 | GBP | 3,956 | 2,235 | |||||
Reg. S, 0.88%, 10/22/2029 | GBP | 3,550 | 3,736 | |||||
Reg. S, 0.88%, 07/31/2033 | GBP | 1,861 | 1,769 | |||||
Reg. S, 0.88%, 01/31/2046 | GBP | 2,859 | 1,932 | |||||
Reg. S, 1.00%, 04/22/2024 | GBP | 410 | 490 | |||||
Reg. S, 1.00%, 01/31/2032 | GBP | 3,752 | 3,767 | |||||
Reg. S, 1.13%, 01/31/2039 | GBP | 2,046 | 1,720 | |||||
Reg. S, 1.13%, 10/22/2073 | GBP | 1,127 | 617 | |||||
Reg. S, 1.25%, 07/22/2027 | GBP | 3,271 | 3,686 | |||||
Reg. S, 1.25%, 10/22/2041 | GBP | 3,291 | 2,676 | |||||
Reg. S, 1.25%, 07/31/2051 | GBP | 2,286 | 1,570 | |||||
Reg. S, 1.50%, 07/22/2026 | GBP | 5,920 | 6,854 | |||||
Reg. S, 1.50%, 07/22/2047 | GBP | 2,153 | 1,666 | |||||
Reg. S, 1.50%, 07/31/2053 | GBP | 1,940 | 1,398 | |||||
Reg. S, 1.63%, 10/22/2028 | GBP | 2,175 | 2,447 | |||||
Reg. S, 1.63%, 10/22/2054 | GBP | 1,731 | 1,285 | |||||
Reg. S, 1.63%, 10/22/2071 | GBP | 2,120 | 1,464 | |||||
Reg. S, 1.75%, 09/07/2037 | GBP | 1,989 | 1,905 | |||||
Reg. S, 1.75%, 01/22/2049 | GBP | 4,510 | 3,653 | |||||
Reg. S, 1.75%, 07/22/2057 | GBP | 3,284 | 2,508 | |||||
Reg. S, 2.00%, 09/07/2025 | GBP | 3,573 | 4,243 | |||||
Reg. S, 2.50%, 07/22/2065 | GBP | 2,112 | 1,957 | |||||
Reg. S, 2.75%, 09/07/2024 | GBP | 3,800 | 4,610 | |||||
Reg. S, 3.25%, 01/31/2033 | GBP | 3,560 | 4,295 | |||||
Reg. S, 3.25%, 01/22/2044 | GBP | 8,130 | 9,125 | |||||
Reg. S, 3.50%, 01/22/2045 | GBP | 3,187 | 3,704 | |||||
Reg. S, 3.50%, 07/22/2068 | GBP | 2,089 | 2,489 | |||||
Reg. S, 3.75%, 01/29/2038 | GBP | 5,420 | 6,640 | |||||
Reg. S, 3.75%, 07/22/2052 | GBP | 1,027 | 1,244 | |||||
Reg. S, 3.75%, 10/22/2053 | GBP | 3,170 | 3,832 | |||||
Reg. S, 4.00%, 01/22/2060 | GBP | 1,778 | 2,315 | |||||
Reg. S, 4.25%, 12/07/2027 | GBP | 2,300 | 2,938 | |||||
Reg. S, 4.25%, 06/07/2032 | GBP | 1,620 | 2,131 | |||||
Reg. S, 4.25%, 03/07/2036 | GBP | 1,449 | 1,896 | |||||
Reg. S, 4.25%, 09/07/2039 | GBP | 894 | 1,159 | |||||
Reg. S, 4.25%, 12/07/2040 | GBP | 2,045 | 2,657 | |||||
Reg. S, 4.25%, 12/07/2046 | GBP | 3,948 | 5,135 | |||||
Reg. S, 4.25%, 12/07/2049 (ff) | GBP | 1,387 | 1,816 | |||||
Reg. S, 4.25%, 12/07/2055 | GBP | 1,689 | 2,249 | |||||
Reg. S, 4.50%, 09/07/2034 | GBP | 1,799 | 2,413 | |||||
Reg. S, 4.50%, 12/07/2042 | GBP | 1,215 | 1,633 | |||||
Reg. S, 4.75%, 12/07/2030 | GBP | 2,676 | 3,606 | |||||
Reg. S, 4.75%, 12/07/2038 | GBP | 1,679 | 2,305 | |||||
Reg. S, 5.00%, 03/07/2025 | GBP | 3,178 | 4,007 | |||||
Reg. S, 6.00%, 12/07/2028 | GBP | 912 | 1,273 | |||||
United States International Development Finance Corp., 3.37%, 10/05/2034 | 88 | 83 | ||||||
Uruguay Government International Bond, (Uruguay), | ||||||||
4.98%, 04/20/2055 | 350 | 343 | ||||||
5.10%, 06/18/2050 | 150 | 150 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities continued |
||||||||
Ville de Paris, (France), | ||||||||
Reg. S, 1.38%, 11/20/2034 | EUR | 100 | 88 | |||||
Reg. S, 1.63%, 02/02/2033 | EUR | 200 | 187 | |||||
Reg. S, 1.75%, 05/25/2031 | EUR | 200 | 196 | |||||
3.88%, 12/29/2025 | EUR | 500 | 552 | |||||
Western Australian Treasury Corp., (Australia), Reg. S, 2.25%, 07/23/2041 | AUD | 100 | 48 | |||||
Xunta de Galicia, (Spain), Reg. S, 0.27%, 07/30/2028 | EUR | 300 | 278 | |||||
|
|
|||||||
Total Foreign Government Securities (Cost $2,654,930) |
2,465,694 | |||||||
|
|
|||||||
Mortgage-Backed Securities 14.7% | ||||||||
FHLMC Gold Pool, | ||||||||
3.00%, 10/01/2046 | 180 | 163 | ||||||
3.50%, 12/01/2044 | 411 | 379 | ||||||
3.50%, 06/01/2045 | 823 | 761 | ||||||
3.50%, 05/01/2046 | 132 | 122 | ||||||
3.50%, 10/01/2046 | 186 | 171 | ||||||
FHLMC Gold Pool, Single Family, 15 years, 3.00%, 05/01/2029 | 5,425 | 5,264 | ||||||
FHLMC Gold Pool, Single Family, 30 years, | ||||||||
3.00%, 03/01/2046 | 18 | 17 | ||||||
3.00%, 12/01/2046 | 29 | 27 | ||||||
4.00%, 08/01/2040 | 275 | 269 | ||||||
4.00%, 10/01/2040 | 2,453 | 2,400 | ||||||
4.00%, 11/01/2040 | 562 | 551 | ||||||
4.00%, 11/01/2047 | 1,773 | 1,728 | ||||||
4.00%, 01/01/2048 | 38 | 36 | ||||||
FHLMC Non Gold Pool, ARM, (ICE LIBOR USD 1 Year + 1.64%), 3.57%, 01/01/2050 (aa) | 57 | 55 | ||||||
FHLMC Pool, | ||||||||
3.50%, 02/01/2043 | 61 | 58 | ||||||
3.50%, 02/01/2044 | 85 | 80 | ||||||
6.00%, 08/01/2035 | 54 | 55 | ||||||
FHLMC Pool, Single Family, 15 years, | ||||||||
1.50%, 12/01/2035 | 383 | 337 | ||||||
1.50%, 03/01/2036 | 582 | 511 | ||||||
1.50%, 02/01/2037 | 832 | 731 | ||||||
1.50%, 03/01/2037 | 860 | 756 | ||||||
2.00%, 12/01/2035 | 757 | 684 | ||||||
2.00%, 02/01/2036 | 5,203 | 4,695 | ||||||
2.00%, 03/01/2036 | 433 | 390 | ||||||
2.00%, 05/01/2036 | 2,634 | 2,374 | ||||||
2.00%, 08/01/2036 | 1,247 | 1,124 | ||||||
2.00%, 10/01/2036 | 679 | 612 | ||||||
2.00%, 11/01/2036 | 3,753 | 3,382 | ||||||
2.00%, 12/01/2036 | 377 | 340 | ||||||
2.00%, 01/01/2037 | 4,544 | 4,096 | ||||||
2.00%, 04/01/2037 | 1,684 | 1,517 | ||||||
2.00%, 05/01/2037 | 1,046 | 942 | ||||||
2.00%, 06/01/2037 | 1,981 | 1,785 | ||||||
2.50%, 07/01/2032 | 2,299 | 2,160 | ||||||
2.50%, 10/01/2035 | 8,454 | 7,857 | ||||||
2.50%, 07/01/2036 | 1,332 | 1,234 | ||||||
2.50%, 04/01/2037 | 160 | 148 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
2.50%, 05/01/2037 | 391 | 361 | ||||||
3.00%, 04/01/2028 | 40 | 38 | ||||||
3.00%, 10/01/2028 | 1,314 | 1,271 | ||||||
3.00%, 04/01/2029 | 43 | 42 | ||||||
3.00%, 05/01/2030 | 5 | 5 | ||||||
3.00%, 06/01/2030 | 626 | 599 | ||||||
3.00%, 11/01/2030 | 115 | 110 | ||||||
3.00%, 11/01/2031 | 39 | 38 | ||||||
3.00%, 11/01/2032 | 116 | 111 | ||||||
3.00%, 01/01/2033 | 55 | 52 | ||||||
3.50%, 11/01/2025 | 328 | 323 | ||||||
3.50%, 09/01/2033 | 310 | 302 | ||||||
3.50%, 02/01/2034 | 766 | 746 | ||||||
3.50%, 05/01/2035 | 627 | 611 | ||||||
3.50%, 12/01/2035 | 52 | 51 | ||||||
3.50%, 02/01/2036 | 182 | 176 | ||||||
4.00%, 07/01/2025 | 19 | 19 | ||||||
4.00%, 05/01/2026 | 14 | 14 | ||||||
4.00%, 07/01/2029 | 337 | 335 | ||||||
4.00%, 11/01/2033 | 312 | 311 | ||||||
4.00%, 01/01/2034 | 16 | 16 | ||||||
FHLMC Pool, Single Family, 20 years, | ||||||||
3.00%, 07/01/2042 | 363 | 332 | ||||||
3.00%, 08/01/2042 | 129 | 118 | ||||||
3.50%, 06/01/2039 | 275 | 263 | ||||||
3.50%, 07/01/2039 | 161 | 153 | ||||||
3.50%, 08/01/2039 | 616 | 587 | ||||||
3.50%, 09/01/2039 | 373 | 356 | ||||||
FHLMC Pool, Single Family, 30 years, | ||||||||
1.50%, 02/01/2051 | 27 | 21 | ||||||
1.50%, 04/01/2051 | 50 | 39 | ||||||
1.50%, 05/01/2051 | 5,610 | 4,411 | ||||||
1.50%, 07/01/2051 | 939 | 738 | ||||||
2.00%, 09/01/2050 | 751 | 622 | ||||||
2.00%, 10/01/2050 | 4,537 | 3,760 | ||||||
2.00%, 02/01/2051 | 4,115 | 3,408 | ||||||
2.00%, 03/01/2051 | 3,003 | 2,487 | ||||||
2.00%, 05/01/2051 | 11,664 | 9,657 | ||||||
2.00%, 06/01/2051 | 1,393 | 1,153 | ||||||
2.00%, 07/01/2051 | 1,417 | 1,175 | ||||||
2.00%, 10/01/2051 | 1,820 | 1,508 | ||||||
2.00%, 11/01/2051 | 5,934 | 4,909 | ||||||
2.00%, 12/01/2051 | 4,605 | 3,809 | ||||||
2.00%, 01/01/2052 | 493 | 408 | ||||||
2.00%, 02/01/2052 | 2,233 | 1,847 | ||||||
2.00%, 03/01/2052 | 828 | 684 | ||||||
2.50%, 11/01/2050 | 23,089 | 19,990 | ||||||
2.50%, 12/01/2050 | 807 | 697 | ||||||
2.50%, 02/01/2051 (gg) | 12,438 | 10,769 | ||||||
2.50%, 04/01/2051 | 415 | 358 | ||||||
2.50%, 08/01/2051 | 14,813 | 12,937 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
2.50%, 11/01/2051 | 860 | 742 | ||||||
2.50%, 03/01/2052 | 1,794 | 1,552 | ||||||
2.50%, 04/01/2052 | 216 | 186 | ||||||
3.00%, 02/01/2049 | 2,274 | 2,089 | ||||||
3.00%, 11/01/2049 | 1,633 | 1,483 | ||||||
3.00%, 05/01/2050 | 3,709 | 3,376 | ||||||
3.00%, 07/01/2050 | 1,736 | 1,567 | ||||||
3.00%, 08/01/2050 | 4,076 | 3,694 | ||||||
3.00%, 06/01/2051 | 3,326 | 2,985 | ||||||
3.00%, 07/01/2051 | 5,763 | 5,233 | ||||||
3.00%, 11/01/2051 | 9,965 | 8,945 | ||||||
3.00%, 12/01/2051 | 11,140 | 9,996 | ||||||
3.00%, 02/01/2052 | 1,616 | 1,449 | ||||||
3.00%, 03/01/2052 | 3,151 | 2,831 | ||||||
3.00%, 04/01/2052 | 6,723 | 6,040 | ||||||
3.50%, 03/01/2042 | 2 | 2 | ||||||
3.50%, 07/01/2043 | 2 | 2 | ||||||
3.50%, 11/01/2047 | 341 | 321 | ||||||
3.50%, 02/01/2048 | 1,793 | 1,686 | ||||||
3.50%, 03/01/2048 | 306 | 289 | ||||||
3.50%, 05/01/2048 | 3,812 | 3,586 | ||||||
3.50%, 06/01/2048 | 4 | 4 | ||||||
3.50%, 01/01/2049 | 45 | 42 | ||||||
3.50%, 02/01/2049 | 563 | 530 | ||||||
3.50%, 09/01/2049 | 2,309 | 2,168 | ||||||
3.50%, 10/01/2049 | 2,152 | 2,017 | ||||||
3.50%, 04/01/2050 | 3,109 | 2,931 | ||||||
3.50%, 11/01/2051 | 500 | 464 | ||||||
3.50%, 01/01/2052 | 436 | 404 | ||||||
3.50%, 04/01/2052 | 1,687 | 1,565 | ||||||
3.50%, 06/01/2052 | 7,263 | 6,742 | ||||||
3.50%, 07/01/2052 | 1,909 | 1,771 | ||||||
3.50%, 08/01/2052 | 1,583 | 1,468 | ||||||
3.50%, 09/01/2052 | 16 | 15 | ||||||
4.00%, 10/01/2048 | 2,827 | 2,743 | ||||||
4.00%, 04/01/2049 | 2,398 | 2,326 | ||||||
4.00%, 09/01/2049 | 1,501 | 1,464 | ||||||
4.00%, 05/01/2050 | 1,069 | 1,036 | ||||||
4.00%, 08/01/2050 | 1,230 | 1,184 | ||||||
4.00%, 09/01/2050 | 10,125 | 9,784 | ||||||
4.00%, 04/01/2052 | 51 | 49 | ||||||
4.00%, 06/01/2052 | 955 | 913 | ||||||
4.00%, 07/01/2052 | 990 | 946 | ||||||
4.00%, 08/01/2052 | 3,136 | 2,998 | ||||||
4.00%, 09/01/2052 | 2,215 | 2,117 | ||||||
4.00%, 10/01/2052 | 594 | 572 | ||||||
4.50%, 12/01/2047 | 180 | 180 | ||||||
4.50%, 03/01/2048 | 214 | 212 | ||||||
4.50%, 04/01/2048 | 621 | 618 | ||||||
4.50%, 08/01/2048 | 22 | 22 | ||||||
4.50%, 09/01/2048 | 720 | 714 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
4.50%, 08/01/2049 | 1,404 | 1,403 | ||||||
4.50%, 09/01/2050 | 965 | 958 | ||||||
4.50%, 10/01/2050 | 3,567 | 3,508 | ||||||
4.50%, 07/01/2052 | 228 | 224 | ||||||
4.50%, 08/01/2052 | 158 | 155 | ||||||
4.50%, 12/01/2052 | 997 | 988 | ||||||
5.00%, 12/01/2049 | 425 | 433 | ||||||
5.00%, 08/01/2052 | 270 | 270 | ||||||
5.00%, 09/01/2052 | 641 | 645 | ||||||
5.00%, 10/01/2052 | 313 | 313 | ||||||
5.00%, 11/01/2052 | 268 | 268 | ||||||
5.00%, 01/01/2053 | 495 | 494 | ||||||
5.00%, 04/01/2053 | 870 | 868 | ||||||
5.50%, 11/01/2052 | 427 | 436 | ||||||
5.50%, 12/01/2052 | 1,345 | 1,373 | ||||||
5.50%, 01/01/2053 | 920 | 937 | ||||||
5.50%, 02/01/2053 | 578 | 591 | ||||||
5.50%, 03/01/2053 | 532 | 537 | ||||||
5.50%, 04/01/2053 | 423 | 427 | ||||||
FNMA or FHLMC, Single Family, 15 years, | ||||||||
TBA, 1.50%, 04/01/2038 (w) | 2,316 | 2,034 | ||||||
TBA, 2.00%, 04/01/2038 (w) | 150 | 135 | ||||||
TBA, 2.50%, 04/01/2038 (w) | 14,200 | 13,129 | ||||||
TBA, 3.00%, 04/01/2038 (w) | 2,325 | 2,202 | ||||||
TBA, 3.50%, 04/01/2038 (w) | 1,575 | 1,522 | ||||||
TBA, 4.00%, 04/01/2038 (w) | 1,525 | 1,501 | ||||||
TBA, 4.50%, 04/01/2038 (w) | 7,000 | 6,976 | ||||||
FNMA or FHLMC, Single Family, 30 years, | ||||||||
TBA, 1.50%, 04/01/2053 (w) | 7,300 | 5,726 | ||||||
TBA, 2.00%, 05/01/2050 (w) | 90,000 | 74,389 | ||||||
TBA, 2.00%, 04/01/2053 (w) | 1,000 | 826 | ||||||
TBA, 2.50%, 04/01/2053 (w) | 6,651 | 5,732 | ||||||
TBA, 2.50%, 05/01/2053 (w) | 33,200 | 28,645 | ||||||
TBA, 3.00%, 04/01/2053 (w) | 7,778 | 6,970 | ||||||
TBA, 3.50%, 04/01/2053 (w) | 5,114 | 4,743 | ||||||
TBA, 4.00%, 05/01/2042 (w) | 78,350 | 74,873 | ||||||
TBA, 4.00%, 04/01/2053 (w) | 1,804 | 1,723 | ||||||
TBA, 4.50%, 04/01/2053 (w) | 3,468 | 3,394 | ||||||
TBA, 5.00%, 04/01/2053 (w) | 3,352 | 3,341 | ||||||
TBA, 5.00%, 05/01/2053 (w) | 64,800 | 64,580 | ||||||
TBA, 5.50%, 04/01/2053 (w) | 10,243 | 10,338 | ||||||
TBA, 5.50%, 05/01/2053 (w) | 29,200 | 29,461 | ||||||
TBA, 6.00%, 05/01/2053 (w) | 18,200 | 18,545 | ||||||
TBA, 6.50%, 04/01/2053 (w) | 10,000 | 10,313 | ||||||
FNMA Pool, | ||||||||
2.00%, 11/01/2027 | 376 | 359 | ||||||
2.32%, 01/01/2026 | 2,097 | 1,991 | ||||||
3.00%, 12/01/2042 | 255 | 232 | ||||||
3.00%, 06/01/2043 | 1,028 | 929 | ||||||
3.00%, 05/01/2045 | 334 | 302 | ||||||
3.00%, 07/01/2045 | 35 | 32 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
3.00%, 11/01/2046 | 32 | 29 | ||||||
3.00%, 03/01/2060 (gg) | 18,976 | 17,053 | ||||||
3.01%, 04/01/2032 | 4,139 | 3,725 | ||||||
3.44%, 01/01/2037 | 320 | 300 | ||||||
3.50%, 07/01/2024 | 75 | 74 | ||||||
3.50%, 09/01/2027 | 151 | 146 | ||||||
3.50%, 12/01/2028 | 64 | 62 | ||||||
3.50%, 08/01/2032 | 69 | 66 | ||||||
3.50%, 12/01/2042 | 149 | 141 | ||||||
3.50%, 04/01/2043 | 222 | 210 | ||||||
3.50%, 11/01/2043 | 109 | 103 | ||||||
3.50%, 02/01/2045 | 263 | 249 | ||||||
3.50%, 02/01/2048 | 784 | 723 | ||||||
3.50%, 09/01/2048 | 81 | 74 | ||||||
3.50%, 07/01/2049 | 292 | 268 | ||||||
4.00%, 04/01/2041 | 124 | 120 | ||||||
4.00%, 08/01/2046 | 108 | 106 | ||||||
4.13%, 08/01/2031 | 2,291 | 2,269 | ||||||
4.25%, 01/01/2033 | 3,900 | 3,886 | ||||||
4.83%, 12/01/2032 | 3,310 | 3,441 | ||||||
5.09%, 02/01/2031 | 1,761 | 1,850 | ||||||
5.17%, 08/01/2034 | 752 | 800 | ||||||
FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047 | 876 | 801 | ||||||
FNMA Pool, Single Family, 15 years, | ||||||||
1.50%, 10/01/2036 | 554 | 487 | ||||||
1.50%, 11/01/2036 | 501 | 440 | ||||||
1.50%, 03/01/2037 | 483 | 424 | ||||||
1.50%, 05/01/2037 | 194 | 171 | ||||||
1.50%, 08/01/2037 | 537 | 472 | ||||||
2.00%, 02/01/2028 | 15 | 14 | ||||||
2.00%, 09/01/2028 | 123 | 116 | ||||||
2.00%, 11/01/2028 | 118 | 112 | ||||||
2.00%, 07/01/2032 | 10 | 9 | ||||||
2.00%, 12/01/2035 | 861 | 778 | ||||||
2.00%, 02/01/2036 | 6,363 | 5,742 | ||||||
2.00%, 03/01/2036 | 482 | 434 | ||||||
2.00%, 08/01/2036 | 1,213 | 1,093 | ||||||
2.00%, 11/01/2036 | 2,436 | 2,196 | ||||||
2.00%, 12/01/2036 | 1,225 | 1,104 | ||||||
2.00%, 01/01/2037 | 599 | 540 | ||||||
2.00%, 02/01/2037 | 1,022 | 921 | ||||||
2.00%, 04/01/2037 | 1,206 | 1,087 | ||||||
2.00%, 05/01/2037 | 731 | 659 | ||||||
2.50%, 08/01/2035 | 249 | 231 | ||||||
2.50%, 03/01/2036 | 2,278 | 2,114 | ||||||
2.50%, 07/01/2036 | 914 | 847 | ||||||
2.50%, 08/01/2036 | 137 | 127 | ||||||
2.50%, 03/01/2037 | 257 | 238 | ||||||
2.50%, 04/01/2037 | 532 | 492 | ||||||
2.50%, 05/01/2037 | 137 | 127 | ||||||
3.00%, 04/01/2027 | 549 | 533 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
3.00%, 11/01/2027 | 38 | 36 | ||||||
3.00%, 02/01/2028 | 238 | 231 | ||||||
3.00%, 10/01/2029 | 66 | 63 | ||||||
3.00%, 03/01/2030 | 44 | 42 | ||||||
3.00%, 05/01/2030 | 23 | 23 | ||||||
3.00%, 07/01/2030 | 22 | 21 | ||||||
3.00%, 09/01/2030 | 661 | 634 | ||||||
3.00%, 12/01/2030 | 31 | 30 | ||||||
3.00%, 04/01/2031 | 109 | 105 | ||||||
3.00%, 12/01/2031 | 241 | 230 | ||||||
3.00%, 07/01/2032 | 103 | 99 | ||||||
3.00%, 01/01/2033 | 71 | 68 | ||||||
3.00%, 07/01/2033 | 116 | 111 | ||||||
3.00%, 02/01/2034 | 1,394 | 1,331 | ||||||
3.00%, 09/01/2034 | 524 | 496 | ||||||
3.00%, 12/01/2035 | 585 | 559 | ||||||
3.50%, 12/01/2025 | 180 | 177 | ||||||
3.50%, 01/01/2026 | 525 | 515 | ||||||
3.50%, 07/01/2031 | 71 | 69 | ||||||
3.50%, 07/01/2034 | 455 | 442 | ||||||
3.50%, 03/01/2035 | 1,500 | 1,461 | ||||||
3.50%, 04/01/2035 | 919 | 889 | ||||||
3.50%, 05/01/2035 | 88 | 86 | ||||||
3.50%, 06/01/2035 | 292 | 284 | ||||||
4.00%, 03/01/2025 | 64 | 63 | ||||||
4.00%, 06/01/2026 | 79 | 78 | ||||||
4.00%, 08/01/2026 | 48 | 48 | ||||||
4.00%, 08/01/2027 | 50 | 49 | ||||||
4.00%, 12/01/2028 | 21 | 21 | ||||||
4.00%, 04/01/2033 | 582 | 576 | ||||||
4.00%, 10/01/2033 | 86 | 85 | ||||||
4.00%, 11/01/2033 | 345 | 343 | ||||||
4.00%, 12/01/2033 | 22 | 21 | ||||||
4.00%, 03/01/2035 | 1,240 | 1,231 | ||||||
FNMA Pool, Single Family, 20 years, | ||||||||
3.00%, 05/01/2042 | 760 | 695 | ||||||
3.00%, 06/01/2042 | 388 | 355 | ||||||
3.00%, 07/01/2042 | 1,435 | 1,311 | ||||||
3.50%, 03/01/2037 | 490 | 471 | ||||||
3.50%, 08/01/2038 | 110 | 105 | ||||||
3.50%, 04/01/2039 | 14 | 13 | ||||||
3.50%, 08/01/2039 | 169 | 161 | ||||||
4.50%, 06/01/2039 | 33 | 33 | ||||||
FNMA Pool, Single Family, 30 years, | ||||||||
1.50%, 11/01/2050 | 1,377 | 1,083 | ||||||
1.50%, 06/01/2051 | 2,072 | 1,629 | ||||||
1.50%, 07/01/2051 | 1,264 | 993 | ||||||
1.50%, 04/01/2052 | 957 | 752 | ||||||
2.00%, 07/01/2050 | 1,477 | 1,224 | ||||||
2.00%, 09/01/2050 | 1,292 | 1,072 | ||||||
2.00%, 10/01/2050 | 979 | 812 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
2.00%, 12/01/2050 | 8,141 | 6,746 | ||||||
2.00%, 01/01/2051 | 4,210 | 3,487 | ||||||
2.00%, 02/01/2051 | 1,386 | 1,148 | ||||||
2.00%, 03/01/2051 | 2,114 | 1,751 | ||||||
2.00%, 04/01/2051 | 3,821 | 3,165 | ||||||
2.00%, 05/01/2051 | 1,881 | 1,558 | ||||||
2.00%, 06/01/2051 | 6,138 | 5,083 | ||||||
2.00%, 07/01/2051 | 3,186 | 2,636 | ||||||
2.00%, 10/01/2051 | 19,372 | 16,016 | ||||||
2.00%, 11/01/2051 | 2,331 | 1,932 | ||||||
2.00%, 12/01/2051 (hh) | 16,400 | 13,566 | ||||||
2.50%, 08/01/2046 | 5,508 | 4,831 | ||||||
2.50%, 08/01/2050 | 18 | 16 | ||||||
2.50%, 10/01/2050 | 8,771 | 7,591 | ||||||
2.50%, 12/01/2050 | 13,763 | 11,891 | ||||||
2.50%, 02/01/2051 | 1,929 | 1,665 | ||||||
2.50%, 03/01/2051 | 5,425 | 4,699 | ||||||
2.50%, 04/01/2051 | 6,625 | 5,721 | ||||||
2.50%, 07/01/2051 | 1,789 | 1,547 | ||||||
2.50%, 08/01/2051 | 3,965 | 3,438 | ||||||
2.50%, 10/01/2051 | 952 | 821 | ||||||
2.50%, 11/01/2051 | 5,396 | 4,655 | ||||||
2.50%, 12/01/2051 | 14,467 | 12,490 | ||||||
2.50%, 01/01/2052 | 19,178 | 16,542 | ||||||
2.50%, 02/01/2052 | 1,119 | 966 | ||||||
2.50%, 03/01/2052 | 16,317 | 14,080 | ||||||
2.50%, 04/01/2052 | 4,881 | 4,218 | ||||||
2.50%, 05/01/2052 | 933 | 805 | ||||||
3.00%, 08/01/2046 | 1,203 | 1,103 | ||||||
3.00%, 11/01/2046 | 3,190 | 2,938 | ||||||
3.00%, 02/01/2047 | 615 | 567 | ||||||
3.00%, 04/01/2048 | 6,307 | 5,809 | ||||||
3.00%, 01/01/2050 | 3,122 | 2,842 | ||||||
3.00%, 03/01/2050 | 1,591 | 1,438 | ||||||
3.00%, 07/01/2050 | 11,621 | 10,467 | ||||||
3.00%, 08/01/2050 | 3,349 | 3,033 | ||||||
3.00%, 12/01/2050 (gg) | 4,118 | 3,736 | ||||||
3.00%, 01/01/2051 | 1,555 | 1,401 | ||||||
3.00%, 05/01/2051 (gg) | 11,245 | 10,086 | ||||||
3.00%, 06/01/2051 | 7,218 | 6,487 | ||||||
3.00%, 07/01/2051 | 1,575 | 1,414 | ||||||
3.00%, 08/01/2051 | 1,330 | 1,205 | ||||||
3.00%, 10/01/2051 | 3,363 | 3,018 | ||||||
3.00%, 11/01/2051 | 3,508 | 3,149 | ||||||
3.00%, 12/01/2051 | 2,697 | 2,421 | ||||||
3.00%, 01/01/2052 | 5,411 | 4,856 | ||||||
3.00%, 02/01/2052 | 833 | 749 | ||||||
3.00%, 03/01/2052 | 2,165 | 1,941 | ||||||
3.00%, 04/01/2052 | 7,663 | 6,875 | ||||||
3.00%, 05/01/2052 | 1,429 | 1,282 | ||||||
3.00%, 07/01/2052 | 1,480 | 1,327 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
3.50%, 07/01/2042 | 1 | 1 | ||||||
3.50%, 09/01/2042 | 165 | 157 | ||||||
3.50%, 05/01/2043 | 5 | 5 | ||||||
3.50%, 07/01/2043 | 7,321 | 6,972 | ||||||
3.50%, 08/01/2043 (gg) | 18,474 | 17,556 | ||||||
3.50%, 01/01/2044 | 226 | 215 | ||||||
3.50%, 10/01/2045 | 22 | 20 | ||||||
3.50%, 12/01/2045 | 2,058 | 1,940 | ||||||
3.50%, 07/01/2046 | 3,957 | 3,729 | ||||||
3.50%, 02/01/2047 | 4,236 | 4,033 | ||||||
3.50%, 07/01/2047 | 926 | 877 | ||||||
3.50%, 09/01/2047 | 66 | 62 | ||||||
3.50%, 10/01/2047 | 1,366 | 1,286 | ||||||
3.50%, 02/01/2048 | 2,175 | 2,048 | ||||||
3.50%, 03/01/2048 | 195 | 184 | ||||||
3.50%, 03/01/2049 | 352 | 331 | ||||||
3.50%, 06/01/2049 | 3,815 | 3,581 | ||||||
3.50%, 08/01/2049 | 600 | 565 | ||||||
3.50%, 04/01/2050 | 175 | 164 | ||||||
3.50%, 05/01/2050 | 4,171 | 3,904 | ||||||
3.50%, 07/01/2050 | 10,510 | 9,793 | ||||||
3.50%, 01/01/2051 | 817 | 763 | ||||||
3.50%, 03/01/2052 (gg) | 14,544 | 13,633 | ||||||
3.50%, 04/01/2052 | 282 | 262 | ||||||
3.50%, 05/01/2052 (gg) | 18,565 | 17,257 | ||||||
3.50%, 06/01/2052 | 8,345 | 7,749 | ||||||
3.50%, 07/01/2052 | 3,121 | 2,897 | ||||||
3.50%, 09/01/2052 | 69 | 64 | ||||||
4.00%, 04/01/2039 | 1,382 | 1,351 | ||||||
4.00%, 03/01/2042 | 596 | 587 | ||||||
4.00%, 04/01/2043 | 230 | 225 | ||||||
4.00%, 02/01/2045 | 250 | 244 | ||||||
4.00%, 09/01/2046 | 144 | 142 | ||||||
4.00%, 09/01/2047 | 41 | 40 | ||||||
4.00%, 10/01/2047 | 511 | 496 | ||||||
4.00%, 03/01/2048 | 78 | 76 | ||||||
4.00%, 04/01/2048 | 432 | 419 | ||||||
4.00%, 06/01/2048 | 31 | 30 | ||||||
4.00%, 08/01/2048 | 130 | 125 | ||||||
4.00%, 09/01/2048 | 304 | 295 | ||||||
4.00%, 03/01/2049 | 1,221 | 1,184 | ||||||
4.00%, 06/01/2049 | 1,219 | 1,189 | ||||||
4.00%, 11/01/2049 | 222 | 217 | ||||||
4.00%, 05/01/2050 | 988 | 951 | ||||||
4.00%, 03/01/2051 | 2,600 | 2,508 | ||||||
4.00%, 05/01/2051 | 255 | 246 | ||||||
4.00%, 04/01/2052 | 53 | 51 | ||||||
4.00%, 05/01/2052 | 1,764 | 1,687 | ||||||
4.00%, 06/01/2052 | 625 | 598 | ||||||
4.00%, 07/01/2052 | 651 | 622 | ||||||
4.00%, 08/01/2052 | 3,278 | 3,133 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
4.00%, 09/01/2052 | 286 | 273 | ||||||
4.50%, 05/01/2047 | 2 | 2 | ||||||
4.50%, 11/01/2047 | 622 | 619 | ||||||
4.50%, 01/01/2048 | 605 | 603 | ||||||
4.50%, 04/01/2048 | 31 | 31 | ||||||
4.50%, 08/01/2048 | 17 | 16 | ||||||
4.50%, 09/01/2048 | 445 | 443 | ||||||
4.50%, 02/01/2049 (gg) | 5,249 | 5,198 | ||||||
4.50%, 05/01/2049 | 474 | 471 | ||||||
4.50%, 08/01/2049 | 10 | 10 | ||||||
4.50%, 01/01/2050 | 153 | 155 | ||||||
4.50%, 04/01/2050 | 7,448 | 7,398 | ||||||
4.50%, 05/01/2052 | 21 | 21 | ||||||
4.50%, 06/01/2052 | 1,385 | 1,357 | ||||||
4.50%, 08/01/2052 | 407 | 399 | ||||||
4.50%, 09/01/2052 | 820 | 803 | ||||||
4.50%, 10/01/2052 | 981 | 961 | ||||||
4.50%, 11/01/2052 | 2,949 | 2,890 | ||||||
4.50%, 12/01/2052 | 492 | 482 | ||||||
5.00%, 09/01/2049 | 1,066 | 1,081 | ||||||
5.00%, 10/01/2052 | 567 | 571 | ||||||
5.00%, 11/01/2052 | 546 | 550 | ||||||
5.00%, 12/01/2052 | 594 | 598 | ||||||
5.00%, 01/01/2053 | 2,415 | 2,409 | ||||||
5.50%, 09/01/2052 | 345 | 356 | ||||||
5.50%, 01/01/2053 | 495 | 511 | ||||||
5.50%, 02/01/2053 | 1,470 | 1,484 | ||||||
5.50%, 03/01/2053 | 1,524 | 1,559 | ||||||
5.50%, 04/01/2053 | 1,926 | 1,973 | ||||||
6.50%, 04/01/2053 | 500 | 516 | ||||||
GNMA I Pool, Single Family, 30 years, | ||||||||
3.00%, 10/15/2049 | 204 | 187 | ||||||
3.00%, 03/15/2050 | 17 | 15 | ||||||
GNMA II Pool, | ||||||||
2.50%, 12/20/2049 | 263 | 226 | ||||||
3.00%, 01/20/2047 | 118 | 107 | ||||||
3.00%, 08/20/2050 | 668 | 593 | ||||||
3.50%, 09/20/2042 | 2,504 | 2,364 | ||||||
3.50%, 08/20/2045 | 2,496 | 2,342 | ||||||
3.50%, 09/20/2045 | 825 | 774 | ||||||
3.50%, 12/20/2047 | 3,735 | 3,505 | ||||||
3.50%, 06/20/2048 | 52 | 49 | ||||||
3.50%, 07/20/2048 | 39 | 37 | ||||||
3.50%, 08/20/2049 | 102 | 95 | ||||||
3.50%, 11/20/2049 | 170 | 158 | ||||||
3.50%, 07/20/2050 | 175 | 161 | ||||||
4.00%, 11/20/2041 | 22 | 21 | ||||||
4.00%, 10/20/2050 | 339 | 321 | ||||||
4.50%, 08/20/2040 | 18 | 17 | ||||||
4.50%, 10/20/2040 | 41 | 40 | ||||||
ARM, (CMT Index 1 Year + 1.84%), 6.48%, 07/20/2072 (aa) | 19,596 | 20,487 | ||||||
ARM, (ICE LIBOR USD 1 Month + 2.21%), 6.59%, 02/20/2071 (aa) | 3,455 | 3,569 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
ARM, (ICE LIBOR USD 1 Month + 2.21%), 6.59%, 10/20/2071 (aa) | 10,947 | 11,297 | ||||||
GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035 | 3,269 | 2,949 | ||||||
GNMA II Pool, Single Family, 30 years, | ||||||||
1.50%, 10/20/2051 | 313 | 254 | ||||||
2.00%, 07/20/2050 | 158 | 135 | ||||||
2.00%, 08/20/2050 | 5,109 | 4,358 | ||||||
2.00%, 11/20/2050 | 1,785 | 1,524 | ||||||
2.00%, 12/20/2050 | 2,967 | 2,532 | ||||||
2.00%, 02/20/2051 | 1,086 | 925 | ||||||
2.00%, 10/20/2051 | 8,487 | 7,214 | ||||||
2.00%, 12/20/2051 | 5,740 | 4,874 | ||||||
2.00%, 01/20/2052 | 530 | 449 | ||||||
2.00%, 03/20/2052 | 1,443 | 1,224 | ||||||
2.00%, 04/20/2052 | 3,369 | 2,857 | ||||||
2.50%, 01/20/2051 | 325 | 287 | ||||||
2.50%, 02/20/2051 | 2,460 | 2,174 | ||||||
2.50%, 05/20/2051 | 6,747 | 5,954 | ||||||
2.50%, 07/20/2051 | 8,627 | 7,593 | ||||||
2.50%, 08/20/2051 | 1,625 | 1,430 | ||||||
2.50%, 09/20/2051 (gg) | 12,354 | 10,872 | ||||||
2.50%, 11/20/2051 | 3,672 | 3,232 | ||||||
2.50%, 12/20/2051 | 4,031 | 3,547 | ||||||
2.50%, 03/20/2052 | 965 | 849 | ||||||
2.50%, 04/20/2052 | 483 | 425 | ||||||
2.50%, 05/20/2052 | 856 | 753 | ||||||
2.50%, 07/20/2052 | 286 | 252 | ||||||
2.50%, 08/20/2052 | 479 | 421 | ||||||
3.00%, 01/20/2043 | 467 | 434 | ||||||
3.00%, 11/20/2043 | 97 | 90 | ||||||
3.00%, 03/20/2045 | 102 | 95 | ||||||
3.00%, 09/20/2046 | 2,219 | 2,053 | ||||||
3.00%, 10/20/2047 | 448 | 412 | ||||||
3.00%, 04/20/2049 | 34 | 31 | ||||||
3.00%, 04/20/2050 | 8,080 | 7,414 | ||||||
3.00%, 07/20/2050 | 4,073 | 3,732 | ||||||
3.00%, 08/20/2050 | 6,504 | 5,959 | ||||||
3.00%, 08/20/2051 | 669 | 611 | ||||||
3.00%, 10/20/2051 | 3,036 | 2,771 | ||||||
3.00%, 11/20/2051 | 3,770 | 3,440 | ||||||
3.00%, 12/20/2051 | 921 | 839 | ||||||
3.00%, 01/20/2052 | 8,646 | 7,879 | ||||||
3.00%, 02/20/2052 | 370 | 337 | ||||||
3.00%, 09/20/2052 | 492 | 448 | ||||||
3.00%, 02/20/2053 | 3,492 | 3,198 | ||||||
3.50%, 09/20/2045 | 2,768 | 2,628 | ||||||
3.50%, 09/20/2047 | 3,568 | 3,396 | ||||||
3.50%, 08/20/2048 | 183 | 174 | ||||||
3.50%, 11/20/2048 | 217 | 205 | ||||||
3.50%, 12/20/2048 | 6 | 5 | ||||||
3.50%, 03/20/2049 | 1,055 | 998 | ||||||
3.50%, 07/20/2049 | 1,032 | 975 | ||||||
3.50%, 09/20/2049 | 1,307 | 1,223 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Mortgage-Backed Securities continued | ||||||||
3.50%, 10/20/2049 | 551 | 521 | ||||||
3.50%, 12/20/2049 | 434 | 409 | ||||||
3.50%, 01/20/2050 | 648 | 606 | ||||||
3.50%, 04/20/2050 | 130 | 123 | ||||||
3.50%, 01/20/2052 | 4,521 | 4,230 | ||||||
3.50%, 02/20/2052 | 2,700 | 2,527 | ||||||
3.50%, 09/20/2052 | 1,038 | 971 | ||||||
3.50%, 02/20/2053 | 3,490 | 3,292 | ||||||
4.00%, 07/20/2048 | 1,057 | 1,029 | ||||||
4.00%, 09/20/2048 | 1,798 | 1,742 | ||||||
4.00%, 11/20/2048 | 31 | 31 | ||||||
4.00%, 12/20/2048 | 906 | 877 | ||||||
4.00%, 05/20/2049 | 559 | 543 | ||||||
4.00%, 03/20/2050 | 220 | 214 | ||||||
4.00%, 12/20/2050 | 2,618 | 2,538 | ||||||
4.00%, 07/20/2052 | 210 | 202 | ||||||
4.00%, 09/20/2052 | 2,568 | 2,469 | ||||||
4.00%, 12/20/2052 | 422 | 406 | ||||||
4.50%, 03/20/2047 | 435 | 434 | ||||||
4.50%, 06/20/2047 | 852 | 849 | ||||||
4.50%, 07/20/2047 | 1,572 | 1,572 | ||||||
4.50%, 10/20/2047 | 359 | 356 | ||||||
4.50%, 11/20/2047 | 1,102 | 1,096 | ||||||
4.50%, 05/20/2048 (gg) | 7,882 | 7,808 | ||||||
4.50%, 09/20/2048 | 656 | 638 | ||||||
4.50%, 11/20/2048 | 763 | 755 | ||||||
4.50%, 01/20/2049 | 1,952 | 1,943 | ||||||
4.50%, 03/20/2049 | 500 | 498 | ||||||
4.50%, 05/20/2049 | 238 | 228 | ||||||
4.50%, 10/20/2049 | 718 | 715 | ||||||
4.50%, 08/20/2052 | 1,678 | 1,652 | ||||||
5.00%, 12/20/2048 | 172 | 175 | ||||||
5.00%, 06/20/2049 | 369 | 373 | ||||||
5.00%, 07/20/2052 | 124 | 124 | ||||||
5.00%, 09/20/2052 | 935 | 936 | ||||||
5.00%, 12/20/2052 | 1,337 | 1,338 | ||||||
5.50%, 12/20/2052 | 477 | 482 | ||||||
5.50%, 01/20/2053 | 155 | 157 | ||||||
5.50%, 03/20/2053 | 566 | 573 | ||||||
GNMA, Single Family, 30 years, | ||||||||
TBA, 2.50%, 04/01/2053 (w) | 711 | 626 | ||||||
TBA, 3.00%, 04/01/2053 (w) | 1,487 | 1,353 | ||||||
TBA, 3.00%, 05/01/2053 (w) | 52,950 | 48,200 | ||||||
TBA, 3.50%, 05/15/2042 (w) | 2,000 | 1,873 | ||||||
TBA, 3.50%, 04/01/2053 (w) | 2,670 | 2,498 | ||||||
TBA, 4.00%, 04/01/2053 (w) | 7,860 | 7,557 | ||||||
TBA, 4.50%, 04/01/2053 (w) | 1,025 | 1,009 | ||||||
TBA, 5.00%, 04/01/2053 (w) | 1,880 | 1,881 | ||||||
TBA, 5.50%, 04/01/2053 (w) | 2,639 | 2,667 | ||||||
TBA, 5.50%, 05/01/2053 (w) | 11,000 | 11,106 | ||||||
|
|
|||||||
Total Mortgage-Backed Securities (Cost $1,481,502) |
1,384,002 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds 0.1% (t) | ||||||||
Arizona 0.0% (g) | ||||||||
Salt River Project Agricultural Improvement & Power District, Series A, Rev., 4.84%, 01/01/2041 | 150 | 153 | ||||||
|
|
|||||||
California 0.0% (g) | ||||||||
Bay Area Toll Authority, Build America Bonds, Series S1, Rev., 6.92%, 04/01/2040 | 115 | 137 | ||||||
Bay Area Toll Authority, San Francisco Bay Area, Rev., 2.57%, 04/01/2031 | 100 | 91 | ||||||
California Health Facilities Financing Authority, Taxable, Social Bonds, | ||||||||
Rev., 4.19%, 06/01/2037 | 5 | 5 | ||||||
Rev., 4.35%, 06/01/2041 | 5 | 4 | ||||||
California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051 | 15 | 11 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, Rev., 6.95%, 11/01/2050 | 70 | 86 | ||||||
Los Angeles Community College District, Taxable, GO, 2.11%, 08/01/2032 | 150 | 124 | ||||||
Los Angeles County Metropolitan Transportation Authority, Build America Bonds, Rev., 5.74%, 06/01/2039 | 50 | 53 | ||||||
Los Angeles Department of Water & Power, | ||||||||
Rev., 6.57%, 07/01/2045 | 50 | 59 | ||||||
Rev., 6.60%, 07/01/2050 | 30 | 38 | ||||||
Los Angeles Unified School District, Build America Bond, GO, 5.75%, 07/01/2034 | 25 | 27 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049 | 200 | 235 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Taxable, Series N, Rev., 3.26%, 05/15/2060 | 50 | 34 | ||||||
San Diego County Regional Transportation Commission, Taxable, Series A, Rev., 3.25%, 04/01/2048 | 100 | 78 | ||||||
State of California, GO, 7.55%, 04/01/2039 | 150 | 194 | ||||||
State of California, Build America Bonds, | ||||||||
GO, 7.35%, 11/01/2039 | 100 | 125 | ||||||
GO, 7.50%, 04/01/2034 | 50 | 62 | ||||||
GO, 7.60%, 11/01/2040 | 50 | 66 | ||||||
State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030 | 350 | 290 | ||||||
University of California, Rev., 5.95%, 05/15/2045 | 35 | 39 | ||||||
University of California, Taxable, | ||||||||
Series AQ, Rev., 4.77%, 05/15/2115 | 20 | 18 | ||||||
Series BJ, Rev., 3.07%, 05/15/2051 | 5 | 4 | ||||||
|
|
|||||||
1,780 | ||||||||
|
|
|||||||
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 | 850 | ||||||
|
|
|||||||
Florida 0.0% (g) | ||||||||
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.26%, 07/01/2025 | 100 | 93 | ||||||
|
|
|||||||
Illinois 0.0% (g) | ||||||||
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, Series B, Rev., 6.90%, 12/01/2040 | 100 | 115 | ||||||
Sales Tax Securitization Corp., Taxable, Second Lien, Series B, Rev., 3.24%, 01/01/2042 | 40 | 32 | ||||||
State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033 | 350 | 349 | ||||||
|
|
|||||||
496 | ||||||||
|
|
|||||||
Louisiana 0.0% (g) | ||||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Taxable, Series A, Rev., 2.95%, 05/01/2041 | 1,450 | 1,146 | ||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Massachusetts 0.0% (g) | ||||||||
Commonwealth of Massachusetts, Series H, GO, 2.90%, 09/01/2049 | 15 | 11 | ||||||
Commonwealth of Massachusetts, Build America Bonds, GO, 4.91%, 05/01/2029 | 100 | 102 | ||||||
Commonwealth of Massachusetts, Taxable, Series D, GO, 2.66%, 09/01/2039 | 148 | 121 | ||||||
|
|
|||||||
234 | ||||||||
|
|
|||||||
Michigan 0.0% (g) | ||||||||
Michigan State University, Taxable, Series A, Rev., 4.17%, 08/15/2122 | 115 | 91 | ||||||
University of Michigan, Taxable, | ||||||||
Series B, Rev., 2.56%, 04/01/2050 | 25 | 18 | ||||||
Series C, Rev., 3.60%, 04/01/2047 | 14 | 12 | ||||||
|
|
|||||||
121 | ||||||||
|
|
|||||||
Missouri 0.0% (g) | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Washington University, Series A, Rev., 3.23%, 05/15/2050 | 35 | 27 | ||||||
|
|
|||||||
New Jersey 0.0% (g) | ||||||||
New Jersey Transportation Trust Fund Authority, Build America Bonds, Series B, Rev., 6.56%, 12/15/2040 | 125 | 145 | ||||||
New Jersey Turnpike Authority, Build America Bonds, Series F, Rev., 7.41%, 01/01/2040 | 230 | 292 | ||||||
|
|
|||||||
437 | ||||||||
|
|
|||||||
New York 0.0% (g) | ||||||||
City of New York, Build America Bonds, GO, 5.52%, 10/01/2037 | 25 | 27 | ||||||
Metropolitan Transportation Authority, Taxable Green Bond, Series C2, Rev., 5.18%, 11/15/2049 | 100 | 91 | ||||||
New York City Municipal Water Finance Authority, Second General Resolution, Rev., 5.95%, 06/15/2042 | 200 | 229 | ||||||
New York City Water & Sewer System, Build America Bonds, Second General Resolution, Rev., 5.44%, 06/15/2043 | 30 | 33 | ||||||
New York State Dormitory Authority, State University of New York Dormitory Facilities, Taxable, Rev., 3.14%, 07/01/2043 | 150 | 123 | ||||||
Port Authority of New York & New Jersey, | ||||||||
Rev., 4.46%, 10/01/2062 | 50 | 47 | ||||||
Series 21, Rev., 3.29%, 08/01/2069 | 40 | 28 | ||||||
Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040 | 250 | 270 | ||||||
|
|
|||||||
848 | ||||||||
|
|
|||||||
Ohio 0.0% (g) | ||||||||
Ohio State University (The), Taxable, Series A, Rev., 4.80%, 06/01/2111 | 130 | 120 | ||||||
|
|
|||||||
Oklahoma 0.0% (g) | ||||||||
Oklahoma Development Finance Authority, Rev., 4.62%, 06/01/2044 | 10 | 10 | ||||||
|
|
|||||||
Oregon 0.0% (g) | ||||||||
Oregon State University, Rev., BAM, 3.42%, 03/01/2060 | 10 | 8 | ||||||
State of Oregon Department of Transportation, Taxable Subordinated, Build America Bonds, Series A, Rev., 5.83%, 11/15/2034 | 50 | 55 | ||||||
|
|
|||||||
63 | ||||||||
|
|
|||||||
Pennsylvania 0.0% (g) | ||||||||
City of Philadelphia PA Water & Wastewater Revenue, Rev., 2.93%, 07/01/2045 | 10 | 7 | ||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas 0.1% | ||||||||
Board of Regents of the University of Texas System, Series C, Rev., 4.79%, 08/15/2046 | 110 | 113 | ||||||
City of San Antonio, Electric & Gas Systems Revenue, Build America Bonds, Rev., 5.99%, 02/01/2039 | 20 | 22 | ||||||
Dallas Area Rapid Transit, Build America Bonds, Rev., 5.02%, 12/01/2048 | 30 | 31 | ||||||
Dallas Area Rapid Transit, Taxable, Senior Lien, Series A, Rev., 2.61%, 12/01/2048 | 130 | 91 | ||||||
Dallas Fort Worth International Airport, Taxable, | ||||||||
Rev., 3.09%, 11/01/2040 | 100 | 80 | ||||||
Series A, Rev., 4.09%, 11/01/2051 | 425 | 367 | ||||||
Series A, Rev., 4.51%, 11/01/2051 | 100 | 92 | ||||||
North Texas Tollway Authority, Build America Bonds, Series B, Rev., 6.72%, 01/01/2049 | 65 | 81 | ||||||
State of Texas, Build America Bonds Taxable, GO, 5.52%, 04/01/2039 | 150 | 165 | ||||||
Texas Transportation Commission, Taxable Mobility Fund, GO, 2.47%, 10/01/2044 | 10 | 7 | ||||||
|
|
|||||||
1,049 | ||||||||
|
|
|||||||
Virginia 0.0% (g) | ||||||||
University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117 | 40 | 34 | ||||||
|
|
|||||||
Total Municipal Bonds (Cost $8,568) |
7,468 | |||||||
|
|
|||||||
U.S. Government Agency Securities 0.1% | ||||||||
Federal Farm Credit Banks Funding Corp., 5.48%, 06/27/2042 | 1,000 | 978 | ||||||
FHLBs, | ||||||||
0.50%, 04/14/2025 | 2,000 | 1,860 | ||||||
3.25%, 11/16/2028 | 650 | 632 | ||||||
FHLMC, | ||||||||
Zero Coupon, 12/14/2029 | 1,170 | 895 | ||||||
0.38%, 07/21/2025 | 1,000 | 920 | ||||||
1.50%, 02/12/2025 | 107 | 102 | ||||||
6.25%, 07/15/2032 | 184 | 219 | ||||||
6.75%, 03/15/2031 | 400 | 480 | ||||||
FHLMC STRIPs, Zero Coupon, 03/15/2031 | 757 | 547 | ||||||
FNMA, | ||||||||
0.25%, 05/22/2023 | 1,000 | 994 | ||||||
0.88%, 08/05/2030 | 810 | 661 | ||||||
5.38%, 12/07/2028 | GBP | 460 | 604 | |||||
Resolution Funding Corp. Interest STRIP, | ||||||||
Zero Coupon, 07/15/2027 | 53 | 45 | ||||||
Zero Coupon, 07/15/2028 | 166 | 135 | ||||||
Zero Coupon, 10/15/2028 | 993 | 798 | ||||||
Zero Coupon, 10/15/2029 | 175 | 135 | ||||||
Zero Coupon, 01/15/2030 | 950 | 702 | ||||||
Zero Coupon, 04/15/2030 | 1,780 | 1,335 | ||||||
Resolution Funding Corp. Principal STRIP, | ||||||||
Zero Coupon, 01/15/2030 | 1,050 | 775 | ||||||
Zero Coupon, 04/15/2030 | 145 | 109 | ||||||
Tennessee Valley Authority, 4.63%, 06/07/2043 | GBP | 200 | 241 | |||||
|
|
|||||||
Total U.S. Government Agency Securities (Cost $14,681) |
13,167 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
U.S. Treasury Obligations 11.4% | ||||||||
U.S. Treasury Bonds, | ||||||||
1.13%, 05/15/2040 | 46,782 | 31,066 | ||||||
1.13%, 08/15/2040 | 51,225 | 33,801 | ||||||
1.25%, 05/15/2050 (jj) | 7,480 | 4,328 | ||||||
1.38%, 11/15/2040 | 71,470 | 49,150 | ||||||
1.38%, 08/15/2050 | 1,626 | 972 | ||||||
1.63%, 11/15/2050 | 1,600 | 1,021 | ||||||
1.75%, 08/15/2041 | 117,500 | 84,926 | ||||||
1.88%, 02/15/2041 | 97,000 | 72,420 | ||||||
1.88%, 02/15/2051 | 700 | 476 | ||||||
1.88%, 11/15/2051 | 2,730 | 1,850 | ||||||
2.00%, 11/15/2041 | 102,400 | 77,140 | ||||||
2.00%, 02/15/2050 | 2,169 | 1,531 | ||||||
2.00%, 08/15/2051 | 2,450 | 1,715 | ||||||
2.25%, 05/15/2041 | 92,300 | 73,177 | ||||||
2.25%, 08/15/2046 | 940 | 707 | ||||||
2.25%, 08/15/2049 | 1,800 | 1,348 | ||||||
2.25%, 02/15/2052 | 400 | 297 | ||||||
2.38%, 02/15/2042 | 78,650 | 63,135 | ||||||
2.38%, 11/15/2049 | 700 | 539 | ||||||
2.38%, 05/15/2051 | 1,800 | 1,376 | ||||||
2.50%, 02/15/2045 | 1,420 | 1,130 | ||||||
2.50%, 02/15/2046 | 700 | 554 | ||||||
2.50%, 05/15/2046 | 1,370 | 1,084 | ||||||
2.75%, 08/15/2042 | 7,000 | 5,943 | ||||||
2.75%, 11/15/2042 | 2,200 | 1,862 | ||||||
2.75%, 08/15/2047 | 700 | 580 | ||||||
2.75%, 11/15/2047 | 1,575 | 1,306 | ||||||
2.88%, 05/15/2043 | 720 | 621 | ||||||
2.88%, 08/15/2045 | 1,435 | 1,220 | ||||||
2.88%, 11/15/2046 | 500 | 425 | ||||||
2.88%, 05/15/2049 | 1,500 | 1,279 | ||||||
2.88%, 05/15/2052 | 640 | 545 | ||||||
3.00%, 05/15/2042 | 7,200 | 6,382 | ||||||
3.00%, 11/15/2044 | 900 | 783 | ||||||
3.00%, 05/15/2045 | 1,730 | 1,503 | ||||||
3.00%, 11/15/2045 | 229 | 199 | ||||||
3.00%, 02/15/2047 | 338 | 293 | ||||||
3.00%, 05/15/2047 | 500 | 434 | ||||||
3.00%, 02/15/2048 | 250 | 217 | ||||||
3.00%, 08/15/2048 | 520 | 452 | ||||||
3.00%, 02/15/2049 | 550 | 480 | ||||||
3.00%, 08/15/2052 | 750 | 656 | ||||||
3.13%, 11/15/2041 | 900 | 819 | ||||||
3.13%, 02/15/2043 | 13,860 | 12,440 | ||||||
3.13%, 08/15/2044 | 350 | 312 | ||||||
3.13%, 05/15/2048 | 100 | 89 | ||||||
3.25%, 05/15/2042 | 57,100 | 52,601 | ||||||
3.38%, 08/15/2042 | 46,550 | 43,648 | ||||||
3.38%, 11/15/2048 | 500 | 466 | ||||||
3.50%, 02/15/2039 | 500 | 493 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
U.S. Treasury Obligations continued | ||||||||
3.63%, 08/15/2043 | 1,790 | 1,734 | ||||||
3.63%, 02/15/2044 | 1,500 | 1,448 | ||||||
3.63%, 02/15/2053 | 660 | 652 | ||||||
3.75%, 11/15/2043 | 3,115 | 3,071 | ||||||
3.88%, 08/15/2040 | 31,800 | 32,558 | ||||||
3.88%, 02/15/2043 | 6,900 | 6,950 | ||||||
4.00%, 11/15/2042 | 35,430 | 36,338 | ||||||
4.00%, 11/15/2052 | 975 | 1,030 | ||||||
4.25%, 11/15/2040 | 19,769 | 21,191 | ||||||
4.38%, 02/15/2038 | 3,000 | 3,282 | ||||||
4.38%, 11/15/2039 | 14,900 | 16,258 | ||||||
4.38%, 05/15/2040 | 21,500 | 23,429 | ||||||
4.38%, 05/15/2041 | 410 | 445 | ||||||
4.50%, 02/15/2036 | 1,805 | 2,005 | ||||||
4.50%, 05/15/2038 | 17,691 | 19,598 | ||||||
4.63%, 02/15/2040 | 19,900 | 22,365 | ||||||
4.75%, 02/15/2037 | 300 | 342 | ||||||
4.75%, 02/15/2041 | 14,400 | 16,377 | ||||||
5.00%, 05/15/2037 | 1,500 | 1,747 | ||||||
5.25%, 02/15/2029 | 365 | 395 | ||||||
U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/2025 | 46 | 45 | ||||||
U.S. Treasury Notes, | ||||||||
0.25%, 05/15/2024 | 2,000 | 1,907 | ||||||
0.25%, 06/15/2024 | 3,500 | 3,327 | ||||||
0.25%, 05/31/2025 | 1,000 | 922 | ||||||
0.25%, 06/30/2025 | 1,500 | 1,382 | ||||||
0.25%, 07/31/2025 | 1,255 | 1,152 | ||||||
0.25%, 08/31/2025 | 500 | 458 | ||||||
0.25%, 09/30/2025 | 500 | 457 | ||||||
0.38%, 04/15/2024 | 600 | 574 | ||||||
0.38%, 08/15/2024 | 2,000 | 1,894 | ||||||
0.38%, 04/30/2025 | 1,195 | 1,108 | ||||||
0.38%, 11/30/2025 | 500 | 456 | ||||||
0.38%, 12/31/2025 | 900 | 820 | ||||||
0.38%, 01/31/2026 | 600 | 544 | ||||||
0.38%, 07/31/2027 | 315 | 273 | ||||||
0.38%, 09/30/2027 | 4,600 | 3,973 | ||||||
0.50%, 03/31/2025 | 500 | 466 | ||||||
0.50%, 04/30/2027 | 1,532 | 1,347 | ||||||
0.50%, 05/31/2027 | 500 | 438 | ||||||
0.50%, 08/31/2027 | 400 | 348 | ||||||
0.50%, 10/31/2027 | 700 | 607 | ||||||
0.63%, 07/31/2026 | 2,350 | 2,118 | ||||||
0.63%, 03/31/2027 | 1,000 | 886 | ||||||
0.63%, 11/30/2027 | 200 | 174 | ||||||
0.63%, 05/15/2030 (jj) | 6,343 | 5,188 | ||||||
0.63%, 08/15/2030 | 3,555 | 2,894 | ||||||
0.75%, 03/31/2026 | 1,500 | 1,371 | ||||||
0.75%, 04/30/2026 | 2,500 | 2,278 | ||||||
0.75%, 05/31/2026 | 2,400 | 2,181 | ||||||
0.75%, 08/31/2026 | 2,000 | 1,806 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
U.S. Treasury Obligations continued | ||||||||
0.75%, 01/31/2028 | 1,000 | 873 | ||||||
0.88%, 06/30/2026 | 1,000 | 911 | ||||||
0.88%, 09/30/2026 | 2,300 | 2,081 | ||||||
0.88%, 11/15/2030 | 2,200 | 1,819 | ||||||
1.00%, 12/15/2024 | 500 | 474 | ||||||
1.00%, 07/31/2028 | 1,095 | 956 | ||||||
1.13%, 10/31/2026 | 500 | 456 | ||||||
1.13%, 02/28/2027 | 1,000 | 907 | ||||||
1.13%, 02/29/2028 | 1,300 | 1,153 | ||||||
1.13%, 08/31/2028 | 3,500 | 3,070 | ||||||
1.13%, 02/15/2031 | 3,100 | 2,607 | ||||||
1.25%, 11/30/2026 | 2,000 | 1,828 | ||||||
1.25%, 12/31/2026 | 1,700 | 1,552 | ||||||
1.25%, 03/31/2028 | 500 | 445 | ||||||
1.25%, 04/30/2028 | 2,100 | 1,867 | ||||||
1.25%, 05/31/2028 | 1,550 | 1,377 | ||||||
1.25%, 06/30/2028 | 390 | 346 | ||||||
1.25%, 09/30/2028 | 1,800 | 1,587 | ||||||
1.25%, 08/15/2031 | 1,430 | 1,198 | ||||||
1.38%, 10/31/2028 | 2,300 | 2,039 | ||||||
1.38%, 12/31/2028 | 2,500 | 2,212 | ||||||
1.38%, 11/15/2031 | 1,700 | 1,434 | ||||||
1.50%, 10/31/2024 | 500 | 479 | ||||||
1.50%, 11/30/2024 | 300 | 287 | ||||||
1.50%, 08/15/2026 | 1,000 | 927 | ||||||
1.50%, 01/31/2027 | 500 | 460 | ||||||
1.50%, 11/30/2028 | 500 | 446 | ||||||
1.50%, 02/15/2030 | 649 | 568 | ||||||
1.63%, 02/15/2026 | 500 | 470 | ||||||
1.63%, 05/15/2026 | 1,500 | 1,403 | ||||||
1.63%, 10/31/2026 | 600 | 557 | ||||||
1.63%, 08/15/2029 | 500 | 446 | ||||||
1.63%, 05/15/2031 | 1,970 | 1,711 | ||||||
1.75%, 06/30/2024 | 3,800 | 3,677 | ||||||
1.75%, 03/15/2025 | 5,800 | 5,544 | ||||||
1.75%, 12/31/2026 | 840 | 781 | ||||||
1.75%, 01/31/2029 | 500 | 451 | ||||||
1.75%, 11/15/2029 | 500 | 449 | ||||||
1.88%, 02/28/2027 | 1,500 | 1,398 | ||||||
1.88%, 02/28/2029 | 500 | 454 | ||||||
1.88%, 02/15/2032 | 1,550 | 1,359 | ||||||
2.00%, 05/31/2024 | 1,000 | 972 | ||||||
2.00%, 08/15/2025 | 1,000 | 956 | ||||||
2.00%, 11/15/2026 | 1,285 | 1,208 | ||||||
2.13%, 07/31/2024 | 3,000 | 2,911 | ||||||
2.13%, 09/30/2024 | 400 | 387 | ||||||
2.13%, 05/15/2025 | 1,000 | 961 | ||||||
2.25%, 11/15/2024 | 700 | 678 | ||||||
2.25%, 11/15/2025 | 538 | 516 | ||||||
2.25%, 03/31/2026 | 400 | 382 | ||||||
2.25%, 02/15/2027 | 3,200 | 3,029 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
U.S. Treasury Obligations continued | ||||||||
2.25%, 08/15/2027 | 200 | 189 | ||||||
2.38%, 08/15/2024 | 800 | 778 | ||||||
2.38%, 05/15/2027 | 1,000 | 949 | ||||||
2.38%, 03/31/2029 | 1,100 | 1,026 | ||||||
2.38%, 05/15/2029 | 600 | 559 | ||||||
2.50%, 04/30/2024 | 1,000 | 978 | ||||||
2.50%, 05/31/2024 | 1,500 | 1,466 | ||||||
2.50%, 01/31/2025 | 500 | 485 | ||||||
2.50%, 03/31/2027 | 1,000 | 954 | ||||||
2.63%, 07/31/2029 | 500 | 472 | ||||||
2.75%, 02/28/2025 | 1,000 | 975 | ||||||
2.75%, 06/30/2025 | 800 | 778 | ||||||
2.75%, 04/30/2027 | 1,500 | 1,444 | ||||||
2.75%, 07/31/2027 | 1,900 | 1,828 | ||||||
2.75%, 02/15/2028 | 1,980 | 1,900 | ||||||
2.75%, 05/31/2029 | 1,000 | 952 | ||||||
2.75%, 08/15/2032 | 1,600 | 1,504 | ||||||
2.88%, 04/30/2025 | 900 | 878 | ||||||
2.88%, 06/15/2025 | 2,500 | 2,440 | ||||||
2.88%, 07/31/2025 | 1,000 | 976 | ||||||
2.88%, 11/30/2025 | 1,300 | 1,266 | ||||||
2.88%, 05/15/2028 | 2,500 | 2,409 | ||||||
2.88%, 08/15/2028 | 1,800 | 1,732 | ||||||
2.88%, 04/30/2029 | 1,000 | 959 | ||||||
2.88%, 05/15/2032 | 2,885 | 2,743 | ||||||
3.00%, 07/31/2024 | 1,000 | 981 | ||||||
3.00%, 07/15/2025 | 1,000 | 978 | ||||||
3.00%, 09/30/2025 | 60 | 59 | ||||||
3.13%, 08/15/2025 | 1,000 | 981 | ||||||
3.13%, 08/31/2027 | 1,000 | 977 | ||||||
3.13%, 11/15/2028 | 6,390 | 6,224 | ||||||
3.25%, 08/31/2024 | 1,720 | 1,693 | ||||||
3.25%, 06/30/2027 | 500 | 491 | ||||||
3.25%, 06/30/2029 | 1,000 | 980 | ||||||
3.50%, 09/15/2025 | 500 | 495 | ||||||
3.50%, 01/31/2028 | 2,700 | 2,684 | ||||||
3.50%, 01/31/2030 | 4,200 | 4,179 | ||||||
3.50%, 02/15/2033 | 14,400 | 14,411 | ||||||
3.63%, 03/31/2028 | 200 | 200 | ||||||
3.63%, 03/31/2030 | 550 | 552 | ||||||
3.88%, 01/15/2026 | 1,000 | 1,000 | ||||||
3.88%, 11/30/2027 | 985 | 994 | ||||||
3.88%, 12/31/2027 | 350 | 353 | ||||||
3.88%, 09/30/2029 | 300 | 305 | ||||||
3.88%, 11/30/2029 | 990 | 1,006 | ||||||
3.88%, 12/31/2029 | 1,210 | 1,231 | ||||||
4.00%, 12/15/2025 | 500 | 502 | ||||||
4.00%, 02/15/2026 | 5,200 | 5,218 | ||||||
4.00%, 02/29/2028 | 900 | 915 | ||||||
4.00%, 10/31/2029 | 1,000 | 1,023 | ||||||
4.00%, 02/28/2030 | 700 | 718 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
U.S. Treasury Obligations continued | ||||||||
4.13%, 01/31/2025 | 800 | 799 | ||||||
4.13%, 10/31/2027 | 700 | 713 | ||||||
4.13%, 11/15/2032 | 2,300 | 2,415 | ||||||
4.25%, 09/30/2024 | 700 | 699 | ||||||
4.25%, 10/15/2025 | 1,000 | 1,007 | ||||||
4.50%, 11/30/2024 | 1,500 | 1,505 | ||||||
4.50%, 11/15/2025 | 1,000 | 1,014 | ||||||
4.63%, 02/28/2025 | 1,000 | 1,009 | ||||||
4.63%, 03/15/2026 | 2,000 | 2,044 | ||||||
U.S. Treasury STRIP Coupon Bonds, | ||||||||
Zero Coupon, 05/15/2024 | 800 | 762 | ||||||
Zero Coupon, 05/15/2026 | 5,000 | 4,446 | ||||||
Zero Coupon, 11/15/2026 | 5,000 | 4,372 | ||||||
Zero Coupon, 11/15/2028 (ee) (ff) | 12,000 | 9,790 | ||||||
Zero Coupon, 11/15/2038 (jj) | 6,250 | 3,442 | ||||||
Zero Coupon, 11/15/2041 | 200 | 96 | ||||||
Zero Coupon, 08/15/2045 | 600 | 247 | ||||||
|
|
|||||||
Total U.S. Treasury Obligations (Cost $1,075,182) |
1,071,609 | |||||||
|
|
|||||||
Short-Term Investments 1.7% | ||||||||
Time Deposits 1.7% | ||||||||
Australia & New Zealand Banking Group Ltd., | ||||||||
2.20%, 04/03/2023 | AUD | 28 | 18 | |||||
4.18%, 04/03/2023 | 10,091 | 10,091 | ||||||
Barclays SA, 4.18%, 04/03/2023 | 9,297 | 9,297 | ||||||
BNP Paribas SA, 3.32%, 04/03/2023 | CAD | 81 | 60 | |||||
Brown Brothers Harriman & Co., | ||||||||
0.00%, 04/03/2023 | CHF | 284 | 310 | |||||
0.92%, 04/03/2023 | HKD | 2 | | (h) | ||||
1.40%, 04/03/2023 | DKK | 1,864 | 271 | |||||
1.58%, 04/03/2023 | NOK | 1,846 | 176 | |||||
1.74%, 04/03/2023 | SEK | 2,126 | 205 | |||||
2.21%, 04/03/2023 | SGD | 22 | 16 | |||||
3.15%, 04/03/2023 | GBP | 1,686 | 2,080 | |||||
3.40%, 04/03/2023 | NZD | 2 | 2 | |||||
Citibank NA, | ||||||||
1.91%, 04/03/2023 | EUR | 63,039 | 68,365 | |||||
4.18%, 04/03/2023 | 64,493 | 64,493 | ||||||
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023 | GBP | 44 | 55 | |||||
Sumitomo Mitsui Banking Corp., | ||||||||
(0.53%), 04/03/2023 | JPY | 42,716 | 322 | |||||
4.18%, 04/03/2023 | 1,916 | 1,916 | ||||||
|
|
|||||||
Total Time Deposits | 157,677 | |||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
U.S. Treasury Obligations 0.0% (g) | ||||||||
U.S. Treasury Bills, | ||||||||
Zero Coupon, 04/06/2023 | 1,032 | 1,032 | ||||||
Zero Coupon, 04/25/2023 (hh) (ii) | 3,757 | 3,747 | ||||||
Zero Coupon, 05/25/2023 (hh) (ii) | 287 | 285 | ||||||
|
|
|||||||
Total U.S. Treasury Obligations | 5,064 | |||||||
|
|
|||||||
Total Short-Term Investments (Cost $162,739) |
162,741 | |||||||
|
|
|||||||
Total Investments, Before Short Positions 105.3% (Cost - $10,337,720)* |
9,892,992 | |||||||
Liabilities in Excess of Other Assets (5.3)% |
(500,268 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 9,392,724 | ||||||
|
|
|||||||
Short Positions 1.7% | ||||||||
Mortgage-Backed Securities 1.7% | ||||||||
FHLMC Pool, Single Family, 15 years, | ||||||||
3.50%, 12/01/2035 | 52 | 50 | ||||||
3.50%, 02/01/2036 | 182 | 176 | ||||||
FNMA or FHLMC, Single Family, 15 years, | ||||||||
TBA, 3.00%, 04/01/2038 (w) | 5,300 | 5,019 | ||||||
TBA, 4.00%, 04/01/2038 (w) | 3,000 | 2,952 | ||||||
FNMA or FHLMC, Single Family, 30 years, | ||||||||
TBA, 3.00%, 05/15/2042 (w) | 94,400 | 84,679 | ||||||
TBA, 3.00%, 04/01/2053 (w) | 5,800 | 5,197 | ||||||
TBA, 3.50%, 05/01/2042 (w) | 24,165 | 22,428 | ||||||
TBA, 4.50%, 05/01/2053 (w) | 15,900 | 15,583 | ||||||
TBA, 5.50%, 04/01/2053 (w) | 2,200 | 2,220 | ||||||
FNMA Pool, Single Family, 15 years, | ||||||||
3.50%, 06/01/2035 | 292 | 284 | ||||||
3.50%, 04/01/2035 | 919 | 889 | ||||||
GNMA II Pool, Single Family, 30 years, 4.00%, 12/20/2050 | 2,618 | 2,538 | ||||||
GNMA, Single Family, 30 years, | ||||||||
TBA, 2.50%, 04/01/2053 (w) | 12,300 | 10,823 | ||||||
TBA, 4.50%, 04/01/2053 (w) | 6,400 | 6,299 | ||||||
|
|
|||||||
Total Mortgage-Backed Securities (Proceeds $157,659) |
159,137 | |||||||
|
|
|||||||
Total Securities Sold Short 1.7% (Proceeds $157,659)* |
159,137 | |||||||
|
|
Percentages indicated are based on net assets.
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2023:
Exchange Traded
DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
Long Contracts |
||||||||||||||||||||
Euro BOBL |
8 | 06/2023 | EUR | 998 | 24 | |||||||||||||||
Euro Bund |
140 | 06/2023 | EUR | 20,494 | 131 | |||||||||||||||
Euro Buxl |
33 | 06/2023 | EUR | 4,718 | 323 | |||||||||||||||
Euro Schatz |
28 | 06/2023 | EUR | 3,177 | 32 | |||||||||||||||
Long Gilt |
121 | 06/2023 | GBP | 15,071 | 355 | |||||||||||||||
SOFR 3 Month |
212 | 09/2023 | USD | 50,300 | 259 | |||||||||||||||
U.S. Treasury 10 Year Note |
80 | 06/2023 | USD | 8,938 | 256 | |||||||||||||||
U.S. Treasury 2 Year Note |
121 | 06/2023 | USD | 24,755 | 225 | |||||||||||||||
U.S. Treasury 5 Year Note |
143 | 06/2023 | USD | 15,394 | 266 | |||||||||||||||
U.S. Treasury Long Bond |
197 | 06/2023 | USD | 24,785 | 1,052 | |||||||||||||||
U.S. Treasury Ultra Bond |
113 | 06/2023 | USD | 15,505 | 442 | |||||||||||||||
U.S. Ultra Treasury 10 Year Note |
28 | 06/2023 | USD | 3,289 | 103 | |||||||||||||||
|
|
|||||||||||||||||||
3,468 | ||||||||||||||||||||
|
|
|||||||||||||||||||
Short Contracts |
||||||||||||||||||||
Euro BOBL |
(264 | ) | 06/2023 | EUR | (33,024 | ) | (726 | ) | ||||||||||||
Euro Bund |
(28 | ) | 06/2023 | EUR | (4,006 | ) | (119 | ) | ||||||||||||
Euro Schatz |
(42 | ) | 06/2023 | EUR | (4,766 | ) | (48 | ) | ||||||||||||
SOFR 3 Month |
(106 | ) | 12/2023 | USD | (25,233 | ) | (127 | ) | ||||||||||||
SOFR 3 Month |
(106 | ) | 03/2024 | USD | (25,360 | ) | (105 | ) | ||||||||||||
U.S. Treasury 10 Year Note |
(448 | ) | 06/2023 | USD | (50,124 | ) | (1,361 | ) | ||||||||||||
U.S. Treasury 2 Year Note |
(16 | ) | 06/2023 | USD | (3,265 | ) | (38 | ) | ||||||||||||
U.S. Treasury 5 Year Note |
(10 | ) | 06/2023 | USD | (1,078 | ) | (17 | ) | ||||||||||||
U.S. Treasury Long Bond |
(26 | ) | 06/2023 | USD | (3,268 | ) | (142 | ) | ||||||||||||
U.S. Treasury Ultra Bond |
(33 | ) | 06/2023 | USD | (4,501 | ) | (156 | ) | ||||||||||||
U.S. Ultra Treasury 10 Year Note |
(25 | ) | 06/2023 | USD | (2,936 | ) | (93 | ) | ||||||||||||
|
|
|||||||||||||||||||
(2,932 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation (depreciation) |
536 | |||||||||||||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023:
CURRENCY PURCHASED |
CURRENCY SOLD | COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
DKK |
7,033 | USD | 1,022 | BNP Paribas | 04/03/2023 | 2 | ||||||||||||
AUD |
584 | USD | 388 | Bank of America, NA | 04/04/2023 | 2 | ||||||||||||
USD |
2,329 | AUD | 3,450 | Deutsche Bank AG | 04/04/2023 | 23 | ||||||||||||
USD |
399 | AUD | 584 | Morgan Stanley & Co. | 04/04/2023 | 9 | ||||||||||||
CAD |
3,034 | USD | 2,242 | Citibank, NA | 04/04/2023 | 3 | ||||||||||||
CAD |
570 | USD | 419 | HSBC Bank plc | 04/04/2023 | 3 | ||||||||||||
CAD |
782 | USD | 570 | Morgan Stanley & Co. | 04/04/2023 | 8 | ||||||||||||
CHF |
15 | USD | 16 | Citibank, NA | 04/04/2023 | | (h) | |||||||||||
CHF |
125 | EUR | 126 | Goldman Sachs International | 04/04/2023 | | (h) | |||||||||||
CHF |
3,605 | USD | 3,929 | Morgan Stanley & Co. | 04/04/2023 | 11 | ||||||||||||
CHF |
9,132 | USD | 9,952 | Morgan Stanley & Co. | 04/04/2023 | 28 | ||||||||||||
CHF |
10 | USD | 11 | UBS AG London | 04/04/2023 | | (h) | |||||||||||
CHF |
115 | USD | 125 | Westpac Banking Corp. | 04/04/2023 | 1 | ||||||||||||
CNY |
17,000 | USD | 2,460 | Brown Brothers Harriman & Co. | 04/04/2023 | 14 | ||||||||||||
CNY |
2,700 | USD | 391 | Brown Brothers Harriman & Co. | 04/04/2023 | 2 | ||||||||||||
DKK |
45 | USD | 7 | Bank of America, NA | 04/04/2023 | | (h) | |||||||||||
EUR |
115 | USD | 124 | Bank of America, NA | 04/04/2023 | 1 | ||||||||||||
EUR |
50 | USD | 53 | Goldman Sachs International | 04/04/2023 | 1 | ||||||||||||
USD |
180 | EUR | 166 | HSBC Bank plc | 04/04/2023 | | (h) | |||||||||||
EUR |
874 | USD | 922 | HSBC Bank plc | 04/04/2023 | 25 | ||||||||||||
EUR |
1,974 | USD | 2,097 | HSBC Bank plc | 04/04/2023 | 43 | ||||||||||||
EUR |
720 | USD | 779 | Morgan Stanley & Co. | 04/04/2023 | 2 | ||||||||||||
EUR |
2,840 | USD | 3,036 | Morgan Stanley & Co. | 04/04/2023 | 44 | ||||||||||||
EUR |
39,501 | USD | 42,815 | Morgan Stanley & Co. | 04/04/2023 | 23 | ||||||||||||
EUR |
7,000 | USD | 7,485 | Morgan Stanley & Co. | 04/04/2023 | 107 | ||||||||||||
EUR |
87,074 | USD | 94,380 | Morgan Stanley & Co. | 04/04/2023 | 51 | ||||||||||||
EUR |
658 | USD | 700 | UBS AG London | 04/04/2023 | 14 | ||||||||||||
USD |
700 | EUR | 644 | UBS AG London | 04/04/2023 | 2 | ||||||||||||
EUR |
3,500 | USD | 3,742 | UBS AG London | 04/04/2023 | 53 | ||||||||||||
GBP |
13,685 | USD | 16,792 | Bank of America, NA | 04/04/2023 | 91 | ||||||||||||
GBP |
20,801 | USD | 25,521 | HSBC Bank plc | 04/04/2023 | 140 | ||||||||||||
GBP |
1,361 | USD | 1,634 | HSBC Bank plc | 04/04/2023 | 45 | ||||||||||||
GBP |
528 | USD | 640 | HSBC Bank plc | 04/04/2023 | 12 | ||||||||||||
GBP |
60 | USD | 74 | Morgan Stanley & Co. | 04/04/2023 | | (h) | |||||||||||
GBP |
10 | USD | 12 | UBS AG London | 04/04/2023 | | (h) | |||||||||||
USD |
26 | HKD | 200 | Deutsche Bank AG | 04/04/2023 | | (h) | |||||||||||
JPY |
542,925 | USD | 4,077 | Bank of New York Mellon | 04/04/2023 | 12 | ||||||||||||
JPY |
542,925 | USD | 4,081 | Morgan Stanley & Co. | 04/04/2023 | 8 | ||||||||||||
JPY |
542,925 | USD | 4,078 | Royal Bank of Canada | 04/04/2023 | 11 | ||||||||||||
JPY |
542,925 | USD | 4,079 | Standard Chartered Bank | 04/04/2023 | 10 | ||||||||||||
JPY |
542,930 | USD | 4,085 | Toronto-Dominion Bank (The) | 04/04/2023 | 4 | ||||||||||||
USD |
4,570 | NOK | 47,175 | Bank of America, NA | 04/04/2023 | 64 | ||||||||||||
NZD |
20 | USD | 12 | Morgan Stanley & Co. | 04/04/2023 | | (h) | |||||||||||
SEK |
100 | USD | 10 | UBS AG London | 04/04/2023 | | (h) | |||||||||||
SGD |
30 | USD | 22 | Morgan Stanley & Co. | 04/04/2023 | | (h) | |||||||||||
USD |
7,870 | AUD | 11,301 | HSBC Bank plc | 04/19/2023 | 312 | ||||||||||||
USD |
12,043 | CAD | 16,134 | Bank of America, NA | 04/19/2023 | 103 | ||||||||||||
USD |
327 | CAD | 436 | Barclays Bank plc | 04/19/2023 | 4 | ||||||||||||
CAD |
488 | USD | 359 | Morgan Stanley & Co. | 04/19/2023 | 3 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023 (continued):
CURRENCY PURCHASED |
CURRENCY SOLD | COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
USD |
1,209 | EUR | 1,108 | Barclays Bank plc | 04/19/2023 | 6 | ||||||||||||
USD |
1,198 | EUR | 1,102 | HSBC Bank plc | 04/19/2023 | 2 | ||||||||||||
EUR |
1,207 | USD | 1,283 | Morgan Stanley & Co. | 04/19/2023 | 27 | ||||||||||||
USD |
530 | GBP | 428 | HSBC Bank plc | 04/19/2023 | 1 | ||||||||||||
GBP |
526 | USD | 638 | Morgan Stanley & Co. | 04/19/2023 | 12 | ||||||||||||
USD |
371 | NOK | 3,663 | Morgan Stanley & Co. | 04/19/2023 | 21 | ||||||||||||
USD |
721 | NZD | 1,136 | Goldman Sachs International | 04/19/2023 | 11 | ||||||||||||
AUD |
602 | USD | 400 | Bank of America, NA | 05/02/2023 | 3 | ||||||||||||
CAD |
3,605 | USD | 2,631 | Morgan Stanley & Co. | 05/02/2023 | 37 | ||||||||||||
USD |
1,267 | DKK | 8,663 | Barclays Bank plc | 05/02/2023 | 4 | ||||||||||||
USD |
42,955 | EUR | 39,501 | Citibank, NA | 05/02/2023 | 49 | ||||||||||||
USD |
94,868 | EUR | 87,240 | Citibank, NA | 05/02/2023 | 108 | ||||||||||||
USD |
935 | EUR | 860 | Goldman Sachs International | 05/02/2023 | 2 | ||||||||||||
USD |
56,163 | EUR | 51,632 | Morgan Stanley & Co. | 05/02/2023 | 80 | ||||||||||||
USD |
67,589 | JPY | 8,790,484 | Barclays Bank plc | 05/02/2023 | 1,080 | ||||||||||||
JPY |
34,500 | USD | 260 | Morgan Stanley & Co. | 05/02/2023 | 1 | ||||||||||||
USD |
9,915 | PLN | 42,683 | UBS AG London | 05/02/2023 | 44 | ||||||||||||
USD |
439 | AUD | 655 | Bank of New York Mellon | 05/03/2023 | 1 | ||||||||||||
USD |
439 | AUD | 655 | Morgan Stanley & Co. | 05/03/2023 | 1 | ||||||||||||
USD |
74 | AUD | 110 | Morgan Stanley & Co. | 05/03/2023 | | (h) | |||||||||||
USD |
439 | AUD | 655 | Royal Bank of Canada | 05/03/2023 | 1 | ||||||||||||
USD |
440 | AUD | 655 | Standard Chartered Bank | 05/03/2023 | 1 | ||||||||||||
USD |
443 | AUD | 660 | Toronto-Dominion Bank (The) | 05/03/2023 | 1 | ||||||||||||
CHF |
125 | EUR | 126 | Bank of America, NA | 05/03/2023 | 1 | ||||||||||||
USD |
9,006 | CZK | 194,904 | UBS AG London | 05/03/2023 | 13 | ||||||||||||
USD |
6,910 | DKK | 47,197 | Bank of America, NA | 05/03/2023 | 26 | ||||||||||||
USD |
1,269 | DKK | 8,675 | Bank of America, NA | 05/03/2023 | 4 | ||||||||||||
SEK |
850 | EUR | 75 | Bank of America, NA | 05/03/2023 | | (h) | |||||||||||
USD |
551,239 | EUR | 505,815 | Bank of America, NA | 05/03/2023 | 1,792 | ||||||||||||
USD |
3,776 | EUR | 3,465 | Bank of America, NA | 05/03/2023 | 12 | ||||||||||||
USD |
278,695 | EUR | 255,665 | Bank of New York Mellon | 05/03/2023 | 976 | ||||||||||||
USD |
1,395,943 | EUR | 1,279,421 | Morgan Stanley & Co. | 05/03/2023 | 6,156 | ||||||||||||
USD |
9,570 | EUR | 8,771 | Morgan Stanley & Co. | 05/03/2023 | 42 | ||||||||||||
USD |
1,296,876 | EUR | 1,190,155 | UBS AG London | 05/03/2023 | 4,056 | ||||||||||||
USD |
278,590 | EUR | 255,665 | UBS AG London | 05/03/2023 | 871 | ||||||||||||
USD |
8,886 | EUR | 8,155 | UBS AG London | 05/03/2023 | 28 | ||||||||||||
USD |
279,560 | EUR | 256,433 | Westpac Banking Corp. | 05/03/2023 | 1,007 | ||||||||||||
USD |
831 | GBP | 671 | Bank of America, NA | 05/03/2023 | 3 | ||||||||||||
USD |
57,180 | GBP | 46,140 | Bank of New York Mellon | 05/03/2023 | 227 | ||||||||||||
USD |
378,475 | GBP | 305,265 | Citibank, NA | 05/03/2023 | 1,672 | ||||||||||||
USD |
203,492 | GBP | 164,372 | Goldman Sachs International | 05/03/2023 | 600 | ||||||||||||
USD |
57,150 | GBP | 46,140 | UBS AG London | 05/03/2023 | 197 | ||||||||||||
USD |
57,383 | GBP | 46,284 | Westpac Banking Corp. | 05/03/2023 | 253 | ||||||||||||
USD |
26 | HKD | 200 | UBS AG London | 05/03/2023 | | (h) | |||||||||||
USD |
3,934 | HUF | 1,386,696 | Goldman Sachs International | 05/03/2023 | 14 | ||||||||||||
USD |
4,524 | NOK | 47,175 | Goldman Sachs International | 05/03/2023 | 12 | ||||||||||||
USD |
251 | NZD | 400 | Deutsche Bank AG | 05/03/2023 | | (h) | |||||||||||
USD |
4,364 | RON | 19,860 | UBS AG London | 05/03/2023 | 15 | ||||||||||||
USD |
3,712 | SEK | 38,398 | Morgan Stanley & Co. | 05/03/2023 | 6 | ||||||||||||
USD |
7,126 | SEK | 73,620 | Morgan Stanley & Co. | 05/03/2023 | 21 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023 (continued):
CURRENCY PURCHASED |
CURRENCY SOLD | COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
USD |
361 | SGD | 480 | Goldman Sachs International | 05/03/2023 | | (h) | |||||||||||
USD |
928,685 | CNY | 6,362,000 | Brown Brothers Harriman & Co. | 05/05/2023 | 469 | ||||||||||||
USD |
52,013 | CNH | 356,008 | Morgan Stanley & Co. | 05/23/2023 | 7 | ||||||||||||
USD |
59 | KRW | 75,820 | Bank of America, NA | 06/21/2023 | | (h) | |||||||||||
KRW |
1,260,908 | USD | 960 | Citibank, NA | 06/21/2023 | 13 | ||||||||||||
USD |
20 | THB | 690 | Morgan Stanley & Co. | 06/21/2023 | | (h) | |||||||||||
|
|
|||||||||||||||||
Total unrealized appreciation |
|
21,277 | ||||||||||||||||
|
|
|||||||||||||||||
USD |
1,072 | DKK | 7,518 | Bank of America, NA | 04/03/2023 | (22 | ) | |||||||||||
USD |
1,167 | DKK | 8,206 | Bank of America, NA | 04/03/2023 | (28 | ) | |||||||||||
USD |
400 | AUD | 602 | Bank of America, NA | 04/04/2023 | (3 | ) | |||||||||||
AUD |
655 | USD | 439 | Bank of New York Mellon | 04/04/2023 | (1 | ) | |||||||||||
AUD |
602 | USD | 412 | Morgan Stanley & Co. | 04/04/2023 | (9 | ) | |||||||||||
AUD |
170 | USD | 115 | Morgan Stanley & Co. | 04/04/2023 | (1 | ) | |||||||||||
AUD |
655 | USD | 439 | Morgan Stanley & Co. | 04/04/2023 | (1 | ) | |||||||||||
AUD |
655 | USD | 439 | Royal Bank of Canada | 04/04/2023 | (1 | ) | |||||||||||
AUD |
655 | USD | 439 | Standard Chartered Bank | 04/04/2023 | (1 | ) | |||||||||||
AUD |
660 | USD | 442 | Toronto-Dominion Bank (The) | 04/04/2023 | (1 | ) | |||||||||||
USD |
578 | CAD | 782 | Citibank, NA | 04/04/2023 | (1 | ) | |||||||||||
USD |
2,630 | CAD | 3,605 | Morgan Stanley & Co. | 04/04/2023 | (37 | ) | |||||||||||
EUR |
125 | CHF | 125 | Bank of America, NA | 04/04/2023 | (1 | ) | |||||||||||
USD |
4,044 | CHF | 3,780 | Morgan Stanley & Co. | 04/04/2023 | (88 | ) | |||||||||||
USD |
9,768 | CHF | 9,132 | Morgan Stanley & Co. | 04/04/2023 | (213 | ) | |||||||||||
CHF |
5 | USD | 5 | Morgan Stanley & Co. | 04/04/2023 | ( | )(h) | |||||||||||
CHF |
30 | USD | 33 | Morgan Stanley & Co. | 04/04/2023 | ( | )(h) | |||||||||||
USD |
2,837 | CNY | 19,500 | Brown Brothers Harriman & Co. | 04/04/2023 | ( | )(h) | |||||||||||
USD |
10,790 | CNY | 75,000 | Brown Brothers Harriman & Co. | 04/04/2023 | (125 | ) | |||||||||||
USD |
48,790 | CNY | 338,000 | Brown Brothers Harriman & Co. | 04/04/2023 | (397 | ) | |||||||||||
USD |
860,719 | CNY | 5,962,800 | Brown Brothers Harriman & Co. | 04/04/2023 | (6,995 | ) | |||||||||||
USD |
592 | CNY | 4,100 | Brown Brothers Harriman & Co. | 04/04/2023 | (5 | ) | |||||||||||
USD |
3,928 | CNY | 27,000 | Brown Brothers Harriman & Co. | 04/04/2023 | (1 | ) | |||||||||||
USD |
474 | CNY | 3,300 | Brown Brothers Harriman & Co. | 04/04/2023 | (6 | ) | |||||||||||
USD |
1,046 | CZK | 23,245 | Bank of America, NA | 04/04/2023 | (28 | ) | |||||||||||
USD |
7,717 | CZK | 171,659 | UBS AG London |
04/04/2023 | (215 | ) | |||||||||||
CZK |
194,904 | USD | 9,020 | UBS AG London |
04/04/2023 | (13 | ) | |||||||||||
USD |
1,246 | DKK | 8,720 | Bank of America, NA | 04/04/2023 | (23 | ) | |||||||||||
DKK |
47,197 | USD | 6,896 | Bank of America, NA | 04/04/2023 | (26 | ) | |||||||||||
DKK |
8,675 | USD | 1,266 | Bank of America, NA | 04/04/2023 | (4 | ) | |||||||||||
USD |
6,118 | DKK | 42,812 | Bank of America, NA | 04/04/2023 | (114 | ) | |||||||||||
USD |
626 | DKK | 4,385 | Bank of America, NA | 04/04/2023 | (12 | ) | |||||||||||
USD |
10,854 | EUR | 10,215 | Bank of America, NA | 04/04/2023 | (224 | ) | |||||||||||
EUR |
505,815 | USD | 550,347 | Bank of America, NA | 04/04/2023 | (1,791 | ) | |||||||||||
USD |
2,617 | EUR | 2,450 | Bank of America, NA | 04/04/2023 | (40 | ) | |||||||||||
USD |
9,607 | EUR | 9,031 | Bank of America, NA | 04/04/2023 | (187 | ) | |||||||||||
USD |
244 | EUR | 230 | Bank of America, NA | 04/04/2023 | (5 | ) | |||||||||||
EUR |
3,465 | USD | 3,770 | Bank of America, NA | 04/04/2023 | (12 | ) | |||||||||||
USD |
5 | EUR | 5 | Bank of America, NA | 04/04/2023 | ( | )(h) | |||||||||||
USD |
1,320,474 | EUR | 1,240,931 | Bank of America, NA | 04/04/2023 | (25,315 | ) | |||||||||||
USD |
1,141 | EUR | 1,061 | Bank of America, NA | 04/04/2023 | (10 | ) | |||||||||||
EUR |
75 | SEK | 850 | Bank of America, NA | 04/04/2023 | ( | )(h) |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023 (continued):
CURRENCY PURCHASED |
CURRENCY SOLD | COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
SEK |
850 | EUR | 77 | Bank of America, NA | 04/04/2023 | (2 | ) | |||||||||||
USD |
267,739 | EUR | 251,470 | Bank of New York Mellon | 04/04/2023 | (4,980 | ) | |||||||||||
EUR |
255,665 | USD | 278,240 | Bank of New York Mellon | 04/04/2023 | (972 | ) | |||||||||||
USD |
678 | EUR | 642 | Barclays Bank plc | 04/04/2023 | (18 | ) | |||||||||||
EUR |
39,501 | USD | 42,886 | Citibank, NA | 04/04/2023 | (48 | ) | |||||||||||
USD |
40,602 | EUR | 38,374 | Citibank, NA | 04/04/2023 | (1,015 | ) | |||||||||||
USD |
106,260 | EUR | 100,000 | Citibank, NA | 04/04/2023 | (2,190 | ) | |||||||||||
USD |
89,088 | EUR | 84,200 | Citibank, NA | 04/04/2023 | (2,227 | ) | |||||||||||
USD |
5,905 | EUR | 5,535 | Citibank, NA | 04/04/2023 | (97 | ) | |||||||||||
EUR |
87,240 | USD | 94,716 | Citibank, NA | 04/04/2023 | (105 | ) | |||||||||||
USD |
1,731 | EUR | 1,612 | Goldman Sachs International | 04/04/2023 | (18 | ) | |||||||||||
USD |
2,119 | EUR | 2,000 | Goldman Sachs International | 04/04/2023 | (50 | ) | |||||||||||
USD |
32 | EUR | 30 | Morgan Stanley & Co. | 04/04/2023 | ( | )(h) | |||||||||||
USD |
40,795 | EUR | 38,374 | Morgan Stanley & Co. | 04/04/2023 | (822 | ) | |||||||||||
USD |
89,512 | EUR | 84,200 | Morgan Stanley & Co. | 04/04/2023 | (1,803 | ) | |||||||||||
USD |
768,260 | EUR | 721,475 | Morgan Stanley & Co. | 04/04/2023 | (14,180 | ) | |||||||||||
USD |
2,059 | EUR | 1,940 | Morgan Stanley & Co. | 04/04/2023 | (45 | ) | |||||||||||
USD |
5,596 | EUR | 5,255 | Morgan Stanley & Co. | 04/04/2023 | (103 | ) | |||||||||||
USD |
881 | EUR | 830 | Morgan Stanley & Co. | 04/04/2023 | (20 | ) | |||||||||||
EUR |
51,632 | USD | 56,072 | Morgan Stanley & Co. | 04/04/2023 | (77 | ) | |||||||||||
EUR |
1,279,421 | USD | 1,393,673 | Morgan Stanley & Co. | 04/04/2023 | (6,141 | ) | |||||||||||
EUR |
8,771 | USD | 9,554 | Morgan Stanley & Co. | 04/04/2023 | (42 | ) | |||||||||||
USD |
54,590 | EUR | 51,632 | Morgan Stanley & Co. | 04/04/2023 | (1,405 | ) | |||||||||||
EUR |
1,190,155 | USD | 1,294,770 | UBS AG London | 04/04/2023 | (4,047 | ) | |||||||||||
USD |
267,941 | EUR | 251,470 | UBS AG London | 04/04/2023 | (4,779 | ) | |||||||||||
USD |
7,165 | EUR | 6,725 | UBS AG London | 04/04/2023 | (128 | ) | |||||||||||
USD |
983,970 | EUR | 923,485 | UBS AG London | 04/04/2023 | (17,549 | ) | |||||||||||
EUR |
255,665 | USD | 278,138 | UBS AG London | 04/04/2023 | (869 | ) | |||||||||||
EUR |
8,155 | USD | 8,872 | UBS AG London | 04/04/2023 | (28 | ) | |||||||||||
EUR |
256,433 | USD | 279,108 | Westpac Banking Corp. | 04/04/2023 | (1,007 | ) | |||||||||||
USD |
268,873 | EUR | 252,228 | Westpac Banking Corp. | 04/04/2023 | (4,669 | ) | |||||||||||
GBP |
671 | USD | 830 | Bank of America, NA | 04/04/2023 | (2 | ) | |||||||||||
USD |
3,567 | GBP | 3,000 | Bank of America, NA | 04/04/2023 | (134 | ) | |||||||||||
USD |
9,244 | GBP | 7,500 | Bank of America, NA | 04/04/2023 | (8 | ) | |||||||||||
USD |
1,472 | GBP | 1,215 | Bank of America, NA | 04/04/2023 | (27 | ) | |||||||||||
GBP |
46,140 | USD | 57,146 | Bank of New York Mellon | 04/04/2023 | (228 | ) | |||||||||||
USD |
55,495 | GBP | 45,735 | Bank of New York Mellon | 04/04/2023 | (924 | ) | |||||||||||
USD |
535,258 | GBP | 441,137 | Citibank, NA | 04/04/2023 | (8,929 | ) | |||||||||||
GBP |
305,265 | USD | 378,248 | Citibank, NA | 04/04/2023 | (1,673 | ) | |||||||||||
USD |
899 | GBP | 741 | Citibank, NA | 04/04/2023 | (15 | ) | |||||||||||
USD |
21,805 | GBP | 18,000 | Citibank, NA | 04/04/2023 | (400 | ) | |||||||||||
GBP |
164,372 | USD | 203,371 | Goldman Sachs International | 04/04/2023 | (602 | ) | |||||||||||
USD |
16,581 | GBP | 13,685 | Morgan Stanley & Co. | 04/04/2023 | (302 | ) | |||||||||||
USD |
27,490 | GBP | 22,690 | Morgan Stanley & Co. | 04/04/2023 | (500 | ) | |||||||||||
GBP |
46,140 | USD | 57,117 | UBS AG London | 04/04/2023 | (198 | ) | |||||||||||
USD |
55,468 | GBP | 45,735 | UBS AG London | 04/04/2023 | (951 | ) | |||||||||||
GBP |
46,284 | USD | 57,348 | Westpac Banking Corp. | 04/04/2023 | (252 | ) | |||||||||||
USD |
55,678 | GBP | 45,879 | Westpac Banking Corp. | 04/04/2023 | (918 | ) | |||||||||||
HKD |
200 | USD | 25 | UBS AG London | 04/04/2023 | ( | )(h) | |||||||||||
HUF |
1,386,696 | USD | 3,972 | Goldman Sachs International | 04/04/2023 | (14 | ) |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023 (continued):
CURRENCY PURCHASED |
CURRENCY SOLD | COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
USD |
3,458 | HUF | 1,247,696 | Morgan Stanley & Co. | 04/04/2023 | (104 | ) | |||||||||||
USD |
385 | HUF | 139,000 | Morgan Stanley & Co. | 04/04/2023 | (12 | ) | |||||||||||
USD |
116 | JPY | 15,700 | Bank of America, NA | 04/04/2023 | (2 | ) | |||||||||||
JPY |
8,790,484 | USD | 67,318 | Barclays Bank plc | 04/04/2023 | (1,112 | ) | |||||||||||
USD |
63,654 | JPY | 8,543,751 | Barclays Bank plc | 04/04/2023 | (694 | ) | |||||||||||
USD |
1,820 | JPY | 246,733 | Barclays Bank plc | 04/04/2023 | (38 | ) | |||||||||||
USD |
19,327 | JPY | 2,620,450 | Deutsche Bank AG | 04/04/2023 | (409 | ) | |||||||||||
USD |
644 | JPY | 87,290 | Morgan Stanley & Co. | 04/04/2023 | (14 | ) | |||||||||||
USD |
6 | JPY | 780 | Standard Chartered Bank | 04/04/2023 | ( | )(h) | |||||||||||
JPY |
9,590 | USD | 73 | Standard Chartered Bank | 04/04/2023 | (1 | ) | |||||||||||
NOK |
47,175 | USD | 4,517 | Goldman Sachs International | 04/04/2023 | (12 | ) | |||||||||||
USD |
260 | NZD | 420 | Deutsche Bank AG | 04/04/2023 | (2 | ) | |||||||||||
NZD |
400 | USD | 251 | Deutsche Bank AG | 04/04/2023 | ( | )(h) | |||||||||||
USD |
626 | PLN | 2,785 | Bank of America, NA | 04/04/2023 | (19 | ) | |||||||||||
PLN |
42,683 | USD | 9,932 | UBS AG London | 04/04/2023 | (44 | ) | |||||||||||
USD |
8,953 | PLN | 39,898 | UBS AG London | 04/04/2023 | (290 | ) | |||||||||||
USD |
4,278 | RON | 19,860 | UBS AG London | 04/04/2023 | (75 | ) | |||||||||||
RON |
19,860 | USD | 4,368 | UBS AG London | 04/04/2023 | (15 | ) | |||||||||||
USD |
6,442 | SEK | 67,115 | Bank of America, NA | 04/04/2023 | (24 | ) | |||||||||||
USD |
625 | SEK | 6,505 | Bank of America, NA | 04/04/2023 | (2 | ) | |||||||||||
USD |
3,793 | SEK | 39,488 | Morgan Stanley & Co. | 04/04/2023 | (11 | ) | |||||||||||
SEK |
38,398 | USD | 3,706 | Morgan Stanley & Co. | 04/04/2023 | (6 | ) | |||||||||||
SEK |
990 | USD | 96 | Morgan Stanley & Co. | 04/04/2023 | ( | )(h) | |||||||||||
SEK |
73,620 | USD | 7,114 | Morgan Stanley & Co. | 04/04/2023 | (21 | ) | |||||||||||
USD |
379 | SGD | 510 | Deutsche Bank AG | 04/04/2023 | (4 | ) | |||||||||||
SGD |
480 | USD | 361 | Goldman Sachs International | 04/04/2023 | ( | )(h) | |||||||||||
USD |
280 | CAD | 378 | HSBC Bank plc | 04/19/2023 | (1 | ) | |||||||||||
USD |
2,691 | CHF | 2,476 | Morgan Stanley & Co. | 04/19/2023 | (20 | ) | |||||||||||
USD |
987 | CZK | 22,045 | HSBC Bank plc | 04/19/2023 | (31 | ) | |||||||||||
USD |
678 | DKK | 4,651 | Bank of America, NA | 04/19/2023 | ( | )(h) | |||||||||||
USD |
625 | GBP | 507 | Barclays Bank plc | 04/19/2023 | (1 | ) | |||||||||||
USD |
428 | HUF | 163,362 | Citibank, NA | 04/19/2023 | (36 | ) | |||||||||||
USD |
1,679 | JPY | 222,934 | HSBC Bank plc | 04/19/2023 | (4 | ) | |||||||||||
USD |
752 | PLN | 3,307 | Morgan Stanley & Co. | 04/19/2023 | (14 | ) | |||||||||||
USD |
570 | RON | 2,629 | Goldman Sachs International | 04/19/2023 | (6 | ) | |||||||||||
USD |
1,107 | SEK | 11,538 | Barclays Bank plc | 04/19/2023 | (5 | ) | |||||||||||
USD |
388 | AUD | 584 | Bank of America, NA | 05/02/2023 | (2 | ) | |||||||||||
USD |
381 | CAD | 516 | Goldman Sachs International | 05/02/2023 | (1 | ) | |||||||||||
USD |
570 | CAD | 782 | Morgan Stanley & Co. | 05/02/2023 | (8 | ) | |||||||||||
USD |
1,022 | DKK | 7,020 | BNP Paribas | 05/02/2023 | (2 | ) | |||||||||||
USD |
94,533 | EUR | 87,074 | Morgan Stanley & Co. | 05/02/2023 | (47 | ) | |||||||||||
USD |
42,885 | EUR | 39,501 | Morgan Stanley & Co. | 05/02/2023 | (21 | ) | |||||||||||
USD |
16,801 | GBP | 13,685 | Bank of America, NA | 05/02/2023 | (91 | ) | |||||||||||
USD |
25,535 | GBP | 20,801 | HSBC Bank plc | 05/02/2023 | (140 | ) | |||||||||||
USD |
4,093 | JPY | 542,925 | Bank of New York Mellon | 05/02/2023 | (15 | ) | |||||||||||
USD |
94 | JPY | 12,480 | Morgan Stanley & Co. | 05/02/2023 | ( | )(h) | |||||||||||
USD |
4,097 | JPY | 542,925 | Morgan Stanley & Co. | 05/02/2023 | (11 | ) | |||||||||||
USD |
4,095 | JPY | 542,925 | Royal Bank of Canada | 05/02/2023 | (13 | ) | |||||||||||
USD |
4,095 | JPY | 542,925 | Standard Chartered Bank | 05/02/2023 | (13 | ) | |||||||||||
USD |
4,102 | JPY | 542,930 | Toronto-Dominion Bank (The) | 05/02/2023 | (6 | ) |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023 (continued):
CURRENCY PURCHASED |
CURRENCY SOLD | COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
CHF |
110 | USD | 121 | Bank of America, NA | 05/03/2023 | ( | )(h) | |||||||||||
CHF |
60 | USD | 66 | Bank of America, NA | 05/03/2023 | ( | )(h) | |||||||||||
USD |
3,942 | CHF | 3,605 | Morgan Stanley & Co. | 05/03/2023 | (11 | ) | |||||||||||
USD |
9,983 | CHF | 9,132 | Morgan Stanley & Co. | 05/03/2023 | (28 | ) | |||||||||||
DKK |
280 | USD | 41 | Bank of America, NA | 05/03/2023 | ( | )(h) | |||||||||||
EUR |
4,400 | USD | 4,788 | Bank of America, NA | 05/03/2023 | (9 | ) | |||||||||||
EUR |
450 | USD | 491 | Bank of America, NA | 05/03/2023 | (2 | ) | |||||||||||
EUR |
105 | USD | 114 | Bank of America, NA | 05/03/2023 | ( | )(h) | |||||||||||
EUR |
44,800 | USD | 48,752 | Bank of America, NA | 05/03/2023 | (88 | ) | |||||||||||
EUR |
643 | USD | 700 | UBS AG London | 05/03/2023 | (2 | ) | |||||||||||
GBP |
6,100 | USD | 7,547 | Bank of America, NA | 05/03/2023 | (17 | ) | |||||||||||
GBP |
15 | USD | 19 | Bank of America, NA | 05/03/2023 | ( | )(h) | |||||||||||
SEK |
1,175 | USD | 114 | Bank of America, NA | 05/03/2023 | ( | )(h) | |||||||||||
SEK |
960 | USD | 93 | Morgan Stanley & Co. | 05/03/2023 | ( | )(h) | |||||||||||
USD |
5,252 | CNY | 36,000 | Brown Brothers Harriman & Co. | 05/05/2023 | (1 | ) | |||||||||||
USD |
434 | CNH | 3,002 | Morgan Stanley & Co. | 05/23/2023 | (4 | ) | |||||||||||
USD |
902 | IDR | 13,976,912 | Goldman Sachs International | 06/21/2023 | (28 | ) | |||||||||||
USD |
1,794 | IDR | 27,858,741 | HSBC Bank plc | 06/21/2023 | (60 | ) | |||||||||||
USD |
802 | ILS | 2,907 | HSBC Bank plc | 06/21/2023 | (9 | ) | |||||||||||
USD |
2,041 | KRW | 2,667,880 | Morgan Stanley & Co. | 06/21/2023 | (18 | ) | |||||||||||
USD |
205 | MXN | 3,755 | HSBC Bank plc | 06/21/2023 | ( | )(h) | |||||||||||
USD |
1,521 | MXN | 27,927 | HSBC Bank plc | 06/21/2023 | (5 | ) | |||||||||||
USD |
678 | MYR | 3,043 | Goldman Sachs International | 06/21/2023 | (15 | ) | |||||||||||
USD |
1,361 | MYR | 6,136 | Morgan Stanley & Co. | 06/21/2023 | (37 | ) | |||||||||||
USD |
165 | PEN | 627 | Bank of America, NA | 06/21/2023 | (1 | ) | |||||||||||
USD |
152 | PEN | 578 | Barclays Bank plc | 06/21/2023 | (1 | ) | |||||||||||
USD |
1,078 | SGD | 1,454 | HSBC Bank plc | 06/21/2023 | (17 | ) | |||||||||||
THB |
3,836 | USD | 114 | Bank of America, NA | 06/21/2023 | (1 | ) | |||||||||||
THB |
1,273 | USD | 38 | Bank of America, NA | 06/21/2023 | ( | )(h) | |||||||||||
USD |
701 | THB | 24,268 | Goldman Sachs International | 06/21/2023 | (14 | ) | |||||||||||
USD |
1,381 | THB | 48,057 | Morgan Stanley & Co. | 06/21/2023 | (35 | ) | |||||||||||
USD |
394 | CLP | 319,372 | Citibank, NA | 06/22/2023 | (4 | ) | |||||||||||
|
|
|||||||||||||||||
Total unrealized depreciation |
(125,275 | ) | ||||||||||||||||
|
|
|||||||||||||||||
Net unrealized appreciation (depreciation) |
(103,998 | ) | ||||||||||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
OTC Interest Rate Swaps contracts outstanding as of March 31, 2023:
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) | (103 | ) | (103 | ) | |||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total |
( | )(h) | (103 | ) | (103 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2023:
FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/RECEIVE FLOATING RATE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) | |||||||||||||||||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
(0.05)% annually | Pay | 07/08/2023 | JPY | 360,000 | 3 | (3 | ) | ( | )(h) | ||||||||||||||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
(0.05)% annually | Pay | 07/08/2024 | JPY | 600,000 | (11 | ) | 3 | (8 | ) | ||||||||||||||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
0.14% annually | Pay | 12/06/2024 | JPY | 193,790 | | (h) | 1 | 1 | |||||||||||||||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
0.10% semi-annually | Pay | 12/03/2025 | JPY | 140,000 | ( | )(h) | (2 | ) | (2 | ) | |||||||||||||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
(0.05)% annually | Receive | 07/08/2029 | JPY | 300,000 | 70 | (5 | ) | 65 | |||||||||||||||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
0.30% semi-annually | Pay | 12/03/2030 | JPY | 143,500 | ( | )(h) | (16 | ) | (16 | ) | |||||||||||||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
0.15% annually | Pay | 07/08/2037 | JPY | 135,000 | (78 | ) | (15 | ) | (93 | ) | |||||||||||||
BBSW ASX Australian 6 Month |
2.50% semi-annually | Pay | 12/03/2025 | AUD | 3,390 | 269 | (334 | ) | (65 | ) | ||||||||||||||
BBSW ASX Australian 6 Month |
2.75% semi-annually | Pay | 12/03/2030 | AUD | 1,035 | 144 | (191 | ) | (47 | ) | ||||||||||||||
Canadian Overnight Repo Rate Average |
4.45% semi-annually | Pay | 12/03/2024 | CAD | 13,145 | 45 | 50 | 95 | ||||||||||||||||
Canadian Overnight Repo Rate Average |
3.65% semi-annually | Pay | 12/03/2027 | CAD | 8,000 | 132 | 16 | 148 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023 (continued):
FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/RECEIVE FLOATING RATE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) | |||||||||||||||||
Canadian Overnight Repo Rate Average |
3.50% semi-annually | Pay | 12/03/2029 | CAD | 2,325 | 51 | 5 | 56 | ||||||||||||||||
Canadian Overnight Repo Rate Average |
3.45% semi-annually | Pay | 12/03/2032 | CAD | 1,775 | 45 | 7 | 52 | ||||||||||||||||
Canadian Overnight Repo Rate Average |
3.55% semi-annually | Pay | 12/03/2042 | CAD | 1,895 | 57 | 22 | 79 | ||||||||||||||||
Canadian Overnight Repo Rate Average |
3.30% semi-annually | Pay | 12/03/2052 | CAD | 1,510 | 36 | 22 | 58 | ||||||||||||||||
CFETS China Fixing Repo Rates 7 Day |
2.81% quarterly | Pay | 04/12/2026 | CNY | 3,590 | | (h) | 4 | 4 | |||||||||||||||
Colombia IBR Overnight Nominal Interbank Reference Rate |
4.44% quarterly | Pay | 09/10/2030 | COP | 2,257,000 | | (h) | (113 | ) | (113 | ) | |||||||||||||
ESTR Volume Weighted Trimmed Mean Rate |
1.20% annually | Pay | 05/11/2052 | EUR | 1,810 | (182 | ) | (317 | ) | (499 | ) | |||||||||||||
ICE LIBOR USD 3 Month |
1.50% semi-annually | Pay | 12/15/2028 | USD | 27,300 | 151 | (3,026 | ) | (2,875 | ) | ||||||||||||||
KRW Certificate of Deposit 3 Month |
3.15% quarterly | Pay | 08/04/2024 | KRW | 1,448,000 | | (h) | (6 | ) | (6 | ) | |||||||||||||
KRW Certificate of Deposit 3 Month |
1.00% quarterly | Pay | 09/01/2025 | KRW | 2,400,000 | | (h) | (102 | ) | (102 | ) | |||||||||||||
KRW Certificate of Deposit 3 Month |
1.07% quarterly | Pay | 04/27/2030 | KRW | 200,000 | (8 | ) | (12 | ) | (20 | ) | |||||||||||||
KRW Certificate of Deposit 3 Month |
0.97% quarterly | Pay | 08/14/2030 | KRW | 2,100,000 | | (h) | (235 | ) | (235 | ) | |||||||||||||
KRW Certificate of Deposit 3 Month |
0.94% quarterly | Pay | 08/19/2030 | KRW | 5,075,000 | (83 | ) | (484 | ) | (567 | ) | |||||||||||||
KRW Certificate of Deposit 3 Month |
2.82% quarterly | Pay | 04/28/2032 | KRW | 1,245,595 | (13 | ) | (10 | ) | (23 | ) | |||||||||||||
SONIA Interest Rate Benchmark |
0.45% annually | Pay | 03/31/2026 | GBP | 1,250 | | (h) | (155 | ) | (155 | ) | |||||||||||||
SONIA Interest Rate Benchmark |
1.15% annually | Receive | 05/08/2033 | GBP | 2,500 | 666 | (81 | ) | 585 | |||||||||||||||
SONIA Interest Rate Benchmark |
1.25% annually | Receive | 05/08/2043 | GBP | 260 | 107 | (12 | ) | 95 | |||||||||||||||
SONIA Interest Rate Benchmark |
1.25% annually | Pay | 05/08/2046 | GBP | 1,865 | 300 | (1,068 | ) | (768 | ) | ||||||||||||||
Swiss Average Rate ON Intraday Value |
0.13% annually | Pay | 11/05/2031 | CHF | 150 | 2 | (26 | ) | (24 | ) | ||||||||||||||
Swiss Average Rate ON Intraday Value |
1.91% annually | Pay | 03/31/2033 | CHF | 400 | | (h) | (1 | ) | (1 | ) | |||||||||||||
Thailand Overnight Repo Rate ON |
1.15% quarterly | Pay | 11/19/2030 | THB | 31,000 | | (h) | (84 | ) | (84 | ) | |||||||||||||
United States FEDEF |
0.20% maturity | Receive | 04/29/2023 | USD | 22,600 | 1 | 656 | 657 | ||||||||||||||||
United States SOFR |
1.75% annually | Pay | 06/15/2025 | USD | 53,500 | (1,423 | ) | (1,764 | ) | (3,187 | ) | |||||||||||||
United States SOFR |
3.75% annually | Receive | 06/21/2025 | USD | 37,200 | 495 | (409 | ) | 86 | |||||||||||||||
United States SOFR |
2.00% annually | Receive | 12/21/2027 | USD | 13,700 | 1,018 | (89 | ) | 929 | |||||||||||||||
United States SOFR |
3.25% annually | Receive | 06/21/2028 | USD | 7,800 | 274 | (262 | ) | 12 | |||||||||||||||
United States SOFR |
1.22% annually | Receive | 08/15/2028 | USD | 5,797 | | (h) | 694 | 694 |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023 (continued):
FLOATING RATE INDEX (a) |
FIXED RATE |
PAY/RECEIVE FLOATING RATE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) | |||||||||||||||||
United States SOFR |
2.00% annually | Receive | 12/21/2029 | USD | 19,600 | 1,964 | (345 | ) | 1,619 | |||||||||||||||
United States SOFR |
3.00% annually | Receive | 06/21/2030 | USD | 22,600 | 320 | (68 | ) | 252 | |||||||||||||||
United States SOFR |
1.75% annually | Receive | 06/15/2032 | USD | 3,700 | 483 | (33 | ) | 450 | |||||||||||||||
United States SOFR |
2.00% annually | Receive | 12/21/2032 | USD | 66,500 | 9,078 | (1,978 | ) | 7,100 | |||||||||||||||
United States SOFR |
3.00% annually | Receive | 06/21/2033 | USD | 17,000 | 710 | (487 | ) | 223 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total |
14,623 | (10,253 | ) | 4,370 | ||||||||||||||||||||
|
|
(a) | Value of floating rate index as of March 31, 2023 was as follows: |
FLOATING RATE INDEX |
||||
Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month |
3.62 | % | ||
Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR |
(0.03 | )% | ||
BBSW ASX Australian 6 Month |
3.79 | % | ||
Canadian Overnight Repo Rate Average |
4.50 | % | ||
CFETS China Fixing Repo Rates 7 Day |
2.70 | % | ||
Colombia IBR Overnight Nominal Interbank Reference Rate |
12.02. | % | ||
ESTR Volume Weighted Trimmed Mean Rate |
2.88 | % | ||
ICE LIBOR USD 3 Month |
5.19 | % | ||
KRW Certificate of Deposit 3 Month |
3.59 | % | ||
SONIA Interest Rate Benchmark |
4.18 | % | ||
Swiss Average Rate ON Intraday Value |
1.42 | % | ||
Thailand Overnight Repo Rate ON |
1.74 | % | ||
United States FEDEF |
4.83 | % | ||
United States SOFR |
4.87 | % |
Written Call Option contracts on securities as of March 31, 2023:
DESCRIPTION |
COUNTERPARTY | NUMBER OF CONTRACTS |
NOTIONAL AMOUNT |
EXERCISE PRICE |
EXPIRATION DATE |
VALUE ($) | ||||||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
BofA Securities, Inc. |
(11,700 | ) | USD | (16,694 | ) | USD | 94.17 | 04/06/2023 | (178 | ) | |||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
BofA Securities, Inc. |
(8,000 | ) | USD | (10,759 | ) | USD | 94.27 | 04/06/2023 | (114 | ) | |||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053 |
BofA Securities, Inc. |
(6,700 | ) | USD | (149 | ) | USD | 99.47 | 04/06/2023 | (1 | ) | |||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053 |
BofA Securities, Inc. |
(13,600 | ) | USD | (104 | ) | USD | 99.89 | 04/06/2023 | (1 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||||
(294 | ) | |||||||||||||||||||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Written Put Option contracts on securities as of March 31, 2023:
DESCRIPTION |
COUNTERPARTY | NUMBER OF CONTRACTS |
NOTIONAL AMOUNT |
EXERCISE PRICE |
EXPIRATION DATE |
VALUE ($) | ||||||||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
Citigroup Global Markets, Inc. |
|
(4,000 | ) | USD | (155 | ) | USD 94.44 | 04/06/2023 | (2 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
BofA Securities, Inc. |
|
(6,400 | ) | USD | (320 | ) | USD 94.56 | 04/06/2023 | (3 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
Citigroup Global Markets, Inc. |
|
(3,600 | ) | USD | (268 | ) | USD 94.77 | 04/06/2023 | (3 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
BofA Securities, Inc. |
|
(5,000 | ) | USD | (544 | ) | USD 94.97 | 04/06/2023 | (6 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
Citigroup Global Markets, Inc. |
|
(3,600 | ) | USD | (489 | ) | USD 95.09 | 04/06/2023 | (5 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
BofA Securities, Inc. |
|
(2,300 | ) | USD | (697 | ) | USD 95.59 | 04/06/2023 | (7 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
Citigroup Global Markets, Inc. |
|
(24,300 | ) | USD | (7,701 | ) | USD 95.63 | 04/06/2023 | (81 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2053 |
|
BofA Securities, Inc. |
|
(8,000 | ) | USD | (8,531 | ) | USD 96.72 | 04/06/2023 | (88 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 06/13/2053 |
|
Citigroup Global Markets, Inc. |
|
(5,000 | ) | USD | (2,950 | ) | USD 94.80 | 06/06/2023 | (31 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053 |
|
BofA Securities, Inc. |
|
(6,700 | ) | USD | (1,172 | ) | USD 97.47 | 04/06/2023 | (12 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053 |
|
BofA Securities, Inc. |
|
(13,600 | ) | USD | (4,406 | ) | USD 97.89 | 04/06/2023 | (45 | ) | ||||||||||||||||
FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 04/13/2053 |
|
Citigroup Global Markets, Inc. |
|
(12,300 | ) | USD | (7,116 | ) | USD 98.36 | 04/06/2023 | (72 | ) | ||||||||||||||||
|
|
|||||||||||||||||||||||||||
(355 | ) | |||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total Written Options Contracts (Premiums Received $820) |
(649 | ) | ||||||||||||||||||||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Reverse Repurchase Agreements
COUNTERPARTY |
BORROWING RATE |
SETTLEMENT DATE |
MATURITY DATE |
AMOUNT BORROWED |
PAYABLE FOR REVERSE REPURCHASE AGREEMENTS |
COLLATERAL PLEDGED/ (RECEIVED) |
NET AMOUNT (DUE TO)/ FROM COUNTERPATRY |
|||||||||||||||||||||
Citigroup Global Markets, Inc. |
4.89 | % | 3/13/2023 | 4/13/2023 | (68,760 | ) | (68,938 | ) | 68,938 | | ||||||||||||||||||
Wells Fargo Bank NA |
4.78 | 3/13/2023 | 4/13/2023 | (8,460 | ) | (8,482 | ) | 8,482 | | |||||||||||||||||||
|
|
|||||||||||||||||||||||||||
(77,420 | ) | |||||||||||||||||||||||||||
|
|
Accounted for as Secured Borrowings
Remaining Contractual Maturity of the Agreements
OVERNIGHT AND CONTINUOUS |
UP TO 30 DAYS | 31-90 DAYS | GREATER THAN 90 DAYS |
TOTAL | ||||||||||||||||
Reverse Repurchase Agreements |
||||||||||||||||||||
Mortgage Backed Securities |
| (77,420 | ) | | | (77,420 | ) | |||||||||||||
|
|
|||||||||||||||||||
Payable for Reverse Repurchase Agreements |
(77,420 | ) | ||||||||||||||||||
|
|
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS | ||||
ACES | | Alternative Credit Enhancement Securities | ||
ARM | | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of March 31, 2023. | ||
ASX | | Australian Stock Exchange | ||
BAM | | Insured by Build America Mutual | ||
BBSW | | Bank Bill Swap Rate | ||
BofA | | Bank of America | ||
CFETS | | China Foreign Exchange Trade System | ||
CLO | | Collateralized Loan Obligations | ||
CMT | | Constant Maturity Treasury | ||
CPI | | Consumer Price Index | ||
EURIBOR | | Euro Interbank Offered Rate | ||
FEDEF | | Federal Fund Effective Rate (Continuous Series) | ||
FHA | | Federal Housing Administration | ||
FHLB | | Federal Home Loan Bank | ||
FHLMC | | Federal Home Loan Mortgage Corp. | ||
FNMA | | Federal National Mortgage Association | ||
GNMA | | Government National Mortgage Association | ||
GO | | General Obligation | ||
IBR | | Indicador Bancario de Referencia | ||
ESTR | | Euro short-term rate | ||
ICE | | Intercontinental Exchange | ||
IF | | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of March 31, 2023. 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. | ||
REIT | | Real Estate Investment Trust | ||
Reg. S | | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the Securities Act), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | ||
REMICS | | Real Estate Mortgage Investment Conduit | ||
Rev. | | Revenue | ||
SOFR | | Secured Overnight Financing Rate | ||
SONIA | | Sterling Overnight Interbank Average Rate | ||
STRIP | | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. | ||
SUB | | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023. | ||
TBA | | To Be Announced | ||
TONAR | | Tokyo Overnight Average Rate | ||
VA | | Veterans Administration | ||
(e) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Six Circles Global Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)
(g) | | Amount rounds to less than 0.05%. | ||
(h) | | Amount rounds to less than 500 shares or principal/ $500. | ||
(t) | | The date shown represents the earliest of the next put date or final maturity date. | ||
(w) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
(x) | | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2023. | ||
(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, 2023. | ||
(aa) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023. | ||
(bb) | | Security has been valued using significant unobservable inputs. | ||
(ee) | | Approximately $602 of these investments are restricted as collateral for swaps to Citigroup Clearing. | ||
(ff) | | Approximately $670 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc. | ||
(gg) | | Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements. | ||
(hh) | | Approximately $1,343 of these investments are restricted as collateral for TBAs to various brokers. | ||
(ii) | | Approximately $2,588 of these investments are restricted as collateral for forwards to various brokers. | ||
(jj) | | Approximately $9,245 of these investments are restricted as collateral for bi-lateral derivatives to various brokers. | ||
* | | The cost of securities is substantially the same for federal income tax purposes. | ||
AUD | | Australian Dollar | ||
CAD | | Canadian Dollar | ||
CHF | | Swiss Franc | ||
CLP | | Chilean Peso | ||
CNH | | Chinese Yuan | ||
COP | | Colombian Peso | ||
CNY | | Chinese Yuan | ||
CZK | | Czech Koruna | ||
DKK | | Danish Krone | ||
EUR | | Euro | ||
GBP | | British Pound | ||
HKD | | Hong Kong Dollar | ||
HUF | | Hungarian Forint | ||
IDR | | Indonesian Rupiah | ||
ILS | | Israeli New Shekel | ||
JPY | | Japanese Yen | ||
KRW | | Korean Won | ||
MXN | | Mexican Peso | ||
MYR | | Malaysian Ringgit | ||
NOK | | Norwegian Krone | ||
NZD | | New Zealand Dollar | ||
PEN | | Peruvian Nuevo Sol | ||
PLN | | Polish Zloty | ||
RON | | Romanian Leu | ||
SEK | | Swedish Krona | ||
SGD | | Singapore Dollar | ||
THB | | Thai Baht | ||
USD | | United States Dollar |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bond 0.0% (g) | ||||||||
Consumer Non-cyclical 0.0% (g) | ||||||||
Healthcare - Services 0.0% (g) | ||||||||
Tower Health, Series 2020, 4.45%, 02/01/2050 (Cost $865) |
1,000 | 435 | ||||||
|
|
|||||||
Municipal Bonds 96.7% (t) | ||||||||
Alabama 3.2% | ||||||||
Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033 | 1,000 | 1,002 | ||||||
Alabama Federal Aid Highway Finance Authority, Series A, Rev., 5.00%, 09/01/2035 (p) | 2,000 | 2,177 | ||||||
Alabama Federal Aid Highway Finance Authority, Garvee, | ||||||||
Series A, Rev., 5.00%, 09/01/2032 (p) | 1,160 | 1,293 | ||||||
Series A, Rev., 5.00%, 09/01/2035 (p) | 1,000 | 1,114 | ||||||
Series A, Rev., 5.00%, 09/01/2036 (p) | 2,000 | 2,177 | ||||||
Alabama Housing Finance Authority, South Oak Residence Project, Rev., 1.25%, 12/01/2025 (z) | 4,270 | 4,109 | ||||||
Alabama Public School and College Authority, Social Bonds, | ||||||||
Series A, Rev., 5.00%, 11/01/2037 | 6,400 | 7,208 | ||||||
Series A, Rev., 5.00%, 11/01/2039 | 10,000 | 11,191 | ||||||
Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 5,000 | 5,110 | ||||||
Black Belt Energy Gas District, | ||||||||
Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2051 (z) | 14,030 | 13,823 | ||||||
Series B1, Rev., 4.00%, 04/01/2053 (z) | 2,000 | 1,968 | ||||||
Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 4.62%, 04/01/2053 (aa) | 9,250 | 8,923 | ||||||
Series C1, Rev., 5.25%, 02/01/2053 (z) | 12,245 | 12,898 | ||||||
Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z) | 1,930 | 1,930 | ||||||
Black Belt Energy Gas District, Gas Project, Series F, Rev., 5.50%, 11/01/2053 (z) | 10,625 | 11,214 | ||||||
Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z) | 12,120 | 11,966 | ||||||
Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z) | 3,410 | 3,305 | ||||||
Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z) | 7,810 | 7,767 | ||||||
Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5,000 | 4,963 | ||||||
Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 6,505 | 6,422 | ||||||
City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4,075 | 4,381 | ||||||
County of Jefferson, Sewer Revenue, Senior Lien, Warrants, Series A, Rev., AGM, 5.50%, 10/01/2053 | 500 | 513 | ||||||
County of Jefferson, Sewer Revenue, Subordinated Lien, Series D, Rev., 6.50%, 10/01/2053 | 220 | 234 | ||||||
Health Care Authority for Baptist Health, Series B, Rev., VRDO, 5.02%, 04/07/2023 (z) | 2,035 | 2,035 | ||||||
Health Care Authority for Baptist Health, Affiliate Of UAB Health System Community, Rev., 5.00%, 11/15/2032 | 10,495 | 11,983 | ||||||
Health Care Authority of the City of Huntsville, Health System, | ||||||||
Series B1, Rev., 4.00%, 06/01/2045 | 1,750 | 1,681 | ||||||
Series B1, Rev., 5.00%, 06/01/2038 | 1,000 | 1,066 | ||||||
Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 2,375 | 2,616 | ||||||
Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052 | 3,000 | 3,222 | ||||||
Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z) | 3,250 | 3,222 | ||||||
Selma Industrial Development Board, International Paper Co. Project, Rev., 1.38%, 05/01/2034 (z) | 1,000 | 932 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 2, Series A, Rev., 4.00%, 06/01/2049 (z) | 100 | 100 | ||||||
Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z) | 4,580 | 4,497 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z) | 6,000 | 5,831 | ||||||
Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z) | 1,820 | 1,945 | ||||||
Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z) | 15,000 | 15,822 | ||||||
State of Alabama Docks Department, Docks, | ||||||||
Series A, Rev., AGM, AMT, 5.00%, 10/01/2025 | 1,750 | 1,825 | ||||||
Series A, Rev., AGM, AMT, 5.00%, 10/01/2026 | 1,890 | 1,999 | ||||||
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2022-XF3073, Rev., VRDO, LIQ: Morgan Stanley Bank NA, 4.27%, 04/07/2023 (e) (z) | 5,000 | 5,000 | ||||||
Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p) | 2,525 | 2,730 | ||||||
Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A, Rev., 4.50%, 05/01/2032 (e) | 855 | 747 | ||||||
UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041 | 1,750 | 1,815 | ||||||
University of South Alabama, Rev., AGM, 4.00%, 11/01/2035 | 2,000 | 2,016 | ||||||
|
|
|||||||
196,772 | ||||||||
|
|
|||||||
Alaska 0.2% | ||||||||
Alaska Housing Finance Corp., | ||||||||
Series A, Rev., 5.00%, 12/01/2032 (p) | 125 | 127 | ||||||
Series A, Rev., 5.00%, 12/01/2033 (p) | 60 | 61 | ||||||
Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 1,760 | 1,736 | ||||||
Alaska Housing Finance Corp., Social Bonds State Capital, | ||||||||
Rev., 5.00%, 06/01/2032 | 920 | 1,063 | ||||||
Rev., 5.00%, 12/01/2032 | 945 | 1,089 | ||||||
City of Anchorage Electric Revenue, Senior Lien, Series A, Rev., 5.00%, 12/01/2041 (p) | 1,000 | 1,039 | ||||||
Northern Tobacco Securitization Corp., Senior, Series B2, Rev., Zero Coupon, 06/01/2066 | 9,475 | 1,188 | ||||||
State of Alaska International Airports System, | ||||||||
Series C, Rev., AMT, 5.00%, 10/01/2025 | 1,000 | 1,039 | ||||||
Series C, Rev., AMT, 5.00%, 10/01/2027 | 2,000 | 2,146 | ||||||
Series C, Rev., AMT, 5.00%, 10/01/2030 | 5,000 | 5,581 | ||||||
|
|
|||||||
15,069 | ||||||||
|
|
|||||||
Arizona 1.6% | ||||||||
Arizona Board of Regents, Series A, Rev., 5.00%, 07/01/2043 | 2,480 | 2,721 | ||||||
Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.00%, 01/01/2044 (p) | 1,055 | 1,074 | ||||||
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Project, Rev., 5.00%, 12/01/2029 | 2,705 | 2,800 | ||||||
Arizona Industrial Development Authority, |
||||||||
Series 2019-2, Rev., 3.63%, 05/20/2033 |
1,174 | 1,097 | ||||||
Series A, Rev., 4.00%, 09/01/2035 |
225 | 232 | ||||||
Series A, Rev., 4.00%, 09/01/2036 |
250 | 255 | ||||||
Arizona Industrial Development Authority, Greathearts Arizona Project, |
||||||||
Series A, Rev., 5.00%, 07/01/2024 |
125 | 128 | ||||||
Series A, Rev., 5.00%, 07/01/2026 |
125 | 131 | ||||||
Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051 | 2,000 | 1,640 | ||||||
Arizona Industrial Development Authority, Phoenix Childrens Hospital, Rev., 5.00%, 02/01/2033 | 2,000 | 2,363 | ||||||
Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante, |
||||||||
Rev., 3.00%, 12/15/2031 (e) |
525 | 448 | ||||||
Rev., 4.00%, 12/15/2041 (e) |
500 | 399 | ||||||
Rev., 4.00%, 12/15/2051 (e) |
700 | 509 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Arizona State University, | ||||||||
Series A, Rev., 5.00%, 07/01/2043 | 1,105 | 1,202 | ||||||
Series C, Rev., 5.00%, 07/01/2042 | 2,000 | 2,093 | ||||||
Arizona State University, Board of Regents, | ||||||||
Series B, Rev., 5.00%, 07/01/2026 | 100 | 108 | ||||||
Series B, Rev., 5.00%, 07/01/2042 | 2,000 | 2,117 | ||||||
Arizona Transportation Board, Rev., 5.00%, 07/01/2023 | 25 | 25 | ||||||
Chandler Industrial Development Authority, Intel Corp. Project, Rev., AMT, 5.00%, 09/01/2042 (z) | 3,000 | 3,143 | ||||||
Chandler Industrial Development Authority, Intel Corp. Project, | ||||||||
Rev., 2.40%, 12/01/2035 (z) | 775 | 771 | ||||||
Rev., AMT, 5.00%, 09/01/2052 (z) | 2,860 | 2,997 | ||||||
City of Bullhead Excise Taxes Revenue, Second Series, Rev., 0.60%, 07/01/2024 | 250 | 241 | ||||||
City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032 | 1,000 | 1,122 | ||||||
City of Phoenix Civic Improvement Corp., | ||||||||
Series A, Rev., 5.00%, 07/01/2029 | 1,000 | 1,126 | ||||||
Series A, Rev., 5.00%, 07/01/2031 | 2,000 | 2,237 | ||||||
Series A, Rev., 5.00%, 07/01/2032 | 1,000 | 1,114 | ||||||
Series A, Rev., 5.00%, 07/01/2034 | 1,600 | 1,898 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029 | 1,515 | 1,753 | ||||||
City of Phoenix, Civic Improvement Corp., | ||||||||
Series A, Rev., 5.00%, 07/01/2034 | 2,185 | 2,409 | ||||||
Series B, Rev., 5.00%, 07/01/2024 | 130 | 134 | ||||||
City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien, | ||||||||
Series A, Rev., 5.00%, 07/01/2044 | 1,000 | 1,064 | ||||||
Series B, Rev., AMT, 5.00%, 07/01/2027 | 1,500 | 1,602 | ||||||
Series B, Rev., AMT, 5.00%, 07/01/2033 | 2,000 | 2,186 | ||||||
County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028 | 500 | 565 | ||||||
Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026 | 1,025 | 1,111 | ||||||
Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047 | 1,000 | 982 | ||||||
Industrial Development Authority of the City of Phoenix, Republic Services, Rev., AMT, 3.50%, 12/01/2035 (z) | 1,000 | 1,000 | ||||||
Industrial Development Authority of the County of Pima (The), American Leadership Academy, | ||||||||
Rev., 4.00%, 06/15/2023 (e) | 1,290 | 1,288 | ||||||
Rev., 4.00%, 06/15/2025 (e) | 2,555 | 2,510 | ||||||
Rev., 4.00%, 06/15/2027 (e) | 2,680 | 2,604 | ||||||
Rev., 4.00%, 06/15/2030 (e) | 1,510 | 1,436 | ||||||
Industrial Development Authority of the County of Pima (The), Tucson Medical Center, Rev., 4.00%, 04/01/2035 | 825 | 834 | ||||||
Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027 | 3,260 | 2,890 | ||||||
Kyrene Elementary School District No. 28, School Improvement Project 2010, | ||||||||
Series B, GO, 4.50%, 07/01/2024 | 315 | 317 | ||||||
Series B, GO, 4.50%, 07/01/2025 | 255 | 256 | ||||||
Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035 | 1,000 | 792 | ||||||
Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21,910 | 22,169 | ||||||
Northern Arizona University, Speed Stimulus Plan Economic Education, Rev., 5.00%, 08/01/2032 (p) | 3,145 | 3,170 | ||||||
Salt River Project Agricultural Improvement & Power District, Series A, Rev., 5.00%, 12/01/2045 | 7,300 | 7,606 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Salt River Project Agricultural Improvement & Power District, Salt River Project, Series A, Rev., 5.00%, 01/01/2026 | 3,000 | 3,209 | ||||||
Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 448 | ||||||
Salt Verde Financial Corp., Senior, Rev., 5.50%, 12/01/2029 | 1,475 | 1,599 | ||||||
Tempe Industrial Development Authority, Friendship Village of Tempe, Rev., 1.13%, 12/01/2026 | 3,350 | 2,905 | ||||||
|
|
|||||||
100,830 | ||||||||
|
|
|||||||
Arkansas 0.1% | ||||||||
Arkansas Development Finance Authority Public Safety Charges Revenue, Division of Emergency Management Project, Rev., 5.00%, 06/01/2024 | 1,000 | 1,026 | ||||||
Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.50%, 09/01/2049 (e) (f) | 630 | 563 | ||||||
Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 (e) | 3,000 | 2,987 | ||||||
|
|
|||||||
4,576 | ||||||||
|
|
|||||||
California 9.6% | ||||||||
Alameda County, Oakland Unified School District, | ||||||||
GO, 5.00%, 08/01/2027 | 65 | 70 | ||||||
Series A, GO, 5.00%, 08/01/2040 (p) | 300 | 318 | ||||||
Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048 | 4,000 | 4,000 | ||||||
Anaheim Housing & Public Improvements Authority, | ||||||||
Series A, Rev., 5.00%, 10/01/2035 | 250 | 265 | ||||||
Series A, Rev., 5.00%, 10/01/2050 | 1,780 | 1,838 | ||||||
Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | 2,250 | 2,410 | ||||||
Bay Area Toll Authority, San Francisco Bay Area, | ||||||||
Rev., 2.00%, 04/01/2053 (z) | 2,200 | 2,171 | ||||||
Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 4.42%, 04/01/2056 (aa) | 2,675 | 2,650 | ||||||
Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 4.38%, 04/01/2056 (aa) | 5,000 | 4,843 | ||||||
Bay Area Toll Authority, Subordinated, Series S4, Rev., 5.00%, 04/01/2031 (p) | 4,000 | 4,000 | ||||||
Bay Area Water Supply & Conservation Agency, Series A, Rev., 5.00%, 10/01/2034 | 100 | 100 | ||||||
Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5,000 | 5,329 | ||||||
California Community Choice Financing Authority, Series B1, Rev., 4.00%, 02/01/2052 (z) | 5,680 | 5,605 | ||||||
California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z) | 6,860 | 6,852 | ||||||
California Community Choice Financing Authority, Green Bond, Clean Energy, Rev., 5.00%, 12/01/2053 (z) | 6,160 | 6,437 | ||||||
California Community Choice Financing Authority, Green Bonds Clean Energy Project, | ||||||||
Rev., 5.00%, 07/01/2053 (z) | 11,050 | 11,616 | ||||||
Rev., 5.25%, 01/01/2054 (z) | 14,375 | 14,713 | ||||||
California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 11 | ||||||
California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, | ||||||||
Rev., 5.00%, 06/01/2032 | 340 | 375 | ||||||
Rev., 5.00%, 06/01/2033 | 170 | 187 | ||||||
California County, Tobacco Securitization Agency, Sonoma County Securitization, | ||||||||
Rev., 5.00%, 06/01/2031 | 255 | 282 | ||||||
Rev., 5.00%, 06/01/2032 | 250 | 276 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Rev., 5.00%, 06/01/2033 | 300 | 330 | ||||||
Rev., 5.00%, 06/01/2049 | 325 | 327 | ||||||
California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037 | 340 | 188 | ||||||
California Educational Facilities Authority, University Southern California, Series C, Rev., 5.25%, 10/01/2024 (p) | 210 | 219 | ||||||
California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z) | 945 | 1,002 | ||||||
California Health Facilities Financing Authority, Adventist Health System, Rev., 3.00%, 03/01/2041 (z) | 1,815 | 1,816 | ||||||
California Health Facilities Financing Authority, Cedars Sinai Health System, Rev., 4.00%, 08/15/2040 | 4,050 | 4,080 | ||||||
California Health Facilities Financing Authority, Childrens Hospital, Rev., 4.00%, 11/01/2035 | 1,460 | 1,527 | ||||||
California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3,000 | 3,079 | ||||||
California Health Facilities Financing Authority, Commonspirit Health, | ||||||||
Series A, Rev., 4.00%, 04/01/2038 | 3,500 | 3,498 | ||||||
Series A, Rev., 5.00%, 04/01/2033 | 3,000 | 3,331 | ||||||
California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035 | 3,010 | 3,290 | ||||||
California Health Facilities Financing Authority, Stanford Health Care, Series A, Rev., 5.00%, 11/15/2030 | 2,000 | 2,226 | ||||||
California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 08/15/2043 (p) | 465 | 493 | ||||||
California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z) | 1,055 | 1,102 | ||||||
California Housing Finance Agency, Series 2021-1, Rev., 3.50%, 11/20/2035 | 971 | 924 | ||||||
California Housing Finance Agency, Social Certificates, Series A, Rev., 3.25%, 08/20/2036 | 6,741 | 6,181 | ||||||
California Infrastructure & Economic Development Bank, Brightline West Passenger, Rev., AMT, 3.65%, 01/01/2050 (e) (z) | 13,935 | 13,938 | ||||||
California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z) | 1,000 | 1,013 | ||||||
California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.67%, 12/01/2050 (aa) | 1,370 | 1,325 | ||||||
California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1,230 | 1,332 | ||||||
California Municipal Finance Authority, Open Door Community Health Center, | ||||||||
Rev., 4.00%, 09/15/2034 | 920 | 984 | ||||||
Rev., 4.00%, 09/15/2035 | 960 | 1,007 | ||||||
Rev., 4.00%, 09/15/2036 | 1,000 | 1,030 | ||||||
California Municipal Finance Authority, Republic Services, Inc. Project, Series B, Rev., AMT, 3.60%, 07/01/2051 (z) | 6,000 | 5,999 | ||||||
California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) (f) | 2,000 | 2,018 | ||||||
California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037 | 745 | 765 | ||||||
California Municipal Finance Authority, Subordinate Caritas Project, Series B, Rev., 4.00%, 08/15/2041 | 300 | 282 | ||||||
California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (f) | 2,995 | 2,584 | ||||||
California Municipal Finance Authority, Walnut Apartments, Rev., HUD, 0.45%, 12/01/2024 (z) | 1,125 | 1,098 | ||||||
California Municipal Finance Authority, Waste Management, Inc. Project, | ||||||||
Rev., AMT, 0.70%, 12/01/2044 (z) | 1,670 | 1,636 | ||||||
Rev., AMT, 3.95%, 10/01/2045 (z) | 900 | 901 | ||||||
Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 4,960 | 4,518 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 Pollution Control Financing Authority, Plant Bonds, Rev., AMT, 5.00%, 07/01/2037 (e) | 1,500 | 1,500 | ||||||
California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e) | 2,200 | 2,308 | ||||||
California Pollution Control Financing Authority, Republic Services, Rev., AMT, 3.50%, 08/01/2023 (e) (z) | 2,000 | 2,000 | ||||||
California Public Finance Authority, Enso Village Project, Rev., 2.13%, 11/15/2027 (e) | 1,000 | 949 | ||||||
California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) (f) | 325 | 312 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital, | ||||||||
Rev., 5.00%, 10/15/2032 | 1,000 | 1,050 | ||||||
Series A, Rev., 4.00%, 10/15/2023 | 130 | 131 | ||||||
California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) | 1,230 | 1,199 | ||||||
California State Public Works Board, Corrections Facilities, Series A, Rev., 5.00%, 09/01/2039 | 7,560 | 7,749 | ||||||
California State Public Works Board, Forward Delivery, Series A, Rev., 5.00%, 02/01/2030 | 2,500 | 2,942 | ||||||
California State Public Works Board, Green Bond Natural Resources, Rev., 5.00%, 11/01/2033 | 1,035 | 1,244 | ||||||
California State Public Works Board, Various Capital Projects, | ||||||||
Rev., 4.00%, 11/01/2030 | 1,245 | 1,305 | ||||||
Rev., 4.00%, 11/01/2031 | 1,000 | 1,046 | ||||||
Rev., 5.00%, 11/01/2026 | 565 | 619 | ||||||
Series D, Rev., 4.00%, 11/01/2037 | 1,000 | 1,037 | ||||||
California State University, Series A, Rev., 5.00%, 11/01/2044 | 2,640 | 2,891 | ||||||
California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035 | 1,000 | 1,026 | ||||||
California State University, Unrefunded Systemwide, Rev., 5.00%, 11/01/2039 (p) | 4,700 | 4,884 | ||||||
California Statewide Communities Development Authority, Series B, Special Assessment, 4.00%, 09/02/2040 | 570 | 525 | ||||||
California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., AGM, 5.13%, 08/15/2047 | 500 | 537 | ||||||
California Statewide Communities Development Authority, Health Facility, Dignity Health, Rev., AGM, 0.01%, 07/01/2041 (z) | 2,000 | 2,000 | ||||||
California Statewide Communities Development Authority, Loma Linda University Medical Center, | ||||||||
Rev., 5.25%, 12/01/2044 | 6,065 | 6,076 | ||||||
Rev., 5.50%, 12/01/2054 | 1,100 | 1,101 | ||||||
Series A, Rev., 5.00%, 12/01/2026 (e) (f) | 300 | 314 | ||||||
Series A, Rev., 5.00%, 12/01/2041 (e) | 2,000 | 1,983 | ||||||
Series A, Rev., 5.25%, 12/01/2056 (e) | 3,000 | 2,916 | ||||||
California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028 | 435 | 469 | ||||||
California Statewide Communities Development Authority, South California Edison Co., Rev., 2.63%, 11/01/2033 (z) | 275 | 273 | ||||||
California Statewide Communities Development Authority, Villa Del Sol Apartments, Rev., 0.39%, 10/01/2023 (z) | 50 | 50 | ||||||
Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034 | 125 | 85 | ||||||
City & County of San Francisco, | ||||||||
Series R2, GO, 5.00%, 06/15/2023 | 85 | 86 | ||||||
Series R2, GO, 5.00%, 06/15/2024 | 1,000 | 1,030 | ||||||
City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities And Services, Special Tax, 4.00%, 09/01/2036 (e) | 155 | 150 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 & County of San Francisco, 49 South Van Ness Project, Green Bond, Series A, COP, 4.00%, 04/01/2035 | 810 | 840 | ||||||
City & County of San Francisco, Special Tax District No. 2020-1, Mission Rock Facilities and Services, Special Tax, 4.00%, 09/01/2031 (e) | 300 | 302 | ||||||
City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 197 | ||||||
City of Long Beach Airport System Revenue, | ||||||||
Series C, Rev., AGM, AMT, 5.00%, 06/01/2042 | 1,000 | 1,069 | ||||||
Series C, Rev., AGM, AMT, 5.25%, 06/01/2047 | 1,000 | 1,074 | ||||||
City of Los Angeles Department of Airports, Los Angeles International Airport, | ||||||||
Rev., AMT, 5.00%, 05/15/2026 | 1,500 | 1,589 | ||||||
Series B, Rev., AMT, 5.00%, 05/15/2027 | 1,000 | 1,076 | ||||||
Series B, Rev., AMT, 5.00%, 05/15/2046 | 21,965 | 22,370 | ||||||
City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032 | 1,000 | 1,095 | ||||||
City of Los Angeles Department of Airports, Private Activity, Series A, Rev., AMT, 5.00%, 05/15/2045 | 5,000 | 5,293 | ||||||
City of Los Angeles Department of Airports, Senior, | ||||||||
Series A, Rev., AMT, 4.75%, 05/15/2040 | 2,415 | 2,432 | ||||||
Series C, Rev., AMT, 5.00%, 05/15/2036 | 4,090 | 4,468 | ||||||
City of Los Angeles Department of Airports, Senior Bonds Green Bond Project, | ||||||||
Rev., AMT, 5.00%, 05/15/2029 | 4,000 | 4,421 | ||||||
Rev., AMT, 5.25%, 05/15/2047 | 4,000 | 4,320 | ||||||
City of Los Angeles Department of Airports, Subordinate, | ||||||||
Series C, Rev., 5.00%, 05/15/2038 | 2,000 | 2,081 | ||||||
Series D, Rev., AMT, 5.00%, 05/15/2027 | 2,605 | 2,803 | ||||||
Series D, Rev., AMT, 5.00%, 05/15/2029 | 4,485 | 4,947 | ||||||
City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport, | ||||||||
Rev., AMT, 5.00%, 05/15/2027 | 1,235 | 1,329 | ||||||
Rev., AMT, 5.00%, 05/15/2029 | 1,000 | 1,103 | ||||||
City of Los Angeles Department of Airports, Subordinate P3 Project, | ||||||||
Series A, Rev., AMT, 5.00%, 05/15/2026 | 1,180 | 1,249 | ||||||
Series A, Rev., AMT, 5.00%, 05/15/2046 | 8,000 | 8,409 | ||||||
City of Los Angeles Department of Airports, Subordinated, | ||||||||
Series C, Rev., AMT, 5.00%, 05/15/2033 | 1,330 | 1,420 | ||||||
Series E, Rev., 5.00%, 05/15/2039 | 1,510 | 1,654 | ||||||
Series E, Rev., 5.00%, 05/15/2044 | 1,000 | 1,078 | ||||||
City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2038 | 1,735 | 1,851 | ||||||
City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026 | 500 | 543 | ||||||
City of Los Angeles, Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2023 | 150 | 150 | ||||||
City of Los Angeles, Department of Airports, Senior, Series B, Rev., 5.00%, 05/15/2034 | 1,600 | 1,881 | ||||||
City of Roseville, Special Tax, | ||||||||
5.00%, 09/01/2035 | 1,160 | 1,245 | ||||||
4.00%, 09/01/2040 | 1,000 | 934 | ||||||
City of San Francisco CA Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4,235 | 4,493 | ||||||
City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033 | 1,770 | 2,078 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 Victorville Electric Revenue, | ||||||||
Series A, Rev., 5.00%, 05/01/2038 | 1,055 | 1,185 | ||||||
Series A, Rev., 5.00%, 05/01/2039 | 1,110 | 1,241 | ||||||
City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041 | 500 | 497 | ||||||
Coachella Valley Water District Drinking Water System Revenue, Notes, Series A, Rev., 1.38%, 06/01/2025 | 2,000 | 1,927 | ||||||
Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, AGM, 5.00%, 08/01/2042 | 750 | 829 | ||||||
Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1,400 | 813 | ||||||
County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033 | 105 | 115 | ||||||
County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042 | 540 | 557 | ||||||
CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 3,295 | 2,615 | ||||||
CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 215 | 192 | ||||||
CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) (f) | 410 | 314 | ||||||
CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e) | 2,000 | 1,493 | ||||||
Department of Veterans Affairs, Veterans Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 895 | 883 | ||||||
East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1,200 | 1,323 | ||||||
Eastern Municipal Water District, Series A, Rev., 3.00%, 07/01/2024 | 30 | 30 | ||||||
Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1,280 | 1,198 | ||||||
FHLMC Multifamily ML Certificates, Series 2021-ML10, Class A, Rev., 2.03%, 01/25/2038 (e) | 339 | 261 | ||||||
Fontana Public Facilities Financing Authority, Series A, Special Tax, 4.00%, 09/01/2023 | 145 | 145 | ||||||
Fresno Unified School District, | ||||||||
Series D, GO, 2.00%, 08/01/2023 | 20 | 20 | ||||||
Series D, GO, 2.00%, 08/01/2024 | 100 | 99 | ||||||
Gilroy School Facilities Financing Authority, General Obligations, Series A, Rev., 5.00%, 08/01/2046 (p) | 5,000 | 5,040 | ||||||
Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066 | 8,000 | 809 | ||||||
Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034 | 1,900 | 1,585 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051 | 2,235 | 2,339 | ||||||
Hayward Unified School District, COP, 5.25%, 08/01/2047 | 3,000 | 3,144 | ||||||
Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.00%, 06/01/2023 | 25 | 25 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Green Bond Measure R, Rev., 5.00%, 06/01/2027 | 1,000 | 1,115 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027 | 1,255 | 1,401 | ||||||
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034 | 7,000 | 7,729 | ||||||
Los Angeles County Metropolitan Transportation Authority, Measure R Junior, Green Bond, Subordinated, Series A, Rev., 5.00%, 06/01/2033 | 2,000 | 2,360 | ||||||
Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033 | 1,000 | 1,041 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 1,500 | 1,778 | ||||||
Los Angeles Department of Water, | ||||||||
Series B, Rev., 4.00%, 07/01/2027 | 1,500 | 1,606 | ||||||
Series B, Rev., 4.00%, 07/01/2029 | 1,000 | 1,100 | ||||||
Series B, Rev., 5.00%, 07/01/2037 | 740 | 820 | ||||||
Los Angeles Department of Water & Power, | ||||||||
Series A, Rev., 5.00%, 07/01/2029 (w) | 3,000 | 3,508 | ||||||
Series B, Rev., 5.00%, 07/01/2039 | 500 | 578 | ||||||
Series C, Rev., 5.00%, 07/01/2038 | 275 | 317 | ||||||
Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037 | 1,000 | 1,125 | ||||||
Los Angeles Department of Water & Power, Power System Revenue, | ||||||||
Series A, Rev., 5.25%, 07/01/2049 | 9,500 | 10,321 | ||||||
Series B, Rev., 5.00%, 07/01/2038 | 1,000 | 1,072 | ||||||
Los Angeles Unified School District, | ||||||||
Series A, GO, 3.00%, 01/01/2034 | 2,000 | 1,991 | ||||||
Series C, GO, 4.00%, 07/01/2036 | 1,000 | 1,053 | ||||||
Series C, GO, 5.00%, 07/01/2026 | 2,285 | 2,484 | ||||||
Series C, GO, 5.00%, 07/01/2028 | 1,000 | 1,141 | ||||||
Series RYQ, GO, 5.00%, 07/01/2035 | 1,280 | 1,485 | ||||||
Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 113 | ||||||
Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026 | 550 | 598 | ||||||
Metropolitan Water District of Southern California, Rev., 5.00%, 01/01/2038 | 3,015 | 3,343 | ||||||
Municipal Improvement Corp. of Los Angeles, Real Property, Series B, Rev., 5.00%, 11/01/2039 | 2,535 | 2,822 | ||||||
Natomas Unified School District, | ||||||||
Series A, GO, AGM, 4.00%, 08/01/2045 | 7,740 | 7,763 | ||||||
Series A, GO, AGM, 4.00%, 08/01/2049 | 2,655 | 2,653 | ||||||
Norman Y Mineta San Jose International Airport SJC, | ||||||||
Series A, Rev., AMT, 5.00%, 03/01/2027 | 1,480 | 1,582 | ||||||
Series A, Rev., AMT, 5.00%, 03/01/2031 | 1,000 | 1,124 | ||||||
Series A, Rev., AMT, 5.00%, 03/01/2032 | 2,000 | 2,244 | ||||||
Series A, Rev., AMT, 5.00%, 03/01/2036 | 1,160 | 1,214 | ||||||
Northern California Energy Authority, Series A, Rev., 4.00%, 07/01/2049 (z) | 2,000 | 2,003 | ||||||
Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043 | 2,000 | 1,670 | ||||||
Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050 | 10,000 | 7,723 | ||||||
Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, AGM, 4.00%, 08/01/2034 | 1,000 | 1,054 | ||||||
Ontario International Airport Authority, Series A, Rev., AGM, 5.00%, 05/15/2046 | 1,500 | 1,653 | ||||||
Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033 | 300 | 329 | ||||||
Orange County Transportation Authority, 405 Improvement Project, Rev., BAN, 5.00%, 10/15/2024 (p) | 3,230 | 3,358 | ||||||
Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3,000 | 3,234 | ||||||
Palomar Health, Rev., 5.00%, 11/01/2039 | 4,000 | 4,078 | ||||||
Palomar Health, Capital Appreciation, Electric of 2004, | ||||||||
Series A, GO, AGC, Zero Coupon, 08/01/2028 | 500 | 423 | ||||||
Series A, GO, AGC, Zero Coupon, 08/01/2031 | 330 | 250 | ||||||
Peralta Community College District, GO, 5.25%, 08/01/2037 | 2,000 | 2,380 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Port of Oakland, Intermediate Lien, | ||||||||
Series H, Rev., AMT, 5.00%, 05/01/2027 | 2,500 | 2,678 | ||||||
Series H, Rev., AMT, 5.00%, 05/01/2028 | 4,275 | 4,647 | ||||||
Series H, Rev., AMT, 5.00%, 05/01/2029 | 980 | 1,080 | ||||||
River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, AGM, 5.25%, 09/01/2052 | 1,085 | 1,216 | ||||||
Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031 | 525 | 632 | ||||||
Sacramento City Unified School District, Election of 2020 Measure, | ||||||||
GO, BAM, 5.00%, 08/01/2024 | 860 | 887 | ||||||
GO, BAM, 5.00%, 08/01/2038 | 500 | 562 | ||||||
Sacramento County Sanitation Districts Financing Authority, Series A, Rev., 5.00%, 12/01/2044 | 4,250 | 4,326 | ||||||
Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | 2,000 | 2,044 | ||||||
San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p) | 2,000 | 2,059 | ||||||
San Diego Community College District, GO, 4.00%, 08/01/2032 (p) | 2,910 | 3,085 | ||||||
San Diego County Regional Airport Authority, Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2036 | 1,090 | 1,102 | ||||||
San Diego County Regional Airport Authority, Subordinated, | ||||||||
Rev., 5.00%, 07/01/2034 | 1,000 | 1,174 | ||||||
Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 826 | ||||||
San Diego Public Facilities Financing Authority, Series A, Rev., 5.00%, 05/15/2039 | 1,565 | 1,669 | ||||||
San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034 | 1,250 | 871 | ||||||
San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031 | 1,030 | 1,154 | ||||||
San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1,875 | 2,062 | ||||||
San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032 | 1,000 | 1,095 | ||||||
San Francisco City & County Airport Commission-San Francisco International Airport, | ||||||||
Series H, Rev., AMT, 5.00%, 05/01/2025 | 1,500 | 1,553 | ||||||
Series H, Rev., AMT, 5.00%, 05/01/2028 | 3,000 | 3,261 | ||||||
San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, | ||||||||
Rev., AMT, 5.00%, 05/01/2027 | 775 | 830 | ||||||
Series A, Rev., AMT, 5.00%, 05/01/2044 | 1,495 | 1,500 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, | ||||||||
Series A, Rev., AMT, 5.00%, 05/01/2025 | 2,000 | 2,071 | ||||||
Series A, Rev., AMT, 5.00%, 05/01/2030 | 2,000 | 2,234 | ||||||
Series A, Rev., 5.00%, 05/01/2031 | 205 | 222 | ||||||
Series A, Rev., AMT, 5.00%, 05/01/2032 | 2,000 | 2,248 | ||||||
Series C, Rev., 5.00%, 05/01/2046 | 1,920 | 1,987 | ||||||
San Francisco Unified School District, Series B, GO, 4.00%, 06/15/2035 | 300 | 318 | ||||||
San Joaquin Hills Transportation Corridor Agency, Junior Lien, | ||||||||
Series B, Rev., 5.25%, 01/15/2044 | 8,020 | 8,118 | ||||||
Series B, Rev., 5.25%, 01/15/2049 | 3,000 | 3,032 | ||||||
San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034 | 3,000 | 3,154 | ||||||
San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1,700 | 1,473 | ||||||
Santa Clara Valley Water District, Water System Utility Improvement, COP, 5.00%, 06/01/2038 | 2,495 | 2,834 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
California continued | ||||||||
Santaluz Community Facilities District No. 2, | ||||||||
Special Tax, 3.00%, 09/01/2023 | 250 | 250 | ||||||
Special Tax, 3.00%, 09/01/2024 | 95 | 96 | ||||||
Sierra View Local Health Care District, Tulare Co., Rev., 4.00%, 07/01/2024 | 475 | 479 | ||||||
South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046 | 1,000 | 1,112 | ||||||
Southern California Public Power Authority, Green Bond Milford Wind Co., | ||||||||
Rev., 5.00%, 07/01/2024 | 40 | 41 | ||||||
Rev., 5.00%, 07/01/2025 | 250 | 265 | ||||||
State of California, | ||||||||
GO, 4.00%, 03/01/2036 | 4,000 | 4,223 | ||||||
GO, 4.00%, 11/01/2041 | 1,000 | 1,006 | ||||||
GO, 5.00%, 09/01/2024 | 5,000 | 5,174 | ||||||
GO, 5.00%, 10/01/2026 | 2,000 | 2,188 | ||||||
GO, 5.00%, 04/01/2027 | 145 | 160 | ||||||
GO, 5.00%, 04/01/2029 | 80 | 93 | ||||||
GO, 5.00%, 09/01/2029 | 1,000 | 1,169 | ||||||
GO, 5.00%, 11/01/2029 | 13,215 | 15,497 | ||||||
GO, 5.00%, 12/01/2029 | 700 | 822 | ||||||
GO, 5.00%, 12/01/2030 | 55 | 65 | ||||||
GO, 5.00%, 10/01/2047 | 1,500 | 1,566 | ||||||
Series CU, GO, 5.50%, 12/01/2052 | 250 | 271 | ||||||
State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028 | 5,000 | 4,371 | ||||||
State of California, Taxable Group B, GO, 5.50%, 10/01/2025 | 9,000 | 9,258 | ||||||
State of California, Various Purpose, | ||||||||
GO, 4.00%, 09/01/2031 | 1,000 | 1,047 | ||||||
GO, 4.00%, 11/01/2033 | 3,550 | 3,734 | ||||||
GO, 4.00%, 10/01/2035 | 2,825 | 3,017 | ||||||
GO, 4.00%, 10/01/2036 | 8,850 | 9,366 | ||||||
GO, 5.00%, 10/01/2029 | 1,000 | 1,171 | ||||||
GO, 5.00%, 04/01/2031 | 1,000 | 1,200 | ||||||
GO, 5.00%, 03/01/2034 | 2,180 | 2,533 | ||||||
GO, 5.00%, 03/01/2035 | 505 | 581 | ||||||
GO, 5.00%, 04/01/2035 | 1,000 | 1,134 | ||||||
State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5,500 | 5,699 | ||||||
University of California, | ||||||||
Series AK, Rev., 5.00%, 05/15/2048 (z) | 1,000 | 1,003 | ||||||
Series AR, Rev., 5.00%, 05/15/2041 | 2,000 | 2,114 | ||||||
Series BM, Rev., 5.00%, 05/15/2029 | 5,000 | 5,822 | ||||||
Series BN, Rev., 5.00%, 05/15/2037 | 1,000 | 1,192 | ||||||
Series BN, Rev., 5.00%, 05/15/2038 | 5,000 | 5,935 | ||||||
Series S, Rev., 5.00%, 05/15/2031 | 1,500 | 1,815 | ||||||
University of California, Limited Project, | ||||||||
Series K, Rev., 4.00%, 05/15/2046 | 300 | 300 | ||||||
Series K, Rev., 5.00%, 05/15/2035 | 1,980 | 2,126 | ||||||
Series M, Rev., 4.00%, 05/15/2047 | 1,300 | 1,295 | ||||||
Series M, Rev., 5.00%, 05/15/2034 | 1,500 | 1,651 | ||||||
University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032 | 350 | 423 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
California continued | ||||||||
Upper Santa Clara Valley Joint Powers Authority, | ||||||||
Series A, Rev., 4.00%, 08/01/2045 | 1,500 | 1,503 | ||||||
Series A, Rev., 4.00%, 08/01/2050 | 2,000 | 1,990 | ||||||
Val Verde Unified School District, Election 2012, Series A, GO, BAM, 5.00%, 08/01/2042 (p) | 500 | 504 | ||||||
Victor Valley Union High School District, Series B, GO, AGM, 4.00%, 08/01/2036 | 1,270 | 1,293 | ||||||
West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027 | 805 | 889 | ||||||
William S Hart Union High School District, Capital Appreciation Election 2001, Series B, GO, AGM, Zero Coupon, 09/01/2025 | 1,960 | 1,821 | ||||||
|
|
|||||||
591,555 | ||||||||
|
|
|||||||
Colorado 3.4% | ||||||||
Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1,000 | 1,078 | ||||||
Aerotropolis Regional Transportation Authority, Rev., 4.25%, 12/01/2041 | 500 | 403 | ||||||
Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040 | 500 | 385 | ||||||
Arapahoe County School District No. 6 Littleton, GO, 5.00%, 12/01/2023 | 670 | 680 | ||||||
Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042 | 2,180 | 2,194 | ||||||
Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 500 | ||||||
Castle Oaks Metropolitan District No. 3, GO, AGM, 4.00%, 12/01/2026 | 220 | 230 | ||||||
Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053 | 500 | 503 | ||||||
City & County of Denver Airport System Revenue, | ||||||||
Series A, Rev., AMT, 4.00%, 11/15/2041 | 3,000 | 2,926 | ||||||
Series A, Rev., AMT, 5.00%, 11/15/2029 | 1,000 | 1,112 | ||||||
Series A, Rev., AMT, 5.50%, 11/15/2053 | 4,000 | 4,377 | ||||||
Series B, Rev., 5.25%, 11/15/2053 | 4,775 | 5,319 | ||||||
Series D, Rev., AMT, 5.75%, 11/15/2040 | 4,750 | 5,496 | ||||||
Series D, Rev., AMT, 5.75%, 11/15/2041 | 3,000 | 3,454 | ||||||
Series D, Rev., AMT, 5.75%, 11/15/2045 | 11,050 | 12,545 | ||||||
City & County of Denver Airport System Revenue, Subordinate System, Series A, Rev., AMT, 5.00%, 12/01/2034 | 2,510 | 2,696 | ||||||
City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051 | 9,925 | 9,726 | ||||||
City & County of Denver, Airport System Revenue, | ||||||||
Series A, Rev., AMT, 5.00%, 11/15/2027 | 1,000 | 1,081 | ||||||
Series A, Rev., AMT, 5.00%, 12/01/2030 | 3,000 | 3,355 | ||||||
Series B2, Rev., AMT, 5.00%, 11/15/2031 (z) | 1,000 | 1,044 | ||||||
City & County of Denver, Airport System Revenue, Subordinated, Series A, Rev., AMT, 5.00%, 12/01/2027 | 5,840 | 6,276 | ||||||
City & County of Denver, Airport System Revenue, Subordinated System, Series A, Rev., AMT, 5.00%, 12/01/2043 | 3,000 | 3,113 | ||||||
City of Aurora, Water Revenue, Green Bond, Rev., 5.00%, 08/01/2041 (p) | 1,800 | 1,955 | ||||||
Colorado Bridge Enterprise, Central 70 Project, | ||||||||
Rev., AMT, 4.00%, 12/31/2025 | 1,000 | 1,019 | ||||||
Rev., AMT, 4.00%, 12/31/2030 | 1,505 | 1,536 | ||||||
Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project, | ||||||||
Rev., 4.00%, 05/01/2036 | 175 | 164 | ||||||
Rev., 4.00%, 05/01/2041 | 175 | 153 | ||||||
Colorado Health Facilities Authority, AdventHealth Obligated Group, | ||||||||
Rev., 3.00%, 11/15/2051 | 9,790 | 7,387 | ||||||
Rev., 4.00%, 11/15/2038 | 2,000 | 2,005 | ||||||
Rev., 5.00%, 11/15/2038 | 1,000 | 1,114 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Colorado continued | ||||||||
Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z) | 1,295 | 1,390 | ||||||
Colorado Health Facilities Authority, Childrens Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1,000 | 1,063 | ||||||
Colorado Health Facilities Authority, Childrens Hospital Co. Project, Series A, Rev., 5.00%, 12/01/2033 | 3,765 | 3,786 | ||||||
Colorado Health Facilities Authority, Commonspirit Health, | ||||||||
Series A1, Rev., 5.00%, 08/01/2027 | 1,025 | 1,105 | ||||||
Series A1, Rev., 5.00%, 08/01/2034 | 1,240 | 1,344 | ||||||
Series A2, Rev., 5.00%, 08/01/2028 | 2,215 | 2,426 | ||||||
Series A2, Rev., 5.00%, 08/01/2044 | 15,525 | 16,021 | ||||||
Colorado Health Facilities Authority, Commonspirit Health Obligation Group, Rev., 5.25%, 11/01/2052 | 2,000 | 2,111 | ||||||
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Rev., 5.00%, 05/15/2048 | 1,070 | 1,073 | ||||||
Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 | 500 | 366 | ||||||
Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.00%, 01/01/2030 | 1,175 | 1,356 | ||||||
Colorado Housing and Finance Authority, Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 1,960 | 1,926 | ||||||
Colorado Housing and Finance Authority, Social Bonds, | ||||||||
Series E, Rev., GNMA, 3.00%, 11/01/2051 | 2,850 | 2,791 | ||||||
Series L, Rev., GNMA COLL, 3.25%, 11/01/2051 | 1,590 | 1,567 | ||||||
Colorado Housing and Finance Authority, Social Bonds Class I, Series H, Rev., GNMA, 3.00%, 11/01/2051 | 1,255 | 1,227 | ||||||
Colorado Housing and Finance Authority, Wintergreen Ridge Apartments Project, Rev., 4.00%, 05/01/2041 (z) | 80 | 81 | ||||||
Copperleaf Metropolitan District No. 2, | ||||||||
GO, BAM, 4.00%, 12/01/2023 | 305 | 307 | ||||||
GO, BAM, 4.00%, 12/01/2025 | 470 | 486 | ||||||
Crystal Valley, Metropolitan District No. 2, | ||||||||
Series A, GO, AGM, 5.00%, 12/01/2028 | 500 | 566 | ||||||
Series A, GO, AGM, 5.00%, 12/01/2029 | 405 | 466 | ||||||
Series A, GO, AGM, 5.00%, 12/01/2030 | 360 | 422 | ||||||
Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1,000 | 1,091 | ||||||
Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036 | 1,320 | 1,335 | ||||||
Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025 | 500 | 531 | ||||||
E-470 Public Highway Authority, Series B, Rev., (United States SOFR * 0.67 + 0.35%), 3.58%, 09/01/2039 (aa) | 1,485 | 1,479 | ||||||
E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027 | 1,250 | 1,099 | ||||||
E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 290 | 231 | ||||||
E-470 Public Highway Authority, Senior, | ||||||||
Series A, Rev., 5.00%, 09/01/2027 | 1,000 | 1,106 | ||||||
Series A, Rev., 5.00%, 09/01/2028 | 1,000 | 1,126 | ||||||
Series A, Rev., 5.00%, 09/01/2040 | 2,775 | 2,813 | ||||||
Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e) | 3,000 | 3,030 | ||||||
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p) | 2,000 | 2,086 | ||||||
Great Western Metropolitan District, GO, 4.75%, 12/01/2050 | 500 | 427 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | 481 | ||||||
Series A2, Rev., 4.38%, 12/01/2047 | 795 | 645 | ||||||
Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031 | 2,000 | 2,280 | ||||||
Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032 | 1,500 | 1,654 | ||||||
Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042 | 3,950 | 2,205 | ||||||
Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | 6,000 | 7,180 | ||||||
Pueblo Urban Renewal Authority, EVRAZ Project Tax Increment, Tax Allocation, 4.75%, 12/01/2045 (e) (f) | 635 | 362 | ||||||
Regional Transportation District, Denver Transit Partners Eagle, | ||||||||
Series A, Rev., 5.00%, 07/15/2026 | 575 | 602 | ||||||
Series A, Rev., 5.00%, 01/15/2027 | 1,000 | 1,054 | ||||||
Series A, Rev., 5.00%, 01/15/2032 | 1,470 | 1,618 | ||||||
Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041 | 500 | 381 | ||||||
South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036 | 1,350 | 1,371 | ||||||
Spring Valley Metropolitan District No. 3, Series A, GO, 5.00%, 12/01/2049 | 1,360 | 1,230 | ||||||
State of Colorado, | ||||||||
COP, 6.00%, 12/15/2041 | 15,000 | 18,195 | ||||||
Series A, COP, 5.00%, 09/01/2026 | 1,500 | 1,622 | ||||||
Series A, COP, 5.00%, 12/15/2029 | 1,000 | 1,156 | ||||||
Series L, COP, 5.00%, 03/15/2028 | 1,000 | 1,118 | ||||||
Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 468 | ||||||
University of Colorado, University Enterprise, | ||||||||
Rev., 2.00%, 06/01/2051 (z) | 4,000 | 3,889 | ||||||
Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 1,500 | 1,472 | ||||||
Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | 460 | 434 | ||||||
Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 | 585 | 543 | ||||||
Weld County School District No. RE-4, | ||||||||
GO, 5.00%, 12/01/2029 | 1,100 | 1,280 | ||||||
GO, 5.00%, 12/01/2031 | 1,000 | 1,203 | ||||||
GO, 5.25%, 12/01/2047 | 5,000 | 5,683 | ||||||
Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036 | 2,565 | 2,072 | ||||||
Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051 | 5,000 | 5,443 | ||||||
|
|
|||||||
207,701 | ||||||||
|
|
|||||||
Connecticut 1.3% | ||||||||
City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 251 | ||||||
Connecticut Housing Finance Authority, Social Bond, Series C, Rev., (SIFMA Municipal Swap Index + 0.63%), 4.60%, 05/15/2051 (aa) | 1,560 | 1,557 | ||||||
Connecticut Housing Finance Authority, Social Bonds, Series A1, Rev., 3.50%, 11/15/2051 | 65 | 64 | ||||||
Connecticut State Health & Educational Facilities Authority, | ||||||||
Series 2017 B1, Rev., 5.00%, 07/01/2029 | 4,845 | 5,632 | ||||||
Series A, Rev., 2.80%, 07/01/2048 (z) | 2,000 | 1,989 | ||||||
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project, | ||||||||
Series A, Rev., 5.00%, 07/01/2026 | 555 | 589 | ||||||
Series A, Rev., 5.00%, 07/01/2033 | 565 | 631 | ||||||
Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048 | 3,000 | 3,226 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue, | ||||||||
Rev., 4.00%, 07/01/2035 | 1,000 | 1,001 | ||||||
Rev., 4.00%, 07/01/2038 | 2,500 | 2,393 | ||||||
Rev., 4.00%, 07/01/2041 | 2,250 | 2,086 | ||||||
Rev., 5.00%, 07/01/2024 | 175 | 178 | ||||||
Rev., 5.00%, 07/01/2030 | 865 | 961 | ||||||
Connecticut State Health & Educational Facilities Authority, Yale New Haven, Series B, Rev., 1.80%, 07/01/2049 (z) | 4,000 | 3,902 | ||||||
Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030 | 500 | 552 | ||||||
Connecticut State, Health & Educational Facilities Authority, Sacred Heart University, | ||||||||
Series K, Rev., 4.00%, 07/01/2045 | 750 | 715 | ||||||
Series K, Rev., 5.00%, 07/01/2037 | 950 | 1,033 | ||||||
Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z) | 3,220 | 3,631 | ||||||
State of Connecticut, | ||||||||
Series 2021A, GO, 3.00%, 01/15/2026 | 5,000 | 5,041 | ||||||
Series 2021A, GO, 3.00%, 01/15/2032 | 2,250 | 2,251 | ||||||
Series 2021A, GO, 3.00%, 01/15/2033 | 500 | 495 | ||||||
Series 2021A, GO, 4.00%, 01/15/2028 | 3,500 | 3,756 | ||||||
Series A, GO, 4.00%, 03/15/2032 | 850 | 868 | ||||||
Series C, GO, 5.00%, 06/15/2037 | 40 | 46 | ||||||
State of Connecticut Special Tax Revenue, | ||||||||
Series A, Rev., 5.00%, 07/01/2028 | 500 | 566 | ||||||
Series A, Rev., 5.00%, 05/01/2035 | 500 | 583 | ||||||
Series A, Rev., 5.25%, 07/01/2042 | 10,000 | 11,425 | ||||||
Series D, Rev., 4.00%, 11/01/2038 | 3,500 | 3,590 | ||||||
Series D, Rev., 5.00%, 11/01/2028 | 1,480 | 1,687 | ||||||
Series D, Rev., 5.00%, 11/01/2033 | 1,675 | 1,997 | ||||||
Series D, Rev., 5.00%, 11/01/2036 | 1,500 | 1,730 | ||||||
State of Connecticut, Social Bonds, | ||||||||
Series B, GO, 4.00%, 01/15/2038 | 500 | 514 | ||||||
Series F, GO, 5.00%, 11/15/2041 | 1,525 | 1,716 | ||||||
State of Connecticut, Special Tax Obligation Bonds, | ||||||||
Rev., 5.00%, 05/01/2025 | 300 | 315 | ||||||
Rev., 5.00%, 05/01/2040 | 300 | 332 | ||||||
State of Connecticut, Special Tax Revenue, Transportation Infrastructure, Series A, Rev., 5.00%, 09/01/2031 | 1,220 | 1,259 | ||||||
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e) | 195 | 170 | ||||||
Town of Hamden, | ||||||||
GO, BAM, 4.00%, 08/15/2027 | 535 | 556 | ||||||
GO, BAM, 5.00%, 08/15/2029 | 575 | 645 | ||||||
GO, BAM, 5.00%, 08/15/2031 | 500 | 571 | ||||||
Series A, GO, BAM, 5.00%, 08/01/2032 | 2,255 | 2,523 | ||||||
University of Connecticut, | ||||||||
Series A, Rev., 5.00%, 02/15/2025 | 1,200 | 1,255 | ||||||
Series A, Rev., 5.00%, 08/15/2026 | 1,400 | 1,413 | ||||||
Series A, Rev., 5.00%, 01/15/2037 | 3,000 | 3,200 | ||||||
|
|
|||||||
78,895 | ||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Delaware 0.4% | ||||||||
Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z) | 4,065 | 3,724 | ||||||
Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5,345 | 5,734 | ||||||
Delaware Transportation Authority, | ||||||||
Rev., 5.00%, 07/01/2027 | 1,000 | 1,112 | ||||||
Rev., 5.00%, 07/01/2033 | 2,265 | 2,653 | ||||||
Delaware Transportation Authority, Garvee, Rev., 5.00%, 09/01/2025 | 1,000 | 1,059 | ||||||
State of Delaware, | ||||||||
GO, 4.00%, 02/01/2031 | 1,000 | 1,093 | ||||||
GO, 5.00%, 02/01/2028 | 6,520 | 7,349 | ||||||
GO, 5.00%, 02/01/2031 | 85 | 102 | ||||||
Series A, GO, 5.00%, 10/01/2024 | 1,500 | 1,555 | ||||||
|
|
|||||||
24,381 | ||||||||
|
|
|||||||
District of Columbia 1.5% | ||||||||
District of Columbia, | ||||||||
Rev., 5.00%, 06/01/2040 | 1,725 | 1,702 | ||||||
Series A, Rev., 4.00%, 03/01/2037 | 2,000 | 2,067 | ||||||
Series A, Rev., 4.00%, 03/01/2040 | 10,000 | 10,206 | ||||||
Series A, GO, 5.00%, 01/01/2027 | 475 | 521 | ||||||
Series A, Rev., 5.00%, 03/01/2031 | 1,500 | 1,751 | ||||||
Series A, GO, 5.00%, 01/01/2038 | 1,000 | 1,183 | ||||||
Series B, GO, 5.00%, 06/01/2025 | 1,000 | 1,054 | ||||||
Series C, Rev., 4.00%, 05/01/2039 | 2,500 | 2,569 | ||||||
Series C, Rev., 5.00%, 10/01/2030 | 1,250 | 1,461 | ||||||
Series D, GO, 5.00%, 02/01/2028 | 820 | 923 | ||||||
Series D, GO, 5.00%, 02/01/2029 | 70 | 80 | ||||||
Series D, GO, 5.00%, 02/01/2034 | 5,000 | 5,992 | ||||||
Series E, GO, 5.00%, 02/01/2028 | 110 | 124 | ||||||
District of Columbia Housing Finance Agency, Kenilworth 166 Apartments, Rev., HUD, 1.25%, 06/01/2025 (z) | 3,225 | 3,103 | ||||||
District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038 | 1,010 | 1,124 | ||||||
District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031 | 2,000 | 2,413 | ||||||
District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 745 | 713 | ||||||
District of Columbia, National Public Radio, | ||||||||
Rev., 4.00%, 04/01/2032 (p) | 1,500 | 1,571 | ||||||
Rev., 5.00%, 04/01/2028 (p) | 270 | 290 | ||||||
Rev., 5.00%, 04/01/2029 (p) | 275 | 296 | ||||||
Metropolitan Washington Airports Authority, | ||||||||
Rev., AMT, 5.00%, 10/01/2026 | 1,335 | 1,423 | ||||||
Rev., AMT, 5.00%, 10/01/2029 | 2,000 | 2,148 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2027 | 1,000 | 1,079 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, | ||||||||
Rev., AMT, 5.00%, 10/01/2027 | 1,000 | 1,078 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2023 | 85 | 86 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2025 | 450 | 471 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2028 | 1,880 | 2,059 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2030 | 1,000 | 1,125 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Series A, Rev., AMT, 5.00%, 10/01/2032 | 5,000 | 5,636 | ||||||
Series A, Rev., NATL, AMT, 5.00%, 10/01/2034 | 8,000 | 8,120 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2044 | 3,890 | 3,906 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Airport System, Series A, Rev., AMT, 5.00%, 10/01/2033 | 3,000 | 3,295 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B, Rev., 4.00%, 10/01/2049 | 1,000 | 922 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., AGM, 4.00%, 10/01/2052 | 5,000 | 4,755 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., AGM, 4.00%, 10/01/2053 | 1,965 | 1,863 | ||||||
Metropolitan Washington Airports Authority, Airport System Revenue, Series A, Rev., AMT, 5.00%, 10/01/2034 | 395 | 432 | ||||||
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., AGC, 6.50%, 10/01/2041 (p) | 350 | 397 | ||||||
Washington Convention & Sports Authority, | ||||||||
Series A, Rev., 4.00%, 10/01/2034 | 1,015 | 1,063 | ||||||
Series A, Rev., 4.00%, 10/01/2036 | 330 | 338 | ||||||
Series A, Rev., 5.00%, 10/01/2033 | 1,000 | 1,151 | ||||||
Washington Convention & Sports Authority, Senior Lien, | ||||||||
Series B, Tax Allocation, 5.00%, 10/01/2029 | 1,000 | 1,143 | ||||||
Series B, Tax Allocation, 5.00%, 10/01/2030 | 1,500 | 1,736 | ||||||
Washington Metropolitan Area Transit Authority, | ||||||||
Series A, Rev., 5.00%, 07/15/2026 | 1,650 | 1,787 | ||||||
Series A, Rev., 5.00%, 07/15/2037 | 2,000 | 2,250 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, Series A, Rev., 5.00%, 07/15/2025 | 1,990 | 2,100 | ||||||
Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029 | 1,540 | 1,772 | ||||||
|
|
|||||||
91,278 | ||||||||
|
|
|||||||
Florida 5.1% | ||||||||
Alachua County Health Facilities Authority, Oak Hammock At The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 | 615 | 555 | ||||||
Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, | ||||||||
Rev., 5.00%, 12/01/2032 | 1,000 | 1,093 | ||||||
Rev., 5.00%, 12/01/2034 | 2,570 | 2,785 | ||||||
Ave Maria Stewardship Community District, Phase 3 Master Improvements Project, | ||||||||
Special Assessment, 2.75%, 05/01/2031 | 420 | 365 | ||||||
Special Assessment, 3.13%, 05/01/2041 | 1,775 | 1,321 | ||||||
Ave Maria Stewardship Community District, Phase 4 Master Improvement, Special Assessment, BAN, 3.50%, 05/01/2026 (e) | 1,000 | 970 | ||||||
Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 345 | 295 | ||||||
Belmont II Community Development District, 2020 Assessment Area, | ||||||||
Special Assessment, 2.50%, 12/15/2025 | 15 | 14 | ||||||
Special Assessment, 3.13%, 12/15/2030 | 125 | 115 | ||||||
Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 295 | 278 | ||||||
Brevard County Health Facilities Authority, Health First, Inc., Rev., 5.00%, 04/01/2025 | 1,600 | 1,628 | ||||||
Broward County Housing Finance Authority, Solaris Apartments, Series B, Rev., 0.70%, 01/01/2025 (z) | 1,470 | 1,409 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038 | 675 | 695 | ||||||
Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1,350 | 1,408 | ||||||
Capital Trust Agency, Inc., College Park Towers Apartments, Rev., HUD, 1.25%, 05/01/2024 (z) | 7,500 | 7,489 | ||||||
Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) (f) | 325 | 294 | ||||||
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Rev., 5.00%, 08/01/2040 | 150 | 153 | ||||||
Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 288 | ||||||
Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e) | 1,370 | 1,099 | ||||||
Central Florida Expressway Authority, | ||||||||
Series D, Rev., 5.00%, 07/01/2029 | 565 | 650 | ||||||
Series D, Rev., AGM, 5.00%, 07/01/2034 | 3,000 | 3,532 | ||||||
Series D, Rev., AGM, 5.00%, 07/01/2035 | 10,000 | 11,672 | ||||||
Central Florida Expressway Authority, Senior Lien, | ||||||||
Rev., AGM, 4.00%, 07/01/2038 | 3,625 | 3,706 | ||||||
Rev., AGM, 4.00%, 07/01/2039 | 1,260 | 1,278 | ||||||
Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042 | 605 | 440 | ||||||
Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e) | 260 | 227 | ||||||
City of Cape Coral, Water & Sewer Revenue, Rev., 5.00%, 10/01/2029 | 250 | 277 | ||||||
City of Jacksonville, Series A, Rev., 5.00%, 10/01/2034 | 1,250 | 1,442 | ||||||
City of Jacksonville, Baptist Health, Rev., VRDO, 3.95%, 04/07/2023 (z) | 2,000 | 2,000 | ||||||
City of Jacksonville, Brooks Rehabilitation Project, | ||||||||
Rev., 4.00%, 11/01/2034 | 500 | 515 | ||||||
Rev., 4.00%, 11/01/2045 | 1,500 | 1,393 | ||||||
City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036 | 175 | 150 | ||||||
City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039 | 1,075 | 1,089 | ||||||
City of South Miami, Health Facilities Authority, Inc., Baptist Health South Florida, Rev., 5.00%, 08/15/2023 | 100 | 101 | ||||||
City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028 | 2,000 | 2,251 | ||||||
City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046 | 4,000 | 4,061 | ||||||
Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052 | 145 | 128 | ||||||
Collier County Water-Sewer District, Rev., 4.00%, 07/01/2043 | 3,145 | 3,149 | ||||||
County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031 | 3,000 | 3,488 | ||||||
County of Broward, Airport System Revenue, | ||||||||
Rev., AMT, 5.00%, 10/01/2033 | 655 | 696 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 870 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2036 | 2,000 | 2,148 | ||||||
County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 | 3,000 | 2,863 | ||||||
County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4,370 | 4,668 | ||||||
County of Lee Airport Revenue, | ||||||||
Series B, Rev., AMT, 5.00%, 10/01/2029 | 180 | 198 | ||||||
Series B, Rev., AMT, 5.00%, 10/01/2032 | 2,000 | 2,244 | ||||||
County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049 | 13,000 | 14,222 | ||||||
County of Miami-Dade Aviation Revenue, | ||||||||
Rev., 5.00%, 10/01/2041 | 6,000 | 6,187 | ||||||
Series A, Rev., 5.00%, 10/01/2025 | 1,250 | 1,321 | ||||||
Series A, Rev., 5.00%, 10/01/2031 | 2,000 | 2,315 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Florida continued | ||||||||
Series A, Rev., AMT, 5.00%, 10/01/2044 | 2,200 | 2,278 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2049 | 3,250 | 3,335 | ||||||
Series B, Rev., AMT, 5.00%, 10/01/2040 | 7,000 | 7,202 | ||||||
County of Miami-Dade Seaport Department, Senior Bonds, | ||||||||
Series A, Rev., AMT, 5.00%, 10/01/2030 | 1,970 | 2,193 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2031 | 2,975 | 3,343 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2033 | 3,500 | 3,944 | ||||||
Series A, Rev., AMT, 5.25%, 10/01/2052 | 2,000 | 2,131 | ||||||
County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AGM, AMT, 4.00%, 10/01/2040 | 2,675 | 2,676 | ||||||
County of Miami-Dade Transit System, Rev., 4.00%, 07/01/2048 | 5,000 | 4,841 | ||||||
County of Miami-Dade, Aviation Revenue, | ||||||||
Rev., AMT, 5.00%, 10/01/2028 | 7,000 | 7,131 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2027 | 1,325 | 1,350 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2030 | 2,000 | 2,063 | ||||||
County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 | 350 | 348 | ||||||
County of Miami-Dade, Water & Sewer System Revenue, | ||||||||
Series B, Rev., 5.00%, 10/01/2031 | 500 | 526 | ||||||
Series B, Rev., 5.00%, 10/01/2033 | 1,000 | 1,046 | ||||||
County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052 | 2,450 | 2,476 | ||||||
Cypress Bluff Community, Development District, Delaware Webb Project, Series A, Special Assessment, 2.70%, 05/01/2025 (e) | 115 | 111 | ||||||
Daytona Beach Housing Authority, The WM at River Project, Rev., 1.25%, 12/01/2025 (z) | 115 | 110 | ||||||
DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 326 | ||||||
Duval County Public Schools, Series A, COP, AGM, 5.00%, 07/01/2032 | 4,750 | 5,509 | ||||||
Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040 | 300 | 268 | ||||||
Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 | 195 | 184 | ||||||
Florida Development Finance Corp., Series A, Rev., 4.00%, 06/01/2030 (e) | 500 | 462 | ||||||
Florida Development Finance Corp., Brightline Florida Passenger Rail, Series B, Rev., AMT, 7.38%, 01/01/2049 (e) (f) | 9,500 | 8,750 | ||||||
Florida Development Finance Corp., Brightline Passenger Rail, Rev., AMT, 7.50%, 07/01/2057 (e) | 6,500 | 6,418 | ||||||
Florida Development Finance Corp., Brighton, Florida Passenger Rail, Rev., AMT, 7.25%, 07/01/2057 (e) | 8,000 | 8,062 | ||||||
Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) (f) | 1,500 | 1,391 | ||||||
Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037 | 2,400 | 2,404 | ||||||
Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 | 400 | 395 | ||||||
Florida Development Finance Corp., Mayflower Retirement, Rev., 1.75%, 06/01/2026 (e) | 510 | 460 | ||||||
Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035 | 1,200 | 1,245 | ||||||
Florida Development Finance Corp., Virgin Trains USA Passenger, | ||||||||
Series A, Rev., AMT, 6.38%, 01/01/2049 (e) (f) (z) | 3,225 | 3,047 | ||||||
Series A, Rev., AMT, 6.50%, 01/01/2049 (e) (f) (z) | 2,475 | 2,304 | ||||||
Florida Housing Finance Corp., Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 590 | 577 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1,390 | 1,362 | ||||||
Florida Housing Finance Corp., Social Bonds, | ||||||||
Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052 | 1,000 | 994 | ||||||
Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 6,435 | 6,311 | ||||||
Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1,900 | 2,161 | ||||||
Fort Pierce Utilities Authority, Series A, Rev., AGM, 5.00%, 10/01/2039 | 925 | 1,036 | ||||||
Greater Orlando Aviation Authority, Series A, Rev., AMT, 5.00%, 10/01/2032 | 1,500 | 1,653 | ||||||
Greater Orlando Aviation Authority, Priority Subordinated, | ||||||||
Series A, Rev., AMT, 5.00%, 10/01/2033 | 1,500 | 1,595 | ||||||
Series A, Rev., AMT, 5.00%, 10/01/2036 | 2,230 | 2,333 | ||||||
Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 486 | ||||||
Hillsborough County Aviation Authority, Tampa, Rev., AMT, 5.00%, 10/01/2040 (p) | 750 | 771 | ||||||
Hillsborough County Industrial Development Authority, Tampa General Hospital Project, | ||||||||
Rev., 4.00%, 08/01/2050 | 5,000 | 4,582 | ||||||
Series A, Rev., 4.00%, 08/01/2045 | 3,275 | 3,060 | ||||||
JEA Electric System Revenue, | ||||||||
Series 3A, Rev., 5.00%, 10/01/2035 | 5,000 | 5,648 | ||||||
Series IIIB, Rev., 5.00%, 10/01/2032 | 1,295 | 1,417 | ||||||
JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031 | 1,795 | 2,128 | ||||||
JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037 | 750 | 772 | ||||||
JEA Water & Sewer System Revenue, Subordinated, Series A, Rev., 5.00%, 10/01/2031 | 885 | 979 | ||||||
Lakewood Ranch Stewardship District, Lorraine Lakes Project, Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 282 | ||||||
Lakewood Ranch Stewardship District, Northeast Sector Project, | ||||||||
Special Assessment, 2.50%, 05/01/2025 (e) | 865 | 830 | ||||||
Special Assessment, 3.20%, 05/01/2030 (e) | 545 | 491 | ||||||
Special Assessment, 3.50%, 05/01/2040 | 925 | 729 | ||||||
Lakewood Ranch Stewardship District, Zario Project, Special Assessment, 2.63%, 05/01/2025 | 425 | 408 | ||||||
Lee Memorial Health System, Float Mode, Lee Memorial, Rev., VRDO, 4.57%, 04/07/2023 (z) | 8,000 | 8,000 | ||||||
Miami Beach Health Facilities Authority, Mount Sinai Medical Center, | ||||||||
Rev., 5.00%, 11/15/2039 | 2,000 | 2,016 | ||||||
Rev., 5.00%, 11/15/2044 | 5,000 | 5,031 | ||||||
Miami Beach Redevelopment Agency, Tax Increment Revenue, Tax Allocation, 5.00%, 02/01/2028 | 1,000 | 1,017 | ||||||
Miami-Dade County Housing Finance Authority, Platform 3750 LLC, Rev., 0.25%, 08/01/2024 (z) | 1,525 | 1,506 | ||||||
Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 347 | ||||||
North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1,345 | 1,078 | ||||||
Old Hickory Community Development District, Special Assessment, 2.50%, 06/15/2025 | 165 | 158 | ||||||
Orange County Health Facilities Authority, Orlando Health Obligated Group, | ||||||||
Rev., 4.00%, 10/01/2052 | 5,000 | 4,588 | ||||||
Rev., 5.00%, 10/01/2027 | 365 | 401 | ||||||
Orange County Health Facilities Authority, Presbyterian Retirement Communities, | ||||||||
Rev., 4.00%, 08/01/2036 (w) | 295 | 271 | ||||||
Rev., 5.00%, 08/01/2047 | 790 | 818 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Orange County Housing Finance Authority, Stratford Point Apartments, Rev., 0.55%, 01/01/2025 (z) | 885 | 847 | ||||||
Orlando Utilities Commission, Series 2018A, Rev., 5.00%, 10/01/2035 | 2,480 | 2,707 | ||||||
Palm Beach County Health Facilities Authority, BRRH Corporation Obligated Group, Rev., 5.00%, 12/01/2024 (p) | 1,910 | 1,983 | ||||||
Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2,270 | 2,301 | ||||||
Palm Beach County Housing Finance Authority, Christian Manor, Rev., 1.25%, 02/15/2025 (z) | 1,985 | 1,933 | ||||||
Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | 800 | 620 | ||||||
Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036 | 1,720 | 1,902 | ||||||
Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035 | 2,000 | 2,007 | ||||||
Pine Ridge Plantation Community Development District, Senior Lien, Series A1, Special Assessment, AGM, 3.00%, 05/01/2023 | 480 | 480 | ||||||
Pinellas County Housing Finance Authority, Jordan Park Apartments, Rev., HUD, 0.65%, 01/01/2025 (z) | 1,135 | 1,087 | ||||||
Reunion East Community Development District, | ||||||||
Special Assessment, 2.40%, 05/01/2026 | 100 | 94 | ||||||
Special Assessment, 2.85%, 05/01/2031 | 25 | 22 | ||||||
Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 | 500 | 430 | ||||||
Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 381 | ||||||
Sarasota County Public Hospital District, Sarasota Memorial Hospital Project, Rev., 4.00%, 07/01/2052 | 6,000 | 5,544 | ||||||
Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033 | 1,000 | 1,224 | ||||||
Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 534 | ||||||
Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031 | 400 | 369 | ||||||
School District of Broward County, Series A, COP, 5.00%, 07/01/2027 | 1,500 | 1,652 | ||||||
Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032 | 800 | 753 | ||||||
South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037 | 1,575 | 1,521 | ||||||
St. Johns County School Board, Series A, COP, AGM, 5.25%, 07/01/2047 | 3,000 | 3,364 | ||||||
State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027 | 4,000 | 3,566 | ||||||
State of Florida Department of Transportation, Rev., 5.00%, 07/01/2024 | 430 | 443 | ||||||
State of Florida Department of Transportation Turnpike System Revenue, Series B, Rev., 5.00%, 07/01/2033 | 1,000 | 1,194 | ||||||
State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033 | 2,390 | 2,334 | ||||||
State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026 (w) | 1,515 | 1,643 | ||||||
State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027 | 1,060 | 1,142 | ||||||
State of Florida, Department of Transportation, Turnpike System Revenue, | ||||||||
Series B, Rev., 5.00%, 07/01/2023 | 125 | 126 | ||||||
Series A, Rev., 5.00%, 07/01/2029 | 500 | 579 | ||||||
Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) | 225 | 196 | ||||||
Stoneybrook South Community Development District, Fox South Assessment Area, | ||||||||
Special Assessment, 2.50%, 12/15/2025 (e) | 415 | 395 | ||||||
Special Assessment, 3.00%, 12/15/2030 (e) | 475 | 430 | ||||||
Special Assessment, 3.50%, 12/15/2040 (e) | 1,030 | 842 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Storey Park Community Development District, Assessment Area Four Project, | ||||||||
Special Assessment, 2.38%, 06/15/2026 (e) | 35 | 33 | ||||||
Special Assessment, 2.88%, 06/15/2031 (e) | 60 | 53 | ||||||
Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042 | 1,000 | 1,059 | ||||||
Towne Park Community Development District, Assessment Area 3D Project, Special Assessment, 2.63%, 05/01/2025 (e) | 380 | 367 | ||||||
Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041 | 130 | 94 | ||||||
Village Community Development District No. 13, | ||||||||
Special Assessment, 1.88%, 05/01/2025 (e) | 735 | 700 | ||||||
Special Assessment, 2.63%, 05/01/2030 (e) | 1,465 | 1,288 | ||||||
Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 535 | ||||||
West Villages Improvement District, Special Assessment, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042 | 1,875 | 1,876 | ||||||
Wildwood Utility Dependent District, Senior South Sumter Utilities Project, | ||||||||
Rev., BAM, 5.00%, 10/01/2031 | 1,300 | 1,533 | ||||||
Rev., BAM, 5.00%, 10/01/2033 | 1,150 | 1,348 | ||||||
Rev., BAM, 5.00%, 10/01/2039 | 1,490 | 1,651 | ||||||
Rev., BAM, 5.00%, 10/01/2040 | 1,610 | 1,769 | ||||||
Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041 | 650 | 710 | ||||||
|
|
|||||||
313,361 | ||||||||
|
|
|||||||
Georgia 3.7% | ||||||||
Atlanta Urban Residential Finance Authority, Sylvan Senior Apartments, Rev., FHA, 0.41%, 12/01/2025 (z) | 575 | 561 | ||||||
Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z) | 4,425 | 3,768 | ||||||
Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds, | ||||||||
Rev., 4.00%, 03/01/2035 | 1,100 | 1,111 | ||||||
Rev., 4.00%, 03/01/2036 | 1,000 | 1,009 | ||||||
Rev., 4.00%, 03/01/2037 | 1,135 | 1,145 | ||||||
Rev., 4.00%, 03/01/2038 | 1,000 | 1,007 | ||||||
Brookhaven Development Authority, Childrens Healthcare Of Atlanta, | ||||||||
Rev., 5.00%, 07/01/2036 | 2,425 | 2,697 | ||||||
Rev., 5.00%, 07/01/2037 | 2,400 | 2,648 | ||||||
Brookhaven Development Authority, Childrens Healthcare of Atlanta Obligated Group, Series A, Rev., 4.00%, 07/01/2044 | 3,000 | 2,990 | ||||||
Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045 | 3,260 | 3,269 | ||||||
Carroll County, School District, GO, 5.00%, 04/01/2024 | 1,000 | 1,024 | ||||||
City of Atlanta Department of Aviation, | ||||||||
Series C, Rev., AMT, 5.00%, 07/01/2026 | 960 | 1,019 | ||||||
Series C, Rev., AMT, 5.00%, 07/01/2034 | 540 | 607 | ||||||
City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037 | 1,000 | 1,017 | ||||||
City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 | 2,000 | 2,172 | ||||||
City of Atlanta, Department of Aviation, Series B, Rev., AMT, 5.00%, 07/01/2028 | 3,300 | 3,601 | ||||||
City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 | 1,155 | 1,277 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Georgia continued | ||||||||
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 4.00%, 04/01/2033 | 500 | 519 | ||||||
DeKalb County Housing Authority, Columbia Village Project, Series A, Rev., HUD, 0.34%, 08/01/2024 (z) | 285 | 281 | ||||||
Development Authority for Fulton County, Jonesboro Road Senior Village, Rev., 3.00%, 10/01/2025 (z) | 2,020 | 2,015 | ||||||
Development Authority of Burke County (The), Oglethorpe Power Corp. Scherer Project, Series A, Rev., 1.50%, 01/01/2040 (z) | 250 | 238 | ||||||
Development Authority of Monroe County (The), Oglethorpe Power Corporation Scherer Project, Series A, Rev., 1.50%, 01/01/2039 (z) | 125 | 119 | ||||||
Development Authority of Monroe County, Georgia Power Company Plant Scherer, Rev., 3.88%, 06/01/2042 (z) | 1,250 | 1,267 | ||||||
Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z) | 1,785 | 1,595 | ||||||
Development Authority of Rockdale County, Arbours at Conyers Project, Rev., 3.63%, 02/01/2026 (z) | 1,085 | 1,086 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e) | 1,000 | 782 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel First, Rev., 4.00%, 01/01/2036 | 2,750 | 2,552 | ||||||
Georgia Housing & Finance Authority, Series A, Rev., 2.75%, 12/01/2035 | 500 | 440 | ||||||
Georgia Ports Authority, Rev., 5.25%, 07/01/2043 | 2,705 | 3,108 | ||||||
Georgia State Road & Tollway Authority, | ||||||||
Rev., 5.00%, 06/01/2026 | 3,200 | 3,457 | ||||||
Rev., 5.00%, 06/01/2027 | 5,250 | 5,798 | ||||||
Rev., 5.00%, 06/01/2028 | 5,500 | 6,203 | ||||||
Rev., 5.00%, 06/01/2030 | 6,205 | 7,270 | ||||||
Main Street Natural Gas, Inc., | ||||||||
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 04/01/2048 (z) | 1,650 | 1,652 | ||||||
Series A, Rev., 4.00%, 07/01/2052 (z) | 14,500 | 14,495 | ||||||
Series A, Rev., 5.00%, 06/01/2053 (z) | 14,855 | 15,496 | ||||||
Series B, Rev., (ICE LIBOR USD 1 Month * 0.67 + 0.75%), 3.87%, 04/01/2048 (aa) | 11,500 | 11,512 | ||||||
Series B, Rev., 4.00%, 08/01/2049 (z) | 1,575 | 1,584 | ||||||
Series B, Rev., 5.00%, 06/01/2028 | 2,500 | 2,601 | ||||||
Series B, Rev., 5.00%, 06/01/2029 | 1,500 | 1,567 | ||||||
Series B, Rev., 5.00%, 12/01/2052 (z) | 8,000 | 8,314 | ||||||
Series B, Rev., 5.00%, 07/01/2053 (z) | 10,850 | 11,484 | ||||||
Series C, Rev., LIQ: Royal Bank of Canada, 4.00%, 08/01/2048 (z) | 105 | 105 | ||||||
Series C, Rev., 4.00%, 03/01/2050 (z) | 6,350 | 6,314 | ||||||
Series C, Rev., 4.00%, 05/01/2052 (z) | 12,310 | 12,085 | ||||||
Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z) | 11,000 | 10,491 | ||||||
Main Street Natural Gas, Inc., Main Street Gas, Series D, Rev., LIQ: Royal Bank of Canada, (ICE LIBOR USD 1 Month * 0.67 + 0.83%), 3.95%, 08/01/2048 (aa) | 1,000 | 1,002 | ||||||
Metropolitan Atlanta Rapid Transit Authority, Series B, Rev., 5.00%, 07/01/2045 | 10,000 | 10,428 | ||||||
Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects, | ||||||||
Rev., 4.00%, 06/15/2037 | 500 | 505 | ||||||
Rev., 5.00%, 06/15/2024 | 470 | 482 | ||||||
Rev., 5.00%, 06/15/2025 | 360 | 377 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Georgia continued | ||||||||
Municipal Electric Authority of Georgia, Combined Cycle Project, | ||||||||
Series A, Rev., 4.00%, 11/01/2023 | 2,750 | 2,764 | ||||||
Series A, Rev., 5.00%, 11/01/2027 | 250 | 272 | ||||||
Series A, Rev., 5.00%, 11/01/2029 | 250 | 280 | ||||||
Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 | 1,125 | 1,126 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059 | 3,000 | 3,030 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project, | ||||||||
Series A, Rev., AGM, 5.00%, 07/01/2033 | 1,610 | 1,870 | ||||||
Series A, Rev., AGM, 5.00%, 07/01/2035 | 1,300 | 1,480 | ||||||
Series A, Rev., AGM, 5.00%, 07/01/2036 | 2,795 | 3,138 | ||||||
Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project, | ||||||||
Rev., AGM, 4.00%, 01/01/2036 | 330 | 336 | ||||||
Rev., AGM, 4.00%, 01/01/2041 | 1,000 | 997 | ||||||
Rev., AGM, 5.00%, 01/01/2025 | 200 | 207 | ||||||
Rev., AGM, 5.00%, 01/01/2027 | 125 | 135 | ||||||
Rev., AGM, 5.00%, 07/01/2027 | 500 | 548 | ||||||
Rev., BAM, 5.00%, 01/01/2049 | 2,000 | 2,074 | ||||||
Rev., AGM, 5.00%, 07/01/2053 | 3,675 | 3,865 | ||||||
Rev., AGM, 5.00%, 07/01/2055 | 4,615 | 4,824 | ||||||
Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039 | 1,400 | 1,378 | ||||||
Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033 | 1,010 | 1,154 | ||||||
Municipal Electric Authority of Georgia, Subordinate Project One, | ||||||||
Series A, Rev., 5.00%, 01/01/2030 | 705 | 791 | ||||||
Series A, Rev., 5.00%, 01/01/2031 | 1,715 | 1,941 | ||||||
Northwest Georgia Housing Authority, Dallas Manor Apartments Projects, Rev., HUD, 0.25%, 10/01/2024 (z) | 260 | 255 | ||||||
Paulding County Hospital Authority, Anticipation Certificates Wellstar Health, | ||||||||
Rev., 5.00%, 04/01/2036 | 325 | 355 | ||||||
Rev., 5.00%, 04/01/2038 | 500 | 537 | ||||||
Private Colleges & Universities Authority, Emory University, Series B, Rev., 4.00%, 09/01/2039 | 1,420 | 1,459 | ||||||
Private Colleges & Universities Authority, Savannah College of Art And Design, | ||||||||
Rev., 4.00%, 04/01/2038 | 1,400 | 1,405 | ||||||
Rev., 5.00%, 04/01/2027 | 400 | 431 | ||||||
Savannah Economic Development Authority, International Paper Company Project, Rev., 1.90%, 08/01/2024 | 150 | 145 | ||||||
State of Georgia, | ||||||||
Series A1, GO, 5.00%, 02/01/2024 | 100 | 102 | ||||||
Series A, GO, 5.00%, 08/01/2023 | 85 | 86 | ||||||
Series C, GO, 4.00%, 07/01/2027 | 1,000 | 1,070 | ||||||
Series C, GO, 5.00%, 07/01/2031 | 500 | 604 | ||||||
Series E, GO, 5.00%, 12/01/2027 | 1,570 | 1,720 | ||||||
Series F, GO, 5.00%, 01/01/2025 | 2,000 | 2,086 | ||||||
State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035 | 750 | 819 | ||||||
State of Georgia, Group 2, Series A, GO, 4.00%, 08/01/2034 | 1,000 | 1,095 | ||||||
State of Georgia, Tranche #1, Series A, GO, 5.00%, 07/01/2023 | 1,420 | 1,428 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Georgia continued | ||||||||
State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2,000 | 2,322 | ||||||
Valdosta Housing Authority, Tishco Rural Rental Housing, Rev., 1.25%, 02/01/2025 (z) | 375 | 368 | ||||||
Villa Rica Downtown Development Authority, Arbours At Villa Rica Project, Rev., 1.25%, 08/01/2025 (z) | 4,415 | 4,279 | ||||||
Walker County Development Authority, Gateway At Rossville Project, Rev., 0.46%, 12/01/2024 (z) | 1,000 | 976 | ||||||
|
|
|||||||
231,898 | ||||||||
|
|
|||||||
Guam 0.0% (g) | ||||||||
Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 (w) | 750 | 786 | ||||||
Territory of Guam, Series F, Rev., 4.00%, 01/01/2042 | 1,000 | 904 | ||||||
|
|
|||||||
1,690 | ||||||||
|
|
|||||||
Hawaii 0.4% | ||||||||
City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035 | 2,110 | 2,329 | ||||||
City & County of Honolulu, | ||||||||
Series A, GO, 5.00%, 10/01/2025 | 15 | 16 | ||||||
Series A, GO, 5.00%, 09/01/2027 | 30 | 33 | ||||||
Series C, GO, 5.00%, 10/01/2029 | 1,000 | 1,164 | ||||||
State of Hawaii, Series FG, GO, 4.00%, 10/01/2032 | 2,000 | 2,071 | ||||||
State of Hawaii Airports System Revenue, | ||||||||
Series A, Rev., AMT, 5.00%, 07/01/2032 | 1,500 | 1,616 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2033 | 1,630 | 1,753 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2034 | 2,000 | 2,202 | ||||||
Series B, Rev., 5.00%, 07/01/2026 | 1,250 | 1,349 | ||||||
State of Hawaii Department of Budget & Finance, Rev., 3.20%, 07/01/2039 | 3,000 | 2,546 | ||||||
State of Hawaii Harbor System Revenue, | ||||||||
Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 262 | ||||||
Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 522 | ||||||
Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 776 | ||||||
Series A, Rev., AMT, 4.00%, 07/01/2034 | 3,555 | 3,651 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 269 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 547 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 278 | ||||||
Series C, Rev., 4.00%, 07/01/2032 | 200 | 214 | ||||||
State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029 | 1,000 | 1,142 | ||||||
State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1,000 | 1,159 | ||||||
|
|
|||||||
23,899 | ||||||||
|
|
|||||||
Idaho 0.1% | ||||||||
Idaho Health Facilities Authority, Trinity Health Credit Group, Series A, Rev., 5.00%, 12/01/2047 | 1,715 | 1,767 | ||||||
Idaho Housing & Finance Association, Garvee, | ||||||||
Series A, Rev., 5.00%, 07/15/2029 | 280 | 320 | ||||||
Series A, Rev., 5.00%, 07/15/2030 | 1,250 | 1,451 | ||||||
Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037 | 165 | 191 | ||||||
|
|
|||||||
3,729 | ||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Illinois 6.9% | ||||||||
Champaign County Community Unit School District No. 4 Champaign, GO, 5.00%, 01/01/2029 | 1,765 | 1,878 | ||||||
Chicago Board of Education, | ||||||||
Series A, GO, AGM, 5.00%, 12/01/2026 | 10 | 10 | ||||||
Series A, GO, 5.00%, 12/01/2041 | 1,000 | 996 | ||||||
Series A, GO, 5.00%, 12/01/2042 | 9,500 | 9,256 | ||||||
Chicago Board of Education Dedicated Capital Improvement Tax, | ||||||||
Rev., 5.25%, 04/01/2039 | 3,125 | 3,341 | ||||||
Rev., 5.75%, 04/01/2048 | 4,000 | 4,355 | ||||||
Chicago Board of Education, Capital Appreciation School Reform, | ||||||||
Series A, GO, NATL, Zero Coupon, 12/01/2024 | 500 | 472 | ||||||
Series A, GO, NATL, Zero Coupon, 12/01/2025 | 255 | 232 | ||||||
Series A, GO, NATL, Zero Coupon, 12/01/2029 | 1,220 | 948 | ||||||
Series B1, GO, NATL, Zero Coupon, 12/01/2028 | 500 | 406 | ||||||
Series B1, GO, NATL, Zero Coupon, 12/01/2029 | 1,105 | 858 | ||||||
Chicago Board of Education, Dedicated, | ||||||||
Series C, GO, 5.00%, 12/01/2034 | 2,000 | 2,058 | ||||||
Series G, GO, 5.00%, 12/01/2034 | 1,000 | 1,029 | ||||||
Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046 | 10,000 | 10,182 | ||||||
Chicago Midway International Airport, Second Lien, Series A, Rev., AMT, 5.00%, 01/01/2041 | 3,000 | 3,002 | ||||||
Chicago OHare International Airport, | ||||||||
Rev., AMT, 5.00%, 01/01/2030 | 3,400 | 3,479 | ||||||
Rev., AMT, 5.00%, 01/01/2032 | 2,000 | 2,045 | ||||||
Chicago OHare International Airport, Passenger Facility Charge, Rev., AMT, 5.00%, 01/01/2032 | 3,500 | 3,503 | ||||||
Chicago OHare International Airport, Senior Lien, | ||||||||
Series A, Rev., 4.00%, 01/01/2035 | 3,500 | 3,637 | ||||||
Series A, Rev., 5.00%, 01/01/2035 | 6,000 | 6,733 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5307, Rev., 5.00%, 06/01/2023 | 700 | 702 | ||||||
Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028 | 1,000 | 1,090 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., BAM, 5.00%, 12/01/2046 | 4,500 | 4,783 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Second Lien, | ||||||||
Rev., 5.00%, 12/01/2051 | 4,750 | 4,845 | ||||||
Series A, Rev., 4.00%, 12/01/2049 | 4,000 | 3,786 | ||||||
Series A, Rev., 5.00%, 12/01/2055 | 2,000 | 2,075 | ||||||
Chicago Transit Authority, Sales Tax Receipts Fund, | ||||||||
Rev., AGM, 5.00%, 12/01/2044 | 1,000 | 1,028 | ||||||
Rev., 5.25%, 12/01/2049 | 10,000 | 10,110 | ||||||
Series A, Rev., 5.00%, 12/01/2045 | 6,750 | 7,010 | ||||||
City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034 | 1,565 | 1,574 | ||||||
City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1,000 | 1,022 | ||||||
City of Chicago, | ||||||||
Series A, GO, 5.00%, 01/01/2027 | 5,500 | 5,753 | ||||||
Series A, GO, 5.00%, 01/01/2033 | 1,000 | 1,062 | ||||||
Series A, GO, 5.00%, 01/01/2034 | 4,500 | 4,759 | ||||||
Series A, GO, 5.50%, 01/01/2049 | 6,325 | 6,615 | ||||||
Series A, GO, 6.00%, 01/01/2038 | 8,775 | 9,375 | ||||||
Series B, GO, 4.00%, 01/01/2038 (e) | 521 | 487 | ||||||
Series C, GO, Zero Coupon, 01/01/2027 | 500 | 435 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Illinois continued | ||||||||
Series C, GO, 5.00%, 01/01/2025 | 45 | 46 | ||||||
Series C, GO, 5.00%, 01/01/2028 | 1,450 | 1,492 | ||||||
City of Chicago Special Assessment Revenue, Lakeshore East Project, | ||||||||
Special Assessment, 2.69%, 12/01/2026 (e) | 305 | 289 | ||||||
Special Assessment, 3.04%, 12/01/2028 (e) | 270 | 250 | ||||||
City of Chicago Wastewater Transmission Revenue, Second Lien, Rev., 5.00%, 01/01/2042 | 575 | 575 | ||||||
City of Chicago Waterworks Revenue, Second Lien Project, | ||||||||
Rev., 4.00%, 11/01/2037 | 1,000 | 1,000 | ||||||
Rev., 5.00%, 11/01/2023 | 100 | 101 | ||||||
Rev., 5.00%, 11/01/2044 | 2,410 | 2,432 | ||||||
City of Chicago, Chicago Works, | ||||||||
Series A, GO, 5.25%, 01/01/2038 | 2,680 | 2,876 | ||||||
Series A, GO, 5.50%, 01/01/2039 | 1,180 | 1,284 | ||||||
Series A, GO, 5.50%, 01/01/2040 | 1,000 | 1,077 | ||||||
Series A, GO, 5.50%, 01/01/2041 | 1,000 | 1,058 | ||||||
Series A, GO, 5.50%, 01/01/2043 | 1,500 | 1,580 | ||||||
City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027 | 5,000 | 4,434 | ||||||
Cook County Community College District No. 508, City Colleges Chicago, | ||||||||
GO, 5.13%, 12/01/2038 | 1,000 | 1,002 | ||||||
GO, 5.25%, 12/01/2030 | 1,000 | 1,004 | ||||||
Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 | 2,000 | 2,189 | ||||||
Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1,910 | 2,017 | ||||||
Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2,000 | 2,113 | ||||||
County of Cook, | ||||||||
Series A, GO, 5.00%, 11/15/2025 | 960 | 1,013 | ||||||
Series A, GO, AGM, 5.00%, 11/15/2026 | 1,000 | 1,081 | ||||||
Series A, GO, 5.00%, 11/15/2026 | 3,900 | 4,204 | ||||||
Series A, GO, 5.00%, 11/15/2033 | 250 | 290 | ||||||
County of Cook Sales Tax Revenue, | ||||||||
Series A, Rev., 5.00%, 11/15/2025 | 690 | 728 | ||||||
Series A, Rev., 5.25%, 11/15/2045 | 2,500 | 2,721 | ||||||
County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1,240 | 1,348 | ||||||
Illinois Finance Authority, | ||||||||
Series A, Rev., 4.00%, 07/15/2036 | 710 | 736 | ||||||
Series A, Rev., 4.00%, 07/15/2039 | 3,000 | 3,049 | ||||||
Series B2, Rev., 5.00%, 05/15/2050 (z) | 2,550 | 2,696 | ||||||
Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e) | 500 | 378 | ||||||
Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030 | 2,600 | 2,651 | ||||||
Illinois Finance Authority, American Water Capital Corp. Project, Rev., 0.70%, 05/01/2040 (z) | 895 | 885 | ||||||
Illinois Finance Authority, Ann & Robert H. Lurie Childrens Hospital of Chicago, Rev., 5.00%, 08/15/2035 | 500 | 529 | ||||||
Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045 | 14,250 | 14,590 | ||||||
Illinois Finance Authority, Centegra Health System, Series A, Rev., 5.00%, 09/01/2025 (p) | 130 | 134 | ||||||
Illinois Finance Authority, Depaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e) | 1,360 | 1,342 | ||||||
Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4,160 | 4,298 | ||||||
Illinois Finance Authority, Green Bonds, | ||||||||
Rev., 4.00%, 01/01/2033 | 8,190 | 8,885 | ||||||
Rev., 4.00%, 07/01/2040 | 1,500 | 1,518 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Illinois continued | ||||||||
Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery, | ||||||||
Rev., 4.00%, 10/01/2040 | 1,750 | 1,591 | ||||||
Rev., 5.00%, 10/01/2032 | 750 | 812 | ||||||
Rev., 5.00%, 10/01/2034 | 125 | 134 | ||||||
Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028 | 100 | 112 | ||||||
Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 1,080 | 1,103 | ||||||
Illinois Finance Authority, Northshore University Health System, Rev., 5.00%, 08/15/2035 | 1,500 | 1,702 | ||||||
Illinois Finance Authority, OSF Healthcare System, | ||||||||
Rev., 4.00%, 05/15/2050 | 1,000 | 905 | ||||||
Series A, Rev., 5.00%, 11/15/2045 | 10,900 | 11,020 | ||||||
Series B1, Rev., 5.00%, 05/15/2050 (z) | 2,250 | 2,290 | ||||||
Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 | 400 | 343 | ||||||
Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.67%, 05/01/2042 (aa) | 180 | 175 | ||||||
Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2,135 | 2,264 | ||||||
Illinois Finance Authority, Swedish Covenant Hospital, | ||||||||
Rev., 5.00%, 08/15/2032 (p) | 4,000 | 4,275 | ||||||
Series A, Rev., 5.00%, 08/15/2026 (p) | 1,690 | 1,806 | ||||||
Illinois Finance Authority, The Carle Foundation, | ||||||||
Series A, Rev., 3.00%, 08/15/2048 | 2,850 | 2,168 | ||||||
Series A, Rev., 5.00%, 08/15/2031 | 2,530 | 2,935 | ||||||
Series B, Rev., 5.00%, 08/15/2053 (z) | 285 | 322 | ||||||
Illinois Finance Authority, The University Of Chicago, Series A, Rev., 5.25%, 05/15/2048 | 2,000 | 2,268 | ||||||
Illinois Finance Authority, UChicago Medicine, | ||||||||
Rev., 5.00%, 08/15/2052 (z) | 1,710 | 1,859 | ||||||
Series A, Rev., 5.00%, 08/15/2047 | 17,000 | 18,225 | ||||||
Illinois Finance Authority, University of Chicago, | ||||||||
Series A, Rev., 5.00%, 10/01/2028 | 3,000 | 3,406 | ||||||
Series A, Rev., 5.00%, 10/01/2034 | 1,750 | 2,150 | ||||||
Series A, Rev., 5.00%, 10/01/2035 | 1,400 | 1,717 | ||||||
Illinois Finance Authority, University Of Chicago, | ||||||||
Series A, Rev., 5.00%, 10/01/2038 | 1,000 | 1,212 | ||||||
Series A, Rev., 5.25%, 10/01/2052 (p) | 335 | 335 | ||||||
Illinois Housing Development Authority, | ||||||||
Series C, Rev., FHA, 0.80%, 07/01/2026 | 270 | 250 | ||||||
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.75%, 04/01/2050 | 1,445 | 1,447 | ||||||
Illinois Housing Development Authority, Social Bonds, | ||||||||
Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 4,000 | 3,918 | ||||||
Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 420 | 411 | ||||||
Illinois Sports Facilities Authority (The), State Tax Supported, | ||||||||
Rev., 5.00%, 06/15/2030 | 500 | 514 | ||||||
Rev., AGM, 5.25%, 06/15/2031 | 225 | 228 | ||||||
Illinois State Toll Highway Authority, | ||||||||
Series A, Rev., 5.00%, 01/01/2028 | 185 | 197 | ||||||
Series A, Rev., 5.00%, 01/01/2041 | 3,300 | 3,622 | ||||||
Series A, Rev., 5.00%, 01/01/2044 | 6,580 | 7,013 | ||||||
Series B, Rev., 5.00%, 01/01/2029 | 100 | 106 | ||||||
Series B, Rev., 5.00%, 01/01/2037 | 5,000 | 5,055 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Illinois continued | ||||||||
Illinois State Toll Highway Authority, Senior, | ||||||||
Series A, Rev., 5.00%, 12/01/2031 | 5,115 | 5,404 | ||||||
Series B, Rev., 5.00%, 01/01/2028 | 4,000 | 4,468 | ||||||
Series B, Rev., 5.00%, 01/01/2041 | 2,190 | 2,273 | ||||||
Illinois State Toll Highway Authority, Toll Highway Revenue, | ||||||||
Series A, Rev., 5.00%, 01/01/2036 | 1,000 | 1,131 | ||||||
Series A, Rev., 5.00%, 01/01/2037 | 1,555 | 1,747 | ||||||
Illinois State University, Auxiliary Facilities System, Series A, Rev., AGM, 5.00%, 04/01/2023 | 500 | 500 | ||||||
Macon County, School District No. 61 Decatur, | ||||||||
GO, AGM, 4.00%, 01/01/2040 | 1,420 | 1,424 | ||||||
GO, AGM, 4.00%, 01/01/2045 | 3,000 | 2,954 | ||||||
Metropolitan Pier & Exposition Authority, Rev., NATL, Zero Coupon, 12/15/2034 | 500 | 314 | ||||||
Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042 | 5,645 | 5,786 | ||||||
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick, | ||||||||
Rev., NATL, Zero Coupon, 12/15/2035 | 500 | 296 | ||||||
Rev., NATL, Zero Coupon, 06/15/2036 | 6,000 | 3,453 | ||||||
Rev., NATL, Zero Coupon, 06/15/2037 | 500 | 268 | ||||||
Rev., AGM, Zero Coupon, 06/15/2044 | 500 | 186 | ||||||
Series B, Rev., AGM, Zero Coupon, 06/15/2027 | 660 | 574 | ||||||
Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028 | 250 | 208 | ||||||
Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027 | 125 | 130 | ||||||
Metropolitan Pier & Exposition Authority, McCormick Place, | ||||||||
Rev., Zero Coupon, 06/15/2037 | 1,175 | 606 | ||||||
Rev., Zero Coupon, 06/15/2041 | 1,750 | 707 | ||||||
Metropolitan Pier & Exposition Authority, McCormick Place Expansion, | ||||||||
Rev., 3.00%, 06/15/2025 | 150 | 148 | ||||||
Rev., 4.00%, 12/15/2042 | 4,990 | 4,598 | ||||||
Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 | 2,065 | 2,201 | ||||||
Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033 | 1,000 | 1,030 | ||||||
Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2023 | 130 | 130 | ||||||
Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2025 | 25 | 27 | ||||||
Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048 | 2,000 | 2,070 | ||||||
Sales Tax Securitization Corp., Second Lien, Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 816 | ||||||
Southern Illinois University, Housing, Rev., BAM, 5.00%, 04/01/2032 | 650 | 721 | ||||||
Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 | 1,215 | 1,260 | ||||||
State of Illinois, | ||||||||
GO, 4.00%, 06/01/2036 | 485 | 487 | ||||||
GO, 5.00%, 07/01/2023 | 85 | 85 | ||||||
GO, 5.00%, 01/01/2028 | 6,810 | 7,171 | ||||||
GO, 5.00%, 02/01/2028 | 3,000 | 3,218 | ||||||
GO, 5.00%, 01/01/2029 | 2,085 | 2,187 | ||||||
GO, 5.00%, 02/01/2029 | 1,000 | 1,071 | ||||||
GO, 5.25%, 02/01/2030 | 2,000 | 2,027 | ||||||
GO, 5.50%, 05/01/2030 | 2,000 | 2,251 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Illinois continued | ||||||||
GO, 5.50%, 07/01/2038 | 1,000 | 1,003 | ||||||
Series A, GO, 4.00%, 03/01/2041 | 250 | 240 | ||||||
Series A, GO, 5.00%, 10/01/2023 | 300 | 303 | ||||||
Series A, GO, 5.00%, 03/01/2024 | 80 | 81 | ||||||
Series A, GO, 5.00%, 11/01/2026 | 1,360 | 1,454 | ||||||
Series A, GO, 5.00%, 03/01/2027 | 2,355 | 2,532 | ||||||
Series A, GO, 5.00%, 03/01/2028 | 2,500 | 2,730 | ||||||
Series A, GO, 5.00%, 03/01/2030 | 1,000 | 1,120 | ||||||
Series A, GO, 5.00%, 03/01/2046 | 1,000 | 1,058 | ||||||
Series A, GO, 5.50%, 03/01/2042 | 1,500 | 1,669 | ||||||
Series A, GO, 5.50%, 03/01/2047 | 2,690 | 2,965 | ||||||
Series B, GO, 5.00%, 10/01/2029 | 1,000 | 1,114 | ||||||
Series B, GO, 5.00%, 10/01/2031 | 5,000 | 5,615 | ||||||
Series B, GO, 5.50%, 05/01/2039 | 250 | 277 | ||||||
Series C, GO, 5.00%, 11/01/2029 | 4,200 | 4,546 | ||||||
Series C, GO, 5.25%, 10/01/2047 | 3,000 | 3,249 | ||||||
Series D, GO, 5.00%, 11/01/2024 | 1,000 | 1,030 | ||||||
Series D, GO, 5.00%, 11/01/2026 | 1,980 | 2,117 | ||||||
Series D, GO, 5.00%, 11/01/2027 | 6,080 | 6,601 | ||||||
Series D, GO, 5.00%, 11/01/2028 | 2,500 | 2,712 | ||||||
State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029 | 2,250 | 2,358 | ||||||
State of Illinois Sales Tax Revenue, Junior Obligation, | ||||||||
Series A, Rev., BAM, 4.00%, 06/15/2026 | 505 | 518 | ||||||
Series A, Rev., BAM, 4.00%, 06/15/2031 | 1,500 | 1,584 | ||||||
State of Illinois, Build America Bonds, | ||||||||
GO, 6.90%, 03/01/2035 | 1,000 | 1,100 | ||||||
GO, 7.35%, 07/01/2035 | 3,714 | 4,077 | ||||||
University of Illinois, Auxiliary Facilities System, Series A, Rev., 5.00%, 04/01/2025 | 140 | 143 | ||||||
University of Illinois, Auxiliary Facility, Series A, Rev., AGM-CR, 4.00%, 04/01/2036 | 4,730 | 4,728 | ||||||
Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10,000 | 11,063 | ||||||
Will County Community Unit School District No. 209-U Wilmington, GO, AGM, 5.50%, 02/01/2038 | 1,195 | 1,345 | ||||||
Will Grundy Etc. Counties Community College District No. 525, Alternative Revenue Source, Series B, GO, 5.50%, 06/01/2031 (p) | 3,375 | 3,440 | ||||||
|
|
|||||||
429,415 | ||||||||
|
|
|||||||
Indiana 2.1% | ||||||||
City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047 | 1,000 | 969 | ||||||
City of Franklin, Otterbein Homes, Series B, Rev., 5.00%, 07/01/2023 | 115 | 115 | ||||||
City of Kokomo, KHA RAD I Apartments, Rev., HUD, 0.56%, 02/01/2025 (z) | 2,175 | 2,112 | ||||||
City of Mount Vernon, Southern Industry Gas And Electric Company, Rev., AMT, 0.88%, 09/01/2055 (z) | 250 | 248 | ||||||
City of Rockport, Industry Pollution Control, Michigan Power Company Project, Rev., 2.75%, 06/01/2025 | 100 | 99 | ||||||
City of Whiting, BP Products North America, Inc. Project, Rev., AMT, 5.00%, 11/01/2047 (z) | 5,000 | 5,065 | ||||||
Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042 | 925 | 1,026 | ||||||
Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1,500 | 1,451 | ||||||
Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036 | 1,000 | 1,051 | ||||||
Indiana Finance Authority, Community Health Network, Series A, Rev., 5.00%, 05/01/2042 (p) | 55 | 55 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Indiana continued | ||||||||
Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047 | 8,000 | 8,200 | ||||||
Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z) | 3,305 | 3,379 | ||||||
Indiana Finance Authority, First Lien, CWA Authority Project, Rev., 5.00%, 10/01/2023 | 45 | 45 | ||||||
Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037 | 1,440 | 1,455 | ||||||
Indiana Finance Authority, Indianapolis Power, | ||||||||
Series A, Rev., 0.75%, 12/01/2038 (z) | 4,875 | 4,347 | ||||||
Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | 7,025 | 6,323 | ||||||
Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040 | 5,060 | 5,024 | ||||||
Indiana Finance Authority, Ohio Valley Electric Corp. Project, | ||||||||
Series A, Rev., 4.25%, 11/01/2030 | 2,000 | 2,017 | ||||||
Series B, Rev., 2.50%, 11/01/2030 | 1,000 | 895 | ||||||
Indiana Finance Authority, Private Activity Ohio River Bridge, Rev., AMT, 5.00%, 07/01/2035 (p) | 2,000 | 2,011 | ||||||
Indiana Finance Authority, Private Activity Ohio River Bridges Project, Rev., AMT, 5.00%, 07/01/2044 (p) | 10,000 | 10,053 | ||||||
Indiana Finance Authority, Private Activity, Ohio River Bridges, Rev., AMT, 5.00%, 07/01/2048 (p) | 7,435 | 7,474 | ||||||
Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035 | 3,000 | 3,470 | ||||||
Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 142 | ||||||
Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037 | 1,150 | 1,168 | ||||||
Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1,000 | 928 | ||||||
Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034 | 1,315 | 1,300 | ||||||
Indiana Health Facility Financing Authority, Ascension Health Substitute Credit Group, Series A, Rev., 4.00%, 11/01/2023 | 85 | 86 | ||||||
Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 810 | 794 | ||||||
Indiana Housing & Community Development Authority, RD Moving Forward Justus Project, Rev., 0.33%, 06/01/2024 (z) | 135 | 134 | ||||||
Indiana Housing & Community Development Authority, Social Bonds, | ||||||||
Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053 | 250 | 272 | ||||||
Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052 | 990 | 964 | ||||||
Series C1, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052 | 45 | 44 | ||||||
Indiana Municipal Power Agency, Series A, Rev., 5.00%, 01/01/2029 | 400 | 454 | ||||||
Indianapolis Local Public Improvement Bond Bank, | ||||||||
Series A, Rev., AGM, 4.00%, 06/01/2036 | 5,000 | 5,137 | ||||||
Series A, Rev., AGM, 4.00%, 06/01/2041 | 9,000 | 8,879 | ||||||
Series A, Rev., 5.00%, 06/01/2024 | 15 | 15 | ||||||
Series A, Rev., 5.00%, 06/01/2025 | 500 | 523 | ||||||
Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 210 | ||||||
Indianapolis Local Public Improvement Bond Bank, CityWay 1 Project, Series B, Rev., 5.00%, 02/01/2024 | 175 | 178 | ||||||
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029 | 2,855 | 3,117 | ||||||
Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority, | ||||||||
Series D, Rev., AMT, 5.00%, 01/01/2029 | 3,000 | 3,028 | ||||||
Series D, Rev., AMT, 5.00%, 01/01/2030 | 2,000 | 2,019 | ||||||
Series D, Rev., AMT, 5.00%, 01/01/2031 | 4,000 | 4,035 | ||||||
Series D, Rev., AMT, 5.00%, 01/01/2032 | 4,500 | 4,536 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Indiana continued | ||||||||
Series D, Rev., AMT, 5.00%, 01/01/2033 | 3,500 | 3,525 | ||||||
Series I, Rev., AMT, 5.00%, 01/01/2032 | 4,885 | 4,987 | ||||||
Series I, Rev., AMT, 5.00%, 01/01/2033 | 5,000 | 5,102 | ||||||
Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10,000 | 10,011 | ||||||
Purdue University, Series A, Rev., 5.00%, 07/01/2027 | 1,500 | 1,664 | ||||||
Southwest Allen Multi School Building Corp., 1st Mortgage, Rev., 5.00%, 01/15/2030 | 1,200 | 1,340 | ||||||
Tippecanoe School Corp., GO, 4.00%, 07/15/2023 | 1,080 | 1,084 | ||||||
|
|
|||||||
132,560 | ||||||||
|
|
|||||||
Iowa 0.6% | ||||||||
Clinton Community School District, | ||||||||
GO, AGM, 5.00%, 06/01/2024 | 1,425 | 1,462 | ||||||
GO, AGM, 5.00%, 06/01/2026 | 1,290 | 1,384 | ||||||
Iowa Finance Authority, | ||||||||
Series A, Rev., 5.00%, 08/01/2034 | 1,030 | 1,222 | ||||||
Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049 | 330 | 328 | ||||||
Iowa Finance Authority, Iowa Fertilizer Company Project, | ||||||||
Rev., 4.00%, 12/01/2050 (z) | 5,905 | 5,743 | ||||||
Rev., 5.00%, 12/01/2050 | 2,435 | 2,381 | ||||||
Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 1,995 | 1,953 | ||||||
Iowa Tobacco Settlement Authority, Subordinate, | ||||||||
Series B1, Rev., 4.00%, 06/01/2049 | 7,750 | 7,649 | ||||||
Series B, Rev., Zero Coupon, 06/01/2065 | 15,345 | 1,637 | ||||||
PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 2,745 | 2,800 | ||||||
Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025 | 3,625 | 3,632 | ||||||
Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5,185 | 5,827 | ||||||
|
|
|||||||
36,018 | ||||||||
|
|
|||||||
Kansas 0.4% | ||||||||
Butler County Unified School District No. 385 Andover, Refunding And School Building, GO, 5.00%, 09/01/2032 (p) | 1,000 | 1,115 | ||||||
City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036 | 1,000 | 814 | ||||||
Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043 | 2,000 | 2,012 | ||||||
Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z) | 1,500 | 1,663 | ||||||
Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p) | 1,000 | 1,110 | ||||||
University of Kansas Hospital Authority, Improvement Ku Health System, Rev., 5.00%, 09/01/2045 | 3,800 | 3,877 | ||||||
University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p) | 3,865 | 4,235 | ||||||
University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047 | 7,350 | 7,542 | ||||||
Wyandotte County Unified School District No. 203 Piper, | ||||||||
Series A, GO, AGM, 5.00%, 09/01/2040 | 900 | 1,020 | ||||||
Series A, GO, AGM, 5.25%, 09/01/2052 | 1,000 | 1,109 | ||||||
|
|
|||||||
24,497 | ||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Kentucky 1.2% | ||||||||
City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e) | 1,685 | 1,569 | ||||||
County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032 | 8,620 | 7,268 | ||||||
County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026 | 605 | 552 | ||||||
County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 | 8,100 | 7,424 | ||||||
County of Trimble, Louisville Gas And Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 1,000 | 844 | ||||||
Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040 | 420 | 396 | ||||||
Kentucky Economic Development Finance Authority, Norton Healthcare, Inc., | ||||||||
Series B, Rev., NATL, Zero Coupon, 10/01/2026 | 3,930 | 3,502 | ||||||
Series B, Rev., NATL, Zero Coupon, 10/01/2027 | 1,995 | 1,718 | ||||||
Kentucky Economic Development Finance Authority, Senior Next Generation Information, Rev., 5.00%, 07/01/2040 | 5,000 | 5,021 | ||||||
Kentucky Housing Corp., Cambridge Square Project, Rev., 0.30%, 08/01/2024 (z) | 575 | 557 | ||||||
Kentucky Housing Corp., New Hope Properties Portfolio, Rev., HUD, 0.41%, 04/01/2024 (z) | 275 | 269 | ||||||
Kentucky Public Energy Authority, | ||||||||
Series A1, Rev., 4.00%, 08/01/2052 (z) | 1,000 | 976 | ||||||
Series A2, Rev., (ICE LIBOR USD 1 Month * 0.67 + 1.12%), 4.24%, 12/01/2049 (aa) | 1,000 | 1,001 | ||||||
Series A2, Rev., (United States SOFR * 0.67 + 1.20%), 4.43%, 08/01/2052 (aa) | 2,500 | 2,387 | ||||||
Series C, Rev., 4.00%, 02/01/2050 (z) | 10,885 | 10,745 | ||||||
Kentucky Public Energy Authority, Gas Supply, Series B, Rev., 4.00%, 01/01/2049 (z) | 12,885 | 12,878 | ||||||
Kentucky State University, Kentucky State University Project, | ||||||||
COP, BAM, 4.00%, 11/01/2033 | 145 | 157 | ||||||
COP, BAM, 4.00%, 11/01/2035 | 135 | 142 | ||||||
COP, BAM, 4.00%, 11/01/2036 | 155 | 160 | ||||||
COP, BAM, 4.00%, 11/01/2038 | 650 | 657 | ||||||
Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2,750 | 2,547 | ||||||
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 | 670 | 708 | ||||||
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033 | 1,000 | 821 | ||||||
Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027 | 2,000 | 1,805 | ||||||
Louisville/Jefferson County Metropolitan Government, Norton Healthcare Obligation Group, Rev., 5.75%, 10/01/2042 | 5,000 | 5,048 | ||||||
Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 | 3,180 | 3,282 | ||||||
|
|
|||||||
72,434 | ||||||||
|
|
|||||||
Louisiana 1.3% | ||||||||
City of Alexandria, Utilities Revenue, Series A, Rev., 5.00%, 05/01/2038 (p) | 2,000 | 2,004 | ||||||
City of New Orleans Sewerage Service Revenue, Rev., 5.00%, 06/01/2045 (p) | 2,000 | 2,107 | ||||||
City of Shreveport, Water & Sewer Improvement, GO, 5.00%, 09/01/2032 (p) | 4,390 | 4,528 | ||||||
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., AGM, 5.00%, 08/01/2027 | 1,400 | 1,539 | ||||||
East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4,500 | 3,836 | ||||||
Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (f) | 630 | 498 | ||||||
Louisiana Housing Corp., Hollywood Acres And Hollywood Heights Projects, Rev., 0.55%, 12/01/2023 | 165 | 161 | ||||||
Louisiana Housing Corp., Mabry Place Townhouse Project, Rev., 0.31%, 08/01/2024 (z) | 1,955 | 1,931 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Louisiana continued | ||||||||
Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052 | 1,245 | 1,313 | ||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project, | ||||||||
Rev., 2.00%, 06/01/2030 | 2,755 | 2,452 | ||||||
Rev., 2.50%, 04/01/2036 | 1,000 | 829 | ||||||
Louisiana Public Facilities Authority, Loyola University Project, Rev., 4.00%, 10/01/2038 | 2,560 | 2,433 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation, Series B, Rev., 5.00%, 05/15/2050 (z) | 1,100 | 1,139 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042 | 1,480 | 1,519 | ||||||
New Orleans Aviation Board, | ||||||||
Series B, Rev., AMT, 5.00%, 01/01/2040 | 14,500 | 14,594 | ||||||
Series B, Rev., AMT, 5.00%, 01/01/2045 | 4,000 | 4,009 | ||||||
New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1,100 | 1,154 | ||||||
New Orleans Aviation Board, General Airport North Terminal, | ||||||||
Series B, Rev., AMT, 5.00%, 01/01/2038 | 1,000 | 1,031 | ||||||
Series B, Rev., AMT, 5.00%, 01/01/2048 | 5,000 | 5,064 | ||||||
Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (w) (z) | 2,625 | 2,625 | ||||||
Parish of St. John the Baptist, Marathon Oil Corp. Project, Series B1, Rev., 2.13%, 06/01/2037 (z) | 875 | 854 | ||||||
Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1,170 | 1,219 | ||||||
St. Tammany Parish Hospital Service District No. 1, | ||||||||
Series A, Rev., 5.00%, 07/01/2032 | 1,615 | 1,725 | ||||||
Series A, Rev., 5.00%, 07/01/2034 | 1,655 | 1,753 | ||||||
State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9,555 | 10,544 | ||||||
State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, | ||||||||
Series A, Rev., 0.60%, 05/01/2043 (z) | 4,135 | 4,135 | ||||||
Series A, Rev., (United States SOFR * 0.70 + 0.50%), 3.87%, 05/01/2043 (aa) | 1,135 | 1,113 | ||||||
Series D, Rev., 0.60%, 05/01/2043 (z) | 1,605 | 1,605 | ||||||
Tobacco Settlement Financing Corp., Asset Backed, Series A, Rev., 5.00%, 05/15/2023 | 125 | 125 | ||||||
|
|
|||||||
77,839 | ||||||||
|
|
|||||||
Maine 0.2% | ||||||||
Finance Authority of Maine, Supplemental Educational Loan Program, | ||||||||
Series A1, Rev., AGM, AMT, 2.38%, 12/01/2033 | 705 | 631 | ||||||
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2023 | 165 | 167 | ||||||
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2024 | 75 | 77 | ||||||
Series A1, Rev., AGM, AMT, 5.00%, 12/01/2025 | 85 | 89 | ||||||
Maine Health & Higher Educational Facilities Authority, | ||||||||
Series A, Rev., AGM, 5.00%, 07/01/2030 | 50 | 57 | ||||||
Series A, Rev., AGM, 5.00%, 07/01/2031 | 295 | 341 | ||||||
Series A, Rev., AGM, 5.00%, 07/01/2032 | 315 | 360 | ||||||
Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051 | 970 | 948 | ||||||
Maine Turnpike Authority, | ||||||||
Rev., 4.00%, 07/01/2045 | 9,000 | 8,991 | ||||||
Rev., 5.00%, 07/01/2028 | 2,000 | 2,260 | ||||||
Rev., 5.00%, 07/01/2031 | 400 | 466 | ||||||
Rev., 5.00%, 07/01/2033 | 1,155 | 1,337 | ||||||
|
|
|||||||
15,724 | ||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Maryland 1.5% | ||||||||
City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3,200 | 3,460 | ||||||
City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 500 | 488 | ||||||
County of Baltimore, Series 83, GO, 5.00%, 03/01/2024 | 50 | 51 | ||||||
County of Howard, Series D, GO, 5.00%, 02/15/2030 | 3,000 | 3,371 | ||||||
County of Montgomery, Series B, GO, 4.00%, 11/01/2028 | 1,500 | 1,634 | ||||||
County of Montgomery, Trinity Health Credit Group, Rev., 4.00%, 12/01/2044 | 3,000 | 2,934 | ||||||
County of Prince Georges, Series A, GO, 5.00%, 07/01/2029 | 1,250 | 1,452 | ||||||
County of Prince Georges, Behavioral Health Facility, COP, 5.00%, 10/01/2023 | 650 | 657 | ||||||
County of Prince Georges, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) | 750 | 770 | ||||||
Maryland Community Development Administration, | ||||||||
Series B, Rev., 3.00%, 09/01/2051 | 155 | 152 | ||||||
Series D, Rev., 3.25%, 09/01/2050 | 2,545 | 2,513 | ||||||
Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042 | 1,430 | 1,495 | ||||||
Maryland Community Development Administration, Residential, Series B, Rev., AMT, 4.50%, 09/01/2048 | 1,505 | 1,525 | ||||||
Maryland Community Development Administration, Social Bonds, Series C, Rev., 3.00%, 09/01/2051 | 2,511 | 2,452 | ||||||
Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047 | 1,300 | 1,325 | ||||||
Maryland Economic Development Corp., Morgan State University Project, | ||||||||
Rev., 4.00%, 07/01/2040 | 665 | 602 | ||||||
Rev., 5.38%, 07/01/2038 | 1,250 | 1,330 | ||||||
Maryland Economic Development Corp., Port Covington Project, | ||||||||
Tax Allocation, 3.25%, 09/01/2030 | 1,405 | 1,288 | ||||||
Tax Allocation, 4.00%, 09/01/2040 | 2,280 | 2,000 | ||||||
Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035 | 1,000 | 1,057 | ||||||
Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare, | ||||||||
Rev., 4.00%, 01/01/2038 | 2,020 | 1,852 | ||||||
Rev., 5.00%, 01/01/2025 | 470 | 481 | ||||||
Rev., 5.00%, 01/01/2036 | 4,580 | 4,754 | ||||||
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041 | 2,315 | 2,282 | ||||||
Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue, | ||||||||
Series A, Rev., 5.00%, 05/15/2042 | 3,000 | 3,100 | ||||||
Series A, Rev., 5.00%, 05/15/2045 | 4,000 | 4,111 | ||||||
Series B, Rev., 5.00%, 08/15/2038 | 1,000 | 1,003 | ||||||
Maryland Health & Higher Educational Facilities Authority, Meritus Medical Center, Rev., 5.00%, 07/01/2028 | 1,300 | 1,343 | ||||||
Maryland Stadium Authority Built to Learn Revenue, | ||||||||
Rev., 4.00%, 06/01/2035 | 2,000 | 2,108 | ||||||
Rev., 4.00%, 06/01/2036 | 2,125 | 2,203 | ||||||
Series A, Rev., 5.00%, 06/01/2033 | 1,375 | 1,635 | ||||||
State of Maryland, Series B, GO, 5.00%, 08/01/2026 | 1,000 | 1,088 | ||||||
State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030 | 1,500 | 1,508 | ||||||
State of Maryland Department of Transportation, Baltimore Washington International, | ||||||||
Rev., AMT, 4.00%, 08/01/2037 | 865 | 854 | ||||||
Rev., AMT, 4.00%, 08/01/2038 | 965 | 947 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Maryland continued | ||||||||
Rev., AMT, 4.00%, 08/01/2039 | 1,160 | 1,132 | ||||||
State of Maryland, Bidding Group 1, Series A, GO, 5.00%, 03/15/2030 | 1,495 | 1,758 | ||||||
State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1,500 | 1,709 | ||||||
State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028 | 5,000 | 5,697 | ||||||
State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033 | 1,000 | 1,220 | ||||||
State of Maryland, State and Local Facilities Loan, Series A, GO, 5.00%, 06/01/2036 | 1,500 | 1,783 | ||||||
Tender Option Bond Trust Receipts/Certificates, Series 2018-XF0605, Rev., LIQ: Bank of America NA, 0.00%, 05/01/2047 (e) (z) | 3,300 | 3,300 | ||||||
Washington Suburban Sanitary Commission, | ||||||||
Rev., CNTY GTD, 5.00%, 06/01/2029 | 3,000 | 3,481 | ||||||
Rev., CNTY GTD, 5.00%, 06/01/2039 | 9,080 | 10,707 | ||||||
Washington Suburban Sanitary Commission, Consolidated Public Improvement, Rev., CNTY GTD, 5.00%, 06/01/2029 | 1,500 | 1,702 | ||||||
Washington Suburban Sanitary Commission, Consolidated Public Improvement Bonds, Rev., CNTY GTD, 5.00%, 06/01/2033 | 3,000 | 3,370 | ||||||
|
|
|||||||
95,684 | ||||||||
|
|
|||||||
Massachusetts 1.3% | ||||||||
Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039 | 1,570 | 1,633 | ||||||
Commonwealth of Massachusetts, | ||||||||
Rev., NATL, 5.50%, 01/01/2034 | 1,500 | 1,821 | ||||||
Series A, GO, 5.00%, 06/01/2044 (z) | 1,500 | 1,506 | ||||||
Series E, GO, 5.00%, 11/01/2047 | 5,000 | 5,581 | ||||||
Commonwealth of Massachusetts Transportation Fund Revenue, Rail Enhancement Project, Series B, Rev., 5.00%, 06/01/2025 | 375 | 395 | ||||||
Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050 | 2,175 | 2,368 | ||||||
Massachusetts Development Finance Agency, Series B, Rev., 0.25%, 07/01/2024 (z) | 370 | 366 | ||||||
Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044 | 1,150 | 1,166 | ||||||
Massachusetts Development Finance Agency, Harvard University Issue, Series A, Rev., 5.00%, 10/15/2030 | 1,000 | 1,194 | ||||||
Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045 | 10,000 | 10,210 | ||||||
Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (e) | 1,000 | 916 | ||||||
Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044 | 2,000 | 2,252 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 4.57%, 07/01/2049 (e) (aa) | 100 | 99 | ||||||
Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051 | 1,250 | 1,094 | ||||||
Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044 | 1,000 | 1,010 | ||||||
Massachusetts Educational Financing Authority, | ||||||||
Series B, Rev., AMT, 2.63%, 07/01/2036 | 300 | 287 | ||||||
Series B, Rev., AMT, 5.00%, 07/01/2023 | 250 | 251 | ||||||
Series B, Rev., AMT, 5.00%, 07/01/2024 | 615 | 627 | ||||||
Series I, Rev., AMT, 5.00%, 01/01/2025 | 3,000 | 3,080 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Massachusetts continued | ||||||||
Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037 | 180 | 154 | ||||||
Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038 | 1,030 | 968 | ||||||
Massachusetts Health & Educational Facilities Authority, Mass Institute Technology, Rev., 5.50%, 07/01/2032 | 2,000 | 2,546 | ||||||
Massachusetts Health & Educational Facilities Authority, Massachusetts Institute Technology, Series J2, Rev., VRDO, 3.75%, 04/07/2023 (z) | 4,015 | 4,015 | ||||||
Massachusetts Housing Finance Agency, Social Bond, | ||||||||
Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 3,395 | 3,328 | ||||||
Series 220, Rev., GNMA/FNMA/FHLMC, 5.00%, 12/01/2023 | 500 | 507 | ||||||
Massachusetts Housing Finance Agency, Social Bonds, | ||||||||
Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047 | 1,040 | 1,018 | ||||||
Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043 | 2,250 | 2,315 | ||||||
Massachusetts Housing Finance Agency, Sustainability Bond, | ||||||||
Series B2, Rev., 0.75%, 06/01/2025 | 115 | 108 | ||||||
Series D3, Rev., FHA HUD, 3.35%, 06/01/2027 | 650 | 654 | ||||||
Massachusetts Housing Finance Agency, Sustainability Bonds, | ||||||||
Series A2, Rev., HUD, 0.30%, 12/01/2023 | 105 | 103 | ||||||
Series A2, Rev., HUD, 0.40%, 06/01/2024 | 140 | 136 | ||||||
Massachusetts Port Authority, | ||||||||
Series A, Rev., 5.00%, 07/01/2037 | 1,000 | 1,141 | ||||||
Series E, Rev., AMT, 5.00%, 07/01/2031 | 1,495 | 1,698 | ||||||
Series E, Rev., AMT, 5.00%, 07/01/2032 | 2,000 | 2,267 | ||||||
Massachusetts Port Authority, Green Bonds, | ||||||||
Series A, Rev., AMT, 5.00%, 07/01/2031 | 925 | 1,051 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2038 | 2,580 | 2,841 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2040 | 3,500 | 3,811 | ||||||
Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027 | 1,105 | 1,180 | ||||||
Massachusetts School Building Authority, Subordinated, Series A, Rev., 5.00%, 02/15/2036 (p) | 7,190 | 7,339 | ||||||
Massachusetts Water Resources Authority, Green Bond, Series B, Rev., 5.00%, 08/01/2026 | 1,000 | 1,087 | ||||||
University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5,000 | 5,468 | ||||||
|
|
|||||||
79,591 | ||||||||
|
|
|||||||
Michigan 1.6% | ||||||||
City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., AGM, (ICE LIBOR USD 3 Month * 0.67 + 0.60%), 3.79%, 07/01/2032 (aa) | 1,000 | 939 | ||||||
City of Detroit, Social Bonds, | ||||||||
Series A, GO, 4.00%, 04/01/2041 | 500 | 438 | ||||||
Series A, GO, 5.00%, 04/01/2039 | 115 | 117 | ||||||
Series A, GO, 5.00%, 04/01/2046 | 35 | 34 | ||||||
Series A, GO, 5.00%, 04/01/2050 | 30 | 29 | ||||||
Detroit Downtown Development Authority, Catalyst Development Project, Series A, Tax Allocation, AGM, 5.00%, 07/01/2048 | 2,000 | 2,001 | ||||||
Gerald R Ford International Airport Authority, | ||||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2026 | 225 | 239 | ||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2027 | 350 | 379 | ||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2028 | 275 | 302 | ||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2029 | 600 | 668 | ||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2034 | 1,140 | 1,310 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Michigan continued | ||||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2038 | 1,300 | 1,419 | ||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2039 | 1,000 | 1,086 | ||||||
Rev., CNTY GTD, AMT, 5.00%, 01/01/2040 | 1,125 | 1,215 | ||||||
Great Lakes Water Authority Water Supply System Revenue, Taxable Senior Lien, Series C, Rev., 2.19%, 07/01/2027 | 3,000 | 2,741 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Second Lien, Series C, Rev., 5.00%, 07/01/2032 | 75 | 80 | ||||||
Great Lakes Water Authority, Sewage Disposal System, Senior Lien, Series B, Rev., 5.00%, 07/01/2030 | 3,200 | 3,440 | ||||||
Lansing Board of Water & Light, Series A, Rev., 5.00%, 07/01/2048 | 1,675 | 1,781 | ||||||
Michigan Finance Authority, | ||||||||
Rev., 5.00%, 11/15/2023 | 1,375 | 1,389 | ||||||
Rev., 5.00%, 11/15/2045 | 5,000 | 5,082 | ||||||
Michigan Finance Authority, Aquinas College Project, | ||||||||
Rev., 5.00%, 05/01/2036 | 300 | 271 | ||||||
Rev., 5.00%, 05/01/2046 | 2,000 | 1,679 | ||||||
Michigan Finance Authority, Beaumont Spectrum, | ||||||||
Rev., 4.00%, 04/15/2042 | 2,500 | 2,448 | ||||||
Rev., 5.00%, 04/15/2030 | 3,000 | 3,450 | ||||||
Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p) | 95 | 105 | ||||||
Michigan Finance Authority, Henry Ford Health System, Series A, Rev., 5.00%, 11/15/2048 | 5,000 | 5,086 | ||||||
Michigan Finance Authority, Higher Educational Facilities Authority, | ||||||||
Rev., 5.00%, 09/01/2032 | 690 | 781 | ||||||
Rev., 5.00%, 09/01/2033 | 800 | 903 | ||||||
Rev., 5.00%, 09/01/2034 | 570 | 641 | ||||||
Rev., 5.00%, 09/01/2035 | 1,200 | 1,338 | ||||||
Michigan Finance Authority, Multi Modal McLaren Health Care, | ||||||||
Rev., 4.00%, 02/15/2044 | 9,625 | 9,327 | ||||||
Rev., 4.00%, 02/15/2050 | 2,500 | 2,329 | ||||||
Michigan Finance Authority, Senior Lien Great Lakes, Rev., 5.00%, 07/01/2033 | 5,000 | 5,103 | ||||||
Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040 | 1,655 | 1,719 | ||||||
Michigan Finance Authority, Trinity Health Credit Group, Rev., 5.00%, 12/01/2036 | 1,000 | 1,101 | ||||||
Michigan State Building Authority, | ||||||||
Series I, Rev., 5.00%, 10/15/2027 | 2,500 | 2,789 | ||||||
Series I, Rev., 5.00%, 10/15/2029 | 1,750 | 2,033 | ||||||
Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 | 100 | 111 | ||||||
Michigan State Housing Development Authority, | ||||||||
Series A, Rev., 0.55%, 04/01/2025 | 375 | 353 | ||||||
Series C, Rev., 3.00%, 06/01/2051 | 2,415 | 2,367 | ||||||
Michigan State Housing Development Authority, Carpenter Place Apartments, Rev., HUD, 1.25%, 12/01/2024 (z) | 495 | 489 | ||||||
Michigan State Housing Development Authority, Social Bond, | ||||||||
Series A, Rev., 3.00%, 06/01/2052 | 3,285 | 3,213 | ||||||
Series A, Rev., 5.00%, 06/01/2053 | 2,435 | 2,570 | ||||||
Michigan State Housing Development Authority, Social Bonds, | ||||||||
Series A, Rev., 5.50%, 12/01/2053 (w) | 1,305 | 1,424 | ||||||
Series D, Rev., 5.50%, 06/01/2053 | 350 | 379 | ||||||
Michigan State University, | ||||||||
Series A, Rev., 5.00%, 08/15/2029 | 2,000 | 2,307 | ||||||
Series A, Rev., 5.00%, 08/15/2038 | 250 | 251 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Michigan continued | ||||||||
Series C, Rev., 4.00%, 02/15/2039 | 2,000 | 2,003 | ||||||
Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z) | 1,620 | 1,509 | ||||||
Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029 | 3,450 | 3,053 | ||||||
Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030 | 810 | 704 | ||||||
Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z) | 1,685 | 1,662 | ||||||
State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 470 | ||||||
State of Michigan, Garvee, Rev., GAN, 5.00%, 03/15/2027 | 2,000 | 2,197 | ||||||
Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039 | 1,025 | 1,171 | ||||||
Wayne County Airport Authority, Series F, Rev., AMT, 5.00%, 12/01/2034 | 1,470 | 1,513 | ||||||
Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport, Series B, Rev., BAM, 5.00%, 12/01/2039 | 3,000 | 3,075 | ||||||
|
|
|||||||
96,613 | ||||||||
|
|
|||||||
Minnesota 0.8% | ||||||||
County of Hennepin, Series C, GO, 5.00%, 12/15/2032 | 1,500 | 1,752 | ||||||
Dakota County Community Development Agency, Aster House Apartments Project, Rev., 0.35%, 06/01/2024 (z) | 2,415 | 2,401 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9,000 | 9,209 | ||||||
Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1,000 | 880 | ||||||
Minneapolis St. Paul Metropolitan Airports Commission, Subordinate, | ||||||||
Series B, Rev., AMT, 5.00%, 01/01/2034 | 1,345 | 1,503 | ||||||
Series B, Rev., AMT, 5.25%, 01/01/2047 | 1,845 | 1,968 | ||||||
Minnesota Housing Finance Agency, | ||||||||
Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 740 | 724 | ||||||
Series C, Rev., 5.00%, 08/01/2032 | 2,365 | 2,786 | ||||||
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 01/01/2052 | 850 | 831 | ||||||
Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 3,230 | 3,167 | ||||||
Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 341 | 325 | ||||||
Series I, Rev., 3.00%, 01/01/2051 | 1,725 | 1,690 | ||||||
Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 95 | 93 | ||||||
Minnesota Housing Finance Agency, Social Bonds, | ||||||||
Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 1,120 | 1,093 | ||||||
Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 245 | 239 | ||||||
Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029 | 1,245 | 1,429 | ||||||
Minnesota Municipal Gas Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2052 (z) | 4,370 | 4,424 | ||||||
Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037 | 945 | 942 | ||||||
Shakopee Independent School District No. 720, Series D, GO, 5.00%, 02/01/2024 | 3,685 | 3,753 | ||||||
St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) | 4,500 | 4,165 | ||||||
State of Minnesota, | ||||||||
Series A, GO, 4.00%, 09/01/2037 | 690 | 737 | ||||||
Series A, GO, 5.00%, 08/01/2026 | 250 | 272 | ||||||
Series A, GO, 5.00%, 10/01/2029 | 45 | 50 | ||||||
Series A, GO, 5.00%, 10/01/2032 | 1,000 | 1,113 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Minnesota continued | ||||||||
Series A, GO, 5.00%, 08/01/2033 | 2,000 | 2,159 | ||||||
Series A, GO, 5.00%, 08/01/2034 | 2,000 | 2,252 | ||||||
Series E, GO, 3.00%, 08/01/2026 | 710 | 721 | ||||||
|
|
|||||||
50,678 | ||||||||
|
|
|||||||
Mississippi 0.1% | ||||||||
Mississippi Business Finance Corp., Chevron USA, Inc., Rev., VRDO, 3.80%, 04/07/2023 (z) | 4,000 | 4,000 | ||||||
Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044 | 175 | 113 | ||||||
Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048 | 1,360 | 1,423 | ||||||
Mississippi Home Corp., Social Bond, Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.00%, 12/01/2052 | 185 | 196 | ||||||
Mississippi Home Corp., Southwest Village Apartments Project, Rev., HUD, 2.00%, 02/01/2025 (z) | 2,970 | 2,942 | ||||||
Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Rev., 5.00%, 09/01/2044 (z) | 250 | 259 | ||||||
|
|
|||||||
8,933 | ||||||||
|
|
|||||||
Missouri 0.8% | ||||||||
Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041 | 870 | 754 | ||||||
City of St Louis Airport Revenue, St Louis Lambert International, Rev., 5.00%, 07/01/2048 | 1,000 | 1,083 | ||||||
City of St. Charles, Series B, COP, 4.00%, 02/01/2029 | 515 | 551 | ||||||
Curators of the University of Missouri (The), | ||||||||
Series A, Rev., 4.00%, 11/01/2034 | 2,500 | 2,533 | ||||||
Series A, Rev., 4.00%, 11/01/2035 | 1,000 | 1,011 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Series C, Rev., 5.00%, 05/01/2052 (z) | 2,695 | 2,976 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Capital Region Medical Center, Rev., 5.00%, 11/01/2035 | 3,400 | 3,255 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Lukes Health System, Rev., 4.00%, 11/15/2038 | 2,000 | 2,011 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1,410 | 1,419 | ||||||
Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 445 | ||||||
Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 993 | ||||||
Kansas City Industrial Development Authority, Kansas City International Airport, | ||||||||
Rev., AMT, 4.00%, 03/01/2036 | 1,250 | 1,251 | ||||||
Rev., AMT, 4.00%, 03/01/2040 | 2,500 | 2,426 | ||||||
Rev., AMT, 5.00%, 03/01/2029 | 3,050 | 3,327 | ||||||
Rev., AMT, 5.00%, 03/01/2038 | 2,480 | 2,619 | ||||||
Rev., AMT, 5.00%, 03/01/2044 | 5,000 | 5,185 | ||||||
Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 421 | ||||||
Missouri Housing Development Commission, First Place Homeownership Loan, | ||||||||
Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 05/01/2052 | 490 | 480 | ||||||
Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052 | 3,115 | 3,047 | ||||||
Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052 | 440 | 433 | ||||||
Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 5 | 5 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Missouri continued | ||||||||
Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2,000 | 1,918 | ||||||
Orchard Farm R-V School District, | ||||||||
COP, 4.00%, 04/01/2027 (p) | 400 | 424 | ||||||
COP, 4.00%, 04/01/2028 (p) | 410 | 441 | ||||||
Plaza at Noahs Ark Community Improvement District, Rev., 3.00%, 05/01/2030 | 575 | 519 | ||||||
St. Charles County Industrial Development Authority, Hidden Valley Estates, Rev., HUD, 0.27%, 08/01/2025 (z) | 1,290 | 1,266 | ||||||
St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., AGM, 5.00%, 10/01/2045 | 3,215 | 3,411 | ||||||
State of Missouri, Health & Educational Facilities, Saint Lukes Health System, Inc., Rev., 5.00%, 11/15/2023 | 290 | 294 | ||||||
Tender Option Bond Trust Receipts/Certificates, Floaters, Series 2023-XL0424, Rev., VRDO, LIQ: Barclays Bank plc, 3.89%, 04/07/2023 (e) (z) | 5,000 | 5,000 | ||||||
|
|
|||||||
49,498 | ||||||||
|
|
|||||||
Montana 0.1% | ||||||||
Montana Board of Housing, | ||||||||
Rev., 3.00%, 12/01/2050 | 3,125 | 3,065 | ||||||
Series A, Rev., 3.00%, 06/01/2052 | 360 | 351 | ||||||
Series B2, Rev., AMT, 3.50%, 12/01/2042 | 345 | 343 | ||||||
Series B, Rev., 3.00%, 12/01/2051 | 1,230 | 1,203 | ||||||
Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | 1,000 | 1,052 | ||||||
Montana State Board of Regents, | ||||||||
Series G, Rev., 5.00%, 11/15/2031 | 250 | 298 | ||||||
Series G, Rev., 5.00%, 11/15/2032 | 630 | 746 | ||||||
|
|
|||||||
7,058 | ||||||||
|
|
|||||||
Nebraska 0.5% | ||||||||
Central Plains Energy Project, | ||||||||
Rev., LIQ: Royal Bank of Canada, 4.00%, 12/01/2049 (z) | 4,000 | 4,011 | ||||||
Series 1, Rev., 5.00%, 05/01/2053 (z) | 3,915 | 4,053 | ||||||
County of Douglas, Creighton University Project, Rev., (SIFMA Municipal Swap Index + 0.53%), 4.50%, 07/01/2035 (aa) | 2,230 | 2,204 | ||||||
County of Washington, Cargill, Inc. Project, Rev., AMT, 0.90%, 09/01/2030 (z) | 350 | 331 | ||||||
Douglas County Hospital Authority No. 2, Health Facilities Childrens Hospital, Rev., 5.00%, 11/15/2047 | 3,000 | 3,075 | ||||||
Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2,100 | 2,067 | ||||||
Douglas County, Hospital Authority No. 2, Childrens Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z) | 2,190 | 2,282 | ||||||
Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1,000 | 1,016 | ||||||
Nebraska Public Power District, Series A, Rev., 0.60%, 01/01/2051 (z) | 9,000 | 8,940 | ||||||
University of Nebraska, University Nebraska Lincoln Student, Rev., 3.00%, 07/01/2035 (p) | 1,030 | 1,049 | ||||||
|
|
|||||||
29,028 | ||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Nevada 1.0% | ||||||||
City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1,000 | 1,023 | ||||||
City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 210 | 174 | ||||||
City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | 2,000 | 2,203 | ||||||
Clark County School District, | ||||||||
Series B, GO, 5.00%, 06/15/2030 | 1,445 | 1,675 | ||||||
Series C, GO, 5.00%, 06/15/2026 | 1,250 | 1,345 | ||||||
Clark County School District, Building, | ||||||||
Series A, GO, 5.00%, 06/15/2029 | 500 | 560 | ||||||
Series B, GO, AGM-CR, 5.00%, 06/15/2033 | 3,000 | 3,364 | ||||||
County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033 | 1,010 | 1,177 | ||||||
County of Clark Department of Aviation, Jet Aviation Fuel Tax, Rev., AMT, 5.00%, 07/01/2025 | 1,625 | 1,681 | ||||||
County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027 | 6,000 | 6,409 | ||||||
County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040 | 2,000 | 2,062 | ||||||
County of Clark Passenger Facility Charge Revenue, McCarran International, | ||||||||
Rev., 5.00%, 07/01/2029 | 5,000 | 5,718 | ||||||
Rev., 5.00%, 07/01/2031 | 1,950 | 2,211 | ||||||
Rev., 5.00%, 07/01/2032 | 2,385 | 2,700 | ||||||
County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3,335 | 3,518 | ||||||
County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1,425 | 1,616 | ||||||
County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031 | 1,000 | 844 | ||||||
Las Vegas Convention & Visitors Authority, | ||||||||
Series B, Rev., 5.00%, 07/01/2029 | 1,345 | 1,522 | ||||||
Series B, Rev., 5.00%, 07/01/2034 | 1,275 | 1,490 | ||||||
Series B, Rev., 5.00%, 07/01/2043 | 5,150 | 5,413 | ||||||
Las Vegas Valley Water District, | ||||||||
Series A, GO, 5.00%, 06/01/2026 | 1,500 | 1,621 | ||||||
Series C, GO, 5.00%, 06/01/2032 | 1,560 | 1,891 | ||||||
Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | 5,000 | 5,232 | ||||||
Las Vegas Valley, Water District, Series B, GO, 5.00%, 12/01/2023 | 70 | 71 | ||||||
State of Nevada Department of Business & Industry, Brightline West Passenger Rail, Rev., AMT, 3.70%, 01/01/2050 (e) (z) | 3,415 | 3,418 | ||||||
|
|
|||||||
58,938 | ||||||||
|
|
|||||||
New Hampshire 0.2% | ||||||||
New Hampshire Business Finance Authority, | ||||||||
Series 1A, Rev., 4.13%, 01/20/2034 | 954 | 951 | ||||||
Series 2022-1, Rev., 4.38%, 09/20/2036 | 658 | 651 | ||||||
New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (f) | 2,000 | 1,701 | ||||||
New Hampshire Business Finance Authority, Saint Lukes University Health, Rev., 4.00%, 08/15/2036 | 720 | 728 | ||||||
New Hampshire Business Finance Authority, Springpoint Senior Living, | ||||||||
Rev., 4.00%, 01/01/2026 | 270 | 265 | ||||||
Rev., 4.00%, 01/01/2027 | 250 | 244 | ||||||
Rev., 4.00%, 01/01/2028 | 290 | 280 | ||||||
Rev., 4.00%, 01/01/2029 | 300 | 286 | ||||||
Rev., 4.00%, 01/01/2030 | 280 | 264 | ||||||
Rev., 4.00%, 01/01/2031 | 290 | 271 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New Hampshire continued | ||||||||
New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036 | 2,000 | 1,558 | ||||||
New Hampshire Business Finance Authority, Waste Management, Inc. Project, Rev., AMT, (SIFMA Municipal Swap Index + 0.38%), 4.35%, 10/01/2033 (aa) | 4,170 | 4,067 | ||||||
New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053 | 435 | 479 | ||||||
|
|
|||||||
11,745 | ||||||||
|
|
|||||||
New Jersey 3.2% | ||||||||
Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy, | ||||||||
Rev., 6.00%, 06/15/2042 | 530 | 575 | ||||||
Rev., 6.00%, 06/15/2047 | 1,000 | 1,074 | ||||||
City of Newark, | ||||||||
Series A, GO, AGM, 5.00%, 10/01/2027 | 100 | 110 | ||||||
Series A, GO, AGM, 5.00%, 10/01/2028 | 750 | 839 | ||||||
Garden State Preservation Trust, Capital Appreciation, Series B, Rev., AGM, Zero Coupon, 11/01/2026 | 1,000 | 904 | ||||||
Gloucester County Improvement Authority, The Rowan University Fossil Park, | ||||||||
Rev., BAM, 4.00%, 07/01/2046 | 725 | 710 | ||||||
Rev., BAM, 4.00%, 07/01/2051 | 1,000 | 962 | ||||||
Hudson County Improvement Authority, Hudson County Courthouse Project, Rev., 5.00%, 10/01/2028 | 150 | 170 | ||||||
New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1,000 | 1,079 | ||||||
New Jersey Building Authority, Prerefunded Refunding, Series A, Rev., BAM, 5.00%, 06/15/2025 (p) | 1,000 | 1,054 | ||||||
New Jersey Economic Development Authority, | ||||||||
Series A, Rev., 5.00%, 11/01/2027 | 2,500 | 2,714 | ||||||
Series AAA, Rev., 5.00%, 06/15/2036 | 1,000 | 1,049 | ||||||
Series AAA, Rev., 5.00%, 06/15/2041 (p) | 500 | 545 | ||||||
Series AAA, Rev., 5.50%, 06/15/2028 | 5,000 | 5,437 | ||||||
Series AAA, Rev., 5.50%, 06/15/2032 (p) | 2,000 | 2,224 | ||||||
Series B, Rev., 5.00%, 11/01/2023 | 75 | 76 | ||||||
Series DDD, Rev., 5.00%, 06/15/2031 (p) | 2,000 | 2,218 | ||||||
Series DDD, Rev., 5.00%, 06/15/2033 (p) | 1,500 | 1,664 | ||||||
Series WW, Rev., 5.00%, 06/15/2034 (p) | 1,500 | 1,582 | ||||||
Series WW, Rev., 5.25%, 06/15/2030 (p) | 1,000 | 1,059 | ||||||
New Jersey Economic Development Authority, American Water Company, | ||||||||
Series B, Rev., AMT, 1.20%, 11/01/2034 (z) | 1,265 | 1,260 | ||||||
Series C, Rev., AMT, 1.15%, 06/01/2023 | 135 | 135 | ||||||
New Jersey Economic Development Authority, Continental Airlines, Inc. Project, Rev., AMT, 5.13%, 09/15/2023 | 710 | 710 | ||||||
New Jersey Economic Development Authority, Higher Education Capital Improvement Fund, Series A, Rev., 5.00%, 09/01/2025 | 245 | 252 | ||||||
New Jersey Economic Development Authority, New Jersey American Water Company, Inc., | ||||||||
Rev., AMT, 1.10%, 11/01/2029 (z) | 2,610 | 2,262 | ||||||
Series E, Rev., AMT, 0.85%, 12/01/2025 | 2,205 | 2,015 | ||||||
New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037 | 1,000 | 1,002 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New Jersey continued | ||||||||
New Jersey Economic Development Authority, Portal North Bridge NJ Transit, | ||||||||
Rev., 5.00%, 11/01/2038 | 5,345 | 5,862 | ||||||
Rev., 5.00%, 11/01/2052 | 6,190 | 6,518 | ||||||
Rev., 5.25%, 11/01/2041 | 6,000 | 6,595 | ||||||
New Jersey Economic Development Authority, School Facilities Construction, | ||||||||
Series EEE, Rev., 5.00%, 06/15/2032 | 1,500 | 1,653 | ||||||
Series GGG, Rev., 5.25%, 09/01/2026 (e) | 8,000 | 8,612 | ||||||
New Jersey Economic Development Authority, School Facilities Construction SIFMA, Series I, Rev., (SIFMA Municipal Swap Index + 1.60%), 5.57%, 03/01/2028 (aa) | 10,000 | 9,979 | ||||||
New Jersey Economic Development Authority, Self Designated Social Bonds, | ||||||||
Series QQQ, Rev., 4.00%, 06/15/2034 | 500 | 520 | ||||||
Series QQQ, Rev., 4.00%, 06/15/2035 | 500 | 514 | ||||||
Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 591 | ||||||
Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 442 | ||||||
Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 439 | ||||||
New Jersey Economic Development Authority, State House Project, | ||||||||
Series B, Rev., 5.00%, 06/15/2027 | 10,690 | 11,532 | ||||||
Series B, Rev., 5.00%, 06/15/2028 | 8,635 | 9,468 | ||||||
New Jersey Educational Facilities Authority, Montclair State University, Series D, Rev., 5.00%, 07/01/2028 | 2,000 | 2,086 | ||||||
New Jersey Educational Facilities Authority, Princeton University, | ||||||||
Series B, Rev., 5.00%, 07/01/2024 | 1,000 | 1,031 | ||||||
Series I, Rev., 5.00%, 07/01/2036 | 1,015 | 1,108 | ||||||
New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., AGM, 5.00%, 07/01/2035 | 200 | 232 | ||||||
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032 | 2,070 | 2,390 | ||||||
New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligation, Rev., 3.00%, 07/01/2051 | 1,715 | 1,273 | ||||||
New Jersey Higher Education Student Assistance Authority, | ||||||||
Series B, Rev., AMT, 5.00%, 12/01/2024 | 570 | 584 | ||||||
Series B, Rev., AMT, 5.00%, 12/01/2027 | 1,340 | 1,440 | ||||||
Series B, Rev., AMT, 5.00%, 12/01/2028 | 1,480 | 1,613 | ||||||
Series B, Rev., AMT, 5.00%, 12/01/2029 | 1,440 | 1,589 | ||||||
New Jersey Higher Education Student Assistance Authority, Senior, | ||||||||
Series A, Rev., AMT, 3.50%, 12/01/2039 | 115 | 112 | ||||||
Series B, Rev., AMT, 4.00%, 12/01/2041 | 250 | 252 | ||||||
New Jersey Higher Education Student Assistance Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 12/01/2024 | 300 | 308 | ||||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Rev., AMT, 5.00%, 12/01/2023 | 215 | 218 | ||||||
New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1,195 | 1,094 | ||||||
New Jersey Housing & Mortgage Finance Agency, Series E, Rev., 3.50%, 04/01/2051 | 2,550 | 2,536 | ||||||
New Jersey Housing & Mortgage Finance Agency, Browns Woods Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z) | 850 | 839 | ||||||
New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053 | 200 | 212 | ||||||
New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052 | 825 | 803 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New Jersey continued | ||||||||
New Jersey Transportation Trust Fund Authority, | ||||||||
Series A, Rev., 4.00%, 06/15/2035 | 2,000 | 2,061 | ||||||
Series A, Rev., 5.00%, 12/15/2028 | 300 | 332 | ||||||
Series A, Rev., 5.00%, 06/15/2029 | 1,550 | 1,725 | ||||||
Series A, Rev., 5.00%, 06/15/2030 | 3,000 | 3,382 | ||||||
Series AA, Rev., 4.00%, 06/15/2040 | 3,750 | 3,728 | ||||||
Series AA, Rev., 5.00%, 06/15/2029 | 1,000 | 1,113 | ||||||
Series AA, Rev., 5.00%, 06/15/2035 | 3,000 | 3,373 | ||||||
Series AA, Rev., 5.00%, 06/15/2045 | 660 | 694 | ||||||
Series BB, Rev., 5.00%, 06/15/2032 | 2,000 | 2,204 | ||||||
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Series A, Rev., BAM, Zero Coupon, 12/15/2038 | 1,000 | 528 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Rev., 5.00%, 06/15/2023 | 55 | 55 | ||||||
New Jersey Transportation Trust Fund Authority, Program B, | ||||||||
Rev., 5.00%, 06/15/2037 | 2,000 | 2,207 | ||||||
Rev., 5.25%, 06/15/2046 | 14,455 | 15,655 | ||||||
New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.00%, 06/15/2036 | 1,305 | 1,308 | ||||||
New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035 | 500 | 559 | ||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bond, | ||||||||
Rev., 4.00%, 12/15/2039 | 2,000 | 2,002 | ||||||
Rev., 5.00%, 12/15/2028 | 1,000 | 1,105 | ||||||
Rev., 5.00%, 12/15/2031 | 1,560 | 1,745 | ||||||
New Jersey Turnpike Authority, | ||||||||
Series A, Rev., 4.00%, 01/01/2042 | 1,000 | 1,002 | ||||||
Series B, Rev., 4.50%, 01/01/2048 | 1,750 | 1,804 | ||||||
Series D, Rev., 5.00%, 01/01/2028 | 2,400 | 2,575 | ||||||
Series E, Rev., 5.00%, 01/01/2027 | 1,000 | 1,093 | ||||||
Series E, Rev., 5.00%, 01/01/2032 | 7,000 | 7,291 | ||||||
Newark Board of Education, Sustainability Bonds, | ||||||||
GO, BAM, 4.00%, 07/15/2034 | 400 | 418 | ||||||
GO, BAM, 4.00%, 07/15/2035 | 410 | 421 | ||||||
GO, BAM, 4.00%, 07/15/2036 | 425 | 430 | ||||||
GO, BAM, 4.00%, 07/15/2037 | 430 | 431 | ||||||
North Hudson Sewerage Authority, Senior Lien Lease Certificates, | ||||||||
Rev., AGM, 5.00%, 06/01/2039 | 1,100 | 1,290 | ||||||
Rev., AGM, 5.00%, 06/01/2040 | 1,100 | 1,279 | ||||||
Rev., AGM, 5.00%, 06/01/2041 | 1,000 | 1,166 | ||||||
Rev., AGM, 5.00%, 06/01/2042 | 1,000 | 1,171 | ||||||
Rutgers The State University of New Jersey, Series L, Rev., 5.00%, 05/01/2043 (p) | 1,805 | 1,808 | ||||||
South Jersey Port Corp., Marine Terminal, | ||||||||
Series B, Rev., AMT, 5.00%, 01/01/2025 | 500 | 507 | ||||||
Series B, Rev., AMT, 5.00%, 01/01/2026 | 1,015 | 1,056 | ||||||
South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1,000 | 1,034 | ||||||
South Jersey Transportation Authority, | ||||||||
Series A, Rev., AGM, 5.00%, 11/01/2030 | 500 | 559 | ||||||
Series A, Rev., AGM, 5.00%, 11/01/2033 | 1,215 | 1,350 | ||||||
Series A, Rev., BAM, 5.00%, 11/01/2041 | 2,925 | 3,150 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New Jersey continued | ||||||||
South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052 | 3,100 | 3,388 | ||||||
State of New Jersey, Covid-19 Emergency Bonds, General Obligations, | ||||||||
Series A, GO, 4.00%, 06/01/2030 | 2,000 | 2,208 | ||||||
Series A, GO, 5.00%, 06/01/2028 | 4,245 | 4,771 | ||||||
|
|
|||||||
200,104 | ||||||||
|
|
|||||||
New Mexico 0.4% | ||||||||
Albuquerque Municipal School District No. 12, Series A, GO, 5.00%, 08/01/2024 | 250 | 258 | ||||||
City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029 | 3,000 | 2,605 | ||||||
City of Farmington, Pollution Control Revenue, Public Service Company, New Mexico Sanitary, Series E, Rev., 1.15%, 06/01/2040 (z) | 1,000 | 967 | ||||||
City of Farmington, San Juan And Four Corners, Rev., 2.15%, 04/01/2033 | 4,890 | 4,060 | ||||||
New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051 | 930 | 840 | ||||||
New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028 | 1,070 | 1,120 | ||||||
New Mexico Finance Authority, Subordinated Lien, Public Project Revolving Fund, Rev., 5.00%, 06/15/2024 | 1,000 | 1,029 | ||||||
New Mexico Hospital Equipment Loan Council, | ||||||||
Rev., 5.00%, 06/01/2030 | 1,050 | 1,159 | ||||||
Rev., 5.00%, 06/01/2032 | 1,000 | 1,089 | ||||||
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037 | 500 | 500 | ||||||
New Mexico Mortgage Finance Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1,250 | 1,223 | ||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program, | ||||||||
Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 2,150 | 2,100 | ||||||
Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 185 | 186 | ||||||
New Mexico Municipal Energy Acquisition Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 11/01/2039 (z) | 3,500 | 3,594 | ||||||
Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1,375 | 1,552 | ||||||
Winrock Town Center Tax, Increment Development District No. 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e) | 1,750 | 1,461 | ||||||
|
|
|||||||
23,743 | ||||||||
|
|
|||||||
New York 11.9% | ||||||||
Albany County, Airport Authority, Series B, Rev., AMT, 5.00%, 12/15/2023 | 1,225 | 1,238 | ||||||
Broome County, Local Development Corp., United Health Services Hospital, | ||||||||
Rev., AGM, 4.00%, 04/01/2039 | 2,750 | 2,703 | ||||||
Rev., AGM, 5.00%, 04/01/2026 | 500 | 529 | ||||||
Build C Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e) | 250 | 251 | ||||||
Build NYC Resource Corp., Rev., 5.00%, 07/01/2026 | 325 | 338 | ||||||
Build NYC Resource Corp., Academic Leadership Charter School, | ||||||||
Rev., 4.00%, 06/15/2023 | 100 | 100 | ||||||
Rev., 4.00%, 06/15/2024 | 70 | 70 | ||||||
Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) (f) | 1,220 | 1,030 | ||||||
Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 619 | ||||||
Build NYC Resource Corp., Grand Concourse Academy Charter School, | ||||||||
Rev., 5.00%, 07/01/2042 | 555 | 566 | ||||||
Rev., 5.00%, 07/01/2052 | 700 | 704 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
City of Long Beach, | ||||||||
Series A, GO, 5.00%, 09/01/2025 | 1,990 | 2,067 | ||||||
Series A, GO, 5.00%, 09/01/2027 | 1,500 | 1,596 | ||||||
City of New York, | ||||||||
Series 1I, GO, 5.00%, 03/01/2026 | 360 | 367 | ||||||
Series A1, GO, 4.00%, 08/01/2034 | 3,000 | 3,180 | ||||||
Series A1, GO, 4.00%, 08/01/2036 | 1,000 | 1,044 | ||||||
Series A1, GO, 5.00%, 08/01/2029 | 2,900 | 3,364 | ||||||
Series A1, GO, 5.00%, 09/01/2034 | 2,000 | 2,392 | ||||||
Series A1, GO, 5.00%, 08/01/2041 | 3,000 | 3,267 | ||||||
Series A1, GO, 5.25%, 09/01/2042 | 8,715 | 9,877 | ||||||
Series B1, GO, 5.00%, 08/01/2031 | 1,000 | 1,197 | ||||||
Series B1, GO, 5.00%, 10/01/2031 | 500 | 600 | ||||||
Series B1, GO, 5.00%, 08/01/2035 | 90 | 106 | ||||||
Series B1, GO, 5.00%, 12/01/2037 | 1,760 | 1,895 | ||||||
Series C1, GO, 5.00%, 08/01/2031 | 500 | 586 | ||||||
Series C, GO, 5.00%, 08/01/2027 | 2,330 | 2,591 | ||||||
Series D1, GO, 5.00%, 12/01/2024 | 150 | 156 | ||||||
Series D1, GO, 5.00%, 12/01/2031 | 1,380 | 1,561 | ||||||
Series D1, GO, 5.00%, 12/01/2036 | 11,955 | 13,185 | ||||||
Series D1, GO, 5.00%, 12/01/2044 | 2,560 | 2,740 | ||||||
Series E, GO, 5.00%, 08/01/2028 | 1,625 | 1,848 | ||||||
Series E, GO, 5.00%, 08/01/2033 | 2,000 | 2,264 | ||||||
Series F1, GO, 5.00%, 03/01/2043 | 1,000 | 1,093 | ||||||
Series J3, GO, AGM, 4.30%, 06/01/2036 (z) | 1,000 | 1,000 | ||||||
Series J, GO, 5.00%, 08/01/2025 | 1,320 | 1,329 | ||||||
City of New York, Fiscal 2001, | ||||||||
Series 2, GO, VRDO, 4.50%, 04/01/2023 (z) | 120 | 120 | ||||||
Series 3, GO, VRDO, 4.17%, 04/07/2023 (z) | 1,590 | 1,590 | ||||||
City of New York, Fiscal 2008, Series J10, GO, 5.00%, 08/01/2026 | 505 | 549 | ||||||
City of New York, Fiscal 2015, Series F4, GO, 5.00%, 06/01/2044 (z) | 125 | 130 | ||||||
City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038 | 5,000 | 5,537 | ||||||
City of New York, Fiscal 2021, | ||||||||
Series C, GO, 4.00%, 08/01/2037 | 450 | 460 | ||||||
Series C, GO, 5.00%, 08/01/2033 | 2,000 | 2,329 | ||||||
Series C, GO, 5.00%, 08/01/2035 | 4,740 | 5,439 | ||||||
City of New York, Fiscal 2022, | ||||||||
GO, 5.25%, 05/01/2039 | 200 | 230 | ||||||
GO, 5.25%, 05/01/2041 | 2,000 | 2,273 | ||||||
GO, 5.50%, 05/01/2044 | 1,000 | 1,157 | ||||||
City of New York, Fiscal 2022 Subordinated, Series D3, GO, VRDO, 3.95%, 04/01/2023 (z) | 10,000 | 10,000 | ||||||
City of New York, Subordinated, Series E1, GO, 4.00%, 04/01/2050 (w) | 8,500 | 8,217 | ||||||
City of New York, Unrefunded, Series F1, GO, 5.00%, 03/01/2037 | 5 | 5 | ||||||
City of Yonkers, | ||||||||
Series F, GO, BAM, 5.00%, 11/15/2038 | 500 | 559 | ||||||
Series F, GO, BAM, 5.00%, 11/15/2039 | 1,000 | 1,108 | ||||||
County of Dutchess, Local Development Corp., Marist College Project, Series A, Rev., 5.00%, 07/01/2045 | 485 | 496 | ||||||
County of Nassau, Series B, GO, BAM, 5.00%, 10/01/2027 | 1,450 | 1,570 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046 | 1,250 | 1,212 | ||||||
Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042 | 4,000 | 4,003 | ||||||
Hudson Yards Infrastructure Corp., | ||||||||
Series A, Rev., AGM, 4.00%, 02/15/2047 | 9,335 | 9,033 | ||||||
Series A, Rev., 5.00%, 02/15/2045 | 2,210 | 2,328 | ||||||
Long Island Power Authority, | ||||||||
Rev., 5.00%, 09/01/2042 | 2,070 | 2,214 | ||||||
Series A, Rev., 5.00%, 09/01/2037 | 1,250 | 1,399 | ||||||
Series B, Rev., 1.50%, 09/01/2051 (z) | 5,700 | 5,376 | ||||||
Long Island Power Authority, Notes, Rev., 1.00%, 09/01/2025 | 2,680 | 2,523 | ||||||
Metropolitan Transportation Authority, | ||||||||
Rev., AGM, (United States SOFR * 0.67 + 0.55%), 3.78%, 11/01/2032 (aa) | 1,770 | 1,764 | ||||||
Rev., AGM, (United States SOFR * 0.67 + 0.80%), 4.04%, 11/01/2032 (aa) | 430 | 421 | ||||||
Series A, Rev., 5.25%, 11/15/2030 | 3,025 | 3,293 | ||||||
Series A, Rev., 5.25%, 11/15/2034 | 8,000 | 8,681 | ||||||
Series B4, Rev., 5.00%, 11/15/2023 | 2,000 | 2,028 | ||||||
Series B, Rev., 5.00%, 11/15/2024 | 340 | 350 | ||||||
Series B, Rev., 5.00%, 11/15/2025 | 540 | 565 | ||||||
Series C1, Rev., 5.00%, 11/15/2056 | 3,100 | 3,114 | ||||||
Series D, Rev., 5.00%, 11/15/2027 | 1,200 | 1,269 | ||||||
Series D, Rev., 5.00%, 11/15/2038 | 600 | 601 | ||||||
Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2,500 | 2,692 | ||||||
Metropolitan Transportation Authority, Green Bond, | ||||||||
Series A2, Rev., 5.00%, 11/15/2027 | 1,085 | 1,147 | ||||||
Series B, Rev., 5.00%, 11/15/2023 | 100 | 101 | ||||||
Series C2, Rev., Zero Coupon, 11/15/2032 | 500 | 343 | ||||||
Series C, Rev., 5.00%, 11/15/2040 | 2,465 | 2,586 | ||||||
Series D, Rev., 5.00%, 11/15/2034 (z) | 5,000 | 5,127 | ||||||
Series E, Rev., 4.00%, 11/15/2045 | 60 | 56 | ||||||
Series E, Rev., 5.00%, 11/15/2029 | 250 | 272 | ||||||
Metropolitan Transportation Authority, Green Bonds, | ||||||||
Series A2, Rev., 5.00%, 11/15/2025 | 1,000 | 1,046 | ||||||
Series B1, Rev., 5.00%, 11/15/2046 | 2,000 | 2,095 | ||||||
Series D1, Rev., 5.00%, 11/15/2043 | 2,000 | 2,086 | ||||||
Series D3, Rev., 4.00%, 11/15/2049 | 1,000 | 911 | ||||||
Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10,000 | 10,670 | ||||||
Metropolitan Transportation Authority, Transportation, | ||||||||
Series A1, Rev., 5.00%, 11/15/2044 | 4,500 | 4,508 | ||||||
Series A1, Rev., 5.25%, 11/15/2039 | 1,000 | 1,005 | ||||||
Series B, Rev., 5.25%, 11/15/2037 | 4,795 | 4,847 | ||||||
Series C1, Rev., 5.00%, 11/15/2026 | 305 | 317 | ||||||
Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1,720 | 1,825 | ||||||
Monroe County Industrial Development Corp., Rochester Regional Health Project, | ||||||||
Rev., 5.00%, 12/01/2027 | 1,000 | 1,068 | ||||||
Rev., 5.00%, 12/01/2028 | 1,700 | 1,831 | ||||||
Rev., 5.00%, 12/01/2029 | 1,900 | 2,056 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
New York City Health and Hospitals Corp., | ||||||||
Series A, Rev., 5.00%, 02/15/2024 | 270 | 275 | ||||||
Series A, Rev., 5.00%, 02/15/2026 | 6,055 | 6,461 | ||||||
Series A, Rev., 5.00%, 02/15/2027 | 5,360 | 5,851 | ||||||
Series A, Rev., 5.00%, 02/15/2028 | 3,760 | 4,193 | ||||||
Series A, Rev., 5.00%, 02/15/2029 | 2,485 | 2,827 | ||||||
New York City Housing Development Corp., Sustainability Bonds, | ||||||||
Rev., FHA, 0.70%, 11/01/2060 (z) | 2,500 | 2,348 | ||||||
Series C2, Rev., 0.70%, 11/01/2060 (z) | 1,790 | 1,678 | ||||||
New York City Housing Development Corp., Sustainable Development Bonds, Series D2, Rev., FHA, 0.70%, 05/01/2060 (z) | 1,000 | 948 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project, | ||||||||
Rev., AGM, 3.00%, 01/01/2040 | 250 | 204 | ||||||
Series A, Rev., AGM, 4.00%, 01/01/2032 | 1,000 | 1,063 | ||||||
Series A, Rev., AGM, 5.00%, 01/01/2025 | 250 | 259 | ||||||
Series A, Rev., AGM, 5.00%, 01/01/2027 | 625 | 675 | ||||||
Series A, Rev., AGM, 5.00%, 01/01/2029 | 1,000 | 1,116 | ||||||
Series A, Rev., AGM, 5.00%, 01/01/2030 | 1,500 | 1,694 | ||||||
New York City Industrial Development Agency, Yankee Stadium Project Pilot, | ||||||||
Rev., AGM, 4.00%, 03/01/2045 | 8,825 | 8,509 | ||||||
Rev., AGM, 5.00%, 03/01/2028 | 1,250 | 1,374 | ||||||
Rev., AGM, 5.00%, 03/01/2029 | 1,500 | 1,676 | ||||||
Rev., AGM, 5.00%, 03/01/2030 | 3,900 | 4,418 | ||||||
New York City Municipal Water Finance Authority, | ||||||||
Series CC1, Rev., 4.00%, 06/15/2052 | 5,000 | 4,859 | ||||||
Series DD, Rev., 5.00%, 06/15/2034 | 1,920 | 2,346 | ||||||
New York City Municipal Water Finance Authority, Second General Resolution, | ||||||||
Rev., VRDO, 3.80%, 04/01/2023 (z) | 8,000 | 8,000 | ||||||
Series CC1, Rev., 5.00%, 06/15/2049 | 5,000 | 5,352 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, Fiscal 2015, Subordinate, Series S, Rev., 5.00%, 07/15/2040 | 17,800 | 18,403 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, Fiscal Year 2015, Series S1, Rev., 5.00%, 07/15/2035 | 585 | 606 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, Subordinate, | ||||||||
Series S1, Rev., 4.00%, 07/15/2034 | 1,000 | 1,080 | ||||||
Series S1, Rev., 5.00%, 07/15/2031 | 1,590 | 1,908 | ||||||
Series S1, Rev., 5.00%, 07/15/2043 | 1,505 | 1,564 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029 | 3,000 | 3,487 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, | ||||||||
Rev., 5.00%, 11/01/2028 | 600 | 687 | ||||||
Series E1, Rev., 3.00%, 02/01/2028 | 730 | 753 | ||||||
Series F1, Rev., 5.00%, 02/01/2039 | 3,000 | 3,393 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured, Rev., 4.00%, 11/01/2035 | 7,000 | 7,414 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038 | 1,000 | 1,063 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated, Series A3, Rev., 4.00%, 08/01/2042 | 2,500 | 2,483 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, | ||||||||
Rev., 4.00%, 05/01/2038 | 2,000 | 2,040 | ||||||
Rev., 5.00%, 11/01/2025 | 255 | 271 | ||||||
Series B1, Rev., 4.00%, 08/01/2042 | 500 | 497 | ||||||
Series DS, Rev., 4.00%, 11/01/2038 | 4,000 | 4,079 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025 | 8,000 | 7,858 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated, | ||||||||
Rev., 5.00%, 11/01/2026 | 1,000 | 1,094 | ||||||
Rev., 5.00%, 05/01/2031 | 1,000 | 1,184 | ||||||
Rev., 5.25%, 08/01/2042 | 3,000 | 3,402 | ||||||
Series A3, Rev., 4.00%, 05/01/2042 | 2,000 | 1,987 | ||||||
Series A3, Rev., 5.00%, 08/01/2040 | 1,720 | 1,846 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Taxable Subordinate, Series F2, Rev., 2.85%, 05/01/2025 | 6,600 | 6,383 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Rev., 5.00%, 11/01/2026 | 375 | 410 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Revenue, Series I, Rev., 5.00%, 05/01/2027 | 345 | 346 | ||||||
New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 578 | ||||||
New York City Water & Sewer System, | ||||||||
Series AA2, Rev., 5.00%, 06/15/2029 | 1,350 | 1,565 | ||||||
Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 535 | ||||||
Series FF, Rev., 5.00%, 06/15/2041 | 2,000 | 2,206 | ||||||
Series GG1, Rev., 5.00%, 06/15/2030 | 1,000 | 1,183 | ||||||
Series GG, Rev., 5.00%, 06/15/2039 | 2,660 | 2,759 | ||||||
New York City Water & Sewer System, Second General Resolution, | ||||||||
Rev., 5.00%, 06/15/2026 | 1,005 | 1,089 | ||||||
Rev., 5.00%, 06/15/2029 | 870 | 1,009 | ||||||
Rev., 5.00%, 06/15/2047 | 14,655 | 14,721 | ||||||
Series CC1, Rev., 5.00%, 06/15/2048 | 2,730 | 2,889 | ||||||
Series CC1, Rev., 5.25%, 06/15/2037 | 2,345 | 2,532 | ||||||
Series DD1, Rev., 5.00%, 06/15/2048 | 3,115 | 3,324 | ||||||
Series DD2, Rev., 5.00%, 06/15/2040 | 2,000 | 2,154 | ||||||
Series DD, Rev., 5.00%, 06/15/2047 | 6,680 | 7,057 | ||||||
New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 3.65%, 04/01/2023 (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 | 1,180 | ||||||
New York Liberty Development Corp., | ||||||||
Series 1WTC, Rev., 3.00%, 02/15/2042 | 1,755 | 1,401 | ||||||
Series 1WTC, Rev., 4.00%, 02/15/2043 | 1,000 | 986 | ||||||
New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050 | 3,000 | 2,390 | ||||||
New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e) | 10,900 | 10,468 | ||||||
New York Power Authority, Green Transmission Project, | ||||||||
Rev., AGM, 4.00%, 11/15/2036 | 145 | 151 | ||||||
Rev., AGM, 5.00%, 11/15/2028 | 1,000 | 1,149 | ||||||
Rev., AGM, 5.00%, 11/15/2033 | 1,700 | 2,054 | ||||||
Rev., AGM, 5.00%, 11/15/2034 | 1,385 | 1,656 | ||||||
Rev., AGM, 5.00%, 11/15/2035 | 1,250 | 1,476 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
New York State Dormitory Authority, | ||||||||
Series 2015-B, Rev., 5.00%, 03/15/2027 (p) | 1,000 | 1,062 | ||||||
Series A, Rev., 4.00%, 03/15/2039 | 1,000 | 1,006 | ||||||
Series A, Rev., 5.00%, 03/15/2024 (p) | 100 | 102 | ||||||
Series A, Rev., 5.00%, 03/15/2029 | 3,000 | 3,451 | ||||||
Series A, Rev., 5.00%, 03/15/2034 | 2,000 | 2,159 | ||||||
Series A, Rev., 5.00%, 03/15/2040 | 1,000 | 1,085 | ||||||
New York State Dormitory Authority, Bidding Group 1, Series E, Rev., 5.00%, 03/15/2029 | 3,000 | 3,451 | ||||||
New York State Dormitory Authority, Cornell University, Series A, Rev., 5.00%, 07/01/2031 | 1,000 | 1,212 | ||||||
New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031 | 1,227 | 1,472 | ||||||
New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 | 100 | 107 | ||||||
New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034 | 1,100 | 1,381 | ||||||
New York State Dormitory Authority, Group 1, Series A, Rev., 5.00%, 03/15/2024 (p) | 2,000 | 2,046 | ||||||
New York State Dormitory Authority, Group 2, | ||||||||
Series A, Rev., 5.00%, 03/15/2033 | 2,000 | 2,341 | ||||||
Series A, Rev., 5.00%, 03/15/2036 | 2,015 | 2,233 | ||||||
New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5,000 | 5,505 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group, | ||||||||
Series A, Rev., 5.00%, 08/01/2025 | 1,000 | 1,019 | ||||||
Series A, Rev., 5.00%, 08/01/2026 | 900 | 916 | ||||||
Series A, Rev., 5.00%, 08/01/2031 | 1,010 | 1,014 | ||||||
New York State Dormitory Authority, New York University, Series A, Rev., 4.00%, 07/01/2035 | 620 | 637 | ||||||
New York State Dormitory Authority, Northwell Health Obligated Group, | ||||||||
Rev., 4.00%, 05/01/2045 | 6,500 | 6,298 | ||||||
Rev., 4.25%, 05/01/2052 | 4,930 | 4,664 | ||||||
Rev., 5.00%, 05/01/2052 | 3,000 | 3,155 | ||||||
New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p) | 2,835 | 3,044 | ||||||
New York State Dormitory Authority, St. Johns University, Series A, Rev., 4.00%, 07/01/2048 | 1,000 | 966 | ||||||
New York State Dormitory Authority, Unrefunded, Series D, Rev., 5.00%, 02/15/2027 | 35 | 38 | ||||||
New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 | 1,000 | 1,128 | ||||||
New York State Dormitory Authority, Unrefunded School Districts Revenue, Rev., AGM, 5.00%, 10/01/2025 | 1,460 | 1,545 | ||||||
New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037 | 2,500 | 2,609 | ||||||
New York State Environmental Facilities Corp., Green Bond 2010 Master Finance, Rev., 4.00%, 08/15/2037 | 1,760 | 1,827 | ||||||
New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project, | ||||||||
Rev., 5.00%, 09/15/2028 | 575 | 660 | ||||||
Rev., 5.00%, 09/15/2031 | 250 | 305 | ||||||
New York State Environmental Facilities Corp., Municipal Water, Subordinated, Rev., 5.00%, 06/15/2042 | 2,655 | 2,851 | ||||||
New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System Incorporate Project, Rev., AMT, 2.75%, 09/01/2050 (f) (z) | 250 | 235 | ||||||
New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revenue Revolving, Rev., 5.00%, 06/15/2026 | 1,000 | 1,087 | ||||||
New York State Housing Finance Agency, Sustainability Bonds, | ||||||||
Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z) | 1,705 | 1,711 | ||||||
Series I, Rev., SONYMA, 0.70%, 11/01/2056 (z) | 2,375 | 2,214 | ||||||
Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z) | 4,170 | 3,790 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
Series K2, Rev., HUD, SONYMA, 1.00%, 11/01/2061 (z) | 2,320 | 2,135 | ||||||
Series K, Rev., SONYMA, 0.70%, 11/01/2024 | 1,085 | 1,042 | ||||||
Series P, Rev., 1.55%, 11/01/2023 | 170 | 168 | ||||||
New York State Thruway Authority, | ||||||||
Series A1, Rev., 4.00%, 03/15/2041 | 500 | 501 | ||||||
Series A1, Rev., 5.00%, 03/15/2033 | 1,000 | 1,183 | ||||||
Series A, Rev., 5.00%, 03/15/2027 | 1,000 | 1,100 | ||||||
Series L, Rev., 5.00%, 01/01/2024 | 75 | 76 | ||||||
New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 3,120 | 3,112 | ||||||
New York State Urban Development Corp., Bidding Group 1, | ||||||||
Series A, Rev., 5.00%, 03/15/2027 | 4,000 | 4,405 | ||||||
Series A, Rev., 5.00%, 03/15/2034 | 1,690 | 2,012 | ||||||
New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050 | 4,000 | 3,127 | ||||||
New York State Urban Development Corp., Personal Income Tax, | ||||||||
Rev., 4.00%, 03/15/2037 | 2,000 | 2,047 | ||||||
Rev., 4.00%, 03/15/2041 | 5,000 | 4,999 | ||||||
Rev., 5.00%, 03/15/2030 | 500 | 587 | ||||||
Series C3, Rev., 5.00%, 03/15/2038 | 1,860 | 2,009 | ||||||
New York State Urban Development Corp., State Personal Income Tax, | ||||||||
Rev., 4.00%, 03/15/2042 | 2,000 | 1,987 | ||||||
Rev., 5.00%, 03/15/2028 | 1,250 | 1,410 | ||||||
Rev., 5.00%, 03/15/2034 | 3,000 | 3,054 | ||||||
Series A, Rev., 5.00%, 03/15/2024 | 1,000 | 1,024 | ||||||
New York State Urban Development Corp., State Personal Income Tax, General Purpose, | ||||||||
Series A, Rev., 5.00%, 03/15/2042 | 5,000 | 5,356 | ||||||
Series B, Rev., 3.54%, 03/15/2028 | 7,000 | 6,696 | ||||||
New York Transportation Development Corp., American Airlines, Inc., | ||||||||
Rev., AMT, 2.25%, 08/01/2026 | 770 | 716 | ||||||
Rev., AMT, 5.00%, 08/01/2026 | 7,000 | 7,005 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc. LaGuardia, Rev., AMT, 5.00%, 01/01/2032 | 3,000 | 3,109 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035 | 11,000 | 11,338 | ||||||
New York Transportation Development Corp., LaGuardia Airport Terminal B, | ||||||||
Rev., AMT, 5.00%, 07/01/2046 | 12,180 | 12,204 | ||||||
Rev., AMT, 5.25%, 01/01/2050 | 7,425 | 7,446 | ||||||
New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment, | ||||||||
Rev., AMT, 4.00%, 07/01/2031 | 4,500 | 4,509 | ||||||
Rev., AGM, AMT, 4.00%, 07/01/2035 | 5,080 | 5,086 | ||||||
Rev., AMT, 5.00%, 07/01/2041 | 1,000 | 1,003 | ||||||
New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 595 | ||||||
New York Transportation Development Corp., Terminal 4 JFK International, | ||||||||
Rev., AMT, 5.00%, 12/01/2030 | 1,710 | 1,878 | ||||||
Rev., AMT, 5.00%, 12/01/2032 | 2,005 | 2,220 | ||||||
Rev., AMT, 5.00%, 12/01/2033 | 1,000 | 1,082 | ||||||
Rev., AMT, 5.00%, 12/01/2037 | 3,500 | 3,711 | ||||||
Rev., AMT, 5.00%, 12/01/2038 | 1,000 | 1,059 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
New York Transportation Development Corp., Terminal 4 John F Kennedy International, | ||||||||
Rev., AMT, 4.00%, 12/01/2038 | 300 | 286 | ||||||
Rev., AMT, 4.00%, 12/01/2039 | 300 | 284 | ||||||
Rev., AMT, 4.00%, 12/01/2040 | 1,475 | 1,376 | ||||||
Rev., AMT, 4.00%, 12/01/2041 | 300 | 277 | ||||||
Rev., AMT, 4.00%, 12/01/2042 | 300 | 274 | ||||||
Rev., 5.00%, 12/01/2024 | 200 | 206 | ||||||
Rev., 5.00%, 12/01/2025 | 200 | 210 | ||||||
Rev., 5.00%, 12/01/2026 | 200 | 214 | ||||||
Rev., 5.00%, 12/01/2027 | 200 | 218 | ||||||
Rev., 5.00%, 12/01/2028 | 200 | 221 | ||||||
Rev., 5.00%, 12/01/2037 | 250 | 273 | ||||||
Rev., 5.00%, 12/01/2038 | 2,250 | 2,450 | ||||||
Port Authority of New York & New Jersey, | ||||||||
Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5,000 | 5,388 | ||||||
Series 223, Rev., AMT, 5.00%, 07/15/2023 | 1,220 | 1,226 | ||||||
Series 226, Rev., AMT, 5.00%, 10/15/2031 | 4,500 | 5,084 | ||||||
Series 226, Rev., AMT, 5.00%, 10/15/2032 | 1,250 | 1,439 | ||||||
Series 226, Rev., AMT, 5.00%, 10/15/2036 | 2,040 | 2,270 | ||||||
Port Authority of New York & New Jersey, Consolidated, | ||||||||
Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3,000 | 3,163 | ||||||
Series 206, Rev., AMT, 5.00%, 11/15/2032 | 3,000 | 3,225 | ||||||
Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1,620 | 1,839 | ||||||
Series 221, Rev., AMT, 5.00%, 07/15/2032 | 1,500 | 1,698 | ||||||
Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038 | 670 | 767 | ||||||
Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039 | 1,250 | 1,378 | ||||||
Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, | ||||||||
Rev., AMT, 5.00%, 09/01/2026 | 3,000 | 3,080 | ||||||
Series 222, Rev., 4.00%, 07/15/2036 | 10,250 | 10,622 | ||||||
Series 222, Rev., 5.00%, 07/15/2034 | 5,000 | 5,839 | ||||||
State of New York Mortgage Agency, Social Bond, Series 239, Rev., SONYMA, 3.25%, 10/01/2051 | 290 | 285 | ||||||
State of New York Mortgage Agency, Social Bonds, | ||||||||
Series 233, Rev., 3.00%, 10/01/2045 | 2,330 | 2,284 | ||||||
Series 235, Rev., AMT, 0.40%, 04/01/2023 | 215 | 215 | ||||||
Series 235, Rev., AMT, 0.55%, 10/01/2023 | 190 | 187 | ||||||
State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052 | 110 | 109 | ||||||
Triborough Bridge & Tunnel Authority, | ||||||||
Series A2, Rev., 2.00%, 05/15/2045 (z) | 4,250 | 4,020 | ||||||
Series A, Rev., BAN, 5.00%, 08/15/2024 | 3,000 | 3,093 | ||||||
Series A, Rev., 5.00%, 11/15/2041 | 1,975 | 2,066 | ||||||
Series A, Rev., 5.00%, 11/15/2047 | 2,500 | 2,730 | ||||||
Series A, Rev., 5.00%, 11/15/2049 | 3,040 | 3,262 | ||||||
Series B2, Rev., 5.00%, 11/15/2027 | 2,000 | 2,238 | ||||||
Triborough Bridge & Tunnel Authority, Green Bond, | ||||||||
Series E1, Rev., 5.00%, 11/15/2027 | 1,155 | 1,287 | ||||||
Series E-2B, Rev., 5.00%, 11/15/2032 | 575 | 696 | ||||||
Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047 | 5,250 | 5,720 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
New York continued | ||||||||
Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels, | ||||||||
Rev., 5.00%, 11/15/2026 | 3,660 | 4,001 | ||||||
Rev., 5.00%, 11/15/2027 | 1,285 | 1,438 | ||||||
Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029 | 1,615 | 1,883 | ||||||
Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040 | 5,000 | 5,620 | ||||||
Triborough Bridge & Tunnel Authority, Senior Lien, | ||||||||
Rev., 5.00%, 05/15/2050 (z) | 7,000 | 7,450 | ||||||
Series C, Rev., 5.25%, 05/15/2052 | 10,000 | 11,150 | ||||||
Series C1-A, Rev., 5.00%, 05/15/2038 | 2,000 | 2,289 | ||||||
Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels, | ||||||||
Rev., 5.00%, 05/15/2035 | 2,000 | 2,362 | ||||||
Rev., 5.00%, 05/15/2036 | 2,000 | 2,329 | ||||||
Rev., 5.00%, 05/15/2038 | 4,240 | 4,836 | ||||||
Triborough Bridge & Tunnel Authority, Subordinated, Series A, Rev., 5.00%, 11/15/2025 | 50 | 50 | ||||||
Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036 | 750 | 751 | ||||||
TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6,780 | 6,226 | ||||||
Utility Debt Securitization Authority, Restructuring, Rev., 5.00%, 12/15/2025 | 15 | 15 | ||||||
Utility Debt Securitization Authority, Restructuring Bonds, | ||||||||
Rev., 5.00%, 12/15/2033 | 1,500 | 1,595 | ||||||
Series TE, Rev., 5.00%, 12/15/2029 | 1,500 | 1,684 | ||||||
Series TE, Rev., 5.00%, 12/15/2032 | 800 | 955 | ||||||
Westchester County Industrial Development Agency, Marble Hall Tuckahoe Limited, Rev., FHA, 0.28%, 04/01/2024 (z) | 270 | 270 | ||||||
Westchester County Local Development Corp., Purchase Senior Learning, Rev., 2.88%, 07/01/2026 (e) | 500 | 475 | ||||||
Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e) | 340 | 309 | ||||||
|
|
|||||||
733,365 | ||||||||
|
|
|||||||
North Carolina 0.9% | ||||||||
Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z) | 2,285 | 2,181 | ||||||
City of Charlotte Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2023 | 1,750 | 1,758 | ||||||
City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International, | ||||||||
Rev., 5.00%, 07/01/2049 | 5,000 | 5,313 | ||||||
Rev., AMT, 5.00%, 07/01/2049 | 5,000 | 5,192 | ||||||
City of Charlotte, 2003 Governmental Facilities Project, VRDO, COP, LIQ: Wells Fargo Bank NA, 3.90%, 04/07/2023 (z) | 2,600 | 2,600 | ||||||
City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027 | 1,315 | 1,413 | ||||||
City of Goldsboro, Grand At Day Point Project, Rev., HUD, GNMA COLL, 0.28%, 05/01/2024 (z) | 2,785 | 2,776 | ||||||
County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025 | 4,000 | 3,666 | ||||||
North Carolina Housing Finance Agency, | ||||||||
Series 37A, Rev., AMT, 3.50%, 07/01/2039 | 55 | 55 | ||||||
Series 44, Rev., 4.00%, 07/01/2050 | 345 | 348 | ||||||
Series 45, Rev., GNMA/FNMA/FHLMC COLL, 1.90%, 01/01/2032 | 1,525 | 1,281 | ||||||
North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 980 | 958 | ||||||
North Carolina Housing Finance Agency, Wind Crest Senior Living, Rev., 0.36%, 06/01/2024 (z) | 825 | 822 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
North Carolina continued | ||||||||
North Carolina Medical Care Commission, CaroMont Health, Series A, Rev., 4.00%, 02/01/2036 | 500 | 517 | ||||||
North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041 | 1,050 | 814 | ||||||
North Carolina Medical Care Commission, Presbyterian Homes Obligations, | ||||||||
Series A, Rev., 4.00%, 10/01/2027 | 600 | 594 | ||||||
Series A, Rev., 4.00%, 10/01/2040 | 1,200 | 1,023 | ||||||
Series A, Rev., 4.00%, 10/01/2045 | 2,250 | 1,810 | ||||||
North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1,760 | 1,978 | ||||||
North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041 | 830 | 697 | ||||||
North Carolina Turnpike Authority, Rev., BAN, 5.00%, 02/01/2024 (p) | 7,130 | 7,256 | ||||||
North Carolina Turnpike Authority, Senior Lien, Rev., AGM, 5.00%, 01/01/2038 | 2,375 | 2,520 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., AGM, 5.00%, 01/01/2049 | 1,000 | 1,042 | ||||||
Raleigh Durham Airport Authority, | ||||||||
Series A, Rev., AMT, 5.00%, 05/01/2032 | 1,200 | 1,312 | ||||||
State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027 | 2,750 | 3,041 | ||||||
State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029 | 1,000 | 1,146 | ||||||
University of North Carolina at Chapel Hill, University of North Carolina at Chapel Hill, Rev., (United States SOFR * 0.67 + 0.65%), 3.88%, 12/01/2041 (aa) | 1,250 | 1,248 | ||||||
Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2,120 | 2,425 | ||||||
|
|
|||||||
55,786 | ||||||||
|
|
|||||||
North Dakota 0.3% | ||||||||
Cass County Joint Water Resource District, Series A, GO, 0.48%, 05/01/2024 | 3,635 | 3,491 | ||||||
City of Grand Forks, Altru Health System, | ||||||||
Rev., 5.00%, 12/01/2027 | 595 | 629 | ||||||
Rev., 5.00%, 12/01/2031 | 1,900 | 2,065 | ||||||
City of West Fargo, Series A, GO, 2.00%, 05/01/2023 | 525 | 524 | ||||||
County of Ward, Trinity Obligation Group, Series C, Rev., 5.00%, 06/01/2043 | 2,500 | 2,191 | ||||||
North Dakota Housing Finance Agency, | ||||||||
Series B, Rev., 3.00%, 07/01/2051 | 2,020 | 1,980 | ||||||
Series C, Rev., 4.00%, 01/01/2050 | 755 | 764 | ||||||
North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052 | 45 | 44 | ||||||
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | 2,385 | 2,406 | ||||||
North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052 | 1,040 | 1,013 | ||||||
North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053 | 1,315 | 1,434 | ||||||
University of North Dakota, Series A, COP, AGM, 4.00%, 06/01/2046 | 1,480 | 1,425 | ||||||
West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 315 | ||||||
|
|
|||||||
18,281 | ||||||||
|
|
|||||||
Ohio 1.9% | ||||||||
Akron Bath Copley Joint Township Hospital District, Rev., 5.25%, 11/15/2046 | 5,775 | 5,876 | ||||||
Akron Bath Copley Joint Township Hospital District, Childrens Hospital Medical, Rev., 4.00%, 11/15/2042 | 1,265 | 1,232 | ||||||
Akron Bath Copley Joint Township Hospital District, Summa Health Obligations, | ||||||||
Rev., 4.00%, 11/15/2034 | 500 | 497 | ||||||
Rev., 4.00%, 11/15/2035 | 1,000 | 978 | ||||||
Rev., 4.00%, 11/15/2038 | 750 | 696 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Ohio continued | ||||||||
American Municipal Power, Inc., Fremont Energy Center Project, | ||||||||
Rev., 4.00%, 02/15/2036 | 1,750 | 1,785 | ||||||
Rev., 5.00%, 02/15/2026 | 600 | 639 | ||||||
Buckeye Tobacco Settlement Financing Authority, Series B2, Rev., 5.00%, 06/01/2055 | 12,815 | 11,603 | ||||||
Buckeye Tobacco Settlement Financing Authority, Senior, Series A2, Rev., 4.00%, 06/01/2048 | 2,210 | 1,950 | ||||||
City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035 | 1,085 | 1,141 | ||||||
Cleveland Department of Public Utilities Division of Water, Series FF, Rev., 5.00%, 01/01/2026 | 300 | 321 | ||||||
Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051 | 1,000 | 975 | ||||||
County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 55 | ||||||
County of Butler, UC Health, Rev., 5.00%, 11/15/2030 | 1,300 | 1,390 | ||||||
County of Franklin, Nationwide Childrens Hospital, Rev., 5.00%, 11/01/2031 | 1,000 | 1,165 | ||||||
County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1,510 | 1,605 | ||||||
County of Montgomery, Dayton Childrens Hospital, | ||||||||
Rev., 5.00%, 08/01/2027 | 725 | 791 | ||||||
Rev., 5.00%, 08/01/2029 | 145 | 163 | ||||||
Rev., 5.00%, 08/01/2033 | 230 | 265 | ||||||
County of Montgomery, Kettering Health Network Obligations, | ||||||||
Rev., 4.00%, 08/01/2037 | 525 | 532 | ||||||
Rev., 4.00%, 08/01/2041 | 1,200 | 1,173 | ||||||
Dayton Metropolitan Housing Authority, Southern Montgomery Apartments, Rev., HUD, 0.32%, 09/01/2024 (z) | 1,505 | 1,482 | ||||||
Hamilton City School District, Various Purpose, GO, 5.00%, 12/01/2034 (p) | 1,500 | 1,561 | ||||||
Lancaster Port Authority, Series A, Rev., LIQ: Royal Bank of Canada, 5.00%, 08/01/2049 (z) | 5,000 | 5,100 | ||||||
Miami University, | ||||||||
Series A, Rev., 5.00%, 09/01/2028 | 515 | 582 | ||||||
Series A, Rev., 5.00%, 09/01/2030 | 1,005 | 1,178 | ||||||
Northeast Ohio Medical University, | ||||||||
Rev., BAM, 5.00%, 12/01/2043 | 1,475 | 1,577 | ||||||
Series A, Rev., 4.00%, 12/01/2035 | 250 | 249 | ||||||
Ohio Air Quality Development Authority, American Electric Power Company, Series A, Rev., AMT, 2.10%, 01/01/2029 (z) | 1,250 | 1,217 | ||||||
Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z) | 7,000 | 7,056 | ||||||
Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z) | 7,205 | 7,265 | ||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1,000 | 886 | ||||||
Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, | ||||||||
Rev., 1.38%, 02/01/2026 (z) | 1,875 | 1,779 | ||||||
Rev., 1.50%, 02/01/2026 (z) | 120 | 110 | ||||||
Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 4.20%, 12/01/2042 (aa) | 155 | 149 | ||||||
Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040 | 1,065 | 1,124 | ||||||
Ohio Higher Educational Facility Commission, Otterbein Homes Obligated, Rev., 4.00%, 07/01/2023 | 75 | 75 | ||||||
Ohio Higher Educational Facility Commission, Senior University Circle, Inc. Project, Rev., 5.00%, 01/15/2037 | 265 | 267 | ||||||
Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034 | 1,125 | 1,254 | ||||||
Ohio Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 980 | 997 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Ohio continued | ||||||||
Ohio Housing Finance Agency, Franklin Manor North Project, Rev., HUD, 0.25%, 09/01/2024 (z) | 160 | 157 | ||||||
Ohio Housing Finance Agency, Glen Meadows Apartments, Rev., HUD, 0.40%, 11/01/2024 (z) | 620 | 607 | ||||||
Ohio Housing Finance Agency, Marianna Terrace Apartments, Rev., HUD, 1.30%, 03/01/2025 (z) | 330 | 323 | ||||||
Ohio Housing Finance Agency, Post Oak Station, Rev., HUD, 3.35%, 07/01/2025 (z) | 295 | 294 | ||||||
Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038 | 1,500 | 1,529 | ||||||
Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure, | ||||||||
Rev., 5.00%, 02/15/2028 | 500 | 561 | ||||||
Rev., 5.00%, 02/15/2033 | 365 | 447 | ||||||
Rev., 5.00%, 02/15/2039 | 3,000 | 3,460 | ||||||
Ohio Water Development Authority, Series A, Rev., 5.00%, 06/01/2029 | 500 | 575 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Green Bond, Series A, Rev., 5.00%, 12/01/2034 | 160 | 190 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Loan Fund, Series A, Rev., 5.00%, 12/01/2031 | 1,000 | 1,106 | ||||||
Ohio Water Development Authority, Fresh Water, Series A, Rev., 5.00%, 06/01/2023 | 155 | 156 | ||||||
Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031 | 300 | 359 | ||||||
Ohio Water Development Authority, Water Pollution Control Loan Fund, Series A, Rev., VRDO, 3.75%, 04/07/2023 (z) | 3,500 | 3,500 | ||||||
State of Ohio, | ||||||||
GO, 5.00%, 06/15/2028 | 1,000 | 1,134 | ||||||
Series A, GO, 5.00%, 09/01/2024 | 130 | 135 | ||||||
Series A, GO, 5.00%, 03/01/2034 | 1,000 | 1,219 | ||||||
Series A, GO, 5.00%, 02/01/2038 (p) | 3,000 | 3,217 | ||||||
Series X, GO, 5.00%, 05/01/2035 | 300 | 357 | ||||||
State of Ohio, Cleveland Clinic Health System, | ||||||||
Rev., 5.00%, 01/01/2033 | 2,410 | 2,824 | ||||||
Rev., 5.00%, 01/01/2034 | 2,425 | 2,826 | ||||||
Rev., 5.00%, 01/01/2039 | 570 | 634 | ||||||
Series A, Rev., 5.00%, 01/01/2027 | 940 | 1,024 | ||||||
State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030 | 125 | 147 | ||||||
State of Ohio, Garvee, | ||||||||
Series 1A, Rev., 5.00%, 12/15/2025 | 800 | 854 | ||||||
Series 1A, Rev., 5.00%, 12/15/2028 | 1,000 | 1,143 | ||||||
Series 2022-1, Rev., 5.00%, 12/15/2028 | 1,000 | 1,142 | ||||||
Series 2022-1, Rev., 5.00%, 12/15/2031 | 1,000 | 1,182 | ||||||
State of Ohio, Higher Education, | ||||||||
Series A, GO, 5.00%, 05/01/2032 | 10,000 | 11,016 | ||||||
Series C, GO, 5.00%, 08/01/2028 (p) | 350 | 398 | ||||||
State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034 | 1,000 | 1,204 | ||||||
State of Ohio, Natural Resources, Series S, GO, 5.00%, 04/01/2024 (p) | 180 | 180 | ||||||
State of Ohio, Premier Health Partners, | ||||||||
Rev., 4.00%, 11/15/2039 | 1,320 | 1,254 | ||||||
Rev., 4.00%, 11/15/2041 | 1,450 | 1,352 | ||||||
Rev., 5.00%, 11/15/2028 | 680 | 735 | ||||||
State of Ohio, University Hospital Health, Rev., VRDO, 4.17%, 04/01/2023 (z) | 1,500 | 1,500 | ||||||
State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037 | 1,000 | 996 | ||||||
State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041 | 1,000 | 1,027 | ||||||
|
|
|||||||
119,504 | ||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Oklahoma 0.4% | ||||||||
Oklahoma City Economic Development Trust, Increment District #8 Project, | ||||||||
Rev., 4.00%, 03/01/2032 | 1,640 | 1,785 | ||||||
Rev., 4.00%, 03/01/2033 | 5,000 | 5,430 | ||||||
Rev., 4.00%, 03/01/2034 | 4,440 | 4,790 | ||||||
Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038 | 2,000 | 2,005 | ||||||
Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 4.27%, 04/07/2023 (z) | 2,110 | 2,110 | ||||||
Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 | 1,110 | 1,074 | ||||||
Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057 | 6,000 | 5,739 | ||||||
Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026 | 1,500 | 1,464 | ||||||
|
|
|||||||
24,397 | ||||||||
|
|
|||||||
Oregon 0.7% | ||||||||
City of Portland Water System Revenue, Second Lien, | ||||||||
Series A, Rev., 4.00%, 05/01/2039 | 500 | 509 | ||||||
Series A, Rev., 5.00%, 05/01/2033 | 1,825 | 2,108 | ||||||
Hospital Facilities Authority of Multnomah County Oregon, Green Bond Terwilliger, Rev., 0.95%, 06/01/2027 | 1,200 | 1,048 | ||||||
Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1,000 | 1,148 | ||||||
Medford Hospital Facilities Authority, Asante Project, Series A, Rev., AGM, 4.00%, 08/15/2045 | 1,330 | 1,281 | ||||||
Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028 | 1,850 | 2,093 | ||||||
Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z) | 1,500 | 1,706 | ||||||
Oregon State Business Development Commission, Intel Corp. Project, Series 232, Rev., 2.40%, 12/01/2040 (z) | 200 | 199 | ||||||
Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031 | 1,740 | 1,825 | ||||||
Port of Portland Airport Revenue, | ||||||||
Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1,595 | 1,740 | ||||||
Series 27A, Rev., AMT, 5.00%, 07/01/2036 | 1,000 | 1,090 | ||||||
Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036 | 500 | 561 | ||||||
Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035 | 1,270 | 1,377 | ||||||
Port of Portland Airport Revenue, Portland International Airport, Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1,020 | 1,082 | ||||||
Salem Hospital Facility Authority, Capital Manor Project, | ||||||||
Rev., 4.00%, 05/15/2032 | 185 | 173 | ||||||
Rev., 4.00%, 05/15/2040 | 750 | 608 | ||||||
Salem Hospital Facility Authority, Multi Model, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2023 | 100 | 100 | ||||||
Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046 | 3,000 | 3,074 | ||||||
State of Oregon, Series N, GO, 5.00%, 12/01/2023 | 1,890 | 1,892 | ||||||
State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9,095 | 10,246 | ||||||
State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052 | 645 | 631 | ||||||
State of Oregon Housing & Community Services Department, The Susan Emmons Apartment, Rev., HUD, 0.38%, 06/01/2024 (z) | 945 | 922 | ||||||
State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 108 | ||||||
State of Oregon, Article XI Q State Project, | ||||||||
GO, 5.00%, 05/01/2025 | 500 | 526 | ||||||
GO, 5.00%, 05/01/2030 | 405 | 477 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
Oregon continued | ||||||||
State of Oregon, Article Xi-M & Xi-N Seismic, GO, 5.00%, 06/01/2030 | 1,995 | 2,353 | ||||||
State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027 | 1,220 | 1,350 | ||||||
State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051 | 1,425 | 1,386 | ||||||
University of Oregon, Series A, Rev., 5.00%, 04/01/2048 | 1,000 | 1,059 | ||||||
Yamhill County Hospital Authority, Friendsview, Series B3, Rev., 1.75%, 11/15/2026 | 1,360 | 1,269 | ||||||
|
|
|||||||
43,941 | ||||||||
|
|
|||||||
Pennsylvania 5.8% | ||||||||
Allegheny County Airport Authority, Series A, Rev., AGM, AMT, 4.00%, 01/01/2046 | 11,800 | 11,275 | ||||||
Allegheny County Hospital Development Authority, Health Network Obligations, | ||||||||
Rev., 5.00%, 04/01/2033 | 1,000 | 1,082 | ||||||
Series A, Rev., 5.00%, 04/01/2047 | 1,560 | 1,607 | ||||||
Allegheny County Hospital Development Authority, University Pittsburgh Medical Center, Rev., 4.00%, 07/15/2038 | 2,185 | 2,171 | ||||||
Allegheny County Industrial Development Authority, United States Steel Corp., Rev., 4.88%, 11/01/2024 | 1,500 | 1,502 | ||||||
Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047 | 2,250 | 2,614 | ||||||
Allegheny County, Hospital Development Authority, Health Network Obligations, Series A, Rev., 5.00%, 04/01/2023 | 1,000 | 1,000 | ||||||
Allegheny County, Hospital Development Authority, Pittsburg University Medical Center, | ||||||||
Series A, Rev., 4.00%, 07/15/2036 | 2,200 | 2,208 | ||||||
Series A, Rev., 5.00%, 07/15/2027 | 765 | 833 | ||||||
Allegheny County, Sanitary Authority, | ||||||||
Series B, Rev., 4.00%, 06/01/2035 | 400 | 421 | ||||||
Series B, Rev., 4.00%, 06/01/2036 | 675 | 705 | ||||||
Series B, Rev., 5.00%, 06/01/2030 | 500 | 584 | ||||||
Series B, Rev., 5.00%, 06/01/2032 | 550 | 644 | ||||||
Series B, Rev., 5.00%, 06/01/2033 | 600 | 700 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 | 1,000 | 1,009 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) (f) | 180 | 183 | ||||||
Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p) | 1,000 | 1,067 | ||||||
Bentworth School District, Series A, GO, BAM, 4.00%, 03/15/2025 | 1,380 | 1,414 | ||||||
Berks County Industrial Development Authority, Tower Health Project, | ||||||||
Rev., 4.00%, 11/01/2050 | 1,500 | 732 | ||||||
Rev., 5.00%, 11/01/2047 | 2,155 | 1,303 | ||||||
Bethlehem Area School District Authority, Bethlehem Area School District, | ||||||||
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 01/01/2030 (aa) | 230 | 224 | ||||||
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 07/01/2031 (aa) | 305 | 298 | ||||||
Rev., (United States SOFR * 0.67 + 0.35%), 3.59%, 01/01/2032 (aa) | 240 | 234 | ||||||
Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032 | 1,000 | 1,115 | ||||||
Central Bradford Progress Authority, Guthrie Clinic, Rev., VRDO, 4.59%, 04/07/2023 (z) | 400 | 400 | ||||||
Chester County Health and Education Facilities Authority, Main Line Health System, Series A, Rev., 5.00%, 10/01/2035 | 2,025 | 2,155 | ||||||
City of Lancaster, GO, BAM, 5.00%, 11/01/2047 | 6,665 | 7,171 | ||||||
City of Philadelphia, | ||||||||
GO, AGM, 5.00%, 08/01/2031 | 1,795 | 1,953 | ||||||
Series A, GO, 5.00%, 08/01/2030 | 4,000 | 4,197 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Pennsylvania continued | ||||||||
City of Philadelphia Airport Revenue, | ||||||||
Series A, Rev., 5.00%, 07/01/2047 | 5,000 | 5,131 | ||||||
Series C, Rev., AMT, 4.00%, 07/01/2050 | 1,500 | 1,392 | ||||||
Series C, Rev., AMT, 5.00%, 07/01/2028 | 10,000 | 10,816 | ||||||
City of Philadelphia Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2041 | 1,100 | 1,066 | ||||||
City of Philadelphia Water & Wastewater Revenue, | ||||||||
Series A, Rev., 5.00%, 11/01/2045 | 7,000 | 7,535 | ||||||
Series C, Rev., 5.00%, 06/01/2042 | 1,000 | 1,099 | ||||||
City of Philadelphia, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2035 | 2,235 | 2,335 | ||||||
City of Philadelphia, Airport Revenue, Private Activity, Rev., AGM, AMT, 4.00%, 07/01/2046 | 3,750 | 3,581 | ||||||
City of Philadelphia, Water & Wastewater Revenue, Series A, Rev., 5.00%, 11/01/2040 | 2,790 | 3,049 | ||||||
City of Pittsburgh, GO, 5.00%, 09/01/2030 | 500 | 558 | ||||||
Commonwealth of Pennsylvania, | ||||||||
Series 1, GO, 4.00%, 03/15/2034 | 5,000 | 5,112 | ||||||
Series 1, GO, 4.00%, 03/01/2035 | 3,650 | 3,812 | ||||||
Series 1, GO, 4.00%, 03/15/2035 | 2,000 | 2,031 | ||||||
County of Allegheny, Series C75, GO, 5.00%, 11/01/2028 | 2,305 | 2,493 | ||||||
County of Berks, GO, 4.00%, 11/15/2027 (p) | 225 | 227 | ||||||
County of Lehigh, St. Lukes Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 5.07%, 08/15/2038 (aa) | 355 | 350 | ||||||
Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1,000 | 1,061 | ||||||
Cumberland Valley School District, | ||||||||
GO, 5.00%, 11/15/2032 (p) | 150 | 152 | ||||||
GO, 5.00%, 11/15/2034 (p) | 140 | 142 | ||||||
Delaware River Port Authority, | ||||||||
Rev., 5.00%, 01/01/2037 | 3,000 | 3,039 | ||||||
Rev., 5.00%, 01/01/2040 | 10,000 | 10,117 | ||||||
Delaware Valley Regional Finance Authority, | ||||||||
Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 5,000 | 5,692 | ||||||
Series C, Rev., (ICE LIBOR USD 3 Month * 0.67 + 0.75%), 4.08%, 06/01/2037 (aa) | 250 | 221 | ||||||
Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039 | 1,000 | 982 | ||||||
Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037 | 600 | 647 | ||||||
Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056 | 765 | 553 | ||||||
Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029 | 3,455 | 3,479 | ||||||
Monroeville Finance Authority, | ||||||||
Series B, Rev., 5.00%, 02/15/2029 | 1,425 | 1,595 | ||||||
Series B, Rev., 5.00%, 02/15/2038 | 1,200 | 1,296 | ||||||
Series B, Rev., 5.00%, 02/15/2039 | 2,000 | 2,144 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University, | ||||||||
Rev., 4.00%, 05/01/2038 | 250 | 247 | ||||||
Rev., VRDO, 4.53%, 04/07/2023 (z) | 4,050 | 4,050 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1,610 | 1,527 | ||||||
Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (w) (z) | 3,335 | 3,383 | ||||||
Montgomery County Industrial Development Authority, Retirement Life Communities, | ||||||||
Rev., 5.00%, 11/15/2033 | 1,500 | 1,519 | ||||||
Series C, Rev., 5.00%, 11/15/2045 | 2,585 | 2,457 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Pennsylvania continued | ||||||||
New Castle Sanitation Authority, Series A, Rev., AGM, 3.00%, 06/01/2029 | 500 | 507 | ||||||
Norristown Area School District, GO, 5.00%, 09/01/2026 | 1,500 | 1,614 | ||||||
Pennsylvania Economic Development Financing Authority, Bridges Finco Project, Rev., AMT, 5.00%, 06/30/2023 | 495 | 497 | ||||||
Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project, | ||||||||
Rev., AMT, 5.00%, 12/31/2030 | 3,460 | 3,565 | ||||||
Rev., AMT, 5.00%, 12/31/2034 | 2,000 | 2,042 | ||||||
Rev., AMT, 5.00%, 06/30/2042 | 1,250 | 1,252 | ||||||
Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility, | ||||||||
Rev., 4.00%, 01/01/2028 | 1,590 | 1,611 | ||||||
Rev., 4.00%, 01/01/2029 | 450 | 455 | ||||||
Rev., 4.00%, 01/01/2031 | 800 | 809 | ||||||
Pennsylvania Economic Development Financing Authority, PPL Energy Supply LLC, Series B, Rev., VRDO, LOC: MUFG Bank Ltd., 5.00%, 04/07/2023 (z) | 7,000 | 7,000 | ||||||
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, | ||||||||
Rev., AMT, 3.45%, 04/01/2034 (z) | 5,000 | 4,999 | ||||||
Rev., AMT, 3.45%, 04/01/2049 (z) | 5,000 | 4,999 | ||||||
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges, | ||||||||
Rev., AGM, AMT, 5.00%, 12/31/2057 | 6,730 | 6,955 | ||||||
Rev., AGM, AMT, 5.50%, 06/30/2042 | 5,640 | 6,173 | ||||||
Rev., AMT, 5.75%, 06/30/2048 | 7,000 | 7,557 | ||||||
Rev., AMT, 6.00%, 06/30/2061 | 1,500 | 1,643 | ||||||
Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center, Rev., 5.00%, 07/01/2038 | 5,500 | 5,518 | ||||||
Pennsylvania Economic Development Financing Authority, UPMC, Series A1, Rev., 4.00%, 04/15/2045 | 5,440 | 5,196 | ||||||
Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z) | 2,000 | 1,778 | ||||||
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z) | 2,000 | 1,792 | ||||||
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, | ||||||||
Rev., AMT, 1.75%, 08/01/2038 (z) | 5,000 | 4,846 | ||||||
Rev., AMT, 3.50%, 08/01/2045 (z) | 4,885 | 4,884 | ||||||
Rev., AMT, (SIFMA Municipal Swap Index + 0.40%), 4.37%, 06/01/2041 (aa) | 805 | 787 | ||||||
Series A, Rev., AMT, 0.58%, 08/01/2037 (z) | 2,610 | 2,491 | ||||||
Pennsylvania Higher Education Assistance Agency, Series A, Rev., AMT, 5.00%, 06/01/2026 | 95 | 100 | ||||||
Pennsylvania Higher Education Assistance Agency, Senior, Series A, Rev., AMT, 5.00%, 06/01/2028 | 3,775 | 4,018 | ||||||
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Rev., 5.00%, 08/15/2042 | 1,250 | 1,305 | ||||||
Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1,170 | 1,196 | ||||||
Pennsylvania Housing Finance Agency, Series 133, Rev., 3.00%, 10/01/2050 | 3,250 | 3,188 | ||||||
Pennsylvania Housing Finance Agency, Harrison Senior Tower, Rev., 0.25%, 06/01/2024 (z) | 185 | 184 | ||||||
Pennsylvania Housing Finance Agency, School of Nursing, Rev., HUD, 0.27%, 08/01/2024 (z) | 3,200 | 3,160 | ||||||
Pennsylvania Housing Finance Agency, Social Bonds, | ||||||||
Series 141B, Rev., VRDO, 3.85%, 04/07/2023 (z) | 5,000 | 5,000 | ||||||
Series 141A, Rev., 5.75%, 10/01/2053 | 3,075 | 3,353 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Pennsylvania continued | ||||||||
Pennsylvania Turnpike Commission, | ||||||||
Series A1, Rev., 5.00%, 12/01/2027 | 1,000 | 1,114 | ||||||
Series A1, Rev., 5.00%, 12/01/2031 | 250 | 277 | ||||||
Series A1, Rev., 5.00%, 12/01/2034 | 1,000 | 1,092 | ||||||
Series A1, Rev., 5.00%, 12/01/2045 | 7,685 | 7,844 | ||||||
Series A1, Rev., 5.00%, 12/01/2046 | 1,000 | 1,030 | ||||||
Series A2, Rev., 5.00%, 12/01/2024 | 100 | 104 | ||||||
Series A, Rev., AGM, 5.25%, 07/15/2028 | 300 | 345 | ||||||
Series A, Rev., 5.25%, 12/01/2044 | 2,500 | 2,694 | ||||||
Series B, Rev., 4.00%, 12/01/2039 | 3,000 | 3,038 | ||||||
Series B, Rev., 5.00%, 12/01/2026 | 400 | 437 | ||||||
Series B, Rev., 5.00%, 12/01/2027 | 900 | 1,003 | ||||||
Series B, Rev., 5.00%, 12/01/2028 | 700 | 796 | ||||||
Series B, Rev., 5.00%, 12/01/2039 | 1,305 | 1,462 | ||||||
Series B, Rev., 5.25%, 12/01/2047 | 3,000 | 3,332 | ||||||
Series C, Rev., 4.00%, 12/01/2040 | 1,400 | 1,425 | ||||||
Series C, Rev., 4.00%, 12/01/2042 | 1,555 | 1,567 | ||||||
Series C, Rev., 5.00%, 12/01/2027 | 345 | 384 | ||||||
Series C, Rev., 5.00%, 12/01/2041 | 1,560 | 1,709 | ||||||
Series C, Rev., 5.00%, 12/01/2046 | 1,350 | 1,449 | ||||||
Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1,000 | 1,063 | ||||||
Pennsylvania Turnpike Commission, Subordinate, | ||||||||
Rev., 5.00%, 12/01/2030 | 1,750 | 1,917 | ||||||
Series A, Rev., 4.00%, 12/01/2043 | 2,135 | 2,099 | ||||||
Pennsylvania Turnpike Commission, Subordinated, | ||||||||
Rev., 5.00%, 06/01/2026 | 2,000 | 2,123 | ||||||
Series A, Rev., 5.00%, 12/01/2036 | 2,775 | 2,923 | ||||||
Series B2, Rev., 5.00%, 06/01/2027 | 2,480 | 2,706 | ||||||
Philadelphia Authority for Industrial Development, Rev., 5.00%, 05/01/2033 | 1,250 | 1,364 | ||||||
Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) (f) | 900 | 881 | ||||||
Philadelphia Authority for Industrial Development, Thomas Jefferson University, | ||||||||
Series A, Rev., 5.00%, 09/01/2032 | 1,110 | 1,186 | ||||||
Series A, Rev., 5.00%, 09/01/2035 | 1,105 | 1,166 | ||||||
Series A, Rev., 5.00%, 09/01/2047 | 1,000 | 1,020 | ||||||
Philadelphia Gas Works Co., Series A, Rev., AGM, 4.00%, 08/01/2045 | 5,000 | 4,905 | ||||||
Pittsburgh Water & Sewer Authority, | ||||||||
Series B, Rev., AGM, 4.00%, 09/01/2036 | 500 | 516 | ||||||
Series B, Rev., AGM, 4.00%, 09/01/2038 | 500 | 509 | ||||||
Series B, Rev., AGM, 4.00%, 09/01/2045 | 2,250 | 2,267 | ||||||
Series C, Rev., AGM, (SIFMA Municipal Swap Index + 0.65%), 4.62%, 09/01/2040 (aa) | 3,110 | 3,111 | ||||||
Ridley School District, GO, BAM, 5.25%, 11/15/2039 | 4,545 | 5,035 | ||||||
School District of Philadelphia (The), | ||||||||
Series A, GO, 5.00%, 09/01/2027 | 610 | 665 | ||||||
Series A, GO, 5.00%, 09/01/2031 | 245 | 283 | ||||||
Series A, GO, 5.00%, 09/01/2035 | 3,000 | 3,275 | ||||||
Series F, GO, 5.00%, 09/01/2035 | 5,000 | 5,243 | ||||||
School District of Philadelphia (The), Green Bond, | ||||||||
Series B, GO, 5.00%, 09/01/2027 | 895 | 975 | ||||||
Series B, GO, 5.00%, 09/01/2028 | 1,485 | 1,647 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Pennsylvania continued | ||||||||
Series B, GO, 5.00%, 09/01/2029 | 450 | 507 | ||||||
Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1,025 | 1,042 | ||||||
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program, | ||||||||
Rev., 5.25%, 06/01/2041 | 3,000 | 3,443 | ||||||
Rev., 5.25%, 06/01/2042 | 1,500 | 1,713 | ||||||
Rev., 5.25%, 06/01/2047 | 7,750 | 8,729 | ||||||
Sports & Exhibition Authority of Pittsburgh and Allegheny County, | ||||||||
Rev., AGM, 5.00%, 02/01/2027 | 2,250 | 2,445 | ||||||
Rev., AGM, 5.00%, 02/01/2028 | 2,590 | 2,873 | ||||||
State Public School Building Authority, Montgomery County Community College, Rev., 5.50%, 05/01/2033 (p) | 1,000 | 1,002 | ||||||
State Public School Building Authority, Northampton County Area Community, | ||||||||
Rev., BAM, 4.00%, 03/01/2029 | 1,000 | 1,062 | ||||||
Rev., BAM, 4.00%, 03/01/2030 | 640 | 677 | ||||||
Rev., BAM, 4.00%, 03/01/2031 | 500 | 529 | ||||||
Rev., BAM, 5.00%, 03/01/2027 | 715 | 775 | ||||||
Rev., BAM, 5.00%, 03/01/2028 | 755 | 834 | ||||||
State Public School Building Authority, Philadelphia School District, Rev., AGM, 5.00%, 06/01/2030 | 3,480 | 3,712 | ||||||
Westmoreland County Industrial Development Authority, Excela Health Project, | ||||||||
Series A, Rev., 4.00%, 07/01/2025 | 575 | 578 | ||||||
Series A, Rev., 5.00%, 07/01/2028 | 1,400 | 1,484 | ||||||
|
|
|||||||
355,551 | ||||||||
|
|
|||||||
Puerto Rico 0.8% | ||||||||
Commonwealth of Puerto Rico, Restructured, | ||||||||
Series A1, GO, 4.00%, 07/01/2033 | 481 | 433 | ||||||
Series A1, GO, 4.00%, 07/01/2041 | 505 | 409 | ||||||
Series A1, GO, 4.00%, 07/01/2046 | 525 | 409 | ||||||
Series A1, GO, 5.25%, 07/01/2023 | 1,267 | 1,269 | ||||||
Series A1, GO, 5.38%, 07/01/2025 | 1,917 | 1,947 | ||||||
Series A1, GO, 5.63%, 07/01/2027 | 4,045 | 4,180 | ||||||
Series A1, GO, 5.63%, 07/01/2029 | 2,000 | 2,088 | ||||||
Series A1, GO, 5.75%, 07/01/2031 | 2,008 | 2,129 | ||||||
Series A, GO, Zero Coupon, 07/01/2024 | 161 | 151 | ||||||
Series A, GO, Zero Coupon, 07/01/2033 | 7,410 | 4,196 | ||||||
Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z) | 2,279 | 992 | ||||||
Puerto Rico Electric Power Authority, | ||||||||
Series AAA, Rev., 5.25%, 07/01/2023 (d) | 100 | 71 | ||||||
Series AAA, Rev., 5.25%, 07/01/2024 (d) | 2,450 | 1,746 | ||||||
Series CCC, Rev., 4.63%, 07/01/2025 (d) | 100 | 71 | ||||||
Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 399 | ||||||
Series NN, Rev., NATL, 4.75%, 07/01/2033 (d) | 30 | 30 | ||||||
Series TT, Rev., 5.00%, 07/01/2020 (d) | 285 | 200 | ||||||
Series TT, Rev., 5.00%, 07/01/2021 (d) | 100 | 70 | ||||||
Series TT, Rev., 5.00%, 07/01/2037 (d) | 1,200 | 858 | ||||||
Series XX, Rev., 4.63%, 07/01/2025 (d) | 100 | 71 | ||||||
Series XX, Rev., 4.75%, 07/01/2026 (d) | 295 | 209 | ||||||
Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 324 | ||||||
Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 580 | 407 | ||||||
Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 356 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Puerto Rico continued | ||||||||
Puerto Rico Electric Power Authority, Libor, Series UU, Rev., AGM, (ICE LIBOR USD 3 Month * 0.67 + 0.52%), 3.71%, 07/01/2029 (d) (aa) | 500 | 454 | ||||||
Puerto Rico Highway & Transportation Authority, Restructured Toll Revenue, Series A, Rev., 5.00%, 07/01/2062 | 5,000 | 4,737 | ||||||
Puerto Rico Highway & Transportation Authority, Restructured Toll Revenue Convertible Capital Appreciation, Series C, Rev., 0.00%, 07/01/2053 | 3,000 | 1,747 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured, | ||||||||
Series A1, Rev., Zero Coupon, 07/01/2031 | 2,925 | 1,951 | ||||||
Series A1, Rev., 4.75%, 07/01/2053 | 3,000 | 2,744 | ||||||
Series A1, Rev., 5.00%, 07/01/2058 | 7,500 | 7,063 | ||||||
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, | ||||||||
Series A1, Rev., 4.55%, 07/01/2040 | 1,385 | 1,295 | ||||||
Series A2, Rev., 4.33%, 07/01/2040 | 8,100 | 7,372 | ||||||
|
|
|||||||
50,378 | ||||||||
|
|
|||||||
Rhode Island 0.2% | ||||||||
Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037 | 1,000 | 1,029 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049 | 375 | 375 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity, | ||||||||
Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 466 | ||||||
Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 276 | ||||||
Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 635 | ||||||
Series 73A, Rev., 3.00%, 10/01/2050 | 1,215 | 1,191 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051 | 2,720 | 2,661 | ||||||
Rhode Island Student Loan Authority, Senior Bond, Series A, Rev., AMT, 5.00%, 12/01/2029 | 370 | 411 | ||||||
Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045 | 4,000 | 3,951 | ||||||
|
|
|||||||
10,995 | ||||||||
|
|
|||||||
South Carolina 1.0% | ||||||||
City of Columbia Waterworks & Sewer System Revenue, Rev., 5.00%, 02/01/2047 | 2,625 | 2,941 | ||||||
City of Rock Hill SC Combined Utility System Revenue, Rev., 5.00%, 01/01/2027 | 250 | 266 | ||||||
Columbia Housing Authority, Colonial Bluffs Apartments, Rev., 1.25%, 08/01/2025 (z) | 770 | 746 | ||||||
Columbia Housing Authority, Palmetto Terrace Apartment, Rev., 0.31%, 06/01/2024 (z) | 80 | 80 | ||||||
Lexington County Health Services District Inc., Lexmed Obligated Group, | ||||||||
Rev., 4.00%, 11/01/2030 | 1,000 | 1,041 | ||||||
Rev., 4.00%, 11/01/2031 | 1,000 | 1,038 | ||||||
Patriots Energy Group Financing Agency, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 10/01/2048 (z) | 40 | 40 | ||||||
South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z) | 1,000 | 1,045 | ||||||
South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1,000 | 1,034 | ||||||
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1,500 | 1,622 | ||||||
South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., VRDO, 4.56%, 04/07/2023 (z) | 5,800 | 5,800 | ||||||
South Carolina Ports Authority, Rev., AMT, 5.00%, 07/01/2043 | 5,680 | 5,888 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
South Carolina continued | ||||||||
South Carolina Public Service Authority, | ||||||||
Series A, Rev., 4.00%, 12/01/2033 | 1,000 | 1,021 | ||||||
Series A, Rev., 4.00%, 12/01/2034 | 2,000 | 2,031 | ||||||
Series A, Rev., 4.00%, 12/01/2037 | 2,000 | 1,980 | ||||||
Series A, Rev., 4.00%, 12/01/2038 | 520 | 513 | ||||||
Series A, Rev., 5.00%, 12/01/2024 | 500 | 516 | ||||||
Series A, Rev., 5.00%, 12/01/2027 | 1,525 | 1,659 | ||||||
Series A, Rev., 5.00%, 12/01/2028 | 1,700 | 1,767 | ||||||
Series A, Rev., 5.00%, 12/01/2029 | 85 | 95 | ||||||
Series A, Rev., 5.00%, 12/01/2031 | 4,500 | 5,043 | ||||||
Series A, Rev., 5.00%, 12/01/2032 | 1,000 | 1,113 | ||||||
Series B, Rev., 5.00%, 12/01/2041 | 1,000 | 1,020 | ||||||
South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050 | 5,000 | 5,023 | ||||||
South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027 | 1,600 | 1,712 | ||||||
South Carolina State Housing Finance & Development Authority, | ||||||||
Series A, Rev., 3.00%, 01/01/2052 | 725 | 709 | ||||||
Series A, Rev., 4.00%, 01/01/2052 | 880 | 896 | ||||||
Series B, Rev., 3.25%, 01/01/2052 | 7,135 | 7,048 | ||||||
South Carolina State Housing Finance & Development Authority, James Lewis Jr. Eastside, Rev., FNMA COLL, 0.30%, 09/01/2024 (z) | 2,190 | 2,115 | ||||||
South Carolina State Housing Finance & Development Authority, Villages At Congaree, Rev., 1.25%, 06/01/2025 (z) | 895 | 871 | ||||||
Spartanburg Housing Authority, Connecticut Village Apartments, Rev., 1.05%, 08/01/2025 (z) | 625 | 617 | ||||||
Spartanburg Housing Authority, Hickory Heights And Oakland, Rev., HUD, 0.29%, 10/01/2024 (z) | 1,000 | 981 | ||||||
Spartanburg Regional Health Services District, Services District, Inc., | ||||||||
Rev., 5.00%, 04/15/2026 | 565 | 596 | ||||||
Rev., 5.00%, 04/15/2028 | 500 | 546 | ||||||
|
|
|||||||
59,413 | ||||||||
|
|
|||||||
South Dakota 0.1% | ||||||||
County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041 | 250 | 222 | ||||||
South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051 | 2,780 | 2,719 | ||||||
|
|
|||||||
2,941 | ||||||||
|
|
|||||||
Tennessee 1.2% | ||||||||
Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartments, Rev., 0.20%, 08/01/2024 (z) | 90 | 89 | ||||||
Chattanooga Health Educational & Housing Facility Board, Commonspirit Health, Series A1, Rev., 5.00%, 08/01/2028 | 305 | 334 | ||||||
City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p) | 965 | 1,032 | ||||||
City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044 | 3,365 | 3,571 | ||||||
County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 270 | ||||||
Health Educational and Housing Facility Board of the City of Memphis (The), Tillman Cove Apartments, Rev., HUD, 0.55%, 12/01/2024 (z) | 2,275 | 2,183 | ||||||
Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z) | 410 | 415 | ||||||
Knoxvilles Community Development Corp., Austin 1B Apartments Project, Rev., 0.22%, 10/01/2024 (z) | 320 | 314 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Tennessee continued | ||||||||
Memphis-Shelby County Airport Authority, | ||||||||
Rev., AMT, 5.00%, 07/01/2032 | 270 | 290 | ||||||
Rev., AMT, 5.00%, 07/01/2043 | 2,055 | 2,107 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 7,555 | 7,769 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Richland Hills Apartments Project, Rev., HUD, 1.25%, 12/01/2024 (z) | 5,644 | 5,574 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bonds, Vanderbilt University Medical, Rev., 5.00%, 07/01/2031 | 2,785 | 3,120 | ||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, Waste Management, Inc. Tenn Project, Rev., AMT, 0.58%, 08/01/2031 (z) | 600 | 573 | ||||||
Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue, Rev., 5.00%, 07/01/2025 (p) | 50 | 50 | ||||||
Metropolitan Nashville Airport Authority (The), | ||||||||
Series B, Rev., AMT, 5.00%, 07/01/2026 | 70 | 74 | ||||||
Series B, Rev., AMT, 5.00%, 07/01/2027 | 170 | 181 | ||||||
Series B, Rev., AMT, 5.25%, 07/01/2033 | 270 | 310 | ||||||
Series B, Rev., AMT, 5.25%, 07/01/2047 | 3,500 | 3,744 | ||||||
Series B, Rev., AMT, 5.50%, 07/01/2038 | 1,625 | 1,839 | ||||||
Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z) | 5,500 | 5,417 | ||||||
Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z) | 5,000 | 5,308 | ||||||
Tennessee Energy Acquisition Corp., | ||||||||
Rev., 4.00%, 11/01/2049 (z) | 4,480 | 4,476 | ||||||
Rev., 5.00%, 05/01/2052 (z) | 20,595 | 21,487 | ||||||
Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z) | 4,000 | 4,117 | ||||||
Tennessee Energy Acquisition Corp., Junior, Series B, Rev., 5.63%, 09/01/2026 | 1,410 | 1,477 | ||||||
Tennessee Energy Acquisition Corp., Project, Series A, Rev., 4.00%, 05/01/2048 (z) | 500 | 500 | ||||||
Tennessee Housing Development Agency, Residential Finance Program I, Rev., 3.75%, 01/01/2050 | 235 | 235 | ||||||
|
|
|||||||
76,856 | ||||||||
|
|
|||||||
Texas 8.7% | ||||||||
Argyle Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2027 | 1,000 | 1,108 | ||||||
Arlington Higher Education Finance Corp., | ||||||||
Series A, Rev., PSF-GTD, 4.00%, 08/15/2024 | 200 | 203 | ||||||
Series A, Rev., PSF-GTD, 4.00%, 08/15/2025 | 445 | 455 | ||||||
Series A, Rev., PSF-GTD, 4.00%, 08/15/2026 | 265 | 275 | ||||||
Series A, Rev., PSF-GTD, 4.00%, 08/15/2030 | 425 | 449 | ||||||
Series A, Rev., PSF-GTD, 5.00%, 08/15/2031 | 555 | 650 | ||||||
Arlington Higher Education Finance Corp., Legacy Traditional Schools, Rev., 4.13%, 02/15/2041 | 815 | 619 | ||||||
Arlington Higher Education Finance Corp., Legacy Traditional Schools Texas, Rev., 6.00%, 02/15/2042 (e) | 250 | 238 | ||||||
Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033 | 1,125 | 1,161 | ||||||
Austin Independent School District, | ||||||||
GO, 5.00%, 08/01/2026 | 1,000 | 1,084 | ||||||
GO, 5.00%, 08/01/2038 | 500 | 587 | ||||||
Barbers Hill Independent School District, | ||||||||
GO, PSF-GTD, 5.00%, 02/15/2033 | 1,010 | 1,215 | ||||||
GO, PSF-GTD, 5.00%, 02/15/2035 | 3,000 | 3,548 | ||||||
Beaumont Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 1,535 | 1,640 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
Bexar County Hospital District, Certificates of Obligation, | ||||||||
GO, 5.00%, 02/15/2036 | 370 | 423 | ||||||
GO, 5.00%, 02/15/2037 | 230 | 260 | ||||||
Board of Regents of the University of Texas System, | ||||||||
Series A, Rev., 5.00%, 08/15/2030 | 1,000 | 1,181 | ||||||
Series E, Rev., 5.00%, 08/15/2027 | 1,000 | 1,112 | ||||||
Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1,670 | 1,812 | ||||||
Brazosport Independent School District, | ||||||||
GO, PSF-GTD, 5.00%, 02/15/2029 | 2,000 | 2,281 | ||||||
GO, PSF-GTD, 5.00%, 02/15/2030 | 1,925 | 2,193 | ||||||
Cameron County Housing Finance Corp., Sunfield Country Apartments, Rev., 0.28%, 02/01/2024 (z) | 415 | 410 | ||||||
Capital Area Housing Finance Corp., Redwood Apartments, Rev., 0.41%, 01/01/2041 (z) | 6,605 | 6,425 | ||||||
Central Texas Regional Mobility Authority, | ||||||||
Series B, Rev., 4.00%, 01/01/2040 | 800 | 785 | ||||||
Series B, Rev., 4.00%, 01/01/2051 | 1,250 | 1,145 | ||||||
Series B, Rev., 5.00%, 01/01/2037 | 1,000 | 1,095 | ||||||
Series B, Rev., 5.00%, 01/01/2046 | 1,500 | 1,599 | ||||||
Central Texas Regional Mobility Authority, Senior Lien, | ||||||||
Series B, Rev., 4.00%, 01/01/2039 | 600 | 595 | ||||||
Series B, Rev., 4.00%, 01/01/2040 | 500 | 491 | ||||||
Series B, Rev., 5.00%, 01/01/2024 | 230 | 233 | ||||||
Series B, Rev., 5.00%, 01/01/2045 | 3,595 | 3,810 | ||||||
Series D, Rev., 5.00%, 01/01/2033 | 480 | 544 | ||||||
Series E, Rev., 5.00%, 01/01/2045 | 2,665 | 2,825 | ||||||
Central Texas Regional Mobility Authority, Subordinated, Series F, Rev., BAN, 5.00%, 01/01/2025 | 4,770 | 4,875 | ||||||
Central Texas Turnpike System, Subordinate, Series C, Rev., 5.00%, 08/15/2042 | 5,000 | 5,021 | ||||||
City Austin, Certificates Obligation, | ||||||||
GO, 5.00%, 09/01/2032 | 1,750 | 2,044 | ||||||
GO, 5.00%, 09/01/2033 | 1,100 | 1,281 | ||||||
GO, 5.00%, 09/01/2034 | 1,750 | 2,027 | ||||||
City of Arlington, Tax Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041 | 1,000 | 934 | ||||||
City of Arlington, Water & Wastewater System Revenue, Rev., 5.00%, 06/01/2023 | 90 | 90 | ||||||
City of Austin Airport System Revenue, | ||||||||
Rev., AMT, 5.00%, 11/15/2029 | 1,400 | 1,545 | ||||||
Rev., AMT, 5.00%, 11/15/2040 | 1,500 | 1,618 | ||||||
City of Austin Water & Wastewater System Revenue, | ||||||||
Rev., 4.00%, 11/15/2036 | 185 | 191 | ||||||
Rev., 5.00%, 11/15/2039 | 500 | 511 | ||||||
Series C, Rev., 5.00%, 11/15/2025 (p) | 175 | 186 | ||||||
Series C, Rev., 5.00%, 11/15/2032 | 1,000 | 1,173 | ||||||
City of Austin Water & Wastewater System Revenue, Unrefunded, Series C, Rev., 5.00%, 11/15/2025 | 335 | 356 | ||||||
City of Austin, Airport System Revenue, | ||||||||
Series B, Rev., AMT, 5.00%, 11/15/2030 | 1,000 | 1,103 | ||||||
Series B, Rev., AMT, 5.00%, 11/15/2033 | 1,130 | 1,187 | ||||||
Series B, Rev., AMT, 5.00%, 11/15/2036 | 3,335 | 3,505 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
City of Austin, Electric Utility Revenue, | ||||||||
Series B, Rev., 5.00%, 11/15/2037 | 1,505 | 1,676 | ||||||
Series B, Rev., 5.00%, 11/15/2038 | 1,340 | 1,485 | ||||||
Series B, Rev., 5.00%, 11/15/2044 | 1,000 | 1,079 | ||||||
City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 722 | ||||||
City of Austin, Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 7,000 | 7,350 | ||||||
City of Dallas Housing Finance Corp., Midpark Towers, Rev., 0.35%, 01/01/2024 (z) | 120 | 119 | ||||||
City of Dallas Waterworks & Sewer System Revenue, | ||||||||
Series A, Rev., 5.00%, 10/01/2047 | 5,000 | 5,595 | ||||||
Series C, Rev., 4.00%, 10/01/2031 | 2,000 | 2,158 | ||||||
City of Dallas, Waterworks & Sewer System Revenue, | ||||||||
Series C, Rev., 4.00%, 10/01/2039 | 7,470 | 7,721 | ||||||
Series C, Rev., 4.00%, 10/01/2040 | 1,000 | 1,026 | ||||||
Series C, Rev., 5.00%, 10/01/2029 | 1,125 | 1,300 | ||||||
City of Eagle Pass, Certificates Obligation, | ||||||||
GO, AGM, 4.00%, 03/01/2039 | 500 | 505 | ||||||
GO, AGM, 4.00%, 03/01/2041 | 680 | 685 | ||||||
City of Fort Worth, GO, 4.00%, 03/01/2030 | 1,150 | 1,220 | ||||||
City of Garland, Certificates Obligation, GO, 5.00%, 02/15/2024 | 275 | 280 | ||||||
City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e) | 500 | 420 | ||||||
City of Houston Airport System Revenue, Subordinated, Series A, Rev., AMT, 4.00%, 07/01/2035 | 1,000 | 1,015 | ||||||
City of Houston Airport System Revenue, Subordinated Lien, | ||||||||
Series A, Rev., AMT, 4.00%, 07/01/2040 | 3,570 | 3,476 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2024 | 1,000 | 1,019 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2028 | 1,000 | 1,084 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2034 | 2,500 | 2,752 | ||||||
Series B, Rev., 5.00%, 07/01/2027 | 1,995 | 2,197 | ||||||
City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041 | 4,365 | 3,701 | ||||||
City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033 | 1,200 | 1,292 | ||||||
City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment, | ||||||||
Rev., 4.00%, 09/01/2023 | 50 | 50 | ||||||
Rev., 4.00%, 09/01/2024 | 150 | 152 | ||||||
Rev., 4.00%, 09/01/2025 | 45 | 46 | ||||||
Rev., 4.00%, 09/01/2029 | 280 | 298 | ||||||
City of Houston, Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 509 | ||||||
City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 604 | ||||||
City of Houston, Airport System Revenue, Subordinated Lien, | ||||||||
Series A, Rev., AMT, 5.00%, 07/01/2028 | 890 | 964 | ||||||
Series B, Rev., 5.00%, 07/01/2026 | 1,000 | 1,080 | ||||||
City of Houston, Combined Utility System Revenue, First Lien, | ||||||||
Series A, Rev., 5.00%, 11/15/2029 | 1,100 | 1,276 | ||||||
Series C, Rev., 5.00%, 11/15/2029 | 1,850 | 2,145 | ||||||
City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e) | 315 | 272 | ||||||
City of Kyle, 6 Creeks Public Improvement, Special Assessment, 2.63%, 09/01/2025 (e) (f) | 330 | 309 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
City of Lubbock Electric Light & Power System Revenue, | ||||||||
Rev., 5.00%, 04/15/2026 | 800 | 858 | ||||||
Rev., 5.00%, 04/15/2027 | 785 | 861 | ||||||
Rev., 5.00%, 04/15/2028 | 900 | 1,004 | ||||||
City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026 | 350 | 375 | ||||||
City of Palestine, Certificates Obligation, GO, AGM, 4.00%, 02/15/2046 | 5,000 | 4,888 | ||||||
City of San Antonio Electric & Gas Systems Revenue, | ||||||||
Rev., 4.00%, 02/01/2030 | 1,660 | 1,781 | ||||||
Rev., 5.00%, 02/01/2025 | 3,095 | 3,231 | ||||||
City of San Antonio Electric & Gas Systems Revenue, Junior Lien, | ||||||||
Rev., 4.00%, 02/01/2037 | 1,000 | 1,024 | ||||||
Rev., (SIFMA Municipal Swap Index + 0.87%), 4.84%, 02/01/2048 (aa) | 3,000 | 3,000 | ||||||
Series D, Rev., 1.13%, 12/01/2045 (z) | 6,510 | 5,830 | ||||||
City of San Antonio, Electric & Gas Systems Revenue, Rev., 4.00%, 02/01/2027 | 2,000 | 2,110 | ||||||
Cleburne Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2036 | 1,065 | 1,122 | ||||||
Clifton Higher Education Finance Corp., Idea Public School, | ||||||||
Series A, Rev., 4.00%, 08/15/2035 | 415 | 418 | ||||||
Series A, Rev., 4.00%, 08/15/2047 | 1,300 | 1,192 | ||||||
Series T, Rev., PSF-GTD, 4.00%, 08/15/2036 | 700 | 732 | ||||||
Series T, Rev., PSF-GTD, 4.00%, 08/15/2047 | 1,175 | 1,162 | ||||||
Series T, Rev., PSF-GTD, 5.00%, 08/15/2023 | 60 | 60 | ||||||
Series T, Rev., PSF-GTD, 5.00%, 08/15/2024 | 65 | 67 | ||||||
Series T, Rev., PSF-GTD, 5.00%, 08/15/2025 | 70 | 74 | ||||||
Series T, Rev., PSF-GTD, 5.00%, 08/15/2026 | 55 | 59 | ||||||
Series T, Rev., PSF-GTD, 5.00%, 08/15/2027 | 30 | 33 | ||||||
Series T, Rev., PSF-GTD, 5.00%, 08/15/2028 | 40 | 45 | ||||||
Series T, Rev., PSF-GTD, 5.00%, 08/15/2030 | 215 | 248 | ||||||
Clifton Higher Education Finance Corp., Idea Public Schools, Rev., PSF-GTD, 5.00%, 08/15/2026 | 1,840 | 1,978 | ||||||
Clifton Higher Education Finance Corp., International Leadership of Texas, | ||||||||
Rev., PSF-GTD, 4.00%, 08/15/2023 | 75 | 76 | ||||||
Rev., PSF-GTD, 4.00%, 08/15/2024 | 115 | 117 | ||||||
Rev., PSF-GTD, 4.00%, 08/15/2025 | 145 | 149 | ||||||
Conroe Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2024 | 750 | 766 | ||||||
County of Bexar, | ||||||||
GO, 4.00%, 06/15/2040 | 11,085 | 11,113 | ||||||
GO, 5.00%, 06/15/2043 (p) | 2,000 | 2,163 | ||||||
County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041 | 2,550 | 2,876 | ||||||
County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1,430 | 1,531 | ||||||
County of Harris, | ||||||||
Series A, GO, 5.00%, 10/01/2024 | 1,900 | 1,970 | ||||||
Series A, GO, 5.00%, 10/01/2029 | 1,150 | 1,334 | ||||||
County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026 | 1,750 | 1,900 | ||||||
County of Nueces, GO, 5.00%, 02/15/2029 | 460 | 523 | ||||||
Cypress-Fairbanks Independent School District, School Building, Series B2, GO, PSF-GTD, 0.28%, 02/15/2040 (z) | 1,350 | 1,295 | ||||||
Dallas Area Rapid Transit, | ||||||||
Series A, Rev., 5.00%, 12/01/2029 (p) | 1,890 | 2,009 | ||||||
Series A, Rev., 5.00%, 12/01/2046 (p) | 2,000 | 2,125 | ||||||
Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2032 | 1,000 | 1,149 | ||||||
Dallas Fort Worth International Airport, Series B, Rev., 5.00%, 11/01/2050 | 4,000 | 4,323 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
Dallas Fort Worth International Airport, Dallas Fort Worth International, | ||||||||
Rev., 5.00%, 11/01/2025 | 1,825 | 1,937 | ||||||
Rev., 5.00%, 11/01/2026 | 2,850 | 3,093 | ||||||
Dallas Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1,240 | 1,330 | ||||||
Deer Park Independent School District, GO, PSF-GTD, 5.00%, 08/15/2028 | 1,000 | 1,132 | ||||||
Del Valle Independent School District, | ||||||||
GO, PSF-GTD, 4.00%, 06/15/2031 | 3,085 | 3,322 | ||||||
GO, PSF-GTD, 4.00%, 06/15/2032 | 3,405 | 3,656 | ||||||
GO, PSF-GTD, 4.00%, 06/15/2033 | 5,740 | 6,138 | ||||||
GO, PSF-GTD, 4.00%, 06/15/2034 | 3,280 | 3,475 | ||||||
GO, PSF-GTD, 5.00%, 06/15/2026 | 1,750 | 1,892 | ||||||
Denton Independent School District, | ||||||||
GO, PSF-GTD, 3.00%, 08/15/2033 | 1,605 | 1,597 | ||||||
GO, PSF-GTD, 5.00%, 08/15/2027 | 1,000 | 1,107 | ||||||
Eagle Mountain & Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2026 | 1,000 | 1,081 | ||||||
Fort Bend Grand Parkway Toll Road Authority, | ||||||||
Series A, Rev., CNTY GTD, 5.00%, 03/01/2026 | 750 | 803 | ||||||
Series A, Rev., CNTY GTD, 5.00%, 03/01/2027 | 285 | 312 | ||||||
Series A, Rev., CNTY GTD, 5.00%, 03/01/2029 | 890 | 1,016 | ||||||
Series A, Rev., CNTY GTD, 5.00%, 03/01/2030 | 1,000 | 1,159 | ||||||
Fort Bend Independent School District, | ||||||||
Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z) | 640 | 586 | ||||||
Series B, GO, PSF-GTD, 0.88%, 08/01/2050 (z) | 860 | 814 | ||||||
Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 1,750 | 2,023 | ||||||
Frisco Independent School District, school Building, Series A, GO, PSF-GTD, 4.00%, 08/15/2032 | 2,140 | 2,211 | ||||||
Galveston Independent School District, GO, PSF-GTD, 5.00%, 02/01/2031 | 670 | 779 | ||||||
Galveston Public Facility Corp., The Oleanders At Broadway, Rev., HUD, 0.47%, 08/01/2025 (z) | 560 | 536 | ||||||
Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 900 | 965 | ||||||
Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10,125 | 9,835 | ||||||
Grand Parkway Transportation Corp., Subordinated Tier Toll, Series B, Rev., 5.00%, 04/01/2053 (p) | 100 | 101 | ||||||
Hale Center Education Facilities Corp., Wayland Baptist University Project, Rev., 5.00%, 03/01/2034 | 1,265 | 1,352 | ||||||
Harlandale Independent School District, GO, PSF-GTD, 0.75%, 08/15/2045 (z) | 465 | 445 | ||||||
Harlandale Independent School District, Variable Maintenance Tax Notes, GO, BAM, 2.00%, 08/15/2040 (z) | 350 | 346 | ||||||
Harlingen Consolidated Independent School District, GO, PSF-GTD, 5.00%, 08/15/2024 | 80 | 83 | ||||||
Harris County Cultural Education Facilities Finance Corp., Medical Facilities Mortgage Revenue, Rev., (ICE LIBOR USD 1 Month * 0.70 + 0.65%), 3.91%, 11/15/2046 (aa) | 1,130 | 1,132 | ||||||
Harris County Cultural Education Facilities Finance Corp., Texas Childrens Hospital, | ||||||||
Rev., 4.00%, 10/01/2041 | 3,205 | 3,204 | ||||||
Rev., 5.00%, 10/01/2051 (z) | 3,000 | 3,467 | ||||||
Harris County Cultural Education Facilities Finance Corp., Texas Medical Center, Series A, Rev., 0.90%, 05/15/2050 (z) | 6,315 | 5,959 | ||||||
Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029 | 1,700 | 1,974 | ||||||
Harris County Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030 | 1,200 | 1,411 | ||||||
Harris County, Cultural Education Facilities Finance Corp., Memorial Hermann, Rev., 5.00%, 06/01/2032 (z) | 1,000 | 1,032 | ||||||
Harris County, Toll Road Authority, Senior Lien, Series A, Rev., 5.00%, 08/15/2024 | 100 | 103 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
Hidalgo County Regional Mobility Authority, Senior Lien, | ||||||||
Series A, Rev., 5.00%, 12/01/2032 | 1,000 | 1,060 | ||||||
Series A, Rev., 5.00%, 12/01/2033 | 575 | 607 | ||||||
Series A, Rev., 5.00%, 12/01/2034 | 750 | 785 | ||||||
Housing Options, Inc., The Oaks Project, Rev., 0.50%, 08/01/2041 (z) | 240 | 223 | ||||||
Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1,100 | 900 | ||||||
Houston Housing Finance Corp., Temenos Place Apartments, Rev., 0.29%, 08/01/2024 (z) | 60 | 59 | ||||||
Houston Independent School District, Series C, GO, PSF-GTD, 4.00%, 06/01/2039 (z) | 4,350 | 4,464 | ||||||
Katy Independent School District, Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2,475 | 2,626 | ||||||
Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 450 | 482 | ||||||
Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035 | 250 | 243 | ||||||
Love Field Airport Modernization Corp., Southwest Airlines Co. Project, Rev., AMT, 5.00%, 11/01/2028 | 2,000 | 2,000 | ||||||
Lower Colorado River Authority, | ||||||||
Rev., AGM, 4.00%, 05/15/2033 | 500 | 507 | ||||||
Rev., AGM, 5.00%, 05/15/2031 | 4,795 | 5,671 | ||||||
Rev., AGM, 5.00%, 05/15/2032 | 5,000 | 5,892 | ||||||
Lower Colorado River Authority, LCRA Transmission Services, | ||||||||
Rev., 5.00%, 05/15/2023 | 2,265 | 2,271 | ||||||
Rev., 5.00%, 05/15/2027 | 700 | 771 | ||||||
Lower Colorado River Authority, LCRA Transmission Services, Rev., 5.00%, 05/15/2030 | 1,000 | 1,161 | ||||||
Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 114 | ||||||
Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036 | 1,000 | 949 | ||||||
Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029 | 3,500 | 3,159 | ||||||
Matagorda County Navigation District No. 1, Central Power and Light Co., Rev., AMT, 0.90%, 05/01/2030 (z) | 4,945 | 4,873 | ||||||
Medina Valley Independent School District, GO, PSF-GTD, 0.82%, 02/15/2051 (z) | 615 | 568 | ||||||
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025 | 435 | 463 | ||||||
Midland County Public Facility Corp., Palladium West Francis, Rev., 0.35%, 06/01/2024 (z) | 3,000 | 2,982 | ||||||
New Hope Cultural Education Facilities Finance Corp., Childrens Health System, Series A, Rev., 5.00%, 08/15/2047 | 1,000 | 1,032 | ||||||
New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049 | 100 | 74 | ||||||
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038 | 1,365 | 1,557 | ||||||
North Central Texas Housing Finance Corp., Bluebonnet Ridge Apartment, Rev., 0.38%, 08/01/2040 (z) | 505 | 481 | ||||||
North East Independent School District, Series C, GO, PSF-GTD, 2.05%, 08/01/2046 (z) | 2,665 | 2,654 | ||||||
North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026 | 1,520 | 1,661 | ||||||
North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041 | 575 | 494 | ||||||
North Texas Tollway Authority, | ||||||||
Series A, Rev., 5.00%, 01/01/2029 | 1,800 | 1,909 | ||||||
Series B, Rev., 5.00%, 01/01/2027 | 1,150 | 1,199 | ||||||
North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., AGC, Zero Coupon, 01/01/2030 | 1,500 | 1,196 | ||||||
North Texas Tollway Authority, First Tier Bonds, | ||||||||
Series A, Rev., 4.00%, 01/01/2035 | 2,000 | 2,076 | ||||||
Series A, Rev., 5.00%, 01/01/2037 | 1,500 | 1,695 | ||||||
Series A, Rev., 5.00%, 01/01/2040 | 4,000 | 4,392 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
North Texas Tollway Authority, Second Tier, | ||||||||
Rev., 5.00%, 01/01/2048 | 2,335 | 2,434 | ||||||
Series B, Rev., 4.00%, 01/01/2035 | 1,000 | 1,050 | ||||||
Series B, Rev., 4.00%, 01/01/2037 | 1,000 | 1,028 | ||||||
Series B, Rev., 5.00%, 01/01/2027 | 215 | 228 | ||||||
Series B, Rev., 5.00%, 01/01/2033 | 1,000 | 1,077 | ||||||
North Texas Tollway Authority, Unrefunded First Tier, Series A, Rev., 5.00%, 01/01/2025 | 45 | 45 | ||||||
Northside Independent School District, GO, PSF-GTD, 0.70%, 06/01/2050 (z) | 13,550 | 12,833 | ||||||
Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p) | 4,515 | 4,841 | ||||||
Odessa Junior College District, Consolidated Fund, Rev., AGM, 4.00%, 07/01/2026 | 1,015 | 1,060 | ||||||
Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047 | 2,000 | 2,218 | ||||||
Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1,075 | 1,152 | ||||||
Permanent University Fund - Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039 | 1,500 | 1,733 | ||||||
Permanent University Fund - University of Texas System, Permanent University Fund Bonds, Rev., 5.00%, 07/01/2033 | 1,090 | 1,145 | ||||||
Plano Independent School District, GO, 5.00%, 02/15/2027 | 650 | 713 | ||||||
Port Authority of Houston of Harris County Texas, | ||||||||
Rev., 5.00%, 10/01/2026 | 850 | 925 | ||||||
Rev., 5.00%, 10/01/2028 | 1,250 | 1,417 | ||||||
Rev., 5.00%, 10/01/2029 | 1,250 | 1,444 | ||||||
Port Beaumont Navigation District, Jefferson Gulf Coast Energy, | ||||||||
Rev., AMT, 2.00%, 01/01/2027 (e) | 550 | 486 | ||||||
Rev., AMT, 2.25%, 01/01/2029 (e) | 800 | 665 | ||||||
Rev., AMT, 2.88%, 01/01/2041 (e) | 120 | 79 | ||||||
Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e) | 3,000 | 2,419 | ||||||
Port of Port Arthur Navigation District, Motiva Enterprises, Rev., VRDO, 4.42%, 04/07/2023 (z) | 13,600 | 13,600 | ||||||
Prosper Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2030 | 25 | 29 | ||||||
Rockwall Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2038 | 1,000 | 1,125 | ||||||
Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2031 | 1,000 | 1,150 | ||||||
San Antonio Education Facilities Corp., University of The Incarnate Word, | ||||||||
Rev., 4.00%, 04/01/2038 | 2,065 | 1,924 | ||||||
Rev., 4.00%, 04/01/2041 | 1,000 | 899 | ||||||
San Antonio Housing Trust Finance Corp., The Arbors At West Avenue, Rev., HUD, 1.45%, 03/01/2026 (z) | 805 | 774 | ||||||
San Antonio Water System, Series 2013F, Rev., 1.00%, 05/01/2043 (z) | 5,000 | 4,533 | ||||||
San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043 | 3,500 | 3,737 | ||||||
Spring Branch Independent School District, GO, PSF-GTD, 5.00%, 02/01/2028 | 1,660 | 1,865 | ||||||
State of Texas, Series B, GO, 4.00%, 08/01/2030 | 60 | 62 | ||||||
State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032 | 14,655 | 15,471 | ||||||
State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026 | 1,000 | 1,090 | ||||||
State of Texas, Water Financial Assistance, | ||||||||
GO, 5.00%, 08/01/2024 | 125 | 129 | ||||||
Series B, GO, 5.00%, 08/01/2037 | 1,000 | 1,040 | ||||||
Strategic Housing Finance Corp. of Travis County, ECG Yager LP Yager, Rev., 0.46%, 09/01/2041 (z) | 2,500 | 2,350 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health, Series A, Rev., 5.00%, 11/15/2045 | 2,195 | 2,261 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047 | 12,415 | 13,819 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, | ||||||||
Rev., 5.00%, 11/15/2052 (z) | 4,455 | 4,900 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health, Series B, Rev., 5.00%, 07/01/2035 | 1,110 | 1,202 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Taxable, | ||||||||
Rev., AGM, 1.36%, 09/01/2024 | 800 | 760 | ||||||
Rev., AGM, 1.39%, 09/01/2025 | 600 | 553 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas, | ||||||||
Rev., 5.00%, 10/01/2030 | 1,000 | 1,163 | ||||||
Rev., 5.00%, 10/01/2037 | 1,000 | 1,105 | ||||||
Texas Department of Housing & Community Affairs, | ||||||||
Series A, Rev., GNMA COLL, 4.00%, 03/01/2050 | 390 | 394 | ||||||
Series B, Rev., GNMA COLL, 6.00%, 03/01/2053 | 600 | 671 | ||||||
Texas Department of Housing & Community Affairs, Corona Del Valle, Rev., HUD, 0.37%, 08/01/2025 (z) | 380 | 375 | ||||||
Texas Department of Housing & Community Affairs, Palladium Simpson Stuart Apartments, Rev., 0.35%, 01/01/2025 (z) | 1,290 | 1,254 | ||||||
Texas Department of Housing & Community Affairs, Social Bond, Series A, Rev., GNMA, 3.50%, 07/01/2052 | 1,135 | 1,127 | ||||||
Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052 | 2,160 | 2,108 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III, | ||||||||
Rev., 5.00%, 12/15/2025 | 1,305 | 1,328 | ||||||
Rev., 5.00%, 12/15/2028 | 4,950 | 5,144 | ||||||
Rev., 5.00%, 12/15/2030 | 3,300 | 3,445 | ||||||
Rev., 5.00%, 12/15/2031 | 2,000 | 2,096 | ||||||
Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | 4,555 | 4,793 | ||||||
Texas Municipal Power Agency, Rev., AGM, 3.00%, 09/01/2038 | 500 | 436 | ||||||
Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 12,920 | 12,749 | ||||||
Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, | ||||||||
Rev., 4.00%, 12/31/2030 | 3,970 | 4,030 | ||||||
Rev., 4.00%, 06/30/2033 | 1,000 | 1,009 | ||||||
Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z) | 4,500 | 4,114 | ||||||
Texas Water Development Board, Master Trust, Rev., 4.00%, 10/15/2033 | 1,000 | 1,079 | ||||||
Texas Water Development Board, Revolving Fund, | ||||||||
Rev., 4.00%, 08/01/2038 | 500 | 516 | ||||||
Rev., 5.00%, 08/01/2024 | 250 | 258 | ||||||
Rev., 5.00%, 08/01/2028 | 125 | 142 | ||||||
Series A, Rev., 5.00%, 10/15/2028 | 100 | 113 | ||||||
Texas Water Development Board, State Revolving Fund, Rev., 5.00%, 08/01/2027 | 2,835 | 3,153 | ||||||
Texas Water Development Board, State Water Implementation Fund, | ||||||||
Series A, Rev., 4.00%, 10/15/2033 | 1,900 | 1,966 | ||||||
Series A, Rev., 5.00%, 04/15/2026 | 100 | 108 | ||||||
Series A, Rev., 5.00%, 10/15/2030 | 500 | 530 | ||||||
Series A, Rev., 5.00%, 10/15/2047 | 2,480 | 2,616 | ||||||
Series B, Rev., 5.00%, 04/15/2049 | 11,535 | 12,231 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Texas continued | ||||||||
Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2,000 | 2,123 | ||||||
Tomball Independent School District, School Building, Series B2, GO, PSF-GTD, 0.26%, 02/15/2039 (z) | 3,055 | 2,914 | ||||||
Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z) | 190 | 193 | ||||||
Travis County Housing Finance Corp., Montopolis Apartments, Rev., 0.40%, 07/01/2041 (z) | 1,930 | 1,843 | ||||||
Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 | 1,500 | 1,731 | ||||||
University of Houston, Series A, Rev., 5.00%, 02/15/2041 | 2,000 | 2,220 | ||||||
University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 114 | ||||||
Upper Trinity Regional Water District, Regional Treated Water Supply, Rev., BAM, 3.00%, 08/01/2023 | 715 | 716 | ||||||
Uptown Development Authority, | ||||||||
Tax Allocation, 4.00%, 09/01/2033 | 400 | 395 | ||||||
Tax Allocation, 4.00%, 09/01/2035 | 995 | 963 | ||||||
Waco Educational Finance Corp., Baylor University Issue, Series A, Rev., 4.00%, 03/01/2036 | 750 | 769 | ||||||
Waller Consolidated Independent School District, | ||||||||
GO, BAM, 5.00%, 02/15/2040 | 2,800 | 3,148 | ||||||
GO, BAM, 5.00%, 02/15/2042 | 6,550 | 7,289 | ||||||
|
|
|||||||
536,645 | ||||||||
|
|
|||||||
Utah 0.5% | ||||||||
City of Salt Lake City Airport Revenue, | ||||||||
Series A, Rev., AMT, 5.00%, 07/01/2028 | 1,750 | 1,899 | ||||||
Series A, Rev., AMT, 5.00%, 07/01/2037 | 5,000 | 5,413 | ||||||
County of Utah, IHC Health Services, Inc., Series B, Rev., 5.00%, 05/15/2060 (z) | 625 | 670 | ||||||
Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e) | 1,415 | 1,423 | ||||||
Granite School District Board of Education, GO, SCH BD GTY, 5.00%, 06/01/2024 | 150 | 154 | ||||||
Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030 | 500 | 589 | ||||||
Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 | 2,000 | 2,263 | ||||||
Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e) | 600 | 485 | ||||||
State of Utah, | ||||||||
GO, 3.00%, 07/01/2034 | 2,000 | 1,990 | ||||||
GO, 5.00%, 07/01/2024 | 100 | 103 | ||||||
GO, 5.00%, 07/01/2029 | 1,580 | 1,812 | ||||||
GO, 5.00%, 07/01/2030 | 2,000 | 2,290 | ||||||
Series B, GO, 5.00%, 07/01/2025 | 2,250 | 2,377 | ||||||
Series B, GO, 5.00%, 07/01/2029 | 100 | 115 | ||||||
University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1,505 | 1,613 | ||||||
University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1,750 | 1,771 | ||||||
Utah Housing Corp., Drawdown New City, Rev., HUD, 3.50%, 08/01/2025 (z) | 900 | 899 | ||||||
Utah Telecommunication Open Infrastructure Agency, | ||||||||
Rev., 5.00%, 06/01/2025 | 115 | 120 | ||||||
Rev., 5.00%, 06/01/2027 | 130 | 142 | ||||||
Rev., 5.00%, 06/01/2031 | 210 | 243 | ||||||
Rev., 5.25%, 06/01/2035 | 700 | 820 | ||||||
Rev., 5.25%, 06/01/2037 | 2,250 | 2,586 | ||||||
Utah Transit Authority, Series A, Rev., 5.25%, 06/15/2023 | 85 | 85 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Utah continued | ||||||||
Vineyard Redevelopment Agency, | ||||||||
Tax Allocation, AGM, 5.00%, 05/01/2023 | 725 | 726 | ||||||
Tax Allocation, AGM, 5.00%, 05/01/2024 | 190 | 195 | ||||||
|
|
|||||||
30,783 | ||||||||
|
|
|||||||
Vermont 0.0% (g) | ||||||||
Vermont Housing Finance Agency, Series A, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 11/01/2049 | 310 | 313 | ||||||
Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 268 | ||||||
Vermont Student Assistance Corp., Series A, Rev., AMT, 2.38%, 06/15/2039 | 595 | 528 | ||||||
|
|
|||||||
1,109 | ||||||||
|
|
|||||||
Virgin Islands 0.0% (g) | ||||||||
Matching Fund Special Purpose Securitization Corp., Series A, Rev., 5.00%, 10/01/2027 | 1,505 | 1,538 | ||||||
|
|
|||||||
Virginia 1.8% | ||||||||
Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035 | 1,365 | 1,281 | ||||||
Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, | ||||||||
Rev., BAN, 5.00%, 11/01/2023 | 4,000 | 4,046 | ||||||
Rev., 5.00%, 07/01/2051 | 4,000 | 4,049 | ||||||
Chesapeake Hospital Authority, Chesapeake Regional Medical Center, Rev., 5.00%, 07/01/2030 | 300 | 334 | ||||||
Chesapeake Hospital Authority, Regional Medical Center, Rev., 5.00%, 07/01/2028 | 550 | 608 | ||||||
Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027 | 3,000 | 3,251 | ||||||
County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 1,018 | ||||||
County of Henrico Water & Sewer Revenue, Rev., 5.00%, 05/01/2046 (p) | 1,000 | 1,078 | ||||||
Fairfax County Industrial Development Authority, Inova Health System Project, Rev., 5.00%, 05/15/2029 | 2,000 | 2,291 | ||||||
Fairfax County Redevelopment & Housing Authority, Arrowbrook Apartments Project, Rev., 0.41%, 01/01/2041 (z) | 225 | 218 | ||||||
Fairfax County Redevelopment & Housing Authority, One University Senior Apartments, Rev., 1.25%, 12/01/2025 (z) | 4,680 | 4,504 | ||||||
FHLMC Multifamily VRD Certificates, Series M67, Rev., 2.25%, 12/15/2037 | 971 | 771 | ||||||
Hampton Roads Transportation Accountability Commission, Senior Lien, | ||||||||
Series A, Rev., 5.00%, 07/01/2031 | 1,500 | 1,767 | ||||||
Series A, Rev., 5.00%, 07/01/2038 (p) | 1,000 | 1,123 | ||||||
Series A, Rev., 5.00%, 07/01/2039 | 2,100 | 2,355 | ||||||
Henrico County Economic Development Authority, Westminster Canterbury Richmond, Rev., 5.00%, 10/01/2042 | 100 | 106 | ||||||
Hopewell Redevelopment & Housing Authority, Hopewell Heights Apartment, Rev., HUD, 0.49%, 12/01/2024 (z) | 750 | 732 | ||||||
James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 | 150 | 131 | ||||||
Louisa Industrial Development Authority, Virginia Electric And Power Co. Project, Series B, Rev., 0.75%, 11/01/2035 (z) | 2,125 | 1,959 | ||||||
Lynchburg Economic Development Authority, Centra Health Obligation Group, | ||||||||
Rev., 3.00%, 01/01/2051 | 4,750 | 3,472 | ||||||
Rev., 5.00%, 01/01/2029 | 700 | 765 | ||||||
Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1,175 | 1,273 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Virginia continued | ||||||||
Upper Occoquan Sewage Authority, | ||||||||
Rev., 4.00%, 07/01/2033 (p) | 2,630 | 2,724 | ||||||
Rev., 5.00%, 07/01/2027 (p) | 2,485 | 2,627 | ||||||
Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2,215 | 2,030 | ||||||
Virginia College Building Authority, Series B, Rev., 5.00%, 09/01/2023 | 1,000 | 1,010 | ||||||
Virginia College Building Authority, 21st Century College and Equipment, Rev., 5.00%, 02/01/2029 | 1,000 | 1,147 | ||||||
Virginia College Building Authority, 21st Century College And Equipment, Rev., 5.00%, 02/01/2033 | 3,750 | 4,328 | ||||||
Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e) | 1,000 | 945 | ||||||
Virginia College Building Authority, Regent University Project, Rev., 5.00%, 06/01/2023 | 165 | 165 | ||||||
Virginia Commonwealth Transportation Board, Rev., 5.00%, 05/15/2027 | 1,500 | 1,660 | ||||||
Virginia Housing Development Authority, Series G, Rev., 5.05%, 11/01/2047 | 1,750 | 1,828 | ||||||
Virginia Port Authority Commonwealth Port Fund, Rev., AMT, 5.00%, 07/01/2039 (p) | 1,955 | 2,034 | ||||||
Virginia Public Building Authority, Series A, Rev., 4.00%, 08/01/2027 (p) | 2,000 | 2,009 | ||||||
Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033 | 1,000 | 1,217 | ||||||
Virginia Resources Authority, Series A, Rev., 5.00%, 11/01/2024 (p) | 105 | 106 | ||||||
Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028 | 1,510 | 1,721 | ||||||
Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028 | 1,000 | 1,142 | ||||||
Virginia Small Business Financing Authority, Lifespire of Virginia, Rev., 3.00%, 12/01/2023 | 35 | 35 | ||||||
Virginia Small Business Financing Authority, National Senior Campuses, | ||||||||
Series A, Rev., 5.00%, 01/01/2025 | 700 | 716 | ||||||
Series A, Rev., 5.00%, 01/01/2032 | 1,500 | 1,626 | ||||||
Virginia Small Business Financing Authority, Senior Lien 95 Express, | ||||||||
Rev., AMT, 5.00%, 07/01/2032 | 400 | 436 | ||||||
Rev., AMT, 5.00%, 07/01/2033 | 2,320 | 2,522 | ||||||
Rev., AMT, 5.00%, 01/01/2036 | 200 | 212 | ||||||
Rev., AMT, 5.00%, 07/01/2037 | 1,000 | 1,045 | ||||||
Virginia Small Business Financing Authority, Senior Lien, 495 Hot, | ||||||||
Rev., AMT, 5.00%, 06/30/2040 | 3,735 | 3,888 | ||||||
Rev., AMT, 5.00%, 06/30/2041 | 3,470 | 3,594 | ||||||
Rev., AMT, 5.00%, 12/31/2047 | 1,000 | 1,017 | ||||||
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River, | ||||||||
Rev., AMT, 3.00%, 01/01/2041 | 8,740 | 6,776 | ||||||
Rev., AMT, 4.00%, 01/01/2030 | 3,125 | 3,167 | ||||||
Rev., AMT, 4.00%, 01/01/2033 | 1,500 | 1,516 | ||||||
Rev., AMT, 4.00%, 01/01/2034 | 2,250 | 2,265 | ||||||
Virginia Small Business Financing Authority, Transform 66 P3 Project, | ||||||||
Rev., AMT, 5.00%, 12/31/2047 | 1,800 | 1,787 | ||||||
Rev., AMT, 5.00%, 12/31/2052 | 8,425 | 8,258 | ||||||
Rev., AMT, 5.00%, 12/31/2056 | 3,000 | 2,919 | ||||||
Wise County Industrial Development Authority, Electric and Power Company Project, Series A, Rev., 0.75%, 10/01/2040 (z) | 4,500 | 4,149 | ||||||
|
|
|||||||
109,753 | ||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Washington 2.9% | ||||||||
Central Puget Sound Regional Transit Authority, Green Bond, Series S1, Rev., 5.00%, 11/01/2035 (p) | 1,085 | 1,155 | ||||||
Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1,285 | 1,376 | ||||||
City of Seattle Municipal Light & Power Revenue, Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 4.22%, 05/01/2045 (aa) | 2,960 | 2,906 | ||||||
City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1,300 | 1,319 | ||||||
City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 945 | ||||||
City of Seattle, Municipal Light & Power Revenue, Rev., 4.00%, 09/01/2040 | 1,000 | 1,003 | ||||||
Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034 | 665 | 715 | ||||||
County of Grant, GO, 5.25%, 12/01/2047 | 1,000 | 1,114 | ||||||
County of King, Series A, GO, 5.00%, 12/01/2034 | 1,335 | 1,554 | ||||||
County of King, Sewer Revenue, Rev., AGM, 5.00%, 01/01/2047 | 5,000 | 5,095 | ||||||
Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 111 | ||||||
Energy Northwest, Columbia Generating Station, Rev., 4.00%, 07/01/2042 | 1,625 | 1,629 | ||||||
Everett Housing Authority, Baker Heights Legacy, Rev., 0.30%, 09/01/2024 (z) | 575 | 566 | ||||||
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Series A, Rev., 5.00%, 01/01/2043 (p) | 1,555 | 1,662 | ||||||
Grant County, Public Utility District No. 2, Electric Revenue, | ||||||||
Series 2017-O, Rev., 5.00%, 01/01/2047 | 4,950 | 5,208 | ||||||
Series R, Rev., 2.00%, 01/01/2044 (z) | 1,500 | 1,451 | ||||||
HopeSource III Portfolio Projects, Rev., 1.25%, 01/01/2025 (z) | 2,765 | 2,712 | ||||||
King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 4.00%, 12/01/2032 | 1,000 | 1,012 | ||||||
King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1,325 | 1,469 | ||||||
Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10,000 | 10,072 | ||||||
Port of Seattle, Series C, Rev., AMT, 5.00%, 04/01/2028 | 500 | 512 | ||||||
Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030 | 2,000 | 2,001 | ||||||
Port of Seattle, Intermediate Lien, | ||||||||
Rev., AMT, 5.00%, 04/01/2028 | 2,250 | 2,451 | ||||||
Rev., AMT, 5.00%, 08/01/2028 | 1,000 | 1,095 | ||||||
Rev., AMT, 5.00%, 04/01/2030 | 4,000 | 4,409 | ||||||
Rev., AMT, 5.00%, 04/01/2032 | 2,110 | 2,322 | ||||||
Rev., AMT, 5.00%, 04/01/2044 | 2,000 | 2,093 | ||||||
Rev., AMT, 5.00%, 08/01/2046 | 3,500 | 3,698 | ||||||
Rev., AMT, 5.00%, 08/01/2047 | 1,250 | 1,320 | ||||||
Rev., AMT, 5.50%, 08/01/2047 | 1,000 | 1,094 | ||||||
Series C, Rev., AMT, 5.00%, 08/01/2034 | 5,000 | 5,601 | ||||||
Seattle Housing Authority, Lam Bow Apartments Project, Rev., 1.25%, 06/01/2024 | 120 | 117 | ||||||
Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026 | 2,045 | 1,890 | ||||||
Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2,145 | 2,236 | ||||||
Snohomish County School District No. 201 Snohomish, GO, SCH BD GTY, 5.00%, 12/01/2028 | 1,500 | 1,714 | ||||||
Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2,000 | 2,196 | ||||||
State of Washington, | ||||||||
Series 2020A, GO, 5.00%, 08/01/2038 | 1,500 | 1,666 | ||||||
Series 2021A, GO, 5.00%, 06/01/2034 | 1,000 | 1,162 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Washington continued | ||||||||
Series A1, GO, 5.00%, 08/01/2040 | 13,645 | 14,146 | ||||||
Series A3, GO, 5.00%, 08/01/2044 | 1,000 | 1,121 | ||||||
Series A, GO, 5.00%, 08/01/2036 | 1,475 | 1,678 | ||||||
Series A, GO, 5.00%, 08/01/2040 | 3,890 | 4,329 | ||||||
Series B, GO, 5.00%, 07/01/2025 | 75 | 79 | ||||||
Series B, GO, 5.00%, 07/01/2027 | 1,000 | 1,068 | ||||||
Series B, GO, 5.00%, 06/01/2035 | 4,760 | 5,455 | ||||||
Series D, GO, 4.00%, 07/01/2033 | 2,000 | 2,215 | ||||||
Series R, GO, 5.00%, 02/01/2031 | 1,000 | 1,194 | ||||||
Series R, GO, 5.00%, 08/01/2031 | 750 | 903 | ||||||
Series RC, GO, 5.00%, 08/01/2029 | 100 | 111 | ||||||
Series R-2017A, GO, 5.00%, 08/01/2027 | 1,000 | 1,083 | ||||||
Series R-2017A, GO, 5.00%, 08/01/2034 | 1,840 | 1,974 | ||||||
Series R-2022B, GO, 4.00%, 02/01/2035 | 500 | 541 | ||||||
Series R-2022D, GO, 4.00%, 07/01/2028 | 3,140 | 3,402 | ||||||
State of Washington, Bid Group, Series C, GO, 5.00%, 02/01/2024 | 1,000 | 1,020 | ||||||
State of Washington, MVFT/VRF GO Bonds, | ||||||||
Series F, GO, 5.00%, 06/01/2034 | 4,080 | 4,807 | ||||||
Series F, GO, 5.00%, 06/01/2038 | 2,775 | 3,151 | ||||||
State of Washington, Various Purpose, | ||||||||
Series 2015A1, GO, 5.00%, 08/01/2036 | 11,200 | 11,455 | ||||||
Series A, GO, 5.00%, 08/01/2041 | 10,000 | 10,812 | ||||||
Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1,275 | 1,396 | ||||||
University of Washington, Series C, Rev., 5.00%, 04/01/2026 | 1,500 | 1,613 | ||||||
Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1,200 | 1,246 | ||||||
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, | ||||||||
Rev., 4.00%, 12/01/2040 (e) | 860 | 853 | ||||||
Rev., 5.00%, 09/01/2045 | 1,000 | 1,039 | ||||||
Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041 | 8,000 | 8,025 | ||||||
Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036 | 5,500 | 5,629 | ||||||
Washington State Housing Finance Commission, | ||||||||
Series A1, Rev., 3.50%, 12/20/2035 | 1,913 | 1,792 | ||||||
Series 2N, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 12/01/2050 | 745 | 731 | ||||||
Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2,000 | 2,051 | ||||||
Washington State Housing Finance Commission, Garden Haus Apartments Project, Rev., 0.37%, 07/01/2024 (z) | 350 | 347 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities, Rev., 3.00%, 07/01/2027 (e) | 1,000 | 879 | ||||||
Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051 | 975 | 950 | ||||||
|
|
|||||||
177,746 | ||||||||
|
|
|||||||
West Virginia 0.1% | ||||||||
Marshall University, Series A, Rev., AGM, 5.00%, 05/01/2030 | 300 | 346 | ||||||
Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e) | 500 | 443 | ||||||
Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1,050 | 1,064 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
West Virginia continued | ||||||||
Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 508 | ||||||
West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 1.00%, 01/01/2041 (z) | 2,765 | 2,579 | ||||||
West Virginia Hospital Finance Authority, WV United Health System Obligated Group, Rev., 5.38%, 06/01/2038 (p) | 2,000 | 2,008 | ||||||
West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038 | 1,000 | 1,128 | ||||||
|
|
|||||||
8,076 | ||||||||
|
|
|||||||
Wisconsin 2.6% | ||||||||
City of Milwaukee, Promissory Notes, Series N4, GO, 5.00%, 04/01/2030 | 10,150 | 11,410 | ||||||
City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2,665 | 2,857 | ||||||
County of Milwaukee, Airport Revenue, Series A, Rev., 5.00%, 12/01/2028 | 250 | 283 | ||||||
Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031 | 1,700 | 1,701 | ||||||
Public Finance Authority, Appalachian Healthcare System, | ||||||||
Rev., 5.00%, 07/01/2036 | 350 | 374 | ||||||
Rev., 5.00%, 07/01/2037 | 300 | 318 | ||||||
Rev., 5.00%, 07/01/2039 | 350 | 366 | ||||||
Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1,105 | 1,053 | ||||||
Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030 | 3,000 | 2,919 | ||||||
Public Finance Authority, CFP3 Eastern Michigan University, | ||||||||
Rev., BAM, 5.00%, 07/01/2029 | 500 | 553 | ||||||
Rev., BAM, 5.25%, 07/01/2034 | 260 | 301 | ||||||
Rev., BAM, 5.25%, 07/01/2042 | 5,625 | 6,155 | ||||||
Rev., BAM, 5.38%, 07/01/2047 | 8,025 | 8,717 | ||||||
Rev., BAM, 5.50%, 07/01/2052 | 6,005 | 6,522 | ||||||
Public Finance Authority, CHF Wilmington LLC University, Rev., AGM, 5.00%, 07/01/2053 | 3,970 | 4,112 | ||||||
Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z) | 1,500 | 1,544 | ||||||
Public Finance Authority, Ku Campus Development Corp. Project, Rev., 5.00%, 03/01/2041 | 3,000 | 3,127 | ||||||
Public Finance Authority, Lenoir Rhyne University, | ||||||||
Rev., 5.00%, 04/01/2036 | 1,625 | 1,658 | ||||||
Rev., 5.00%, 04/01/2037 | 1,705 | 1,721 | ||||||
Public Finance Authority, Point College Prep Project, | ||||||||
Rev., 4.00%, 06/15/2030 (e) (f) | 200 | 181 | ||||||
Rev., 5.00%, 06/15/2041 (e) (f) | 250 | 215 | ||||||
Public Finance Authority, Renown Regional Medical Center Project, | ||||||||
Rev., 5.00%, 06/01/2026 | 500 | 529 | ||||||
Rev., 5.00%, 06/01/2027 | 425 | 457 | ||||||
Rev., 5.00%, 06/01/2028 | 600 | 655 | ||||||
Rev., 5.00%, 06/01/2034 | 1,000 | 1,077 | ||||||
Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 | 4,000 | 4,068 | ||||||
Public Finance Authority, Sky Harbour Capital LLC, Rev., AMT, 4.00%, 07/01/2036 | 815 | 696 | ||||||
Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026 | 60 | 58 | ||||||
Public Finance Authority, Waste Management, Inc. Project, | ||||||||
Rev., AMT, 1.10%, 07/01/2029 (z) | 1,445 | 1,311 | ||||||
Rev., AMT, 2.63%, 11/01/2025 | 5,000 | 4,809 | ||||||
State of Wisconsin, | ||||||||
Series 1, GO, 5.00%, 05/01/2027 | 2,400 | 2,658 | ||||||
Series 3, GO, 5.00%, 11/01/2027 | 1,000 | 1,106 | ||||||
Series 20212, GO, 5.00%, 05/01/2026 | 5,850 | 6,321 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Wisconsin continued | ||||||||
Series B, GO, 4.00%, 05/01/2039 | 500 | 511 | ||||||
Series B, GO, 5.00%, 05/01/2035 | 10,580 | 11,975 | ||||||
University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035 | 440 | 457 | ||||||
University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046 | 4,120 | 3,901 | ||||||
Wisconsin Center District, Capital Appreciation Senior Dedicated, | ||||||||
Series C, Rev., AGM, Zero Coupon, 12/15/2036 | 1,550 | 878 | ||||||
Series C, Rev., AGM, Zero Coupon, 12/15/2039 | 1,750 | 836 | ||||||
Series C, Rev., AGM, Zero Coupon, 12/15/2040 | 1,650 | 743 | ||||||
Series D, Rev., AGM, Zero Coupon, 12/15/2028 | 545 | 455 | ||||||
Series D, Rev., AGM, Zero Coupon, 12/15/2029 | 395 | 317 | ||||||
Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027 | 1,675 | 1,862 | ||||||
Wisconsin Health & Educational Facilities Authority, | ||||||||
Rev., 5.00%, 10/01/2029 | 5,940 | 6,746 | ||||||
Rev., 5.00%, 10/01/2030 | 6,355 | 7,331 | ||||||
Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027 | 500 | 554 | ||||||
Wisconsin Health & Educational Facilities Authority Revenue, Marshfield Clinic Health System, Series B1, Rev., 5.00%, 02/15/2052 (z) | 2,000 | 2,040 | ||||||
Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 | 2,590 | 2,768 | ||||||
Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group, Rev., 5.00%, 11/15/2035 | 4,500 | 4,713 | ||||||
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036 | 1,500 | 1,564 | ||||||
Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc., | ||||||||
Rev., 5.00%, 12/01/2045 | 2,500 | 2,628 | ||||||
Series B, Rev., 5.25%, 12/01/2048 | 3,000 | 3,215 | ||||||
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc., | ||||||||
Series A, Rev., 5.00%, 04/01/2030 | 1,280 | 1,461 | ||||||
Series A, Rev., 5.00%, 04/01/2033 | 1,010 | 1,159 | ||||||
Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated, | ||||||||
Rev., 4.00%, 04/01/2039 | 5,000 | 4,904 | ||||||
Rev., 5.00%, 04/01/2035 | 1,325 | 1,412 | ||||||
Wisconsin Health & Educational Facilities Authority, Gundersen Health System, | ||||||||
Rev., 4.00%, 10/15/2035 | 545 | 565 | ||||||
Rev., 4.00%, 10/15/2036 | 2,100 | 2,158 | ||||||
Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, | ||||||||
Rev., 5.00%, 02/15/2051 (z) | 2,600 | 2,726 | ||||||
Series B, Rev., 5.00%, 02/15/2042 | 1,000 | 1,008 | ||||||
Series B, Rev., 5.00%, 02/15/2046 | 4,550 | 4,557 | ||||||
Wisconsin Health & Educational Facilities Authority, St. Johns Communities, Inc. Project, | ||||||||
Series A, Rev., 5.00%, 09/15/2045 (p) | 1,000 | 1,010 | ||||||
Series A, Rev., 5.00%, 09/15/2050 (p) | 1,725 | 1,742 | ||||||
Wisconsin Housing & Economic Development Authority, | ||||||||
Series B, Rev., HUD, 0.40%, 05/01/2045 (z) | 195 | 191 | ||||||
Series B, Rev., HUD, 0.50%, 11/01/2050 (z) | 245 | 231 | ||||||
Series D, Rev., 4.00%, 03/01/2047 | 105 | 106 |
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Municipal Bonds continued | ||||||||
Wisconsin continued | ||||||||
Wisconsin Housing & Economic Development Authority, Social Bond, Series A, Rev., 3.00%, 03/01/2052 | 845 | 825 | ||||||
Wisconsin Housing & Economic Development Authority, Social Bonds, Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052 | 1,280 | 1,249 | ||||||
|
|
|||||||
158,630 | ||||||||
|
|
|||||||
Wyoming 0.1% | ||||||||
Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039 | 1,000 | 1,128 | ||||||
County of Laramie, Cheyenne Regional Medical Center, | ||||||||
Rev., 4.00%, 05/01/2026 | 615 | 638 | ||||||
Rev., 4.00%, 05/01/2028 | 460 | 488 | ||||||
County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1,045 | 992 | ||||||
Wyoming Community Development Authority, | ||||||||
Series 2, Rev., 3.00%, 06/01/2049 | 1,245 | 1,221 | ||||||
Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 3.88%, 04/07/2023 (z) | 3,000 | 3,000 | ||||||
Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 | 1,525 | 1,496 | ||||||
|
|
|||||||
8,963 | ||||||||
|
|
|||||||
Total Municipal Bonds (Cost $6,237,077) |
5,970,385 | |||||||
|
|
|||||||
Short-Term Investments 2.4% | ||||||||
Municipal Bonds 0.0% (g) (t) | ||||||||
City of Los Angeles, Rev., TRAN, 4.00%, 06/29/2023 | 2,000 | 2,006 | ||||||
Miami-Dade County Housing Finance Authority, Council Towers Seniors Apartment, Rev., HUD, 5.00%, 02/01/2024 | 950 | 962 | ||||||
San Diego Unified School District, Series A, Rev., TRAN, 4.00%, 06/30/2023 | 825 | 828 | ||||||
|
|
|||||||
Total Municipal Bonds | 3,796 | |||||||
|
|
|||||||
Time Deposits 2.4% | ||||||||
Barclays SA, 4.18%, 04/03/2023 | 70,890 | 70,890 | ||||||
Citibank NA, 4.18%, 04/03/2023 | 50,648 | 50,648 | ||||||
Sumitomo Mitsui Trust Bank Ltd., 4.18%, 04/03/2023 | 25,223 | 25,223 | ||||||
|
|
|||||||
Total Time Deposits | 146,761 | |||||||
|
|
|||||||
Total Short-Term Investments (Cost $150,555) |
150,557 | |||||||
|
|
|||||||
Total Investments 99.1% (Cost - $6,388,497)* |
6,121,377 | |||||||
Other Assets in Excess of Liabilities 0.9% |
55,015 | |||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 6,176,392 | ||||||
|
|
Percentages indicated are based on net assets.
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023:
Exchange Traded
DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||||||||
Long Contracts |
||||||||||||||||||||
U.S. Treasury 2 Year Note |
100 | 06/2023 | USD | 20,660 | (15 | ) | ||||||||||||||
U.S. Treasury 5 Year Note |
399 | 06/2023 | USD | 42,948 | 745 | |||||||||||||||
|
|
|||||||||||||||||||
730 | ||||||||||||||||||||
|
|
|||||||||||||||||||
Short Contracts |
||||||||||||||||||||
U.S. Ultra Treasury 10 Year Note |
(246) | 06/2023 | USD | (29,104 | ) | (696 | ) | |||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation (depreciation) |
34 | |||||||||||||||||||
|
|
Six Circles Tax Aware Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AGC | | Insured by Assured Guaranty Corp. | ||
AGM | | Insured by Assured Guaranty Municipal Corp. | ||
AMBAC | | Insured by American Municipal Bond Assurance Corp. | ||
AMT | | Alternative Minimum Tax | ||
BAM | | Insured by Build America Mutual | ||
BAN | | Bond Anticipation Note | ||
CNTY | | County | ||
COLL | | Collateral | ||
COP | | Certificate of Participation | ||
CR | | Custodial Receipts | ||
FHA | | Federal Housing Administration | ||
FHLMC | | Federal Home Loan Mortgage Corp. | ||
FNMA | | Federal National Mortgage Association | ||
GAN | | Grant Anticipation Note | ||
GO | | General Obligation | ||
GNMA | | Government National Mortgage Association | ||
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 | ||
Rev. | | Revenue | ||
SCH BD GTY | | School Bond Guaranty | ||
SIFMA | | Securities Industry and Financial Markets Association | ||
SOFR | | Secured Overnight Financing Rate | ||
SONYMA | | State of New York Mortgage Agency | ||
TRAN | | Tax & Revenue Anticipation Note | ||
VRDO | | Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2023. | ||
(d) | | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. | ||
(e) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
(f) | | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. | ||
(g) | | Amount rounds to less than 0.05%. | ||
(p) | | Security is prerefunded or escrowed to maturity. | ||
(t) | | The date shown represents the earliest of the next put date or final maturity date. | ||
(w) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
(z) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2023. | ||
(aa) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023. | ||
* | | 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, 2023 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Asset-Backed Securities 3.8% | ||||||||
American Express Credit Account Master Trust, | ||||||||
Series 2022-2, Class A, 3.39%, 05/15/2027 | 1,350 | 1,318 | ||||||
Series 2022-3, Class A, 3.75%, 08/15/2027 | 220 | 216 | ||||||
Americredit Automobile Receivables Trust, | ||||||||
Series 2023-1, Class A2A, 5.84%, 10/19/2026 | 375 | 376 | ||||||
Series 2023-1, Class A3, 5.62%, 11/18/2027 | 225 | 228 | ||||||
Series 2023-1, Class B, 5.57%, 03/20/2028 | 100 | 102 | ||||||
Series 2023-1, Class C, 5.80%, 12/18/2028 | 100 | 102 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class C, 5.32%, 04/18/2028 | 100 | 100 | ||||||
AMMC CLO 23 Ltd., (Cayman Islands), Series 2020-23A, Class A1R, (ICE LIBOR USD 3 Month + 1.04%), 5.83%, 10/17/2031 (e) (aa) | 1,740 | 1,712 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e) | 1,150 | 1,056 | ||||||
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/15/2028 | 340 | 344 | ||||||
BDS LLC, Series 2022-FL11, Class ATS, (CME Term SOFR 1 Month + 1.80%), 6.56%, 03/19/2039 (e) (aa) | 1,000 | 990 | ||||||
BlueMountain CLO Ltd., (Cayman Islands), Series 2016-2A, Class A1R2, (ICE LIBOR USD 3 Month + 1.12%), 6.04%, 08/20/2032 (e) (aa) | 14,500 | 14,217 | ||||||
BMW Vehicle Lease Trust, | ||||||||
Series 2023-1, Class A2, 5.27%, 02/25/2025 | 395 | 395 | ||||||
Series 2023-1, Class A3, 5.16%, 11/25/2025 | 775 | 777 | ||||||
BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (ICE LIBOR USD 1 Month + 1.32%), 6.00%, 12/15/2038 (e) (aa) | 1,770 | 1,727 | ||||||
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A, 4.95%, 10/15/2027 | 280 | 283 | ||||||
Carlyle Global Market Strategies CLO Ltd., (Cayman Islands), Series 2015-5A, Class A1RR, (ICE LIBOR USD 3 Month + 1.08%), 5.89%, 01/20/2032 (e) (aa) | 3,750 | 3,701 | ||||||
CarMax Auto Owner Trust, Series 2023-1, Class A3, 4.75%, 10/15/2027 | 200 | 200 | ||||||
Carvana Auto Receivables Trust, | ||||||||
Series 2021-N1, Class A, 0.70%, 01/10/2028 | 179 | 168 | ||||||
Series 2022-P1, Class A3, 3.35%, 02/10/2027 | 565 | 545 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/2030 (e) | 675 | 652 | ||||||
Dell Equipment Finance Trust, Series 2021-2, Class A2, 0.33%, 12/22/2026 (e) | 158 | 157 | ||||||
Discover Card Execution Note Trust, Series 2022-A3, Class A3, 3.56%, 07/15/2027 | 745 | 727 | ||||||
Elmwood CLO 19 Ltd., (Cayman Islands), Series 2022-6A, Class A, (CME Term SOFR 3 Month + 2.20%), 5.82%, 10/17/2034 (e) (aa) | 1,000 | 998 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2A, Class C, 0.98%, 06/15/2026 | 420 | 409 | ||||||
First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 07/15/2027 (e) | 288 | 290 | ||||||
Flagship Credit Auto Trust, Series 2023-1, Class A3, 5.01%, 08/16/2027 (e) | 350 | 347 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19%, 07/15/2031 (e) | 850 | 824 | ||||||
Generate CLO Ltd., (Cayman Islands), Series 2A, Class AR, (ICE LIBOR USD 3 Month + 1.15%), 5.97%, 01/22/2031 (e) (aa) | 2,170 | 2,144 | ||||||
GM Financial Automobile Leasing Trust, | ||||||||
Series 2022-2, Class A3, 3.42%, 06/20/2025 | 980 | 962 | ||||||
Series 2022-3, Class A2A, 4.01%, 10/21/2024 | 333 | 331 | ||||||
Series 2022-3, Class A3, 4.01%, 09/22/2025 | 364 | 359 | ||||||
Series 2023-1, Class A3, 5.16%, 04/20/2026 | 780 | 784 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 | ||||||||
GREYWOLF CLO VI Ltd., (Cayman Islands), Series 2018-1A, Class A1, (CME Term SOFR 3 Month + 1.29%), 5.96%, 04/26/2031 (e) (aa) | 2,460 | 2,433 | ||||||
Guggenheim CLO STAT Ltd., (Cayman Islands), Series 2022-1A, Class A1A, (CME Term SOFR 3 Month + 2.59%), 6.71%, 10/25/2031 (e) (aa) | 8,000 | 7,999 | ||||||
Honda Auto Receivables Owner Trust, | ||||||||
Series 2023-1, Class A2, 5.22%, 10/21/2025 | 775 | 775 | ||||||
Series 2023-1, Class A3, 5.04%, 04/21/2027 | 775 | 780 | ||||||
Hyundai Auto Lease Securitization Trust, Series 2022-C, Class A2A, 4.34%, 01/15/2025 (e) | 1,154 | 1,147 | ||||||
Jamestown CLO VI-R Ltd., (Cayman Islands), Series 2018-6RA, Class A1, (ICE LIBOR USD 3 Month + 1.15%), 5.97%, 04/25/2030 (e) (aa) | 904 | 891 | ||||||
KKR Static CLO LTD, (Cayman Islands), Series 2022-2A, Class A1, (CME Term SOFR 3 Month + 2.22%), 6.74%, 10/20/2031 (e) (aa) | 12,000 | 11,993 | ||||||
Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e) | 915 | 783 | ||||||
Madison Park Funding XVII Ltd., (Cayman Islands), Series 2015-17A, Class AR2, (ICE LIBOR USD 3 Month + 1.00%), 5.82%, 07/21/2030 (e) (aa) | 245 | 241 | ||||||
Madison Park Funding XVIII Ltd., (Cayman Islands), Series 2015-18A, Class ARR, (ICE LIBOR USD 3 Month + 0.94%), 5.76%, 10/21/2030 (e) (aa) | 8,966 | 8,845 | ||||||
Magnetite VII Ltd., (Cayman Islands), Series 2012-7A, Class A1R2, (ICE LIBOR USD 3 Month + 0.80%), 5.59%, 01/15/2028 (e) (aa) | 192 | 190 | ||||||
Mariner Finance Issuance Trust, | ||||||||
Series 2021-BA, Class A, 2.10%, 11/20/2036 (e) | 895 | 783 | ||||||
Series 2022-AA, Class A, 6.45%, 10/20/2037 (e) | 440 | 444 | ||||||
MF1 Ltd., (Cayman Islands), Series 2022-FL8, Class AS, (United States 30 Day Average SOFR + 1.75%), 6.31%, 02/19/2037 (e) (aa) | 1,000 | 980 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e) | 584 | 528 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.91%, 10/20/2061 (e) | 1,480 | 1,275 | ||||||
NextGear Floorplan Master Owner Trust, Series 2023-1A, Class A2, 5.74%, 03/15/2028 (e) | 310 | 312 | ||||||
OneMain Financial Issuance Trust, | ||||||||
Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 535 | 491 | ||||||
Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e) | 190 | 166 | ||||||
Series 2022-3A, Class A, 5.94%, 05/15/2034 (e) | 320 | 320 | ||||||
Pagaya AI Debt Trust, Series 2022-1, Class A, 2.03%, 10/15/2029 (e) | 569 | 549 | ||||||
Palmer Square Loan Funding Ltd., (Cayman Islands), Series 2022-3A, Class A1A, (CME Term SOFR 3 Month + 1.82%), 5.83%, 04/15/2031 (e) (aa) | 10,000 | 9,978 | ||||||
Race Point CLO Ltd., (Cayman Islands), Series 2013-8A, Class AR2, (ICE LIBOR USD 3 Month + 1.04%), 5.96%, 02/20/2030 (e) (aa) | 4,472 | 4,422 | ||||||
Rad CLO 1 Ltd., (Cayman Islands), Series 2018-1A, Class AR, (ICE LIBOR USD 3 Month + 0.98%), 5.77%, 07/15/2031 (e) (aa) | 340 | 333 | ||||||
Rad CLO 7 Ltd., (Cayman Islands), Series 2020-7A, Class A1, (ICE LIBOR USD 3 Month + 1.20%), 5.99%, 04/17/2033 (e) (aa) | 250 | 246 | ||||||
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C, 1.29%, 04/15/2026 (e) | 1,066 | 1,032 | ||||||
Santander Drive Auto Receivables Trust, | ||||||||
Series 2022-5, Class A2, 3.98%, 01/15/2025 | 262 | 261 | ||||||
Series 2022-6, Class A2, 4.37%, 05/15/2025 | 313 | 312 | ||||||
Series 2022-7, Class C, 6.69%, 03/17/2031 | 375 | 388 | ||||||
SCF Equipment Leasing LLC, | ||||||||
Series 2019-2A, Class A2, 2.47%, 04/20/2026 (e) | 460 | 456 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Asset-Backed Securities continued | ||||||||
Series 2021-1A, Class A3, 0.83%, 08/21/2028 (e) | 432 | 415 | ||||||
Series 2021-1A, Class B, 1.37%, 08/20/2029 (e) | 1,000 | 917 | ||||||
Summer BidCo BV, (Netherlands), Reg. S, 9.00% (cash), 11/15/2025 (v) | EUR | 268 | 224 | |||||
TCW CLO Ltd., (Cayman Islands), Series 2022-1A, Class A1, (CME Term SOFR 3 Month + 1.34%), 5.99%, 04/22/2033 (e) (aa) | 500 | 489 | ||||||
TICP CLO IX Ltd., (Cayman Islands), Series 2017-9A, Class A, (ICE LIBOR USD 3 Month + 1.14%), 5.95%, 01/20/2031 (e) (aa) | 1,000 | 990 | ||||||
Upstart Securitization Trust, Series 2021-5, Class A, 1.31%, 11/20/2031 (e) | 621 | 604 | ||||||
Verizon Master Trust, Series 2022-7, Class A1A, SUB, 5.23%, 11/22/2027 | 265 | 266 | ||||||
Voya CLO Ltd., (Cayman Islands), | ||||||||
Series 2014-2A, Class A1RR, (ICE LIBOR USD 3 Month + 1.02%), 5.81%, 04/17/2030 (e) (aa) | 4,366 | 4,314 | ||||||
Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.97%, 01/20/2031 (e) (aa) | 8,500 | 8,401 | ||||||
Wellfleet CLO Ltd., (Cayman Islands), Series 2018-3A, Class A1A, (ICE LIBOR USD 3 Month + 1.25%), 6.06%, 01/20/2032 (e) (aa) | 7,600 | 7,526 | ||||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class C, 4.85%, 09/15/2027 (e) | 75 | 74 | ||||||
|
|
|||||||
Total Asset-Backed Securities (Cost $121,953) |
121,114 | |||||||
|
|
|||||||
Collateralized Mortgage Obligations 0.1% |
|
|||||||
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 6.97%, 12/25/2042 (e) (aa) | 364 | 365 | ||||||
CSMC, | ||||||||
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065 (e) (z) | 655 | 552 | ||||||
Series 2021-NQM3, Class A1, 1.02%, 04/25/2066 (e) (z) | 374 | 303 | ||||||
Series 2022-NQM1, Class A1, 2.27%, 11/25/2066 (e) (z) | 911 | 783 | ||||||
Verus Securitization Trust, | ||||||||
Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 209 | 175 | ||||||
Series 2021-3, Class A1, 1.05%, 06/25/2066 (e) (z) | 543 | 452 | ||||||
Series 2021-R2, Class A1, 0.92%, 02/25/2064 (e) (z) | 687 | 587 | ||||||
Series 2021-R3, Class A1, 1.02%, 04/25/2064 (e) (z) | 347 | 308 | ||||||
|
|
|||||||
Total Collateralized Mortgage Obligations (Cost $4,089) |
3,525 | |||||||
|
|
|||||||
Commercial Mortgage-Backed Securities 0.5% | ||||||||
BBCMS Mortgage Trust, Series 2018-TALL, Class C, (ICE LIBOR USD 1 Month + 1.12%), 5.96%, 03/15/2037 (e) (aa) | 1,600 | 1,257 | ||||||
BWAY Mortgage Trust, Series 2015-1740, Class C, 3.34%, 01/10/2035 (e) | 2,750 | 2,063 | ||||||
BX Commercial Mortgage Trust, Series 2021-XL2, Class A, (ICE LIBOR USD 1 Month + 0.69%), 5.37%, 10/15/2038 (e) (aa) | 834 | 799 | ||||||
BXHPP Trust, Series 2021-FILM, Class B, (ICE LIBOR USD 1 Month + 0.90%), 5.58%, 08/15/2036 (e) (aa) | 600 | 549 | ||||||
Citigroup Commercial Mortgage Trust, Series 2020-GC46, Class XA, IO, 0.98%, 02/15/2053 (z) |
44,984 | 2,190 | ||||||
DBWF Mortgage Trust, Series 2018-GLKS, Class A, (ICE LIBOR USD 1 Month + 1.13%), 5.89%, 12/19/2030 (e) (aa) | 452 | 443 | ||||||
Great Wolf Trust, Series 2019-WOLF, Class A, (CME Term SOFR 1 Month + 1.15%), 5.98%, 12/15/2036 (e) (aa) | 1,850 | 1,809 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Commercial Mortgage-Backed Securities continued | ||||||||
GS Mortgage Securities Corp. Trust, | ||||||||
Series 2021-ROSS, Class A, (ICE LIBOR USD 1 Month + 1.15%), 5.84%, 05/15/2026 (e) (aa) |
720 | 648 | ||||||
Series 2021-ROSS, Class H, (ICE LIBOR USD 1 Month + 5.90%), 10.59%, 05/15/2026 (e) (aa) |
270 | 203 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 900 | 846 | ||||||
Morgan Stanley Capital I Trust, Series 2014-150E, Class A, 3.91%, 09/09/2032 (e) | 1,220 | 1,030 | ||||||
Waikiki Beach Hotel Trust, Series 2019-WBM, Class D, (ICE LIBOR USD 1 Month + 2.03%), 6.71%, 12/15/2033 (e) (aa) | 600 | 568 | ||||||
WFRBS Commercial Mortgage Trust, | ||||||||
Series 2013-C15, Class AS, 4.36%, 08/15/2046 (z) | 1,000 | 988 | ||||||
Series 2014-C19, Class A5, 4.10%, 03/15/2047 | 1,245 | 1,221 | ||||||
|
|
|||||||
Total Commercial Mortgage-Backed Securities (Cost $17,351) |
14,614 | |||||||
|
|
|||||||
Convertible Bonds 0.5% | ||||||||
Communications 0.3% | ||||||||
Internet 0.2% | ||||||||
Booking Holdings, Inc., 0.75%, 05/01/2025 | 493 | 738 | ||||||
Meituan, (Cayman Islands), Reg. S, Zero Coupon, 04/27/2028 | 5,100 | 4,205 | ||||||
Uber Technologies, Inc., Zero Coupon, 12/15/2025 | 2,600 | 2,288 | ||||||
|
|
|||||||
7,231 | ||||||||
|
|
|||||||
Media 0.1% | ||||||||
Cable One, Inc., | ||||||||
Zero Coupon, 03/15/2026 | 623 | 491 | ||||||
1.13%, 03/15/2028 | 986 | 721 | ||||||
|
|
|||||||
1,212 | ||||||||
|
|
|||||||
Telecommunications 0.0% (g) | ||||||||
Digicel Group Holdings Ltd., (Bermuda), 7.00% (cash), 04/17/2023 (e) (v) (x) | 65 | 7 | ||||||
|
|
|||||||
Total Communications | 8,450 | |||||||
|
|
|||||||
Consumer Cyclical 0.1% | ||||||||
Airlines 0.0% (g) | ||||||||
International Consolidated Airlines Group SA, (Spain), Reg. S, 1.13%, 05/18/2028 | EUR | 100 | 86 | |||||
|
|
|||||||
Auto Manufacturers 0.0% (g) | ||||||||
Ford Motor Co., Zero Coupon, 03/15/2026 | 1,011 | 1,010 | ||||||
|
|
|||||||
Lodging 0.1% | ||||||||
Wynn Macau Ltd., (Cayman Islands), 4.50%, 03/07/2029 (e) | 1,900 | 2,060 | ||||||
|
|
|||||||
Total Consumer Cyclical | 3,156 | |||||||
|
|
|||||||
Consumer Non-cyclical 0.0% (g) | ||||||||
Commercial Services 0.0% (g) | ||||||||
Nexi SpA, (Italy), Reg. S, Zero Coupon, 02/24/2028 | EUR | 200 | 161 | |||||
Shift4 Payments, Inc., Zero Coupon, 12/15/2025 | 292 | 341 | ||||||
|
|
|||||||
Total Consumer Non-cyclical | 502 | |||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Convertible Bonds continued | ||||||||
Financial 0.1% | ||||||||
Banks 0.1% | ||||||||
Barclays Bank plc, (United Kingdom), Zero Coupon, 02/04/2025 | 2,039 | 2,991 | ||||||
|
|
|||||||
Total Convertible Bonds (Cost $14,573) |
15,099 | |||||||
|
|
|||||||
Corporate Bonds 82.3% | ||||||||
Basic Materials 4.1% | ||||||||
Chemicals 1.3% | ||||||||
Ashland LLC, | ||||||||
3.38%, 09/01/2031 (e) | 1,232 | 1,007 | ||||||
6.88%, 05/15/2043 | 500 | 501 | ||||||
Avient Corp., 7.13%, 08/01/2030 (e) | 581 | 599 | ||||||
Axalta Coating Systems Dutch Holding B BV, (Netherlands), Reg. S, 3.75%, 01/15/2025 | EUR | 200 | 214 | |||||
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) | 1,806 | 1,547 | ||||||
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e) | 1,590 | 1,511 | ||||||
Celanese US Holdings LLC, | ||||||||
5.90%, 07/05/2024 | 408 | 408 | ||||||
6.17%, 07/15/2027 | 628 | 634 | ||||||
Chemours Co. (The), | ||||||||
4.63%, 11/15/2029 (e) | 1,150 | 948 | ||||||
5.75%, 11/15/2028 (e) | 1,113 | 994 | ||||||
Diamond BC BV, (Netherlands), 4.63%, 10/01/2029 (e) | 1,635 | 1,593 | ||||||
Element Solutions, Inc., 3.88%, 09/01/2028 (e) | 7,253 | 6,365 | ||||||
FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027 | EUR | 100 | 96 | |||||
Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e) |
1,505 | 1,211 | ||||||
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e) |
2,110 | 1,871 | ||||||
INEOS Finance plc, (United Kingdom), Reg. S, 6.63%, 05/15/2028 |
EUR | 140 | 153 | |||||
INEOS Quattro Finance 2 plc, (United Kingdom), Reg. S, 2.50%, 01/15/2026 |
EUR | 194 | 188 | |||||
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (e) |
406 | 363 | ||||||
Iris Holding, Inc., 10.00%, 12/15/2028 (e) |
2,200 | 1,616 | ||||||
Kobe US Midco 2, Inc., 9.25% (cash), 11/01/2026 (e) (v) |
1,436 | 1,034 | ||||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029 (e) |
662 | 557 | ||||||
Monitchem HoldCo 3 SA, (Luxembourg), Reg. S, 5.25%, 03/15/2025 |
EUR | 100 | 108 | |||||
Olympus Water US Holding Corp., 4.25%, 10/01/2028 (e) |
1,125 | 931 | ||||||
Orbia Advance Corp. SAB de CV, (Mexico), 1.88%, 05/11/2026 (e) |
249 | 222 | ||||||
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025 (e) |
2,145 | 2,077 | ||||||
SCIL IV LLC / SCIL USA Holdings LLC, |
||||||||
5.38%, 11/01/2026 (e) |
982 | 897 | ||||||
Reg. S, (ICE LIBOR EUR 3 Month + 4.38%), 6.86%, 11/01/2026 (aa) |
EUR | 100 | 107 | |||||
SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e) |
4,359 | 3,619 | ||||||
SPCM SA, (France), 3.13%, 03/15/2027 (e) |
387 | 339 | ||||||
Tronox, Inc., 4.63%, 03/15/2029 (e) |
1,715 | 1,433 | ||||||
Valvoline, Inc., 3.63%, 06/15/2031 (e) |
1,950 | 1,658 | ||||||
Venator Finance Sarl / Venator Materials LLC, (Multinational), |
||||||||
5.75%, 07/15/2025 (e) |
1,835 | 257 | ||||||
9.50%, 07/01/2025 (e) |
529 | 328 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Chemicals continued | ||||||||
WR Grace Holdings LLC, |
||||||||
4.88%, 06/15/2027 (e) |
858 | 827 | ||||||
5.63%, 08/15/2029 (e) |
5,024 | 4,258 | ||||||
7.38%, 03/01/2031 (e) |
1,025 | 1,029 | ||||||
|
|
|||||||
41,500 | ||||||||
|
|
|||||||
Iron/Steel 1.0% | ||||||||
ATI, Inc., |
||||||||
4.88%, 10/01/2029 |
816 | 743 | ||||||
5.13%, 10/01/2031 |
895 | 814 | ||||||
5.88%, 12/01/2027 |
1,002 | 979 | ||||||
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP, (Canada), 8.75%, 07/15/2026 (e) |
83 | 79 | ||||||
Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) |
8,803 | 8,736 | ||||||
Carpenter Technology Corp., |
||||||||
6.38%, 07/15/2028 |
2,899 | 2,828 | ||||||
7.63%, 03/15/2030 |
1,089 | 1,126 | ||||||
Commercial Metals Co., |
||||||||
4.13%, 01/15/2030 |
116 | 102 | ||||||
4.38%, 03/15/2032 |
400 | 344 | ||||||
Mineral Resources Ltd., (Australia), 8.13%, 05/01/2027 (e) |
2,537 | 2,575 | ||||||
Periama Holdings LLC, Reg. S, 5.95%, 04/19/2026 |
14,950 | 14,099 | ||||||
|
|
|||||||
32,425 | ||||||||
|
|
|||||||
Mining 1.8% | ||||||||
Alcoa Nederland Holding BV, (Netherlands), 5.50%, 12/15/2027 (e) |
246 | 243 | ||||||
Anglo American Capital plc, (United Kingdom), 4.88%, 05/14/2025 (e) |
344 | 342 | ||||||
Arconic Corp., |
||||||||
6.00%, 05/15/2025 (e) |
252 | 252 | ||||||
6.13%, 02/15/2028 (e) |
1,804 | 1,777 | ||||||
Bukit Makmur Mandiri Utama PT, (Indonesia), Reg. S, 7.75%, 02/10/2026 |
6,400 | 5,457 | ||||||
China Hongqiao Group Ltd., (Cayman Islands), |
||||||||
Reg. S, 6.25%, 06/08/2024 |
2,900 | 2,789 | ||||||
Reg. S, 7.38%, 05/02/2023 |
1,600 | 1,598 | ||||||
Constellium SE, (France), |
||||||||
3.75%, 04/15/2029 (e) |
3,871 | 3,353 | ||||||
Reg. S, 4.25%, 02/15/2026 |
EUR | 400 | 421 | |||||
5.63%, 06/15/2028 (e) |
1,126 | 1,062 | ||||||
5.88%, 02/15/2026 (e) |
1,730 | 1,732 | ||||||
Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e) |
575 | 535 | ||||||
ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e) |
608 | 532 | ||||||
First Quantum Minerals Ltd., (Canada), |
||||||||
6.88%, 03/01/2026 (e) |
335 | 325 | ||||||
6.88%, 10/15/2027 (e) |
1,812 | 1,759 | ||||||
7.50%, 04/01/2025 (e) |
850 | 849 | ||||||
Glencore Funding LLC, |
||||||||
1.63%, 04/27/2026 (e) |
291 | 263 | ||||||
4.00%, 04/16/2025 (e) |
164 | 160 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Mining continued | ||||||||
4.00%, 03/27/2027 (e) |
250 | 241 | ||||||
4.13%, 05/30/2023 (e) |
250 | 249 | ||||||
4.63%, 04/29/2024 (e) |
558 | 551 | ||||||
Hecla Mining Co., 7.25%, 02/15/2028 |
883 | 892 | ||||||
Hudbay Minerals, Inc., (Canada), |
||||||||
4.50%, 04/01/2026 (e) |
525 | 488 | ||||||
6.13%, 04/01/2029 (e) |
1,781 | 1,683 | ||||||
Kaiser Aluminum Corp., |
||||||||
4.50%, 06/01/2031 (e) |
2,015 | 1,655 | ||||||
4.63%, 03/01/2028 (e) |
931 | 829 | ||||||
Kinross Gold Corp., (Canada), 5.95%, 03/15/2024 |
207 | 207 | ||||||
New Gold, Inc., (Canada), 7.50%, 07/15/2027 (e) |
5,801 | 5,584 | ||||||
Novelis Corp., |
||||||||
3.25%, 11/15/2026 (e) |
5,115 | 4,674 | ||||||
3.88%, 08/15/2031 (e) |
3,347 | 2,774 | ||||||
4.75%, 01/30/2030 (e) |
4,065 | 3,725 | ||||||
Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029 |
EUR | 900 | 848 | |||||
Vedanta Resources Finance II plc, (United Kingdom), |
||||||||
8.95%, 03/11/2025 (e) |
200 | 123 | ||||||
Reg. S, 8.95%, 03/11/2025 |
14,100 | 8,706 | ||||||
|
|
|||||||
56,678 | ||||||||
|
|
|||||||
Total Basic Materials |
130,603 | |||||||
|
|
|||||||
Communications 9.8% | ||||||||
Advertising 0.6% | ||||||||
Clear Channel International BV, (Netherlands), 6.63%, 08/01/2025 (e) |
1,608 | 1,565 | ||||||
Clear Channel Outdoor Holdings, Inc., |
||||||||
5.13%, 08/15/2027 (e) |
5,380 | 4,828 | ||||||
7.50%, 06/01/2029 (e) |
4,488 | 3,243 | ||||||
7.75%, 04/15/2028 (e) |
3,401 | 2,551 | ||||||
CMG Media Corp., 8.88%, 12/15/2027 (e) |
7,089 | 5,359 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp., |
||||||||
4.25%, 01/15/2029 (e) |
2,263 | 1,878 | ||||||
4.63%, 03/15/2030 (e) |
66 | 55 | ||||||
5.00%, 08/15/2027 (e) |
1,809 | 1,630 | ||||||
Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.75%, 10/31/2026 |
EUR | 300 | 283 | |||||
|
|
|||||||
21,392 | ||||||||
|
|
|||||||
Internet 1.1% | ||||||||
Acuris Finance US, Inc. / Acuris Finance Sarl, 5.00%, 05/01/2028 (e) |
3,167 | 2,486 | ||||||
ANGI Group LLC, 3.88%, 08/15/2028 (e) |
1,234 | 938 | ||||||
Arches Buyer, Inc., 4.25%, 06/01/2028 (e) |
115 | 96 | ||||||
Cablevision Lightpath LLC, |
||||||||
3.88%, 09/15/2027 (e) |
6,014 | 4,840 | ||||||
5.63%, 09/15/2028 (e) |
1,050 | 724 | ||||||
Gen Digital, Inc., 5.00%, 04/15/2025 (e) |
1,185 | 1,164 | ||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 03/01/2029 (e) |
1,314 | 1,136 | ||||||
ION Trading Technologies Sarl, (Luxembourg), 5.75%, 05/15/2028 (e) |
1,008 | 805 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Internet continued | ||||||||
Match Group Holdings II LLC, | ||||||||
3.63%, 10/01/2031 (e) | 1,312 | 1,060 | ||||||
4.63%, 06/01/2028 (e) | 1,587 | 1,466 | ||||||
Netflix, Inc., | ||||||||
Reg. S, 3.63%, 06/15/2030 | EUR | 215 | 223 | |||||
4.88%, 04/15/2028 | 175 | 176 | ||||||
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., | ||||||||
4.75%, 04/30/2027 (e) | 705 | 601 | ||||||
6.00%, 02/15/2028 (e) | 630 | 465 | ||||||
Prosus NV, (Netherlands), | ||||||||
Reg. S, 3.06%, 07/13/2031 | 3,300 | 2,597 | ||||||
Reg. S, 4.99%, 01/19/2052 | 5,200 | 3,874 | ||||||
Uber Technologies, Inc., | ||||||||
4.50%, 08/15/2029 (e) | 8,521 | 7,764 | ||||||
6.25%, 01/15/2028 (e) | 1,267 | 1,264 | ||||||
7.50%, 05/15/2025 (e) | 113 | 115 | ||||||
7.50%, 09/15/2027 (e) | 1,606 | 1,656 | ||||||
8.00%, 11/01/2026 (e) | 1,105 | 1,133 | ||||||
United Group BV, (Netherlands), Reg. S, 4.88%, 07/01/2024 | EUR | 100 | 105 | |||||
|
|
|||||||
34,688 | ||||||||
|
|
|||||||
Media 4.0% | ||||||||
Altice Financing SA, (Luxembourg), | ||||||||
Reg. S, 2.25%, 01/15/2025 | EUR | 200 | 204 | |||||
Reg. S, 3.00%, 01/15/2028 | EUR | 100 | 86 | |||||
Reg. S, 4.25%, 08/15/2029 | EUR | 107 | 93 | |||||
5.00%, 01/15/2028 (e) | 515 | 424 | ||||||
5.75%, 08/15/2029 (e) | 6,354 | 5,052 | ||||||
AMC Networks, Inc., | ||||||||
4.75%, 08/01/2025 | 31 | 27 | ||||||
5.00%, 04/01/2024 | 450 | 444 | ||||||
Cable One, Inc., 4.00%, 11/15/2030 (e) | 1,963 | 1,597 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., | ||||||||
4.25%, 02/01/2031 (e) | 9,971 | 8,271 | ||||||
4.25%, 01/15/2034 (e) | 5,732 | 4,483 | ||||||
4.50%, 08/15/2030 (e) | 989 | 836 | ||||||
4.50%, 05/01/2032 | 4,947 | 4,046 | ||||||
4.50%, 06/01/2033 (e) | 3,638 | 2,929 | ||||||
4.75%, 03/01/2030 (e) | 4,586 | 3,973 | ||||||
4.75%, 02/01/2032 (e) | 3,034 | 2,548 | ||||||
5.00%, 02/01/2028 (e) | 5,808 | 5,358 | ||||||
5.13%, 05/01/2027 (e) | 4,219 | 3,987 | ||||||
6.38%, 09/01/2029 (e) | 4,241 | 4,050 | ||||||
Charter Communications Operating LLC / Charter Communications Operating Capital, | ||||||||
4.40%, 04/01/2033 | 153 | 136 | ||||||
5.50%, 04/01/2063 | 826 | 668 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Media continued | ||||||||
CSC Holdings LLC, | ||||||||
3.38%, 02/15/2031 (e) | 1,781 | 1,232 | ||||||
4.13%, 12/01/2030 (e) | 5,602 | 4,023 | ||||||
4.50%, 11/15/2031 (e) | 4,844 | 3,492 | ||||||
4.63%, 12/01/2030 (e) | 6,735 | 3,321 | ||||||
5.00%, 11/15/2031 (e) | 2,575 | 1,304 | ||||||
5.25%, 06/01/2024 | 443 | 428 | ||||||
5.38%, 02/01/2028 (e) | 825 | 677 | ||||||
5.50%, 04/15/2027 (e) | 2,115 | 1,785 | ||||||
5.75%, 01/15/2030 (e) | 1,800 | 948 | ||||||
6.50%, 02/01/2029 (e) | 1,500 | 1,235 | ||||||
7.50%, 04/01/2028 (e) | 500 | 319 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co., | ||||||||
5.38%, 08/15/2026 (d) (e) | 17,957 | 987 | ||||||
6.63%, 08/15/2027 (d) (e) | 10,954 | 137 | ||||||
DIRECTV Financing LLC / DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027 (e) | 1,673 | 1,506 | ||||||
DISH DBS Corp., | ||||||||
5.13%, 06/01/2029 | 1,344 | 717 | ||||||
5.25%, 12/01/2026 (e) | 2,754 | 2,182 | ||||||
5.75%, 12/01/2028 (e) | 3,807 | 2,841 | ||||||
7.38%, 07/01/2028 | 5,423 | 3,093 | ||||||
7.75%, 07/01/2026 | 4,515 | 2,971 | ||||||
DISH Network Corp., 11.75%, 11/15/2027 (e) | 7,184 | 6,915 | ||||||
FactSet Research Systems, Inc., 2.90%, 03/01/2027 | 120 | 111 | ||||||
GCI LLC, 4.75%, 10/15/2028 (e) | 182 | 157 | ||||||
Gray Television, Inc., | ||||||||
5.88%, 07/15/2026 (e) | 1,000 | 865 | ||||||
7.00%, 05/15/2027 (e) | 500 | 419 | ||||||
iHeartCommunications, Inc., 6.38%, 05/01/2026 | 1,175 | 1,037 | ||||||
LCPR Senior Secured Financing DAC, (Ireland), 6.75%, 10/15/2027 (e) | 2,112 | 1,968 | ||||||
Midcontinent Communications / Midcontinent Finance Corp., 5.38%, 08/15/2027 (e) | 325 | 294 | ||||||
News Corp., 3.88%, 05/15/2029 (e) | 250 | 222 | ||||||
Nexstar Media, Inc., 4.75%, 11/01/2028 (e) | 590 | 525 | ||||||
Radiate Holdco LLC / Radiate Finance, Inc., | ||||||||
4.50%, 09/15/2026 (e) | 3,865 | 3,025 | ||||||
6.50%, 09/15/2028 (e) | 9,191 | 3,768 | ||||||
Sinclair Television Group, Inc., | ||||||||
4.13%, 12/01/2030 (e) | 4,035 | 3,253 | ||||||
5.13%, 02/15/2027 (e) | 36 | 32 | ||||||
Sirius XM Radio, Inc., | ||||||||
3.13%, 09/01/2026 (e) | 2,810 | 2,525 | ||||||
4.00%, 07/15/2028 (e) | 80 | 69 | ||||||
4.13%, 07/01/2030 (e) | 47 | 39 | ||||||
5.00%, 08/01/2027 (e) | 3,099 | 2,901 | ||||||
TEGNA, Inc., 4.75%, 03/15/2026 (e) | 202 | 192 | ||||||
Tele Columbus AG, (Germany), Reg. S, 3.88%, 05/02/2025 | EUR | 344 | 277 | |||||
Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) | 1,200 | 1,104 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Media continued | ||||||||
Univision Communications, Inc., | ||||||||
5.13%, 02/15/2025 (e) | 2,857 | 2,800 | ||||||
6.63%, 06/01/2027 (e) | 5,231 | 4,960 | ||||||
7.38%, 06/30/2030 (e) | 1,152 | 1,089 | ||||||
UPC Broadband Finco BV, (Netherlands), 4.88%, 07/15/2031 (e) | 1,402 | 1,212 | ||||||
Virgin Media Vendor Financing Notes III DAC, (Ireland), Reg. S, 4.88%, 07/15/2028 | GBP | 300 | 314 | |||||
Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e) | 2,389 | 2,123 | ||||||
VZ Secured Financing BV, (Netherlands), | ||||||||
Reg. S, 3.50%, 01/15/2032 | EUR | 100 | 86 | |||||
5.00%, 01/15/2032 (e) | 2,150 | 1,745 | ||||||
VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029 | EUR | 100 | 86 | |||||
Ziggo Bond Co. BV, (Netherlands), 5.13%, 02/28/2030 (e) | 872 | 701 | ||||||
Ziggo BV, (Netherlands), 4.88%, 01/15/2030 (e) | 152 | 130 | ||||||
|
|
|||||||
127,354 | ||||||||
|
|
|||||||
Telecommunications 4.1% | ||||||||
Altice France Holding SA, (Luxembourg), 10.50%, 05/15/2027 (e) | 3,083 | 2,359 | ||||||
Altice France SA, (France), | ||||||||
Reg. S, 2.13%, 02/15/2025 | EUR | 300 | 300 | |||||
5.13%, 01/15/2029 (e) | 1,476 | 1,125 | ||||||
5.13%, 07/15/2029 (e) | 3,054 | 2,298 | ||||||
5.50%, 01/15/2028 (e) | 155 | 125 | ||||||
5.50%, 10/15/2029 (e) | 2,418 | 1,848 | ||||||
8.13%, 02/01/2027 (e) | 4,216 | 3,903 | ||||||
CommScope Technologies LLC, 6.00%, 06/15/2025 (e) | 2,170 | 2,044 | ||||||
CommScope, Inc., | ||||||||
4.75%, 09/01/2029 (e) | 2,937 | 2,448 | ||||||
6.00%, 03/01/2026 (e) | 1,204 | 1,162 | ||||||
7.13%, 07/01/2028 (e) | 275 | 203 | ||||||
8.25%, 03/01/2027 (e) | 1,653 | 1,318 | ||||||
Connect Finco Sarl / Connect US Finco LLC, (Multinational), 6.75%, 10/01/2026 (e) | 6,080 | 5,715 | ||||||
Digicel Group Holdings Ltd., (Bermuda), 8.00% (Blend (cash 5.00% + PIK 3.00%)), 04/01/2025 (e) (v) | 190 | 74 | ||||||
Digicel International Finance Ltd. / Digicel international Holdings Ltd., (Multinational), | ||||||||
8.00%, 12/31/2026 (e) | 6,725 | 1,379 | ||||||
8.75%, 05/25/2024 (e) | 1,000 | 899 | ||||||
13.00% (Blend (cash 6.00% + PIK 7.00%)), 12/31/2025 (e) (v) | 2,651 | 1,657 | ||||||
Digicel Ltd., (Bermuda), 6.75%, 03/01/2023 (e) | 19,230 | 3,942 | ||||||
Frontier Communications Holdings LLC, | ||||||||
5.00%, 05/01/2028 (e) | 1,138 | 987 | ||||||
5.88%, 10/15/2027 (e) | 576 | 524 | ||||||
6.75%, 05/01/2029 (e) | 860 | 682 | ||||||
8.75%, 05/15/2030 (e) | 7,011 | 6,983 | ||||||
Global Switch Holdings Ltd., (British Virgin Islands), Reg. S, 2.25%, 05/31/2027 | EUR | 179 | 182 | |||||
Globe Telecom, Inc., (Philippines), | ||||||||
Reg. S, 3.00%, 07/23/2035 | 1,300 | 946 | ||||||
Reg. S, (CMT Index 5 Year + 5.53%), 4.20%, 08/02/2026 (x) (aa) | 7,384 | 6,705 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
Iliad Holding SASU, (France), | ||||||||
Reg. S, 5.63%, 10/15/2028 | EUR | 100 | 101 | |||||
6.50%, 10/15/2026 (e) | 5,721 | 5,452 | ||||||
7.00%, 10/15/2028 (e) | 4,853 | 4,604 | ||||||
Intelsat Jackson Holdings SA, (Luxembourg), | ||||||||
5.50%, 08/01/2023 (d) (bb) (cc) | 3,425 | | (h) | |||||
6.50%, 03/15/2030 (e) | 4,320 | 3,960 | ||||||
8.50%, 10/15/2024 (d) (e) (bb) (cc) | 3,800 | | (h) | |||||
9.75%, 07/15/2025 (d) (e) (bb) (cc) | 1,875 | | (h) | |||||
Level 3 Financing, Inc., | ||||||||
3.40%, 03/01/2027 (e) | 5,498 | 4,352 | ||||||
3.63%, 01/15/2029 (e) | 146 | 80 | ||||||
3.75%, 07/15/2029 (e) | 1,242 | 662 | ||||||
3.88%, 11/15/2029 (e) | 1,232 | 891 | ||||||
4.25%, 07/01/2028 (e) | 1,933 | 1,091 | ||||||
4.63%, 09/15/2027 (e) | 709 | 426 | ||||||
Liberty Costa Rica Senior Secured Finance, (Cayman Islands), 10.88%, 01/15/2031 (e) | 832 | 782 | ||||||
Ligado Networks LLC, 15.50% (PIK), 11/01/2023 (e) (v) | 284 | 87 | ||||||
Lorca Telecom Bondco SA, (Spain), Reg. S, 4.00%, 09/18/2027 | EUR | 319 | 317 | |||||
Lumen Technologies, Inc., | ||||||||
4.00%, 02/15/2027 (e) | 4,473 | 2,952 | ||||||
4.50%, 01/15/2029 (e) | 1,758 | 787 | ||||||
5.38%, 06/15/2029 (e) | 502 | 243 | ||||||
Nokia OYJ, (Finland), 6.63%, 05/15/2039 | 1,051 | 1,049 | ||||||
SES SA, (Luxembourg), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 3.19%), 2.88%, 05/27/2026 (x) (aa) | EUR | 100 | 88 | |||||
Reg. S, (EUR Swap Rate 5 Year + 5.40%), 5.63%, 01/29/2024 (x) (aa) | EUR | 100 | 106 | |||||
SoftBank Group Corp., (Japan), | ||||||||
Reg. S, 3.13%, 09/19/2025 | EUR | 482 | 478 | |||||
Reg. S, 4.50%, 04/20/2025 | EUR | 100 | 104 | |||||
Reg. S, (USD ICE Swap Rate 5 Year + 4.23%), 6.00%, 07/19/2023 (x) (aa) | 200 | 193 | ||||||
Sprint Capital Corp., | ||||||||
6.88%, 11/15/2028 | 6,581 | 7,085 | ||||||
8.75%, 03/15/2032 | 8,956 | 10,917 | ||||||
Sprint LLC, | ||||||||
7.13%, 06/15/2024 | 2,584 | 2,634 | ||||||
7.63%, 02/15/2025 | 1,390 | 1,442 | ||||||
7.63%, 03/01/2026 | 135 | 143 | ||||||
7.88%, 09/15/2023 | 1,150 | 1,159 | ||||||
Telecom Italia Capital SA, (Luxembourg), | ||||||||
6.00%, 09/30/2034 | 367 | 314 | ||||||
6.38%, 11/15/2033 | 500 | 453 | ||||||
7.20%, 07/18/2036 | 1,514 | 1,370 | ||||||
Telecom Italia Finance SA, (Luxembourg), Reg. S, 7.75%, 01/24/2033 | EUR | 100 | 116 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Telecommunications continued | ||||||||
Telecom Italia SpA, (Italy), | ||||||||
Reg. S, 1.63%, 01/18/2029 | EUR | 542 | 460 | |||||
Reg. S, 2.38%, 10/12/2027 | EUR | 100 | 94 | |||||
5.30%, 05/30/2024 (e) | 200 | 196 | ||||||
Telefonica Europe BV, (Netherlands), Reg. S, (EUR Swap Rate 6 Year + 4.32%), 7.13%, 08/23/2028 (x) (aa) | EUR | 200 | 220 | |||||
T-Mobile USA, Inc., | ||||||||
2.05%, 02/15/2028 | 167 | 148 | ||||||
2.25%, 02/15/2026 | 160 | 149 | ||||||
2.63%, 04/15/2026 | 36 | 34 | ||||||
3.75%, 04/15/2027 | 90 | 86 | ||||||
Viasat, Inc., | ||||||||
5.63%, 09/15/2025 (e) | 8,387 | 7,951 | ||||||
5.63%, 04/15/2027 (e) | 393 | 369 | ||||||
Viavi Solutions, Inc., 3.75%, 10/01/2029 (e) | 1,696 | 1,450 | ||||||
Vmed O2 UK Financing I plc, (United Kingdom), | ||||||||
Reg. S, 4.00%, 01/31/2029 | GBP | 100 | 102 | |||||
4.25%, 01/31/2031 (e) | 549 | 467 | ||||||
4.75%, 07/15/2031 (e) | 1,385 | 1,187 | ||||||
Vodafone Group plc, (United Kingdom), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 3.48%), 3.00%, 08/27/2080 (aa) | EUR | 100 | 87 | |||||
(CMT Index 5 Year + 2.45%), 3.25%, 06/04/2081 (aa) | 171 | 145 | ||||||
Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa) | GBP | 200 | 234 | |||||
Reg. S, (USD Semi-annual Swap Rate 5 Year + 3.05%), 6.25%, 10/03/2078 (aa) | 200 | 194 | ||||||
Zayo Group Holdings, Inc., | ||||||||
4.00%, 03/01/2027 (e) | 9,250 | 7,030 | ||||||
6.13%, 03/01/2028 (e) | 9,149 | 5,564 | ||||||
|
|
|||||||
130,413 | ||||||||
|
|
|||||||
Total Communications | 313,847 | |||||||
|
|
|||||||
Consumer Cyclical 16.5% | ||||||||
Airlines 1.2% | ||||||||
Air Canada, (Canada), 3.88%, 08/15/2026 (e) | 1,647 | 1,496 | ||||||
Air France-KLM, (France), Reg. S, 8.13%, 05/31/2028 | EUR | 200 | 218 | |||||
Allegiant Travel Co., 7.25%, 08/15/2027 (e) | 410 | 408 | ||||||
American Airlines Group, Inc., 3.75%, 03/01/2025 (e) | 44 | 40 | ||||||
American Airlines, Inc., | ||||||||
7.25%, 02/15/2028 (e) | 1,106 | 1,075 | ||||||
11.75%, 07/15/2025 (e) | 7,007 | 7,667 | ||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational), | ||||||||
5.50%, 04/20/2026 (e) | 770 | 758 | ||||||
5.75%, 04/20/2029 (e) | 5,395 | 5,176 | ||||||
British Airways 2013-1 Class A Pass Through Trust, 4.63%, 06/20/2024 (e) | 160 | 158 | ||||||
Deutsche Lufthansa AG, (Germany), Reg. S, 3.50%, 07/14/2029 | EUR | 300 | 285 | |||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., (Cayman Islands), 5.75%, 01/20/2026 (e) | 2,483 | 2,358 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Airlines continued | ||||||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (e) | 3,827 | 3,815 | ||||||
Singapore Airlines Ltd., (Singapore), Reg. S, 3.00%, 07/20/2026 | 4,650 | 4,439 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., (Cayman Islands), | ||||||||
8.00%, 09/20/2025 (e) | 763 | 768 | ||||||
United Airlines Pass Through Trust, | ||||||||
Series 20-1, Class A, 5.88%, 10/15/2027 | 80 | 80 | ||||||
Series 20-1, Class B, 4.88%, 01/15/2026 | 43 | 42 | ||||||
United Airlines, Inc., | ||||||||
4.38%, 04/15/2026 (e) | 4,247 | 4,068 | ||||||
4.63%, 04/15/2029 (e) | 5,405 | 4,898 | ||||||
|
|
|||||||
37,749 | ||||||||
|
|
|||||||
Apparel 0.2% | ||||||||
Crocs, Inc., | ||||||||
4.13%, 08/15/2031 (e) | 337 | 277 | ||||||
4.25%, 03/15/2029 (e) | 1,205 | 1,057 | ||||||
Hanesbrands, Inc., 9.00%, 02/15/2031 (e) | 1,752 | 1,794 | ||||||
Kontoor Brands, Inc., 4.13%, 11/15/2029 (e) | 500 | 426 | ||||||
Levi Strauss & Co., 3.50%, 03/01/2031 (e) | 1,078 | 919 | ||||||
PVH Corp., 4.63%, 07/10/2025 | 190 | 186 | ||||||
William Carter Co. (The), 5.63%, 03/15/2027 (e) | 330 | 321 | ||||||
Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e) | 2,875 | 2,336 | ||||||
|
|
|||||||
7,316 | ||||||||
|
|
|||||||
Auto Manufacturers 1.6% | ||||||||
Allison Transmission, Inc., 3.75%, 01/30/2031 (e) | 900 | 768 | ||||||
Daimler Truck Finance North America LLC, 5.15%, 01/16/2026 (e) | 150 | 150 | ||||||
Ford Motor Co., | ||||||||
3.25%, 02/12/2032 | 2,127 | 1,672 | ||||||
4.75%, 01/15/2043 | 5,723 | 4,388 | ||||||
5.29%, 12/08/2046 | 1,880 | 1,542 | ||||||
6.10%, 08/19/2032 | 651 | 629 | ||||||
7.40%, 11/01/2046 | 1,275 | 1,277 | ||||||
Ford Motor Credit Co. LLC, | ||||||||
2.70%, 08/10/2026 | 3,406 | 3,031 | ||||||
2.90%, 02/16/2028 | 577 | 496 | ||||||
2.90%, 02/10/2029 | 200 | 165 | ||||||
3.63%, 06/17/2031 | 600 | 495 | ||||||
3.82%, 11/02/2027 | 400 | 359 | ||||||
4.00%, 11/13/2030 | 1,493 | 1,268 | ||||||
4.13%, 08/04/2025 | 597 | 568 | ||||||
4.13%, 08/17/2027 | 440 | 403 | ||||||
4.27%, 01/09/2027 | 2,500 | 2,328 | ||||||
4.39%, 01/08/2026 | 908 | 861 | ||||||
4.54%, 03/06/2025 | GBP | 287 | 339 | |||||
4.87%, 08/03/2027 | EUR | 325 | 342 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Auto Manufacturers continued | ||||||||
4.95%, 05/28/2027 | 3,820 | 3,644 | ||||||
5.11%, 05/03/2029 | 3,253 | 3,054 | ||||||
5.13%, 06/16/2025 | 4,896 | 4,793 | ||||||
5.58%, 03/18/2024 | 879 | 873 | ||||||
6.95%, 03/06/2026 | 1,100 | 1,118 | ||||||
7.35%, 03/06/2030 | 1,280 | 1,315 | ||||||
General Motors Co., | ||||||||
5.40%, 04/01/2048 | 354 | 306 | ||||||
5.60%, 10/15/2032 | 697 | 679 | ||||||
General Motors Financial Co., Inc., | ||||||||
2.75%, 06/20/2025 | 1,000 | 947 | ||||||
Series C, (CMT Index 5 Year + 5.00%), 5.70%, 09/30/2030 (x) (aa) | 5 | 4 | ||||||
Hyundai Capital America, | ||||||||
0.80%, 04/03/2023 (e) | 110 | 110 | ||||||
0.80%, 01/08/2024 (e) | 500 | 482 | ||||||
Jaguar Land Rover Automotive plc, (United Kingdom), Reg. S, 4.50%, 07/15/2028 | EUR | 100 | 89 | |||||
Mercedes-Benz Finance North America LLC, 4.80%, 03/30/2026 (e) | 185 | 185 | ||||||
Nissan Motor Acceptance Co. LLC, 3.88%, 09/21/2023 (e) | 775 | 766 | ||||||
PM General Purchaser LLC, 9.50%, 10/01/2028 (e) | 2,510 | 2,298 | ||||||
RCI Banque SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.85%), 2.63%, 02/18/2030 (aa) | EUR | 600 | 593 | |||||
TML Holdings Pte Ltd., (Singapore), | ||||||||
Reg. S, 4.35%, 06/09/2026 | 6,650 | 5,994 | ||||||
Reg. S, 5.50%, 06/03/2024 | 3,200 | 3,104 | ||||||
Wabash National Corp., 4.50%, 10/15/2028 (e) | 76 | 66 | ||||||
|
|
|||||||
51,501 | ||||||||
|
|
|||||||
Auto Parts & Equipment 0.9% | ||||||||
Adient Global Holdings Ltd., (Jersey), | ||||||||
Reg. S, 3.50%, 08/15/2024 | EUR | 100 | 108 | |||||
4.88%, 08/15/2026 (e) | 2,325 | 2,241 | ||||||
7.00%, 04/15/2028 (e) | 575 | 591 | ||||||
American Axle & Manufacturing, Inc., 6.50%, 04/01/2027 | 1,275 | 1,173 | ||||||
Clarios Global LP / Clarios US Finance Co., (Multinational), | ||||||||
Reg. S, 4.38%, 05/15/2026 | EUR | 397 | 410 | |||||
6.25%, 05/15/2026 (e) | 4,343 | 4,311 | ||||||
8.50%, 05/15/2027 (e) | 12,597 | 12,644 | ||||||
Clarios Global LP, (Canada), 6.75%, 05/15/2025 (e) | 1,204 | 1,217 | ||||||
Dana Financing Luxembourg Sarl, (Luxembourg), 5.75%, 04/15/2025 (e) | 150 | 148 | ||||||
Dana, Inc., | ||||||||
4.25%, 09/01/2030 | 950 | 761 | ||||||
4.50%, 02/15/2032 | 575 | 454 | ||||||
5.38%, 11/15/2027 | 275 | 257 | ||||||
5.63%, 06/15/2028 | 700 | 657 | ||||||
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e) | 186 | 167 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
Faurecia SE, (France), | ||||||||
Reg. S, 2.75%, 02/15/2027 | EUR | 300 | 289 | |||||
Reg. S, 7.25%, 06/15/2026 | EUR | 150 | 167 | |||||
Goodyear Tire & Rubber Co. (The), | ||||||||
5.00%, 07/15/2029 | 678 | 606 | ||||||
5.63%, 04/30/2033 | 740 | 640 | ||||||
9.50%, 05/31/2025 | 105 | 108 | ||||||
Grupo Antolin-Irausa SA, (Spain), Reg. S, 3.50%, 04/30/2028 | EUR | 200 | 156 | |||||
IHO Verwaltungs GmbH, (Germany), Reg. S, 8.75% (cash), 05/15/2028 (v) (w) | EUR | 128 | 142 | |||||
Titan International, Inc., 7.00%, 04/30/2028 | 1,025 | 923 | ||||||
ZF Europe Finance BV, (Netherlands), Reg. S, 2.00%, 02/23/2026 | EUR | 300 | 295 | |||||
ZF Finance GmbH, (Germany), Reg. S, 5.75%, 08/03/2026 | EUR | 100 | 109 | |||||
|
|
|||||||
28,574 | ||||||||
|
|
|||||||
Distribution/Wholesale 0.2% | ||||||||
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e) | 45 | 38 | ||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027 (e) | 1,605 | 1,467 | ||||||
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (e) | 3,250 | 2,848 | ||||||
Resideo Funding, Inc., 4.00%, 09/01/2029 (e) | 218 | 181 | ||||||
Ritchie Bros Holdings, Inc., | ||||||||
6.75%, 03/15/2028 (e) | 552 | 569 | ||||||
7.75%, 03/15/2031 (e) | 650 | 681 | ||||||
|
|
|||||||
5,784 | ||||||||
|
|
|||||||
Entertainment 2.6% | ||||||||
Boyne USA, Inc., 4.75%, 05/15/2029 (e) | 2,344 | 2,086 | ||||||
Caesars Entertainment, Inc., | ||||||||
4.63%, 10/15/2029 (e) | 7,163 | 6,264 | ||||||
6.25%, 07/01/2025 (e) | 6,135 | 6,135 | ||||||
7.00%, 02/15/2030 (e) | 7,922 | 8,080 | ||||||
8.13%, 07/01/2027 (e) | 6,133 | 6,256 | ||||||
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 07/01/2025 (e) | 366 | 366 | ||||||
CCM Merger, Inc., 6.38%, 05/01/2026 (e) | 1,302 | 1,271 | ||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030 (e) | 4,894 | 4,727 | ||||||
Cedar Fair LP / Canadas Wonderland Co. / Magnum Management Corp. / Millennium Op, | ||||||||
5.38%, 04/15/2027 | 242 | 231 | ||||||
5.50%, 05/01/2025 (e) | 1,811 | 1,810 | ||||||
6.50%, 10/01/2028 | 3 | 3 | ||||||
Churchill Downs, Inc., | ||||||||
4.75%, 01/15/2028 (e) | 2,222 | 2,081 | ||||||
5.50%, 04/01/2027 (e) | 387 | 379 | ||||||
Cirsa Finance International Sarl, (Luxembourg), Reg. S, 4.75%, 05/22/2025 | EUR | 100 | 105 | |||||
CPUK Finance Ltd., (Jersey), Reg. S, 4.88%, 08/28/2025 | GBP | 100 | 117 | |||||
Everi Holdings, Inc., 5.00%, 07/15/2029 (e) | 100 | 89 | ||||||
Golden Entertainment, Inc., 7.63%, 04/15/2026 (e) | 1,829 | 1,845 | ||||||
Inter Media and Communication SpA, (Italy), Reg. S, 6.75%, 02/09/2027 | EUR | 100 | 101 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
International Game Technology plc, (United Kingdom), | ||||||||
5.25%, 01/15/2029 (e) | 855 | 819 | ||||||
6.25%, 01/15/2027 (e) | 800 | 809 | ||||||
Jacobs Entertainment, Inc., 6.75%, 02/15/2029 (e) | 1,300 | 1,136 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029 (e) | 1,573 | 1,034 | ||||||
Live Nation Entertainment, Inc., | ||||||||
3.75%, 01/15/2028 (e) | 410 | 367 | ||||||
4.75%, 10/15/2027 (e) | 2,153 | 1,992 | ||||||
4.88%, 11/01/2024 (e) | 33 | 32 | ||||||
5.63%, 03/15/2026 (e) | 78 | 75 | ||||||
6.50%, 05/15/2027 (e) | 7,594 | 7,681 | ||||||
Lottomatica SpA, (Italy), | ||||||||
Reg. S, 6.25%, 07/15/2025 | EUR | 300 | 324 | |||||
Reg. S, 9.75%, 09/30/2027 | EUR | 123 | 141 | |||||
Merlin Entertainments Ltd., (United Kingdom), 5.75%, 06/15/2026 (e) | 1,555 | 1,475 | ||||||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e) |
1,521 | 1,322 | ||||||
Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e) | 957 | 883 | ||||||
Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e) | 313 | 288 | ||||||
Penn Entertainment, Inc., | ||||||||
4.13%, 07/01/2029 (e) | 2,200 | 1,834 | ||||||
5.63%, 01/15/2027 (e) | 2,264 | 2,126 | ||||||
Pinewood Finance Co. Ltd., (United Kingdom), Reg. S, 3.63%, 11/15/2027 | GBP | 100 | 109 | |||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031 (e) |
1,741 | 1,243 | ||||||
Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e) | 1,080 | 953 | ||||||
Scientific Games International, Inc., | ||||||||
7.00%, 05/15/2028 (e) | 1,196 | 1,184 | ||||||
7.25%, 11/15/2029 (e) | 500 | 501 | ||||||
8.63%, 07/01/2025 (e) | 58 | 59 | ||||||
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025 (e) | 958 | 968 | ||||||
Warnermedia Holdings, Inc., | ||||||||
3.43%, 03/15/2024 (e) | 226 | 221 | ||||||
3.79%, 03/15/2025 (e) | 112 | 108 | ||||||
5.14%, 03/15/2052 (e) | 6,746 | 5,447 | ||||||
5.39%, 03/15/2062 (e) | 2,273 | 1,821 | ||||||
6.41%, 03/15/2026 | 381 | 383 | ||||||
(SOFR Compounded Index + 1.78%), 6.60%, 03/15/2024 (e) (aa) | 62 | 62 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., | ||||||||
5.13%, 10/01/2029 (e) | 4,574 | 4,155 | ||||||
7.13%, 02/15/2031 (e) | 1,218 | 1,229 | ||||||
|
|
|||||||
82,727 | ||||||||
|
|
|||||||
Food Service 0.2% | ||||||||
Aramark International Finance Sarl, (Luxembourg), Reg. S, 3.13%, 04/01/2025 | EUR | 693 | 727 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 Service continued | ||||||||
Aramark Services, Inc., | ||||||||
5.00%, 04/01/2025 (e) | 406 | 400 | ||||||
5.00%, 02/01/2028 (e) | 2,705 | 2,560 | ||||||
6.38%, 05/01/2025 (e) | 2,470 | 2,488 | ||||||
Elior Group SA, (France), Reg. S, 3.75%, 07/15/2026 | EUR | 100 | 94 | |||||
|
|
|||||||
6,269 | ||||||||
|
|
|||||||
Home Builders 1.4% | ||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., | ||||||||
4.63%, 08/01/2029 (e) | 1,108 | 897 | ||||||
4.63%, 04/01/2030 (e) | 500 | 412 | ||||||
6.63%, 01/15/2028 (e) | 950 | 861 | ||||||
Beazer Homes USA, Inc., | ||||||||
5.88%, 10/15/2027 | 5,850 | 5,329 | ||||||
6.75%, 03/15/2025 | 1,330 | 1,307 | ||||||
7.25%, 10/15/2029 | 1,800 | 1,674 | ||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada), | ||||||||
4.88%, 02/15/2030 (e) | 4,143 | 3,125 | ||||||
5.00%, 06/15/2029 (e) | 1,586 | 1,213 | ||||||
6.25%, 09/15/2027 (e) | 1,550 | 1,361 | ||||||
Century Communities, Inc., 6.75%, 06/01/2027 | 1,125 | 1,123 | ||||||
Empire Communities Corp., (Canada), 7.00%, 12/15/2025 (e) | 225 | 198 | ||||||
Forestar Group, Inc., | ||||||||
3.85%, 05/15/2026 (e) | 650 | 585 | ||||||
5.00%, 03/01/2028 (e) | 1,475 | 1,320 | ||||||
KB Home, | ||||||||
4.00%, 06/15/2031 | 1,050 | 910 | ||||||
4.80%, 11/15/2029 | 2,000 | 1,830 | ||||||
6.88%, 06/15/2027 | 698 | 709 | ||||||
7.25%, 07/15/2030 | 600 | 608 | ||||||
M/I Homes, Inc., 4.95%, 02/01/2028 | 1,718 | 1,589 | ||||||
Mattamy Group Corp., (Canada), | ||||||||
4.63%, 03/01/2030 (e) | 1,580 | 1,374 | ||||||
5.25%, 12/15/2027 (e) | 4,922 | 4,633 | ||||||
Meritage Homes Corp., | ||||||||
5.13%, 06/06/2027 | 653 | 635 | ||||||
6.00%, 06/01/2025 | 800 | 806 | ||||||
Shea Homes LP / Shea Homes Funding Corp., | ||||||||
4.75%, 02/15/2028 | 3,225 | 2,882 | ||||||
4.75%, 04/01/2029 | 450 | 393 | ||||||
STL Holding Co. LLC, 7.50%, 02/15/2026 (e) | 1,615 | 1,413 | ||||||
Taylor Morrison Communities, Inc., | ||||||||
5.13%, 08/01/2030 (e) | 3,346 | 3,089 | ||||||
5.75%, 01/15/2028 (e) | 700 | 688 | ||||||
5.88%, 06/15/2027 (e) | 2,265 | 2,222 | ||||||
Tri Pointe Homes, Inc., | ||||||||
5.25%, 06/01/2027 | 450 | 427 | ||||||
5.70%, 06/15/2028 | 1,801 | 1,733 | ||||||
|
|
|||||||
45,346 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 Furnishings 0.0% (g) | ||||||||
Tempur Sealy International, Inc., | ||||||||
3.88%, 10/15/2031 (e) | 398 | 332 | ||||||
4.00%, 04/15/2029 (e) | 1,449 | 1,275 | ||||||
|
|
|||||||
1,607 | ||||||||
|
|
|||||||
Housewares 0.2% | ||||||||
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025 (e) | 1,230 | 1,055 | ||||||
Scotts Miracle-Gro Co. (The), | ||||||||
4.00%, 04/01/2031 | 3,072 | 2,450 | ||||||
4.38%, 02/01/2032 | 1,000 | 803 | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/2029 (e) | 6,487 | 3,990 | ||||||
|
|
|||||||
8,298 | ||||||||
|
|
|||||||
Leisure Time 1.5% | ||||||||
Carnival Corp., (Panama), | ||||||||
4.00%, 08/01/2028 (e) | 1,988 | 1,711 | ||||||
5.75%, 03/01/2027 (e) | 3,167 | 2,605 | ||||||
6.00%, 05/01/2029 (e) | 3,477 | 2,768 | ||||||
7.63%, 03/01/2026 (e) | 436 | 398 | ||||||
Reg. S, 7.63%, 03/01/2026 | EUR | 103 | 99 | |||||
9.88%, 08/01/2027 (e) | 1,256 | 1,291 | ||||||
Reg. S, 10.13%, 02/01/2026 | EUR | 300 | 342 | |||||
10.50%, 02/01/2026 (e) | 2,738 | 2,850 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (e) | 10,234 | 11,016 | ||||||
Dometic Group AB, (Sweden), Reg. S, 3.00%, 05/08/2026 | EUR | 100 | 98 | |||||
Life Time, Inc., | ||||||||
5.75%, 01/15/2026 (e) | 2,136 | 2,075 | ||||||
8.00%, 04/15/2026 (e) | 815 | 777 | ||||||
Lindblad Expeditions LLC, 6.75%, 02/15/2027 (e) | 1,385 | 1,341 | ||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e) | 74 | 55 | ||||||
NCL Corp. Ltd., (Bermuda), | ||||||||
5.88%, 03/15/2026 (e) | 1,516 | 1,289 | ||||||
5.88%, 02/15/2027 (e) | 950 | 893 | ||||||
7.75%, 02/15/2029 (e) | 69 | 59 | ||||||
8.38%, 02/01/2028 (e) | 2,042 | 2,049 | ||||||
NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) | 87 | 70 | ||||||
Royal Caribbean Cruises Ltd., (Liberia), | ||||||||
4.25%, 07/01/2026 (e) | 589 | 530 | ||||||
5.38%, 07/15/2027 (e) | 595 | 533 | ||||||
5.50%, 08/31/2026 (e) | 524 | 490 | ||||||
5.50%, 04/01/2028 (e) | 316 | 278 | ||||||
7.25%, 01/15/2030 (e) | 2,700 | 2,720 | ||||||
8.25%, 01/15/2029 (e) | 1,800 | 1,881 | ||||||
9.25%, 01/15/2029 (e) | 2,902 | 3,070 | ||||||
11.50%, 06/01/2025 (e) | 1,639 | 1,748 | ||||||
11.63%, 08/15/2027 (e) | 2,143 | 2,301 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
Viking Cruises Ltd., (Bermuda), | ||||||||
5.88%, 09/15/2027 (e) | 200 | 173 | ||||||
6.25%, 05/15/2025 (e) | 500 | 474 | ||||||
Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e) | 2,169 | 1,862 | ||||||
|
|
|||||||
47,846 | ||||||||
|
|
|||||||
Lodging 4.2% | ||||||||
Accor SA, (France), Reg. S, (EUR Swap Rate 5 Year + 4.56%), 4.38%, 01/30/2024 (x) (aa) | EUR | 200 | 210 | |||||
Boyd Gaming Corp., 4.75%, 06/15/2031 (e) | 1,997 | 1,815 | ||||||
Champion Path Holdings Ltd., (British Virgin Islands), Reg. S, 4.50%, 01/27/2026 | 1,519 | 1,337 | ||||||
Fortune Star BVI Ltd., (British Virgin Islands), | ||||||||
Reg. S, 5.00%, 05/18/2026 | 2,900 | 2,057 | ||||||
Reg. S, 5.05%, 01/27/2027 | 600 | 413 | ||||||
Reg. S, 5.95%, 10/19/2025 | 7,400 | 5,704 | ||||||
Reg. S, 6.85%, 07/02/2024 | 6,300 | 5,573 | ||||||
Genting New York LLC / GENNY Capital, Inc., 3.30%, 02/15/2026 (e) | 270 | 240 | ||||||
Hilton Domestic Operating Co., Inc., | ||||||||
3.63%, 02/15/2032 (e) | 1,973 | 1,665 | ||||||
3.75%, 05/01/2029 (e) | 835 | 745 | ||||||
4.00%, 05/01/2031 (e) | 245 | 215 | ||||||
4.88%, 01/15/2030 | 2,041 | 1,955 | ||||||
5.75%, 05/01/2028 (e) | 858 | 858 | ||||||
Hyatt Hotels Corp., 1.30%, 10/01/2023 | 440 | 431 | ||||||
Las Vegas Sands Corp., 3.90%, 08/08/2029 | 18 | 16 | ||||||
Melco Resorts Finance Ltd., (Cayman Islands), | ||||||||
4.88%, 06/06/2025 (e) | 200 | 188 | ||||||
Reg. S, 4.88%, 06/06/2025 | 5,580 | 5,248 | ||||||
5.38%, 12/04/2029 (e) | 1,200 | 978 | ||||||
Reg. S, 5.63%, 07/17/2027 | 1,600 | 1,408 | ||||||
5.75%, 07/21/2028 (e) | 400 | 345 | ||||||
Reg. S, 5.75%, 07/21/2028 | 18,250 | 15,713 | ||||||
MGM China Holdings Ltd., (Cayman Islands), | ||||||||
Reg. S, 4.75%, 02/01/2027 | 2,800 | 2,508 | ||||||
5.25%, 06/18/2025 (e) | 2,000 | 1,895 | ||||||
Reg. S, 5.25%, 06/18/2025 | 2,970 | 2,814 | ||||||
5.38%, 05/15/2024 (e) | 1,900 | 1,855 | ||||||
Reg. S, 5.88%, 05/15/2026 | 2,300 | 2,165 | ||||||
MGM Resorts International, | ||||||||
4.63%, 09/01/2026 | 750 | 709 | ||||||
4.75%, 10/15/2028 | 3,476 | 3,236 | ||||||
5.50%, 04/15/2027 | 650 | 631 | ||||||
5.75%, 06/15/2025 | 475 | 475 | ||||||
6.75%, 05/01/2025 | 350 | 352 | ||||||
Sands China Ltd., (Cayman Islands), | ||||||||
2.80%, 03/08/2027 | 3,900 | 3,338 | ||||||
3.75%, 08/08/2031 | 1,800 | 1,443 | ||||||
4.30%, 01/08/2026 | 8,850 | 8,297 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
4.88%, 06/18/2030 | 1,800 | 1,592 | ||||||
5.63%, 08/08/2025 | 5,600 | 5,451 | ||||||
5.90%, 08/08/2028 | 13,000 | 12,339 | ||||||
Station Casinos LLC, | ||||||||
4.50%, 02/15/2028 (e) | 1,578 | 1,424 | ||||||
4.63%, 12/01/2031 (e) | 588 | 497 | ||||||
Studio City Co. Ltd., (British Virgin Islands), Reg. S, 7.00%, 02/15/2027 | 1,800 | 1,698 | ||||||
Studio City Finance Ltd., (British Virgin Islands), | ||||||||
Reg. S, 5.00%, 01/15/2029 | 1,200 | 921 | ||||||
Reg. S, 6.00%, 07/15/2025 | 8,883 | 8,140 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/2025 (e) | 800 | 764 | ||||||
Wynn Macau Ltd., (Cayman Islands), | ||||||||
Reg. S, 4.88%, 10/01/2024 | 2,000 | 1,940 | ||||||
Reg. S, 5.13%, 12/15/2029 | 650 | 532 | ||||||
5.50%, 01/15/2026 (e) | 500 | 464 | ||||||
Reg. S, 5.50%, 01/15/2026 | 12,550 | 11,640 | ||||||
5.50%, 10/01/2027 (e) | 1,530 | 1,335 | ||||||
Reg. S, 5.50%, 10/01/2027 | 3,400 | 2,967 | ||||||
5.63%, 08/26/2028 (e) | 2,550 | 2,169 | ||||||
Reg. S, 5.63%, 08/26/2028 | 3,900 | 3,317 | ||||||
|
|
|||||||
134,022 | ||||||||
|
|
|||||||
Retail 2.1% | ||||||||
1011778 BC ULC / New Red Finance, Inc., (Canada), | ||||||||
3.50%, 02/15/2029 (e) | 1,500 | 1,343 | ||||||
3.88%, 01/15/2028 (e) | 240 | 223 | ||||||
4.00%, 10/15/2030 (e) | 3,271 | 2,805 | ||||||
4.38%, 01/15/2028 (e) | 767 | 708 | ||||||
5.75%, 04/15/2025 (e) | 77 | 77 | ||||||
7-Eleven, Inc., 0.80%, 02/10/2024 (e) | 425 | 407 | ||||||
Arko Corp., 5.13%, 11/15/2029 (e) | 1,009 | 835 | ||||||
Asbury Automotive Group, Inc., | ||||||||
4.75%, 03/01/2030 | 3 | 3 | ||||||
5.00%, 02/15/2032 (e) | 793 | 694 | ||||||
At Home Group, Inc., | ||||||||
4.88%, 07/15/2028 (e) | 300 | 203 | ||||||
7.13%, 07/15/2029 (e) | 1,475 | 845 | ||||||
BCPE Ulysses Intermediate, Inc., 7.75% (cash), 04/01/2027 (e) (v) | 125 | 98 | ||||||
Beacon Roofing Supply, Inc., 4.13%, 05/15/2029 (e) | 935 | 825 | ||||||
Brinker International, Inc., 5.00%, 10/01/2024 (e) | 625 | 613 | ||||||
Burger King France SAS, (France), Reg. S, (ICE LIBOR EUR 3 Month + 4.75%), 7.23%, 11/01/2026 (aa) | EUR | 300 | 322 | |||||
Carrols Restaurant Group, Inc., 5.88%, 07/01/2029 (e) | 975 | 785 | ||||||
Constellation Automotive Financing plc, (United Kingdom), Reg. S, 4.88%, 07/15/2027 | GBP | 200 | 179 | |||||
eG Global Finance plc, (United Kingdom), | ||||||||
Reg. S, 3.63%, 02/07/2024 | EUR | 100 | 106 | |||||
Reg. S, 4.38%, 02/07/2025 | EUR | 922 | 914 | |||||
Reg. S, 6.25%, 10/30/2025 | EUR | 1,536 | 1,537 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
6.75%, 02/07/2025 (e) | 2,357 | 2,180 | ||||||
8.50%, 10/30/2025 (e) | 1,765 | 1,652 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., | ||||||||
5.38%, 04/01/2026 (e) | 300 | 281 | ||||||
5.88%, 04/01/2029 (e) | 335 | 288 | ||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., | ||||||||
4.63%, 01/15/2029 (e) | 1,491 | 1,308 | ||||||
6.75%, 01/15/2030 (e) | 2,812 | 2,314 | ||||||
Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e) | 2,984 | 2,365 | ||||||
Gap, Inc. (The), | ||||||||
3.63%, 10/01/2029 (e) | 875 | 624 | ||||||
3.88%, 10/01/2031 (e) | 2,030 | 1,409 | ||||||
Goldstory SASU, (France), Reg. S, 5.38%, 03/01/2026 | EUR | 200 | 199 | |||||
GYP Holdings III Corp., 4.63%, 05/01/2029 (e) | 1,502 | 1,284 | ||||||
Jollibee Worldwide Pte Ltd., (Singapore), Reg. S, 4.13%, 01/24/2026 | 4,200 | 3,971 | ||||||
Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) | 3 | 3 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/2029 (e) | 1,875 | 1,435 | ||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/2029 (e) | 2,665 | 2,229 | ||||||
Lithia Motors, Inc., 3.88%, 06/01/2029 (e) | 13 | 11 | ||||||
Lowes Cos., Inc., 4.80%, 04/01/2026 | 86 | 86 | ||||||
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (e) | 1,007 | 945 | ||||||
Park River Holdings, Inc., | ||||||||
5.63%, 02/01/2029 (e) | 2,900 | 1,977 | ||||||
6.75%, 08/01/2029 (e) | 550 | 379 | ||||||
Patrick Industries, Inc., | ||||||||
4.75%, 05/01/2029 (e) | 950 | 824 | ||||||
7.50%, 10/15/2027 (e) | 60 | 60 | ||||||
Penske Automotive Group, Inc., 3.75%, 06/15/2029 (e) | 252 | 218 | ||||||
PetSmart, Inc. / PetSmart Finance Corp., | ||||||||
4.75%, 02/15/2028 (e) | 250 | 235 | ||||||
7.75%, 02/15/2029 (e) | 2,955 | 2,900 | ||||||
Sally Holdings LLC / Sally Capital, Inc., 5.63%, 12/01/2025 | 2,675 | 2,634 | ||||||
SRS Distribution, Inc., | ||||||||
4.63%, 07/01/2028 (e) | 2,625 | 2,331 | ||||||
6.00%, 12/01/2029 (e) | 3,286 | 2,713 | ||||||
6.13%, 07/01/2029 (e) | 4,266 | 3,600 | ||||||
Staples, Inc., 7.50%, 04/15/2026 (e) | 1,056 | 923 | ||||||
Stonegate Pub Co. Financing 2019 plc, (United Kingdom), Reg. S, 8.00%, 07/13/2025 | GBP | 150 | 170 | |||||
Suburban Propane Partners LP / Suburban Energy Finance Corp., | ||||||||
5.00%, 06/01/2031 (e) | 1,950 | 1,704 | ||||||
5.88%, 03/01/2027 | 925 | 897 | ||||||
Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) | 2,500 | 2,232 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/2028 (e) | 6,486 | 5,626 | ||||||
White Cap Parent LLC, 8.25% (cash), 03/15/2026 (e) (v) | 1,350 | 1,228 | ||||||
|
|
|||||||
66,757 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Storage/Warehousing 0.1% | ||||||||
GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026 | 3,050 | 2,228 | ||||||
|
|
|||||||
Toys/Games/Hobbies 0.1% | ||||||||
Mattel, Inc., 5.45%, 11/01/2041 | 2,701 | 2,274 | ||||||
|
|
|||||||
Total Consumer Cyclical | 528,298 | |||||||
|
|
|||||||
Consumer Non-cyclical 10.4% | ||||||||
Agriculture 0.3% | ||||||||
BAT Capital Corp., | ||||||||
3.22%, 08/15/2024 | 327 | 317 | ||||||
3.56%, 08/15/2027 | 228 | 212 | ||||||
4.70%, 04/02/2027 | 274 | 268 | ||||||
BAT International Finance plc, (United Kingdom), | ||||||||
1.67%, 03/25/2026 | 30 | 27 | ||||||
3.95%, 06/15/2025 (e) | 337 | 328 | ||||||
Darling Ingredients, Inc., 6.00%, 06/15/2030 (e) | 2,720 | 2,711 | ||||||
Imperial Brands Finance plc, (United Kingdom), | ||||||||
3.13%, 07/26/2024 (e) | 643 | 622 | ||||||
6.13%, 07/27/2027 (e) | 400 | 410 | ||||||
Philip Morris International, Inc., | ||||||||
4.88%, 02/13/2026 | 189 | 190 | ||||||
5.00%, 11/17/2025 | 77 | 78 | ||||||
5.13%, 11/17/2027 | 193 | 197 | ||||||
Reynolds American, Inc., 4.45%, 06/12/2025 | 281 | 276 | ||||||
Tereos Finance Groupe I SA, (France), Reg. S, 7.25%, 04/15/2028 | EUR | 175 | 186 | |||||
Vector Group Ltd., 5.75%, 02/01/2029 (e) | 3,175 | 2,825 | ||||||
Viterra Finance BV, (Netherlands), 2.00%, 04/21/2026 (e) | 700 | 623 | ||||||
|
|
|||||||
9,270 | ||||||||
|
|
|||||||
Biotechnology 0.0% (g) | ||||||||
Amgen, Inc., | ||||||||
5.15%, 03/02/2028 | 241 | 246 | ||||||
5.25%, 03/02/2025 | 226 | 228 | ||||||
5.51%, 03/02/2026 | 241 | 242 | ||||||
Cidron Aida Finco Sarl, (Luxembourg), Reg. S, 6.25%, 04/01/2028 | GBP | 100 | 105 | |||||
Gilead Sciences, Inc., 0.75%, 09/29/2023 | 760 | 743 | ||||||
Illumina, Inc., | ||||||||
5.75%, 12/13/2027 | 151 | 154 | ||||||
5.80%, 12/12/2025 | 38 | 39 | ||||||
|
|
|||||||
1,757 | ||||||||
|
|
|||||||
Commercial Services 4.1% | ||||||||
Adani Ports & Special Economic Zone Ltd., (India), 3.38%, 07/24/2024 (e) | 200 | 185 | ||||||
ADT Security Corp. (The), | ||||||||
4.13%, 08/01/2029 (e) | 1,209 | 1,078 | ||||||
4.88%, 07/15/2032 (e) | 156 | 138 | ||||||
Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), 6.13%, 10/15/2026 (e) | 200 | 178 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp., | ||||||||
6.00%, 06/01/2029 (e) | 6,924 | 5,169 | ||||||
6.63%, 07/15/2026 (e) | 5,991 | 5,757 | ||||||
9.75%, 07/15/2027 (e) | 6,986 | 6,226 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), | ||||||||
Reg. S, 3.63%, 06/01/2028 | EUR | 160 | 142 | |||||
4.63%, 06/01/2028 (e) | 10,825 | 9,145 | ||||||
Alta Equipment Group, Inc., 5.63%, 04/15/2026 (e) | 900 | 842 | ||||||
AMN Healthcare, Inc., | ||||||||
4.00%, 04/15/2029 (e) | 450 | 398 | ||||||
4.63%, 10/01/2027 (e) | 874 | 811 | ||||||
APi Group DE, Inc., | ||||||||
4.13%, 07/15/2029 (e) | 1,730 | 1,484 | ||||||
4.75%, 10/15/2029 (e) | 450 | 396 | ||||||
APX Group, Inc., | ||||||||
5.75%, 07/15/2029 (e) | 2,735 | 2,448 | ||||||
6.75%, 02/15/2027 (e) | 154 | 153 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 04/01/2028 (e) | 1,450 | 1,319 | ||||||
Avis Budget Finance plc, (Jersey), Reg. S, 4.75%, 01/30/2026 | EUR | 300 | 317 | |||||
BCP V Modular Services Finance II plc, (United Kingdom), | ||||||||
Reg. S, 4.75%, 11/30/2028 | EUR | 100 | 92 | |||||
Reg. S, 6.13%, 11/30/2028 | GBP | 100 | 105 | |||||
Block, Inc., | ||||||||
2.75%, 06/01/2026 | 987 | 900 | ||||||
3.50%, 06/01/2031 | 6,448 | 5,295 | ||||||
Brinks Co. (The), | ||||||||
4.63%, 10/15/2027 (e) | 1,738 | 1,638 | ||||||
5.50%, 07/15/2025 (e) | 625 | 619 | ||||||
Carriage Services, Inc., 4.25%, 05/15/2029 (e) | 400 | 329 | ||||||
CoreLogic, Inc., 4.50%, 05/01/2028 (e) | 2,209 | 1,676 | ||||||
eHi Car Services Ltd., (Cayman Islands), | ||||||||
Reg. S, 7.00%, 09/21/2026 | 8,050 | 5,280 | ||||||
Reg. S, 7.75%, 11/14/2024 | 500 | 385 | ||||||
Garda World Security Corp., (Canada), | ||||||||
4.63%, 02/15/2027 (e) | 27 | 24 | ||||||
7.75%, 02/15/2028 (e) | 1,209 | 1,192 | ||||||
Gartner, Inc., | ||||||||
3.63%, 06/15/2029 (e) | 111 | 99 | ||||||
3.75%, 10/01/2030 (e) | 500 | 449 | ||||||
4.50%, 07/01/2028 (e) | 799 | 758 | ||||||
Global Payments, Inc., | ||||||||
2.65%, 02/15/2025 | 47 | 45 | ||||||
2.90%, 05/15/2030 | 717 | 607 | ||||||
3.20%, 08/15/2029 | 716 | 626 | ||||||
3.75%, 06/01/2023 | 146 | 146 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
4.45%, 06/01/2028 | 155 | 147 | ||||||
5.40%, 08/15/2032 | 1,475 | 1,445 | ||||||
5.95%, 08/15/2052 | 1,429 | 1,354 | ||||||
HealthEquity, Inc., 4.50%, 10/01/2029 (e) | 3,036 | 2,698 | ||||||
Herc Holdings, Inc., 5.50%, 07/15/2027 (e) | 2,174 | 2,098 | ||||||
Hertz Corp. (The), | ||||||||
4.63%, 12/01/2026 (e) | 632 | 572 | ||||||
5.00%, 12/01/2029 (e) | 825 | 684 | ||||||
India Toll Roads, (Mauritius), Reg. S, 5.50%, 08/19/2024 | 7,300 | 6,952 | ||||||
La Financiere Atalian SASU, (France), | ||||||||
Reg. S, 4.00%, 05/15/2024 | EUR | 100 | 79 | |||||
Reg. S, 5.13%, 05/15/2025 | EUR | 100 | 73 | |||||
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/2026 (e) |
41 | 37 | ||||||
Metis Merger Sub LLC, 6.50%, 05/15/2029 (e) | 4,085 | 3,402 | ||||||
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028 (e) | 2,000 | 1,604 | ||||||
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) | 1,287 | 1,193 | ||||||
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) | 2,236 | 2,023 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., | ||||||||
5.75%, 04/15/2026 (e) | 1,983 | 1,968 | ||||||
6.25%, 01/15/2028 (e) | 2,085 | 1,950 | ||||||
Rekeep SpA, (Italy), Reg. S, 7.25%, 02/01/2026 | EUR | 200 | 191 | |||||
Royal Capital BV, (Netherlands), | ||||||||
Reg. S, (CMT Index 5 Year + 5.93%), 4.88%, 05/05/2024 (x) (aa) | 1,131 | 1,097 | ||||||
Reg. S, (CMT Index 5 Year + 7.40%), 5.00%, 02/05/2026 (x) (aa) | 6,150 | 5,888 | ||||||
Sabre GLBL, Inc., | ||||||||
7.38%, 09/01/2025 (e) | 1,849 | 1,652 | ||||||
11.25%, 12/15/2027 (e) | 887 | 827 | ||||||
Service Corp. International, | ||||||||
3.38%, 08/15/2030 | 320 | 274 | ||||||
4.00%, 05/15/2031 | 2,866 | 2,522 | ||||||
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/2026 (e) | 3,269 | 3,073 | ||||||
Sothebys, 7.38%, 10/15/2027 (e) | 8,580 | 8,065 | ||||||
Sothebys / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e) | 299 | 248 | ||||||
Techem Verwaltungsgesellschaft 674 mbH, (Germany), Reg. S, 6.00%, 07/30/2026 | EUR | 176 | 180 | |||||
Triton Container International Ltd., (Bermuda), | ||||||||
0.80%, 08/01/2023 (e) | 400 | 391 | ||||||
1.15%, 06/07/2024 (e) | 169 | 159 | ||||||
United Rentals North America, Inc., | ||||||||
3.75%, 01/15/2032 | 1,750 | 1,507 | ||||||
3.88%, 02/15/2031 | 895 | 790 | ||||||
4.88%, 01/15/2028 | 2,025 | 1,936 | ||||||
5.25%, 01/15/2030 | 425 | 409 | ||||||
6.00%, 12/15/2029 (e) | 8,112 | 8,224 | ||||||
Verisure Holding AB, (Sweden), Reg. S, 9.25%, 10/15/2027 | EUR | 100 | 116 | |||||
Verscend Escrow Corp., 9.75%, 08/15/2026 (e) | 6,775 | 6,775 | ||||||
Williams Scotsman International, Inc., 4.63%, 08/15/2028 (e) | 1,309 | 1,191 | ||||||
|
|
|||||||
130,245 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Cosmetics/Personal Care 0.0% (g) | ||||||||
Coty, Inc., Reg. S, 3.88%, 04/15/2026 | EUR | 100 | 104 | |||||
Coty, Inc. / HFC Prestige Products, Inc. / HFC Prestige International US LLC, 4.75%, 01/15/2029 (e) | 62 | 58 | ||||||
|
|
|||||||
162 | ||||||||
|
|
|||||||
Food 1.7% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, | ||||||||
3.25%, 03/15/2026 (e) | 358 | 337 | ||||||
3.50%, 03/15/2029 (e) | 1,760 | 1,532 | ||||||
4.63%, 01/15/2027 (e) | 282 | 273 | ||||||
4.88%, 02/15/2030 (e) | 1,144 | 1,068 | ||||||
5.88%, 02/15/2028 (e) | 2,001 | 1,989 | ||||||
6.50%, 02/15/2028 (e) | 1,845 | 1,849 | ||||||
B&G Foods, Inc., | ||||||||
5.25%, 04/01/2025 | 1,625 | 1,513 | ||||||
5.25%, 09/15/2027 | 2,271 | 1,948 | ||||||
Bellis Acquisition Co. plc, (United Kingdom), Reg. S, 3.25%, 02/16/2026 | GBP | 200 | 202 | |||||
C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e) | 675 | 520 | ||||||
Casino Guichard Perrachon SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.82%), 3.99%, 01/31/2024 (x) (aa) | EUR | 100 | 7 | |||||
China Modern Dairy Holdings Ltd., (Cayman Islands), Reg. S, 2.13%, 07/14/2026 | 1,800 | 1,554 | ||||||
Chobani LLC / Chobani Finance Corp., Inc., | ||||||||
4.63%, 11/15/2028 (e) | 4,507 | 4,107 | ||||||
7.50%, 04/15/2025 (e) | 5,857 | 5,711 | ||||||
Darling Global Finance BV, (Netherlands), Reg. S, 3.63%, 05/15/2026 | EUR | 300 | 315 | |||||
FPC Resources Ltd., (British Virgin Islands), Reg. S, 4.38%, 09/11/2027 | 300 | 277 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., (Multinational), 3.75%, 12/01/2031 (e) | 98 | 81 | ||||||
JGSH Philippines Ltd., (British Virgin Islands), Reg. S, 4.13%, 07/09/2030 | 6,350 | 5,664 | ||||||
Kraft Heinz Foods Co., | ||||||||
6.88%, 01/26/2039 | 2,000 | 2,261 | ||||||
7.13%, 08/01/2039 (e) | 500 | 570 | ||||||
Lamb Weston Holdings, Inc., | ||||||||
4.13%, 01/31/2030 (e) | 613 | 561 | ||||||
4.38%, 01/31/2032 (e) | 4,610 | 4,179 | ||||||
4.88%, 05/15/2028 (e) | 72 | 70 | ||||||
Market Bidco Finco plc, (United Kingdom), 5.50%, 11/04/2027 (e) | GBP | 150 | 140 | |||||
Performance Food Group, Inc., | ||||||||
4.25%, 08/01/2029 (e) | 212 | 192 | ||||||
5.50%, 10/15/2027 (e) | 2,651 | 2,591 | ||||||
Picard Groupe SAS, (France), Reg. S, 3.88%, 07/01/2026 | EUR | 100 | 96 | |||||
Pilgrims Pride Corp., | ||||||||
3.50%, 03/01/2032 | 2,648 | 2,155 | ||||||
4.25%, 04/15/2031 | 8,148 | 7,187 | ||||||
Post Holdings, Inc., | ||||||||
4.50%, 09/15/2031 (e) | 1,666 | 1,473 | ||||||
4.63%, 04/15/2030 (e) | 1,405 | 1,259 | ||||||
5.50%, 12/15/2029 (e) | 1,000 | 941 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) | 1,139 | 926 | ||||||
United Natural Foods, Inc., 6.75%, 10/15/2028 (e) | 123 | 114 | ||||||
US Foods, Inc., | ||||||||
4.75%, 02/15/2029 (e) | 1,879 | 1,736 | ||||||
6.25%, 04/15/2025 (e) | 456 | 460 | ||||||
|
|
|||||||
55,858 | ||||||||
|
|
|||||||
HealthcareProducts 0.7% | ||||||||
Avantor Funding, Inc., | ||||||||
Reg. S, 2.63%, 11/01/2025 | EUR | 1,081 | 1,125 | |||||
Reg. S, 3.88%, 07/15/2028 | EUR | 100 | 101 | |||||
3.88%, 11/01/2029 (e) | 2,015 | 1,809 | ||||||
4.63%, 07/15/2028 (e) | 1,867 | 1,772 | ||||||
Embecta Corp., | ||||||||
5.00%, 02/15/2030 (e) | 1,175 | 1,011 | ||||||
6.75%, 02/15/2030 (e) | 1,184 | 1,077 | ||||||
Garden Spinco Corp., 8.63%, 07/20/2030 (e) | 942 | 1,006 | ||||||
GE HealthCare Technologies, Inc., 5.60%, 11/15/2025 (e) | 225 | 228 | ||||||
Medline Borrower LP, | ||||||||
3.88%, 04/01/2029 (e) | 4,103 | 3,555 | ||||||
5.25%, 10/01/2029 (e) | 11,232 | 9,745 | ||||||
Teleflex, Inc., 4.25%, 06/01/2028 (e) | 1,284 | 1,221 | ||||||
|
|
|||||||
22,650 | ||||||||
|
|
|||||||
HealthcareServices 2.2% | ||||||||
Acadia Healthcare Co., Inc., 5.00%, 04/15/2029 (e) | 126 | 118 | ||||||
AHP Health Partners, Inc., 5.75%, 07/15/2029 (e) | 1,798 | 1,510 | ||||||
Cano Health LLC, 6.25%, 10/01/2028 (e) | 655 | 359 | ||||||
Catalent Pharma Solutions, Inc., | ||||||||
3.13%, 02/15/2029 (e) | 431 | 379 | ||||||
3.50%, 04/01/2030 (e) | 2,466 | 2,167 | ||||||
Centene Corp., | ||||||||
2.45%, 07/15/2028 | 919 | 795 | ||||||
2.50%, 03/01/2031 | 1,581 | 1,280 | ||||||
2.63%, 08/01/2031 | 1,059 | 855 | ||||||
3.00%, 10/15/2030 | 5,291 | 4,453 | ||||||
4.25%, 12/15/2027 | 498 | 475 | ||||||
Charles River Laboratories International, Inc., | ||||||||
4.00%, 03/15/2031 (e) | 15 | 13 | ||||||
4.25%, 05/01/2028 (e) | 1,363 | 1,276 | ||||||
CHS / Community Health Systems, Inc., | ||||||||
4.75%, 02/15/2031 (e) | 3,669 | 2,709 | ||||||
5.25%, 05/15/2030 (e) | 3,164 | 2,465 | ||||||
5.63%, 03/15/2027 (e) | 700 | 614 | ||||||
DaVita, Inc., | ||||||||
3.75%, 02/15/2031 (e) | 4,157 | 3,279 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
HealthcareServices continued | ||||||||
4.63%, 06/01/2030 (e) | 3,000 | 2,561 | ||||||
Encompass Health Corp., | ||||||||
4.50%, 02/01/2028 | 55 | 51 | ||||||
4.63%, 04/01/2031 | 1,065 | 931 | ||||||
4.75%, 02/01/2030 | 1,553 | 1,412 | ||||||
Hadrian Merger Sub, Inc., 8.50%, 05/01/2026 (e) | 275 | 226 | ||||||
HCA, Inc., | ||||||||
4.63%, 03/15/2052 (e) | 932 | 774 | ||||||
5.25%, 04/15/2025 | 500 | 499 | ||||||
7.05%, 12/01/2027 | 950 | 1,006 | ||||||
7.50%, 11/06/2033 | 1,650 | 1,830 | ||||||
Humana, Inc., 5.70%, 03/13/2026 | 102 | 102 | ||||||
IQVIA, Inc., | ||||||||
Reg. S, 1.75%, 03/15/2026 | EUR | 200 | 202 | |||||
Reg. S, 2.25%, 03/15/2029 | EUR | 100 | 92 | |||||
5.00%, 10/15/2026 (e) | 397 | 388 | ||||||
Korian SA, (France), Reg. S, (UK Gilts 5 Year + 9.08%), 4.13%, 03/15/2024 (x) (aa) | GBP | 200 | 192 | |||||
Legacy LifePoint Health LLC, | ||||||||
4.38%, 02/15/2027 (e) | 173 | 142 | ||||||
6.75%, 04/15/2025 (e) | 1,492 | 1,416 | ||||||
LifePoint Health, Inc., 5.38%, 01/15/2029 (e) | 2,650 | 1,620 | ||||||
ModivCare, Inc., 5.88%, 11/15/2025 (e) | 648 | 621 | ||||||
Molina Healthcare, Inc., | ||||||||
3.88%, 11/15/2030 (e) | 334 | 291 | ||||||
3.88%, 05/15/2032 (e) | 1,855 | 1,560 | ||||||
4.38%, 06/15/2028 (e) | 217 | 202 | ||||||
Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (e) | 2,425 | 2,145 | ||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (e) | 6,100 | 4,934 | ||||||
Surgery Center Holdings, Inc., | ||||||||
6.75%, 07/01/2025 (e) | 427 | 422 | ||||||
10.00%, 04/15/2027 (e) | 2,518 | 2,568 | ||||||
Tenet Healthcare Corp., | ||||||||
4.25%, 06/01/2029 | 3,279 | 2,967 | ||||||
4.38%, 01/15/2030 | 7,730 | 6,938 | ||||||
4.88%, 01/01/2026 | 973 | 954 | ||||||
5.13%, 11/01/2027 | 4,525 | 4,344 | ||||||
6.13%, 10/01/2028 | 3,483 | 3,328 | ||||||
6.13%, 06/15/2030 (e) | 1,083 | 1,068 | ||||||
6.25%, 02/01/2027 | 697 | 685 | ||||||
|
|
|||||||
69,218 | ||||||||
|
|
|||||||
Household Products/Wares 0.2% | ||||||||
ACCO Brands Corp., 4.25%, 03/15/2029 (e) | 1,715 | 1,481 | ||||||
Central Garden & Pet Co., | ||||||||
4.13%, 10/15/2030 | 101 | 89 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Household Products/Wares continued | ||||||||
5.13%, 02/01/2028 | 360 | 348 | ||||||
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., | ||||||||
5.00%, 12/31/2026 (e) | 450 | 411 | ||||||
7.00%, 12/31/2027 (e) | 1,625 | 1,418 | ||||||
Spectrum Brands, Inc., 3.88%, 03/15/2031 (e) | 1,691 | 1,383 | ||||||
|
|
|||||||
5,130 | ||||||||
|
|
|||||||
Pharmaceuticals 1.2% | ||||||||
AdaptHealth LLC, | ||||||||
4.63%, 08/01/2029 (e) | 2,100 | 1,748 | ||||||
5.13%, 03/01/2030 (e) | 1,301 | 1,104 | ||||||
6.13%, 08/01/2028 (e) | 865 | 794 | ||||||
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e) | 275 | 126 | ||||||
Bausch Health Cos., Inc., (Canada), | ||||||||
5.00%, 01/30/2028 (e) | 2,125 | 807 | ||||||
5.00%, 02/15/2029 (e) | 3,800 | 1,488 | ||||||
5.25%, 01/30/2030 (e) | 4,610 | 1,706 | ||||||
5.25%, 02/15/2031 (e) | 2,370 | 916 | ||||||
6.25%, 02/15/2029 (e) | 6,918 | 2,761 | ||||||
7.00%, 01/15/2028 (e) | 450 | 180 | ||||||
Bayer AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 3.75%), 4.50%, 03/25/2082 (aa) | EUR | 300 | 301 | |||||
Bayer US Finance II LLC, | ||||||||
3.88%, 12/15/2023 (e) | 554 | 548 | ||||||
4.25%, 12/15/2025 (e) | 300 | 293 | ||||||
(ICE LIBOR USD 3 Month + 1.01%), 5.88%, 12/15/2023 (e) (aa) | 200 | 200 | ||||||
Cheplapharm Arzneimittel GmbH, (Germany), 5.50%, 01/15/2028 (e) | 2,033 | 1,810 | ||||||
Gruenenthal GmbH, (Germany), Reg. S, 4.13%, 05/15/2028 | EUR | 100 | 98 | |||||
Health & Happiness H&H International Holdings Ltd., (Cayman Islands), Reg. S, 5.63%, 10/24/2024 | 8,250 | 7,254 | ||||||
Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e) | 1,884 | 1,729 | ||||||
Nidda Healthcare Holding GmbH, (Germany), Reg. S, 3.50%, 09/30/2024 | EUR | 100 | 106 | |||||
Option Care Health, Inc., 4.38%, 10/31/2029 (e) | 957 | 845 | ||||||
Organon & Co. / Organon Foreign Debt Co-Issuer BV, | ||||||||
4.13%, 04/30/2028 (e) | 1,798 | 1,643 | ||||||
5.13%, 04/30/2031 (e) | 3,581 | 3,179 | ||||||
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/2025 (e) | 1,483 | 1,159 | ||||||
PRA Health Sciences, Inc., 2.88%, 07/15/2026 (e) | 2,384 | 2,199 | ||||||
Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 7.38%, 09/15/2029 | EUR | 200 | 220 | |||||
Teva Pharmaceutical Finance Netherlands III BV, (Netherlands), | ||||||||
3.15%, 10/01/2026 | 1,677 | 1,518 | ||||||
7.13%, 01/31/2025 | 200 | 204 | ||||||
7.88%, 09/15/2029 | 1,730 | 1,812 | ||||||
8.13%, 09/15/2031 | 551 | 576 | ||||||
|
|
|||||||
37,324 | ||||||||
|
|
|||||||
Total Consumer Non-cyclical | 331,614 | |||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 0.1% | ||||||||
Holding Companies Diversified 0.1% | ||||||||
San Miguel Corp., (Philippines), Reg. S, (CMT Index 5 Year + 10.24%), 5.50%, 07/29/2025 (x) (aa) | 3,150 | 2,819 | ||||||
|
|
|||||||
Energy 10.8% | ||||||||
Coal 0.4% | ||||||||
Adaro Indonesia PT, (Indonesia), Reg. S, 4.25%, 10/31/2024 | 5,200 | 4,953 | ||||||
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 7.50%, 05/01/2025 (e) | 150 | 149 | ||||||
Coronado Finance Pty Ltd., (Australia), 10.75%, 05/15/2026 (e) | 554 | 578 | ||||||
Indika Energy Capital IV Pte Ltd., (Singapore), Reg. S, 8.25%, 10/22/2025 | 7,950 | 7,831 | ||||||
|
|
|||||||
13,511 | ||||||||
|
|
|||||||
EnergyAlternate Sources 1.2% | ||||||||
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energ, (India), Reg. S, 6.25%, 12/10/2024 | 4,300 | 4,047 | ||||||
Continuum Energy Levanter Pte Ltd., (Singapore), Reg. S, 4.50%, 02/09/2027 | 1,116 | 983 | ||||||
Cullinan Holdco Scsp, (Luxembourg), Reg. S, 4.63%, 10/15/2026 | EUR | 201 | 191 | |||||
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 01/15/2026 (e) | 154 | 140 | ||||||
Greenko Dutch BV, (Netherlands), | ||||||||
3.85%, 03/29/2026 (e) | 188 | 168 | ||||||
Reg. S, 3.85%, 03/29/2026 | 8,178 | 7,318 | ||||||
Greenko Solar Mauritius Ltd., (Mauritius), Reg. S, 5.55%, 01/29/2025 | 5,850 | 5,601 | ||||||
Greenko Wind Projects Mauritius Ltd., (Mauritius), | ||||||||
5.50%, 04/06/2025 (e) | 7,200 | 6,809 | ||||||
Reg. S, 5.50%, 04/06/2025 | 700 | 662 | ||||||
India Cleantech Energy, (Mauritius), Reg. S, 4.70%, 08/10/2026 | 1,373 | 1,210 | ||||||
India Green Energy Holdings, (Mauritius), Reg. S, 5.38%, 04/29/2024 | 9,000 | 8,698 | ||||||
India Green Power Holdings, (Mauritius), Reg. S, 4.00%, 02/22/2027 | 2,200 | 1,859 | ||||||
TerraForm Power Operating LLC, 4.75%, 01/15/2030 (e) | 1,165 | 1,045 | ||||||
|
|
|||||||
38,731 | ||||||||
|
|
|||||||
Oil & Gas 5.5% | ||||||||
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 02/15/2026 (e) | 4,827 | 4,736 | ||||||
Aker BP ASA, (Norway), 2.00%, 07/15/2026 (e) | 314 | 282 | ||||||
Antero Resources Corp., | ||||||||
5.38%, 03/01/2030 (e) | 2,520 | 2,344 | ||||||
7.63%, 02/01/2029 (e) | 950 | 972 | ||||||
Apache Corp., | ||||||||
4.75%, 04/15/2043 | 250 | 187 | ||||||
5.10%, 09/01/2040 | 1,779 | 1,508 | ||||||
5.35%, 07/01/2049 | 695 | 536 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., | ||||||||
5.88%, 06/30/2029 (e) | 4,022 | 3,550 | ||||||
7.00%, 11/01/2026 (e) | 1,075 | 1,039 | ||||||
8.25%, 12/31/2028 (e) | 597 | 577 | ||||||
9.00%, 11/01/2027 (e) | 1,629 | 1,979 | ||||||
Athabasca Oil Corp., (Canada), 9.75%, 11/01/2026 (e) | 2,545 | 2,653 | ||||||
California Resources Corp., 7.13%, 02/01/2026 (e) | 236 | 239 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
Callon Petroleum Co., | ||||||||
6.38%, 07/01/2026 | 4,697 | 4,462 | ||||||
7.50%, 06/15/2030 (e) | 1,765 | 1,659 | ||||||
8.00%, 08/01/2028 (e) | 3,685 | 3,651 | ||||||
8.25%, 07/15/2025 | 206 | 205 | ||||||
Chesapeake Energy Corp., | ||||||||
5.50%, 02/01/2026 (e) | 500 | 492 | ||||||
5.88%, 02/01/2029 (e) | 835 | 795 | ||||||
6.75%, 04/15/2029 (e) | 2,751 | 2,731 | ||||||
Chord Energy Corp., 6.38%, 06/01/2026 (e) | 156 | 155 | ||||||
CITGO Petroleum Corp., | ||||||||
6.38%, 06/15/2026 (d) (e) | 2,405 | 2,345 | ||||||
7.00%, 06/15/2025 (d) (e) | 4,567 | 4,506 | ||||||
CNX Resources Corp., | ||||||||
6.00%, 01/15/2029 (e) | 9 | 8 | ||||||
7.25%, 03/14/2027 (e) | 2,315 | 2,335 | ||||||
7.38%, 01/15/2031 (e) | 1,464 | 1,447 | ||||||
Comstock Resources, Inc., | ||||||||
5.88%, 01/15/2030 (e) | 4,040 | 3,471 | ||||||
6.75%, 03/01/2029 (e) | 4,471 | 4,074 | ||||||
Continental Resources, Inc., | ||||||||
2.27%, 11/15/2026 (e) | 580 | 514 | ||||||
3.80%, 06/01/2024 | 450 | 441 | ||||||
4.38%, 01/15/2028 | 275 | 259 | ||||||
Crescent Energy Finance LLC, | ||||||||
7.25%, 05/01/2026 (e) | 3,913 | 3,680 | ||||||
9.25%, 02/15/2028 (e) | 1,759 | 1,686 | ||||||
CrownRock LP / CrownRock Finance, Inc., | ||||||||
5.00%, 05/01/2029 (e) | 152 | 141 | ||||||
5.63%, 10/15/2025 (e) | 3,442 | 3,364 | ||||||
Devon Energy Corp., 5.25%, 10/15/2027 | 415 | 415 | ||||||
Diamondback Energy, Inc., | ||||||||
4.25%, 03/15/2052 | 1,210 | 946 | ||||||
6.25%, 03/15/2033 | 1,693 | 1,790 | ||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/2027 (e) | 1,727 | 1,676 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028 (e) | 2,033 | 2,018 | ||||||
Eni SpA, (Italy), Series X-R, 4.00%, 09/12/2023 (e) | 1,000 | 992 | ||||||
EnQuest plc, (United Kingdom), 11.63%, 11/01/2027 (e) | 200 | 185 | ||||||
EQT Corp., | ||||||||
3.90%, 10/01/2027 | 326 | 306 | ||||||
6.13%, 02/01/2025 | 342 | 344 | ||||||
Gulfport Energy Corp., 8.00%, 05/17/2026 (e) | 302 | 299 | ||||||
Harbour Energy plc, (United Kingdom), 5.50%, 10/15/2026 (e) | 264 | 231 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
5.75%, 02/01/2029 (e) | 2,074 | 1,909 | ||||||
6.00%, 04/15/2030 (e) | 350 | 323 | ||||||
6.00%, 02/01/2031 (e) | 3,969 | 3,654 | ||||||
6.25%, 11/01/2028 (e) | 786 | 746 | ||||||
6.25%, 04/15/2032 (e) | 1,150 | 1,064 | ||||||
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/2026 (e) | 156 | 152 | ||||||
Matador Resources Co., 5.88%, 09/15/2026 | 1,237 | 1,220 | ||||||
Medco Oak Tree Pte Ltd., (Singapore), Reg. S, 7.38%, 05/14/2026 | 11,550 | 11,001 | ||||||
MEG Energy Corp., (Canada), | ||||||||
5.88%, 02/01/2029 (e) | 1,450 | 1,390 | ||||||
7.13%, 02/01/2027 (e) | 1,375 | 1,403 | ||||||
Nabors Industries Ltd., (Bermuda), | ||||||||
7.25%, 01/15/2026 (e) | 415 | 392 | ||||||
7.50%, 01/15/2028 (e) | 6,121 | 5,642 | ||||||
Nabors Industries, Inc., | ||||||||
5.75%, 02/01/2025 | 3,850 | 3,729 | ||||||
7.38%, 05/15/2027 (e) | 4,501 | 4,400 | ||||||
Northern Oil and Gas, Inc., 8.13%, 03/01/2028 (e) | 6,487 | 6,357 | ||||||
Occidental Petroleum Corp., | ||||||||
4.20%, 03/15/2048 | 49 | 38 | ||||||
4.30%, 08/15/2039 | 132 | 106 | ||||||
4.40%, 04/15/2046 | 2,445 | 1,938 | ||||||
4.63%, 06/15/2045 | 1,442 | 1,155 | ||||||
5.88%, 09/01/2025 | 416 | 419 | ||||||
6.13%, 01/01/2031 | 184 | 191 | ||||||
6.20%, 03/15/2040 | 1,083 | 1,089 | ||||||
6.45%, 09/15/2036 | 2,559 | 2,684 | ||||||
6.60%, 03/15/2046 | 98 | 103 | ||||||
6.63%, 09/01/2030 | 4,567 | 4,810 | ||||||
6.95%, 07/01/2024 | 15 | 15 | ||||||
7.15%, 05/15/2028 | 675 | 713 | ||||||
7.50%, 05/01/2031 | 234 | 258 | ||||||
7.88%, 09/15/2031 | 500 | 562 | ||||||
8.88%, 07/15/2030 | 1,017 | 1,172 | ||||||
Ovintiv Exploration, Inc., 5.38%, 01/01/2026 | 250 | 250 | ||||||
Ovintiv, Inc., 6.63%, 08/15/2037 | 267 | 269 | ||||||
Parkland Corp., (Canada), | ||||||||
4.50%, 10/01/2029 (e) | 1,800 | 1,599 | ||||||
4.63%, 05/01/2030 (e) | 500 | 445 | ||||||
5.88%, 07/15/2027 (e) | 741 | 719 | ||||||
PDC Energy, Inc., | ||||||||
5.75%, 05/15/2026 | 377 | 367 | ||||||
6.13%, 09/15/2024 | 115 | 114 | ||||||
Permian Resources Operating LLC, |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
5.38%, 01/15/2026 (e) | 54 | 51 | ||||||
5.88%, 07/01/2029 (e) | 3,644 | 3,451 | ||||||
6.88%, 04/01/2027 (e) | 1,284 | 1,256 | ||||||
7.75%, 02/15/2026 (e) | 1,191 | 1,194 | ||||||
Petroleos Mexicanos, (Mexico), | ||||||||
4.63%, 09/21/2023 | 100 | 99 | ||||||
6.88%, 08/04/2026 | 315 | 299 | ||||||
Petron Corp., (Philippines), Reg. S, (CMT Index 5 Year + 7.57%), 5.95%, 04/19/2026 (x) (aa) | 3,500 | 3,062 | ||||||
Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e) | 1,035 | 939 | ||||||
Range Resources Corp., | ||||||||
4.75%, 02/15/2030 (e) | 325 | 296 | ||||||
4.88%, 05/15/2025 | 1,926 | 1,889 | ||||||
Repsol International Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.41%), 4.25%, 09/11/2028 (x) (aa) | EUR | 185 | 180 | |||||
Rockcliff Energy II LLC, 5.50%, 10/15/2029 (e) | 2,316 | 2,045 | ||||||
Saka Energi Indonesia PT, (Indonesia), Reg. S, 4.45%, 05/05/2024 | 2,400 | 2,288 | ||||||
SM Energy Co., | ||||||||
5.63%, 06/01/2025 | 888 | 861 | ||||||
6.50%, 07/15/2028 | 896 | 854 | ||||||
6.63%, 01/15/2027 | 25 | 24 | ||||||
6.75%, 09/15/2026 | 603 | 591 | ||||||
Southwestern Energy Co., | ||||||||
4.75%, 02/01/2032 | 2,217 | 1,958 | ||||||
5.38%, 02/01/2029 | 1,422 | 1,340 | ||||||
5.38%, 03/15/2030 | 3,154 | 2,917 | ||||||
5.70%, 01/23/2025 | 3 | 3 | ||||||
Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026 | 145 | 156 | ||||||
Sunoco LP / Sunoco Finance Corp., | ||||||||
4.50%, 05/15/2029 | 1,500 | 1,377 | ||||||
4.50%, 04/30/2030 | 775 | 701 | ||||||
5.88%, 03/15/2028 | 320 | 307 | ||||||
Tap Rock Resources LLC, 7.00%, 10/01/2026 (e) | 5,178 | 4,508 | ||||||
Tengizchevroil Finance Co. International Ltd., (Bermuda), 2.63%, 08/15/2025 (e) | 200 | 178 | ||||||
Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e) | 1,225 | 1,261 | ||||||
Transocean, Inc., (Cayman Islands), | ||||||||
7.25%, 11/01/2025 (e) | 225 | 213 | ||||||
7.50%, 01/15/2026 (e) | 1,524 | 1,384 | ||||||
8.00%, 02/01/2027 (e) | 625 | 562 | ||||||
8.75%, 02/15/2030 (e) | 4,372 | 4,459 | ||||||
11.50%, 01/30/2027 (e) | 1,353 | 1,397 | ||||||
Vermilion Energy, Inc., (Canada), 6.88%, 05/01/2030 (e) | 197 | 180 | ||||||
Vital Energy, Inc., 9.50%, 01/15/2025 | 228 | 230 | ||||||
|
|
|||||||
177,133 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Oil & Gas Services 0.5% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp., | ||||||||
6.25%, 04/01/2028 (e) | 4,192 | 4,043 | ||||||
6.88%, 04/01/2027 (e) | 1,935 | 1,899 | ||||||
Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e) | 786 | 765 | ||||||
Oceaneering International, Inc., 4.65%, 11/15/2024 | 157 | 153 | ||||||
USA Compression Partners LP / USA Compression Finance Corp., | ||||||||
6.88%, 04/01/2026 | 2,967 | 2,883 | ||||||
6.88%, 09/01/2027 | 2,254 | 2,153 | ||||||
Weatherford International Ltd., (Bermuda), | ||||||||
6.50%, 09/15/2028 (e) | 1,166 | 1,168 | ||||||
8.63%, 04/30/2030 (e) | 1,056 | 1,080 | ||||||
11.00%, 12/01/2024 (e) | 177 | 182 | ||||||
|
|
|||||||
14,326 | ||||||||
|
|
|||||||
Pipelines 3.2% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., | ||||||||
5.38%, 06/15/2029 (e) | 2,812 | 2,646 | ||||||
5.75%, 03/01/2027 (e) | 1,531 | 1,496 | ||||||
5.75%, 01/15/2028 (e) | 2,146 | 2,060 | ||||||
7.88%, 05/15/2026 (e) | 450 | 459 | ||||||
Buckeye Partners LP, | ||||||||
3.95%, 12/01/2026 | 88 | 78 | ||||||
5.60%, 10/15/2044 | 46 | 33 | ||||||
5.85%, 11/15/2043 | 17 | 13 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/2025 | 1,019 | 1,026 | ||||||
Cheniere Energy Partners LP, | ||||||||
3.25%, 01/31/2032 | 5,604 | 4,623 | ||||||
4.00%, 03/01/2031 | 4,202 | 3,739 | ||||||
Cheniere Energy, Inc., 4.63%, 10/15/2028 | 2,408 | 2,285 | ||||||
CNX Midstream Partners LP, 4.75%, 04/15/2030 (e) | 1,530 | 1,316 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e) | 4,660 | 4,189 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., | ||||||||
5.63%, 05/01/2027 (e) | 62 | 60 | ||||||
6.00%, 02/01/2029 (e) | 2,139 | 2,036 | ||||||
7.38%, 02/01/2031 (e) | 674 | 674 | ||||||
8.00%, 04/01/2029 (e) | 52 | 53 | ||||||
DCP Midstream Operating LP, | ||||||||
5.38%, 07/15/2025 | 161 | 160 | ||||||
6.45%, 11/03/2036 (e) | 610 | 632 | ||||||
6.75%, 09/15/2037 (e) | 260 | 282 | ||||||
DT Midstream, Inc., | ||||||||
4.13%, 06/15/2029 (e) | 2,466 | 2,162 | ||||||
4.38%, 06/15/2031 (e) | 171 | 149 | ||||||
El Paso Natural Gas Co. LLC, 3.50%, 02/15/2032 (e) | 312 | 269 | ||||||
Energy Transfer LP, | ||||||||
3.75%, 05/15/2030 | 859 | 791 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Pipelines continued | ||||||||
5.00%, 05/15/2050 | 2,301 | 1,948 | ||||||
5.30%, 04/15/2047 | 830 | 725 | ||||||
Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 2,073 | 1,826 | ||||||
EnLink Midstream LLC, | ||||||||
5.38%, 06/01/2029 | 319 | 307 | ||||||
5.63%, 01/15/2028 (e) | 3,133 | 3,070 | ||||||
6.50%, 09/01/2030 (e) | 764 | 768 | ||||||
EnLink Midstream Partners LP, | ||||||||
4.15%, 06/01/2025 | 96 | 93 | ||||||
4.85%, 07/15/2026 | 380 | 366 | ||||||
5.45%, 06/01/2047 | 923 | 736 | ||||||
5.60%, 04/01/2044 | 113 | 91 | ||||||
EQM Midstream Partners LP, | ||||||||
4.50%, 01/15/2029 (e) | 11 | 9 | ||||||
4.75%, 01/15/2031 (e) | 248 | 206 | ||||||
6.00%, 07/01/2025 (e) | 1,366 | 1,350 | ||||||
6.50%, 07/01/2027 (e) | 1,338 | 1,297 | ||||||
7.50%, 06/01/2027 (e) | 1,225 | 1,230 | ||||||
7.50%, 06/01/2030 (e) | 958 | 928 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., | ||||||||
6.50%, 10/01/2025 | 49 | 47 | ||||||
7.75%, 02/01/2028 | 339 | 329 | ||||||
8.88%, 04/15/2030 | 659 | 670 | ||||||
Global Partners LP / GLP Finance Corp., 7.00%, 08/01/2027 | 600 | 576 | ||||||
Hess Midstream Operations LP, 4.25%, 02/15/2030 (e) | 1,480 | 1,322 | ||||||
ITT Holdings LLC, 6.50%, 08/01/2029 (e) | 2,449 | 2,068 | ||||||
Kinder Morgan, Inc., 4.80%, 02/01/2033 | 697 | 672 | ||||||
Kinetik Holdings LP, 5.88%, 06/15/2030 (e) | 2,319 | 2,232 | ||||||
New Fortress Energy, Inc., | ||||||||
6.50%, 09/30/2026 (e) | 6,528 | 6,006 | ||||||
6.75%, 09/15/2025 (e) | 4,470 | 4,320 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (e) | 1,142 | 1,102 | ||||||
NOVA Gas Transmission Ltd., (Canada), 7.88%, 04/01/2023 | 420 | 420 | ||||||
NuStar Logistics LP, | ||||||||
5.75%, 10/01/2025 | 32 | 31 | ||||||
6.00%, 06/01/2026 | 1,514 | 1,484 | ||||||
6.38%, 10/01/2030 | 13 | 13 | ||||||
ONEOK, Inc., 4.95%, 07/13/2047 | 829 | 692 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., | ||||||||
3.55%, 12/15/2029 | 1,179 | 1,054 | ||||||
3.60%, 11/01/2024 | 121 | 118 | ||||||
Rockies Express Pipeline LLC, | ||||||||
4.95%, 07/15/2029 (e) | 183 | 163 | ||||||
7.50%, 07/15/2038 (e) | 2,825 | 2,570 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Pipelines continued | ||||||||
Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e) | 425 | 411 | ||||||
Sabine Pass Liquefaction LLC, | ||||||||
5.75%, 05/15/2024 | 100 | 100 | ||||||
5.88%, 06/30/2026 | 250 | 255 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., | ||||||||
5.50%, 01/15/2028 (e) | 4,098 | 3,747 | ||||||
6.00%, 03/01/2027 (e) | 836 | 791 | ||||||
6.00%, 12/31/2030 (e) | 33 | 30 | ||||||
6.00%, 09/01/2031 (e) | 2,664 | 2,356 | ||||||
7.50%, 10/01/2025 (e) | 61 | 61 | ||||||
Targa Resources Corp., 6.25%, 07/01/2052 | 772 | 755 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., | ||||||||
4.00%, 01/15/2032 | 749 | 653 | ||||||
6.50%, 07/15/2027 | 244 | 250 | ||||||
Venture Global Calcasieu Pass LLC, | ||||||||
3.88%, 08/15/2029 (e) | 5,561 | 5,016 | ||||||
3.88%, 11/01/2033 (e) | 5,995 | 5,042 | ||||||
4.13%, 08/15/2031 (e) | 4,617 | 4,056 | ||||||
Western Midstream Operating LP, | ||||||||
4.30%, 02/01/2030 | 300 | 273 | ||||||
4.65%, 07/01/2026 | 360 | 348 | ||||||
5.30%, 03/01/2048 | 624 | 529 | ||||||
5.45%, 04/01/2044 | 190 | 165 | ||||||
5.50%, 08/15/2048 | 463 | 399 | ||||||
5.50%, 02/01/2050 | 5,650 | 4,830 | ||||||
6.15%, 04/01/2033 (w) | 330 | 334 | ||||||
|
|
|||||||
102,471 | ||||||||
|
|
|||||||
Total Energy | 346,172 | |||||||
|
|
|||||||
Financial 13.2% | ||||||||
Banks 2.9% | ||||||||
ABN AMRO Bank NV, (Netherlands), 4.75%, 07/28/2025 (e) | 700 | 676 | ||||||
AIB Group plc, (Ireland), | ||||||||
(ICE LIBOR USD 3 Month + 1.87%), 4.26%, 04/10/2025 (e) (aa) | 483 | 473 | ||||||
Reg. S, (EUR Swap Rate 5 Year + 5.70%), 5.25%, 10/09/2024 (x) (aa) | EUR | 359 | 349 | |||||
Banca Monte dei Paschi di Siena SpA, (Italy), Reg. S, (ICE LIBOR EUR 3 Month + 3.21%), 6.75%, 03/02/2026 (aa) | EUR | 200 | 212 | |||||
Banco Bilbao Vizcaya Argentaria SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.04%), 6.00%, 03/29/2024 (x) (aa) | EUR | 400 | 408 | |||||
Banco BPM SpA, (Italy), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 3.40%), 3.38%, 01/19/2032 (aa) | EUR | 214 | 193 | |||||
Reg. S, (EUR Swap Rate 5 Year + 4.67%), 4.25%, 10/01/2029 (aa) | EUR | 100 | 103 | |||||
Banco de Sabadell SA, (Spain), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 2.95%), 2.50%, 04/15/2031 (aa) | EUR | 200 | 179 | |||||
Reg. S, (EUR Swap Rate 1 Year + 2.40%), 5.25%, 02/07/2029 (aa) | EUR | 100 | 103 | |||||
Bangkok Bank PCL, (Thailand), | ||||||||
Reg. S, (CMT Index 5 Year + 1.90%), 3.73%, 09/25/2034 (aa) | 3,550 | 3,011 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Banks continued | ||||||||
Reg. S, (CMT Index 5 Year + 4.73%), 5.00%, 09/23/2025 (x) (aa) | 3,400 | 3,093 | ||||||
Bank Negara Indonesia Persero Tbk. PT, (Indonesia), Reg. S, 3.75%, 03/30/2026 | 9,050 | 8,240 | ||||||
Bank of America Corp., | ||||||||
(United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa) | 98 | 88 | ||||||
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (aa) | 80 | 76 | ||||||
(United States SOFR + 1.33%), 3.38%, 04/02/2026 (aa) | 672 | 646 | ||||||
(United States SOFR + 1.11%), 3.84%, 04/25/2025 (aa) | 1,063 | 1,043 | ||||||
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 07/23/2024 (aa) | 355 | 353 | ||||||
(United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) | 230 | 228 | ||||||
(United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) | 1,378 | 1,441 | ||||||
Series L, 3.95%, 04/21/2025 | 552 | 534 | ||||||
Bank of East Asia Ltd. (The), (Hong Kong), Reg. S, (CMT Index 5 Year + 3.75%), 4.00%, 05/29/2030 (aa) | 3,400 | 3,095 | ||||||
Bank of Ireland Group plc, (Ireland), | ||||||||
4.50%, 11/25/2023 (e) | 700 | 691 | ||||||
(CMT Index 1 Year + 2.65%), 6.25%, 09/16/2026 (e) (aa) | 200 | 199 | ||||||
Bank of Montreal, (Canada), 3.70%, 06/07/2025 | 141 | 137 | ||||||
Bank of New York Mellon Corp. (The), (United States SOFR + 1.17%), 4.54%, 02/01/2029 (aa) | 124 | 123 | ||||||
Bank of Nova Scotia (The), (Canada), 4.75%, 02/02/2026 | 124 | 123 | ||||||
Bankinter SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 4.71%), 7.38%, 08/15/2028 (x) (aa) | EUR | 200 | 202 | |||||
BankUnited, Inc., 4.88%, 11/17/2025 | 544 | 487 | ||||||
Barclays plc, (United Kingdom), | ||||||||
(United States SOFR + 2.71%), 2.85%, 05/07/2026 (aa) | 376 | 351 | ||||||
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 05/07/2025 (aa) | 415 | 404 | ||||||
(ICE LIBOR USD 3 Month + 1.36%), 4.34%, 05/16/2024 (aa) | 200 | 199 | ||||||
(CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa) | 465 | 318 | ||||||
(CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa) | 794 | 678 | ||||||
BNP Paribas SA, (France), | ||||||||
(United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) | 221 | 195 | ||||||
Reg. S, (EUR Swap Rate 5 Year + 4.63%), 7.38%, 06/11/2030 (x) (aa) | EUR | 200 | 207 | |||||
BPCE SA, (France), | ||||||||
4.50%, 03/15/2025 (e) | 200 | 193 | ||||||
4.88%, 04/01/2026 (e) | 200 | 193 | ||||||
5.15%, 07/21/2024 (e) | 235 | 230 | ||||||
Canadian Imperial Bank of Commerce, (Canada), 3.95%, 08/04/2025 | 231 | 224 | ||||||
Citigroup, Inc., | ||||||||
(United States SOFR + 2.84%), 3.11%, 04/08/2026 (aa) | 382 | 365 | ||||||
(CME Term SOFR 3 Month + 1.16%), 3.35%, 04/24/2025 (aa) | 935 | 911 | ||||||
3.70%, 01/12/2026 | 608 | 588 | ||||||
(United States SOFR + 1.37%), 4.14%, 05/24/2025 (aa) | 243 | 239 | ||||||
Series Y, (CMT Index 5 Year + 3.00%), 4.15%, 11/15/2026 (x) (aa) | 15 | 12 | ||||||
Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 6.36%), 6.13%, 10/09/2025 (x) (aa) | EUR | 200 | 185 | |||||
Credit Agricole SA, (France), | ||||||||
4.38%, 03/17/2025 (e) | 450 | 432 | ||||||
(CMT Index 5 Year + 3.24%), 4.75%, 03/23/2029 (e) (x) (aa) | 261 | 196 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 | ||||||||
Credit Suisse AG, (Switzerland), 3.63%, 09/09/2024 | 605 | 576 | ||||||
Credit Suisse Group AG, (Switzerland), (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 06/12/2024 (e) (aa) | 300 | 291 | ||||||
Danske Bank A/S, (Denmark), (ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (e) (aa) | 1,193 | 1,134 | ||||||
Development Bank of the Philippines, (Philippines), Reg. S, 2.38%, 03/11/2031 | 2,683 | 2,094 | ||||||
Discover Bank, 4.25%, 03/13/2026 | 250 | 237 | ||||||
Federation des Caisses Desjardins du Quebec, (Canada), 5.70%, 03/14/2028 (e) | 200 | 205 | ||||||
First-Citizens Bank & Trust Co., (CME Term SOFR 3 Month + 1.72%), 2.97%, 09/27/2025 (aa) | 250 | 227 | ||||||
Freedom Mortgage Corp., 7.63%, 05/01/2026 (e) | 883 | 708 | ||||||
Goldman Sachs Group, Inc. (The), | ||||||||
(United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) | 200 | 178 | ||||||
(United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) | 554 | 505 | ||||||
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa) | 316 | 307 | ||||||
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 05/01/2029 (aa) | 212 | 202 | ||||||
Series R, (CMT Index 5 Year + 3.22%), 4.95%, 02/10/2025 (x) (aa) | 441 | 404 | ||||||
HDFC Bank Ltd., (India), Reg. S, (CMT Index 5 Year + 2.93%), 3.70%, 08/25/2026 (x) (aa) | 1,800 | 1,506 | ||||||
HSBC Holdings plc, (United Kingdom), | ||||||||
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 03/11/2025 (aa) | 400 | 391 | ||||||
(CMT Index 5 Year + 3.65%), 4.60%, 12/17/2030 (x) (aa) | 200 | 150 | ||||||
(United States SOFR + 3.35%), 7.39%, 11/03/2028 (aa) | 992 | 1,055 | ||||||
HSBC USA, Inc., 5.63%, 03/17/2025 | 200 | 201 | ||||||
Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa) | 100 | 92 | ||||||
ING Groep NV, (Netherlands), (CMT Index 5 Year + 4.34%), 5.75%, 11/16/2026 (x) (aa) | 200 | 173 | ||||||
Intesa Sanpaolo SpA, (Italy), | ||||||||
(CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa) | 620 | 451 | ||||||
5.02%, 06/26/2024 (e) | 672 | 645 | ||||||
Reg. S, 5.15%, 06/10/2030 | GBP | 247 | 248 | |||||
5.71%, 01/15/2026 (e) | 300 | 284 | ||||||
Kasikornbank PCL, (Thailand), Reg. S, (CMT Index 5 Year + 4.94%), 5.28%, 10/14/2025 (x) (aa) | 9,900 | 9,040 | ||||||
Lloyds Banking Group plc, (United Kingdom), | ||||||||
4.58%, 12/10/2025 | 200 | 189 | ||||||
(CMT Index 5 Year + 3.91%), 8.00%, 09/27/2029 (x) (aa) | 1,225 | 1,128 | ||||||
Macquarie Bank Ltd., (Australia), | ||||||||
4.88%, 06/10/2025 (e) | 284 | 279 | ||||||
6.80%, 01/18/2033 (e) | 640 | 650 | ||||||
Macquarie Group Ltd., (Australia), | ||||||||
(United States SOFR + 1.07%), 1.34%, 01/12/2027 (e) (aa) | 105 | 94 | ||||||
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa) | 400 | 366 | ||||||
Manufacturers & Traders Trust Co., | ||||||||
4.65%, 01/27/2026 | 610 | 574 | ||||||
4.70%, 01/27/2028 | 250 | 234 | ||||||
Mitsubishi UFJ Financial Group, Inc., (Japan), | ||||||||
(CMT Index 1 Year + 0.45%), 0.96%, 10/11/2025 (aa) | 200 | 186 | ||||||
(CMT Index 1 Year + 1.70%), 4.79%, 07/18/2025 (aa) | 295 | 292 | ||||||
(CMT Index 1 Year + 1.55%), 5.06%, 09/12/2025 (aa) | 200 | 199 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Banks continued | ||||||||
(CMT Index 1 Year + 1.08%), 5.72%, 02/20/2026 (aa) | 200 | 200 | ||||||
Morgan Stanley, | ||||||||
(United States SOFR + 0.51%), 0.79%, 01/22/2025 (aa) | 250 | 240 | ||||||
(United States SOFR + 1.99%), 2.19%, 04/28/2026 (aa) | 323 | 303 | ||||||
(United States SOFR + 1.16%), 3.62%, 04/17/2025 (aa) | 390 | 383 | ||||||
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 04/24/2024 (aa) | 950 | 948 | ||||||
(United States SOFR + 1.30%), 5.05%, 01/28/2027 (aa) | 68 | 68 | ||||||
(United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa) | 99 | 100 | ||||||
(CMT Index 5 Year + 2.43%), 5.95%, 01/19/2038 (aa) | 755 | 750 | ||||||
(United States SOFR + 1.77%), 6.14%, 10/16/2026 (aa) | 104 | 106 | ||||||
NatWest Group plc, (United Kingdom), | ||||||||
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 03/22/2025 (aa) | 200 | 196 | ||||||
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 06/25/2024 (aa) | 200 | 199 | ||||||
Northern Trust Corp., 6.13%, 11/02/2032 | 854 | 910 | ||||||
PNC Financial Services Group, Inc. (The), | ||||||||
Series V, (CMT Index 5 Year + 3.24%), 6.20%, 09/15/2027 (x) (aa) | 654 | 606 | ||||||
Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa) | 1,234 | 1,148 | ||||||
Santander Holdings USA, Inc., (United States SOFR + 2.33%), 5.81%, 09/09/2026 (aa) | 85 | 83 | ||||||
Santander UK Group Holdings plc, (United Kingdom), | ||||||||
(United States SOFR + 0.79%), 1.09%, 03/15/2025 (aa) | 200 | 189 | ||||||
4.75%, 09/15/2025 (e) | 200 | 191 | ||||||
Societe Generale SA, (France), Reg. S, (EUR Swap Rate 5 Year + 5.23%), 7.88%, 01/18/2029 (x) (aa) | EUR | 100 | 99 | |||||
Standard Chartered plc, (United Kingdom), | ||||||||
5.20%, 01/26/2024 (e) | 585 | 579 | ||||||
Reg. S, (CMT Index 5 Year + 5.66%), 6.00%, 07/26/2025 (x) (aa) | 3,300 | 2,998 | ||||||
(CMT Index 5 Year + 4.98%), 7.75%, 08/15/2027 (e) (x) (aa) | 4,100 | 3,855 | ||||||
Reg. S, (CMT Index 5 Year + 4.98%), 7.75%, 08/15/2027 (x) (aa) | 17,700 | 16,642 | ||||||
Toronto-Dominion Bank (The), (Canada), 4.69%, 09/15/2027 | 179 | 177 | ||||||
Truist Financial Corp., (United States SOFR + 1.44%), 4.87%, 01/26/2029 (aa) | 73 | 71 | ||||||
UBS Group AG, (Switzerland), | ||||||||
(CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (e) (x) (aa) | 200 | 139 | ||||||
(CMT Index 1 Year + 1.55%), 4.49%, 05/12/2026 (e) (aa) | 304 | 293 | ||||||
(CMT Index 1 Year + 1.55%), 5.71%, 01/12/2027 (e) (aa) | 200 | 198 | ||||||
UniCredit SpA, (Italy), | ||||||||
Reg. S, (ICE EURIBOR Swap Rate 5 Year + 7.33%), 7.50%, 06/03/2026 (x) (aa) | EUR | 200 | 205 | |||||
7.83%, 12/04/2023 (e) | 700 | 703 | ||||||
Wells Fargo & Co., | ||||||||
(United States SOFR + 2.00%), 2.19%, 04/30/2026 (aa) | 111 | 104 | ||||||
(United States SOFR + 1.56%), 4.54%, 08/15/2026 (aa) | 223 | 219 | ||||||
(United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) | 231 | 228 | ||||||
|
|
|||||||
91,251 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(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 1.8% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), | ||||||||
2.88%, 08/14/2024 | 336 | 321 | ||||||
3.50%, 01/15/2025 | 347 | 331 | ||||||
Series 3NC1, 1.75%, 10/29/2024 | 541 | 504 | ||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (e) | 534 | 537 | ||||||
Agps Bondco plc, (United Kingdom), | ||||||||
Reg. S, 2.75%, 11/13/2026 | EUR | 200 | 84 | |||||
Reg. S, 3.25%, 08/05/2025 | EUR | 100 | 43 | |||||
Air Lease Corp., 3.00%, 09/15/2023 | 320 | 316 | ||||||
Aircastle Ltd., (Bermuda), 4.40%, 09/25/2023 | 448 | 440 | ||||||
Ally Financial, Inc., | ||||||||
1.45%, 10/02/2023 | 80 | 77 | ||||||
5.13%, 09/30/2024 | 250 | 242 | ||||||
5.75%, 11/20/2025 | 329 | 310 | ||||||
American Express Co., | ||||||||
(CMT Index 5 Year + 2.85%), 3.55%, 09/15/2026 (x) (aa) | 760 | 642 | ||||||
3.95%, 08/01/2025 | 156 | 153 | ||||||
4.90%, 02/13/2026 | 165 | 166 | ||||||
5.85%, 11/05/2027 | 55 | 58 | ||||||
Aviation Capital Group LLC, | ||||||||
1.95%, 01/30/2026 (e) | 175 | 156 | ||||||
1.95%, 09/20/2026 (e) | 389 | 336 | ||||||
4.38%, 01/30/2024 (e) | 151 | 147 | ||||||
5.50%, 12/15/2024 (e) | 300 | 296 | ||||||
Avolon Holdings Funding Ltd., (Cayman Islands), 4.25%, 04/15/2026 (e) | 520 | 489 | ||||||
Blackstone Holdings Finance Co. LLC, | ||||||||
5.90%, 11/03/2027 (e) | 814 | 830 | ||||||
6.20%, 04/22/2033 (e) | 1,417 | 1,491 | ||||||
Bread Financial Holdings, Inc., 4.75%, 12/15/2024 (e) | 1,716 | 1,537 | ||||||
Capital One Financial Corp., | ||||||||
(United States SOFR + 1.37%), 4.17%, 05/09/2025 (aa) | 260 | 252 | ||||||
(United States SOFR + 0.69%), 5.49%, 12/06/2024 (aa) | 311 | 304 | ||||||
Discover Financial Services, 6.70%, 11/29/2032 | 605 | 622 | ||||||
Drawbridge Special Opportunities Fund LP / Drawbridge Special Opportunities Fin, 3.88%, 02/15/2026 (e) | 250 | 221 | ||||||
Enact Holdings, Inc., 6.50%, 08/15/2025 (e) | 1,618 | 1,577 | ||||||
Encore Capital Group, Inc., Reg. S, 5.38%, 02/15/2026 | GBP | 200 | 220 | |||||
Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 6.75%, 11/01/2025 | EUR | 200 | 165 | |||||
Global Aircraft Leasing Co. Ltd., (Cayman Islands), 6.50% (cash), 09/15/2024 (e) (v) | 162 | 146 | ||||||
Home Point Capital, Inc., 5.00%, 02/01/2026 (e) | 79 | 59 | ||||||
Intrum AB, (Sweden), | ||||||||
Reg. S, 3.13%, 07/15/2024 | EUR | 78 | 81 | |||||
Reg. S, 9.25%, 03/15/2028 | EUR | 100 | 106 | |||||
Jefferies Finance LLC / JFIN Co-Issuer Corp., 5.00%, 08/15/2028 (e) | 3,731 | 3,159 | ||||||
Jerrold Finco plc, (United Kingdom), Reg. S, 4.88%, 01/15/2026 | GBP | 100 | 106 | |||||
LD Holdings Group LLC, 6.13%, 04/01/2028 (e) | 1,603 | 748 | ||||||
LFS Topco LLC, 5.88%, 10/15/2026 (e) | 625 | 545 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Diversified Financial Services continued | ||||||||
Lincoln Financing Sarl, (Luxembourg), Reg. S, 3.63%, 04/01/2024 | EUR | 50 | 53 | |||||
LPL Holdings, Inc., 4.38%, 05/15/2031 (e) | 225 | 199 | ||||||
Muthoot Finance Ltd., (India), Reg. S, 4.40%, 09/02/2023 | 930 | 921 | ||||||
Nationstar Mortgage Holdings, Inc., | ||||||||
5.13%, 12/15/2030 (e) | 2,266 | 1,741 | ||||||
5.50%, 08/15/2028 (e) | 1,951 | 1,673 | ||||||
5.75%, 11/15/2031 (e) | 118 | 92 | ||||||
6.00%, 01/15/2027 (e) | 1,339 | 1,215 | ||||||
Navient Corp., | ||||||||
5.50%, 03/15/2029 | 2,763 | 2,335 | ||||||
5.88%, 10/25/2024 | 190 | 184 | ||||||
6.13%, 03/25/2024 | 229 | 227 | ||||||
6.75%, 06/25/2025 | 49 | 48 | ||||||
7.25%, 09/25/2023 | 108 | 107 | ||||||
NFP Corp., | ||||||||
4.88%, 08/15/2028 (e) | 3,570 | 3,220 | ||||||
6.88%, 08/15/2028 (e) | 7,748 | 6,706 | ||||||
7.50%, 10/01/2030 (e) | 385 | 372 | ||||||
Nuveen Finance LLC, 4.13%, 11/01/2024 (e) | 270 | 264 | ||||||
OneMain Finance Corp., | ||||||||
3.50%, 01/15/2027 | 391 | 328 | ||||||
3.88%, 09/15/2028 | 1,100 | 872 | ||||||
4.00%, 09/15/2030 | 2,835 | 2,126 | ||||||
5.38%, 11/15/2029 | 301 | 253 | ||||||
6.13%, 03/15/2024 | 171 | 167 | ||||||
6.63%, 01/15/2028 | 255 | 234 | ||||||
6.88%, 03/15/2025 | 4,895 | 4,719 | ||||||
7.13%, 03/15/2026 | 746 | 717 | ||||||
Park Aerospace Holdings Ltd., (Cayman Islands), 5.50%, 02/15/2024 (e) | 250 | 248 | ||||||
PennyMac Financial Services, Inc., | ||||||||
4.25%, 02/15/2029 (e) | 925 | 736 | ||||||
5.38%, 10/15/2025 (e) | 1,175 | 1,098 | ||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., | ||||||||
2.88%, 10/15/2026 (e) | 3,635 | 3,265 | ||||||
3.63%, 03/01/2029 (e) | 695 | 597 | ||||||
3.88%, 03/01/2031 (e) | 640 | 531 | ||||||
4.00%, 10/15/2033 (e) | 805 | 639 | ||||||
Sherwood Financing plc, (United Kingdom), Reg. S, 6.00%, 11/15/2026 | GBP | 200 | 205 | |||||
Shriram Finance Ltd., (India), | ||||||||
Reg. S, 4.15%, 07/18/2025 | 1,484 | 1,369 | ||||||
Reg. S, 4.40%, 03/13/2024 | 1,148 | 1,109 | ||||||
SLM Corp., 3.13%, 11/02/2026 | 61 | 52 | ||||||
VistaJet Malta Finance plc / XO Management Holding, Inc., (Multinational), | ||||||||
6.38%, 02/01/2030 (e) | 1,150 | 1,025 | ||||||
7.88%, 05/01/2027 (e) | 1,179 | 1,140 | ||||||
|
|
|||||||
58,604 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Insurance 1.5% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 6.00%, 08/01/2029 (e) | 98 | 81 | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, | ||||||||
4.25%, 10/15/2027 (e) | 5,809 | 5,203 | ||||||
5.88%, 11/01/2029 (e) | 6,735 | 5,674 | ||||||
6.75%, 10/15/2027 (e) | 11,157 | 10,369 | ||||||
6.75%, 04/15/2028 (e) | 2,599 | 2,570 | ||||||
AmWINS Group, Inc., 4.88%, 06/30/2029 (e) | 1,509 | 1,335 | ||||||
Aon Corp., 8.21%, 01/01/2027 | 269 | 271 | ||||||
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (e) | 1,261 | 1,068 | ||||||
CNO Financial Group, Inc., 5.25%, 05/30/2025 | 250 | 247 | ||||||
CNO Global Funding, 1.75%, 10/07/2026 (e) | 406 | 364 | ||||||
Equitable Financial Life Global Funding, | ||||||||
1.40%, 07/07/2025 (e) | 183 | 169 | ||||||
5.45%, 03/03/2028 (e) | 182 | 186 | ||||||
F&G Annuities & Life, Inc., 7.40%, 01/13/2028 (e) | 92 | 93 | ||||||
F&G Global Funding, | ||||||||
1.75%, 06/30/2026 (e) | 220 | 197 | ||||||
2.30%, 04/11/2027 (e) | 444 | 394 | ||||||
GA Global Funding Trust, | ||||||||
0.80%, 09/13/2024 (e) | 674 | 627 | ||||||
3.85%, 04/11/2025 (e) | 483 | 468 | ||||||
Galaxy Bidco Ltd., (Jersey), Reg. S, 6.50%, 07/31/2026 | GBP | 157 | 173 | |||||
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (e) | 1,772 | 1,690 | ||||||
HUB International Ltd., | ||||||||
5.63%, 12/01/2029 (e) | 60 | 53 | ||||||
7.00%, 05/01/2026 (e) | 4,798 | 4,713 | ||||||
Jackson National Life Global Funding, 5.50%, 01/09/2026 (e) | 500 | 505 | ||||||
Jones Deslauriers Insurance Management, Inc., (Canada), | ||||||||
8.50%, 03/15/2030 (e) | 1,258 | 1,304 | ||||||
10.50%, 12/15/2030 (e) | 1,170 | 1,178 | ||||||
Muang Thai Life Assurance PCL, (Thailand), Reg. S, (CMT Index 10 Year + 2.40%), 3.55%, 01/27/2037 (aa) | 2,400 | 2,065 | ||||||
Ryan Specialty Group LLC, 4.38%, 02/01/2030 (e) | 776 | 676 | ||||||
Tongyang Life Insurance Co. Ltd., (South Korea), Reg. S, (CMT Index 5 Year + 4.98%), 5.25%, 09/22/2025 (x) (aa) | 2,000 | 1,710 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., (China), | ||||||||
Reg. S, 3.13%, 07/16/2025 | 4,750 | 4,010 | ||||||
Reg. S, 3.50%, 03/08/2026 | 1,100 | 885 | ||||||
|
|
|||||||
48,278 | ||||||||
|
|
|||||||
Investment Companies 0.5% | ||||||||
Blackstone Private Credit Fund, | ||||||||
3.25%, 03/15/2027 | 498 | 423 | ||||||
7.05%, 09/29/2025 (e) | 602 | 593 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Investment Companies continued | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (e) | 1,450 | 1,276 | ||||||
Huarong Finance 2019 Co. Ltd., (British Virgin Islands), Reg. S, 4.50%, 05/29/2029 | 3,000 | 2,164 | ||||||
Huarong Finance II Co. Ltd., (British Virgin Islands), Reg. S, 5.00%, 11/19/2025 | 6,800 | 5,874 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., | ||||||||
4.38%, 02/01/2029 | 1,616 | 1,390 | ||||||
5.25%, 05/15/2027 | 2,650 | 2,486 | ||||||
6.25%, 05/15/2026 | 190 | 187 | ||||||
Owl Rock Capital Corp., | ||||||||
3.40%, 07/15/2026 | 424 | 374 | ||||||
3.75%, 07/22/2025 | 529 | 482 | ||||||
4.25%, 01/15/2026 | 113 | 104 | ||||||
OWL Rock Core Income Corp., | ||||||||
3.13%, 09/23/2026 | 284 | 246 | ||||||
5.50%, 03/21/2025 | 195 | 190 | ||||||
7.75%, 09/16/2027 (e) | 1,603 | 1,567 | ||||||
|
|
|||||||
17,356 | ||||||||
|
|
|||||||
Private Equity 0.1% | ||||||||
GLP Pte Ltd., (Singapore), | ||||||||
Reg. S, (CMT Index 5 Year + 3.74%), 4.50%, 05/17/2026 (x) (aa) | 1,000 | 495 | ||||||
Reg. S, (CMT Index 5 Year + 3.73%), 4.60%, 06/29/2027 (x) (aa) | 5,260 | 2,472 | ||||||
|
|
|||||||
2,967 | ||||||||
|
|
|||||||
Real Estate 5.1% | ||||||||
Agile Group Holdings Ltd., (Cayman Islands), | ||||||||
Reg. S, 5.50%, 04/21/2025 | 6,300 | 3,127 | ||||||
Reg. S, 5.75%, 01/02/2025 | 7,350 | 3,926 | ||||||
Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 3.98%), 3.38%, 09/23/2024 (x) (aa) | EUR | 200 | 96 | |||||
China SCE Group Holdings Ltd., (Cayman Islands), | ||||||||
Reg. S, 5.95%, 09/29/2024 | 3,450 | 1,808 | ||||||
Reg. S, 6.00%, 02/04/2026 | 4,300 | 1,771 | ||||||
CIFI Holdings Group Co. Ltd., (Cayman Islands), | ||||||||
Reg. S, 4.45%, 08/17/2026 (d) | 7,550 | 1,580 | ||||||
Reg. S, 6.00%, 07/16/2025 (d) | 5,500 | 1,153 | ||||||
Country Garden Holdings Co. Ltd., (Cayman Islands), | ||||||||
Reg. S, 2.70%, 07/12/2026 | 5,900 | 3,220 | ||||||
Reg. S, 3.13%, 10/22/2025 | 3,220 | 1,851 | ||||||
Reg. S, 3.88%, 10/22/2030 | 4,773 | 2,184 | ||||||
Reg. S, 4.20%, 02/06/2026 | 3,700 | 2,137 | ||||||
Reg. S, 4.80%, 08/06/2030 | 4,079 | 1,983 | ||||||
Reg. S, 5.13%, 01/17/2025 | 1,000 | 644 | ||||||
Reg. S, 5.13%, 01/14/2027 | 10,752 | 6,060 | ||||||
Reg. S, 5.40%, 05/27/2025 | 1,000 | 648 | ||||||
Reg. S, 5.63%, 01/14/2030 | 3,200 | 1,665 | ||||||
Reg. S, 6.50%, 04/08/2024 | 2,300 | 1,798 | ||||||
Reg. S, 7.25%, 04/08/2026 | 9,500 | 6,009 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Real Estate continued | ||||||||
Reg. S, 8.00%, 01/27/2024 | 3,150 | 2,727 | ||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (e) | 2,168 | 1,941 | ||||||
DIC Asset AG, (Germany), Reg. S, 2.25%, 09/22/2026 | EUR | 100 | 68 | |||||
Easy Tactic Ltd., (British Virgin Islands), | ||||||||
Reg. S, 7.50% (PIK), 07/11/2025 (v) | 400 | 106 | ||||||
Reg. S, 7.50% (PIK), 07/11/2027 (v) | 14,811 | 3,527 | ||||||
Reg. S, 7.50% (PIK), 07/11/2028 (v) | 10,124 | 2,070 | ||||||
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/2025 (e) | 2,705 | 2,433 | ||||||
Gemdale Ever Prosperity Investment Ltd., (Hong Kong), Reg. S, 4.95%, 08/12/2024 | 700 | 641 | ||||||
Global Prime Capital Pte Ltd., (Singapore), Reg. S, 5.95%, 01/23/2025 | 1,000 | 958 | ||||||
Greenland Global Investment Ltd., (British Virgin Islands), Reg. S, 7.25%, 01/22/2027 | 8,700 | 2,829 | ||||||
Greystar Real Estate Partners LLC, 5.75%, 12/01/2025 (e) | 200 | 195 | ||||||
Heimstaden Bostad AB, (Sweden), Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa) | EUR | 150 | 85 | |||||
Howard Hughes Corp. (The), | ||||||||
4.13%, 02/01/2029 (e) | 206 | 174 | ||||||
4.38%, 02/01/2031 (e) | 3,000 | 2,415 | ||||||
5.38%, 08/01/2028 (e) | 2,500 | 2,277 | ||||||
Hunt Cos., Inc., 5.25%, 04/15/2029 (e) | 2,740 | 2,141 | ||||||
KWG Group Holdings Ltd., (Cayman Islands), Reg. S, 5.95%, 08/10/2025 | 14,000 | 3,730 | ||||||
New Metro Global Ltd., (British Virgin Islands), | ||||||||
Reg. S, 4.50%, 05/02/2026 | 2,300 | 1,447 | ||||||
Reg. S, 4.80%, 12/15/2024 | 3,700 | 2,660 | ||||||
Reg. S, 6.80%, 08/05/2023 | 7,100 | 6,607 | ||||||
NWD Finance BVI Ltd., (British Virgin Islands), | ||||||||
Reg. S, (CMT Index 5 Year + 7.89%), 5.25%, 03/22/2026 (x) (aa) | 22,300 | 19,379 | ||||||
Reg. S, (CMT Index 3 Year + 6.20%), 6.15%, 03/16/2025 (x) (aa) | 2,700 | 2,497 | ||||||
Powerlong Real Estate Holdings Ltd., (Cayman Islands), Reg. S, 5.95%, 04/30/2025 | 4,700 | 1,063 | ||||||
Realogy Group LLC / Realogy Co-Issuer Corp., | ||||||||
5.25%, 04/15/2030 (e) | 1,005 | 718 | ||||||
5.75%, 01/15/2029 (e) | 3,635 | 2,721 | ||||||
RKPF Overseas 2019 A Ltd., (British Virgin Islands), Reg. S, 6.00%, 09/04/2025 | 900 | 710 | ||||||
RKPF Overseas 2020 A Ltd., (British Virgin Islands), Reg. S, 5.13%, 07/26/2026 | 11,350 | 7,705 | ||||||
Seazen Group Ltd., (Cayman Islands), Reg. S, 4.45%, 07/13/2025 | 3,248 | 2,112 | ||||||
Shui On Development Holding Ltd., (Cayman Islands), Reg. S, 5.50%, 06/29/2026 | 3,300 | 2,509 | ||||||
Sino-Ocean Land Treasure IV Ltd., (British Virgin Islands), | ||||||||
Reg. S, 2.70%, 01/13/2025 | 6,200 | 3,142 | ||||||
Reg. S, 3.25%, 05/05/2026 | 13,520 | 6,422 | ||||||
Sunac China Holdings Ltd., (Cayman Islands), | ||||||||
Reg. S, 5.95%, 04/26/2024 (d) | 1,500 | 354 | ||||||
Reg. S, 6.50%, 07/09/2023 (d) | 9,400 | 2,227 | ||||||
Reg. S, 6.80%, 10/20/2024 (d) | 6,800 | 1,605 | ||||||
Reg. S, 7.95%, 10/11/2023 (d) | 2,000 | 473 | ||||||
Theta Capital Pte Ltd., (Singapore), Reg. S, 6.75%, 10/31/2026 | 1,200 | 841 | ||||||
Times China Holdings Ltd., (Cayman Islands), |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Real Estate continued | ||||||||
Reg. S, 5.55%, 06/04/2024 (d) | 8,800 | 1,325 | ||||||
Reg. S, 6.60%, 03/02/2023 (d) | 1,200 | 187 | ||||||
VLL International, Inc., (Cayman Islands), Reg. S, 5.75%, 11/28/2024 | 9,200 | 8,791 | ||||||
Wanda Properties Global Co. Ltd., (British Virgin Islands), Reg. S, 11.00%, 02/13/2026 | 900 | 728 | ||||||
Wanda Properties International Co. Ltd., (British Virgin Islands), Reg. S, 7.25%, 01/29/2024 | 5,450 | 4,855 | ||||||
Wanda Properties Overseas Ltd., (British Virgin Islands), Reg. S, 6.88%, 07/23/2023 | 2,000 | 1,901 | ||||||
Wheelock MTN BVI Ltd., (British Virgin Islands), Reg. S, 2.38%, 01/25/2026 | 3,000 | 2,796 | ||||||
Yanlord Land HK Co. Ltd., (Hong Kong), Reg. S, 5.13%, 05/20/2026 | 6,900 | 5,727 | ||||||
|
|
|||||||
161,479 | ||||||||
|
|
|||||||
REITS 1.3% | ||||||||
American Tower Corp., | ||||||||
1.60%, 04/15/2026 | 28 | 26 | ||||||
3.60%, 01/15/2028 | 240 | 225 | ||||||
3.65%, 03/15/2027 | 429 | 406 | ||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e) | 65 | 52 | ||||||
Diversified Healthcare Trust, | ||||||||
4.38%, 03/01/2031 | 2,200 | 1,582 | ||||||
4.75%, 05/01/2024 | 250 | 225 | ||||||
4.75%, 02/15/2028 | 4,150 | 2,802 | ||||||
9.75%, 06/15/2025 | 2,083 | 1,999 | ||||||
EPR Properties, 4.75%, 12/15/2026 | 247 | 215 | ||||||
GLP Capital LP / GLP Financing II, Inc., | ||||||||
3.25%, 01/15/2032 | 1,404 | 1,139 | ||||||
5.25%, 06/01/2025 | 139 | 136 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (e) | 1,002 | 869 | ||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e) | 1,679 | 1,442 | ||||||
Iron Mountain UK plc, (United Kingdom), Reg. S, 3.88%, 11/15/2025 | GBP | 100 | 117 | |||||
Iron Mountain, Inc., | ||||||||
5.00%, 07/15/2028 (e) | 108 | 100 | ||||||
5.25%, 07/15/2030 (e) | 349 | 313 | ||||||
Kite Realty Group Trust, 4.00%, 03/15/2025 | 99 | 94 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., | ||||||||
4.75%, 06/15/2029 (e) | 19 | 14 | ||||||
5.25%, 10/01/2025 (e) | 201 | 177 | ||||||
MPT Operating Partnership LP / MPT Finance Corp., | ||||||||
2.55%, 12/05/2023 | GBP | 340 | 397 | |||||
3.50%, 03/15/2031 | 3,527 | 2,349 | ||||||
4.63%, 08/01/2029 | 5,354 | 3,970 | ||||||
5.00%, 10/15/2027 | 437 | 359 | ||||||
RHP Hotel Properties LP / RHP Finance Corp., | ||||||||
4.50%, 02/15/2029 (e) | 1,923 | 1,737 | ||||||
4.75%, 10/15/2027 | 1,824 | 1,710 | ||||||
RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e) | 159 | 132 | ||||||
Sabra Health Care LP, 5.13%, 08/15/2026 | 250 | 234 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
REITS continued | ||||||||
SBA Communications Corp., | ||||||||
3.13%, 02/01/2029 | 3,301 | 2,842 | ||||||
3.88%, 02/15/2027 | 1,956 | 1,838 | ||||||
Starwood Property Trust, Inc., 5.50%, 11/01/2023 (e) | 2 | 2 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (e) | 2,009 | 1,946 | ||||||
VICI Properties LP, | ||||||||
4.75%, 02/15/2028 | 308 | 291 | ||||||
4.95%, 02/15/2030 | 1,554 | 1,457 | ||||||
5.63%, 05/15/2052 | 1,982 | 1,785 | ||||||
VICI Properties LP / VICI Note Co., Inc., | ||||||||
3.50%, 02/15/2025 (e) | 625 | 592 | ||||||
3.75%, 02/15/2027 (e) | 105 | 97 | ||||||
3.88%, 02/15/2029 (e) | 183 | 163 | ||||||
4.13%, 08/15/2030 (e) | 146 | 129 | ||||||
4.50%, 09/01/2026 (e) | 29 | 27 | ||||||
4.50%, 01/15/2028 (e) | 876 | 811 | ||||||
4.63%, 06/15/2025 (e) | 389 | 376 | ||||||
4.63%, 12/01/2029 (e) | 2,754 | 2,510 | ||||||
5.63%, 05/01/2024 (e) | 611 | 606 | ||||||
5.75%, 02/01/2027 (e) | 1,088 | 1,068 | ||||||
Vornado Realty LP, 3.50%, 01/15/2025 | 219 | 198 | ||||||
WEA Finance LLC / Westfield UK & Europe Finance plc, 3.75%, 09/17/2024 (e) | 500 | 474 | ||||||
|
|
|||||||
40,033 | ||||||||
|
|
|||||||
Savings & Loans 0.0% (g) | ||||||||
Nationwide Building Society, (United Kingdom), 4.00%, 09/14/2026 (e) | 394 | 367 | ||||||
|
|
|||||||
Total Financial | 420,335 | |||||||
|
|
|||||||
Industrial 9.9% | ||||||||
Aerospace/Defense 3.0% | ||||||||
Boeing Co. (The), | ||||||||
1.43%, 02/04/2024 | 800 | 773 | ||||||
5.15%, 05/01/2030 | 1,745 | 1,757 | ||||||
5.81%, 05/01/2050 | 3,143 | 3,152 | ||||||
5.93%, 05/01/2060 | 5,929 | 5,901 | ||||||
Bombardier, Inc., (Canada), | ||||||||
6.00%, 02/15/2028 (e) | 3,643 | 3,547 | ||||||
7.13%, 06/15/2026 (e) | 7,905 | 7,934 | ||||||
7.45%, 05/01/2034 (e) | 351 | 393 | ||||||
7.50%, 03/15/2025 (e) | 868 | 868 | ||||||
7.50%, 02/01/2029 (e) | 5,812 | 5,920 | ||||||
7.88%, 04/15/2027 (e) | 13,399 | 13,572 | ||||||
F-Brasile SpA / F-Brasile US LLC, (Italy), Series XR, 7.38%, 08/15/2026 (e) | 1,458 | 1,217 | ||||||
Hexcel Corp., 4.95%, 08/15/2025 | 136 | 133 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Aerospace/Defense continued | ||||||||
Rolls-Royce plc, (United Kingdom), | ||||||||
3.63%, 10/14/2025 (e) | 364 | 345 | ||||||
5.75%, 10/15/2027 (e) | 3,045 | 3,033 | ||||||
Spirit AeroSystems, Inc., | ||||||||
7.50%, 04/15/2025 (e) | 1,929 | 1,929 | ||||||
9.38%, 11/30/2029 (e) | 3,720 | 4,060 | ||||||
TransDigm UK Holdings plc, (United Kingdom), 6.88%, 05/15/2026 | 1,075 | 1,059 | ||||||
TransDigm, Inc., | ||||||||
5.50%, 11/15/2027 | 400 | 377 | ||||||
6.25%, 03/15/2026 (e) | 23,447 | 23,503 | ||||||
6.75%, 08/15/2028 (e) | 11,378 | 11,506 | ||||||
7.50%, 03/15/2027 | 676 | 674 | ||||||
8.00%, 12/15/2025 (e) | 451 | 460 | ||||||
Triumph Group, Inc., 9.00%, 03/15/2028 (e) | 3,939 | 3,939 | ||||||
|
|
|||||||
96,052 | ||||||||
|
|
|||||||
Building Materials 1.0% | ||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e) | 3,297 | 3,053 | ||||||
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029 (e) | 500 | 357 | ||||||
Eco Material Technologies, Inc., 7.88%, 01/31/2027 (e) | 2,100 | 1,992 | ||||||
Griffon Corp., 5.75%, 03/01/2028 | 1,030 | 955 | ||||||
HT Troplast GmbH, (Germany), Reg. S, 9.25%, 07/15/2025 | EUR | 100 | 106 | |||||
JELD-WEN, Inc., 4.63%, 12/15/2025 (e) | 1,078 | 1,000 | ||||||
Masonite International Corp., (Canada), | ||||||||
3.50%, 02/15/2030 (e) | 97 | 80 | ||||||
5.38%, 02/01/2028 (e) | 1,188 | 1,135 | ||||||
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e) | 1,150 | 972 | ||||||
New Enterprise Stone & Lime Co., Inc., | ||||||||
5.25%, 07/15/2028 (e) | 881 | 779 | ||||||
9.75%, 07/15/2028 (e) | 1,023 | 977 | ||||||
PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2026 | EUR | 100 | 93 | |||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 (e) | 5,403 | 5,072 | ||||||
Standard Industries, Inc., | ||||||||
Reg. S, 2.25%, 11/21/2026 | EUR | 367 | 344 | |||||
3.38%, 01/15/2031 (e) | 5,173 | 4,160 | ||||||
4.38%, 07/15/2030 (e) | 2,994 | 2,605 | ||||||
4.75%, 01/15/2028 (e) | 13 | 12 | ||||||
5.00%, 02/15/2027 (e) | 127 | 121 | ||||||
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 01/15/2029 (e) | 38 | 36 | ||||||
Vulcan Materials Co., 5.80%, 03/01/2026 | 191 | 193 | ||||||
West China Cement Ltd., (Jersey), Reg. S, 4.95%, 07/08/2026 | 9,200 | 7,339 | ||||||
|
|
|||||||
31,381 | ||||||||
|
|
|||||||
Electrical Components & Equipment 0.3% | ||||||||
Energizer Holdings, Inc., | ||||||||
4.38%, 03/31/2029 (e) | 750 | 659 | ||||||
6.50%, 12/31/2027 (e) | 700 | 680 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Electrical Components & Equipment continued | ||||||||
EnerSys, 4.38%, 12/15/2027 (e) | 560 | 519 | ||||||
Nexans SA, (France), Reg. S, 5.50%, 04/05/2028 (w) | EUR | 100 | 111 | |||||
WESCO Distribution, Inc., | ||||||||
7.13%, 06/15/2025 (e) | 3,369 | 3,425 | ||||||
7.25%, 06/15/2028 (e) | 3,512 | 3,606 | ||||||
|
|
|||||||
9,000 | ||||||||
|
|
|||||||
Electronics 0.6% | ||||||||
AAC Technologies Holdings, Inc., (Cayman Islands), Reg. S, 3.00%, 11/27/2024 | 7,350 | 6,876 | ||||||
Coherent Corp., 5.00%, 12/15/2029 (e) | 2,103 | 1,909 | ||||||
Imola Merger Corp., 4.75%, 05/15/2029 (e) | 2,492 | 2,229 | ||||||
Likewize Corp., 9.75%, 10/15/2025 (e) | 1,780 | 1,618 | ||||||
Sensata Technologies BV, (Netherlands), | ||||||||
4.00%, 04/15/2029 (e) | 74 | 67 | ||||||
5.88%, 09/01/2030 (e) | 864 | 856 | ||||||
Sensata Technologies, Inc., | ||||||||
3.75%, 02/15/2031 (e) | 547 | 478 | ||||||
4.38%, 02/15/2030 (e) | 3,942 | 3,592 | ||||||
TD SYNNEX Corp., 1.25%, 08/09/2024 | 825 | 772 | ||||||
|
|
|||||||
18,397 | ||||||||
|
|
|||||||
Engineering & Construction 0.8% | ||||||||
Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.69%), 3.25%, 11/24/2025 (x) (aa) | EUR | 200 | 193 | |||||
Arcosa, Inc., 4.38%, 04/15/2029 (e) | 1,705 | 1,516 | ||||||
Azzurra Aeroporti SpA, (Italy), Reg. S, 2.13%, 05/30/2024 | EUR | 223 | 235 | |||||
Celestial Miles Ltd., (British Virgin Islands), Reg. S, (CMT Index 5 Year + 8.21%), 5.75%, 01/31/2024 (x) (aa) | 11,500 | 11,255 | ||||||
Cellnex Finance Co. SA, (Spain), | ||||||||
Reg. S, 1.00%, 09/15/2027 | EUR | 100 | 93 | |||||
Reg. S, 1.25%, 01/15/2029 | EUR | 300 | 266 | |||||
Reg. S, 1.50%, 06/08/2028 | EUR | 100 | 92 | |||||
Cellnex Telecom SA, (Spain), Reg. S, 1.75%, 10/23/2030 | EUR | 100 | 86 | |||||
Dycom Industries, Inc., 4.50%, 04/15/2029 (e) | 343 | 310 | ||||||
Gatwick Airport Finance plc, (United Kingdom), Reg. S, 4.38%, 04/07/2026 | GBP | 172 | 195 | |||||
GMR Hyderabad International Airport Ltd., (India), | ||||||||
Reg. S, 4.25%, 10/27/2027 | 1,700 | 1,481 | ||||||
Reg. S, 4.75%, 02/02/2026 | 7,650 | 7,080 | ||||||
Heathrow Finance plc, (United Kingdom), Reg. S, 5.75%, 03/03/2025 | GBP | 200 | 241 | |||||
India Airport Infra, (Mauritius), Reg. S, 6.25%, 10/25/2025 | 700 | 661 | ||||||
Infrastrutture Wireless Italiane SpA, (Italy), Reg. S, 1.63%, 10/21/2028 | EUR | 100 | 96 | |||||
Promontoria Holding 264 BV, (Netherlands), Reg. S, 6.38%, 03/01/2027 | EUR | 100 | 104 | |||||
TopBuild Corp., 3.63%, 03/15/2029 (e) | 500 | 428 | ||||||
|
|
|||||||
24,332 | ||||||||
|
|
|||||||
Environmental Control 0.6% | ||||||||
Clean Harbors, Inc., | ||||||||
4.88%, 07/15/2027 (e) | 252 | 243 | ||||||
5.13%, 07/15/2029 (e) | 41 | 39 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Environmental Control continued | ||||||||
6.38%, 02/01/2031 (e) | 1,074 | 1,096 | ||||||
Covanta Holding Corp., | ||||||||
4.88%, 12/01/2029 (e) | 1,607 | 1,430 | ||||||
5.00%, 09/01/2030 | 156 | 134 | ||||||
GFL Environmental, Inc., (Canada), | ||||||||
3.50%, 09/01/2028 (e) | 459 | 415 | ||||||
3.75%, 08/01/2025 (e) | 811 | 779 | ||||||
4.00%, 08/01/2028 (e) | 2,395 | 2,168 | ||||||
4.25%, 06/01/2025 (e) | 78 | 76 | ||||||
4.38%, 08/15/2029 (e) | 2,781 | 2,512 | ||||||
4.75%, 06/15/2029 (e) | 2,403 | 2,245 | ||||||
5.13%, 12/15/2026 (e) | 2,644 | 2,585 | ||||||
Madison IAQ LLC, 5.88%, 06/30/2029 (e) | 1,191 | 920 | ||||||
Paprec Holding SA, (France), Reg. S, 3.50%, 07/01/2028 | EUR | 100 | 94 | |||||
Waste Pro USA, Inc., 5.50%, 02/15/2026 (e) | 5,345 | 4,916 | ||||||
|
|
|||||||
19,652 | ||||||||
|
|
|||||||
Hand/Machine Tools 0.2% | ||||||||
Regal Rexnord Corp., | ||||||||
6.05%, 02/15/2026 (e) | 114 | 114 | ||||||
6.05%, 04/15/2028 (e) | 1,944 | 1,944 | ||||||
6.30%, 02/15/2030 (e) | 1,600 | 1,610 | ||||||
6.40%, 04/15/2033 (e) | 1,490 | 1,490 | ||||||
|
|
|||||||
5,158 | ||||||||
|
|
|||||||
MachineryConstruction & Mining 0.2% | ||||||||
BWX Technologies, Inc., | ||||||||
4.13%, 06/30/2028 (e) | 341 | 307 | ||||||
4.13%, 04/15/2029 (e) | 2,058 | 1,825 | ||||||
Terex Corp., 5.00%, 05/15/2029 (e) | 2,552 | 2,375 | ||||||
Vertiv Group Corp., 4.13%, 11/15/2028 (e) | 2,875 | 2,537 | ||||||
|
|
|||||||
7,044 | ||||||||
|
|
|||||||
MachineryDiversified 0.8% | ||||||||
ATS Corp., (Canada), 4.13%, 12/15/2028 (e) | 114 | 101 | ||||||
Chart Industries, Inc., | ||||||||
7.50%, 01/01/2030 (e) | 3,242 | 3,350 | ||||||
9.50%, 01/01/2031 (e) | 1,718 | 1,812 | ||||||
GrafTech Finance, Inc., 4.63%, 12/15/2028 (e) | 1,294 | 1,079 | ||||||
Husky III Holding Ltd., (Canada), 13.00% (cash), 02/15/2025 (e) (v) | 122 | 103 | ||||||
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/2024 (e) | 3,671 | 3,619 | ||||||
Mueller Water Products, Inc., 4.00%, 06/15/2029 (e) | 1,088 | 972 | ||||||
OT Merger Corp., 7.88%, 10/15/2029 (e) | 394 | 233 | ||||||
Renk AG / Frankfurt am Main, (Germany), Reg. S, 5.75%, 07/15/2025 | EUR | 100 | 106 | |||||
Titan Acquisition Ltd. / Titan Co-Borrower LLC, (Multinational), 7.75%, 04/15/2026 (e) | 6,387 | 5,261 | ||||||
TK Elevator Holdco GmbH, (Germany), 7.63%, 07/15/2028 (e) | 2,311 | 2,031 | ||||||
TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 485 | 475 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
MachineryDiversified continued | ||||||||
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e) | 6,216 | 5,869 | ||||||
Westinghouse Air Brake Technologies Corp., 4.38%, 08/15/2023 | 200 | 199 | ||||||
|
|
|||||||
25,210 | ||||||||
|
|
|||||||
Metal Fabricate/Hardware 0.1% | ||||||||
Advanced Drainage Systems, Inc., | ||||||||
5.00%, 09/30/2027 (e) | 198 | 188 | ||||||
6.38%, 06/15/2030 (e) | 3,685 | 3,611 | ||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) | 695 | 621 | ||||||
Vallourec SA, (France), Reg. S, 8.50%, 06/30/2026 | EUR | 200 | 216 | |||||
|
|
|||||||
4,636 | ||||||||
|
|
|||||||
Miscellaneous Manufacturers 0.1% | ||||||||
Amsted Industries, Inc., | ||||||||
4.63%, 05/15/2030 (e) | 1,391 | 1,249 | ||||||
5.63%, 07/01/2027 (e) | 297 | 289 | ||||||
Gates Global LLC / Gates Corp., 6.25%, 01/15/2026 (e) | 2,751 | 2,703 | ||||||
|
|
|||||||
4,241 | ||||||||
|
|
|||||||
Packaging & Containers 1.9% | ||||||||
ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v) | 5,528 | 4,229 | ||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), | ||||||||
Reg. S, 2.00%, 09/01/2028 | EUR | 100 | 89 | |||||
Reg. S, 3.00%, 09/01/2029 | EUR | 300 | 241 | |||||
3.25%, 09/01/2028 (e) | 926 | 802 | ||||||
4.00%, 09/01/2029 (e) | 6,567 | 5,139 | ||||||
6.00%, 06/15/2027 (e) | 824 | 817 | ||||||
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational), | ||||||||
Reg. S, 2.13%, 08/15/2026 | EUR | 213 | 202 | |||||
4.13%, 08/15/2026 (e) | 500 | 466 | ||||||
Reg. S, 4.75%, 07/15/2027 | GBP | 100 | 94 | |||||
5.25%, 04/30/2025 (e) | 200 | 197 | ||||||
5.25%, 08/15/2027 (e) | 600 | 473 | ||||||
Ball Corp., 3.13%, 09/15/2031 | 846 | 700 | ||||||
Clydesdale Acquisition Holdings, Inc., | ||||||||
6.63%, 04/15/2029 (e) | 2,692 | 2,591 | ||||||
8.75%, 04/15/2030 (e) | 2,605 | 2,367 | ||||||
Crown Americas LLC, 5.25%, 04/01/2030 | 422 | 406 | ||||||
Fiber Bidco Spa, (Italy), Reg. S, 11.00%, 10/25/2027 | EUR | 100 | 116 | |||||
Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e) | 1,375 | 1,189 | ||||||
Graphic Packaging International LLC, | ||||||||
Reg. S, 2.63%, 02/01/2029 | EUR | 400 | 375 | |||||
4.13%, 08/15/2024 | 475 | 464 | ||||||
4.75%, 07/15/2027 (e) | 648 | 617 | ||||||
Intelligent Packaging Holdco Issuer LP, (Canada), 9.00% (cash), 01/15/2026 (e) (v) | 1,775 | 1,243 | ||||||
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co-Issuer LLC, (Canada), 6.00%, 09/15/2028 (e) | 1,539 | 1,324 | ||||||
Kleopatra Finco Sarl, (Luxembourg), Reg. S, 4.25%, 03/01/2026 | EUR | 300 | 271 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Packaging & Containers continued | ||||||||
LABL, Inc., | ||||||||
5.88%, 11/01/2028 (e) | 2,981 | 2,648 | ||||||
6.75%, 07/15/2026 (e) | 2,525 | 2,430 | ||||||
8.25%, 11/01/2029 (e) | 800 | 682 | ||||||
9.50%, 11/01/2028 (e) (w) | 1,441 | 1,454 | ||||||
10.50%, 07/15/2027 (e) | 775 | 717 | ||||||
Mauser Packaging Solutions Holding Co., | ||||||||
7.88%, 08/15/2026 (e) | 15,559 | 15,559 | ||||||
9.25%, 04/15/2027 (e) | 194 | 179 | ||||||
OI European Group BV, (Netherlands), 4.75%, 02/15/2030 (e) | 300 | 273 | ||||||
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 (e) | 354 | 354 | ||||||
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (e) | 875 | 765 | ||||||
Sealed Air Corp., 4.00%, 12/01/2027 (e) | 89 | 83 | ||||||
Sealed Air Corp. / Sealed Air Corp. US, 6.13%, 02/01/2028 (e) | 1,516 | 1,527 | ||||||
Trident TPI Holdings, Inc., | ||||||||
6.63%, 11/01/2025 (e) | 425 | 392 | ||||||
9.25%, 08/01/2024 (e) | 2,725 | 2,698 | ||||||
TriMas Corp., 4.13%, 04/15/2029 (e) | 525 | 462 | ||||||
Trivium Packaging Finance BV, (Netherlands), | ||||||||
Reg. S, 3.75%, 08/15/2026 | EUR | 100 | 100 | |||||
5.50%, 08/15/2026 (e) | 2,218 | 2,125 | ||||||
8.50%, 08/15/2027 (e) | 5,611 | 5,106 | ||||||
Verallia SA, (France), Reg. S, 1.88%, 11/10/2031 | EUR | 100 | 87 | |||||
|
|
|||||||
62,053 | ||||||||
|
|
|||||||
Shipbuilding 0.0% (g) | ||||||||
Huntington Ingalls Industries, Inc., 4.20%, 05/01/2030 | 349 | 326 | ||||||
|
|
|||||||
Transportation 0.1% | ||||||||
MISC Capital Two Labuan Ltd., (Malaysia), Reg. S, 3.75%, 04/06/2027 | 1,800 | 1,700 | ||||||
Poste Italiane SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.68%), 2.63%, 03/24/2029 (x) (aa) | EUR | 200 | 166 | |||||
XPO Escrow Sub LLC, 7.50%, 11/15/2027 (e) | 708 | 736 | ||||||
|
|
|||||||
2,602 | ||||||||
|
|
|||||||
Trucking & Leasing 0.2% | ||||||||
Fortress Transportation and Infrastructure Investors LLC, | ||||||||
5.50%, 05/01/2028 (e) | 3,321 | 3,030 | ||||||
6.50%, 10/01/2025 (e) | 2,901 | 2,903 | ||||||
9.75%, 08/01/2027 (e) | 349 | 368 | ||||||
|
|
|||||||
6,301 | ||||||||
|
|
|||||||
Total Industrial | 316,385 | |||||||
|
|
|||||||
Technology 3.7% | ||||||||
Computers 0.8% | ||||||||
Atos SE, (France), | ||||||||
Reg. S, 1.75%, 05/07/2025 | EUR | 200 | 193 | |||||
Reg. S, 2.50%, 11/07/2028 | EUR | 100 | 82 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Computers continued | ||||||||
Booz Allen Hamilton, Inc., | ||||||||
3.88%, 09/01/2028 (e) | 393 | 359 | ||||||
4.00%, 07/01/2029 (e) | 2,182 | 1,985 | ||||||
CA Magnum Holdings, (Mauritius), | ||||||||
5.38%, 10/31/2026 (e) | 3,578 | 3,133 | ||||||
Reg. S, 5.38%, 10/31/2026 | 8,750 | 7,663 | ||||||
Dell International LLC / EMC Corp., | ||||||||
4.90%, 10/01/2026 | 200 | 199 | ||||||
6.02%, 06/15/2026 | 407 | 418 | ||||||
KBR, Inc., 4.75%, 09/30/2028 (e) | 306 | 273 | ||||||
Lenovo Group Ltd., (Hong Kong), 5.83%, 01/27/2028 (e) | 1,600 | 1,609 | ||||||
McAfee Corp., 7.38%, 02/15/2030 (e) | 4,995 | 4,189 | ||||||
NCR Corp., | ||||||||
5.00%, 10/01/2028 (e) | 788 | 693 | ||||||
5.13%, 04/15/2029 (e) | 1,551 | 1,342 | ||||||
5.25%, 10/01/2030 (e) | 1,052 | 859 | ||||||
5.75%, 09/01/2027 (e) | 500 | 491 | ||||||
Presidio Holdings, Inc., 4.88%, 02/01/2027 (e) | 203 | 188 | ||||||
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 5.75%, 06/01/2025 (e) | 949 | 941 | ||||||
|
|
|||||||
24,617 | ||||||||
|
|
|||||||
Office/Business & Equipment 0.0% (g) | ||||||||
CDW LLC / CDW Finance Corp., | ||||||||
3.25%, 02/15/2029 | 689 | 606 | ||||||
3.28%, 12/01/2028 | 101 | 89 | ||||||
|
|
|||||||
695 | ||||||||
|
|
|||||||
Semiconductors 0.6% | ||||||||
Broadcom, Inc., | ||||||||
3.14%, 11/15/2035 (e) | 1,646 | 1,265 | ||||||
3.42%, 04/15/2033 (e) | 1,727 | 1,442 | ||||||
4.30%, 11/15/2032 | 1,179 | 1,083 | ||||||
Entegris Escrow Corp., | ||||||||
4.75%, 04/15/2029 (e) | 7,767 | 7,341 | ||||||
5.95%, 06/15/2030 (e) | 1,059 | 1,026 | ||||||
Entegris, Inc., 4.38%, 04/15/2028 (e) | 1,488 | 1,344 | ||||||
Marvell Technology, Inc., 2.95%, 04/15/2031 | 927 | 774 | ||||||
Microchip Technology, Inc., 4.25%, 09/01/2025 | 723 | 710 | ||||||
Qorvo, Inc., 1.75%, 12/15/2024 (e) | 78 | 72 | ||||||
SK Hynix, Inc., (South Korea), | ||||||||
1.50%, 01/19/2026 (e) | 731 | 649 | ||||||
6.38%, 01/17/2028 (e) | 4,000 | 4,020 | ||||||
Synaptics, Inc., 4.00%, 06/15/2029 (e) | 1,039 | 895 | ||||||
|
|
|||||||
20,621 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Software 2.3% | ||||||||
Alteryx, Inc., 8.75%, 03/15/2028 (e) | 1,050 | 1,057 | ||||||
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e) | 8,379 | 6,782 | ||||||
Black Knight InfoServ LLC, 3.63%, 09/01/2028 (e) | 5,643 | 5,128 | ||||||
Boxer Parent Co., Inc., | ||||||||
Reg. S, 6.50%, 10/02/2025 | EUR | 300 | 321 | |||||
7.13%, 10/02/2025 (e) | 4,613 | 4,592 | ||||||
9.13%, 03/01/2026 (e) | 2,309 | 2,239 | ||||||
Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e) | 279 | 264 | ||||||
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e) | 2,893 | 2,843 | ||||||
Clarivate Science Holdings Corp., | ||||||||
3.88%, 07/01/2028 (e) | 5,417 | 4,834 | ||||||
4.88%, 07/01/2029 (e) | 3,566 | 3,225 | ||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029 (e) | 12,732 | 11,231 | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (e) | 60 | 50 | ||||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029 (e) | 3,307 | 2,863 | ||||||
Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e) | 2,106 | 1,798 | ||||||
Fair Isaac Corp., 4.00%, 06/15/2028 (e) | 1,672 | 1,541 | ||||||
MicroStrategy, Inc., 6.13%, 06/15/2028 (e) | 1,725 | 1,531 | ||||||
MSCI, Inc., | ||||||||
3.25%, 08/15/2033 (e) | 20 | 16 | ||||||
3.63%, 09/01/2030 (e) | 209 | 182 | ||||||
3.88%, 02/15/2031 (e) | 818 | 728 | ||||||
Open Text Corp., (Canada), 6.90%, 12/01/2027 (e) | 3,835 | 3,956 | ||||||
Oracle Corp., | ||||||||
2.30%, 03/25/2028 | 615 | 550 | ||||||
2.50%, 04/01/2025 | 74 | 71 | ||||||
2.88%, 03/25/2031 | 1,873 | 1,602 | ||||||
3.60%, 04/01/2050 | 2,029 | 1,432 | ||||||
3.95%, 03/25/2051 | 3,131 | 2,331 | ||||||
6.90%, 11/09/2052 | 390 | 435 | ||||||
PTC, Inc., 3.63%, 02/15/2025 (e) | 536 | 517 | ||||||
SS&C Technologies, Inc., 5.50%, 09/30/2027 (e) | 4,622 | 4,471 | ||||||
TeamSystem SpA, (Italy), Reg. S, 3.50%, 02/15/2028 | EUR | 100 | 95 | |||||
Twilio, Inc., | ||||||||
3.63%, 03/15/2029 | 228 | 197 | ||||||
3.88%, 03/15/2031 | 2,281 | 1,935 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (e) | 321 | 242 | ||||||
ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) | 4,628 | 4,007 | ||||||
|
|
|||||||
73,066 | ||||||||
|
|
|||||||
Total Technology | 118,999 | |||||||
|
|
|||||||
Utilities 3.8% | ||||||||
Electric 3.6% | ||||||||
ACEN Finance Ltd., (Cayman Islands), Reg. S, 4.00%, 03/08/2025 (x) | 5,000 | 3,449 | ||||||
Adani Green Energy Ltd., (India), Reg. S, 4.38%, 09/08/2024 | 1,500 | 1,290 | ||||||
AES Corp. (The), 3.30%, 07/15/2025 (e) | 527 | 499 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Electric continued | ||||||||
Alexander Funding Trust, 1.84%, 11/15/2023 (e) | 560 | 543 | ||||||
American Electric Power Co., Inc., 5.75%, 11/01/2027 | 67 | 70 | ||||||
Black Hills Corp., 5.95%, 03/15/2028 | 137 | 142 | ||||||
Calpine Corp., | ||||||||
3.75%, 03/01/2031 (e) | 2,455 | 2,071 | ||||||
4.50%, 02/15/2028 (e) | 1,273 | 1,182 | ||||||
4.63%, 02/01/2029 (e) | 3,235 | 2,793 | ||||||
5.00%, 02/01/2031 (e) | 3,900 | 3,303 | ||||||
5.13%, 03/15/2028 (e) | 8,223 | 7,528 | ||||||
Cikarang Listrindo Tbk. PT, (Indonesia), Reg. S, 4.95%, 09/14/2026 | 6,400 | 6,096 | ||||||
Clean Renewable Power Mauritius Pte Ltd., (Mauritius), Reg. S, 4.25%, 03/25/2027 | 2,093 | 1,810 | ||||||
Clearway Energy Operating LLC, | ||||||||
3.75%, 01/15/2032 (e) | 832 | 691 | ||||||
4.75%, 03/15/2028 (e) | 1,589 | 1,516 | ||||||
Comision Federal de Electricidad, (Mexico), Reg. S, 4.75%, 02/23/2027 | 200 | 189 | ||||||
Constellation Energy Generation LLC, 5.60%, 03/01/2028 | 127 | 131 | ||||||
Duke Energy Corp., | ||||||||
2.65%, 09/01/2026 | 94 | 88 | ||||||
5.00%, 12/08/2025 | 58 | 58 | ||||||
5.00%, 12/08/2027 | 52 | 53 | ||||||
Edison International, | ||||||||
Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/15/2026 (x) (aa) | 792 | 700 | ||||||
Series B, (CMT Index 5 Year + 3.90%), 5.00%, 12/15/2026 (x) (aa) | 329 | 273 | ||||||
EDPEnergias de Portugal SA, (Portugal), | ||||||||
Reg. S, (EUR Swap Rate 5 Year + 1.84%), 1.70%, 07/20/2080 (aa) | EUR | 100 | 98 | |||||
Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa) | EUR | 200 | 188 | |||||
Electricite de France SA, (France), Reg. S, (EUR Swap Rate 5 Year + 3.97%), 3.38%, 06/15/2030 (x) (aa) | EUR | 400 | 323 | |||||
Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e) | 234 | 236 | ||||||
Fells Point Funding Trust, 3.05%, 01/31/2027 (e) | 524 | 486 | ||||||
FirstEnergy Corp., | ||||||||
2.05%, 03/01/2025 | 330 | 309 | ||||||
Series C, 3.40%, 03/01/2050 | 3,429 | 2,351 | ||||||
FirstEnergy Transmission LLC, | ||||||||
4.35%, 01/15/2025 (e) | 223 | 220 | ||||||
4.55%, 04/01/2049 (e) | 147 | 123 | ||||||
5.45%, 07/15/2044 (e) | 642 | 613 | ||||||
India Clean Energy Holdings, (Mauritius), Reg. S, 4.50%, 04/18/2027 | 2,000 | 1,598 | ||||||
Jersey Central Power & Light Co., 4.70%, 04/01/2024 (e) | 312 | 310 | ||||||
JSW Hydro Energy Ltd., (India), Reg. S, 4.13%, 05/18/2031 | 5,133 | 4,250 | ||||||
Minejesa Capital BV, (Netherlands), Reg. S, 4.63%, 08/10/2030 | 4,700 | 4,129 | ||||||
Mong Duong Finance Holdings BV, (Netherlands), | ||||||||
Reg. S, 5.13%, 05/07/2029 | 6,239 | 5,270 | ||||||
Naturgy Finance BV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 2.44%), 2.37%, 11/23/2026 (x) (aa) | EUR | 300 | 282 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Corporate Bonds continued | ||||||||
Electric continued | ||||||||
NRG Energy, Inc., | ||||||||
3.63%, 02/15/2031 (e) | 2,185 | 1,751 | ||||||
3.88%, 02/15/2032 (e) | 1,475 | 1,180 | ||||||
5.25%, 06/15/2029 (e) | 1,580 | 1,467 | ||||||
5.75%, 01/15/2028 | 1,555 | 1,525 | ||||||
6.63%, 01/15/2027 | 538 | 537 | ||||||
7.00%, 03/15/2033 (e) | 920 | 953 | ||||||
(CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa) | 3,626 | 3,454 | ||||||
Pacific Gas and Electric Co., | ||||||||
3.15%, 01/01/2026 | 529 | 493 | ||||||
3.75%, 02/15/2024 | 232 | 228 | ||||||
6.75%, 01/15/2053 | 1,074 | 1,106 | ||||||
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) | 1,248 | 1,142 | ||||||
PG&E Corp., | ||||||||
5.00%, 07/01/2028 | 700 | 657 | ||||||
5.25%, 07/01/2030 | 5,611 | 5,209 | ||||||
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027 | 133 | 138 | ||||||
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd. other 9 Subsidiaries, (India), Reg. S, 4.50%, 07/14/2028 | 9,600 | 8,061 | ||||||
SMC Global Power Holdings Corp., (Philippines), Reg. S, (CMT Index 5 Year + 9.20%), 7.00%, 10/21/2025 (x) (aa) | 10,150 | 8,667 | ||||||
Star Energy Geothermal Wayang Windu Ltd., (British Virgin Islands), Reg. S, 6.75%, 04/24/2033 | 4,703 | 4,600 | ||||||
System Energy Resources, Inc., 6.00%, 04/15/2028 | 552 | 567 | ||||||
TransAlta Corp., (Canada), 7.75%, 11/15/2029 | 772 | 811 | ||||||
Vistra Corp., | ||||||||
(CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa) | 2,549 | 2,243 | ||||||
(CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) | 1,525 | 1,425 | ||||||
Vistra Operations Co. LLC, | ||||||||
3.55%, 07/15/2024 (e) | 622 | 600 | ||||||
4.38%, 05/01/2029 (e) | 6,551 | 5,799 | ||||||
4.88%, 05/13/2024 (e) | 495 | 488 | ||||||
5.00%, 07/31/2027 (e) | 1,454 | 1,375 | ||||||
5.50%, 09/01/2026 (e) | 2,824 | 2,742 | ||||||
5.63%, 02/15/2027 (e) | 2,703 | 2,623 | ||||||
|
|
|||||||
115,102 | ||||||||
|
|
|||||||
Gas 0.2% | ||||||||
AmeriGas Partners LP / AmeriGas Finance Corp., | ||||||||
5.50%, 05/20/2025 | 2,155 | 2,067 | ||||||
5.88%, 08/20/2026 | 2,405 | 2,301 | ||||||
Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e) | 162 | 157 | ||||||
CenterPoint Energy Resources Corp., 5.25%, 03/01/2028 | 83 | 85 | ||||||
National Fuel Gas Co., 5.50%, 01/15/2026 | 289 | 289 | ||||||
ONE Gas, Inc., 1.10%, 03/11/2024 | 125 | 120 | ||||||
Southwest Gas Corp., 5.45%, 03/23/2028 | 100 | 101 | ||||||
UGI International LLC, Reg. S, 2.50%, 12/01/2029 | EUR | 200 | 169 | |||||
|
|
|||||||
5,289 | ||||||||
|
|
|||||||
Total Utilities | 120,391 | |||||||
|
|
|||||||
Total Corporate Bonds (Cost $2,704,116) |
2,629,463 | |||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Foreign Government Securities 1.4% | ||||||||
Mongolia Government International Bond, (Mongolia), | ||||||||
Reg. S, 4.45%, 07/07/2031 | 200 | 148 | ||||||
Reg. S, 5.13%, 04/07/2026 | 4,400 | 3,861 | ||||||
5.63%, 05/01/2023 (e) | 4,200 | 4,165 | ||||||
Reg. S, 5.63%, 05/01/2023 | 1,800 | 1,785 | ||||||
8.65%, 01/19/2028 (e) | 5,300 | 5,194 | ||||||
Oman Government International Bond, (Oman), Reg. S, 7.00%, 01/25/2051 | 1,100 | 1,069 | ||||||
Pakistan Government International Bond, (Pakistan), | ||||||||
Reg. S, 6.00%, 04/08/2026 | 12,200 | 4,423 | ||||||
Reg. S, 6.88%, 12/05/2027 | 19,700 | 6,993 | ||||||
Reg. S, 7.38%, 04/08/2031 | 12,850 | 4,530 | ||||||
Sri Lanka Government International Bond, (Sri Lanka), | ||||||||
Reg. S, 5.75%, 04/18/2023 (d) | 2,600 | 917 | ||||||
6.20%, 05/11/2027 (d) (e) | 15,600 | 5,458 | ||||||
Reg. S, 6.20%, 05/11/2027 (d) | 3,800 | 1,330 | ||||||
Reg. S, 6.75%, 04/18/2028 (d) | 4,000 | 1,400 | ||||||
Reg. S, 6.85%, 03/14/2024 (d) | 12,100 | 4,238 | ||||||
Reg. S, 7.55%, 03/28/2030 (d) | 2,000 | 700 | ||||||
Vietnam Government International Bond, (Vietnam), Series 30YR, 5.50%, 03/12/2028 | 228 | 217 | ||||||
|
|
|||||||
Total Foreign Government Securities (Cost $69,829) |
46,428 | |||||||
|
|
|||||||
U.S. Treasury Obligations 1.2% | ||||||||
U.S. Treasury Inflation Indexed Notes, | ||||||||
0.13%, 04/15/2025 | 811 | 786 | ||||||
0.13%, 01/15/2032 (ii) | 6,907 | 6,305 | ||||||
0.25%, 01/15/2025 | 1,014 | 990 | ||||||
0.50%, 04/15/2024 | 907 | 893 | ||||||
U.S. Treasury Notes, | ||||||||
2.50%, 05/31/2024 (ee) (jj) | 26,890 | 26,278 | ||||||
2.75%, 04/30/2027 | 740 | 712 | ||||||
3.88%, 03/31/2025 | 1,062 | 1,058 | ||||||
|
|
|||||||
Total U.S. Treasury Obligations (Cost $37,827) |
37,022 | |||||||
|
|
|||||||
SHARES |
||||||||
Common Stock 0.1% | ||||||||
Communications 0.1% | ||||||||
Telecommunications 0.1% | ||||||||
Intelsat SA (Luxembourg) (a) (bb) (cc) (Cost $4,732) |
87 | 2,086 | ||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
SHARES |
VALUE ($) | ||||||
Preferred Stock 0.2% | ||||||||
Consumer Cyclical 0.2% | ||||||||
Retail 0.2% | ||||||||
Ferrellgas Escrow LLC, (a) (f) (bb) (cc) (Cost $6,490) |
6 | 6,467 | ||||||
|
|
|||||||
PRINCIPAL |
||||||||
Loan Assignments 4.4% (o) | ||||||||
Basic Materials 0.1% | ||||||||
Chemicals 0.1% | ||||||||
ARC Falcon I, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 09/30/2028 (aa) | 688 | 619 | ||||||
Ascend Performance Materials Operations LLC, 2021 Refinancing Term Loan, (CME Term SOFR 6 Month + 4.75%), 9.71%, 08/27/2026 (aa) | 579 | 568 | ||||||
Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.38%), 8.96%, 10/04/2029 (aa) | 2,400 | 2,269 | ||||||
Nutrition & Biosciences, Inc., 3-Year Delayed Draw Term Loan, (ICE LIBOR USD 3 Month + 1.50%), 6.31%, 01/17/2023 (f) (aa) | 64 | 63 | ||||||
Sparta U.S. Holdco LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 7.92%, 08/02/2028 (aa) | 614 | 607 | ||||||
|
|
|||||||
Total Basic Materials | 4,126 | |||||||
|
|
|||||||
Communications 0.9% | ||||||||
Advertising 0.1% | ||||||||
Clear Channel Outdoor Holdings, Inc., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 8.33%, 08/21/2026 (aa) | 4,072 | 3,784 | ||||||
|
|
|||||||
Internet 0.2% | ||||||||
Acuris Finance US, Inc., Initial Dollar Term Loan, (CME Term SOFR 3 Month + 4.00%), 9.05%, 02/16/2028 (aa) | 178 | 171 | ||||||
CNT Holdings I Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 8.13%, 11/08/2027 (aa) | 1,165 | 1,144 | ||||||
Comcast Hulu Holdings LLC, Term Loan A, (ICE LIBOR USD 1 Month + 0.88%), 5.72%, 03/15/2024 (aa) | 750 | 743 | ||||||
MH Sub I LLC, 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 1 Month + 6.25%), 11.06%, 02/23/2029 (aa) | 758 | 692 | ||||||
Proofpoint, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 08/31/2028 (aa) | 2,196 | 2,143 | ||||||
|
|
|||||||
4,893 | ||||||||
|
|
|||||||
Media 0.3% | ||||||||
Charter Communications Operating LLC Term B-1 Loan, (CME Term SOFR 1 Month + 1.75%), 6.56%, 04/30/2025 (aa) | 858 | 857 | ||||||
Diamond Sports Group LLC, Term Loan (First Lien), (CME Term SOFR 3 Month + 8.00%), 12.78%, 05/25/2026 (d) (aa) | 2,745 | 2,569 | ||||||
Diamond Sports Group LLC, Term Loan (Second Lien), (CME Term SOFR 3 Month + 3.25%), 8.03%, 08/24/2026 (d) (aa) | 4,720 | 252 | ||||||
DIRECTV Financing LLC, Closing Date Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 9.84%, 08/02/2027 (aa) | 3,842 | 3,689 | ||||||
Univision Communications, Inc., 2017 Replacement Repriced First-Lien Term Loan, (ICE LIBOR USD 3 Month + 1.75%), 6.64%, 03/15/2024 (u) (aa) | 175 | 175 | ||||||
|
|
|||||||
7,542 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Loan Assignments continued | ||||||||
Telecommunications 0.3% | ||||||||
Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.50%), 8.35%, 12/11/2026 (u) (aa) | 1,738 | 1,725 | ||||||
Delta Topco, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.66%, 12/01/2027 (aa) | 1,081 | 999 | ||||||
Digicel International Finance Ltd., Initial Term B Loan (First Lien), (Saint Lucia), (ICE LIBOR USD 1 Month + 3.25%), 8.08%, 05/27/2024 (u) (aa) | 1,597 | 1,435 | ||||||
Intelsat Jackson Holdings S.A., Term B Loan, (Luxembourg), (CME Term SOFR 3 Month + 4.25%), 9.08%, 02/01/2029 (aa) | 2,166 | 2,139 | ||||||
Xplornet Communications, Inc., Refinancing Term Loan (First Lien), (Canada), (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 10/02/2028 (aa) | 3,266 | 2,624 | ||||||
Zayo Group Holdings, Inc., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 03/09/2027 (aa) | 2,070 | 1,676 | ||||||
|
|
|||||||
10,598 | ||||||||
|
|
|||||||
Total Communications | 26,817 | |||||||
|
|
|||||||
Consumer Cyclical 0.5% | ||||||||
Airlines 0.2% | ||||||||
AAdvantage Loyalty IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 4.75%), 9.56%, 04/20/2028 (aa) | 3,369 | 3,416 | ||||||
SkyMiles IP Ltd., Initial Term Loan, (Cayman Islands), (ICE LIBOR USD 3 Month + 3.75%), 8.56%, 10/20/2027 (aa) | 655 | 678 | ||||||
United AirLines, Inc., Class B Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 8.57%, 04/21/2028 (aa) | 577 | 572 | ||||||
|
|
|||||||
4,666 | ||||||||
|
|
|||||||
Apparel 0.0% (g) | ||||||||
Crocs, Inc., Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.41%, 02/20/2029 (aa) | 573 | 570 | ||||||
|
|
|||||||
Entertainment 0.0% (g) | ||||||||
Churchill Downs, Inc., Term B Facility Loan, (ICE LIBOR USD 1 Month + 2.00%), 6.85%, 12/27/2024 (aa) | 345 | 344 | ||||||
Flutter Entertainment plc, USD Term Loan, (Ireland), (ICE LIBOR USD 3 Month + 2.25%), 7.41%, 07/21/2026 (u) (aa) | 233 | 232 | ||||||
|
|
|||||||
576 | ||||||||
|
|
|||||||
Lodging 0.1% | ||||||||
Fertitta Entertainment LLC, Initial B Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.81%, 01/27/2029 (aa) | 2,619 | 2,573 | ||||||
Hilton Worldwide Finance LLC, Refinanced Series B-2 Term Loan, (ICE LIBOR USD 3 Month + 2.75%), 7.66%, 06/22/2026 (u) (aa) | 383 | 383 | ||||||
Resorts World Las Vegas LLC, Term A Facility Loan, (ICE LIBOR USD 1 Month + 1.50%), 6.35%, 04/16/2024 (aa) | 500 | 495 | ||||||
Wyndham Hotels & Resorts, Inc., Term B Loan, (ICE LIBOR USD 1 Month + 1.75%), 6.59%, 05/30/2025 (aa) | 153 | 153 | ||||||
|
|
|||||||
3,604 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Loan Assignments continued | ||||||||
Retail 0.2% | ||||||||
Great Outdoors Group LLC, Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 03/06/2028 (aa) | 2,475 | 2,439 | ||||||
IRB Holding Corp., 2022 Replacement Term B Loan, (CME Term SOFR 1 Month + 3.00%), 7.91%, 12/15/2027 (u) (aa) | 676 | 664 | ||||||
SRS Distribution. Inc., 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 8.16%, 06/02/2028 (aa) | 1,332 | 1,282 | ||||||
White Cap Supply Holdings LLC, Initial Closing Date Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.56%, 10/19/2027 (aa) | 1,617 | 1,596 | ||||||
|
|
|||||||
5,981 | ||||||||
|
|
|||||||
Total Consumer Cyclical | 15,397 | |||||||
|
|
|||||||
Consumer Non-cyclical 0.3% | ||||||||
Beverages 0.0% (g) | ||||||||
Naked Juice LLC, Initial Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 11.00%, 01/24/2030 (aa) | 111 | 83 | ||||||
Naked Juice LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 8.25%, 01/24/2029 (aa) | 752 | 659 | ||||||
|
|
|||||||
742 | ||||||||
|
|
|||||||
Commercial Services 0.2% | ||||||||
CoreLogic, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 8.38%, 06/02/2028 (aa) | 754 | 641 | ||||||
PECF USS Intermediate Holding III Corp., Initial Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 9.09%, 12/15/2028 (aa) | 830 | 696 | ||||||
Sabre GLBL, Inc., 2021 Other Term B-1 Loan, (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 12/17/2027 (aa) | 235 | 198 | ||||||
Sabre GLBL, Inc., 2021 Other Term B-2 Loan, (ICE LIBOR USD 1 Month + 3.50%), 8.34%, 12/17/2027 (aa) | 377 | 318 | ||||||
Verscend Holding Corp., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.00%), 8.84%, 08/27/2025 (aa) | 4,190 | 4,181 | ||||||
|
|
|||||||
6,034 | ||||||||
|
|
|||||||
Food 0.0% (g) | ||||||||
Chobani LLC, 2020 New Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.42%, 10/25/2027 (aa) | 167 | 165 | ||||||
|
|
|||||||
HealthcareProducts 0.0% (g) | ||||||||
Bausch + Lomb Corp., Initial Term Loan, (Canada), (CME Term SOFR 3 Month + 3.25%), 8.46%, 05/10/2027 (aa) | 74 | 71 | ||||||
|
|
|||||||
HealthcareServices 0.1% | ||||||||
Envision Healthcare Corp., First Out Term Loan, (CME Term SOFR 3 Month + 7.88%), 12.92%, 03/31/2027 (aa) | 53 | 44 | ||||||
LifePoint Health, Inc., Term B Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 8.58%, 11/16/2025 (aa) | 192 | 183 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Loan Assignments continued | ||||||||
HealthcareServices continued | ||||||||
Parexel International, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 11/15/2028 (u) (aa) | 1,160 | 1,145 | ||||||
Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 8.25%), 12.98%, 04/29/2025 (aa) | 569 | 342 | ||||||
Surgery Center Holdings, Inc., 2021 New Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.46%, 08/31/2026 (aa) | 712 | 707 | ||||||
WCG Purchaser Corp., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 8.95%, 01/08/2027 (aa) | 287 | 270 | ||||||
|
|
|||||||
2,691 | ||||||||
|
|
|||||||
Pharmaceuticals 0.0% (g) | ||||||||
Gainwell Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 9.00%, 10/01/2027 (aa) | 1,078 | 1,026 | ||||||
|
|
|||||||
Total Consumer Non-cyclical | 10,729 | |||||||
|
|
|||||||
Electronics 0.0% (g) | ||||||||
Industrial 0.0% (g) | ||||||||
Indicor LLC, Initial Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 4.50%), 9.40%, 11/22/2029 (aa) | 1,254 | 1,243 | ||||||
|
|
|||||||
Energy 0.1% | ||||||||
Oil & Gas 0.1% | ||||||||
Ascent Resources Utica Holdings LLC / Aru Finance Corp, Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 9.00%), 13.82%, 11/01/2025 (aa) | 2,183 | 2,312 | ||||||
|
|
|||||||
Pipelines 0.0% (g) | ||||||||
Buckeye Partners, L.P., 2021 Tranche B-1 Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 7.09%, 11/01/2026 (aa) | 150 | 149 | ||||||
Freeport LNG investments, LLLP, Initial Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 8.31%, 12/21/2028 (aa) | 1,769 | 1,710 | ||||||
|
|
|||||||
1,859 | ||||||||
|
|
|||||||
Total Energy | 4,171 | |||||||
|
|
|||||||
Financial 0.3% | ||||||||
Banks 0.0% (g) | ||||||||
Mercury Borrower, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.50%), 8.38%, 08/02/2028 (aa) | 529 | 512 | ||||||
Mercury Borrower, Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.50%), 11.31%, 08/02/2029 (aa) | 325 | 290 | ||||||
|
|
|||||||
802 | ||||||||
|
|
|||||||
Diversified Financial Services 0.1% | ||||||||
Advisor Group Holdings, Inc., Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.50%), 9.34%, 07/31/2026 (aa) | 495 | 486 | ||||||
Deerfield Dakota Holding LLC, 2021 Replacement Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 6.75%), 11.91%, 04/07/2028 (aa) | 763 | 699 | ||||||
Deerfield Dakota Holding LLC, Initial Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.65%, 04/09/2027 (u) (aa) | 888 | 858 | ||||||
|
|
|||||||
2,043 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Loan Assignments continued | ||||||||
Insurance 0.1% | ||||||||
Alliant Holdings Intermediate LLC, TLB-5 New Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.35%, 11/05/2027 (aa) | 320 | 316 | ||||||
AssuredPartners, Inc., 2022 Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.31%, 02/12/2027 (aa) | 1,251 | 1,235 | ||||||
Asurion LLC, New B-4 Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.25%), 10.09%, 01/20/2029 (aa) | 1,785 | 1,467 | ||||||
Hub International Ltd., B-3 Incremental Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 8.06%, 04/25/2025 (aa) | 184 | 184 | ||||||
|
|
|||||||
3,202 | ||||||||
|
|
|||||||
Investment Companies 0.0% (g) | ||||||||
Guardian US Holdco LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.68%, 01/31/2030 (aa) | 1,190 | 1,173 | ||||||
|
|
|||||||
REITS 0.1% | ||||||||
Invitation Homes Operating Partnership LP, Term Loan A, (ICE LIBOR USD 1 Month + 1.00%), 5.84%, 01/31/2025 (aa) | 1,552 | 1,517 | ||||||
|
|
|||||||
Total Financial | 8,737 | |||||||
|
|
|||||||
Industrial 0.6% | ||||||||
Building Materials 0.0% (g) | ||||||||
Chariot Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 11/03/2028 (aa) | 834 | 800 | ||||||
|
|
|||||||
Engineering & Construction 0.3% | ||||||||
Brand Industrial Services, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.25%), 9.07%, 06/21/2024 (aa) | 9,122 | 8,485 | ||||||
KKR Apple Bidco LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.75%), 10.59%, 09/21/2029 (aa) | 96 | 94 | ||||||
|
|
|||||||
8,579 | ||||||||
|
|
|||||||
MachineryConstruction & Mining 0.0% (g) | ||||||||
Vertiv Group Corp., Term B Loan, (ICE LIBOR USD 1 Month + 2.75%), 7.42%, 03/02/2027 (aa) | 495 | 484 | ||||||
|
|
|||||||
MachineryDiversified 0.2% | ||||||||
Husky Injection Molding Systems Ltd., Initial Term Loan, (Canada), (ICE LIBOR USD 3 Month + 3.00%), 8.15%, 03/28/2025 (aa) | 5,585 | 5,280 | ||||||
SPX Flow, Inc., Term Loan, (CME Term SOFR 1 Month + 4.50%), 9.41%, 04/05/2029 (aa) | 1,082 | 1,030 | ||||||
|
|
|||||||
6,310 | ||||||||
|
|
|||||||
Packaging & Containers 0.1% | ||||||||
Charter Next Generation, Inc., Initial Term Loan (2021) (First Lien), (CME Term SOFR 1 Month + 3.75%), 8.67%, 12/01/2027 (aa) | 1,160 | 1,144 | ||||||
Mauser Packaging Solutions Holding Company, Initial Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.78%, 08/14/2026 (aa) | 944 | 935 | ||||||
|
|
|||||||
2,079 | ||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Loan Assignments continued | ||||||||
Shipbuilding 0.0% (g) | ||||||||
MHI Holdings LLC, Initial Term Loan, (ICE LIBOR USD 1 Month + 5.00%), 9.84%, 09/21/2026 (aa) | 689 | 687 | ||||||
|
|
|||||||
Transportation 0.0% (g) | ||||||||
AIT Worldwide Logistics Holdings, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.75%), 9.45%, 04/06/2028 (aa) | 396 | 381 | ||||||
XPO, Inc., Refinancing Term Loan (2018), (ICE LIBOR USD 1 Month + 1.75%), 6.45%, 02/24/2025 (aa) | 464 | 463 | ||||||
|
|
|||||||
844 | ||||||||
|
|
|||||||
Total Industrial | 19,783 | |||||||
|
|
|||||||
Technology 1.6% | ||||||||
Computers 0.3% | ||||||||
Magenta Buyer LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.75%), 9.58%, 07/27/2028 (aa) | 4,107 | 3,372 | ||||||
Magenta Buyer LLC, Initial Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 8.25%), 13.08%, 07/27/2029 (aa) | 491 | 363 | ||||||
McAfee Corp., Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.75%), 8.52%, 03/01/2029 (u) (aa) | 3,169 | 2,971 | ||||||
Peraton Corp., Term B Loan (First Lien), (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 02/01/2028 (u) (aa) | 2,033 | 2,003 | ||||||
Peraton Corp., Term B-1 Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.75%), 12.65%, 02/01/2029 (aa) | 1,205 | 1,169 | ||||||
Tempo Acquisition LLC, Initial Term B-1 Loan, (CME Term SOFR 1 Month + 3.00%), 7.81%, 08/31/2028 (aa) | 485 | 484 | ||||||
|
|
|||||||
10,362 | ||||||||
|
|
|||||||
Software 1.3% | ||||||||
Ascend Learning LLC, Initial Term Loan (2021) (First Lien), (CME Term SOFR 1 Month + 3.50%), 8.41%, 12/11/2028 (aa) | 758 | 699 | ||||||
Ascend Learning LLC, Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 10.66%, 12/10/2029 (aa) | 458 | 393 | ||||||
athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 8.26%, 02/15/2029 (aa) | 5,144 | 4,810 | ||||||
Banff Guarantor Inc., Initial Term Loan (Second Lien), (ICE LIBOR USD 1 Month + 5.50%), 10.34%, 02/27/2026 (aa) | 1,992 | 1,911 | ||||||
Boxer Parent Company, Inc., 2021 Replacement Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 8.59%, 10/02/2025 (aa) | 1,211 | 1,194 | ||||||
Camelot U.S. Acquisition 1 Co., Amendment No. 2 Incremental Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 10/30/2026 (aa) | 793 | 790 | ||||||
Central Parent, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 9.15%, 07/06/2029 (aa) | 1,300 | 1,294 |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
PRINCIPAL AMOUNT ($) |
VALUE ($) | ||||||
Loan Assignments continued | ||||||||
Software continued | ||||||||
Cloud Software Group, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.50%), 9.50%, 03/30/2029 (aa) | 2,638 | 2,392 | ||||||
Dun & Bradstreet Corp., The, 2022 Incremental Term B-2 Loan, (CME Term SOFR 1 Month + 3.25%), 8.04%, 01/18/2029 (aa) | 930 | 923 | ||||||
EP Purchaser LLC, Closing Date Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 8.66%, 11/06/2028 (aa) | 486 | 483 | ||||||
Epicor Software Corp., Term C Loan, (ICE LIBOR USD 1 Month + 3.25%), 8.09%, 07/30/2027 (aa) | 496 | 486 | ||||||
Helios Software Holdings, Inc., Initial Dollar Term Loan (2021), (CME Term SOFR 1 Month + 3.75%), 8.66%, 03/11/2028 (aa) | 882 | 857 | ||||||
Misys Ltd., Dollar Term Loan (First Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 3.50%), 8.33%, 06/13/2024 (aa) | 1,991 | 1,856 | ||||||
Misys Ltd., Dollar Term Loan (Second Lien), (United Kingdom), (ICE LIBOR USD 3 Month + 7.25%), 12.08%, 06/13/2025 (u) (aa) | 1,970 | 1,574 | ||||||
Planview Parent, Inc., Closing Date Loan (Second Lien), (ICE LIBOR USD 3 Month + 7.25%), 12.41%, 12/18/2028 (aa) | 180 | 159 | ||||||
Polaris Newco LLC, Dollar Term Loan (First Lien), (ICE LIBOR USD 3 Month + 4.00%), 9.16%, 06/02/2028 (aa) | 1,566 | 1,425 | ||||||
Project Alpha Intermediate Holding, Inc., 2021 Refinancing Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 8.85%, 04/26/2024 (aa) | 221 | 219 | ||||||
RealPage, Inc., Initial Loan (Second Lien), (ICE LIBOR USD 1 Month + 6.50%), 11.34%, 04/23/2029 (aa) | 918 | 864 | ||||||
RealPage, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 3.00%), 7.84%, 04/24/2028 (aa) | 2,936 | 2,843 | ||||||
Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 10.10%, 07/14/2028 (aa) | 2,304 | 1,938 | ||||||
Sophia, L.P., Term Loan B (First Lien), (ICE LIBOR USD 3 Month + 3.50%), 8.66%, 10/07/2027 (aa) | 7,066 | 6,973 | ||||||
Sovos Compliance LLC, Initial Term Loan (First Lien), (ICE LIBOR USD 1 Month + 4.50%), 9.34%, 08/11/2028 (aa) | 1,017 | 961 | ||||||
UKG, Inc., 2021 Incremental Term Loan (Second Lien), (ICE LIBOR USD 3 Month + 5.25%), 10.03%, 05/03/2027 (aa) | 2,087 | 1,994 | ||||||
UKG, Inc., Initial Term Loan (First Lien), (ICE LIBOR USD 3 Month + 3.75%), 8.58%, 05/04/2026 (aa) | 1,756 | 1,725 | ||||||
|
|
|||||||
38,763 | ||||||||
|
|
|||||||
Total Technology | 49,125 | |||||||
|
|
|||||||
Utilities 0.0% (g) | ||||||||
Electric 0.0% (g) | ||||||||
Heritage Power LLC, Term Loan, (PRIME 3 Month + 5.00%), 7.50%, 07/30/2026 (d) (aa) | 1,416 | 443 | ||||||
|
|
|||||||
Total Loan Assignments (Cost $143,383) |
140,571 | |||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION |
NUMBER OF RIGHTS |
VALUE ($) | ||||||
Rights 0.0% (g) | ||||||||
Communications 0.0% (g) | ||||||||
Telecommunications 0.0% (g) | ||||||||
Intelsat Jackson Holdings SA, expiring, | ||||||||
12/31/2049 (a) (bb) (cc) | 18 | 104 | ||||||
|
|
|||||||
(Cost $0) | ||||||||
PRINCIPAL |
||||||||
Short-Term Investments 4.1% | ||||||||
Commercial Papers 0.1% | ||||||||
Bayer Corp., 5.97%, 07/21/2023 (e) (n) | 750 | 737 | ||||||
General Motors Financial Co., Inc., 5.27%, 05/08/2023 (n) | 353 | 351 | ||||||
Global Payments, Inc., 5.65%, 04/03/2023 (e) (n) | 523 | 523 | ||||||
Jabil, Inc., 5.60%, 04/03/2023 (e) (n) | 992 | 991 | ||||||
|
|
|||||||
Total Commercial Papers | 2,602 | |||||||
|
|
|||||||
Time Deposits 2.2% | ||||||||
Australia & New Zealand Banking Group Ltd., 4.18%, 04/03/2023 | 20,283 | 20,283 | ||||||
BNP Paribas SA, 3.32%, 04/03/2023 | CAD | 1 | 1 | |||||
Brown Brothers Harriman & Co., | ||||||||
0.00%, 04/03/2023 | CHF | 1 | 1 | |||||
Citibank NA, | ||||||||
1.91%, 04/03/2023 | EUR | 450 | 488 | |||||
4.18%, 04/03/2023 | 31,607 | 31,607 | ||||||
Royal Bank of Canada, 4.18%, 04/03/2023 | 18,376 | 18,376 | ||||||
Skandinaviska Enskilda Banken, 3.15%, 04/03/2023 | GBP | 458 | 565 | |||||
Sumitomo Mitsui Banking Corp., 4.18%, 04/03/2023 | 639 | 639 | ||||||
|
|
|||||||
Total Time Deposits | 71,960 | |||||||
|
|
|||||||
U.S. Government Agency Securities 1.2% | ||||||||
FHLB DNs, | ||||||||
Zero Coupon, 04/03/2023 | 22,500 | 22,500 | ||||||
Zero Coupon, 04/10/2023 | 3,100 | 3,097 | ||||||
Zero Coupon, 04/24/2023 | 3,100 | 3,092 | ||||||
Zero Coupon, 05/26/2023 | 8,000 | 7,947 | ||||||
|
|
|||||||
Total U.S. Government Agency Securities | 36,636 | |||||||
|
|
|||||||
U.S. Treasury Obligations 0.6% | ||||||||
U.S. Treasury Bills, | ||||||||
Zero Coupon, 04/04/2023 | 4,600 | 4,599 | ||||||
Zero Coupon, 04/11/2023 | 6,336 | 6,330 | ||||||
Zero Coupon, 05/04/2023 (ii) | 3,200 | 3,187 | ||||||
Zero Coupon, 05/11/2023 | 5,100 | 5,075 | ||||||
|
|
|||||||
Total U.S. Treasury Obligations | 19,191 | |||||||
|
|
|||||||
Total Short-Term Investments (Cost $130,373) |
130,389 | |||||||
|
|
|||||||
Total Investments 98.6% (Cost $3,254,716)* |
3,146,882 | |||||||
Other Assets in Excess of Liabilities 1.4% |
46,180 | |||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 3,193,062 | ||||||
|
|
Percentages indicated are based on net assets.
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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, 2023:
Exchange Traded
DESCRIPTION |
NUMBER OF CONTRACTS |
EXPIRATION DATE |
TRADING CURRENCY |
NOTIONAL AMOUNT ($) |
VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
|||||||||
Long Contracts | ||||||||||||||
Euro Schatz | 2 | 06/2023 | EUR | 227 | 2 | |||||||||
U.S. Treasury 10 Year Note | 63 | 06/2023 | USD | 7,038 | 202 | |||||||||
U.S. Treasury 2 Year Note | 416 | 06/2023 | USD | 85,088 | 797 | |||||||||
U.S. Treasury 5 Year Note | 547 | 06/2023 | USD | 58,755 | 1,146 | |||||||||
U.S. Treasury Long Bond | 2 | 06/2023 | USD | 251 | 11 | |||||||||
|
|
|||||||||||||
2,158 | ||||||||||||||
|
|
|||||||||||||
Short Contracts | ||||||||||||||
Euro BOBL | (1) | 06/2023 | EUR | (125 | ) | (3 | ) | |||||||
U.S. Treasury 5 Year Note | (133) | 06/2023 | USD | (14,280 | ) | (284 | ) | |||||||
U.S. Treasury Long Bond | (7) | 06/2023 | USD | (892 | ) | (26 | ) | |||||||
U.S. Treasury Ultra Bond | (134) | 06/2023 | USD | (18,050 | ) | (861 | ) | |||||||
|
|
|||||||||||||
(1,174 | ) | |||||||||||||
|
|
|||||||||||||
Total unrealized appreciation (depreciation) | 984 | |||||||||||||
|
|
Forward foreign currency exchange contracts outstanding as of March 31, 2023:
CURRENCY PURCHASED |
CURRENCY SOLD |
COUNTERPARTY |
SETTLEMENT DATE |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
||||||||||||||
EUR | 2,530 | USD | 2,728 | HSBC Bank plc | 04/04/2023 | 16 | ||||||||||||
GBP | 139 | USD | 170 | Morgan Stanley & Co. | 04/04/2023 | 1 | ||||||||||||
USD | 253 | EUR | 232 | Bank of America, NA | 06/21/2023 | | (h) | |||||||||||
USD | 109 | EUR | 100 | Bank of America, NA | 06/21/2023 | | (h) | |||||||||||
USD | 370 | EUR | 337 | Morgan Stanley & Co. | 06/21/2023 | 3 | ||||||||||||
|
|
|||||||||||||||||
Total unrealized appreciation | 20 | |||||||||||||||||
|
|
|||||||||||||||||
USD | 2,700 | EUR | 2,530 | Bank of America, NA | 04/04/2023 | (44 | ) | |||||||||||
USD | 167 | GBP | 139 | Morgan Stanley & Co. | 04/04/2023 | (4 | ) | |||||||||||
EUR | 100 | USD | 109 | Bank of America, NA | 04/05/2023 | | (h) | |||||||||||
USD | 2,733 | EUR | 2,530 | HSBC Bank plc | 05/02/2023 | (16 | ) | |||||||||||
USD | 170 | GBP | 139 | Morgan Stanley & Co. | 05/02/2023 | (1 | ) | |||||||||||
USD | 16 | EUR | 15 | Bank of America, NA | 06/21/2023 | | (h) | |||||||||||
USD | 11,595 | EUR | 10,733 | UBS AG LONDON | 06/21/2023 | (97 | ) | |||||||||||
USD | 11,480 | EUR | 10,643 | UBS AG LONDON | 06/21/2023 | (115 | ) | |||||||||||
USD | 4,321 | GBP | 3,598 | Bank of America, NA | 06/21/2023 | (124 | ) | |||||||||||
|
|
|||||||||||||||||
Total unrealized depreciation | (401 | ) | ||||||||||||||||
|
|
|||||||||||||||||
Net unrealized appreciation (depreciation) | (381 | ) | ||||||||||||||||
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2023:
FLOATING RATE INDEX (a) |
FIXED RATE | PAY/ RECEIVE FLOATING RATE |
MATURITY DATE |
NOTIONAL AMOUNT |
UPFRONT PAYMENTS (RECEIPTS) ($) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
|||||||||||||||||||||
United States SOFR |
1.00% annually | Receive | 06/15/2027 | USD | 26,300 | (2,743 | ) | (101 | ) | (2,844 | ) | |||||||||||||||||
United States SOFR |
1.75% annually | Pay | 06/15/2032 | USD | 400 | 31 | 20 | 51 | ||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
Total | (2,712 | ) | (81 | ) | (2,793 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
(a) | Value of floating rate index as of March 31, 2023 was as follows: |
FLOATING RATE INDEX |
||||
United States SOFR |
4.87 | % |
OTC Credit Default Swaps contracts outstanding buy protection (1) as of March 31, 2023:
REFERENCE OBLIGATION/ INDEX |
FINANCING RATE PAID BY THE FUND(%) |
PAYMENT FREQUENCY |
COUNTERPARTY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (3) |
NOTIONAL AMOUNT (4) |
UPFRONT PAYMENTS (RECEIPTS) ($) (5) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
|||||||||||||||||||||||||
Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | % | quarterly | Bank of America | 06/20/2028 | 0.63 | USD | 11,600 | (168 | ) | (41 | ) | (209 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total | (168 | ) | (41 | ) | (209 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
OTC Credit Default Swaps contracts outstanding sell protection (2) as of March 31, 2023:
REFERENCE OBLIGATION/INDEX |
FINANCING RATE RECEIVED BY THE FUND(%) |
PAYMENT FREQUENCY |
COUNTERPARTY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (3) |
NOTIONAL AMOUNT (4) |
UPFRONT PAYMENTS (RECEIPTS) ($) (5) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
|||||||||||||||||||||||
Adler Real Estate AG, 2.13%, 02/06/2024 |
5.00 | % | quarterly | Bank of America | 12/20/2027 | 23.72 | EUR | 200 | (50 | ) | (14 | ) | (64 | ) | ||||||||||||||||||
Casino Guichard Perrachon SA, 4.05%, 08/05/2026 |
5.00 | % | quarterly | Barclays Bank plc | 06/20/2023 | 54.72 | EUR | 264 | (8 | ) | (21 | ) | (29 | ) | ||||||||||||||||||
CMA CGM SA, 7.50%, 01/15/2026 |
5.00 | % | quarterly | Goldman Sachs | 06/20/2026 | 1.99 | EUR | 10 | 1 | | (h) | 1 | ||||||||||||||||||||
CMA CGM SA, 7.50%, 01/15/2026 |
5.00 | % | quarterly | Goldman Sachs International | 06/20/2027 | 2.40 | EUR | 70 | 2 | 5 | 7 | |||||||||||||||||||||
CMA CGM SA, 7.50%, 01/15/2026 |
5.00 | % | quarterly | Barclays Bank plc | 06/20/2027 | 2.40 | EUR | 49 | 2 | 4 | 6 | |||||||||||||||||||||
Jaguar Land Rover Automotive, 2.20%, 01/15/2024 |
5.00 | % | quarterly | Barclays Bank plc | 12/20/2026 | 7.15 | EUR | 30 | 1 | (3 | ) | (2 | ) |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
REFERENCE OBLIGATION/INDEX |
FINANCING RATE RECEIVED BY THE FUND(%) |
PAYMENT FREQUENCY |
COUNTERPARTY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (3) |
NOTIONAL AMOUNT (4) |
UPFRONT PAYMENTS (RECEIPTS) ($) (5) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
|||||||||||||||||||||||||
Jaguar Land Rover Automotive, 2.20%, 01/15/2024 |
5.00 | % | quarterly | Morgan Stanley | 12/20/2026 | 7.15 | EUR | 10 | | (h) | (1 | ) | (1 | ) | ||||||||||||||||||||
Jaguar Land Rover Automotive, 2.20%, 01/15/2024 |
5.00 | % | quarterly | Bank of America | 12/20/2026 | 7.15 | EUR | 20 | (1 | ) | |
( |
)(h) |
(1 | ) | |||||||||||||||||||
Loxam SAS, 6.00%, 04/15/2025 |
5.00 | % | quarterly | Bank of America | 12/20/2027 | 7.63 | EUR | 140 | (11 | ) | (2 | ) | (13 | ) | ||||||||||||||||||||
Novafives SAS, 5.00%, 06/15/2025 |
5.00 | % | quarterly | Goldman Sachs International | 06/20/2023 | 7.66 | EUR | 4 | |
( |
)(h) |
| (h) | |
( |
)(h) | ||||||||||||||||||
Novafives SAS, 5.00%, 06/15/2025 |
5.00 | % | quarterly | Goldman Sachs International | 06/20/2023 | 7.66 | EUR | 6 | |
( |
)(h) |
| (h) | |
( |
)(h) | ||||||||||||||||||
Novafives SAS, 5.00%, 06/15/2025 |
5.00 | % | quarterly | Citibank, NA | 06/20/2023 | 7.66 | EUR | 20 | (1 | ) | 1 | |
( |
)(h) | ||||||||||||||||||||
thyssenkrupp AG, 2.50%, 02/25/2025 |
5.00 | % | quarterly | Bank of America | 12/20/2023 | 0.91 | EUR | 140 | (4 | ) | 9 | 5 | ||||||||||||||||||||||
United Group BV, 3.63%, 02/15/2028 |
5.00 | % | quarterly | Bank of America | 12/20/2027 | 10.89 | EUR | 113 | (17 | ) | (5 | ) | (22 | ) | ||||||||||||||||||||
United Group BV, 3.63%, 02/15/2028 |
5.00 | % | quarterly | Morgan Stanley | 12/20/2027 | 10.89 | EUR | 137 | (22 | ) | (5 | ) | (27 | ) | ||||||||||||||||||||
Vietnam Government International Bond, 4.80%, 11/19/2024 |
1.00 | % | quarterly | Citibank, NA | 12/20/2027 | 1.23 | USD | 4,300 | (125 | ) | 84 | (41 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total | (233 | ) | 52 | (181 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
Centrally Cleared Credit Default Swaps contracts outstanding buy protection (1) as of March 31, 2023:
REFERENCE OBLIGATION/INDEX |
FINANCING RATE PAID BY THE FUND(%) |
PAYMENT FREQUENCY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (3) |
NOTIONAL AMOUNT (4) |
UPFRONT PAYMENTS (RECEIPTS) ($) (5) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
||||||||||||||||||||||||||||
CDX.NA.HY.39-V1 | 5.00 | % | quarterly | 12/20/2027 | 4.69 | USD | 50,000 | (804 | ) | 135 | (669 | ) | ||||||||||||||||||||||||
CDX.NA.IG.39-V1 | 1.00 | % | quarterly | 12/20/2032 | 1.10 | USD | 69,680 | 855 | (354 | ) | 501 | |||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total | 51 | (219 | ) | (168 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Centrally Cleared Credit Default Swaps contracts outstanding sell protection (2) as of March 31, 2023:
REFERENCE OBLIGATION/INDEX |
FINANCING RATE RECEIVED BY THE FUND(%) |
PAYMENT FREQUENCY |
MATURITY DATE |
IMPLIED CREDIT SPREAD (%) (3) |
NOTIONAL AMOUNT (4) |
UPFRONT PAYMENTS (RECEIPTS) ($) (5) |
UNREALIZED APPRECIATION (DEPRECIATION) ($) |
VALUE ($) |
||||||||||||||||||||||||||||
CDX.NA.HY.39-V1 |
5.00 | % | quarterly | 12/20/2027 | 4.69 | USD | 50,000 | 660 | 9 | 669 | ||||||||||||||||||||||||||
CDX.NA.HY.40-V1 | 5.00 | % | quarterly | 06/20/2028 | 4.62 | USD | 70,423 | (176 | ) | 1,396 | 1,220 | |||||||||||||||||||||||||
CDX.NA.HY.40-V1 |
5.00 | % | quarterly | 06/20/2028 | 4.62 | USD | 14,499 | 9 | 242 | 251 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total |
493 | 1,647 | 2,140 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
(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) | 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. |
(3) | Implied credit spreads are an indication of the sellers performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. |
(4) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. |
(5) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
CDX | | Credit Default Swap Index | ||
CLO | | Collateralized Loan Obligations | ||
CMT | | Constant Maturity Treasury | ||
DN | | Discount Notes | ||
EURIBOR | | Euro Interbank Offered Rate | ||
FHLB | | Federal Home Loan Bank | ||
ICE | | Intercontinental Exchange | ||
IO | | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As result, interest income may be reduced considerably. | ||
LIBOR | | London Interbank Offered Rate | ||
Reg. S | | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the Securities Act), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. | ||
REIT | | Real Estate Investment Trust | ||
SOFR | | Secured Overnight Financing Rate | ||
SUB | | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2023. | ||
(a) | | Non-income producing security. | ||
(d) | | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. | ||
(e) | | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||
(g) | | Amount rounds to less than 0.05%. | ||
(h) | | Amount rounds to less than 500 shares or principal/ $500. | ||
(n) | | The rate shown is the effective yield as of March 31, 2023. | ||
(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, 2023. Unless otherwise indicated, the coupon rate is undetermined. | ||
(v) | | Security has the ability to pay in kind (PIK) or pay income in cash. When applicable, separate rates of such payments are disclosed. | ||
(w) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | ||
(x) | | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2023. | ||
(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, 2023. | ||
(aa) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2023. |
Six Circles Credit Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)
(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. | |||
(ee) | | Approximately $6,095 of these investments are restricted as collateral for swaps to Citigroup Clearing. | ||
(ii) | | Approximately $271 of these investments are restricted as collateral for forwards to various brokers. | ||
(jj) | | Approximately $61 of these investments are restricted as collateral for bi-lateral derivatives to various brokers. | ||
* | | The cost of securities is substantially the same for federal income tax purposes. | ||
CAD | | Canadian Dollar | ||
CHF | | Swiss Franc | ||
EUR | | Euro | ||
GBP | | British Pound | ||
USD | | United States Dollar |
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited)
A. Valuation of Investments The valuation of investments is in accordance with U.S. generally accepted accounting principles (GAAP) and the Funds valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the Board), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Board has designated J.P. Morgan Private Investments Inc. (the Adviser) as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee (VC), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds investments with respect to Rule 2a-5 under the 1940 Act. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.
A market-based approach is primarily used to value the Funds investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available, market quotations are determined not to be reliable, or whose value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Funds net asset value (NAV) is calculated, are valued by approved pricing vendors or third party broker-dealers (collectively referred to as Pricing Services) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equity securities listed on a North American, Central American, South American or Caribbean (Americas) securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the net assets values of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.
Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services.
The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.
Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
Shares of exchange-traded funds (ETFs) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds investments are summarized into the three broad levels listed below.
| Level 1 Unadjusted inputs using quoted prices in active markets for identical investments. |
| Level 2 Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| Level 3 Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds assumptions in determining the fair value of investments). |
A financial instruments level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (SOIs) (amounts in thousands):
Six Circles Ultra Short Duration Fund
Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Debt Securities |
||||||||||||||||
Asset-Backed Securities |
$ | | $ | 107,597 | $ | | $ | 107,597 | ||||||||
Certificate of Deposit |
||||||||||||||||
Financial |
| 1,300 | | 1,300 | ||||||||||||
Collateralized Mortgage Obligations |
| 19,586 | | 19,586 | ||||||||||||
Commercial Mortgage-Backed Securities |
| 25,309 | | 25,309 | ||||||||||||
Corporate Bonds |
||||||||||||||||
Basic Materials |
| 1,505 | | 1,505 | ||||||||||||
Communications |
| 27,207 | | 27,207 | ||||||||||||
Consumer Cyclical |
| 32,386 | | 32,386 | ||||||||||||
Consumer Non-cyclical |
| 39,352 | | 39,352 | ||||||||||||
Energy |
| 7,041 | | 7,041 | ||||||||||||
Financial |
| 118,667 | | 118,667 | ||||||||||||
Industrial |
| 23,551 | | 23,551 | ||||||||||||
Technology |
| 29,871 | | 29,871 | ||||||||||||
Utilities |
| 17,949 | | 17,949 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Corporate Bonds |
| 297,529 | | 297,529 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Government Securities |
| 4,093 | | 4,093 | ||||||||||||
Municipal Bonds |
| 2,857 | | 2,857 | ||||||||||||
U.S. Government Agency Securities |
| 38,282 | | 38,282 | ||||||||||||
U.S. Treasury Obligations |
| 11,842 | | 11,842 | ||||||||||||
Short-Term Investments |
||||||||||||||||
Certificates of Deposit |
| 9,959 | | 9,959 | ||||||||||||
Commercial Papers |
| 10,787 | | 10,787 | ||||||||||||
Corporate Bond |
| 2,868 | | 2,868 | ||||||||||||
Foreign Government Securities |
| 25,089 | | 25,089 | ||||||||||||
Municipal Bond |
| 379 | | 379 | ||||||||||||
Repurchase Agreement |
| 3,500 | | 3,500 | ||||||||||||
Time Deposits |
| 20,431 | | 20,431 | ||||||||||||
U.S. Treasury Obligation |
| 521 | | 521 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Short-Term Investments |
| 73,534 | | 73,534 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | | $ | 581,929 | $ | | $ | 581,929 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Appreciation in Other Financial Instruments |
||||||||||||||||
Future contract |
$ | 542 | $ | | $ | | $ | 542 | ||||||||
Forward Foreign Currency Exchange contracts |
| 448 | | 448 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Appreciation in Other Financial Instruments |
$ | 542 | $ | 448 | $ | | $ | 990 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | (586 | ) | $ | | $ | | $ | (586 | ) | ||||||
Forward Foreign Currency Exchange contracts |
| (874 | ) | | (874 | ) | ||||||||||
Centrally Cleared Interest Rate Swap contract |
| | | | ||||||||||||
Centrally Cleared Credit Default Swap contract |
| (28 | ) | | (28 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Depreciation in Other Financial Instruments |
$ | (586 | ) | $ | (902 | ) | $ | | $ | (1,488 | ) | |||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
Six Circles Tax Aware Ultra Short Duration Fund
Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Debt Securities |
||||||||||||||||
Asset-Backed Securities |
$ | | $ | 40,059 | $ | | $ | 40,059 | ||||||||
Collateralized Mortgage Obligations |
| 16,450 | | 16,450 | ||||||||||||
Commercial Mortgage-Backed Securities |
| 9,092 | | 9,092 | ||||||||||||
Corporate Bonds |
||||||||||||||||
Communications |
| 6,773 | | 6,773 | ||||||||||||
Consumer Cyclical |
| 6,870 | | 6,870 | ||||||||||||
Consumer Non-cyclical |
| 7,797 | | 7,797 | ||||||||||||
Energy |
| 3,449 | | 3,449 | ||||||||||||
Financial |
| 46,451 | | 46,451 | ||||||||||||
Industrial |
| 6,528 | | 6,528 | ||||||||||||
Technology |
| 3,128 | | 3,128 | ||||||||||||
Utilities |
| 12,125 | | 12,125 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Corporate Bonds |
| 93,121 | | 93,121 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Government Securities |
| 4,364 | | 4,364 | ||||||||||||
Municipal Bonds |
| 465,156 | | 465,156 | ||||||||||||
U.S. Government Agency Securities |
| 18,258 | | 18,258 | ||||||||||||
U.S. Treasury Obligation |
| 6,793 | | 6,793 | ||||||||||||
Short-Term Investments |
||||||||||||||||
Commercial Papers |
| 3,582 | | 3,582 | ||||||||||||
Corporate Bond |
| 3,603 | | 3,603 | ||||||||||||
Foreign Government Security |
| 2,110 | | 2,110 | ||||||||||||
Municipal Bonds |
| 8,026 | | 8,026 | ||||||||||||
Repurchase Agreement |
| 8,600 | | 8,600 | ||||||||||||
Time Deposits |
| 2,249 | | 2,249 | ||||||||||||
U.S. Treasury Obligation |
| 494 | | 494 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Short-Term Investments |
| 28,664 | | 28,664 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | | $ | 681,957 | $ | | $ | 681,957 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Appreciation in Other Financial Instruments |
||||||||||||||||
Future contract |
$ | 744 | $ | | $ | | $ | 744 | ||||||||
Forward Foreign Currency Exchange contracts |
| 434 | | 434 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Appreciation in Other Financial Instruments |
$ | 744 | $ | 434 | $ | | $ | 1,178 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | (456 | ) | $ | | $ | | $ | (456 | ) | ||||||
Forward Foreign Currency Exchange contracts |
| (204 | ) | | (204 | ) | ||||||||||
Centrally Cleared Interest Rate Swap contracts |
| | | | ||||||||||||
Centrally Cleared Credit Default Swap contract |
| (29 | ) | | (29 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Depreciation in Other Financial Instruments |
$ | (456 | ) | $ | (233 | ) | $ | | $ | (689 | ) | |||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
$ | 48,984 | $ | | $ | | $ | 48,984 | ||||||||
Communications |
2,661,926 | | | 2,661,926 | ||||||||||||
Consumer Cyclical |
201,952 | | | 201,952 | ||||||||||||
Consumer Non-cyclical |
4,135,995 | | | 4,135,995 | ||||||||||||
Energy |
122,265 | | | 122,265 | ||||||||||||
Financial |
2,441,783 | | | 2,441,783 | ||||||||||||
Industrial |
1,026,174 | | | 1,026,174 | ||||||||||||
Technology |
5,087,732 | | | 5,087,732 | ||||||||||||
Utilities |
60,704 | | | 60,704 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Common Stocks |
15,787,515 | | | 15,787,515 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Short-Term Investments |
||||||||||||||||
Time Deposits |
| 76,492 | | 76,492 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | 15,787,515 | $ | 76,492 | $ | | $ | 15,864,007 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Appreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | 4,351 | $ | | $ | | $ | 4,351 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation in Other Financial Instruments |
||||||||||||||||
Future contract |
$ | (2 | ) | $ | | $ | | $ | (2 | ) | ||||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
Six Circles International Unconstrained Equity Fund
Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Common Stocks |
||||||||||||||||
Austria |
$ | | $ | 43,755 | $ | | $ | 43,755 | ||||||||
Belgium |
| 219,939 | | 219,939 | ||||||||||||
Cayman Islands |
| 762 | | 762 | ||||||||||||
Chile |
| 3,414 | | 3,414 | ||||||||||||
China |
| 1,445 | | 1,445 | ||||||||||||
Denmark |
| 268,601 | | 268,601 | ||||||||||||
Finland |
| 148,539 | | 148,539 | ||||||||||||
France |
| 2,240,718 | | 2,240,718 | ||||||||||||
Germany |
| 1,502,631 | | 1,502,631 | ||||||||||||
Ireland |
4,238 | 81,497 | | 85,735 | ||||||||||||
Italy |
| 531,200 | | 531,200 | ||||||||||||
Japan |
337 | 311,774 | | 312,111 | ||||||||||||
Jordan |
| 2,400 | | 2,400 | ||||||||||||
Luxembourg |
| 4,661 | | 4,661 | ||||||||||||
Netherlands |
404 | 1,055,241 | | 1,055,645 | ||||||||||||
Norway |
| 103,550 | | 103,550 | ||||||||||||
Portugal |
| 20,697 | | 20,697 | ||||||||||||
South Korea |
| 132,864 | | 132,864 | ||||||||||||
Spain |
| 428,555 | | 428,555 | ||||||||||||
Sweden |
422 | 333,265 | | 333,687 | ||||||||||||
Switzerland |
| 2,046,401 | | 2,046,401 | ||||||||||||
Taiwan |
| 152,112 | | 152,112 | ||||||||||||
United Arab Emirates |
| | | | ||||||||||||
United Kingdom |
29,623 | 2,663,985 | | 2,693,608 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Common Stocks |
35,024 | 12,298,006 | | 12,333,030 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Preferred Stocks |
||||||||||||||||
Germany |
| 154,365 | | 154,365 | ||||||||||||
South Korea |
| 18,968 | | 18,968 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Preferred Stocks |
| 173,333 | | 173,333 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Short-Term Investments |
||||||||||||||||
Time Deposits |
| 88,947 | | 88,947 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | 35,024 | $ | 12,560,286 | $ | | $ | 12,595,310 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Appreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | 3,872 | $ | | $ | | $ | 3,872 | ||||||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
| 70,157 | | 70,157 | ||||||||||||
Collateralized Mortgage Obligations |
| 198,448 | | 198,448 | ||||||||||||
Commercial Mortgage-Backed Securities |
| 45,278 | | 45,278 | ||||||||||||
Corporate Bonds |
||||||||||||||||
Basic Materials |
| 119,687 | | 119,687 | ||||||||||||
Communications |
| 194,212 | | 194,212 | ||||||||||||
Consumer Cyclical |
| 252,987 | | 252,987 | ||||||||||||
Consumer Non-cyclical |
| 580,102 | | 580,102 | ||||||||||||
Energy |
| 179,936 | | 179,936 | ||||||||||||
Financial |
| 1,661,263 | | 1,661,263 | ||||||||||||
Government |
| 790,730 | | 790,730 | ||||||||||||
Industrial |
| 263,546 | | 263,546 | ||||||||||||
Technology |
| 90,287 | | 90,287 | ||||||||||||
Utilities |
| 341,678 | | 341,678 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Corporate Bonds |
| 4,474,428 | | 4,474,428 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Government Securities |
| 2,465,674 | 20 | 2,465,694 | ||||||||||||
Mortgage-Backed Securities |
| 1,384,002 | | 1,384,002 | ||||||||||||
Municipal Bonds |
| 7,468 | | 7,468 | ||||||||||||
U.S. Government Agency Securities |
| 13,167 | | 13,167 | ||||||||||||
U.S. Treasury Obligations |
| 1,071,609 | | 1,071,609 | ||||||||||||
Short-Term Investments |
||||||||||||||||
Time Deposits |
| 157,677 | | 157,677 | ||||||||||||
U.S. Treasury Obligations |
| 5,064 | | 5,064 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Short-Term Investments |
| 162,741 | | 162,741 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | | $ | 9,892,972 | $ | 20 | $ | 9,892,992 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Debt Securities |
||||||||||||||||
Mortgage-Backed Securities |
$ | | $ | 159,137 | $ | | $ | 159,137 | ||||||||
Appreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | 3,468 | $ | | $ | | $ | 3,468 | ||||||||
Forward Foreign Currency Exchange contracts |
| 21,277 | | 21,277 | ||||||||||||
Centrally Cleared Interest Rate Swap contracts |
| 1,480 | | 1,480 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Appreciation in Other Financial Instruments |
$ | 3,468 | $ | 22,757 | $ | | $ | 26,225 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | (2,932 | ) | $ | | $ | | $ | (2,932 | ) | ||||||
Forward Foreign Currency Exchange contracts |
| (125,275 | ) | | (125,275 | ) | ||||||||||
OTC Interest Rate Swap contract |
| (103 | ) | | (103 | ) | ||||||||||
Centrally Cleared Interest Rate Swap contracts |
| (11,733 | ) | | (11,733 | ) | ||||||||||
Written Option contracts |
||||||||||||||||
Written Put Option contracts |
| (355 | ) | | (355 | ) | ||||||||||
Written Call Option contracts |
| (294 | ) | | (294 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Written Option contracts |
| (649 | ) | | (649 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Depreciation in Other Financial Instruments |
$ | (2,932 | ) | $ | (137,760 | ) | $ | | $ | (140,692 | ) | |||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (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 |
||||||||||||||||
Corporate Bond |
||||||||||||||||
Consumer Non-cyclical |
$ | | $ | 435 | $ | | $ | 435 | ||||||||
Municipal Bonds |
| 5,970,385 | | 5,970,385 | ||||||||||||
Short-Term Investments |
||||||||||||||||
Municipal Bonds |
| 3,796 | | 3,796 | ||||||||||||
Time Deposits |
| 146,761 | | 146,761 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Short-Term Investments |
| 150,557 | | 150,557 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | | $ | 6,121,377 | $ | | $ | 6,121,377 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Appreciation in Other Financial Instruments |
||||||||||||||||
Future contract |
$ | 745 | $ | | $ | | $ | 745 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | (711 | ) | $ | | $ | | $ | (711 | ) | ||||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
Six Circles Credit Opportunities Fund
Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
Investments in Securities |
||||||||||||||||
Debt Securities |
||||||||||||||||
Asset-Backed Securities |
| 121,114 | | 121,114 | ||||||||||||
Collateralized Mortgage Obligations |
| 3,525 | | 3,525 | ||||||||||||
Commercial Mortgage-Backed Securities |
| 14,614 | | 14,614 | ||||||||||||
Convertible Bonds |
||||||||||||||||
Communications |
| 8,450 | | 8,450 | ||||||||||||
Consumer Cyclical |
| 3,156 | | 3,156 | ||||||||||||
Consumer Non-cyclical |
| 502 | | 502 | ||||||||||||
Financial |
| 2,991 | | 2,991 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Convertible Bonds |
| 15,099 | | 15,099 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Corporate Bonds |
||||||||||||||||
Basic Materials |
| 130,603 | | 130,603 | ||||||||||||
Communications |
| 313,847 | | (a) | 313,847 | |||||||||||
Consumer Cyclical |
| 528,298 | | 528,298 | ||||||||||||
Consumer Non-cyclical |
| 331,614 | | 331,614 | ||||||||||||
Diversified |
| 2,819 | | 2,819 | ||||||||||||
Energy |
| 346,172 | | 346,172 | ||||||||||||
Financial |
| 420,335 | | 420,335 | ||||||||||||
Industrial |
| 316,385 | | 316,385 | ||||||||||||
Technology |
| 118,999 | | 118,999 | ||||||||||||
Utilities |
| 120,391 | | 120,391 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Corporate Bonds |
| 2,629,463 | | (a) | 2,629,463 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign Government Securities |
| 46,428 | | 46,428 | ||||||||||||
U.S. Treasury Obligations |
| 37,022 | | 37,022 | ||||||||||||
Common Stock |
||||||||||||||||
Communications |
| | 2,086 | 2,086 | ||||||||||||
Preferred Stock |
||||||||||||||||
Consumer Cyclical |
| | 6,467 | 6,467 | ||||||||||||
Loan Assignments |
||||||||||||||||
Basic Materials |
| 4,126 | | 4,126 | ||||||||||||
Communications |
| 26,817 | | 26,817 | ||||||||||||
Consumer Cyclical |
| 15,397 | | 15,397 | ||||||||||||
Consumer Non-cyclical |
| 10,729 | | 10,729 | ||||||||||||
Electronics |
| 1,243 | | 1,243 | ||||||||||||
Energy |
| 4,171 | | 4,171 | ||||||||||||
Financial |
| 8,737 | | 8,737 | ||||||||||||
Industrial |
| 19,783 | | 19,783 | ||||||||||||
Technology |
| 49,125 | | 49,125 | ||||||||||||
Utilities |
| 443 | | 443 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Loan Assignments |
| 140,571 | | 140,571 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Rights |
||||||||||||||||
Communications |
| | 104 | 104 |
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
Six Circles Credit Opportunities Fund (continued)
Level 1 Quoted prices |
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
Total | |||||||||||||
Short-Term Investments |
||||||||||||||||
Commercial Papers |
| 2,602 | | 2,602 | ||||||||||||
Time Deposits |
| 71,960 | | 71,960 | ||||||||||||
U.S. Government Agency Securities |
| 36,636 | | 36,636 | ||||||||||||
U.S. Treasury Obligations |
| 19,191 | | 19,191 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Short-Term Investments |
| 130,389 | | 130,389 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | | $ | 3,138,225 | $ | 8,657 | $ | 3,146,882 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Appreciation in Other Financial Instruments |
||||||||||||||||
Futures contracts |
$ | 2,158 | $ | | $ | | $ | 2,158 | ||||||||
Forward Foreign Currency Exchange contracts |
| 20 | | 20 | ||||||||||||
Centrally Cleared Interest Rate Swap contract |
| 20 | | 20 | ||||||||||||
OTC Credit Default Swaps contracts |
| 103 | | 103 | ||||||||||||
Centrally Cleared Credit Default Swaps contracts |
| 1,782 | | 1,782 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Appreciation in Other Financial Instruments |
$ | 2,158 | $ | 1,925 | $ | | $ | 4,083 | ||||||||
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Depreciation in Other Financial Instruments |
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Futures contracts |
$ | (1,174 | ) | $ | | $ | | $ | (1,174 | ) | ||||||
Forward Foreign Currency Exchange contracts |
| (401 | ) | | (401 | ) | ||||||||||
Centrally Cleared Interest Rate Swap contracts |
| (101 | ) | | (101 | ) | ||||||||||
OTC Credit Default Swaps contracts |
| (92 | ) | | (92 | ) | ||||||||||
Centrally Cleared Credit Default Swap contract |
| (354 | ) | | (354 | ) | ||||||||||
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Total Depreciation in Other Financial Instruments |
$ | (1,174 | ) | $ | (948 | ) | $ | | $ | (2,122 | ) | |||||
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(a) | Amount rounds to less than $500. |
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 Funds rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower (Intermediate Participants). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.
Certain loan assignments are also subject to the risks associated with high yield securities.
Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. As of March 31, 2023, the Six Circles Credit Opportunities Fund had the following loan commitments outstanding in which all of the commitment was unfunded (amounts in thousands):
Unfunded Commitment |
Funded Commitment |
Total Commitment |
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Security |
Term |
Maturity Date |
Commitment Fee Rate |
Rate if Funded |
Par | Value | Par | Value | Par | Value | ||||||||||||||||||||||||||||
athenahealth Group, Inc. |
Initial Delayed Draw Term Loan |
2/15/2029 | 3.50 | % | 3.50 | % | $ | 633 | $ | 592 | $ | | $ | | $ | 633 | $ | 592 | ||||||||||||||||||||
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$ | 633 | $ | 592 | $ | | $ | | $ | 633 | $ | 592 | |||||||||||||||||||||||||||
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C. Derivatives The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds risk of loss associated with these instruments may exceed their value.
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (ISDA agreements). The Funds ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterpartys credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to the Fund.
Notes C(1) C(4) below describe the various derivatives used by the Funds.
(1) Options The Six Circles Global Bond Fund purchased and sold (wrote) put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (strike price) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.
Options Purchased The option is adjusted daily to reflect the current market value of the option. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
Options Written The amount of the liability is adjusted daily to reflect the current market value of the option written. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.
Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.
The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Funds option contracts are subject to master netting arrangements.
(2) Futures Contracts The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund and Six Circles Credit Opportunities Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund and Six Circles International Unconstrained Equity Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Funds SOI.
The use of futures contracts may expose the Funds to interest rate and equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous days settlement price, which could effectively prevent the liquidation of positions.
The Funds futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(3) Forward Foreign Currency Exchange Contracts The Six Circles International Unconstrained Equity Fund, Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Funds SOI.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
The Funds forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(4) Swaps The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, and the Six Circles Credit Opportunities Fund engaged in various swap transactions, including interest swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (OTC swaps) between a fund and a counterparty or centrally cleared (centrally cleared swaps) with a central clearinghouse through a Futures Commission Merchant (FCM), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Funds 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.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2023 (Unaudited) (continued)
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 Funds outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.
The Funds swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Credit Opportunities Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Funds portfolio up to the notional amount of swap agreements.
The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
Interest Rate Swaps
The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.