Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — 99.4% | ||||||||
Basic Materials — 0.5% | ||||||||
Chemicals — 0.4% | ||||||||
Air Products & Chemicals, Inc. | 4,151 | 829 | ||||||
Albemarle Corp. | 1,485 | 84 | ||||||
Ashland Global Holdings, Inc. | 410 | 20 | ||||||
Axalta Coating Systems Ltd. (a) | 666 | 11 | ||||||
Cabot Corp. | 1,215 | 32 | ||||||
Celanese Corp., Class A | 2,664 | 195 | ||||||
CF Industries Holdings, Inc. | 618 | 17 | ||||||
Dow, Inc. | 2,115 | 62 | ||||||
DuPont de Nemours, Inc. | 2,089 | 71 | ||||||
Eastman Chemical Co. | 4,902 | 228 | ||||||
Ecolab, Inc. | 2,841 | 443 | ||||||
FMC Corp. | 369 | 30 | ||||||
HB Fuller Co. | 46 | 1 | ||||||
Innospec, Inc. | 11 | 1 | ||||||
International Flavors & Fragrances, Inc. | 1,996 | 204 | ||||||
Linde plc, (United Kingdom) | 8,998 | 1,557 | ||||||
LyondellBasell Industries NV, Class A | 759 | 38 | ||||||
Mosaic Co. (The) | 1,037 | 11 | ||||||
NewMarket Corp. | 38 | 15 | ||||||
PolyOne Corp. | 1,241 | 24 | ||||||
PPG Industries, Inc. | 4,316 | 361 | ||||||
Quaker Chemical Corp. | 4 | — | (h) | |||||
RPM International, Inc. | 2,068 | 123 | ||||||
Sensient Technologies Corp. | 597 | 26 | ||||||
Sherwin-Williams Co. (The) | 917 | 421 | ||||||
Valvoline, Inc. | 1,682 | 22 | ||||||
Westlake Chemical Corp. | 538 | 20 | ||||||
|
| |||||||
4,846 | ||||||||
|
| |||||||
Forest Products & Paper — 0.0% (g) | ||||||||
International Paper Co. | 1,061 | 33 | ||||||
|
| |||||||
Iron/Steel — 0.1% | ||||||||
Nucor Corp. | 11,861 | 427 | ||||||
Reliance Steel & Aluminum Co. | 1,266 | 111 | ||||||
Steel Dynamics, Inc. | 6,638 | 150 | ||||||
|
| |||||||
688 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Mining — 0.0% (g) | ||||||||
Freeport-McMoRan, Inc. | 4,111 | 28 | ||||||
Kaiser Aluminum Corp. | 174 | 12 | ||||||
Newmont Corp. | 2,260 | 102 | ||||||
Royal Gold, Inc. | 336 | 30 | ||||||
|
| |||||||
172 | ||||||||
|
| |||||||
Total Basic Materials | 5,739 | |||||||
|
| |||||||
Communications — 22.1% | ||||||||
Advertising — 0.0% (g) | ||||||||
Interpublic Group of Cos., Inc. (The) | 14,753 | 239 | ||||||
Omnicom Group, Inc. | 6,280 | 345 | ||||||
|
| |||||||
584 | ||||||||
|
| |||||||
Internet — 20.6% | ||||||||
Alphabet, Inc., Class A (a) | 47,880 | 55,634 | ||||||
Alphabet, Inc., Class C (a) | 47,788 | 55,568 | ||||||
Amazon.com, Inc. (a) | 38,230 | 74,538 | ||||||
Booking Holdings, Inc. (a) | 3,843 | 5,170 | ||||||
CDW Corp. | 1,632 | 152 | ||||||
eBay, Inc. | 70,252 | 2,112 | ||||||
Expedia Group, Inc. | 14,073 | 792 | ||||||
F5 Networks, Inc. (a) | 191 | 20 | ||||||
Facebook, Inc., Class A (a) | 384,543 | 64,142 | ||||||
GoDaddy, Inc., Class A (a) | 501 | 29 | ||||||
Grubhub, Inc. (a) | 290 | 12 | ||||||
IAC/InterActiveCorp. (a) | 220 | 39 | ||||||
Match Group, Inc. (a) | 234 | 16 | ||||||
MercadoLibre, Inc., (Argentina) (a) | 124 | 61 | ||||||
Netflix, Inc. (a) | 1,208 | 454 | ||||||
NortonLifeLock, Inc. | 56,355 | 1,054 | ||||||
Okta, Inc., Class A (a) | 305 | 37 | ||||||
Palo Alto Networks, Inc. (a) | 276 | 45 | ||||||
Pinterest, Inc., Class A (a) | 941 | 15 | ||||||
Roku, Inc., Class A (a) | 242 | 21 | ||||||
Snap, Inc., Class A (a) | 2,120 | 25 | ||||||
TripAdvisor, Inc. | 400 | 7 | ||||||
Twitter, Inc. (a) | 123,995 | 3,045 | ||||||
Uber Technologies, Inc. (a) | 1,144 | 32 | ||||||
VeriSign, Inc. (a) | 300 | 54 | ||||||
Wayfair, Inc., Class A (a) | 174 | 9 | ||||||
Zillow Group, Inc., Class C (a) | 405 | 15 | ||||||
|
| |||||||
263,098 | ||||||||
|
| |||||||
Media — 0.5% | ||||||||
Altice USA, Inc., Class A (a) | 563 | 13 | ||||||
Cable One, Inc. | 11 | 18 | ||||||
Charter Communications, Inc., Class A (a) | 416 | 181 | ||||||
Comcast Corp., Class A | 79,860 | 2,746 | ||||||
Discovery, Inc., Class A (a) | 614 | 12 | ||||||
Discovery, Inc., Class C (a) | 1,056 | 18 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Media — continued | ||||||||
DISH Network Corp., Class A (a) | 806 | 16 | ||||||
FactSet Research Systems, Inc. | 1,675 | 437 | ||||||
Fox Corp., Class A | 1,003 | 24 | ||||||
Fox Corp., Class B | 490 | 11 | ||||||
John Wiley & Sons, Inc., Class A | 702 | 26 | ||||||
Liberty Broadband Corp., Class C (a) | 304 | 34 | ||||||
Liberty Global plc, (United Kingdom), Class A (a) | 617 | 10 | ||||||
Liberty Global plc, (United Kingdom), Class C (a) | 1,177 | 18 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (a) | 644 | 18 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A (a) | 370 | 12 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 553 | 17 | ||||||
News Corp., Class A | 1,091 | 10 | ||||||
Nexstar Media Group, Inc., Class A | 586 | 34 | ||||||
Sinclair Broadcast Group, Inc., Class A | 491 | 8 | ||||||
Sirius XM Holdings, Inc. | 4,407 | 22 | ||||||
ViacomCBS, Inc., Class B | 1,606 | 22 | ||||||
Walt Disney Co. (The) | 25,263 | 2,440 | ||||||
|
| |||||||
6,147 | ||||||||
|
| |||||||
Telecommunications — 1.0% | ||||||||
Arista Networks, Inc. (a) | 152 | 31 | ||||||
AT&T, Inc. | 20,139 | 587 | ||||||
CenturyLink, Inc. | 2,778 | 26 | ||||||
Cisco Systems, Inc. | 115,455 | 4,539 | ||||||
Corning, Inc. | 20,418 | 419 | ||||||
Juniper Networks, Inc. | 978 | 19 | ||||||
Motorola Solutions, Inc. | 2,133 | 284 | ||||||
Sprint Corp. (a) | 2,316 | 20 | ||||||
T-Mobile US, Inc. (a) | 932 | 78 | ||||||
Verizon Communications, Inc. | 130,250 | 6,998 | ||||||
|
| |||||||
13,001 | ||||||||
|
| |||||||
Total Communications | 282,830 | |||||||
|
| |||||||
Consumer Cyclical — 1.9% | ||||||||
Airlines— 0.1% | ||||||||
Alaska Air Group, Inc. | 2,514 | 72 | ||||||
American Airlines Group, Inc. | 536 | 7 | ||||||
Delta Air Lines, Inc. | 16,419 | 468 | ||||||
Southwest Airlines Co. | 5,272 | 188 | ||||||
United Airlines Holdings, Inc. (a) | 267 | 8 | ||||||
|
| |||||||
743 | ||||||||
|
| |||||||
Apparel — 0.2% | ||||||||
Capri Holdings Ltd., (United Kingdom) (a) | 566 | 6 | ||||||
Carter’s, Inc. | 482 | 32 | ||||||
Hanesbrands, Inc. | 1,023 | 8 | ||||||
NIKE, Inc., Class B | 13,908 | 1,151 | ||||||
PVH Corp. | 186 | 7 | ||||||
Ralph Lauren Corp., Class A | 129 | 9 | ||||||
Tapestry, Inc. | 714 | 9 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Apparel — continued | ||||||||
Under Armour, Inc., Class A (a) | 842 | 8 | ||||||
Under Armour, Inc., Class C (a) | 550 | 4 | ||||||
VF Corp. | 7,330 | 396 | ||||||
|
| |||||||
1,630 | ||||||||
|
| |||||||
Auto Manufacturers — 0.1% | ||||||||
Cummins, Inc. | 4,140 | 560 | ||||||
Ford Motor Co. | 10,701 | 52 | ||||||
General Motors Co. | 3,554 | 74 | ||||||
PACCAR, Inc. | 6,165 | 377 | ||||||
Tesla, Inc. (a) | 373 | 195 | ||||||
|
| |||||||
1,258 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.0% (g) | ||||||||
Aptiv plc, (Ireland) | 725 | 36 | ||||||
Autoliv, Inc., (Sweden) | 1,948 | 90 | ||||||
BorgWarner, Inc. | 3,961 | 96 | ||||||
Goodyear Tire & Rubber Co. (The) | 12,568 | 73 | ||||||
Lear Corp. | 1,432 | 116 | ||||||
WABCO Holdings, Inc. (a) | 161 | 22 | ||||||
|
| |||||||
433 | ||||||||
|
| |||||||
Distribution/Wholesale — 0.1% | ||||||||
Copart, Inc. (a) | 562 | 38 | ||||||
Fastenal Co. | 12,728 | 398 | ||||||
HD Supply Holdings, Inc. (a) | 542 | 15 | ||||||
KAR Auction Services, Inc. | 2,154 | 26 | ||||||
LKQ Corp. (a) | 978 | 20 | ||||||
Pool Corp. | 206 | 41 | ||||||
WW Grainger, Inc. | 671 | 167 | ||||||
|
| |||||||
705 | ||||||||
|
| |||||||
Entertainment — 0.0% (g) | ||||||||
Live Nation Entertainment, Inc. (a) | 422 | 19 | ||||||
Marriott Vacations Worldwide Corp. | 614 | 34 | ||||||
Vail Resorts, Inc. | 114 | 17 | ||||||
|
| |||||||
70 | ||||||||
|
| |||||||
Food Service — 0.0% (g) | ||||||||
Aramark | 2,583 | 52 | ||||||
Healthcare Services Group, Inc. | 1,179 | 28 | ||||||
|
| |||||||
80 | ||||||||
|
| |||||||
Home Builders — 0.0% (g) | ||||||||
DR Horton, Inc. | 3,953 | 134 | ||||||
Lennar Corp., Class A | 786 | 30 | ||||||
NVR, Inc. (a) | 10 | 26 | ||||||
PulteGroup, Inc. | 826 | 18 | ||||||
Thor Industries, Inc. | 935 | 40 | ||||||
|
| |||||||
248 | ||||||||
|
| |||||||
Home Furnishings — 0.0% (g) | ||||||||
Dolby Laboratories, Inc., Class A | 370 | 20 | ||||||
Leggett & Platt, Inc. | 4,309 | 115 | ||||||
Whirlpool Corp. | 1,894 | 163 | ||||||
|
| |||||||
298 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Housewares — 0.0% (g) | ||||||||
Newell Brands, Inc. | 1,138 | 15 | ||||||
Scotts Miracle-Gro Co. (The) | 451 | 46 | ||||||
Toro Co. (The) | 793 | 52 | ||||||
|
| |||||||
113 | ||||||||
|
| |||||||
Leisure Time — 0.0% (g) | ||||||||
Brunswick Corp. | 894 | 31 | ||||||
Carnival Corp. | 1,305 | 17 | ||||||
Harley-Davidson, Inc. | 6,691 | 127 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 1,001 | 11 | ||||||
Polaris, Inc. | 991 | 48 | ||||||
Royal Caribbean Cruises Ltd. | 9,255 | 298 | ||||||
|
| |||||||
532 | ||||||||
|
| |||||||
Lodging — 0.0% (g) | ||||||||
Hilton Worldwide Holdings, Inc. | 764 | 52 | ||||||
Las Vegas Sands Corp. | 980 | 41 | ||||||
Marriott International, Inc., Class A | 4,567 | 342 | ||||||
MGM Resorts International | 1,673 | 20 | ||||||
Wyndham Destinations, Inc. | 4,000 | 87 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,371 | 43 | ||||||
Wynn Resorts Ltd. | 314 | 19 | ||||||
|
| |||||||
604 | ||||||||
|
| |||||||
Office Furnishings — 0.0% (g) | ||||||||
Herman Miller, Inc. | 627 | 14 | ||||||
HNI Corp. | 455 | 11 | ||||||
|
| |||||||
25 | ||||||||
|
| |||||||
Retail — 1.4% | ||||||||
Advance Auto Parts, Inc. | 202 | 19 | ||||||
AutoZone, Inc. (a) | 69 | 58 | ||||||
Best Buy Co., Inc. | 5,355 | 305 | ||||||
Bloomin’ Brands, Inc. | 1,808 | 13 | ||||||
Brinker International, Inc. | 442 | 5 | ||||||
Burlington Stores, Inc. (a) | 188 | 30 | ||||||
CarMax, Inc. (a) | 469 | 25 | ||||||
Casey’s General Stores, Inc. | 60 | 8 | ||||||
Cheesecake Factory, Inc. (The) | 473 | 8 | ||||||
Chipotle Mexican Grill, Inc., Class A (a) | 75 | 49 | ||||||
Costco Wholesale Corp. | 4,055 | 1,156 | ||||||
Cracker Barrel Old Country Store, Inc. | 589 | 49 | ||||||
Darden Restaurants, Inc. | 4,175 | 227 | ||||||
Dick’s Sporting Goods, Inc. | 571 | 12 | ||||||
Dollar General Corp. | 1,944 | 294 | ||||||
Dollar Tree, Inc. (a) | 680 | 50 | ||||||
Domino’s Pizza, Inc. | 279 | 90 | ||||||
Dunkin’ Brands Group, Inc. | 985 | 52 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Retail — continued | ||||||||
Foot Locker, Inc. | 3,357 | 74 | ||||||
Gap, Inc. (The) | 853 | 6 | ||||||
Genuine Parts Co. | 3,589 | 242 | ||||||
Group 1 Automotive, Inc. | 113 | 5 | ||||||
Home Depot, Inc. (The) | 20,933 | 3,908 | ||||||
Kohl’s Corp. | 458 | 7 | ||||||
Lowe’s Cos., Inc. | 12,855 | 1,106 | ||||||
Lululemon Athletica, Inc., (Canada) (a) | 309 | 59 | ||||||
McDonald’s Corp. | 14,735 | 2,437 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,317 | 72 | ||||||
Nordstrom, Inc. | 462 | 7 | ||||||
Nu Skin Enterprises, Inc., Class A | 1,655 | 36 | ||||||
O’Reilly Automotive, Inc. (a) | 209 | 63 | ||||||
Penske Automotive Group, Inc. | 465 | 13 | ||||||
Ross Stores, Inc. | 3,182 | 277 | ||||||
Starbucks Corp. | 21,090 | 1,387 | ||||||
Target Corp. | 9,510 | 884 | ||||||
Texas Roadhouse, Inc., Class A | 900 | 37 | ||||||
Tiffany & Co. | 1,547 | 200 | ||||||
TJX Cos., Inc. (The) | 15,723 | 752 | ||||||
Tractor Supply Co. | 1,415 | 120 | ||||||
Ulta Beauty, Inc. (a) | 158 | 28 | ||||||
Walgreens Boots Alliance, Inc. | 20,881 | 955 | ||||||
Walmart, Inc. | 21,652 | 2,460 | ||||||
Wendy’s Co. (The) | 2,128 | 32 | ||||||
Williams-Sonoma, Inc. | 1,515 | 64 | ||||||
Yum! Brands, Inc. | 5,205 | 357 | ||||||
|
| |||||||
18,038 | ||||||||
|
| |||||||
Storage/Warehousing — 0.0% (g) | ||||||||
Mobile Mini, Inc. | 764 | 20 | ||||||
|
| |||||||
Textiles — 0.0% (g) | ||||||||
Mohawk Industries, Inc. (a) | 174 | 13 | ||||||
|
| |||||||
Toys/Games/Hobbies — 0.0% (g) | ||||||||
Hasbro, Inc. | 3,577 | 256 | ||||||
|
| |||||||
Total Consumer Cyclical | 25,066 | |||||||
|
| |||||||
ConsumerNon-cyclical — 35.5% | ||||||||
Agriculture — 4.3% | ||||||||
Altria Group, Inc. | 551,370 | 21,321 | ||||||
Archer-Daniels-Midland Co. | 16,369 | 576 | ||||||
Bunge Ltd. | 4,878 | 200 | ||||||
Philip Morris International, Inc. | 459,210 | 33,504 | ||||||
|
| |||||||
55,601 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Beverages — 5.4% | ||||||||
Brown-Forman Corp., Class A | 174 | 9 | ||||||
Brown-Forman Corp., Class B | 47,388 | 2,631 | ||||||
Coca-Cola Co. (The) | 683,673 | 30,253 | ||||||
Constellation Brands, Inc., Class A | 26,962 | 3,865 | ||||||
Molson Coors Beverage Co., Class B | 28,390 | 1,107 | ||||||
Monster Beverage Corp. (a) | 60,253 | 3,390 | ||||||
PepsiCo., Inc. | 234,631 | 28,179 | ||||||
|
| |||||||
69,434 | ||||||||
|
| |||||||
Biotechnology — 6.6% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 37,917 | 3,404 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 19,102 | 2,079 | ||||||
Amgen, Inc. | 114,295 | 23,171 | ||||||
Biogen, Inc. (a) | 30,902 | 9,777 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 30,765 | 2,600 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 63 | 22 | ||||||
Corteva, Inc. | 2,118 | 50 | ||||||
Exact Sciences Corp. (a) | 25,164 | 1,459 | ||||||
Gilead Sciences, Inc. | 245,262 | 18,336 | ||||||
Illumina, Inc. (a) | 407 | 111 | ||||||
Incyte Corp. (a) | 31,367 | 2,297 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 22,939 | 1,084 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 13,870 | 6,773 | ||||||
Seattle Genetics, Inc. (a) | 20,547 | 2,371 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 44,043 | 10,480 | ||||||
|
| |||||||
84,014 | ||||||||
|
| |||||||
Commercial Services — 0.5% | ||||||||
ABM Industries, Inc. | 354 | 9 | ||||||
AMERCO | 42 | 12 | ||||||
Automatic Data Processing, Inc. | 7,848 | 1,073 | ||||||
Booz Allen Hamilton Holding Corp., Class A | 1,710 | 117 | ||||||
Cintas Corp. | 958 | 166 | ||||||
CoStar Group, Inc. (a) | 103 | 60 | ||||||
Equifax, Inc. | 365 | 44 | ||||||
FleetCor Technologies, Inc. (a) | 242 | 45 | ||||||
Gartner, Inc. (a) | 255 | 25 | ||||||
Global Payments, Inc. | 839 | 121 | ||||||
IHS Markit Ltd., (United Kingdom) | 1,046 | 63 | ||||||
Insperity, Inc. | 47 | 2 | ||||||
ManpowerGroup, Inc. | 1,393 | 74 | ||||||
MarketAxess Holdings, Inc. | 1,672 | 556 | ||||||
Moody’s Corp. | 6,515 | 1,378 | ||||||
Nielsen Holdings plc | 1,223 | 15 | ||||||
PayPal Holdings, Inc. (a) | 3,075 | 294 | ||||||
Robert Half International, Inc. | 2,195 | 83 | ||||||
Rollins, Inc. | 1,138 | 41 | ||||||
S&P Global, Inc. | 9,418 | 2,308 | ||||||
Sabre Corp. | 868 | 5 | ||||||
Service Corp. International | 1,509 | 59 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Commercial Services — continued | ||||||||
Square, Inc., Class A (a) | 969 | 51 | ||||||
TransUnion | 523 | 35 | ||||||
United Rentals, Inc. (a) | 218 | 22 | ||||||
Verisk Analytics, Inc., Class A | 439 | 61 | ||||||
|
| |||||||
6,719 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.6% | ||||||||
Colgate-Palmolive Co. | 15,624 | 1,037 | ||||||
Coty, Inc., Class A | 1,202 | 6 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 2,116 | 337 | ||||||
Inter Parfums, Inc. | 8 | 1 | ||||||
Procter & Gamble Co. (The) | 50,430 | 5,547 | ||||||
|
| |||||||
6,928 | ||||||||
|
| |||||||
Food — 0.4% | ||||||||
Campbell Soup Co. | 507 | 24 | ||||||
Conagra Brands, Inc. | 1,368 | 40 | ||||||
Flowers Foods, Inc. | 3,331 | 68 | ||||||
General Mills, Inc. | 1,723 | 91 | ||||||
Hershey Co. (The) | 2,278 | 302 | ||||||
Hormel Foods Corp. | 4,463 | 208 | ||||||
Ingredion, Inc. | 1,361 | 103 | ||||||
J&J Snack Foods Corp. | 19 | 2 | ||||||
JM Smucker Co. (The) | 2,623 | 291 | ||||||
Kellogg Co. | 6,333 | 380 | ||||||
Kraft Heinz Co. (The) | 1,866 | 46 | ||||||
Kroger Co. (The) | 14,036 | 423 | ||||||
Lamb Weston Holdings, Inc. | 412 | 24 | ||||||
Lancaster Colony Corp. | 181 | 26 | ||||||
McCormick & Co., Inc. | 1,587 | 224 | ||||||
Mondelez International, Inc., Class A | 24,121 | 1,208 | ||||||
Sysco Corp. | 11,754 | 536 | ||||||
Tyson Foods, Inc., Class A | 6,381 | 369 | ||||||
|
| |||||||
4,365 | ||||||||
|
| |||||||
Healthcare — Products — 0.6% | ||||||||
Abbott Laboratories | 26,396 | 2,083 | ||||||
ABIOMED, Inc. (a) | 143 | 21 | ||||||
Align Technology, Inc. (a) | 211 | 37 | ||||||
Baxter International, Inc. | 4,820 | 391 | ||||||
Boston Scientific Corp. (a) | 3,894 | 127 | ||||||
Cooper Cos., Inc. (The) | 138 | 38 | ||||||
Danaher Corp. | 3,611 | 500 | ||||||
DENTSPLY SIRONA, Inc. | 1,443 | 56 | ||||||
Edwards Lifesciences Corp. (a) | 575 | 109 | ||||||
Henry Schein, Inc. (a) | 419 | 21 | ||||||
Hill-Rom Holdings, Inc. | 282 | 28 | ||||||
Hologic, Inc. (a) | 756 | 27 | ||||||
IDEXX Laboratories, Inc. (a) | 244 | 59 | ||||||
Insulet Corp. (a) | 171 | 28 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Healthcare — Products — continued | ||||||||
Intuitive Surgical, Inc. (a) | 319 | 158 | ||||||
Medtronic plc, (Ireland) | 24,221 | 2,184 | ||||||
ResMed, Inc. | 1,262 | 186 | ||||||
STERIS plc | 700 | 98 | ||||||
Stryker Corp. | 3,510 | 584 | ||||||
Teleflex, Inc. | 130 | 38 | ||||||
Thermo Fisher Scientific, Inc. | 1,105 | 313 | ||||||
Varian Medical Systems, Inc. (a) | 270 | 28 | ||||||
West Pharmaceutical Services, Inc. | 351 | 53 | ||||||
Zimmer Biomet Holdings, Inc. | 561 | 57 | ||||||
|
| |||||||
7,224 | ||||||||
|
| |||||||
Healthcare — Services — 0.3% | ||||||||
Anthem, Inc. | 2,453 | 557 | ||||||
Centene Corp. (a) | 1,617 | 96 | ||||||
Chemed Corp. | 2 | 1 | ||||||
DaVita, Inc. (a) | 329 | 25 | ||||||
Encompass Health Corp. | 892 | 57 | ||||||
HCA Healthcare, Inc. | 769 | 69 | ||||||
Humana, Inc. | 880 | 277 | ||||||
IQVIA Holdings, Inc. (a) | 471 | 51 | ||||||
Laboratory Corp. of America Holdings (a) | 270 | 34 | ||||||
Quest Diagnostics, Inc. | 2,058 | 165 | ||||||
UnitedHealth Group, Inc. | 12,091 | 3,015 | ||||||
Universal Health Services, Inc., Class B | 230 | 23 | ||||||
|
| |||||||
4,370 | ||||||||
|
| |||||||
Household Products/Wares — 0.1% | ||||||||
Avery Dennison Corp. | 1,241 | 127 | ||||||
Church & Dwight Co., Inc. | 2,699 | 173 | ||||||
Clorox Co. (The) | 2,274 | 394 | ||||||
Kimberly-Clark Corp. | 7,524 | 962 | ||||||
WD-40 Co. | 24 | 5 | ||||||
|
| |||||||
1,661 | ||||||||
|
| |||||||
Pharmaceuticals — 16.7% | ||||||||
AbbVie, Inc. | 253,230 | 19,294 | ||||||
Allergan plc | 50,859 | 9,007 | ||||||
AmerisourceBergen Corp., Class A | 2,588 | 229 | ||||||
Becton Dickinson and Co. | 3,010 | 692 | ||||||
Bristol-Myers Squibb Co. | 410,524 | 22,883 | ||||||
Cardinal Health, Inc. | 7,870 | 377 | ||||||
Cigna Corp. | 1,039 | 184 | ||||||
CVS Health Corp. | 3,633 | 215 | ||||||
DexCom, Inc. (a) | 257 | 69 | ||||||
Elanco Animal Health, Inc. (a) | 1,199 | 27 | ||||||
Eli Lilly & Co. | 142,271 | 19,736 | ||||||
Jazz Pharmaceuticals plc, (Ireland) (a) | 160 | 16 | ||||||
Johnson & Johnson | 457,090 | 59,938 | ||||||
McKesson Corp. | 1,832 | 248 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Pharmaceuticals — continued | ||||||||
Merck & Co., Inc. | 444,829 | 34,225 | ||||||
Mylan NV (a) | 80,147 | 1,195 | ||||||
Neurocrine Biosciences, Inc. (a) | 14,986 | 1,297 | ||||||
Perrigo Co. plc, (Ireland) | 22,732 | 1,093 | ||||||
Pfizer, Inc. | 1,025,360 | 33,468 | ||||||
Sarepta Therapeutics, Inc. (a) | 12,769 | 1,249 | ||||||
Zoetis, Inc., Class A | 75,544 | 8,891 | ||||||
|
| |||||||
214,333 | ||||||||
|
| |||||||
Total ConsumerNon-cyclical | 454,649 | |||||||
|
| |||||||
Energy — 0.8% | ||||||||
Oil & Gas — 0.8% | ||||||||
Apache Corp. | 1,064 | 4 | ||||||
Cabot Oil & Gas Corp. | 1,327 | 23 | ||||||
Chevron Corp. | 81,030 | 5,871 | ||||||
Concho Resources, Inc. | 609 | 26 | ||||||
ConocoPhillips | 3,010 | 93 | ||||||
Continental Resources, Inc. | 460 | 4 | ||||||
Devon Energy Corp. | 1,282 | 9 | ||||||
Diamondback Energy, Inc. | 386 | 10 | ||||||
EOG Resources, Inc. | 1,658 | 60 | ||||||
Exxon Mobil Corp. | 11,665 | 443 | ||||||
Hess Corp. | 771 | 26 | ||||||
HollyFrontier Corp. | 588 | 14 | ||||||
Marathon Oil Corp. | 2,275 | 8 | ||||||
Marathon Petroleum Corp. | 33,344 | 788 | ||||||
Noble Energy, Inc. | 1,353 | 8 | ||||||
Occidental Petroleum Corp. | 2,359 | 27 | ||||||
Phillips 66 | 20,641 | 1,107 | ||||||
Pioneer Natural Resources Co. | 473 | 33 | ||||||
Valero Energy Corp. | 21,037 | 954 | ||||||
|
| |||||||
9,508 | ||||||||
|
| |||||||
Oil & Gas Services — 0.0% (g) | ||||||||
Baker Hughes Co., Class A | 2,256 | 24 | ||||||
Halliburton Co. | 3,186 | 22 | ||||||
National Oilwell Varco, Inc. | 1,092 | 11 | ||||||
Schlumberger Ltd. | 4,098 | 55 | ||||||
TechnipFMC plc, (United Kingdom) | 1,945 | 13 | ||||||
|
| |||||||
125 | ||||||||
|
| |||||||
Pipelines — 0.0% (g) | ||||||||
Cheniere Energy, Inc. (a) | 711 | 24 | ||||||
Kinder Morgan, Inc. | 5,633 | 78 | ||||||
ONEOK, Inc. | 1,131 | 25 | ||||||
Targa Resources Corp. | 659 | 4 | ||||||
Williams Cos., Inc. (The) | 3,437 | 49 | ||||||
|
| |||||||
180 | ||||||||
|
| |||||||
Total Energy | 9,813 | |||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Financial — 8.3% | ||||||||
Banks — 3.9% | ||||||||
Associated Banc-Corp. | 13,751 | 176 | ||||||
Atlantic Union Bankshares Corp. | 6,424 | 141 | ||||||
BancFirst Corp. | 2,856 | 95 | ||||||
BancorpSouth Bank | 7,884 | 149 | ||||||
Bank of America Corp. | 411,846 | 8,743 | ||||||
Bank of New York Mellon Corp. (The) | 48,067 | 1,619 | ||||||
Bank OZK | 7,894 | 132 | ||||||
Banner Corp. | 476 | 16 | ||||||
BOK Financial Corp. | 2,944 | 125 | ||||||
Cathay General Bancorp | 7,176 | 165 | ||||||
CenterState Bank Corp. | 8,100 | 140 | ||||||
Citigroup, Inc. | 121,681 | 5,125 | ||||||
Citizens Financial Group, Inc. | 40,930 | 770 | ||||||
Columbia Banking System, Inc. | 1,179 | 32 | ||||||
Comerica, Inc. | 17,487 | 513 | ||||||
Commerce Bancshares, Inc. | 3,354 | 169 | ||||||
Community Bank System, Inc. | 779 | 46 | ||||||
Cullen/Frost Bankers, Inc. | 3,734 | 208 | ||||||
CVB Financial Corp. | 7,054 | 141 | ||||||
East West Bancorp, Inc. | 8,171 | 210 | ||||||
Fifth Third Bancorp | 26,610 | 395 | ||||||
First Financial Bankshares, Inc. | 5,481 | 147 | ||||||
First Horizon National Corp. | 22,269 | 179 | ||||||
First Interstate BancSystem, Inc., Class A | 4,948 | 143 | ||||||
First Merchants Corp. | 4,624 | 122 | ||||||
First Midwest Bancorp, Inc. | 1,563 | 21 | ||||||
First Republic Bank | 8,116 | 668 | ||||||
Fulton Financial Corp. | 13,855 | 159 | ||||||
Glacier Bancorp, Inc. | 1,977 | 67 | ||||||
Goldman Sachs Group, Inc. (The) | 15,929 | 2,462 | ||||||
Great Western Bancorp, Inc. | 732 | 15 | ||||||
Home BancShares, Inc. | 12,480 | 150 | ||||||
Hope Bancorp, Inc. | 3,164 | 26 | ||||||
Huntington Bancshares, Inc. | 97,944 | 804 | ||||||
Independent Bank Corp. | 527 | 34 | ||||||
Independent Bank Group, Inc. | 704 | 17 | ||||||
KeyCorp. | 85,474 | 886 | ||||||
M&T Bank Corp. | 4,508 | 466 | ||||||
Morgan Stanley | 68,879 | 2,342 | ||||||
NBT Bancorp, Inc. | 656 | 21 | ||||||
Northern Trust Corp. | 12,728 | 960 | ||||||
PNC Financial Services Group, Inc. (The) | 24,830 | 2,377 | ||||||
Popular, Inc., (Puerto Rico) | 5,293 | 185 | ||||||
Prosperity Bancshares, Inc. | 4,357 | 210 | ||||||
Regions Financial Corp. | 84,407 | 757 | ||||||
ServisFirst Bancshares, Inc. | 4,542 | 133 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Banks — continued | ||||||||
Signature Bank | 2,845 | 229 | ||||||
Simmons First National Corp., Class A | 5,877 | 108 | ||||||
South State Corp. | 2,378 | 140 | ||||||
State Street Corp. | 22,939 | 1,222 | ||||||
SVB Financial Group (a) | 2,084 | 315 | ||||||
Synovus Financial Corp. | 10,748 | 189 | ||||||
TCF Financial Corp. | 9,000 | 204 | ||||||
Towne Bank | 7,516 | 136 | ||||||
Truist Financial Corp. | 89,797 | 2,769 | ||||||
UMB Financial Corp. | 3,037 | 141 | ||||||
United Community Banks, Inc. | 303 | 6 | ||||||
US Bancorp | 89,494 | 3,083 | ||||||
Webster Financial Corp. | 6,975 | 160 | ||||||
Wells Fargo & Co. | 274,236 | 7,871 | ||||||
WesBanco, Inc. | 6,631 | 157 | ||||||
Westamerica Bancorporation | 452 | 27 | ||||||
Wintrust Financial Corp. | 1,022 | 34 | ||||||
Zions Bancorp NA | 17,635 | 472 | ||||||
|
| |||||||
49,724 | ||||||||
|
| |||||||
Diversified Financial Services — 1.7% | ||||||||
Air Lease Corp., Class A | 662 | 15 | ||||||
Alliance Data Systems Corp. | 124 | 4 | ||||||
Ally Financial, Inc. | 15,137 | 218 | ||||||
American Express Co. | 29,234 | 2,503 | ||||||
Ameriprise Financial, Inc. | 7,861 | 806 | ||||||
BlackRock, Inc., Class A | 5,592 | 2,460 | ||||||
Capital One Financial Corp. | 13,842 | 698 | ||||||
Cboe Global Markets, Inc. | 3,066 | 274 | ||||||
Charles Schwab Corp. (The) | 35,261 | 1,185 | ||||||
CME Group, Inc., Class A | 14,417 | 2,493 | ||||||
Cohen & Steers, Inc. | 399 | 18 | ||||||
Discover Financial Services | 19,572 | 698 | ||||||
E*TRADE Financial Corp. | 8,671 | 298 | ||||||
Eaton Vance Corp. | 9,167 | 296 | ||||||
Evercore, Inc., Class A | 684 | 31 | ||||||
Franklin Resources, Inc. | 26,522 | 443 | ||||||
Intercontinental Exchange, Inc. | 22,105 | 1,785 | ||||||
Invesco Ltd. | 20,765 | 188 | ||||||
Jefferies Financial Group, Inc. | 13,467 | 184 | ||||||
Legg Mason, Inc. | 2,525 | 123 | ||||||
Mastercard, Inc., Class A | 6,264 | 1,513 | ||||||
Nasdaq, Inc. | 6,069 | 576 | ||||||
Raymond James Financial, Inc. | 7,167 | 453 | ||||||
SEI Investments Co. | 6,633 | 307 | ||||||
Synchrony Financial | 19,988 | 322 | ||||||
T Rowe Price Group, Inc. | 12,719 | 1,242 | ||||||
TD Ameritrade Holding Corp. | 16,929 | 587 | ||||||
Visa, Inc., Class A | 12,962 | 2,088 | ||||||
Western Union Co. (The) | 9,968 | 181 | ||||||
|
| |||||||
21,989 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Insurance — 2.4% | ||||||||
Aflac, Inc. | 40,573 | 1,389 | ||||||
Alleghany Corp. | 420 | 232 | ||||||
Allstate Corp. (The) | 15,996 | 1,467 | ||||||
American Financial Group, Inc. | 4,999 | 350 | ||||||
American International Group, Inc. | 26,820 | 650 | ||||||
Aon plc, (United Kingdom) | 9,128 | 1,506 | ||||||
Arch Capital Group Ltd., (Bermuda) (a) | 13,956 | 397 | ||||||
Argo Group International Holdings Ltd., (Bermuda) | 131 | 5 | ||||||
Arthur J Gallagher & Co. | 7,503 | 612 | ||||||
Assurant, Inc. | 4,591 | 478 | ||||||
Assured Guaranty Ltd., (Bermuda) | 641 | 17 | ||||||
Athene Holding Ltd., (Bermuda), Class A (a) | 7,842 | 195 | ||||||
Axis Capital Holdings Ltd., (Bermuda) | 1,481 | 57 | ||||||
Berkshire Hathaway, Inc., Class B (a) | 37,152 | 6,793 | ||||||
Brown & Brown, Inc. | 7,375 | 267 | ||||||
Chubb Ltd., (Switzerland) | 20,378 | 2,276 | ||||||
Cincinnati Financial Corp. | 8,214 | 620 | ||||||
CNO Financial Group, Inc. | 4,091 | 51 | ||||||
Equitable Holdings, Inc. | 18,074 | 261 | ||||||
Erie Indemnity Co., Class A | 1,569 | 233 | ||||||
Everest Re Group Ltd., (Bermuda) | 1,886 | 363 | ||||||
Fidelity National Financial, Inc. | 18,974 | 472 | ||||||
First American Financial Corp. | 1,866 | 79 | ||||||
Globe Life, Inc. | 6,166 | 444 | ||||||
Hanover Insurance Group, Inc. (The) | 475 | 43 | ||||||
Hartford Financial Services Group, Inc. (The) | 16,570 | 584 | ||||||
Horace Mann Educators Corp. | 170 | 6 | ||||||
Lincoln National Corp. | 16,696 | 439 | ||||||
Loews Corp. | 10,088 | 351 | ||||||
Markel Corp. (a) | 396 | 367 | ||||||
Marsh & McLennan Cos., Inc. | 22,083 | 1,909 | ||||||
MetLife, Inc. | 53,351 | 1,631 | ||||||
Old Republic International Corp. | 9,302 | 142 | ||||||
Primerica, Inc. | 286 | 25 | ||||||
Principal Financial Group, Inc. | 24,022 | 753 | ||||||
Progressive Corp. (The) | 17,668 | 1,305 | ||||||
Prudential Financial, Inc. | 12,727 | 664 | ||||||
Reinsurance Group of America, Inc., Class A | 4,168 | 351 | ||||||
RenaissanceRe Holdings Ltd., (Bermuda) | 1,374 | 205 | ||||||
RLI Corp. | 192 | 17 | ||||||
Selective Insurance Group, Inc. | 352 | 17 | ||||||
Travelers Cos., Inc. (The) | 13,965 | 1,387 | ||||||
Unum Group | 14,577 | 219 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Insurance — continued | ||||||||
Voya Financial, Inc. | 6,041 | 245 | ||||||
Willis Towers Watson plc, (United Kingdom) | 4,213 | 716 | ||||||
WR Berkley Corp. | 6,880 | 359 | ||||||
|
| |||||||
30,949 | ||||||||
|
| |||||||
Private Equity — 0.1% | ||||||||
Blackstone Group, Inc. (The), Class A | 20,636 | 941 | ||||||
KKR & Co., Inc., Class A | 16,841 | 395 | ||||||
|
| |||||||
1,336 | ||||||||
|
| |||||||
Real Estate — 0.0% (g) | ||||||||
CBRE Group, Inc., Class A (a) | 882 | 33 | ||||||
Jones Lang LaSalle, Inc. | 153 | 16 | ||||||
McGrath RentCorp. | 65 | 3 | ||||||
|
| |||||||
52 | ||||||||
|
| |||||||
REITS — 0.2% | ||||||||
AGNC Investment Corp. | 14,939 | 158 | ||||||
Alexandria Real Estate Equities, Inc. | 314 | 43 | ||||||
American Tower Corp. | 1,221 | 266 | ||||||
Annaly Capital Management, Inc. | 39,804 | 202 | ||||||
AvalonBay Communities, Inc. | 382 | 56 | ||||||
Boston Properties, Inc. | 456 | 42 | ||||||
Camden Property Trust | 274 | 22 | ||||||
Crown Castle International Corp. | 1,147 | 166 | ||||||
Digital Realty Trust, Inc. | 723 | 100 | ||||||
Duke Realty Corp. | 1,023 | 33 | ||||||
Equinix, Inc. | 240 | 150 | ||||||
Equity LifeStyle Properties, Inc. | 489 | 28 | ||||||
Equity Residential | 1,013 | 62 | ||||||
Essex Property Trust, Inc. | 193 | 42 | ||||||
Extra Space Storage, Inc. | 369 | 35 | ||||||
Federal Realty Investment Trust | 212 | 16 | ||||||
Healthpeak Properties, Inc. | 1,373 | 33 | ||||||
Host Hotels & Resorts, Inc. | 2,065 | 23 | ||||||
Invitation Homes, Inc. | 1,507 | 32 | ||||||
Iron Mountain, Inc. | 812 | 19 | ||||||
Kimco Realty Corp. | 1,194 | 12 | ||||||
Medical Properties Trust, Inc. | 1,443 | 25 | ||||||
Mid-America Apartment Communities, Inc. | 321 | 33 | ||||||
National Retail Properties, Inc. | 463 | 15 | ||||||
Omega Healthcare Investors, Inc. | 618 | 16 | ||||||
Prologis, Inc. | 2,054 | 165 | ||||||
Public Storage | 436 | 87 | ||||||
Realty Income Corp. | 900 | 45 | ||||||
Regency Centers Corp. | 474 | 18 | ||||||
SBA Communications Corp., Class A | 309 | 83 | ||||||
Simon Property Group, Inc. | 891 | 49 | ||||||
SL Green Realty Corp. | 205 | 9 | ||||||
Sun Communities, Inc. | 257 | 32 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
REITS — continued | ||||||||
UDR, Inc. | 834 | 30 | ||||||
Ventas, Inc. | 1,141 | 31 | ||||||
VEREIT, Inc. | 2,986 | 15 | ||||||
VICI Properties, Inc. | 1,304 | 22 | ||||||
Vornado Realty Trust | 486 | 18 | ||||||
Welltower, Inc. | 1,099 | 50 | ||||||
Weyerhaeuser Co. | 2,226 | 38 | ||||||
WP Carey, Inc. | 486 | 28 | ||||||
|
| |||||||
2,349 | ||||||||
|
| |||||||
Savings & Loans — 0.0% (g) | ||||||||
Investors Bancorp, Inc. | 18,726 | 150 | ||||||
People’s United Financial, Inc. | 22,058 | 244 | ||||||
Provident Financial Services, Inc. | 4,898 | 63 | ||||||
Washington Federal, Inc. | 5,899 | 153 | ||||||
WSFS Financial Corp. | 1,093 | 27 | ||||||
|
| |||||||
637 | ||||||||
|
| |||||||
Total Financial | 107,036 | |||||||
|
| |||||||
Industrial — 7.1% | ||||||||
Aerospace/Defense — 0.6% | ||||||||
Arconic, Inc. | 1,121 | 18 | ||||||
Barnes Group, Inc. | 10 | — | (h) | |||||
Boeing Co. (The) | 16,191 | 2,415 | ||||||
General Dynamics Corp. | 4,705 | 622 | ||||||
HEICO Corp. | 122 | 9 | ||||||
HEICO Corp., Class A | 257 | 16 | ||||||
Hexcel Corp. | 272 | 10 | ||||||
L3Harris Technologies, Inc. | 2,757 | 497 | ||||||
Lockheed Martin Corp. | 5,118 | 1,735 | ||||||
Northrop Grumman Corp. | 2,061 | 624 | ||||||
Raytheon Co. | 4,993 | 655 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 258 | 6 | ||||||
Teledyne Technologies, Inc. (a) | 106 | 31 | ||||||
TransDigm Group, Inc. | 133 | 43 | ||||||
United Technologies Corp. | 17,024 | 1,606 | ||||||
|
| |||||||
8,287 | ||||||||
|
| |||||||
Building Materials — 0.0% (g) | ||||||||
Fortune Brands Home & Security, Inc. | 1,691 | 73 | ||||||
Johnson Controls International plc | 2,270 | 61 | ||||||
Lennox International, Inc. | 349 | 63 | ||||||
Martin Marietta Materials, Inc. | 177 | 34 | ||||||
Masco Corp. | 3,012 | 104 | ||||||
MDU Resources Group, Inc. | 3,479 | 75 | ||||||
Owens Corning | 1,594 | 62 | ||||||
Simpson Manufacturing Co., Inc. | 71 | 4 | ||||||
Universal Forest Products, Inc. | 239 | 9 | ||||||
Vulcan Materials Co. | 1,146 | 124 | ||||||
|
| |||||||
609 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Electrical Components & Equipments — 0.1% | ||||||||
Acuity Brands, Inc. | 113 | 10 | ||||||
AMETEK, Inc. | 637 | 46 | ||||||
Emerson Electric Co. | 17,685 | 843 | ||||||
Energizer Holdings, Inc. | 562 | 17 | ||||||
Littelfuse, Inc. | 71 | 9 | ||||||
|
| |||||||
925 | ||||||||
|
| |||||||
Electronics — 0.3% | ||||||||
Agilent Technologies, Inc. | 859 | 61 | ||||||
Allegion plc, (Ireland) | 611 | 56 | ||||||
Amphenol Corp., Class A | 2,876 | 210 | ||||||
Arrow Electronics, Inc. (a) | 264 | 14 | ||||||
Brady Corp., Class A | 179 | 8 | ||||||
Flex Ltd. (a) | 1,456 | 12 | ||||||
FLIR Systems, Inc. | 1,620 | 52 | ||||||
Fortive Corp. | 854 | 47 | ||||||
Garmin Ltd., (Switzerland) | 377 | 28 | ||||||
Gentex Corp. | 3,337 | 74 | ||||||
Honeywell International, Inc. | 13,160 | 1,761 | ||||||
Hubbell, Inc., Class B | 919 | 105 | ||||||
Keysight Technologies, Inc. (a) | 521 | 44 | ||||||
Mettler-Toledo International, Inc. (a) | 71 | 49 | ||||||
nVent Electric plc, (United Kingdom) | 2,489 | 42 | ||||||
PerkinElmer, Inc. | 314 | 24 | ||||||
Roper Technologies, Inc. | 650 | 203 | ||||||
Sensata Technologies Holding plc (a) | 456 | 13 | ||||||
SYNNEX Corp. | 192 | 14 | ||||||
TE Connectivity Ltd., (Switzerland) | 6,007 | 378 | ||||||
Trimble, Inc. (a) | 712 | 23 | ||||||
Waters Corp. (a) | 190 | 35 | ||||||
Watts Water Technologies, Inc., Class A | 17 | 1 | ||||||
Woodward, Inc. | 223 | 13 | ||||||
|
| |||||||
3,267 | ||||||||
|
| |||||||
Engineering & Construction — 0.0% (g) | ||||||||
Jacobs Engineering Group, Inc. | 420 | 33 | ||||||
|
| |||||||
Environmental Control — 0.1% | ||||||||
Pentair plc, (United Kingdom) | 2,411 | 72 | ||||||
Republic Services, Inc., Class A | 3,428 | 257 | ||||||
Tetra Tech, Inc. | 55 | 4 | ||||||
Waste Connections, Inc. | 730 | 57 | ||||||
Waste Management, Inc. | 5,838 | 540 | ||||||
|
| |||||||
930 | ||||||||
|
| |||||||
Hand/Machine Tools — 0.0% (g) | ||||||||
Franklin Electric Co., Inc. | 15 | 1 | ||||||
Lincoln Electric Holdings, Inc. | 762 | 52 | ||||||
MSA Safety, Inc. | 204 | 21 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Hand/Machine Tools — continued | ||||||||
Regal Beloit Corp. | 181 | 11 | ||||||
Snap-on, Inc. | 1,182 | 129 | ||||||
Stanley Black & Decker, Inc. | 2,510 | 251 | ||||||
|
| |||||||
465 | ||||||||
|
| |||||||
Machinery — Construction & Mining — 0.2% | ||||||||
BWX Technologies, Inc. | 469 | 23 | ||||||
Caterpillar, Inc. | 16,519 | 1,917 | ||||||
Oshkosh Corp. | 536 | 34 | ||||||
Terex Corp. | 46 | 1 | ||||||
|
| |||||||
1,975 | ||||||||
|
| |||||||
Machinery — Diversified — 0.1% | ||||||||
AGCO Corp. | 99 | 5 | ||||||
Applied Industrial Technologies, Inc. | 293 | 13 | ||||||
Cognex Corp. | 831 | 35 | ||||||
Deere & Co. | 822 | 114 | ||||||
Dover Corp. | 2,141 | 180 | ||||||
Flowserve Corp. | 416 | 10 | ||||||
Graco, Inc. | 1,184 | 58 | ||||||
IDEX Corp. | 848 | 117 | ||||||
Ingersoll Rand, Inc. (a) | 949 | 23 | ||||||
Middleby Corp. (The) (a) | 158 | 9 | ||||||
Nordson Corp. | 292 | 39 | ||||||
Rockwell Automation, Inc. | 2,109 | 318 | ||||||
Westinghouse Air Brake Technologies Corp. | 543 | 26 | ||||||
Xylem, Inc. | 1,820 | 119 | ||||||
|
| |||||||
1,066 | ||||||||
|
| |||||||
Metal Fabricate/Hardware — 0.0% (g) | ||||||||
Timken Co. (The) | 1,007 | 33 | ||||||
Worthington Industries, Inc. | 116 | 3 | ||||||
|
| |||||||
36 | ||||||||
|
| |||||||
Miscellaneous Manufacturers — 0.4% | ||||||||
3M Co. | 16,262 | 2,220 | ||||||
AO Smith Corp. | 2,250 | 85 | ||||||
AptarGroup, Inc. | 476 | 47 | ||||||
Carlisle Cos., Inc. | 383 | 48 | ||||||
Donaldson Co., Inc. | 1,047 | 41 | ||||||
Eaton Corp. plc | 11,187 | 869 | ||||||
General Electric Co. | 24,457 | 194 | ||||||
Hillenbrand, Inc. | 1,412 | 27 | ||||||
Illinois Tool Works, Inc. | 6,115 | 869 | ||||||
ITT, Inc. | 476 | 22 | ||||||
Parker-Hannifin Corp. | 365 | 47 | ||||||
Textron, Inc. | 651 | 17 | ||||||
Trane Technologies plc, (Ireland) | 3,882 | 321 | ||||||
Trinity Industries, Inc. | 2,150 | 35 | ||||||
|
| |||||||
4,842 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Packaging & Containers — 0.0% (g) | ||||||||
Amcor plc, (United Kingdom) | 4,559 | 37 | ||||||
Ball Corp. | 881 | 57 | ||||||
Crown Holdings, Inc. (a) | 430 | 25 | ||||||
Packaging Corp. of America | 2,447 | 212 | ||||||
Sealed Air Corp. | 437 | 11 | ||||||
Silgan Holdings, Inc. | 65 | 2 | ||||||
Sonoco Products Co. | 1,967 | 91 | ||||||
Westrock Co. | 728 | 21 | ||||||
|
| |||||||
456 | ||||||||
|
| |||||||
Shipbuilding — 0.0% (g) | ||||||||
Huntington Ingalls Industries, Inc. | 584 | 106 | ||||||
|
| |||||||
Transportation — 5.3% | ||||||||
CH Robinson Worldwide, Inc. | 75,520 | 4,999 | ||||||
CSX Corp. | 11,243 | 644 | ||||||
Expeditors International of Washington, Inc. | 93,305 | 6,225 | ||||||
FedEx Corp. | 133,523 | 16,191 | ||||||
JB Hunt Transport Services, Inc. | 800 | 74 | ||||||
Kansas City Southern | 284 | 36 | ||||||
Knight-Swift Transportation Holdings, Inc., Class A | 362 | 12 | ||||||
Matson, Inc. | 435 | 13 | ||||||
Norfolk Southern Corp. | 720 | 105 | ||||||
Old Dominion Freight Line, Inc. | 271 | 36 | ||||||
Union Pacific Corp. | 14,546 | 2,052 | ||||||
United Parcel Service, Inc., Class B | 399,165 | 37,290 | ||||||
Werner Enterprises, Inc. | 742 | 27 | ||||||
XPO Logistics, Inc. (a) | 292 | 14 | ||||||
|
| |||||||
67,718 | ||||||||
|
| |||||||
Trucking & Leasing — 0.0% (g) | ||||||||
GATX Corp. | 462 | 29 | ||||||
|
| |||||||
Total Industrial | 90,744 | |||||||
|
| |||||||
Technology — 22.2% | ||||||||
Computers — 3.5% | ||||||||
Accenture plc, (Ireland), Class A | 10,045 | 1,640 | ||||||
Apple, Inc. | 151,997 | 38,651 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,551 | 72 | ||||||
Dell Technologies, Inc., Class C (a) | 517 | 20 | ||||||
DXC Technology Co. | 831 | 11 | ||||||
EPAM Systems, Inc. (a) | 161 | 30 | ||||||
Fortinet, Inc. (a) | 13,922 | 1,409 | ||||||
Hewlett Packard Enterprise Co. | 39,359 | 382 | ||||||
HP, Inc. | 45,172 | 784 | ||||||
International Business Machines Corp. | 2,442 | 271 | ||||||
Leidos Holdings, Inc. | 388 | 36 | ||||||
NetApp, Inc. | 13,721 | 572 | ||||||
Seagate Technology plc | 7,068 | 345 | ||||||
Western Digital Corp. | 9,037 | 376 | ||||||
|
| |||||||
44,599 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Office/Business Equipment — 0.0% (g) | ||||||||
Xerox Holdings Corp. | 8,911 | 169 | ||||||
Zebra Technologies Corp., Class A (a) | 159 | 29 | ||||||
|
| |||||||
198 | ||||||||
|
| |||||||
Semiconductors — 1.2% | ||||||||
Advanced Micro Devices, Inc. (a) | 2,957 | 135 | ||||||
Analog Devices, Inc. | 7,077 | 634 | ||||||
Applied Materials, Inc. | 2,605 | 119 | ||||||
Broadcom, Inc. | 14,406 | 3,416 | ||||||
Intel Corp. | 84,976 | 4,599 | ||||||
IPG Photonics Corp. (a) | 141 | 16 | ||||||
KLA Corp. | 2,681 | 385 | ||||||
Lam Research Corp. | 2,224 | 534 | ||||||
Marvell Technology Group Ltd. | 1,801 | 41 | ||||||
Maxim Integrated Products, Inc. | 763 | 37 | ||||||
Microchip Technology, Inc. | 3,650 | 248 | ||||||
Micron Technology, Inc. (a) | 3,087 | 130 | ||||||
MKS Instruments, Inc. | 123 | 10 | ||||||
NVIDIA Corp. | 3,023 | 797 | ||||||
ON Semiconductor Corp. (a) | 1,161 | 14 | ||||||
Power Integrations, Inc. | 12 | 1 | ||||||
Qorvo, Inc. (a) | 348 | 28 | ||||||
QUALCOMM, Inc. | 27,395 | 1,853 | ||||||
Skyworks Solutions, Inc. | 2,610 | 233 | ||||||
Teradyne, Inc. | 481 | 26 | ||||||
Texas Instruments, Inc. | 22,936 | 2,292 | ||||||
Xilinx, Inc. | 3,864 | 301 | ||||||
|
| |||||||
15,849 | ||||||||
|
| |||||||
Software — 17.5% | ||||||||
Activision Blizzard, Inc. (a) | 292,454 | 17,395 | ||||||
Adobe, Inc. (a) | 47,413 | 15,089 | ||||||
Akamai Technologies, Inc. (a) | 458 | 42 | ||||||
ANSYS, Inc. (a) | 8,382 | 1,949 | ||||||
Autodesk, Inc. (a) | 21,552 | 3,364 | ||||||
Black Knight, Inc. (a) | 423 | 25 | ||||||
Broadridge Financial Solutions, Inc. | 1,861 | 176 | ||||||
Cadence Design Systems, Inc. (a) | 27,481 | 1,815 | ||||||
CDK Global, Inc. | 384 | 13 | ||||||
Cerner Corp. | 901 | 57 | ||||||
Citrix Systems, Inc. | 11,307 | 1,601 | ||||||
DocuSign, Inc., Class A (a) | 311 | 29 | ||||||
Dropbox, Inc., Class A (a) | 1,027 | 19 | ||||||
Electronic Arts, Inc. (a) | 109,860 | 11,005 | ||||||
Fidelity National Information Services, Inc. | 5,740 | 698 | ||||||
Fiserv, Inc. (a) | 1,593 | 151 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Software — continued | ||||||||
Guidewire Software, Inc. (a) | 232 | 18 | ||||||
Intuit, Inc. | 26,835 | 6,172 | ||||||
j2 Global, Inc. | 504 | 38 | ||||||
Jack Henry & Associates, Inc. | 669 | 104 | ||||||
Microsoft Corp. | 790,618 | 124,688 | ||||||
MongoDB, Inc., Class A (a) | 152 | 21 | ||||||
MSCI, Inc., Class A | 3,586 | 1,036 | ||||||
Oracle Corp. | 243,173 | 11,753 | ||||||
Paychex, Inc. | 892 | 56 | ||||||
Paycom Software, Inc. (a) | 4,814 | 972 | ||||||
PTC, Inc. (a) | 310 | 19 | ||||||
RingCentral, Inc., Class A (a) | 221 | 47 | ||||||
salesforce.com, Inc. (a) | 86,729 | 12,487 | ||||||
ServiceNow, Inc. (a) | 18,474 | 5,294 | ||||||
Splunk, Inc. (a) | 425 | 54 | ||||||
SS&C Technologies Holdings, Inc. | 670 | 29 | ||||||
Synopsys, Inc. (a) | 14,733 | 1,897 | ||||||
Take-Two Interactive Software, Inc. (a) | 42,593 | 5,052 | ||||||
Twilio, Inc., Class A (a) | 332 | 30 | ||||||
Tyler Technologies, Inc. (a) | 109 | 32 | ||||||
Veeva Systems, Inc., Class A (a) | 358 | 56 | ||||||
VMware, Inc., Class A (a) | 260 | 31 | ||||||
Workday, Inc., Class A (a) | 449 | 58 | ||||||
|
| |||||||
223,372 | ||||||||
|
| |||||||
Total Technology | 284,018 | |||||||
|
| |||||||
Utilities — 1.0% |
| |||||||
Electric — 0.9% | ||||||||
AES Corp. | 17,928 | 244 | ||||||
ALLETE, Inc. | 878 | 53 | ||||||
Alliant Energy Corp. | 4,908 | 237 | ||||||
Ameren Corp. | 4,333 | 316 | ||||||
American Electric Power Co., Inc. | 12,049 | 964 | ||||||
Black Hills Corp. | 996 | 64 | ||||||
CenterPoint Energy, Inc. | 1,523 | 23 | ||||||
CMS Energy Corp. | 5,201 | 306 | ||||||
Consolidated Edison, Inc. | 8,162 | 637 | ||||||
Dominion Energy, Inc. | 2,269 | 164 | ||||||
DTE Energy Co. | 5,173 | 491 | ||||||
Duke Energy Corp. | 2,020 | 163 | ||||||
Edison International | 10,448 | 572 | ||||||
El Paso Electric Co. | 413 | 28 | ||||||
Entergy Corp. | 5,690 | 535 | ||||||
Evergy, Inc. | 5,089 | 280 | ||||||
Eversource Energy | 5,774 | 452 | ||||||
Exelon Corp. | 2,682 | 99 | ||||||
FirstEnergy Corp. | 1,493 | 60 | ||||||
IDACORP, Inc. | 781 | 69 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Electric — continued |
| |||||||
MGE Energy, Inc. | 187 | 12 | ||||||
NextEra Energy, Inc. | 8,859 | 2,132 | ||||||
NorthWestern Corp. | 705 | 42 | ||||||
NRG Energy, Inc. | 716 | 19 | ||||||
OGE Energy Corp. | 5,836 | 179 | ||||||
Ormat Technologies, Inc. | 15 | 1 | ||||||
Otter Tail Corp. | 451 | 20 | ||||||
Pinnacle West Capital Corp. | 2,631 | 199 | ||||||
PNM Resources, Inc. | 1,057 | 40 | ||||||
Portland General Electric Co. | 1,375 | 66 | ||||||
PPL Corp. | 2,030 | 50 | ||||||
Public Service Enterprise Group, Inc. | 13,543 | 608 | ||||||
Sempra Energy | 6,616 | 748 | ||||||
Southern Co. (The) | 2,891 | 156 | ||||||
Vistra Energy Corp. | 1,043 | 17 | ||||||
WEC Energy Group, Inc. | 6,190 | 545 | ||||||
Xcel Energy, Inc. | 10,877 | 656 | ||||||
|
| |||||||
11,247 | ||||||||
|
| |||||||
Gas— 0.1% | ||||||||
Atmos Energy Corp. | 1,919 | 191 | ||||||
National Fuel Gas Co. | 1,988 | 74 | ||||||
New Jersey Resources Corp. | 1,726 | 59 | ||||||
NiSource, Inc. | 7,855 | 196 | ||||||
ONE Gas, Inc. | 752 | 63 | ||||||
South Jersey Industries, Inc. | 2,335 | 58 | ||||||
Southwest Gas Holdings, Inc. | 1,054 | 73 | ||||||
Spire, Inc. | 838 | 63 | ||||||
UGI Corp. | 5,150 | 137 | ||||||
|
| |||||||
914 | ||||||||
|
| |||||||
Water— 0.0% (g) | ||||||||
American States Water Co. | 220 | 18 | ||||||
American Water Works Co., Inc. | 2,178 | 260 | ||||||
California Water Service Group | 369 | 19 | ||||||
Essential Utilities, Inc. | 3,502 | 142 | ||||||
|
| |||||||
439 | ||||||||
|
| |||||||
Total Utilities | 12,600 | |||||||
|
| |||||||
Total Common Stocks (Cost $1,362,018) | 1,272,495 | |||||||
|
| |||||||
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2020 (Unaudited) (continued) (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands, except number of shares and Futures contracts) | ||||||||
SECURITY DESCRIPTION | PRINCIPAL AMOUNT ($) | VALUE ($) | ||||||
Short-Term Investments — 1.8% | ||||||||
Time Deposits — 1.8% | ||||||||
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2020 | 11,234 | 11,234 | ||||||
Barclays SA, 0.15%, 04/01/2020 | 3,934 | 3,934 | ||||||
Brown Brothers Harriman, 0.15%, 04/01/2020 | — | (h) | — | (h) | ||||
Citibank NA, 0.15%, 04/01/2020 | 7,292 | 7,292 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $22,460) | 22,460 | |||||||
|
| |||||||
Total Investments — 101.2% (Cost $1,384,478)* | 1,294,955 | |||||||
Liabilities in Excess of Other Assets — (1.2)% | (14,845 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,280,110 | ||||||
|
|
Percentages indicated are based on net assets.
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
Futures contracts outstanding as of March 31, 2020:
Exchange Traded
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts | ||||||||||||||||||
E-mini Russell 2000 Index | 2 | 06/2020 | USD | 112 | 3 | |||||||||||||
MicroE-mini NASDAQ 100 Index | 3 | 06/2020 | USD | 46 | — | (h) | ||||||||||||
MicroE-mini S&P 500 Index | 148 | 06/2020 | USD | 1,903 | (1 | ) | ||||||||||||
NASDAQ 100E-mini Index | 6 | 06/2020 | USD | 915 | 20 | |||||||||||||
S&P 500E-mini Index | 14 | 06/2020 | USD | 1,686 | 113 | |||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation (depreciation) | 135 | |||||||||||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020
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. | ||
* | — | The cost of securities is substantially the same for federal income tax purposes. | ||
USD | — | United States Dollar |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
Summary of Investments by Industry, March 31, 2020
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Internet | 20.3 | % | ||
Software | 17.3 | % | ||
Pharmaceuticals | 16.6 | % | ||
Biotechnology | 6.5 | % | ||
Beverages | 5.4 | % | ||
Transportation | 5.2 | % | ||
Agriculture | 4.3 | % | ||
Banks | 3.8 | % | ||
Computers | 3.4 | % | ||
Insurance | 2.4 | % | ||
Diversified Financial Services | 1.7 | % | ||
Retail | 1.4 | % | ||
Semiconductors | 1.2 | % | ||
Telecommunications | 1.0 | % | ||
Others (Each less than 1.0%) | 7.8 | % | ||
Short-Term Investments | 1.7 | % |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — 96.9% | ||||||||
Australia — 0.0% (g) | ||||||||
BHP Group plc | 14,490 | 225 | ||||||
|
| |||||||
Austria — 0.5% | ||||||||
ANDRITZ AG (a) | 14,285 | 448 | ||||||
Erste Group Bank AG | 31,637 | 579 | ||||||
OMV AG | 48,350 | 1,323 | ||||||
Raiffeisen Bank International AG | 32,647 | 470 | ||||||
Verbund AG | 22,390 | 807 | ||||||
voestalpine AG | 12,618 | 255 | ||||||
|
| |||||||
3,882 | ||||||||
|
| |||||||
Belgium — 1.9% | ||||||||
Ageas | 52,960 | 2,207 | ||||||
Anheuser-Busch InBev SA | 114,646 | 5,064 | ||||||
Colruyt SA | 6,723 | 364 | ||||||
Galapagos NV (a) | 5,340 | 1,049 | ||||||
Groupe Bruxelles Lambert SA | 567 | 45 | ||||||
KBC Group NV | 26,293 | 1,193 | ||||||
Proximus SADP | 18,342 | 421 | ||||||
Solvay SA | 8,757 | 631 | ||||||
Telenet Group Holding NV | 5,588 | 168 | ||||||
UCB SA | 9,541 | 816 | ||||||
Umicore SA | 55,591 | 1,917 | ||||||
|
| |||||||
13,875 | ||||||||
|
| |||||||
Canada — 3.5% | ||||||||
Agnico Eagle Mines Ltd. | 5,758 | 230 | ||||||
Air Canada, Class B (a) | 3,033 | 34 | ||||||
Algonquin Power & Utilities Corp. | 12,416 | 167 | ||||||
Alimentation Couche-Tard, Inc., Class B | 20,915 | 493 | ||||||
AltaGas Ltd. | 6,695 | 61 | ||||||
Atco Ltd., Class I | 1,794 | 50 | ||||||
Aurora Cannabis, Inc. (a) | 25,193 | 23 | ||||||
Bank of Montreal | 15,374 | 776 | ||||||
Bank of Nova Scotia (The) | 29,313 | 1,197 | ||||||
Barrick Gold Corp. | 42,768 | 786 | ||||||
BCE, Inc. | 3,702 | 152 | ||||||
BlackBerry Ltd. (a) | 12,340 | 51 | ||||||
Bombardier, Inc., Class B (a) | 53,244 | 17 | ||||||
Brookfield Asset Management, Inc., Class A | 21,411 | 949 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Canada — continued |
| |||||||
CAE, Inc. | 6,427 | 81 | ||||||
Cameco Corp. | 9,705 | 74 | ||||||
Canadian Apartment Properties REIT | 2,026 | 61 | ||||||
Canadian Imperial Bank of Commerce | 10,715 | 624 | ||||||
Canadian National Railway Co. | 17,208 | 1,345 | ||||||
Canadian Natural Resources Ltd. | 28,462 | 389 | ||||||
Canadian Pacific Railway Ltd. | 3,300 | 728 | ||||||
Canadian Tire Corp. Ltd., Class A | 1,371 | 83 | ||||||
Canadian Utilities Ltd., Class A | 3,181 | 76 | ||||||
Canopy Growth Corp. (a) | 5,162 | 75 | ||||||
CCL Industries, Inc., Class B | 3,551 | 108 | ||||||
Cenovus Energy, Inc. | 24,503 | 49 | ||||||
CGI, Inc. (a) | 5,769 | 312 | ||||||
CI Financial Corp. | 5,246 | 52 | ||||||
Constellation Software, Inc. | 484 | 440 | ||||||
Cronos Group, Inc. (a) | 4,877 | 28 | ||||||
Dollarama, Inc. | 7,240 | 201 | ||||||
Emera, Inc. | 5,824 | 230 | ||||||
Empire Co. Ltd., Class A | 4,179 | 82 | ||||||
Enbridge, Inc. | 48,689 | 1,418 | ||||||
Fairfax Financial Holdings Ltd. | 645 | 198 | ||||||
First Capital Real Estate Investment Trust | 2,642 | 26 | ||||||
First Quantum Minerals Ltd. | 16,293 | 83 | ||||||
Fortis, Inc. | 10,558 | 407 | ||||||
Franco-Nevada Corp. | 4,537 | 453 | ||||||
George Weston Ltd. | 1,862 | 133 | ||||||
Gildan Activewear, Inc., Class A | 4,824 | 61 | ||||||
Great-West Lifeco, Inc. | 6,754 | 117 | ||||||
H&R Real Estate Investment Trust | 3,361 | 21 | ||||||
Husky Energy, Inc. | 7,928 | 20 | ||||||
Hydro One Ltd. (e) | 7,904 | 142 | ||||||
iA Financial Corp., Inc. | 2,517 | 79 | ||||||
IGM Financial, Inc. | 1,991 | 33 | ||||||
Imperial Oil Ltd. | 6,355 | 72 | ||||||
Intact Financial Corp. | 3,348 | 289 | ||||||
Inter Pipeline Ltd. | 10,256 | 61 | ||||||
Keyera Corp. | 5,076 | 47 | ||||||
Kinross Gold Corp. (a) | 30,264 | 121 | ||||||
Kirkland Lake Gold Ltd. | 6,497 | 191 | ||||||
Loblaw Cos. Ltd. | 4,334 | 223 | ||||||
Lundin Mining Corp. | 16,036 | 60 | ||||||
Magna International, Inc. | 6,991 | 223 | ||||||
Manulife Financial Corp. | 46,884 | 589 | ||||||
Methanex Corp. | 1,460 | 18 | ||||||
Metro, Inc. | 6,140 | 248 | ||||||
National Bank of Canada | 8,039 | 311 | ||||||
Nutrien Ltd. | 13,782 | 471 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Canada — continued |
| |||||||
Onex Corp. | 2,016 | 74 | ||||||
Open Text Corp. | 6,554 | 229 | ||||||
Parkland Fuel Corp. | 3,504 | 62 | ||||||
Pembina Pipeline Corp. | 13,166 | 247 | ||||||
Power Corp. of Canada | 13,671 | 220 | ||||||
PrairieSky Royalty Ltd. | 5,056 | 27 | ||||||
Quebecor, Inc., Class B | 4,286 | 95 | ||||||
Restaurant Brands International, Inc. | 6,813 | 275 | ||||||
RioCan Real Estate Investment Trust | 3,825 | 44 | ||||||
Rogers Communications, Inc., Class B | 8,661 | 361 | ||||||
Royal Bank of Canada | 34,500 | 2,137 | ||||||
Saputo, Inc. | 5,931 | 143 | ||||||
Shaw Communications, Inc., Class B | 11,316 | 184 | ||||||
Shopify, Inc., Class A (a) | 2,494 | 1,045 | ||||||
SmartCentres Real Estate Investment Trust | 1,748 | 23 | ||||||
Stars Group, Inc. (The) (a) | 5,434 | 111 | ||||||
Sun Life Financial, Inc. | 14,137 | 455 | ||||||
Suncor Energy, Inc. | 36,977 | 590 | ||||||
TC Energy Corp. | 22,469 | 999 | ||||||
Teck Resources Ltd., Class B | 11,820 | 90 | ||||||
TELUS Corp. | 9,502 | 150 | ||||||
Thomson Reuters Corp. | 4,811 | 328 | ||||||
Toronto-Dominion Bank (The) | 43,579 | 1,853 | ||||||
West Fraser Timber Co. Ltd. | 1,278 | 24 | ||||||
Wheaton Precious Metals Corp. | 10,758 | 296 | ||||||
WSP Global, Inc. | 2,568 | 146 | ||||||
|
| |||||||
26,347 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta plc | 46,556 | 445 | ||||||
|
| |||||||
Denmark — 3.8% | ||||||||
AP Moller—Maersk A/S, Class A | 20 | 16 | ||||||
AP Moller—Maersk A/S, Class B | 50 | 44 | ||||||
Carlsberg A/S, Class B | 16,100 | 1,812 | ||||||
Chr Hansen Holding A/S | 29,895 | 2,206 | ||||||
Coloplast A/S, Class B | 818 | 119 | ||||||
Danske Bank A/S | 67,543 | 752 | ||||||
Demant A/S (a) | 13,106 | 285 | ||||||
DSV PANALPINA A/S | 25,061 | 2,279 | ||||||
Genmab A/S (a) | 7,693 | 1,545 | ||||||
H Lundbeck A/S | 13,224 | 388 | ||||||
ISS A/S | 18,913 | 259 | ||||||
Novo Nordisk A/S, Class B | 133,494 | 7,972 | ||||||
Novozymes A/S, Class B | 60,545 | 2,716 | ||||||
Orsted A/S (e) | 37,906 | 3,711 | ||||||
Pandora A/S | 11,831 | 380 | ||||||
Tryg A/S | 36,573 | 890 | ||||||
Vestas Wind Systems A/S | 36,890 | 3,002 | ||||||
|
| |||||||
28,376 | ||||||||
|
|
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Finland — 1.8% | ||||||||
Elisa OYJ | 17,217 | 1,062 | ||||||
Fortum OYJ | 91,276 | 1,328 | ||||||
Kone OYJ, Class B | 28,462 | 1,594 | ||||||
Metso OYJ | 20,484 | 483 | ||||||
Neste OYJ | 2,910 | 97 | ||||||
Nokia OYJ | 38,707 | 119 | ||||||
Nokian Renkaat OYJ | 14,747 | 352 | ||||||
Nordea Bank Abp | 337,864 | 1,900 | ||||||
Orion OYJ, Class B | 19,678 | 801 | ||||||
Sampo OYJ, Class A | 82,469 | 2,379 | ||||||
Stora Enso OYJ, Class R | 68,694 | 687 | ||||||
UPM-Kymmene OYJ | 63,329 | 1,727 | ||||||
Wartsila OYJ Abp | 87,244 | 637 | ||||||
|
| |||||||
13,166 | ||||||||
|
| |||||||
France — 14.6% | ||||||||
Accor SA | 20,918 | 562 | ||||||
Aeroports de Paris | 3,549 | 343 | ||||||
Air Liquide SA | 3,234 | 413 | ||||||
Airbus SE | 48,861 | 3,151 | ||||||
Alstom SA | 37,032 | 1,529 | ||||||
Amundi SA (e) | 7,109 | 411 | ||||||
Arkema SA | 8,137 | 556 | ||||||
Atos SE | 11,695 | 779 | ||||||
AXA SA | 359,303 | 6,084 | ||||||
BioMerieux | 4,937 | 559 | ||||||
BNP Paribas SA | 117,087 | 3,418 | ||||||
Bollore SA | 5,782 | 16 | ||||||
Bouygues SA | 18,711 | 543 | ||||||
Bureau Veritas SA | 35,088 | 661 | ||||||
Capgemini SE | 18,828 | 1,573 | ||||||
Carrefour SA | 4,198 | 67 | ||||||
Casino Guichard Perrachon SA | 6,338 | 243 | ||||||
Cie de Saint-Gobain | 41,144 | 987 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,177 | 103 | ||||||
CNP Assurances | 31,849 | 308 | ||||||
Covivio | 6,050 | 340 | ||||||
Credit Agricole SA | 120,259 | 851 | ||||||
Danone SA | 92,916 | 5,946 | ||||||
Dassault Aviation SA | 529 | 434 | ||||||
Dassault Systemes SE | 902 | 132 | ||||||
Edenred | 28,781 | 1,194 | ||||||
Eiffage SA | 15,523 | 1,102 | ||||||
Electricite de France SA | 119,047 | 931 | ||||||
Engie SA | 361,285 | 3,700 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
France — continued |
| |||||||
EssilorLuxottica SA | 1,944 | 206 | ||||||
Eurazeo SE | 4,681 | 210 | ||||||
Eutelsat Communications SA | 21,310 | 222 | ||||||
Faurecia SE | 8,706 | 255 | ||||||
Gecina SA | 5,532 | 728 | ||||||
Getlink SE | 52,570 | 636 | ||||||
Hermes International | 216 | 147 | ||||||
ICADE | 3,665 | 288 | ||||||
Iliad SA | 1,726 | 233 | ||||||
Ingenico Group SA | 7,153 | 748 | ||||||
Ipsen SA | 7,070 | 362 | ||||||
JCDecaux SA | 10,047 | 179 | ||||||
Kering SA | 520 | 271 | ||||||
Klepierre SA | 23,824 | 454 | ||||||
Legrand SA | 52,028 | 3,318 | ||||||
L’Oreal SA | 22,718 | 5,880 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,906 | 699 | ||||||
Natixis SA | 6,408 | 20 | ||||||
Orange SA | 13,692 | 166 | ||||||
Pernod Ricard SA | 31,952 | 4,535 | ||||||
Peugeot SA | 69,292 | 902 | ||||||
Publicis Groupe SA | 25,772 | 737 | ||||||
Remy Cointreau SA | 6,003 | 654 | ||||||
Renault SA | 1,275 | 24 | ||||||
Safran SA | 27,415 | 2,429 | ||||||
Sanofi | 85,078 | 7,366 | ||||||
Sartorius Stedim Biotech | 3,258 | 650 | ||||||
Schneider Electric SE | 46,269 | 3,911 | ||||||
SCOR SE | 47,152 | 1,037 | ||||||
SEB SA | 2,665 | 330 | ||||||
Societe Generale SA | 84,273 | 1,381 | ||||||
Sodexo SA | 10,574 | 710 | ||||||
Suez | 111,618 | 1,134 | ||||||
Teleperformance | 6,932 | 1,436 | ||||||
Thales SA | 8,963 | 742 | ||||||
TOTAL SA | 505,142 | 19,033 | ||||||
Ubisoft Entertainment SA (a) | 10,692 | 782 | ||||||
Unibail—Rodamco-Westfield | 963 | 55 | ||||||
Valeo SA | 28,107 | 457 | ||||||
Veolia Environnement SA | 169,561 | 3,581 | ||||||
Vinci SA | 43,071 | 3,519 | ||||||
Vivendi SA | 5,685 | 120 | ||||||
Wendel SA | 3,315 | 263 | ||||||
Worldline SA (a) (e) | 15,166 | 895 | ||||||
|
| |||||||
108,641 | ||||||||
|
|
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Germany — 8.7% | ||||||||
adidas AG | 1,236 | 274 | ||||||
Allianz SE (Registered) | 77,545 | 13,206 | ||||||
BASF SE | 6,342 | 296 | ||||||
Bayer AG (Registered) | 74,123 | 4,247 | ||||||
Bayerische Motoren Werke AG | 2,346 | 120 | ||||||
Beiersdorf AG | 9,114 | 918 | ||||||
Brenntag AG | 30,251 | 1,099 | ||||||
Carl Zeiss Meditec AG | 4,792 | 456 | ||||||
Commerzbank AG | 216,309 | 770 | ||||||
Continental AG | 765 | 54 | ||||||
Covestro AG (e) | 49,152 | 1,492 | ||||||
Daimler AG (Registered) | 6,244 | 186 | ||||||
Delivery Hero SE (a) (e) | 13,412 | 986 | ||||||
Deutsche Bank AG (Registered) | 13,473 | 86 | ||||||
Deutsche Boerse AG | 1,298 | 178 | ||||||
Deutsche Lufthansa AG (Registered) | 28,743 | 269 | ||||||
Deutsche Post AG (Registered) | 6,795 | 182 | ||||||
Deutsche Telekom AG (Registered) | 22,828 | 295 | ||||||
Deutsche Wohnen SE | 42,873 | 1,625 | ||||||
E.ON SE | 442,554 | 4,540 | ||||||
Evonik Industries AG | 35,747 | 746 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 5,084 | 205 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,471 | 96 | ||||||
Fresenius SE & Co. KGaA | 2,869 | 107 | ||||||
GEA Group AG | 29,675 | 613 | ||||||
Hannover Rueck SE | 17,976 | 2,538 | ||||||
HeidelbergCement AG | 1,055 | 45 | ||||||
Henkel AG & Co. KGaA | 9,362 | 688 | ||||||
HOCHTIEF AG | 4,925 | 323 | ||||||
Infineon Technologies AG | 8,577 | 124 | ||||||
KION Group AG | 12,579 | 541 | ||||||
Knorr-Bremse AG | 4,086 | 359 | ||||||
LANXESS AG | 9,690 | 386 | ||||||
Merck KGaA | 9,755 | 985 | ||||||
METRO AG | 22,099 | 188 | ||||||
MTU Aero Engines AG | 10,300 | 1,489 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 26,825 | 5,394 | ||||||
Puma SE | 9,808 | 576 | ||||||
RWE AG | 180,552 | 4,722 | ||||||
SAP SE | 6,743 | 753 | ||||||
Siemens AG (Registered) | 64,040 | 5,362 | ||||||
Siemens Healthineers AG (e) | 1,003 | 39 | ||||||
Symrise AG, Class A | 36,381 | 3,366 | ||||||
Telefonica Deutschland Holding AG | 106,718 | 262 | ||||||
thyssenkrupp AG (a) | 47,167 | 248 | ||||||
TUI AG | 51,364 | 225 | ||||||
Uniper SE | 66,607 | 1,636 | ||||||
United Internet AG (Registered) | 12,163 | 354 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Germany — continued |
| |||||||
Volkswagen AG | 237 | 31 | ||||||
Vonovia SE | 3,555 | 177 | ||||||
Wacker Chemie AG | 2,563 | 128 | ||||||
Wirecard AG | 806 | 91 | ||||||
Zalando SE (a) (e) | 16,418 | 619 | ||||||
|
| |||||||
64,695 | ||||||||
|
| |||||||
Ireland — 1.4% | ||||||||
AerCap Holdings NV (a) | 23,536 | 536 | ||||||
AIB Group plc (a) | 176,606 | 196 | ||||||
Bank of Ireland Group plc | 206,437 | 385 | ||||||
CRH plc | 5,363 | 145 | ||||||
DCC plc | 19,549 | 1,221 | ||||||
Experian plc | 6,243 | 173 | ||||||
Flutter Entertainment plc | 9,211 | 829 | ||||||
Kerry Group plc, Class A | 41,667 | 4,834 | ||||||
Kingspan Group plc | 29,780 | 1,606 | ||||||
Smurfit Kappa Group plc | 26,416 | 748 | ||||||
|
| |||||||
10,673 | ||||||||
|
| |||||||
Isle of Man — 0.1% | ||||||||
GVC Holdings plc | 68,805 | 477 | ||||||
|
| |||||||
Italy — 4.9% | ||||||||
Assicurazioni Generali SpA | 204,546 | 2,771 | ||||||
Atlantia SpA | 3,340 | 41 | ||||||
Bio On Spa (a) (bb) (cc) | 1,081 | — | (h) | |||||
Davide Campari-Milano SpA | 157,539 | 1,130 | ||||||
Enel SpA | 1,594,442 | 10,998 | ||||||
Eni SpA | 536,124 | 5,328 | ||||||
Ferrari NV | 834 | 128 | ||||||
FinecoBank Banca Fineco SpA | 104,987 | 945 | ||||||
Intesa Sanpaolo SpA | 1,574,958 | 2,548 | ||||||
Leonardo SpA | 35,297 | 233 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 147,963 | 807 | ||||||
Moncler SpA | 22,367 | 813 | ||||||
Pirelli & C SpA (e) | 53,936 | 194 | ||||||
Poste Italiane SpA (e) | 159,421 | 1,342 | ||||||
Prysmian SpA | 48,453 | 769 | ||||||
Recordati SpA | 20,799 | 876 | ||||||
Snam SpA | 444,798 | 2,033 | ||||||
Telecom Italia SpA (a) | 1,117,980 | 453 | ||||||
Telecom Italia SpA | 707,223 | 276 | ||||||
Terna Rete Elettrica Nazionale SpA | 468,940 | 2,948 | ||||||
UniCredit SpA | 211,285 | 1,635 | ||||||
|
| |||||||
36,268 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal SA | 4,616 | 44 | ||||||
Aroundtown SA | 147,215 | 737 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Luxembourg — continued |
| |||||||
Eurofins Scientific SE | 1,354 | 661 | ||||||
Millicom International Cellular SA, SDR | 11,496 | 319 | ||||||
SES SA, Class A | 43,068 | 253 | ||||||
Tenaris SA | 3,228 | 19 | ||||||
|
| |||||||
2,033 | ||||||||
|
| |||||||
Netherlands — 7.2% | ||||||||
ABN AMRO Bank NV, CVA, GDR (e) | 43,974 | 357 | ||||||
Adyen NV (a) (e) | 73 | 62 | ||||||
Aegon NV | 332,491 | 830 | ||||||
Akzo Nobel NV | 34,520 | 2,270 | ||||||
Altice Europe NV (a) | 72,850 | 281 | ||||||
ASML Holding NV | 2,915 | 768 | ||||||
Corbion NV | 9,703 | 293 | ||||||
EXOR NV | 13,512 | 696 | ||||||
Heineken Holding NV | 17,370 | 1,354 | ||||||
Heineken NV | 39,002 | 3,310 | ||||||
ING Groep NV | 405,605 | 2,078 | ||||||
Just Eat Takeaway (a) (e) | 13,640 | 1,032 | ||||||
Koninklijke Ahold Delhaize NV | 7,544 | 176 | ||||||
Koninklijke DSM NV | 30,960 | 3,483 | ||||||
Koninklijke KPN NV | 429,173 | 1,026 | ||||||
Koninklijke Philips NV | 6,224 | 256 | ||||||
Koninklijke Vopak NV | 9,453 | 496 | ||||||
NN Group NV | 91,937 | 2,499 | ||||||
NXP Semiconductors NV | 1,916 | 159 | ||||||
Prosus NV (a) | 3,344 | 233 | ||||||
QIAGEN NV (a) | 26,872 | 1,085 | ||||||
Randstad NV | 14,272 | 504 | ||||||
Royal Dutch Shell plc, Class A | 879,906 | 15,287 | ||||||
Royal Dutch Shell plc, Class B | 785,809 | 13,181 | ||||||
Wolters Kluwer NV | 32,523 | 2,302 | ||||||
|
| |||||||
54,018 | ||||||||
|
| |||||||
Norway — 1.3% | ||||||||
Aker BP ASA | 13,355 | 168 | ||||||
Borregaard ASA | 15,560 | 144 | ||||||
DNB ASA | 98,604 | 1,099 | ||||||
Elkem ASA (e) | 42,845 | 54 | ||||||
Equinor ASA | 210,676 | 2,626 | ||||||
Gjensidige Forsikring ASA | 59,307 | 1,010 | ||||||
Mowi ASA | 115,708 | 1,749 | ||||||
Norsk Hydro ASA | 156,924 | 338 | ||||||
Orkla ASA | 198,334 | 1,699 | ||||||
Schibsted ASA, Class B | 11,420 | 207 | ||||||
Telenor ASA | 4,815 | 70 | ||||||
Yara International ASA | 21,022 | 665 | ||||||
|
| |||||||
9,829 | ||||||||
|
|
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Philippines— 0.0% (g) | ||||||||
Altus San Nicolas Corp. (a) (bb) (cc) | 3,459 | — | (h) | |||||
|
| |||||||
Portugal — 0.6% | ||||||||
EDP—Energias de Portugal SA | 526,890 | 2,120 | ||||||
Galp Energia SGPS SA | 166,839 | 1,908 | ||||||
Jeronimo Martins SGPS SA | 30,268 | 546 | ||||||
|
| |||||||
4,574 | ||||||||
|
| |||||||
Russia — 0.0% (g) | ||||||||
Evraz plc | 60,323 | 173 | ||||||
|
| |||||||
Spain — 4.5% | ||||||||
ACS Actividades de Construccion y Servicios SA | 53,300 | 1,058 | ||||||
Aena SME SA (e) | 549 | 60 | ||||||
Amadeus IT Group SA | 3,017 | 142 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 696,719 | 2,157 | ||||||
Banco de Sabadell SA | 1,303,607 | 659 | ||||||
Banco Santander SA | 1,731,553 | 4,119 | ||||||
Bankia SA | 310,032 | 338 | ||||||
Bankinter SA | 167,537 | 608 | ||||||
CaixaBank SA | 376,187 | 696 | ||||||
Cellnex Telecom SA (e) | 31,503 | 1,429 | ||||||
Enagas SA | 27,822 | 549 | ||||||
Endesa SA | 71,530 | 1,514 | ||||||
Ferrovial SA | 41,107 | 976 | ||||||
Grifols SA | 36,870 | 1,234 | ||||||
Iberdrola SA | 1,228,648 | 12,017 | ||||||
Industria de Diseno Textil SA | 7,595 | 197 | ||||||
Mapfre SA | 392,690 | 666 | ||||||
Naturgy Energy Group SA | 69,507 | 1,219 | ||||||
Red Electrica Corp. SA | 35,114 | 631 | ||||||
Repsol SA | 298,895 | 2,667 | ||||||
Siemens Gamesa Renewable Energy SA | 49,946 | 737 | ||||||
Telefonica SA | 32,662 | 149 | ||||||
|
| |||||||
33,822 | ||||||||
|
| |||||||
Sweden — 3.5% | ||||||||
Alfa Laval AB | 61,138 | 1,047 | ||||||
Assa Abloy AB, Class B | 83,924 | 1,567 | ||||||
Atlas Copco AB, Class A | 56,252 | 1,871 | ||||||
Atlas Copco AB, Class B | 32,625 | 949 | ||||||
Boliden AB | 32,395 | 581 | ||||||
Electrolux AB, Class B | 26,813 | 331 | ||||||
Epiroc AB, Class A | 128,007 | 1,265 | ||||||
Epiroc AB, Class B | 75,753 | 747 | ||||||
Essity AB, Class B | 54,850 | 1,680 | ||||||
Hennes & Mauritz AB, Class B | 5,535 | 71 | ||||||
Hexagon AB, Class B | 31,095 | 1,315 | ||||||
Hexpol AB | 40,468 | 239 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Sweden — continued |
| |||||||
Husqvarna AB, Class B | 49,300 | 245 | ||||||
ICA Gruppen AB | 10,691 | 446 | ||||||
Industrivarden AB, Class C | 20,335 | 389 | ||||||
Investor AB, Class B | 3,128 | 141 | ||||||
Kinnevik AB, Class B | 28,908 | 471 | ||||||
L E Lundbergforetagen AB, Class B | 8,845 | 359 | ||||||
Lundin Petroleum AB | 22,406 | 423 | ||||||
Sandvik AB | 94,497 | 1,329 | ||||||
Securitas AB, Class B | 36,744 | 395 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 170,184 | 1,140 | ||||||
Skanska AB, Class B | 66,576 | 1,002 | ||||||
SKF AB, Class B | 73,427 | 1,001 | ||||||
Svenska Handelsbanken AB, Class A | 162,305 | 1,338 | ||||||
Swedbank AB, Class A | 94,402 | 1,041 | ||||||
Swedish Match AB | 44,608 | 2,526 | ||||||
Tele2 AB, Class B | 59,290 | 790 | ||||||
Telefonaktiebolaget LM Ericsson, Class B (a) | 21,078 | 171 | ||||||
Telia Co. AB | 18,929 | 68 | ||||||
Volvo AB, Class B | 124,292 | 1,477 | ||||||
|
| |||||||
26,415 | ||||||||
|
| |||||||
Switzerland — 18.6% | ||||||||
ABB Ltd. (Registered) | 154,255 | 2,681 | ||||||
Adecco Group AG (Registered) | 18,310 | 722 | ||||||
Alcon, Inc. (a) | 2,842 | 146 | ||||||
Baloise Holding AG (Registered) | 14,470 | 1,886 | ||||||
Barry Callebaut AG (Registered) | 799 | 1,599 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 279 | 2,342 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 29 | 2,517 | ||||||
Cie Financiere Richemont SA (Registered) | 3,571 | 191 | ||||||
Clariant AG (Registered) (a) | 56,065 | 933 | ||||||
Coca-Cola HBC AG | 52,753 | 1,131 | ||||||
Credit Suisse Group AG (Registered) (a) | 17,498 | 141 | ||||||
Dufry AG (Registered) (a) | 4,787 | 147 | ||||||
EMS-Chemie Holding AG (Registered) | 2,339 | 1,459 | ||||||
Geberit AG (Registered) | 7,254 | 3,179 | ||||||
Givaudan SA (Registered) | 1,575 | 4,846 | ||||||
Glencore plc (a) | 73,269 | 111 | ||||||
Gurit Holding AG | 58 | 69 | ||||||
Julius Baer Group Ltd. (a) | 26,338 | 882 | ||||||
Kuehne + Nagel International AG (Registered) | 362 | 49 | ||||||
LafargeHolcim Ltd. (Registered) (a) | 3,380 | 123 | ||||||
Lonza Group AG (Registered) (a) | 8,795 | 3,618 | ||||||
Nestle SA (Registered) | 447,755 | 45,836 | ||||||
Novartis AG (Registered) | 162,064 | 13,370 | ||||||
Pargesa Holding SA | 4,534 | 299 | ||||||
Partners Group Holding AG | 2,213 | 1,515 | ||||||
Roche Holding AG | 53,000 | 17,052 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Switzerland — continued |
| |||||||
Schindler Holding AG | 3,410 | 746 | ||||||
Schindler Holding AG (Registered) | 1,689 | 354 | ||||||
SGS SA (Registered) | 42 | 97 | ||||||
Sika AG (Registered) | 35,999 | 5,912 | ||||||
Sonova Holding AG (Registered) | 6,529 | 1,164 | ||||||
STMicroelectronics NV | 80,400 | 1,728 | ||||||
Straumann Holding AG (Registered) | 1,222 | 893 | ||||||
Swatch Group AG (The) | 199 | 39 | ||||||
Swatch Group AG (The) (Registered) | 395 | 15 | ||||||
Swiss Life Holding AG (Registered) | 9,941 | 3,337 | ||||||
Swiss Prime Site AG (Registered) | 9,150 | 891 | ||||||
Swiss Re AG | 54,775 | 4,218 | ||||||
Swisscom AG (Registered) | 174 | 93 | ||||||
Temenos AG (Registered) (a) | 7,773 | 1,013 | ||||||
UBS Group AG (Registered) (a) | 26,440 | 242 | ||||||
Vifor Pharma AG | 8,506 | 1,164 | ||||||
Zurich Insurance Group AG | 27,804 | 9,768 | ||||||
|
| |||||||
138,518 | ||||||||
|
| |||||||
United Arab Emirates — 0.0% (g) | ||||||||
NMC Health plc (bb) (cc) | 17,769 | — | (h) | |||||
|
| |||||||
United Kingdom — 19.6% | ||||||||
3i Group plc | 115,790 | 1,122 | ||||||
Admiral Group plc | 22,815 | 628 | ||||||
Anglo American plc | 7,022 | 123 | ||||||
Ashtead Group plc | 88,906 | 1,922 | ||||||
Associated British Foods plc | 53,534 | 1,199 | ||||||
AstraZeneca plc | 98,973 | 8,818 | ||||||
Auto Trader Group plc (e) | 109,707 | 593 | ||||||
AVEVA Group plc | 7,536 | 325 | ||||||
Aviva plc | 26,719 | 88 | ||||||
BAE Systems plc | 268,449 | 1,725 | ||||||
Barclays plc | 1,793,102 | 2,038 | ||||||
Barratt Developments plc | 120,486 | 651 | ||||||
Berkeley Group Holdings plc | 13,998 | 625 | ||||||
BP plc | 4,266,106 | 17,495 | ||||||
British American Tobacco plc | 345,152 | 11,758 | ||||||
British Land Co. plc (The) | 104,104 | 434 | ||||||
BT Group plc | 57,758 | 84 | ||||||
Bunzl plc | 65,715 | 1,315 | ||||||
Burberry Group plc | 48,139 | 782 | ||||||
Centrica plc | 698,040 | 329 | ||||||
CNH Industrial NV | 202,771 | 1,155 | ||||||
Coca-Cola European Partners plc | 34,375 | 1,290 | ||||||
Compass Group plc | 10,863 | 169 | ||||||
Croda International plc | 36,420 | 1,921 | ||||||
Diageo plc | 353,111 | 11,197 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Direct Line Insurance Group plc | 164,439 | 600 | ||||||
easyJet plc | 18,814 | 130 | ||||||
Elementis plc | 95,064 | 58 | ||||||
Ferguson plc | 44,161 | 2,731 | ||||||
Fiat Chrysler Automobiles NV | 7,672 | 55 | ||||||
G4S plc | 181,078 | 206 | ||||||
GlaxoSmithKline plc | 376,367 | 7,062 | ||||||
Halma plc | 44,801 | 1,052 | ||||||
Hargreaves Lansdown plc | 39,242 | 667 | ||||||
HSBC Holdings plc | 2,114,276 | 11,869 | ||||||
Imperial Brands plc | 142,458 | 2,629 | ||||||
Informa plc | 147,505 | 803 | ||||||
InterContinental Hotels Group plc | 20,535 | 874 | ||||||
Intertek Group plc | 19,087 | 1,115 | ||||||
ITV plc | 429,259 | 352 | ||||||
J Sainsbury plc | 206,528 | 534 | ||||||
JD Sports Fashion plc | 51,046 | 286 | ||||||
Johnson Matthey plc | 54,280 | 1,196 | ||||||
Kingfisher plc | 246,138 | 432 | ||||||
Land Securities Group plc | 83,865 | 578 | ||||||
Legal & General Group plc | 40,564 | 96 | ||||||
Lloyds Banking Group plc | 7,285,668 | 2,848 | ||||||
London Stock Exchange Group plc | 2,152 | 193 | ||||||
M&G plc (a) | 302,295 | 421 | ||||||
Marks & Spencer Group plc | 227,450 | 276 | ||||||
Meggitt plc | 156,111 | 561 | ||||||
Melrose Industries plc | 945,936 | 1,051 | ||||||
Micro Focus International plc | 39,690 | 196 | ||||||
Mondi plc | 57,170 | 965 | ||||||
National Grid plc | 24,001 | 280 | ||||||
Next plc | 15,720 | 789 | ||||||
Ocado Group plc (a) | 53,747 | 806 | ||||||
Pearson plc | 92,645 | 634 | ||||||
Persimmon plc | 37,843 | 895 | ||||||
Prudential plc | 17,787 | 223 | ||||||
Reckitt Benckiser Group plc | 64,183 | 4,889 | ||||||
RELX plc | 13,313 | 284 | ||||||
Rentokil Initial plc | 219,366 | 1,048 | ||||||
Rio Tinto plc | 7,727 | 354 | ||||||
Rolls-Royce Holdings plc (a) | 145,894 | 617 | ||||||
Royal Bank of Scotland Group plc | 503,547 | 705 | ||||||
RSA Insurance Group plc | 122,794 | 641 | ||||||
Sage Group plc (The) | 129,958 | 945 | ||||||
Scapa Group plc | 27,208 | 37 | ||||||
Schroders plc | 14,508 | 444 | ||||||
Segro plc | 128,845 | 1,218 | ||||||
Severn Trent plc | 29,884 | 846 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Smith & Nephew plc | 103,580 | 1,825 | ||||||
Smiths Group plc | 77,175 | 1,164 | ||||||
Spirax-Sarco Engineering plc | 14,367 | 1,442 | ||||||
SSE plc | 7,187 | 116 | ||||||
St James’s Place plc | 62,819 | 587 | ||||||
Standard Chartered plc | 282,760 | 1,563 | ||||||
Standard Life Aberdeen plc | 280,364 | 774 | ||||||
Synthomer plc | 55,668 | 168 | ||||||
Taylor Wimpey plc | 386,461 | 556 | ||||||
Tesco plc | 66,827 | 189 | ||||||
Unilever NV | 132,810 | 6,528 | ||||||
Unilever plc | 100,314 | 5,059 | ||||||
United Utilities Group plc | 84,479 | 946 | ||||||
Victrex plc | 14,162 | 342 | ||||||
Vodafone Group plc | 183,358 | 254 | ||||||
Weir Group plc (The) | 50,301 | 447 | ||||||
Whitbread plc | 15,893 | 589 | ||||||
Wm Morrison Supermarkets plc | 286,665 | 626 | ||||||
WPP plc | 8,734 | 59 | ||||||
|
| |||||||
146,511 | ||||||||
|
| |||||||
United States — 0.0% | ||||||||
Bausch Health Cos., Inc. (a) | 7,659 | 119 | ||||||
Carnival plc | 18,653 | 223 | ||||||
Ovintiv, Inc. | 6,045 | 16 | ||||||
|
| |||||||
358 | ||||||||
|
| |||||||
Total Common Stocks (Cost $903,312) | 723,321 | |||||||
|
| |||||||
Preferred Stocks — 0.4% | ||||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 323 | 14 | ||||||
FUCHS PETROLUB SE | 8,311 | 296 | ||||||
Henkel AG & Co. KGaA | 16,174 | 1,293 | ||||||
Porsche Automobil Holding SE | 1,021 | 43 | ||||||
Sartorius AG | 4,207 | 1,006 | ||||||
Volkswagen AG | 1,256 | 145 | ||||||
|
| |||||||
2,797 | ||||||||
|
| |||||||
United Kingdom — 0.0% (g) | ||||||||
Rolls-Royce Holdings plc, Class C (a) (bb) (cc) | 1,061,174 | 1 | ||||||
|
| |||||||
Total Preferred Stocks (Cost $2,990) | 2,798 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($) | ||||||||
Short-Term Investments — 2.4% | ||||||||
Time Deposits — 2.4% | ||||||||
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2020 | 1,257 | 1,257 | ||||||
Barclays SA, 0.15%, 04/01/2020 | 392 | 392 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
SECURITY DESCRIPTION | PRINCIPAL AMOUNT ($) | VALUE ($) | ||||||
Short-Term Investments — continued | ||||||||
Time Deposits — continued | ||||||||
Brown Brothers Harriman, | ||||||||
(1.86%), 04/01/2020 | CHF | 2,748 | 2,855 | |||||
(0.65%), 04/01/2020 | EUR | 1 | 2 | |||||
(0.58%), 04/01/2020 | DKK | 3,127 | 462 | |||||
(0.11%), 04/01/2020 | SEK | 5,976 | 604 | |||||
0.01%, 04/01/2020 | NOK | 2,750 | 264 | |||||
0.01%, 04/01/2020 | SGD | — | (h) | — | (h) | |||
0.03%, 04/01/2020 | GBP | 15 | 18 | |||||
0.04%, 04/01/2020 | CAD | 400 | 284 | |||||
0.15%, 04/01/2020 | 76 | 76 | ||||||
0.63%, 04/01/2020 | HKD | 43 | 6 | |||||
4.00%, 04/01/2020 | ZAR | — | (h) | — | (h) | |||
Citibank NA, | ||||||||
(0.65%), 04/01/2020 | EUR | 6,807 | 7,508 | |||||
0.03%, 04/01/2020 | GBP | 2,654 | 3,296 | |||||
0.15%, 04/01/2020 | 840 | 840 | ||||||
|
| |||||||
Total Short-Term Investments (Cost $17,864) | 17,864 | |||||||
|
| |||||||
Total Investments — 99.7% (Cost $924,166)* | 743,983 | |||||||
Other Assets in Excess of Liabilities — 0.3% | 2,047 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 746,030 | ||||||
|
|
Percentages indicated are based on net assets.
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of shares and Futures contracts)
Futures contracts outstanding as of March 31, 2020:
Exchange Traded
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||
Long Contracts |
| |||||||||||||||
Euro STOXX 50 Index | 434 | 06/2020 | EUR | 12,311 | 838 | |||||||||||
FTSE 100 Index | 96 | 06/2020 | GBP | 6,326 | 394 | |||||||||||
S&P/TSX 60 Index | 3 | 06/2020 | CAD | 350 | (2 | ) | ||||||||||
|
| |||||||||||||||
Total unrealized appreciation (depreciation) | 1,230 | |||||||||||||||
|
|
Six Circles Managed Equity Portfolio International Unconstrained Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020
CVA | — | Dutch Certification | ||
GDR | — | Global Depository Receipt | ||
REIT | — | Real Estate Investment Trust | ||
SDR | — | Swedish Depository Receipt | ||
(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. | ||
(bb) | — | Security has been valued using significant unobservable inputs. | ||
(cc) | — | Security is valued in good faith at fair value by or under the direction of the Board of Trustees . | ||
* | The cost of securities is substantially the same for federal income tax purposes. | |||
CAD | — | Canadian Dollar | ||
CHF | — | Swiss Franc | ||
DKK | — | Danish Krone | ||
EUR | — | Euro | ||
GBP | — | British Pound | ||
HKD | — | Hong Kong Dollar | ||
NOK | — | Norwegian Krone | ||
SEK | — | Swedish Krona | ||
SGD | — | Singapore Dollar | ||
ZAR | — | South African Rand |
Six Circles Managed Equity Portfolio International Unconstrained Fund
Summary of Investments by Industry, March 31, 2020
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Oil & Gas | 11.0 | % | ||
Food | 10.0 | % | ||
Pharmaceuticals | 9.9 | % | ||
Insurance | 8.8 | % | ||
Banks | 8.1 | % | ||
Electric | 7.1 | % | ||
Chemicals | 4.6 | % | ||
Beverages | 4.2 | % | ||
Cosmetics/Personal Care | 2.7 | % | ||
Agriculture | 2.3 | % | ||
Building Materials | 1.6 | % | ||
Aerospace/Defense | 1.5 | % | ||
Engineering & Construction | 1.4 | % | ||
Machinery—Diversified | 1.4 | % | ||
Miscellaneous Manufacturers | 1.3 | % | ||
Commercial Services | 1.2 | % | ||
Electrical Components & Equipments | 1.1 | % | ||
Telecommunications | 1.0 | % | ||
Others (Each less than 1.0%) | 18.4 | % | ||
Short-Term Investments | 2.4 | % |
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited)
A. Valuation of Investments —The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Board has appointed the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of the J.P. Morgan Private Investments Inc. (the “Adviser”), to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.
A market-based approach is primarily used to value the Funds’ investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available, market quotations are determined not to be reliable, or whose value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s net asset value (“NAV”) is calculated, are valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equity securities listed on a North American, Central American, South American or Caribbean (“Americas”) securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the net assets values of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.
Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services.
The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.
Fixed income securities are valued based on prices received from Pricing Services. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, Pricing Services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows.
Shares of exchange-traded funds (“ETFs”) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares ofopen-end investment companies are valued at their respective NAVs.
Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 5,739 | $ | — | $ | — | $ | 5,739 | ||||||||
Communications | 282,830 | — | — | 282,830 | ||||||||||||
Consumer Cyclical | 25,066 | — | — | 25,066 | ||||||||||||
ConsumerNon-cyclical | 454,649 | — | — | 454,649 | ||||||||||||
Energy | 9,813 | — | — | 9,813 | ||||||||||||
Financial | 107,036 | — | — | 107,036 | ||||||||||||
Industrial | 90,744 | — | — | 90,744 | ||||||||||||
Technology | 284,018 | — | — | 284,018 | ||||||||||||
Utilities | 12,600 | — | — | 12,600 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 1,272,495 | — | — | 1,272,495 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Time Deposits | — | 22,460 | — | 22,460 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,272,495 | $ | 22,460 | $ | — | $ | 1,294,955 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | 136 | $ | — | $ | — | $ | 136 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
Six Circles Managed Equity Portfolio International Unconstrained Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 225 | $ | — | $ | 225 | ||||||||
Austria | — | 3,882 | — | 3,882 | ||||||||||||
Belgium | — | 13,875 | — | 13,875 | ||||||||||||
Canada | 26,347 | — | — | 26,347 | ||||||||||||
Chile | — | 445 | — | 445 | ||||||||||||
Denmark | — | 28,376 | — | 28,376 | ||||||||||||
Finland | — | 13,166 | — | 13,166 | ||||||||||||
France | — | 108,641 | — | 108,641 | ||||||||||||
Germany | — | 64,695 | — | 64,695 | ||||||||||||
Ireland | 5,370 | 5,303 | — | 10,673 | ||||||||||||
Isle of Man | — | 477 | — | 477 | ||||||||||||
Italy | 194 | 36,074 | — | (a) | 36,268 | |||||||||||
Luxembourg | — | 2,033 | — | 2,033 | ||||||||||||
Netherlands | 3,841 | 50,177 | — | 54,018 | ||||||||||||
Norway | — | 9,829 | — | 9,829 | ||||||||||||
Philippines | — | — | — | (a) | — | (a) | ||||||||||
Portugal | — | 4,574 | — | 4,574 | ||||||||||||
Russia | — | 173 | — | 173 | ||||||||||||
Spain | — | 33,822 | — | 33,822 | ||||||||||||
Sweden | — | 26,415 | — | 26,415 | ||||||||||||
Switzerland | — | 138,518 | — | 138,518 | ||||||||||||
United Arab Emirates | — | — | — | (a) | — | (a) | ||||||||||
United Kingdom | 1,458 | 145,053 | — | 146,511 | ||||||||||||
United States | 135 | 223 | — | 358 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 37,345 | 685,976 | — | 723,321 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 2,797 | — | 2,797 | ||||||||||||
United Kingdom | — | — | 1 | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stocks | — | 2,797 | 1 | 2,798 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Time Deposits | — | 17,864 | — | 17,864 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 37,345 | $ | 706,637 | $ | 1 | $ | 743,983 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | 1,232 | $ | — | $ | — | $ | 1,232 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | (2 | ) | $ | — | $ | — | $ | (2 | ) | ||||||
|
|
|
|
|
|
|
|
(a) — Amount rounds to less than $500.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
B. Derivatives — The Funds used derivative instruments including futures, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.
The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value.
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated by theSub-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 apre-determined percentage or fall below apre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.
Notes B(1) — B(2) below describe the various derivatives used by the Funds.
(1) Futures Contracts — The Funds used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as changes in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2020 (Unaudited) (continued)
The use of futures contracts may expose the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent the liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2) Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. Six Circles Managed Equity Portfolio International Unconstrained also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund’s SOI.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
The Funds’ forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.