Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — 99.3% | ||||||||
Basic Materials — 0.8% | ||||||||
Chemicals — 0.6% | ||||||||
Air Products & Chemicals, Inc. | 13 | 3,343 | ||||||
Albemarle Corp. | 7 | 1,648 | ||||||
Celanese Corp., Class A | 8 | 1,073 | ||||||
CF Industries Holdings, Inc. | 13 | 1,343 | ||||||
Dow, Inc. | 46 | 2,906 | ||||||
DuPont de Nemours, Inc. | 32 | 2,350 | ||||||
Eastman Chemical Co. | 9 | 976 | ||||||
Ecolab, Inc. | 17 | 3,042 | ||||||
FMC Corp. | 8 | 1,058 | ||||||
International Flavors & Fragrances, Inc. | 16 | 2,146 | ||||||
Linde plc, (United Kingdom) | 30 | 9,731 | ||||||
LyondellBasell Industries NV, Class A | 17 | 1,744 | ||||||
Mosaic Co. (The) | 23 | 1,556 | ||||||
PPG Industries, Inc. | 15 | 1,913 | ||||||
RPM International, Inc. | 9 | 770 | ||||||
Sherwin-Williams Co. (The) | 18 | 4,391 | ||||||
|
| |||||||
39,990 | ||||||||
|
| |||||||
Forest Products & Paper — 0.0% (g) | ||||||||
International Paper Co. | 25 | 1,163 | ||||||
|
| |||||||
Iron/Steel — 0.1% | ||||||||
Nucor Corp. | 18 | 2,699 | ||||||
Steel Dynamics, Inc. | 14 | 1,138 | ||||||
|
| |||||||
3,837 | ||||||||
|
| |||||||
Mining — 0.1% | ||||||||
Freeport-McMoRan, Inc. | 82 | 4,062 | ||||||
Newmont Corp. | 45 | 3,610 | ||||||
|
| |||||||
7,672 | ||||||||
|
| |||||||
Total Basic Materials | 52,662 | |||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Communications — 19.6% | ||||||||
Advertising — 0.2% | ||||||||
Interpublic Group of Cos., Inc. (The) | 47 | 1,657 | ||||||
Omnicom Group, Inc. | 25 | 2,125 | ||||||
Trade Desk, Inc. (The), Class A (a) | 101 | 6,975 | ||||||
|
| |||||||
10,757 | ||||||||
|
| |||||||
Internet — 16.6% | ||||||||
Airbnb, Inc., Class A (a) | 21 | 3,649 | ||||||
Alphabet, Inc., Class A (a) | 83 | 230,493 | ||||||
Alphabet, Inc., Class C (a) | 79 | 220,046 | ||||||
Amazon.com, Inc. (a) | 117 | 382,213 | ||||||
Booking Holdings, Inc. (a) | 3 | 6,756 | ||||||
CDW Corp. | 68 | 12,164 | ||||||
Chewy, Inc., Class A (a) | 24 | 997 | ||||||
DoorDash, Inc., Class A (a) | 29 | 3,376 | ||||||
eBay, Inc. | 156 | 8,948 | ||||||
Etsy, Inc. (a) | 31 | 3,871 | ||||||
Expedia Group, Inc. (a) | 8 | 1,658 | ||||||
F5, Inc. (a) | 9 | 1,924 | ||||||
GoDaddy, Inc., Class A (a) | 15 | 1,252 | ||||||
IAC/InterActiveCorp. (a) | 21 | 2,152 | ||||||
Lyft, Inc., Class A (a) | 21 | 794 | ||||||
Match Group, Inc. (a) | 73 | 7,890 | ||||||
MercadoLibre, Inc., (Argentina) (a) | 12 | 13,685 | ||||||
Meta Platforms, Inc., Class A (a) | 652 | 145,046 | ||||||
Netflix, Inc. (a) | 52 | 19,560 | ||||||
NortonLifeLock, Inc. | 129 | 3,429 | ||||||
Okta, Inc., Class A (a) | 14 | 2,056 | ||||||
Palo Alto Networks, Inc. (a) | 23 | 14,034 | ||||||
Pinterest, Inc., Class A (a) | 158 | 3,882 | ||||||
Robinhood Markets, Inc., Class A (a) | 26 | 356 | ||||||
Roku, Inc., Class A (a) | 16 | 1,952 | ||||||
Snap, Inc., Class A (a) | 302 | 10,856 | ||||||
Twitter, Inc. (a) | 225 | 8,721 | ||||||
Uber Technologies, Inc. (a) | 103 | 3,690 | ||||||
VeriSign, Inc. (a) | 9 | 1,936 | ||||||
Wayfair, Inc., Class A (a) | 19 | 2,144 | ||||||
Zendesk, Inc. (a) | 27 | 3,266 | ||||||
Zillow Group, Inc., Class A (a) | 4 | 196 | ||||||
Zillow Group, Inc., Class C (a) | 13 | 618 | ||||||
|
| |||||||
1,123,610 | ||||||||
|
| |||||||
Media — 1.2% | ||||||||
Cable One, Inc. | 1 | 761 | ||||||
Charter Communications, Inc., Class A (a) | 15 | 8,129 | ||||||
Comcast Corp., Class A | 493 | 23,078 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Media — continued | ||||||||
Discovery, Inc., Class A (a) | 25 | 616 | ||||||
Discovery, Inc., Class C (a) | 41 | 1,018 | ||||||
DISH Network Corp., Class A (a) | 29 | 925 | ||||||
FactSet Research Systems, Inc. | 7 | 2,990 | ||||||
Fox Corp., Class A | 40 | 1,565 | ||||||
Fox Corp., Class B | 20 | 718 | ||||||
Liberty Broadband Corp., Class A (a) | 3 | 456 | ||||||
Liberty Broadband Corp., Class C (a) | 16 | 2,149 | ||||||
Liberty Global plc, (United Kingdom), Class A (a) | 26 | 668 | ||||||
Liberty Global plc, (United Kingdom), Class C (a) | 39 | 998 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C (a) | 18 | 1,253 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A | 13 | 583 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C (a) | 24 | 1,082 | ||||||
News Corp., Class A | 56 | 1,244 | ||||||
Paramount Global, Class B | 69 | 2,602 | ||||||
Sirius XM Holdings, Inc. | 95 | 626 | ||||||
Walt Disney Co. (The) (a) | 214 | 29,322 | ||||||
|
| |||||||
80,783 | ||||||||
|
| |||||||
Telecommunications — 1.6% | ||||||||
Arista Networks, Inc. (a) | 32 | 4,469 | ||||||
AT&T, Inc. | 772 | 18,249 | ||||||
Cisco Systems, Inc. | 582 | 32,471 | ||||||
Corning, Inc. | 407 | 15,016 | ||||||
Juniper Networks, Inc. | 42 | 1,557 | ||||||
Lumen Technologies, Inc. | 103 | 1,163 | ||||||
Motorola Solutions, Inc. | 24 | 5,730 | ||||||
T-Mobile US, Inc. (a) | 74 | 9,506 | ||||||
Verizon Communications, Inc. | 447 | 22,789 | ||||||
|
| |||||||
110,950 | ||||||||
|
| |||||||
Total Communications | 1,326,100 | |||||||
|
| |||||||
Consumer Cyclical — 5.0% | ||||||||
Airlines — 0.9% | ||||||||
Delta Air Lines, Inc. (a) | 756 | 29,918 | ||||||
Southwest Airlines Co. (a) | 700 | 32,042 | ||||||
|
| |||||||
61,960 | ||||||||
|
| |||||||
Apparel — 0.2% | ||||||||
NIKE, Inc., Class B | 88 | 11,851 | ||||||
VF Corp. | 23 | 1,296 | ||||||
|
| |||||||
13,147 | ||||||||
|
| |||||||
Auto Manufacturers — 1.7% | ||||||||
Cummins, Inc. | 9 | 1,831 | ||||||
Ford Motor Co. | 381 | 6,444 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Auto Manufacturers — continued | ||||||||
General Motors Co. (a) | 128 | 5,597 | ||||||
Lucid Group, Inc. (a) | 39 | 1,002 | ||||||
PACCAR, Inc. | 22 | 1,927 | ||||||
Rivian Automotive, Inc., Class A (a) | 18 | 895 | ||||||
Tesla, Inc. (a) | 90 | 96,651 | ||||||
|
| |||||||
114,347 | ||||||||
|
| |||||||
Auto Parts & Equipment — 0.1% | ||||||||
Aptiv plc, (Ireland) (a) | 19 | 2,321 | ||||||
BorgWarner, Inc. | 18 | 687 | ||||||
Lear Corp. | 5 | 683 | ||||||
|
| |||||||
3,691 | ||||||||
|
| |||||||
Distribution/Wholesale — 0.1% | ||||||||
Copart, Inc. (a) | 15 | 1,900 | ||||||
Fastenal Co. | 37 | 2,190 | ||||||
LKQ Corp. | 13 | 591 | ||||||
Pool Corp. | 2 | 959 | ||||||
WW Grainger, Inc. | 3 | 1,522 | ||||||
|
| |||||||
7,162 | ||||||||
|
| |||||||
Entertainment — 0.1% | ||||||||
AMC Entertainment Holdings, Inc., Class A (a) | 50 | 1,235 | ||||||
Caesars Entertainment, Inc. (a) | 12 | 954 | ||||||
DraftKings, Inc., Class A (a) | 29 | 563 | ||||||
Live Nation Entertainment, Inc. (a) | 20 | 2,369 | ||||||
Vail Resorts, Inc. | 4 | 928 | ||||||
|
| |||||||
6,049 | ||||||||
|
| |||||||
Food Service — 0.0% (g) | ||||||||
Aramark | 10 | 378 | ||||||
|
| |||||||
Home Builders — 0.1% | ||||||||
DR Horton, Inc. | 18 | 1,351 | ||||||
Lennar Corp., Class A | 15 | 1,182 | ||||||
NVR, Inc. (a) | — | (h) | 786 | |||||
PulteGroup, Inc. | 11 | 463 | ||||||
|
| |||||||
3,782 | ||||||||
|
| |||||||
Home Furnishings — 0.0% (g) | ||||||||
Whirlpool Corp. | 4 | 750 | ||||||
|
| |||||||
Housewares — 0.0% (g) | ||||||||
Newell Brands, Inc. | 28 | 597 | ||||||
|
| |||||||
Leisure Time — 0.0% (g) | ||||||||
Carnival Corp. (a) | 55 | 1,119 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Leisure Time — continued | ||||||||
Peloton Interactive, Inc., Class A (a) | 19 | 499 | ||||||
Royal Caribbean Cruises Ltd. (a) | 16 | 1,321 | ||||||
|
| |||||||
2,939 | ||||||||
|
| |||||||
Lodging — 0.1% | ||||||||
Hilton Worldwide Holdings, Inc. (a) | 20 | 3,013 | ||||||
Las Vegas Sands Corp. (a) | 20 | 773 | ||||||
Marriott International, Inc., Class A (a) | 20 | 3,497 | ||||||
MGM Resorts International | 26 | 1,071 | ||||||
Wynn Resorts Ltd. (a) | 6 | 444 | ||||||
|
| |||||||
8,798 | ||||||||
|
| |||||||
Retail — 1.7% | ||||||||
Advance Auto Parts, Inc. | 3 | 605 | ||||||
AutoZone, Inc. (a) | 1 | 2,627 | ||||||
Bath & Body Works, Inc. | 13 | 609 | ||||||
Best Buy Co., Inc. | 14 | 1,311 | ||||||
Burlington Stores, Inc. (a) | 4 | 768 | ||||||
CarMax, Inc. (a) | 11 | 1,015 | ||||||
Carvana Co., Class A (a) | 6 | 722 | ||||||
Chipotle Mexican Grill, Inc., Class A (a) | 2 | 3,012 | ||||||
Costco Wholesale Corp. | 28 | 16,179 | ||||||
Darden Restaurants, Inc. | 8 | 1,047 | ||||||
Dollar General Corp. | 13 | 2,863 | ||||||
Dollar Tree, Inc. (a) | 12 | 1,909 | ||||||
Domino’s Pizza, Inc. | 2 | 810 | ||||||
Genuine Parts Co. | 7 | 938 | ||||||
Home Depot, Inc. (The) | 62 | 18,422 | ||||||
Lowe’s Cos., Inc. | 39 | 7,865 | ||||||
Lululemon Athletica, Inc., (Canada) (a) | 8 | 3,085 | ||||||
McDonald’s Corp. | 44 | 10,941 | ||||||
O’Reilly Automotive, Inc. (a) | 4 | 2,988 | ||||||
Ross Stores, Inc. | 22 | 2,009 | ||||||
Starbucks Corp. | 80 | 7,316 | ||||||
Target Corp. | 28 | 6,044 | ||||||
TJX Cos., Inc. (The) | 73 | 4,438 | ||||||
Tractor Supply Co. | 7 | 1,658 | ||||||
Ulta Beauty, Inc. (a) | 3 | 1,300 | ||||||
Walgreens Boots Alliance, Inc. | 47 | 2,107 | ||||||
Walmart, Inc. | 91 | 13,542 | ||||||
Yum! Brands, Inc. | 17 | 1,991 | ||||||
|
| |||||||
118,121 | ||||||||
|
| |||||||
Toys/Games/Hobbies — 0.0% (g) | ||||||||
Hasbro, Inc. | 6 | 494 | ||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Toys/Games/Hobbies — continued | ||||||||
|
| |||||||
Total Consumer Cyclical | 342,215 | |||||||
|
| |||||||
Consumer Non-cyclical — 23.3% | ||||||||
Agriculture — 0.3% | ||||||||
Altria Group, Inc. | 107 | 5,574 | ||||||
Archer-Daniels-Midland Co. | 34 | 3,074 | ||||||
Bunge Ltd. | 10 | 1,114 | ||||||
Philip Morris International, Inc. | 92 | 8,619 | ||||||
|
| |||||||
18,381 | ||||||||
|
| |||||||
Beverages — 3.3% | ||||||||
Brown-Forman Corp., Class B | 111 | 7,469 | ||||||
Coca-Cola Co. (The) | 1,505 | 93,322 | ||||||
Constellation Brands, Inc., Class A | 61 | 14,004 | ||||||
Keurig Dr Pepper, Inc. | 256 | 9,688 | ||||||
Molson Coors Beverage Co., Class B | 74 | 3,928 | ||||||
Monster Beverage Corp. (a) | 148 | 11,800 | ||||||
PepsiCo., Inc. | 507 | 84,832 | ||||||
|
| |||||||
225,043 | ||||||||
|
| |||||||
Biotechnology — 1.5% | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 20 | 3,288 | ||||||
Amgen, Inc. | 96 | 23,298 | ||||||
Biogen, Inc. (a) | 26 | 5,395 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 34 | 2,603 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 2 | 1,006 | ||||||
Corteva, Inc. | 45 | 2,604 | ||||||
Gilead Sciences, Inc. | 216 | 12,857 | ||||||
Horizon Therapeutics Plc (a) | 37 | 3,872 | ||||||
Illumina, Inc. (a) | 11 | 3,712 | ||||||
Incyte Corp. (a) | 35 | 2,749 | ||||||
Moderna, Inc. (a) | 62 | 10,675 | ||||||
Novavax, Inc. (a) | 12 | 898 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 19 | 12,953 | ||||||
Royalty Pharma plc, Class A | 19 | 727 | ||||||
Seagen, Inc. (a) | 23 | 3,385 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 46 | 11,926 | ||||||
|
| |||||||
101,948 | ||||||||
|
| |||||||
Commercial Services — 2.1% | ||||||||
Affirm Holdings, Inc., Class A (a) | 41 | 1,915 | ||||||
AMERCO | 1 | 507 | ||||||
Automatic Data Processing, Inc. | 100 | 22,801 | ||||||
Block, Inc., Class A (a) | 124 | 16,791 | ||||||
Booz Allen Hamilton Holding Corp., Class A | 10 | 876 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Commercial Services — continued | ||||||||
Cass Information Systems, Inc. | 2 | 66 | ||||||
Cintas Corp. | 6 | 2,672 | ||||||
Clarivate plc, (United Kingdom) (a) | 32 | 540 | ||||||
CoStar Group, Inc. (a) | 24 | 1,594 | ||||||
Equifax, Inc. | 8 | 1,958 | ||||||
Euronet Worldwide, Inc. (a) | 8 | 982 | ||||||
EVERTEC, Inc., (Puerto Rico) | 9 | 357 | ||||||
Evo Payments, Inc., Class A (a) | 7 | 155 | ||||||
FleetCor Technologies, Inc. (a) | 19 | 4,703 | ||||||
Gartner, Inc. (a) | 7 | 2,206 | ||||||
Global Payments, Inc. | 68 | 9,319 | ||||||
I3 Verticals, Inc., Class A (a) | 3 | 85 | ||||||
MarketAxess Holdings, Inc. | 7 | 2,528 | ||||||
MoneyGram International, Inc. (a) | 11 | 117 | ||||||
Moody’s Corp. | 28 | 9,415 | ||||||
Paya Holdings, Inc. (a) | 10 | 59 | ||||||
Paymentus Holdings, Inc., Class A (a) | 2 | 32 | ||||||
Payoneer Global, Inc. (a) | 32 | 141 | ||||||
PayPal Holdings, Inc. (a) | 271 | 31,333 | ||||||
Repay Holdings Corp., Class A (a) | 13 | 186 | ||||||
Robert Half International, Inc. | 8 | 952 | ||||||
Rollins, Inc. | 13 | 449 | ||||||
S&P Global, Inc. | 56 | 22,933 | ||||||
Sabre Corp. (a) | 44 | 501 | ||||||
Shift4 Payments, Inc., Class A (a) | 7 | 410 | ||||||
TransUnion | 13 | 1,309 | ||||||
United Rentals, Inc. (a) | 5 | 1,660 | ||||||
Verisk Analytics, Inc., Class A | 11 | 2,272 | ||||||
WEX, Inc. (a) | 6 | 1,142 | ||||||
|
| |||||||
142,966 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Colgate-Palmolive Co. | 46 | 3,450 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 16 | 4,465 | ||||||
Procter & Gamble Co. (The) | 143 | 21,788 | ||||||
|
| |||||||
29,703 | ||||||||
|
| |||||||
Food — 0.3% | ||||||||
Campbell Soup Co. | 13 | 599 | ||||||
Conagra Brands, Inc. | 30 | 1,018 | ||||||
General Mills, Inc. | 37 | 2,481 | ||||||
Hershey Co. (The) | 8 | 1,671 | ||||||
Hormel Foods Corp. | 20 | 1,040 | ||||||
J M Smucker Co. (The) | 7 | 1,001 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Food — continued | ||||||||
Kellogg Co. | 17 | 1,126 | ||||||
Kraft Heinz Co. (The) | 43 | 1,677 | ||||||
Kroger Co. (The) | 42 | 2,407 | ||||||
McCormick & Co., Inc. | 16 | 1,632 | ||||||
Mondelez International, Inc., Class A | 83 | 5,241 | ||||||
Sysco Corp. | 36 | 2,975 | ||||||
Tyson Foods, Inc., Class A | 19 | 1,700 | ||||||
|
| |||||||
24,568 | ||||||||
|
| |||||||
Healthcare - Products — 1.5% | ||||||||
10X Genomics, Inc., Class A (a) | 6 | 475 | ||||||
Abbott Laboratories | 105 | 12,416 | ||||||
ABIOMED, Inc. (a) | 3 | 856 | ||||||
Align Technology, Inc. (a) | 5 | 2,311 | ||||||
Avantor, Inc. (a) | 33 | 1,100 | ||||||
Baxter International, Inc. | 30 | 2,304 | ||||||
Bio-Techne Corp. | 3 | 1,094 | ||||||
Boston Scientific Corp. (a) | 82 | 3,639 | ||||||
Cooper Cos., Inc. (The) | 3 | 1,081 | ||||||
Danaher Corp. | 41 | 12,107 | ||||||
DENTSPLY SIRONA, Inc. | 15 | 757 | ||||||
Edwards Lifesciences Corp. (a) | 40 | 4,750 | ||||||
Exact Sciences Corp. (a) | 29 | 2,024 | ||||||
Henry Schein, Inc. (a) | 11 | 971 | ||||||
Hologic, Inc. (a) | 16 | 1,228 | ||||||
IDEXX Laboratories, Inc. (a) | 5 | 2,939 | ||||||
Insulet Corp. (a) | 4 | 1,010 | ||||||
Intuitive Surgical, Inc. (a) | 24 | 7,365 | ||||||
Masimo Corp. (a) | 3 | 483 | ||||||
Medtronic plc, (Ireland) | 79 | 8,806 | ||||||
Novocure Ltd., (Jersey) (a) | 7 | 545 | ||||||
PerkinElmer, Inc. | 7 | 1,254 | ||||||
ResMed, Inc. | 9 | 2,265 | ||||||
STERIS plc | 5 | 1,264 | ||||||
Stryker Corp. | 22 | 5,816 | ||||||
Teleflex, Inc. | 3 | 1,028 | ||||||
Thermo Fisher Scientific, Inc. | 25 | 14,732 | ||||||
Waters Corp. (a) | 4 | 1,177 | ||||||
West Pharmaceutical Services, Inc. | 5 | 1,911 | ||||||
Zimmer Biomet Holdings, Inc. | 14 | 1,768 | ||||||
|
| |||||||
99,476 | ||||||||
|
| |||||||
Healthcare - Services — 4.5% | ||||||||
Anthem, Inc. | 95 | 46,531 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Healthcare - Services — continued | ||||||||
Catalent, Inc. (a) | 66 | 7,339 | ||||||
Centene Corp. (a) | 225 | 18,973 | ||||||
Charles River Laboratories International, Inc. (a) | 3 | 775 | ||||||
DaVita, Inc. (a) | 3 | 316 | ||||||
HCA Healthcare, Inc. | 14 | 3,462 | ||||||
Humana, Inc. | 51 | 22,010 | ||||||
IQVIA Holdings, Inc. (a) | 14 | 3,222 | ||||||
Laboratory Corp. of America Holdings (a) | 5 | 1,398 | ||||||
Molina Healthcare, Inc. (a) | 23 | 7,712 | ||||||
Quest Diagnostics, Inc. | 7 | 907 | ||||||
Teladoc Health, Inc. (a) | 8 | 577 | ||||||
UnitedHealth Group, Inc. | 368 | 187,460 | ||||||
Universal Health Services, Inc., Class B | 5 | 721 | ||||||
|
| |||||||
301,403 | ||||||||
|
| |||||||
Household Products/Wares — 0.1% | ||||||||
Avery Dennison Corp. | 6 | 1,049 | ||||||
Church & Dwight Co., Inc. | 13 | 1,287 | ||||||
Clorox Co. (The) | 9 | 1,192 | ||||||
Kimberly-Clark Corp. | 21 | 2,563 | ||||||
|
| |||||||
6,091 | ||||||||
|
| |||||||
Pharmaceuticals — 9.3% | ||||||||
AbbVie, Inc. | 299 | 48,455 | ||||||
AmerisourceBergen Corp., Class A | 8 | 1,276 | ||||||
Becton Dickinson and Co. | 17 | 4,595 | ||||||
Bristol-Myers Squibb Co. | 818 | 59,742 | ||||||
Cardinal Health, Inc. | 20 | 1,152 | ||||||
Cigna Corp. | 19 | 4,653 | ||||||
CVS Health Corp. | 78 | 7,935 | ||||||
Dexcom, Inc. (a) | 6 | 3,132 | ||||||
Elanco Animal Health, Inc. (a) | 23 | 590 | ||||||
Eli Lilly & Co. | 305 | 87,369 | ||||||
Jazz Pharmaceuticals plc, (Ireland) (a) | 3 | 403 | ||||||
Johnson & Johnson | 984 | 174,419 | ||||||
McKesson Corp. | 10 | 2,936 | ||||||
Merck & Co., Inc. | 946 | 77,591 | ||||||
Neurocrine Biosciences, Inc. (a) | 17 | 1,598 | ||||||
Organon & Co. | 80 | 2,790 | ||||||
Pfizer, Inc. | 2,100 | 108,701 | ||||||
Viatris, Inc. | 461 | 5,010 | ||||||
Zoetis, Inc., Class A | 180 | 33,939 | ||||||
|
| |||||||
626,286 | ||||||||
|
| |||||||
Total Consumer Non-cyclical | 1,575,865 | |||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Energy — 3.9% | ||||||||
Energy - Alternate Sources — 0.1% | ||||||||
Enphase Energy, Inc. (a) | 22 | 4,414 | ||||||
Plug Power, Inc. (a) | 31 | 898 | ||||||
SolarEdge Technologies, Inc., (Israel) (a) | 9 | 2,875 | ||||||
Sunrun, Inc. (a) | 12 | 362 | ||||||
|
| |||||||
8,549 | ||||||||
|
| |||||||
Oil & Gas — 3.1% | ||||||||
Chevron Corp. | 331 | 53,882 | ||||||
ConocoPhillips | 228 | 22,759 | ||||||
Coterra Energy, Inc. | 139 | 3,750 | ||||||
Devon Energy Corp. | 108 | 6,389 | ||||||
Diamondback Energy, Inc. | 28 | 3,903 | ||||||
EOG Resources, Inc. | 104 | 12,341 | ||||||
Exxon Mobil Corp. | 727 | 60,016 | ||||||
Hess Corp. | 52 | 5,544 | ||||||
Marathon Petroleum Corp. | 107 | 9,153 | ||||||
Occidental Petroleum Corp. | 169 | 9,588 | ||||||
Phillips 66 | 85 | 7,329 | ||||||
Pioneer Natural Resources Co. | 41 | 10,175 | ||||||
Valero Energy Corp. | 70 | 7,064 | ||||||
|
| |||||||
211,893 | ||||||||
|
| |||||||
Oil & Gas Services — 0.3% | ||||||||
Baker Hughes Co., Class A | 144 | 5,260 | ||||||
Halliburton Co. | 159 | 6,008 | ||||||
Schlumberger NV | 245 | 10,141 | ||||||
|
| |||||||
21,409 | ||||||||
|
| |||||||
Pipelines — 0.4% | ||||||||
Cheniere Energy, Inc. | 42 | 5,856 | ||||||
Kinder Morgan, Inc. | 350 | 6,611 | ||||||
ONEOK, Inc. | 75 | 5,264 | ||||||
Williams Cos., Inc. (The) | 200 | 6,692 | ||||||
|
| |||||||
24,423 | ||||||||
|
| |||||||
Total Energy | 266,274 | |||||||
|
| |||||||
Financial — 11.9% | ||||||||
Banks — 3.2% | ||||||||
Bank of America Corp. | 1,071 | 44,137 | ||||||
Bank of New York Mellon Corp. (The) | 127 | 6,310 | ||||||
Citigroup, Inc. | 297 | 15,866 | ||||||
Citizens Financial Group, Inc. | 79 | 3,602 | ||||||
Fifth Third Bancorp | 116 | 4,999 | ||||||
First Citizens BancShares, Inc., Class A | 3 | 1,774 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Banks — continued | ||||||||
First Republic Bank | 30 | 4,865 | ||||||
Goldman Sachs Group, Inc. (The) | 50 | 16,658 | ||||||
Huntington Bancshares, Inc. | 267 | 3,910 | ||||||
KeyCorp. | 167 | 3,737 | ||||||
M&T Bank Corp. | 23 | 3,902 | ||||||
Morgan Stanley | 201 | 17,565 | ||||||
Northern Trust Corp. | 36 | 4,138 | ||||||
PNC Financial Services Group, Inc. (The) | 61 | 11,343 | ||||||
Regions Financial Corp. | 173 | 3,844 | ||||||
Signature Bank | 11 | 3,141 | ||||||
State Street Corp. | 61 | 5,333 | ||||||
SVB Financial Group (a) | 10 | 5,716 | ||||||
Truist Financial Corp. | 202 | 11,433 | ||||||
US Bancorp | 216 | 11,491 | ||||||
Webster Financial Corp. | 42 | 2,340 | ||||||
Wells Fargo & Co. | 586 | 28,402 | ||||||
|
| |||||||
214,506 | ||||||||
|
| |||||||
Diversified Financial Services — 4.3% | ||||||||
Alliance Data Systems Corp. | 7 | 379 | ||||||
Ally Financial, Inc. | 65 | 2,838 | ||||||
American Express Co. | 104 | 19,509 | ||||||
Ameriprise Financial, Inc. | 19 | 5,580 | ||||||
Apollo Global Management, Inc. | 66 | 4,078 | ||||||
BlackRock, Inc., Class A | 2 | 1,444 | ||||||
Capital One Financial Corp. | 68 | 8,878 | ||||||
Cboe Global Markets, Inc. | 20 | 2,336 | ||||||
Charles Schwab Corp. (The) | 216 | 18,182 | ||||||
CME Group, Inc., Class A | 54 | 12,956 | ||||||
Coinbase Global, Inc., Class A (a) | 8 | 1,555 | ||||||
Discover Financial Services | 49 | 5,410 | ||||||
Franklin Resources, Inc. | 63 | 1,770 | ||||||
Intercontinental Exchange, Inc. | 86 | 11,390 | ||||||
International Money Express, Inc. (a) | 4 | 87 | ||||||
Invesco Ltd. | 82 | 1,891 | ||||||
Mastercard, Inc., Class A | 213 | 76,109 | ||||||
Nasdaq, Inc. | 21 | 3,822 | ||||||
Raymond James Financial, Inc. | 32 | 3,490 | ||||||
SEI Investments Co. | 29 | 1,736 | ||||||
SoFi Technologies, Inc. (a) | 112 | 1,057 | ||||||
Synchrony Financial | 103 | 3,573 | ||||||
T Rowe Price Group, Inc. | 37 | 5,658 | ||||||
Tradeweb Markets, Inc., Class A | 20 | 1,785 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Diversified Financial Services — continued | ||||||||
Upstart Holdings, Inc. (a) | 7 | 816 | ||||||
Visa, Inc., Class A | 405 | 89,851 | ||||||
Western Union Co. (The) | 98 | 1,830 | ||||||
|
| |||||||
288,010 | ||||||||
|
| |||||||
Insurance — 3.1% | ||||||||
Aflac, Inc. | 102 | 6,560 | ||||||
Alleghany Corp. (a) | 3 | 2,490 | ||||||
Allstate Corp. (The) | 47 | 6,547 | ||||||
American Financial Group, Inc. | 15 | 2,119 | ||||||
American International Group, Inc. | 132 | 8,285 | ||||||
Aon plc, Class A | 36 | 11,821 | ||||||
Arch Capital Group Ltd., (Bermuda) (a) | 56 | 2,721 | ||||||
Arthur J Gallagher & Co. | 34 | 5,892 | ||||||
Assurant, Inc. | 7 | 1,337 | ||||||
Berkshire Hathaway, Inc., Class B (a) | 188 | 66,439 | ||||||
Brown & Brown, Inc. | 36 | 2,573 | ||||||
Chubb Ltd., (Switzerland) | 61 | 13,114 | ||||||
Cincinnati Financial Corp. | 24 | 3,299 | ||||||
Equitable Holdings, Inc. | 71 | 2,198 | ||||||
Erie Indemnity Co., Class A | 5 | 924 | ||||||
Everest Re Group Ltd., (Bermuda) | 8 | 2,441 | ||||||
Fidelity National Financial, Inc. | 51 | 2,504 | ||||||
Globe Life, Inc. | 20 | 2,005 | ||||||
Hartford Financial Services Group, Inc. (The) | 60 | 4,336 | ||||||
Lincoln National Corp. | 34 | 2,247 | ||||||
Loews Corp. | 42 | 2,703 | ||||||
Markel Corp. (a) | 2 | 3,604 | ||||||
Marsh & McLennan Cos., Inc. | 77 | 13,186 | ||||||
MetLife, Inc. | 114 | 7,985 | ||||||
Principal Financial Group, Inc. | 46 | 3,392 | ||||||
Progressive Corp. (The) | 91 | 10,387 | ||||||
Prudential Financial, Inc. | 61 | 7,152 | ||||||
Travelers Cos., Inc. (The) | 39 | 7,191 | ||||||
Willis Towers Watson plc, (United Kingdom) | 21 | 5,040 | ||||||
WR Berkley Corp. | 32 | 2,133 | ||||||
|
| |||||||
212,625 | ||||||||
|
| |||||||
Private Equity — 0.3% | ||||||||
Blackstone, Inc. | 104 | 13,247 | ||||||
Carlyle Group, Inc. (The) | 27 | 1,321 | ||||||
KKR & Co., Inc. | 94 | 5,495 | ||||||
|
| |||||||
20,063 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Real Estate — 0.0% (g) | ||||||||
CBRE Group, Inc., Class A (a) | 20 | 1,868 | ||||||
|
| |||||||
REITS — 1.0% | ||||||||
AGNC Investment Corp. | 57 | 747 | ||||||
Alexandria Real Estate Equities, Inc. | 7 | 1,501 | ||||||
American Tower Corp. | 29 | 7,160 | ||||||
Annaly Capital Management, Inc. | 194 | 1,363 | ||||||
AvalonBay Communities, Inc. | 8 | 1,912 | ||||||
Boston Properties, Inc. | 8 | 1,069 | ||||||
Camden Property Trust | 5 | 892 | ||||||
Crown Castle International Corp. | 26 | 4,792 | ||||||
Digital Realty Trust, Inc. | 18 | 2,491 | ||||||
Duke Realty Corp. | 20 | 1,189 | ||||||
Equinix, Inc. | 6 | 4,480 | ||||||
Equity LifeStyle Properties, Inc. | 8 | 641 | ||||||
Equity Residential | 20 | 1,836 | ||||||
Essex Property Trust, Inc. | 3 | 1,148 | ||||||
Extra Space Storage, Inc. | 7 | 1,456 | ||||||
Healthpeak Properties, Inc. | 28 | 976 | ||||||
Host Hotels & Resorts, Inc. | 34 | 669 | ||||||
Invitation Homes, Inc. | 34 | 1,349 | ||||||
Iron Mountain, Inc. | 14 | 791 | ||||||
Kimco Realty Corp. | 30 | 748 | ||||||
Medical Properties Trust, Inc. | 25 | 532 | ||||||
Mid-America Apartment Communities, Inc. | 6 | 1,221 | ||||||
Prologis, Inc. | 42 | 6,723 | ||||||
Public Storage | 9 | 3,501 | ||||||
Realty Income Corp. | 31 | 2,170 | ||||||
Regency Centers Corp. | 7 | 500 | ||||||
SBA Communications Corp., Class A | 7 | 2,434 | ||||||
Simon Property Group, Inc. | 18 | 2,369 | ||||||
Sun Communities, Inc. | 6 | 1,002 | ||||||
UDR, Inc. | 15 | 877 | ||||||
Ventas, Inc. | 25 | 1,527 | ||||||
VICI Properties, Inc. | 35 | 1,008 | ||||||
Vornado Realty Trust | 12 | 528 | ||||||
Welltower, Inc. | 26 | 2,455 | ||||||
Weyerhaeuser Co. | 46 | 1,726 | ||||||
WP Carey, Inc. | 10 | 818 | ||||||
|
| |||||||
66,601 | ||||||||
|
| |||||||
Total Financial | 803,673 | |||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Industrial — 6.6% | ||||||||
Aerospace/Defense — 0.7% | ||||||||
Boeing Co. (The) (a) | 39 | 7,470 | ||||||
General Dynamics Corp. | 14 | 3,418 | ||||||
HEICO Corp. | 1 | 226 | ||||||
HEICO Corp., Class A | 6 | 706 | ||||||
Howmet Aerospace, Inc. | 27 | 959 | ||||||
L3Harris Technologies, Inc. | 11 | 2,693 | ||||||
Lockheed Martin Corp. | 15 | 6,554 | ||||||
Northrop Grumman Corp. | 9 | 4,053 | ||||||
Raytheon Technologies Corp. | 89 | 8,787 | ||||||
Teledyne Technologies, Inc. (a) | 23 | 11,034 | ||||||
TransDigm Group, Inc. (a) | 3 | 2,129 | ||||||
|
| |||||||
48,029 | ||||||||
|
| |||||||
Building Materials — 0.2% | ||||||||
Carrier Global Corp. | 48 | 2,198 | ||||||
Fortune Brands Home & Security, Inc. | 9 | 677 | ||||||
Johnson Controls International plc | 44 | 2,909 | ||||||
Lennox International, Inc. | 2 | 525 | ||||||
Martin Marietta Materials, Inc. | 4 | 1,498 | ||||||
Masco Corp. | 12 | 611 | ||||||
Mohawk Industries, Inc. (a) | 5 | 611 | ||||||
Owens Corning | 7 | 686 | ||||||
Vulcan Materials Co. | 9 | 1,682 | ||||||
|
| |||||||
11,397 | ||||||||
|
| |||||||
Electrical Components & Equipment — 0.1% | ||||||||
AMETEK, Inc. | 15 | 2,035 | ||||||
Emerson Electric Co. | 36 | 3,500 | ||||||
Generac Holdings, Inc. (a) | 4 | 1,261 | ||||||
|
| |||||||
6,796 | ||||||||
|
| |||||||
Electronics — 1.3% | ||||||||
Agilent Technologies, Inc. | 22 | 2,925 | ||||||
Allegion plc, (Ireland) | 5 | 582 | ||||||
Amphenol Corp., Class A | 302 | 22,760 | ||||||
Arrow Electronics, Inc. (a) | 36 | 4,296 | ||||||
Fortive Corp. | 22 | 1,331 | ||||||
Garmin Ltd., (Switzerland) | 10 | 1,221 | ||||||
Honeywell International, Inc. | 41 | 7,946 | ||||||
Keysight Technologies, Inc. (a) | 94 | 14,825 | ||||||
Mettler-Toledo International, Inc. (a) | 1 | 2,003 | ||||||
Sensata Technologies Holding plc (a) | 9 | 452 | ||||||
TE Connectivity Ltd. | 164 | 21,441 | ||||||
Trimble, Inc. (a) | 129 | 9,327 | ||||||
|
| |||||||
89,109 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Engineering & Construction — 0.0% (g) | ||||||||
Jacobs Engineering Group, Inc. | 8 | 1,118 | ||||||
|
| |||||||
Environmental Control — 0.1% | ||||||||
Pentair plc, (United Kingdom) | 12 | 653 | ||||||
Republic Services, Inc., Class A | 14 | 1,826 | ||||||
Waste Connections, Inc. | 16 | 2,246 | ||||||
Waste Management, Inc. | 27 | 4,228 | ||||||
|
| |||||||
8,953 | ||||||||
|
| |||||||
Hand/Machine Tools — 0.0% (g) | ||||||||
Snap-on, Inc. | 4 | 788 | ||||||
Stanley Black & Decker, Inc. | 10 | 1,463 | ||||||
|
| |||||||
2,251 | ||||||||
|
| |||||||
Machinery - Construction & Mining — 0.1% | ||||||||
Caterpillar, Inc. | 34 | 7,638 | ||||||
|
| |||||||
Machinery - Diversified — 0.4% | ||||||||
Cognex Corp. | 87 | 6,714 | ||||||
Deere & Co. | 21 | 8,519 | ||||||
Dover Corp. | 9 | 1,346 | ||||||
IDEX Corp. | 4 | 766 | ||||||
Ingersoll Rand, Inc. | 21 | 1,068 | ||||||
Nordson Corp. | 3 | 569 | ||||||
Otis Worldwide Corp. | 23 | 1,769 | ||||||
Rockwell Automation, Inc. | 8 | 2,126 | ||||||
Westinghouse Air Brake Technologies Corp. | 12 | 1,158 | ||||||
Xylem, Inc. | �� | 14 | 1,193 | |||||
|
| |||||||
25,228 | ||||||||
|
| |||||||
Miscellaneous Manufacturers — 0.4% | ||||||||
3M Co. | 34 | 5,093 | ||||||
AO Smith Corp. | 6 | 375 | ||||||
Eaton Corp. plc | 24 | 3,656 | ||||||
General Electric Co. | 69 | 6,277 | ||||||
Illinois Tool Works, Inc. | 19 | 3,955 | ||||||
Parker-Hannifin Corp. | 8 | 2,267 | ||||||
Textron, Inc. | 16 | 1,161 | ||||||
Trane Technologies plc, (Ireland) | 15 | 2,278 | ||||||
|
| |||||||
25,062 | ||||||||
|
| |||||||
Packaging & Containers — 0.1% | ||||||||
Amcor plc, (United Kingdom) | 104 | 1,174 | ||||||
Ball Corp. | 23 | 2,109 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Packaging & Containers — continued | ||||||||
Crown Holdings, Inc. | 8 | 1,012 | ||||||
Packaging Corp. of America | 7 | 1,035 | ||||||
Sealed Air Corp. | 8 | 530 | ||||||
Westrock Co. | 18 | 858 | ||||||
|
| |||||||
6,718 | ||||||||
|
| |||||||
Shipbuilding — 0.0% (g) | ||||||||
Huntington Ingalls Industries, Inc. | 3 | 682 | ||||||
|
| |||||||
Transportation — 3.2% | ||||||||
CH Robinson Worldwide, Inc. | 103 | 11,069 | ||||||
CSX Corp. | 132 | 4,931 | ||||||
Expeditors International of Washington, Inc. | 133 | 13,698 | ||||||
FedEx Corp. | 191 | 44,190 | ||||||
JB Hunt Transport Services, Inc. | 6 | 1,161 | ||||||
Knight-Swift Transportation Holdings, Inc., Class A | 11 | 548 | ||||||
Norfolk Southern Corp. | 15 | 4,196 | ||||||
Old Dominion Freight Line, Inc. | 7 | 2,098 | ||||||
Union Pacific Corp. | 38 | 10,318 | ||||||
United Parcel Service, Inc., Class B | 568 | 121,821 | ||||||
|
| |||||||
214,030 | ||||||||
|
| |||||||
Total Industrial | 447,011 | |||||||
|
| |||||||
Technology — 27.3% | ||||||||
Computers — 7.4% | ||||||||
Accenture plc, (Ireland), Class A | 60 | 20,335 | ||||||
Apple, Inc. | 2,408 | 420,540 | ||||||
Cantaloupe, Inc. (a) | 8 | 55 | ||||||
Cognizant Technology Solutions Corp., Class A | 48 | 4,344 | ||||||
Conduent, Inc. (a) | 24 | 124 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 45 | 10,163 | ||||||
Dell Technologies, Inc., Class C (a) | 42 | 2,096 | ||||||
EPAM Systems, Inc. (a) | 6 | 1,708 | ||||||
ExlService Holdings, Inc. (a) | 5 | 681 | ||||||
Fortinet, Inc. (a) | 32 | 10,789 | ||||||
Hewlett Packard Enterprise Co. | 186 | 3,116 | ||||||
HP, Inc. | 161 | 5,856 | ||||||
International Business Machines Corp. | 81 | 10,559 | ||||||
Leidos Holdings, Inc. | 10 | 1,047 | ||||||
Maximus, Inc. | 9 | 663 | ||||||
NetApp, Inc. | 28 | 2,353 | ||||||
Seagate Technology Holdings plc | 26 | 2,340 | ||||||
TaskUS, Inc., Class A (a) | 4 | 146 | ||||||
TTEC Holdings, Inc. | 3 | 226 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Computers — continued | ||||||||
Western Digital Corp. (a) | 45 | 2,220 | ||||||
Zscaler, Inc. (a) | 19 | 4,625 | ||||||
|
| |||||||
503,986 | ||||||||
|
| |||||||
Office/Business Equipment — 0.2% | ||||||||
Zebra Technologies Corp., Class A (a) | 27 | 11,285 | ||||||
|
| |||||||
Semiconductors — 6.1% | ||||||||
Advanced Micro Devices, Inc. (a) | 287 | 31,349 | ||||||
Analog Devices, Inc. | 90 | 14,877 | ||||||
Applied Materials, Inc. | 160 | 21,133 | ||||||
Broadcom, Inc. | 69 | 43,430 | ||||||
Entegris, Inc. | 23 | 2,971 | ||||||
Intel Corp. | 681 | 33,740 | ||||||
IPG Photonics Corp. (a) | 19 | 2,123 | ||||||
KLA Corp. | 27 | 9,866 | ||||||
Lam Research Corp. | 25 | 13,544 | ||||||
Marvell Technology, Inc. | 140 | 10,023 | ||||||
Microchip Technology, Inc. | 95 | 7,116 | ||||||
Micron Technology, Inc. | 188 | 14,666 | ||||||
Monolithic Power Systems, Inc. | 7 | 3,540 | ||||||
NVIDIA Corp. | 441 | 120,254 | ||||||
NXP Semiconductors NV, (Netherlands) | 45 | 8,325 | ||||||
ON Semiconductor Corp. (a) | 72 | 4,510 | ||||||
Qorvo, Inc. (a) | 20 | 2,458 | ||||||
QUALCOMM, Inc. | 193 | 29,534 | ||||||
Skyworks Solutions, Inc. | 29 | 3,849 | ||||||
Teradyne, Inc. | 30 | 3,547 | ||||||
Texas Instruments, Inc. | 155 | 28,492 | ||||||
|
| |||||||
409,347 | ||||||||
|
| |||||||
Software — 13.6% | ||||||||
Activision Blizzard, Inc. | 93 | 7,439 | ||||||
Adobe, Inc. (a) | 111 | 50,582 | ||||||
Akamai Technologies, Inc. (a) | 15 | 1,759 | ||||||
ANSYS, Inc. (a) | 20 | 6,242 | ||||||
Asana, Inc., Class A (a) | 16 | 622 | ||||||
Autodesk, Inc. (a) | 51 | 10,936 | ||||||
Avalara, Inc. (a) | 20 | 1,954 | ||||||
Bentley Systems, Inc., Class B | 38 | 1,685 | ||||||
Bill.com Holdings, Inc. (a) | 17 | 3,919 | ||||||
Black Knight, Inc. (a) | 36 | 2,097 | ||||||
Broadridge Financial Solutions, Inc. | 28 | 4,425 | ||||||
Cadence Design Systems, Inc. (a) | 64 | 10,456 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Software — continued | ||||||||
Ceridian HCM Holding, Inc. (a) | 33 | 2,223 | ||||||
Cerner Corp. | 15 | 1,396 | ||||||
Citrix Systems, Inc. | 28 | 2,811 | ||||||
Cloudflare, Inc., Class A (a) | 24 | 2,844 | ||||||
Concentrix Corp. | 6 | 1,057 | ||||||
Coupa Software, Inc. (a) | 16 | 1,667 | ||||||
CSG Systems International, Inc. | 5 | 303 | ||||||
Datadog, Inc., Class A (a) | 49 | 7,469 | ||||||
DocuSign, Inc., Class A (a) | 46 | 4,960 | ||||||
Dropbox, Inc., Class A (a) | 68 | 1,581 | ||||||
Dynatrace, Inc. (a) | 41 | 1,922 | ||||||
Electronic Arts, Inc. | 31 | 3,901 | ||||||
Fair Isaac Corp. (a) | 6 | 2,823 | ||||||
Fidelity National Information Services, Inc. | 143 | 14,401 | ||||||
Fiserv, Inc. (a) | 140 | 14,163 | ||||||
Guidewire Software, Inc. (a) | 16 | 1,496 | ||||||
HubSpot, Inc. (a) | 10 | 4,900 | ||||||
Intuit, Inc. | 63 | 30,183 | ||||||
Jack Henry & Associates, Inc. | 16 | 3,202 | ||||||
Microsoft Corp. | 1,658 | 511,071 | ||||||
MongoDB, Inc., Class A (a) | 5 | 2,428 | ||||||
MSCI, Inc., Class A | 14 | 7,108 | ||||||
Oracle Corp. | 372 | 30,781 | ||||||
Palantir Technologies, Inc., Class A (a) | 370 | 5,082 | ||||||
Paychex, Inc. | 75 | 10,273 | ||||||
Paycom Software, Inc. (a) | 11 | 3,951 | ||||||
PTC, Inc. (a) | 24 | 2,630 | ||||||
RingCentral, Inc., Class A (a) | 18 | 2,150 | ||||||
Roper Technologies, Inc. | 7 | 3,184 | ||||||
salesforce.com, Inc. (a) | 225 | 47,720 | ||||||
ServiceNow, Inc. (a) | 46 | 25,629 | ||||||
Snowflake, Inc., Class A (a) | 21 | 4,756 | ||||||
Splunk, Inc. (a) | 36 | 5,357 | ||||||
SS&C Technologies Holdings, Inc. | 51 | 3,849 | ||||||
Synopsys, Inc. (a) | 35 | 11,594 | ||||||
Take-Two Interactive Software, Inc. (a) | 15 | 2,276 | ||||||
Twilio, Inc., Class A (a) | 17 | 2,877 | ||||||
Tyler Technologies, Inc. (a) | 9 | 4,038 | ||||||
Unity Software, Inc. (a) | 15 | 1,487 | ||||||
Veeva Systems, Inc., Class A (a) | 9 | 1,955 | ||||||
Verra Mobility Corp., Class A (a) | 19 | 308 | ||||||
VMware, Inc., Class A | 49 | 5,615 |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Software — continued | ||||||||
Workday, Inc., Class A (a) | 45 | 10,822 | ||||||
Zoom Video Communications, Inc., Class A (a) | 52 | 6,048 | ||||||
ZoomInfo Technologies, Inc., Class A (a) | 76 | 4,522 | ||||||
|
| |||||||
922,929 | ||||||||
|
| |||||||
Total Technology | 1,847,547 | |||||||
|
| |||||||
Utilities — 0.9% | ||||||||
Electric — 0.9% | ||||||||
AES Corp. (The) | 41 | 1,054 | ||||||
Alliant Energy Corp. | 12 | 742 | ||||||
Ameren Corp. | 13 | 1,264 | ||||||
American Electric Power Co., Inc. | 30 | 2,947 | ||||||
CenterPoint Energy, Inc. | 38 | 1,155 | ||||||
CMS Energy Corp. | 14 | 964 | ||||||
Consolidated Edison, Inc. | 22 | 2,085 | ||||||
Constellation Energy Corp. | 23 | 1,283 | ||||||
Dominion Energy, Inc. | 49 | 4,178 | ||||||
DTE Energy Co. | 13 | 1,712 | ||||||
Duke Energy Corp. | 47 | 5,240 | ||||||
Edison International | 25 | 1,720 | ||||||
Entergy Corp. | 13 | 1,524 | ||||||
Evergy, Inc. | 11 | 733 | ||||||
Eversource Energy | 22 | 1,971 | ||||||
Exelon Corp. | 60 | 2,838 | ||||||
FirstEnergy Corp. | 29 | 1,316 | ||||||
NextEra Energy, Inc. | 112 | 9,447 | ||||||
NRG Energy, Inc. | 19 | 747 | ||||||
PG&E Corp. (a) | 96 | 1,151 | ||||||
PPL Corp. | 51 | 1,456 | ||||||
Public Service Enterprise Group, Inc. | 26 | 1,819 | ||||||
Sempra Energy | 17 | 2,916 | ||||||
Southern Co. (The) | 65 | 4,700 | ||||||
Vistra Corp. | 18 | 423 | ||||||
WEC Energy Group, Inc. | 19 | 1,908 | ||||||
Xcel Energy, Inc. | 34 | 2,482 | ||||||
|
| |||||||
59,775 | ||||||||
|
| |||||||
Gas — 0.0% (g) | ||||||||
Atmos Energy Corp. | 6 | 706 | ||||||
NiSource, Inc. | 18 | 588 | ||||||
UGI Corp. | 18 | 642 | ||||||
|
| |||||||
1,936 | ||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Water — 0.0% (g) | ||||||||
American Water Works Co., Inc. | 9 | 1,529 | ||||||
Essential Utilities, Inc. | 9 | 467 | ||||||
|
| |||||||
1,996 | ||||||||
|
| |||||||
Total Utilities | 63,707 | |||||||
|
| |||||||
Total Common Stocks (Cost $5,825,219) | 6,725,054 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($) | ||||||||
Short-Term Investments — 1.0% | ||||||||
Time Deposits — 1.0% | ||||||||
Australia & New Zealand Banking Group Ltd., 0.15%, 04/01/2022 | 3,418 | 3,418 | ||||||
Barclays SA, 0.15%, 04/01/2022 | 30,039 | 30,039 | ||||||
BNP Paribas SA, 0.15%, 04/01/2022 | 10,125 | 10,125 | ||||||
Brown Brothers Harriman, 0.15%, 04/01/2022 | — | (h) | — | (h) | ||||
Citibank NA, 0.15%, 04/01/2022 | 4,388 | 4,388 | ||||||
Sumitomo Mitsui Banking Corp., 0.15%, 04/01/2022 | 6,272 | 6,272 | ||||||
Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022 | 12,444 | 12,444 | ||||||
Total Short-Term Investments (Cost $66,686) | 66,686 | |||||||
|
| |||||||
Total Investments — 100.3% (Cost - $5,891,905) * | 6,791,740 | |||||||
Liabilities in Excess of Other Assets — (0.3)% | (21,924 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,769,816 | ||||||
|
|
Percentages indicated are based on net assets
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2022:
Exchange Traded
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
E-mini Russell 2000 Index | 3 | 06/2022 | USD | 317 | (7 | ) | ||||||||||||||
Micro E-mini NASDAQ 100 Index | 354 | 06/2022 | USD | 9,705 | 822 | |||||||||||||||
Micro E-mini S&P 500 Index | 510 | 06/2022 | USD | 11,204 | 350 | |||||||||||||||
NASDAQ 100 E-mini Index | 3 | 06/2022 | USD | 809 | 83 | |||||||||||||||
S&P 500 E-mini Index | 50 | 06/2022 | USD | 11,179 | 148 | |||||||||||||||
Micro E-mini Russell 2000 Index | 87 | 06/2022 | USD | 895 | 3 | |||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | 1,399 | |||||||||||||||||||
|
|
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022
REIT | — | Real Estate Investment Trust | ||
(a) | — | Non-income producing security. | ||
(g) | — | Amount rounds to less than 0.05%. | ||
(h) | — | Amount rounds to less than 500 shares or principal/ $500. | ||
* | — | The cost of securities is substantially the same for federal income tax purposes. | ||
USD | — | United States Dollar |
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
Summary of Investments by Industry, March 31, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Internet | 16.6 | % | ||
Software | 13.6 | % | ||
Pharmaceuticals | 9.2 | % | ||
Computers | 7.4 | % | ||
Semiconductors | 6.0 | % | ||
Healthcare - Services | 4.5 | % | ||
Diversified Financial Services | 4.2 | % | ||
Beverages | 3.3 | % | ||
Banks | 3.2 | % | ||
Transportation | 3.2 | % | ||
Insurance | 3.1 | % | ||
Oil & Gas | 3.1 | % | ||
Commercial Services | 2.1 | % | ||
Retail | 1.7 | % | ||
Auto Manufacturers | 1.7 | % | ||
Telecommunications | 1.6 | % | ||
Biotechnology | 1.5 | % | ||
Healthcare - Products | 1.5 | % | ||
Electronics | 1.3 | % | ||
Media | 1.2 | % | ||
Others (Each less than 1.0%) | 9.0 | % | ||
Short-Term Investments | 1.0 | % |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — 96.9% | ||||||||
Austria — 0.4% | ||||||||
Erste Group Bank AG | 101 | 3,692 | ||||||
OMV AG | 54 | 2,584 | ||||||
Raiffeisen Bank International AG | 44 | 619 | ||||||
Verbund AG | 18 | 1,943 | ||||||
voestalpine AG | 58 | 1,722 | ||||||
|
| |||||||
10,560 | ||||||||
|
| |||||||
Belgium — 0.5% | ||||||||
Ageas SA | 51 | 2,560 | ||||||
Elia Group SA | 8 | 1,288 | ||||||
Groupe Bruxelles Lambert SA | 32 | 3,335 | ||||||
KBC Group NV | 74 | 5,283 | ||||||
Sofina SA | 5 | 1,646 | ||||||
UCB SA | 16 | 1,958 | ||||||
|
| |||||||
16,070 | ||||||||
|
| |||||||
Canada — 1.2% | ||||||||
Agnico Eagle Mines Ltd. | 8 | 476 | ||||||
Air Canada (a) | 3 | 57 | ||||||
Algonquin Power & Utilities Corp. | 11 | 178 | ||||||
Alimentation Couche-Tard, Inc. | 14 | 653 | ||||||
AltaGas Ltd. | 5 | 105 | ||||||
Ballard Power Systems, Inc. (a) | 4 | 47 | ||||||
Bank of Montreal | 11 | 1,296 | ||||||
Bank of Nova Scotia (The) | 21 | 1,483 | ||||||
Barrick Gold Corp. | 30 | 743 | ||||||
BCE, Inc. | 1 | 68 | ||||||
BlackBerry Ltd. (a) | 9 | 67 | ||||||
Brookfield Asset Management, Inc., Class A | 24 | 1,358 | ||||||
CAE, Inc. (a) | 5 | 142 | ||||||
Cameco Corp. | 7 | 198 | ||||||
Canadian Apartment Properties REIT | 1 | 61 | ||||||
Canadian Imperial Bank of Commerce | 8 | 930 | ||||||
Canadian National Railway Co. | 12 | 1,615 | ||||||
Canadian Natural Resources Ltd. | 20 | 1,240 | ||||||
Canadian Pacific Railway Ltd. | 16 | 1,306 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Canada — continued |
| |||||||
Canadian Tire Corp. Ltd., Class A | 1 | 148 | ||||||
Canadian Utilities Ltd., Class A | 2 | 66 | ||||||
Canopy Growth Corp. (a) | 4 | 31 | ||||||
CCL Industries, Inc., Class B | 3 | 115 | ||||||
Cenovus Energy, Inc. | 22 | 372 | ||||||
CGI, Inc. (a) | 4 | 297 | ||||||
Constellation Software, Inc. | — | (h) | 586 | |||||
Dollarama, Inc. | 5 | 279 | ||||||
Emera, Inc. | 4 | 218 | ||||||
Empire Co. Ltd. | 3 | 101 | ||||||
Enbridge, Inc. | 34 | 1,588 | ||||||
Fairfax Financial Holdings Ltd. | — | (h) | 232 | |||||
First Quantum Minerals Ltd. | 10 | 346 | ||||||
FirstService Corp. | 1 | 96 | ||||||
Fortis, Inc. | 8 | 398 | ||||||
Franco-Nevada Corp. | 3 | 518 | ||||||
George Weston Ltd. | 1 | 158 | ||||||
GFL Environmental, Inc. | 3 | 88 | ||||||
Gildan Activewear, Inc., Class A | 3 | 126 | ||||||
Great-West Lifeco, Inc. | 5 | 142 | ||||||
Hydro One Ltd. (e) | 6 | 153 | ||||||
iA Financial Corp., Inc. | 2 | 110 | ||||||
IGM Financial, Inc. | 1 | 51 | ||||||
Imperial Oil Ltd. | 4 | 201 | ||||||
Intact Financial Corp. | 3 | 443 | ||||||
Ivanhoe Mines Ltd., Class A (a) | 10 | 95 | ||||||
Keyera Corp. | 4 | 94 | ||||||
Kinross Gold Corp. | 22 | 127 | ||||||
Lightspeed Commerce, Inc. (a) | 2 | 58 | ||||||
Loblaw Cos. Ltd. | 3 | 256 | ||||||
Lundin Mining Corp. | 11 | 113 | ||||||
Magna International, Inc. | 5 | 312 | ||||||
Manulife Financial Corp. | 33 | 705 | ||||||
Metro, Inc. | 4 | 240 | ||||||
National Bank of Canada | 6 | 441 | ||||||
Northland Power, Inc. | 4 | 130 | ||||||
Nutrien Ltd. | 10 | 1,004 | ||||||
Nuvei Corp. (a) | 1 | 84 | ||||||
Onex Corp. | 1 | 84 | ||||||
Open Text Corp. | 5 | 196 | ||||||
Pan American Silver Corp. | 4 | 96 | ||||||
Parkland Corp. | 3 | 76 | ||||||
Pembina Pipeline Corp. | 9 | 352 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Canada — continued |
| |||||||
Power Corp. of Canada | 10 | 295 | ||||||
Quebecor, Inc., Class B | 3 | 67 | ||||||
Restaurant Brands International, Inc. | 5 | 282 | ||||||
RioCan Real Estate Investment Trust | 3 | 53 | ||||||
Ritchie Bros Auctioneers, Inc. | 2 | 110 | ||||||
Rogers Communications, Inc., Class B | 6 | 341 | ||||||
Royal Bank of Canada | 24 | 2,669 | ||||||
Saputo, Inc. | 4 | 99 | ||||||
Shaw Communications, Inc., Class B | 8 | 239 | ||||||
Shopify, Inc., Class A (a) | 2 | 1,308 | ||||||
Sun Life Financial, Inc. | 10 | 557 | ||||||
Suncor Energy, Inc. | 25 | 807 | ||||||
TC Energy Corp. | 17 | 942 | ||||||
Teck Resources Ltd., Class B | 8 | 325 | ||||||
TELUS Corp. | 8 | 201 | ||||||
TFI International, Inc. | 1 | 153 | ||||||
Thomson Reuters Corp. | 3 | 315 | ||||||
TMX Group Ltd. | 1 | 97 | ||||||
Toromont Industries Ltd. | 1 | 135 | ||||||
Toronto-Dominion Bank (The) | 31 | 2,459 | ||||||
Tourmaline Oil Corp. | 5 | 246 | ||||||
West Fraser Timber Co. Ltd. | 2 | 134 | ||||||
Wheaton Precious Metals Corp. | 8 | 365 | ||||||
WSP Global, Inc. | 2 | 266 | ||||||
|
| |||||||
35,814 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta plc | 197 | 4,272 | ||||||
|
| |||||||
Denmark — 2.1% | ||||||||
AP Moller - Maersk A/S, Class A | 1 | 1,839 | ||||||
AP Moller - Maersk A/S, Class B | 1 | 3,441 | ||||||
Danske Bank A/S | 203 | 3,379 | ||||||
DSV A/S | 40 | 7,729 | ||||||
Novo Nordisk A/S, Class B | 218 | 24,179 | ||||||
Orsted AS (a) (e) | 51 | 6,400 | ||||||
Pandora A/S | 87 | 8,326 | ||||||
ROCKWOOL International A/S, Class B | 2 | 544 | ||||||
Tryg A/S | 106 | 2,578 | ||||||
Vestas Wind Systems A/S | 200 | 5,857 | ||||||
|
| |||||||
64,272 | ||||||||
|
| |||||||
Finland — 0.8% | ||||||||
Fortum OYJ | 120 | 2,187 | ||||||
Kone OYJ, Class B | 67 | 3,516 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Finland — continued |
| |||||||
Nordea Bank Abp | 944 | 9,717 | ||||||
Orion OYJ, Class B | 14 | 624 | ||||||
Sampo OYJ, Class A | 147 | 7,177 | ||||||
Wartsila OYJ Abp | 93 | 849 | ||||||
|
| |||||||
24,070 | ||||||||
|
| |||||||
France — 17.0% | ||||||||
Aeroports de Paris (a) | 6 | 872 | ||||||
Airbus SE (a) | 117 | 14,064 | ||||||
Alstom SA | 63 | 1,468 | ||||||
Amundi SA (e) | 18 | 1,217 | ||||||
AXA SA | 573 | 16,784 | ||||||
BNP Paribas SA | 331 | 18,929 | ||||||
Bouygues SA | 45 | 1,587 | ||||||
Bureau Veritas SA | 58 | 1,661 | ||||||
Cie de Saint-Gobain | 100 | 5,951 | ||||||
CNP Assurances | 51 | 1,232 | ||||||
Credit Agricole SA | 364 | 4,352 | ||||||
Danone SA | 241 | 13,330 | ||||||
Dassault Aviation SA | 5 | 777 | ||||||
Eiffage SA | 17 | 1,694 | ||||||
Electricite de France SA | 147 | 1,383 | ||||||
Engie SA | 494 | 6,490 | ||||||
EssilorLuxottica SA | 251 | 45,945 | ||||||
Eurazeo SE | 12 | 993 | ||||||
Getlink SE | 87 | 1,571 | ||||||
Hermes International | 28 | 39,177 | ||||||
Ipsen SA | 5 | 611 | ||||||
Kering SA | 66 | 41,390 | ||||||
Legrand SA | 53 | 5,027 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 243 | 173,195 | ||||||
Renault SA (a) | 129 | 3,367 | ||||||
Safran SA | 68 | 7,955 | ||||||
Sanofi | 147 | 15,051 | ||||||
Schneider Electric SE | 107 | 17,942 | ||||||
Societe Generale SA | 239 | 6,400 | ||||||
Teleperformance | 12 | 4,423 | ||||||
Thales SA | 21 | 2,641 | ||||||
TotalEnergies SE | 921 | 46,605 | ||||||
Veolia Environnement SA | 177 | 5,687 | ||||||
Vinci SA | 106 | 10,878 | ||||||
Wendel SE | 8 | 812 | ||||||
|
| |||||||
521,461 | ||||||||
|
|
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Germany — 9.0% | ||||||||
adidas AG | 166 | 38,777 | ||||||
Allianz SE (Registered) | 120 | 28,726 | ||||||
Bayer AG (Registered) | 127 | 8,699 | ||||||
Bayerische Motoren Werke AG | 222 | 19,174 | ||||||
Brenntag SE | 31 | 2,463 | ||||||
Commerzbank AG (a) | 295 | 2,242 | ||||||
Daimler Truck Holding AG (a) | 81 | 2,256 | ||||||
Deutsche Bank AG (Registered) (a) | 609 | 7,665 | ||||||
Deutsche Boerse AG | 56 | 10,072 | ||||||
Deutsche Lufthansa AG (Registered) (a) | 117 | 946 | ||||||
Deutsche Post AG (Registered) | 196 | 9,358 | ||||||
E.ON SE | 607 | 7,054 | ||||||
GEA Group AG | 30 | 1,249 | ||||||
Hannover Rueck SE | 18 | 3,017 | ||||||
Infineon Technologies AG | 935 | 31,643 | ||||||
KION Group AG | 14 | 934 | ||||||
Knorr-Bremse AG | 14 | 1,104 | ||||||
Mercedes-Benz Group AG | 574 | 40,255 | ||||||
Merck KGaA | 17 | 3,494 | ||||||
MTU Aero Engines AG | 11 | 2,443 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 41 | 11,030 | ||||||
Puma SE | 92 | 7,847 | ||||||
Rational AG | 1 | 708 | ||||||
RWE AG | 174 | 7,557 | ||||||
Siemens AG (Registered) | 151 | 20,941 | ||||||
Siemens Energy AG | 79 | 1,800 | ||||||
Uniper SE | 25 | 636 | ||||||
Volkswagen AG | 22 | 5,373 | ||||||
|
| |||||||
277,463 | ||||||||
|
| |||||||
Ireland — 0.6% | ||||||||
AerCap Holdings NV (a) | 26 | 1,330 | ||||||
DCC plc | 20 | 1,513 | ||||||
Experian plc | 182 | 7,028 | ||||||
Kerry Group plc, Class A | 59 | 6,575 | ||||||
Kingspan Group plc | 30 | 2,978 | ||||||
|
| |||||||
19,424 | ||||||||
|
| |||||||
Italy — 3.2% | ||||||||
Assicurazioni Generali SpA | 326 | 7,455 | ||||||
Atlantia SpA (a) | 98 | 2,038 | ||||||
Bio On Spa (a) (bb) (cc) | 1 | — | ||||||
Enel SpA | 2,198 | 14,673 | ||||||
Eni SpA | 927 | 13,515 | ||||||
Ferrari NV | 84 | 18,402 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Italy — continued |
| |||||||
FinecoBank Banca Fineco SpA | 180 | 2,725 | ||||||
Intesa Sanpaolo SpA | 4,864 | 11,132 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 183 | 1,846 | ||||||
Moncler SpA | 179 | 9,953 | ||||||
Poste Italiane SpA (e) | 154 | 1,741 | ||||||
Prysmian SpA | 50 | 1,698 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 14 | 679 | ||||||
Snam SpA | 553 | 3,188 | ||||||
Terna - Rete Elettrica Nazionale | 385 | 3,306 | ||||||
UniCredit SpA | 623 | 6,719 | ||||||
|
| |||||||
99,070 | ||||||||
|
| |||||||
Japan — 5.1% | ||||||||
Capcom Co. Ltd. | 107 | 2,592 | ||||||
Casio Computer Co. Ltd. | 128 | 1,469 | ||||||
COLOPL, Inc. | 36 | 185 | ||||||
DeNA Co. Ltd. | 52 | 785 | ||||||
GungHo Online Entertainment, Inc. | 29 | 618 | ||||||
Koei Tecmo Holdings Co. Ltd. | 36 | 1,171 | ||||||
Konami Holdings Corp. | 57 | 3,570 | ||||||
Nexon Co. Ltd. | 300 | 7,175 | ||||||
Nikon Corp. | 200 | 2,134 | ||||||
Nintendo Co. Ltd. | 67 | 33,819 | ||||||
Panasonic Corp. | 1,458 | 14,161 | ||||||
Sharp Corp. | 141 | 1,320 | ||||||
Sony Group Corp. | 833 | 85,654 | ||||||
Square Enix Holdings Co. Ltd. | 52 | 2,308 | ||||||
Tamron Co. Ltd. | 10 | 196 | ||||||
|
| |||||||
157,157 | ||||||||
|
| |||||||
Jordan — 0.0% (g) | ||||||||
Hikma Pharmaceuticals plc | 22 | 606 | ||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal SA | 318 | 10,202 | ||||||
|
| |||||||
Netherlands — 8.7% | ||||||||
ABN AMRO Bank NV, CVA, GDR (e) | 124 | 1,586 | ||||||
Aegon NV | 527 | 2,795 | ||||||
ASM International NV | 34 | 12,214 | ||||||
ASML Holding NV | 296 | 197,824 | ||||||
Euronext NV (e) | 25 | 2,292 | ||||||
EXOR NV | 32 | 2,428 | ||||||
IMCD NV | 11 | 1,924 | ||||||
ING Groep NV | 1,150 | 12,004 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Netherlands — continued |
| |||||||
JDE Peet’s NV | 37 | 1,070 | ||||||
NN Group NV | 80 | 4,033 | ||||||
Randstad NV | 24 | 1,427 | ||||||
Stellantis NV | 1,364 | 22,090 | ||||||
Wolters Kluwer NV | 52 | 5,533 | ||||||
|
| |||||||
267,220 | ||||||||
|
| |||||||
Norway — 1.1% | ||||||||
DNB Bank ASA | 274 | 6,194 | ||||||
Equinor ASA | 359 | 13,398 | ||||||
Gjensidige Forsikring ASA | 59 | 1,455 | ||||||
Mowi ASA | 162 | 4,373 | ||||||
Norsk Hydro ASA | 670 | 6,514 | ||||||
Orkla ASA | 277 | 2,465 | ||||||
|
| |||||||
34,399 | ||||||||
|
| |||||||
Poland — 0.0% (g) | ||||||||
InPost SA (a) | 41 | 257 | ||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP - Energias de Portugal SA | 758 | 3,731 | ||||||
Galp Energia SGPS SA | 184 | 2,327 | ||||||
|
| |||||||
6,058 | ||||||||
|
| |||||||
South Korea — 1.6% | ||||||||
Samsung Electronics Co. Ltd. | 525 | 30,063 | ||||||
Samsung Electronics Co. Ltd. (Registered), GDR | 14 | 18,862 | ||||||
|
| |||||||
48,925 | ||||||||
|
| |||||||
Spain — 2.4% | ||||||||
ACS Actividades de Construccion y Servicios SA | 46 | 1,250 | ||||||
Aena SME SA (a) (e) | 15 | 2,472 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,964 | 11,212 | ||||||
Banco Santander SA | 5,107 | 17,363 | ||||||
CaixaBank SA | 1,306 | 4,429 | ||||||
EDP Renovaveis SA | 78 | 2,008 | ||||||
Enagas SA | 62 | 1,368 | ||||||
Endesa SA | 89 | 1,931 | ||||||
Ferrovial SA | 96 | 2,550 | ||||||
Iberdrola SA | 1,579 | 17,256 | ||||||
Naturgy Energy Group SA | 53 | 1,595 | ||||||
Red Electrica Corp. SA | 112 | 2,292 | ||||||
Repsol SA | 533 | 6,979 | ||||||
Siemens Gamesa Renewable Energy SA (a) | 47 | 821 | ||||||
|
| |||||||
73,526 | ||||||||
|
| |||||||
Sweden — 2.8% | ||||||||
Alfa Laval AB | 62 | 2,141 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Sweden — continued |
| |||||||
Assa Abloy AB, Class B | 198 | 5,326 | ||||||
Atlas Copco AB, Class A | 133 | 6,891 | ||||||
Atlas Copco AB, Class B | 77 | 3,498 | ||||||
Boliden AB | 136 | 6,879 | ||||||
Epiroc AB, Class A | 130 | 2,787 | ||||||
Epiroc AB, Class B | 77 | 1,383 | ||||||
EQT AB | 87 | 3,398 | ||||||
Husqvarna AB, Class B | 82 | 857 | ||||||
Industrivarden AB, Class A | 39 | 1,102 | ||||||
Industrivarden AB, Class C | 48 | 1,326 | ||||||
Investment AB Latour, Class B | 29 | 926 | ||||||
Investor AB, Class A | 147 | 3,417 | ||||||
Investor AB, Class B | 537 | 11,658 | ||||||
Kinnevik AB, Class B (a) | 71 | 1,858 | ||||||
L E Lundbergforetagen AB, Class B | 23 | 1,150 | ||||||
Lifco AB, Class B | 46 | 1,178 | ||||||
Nibe Industrier AB, Class B | 282 | 3,126 | ||||||
Sandvik AB | 223 | 4,741 | ||||||
Securitas AB, Class B | 61 | 693 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 479 | 5,182 | ||||||
Skanska AB, Class B | 67 | 1,508 | ||||||
SKF AB, Class B | 76 | 1,238 | ||||||
Svenska Handelsbanken AB, Class A | 430 | 3,950 | ||||||
Swedbank AB, Class A | 267 | 3,983 | ||||||
Volvo AB, Class A | 39 | 753 | ||||||
Volvo AB, Class B | 283 | 5,272 | ||||||
|
| |||||||
86,221 | ||||||||
|
| |||||||
Switzerland — 26.2% | ||||||||
ABB Ltd. (Registered) | 325 | 10,534 | ||||||
Adecco Group AG (Registered) | 32 | 1,438 | ||||||
Baloise Holding AG (Registered) | 13 | 2,409 | ||||||
Barry Callebaut AG (Registered) | 2 | 5,158 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 7,808 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | — | (h) | 8,104 | |||||
Cie Financiere Richemont SA (Registered), Class A | 456 | 57,829 | ||||||
Credit Suisse Group AG (Registered) | 781 | 6,145 | ||||||
Geberit AG (Registered) | 7 | 4,372 | ||||||
Glencore plc | 4,944 | 32,169 | ||||||
Julius Baer Group Ltd. | 65 | 3,772 | ||||||
Kuehne + Nagel International AG (Registered) | 11 | 3,050 | ||||||
Nestle SA (Registered) | 1,736 | 225,707 | ||||||
Novartis AG (Registered) | 1,474 | 129,386 | ||||||
Partners Group Holding AG | 7 | 8,276 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Switzerland — continued |
| |||||||
Roche Holding AG | 494 | 196,399 | ||||||
Schindler Holding AG | 8 | 1,728 | ||||||
Schindler Holding AG (Registered) | 4 | 842 | ||||||
SGS SA (Registered) | 1 | 3,294 | ||||||
STMicroelectronics NV | 489 | 21,260 | ||||||
Swatch Group AG (The) | 25 | 7,170 | ||||||
Swatch Group AG (The) (Registered) | 46 | 2,525 | ||||||
Swiss Life Holding AG (Registered) | 9 | 5,950 | ||||||
Swiss Re AG | 89 | 8,456 | ||||||
UBS Group AG (Registered) | 1,036 | 20,241 | ||||||
VAT Group AG (e) | 5 | 2,034 | ||||||
Vifor Pharma AG (a) | 33 | 5,852 | ||||||
Zurich Insurance Group AG | 44 | 21,885 | ||||||
|
| |||||||
803,793 | ||||||||
|
| |||||||
United Arab Emirates — –% | ||||||||
NMC Health plc (a) (bb) (cc) | 16 | — | ||||||
|
| |||||||
United Kingdom — 13.6% | ||||||||
3i Group plc | 287 | 5,182 | ||||||
abrdn plc | 640 | 1,792 | ||||||
Admiral Group plc | 57 | 1,922 | ||||||
Anglo American plc | 638 | 33,141 | ||||||
Ashtead Group plc | 88 | 5,554 | ||||||
Associated British Foods plc | 132 | 2,858 | ||||||
AstraZeneca plc | 201 | 26,595 | ||||||
Aviva plc | 1,116 | 6,604 | ||||||
BAE Systems plc | 627 | 5,890 | ||||||
Barclays plc | 4,935 | 9,566 | ||||||
BP plc | 7,250 | 35,543 | ||||||
Bunzl plc | 67 | 2,587 | ||||||
Burberry Group plc | 354 | 7,726 | ||||||
CNH Industrial NV | 202 | 3,186 | ||||||
Ferguson plc | 44 | 5,921 | ||||||
GlaxoSmithKline plc | 651 | 14,094 | ||||||
Hargreaves Lansdown plc | 106 | 1,398 | ||||||
HSBC Holdings plc | 5,992 | 40,931 | ||||||
Intertek Group plc | 32 | 2,177 | ||||||
Legal & General Group plc | 1,758 | 6,233 | ||||||
Lloyds Banking Group plc | 20,911 | 12,734 | ||||||
London Stock Exchange Group plc | 97 | 10,105 | ||||||
M&G plc | 766 | 2,206 | ||||||
Melrose Industries plc | 859 | 1,393 | ||||||
NatWest Group plc | 1,665 | 4,704 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | SHARES | VALUE ($) | ||||||||
Common Stocks — continued |
| |||||||||
United Kingdom — continued |
| |||||||||
Phoenix Group Holdings plc | 205 | 1,645 | ||||||||
Prudential plc | 809 | 11,941 | ||||||||
RELX plc | 382 | 11,901 | ||||||||
Rentokil Initial plc | 368 | 2,532 | ||||||||
Rio Tinto plc | 560 | 44,769 | ||||||||
Rolls-Royce Holdings plc (a) | 1,654 | 2,175 | ||||||||
Schroders plc | 36 | 1,536 | ||||||||
Shell plc | 2,827 | 77,487 | ||||||||
Smiths Group plc | 78 | 1,487 | ||||||||
Spirax-Sarco Engineering plc | 15 | 2,384 | ||||||||
St James’s Place plc | 159 | 3,000 | ||||||||
Standard Chartered plc | 771 | 5,116 | ||||||||
|
| |||||||||
416,015 | ||||||||||
|
| |||||||||
United States — 0.0% (g) | ||||||||||
Bausch Health Cos., Inc. (a) | 5 | 121 | ||||||||
Brookfield Renewable Corp., Class A | 2 | 95 | ||||||||
|
| |||||||||
216 | ||||||||||
|
| |||||||||
Total Common Stocks (Cost $2,752,553) |
| 2,977,071 |
| |||||||
|
| |||||||||
Preferred Stocks — 1.3% | ||||||||||
Germany — 1.1% | ||||||||||
Bayerische Motoren Werke AG | 39 | 2,994 | ||||||||
Porsche Automobil Holding SE | 103 | 9,870 | ||||||||
Volkswagen AG | 124 | 21,372 | ||||||||
|
| |||||||||
34,236 | ||||||||||
|
| |||||||||
South Korea — 0.2% | ||||||||||
Samsung Electronics Co. Ltd. | 91 | 4,734 | ||||||||
|
| |||||||||
Total Preferred Stocks (Cost $37,465) |
| 38,970 |
| |||||||
|
| |||||||||
PRINCIPAL | ||||||||||
Short-Term Investments — 1.2% | ||||||||||
Time Deposits — 1.2% | ||||||||||
Barclays SA, 0.15%, 04/01/2022 | 13,362 | 13,362 | ||||||||
BNP Paribas SA, | ||||||||||
(1.30%), 04/01/2022 | CHF | 3,192 | 3,454 | |||||||
0.15%, 04/01/2022 | 3,027 | 3,027 | ||||||||
0.25%, 04/01/2022 | GBP | 1,820 | 2,391 | |||||||
Brown Brothers Harriman, | ||||||||||
(1.30%), 04/01/2022 | CHF | — | (h) | — | (h) | |||||
(0.78%), 04/01/2022 | EUR | — | (h) | — | (h) | |||||
(0.59%), 04/01/2022 | DKK | 4,246 | 631 |
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
SECURITY DESCRIPTION | PRINCIPAL | VALUE ($) | ||||||||
Short-Term Investments — continued | ||||||||||
Time Deposits — continued | ||||||||||
(0.30%), 04/01/2022 | SEK | 6,633 | 705 | |||||||
0.07%, 04/01/2022 | CAD | 333 | 267 | |||||||
0.10%, 04/01/2022 | NOK | 4,231 | 481 | |||||||
0.15%, 04/01/2022 | — | (h) | — | (h) | ||||||
0.25%, 04/01/2022 | GBP | — | (h) | — | (h) | |||||
5.40%, 04/01/2022 | ZAR | — | (h) | — | (h) | |||||
Citibank NA, | ||||||||||
(0.78%), 04/01/2022 | EUR | 7,162 | 7,923 | |||||||
0.15%, 04/01/2022 | 3,987 | 3,987 | ||||||||
Sumitomo Mitsui Banking Corp., (0.38%), 04/01/2022 | JPY | 86,810 | 713 | |||||||
Sumitomo Mitsui Trust Bank Ltd., 0.15%, 04/01/2022 | 455 | 455 | ||||||||
|
| |||||||||
Total Short-Term Investments (Cost $37,396) |
| 37,396 |
| |||||||
|
| |||||||||
Total Investments — 99.4% (Cost - $2,827,414) * |
| 3,053,437 |
| |||||||
Other Assets in Excess of Liabilities — 0.6% | 19,826 | |||||||||
|
| |||||||||
NET ASSETS — 100.0% | $ | 3,073,263 | ||||||||
|
|
Percentages indicated are based on net assets
Six Circles Managed Equity Portfolio International Unconstrained Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
(Amounts in thousands, except number of Futures contracts)
Futures contracts outstanding as of March 31, 2022:
Exchange Traded
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts | ||||||||||||||||||
Amsterdam Index | 26 | 04/2022 | EUR | 4,193 | (28 | ) | ||||||||||||
Euro STOXX 50 Index | 547 | 06/2022 | EUR | 22,935 | 199 | |||||||||||||
FTSE 100 Index | 131 | 06/2022 | GBP | 12,627 | 256 | |||||||||||||
MSCI Emerging Markets Index | 12 | 06/2022 | USD | 654 | 21 | |||||||||||||
S&P Toronto Stock Exchange 60 Index | 1 | 06/2022 | CAD | 210 | 1 | |||||||||||||
TOPIX Index | 11 | 06/2022 | JPY | 1,710 | 49 | |||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation (depreciation) | 498 | |||||||||||||||||
|
|
Six Circles Managed Equity Portfolio International Unconstrained Fund
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022
CVA | — | Dutch Certification | ||||
GDR | — | Global Depositary Receipt | ||||
REIT | — | Real Estate Investment Trust | ||||
(a) | — | Non-income producing security. | ||||
(e) | — | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||
(g) | — | Amount rounds to less than 0.05%. | ||||
(h) | — | Amount rounds to less than 500 shares or principal/ $500. | ||||
(bb) | — | Security has been valued using significant unobservable inputs. | ||||
(cc) | — | Security is valued in good faith at fair value by or under the direction of the Board of Trustees. | ||||
* | — | 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 | ||||
JPY | — | Japanese Yen | ||||
NOK | — | Norwegian Krone | ||||
SEK | — | Swedish Krona | ||||
USD | — | United States Dollar | ||||
ZAR | — | South African Rand |
Six Circles Managed Equity Portfolio International Unconstrained Fund
Summary of Investments by Industry, March 31, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Pharmaceuticals | 14.0 | % | ||
Semiconductors | 10.4 | % | ||
Apparel | 10.1 | % | ||
Food | 9.1 | % | ||
Banks | 8.5 | % | ||
Oil & Gas | 6.6 | % | ||
Insurance | 5.3 | % | ||
Auto Manufacturers | 5.0 | % | ||
Mining | 4.3 | % | ||
Home Furnishings | 3.3 | % | ||
Retail | 2.9 | % | ||
Electric | 2.7 | % | ||
Healthcare - Products | 1.5 | % | ||
Commercial Services | 1.3 | % | ||
Electrical Components & Equipment | 1.2 | % | ||
Diversified Financial Services | 1.2 | % | ||
Aerospace/Defense | 1.2 | % | ||
Toys/Games/Hobbies | 1.1 | % | ||
Transportation | 1.0 | % | ||
Others (Each less than 1.0%) | 8.1 | % | ||
Short-Term Investments | 1.2 | % |
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited)
A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Board has 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.
Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.
Shares of exchange-traded funds (“ETFs”) are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
Exchange-traded futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Basic Materials | $ | 52,662 | $ | — | $ | — | $ | 52,662 | ||||||||
Communications | 1,326,100 | — | — | 1,326,100 | ||||||||||||
Consumer Cyclical | 342,215 | — | — | 342,215 | ||||||||||||
Consumer Non-cyclical | 1,575,865 | — | — | 1,575,865 | ||||||||||||
Energy | 266,274 | — | — | 266,274 | ||||||||||||
Financial | 803,673 | — | — | 803,673 | ||||||||||||
Industrial | 447,011 | — | — | 447,011 | ||||||||||||
Technology | 1,847,547 | — | — | 1,847,547 | ||||||||||||
Utilities | 63,707 | — | — | 63,707 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 6,725,054 | — | — | 6,725,054 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Time Deposits | — | 66,686 | — | 66,686 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 6,725,054 | $ | 66,686 | $ | — | $ | 6,791,740 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | 1,406 | $ | — | $ | — | $ | 1,406 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | (7 | ) | $ | — | $ | — | $ | (7 | ) | ||||||
|
|
|
|
|
|
|
|
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
Six Circles Managed Equity Portfolio International Unconstrained Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Austria | $ | — | $ | 10,560 | $ | — | $ | 10,560 | ||||||||
Belgium | — | 16,070 | — | 16,070 | ||||||||||||
Canada | 35,814 | — | — | 35,814 | ||||||||||||
Chile | — | 4,272 | — | 4,272 | ||||||||||||
Denmark | — | 64,272 | — | 64,272 | ||||||||||||
Finland | — | 24,070 | — | 24,070 | ||||||||||||
France | — | 521,461 | — | 521,461 | ||||||||||||
Germany | — | 277,463 | — | 277,463 | ||||||||||||
Ireland | 7,905 | 11,519 | — | 19,424 | ||||||||||||
Italy | — | 99,070 | — | 99,070 | ||||||||||||
Japan | — | 157,157 | — | 157,157 | ||||||||||||
Jordan | — | 606 | — | 606 | ||||||||||||
Luxembourg | — | 10,202 | — | 10,202 | ||||||||||||
Netherlands | 1,070 | 266,150 | — | 267,220 | ||||||||||||
Norway | — | 34,399 | — | 34,399 | ||||||||||||
Poland | — | 257 | — | 257 | ||||||||||||
Portugal | — | 6,058 | — | 6,058 | ||||||||||||
South Korea | — | 48,925 | — | 48,925 | ||||||||||||
Spain | — | 73,526 | — | 73,526 | ||||||||||||
Sweden | — | 86,221 | — | 86,221 | ||||||||||||
Switzerland | 5,852 | 797,941 | — | 803,793 | ||||||||||||
United Arab Emirates | — | — | — | — | ||||||||||||
United Kingdom | — | 416,015 | — | 416,015 | ||||||||||||
United States | 216 | — | — | 216 | ||||||||||||
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Total Common Stocks | 50,857 | 2,926,214 | — | 2,977,071 | ||||||||||||
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Preferred Stocks | ||||||||||||||||
Germany | — | 34,236 | — | 34,236 | ||||||||||||
South Korea | — | 4,734 | — | 4,734 | ||||||||||||
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Total Preferred Stocks | — | 38,970 | — | 38,970 | ||||||||||||
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Short-Term Investments | ||||||||||||||||
Time Deposits | — | 37,396 | — | 37,396 | ||||||||||||
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Total Investments in Securities | $ | 50,857 | $ | 3,002,580 | $ | — | $ | 3,053,437 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | 526 | $ | — | $ | — | $ | 526 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures contracts | $ | (28 | ) | $ | — | $ | — | $ | (28 | ) | ||||||
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SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
B. Derivatives — The Funds used derivative instruments including futures, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.
The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value.
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.
Notes B(1) — B(2) below describe the various derivatives used by the Funds.
(1) Futures Contracts — The Funds used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.
Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund’s SOI.
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
The use of futures contracts may expose the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent the liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2) Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund’s SOI.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
The Funds’ forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.