NPORT-EX 2 MEP.htm SOI HTML

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — 99.0%      
Basic Materials — 0.5%      
Chemicals — 0.4%      
Air Products & Chemicals, Inc.      5        1,279  
Albemarle Corp.      2        346  
Axalta Coating Systems Ltd. (a)      4        116  
Celanese Corp., Class A      2        359  
CF Industries Holdings, Inc.      4        199  
Dow, Inc.      16        1,045  
DuPont de Nemours, Inc.      11        871  
Eastman Chemical Co.      3        343  
Ecolab, Inc.      5        1,114  
FMC Corp.      2        265  
International Flavors & Fragrances, Inc.      5        662  
Linde plc, (United Kingdom)      11        3,142  
LyondellBasell Industries NV, Class A      6        595  
Mosaic Co. (The)      8        241  
PPG Industries, Inc.      5        739  
RPM International, Inc.      2        220  
Sherwin-Williams Co. (The)      2        1,228  
     

 

 

  
        12,764  
     

 

 

  
Forest Products & Paper — 0.0% (g)      
International Paper Co.      11        582  
     

 

 

  
     
Iron/Steel — 0.0% (g)      
Nucor Corp.      8        650  
Steel Dynamics, Inc.      5        267  
     

 

 

  
        917  
     

 

 

  
Mining — 0.1%      
Freeport-McMoRan, Inc. (a)      29        951  
Newmont Corp.      15        895  
     

 

 

  
        1,846  
     

 

 

  
Total Basic Materials         16,109  
     

 

 

  
Communications — 21.6%      
Advertising — 0.2%      
Interpublic Group of Cos., Inc. (The)      21        599  
Omnicom Group, Inc.      12        863  
Trade Desk, Inc. (The), Class A (a)      6        3,650  
     

 

 

  
        5,112  
     

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      

Common Stocks — continued

     
Internet — 18.2%     
Airbnb, Inc., Class A (a)      1       192  
Alphabet, Inc., Class A (a)      42       86,114  
Alphabet, Inc., Class C (a)      40       83,562  
Amazon.com, Inc. (a)      68       211,155  
Booking Holdings, Inc. (a)      1       1,973  
CDW Corp.      12       2,021  
Chewy, Inc., Class A (a)      2       148  
eBay, Inc.      103       6,318  
Etsy, Inc. (a)      20       4,036  
Expedia Group, Inc. (a)      3       460  
F5 Networks, Inc. (a)      5       1,127  
Facebook, Inc., Class A (a)      333       98,203  
GoDaddy, Inc., Class A (a)      5       425  
IAC/InterActiveCorp. (a)      4       826  
Match Group, Inc. (a)      12       1,613  
MercadoLibre, Inc., (Argentina) (a)      1       1,403  
Netflix, Inc. (a)      21       11,147  
NortonLifeLock, Inc.      74       1,583  
Okta, Inc., Class A (a)      4       915  
Palo Alto Networks, Inc. (a)      13       4,091  
Pinterest, Inc., Class A (a)      25       1,848  
Roku, Inc., Class A (a)      5       1,727  
Snap, Inc., Class A (a)      45       2,360  
Twitter, Inc. (a)      111       7,041  
Uber Technologies, Inc. (a)      20       1,100  
VeriSign, Inc. (a)      4       708  
Wayfair, Inc., Class A (a)      1       467  
Zendesk, Inc. (a)      15       2,040  
Zillow Group, Inc., Class A (a)      3       338  
Zillow Group, Inc., Class C (a)      8       1,034  
    

 

 

  
       535,975  
    

 

 

  
Media — 1.4%     
Altice USA, Inc., Class A (a)      11       351  
Cable One, Inc.      —   (h)      411  
Charter Communications, Inc., Class A (a)      7       4,040  
Comcast Corp., Class A      224       12,147  
Discovery, Inc., Class A (a)      9       376  
Discovery, Inc., Class C (a)      14       514  
DISH Network Corp., Class A (a)      13       479  
FactSet Research Systems, Inc.      1       236  
Fox Corp., Class A      17       621  
Fox Corp., Class B      8       296  
Liberty Broadband Corp., Class A (a)      1       156  
Liberty Broadband Corp., Class C (a)      7       1,102  
Liberty Global plc, (United Kingdom), Class A (a)      11       274  
Liberty Global plc, (United Kingdom), Class C (a)      15       390  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      
Common Stocks — continued     
Media — continued     
Liberty Media Corp.-Liberty Formula One, Class C (a)      9       410  
Liberty Media Corp.-Liberty SiriusXM, Class A (a)      4       174  
Liberty Media Corp.-Liberty SiriusXM, Class C (a)      7       316  
News Corp., Class A      21       526  
Sirius XM Holdings, Inc.      40       243  
ViacomCBS, Inc., Class B      27       1,229  
Walt Disney Co. (The) (a)      88       16,295  
    

 

 

  
       40,586  
    

 

 

  
Telecommunications — 1.8%     
Arista Networks, Inc. (a)      5       1,516  
AT&T, Inc.      349       10,560  
Cisco Systems, Inc.      373       19,282  
Corning, Inc.      68       2,938  
Juniper Networks, Inc.      31       785  
Lumen Technologies, Inc.      43       571  
Motorola Solutions, Inc.      15       2,736  
T-Mobile US, Inc. (a)      27       3,409  
Verizon Communications, Inc.      202       11,772  
    

 

 

  
       53,569  
    

 

 

  
Total Communications        635,242  
    

 

 

  
Consumer Cyclical — 4.3%     
Airlines — 0.0% (g)     
Delta Air Lines, Inc. (a)      4       210  
Southwest Airlines Co. (a)      5       301  
    

 

 

  
       511  
    

 

 

  
Apparel — 0.1%     
NIKE, Inc., Class B      27       3,606  
VF Corp.      7       581  
    

 

 

  
       4,187  
    

 

 

  
Auto Manufacturers — 2.5%     
Cummins, Inc.      32       8,420  
Ford Motor Co. (a)      365       4,471  
General Motors Co. (a)      121       6,975  
PACCAR, Inc.      76       7,076  
Tesla, Inc. (a)      72       47,877  
    

 

 

  
       74,819  
    

 

 

  
Auto Parts & Equipment — 0.0% (g)     
Aptiv plc, (Ireland) (a)      5       741  
Autoliv, Inc., (Sweden) (a)      1       112  
BorgWarner, Inc.      4       187  
Lear Corp.      1       168  
    

 

 

  
       1,208  
    

 

 

  
Distribution/Wholesale — 0.1%     
Copart, Inc. (a)      5       569  
Fastenal Co.      14       686  
LKQ Corp. (a)      6       244  
Pool Corp.      1       211  
WW Grainger, Inc.      1       443  
    

 

 

  
       2,153  
    

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      
Common Stocks — continued     
Entertainment — 0.0% (g)     
DraftKings, Inc., Class A (a)      3       203  
Live Nation Entertainment, Inc. (a)      7       631  
Vail Resorts, Inc. (a)      1       266  
    

 

 

  
       1,100  
    

 

 

  
Food Service — 0.0% (g)     
Aramark      5       172  
    

 

 

  
    
Home Builders — 0.1%     
DR Horton, Inc.      6       570  
Lennar Corp., Class A      5       514  
NVR, Inc. (a)      —  (h)      306  
PulteGroup, Inc.      4       204  
    

 

 

  
       1,594  
    

 

 

  
Home Furnishings — 0.0% (g)     
Whirlpool Corp.      2       371  
    

 

 

  
    
Housewares — 0.0% (g)     
Newell Brands, Inc.      8       209  
    

 

 

  
    
Leisure Time — 0.1%     
Carnival Corp. (a)      19       493  
Peloton Interactive, Inc., Class A (a)      5       567  
Royal Caribbean Cruises Ltd. (a)      5       421  
    

 

 

  
       1,481  
    

 

 

  
Lodging — 0.1%     
Hilton Worldwide Holdings, Inc. (a)      6       754  
Las Vegas Sands Corp. (a)      7       403  
Marriott International, Inc., Class A (a)      6       941  
MGM Resorts International      9       329  
Wynn Resorts Ltd. (a)      2       238  
    

 

 

  
       2,665  
    

 

 

  
Retail — 1.3%     
Advance Auto Parts, Inc.      1       261  
AutoZone, Inc. (a)      —  (h)      601  
Best Buy Co., Inc.      5       609  
Burlington Stores, Inc. (a)      1       341  
CarMax, Inc. (a)      3       457  
Carvana Co., Class A (a)      1       353  
Chipotle Mexican Grill, Inc., Class A (a)      1       838  
Costco Wholesale Corp.      10       3,379  
Darden Restaurants, Inc.      3       408  
Dollar General Corp.      5       1,031  
Dollar Tree, Inc. (a)      5       544  
Domino’s Pizza, Inc.      1       253  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      
Common Stocks — continued     
Retail — continued     
Genuine Parts Co.      3       308  
Home Depot, Inc. (The)      22       6,727  
Lowe’s Cos., Inc.      15       2,854  
Lululemon Athletica, Inc., (Canada) (a)      3       825  
McDonald’s Corp.      15       3,438  
O’Reilly Automotive, Inc. (a)      1       679  
Ross Stores, Inc.      7       839  
Starbucks Corp.      24       2,644  
Target Corp.      11       2,081  
TJX Cos., Inc. (The)      25       1,646  
Tractor Supply Co.      2       356  
Ulta Beauty, Inc. (a)      1       359  
Walgreens Boots Alliance, Inc.      15       832  
Walmart, Inc.      31       4,172  
Yum! Brands, Inc.      6       603  
    

 

 

  
       37,438  
    

 

 

  
Textiles — 0.0% (g)     
Mohawk Industries, Inc. (a)      1       280  
    

 

 

  
    
Toys/Games/Hobbies — 0.0% (g)     
Hasbro, Inc.      3       256  
    

 

 

  
    
Total Consumer Cyclical        128,444  
    

 

 

  
Consumer Non-cyclical — 24.0%     
Agriculture — 3.7%     
Altria Group, Inc.      853       43,619  
Archer-Daniels-Midland Co.      14       798  
Bunge Ltd.      4       281  
Philip Morris International, Inc.      716       63,530  
    

 

 

  
       108,228  
    

 

 

  
Beverages — 4.2%     
Brown-Forman Corp., Class B      71       4,920  
Coca-Cola Co. (The)      948       49,992  
Constellation Brands, Inc., Class A      39       8,962  
Keurig Dr Pepper, Inc.      130       4,452  
Molson Coors Beverage Co., Class B (a)      43       2,215  
Monster Beverage Corp. (a)      91       8,316  
PepsiCo., Inc.      321       45,365  
    

 

 

  
       124,222  
    

 

 

  
Biotechnology — 1.8%     
Alexion Pharmaceuticals, Inc. (a)      21       3,192  
Alnylam Pharmaceuticals, Inc. (a)      11       1,553  
Amgen, Inc.      56       13,836  
Biogen, Inc. (a)      15       4,149  
BioMarin Pharmaceutical, Inc. (a)      17       1,283  
Bio-Rad Laboratories, Inc., Class A (a)      1       354  
Corteva, Inc.      16       769  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      
Common Stocks — continued     
Biotechnology — continued     
Exact Sciences Corp. (a)      15       1,986  
Gilead Sciences, Inc.      120       7,731  
Illumina, Inc. (a)      3       1,176  
Incyte Corp. (a)      18       1,457  
Ionis Pharmaceuticals, Inc. (a)      13       583  
Moderna, Inc. (a)      26       3,436  
Regeneron Pharmaceuticals, Inc. (a)      10       4,747  
Royalty Pharma plc, Class A      4       156  
Seagen, Inc. (a)      12       1,665  
Vertex Pharmaceuticals, Inc. (a)      25       5,369  
    

 

 

  
       53,442  
    

 

 

  

Commercial Services — 1.0%

     
AMERCO      —   (h)      149  
Automatic Data Processing, Inc.      16       3,024  
Avalara, Inc. (a)      11       1,474  
Booz Allen Hamilton Holding Corp., Class A      3       207  
Cintas Corp.      2       705  
CoStar Group, Inc. (a)      1       626  
Equifax, Inc.      3       498  
FleetCor Technologies, Inc. (a)      3       823  
Gartner, Inc. (a)      3       563  
Global Payments, Inc.      11       2,274  
IHS Markit Ltd., (United Kingdom)      8       819  
MarketAxess Holdings, Inc.      1       444  
Moody’s Corp.      3       1,040  
PayPal Holdings, Inc. (a)      42       10,128  
Robert Half International, Inc.      3       238  
Rollins, Inc.      6       197  
S&P Global, Inc.      5       1,846  
Square, Inc., Class A (a)      14       3,252  
TransUnion      4       396  
United Rentals, Inc. (a)      2       545  
Verisk Analytics, Inc., Class A      3       599  
    

 

 

  
       29,847  
    

 

 

  

Cosmetics/Personal Care — 0.3%

     

Colgate-Palmolive Co.

      15       1,186  

Estee Lauder Cos., Inc. (The), Class A

      5       1,378  

Procter & Gamble Co. (The)

      53       7,141  
    

 

 

  
       9,705  
    

 

 

  

Food — 0.3%

     
Campbell Soup Co.      2       112  
Conagra Brands, Inc.      9       356  
General Mills, Inc.      13       806  
Hershey Co. (The)      3       413  
Hormel Foods Corp.      6       280  
J M Smucker Co. (The)      2       311  
Kellogg Co.      5       291  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — continued      
Food — continued      
Kraft Heinz Co. (The)      14        573  
Kroger Co. (The)      18        640  
Lamb Weston Holdings, Inc.      3        195  
McCormick & Co., Inc.      5        410  
Mondelez International, Inc., Class A      31        1,827  
Sysco Corp.      10        772  
Tyson Foods, Inc., Class A      8        602  
     

 

 

  
        7,588  
     

 

 

  
Healthcare - Products — 1.0%      
10X Genomics, Inc., Class A (a)      1        258  
Abbott Laboratories      38        4,561  
ABIOMED, Inc. (a)      1        267  
Align Technology, Inc. (a)      2        862  
Avantor, Inc. (a)      10        278  
Baxter International, Inc.      11        935  
Boston Scientific Corp. (a)      31        1,191  
Cooper Cos., Inc. (The)      1        398  
Danaher Corp.      14        3,114  
DENTSPLY SIRONA, Inc.      5        296  
Edwards Lifesciences Corp. (a)      13        1,118  
Hologic, Inc. (a)      5        405  
IDEXX Laboratories, Inc. (a)      2        848  
Insulet Corp. (a)      1        284  
Intuitive Surgical, Inc. (a)      3        1,862  
Masimo Corp. (a)      1        228  
Medtronic plc, (Ireland)      29        3,475  
Novocure Ltd., (Jersey) (a)      2        213  
PerkinElmer, Inc.      3        335  
ResMed, Inc.      3        542  
STERIS plc      2        298  
Stryker Corp.      7        1,719  
Teleflex, Inc.      1        393  
Thermo Fisher Scientific, Inc.      9        3,882  
Varian Medical Systems, Inc. (a)      2        296  
West Pharmaceutical Services, Inc.      1        409  
Zimmer Biomet Holdings, Inc.      4        709  
     

 

 

  
        29,176  
     

 

 

  
Healthcare - Services — 0.7%      
Anthem, Inc.      5        1,817  
Catalent, Inc. (a)      41        4,314  
Centene Corp. (a)      12        798  
DaVita, Inc. (a)      2        171  
HCA Healthcare, Inc.      6        1,054  
Humana, Inc.      3        1,109  
IQVIA Holdings, Inc. (a)      4        762  
Laboratory Corp. of America Holdings (a)      2        525  
Molina Healthcare, Inc. (a)      1        217  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — continued      
Healthcare - Services — continued      
PPD, Inc. (a)      2        66  
Quest Diagnostics, Inc.      3        376  
Teladoc Health, Inc. (a)      2        428  
UnitedHealth Group, Inc.      20        7,269  
Universal Health Services, Inc., Class B      2        254  
     

 

 

  
        19,160  
     

 

 

  
Household Products/Wares — 0.1%      
Avery Dennison Corp.      2        383  
Church & Dwight Co., Inc.      4        344  
Clorox Co. (The)      2        454  
Kimberly-Clark Corp.      6        874  
     

 

 

  
        2,055  
     

 

 

  
Pharmaceuticals — 10.9%      
AbbVie, Inc.      168        18,196  
AmerisourceBergen Corp., Class A      3        341  
Becton Dickinson and Co.      6        1,492  
Bristol-Myers Squibb Co.      542        34,232  
Cardinal Health, Inc.      6        373  
Cigna Corp.      8        1,862  
CVS Health Corp.      29        2,177  
Dexcom, Inc. (a)      2        686  
Elanco Animal Health, Inc. (a)      8        227  
Eli Lilly & Co.      194        36,266  
Henry Schein, Inc. (a)      4        249  
Horizon Therapeutics Plc (a)      4        370  
Jazz Pharmaceuticals plc, (Ireland) (a)      1        183  
Johnson & Johnson      637        104,742  
McKesson Corp.      3        604  
Merck & Co., Inc.      613        47,276  
Neurocrine Biosciences, Inc. (a)      8        825  
Perrigo Co. plc, (Ireland)      29        1,184  
Pfizer, Inc.      1,352        48,979  
Sarepta Therapeutics, Inc. (a)      7        532  
Viatris, Inc. (a)      291        4,064  
Zoetis, Inc., Class A      115        18,045  
     

 

 

  
        322,905  
     

 

 

  
Total Consumer Non-cyclical         706,328  
     

 

 

  
Energy — 0.8%      
Energy - Alternate Sources — 0.1%      
Enphase Energy, Inc. (a)      11        1,861  
Plug Power, Inc. (a)      10        363  
SolarEdge Technologies, Inc., (Israel) (a)      5        1,418  
Sunrun, Inc. (a)      3        156  
     

 

 

  
        3,798  
     

 

 

  
Oil & Gas — 0.5%      
Cabot Oil & Gas Corp.      9        164  
Chevron Corp.      41        4,282  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      
Common Stocks — continued      
Oil & Gas — continued      
ConocoPhillips      30        1,598  
Devon Energy Corp.      13        289  
EOG Resources, Inc.      14        989  
Exxon Mobil Corp.      90        5,005  
Hess Corp.      5        335  
Marathon Petroleum Corp.      12        665  
Occidental Petroleum Corp.      20        528  
Phillips 66      9        710  
Pioneer Natural Resources Co.      4        707  
Valero Energy Corp.      9        623  
     

 

 

  
        15,895  
     

 

 

  
Oil & Gas Services — 0.1%      
Baker Hughes Co., Class A      13        280  
Halliburton Co.      19        398  
Schlumberger NV      29        783  
     

 

 

  
        1,461  
     

 

 

  
Pipelines — 0.1%      
Cheniere Energy, Inc. (a)      4        302  
Kinder Morgan, Inc.      38        627  
ONEOK, Inc.      8        423  
Williams Cos., Inc. (The)      22        531  
     

 

 

  
        1,883  
     

 

 

  
Total Energy         23,037  
     

 

 

  
Financial — 4.0%      
Banks — 1.0%      
Bank of America Corp.      166        6,423  
Bank of New York Mellon Corp. (The)      20        938  
Citigroup, Inc.      46        3,321  
Citizens Financial Group, Inc.      12        546  
Fifth Third Bancorp      20        737  
First Republic Bank      5        771  
Goldman Sachs Group, Inc. (The)      7        2,389  
Huntington Bancshares, Inc.      31        486  
KeyCorp.      29        588  
M&T Bank Corp.      4        544  
Morgan Stanley      31        2,435  
Northern Trust Corp.      5        574  
PNC Financial Services Group, Inc. (The)      10        1,705  
Regions Financial Corp.      29        596  
State Street Corp.      10        800  
SVB Financial Group (a)      1        728  
Truist Financial Corp.      31        1,785  
US Bancorp      31        1,719  
Wells Fargo & Co.      86        3,360  
     

 

 

  
        30,445  
     

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      
Common Stocks — continued     
Diversified Financial Services — 1.4%     
Ally Financial, Inc.      11       480  
American Express Co.      16       2,200  
Ameriprise Financial, Inc.      3       633  
Apollo Global Management, Inc., Class A      3       126  
BlackRock, Inc., Class A      2       1,425  
Capital One Financial Corp.      11       1,363  
Cboe Global Markets, Inc.      3       264  
Charles Schwab Corp. (The)      34       2,203  
CME Group, Inc., Class A      8       1,634  
Discover Financial Services      8       764  
Franklin Resources, Inc.      8       242  
Intercontinental Exchange, Inc.      13       1,489  
Invesco Ltd.      10       253  
Mastercard, Inc., Class A      33       11,775  
Nasdaq, Inc.      3       504  
Raymond James Financial, Inc.      4       487  
SEI Investments Co.      5       283  
Synchrony Financial      15       596  
T Rowe Price Group, Inc.      6       973  
Tradeweb Markets, Inc., Class A      3       192  
Visa, Inc., Class A      64       13,464  
Western Union Co. (The)      12       305  
    

 

 

  
       41,655  
    

 

 

  
Insurance — 0.9%     
Aflac, Inc.      17       873  
Alleghany Corp. (a)      1       320  
Allstate Corp. (The)      8       862  
American Financial Group, Inc.      2       238  
American International Group, Inc.      17       798  
Aon plc, Class A      5       1,131  
Arch Capital Group Ltd., (Bermuda) (a)      12       465  
Arthur J Gallagher & Co.      5       570  
Assurant, Inc.      1       171  
Athene Holding Ltd., (Bermuda), Class A (a)      6       278  
Berkshire Hathaway, Inc., Class B (a)      29       7,436  
Brown & Brown, Inc.      5       209  
Chubb Ltd., (Switzerland)      10       1,621  
Cincinnati Financial Corp.      4       361  
Equitable Holdings, Inc.      12       400  
Erie Indemnity Co., Class A      1       126  
Everest Re Group Ltd., (Bermuda)      1       350  
Fidelity National Financial, Inc.      5       184  
Globe Life, Inc.      4       380  
Hartford Financial Services Group, Inc. (The)      10       646  
Lincoln National Corp.      7       433  
Loews Corp.      7       337  
Markel Corp. (a)      —   (h)      449  
Marsh & McLennan Cos., Inc.      11       1,364  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      

Common Stocks — continued

     
Insurance — continued     

MetLife, Inc.

      18       1,105  

Principal Financial Group, Inc.

      8       500  

Progressive Corp. (The)

      14       1,326  

Prudential Financial, Inc.

      10       911  

Reinsurance Group of America, Inc.

      2       273  

RenaissanceRe Holdings Ltd., (Bermuda)

      2       260  

Travelers Cos., Inc. (The)

      6       946  

Voya Financial, Inc.

      5       341  

Willis Towers Watson plc, (United Kingdom)

      3       697  

WR Berkley Corp.

      4       316  
    

 

 

  
       26,677  
    

 

 

  

Private Equity — 0.1%

     

Blackstone Group, Inc. (The)

      16       1,168  

Carlyle Group, Inc. (The)

      3       118  

KKR & Co., Inc.

      10       486  
    

 

 

  
       1,772  
    

 

 

  

Real Estate — 0.0% (g)

     

CBRE Group, Inc., Class A (a)

      7       593  
    

 

 

  
    

REITS — 0.6%

     

AGNC Investment Corp.

      8       142  

Alexandria Real Estate Equities, Inc.

      3       484  

American Tower Corp.

      9       2,129  

Annaly Capital Management, Inc.

      20       174  

AvalonBay Communities, Inc.

      3       546  

Boston Properties, Inc.

      3       304  

Camden Property Trust

      2       198  

Crown Castle International Corp.

      9       1,518  

Digital Realty Trust, Inc.

      6       798  

Duke Realty Corp.

      7       277  

Equinix, Inc.

      2       1,286  

Equity LifeStyle Properties, Inc.

      3       160  

Equity Residential

      8       573  

Essex Property Trust, Inc.

      1       342  

Extra Space Storage, Inc.

      2       307  

Healthpeak Properties, Inc.

      12       367  

Host Hotels & Resorts, Inc. (a)

      12       206  

Invitation Homes, Inc.

      12       369  

Iron Mountain, Inc.

      5       194  

Medical Properties Trust, Inc.

      11       229  

Mid-America Apartment Communities, Inc.

      2       305  

Omega Healthcare Investors, Inc.

      4       163  

Prologis, Inc.

      16       1,686  

Public Storage

      3       814  

Realty Income Corp.

      7       456  

Regency Centers Corp.

      3       156  

SBA Communications Corp., Class A

      2       570  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      

Common Stocks — continued

     

REITS — continued

     

Simon Property Group, Inc.

      7       794  

Sun Communities, Inc.

      2       291  

UDR, Inc.

      5       234  

Ventas, Inc.

      8       420  

VEREIT, Inc.

      5       174  

VICI Properties, Inc.

      12       342  

Vornado Realty Trust

      4       167  

Welltower, Inc.

      9       648  

Weyerhaeuser Co.

      17       600  

WP Carey, Inc.

      3       217  
    

 

 

  
       18,640  
    

 

 

  

Total Financial

        119,782  
    

 

 

  

Industrial — 13.2%

     

Aerospace/Defense — 0.4%

     

Boeing Co. (The) (a)

      11       2,837  

General Dynamics Corp.

      5       911  

HEICO Corp.

      1       101  

HEICO Corp., Class A

      1       145  

Howmet Aerospace, Inc. (a)

      7       223  

L3Harris Technologies, Inc.

      4       819  

Lockheed Martin Corp.

      5       1,915  

Northrop Grumman Corp.

      3       1,041  

Raytheon Technologies Corp.

      31       2,412  

Teledyne Technologies, Inc. (a)

      1       282  

TransDigm Group, Inc. (a)

      1       561  
    

 

 

  
       11,247  
    

 

 

  

Building Materials — 0.1%

     

Carrier Global Corp.

      17       721  

Fortune Brands Home & Security, Inc.

      2       235  

Johnson Controls International plc

      15       902  

Lennox International, Inc.

      1       198  

Martin Marietta Materials, Inc.

      1       461  

Masco Corp.

      5       290  

Owens Corning

      2       172  

Vulcan Materials Co.

      3       484  
    

 

 

  
       3,463  
    

 

 

  

Electrical Components & Equipments — 0.1%

     

AMETEK, Inc.

      6       765  

Emerson Electric Co.

      14       1,302  

Generac Holdings, Inc. (a)

      1       447  
    

 

 

  
       2,514  
    

 

 

  

Electronics — 0.8%

     

Agilent Technologies, Inc.

      7       855  

Allegion plc, (Ireland)

      2       214  

Amphenol Corp., Class A

      53       3,529  

Arrow Electronics, Inc. (a)

      8       883  

Fortive Corp.

      66       4,662  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      
Common Stocks — continued     
Electronics — continued     
Garmin Ltd., (Switzerland)      3       454  
Honeywell International, Inc.      15       3,187  
Keysight Technologies, Inc. (a)      16       2,320  
Mettler-Toledo International, Inc. (a)      —   (h)      492  
Sensata Technologies Holding plc (a)      3       174  
TE Connectivity Ltd., (Switzerland)      30       3,811  
Trimble, Inc. (a)      22       1,715  
Waters Corp. (a)      1       297  
    

 

 

  
       22,593  
    

 

 

  
Engineering & Construction — 0.0% (g)     
Jacobs Engineering Group, Inc.      3       372  
    

 

 

  
    
Environmental Control — 0.2%     
Pentair plc, (United Kingdom)      36       2,257  
Republic Services, Inc., Class A      6       635  
Waste Connections, Inc.      7       742  
Waste Management, Inc.      10       1,320  
    

 

 

  
       4,954  
    

 

 

  
Hand/Machine Tools — 0.3%     
Snap-on, Inc.      11       2,553  
Stanley Black & Decker, Inc.      35       7,032  
    

 

 

  
       9,585  
    

 

 

  
Machinery - Construction & Mining — 0.9%     
Caterpillar, Inc.      119       27,685  
    

 

 

  
    
Machinery - Diversified — 1.8%     
Cognex Corp.      15       1,234  
Deere & Co.      65       24,407  
Dover Corp.      31       4,292  
IDEX Corp.      16       3,449  
Ingersoll Rand, Inc. (a)      77       3,787  
Nordson Corp.      12       2,377  
Otis Worldwide Corp.      89       6,114  
Rockwell Automation, Inc.      3       753  
Westinghouse Air Brake Technologies Corp.      40       3,156  
Xylem, Inc.      39       4,115  
    

 

 

  
       53,684  
    

 

 

  
Miscellaneous Manufacturers — 1.1%     
3M Co.      12       2,299  
AO Smith Corp.      2       129  
Eaton Corp. plc      10       1,329  
General Electric Co.      183       2,396  
Illinois Tool Works, Inc.      69       15,230  
Parker-Hannifin Corp.      28       8,885  
Textron, Inc.      4       237  
Trane Technologies plc, (Ireland)      5       783  
    

 

 

  
       31,288  
    

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

      
Packaging & Containers — 0.1%      
Amcor plc, (United Kingdom)      40        472  
Ball Corp.      7        606  
Crown Holdings, Inc.      3        285  
Packaging Corp. of America      2        303  
Sealed Air Corp.      3        149  
Westrock Co.      7        373  
     

 

 

  
        2,188  
     

 

 

  
Shipbuilding — 0.0% (g)      
Huntington Ingalls Industries, Inc.      1        147  
     

 

 

  
     
Transportation — 7.4%      
CH Robinson Worldwide, Inc.      127        12,079  
CSX Corp.      17        1,670  
Expeditors International of Washington, Inc.      160        17,213  
FedEx Corp.      230        65,307  
JB Hunt Transport Services, Inc.      2        342  
Kansas City Southern      2        547  
Knight-Swift Transportation Holdings, Inc., Class A      4        216  
Norfolk Southern Corp.      6        1,564  
Old Dominion Freight Line, Inc.      2        529  
Union Pacific Corp.      15        3,235  
United Parcel Service, Inc., Class B      678        115,201  
XPO Logistics, Inc. (a)      2        280  
     

 

 

  
        218,183  
     

 

 

  
Total Industrial         387,903  
     

 

 

  
Technology — 30.0%      
Computers — 7.3%      
Accenture plc, (Ireland), Class A      24        6,676  
Apple, Inc.      1,489        181,870  
Cognizant Technology Solutions Corp., Class A      20        1,595  
Crowdstrike Holdings, Inc., Class A (a)      23        4,273  
Dell Technologies, Inc., Class C (a)      21        1,852  
EPAM Systems, Inc. (a)      2        818  
Fortinet, Inc. (a)      18        3,404  
Hewlett Packard Enterprise Co.      109        1,715  
HP, Inc.      120        3,811  
International Business Machines Corp.      34        4,476  
Leidos Holdings, Inc.      3        273  
NetApp, Inc.      19        1,375  
Seagate Technology plc      19        1,493  
Western Digital Corp.      27        1,781  
Zscaler, Inc. (a)      10        1,710  
     

 

 

  
        217,122  
     

 

 

  
Office/Business Equipment — 0.1%      
Zebra Technologies Corp., Class A (a)      5        2,253  
     

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

      
Semiconductors — 6.2%      
Advanced Micro Devices, Inc. (a)      115        9,042  
Analog Devices, Inc.      36        5,514  
Applied Materials, Inc.      88        11,699  
Broadcom, Inc.      39        17,986  
Intel Corp.      393        25,153  
IPG Photonics Corp. (a)      3        690  
KLA Corp.      15        4,877  
Lam Research Corp.      14        8,177  
Marvell Technology Group Ltd.      64        3,124  
Maxim Integrated Products, Inc.      25        2,278  
Microchip Technology, Inc.      25        3,826  
Micron Technology, Inc. (a)      107        9,461  
Monolithic Power Systems, Inc.      4        1,388  
NVIDIA Corp.      59        31,705  
NXP Semiconductors NV, (Netherlands)      27        5,364  
ON Semiconductor Corp. (a)      39        1,641  
Qorvo, Inc. (a)      11        1,979  
QUALCOMM, Inc.      109        14,387  
Skyworks Solutions, Inc.      16        2,937  
Teradyne, Inc.      16        1,918  
Texas Instruments, Inc.      88        16,588  
Xilinx, Inc.      23        2,863  
     

 

 

  
        182,597  
     

 

 

  
Software — 16.4%      
Activision Blizzard, Inc.      364        33,864  
Adobe, Inc. (a)      65        30,796  
Akamai Technologies, Inc. (a)      6        629  
ANSYS, Inc. (a)      12        3,932  
Autodesk, Inc. (a)      29        8,169  
Black Knight, Inc. (a)      5        392  
Broadridge Financial Solutions, Inc.      4        589  
Cadence Design Systems, Inc. (a)      37        5,098  
Ceridian HCM Holding, Inc. (a)      18        1,479  
Cerner Corp.      7        491  
Citrix Systems, Inc.      15        2,155  
Cloudflare, Inc., Class A (a)      26        1,845  
Coupa Software, Inc. (a)      9        2,322  
Datadog, Inc., Class A (a)      23        1,935  
DocuSign, Inc., Class A (a)      24        4,788  
Dropbox, Inc., Class A (a)      43        1,137  
Dynatrace, Inc. (a)      24        1,176  
Electronic Arts, Inc.      136        18,345  
Fair Isaac Corp. (a)      4        1,870  
Fidelity National Information Services, Inc.      24        3,305  
Fiserv, Inc. (a)      21        2,551  
Guidewire Software, Inc. (a)      11        1,128  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

      
Software — continued      
HubSpot, Inc. (a)      6        2,655  
Intuit, Inc.      35        13,543  
Jack Henry & Associates, Inc.      3        411  
Microsoft Corp.      966        227,697  
MongoDB, Inc., Class A (a)      2        462  
MSCI, Inc., Class A      2        735  
Oracle Corp.      262        18,415  
Paychex, Inc.      12        1,159  
Paycom Software, Inc. (a)      7        2,472  
PTC, Inc. (a)      14        1,989  
RingCentral, Inc., Class A (a)      10        2,969  
Roper Technologies, Inc.      2        877  
salesforce.com, Inc. (a)      122        25,938  
ServiceNow, Inc. (a)      26        13,161  
Slack Technologies, Inc., Class A (a)      62        2,504  
Snowflake, Inc., Class A (a)      1        194  
Splunk, Inc. (a)      21        2,891  
SS&C Technologies Holdings, Inc.      30        2,128  
Synopsys, Inc. (a)      20        5,055  
Take-Two Interactive Software, Inc. (a)      54        9,561  
Twilio, Inc., Class A (a)      5        1,795  
Tyler Technologies, Inc. (a)      5        2,250  
Veeva Systems, Inc., Class A (a)      3        769  
VMware, Inc., Class A (a)      11        1,727  
Workday, Inc., Class A (a)      24        6,008  
Zoom Video Communications, Inc., Class A (a)      26        8,396  
     

 

 

  
        483,757  
     

 

 

  
Total Technology         885,729  
     

 

 

  
Utilities — 0.6%      
Electric — 0.6%      
AES Corp. (The)      11        306  
Alliant Energy Corp.      4        202  
Ameren Corp.      5        367  
American Electric Power Co., Inc.      11        934  
CenterPoint Energy, Inc.      9        207  
CMS Energy Corp.      5        324  
Consolidated Edison, Inc.      7        551  
Dominion Energy, Inc.      17        1,269  
DTE Energy Co.      4        545  
Duke Energy Corp.      16        1,540  
Edison International      8        471  
Entergy Corp.      5        451  
Evergy, Inc.      5        272  
Eversource Energy      7        602  
Exelon Corp.      22        983  
FirstEnergy Corp.      12        402  
NextEra Energy, Inc.      42        3,177  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      

Common Stocks — continued

     
Electric — continued     
NRG Energy, Inc.      5       187  
OGE Energy Corp.      3       95  
PG&E Corp. (a)      31       364  
Pinnacle West Capital Corp.      3       209  
PPL Corp.      14       391  
Public Service Enterprise Group, Inc.      11       669  
Sempra Energy      7       865  
Southern Co. (The)      23       1,461  
Vistra Corp.      10       185  
WEC Energy Group, Inc.      6       566  
Xcel Energy, Inc.      11       716  
    

 

 

  
       18,311  
    

 

 

  
Gas — 0.0% (g)     
Atmos Energy Corp.      3       263  
NiSource, Inc.      5       131  
UGI Corp.      5       200  
    

 

 

  
       594  
    

 

 

  
Water — 0.0% (g)     
American Water Works Co., Inc.      3       502  
Essential Utilities, Inc.      4       161  
    

 

 

  
       663  
    

 

 

  
Total Utilities        19,568  
    

 

 

  

Total Common Stocks

(Cost $2,375,907)

        2,922,142  
    

 

 

  
     PRINCIPAL
AMOUNT ($)		        
Short-Term Investments — 1.0%     
Time Deposits — 1.0%     
Australia & New Zealand Banking Group Ltd., 0.00%, 04/01/2021      14,983       14,983  
Barclays SA, 0.00%, 04/01/2021      4,948       4,948  
BNP Paribas SA, 0.00%, 04/01/2021      3,214       3,214  
Brown Brothers Harriman, 0.00%, 04/01/2021      —  (h)      —  (h) 
Citibank NA, 0.00%, 04/01/2021      1,596       1,596  
Sumitomo Mitsui Banking Corp., 0.00%, 04/01/2021      1,637       1,637  
Sumitomo Mitsui Trust Bank, 0.00%, 04/01/2021      4,291       4,291  
    

 

 

  

Total Short-Term Investments

(Cost $30,669)

     

 

30,669

 

    

 

 

  

Total Investments — 100.0%

(Cost - $2,406,576) *

     

 

2,952,811

 

Liabilities in Excess of Other Assets — (0.1)%

        (2,151 ) 
    

 

 

  

NET ASSETS — 100.0%

      $ 2,950,660  
    

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2021:

Exchange Traded

 

DESCRIPTION

    NUMBER OF
CONTRACTS		      EXPIRATION
DATE		     

TRADING
CURRENCY

    NOTIONAL
AMOUNT ($)		      VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  
Long Contracts               

Micro E-mini NASDAQ 100 Index

      246        06/2021      USD      6,376        64  

Micro E-mini S&P 500 Index

      376        06/2021      USD      7,368        91  

NASDAQ 100 E-mini Index

      2        06/2021      USD      521        2  

S&P 500 E-mini Index

      27        06/2021      USD      5,289        67  

S&P MidCap 400 E-mini Index

      3        06/2021      USD      786        (4 ) 
              

 

 

  

Total unrealized appreciation (depreciation)

                  220  
              

 

 

  

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021

 

REIT    —    Real Estate Investment Trust
(a)    —    Non-income producing security.
(g)    —    Amount rounds to less than 0.05%.
(h)    —    Amount rounds to less than 500 shares or principal/ $500.
*    —    The cost of securities is substantially the same for federal income tax purposes.
USD    —    United States Dollar

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

 

Summary of Investments by Industry, March 31, 2021

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

 

INDUSTRY

    PERCENTAGE  

Internet

      18.1 % 

Software

      16.4 % 

Pharmaceuticals

      10.9 % 

Transportation

      7.4 % 

Computers

      7.4 % 

Semiconductors

      6.2 % 

Beverages

      4.2 % 

Agriculture

      3.7 % 

Auto Manufacturers

      2.5 % 

Machinery—Diversified

      1.8 % 

Telecommunications

      1.8 % 

Biotechnology

      1.8 % 

Diversified Financial Services

      1.4 % 

Media

      1.4 % 

Retail

      1.3 % 

Miscellaneous Manufacturers

      1.1 % 

Banks

      1.0 % 

Commercial Services

      1.0 % 

Others (Each less than 1.0%)

      9.6 % 

Short-Term Investments

      1.0 % 

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — 95.6%

     

Australia — 1.9%

      

BHP Group plc

      1,059        30,492  
     

 

 

  
     

 

 

  
Austria — 0.3%      

OMV AG

      23        1,152  

Verbund AG

      26        1,862  

voestalpine AG

      58        2,410  
     

 

 

  
     

 

 

  
        5,424  
     

 

 

  
     

 

 

  
Belgium — 2.4%      

Ageas SA

      77        4,641  

Anheuser-Busch InBev SA

      479        30,087  

Elia Group SA

      12        1,324  

UCB SA

      36        3,436  
     

 

 

  
     

 

 

  
        39,488  
Chile — 0.3%      

Antofagasta plc

      198        4,606  
     

 

 

  
     

 

 

  
Denmark — 4.7%      

AP Moller - Maersk A/S, Class A

      1        1,190  

AP Moller - Maersk A/S, Class B

      1        2,445  

Carlsberg A/S, Class B

      65        9,924  

DSV PANALPINA A/S

      36        6,970  

H Lundbeck A/S

      20        686  

Novo Nordisk A/S, Class B

      492        33,174  

Orsted AS (e)

      72        11,548  

ROCKWOOL International A/S, Class B

      1        585  

Tryg A/S

      144        3,386  

Vestas Wind Systems A/S

      34        6,974  
     

 

 

  
        76,882  
     

 

 

  
     

 

 

  
Finland — 1.3%      

Fortum OYJ

      168        4,475  

Kone OYJ, Class B

      58        4,769  

Orion OYJ, Class B

      30        1,212  

Sampo OYJ, Class A

      207        9,322  

Wartsila OYJ Abp

      76        794  
     

 

 

  
        20,572  
     

 

 

  
     

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES             VALUE ($)      

Common Stocks — continued

 

France — 12.0%

     

Aeroports de Paris (a)

      5       612  

Airbus SE (a)

      101       11,451  

Alstom SA (a)

      46       2,271  

AXA SA

      849       22,790  

Bouygues SA

      39       1,574  

Bureau Veritas SA

      50       1,429  

Cie de Saint-Gobain (a)

      87       5,159  

CNP Assurances (a)

      75       1,429  

Dassault Aviation SA (a)

      —   (h)      480  

Eiffage SA (a)

      14       1,422  

Electricite de France SA (a)

      237       3,177  

Engie SA (a)

      698       9,913  

Getlink SE (a)

      76       1,158  

Ipsen SA

      11       919  

Legrand SA

      46       4,259  

Pernod Ricard SA

      132       24,632  

Remy Cointreau SA

      14       2,637  

Renault SA (a)

      64       2,759  

Safran SA (a)

      55       7,483  

Sanofi

      324       32,034  

Schneider Electric SE

      92       14,088  

SCOR SE (a)

      70       2,371  

Suez SA

      132       2,788  

Teleperformance

      10       3,676  

Thales SA

      18       1,817  

TOTAL SE

      389       18,141  

Veolia Environnement SA

      207       5,305  

Vinci SA

      90       9,169  
    

 

 

  
       194,943  
    

 

 

  

Germany — 13.5%

     

Allianz SE (Registered)

      181       46,029  

Bayer AG (Registered)

      281       17,801  

Bayerische Motoren Werke AG

      110       11,405  

Brenntag SE

      27       2,266  

Daimler AG (Registered)

      284       25,355  

Deutsche Lufthansa AG (Registered) (a)

      51       678  

Deutsche Post AG (Registered)

      170       9,336  

E.ON SE

      869       10,126  

GEA Group AG

      26       1,078  

Hannover Rueck SE

      26       4,833  

HOCHTIEF AG

      4       376  

Infineon Technologies AG

      456       19,403  

KION Group AG

      12       1,224  

Knorr-Bremse AG

      12       1,558  

Merck KGaA

      37       6,321  

MTU Aero Engines AG

      9       2,147  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)

      61       18,938  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

 

Germany — continued

 

Rational AG

      1        694  

RWE AG

      244        9,589  

Siemens AG (Registered)

      131        21,579  

Siemens Energy AG (a)

      69        2,463  

Uniper SE

      77        2,794  

Volkswagen AG

      11        3,909  
     

 

 

  
        219,902  
     

 

 

  

Ireland — 0.6%

      

DCC plc

      17        1,472  

Experian plc

      157        5,425  

Kingspan Group plc

      26        2,242  
     

 

 

  
        9,139  
     

 

 

  

Italy — 4.6%

      

Assicurazioni Generali SpA

      484        9,674  

Atlantia SpA (a)

      85        1,595  

Bio On Spa (a) (bb) (cc)

      1        —  

Davide Campari-Milano NV

      365        4,083  

Enel SpA

      3,082        30,656  

Eni SpA

      390        4,802  

Ferrari NV

      42        8,752  

Poste Italiane SpA (e)

      229        2,912  

Prysmian SpA

      41        1,342  

Recordati Industria Chimica e Farmaceutica SpA

      30        1,601  

Snam SpA

      810        4,489  

Terna Rete Elettrica Nazionale SpA

      547        4,128  
     

 

 

  
        74,034  
     

 

 

  

Jordan — 0.1%

      

Hikma Pharmaceuticals plc

      49        1,550  
     

 

 

  
     

Luxembourg — 0.6%

      

ArcelorMittal SA (a)

      359        10,345  
     

 

 

  
     

Mexico — 0.1%

      

Fresnillo plc

      92        1,100  
     

 

 

  
     

Netherlands — 10.4%

      

Aegon NV

      785        3,732  

ASM International NV

      17        4,790  

ASML Holding NV

      149        91,203  

Heineken Holding NV

      72        6,431  

Heineken NV

      163        16,714  

NN Group NV

      130        6,364  

Randstad NV

      20        1,428  

Royal Dutch Shell plc, Class A

      633        12,308  

Royal Dutch Shell plc, Class B

      572        10,533  

Stellantis NV

      680        12,026  

Wolters Kluwer NV

      46        3,989  
     

 

 

  
        169,518  
     

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

 

Norway — 0.6%

      

Equinor ASA

      151        2,945  

Gjensidige Forsikring ASA

      88        2,059  

Norsk Hydro ASA

      674        4,331  
     

 

 

  
        9,335  
     

 

 

  

Portugal — 0.4%

      

EDP—Energias de Portugal SA

      1,070        6,111  

Galp Energia SGPS SA

      77        897  
     

 

 

  
        7,008  
     

 

 

  

South Korea — 3.0%

      

Samsung Electronics Co. Ltd.

      525        37,982  

Samsung Electronics Co. Ltd. (Registered), GDR

      6        11,394  
     

 

 

  
        49,376  
     

 

 

  

Spain — 3.1%

      

ACS Actividades de Construccion y Servicios SA

      41        1,351  

Aena SME SA (e)

      12        1,881  

Enagas SA

      61        1,324  

Endesa SA

      130        3,455  

Ferrovial SA

      84        2,183  

Iberdrola SA

      2,330        30,070  

Naturgy Energy Group SA

      116        2,851  

Red Electrica Corp. SA

      122        2,171  

Repsol SA

      232        2,877  

Siemens Gamesa Renewable Energy SA

      41        1,581  
     

 

 

  
        49,744  
     

 

 

  

Sweden — 2.7%

      

Alfa Laval AB (a)

      54        1,634  

Assa Abloy AB, Class B

      172        4,952  

Atlas Copco AB, Class A

      115        7,028  

Atlas Copco AB, Class B

      67        3,491  

Boliden AB

      137        5,089  

Epiroc AB, Class A

      113        2,563  

Epiroc AB, Class B

      67        1,390  

Investment AB Latour, Class B

      26        663  

Nibe Industrier AB, Class B

      54        1,663  

Sandvik AB (a)

      194        5,303  

Securitas AB, Class B

      53        908  

Skanska AB, Class B

      59        1,468  

SKF AB, Class B

      66        1,865  

Volvo AB, Class B (a)

      244        6,192  
     

 

 

  
        44,209  
     

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

 

Switzerland — 14.2%

 

ABB Ltd. (Registered)

      316        9,625  

Adecco Group AG (Registered)

      27        1,796  

Baloise Holding AG (Registered)

      20        3,460  

Coca-Cola HBC AG

      126        4,000  

Geberit AG (Registered)

      6        4,047  

Glencore plc (a)

      5,011        19,675  

Kuehne + Nagel International AG (Registered)

      9        2,648  

Novartis AG (Registered)

      635        54,265  

Roche Holding AG

      210        68,205  

Schindler Holding AG

      7        2,054  

Schindler Holding AG (Registered)

      3        995  

SGS SA (Registered)

      1        2,952  

STMicroelectronics NV

      223        8,504  

Swiss Life Holding AG (Registered)

      13        6,560  

Swiss Re AG

      125        12,334  

Vifor Pharma AG

      13        1,775  

Zurich Insurance Group AG

      66        28,110  
     

 

 

  
        231,005  
     

 

 

  

United Arab Emirates — –%

      

NMC Health plc (a) (bb) (cc)

      16        —  
     

 

 

  
     

United Kingdom — 18.8%

      

Admiral Group plc

      85        3,618  

Anglo American plc

      615        24,093  

Ashtead Group plc

      77        4,626  

AstraZeneca plc

      375        37,449  

Aviva plc

      1,724        9,717  

BAE Systems plc

      552        3,847  

BP plc

      3,129        12,711  

Bunzl plc

      58        1,853  

CNH Industrial NV (a)

      176        2,719  

Coca-Cola European Partners plc

      128        6,702  

Diageo plc

      1,469        60,352  

Direct Line Insurance Group plc

      599        2,585  

Evraz plc

      256        2,036  

Ferguson plc

      39        4,615  

GlaxoSmithKline plc

      1,435        25,395  

Intertek Group plc

      28        2,139  

Legal & General Group plc

      2,619        10,056  

Melrose Industries plc (a)

      834        1,919  

Phoenix Group Holdings plc

      241        2,439  

Prudential plc

      1,145        24,394  

RELX plc

      332        8,319  

Rentokil Initial plc (a)

      318        2,125  

Rio Tinto plc

      563        42,924  

Rolls-Royce Holdings plc (a)

      1,436        2,086  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        SHARES              VALUE ($)      

Common Stocks — continued

      

United Kingdom — continued

      

RSA Insurance Group plc

      454        4,260  

Smiths Group plc

      68        1,435  

Spirax-Sarco Engineering plc

      13        1,989  
     

 

 

  
        306,403  
     

 

 

  

Total Common Stocks

(Cost $1,256,077)

         1,555,075  
     

 

 

  

Preferred Stocks — 1.9%

     

Germany — 1.5%

      

Bayerische Motoren Werke AG

      19        1,502  

Porsche Automobil Holding SE

      51        5,393  

Volkswagen AG

      62        17,244  
     

 

 

  
        24,139  
     

 

 

  

South Korea — 0.4%

      

Samsung Electronics Co. Ltd.

      91        5,871  
     

 

 

  
     

Total Preferred Stocks

(Cost $16,447)

         30,010  
     

 

 

  
     NUMBER
OF RIGHTS		         

Right — 0.0% (g)

      

Italy — 0.0% (g)

      

Snam SpA, expiring 12/31/2049 (a) (bb) (cc)

(Cost $0)

      775        1  
     

 

 

  

 

         PRINCIPAL    
    AMOUNT ($)    		        

Short-Term Investments — 2.0%

       

Time Deposits — 2.0%

        

Barclays SA, 0.00%, 04/01/2021

         1,314       1,314  

BNP Paribas SA,

        

(1.85%), 04/01/2021

      CHF        4,120       4,359  

(0.76%), 04/01/2021

      EUR        8,635       10,126  

0.00%, 04/01/2021

         872       872  

Brown Brothers Harriman,

        

(1.85%), 04/01/2021

      CHF        —   (h)      —   (h) 

(0.76%), 04/01/2021

      EUR        18       22  

(0.47%), 04/06/2021

      DKK        7,367       1,161  

(0.26%), 04/01/2021

      SEK        6,162       706  

(0.13%), 04/06/2021

      NOK        1,526       178  

(0.06%), 04/01/2021

      HKD        —   (h)      —   (h) 

0.00%, 04/01/2021

      CAD        —   (h)      —   (h) 

0.00%, 04/01/2021

      GBP        —   (h)      —   (h) 

0.00%, 04/01/2021

      SGD        —   (h)      —   (h) 

0.00%, 04/01/2021

         14       14  

5.40%, 04/01/2021

      ZAR        —   (h)      —  

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

SECURITY DESCRIPTION

        PRINCIPAL    
    AMOUNT ($)    		          VALUE ($)      

Short-Term Investments — continued

         

Time Deposits — continued

         

Citibank NA,

         

(0.76%), 04/01/2021

      EUR        3,570        4,187  

0.00%, 04/01/2021

      GBP        3,937        5,427  

0.00%, 04/01/2021

         69        69  

Sumitomo Mitsui Banking Corp., 0.00%, 04/01/2021

         3,368        3,369  
        

 

 

  

Total Short-Term Investments

(Cost $31,804)

            31,804  
        

 

 

  

Total Investments — 99.5%

(Cost - $1,304,328) *

            1,616,890  

Other Assets in Excess of Liabilities — 0.6%

            9,136  
        

 

 

  

NET ASSETS — 100.0%

          $ 1,626,026  
        

 

 

  

 

Percentages indicated are based on net assets.

Six Circles Managed Equity Portfolio International Unconstrained Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

 

Futures contracts outstanding as of March 31, 2021:

Exchange Traded

DESCRIPTION

    NUMBER OF
CONTRACTS		      EXPIRATION
DATE		      TRADING
CURRENCY		      NOTIONAL
AMOUNT ($)		      VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)		  

Long Contracts

               

Amsterdam Index

      11        04/2021        EUR        1,754        50  

Euro STOXX 50 Index

      344        06/2021        EUR        15,306        290  

FTSE 100 Index

      180        06/2021        GBP        16,583        (8 ) 

MSCI Emerging Markets Index

      34        06/2021        USD        2,289        (41 ) 
              

 

 

  

Total unrealized appreciation (depreciation)

                  291  
              

 

 

  

Six Circles Managed Equity Portfolio International Unconstrained Fund

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021

 

GDR

      —      Global Depositary 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 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

HKD

      —      Hong Kong Dollar

NOK

      —      Norwegian Krone

SEK

      —      Swedish Krona

SGD

      —      Singapore Dollar

USD

      —      United States Dollar

ZAR

      —      South African Rand

Six Circles Managed Equity Portfolio International Unconstrained Fund

 

Summary of Investments by Industry, March 31, 2021

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

 

INDUSTRY

    PERCENTAGE  

Pharmaceuticals

      17.6 % 

Insurance

      15.0 % 

Semiconductors

      11.1 % 

Beverages

      10.2 % 

Mining

      8.2 % 

Electric

      8.1 % 

Auto Manufacturers

      5.9 % 

Oil & Gas

      4.2 % 

Commercial Services

      2.0 % 

Electrical Components & Equipments

      1.8 % 

Aerospace/Defense

      1.8 % 

Miscellaneous Manufacturers

      1.8 % 

Transportation

      1.7 % 

Machinery - Diversified

      1.4 % 

Engineering & Construction

      1.2 % 

Others (Each less than 1.0%)

      6.0 % 

Short-Term Investments

      2.0 % 

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited)

 

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has appointed the Six Circles Funds Valuation Committee (“VC”), comprised of officers of the Funds and other personnel of 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 of open-end investment companies are valued at their respective NAVs.

Futures are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

 

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

 

•  

Level 1 —  Unadjusted inputs using quoted prices in active markets for identical investments.

 

•  

Level 2 —  Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

 

•  

Level 3 —  Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Six Circles 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

    $ 16,109     $ —        $ —        $ 16,109  

Communications

      635,242       —          —          635,242  

Consumer Cyclical

      128,444       —          —          128,444  

Consumer Non-cyclical

      706,328       —          —          706,328  

Energy

      23,037       —          —          23,037  

Financial

      119,782       —          —          119,782  

Industrial

      387,903       —          —          387,903  

Technology

      885,729       —          —          885,729  

Utilities

      19,568       —          —          19,568  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Common Stocks

      2,922,142       —          —          2,922,142  
  

 

 

    

 

 

     

 

 

     

 

 

  

Short-Term Investments

           

Time Deposits

      —         30,669        —          30,669  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 2,922,142     $ 30,669      $ —        $ 2,952,811  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

           

Futures contracts

    $ 224     $ —        $ —        $ 224  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures contracts

    $ (4 )    $ —        $ —        $ (4 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (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

    $ —       $ 30,492      $ —        $ 30,492  

Austria

      —         5,424        —          5,424  

Belgium

      —         39,488        —          39,488  

Chile

      —         4,606        —          4,606  

Denmark

      —         76,882        —          76,882  

Finland

      —         20,572        —          20,572  

France

      2,637       192,306        —          194,943  

Germany

      2,463       217,439        —          219,902  

Ireland

      —         9,139        —          9,139  

Italy

      —         74,034        —          74,034  

Jordan

      —         1,550        —          1,550  

Luxembourg

      —         10,345        —          10,345  

Mexico

      —         1,100        —          1,100  

Netherlands

      12,026       157,492        —          169,518  

Norway

      —         9,335        —          9,335  

Portugal

      —         7,008        —          7,008  

South Korea

      —         49,376        —          49,376  

Spain

      —         49,744        —          49,744  

Sweden

      —         44,209        —          44,209  

Switzerland

      —         231,005        —          231,005  

United Arab Emirates

      —         —          —          —    

United Kingdom

      6,702       299,701        —          306,403  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Common Stocks

      23,828       1,531,247        —          1,555,075  
  

 

 

    

 

 

     

 

 

     

 

 

  

Preferred Stocks

           

Germany

      —         24,139        —          24,139  

South Korea

      —         5,871        —          5,871  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Preferred Stocks

      —         30,010        —          30,010  
  

 

 

    

 

 

     

 

 

     

 

 

  

Right

           

Italy

      —         —          1        1  
  

 

 

    

 

 

     

 

 

     

 

 

  

Short-Term Investments

           

Time Deposits

      —         31,804        —          31,804  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 23,828     $ 1,593,061      $ 1      $ 1,616,890  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

           

Futures contracts

    $ 340     $ —        $ —        $ 340  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures contracts

    $ (49 )    $ —        $ —        $ (49 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (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 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, 2021 (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 for non-deliverable forward foreign currency exchange contracts.

 

For more complete information about the Funds, including the Funds’ objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. An investment in these Funds and any other Fund is not designed to be a complete investment program. The Funds are NOT designed to be used as a standalone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.