Summary
Prospectus May 1, 2026
| Six Circles®
Global Bond Fund Ticker: CGLBX |
Before you invest, you may want to review the Fund’s
prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund,
including the Statement of Additional Information, online at
www.sixcirclesfunds.com/literature. You can also get this
information at no cost by calling collect at 1-212-464-2070 or
by sending an e-mail request to managed.solutions.ir@jpmorgan.com. The Fund’s Prospectus and Statement of Additional Information, both dated May 1,
2026, as may be supplemented from time to time are incorporated by reference into this Summary Prospectus.
What is the goal of the Fund?
The Fund seeks to provide total return.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the
Fund.
| ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your
investment) | |
| Management Fees1,2 |
0.25% |
| Distribution (Rule 12b-1) Fees |
None |
| Other
Expenses3 |
0.08% |
| Total Annual Fund Operating Expenses |
0.33% |
| Fee Waiver and Expense Reimbursement1,2 |
(0.20)% |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement1,2 |
0.13% |
1
The Fund’s adviser, J.P. Morgan Private Investments Inc. (“JPMPI”) and/or its affiliates have
contractually agreed through at least April 30, 2027 to waive any management fees that exceed the aggregate management fees the adviser is contractually required to pay the
Fund’s sub-advisers. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. JPMPI may terminate the waiver, under its terms, effective upon the end of the
then-current term, by providing at least ninety (90) days prior written notice to the Six Circles Trust. The waiver may not otherwise be terminated by JPMPI without the consent of the Board of Trustees of the Six Circles Trust,
which consent will not be unreasonably withheld. Such waivers are not subject to reimbursement by the Fund.
2
Additionally, the Fund’s adviser has contractually agreed through at least April 30, 2027 to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to
short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.40% of the average daily net assets of the Fund (the “Expense
Cap”). An expense reimbursement by the Fund’s adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the adviser. Repayment must be
limited to amounts that would not cause the Fund’s operating expenses (taking into account any reimbursements by the adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by
the adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through
April 30, 2027, at which time the adviser and/or its affiliates will determine whether to renew or revise it.
3
“Other Expenses” are based on actual expenses incurred in the most recent fiscal year and include
interest expense of 0.03%. Excluding interest expense, the "Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement" is 0.10%.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through April 30, 2027 and total
annual fund operating expenses thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COSTS WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| SHARES ($) |
13 |
86 |
165 |
399 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating expenses or in the
Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the
Fund’s portfolio turnover rate was 158.83% of the average value of its portfolio.
What are the Fund’s main investment
strategies?
The Fund is designed to provide total return by
actively investing mainly in a global portfolio of investment grade fixed income securities with
varying maturities. The Fund’s portfolio will consist of a variety of strategies providing exposures mainly across government, corporate and securitized credit fixed income sectors.
Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings) in fixed
income securities and other related instruments with similar economic characteristics. Generally,
such bonds will have varying maturities. As part of this investment strategy, the Fund will invest in some or all of the following: debt securities of corporate issuers, obligations of governments, government agencies or
instrumentalities, including U.S. Treasury securities (including Separate Trading of Registered
Interest and Principal of Securities (“STRIPS”)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed
May 1,
2026 | 1
by supranational organizations, securities
issued or guaranteed by foreign governments, asset-backed, mortgage-related and mortgage-backed
securities (“MBS”) (residential or commercial) (and which may include “to be announced” (“TBA”) transactions) and other debt securities. Mortgage-related and MBS may be structured as collateralized mortgage obligations
(“CMOs”) (agency and non-agency), stripped MBS (mortgage securities split into
interest-only and principal only securities), commercial mortgage-backed securities (“CMBS”), or mortgage pass-through securities (interests in securities representing pools of mortgages). These securities may be structured such
that payments consist of interest-only, principal-only or principal and interest. The instruments
in which the Fund invests may pay fixed, variable, or floating interest rates and may consist of
zero-coupon securities, convertible securities, inflation-linked securities (including Treasury
Inflation Protected Securities), repurchase agreements, privately-issued (Rule 144A) securities,
structured notes, collateralized loan obligations (“CLOs”), loan participations, loan
assignments and other securities and instruments bearing fixed or variable interest rates. As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities issued in
developed and emerging markets. These securities may include debt securities issued by
governments and their agencies, state and provincial governmental entities, supranational
organizations, corporations, and banks. The Fund may also invest in foreign securities, including
emerging market securities, that are U.S. dollar denominated or non-U.S. dollar denominated, and the Fund may seek to hedge such securities’ currency exposure to the U.S. dollar. The Fund may also invest in other
investment companies, such as open-end, closed-end and exchange-traded funds, and other pooled
investment vehicles, which may include private funds.
For purposes of the 80% investment policy, the Fund will treat an investment in derivatives as an investment in the securities underlying such derivatives and will value
such derivatives at market value. The Fund will provide shareholders with at least 60 days’
prior notice of any change to its 80% investment policy.
Under normal circumstances, the Fund will invest in a number of different countries around the world, with the portfolio as a whole economically tied to at least four
countries, including the United States; however, the Fund may invest a substantial part of its
assets in just one country and is not required to allocate its investments in any set percentages in any particular countries.
The Fund has broad flexibility to invest in a wide variety of debt securities and instruments of any maturity and will not be managed to a target duration or average weighted
maturity.
Most of the Fund’s investments will be investment grade at the time of investment, although up to 20% of
the Fund’s total assets may be invested in below investment grade securities (commonly
known as “high yield securities” or “junk bonds”). The Fund’s investment grade investments will at the time of investment: (i) carry a long-term rating of Baa3, BBB– or BBB– or higher by any of Moody’s
Investors Service Inc. (“Moody’s”), Standard & Poor’s Corporation (“S&P”) and Fitch Ratings (“Fitch”), respectively, or the equivalent by another nationally recognized statistical rating
organization (“NRSRO”); (ii) carry a short-term rating of P-2, A-2 or F2 or higher by any of Moody’s, S&P and Fitch, respectively, or the equivalent by another
NRSRO; or (iii) if such investments are unrated, be deemed by a Sub-Adviser (as defined below) to be of comparable quality at the time of investment. Below investment grade
securities generally offer a higher yield than investment grade securities, but involve a high
degree of risk. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that
subsequently they would be deemed to be below investment grade.
The Fund has flexibility to invest in derivatives and may use such instruments to manage duration, credit quality, and currency risk and/or as substitutes for securities
and other instruments in which the Fund can invest. A derivative is an instrument that has a
value based on another instrument, exchange rate or index. The Fund may use futures, swaps, forward
contracts, foreign exchange instruments (spot and forward), options (including options on swaps),
and structured notes, as well as repurchase agreements and reverse repurchase agreements, in
connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes, as a substitute for securities and other instruments in which the Fund can invest or
to increase income or gain to the Fund. The Fund may also use currency-related transactions
involving currency derivatives as part of its investment strategy to hedge currency risk.
The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as
amended. A non-diversified fund is permitted (but is not required) to invest a higher percentage
of its assets in the securities of fewer issuers. Due to the nature of the investments in which the Fund is seeking to invest, at times a significant portion of the issuers of the investments in the Fund’s portfolio may
be in the financials sector.
The Fund will likely engage in active and frequent trading. The frequency with which the Fund buys and sells
securities will vary from year to year, depending on market conditions.
J.P. Morgan Private Investments Inc., the Fund’s investment
adviser (“JPMPI” or the “Adviser”), constructs the Fund’s portfolio
by allocating the Fund’s assets among fixed income exposures and investment strategies managed by one or more sub-advisers retained by the Adviser (each, a “Sub-Adviser”). Additionally, the Sub-Advisers may
in turn allocate to one or more additional sub-advisers (each, a “Sub-Sub-Adviser”) a portion of the assets allocated to them by the Adviser. Certain references herein to the Sub-Adviser may also include
a Sub-Sub-Adviser, as the context requires.
In allocating the assets of the Fund, the Adviser will generally make strategic and tactical allocation decisions by directing shifts in allocations among the various fixed
income exposures and investment strategies managed by the Sub-Advisers that target risk profiles
and investment exposures across the global government, global corporate, and global securitized fixed income universe. The Adviser will periodically review and determine the allocations among the fixed income
exposures and investment strategies and may make changes to these allocations when it believes it
is beneficial to the Fund. The Adviser may, in its discretion, add to, delete from or modify the
categories of fixed income exposures and investment strategies employed by the Fund, or add other
fixed income exposures and investment strategies, including active strategies, managed by the
Sub-Advisers. In making allocations among such fixed
2 | Six Circles® Funds
income exposures and investment strategies
and/or in changing the categories of fixed income exposures and investment strategies employed by
the Fund, the Adviser expects to take into account the investment goals of the broader investment
programs administered by the Adviser or its affiliates, for whose use the Fund is exclusively
designed. As such, the Fund may perform differently from a similar fund that is managed without
regard to such broader investment programs.
Each Sub-Adviser may use both its own proprietary and external research and securities selection process to manage its allocated portion of the Fund’s assets. The
Adviser is responsible for determining the amount of Fund assets allocated to each Sub-Adviser.
The Adviser is not required to allocate a minimum amount of Fund assets to any specific
Sub-Adviser and may allocate, or re-allocate, zero Fund assets to a specific Sub-Adviser at any
time. The Sub-Advisers are responsible for determining the amount of Fund assets allocated to
each Sub-Sub-Adviser. The Adviser engages the following Sub-Advisers: BlackRock Investment Management, LLC (“BlackRock”), Pacific Investment Management Company LLC (“PIMCO”) and PGIM, Inc.
(“PGIM”). BlackRock currently allocates assets to BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”), while PGIM currently allocates assets to PGIM Limited
(“PGIML”). The Adviser may adjust allocations to the Sub-Advisers at any time or make recommendations to the Board of Trustees of the Six Circles Trust (the “Board”) with respect to the hiring,
termination or replacement of a Sub-Adviser. As such, the identity of the Fund’s Sub-Advisers, the investment strategies they pursue and the portion of the Fund allocated to them, may change over time. For
example, due to market conditions, the Adviser may choose not to allocate Fund assets to a
Sub-Adviser or may reduce the portion of the Fund allocated to a Sub-Adviser to zero. Each Sub-Adviser is responsible for deciding which securities to purchase and sell for its respective portion of the Fund and for
placing orders for the Fund’s transactions. However, the Adviser reserves the right to
instruct Sub-Advisers as needed on certain Fund transactions and manage a portion of the Fund’s portfolio directly, including without limitation, for portfolio hedging, to temporarily adjust the Fund’s overall market exposure or
to temporarily manage assets as a result of a Sub-Adviser’s resignation or removal. Below
is a summary of each current Sub-Adviser’s investment approach.
BlackRock
With respect to its allocated portion of the Fund, BlackRock (together with BIL and BSL) will use an approach
that seeks to achieve and/or enhance the performance of various segments of one or more public
global bond indexes. These segments, which are selected by the Adviser to implement the Adviser’s on-going strategic and tactical investment decisions for the Fund, represent different components of the fixed
income universe, such as segments representing various geographies, industries, security types
(e.g., government securities or asset-backed securities), credit ratings or maturities. BlackRock
(together with BIL and BSL) will reallocate among segments as instructed by the Adviser.
PGIM
With respect to its allocated portion of the Fund, PGIM (together with PGIML) will actively manage two components of the Fund’s investment strategy. In the first
component PGIM (together with PGIML) will invest primarily in government bonds, interest rate
securities and derivatives. In the second
component PGIM (together with PGIML) will invest primarily in corporate, credit intensive bonds
and credit derivatives.
PIMCO
With respect to its allocated portion of the Fund, PIMCO will actively invest mainly in a portfolio of securitized debt, interest rate derivatives, and derivatives tied to
securitized debt (including covered bonds, MBS, asset-backed securities, CMBS, and
CLOs).
The Fund’s Main Investment Risks
The Fund is subject to management risk and may not achieve its objective if the Adviser’s and/or
Sub-Advisers’ expectations regarding particular instruments or markets are not met.
The Fund is subject to the main risks noted below, any of which may adversely affect the Fund’s performance and ability to meet its investment objective.
General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact
markets or issuers in other countries or regions. Securities in the Fund’s portfolio may
underperform in comparison to securities in general financial markets, a particular financial
market or other asset classes due to a number of factors, including inflation (or expectations for
inflation), deflation (or expectations for deflation), interest rates, global demand for
particular products or resources, market instability, financial system instability, debt crises and
downgrades, embargoes, tariffs, sanctions and other trade barriers, supply chain disruptions,
regulatory events, other governmental trade or market control programs and related geopolitical
events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and
infectious disease epidemics or pandemics or the threat or potential of one or more such factors
and occurrences.
Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the present value of the
Fund’s assets and distributions may decline.
Interest Rate Risk. The Fund’s investments in bonds
and other debt securities will change in value based on changes in interest rates. If rates
increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in
May 1,
2026 | 3
value. The Fund may invest in variable and
floating rate loans and other variable and floating rate securities. Although these instruments
are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate loans and other securities may decline if their interest rates do not rise as quickly, or as much, as
general interest rates. The Fund may face a heightened level of interest rate risk due to certain
changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden
and could expose debt markets to significant volatility and reduced liquidity for Fund
investments.
Credit Risk. The Fund’s investments are subject to the risk that issuers and/or counterparties will fail to make
payments when due or default completely. If an issuer’s or counterparty’s financial
condition worsens, their credit quality may deteriorate. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in
their credit quality. Credit spreads may increase, which may reduce the market values of the
Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two
securities of similar maturity but different credit quality) and a decline in price of the
issuer’s securities.
Debt Securities and
Other Callable Securities Risk. As part of its investment strategy, the Fund invests in debt
securities. The issuers of these securities and other callable securities may be able to repay
principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called,
the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover
additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.
Government Securities Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the
Government National Mortgage Association (“Ginnie Mae”), the Federal National
Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued
or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of
the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep
pace with inflation. Actions by governments and central banking authorities could result in
changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the
full faith and credit of the United States, circumstances could arise that would prevent the
payment of interest or principal. This would result in losses to the Fund. Securities issued or
guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not
backed by the full faith and credit of the U.S. government and no assurance can be
given that the U.S. government would
provide financial support. Therefore, U.S. government-related organizations may not have the
funds to meet their payment obligations in the future.
Foreign Securities and Emerging Markets Risk. Investments
in foreign issuers and foreign securities (including depositary receipts) are subject to
additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other
measures by the United States or other governments, currency fluctuations, higher transaction
costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not
traded “delivery versus payment,” the Fund may not receive timely payment for
securities or other instruments it has delivered or receive delivery of securities paid for and
may be subject to increased risk that the counterparty will fail to make payments or delivery
when due or default completely. Foreign market trading hours, clearance and settlement
procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities.
The securities markets of many foreign countries are relatively small, with a limited number of companies
representing a small number of industries. If foreign securities are denominated and traded in a
foreign currency, the value of the Fund’s foreign holdings can be affected by currency exchange rates and exchange control regulations.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments
tied to countries or regions that historically were perceived as comparatively stable becoming
riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established economies than developed countries and may face greater social,
economic, regulatory and political uncertainties. In addition, emerging markets typically present
greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on
issuers.
Certain emerging market countries may be subject to less stringent requirements regarding accounting,
auditing, financial reporting and record keeping and therefore, material information related to
an investment may not be available or reliable. Additionally, the Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of
the United States, in particular in emerging market countries, which can increase the risks of
loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries
the U.S. government identified as state sponsors of terrorism. One or more of these companies may
be subject to constraints under U.S. law or regulations that could negatively affect the
company's performance. Additionally, one or more of these companies could suffer damage to its
reputation if the market identifies it as a company that invests or deals with countries that the
U.S. government identifies as state sponsors of terrorism or subjects to sanctions.
4 | Six Circles® Funds
Sovereign Obligations
Risk. The Fund may invest in securities issued by or guaranteed by sovereign governments, which
may be unable or unwilling to repay principal or interest when due. In times of economic
uncertainty in the country at issue, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations. These securities are also subject to
Foreign Securities and Emerging Markets Risk.
Income Risk. The Fund’s income may decline when interest rates fall because the Fund may hold a significant portion of short duration securities and/or securities that have
floating or variable interest rates. The Fund’s income may decline because the Fund invests
in lower yielding bonds, as bonds in its portfolio mature, are near maturity or are called, or when the Fund needs to purchase additional bonds.
Prepayment Risk. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions
occur can affect the return on investment of these securities. When debt obligations are prepaid
or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an
unexpected capital loss.
Derivatives
Risk. Derivatives, including futures, options, swaps and forward contracts, may be riskier than
other types of investments and may increase the volatility of the Fund. Derivatives may be
sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had
not been leveraged because the leverage tends to exaggerate any effect on the value of the
Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with
the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the
performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so
the Fund may not realize the intended benefits. When used for hedging, the change in value of a
derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also
can expose the Fund to derivative liquidity risk, which includes the risks involving the
liquidity demands that derivatives can create to make payments of margin, collateral, or
settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of a Fund’s counterparty
and operational risk, which includes documentation or settlement issues, system failures,
inadequate controls and human error. Derivatives also subject the Fund to liquidity risk because the liquidity of derivatives is often based on the liquidity of the underlying instruments. In addition, the possible lack of a liquid
secondary market for derivatives and the resulting inability of the Fund to sell or otherwise
close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.
Counterparty Risk. The Fund may have exposure to the credit risk of counterparties with which it deals in connection with the
investment of its assets, whether engaged in exchange-traded or off-exchange transactions or
through brokers, dealers, custodians and exchanges through which it engages. In addition, many
protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, might not be available in connection with over-the-counter (“OTC”) transactions. Therefore, in those
instances in which the Fund enters into OTC transactions, the account will be subject to the risk
that its direct counterparty will not perform its obligations under the transactions and will sustain losses.
Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market
developments or adverse investor perceptions. Illiquid investments may be more difficult to
value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing
buyers. An inability to sell one or more portfolio positions, or selling such positions at an
unfavorable time and/or under unfavorable conditions, can increase the volatility of the Fund’s net asset value ("NAV") per share. Liquidity risk may also refer to the risk that the Fund will not be able to pay
redemption proceeds within the allowable time period because of unusual market conditions, an
unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income
securities or the lack of an active market. The potential for liquidity risk may be magnified by
a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the
market due to selling activity.
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called
“sub-prime” mortgages, credit risk transfer securities and credit-linked notes issued
by government-related organization that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in
securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for
securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be
subject to extension risk, and may receive principal later than expected. As a result, in periods
of rising interest rates, the Fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates or deteriorating economic conditions, such securities may
decline in value, face valuation difficulties, become more volatile and/or become illiquid.
Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets.
Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation
difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.
May 1, 2026 | 5
Collateralized mortgage obligations and
stripped mortgage-backed securities, including those structured as interest-only and
principal-only, are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under “Credit Risk,” for “sub-prime” mortgages is
generally higher than other types of mortgage-backed securities. The structure of some of these
securities may be complex and there may be less available information than other types of debt
securities.
Credit risk transfer securities and credit-linked notes are
general obligations issued by a government-related organization or special purpose vehicle,
respectively, and are unguaranteed. Unlike mortgage-backed securities, investors in credit risk
transfer securities and credit-linked notes issued by a government-related organization have no
recourse to the underlying mortgage loans. In addition, some or all of the mortgage default risk
associated with the underlying mortgage loans is transferred to the noteholder. There can be no assurance that losses will not occur on an investment. These investments are also subject to the risks described under
“Prepayment Risk.”
U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other
securities. Similar to other issuers, changes to the financial condition or credit rating of the
U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.
Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and may
affect the price of the Fund’s shares. Generally, when the value of the U.S. dollar rises
in value relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for
a number of reasons, including changes in interest rates. Devaluation of a currency by a
country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets, may be
riskier than other types of investments and may increase the volatility of the Fund. Although the
Fund may attempt to hedge some or all of its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. The Fund may also hedge from one foreign currency to
another. In addition, the Fund’s use of currency hedging may not be successful, including
due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.
High Yield Securities and Loan Risk. The Fund invests in instruments including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less
creditworthy or financially distressed. These investments are considered to be speculative and
are subject to greater risk of loss, greater sensitivity to economic changes, valuation
difficulties and potential illiquidity. Such investments may be subject to additional risks
including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protection under the
federal securities laws and lack of publicly available information. The Fund
will not have direct recourse against the
borrower when the Fund invests in a loan participation. High yield securities and loans that are
deemed to be liquid at the time of purchase may become illiquid.
Zero-Coupon Bond Risk. The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that
pay interest periodically.
LIBOR Discontinuance Risk. The London Interbank Offering Rate (“LIBOR”) was a leading floating rate benchmark used in loans, notes, derivatives and other
instruments or investments. After the global financial crisis, regulators globally determined that
existing interest rate benchmarks should be reformed based on a number of factors, including that
LIBOR and other interbank offering rates (“IBORs”) may no longer be representative of the underlying markets and, as a result, publication of all LIBOR settings has ceased. New or alternative
reference rates have since been used in place of LIBOR. Replacement rates that have been
identified include the Secured Overnight Financing Rate (“SOFR,” which is intended to replace U.S. dollar LIBOR and measures the cost of U.S dollar overnight borrowings collateralized by treasuries) and the Sterling Overnight
Index Average rate (“SONIA,” which is intended to replace pound sterling LIBOR and
measures the overnight interest rate paid by banks in the sterling market). Markets are slowly developing in response to these new rates. As a result of the benchmark reforms, the Adviser, Sub-Advisers, and the Funds have
generally transitioned to successor or alternative reference rates as necessary. Although the
transition process away from IBORs for most instruments has been completed, there is no assurance
that any such alternative reference rate will be similar to or produce the same value or economic
equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its
discontinuance, which may affect the value, volatility, liquidity, or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments and result in costs incurred in connection with changing reference rates
used for positions, closing out positions, and entering into new trades. The transition from
LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. Moreover, certain aspects of the transition from IBORs will rely on the actions of third-party market
participants, such as clearing houses, trustees, administrative agents, asset servicers and
certain service providers; no assurances can be given as to the impact of the transition away
from LIBOR on a Fund or its investments. These risks may also apply with respect to changes in
connection with other IBORs (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.
Restricted and Privately Placed Securities Risk.
Restricted securities are securities that cannot be offered for public resale unless registered
under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities include private placement securities that have not been registered under the applicable
securities laws, such as Rule 144A securities, and securities of U.S. and non-U.S. issuers that
are issued pursuant to Regulation S. Private placements are generally subject to strict restrictions on resale. Restricted securities may not be listed on an exchange and may have no active trading market. Restricted
securities may be illiquid. The Fund may be unable to sell a restricted security on short notice
or may be able to sell them only at a price below
6 | Six Circles® Funds
current value. It may be more difficult to
determine a market value for a restricted security. Also, the Fund may get only limited
information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives material nonpublic information about the issuer, the Fund may as a result be unable to sell the
securities. Certain restricted securities may involve a high degree of business and financial
risk and may result in substantial losses.
Repurchase
Agreement Risk. Repurchase agreements involve some risk to the Fund that the counterparty does
not meet its obligation under the agreement.
Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate
adjustment intervals may be regular and range from daily up to annually, or may be based on an
event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the
securities at any given time. Such securities also may lose value.
Exchange-Traded Fund (“ETF”) and Investment Company Risk. The Fund may invest in shares of other investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of
the underlying investment company or ETF when the Fund invests in shares of another investment
company or ETF. The Fund is subject to the risks associated with the ETF’s or investment company’s investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject
to the risks associated with direct investments in commodities or currencies. The price and
movement of an ETF or closed-end fund designed to track an index may not track the index and may
result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their NAV (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large
spreads between the “ask” price quoted by a seller and the “bid” price
offered by a buyer.
Structured Notes Risk. Structured notes are subject to interest rate risk and credit risk. The price of structured notes may be very volatile, and such notes may have a
limited trading market, making it difficult to value them or sell them at an acceptable price.
The payments on a structured note may vary based on changes in one or more specified reference instruments, such as a floating interest rate compared to a fixed interest rate, the exchange rates between two currencies, one or
more securities or a securities index. A structured note may be positively or negatively indexed.
For example, its principal amount and/or interest rate may increase or decrease if the value of the reference instrument increases, depending upon the terms of the instrument. If the underlying investment or index does
not perform as anticipated, the structured note might pay less interest than the stated coupon
payment or repay less principal upon maturity.
To-Be-Announced (“TBA”) Transactions Risk. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date
or if the counterparty does not deliver the securities as promised. Selling a TBA involves a risk
of loss if the value of the securities to be sold goes up prior to settlement date. TBA transactions involve
counterparty risk. Default or bankruptcy of
a counterparty to a TBA transaction would expose the Fund to potential loss and could affect the
Fund’s returns.
Industry and Sector Focus
Risk. At times, the Fund may increase the relative emphasis of its investments in a particular
industry or sector. The prices of securities of issuers in a particular industry or sector may be
more susceptible to fluctuations due to changes in economic or business conditions, government
regulations, availability of basic resources or supplies, contagion risk within a particular
industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the
relative emphasis of its investments in a particular industry or sector, the value of the
Fund’s shares may fluctuate in response to events affecting that industry or sector.
Financials Sector Risk. Financial services companies are subject to extensive governmental regulation which may limit both the
amounts and types of loans and other financial commitments they can make, the interest rates and
fees they can charge, the scope of their activities, the prices they can charge and the amount of
capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration
of the credit markets generally may cause an adverse impact in a broad range of markets,
including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually
high degree of volatility in the financial markets, both domestic and foreign, and cause certain
financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their
assets, take action to raise capital (such as the issuance of debt or equity securities), or
cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price
competition. Adverse economic, business or political developments could adversely affect
financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.
Geographic Focus Risk. The Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to
greater volatility than a more geographically diversified fund.
European Market Risk. The Fund’s performance will
be affected by political, social and economic conditions in the various countries in which it
invests in Europe and in Europe more generally, such as growth of the economic output (the gross
national product), the rate of inflation, the rate at which capital is reinvested into European
economies, the success of governmental actions to reduce budget deficits, the resource
self-sufficiency of European countries and interest and monetary exchange rates between European
countries. European financial markets may experience volatility due to concerns about high
government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a
common currency, possible restructuring of government debt
May 1,
2026 | 7
and other government measures responding to
those concerns and fiscal and monetary controls imposed on member countries of the European
Union.
Asia Pacific Market Risk. The small size of securities markets and the low trading volume in some countries in the Asia Pacific
Region may lead to a lack of liquidity. Also, some Asia Pacific economies and financial markets
have been extremely volatile in recent years. Many of the countries in the region are developing,
both politically and economically. They may have relatively unstable governments and economies based on only a few commodities or industries. The share prices of companies in the region tend to be volatile and there is a significant
possibility of loss. Also, some companies in the region may have less established product markets
or a small management group and they may be more vulnerable to political or economic conditions,
like nationalization. In addition, some countries have restricted the flow of money in and out of the country.
Certain of the currencies in the Asia Pacific region have experienced extreme volatility relative to the U.S.
dollar. For example, Thailand, Indonesia, the Philippines and South Korea have had currency
crises and have sought help from the International Monetary Fund. Holding securities in currencies
that are devalued (or in companies whose revenues are substantially in currencies that are
devalued) will likely decrease the value of the Fund.
The trading volume on some Asia Pacific region stock exchanges is much lower than in the United States, and Asia Pacific region securities of some companies are less liquid
and more volatile than similar U.S. securities. In addition, brokerage commissions on regional
stock exchanges are fixed and are generally higher than the negotiated commissions in the United States. The imposition of tariffs or other trade barriers, or a downturn in the economy of a significant trading partner
could adversely impact Asia Pacific companies. If the Fund concentrates in the Asia Pacific
region, the Fund’s performance may be more volatile than that of a fund that invests globally. If Asia Pacific securities fall out of favor, it may cause a fund that concentrates in the Asia Pacific region to underperform
funds that do not concentrate in the Asia Pacific region.
Greater China Region Risk. In addition to the risks listed under “Foreign Securities and Emerging Markets Risk,” investments in Mainland China, Hong Kong and
Taiwan are subject to significant legal, regulatory, monetary and economic risks, as well as the
potential for regional and global conflicts, including actions that are contrary to the interests
of the U.S.
Investments in Mainland China involve political and legal uncertainties, currency fluctuations and aggressive
currency controls, the risk of confiscatory taxation, and nationalization or expropriation of
assets, which could adversely affect and significantly diminish the values of the Mainland Chinese
companies in which the Fund invests. The Mainland Chinese securities markets are emerging markets
characterized by greater price volatility. Mainland China is dominated by the one-party rule of
the Communist Party, and the Mainland Chinese government exercises significant control over Mainland China’s economic growth. There is the potential of increased tariffs and restrictions on trade between the United
States and Mainland China. An increase in tariffs or trade restrictions, or even the threat of
such developments, could lead to a significant reduction in international trade, which could have a negative impact
on Mainland Chinese companies and a
commensurately negative impact on the Fund. There is also the risk that the U.S. government or
other governments may sanction Chinese issuers or otherwise prohibit U.S. persons (such as the Fund) from investing in certain Chinese issuers, which may negatively affect the liquidity and price of their
securities.
The political reunification of Mainland China and Taiwan,
over which Mainland China continues to claim sovereignty, is a highly complex issue. There is the
potential for future political, military or economic disturbances that may have an adverse impact on the values of the Fund’s investments in Mainland China and elsewhere, or make certain Fund investments
impractical or impossible. Any escalation of hostility between Mainland China and Taiwan would
likely have a significant adverse impact on the value and liquidity of the Fund’s investments in both Mainland China and elsewhere, causing substantial investment losses for the Fund.
Hong Kong is a Special Administrative Region of the People’s Republic of China. Since Hong Kong reverted to Chinese sovereignty in 1997, it has been governed by the Basic
Law. Under the Basic Law, Hong Kong was guaranteed a high degree of autonomy in certain matters,
including economic matters, until 2047. Attempts by the government of Mainland China to exert
greater control over Hong Kong’s economic, political or legal structures or its existing social policy could negatively affect investor confidence in Hong Kong (as has been the case previously during certain periods), which in
turn could negatively affect markets and business performance.
High Portfolio Turnover Risk. The Fund will likely engage
in active and frequent trading leading to increased portfolio turnover, higher transaction costs,
and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income.
Management Risk. The Fund is subject to management risk. Each Sub-Adviser and its portfolio managers will utilize a proprietary investment process, techniques and risk
analyses in making investment decisions for its allocated portion of the Fund, but there can be
no guarantee that these decisions will produce the desired results. In addition, legislative, regulatory or tax developments may affect the investment techniques available to each Sub-Adviser in connection with managing
its allocated portions of the Fund and may also adversely affect the ability of the Fund to
achieve its investment objective.
Tracking Error
Risk. In carrying out the investment program of the Fund, a Sub-Adviser will typically be
instructed by the Adviser to replicate the performance of one or more indexes, although the Fund
is not a passive index fund. Tracking error is the divergence of the Fund’s performance from that of those indexes. Tracking error may occur because of differences between the securities and other instruments held in
the Fund’s portfolio and those included in those indexes, pricing differences (including
differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s net asset value ("NAV")), differences in transaction costs, the
Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to those indexes or the costs to the Fund of complying
with various new or existing regulatory requirements. This risk may be heightened during times of
increased market volatility or other
8 | Six Circles® Funds
unusual market conditions. Tracking error
also may result because the Fund incurs fees and expenses, while those indexes do not.
Additionally, to comply with regulatory requirements, the Fund does not invest in securities issued by JPMorgan Chase & Co. This could cause the Fund to experience tracking error when an index includes such
securities.
Allocation Risk. The Fund’s ability to achieve its investment objective depends upon the Adviser’s ability to
select the optimum mix of index components and the indexed investment strategies or underlying
exposures in light of market conditions. There is a risk that the Adviser’s evaluations and assumptions regarding the investment strategies may be incorrect in view of actual market conditions.
Multi-Manager Risk. The Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating
Fund assets to the Sub-Advisers. The Sub-Advisers’ investment styles may not always be
complementary. The Sub-Advisers operate independently (e.g., make investment decisions independently of one another), and may make decisions that conflict with each other. For example, it is possible that a
Sub-Adviser may purchase a security for the Fund at the same time that another Sub-Adviser sells
the same security, resulting in higher transaction costs without accomplishing any net investment result; or that several Sub-Advisers purchase the same security at the same time, without aggregating their transactions,
resulting in higher transaction costs. The Fund’s Sub-Advisers may underperform the market
generally, underperform other investment managers that could have been selected for the Fund
and/or underperform private investment funds with similar strategies managed by the Sub-Advisers.
Subject to the overall supervision of the Fund’s investment program by the Fund’s
Adviser, each Sub-Adviser is responsible, with respect to the portion of the Fund’s assets
it manages, for compliance with the Fund’s investment strategies and applicable law.
Collateralized Loan Obligations Risk. Collateralized loan obligations (“CLOs”) are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” that vary in risk and yield and may
experience substantial losses due to actual defaults, decrease in market value due to collateral
defaults and removal of subordinate tranches, market anticipation of defaults and investor
aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the
tranche invested in and the type of the underlying debts and loans in the tranche of the CLO in
which the Fund invests. CLOs also carry risks including, but not limited to, interest rate risk
and credit risk. For example, a liquidity crisis in the credit markets could cause substantial
fluctuations in prices for leveraged loans and limited liquidity for such instruments. When the
Fund invests in CLOs, in addition to directly bearing the expenses associated with its own
operations, it may bear a pro rata portion of the CLO’s expenses.
Non-Diversified Fund Risk. Since the Fund is
non-diversified, it may invest a greater percentage of its assets in a particular issuer or group
of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities. The value of the Fund’s
shares may also be more volatile than the value of a fund which invests in more securities.
Convertible Securities and Contingent Convertible Securities Risk. The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually
falls. In addition, convertible securities are subject to the risk that the issuer will not be
able to pay interest or dividends when due, and their market value may change based on changes in
the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Convertible securities may be lower-rated securities subject to greater levels of credit risk.
Inflation-Linked Security Risk. Inflation-linked debt securities are subject to the effects of changes in market interest rates caused
by factors other than inflation (real interest rates). In general, the price of an
inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-linked securities, such as Treasury Inflation Protected
Securities, are adjusted periodically to a specified rate of inflation (e.g., Non-Seasonally
Adjusted Consumer Price Index for all Urban Consumers (“CPI-U”)). There can be no
assurance that the inflation index used will accurately measure the real rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation
index.
Bank Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. In
connection with purchasing loan participations, the Fund generally will have no right to enforce
compliance by borrowers with loan terms nor any set-off rights, and the Fund may not benefit
directly from any posted collateral. As a result, the Fund may be subject to the credit risk of
both the borrower and the lender selling the participation. Bank loan transactions may take more
than seven days to settle, meaning that proceeds would be unavailable to make additional
investments or meet redemptions.
Large
Shareholder Risk. To the extent a large proportion of shares are held by a small number of
shareholders (or a single shareholder), including funds or accounts over which the Adviser or its
affiliates have investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision
made by the Adviser or its affiliates.
You could lose money investing in the Fund.
The Fund’s Past Performance
This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from year to year since the Fund’s
inception (i.e., for the past five calendar years). The table shows the average annual total
returns for the past one year and life of the Fund. The table compares that
performance to the Bloomberg Global Aggregate Index – Hedged USD. Past performance (before
and after taxes) is not necessarily an indication of how the Fund will
May 1,
2026 | 9
perform in the future. Updated performance information is available by visiting www.sixcirclesfunds.com or by calling 1-212-464-2070.
| YEAR-BY-YEAR RETURNS |
| Best Quarter |
4th quarter, 2023 |
6.84% |
| Worst Quarter |
1st quarter, 2022 |
-3.95% |
| The Fund’s year-to-date return |
through |
3/31/26 |
was |
-0.21% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2025) |
|||
| |
Past |
Past |
Life of
Fund Since |
| |
1 Year |
5 Years |
5/19/20 |
| FUND |
|
|
|
| Return Before Taxes |
3.88 % |
1.09 % |
1.44 % |
| Return After Taxes on Distributions |
2.04 |
-0.64 |
-0.15 |
| Return After Taxes on Distributions and Sale of Fund Shares |
1.27 |
-0.16 |
0.20 |
| BLOOMBERG GLOBAL-AGGREGATE TOTAL RETURN INDEX VALUE UNHEDGED USD (Reflects No Deduction for Fees, Expenses or Taxes) |
8.17 |
-2.15 |
-0.55 |
| BLOOMBERG GLOBAL-AGGREGATE INDEX-HEDGED USD (Reflects No Deduction for Fees, Expenses or Taxes) |
4.86 |
0.34 |
0.77 |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown
are not relevant to investors who hold their shares through tax-deferred arrangements such as
401(k) plans or individual retirement accounts.
Management
Investment Adviser
J.P. Morgan Private Investments Inc.
| Portfolio Manager |
Managed
Fund Since |
Primary Title with
Adviser |
| Richard Madigan |
Inception |
Managing Director and
Chief Investment Officer |
| Jeffrey Gaffney |
Inception |
Managing Director |
| Michael Gray |
Inception |
Managing Director |
| Jeffrey Eshleman |
2024 |
Managing Director |
| Jesse Rosenblum |
2026 |
Executive Director |
Sub-Advisers and Sub-Sub-Advisers
The Adviser allocates Fund assets for each investment strategy to Sub-Advisers (two of which in turn allocate
assets to their respective Sub-Sub-Advisers), which allocations may be adjusted at any time.
BlackRock, PIMCO and PGIM are the current Sub-Advisers to the Fund and BIL, BSL and PGIML are the current Sub-Sub-Advisers to the Fund.
BlackRock, BIL and BSL
| Portfolio Manager |
Managed
Fund Since |
Primary Title with
Sub-Adviser |
| Scott Radell |
Inception |
Managing Director |
| Vish Acharya |
2023 |
Director |
PIMCO
| Portfolio Manager |
Managed
Fund Since |
Primary Title with
Sub-Adviser |
| Daniel H. Hyman |
Inception |
Managing Director |
| Munish Gupta |
2020 |
Executive
Vice President |
PGIM and PGIML
| Portfolio Manager |
Managed Fund Since |
Primary Title with
Sub-Adviser |
| Edward Farley |
Inception |
Managing Director |
| Robert Tipp |
Inception |
Managing Director |
| Matthew Angelucci |
Inception |
Managing Director |
| David Del Vecchio |
2021 |
Managing Director |
Purchase and Sale of Fund Shares
The Fund is designed exclusively for investors participating in investment advisory programs, trusts or pooled
investment vehicles managed by JPMorgan Chase Bank, N.A., J.P. Morgan Private Investments Inc. or
one of their affiliates (each, a “JPM Program”). Fund shares may only be purchased through a JPM Program by a JPM Program representative acting on your behalf. Fund shares may be purchased or redeemed on any
business day. For purposes of this prospectus, commingled investment vehicles and other pooled
investment vehicles, such as registered investment companies, advised by the Adviser or its
affiliates are considered to be participating in a JPM Program and are therefore eligible to invest in the Fund.
10 | Six Circles® Funds
Tax
Information
The Fund intends to make distributions that may be taxed as
ordinary income or capital gains, except when an investor’s investment is in an IRA, 401(k)
plan or other tax-advantaged investment plan, in which case the investor may be subject to
federal income tax upon withdrawal from the tax-advantaged
investment plan.
May 1,
2026 | 11
SPRO-6C-2026-5