# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001193125-25-165159
**Filing Date:** 2025-7
**Character Count:** 8646
**Document Hash:** 9ab932882a5a48cc38f2421f67264424
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-165159.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001193125-25-165159

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**EFFECTIVENESS DATE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Six Circles Trust
- **CENTRAL INDEX KEY:** 0001724826

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-225588
- **FILM NUMBER:** 251150403

**BUSINESS ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 212-270-6000

**MAIL ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 23Wall Trust
- **DATE OF NAME CHANGE:** 20171208

## Series and Classes Contracts Data

### Six Circles Credit Opportunities Fund (Series ID: S000068977)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000220641 | Six Circles Credit Opportunities Fund |  |

**SIX CIRCLES FUNDS** 

**Six Circles Credit Opportunities Fund** 

**Supplement dated July 25, 2025** 

**to the Summary Prospectus dated May 1, 2025, as supplemented** 

**(the "Summary Prospectus")** 

*On June 17, 2025, the Board of Trustees for the Six Circles Credit Opportunities Fund (the "Fund") approved the addition of Mellon Investments Corporation ("Mellon") and Insight North America LLC ("Insight") as additional sub-advisers to the Fund, effective July 28, 2025 (the "Effective Date"). On the Effective Date, Mellon and Insight will each begin managing Fund assets allocated to their respective sleeves by J.P. Morgan Private Investments Inc., the Fund's adviser.* 

*Accordingly, on the Effective Date, the Fund's Summary Prospectus is hereby amended as follows:* 

*The fifth sentence of the tenth full paragraph under the "Risk/Return Summary — Six Circles Credit Opportunities Fund — What are the Fund's main investment strategies?" section of the Summary Prospectus is hereby deleted and replaced with the following:* 

The Adviser engages the following Sub-Advisers: BlackRock Investment Management, LLC ("BlackRock"), PGIM, Inc. ("PGIM"), Lord, Abbett & Co. LLC ("Lord Abbett"), RBC Global Asset Management (UK) Limited ("RBC GAM (UK)"), Muzinich & Co., Inc. ("Muzinich"), PIMCO, Mellon Investments Corporation ("Mellon") and Insight North America LLC ("Insight").

*The following is added after the nineteenth paragraph of the "Risk/Return Summary — What are the Fund's main investment strategies?" section of the Summary Prospectus, relating to Mellon and Insight:* 

***Mellon — Passive US Investment Grade Corporates***

With respect to its allocated portion of the Fund, Mellon will seek to replicate the overall risk characteristics of specific benchmarks predominately investing in corporate securities rated BBB- or higher by S&P or Fitch and/or Baa3 by Moody's, unless the benchmark's methodology dictates otherwise. For each benchmark, Mellon will seek to replicate the overall risk characteristics of the benchmark while minimizing tracking error volatility and the performance drag from transaction costs by only investing in index-eligible securities. Mellon employs a stratified sampling approach by selecting subsets of the benchmark's securities so that the aggregate risk metrics of duration, yield/spread, sector, and quality are tightly controlled relative to the benchmark. Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to rates, Mellon will seek to match the overall duration but also seek to neutralize points along the
curve (key rates durations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to spread, Mellon will seek to match the overall spread but also seek to match the spread within
subsectors and the full quality spectrum of the benchmark; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to the "idiosyncratic", Mellon will seek diversification with respect to both the number of
bonds and issuers to mitigate this risk.

***Insight — Global Aggregate Investment Grade Corporates & High Yield***

With respect to its allocated portion of the Fund, Insight will systematically invest in global high yield and investment grade corporate credit fixed income. The investment process will begin with targeting the risk exposures of an underlying benchmark. A stratified sampling approach is then used to select bonds that match the major risk characteristics of the benchmark (e.g., duration, quality, sector, industry, yield, market beta, etc.). Insight will utilize proprietary alpha drivers in the sampling to screen out or avoid overweighting bonds which are deemed lower quality or expensive (or generally undesirable by our quantitative factors).

Insight seeks to utilize diversified insights designed to provide a stable performance in most markets. Insight will utilize fundamental and market data to identify firms that may have trouble servicing their debt. As part of its investment process, Insight leverages the pioneering work by Robert Merton (Merton Model) to construct a proprietary value model. It uses equity market cap, equity implied volatility, and a firm's balance

------

sheet as three key inputs for this purpose. For companies who do not have underlying equity, Insight utilizes sophisticated regression-based techniques to determine value. Insight will utilize structural themes to seek to exploit additional market opportunities, including new issues, fallen angels, credit default swap indices ("CDX")/cash bond tradeoff, and income harvesting. Overall, across all strategies, Insight will seek to closely match the risk exposure of the benchmark along all key risk dimensions. To efficiently and cost effectively handle cashflows, Insight sources inventory from the exchange-traded funds ("ETF") ecosystem (where available). In the illiquid category including high yield credit, Insight utilizes its credit portfolio trading (or bond basket trading) approach. Insight carefully weighs the benefits of continuing to hold a bond with the cost to trade when evaluating these issues.

*The first paragraph under the "Risk/Return Summary — Six Circles Credit Opportunities Fund — Management — Sub-Advisers and Sub-Sub-Advisers" section of the Summary Prospectus is hereby deleted and replaced with the following:* 

The Adviser allocates Fund assets for each investment strategy to Sub-Advisers (three of which in turn allocate assets to their respective Sub-Sub-Advisers, as indicated), which allocations may be adjusted at any time. BlackRock, PGIM, Lord Abbett, RBC GAM (UK), Muzinich, PIMCO, Mellon and Insight are the current Sub-Advisers to the Fund and BIL, PGIML and RBC GAM (US) are the current Sub-Sub-Advisers to the Fund.

*The following is added to the end of the "Risk/Return Summary — Management — Sub-Advisers and Sub-Sub-Advisers" section of the Summary Prospectus relating to Mellon and Insight:* 

**Mellon — Passive US Investment Grade Corporates** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Managed the<br>Fund Since** | **Primary Title with**<br> **Sub-Adviser** |
| &nbsp;&nbsp;&nbsp; Marlene Walker Smith | 2025 | Senior Director, Chief Investment Officer |
| &nbsp;&nbsp;&nbsp; William Newton | 2025 | VP, Portfolio Manager |
| &nbsp;&nbsp;&nbsp; Tracy Lynn Gregory | 2025 | VP, Portfolio Manager |

---

**Insight — Global Aggregate Investment Grade Corporates & High Yield** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Managed the<br>Fund Since** | **Primary Title with**<br> **Sub-Adviser** |
| &nbsp;&nbsp;&nbsp; Paul Benson | 2025 | Head of Systematic Fixed Income |
| &nbsp;&nbsp;&nbsp; Stephanie Shu | 2025 | Senior Portfolio Manager |

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**INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE** 

**SUMMARY PROSPECTUS FOR FUTURE REFERENCE** 

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