Six Circles Trust N-CSRCertified annual shareholder report (management investment company)

with third party managers with demonstrated asset class specialization to sub-advise the Funds in accordance with our investment philosophy.

The Six Circles Funds are purposefully constructed as completion funds, and are not meant to be standalone investments. As such, we believe they should be reviewed and evaluated within the context of your broader portfolio.

On the following pages, you will find our Market Outlook and Fund commentaries. Should you have any questions about the Funds, please contact your J.P. Morgan team, visit the Funds’ website at www.sixcirclesfunds.com, or call 212-464-2070.

Sincerely,

Mary Savino

President, Six Circles Funds

The Fed cut rates three times in 2019 on the back of slowing growth data and inflation that is below target levels. Future cuts by the Fed are likely to be data dependent. The Fed cuts, coupled with fears around trade and geopolitics, caused10-year yields to decline throughout 2019, although yields are up from 2019 lows given the recent stabilization in economic data. The European Central Bank and Bank of Japan continue to maintain accommodative policies.

We continue to believe that the current economic cycle is in its later stage. While easing monetary policy may have helped extend the length of the cycle, ongoing trade tensions and other geopolitical risks may threaten economic growth.

The Fund’s exposure to U.S. Government Bonds was the Fund’s largest sector underweight relative to the Index and comprised approximately 7.4% of the Fund’s exposure on a look-through basis at the end of the reporting period. During the reporting period, this sector contributed to the Fund’s performance on an absolute basis, and detracted from performance relative to the Index.

On the sleeve level, all three of the Fund’s allocations — Conservative Income, Global Markets, and Core Ultra Short — contributed to the Fund’s return on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

Within the fixed income allocation on the broader Portfolio level, the Adviser prefers high-quality liquid investments combined with flexibility to implement opportunistic ideas across fixed income markets. The majority of the Fund’s assets were invested into the more liquid segments of the fixed income market, with approximately 90% of the Fund invested into instruments with maturities of 3 years and under as of December 31, 2019.

The Adviser allocates to the three sleeves in a diversified manner, with the expectation that the Sub-Advisers will capitalize on the opportunities present in the segment of the fixed income market that their specific mandate is focused on.

The Conservative Income allocation, which comprised approximately 40% of the Fund as of December 31, 2019, is focused on the highest quality, shortest maturity and the most liquid part of the U.S. fixed income market, balancing safety against income within the context of the broader portfolio.

The Global Markets allocation, which comprised approximately 30% of the Fund as of December 31, 2019, has a broad investment universe, seeking total return opportunities within the global fixed income markets.

The Core Ultra Short allocation, which comprised approximately 30% of the Fund as of December 31, 2019, invests in a diversified fixed income portfolio on the shorter end of the U.S. fixed income market, balancing income against credit quality within the context of the broader portfolio.

At the end of the reporting period, the Fund was allocated to three Sub-Advisers across various sectors, credit ratings, maturity buckets, and regional exposures.

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.63% and 0.23% respectively. Contact your J.P. Morgan representative or call1-212-464-2070 for the most recentmonth-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Ultra Short Duration Fund and the Bloomberg Barclays1-3 Month U.S. Treasury Bill Index from July 9, 2018 to December 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays1-3 Month U.S. Treasury Bill Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Barclays1-3 Month U.S. Treasury Bill Index measures the performance of Treasury securities and is selected by a Market Value process. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

period, and contributed to the Fund’s performance on an absolute basis.

Investment Grade Credit comprised approximately 13% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and also contributed to the Fund’s performance on an absolute basis.

On the sleeve level, all three of the Fund’s allocations — Municipal Conservative Income, Global Markets, and Core Municipal Ultra Short — contributed to the Fund’s return on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

Within the fixed income allocation on the broader Portfolio level, the Adviser prefers high-quality liquid investments combined with flexibility to implement opportunistic ideas across fixed income markets. The majority of the Fund’s assets were invested into the more liquid segments of the fixed income market, with approximately 88% of the Fund invested into instruments with maturities of three years and under as of December 31, 2019.

The Adviser allocates to the three sleeves in a diversified manner, with the expectation that the Sub-Advisers will capitalize on the opportunities present in the segment of the fixed income market that their specific mandate is focused on.

The Municipal Conservative Income allocation, which comprised approximately 40% of the Fund as of December 31, 2019, is focused on the highest quality, shortest maturity and the most liquid part of the U.S. municipal fixed income market, balancing safety against income within the context of the broader portfolio.

The Global Markets allocation, which comprised approximately 30% of the Fund as of December 31, 2019, has a broad investment universe, seeking total return opportunities within the global taxable fixed income markets.

The Core Municipal Ultra Short allocation, which comprised approximately 30% of the Fund as of December 31, 2019, invests in a diversified fixed income portfolio on the shorter end of the U.S. municipal fixed income market, balancing income against credit quality within the context of the broader portfolio.

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.64% and 0.22% respectively. Contact your J.P. Morgan representative or call1-212-464-2070 for the most recentmonth-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles Tax Aware Ultra Short Duration Fund and the iMoneyNetTax-Free National Institutional Money Market Index from July 9, 2018 to December 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the iMoneyNetTax-Free National Institutional Money Market Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The iMoneyNetTax-Free National Institutional Money Market Index is an average of alltax-free and municipal, U.S.-domiciled institutional and retail money market funds. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Real Estate, Financials and Information Technology sectors comprised approximately 32% of the Fund’s sector exposure on a look-through basis at the end of the reporting period, and were the Fund’s largest sector underweights relative to the Index. All three sectors contributed to the Fund’s performance on an absolute basis, but detracted from the Fund’s performance relative to the Index.

The Fund’s allocation to U.S. Dividend Growth was the largest contributor, while the allocation to U.S. Managed Health Care was the only detractor from the Fund’s return on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

Allocation to U.S. Dividend Growth comprised approximately 44% of the Fund as of December 31, 2019. Within the context of the broader Portfolios, the Adviser believes that exposure to U.S. Dividend Growth serves as a defensive anchor and is one of the few defensive factors trading at what the Adviser believes is a reasonable valuation.

Allocation to the USA sleeve, which was approximately 16% of the Fund as of December 31, 2019, provides what the Adviser believes to be broad U.S. large cap exposure within the context of the broader portfolio.

Allocation to U.S. Pharmaceuticals and U.S. Biotechnology comprised approximately 8% and 4% of the Fund respectively, as of December 31, 2019. The Adviser believes that the market is overestimating the risks potential policy changes would have, given the industry’s long-term growth tailwinds.

Allocation to U.S. Interactive Media & Services, which focuses on companies engaged in content and information creation or distribution through proprietary platforms, where revenues are derived primarily through pay-per-click advertisements, is trading at what the Adviser believes is a reasonable price-to-earnings ratio, and was approximately 9% of the Fund as of December 31, 2019.

Allocation to U.S. Software and U.S. Internet Retail provides what the Adviser believes is a multi-year opportunity for the leaders in this space to take advantage of businesses shifting workloads onto Cloud-based platforms. These exposures collectively comprised approximately 14% of the Fund as of December 31, 2019.

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.43% and 0.15% respectively. Contact your J.P. Morgan representative or call1-212-464-2070 for the most recentmonth-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles U.S. Unconstrained Equity Fund and the MSCI USA Index from July 9, 2018 to December 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI USA Index is designed to measure the performance of the large andmid-cap segments of the U.S. market. With 640 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the United States. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness,non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without

express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

period, and were the Fund’s largest sector underweights relative to the Index. All three of these sectors contributed to the Fund’s performance on an absolute basis, with Consumer Discretionary and Financials contributing to the Fund’s performance relative to the Index, while Information Technology detracted.

Europe comprised approximately 100% of the Fund’s regional exposure at the end of the reporting period, and was the Fund’s largest regional overweight relative to the Index. During the reporting period, Europe exposure contributed to the Fund’s performance on an absolute basis, but detracted from the Fund’s performance relative to the Index.

During the period Japan, Canada and Asia ex-Japan were the Fund’s largest regional underweights relative to the Index. The underweight to Asia ex-Japan detracted both on an absolute basis, and relative to the Index. The underweight to Canada detracted from, while the underweight to Japan contributed to, the Fund’s performance relative to the Index.

The Fund’s allocations to Europe Momentum, Europe Mid Cap, and broad Europe were the largest contributors to the Fund’s return during the reporting period, while the allocation to Asia ex-Japan and Europe Integrated Oil & Gas detracted from the Fund’s return on an absolute basis during the reporting period.

HOW WAS THE FUND POSITIONED?

The Adviser believes that Europe Mid Cap generally performs better than broad Europe and comes with marginally greater risk. The allocation was approximately 29% of the Fund as of December 31, 2019.

Allocation to Europe Integrated Oil & Gas provides what the Adviser believes are attractive valuations as companies have begun to rationalize their capital expenditures driving cash flow generation, leading to improved returns on capital. This allocation comprised approximately 19% of the Fund as of December 31, 2019.

Allocation to Europe Pharmaceuticals comprised approximately 12% of the Fund as of December 31, 2019 and provides what the Adviser believes to be a defensive exposure with attractive fundamentals, within the context of the broader portfolio.

The Adviser believes that allocation to Europe Food, Beverage & Tobacco serves as a defensive anchor in the broader Portfolios with better fundamentals and valuations than many other defensive anchors. This allocation was approximately 10% of the Fund as of December 31, 2019.

GROWTH OF $10,000 REPORT(07/9/18 TO 12/31/19)

The allocation of the various strategies employed by the Fund may shift and therefore, the performance shown may not be a true indication of how the Fund may perform going forward. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. As of the latest prospectus, the gross and net expense ratios for the Fund were 0.56% and 0.22% respectively. Contact your J.P. Morgan representative or call1-212-464-2070 for the most recentmonth-end performance.

The Fund commenced operations on July 9, 2018.

The graph illustrates comparative performance for $10,000 invested in the Six Circles International Unconstrained Equity Fund and the MSCI Worldex-USA Index from July 9, 2018 to December 31, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Worldex-USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI World ex USA Index captures large andmid-cap representation across 22 of 23 Developed Markets (DM) countries—excluding the United States. With 1,008 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Investors cannot invest directly in an index.

the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness,non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by JP MORGAN CHASE BANK NA. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.