Prospectus by Investment Company (Form 497)

SIX CIRCLES FUNDS

Six Circles Multi-Strategy Fund

Supplement dated July 18, 2025

to the Statement of Additional Information

dated May 1, 2025, as supplemented ("SAI")

On June 17, 2025, the Board of Trustees for the Six Circles Multi-Strategy Fund (the "Fund") approved the addition of Capital Fund Management S.A. ("CFM") as an additional sub-adviserto the Fund, effective July 21, 2025 (the "Effective Date"). On the Effective Date, CFM will begin managing Fund assets allocated to CFM by J.P. Morgan Private Investments Inc., the Fund's adviser, pursuant to CFM's Cumulus investment strategy.

Accordingly, on the Effective Date, the SAI is hereby amended as follows:

The fourth paragraph under the "GENERAL - Miscellaneous" section of Part I of the SAI is hereby deleted and replaced with the following:

The Fund is advised by J.P. Morgan Private Investments Inc. ("JPMPI") and sub-advisedby the following sub-advisersand sub-sub-adviser:AHL Partners LLP ("AHL"), Pacific Investment Management Co. ("PIMCO"), T. Rowe Price Associates, Inc. ("T. Rowe Price"), Dynamic Beta Investments LLC ("DBi"), BlackRock Investment Management, LLC. ("BlackRock"), BlackRock International Limited ("BIL") and Capital Fund Management S.A. ("CFM"). JPMPI is also referred to herein as the "Adviser." AHL, PIMCO, T. Rowe Price, DBi, BlackRock and CFM are also referred to herein as the "Sub-Advisers"and, individually, as a "Sub-Adviser."BIL is also referred to herein as a "Sub-Sub-Adviser."Certain references herein to the Adviser may also include a Sub-Adviser,as the context requires. Additionally, certain references herein to a Sub-Advisermay also include a Sub-Sub-Adviser,as the context requires.

The seventh paragraph under the "Investment Policies" section of Part I of the SAI is hereby deleted and replaced with the following:

The Multi-Strategy Fund may pursue its investment objective by investing in Six Circles Multi-Strategy Sub-Fund ILtd., Six Circles Multi-Strategy Sub-FundII Ltd. and Six Circles Multi-Strategy Sub-Fund III Ltd., all being wholly-owned subsidiaries of the Multi-Strategy Fund organized under the laws of the Cayman Islands (each a "Multi-Strategy Subsidiary" and together the "Multi-Strategy Subsidiaries"). The Multi-Strategy Subsidiaries are advised by JPMPI and sub-advisedby AHL, DBi and CFM, respectively, and will generally be subject to the same fundamental, non-fundamentaland certain other investment restrictions as the Multi-Strategy Fund. The Multi-Strategy Subsidiaries will be managed pursuant to the existing compliance policies and procedures that have been adopted by the Fund. As a result, in managing each Multi-Strategy Subsidiary's portfolio, JPMPI, AHL, DBi and CFM are subject to the same investment policies and restrictions that apply to the management of the Fund, and in particular to the requirements relating to portfolio leverage, liquidity, brokerage and the timing and method of valuation of each Multi-Strategy Subsidiary's portfolio investments and shares of the Multi-Strategy Subsidiary. The Multi-Strategy Fund and each Multi-Strategy Subsidiary will test for compliance with investment restrictions on a consolidated basis. By investing in the Multi-Strategy Subsidiaries, the Multi-Strategy Fund is indirectly exposed to the risks associated with each Multi-Strategy Subsidiary's investments. The investments held by each Multi-Strategy Subsidiary are generally similar to those held by the Multi-Strategy Fund and are subject to the same risks that apply to similar investments if held directly by the Multi-Strategy Fund. See "Investment Strategies and Policies - Miscellaneous Investment Strategies and Risks - Investments in the Subsidiary" in Part II of this SAI for a more detailed discussion of the Multi-Strategy Subsidiary.

The first paragraph under the "INVESTMENT ADVISER, SUB-ADVISERSAND SUB-SUB-ADVISERS- Sub-Advisersand Sub-Sub-Advisers"section of Part I of the SAI is hereby deleted and replaced with the following:

AHL, PIMCO, T. Rowe Price, DBi, BlackRock and CFM serve as Sub-Advisersto the Multi-Strategy Fund. Each of AHL, PIMCO, T. Rowe Price, DBi, BlackRock and CFM is independent of the Adviser. All Sub-Advisersdischarge their responsibilities subject to the policies of the Trustees and the supervision of the Adviser. BIL, serves as a Sub-Sub-Adviserto the Fund. Each Sub-Adviseris paid a monthly fee equal to a percentage of the daily net assets of the Fund allocated to it. The Sub-Sub-Adviseris paid a fee from the Sub-Adviserwith which it has entered into a sub-sub-advisoryagreement.

The sub-sectiontitle "PORTFOLIO MANAGERS - Portfolio Managers' Other Accounts Managed - Sub-Advisersand Sub-Advisers"in Part I of the SAI is deleted and replaced with "PORTFOLIO MANAGERS - Portfolio Managers' Other Accounts Managed - Sub-Advisersand Sub-Sub-Advisers."Additionally, the following information relating to CFM is added to the end of the first table in such section:

The following information relating to CFM is added to the end of the second table in the "PORTFOLIO MANAGERS - Portfolio Managers' Other Accounts Managed - Sub-Advisers"section of Part I of the SAI:

On the Effective Date, the first paragraph under the "INVESTMENT ADVISER, SUB-ADVISERSAND SUB-SUB-ADVISERS"section of Part II of the SAI is hereby deleted and replaced with the following:

Pursuant to an investment advisory agreement, JPMPI serves as investment adviser to the Funds. BlackRock, Insight, Goldman, PIMCO, PGIM, Capital, Nuveen, Allspring, Lord Abbett, RBC GAM (UK), Muzinich, AHL, T. Rowe Price, DBi and CFM serve as investment sub-advisersto certain Funds pursuant to investment sub-advisoryagreements with JPMPI. BIL, BSL, PGIML and RBC GAM (US) serve as investment sub-sub-advisersto the Fund pursuant to investment sub-sub-advisoryagreements with their affiliated Sub-Advisers.

The following discussion of CFM is added to the end of the "INVESTMENT ADVISER, SUB-ADVISERSAND SUB-SUB-ADVISERS"section of Part II of the SAI:

Capital Fund Management S.A. ("CFM").CFM has been engaged by JPMPI to serve as an investment sub-adviserto the Six Circles Multi-Strategy Fund pursuant to an investment sub-advisoryagreement (the "CFM Sub-AdvisoryAgreement"). CFM is a registered investment adviser under the Investment Advisers Act of 1940, as amended. CFM is located at 23, rue de l'Universite 75007 Paris, France.

CFM is paid monthly by JPMPI a fee based on the portion of assets under management of the Six Circles Multi-Strategy Fund allocated to CFM, as set forth in the CFM Sub-AdvisoryAgreement.

The CFM Sub-AdvisoryAgreement will continue in effect for a period of two years from the date of its execution, unless terminated sooner. It may be renewed from year to year thereafter, so long as continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act.

The Multi-Strategy Fund may pursue its investment objective by investing in the Multi-Strategy Subsidiaries. JPMPI has entered into a separate contract with CFM whereby CFM provides investment sub-advisoryservices to one of the Multi-Strategy Subsidiaries (a "Multi-Strategy Subsidiary Sub-AdvisoryAgreement"). In recognition of the fact that contractual sub-advisoryfees are already charged for CFM's investment management services to the Multi-Strategy Fund (which includes the Multi-Strategy Subsidiary investment), CFM receives no additional management fees from JPMPI for the services rendered pursuant to the Multi-Strategy Subsidiary Sub-AdvisoryAgreement.

The following disclosure related to CFM is hereby added to the end of the "POTENTIAL CONFLICTS OF INTEREST - Conflicts of Interest Relating to the Sub-Advisersand Sub-Sub-Advisers"section of the SAI Part II:

CFM

Managing potential conflicts of interest is a key consideration of CFM, as it acts in a fiduciary capacity with respect to each of its advisory clients and seeks to act in their best interest. CFM has performed a review of potential conflicts of interest that may arise in the ordinary course of its business activities, and, where necessary, has implemented mitigating controls. CFM has also set up an organization scheme designed to limit the risks of conflicts of interest and ensure an effective separation between the main functions of CFM.

CFM and its affiliates may engage in a broad range of investment, investment advisory and other activities. As a result, CFM will frequently purchase or sell the same class of securities or financial instruments, and there may be conflicts of interest with respect to, for example, the allocation of investment opportunities, purchases and sales of securities in connection with particular investment situations, and personnel, other resources and expenses. Further, CFM may give advice and take action, with respect to any clients, accounts and pooled investment vehicles, that may differ from the advice given, or the timing or nature of action taken, with respect to the Fund. However, where such allocations of investment opportunities occur, CFM will seek to ensure that such allocations are made in a manner which does not unfairly prejudice the interests of the Fund.

The following disclosure related to CFM is hereby added to the end of the "PORTFOLIO MANAGER COMPENSATION" section of the SAI Part II:

CFM

CFM's remuneration policy is applied firm-wide. Remuneration of CFM's employees consists of one or several of the following elements: (i) a fixed remuneration and (ii) a bonus determined on the basis of individual and/or collective performance criteria (the "Variable Compensation"). The Variable Compensation results from a combination of discretionary criteria assessed on a yearly basis. These evaluations may be adjusted upwards or downwards accordingly. The main principles of the Variable Compensation process results from:

The following disclosure related to CFM is hereby added to the end of "APPENDIX C - PROXY VOTING POLICIES" section of the SAI Part II:

Capital Fund Management S.A. ("CFM")

CFM has a policy to vote by proxy in shareholder meetings that its clients are notified of, using a third-party proxy voting adviser (the "Proxy Agent"), except when the aggregate clients' holdings in an issuer are insignificant. CFM will generally vote by proxy in line with the recommendations of the Proxy Agent. To this end, CFM has subscribed to the Proxy Agent's ESG Guidelines and has verified, based on general guidelines and principles, that the recommendations rather systematically supports shareholder motions that demand more transparency from companies in terms of strategy for climate change and handling of related risks, in terms of lobbying money being spent on climate change related initiatives, and in terms of linking management remuneration to achieving ESG related targets. For ballots relating to particularly sensitive topics, the CFM ESG team may confirm that the Proxy Agent's recommendation fits its clients' best interest before approving the vote.

It should be noted that CFM may only vote proxies when it has a mandate to do so and when securities are held with a custodian that allows for proxy voting. Securities that are held with a prime broker that has taken title interest in the security through re-useare generally not available to vote.

At the time of the launch of this strategy, the physical securities portfolios advised by CFM only include securities listed in the United States. The CFM generally trades exposures to non-USequities as single stock swaps or contracts for difference and such instruments thus do not provide the possibility to vote proxies.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE

STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at [email protected] for assistance.