N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 343-1113

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2016 through February 28, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Annual Report

JPMorgan Institutional Trust Funds

February 28, 2017

JPMorgan Core Bond Trust

JPMorgan Intermediate Bond Trust

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Core Bond Trust	3
JPMorgan Intermediate Bond Trust	5
Schedules of Portfolio Investments	7
Financial Statements	75
Financial Highlights	78
Notes to Financial Statements	80
Report of Independent Registered Public Accounting Firm	89
Trustees	90
Officers	92
Schedule of Shareholder Expenses	93
Tax Letter	94

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

This report is intended for distribution only to accredited investors. Distribution of this document to anyone other than the intended user is expressly prohibited. This document may not be copied, faxed or otherwise distributed to the general public.

CEO’S LETTER

March 22, 2017 (Unaudited)

Dear Shareholders,

For most of the past twelve months, the U.S. economy was one of the few bright spots among developed nations as most of Europe and Japan struggled with low or negative economic growth. However, by the end of February 2017 there emerged clear signals that the world’s 20 largest economies were moving in a more synchronized fashion that could lead to an accelerating global economy.

  “While the global economy appeared to grow more synchronized during the twelve months ended February 28, 2017, there also emerged political uncertainties in the U.S. and Europe.”

Indeed, the World Bank has estimated that global economic growth in 2017 will rise by 2.7% compared with 2.3% in 2016 and economists generally expect each of the world’s 20 largest economies will see an increase in gross domestic product in 2017.

In the 19-nation euro zone, manufacturing activity rose in February 2017 for the sixth consecutive month and reached levels not seen in nearly six years. Economic confidence surveys have been the strongest since 2011. While unemployment across the euro zone remained nearly twice that of the U.S., the jobless rate fell faster than expected in early 2017 to its lowest level since 2009. Importantly, euro zone inflation reached the European Central Bank’s target of 2.0% in February 2017, which provided further evidence that the risk of a painful deflationary spiral had receded.

Meanwhile, Chinese factory activity was stronger than economists expected in February 2017 and more broadly, Chinese economic stimulus measures initiated in 2016 appeared to bolster trade throughout Asia. In Japan, corporate profits were estimated at record highs even in the face of a stronger yen. South Korean exports grew in February 2017 for the fourth consecutive month. Economic data from Australia and India showed signs of stronger growth.

To a certain extent, the healthier global economy was supported by a rebound in global oil prices, which reached 15-month highs in October 2016. Prices for other commodities also rose during 2016, helping growth in those emerging market nations reliant on natural resource exports.

In the U.S., the pace of economic expansion was sufficient to persuade the Federal Reserve Bank to raise interest rates in December 2016 and again in March 2017. Meanwhile, leading

stock market indexes hit record highs in late 2016 and early 2017 amid strength in corporate profits and the broader U.S. economy. Investor expectations that the Republican Party’s newly-won control of the U.S. presidency along with its majorities in both houses of the U.S. Congress would bolster economic growth while lowering certain taxes further supported U.S. financial assets.

While the global economy appeared to grow more synchronized during the twelve months ended February 28, 2017, there also emerged political uncertainties in the U.S. and Europe. In the U.K., a populist drive to exit the European Union won a surprise victory in mid-2016. While global financial markets generally rebounded from the sharp sell-off that followed the June 23rd referendum, the ultimate impact of the so-called Brexit remained uncertain and was seen as a drag on the U.K. economy. In November, Donald Trump, who campaigned on a platform that included tighter restrictions on immigration and protective trade policies, won the U.S. presidency. While voters in the Netherlands declined to give the anti-immigrant Party for Freedom a majority in the lower house of Parliament, populist parties were vying for power in France, Germany and elsewhere.

Each of these parties and their leaders — both in the U.S. and elsewhere — share broad policy goals that prioritize restricting immigration and shunning supranational trade agreements. Given that immigration and free trade are key drivers of economic growth in advanced, post-industrial nations, it remains to be seen how much electoral support these shared agendas would earn.

In the face of all this, U.S. and foreign financial markets generally rewarded investors with positive returns for the twelve months through February 28, 2017. Over time, we believe financial markets will continue to reward those investors who maintain patience and discipline in the context of a properly diversified portfolio.

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 1

JPMorgan Institutional Trust Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited)

U.S. financial markets generally provided positive returns for the twelve month reporting period amid continued growth in the U.S. economy and rising domestic interest rates. While U.S. equity outperformed most other asset classes, commodities and corporate bonds also had positive returns. At the end of June 2016, the U.K.’s vote to exit from the European Union led to a global sell-off in financial markets. However, U.S. markets rebounded within a month.

Commodities prices stabilized during the reporting period and global oil prices reached 15-month highs in October. Oil prices were further bolstered by the Organization of Petroleum Exporting Countries’ decision to curb production.

In the November 8, 2016, elections, the Republican Party won control of the presidency and retained its majority in both houses of the U.S. Congress. In the following months, key U.S. equity benchmarks reached multiple record high closings. While U.S. Treasury bonds underperformed other bond market sectors, corporate bonds and high yield bonds (also known as “junk bonds”) posted positive returns as investors sought higher yields on fixed-income assets.

2 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

JPMorgan Core Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		1.78%
Bloomberg Barclays U.S. Aggregate Index		1.42%
Net Assets as of 2/28/2017 (In Thousands)	$	3,159,232
Duration as of 2/28/2017		5.5 Years

INVESTMENT OBJECTIVE

The JPMorgan Core Bond Trust (the “Fund”) seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the twelve months ended February 28, 2017, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”). Relative to the Benchmark, the Fund’s security selection in asset-backed securities, commercial mortgage-backed securities and mortgage-backed securities was a leading contributor to performance. The Fund’s underweight position in U.S. Treasury bonds and its shorter duration profile relative to the Benchmark also contributed to relative performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration.

Relative to the Benchmark, the Fund’s underweight position in the corporate credit sector and the longer duration profile of its U.S. Treasury and U.S. agency bonds detracted from performance. The Fund’s security selection in mortgage pass-through securities also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct,

in their view, a portfolio of undervalued fixed income securities. At the end of the reporting period, the Fund was underweight in U.S. Treasury securities and overweight in mortgage-backed securities.

PORTFOLIO COMPOSITION***
Corporate Bonds	27.6	%
Mortgage-Backed Securities	17.9
U.S. Treasury Obligations	16.3
Collateralized Mortgage Obligations	16.2
Asset-Backed Securities	12.2
Commercial Mortgage-Backed Securities	3.4
U.S. Government Agency Securities	3.0
Foreign Government Securities	1.5
Others (each less than 1.0%)	0.6
Short-Term Investment	1.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of February 28, 2017. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 3

JPMorgan Core Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		1.78	%		2.84	%		5.25	%

TEN YEAR PERFORMANCE (2/28/07 to 2/28/17)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown.

The graph illustrates comparative performance for $10,000,000 invested in the JPMorgan Core Bond Trust, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Intermediate U.S. Government Funds Index from February 28, 2007 to February 28, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate 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 benchmark, if applicable. The performance of the Lipper Intermediate U.S. Government Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that

represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Intermediate U.S. Government Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The Fund’s shares have a $10,000,000 minimum investment.

Fund performance may reflect the waiver of the Fund’s fees and 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 would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		1.33%
Bloomberg Barclays Intermediate U.S. Government/Credit Index		1.10%
Net Assets as of 2/28/2017 (In Thousands)	$	181,349
Duration as of 2/28/2017		4.0 Years

INVESTMENT OBJECTIVE

The JPMorgan Intermediate Bond Trust (the “Fund”) seeks current income consistent with the preservation of capital by investing in high- and medium-grade fixed income securities with intermediate maturities.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the twelve months ended February 28, 2017, the Fund outperformed the Bloomberg Barclays Intermediate U.S. Government/Credit Index (the “Benchmark”). Relative to the Benchmark, the Fund’s out-of-Benchmark allocations to asset-backed securities and commercial mortgage-backed securities were leading contributors to performance. The Fund’s security selection in non-agency mortgage securities and its underweight position in U.S. Treasury bonds also helped relative performance.

The Fund’s overall underweight position in corporate bonds was a leading detractor from performance relative to the Benchmark. The Fund’s longer duration profile in U.S. Treasury bonds and its out-of-Benchmark allocations to U.S. agency mortgage securities also detracted from relative performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. At the end of the reporting period, the Fund was underweight in U.S. Treasuries and in the corporate credit sector.

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	24.8	%
U.S. Treasury Obligations	22.3
Corporate Bonds	17.5
Asset-Backed Securities	16.2
Mortgage-Backed Securities	11.9
Commercial Mortgage-Backed Securities	4.1
U.S. Government Agency Securities	1.3
Foreign Government Securities	0.6
Short-Term Investment	1.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of February 28, 2017. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 5

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2017
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		1.33	%		2.27	%		4.59	%

TEN YEAR PERFORMANCE (2/28/07 to 2/28/17)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown.

The graph illustrates comparative performance for $5,000,000 invested in the JPMorgan Intermediate Bond Trust, the Bloomberg Barclays Intermediate U.S. Government/Credit Index and the Lipper Short-Intermediate U.S. Government Funds Index from February 28, 2007 to February 28, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays Intermediate U.S. Government/Credit 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 benchmark, if applicable. The performance of the Lipper Short-Intermediate U.S. Government Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays

Intermediate U.S. Government/Credit Index is an unmanaged index comprised of intermediate maturity U.S. Treasury and agency securities and investment grade corporate securities. The Lipper Short-Intermediate U.S. Government Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The Fund’s shares have a $5,000,000 minimum investment.

Fund performance may reflect the waiver of the Fund’s fees and 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 would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 12.2%
		Academic Loan Funding Trust,
	475	Series 2012-1A, Class A1, VAR, 1.578%, 12/27/22 (e)		474
	1,380	Series 2013-1A, Class A, VAR, 1.571%, 12/26/44 (e)		1,369
	378	Air Canada Pass-Through Trust, (Canada), Series 2013-1, Class A, 4.125%, 05/15/25 (e)		389
	4,311	Ajax Mortgage Loan Trust, Series 2016-2, Class A, SUB, 4.125%, 10/25/56 (e)		4,294
	184	Ally Auto Receivables Trust, Series 2013-2, Class A4, 1.240%, 11/15/18		184
		American Airlines Pass-Through Trust,
	168	Series 2011-1, Class A, 5.250%, 01/31/21		179
	524	Series 2013-2, Class A, 4.950%, 01/15/23		559
	283	Series 2016-2, Class A, 3.650%, 06/15/28		282
	565	Series 2017-1, Class AA, 3.650%, 02/15/29		572
		American Credit Acceptance Receivables Trust,
	217	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		218
	1,225	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		1,256
	870	Series 2016-4, Class C, 2.910%, 02/13/23 (e)		871
	2,590	Series 2016-1A, Class B, 4.240%, 06/13/22 (e)		2,636
	1,480	Series 2017-1, Class C, 2.880%, 03/13/23 (e)		1,480
		American Homes 4 Rent,
	1,000	Series 2014-SFR1, Class C, VAR, 2.522%, 06/17/31 (e)		1,002
	4,109	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		4,177
	1,275	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		1,353
		American Homes 4 Rent Trust,
	3,843	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		3,991
	2,000	Series 2014-SFR2, Class D, 5.149%, 10/17/36 (e)		2,131
	850	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		933
	2,887	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		2,979
	500	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		520
	2,380	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		2,652

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	999	AmeriCredit Automobile Receivables, Series 2016-1, Class A3, 1.810%, 10/08/20		1,001
		AmeriCredit Automobile Receivables Trust,
	1,912	Series 2016-2, Class A2A, 1.420%, 10/08/19		1,912
	513	Series 2016-2, Class A3, 1.600%, 11/09/20		512
	794	Series 2016-3, Class A3, 1.460%, 05/10/21		792
	10,700	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		10,700
	2,267	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		2,286
	926	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		927
		B2R Mortgage Trust,
	1,606	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,590
	2,934	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		2,956
	1,400	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		1,399
	822	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		808
		BCC Funding Corp. X,
	1,760	Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		1,757
	550	Series 2015-1, Class D, 4.544%, 12/21/20 (e)		552
	226	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 1.148%, 04/25/36		221
	462	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		457
	880	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		884
	5,115	Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.000%, 12/05/23		5,115
		CarFinance Capital Auto Trust,
	288	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		290
	514	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		515
	1,292	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.923%, 10/15/21 (e)		620
		CarMax Auto Owner Trust,
	8	Series 2013-4, Class A3, 0.800%, 07/16/18		8
	440	Series 2013-4, Class A4, 1.280%, 05/15/19		440

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	827	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		845
	4,178	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		4,183
		Citi Held For Asset Issuance,
	1,280	Series 2015-PM1, Class B, 2.930%, 12/15/21 (e)		1,279
	1,990	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		2,010
	2,311	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		2,343
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,053
	143	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 1.531%, 12/25/33		141
	2,834	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		2,782
	4,826	Colony American Homes, Series 2014-2A, Class A, VAR, 1.722%, 07/17/31 (e)		4,827
	46	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		46
		Continental Airlines Pass-Through Trust,
	143	Series 1999-2, Class A-1, 7.256%, 03/15/20		153
	377	Series 2007-1, Class A, 5.983%, 04/19/22		421
		CPS Auto Receivables Trust,
	651	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		651
	700	Series 2014-D, Class C, 4.350%, 11/16/20 (e)		715
	587	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		587
	223	Series 2015-A, Class C, 4.000%, 02/16/21 (e)		224
	2,573	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		2,573
	2,535	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		2,543
	1,376	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		1,386
	1,413	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		1,419
	874	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		876

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,400	Series 2016-C, Class C, 3.270%, 06/15/22 (e)		1,401
		CPS Auto Trust,
	206	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		206
	35	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		34
		Credit Acceptance Auto Loan Trust,
	3,022	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		3,038
	579	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		586
	1,564	Series 2017-1A, Class A, 2.560%, 10/15/25 (e)		1,564
	686	Series 2017-1A, Class B, 3.040%, 12/15/25 (e)		686
	574	Series 2017-1A, Class C, 3.480%, 02/17/26 (e)		574
	965	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		1,115
	212	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.678%, 10/25/34		203
		Delta Air Lines Pass-Through Trust,
	295	Series 2010-2, Class A, 4.950%, 05/23/19		308
	128	Series 2011-1, Class A, 5.300%, 04/15/19		135
	329	Series 2012-1, Class A, 4.750%, 05/07/20		345
		Drive Auto Receivables Trust,
	1,471	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		1,497
	293	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		294
	2,882	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		2,919
	1,059	Series 2015-CA, Class D, 4.200%, 09/15/21 (e)		1,080
	1,320	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		1,354
	1,898	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		1,909
	2,535	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		2,583
	477	Series 2016-BA, Class B, 2.560%, 06/15/20 (e)		480
	3,101	Series 2016-CA, Class D, 4.180%, 03/15/24 (e)		3,157
		DT Auto Owner Trust,
	1,808	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		1,825

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	854	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		855
	826	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		826
	932	Series 2016-4A, Class B, 2.020%, 08/17/20 (e)		929
	1,609	Series 2016-4A, Class D, 3.770%, 10/17/22 (e)		1,613
	783	Engs Commercial Finance Trust, Series 2016-1A, Class A2, 2.630%, 02/22/22 (e)		779
	175	Entergy Arkansas, Inc., 3.500%, 04/01/26		179
		Exeter Automobile Receivables Trust,
	495	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		496
	190	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		190
	2,125	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		2,137
	663	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		663
	1,005	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		1,006
	1,402	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		1,405
	1,171	Series 2016-3A, Class B, 2.840%, 08/16/21 (e)		1,171
	167	Fifth Third Auto Trust, Series 2014-3, Class A3, 0.960%, 03/15/19		167
		First Investors Auto Owner Trust,
	603	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		604
	651	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		651
	373	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		382
		FirstKey Lending Trust,
	6,542	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		6,509
	2,246	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		2,234
		Flagship Credit Auto Trust,
	21	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		21
	245	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		245
	385	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		385
	892	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		899

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	440	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		444
	798	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		797
	2,976	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		2,984
	757	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		768
	756	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		780
	3,000	Series 2016-2, Class C, 6.220%, 09/15/22 (e)		3,223
	2,496	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		2,499
	176	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		148
	347	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		342
		GLS Auto Receivables Trust,
	1,856	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		1,857
	1,431	Series 2015-1A, Class B, 4.430%, 12/15/20 (e)		1,453
	3,081	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		3,087
	1,200	Series 2016-1A, Class C, 6.900%, 10/15/21 (e)		1,242
	583	GMAT Trust, Series 2013-1A, Class A, SUB, 6.967%, 11/25/43 (e)		584
		GO Financial Auto Securitization Trust,
	1,221	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		1,216
	701	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		702
	1,138	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		1,131
	1,609	Green Tree Agency Advance Funding Trust I, Series 2016-T1, Class BT1, 3.122%, 10/15/48 (e)		1,597
		GTP Acquisition Partners I LLC,
	1,236	2.350%, 06/15/20 (e)		1,226
	1,436	3.482%, 06/16/25 (e)		1,433
	1,762	HERO Funding Trust, Series 2016-3A, Class A1, 3.080%, 09/20/42 (e)		1,737
	500	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.660%, 12/27/28 (e)		500
	117	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.978%, 03/25/36		109

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	167	Honda Auto Receivables Owner Trust, Series 2014-2, Class A3, 0.770%, 03/19/18		167
	414	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.981%, 11/20/36		414
		Hyundai Auto Receivables Trust,
	866	Series 2015-B, Class A3, 1.120%, 11/15/19		865
	960	Series 2016-A, Class A3, 1.560%, 09/15/20		959
	1,327	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.772%, 06/17/31 (e)		1,327
		KGS-Alpha SBA COOF Trust,
	9,045	Series 2012-2, Class A, IO, VAR, 0.829%, 08/25/38 (e)		187
	7,280	Series 2013-2, Class A, IO, VAR, 1.630%, 03/25/39 (e)		301
	1,165	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.750%, 06/15/22 (e)		1,170
	2,894	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		2,962
	182	Long Beach Mortgage Loan Trust, Series 2006-WL2, Class 2A3, VAR, 0.978%, 01/25/36		180
		LV Tower 52 Issuer,
	7,200	Series 2013-1, Class A, 5.750%, 02/15/23 (e)		7,095
	2,550	Series 2013-1, Class M, 7.750%, 02/15/23 (e)		2,485
	2,130	Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.620%, 02/20/29 (e)		2,137
	2,586	Marlette Funding Trust, Series 2016-1A, Class A, 3.060%, 01/17/23 (e)		2,592
	449	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		449
	864	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		901
	3,728	Murray Hill Marketplace Trust, Series 2016-LC1, Class A, 4.190%, 11/25/22 (e)		3,759
		Nationstar HECM Loan Trust,
	75	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		75
	737	Series 2016-1A, Class A, 2.981%, 02/25/26 (e)		736
	1,121	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		1,115
	376	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 1.116%, 12/07/20		375
	663	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.178%, 11/25/33		670

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,565	New Residential Advance Receivables Trust Advance, Series 2016-T2, Class AT2, 2.575%, 10/15/49 (e)		2,537
		Nissan Auto Receivables Owner Trust,
	441	Series 2014-B, Class A3, 1.110%, 05/15/19		441
	857	Series 2016-B, Class A3, 1.320%, 01/15/21		852
		NRPL Trust,
	2,355	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		2,339
	1,522	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		1,516
	6,156	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		6,158
	1,200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		1,170
		Ocwen Master Advance Receivables Trust,
	2,934	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		2,932
	654	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		657
	487	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		487
	2,500	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		2,509
	1,400	Series 2016-T1, Class AT1, 2.521%, 08/17/48 (e)		1,391
		OnDeck Asset Securitization Trust II LLC,
	2,169	Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		2,166
	1,174	Series 2016-1A, Class B, 7.630%, 05/17/20 (e)		1,183
		OneMain Financial Issuance Trust,
	806	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		806
	402	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		403
	1,766	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		1,767
	1,491	Series 2014-2A, Class B, 3.020%, 09/18/24 (e)		1,489
	4,603	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		4,644
	550	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		551
	9,374	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		9,367
	1,911	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		1,887
	2,755	Series 2016-1A, Class A, 3.660%, 02/20/29 (e)		2,798

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,800	Series 2016-1A, Class C, 6.000%, 02/20/29 (e)		1,842
	4,075	Series 2016-2A, Class C, SUB, 5.670%, 03/20/28 (e)		4,106
		Oportun Funding II LLC,
	4,448	Series 2016-A, Class A, 4.700%, 03/08/21 (e)		4,528
	1,622	Series 2016-A, Class B, 6.410%, 03/08/21 (e)		1,655
	182	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		181
		Progreso Receivables Funding IV LLC,
	1,603	Series 2015-B, Class A, 3.000%, 07/28/20 (e)		1,603
	726	Series 2015-B, Class B, 5.000%, 07/28/20 (e)		730
		Progress Residential Trust,
	3,935	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		3,920
	2,012	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		1,998
	2,566	Series 2015-SFR2, Class C, 3.436%, 06/12/32 (e)		2,552
	1,230	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		1,227
	5,241	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		5,269
	295	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		303
	1,200	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		1,253
		Purchasing Power Funding LLC,
	4,000	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		4,040
	1,006	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		1,016
	3,380	Series 2016-A, VAR, 5.506%, 02/27/19		3,380
	327	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 1.078%, 03/25/36		326
	838	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.685%, 10/25/47 (e)		838
	291	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		136
	423	Santander Drive Auto Receivables Trust, Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		423
	145	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		146
	257	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.451%, 01/25/36		195

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	308	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		309
	2,028	SoFi Consumer Loan Program LLC, Series 2016-2A, Class A, 3.090%, 10/27/25 (e)		2,026
	3,429	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.050%, 04/25/29 (e)		3,445
		Springleaf Funding Trust,
	3,841	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		3,873
	1,087	Series 2015-AA, Class B, 3.620%, 11/15/24 (e)		1,084
	2,040	Series 2016-AA, Class B, 3.800%, 11/15/29 (e)		2,033
	1,765	Spruce ABS Trust, Series 2016-E1, Class A, 4.320%, 06/15/28 (e)		1,740
	8,499	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T3, Class CT3, 3.910%, 07/15/47 (e)		8,544
	804	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		804
	784	Toyota Auto Receivables Owner Trust, Series 2016-B, Class A3, 1.300%, 04/15/20		781
	4,251	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.720%, 10/15/18 (e)		4,246
	3,480	Tricolor Auto Securitization Trust, Series 2017-1, Class A, 5.090%, 07/15/19 (e)		3,480
		Tricon American Homes Trust,
	892	Series 2015-SFR1, Class A, VAR, 2.022%, 05/17/32 (e)		893
	1,824	Series 2016-SFR1, Class A, 2.589%, 11/17/33 (e)		1,780
	1,045	United Airlines Pass-Through Trust, Series 2016-1, Class A, 3.450%, 07/07/28		1,030
		US Residential Opportunity Fund III Trust,
	2,057	Series 2016-1III, Class A, SUB, 3.475%, 07/27/36 (e)		2,047
	2,593	Series 2016-2III, Class A, SUB, 3.475%, 08/27/36 (e)		2,579
	2,056	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		2,058
	250	Verizon Owner Trust, Series 2016-1A, Class A, 1.420%, 01/20/21 (e)		248
	412	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		411

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,210	VOLT LIII LLC, Series 2016-NP13, Class A1, SUB, 3.875%, 12/26/46 (e)		3,220
	2,071	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.500%, 02/25/47 (e)		2,071
	358	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		358
		VOLT XIX LLC,
	538	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		538
	400	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		396
	1,655	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		1,665
	800	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		804
	2,300	VOLT XLVI LLC, Series 2016-NPL6, Class A1, SUB, 3.844%, 06/25/46 (e)		2,306
		VOLT XXII LLC,
	873	Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		875
	665	Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		650
	1,060	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		1,062
	5,559	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,558
		VOLT XXVI LLC,
	1,059	Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		1,058
	921	Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		909
	3,345	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		3,342
	1,515	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		1,520
	1,251	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		1,252
	1,530	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,533
	808	VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		811
	2,926	VOLT XXXV, Series 2016-NPL9, Class A1, SUB, 3.500%, 09/25/46 (e)		2,914
	1,595	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		1,598
		Westgate Resorts LLC,
	170	Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		170
	317	Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		314

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		World Omni Auto Receivables Trust,
	15	Series 2013-B, Class A3, 0.830%, 08/15/18		15
	413	Series 2013-B, Class A4, 1.320%, 01/15/20		413
		Total Asset-Backed Securities (Cost $383,194)		384,199
	Collateralized Mortgage Obligations — 16.1%
	2,670	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		2,669
	1,576	Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		1,573
		Alternative Loan Trust,
	9,456	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		9,401
	1,176	Series 2005-1CB, Class 1A6, IF, IO, 6.322%, 03/25/35		224
	3,056	Series 2005-20CB, Class 3A8, IF, IO, 3.972%, 07/25/35		408
	5,714	Series 2005-22T1, Class A2, IF, IO, 4.292%, 06/25/35		778
	3,027	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		2,918
	115	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		91
	4,321	Series 2005-37T1, Class A2, IF, IO, 4.272%, 09/25/35		609
	2,411	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		2,229
	6,067	Series 2005-54CB, Class 1A2, IF, IO, 4.072%, 11/25/35		671
	1,424	Series 2005-57CB, Class 3A2, IF, IO, 4.322%, 12/25/35		182
	1,013	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		960
	2,161	Series 2005-J1, Class 1A4, IF, IO, 4.322%, 02/25/35		97
	1,561	Series 2006-26CB, Class A9, 6.500%, 09/25/36		1,299
		Angel Oak Mortgage Trust LLC,
	878	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		882
	533	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		534
		ASG Resecuritization Trust,
	38	Series 2009-1, Class A60, VAR, 2.608%, 06/26/37 (e)		38
	1,013	Series 2009-3, Class A65, VAR, 2.493%, 03/26/37 (e)		1,010
	160	Series 2010-2, Class A60, VAR, 2.468%, 01/28/37 (e)		159

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	391	Series 2011-1, Class 3A50, VAR, 3.332%, 11/28/35 (e)		388
		Banc of America Alternative Loan Trust,
	193	Series 2003-11, Class PO, PO, 01/25/34		152
	52	Series 2004-6, Class 15PO, PO, 07/25/19		49
	898	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		837
	2,122	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		476
	577	Series 2006-4, Class 1A4, 6.000%, 05/25/46		404
		Banc of America Funding Trust,
	219	Series 2004-1, Class PO, PO, 03/25/34		174
	109	Series 2004-2, Class 30PO, PO, 09/20/34		96
	192	Series 2004-C, Class 1A1, VAR, 3.194%, 12/20/34		189
	429	Series 2005-6, Class 2A7, 5.500%, 10/25/35		411
	259	Series 2005-7, Class 30PO, PO, 11/25/35		198
	155	Series 2005-8, Class 30PO, PO, 01/25/36		115
	621	Series 2005-E, Class 4A1, VAR, 3.113%, 03/20/35		625
	376	Series 2006-A, Class 3A2, VAR, 3.433%, 02/20/36		303
		Banc of America Mortgage Trust,
	217	Series 2004-3, Class 15IO, IO, VAR, 0.235%, 04/25/19		1
	26	Series 2004-4, Class APO, PO, 05/25/34		22
	561	Series 2004-5, Class 2A2, 5.500%, 06/25/34		567
	140	Series 2004-A, Class 2A2, VAR, 3.593%, 02/25/34		139
	479	Series 2004-J, Class 3A1, VAR, 3.658%, 11/25/34		473
	377	Series 2005-10, Class 1A6, 5.500%, 11/25/35		367
		BCAP LLC Trust,
	179	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		183
	10	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		10
	23	Series 2010-RR7, Class 1A5, VAR, 3.193%, 04/26/35 (e)		23
	1,202	Series 2010-RR7, Class 2A1, VAR, 2.734%, 07/26/45 (e)		1,196
	262	Series 2010-RR8, Class 3A4, VAR, 3.095%, 05/26/35 (e)		261
	154	Series 2010-RR12, Class 2A5, VAR, 3.266%, 01/26/36 (e)		153

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	96	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		96
	516	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		518
	12	Series 2011-RR5, Class 11A3, VAR, 0.906%, 05/28/36 (e)		12
	162	Series 2012-RR3, Class 2A5, VAR, 2.469%, 05/26/37 (e)		162
		Bear Stearns ARM Trust,
	139	Series 2003-7, Class 3A, VAR, 2.938%, 10/25/33		136
	505	Series 2004-1, Class 12A1, VAR, 3.463%, 04/25/34		501
	82	Series 2004-2, Class 14A, VAR, 3.434%, 05/25/34		82
	940	Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		952
	2,208	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		2,198
		CHL Mortgage Pass-Through Trust,
	296	Series 2004-7, Class 2A1, VAR, 2.978%, 06/25/34		290
	80	Series 2004-8, Class 2A1, 4.500%, 06/25/19		81
	108	Series 2004-HYB1, Class 2A, VAR, 3.248%, 05/20/34		103
	494	Series 2004-HYB3, Class 2A, VAR, 2.796%, 06/20/34		471
	401	Series 2004-HYB6, Class A3, VAR, 3.094%, 11/20/34		386
	78	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		79
	687	Series 2005-16, Class A23, 5.500%, 09/25/35		644
	2,068	Series 2005-22, Class 2A1, VAR, 3.167%, 11/25/35		1,761
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	112	Series 2005-5, Class APO, PO, 08/25/35		99
	96	Series 2005-8, Class APO, PO, 11/25/35		77
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	149	Series 2003-HYB1, Class A, VAR, 3.240%, 09/25/33		148
	5	Series 2003-UP2, Class PO1, PO, 12/25/18		4
		Citigroup Mortgage Loan Trust,
	359	Series 2008-AR4, Class 1A1A, VAR, 3.567%, 11/25/38 (e)		358
	210	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		215

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	480	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		465
		Citigroup Mortgage Loan Trust, Inc.,
	110	Series 2003-1, Class 2A5, 5.250%, 10/25/33		112
	57	Series 2003-1, Class 2A6, PO, 10/25/33		52
	48	Series 2003-1, Class PO2, PO, 10/25/33		39
	58	Series 2003-1, Class PO3, PO, 09/25/33		52
	31	Series 2003-UP3, Class A3, 7.000%, 09/25/33		31
	87	Series 2003-UST1, Class A1, 5.500%, 12/25/18		87
	21	Series 2003-UST1, Class PO1, PO, 12/25/18		21
	6	Series 2003-UST1, Class PO3, PO, 12/25/18		6
	114	Series 2004-UST1, Class A6, VAR, 2.873%, 08/25/34		110
	291	Series 2005-1, Class 2A1A, VAR, 3.086%, 02/25/35		212
	322	Series 2005-2, Class 2A11, 5.500%, 05/25/35		329
	380	Series 2005-5, Class 1A2, VAR, 3.892%, 08/25/35		267
	1,079	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 12/25/47 (d)		116
		Credit Suisse First Boston Mortgage Securities Corp.,
	474	Series 2003-1, Class DB1, VAR, 6.732%, 02/25/33		482
	16	Series 2003-17, Class 2A1, 5.000%, 07/25/18		16
	184	Series 2003-21, Class 1A4, 5.250%, 09/25/33		189
	274	Series 2003-25, Class 1P, PO, 10/25/33		239
	9	Series 2004-5, Class 5P, PO, 08/25/19		9
	2,458	Series 2005-4, Class 3A18, 5.500%, 06/25/35		2,496
	2,735	Series 2005-4, Class 3A23, 5.500%, 06/25/35		2,734
		CSMC,
	2,719	Series 2010-11R, Class A6, VAR, 1.781%, 06/28/47 (e)		2,702
	263	Series 2011-16R, Class 7A3, VAR, 3.048%, 12/27/36 (e)		263
	79	Series 2011-6R, Class 3A1, VAR, 3.522%, 07/28/36 (e)		79
	47	Series 2012-3R, Class 1A1, VAR, 2.774%, 07/27/37 (e)		47
	103	FHLMC — GNMA, Series 8, Class ZA, 7.000%, 03/25/23		111

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			FHLMC REMIC,
	1		Series 22, Class C, 9.500%, 04/15/20		2
	3		Series 23, Class F, 9.600%, 04/15/20		3
	—	(h)	Series 47, Class F, 10.000%, 06/15/20		—	(h)
	1		Series 99, Class Z, 9.500%, 01/15/21		1
	—	(h)	Series 204, Class E, HB, IF, 1,735.366%, 05/15/23		—	(h)
	—	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	2		Series 1065, Class J, 9.000%, 04/15/21		3
	—	(h)	Series 1079, Class S, HB, IF, 31.382%, 05/15/21		1
	2		Series 1084, Class F, VAR, 1.720%, 05/15/21		2
	1		Series 1084, Class S, HB, IF, 41.760%, 05/15/21		1
	5		Series 1116, Class I, 5.500%, 08/15/21		5
	6		Series 1144, Class KB, 8.500%, 09/15/21		7
	—	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, 1,104.543%, 01/15/22		1
	5		Series 1250, Class J, 7.000%, 05/15/22		5
	10		Series 1343, Class LA, 8.000%, 08/15/22		11
	12		Series 1343, Class LB, 7.500%, 08/15/22		14
	21		Series 1370, Class JA, VAR, 1.920%, 09/15/22		22
	20		Series 1455, Class WB, IF, 4.290%, 12/15/22		21
	102		Series 1466, Class PZ, 7.500%, 02/15/23		113
	2		Series 1470, Class F, VAR, 1.599%, 02/15/23		2
	107		Series 1498, Class I, VAR, 1.920%, 04/15/23		109
	162		Series 1502, Class PX, 7.000%, 04/15/23		179
	17		Series 1505, Class Q, 7.000%, 05/15/23		19
	43		Series 1518, Class G, IF, 8.362%, 05/15/23		48
	14		Series 1541, Class M, HB, IF, 25.120%, 07/15/23		21
	39		Series 1541, Class O, VAR, 1.780%, 07/15/23		39
	4		Series 1570, Class F, VAR, 2.099%, 08/15/23		4
	140		Series 1573, Class PZ, 7.000%, 09/15/23		154
	83		Series 1591, Class PV, 6.250%, 10/15/23		90
	27		Series 1602, Class SA, HB, IF, 20.248%, 10/15/23		37
	379		Series 1608, Class L, 6.500%, 09/15/23		427

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	259	Series 1638, Class H, 6.500%, 12/15/23		281
	182	Series 1642, Class PJ, 6.000%, 11/15/23		197
	14	Series 1671, Class QC, IF, 10.000%, 02/15/24		19
	9	Series 1686, Class SH, IF, 17.505%, 02/15/24		12
	61	Series 1695, Class EB, 7.000%, 03/15/24		67
	12	Series 1699, Class FC, VAR, 1.370%, 03/15/24		12
	65	Series 1700, Class GA, PO, 02/15/24		63
	161	Series 1706, Class K, 7.000%, 03/15/24		178
	6	Series 1709, Class FA, VAR, 1.580%, 03/15/24		6
	23	Series 1745, Class D, 7.500%, 08/15/24		26
	362	Series 1760, Class ZD, VAR, 1.930%, 02/15/24		363
	133	Series 1798, Class F, 5.000%, 05/15/23		142
	2	Series 1807, Class G, 9.000%, 10/15/20		2
	31	Series 1829, Class ZB, 6.500%, 03/15/26		34
	33	Series 1863, Class Z, 6.500%, 07/15/26		38
	39	Series 1865, Class D, PO, 02/15/24		35
	30	Series 1890, Class H, 7.500%, 09/15/26		34
	99	Series 1899, Class ZE, 8.000%, 09/15/26		115
	6	Series 1935, Class FL, VAR, 1.470%, 02/15/27		6
	72	Series 1963, Class Z, 7.500%, 01/15/27		83
	8	Series 1970, Class PG, 7.250%, 07/15/27		10
	126	Series 1981, Class Z, 6.000%, 05/15/27		138
	46	Series 1987, Class PE, 7.500%, 09/15/27		53
	105	Series 2019, Class Z, 6.500%, 12/15/27		117
	29	Series 2033, Class SN, HB, IF, 28.740%, 03/15/24		12
	86	Series 2038, Class PN, IO, 7.000%, 03/15/28		17
	191	Series 2040, Class PE, 7.500%, 03/15/28		221
	26	Series 2043, Class CJ, 6.500%, 04/15/28		29
	125	Series 2054, Class PV, 7.500%, 05/15/28		144
	243	Series 2075, Class PH, 6.500%, 08/15/28		266
	273	Series 2075, Class PM, 6.250%, 08/15/28		300
	71	Series 2086, Class GB, 6.000%, 09/15/28		80
	113	Series 2089, Class PJ, IO, 7.000%, 10/15/28		13
	334	Series 2095, Class PE, 6.000%, 11/15/28		381
	109	Series 2125, Class JZ, 6.000%, 02/15/29		121
	25	Series 2132, Class SB, HB, IF, 27.170%, 03/15/29		42
	7	Series 2134, Class PI, IO, 6.500%, 03/15/19		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	141	Series 2136, Class PG, 6.000%, 03/15/29		162
	40	Series 2141, Class IO, IO, 7.000%, 04/15/29		5
	41	Series 2163, Class PC, IO, 7.500%, 06/15/29		5
	407	Series 2169, Class TB, 7.000%, 06/15/29		464
	242	Series 2172, Class QC, 7.000%, 07/15/29		280
	208	Series 2176, Class OJ, 7.000%, 08/15/29		238
	112	Series 2201, Class C, 8.000%, 11/15/29		129
	108	Series 2209, Class TC, 8.000%, 01/15/30		128
	196	Series 2210, Class Z, 8.000%, 01/15/30		234
	36	Series 2224, Class CB, 8.000%, 03/15/30		42
	102	Series 2230, Class Z, 8.000%, 04/15/30		121
	77	Series 2234, Class PZ, 7.500%, 05/15/30		90
	75	Series 2247, Class Z, 7.500%, 08/15/30		89
	112	Series 2256, Class MC, 7.250%, 09/15/30		132
	162	Series 2259, Class ZM, 7.000%, 10/15/30		187
	5	Series 2261, Class ZY, 7.500%, 10/15/30		6
	23	Series 2262, Class Z, 7.500%, 10/15/30		27
	181	Series 2271, Class PC, 7.250%, 12/15/30		210
	164	Series 2283, Class K, 6.500%, 12/15/23		179
	97	Series 2296, Class PD, 7.000%, 03/15/31		111
	27	Series 2306, Class K, PO, 05/15/24		25
	64	Series 2306, Class SE, IF, IO, 8.170%, 05/15/24		12
	122	Series 2313, Class LA, 6.500%, 05/15/31		140
	153	Series 2325, Class PM, 7.000%, 06/15/31		176
	989	Series 2344, Class ZD, 6.500%, 08/15/31		1,151
	83	Series 2344, Class ZJ, 6.500%, 08/15/31		92
	77	Series 2345, Class NE, 6.500%, 08/15/31		87
	83	Series 2351, Class PZ, 6.500%, 08/15/31		94
	602	Series 2353, Class AZ, 6.000%, 09/15/31		687
	312	Series 2359, Class ZB, 8.500%, 06/15/31		364
	161	Series 2367, Class ME, 6.500%, 10/15/31		182
	358	Series 2396, Class FM, VAR, 1.220%, 12/15/31		358
	182	Series 2399, Class OH, 6.500%, 01/15/32		201
	285	Series 2399, Class TH, 6.500%, 01/15/32		314
	276	Series 2410, Class NG, 6.500%, 02/15/32		308
	98	Series 2410, Class OE, 6.375%, 02/15/32		109
	185	Series 2410, Class QS, IF, 17.498%, 02/15/32		279
	104	Series 2410, Class QX, IF, IO, 7.880%, 02/15/32		26
	218	Series 2412, Class SP, IF, 14.560%, 02/15/32		278
	306	Series 2420, Class XK, 6.500%, 02/15/32		338

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	280	Series 2423, Class MC, 7.000%, 03/15/32		328
	249	Series 2423, Class MT, 7.000%, 03/15/32		289
	1	Series 2425, Class OB, 6.000%, 03/15/17		1
	492	Series 2430, Class WF, 6.500%, 03/15/32		561
	280	Series 2434, Class TC, 7.000%, 04/15/32		322
	316	Series 2435, Class CJ, 6.500%, 04/15/32		364
	218	Series 2436, Class MC, 7.000%, 04/15/32		248
	180	Series 2444, Class ES, IF, IO, 7.180%, 03/15/32		45
	133	Series 2450, Class GZ, 7.000%, 05/15/32		155
	144	Series 2450, Class SW, IF, IO, 7.230%, 03/15/32		32
	620	Series 2455, Class GK, 6.500%, 05/15/32		700
	217	Series 2462, Class JG, 6.500%, 06/15/32		244
	465	Series 2464, Class SI, IF, IO, 7.230%, 02/15/32		97
	406	Series 2466, Class PH, 6.500%, 06/15/32		460
	214	Series 2474, Class NR, 6.500%, 07/15/32		242
	272	Series 2484, Class LZ, 6.500%, 07/15/32		311
	315	Series 2500, Class MC, 6.000%, 09/15/32		357
	2	Series 2503, Class BH, 5.500%, 09/15/17		2
	19	Series 2508, Class AQ, 5.500%, 10/15/17		19
	238	Series 2512, Class PG, 5.500%, 10/15/22		259
	127	Series 2535, Class BK, 5.500%, 12/15/22		135
	41	Series 2537, Class TE, 5.500%, 12/15/17		41
	478	Series 2543, Class YX, 6.000%, 12/15/32		531
	469	Series 2544, Class HC, 6.000%, 12/15/32		535
	580	Series 2552, Class ME, 6.000%, 01/15/33		664
	495	Series 2567, Class QD, 6.000%, 02/15/33		564
	315	Series 2568, Class KG, 5.500%, 02/15/23		345
	59	Series 2571, Class SK, HB, IF, 31.179%, 09/15/23		93
	1,309	Series 2575, Class ME, 6.000%, 02/15/33		1,417
	173	Series 2586, Class WI, IO, 6.500%, 03/15/33		33
	109	Series 2587, Class WX, 5.000%, 03/15/18		110
	362	Series 2596, Class QG, 6.000%, 03/15/33		391
	44	Series 2611, Class UH, 4.500%, 05/15/18		44
	84	Series 2617, Class GR, 4.500%, 05/15/18		85
	66	Series 2626, Class NS, IF, IO, 5.780%, 06/15/23		2
	94	Series 2631, Class LC, 4.500%, 06/15/18		95
	46	Series 2636, Class Z, 4.500%, 06/15/18		47
	65	Series 2637, Class SA, IF, IO, 5.330%, 06/15/18		2
	23	Series 2638, Class DS, IF, 7.830%, 07/15/23		25

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	35	Series 2650, Class PO, PO, 12/15/32		35
	282	Series 2650, Class SO, PO, 12/15/32		276
	74	Series 2651, Class VZ, 4.500%, 07/15/18		75
	376	Series 2675, Class CK, 4.000%, 09/15/18		381
	73	Series 2692, Class SC, IF, 11.747%, 07/15/33		90
	110	Series 2695, Class DG, 4.000%, 10/15/18		112
	796	Series 2710, Class HB, 5.500%, 11/15/23		867
	498	Series 2716, Class UN, 4.500%, 12/15/23		521
	112	Series 2744, Class PE, 5.500%, 02/15/34		118
	76	Series 2744, Class TU, 5.500%, 05/15/32		77
	233	Series 2783, Class AT, 4.000%, 04/15/19		236
	619	Series 2809, Class UC, 4.000%, 06/15/19		630
	38	Series 2835, Class QO, PO, 12/15/32		34
	21	Series 2840, Class JO, PO, 06/15/23		21
	42	Series 2922, Class JN, 4.500%, 02/15/20		43
	217	Series 2934, Class EC, PO, 02/15/20		211
	181	Series 2934, Class HI, IO, 5.000%, 02/15/20		9
	146	Series 2934, Class KI, IO, 5.000%, 02/15/20		7
	94	Series 2958, Class QD, 4.500%, 04/15/20		96
	653	Series 2965, Class GD, 4.500%, 04/15/20		669
	10	Series 2989, Class PO, PO, 06/15/23		10
	2,911	Series 2990, Class UZ, 5.750%, 06/15/35		3,291
	1,233	Series 3004, Class EK, 5.500%, 07/15/35		1,287
	63	Series 3014, Class OD, PO, 08/15/35		58
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,040
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,422
	6	Series 3068, Class AO, PO, 01/15/35		6
	100	Series 3068, Class QB, 4.500%, 06/15/20		102
	1,050	Series 3074, Class BH, 5.000%, 11/15/35		1,127
	256	Series 3085, Class WF, VAR, 1.570%, 08/15/35		262
	429	Series 3102, Class FB, VAR, 1.070%, 01/15/36		429
	101	Series 3102, Class HS, HB, IF, 21.743%, 01/15/36		149
	542	Series 3117, Class EO, PO, 02/15/36		476
	314	Series 3117, Class OK, PO, 02/15/36		264
	21	Series 3122, Class ZB, 6.000%, 03/15/36		24
	1,058	Series 3131, Class BK, 5.500%, 03/15/26		1,143
	92	Series 3134, Class PO, PO, 03/15/36		83
	434	Series 3138, Class PO, PO, 04/15/36		378
	30	Series 3149, Class SO, PO, 05/15/36		25
	265	Series 3151, Class UC, 5.500%, 08/15/35		276
	408	Series 3152, Class MO, PO, 03/15/36		358

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	97	Series 3171, Class MO, PO, 06/15/36		90
	336	Series 3179, Class OA, PO, 07/15/36		301
	81	Series 3194, Class SA, IF, IO, 6.330%, 07/15/36		11
	377	Series 3211, Class SO, PO, 09/15/36		340
	168	Series 3218, Class AO, PO, 09/15/36		141
	322	Series 3219, Class DI, IO, 6.000%, 04/15/36		65
	935	Series 3229, Class HE, 5.000%, 10/15/26		999
	340	Series 3232, Class ST, IF, IO, 5.930%, 10/15/36		56
	138	Series 3233, Class OP, PO, 05/15/36		125
	227	Series 3256, Class PO, PO, 12/15/36		202
	512	Series 3260, Class CS, IF, IO, 5.370%, 01/15/37		81
	273	Series 3261, Class OA, PO, 01/15/37		250
	103	Series 3274, Class JO, PO, 02/15/37		93
	93	Series 3275, Class FL, VAR, 1.210%, 02/15/37		93
	523	Series 3290, Class SB, IF, IO, 5.680%, 03/15/37		77
	831	Series 3315, Class HZ, 6.000%, 05/15/37		867
	41	Series 3318, Class AO, PO, 05/15/37		38
	53	Series 3326, Class JO, PO, 06/15/37		48
	268	Series 3331, Class PO, PO, 06/15/37		244
	210	Series 3385, Class SN, IF, IO, 5.230%, 11/15/37		24
	374	Series 3387, Class SA, IF, IO, 5.650%, 11/15/37		53
	633	Series 3404, Class SC, IF, IO, 5.230%, 01/15/38		77
	3,415	Series 3422, Class AI, SUB, 0.250%, 01/15/38		36
	462	Series 3424, Class PI, IF, IO, 6.030%, 04/15/38		59
	795	Series 3481, Class SJ, IF, IO, 5.080%, 08/15/38		62
	514	Series 3511, Class SA, IF, IO, 5.230%, 02/15/39		81
	150	Series 3549, Class FA, VAR, 1.970%, 07/15/39		152
	203	Series 3607, Class BO, PO, 04/15/36		184
	732	Series 3607, Class OP, PO, 07/15/37		637
	378	Series 3607, Class PO, PO, 05/15/37		336
	94	Series 3611, Class PO, PO, 07/15/34		86
	283	Series 3621, Class BO, PO, 01/15/40		255
	311	Series 3720, Class A, 4.500%, 09/15/25		333
	37	Series 3739, Class LI, IO, 4.000%, 03/15/34		—	(h)
	1,213	Series 3747, Class HI, IO, 4.500%, 07/15/37		60

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		1,070
	715	Series 3759, Class HI, IO, 4.000%, 08/15/37		40
	597	Series 3760, Class GI, IO, 4.000%, 10/15/37		24
	9,334	Series 3774, Class EW, 3.500%, 12/15/25		9,718
	5,000	Series 3793, Class AB, 3.500%, 01/15/26		5,243
	187	Series 3804, Class FN, VAR, 1.220%, 03/15/39		188
	1,820	Series 3819, Class ZQ, 6.000%, 04/15/36		2,047
	430	Series 3852, Class QN, IF, 5.500%, 05/15/41		448
	1,392	Series 3852, Class TP, IF, 5.500%, 05/15/41		1,509
	1,390	Series 3920, Class LP, 5.000%, 01/15/34		1,517
	923	Series 3925, Class FL, VAR, 1.220%, 01/15/41		921
	659	Series 3957, Class B, 4.000%, 11/15/41		694
	923	Series 3966, Class NA, 4.000%, 12/15/41		981
	425	Series 3997, Class PF, VAR, 1.220%, 11/15/39		427
	2,110	Series 4048, Class FJ, VAR, 1.180%, 07/15/37		2,074
	2,000	Series 4217, Class KY, 3.000%, 06/15/43		1,921
	2,501	Series 4240, Class B, 3.000%, 08/15/33		2,491
	3,684	Series 4251, Class KW, 2.500%, 04/15/28		3,525
	4,432	Series 4374, Class NC, SUB, 2.750%, 02/15/46		4,591
		FHLMC STRIPS,
	1	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	680	Series 233, Class 11, IO, 5.000%, 09/15/35		120
	962	Series 233, Class 13, IO, 5.000%, 09/15/35		181
	102	Series 243, Class 16, IO, 4.500%, 11/15/20		4
	247	Series 243, Class 17, IO, 4.500%, 12/15/20		10
	6,544	Series 262, Class 35, 3.500%, 07/15/42		6,660
	1,719	Series 264, Class F1, VAR, 1.320%, 07/15/42		1,723
	6,617	Series 299, Class 300, 3.000%, 01/15/43		6,635
	2,052	Series 310, Class PO, PO, 09/15/43		1,598
	4,060	Series 323, Class 300, 3.000%, 01/15/44		4,073
		FHLMC Structured Pass-Through Securities Certificates,
	402	Series T-41, Class 3A, VAR, 5.765%, 07/25/32		440
	248	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		299
	412	Series T-54, Class 3A, 7.000%, 02/25/43		496
	162	Series T-58, Class APO, PO, 09/25/43		135

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 17

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	366		Series T-59, Class 1AP, PO, 10/25/43		295
	1,437		Series T-76, Class 2A, VAR, 1.706%, 10/25/37		1,461
			FHLMC, Multifamily Structured Pass-Through Certificates,
	3,560		Series K052, Class A2, 3.151%, 11/25/25		3,645
	872		Series KJ02, Class A2, 2.597%, 09/25/20		884
	2,759		Series KJ09, Class A2, 2.838%, 09/25/22		2,808
	5,500		Series KPLB, Class A, 2.770%, 05/25/25		5,419
	1,000		Series KS01, Class A2, 2.522%, 01/25/23		997
	2,500		Series KSMC, Class A2, 2.615%, 01/25/23		2,521
	1,442		FHLMC, Structured Pass-Through Certificates, Series T-54, Class 2A, 6.500%, 02/25/43		1,698
			First Horizon Alternative Mortgage Securities Trust,
	610		Series 2004-AA4, Class A1, VAR, 2.848%, 10/25/34		600
	940		Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		798
	1,816		Series 2007-FA4, Class 1A2, IF, IO, 4.872%, 08/25/37		342
			First Horizon Mortgage Pass-Through Trust,
	315		Series 2004-AR2, Class 2A1, VAR, 3.095%, 05/25/34		312
	645		Series 2005-AR1, Class 2A2, VAR, 3.061%, 04/25/35		645
			FNMA Grantor Trust,
	699		Series 2002-T19, Class A2, 7.000%, 07/25/42		796
	536		Series 2004-T3, Class 1A3, 7.000%, 02/25/44		628
			FNMA REMIC,
	1		Series 1988-7, Class Z, 9.250%, 04/25/18		1
	3		Series 1989-70, Class G, 8.000%, 10/25/19		4
	2		Series 1989-78, Class H, 9.400%, 11/25/19		2
	3		Series 1989-83, Class H, 8.500%, 11/25/19		3
	2		Series 1989-89, Class H, 9.000%, 11/25/19		2
	3		Series 1990-1, Class D, 8.800%, 01/25/20		3
	—	(h)	Series 1990-60, Class K, 5.500%, 06/25/20		—	(h)
	1		Series 1990-63, Class H, 9.500%, 06/25/20		1
	1		Series 1990-93, Class G, 5.500%, 08/25/20		1
	—	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		—	(h)
	—	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	8		Series 1990-102, Class J, 6.500%, 08/25/20		8

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	7		Series 1990-120, Class H, 9.000%, 10/25/20		7
	1		Series 1990-134, Class SC, HB, IF, 20.432%, 11/25/20		1
	—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	3		Series 1991-24, Class Z, 5.000%, 03/25/21		3
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	20		Series 1992-136, Class PK, 6.000%, 08/25/22		21
	12		Series 1992-143, Class MA, 5.500%, 09/25/22		13
	46		Series 1992-163, Class M, 7.750%, 09/25/22		51
	78		Series 1992-188, Class PZ, 7.500%, 10/25/22		86
	30		Series 1993-21, Class KA, 7.700%, 03/25/23		33
	49		Series 1993-25, Class J, 7.500%, 03/25/23		55
	12		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		16
	17		Series 1993-62, Class SA, IF, 19.136%, 04/25/23		23
	10		Series 1993-165, Class SD, IF, 13.586%, 09/25/23		12
	21		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		24
	15		Series 1993-179, Class SB, HB, IF, 27.129%, 10/25/23		22
	10		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		12
	27		Series 1993-205, Class H, PO, 09/25/23		26
	45		Series 1993-225, Class UB, 6.500%, 12/25/23		50
	15		Series 1993-230, Class FA, VAR, 1.378%, 12/25/23		15
	37		Series 1993-247, Class FE, VAR, 1.778%, 12/25/23		37
	17		Series 1993-247, Class SU, IF, 12.351%, 12/25/23		21
	150		Series 1994-37, Class L, 6.500%, 03/25/24		165
	823		Series 1994-40, Class Z, 6.500%, 03/25/24		904
	37		Series 1995-2, Class Z, 8.500%, 01/25/25		43
	184		Series 1995-19, Class Z, 6.500%, 11/25/23		207
	161		Series 1996-14, Class SE, IF, IO, 8.270%, 08/25/23		29
	14		Series 1996-59, Class J, 6.500%, 08/25/22		15

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	124	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		4
	13	Series 1997-27, Class J, 7.500%, 04/18/27		15
	29	Series 1997-29, Class J, 7.500%, 04/20/27		34
	206	Series 1997-39, Class PD, 7.500%, 05/20/27		239
	16	Series 1997-42, Class ZC, 6.500%, 07/18/27		18
	303	Series 1997-61, Class ZC, 7.000%, 02/25/23		335
	53	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		6
	7	Series 1998-4, Class C, PO, 04/25/23		7
	91	Series 1998-36, Class ZB, 6.000%, 07/18/28		103
	55	Series 1998-43, Class SA, IF, IO, 17.003%, 04/25/23		19
	93	Series 1998-66, Class SB, IF, IO, 7.372%, 12/25/28		13
	60	Series 1999-17, Class C, 6.350%, 04/25/29		66
	223	Series 1999-18, Class Z, 5.500%, 04/18/29		246
	15	Series 1999-38, Class SK, IF, IO, 7.272%, 08/25/23		1
	27	Series 1999-52, Class NS, HB, IF, 21.201%, 10/25/23		38
	87	Series 1999-62, Class PB, 7.500%, 12/18/29		100
	288	Series 2000-2, Class ZE, 7.500%, 02/25/30		333
	174	Series 2000-20, Class SA, IF, IO, 8.322%, 07/25/30		36
	22	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		5
	61	Series 2001-4, Class PC, 7.000%, 03/25/21		65
	67	Series 2001-7, Class PF, 7.000%, 03/25/31		78
	176	Series 2001-30, Class PM, 7.000%, 07/25/31		204
	190	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		44
	169	Series 2001-36, Class DE, 7.000%, 08/25/31		194
	445	Series 2001-44, Class MY, 7.000%, 09/25/31		518
	55	Series 2001-44, Class PD, 7.000%, 09/25/31		64
	71	Series 2001-44, Class PU, 7.000%, 09/25/31		83
	472	Series 2001-48, Class Z, 6.500%, 09/25/21		513
	46	Series 2001-49, Class Z, 6.500%, 09/25/31		52

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	57		Series 2001-52, Class KB, 6.500%, 10/25/31		63
	581		Series 2001-61, Class Z, 7.000%, 11/25/31		677
	20		Series 2001-72, Class SX, IF, 15.653%, 12/25/31		27
	43		Series 2002-1, Class HC, 6.500%, 02/25/22		47
	51		Series 2002-1, Class SA, HB, IF, 22.658%, 02/25/32		84
	37		Series 2002-1, Class UD, HB, IF, 21.776%, 12/25/23		52
	—	(h)	Series 2002-10, Class SB, IF, 17.332%, 03/25/17		—	(h)
	633		Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		34
	9		Series 2002-13, Class ST, IF, 10.000%, 03/25/32		11
	—	(h)	Series 2002-19, Class PE, 6.000%, 04/25/17		—	(h)
	18		Series 2002-21, Class LO, PO, 04/25/32		16
	179		Series 2002-21, Class PE, 6.500%, 04/25/32		202
	1		Series 2002-24, Class AJ, 6.000%, 04/25/17		1
	1		Series 2002-25, Class SG, IF, 17.452%, 05/25/17		1
	453		Series 2002-28, Class PK, 6.500%, 05/25/32		500
	110		Series 2002-37, Class Z, 6.500%, 06/25/32		125
	7		Series 2002-42, Class C, 6.000%, 07/25/17		7
	614		Series 2002-48, Class GH, 6.500%, 08/25/32		703
	24		Series 2002-62, Class ZE, 5.500%, 11/25/17		24
	10		Series 2002-63, Class KC, 5.000%, 10/25/17		10
	98		Series 2002-77, Class S, IF, 13.056%, 12/25/32		117
	315		Series 2002-83, Class CS, 6.881%, 08/25/23		344
	—	(h)	Series 2002-94, Class BK, 5.500%, 01/25/18		—	(h)
	52		Series 2003-3, Class HJ, 5.000%, 02/25/18		53
	1,982		Series 2003-22, Class UD, 4.000%, 04/25/33		2,084
	636		Series 2003-33, Class IA, IO, 6.500%, 05/25/33		164
	396		Series 2003-34, Class AX, 6.000%, 05/25/33		453
	1,516		Series 2003-34, Class ED, 6.000%, 05/25/33		1,653

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 19

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	25	Series 2003-35, Class UC, 3.750%, 05/25/33		26
	78	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		19
	618	Series 2003-39, Class LW, 5.500%, 05/25/23		658
	363	Series 2003-41, Class PE, 5.500%, 05/25/23		386
	113	Series 2003-42, Class GB, 4.000%, 05/25/33		118
	280	Series 2003-47, Class PE, 5.750%, 06/25/33		316
	102	Series 2003-52, Class SX, HB, IF, 20.615%, 10/25/31		143
	78	Series 2003-64, Class SX, IF, 11.800%, 07/25/33		96
	440	Series 2003-71, Class DS, IF, 6.427%, 08/25/33		446
	657	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		124
	61	Series 2003-74, Class SH, IF, 8.769%, 08/25/33		72
	64	Series 2003-76, Class GQ, 4.500%, 08/25/18		65
	47	Series 2003-80, Class SY, IF, IO, 6.872%, 06/25/23		1
	118	Series 2003-81, Class LC, 4.500%, 09/25/18		120
	410	Series 2003-83, Class PG, 5.000%, 06/25/23		420
	141	Series 2003-91, Class SD, IF, 11.203%, 09/25/33		167
	911	Series 2003-116, Class SB, IF, IO, 6.822%, 11/25/33		181
	72	Series 2003-128, Class NG, 4.000%, 01/25/19		73
	41	Series 2003-130, Class SX, IF, 10.352%, 01/25/34		48
	68	Series 2003-132, Class OA, PO, 08/25/33		63
	795	Series 2004-4, Class QI, IF, IO, 6.322%, 06/25/33		69
	75	Series 2004-4, Class QM, IF, 12.643%, 06/25/33		85
	263	Series 2004-10, Class SC, HB, IF, 25.487%, 02/25/34		302
	177	Series 2004-25, Class PC, 5.500%, 01/25/34		182
	550	Series 2004-25, Class SA, IF, 17.385%, 04/25/34		759

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	540	Series 2004-27, Class HB, 4.000%, 05/25/19		551
	122	Series 2004-36, Class PC, 5.500%, 02/25/34		126
	844	Series 2004-36, Class SA, IF, 17.385%, 05/25/34		1,231
	185	Series 2004-36, Class SN, IF, 12.643%, 07/25/33		201
	337	Series 2004-46, Class QB, HB, IF, 20.887%, 05/25/34		512
	1,014	Series 2004-46, Class SK, IF, 14.360%, 05/25/34		1,237
	160	Series 2004-51, Class SY, IF, 12.683%, 07/25/34		207
	167	Series 2004-53, Class NC, 5.500%, 07/25/24		178
	221	Series 2004-59, Class BG, PO, 12/25/32		200
	547	Series 2004-61, Class FH, VAR, 1.578%, 11/25/32		560
	72	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		84
	49	Series 2004-76, Class CL, 4.000%, 10/25/19		50
	243	Series 2004-79, Class SP, IF, 17.660%, 11/25/34		289
	24	Series 2005-52, Class PA, 6.500%, 06/25/35		25
	933	Series 2005-56, Class S, IF, IO, 5.932%, 07/25/35		164
	222	Series 2005-66, Class SG, IF, 15.429%, 07/25/35		300
	285	Series 2005-68, Class BC, 5.250%, 06/25/35		299
	898	Series 2005-68, Class PG, 5.500%, 08/25/35		996
	385	Series 2005-68, Class UC, 5.000%, 06/25/35		400
	381	Series 2005-74, Class CS, IF, 17.880%, 05/25/35		501
	3,003	Series 2005-84, Class XM, 5.750%, 10/25/35		3,334
	1,187	Series 2005-109, Class PC, 6.000%, 12/25/35		1,314
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		4,911
	591	Series 2005-110, Class MN, 5.500%, 06/25/35		609
	58	Series 2006-15, Class OT, PO, 01/25/36		57
	312	Series 2006-16, Class OA, PO, 03/25/36		279

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	450	Series 2006-22, Class AO, PO, 04/25/36		399
	114	Series 2006-23, Class KO, PO, 04/25/36		105
	1,020	Series 2006-39, Class WC, 5.500%, 01/25/36		1,108
	632	Series 2006-44, Class GO, PO, 06/25/36		572
	1,484	Series 2006-44, Class P, PO, 12/25/33		1,348
	923	Series 2006-46, Class UC, 5.500%, 12/25/35		989
	947	Series 2006-53, Class US, IF, IO, 5.802%, 06/25/36		148
	898	Series 2006-56, Class FC, VAR, 1.068%, 07/25/36		894
	503	Series 2006-56, Class PO, PO, 07/25/36		459
	535	Series 2006-58, Class AP, PO, 07/25/36		490
	70	Series 2006-58, Class FL, VAR, 1.238%, 07/25/36		69
	280	Series 2006-58, Class PO, PO, 07/25/36		256
	141	Series 2006-59, Class QO, PO, 01/25/33		139
	3,993	Series 2006-60, Class DZ, 6.500%, 07/25/36		4,937
	426	Series 2006-65, Class QO, PO, 07/25/36		375
	86	Series 2006-72, Class TO, PO, 08/25/36		80
	1,620	Series 2006-77, Class PC, 6.500%, 08/25/36		1,835
	350	Series 2006-79, Class DO, PO, 08/25/36		316
	295	Series 2006-90, Class AO, PO, 09/25/36		270
	128	Series 2006-109, Class PO, PO, 11/25/36		114
	801	Series 2006-110, Class PO, PO, 11/25/36		730
	83	Series 2006-111, Class EO, PO, 11/25/36		74
	537	Series 2006-118, Class A2, VAR, 0.838%, 12/25/36		525
	80	Series 2006-119, Class PO, PO, 12/25/36		72
	1,119	Series 2006-124, Class HB, VAR, 3.134%, 11/25/36		1,190
	574	Series 2006-128, Class BP, 5.500%, 01/25/37		609
	512	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		83
	785	Series 2007-7, Class SG, IF, IO, 5.722%, 08/25/36		218
	1,255	Series 2007-14, Class ES, IF, IO, 5.662%, 03/25/37		211
	108	Series 2007-15, Class NO, PO, 03/25/22		104
	307	Series 2007-16, Class FC, VAR, 1.528%, 03/25/37		312
	111	Series 2007-42, Class AO, PO, 05/25/37		102
	196	Series 2007-48, Class PO, PO, 05/25/37		176
	531	Series 2007-54, Class FA, VAR, 1.178%, 06/25/37		531

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,300	Series 2007-60, Class AX, IF, IO, 6.372%, 07/25/37		658
	130	Series 2007-77, Class FG, VAR, 1.278%, 03/25/37		130
	778	Series 2007-81, Class GE, 6.000%, 08/25/37		842
	2,114	Series 2007-88, Class VI, IF, IO, 5.762%, 09/25/37		363
	1,590	Series 2007-91, Class ES, IF, IO, 5.682%, 10/25/37		193
	1,070	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		135
	1,022	Series 2007-101, Class A2, VAR, 1.028%, 06/27/36		996
	338	Series 2007-106, Class A7, VAR, 6.179%, 10/25/37		375
	178	Series 2007-114, Class A6, VAR, 0.978%, 10/27/37		178
	1,569	Series 2007-116, Class HI, IO, VAR, 1.545%, 01/25/38		90
	715	Series 2008-1, Class BI, IF, IO, 5.132%, 02/25/38		107
	421	Series 2008-10, Class XI, IF, IO, 5.452%, 03/25/38		55
	230	Series 2008-16, Class IS, IF, IO, 5.422%, 03/25/38		33
	126	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		3
	131	Series 2008-24, Class DY, 5.000%, 04/25/23		134
	285	Series 2008-27, Class SN, IF, IO, 6.122%, 04/25/38		43
	54	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		1
	190	Series 2008-42, Class AO, PO, 09/25/36		178
	17	Series 2008-44, Class PO, PO, 05/25/38		16
	298	Series 2008-47, Class SI, IF, IO, 5.722%, 06/25/23		22
	422	Series 2008-53, Class CI, IF, IO, 6.422%, 07/25/38		66
	67	Series 2008-76, Class GF, VAR, 1.428%, 09/25/23		67
	958	Series 2008-80, Class SA, IF, IO, 5.072%, 09/25/38		123
	633	Series 2008-81, Class SB, IF, IO, 5.072%, 09/25/38		89
	890	Series 2009-6, Class GS, IF, IO, 5.772%, 02/25/39		175
	274	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		15

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 21

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	204	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		9
	1,760	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		319
	695	Series 2009-60, Class HT, 6.000%, 08/25/39		785
	408	Series 2009-62, Class HJ, 6.000%, 05/25/39		450
	679	Series 2009-70, Class CO, PO, 01/25/37		588
	279	Series 2009-99, Class SC, IF, IO, 5.402%, 12/25/39		37
	774	Series 2009-103, Class MB, VAR, 2.994%, 12/25/39		825
	349	Series 2010-45, Class BD, 4.500%, 11/25/38		357
	802	Series 2010-49, Class SC, IF, 11.103%, 03/25/40		951
	467	Series 2010-64, Class DM, 5.000%, 06/25/40		508
	612	Series 2010-71, Class HJ, 5.500%, 07/25/40		685
	2,067	Series 2010-147, Class SA, IF, IO, 5.752%, 01/25/41		435
	377	Series 2010-148, Class MA, 4.000%, 02/25/39		386
	582	Series 2011-2, Class WA, VAR, 5.816%, 02/25/51		635
	2,225	Series 2011-30, Class LS, IO, VAR, 1.794%, 04/25/41		148
	2,500	Series 2011-31, Class DB, 3.500%, 04/25/31		2,631
	483	Series 2011-75, Class FA, VAR, 1.328%, 08/25/41		488
	974	Series 2011-118, Class MT, 7.000%, 11/25/41		1,143
	1,402	Series 2011-130, Class CA, 6.000%, 12/25/41		1,600
	676	Series 2012-14, Class FB, VAR, 1.228%, 08/25/37		678
	3,000	Series 2012-66, Class CB, 3.000%, 06/25/32		3,007
	2,451	Series 2012-108, Class F, VAR, 1.278%, 10/25/42		2,434
	2,000	Series 2013-81, Class TA, 3.000%, 02/25/43		1,925
	1,694	Series 2013-90, Class PM, 3.500%, 09/25/43		1,705
	1,921	Series 2013-92, Class PO, PO, 09/25/43		1,505
	3,349	Series 2013-101, Class AE, 3.000%, 10/25/33		3,360

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2,894		Series 2013-101, Class DO, PO, 10/25/43		2,312
	3,000		Series 2013-101, Class E, 3.000%, 10/25/33		3,010
	3,500		Series 2013-103, Class VG, 3.000%, 03/25/30		3,603
	4,000		Series 2013-108, Class GU, 3.000%, 10/25/33		3,996
	3,693		Series 2013-128, Class PO, PO, 12/25/43		2,957
	—	(h)	Series G-17, Class S, HB, VAR, 1,000.898%, 06/25/21		—	(h)
	6		Series G-28, Class S, IF, 14.322%, 09/25/21		7
	11		Series G-35, Class M, 8.750%, 10/25/21		12
	3		Series G-51, Class SA, HB, IF, 23.616%, 12/25/21		4
	62		Series G92-35, Class E, 7.500%, 07/25/22		68
	—	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		1
	8		Series G92-42, Class Z, 7.000%, 07/25/22		8
	8		Series G92-44, Class ZQ, 8.000%, 07/25/22		9
	10		Series G92-52, Class FD, VAR, 0.799%, 09/25/22		10
	59		Series G92-54, Class ZQ, 7.500%, 09/25/22		64
	8		Series G92-59, Class F, VAR, 1.299%, 10/25/22		9
	20		Series G92-61, Class Z, 7.000%, 10/25/22		22
	15		Series G92-62, Class B, PO, 10/25/22		14
	71		Series G93-1, Class KA, 7.900%, 01/25/23		79
	16		Series G93-5, Class Z, 6.500%, 02/25/23		18
	21		Series G93-14, Class J, 6.500%, 03/25/23		23
	49		Series G93-17, Class SI, IF, 6.000%, 04/25/23		54
	43		Series G93-27, Class FD, VAR, 1.658%, 08/25/23		43
	10		Series G93-37, Class H, PO, 09/25/23		10
	28		Series G95-1, Class C, 8.800%, 01/25/25		33
			FNMA REMIC Trust,
	660		Series 2003-W1, Class 1A1, VAR, 5.567%, 12/25/42		722
	269		Series 2003-W1, Class 2A, VAR, 6.187%, 12/25/42		301
	82		Series 2003-W4, Class 2A, VAR, 6.191%, 10/25/42		97
	26		Series 2007-W7, Class 1A4, HB, IF, 34.510%, 07/25/37		37
	1,225		Series 2009-W1, Class A, 6.000%, 12/25/49		1,387
			FNMA STRIPS,
	—	(h)	Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)
	—	(h)	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	6	Series 218, Class 2, IO, 7.500%, 04/25/23		1
	7	Series 265, Class 2, 9.000%, 03/25/24		9
	80	Series 329, Class 1, PO, 01/25/33		71
	64	Series 339, Class 18, IO, 4.500%, 07/25/18		1
	94	Series 339, Class 21, IO, 4.500%, 08/25/18		2
	33	Series 339, Class 28, IO, 5.500%, 08/25/18		1
	111	Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		21
	372	Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		76
	297	Series 355, Class 11, IO, 6.000%, 07/25/34		54
	49	Series 355, Class 31, IO, VAR, 4.500%, 12/25/18		1
	500	Series 365, Class 8, IO, 5.500%, 05/25/36		110
	31	Series 368, Class 3, IO, 4.500%, 11/25/20		1
	257	Series 374, Class 5, IO, 5.500%, 08/25/36		59
	126	Series 383, Class 32, IO, 6.000%, 01/25/38		26
	332	Series 383, Class 33, IO, 6.000%, 01/25/38		64
	92	Series 393, Class 6, IO, 5.500%, 04/25/37		17
		FNMA Trust,
	173	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		203
	412	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		482
	543	Series 2004-W15, Class 2AF, VAR, 1.028%, 08/25/44		539
	1,508	Series 2005-W3, Class 2AF, VAR, 0.998%, 03/25/45		1,463
	520	Series 2006-W2, Class 1AF1, VAR, 0.998%, 02/25/46		519
		GMACM Mortgage Loan Trust,
	355	Series 2003-AR1, Class A4, VAR, 3.625%, 10/19/33		351
	151	Series 2004-J5, Class A7, 6.500%, 01/25/35		156
	2,715	Series 2005-AR3, Class 3A4, VAR, 3.404%, 06/19/35		2,670
		GNMA,
	789	Series 1994-7, Class PQ, 6.500%, 10/16/24		862
	579	Series 1999-4, Class ZB, 6.000%, 02/20/29		646
	65	Series 1999-30, Class S, IF, IO, 7.830%, 08/16/29		14
	89	Series 2000-9, Class Z, 8.000%, 06/20/30		105
	790	Series 2000-9, Class ZJ, 8.500%, 02/16/30		923
	1,086	Series 2000-21, Class Z, 9.000%, 03/16/30		1,264
	174	Series 2000-31, Class Z, 9.000%, 10/20/30		207
	108	Series 2000-35, Class ZA, 9.000%, 11/20/30		131

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	10	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		1
	48	Series 2001-6, Class SD, IF, IO, 7.780%, 03/16/31		14
	136	Series 2001-35, Class SA, IF, IO, 7.480%, 08/16/31		40
	125	Series 2001-36, Class S, IF, IO, 7.280%, 08/16/31		37
	511	Series 2002-24, Class AG, IF, IO, 7.180%, 04/16/32		97
	47	Series 2002-24, Class SB, IF, 10.770%, 04/16/32		56
	992	Series 2002-31, Class SE, IF, IO, 6.730%, 04/16/30		153
	321	Series 2002-40, Class UK, 6.500%, 06/20/32		371
	17	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		21
	1,176	Series 2002-45, Class QE, 6.500%, 06/20/32		1,345
	410	Series 2002-47, Class PG, 6.500%, 07/16/32		473
	755	Series 2002-47, Class ZA, 6.500%, 07/20/32		878
	656	Series 2002-52, Class GH, 6.500%, 07/20/32		768
	42	Series 2002-70, Class PS, IF, IO, 6.919%, 08/20/32		1
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,081
	494	Series 2003-11, Class SK, IF, IO, 6.930%, 02/16/33		77
	223	Series 2003-12, Class SP, IF, IO, 6.919%, 02/20/33		53
	46	Series 2003-24, Class PO, PO, 03/16/33		41
	1,204	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,362
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		865
	569	Series 2003-46, Class TC, 6.500%, 03/20/33		640
	204	Series 2003-52, Class AP, PO, 06/16/33		171
	1,028	Series 2003-58, Class BE, 6.500%, 01/20/33		1,163
	62	Series 2003-90, Class PO, PO, 10/20/33		55
	765	Series 2003-112, Class SA, IF, IO, 5.780%, 12/16/33		140
	322	Series 2004-28, Class S, IF, 17.545%, 04/16/34		460

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 23

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	93	Series 2004-73, Class AE, IF, 13.267%, 08/17/34		109
	1,063	Series 2004-90, Class SI, IF, IO, 5.319%, 10/20/34		145
	205	Series 2005-35, Class FL, VAR, 1.131%, 03/20/32		205
	1,801	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		339
	166	Series 2005-68, Class DP, IF, 14.578%, 06/17/35		205
	2,491	Series 2005-68, Class KI, IF, IO, 5.519%, 09/20/35		409
	342	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		65
	165	Series 2006-16, Class OP, PO, 03/20/36		151
	396	Series 2006-38, Class SW, IF, IO, 5.719%, 06/20/36		38
	1,881	Series 2006-38, Class ZK, 6.500%, 08/20/36		2,179
	541	Series 2006-59, Class SD, IF, IO, 5.919%, 10/20/36		78
	833	Series 2006-65, Class SA, IF, IO, 6.019%, 11/20/36		154
	1,435	Series 2007-17, Class JI, IF, IO, 6.040%, 04/16/37		261
	154	Series 2007-17, Class JO, PO, 04/16/37		131
	802	Series 2007-19, Class SD, IF, IO, 5.419%, 04/20/37		116
	733	Series 2007-26, Class SC, IF, IO, 5.419%, 05/20/37		136
	653	Series 2007-27, Class SA, IF, IO, 5.419%, 05/20/37		107
	178	Series 2007-28, Class BO, PO, 05/20/37		153
	552	Series 2007-36, Class SE, IF, IO, 5.700%, 06/16/37		95
	1,448	Series 2007-40, Class SB, IF, IO, 5.969%, 07/20/37		231
	860	Series 2007-42, Class SB, IF, IO, 5.969%, 07/20/37		144
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		2,998
	547	Series 2007-50, Class AI, IF, IO, 5.994%, 08/20/37		98
	78	Series 2007-53, Class SW, IF, 17.863%, 09/20/37		105
	374	Series 2007-57, Class PO, PO, 03/20/37		339
	197	Series 2007-71, Class SB, IF, IO, 5.919%, 07/20/36		7
	437	Series 2007-72, Class US, IF, IO, 5.769%, 11/20/37		72

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	455	Series 2007-73, Class MI, IF, IO, 5.219%, 11/20/37		75
	877	Series 2007-76, Class SA, IF, IO, 5.749%, 11/20/37		148
	435	Series 2007-79, Class SY, IF, IO, 5.769%, 12/20/37		73
	244	Series 2008-2, Class MS, IF, IO, 6.390%, 01/16/38		53
	813	Series 2008-2, Class NS, IF, IO, 5.770%, 01/16/38		155
	495	Series 2008-10, Class S, IF, IO, 5.049%, 02/20/38		77
	319	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		41
	702	Series 2008-36, Class SH, IF, IO, 5.519%, 04/20/38		103
	4,058	Series 2008-40, Class SA, IF, IO, 5.630%, 05/16/38		690
	397	Series 2008-55, Class SA, IF, IO, 5.419%, 06/20/38		62
	43	Series 2008-60, Class PO, PO, 01/20/38		43
	199	Series 2008-71, Class SC, IF, IO, 5.219%, 08/20/38		30
	491	Series 2008-93, Class AS, IF, IO, 4.919%, 12/20/38		65
	534	Series 2009-6, Class SA, IF, IO, 5.330%, 02/16/39		72
	247	Series 2009-10, Class SL, IF, IO, 5.730%, 03/16/34		7
	1,206	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		252
	480	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		114
	454	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		117
	1,175	Series 2009-22, Class SA, IF, IO, 5.489%, 04/20/39		151
	343	Series 2009-25, Class SE, IF, IO, 6.819%, 09/20/38		64
	272	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		51
	279	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		57
	483	Series 2009-43, Class SA, IF, IO, 5.169%, 06/20/39		77
	351	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		42
	1,096	Series 2009-72, Class SM, IF, IO, 5.480%, 08/16/39		177
	272	Series 2009-79, Class OK, PO, 11/16/37		248

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	394	Series 2010-14, Class CO, PO, 08/20/35		354
	2,175	Series 2010-31, Class NO, PO, 03/20/40		1,999
	301	Series 2010-130, Class CP, 7.000%, 10/16/40		348
	2,226	Series 2010-157, Class OP, PO, 12/20/40		1,830
	3,545	Series 2010-H17, Class XQ, VAR, 5.240%, 07/20/60		3,694
	729	Series 2011-22, Class WA, VAR, 5.939%, 02/20/37		808
	1,394	Series 2011-75, Class SM, IF, IO, 5.819%, 05/20/41		273
	2,468	Series 2012-61, Class FM, VAR, 1.170%, 05/16/42		2,469
	622	Series 2012-141, Class WC, VAR, 3.716%, 01/20/42		647
	3,611	Series 2012-H10, Class FA, VAR, 1.331%, 12/20/61		3,605
	625	Series 2012-H15, Class FA, VAR, 1.222%, 05/20/62		626
	2,070	Series 2012-H21, Class CF, VAR, 1.472%, 05/20/61		2,072
	3,073	Series 2012-H22, Class FD, VAR, 1.242%, 01/20/61		3,077
	1,281	Series 2012-H24, Class FG, VAR, 1.202%, 04/20/60		1,281
	1,240	Series 2012-H26, Class MA, VAR, 1.322%, 07/20/62		1,242
	1,839	Series 2012-H28, Class FA, VAR, 1.352%, 09/20/62		1,838
	1,527	Series 2012-H29, Class FA, VAR, 1.287%, 10/20/62		1,522
	622	Series 2012-H30, Class PA, VAR, 1.222%, 11/20/59		622
	1,653	Series 2012-H31, Class FD, VAR, 1.112%, 12/20/62		1,638
	2,798	Series 2013-54, Class WA, VAR, 4.727%, 11/20/42		3,038
	2,140	Series 2013-75, Class WA, VAR, 5.214%, 06/20/40		2,346
	1,223	Series 2013-91, Class WA, VAR, 4.489%, 04/20/43		1,292
	1,300	Series 2013-116, Class JY, 4.000%, 08/16/43		1,384
	2,683	Series 2013-H01, Class FA, 1.650%, 01/20/63		2,668
	277	Series 2013-H03, Class FA, VAR, 1.072%, 08/20/60		277
	1,338	Series 2013-H04, Class BA, 1.650%, 02/20/63		1,324

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,020	Series 2013-H05, Class FB, VAR, 1.172%, 02/20/62		3,019
	1,526	Series 2013-H07, Class HA, VAR, 1.182%, 03/20/63		1,515
	8,961	Series 2013-H07, Class JA, 1.750%, 03/20/63		8,907
	1,459	Series 2013-H08, Class FC, VAR, 1.222%, 02/20/63		1,451
	1,811	Series 2013-H09, Class HA, 1.650%, 04/20/63		1,787
	3,252	Series 2013-H18, Class JA, VAR, 1.372%, 08/20/63		3,252
	1,006	Series 2014-188, Class W, VAR, 4.657%, 10/20/41		1,091
	1,606	Series 2014-H01, Class FD, VAR, 1.422%, 01/20/64		1,608
	1,644	Series 2014-H09, Class TA, VAR, 1.372%, 04/20/64		1,644
	5,665	Series 2015-H05, Class FC, VAR, 1.252%, 02/20/65		5,631
	9,175	Series 2015-H10, Class FC, VAR, 1.252%, 04/20/65		9,118
	7,288	Series 2015-H12, Class FA, VAR, 1.252%, 05/20/65		7,245
	1,902	Series 2015-H15, Class FD, VAR, 1.212%, 06/20/65		1,886
	4,234	Series 2015-H15, Class FJ, VAR, 1.212%, 06/20/65		4,200
	3,261	Series 2015-H16, Class FG, VAR, 1.212%, 07/20/65		3,236
	3,037	Series 2015-H23, Class FB, VAR, 1.292%, 09/20/65		3,020
	2,191	Series 2015-H32, Class FH, VAR, 1.432%, 12/20/65		2,197
	8,543	Series 2016-H07, Class FA, VAR, 1.522%, 03/20/66		8,608
		GSMPS Mortgage Loan Trust,
	693	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		723
	1,015	Series 2005-RP3, Class 1AF, VAR, 1.128%, 09/25/35 (e)		870
	767	Series 2005-RP3, Class 1AS, IO, VAR, 3.896%, 09/25/35 (e)		77
	3,408	Series 2006-RP2, Class 1AS2, IF, IO, 5.275%, 04/25/36 (e)		367
		GSR Mortgage Loan Trust,
	629	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		644
	337	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		359

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 25

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	259	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		264
	118	Series 2005-4F, Class AP, PO, 05/25/35		106
	1,326	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		1,405
	1,856	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		1,608
	1,362	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		1,355
	1,626	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		1,614
		Impac CMB Trust,
	1,631	Series 2004-7, Class 1A1, VAR, 1.518%, 11/25/34		1,575
	170	Series 2005-4, Class 2A1, VAR, 1.378%, 05/25/35		163
		Impac Secured Assets Trust,
	494	Series 2006-1, Class 2A1, VAR, 1.128%, 05/25/36		447
	270	Series 2006-2, Class 2A1, VAR, 1.128%, 08/25/36		267
		JP Morgan Mortgage Trust,
	729	Series 2006-A2, Class 4A1, VAR, 3.180%, 08/25/34		732
	952	Series 2006-A2, Class 5A3, VAR, 3.118%, 11/25/33		967
	192	Series 2006-A3, Class 6A1, VAR, 3.192%, 08/25/34		193
	2	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 3.134%, 09/26/36 (e)		2
		Lehman Mortgage Trust,
	440	Series 2006-2, Class 1A1, VAR, 5.872%, 04/25/36		388
	806	Series 2008-2, Class 1A6, 6.000%, 03/25/38		569
		MASTR Adjustable Rate Mortgages Trust,
	53	Series 2004-4, Class 2A1, VAR, 2.741%, 05/25/34		48
	417	Series 2004-13, Class 2A1, VAR, 3.073%, 04/21/34		428
	975	Series 2004-13, Class 3A7, VAR, 3.047%, 11/21/34		997
	297	Series 2004-15, Class 3A1, VAR, 3.872%, 12/25/34		279
		MASTR Alternative Loan Trust,
	152	Series 2003-3, Class 1A1, 6.500%, 05/25/33		157

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	415	Series 2003-9, Class 8A1, 6.000%, 01/25/34		428
	417	Series 2004-3, Class 2A1, 6.250%, 04/25/34		435
	556	Series 2004-4, Class 10A1, 5.000%, 05/25/24		578
	267	Series 2004-6, Class 30PO, PO, 07/25/34		195
	431	Series 2004-6, Class 7A1, 6.000%, 07/25/34		418
	193	Series 2004-7, Class 30PO, PO, 08/25/34		152
	309	Series 2004-8, Class 6A1, 5.500%, 09/25/19		315
	50	Series 2004-10, Class 1A1, 4.500%, 09/25/19		50
		MASTR Asset Securitization Trust,
	6	Series 2003-2, Class 2A1, 4.500%, 03/25/18		6
	5	Series 2003-3, Class 4A1, 5.000%, 04/25/18		5
	12	Series 2003-4, Class 3A2, 5.000%, 05/25/18		12
	39	Series 2003-12, Class 30PO, PO, 12/25/33		35
	28	Series 2004-1, Class 30PO, PO, 02/25/34		22
	8	Series 2004-4, Class 3A1, 4.500%, 04/25/19		8
	11	Series 2004-6, Class 15PO, PO, 07/25/19		10
	21	Series 2004-8, Class 1A1, 4.750%, 08/25/19		21
	9	Series 2004-8, Class PO, PO, 08/25/19		8
	2,013	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 1.128%, 05/25/35 (e)		1,674
	306	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		231
		Merrill Lynch Mortgage Investors Trust,
	181	Series 2003-E, Class A1, VAR, 1.398%, 10/25/28		174
	1,856	Series 2003-F, Class A1, VAR, 1.418%, 10/25/28		1,818
	489	Series 2004-1, Class 2A1, VAR, 2.962%, 12/25/34		490
	343	Series 2004-A, Class A1, VAR, 1.238%, 04/25/29		329
	3	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		3
	378	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.418%, 02/25/35		365
	368	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		362

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	152	Series 2003-A1, Class A1, 5.500%, 05/25/33		155
	95	Series 2003-A1, Class A2, 6.000%, 05/25/33		97
	34	Series 2003-A1, Class A5, 7.000%, 04/25/33		34
	1	Series 2003-A1, Class A7, 5.000%, 04/25/18		1
	3	PaineWebber CMO Trust, Series P, Class 4, 8.500%, 08/01/19		3
	168	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 3.225%, 05/25/35		163
		RALI Trust,
	12	Series 2002-QS8, Class A5, 6.250%, 06/25/17		12
	9	Series 2002-QS16, Class A3, IF, 14.995%, 10/25/17		9
	33	Series 2003-QS3, Class A2, IF, 14.788%, 02/25/18		35
	112	Series 2003-QS9, Class A3, IF, IO, 6.772%, 05/25/18		3
	117	Series 2003-QS12, Class A2A, IF, IO, 6.822%, 06/25/18		3
	36	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		—	(h)
	290	Series 2003-QS14, Class A1, 5.000%, 07/25/18		290
	89	Series 2003-QS18, Class A1, 5.000%, 09/25/18		89
	1,308	Series 2004-QA6, Class NB2, VAR, 3.657%, 12/26/34		1,093
		RBSSP Resecuritization Trust,
	222	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		229
	1	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		1
	408	Series 2009-12, Class 1A1, VAR, 5.809%, 11/25/33 (e)		421
	51	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		51
		Residential Asset Securitization Trust,
	7	Series 2003-A14, Class A1, 4.750%, 02/25/19		7
	1,921	Series 2005-A2, Class A4, IF, IO, 4.272%, 03/25/35		217
	495	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		456

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		RFMSI Trust,
	18	Series 2003-S14, Class A4, PO, 07/25/18		18
	45	Series 2004-S3, Class A1, 4.750%, 03/25/19		45
	267	Series 2004-S6, Class 2A6, PO, 06/25/34		208
	29	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		29
	402	Series 2005-SA4, Class 1A1, VAR, 3.165%, 09/25/35		333
		Springleaf Mortgage Loan Trust,
	1,268	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		1,266
	1,058	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,061
	398	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		398
	2,131	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		2,130
	557	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, VAR, 1.441%, 10/19/34		533
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	597	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		609
	942	Series 2004-5H, Class A4, 5.540%, 12/25/33		966
	105	Structured Asset Securities Corp. Trust, Series 2005-10, Class 5A9, 5.250%, 12/25/34		101
		Thornburg Mortgage Securities Trust,
	290	Series 2003-4, Class A1, VAR, 1.418%, 09/25/43		279
	709	Series 2004-4, Class 3A, VAR, 2.665%, 12/25/44		704
		Vendee Mortgage Trust,
	311	Series 1994-1, Class 1, VAR, 5.500%, 02/15/24		333
	444	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		488
	472	Series 1996-1, Class 1Z, 6.750%, 02/15/26		533
	365	Series 1996-2, Class 1Z, 6.750%, 06/15/26		410
	646	Series 1997-1, Class 2Z, 7.500%, 02/15/27		740
	762	Series 1998-1, Class 2E, 7.000%, 03/15/28		889
	1,508	Series 1999-1, Class 2Z, 6.500%, 01/15/29		1,685
	6,615	Series 2003-2, Class Z, 5.000%, 05/15/33		7,277
	1,272	WaMu Mortgage Pass-Through Certificates, Series 2004-RS2, Class A4, 5.000%, 11/25/33		1,292

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 27

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		WaMu Mortgage Pass-Through Certificates Trust,
	110	Series 2003-AR8, Class A, VAR, 2.684%, 08/25/33		112
	1,660	Series 2003-AR9, Class 1A6, VAR, 2.782%, 09/25/33		1,675
	223	Series 2003-AR9, Class 2A, VAR, 2.846%, 09/25/33		219
	48	Series 2003-S8, Class A6, 4.500%, 09/25/18		48
	753	Series 2003-S9, Class A8, 5.250%, 10/25/33		782
	71	Series 2003-S9, Class P, PO, 10/25/33		61
	136	Series 2004-AR3, Class A1, VAR, 2.821%, 06/25/34		138
	114	Series 2004-AR3, Class A2, VAR, 2.821%, 06/25/34		115
	175	Series 2006-AR10, Class 2P, VAR, 2.920%, 09/25/36		151
	143	Series 2006-AR12, Class 2P, VAR, 2.388%, 10/25/36		107
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	6,227	Series 2005-2, Class 1A4, IF, IO, 4.272%, 04/25/35		845
	1,422	Series 2005-2, Class 2A3, IF, IO, 4.222%, 04/25/35		179
	1,699	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		340
	1,965	Series 2005-4, Class CB7, 5.500%, 06/25/35		1,810
	1,590	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		319
	436	Series 2005-6, Class 2A4, 5.500%, 08/25/35		400
	2,792	Series 2005-6, Class 2A9, 5.500%, 08/25/35		2,564
		Wells Fargo Mortgage-Backed Securities Trust,
	135	Series 2003-K, Class 1A1, VAR, 2.901%, 11/25/33		135
	255	Series 2003-K, Class 1A2, VAR, 2.901%, 11/25/33		257
	269	Series 2004-EE, Class 2A1, VAR, 3.048%, 12/25/34		272
	346	Series 2004-EE, Class 3A1, VAR, 3.244%, 12/25/34		358
	1,569	Series 2004-P, Class 2A1, VAR, 2.995%, 09/25/34		1,619
	262	Series 2004-V, Class 1A1, VAR, 3.102%, 10/25/34		264

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	102	Series 2005-16, Class APO, PO, 01/25/36		81
	2,616	Series 2005-AR3, Class 1A1, VAR, 3.090%, 03/25/35		2,674
	276	Series 2005-AR8, Class 2A1, VAR, 3.150%, 06/25/35		282
	240	Series 2005-AR16, Class 2A1, VAR, 3.183%, 02/25/34		244
	333	Series 2006-2, Class APO, PO, 03/25/36		270
	140	Series 2006-4, Class 1APO, PO, 04/25/36		119
	655	Series 2007-7, Class A7, 6.000%, 06/25/37		641
	203	Series 2007-11, Class A14, 6.000%, 08/25/37		201
		Total Collateralized Mortgage Obligations (Cost $488,649)		510,091
	Commercial Mortgage-Backed Securities — 3.4%
		A10 Securitization LLC,
	888	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		885
	1,293	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		1,300
		A10 Term Asset Financing LLC,
	450	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		448
	696	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		692
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		567
	1,300	Series 2014-520M, Class C, VAR, 4.214%, 08/15/46 (e)		1,228
		BAMLL Re-REMIC Trust,
	1,950	Series 2014-FRR5, Class A714, PO, 01/27/47 (e)		1,595
	2,600	Series 2016-FR16, Class A, VAR, 1.008%, 05/27/21 (e)		2,257
	1,148	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 02/10/51		1,157
	157	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		157
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,469
	483	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		477
	474	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR8, Class X1, IO, VAR, 0.397%, 06/11/41 (e)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	9,193	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.326%, 12/11/49 (e)		2
	1,398	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class IO, IO, VAR, 0.819%, 08/15/48		15
		Commercial Mortgage Trust,
	128	Series 2006-GG7, Class AM, VAR, 5.774%, 07/10/38		128
	2,633	Series 2012-CR2, Class XA, IO, VAR, 1.724%, 08/15/45		190
	3,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		3,803
	1,060	Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		1,075
	1,400	Series 2014-TWC, Class A, VAR, 1.621%, 02/13/32 (e)		1,402
	1,156	Series 2015-CR24, Class A5, 3.696%, 08/10/48		1,199
	2,812	Series 2015-CR25, Class A4, 3.759%, 08/10/48		2,930
		FNMA — ACES,
	2,893	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		3,057
	1,365	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,416
	8,500	Series 2011-M2, Class A3, 3.764%, 04/25/21		8,929
	171	Series 2012-M11, Class FA, VAR, 1.280%, 08/25/19		171
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,862
	2,664	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		2,770
	2,500	Series 2014-M3, Class A2, VAR, 3.471%, 01/25/24		2,604
	7,700	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		7,787
	8,555	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		8,590
		FORT CRE LLC,
	1,256	Series 2016-1A, Class B, VAR, 3.529%, 05/21/36 (e)		1,273
	1,887	Series 2016-1A, Class C, VAR, 4.029%, 05/21/36 (e)		1,902
	1,835	GNMA, Series 2014-168, Class VA, VAR, 3.379%, 01/16/37		1,891
	1,261	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		1,279

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	488	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		489
		JP Morgan Chase Commercial Mortgage Securities Trust,
	400	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		395
	737	Series 2007-C1, Class A4, 5.716%, 02/15/51		750
	3,967	KGS-Alpha SBA COOF Trust, Series 2015-2, Class A, IO, VAR, 2.956%, 07/25/41 (e)		427
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		1,037
	2,707	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class XW, IO, VAR, 0.856%, 11/15/38 (e)		10
	1,597	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.696%, 12/12/49 (e)		—	(h)
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,087
		Morgan Stanley Capital I Trust,
	4,348	Series 2006-IQ12, Class X1, IO, VAR, 0.470%, 12/15/43 (e)		—	(h)
	13,235	Series 2007-HQ11, Class X, IO, VAR, 0.268%, 02/12/44 (e)		16
	683	Series 2011-C3, Class A3, 4.054%, 07/15/49		712
		Morgan Stanley Re-REMIC Trust,
	407	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		405
	554	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		553
	1,800	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,672
		PFP Ltd., (Cayman Islands),
	1,014	Series 2015-2, Class A, VAR, 2.220%, 07/14/34 (e)		1,013
	1,055	Series 2015-2, Class C, VAR, 4.020%, 07/14/34 (e)		1,040
	730	Series 2015-2, Class D, VAR, 4.770%, 07/14/34 (e)		713
		RAIT Trust,
	1,309	Series 2014-FL3, Class AS, VAR, 2.570%, 12/15/31 (e)		1,305
	736	Series 2014-FL3, Class B, VAR, 3.420%, 12/15/31 (e)		734

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 29

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	561	Series 2015-FL4, Class A, VAR, 2.120%, 12/15/31 (e)		562
	1,450	Series 2015-FL4, Class AS, VAR, 2.520%, 12/15/31 (e)		1,464
	1,805	Series 2015-FL5, Class B, VAR, 4.670%, 01/15/31 (e)		1,809
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		659
		Resource Capital Corp. Ltd., (Cayman Islands),
	330	Series 2015-CRE4, Class A, VAR, 2.172%, 08/15/32 (e)		328
	1,151	Series 2015-CRE4, Class B, VAR, 3.772%, 08/15/32 (e)		1,117
	116	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		116
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,287
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,104
	9,585	Series 2012-C2, Class XA, IO, VAR, 1.624%, 05/10/63 (e)		459
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		880
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		1,422
	5,000	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		5,255
		Wells Fargo Commercial Mortgage Trust,
	2,500	Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		2,532
	1,094	Series 2015-C30, Class A4, 3.664%, 09/15/58		1,133
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,820
	800	Series 2012-C6, Class A4, 3.440%, 04/15/45		834
	400	Series 2013-C11, Class D, VAR, 4.207%, 03/15/45 (e)		366
		Total Commercial Mortgage-Backed Securities (Cost $105,272)		107,012
	Corporate Bonds — 27.6%
		Consumer Discretionary — 1.7%
		Automobiles — 0.3%
		Daimler Finance North America LLC, (Germany),
	532	1.875%, 01/11/18 (e)		533

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Automobiles — continued
	305	2.250%, 03/02/20 (e)		305
	981	2.375%, 08/01/18 (e)		989
	1,500	Ford Motor Co., 7.450%, 07/16/31		1,901
	1,086	General Motors Co., 6.600%, 04/01/36		1,276
		Hyundai Capital America,
	526	2.400%, 10/30/18 (e)		528
	1,000	3.000%, 03/18/21 (e)		1,003
	385	Kia Motors Corp., (South Korea), 2.625%, 04/21/21 (e)		382
	874	Nissan Motor Acceptance Corp., (Japan), 1.800%, 03/15/18 (e)		875
				7,792
		Hotels, Restaurants & Leisure — 0.1%
	900	McDonald’s Corp., 4.700%, 12/09/35		956
	718	Starbucks Corp., 2.700%, 06/15/22		729
				1,685
		Internet & Direct Marketing Retail — 0.1%
		Amazon.com, Inc.,
	1,448	3.800%, 12/05/24		1,535
	1,435	4.800%, 12/05/34		1,621
				3,156
		Media — 1.0%
		21st Century Fox America, Inc.,
	100	6.200%, 12/15/34		120
	400	6.650%, 11/15/37		501
	250	6.900%, 08/15/39		321
	1,075	7.300%, 04/30/28		1,376
	430	8.875%, 04/26/23		561
		CBS Corp.,
	740	3.700%, 08/15/24		751
	792	4.000%, 01/15/26		811
	345	4.600%, 01/15/45		342
	140	4.850%, 07/01/42		142
	360	4.900%, 08/15/44		370
		Charter Communications Operating LLC,
	1,797	4.464%, 07/23/22		1,888
	703	6.384%, 10/23/35		804
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		336
		Comcast Corp.,
	500	2.750%, 03/01/23		496
	347	3.375%, 08/15/25		349
	555	4.200%, 08/15/34		570
	1,082	4.250%, 01/15/33		1,118

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	400	6.450%, 03/15/37		514
	2,383	6.500%, 11/15/35		3,067
		Cox Communications, Inc.,
	446	3.250%, 12/15/22 (e)		437
	885	4.800%, 02/01/35 (e)		837
	125	8.375%, 03/01/39 (e)		156
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		529
		Discovery Communications LLC,
	1,016	4.375%, 06/15/21		1,072
	569	4.950%, 05/15/42		522
		Grupo Televisa SAB, (Mexico),
	221	4.625%, 01/30/26		226
	200	6.125%, 01/31/46		212
	1,197	Historic TW, Inc., 9.150%, 02/01/23		1,544
		NBCUniversal Media LLC,
	275	2.875%, 01/15/23		274
	310	4.375%, 04/01/21		335
	800	5.950%, 04/01/41		979
	515	6.400%, 04/30/40		664
	296	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		299
		Time Warner Cable LLC,
	800	4.125%, 02/15/21		832
	359	5.500%, 09/01/41		371
	400	6.550%, 05/01/37		462
	300	Time Warner Cos., Inc., 7.570%, 02/01/24		370
	1,410	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		1,895
		Time Warner, Inc.,
	1,700	3.600%, 07/15/25		1,683
	555	4.750%, 03/29/21		596
	313	5.375%, 10/15/41		331
	150	6.200%, 03/15/40		174
	172	6.250%, 03/29/41		201
		Viacom, Inc.,
	235	2.750%, 12/15/19		236
	600	3.125%, 06/15/22		591
	67	3.250%, 03/15/23		66
	808	3.875%, 04/01/24		805
	464	4.375%, 03/15/43		407
	250	4.500%, 02/27/42		219
	262	4.850%, 12/15/34		255
				32,017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	516	2.875%, 02/15/23		486
	971	4.375%, 09/01/23		957
	341	4.500%, 12/15/34		306
	157	5.125%, 01/15/42		144
	178	6.375%, 03/15/37		179
	185	6.700%, 07/15/34		187
	230	7.450%, 07/15/17		235
	455	Nordstrom, Inc., 4.000%, 10/15/21		473
	350	Target Corp., 2.500%, 04/15/26		330
				3,297
		Specialty Retail — 0.1%
		Home Depot, Inc. (The),
	334	2.125%, 09/15/26		311
	454	3.000%, 04/01/26		454
	196	3.500%, 09/15/56		175
	517	4.200%, 04/01/43		538
		Lowe’s Cos., Inc.,
	268	3.375%, 09/15/25		275
	739	4.650%, 04/15/42		803
	326	5.125%, 11/15/41		375
	750	Series B, 7.110%, 05/15/37		1,033
				3,964
		Total Consumer Discretionary		51,911
		Consumer Staples — 1.5%
		Beverages — 0.5%
		Anheuser-Busch Cos. LLC, (Belgium),
	600	5.500%, 01/15/18		621
	920	5.750%, 04/01/36		1,111
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	94	1.900%, 02/01/19		94
	3,824	3.300%, 02/01/23		3,904
	1,733	3.650%, 02/01/26		1,758
	900	3.700%, 02/01/24		929
	1,430	4.700%, 02/01/36		1,539
	1,135	4.900%, 02/01/46		1,247
	698	Anheuser-Busch InBev Worldwide, Inc., (Belgium), 3.750%, 01/15/22		735
	750	Brown-Forman Corp., 4.500%, 07/15/45		798
	250	Coca-Cola Femsa SAB de CV, (Mexico), 3.875%, 11/26/23		257
	200	Constellation Brands, Inc., 4.250%, 05/01/23		210
	510	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		553

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Beverages — continued
	255	Diageo Investment Corp., (United Kingdom), 8.000%, 09/15/22		319
	355	Heineken NV, (Netherlands), 1.400%, 10/01/17 (e)		355
	187	Molson Coors Brewing Co., 3.000%, 07/15/26		178
		PepsiCo, Inc.,
	1,220	3.100%, 07/17/22		1,254
	534	4.450%, 04/14/46		579
				16,441
		Food & Staples Retailing — 0.5%
	858	Costco Wholesale Corp., 2.250%, 02/15/22		851
		CVS Health Corp.,
	2,036	2.125%, 06/01/21		1,997
	1,418	2.875%, 06/01/26		1,360
	725	4.000%, 12/05/23		761
	322	5.300%, 12/05/43		366
		Kroger Co. (The),
	900	4.000%, 02/01/24		942
	1,100	6.900%, 04/15/38		1,451
	2,480	7.500%, 04/01/31		3,372
	291	Sysco Corp., 3.750%, 10/01/25		297
	200	Walgreen Co., 4.400%, 09/15/42		196
		Walgreens Boots Alliance, Inc.,
	1,989	3.100%, 06/01/23		1,990
	663	3.800%, 11/18/24		677
	386	4.500%, 11/18/34		392
	400	4.800%, 11/18/44		414
		Wal-Mart Stores, Inc.,
	762	5.000%, 10/25/40		878
	255	6.200%, 04/15/38		337
	350	7.550%, 02/15/30		507
				16,788
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	95	3.500%, 11/24/20		97
	1,415	8.500%, 06/15/19		1,612
	191	Bunge NA Finance LP, 5.900%, 04/01/17		192
		Cargill, Inc.,
	600	3.300%, 03/01/22 (e)		618
	535	4.307%, 05/14/21 (e)		571
	850	7.350%, 03/06/19 (e)		943
	500	Danone SA, (France), 2.589%, 11/02/23 (e)		485
		Kraft Heinz Foods Co.,
	814	3.500%, 06/06/22		832

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	694	5.000%, 06/04/42		712
	1,187	6.125%, 08/23/18		1,260
	2,353	6.875%, 01/26/39		2,972
		Mead Johnson Nutrition Co.,
	317	3.000%, 11/15/20		323
	153	4.125%, 11/15/25		162
	157	Smithfield Foods, Inc., 4.250%, 02/01/27 (e)		160
		Tyson Foods, Inc.,
	777	3.950%, 08/15/24		795
	1,100	4.875%, 08/15/34		1,137
				12,871
		Household Products — 0.1%
		Kimberly-Clark Corp.,
	220	2.400%, 03/01/22		220
	426	3.050%, 08/15/25		428
	71	7.500%, 11/01/18		78
	500	Procter & Gamble — ESOP, Series A, 9.360%, 01/01/21		580
				1,306
		Total Consumer Staples		47,406
		Energy — 2.9%
		Energy Equipment & Services — 0.1%
		Halliburton Co.,
	714	3.500%, 08/01/23		732
	193	4.850%, 11/15/35		207
	1,620	7.450%, 09/15/39		2,210
		Nabors Industries, Inc.,
	200	4.625%, 09/15/21		204
	200	5.000%, 09/15/20		209
	188	National Oilwell Varco, Inc., 1.350%, 12/01/17		187
	441	Schlumberger Investment SA, 3.300%, 09/14/21 (e)		455
				4,204
		Oil, Gas & Consumable Fuels — 2.8%
	160	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		194
	330	Anadarko Petroleum Corp., 8.700%, 03/15/19		373
		Apache Corp.,
	138	3.250%, 04/15/22		139
	556	4.750%, 04/15/43		573
	500	6.900%, 09/15/18		538
	235	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		259

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Boardwalk Pipelines LP,
	338	4.950%, 12/15/24		356
	318	5.950%, 06/01/26		360
		BP Capital Markets plc, (United Kingdom),
	1,283	2.237%, 05/10/19		1,293
	1,182	2.750%, 05/10/23		1,164
	375	3.119%, 05/04/26		367
	800	3.224%, 04/14/24		799
	451	3.506%, 03/17/25		457
	1,337	3.814%, 02/10/24		1,387
		Buckeye Partners LP,
	95	3.950%, 12/01/26		94
	500	4.350%, 10/15/24		515
	330	4.875%, 02/01/21		351
	770	5.850%, 11/15/43		824
	200	Burlington Resources Finance Co., 7.400%, 12/01/31		268
		Canadian Natural Resources Ltd., (Canada),
	401	3.900%, 02/01/25		408
	350	6.250%, 03/15/38		410
	1,000	6.750%, 02/01/39		1,203
		Cenovus Energy, Inc., (Canada),
	208	3.000%, 08/15/22		203
	356	4.450%, 09/15/42		319
	759	6.750%, 11/15/39		858
		Chevron Corp.,
	560	2.355%, 12/05/22		548
	1,200	2.566%, 05/16/23		1,187
	215	2.895%, 03/03/24		215
	1,000	4.950%, 03/03/19		1,064
	1,852	CNOOC Finance 2015 Australia Pty. Ltd., (China), 2.625%, 05/05/20		1,851
	1,789	CNOOC Nexen Finance 2014 ULC, (China), 4.250%, 04/30/24		1,870
	230	Conoco Funding Co., 7.250%, 10/15/31		305
	200	ConocoPhillips, 6.500%, 02/01/39		252
		ConocoPhillips Co.,
	945	3.350%, 11/15/24		948
	1,205	4.200%, 03/15/21		1,281
		Devon Energy Corp.,
	750	3.250%, 05/15/22		753
	522	4.750%, 05/15/42		514
		Ecopetrol SA, (Colombia),
	533	4.125%, 01/16/25		515
	773	5.375%, 06/26/26		795
	226	5.875%, 09/18/23		245

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	350	Enbridge, Inc., (Canada), 5.500%, 12/01/46		379
		Encana Corp., (Canada),
	545	6.500%, 05/15/19		590
	150	6.500%, 08/15/34		172
		Energy Transfer Partners LP,
	448	3.600%, 02/01/23		445
	964	4.050%, 03/15/25		969
	321	4.200%, 04/15/27		322
	375	5.300%, 04/15/47		375
	364	6.500%, 02/01/42		411
	925	Eni SpA, (Italy), Series EX2, 5.700%, 10/01/40 (e)		952
		EnLink Midstream Partners LP,
	140	2.700%, 04/01/19		141
	838	4.150%, 06/01/25		837
	500	5.050%, 04/01/45		477
		Enterprise Products Operating LLC,
	506	3.700%, 02/15/26		512
	343	3.750%, 02/15/25		349
	475	3.900%, 02/15/24		492
	333	3.950%, 02/15/27		343
	199	4.850%, 03/15/44		206
	155	4.950%, 10/15/54		162
	318	5.100%, 02/15/45		341
	201	5.950%, 02/01/41		235
		EOG Resources, Inc.,
	379	2.625%, 03/15/23		369
	600	4.100%, 02/01/21		633
	902	5.100%, 01/15/36		994
		Exxon Mobil Corp.,
	553	2.397%, 03/06/22		554
	447	2.726%, 03/01/23		448
	363	3.043%, 03/01/26		362
	393	4.114%, 03/01/46		410
	950	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		975
		Kerr-McGee Corp.,
	200	6.950%, 07/01/24		240
	1,700	7.875%, 09/15/31		2,219
		Magellan Midstream Partners LP,
	353	3.200%, 03/15/25		344
	1,127	5.150%, 10/15/43		1,213
	250	6.550%, 07/15/19		275
		Marathon Oil Corp.,
	833	2.800%, 11/01/22		808
	902	5.900%, 03/15/18		939
	1,620	6.000%, 10/01/17		1,656

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 33

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	578	Marathon Petroleum Corp., 3.625%, 09/15/24		574
		MPLX LP,
	259	4.875%, 12/01/24		276
	323	5.200%, 03/01/47		330
		Noble Energy, Inc.,
	314	5.050%, 11/15/44		327
	294	5.625%, 05/01/21		304
		Occidental Petroleum Corp.,
	281	3.400%, 04/15/26		282
	1,022	3.500%, 06/15/25		1,042
		ONEOK Partners LP,
	515	3.200%, 09/15/18		525
	151	3.375%, 10/01/22		151
	2,000	4.900%, 03/15/25		2,141
	334	5.000%, 09/15/23		363
	350	6.650%, 10/01/36		408
	450	8.625%, 03/01/19		505
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		340
	1,295	6.800%, 05/15/38		1,697
		Petroleos Mexicanos, (Mexico),
	370	4.250%, 01/15/25		351
	974	4.500%, 01/23/26		918
	393	4.875%, 01/18/24		394
	158	5.500%, 06/27/44		135
	617	5.625%, 01/23/46		531
	647	6.375%, 02/04/21		703
	846	6.375%, 01/23/45		799
	250	6.625%, 06/15/35		252
	313	6.750%, 09/21/47		308
	538	6.875%, 08/04/26		588
	182	Phillips 66, 4.300%, 04/01/22		195
		Plains All American Pipeline LP,
	323	2.600%, 12/15/19		324
	1,000	3.600%, 11/01/24		976
	2,500	4.650%, 10/15/25		2,606
	1,480	4.900%, 02/15/45		1,413
		Schlumberger Holdings Corp.,
	649	3.625%, 12/21/22 (e)		674
	200	4.000%, 12/21/25 (e)		211
	831	Sinopec Group Overseas Development 2013 Ltd., (China), 4.375%, 10/17/23 (e)		883
		Spectra Energy Capital LLC,
	500	3.300%, 03/15/23		493
	1,500	5.650%, 03/01/20		1,603

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	500	6.200%, 04/15/18		523
	400	8.000%, 10/01/19		454
		Spectra Energy Partners LP,
	524	2.950%, 09/25/18		531
	452	5.950%, 09/25/43		522
		Statoil ASA, (Norway),
	1,373	1.150%, 05/15/18		1,368
	353	1.200%, 01/17/18		352
	406	2.450%, 01/17/23		399
	1,071	2.650%, 01/15/24		1,055
	613	3.150%, 01/23/22		628
	456	3.250%, 11/10/24		464
	253	4.250%, 11/23/41		261
	180	Suncor Energy, Inc., (Canada), 5.950%, 12/01/34		215
		Sunoco Logistics Partners Operations LP,
	244	3.900%, 07/15/26		241
	259	4.250%, 04/01/24		264
	531	4.400%, 04/01/21		563
	170	5.300%, 04/01/44		172
	1,133	5.350%, 05/15/45		1,154
	400	6.100%, 02/15/42		431
	554	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		540
		Tosco Corp.,
	310	7.800%, 01/01/27		402
	400	8.125%, 02/15/30		556
		Total Capital International SA, (France),
	233	2.700%, 01/25/23		232
	500	2.750%, 06/19/21		509
	370	3.750%, 04/10/24		387
		TransCanada PipeLines Ltd., (Canada),
	394	4.875%, 01/15/26		442
	1,200	6.200%, 10/15/37		1,521
	340	6.500%, 08/15/18		363
	1,100	7.250%, 08/15/38		1,527
	250	Valero Energy Corp., 7.500%, 04/15/32		319
	74	Western Gas Partners LP, 5.375%, 06/01/21		80
				87,301
		Total Energy		91,505
		Financials — 11.0%
		Banks — 4.9%
		ABN AMRO Bank NV, (Netherlands),
	1,594	1.800%, 06/04/18 (e)		1,590
	669	2.500%, 10/30/18 (e)		675
	1,216	4.750%, 07/28/25 (e)		1,245

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		ANZ New Zealand Int’l Ltd., (New Zealand),
	750	2.600%, 09/23/19 (e)		756
	402	2.850%, 08/06/20 (e)		407
		Australia & New Zealand Banking Group Ltd., (Australia),
	900	1.450%, 05/15/18		898
	263	4.400%, 05/19/26 (e)		271
	228	4.875%, 01/12/21 (e)		247
		Bank of America Corp.,
	600	2.000%, 01/11/18		603
	1,072	3.300%, 01/11/23		1,079
	1,189	3.500%, 04/19/26		1,180
	4,752	3.875%, 08/01/25		4,857
	972	4.000%, 04/01/24		1,012
	547	4.125%, 01/22/24		573
	700	4.200%, 08/26/24		722
	851	4.250%, 10/22/26		867
	542	4.450%, 03/03/26		562
	2,065	5.000%, 05/13/21		2,247
	740	5.625%, 07/01/20		815
	645	5.650%, 05/01/18		673
	401	5.700%, 01/24/22		451
	420	5.750%, 12/01/17		433
	2,996	6.400%, 08/28/17		3,070
	4,294	6.875%, 04/25/18		4,540
	875	7.625%, 06/01/19		980
	1,640	Series L, 2.250%, 04/21/20		1,640
	760	Series L, 2.650%, 04/01/19		770
	921	Series L, 3.950%, 04/21/25		924
		Bank of Montreal, (Canada),
	811	1.400%, 09/11/17		812
	855	2.375%, 01/25/19		864
	1,106	2.550%, 11/06/22		1,098
		Bank of Nova Scotia (The), (Canada),
	2,000	1.450%, 04/25/18		1,999
	1,100	1.700%, 06/11/18		1,101
	245	Banque Federative du Credit Mutuel SA, (France), 2.000%, 04/12/19 (e)		244
		Barclays Bank plc, (United Kingdom),
	276	2.250%, 05/10/17 (e)		277
	1,000	6.050%, 12/04/17 (e)		1,030
		Barclays plc, (United Kingdom),
	1,449	3.200%, 08/10/21		1,458
	1,808	3.650%, 03/16/25		1,764
	400	4.375%, 01/12/26		407
	435	5.250%, 08/17/45		464

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		BB&T Corp.,
	900	2.625%, 06/29/20		912
	740	5.250%, 11/01/19		800
	380	6.850%, 04/30/19		418
	600	BNP Paribas SA, (France), 4.375%, 05/12/26 (e)		594
		BNZ International Funding Ltd., (New Zealand),
	450	2.100%, 09/14/21 (e)		438
	632	2.350%, 03/04/19 (e)		635
	1,952	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		1,956
	1,950	Capital One Bank USA NA, 3.375%, 02/15/23		1,960
		Capital One NA,
	978	2.350%, 08/17/18		984
	850	2.400%, 09/05/19		855
		Citigroup, Inc.,
	1,000	1.700%, 04/27/18		1,000
	800	1.750%, 05/01/18		800
	507	1.800%, 02/05/18		508
	1,210	2.050%, 12/07/18		1,213
	1,096	2.150%, 07/30/18		1,101
	115	2.350%, 08/02/21		113
	500	2.400%, 02/18/20		502
	778	2.700%, 03/30/21		779
	1,000	3.400%, 05/01/26		978
	1,900	3.700%, 01/12/26		1,906
	500	3.875%, 03/26/25		498
	1,200	4.300%, 11/20/26		1,221
	569	4.400%, 06/10/25		584
	389	4.650%, 07/30/45		411
	1,000	4.750%, 05/18/46		1,006
	106	5.300%, 05/06/44		115
	865	5.500%, 09/13/25		953
	321	5.875%, 01/30/42		390
	250	6.625%, 01/15/28		301
	223	8.125%, 07/15/39		333
	148	Comerica, Inc., 3.800%, 07/22/26		148
	832	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		865
		Cooperatieve Rabobank UA, (Netherlands),
	1,000	2.500%, 01/19/21		1,000
	789	3.875%, 02/08/22		833
	1,488	4.375%, 08/04/25		1,518
	500	5.800%, 09/30/101 (e)		574
	1,600	Credit Agricole SA, (France), 4.375%, 03/17/25 (e)		1,584

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 35

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Credit Suisse Group Funding Guernsey Ltd., (Switzerland),
	250	2.750%, 03/26/20		249
	340	3.750%, 03/26/25		335
	419	3.800%, 09/15/22		423
	800	3.800%, 06/09/23		801
	762	4.550%, 04/17/26		788
	484	4.875%, 05/15/45		497
	387	Danske Bank A/S, (Denmark), 2.700%, 03/02/22 (e)		386
		Discover Bank,
	343	3.100%, 06/04/20		349
	1,000	3.200%, 08/09/21		1,012
	1,101	4.200%, 08/08/23		1,156
	1,028	Fifth Third Bancorp, 2.875%, 07/27/20		1,045
		Fifth Third Bank,
	600	2.375%, 04/25/19		606
	340	2.875%, 10/01/21		345
		HSBC Bank plc, (United Kingdom),
	1,438	1.500%, 05/15/18 (e)		1,433
	666	4.125%, 08/12/20 (e)		700
	575	4.750%, 01/19/21 (e)		616
		HSBC Holdings plc, (United Kingdom),
	2,469	2.650%, 01/05/22		2,433
	1,854	3.600%, 05/25/23		1,887
	200	3.900%, 05/25/26		203
	1,056	4.000%, 03/30/22		1,104
	939	4.250%, 08/18/25		954
	600	6.100%, 01/14/42		755
	321	Huntington Bancshares, Inc., 3.150%, 03/14/21		327
		Huntington National Bank (The),
	250	2.000%, 06/30/18		250
	858	2.875%, 08/20/20		871
	680	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		681
	729	KeyBank NA, 3.180%, 05/22/22		737
		KeyCorp,
	315	2.900%, 09/15/20		321
	300	5.100%, 03/24/21		328
		Lloyds Banking Group plc, (United Kingdom),
	612	3.000%, 01/11/22		611
	381	3.750%, 01/11/27		378
	400	4.582%, 12/10/25		407
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,180

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	422	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.950%, 03/01/21		426
		Mizuho Bank Ltd., (Japan),
	393	1.800%, 03/26/18 (e)		394
	623	2.650%, 09/25/19 (e)		628
	742	Mizuho Financial Group, Inc., (Japan), 2.632%, 04/12/21 (e)		737
	270	MUFG Americas Holdings Corp., 2.250%, 02/10/20		270
	250	National City Bank, 5.800%, 06/07/17		253
		Nordea Bank AB, (Sweden),
	1,000	1.625%, 05/15/18 (e)		998
	945	4.250%, 09/21/22 (e)		980
		PNC Bank NA,
	490	1.950%, 03/04/19		491
	400	6.875%, 04/01/18		422
		PNC Financial Services Group, Inc. (The),
	182	3.900%, 04/29/24		189
	864	4.375%, 08/11/20		923
	298	6.700%, 06/10/19		329
	709	SUB, 2.854%, 11/09/22		706
	964	Regions Financial Corp., 3.200%, 02/08/21		982
		Royal Bank of Canada, (Canada),
	1,450	1.875%, 02/05/20		1,438
	1,789	2.000%, 10/01/18		1,799
	1,000	2.200%, 07/27/18		1,008
	985	Series CB8, 1.200%, 09/19/17		985
	800	Royal Bank of Scotland Group plc, (United Kingdom), 3.875%, 09/12/23		789
	400	Santander Issuances SAU, (Spain), 5.179%, 11/19/25		410
		Santander UK Group Holdings plc, (United Kingdom),
	200	2.875%, 08/05/21		198
	452	3.125%, 01/08/21		455
	909	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		917
	402	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		402
	850	Societe Generale SA, (France), 2.500%, 04/08/21 (e)		839
	927	SpareBank 1 Boligkreditt A/S, (Norway), 1.750%, 11/15/19 (e)		918
	1,148	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		1,143
		Standard Chartered plc, (United Kingdom),
	769	4.050%, 04/12/26 (e)		777
	1,300	5.200%, 01/26/24 (e)		1,375

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	872	Sumitomo Mitsui Financial Group, Inc., (Japan), 2.632%, 07/14/26		812
		SunTrust Banks, Inc.,
	253	2.900%, 03/03/21		256
	880	6.000%, 09/11/17		900
		Toronto-Dominion Bank (The), (Canada),
	2,350	1.500%, 03/13/17 (e)		2,350
	114	1.800%, 07/13/21		111
	115	2.125%, 04/07/21		114
	521	2.250%, 11/05/19		526
		US Bancorp,
	550	1.650%, 05/15/17		550
	540	3.000%, 03/15/22		551
	566	4.125%, 05/24/21		607
	1,277	7.500%, 06/01/26		1,648
	1,000	Series V, 2.375%, 07/22/26		938
	896	US Bank NA, 2.800%, 01/27/25		884
	6,606	Wachovia Corp., 5.750%, 02/01/18		6,861
		Wells Fargo & Co.,
	2,174	2.600%, 07/22/20		2,200
	453	3.000%, 02/19/25		443
	540	3.000%, 04/22/26		522
	1,000	3.300%, 09/09/24		1,004
	850	3.500%, 03/08/22		881
	637	4.100%, 06/03/26		652
	541	4.300%, 07/22/27		563
	702	4.480%, 01/16/24		748
	500	4.600%, 04/01/21		539
	920	4.650%, 11/04/44		943
	1,280	5.606%, 01/15/44		1,500
	1,000	5.625%, 12/11/17		1,032
	1,200	Series N, 2.150%, 01/30/20		1,202
	250	Wells Fargo Bank NA, 6.000%, 11/15/17		258
		Westpac Banking Corp., (Australia),
	338	2.000%, 03/03/20 (e)		336
	2,141	4.875%, 11/19/19		2,295
				155,966
		Capital Markets — 2.7%
		Ameriprise Financial, Inc.,
	761	2.875%, 09/15/26		733
	1,500	4.000%, 10/15/23		1,590
		Bank of New York Mellon Corp. (The),
	880	2.200%, 03/04/19		886
	909	2.600%, 08/17/20		921
	254	2.800%, 05/04/26		246

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	700	3.250%, 09/11/24		710
	413	3.550%, 09/23/21		431
	760	4.600%, 01/15/20		814
	950	Series 0012, 3.650%, 02/04/24		993
		BlackRock, Inc.,
	660	3.375%, 06/01/22		689
	540	3.500%, 03/18/24		566
	430	4.250%, 05/24/21		463
	437	Series 2, 5.000%, 12/10/19		475
		Blackstone Holdings Finance Co. LLC,
	429	4.450%, 07/15/45 (e)		410
	1,940	5.875%, 03/15/21 (e)		2,175
	340	Charles Schwab Corp. (The), 3.225%, 09/01/22		349
		CME Group, Inc.,
	1,230	3.000%, 09/15/22		1,260
	777	3.000%, 03/15/25		780
	285	5.300%, 09/15/43		342
		Credit Suisse AG, (Switzerland),
	417	1.750%, 01/29/18		418
	728	2.300%, 05/28/19		732
	271	3.000%, 10/29/21		274
	402	3.625%, 09/09/24		408
	310	Credit Suisse Group AG, (Switzerland), 3.574%, 01/09/23 (e)		309
		Deutsche Bank AG, (Germany),
	591	1.875%, 02/13/18		591
	616	2.950%, 08/20/20		615
	984	3.375%, 05/12/21		989
	805	6.000%, 09/01/17		822
	500	FMR LLC, 6.450%, 11/15/39 (e)		634
		Goldman Sachs Group, Inc. (The),
	952	2.600%, 04/23/20		958
	1,309	2.625%, 01/31/19		1,325
	300	2.625%, 04/25/21		300
	453	2.750%, 09/15/20		457
	1,720	2.875%, 02/25/21		1,738
	557	3.500%, 01/23/25		558
	469	3.500%, 11/16/26		461
	525	3.750%, 05/22/25		533
	359	3.850%, 07/08/24		369
	830	3.850%, 01/26/27		838
	1,100	4.000%, 03/03/24		1,145
	1,415	4.250%, 10/21/25		1,451
	493	5.250%, 07/27/21		542

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 37

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	1,786	5.375%, 03/15/20		1,938
	1,200	5.750%, 01/24/22		1,352
	2,890	5.950%, 01/18/18		2,999
	685	6.750%, 10/01/37		858
	2,678	7.500%, 02/15/19		2,959
	949	Series D, 6.000%, 06/15/20		1,053
	900	ING Bank NV, (Netherlands), 1.650%, 08/15/19 (e)		888
		Intercontinental Exchange, Inc.,
	447	2.500%, 10/15/18		453
	884	4.000%, 10/15/23		944
		Invesco Finance plc,
	390	3.750%, 01/15/26		400
	657	4.000%, 01/30/24		690
		Jefferies Group LLC,
	1,015	5.125%, 04/13/18		1,050
	1,010	6.450%, 06/08/27		1,133
	880	6.875%, 04/15/21		1,005
		Macquarie Bank Ltd., (Australia),
	2,615	1.600%, 10/27/17 (e)		2,617
	896	2.600%, 06/24/19 (e)		904
	1,000	2.850%, 07/29/20 (e)		1,007
	1,000	4.000%, 07/29/25 (e)		1,038
		Macquarie Group Ltd., (Australia),
	1,200	6.000%, 01/14/20 (e)		1,305
	1,650	6.250%, 01/14/21 (e)		1,841
		Morgan Stanley,
	1,064	2.500%, 04/21/21		1,060
	500	2.650%, 01/27/20		506
	2,365	2.800%, 06/16/20		2,395
	1,250	3.700%, 10/23/24		1,277
	946	3.875%, 01/27/26		965
	2,873	4.000%, 07/23/25		2,974
	1,550	4.100%, 05/22/23		1,607
	480	4.350%, 09/08/26		494
	1,574	5.000%, 11/24/25		1,697
	475	5.500%, 07/24/20		521
	559	5.500%, 07/28/21		621
	1,265	5.625%, 09/23/19		1,370
	906	5.750%, 01/25/21		1,010
	1,400	6.625%, 04/01/18		1,472
	970	7.300%, 05/13/19		1,077
	547	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		610
		State Street Corp.,
	369	3.100%, 05/15/23		373

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
	2,792	3.550%, 08/18/25		2,879
	1,164	3.700%, 11/20/23		1,218
	379	TD Ameritrade Holding Corp., 2.950%, 04/01/22		384
		Thomson Reuters Corp.,
	482	3.850%, 09/29/24		494
	1,278	3.950%, 09/30/21		1,328
	441	4.500%, 05/23/43		423
	325	4.700%, 10/15/19		345
				84,834
		Consumer Finance — 1.0%
	700	American Express Co., 7.000%, 03/19/18		739
		American Express Credit Corp.,
	1,140	1.800%, 07/31/18		1,143
	1,028	1.875%, 11/05/18		1,031
	1,841	2.250%, 05/05/21		1,827
	1,455	2.375%, 05/26/20		1,461
		American Honda Finance Corp.,
	363	2.125%, 10/10/18		366
	417	2.250%, 08/15/19		422
	150	7.625%, 10/01/18 (e)		164
		Capital One Financial Corp.,
	1,069	3.200%, 02/05/25		1,051
	962	3.750%, 04/24/24		988
	1,462	4.200%, 10/29/25		1,486
		Caterpillar Financial Services Corp.,
	323	1.931%, 10/01/21 (e)		314
	882	2.250%, 12/01/19		890
	402	2.850%, 06/01/22		405
	585	7.150%, 02/15/19		645
		Ford Motor Credit Co. LLC,
	472	1.684%, 09/08/17		473
	340	2.145%, 01/09/18		341
	991	2.240%, 06/15/18		995
	513	2.375%, 03/12/19		515
	1,653	3.000%, 06/12/17		1,661
	507	3.096%, 05/04/23		498
	578	3.810%, 01/09/24		583
	1,162	4.134%, 08/04/25		1,177
		General Motors Financial Co., Inc.,
	489	3.100%, 01/15/19		498
	1,091	3.200%, 07/13/20		1,112
	1,500	3.450%, 01/14/22		1,521
	1,230	3.700%, 05/09/23		1,241

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	550	4.300%, 07/13/25		560
	875	4.350%, 01/17/27		891
	207	HSBC Finance Corp., 7.350%, 11/27/32		261
		HSBC USA, Inc.,
	800	1.625%, 01/16/18		801
	1,077	2.350%, 03/05/20		1,076
		John Deere Capital Corp.,
	335	1.700%, 01/15/20		332
	400	2.450%, 09/11/20		404
	893	2.800%, 03/06/23		896
	233	3.150%, 10/15/21		241
	626	PACCAR Financial Corp., 1.400%, 05/18/18		626
		Toyota Motor Credit Corp.,
	412	1.450%, 01/12/18		413
	558	2.100%, 01/17/19		563
				30,611
		Diversified Financial Services — 1.2%
	390	AerCap Ireland Capital DAC, (Netherlands), 3.500%, 05/26/22		396
	1,455	Bank of America NA, 5.300%, 03/15/17		1,457
		Berkshire Hathaway, Inc.,
	233	3.000%, 02/11/23		238
	2,498	3.400%, 01/31/22		2,635
	840	3.750%, 08/15/21		891
		GE Capital International Funding Co. Unlimited Co.,
	3,710	2.342%, 11/15/20		3,740
	827	3.373%, 11/15/25		852
	5,158	4.418%, 11/15/35		5,522
		National Rural Utilities Cooperative Finance Corp.,
	306	2.950%, 02/07/24		308
	290	10.375%, 11/01/18		331
		Nationwide Building Society, (United Kingdom),
	200	2.450%, 07/27/21 (e)		198
	400	4.000%, 09/14/26 (e)		385
		Private Export Funding Corp.,
	5,000	Series EE, 2.800%, 05/15/22		5,135
	681	Series KK, 3.550%, 01/15/24		727
		Shell International Finance BV, (Netherlands),
	804	2.125%, 05/11/20		806
	2,953	2.875%, 05/10/26		2,873
	2,854	4.000%, 05/10/46		2,786
	789	4.125%, 05/11/35		813
	1,020	4.300%, 09/22/19		1,080

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — continued
	1,005	4.375%, 03/25/20		1,073
	1,280	6.375%, 12/15/38		1,680
		Siemens Financieringsmaatschappij NV, (Germany),
	634	2.900%, 05/27/22 (e)		642
	513	4.400%, 05/27/45 (e)		549
		UBS Group Funding Jersey Ltd., (Switzerland),
	269	2.650%, 02/01/22 (e)		263
	300	4.125%, 09/24/25 (e)		306
	963	4.125%, 04/15/26 (e)		979
	540	Voya Financial, Inc., 3.650%, 06/15/26		533
				37,198
		Insurance — 1.2%
	520	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		675
	651	Allstate Corp. (The), 3.150%, 06/15/23		665
		American International Group, Inc.,
	674	3.750%, 07/10/25		678
	296	3.875%, 01/15/35		277
	641	4.125%, 02/15/24		666
	1,685	4.700%, 07/10/35		1,735
	306	Aon Corp., 6.250%, 09/30/40		370
	452	Aon plc, 3.875%, 12/15/25		464
		Berkshire Hathaway Finance Corp.,
	404	1.300%, 05/15/18		404
	748	4.300%, 05/15/43		787
	1,574	4.400%, 05/15/42		1,669
	120	Chubb Corp. (The), 5.750%, 05/15/18		126
		Chubb INA Holdings, Inc.,
	380	2.300%, 11/03/20		381
	533	2.875%, 11/03/22		539
		CNA Financial Corp.,
	463	3.950%, 05/15/24		477
	337	4.500%, 03/01/26		357
	526	Dai-ichi Life Insurance Co. Ltd. (The), (Japan), VAR, 4.000%, 07/24/26 (e) (x) (y)		512
	208	Guardian Life Insurance Co. of America (The), 4.850%, 01/24/77 (e)		209
		Jackson National Life Global Funding,
	563	1.875%, 10/15/18 (e)		564
	675	3.050%, 04/29/26 (e)		657
		Liberty Mutual Group, Inc.,
	408	4.950%, 05/01/22 (e)		444
	900	6.500%, 03/15/35 (e)		1,099
	100	Liberty Mutual Insurance Co., 8.500%, 05/15/25 (e)		128

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	598	Lincoln National Corp., 4.200%, 03/15/22		633
		Marsh & McLennan Cos., Inc.,
	676	2.350%, 03/06/20		678
	192	2.750%, 01/30/22		193
	288	3.300%, 03/14/23		294
		Massachusetts Mutual Life Insurance Co.,
	280	5.375%, 12/01/41 (e)		324
	300	8.875%, 06/01/39 (e)		469
	626	MassMutual Global Funding II, 2.500%, 10/17/22 (e)		613
		MetLife, Inc.,
	600	4.875%, 11/13/43		658
	555	Series A, 6.817%, 08/15/18		595
		Metropolitan Life Global Funding I,
	604	1.500%, 01/10/18 (e)		605
	2,838	2.300%, 04/10/19 (e)		2,864
	1,277	3.875%, 04/11/22 (e)		1,347
	1,750	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		2,725
		New York Life Global Funding,
	129	1.950%, 02/11/20 (e)		128
	3,951	2.150%, 06/18/19 (e)		3,977
	650	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		655
	820	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		1,271
	384	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		384
	953	Principal Life Global Funding II, 2.250%, 10/15/18 (e)		961
	920	Progressive Corp. (The), 2.450%, 01/15/27		866
	603	Prudential Financial, Inc., Series B, 5.750%, 07/15/33		712
	1,750	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		2,298
	388	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		391
	285	Travelers Cos., Inc. (The), 5.800%, 05/15/18		299
				37,823
		Thrifts & Mortgage Finance — 0.0% (g)
		BPCE SA, (France),
	850	1.625%, 01/26/18		849
	400	3.375%, 12/02/26		394
	800	4.625%, 07/11/24 (e)		791
				2,034
		Total Financials		348,466

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care — 1.6%
		Biotechnology — 0.7%
		AbbVie, Inc.,
	992	2.000%, 11/06/18		997
	2,273	2.900%, 11/06/22		2,259
	872	3.200%, 11/06/22		879
	813	3.600%, 05/14/25		810
	315	4.300%, 05/14/36		308
	1,483	4.500%, 05/14/35		1,487
		Amgen, Inc.,
	237	2.125%, 05/01/20		237
	1,000	3.625%, 05/15/22		1,036
	491	3.625%, 05/22/24		506
	3,420	4.663%, 06/15/51		3,453
	500	4.950%, 10/01/41		531
	680	5.700%, 02/01/19		730
		Baxalta, Inc.,
	500	3.600%, 06/23/22		508
	167	5.250%, 06/23/45		182
		Biogen, Inc.,
	918	3.625%, 09/15/22		949
	250	5.200%, 09/15/45		273
		Celgene Corp.,
	873	2.875%, 08/15/20		886
	1,336	3.250%, 08/15/22		1,353
	929	3.625%, 05/15/24		937
	633	5.700%, 10/15/40		703
		Gilead Sciences, Inc.,
	350	2.500%, 09/01/23		339
	632	3.650%, 03/01/26		642
	189	3.700%, 04/01/24		194
	816	4.600%, 09/01/35		846
				21,045
		Health Care Equipment & Supplies — 0.1%
		Becton Dickinson and Co.,
	142	2.675%, 12/15/19		144
	113	3.734%, 12/15/24		117
	420	Danaher Corp., 2.400%, 09/15/20		424
		Medtronic, Inc.,
	422	3.125%, 03/15/22		432
	399	3.150%, 03/15/22		410
	960	4.375%, 03/15/35		1,021
	128	Stryker Corp., 3.500%, 03/15/26		130
				2,678

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — 0.5%
		Aetna, Inc.,
	524	2.800%, 06/15/23		521
	397	4.250%, 06/15/36		402
	265	4.500%, 05/15/42		276
	440	6.750%, 12/15/37		589
		Anthem, Inc.,
	467	2.300%, 07/15/18		470
	615	3.125%, 05/15/22		618
	280	3.300%, 01/15/23		282
	500	4.625%, 05/15/42		514
	535	4.650%, 01/15/43		556
	648	4.650%, 08/15/44		673
		Cardinal Health, Inc.,
	540	2.400%, 11/15/19		545
	690	3.750%, 09/15/25		716
		Express Scripts Holding Co.,
	305	3.000%, 07/15/23		296
	900	3.500%, 06/15/24		882
	300	4.500%, 02/25/26		312
	639	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		642
	425	Mayo Clinic, 4.128%, 11/15/52		430
	588	Memorial Sloan-Kettering Cancer Center, 4.200%, 07/01/55		588
	251	Quest Diagnostics, Inc., 3.450%, 06/01/26		249
	640	Texas Health Resources, 4.330%, 11/15/55		653
		UnitedHealth Group, Inc.,
	472	1.700%, 02/15/19		473
	173	2.750%, 02/15/23		172
	400	2.875%, 03/15/23		404
	697	3.100%, 03/15/26		696
	697	3.350%, 07/15/22		724
	1,050	3.375%, 11/15/21		1,091
	760	4.625%, 07/15/35		841
	620	6.625%, 11/15/37		832
				15,447
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	369	3.000%, 04/15/23		365
	520	3.150%, 01/15/23		521
	343	4.150%, 02/01/24		362
				1,248

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 0.3%
		Actavis Funding SCS,
	443	3.850%, 06/15/24		451
	706	4.550%, 03/15/35		711
		Allergan, Inc.,
	525	2.800%, 03/15/23		509
	453	3.375%, 09/15/20		465
	395	Bayer US Finance LLC, (Germany), 2.375%, 10/08/19 (e)		397
	937	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		1,014
	750	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		760
	530	GlaxoSmithKline Capital, Inc., (United Kingdom), 6.375%, 05/15/38		702
		Johnson & Johnson,
	264	3.550%, 03/01/36		266
	282	4.375%, 12/05/33		311
		Merck & Co., Inc.,
	644	2.350%, 02/10/22		644
	266	2.400%, 09/15/22		264
	770	2.800%, 05/18/23		778
	210	3.700%, 02/10/45		203
		Mylan NV,
	463	3.950%, 06/15/26		452
	318	5.250%, 06/15/46		318
		Mylan, Inc.,
	520	3.125%, 01/15/23 (e)		503
	250	5.400%, 11/29/43		255
	560	Novartis Capital Corp., (Switzerland), 3.400%, 05/06/24		579
		Zoetis, Inc.,
	193	1.875%, 02/01/18		194
	123	4.700%, 02/01/43		125
				9,901
		Total Health Care		50,319
		Industrials — 1.9%
		Aerospace & Defense — 0.3%
	557	Airbus Group Finance BV, (France), 2.700%, 04/17/23 (e)		552
		BAE Systems Holdings, Inc., (United Kingdom),
	900	3.800%, 10/07/24 (e)		931
	400	6.375%, 06/01/19 (e)		437
	676	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		776
	200	Boeing Co. (The), 7.950%, 08/15/24		264

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 41

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Aerospace & Defense — continued
	164	L3 Technologies, Inc., 3.850%, 12/15/26		167
		Lockheed Martin Corp.,
	131	3.100%, 01/15/23		132
	1,281	4.070%, 12/15/42		1,276
	292	4.850%, 09/15/41		323
	277	Series B, 6.150%, 09/01/36		352
	300	Northrop Grumman Systems Corp., 7.750%, 02/15/31		429
	1,350	Precision Castparts Corp., 3.250%, 06/15/25		1,362
	340	Raytheon Co., 3.150%, 12/15/24		347
	370	Textron, Inc., 3.650%, 03/15/27		369
		United Technologies Corp.,
	681	3.100%, 06/01/22		700
	543	4.150%, 05/15/45		555
	914	4.500%, 06/01/42		984
				9,956
		Air Freight & Logistics — 0.0% (g)
		FedEx Corp.,
	181	3.250%, 04/01/26		181
	318	3.900%, 02/01/35		308
	239	4.100%, 04/15/43		229
		United Parcel Service of America, Inc.,
	355	8.375%, 04/01/20		420
	160	SUB, 8.375%, 04/01/30		229
	214	United Parcel Service, Inc., 2.450%, 10/01/22		214
				1,581
		Airlines — 0.0% (g)
	180	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.000%, 10/29/24		186
		Building Products — 0.1%
		Johnson Controls International plc,
	591	3.750%, 12/01/21		614
	675	4.250%, 03/01/21		715
	223	5.125%, 09/14/45		250
	1,000	5.250%, 12/01/41		1,076
	273	SUB, 4.950%, 07/02/64		285
				2,940
		Commercial Services & Supplies — 0.1%
	200	Pitney Bowes, Inc., 5.600%, 03/15/18		207
	643	President & Fellows of Harvard College, 3.300%, 07/15/56		591
		Republic Services, Inc.,
	175	2.900%, 07/01/26		169
	614	3.550%, 06/01/22		639

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Services & Supplies — continued
		Waste Management, Inc.,
	556	2.400%, 05/15/23		545
	156	3.900%, 03/01/35		157
	214	4.750%, 06/30/20		231
				2,539
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc., (Switzerland),
	292	2.875%, 05/08/22		295
	145	4.375%, 05/08/42		155
	789	Fluor Corp., 3.375%, 09/15/21		812
				1,262
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	182	1.500%, 11/02/17		182
	170	4.000%, 11/02/32		173
	570	5.600%, 05/15/18		596
	300	7.625%, 04/01/24		361
				1,312
		Industrial Conglomerates — 0.3%
		General Electric Co.,
	107	2.700%, 10/09/22		108
	573	3.100%, 01/09/23		591
	573	3.150%, 09/07/22		592
	541	3.375%, 03/11/24		563
	789	4.650%, 10/17/21		872
	191	5.300%, 02/11/21		212
	512	5.500%, 01/08/20		564
	95	5.875%, 01/14/38		122
	794	Series A, 6.750%, 03/15/32		1,081
	539	Hutchison Whampoa International 12 II Ltd., (Hong Kong), 3.250%, 11/08/22 (e)		550
	412	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23		440
	970	Koninklijke Philips NV, (Netherlands), 3.750%, 03/15/22		1,011
		Pentair Finance SA, (United Kingdom),
	981	2.900%, 09/15/18		993
	450	4.650%, 09/15/25		469
		Roper Technologies, Inc.,
	192	3.000%, 12/15/20		196
	134	3.800%, 12/15/26		135
				8,499

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Machinery — 0.2%
	164	Caterpillar, Inc., 2.600%, 06/26/22		164
		Deere & Co.,
	819	2.600%, 06/08/22		822
	346	3.900%, 06/09/42		354
		Illinois Tool Works, Inc.,
	400	3.500%, 03/01/24		418
	1,920	3.900%, 09/01/42		1,965
	290	Ingersoll-Rand Co., 6.391%, 11/15/27		341
		Parker-Hannifin Corp.,
	592	4.450%, 11/21/44		635
	215	5.500%, 05/15/18		225
		Xylem, Inc.,
	197	3.250%, 11/01/26		195
	224	4.375%, 11/01/46		225
				5,344
		Professional Services — 0.0% (g)
	380	Equifax, Inc., 2.300%, 06/01/21		374
		Road & Rail — 0.8%
		Burlington Northern Santa Fe LLC,
	200	3.000%, 03/15/23		203
	522	3.050%, 03/15/22		535
	300	3.450%, 09/15/21		312
	136	3.600%, 09/01/20		142
	249	3.750%, 04/01/24		263
	375	4.375%, 09/01/42		391
	500	4.400%, 03/15/42		525
	455	4.700%, 09/01/45		504
	769	5.150%, 09/01/43		895
	1,658	5.400%, 06/01/41		1,985
	335	5.750%, 03/15/18		349
	425	5.750%, 05/01/40		524
	250	6.700%, 08/01/28		325
		Canadian Pacific Railway Co., (Canada),
	600	4.500%, 01/15/22		645
	1,130	6.125%, 09/15/152		1,366
	250	7.125%, 10/15/31		339
		CSX Corp.,
	400	3.400%, 08/01/24		407
	526	3.950%, 05/01/50		486
	300	4.250%, 06/01/21		319
	191	4.750%, 05/30/42		204
	575	5.500%, 04/15/41		671
	500	7.900%, 05/01/17		506

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — continued
		ERAC USA Finance LLC,
	559	4.500%, 08/16/21 (e)		596
	355	5.250%, 10/01/20 (e)		385
	436	5.625%, 03/15/42 (e)		492
	350	6.375%, 10/15/17 (e)		360
	746	6.700%, 06/01/34 (e)		917
		Norfolk Southern Corp.,
	746	3.250%, 12/01/21		766
	595	3.950%, 10/01/42		584
	100	6.000%, 03/15/053		118
	1,510	6.000%, 05/23/114		1,809
	365	7.700%, 05/15/17		370
		Penske Truck Leasing Co. LP,
	479	2.875%, 07/17/18 (e)		485
	1,131	3.375%, 02/01/22 (e)		1,152
		Ryder System, Inc.,
	244	2.500%, 03/01/17		244
	240	2.500%, 03/01/18		242
	723	2.500%, 05/11/20		726
	517	2.875%, 09/01/20		523
		Union Pacific Corp.,
	182	2.950%, 01/15/23		184
	838	3.646%, 02/15/24		884
	710	4.163%, 07/15/22		767
	200	4.300%, 06/15/42		211
				23,711
		Trading Companies & Distributors — 0.1%
		Air Lease Corp.,
	743	3.000%, 09/15/23		731
	500	3.875%, 04/01/21		519
	506	International Lease Finance Corp., 5.875%, 08/15/22		570
		WW Grainger, Inc.,
	436	3.750%, 05/15/46		418
	655	4.600%, 06/15/45		717
				2,955
		Total Industrials		60,659
		Information Technology — 1.6%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	514	2.600%, 02/28/23		513
	197	2.900%, 03/04/21		202
	335	2.950%, 02/28/26		335
	500	3.625%, 03/04/24		527

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 43

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Communications Equipment — continued
	350	5.500%, 01/15/40		433
	755	5.900%, 02/15/39		972
	850	Harris Corp., 3.832%, 04/27/25		874
				3,856
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	219	3.000%, 03/01/18		222
	190	4.500%, 03/01/23		197
	165	6.000%, 04/01/20		179
	500	6.875%, 06/01/18		528
	1,563	7.500%, 01/15/27		1,883
				3,009
		Internet Software & Services — 0.1%
		eBay, Inc.,
	1,500	2.600%, 07/15/22		1,466
	348	3.450%, 08/01/24		347
	271	4.000%, 07/15/42		234
				2,047
		IT Services — 0.0% (g)
		International Business Machines Corp.,
	409	1.800%, 05/17/19		411
	765	6.220%, 08/01/27		962
	371	Total System Services, Inc., 3.750%, 06/01/23		374
				1,747
		Semiconductors & Semiconductor Equipment — 0.2%
		Broadcom Corp.,
	1,747	3.625%, 01/15/24 (e)		1,761
	1,626	3.875%, 01/15/27 (e)		1,637
		Intel Corp.,
	375	3.100%, 07/29/22		387
	397	3.300%, 10/01/21		415
	652	3.700%, 07/29/25		686
	1,185	4.000%, 12/15/32		1,242
	453	4.900%, 07/29/45		517
	365	Texas Instruments, Inc., 1.650%, 08/03/19		364
				7,009
		Software — 0.6%
	470	Intuit, Inc., 5.750%, 03/15/17		471
		Microsoft Corp.,
	384	2.125%, 11/15/22		376
	500	2.375%, 02/12/22		502
	489	2.375%, 05/01/23		482
	1,723	2.875%, 02/06/24		1,734

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	836	3.300%, 02/06/27		852
	291	3.500%, 02/12/35		281
	1,155	3.625%, 12/15/23		1,217
	305	4.000%, 02/12/55		290
	1,359	4.100%, 02/06/37		1,409
	615	4.200%, 11/03/35		649
	117	4.500%, 10/01/40		126
	1,190	4.500%, 02/06/57		1,236
	639	4.750%, 11/03/55		691
		Oracle Corp.,
	1,000	2.400%, 09/15/23		978
	587	2.500%, 05/15/22		587
	1,750	2.950%, 05/15/25		1,732
	1,088	4.300%, 07/08/34		1,150
	1,740	4.375%, 05/15/55		1,743
	500	5.000%, 07/08/19		538
	813	5.750%, 04/15/18		853
				17,897
		Technology Hardware, Storage & Peripherals — 0.5%
		Apple, Inc.,
	927	2.150%, 02/09/22		916
	2,556	2.400%, 05/03/23		2,515
	815	2.450%, 08/04/26		773
	2,364	2.850%, 05/06/21		2,423
	586	3.000%, 02/09/24		592
	1,539	3.200%, 05/13/25		1,555
	625	3.450%, 02/09/45		561
	569	3.850%, 08/04/46		548
	426	4.500%, 02/23/36		463
	300	Dell, Inc., 7.100%, 04/15/28		316
		Diamond 1 Finance Corp.,
	780	4.420%, 06/15/21 (e)		819
	976	5.450%, 06/15/23 (e)		1,054
	857	6.020%, 06/15/26 (e)		945
		HP, Inc.,
	282	4.300%, 06/01/21		298
	472	4.375%, 09/15/21		502
	201	4.650%, 12/09/21		215
	849	6.000%, 09/15/41		875
		Xerox Corp.,
	271	2.950%, 03/15/17		271
	320	5.625%, 12/15/19		345
				15,986
		Total Information Technology		51,551

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Materials — 0.8%
		Chemicals — 0.5%
		Agrium, Inc., (Canada),
	490	3.375%, 03/15/25		482
	525	4.125%, 03/15/35		500
	757	5.250%, 01/15/45		827
		CF Industries, Inc.,
	667	4.500%, 12/01/26 (e)		683
	500	7.125%, 05/01/20		548
		Dow Chemical Co. (The),
	888	3.000%, 11/15/22		900
	850	3.500%, 10/01/24		867
	347	4.125%, 11/15/21		369
	200	5.250%, 11/15/41		225
	375	7.375%, 11/01/29		505
	73	8.550%, 05/15/19		83
		Ecolab, Inc.,
	447	1.450%, 12/08/17		447
	595	3.250%, 01/14/23		606
	150	5.500%, 12/08/41		180
	253	EI du Pont de Nemours & Co., 4.900%, 01/15/41		277
	208	Monsanto Co., 4.700%, 07/15/64		200
		Mosaic Co. (The),
	1,736	4.250%, 11/15/23		1,805
	79	4.875%, 11/15/41		74
	861	5.450%, 11/15/33		898
	347	5.625%, 11/15/43		364
		Potash Corp. of Saskatchewan, Inc., (Canada),
	660	3.000%, 04/01/25		630
	85	3.250%, 12/01/17		86
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		136
	355	9.000%, 05/01/21		445
	473	Praxair, Inc., 2.650%, 02/05/25		465
		Union Carbide Corp.,
	1,000	7.500%, 06/01/25		1,205
	850	7.750%, 10/01/96		1,098
				14,905
		Construction Materials — 0.0% (g)
		CRH America, Inc., (Ireland),
	417	3.875%, 05/18/25 (e)		429
	893	5.125%, 05/18/45 (e)		993
				1,422

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 0.1%
		International Paper Co.,
	600	7.300%, 11/15/39		786
	470	8.700%, 06/15/38		682
				1,468
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	815	3.850%, 09/30/23		881
	150	5.000%, 09/30/43		173
	410	5.400%, 03/29/17		411
	560	6.500%, 04/01/19		618
		Freeport-McMoRan, Inc.,
	1,329	2.150%, 03/01/17		1,329
	1,020	5.400%, 11/14/34		895
	283	Nucor Corp., 4.000%, 08/01/23		300
	295	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		346
	258	Rio Tinto Finance USA Ltd., (United Kingdom), 9.000%, 05/01/19		296
	300	Vale Canada Ltd., (Brazil), 7.200%, 09/15/32		320
	306	Vale Overseas Ltd., (Brazil), 6.250%, 08/10/26		336
				5,905
		Total Materials		23,700
		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.7%
		American Tower Corp.,
	312	3.375%, 10/15/26		298
	1,043	3.500%, 01/31/23		1,050
	974	5.000%, 02/15/24		1,053
	100	5.900%, 11/01/21		112
		American Tower Trust I,
	471	1.551%, 03/15/18 (e)		470
	750	3.070%, 03/15/23 (e)		750
	700	AvalonBay Communities, Inc., 2.850%, 03/15/23		691
		Boston Properties LP,
	360	2.750%, 10/01/26		335
	200	3.125%, 09/01/23		199
	483	3.650%, 02/01/26		484
		Crown Castle International Corp.,
	264	4.000%, 03/01/27		265
	1,365	4.875%, 04/15/22		1,475
	450	5.250%, 01/15/23		493
	239	Duke Realty LP, 3.250%, 06/30/26		233

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 45

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
		Equity Commonwealth,
	600	5.875%, 09/15/20		644
	1,345	6.650%, 01/15/18		1,369
		ERP Operating LP,
	853	3.000%, 04/15/23		846
	364	4.625%, 12/15/21		395
		HCP, Inc.,
	265	3.400%, 02/01/25		259
	2,294	3.875%, 08/15/24		2,324
	230	4.200%, 03/01/24		238
	177	Hospitality Properties Trust, 4.950%, 02/15/27		181
	783	National Retail Properties, Inc., 4.000%, 11/15/25		802
		Prologis LP,
	133	3.750%, 11/01/25		137
	534	4.250%, 08/15/23		570
		Simon Property Group LP,
	917	2.150%, 09/15/17		920
	868	3.375%, 10/01/24		885
	532	3.750%, 02/01/24		554
	579	4.125%, 12/01/21		617
	200	4.375%, 03/01/21		214
	382	UDR, Inc., 2.950%, 09/01/26		359
		Ventas Realty LP,
	240	3.125%, 06/15/23		236
	242	3.500%, 02/01/25		238
	353	3.750%, 05/01/24		357
	406	4.125%, 01/15/26		415
	500	VEREIT Operating Partnership LP, 4.600%, 02/06/24		513
		Welltower, Inc.,
	223	4.000%, 06/01/25		229
	732	4.500%, 01/15/24		776
		Total Real Estate		21,986
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.5%
		AT&T, Inc.,
	2,320	3.000%, 06/30/22		2,304
	1,120	3.400%, 05/15/25		1,083
	3,596	3.600%, 02/17/23		3,629
	1,297	3.800%, 03/15/22		1,337
	205	3.875%, 08/15/21		213
	376	3.950%, 01/15/25		378
	879	4.300%, 12/15/42		786

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	462	4.350%, 06/15/45		408
	977	4.550%, 03/09/49		882
	1,000	4.600%, 02/15/21		1,063
	563	4.750%, 05/15/46		526
	860	5.350%, 09/01/40		878
	250	5.500%, 02/01/18		259
	2,000	6.000%, 08/15/40		2,199
	2,700	6.300%, 01/15/38		3,071
	400	6.500%, 09/01/37		466
	2,250	BellSouth LLC, 6.550%, 06/15/34		2,519
		British Telecommunications plc, (United Kingdom),
	531	2.350%, 02/14/19		535
	150	9.125%, 12/15/30		224
	600	Centel Capital Corp., 9.000%, 10/15/19		685
		Deutsche Telekom International Finance BV, (Germany),
	336	2.250%, 03/06/17 (e)		336
	232	4.875%, 03/06/42 (e)		251
	400	6.000%, 07/08/19		436
	325	8.750%, 06/15/30		479
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		267
	1,305	Orange SA, (France), SUB, 9.000%, 03/01/31		1,954
	741	Qwest Corp., 6.750%, 12/01/21		819
		Telefonica Emisiones SAU, (Spain),
	252	3.192%, 04/27/18		255
	526	5.134%, 04/27/20		564
	316	5.462%, 02/16/21		347
		Verizon Communications, Inc.,
	441	2.946%, 03/15/22 (e)		441
	881	3.450%, 03/15/21		909
	400	3.500%, 11/01/21		412
	2,804	3.500%, 11/01/24		2,810
	938	4.150%, 03/15/24		976
	200	4.272%, 01/15/36		189
	2,435	4.400%, 11/01/34		2,339
	881	4.500%, 09/15/20		940
	730	4.522%, 09/15/48		668
	1,085	4.672%, 03/15/55		991
	1,693	4.812%, 03/15/39 (e)		1,676
	4,200	4.862%, 08/21/46		4,118
	566	5.012%, 08/21/54		548
				46,170

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Wireless Telecommunication Services — 0.1%
	592	America Movil SAB de CV, (Mexico), 3.125%, 07/16/22		590
		Rogers Communications, Inc., (Canada),
	1,547	4.100%, 10/01/23		1,635
	400	8.750%, 05/01/32		549
		Vodafone Group plc, (United Kingdom),
	957	1.500%, 02/19/18		956
	593	1.625%, 03/20/17		593
				4,323
		Total Telecommunication Services		50,493
		Utilities — 2.3%
		Electric Utilities — 1.6%
		Alabama Power Co.,
	214	3.750%, 03/01/45		207
	239	6.125%, 05/15/38		302
	286	American Electric Power Co., Inc., Series E, 1.650%, 12/15/17		287
		Arizona Public Service Co.,
	133	2.200%, 01/15/20		133
	296	4.500%, 04/01/42		317
	467	5.050%, 09/01/41		532
		Baltimore Gas & Electric Co.,
	455	2.800%, 08/15/22		457
	376	3.500%, 08/15/46		350
	1,025	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		1,065
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		865
	195	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		204
	224	DTE Electric Co., 2.650%, 06/15/22		224
		Duke Energy Carolinas LLC,
	129	4.250%, 12/15/41		135
	660	5.100%, 04/15/18		686
	100	6.000%, 01/15/38		127
		Duke Energy Florida LLC,
	290	5.650%, 06/15/18		305
	245	6.400%, 06/15/38		330
		Duke Energy Indiana LLC,
	700	3.750%, 05/15/46		674
	1,320	6.350%, 08/15/38		1,754
		Duke Energy Progress LLC,
	540	2.800%, 05/15/22		549
	792	3.250%, 08/15/25		804
	273	4.100%, 05/15/42		280

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	125	4.100%, 03/15/43		128
	387	4.150%, 12/01/44		399
	325	5.300%, 01/15/19		346
		Electricite de France SA, (France),
	770	2.150%, 01/22/19 (e)		772
	1,300	6.000%, 01/22/145 (e)		1,314
	950	Enel Finance International NV, (Italy), 5.125%, 10/07/19 (e)		1,015
	336	Entergy Corp., 2.950%, 09/01/26		320
	629	Entergy Louisiana LLC, 3.050%, 06/01/31		599
	559	Entergy Mississippi, Inc., 2.850%, 06/01/28		535
	350	Florida Power & Light Co., 5.950%, 02/01/38		454
	210	Georgia Power Co., 5.950%, 02/01/39		258
	679	Great Plains Energy, Inc., 4.850%, 06/01/21		725
		Hydro-Quebec, (Canada),
	1,000	Series HY, 8.400%, 01/15/22		1,244
	350	Series IO, 8.050%, 07/07/24		460
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		110
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		109
	778	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		832
		Kansas City Power & Light Co.,
	403	3.150%, 03/15/23		404
	1,400	5.300%, 10/01/41		1,506
	424	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		430
	125	MidAmerican Energy Co., 5.300%, 03/15/18		130
		Nevada Power Co.,
	55	5.375%, 09/15/40		63
	305	5.450%, 05/15/41		362
	720	6.500%, 08/01/18		768
	100	Series N, 6.650%, 04/01/36		134
		NextEra Energy Capital Holdings, Inc.,
	371	2.400%, 09/15/19		374
	725	6.000%, 03/01/19		780
		Niagara Mohawk Power Corp.,
	493	3.508%, 10/01/24 (e)		506
	300	4.881%, 08/15/19 (e)		320
	510	Northern States Power Co., 6.250%, 06/01/36		663
	320	Ohio Power Co., 6.050%, 05/01/18		335
		Oncor Electric Delivery Co. LLC,
	840	6.800%, 09/01/18		901
	110	7.000%, 09/01/22		134

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 47

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		Pacific Gas & Electric Co.,
	544	2.450%, 08/15/22		536
	492	2.950%, 03/01/26		483
	71	3.250%, 09/15/21		73
	250	3.250%, 06/15/23		256
	781	3.500%, 06/15/25		800
	217	4.450%, 04/15/42		230
	390	4.500%, 12/15/41		414
	90	4.600%, 06/15/43		97
	810	5.625%, 11/30/17		835
	100	6.050%, 03/01/34		127
	160	8.250%, 10/15/18		176
		PacifiCorp,
	180	5.500%, 01/15/19		193
	150	5.650%, 07/15/18		158
		PECO Energy Co.,
	350	2.375%, 09/15/22		347
	175	5.350%, 03/01/18		182
	316	Pepco Holdings LLC, 7.450%, 08/15/32		402
	1,085	Potomac Electric Power Co., 6.500%, 11/15/37		1,451
	200	PPL Capital Funding, Inc., 3.400%, 06/01/23		203
		Progress Energy, Inc.,
	673	3.150%, 04/01/22		681
	300	7.000%, 10/30/31		398
		Public Service Co. of Colorado,
	250	2.250%, 09/15/22		247
	90	3.200%, 11/15/20		93
	214	3.550%, 06/15/46		199
	125	5.800%, 08/01/18		132
	2,490	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		3,217
		Public Service Electric & Gas Co.,
	833	3.000%, 05/15/25		837
	317	5.375%, 11/01/39		377
	210	Series I, 1.800%, 06/01/19		210
		Southern California Edison Co.,
	111	1.845%, 02/01/22		109
	785	5.500%, 08/15/18		831
	1,185	6.050%, 03/15/39		1,551
	200	Series 08-A, 5.950%, 02/01/38		255
	318	Series C, 3.500%, 10/01/23		332
		Southwestern Public Service Co.,
	200	4.500%, 08/15/41		217
	570	Series G, 8.750%, 12/01/18		637

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	312	State Grid Overseas Investment 2013 Ltd., (China), 1.750%, 05/22/18 (e)		311
	300	Toledo Edison Co. (The), 6.150%, 05/15/37		367
		Virginia Electric & Power Co.,
	64	3.450%, 02/15/24		66
	2,045	5.400%, 04/30/18		2,133
	21	Wisconsin Electric Power Co., 2.950%, 09/15/21		22
		Xcel Energy, Inc.,
	440	3.300%, 06/01/25		442
	92	4.800%, 09/15/41		99
	200	6.500%, 07/01/36		255
				48,998
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	125	4.125%, 10/15/44		126
	828	4.150%, 01/15/43		845
	375	8.500%, 03/15/19		424
	308	Boston Gas Co., 4.487%, 02/15/42 (e)		324
	335	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		354
	382	Dominion Gas Holdings LLC, 2.800%, 11/15/20		387
	653	Korea Gas Corp., (South Korea), 1.875%, 07/18/21 (e)		633
				3,093
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	300	2.950%, 01/15/20		304
	1,018	4.250%, 06/15/22		1,066
	235	5.750%, 10/01/41		228
		PSEG Power LLC,
	772	4.150%, 09/15/21		813
	442	4.300%, 11/15/23		466
		Southern Power Co.,
	357	4.150%, 12/01/25		372
	600	5.150%, 09/15/41		619
	417	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		405
				4,273
		Multi-Utilities — 0.5%
		CMS Energy Corp.,
	475	3.000%, 05/15/26		457
	400	3.875%, 03/01/24		416

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — continued
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		732
		Consumers Energy Co.,
	216	2.850%, 05/15/22		219
	286	3.250%, 08/15/46		259
	130	5.650%, 04/15/20		143
	235	Delmarva Power & Light Co., 4.000%, 06/01/42		234
		Dominion Resources, Inc.,
	300	7.000%, 06/15/38		389
	331	Series B, 2.750%, 01/15/22		330
	920	Series F, 5.250%, 08/01/33		1,006
		DTE Energy Co.,
	200	6.375%, 04/15/33		247
	992	Series B, 3.300%, 06/15/22		1,010
	289	Series F, 3.850%, 12/01/23		299
		NiSource Finance Corp.,
	370	3.850%, 02/15/23		381
	1,256	5.800%, 02/01/42		1,486
		San Diego Gas & Electric Co.,
	379	3.950%, 11/15/41		382
	275	6.000%, 06/01/26		333
		Sempra Energy,
	350	2.875%, 10/01/22		348
	236	3.550%, 06/15/24		243
	1,013	4.050%, 12/01/23		1,062
	1,150	6.150%, 06/15/18		1,215
	460	9.800%, 02/15/19		529
		Southern Co. Gas Capital Corp.,
	254	3.250%, 06/15/26		249
	563	3.500%, 09/15/21		578
	208	4.400%, 06/01/43		209
	1,445	5.875%, 03/15/41		1,729
	1,009	WEC Energy Group, Inc., 3.550%, 06/15/25		1,031
				15,516
		Water Utilities — 0.0% (g)
	793	American Water Capital Corp., 3.400%, 03/01/25		816
		Total Utilities		72,696
		Total Corporate Bonds (Cost $842,561)		870,692
	Foreign Government Securities — 1.5%
		Israel Government AID Bond, (Israel),
	6,165	Zero Coupon, 11/01/23		5,149
	5,535	Zero Coupon, 05/01/24		4,593

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,000	5.500%, 09/18/33		1,312
	1,000	Series 1, Zero Coupon, 11/01/24		814
	8,205	Series 2, Zero Coupon, 11/01/24		6,675
	5,000	Series 7-Z, Zero Coupon, 08/15/25		3,901
	2,000	Series 8-Z, Zero Coupon, 08/15/24		1,642
	7,805	Series 10-Z, Zero Coupon, 08/15/24		6,409
	377	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		503
		Republic of Colombia, (Colombia),
	922	4.000%, 02/26/24		946
	581	4.500%, 01/28/26		612
	515	5.000%, 06/15/45		512
	200	5.625%, 02/26/44		216
	200	7.375%, 09/18/37		253
		Republic of Panama, (Panama),
	317	3.750%, 03/16/25		325
	416	4.000%, 09/22/24		434
	88	Republic of Peru, (Peru), 5.625%, 11/18/50		104
	1,133	Republic of Poland, (Poland), 4.000%, 01/22/24		1,190
		Republic of South Africa, (South Africa),
	1,436	5.375%, 07/24/44		1,472
	640	5.875%, 09/16/25		703
		United Mexican States, (Mexico),
	2,030	3.500%, 01/21/21		2,088
	788	3.600%, 01/30/25		782
	1,732	4.000%, 10/02/23		1,775
	316	4.125%, 01/21/26		324
	186	4.350%, 01/15/47		166
	200	4.600%, 01/23/46		187
	120	4.750%, 03/08/44		114
	4,913	5.550%, 01/21/45		5,183
		Total Foreign Government Securities (Cost $47,453)		48,384
	Mortgage-Backed Securities — 17.9%
		FHLMC,
	5	ARM, 2.651%, 07/01/19		6
	26	ARM, 2.747%, 04/01/30		28
	80	ARM, 2.761%, 05/01/36		85
	369	ARM, 2.787%, 11/01/36		391
	270	ARM, 2.794%, 02/01/36		288
	180	ARM, 2.830%, 07/01/36		188
	69	ARM, 2.845%, 10/01/36		73
	283	ARM, 2.855%, 12/01/33		298
	557	ARM, 2.894%, 04/01/34		592
	308	ARM, 2.938%, 01/01/35		325

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 49

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	272	ARM, 2.946%, 10/01/36		285
	204	ARM, 3.016%, 12/01/36		216
	608	ARM, 3.040%, 03/01/37		636
	228	ARM, 3.139%, 11/01/36		242
	145	ARM, 3.187%, 02/01/36		154
	126	ARM, 3.193%, 12/01/34		133
	151	ARM, 3.458%, 02/01/37		161
	232	ARM, 3.498%, 10/01/36		246
	683	ARM, 3.520%, 07/01/40		709
		FHLMC Gold Pools, 15 Year, Single Family,
	13	4.500%, 08/01/18		13
	55	5.000%, 12/01/18		56
	1	5.500%, 06/01/17		1
	6	6.000%, 04/01/18		6
	19	6.500%, 11/01/17 - 02/01/19		19
		FHLMC Gold Pools, 20 Year, Single Family,
	1,631	3.500%, 01/01/32 - 03/01/32		1,698
	47	6.000%, 12/01/22		54
		FHLMC Gold Pools, 30 Year, Single Family,
	4,976	3.000%, 08/01/43		4,979
	531	4.000%, 09/01/35		558
	3,263	4.500%, 05/01/41		3,513
	2,647	5.000%, 09/01/34 - 08/01/40		2,922
	1,197	5.500%, 10/01/33 - 07/01/35		1,358
	259	6.000%, 12/01/33 - 01/01/34		298
	973	6.500%, 11/01/34 - 11/01/36		1,117
	298	7.000%, 07/01/32 - 10/01/36		337
	200	FHLMC Gold Pools, FHA/VA, 10.000%, 10/01/30		217
		FHLMC Gold Pools, Other,
	2,173	3.000%, 03/01/33		2,204
	18,864	3.500%, 10/01/32 - 06/01/43		19,567
	17,343	4.000%, 01/01/32 - 01/01/46		18,424
	5,467	4.500%, 01/01/46		5,988
	248	5.500%, 10/01/33 - 01/01/34		267
	216	6.000%, 02/01/33		238
	52	7.000%, 07/01/29		58
		FNMA,
	2	ARM, 1.986%, 01/01/19		2
	61	ARM, 2.188%, 09/01/34		63
	1	ARM, 2.358%, 03/01/19		1
	29	ARM, 2.414%, 09/01/27		31
	546	ARM, 2.540%, 04/01/34 - 05/01/35		576
	150	ARM, 2.541%, 01/01/36		158
	920	ARM, 2.542%, 09/01/35		963
	114	ARM, 2.614%, 07/01/34		121

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	655	ARM, 2.634%, 01/01/33		680
	165	ARM, 2.652%, 07/01/33 - 11/01/33		175
	335	ARM, 2.663%, 07/01/33		346
	413	ARM, 2.689%, 08/01/34		435
	277	ARM, 2.729%, 07/01/33		293
	789	ARM, 2.745%, 01/01/35		821
	345	ARM, 2.787%, 11/01/34		359
	717	ARM, 2.807%, 11/01/34		755
	366	ARM, 2.815%, 07/01/36		382
	219	ARM, 2.818%, 04/01/35		232
	315	ARM, 2.835%, 05/01/34		332
	110	ARM, 2.845%, 05/01/35		116
	99	ARM, 2.855%, 09/01/35		103
	100	ARM, 2.868%, 09/01/34		105
	1,181	ARM, 2.885%, 04/01/35		1,249
	133	ARM, 2.894%, 06/01/36		140
	251	ARM, 2.904%, 08/01/34		264
	183	ARM, 2.906%, 10/01/34		194
	370	ARM, 2.930%, 10/01/34		388
	486	ARM, 2.950%, 06/01/35		512
	410	ARM, 2.975%, 10/01/34		427
	351	ARM, 2.995%, 01/01/35		370
	91	ARM, 3.068%, 02/01/35		96
	270	ARM, 3.101%, 09/01/33		288
	158	ARM, 3.236%, 01/01/34		167
	274	ARM, 3.363%, 10/01/36		292
	61	ARM, 3.410%, 01/01/38		63
	95	ARM, 3.625%, 02/01/34		98
	37	ARM, 3.875%, 01/01/36		37
	19	ARM, 3.903%, 03/01/29		20
		FNMA, 15 Year, Single Family,
	76	4.000%, 08/01/18		78
	513	4.500%, 06/01/18 - 12/01/19		526
	266	5.000%, 06/01/18 - 08/01/24		282
	106	5.500%, 03/01/20 - 07/01/20		108
	1,639	6.000%, 08/01/17 - 01/01/24		1,767
	24	6.500%, 03/01/17 - 08/01/20		25
	4	7.000%, 03/01/17 - 09/01/17		2
		FNMA, 20 Year, Single Family,
	1,000	3.500%, 08/01/32		1,043
	54	4.500%, 04/01/24		59
	424	6.500%, 05/01/22 - 04/01/25		476
		FNMA, 30 Year, FHA/VA,
	71	6.000%, 09/01/33		78
	522	6.500%, 03/01/29 - 08/01/39		580
	11	7.000%, 02/01/33		12

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	31		8.000%, 06/01/28		35
	—	(h)	9.000%, 05/01/18		—	(h)
			FNMA, 30 Year, Single Family,
	4,270		3.000%, 06/01/43		4,268
	2,780		4.500%, 11/01/33 - 09/01/43		2,998
	818		5.000%, 07/01/33 - 09/01/35		908
	1,170		5.500%, 09/01/31 - 03/01/34		1,335
	1,456		6.000%, 12/01/28 - 09/01/37		1,672
	641		6.500%, 11/01/29 - 08/01/31		725
	534		7.000%, 01/01/24 - 01/01/39		613
	202		7.500%, 08/01/36 - 11/01/37		235
	381		8.000%, 03/01/27 - 11/01/28		446
	7		9.500%, 07/01/28		8
			FNMA, Other,
	902		ARM, 1.572%, 03/01/22		907
	2,000		1.690%, 12/01/19		1,982
	3,401		1.735%, 05/01/20		3,367
	3,728		1.750%, 06/01/20		3,691
	1,906		1.940%, 07/01/19		1,908
	1,500		2.000%, 12/01/20		1,493
	222		2.030%, 08/01/19		225
	2,500		2.120%, 09/01/21		2,462
	1,406		2.150%, 04/01/19		1,414
	3,539		2.340%, 12/01/22		3,525
	1,852		2.350%, 05/01/23		1,839
	3,500		2.400%, 12/01/22		3,488
	2,801		2.420%, 06/01/23		2,787
	4,000		2.450%, 11/01/22		3,995
	2,733		2.460%, 02/01/23		2,719
	1,396		2.510%, 06/01/23		1,396
	6,812		2.520%, 10/01/22 - 05/01/23		6,818
	2,500		2.660%, 12/01/22		2,546
	3,000		2.670%, 07/01/22		3,026
	3,089		2.705%, 04/01/23		3,134
	3,057		2.750%, 03/01/22		3,112
	3,000		2.760%, 05/01/21		3,052
	1,565		2.770%, 05/01/22		1,594
	5,145		2.780%, 06/01/27		5,086
	4,419		2.783%, 07/01/23		4,496
	10,943		2.790%, 05/01/27 - 06/01/27		10,810
	4,975		2.840%, 01/01/25		5,011
	6,500		2.900%, 12/01/24		6,562
	12,000		2.920%, 12/01/24 - 05/01/30		11,679
	1,375		2.940%, 05/01/22		1,411
	6,242		2.950%, 08/01/23 - 12/01/24		6,370
	2,989		2.960%, 06/01/27		2,997

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	7,465	2.970%, 12/01/24 - 06/01/30		7,438
	6,420	2.980%, 03/01/22 - 07/01/22		6,608
	999	2.990%, 01/01/25		1,014
	2,376	3.000%, 01/01/43		2,361
	2,363	3.020%, 07/01/23		2,427
	3,130	3.030%, 06/01/35		3,060
	13,000	3.040%, 12/01/24 - 04/01/30		12,975
	5,694	3.050%, 04/01/22		5,858
	6,632	3.070%, 01/01/22		6,830
	14,150	3.080%, 04/01/30 - 06/01/30		14,042
	8,850	3.100%, 05/01/30		8,811
	6,188	3.110%, 12/01/24 - 12/01/26		6,304
	11,728	3.120%, 01/01/22 - 06/01/35		11,597
	2,950	3.140%, 12/01/26		3,000
	1,361	3.150%, 12/01/21		1,411
	2,606	3.160%, 02/01/22		2,697
	3,000	3.170%, 02/01/30		3,001
	3,799	3.200%, 02/01/22		3,940
	9,269	3.230%, 11/01/20		9,599
	4,235	3.240%, 12/01/26		4,333
	13,787	3.250%, 07/01/25 - 09/01/26		14,161
	6,089	3.260%, 01/01/22 - 12/01/26		6,274
	13,888	3.290%, 10/01/20 - 11/01/26		14,294
	8,022	3.300%, 12/01/26 - 07/01/30		8,175
	3,000	3.340%, 02/01/27		3,096
	1,954	3.350%, 09/01/30		1,989
	811	3.372%, 11/01/20		844
	2,000	3.380%, 12/01/23		2,084
	1,371	3.430%, 09/01/20		1,432
	8,345	3.500%, 12/01/32 - 05/01/33		8,668
	1,843	3.520%, 01/01/18		1,858
	3,000	3.540%, 10/01/20		3,137
	2,000	3.550%, 02/01/30		2,078
	2,500	3.590%, 08/01/23		2,631
	2,710	3.600%, 09/01/20		2,845
	941	3.640%, 01/01/25		991
	5,000	3.670%, 07/01/23		5,304
	1,500	3.690%, 11/01/23		1,594
	4,378	3.730%, 07/01/22		4,630
	1,790	3.740%, 07/01/20		1,879
	4,908	3.760%, 10/01/23 - 11/01/23		5,231
	4,000	3.765%, 12/01/25		4,248
	3,000	3.770%, 09/01/21		3,178
	3,597	3.783%, 01/01/26		3,844
	6,368	3.790%, 09/01/21		6,750
	1,516	3.870%, 01/01/21		1,604

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 51

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	3,778	3.930%, 07/01/20 - 01/01/21		3,995
	6,460	3.950%, 07/01/20 - 07/01/21		6,870
	1,811	3.970%, 12/01/25		1,955
	12,015	4.000%, 10/01/32 - 09/01/42		12,730
	1,586	4.120%, 04/01/20		1,677
	4,377	4.130%, 11/01/19 - 08/01/21		4,633
	1,780	4.240%, 11/01/19		1,876
	4,380	4.250%, 04/01/21		4,710
	1,985	4.260%, 07/01/21		2,138
	1,124	4.283%, 01/01/21		1,198
	2,051	4.290%, 06/01/20		2,182
	2,296	4.300%, 08/01/20 - 04/01/21		2,378
	1,291	4.313%, 07/01/21		1,390
	2,022	4.330%, 04/01/21		2,175
	5,000	4.340%, 06/01/21		5,407
	1,405	4.350%, 04/01/20		1,493
	1,853	4.369%, 02/01/20		1,964
	663	4.381%, 04/01/20		704
	1,912	4.390%, 05/01/21		2,062
	2,000	4.400%, 02/01/20		2,125
	2,757	4.480%, 02/01/21		2,975
	8,877	4.500%, 12/01/43 - 03/01/44		9,695
	6,800	4.540%, 01/01/20 - 07/01/26		7,356
	3,702	4.640%, 01/01/21		4,007
	1,801	5.240%, 07/01/19		1,930
	178	5.500%, 03/01/17 - 09/01/33		198
	409	6.000%, 09/01/37 - 06/01/39		454
	153	6.500%, 01/01/36 - 07/01/36		168
	47	7.000%, 10/01/46		51
	13	10.500%, 04/15/19		13
	3	GNMA I, 15 Year, Single Family, 6.500%, 06/15/17		3
		GNMA I, 30 Year, Single Family,
	220	6.500%, 03/15/28 - 04/15/33		250
	134	7.000%, 02/15/33 - 06/15/33		157
	30	7.500%, 11/15/22 - 09/15/28		33
	6	8.000%, 09/15/22 - 08/15/28		7
	136	9.500%, 10/15/24		146
		GNMA II, 30 Year, Single Family,
	1,876	4.250%, 03/20/45		2,019
	180	4.500%, 08/20/33		194
	1,518	6.000%, 09/20/38		1,725
	40	7.500%, 02/20/28 - 09/20/28		46
	62	8.000%, 12/20/25 - 09/20/28		71
	23	8.500%, 05/20/25		25

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		GNMA II, Other,
	8,977	4.383%, 06/20/63		9,490
	9,497	4.458%, 05/20/63		10,027
	3,066	4.465%, 05/20/63		3,236
	2,005	4.493%, 04/20/63		2,118
		Total Mortgage-Backed Securities (Cost $559,899)		563,964
	Municipal Bonds — 0.3% (t)
		California — 0.0% (g)
	440	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.582%, 05/15/39		576
	350	State of California, Various Purpose, GO, 7.300%, 10/01/39		496
				1,072
		New York — 0.2%
	360	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		450
		Port Authority of New York & New Jersey, Consolidated,
	1,825	Series 164, Rev., 5.647%, 11/01/40		2,254
	440	Series 165, Rev., 5.647%, 11/01/40		543
	2,060	Series 174, Rev., 4.458%, 10/01/62		2,147
				5,394
		Ohio — 0.1%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,829
		Ohio State University, General Receipts,
	200	Rev., 5.590%, 12/01/145		216
	325	Series A, Rev., 4.048%, 12/01/56		323
	1,563	Series A, Rev., 4.800%, 06/01/114		1,550
				3,918
		Total Municipal Bonds (Cost $9,188)		10,384
	Supranational — 0.1%
	3,000	African Development Bank, 8.800%, 09/01/19 (Cost $3,411)		3,470
	U.S. Government Agency Securities — 3.0%
	1,525	FHLB, 5.500%, 07/15/36		2,036
	4,500	Financing Corp. STRIPS, 1.622%, 05/11/18 (n)		4,430
	6,000	FNMA, 4.178%, 06/01/17 (n)		5,990
	13,319	Government Trust Certificate, Series 1-Z, 2.729%, 10/01/19 (n)		12,500

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
		Resolution Funding Corp. STRIPS,
	2,150	1.334%, 01/15/21 (n)		1,995
	12,300	1.674%, 10/15/19 (n)		11,801
	510	2.184%, 10/15/25 (n)		408
	30,450	2.278%, 07/15/20 (n)		28,688
	580	2.854%, 01/15/26 (n)		452
	12,930	2.942%, 10/15/20 (n)		12,053
		Tennessee Valley Authority,
	304	4.625%, 09/15/60		348
	4,196	5.250%, 09/15/39		5,307
	1,115	5.880%, 04/01/36		1,501
		Tennessee Valley Authority STRIPS,
	5,000	3.392%, 11/01/25 (n)		3,822
	800	4.356%, 06/15/35 (n)		410
	2,000	4.473%, 05/01/19 (n)		1,924
		Total U.S. Government Agency Securities (Cost $92,764)		93,665
	U.S. Treasury Obligations — 16.2%
		U.S. Treasury Bond,
	3,350	2.875%, 05/15/43		3,291
	700	4.250%, 05/15/39		862
	19,295	4.375%, 11/15/39		24,145
	8,880	4.375%, 05/15/40		11,114
	11,785	4.500%, 08/15/39		14,996
	850	5.250%, 02/15/29		1,094
	300	6.125%, 08/15/29		417
		U.S. Treasury Inflation Indexed Bond,
	300	2.375%, 01/15/25		446
	300	2.500%, 01/15/29		416
	799	3.625%, 04/15/28		1,599
		U.S. Treasury Inflation Indexed Note,
	2,453	0.125%, 01/15/22		2,646
	630	1.375%, 07/15/18		733
	607	1.375%, 01/15/20		717
		U.S. Treasury Note,
	1,100	2.000%, 10/31/21		1,106
	1,000	2.125%, 01/31/21		1,015
	36,000	2.125%, 08/15/21		36,412
	700	2.625%, 08/15/20		723
	2,300	2.625%, 11/15/20		2,377
	7,250	3.125%, 05/15/21		7,638
	18,450	3.500%, 05/15/20		19,560
		U.S. Treasury STRIPS,
	23,265	1.940%, 05/15/21 (n)		21,500
	2,755	2.193%, 02/15/20 (n)		2,631
	14,000	2.241%, 11/15/23 (n)		12,033

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	12,570	2.242%, 08/15/23 (n)		10,888
	2,200	2.328%, 02/15/24 (n)		1,877
	18,545	2.369%, 05/15/22 (n)		16,621
	17,095	2.441%, 02/15/21 (n)		15,905
	14,400	2.633%, 11/15/22 (n)		12,740
	1,000	2.686%, 02/15/25 (n)		827
	15,768	2.713%, 02/15/22 (n)		14,256
	1,500	2.774%, 05/15/25 (n)		1,229
	11,100	2.804%, 08/15/21 (n)		10,181
	15,400	2.885%, 05/15/23 (n)		13,429
	4,800	2.897%, 08/15/22 (n)		4,275
	14,395	2.940%, 08/15/32 (n)		9,314
	33,050	3.000%, 05/15/32 (n)		21,585
	9,575	3.106%, 02/15/32 (n)		6,298
	5,000	3.273%, 05/15/31 (n)		3,379
	38,462	3.278%, 02/15/23 (n)		33,796
	9,980	3.319%, 11/15/21 (n)		9,094
	1,592	3.326%, 08/15/26 (n)		1,251
	800	3.345%, 05/15/35 (n)		471
	6,650	3.358%, 11/15/29 (n)		4,724
	6,015	3.519%, 05/15/28 (n)		4,486
	10,650	3.599%, 11/15/31 (n)		7,070
	9,500	3.649%, 02/15/34 (n)		5,842
	6,600	3.652%, 05/15/34 (n)		4,013
	1,650	3.700%, 08/15/34 (n)		997
	5,500	3.724%, 02/15/33 (n)		3,496
	14,577	3.852%, 05/15/19 (n)		14,147
	9,700	3.880%, 08/15/31 (n)		6,488
	39,504	3.894%, 05/15/20 (n)		37,495
	10,140	3.955%, 11/15/32 (n)		6,506
	16,500	4.152%, 05/15/33 (n)		10,399
	8,000	4.173%, 02/15/31 (n)		5,460
	11,020	4.370%, 08/15/20 (n)		10,396
	6,400	4.524%, 05/15/30 (n)		4,470
	600	4.769%, 02/15/26 (n)		479
	12,800	4.793%, 08/15/30 (n)		8,871
	600	4.808%, 08/15/24 (n)		504
	4,750	5.010%, 11/15/33 (n)		2,946
	9,925	5.096%, 11/15/30 (n)		6,819
	5,190	5.279%, 08/15/19 (n)		5,011
	100	5.301%, 08/15/35 (n)		58
	1,200	5.447%, 02/15/35 (n)		712
	3,050	5.672%, 08/15/33 (n)		1,906
	1,500	6.230%, 05/15/26 (n)		1,189
	2,500	6.288%, 11/15/28 (n)		1,837
	2,550	6.330%, 05/15/27 (n)		1,963

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 53

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	200	6.362%, 05/15/24 (n)		169
		Total U.S. Treasury Obligations (Cost $497,179)		513,340
	Loan Assignment — 0.1%
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	4,785	Lila Mexican Holdings LLC, Tranche B, VAR, 3.770%, 08/11/22 (Cost $4,650)		4,703

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	39,462	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.850% (b) (l) (Cost $39,478)		39,478
		Total Investments — 99.7% (Cost $3,073,698)		3,149,382
		Other Assets in Excess of Liabilities — 0.3%		9,850
		NET ASSETS — 100.0%	$	3,159,232

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 16.1%
	42	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.578%, 12/27/22 (e)		42
	152	American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.950%, 01/15/23		163
		American Credit Acceptance Receivables Trust,
	24	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		24
	245	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		251
	750	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		750
	227	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		229
	91	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		91
		B2R Mortgage Trust,
	118	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		116
	245	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		247
	157	BCC Funding Corp. X, Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		156
	21	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 1.148%, 04/25/36		20
		CarFinance Capital Auto Trust,
	96	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		97
	65	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		65
	64	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		64
	101	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.923%, 10/15/21 (e)		48
	2	CarMax Auto Owner Trust, Series 2013-4, Class A3, 0.800%, 07/16/18		2
		Citi Held For Asset Issuance,
	353	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		357
	400	Series 2016-MF1, Class B, 6.640%, 08/15/22 (e)		413
	184	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		186
	579	Colony American Homes, Series 2014-2A, Class A, VAR, 1.722%, 07/17/31 (e)		579
	7	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		7

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	20	Continental Airlines Pass-Through Trust, Series 1999-2, Class A-1, 7.256%, 03/15/20		21
		CPS Auto Receivables Trust,
	21	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		21
	41	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		41
	65	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		65
	73	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		74
	368	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		368
	425	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		426
	310	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		312
	167	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		167
	250	Credit Acceptance Auto Loan Trust, Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		253
	49	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		56
	36	Delta Air Lines Pass-Through Trust, Series 2010-2, Class A, 4.950%, 05/23/19		37
		Drive Auto Receivables Trust,
	177	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		180
	49	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		49
	320	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		324
	220	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		226
		DT Auto Owner Trust,
	301	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		304
	101	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		101
		Exeter Automobile Receivables Trust,
	31	Series 2014-1A, Class B, 2.420%, 01/15/19 (e)		31
	50	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		50
	29	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		29
	500	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		503
	99	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		99

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 55

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	102	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		102
	310	Series 2016-1A, Class C, 5.520%, 10/15/21 (e)		323
	370	Series 2016-2A, Class B, 3.640%, 02/15/22 (e)		375
	413	Federal Express Corp. Pass-Through Trust, Series 981A, 6.720%, 01/15/22		459
		First Investors Auto Owner Trust,
	94	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		94
	78	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		78
	100	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		103
		FirstKey Lending Trust,
	286	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		285
	144	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		143
		Flagship Credit Auto Trust,
	62	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		61
	89	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		90
	44	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		44
	100	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		100
	397	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		398
	114	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		116
	113	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		116
	400	Series 2016-1, Class C, 6.220%, 06/15/22 (e)		432
	478	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		478
	41	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		34
		GLS Auto Receivables Trust,
	132	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		132
	427	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		428
	95	GMAT Trust, Series 2013-1A, Class A, SUB, 6.967%, 11/25/43 (e)		95

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		GO Financial Auto Securitization Trust,
	188	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		187
	82	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		82
	267	Series 2015-2, Class B, 4.800%, 08/17/20 (e)		270
	100	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		99
	531	Green Tree Agency Advance Funding Trust I, Series 2015-T2, Class DT2, 4.669%, 10/15/48 (e)		530
		GTP Acquisition Partners I LLC,
	174	2.350%, 06/15/20 (e)		172
	202	3.482%, 06/16/25 (e)		202
	12	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.981%, 11/20/36		12
	212	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.772%, 06/17/31 (e)		212
	342	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		350
	1,600	LV Tower 52 Issuer, Series 2013-1, Class A, 5.750%, 02/15/23 (e)		1,577
	56	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		56
		Nationstar HECM Loan Trust,
	79	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		79
	296	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		293
	280	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		279
	66	Nissan Auto Receivables Owner Trust, Series 2014-B, Class A3, 1.110%, 05/15/19		66
		NRPL Trust,
	251	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		249
	539	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		539
	200	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		195
		Ocwen Master Advance Receivables Trust,
	661	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		661
	295	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		296
		OneMain Financial Issuance Trust,
	434	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		434

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	403	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		407
	875	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		874
	233	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		230
	484	Oportun Funding II LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		493
	476	Oportun Funding III LLC, Series 2016-B, Class A, 3.690%, 07/08/21 (e)		478
	321	Progreso Receivables Funding IV LLC, Series 2015-B, Class A, 3.000%, 07/28/20 (e)		321
		Progress Residential Trust,
	860	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		856
	351	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		349
	787	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		791
	200	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		205
	850	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		859
	16	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 1.078%, 03/25/36		16
	50	Santander Drive Auto Receivables Trust, Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		50
	35	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.451%, 01/25/36		27
	38	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		38
	461	Springleaf Funding Trust, Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		465
	285	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T3, Class DT3, 4.430%, 07/15/47 (e)		287
	129	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		129
	375	Toyota Auto Receivables Owner Trust, Series 2016-A, Class A3, 1.250%, 03/16/20		374
	266	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.720%, 10/15/18 (e)		266
	119	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 2.022%, 05/17/32 (e)		120
	48	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		48
	57	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		57

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	215	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		216
	76	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		77
	618	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		618
		VOLT XXVI LLC,
	247	Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		247
	115	Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		113
	287	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		287
	182	VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		183
	177	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		178
		Westlake Automobile Receivables Trust,
	200	Series 2015-3A, Class D, 4.400%, 05/17/21 (e)		202
	217	Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		218
		World Omni Auto Receivables Trust,
	5	Series 2013-B, Class A3, 0.830%, 08/15/18		5
	127	Series 2013-B, Class A4, 1.320%, 01/15/20		127
	64	Series 2015-A, Class A3, 1.340%, 05/15/20		64
		Total Asset-Backed Securities (Cost $29,104)		29,245
	Collateralized Mortgage Obligations — 24.8%
	292	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		292
	175	Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		174
		Alternative Loan Trust,
	1,269	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,262
	198	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		183
	114	Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		115
		ASG Resecuritization Trust,
	6	Series 2009-1, Class A60, VAR, 2.608%, 06/26/37 (e)		6
	96	Series 2009-3, Class A65, VAR, 2.493%, 03/26/37 (e)		95
	24	Banc of America Alternative Loan Trust, Series 2003-11, Class PO, PO, 01/25/34		19
	21	Banc of America Funding Trust, Series 2004-1, Class PO, PO, 03/25/34		17

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	—	(h)	Banc of America Mortgage Trust, Series 2004-1, Class APO, PO, 02/25/34		—(h)
	203		BCAP LLC Trust, Series 2010-RR7, Class 2A1, VAR, 2.734%, 07/26/45 (e)		202
	62		Bear Stearns ARM Trust, Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		63
			CHL Mortgage Pass-Through Trust,
	42		Series 2004-5, Class 1A4, 5.500%, 06/25/34		44
	20		Series 2004-HYB3, Class 2A, VAR, 2.796%, 06/20/34		20
	201		Series 2005-22, Class 2A1, VAR, 3.167%, 11/25/35		171
			Citigroup Global Markets Mortgage Securities VII, Inc.,
	36		Series 2003-HYB1, Class A, VAR, 3.240%, 09/25/33		35
	1		Series 2003-UP2, Class PO1, PO, 12/25/18		1
	42		Citigroup Mortgage Loan Trust, Series 2008-AR4, Class 1A1A, VAR, 3.567%, 11/25/38 (e)		42
			Citigroup Mortgage Loan Trust, Inc.,
	8		Series 2003-UP3, Class A3, 7.000%, 09/25/33		8
	12		Series 2003-UST1, Class A1, 5.500%, 12/25/18		11
	2		Series 2003-UST1, Class PO1, PO, 12/25/18		2
	1		Series 2003-UST1, Class PO3, PO, 12/25/18		1
	8		Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		8
			CSMC,
	236		Series 2010-11R, Class A6, VAR, 1.781%, 06/28/47 (e)		235
	16		Series 2011-16R, Class 7A3, VAR, 3.048%, 12/27/36 (e)		16
	70		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-3, Class 1A1, VAR, 5.604%, 06/25/20		70
	3		Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		3
	26		FHLMC — GNMA, Series 24, Class ZE, 6.250%, 11/25/23		28
			FHLMC REMIC,
	—	(h)	Series 46, Class B, 7.800%, 09/15/20		—	(h)
	—	(h)	Series 47, Class F, 10.000%, 06/15/20		—	(h)
	—	(h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	1		Series 99, Class Z, 9.500%, 01/15/21		1
	4		Series 114, Class H, 6.950%, 01/15/21		4

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	—	(h)	Series 1079, Class S, HB, IF, 31.382%, 05/15/21		—	(h)
	—	(h)	Series 1084, Class F, VAR, 1.720%, 05/15/21		—	(h)
	—	(h)	Series 1084, Class S, HB, IF, 41.760%, 05/15/21		—	(h)
	4		Series 1144, Class KB, 8.500%, 09/15/21		4
	—	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, 1,104.543%, 01/15/22		—	(h)
	3		Series 1206, Class IA, 7.000%, 03/15/22		3
	2		Series 1250, Class J, 7.000%, 05/15/22		2
	8		Series 1343, Class LA, 8.000%, 08/15/22		9
	36		Series 1466, Class PZ, 7.500%, 02/15/23		40
	—	(h)	Series 1470, Class F, VAR, 1.599%, 02/15/23		—	(h)
	12		Series 1491, Class I, 7.500%, 04/15/23		14
	12		Series 1518, Class G, IF, 8.362%, 05/15/23		14
	11		Series 1541, Class O, VAR, 1.780%, 07/15/23		11
	3		Series 1602, Class SA, HB, IF, 20.248%, 10/15/23		4
	39		Series 1608, Class L, 6.500%, 09/15/23		44
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	7		Series 1700, Class GA, PO, 02/15/24		6
	64		Series 1706, Class K, 7.000%, 03/15/24		71
	220		Series 1720, Class PL, 7.500%, 04/15/24		244
	8		Series 1745, Class D, 7.500%, 08/15/24		9
	13		Series 1798, Class F, 5.000%, 05/15/23		14
	—(h)		Series 1807, Class G, 9.000%, 10/15/20		1
	75		Series 1927, Class PH, 7.500%, 01/15/27		86
	33		Series 1981, Class Z, 6.000%, 05/15/27		36
	10		Series 1987, Class PE, 7.500%, 09/15/27		12
	4		Series 2033, Class SN, HB, IF, 28.740%, 03/15/24		2
	12		Series 2038, Class PN, IO, 7.000%, 03/15/28		2
	67		Series 2040, Class PE, 7.500%, 03/15/28		78
	3		Series 2056, Class TD, 6.500%, 05/15/18		3
	70		Series 2063, Class PG, 6.500%, 06/15/28		79
	9		Series 2064, Class TE, 7.000%, 06/15/28		10
	48		Series 2075, Class PH, 6.500%, 08/15/28		52
	46		Series 2075, Class PM, 6.250%, 08/15/28		51
	15		Series 2089, Class PJ, IO, 7.000%, 10/15/28		2
	29		Series 2125, Class JZ, 6.000%, 02/15/29		33
	7		Series 2163, Class PC, IO, 7.500%, 06/15/29		1
	137		Series 2169, Class TB, 7.000%, 06/15/29		156

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	52	Series 2172, Class QC, 7.000%, 07/15/29		60
	—(h)	Series 2196, Class TL, 7.500%, 11/15/29		—	(h)
	24	Series 2201, Class C, 8.000%, 11/15/29		28
	66	Series 2210, Class Z, 8.000%, 01/15/30		79
	16	Series 2224, Class CB, 8.000%, 03/15/30		19
	34	Series 2256, Class MC, 7.250%, 09/15/30		40
	35	Series 2259, Class ZM, 7.000%, 10/15/30		40
	30	Series 2271, Class PC, 7.250%, 12/15/30		35
	21	Series 2283, Class K, 6.500%, 12/15/23		23
	16	Series 2296, Class PD, 7.000%, 03/15/31		18
	7	Series 2306, Class K, PO, 05/15/24		7
	18	Series 2306, Class SE, IF, IO, 8.170%, 05/15/24		3
	27	Series 2333, Class HC, 6.000%, 07/15/31		31
	300	Series 2344, Class ZD, 6.500%, 08/15/31		350
	37	Series 2344, Class ZJ, 6.500%, 08/15/31		41
	25	Series 2345, Class NE, 6.500%, 08/15/31		28
	10	Series 2347, Class VP, 6.500%, 03/15/20		10
	32	Series 2351, Class PZ, 6.500%, 08/15/31		36
	25	Series 2410, Class NG, 6.500%, 02/15/32		28
	36	Series 2410, Class OE, 6.375%, 02/15/32		40
	17	Series 2410, Class QX, IF, IO, 7.880%, 02/15/32		4
	65	Series 2412, Class SP, IF, 14.560%, 02/15/32		82
	20	Series 2423, Class MC, 7.000%, 03/15/32		23
	40	Series 2423, Class MT, 7.000%, 03/15/32		47
	136	Series 2435, Class CJ, 6.500%, 04/15/32		157
	42	Series 2441, Class GF, 6.500%, 04/15/32		48
	40	Series 2444, Class ES, IF, IO, 7.180%, 03/15/32		10
	53	Series 2450, Class GZ, 7.000%, 05/15/32		62
	16	Series 2450, Class SW, IF, IO, 7.230%, 03/15/32		4
	64	Series 2455, Class GK, 6.500%, 05/15/32		72
	90	Series 2466, Class DH, 6.500%, 06/15/32		101
	46	Series 2474, Class NR, 6.500%, 07/15/32		52
	81	Series 2484, Class LZ, 6.500%, 07/15/32		93
	85	Series 2500, Class MC, 6.000%, 09/15/32		96
	128	Series 2512, Class PG, 5.500%, 10/15/22		139
	23	Series 2535, Class BK, 5.500%, 12/15/22		24
	8	Series 2537, Class TE, 5.500%, 12/15/17		8
	155	Series 2543, Class YX, 6.000%, 12/15/32		172
	187	Series 2568, Class KG, 5.500%, 02/15/23		204
	281	Series 2575, Class ME, 6.000%, 02/15/33		305
	24	Series 2586, Class WI, IO, 6.500%, 03/15/33		5
	13	Series 2622, Class PE, 4.500%, 05/15/18		14

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	8	Series 2631, Class LC, 4.500%, 06/15/18		8
	14	Series 2651, Class VZ, 4.500%, 07/15/18		14
	9	Series 2744, Class TU, 5.500%, 05/15/32		9
	36	Series 2934, Class EC, PO, 02/15/20		35
	62	Series 2990, Class SL, HB, IF, 21.670%, 06/15/34		81
	840	Series 2990, Class UZ, 5.750%, 06/15/35		950
	103	Series 2999, Class ND, 4.500%, 07/15/20		105
	3	Series 3068, Class AO, PO, 01/15/35		3
	87	Series 3117, Class EO, PO, 02/15/36		76
	9	Series 3117, Class OK, PO, 02/15/36		8
	118	Series 3122, Class OH, PO, 03/15/36		108
	137	Series 3137, Class XP, 6.000%, 04/15/36		157
	6	Series 3149, Class SO, PO, 05/15/36		5
	204	Series 3152, Class MO, PO, 03/15/36		179
	75	Series 3171, Class MO, PO, 06/15/36		69
	31	Series 3179, Class OA, PO, 07/15/36		27
	283	Series 3202, Class HI, IF, IO, 5.880%, 08/15/36		49
	43	Series 3232, Class ST, IF, IO, 5.930%, 10/15/36		7
	16	Series 3253, Class PO, PO, 12/15/21		16
	18	Series 3316, Class JO, PO, 05/15/37		17
	541	Series 3417, Class EO, PO, 11/15/36		503
	159	Series 3481, Class SJ, IF, IO, 5.080%, 08/15/38		12
	58	Series 3607, Class AO, PO, 04/15/36		53
	234	Series 3607, Class OP, PO, 07/15/37		204
	38	Series 3611, Class PO, PO, 07/15/34		34
	394	Series 3680, Class MA, 4.500%, 07/15/39		419
	67	Series 3804, Class FN, VAR, 1.220%, 03/15/39		67
	364	Series 3819, Class ZQ, 6.000%, 04/15/36		409
	128	Series 3997, Class PF, VAR, 1.220%, 11/15/39		128
	657	Series 4219, Class JA, 3.500%, 08/15/39		684
	950	Series 4374, Class NC, SUB, 2.750%, 02/15/46		984
		FHLMC STRIPS,
	12	Series 243, Class 16, IO, 4.500%, 11/15/20		—	(h)
	686	Series 262, Class 35, 3.500%, 07/15/42		699
		FHLMC Structured Pass-Through Securities Certificates,
	31	Series T-41, Class 3A, VAR, 5.765%, 07/25/32		34
	27	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		32

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 59

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	89		Series T-54, Class 3A, 7.000%, 02/25/43		107
	686		Series T-56, Class A5, 5.231%, 05/25/43		775
	22		Series T-58, Class APO, PO, 09/25/43		18
	180		Series T-76, Class 2A, VAR, 1.706%, 10/25/37		183
			FHLMC, Multifamily Structured Pass-Through Certificates,
	613		Series KF12, Class A, VAR, 1.478%, 09/25/22		613
	500		Series KSMC, Class A2, 2.615%, 01/25/23		504
	268		FHLMC, Structured Pass-Through Certificates, Series T-54, Class 2A, 6.500%, 02/25/43		315
			First Horizon Mortgage Pass-Through Trust,
	78		Series 2004-AR7, Class 2A2, VAR, 2.944%, 02/25/35		77
	72		Series 2005-AR1, Class 2A2, VAR, 3.061%, 04/25/35		72
			FNMA REMIC,
	—	(h)	Series 1988-7, Class Z, 9.250%, 04/25/18		—	(h)
	2		Series 1989-70, Class G, 8.000%, 10/25/19		2
	1		Series 1989-78, Class H, 9.400%, 11/25/19		1
	1		Series 1989-83, Class H, 8.500%, 11/25/19		1
	—	(h)	Series 1989-89, Class H, 9.000%, 11/25/19		—	(h)
	—	(h)	Series 1990-1, Class D, 8.800%, 01/25/20		—	(h)
	—	(h)	Series 1990-7, Class B, 8.500%, 01/25/20		1
	—	(h)	Series 1990-60, Class K, 5.500%, 06/25/20		—	(h)
	—	(h)	Series 1990-63, Class H, 9.500%, 06/25/20		—	(h)
	—	(h)	Series 1990-93, Class G, 5.500%, 08/25/20		—	(h)
	—	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		—	(h)
	—	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	4		Series 1990-102, Class J, 6.500%, 08/25/20		4
	1		Series 1990-120, Class H, 9.000%, 10/25/20		1
	—	(h)	Series 1990-134, Class SC, HB, IF, 20.432%, 11/25/20		—	(h)
	—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		—	(h)
	1		Series 1991-42, Class S, IF, 16.313%, 05/25/21		1
	18		Series 1992-107, Class SB, HB, IF, 27.771%, 06/25/22		25
	1		Series 1992-143, Class MA, 5.500%, 09/25/22		1
	11		Series 1993-25, Class J, 7.500%, 03/25/23		12
	70		Series 1993-37, Class PX, 7.000%, 03/25/23		76
	24		Series 1993-54, Class Z, 7.000%, 04/25/23		26

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	5		Series 1993-62, Class SA, IF, 19.136%, 04/25/23		7
	6		Series 1993-122, Class M, 6.500%, 07/25/23		7
	3		Series 1993-165, Class SD, IF, 13.586%, 09/25/23		3
	11		Series 1993-178, Class PK, 6.500%, 09/25/23		13
	174		Series 1993-183, Class KA, 6.500%, 10/25/23		195
	75		Series 1993-189, Class PL, 6.500%, 10/25/23		82
	17		Series 1993-247, Class SA, HB, IF, 28.359%, 12/25/23		26
	1		Series 1994-9, Class E, PO, 11/25/23		1
	47		Series 1996-14, Class SE, IF, IO, 8.270%, 08/25/23		9
	5		Series 1996-59, Class J, 6.500%, 08/25/22		5
	20		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		1
	18		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		1
	14		Series 1997-27, Class J, 7.500%, 04/18/27		17
	17		Series 1997-29, Class J, 7.500%, 04/20/27		20
	40		Series 1997-39, Class PD, 7.500%, 05/20/27		46
	10		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		1
	1		Series 1998-4, Class C, PO, 04/25/23		1
	9		Series 1998-36, Class ZB, 6.000%, 07/18/28		10
	110		Series 1998-43, Class EA, PO, 04/25/23		105
	77		Series 2000-2, Class ZE, 7.500%, 02/25/30		90
	17		Series 2001-4, Class PC, 7.000%, 03/25/21		18
	47		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		11
	56		Series 2001-36, Class DE, 7.000%, 08/25/31		64
	11		Series 2001-44, Class PD, 7.000%, 09/25/31		13
	67		Series 2001-48, Class Z, 6.500%, 09/25/21		73
	11		Series 2001-49, Class Z, 6.500%, 09/25/31		12
	9		Series 2001-81, Class LO, PO, 01/25/32		8
	23		Series 2002-1, Class HC, 6.500%, 02/25/22		25
	10		Series 2002-1, Class SA, HB, IF, 22.658%, 02/25/32		17
	34		Series 2002-21, Class PE, 6.500%, 04/25/32		39
	—	(h)	Series 2002-24, Class AJ, 6.000%, 04/25/17		—	(h)
	35		Series 2002-28, Class PK, 6.500%, 05/25/32		38
	40		Series 2002-37, Class Z, 6.500%, 06/25/32		45
	—	(h)	Series 2002-94, Class BK, 5.500%, 01/25/18		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	144	Series 2003-22, Class UD, 4.000%, 04/25/33		152
	131	Series 2003-34, Class GB, 6.000%, 03/25/33		135
	304	Series 2003-34, Class GE, 6.000%, 05/25/33		342
	8	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		2
	137	Series 2003-47, Class PE, 5.750%, 06/25/33		154
	16	Series 2003-52, Class SX, HB, IF, 20.615%, 10/25/31		23
	17	Series 2003-64, Class SX, IF, 11.800%, 07/25/33		21
	99	Series 2003-71, Class DS, IF, 6.427%, 08/25/33		100
	6	Series 2003-80, Class SY, IF, IO, 6.872%, 06/25/23		—	(h)
	32	Series 2003-83, Class PG, 5.000%, 06/25/23		32
	13	Series 2003-91, Class SD, IF, 11.203%, 09/25/33		15
	122	Series 2003-116, Class SB, IF, IO, 6.822%, 11/25/33		24
	10	Series 2003-130, Class SX, IF, 10.352%, 01/25/34		11
	63	Series 2004-25, Class PC, 5.500%, 01/25/34		65
	73	Series 2004-25, Class SA, IF, 17.385%, 04/25/34		101
	43	Series 2004-36, Class PC, 5.500%, 02/25/34		44
	83	Series 2004-36, Class SA, IF, 17.385%, 05/25/34		121
	51	Series 2004-46, Class SK, IF, 14.360%, 05/25/34		62
	536	Series 2004-50, Class VZ, 5.500%, 07/25/34		588
	46	Series 2004-61, Class SH, HB, IF, 20.876%, 11/25/32		62
	39	Series 2004-74, Class SW, IF, 13.939%, 11/25/31		54
	18	Series 2004-76, Class CL, 4.000%, 10/25/19		18
	83	Series 2005-45, Class DC, HB, IF, 21.456%, 06/25/35		120
	6	Series 2005-52, Class PA, 6.500%, 06/25/35		7
	62	Series 2005-56, Class S, IF, IO, 5.932%, 07/25/35		11
	106	Series 2005-56, Class TP, IF, 15.815%, 08/25/33		134
	353	Series 2005-68, Class PG, 5.500%, 08/25/35		392
	159	Series 2005-73, Class PS, IF, 14.754%, 08/25/35		206
	63	Series 2005-74, Class CS, IF, 17.880%, 05/25/35		83
	121	Series 2005-106, Class US, HB, IF, 21.713%, 11/25/35		182

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	406	Series 2005-121, Class DX, 5.500%, 01/25/26		436
	114	Series 2006-27, Class OH, PO, 04/25/36		106
	42	Series 2006-44, Class P, PO, 12/25/33		39
	269	Series 2006-56, Class FC, VAR, 1.068%, 07/25/36		268
	23	Series 2006-59, Class QO, PO, 01/25/33		23
	42	Series 2006-65, Class QO, PO, 07/25/36		37
	62	Series 2006-72, Class GO, PO, 08/25/36		57
	123	Series 2006-77, Class PC, 6.500%, 08/25/36		139
	50	Series 2006-79, Class DO, PO, 08/25/36		45
	79	Series 2006-110, Class PO, PO, 11/25/36		72
	112	Series 2006-124, Class HB, VAR, 3.134%, 11/25/36		119
	63	Series 2007-14, Class ES, IF, IO, 5.662%, 03/25/37		11
	51	Series 2007-79, Class SB, HB, IF, 21.163%, 08/25/37		73
	278	Series 2007-81, Class GE, 6.000%, 08/25/37		301
	141	Series 2007-88, Class VI, IF, IO, 5.762%, 09/25/37		24
	398	Series 2007-91, Class ES, IF, IO, 5.682%, 10/25/37		48
	68	Series 2007-106, Class A7, VAR, 6.179%, 10/25/37		75
	114	Series 2007-116, Class HI, IO, VAR, 1.545%, 01/25/38		7
	30	Series 2008-10, Class XI, IF, IO, 5.452%, 03/25/38		4
	23	Series 2008-16, Class IS, IF, IO, 5.422%, 03/25/38		3
	48	Series 2008-28, Class QS, IF, 18.365%, 04/25/38		64
	110	Series 2008-46, Class HI, IO, VAR, 1.844%, 06/25/38		7
	73	Series 2009-69, Class PO, PO, 09/25/39		66
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		810
	194	Series 2009-103, Class MB, VAR, 2.994%, 12/25/39		206
	1,000	Series 2010-47, Class MB, 5.000%, 09/25/39		1,093
	245	Series 2010-71, Class HJ, 5.500%, 07/25/40		274
	1,000	Series 2011-44, Class EB, 3.000%, 05/25/26		1,027
	325	Series 2011-118, Class MT, 7.000%, 11/25/41		381
	289	Series 2011-118, Class NT, 7.000%, 11/25/41		340
	193	Series 2012-47, Class HF, VAR, 1.178%, 05/25/27		193

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 61

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	385		Series 2013-101, Class DO, PO, 10/25/43		307
	369		Series 2013-128, Class PO, PO, 12/25/43		296
	1		Series G-14, Class L, 8.500%, 06/25/21		1
	4		Series G-18, Class Z, 8.750%, 06/25/21		5
	4		Series G-35, Class M, 8.750%, 10/25/21		4
	18		Series G92-35, Class E, 7.500%, 07/25/22		19
	1		Series G92-42, Class Z, 7.000%, 07/25/22		1
	1		Series G92-44, Class ZQ, 8.000%, 07/25/22		1
	14		Series G92-54, Class ZQ, 7.500%, 09/25/22		15
	4		Series G93-5, Class Z, 6.500%, 02/25/23		5
	8		Series G95-1, Class C, 8.800%, 01/25/25		10
			FNMA REMIC Trust,
	112		Series 2003-W1, Class 1A1, VAR, 5.567%, 12/25/42		123
	23		Series 2003-W4, Class 2A, VAR, 6.191%, 10/25/42		28
	15		Series 2007-W7, Class 1A4, HB, IF, 34.510%, 07/25/37		22
			FNMA STRIPS,
	—	(h)	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	1		Series 218, Class 2, IO, 7.500%, 04/25/23		—	(h)
	43		Series 300, Class 1, PO, 09/25/24		40
	8		Series 329, Class 1, PO, 01/25/33		8
			FNMA Trust,
	49		Series 2004-W2, Class 2A2, 7.000%, 02/25/44		58
	156		Series 2005-W3, Class 2AF, VAR, 0.998%, 03/25/45		151
			GNMA,
	106		Series 1994-7, Class PQ, 6.500%, 10/16/24		116
	14		Series 1999-30, Class S, IF, IO, 7.830%, 08/16/29		3
	8		Series 2000-9, Class Z, 8.000%, 06/20/30		9
	156		Series 2000-9, Class ZJ, 8.500%, 02/16/30		182
	22		Series 2002-31, Class S, IF, IO, 7.930%, 01/16/31		5
	66		Series 2002-40, Class UK, 6.500%, 06/20/32		77
	62		Series 2002-47, Class PG, 6.500%, 07/16/32		72
	75		Series 2002-47, Class PY, 6.000%, 07/20/32		84
	77		Series 2002-47, Class ZA, 6.500%, 07/20/32		89
	12		Series 2003-24, Class PO, PO, 03/16/33		11
	277		Series 2003-40, Class TJ, 6.500%, 03/20/33		314
	68		Series 2003-52, Class AP, PO, 06/16/33		57
	19		Series 2004-28, Class S, IF, 17.545%, 04/16/34		27
	38		Series 2004-71, Class SB, HB, IF, 25.631%, 09/20/34		60

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	25	Series 2004-73, Class AE, IF, 13.267%, 08/17/34		29
	207	Series 2004-90, Class SI, IF, IO, 5.319%, 10/20/34		28
	55	Series 2005-68, Class DP, IF, 14.578%, 06/17/35		68
	389	Series 2005-68, Class KI, IF, IO, 5.519%, 09/20/35		64
	627	Series 2006-38, Class ZK, 6.500%, 08/20/36		726
	42	Series 2006-59, Class SD, IF, IO, 5.919%, 10/20/36		6
	166	Series 2007-17, Class JI, IF, IO, 6.040%, 04/16/37		30
	196	Series 2007-27, Class SA, IF, IO, 5.419%, 05/20/37		32
	290	Series 2007-40, Class SB, IF, IO, 5.969%, 07/20/37		46
	172	Series 2007-45, Class QA, IF, IO, 5.859%, 07/20/37		28
	156	Series 2007-50, Class AI, IF, IO, 5.994%, 08/20/37		28
	42	Series 2007-53, Class ES, IF, IO, 5.769%, 09/20/37		7
	39	Series 2007-53, Class SW, IF, 17.863%, 09/20/37		53
	20	Series 2007-71, Class SB, IF, IO, 5.919%, 07/20/36		1
	87	Series 2007-72, Class US, IF, IO, 5.769%, 11/20/37		14
	88	Series 2007-76, Class SA, IF, IO, 5.749%, 11/20/37		15
	60	Series 2008-33, Class XS, IF, IO, 6.930%, 04/16/38		11
	169	Series 2008-40, Class SA, IF, IO, 5.630%, 05/16/38		29
	221	Series 2008-50, Class KB, 6.000%, 06/20/38		249
	114	Series 2008-55, Class SA, IF, IO, 5.419%, 06/20/38		18
	123	Series 2008-93, Class AS, IF, IO, 4.919%, 12/20/38		16
	36	Series 2009-6, Class SA, IF, IO, 5.330%, 02/16/39		5
	54	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		14
	174	Series 2009-22, Class SA, IF, IO, 5.489%, 04/20/39		22
	149	Series 2009-31, Class TS, IF, IO, 5.519%, 03/20/39		16
	154	Series 2009-79, Class OK, PO, 11/16/37		140
	1,009	Series 2009-92, Class ZC, 5.000%, 10/20/39		1,135

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	296	Series 2009-106, Class ST, IF, IO, 5.219%, 02/20/38		48
	64	Series 2010-14, Class AO, PO, 12/20/32		61
	1,000	Series 2010-105, Class B, 5.000%, 08/20/40		1,108
	100	Series 2010-130, Class CP, 7.000%, 10/16/40		116
	358	Series 2011-137, Class WA, VAR, 5.543%, 07/20/40		400
	298	Series 2012-H21, Class DF, VAR, 1.422%, 05/20/61		298
	111	Series 2012-H24, Class FA, VAR, 1.222%, 03/20/60		111
	310	Series 2012-H26, Class MA, VAR, 1.322%, 07/20/62		310
	687	Series 2012-H29, Class FA, VAR, 1.287%, 10/20/62		685
	611	Series 2013-91, Class WA, VAR, 4.489%, 04/20/43		646
	69	Series 2013-H03, Class FA, VAR, 1.072%, 08/20/60		69
	448	Series 2013-H07, Class JA, 1.750%, 03/20/63		445
	790	Series 2014-H15, Class FA, VAR, 1.272%, 07/20/64		786
	713	Series 2014-H17, Class FC, VAR, 1.272%, 07/20/64		710
	706	Series 2015-H15, Class FJ, VAR, 1.212%, 06/20/65		700
	653	Series 2015-H18, Class FA, VAR, 1.222%, 06/20/65		649
	716	Series 2015-H20, Class FA, VAR, 1.242%, 08/20/65		712
	789	Series 2015-H26, Class FG, VAR, 1.292%, 10/20/65		786
	130	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		121
	42	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		26
		JP Morgan Mortgage Trust,
	396	Series 2003-A1, Class 1A1, VAR, 2.633%, 10/25/33		388
	36	Series 2006-A2, Class 4A1, VAR, 3.180%, 08/25/34		36
	122	Series 2006-A2, Class 5A3, VAR, 3.118%, 11/25/33		124
		MASTR Adjustable Rate Mortgages Trust,
	35	Series 2004-3, Class 4A2, VAR, 2.803%, 04/25/34		32
	105	Series 2004-13, Class 2A1, VAR, 3.073%, 04/21/34		108

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		MASTR Alternative Loan Trust,
	118	Series 2003-9, Class 8A1, 6.000%, 01/25/34		122
	236	Series 2004-4, Class 10A1, 5.000%, 05/25/24		245
	16	Series 2004-7, Class 30PO, PO, 08/25/34		13
	8	Series 2004-10, Class 1A1, 4.500%, 09/25/19		8
	58	Series 2005-6, Class 3A1, 5.500%, 11/25/20		57
		MASTR Asset Securitization Trust,
	6	Series 2003-2, Class 1A1, 5.000%, 03/25/18		7
	2	Series 2004-8, Class PO, PO, 08/25/19		2
	21	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		16
		Merrill Lynch Mortgage Investors Trust,
	196	Series 2003-E, Class A1, VAR, 1.398%, 10/25/28		188
	69	Series 2004-A, Class A1, VAR, 1.238%, 04/25/29		66
	30	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.418%, 02/25/35		29
	49	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		49
	59	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		59
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	28	Series 2003-A1, Class A1, 5.500%, 05/25/33		28
	19	Series 2003-A1, Class A2, 6.000%, 05/25/33		20
	7	Series 2003-A1, Class A5, 7.000%, 04/25/33		7
		RALI Trust,
	5	Series 2002-QS8, Class A5, 6.250%, 06/25/17		5
	2	Series 2002-QS16, Class A3, IF, 14.995%, 10/25/17		3
	5	Series 2003-QS3, Class A2, IF, 14.788%, 02/25/18		5
	27	Series 2003-QS9, Class A3, IF, IO, 6.772%, 05/25/18		1
	45	Series 2004-QS3, Class CB, 5.000%, 03/25/19		45
	73	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		62
	4	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		4

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 63

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Springleaf Mortgage Loan Trust,
	102	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		101
	125	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		125
	100	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		100
	306	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		306
	72	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		74
		Vendee Mortgage Trust,
	300	Series 1993-1, Class ZB, 7.250%, 02/15/23		331
	155	Series 1994-1, Class 1, VAR, 5.500%, 02/15/24		165
	236	Series 1996-1, Class 1Z, 6.750%, 02/15/26		266
	77	Series 1996-2, Class 1Z, 6.750%, 06/15/26		86
	309	Series 1997-1, Class 2Z, 7.500%, 02/15/27		354
	75	Series 1998-1, Class 2E, 7.000%, 03/15/28		87
		WaMu Mortgage Pass-Through Certificates Trust,
	6	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		6
	90	Series 2003-AR5, Class A7, VAR, 2.838%, 06/25/33		91
	45	Series 2004-AR3, Class A2, VAR, 2.821%, 06/25/34		46
	184	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		169
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	13	Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		14
	4	Series 2003-MS7, Class P, PO, 03/25/33		3
		Wells Fargo Mortgage-Backed Securities Trust,
	33	Series 2003-K, Class 1A1, VAR, 2.901%, 11/25/33		33
	54	Series 2004-EE, Class 3A1, VAR, 3.244%, 12/25/34		55
	164	Series 2004-P, Class 2A1, VAR, 2.995%, 09/25/34		170
	262	Series 2005-AR3, Class 1A1, VAR, 3.090%, 03/25/35		267
		Total Collateralized Mortgage Obligations (Cost $43,418)		44,871
	Commercial Mortgage-Backed Securities — 4.1%
	89	A10 Securitization LLC, Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		89

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	85	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		85
	230	Banc of America Commercial Mortgage Trust, Series 2007-5, Class A4, 5.492%, 02/10/51		231
	15	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		15
	1,483	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.326%, 12/11/49 (e)		—	(h)
		Commercial Mortgage Trust,
	132	Series 2014-PAT, Class A, VAR, 1.571%, 08/13/27 (e)		132
	400	Series 2014-TWC, Class A, VAR, 1.621%, 02/13/32 (e)		400
	281	Series 2015-CR25, Class A4, 3.759%, 08/10/48		293
		FNMA — ACES,
	438	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		463
	147	Series 2012-M11, Class FA, VAR, 1.280%, 08/25/19		146
	444	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		462
	636	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		641
	1,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		994
	820	Series 2015-M7, Class A2, 2.590%, 12/25/24		808
	843	Series 2015-M17, Class FA, VAR, 1.710%, 11/25/22		847
	46	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		46
		PFP Ltd., (Cayman Islands),
	253	Series 2015-2, Class A, VAR, 2.220%, 07/14/34 (e)		253
	100	Series 2015-2, Class C, VAR, 4.020%, 07/14/34 (e)		98
	100	Series 2015-2, Class D, VAR, 4.770%, 07/14/34 (e)		98
		RAIT Trust,
	124	Series 2015-FL4, Class A, VAR, 2.120%, 12/15/31 (e)		125
	250	Series 2015-FL5, Class B, VAR, 4.670%, 01/15/31 (e)		250
		Resource Capital Corp. Ltd., (Cayman Islands),
	88	Series 2015-CRE4, Class A, VAR, 2.172%, 08/15/32 (e)		88

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	153	Series 2015-CRE4, Class B, VAR, 3.772%, 08/15/32 (e)		148
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		119
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		109
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		526
		Total Commercial Mortgage-Backed Securities (Cost $7,477)		7,466
	Corporate Bonds — 17.5%
		Consumer Discretionary — 0.9%
		Internet & Direct Marketing Retail — 0.0% (g)
	100	Amazon.com, Inc., 3.800%, 12/05/24		106
		Media — 0.8%
	100	21st Century Fox America, Inc., 7.700%, 10/30/25		128
	208	CBS Corp., 4.000%, 01/15/26		213
	80	Comcast Corp., 3.375%, 08/15/25		81
	78	Discovery Communications LLC, 4.375%, 06/15/21		82
	200	NBCUniversal Media LLC, 2.875%, 01/15/23		200
		Time Warner Cable LLC,
	57	5.850%, 05/01/17		58
	35	8.750%, 02/14/19		39
	100	Time Warner Cos., Inc., 7.570%, 02/01/24		123
	300	Time Warner, Inc., 3.600%, 07/15/25		297
		Viacom, Inc.,
	37	2.750%, 12/15/19		37
	100	3.125%, 06/15/22		98
	11	3.250%, 03/15/23		11
	43	3.875%, 04/01/24		43
				1,410
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	49	4.375%, 09/01/23		48
	62	6.900%, 04/01/29		66
	35	Nordstrom, Inc., 4.000%, 10/15/21		36
				150
		Total Consumer Discretionary		1,666
		Consumer Staples — 0.6%
		Beverages — 0.2%
	150	Anheuser-Busch InBev Finance, Inc., (Belgium), 3.700%, 02/01/24		155
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		76

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	30	Heineken NV, (Netherlands), 1.400%, 10/01/17 (e)		30
				261
		Food & Staples Retailing — 0.2%
		Kroger Co. (The),
	90	4.000%, 02/01/24		94
	30	6.150%, 01/15/20		33
	100	Sysco Corp., 3.750%, 10/01/25		102
	185	Walgreens Boots Alliance, Inc., 3.100%, 06/01/23		185
				414
		Food Products — 0.2%
	14	Bunge NA Finance LP, 5.900%, 04/01/17		14
	100	Cargill, Inc., 3.300%, 03/01/22 (e)		103
		Kraft Heinz Foods Co.,
	30	3.500%, 06/06/22		31
	66	5.000%, 07/15/35		69
	22	5.375%, 02/10/20		24
	92	Mead Johnson Nutrition Co., 4.125%, 11/15/25		97
	73	Tyson Foods, Inc., 3.950%, 08/15/24		75
				413
		Household Products — 0.0% (g)
	20	Kimberly-Clark Corp., 2.400%, 03/01/22		20
	42	Procter & Gamble — ESOP, Series A, 9.360%, 01/01/21		48
				68
		Total Consumer Staples		1,156
		Energy — 2.6%
		Energy Equipment & Services — 0.1%
	107	Halliburton Co., 3.500%, 08/01/23		110
		Nabors Industries, Inc.,
	30	4.625%, 09/15/21		31
	30	5.000%, 09/15/20		31
	15	National Oilwell Varco, Inc., 1.350%, 12/01/17		15
	47	Schlumberger Investment SA, 3.300%, 09/14/21 (e)		48
				235
		Oil, Gas & Consumable Fuels — 2.5%
		Apache Corp.,
	42	3.250%, 04/15/22		42
	25	6.900%, 09/15/18		27
	29	Boardwalk Pipelines LP, 4.950%, 12/15/24		31

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 65

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		BP Capital Markets plc, (United Kingdom),
	20	1.375%, 11/06/17		20
	60	3.506%, 03/17/25		61
	166	3.814%, 02/10/24		172
		Buckeye Partners LP,
	30	4.350%, 10/15/24		31
	40	4.875%, 02/01/21		42
	25	5.850%, 11/15/43		27
	25	Canadian Natural Resources Ltd., (Canada), 3.900%, 02/01/25		25
	21	Cenovus Energy, Inc., (Canada), 3.000%, 08/15/22		21
	40	Chevron Corp., 2.355%, 12/05/22		39
	200	CNOOC Nexen Finance 2014 ULC, (China), 4.250%, 04/30/24		209
	58	Ecopetrol SA, (Colombia), 4.125%, 01/16/25		56
		Energy Transfer Partners LP,
	89	3.600%, 02/01/23		89
	91	4.050%, 03/15/25		91
	200	Eni SpA, (Italy), 4.150%, 10/01/20 (e)		210
	74	EnLink Midstream Partners LP, 4.150%, 06/01/25		74
		Enterprise Products Operating LLC,
	37	3.750%, 02/15/25		37
	49	3.900%, 02/15/24		51
		EOG Resources, Inc.,
	23	2.625%, 03/15/23		22
	100	4.100%, 02/01/21		106
	300	4.150%, 01/15/26		316
	250	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		256
	50	Magellan Midstream Partners LP, 6.550%, 07/15/19		55
	175	Marathon Oil Corp., 6.000%, 10/01/17		179
	67	Marathon Petroleum Corp., 3.625%, 09/15/24		67
	36	Noble Energy, Inc., 5.625%, 05/01/21		37
	91	Occidental Petroleum Corp., 3.500%, 06/15/25		93
		ONEOK Partners LP,
	40	3.200%, 09/15/18		41
	12	3.375%, 10/01/22		12
	200	4.900%, 03/15/25		214
	28	5.000%, 09/15/23		30
		Petroleos Mexicanos, (Mexico),
	59	4.250%, 01/15/25		56
	69	4.875%, 01/18/24		69
	149	6.375%, 02/04/21		162
	43	Phillips 66, 2.950%, 05/01/17		43

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
		Plains All American Pipeline LP,
	100	3.600%, 11/01/24		98
	250	4.650%, 10/15/25		260
	200	Sinopec Group Overseas Development 2013 Ltd., (China), 4.375%, 10/17/23 (e)		212
		Spectra Energy Capital LLC,
	150	5.650%, 03/01/20		160
	50	8.000%, 10/01/19		57
	63	Spectra Energy Partners LP, 3.500%, 03/15/25		62
	180	Sunoco Logistics Partners Operations LP, 4.650%, 02/15/22		192
		TransCanada PipeLines Ltd., (Canada),
	172	3.750%, 10/16/23		179
	100	6.500%, 08/15/18		107
	30	7.125%, 01/15/19		33
				4,473
		Total Energy		4,708
		Financials — 6.6%
		Banks — 2.5%
	200	ANZ New Zealand Int’l Ltd., (New Zealand), 2.600%, 09/23/19 (e)		202
		Bank of America Corp.,
	150	3.300%, 01/11/23		151
	485	3.875%, 08/01/25		496
	42	4.125%, 01/22/24		44
	100	5.000%, 05/13/21		109
	154	Series L, 3.950%, 04/21/25		154
	317	Barclays plc, (United Kingdom), 3.200%, 08/10/21		319
	300	Capital One Bank USA NA, 3.375%, 02/15/23		301
		Citigroup, Inc.,
	82	2.150%, 07/30/18		82
	115	5.500%, 09/13/25		127
	16	Comerica, Inc., 3.800%, 07/22/26		16
	201	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		209
		Cooperatieve Rabobank UA, (Netherlands),
	118	3.875%, 02/08/22		125
	250	4.375%, 08/04/25		255
	250	Discover Bank, 3.100%, 06/04/20		254
		HSBC Holdings plc, (United Kingdom),
	200	4.250%, 08/18/25		203
	300	4.875%, 01/14/22		325
	250	Huntington National Bank (The), 2.875%, 08/20/20		254

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	50	KeyCorp, 5.100%, 03/24/21		55
	200	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		202
	36	MUFG Americas Holdings Corp., 2.250%, 02/10/20		36
	133	PNC Financial Services Group, Inc. (The), 4.375%, 08/11/20		142
	107	Regions Financial Corp., 3.200%, 02/08/21		109
	200	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		211
		Wells Fargo & Co.,
	99	3.000%, 02/19/25		97
	21	4.100%, 06/03/26		21
	30	4.300%, 07/22/27		31
				4,530
		Capital Markets — 2.2%
	120	Ameriprise Financial, Inc., 4.000%, 10/15/23		127
		Bank of New York Mellon Corp. (The),
	150	3.250%, 09/11/24		152
	75	4.600%, 01/15/20		81
	150	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		168
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		41
		Deutsche Bank AG, (Germany),
	319	1.875%, 02/13/18		319
	38	2.950%, 08/20/20		38
	62	3.375%, 05/12/21		62
		Goldman Sachs Group, Inc. (The),
	137	3.750%, 05/22/25		139
	120	4.000%, 03/03/24		125
	80	5.750%, 01/24/22		90
		Intercontinental Exchange, Inc.,
	47	2.500%, 10/15/18		48
	88	4.000%, 10/15/23		94
		Invesco Finance plc,
	125	3.750%, 01/15/26		128
	71	4.000%, 01/30/24		75
	125	Jefferies Group LLC, 6.875%, 04/15/21		143
	111	Legg Mason, Inc., 4.750%, 03/15/26		117
		Macquarie Bank Ltd., (Australia),
	100	2.850%, 07/29/20 (e)		100
	300	3.900%, 01/15/26 (e)		309
	100	4.000%, 07/29/25 (e)		104
	40	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		45

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
		Morgan Stanley,
	83	3.700%, 10/23/24		85
	330	4.000%, 07/23/25		342
	155	5.000%, 11/24/25		167
	166	5.500%, 07/24/20		182
	100	5.500%, 07/28/21		111
	100	5.750%, 01/25/21		111
	100	6.625%, 04/01/18		105
	84	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		94
	36	State Street Corp., 3.100%, 05/15/23		36
	34	TD Ameritrade Holding Corp., 2.950%, 04/01/22		34
		Thomson Reuters Corp.,
	51	3.850%, 09/29/24		52
	105	3.950%, 09/30/21		109
	60	4.700%, 10/15/19		64
				3,997
		Consumer Finance — 0.5%
	235	Capital One Financial Corp., 3.200%, 02/05/25		231
	58	Caterpillar Financial Services Corp., 2.850%, 06/01/22		58
		Ford Motor Credit Co. LLC,
	250	3.157%, 08/04/20		254
	200	3.810%, 01/09/24		202
	180	HSBC USA, Inc., 2.350%, 03/05/20		180
		John Deere Capital Corp.,
	50	2.450%, 09/11/20		51
	33	3.150%, 10/15/21		34
				1,010
		Diversified Financial Services — 0.7%
	98	Berkshire Hathaway, Inc., 2.750%, 03/15/23		98
	349	GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/20		352
		Private Export Funding Corp.,
	500	Series EE, 2.800%, 05/15/22		513
	200	Series KK, 3.550%, 01/15/24		214
		Shell International Finance BV, (Netherlands),
	42	1.125%, 08/21/17		42
	100	3.250%, 05/11/25		101
				1,320
		Insurance — 0.7%
	61	Allstate Corp. (The), 3.150%, 06/15/23		62
	161	American International Group, Inc., 3.750%, 07/10/25		162

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 67

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	143	Aon plc, 3.875%, 12/15/25		147
	130	Chubb INA Holdings, Inc., 2.875%, 11/03/22		132
		CNA Financial Corp.,
	52	3.950%, 05/15/24		54
	38	4.500%, 03/01/26		40
	35	Lincoln National Corp., 4.200%, 03/15/22		37
	300	Manulife Financial Corp., (Canada), 4.150%, 03/04/26		317
	50	Marsh & McLennan Cos., Inc., 3.300%, 03/14/23		51
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		197
				1,199
		Total Financials		12,056
		Health Care — 1.0%
		Biotechnology — 0.5%
		AbbVie, Inc.,
	214	2.900%, 11/06/22		213
	35	3.200%, 11/06/22		35
		Amgen, Inc.,
	44	2.125%, 05/01/20		44
	40	5.700%, 02/01/19		43
	75	Baxalta, Inc., 3.600%, 06/23/22		76
	184	Biogen, Inc., 3.625%, 09/15/22		190
		Celgene Corp.,
	98	3.250%, 08/15/22		99
	161	3.625%, 05/15/24		163
		Gilead Sciences, Inc.,
	38	2.500%, 09/01/23		37
	57	3.650%, 03/01/26		58
	21	3.700%, 04/01/24		21
				979
		Health Care Providers & Services — 0.3%
	115	Anthem, Inc., 3.125%, 05/15/22		116
		Cardinal Health, Inc.,
	45	2.400%, 11/15/19		45
	49	3.750%, 09/15/25		51
	72	Express Scripts Holding Co., 3.500%, 06/15/24		71
	214	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		215
	112	UnitedHealth Group, Inc., 3.375%, 11/15/21		116
				614

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Life Sciences Tools & Services — 0.1%
		Thermo Fisher Scientific, Inc.,
	57	3.150%, 01/15/23		57
	34	4.150%, 02/01/24		36
				93
		Pharmaceuticals — 0.1%
	69	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		75
	30	Merck & Co., Inc., 3.700%, 02/10/45		29
				104
		Total Health Care		1,790
		Industrials — 1.0%
		Aerospace & Defense — 0.1%
	43	Airbus Group Finance BV, (France), 2.700%, 04/17/23 (e)		43
	68	BAE Systems Holdings, Inc., (United Kingdom), 3.800%, 10/07/24 (e)		70
	74	Lockheed Martin Corp., 3.100%, 01/15/23		75
				188
		Building Products — 0.1%
		Johnson Controls International plc,
	99	3.750%, 12/01/21		103
	32	3.900%, 02/14/26		33
				136
		Commercial Services & Supplies — 0.0% (g)
	50	Pitney Bowes, Inc., 5.600%, 03/15/18		52
		Construction & Engineering — 0.1%
		ABB Finance USA, Inc., (Switzerland),
	32	1.625%, 05/08/17		32
	41	2.875%, 05/08/22		42
	70	Fluor Corp., 3.375%, 09/15/21		72
				146
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	27	1.500%, 11/02/17		27
	50	5.600%, 05/15/18		52
				79
		Industrial Conglomerates — 0.2%
	34	Ingersoll-Rand Global Holding Co. Ltd., 4.250%, 06/15/23		36
	152	Koninklijke Philips NV, (Netherlands), 3.750%, 03/15/22		159
	98	Pentair Finance SA, (United Kingdom), 2.900%, 09/15/18		99
				294

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Machinery — 0.1%
	31	Caterpillar, Inc., 2.600%, 06/26/22		31
	89	Deere & Co., 2.600%, 06/08/22		89
	25	Parker-Hannifin Corp., 5.500%, 05/15/18		26
				146
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	43	3.050%, 03/15/22		44
	32	3.450%, 09/15/21		33
	19	3.600%, 09/01/20		20
	55	Canadian Pacific Railway Co., (Canada), 4.500%, 01/15/22		59
	50	CSX Corp., 7.900%, 05/01/17		51
		ERAC USA Finance LLC,
	27	4.500%, 08/16/21 (e)		29
	48	5.250%, 10/01/20 (e)		52
		Penske Truck Leasing Co. LP,
	53	2.875%, 07/17/18 (e)		54
	141	3.375%, 02/01/22 (e)		143
		Ryder System, Inc.,
	23	2.500%, 03/01/17		23
	25	2.500%, 03/01/18		25
	28	2.500%, 05/11/20		28
	86	2.875%, 09/01/20		87
		Union Pacific Corp.,
	21	2.950%, 01/15/23		22
	75	3.646%, 02/15/24		79
				749
		Trading Companies & Distributors — 0.0% (g)
	55	WW Grainger, Inc., 4.600%, 06/15/45		60
		Total Industrials		1,850
		Information Technology — 0.6%
		Communications Equipment — 0.0% (g)
	44	Cisco Systems, Inc., 2.950%, 02/28/26		44
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.000%, 03/01/18		32
	16	4.500%, 03/01/23		16
	100	6.875%, 06/01/18		106
	63	7.500%, 01/15/27		76
				230
		IT Services — 0.1%
	90	Total System Services, Inc., 3.750%, 06/01/23		91

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 0.1%
	130	Intel Corp., 3.700%, 07/29/25		137
	30	National Semiconductor Corp., 6.600%, 06/15/17		30
				167
		Software — 0.0% (g)
		Microsoft Corp.,
	23	0.875%, 11/15/17		23
	34	2.125%, 11/15/22		33
				56
		Technology Hardware, Storage & Peripherals — 0.3%
		HP, Inc.,
	118	4.375%, 09/15/21		126
	45	4.650%, 12/09/21		48
	236	Xerox Corp., 5.625%, 12/15/19		254
				428
		Total Information Technology		1,016
		Materials — 0.9%
		Chemicals — 0.6%
		Agrium, Inc., (Canada),
	45	3.375%, 03/15/25		44
	100	4.125%, 03/15/35		95
	125	CF Industries, Inc., 7.125%, 05/01/20		137
		Dow Chemical Co. (The),
	59	3.000%, 11/15/22		60
	100	3.500%, 10/01/24		102
	60	4.125%, 11/15/21		64
	20	8.550%, 05/15/19		23
	88	Ecolab, Inc., 3.250%, 01/14/23		90
	246	Mosaic Co. (The), 4.250%, 11/15/23		256
	25	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		25
	41	Praxair, Inc., 2.650%, 02/05/25		40
	150	Union Carbide Corp., 7.500%, 06/01/25		181
				1,117
		Construction Materials — 0.1%
	200	CRH America, Inc., (Ireland), 3.875%, 05/18/25 (e)		206
		Metals & Mining — 0.2%
	95	BHP Billiton Finance USA Ltd., (Australia), 3.850%, 09/30/23		103
	128	Freeport-McMoRan, Inc., 2.150%, 03/01/17		128
	27	Nucor Corp., 4.000%, 08/01/23		28
				259
		Total Materials		1,582

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 69

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate — 0.8%
		Equity Real Estate Investment Trusts (REITs) — 0.8%
		American Tower Corp.,
	80	3.500%, 01/31/23		81
	38	5.000%, 02/15/24		41
	45	American Tower Trust I, 1.551%, 03/15/18 (e)		45
	125	Equity Commonwealth, 5.875%, 09/15/20		134
	255	ERP Operating LP, 4.625%, 12/15/21		277
		HCP, Inc.,
	38	3.400%, 02/01/25		37
	205	3.875%, 08/15/24		208
	17	4.200%, 03/01/24		17
		Prologis LP,
	38	3.750%, 11/01/25		39
	53	4.250%, 08/15/23		57
	50	Realty Income Corp., 3.875%, 07/15/24		52
		Simon Property Group LP,
	62	3.375%, 10/01/24		63
	38	3.750%, 02/01/24		40
	81	4.125%, 12/01/21		86
		Ventas Realty LP,
	27	3.500%, 02/01/25		26
	44	3.750%, 05/01/24		45
	62	4.125%, 01/15/26		63
	73	Welltower, Inc., 4.500%, 01/15/24		77
		Total Real Estate		1,388
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	78	3.400%, 05/15/25		75
	353	3.800%, 03/15/22		364
	25	3.875%, 08/15/21		26
	26	3.950%, 01/15/25		26
	150	4.600%, 02/15/21		160
	350	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		434
	27	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		27
	148	Qwest Corp., 6.750%, 12/01/21		164
	31	Telefonica Emisiones SAU, (Spain), 5.134%, 04/27/20		33
		Verizon Communications, Inc.,
	156	4.150%, 03/15/24		162
	448	4.812%, 03/15/39 (e)		444
				1,915

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 0.1%
	160	Rogers Communications, Inc., (Canada), 4.100%, 10/01/23		169
		Total Telecommunication Services		2,084
		Utilities — 1.3%
		Electric Utilities — 0.7%
	27	American Electric Power Co., Inc., Series E, 1.650%, 12/15/17		27
	27	Arizona Public Service Co., 2.200%, 01/15/20		27
	43	Baltimore Gas & Electric Co., 2.800%, 08/15/22		43
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		31
	20	DTE Electric Co., 2.650%, 06/15/22		20
	60	Duke Energy Indiana LLC, 3.750%, 07/15/20		63
	40	Duke Energy Progress LLC, 2.800%, 05/15/22		41
	60	Electricite de France SA, (France), 2.150%, 01/22/19 (e)		60
	100	Enel Finance International NV, (Italy), 5.125%, 10/07/19 (e)		107
	186	Entergy Mississippi, Inc., 2.850%, 06/01/28		178
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		27
	47	Kansas City Power & Light Co., 3.150%, 03/15/23		47
	60	Nevada Power Co., 7.125%, 03/15/19		67
	27	NextEra Energy Capital Holdings, Inc., 2.400%, 09/15/19		27
		Niagara Mohawk Power Corp.,
	28	3.508%, 10/01/24 (e)		29
	40	4.881%, 08/15/19 (e)		42
	25	Ohio Power Co., 6.050%, 05/01/18		26
	50	Oncor Electric Delivery Co. LLC, 6.800%, 09/01/18		54
		Pacific Gas & Electric Co.,
	68	2.450%, 08/15/22		67
	50	3.250%, 06/15/23		51
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		53
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		79
	41	Southern California Edison Co., 1.845%, 02/01/22		41
	30	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		34
		Virginia Electric & Power Co.,
	21	3.450%, 02/15/24		22
	40	Series A, 6.000%, 05/15/37		50
				1,313

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Gas Utilities — 0.0% (g)
	30	Atmos Energy Corp., 8.500%, 03/15/19		34
		Independent Power & Renewable Electricity Producers — 0.3%
		Exelon Generation Co. LLC,
	45	2.950%, 01/15/20		46
	72	4.250%, 06/15/22		75
	37	PSEG Power LLC, 4.300%, 11/15/23		39
	317	Southern Power Co., 4.150%, 12/01/25		331
				491
		Multi-Utilities — 0.3%
	50	Consumers Energy Co., 5.650%, 04/15/20		55
	79	DTE Energy Co., Series B, 3.300%, 06/15/22		80
	200	NiSource Finance Corp., 3.850%, 02/15/23		206
	48	Sempra Energy, 4.050%, 12/01/23		50
	94	Southern Co. Gas Capital Corp., 3.500%, 09/15/21		97
	87	WEC Energy Group, Inc., 3.550%, 06/15/25		89
				577
		Total Utilities		2,415
		Total Corporate Bonds (Cost $30,841)		31,711
	Foreign Government Securities — 0.6%
	150	Republic of Colombia, (Colombia), 7.375%, 09/18/37		190
		Republic of Poland, (Poland),
	125	3.250%, 04/06/26		124
	92	4.000%, 01/22/24		96
		United Mexican States, (Mexico),
	244	3.500%, 01/21/21		251
	250	3.600%, 01/30/25		248
	116	4.000%, 10/02/23		119
		Total Foreign Government Securities (Cost $1,013)		1,028
	Mortgage-Backed Securities — 11.8%
		FHLMC,
	11	ARM, 2.625%, 07/01/26		11
	145	ARM, 2.731%, 08/01/36		152
	20	ARM, 2.737%, 01/01/27		21
	40	ARM, 2.915%, 01/01/37		42
	66	ARM, 3.022%, 09/01/36		70
	122	ARM, 3.040%, 03/01/37		127
	51	ARM, 3.062%, 11/01/36		54
	165	ARM, 3.089%, 06/01/36		177
	95	ARM, 3.139%, 09/01/36		101

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	180		ARM, 3.306%, 12/01/34		192
	109		ARM, 3.401%, 04/01/38		116
	77		ARM, 3.447%, 02/01/37		83
			FHLMC Gold Pools, 15 Year, Single Family,
	25		4.000%, 06/01/19		26
	3		4.500%, 10/01/18		3
	—	(h)	5.500%, 06/01/17		—	(h)
	2		6.000%, 04/01/18		2
	25		6.500%, 02/01/19 - 03/01/22		26
			FHLMC Gold Pools, 20 Year, Single Family,
	4		6.000%, 12/01/22		5
	16		6.500%, 08/01/26		18
			FHLMC Gold Pools, 30 Year, Single Family,
	42		6.000%, 01/01/34		49
	38		7.000%, 04/01/26 - 02/01/37		44
	4		7.500%, 08/01/25		4
	4		8.000%, 07/01/20 - 11/01/24		4
	11		8.500%, 07/01/28		14
	98		FHLMC Gold Pools, FHA/VA, 10.000%, 10/01/30		106
			FHLMC Gold Pools, Other,
	2,042		3.500%, 05/01/33 - 05/01/43		2,110
	346		4.000%, 06/01/42		367
	62		6.000%, 02/01/33		68
			FNMA,
	—	(h)	ARM, 2.358%, 03/01/19		1
	5		ARM, 2.414%, 09/01/27		6
	115		ARM, 2.542%, 09/01/35		120
	39		ARM, 2.607%, 02/01/37		40
	119		ARM, 2.622%, 02/01/35		124
	42		ARM, 2.635%, 08/01/35		45
	102		ARM, 2.689%, 08/01/34		108
	85		ARM, 2.745%, 01/01/35		88
	129		ARM, 2.787%, 09/01/34		137
	73		ARM, 2.818%, 04/01/35		77
	77		ARM, 2.827%, 09/01/36		81
	99		ARM, 2.855%, 09/01/35		103
	—	(h)	ARM, 2.875%, 08/01/19		—	(h)
	91		ARM, 2.906%, 10/01/34		97
	88		ARM, 2.911%, 04/01/33		93
	62		ARM, 2.980%, 11/01/33		66
	45		ARM, 3.006%, 08/01/36		47
	110		ARM, 3.017%, 01/01/35		117
	86		ARM, 3.066%, 07/01/46		92
	61		ARM, 3.068%, 02/01/35		64
	108		ARM, 3.101%, 09/01/33		115

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 71

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	148	ARM, 3.204%, 02/01/37		156
	174	ARM, 3.693%, 02/01/36		185
	4	ARM, 3.903%, 03/01/29		4
		FNMA, 15 Year, Single Family,
	11	4.000%, 05/01/19		11
	58	4.500%, 05/01/18 - 05/01/19		59
	78	5.000%, 06/01/18 - 04/01/19		80
	36	5.500%, 01/01/20 - 06/01/20		37
	119	6.000%, 03/01/21 - 01/01/24		128
	9	6.500%, 03/01/17 - 08/01/20		9
	49	FNMA, 20 Year, Single Family, 6.500%, 05/01/22		55
		FNMA, 30 Year, FHA/VA,
	12	6.000%, 09/01/33		13
	17	6.500%, 03/01/29		19
	4	8.500%, 02/01/30		4
	1	9.500%, 12/01/18		1
		FNMA, 30 Year, Single Family,
	38	4.500%, 08/01/33		41
	611	5.000%, 07/01/33 - 08/01/40		677
	66	5.500%, 12/01/33		76
	282	6.000%, 12/01/32 - 09/01/37		324
	26	6.500%, 08/01/31		30
	3	7.000%, 09/01/27 - 08/01/32		4
	7	7.500%, 11/01/22 - 10/01/24		7
	264	8.000%, 03/01/21 - 11/01/32		318
	4	8.500%, 07/01/24 - 05/01/25		4
	1	10.000%, 02/01/24		1
		FNMA, Other,
	977	ARM, 1.562%, 12/01/25		980
	959	2.220%, 12/01/22		950
	480	2.240%, 12/01/22		476
	636	2.395%, 01/01/22		637
	1,000	2.790%, 05/01/27		987
	1,000	3.030%, 04/01/27		1,005
	1,500	3.100%, 09/01/25		1,524
	1,000	3.240%, 12/01/26		1,023
	1,000	3.290%, 08/01/26		1,028
	500	3.340%, 02/01/27		516
	485	3.760%, 10/01/23		516
	637	4.000%, 07/01/42		676
	331	4.264%, 06/01/21		354
	758	4.300%, 04/01/21		814
	478	4.390%, 05/01/21		516
	34	5.500%, 04/01/38		37
	56	6.000%, 03/01/37		62

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	—	(h)	GNMA I, 15 Year, Single Family, 6.000%, 10/15/17		—	(h)
			GNMA I, 30 Year, Single Family,
	190		6.000%, 11/15/28 - 12/15/38		215
	185		6.500%, 01/15/24 - 12/15/35		215
	180		7.000%, 08/15/23 - 06/15/35		205
	14		7.500%, 11/15/22 - 09/15/28		16
	2		8.000%, 07/15/22 - 08/15/28		2
	—	(h)	8.500%, 11/15/17		—	(h)
	3		9.000%, 02/15/20 - 11/15/24		3
	33		9.500%, 09/15/18 - 12/15/25		36
			GNMA II, 30 Year, Single Family,
	162		6.000%, 03/20/28 - 09/20/38		185
	8		7.500%, 02/20/28 - 09/20/28		9
	22		8.000%, 12/20/25 - 08/20/28		24
	13		8.500%, 03/20/25 - 05/20/25		14
	510		GNMA II, Other, 3.500%, 11/20/33		534
			Total Mortgage-Backed Securities (Cost $20,914)		21,415
	U.S. Government Agency Securities — 1.3%
	1,440		Financing Corp. STRIPS, 1.597%, 05/11/18 (n)		1,418
			Resolution Funding Corp. STRIPS,
	330		1.226%, 01/15/21 (n)		306
	250		1.581%, 10/15/19 (n)		240
	80		2.182%, 10/15/25 (n)		64
	90		2.851%, 01/15/26 (n)		70
	333		Tennessee Valley Authority STRIPS, 4.473%, 05/01/19 (n)		320
			Total U.S. Government Agency Securities (Cost $2,414)		2,418
	U.S. Treasury Obligations — 22.2%
	516		U.S. Treasury Bond, 6.000%, 02/15/26		669
			U.S. Treasury Note,
	5,000		1.250%, 12/15/18		5,005
	3,000		1.875%, 01/31/22		2,996
	14,400		2.000%, 08/15/25		14,031
	3,000		3.500%, 02/15/18		3,073
			U.S. Treasury STRIPS,
	3,825		2.100%, 08/15/23 (n)		3,313
	200		2.135%, 05/15/24 (n)		169
	2,150		2.224%, 11/15/23 (n)		1,848
	200		2.257%, 05/15/26 (n)		159
	10		2.361%, 05/15/28 (n)		8
	3,000		2.367%, 02/15/24 (n)		2,559
	750		2.553%, 05/15/23 (n)		654
	300		2.579%, 02/15/27 (n)		233

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	2,400	2.665%, 02/15/22 (n)		2,170
	1,300	2.688%, 11/15/22 (n)		1,150
	200	2.774%, 05/15/25 (n)		164
	53	2.917%, 02/15/28 (n)		40
	200	3.068%, 08/15/28 (n)		148
	47	3.311%, 08/15/26 (n)		37
	300	3.441%, 11/15/26 (n)		234
	100	3.660%, 08/15/27 (n)		76
	140	3.691%, 11/15/27 (n)		106
	1,525	3.749%, 11/15/21 (n)		1,390
		Total U.S. Treasury Obligations (Cost $41,022)		40,232

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	2,362	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.850% (b) (l) (Cost $2,363)		2,363
		Total Investments — 99.7% (Cost $178,566)		180,749
		Other Assets in Excess of Liabilities — 0.3%		600
		NET ASSETS — 100.0%	$	181,349

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 73

JPMorgan Institutional Trust Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2017

ACES	—  Alternative Credit Enhancement Securities
ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2017.
CMBS	—  Commercial Mortgage Backed Security
CSMC	—  Credit Suisse Mortgage Trust
ESOP	—  Employee Stock Ownership Program
FHA	—  Federal Housing Administration
FHLB	—  Federal Home Loan Bank
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
GNMA	—  Government National Mortgage Association
GO	—  General Obligation
HB	—  High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of February 28, 2017. The rate may be subject to a cap and floor.
IO	—  Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—  Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	—  Real Estate Mortgage Investment Conduit

Rev.	—  Revenue
STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of February 28, 2017.
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of February 28, 2017.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of February 28, 2017.
(n)	—  The rate shown is the effective yield as of February 28, 2017.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
(x)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2017.
(y)	—  Preferred Security.
1	—  Security matures in 2110.
2	—  Security matures in 2115.
3	—  Security matures in 2105.
4	—  Security matures in 2111.
5	—  Security matures in 2114.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2017

(Amounts in thousands, except per share amounts)

	Core Bond Trust		Intermediate Bond Trust
ASSETS:
Investments in non-affiliates, at value	$	3,109,904	$	178,386
Investments in affiliates, at value		39,478		2,363
Total investment securities, at value		3,149,382		180,749
Receivables:
Investment securities sold		1,139		53
Fund shares sold		271		—
Interest from non-affiliates		14,386		610
Dividends from affiliates		11		6
Due from adviser		—		7
Prepaid expenses and other assets		35		—
Total Assets		3,165,224		181,425
LIABILITIES:
Payables:
Due to custodian		—		13
Investment securities purchased		5,561		—
Fund shares redeemed		2		—
Accrued liabilities:
Investment advisory fees		265		—
Custodian and accounting fees		57		25
Trustees’ and Chief Compliance Officer’s fees		2		—	(a)
Audit fees		44		36
Other		61		2
Total Liabilities		5,992		76
Net Assets	$	3,159,232	$	181,349
Paid-in-Capital	$	3,073,129	$	178,571
Accumulated undistributed (distributions in excess of) net investment income		759		23
Accumulated net realized gains (losses)		9,660		572
Net unrealized appreciation (depreciation)		75,684		2,183
Total Net Assets	$	3,159,232	$	181,349
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		305,806		18,374
Net asset value, offering and redemption price per share (b)	$	10.33	$	9.87
Cost of investments in non-affiliates	$	3,034,220	$	176,203
Cost of investments in affiliates		39,478		2,363

(a) Amount rounds to less than 500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 75

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2017

(Amounts in thousands)

	Core Bond Trust			Intermediate Bond Trust
INVESTMENT INCOME:
Interest income from non-affiliates	$	125,127		$	9,546
Dividend income from affiliates		322			29
Total investment income		125,449			9,575
EXPENSES:
Investment advisory fees		11,378			956
Administration fees		3,793			319
Custodian and accounting fees		342			155
Professional fees		135			66
Trustees’ and Chief Compliance Officer’s fees		32			24
Printing and mailing costs		27			4
Transfer agency fees		32			3
Other		152			22
Total expenses		15,891			1,549
Less fees waived		(10,342	)		(1,076	)
Less earnings credits		—	(a)		—
Less expense reimbursements		—			(7	)
Net expenses		5,549			466
Net investment income (loss)		119,900			9,109
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		38,254			7,528
Investments in affiliates		8			1
Net realized gain (loss)		38,262			7,529
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(73,972	)		(9,329	)
Investments in affiliates		—	(a)		—	(a)
Unfunded commitments		1			—
Change in net unrealized appreciation/depreciation		(73,971	)		(9,329	)
Net realized/unrealized gains (losses)		(35,709	)		(1,800	)
Change in net assets resulting from operations	$	84,191		$	7,309

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Core Bond Trust						Intermediate Bond Trust
	Year Ended February 28, 2017			Year Ended February 29, 2016			Year Ended February 28, 2017			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	119,900		$	131,867		$	9,109		$	11,279
Net realized gain (loss)		38,262			12,075			7,529			916
Change in net unrealized appreciation/depreciation		(73,971	)		(46,534	)		(9,329	)		(1,454	)
Change in net assets resulting from operations		84,191			97,408			7,309			10,741
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(120,356	)		(135,958	)		(9,134	)		(11,609	)
From net realized gains		(31,700	)		(10,096	)		(7,402	)		(628	)
Total distributions to shareholders		(152,056	)		(146,054	)		(16,536	)		(12,237	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		479,291			810,370			21,400			117,431
Distributions reinvested		143,201			138,032			14,746			11,334
Cost of shares redeemed		(1,606,001	)		(670,162	)		(298,583	)		(51,605	)
Change in net assets resulting from capital transactions		(983,509	)		278,240			(262,437	)		77,160
NET ASSETS:
Change in net assets		(1,051,374	)		229,594			(271,664	)		75,664
Beginning of period		4,210,606			3,981,012			453,013			377,349
End of period	$	3,159,232		$	4,210,606		$	181,349		$	453,013
Accumulated undistributed (distributions in excess of) net investment income	$	759		$	1,215		$	23		$	48
SHARE TRANSACTIONS:
Issued		45,410			76,020			2,159			11,315
Reinvested		13,622			13,089			1,461			1,097
Redeemed		(151,360	)		(63,554	)		(28,949	)		(4,998	)
Change in Shares		(92,328	)		25,555			(25,329	)		7,414

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
Core Bond Trust
Year Ended February 28, 2017	$	10.58	$	0.33	(d)	$	(0.14	)	$	0.19	$	(0.34	)	$	(0.10	)	$	(0.44	)
Year Ended February 29, 2016		10.69		0.32	(d)		(0.07	)		0.25		(0.33	)		(0.03	)		(0.36	)
Year Ended February 28, 2015		10.57		0.36			0.15			0.51		(0.36	)		(0.03	)		(0.39	)
Year Ended February 28, 2014		10.89		0.38			(0.32	)		0.06		(0.37	)		(0.01	)		(0.38	)
Year Ended February 28, 2013		10.82		0.43			0.08			0.51		(0.43	)		(0.01	)		(0.44	)
Intermediate Bond Trust
Year Ended February 28, 2017		10.37		0.29	(d)		(0.15	)		0.14		(0.30	)		(0.34	)		(0.64	)
Year Ended February 29, 2016		10.40		0.26	(d)		(0.01	)		0.25		(0.27	)		(0.01	)		(0.28	)
Year Ended February 28, 2015		10.41		0.30			0.04			0.34		(0.30	)		(0.05	)		(0.35	)
Year Ended February 28, 2014		10.68		0.32			(0.26	)		0.06		(0.32	)		(0.01	)		(0.33	)
Year Ended February 28, 2013		10.63		0.36			0.04			0.40		(0.35	)		—			(0.35	)

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(c) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(d) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.33		1.78	%	$	3,159,232		0.15	%		3.15	%		0.42	%		16	%
	10.58		2.35			4,210,606		0.14			3.03			0.42			22
	10.69		4.88			3,981,012		0.14			3.36			0.42			19
	10.57		0.58			3,865,134		0.14			3.60			0.42			18
	10.89		4.70			3,713,768		0.15			3.97			0.42			16
	9.87		1.33			181,349		0.15			2.85			0.48			32
	10.37		2.47			453,013		0.14			2.53			0.46			27
	10.40		3.29			377,349		0.14			2.90			0.47			25
	10.41		0.53			348,655		0.14			3.07			0.46			17
	10.68		3.76			377,951		0.14			3.33			0.47			15

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2017

1. Organization

JPMorgan Institutional Trust (the “Trust”) was organized on September 14, 2004 as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Two separate diversified series of the Trust (collectively, the “Funds”) covered by this report commenced operations on February 7, 2005: Core Bond Trust and Intermediate Bond Trust.

The investment objective of Core Bond Trust is to seek to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

The investment objective of Intermediate Bond Trust is to seek current income consistent with the preservation of capital by investing in high- and medium-grade fixed income securities with intermediate maturities.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ Administrator under the Administration Agreement.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

The Administrator has established the J.P. Morgan Investment Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies excluding exchange traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Core Bond Trust and Intermediate Bond Trust at February 28, 2017.

80 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

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

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

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

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

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

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

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

Core Bond Trust

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	252,658	$	131,541	$	384,199
Collateralized Mortgage Obligations		—		493,709		16,382		510,091
Commercial Mortgage-Backed Securities		—		98,193		8,819		107,012
Corporate Bonds
Consumer Discretionary		—		51,911		—		51,911
Consumer Staples		—		47,406		—		47,406
Energy		—		91,505		—		91,505
Financials		—		348,466		—		348,466
Health Care		—		50,319		—		50,319
Industrials		—		60,659		—		60,659
Information Technology		—		51,551		—		51,551
Materials		—		23,700		—		23,700
Real Estate		—		21,986		—		21,986
Telecommunication Services		—		50,493		—		50,493
Utilities		—		72,696		—		72,696
Total Corporate Bonds		—		870,692		—		870,692
Foreign Government Securities		—		48,384		—		48,384
Mortgage-Backed Securities		—		563,964		—		563,964
Municipal Bonds		—		10,384		—		10,384
Supranational		—		3,470		—		3,470
U.S. Government Agency Securities		—		93,665		—		93,665
U.S. Treasury Obligations		—		513,340		—		513,340
Loan Assignment
Consumer Discretionary		—		4,703		—		4,703
Short-Term Investment
Investment Company		39,478		—		—		39,478
Total Investments in Securities	$	39,478	$	2,953,162	$	156,742	$	3,149,382

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2017 (continued)

Intermediate Bond Trust

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	21,251	$	7,994	$	29,245
Collateralized Mortgage Obligations		—		44,107		764		44,871
Commercial Mortgage-Backed Securities		—		6,872		594		7,466
Corporate Bonds
Consumer Discretionary		—		1,666		—		1,666
Consumer Staples		—		1,156		—		1,156
Energy		—		4,708		—		4,708
Financials		—		12,056		—		12,056
Health Care		—		1,790		—		1,790
Industrials		—		1,850		—		1,850
Information Technology		—		1,016		—		1,016
Materials		—		1,582		—		1,582
Real Estate		—		1,388		—		1,388
Telecommunication Services		—		2,084		—		2,084
Utilities		—		2,415		—		2,415
Total Corporate Bonds		—		31,711		—		31,711
Foreign Government Securities		—		1,028		—		1,028
Mortgage-Backed Securities		—		21,415		—		21,415
U.S. Government Agency Securities		—		2,418		—		2,418
U.S. Treasury Obligations		—		40,232		—		40,232
Short-Term Investment
Investment Company		2,363		—		—		2,363
Total Investments in Securities	$	2,363	$	169,034	$	9,352	$	180,749

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

For each of the Funds, there were no transfers between levels 1 and 2 during the year ended February 28, 2017.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

Core Bond Trust	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 28, 2017
Investments in Securities:
Asset-Backed Securities	$	44,149	$	58	$	938		$	(337	)	$	48,588	$	(39,164	)	$	83,566	$	(6,257	)	$	131,541
Collateralized Mortgage Obligations		21,592		—		(3,163	)		194			4,572		(7,601	)		2,527		(1,739	)		16,382
Commercial Mortgage-Backed Securities		14,849		—		(198	)		(749	)		—		(3,808	)		—		(1,275	)		8,819
Loan Assignment — Financials		1,143		—		5			—	(a)		111		(1,259	)		—		—			—
	$	81,733	$	58	$	(2,418	)	$	(892	)	$	53,271	$	(51,832	)	$	86,093	$	(9,271	)	$	156,742

82 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

Intermediate Bond Trust	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of February 28, 2017
Investments in Securities:
Asset-Backed Securities	$	1,988	$	—	$	46		$	1		$	1,914	$	(2,314	)	$	6,359	$	—	$	7,994
Collateralized Mortgage Obligations		559		—		(25	)		33			499		(302	)		—		—		764
Commercial Mortgage-Backed Securities		1,129		6		(10	)		(32	)		—		(499	)		—		—		594
	$	3,676	$	6	$	11		$	2		$	2,413	$	(3,115	)	$	6,359	$	—	$	9,352

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than $500.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended February 28, 2017.

The change in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2017, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Core Bond Trust	$	(2,025	)
Intermediate Bond Trust		19

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

Core Bond Trust Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	83,900	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (8.10%)
				Constant Default Rate		0.00% - 30.00% (7.00%)
				Yield (Discount Rate of Cash Flows)		1.75% - 7.80% (3.68%)
		620	Pending Sale Amount	Expected Recovery		48.00% of par (48.00% of par)
Asset-Backed Securities		84,520
		14,181	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 37.14% (12.71%)
				PSA Prepayment Model		302.00% - 302.00% (302.00%)
				Constant Default Rate		0.00% - 9.64% (3.21%)
				Yield (Discount Rate of Cash Flows)		0.61% - 199.00% (7.21%)
Collateralized Mortgage Obligations		14,181
		4,207	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (15.72%)
				Yield (Discount Rate of Cash Flows)		1.07% - 7.32% (5.28%)
Commercial Mortgage-Backed Securities		4,207
Total	$	102,908

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2017, the value of these investments was approximately $53,834,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2017 (continued)

measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Intermediate Bond Trust Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	4,769	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (11.48%)
				Constant Default Rate		0.00% - 30.00% (9.93%)
				Yield (Discount Rate of Cash Flows)		1.75% - 6.78% (3.68%)
		48	Pending Sale Amount	Expected Recovery		48.00% of par (48.00% of par)
Asset-Backed Securities		4,818
		747	Discounted Cash Flow	Constant Prepayment Rate		1.00% - 28.08% (11.54%)
				Constant Default Rate		0.00% - 7.31% (1.39%)
				Yield (Discount Rate of Cash Flows)		1.53% -63.74% (4.44%)
Collateralized Mortgage Obligations		747
		197	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.14%)
				Yield (Discount Rate of Cash Flows)		1.93% - 7.32% (6.65%)
Commercial Mortgage-Backed Securities		197
Total	$	5,761

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2017, the value of these investments was approximately $3,591,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.

As of February 28, 2017, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When Issued, Delayed Delivery Securities and Forward Commitments — The Funds purchased when issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when issued, delayed delivery, or forward commitment basis involves the risk that the value of the security to be purchased declines before settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when issued, delayed delivery, or forward commitment basis is not accrued until settlement date.

The Funds did not have forward commitments nor delayed delivery securities outstanding as of February 28, 2017.

D. Loan Assignments — Core Bond Trust may invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental, or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which it acquired the assignment and the fund may be able to

84 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

enforce its rights only through the Agent. As a result, a fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

E. Unfunded Commitments — Core Bond Trust may enter into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of its normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of interest income on the Statements of Operations.

At February 28, 2017, the Fund did not have any outstanding unfunded loan commitments.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income in the Statements of Operations.

G. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Intermediate Bond Trust	$	—	$	—	(a)	$	—	(a)

(a) Amount rounds to less than 500.

The reclassifications for the Fund relate primarily to redesignation of distributions.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 85

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2017 (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Core Bond Trust	0.30	%
Intermediate Bond Trust	0.30

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at a rate of 0.10% of the Funds’ average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.E.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

D. Placement Agent — J.P. Morgan Institutional Investments, Inc. (the “Placement Agent”), a registered broker-dealer affiliated with the Adviser, serves as the Funds’ Placement Agent. The Placement Agent processes subscriptions for shares and provides various sales support activities in connection with the Funds’ private placement of its shares.

E. Waivers and Reimbursements — The Adviser and Administrator have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

Core Bond Trust	0.15	%
Intermediate Bond Trust	0.15

The expense limitation agreements were in effect for the year ended February 28, 2017, and are in place until at least until June 30, 2017.

For the year ended February 28, 2017, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory		Administration		Total
Core Bond Trust	$	6,408	$	3,793	$	10,201
Intermediate Bond Trust		745		319		1,064

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective December 29, 2015, the Adviser and Administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to December 29, 2015, a portion of the waiver was voluntary.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended February 28, 2017 were as follows (amounts in thousands):

Core Bond Trust	$	141
Intermediate Bond Trust		12

F. Other — Certain officers of the Trust are affiliated with the Adviser and the Administrator. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

86 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2017, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended February 28, 2017, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended February 28, 2017, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Core Bond Trust	$	449,698	$	881,528	$	136,846	$	666,093
Intermediate Bond Trust		15,802		161,310		84,058		186,943

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at February 28, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Trust	$	3,073,706	$	100,235	$	24,559	$	75,676
Intermediate Bond Trust		178,588		3,820		1,659		2,161

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended February 28, 2017 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Trust	$	123,626	$	28,430	$	152,056
Intermediate Bond Trust		11,160		5,376		16,536

* Short-term gains are treated as ordinary income for income tax purposes

The tax character of distributions paid during the year ended February 29, 2016 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Trust	$	136,123	$	9,931	$	146,054
Intermediate Bond Trust		11,613		624		12,237

* Short-term gains are treated as ordinary income for income tax purposes

As of February 28, 2017, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Core Bond Trust	$	914	$	9,570	$	75,676
Intermediate Bond Trust		33		720		2,161

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 87

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2017 (continued)

The cumulative timing differences primarily consist of trustee deferred compensation and post-October capital loss deferrals.

As of February 28, 2017, the Funds did not have any net capital loss carryforwards.

Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year.

For the year ended February 28, 2017, the following Funds deferred to March 1, 2017 post-October capital losses of:

	Net Capital Losses
	Short-Term
Intermediate Bond Trust	$	124

6. Borrowings

Effective August 16, 2016, Core Bond Trust and Intermediate Bond Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and

during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2017.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of February 28, 2017, Intermediate Bond Trust had three individual shareholder accounts which collectively represented 35.5% of the Fund’s net assets. Significant shareholder transactions by these accounts may impact the Funds’ performance.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. A significant portion of the Funds’ investments are comprised of asset-backed or mortgage-related securities, including securities backed by sub-prime mortgages.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds’ net assets could be adversely affected.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. At this time, management is currently assessing the anticipated impact of the Regulation S-X amendments on the Funds’ financial statements and related disclosures.

88 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Institutional Trust and the Shareholders of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (constituting the JPMorgan Institutional Trust, hereafter referred to as the “Fund”) as of February 28, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of February 28, 2017 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 26, 2017

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 89

TRUSTEES

(Unaudited)

The following table includes additional information on the Funds’ Trustees.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	153	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	153	Trustee, Museum of Jewish Heritage (2011-present) Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	152	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	153	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	153	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	153	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	153	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	153	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	153	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

90 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	153	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	153	None
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	153	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (153 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 91

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014 – present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014)
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)*	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Fitzgerald has been with JPMorgan Chase since 2005.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986) Assistant Secretary (2017)	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2017; Vice President, JPMorgan Funds Management, Inc. from August 2012 to January 2016; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, New York, NY 10004.

92 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, administration fees, and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Funds at the beginning of the reporting period, September 1, 2016, and continued to hold your shares at the end of the reporting period, February 28, 2017.

Actual Expenses

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs or the costs associated with the investment advisory accounts through which the Fund is held. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value September 1, 2016		Ending Account Value February 28, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Core Bond Trust
Actual	$	1,000.00	$	983.20	$	0.74		0.15	%
Hypothetical		1,000.00		1,024.05		0.75		0.15
Intermediate Bond Trust
Actual		1,000.00		989.50		0.74		0.15
Hypothetical		1,000.00		1,024.05		0.75		0.15

* Expenses are equal to each Fund’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

FEBRUARY 28, 2017 JPMORGAN INSTITUTIONAL TRUST FUNDS 93

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 28, 2017. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2017. The information necessary to complete your income tax returns for the calendar year ending December 31, 2017 will be provided under separate cover.

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2017 (amounts in thousands):

	Long-Term Capital Gain Distribution
Core Bond Trust	$	28,430
Intermediate Bond Trust		5,376

Treasury Income

Each Fund listed below had the following percentage, or the maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2017:

	Income from U.S. Treasury Obligations
Core Bond Trust		17.6	%
Intermediate Bond Trust		16.3

94 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2017

FOR MORE INFORMATION:

INVESTMENT ADVISER

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, New York 10017

PLACEMENT AGENT

JPMorgan Institutional Investments, Inc.

270 Park Avenue

New York, New York 10017

This report is open and authorized for distribution only to qualified and accredited investors who have received a copy of the Funds’ Confidential Offering Memorandum. This document may not be copied, faxed or otherwise distributed to the general public.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. Each Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-343-1113 and a description of such policies and procedures is on the Commission’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record is available on the SEC’s website at www.sec.gov. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2017.  All rights reserved. February 2017. AN-INSTT-217

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is James Schonbachler. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2017 – $106,000

2016 – $135,135

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2017 – $15,830

2016 – $19,250

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2017 – $28,260

2016 – $28,447

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2017 and February 29, 2016, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2017 – Not applicable

2016 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the

Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2017 – 0.0%

2016 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable – Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2016 – $28.3 million

2015 – $30.7 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time

periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Institutional Trust
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel President and Principal Executive Officer May 4, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel President and Principal Executive Officer May 4, 2017

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato Treasurer and Principal Financial Officer May 4, 2017

EX-99.CODE

EX-99 COD ETH 2

JPMorgan Trust I

JPMorgan Trust II

JPMorgan Trust III

JPMorgan Trust IV

Undiscovered Managers Funds

JPMorgan Insurance Trust

JPMorgan Institutional Trust

J. P. Morgan Mutual Fund Investment Trust

J. P. Morgan Fleming Mutual Fund Group, Inc.

J.P. Morgan Access Multi-Strategy Fund, LLC

J.P. Morgan Access Multi-Strategy Fund II

Pacholder High Yield Fund, Inc.

(collectively the “J.P. Morgan Funds”)

Code of Ethics for Principal Executive

and Principal Financial Officers

Persons covered by this Code of Ethics:

Brian S. Shlissel	Principal Executive Officer
Laura M. Del Prato	Principal Financial Officer

1. Covered Officers/ Purpose of the Code

a. This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the “Funds”) applies to the Funds’ Principal Executive Officer and Principal Financial Officer (the “Covered Officers”) for the purpose of promoting

i. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

ii. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

iii. Compliance with applicable laws and governmental rules and regulations;

iv. The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and

v. Accountability for adherence to this Sarbanes-Oxley Code of Ethics.

b. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds

because of their status as “affiliated persons” of the Funds. The Funds and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the “Funds Principal Service Providers”) of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

3. Each Covered Officer must:

a. Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

b. Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;

c. Complete on an annual basis the Funds’ Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships

4. In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser’s Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:

a. Serving as a director on the board of any public, private company or not for profit organization;

b. The receipt of any gifts in excess of $100;

c. The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;

d. Any ownership interest in, or any consulting or employment relationship with, any of the Funds’ service providers, other than the Funds Principal Service Providers;

e. A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer’s employment with the Funds’ Principal Service Providers.

5. Disclosure and Compliance

a. Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;

b. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund’s directors and auditors, and/or to governmental regulators and self-regulatory organizations;

c. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;

6. Reporting and Accountability

a. Each covered officer must:

i. Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

ii. Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;

iii. Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and

iv. Notify the Funds’ Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.

b. Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.

c. The Funds’ Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds’ Board.

d. The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:

i. The Funds’ Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;

ii. If, after such investigation, the Funds’ Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

iii. Any matter the Funds’ Chief Compliance Officer believes to be a violation will be reported to the Funds’ Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;

iv. The Funds’ Board will be responsible for granting waivers, as appropriate; and

v. Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds’ Board as provided by SEC rules.

7. This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this

Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds’ and their investment adviser’s codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser’s more detailed policies and procedures set forth in the Investment Adviser’s Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.

8. Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds’ Board, including a majority of independent directors or trustees.

9. All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.

10. All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 4, 2017
	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer

CERTIFICATIONS

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weakness in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 4, 2017
	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer

EX-99.906CERT

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

I, Brian S. Shlissel, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

May 4, 2017

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

I, Laura M. Del Prato, certify that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of the operations of the Registrant.

/s/ Laura M. Del Prato

Laura M. Del Prato

Treasurer and Principal Financial Officer

May 4, 2017

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.