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, 2017 through February 28, 2018

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, 2018

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	67
Financial Highlights	70
Notes to Financial Statements	72
Report of Independent Registered Public Accounting Firm	82
Trustees	83
Officers	85
Schedule of Shareholder Expenses	86
Tax Letter	87

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 29, 2018 (Unaudited)

Dear Shareholder,

The global economic expansion continued through its ninth consecutive year, supported by central bank policies, corporate earnings growth, consumer confidence and stable energy prices. Global equity and bond prices generally rose throughout the twelve months ended February 28, 2018, but fought to rebound from a sharp sell-off in early February.

  “Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017.” — George C.W. Gatch

During the reporting period, the U.S. Federal Reserve (the “Fed”) raised benchmark interest rates three times in response to a tightening labor market and early but muted signs of price inflation. Meanwhile, U.S. gross domestic product (GDP) surged to a better-than-expected 2.9% in the final quarter of 2017, and early indicators pointed to a continued seasonal pattern of weaker but positive GDP growth for the first quarter of 2018.

Labor markets in the U.S. continued to tighten, with the unemployment rate falling to 4.1% in October and remaining at that level through February. Labor force participation rates also rose somewhat but wage growth remained subdued.

Meanwhile, surging U.S. consumer confidence, record low volatility in financial markets and the December enactment of tax cut legislation appeared to provide additional fuel to the rally in equities that lasted from March through January. The Standard & Poor’s 500 Index (the “S&P 500”) reached record closing highs throughout the reporting period until February’s sell-off, which snapped a 15-month run of gains. Amid the sell-off, prices for government and corporate bonds plummeted.

Analysts largely attributed the sell-off to investor concerns that signs of rising inflation would prompt the Fed to accelerate the rollout of future interest rates increases. Historically high equity market valuations added fuel to the sell-off. While equity prices had somewhat rebounded by the end of February, bond prices remained under pressure.

In response to continued economic growth, the European Central Bank in January reduced its monthly asset purchases by

half, though it left its benchmark interest rate unchanged at 0%. In November, the Bank of England raised interest rates for the first time in a decade and preparations for Britain’s exit from the European Union continued to move forward. Political uncertainty in Europe appeared to recede somewhat. In May, centrist politician Emmanuel Macron decisively defeated a challenge from far-right candidate Marine Le Pen to become France’s president. In October, a separatist movement in Spain’s Catalonia region was largely thwarted by the central government in Madrid. And at the end of the reporting period, German Chancellor Angela Merkel ended a political stalemate by successfully forming a governing coalition.

Emerging market nations continued to benefit from robust growth in China, rising commodity prices and strong global demand for goods. Emerging markets debt, which generated strong returns for investors during most of the reporting period, began to weaken late in 2017 amid a decline in the value of the U.S. dollar, which effectively raises export prices.

Key fundamental drivers of asset prices remain in place even as financial market volatility has risen from the historic lows seen throughout 2017. While leading central banks have edged toward policy normalization, they largely continue to be accommodative to financial markets. Corporate earnings have increased and business investment began to rise in the latter part of the reporting period. Consumer sentiment is buoyant and the global economy continued to expand in a synchronized fashion. Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate the current market environment.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 1

JPMorgan Institutional Trust Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

During the reporting period, U.S. bond markets provided positive returns but largely underperformed U.S. equities, which were supported by rising corporate profits, continued low interest rates and synchronized economic growth. In early February 2018, a sharp sell-off pushed down prices for both fixed income and equity securities. Generally, investors blamed the sell-off on a surge in U.S. Treasury bond yields, which move in the opposite direction of bond prices, as well as uncertainty about U.S. Federal Reserve policy and historically high equity valuations.

While U.S. equity prices rebounded somewhat from the sell-off, yields on corporate bonds and U.S. Treasury bonds remained at elevated levels at the end of the reporting period. Within fixed-income markets, high yield bonds (also known as “junk bonds”) continued to outperform investment grade corporate debt and U.S. Treasury bonds. However, bond prices overall were weighed down by expectations of accelerating inflation and rising interest rates as the U.S. economic expansion entered its ninth year.

2 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

JPMorgan Core Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		1.59%
Bloomberg Barclays U.S. Aggregate Index		0.51%
Net Assets as of 2/28/2018 (In Thousands)	$	2,218,802
Duration as of 2/28/2018		5.7 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, 2018, the Fund outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in non-agency mortgages (which are not held in the Benchmark), commercial mortgage-backed securities and asset-backed securities was a leading contributor to performance. The Fund’s security selection in corporate debt also contributed to relative performance.

The Fund’s overweight position in the 10-year portion of the yield curve was a leading detractor from relative performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s underweight position in non-corporate credit, including sovereign debt, supranational debt, municipal debt and foreign local government debt, 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, commercial mortgage-backed securities and asset-backed securities, relative to the Benchmark.

PORTFOLIO COMPOSITION***
Corporate Bonds	26.5	%
U.S. Treasury Obligations	21.3
Mortgage-Backed Securities	15.5
Collateralized Mortgage Obligations	15.0
Asset-Backed Securities	11.9
Commercial Mortgage-Backed Securities	4.9
U.S. Government Agency Securities	1.9
Foreign Government Securities	1.9
Others (each less than 1.0%)	0.7
Short-Term Investment	0.4

* 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, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 3

JPMorgan Core Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		1.59	%		2.23	%		4.56	%

TEN YEAR PERFORMANCE (2/29/08/ TO 2/28/18)

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 29, 2008 to February 28, 2018. 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, 2018

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		1.00%
Bloomberg Barclays Intermediate U.S. Government/Credit Index		0.04%
Net Assets as of 2/28/2018 (In Thousands)	$	162,046
Duration as of 2/28/2018		3.7 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, 2018, the Fund outperformed the Bloomberg Barclays Intermediate U.S. Government/Credit Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overall security selection was a leading contributor to performance. The Fund’s security selection in U.S. Treasury bonds, agency debt and corporate debt, as well as the Fund’s out-of-Benchmark allocations to non-agency mortgages, asset-backed securities and commercial mortgage-backed securities contributed to relative performance.

The Fund’s overweight position in the 10-year portion of the yield curve detracted from performance relative to the Benchmark. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s underweight position in corporate credit also detracted from relative performance but was offset by gains from the Fund’s security selection within the sector.

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***
Corporate Bonds	30.9	%
U.S. Treasury Obligations	23.9
Collateralized Mortgage Obligations	18.3
Asset-Backed Securities	9.8
Mortgage-Backed Securities	9.5
Commercial Mortgage-Backed Securities	3.6
U.S. Government Agency Securities	1.6
Foreign Government Security	0.2
Short-Term Investment	2.2

* 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, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 5

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		1.00	%		1.72	%		3.85	%

TEN YEAR PERFORMANCE (2/29/08 TO 2/28/18)

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 29, 2008 to February 28, 2018. 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, 2018

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 11.9%
		Academic Loan Funding Trust,
	3	Series 2012-1A, Class A1, 2.42%, 12/27/2022 (e) (z)		3
	1,184	Series 2013-1A, Class A, 2.42%, 12/26/2044 (e) (z)		1,178
		Air Canada Pass-Through Trust, (Canada),
	357	Series 2013-1, Class A, 4.13%, 05/15/2025 (e)		362
	695	Series 2017-1, Class A, 3.55%, 01/15/2030 (e)		681
	491	Series 2017-1, Class AA, 3.30%, 01/15/2030 (e)		476
	3,612	Ajax Mortgage Loan Trust, Series 2016-2, Class A, SUB, 4.13%, 10/25/2056 (e) (bb)		3,597
		American Airlines Pass-Through Trust,
	144	Series 2011-1, Class A, 5.25%, 01/31/2021		150
	480	Series 2013-2, Class A, 4.95%, 01/15/2023		503
	268	Series 2016-2, Class A, 3.65%, 06/15/2028		265
	398	Series 2016-3, Class AA, 3.00%, 10/15/2028		380
	543	Series 2017-1, Class AA, 3.65%, 02/15/2029		539
		American Credit Acceptance Receivables Trust,
	1,225	Series 2015-2, Class C, 4.32%, 05/12/2021 (e)		1,235
	870	Series 2016-4, Class C, 2.91%, 02/13/2023 (e) (bb)		869
	1,689	Series 2016-1A, Class B, 4.24%, 06/13/2022 (e) (bb)		1,697
	1,480	Series 2017-1, Class C, 2.88%, 03/13/2023 (e)		1,477
		American Homes 4 Rent,
	4,029	Series 2015-SFR1, Class A, 3.47%, 04/17/2052 (e) (bb)		4,044
	1,275	Series 2015-SFR1, Class E, 5.64%, 04/17/2052 (e) (bb)		1,375
		American Homes 4 Rent Trust,
	3,773	Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (e) (bb)		3,856
	2,000	Series 2014-SFR2, Class D, 5.15%, 10/17/2036 (e) (bb)		2,133
	850	Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (e)		944
	2,829	Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (e)		2,883
	500	Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (e)		522
	2,380	Series 2014-SFR3, Class E, 6.42%, 12/17/2036 (e) (bb)		2,675

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	671	AmeriCredit Automobile Receivables, Series 2016-1, Class A3, 1.81%, 10/08/2020		670
		AmeriCredit Automobile Receivables Trust,
	34	Series 2016-2, Class A2A, 1.42%, 10/08/2019		34
	794	Series 2016-3, Class A3, 1.46%, 05/10/2021		790
	10,700	Anchor Assets IX LLC, Series 2016-1, Class A, 5.13%, 02/15/2020 (e) (bb)		10,700
	122	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.90%, 03/20/2020 (e)		122
		B2R Mortgage Trust,
	1,314	Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		1,299
	2,666	Series 2015-2, Class A, 3.34%, 11/15/2048 (e)		2,664
	362	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 (e) (bb)		359
		BCC Funding Corp. X,
	286	Series 2015-1, Class A2, 2.22%, 10/20/2020 (e)		286
	550	Series 2015-1, Class D, 4.54%, 12/21/2020 (e) (bb)		546
	144	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, 1.99%, 04/25/2036 (z) (bb)		142
	2,922	Business Jet Securities LLC, Series 2018-1, Class A, 4.34%, 02/15/2033 (e)		2,922
	323	BXG Receivables Note Trust, Series 2012-A, Class A, 2.66%, 12/02/2027 (e)		318
	880	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.25%, 07/17/2023		870
	1,035	CAM Mortgage Trust, Series 2017-1, Class A1, SUB, 3.22%, 08/01/2057 (e) (bb)		1,031
	5,038	Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.00%, 12/05/2023 (bb)		5,027
		CarFinance Capital Auto Trust,
	26	Series 2014-1A, Class B, 2.72%, 04/15/2020 (e)		26
	173	Series 2015-1A, Class A, 1.75%, 06/15/2021 (e)		172
	1,288	Carnow Auto Receivables Trust, Series 2017-1A, Class A, 2.92%, 09/15/2022 (e)		1,283
	703	Chase Funding Trust, Series 2003-6, Class 1A7, SUB, 5.09%, 11/25/2034 (bb)		721

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Citi Held For Asset Issuance,
	402	Series 2016-MF1, Class A, 4.48%, 08/15/2022 (e)		403
	94	Series 2016-PM1, Class A, 4.65%, 04/15/2025 (e)		95
	800	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.15%, 06/15/2039		1,012
	89	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, 2.38%, 12/25/2033 (z)		89
	212	CLUB Credit Trust, Series 2017-NP1, Class A, 2.39%, 04/17/2023 (e)		212
	2,273	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.54%, 06/15/2048 (e)		2,231
		Continental Airlines Pass-Through Trust,
	74	Series 1999-2, Class A-1, 7.26%, 03/15/2020		77
	359	Series 2007-1, Class A, 5.98%, 04/19/2022		388
	3,892	Continental Credit Card, Series 2017-1A, Class A, 4.29%, 01/15/2024 (e)		3,895
		CPS Auto Receivables Trust,
	700	Series 2014-D, Class C, 4.35%, 11/16/2020 (e)		712
	223	Series 2015-A, Class C, 4.00%, 02/16/2021 (e)		226
	2,535	Series 2015-B, Class C, 4.20%, 05/17/2021 (e)		2,564
	1,376	Series 2015-C, Class D, 4.63%, 08/16/2021 (e) (bb)		1,400
	127	Series 2016-A, Class A, 2.25%, 10/15/2019 (e)		127
	171	Series 2016-B, Class A, 2.07%, 11/15/2019 (e)		171
	1,400	Series 2016-C, Class C, 3.27%, 06/15/2022 (e)		1,404
		Credit Acceptance Auto Loan Trust,
	579	Series 2015-2A, Class C, 3.76%, 02/15/2024 (e)		581
	1,564	Series 2017-1A, Class A, 2.56%, 10/15/2025 (e)		1,557
	686	Series 2017-1A, Class B, 3.04%, 12/15/2025 (e)		684
	574	Series 2017-1A, Class C, 3.48%, 02/17/2026 (e)		567
	604	Series 2017-2A, Class C, 3.35%, 06/15/2026 (e)		590
	1,543	Series 2018-1A, Class A, 3.01%, 02/16/2027 (e)		1,537

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	931	CVS Pass-Through Trust, 5.93%, 01/10/2034 (e)		1,019
	138	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, 2.52%, 10/25/2034 (z)		136
		Delta Air Lines Pass-Through Trust,
	243	Series 2010-2, Class A, 4.95%, 05/23/2019		248
	109	Series 2011-1, Class A, 5.30%, 04/15/2019		112
	265	Series 2012-1, Class A, 4.75%, 05/07/2020		273
		Drive Auto Receivables Trust,
	1,471	Series 2015-AA, Class D, 4.12%, 07/15/2022 (e)		1,486
	2,882	Series 2015-BA, Class D, 3.84%, 07/15/2021 (e)		2,915
	1,059	Series 2015-CA, Class D, 4.20%, 09/15/2021 (e)		1,075
	1,320	Series 2015-DA, Class D, 4.59%, 01/17/2023 (e) (bb)		1,350
	2,278	Series 2016-AA, Class C, 3.91%, 05/17/2021 (e)		2,298
	102	Series 2016-BA, Class B, 2.56%, 06/15/2020 (e)		103
	3,101	Series 2016-CA, Class D, 4.18%, 03/15/2024 (e)		3,157
	2,635	Series 2017-1, Class C, 2.84%, 04/15/2022		2,635
	2,992	Series 2017-1, Class D, 3.84%, 03/15/2023		3,026
	4,800	Series 2017-3, Class D, 3.53%, 12/15/2023 (e)		4,764
		DT Auto Owner Trust,
	1,808	Series 2015-2A, Class D, 4.25%, 02/15/2022 (e)		1,828
	798	Series 2016-4A, Class B, 2.02%, 08/17/2020 (e)		797
	1,609	Series 2016-4A, Class D, 3.77%, 10/17/2022 (e)		1,597
	2,244	Series 2017-2A, Class C, 3.03%, 01/17/2023 (e)		2,242
	550	Engs Commercial Finance Trust, Series 2016-1A, Class A2, 2.63%, 02/22/2022 (e)		545
		Exeter Automobile Receivables Trust,
	326	Series 2016-2A, Class A, 2.21%, 07/15/2020 (e)		326
	1,171	Series 2016-3A, Class B, 2.84%, 08/16/2021 (e)		1,172
		First Investors Auto Owner Trust,
	68	Series 2014-3A, Class A3, 1.67%, 11/16/2020 (e)		68
	373	Series 2015-2A, Class D, 4.22%, 12/15/2021 (e)		376

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		FirstKey Lending Trust,
	6,119	Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		6,089
	2,246	Series 2015-SFR1, Class B, 3.42%, 03/09/2047 (e) (bb)		2,240
		Flagship Credit Auto Trust,
	5	Series 2014-1, Class B, 2.55%, 02/18/2020 (e)		5
	535	Series 2014-2, Class B, 2.84%, 11/16/2020 (e)		536
	440	Series 2014-2, Class C, 3.95%, 12/15/2020 (e)		444
	102	Series 2015-1, Class A, 1.63%, 06/15/2020 (e)		102
	1,229	Series 2015-3, Class A, 2.38%, 10/15/2020 (e)		1,229
	757	Series 2015-3, Class B, 3.68%, 03/15/2022 (e)		764
	756	Series 2015-3, Class C, 4.65%, 03/15/2022 (e)		773
	3,000	Series 2016-2, Class C, 6.22%, 09/15/2022 (e)		3,130
	137	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, 6.71%, 04/25/2029 (z) (bb)		115
		GLS Auto Receivables Trust,
	107	Series 2015-1A, Class A, 2.25%, 12/15/2020 (e)		107
	1,431	Series 2015-1A, Class B, 4.43%, 12/15/2020 (e)		1,439
	932	Series 2016-1A, Class A, 2.73%, 10/15/2020 (e)		932
	1,200	Series 2016-1A, Class C, 6.90%, 10/15/2021 (e)		1,264
	248	GMAT Trust, Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		249
	767	Gold Key Resorts LLC, Series 2014-A, Class A, 3.22%, 03/17/2031 (e)		759
	839	Goodgreen Trust, Series 2017-1A, Class A, 3.74%, 10/15/2052 (e)		826
	3,065	HERO, (Cayman Islands), Series 2018-1ASI, Class A, 4.00%, 09/20/2047 (e)		3,061
	2,760	Hero Funding, (Cayman Islands), Series 2017-3A, Class A2, 3.95%, 09/20/2048 (e)		2,790
		HERO Funding Trust,
	1,427	Series 2016-3A, Class A1, 3.08%, 09/20/2042 (e)		1,413
	2,886	Series 2017-1A, Class A2, 4.46%, 09/20/2047 (e)		2,980

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	395	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.66%, 12/26/2028 (e)		391
	89	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, 1.82%, 03/25/2036 (z)		84
		Kabbage Asset Securitization LLC,
	8,515	Series 2017-1, Class A, 4.57%, 03/15/2022 (e)		8,658
	2,525	Series 2017-1, Class B, 5.79%, 03/15/2022 (e) (bb)		2,600
		KGS-Alpha SBA COOF Trust,
	7,010	Series 2012-2, Class A, IO, 0.83%, 08/25/2038 (e) (z) (bb)		165
	5,595	Series 2013-2, Class A, IO, 1.76%, 03/25/2039 (e) (z) (bb)		234
	3,387	Series 2015-2, Class A, IO, 2.97%, 07/25/2041 (e) (z)		349
	183	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.75%, 06/15/2022 (e)		183
	1,866	Lendmark Funding Trust, Series 2017-1A, Class A, 2.83%, 01/22/2024 (e)		1,857
		LV Tower 52 Issuer,
	6,165	Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		6,165
	2,203	Series 2013-1, Class M, 7.75%, 02/15/2023 (e) (bb)		2,203
	2,130	Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.62%, 02/20/2029 (e)		2,137
		Marlette Funding Trust,
	592	Series 2016-1A, Class A, 3.06%, 01/17/2023 (e)		592
	2,157	Series 2017-1A, Class A, 2.83%, 03/15/2024 (e)		2,161
	2,914	Series 2018-1A, Class A, 2.61%, 03/15/2028 (e)		2,913
	794	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.08%, 10/15/2040 (e) (bb)		890
	380	Nationstar HECM Loan Trust, Series 2017-1A, Class M1, 2.94%, 05/25/2027 (e) (bb)		381
	293	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, 1.93%, 12/07/2020 (z)		293
	535	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.12%, 11/25/2033 (bb)		541
	2,565	New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (e)		2,540

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		NRPL Trust,
	5,319	Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e)		5,317
	1,200	Series 2015-2A, Class A2, SUB, 3.75%, 10/25/2057 (e) (bb)		1,174
	1,400	Ocwen Master Advance Receivables Trust, Series 2016-T1, Class AT1, 2.52%, 08/17/2048 (e)		1,399
		OnDeck Asset Securitization Trust II LLC,
	2,169	Series 2016-1A, Class A, 4.21%, 05/17/2020 (e)		2,173
	1,174	Series 2016-1A, Class B, 7.63%, 05/17/2020 (e)		1,191
		OneMain Financial Issuance Trust,
	886	Series 2014-2A, Class B, 3.02%, 09/18/2024 (e) (bb)		887
	550	Series 2015-1A, Class B, 3.85%, 03/18/2026 (e)		552
	3,035	Series 2015-2A, Class A, 2.57%, 07/18/2025 (e)		3,033
	1,911	Series 2015-2A, Class B, 3.10%, 07/18/2025 (e) (bb)		1,909
	2,755	Series 2016-1A, Class A, 3.66%, 02/20/2029 (e)		2,785
	1,800	Series 2016-1A, Class C, 6.00%, 02/20/2029 (e)		1,852
	1,622	Oportun Funding II LLC, Series 2016-A, Class B, 6.41%, 03/08/2021 (e) (bb)		1,635
	1,455	Oportun Funding VI LLC, Series 2017-A, Class A, 3.23%, 06/08/2023 (e)		1,436
		Progress Residential Trust,
	3,909	Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		3,890
	2,012	Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (e) (bb)		2,005
	2,566	Series 2015-SFR2, Class C, 3.44%, 06/12/2032 (e) (bb)		2,560
	1,230	Series 2015-SFR2, Class E, 4.43%, 06/12/2032 (e) (bb)		1,238
	5,206	Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e) (bb)		5,191
	295	Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e) (bb)		302
	1,200	Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (e)		1,245
	961	Prosper Marketplace Issuance Trust, Series 2017-1A, Class A, 2.56%, 06/15/2023 (e)		961
	751	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.69%, 10/25/2047 (e) (bb)		682

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,900	RCM Fund 1 Issuer LLC, Series 2017-1, Class A, 5.50%, 10/25/2021 (e) (bb)		3,900
	288	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.68%, 06/25/2037 (bb)		137
	1,129	Renew, (Cayman Islands), Series 2017-1A, Class A, 3.67%, 09/20/2052 (e)		1,107
	85	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.72%, 06/25/2033 (bb)		86
	242	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.44%, 01/25/2036 (bb)		216
	1,154	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.09%, 10/27/2025 (e)		1,156
	398	Spirit Airlines Pass-Through Trust, Series 2017-1AA, Class AA, 3.38%, 02/15/2030		389
	2,451	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/2029 (e)		2,452
		Springleaf Funding Trust,
	3,713	Series 2015-AA, Class A, 3.16%, 11/15/2024 (e)		3,718
	1,087	Series 2015-AA, Class B, 3.62%, 11/15/2024 (e)		1,086
	2,040	Series 2016-AA, Class B, 3.80%, 11/15/2029 (e)		2,049
	1,257	Spruce ABS Trust, Series 2016-E1, Class A, 4.32%, 06/15/2028 (e)		1,267
	1,505	Tricolor Auto Securitization Trust, Series 2017-1, Class A, 5.09%, 05/15/2020 (e) (bb)		1,502
	1,824	Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.59%, 11/17/2033 (e) (bb)		1,781
		United Airlines Pass-Through Trust,
	1,017	Series 2016-1, Class A, 3.45%, 07/07/2028		1,007
	742	Series 2018-1, Class A, 3.70%, 03/01/2030		735
	1,093	Series 2018-1, Class AA, 3.50%, 03/01/2030		1,081
	1,114	Upstart Securitization Trust, Series 2017-1, Class A, 2.64%, 06/20/2024 (e)		1,112
	250	Verizon Owner Trust, Series 2016-1A, Class A, 1.42%, 01/20/2021 (e)		248
	3,655	VM DEBT LLC, Series 2017-1, Class A, 6.50%, 10/02/2024 (e) (bb)		3,655
	765	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.50%, 02/25/2047 (e) (bb)		766
	979	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.25%, 05/25/2047 (e) (bb)		976

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,168	VOLT LV LLC, Series 2017-NPL2, Class A1, SUB, 3.50%, 03/25/2047 (e) (bb)		1,166
	1,607	VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.25%, 06/25/2047 (e) (bb)		1,598
	700	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		701
		Westgate Resorts LLC,
	172	Series 2015-1A, Class A, 2.75%, 05/20/2027 (e)		172
	1,395	Series 2017-1A, Class A, 3.05%, 12/20/2030 (e)		1,387
		Westlake Automobile Receivables Trust,
	941	Series 2017-1A, Class C, 2.70%, 10/17/2022 (e)		939
	947	Series 2017-1A, Class D, 3.46%, 10/17/2022 (e)		952
		Total Asset-Backed Securities (Cost $262,486)		263,238
	Collateralized Mortgage Obligations — 15.0%
	927	Access PT Funding Trust, Series 2016-1, 6.25%, 02/16/2021 (bb)		927
	3,785	Acre, 0.00%, 12/15/2020 (bb)		3,785
		Alternative Loan Trust,
	7,682	Series 2004-2CB, Class 1A9, 5.75%, 03/25/2034		7,863
	967	Series 2005-1CB, Class 1A6, IF, IO, 5.48%, 03/25/2035 (z) (bb)		132
	2,625	Series 2005-20CB, Class 3A8, IF, IO, 3.13%, 07/25/2035 (z) (bb)		229
	5,004	Series 2005-22T1, Class A2, IF, IO, 3.45%, 06/25/2035 (z) (bb)		503
	2,548	Series 2005-28CB, Class 1A4, 5.50%, 08/25/2035		2,459
	98	Series 2005-28CB, Class 3A5, 6.00%, 08/25/2035		78
	3,759	Series 2005-37T1, Class A2, IF, IO, 3.43%, 09/25/2035 (z) (bb)		384
	1,952	Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,860
	5,003	Series 2005-54CB, Class 1A2, IF, IO, 3.23%, 11/25/2035 (z)		438
	1,143	Series 2005-57CB, Class 3A2, IF, IO, 3.48%, 12/25/2035 (z) (bb)		109
	846	Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		841
	1,313	Series 2005-J1, Class 1A4, IF, IO, 3.48%, 02/25/2035 (z)		37
	1,353	Series 2006-26CB, Class A9, 6.50%, 09/25/2036		1,137

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Angel Oak Mortgage Trust LLC,
	201	Series 2015-1, Class A, SUB, 4.50%, 11/25/2045 (e)		201
	533	Series 2015-1, Class M, SUB, 5.50%, 11/25/2045 (e) (bb)		531
		ASG Resecuritization Trust,
	144	Series 2009-3, Class A65, 2.93%, 03/26/2037 (e) (z)		144
	142	Series 2011-1, Class 3A50, 3.63%, 11/28/2035 (e) (z)		141
		Banc of America Alternative Loan Trust,
	29	Series 2004-6, Class 15PO, PO, 07/25/2019 (bb)		27
	691	Series 2005-5, Class 1CB1, 5.50%, 06/25/2035		654
	1,721	Series 2005-6, Class CBIO, IO, 5.50%, 07/25/2035 (bb)		362
	477	Series 2006-4, Class 1A4, 6.00%, 05/25/2046		390
		Banc of America Funding Trust,
	179	Series 2004-1, PO, 03/25/2034 (bb)		150
	103	Series 2004-2, Class 30PO, PO, 09/20/2034 (bb)		94
	157	Series 2004-C, Class 1A1, 3.88%, 12/20/2034 (z)		158
	280	Series 2005-6, Class 2A7, 5.50%, 10/25/2035		271
	220	Series 2005-7, Class 30PO, PO, 11/25/2035 (bb)		183
	126	Series 2005-8, Class 30PO, PO, 01/25/2036 (z) (bb)		95
	376	Series 2005-E, Class 4A1, 3.69%, 03/20/2035 (z)		381
	310	Series 2006-A, Class 3A2, 3.66%, 02/20/2036 (z)		292
		Banc of America Mortgage Trust,
	95	Series 2004-A, Class 2A2, 3.86%, 02/25/2034 (z)		94
	382	Series 2004-J, Class 3A1, 3.75%, 11/25/2034 (z)		382
		BCAP LLC Trust,
	144	Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (e) (z)		147
	805	Series 2010-RR7, Class 2A1, 3.24%, 07/26/2045 (e) (z)		794
		Bear Stearns ARM Trust,
	68	Series 2003-7, Class 3A, 3.29%, 10/25/2033 (z)		67

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	378	Series 2004-1, Class 12A1, 3.73%, 04/25/2034 (z)		380
	62	Series 2004-2, Class 14A, 3.65%, 05/25/2034 (z)		62
	1,687	Series 2006-1, Class A1, 3.67%, 02/25/2036 (z)		1,692
		CHL Mortgage Pass-Through Trust,
	247	Series 2004-7, Class 2A1, 3.53%, 06/25/2034 (z)		250
	22	Series 2004-8, Class 2A1, 4.50%, 06/25/2019		23
	84	Series 2004-HYB1, Class 2A, 3.44%, 05/20/2034 (z)		84
	426	Series 2004-HYB3, Class 2A, 3.16%, 06/20/2034 (z)		426
	299	Series 2004-HYB6, Class A3, 3.49%, 11/20/2034 (z)		305
	26	Series 2004-J8, Class 1A2, 4.75%, 11/25/2019		26
	559	Series 2005-16, Class A23, 5.50%, 09/25/2035		550
	1,604	Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (z)		1,435
		Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust,
	58	Series 2005-5, Class APO, PO, 08/25/2035 (bb)		52
	94	Series 2005-8, Class APO, PO, 11/25/2035 (bb)		80
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	78	Series 2003-HYB1, Class A, 3.74%, 09/25/2033 (z)		78
	1	Series 2003-UP2, Class PO1, PO, 12/25/2018 (bb)		1
		Citigroup Mortgage Loan Trust,
	113	Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (e) (z)		114
	469	Series 2015-A, Class B2, 4.50%, 06/25/2058 (e) (z)		485
		Citigroup Mortgage Loan Trust, Inc.,
	91	Series 2003-1, Class 2A5, 5.25%, 10/25/2033		92
	47	Series 2003-1, Class 2A6, PO, 10/25/2033 (bb)		45
	46	Series 2003-1, Class PO2, PO, 10/25/2033 (bb)		40
	37	Series 2003-1, Class PO3, PO, 09/25/2033 (bb)		34

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	28		Series 2003-UP3, Class A3, 7.00%, 09/25/2033		29
	55		Series 2003-UST1, Class A1, 5.50%, 12/25/2018		55
	17		Series 2003-UST1, Class PO1, PO, 12/25/2018 (bb)		17
	2		Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb)		2
	82		Series 2004-UST1, Class A6, 3.25%, 08/25/2034 (z)		81
	250		Series 2005-1, Class 2A1A, 2.83%, 02/25/2035 (z)		218
	302		Series 2005-2, Class 2A11, 5.50%, 05/25/2035		310
	320		Series 2005-5, Class 1A2, 4.08%, 08/25/2035 (z)		269
	1,079		Conix Mortgage Asset Trust, Series 2013-1, Class A, 0.00%, 12/25/2047, (d) (z) (bb)		116
			Credit Suisse First Boston Mortgage Securities Corp.,
	366		Series 2003-1, Class DB1, 6.74%, 02/25/2033 (z)		370
	138		Series 2003-21, Class 1A4, 5.25%, 09/25/2033		142
	245		Series 2003-25, Class 1P, PO, 10/25/2033 (bb)		223
	3		Series 2004-5, Class 5P, PO, 08/25/2019 (bb)		3
	1		CSFB Mortgage-Backed Pass-Through, Series 2003-17, Class 2A1, 5.00%, 07/25/2018		1
			CSFB Mortgage-Backed Pass-Through Certificates,
	2,109		Series 2005-4, Class 3A18, 5.50%, 06/25/2035		2,159
	2,876		Series 2005-4, Class 3A23, 5.50%, 06/25/2035		2,881
	76		FHLMC — GNMA, Series 8, Class ZA, 7.00%, 03/25/2023		80
			FHLMC REMIC,
	1		Series 23, Class F, 9.60%, 04/15/2020		1
	—	(h)	Series 47, Class F, 10.00%, 06/15/2020		—	(h)
	—	(h)	Series 99, Class Z, 9.50%, 01/15/2021		—	(h)
	—	(h)	Series 1045, Class G, HB, IO, 1,066.21%, 02/15/2021		—	(h)
	2		Series 1065, Class J, 9.00%, 04/15/2021		2
	—	(h)	Series 1079, Class S, HB, IF, 28.60%, 05/15/2021 (z)		—	(h)
	1		Series 1084, Class F, 2.54%, 05/15/2021 (z)		1

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1		Series 1084, Class S, HB, IF, 38.08%, 05/15/2021 (z)		1
	3		Series 1116, Class I Shares, 5.50%, 08/15/2021		3
	4		Series 1144, Class KB, 8.50%, 09/15/2021		5
	—	(h)	Series 1172, Class L Shares, HB, IO, 1,181.25%, 11/15/2021 (z)		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, IO, 1,003.20%, 01/15/2022 (z)		—	(h)
	3		Series 1250, Class J, 7.00%, 05/15/2022		3
	7		Series 1343, Class LA, 8.00%, 08/15/2022		8
	9		Series 1343, Class LB, 7.50%, 08/15/2022		10
	15		Series 1370, Class JA, 2.74%, 09/15/2022 (z)		15
	15		Series 1455, Class WB, IF, 3.88%, 12/15/2022 (z)		15
	76		Series 1466, Class PZ, 7.50%, 02/15/2023		82
	1		Series 1470, Class F, 1.75%, 02/15/2023 (z)		1
	83		Series 1498, Class I Shares, 2.74%, 04/15/2023 (z)		84
	123		Series 1502, Class PX, 7.00%, 04/15/2023		132
	13		Series 1505, Class Q, 7.00%, 05/15/2023		14
	32		Series 1518, Class G, IF, 7.30%, 05/15/2023 (z)		34
	11		Series 1541, Class M, HB, IF, 24.52%, 07/15/2023 (z)		14
	30		Series 1541, Class O, 2.12%, 07/15/2023 (z)		30
	3		Series 1570, Class F, 2.25%, 08/15/2023 (z)		3
	97		Series 1573, Class PZ, 7.00%, 09/15/2023		104
	64		Series 1591, Class PV, 6.25%, 10/15/2023		68
	27		Series 1602, Class SA, IF, 17.59%, 10/15/2023 (z)		33
	289		Series 1608, Class L Shares, 6.50%, 09/15/2023		325
	195		Series 1638, Class H, 6.50%, 12/15/2023		206
	143		Series 1642, Class PJ, 6.00%, 11/15/2023		151
	14		Series 1671, Class QC, IF, 10.00%, 02/15/2024 (z)		18
	7		Series 1686, Class SH, IF, 15.67%, 02/15/2024 (z)		8
	46		Series 1695, Class EB, 7.00%, 03/15/2024		49
	9		Series 1699, Class FC, 2.19%, 03/15/2024 (z)		9
	39		Series 1700, Class GA, PO, 02/15/2024		38
	126		Series 1706, Class K, 7.00%, 03/15/2024		135

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4	Series 1709, Class FA, 1.74%, 03/15/2024 (z)		4
	21	Series 1745, Class D, 7.50%, 08/15/2024		23
	266	Series 1760, Class ZD, 2.09%, 02/15/2024 (z)		264
	100	Series 1798, Class F, 5.00%, 05/15/2023		103
	1	Series 1807, Class G, 9.00%, 10/15/2020		1
	22	Series 1829, Class ZB, 6.50%, 03/15/2026		23
	25	Series 1863, Class Z, 6.50%, 07/15/2026		29
	39	Series 1865, Class D, PO, 02/15/2024		35
	24	Series 1890, Class H, 7.50%, 09/15/2026		27
	83	Series 1899, Class ZE, 8.00%, 09/15/2026		94
	5	Series 1935, Class FL, 2.29%, 02/15/2027 (z)		5
	57	Series 1963, Class Z, 7.50%, 01/15/2027		64
	7	Series 1970, Class PG, 7.25%, 07/15/2027		7
	97	Series 1981, Class Z, 6.00%, 05/15/2027		103
	38	Series 1987, Class PE, 7.50%, 09/15/2027		43
	82	Series 2019, Class Z, 6.50%, 12/15/2027		89
	22	Series 2033, Class SN, HB, IF, IO, 28.05%, 03/15/2024 (z)		7
	71	Series 2038, Class PN, IO, 7.00%, 03/15/2028		13
	157	Series 2040, Class PE, 7.50%, 03/15/2028		177
	21	Series 2043, Class CJ, 6.50%, 04/15/2028		24
	101	Series 2054, Class PV, 7.50%, 05/15/2028		114
	194	Series 2075, Class PH, 6.50%, 08/15/2028		213
	218	Series 2075, Class PM, 6.25%, 08/15/2028		233
	55	Series 2086, Class GB, 6.00%, 09/15/2028		59
	92	Series 2089, Class PJ, IO, 7.00%, 10/15/2028		11
	261	Series 2095, Class PE, 6.00%, 11/15/2028		282
	88	Series 2125, Class JZ, 6.00%, 02/15/2029		96
	20	Series 2132, Class SB, HB, IF, 23.73%, 03/15/2029 (z)		30
	3	Series 2134, Class PI, IO, 6.50%, 03/15/2019		—	(h)
	111	Series 2136, Class PG, 6.00%, 03/15/2029		120
	32	Series 2141, IO, 7.00%, 04/15/2029		4
	35	Series 2163, Class PC, IO, 7.50%, 06/15/2029		4
	321	Series 2169, Class TB, 7.00%, 06/15/2029		356
	197	Series 2172, Class QC, 7.00%, 07/15/2029		221
	177	Series 2176, Class OJ, 7.00%, 08/15/2029		198
	93	Series 2201, Class C, 8.00%, 11/15/2029		105
	88	Series 2209, Class TC, 8.00%, 01/15/2030		101
	160	Series 2210, Class Z, 8.00%, 01/15/2030		186

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	32	Series 2224, Class CB, 8.00%, 03/15/2030		36
	85	Series 2230, Class Z, 8.00%, 04/15/2030		99
	63	Series 2234, Class PZ, 7.50%, 05/15/2030		72
	67	Series 2247, Class Z, 7.50%, 08/15/2030		74
	99	Series 2256, Class MC, 7.25%, 09/15/2030		112
	128	Series 2259, Class ZM, 7.00%, 10/15/2030		143
	1	Series 2261, Class ZY, 7.50%, 10/15/2030		1
	18	Series 2262, Class Z, 7.50%, 10/15/2030		21
	161	Series 2271, Class PC, 7.25%, 12/15/2030		181
	110	Series 2283, Class K, 6.50%, 12/15/2023		117
	82	Series 2296, Class PD, 7.00%, 03/15/2031		92
	21	Series 2306, Class K, PO, 05/15/2024		20
	50	Series 2306, Class SE, IF, IO, 8.01%, 05/15/2024 (z)		8
	88	Series 2313, Class LA, 6.50%, 05/15/2031		101
	105	Series 2325, Class PM, 7.00%, 06/15/2031		118
	831	Series 2344, Class ZD, 6.50%, 08/15/2031		956
	66	Series 2344, Class ZJ, 6.50%, 08/15/2031		74
	63	Series 2345, Class NE, 6.50%, 08/15/2031		69
	65	Series 2351, Class PZ, 6.50%, 08/15/2031		73
	486	Series 2353, Class AZ, 6.00%, 09/15/2031		515
	245	Series 2359, Class ZB, 8.50%, 06/15/2031		278
	132	Series 2367, Class ME, 6.50%, 10/15/2031		148
	293	Series 2396, Class FM, 2.04%, 12/15/2031 (z)		294
	158	Series 2399, Class OH, 6.50%, 01/15/2032		175
	223	Series 2399, Class TH, 6.50%, 01/15/2032		247
	220	Series 2410, Class NG, 6.50%, 02/15/2032		244
	82	Series 2410, Class OE, 6.38%, 02/15/2032		88
	147	Series 2410, Class QS, IF, 15.37%, 02/15/2032 (z)		195
	90	Series 2410, Class QX, IF, IO, 7.06%, 02/15/2032 (z)		19
	186	Series 2412, Class SP, IF, 12.92%, 02/15/2032 (z)		222
	258	Series 2420, Class XK, 6.50%, 02/15/2032		286
	236	Series 2423, Class MC, 7.00%, 03/15/2032		264
	203	Series 2423, Class MT, 7.00%, 03/15/2032		228
	399	Series 2430, Class WF, 6.50%, 03/15/2032		447
	236	Series 2434, Class TC, 7.00%, 04/15/2032		263
	268	Series 2435, Class CJ, 6.50%, 04/15/2032		297
	172	Series 2436, Class MC, 7.00%, 04/15/2032		191
	151	Series 2444, Class ES, IF, IO, 6.36%, 03/15/2032 (z)		29
	113	Series 2450, Class GZ, 7.00%, 05/15/2032		129
	121	Series 2450, Class SW, IF, IO, 6.41%, 03/15/2032 (z)		21

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	437	Series 2455, Class GK, 6.50%, 05/15/2032		480
	182	Series 2462, Class JG, 6.50%, 06/15/2032		202
	383	Series 2464, Class SI, IF, IO, 6.41%, 02/15/2032 (z)		66
	329	Series 2466, Class PH, 6.50%, 06/15/2032		364
	167	Series 2474, Class NR, 6.50%, 07/15/2032		188
	215	Series 2484, Class LZ, 6.50%, 07/15/2032		245
	217	Series 2500, Class MC, 6.00%, 09/15/2032		238
	166	Series 2512, Class PG, 5.50%, 10/15/2022		174
	89	Series 2535, Class BK, 5.50%, 12/15/2022		93
	375	Series 2543, Class YX, 6.00%, 12/15/2032		409
	340	Series 2544, Class HC, 6.00%, 12/15/2032		379
	474	Series 2552, Class ME, 6.00%, 01/15/2033		524
	415	Series 2567, Class QD, 6.00%, 02/15/2033		459
	227	Series 2568, Class KG, 5.50%, 02/15/2023		238
	43	Series 2571, Class SK, HB, IF, 27.65%, 09/15/2023 (z)		60
	1,100	Series 2575, Class ME, 6.00%, 02/15/2033		1,199
	141	Series 2586, Class WI, IO, 6.50%, 03/15/2033		26
	3	Series 2587, Class WX, 5.00%, 03/15/2018		3
	290	Series 2596, Class QG, 6.00%, 03/15/2033		304
	4	Series 2611, Class UH, 4.50%, 05/15/2018		4
	8	Series 2617, Class GR, 4.50%, 05/15/2018		8
	5	Series 2626, Class NS, IF, IO, 4.96%, 06/15/2023 (z)		—	(h)
	13	Series 2631, Class LC, 4.50%, 06/15/2018		13
	6	Series 2636, Class Z, 4.50%, 06/15/2018		6
	6	Series 2637, Class SA, IF, IO, 4.51%, 06/15/2018 (z)		—	(h)
	20	Series 2638, Class DS, IF, 7.01%, 07/15/2023 (z)		20
	45	Series 2650, Class SO, PO, 12/15/2032		45
	11	Series 2651, Class VZ, 4.50%, 07/15/2018		11
	94	Series 2675, Class CK, 4.00%, 09/15/2018		94
	67	Series 2692, Class SC, IF, 10.11%, 07/15/2033 (z)		76
	24	Series 2695, Class DG, 4.00%, 10/15/2018		24
	609	Series 2710, Class HB, 5.50%, 11/15/2023		639
	366	Series 2716, Class UN, 4.50%, 12/15/2023		380
	65	Series 2744, Class PE, 5.50%, 02/15/2034		67
	65	Series 2783, Class AT, 4.00%, 04/15/2019		65
	184	Series 2809, Class UC, 4.00%, 06/15/2019		185
	32	Series 2835, Class QO, PO, 12/15/2032		27
	2	Series 2840, Class JO, PO, 06/15/2023		2
	15	Series 2922, Class JN, 4.50%, 02/15/2020		15
	112	Series 2934, Class EC, PO, 02/15/2020		110
	93	Series 2934, Class HI, IO, 5.00%, 02/15/2020		3

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	70	Series 2934, Class KI, IO, 5.00%, 02/15/2020		2
	16	Series 2958, Class QD, 4.50%, 04/15/2020		16
	274	Series 2965, Class GD, 4.50%, 04/15/2020		277
	1	Series 2989, PO, 06/15/2023		1
	2,444	Series 2990, Class UZ, 5.75%, 06/15/2035		2,686
	1,233	Series 3004, Class EK, 5.50%, 07/15/2035		1,235
	56	Series 3014, Class OD, PO, 08/15/2035		49
	944	Series 3047, Class OD, 5.50%, 10/15/2035		1,037
	3,095	Series 3064, Class MC, 5.50%, 11/15/2035		3,271
	1	Series 3068, Class AO, PO, 01/15/2035		1
	58	Series 3068, Class QB, 4.50%, 06/15/2020		58
	741	Series 3074, Class BH, 5.00%, 11/15/2035		776
	199	Series 3085, Class WF, 2.39%, 08/15/2035 (z)		203
	316	Series 3102, Class FB, 1.89%, 01/15/2036 (z)		317
	74	Series 3102, Class HS, IF, 18.75%, 01/15/2036 (z)		101
	457	Series 3117, Class EO, PO, 02/15/2036		389
	265	Series 3117, Class OK, PO, 02/15/2036		225
	22	Series 3122, Class ZB, 6.00%, 03/15/2036		28
	806	Series 3131, Class BK, 5.50%, 03/15/2026		860
	70	Series 3134, PO, 03/15/2036		61
	335	Series 3138, PO, 04/15/2036		295
	30	Series 3149, Class SO, PO, 05/15/2036		24
	86	Series 3151, Class UC, 5.50%, 08/15/2035		87
	338	Series 3152, Class MO, PO, 03/15/2036		288
	74	Series 3171, Class MO, PO, 06/15/2036		67
	289	Series 3179, Class OA, PO, 07/15/2036		251
	44	Series 3194, Class SA, IF, IO, 5.51%, 07/15/2036 (z)		4
	311	Series 3211, Class SO, PO, 09/15/2036		267
	142	Series 3218, Class AO, PO, 09/15/2036		110
	251	Series 3219, Class DI, IO, 6.00%, 04/15/2036		52
	763	Series 3229, Class HE, 5.00%, 10/15/2026		794
	330	Series 3232, Class ST, IF, IO, 5.11%, 10/15/2036 (z)		44
	107	Series 3233, Class OP, PO, 05/15/2036		92
	191	Series 3256, PO, 12/15/2036		160
	419	Series 3260, Class CS, IF, IO, 4.55%, 01/15/2037 (z)		61
	228	Series 3261, Class OA, PO, 01/15/2037		194
	72	Series 3274, Class JO, PO, 02/15/2037		64
	73	Series 3275, Class FL, 2.03%, 02/15/2037 (z)		73

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	452	Series 3290, Class SB, IF, IO, 4.86%, 03/15/2037 (z)		51
	436	Series 3315, Class HZ, 6.00%, 05/15/2037		443
	26	Series 3318, Class AO, PO, 05/15/2037		20
	24	Series 3326, Class JO, PO, 06/15/2037		22
	222	Series 3331, PO, 06/15/2037		197
	97	Series 3385, Class SN, IF, IO, 4.41%, 11/15/2037 (z)		7
	320	Series 3387, Class SA, IF, IO, 4.83%, 11/15/2037 (z)		33
	517	Series 3404, Class SC, IF, IO, 4.41%, 01/15/2038 (z)		70
	2,154	Series 3422, Class AI, SUB, 0.25%, 01/15/2038		19
	366	Series 3424, Class PI, IF, IO, 5.21%, 04/15/2038 (z)		48
	667	Series 3481, Class SJ, IF, IO, 4.26%, 08/15/2038 (z)		79
	400	Series 3511, Class SA, IF, IO, 4.41%, 02/15/2039 (z)		50
	79	Series 3549, Class FA, 2.79%, 07/15/2039 (z)		81
	306	Series 3607, PO, 05/15/2037		254
	153	Series 3607, Class BO, PO, 04/15/2036		131
	641	Series 3607, Class OP, PO, 07/15/2037		547
	74	Series 3611, PO, 07/15/2034		63
	231	Series 3621, Class BO, PO, 01/15/2040		200
	237	Series 3720, Class A, 4.50%, 09/15/2025		247
	369	Series 3747, Class HI, IO, 4.50%, 07/15/2037		6
	1,000	Series 3747, Class PY, 4.00%, 10/15/2040		1,014
	359	Series 3759, Class HI, IO, 4.00%, 08/15/2037		13
	307	Series 3760, Class GI, IO, 4.00%, 10/15/2037		9
	56	Series 3804, Class FN, 2.04%, 03/15/2039 (z)		56
	1,454	Series 3819, Class ZQ, 6.00%, 04/15/2036		1,592
	337	Series 3852, Class QN, IF, 5.50%, 05/15/2041 (z)		342
	1,154	Series 3852, Class TP, IF, 5.50%, 05/15/2041 (z)		1,278
	1,109	Series 3920, Class LP, 5.00%, 01/15/2034		1,171
	712	Series 3925, Class FL, 2.04%, 01/15/2041 (z)		715
	492	Series 3957, Class B, 4.00%, 11/15/2041		503
	777	Series 3966, Class NA, 4.00%, 12/15/2041		805
	265	Series 3997, Class PF, 2.04%, 11/15/2039 (z)		266

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,490	Series 4048, Class FJ, 1.97%, 07/15/2037 (z)		1,491
	2,000	Series 4217, Class KY, 3.00%, 06/15/2043		1,860
	2,501	Series 4240, Class B, 3.00%, 08/15/2033		2,382
	3,684	Series 4251, Class KW, 2.50%, 04/15/2028		3,423
	2,530	Series 4374, Class NC, SUB, 3.75%, 02/15/2046		2,577
		FHLMC STRIPS,
	1	Series 134, Class B, IO, 9.00%, 04/01/2022		—	(h)
	545	Series 233, Class 11, IO, 5.00%, 09/15/2035		121
	763	Series 233, Class 13, IO, 5.00%, 09/15/2035		162
	39	Series 243, Class 16, IO, 4.50%, 11/15/2020		1
	105	Series 243, Class 17, IO, 4.50%, 12/15/2020		3
	5,682	Series 299, Class 300, 3.00%, 01/15/2043		5,614
	1,818	Series 310, PO, 09/15/2043		1,393
	3,635	Series 323, Class 300, 3.00%, 01/15/2044		3,548
		FHLMC Structured Pass-Through Securities Certificates,
	351	Series T-41, Class 3A, 7.50%, 07/25/2032 (z)		366
	228	Series T-51, Class 2A, 7.50%, 08/25/2042 (z)		265
	1,314	Series T-54, Class 2A, 6.50%, 02/25/2043		1,492
	379	Series T-54, Class 3A, 7.00%, 02/25/2043		430
	140	Series T-58, Class APO, PO, 09/25/2043		112
	320	Series T-59, Class 1AP, PO, 10/25/2043		244
	1,194	Series T-76, Class 2A, 4.10%, 10/25/2037 (z)		1,200
		First Horizon Alternative Mortgage Securities Trust,
	459	Series 2004-AA4, Class A1, 3.35%, 10/25/2034 (z)		458
	790	Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		671
	1,542	Series 2007-FA4, Class 1A2, IF, IO, 4.03%, 08/25/2037 (z) (bb)		258
	499	First Horizon Mortgage Pass-Through Trust, Series 2005-AR1, Class 2A2, 3.49%, 04/25/2035 (z)		508
		FNMA Grantor Trust,
	642	Series 2002-T19, Class A2, 7.00%, 07/25/2042		717
	447	Series 2004-T3, Class 1A3, 7.00%, 02/25/2044		507

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			FNMA REMIC,
	—	(h)	Series 1988-7, Class Z, 9.25%, 04/25/2018		—	(h)
	2		Series 1989-70, Class G, 8.00%, 10/25/2019		2
	1		Series 1989-78, Class H, 9.40%, 11/25/2019		1
	2		Series 1989-83, Class H, 8.50%, 11/25/2019		2
	1		Series 1989-89, Class H, 9.00%, 11/25/2019		1
	1		Series 1990-1, Class D, 8.80%, 01/25/2020		2
	—	(h)	Series 1990-60, Class K, 5.50%, 06/25/2020		—	(h)
	1		Series 1990-63, Class H, 9.50%, 06/25/2020		1
	—	(h)	Series 1990-93, Class G, 5.50%, 08/25/2020		—	(h)
	—	(h)	Series 1990-94, Class H, HB, 505.00%, 08/25/2020		—	(h)
	—	(h)	Series 1990-95, Class J, HB, IO, 1,118.04%, 08/25/2020		—	(h)
	5		Series 1990-102, Class J, 6.50%, 08/25/2020		5
	4		Series 1990-120, Class H, 9.00%, 10/25/2020		4
	1		Series 1990-134, Class SC, IF, 19.17%, 11/25/2020 (z)		1
	—	(h)	Series 1990-140, Class K, HB, IO, 652.15%, 12/25/2020		—	(h)
	—	(h)	Series 1991-7, Class K, HB, IO, 908.50%, 02/25/2021		—	(h)
	2		Series 1991-24, Class Z, 5.00%, 03/25/2021		2
	1		Series 1992-101, Class J, 7.50%, 06/25/2022		1
	13		Series 1992-136, Class PK, 6.00%, 08/25/2022		14
	9		Series 1992-143, Class MA, 5.50%, 09/25/2022		9
	34		Series 1992-163, Class M, 7.75%, 09/25/2022		37
	55		Series 1992-188, Class PZ, 7.50%, 10/25/2022		59
	22		Series 1993-21, Class KA, 7.70%, 03/25/2023		24
	37		Series 1993-25, Class J, 7.50%, 03/25/2023		40
	9		Series 1993-27, Class SA, IF, 15.50%, 02/25/2023 (z)		11

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	13	Series 1993-62, Class SA, IF, 18.78%, 04/25/2023 (z)		15
	7	Series 1993-165, Class SD, IF, 13.26%, 09/25/2023 (z)		8
	16	Series 1993-165, Class SK, IF, 12.50%, 09/25/2023 (z)		17
	11	Series 1993-179, Class SB, HB, IF, 26.46%, 10/25/2023 (z)		14
	7	Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (z)		9
	21	Series 1993-205, Class H, PO, 09/25/2023		19
	35	Series 1993-225, Class UB, 6.50%, 12/25/2023		38
	12	Series 1993-230, Class FA, 2.22%, 12/25/2023 (z)		12
	28	Series 1993-247, Class FE, 2.62%, 12/25/2023 (z)		28
	13	Series 1993-247, Class SU, IF, 12.20%, 12/25/2023 (z)		15
	114	Series 1994-37, Class L Shares, 6.50%, 03/25/2024		121
	630	Series 1994-40, Class Z, 6.50%, 03/25/2024		674
	28	Series 1995-2, Class Z, 8.50%, 01/25/2025		29
	139	Series 1995-19, Class Z, 6.50%, 11/25/2023		155
	123	Series 1996-14, Class SE, IF, IO, 8.10%, 08/25/2023 (z)		18
	10	Series 1996-59, Class J, 6.50%, 08/25/2022		11
	85	Series 1997-20, IO, 1.84%, 03/25/2027 (z)		2
	11	Series 1997-27, Class J, 7.50%, 04/18/2027		12
	24	Series 1997-29, Class J, 7.50%, 04/20/2027		28
	159	Series 1997-39, Class PD, 7.50%, 05/20/2027		179
	13	Series 1997-42, Class ZC, 6.50%, 07/18/2027		15
	210	Series 1997-61, Class ZC, 7.00%, 02/25/2023		225
	45	Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		5
	6	Series 1998-4, Class C, PO, 04/25/2023		5
	67	Series 1998-36, Class ZB, 6.00%, 07/18/2028		75
	42	Series 1998-43, Class SA, IF, IO, 16.30%, 04/25/2023 (z)		11
	71	Series 1998-66, Class SB, IF, IO, 6.53%, 12/25/2028 (z)		6

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	47	Series 1999-17, Class C, 6.35%, 04/25/2029		50
	185	Series 1999-18, Class Z, 5.50%, 04/18/2029		198
	9	Series 1999-38, Class SK, IF, IO, 6.43%, 08/25/2023 (z)		1
	21	Series 1999-52, Class NS, IF, 18.84%, 10/25/2023 (z)		26
	71	Series 1999-62, Class PB, 7.50%, 12/18/2029		80
	231	Series 2000-2, Class ZE, 7.50%, 02/25/2030		260
	139	Series 2000-20, Class SA, IF, IO, 7.48%, 07/25/2030 (z)		20
	19	Series 2000-52, IO, 8.50%, 01/25/2031		4
	38	Series 2001-4, Class PC, 7.00%, 03/25/2021		39
	43	Series 2001-7, Class PF, 7.00%, 03/25/2031		48
	144	Series 2001-30, Class PM, 7.00%, 07/25/2031		162
	154	Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		34
	148	Series 2001-36, Class DE, 7.00%, 08/25/2031		164
	388	Series 2001-44, Class MY, 7.00%, 09/25/2031		439
	48	Series 2001-44, Class PD, 7.00%, 09/25/2031		54
	68	Series 2001-44, Class PU, 7.00%, 09/25/2031		77
	310	Series 2001-48, Class Z, 6.50%, 09/25/2021		325
	38	Series 2001-49, Class Z, 6.50%, 09/25/2031		42
	48	Series 2001-52, Class KB, 6.50%, 10/25/2031		52
	468	Series 2001-61, Class Z, 7.00%, 11/25/2031		529
	13	Series 2001-72, Class SX, IF, 13.69%, 12/25/2031 (z)		15
	31	Series 2002-1, Class HC, 6.50%, 02/25/2022		32
	30	Series 2002-1, Class SA, IF, 19.92%, 02/25/2032 (z)		38
	28	Series 2002-1, Class UD, IF, 18.83%, 12/25/2023 (z)		35
	530	Series 2002-13, Class SJ, IF, IO, 1.60%, 03/25/2032 (z)		26

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 17

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	7	Series 2002-13, Class ST, IF, 10.00%, 03/25/2032 (z)		8
	15	Series 2002-21, Class LO, PO, 04/25/2032		13
	143	Series 2002-21, Class PE, 6.50%, 04/25/2032		158
	369	Series 2002-28, Class PK, 6.50%, 05/25/2032		408
	93	Series 2002-37, Class Z, 6.50%, 06/25/2032		104
	530	Series 2002-48, Class GH, 6.50%, 08/25/2032		593
	81	Series 2002-77, Class S, IF, 11.51%, 12/25/2032 (z)		94
	241	Series 2002-83, Class CS, 6.88%, 08/25/2023		255
	1,634	Series 2003-22, Class UD, 4.00%, 04/25/2033		1,673
	520	Series 2003-33, Class IA, IO, 6.50%, 05/25/2033		109
	326	Series 2003-34, Class AX, 6.00%, 05/25/2033		357
	1,276	Series 2003-34, Class ED, 6.00%, 05/25/2033		1,346
	20	Series 2003-35, Class UC, 3.75%, 05/25/2033		20
	63	Series 2003-39, IO, 6.00%, 05/25/2033 (z)		14
	447	Series 2003-39, Class LW, 5.50%, 05/25/2023		469
	236	Series 2003-41, Class PE, 5.50%, 05/25/2023		245
	91	Series 2003-42, Class GB, 4.00%, 05/25/2033		94
	234	Series 2003-47, Class PE, 5.75%, 06/25/2033		258
	83	Series 2003-52, Class SX, IF, 18.09%, 10/25/2031 (z)		118
	68	Series 2003-64, Class SX, IF, 9.81%, 07/25/2033 (z)		77
	411	Series 2003-71, Class DS, IF, 5.37%, 08/25/2033 (z)		407
	505	Series 2003-72, Class IE, IO, 5.50%, 08/25/2033		86
	61	Series 2003-74, Class SH, IF, 7.25%, 08/25/2033 (z)		68
	9	Series 2003-76, Class GQ, 4.50%, 08/25/2018		9
	26	Series 2003-81, Class LC, 4.50%, 09/25/2018		26
	166	Series 2003-83, Class PG, 5.00%, 06/25/2023		168

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	110	Series 2003-91, Class SD, IF, 9.80%, 09/25/2033 (z)		124
	756	Series 2003-116, Class SB, IF, IO, 5.98%, 11/25/2033 (z)		125
	16	Series 2003-128, Class NG, 4.00%, 01/25/2019		16
	28	Series 2003-130, Class SX, IF, 9.09%, 01/25/2034 (z)		31
	47	Series 2003-132, Class OA, PO, 08/25/2033		44
	618	Series 2004-4, Class QI, IF, IO, 5.48%, 06/25/2033 (z)		36
	58	Series 2004-4, Class QM, IF, 10.96%, 06/25/2033 (z)		64
	128	Series 2004-10, Class SC, HB, IF, 22.12%, 02/25/2034 (z)		142
	76	Series 2004-25, Class PC, 5.50%, 01/25/2034		77
	419	Series 2004-25, Class SA, IF, 15.07%, 04/25/2034 (z)		529
	197	Series 2004-27, Class HB, 4.00%, 05/25/2019		198
	53	Series 2004-36, Class PC, 5.50%, 02/25/2034		54
	701	Series 2004-36, Class SA, IF, 15.07%, 05/25/2034 (z)		871
	114	Series 2004-36, Class SN, IF, 10.96%, 07/25/2033 (z)		117
	272	Series 2004-46, Class QB, IF, 17.52%, 05/25/2034 (z)		350
	763	Series 2004-46, Class SK, IF, 12.04%, 05/25/2034 (z)		929
	126	Series 2004-51, Class SY, IF, 11.00%, 07/25/2034 (z)		147
	124	Series 2004-53, Class NC, 5.50%, 07/25/2024		130
	184	Series 2004-59, Class BG, PO, 12/25/2032		157
	58	Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (z)		65
	12	Series 2004-76, Class CL, 4.00%, 10/25/2019		12
	163	Series 2004-79, Class SP, IF, 15.34%, 11/25/2034 (z)		178
	8	Series 2005-52, Class PA, 6.50%, 06/25/2035		8
	733	Series 2005-56, Class S, IF, IO, 5.09%, 07/25/2035 (z)		105
	183	Series 2005-66, Class SG, IF, 13.32%, 07/25/2035 (z)		227
	173	Series 2005-68, Class BC, 5.25%, 06/25/2035		177

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	708	Series 2005-68, Class PG, 5.50%, 08/25/2035		762
	234	Series 2005-68, Class UC, 5.00%, 06/25/2035		238
	295	Series 2005-74, Class CS, IF, 15.56%, 05/25/2035 (z)		354
	2,284	Series 2005-84, Class XM, 5.75%, 10/25/2035		2,477
	872	Series 2005-109, Class PC, 6.00%, 12/25/2035		940
	4,326	Series 2005-110, Class GL, 5.50%, 12/25/2035		4,755
	225	Series 2005-110, Class MN, 5.50%, 06/25/2035		227
	34	Series 2006-15, Class OT, PO, 01/25/2036		33
	254	Series 2006-16, Class OA, PO, 03/25/2036		223
	369	Series 2006-22, Class AO, PO, 04/25/2036		325
	87	Series 2006-23, Class KO, PO, 04/25/2036		78
	715	Series 2006-39, Class WC, 5.50%, 01/25/2036		756
	509	Series 2006-44, Class GO, PO, 06/25/2036		433
	1,175	Series 2006-44, Class P, PO, 12/25/2033		974
	733	Series 2006-46, Class UC, 5.50%, 12/25/2035		778
	777	Series 2006-53, Class US, IF, IO, 4.96%, 06/25/2036 (z)		108
	400	Series 2006-56, PO, 07/25/2036		355
	733	Series 2006-56, Class FC, 1.91%, 07/25/2036 (z)		732
	225	Series 2006-58, PO, 07/25/2036		193
	442	Series 2006-58, Class AP, PO, 07/25/2036		385
	56	Series 2006-58, Class FL, 2.08%, 07/25/2036 (z)		56
	5	Series 2006-59, Class QO, PO, 01/25/2033		5
	4,261	Series 2006-60, Class DZ, 6.50%, 07/25/2036		4,944
	346	Series 2006-65, Class QO, PO, 07/25/2036		297
	66	Series 2006-72, Class TO, PO, 08/25/2036		59
	1,221	Series 2006-77, Class PC, 6.50%, 08/25/2036		1,349
	278	Series 2006-79, Class DO, PO, 08/25/2036		244
	234	Series 2006-90, Class AO, PO, 09/25/2036		211
	103	Series 2006-109, PO, 11/25/2036		89
	642	Series 2006-110, PO, 11/25/2036		546
	70	Series 2006-111, Class EO, PO, 11/25/2036		62
	414	Series 2006-118, Class A2, 1.68%, 12/25/2036 (z)		409
	67	Series 2006-119, PO, 12/25/2036		59

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	797	Series 2006-124, Class HB, 3.49%, 11/25/2036 (z)		822
	375	Series 2006-128, Class BP, 5.50%, 01/25/2037		389
	409	Series 2006-130, Class GI, IO, 6.50%, 07/25/2032		62
	785	Series 2007-7, Class SG, IF, IO, 4.88%, 08/25/2036 (z)		182
	937	Series 2007-14, Class ES, IF, IO, 4.82%, 03/25/2037 (z)		125
	71	Series 2007-15, Class NO, PO, 03/25/2022		69
	174	Series 2007-16, Class FC, 2.37%, 03/25/2037 (z)		179
	77	Series 2007-42, Class AO, PO, 05/25/2037		70
	159	Series 2007-48, PO, 05/25/2037		140
	384	Series 2007-54, Class FA, 2.02%, 06/25/2037 (z)		384
	2,636	Series 2007-60, Class AX, IF, IO, 5.53%, 07/25/2037 (z)		511
	95	Series 2007-77, Class FG, 2.12%, 03/25/2037 (z)		95
	432	Series 2007-81, Class GE, 6.00%, 08/25/2037		450
	1,747	Series 2007-88, Class VI, IF, IO, 4.92%, 09/25/2037 (z)		269
	1,254	Series 2007-91, Class ES, IF, IO, 4.84%, 10/25/2037 (z)		176
	903	Series 2007-97, Class KI, IO, 7.00%, 05/25/2033		112
	507	Series 2007-101, Class A2, 1.87%, 06/27/2036 (z)		497
	239	Series 2007-106, Class A7, 6.08%, 10/25/2037 (z)		259
	1,114	Series 2007-116, Class HI, IO, 1.12%, 01/25/2038 (z)		43
	539	Series 2008-1, Class BI, IF, IO, 4.29%, 02/25/2038 (z)		64
	337	Series 2008-10, Class XI, IF, IO, 4.61%, 03/25/2038 (z)		31
	175	Series 2008-16, Class IS, IF, IO, 4.58%, 03/25/2038 (z)		22
	22	Series 2008-19, Class IC, IO, 5.00%, 03/25/2023		—	(h)
	20	Series 2008-24, Class DY, 5.00%, 04/25/2023		20
	229	Series 2008-27, Class SN, IF, IO, 5.28%, 04/25/2038 (z)		26
	4	Series 2008-39, Class CI, IO, 4.50%, 05/25/2018		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 19

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	120	Series 2008-42, Class AO, PO, 09/25/2036		108
	13	Series 2008-44, PO, 05/25/2038		11
	196	Series 2008-47, Class SI, IF, IO, 4.88%, 06/25/2023 (z)		9
	354	Series 2008-53, Class CI, IF, IO, 5.58%, 07/25/2038 (z)		51
	13	Series 2008-76, Class GF, 2.27%, 09/25/2023 (z)		13
	726	Series 2008-80, Class SA, IF, IO, 4.23%, 09/25/2038 (z)		81
	539	Series 2008-81, Class SB, IF, IO, 4.23%, 09/25/2038 (z)		50
	721	Series 2009-6, Class GS, IF, IO, 4.93%, 02/25/2039 (z)		112
	145	Series 2009-9, IO, 5.00%, 02/25/2024		6
	83	Series 2009-18, IO, 5.00%, 03/25/2024		3
	1,419	Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		268
	560	Series 2009-60, Class HT, 6.00%, 08/25/2039		615
	295	Series 2009-62, Class HJ, 6.00%, 05/25/2039		316
	538	Series 2009-70, Class CO, PO, 01/25/2037		451
	190	Series 2009-99, Class SC, IF, IO, 4.56%, 12/25/2039 (z)		22
	470	Series 2009-103, Class MB, 3.53%, 12/25/2039 (z)		502
	119	Series 2010-45, Class BD, 4.50%, 11/25/2038		120
	635	Series 2010-49, Class SC, IF, 9.42%, 03/25/2040 (z)		705
	352	Series 2010-64, Class DM, 5.00%, 06/25/2040		374
	481	Series 2010-71, Class HJ, 5.50%, 07/25/2040		525
	1,720	Series 2010-147, Class SA, IF, IO, 4.91%, 01/25/2041 (z)		285
	243	Series 2010-148, Class MA, 4.00%, 02/25/2039		248
	459	Series 2011-2, Class WA, 5.83%, 02/25/2051 (z)		485
	1,583	Series 2011-30, Class LS, IO, 1.50%, 04/25/2041 (z)		79
	2,500	Series 2011-31, Class DB, 3.50%, 04/25/2031		2,537
	374	Series 2011-75, Class FA, 2.17%, 08/25/2041 (z)		378
	727	Series 2011-118, Class MT, 7.00%, 11/25/2041		829

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	1,147		Series 2011-130, Class CA, 6.00%, 12/25/2041		1,268
	425		Series 2012-14, Class FB, 2.07%, 08/25/2037 (z)		427
	3,000		Series 2012-66, Class CB, 3.00%, 06/25/2032		2,889
	2,000		Series 2013-81, Class TA, 3.00%, 02/25/2043		1,843
	1,694		Series 2013-90, Class PM, 3.50%, 09/25/2043		1,630
	1,662		Series 2013-92, PO, 09/25/2043		1,290
	3,349		Series 2013-101, Class AE, 3.00%, 10/25/2033		3,207
	2,543		Series 2013-101, Class DO, PO, 10/25/2043		1,963
	3,000		Series 2013-101, Class E, 3.00%, 10/25/2033		2,898
	3,500		Series 2013-103, Class VG, 3.00%, 03/25/2030		3,452
	4,000		Series 2013-108, Class GU, 3.00%, 10/25/2033		3,860
	3,169		Series 2013-128, PO, 12/25/2043		2,494
	—	(h)	Series G-17, Class S, HB, 914.37%, 06/25/2021 (z)		—	(h)
	2		Series G-28, Class S, IF, 13.48%, 09/25/2021 (z)		2
	6		Series G-35, Class M, 8.75%, 10/25/2021		6
	1		Series G-51, Class SA, HB, IF, 22.77%, 12/25/2021 (z)		2
	—	(h)	Series G92-27, Class SQ, HB, IF, 9,999.88%, 05/25/2022 (z)		—	(h)
	43		Series G92-35, Class E, 7.50%, 07/25/2022		46
	—	(h)	Series G92-35, Class G, HB, IO, 1,184.78%, 07/25/2022		1
	5		Series G92-42, Class Z, 7.00%, 07/25/2022		5
	3		Series G92-44, Class ZQ, 8.00%, 07/25/2022		3
	7		Series G92-52, Class FD, 1.64%, 09/25/2022 (z)		7
	38		Series G92-54, Class ZQ, 7.50%, 09/25/2022		40
	6		Series G92-59, Class F, 1.45%, 10/25/2022 (z)		6
	15		Series G92-61, Class Z, 7.00%, 10/25/2022		16
	10		Series G92-62, Class B, PO, 10/25/2022		9
	51		Series G93-1, Class KA, 7.90%, 01/25/2023		55
	13		Series G93-5, Class Z, 6.50%, 02/25/2023		13
	16		Series G93-14, Class J, 6.50%, 03/25/2023		17
	36		Series G93-17, Class SI, IF, 6.00%, 04/25/2023 (z)		39

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	31		Series G93-27, Class FD, 2.50%, 08/25/2023 (z)		31
	8		Series G93-37, Class H, PO, 09/25/2023		8
	24		Series G95-1, Class C, 8.80%, 01/25/2025		27
			FNMA REMIC Trust,
	576		Series 2003-W1, Class 1A1, 5.44%, 12/25/2042 (z)		605
	236		Series 2003-W1, Class 2A, 6.04%, 12/25/2042 (z)		260
	70		Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (z)		80
	18		Series 2007-W7, Class 1A4, HB, IF, 29.46%, 07/25/2037 (z)		23
	978		Series 2009-W1, Class A, 6.00%, 12/25/2049		1,084
			FNMA STRIPS,
	—	(h)	Series 50, Class 2, IO, 10.50%, 03/25/2019		—	(h)
	4		Series 218, Class 2, IO, 7.50%, 04/25/2023		1
	6		Series 265, Class 2, 9.00%, 03/25/2024		6
	63		Series 329, Class 1, PO, 01/25/2033		56
	3		Series 339, Class 18, IO, 4.50%, 07/25/2018		—	(h)
	8		Series 339, Class 21, IO, 4.50%, 08/25/2018		—	(h)
	—	(h)	Series 339, Class 28, IO, 5.50%, 08/25/2018		—	(h)
	92		Series 345, Class 6, IO, 5.00%, 12/25/2033 (z)		16
	302		Series 351, Class 7, IO, 5.00%, 04/25/2034 (z)		62
	248		Series 355, Class 11, IO, 6.00%, 07/25/2034		43
	11		Series 355, Class 31, IO, 4.50%, 12/25/2018 (z)		—	(h)
	391		Series 365, Class 8, IO, 5.50%, 05/25/2036		89
	12		Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(h)
	203		Series 374, Class 5, IO, 5.50%, 08/25/2036		47
	97		Series 383, Class 32, IO, 6.00%, 01/25/2038		21
	254		Series 383, Class 33, IO, 6.00%, 01/25/2038		50
	78		Series 393, Class 6, IO, 5.50%, 04/25/2037		14
			FNMA Trust,
	144		Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		164
	332		Series 2004-W2, Class 2A2, 7.00%, 02/25/2044		373
	438		Series 2004-W15, Class 2AF, 1.87%, 08/25/2044 (z)		435

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,216	Series 2005-W3, Class 2AF, 1.84%, 03/25/2045 (z)		1,210
	418	Series 2006-W2, Class 1AF1, 1.84%, 02/25/2046 (z)		418
	1,504	GMACM Mortgage Loan Trust, Series 2005-AR3, Class 3A4, 3.80%, 06/19/2035 (z)		1,480
		GNMA,
	609	Series 1994-7, Class PQ, 6.50%, 10/16/2024		647
	457	Series 1999-4, Class ZB, 6.00%, 02/20/2029		457
	58	Series 1999-30, Class S, IF, IO, 7.01%, 08/16/2029 (z)		1
	78	Series 2000-9, Class Z, 8.00%, 06/20/2030		89
	646	Series 2000-9, Class ZJ, 8.50%, 02/16/2030		734
	863	Series 2000-21, Class Z, 9.00%, 03/16/2030		874
	146	Series 2000-31, Class Z, 9.00%, 10/20/2030		171
	91	Series 2000-35, Class ZA, 9.00%, 11/20/2030		107
	9	Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		1
	44	Series 2001-6, Class SD, IF, IO, 6.96%, 03/16/2031 (z)		10
	123	Series 2001-35, Class SA, IF, IO, 6.66%, 08/16/2031 (z)		2
	106	Series 2001-36, Class S, IF, IO, 6.46%, 08/16/2031 (z)		25
	423	Series 2002-24, Class AG, IF, IO, 6.36%, 04/16/2032 (z)		63
	40	Series 2002-24, Class SB, IF, 9.54%, 04/16/2032 (z)		45
	756	Series 2002-31, Class SE, IF, IO, 5.91%, 04/16/2030 (z)		85
	14	Series 2002-41, Class SV, IF, 9.00%, 06/16/2032 (z)		17
	994	Series 2002-45, Class QE, 6.50%, 06/20/2032		1,108
	349	Series 2002-47, Class PG, 6.50%, 07/16/2032		395
	647	Series 2002-47, Class ZA, 6.50%, 07/20/2032		733
	557	Series 2002-52, Class GH, 6.50%, 07/20/2032		633
	949	Series 2002-75, Class PB, 6.00%, 11/20/2032		1,039
	401	Series 2003-11, Class SK, IF, IO, 6.11%, 02/16/2033 (z)		49

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 21

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	191	Series 2003-12, Class SP, IF, IO, 6.11%, 02/20/2033 (z)		36
	38	Series 2003-24, PO, 03/16/2033		34
	1,002	Series 2003-40, Class TJ, 6.50%, 03/20/2033		1,110
	617	Series 2003-46, Class MG, 6.50%, 05/20/2033		689
	473	Series 2003-46, Class TC, 6.50%, 03/20/2033		521
	169	Series 2003-52, Class AP, PO, 06/16/2033		142
	842	Series 2003-58, Class BE, 6.50%, 01/20/2033		933
	51	Series 2003-90, PO, 10/20/2033		45
	666	Series 2003-112, Class SA, IF, IO, 4.96%, 12/16/2033 (z)		96
	262	Series 2004-28, Class S, IF, 15.30%, 04/16/2034 (z)		332
	68	Series 2004-73, Class AE, IF, 11.58%, 08/17/2034 (z)		74
	893	Series 2004-90, Class SI, IF, IO, 4.51%, 10/20/2034 (z)		123
	171	Series 2005-35, Class FL, 1.94%, 03/20/2032 (z)		172
	1,495	Series 2005-58, Class NI, IO, 5.50%, 08/20/2035		290
	127	Series 2005-68, Class DP, IF, 12.61%, 06/17/2035 (z)		145
	2,050	Series 2005-68, Class KI, IF, IO, 4.71%, 09/20/2035 (z)		263
	284	Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		55
	135	Series 2006-16, Class OP, PO, 03/20/2036		121
	286	Series 2006-38, Class SW, IF, IO, 4.91%, 06/20/2036 (z)		20
	1,514	Series 2006-38, Class ZK, 6.50%, 08/20/2036		1,686
	420	Series 2006-59, Class SD, IF, IO, 5.11%, 10/20/2036 (z)		49
	693	Series 2006-65, Class SA, IF, IO, 5.21%, 11/20/2036 (z)		100
	1,161	Series 2007-17, Class JI, IF, IO, 5.22%, 04/16/2037 (z)		169
	121	Series 2007-17, Class JO, PO, 04/16/2037		103
	640	Series 2007-19, Class SD, IF, IO, 4.61%, 04/20/2037 (z)		73
	597	Series 2007-26, Class SC, IF, IO, 4.61%, 05/20/2037 (z)		72
	530	Series 2007-27, Class SA, IF, IO, 4.61%, 05/20/2037 (z)		65

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	141	Series 2007-28, Class BO, PO, 05/20/2037		119
	392	Series 2007-36, Class SE, IF, IO, 4.88%, 06/16/2037 (z)		52
	1,155	Series 2007-40, Class SB, IF, IO, 5.16%, 07/20/2037 (z)		166
	690	Series 2007-42, Class SB, IF, IO, 5.16%, 07/20/2037 (z)		90
	2,500	Series 2007-47, Class PH, 6.00%, 07/16/2037		2,812
	436	Series 2007-50, Class AI, IF, IO, 5.18%, 08/20/2037 (z)		61
	61	Series 2007-53, Class SW, IF, 15.42%, 09/20/2037 (z)		75
	290	Series 2007-57, PO, 03/20/2037		258
	26	Series 2007-71, Class SB, IF, IO, 5.11%, 07/20/2036 (z)		—	(h)
	355	Series 2007-72, Class US, IF, IO, 4.96%, 11/20/2037 (z)		47
	366	Series 2007-73, Class MI, IF, IO, 4.41%, 11/20/2037 (z)		47
	716	Series 2007-76, Class SA, IF, IO, 4.94%, 11/20/2037 (z)		97
	346	Series 2007-79, Class SY, IF, IO, 4.96%, 12/20/2037 (z)		49
	190	Series 2008-2, Class MS, IF, IO, 5.57%, 01/16/2038 (z)		28
	632	Series 2008-2, Class NS, IF, IO, 4.95%, 01/16/2038 (z)		81
	411	Series 2008-10, Class S, IF, IO, 4.24%, 02/20/2038 (z)		43
	243	Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		29
	569	Series 2008-36, Class SH, IF, IO, 4.71%, 04/20/2038 (z)		73
	3,435	Series 2008-40, Class SA, IF, IO, 4.81%, 05/16/2038 (z)		476
	315	Series 2008-55, Class SA, IF, IO, 4.61%, 06/20/2038 (z)		36
	159	Series 2008-71, Class SC, IF, IO, 4.41%, 08/20/2038 (z)		16
	383	Series 2008-93, Class AS, IF, IO, 4.11%, 12/20/2038 (z)		39
	433	Series 2009-6, Class SA, IF, IO, 4.51%, 02/16/2039 (z)		45
	73	Series 2009-10, Class SL, IF, IO, 4.91%, 03/16/2034 (z)		1
	952	Series 2009-12, Class IE, IO, 5.50%, 03/20/2039		186
	368	Series 2009-14, Class KI, IO, 6.50%, 03/20/2039		81

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	369	Series 2009-14, Class NI, IO, 6.50%, 03/20/2039		98
	911	Series 2009-22, Class SA, IF, IO, 4.68%, 04/20/2039 (z)		100
	268	Series 2009-25, Class SE, IF, IO, 6.01%, 09/20/2038 (z)		42
	208	Series 2009-33, Class CI, IO, 5.50%, 05/20/2039		41
	214	Series 2009-33, Class TI, IO, 6.00%, 05/20/2039		46
	386	Series 2009-43, Class SA, IF, IO, 4.36%, 06/20/2039 (z)		47
	273	Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		29
	892	Series 2009-72, Class SM, IF, IO, 4.66%, 08/16/2039 (z)		115
	216	Series 2009-79, Class OK, PO, 11/16/2037		192
	323	Series 2010-14, Class CO, PO, 08/20/2035		281
	1,702	Series 2010-31, Class NO, PO, 03/20/2040		1,493
	246	Series 2010-130, Class CP, 7.00%, 10/16/2040		277
	1,799	Series 2010-157, Class OP, PO, 12/20/2040		1,478
	618	Series 2011-22, Class WA, 5.92%, 02/20/2037 (z)		685
	1,161	Series 2011-75, Class SM, IF, IO, 5.01%, 05/20/2041 (z)		180
	531	Series 2012-141, Class WC, 3.72%, 01/20/2042 (z)		540
	251	Series 2012-H15, Class FA, 2.01%, 05/20/2062 (z)		251
	918	Series 2012-H21, Class CF, 2.26%, 05/20/2061 (z)		920
	2,177	Series 2012-H22, Class FD, 2.03%, 01/20/2061 (z)		2,180
	619	Series 2012-H24, Class FG, 1.99%, 04/20/2060 (z)		620
	549	Series 2012-H26, Class MA, 2.11%, 07/20/2062 (z)		549
	1,132	Series 2012-H28, Class FA, 2.14%, 09/20/2062 (z)		1,135
	1,422	Series 2012-H29, Class FA, 2.08%, 10/20/2062 (z)		1,425
	21	Series 2012-H30, Class PA, 2.01%, 11/20/2059 (z)		21
	1,446	Series 2012-H31, Class FD, 1.90%, 12/20/2062 (z)		1,442
	2,502	Series 2013-54, Class WA, 4.74%, 11/20/2042 (z)		2,637
	1,764	Series 2013-75, Class WA, 5.21%, 06/20/2040 (z)		1,895

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,108	Series 2013-91, Class WA, 4.49%, 04/20/2043 (z)		1,133
	1,300	Series 2013-116, Class JY, 4.00%, 08/16/2043		1,319
	2,304	Series 2013-H01, Class FA, 1.65%, 01/20/2063		2,268
	50	Series 2013-H03, Class FA, 1.86%, 08/20/2060 (z)		50
	1,159	Series 2013-H04, Class BA, 1.65%, 02/20/2063		1,142
	1,364	Series 2013-H05, Class FB, 1.96%, 02/20/2062 (z)		1,365
	1,374	Series 2013-H07, Class HA, 1.97%, 03/20/2063 (z)		1,373
	1,331	Series 2013-H08, Class FC, 2.01%, 02/20/2063 (z)		1,332
	1,599	Series 2013-H09, Class HA, 1.65%, 04/20/2063		1,566
	2,906	Series 2013-H18, Class JA, 2.16%, 08/20/2063 (z)		2,920
	835	Series 2014-188, Class W, 4.63%, 10/20/2041 (z)		875
	1,463	Series 2014-H01, Class FD, 2.21%, 01/20/2064 (z)		1,473
	1,486	Series 2014-H09, Class TA, 2.16%, 04/20/2064 (z)		1,494
	5,216	Series 2015-H05, Class FC, 2.04%, 02/20/2065 (z)		5,231
	6,372	Series 2015-H12, Class FA, 2.04%, 05/20/2065 (z)		6,390
	1,763	Series 2015-H15, Class FD, 2.00%, 06/20/2065 (z)		1,765
	3,840	Series 2015-H15, Class FJ, 2.00%, 06/20/2065 (z)		3,844
	2,915	Series 2015-H16, Class FG, 2.00%, 07/20/2065 (z)		2,919
	2,733	Series 2015-H23, Class FB, 2.08%, 09/20/2065 (z)		2,746
	2,008	Series 2015-H32, Class FH, 2.22%, 12/20/2065 (z)		2,030
	8,973	Series 2017-H08, Class XI, IO, 2.12%, 03/20/2067 (z)		1,210
		GSMPS Mortgage Loan Trust,
	634	Series 2001-2, Class A, 7.50%, 06/19/2032 (e) (z)		630
	906	Series 2005-RP3, Class 1AF, 1.97%, 09/25/2035 (e) (z)		814
	685	Series 2005-RP3, Class 1AS, IO, 3.03%, 09/25/2035 (e) (z) (bb)		50

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 23

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	3,028	Series 2006-RP2, Class 1AS2, IF, IO, 4.53%, 04/25/2036 (e) (z)		330
		GSR Mortgage Loan Trust,
	472	Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		487
	316	Series 2004-6F, Class 3A4, 6.50%, 05/25/2034		338
	185	Series 2004-8F, Class 2A3, 6.00%, 09/25/2034		191
	9	Series 2005-4F, Class AP, PO, 05/25/2035 (bb)		8
	949	Series 2005-7F, Class 3A9, 6.00%, 09/25/2035		1,003
	1,563	Series 2006-1F, Class 2A4, 6.00%, 02/25/2036		1,346
		Impac CMB Trust,
	1,299	Series 2004-7, Class 1A1, 2.36%, 11/25/2034 (z)		1,296
	156	Series 2005-4, Class 2A1, 2.22%, 05/25/2035 (z)		154
		Impac Secured Assets Trust,
	456	Series 2006-1, Class 2A1, 1.97%, 05/25/2036 (z)		433
	270	Series 2006-2, Class 2A1, 1.97%, 08/25/2036 (z)		266
		JP Morgan Mortgage Trust,
	521	Series 2006-A2, Class 4A1, 3.72%, 08/25/2034 (z)		527
	713	Series 2006-A2, Class 5A3, 3.59%, 11/25/2033 (z)		727
	127	Series 2006-A3, Class 6A1, 3.50%, 08/25/2034 (z)		126
		Lehman Mortgage Trust,
	350	Series 2006-2, Class 1A1, 5.81%, 04/25/2036 (z)		321
	727	Series 2008-2, Class 1A6, 6.00%, 03/25/2038		558
		MASTR Adjustable Rate Mortgages Trust,
	48	Series 2004-4, Class 2A1, 3.27%, 05/25/2034 (z)		46
	301	Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		308
	721	Series 2004-13, Class 3A7, 3.46%, 11/21/2034 (z)		739
	286	Series 2004-15, Class 3A1, 4.12%, 12/25/2034 (z)		279
		MASTR Alternative Loan Trust,
	131	Series 2003-3, Class 1A1, 6.50%, 05/25/2033		132

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	386	Series 2003-9, Class 8A1, 6.00%, 01/25/2034		398
	294	Series 2004-3, Class 2A1, 6.25%, 04/25/2034		307
	410	Series 2004-4, Class 10A1, 5.00%, 05/25/2024		425
	224	Series 2004-6, Class 30PO, PO, 07/25/2034 (bb)		184
	369	Series 2004-6, Class 7A1, 6.00%, 07/25/2034		378
	152	Series 2004-7, Class 30PO, PO, 08/25/2034 (bb)		126
	153	Series 2004-8, Class 6A1, 5.50%, 09/25/2019		155
	25	Series 2004-10, Class 1A1, 4.50%, 09/25/2019		25
		MASTR Asset Securitization Trust,
	27	Series 2003-12, Class 30PO, PO, 12/25/2033 (bb)		25
	25	Series 2004-1, Class 30PO, PO, 02/25/2034 (bb)		21
	4	Series 2004-4, Class 3A1, 4.50%, 04/25/2019		4
	4	Series 2004-6, Class 15PO, PO, 07/25/2019 (bb)		4
	4	Series 2004-8, PO, 08/25/2019 (bb)		4
	10	Series 2004-8, Class 1A1, 4.75%, 08/25/2019		10
	1,813	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, 1.97%, 05/25/2035 (z) (e)		1,514
	202	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e)		163
		Merrill Lynch Mortgage Investors Trust,
	140	Series 2003-E, Class A1, 2.24%, 10/25/2028 (z)		137
	1,438	Series 2003-F, Class A1, 2.26%, 10/25/2028 (z)		1,423
	370	Series 2004-1, Class 2A1, 3.30%, 12/25/2034 (z)		372
	267	Series 2004-A, Class A1, 2.08%, 04/25/2029 (z)		263
	1	ML Trust XLVII, Series 47, Class Z, 8.99%, 10/20/2020 (bb)		2
	334	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (z) (e)		338
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	142	Series 2003-A1, Class A1, 5.50%, 05/25/2033		144

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	91	Series 2003-A1, Class A2, 6.00%, 05/25/2033		92
	34	Series 2003-A1, Class A5, 7.00%, 04/25/2033		35
	1	PaineWebber CMO Trust, Series P, Class 4, 8.50%, 08/01/2019		1
	108	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, 3.58%, 05/25/2035 (z)		106
		RALI Trust,
	2	Series 2003-QS3, Class A2, IF, 13.06%, 02/25/2018 (z)		2
	22	Series 2003-QS9, Class A3, IF, IO, 5.93%, 05/25/2018 (z) (bb)		—	(h)
	15	Series 2003-QS12, Class A2A, IF, IO, 5.98%, 06/25/2018 (z) (bb)		—	(h)
	5	Series 2003-QS12, Class A5, IO, 5.00%, 06/25/2018 (bb)		—	(h)
	87	Series 2003-QS14, Class A1, 5.00%, 07/25/2018		86
	31	Series 2003-QS18, Class A1, 5.00%, 09/25/2018		31
	1,096	Series 2004-QA6, Class NB2, 3.81%, 12/26/2034 (z)		966
		RBSSP Resecuritization Trust,
	96	Series 2009-2, Class 1A1, 7.00%, 08/26/2037 (e) (z)		97
	302	Series 2009-12, Class 1A1, 5.62%, 11/25/2033 (e) (z)		311
		Residential Asset Securitization Trust,
	4	Series 2003-A14, Class A1, 4.75%, 02/25/2019		4
	1,661	Series 2005-A2, Class A4, IF, IO, 3.43%, 03/25/2035 (z)		114
	429	Series 2006-A4, Class 2A5, 6.00%, 05/25/2036		418
		RFMSI Trust,
	3	Series 2003-S14, Class A4, PO, 07/25/2018 (bb)		3
	16	Series 2004-S3, Class A1, 4.75%, 03/25/2019		16
	16	Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		17
	306	Series 2005-SA4, Class 1A1, 3.51%, 09/25/2035 (z)		275
	448	Structured Asset Mortgage Investments II Trust, Series 2004-AR5, Class 1A1, 2.25%, 10/19/2034 (z)		432

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	484	Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		493
	759	Series 2004-5H, Class A4, 5.54%, 12/25/2033		776
	57	Structured Asset Securities Corp. Trust, Series 2005-10, Class 5A9, 5.25%, 12/25/2034		56
		Thornburg Mortgage Securities Trust,
	234	Series 2003-4, Class A1, 2.26%, 09/25/2043 (z)		226
	599	Series 2004-4, Class 3A, 3.03%, 12/25/2044 (z)		602
		Vendee Mortgage Trust,
	261	Series 1994-1, Class 1, 5.34%, 02/15/2024 (z)		271
	334	Series 1994-1, Class 2ZB, 6.50%, 02/15/2024		356
	389	Series 1996-1, Class 1Z, 6.75%, 02/15/2026		425
	301	Series 1996-2, Class 1Z, 6.75%, 06/15/2026		327
	549	Series 1997-1, Class 2Z, 7.50%, 02/15/2027		608
	637	Series 1998-1, Class 2E, 7.00%, 03/15/2028		712
	1,264	Series 1999-1, Class 2Z, 6.50%, 01/15/2029		1,367
	5,721	Series 2003-2, Class Z, 5.00%, 05/15/2033		6,062
	1,053	WaMu Mortgage Pass-Through Certificates, Series 2004-RS2, Class A4, 5.00%, 11/25/2033		1,070
		WaMu Mortgage Pass-Through Certificates Trust,
	84	Series 2003-AR8, Class A, 3.23%, 08/25/2033 (z)		85
	1,255	Series 2003-AR9, Class 1A6, 3.33%, 09/25/2033 (z)		1,284
	205	Series 2003-AR9, Class 2A, 3.35%, 09/25/2033 (z)		207
	11	Series 2003-S8, Class A6, 4.50%, 09/25/2018		11
	589	Series 2003-S9, Class A8, 5.25%, 10/25/2033		602
	39	Series 2003-S9, Class P, PO, 10/25/2033 (bb)		35
	112	Series 2004-AR3, Class A1, 3.22%, 06/25/2034 (z)		114
	93	Series 2004-AR3, Class A2, 3.22%, 06/25/2034 (z)		95

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 25

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	121	Series 2006-AR10, Class 2P, 3.39%, 09/25/2036 (z) (bb)		106
	116	Series 2006-AR12, Class 2P, 2.83%, 10/25/2036 (z) (bb)		117
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	5,225	Series 2005-2, Class 1A4, IF, IO, 3.43%, 04/25/2035 (z)		471
	1,258	Series 2005-2, Class 2A3, IF, IO, 3.38%, 04/25/2035 (z) (bb)		114
	1,421	Series 2005-3, Class CX, IO, 5.50%, 05/25/2035 (bb)		274
	1,658	Series 2005-4, Class CB7, 5.50%, 06/25/2035		1,600
	1,350	Series 2005-4, Class CX, IO, 5.50%, 06/25/2035 (bb)		261
	373	Series 2005-6, Class 2A4, 5.50%, 08/25/2035		363
	2,386	Series 2005-6, Class 2A9, 5.50%, 08/25/2035		2,323
		Wells Fargo Mortgage-Backed Securities Trust,
	104	Series 2003-K, Class 1A1, 3.56%, 11/25/2033 (z)		106
	197	Series 2003-K, Class 1A2, 3.56%, 11/25/2033 (z)		200
	197	Series 2004-EE, Class 2A1, 3.45%, 12/25/2034 (z)		200
	260	Series 2004-EE, Class 3A1, 3.79%, 12/25/2034 (z)		269
	1,155	Series 2004-P, Class 2A1, 3.54%, 09/25/2034 (z)		1,184
	206	Series 2004-V, Class 1A1, 3.56%, 10/25/2034 (z)		209
	72	Series 2005-16, Class APO, PO, 01/25/2036 (bb)		61
	1,920	Series 2005-AR3, Class 1A1, 3.49%, 03/25/2035 (z)		1,973
	221	Series 2005-AR8, Class 2A1, 3.74%, 06/25/2035 (z)		226
	203	Series 2005-AR16, Class 2A1, 3.81%, 02/25/2034 (z)		208
	293	Series 2006-2, Class APO, PO, 03/25/2036 (bb)		246
	119	Series 2006-4, Class 1APO, PO, 04/25/2036 (bb)		107
	437	Series 2007-7, Class A7, 6.00%, 06/25/2037		435
	139	Series 2007-11, Class A14, 6.00%, 08/25/2037		136
		Total Collateralized Mortgage Obligations (Cost $321,450)		332,680

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — 4.9%
		BAMLL Commercial Mortgage Securities Trust,
	560	Series 2012-PARK, Class A, 2.96%, 12/10/2030 (e)		554
	1,300	Series 2014-520M, Class C, 4.21%, 08/15/2046 (e) (z)		1,206
		BAMLL Re-REMIC Trust,
	1,950	Series 2014-FRR5, Class A714, PO, 01/27/2047 (e)		1,724
	2,600	Series 2016-FR16, Class A, 0.99%, 05/27/2021 (e) (z)		2,361
		BB-UBS Trust,
	4,400	Series 2012-SHOW, Class A, 3.43%, 11/05/2036 (e)		4,371
	483	Series 2012-TFT, Class A, 2.89%, 06/05/2030 (e)		472
	402	Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PWR8, Class X1, IO, 0.40%, 06/11/2041 (e) (z) (bb)		3
	2,029	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, 0.63%, 12/11/2049 (e) (z) (bb)		6
	1,147	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, IO, 0.94%, 08/15/2048 (z) (bb)		15
		Commercial Mortgage Trust,
	104	Series 2006-GG7, Class AM, 5.79%, 07/10/2038 (z)		104
	2,498	Series 2012-CR2, Class XA, IO, 1.66%, 08/15/2045 (z) (bb)		150
	3,500	Series 2013-300P, Class A1, 4.35%, 08/10/2030 (e)		3,670
	1,060	Series 2013-SFS, Class A2, 2.99%, 04/12/2035 (e) (z)		1,037
	1,400	Series 2014-TWC, Class A, 2.43%, 02/13/2032 (e) (z)		1,401
	1,156	Series 2015-CR24, Class A5, 3.70%, 08/10/2048		1,174
	2,812	Series 2015-CR25, Class A4, 3.76%, 08/10/2048		2,862
		FHLMC Multifamily Structured Pass-Through Certificates,
	3,560	Series K052, Class A2, 3.15%, 11/25/2025		3,555
	2,467	Series K065, Class A2, 3.24%, 04/25/2027		2,461
	1,322	Series K065, Class AM, 3.33%, 05/25/2027		1,320
	1,748	Series K070, Class A2, 3.30%, 11/25/2027 (z)		1,748
	636	Series KJ02, Class A2, 2.60%, 09/25/2020		633
	2,759	Series KJ09, Class A2, 2.84%, 09/25/2022		2,743
	353	Series KPLB, Class A, 2.77%, 05/25/2025		344
	1,000	Series KS01, Class A2, 2.52%, 01/25/2023		984

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		FNMA ACES,
	2,547	Series 2010-M3, Class A3, 4.33%, 03/25/2020 (z)		2,603
	8,281	Series 2011-M2, Class A3, 3.76%, 04/25/2021		8,482
	106	Series 2012-M11, Class FA, 2.06%, 08/25/2019 (z)		106
	1,878	Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,826
	2,500	Series 2014-M3, Class A2, 3.47%, 01/25/2024 (z)		2,559
	8,555	Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z)		8,413
	6,250	Series 2017-M3, Class A2, 2.49%, 12/25/2026 (z)		5,864
	3,376	Series 2017-M5, Class A2, 3.30%, 04/25/2029		3,317
	3,815	Series 2017-M8, Class A2, 3.06%, 05/25/2027 (z)		3,742
	4,864	FNMA Grantor Trust, Series 2017-T1, Class A, 2.90%, 06/25/2027		4,671
		FORT CRE LLC,
	1,256	Series 2016-1A, Class B, 4.37%, 05/21/2036 (e) (z)		1,263
	1,887	Series 2016-1A, Class C, 4.87%, 05/21/2036 (e) (z)		1,898
	1,204	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.71%, 12/10/2027 (e)		1,201
	400	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2006-LDP9, Class AMS, 5.34%, 05/15/2047		402
	998	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.99%, 02/15/2036 (e)		1,005
	2,683	LB-UBS Commercial Mortgage Trust, Series 2006-C7, Class XW, IO, 0.85%, 11/15/2038 (e) (z) (bb)		3
	772	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, 0.51%, 12/12/2049 (e) (z) (bb)		—	(h)
	2,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.67%, 02/15/2047		2,036
		Morgan Stanley Capital I Trust,
	3,502	Series 2006-IQ12, Class X1, IO, 0.50%, 12/15/2043 (e) (z) (bb)		—	(h)
	10,220	Series 2007-HQ11, Class X, IO, 0.33%, 02/12/2044 (e) (z) (bb)		129
	625	Series 2011-C3, Class A3, 4.05%, 07/15/2049		636

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Morgan Stanley Re-REMIC Trust,
	182	Series 2012-IO, Class AXA, 1.00%, 03/27/2051 (e)		182
	1,059	Series 2012-XA, Class B, 0.25%, 07/27/2049 (e) (bb)		1,011
		PFP Ltd., (Cayman Islands),
	398	Series 2015-2, Class A, 3.04%, 07/14/2034 (e) (z)		398
	1,055	Series 2015-2, Class C, 4.84%, 07/14/2034 (e) (z) (bb)		1,062
	730	Series 2015-2, Class D, 5.59%, 07/14/2034 (e) (z) (bb)		731
	1,805	RAIT Trust, Series 2015-FL5, Class B, 5.48%, 01/15/2031 (e) (z) (bb)		1,807
	664	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.26%, 03/11/2031 (e)		651
		Resource Capital Corp. Ltd., (Cayman Islands),
	13	Series 2015-CRE4, Class A, 2.99%, 08/15/2032 (e) (z)		13
	1,151	Series 2015-CRE4, Class B, 4.59%, 08/15/2032 (e) (z) (bb)		1,139
	2,236	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		2,226
		UBS-Barclays Commercial Mortgage Trust,
	1,053	Series 2012-C2, Class A4, 3.53%, 05/10/2063		1,068
	7,454	Series 2012-C2, Class XA, IO, 1.34%, 05/10/2063 (e) (z) (bb)		353
	857	Series 2013-C6, Class A4, 3.24%, 04/10/2046		857
		VNDO Mortgage Trust,
	1,398	Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (e)		1,382
	5,000	Series 2013-PENN, Class A, 3.81%, 12/13/2029 (e)		5,083
		Wells Fargo Commercial Mortgage Trust,
	2,500	Series 2013-120B, Class A, 2.71%, 03/18/2028 (e) (z)		2,486
	1,094	Series 2015-C30, Class A4, 3.66%, 09/15/2058		1,107
		WFRBS Commercial Mortgage Trust,
	1,700	Series 2011-C3, Class A4, 4.38%, 03/15/2044 (e)		1,760
	800	Series 2012-C6, Class A4, 3.44%, 04/15/2045		808
	400	Series 2013-C11, Class D, 4.27%, 03/15/2045 (e) (z) (bb)		376
		Total Commercial Mortgage-Backed Securities (Cost $110,003)		109,554

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 27

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 26.5%
		Consumer Discretionary — 1.4%
		Automobiles — 0.3%
		Daimler Finance North America LLC, (Germany),
	305	2.25%, 03/02/2020 (e)		301
	981	2.38%, 08/01/2018 (e)		981
	1,500	Ford Motor Co., 7.45%, 07/16/2031		1,827
	2,286	General Motors Co., 6.60%, 04/01/2036		2,657
		Hyundai Capital America,
	526	2.40%, 10/30/2018 (e)		524
	1,000	3.00%, 03/18/2021 (e)		989
				7,279
		Diversified Consumer Services — 0.0% (g)
	643	President & Fellows of Harvard College, 3.30%, 07/15/2056		581
		Hotels, Restaurants & Leisure — 0.1%
	900	McDonald’s Corp., 4.70%, 12/09/2035		966
		Household Durables — 0.0% (g)
	230	Newell Brands, Inc., 5.50%, 04/01/2046		244
		Internet & Direct Marketing Retail — 0.1%
	1,435	Amazon.com, Inc., 4.80%, 12/05/2034		1,589
		Media — 0.8%
		21st Century Fox America, Inc.,
	100	6.20%, 12/15/2034		124
	400	6.65%, 11/15/2037		518
	250	6.90%, 08/15/2039		337
	430	8.88%, 04/26/2023		528
		CBS Corp.,
	792	4.00%, 01/15/2026		790
	140	4.85%, 07/01/2042		140
		Charter Communications Operating LLC,
	1,797	4.91%, 07/23/2025		1,850
	703	6.38%, 10/23/2035		794
		Comcast Corp.,
	443	3.55%, 05/01/2028		435
	871	4.00%, 11/01/2049		809
	387	4.05%, 11/01/2052		361
	555	4.20%, 08/15/2034		556
	2,383	6.50%, 11/15/2035		3,048
	275	Cox Communications, Inc., 4.60%, 08/15/2047 (e)		266
	450	Cox Enterprises, Inc., 7.38%, 07/15/2027 (e)		539
	569	Discovery Communications LLC, 6.35%, 06/01/2040		641

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
		Grupo Televisa SAB, (Mexico),
	221	4.63%, 01/30/2026		225
	200	6.13%, 01/31/2046		221
	800	NBCUniversal Media LLC, 5.95%, 04/01/2041		966
		Time Warner Cable LLC,
	800	4.13%, 02/15/2021		814
	359	5.50%, 09/01/2041		364
	400	6.55%, 05/01/2037		455
	700	Time Warner Entertainment Co. LP, 8.38%, 07/15/2033		929
		Time Warner, Inc.,
	500	3.60%, 07/15/2025		486
	313	5.38%, 10/15/2041		336
		Viacom, Inc.,
	1,019	3.88%, 04/01/2024		1,018
	464	4.38%, 03/15/2043		417
				17,967
		Multiline Retail — 0.0% (g)
	350	Target Corp., 2.50%, 04/15/2026		325
		Specialty Retail — 0.1%
	196	Home Depot, Inc. (The), 3.50%, 09/15/2056		173
	739	Lowe’s Cos., Inc., 4.65%, 04/15/2042		789
	432	O’Reilly Automotive, Inc., 3.60%, 09/01/2027		420
				1,382
		Total Consumer Discretionary		30,333
		Consumer Staples — 1.1%
		Beverages — 0.5%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	94	1.90%, 02/01/2019		93
	4,522	3.30%, 02/01/2023		4,503
	2,633	3.65%, 02/01/2026		2,609
	1,430	4.70%, 02/01/2036		1,503
	1,135	4.90%, 02/01/2046		1,210
	1,123	Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.44%, 10/06/2048		1,119
	250	Coca-Cola Femsa SAB de CV, (Mexico), 3.88%, 11/26/2023		256
	255	Diageo Investment Corp., (United Kingdom), 8.00%, 09/15/2022		305
	250	Dr Pepper Snapple Group, Inc., 3.43%, 06/15/2027 (e)		237
	534	PepsiCo, Inc., 4.45%, 04/14/2046		568
				12,403

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — 0.2%
	725	CVS Health Corp., 4.00%, 12/05/2023		735
		Kroger Co. (The),
	491	6.90%, 04/15/2038		613
	589	7.50%, 04/01/2031		748
	291	Sysco Corp., 3.75%, 10/01/2025		294
	200	Walgreen Co., 4.40%, 09/15/2042		189
		Walgreens Boots Alliance, Inc.,
	100	3.80%, 11/18/2024		99
	386	4.50%, 11/18/2034		381
	500	Walmart, Inc., 3.63%, 12/15/2047		485
				3,544
		Food Products — 0.4%
	95	Bunge Ltd. Finance Corp., 3.50%, 11/24/2020		96
		Cargill, Inc.,
	115	3.25%, 03/01/2023 (e)		115
	600	3.30%, 03/01/2022 (e)		600
	400	Kellogg Co., 3.40%, 11/15/2027		383
		Kraft Heinz Foods Co.,
	414	3.50%, 06/06/2022		414
	400	3.95%, 07/15/2025		396
	694	5.00%, 06/04/2042		691
	2,353	6.88%, 01/26/2039		2,903
		McCormick & Co., Inc.,
	179	3.15%, 08/15/2024		175
	264	3.40%, 08/15/2027		257
		Mead Johnson Nutrition Co., (United Kingdom),
	317	3.00%, 11/15/2020		317
	153	4.13%, 11/15/2025		156
		Tyson Foods, Inc.,
	777	3.95%, 08/15/2024		790
	1,100	4.88%, 08/15/2034		1,188
				8,481
		Tobacco — 0.0% (g)
	342	BAT Capital Corp., (United Kingdom), 4.39%, 08/15/2037 (e)		336
	100	Reynolds American, Inc., (United Kingdom), 7.00%, 08/04/2041		129
				465
		Total Consumer Staples		24,893
		Energy — 3.2%
		Energy Equipment & Services — 0.1%
	300	Baker Hughes a GE Co. LLC, 5.13%, 09/15/2040		332

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
	1,000	Halliburton Co., 7.45%, 09/15/2039		1,371
		Nabors Industries, Inc.,
	200	4.63%, 09/15/2021		195
	200	5.00%, 09/15/2020		201
		Schlumberger Holdings Corp.,
	649	3.63%, 12/21/2022 (e)		657
	200	4.00%, 12/21/2025 (e)		203
	441	Schlumberger Investment SA, 3.30%, 09/14/2021 (e)		445
				3,404
		Oil, Gas & Consumable Fuels — 3.1%
	330	Anadarko Petroleum Corp., 8.70%, 03/15/2019		349
	268	Andeavor Logistics LP, 4.25%, 12/01/2027		261
		Apache Corp.,
	138	3.25%, 04/15/2022		137
	556	4.75%, 04/15/2043		549
	732	APT Pipelines Ltd., (Australia), 4.25%, 07/15/2027 (e)		734
	235	BG Energy Capital plc, (United Kingdom), 5.13%, 10/15/2041 (e)		264
		Boardwalk Pipelines LP,
	338	4.95%, 12/15/2024		349
	318	5.95%, 06/01/2026		344
		BP Capital Markets plc, (United Kingdom),
	1,982	3.22%, 04/14/2024		1,966
	375	3.28%, 09/19/2027		362
	451	3.51%, 03/17/2025		451
	1,337	3.81%, 02/10/2024		1,370
		Buckeye Partners LP,
	95	3.95%, 12/01/2026		91
	500	4.35%, 10/15/2024		503
	330	4.88%, 02/01/2021		342
	770	5.85%, 11/15/2043		814
	350	Canadian Natural Resources Ltd., (Canada), 6.45%, 06/30/2033		419
		Cenovus Energy, Inc., (Canada),
	356	4.45%, 09/15/2042		317
	1,509	6.75%, 11/15/2039		1,730
		Chevron Corp.,
	560	2.36%, 12/05/2022		543
	1,200	2.57%, 05/16/2023		1,167
	215	2.90%, 03/03/2024		210
	1,852	CNOOC Finance 2015 Australia Pty. Ltd., (China), 2.63%, 05/05/2020		1,833
	1,789	CNOOC Nexen Finance 2014 ULC, (China), 4.25%, 04/30/2024		1,824

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 29

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	230	Conoco Funding Co., 7.25%, 10/15/2031		303
		ConocoPhillips,
	200	5.90%, 10/15/2032		237
	200	6.50%, 02/01/2039		261
	945	ConocoPhillips Co., 4.95%, 03/15/2026		1,027
		Ecopetrol SA, (Colombia),
	533	4.13%, 01/16/2025		522
	773	5.38%, 06/26/2026		814
	226	5.88%, 09/18/2023		245
		Enbridge, Inc., (Canada),
	400	(ICE LIBOR USD 3 Month + 3.64%), 1.00%, 03/01/2078 (aa)		401
	215	3.70%, 07/15/2027		207
	350	4.50%, 06/10/2044		342
		Encana Corp., (Canada),
	545	6.50%, 05/15/2019		568
	150	6.50%, 08/15/2034		178
	760	7.38%, 11/01/2031		949
		Energy Transfer LP,
	143	3.60%, 02/01/2023		141
	964	4.05%, 03/15/2025		947
	321	4.75%, 01/15/2026		326
	305	4.90%, 02/01/2024		315
	531	5.00%, 10/01/2022		555
	375	6.05%, 06/01/2041		393
	364	6.50%, 02/01/2042		403
	925	Eni SpA, (Italy), 5.70%, 10/01/2040 (e)		991
		EnLink Midstream Partners LP,
	250	2.70%, 04/01/2019		249
	400	4.15%, 06/01/2025		391
	500	5.05%, 04/01/2045		474
		Enterprise Products Operating LLC,
	506	3.70%, 02/15/2026		505
	343	3.75%, 02/15/2025		345
	475	3.90%, 02/15/2024		482
	333	3.95%, 02/15/2027		337
	199	4.85%, 03/15/2044		207
	155	4.95%, 10/15/2054		160
	318	5.10%, 02/15/2045		343
	201	5.95%, 02/01/2041		237
	902	EOG Resources, Inc., 5.10%, 01/15/2036		992
	950	Gulf South Pipeline Co. LP, 4.00%, 06/15/2022		954
	900	Hess Corp., 7.13%, 03/15/2033		1,088

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
		Kerr-McGee Corp.,
	200	6.95%, 07/01/2024		232
	1,700	7.88%, 09/15/2031		2,234
		Kinder Morgan, Inc.,
	1,090	4.30%, 03/01/2028		1,087
	670	5.20%, 03/01/2048		673
		Magellan Midstream Partners LP,
	353	3.20%, 03/15/2025		338
	1,127	5.15%, 10/15/2043		1,230
	250	6.55%, 07/15/2019		262
	833	Marathon Oil Corp., 2.80%, 11/01/2022		805
	578	Marathon Petroleum Corp., 3.63%, 09/15/2024		576
		MPLX LP,
	259	4.00%, 03/15/2028		255
	79	4.50%, 04/15/2038		77
	259	4.88%, 12/01/2024		272
	323	5.20%, 03/01/2047		332
		Noble Energy, Inc.,
	294	5.63%, 05/01/2021		299
	314	6.00%, 03/01/2041		360
		Occidental Petroleum Corp.,
	1,022	3.50%, 06/15/2025		1,020
	200	4.20%, 03/15/2048		199
		ONEOK Partners LP,
	515	3.20%, 09/15/2018		517
	151	3.38%, 10/01/2022		150
	2,000	4.90%, 03/15/2025		2,102
	334	5.00%, 09/15/2023		353
	350	6.65%, 10/01/2036		420
	450	8.63%, 03/01/2019		475
	1,295	Petro-Canada, (Canada), 6.80%, 05/15/2038		1,716
		Petroleos Mexicanos, (Mexico),
	393	4.88%, 01/18/2024		399
	282	5.35%, 02/12/2028 (e)		277
	869	6.35%, 02/12/2048 (e)		846
	647	6.38%, 02/04/2021		692
	846	6.38%, 01/23/2045		820
	250	6.63%, 06/15/2035		259
	313	6.75%, 09/21/2047		317
	1,710	6.88%, 08/04/2026		1,879
	355	Phillips 66, 3.90%, 03/15/2028		354
		Plains All American Pipeline LP,
	1,000	3.60%, 11/01/2024		955
	323	3.65%, 06/01/2022		319

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	200	4.65%, 10/15/2025		201
	500	Sinopec Capital Ltd., (China), 3.13%, 04/24/2023 (e)		487
	831	Sinopec Group Overseas Development 2013 Ltd., (China), 4.38%, 10/17/2023 (e)		858
	452	Spectra Energy Partners LP, 5.95%, 09/25/2043		526
		Statoil ASA, (Norway),
	456	3.25%, 11/10/2024		453
	253	4.25%, 11/23/2041		262
	180	Suncor Energy, Inc., (Canada), 5.95%, 12/01/2034		218
		Sunoco Logistics Partners Operations LP,
	244	3.90%, 07/15/2026		233
	259	4.25%, 04/01/2024		260
	170	5.30%, 04/01/2044		165
	1,133	5.35%, 05/15/2045		1,099
	400	6.10%, 02/15/2042		415
	391	TC PipeLines LP, 3.90%, 05/25/2027		380
		Texas Eastern Transmission LP,
	554	2.80%, 10/15/2022 (e)		537
	90	3.50%, 01/15/2028 (e)		87
		Tosco Corp.,
	310	7.80%, 01/01/2027		400
	400	8.13%, 02/15/2030		546
		TransCanada PipeLines Ltd., (Canada),
	394	4.88%, 01/15/2026		428
	1,100	7.25%, 08/15/2038		1,505
	250	Valero Energy Corp., 7.50%, 04/15/2032		326
		Western Gas Partners LP,
	129	4.50%, 03/01/2028		130
	279	5.30%, 03/01/2048		279
	74	5.38%, 06/01/2021		77
	280	5.45%, 04/01/2044		286
		Williams Partners LP,
	512	3.90%, 01/15/2025		508
	409	4.85%, 03/01/2048		410
				67,995
		Total Energy		71,399
		Financials — 10.4%
		Banks — 4.4%
	1,216	ABN AMRO Bank NV, (Netherlands), 4.75%, 07/28/2025 (e)		1,251

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		ANZ New Zealand Int’l Ltd., (New Zealand),
	750	2.60%, 09/23/2019 (e)		748
	402	2.85%, 08/06/2020 (e)		401
		Australia & New Zealand Banking Group Ltd., (Australia),
	263	4.40%, 05/19/2026 (e)		265
	228	4.88%, 01/12/2021 (e)		239
	400	Banco Santander SA, (Spain), 3.13%, 02/23/2023		390
		Bank of America Corp.,
	1,052	2.50%, 10/21/2022		1,016
	1,855	(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		1,823
	1,747	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e) (aa)		1,709
	588	(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		585
	1,189	3.25%, 10/21/2027		1,130
	885	3.30%, 01/11/2023		882
	5,475	(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (e) (aa)		5,242
	1,700	(ICE LIBOR USD 3 Month + 1.51%), 3.70%, 04/24/2028 (aa)		1,669
	526	4.00%, 04/01/2024		540
	700	4.00%, 01/22/2025		703
	547	4.13%, 01/22/2024		565
	851	4.25%, 10/22/2026		859
	542	4.45%, 03/03/2026		554
	645	5.65%, 05/01/2018		649
	794	6.88%, 04/25/2018		799
	799	Series L, 2.25%, 04/21/2020		789
	760	Series L, 2.65%, 04/01/2019		760
	921	Series L, 3.95%, 04/21/2025		920
		Barclays plc, (United Kingdom),
	419	3.20%, 08/10/2021		414
	1,808	3.65%, 03/16/2025		1,739
	1,008	3.68%, 01/10/2023		1,001
	400	4.38%, 01/12/2026		400
	740	BB&T Corp., 5.25%, 11/01/2019		769
		BNP Paribas SA, (France),
	250	(USD Swap Semi 5 Year + 1.48%), 1.00%, 03/01/2033 (e) (aa)		248
	425	3.38%, 01/09/2025 (e)		411
	290	3.50%, 03/01/2023 (e)		289

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		BNZ International Funding Ltd., (New Zealand),
	450	2.10%, 09/14/2021 (e)		434
	632	2.65%, 11/03/2022 (e)		611
	952	Canadian Imperial Bank of Commerce, (Canada), 2.25%, 07/21/2020 (e)		942
	1,950	Capital One Bank USA NA, 3.38%, 02/15/2023		1,922
		Capital One NA,
	978	2.35%, 08/17/2018		977
	850	2.40%, 09/05/2019		844
		Citigroup, Inc.,
	1,210	2.05%, 12/07/2018		1,207
	1,096	2.15%, 07/30/2018		1,095
	115	2.35%, 08/02/2021		112
	500	2.40%, 02/18/2020		495
	778	2.70%, 03/30/2021		768
	1,000	3.40%, 05/01/2026		971
	1,900	3.70%, 01/12/2026		1,888
	500	3.88%, 03/26/2025		497
	1,200	4.30%, 11/20/2026		1,213
	569	4.40%, 06/10/2025		584
	1,000	4.75%, 05/18/2046		1,023
	106	5.30%, 05/06/2044		117
	865	5.50%, 09/13/2025		946
	321	5.88%, 01/30/2042		398
	250	6.63%, 01/15/2028		297
	223	8.13%, 07/15/2039		338
	148	Comerica, Inc., 3.80%, 07/22/2026		146
	832	Commonwealth Bank of Australia, (Australia), 4.50%, 12/09/2025 (e)		843
		Cooperatieve Rabobank UA, (Netherlands),
	1,488	4.38%, 08/04/2025		1,512
	500	5.80%, 09/30/2110 (e)		602
	1,250	Credit Agricole SA, (France), 4.38%, 03/17/2025 (e)		1,259
		Credit Suisse Group Funding Guernsey Ltd., (Switzerland),
	250	2.75%, 03/26/2020		248
	340	3.75%, 03/26/2025		336
	800	3.80%, 06/09/2023		805
		Discover Bank,
	343	3.10%, 06/04/2020		343
	887	4.20%, 08/08/2023		911
	1,205	4.25%, 03/13/2026		1,210
		Fifth Third Bank,
	600	2.38%, 04/25/2019		597
	340	2.88%, 10/01/2021		338

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	575	HSBC Bank plc, (United Kingdom), 4.75%, 01/19/2021 (e)		602
		HSBC Holdings plc, (United Kingdom),
	2,212	2.65%, 01/05/2022		2,155
	473	(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (aa)		464
	1,854	3.60%, 05/25/2023		1,864
	200	3.90%, 05/25/2026		200
	1,056	4.00%, 03/30/2022		1,082
	939	4.25%, 08/18/2025		936
	321	Huntington Bancshares, Inc., 3.15%, 03/14/2021		322
		Huntington National Bank (The),
	250	2.00%, 06/30/2018		250
	858	2.88%, 08/20/2020		858
	859	Intesa Sanpaolo SpA, (Italy), 3.88%, 07/14/2027 (e)		820
	729	KeyBank NA, 3.18%, 05/22/2022		721
		Lloyds Banking Group plc, (United Kingdom),
	612	(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/07/2023 (aa)		592
	381	3.75%, 01/11/2027		371
	400	4.58%, 12/10/2025		405
	422	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.95%, 03/01/2021		421
		Mizuho Bank Ltd., (Japan),
	393	1.80%, 03/26/2018 (e)		393
	623	2.65%, 09/25/2019 (e)		621
	742	Mizuho Financial Group, Inc., (Japan), 2.63%, 04/12/2021 (e)		729
	270	MUFG Americas Holdings Corp., 2.25%, 02/10/2020		266
	700	National Australia Bank Ltd., (Australia), 2.50%, 01/12/2021		690
	945	Nordea Bank AB, (Sweden), 4.25%, 09/21/2022 (e)		972
		PNC Bank NA,
	490	1.95%, 03/04/2019		487
	400	6.88%, 04/01/2018		402
		PNC Financial Services Group, Inc. (The),
	864	4.38%, 08/11/2020		893
	298	6.70%, 06/10/2019		313
	964	Regions Financial Corp., 3.20%, 02/08/2021		967
	337	Royal Bank of Canada, (Canada), 4.65%, 01/27/2026		350

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Santander UK Group Holdings plc, (United Kingdom),
	452	3.13%, 01/08/2021		450
	200	3.57%, 01/10/2023		198
	400	4.75%, 09/15/2025 (e)		406
	850	Societe Generale SA, (France), 2.50%, 04/08/2021 (e)		830
	927	SpareBank 1 Boligkreditt A/S, (Norway), 1.75%, 11/15/2019 (e)		912
	1,148	Stadshypotek AB, (Sweden), 1.88%, 10/02/2019 (e)		1,136
		Standard Chartered plc, (United Kingdom),
	769	4.05%, 04/12/2026 (e)		764
	700	5.20%, 01/26/2024 (e)		732
		Sumitomo Mitsui Financial Group, Inc., (Japan),
	872	2.63%, 07/14/2026		800
	542	2.78%, 10/18/2022		527
	689	3.10%, 01/17/2023		680
	253	SunTrust Banks, Inc., 2.90%, 03/03/2021		252
		Toronto-Dominion Bank (The), (Canada),
	114	1.80%, 07/13/2021		110
	115	2.13%, 04/07/2021		112
	521	2.25%, 11/05/2019		518
		UBS Group Funding Switzerland AG, (Switzerland),
	200	(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 08/15/2023 (e) (aa)		194
	269	3.49%, 05/23/2023 (e)		269
	300	4.13%, 09/24/2025 (e)		305
	963	4.13%, 04/15/2026 (e)		975
	1,277	US Bancorp, 7.50%, 06/01/2026		1,584
	896	US Bank NA, 2.80%, 01/27/2025		859
		Wells Fargo & Co.,
	453	3.00%, 02/19/2025		435
	540	3.00%, 04/22/2026		511
	500	3.07%, 01/24/2023		493
	1,000	3.30%, 09/09/2024		985
	850	3.50%, 03/08/2022		856
	637	4.10%, 06/03/2026		638
	541	4.30%, 07/22/2027		548
	702	4.48%, 01/16/2024		732
	920	4.65%, 11/04/2044		930
	1,280	5.61%, 01/15/2044		1,475
	690	Westpac Banking Corp., (Australia), 3.40%, 01/25/2028		668
				96,618

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — 2.8%
		Bank of New York Mellon Corp. (The),
	909	2.60%, 08/17/2020		901
	1,363	(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 05/16/2023 (aa)		1,329
	254	2.80%, 05/04/2026		239
	700	3.25%, 09/11/2024		693
	760	4.60%, 01/15/2020		785
	429	Blackstone Holdings Finance Co. LLC, 4.45%, 07/15/2045 (e)		437
		Brookfield Finance, Inc., (Canada),
	337	3.90%, 01/25/2028		328
	427	4.70%, 09/20/2047		414
	159	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		158
	285	CME Group, Inc., 5.30%, 09/15/2043		348
		Credit Suisse AG, (Switzerland),
	728	2.30%, 05/28/2019		724
	271	3.00%, 10/29/2021		270
	402	3.63%, 09/09/2024		401
		Credit Suisse Group AG, (Switzerland),
	729	3.57%, 01/09/2023 (e)		729
	762	4.28%, 01/09/2028 (e)		765
		Deutsche Bank AG, (Germany),
	1,000	3.30%, 11/16/2022		975
	1,000	4.25%, 10/14/2021		1,020
	400	4.50%, 04/01/2025		392
	500	FMR LLC, 6.45%, 11/15/2039 (e)		650
		Goldman Sachs Group, Inc. (The),
	1,940	2.35%, 11/15/2021		1,876
	322	2.60%, 04/23/2020		319
	506	2.75%, 09/15/2020		503
	493	(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/2023 (aa)		480
	2,473	(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 06/05/2023 (aa)		2,411
	1,200	3.00%, 04/26/2022		1,183
	557	3.50%, 01/23/2025		547
	469	3.50%, 11/16/2026		452
	2,093	(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/2028 (aa)		2,037
	1,984	3.75%, 05/22/2025		1,976
	830	3.85%, 01/26/2027		819
	1,415	4.25%, 10/21/2025		1,426
	1,786	5.38%, 03/15/2020		1,870
	685	6.75%, 10/01/2037		868
	2,678	7.50%, 02/15/2019		2,798

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 33

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	443	Series D, 6.00%, 06/15/2020		472
		Intercontinental Exchange, Inc.,
	447	2.50%, 10/15/2018		448
	884	4.00%, 10/15/2023		913
		Invesco Finance plc,
	390	3.75%, 01/15/2026		393
	657	4.00%, 01/30/2024		677
		Jefferies Group LLC,
	1,015	5.13%, 04/13/2018		1,018
	1,010	6.45%, 06/08/2027		1,140
	880	6.88%, 04/15/2021		968
		Macquarie Bank Ltd., (Australia),
	896	2.60%, 06/24/2019 (e)		894
	1,000	2.85%, 07/29/2020 (e)		995
	1,000	4.00%, 07/29/2025 (e)		1,010
		Macquarie Group Ltd., (Australia),
	700	(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (e) (aa)		672
	1,200	6.00%, 01/14/2020 (e)		1,262
	1,650	6.25%, 01/14/2021 (e)		1,778
		Morgan Stanley,
	1,064	2.50%, 04/21/2021		1,045
	500	2.65%, 01/27/2020		498
	1,250	3.70%, 10/23/2024		1,249
	2,365	3.75%, 02/25/2023		2,400
	946	3.88%, 01/27/2026		948
	2,873	4.00%, 07/23/2025		2,910
	1,550	4.10%, 05/22/2023		1,578
	480	4.35%, 09/08/2026		487
	1,574	5.00%, 11/24/2025		1,676
	475	5.50%, 07/24/2020		502
	559	5.50%, 07/28/2021		600
	1,265	5.63%, 09/23/2019		1,318
	906	5.75%, 01/25/2021		972
	1,400	6.63%, 04/01/2018		1,405
	970	7.30%, 05/13/2019		1,021
	369	State Street Corp., 3.10%, 05/15/2023		364
				62,736
		Consumer Finance — 1.0%
		AerCap Ireland Capital DAC, (Netherlands),
	390	3.50%, 05/26/2022		389
	600	3.50%, 01/15/2025		576
		American Express Credit Corp.,
	1,028	1.88%, 11/05/2018		1,026

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	1,126	2.25%, 05/05/2021		1,099
	1,455	2.38%, 05/26/2020		1,440
	715	2.70%, 03/03/2022		701
		Capital One Financial Corp.,
	1,069	3.20%, 02/05/2025		1,023
	962	3.75%, 04/24/2024		965
	1,462	4.20%, 10/29/2025		1,449
		Ford Motor Credit Co. LLC,
	991	2.24%, 06/15/2018		990
	1,602	3.34%, 03/28/2022		1,578
	1,085	3.81%, 01/09/2024		1,070
	1,162	4.13%, 08/04/2025		1,143
		General Motors Financial Co., Inc.,
	489	3.10%, 01/15/2019		490
	500	3.45%, 01/14/2022		497
	1,091	3.45%, 04/10/2022		1,084
	640	3.50%, 11/07/2024		617
	1,230	3.70%, 05/09/2023		1,224
	1,400	3.95%, 04/13/2024		1,397
	460	4.00%, 01/15/2025		456
	550	4.30%, 07/13/2025		551
	875	4.35%, 01/17/2027		873
		John Deere Capital Corp.,
	819	2.70%, 01/06/2023		802
	893	2.80%, 03/06/2023		877
	233	3.15%, 10/15/2021		235
	660	Synchrony Financial, 4.25%, 08/15/2024		665
				23,217
		Diversified Financial Services — 0.9%
	6,783	GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		6,660
		GTP Acquisition Partners I LLC,
	1,236	2.35%, 06/15/2020 (e)		1,222
	1,436	3.48%, 06/16/2025 (e)		1,383
	539	Hutchison Whampoa International 12 II Ltd., (Hong Kong), 3.25%, 11/08/2022 (e)		534
	606	Mitsubishi UFJ Lease & Finance Co. Ltd., (Japan), 2.65%, 09/19/2022 (e)		585
		National Rural Utilities Cooperative Finance Corp.,
	306	2.95%, 02/07/2024		300
	290	10.38%, 11/01/2018		305
	400	Nationwide Building Society, (United Kingdom), 4.00%, 09/14/2026 (e)		391
	553	ORIX Corp., (Japan), 2.90%, 07/18/2022		541

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
	681	Private Export Funding Corp., Series KK, 3.55%, 01/15/2024		707
		Shell International Finance BV, (Netherlands),
	2,854	4.00%, 05/10/2046		2,826
	2,069	4.13%, 05/11/2035		2,134
		Siemens Financieringsmaatschappij NV, (Germany),
	634	2.90%, 05/27/2022 (e)		629
	750	3.13%, 03/16/2024 (e)		742
	513	4.40%, 05/27/2045 (e)		547
				19,506
		Insurance — 1.2%
	520	AIG SunAmerica Global Financing X, 6.90%, 03/15/2032 (e)		671
		American International Group, Inc.,
	674	3.75%, 07/10/2025		670
	296	3.88%, 01/15/2035		280
	641	4.13%, 02/15/2024		657
	1,685	4.70%, 07/10/2035		1,750
	306	Aon Corp., 6.25%, 09/30/2040		381
		Athene Global Funding,
	1,055	2.75%, 04/20/2020 (e)		1,047
	515	4.00%, 01/25/2022 (e)		521
	575	Athene Holding Ltd., 4.13%, 01/12/2028		553
	1,574	Berkshire Hathaway Finance Corp., 4.40%, 05/15/2042		1,675
		CNA Financial Corp.,
	463	3.95%, 05/15/2024		470
	337	4.50%, 03/01/2026		349
	526	Dai-ichi Life Insurance Co. Ltd. (The), (Japan), (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 07/24/2026 (e) (x) (y) (aa)		506
	700	Great-West Lifeco Finance Delaware LP, (Canada), 4.15%, 06/03/2047 (e)		685
	208	Guardian Life Insurance Co. of America (The), 4.85%, 01/24/2077 (e)		213
		Jackson National Life Global Funding,
	563	1.88%, 10/15/2018 (e)		561
	675	3.05%, 04/29/2026 (e)		645
		Liberty Mutual Group, Inc.,
	408	4.95%, 05/01/2022 (e)		431
	900	6.50%, 03/15/2035 (e)		1,104
	100	Liberty Mutual Insurance Co., 8.50%, 05/15/2025 (e)		125
	598	Lincoln National Corp., 4.20%, 03/15/2022		621

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
		Marsh & McLennan Cos., Inc.,
	192	2.75%, 01/30/2022		189
	288	3.30%, 03/14/2023		287
		Massachusetts Mutual Life Insurance Co.,
	280	5.38%, 12/01/2041 (e)		321
	91	8.88%, 06/01/2039 (e)		143
	626	MassMutual Global Funding II, 2.50%, 10/17/2022 (e)		608
	600	MetLife, Inc., 4.88%, 11/13/2043		653
		Metropolitan Life Global Funding I,
	604	1.55%, 09/13/2019 (e)		595
	1,277	3.88%, 04/11/2022 (e)		1,309
	750	Nationwide Mutual Insurance Co., 9.38%, 08/15/2039 (e)		1,206
		New York Life Global Funding,
	129	1.95%, 02/11/2020 (e)		127
	3,951	2.15%, 06/18/2019 (e)		3,930
	500	OneBeacon US Holdings, Inc., 4.60%, 11/09/2022		508
	764	Prudential Financial, Inc., 3.91%, 12/07/2047 (e)		724
	1,750	Prudential Insurance Co. of America (The), 8.30%, 07/01/2025 (e)		2,210
	388	Reliance Standard Life Global Funding II, 3.05%, 01/20/2021 (e)		386
	400	Teachers Insurance & Annuity Association of America, 4.27%, 05/15/2047 (e)		398
				27,509
		Thrifts & Mortgage Finance — 0.1%
		BPCE SA, (France),
	400	3.38%, 12/02/2026		387
	800	4.63%, 07/11/2024 (e)		817
				1,204
		Total Financials		230,790
		Health Care — 1.4%
		Biotechnology — 0.5%
		AbbVie, Inc.,
	2,273	2.85%, 05/14/2023		2,204
	813	3.60%, 05/14/2025		803
	315	4.30%, 05/14/2036		318
	1,483	4.50%, 05/14/2035		1,528
		Amgen, Inc.,
	620	4.66%, 06/15/2051		625
	500	4.95%, 10/01/2041		541

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 35

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Biotechnology — continued
		Baxalta, Inc.,
	500	3.60%, 06/23/2022		501
	167	5.25%, 06/23/2045		180
	250	Biogen, Inc., 5.20%, 09/15/2045		273
		Celgene Corp.,
	700	3.45%, 11/15/2027		665
	633	5.70%, 10/15/2040		700
		Gilead Sciences, Inc.,
	140	2.50%, 09/01/2023		134
	210	3.50%, 02/01/2025		209
	632	3.65%, 03/01/2026		631
	189	3.70%, 04/01/2024		192
	816	4.60%, 09/01/2035		864
				10,368
		Health Care Equipment & Supplies — 0.1%
	113	Becton Dickinson and Co., 3.73%, 12/15/2024		111
	399	Covidien International Finance SA, 2.95%, 06/15/2023		392
		Medtronic, Inc.,
	422	3.13%, 03/15/2022		423
	960	4.38%, 03/15/2035		1,016
		Stryker Corp.,
	128	3.50%, 03/15/2026		127
	180	3.65%, 03/07/2028		180
				2,249
		Health Care Providers & Services — 0.4%
	440	Aetna, Inc., 6.75%, 12/15/2037		573
		Anthem, Inc.,
	467	2.30%, 07/15/2018		467
	615	3.13%, 05/15/2022		610
	280	3.30%, 01/15/2023		278
	500	4.63%, 05/15/2042		508
	535	4.65%, 01/15/2043		545
	648	4.65%, 08/15/2044		663
		Cardinal Health, Inc.,
	540	2.40%, 11/15/2019		537
	690	3.75%, 09/15/2025		683
		Express Scripts Holding Co.,
	305	3.00%, 07/15/2023		294
	900	3.50%, 06/15/2024		883
	300	4.50%, 02/25/2026		309
	425	Mayo Clinic, Series 2016, 4.13%, 11/15/2052		427
	153	McKesson Corp., 3.95%, 02/16/2028		152

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	588	Memorial Sloan-Kettering Cancer Center, Series 2015, 4.20%, 07/01/2055		598
	251	Quest Diagnostics, Inc., 3.45%, 06/01/2026		242
	640	Texas Health Resources, 4.33%, 11/15/2055		652
		UnitedHealth Group, Inc.,
	760	4.63%, 07/15/2035		834
	620	6.63%, 11/15/2037		833
				10,088
		Life Sciences Tools & Services — 0.1%
		Thermo Fisher Scientific, Inc.,
	369	3.00%, 04/15/2023		362
	520	3.15%, 01/15/2023		514
	343	4.15%, 02/01/2024		353
				1,229
		Pharmaceuticals — 0.3%
		Allergan Funding SCS,
	937	3.45%, 03/15/2022		933
	443	3.85%, 06/15/2024		443
	706	4.55%, 03/15/2035		704
		Allergan, Inc.,
	525	2.80%, 03/15/2023		506
	453	3.38%, 09/15/2020		456
	395	Bayer US Finance LLC, (Germany), 2.38%, 10/08/2019 (e)		391
		Johnson & Johnson,
	926	3.40%, 01/15/2038		887
	282	4.38%, 12/05/2033		306
	210	Merck & Co., Inc., 3.70%, 02/10/2045		204
	463	Mylan NV, 3.95%, 06/15/2026		448
		Mylan, Inc.,
	520	3.13%, 01/15/2023 (e)		504
	250	5.40%, 11/29/2043		260
				6,042
		Total Health Care		29,976
		Industrials — 1.5%
		Aerospace & Defense — 0.4%
	557	Airbus Finance BV, (France), 2.70%, 04/17/2023 (e)		545
	150	Airbus SE, (France), 3.95%, 04/10/2047 (e)		149
		BAE Systems Holdings, Inc., (United Kingdom),
	900	3.80%, 10/07/2024 (e)		909
	400	6.38%, 06/01/2019 (e)		418
	676	BAE Systems plc, (United Kingdom), 5.80%, 10/11/2041 (e)		801

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Aerospace & Defense — continued
	850	Harris Corp., 3.83%, 04/27/2025		857
		Lockheed Martin Corp.,
	131	3.10%, 01/15/2023		131
	1,281	4.07%, 12/15/2042		1,261
	200	Northrop Grumman Corp., 3.25%, 01/15/2028		192
	300	Northrop Grumman Systems Corp., 7.75%, 02/15/2031		407
	1,350	Precision Castparts Corp., 3.25%, 06/15/2025		1,342
		Rockwell Collins, Inc.,
	350	3.20%, 03/15/2024		343
	199	4.35%, 04/15/2047		199
	370	Textron, Inc., 3.65%, 03/15/2027		363
		United Technologies Corp.,
	543	4.15%, 05/15/2045		530
	914	4.50%, 06/01/2042		935
				9,382
		Air Freight & Logistics — 0.0% (g)
		FedEx Corp.,
	318	3.90%, 02/01/2035		307
	239	4.10%, 04/15/2043		227
				534
		Airlines — 0.0% (g)
	169	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		173
		Building Products — 0.1%
		Johnson Controls International plc,
	591	3.75%, 12/01/2021		602
	675	4.25%, 03/01/2021		696
	223	5.13%, 09/14/2045		251
	1,000	5.25%, 12/01/2041		1,087
	273	SUB, 4.95%, 07/02/2064		284
				2,920
		Commercial Services & Supplies — 0.1%
		Republic Services, Inc.,
	175	2.90%, 07/01/2026		165
	614	3.55%, 06/01/2022		620
				785
		Construction & Engineering — 0.1%
	292	ABB Finance USA, Inc., (Switzerland), 2.88%, 05/08/2022		291
	789	Fluor Corp., 3.38%, 09/15/2021		797
				1,088

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	170	4.00%, 11/02/2032		169
	300	7.63%, 04/01/2024		354
				523
		Industrial Conglomerates — 0.1%
		General Electric Co.,
	107	2.70%, 10/09/2022		103
	573	3.10%, 01/09/2023		563
	573	3.15%, 09/07/2022		567
	541	3.45%, 05/15/2024		533
	191	5.30%, 02/11/2021		202
	95	5.88%, 01/14/2038		111
	300	Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 08/21/2028		297
	192	Roper Technologies, Inc., 3.00%, 12/15/2020		192
				2,568
		Machinery — 0.1%
	346	Deere & Co., 3.90%, 06/09/2042		353
		Illinois Tool Works, Inc.,
	400	3.50%, 03/01/2024		407
	825	3.90%, 09/01/2042		834
	95	4.88%, 09/15/2041		109
	290	Ingersoll-Rand Co., 6.39%, 11/15/2027		324
	592	Parker-Hannifin Corp., 4.45%, 11/21/2044		630
	197	Xylem, Inc., 3.25%, 11/01/2026		191
				2,848
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	375	4.38%, 09/01/2042		390
	500	4.40%, 03/15/2042		522
	769	5.15%, 09/01/2043		888
	425	5.75%, 05/01/2040		522
	250	6.70%, 08/01/2028		313
		Canadian Pacific Railway Co., (Canada),
	600	4.50%, 01/15/2022		627
	1,130	6.13%, 09/15/2115		1,387
	250	7.13%, 10/15/2031		326
		CSX Corp.,
	191	4.75%, 05/30/2042		203
	575	5.50%, 04/15/2041		662
	746	ERAC USA Finance LLC, 6.70%, 06/01/2034 (e)		917

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 37

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
	800	Norfolk Southern Corp., 4.05%, 08/15/2052 (e)		768
	1,131	Penske Truck Leasing Co. LP, 3.38%, 02/01/2022 (e)		1,130
	517	Ryder System, Inc., 2.88%, 09/01/2020		515
		Union Pacific Corp.,
	285	3.60%, 09/15/2037		275
	200	4.30%, 06/15/2042		210
				9,655
		Trading Companies & Distributors — 0.1%
	500	Air Lease Corp., 3.88%, 04/01/2021		509
	700	Aviation Capital Group LLC, 3.50%, 11/01/2027 (e)		660
	450	BOC Aviation Ltd., (Singapore), 2.75%, 09/18/2022 (e)		432
	506	International Lease Finance Corp., 5.88%, 08/15/2022		552
				2,153
		Total Industrials		32,629
		Information Technology — 1.9%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	350	5.50%, 01/15/2040		436
	755	5.90%, 02/15/2039		982
				1,418
		Electronic Equipment, Instruments & Components — 0.0% (g)
		Arrow Electronics, Inc.,
	219	3.00%, 03/01/2018		219
	219	3.25%, 09/08/2024		210
	442	3.88%, 01/12/2028		429
	190	4.50%, 03/01/2023		196
				1,054
		Internet Software & Services — 0.1%
	220	Alibaba Group Holding Ltd., (China), 4.00%, 12/06/2037		209
		eBay, Inc.,
	348	3.45%, 08/01/2024		345
	271	4.00%, 07/15/2042		239
	740	Tencent Holdings Ltd., (China), 3.60%, 01/19/2028 (e)		716
				1,509

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		IT Services — 0.1%
	478	DXC Technology Co., 4.25%, 04/15/2024		489
		IBM Credit LLC,
	600	2.65%, 02/05/2021		596
	920	3.00%, 02/06/2023		911
	1,100	Western Union Co. (The), 3.60%, 03/15/2022		1,099
				3,095
		Semiconductors & Semiconductor Equipment — 0.3%
	300	Analog Devices, Inc., 4.50%, 12/05/2036		310
	1,747	Broadcom Corp., 3.63%, 01/15/2024		1,704
		Intel Corp.,
	375	3.10%, 07/29/2022		379
	652	3.70%, 07/29/2025		665
	493	3.73%, 12/08/2047 (e)		473
	1,185	4.00%, 12/15/2032		1,237
	815	QUALCOMM, Inc., 3.25%, 05/20/2027		762
				5,530
		Software — 0.7%
		Microsoft Corp.,
	489	2.38%, 05/01/2023		474
	2,878	2.88%, 02/06/2024		2,833
	836	3.30%, 02/06/2027		827
	291	3.50%, 02/12/2035		286
	305	4.00%, 02/12/2055		304
	1,359	4.10%, 02/06/2037		1,428
	615	4.20%, 11/03/2035		656
	117	4.50%, 10/01/2040		129
	1,190	4.50%, 02/06/2057		1,307
	639	4.75%, 11/03/2055		727
		Oracle Corp.,
	1,000	2.40%, 09/15/2023		955
	587	2.50%, 05/15/2022		574
	1,750	2.95%, 05/15/2025		1,695
	1,088	4.30%, 07/08/2034		1,148
	1,740	4.38%, 05/15/2055		1,813
				15,156
		Technology Hardware, Storage & Peripherals — 0.6%
		Apple, Inc.,
	1,086	2.40%, 05/03/2023		1,051
	815	2.45%, 08/04/2026		755
	920	2.75%, 01/13/2025		884
	467	2.85%, 05/11/2024		455
	2,056	3.00%, 02/09/2024		2,029
	1,125	3.00%, 06/20/2027		1,077

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Technology Hardware, Storage & Peripherals — continued
	1,539	3.20%, 05/13/2025		1,524
	686	3.20%, 05/11/2027		669
	625	3.45%, 02/09/2045		571
	569	3.85%, 08/04/2046		550
	426	4.50%, 02/23/2036		464
	2,613	Dell International LLC, 6.02%, 06/15/2026 (e)		2,795
	300	Dell, Inc., 7.10%, 04/15/2028		336
	849	HP, Inc., 6.00%, 09/15/2041		902
				14,062
		Total Information Technology		41,824
		Materials — 0.6%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	490	3.38%, 03/15/2025		476
	525	4.13%, 03/15/2035		511
	757	5.25%, 01/15/2045		823
	600	Chevron Phillips Chemical Co. LLC, 3.70%, 06/01/2028 (e)		597
	375	Dow Chemical Co. (The), 4.25%, 10/01/2034		377
		Ecolab, Inc.,
	302	3.25%, 12/01/2027 (e)		290
	165	3.95%, 12/01/2047 (e)		158
	21	5.50%, 12/08/2041		25
	208	Monsanto Co., 4.70%, 07/15/2064		207
		Mosaic Co. (The),
	79	4.88%, 11/15/2041		75
	861	5.45%, 11/15/2033		910
	660	Potash Corp. of Saskatchewan, Inc., (Canada), 3.00%, 04/01/2025		626
		PPG Industries, Inc.,
	114	5.50%, 11/15/2040		133
	355	9.00%, 05/01/2021		415
	381	Sherwin-Williams Co. (The), 3.13%, 06/01/2024		370
		Union Carbide Corp.,
	1,000	7.50%, 06/01/2025		1,204
	850	7.75%, 10/01/2096		1,094
	237	Westlake Chemical Corp., 4.38%, 11/15/2047		227
				8,518
		Construction Materials — 0.1%
		CRH America, Inc., (Ireland),
	417	3.88%, 05/18/2025 (e)		421
	893	5.13%, 05/18/2045 (e)		985

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Construction Materials — continued
	770	Martin Marietta Materials, Inc., 3.45%, 06/01/2027		738
				2,144
		Containers & Packaging — 0.0% (g)
		International Paper Co.,
	600	7.30%, 11/15/2039		806
	470	8.70%, 06/15/2038		691
				1,497
		Metals & Mining — 0.1%
	295	Barrick Gold Corp., (Canada), 6.45%, 10/15/2035		363
	150	BHP Billiton Finance USA Ltd., (Australia), 5.00%, 09/30/2043		173
	283	Nucor Corp., 4.00%, 08/01/2023		292
	300	Vale Canada Ltd., (Brazil), 7.20%, 09/15/2032		341
	306	Vale Overseas Ltd., (Brazil), 6.25%, 08/10/2026		345
				1,514
		Total Materials		13,673
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
		American Tower Corp.,
	312	3.38%, 10/15/2026		296
	1,043	3.50%, 01/31/2023		1,043
	974	5.00%, 02/15/2024		1,039
	100	5.90%, 11/01/2021		109
		American Tower Trust #1,
	471	1.55%, 03/15/2018 (e)		471
	750	3.07%, 03/15/2023 (e)		742
	700	AvalonBay Communities, Inc., 2.85%, 03/15/2023		686
		Boston Properties LP,
	360	2.75%, 10/01/2026		333
	532	3.20%, 01/15/2025		516
	483	3.65%, 02/01/2026		479
	400	Brixmor Operating Partnership LP, 3.85%, 02/01/2025		390
	264	Crown Castle International Corp., 4.00%, 03/01/2027		261
	330	DDR Corp., 4.70%, 06/01/2027		337
	252	Digital Realty Trust LP, 3.70%, 08/15/2027		245
	239	Duke Realty LP, 3.25%, 06/30/2026		232
	621	EPR Properties, 4.50%, 06/01/2027		611
	600	Equity Commonwealth, 5.88%, 09/15/2020		626

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	784	Government Properties Income Trust, 4.00%, 07/15/2022		784
		HCP, Inc.,
	265	3.40%, 02/01/2025		258
	2,294	3.88%, 08/15/2024		2,299
	230	4.20%, 03/01/2024		236
	445	Kimco Realty Corp., 3.80%, 04/01/2027		435
	783	National Retail Properties, Inc., 4.00%, 11/15/2025		782
	133	Prologis LP, 3.75%, 11/01/2025		135
	556	Realty Income Corp., 4.65%, 03/15/2047		577
	420	Scentre Group Trust 1, (Australia), 3.50%, 02/12/2025 (e)		413
	400	Senior Housing Properties Trust, 4.75%, 02/15/2028		391
		Simon Property Group LP,
	868	3.38%, 10/01/2024		862
	532	3.75%, 02/01/2024		542
	382	UDR, Inc., 2.95%, 09/01/2026		356
		Ventas Realty LP,
	242	3.50%, 02/01/2025		237
	593	3.75%, 05/01/2024		596
	554	3.85%, 04/01/2027		545
	406	4.13%, 01/15/2026		410
	1,000	VEREIT Operating Partnership LP, 4.60%, 02/06/2024		1,026
	200	Vornado Realty LP, 3.50%, 01/15/2025		194
		Welltower, Inc.,
	223	4.00%, 06/01/2025		225
	732	4.50%, 01/15/2024		762
		Total Real Estate		20,481
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 1.7%
		AT&T, Inc.,
	2,218	3.40%, 05/15/2025		2,135
	1,126	3.95%, 01/15/2025		1,126
	1,070	4.10%, 02/15/2028 (e)		1,049
	821	4.13%, 02/17/2026		820
	4,567	4.30%, 02/15/2030 (e)		4,466
	348	4.30%, 12/15/2042		317
	462	4.35%, 06/15/2045		413
	284	4.45%, 04/01/2024		293
	525	4.50%, 05/15/2035		507
	977	4.55%, 03/09/2049		893
	563	4.75%, 05/15/2046		533

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	5,382	5.15%, 11/15/2046 (e)		5,376
	860	5.35%, 09/01/2040		890
	2,000	6.00%, 08/15/2040		2,221
	150	British Telecommunications plc, (United Kingdom), 9.12%, 12/15/2030		218
	600	Centel Capital Corp., 9.00%, 10/15/2019		647
		Deutsche Telekom International Finance BV, (Germany),
	325	3.60%, 01/19/2027 (e)		319
	232	4.88%, 03/06/2042 (e)		249
	741	Qwest Corp., 6.75%, 12/01/2021		791
		Telefonica Emisiones SAU, (Spain),
	252	3.19%, 04/27/2018		252
	534	4.10%, 03/08/2027		530
	590	4.67%, 03/06/2038		592
	200	4.90%, 03/06/2048		200
	526	5.13%, 04/27/2020		549
	547	5.21%, 03/08/2047		575
	316	5.46%, 02/16/2021		336
		Verizon Communications, Inc.,
	1,322	2.95%, 03/15/2022		1,304
	2,804	3.38%, 02/15/2025		2,743
	400	3.50%, 11/01/2021		404
	938	4.15%, 03/15/2024		966
	200	4.27%, 01/15/2036		192
	2,645	4.40%, 11/01/2034		2,596
	832	4.50%, 08/10/2033		835
	1,693	4.81%, 03/15/2039		1,707
	566	5.01%, 08/21/2054		561
	457	5.25%, 03/16/2037		484
				38,089
		Wireless Telecommunication Services — 0.0% (g)
	400	Rogers Communications, Inc., (Canada), 8.75%, 05/01/2032		545
		Total Telecommunication Services		38,634
		Utilities — 2.4%
		Electric Utilities — 1.5%
	239	Alabama Power Co., 6.13%, 05/15/2038		302
		Arizona Public Service Co.,
	133	2.20%, 01/15/2020		132
	296	4.50%, 04/01/2042		317
	467	5.05%, 09/01/2041		529
		Baltimore Gas & Electric Co.,
	455	2.80%, 08/15/2022		447

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	376	3.50%, 08/15/2046		346
	1,234	China Southern Power Grid International Finance BVI Co. Ltd., (China), 3.50%, 05/08/2027 (e)		1,185
	831	Comision Federal de Electricidad, (Mexico), 4.88%, 05/26/2021 (e)		859
	195	Connecticut Light & Power Co. (The), 5.65%, 05/01/2018		196
		Duke Energy Carolinas LLC,
	129	4.25%, 12/15/2041		135
	100	6.00%, 01/15/2038		128
	245	Duke Energy Florida LLC, 6.40%, 06/15/2038		325
	1,320	Duke Energy Indiana LLC, 6.35%, 08/15/2038		1,735
		Duke Energy Progress LLC,
	273	4.10%, 05/15/2042		279
	125	4.10%, 03/15/2043		127
	1,300	Electricite de France SA, (France), 6.00%, 01/22/2114 (e)		1,386
	740	Enel Finance International NV, (Italy), 3.63%, 05/25/2027 (e)		711
	175	Entergy Arkansas, Inc., 3.50%, 04/01/2026		175
	336	Entergy Corp., 2.95%, 09/01/2026		316
	629	Entergy Louisiana LLC, 3.05%, 06/01/2031		583
	559	Entergy Mississippi, Inc., 2.85%, 06/01/2028		523
	289	FirstEnergy Corp., Series C, 4.85%, 07/15/2047		304
	350	Florida Power & Light Co., 5.95%, 02/01/2038		448
	679	Great Plains Energy, Inc., 4.85%, 06/01/2021		708
		Hydro-Quebec, (Canada),
	350	8.05%, 07/07/2024		439
	1,000	Series HY, 8.40%, 01/15/2022		1,176
	100	Indiana Michigan Power Co., 7.00%, 03/15/2019		104
	900	ITC Holdings Corp., 2.70%, 11/15/2022 (e)		878
	100	Jersey Central Power & Light Co., 7.35%, 02/01/2019		104
	764	John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/2042		819
	1,400	Kansas City Power & Light Co., 5.30%, 10/01/2041		1,615
	228	Korea Southern Power Co. Ltd., (South Korea), 3.00%, 01/29/2021 (e)		227
		Nevada Power Co.,
	55	5.38%, 09/15/2040		65
	305	5.45%, 05/15/2041		358
	100	Series N, 6.65%, 04/01/2036		133

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	168	New England Power Co., (United Kingdom), 3.80%, 12/05/2047 (e)		162
	371	NextEra Energy Capital Holdings, Inc., 2.40%, 09/15/2019		369
		Niagara Mohawk Power Corp.,
	493	3.51%, 10/01/2024 (e)		495
	300	4.88%, 08/15/2019 (e)		309
	510	Northern States Power Co., 6.25%, 06/01/2036		665
		Oncor Electric Delivery Co. LLC,
	840	6.80%, 09/01/2018		857
	110	7.00%, 09/01/2022		127
		Pacific Gas & Electric Co.,
	492	2.95%, 03/01/2026		458
	781	3.50%, 06/15/2025		762
	217	4.45%, 04/15/2042		213
	390	4.50%, 12/15/2041		391
	90	4.60%, 06/15/2043		91
	100	6.05%, 03/01/2034		117
	150	Pennsylvania Electric Co., 3.25%, 03/15/2028 (e)		143
	316	Pepco Holdings LLC, 7.45%, 08/15/2032		400
	1,085	Potomac Electric Power Co., 6.50%, 11/15/2037		1,442
		PPL Capital Funding, Inc.,
	200	3.40%, 06/01/2023		200
	317	4.00%, 09/15/2047		302
		Progress Energy, Inc.,
	673	3.15%, 04/01/2022		671
	300	7.00%, 10/30/2031		388
	214	Public Service Co. of Colorado, 3.55%, 06/15/2046		197
	2,490	Public Service Co. of Oklahoma, Series G, 6.63%, 11/15/2037		3,223
	317	Public Service Electric & Gas Co., 5.38%, 11/01/2039		377
	150	South Carolina Electric & Gas Co., 6.05%, 01/15/2038		178
		Southern California Edison Co.,
	200	Series 08-A, 5.95%, 02/01/2038		250
	400	Series B, 3.65%, 03/01/2028		399
	357	Southern Co. (The), 3.25%, 07/01/2026		339
	200	Southwestern Public Service Co., 4.50%, 08/15/2041		215
	312	State Grid Overseas Investment 2013 Ltd., (China), 1.75%, 05/22/2018 (e)		311

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 41

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	300	Toledo Edison Co. (The), 6.15%, 05/15/2037		371
	64	Virginia Electric & Power Co., 3.45%, 02/15/2024		65
		Xcel Energy, Inc.,
	440	3.30%, 06/01/2025		433
	92	4.80%, 09/15/2041		99
	200	6.50%, 07/01/2036		261
				33,394
		Gas Utilities — 0.2%
		Atmos Energy Corp.,
	125	4.13%, 10/15/2044		128
	828	4.15%, 01/15/2043		855
	375	8.50%, 03/15/2019		397
	308	Boston Gas Co., 4.49%, 02/15/2042 (e)		325
	335	CenterPoint Energy Resources Corp., 4.50%, 01/15/2021		347
	382	Dominion Energy Gas Holdings LLC, 2.80%, 11/15/2020		380
	653	Korea Gas Corp., (South Korea), 1.88%, 07/18/2021 (e)		624
		Southern Natural Gas Co. LLC,
	367	4.80%, 03/15/2047 (e)		377
	351	8.00%, 03/01/2032		464
				3,897
		Independent Power and Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	922	3.40%, 03/15/2022		923
	518	4.25%, 06/15/2022		535
	235	5.75%, 10/01/2041		252
	600	Southern Power Co., 5.15%, 09/15/2041		645
	417	Tri-State Generation & Transmission Association, Inc., 4.25%, 06/01/2046		404
				2,759
		Multi-Utilities — 0.6%
		CMS Energy Corp.,
	475	3.00%, 05/15/2026		453
	400	3.88%, 03/01/2024		408
	596	Consolidated Edison Co. of New York, Inc., 5.70%, 06/15/2040		737
	286	Consumers Energy Co., 3.25%, 08/15/2046		256
	235	Delmarva Power & Light Co., 4.00%, 06/01/2042		231

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
		Dominion Energy, Inc.,
	300	7.00%, 06/15/2038		394
	331	Series B, 2.75%, 01/15/2022		324
	920	Series F, 5.25%, 08/01/2033		1,019
	200	DTE Energy Co., 6.38%, 04/15/2033		246
		NiSource, Inc.,
	370	3.85%, 02/15/2023		379
	1,256	5.80%, 02/01/2042		1,476
		San Diego Gas & Electric Co.,
	379	3.95%, 11/15/2041		378
	275	6.00%, 06/01/2026		322
		Sempra Energy,
	350	2.88%, 10/01/2022		344
	236	3.55%, 06/15/2024		236
	1,013	4.05%, 12/01/2023		1,044
	460	9.80%, 02/15/2019		490
		Southern Co. Gas Capital Corp.,
	254	3.25%, 06/15/2026		243
	563	3.50%, 09/15/2021		567
	1,445	5.88%, 03/15/2041		1,710
	1,009	WEC Energy Group, Inc., 3.55%, 06/15/2025		1,010
				12,267
		Water Utilities — 0.0% (g)
	793	American Water Capital Corp., 3.40%, 03/01/2025		791
		Total Utilities		53,108
		Total Corporate Bonds (Cost $579,494)		587,740
	Foreign Government Securities — 1.8%
		Israel Government AID Bond, (Israel),
	6,165	Zero Coupon, 11/01/2023		5,236
	5,535	Zero Coupon, 05/01/2024		4,609
	2,000	Zero Coupon, 08/15/2024		1,648
	7,805	Zero Coupon, 08/15/2024		6,434
	1,000	Zero Coupon, 11/01/2024		817
	8,205	Zero Coupon, 11/01/2024		6,702
	5,000	Zero Coupon, 08/15/2025		3,954
	1,000	5.50%, 09/18/2033		1,289
	377	Province of Quebec, (Canada), SUB, 7.36%, 03/06/2026		474
		Republic of Colombia, (Colombia),
	922	4.00%, 02/26/2024		926
	581	4.50%, 01/28/2026		597
	515	5.00%, 06/15/2045		513

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Foreign Government Securities — continued
	200		5.63%, 02/26/2044		216
	200		7.38%, 09/18/2037		255
	88		Republic of Peru, (Peru), 5.63%, 11/18/2050		105
	640		Republic of South Africa, (South Africa), 5.88%, 09/16/2025		686
			United Mexican States, (Mexico),
	788		3.60%, 01/30/2025		771
	1,216		3.75%, 01/11/2028		1,165
	316		4.13%, 01/21/2026		319
	186		4.35%, 01/15/2047		168
	200		4.60%, 02/10/2048		187
	120		4.75%, 03/08/2044		115
	3,613		5.55%, 01/21/2045		3,870
			Total Foreign Government Securities (Cost $41,153)		41,056
	Mortgage-Backed Securities — 15.5%
			FHLMC,
	55		ARM, 3.00%, 05/01/2036 (z)		58
	193		ARM, 3.30%, 10/01/2036 (z)		202
	152		ARM, 3.30%, 07/01/2036 (z)		161
	52		ARM, 3.35%, 10/01/2036 (z)		55
	1		ARM, 3.39%, 07/01/2019 (z)		1
	13		ARM, 3.40%, 04/01/2030 (z)		13
	202		ARM, 3.41%, 02/01/2036 (z)		212
	120		ARM, 3.42%, 12/01/2036 (z)		125
	300		ARM, 3.42%, 11/01/2036 (z)		315
	162		ARM, 3.45%, 11/01/2036 (z)		168
	251		ARM, 3.48%, 12/01/2033 (z)		264
	359		ARM, 3.49%, 03/01/2037 (z)		377
	110		ARM, 3.50%, 02/01/2036 (z)		116
	278		ARM, 3.50%, 04/01/2034 (z)		292
	498		ARM, 3.60%, 07/01/2040 (z)		521
	207		ARM, 3.70%, 01/01/2035 (z)		216
	109		ARM, 3.72%, 02/01/2037 (z)		114
	121		ARM, 3.94%, 12/01/2034 (z)		127
	108		ARM, 3.95%, 10/01/2036 (z)		114
			FHLMC Gold Pools, 15 Year, Single Family,
	3		4.50%, 08/01/2018		3
	—	(h)	6.00%, 04/01/2018		—	(h)
	1		6.50%, 02/01/2019		1
	370		FHLMC Gold Pools, 20 Year, Single Family, 3.50%, 03/01/2032		377
			FHLMC Gold Pools, 30 Year, Single Family,
	4,450		3.00%, 08/01/2043		4,345
	484		4.00%, 09/01/2035		498
	2,679		4.50%, 05/01/2041		2,830

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2,215		5.00%, 09/01/2034 - 08/01/2040		2,398
	1,037		5.50%, 10/01/2033 - 07/01/2035		1,147
	233		6.00%, 12/01/2033 - 01/01/2034		264
	840		6.50%, 11/01/2034 - 11/01/2036		951
	240		7.00%, 07/01/2032 - 10/01/2036		268
	99		FHLMC Gold Pools, FHA/VA, 10.00%, 10/01/2030		105
			FHLMC Gold Pools, Other,
	729		3.00%, 03/01/2033		723
	15,254		4.00%, 01/01/2032 - 01/01/2046		15,787
	4,837		4.50%, 01/01/2046		5,140
	215		5.50%, 10/01/2033 - 01/01/2034		226
	150		6.00%, 02/01/2033		160
	50		7.00%, 07/01/2029		54
			FNMA,
	1		ARM, 1.97%, 01/01/2019 (z)		1
	882		ARM, 2.38%, 03/01/2022 (z)		882
	21		ARM, 2.47%, 09/01/2027 (z)		21
	—	(h)	ARM, 2.64%, 03/01/2019 (z)		—	(h)
	284		ARM, 3.02%, 11/01/2034 (z)		294
	173		ARM, 3.04%, 07/01/2033 (z)		178
	595		ARM, 3.05%, 01/01/2033 (z)		612
	576		ARM, 3.06%, 01/01/2035 (z)		596
	138		ARM, 3.16%, 04/01/2034 (z)		144
	136		ARM, 3.17%, 01/01/2036 (z)		143
	293		ARM, 3.17%, 05/01/2035 (z)		303
	58		ARM, 3.19%, 09/01/2034 (z)		58
	255		ARM, 3.19%, 07/01/2036 (z)		265
	34		ARM, 3.19%, 07/01/2033 (z)		36
	299		ARM, 3.21%, 08/01/2034 (z)		315
	264		ARM, 3.21%, 05/01/2034 (z)		279
	492		ARM, 3.22%, 11/01/2034 (z)		515
	803		ARM, 3.24%, 09/01/2035 (z)		832
	406		ARM, 3.26%, 06/01/2035 (z)		423
	312		ARM, 3.26%, 07/01/2033 - 07/01/2034 (z)		329
	330		ARM, 3.30%, 10/01/2034 (z)		344
	169		ARM, 3.31%, 04/01/2035 (z)		178
	92		ARM, 3.31%, 09/01/2035 (z)		96
	257		ARM, 3.33%, 10/01/2034 (z)		268
	281		ARM, 3.37%, 01/01/2035 (z)		295
	172		ARM, 3.38%, 08/01/2034 (z)		180
	89		ARM, 3.39%, 06/01/2036 (z)		93
	36		ARM, 3.40%, 09/01/2034 (z)		38
	44		ARM, 3.40%, 11/01/2033 (z)		46
	92		ARM, 3.43%, 05/01/2035 (z)		96
	114		ARM, 3.43%, 01/01/2034 (z)		119

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 43

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	87	ARM, 3.46%, 02/01/2035 (z)		92
	147	ARM, 3.49%, 10/01/2034 (z)		156
	203	ARM, 3.56%, 09/01/2033 (z)		214
	997	ARM, 3.57%, 04/01/2035 (z)		1,051
	37	ARM, 3.79%, 01/01/2038 (z)		38
	144	ARM, 3.83%, 10/01/2036 (z)		152
	14	ARM, 3.99%, 03/01/2029 (z)		15
	91	ARM, 4.00%, 02/01/2034 (z)		93
	35	ARM, 4.25%, 01/01/2036 (z)		36
		FNMA, 15 Year, Single Family,
	15	4.00%, 08/01/2018		15
	194	4.50%, 06/01/2018 - 12/01/2019		195
	156	5.00%, 06/01/2018 - 08/01/2024		163
	20	5.50%, 03/01/2020 - 07/01/2020		21
	1,115	6.00%, 05/01/2018 - 01/01/2024		1,170
	11	6.50%, 08/01/2020		11
		FNMA, 20 Year, Single Family,
	843	3.50%, 08/01/2032		859
	38	4.50%, 04/01/2024		40
	273	6.50%, 05/01/2022 - 04/01/2025		304
		FNMA, 30 Year, FHA/VA,
	68	6.00%, 09/01/2033		74
	442	6.50%, 03/01/2029 - 08/01/2039		485
	11	7.00%, 02/01/2033		11
	27	8.00%, 06/01/2028		29
		FNMA, 30 Year, Single Family,
	3,711	3.00%, 06/01/2043		3,627
	4,992	4.00%, 09/01/2047		5,167
	5,199	4.50%, 11/01/2033 - 10/01/2047		5,498
	678	5.00%, 07/01/2033 - 09/01/2035		736
	1,003	5.50%, 09/01/2031 - 03/01/2034		1,115
	1,199	6.00%, 12/01/2028 - 09/01/2037		1,345
	515	6.50%, 11/01/2029 - 08/01/2031		574
	459	7.00%, 01/01/2024 - 01/01/2039		515
	165	7.50%, 08/01/2036 - 11/01/2037		189
	308	8.00%, 03/01/2027 - 11/01/2028		345
	5	9.50%, 07/01/2028		5
		FNMA, Other,
	3,333	1.74%, 05/01/2020		3,277
	1,867	1.94%, 07/01/2019		1,850
	222	2.03%, 08/01/2019		221
	2,500	2.12%, 09/01/2021		2,417
	2,493	2.66%, 12/01/2022		2,459
	2,990	2.75%, 03/01/2022		2,980
	1,544	2.77%, 05/01/2022		1,536
	5,088	2.78%, 06/01/2027		4,920

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	10,907	2.79%, 05/01/2027 - 06/01/2027		10,521
	12,000	2.92%, 12/01/2024 - 05/01/2030		11,586
	1,345	2.94%, 05/01/2022		1,347
	6,162	2.95%, 08/01/2023 - 12/01/2024		6,133
	2,941	2.96%, 06/01/2027		2,883
	7,465	2.97%, 12/01/2024 - 06/01/2030		7,295
	4,455	2.98%, 07/01/2022		4,467
	2,064	3.00%, 01/01/2043		2,015
	2,320	3.02%, 07/01/2023		2,318
	3,021	3.03%, 06/01/2035		2,836
	13,000	3.04%, 12/01/2024 - 04/01/2030		12,720
	14,150	3.08%, 04/01/2030 - 06/01/2030		13,763
	8,745	3.10%, 05/01/2030		8,530
	6,119	3.11%, 12/01/2024 - 12/01/2026		6,109
	11,641	3.12%, 01/01/2022 - 06/01/2035		11,286
	2,893	3.14%, 12/01/2026		2,884
	2,551	3.16%, 02/01/2022		2,575
	3,000	3.17%, 02/01/2030		2,946
	4,235	3.24%, 12/01/2026		4,227
	13,718	3.25%, 07/01/2025 - 09/01/2026		13,795
	3,925	3.26%, 12/01/2026		3,944
	5,851	3.29%, 10/01/2020 - 08/01/2026		5,902
	8,013	3.30%, 12/01/2026 - 07/01/2030		7,995
	3,000	3.34%, 02/01/2027		3,043
	1,920	3.35%, 09/01/2030		1,916
	793	3.37%, 11/01/2020		804
	1,995	3.38%, 12/01/2023		2,029
	1,341	3.43%, 09/01/2020		1,363
	7,386	3.50%, 12/01/2032 - 05/01/2033		7,421
	2,000	3.55%, 02/01/2030		2,028
	2,500	3.59%, 08/01/2023		2,567
	2,654	3.60%, 09/01/2020		2,708
	928	3.64%, 01/01/2025		955
	1,500	3.69%, 11/01/2023		1,547
	1,751	3.74%, 07/01/2020		1,790
	4,858	3.76%, 10/01/2023 - 11/01/2023		5,023
	3,000	3.77%, 09/01/2021		3,090
	3,566	3.78%, 01/01/2026		3,710
	1,493	3.87%, 01/01/2021		1,534
	3,713	3.93%, 07/01/2020 - 01/01/2021		3,810
	1,500	3.95%, 07/01/2020		1,534
	1,780	3.97%, 12/01/2025		1,873
	5,953	4.00%, 10/01/2032 - 07/01/2042		6,137
	1,350	4.13%, 08/01/2021		1,401
	4,380	4.25%, 04/01/2021		4,553
	1,956	4.26%, 07/01/2021		2,037

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	1,012	4.28%, 01/01/2021		1,050
	931	4.30%, 04/01/2021		968
	1,266	4.31%, 07/01/2021		1,318
	1,984	4.33%, 04/01/2021		2,064
	5,000	4.34%, 06/01/2021		5,221
	1,815	4.37%, 02/01/2020		1,870
	576	4.38%, 04/01/2020		594
	1,881	4.39%, 05/01/2021		1,953
	2,000	4.40%, 02/01/2020		2,054
	2,707	4.48%, 02/01/2021		2,811
	7,689	4.50%, 12/01/2043 - 03/01/2044		8,110
	2,705	4.54%, 07/01/2026		2,876
	1,767	5.24%, 07/01/2019		1,812
	164	5.50%, 09/01/2033		180
	136	6.00%, 09/01/2037		146
	148	6.50%, 01/01/2036 - 07/01/2036		159
	4	10.50%, 04/15/2019		4
		GNMA I, 30 Year, Single Family,
	174	6.50%, 03/15/2028 - 04/15/2033		194
	121	7.00%, 02/15/2033 - 06/15/2033		137
	23	7.50%, 11/15/2022 - 09/15/2028		24
	5	8.00%, 08/15/2028		5
	69	9.50%, 10/15/2024		73
		GNMA II, 30 Year, Single Family,
	1,744	4.25%, 03/20/2045		1,821
	150	4.50%, 08/20/2033		157
	1,148	6.00%, 09/20/2038		1,274
	31	7.50%, 02/20/2028 - 09/20/2028		35
	50	8.00%, 12/20/2025 - 09/20/2028		56
	17	8.50%, 05/20/2025		18
		GNMA II, Other,
	2,734	4.46%, 05/20/2063 (z)		2,812
	1,683	4.48%, 04/20/2063 (z)		1,737
		Total Mortgage-Backed Securities (Cost $347,846)		343,190
	Municipal Bonds — 0.5% (t)
		California — 0.1%
	440	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.58%, 05/15/2039		561
	350	State of California, Various Purpose, GO, 7.30%, 10/01/2039		505
				1,066

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — 0.2%
	360	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.60%, 03/15/2040		436
		Port Authority of New York & New Jersey, Consolidated,
	1,825	Series 164, Rev., 5.65%, 11/01/2040		2,260
	440	Series 165, Rev., 5.65%, 11/01/2040		544
	2,060	Series 174, Rev., 4.46%, 10/01/2062		2,227
				5,467
		Ohio — 0.2%
	1,315	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.50%, 02/15/2050		1,917
		Ohio State University, General Receipts,
	200	Rev., 5.59%, 12/01/2114		227
	325	Series A, Rev., 4.05%, 12/01/2056		320
	1,563	Series A, Rev., 4.80%, 06/01/2111		1,660
				4,124
		Total Municipal Bonds (Cost $9,180)		10,657
	Supranational — 0.1%
	3,000	African Development Bank, (Supranational), 8.80%, 09/01/2019 (Cost $3,250)		3,259
	U.S. Government Agency Securities — 1.9%
	1,525	FHLB, 5.50%, 07/15/2036		1,987
	4,260	FNMA, 1.83%, 10/09/2019 (n)		4,100
	13,319	Government Trust Certificate, 2.80%, 10/01/2019 (n)		12,816
		Resolution Funding Corp. STRIPS,
	8,040	1.74%, 10/15/2019 (n)		7,748
	510	2.72%, 10/15/2027 (n)		376
	580	2.93%, 01/15/2026 (n)		455
		Tennessee Valley Authority,
	304	4.63%, 09/15/2060		359
	2,096	5.25%, 09/15/2039		2,694
	3,215	5.88%, 04/01/2036		4,310
		Tennessee Valley Authority STRIPS,
	5,000	3.50%, 11/01/2025 (n)		3,900
	800	4.52%, 06/15/2035 (n)		431
	2,000	4.64%, 05/01/2019 (n)		1,946
		Total U.S. Government Agency Securities (Cost $41,038)		41,122

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 45

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — 21.3%
		U.S. Treasury Bonds,
	3,900	2.50%, 02/15/2045		3,454
	12,375	2.88%, 05/15/2043		11,858
	5,750	3.63%, 08/15/2043		6,265
	5,000	3.75%, 11/15/2043		5,559
	80	4.38%, 05/15/2040		97
	300	6.13%, 08/15/2029		394
		U.S. Treasury Inflation Indexed Bonds,
	300	1.75%, 01/15/2028		386
	300	2.50%, 01/15/2029		407
	799	3.63%, 04/15/2028		1,556
		U.S. Treasury Inflation Indexed Notes,
	2,453	0.13%, 01/15/2022		2,639
	630	1.38%, 07/15/2018		731
	607	1.38%, 01/15/2020		708
		U.S. Treasury Notes,
	7,000	0.75%, 09/30/2018		6,952
	25,000	1.00%, 09/15/2018		24,877
	20,000	1.00%, 11/15/2019		19,591
	15,000	1.25%, 10/31/2018		14,927
	8,000	1.38%, 02/29/2020		7,859
	20,000	1.38%, 03/31/2020		19,623
	3,000	1.50%, 02/28/2023		2,838
	3,000	1.63%, 08/31/2022		2,874
	1,100	2.00%, 10/31/2021		1,079
	23,000	2.13%, 08/15/2021		22,707
	7,250	3.13%, 05/15/2021		7,394
		U.S. Treasury STRIPS Bonds,
	23,265	1.98%, 05/15/2021 (n)		21,495
	2,755	2.24%, 02/15/2020 (n)		2,636
	13,900	2.29%, 08/15/2023 (n)		11,962
	14,000	2.29%, 11/15/2023 (n)		11,949
	2,200	2.38%, 02/15/2024 (n)		1,863
	18,545	2.42%, 05/15/2022 (n)		16,608
	12,095	2.51%, 02/15/2021 (n)		11,267
	14,400	2.70%, 11/15/2022 (n)		12,708
	15,768	2.78%, 02/15/2022 (n)		14,223
	4,800	2.98%, 08/15/2022 (n)		4,268
	14,070	2.98%, 05/15/2023 (n)		12,201
	14,395	3.02%, 08/15/2032 (n)		9,204
	21,700	3.16%, 08/15/2031 (n)		14,350
	9,575	3.20%, 02/15/2032 (n)		6,227
	15,650	3.27%, 11/15/2031 (n)		10,261
	5,000	3.37%, 05/15/2031 (n)		3,335
	10,600	3.37%, 05/15/2034 (n)		6,397
	38,462	3.38%, 02/15/2023 (n)		33,630

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	9,980	3.42%, 11/15/2021 (n)		9,082
	1,592	3.42%, 08/15/2026 (n)		1,244
	6,100	3.63%, 08/15/2021 (n)		5,594
	14,465	3.64%, 08/15/2020 (n)		13,648
	18,050	3.64%, 05/15/2032 (n)		11,644
	9,500	3.78%, 02/15/2034 (n)		5,779
	1,650	3.82%, 08/15/2034 (n)		988
	5,500	3.85%, 02/15/2033 (n)		3,460
	10,140	4.10%, 11/15/2032 (n)		6,435
	16,500	4.31%, 05/15/2033 (n)		10,296
	8,000	4.33%, 02/15/2031 (n)		5,380
	600	5.00%, 08/15/2024 (n)		500
	9,925	5.31%, 11/15/2030 (n)		6,730
	9,800	5.71%, 08/15/2030 (n)		6,701
	3,050	5.93%, 08/15/2033 (n)		1,888
	100	6.37%, 11/15/2029 (n)		70
	1,500	6.52%, 05/15/2026 (n)		1,180
	2,550	6.64%, 05/15/2027 (n)		1,943
	200	6.66%, 05/15/2024 (n)		168
	10,535	U.S. Treasury STRIPS Notes, 1.68%, 02/15/2020 (n)		10,071
		Total U.S. Treasury Obligations (Cost $472,496)		472,160
	Loan Assignments — 0.1% (cc)
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	2,318	Lila Mexican Holdings LLC, Tranche B, (ICE LIBOR USD 1 Month + 3.00%), 4.59%, 08/11/2022 (aa) (bb) (Cost $2,263)		2,289
SHARES
	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	8,578	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) (Cost $8,579)		8,579
		Total Investments — 99.9% (Cost $2,199,238)		2,215,524
		Other Assets in Excess of Liabilities — 0.1%		3,278
		NET ASSETS — 100.0%	$	2,218,802

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 9.9%
	—	(h)	Academic Loan Funding Trust, Series 2012-1A, Class A1, 2.42%, 12/27/2022 (e) (z)		—	(h)
			American Airlines Pass-Through Trust,
	140		Series 2013-2, Class A, 4.95%, 01/15/2023		146
	80		Series 2016-3, Class AA, 3.00%, 10/15/2028		76
	245		American Credit Acceptance Receivables Trust, Series 2015-2, Class C, 4.32%, 05/12/2021 (e)		247
	91		AmeriCredit Automobile Receivables Trust, Series 2017-3, Class A3, 1.90%, 03/18/2022		90
	750		Anchor Assets IX LLC, Series 2016-1, Class A, 5.13%, 02/15/2020 (e) (bb)		750
	12		Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.90%, 03/20/2020 (e)		12
			B2R Mortgage Trust,
	96		Series 2015-1, Class A1, 2.52%, 05/15/2048 (e)		95
	222		Series 2015-2, Class A, 3.34%, 11/15/2048 (e)		222
	25		BCC Funding Corp. X, Series 2015-1, Class A2, 2.22%, 10/20/2020 (e)		25
	13		Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, 1.99%, 04/25/2036 (z) (bb)		13
			CarFinance Capital Auto Trust,
	9		Series 2014-1A, Class B, 2.72%, 04/15/2020 (e)		9
	7		Series 2014-2A, Class A, 1.44%, 11/16/2020 (e)		7
	22		Series 2015-1A, Class A, 1.75%, 06/15/2021 (e)		21
			Citi Held For Asset Issuance,
	71		Series 2016-MF1, Class A, 4.48%, 08/15/2022 (e)		72
	400		Series 2016-MF1, Class B, 6.64%, 08/15/2022 (e)		408
	8		Series 2016-PM1, Class A, 4.65%, 04/15/2025 (e)		7
	10		Continental Airlines Pass-Through Trust, Series 1999-2, Class A-1, 7.26%, 03/15/2020		11
			CPS Auto Receivables Trust,
	79		Series 2015-B, Class A, 1.65%, 11/15/2019 (e)		79
	425		Series 2015-B, Class C, 4.20%, 05/17/2021 (e)		430
	310		Series 2015-C, Class D, 4.63%, 08/16/2021 (e) (bb)		316

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	15	Series 2016-A, Class A, 2.25%, 10/15/2019 (e)		15
	100	Series 2017-C, Class B, 2.30%, 07/15/2021 (e)		99
	250	Credit Acceptance Auto Loan Trust, Series 2015-2A, Class C, 3.76%, 02/15/2024 (e)		251
	47	CVS Pass-Through Trust, 5.93%, 01/10/2034 (e)		51
	29	Delta Air Lines Pass-Through Trust, Series 2010-2, Class A, 4.95%, 05/23/2019		30
		Drive Auto Receivables Trust,
	177	Series 2015-AA, Class D, 4.12%, 07/15/2022 (e)		179
	320	Series 2015-BA, Class D, 3.84%, 07/15/2021 (e)		324
	220	Series 2015-DA, Class D, 4.59%, 01/17/2023 (e) (bb)		225
		DT Auto Owner Trust,
	301	Series 2015-2A, Class D, 4.25%, 02/15/2022 (e)		304
	61	Series 2017-3A, Class B, 2.40%, 05/17/2021 (e)		61
		Exeter Automobile Receivables Trust,
	120	Series 2015-1A, Class B, 2.84%, 03/16/2020 (e)		121
	10	Series 2016-1A, Class A, 2.35%, 07/15/2020 (e)		10
	310	Series 2016-1A, Class C, 5.52%, 10/15/2021 (e)		319
	370	Series 2016-2A, Class B, 3.64%, 02/15/2022 (e)		373
	333	Federal Express Corp. Pass-Through Trust, Series 1998, 6.72%, 01/15/2022		357
		First Investors Auto Owner Trust,
	11	Series 2014-3A, Class A3, 1.67%, 11/16/2020 (e)		11
	100	Series 2015-2A, Class D, 4.22%, 12/15/2021 (e)		101
		FirstKey Lending Trust,
	268	Series 2015-SFR1, Class A, 2.55%, 03/09/2047 (e)		267
	144	Series 2015-SFR1, Class B, 3.42%, 03/09/2047 (e) (bb)		143
		Flagship Credit Auto Trust,
	53	Series 2014-2, Class B, 2.84%, 11/16/2020 (e)		53
	44	Series 2014-2, Class C, 3.95%, 12/15/2020 (e)		44

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 47

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	13	Series 2015-1, Class A, 1.63%, 06/15/2020 (e)		13
	114	Series 2015-3, Class B, 3.68%, 03/15/2022 (e)		115
	113	Series 2015-3, Class C, 4.65%, 03/15/2022 (e)		116
	400	Series 2016-1, Class C, 6.22%, 06/15/2022 (e)		418
	31	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, 6.71%, 04/25/2029 (z) (bb)		27
		GLS Auto Receivables Trust,
	8	Series 2015-1A, Class A, 2.25%, 12/15/2020 (e)		8
	129	Series 2016-1A, Class A, 2.73%, 10/15/2020 (e)		129
		GM Financial Automobile Leasing Trust,
	40	Series 2017-3, Class A3, 2.01%, 11/20/2020		39
	76	Series 2018-1, Class A4, 2.68%, 12/20/2021		76
	40	GMAT Trust, Series 2013-1A, Class A, SUB, 6.97%, 11/25/2043 (e) (bb)		41
	84	GO Financial Auto Securitization Trust, Series 2015-2, Class B, 4.80%, 08/17/2020 (e)		84
	67	Gold Key Resorts LLC, Series 2014-A, Class A, 3.22%, 03/17/2031 (e)		66
	60	Honda Auto Receivables Owner Trust, Series 2017-3, Class A3, 1.79%, 09/20/2021		59
	200	Hyundai Auto Receivables Trust, Series 2017-B, Class A3, 1.77%, 01/18/2022		197
	1,370	LV Tower 52 Issuer, Series 2013-1, Class A, 5.75%, 02/15/2023 (e) (bb)		1,370
	9	Nissan Auto Receivables Owner Trust, Series 2014-B, Class A3, 1.11%, 05/15/2019		9
		NRPL Trust,
	465	Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e)		465
	200	Series 2015-2A, Class A2, SUB, 3.75%, 10/25/2057 (e) (bb)		196
		OneMain Financial Issuance Trust,
	355	Series 2015-1A, Class A, 3.19%, 03/18/2026 (e)		356
	283	Series 2015-2A, Class A, 2.57%, 07/18/2025 (e)		283
	233	Series 2015-2A, Class B, 3.10%, 07/18/2025 (e) (bb)		233

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	484	Oportun Funding II LLC, Series 2016-A, Class A, 4.70%, 03/08/2021 (e)		486
	476	Oportun Funding III LLC, Series 2016-B, Class A, 3.69%, 07/08/2021 (e)		480
	491	Oportun Funding VIII LLC, Series 2018-A, Class A, 3.61%, 03/08/2024 (e)		491
		Progress Residential Trust,
	854	Series 2015-SFR2, Class A, 2.74%, 06/12/2032 (e)		850
	351	Series 2015-SFR2, Class B, 3.14%, 06/12/2032 (e) (bb)		350
	781	Series 2015-SFR3, Class A, 3.07%, 11/12/2032 (e) (bb)		779
	200	Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (e) (bb)		204
	33	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.44%, 01/25/2036 (bb)		29
	46	Spirit Airlines Pass-Through Trust, Series 2017-1AA, Class AA, 3.38%, 02/15/2030		45
	446	Springleaf Funding Trust, Series 2015-AA, Class A, 3.16%, 11/15/2024 (e)		446
	266	Toyota Auto Receivables Owner Trust, Series 2016-A, Class A3, 1.25%, 03/16/2020		265
	120	United Airlines Pass-Through Trust, Series 2016-2, Class AA, 2.88%, 10/07/2028		113
	91	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.37%, 11/27/2045 (e) (bb)		91
	404	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		404
	200	Westlake Automobile Receivables Trust, Series 2015-3A, Class D, 4.40%, 05/17/2021 (e)		202
		World Omni Auto Receivables Trust,
	19	Series 2015-A, Class A3, 1.34%, 05/15/2020		19
	104	Series 2017-B, Class A3, 1.95%, 02/15/2023		102
		Total Asset-Backed Securities (Cost $15,937)		16,030
	Collateralized Mortgage Obligations — 18.6%
	101	Access PT Funding Trust, Series 2016-1, 6.25%, 02/16/2021 (bb)		101
		Alternative Loan Trust,
	1,031	Series 2004-2CB, Class 1A9, 5.75%, 03/25/2034		1,055
	160	Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		153
	26	Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.50%, 11/25/2045 (e)		26
	14	ASG Resecuritization Trust, Series 2009-3, Class A65, 2.93%, 03/26/2037 (e) (z)		14

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	17		Banc of America Funding Trust, Series 2004-1, PO, 03/25/2034 (bb)		15
	136		BCAP LLC Trust, Series 2010-RR7, Class 2A1, 3.24%, 07/26/2045 (e) (z)		134
			CHL Mortgage Pass-Through Trust,
	35		Series 2004-5, Class 1A4, 5.50%, 06/25/2034		35
	18		Series 2004-HYB3, Class 2A, 3.16%, 06/20/2034 (z)		17
	156		Series 2005-22, Class 2A1, 3.45%, 11/25/2035 (z)		140
			Citigroup Global Markets Mortgage Securities VII, Inc.,
	19		Series 2003-HYB1, Class A, 3.74%, 09/25/2033 (z)		19
	—	(h)	Series 2003-UP2, Class PO1, PO, 12/25/2018 (bb)		—	(h)
			Citigroup Mortgage Loan Trust, Inc.,
	8		Series 2003-UP3, Class A3, 7.00%, 09/25/2033		8
	7		Series 2003-UST1, Class A1, 5.50%, 12/25/2018		7
	1		Series 2003-UST1, Class PO1, PO, 12/25/2018 (bb)		2
	–	(h)	Series 2003-UST1, Class PO3, PO, 12/25/2018 (bb)		—	(h)
	2		Credit Suisse First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.00%, 10/25/2018		2
	50		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-3, Class 1A1, 3.53%, 06/25/2020 (z)		48
	1		Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/2018 (bb)		1
	20		FHLMC—GNMA, Series 24, Class ZE, 6.25%, 11/25/2023		21
			FHLMC REMIC,
	—	(h)	Series 46, Class B, 7.80%, 09/15/2020		—	(h)
	—	(h)	Series 47, Class F, 10.00%, 06/15/2020		—	(h)
	—	(h)	Series 85, Class C, 8.60%, 01/15/2021		—	(h)
	—	(h)	Series 99, Class Z, 9.50%, 01/15/2021		—	(h)
	2		Series 114, Class H, 6.95%, 01/15/2021		3
	—	(h)	Series 1079, Class S, HB, IF, 28.60%, 05/15/2021 (z)		—	(h)
	—	(h)	Series 1084, Class F, 2.54%, 05/15/2021 (z)		—	(h)
	—	(h)	Series 1084, Class S, HB, IF, 38.08%, 05/15/2021 (z)		—	(h)
	3		Series 1144, Class KB, 8.50%, 09/15/2021		3

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	—	(h)	Series 1172, Class L, HB, IO, 1,181.25%, 11/15/2021 (z)		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, IO, 1,003.20%, 01/15/2022 (z)		—	(h)
	2		Series 1206, Class IA, 7.00%, 03/15/2022		2
	1		Series 1250, Class J, 7.00%, 05/15/2022		1
	6		Series 1343, Class LA, 8.00%, 08/15/2022		6
	27		Series 1466, Class PZ, 7.50%, 02/15/2023		29
	—	(h)	Series 1470, Class F, 1.75%, 02/15/2023 (z)		—	(h)
	10		Series 1491, Class I, 7.50%, 04/15/2023		10
	9		Series 1518, Class G, IF, 7.30%, 05/15/2023 (z)		10
	8		Series 1541, Class O, 2.12%, 07/15/2023 (z)		8
	3		Series 1602, Class SA, IF, 17.59%, 10/15/2023 (z)		4
	29		Series 1608, Class L, 6.50%, 09/15/2023		33
	4		Series 1671, Class L, 7.00%, 02/15/2024		5
	4		Series 1700, Class GA, PO, 02/15/2024		4
	50		Series 1706, Class K, 7.00%, 03/15/2024		54
	161		Series 1720, Class PL, 7.50%, 04/15/2024		173
	7		Series 1745, Class D, 7.50%, 08/15/2024		8
	10		Series 1798, Class F, 5.00%, 05/15/2023		10
	—	(h)	Series 1807, Class G, 9.00%, 10/15/2020		—	(h)
	61		Series 1927, Class PH, 7.50%, 01/15/2027		68
	25		Series 1981, Class Z, 6.00%, 05/15/2027		27
	9		Series 1987, Class PE, 7.50%, 09/15/2027		10
	3		Series 2033, Class SN, HB, IF, IO, 28.05%, 03/15/2024 (z)		1
	11		Series 2038, Class PN, IO, 7.00%, 03/15/2028		2
	55		Series 2040, Class PE, 7.50%, 03/15/2028		62
	—	(h)	Series 2056, Class TD, 6.50%, 05/15/2018		—	(h)
	58		Series 2063, Class PG, 6.50%, 06/15/2028		65
	7		Series 2064, Class TE, 7.00%, 06/15/2028		8
	38		Series 2075, Class PH, 6.50%, 08/15/2028		42
	37		Series 2075, Class PM, 6.25%, 08/15/2028		40
	12		Series 2089, Class PJ, IO, 7.00%, 10/15/2028		1
	24		Series 2125, Class JZ, 6.00%, 02/15/2029		26
	6		Series 2163, Class PC, IO, 7.50%, 06/15/2029		1
	108		Series 2169, Class TB, 7.00%, 06/15/2029		120
	42		Series 2172, Class QC, 7.00%, 07/15/2029		47
	—	(h)	Series 2196, Class TL, 7.50%, 11/15/2029		—	(h)
	20		Series 2201, Class C, 8.00%, 11/15/2029		23
	54		Series 2210, Class Z, 8.00%, 01/15/2030		62
	14		Series 2224, Class CB, 8.00%, 03/15/2030		16

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 49

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	30	Series 2256, Class MC, 7.25%, 09/15/2030		34
	27	Series 2259, Class ZM, 7.00%, 10/15/2030		31
	27	Series 2271, Class PC, 7.25%, 12/15/2030		30
	14	Series 2283, Class K, 6.50%, 12/15/2023		15
	13	Series 2296, Class PD, 7.00%, 03/15/2031		15
	6	Series 2306, Class K, PO, 05/15/2024		5
	14	Series 2306, Class SE, IF, IO, 8.01%, 05/15/2024 (z)		2
	26	Series 2333, Class HC, 6.00%, 07/15/2031		28
	252	Series 2344, Class ZD, 6.50%, 08/15/2031		290
	29	Series 2344, Class ZJ, 6.50%, 08/15/2031		33
	20	Series 2345, Class NE, 6.50%, 08/15/2031		23
	5	Series 2347, Class VP, 6.50%, 03/15/2020		5
	25	Series 2351, Class PZ, 6.50%, 08/15/2031		28
	20	Series 2410, Class NG, 6.50%, 02/15/2032		22
	30	Series 2410, Class OE, 6.38%, 02/15/2032		33
	15	Series 2410, Class QX, IF, IO, 7.06%, 02/15/2032 (z)		3
	55	Series 2412, Class SP, IF, 12.92%, 02/15/2032 (z)		66
	17	Series 2423, Class MC, 7.00%, 03/15/2032		19
	33	Series 2423, Class MT, 7.00%, 03/15/2032		37
	115	Series 2435, Class CJ, 6.50%, 04/15/2032		128
	35	Series 2441, Class GF, 6.50%, 04/15/2032		39
	34	Series 2444, Class ES, IF, IO, 6.36%, 03/15/2032 (z)		7
	45	Series 2450, Class GZ, 7.00%, 05/15/2032		51
	14	Series 2450, Class SW, IF, IO, 6.41%, 03/15/2032 (z)		2
	45	Series 2455, Class GK, 6.50%, 05/15/2032		49
	65	Series 2466, Class DH, 6.50%, 06/15/2032		73
	36	Series 2474, Class NR, 6.50%, 07/15/2032		40
	64	Series 2484, Class LZ, 6.50%, 07/15/2032		73
	58	Series 2500, Class MC, 6.00%, 09/15/2032		64
	89	Series 2512, Class PG, 5.50%, 10/15/2022		93
	16	Series 2535, Class BK, 5.50%, 12/15/2022		17
	121	Series 2543, Class YX, 6.00%, 12/15/2032		133
	134	Series 2568, Class KG, 5.50%, 02/15/2023		141
	236	Series 2575, Class ME, 6.00%, 02/15/2033		258
	20	Series 2586, Class WI, IO, 6.50%, 03/15/2033		4
	1	Series 2622, Class PE, 4.50%, 05/15/2018		1
	1	Series 2631, Class LC, 4.50%, 06/15/2018		1
	2	Series 2651, Class VZ, 4.50%, 07/15/2018		2
	19	Series 2934, Class EC, PO, 02/15/2020		18
	47	Series 2990, Class SL, IF, 18.67%, 06/15/2034 (z)		55

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	705		Series 2990, Class UZ, 5.75%, 06/15/2035		775
	54		Series 2999, Class ND, 4.50%, 07/15/2020		55
	—	(h)	Series 3068, Class AO, PO, 01/15/2035		—	(h)
	73		Series 3117, Class EO, PO, 02/15/2036		62
	8		Series 3117, Class OK, PO, 02/15/2036		7
	87		Series 3122, Class OH, PO, 03/15/2036		77
	106		Series 3137, Class XP, 6.00%, 04/15/2036		117
	6		Series 3149, Class SO, PO, 05/15/2036		5
	169		Series 3152, Class MO, PO, 03/15/2036		144
	57		Series 3171, Class MO, PO, 06/15/2036		52
	26		Series 3179, Class OA, PO, 07/15/2036		23
	243		Series 3202, Class HI, IF, IO, 5.06%, 08/15/2036 (z)		36
	41		Series 3232, Class ST, IF, IO, 5.11%, 10/15/2036 (z)		6
	3		Series 3253, PO, 12/15/2021		3
	8		Series 3316, Class JO, PO, 05/15/2037		7
	426		Series 3417, Class EO, PO, 11/15/2036		385
	134		Series 3481, Class SJ, IF, IO, 4.26%, 08/15/2038 (z)		16
	44		Series 3607, Class AO, PO, 04/15/2036		37
	205		Series 3607, Class OP, PO, 07/15/2037		175
	29		Series 3611, PO, 07/15/2034		25
	308		Series 3680, Class MA, 4.50%, 07/15/2039		321
	20		Series 3804, Class FN, 2.04%, 03/15/2039 (z)		20
	291		Series 3819, Class ZQ, 6.00%, 04/15/2036		318
	79		Series 3997, Class PF, 2.04%, 11/15/2039 (z)		80
	528		Series 4219, Class JA, 3.50%, 08/15/2039		538
	542		Series 4374, Class NC, SUB, 3.75%, 02/15/2046		552
			FHLMC STRIPS,
	5		Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(h)
	594		Series 262, Class 35, 3.50%, 07/15/2042		597
			FHLMC Structured Pass-Through Securities Certificates,
	27		Series T-41, Class 3A, 7.50%, 07/25/2032 (z)		28
	25		Series T-51, Class 2A, 7.50%, 08/25/2042 (z)		29
	244		Series T-54, Class 2A, 6.50%, 02/25/2043		277
	81		Series T-54, Class 3A, 7.00%, 02/25/2043		92
	612		Series T-56, Class A5, 5.23%, 05/25/2043		667
	19		Series T-58, Class APO, PO, 09/25/2043		15
	149		Series T-76, Class 2A, 4.10%, 10/25/2037 (z)		150

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			First Horizon Mortgage Pass-Through Trust,
	58		Series 2004-AR7, Class 2A2, 3.74%, 02/25/2035 (z)		59
	55		Series 2005-AR1, Class 2A2, 3.49%, 04/25/2035 (z)		56
			FNMA REMIC,
	—	(h)	Series 1988-7, Class Z, 9.25%, 04/25/2018		—	(h)
	1		Series 1989-70, Class G, 8.00%, 10/25/2019		1
	—	(h)	Series 1989-78, Class H, 9.40%, 11/25/2019		—	(h)
	—	(h)	Series 1989-83, Class H, 8.50%, 11/25/2019		1
	—	(h)	Series 1989-89, Class H, 9.00%, 11/25/2019		—	(h)
	—	(h)	Series 1990-1, Class D, 8.80%, 01/25/2020		—	(h)
	—	(h)	Series 1990-7, Class B, 8.50%, 01/25/2020		—	(h)
	—	(h)	Series 1990-60, Class K, 5.50%, 06/25/2020		—	(h)
	—	(h)	Series 1990-63, Class H, 9.50%, 06/25/2020		—	(h)
	—	(h)	Series 1990-93, Class G, 5.50%, 08/25/2020		—	(h)
	—	(h)	Series 1990-94, Class H, HB, 505.00%, 08/25/2020		—	(h)
	—	(h)	Series 1990-95, Class J, HB, IO, 1,118.04%, 08/25/2020		—	(h)
	3		Series 1990-102, Class J, 6.50%, 08/25/2020		3
	1		Series 1990-120, Class H, 9.00%, 10/25/2020		1
	—	(h)	Series 1990-134, Class SC, IF, 19.17%, 11/25/2020 (z)		—	(h)
	—	(h)	Series 1990-140, Class K, HB, IO, 652.15%, 12/25/2020		—	(h)
	—	(h)	Series 1991-42, Class S, IF, 14.84%, 05/25/2021 (z)		1
	12		Series 1992-107, Class SB, HB, IF, 25.29%, 06/25/2022 (z)		15
	1		Series 1992-143, Class MA, 5.50%, 09/25/2022		1
	8		Series 1993-25, Class J, 7.50%, 03/25/2023		9
	52		Series 1993-37, Class PX, 7.00%, 03/25/2023		56
	18		Series 1993-54, Class Z, 7.00%, 04/25/2023		19
	4		Series 1993-62, Class SA, IF, 18.78%, 04/25/2023 (z)		5
	5		Series 1993-122, Class M, 6.50%, 07/25/2023		5
	2		Series 1993-165, Class SD, IF, 13.26%, 09/25/2023 (z)		2
	9		Series 1993-178, Class PK, 6.50%, 09/25/2023		9

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	128	Series 1993-183, Class KA, 6.50%, 10/25/2023		142
	53	Series 1993-189, Class PL, 6.50%, 10/25/2023		57
	13	Series 1993-247, Class SA, HB, IF, 27.68%, 12/25/2023 (z)		17
	1	Series 1994-9, Class E, PO, 11/25/2023		1
	37	Series 1996-14, Class SE, IF, IO, 8.10%, 08/25/2023 (z)		5
	4	Series 1996-59, Class J, 6.50%, 08/25/2022		4
	13	Series 1997-20, IO, 1.84%, 03/25/2027 (z)		—	(h)
	15	Series 1997-20, Class IB, IO, 1.84%, 03/25/2027 (z)		—	(h)
	12	Series 1997-27, Class J, 7.50%, 04/18/2027		13
	14	Series 1997-29, Class J, 7.50%, 04/20/2027		16
	31	Series 1997-39, Class PD, 7.50%, 05/20/2027		35
	9	Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		1
	1	Series 1998-4, Class C, PO, 04/25/2023		1
	7	Series 1998-36, Class ZB, 6.00%, 07/18/2028		8
	84	Series 1998-43, Class EA, PO, 04/25/2023		79
	62	Series 2000-2, Class ZE, 7.50%, 02/25/2030		70
	11	Series 2001-4, Class PC, 7.00%, 03/25/2021		11
	39	Series 2001-33, Class ID, IO, 6.00%, 07/25/2031		9
	49	Series 2001-36, Class DE, 7.00%, 08/25/2031		54
	10	Series 2001-44, Class PD, 7.00%, 09/25/2031		11
	44	Series 2001-48, Class Z, 6.50%, 09/25/2021		46
	9	Series 2001-49, Class Z, 6.50%, 09/25/2031		10
	7	Series 2001-81, Class LO, PO, 01/25/2032		6
	16	Series 2002-1, Class HC, 6.50%, 02/25/2022		17
	6	Series 2002-1, Class SA, IF, 19.92%, 02/25/2032 (z)		8
	27	Series 2002-21, Class PE, 6.50%, 04/25/2032		30
	28	Series 2002-28, Class PK, 6.50%, 05/25/2032		31
	33	Series 2002-37, Class Z, 6.50%, 06/25/2032		37
	119	Series 2003-22, Class UD, 4.00%, 04/25/2033		122
	3	Series 2003-34, Class GB, 6.00%, 03/25/2033		3
	304	Series 2003-34, Class GE, 6.00%, 05/25/2033		326
	6	Series 2003-39, IO, 6.00%, 05/25/2033 (z)		1

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 51

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	115	Series 2003-47, Class PE, 5.75%, 06/25/2033		126
	13	Series 2003-52, Class SX, IF, 18.09%, 10/25/2031 (z)		19
	15	Series 2003-64, Class SX, IF, 9.81%, 07/25/2033 (z)		16
	92	Series 2003-71, Class DS, IF, 5.37%, 08/25/2033 (z)		91
	13	Series 2003-83, Class PG, 5.00%, 06/25/2023		13
	10	Series 2003-91, Class SD, IF, 9.80%, 09/25/2033 (z)		11
	102	Series 2003-116, Class SB, IF, IO, 5.98%, 11/25/2033 (z)		17
	7	Series 2003-130, Class SX, IF, 9.09%, 01/25/2034 (z)		7
	27	Series 2004-25, Class PC, 5.50%, 01/25/2034		28
	56	Series 2004-25, Class SA, IF, 15.07%, 04/25/2034 (z)		71
	19	Series 2004-36, Class PC, 5.50%, 02/25/2034		19
	69	Series 2004-36, Class SA, IF, 15.07%, 05/25/2034 (z)		86
	38	Series 2004-46, Class SK, IF, 12.04%, 05/25/2034 (z)		46
	397	Series 2004-50, Class VZ, 5.50%, 07/25/2034		423
	37	Series 2004-61, Class SH, IF, 17.51%, 11/25/2032 (z)		49
	33	Series 2004-74, Class SW, IF, 12.32%, 11/25/2031 (z)		41
	4	Series 2004-76, Class CL, 4.00%, 10/25/2019		4
	68	Series 2005-45, Class DC, IF, 18.37%, 06/25/2035 (z)		87
	2	Series 2005-52, Class PA, 6.50%, 06/25/2035		2
	50	Series 2005-56, Class S, IF, IO, 5.09%, 07/25/2035 (z)		7
	86	Series 2005-56, Class TP, IF, 13.29%, 08/25/2033 (z)		97
	279	Series 2005-68, Class PG, 5.50%, 08/25/2035		300
	128	Series 2005-73, Class PS, IF, 12.65%, 08/25/2035 (z)		151
	49	Series 2005-74, Class CS, IF, 15.56%, 05/25/2035 (z)		59
	94	Series 2005-106, Class US, IF, 18.62%, 11/25/2035 (z)		130

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	312	Series 2005-121, Class DX, 5.50%, 01/25/2026		330
	84	Series 2006-27, Class OH, PO, 04/25/2036		75
	34	Series 2006-44, Class P, PO, 12/25/2033		28
	220	Series 2006-56, Class FC, 1.91%, 07/25/2036 (z)		220
	1	Series 2006-59, Class QO, PO, 01/25/2033		1
	34	Series 2006-65, Class QO, PO, 07/25/2036		29
	51	Series 2006-72, Class GO, PO, 08/25/2036		45
	92	Series 2006-77, Class PC, 6.50%, 08/25/2036		102
	40	Series 2006-79, Class DO, PO, 08/25/2036		35
	64	Series 2006-110, PO, 11/25/2036		54
	80	Series 2006-124, Class HB, 3.49%, 11/25/2036 (z)		82
	47	Series 2007-14, Class ES, IF, IO, 4.82%, 03/25/2037 (z)		6
	43	Series 2007-79, Class SB, IF, 18.07%, 08/25/2037 (z)		62
	154	Series 2007-81, Class GE, 6.00%, 08/25/2037		161
	116	Series 2007-88, Class VI, IF, IO, 4.92%, 09/25/2037 (z)		18
	323	Series 2007-91, Class ES, IF, IO, 4.84%, 10/25/2037 (z)		45
	48	Series 2007-106, Class A7, 6.08%, 10/25/2037 (z)		52
	82	Series 2007-116, Class HI, IO, 1.12%, 01/25/2038 (z)		3
	24	Series 2008-10, Class XI, IF, IO, 4.61%, 03/25/2038 (z)		2
	17	Series 2008-16, Class IS, IF, IO, 4.58%, 03/25/2038 (z)		2
	38	Series 2008-28, Class QS, IF, 15.84%, 04/25/2038 (z)		46
	75	Series 2008-46, Class HI, IO, 1.49%, 06/25/2038 (z)		4
	57	Series 2009-69, PO, 09/25/2039		51
	117	Series 2009-103, Class MB, 3.53%, 12/25/2039 (z)		126
	192	Series 2010-71, Class HJ, 5.50%, 07/25/2040		210
	243	Series 2011-118, Class MT, 7.00%, 11/25/2041		277
	218	Series 2011-118, Class NT, 7.00%, 11/25/2041		244
	151	Series 2012-47, Class HF, 2.02%, 05/25/2027 (z)		152
	338	Series 2013-101, Class DO, PO, 10/25/2043		261

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	317		Series 2013-128, PO, 12/25/2043		249
	1		Series G-14, Class L, 8.50%, 06/25/2021		1
	2		Series G-18, Class Z, 8.75%, 06/25/2021		3
	2		Series G-35, Class M, 8.75%, 10/25/2021		2
	12		Series G92-35, Class E, 7.50%, 07/25/2022		13
	1		Series G92-42, Class Z, 7.00%, 07/25/2022		1
	—	(h)	Series G92-44, Class ZQ, 8.00%, 07/25/2022		—	(h)
	9		Series G92-54, Class ZQ, 7.50%, 09/25/2022		9
	3		Series G93-5, Class Z, 6.50%, 02/25/2023		4
	7		Series G95-1, Class C, 8.80%, 01/25/2025		8
			FNMA REMIC Trust,
	98		Series 2003-W1, Class 1A1, 5.44%, 12/25/2042 (z)		103
	20		Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (z)		23
	11		Series 2007-W7, Class 1A4, HB, IF, 29.46%, 07/25/2037 (z)		14
			FNMA STRIPS,
	—	(h)	Series 50, Class 2, IO, 10.50%, 03/25/2019		—	(h)
	1		Series 218, Class 2, IO, 7.50%, 04/25/2023		—	(h)
	31		Series 300, Class 1, PO, 09/25/2024		29
	6		Series 329, Class 1, PO, 01/25/2033		6
			FNMA Trust,
	40		Series 2004-W2, Class 2A2, 7.00%, 02/25/2044		45
	126		Series 2005-W3, Class 2AF, 1.84%, 03/25/2045 (z)		125
			GNMA,
	82		Series 1994-7, Class PQ, 6.50%, 10/16/2024		87
	13		Series 1999-30, Class S, IF, IO, 7.01%, 08/16/2029 (z)		—	(h)
	7		Series 2000-9, Class Z, 8.00%, 06/20/2030		8
	127		Series 2000-9, Class ZJ, 8.50%, 02/16/2030		144
	21		Series 2002-31, Class S, IF, IO, 7.11%, 01/16/2031 (z)		4
	53		Series 2002-47, Class PG, 6.50%, 07/16/2032		60
	63		Series 2002-47, Class PY, 6.00%, 07/20/2032		69
	66		Series 2002-47, Class ZA, 6.50%, 07/20/2032		74
	10		Series 2003-24, PO, 03/16/2033		9
	231		Series 2003-40, Class TJ, 6.50%, 03/20/2033		256
	56		Series 2003-52, Class AP, PO, 06/16/2033		47
	15		Series 2004-28, Class S, IF, 15.30%, 04/16/2034 (z)		20
	30		Series 2004-71, Class SB, HB, IF, 21.64%, 09/20/2034 (z)		43

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	18	Series 2004-73, Class AE, IF, 11.58%, 08/17/2034 (z)		20
	174	Series 2004-90, Class SI, IF, IO, 4.51%, 10/20/2034 (z)		24
	42	Series 2005-68, Class DP, IF, 12.61%, 06/17/2035 (z)		48
	320	Series 2005-68, Class KI, IF, IO, 4.71%, 09/20/2035 (z)		41
	505	Series 2006-38, Class ZK, 6.50%, 08/20/2036		562
	33	Series 2006-59, Class SD, IF, IO, 5.11%, 10/20/2036 (z)		4
	134	Series 2007-17, Class JI, IF, IO, 5.22%, 04/16/2037 (z)		19
	162	Series 2007-27, Class SA, IF, IO, 4.61%, 05/20/2037 (z)		20
	236	Series 2007-40, Class SB, IF, IO, 5.16%, 07/20/2037 (z)		34
	141	Series 2007-45, Class QA, IF, IO, 5.05%, 07/20/2037 (z)		18
	125	Series 2007-50, Class AI, IF, IO, 5.18%, 08/20/2037 (z)		18
	34	Series 2007-53, Class ES, IF, IO, 4.96%, 09/20/2037 (z)		5
	31	Series 2007-53, Class SW, IF, 15.42%, 09/20/2037 (z)		38
	3	Series 2007-71, Class SB, IF, IO, 5.11%, 07/20/2036 (z)		—	(h)
	71	Series 2007-72, Class US, IF, IO, 4.96%, 11/20/2037 (z)		9
	72	Series 2007-76, Class SA, IF, IO, 4.94%, 11/20/2037 (z)		10
	46	Series 2008-33, Class XS, IF, IO, 6.11%, 04/16/2038 (z)		7
	143	Series 2008-40, Class SA, IF, IO, 4.81%, 05/16/2038 (z)		20
	178	Series 2008-50, Class KB, 6.00%, 06/20/2038		196
	90	Series 2008-55, Class SA, IF, IO, 4.61%, 06/20/2038 (z)		10
	96	Series 2008-93, Class AS, IF, IO, 4.11%, 12/20/2038 (z)		10
	29	Series 2009-6, Class SA, IF, IO, 4.51%, 02/16/2039 (z)		3
	44	Series 2009-14, Class NI, IO, 6.50%, 03/20/2039		12
	135	Series 2009-22, Class SA, IF, IO, 4.68%, 04/20/2039 (z)		15
	113	Series 2009-31, Class TS, IF, IO, 4.71%, 03/20/2039 (z)		9

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 53

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	123	Series 2009-79, Class OK, PO, 11/16/2037		109
	779	Series 2009-92, Class ZC, 5.00%, 10/20/2039		852
	247	Series 2009-106, Class ST, IF, IO, 4.41%, 02/20/2038 (z)		32
	40	Series 2010-14, Class AO, PO, 12/20/2032		38
	1,000	Series 2010-105, Class B, 5.00%, 08/20/2040		1,071
	82	Series 2010-130, Class CP, 7.00%, 10/16/2040		92
	289	Series 2011-137, Class WA, 5.56%, 07/20/2040 (z)		316
	132	Series 2012-H21, Class DF, 2.21%, 05/20/2061 (z)		132
	9	Series 2012-H24, Class FA, 2.01%, 03/20/2060 (z)		9
	137	Series 2012-H26, Class MA, 2.11%, 07/20/2062 (z)		137
	640	Series 2012-H29, Class FA, 2.08%, 10/20/2062 (z)		641
	554	Series 2013-91, Class WA, 4.49%, 04/20/2043 (z)		567
	12	Series 2013-H03, Class FA, 1.86%, 08/20/2060 (z)		12
	708	Series 2014-H15, Class FA, 2.06%, 07/20/2064 (z)		711
	627	Series 2014-H17, Class FC, 2.06%, 07/20/2064 (z)		630
	640	Series 2015-H15, Class FJ, 2.00%, 06/20/2065 (z)		641
	557	Series 2015-H18, Class FA, 2.01%, 06/20/2065 (z)		558
	597	Series 2015-H20, Class FA, 2.03%, 08/20/2065 (z)		599
	711	Series 2015-H26, Class FG, 2.08%, 10/20/2065 (z)		714
	99	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.50%, 02/25/2036		111
	40	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/2033 (bb)		28
		JP Morgan Mortgage Trust,
	308	Series 2003-A1, Class 1A1, 3.14%, 10/25/2033 (z)		312
	26	Series 2006-A2, Class 4A1, 3.72%, 08/25/2034 (z)		26
	91	Series 2006-A2, Class 5A3, 3.59%, 11/25/2033 (z)		93

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			MASTR Adjustable Rate Mortgages Trust,
	30		Series 2004-3, Class 4A2, 3.13%, 04/25/2034 (z)		28
	76		Series 2004-13, Class 2A1, 3.62%, 04/21/2034 (z)		78
			MASTR Alternative Loan Trust,
	110		Series 2003-9, Class 8A1, 6.00%, 01/25/2034		113
	174		Series 2004-4, Class 10A1, 5.00%, 05/25/2024		181
	13		Series 2004-7, Class 30PO, PO, 08/25/2034 (bb)		11
	4		Series 2004-10, Class 1A1, 4.50%, 09/25/2019		4
	47		Series 2005-6, Class 3A1, 5.50%, 11/25/2020		46
	1		MASTR Asset Securitization Trust, Series 2004-8, PO, 08/25/2019 (bb)		1
	14		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/2035 (e)		11
			Merrill Lynch Mortgage Investors Trust,
	152		Series 2003-E, Class A1, 2.24%, 10/25/2028 (z)		148
	53		Series 2004-A, Class A1, 2.08%, 04/25/2029 (z)		53
	45		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, 6.50%, 10/25/2034 (e) (z)		45
	37		NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.40%, 12/08/2020		37
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	26		Series 2003-A1, Class A1, 5.50%, 05/25/2033		26
	18		Series 2003-A1, Class A2, 6.00%, 05/25/2033		19
	7		Series 2003-A1, Class A5, 7.00%, 04/25/2033		7
			RALI Trust,
	—	(h)	Series 2003-QS3, Class A2, IF, 13.06%, 02/25/2018 (z)		—	(h)
	5		Series 2003-QS9, Class A3, IF, IO, 5.93%, 05/25/2018 (z) (bb)		—	(h)
	20		Series 2004-QS3, Class CB, 5.00%, 03/25/2019		20
	66		Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/2035 (e) (bb)		59
	2		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.75%, 02/25/2019		2

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	59	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		60
		Vendee Mortgage Trust,
	223	Series 1993-1, Class ZB, 7.25%, 02/15/2023		240
	130	Series 1994-1, Class 1, 5.34%, 02/15/2024 (z)		134
	194	Series 1996-1, Class 1Z, 6.75%, 02/15/2026		212
	63	Series 1996-2, Class 1Z, 6.75%, 06/15/2026		69
	262	Series 1997-1, Class 2Z, 7.50%, 02/15/2027		291
	62	Series 1998-1, Class 2E, 7.00%, 03/15/2028		69
		WaMu Mortgage Pass-Through Certificates Trust,
	3	Series 2002-S8, Class 2A7, 5.25%, 01/25/2033		3
	70	Series 2003-AR5, Class A7, 3.10%, 06/25/2033 (z)		71
	37	Series 2004-AR3, Class A2, 3.22%, 06/25/2034 (z)		38
	155	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.50%, 06/25/2035		149
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	5	Series 2003-MS2, Class 1A1, 5.75%, 02/25/2033		5
	2	Series 2003-MS7, Class P, PO, 03/25/2033 (bb)		1
		Wells Fargo Mortgage-Backed Securities Trust,
	26	Series 2003-K, Class 1A1, 3.56%, 11/25/2033 (z)		26
	40	Series 2004-EE, Class 3A1, 3.79%, 12/25/2034 (z)		42
	121	Series 2004-P, Class 2A1, 3.54%, 09/25/2034 (z)		124
	192	Series 2005-AR3, Class 1A1, 3.49%, 03/25/2035 (z)		197
		Total Collateralized Mortgage Obligations (Cost $29,585)		30,137
	Commercial Mortgage-Backed Securities — 3.6%
	328	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, 0.63%, 12/11/2049 (e) (z) (bb)		1
		Commercial Mortgage Trust,
	132	Series 2014-PAT, Class A, 2.38%, 08/13/2027 (e) (z)		132
	400	Series 2014-TWC, Class A, 2.43%, 02/13/2032 (e) (z)		400
	281	Series 2015-CR25, Class A4, 3.76%, 08/10/2048		286

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		FHLMC Multifamily Structured Pass-Through Certificates,
	329	Series KF12, Class A, 2.32%, 09/25/2022 (z)		330
	500	Series KSMC, Class A2, 2.62%, 01/25/2023		492
		FNMA ACES,
	386	Series 2010-M3, Class A3, 4.33%, 03/25/2020 (z)		394
	91	Series 2012-M11, Class FA, 2.06%, 08/25/2019 (z)		91
	444	Series 2014-M2, Class A2, 3.51%, 12/25/2023 (z)		454
	636	Series 2014-M13, Class A2, 3.02%, 08/25/2024 (z)		634
	820	Series 2015-M7, Class A2, 2.59%, 12/25/2024		795
	448	Series 2015-M17, Class FA, 2.49%, 11/25/2022 (z)		448
		PFP Ltd., (Cayman Islands),
	99	Series 2015-2, Class A, 3.04%, 07/14/2034 (e) (z)		99
	100	Series 2015-2, Class C, 4.84%, 07/14/2034 (e) (z) (bb)		101
	100	Series 2015-2, Class D, 5.59%, 07/14/2034 (e) (z) (bb)		100
	250	RAIT Trust, Series 2015-FL5, Class B, 5.48%, 01/15/2031 (e) (z) (bb)		250
		Resource Capital Corp. Ltd., (Cayman Islands),
	3	Series 2015-CRE4, Class A, 2.99%, 08/15/2032 (e) (z)		3
	153	Series 2015-CRE4, Class B, 4.59%, 08/15/2032 (e) (z) (bb)		152
	116	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.66%, 06/10/2030 (e)		116
	104	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, 05/10/2063		106
	500	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.81%, 12/13/2029 (e)		508
		Total Commercial Mortgage-Backed Securities (Cost $5,930)		5,892
	Corporate Bonds — 31.3%
		Consumer Discretionary — 2.2%
		Automobiles — 0.6%
	150	Daimler Finance North America LLC, (Germany), 2.20%, 05/05/2020 (e)		147
	600	General Motors Co., 4.20%, 10/01/2027		590
	200	Nissan Motor Acceptance Corp., 2.60%, 09/28/2022 (e)		194
				931

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 55

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Hotels, Restaurants & Leisure — 0.1%
	150	Starbucks Corp., 3.10%, 03/01/2023		150
		Household Durables — 0.1%
	150	DR Horton, Inc., 2.55%, 12/01/2020		148
		Internet & Direct Marketing Retail — 0.1%
	100	Amazon.com, Inc., 2.80%, 08/22/2024 (e)		97
		Media — 0.9%
	100	21st Century Fox America, Inc., 7.70%, 10/30/2025		123
	208	CBS Corp., 4.00%, 01/15/2026		207
	160	Charter Communications Operating LLC, 4.91%, 07/23/2025		165
	80	Comcast Corp., 3.38%, 08/15/2025		79
	154	Cox Communications, Inc., 3.50%, 08/15/2027 (e)		147
	78	Discovery Communications LLC, 4.38%, 06/15/2021		80
	200	NBCUniversal Media LLC, 2.88%, 01/15/2023		197
	35	Time Warner Cable LLC, 8.75%, 02/14/2019		37
	150	Time Warner, Inc., 3.60%, 07/15/2025		146
	112	Viacom, Inc., 3.88%, 04/01/2024		112
	250	Walt Disney Co. (The), 2.95%, 06/15/2027		241
				1,534
		Multiline Retail — 0.0% (g)
	21	Macy’s Retail Holdings, Inc., 6.90%, 04/01/2029		22
	35	Nordstrom, Inc., 4.00%, 10/15/2021		36
				58
		Specialty Retail — 0.4%
	200	Advance Auto Parts, Inc., 4.50%, 12/01/2023		207
	150	Home Depot, Inc. (The), 2.80%, 09/14/2027		141
	200	Lowe’s Cos., Inc., 3.38%, 09/15/2025		197
		O’Reilly Automotive, Inc.,
	100	3.55%, 03/15/2026		98
	62	3.60%, 09/01/2027		60
				703
		Total Consumer Discretionary		3,621
		Consumer Staples — 2.0%
		Beverages — 0.8%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	575	1.90%, 02/01/2019		571
	300	3.30%, 02/01/2023		299
	74	3.65%, 02/01/2026		74
	76	3.70%, 02/01/2024		77
	200	Coca-Cola Co. (The), 2.90%, 05/25/2027		193

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
	70	Diageo Capital plc, (United Kingdom), 4.83%, 07/15/2020		73
				1,287
		Food & Staples Retailing — 0.2%
		Kroger Co. (The),
	200	1.50%, 09/30/2019		196
	90	4.00%, 02/01/2024		92
	100	Sysco Corp., 3.75%, 10/01/2025		101
				389
		Food Products — 0.5%
	95	Bunge Ltd. Finance Corp., 3.00%, 09/25/2022		93
	100	Cargill, Inc., 3.30%, 03/01/2022 (e)		100
	200	General Mills, Inc., 2.60%, 10/12/2022		193
	200	Kellogg Co., 3.40%, 11/15/2027		191
		Kraft Heinz Foods Co.,
	15	3.50%, 06/06/2022		15
	15	3.95%, 07/15/2025		15
	22	5.38%, 02/10/2020		23
	45	McCormick & Co., Inc., 3.15%, 08/15/2024		44
	92	Mead Johnson Nutrition Co., (United Kingdom), 4.13%, 11/15/2025		94
	73	Tyson Foods, Inc., 3.95%, 08/15/2024		74
				842
		Household Products — 0.2%
	20	Kimberly-Clark Corp., 2.40%, 03/01/2022		20
	33	Procter & Gamble — ESOP, Series A, 9.36%, 01/01/2021		36
	200	Procter & Gamble Co. (The), 1.75%, 10/25/2019		198
				254
		Tobacco — 0.3%
	200	BAT Capital Corp., (United Kingdom), 3.22%, 08/15/2024 (e)		193
	250	Philip Morris International, Inc., 3.38%, 08/11/2025		246
				439
		Total Consumer Staples		3,211
		Energy — 3.1%
		Energy Equipment & Services — 0.2%
	150	Baker Hughes a GE Co. LLC, 2.77%, 12/15/2022		147
	107	Halliburton Co., 3.50%, 08/01/2023		108
		Nabors Industries, Inc.,
	30	4.63%, 09/15/2021		29
	30	5.00%, 09/15/2020		30

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
	47	Schlumberger Investment SA, 3.30%, 09/14/2021 (e)		47
				361
		Oil, Gas & Consumable Fuels — 2.9%
	27	Andeavor Logistics LP, 4.25%, 12/01/2027		26
		Apache Corp.,
	42	3.25%, 04/15/2022		42
	25	6.90%, 09/15/2018		25
	29	Boardwalk Pipelines LP, 4.95%, 12/15/2024		30
		BP Capital Markets plc, (United Kingdom),
	200	3.22%, 04/14/2024		198
	60	3.51%, 03/17/2025		60
	166	3.81%, 02/10/2024		170
		Buckeye Partners LP,
	30	4.35%, 10/15/2024		30
	40	4.88%, 02/01/2021		42
	240	5.50%, 08/15/2019		247
	25	Canadian Natural Resources Ltd., (Canada), 3.90%, 02/01/2025		25
		Cenovus Energy, Inc., (Canada),
	21	3.00%, 08/15/2022		20
	200	5.70%, 10/15/2019		208
	40	Chevron Corp., 2.36%, 12/05/2022		39
	200	CNOOC Nexen Finance 2014 ULC, (China), 4.25%, 04/30/2024		204
	58	Ecopetrol SA, (Colombia), 4.13%, 01/16/2025		57
		Energy Transfer LP,
	28	3.60%, 02/01/2023		28
	91	4.05%, 03/15/2025		89
	61	4.90%, 02/01/2024		63
	200	Eni SpA, (Italy), 4.15%, 10/01/2020 (e)		205
	174	EnLink Midstream Partners LP, 4.15%, 06/01/2025		170
		Enterprise Products Operating LLC,
	200	2.80%, 02/15/2021		199
	37	3.75%, 02/15/2025		37
	49	3.90%, 02/15/2024		50
		EOG Resources, Inc.,
	23	2.63%, 03/15/2023		22
	100	4.10%, 02/01/2021		103
	50	Gulf South Pipeline Co. LP, 4.00%, 06/15/2022		50
	50	Magellan Midstream Partners LP, 6.55%, 07/15/2019		52
	67	Marathon Petroleum Corp., 3.63%, 09/15/2024		67
	32	MPLX LP, 3.38%, 03/15/2023		32
		Noble Energy, Inc.,
	100	3.85%, 01/15/2028		98

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	36	5.63%, 05/01/2021		36
	91	Occidental Petroleum Corp., 3.50%, 06/15/2025		91
		ONEOK Partners LP,
	40	3.20%, 09/15/2018		40
	12	3.38%, 10/01/2022		12
	200	4.90%, 03/15/2025		210
	28	5.00%, 09/15/2023		30
		Petroleos Mexicanos, (Mexico),
	69	4.88%, 01/18/2024		70
	42	5.35%, 02/12/2028 (e)		41
	149	6.38%, 02/04/2021		160
	51	6.88%, 08/04/2026		56
	70	Phillips 66, 3.90%, 03/15/2028		70
	100	Plains All American Pipeline LP, 3.60%, 11/01/2024		95
	200	Sinopec Group Overseas Development 2013 Ltd., (China), 4.38%, 10/17/2023 (e)		207
	150	Spectra Energy Capital LLC, 5.65%, 03/01/2020		157
	63	Spectra Energy Partners LP, 3.50%, 03/15/2025		61
	180	Sunoco Logistics Partners Operations LP, 4.65%, 02/15/2022		186
	42	TC PipeLines LP, 3.90%, 05/25/2027		41
		TransCanada PipeLines Ltd., (Canada),
	172	3.75%, 10/16/2023		176
	100	6.50%, 08/15/2018		102
	30	7.13%, 01/15/2019		31
	23	Western Gas Partners LP, 4.50%, 03/01/2028		23
	86	Williams Partners LP, 3.90%, 01/15/2025		85
				4,668
		Total Energy		5,029
		Financials — 11.6%
		Banks — 5.2%
	200	ANZ New Zealand Int’l Ltd., (New Zealand), 2.60%, 09/23/2019 (e)		199
		Bank of America Corp.,
	100	(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 04/24/2023 (aa)		98
	60	(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 01/20/2023 (aa)		60
	90	3.30%, 01/11/2023		90
	510	(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (aa) (e)		488
	42	4.13%, 01/22/2024		43
	154	Series L, 3.95%, 04/21/2025		154

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	200	Bank of Montreal, (Canada), 2.35%, 09/11/2022		193
	300	Bank of Nova Scotia (The), (Canada), 2.15%, 07/14/2020		296
	317	Barclays plc, (United Kingdom), 3.20%, 08/10/2021		313
	250	Branch Banking & Trust Co., 2.25%, 06/01/2020		247
	350	Citibank NA, 2.00%, 03/20/2019		348
		Citigroup, Inc.,
	450	4.13%, 07/25/2028		447
	115	5.50%, 09/13/2025		126
	16	Comerica, Inc., 3.80%, 07/22/2026		16
	201	Commonwealth Bank of Australia, (Australia), 4.50%, 12/09/2025 (e)		204
		Cooperatieve Rabobank UA, (Netherlands),
	118	3.88%, 02/08/2022		120
	200	4.75%, 01/15/2020 (e)		207
	250	Discover Bank, 3.10%, 06/04/2020		250
	325	Fifth Third Bank, 1.63%, 09/27/2019		320
		HSBC Holdings plc, (United Kingdom),
	200	(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (aa)		196
	200	4.30%, 03/08/2026		206
	250	Huntington National Bank (The), 2.88%, 08/20/2020		250
	50	KeyCorp, 5.10%, 03/24/2021		53
	250	Lloyds Banking Group plc, (United Kingdom), 3.75%, 01/11/2027		244
	225	Mitsubishi UFJ Financial Group, Inc., (Japan), 3.29%, 07/25/2027		216
	200	Mizuho Bank Ltd., (Japan), 2.65%, 09/25/2019 (e)		199
	36	MUFG Americas Holdings Corp., 2.25%, 02/10/2020		36
	250	Nordea Bank AB, (Sweden), 4.88%, 01/27/2020 (e)		259
		PNC Financial Services Group, Inc. (The),
	100	3.90%, 04/29/2024		102
	133	4.38%, 08/11/2020		137
	107	Regions Financial Corp., 3.20%, 02/08/2021		107
	200	Standard Chartered plc, (United Kingdom), 5.20%, 01/26/2024 (e)		209
	300	SunTrust Banks, Inc., 2.50%, 05/01/2019		299
	300	Swedbank AB, (Sweden), 2.20%, 03/04/2020 (e)		296
	200	Toronto-Dominion Bank (The), (Canada), 1.85%, 09/11/2020		195

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Wells Fargo & Co.,
	450	2.63%, 07/22/2022		437
	99	3.00%, 02/19/2025		95
	400	(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 05/22/2028 (aa)		390
	21	4.10%, 06/03/2026		21
	30	4.30%, 07/22/2027		30
	300	Westpac Banking Corp., (Australia), 2.50%, 06/28/2022		292
				8,488
		Capital Markets — 2.6%
		Bank of New York Mellon Corp. (The),
	150	3.25%, 09/11/2024		148
	75	4.60%, 01/15/2020		78
	150	Blackstone Holdings Finance Co. LLC, 5.88%, 03/15/2021 (e)		162
	12	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		12
		Charles Schwab Corp. (The),
	200	3.20%, 01/25/2028		193
	40	3.23%, 09/01/2022		40
		Deutsche Bank AG, (Germany),
	38	3.13%, 01/13/2021		37
	62	3.38%, 05/12/2021		62
		Goldman Sachs Group, Inc. (The),
	80	3.00%, 04/26/2022		79
	564	(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 09/29/2025 (aa)		544
	349	(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 06/05/2028 (aa)		340
	257	3.75%, 05/22/2025		256
	200	7.50%, 02/15/2019		209
	200	ING Bank NV, (Netherlands), 2.50%, 10/01/2019 (e)		199
		Intercontinental Exchange, Inc.,
	47	2.50%, 10/15/2018		47
	88	4.00%, 10/15/2023		91
		Invesco Finance plc,
	125	3.75%, 01/15/2026		126
	71	4.00%, 01/30/2024		73
	125	Jefferies Group LLC, 6.88%, 04/15/2021		138
		Macquarie Bank Ltd., (Australia),
	100	2.85%, 07/29/2020 (e)		100
	100	4.00%, 07/29/2025 (e)		101
	40	Macquarie Group Ltd., (Australia), 6.25%, 01/14/2021 (e)		43

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		Morgan Stanley,
	83	3.70%, 10/23/2024		83
	155	5.00%, 11/24/2025		165
	166	5.50%, 07/24/2020		176
	100	5.50%, 07/28/2021		107
	100	5.75%, 01/25/2021		107
	100	6.63%, 04/01/2018		100
	84	Nomura Holdings, Inc., (Japan), 6.70%, 03/04/2020		90
	17	Northern Trust Corp., (ICE LIBOR USD 3 Month + 1.13%), 3.37%, 05/08/2032 (aa)		16
	36	State Street Corp., 3.10%, 05/15/2023		35
	34	TD Ameritrade Holding Corp., 2.95%, 04/01/2022		34
	200	UBS AG, (Switzerland), 2.45%, 12/01/2020 (e)		197
				4,188
		Consumer Finance — 1.2%
	250	AerCap Ireland Capital DAC, (Netherlands), 3.50%, 01/15/2025		240
	200	American Honda Finance Corp., 1.95%, 07/20/2020		196
	235	Capital One Financial Corp., 3.20%, 02/05/2025		225
		Caterpillar Financial Services Corp.,
	200	1.85%, 09/04/2020		195
	58	2.85%, 06/01/2022		58
		Ford Motor Credit Co. LLC,
	250	2.98%, 08/03/2022		242
	250	3.16%, 08/04/2020		249
	100	General Motors Financial Co., Inc., 4.35%, 01/17/2027		100
		John Deere Capital Corp.,
	100	2.65%, 06/24/2024		96
	89	2.70%, 01/06/2023		87
	33	3.15%, 10/15/2021		33
	50	Series 0014, 2.45%, 09/11/2020		50
	100	Synchrony Financial, 4.25%, 08/15/2024		101
				1,872
		Diversified Financial Services — 1.3%
	150	AIG Global Funding, 2.15%, 07/02/2020 (e)		147
	349	GE Capital International Funding Co. Unlimited Co., 2.34%, 11/15/2020		342
	174	GTP Acquisition Partners I LLC, 2.35%, 06/15/2020 (e)		172
	200	National Rural Utilities Cooperative Finance Corp., 2.30%, 09/15/2022		193
	81	ORIX Corp., (Japan), 2.90%, 07/18/2022		79

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — continued
		Private Export Funding Corp.,
	500	Series EE, 2.80%, 05/15/2022		501
	200	Series KK, 3.55%, 01/15/2024		208
	200	Protective Life Global Funding, 2.62%, 08/22/2022 (e)		194
		Shell International Finance BV, (Netherlands),
	230	1.38%, 09/12/2019		226
	100	3.25%, 05/11/2025		99
				2,161
		Insurance — 1.3%
	61	Allstate Corp. (The), 3.15%, 06/15/2023		61
	100	Alterra Finance LLC, 6.25%, 09/30/2020		108
	161	American International Group, Inc., 3.75%, 07/10/2025		160
	143	Aon plc, 3.88%, 12/15/2025		145
	280	Berkshire Hathaway Finance Corp., 1.30%, 08/15/2019		276
	130	Chubb INA Holdings, Inc., 2.88%, 11/03/2022		129
		CNA Financial Corp.,
	52	3.95%, 05/15/2024		53
	38	4.50%, 03/01/2026		39
	125	Guardian Life Global Funding, 2.50%, 05/08/2022 (e)		122
	35	Lincoln National Corp., 4.20%, 03/15/2022		36
	100	Manulife Financial Corp., (Canada), 4.15%, 03/04/2026		102
	50	Marsh & McLennan Cos., Inc., 3.30%, 03/14/2023		50
	250	Metropolitan Life Global Funding I, 3.00%, 09/19/2027 (e)		237
	150	Principal Financial Group, Inc., 3.10%, 11/15/2026		143
	150	Prudential Insurance Co. of America (The), 8.30%, 07/01/2025 (e)		189
	250	Travelers Cos., Inc. (The), 5.90%, 06/02/2019		260
				2,110
		Total Financials		18,819
		Health Care — 2.7%
		Biotechnology — 0.7%
		AbbVie, Inc.,
	214	2.85%, 05/14/2023		207
	35	3.20%, 11/06/2022		35
		Amgen, Inc.,
	160	2.20%, 05/22/2019		159
	44	3.63%, 05/15/2022		45
	40	5.70%, 02/01/2019		41

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 59

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Biotechnology — continued
	75	Baxalta, Inc., 3.60%, 06/23/2022		75
	184	Biogen, Inc., 3.63%, 09/15/2022		186
	98	Celgene Corp., 3.25%, 08/15/2022		98
		Gilead Sciences, Inc.,
	150	1.85%, 09/20/2019		148
	13	2.50%, 09/01/2023		13
	25	3.50%, 02/01/2025		25
	57	3.65%, 03/01/2026		57
	21	3.70%, 04/01/2024		21
				1,110
		Health Care Equipment & Supplies — 0.6%
	300	Abbott Laboratories, 3.25%, 04/15/2023		298
	250	Becton Dickinson and Co., 2.68%, 12/15/2019		249
	152	Koninklijke Philips NV, (Netherlands), 3.75%, 03/15/2022		155
	175	Medtronic Global Holdings SCA, 1.70%, 03/28/2019		174
				876
		Health Care Providers & Services — 0.8%
	200	Aetna, Inc., 2.80%, 06/15/2023		192
		Anthem, Inc.,
	115	3.13%, 05/15/2022		114
	106	3.50%, 08/15/2024		105
		Cardinal Health, Inc.,
	45	2.40%, 11/15/2019		45
	49	3.75%, 09/15/2025		48
		Express Scripts Holding Co.,
	200	3.05%, 11/30/2022		196
	72	3.50%, 06/15/2024		70
	214	Laboratory Corp. of America Holdings, 3.20%, 02/01/2022		214
		UnitedHealth Group, Inc.,
	200	1.70%, 02/15/2019		199
	112	3.38%, 11/15/2021		113
				1,296
		Life Sciences Tools & Services — 0.1%
		Thermo Fisher Scientific, Inc.,
	57	3.15%, 01/15/2023		56
	100	3.20%, 08/15/2027		95
	34	4.15%, 02/01/2024		35
				186
		Pharmaceuticals — 0.5%
		Allergan Funding SCS,
	69	3.45%, 03/15/2022		69

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	300	3.80%, 03/15/2025		296
	118	Johnson & Johnson, 2.63%, 01/15/2025		114
	200	Mylan, Inc., 2.55%, 03/28/2019		199
	200	Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/2019		197
				875
		Total Health Care		4,343
		Industrials — 2.0%
		Aerospace & Defense — 0.3%
	43	Airbus Finance BV, (France), 2.70%, 04/17/2023 (e)		42
	68	BAE Systems Holdings, Inc., (United Kingdom), 3.80%, 10/07/2024 (e)		69
	174	Lockheed Martin Corp., 3.10%, 01/15/2023		174
	150	Northrop Grumman Corp., 2.93%, 01/15/2025		144
				429
		Building Products — 0.1%
		Johnson Controls International plc,
	99	3.75%, 12/01/2021		101
	32	3.90%, 02/14/2026		32
				133
		Commercial Services & Supplies — 0.1%
	50	Pitney Bowes, Inc., 5.60%, 03/15/2018		50
	200	Republic Services, Inc., 3.38%, 11/15/2027		194
				244
		Construction & Engineering — 0.1%
	41	ABB Finance USA, Inc., (Switzerland), 2.88%, 05/08/2022		41
	70	Fluor Corp., 3.38%, 09/15/2021		71
				112
		Electrical Equipment — 0.1%
		Eaton Corp.,
	140	3.10%, 09/15/2027		133
	50	5.60%, 05/15/2018		50
				183
		Industrial Conglomerates — 0.2%
	34	Ingersoll-Rand Global Holding Co. Ltd., 4.25%, 06/15/2023		35
	49	Pentair Finance SARL, (United Kingdom), 2.90%, 09/15/2018		49
	175	Roper Technologies, Inc., 6.25%, 09/01/2019		184
				268

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Machinery — 0.1%
	31	Caterpillar, Inc., 2.60%, 06/26/2022		31
	175	Illinois Tool Works, Inc., 3.50%, 03/01/2024		178
	25	Parker-Hannifin Corp., 5.50%, 05/15/2018		25
				234
		Road & Rail — 0.9%
		Burlington Northern Santa Fe LLC,
	43	3.05%, 03/15/2022		43
	32	3.45%, 09/15/2021		33
	19	3.60%, 09/01/2020		19
	150	4.70%, 10/01/2019		155
		Canadian Pacific Railway Co., (Canada),
	55	4.50%, 01/15/2022		57
	200	7.25%, 05/15/2019		211
	162	CSX Corp., 3.25%, 06/01/2027		155
		ERAC USA Finance LLC,
	27	4.50%, 08/16/2021 (e)		28
	48	5.25%, 10/01/2020 (e)		51
		Penske Truck Leasing Co. LP,
	53	2.88%, 07/17/2018 (e)		53
	200	3.38%, 02/01/2022 (e)		200
		Ryder System, Inc.,
	28	2.50%, 05/11/2020		28
	86	2.88%, 09/01/2020		85
		Union Pacific Corp.,
	175	2.25%, 02/15/2019		174
	21	2.95%, 01/15/2023		21
	75	3.65%, 02/15/2024		77
				1,390
		Trading Companies & Distributors — 0.1%
	200	Air Lease Corp., 3.63%, 12/01/2027		190
		Total Industrials		3,183
		Information Technology — 1.5%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	44	2.95%, 02/28/2026		43
	200	4.95%, 02/15/2019		204
				247
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	32	3.00%, 03/01/2018		32
	100	3.88%, 01/12/2028		97
	16	4.50%, 03/01/2023		17
				146

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		IT Services — 0.2%
	150	IBM Credit LLC, 2.65%, 02/05/2021		149
	200	Western Union Co. (The), 3.60%, 03/15/2022		200
				349
		Semiconductors & Semiconductor Equipment — 0.1%
	130	Intel Corp., 3.70%, 07/29/2025		133
	94	QUALCOMM, Inc., 3.25%, 05/20/2027		88
				221
		Software — 0.5%
	34	Microsoft Corp., 2.38%, 05/01/2023		33
		Oracle Corp.,
	350	2.38%, 01/15/2019		350
	400	2.95%, 11/15/2024		388
				771
		Technology Hardware, Storage & Peripherals — 0.5%
		Apple, Inc.,
	200	2.75%, 01/13/2025		192
	400	2.90%, 09/12/2027		378
		HP, Inc.,
	118	4.38%, 09/15/2021		123
	45	4.65%, 12/09/2021		47
				740
		Total Information Technology		2,474
		Materials — 0.9%
		Chemicals — 0.6%
	45	Agrium, Inc., (Canada), 3.38%, 03/15/2025		44
	100	Chevron Phillips Chemical Co. LLC, 3.30%, 05/01/2023 (e)		100
		Dow Chemical Co. (The),
	60	4.13%, 11/15/2021		62
	20	8.55%, 05/15/2019		21
		Ecolab, Inc.,
	88	3.25%, 01/14/2023		88
	43	3.25%, 12/01/2027 (e)		41
	246	Mosaic Co. (The), 4.25%, 11/15/2023		253
	45	PPG Industries, Inc., 3.20%, 03/15/2023		45
	41	Praxair, Inc., 2.65%, 02/05/2025		39
		Sherwin-Williams Co. (The),
	110	3.30%, 02/01/2025		107
	51	3.45%, 06/01/2027		49
	150	Union Carbide Corp., 7.50%, 06/01/2025		181
				1,030

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 61

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Construction Materials — 0.2%
		Martin Marietta Materials, Inc.,
	78	3.45%, 06/01/2027		75
	160	3.50%, 12/15/2027		153
				228
		Containers & Packaging — 0.1%
	80	WestRock Co., 3.00%, 09/15/2024 (e)		77
		Metals & Mining — 0.0% (g)
	27	Nucor Corp., 4.00%, 08/01/2023		28
		Total Materials		1,363
		Real Estate — 1.6%
		Equity Real Estate Investment Trusts (REITs) — 1.5%
		American Tower Corp.,
	80	3.50%, 01/31/2023		80
	38	5.00%, 02/15/2024		41
	45	American Tower Trust #1, 1.55%, 03/15/2018 (e)		45
	100	AvalonBay Communities, Inc., 3.20%, 01/15/2028		96
	152	Boston Properties LP, 3.20%, 01/15/2025		147
	100	Brixmor Operating Partnership LP, 3.85%, 02/01/2025		98
	62	EPR Properties, 4.50%, 06/01/2027		61
	125	Equity Commonwealth, 5.88%, 09/15/2020		130
	255	ERP Operating LP, 4.63%, 12/15/2021		269
	52	Goodman US Finance Three LLC, (Australia), 3.70%, 03/15/2028 (e)		50
		HCP, Inc.,
	38	3.40%, 02/01/2025		37
	205	3.88%, 08/15/2024		206
	17	4.20%, 03/01/2024		17
	53	Prologis LP, 4.25%, 08/15/2023		55
		Realty Income Corp.,
	150	3.65%, 01/15/2028		146
	50	3.88%, 07/15/2024		51
	150	Scentre Group Trust 1, (Australia), 3.50%, 02/12/2025 (e)		147
	100	Senior Housing Properties Trust, 4.75%, 02/15/2028		98
		Simon Property Group LP,
	62	3.38%, 10/01/2024		61
	38	3.75%, 02/01/2024		39
	81	4.13%, 12/01/2021		84
	75	Tanger Properties LP, 3.75%, 12/01/2024		74

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
		Ventas Realty LP,
	27	3.50%, 02/01/2025		26
	44	3.75%, 05/01/2024		44
	62	4.13%, 01/15/2026		63
		VEREIT Operating Partnership LP,
	100	3.95%, 08/15/2027		95
	100	4.60%, 02/06/2024		102
	73	Welltower, Inc., 4.50%, 01/15/2024		76
				2,438
		Real Estate Management & Development — 0.1%
	200	Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 3.13%, 03/20/2022 (e)		199
		Total Real Estate		2,637
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 1.4%
		AT&T, Inc.,
	69	3.95%, 01/15/2025		69
	160	4.10%, 02/15/2028 (e)		157
	236	4.30%, 02/15/2030 (e)		231
	17	4.45%, 04/01/2024		17
	503	5.80%, 02/15/2019		518
	350	7.88%, 02/15/2030 (e)		439
	148	Qwest Corp., 6.75%, 12/01/2021		158
	31	Telefonica Emisiones SAU, (Spain), 5.13%, 04/27/2020		32
		Verizon Communications, Inc.,
	300	2.95%, 03/15/2022		296
	156	4.15%, 03/15/2024		161
	208	4.50%, 08/10/2033		209
				2,287
		Wireless Telecommunication Services — 0.1%
	160	Rogers Communications, Inc., (Canada), 4.10%, 10/01/2023		165
		Total Telecommunication Services		2,452
		Utilities — 2.2%
		Electric Utilities — 1.6%
	27	Arizona Public Service Co., 2.20%, 01/15/2020		27
	43	Baltimore Gas & Electric Co., 2.80%, 08/15/2022		42
	200	Commonwealth Edison Co., Series 122, 2.95%, 08/15/2027		191
	30	Connecticut Light & Power Co. (The), 5.65%, 05/01/2018		30
	20	DTE Electric Co., 2.65%, 06/15/2022		19
	300	Duke Energy Corp., 3.75%, 04/15/2024		303

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	60	Duke Energy Indiana LLC, 3.75%, 07/15/2020		61
	40	Duke Energy Progress LLC, 2.80%, 05/15/2022		40
	60	Electricite de France SA, (France), 2.15%, 01/22/2019 (e)		60
	200	Enel Finance International NV, (Italy), 3.63%, 05/25/2027 (e)		192
	186	Entergy Mississippi, Inc., 2.85%, 06/01/2028		174
		Jersey Central Power & Light Co.,
	200	4.30%, 01/15/2026 (e)		205
	25	7.35%, 02/01/2019		26
	47	Kansas City Power & Light Co., 3.15%, 03/15/2023		47
	60	Nevada Power Co., 7.13%, 03/15/2019		63
		NextEra Energy Capital Holdings, Inc.,
	27	2.40%, 09/15/2019		27
	89	3.55%, 05/01/2027		87
		Niagara Mohawk Power Corp.,
	28	3.51%, 10/01/2024 (e)		28
	40	4.88%, 08/15/2019 (e)		41
	25	Ohio Power Co., 6.05%, 05/01/2018		25
	50	Oncor Electric Delivery Co. LLC, 6.80%, 09/01/2018		51
		Pacific Gas & Electric Co.,
	68	2.45%, 08/15/2022		66
	50	3.25%, 06/15/2023		49
	132	Pennsylvania Electric Co., 3.25%, 03/15/2028 (e)		126
	51	Public Service Co. of Colorado, 3.20%, 11/15/2020		52
	74	Public Service Co. of Oklahoma, 4.40%, 02/01/2021		77
	33	Southern California Edison Co., 1.85%, 02/01/2022		33
	317	Southern Co. (The), 3.25%, 07/01/2026		301
		Virginia Electric & Power Co.,
	21	3.45%, 02/15/2024		21
	191	Series C, 2.75%, 03/15/2023		187
				2,651
		Gas Utilities — 0.0% (g)
	30	Atmos Energy Corp., 8.50%, 03/15/2019		32
		Independent Power and Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	80	3.40%, 03/15/2022		80
	37	4.25%, 06/15/2022		38
				118

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Multi-Utilities — 0.4%
	50		Consumers Energy Co., 5.65%, 04/15/2020		53
	100		Dominion Energy, Inc., SUB, 2.96%, 07/01/2019		100
	79		DTE Energy Co., Series B, 3.30%, 06/15/2022		79
	200		NiSource, Inc., 3.85%, 02/15/2023		205
	48		Sempra Energy, 4.05%, 12/01/2023		49
	94		Southern Co. Gas Capital Corp., 3.50%, 09/15/2021		95
	87		WEC Energy Group, Inc., 3.55%, 06/15/2025		87
					668
			Water Utilities — 0.1%
	150		American Water Capital Corp., 3.85%, 03/01/2024		154
			Total Utilities		3,623
			Total Corporate Bonds (Cost $51,146)		50,755
	Foreign Government Security — 0.2%
	244		United Mexican States, (Mexico), 3.63%, 03/15/2022 (Cost $251)		248
	Mortgage-Backed Securities — 9.7%
			FHLMC,
	10		ARM, 3.13%, 07/01/2026 (z)		10
	39		ARM, 3.16%, 01/01/2037 (z)		40
	103		ARM, 3.23%, 08/01/2036 (z)		107
	17		ARM, 3.28%, 01/01/2027 (z)		18
	72		ARM, 3.49%, 03/01/2037 (z)		75
	45		ARM, 3.52%, 11/01/2036 (z)		47
	51		ARM, 3.53%, 09/01/2036 (z)		53
	115		ARM, 3.54%, 12/01/2034 (z)		122
	71		ARM, 3.64%, 09/01/2036 (z)		75
	118		ARM, 3.70%, 06/01/2036 (z)		125
	58		ARM, 3.84%, 04/01/2038 (z)		61
	50		ARM, 4.02%, 02/01/2037 (z)		54
			FHLMC, 15 Year, Single Family,
	10		4.00%, 06/01/2019		10
	—	(h)	4.50%, 10/01/2018		1
	—	(h)	6.00%, 04/01/2018		—	(h)
	16		6.50%, 02/01/2019 - 03/01/2022		16
	13		FHLMC, 20 Year, Single Family, 6.50%, 08/01/2026		14
			FHLMC, 30 Year, Single Family,
	36		6.00%, 01/01/2034		42
	31		7.00%, 04/01/2026 - 02/01/2037		34
	3		7.50%, 08/01/2025		3

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 63

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	3		8.00%, 07/01/2020 - 11/01/2024		3
	9		8.50%, 07/01/2028		11
	48		FHLMC, FHA/VA, 10.00%, 10/01/2030		51
			FHLMC, Other,
	1,773		3.50%, 05/01/2033 - 05/01/2043		1,787
	292		4.00%, 06/01/2042		302
	43		6.00%, 02/01/2033		46
			FNMA,
	977		ARM, 2.37%, 12/01/2025 (z)		975
	4		ARM, 2.47%, 09/01/2027 (z)		4
	—	(h)	ARM, 2.64%, 03/01/2019 (z)		—	(h)
	—	(h)	ARM, 2.88%, 08/01/2019 (z)		—	(h)
	62		ARM, 3.06%, 01/01/2035 (z)		64
	34		ARM, 3.14%, 08/01/2035 (z)		36
	30		ARM, 3.16%, 02/01/2037 (z)		31
	74		ARM, 3.21%, 08/01/2034 (z)		78
	105		ARM, 3.21%, 01/01/2035 (z)		111
	100		ARM, 3.24%, 09/01/2035 (z)		104
	75		ARM, 3.26%, 02/01/2035 (z)		78
	51		ARM, 3.27%, 11/01/2033 (z)		53
	56		ARM, 3.31%, 04/01/2035 (z)		59
	92		ARM, 3.31%, 09/01/2035 (z)		96
	51		ARM, 3.33%, 09/01/2036 (z)		53
	91		ARM, 3.34%, 09/01/2034 (z)		96
	58		ARM, 3.46%, 02/01/2035 (z)		61
	73		ARM, 3.49%, 10/01/2034 (z)		78
	23		ARM, 3.56%, 08/01/2036 (z)		24
	81		ARM, 3.56%, 09/01/2033 (z)		86
	67		ARM, 3.63%, 07/01/2046 (z)		71
	61		ARM, 3.66%, 04/01/2033 (z)		64
	81		ARM, 3.67%, 02/01/2037 (z)		85
	3		ARM, 3.99%, 03/01/2029 (z)		3
	44		ARM, 4.00%, 02/01/2036 (z)		46
			FNMA, 15 Year, Single Family,
	4		4.00%, 05/01/2019		5
	19		4.50%, 05/01/2018 - 05/01/2019		19
	29		5.00%, 06/01/2018 - 04/01/2019		29
	8		5.50%, 01/01/2020 - 06/01/2020		8
	79		6.00%, 03/01/2021 - 01/01/2024		83
	3		6.50%, 08/01/2020		3
	35		FNMA, 20 Year, Single Family, 6.50%, 05/01/2022		39
			FNMA, 30 Year, FHA/VA,
	11		6.00%, 09/01/2033		12
	14		6.50%, 03/01/2029		16
	—	(h)	9.50%, 12/01/2018		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		FNMA, 30 Year, Single Family,
	31	4.50%, 08/01/2033		33
	480	5.00%, 07/01/2033 - 08/01/2040		520
	55	5.50%, 12/01/2033		62
	240	6.00%, 12/01/2032 - 09/01/2037		270
	21	6.50%, 08/01/2031		24
	3	7.00%, 09/01/2027 - 08/01/2032		3
	5	7.50%, 11/01/2022 - 10/01/2024		6
	216	8.00%, 03/01/2021 - 11/01/2032		254
	3	8.50%, 07/01/2024 - 05/01/2025		3
	1	10.00%, 02/01/2024		1
		FNMA, Other,
	470	2.24%, 12/01/2022		456
	1,000	2.79%, 05/01/2027		964
	1,000	3.03%, 04/01/2027		985
	1,000	3.24%, 12/01/2026		998
	1,000	3.29%, 08/01/2026		1,007
	500	3.34%, 02/01/2027		507
	477	3.76%, 10/01/2023		493
	535	4.00%, 07/01/2042		552
	307	4.26%, 06/01/2021		318
	745	4.30%, 04/01/2021		775
	470	4.39%, 05/01/2021		488
	22	5.50%, 04/01/2038		23
	35	6.00%, 03/01/2037		36
		GNMA I, 30 Year, Single Family,
	127	6.00%, 11/15/2028 - 12/15/2038		140
	149	6.50%, 01/15/2024 - 12/15/2035		166
	151	7.00%, 08/15/2023 - 06/15/2035		167
	11	7.50%, 11/15/2022 - 09/15/2028		12
	2	8.00%, 08/15/2028		2
	2	9.00%, 02/15/2020 - 11/15/2024		2
	18	9.50%, 09/15/2018 - 12/15/2025		20
		GNMA II, 30 Year, Single Family,
	125	6.00%, 03/20/2028 - 09/20/2038		140
	6	7.50%, 02/20/2028 - 09/20/2028		7
	18	8.00%, 12/20/2025 - 08/20/2028		20
	10	8.50%, 03/20/2025 - 05/20/2025		10
	493	GNMA II, Other, 3.50%, 11/20/2033		501
		Total Mortgage-Backed Securities (Cost $15,585)		15,642
	U.S. Government Agency Securities — 1.6%
	1,440	Financing Corp. STRIPS, Series 1P, 1.62%, 05/11/2018 (n)		1,434
	85	FNMA, 1.82%, 10/09/2019 (n)		82

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
		Resolution Funding Corp. STRIPS,
	165	1.61%, 10/15/2019 (n)		159
	250	1.75%, 07/15/2020 (n)		237
	330	1.24%, 01/15/2021 (n)		307
	90	2.93%, 01/15/2026 (n)		71
	80	2.72%, 10/15/2027 (n)		59
	333	Tennessee Valley Authority STRIPS, 4.64%, 05/01/2019 (n)		324
		Total U.S. Government Agency Securities (Cost $2,692)		2,673
	U.S. Treasury Obligations — 24.3%
	516	U.S. Treasury Bonds, 6.00%, 02/15/2026		634
		U.S. Treasury Notes,
	5,000	1.25%, 08/31/2019		4,930
	4,000	1.50%, 02/28/2019		3,977
	3,000	1.63%, 02/15/2026		2,739
	1,000	1.88%, 01/31/2022		974
	6,000	1.88%, 04/30/2022		5,829
	6,000	2.25%, 01/31/2024		5,840
		U.S. Treasury STRIPS Bonds,
	3,890	2.15%, 08/15/2023 (n)		3,348
	200	2.18%, 05/15/2024 (n)		168
	2,150	2.27%, 11/15/2023 (n)		1,835
	200	2.31%, 05/15/2026 (n)		157
	10	2.41%, 05/15/2028 (n)		7
	3,000	2.42%, 02/15/2024 (n)		2,540
	300	2.64%, 02/15/2027 (n)		231

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	685	2.67%, 05/15/2023 (n)		594
	2,400	2.73%, 02/15/2022 (n)		2,165
	1,300	2.76%, 11/15/2022 (n)		1,147
	200	2.85%, 05/15/2025 (n)		163
	53	2.99%, 02/15/2028 (n)		39
	200	3.16%, 08/15/2028 (n)		146
	47	3.42%, 08/15/2026 (n)		37
	300	3.54%, 11/15/2026 (n)		232
	100	3.77%, 08/15/2027 (n)		76
	140	3.81%, 11/15/2027 (n)		105
	1,525	3.87%, 11/15/2021 (n)		1,388
		Total U.S. Treasury Obligations (Cost $39,851)		39,301
SHARES
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	3,629	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) (Cost $3,630)		3,630
		Total Investments — 101.4% (Cost $164,607)		164,308
		Liabilities in Excess of Other Assets — (1.4)%		(2,262	)
		NET ASSETS — 100.0%	$	162,046

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 65

JPMorgan Institutional Trust Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018

ACES	—  Alternative Credit Enhancement Securities
ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of February 28, 2018.
CMBS	—  Commercial Mortgage Backed Security
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.
ICE	—  Intercontinental Exchange
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, 2018. 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.
LIBOR	—  London Interbank Offered Rate
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, 2018.
USD	—  United States Dollar
VA	—  Veterans Administration
(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, 2018.
(n)	—  The rate shown is the effective yield as of February 28, 2018.
(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, 2018.
(y)	—  Security is an interest bearing note with preferred security characteristics.
(z)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2018.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2018.
(bb)	—  Security has been valued using significant unobservable inputs.
(cc)	—  Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018

(Amounts in thousands, except per share amounts)

	Core Bond Trust		Intermediate Bond Trust
ASSETS:
Investments in non-affiliates, at value	$	2,206,945	$	160,678
Investments in affiliates, at value		8,579		3,630
Cash		205		25
Receivables:
Investment securities sold		1,095		3,834
Investment securities sold — delayed delivery securities		37		3
Interest from non-affiliates		10,474		701
Dividends from affiliates		15		5
Due from adviser		—		16
Total Assets		2,227,350		168,892
LIABILITIES:
Payables:
Investment securities purchased		7,711		771
Fund shares redeemed		480		6,013
Accrued liabilities:
Investment advisory fees		174		—
Custodian and accounting fees		78		24
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Other		105		38
Total Liabilities		8,548		6,846
Net Assets	$	2,218,802	$	162,046
Paid-in-Capital	$	2,196,999	$	163,092
Accumulated undistributed (distributions in excess of) net investment income		899		33
Accumulated net realized gains (losses)		4,618		(780	)
Net unrealized appreciation (depreciation)		16,286		(299	)
Total Net Assets	$	2,218,802	$	162,046
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		221,284		16,819
Net asset value, offering and redemption price per share (b)	$	10.03	$	9.63
Cost of investments in non-affiliates	$	2,190,659	$	160,977
Cost of investments in affiliates		8,579		3,630

(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, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 67

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2018

(Amounts in thousands)

	Core Bond Trust			Intermediate Bond Trust
INVESTMENT INCOME:
Interest income from non-affiliates	$	92,528		$	5,368
Dividend income from affiliates		372			35
Total investment income		92,900			5,403
EXPENSES:
Investment advisory fees		7,943			515
Administration fees		2,648			172
Custodian and accounting fees		325			121
Interest expense to affiliates		1			—
Professional fees		147			66
Trustees’ and Chief Compliance Officer’s fees		32			26
Printing and mailing costs		30			1
Transfer agency fees		20			1
Other		154			15
Total expenses		11,300			917
Less fees waived		(7,402	)		(653	)
Less earnings credits		—	(a)		—
Less expense reimbursements		—			(15	)
Net expenses		3,898			249
Net investment income (loss)		89,002			5,154
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		22,425			(631	)
Investments in affiliates		(19	)		(1	)
Net realized gain (loss)		22,406			(632	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(59,398	)		(2,482	)
Investments in affiliates		—	(a)		—	(a)
Change in net unrealized appreciation/depreciation		(59,398	)		(2,482	)
Net realized/unrealized gains (losses)		(36,992	)		(3,114	)
Change in net assets resulting from operations	$	52,010		$	2,040

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Core Bond Trust						Intermediate Bond Trust
	Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 28, 2018			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	89,002		$	119,900		$	5,154		$	9,109
Net realized gain (loss)		22,406			38,262			(632	)		7,529
Change in net unrealized appreciation/depreciation		(59,398	)		(73,971	)		(2,482	)		(9,329	)
Change in net assets resulting from operations		52,010			84,191			2,040			7,309
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(88,861	)		(120,356	)		(5,144	)		(9,134	)
From net realized gains		(27,449	)		(31,700	)		(720	)		(7,402	)
Total distributions to shareholders		(116,310	)		(152,056	)		(5,864	)		(16,536	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		149,441			479,291			58,857			21,400
Distributions reinvested		109,911			143,201			4,992			14,746
Cost of shares redeemed		(1,135,482	)		(1,606,001	)		(79,328	)		(298,583	)
Change in net assets resulting from capital transactions		(876,130	)		(983,509	)		(15,479	)		(262,437	)
NET ASSETS:
Change in net assets		(940,430	)		(1,051,374	)		(19,303	)		(271,664	)
Beginning of period		3,159,232			4,210,606			181,349			453,013
End of period	$	2,218,802		$	3,159,232		$	162,046		$	181,349
Accumulated undistributed (distributions in excess of) net investment income	$	899		$	759		$	33		$	23
SHARE TRANSACTIONS:
Issued		14,419			45,410			5,993			2,159
Reinvested		10,645			13,622			507			1,461
Redeemed		(109,586	)		(151,360	)		(8,055	)		(28,949	)
Change in Shares		(84,522	)		(92,328	)		(1,555	)		(25,329	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 69

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, 2018	$	10.33	$	0.35	(c)	$	(0.18	)	$	0.17	$	(0.35	)	$	(0.12	)	$	(0.47	)
Year Ended February 28, 2017		10.58		0.33	(c)		(0.14	)		0.19		(0.34	)		(0.10	)		(0.44	)
Year Ended February 29, 2016		10.69		0.32	(c)		(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	)
Intermediate Bond Trust
Year Ended February 28, 2018		9.87		0.30	(c)		(0.20	)		0.10		(0.30	)		(0.04	)		(0.34	)
Year Ended February 28, 2017		10.37		0.29	(c)		(0.15	)		0.14		(0.30	)		(0.34	)		(0.64	)
Year Ended February 29, 2016		10.40		0.26	(c)		(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	)

(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) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

		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
$	10.03		1.59	%	$	2,218,802		0.15	%		3.36	%		0.43	%		18	%
	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
	9.63		1.00			162,046		0.15			3.00			0.53			56
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018

1. Organization

JPMorgan Institutional Trust (the “Trust”) was organized on September 14, 2004 as a Delaware statutory trust, pursuant to a Declaration of Trust dated September 14, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The following are 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.

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 Asset 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, 2018.

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.

72 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

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 (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	$	—	$	171,866	$	91,372	$	263,238
Collateralized Mortgage Obligations		—		322,550		10,130		332,680
Commercial Mortgage-Backed Securities		—		102,769		6,785		109,554
Corporate Bonds
Consumer Discretionary		—		30,333		—		30,333
Consumer Staples		—		24,893		—		24,893
Energy		—		71,399		—		71,399
Financials		—		230,632		158		230,790
Health Care		—		29,976		—		29,976
Industrials		—		32,629		—		32,629
Information Technology		—		41,824		—		41,824
Materials		—		13,673		—		13,673
Real Estate		—		20,481		—		20,481
Telecommunication Services		—		38,634		—		38,634
Utilities		—		53,108		—		53,108
Total Corporate Bonds		—		587,582		158		587,740
Foreign Government Securities		—		41,056		—		41,056
Mortgage-Backed Securities		—		343,190		—		343,190
Municipal Bonds		—		10,657		—		10,657
Supranational		—		3,259		—		3,259
U.S. Government Agency Securities		—		41,122		—		41,122
U.S. Treasury Obligations		—		472,160		—		472,160
Loan Assignment
Consumer Discretionary		—		—		2,289		2,289
Short-Term Investment
Investment Company		8,579		—		—		8,579
Total Investments in Securities	$	8,579	$	2,096,211	$	110,734	$	2,215,524

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	$	—	$	10,859	$	5,171	$	16,030
Collateralized Mortgage Obligations		—		29,918		219		30,137
Commercial Mortgage-Backed Securities		—		5,288		604		5,892

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

Intermediate Bond Trust (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Corporate Bonds
Consumer Discretionary	$	—	$	3,621	$	—	$	3,621
Consumer Staples		—		3,211		—		3,211
Energy		—		5,029		—		5,029
Financials		—		18,807		12		18,819
Health Care		—		4,343		—		4,343
Industrials		—		3,183		—		3,183
Information Technology		—		2,474		—		2,474
Materials		—		1,363		—		1,363
Real Estate		—		2,637		—		2,637
Telecommunication Services		—		2,452		—		2,452
Utilities		—		3,623		—		3,623
Total Corporate Bonds		—		50,743		12		50,755
Foreign Government Securities		—		248		—		248
Mortgage-Backed Securities		—		15,642		—		15,642
U.S. Government Agency Securities		—		2,673		—		2,673
U.S. Treasury Obligations		—		39,301		—		39,301
Short-Term Investment
Investment Company		3,630		—		—		3,630
Total Investments in Securities	$	3,630	$	154,672	$	6,006	$	164,308

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

For each of the Funds, there were no transfers between levels 1 and 2 during the year ended February 28, 2018.

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 28, 2017		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, 2018
Investments in Securities:
Asset-Backed Securities	$	131,541	$	(458	)	$	720		$	(193	)	$	17,862	$	(68,320	)	$	21,677	$	(11,457	)	$	91,372
Collateralized Mortgage Obligations		16,382		13			(913	)		(75	)		3,786		(6,634	)		—		(2,429	)		10,130
Commercial Mortgage-Backed Securities		8,819		—	(a)		49			(187	)		58		(1,971	)		17		—			6,785
Corporate Bonds — Financials		—		—			—	(a)		1			211		(54	)		—		—			158
Loan Assignments — Consumer Discretionary		—		—			(27	)		18			12		(2,417	)		4,703		—			2,289
	$	156,742	$	(445	)	$	(171	)	$	(436	)	$	21,929	$	(79,396	)	$	26,397	$	(13,886	)	$	110,734

74 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

Intermediate Bond Trust	Balance as of February 28, 2017		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, 2018
Investments in Securities:
Asset-Backed Securities	$	7,994	$	(36	)	$	69		$	—	(a)	$	—	$	(3,313	)	$	996	$	(539	)	$	5,171
Collateralized Mortgage Obligations		764		2			11			3			—		(545	)		—		(16	)		219
Commercial Mortgage-Backed Securities		594		—			10			—	(a)		—		—			—		—			604
Corporate Bonds — Financials		—		—			—	(a)		—	(a)		16		(4	)		—		—			12
	$	9,352	$	(34	)	$	90		$	3		$	16	$	(3,862	)	$	996	$	(555	)	$	6,006

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 year ended February 28, 2018.

The change in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2018, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Core Bond Trust	$	(712	)
Intermediate Bond Trust		43

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

Core Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	53,626	Discounted Cash Flow	Constant Prepayment Rate		0.00% -30.00% (4.89%)
				Constant Default Rate		0.00% -30.00% (0.56%)
				Yield (Discount Rate of Cash Flows)		2.28% - 8.14% (3.75%)
Asset-Backed Securities		53,626
		6,122	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (13.90%)
				PSA Prepayment Model		268.00% (268.00%)
				Constant Default Rate		0.00% - 12.68% (3.30%)
				Yield (Discount Rate of Cash Flows)		0.38% - 199.00% (7.20%)
Collateralized Mortgage Obligations		6,122
		2,685	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (19.07%)
				Yield (Discount Rate of Cash Flows)		2.14% - 7.54% (4.81%)
Commercial Mortgage-Backed Securities		2,685
		158	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.76% (3.67%)
				Liquidity Discount		0.75% (0.75%)
Corporate Bonds		158
Total	$	62,591

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $48,143,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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.

Intermediate Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,855	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (6.37%)
				Constant Default Rate		0.00% - 30.00% (0.51%)
				Yield (Discount Rate of Cash Flows)		2.59% - 8.14% (3.42%)
Asset-Backed Securities		2,855
		219	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (15.11%)
				Constant Default Rate		0.00% - 6.50% (2.69%)
				Yield (Discount Rate of Cash Flows)		(0.44%) - 199.00% (4.35%)
Collateralized Mortgage Obligations		219
		202	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.00% (0.17%)
				Constant Default Rate		0.00%
				Yield (Discount Rate of Cash Flows)		3.42% - 5.64% (5.28%)
Commercial Mortgage-Backed Securities		202
		12	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.67% (3.67%)
Corporate Bonds		12
Total	$	3,288

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2018, the value of these investments was approximately $2,718,000. 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, as amended (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 asset value of the Funds.

As of February 28, 2018, 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 Securities, 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.

76 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

The Funds did not have forward commitments nor delayed delivery securities outstanding as of February 28, 2018.

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 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, 2018, 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 on 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, 2018, 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.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

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)
Core Bond Trust	$	—	$	(1	)	$	1
Intermediate Bond Trust		—		—	(a)		—	(a)

(a) Amount rounds to less than 500.

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

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, 2018, and are in place until at least until June 30, 2018.

For the year ended February 28, 2018, 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 Fees		Administration Fees		Total		Contractual Reimbursements
Core Bond Trust	$	4,680	$	2,648	$	7,328	$	—
Intermediate Bond Trust		474		172		646		15

78 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). 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.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended February 28, 2018 were as follows (amounts in thousands):

Core Bond Trust	$	74
Intermediate Bond Trust		7

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.

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, 2018, 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, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) 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, 2018, 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	$	318,718	$	1,152,440	$	139,331	$	224,146
Intermediate Bond Trust		35,605		51,142		57,948		58,303

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Trust	$	2,199,238	$	45,603	$	29,317	$	16,286
Intermediate Bond Trust		164,788		1,632		2,112		(480	)

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, 2018 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Trust	$	88,960	$	27,350	$	116,310
Intermediate Bond Trust		5,144		720		5,864

* Short-term gain distributions are treated as ordinary income for income tax purposes.

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 gain distributions are treated as ordinary income for income tax purposes.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (continued)

As of February 28, 2018, 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	$	961	$	4,869		$	16,286
Intermediate Bond Trust		47		(477	)		(480	)

The cumulative timing differences primarily consist of wash sale loss deferrals and post-October capital loss deferrals.

As of February 28, 2018, the following Fund had the following post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character Short-Term
Intermediate Bond Trust	$	477

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, 2018, the following Funds deferred to March 1, 2018 post-October capital losses of:

	Net Capital Losses Short-Term
Core Bond Trust	$	251
Intermediate Bond Trust		117

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at February 28, 2018. Average borrowings from the Facility for the year ended February 28, 2018, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Core Bond Trust	$	2,950		2.13	%		4	$	1

Core Bond Trust and Intermediate Bond Trust, along with certain other trusts (“Borrowers”), have 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. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

80 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

The Funds did not utilize the Credit Facility during the year ended February 28, 2018.

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, 2018, Intermediate Bond Trust had four individual shareholder accounts which collectively represented 61.7% 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 that the Federal Reserve has recently raised interest rates and may continue to do so, the Funds may face a heightened level of interest rate risk. 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 SEC 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 require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of February 28, 2018. The adoption had no effect on the Funds’ net assets or results of operations.

9. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 81

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (constituting JPMorgan Institutional Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2018, the related statements of operations for the year ended February 28, 2018, the statements of changes in net assets for each of the two years in the period ended February 28, 2018, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2018, 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 ended February 28, 2018 and each of the financial highlights for each of the five years in the period ended February 28, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of February 28, 2018 and held by the custodian and confirmation of securities owned as of February 28, 2018 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 26, 2018

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

82 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the 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), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	138	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).	138	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).	138	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).	138	None
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	138	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	138	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).	138	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).	138	None

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 83

TRUSTEES

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
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) (1985-2005).	138	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).
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).	138	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).
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).	138	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
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).	138	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 eleven registered investment companies (138 funds).

     * Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

    ** A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

  *** 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.

84 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

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).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016; Chief Financial Officer and Head of Valuation, Aberdeen Asset Management PLC (previously Artio Global Management (2009 to September 2013)).
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.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 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 (2011-2017)*	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.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

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 4 New York Plaza, New York, NY 10004.

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

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 85

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, 2017, and continued to hold your shares at the end of the reporting period, February 28, 2018.

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, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Core Bond Trust
Actual	$	1,000.00	$	983.50	$	0.74		0.15	%
Hypothetical		1,000.00		1,024.05		0.75		0.15
Intermediate Bond Trust
Actual		1,000.00		986.00		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).

86 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2018

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, 2018. 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, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 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, 2018 (amounts in thousands):

	Long-Term Capital Gain Distribution
Core Bond Trust	$	27,350
Intermediate Bond Trust		720

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, 2018:

	Income from U.S. Treasury Obligations
Core Bond Trust		14.0	%
Intermediate Bond Trust		14.2

FEBRUARY 28, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 87

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 the 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 SEC’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., 2018.  All rights reserved. February 2018. AN-INSTT-218

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 13(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)).

Effective October 31, 2017, Dennis P. Harrington replaced James Schonbachler as the audit committee financial expert. 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

2018 – $109,268

2017 – $106,000

(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

2018 – $14,090

2017 – $15,830

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

2018 – $18,717

2017 – $28,260

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, 2018 and 2017, 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

2018 – Not applicable

2017 – 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.

2018 – 0.0%

2017 – 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:

2017 - $32.0 million

2016 - $28.3 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. 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.

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.

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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

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

(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.

(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.

(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 2, 2018

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 2, 2018
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	May 2, 2018

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

(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
Timothy J. Clemens	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, 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 2, 2018

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust, 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 2, 2018

/s/ Timothy J. Clemens

Timothy J. Clemens

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 JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust, 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 2, 2018

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 JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust, each a series of JPMorgan Institutional Trust (the “Registrant”);

I, Timothy J. Clemens, 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/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

May 2, 2018

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.