N-CSRS

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)

Noah D. Greenhill, Esq.

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, 2018 through August 31, 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).

Semi-Annual Report

JPMorgan Institutional Trust Funds

August 31, 2018 (Unaudited)

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	62
Financial Highlights	66
Notes to Financial Statements	70
Schedule of Shareholder Expenses	79
Board Approval of Investment Advisory Agreements	80

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

October 9, 2018 (Unaudited)

Dear Shareholder,

The world’s leading economies continued to expand in the six months ended August 31, 2018, though the pattern of synchronized global growth that had characterized the previous two years began to dissipate amid geopolitical tensions and rising borrowing costs for emerging market nations.

  “During the reporting period, the current U.S. economic expansion became the second longest on record.” — George C.W. Gatch

U.S. gross domestic product (GDP) growth surged to 4.2% in the second quarter of 2018 from 2.2% in the first quarter. Notably, unemployment stood at 3.9% in August, though wage growth remained subdued. While the U.S. raised import tariffs on Chinese goods worth billions of dollars and the Chinese government responded in kind during the reporting period, trade tensions with China and other U.S. trading partners appeared to have little impact on business sentiment in the U.S. In response to continued economic growth and falling unemployment, the U.S. Federal Reserve raised benchmark interest rates in March and again in June. (Subsequent to the end of the reporting period, the central bank raised interest rates in September 2018.)

In the European Union, positive economic growth was clouded by political uncertainty. Second quarter GDP rose 2.1%, though core inflation remained below the European Central Bank’s (ECB) target rate. Unemployment in the 19-nation euro area fell to 8.1% in August, the lowest level since November 2008. However, a new government in Italy raised investor concerns that its budget plans would deviate from the European Commission’s stability and growth pact and force the commission to enact punitive measures. Against this backdrop, the ECB held to its plan to maintain interest rates at current levels until at least next summer. Meanwhile, negotiations over the U.K.’s exit from the European Union continued without resolution, raising political tensions between leaders in the EU and the U.K. as well as within the Britain’s ruling Conservative Party.

While trade tensions led to a decline in Chinese exports to the U.S., the Chinese government took steps to further stimulate domestic demand and capital outflows from China appeared limited at the end of the reporting period.

Meanwhile, select emerging market nations saw the value of their currencies and their sovereign debt plummet. Nations dependent on foreign lending and imported petroleum were hit hardest by rising U.S. interest rates and a strengthening U.S. dollar that effectively raised borrowing costs. The economies of Argentina, Brazil, South Africa and Turkey were among those hurt by rising borrowing costs and/or political uncertainty.

In financial markets, U.S. equities largely recovered from a sharp sell-off in February 2018 and outperformed other regions and other asset classes. Record corporate earnings, strong consumer spending and positive economic data bolstered equity prices and pushed the S&P 500 Index to record highs in August. Equity prices in other developed markets were weak and prices fell sharply in emerging markets. Bond markets were mixed, with limited positive returns in select U.S. Treasury bonds and U.S. high yield bonds (also called “junk bonds”) and negative returns for emerging markets debt. Notably, global energy prices rose somewhat during the reporting period, which supported oil exporting economies without becoming a large drag on global economic growth.

During the reporting period, the current U.S. economic expansion became the second longest on record. While the underlying fundamentals of continued global economic growth remained in place at the end of August, the longer-term impact of protectionist U.S. trade policy and the extent of currency devaluation in emerging markets were key issues looming over global financial markets.

We believe that investors may be best served by a well-diversified portfolio and a patient outlook. 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

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 1

JPMorgan Institutional Trust Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

During the reporting period, U.S. bond markets largely underperformed U.S. equities, which were supported by record corporate profits, strong consumer spending and continued economic growth. The U.S. Federal Reserve raised interest rates in March and again in June.

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 became the second-longest on record.

2 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

JPMorgan Core Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Reporting Period Return:
Fund*		1.05%
Bloomberg Barclays U.S. Aggregate Bond Index (formerly Bloomberg Barclays U.S. Aggregate Index)		1.15%
Net Assets as of 8/31/2018 (In Thousands)	$	2,046,287
Duration as of 8/31/2018		5.8 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 six months ended August 31, 2018, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight position in the 30-year portion of the yield curve was a leading detractor from performance as that portion of the yield curve outperformed other portions. 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 security selection within agency mortgage-backed securities also detracted from relative performance.

The Fund’s shorter overall duration relative to the Benchmark was a leading contributor to relative performance as interest rates rose during the reporting period. Duration measures the price sensitivity of a bond or portfolio of bonds relative to changes in interest rates. Generally, a bond with shorter duration will experience a smaller decrease in price as interest rates rise, compared with longer duration bonds. The Fund’s overweight position and security selection in short duration securitized credit, including asset-backed securities and non-agency mortgages, also made a positive contribution to 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***
U.S. Treasury Obligations	26.1	%
Corporate Bonds	23.5
Mortgage-Backed Securities	16.1
Collateralized Mortgage Obligations	14.4
Asset-Backed Securities	12.1
Commercial Mortgage-Backed Securities	4.9
U.S. Government Agency Securities	1.4
Others (each less than 1.0%)	1.2
Short-Term Investments	0.3

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

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

*** Percentages indicated are based on total investments as of August 31, 2018. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 3

JPMorgan Core Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		1.05	%		(0.62	)%		2.87	%		4.83	%

* Not annualized

TEN YEAR PERFORMANCE (8/31/08 TO 8/31/18)

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 Bond Index and the Lipper Intermediate U.S. Government Funds Index from August 31, 2008 to August 31, 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 Bond 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 Bond 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 AUGUST 31, 2018

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Reporting Period Return:
Fund*		1.18%
Bloomberg Barclays Intermediate U.S. Government/Credit Index		0.99%
Net Assets as of 8/31/2018 (In Thousands)	$	153,488
Duration as of 8/31/2018		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 six months ended August 31, 2018, the Fund outperformed the Bloomberg Barclays Intermediate U.S. Government/Credit Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight position in the 2-3 year portion of the yield curve was a leading contributor to performance as the 2-3 year portion of the yield curve underperformed other maturities. 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 out-of-Benchmark allocation to structured credit, including non-agency mortgages and asset backed securities, also helped relative performance.

The Fund’s security selection with agency mortgages and within corporate bonds was a leading detractor from performance relative to the Benchmark.

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.

PORTFOLIO COMPOSITION***
Corporate Bonds	31.9	%
U.S. Treasury Obligations	26.2
Collateralized Mortgage Obligations	17.5
Asset-Backed Securities	9.6
Mortgage-Backed Securities	9.4
Commercial Mortgage-Backed Securities	3.6
Others (each less than 1.0%)	1.0
Short-Term Investments	0.8

* 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 August 31, 2018. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 5

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		1.18	%		(0.24	)%		2.27	%		4.03	%

* Not annualized

TEN YEAR PERFORMANCE (8/31/08 TO 8/31/18)

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 August 31, 2008 to August 31, 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 AUGUST 31, 2018

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 26.0%
U.S. Treasury Bonds 6.13%, 8/15/2029		300		391
5.38%, 2/15/2031		45		56
4.38%, 5/15/2040		80		98
2.88%, 5/15/2043		17,375		16,934
3.63%, 8/15/2043		27,650		30,567
3.75%, 11/15/2043		11,654		13,149
3.63%, 2/15/2044		17,780		19,677
2.50%, 2/15/2045		3,900		3,527
2.88%, 8/15/2045		2,300		2,236
3.00%, 2/15/2048		670		667
3.13%, 5/15/2048		5,127		5,230
U.S. Treasury Inflation Indexed Bonds 1.75%, 1/15/2028		300		391
3.63%, 4/15/2028		799		1,565
2.50%, 1/15/2029		300		410
U.S. Treasury Inflation Indexed Notes 1.38%, 1/15/2020		607		713
0.13%, 1/15/2022		2,453		2,673
U.S. Treasury Notes 1.13%, 1/31/2019		15,000		14,931
1.13%, 2/28/2019		11,000		10,940
1.38%, 2/28/2019		7,000		6,969
1.00%, 11/15/2019		20,000		19,641
1.38%, 2/29/2020		8,000		7,859
1.38%, 3/31/2020		20,000		19,625
1.38%, 1/31/2021		880		853
2.63%, 5/15/2021		1,006		1,004
3.13%, 5/15/2021		7,250		7,331
2.13%, 8/15/2021		23,000		22,624
2.00%, 10/31/2021		1,100		1,076
2.00%, 7/31/2022		5,000		4,864
1.63%, 8/31/2022		3,000		2,874
2.00%, 10/31/2022		1,650		1,602
1.50%, 2/28/2023		3,000		2,843
2.75%, 5/31/2023		5,877		5,878
2.13%, 2/29/2024		269		260
2.50%, 5/15/2024		500		493
1.88%, 8/31/2024		569		540
2.25%, 11/15/2024		400		387
2.88%, 4/30/2025		1,212		1,217
2.88%, 5/31/2025		7,419		7,446
2.00%, 8/15/2025		262		249
1.63%, 2/15/2026		28		25
2.25%, 2/15/2027		1,368		1,307
2.88%, 5/15/2028		5,356		5,356

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury STRIPS Bonds 2.23%, 2/15/2020 (a)		2,755		2,655
3.64%, 8/15/2020 (a)		14,465		13,735
2.49%, 2/15/2021 (a)		12,095		11,325
1.96%, 5/15/2021 (a)		23,265		21,623
3.63%, 8/15/2021 (a)		6,100		5,630
3.41%, 11/15/2021 (a)		9,980		9,149
2.78%, 2/15/2022 (a)		15,768		14,334
2.41%, 5/15/2022 (a)		18,545		16,737
2.97%, 8/15/2022 (a)		4,800		4,302
2.69%, 11/15/2022 (a)		14,400		12,818
3.38%, 2/15/2023 (a)		38,462		33,992
2.97%, 5/15/2023 (a)		14,070		12,341
2.28%, 8/15/2023 (a)		13,900		12,112
2.28%, 11/15/2023 (a)		14,000		12,101
2.37%, 2/15/2024 (a)		2,200		1,888
6.70%, 5/15/2024 (a)		200		170
5.01%, 8/15/2024 (a)		600		507
6.57%, 5/15/2026 (a)		1,500		1,202
3.41%, 8/15/2026 (a)		1,592		1,266
6.69%, 5/15/2027 (a)		2,550		1,979
6.40%, 11/15/2029 (a)		100		72
4.61%, 11/15/2030 (a)		12,855		8,927
3.19%, 2/15/2032 (a)		9,575		6,388
3.64%, 5/15/2032 (a)		18,050		11,959
3.02%, 8/15/2032 (a)		14,395		9,459
4.10%, 11/15/2032 (a)		10,140		6,608
3.86%, 2/15/2033 (a)		5,500		3,558
4.32%, 5/15/2033 (a)		16,500		10,597
5.96%, 8/15/2033 (a)		3,050		1,943
3.79%, 2/15/2034 (a)		9,500		5,959
3.37%, 5/15/2034 (a)		10,600		6,600
3.82%, 8/15/2034 (a)		1,650		1,020
3.03%, 11/15/2041 (a)		23,500		11,731
U.S. Treasury STRIPS Notes 1.67%, 2/15/2020 (a)		10,535		10,151
Total U.S. Treasury Obligations (Cost $531,517)				531,316
Corporate Bonds — 23.3%
Aerospace & Defense — 0.3%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		557		540
Airbus SE (France) 3.95%, 4/10/2047 (b)		150		148
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (b)		400		410

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Aerospace & Defense — continued
Harris Corp. 3.83%, 4/27/2025		850		837
Lockheed Martin Corp. 4.07%, 12/15/2042		600		583
Northrop Grumman Corp. 3.25%, 1/15/2028		200		189
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		300		401
Precision Castparts Corp. 3.25%, 6/15/2025		1,350		1,323
Rockwell Collins, Inc. 3.20%, 3/15/2024		350		340
4.35%, 4/15/2047		199		193
United Technologies Corp. 3.95%, 8/16/2025		215		216
4.45%, 11/16/2038		210		208
4.50%, 6/1/2042		914		905
4.15%, 5/15/2045		543		511
				6,804
Air Freight & Logistics — 0.0% (c)
FedEx Corp. 3.90%, 2/1/2035		318		300
4.10%, 4/15/2043		100		91
				391
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust
Series 2012-2, Class A, 4.00%, 10/29/2024		164		165
Automobiles — 0.2%
Daimler Finance North America LLC (Germany) 2.25%, 3/2/2020 (b)		305		301
Ford Motor Co. 7.45%, 7/16/2031		1,500		1,663
General Motors Co. 6.60%, 4/1/2036		1,286		1,380
Hyundai Capital America 2.40%, 10/30/2018 (b)		526		523
3.00%, 3/18/2021 (b)		1,000		980
				4,847
Banks — 4.0%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		1,216		1,231
ANZ New Zealand Int’l Ltd. (New Zealand) 2.60%, 9/23/2019 (b)		750		747
2.85%, 8/6/2020 (b)		402		399
Australia & New Zealand Banking Group Ltd. (Australia) 4.88%, 1/12/2021 (b)		228		236
4.40%, 5/19/2026 (b)		263		260
Banco Santander SA (Spain) 3.13%, 2/23/2023		400		383
4.38%, 4/12/2028		400		387

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Bank of America Corp. 3.30%, 1/11/2023		885		878
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		588		580
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (d)		1,855		1,808
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		1,747		1,701
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (d)		547		543
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (d)		526		503
3.25%, 10/21/2027		1,189		1,117
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		1,700		1,643
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		4,975		4,684
Bank of Montreal (Canada) 2.10%, 12/12/2019		3,000		2,975
Barclays plc (United Kingdom) 3.68%, 1/10/2023		770		753
3.65%, 3/16/2025		1,808		1,708
4.38%, 1/12/2026		400		391
BB&T Corp. 5.25%, 11/1/2019		740		759
BNP Paribas SA (France) 3.50%, 3/1/2023 (b)		290		284
3.38%, 1/9/2025 (b)		425		403
BNZ International Funding Ltd. (New Zealand) 2.10%, 9/14/2021 (b)		450		431
2.65%, 11/3/2022 (b)		632		607
Canadian Imperial Bank of Commerce (Canada) 2.25%, 7/21/2020 (b)		952		938
Capital One Bank USA NA 3.38%, 2/15/2023		300		293
Capital One NA 2.40%, 9/5/2019		850		846
Citigroup, Inc. 2.40%, 2/18/2020		500		495
2.65%, 10/26/2020		1,210		1,196
2.70%, 3/30/2021		778		767
2.35%, 8/2/2021		115		112
3.88%, 3/26/2025		500		489
5.50%, 9/13/2025		865		921
3.70%, 1/12/2026		1,900		1,855
3.40%, 5/1/2026		1,000		957
4.30%, 11/20/2026		1,200		1,183
6.63%, 1/15/2028		250		291
8.13%, 7/15/2039		223		320
5.88%, 1/30/2042		321		375
Citizens Bank NA 3.70%, 3/29/2023		720		721

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Commonwealth Bank of Australia (Australia) 3.45%, 3/16/2023 (b)		600		598
4.50%, 12/9/2025 (b)		832		830
3.90%, 3/16/2028 (b)		600		600
Cooperatieve Rabobank UA (Netherlands) 4.38%, 8/4/2025		1,738		1,732
5.80%, 9/30/2110 (b)		500		569
Credit Agricole SA (France) 4.38%, 3/17/2025 (b)		1,250		1,231
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) 2.75%, 3/26/2020		250		248
3.80%, 6/9/2023		800		795
3.75%, 3/26/2025		340		330
Discover Bank 3.10%, 6/4/2020		343		342
4.25%, 3/13/2026		1,205		1,196
Fifth Third Bancorp 3.95%, 3/14/2028		500		496
Fifth Third Bank 2.38%, 4/25/2019		600		599
2.88%, 10/1/2021		340		335
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (b)		575		593
HSBC Holdings plc (United Kingdom) 2.65%, 1/5/2022		2,212		2,152
4.00%, 3/30/2022		1,056		1,074
3.60%, 5/25/2023		1,054		1,049
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (d)		473		458
4.25%, 8/18/2025		939		933
3.90%, 5/25/2026		200		197
Huntington Bancshares, Inc. 3.15%, 3/14/2021		321		320
Huntington National Bank (The) 2.88%, 8/20/2020		858		852
Intesa Sanpaolo SpA (Italy) 3.88%, 7/14/2027 (b)		859		738
KeyBank NA 3.18%, 5/22/2022		729		719
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (d)		612		585
4.58%, 12/10/2025		400		394
4.38%, 3/22/2028		475		467
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.95%, 3/1/2021		243		241
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.45%, 10/16/2019 (b)		800		795

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (b)		623		621
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021 (b)		742		726
MUFG Americas Holdings Corp. 2.25%, 2/10/2020		270		267
National Australia Bank Ltd. (Australia) 2.50%, 1/12/2021		700		687
Nordea Bank AB (Sweden) 4.25%, 9/21/2022 (b)		945		959
PNC Bank NA 1.95%, 3/4/2019		490		489
PNC Financial Services Group, Inc. (The) 6.70%, 6/10/2019		298		307
4.38%, 8/11/2020		864		885
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		337		346
Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (d)		290		290
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		452		447
3.57%, 1/10/2023		200		195
Societe Generale SA (France) 2.50%, 4/8/2021 (b)		850		829
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (b)		927		914
Stadshypotek AB (Sweden) 1.88%, 10/2/2019 (b)		1,148		1,136
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (b)		700		716
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (b) (d)		400		393
4.05%, 4/12/2026 (b)		769		753
(ICE LIBOR USD 3 Month + 1.97%), 4.87%, 3/15/2033 (b) (d)		200		196
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.78%, 10/18/2022		542		525
3.10%, 1/17/2023		689		675
2.63%, 7/14/2026		872		797
SunTrust Banks, Inc. 2.90%, 3/3/2021		253		251
4.00%, 5/1/2025		265		267
Toronto-Dominion Bank (The) (Canada) 2.25%, 11/5/2019		521		518
2.13%, 4/7/2021		115		112
1.80%, 7/13/2021		114		110

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
UBS Group Funding Switzerland AG (Switzerland) 3.49%, 5/23/2023 (b)		269		266
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (b) (d)		200		193
4.13%, 9/24/2025 (b)		300		301
4.13%, 4/15/2026 (b)		963		962
US Bancorp 7.50%, 6/1/2026		1,277		1,555
US Bank NA 2.80%, 1/27/2025		896		857
Wells Fargo & Co. 3.50%, 3/8/2022		850		853
3.07%, 1/24/2023		500		489
4.48%, 1/16/2024		702		723
3.30%, 9/9/2024		1,000		979
3.00%, 2/19/2025		453		432
3.00%, 4/22/2026		540		506
4.10%, 6/3/2026		637		632
Westpac Banking Corp. (Australia) 3.40%, 1/25/2028		690		667
				82,464
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc. (Belgium) 3.30%, 2/1/2023		2,722		2,700
3.65%, 2/1/2026		2,633		2,576
4.70%, 2/1/2036		1,430		1,450
4.90%, 2/1/2046		1,135		1,153
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.38%, 4/15/2038		400		390
4.75%, 4/15/2058		710		697
Coca-Cola Femsa SAB de CV (Mexico) 3.88%, 11/26/2023		250		248
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		299
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025 (b)		149		151
3.43%, 6/15/2027		250		233
4.99%, 5/25/2038 (b)		215		219
PepsiCo, Inc. 4.45%, 4/14/2046		534		564
				10,680
Biotechnology — 0.2%
AbbVie, Inc. 3.60%, 5/14/2025		813		794
Amgen, Inc. 4.95%, 10/1/2041		500		512
Baxalta, Inc. 3.60%, 6/23/2022		500		503
5.25%, 6/23/2045		167		182

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Biotechnology — continued
Celgene Corp. 3.45%, 11/15/2027		250		234
5.70%, 10/15/2040		633		690
Gilead Sciences, Inc. 3.70%, 4/1/2024		189		190
3.50%, 2/1/2025		210		207
3.65%, 3/1/2026		632		626
4.60%, 9/1/2035		816		847
				4,785
Building Products — 0.1%
Johnson Controls International plc 3.75%, 12/1/2021		591		596
5.25%, 12/1/2041		1,000		1,027
4.95%, 7/2/2064 (e)		273		260
Masco Corp. 6.50%, 8/15/2032		600		666
				2,549
Capital Markets — 2.5%
Bank of New York Mellon Corp. (The) 4.60%, 1/15/2020		760		778
2.60%, 8/17/2020		909		902
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		1,363		1,326
3.25%, 9/11/2024		700		691
2.80%, 5/4/2026		254		241
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (b)		429		409
Brookfield Finance, Inc. (Canada) 3.90%, 1/25/2028		337		322
4.70%, 9/20/2047		427		410
Carlyle Promissory Note 4.34%, 7/15/2019 ‡		106		106
CME Group, Inc. 5.30%, 9/15/2043		285		338
Credit Suisse AG (Switzerland) 2.30%, 5/28/2019		728		726
3.63%, 9/9/2024		402		399
Credit Suisse Group AG (Switzerland) 3.57%, 1/9/2023 (b)		729		719
4.28%, 1/9/2028 (b)		762		750
Deutsche Bank AG (Germany) 4.25%, 10/14/2021		1,000		995
3.30%, 11/16/2022		1,000		951
FMR LLC 6.45%, 11/15/2039 (b)		500		628
Goldman Sachs Group, Inc. (The) 5.38%, 3/15/2020		1,786		1,846
2.75%, 9/15/2020		506		502
2.35%, 11/15/2021		1,940		1,880
3.00%, 4/26/2022		1,200		1,179

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		2,473		2,405
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		493		478
3.50%, 1/23/2025		557		542
3.75%, 5/22/2025		1,984		1,953
4.25%, 10/21/2025		1,415		1,407
3.50%, 11/16/2026		469		446
3.85%, 1/26/2027		830		808
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		2,093		1,996
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		1,000		988
6.75%, 10/1/2037		685		827
Intercontinental Exchange, Inc. 2.50%, 10/15/2018		447		447
4.00%, 10/15/2023		884		907
Invesco Finance plc 4.00%, 1/30/2024		657		666
3.75%, 1/15/2026		390		390
Jefferies Group LLC 6.45%, 6/8/2027		749		813
Macquarie Bank Ltd. (Australia) 2.60%, 6/24/2019 (b)		896		895
2.85%, 7/29/2020 (b)		1,000		991
4.00%, 7/29/2025 (b)		1,000		997
Macquarie Group Ltd. (Australia) 6.00%, 1/14/2020 (b)		1,200		1,241
6.25%, 1/14/2021 (b)		1,650		1,750
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		700		654
Morgan Stanley 7.30%, 5/13/2019		970		1,000
5.63%, 9/23/2019		1,265		1,300
2.65%, 1/27/2020		500		497
5.50%, 7/24/2020		475		495
5.75%, 1/25/2021		906		956
2.50%, 4/21/2021		1,064		1,042
5.50%, 7/28/2021		559		591
3.75%, 2/25/2023		2,365		2,380
4.00%, 7/23/2025		2,873		2,884
3.88%, 1/27/2026		946		933
State Street Corp. 3.10%, 5/15/2023		369		364
				50,141
Chemicals — 0.3%
Albemarle Corp. 5.45%, 12/1/2044		150		158
Chevron Phillips Chemical Co. LLC 3.70%, 6/1/2028 (b)		600		597

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — continued
Dow Chemical Co. (The) 4.25%, 10/1/2034		375		365
Mosaic Co. (The) 5.45%, 11/15/2033		861		888
4.88%, 11/15/2041		79		73
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		490		465
3.00%, 4/1/2025		660		613
4.13%, 3/15/2035		455		422
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		368
Union Carbide Corp. 7.50%, 6/1/2025		1,000		1,174
7.75%, 10/1/2096		850		1,069
Westlake Chemical Corp. 4.38%, 11/15/2047		237		217
				6,409
Commercial Services & Supplies — 0.0% (c)
Republic Services, Inc. 2.90%, 7/1/2026		175		163
Communications Equipment — 0.1%
Cisco Systems, Inc. 5.90%, 2/15/2039		755		942
5.50%, 1/15/2040		350		421
				1,363
Construction & Engineering — 0.0% (c)
Fluor Corp. 3.38%, 9/15/2021		789		798
Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025 (b)		417		411
5.13%, 5/18/2045 (b)		893		906
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		715
				2,032
Consumer Finance — 0.8%
AerCap Ireland Capital DAC (Ireland) 3.30%, 1/23/2023		390		378
3.50%, 1/15/2025		600		572
American Express Credit Corp. 1.88%, 11/5/2018		1,028		1,027
2.25%, 5/5/2021		1,126		1,099
2.70%, 3/3/2022		715		699
Capital One Financial Corp. 3.20%, 2/5/2025		1,069		1,015
4.20%, 10/29/2025		250		246
Ford Motor Credit Co. LLC 3.34%, 3/28/2022		1,000		967
3.81%, 1/9/2024		1,085		1,041
4.13%, 8/4/2025		1,162		1,097

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
General Motors Financial Co., Inc. 3.45%, 4/10/2022		1,091		1,072
3.70%, 5/9/2023		1,230		1,205
3.95%, 4/13/2024		1,400		1,370
3.50%, 11/7/2024		640		607
4.35%, 4/9/2025		540		533
4.30%, 7/13/2025		550		541
John Deere Capital Corp. 3.15%, 10/15/2021		233		233
2.70%, 1/6/2023		819		800
2.80%, 3/6/2023		893		877
Synchrony Financial 4.25%, 8/15/2024		660		640
				16,019
Containers & Packaging — 0.1%
International Paper Co. 8.70%, 6/15/2038		470		663
7.30%, 11/15/2039		600		763
WestRock Co. 3.75%, 3/15/2025 (b)		400		394
				1,820
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		643		577
Diversified Financial Services — 0.8%
GE Capital International Funding Co. Unlimited Co. 3.37%, 11/15/2025		573		554
4.42%, 11/15/2035		7,083		6,815
GTP Acquisition Partners I LLC 2.35%, 6/15/2020 (b)		1,236		1,211
3.48%, 6/16/2025 (b)		1,436		1,408
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (b)		539		530
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
2.65%, 9/19/2022 (b)		606		581
National Rural Utilities Cooperative Finance Corp. 10.38%, 11/1/2018		203		205
2.95%, 2/7/2024		306		298
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		537
Shell International Finance BV (Netherlands) 4.13%, 5/11/2035		2,069		2,106
Siemens Financieringsmaatschappij NV (Germany) 2.90%, 5/27/2022 (b)		634		625
3.13%, 3/16/2024 (b)		750		734
4.40%, 5/27/2045 (b)		513		533
				16,137

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — 1.0%
AT&T, Inc. 3.95%, 1/15/2025		1,126		1,110
4.13%, 2/17/2026		821		811
4.30%, 2/15/2030 (b)		4,567		4,375
4.50%, 5/15/2035		525		487
6.00%, 8/15/2040		2,000		2,106
5.35%, 9/1/2040		500		492
4.30%, 12/15/2042		348		298
4.35%, 6/15/2045		462		395
British Telecommunications plc (United Kingdom) 9.63%, 12/15/2030 (e)		150		214
Centel Capital Corp. 9.00%, 10/15/2019		600		629
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (b)		175		168
4.88%, 3/6/2042 (b)		232		232
Qwest Corp. 6.75%, 12/1/2021		741		794
Telefonica Emisiones SAU (Spain) 5.13%, 4/27/2020		526		542
5.46%, 2/16/2021		316		331
4.10%, 3/8/2027		321		312
Verizon Communications, Inc. 3.50%, 11/1/2021		400		404
3.38%, 2/15/2025		2,304		2,243
4.33%, 9/21/2028 (b)		962		969
4.40%, 11/1/2034		1,895		1,830
4.27%, 1/15/2036		200		188
5.25%, 3/16/2037		457		483
4.81%, 3/15/2039		943		946
5.01%, 8/21/2054		566		551
				20,910
Electric Utilities — 1.5%
Alabama Power Co. 6.13%, 5/15/2038		239		296
Arizona Public Service Co. 2.20%, 1/15/2020		133		132
5.05%, 9/1/2041		467		522
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		455		445
3.50%, 8/15/2046		376		339
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		1,234		1,183
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (b)		831		847
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		236		235

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Duke Energy Carolinas LLC 6.00%, 1/15/2038		100		123
6.05%, 4/15/2038		155		193
4.25%, 12/15/2041		129		132
Duke Energy Florida LLC 6.40%, 6/15/2038		90		116
Duke Energy Progress LLC 4.10%, 5/15/2042		273		272
4.10%, 3/15/2043		125		125
Edison International 4.13%, 3/15/2028		200		200
Electricite de France SA (France) 6.00%, 1/22/2114 (b)		1,300		1,368
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (b)		740		681
Entergy Arkansas, Inc. 3.50%, 4/1/2026		175		174
Entergy Corp. 2.95%, 9/1/2026		336		311
Entergy Louisiana LLC 3.05%, 6/1/2031		629		582
Entergy Mississippi, Inc. 2.85%, 6/1/2028		559		520
Evergy, Inc. 4.85%, 6/1/2021		679		698
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		289		296
Florida Power & Light Co. 5.95%, 2/1/2038		350		435
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,152
8.05%, 7/7/2024		350		431
Indiana Michigan Power Co. 7.00%, 3/15/2019		100		102
ITC Holdings Corp. 2.70%, 11/15/2022		900		867
Jersey Central Power & Light Co. 7.35%, 2/1/2019		100		102
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		757		785
Kansas City Power & Light Co. 5.30%, 10/1/2041		1,400		1,588
Korea Southern Power Co. Ltd. (South Korea)
3.00%, 1/29/2021 (b)		228		225
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		315		317
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		129
5.38%, 9/15/2040		55		63
5.45%, 5/15/2041		305		355
New England Power Co. (United Kingdom) 3.80%, 12/5/2047 (b)		168		158
NextEra Energy Capital Holdings, Inc. 2.40%, 9/15/2019		371		369
Niagara Mohawk Power Corp. 4.88%, 8/15/2019 (b)		300		305
3.51%, 10/1/2024 (b)		493		492

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Northern States Power Co. 6.25%, 6/1/2036		510		642
Oncor Electric Delivery Co. LLC 6.80%, 9/1/2018		840		840
7.00%, 9/1/2022		110		125
Pacific Gas & Electric Co. 3.50%, 6/15/2025		781		742
2.95%, 3/1/2026		492		445
6.05%, 3/1/2034		100		112
4.50%, 12/15/2041		390		366
4.60%, 6/15/2043		90		87
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		150		141
Pepco Holdings LLC 7.45%, 8/15/2032		316		389
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,394
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		196
Progress Energy, Inc. 3.15%, 4/1/2022		673		665
7.00%, 10/30/2031		300		380
Public Service Co. of Colorado 3.55%, 6/15/2046		214		194
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,196
Public Service Electric & Gas Co. 5.38%, 11/1/2039		317		372
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		395
Series 08-A, 5.95%, 2/1/2038		200		237
Southern Co. (The) 3.25%, 7/1/2026		357		336
Southwestern Public Service Co. 4.50%, 8/15/2041		200		210
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		365
Virginia Electric & Power Co. 3.45%, 2/15/2024		64		64
Xcel Energy, Inc. 6.50%, 7/1/2036		74		95
4.80%, 9/15/2041		92		98
				29,751
Electrical Equipment — 0.0% (c)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		292		288
Eaton Corp. 7.63%, 4/1/2024		300		352
4.00%, 11/2/2032		170		170
				810
Electronic Equipment, Instruments & Components — 0.0% (c)
Arrow Electronics, Inc. 4.50%, 3/1/2023		190		193
3.25%, 9/8/2024		219		206

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electronic Equipment, Instruments & Components — continued
3.88%, 1/12/2028		442		417
				816
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		300		318
Halliburton Co. 7.45%, 9/15/2039		500		669
Schlumberger Holdings Corp. 3.63%, 12/21/2022 (b)		649		650
4.00%, 12/21/2025 (b)		200		201
Schlumberger Investment SA 3.30%, 9/14/2021 (b)		441		442
				2,280
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp. 5.90%, 11/1/2021		100		107
3.50%, 1/31/2023		1,043		1,028
5.00%, 2/15/2024		974		1,023
3.38%, 10/15/2026		312		293
American Tower Trust #1 3.07%, 3/15/2023 (b)		750		738
AvalonBay Communities, Inc. 2.85%, 3/15/2023		700		681
Boston Properties LP 3.20%, 1/15/2025		532		513
3.65%, 2/1/2026		483		472
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		389
Crown Castle International Corp. 4.00%, 3/1/2027		264		256
DDR Corp. 4.70%, 6/1/2027		330		334
Digital Realty Trust LP 3.70%, 8/15/2027		252		242
Duke Realty LP 3.25%, 6/30/2026		239		226
EPR Properties 4.50%, 6/1/2027		621		599
4.95%, 4/15/2028		305		303
Equity Commonwealth 5.88%, 9/15/2020		600		617
Government Properties Income Trust 3.75%, 8/15/2019		2,150		2,161
4.00%, 7/15/2022		784		779
HCP, Inc. 4.20%, 3/1/2024		230		231
3.88%, 8/15/2024		794		781
3.40%, 2/1/2025		265		253
National Retail Properties, Inc. 4.00%, 11/15/2025		783		776
Realty Income Corp. 3.88%, 4/15/2025		485		484
4.65%, 3/15/2047		556		573

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		420		408
Select Income 3.60%, 2/1/2020		1,000		996
Senior Housing Properties Trust 3.25%, 5/1/2019		500		500
4.75%, 2/15/2028		400		392
Simon Property Group LP 3.75%, 2/1/2024		532		537
3.38%, 10/1/2024		868		857
UDR, Inc. 2.95%, 9/1/2026		382		354
Ventas Realty LP 3.50%, 2/1/2025		242		233
4.13%, 1/15/2026		406		403
3.85%, 4/1/2027		554		537
VEREIT Operating Partnership LP 4.60%, 2/6/2024		1,000		1,009
Welltower, Inc. 4.50%, 1/15/2024		732		749
				20,834
Food & Staples Retailing — 0.1%
CVS Pass-Through Trust 4.70%, 1/10/2036 (b)		692		687
Sysco Corp. 3.55%, 3/15/2025		140		137
3.75%, 10/1/2025		291		289
4.45%, 3/15/2048		100		99
Walgreen Co. 4.40%, 9/15/2042		200		182
Walgreens Boots Alliance, Inc. 3.80%, 11/18/2024		100		99
4.50%, 11/18/2034		386		370
				1,863
Food Products — 0.3%
Bunge Ltd. Finance Corp. 3.50%, 11/24/2020		95		95
Campbell Soup Co. 3.95%, 3/15/2025		720		700
Cargill, Inc. 3.30%, 3/1/2022 (b)		600		600
3.25%, 3/1/2023 (b)		115		114
General Mills, Inc. 4.00%, 4/17/2025		490		490
4.20%, 4/17/2028		315		314
4.55%, 4/17/2038		120		118
Kellogg Co. 3.40%, 11/15/2027		190		180
Kraft Heinz Foods Co. 6.88%, 1/26/2039		1,071		1,261
5.00%, 6/4/2042		694		666
McCormick & Co., Inc. 3.15%, 8/15/2024		179		173
3.40%, 8/15/2027		264		253

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food Products — continued
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		156
Tyson Foods, Inc. 4.88%, 8/15/2034		300		306
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		290		289
				5,715
Gas Utilities — 0.2%
Atmos Energy Corp. 8.50%, 3/15/2019		375		386
4.15%, 1/15/2043		828		822
4.13%, 10/15/2044		125		124
Boston Gas Co. 4.49%, 2/15/2042 (b)		308		319
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		440		441
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		335		342
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		382		378
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (b)		653		622
Southern Natural Gas Co. LLC 8.00%, 3/1/2032		351		453
4.80%, 3/15/2047 (b)		367		367
				4,254
Health Care Equipment & Supplies — 0.1%
Covidien International Finance SA 2.95%, 6/15/2023		399		391
Medtronic, Inc. 3.13%, 3/15/2022		422		420
4.38%, 3/15/2035		960		1,002
				1,813
Health Care Providers & Services — 0.6%
Aetna, Inc. 6.75%, 12/15/2037		440		559
Anthem, Inc. 3.30%, 1/15/2023		280		277
4.63%, 5/15/2042		500		485
4.65%, 1/15/2043		535		524
4.65%, 8/15/2044		648		631
CVS Health Corp. 4.00%, 12/5/2023		725		730
4.10%, 3/25/2025		2,911		2,914
4.30%, 3/25/2028		779		773
4.78%, 3/25/2038		1,150		1,144
5.05%, 3/25/2048		642		651

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Providers & Services — continued
Express Scripts Holding Co. 3.00%, 7/15/2023		305		292
3.50%, 6/15/2024		900		873
4.50%, 2/25/2026		300		303
Mayo Clinic Series 2016, 4.13%, 11/15/2052		425		430
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		588		600
Quest Diagnostics, Inc. 3.45%, 6/1/2026		251		240
Texas Health Resources 4.33%, 11/15/2055		640		653
UnitedHealth Group, Inc. 4.63%, 7/15/2035		760		814
				12,893
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		900		940
Household Durables — 0.0% (c)
Newell Brands, Inc. 5.50%, 4/1/2046		230		220
Household Products — 0.0% (c)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (b)		700		676
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		240
Southern Power Co. 5.15%, 9/15/2041		600		612
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		417		381
				1,233
Industrial Conglomerates — 0.1%
General Electric Co. 5.30%, 2/11/2021		191		200
2.70%, 10/9/2022		107		104
3.10%, 1/9/2023		573		565
3.45%, 5/15/2024		541		538
5.88%, 1/14/2038		95		109
Roper Technologies, Inc. 3.00%, 12/15/2020		192		191
				1,707
Insurance — 1.1%
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (b)		520		671
American International Group, Inc. 3.75%, 7/10/2025		674		659
Assurant, Inc. 4.20%, 9/27/2023		660		662
Athene Global Funding 2.75%, 4/20/2020 (b)		1,055		1,043
4.00%, 1/25/2022 (b)		515		519
Athene Holding Ltd. 4.13%, 1/12/2028		575		539

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,574		1,640
CNA Financial Corp. 3.95%, 5/15/2024		463		464
Dai-ichi Life Insurance Co. Ltd. (The) (Japan)
(ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (b) (d) (f) (g)		526		494
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (b)		700		662
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		208		207
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		570		549
Jackson National Life Global Funding 1.88%, 10/15/2018 (b)		563		563
3.05%, 4/29/2026 (b)		675		640
Liberty Mutual Group, Inc. 4.95%, 5/1/2022 (b)		408		424
6.50%, 3/15/2035 (b)		900		1,079
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (b)		100		123
Lincoln National Corp. 4.20%, 3/15/2022		598		610
Massachusetts Mutual Life Insurance Co. 8.88%, 6/1/2039 (b)		91		143
5.38%, 12/1/2041 (b)		280		321
MassMutual Global Funding II 2.50%, 10/17/2022 (b)		626		607
MetLife, Inc. 4.88%, 11/13/2043		600		638
Metropolitan Life Global Funding I 1.55%, 9/13/2019 (b)		604		597
3.88%, 4/11/2022 (b)		1,277		1,298
New York Life Global Funding 2.15%, 6/18/2019 (b)		3,951		3,935
1.95%, 2/11/2020 (b)		129		127
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		500		504
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.37%, 3/15/2023 (d) (f) (g)		360		359
Prudential Financial, Inc. 3.91%, 12/7/2047		300		276
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		1,750		2,175
Reliance Standard Life Global Funding II
3.05%, 1/20/2021 (b)		388		384
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		400		394
				23,306

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 4.80%, 12/5/2034		1,435		1,574
Internet Software & Services — 0.1%
Alibaba Group Holding Ltd. (China) 4.00%, 12/6/2037		220		207
Tencent Holdings Ltd. (China) 3.60%, 1/19/2028 (b)		740		704
				911
IT Services — 0.2%
DXC Technology Co. 4.25%, 4/15/2024		478		480
IBM Credit LLC 2.65%, 2/5/2021		600		595
3.00%, 2/6/2023		920		909
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,092
				3,076
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 3.00%, 4/15/2023		369		359
4.15%, 2/1/2024		343		351
				710
Machinery — 0.1%
Illinois Tool Works, Inc. 3.50%, 3/1/2024		400		404
4.88%, 9/15/2041		95		106
3.90%, 9/1/2042		825		817
Nvent Finance SARL (United Kingdom) 4.55%, 4/15/2028 (b)		450		444
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		617
Xylem, Inc. 3.25%, 11/1/2026		197		187
				2,575
Media — 0.8%
21st Century Fox America, Inc. 8.88%, 4/26/2023		430		517
6.20%, 12/15/2034		100		121
6.65%, 11/15/2037		400		516
CBS Corp. 4.00%, 1/15/2026		792		775
4.85%, 7/1/2042		140		135
Charter Communications Operating LLC 4.91%, 7/23/2025		1,797		1,832
6.38%, 10/23/2035		703		751
5.38%, 4/1/2038		305		294
Comcast Corp. 3.55%, 5/1/2028		443		429

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
4.20%, 8/15/2034		555		542
6.50%, 11/15/2035		2,383		2,891
Cox Communications, Inc. 4.60%, 8/15/2047 (b)		275		257
Discovery Communications LLC 6.35%, 6/1/2040		569		623
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026		221		225
6.13%, 1/31/2046		200		217
NBCUniversal Media LLC 5.95%, 4/1/2041		800		927
Time Warner Cable LLC 4.13%, 2/15/2021		800		807
6.55%, 5/1/2037		400		432
5.50%, 9/1/2041		359		345
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		879
Viacom, Inc. 3.88%, 4/1/2024		1,019		1,000
4.38%, 3/15/2043		464		400
Warner Media LLC 3.60%, 7/15/2025		500		479
5.38%, 10/15/2041		313		309
				15,703
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (b)		500		461
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		340
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		150		168
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		300		329
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		119		131
				1,429
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		235		234
Target Corp. 2.50%, 4/15/2026		350		326
				560
Multi-Utilities — 0.6%
CMS Energy Corp. 3.88%, 3/1/2024		400		403
3.00%, 5/15/2026		475		447
Consolidated Edison Co. of New York, Inc. 5.70%, 6/15/2040		596		717
Consumers Energy Co. 3.25%, 8/15/2046		286		251
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		228

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Multi-Utilities — continued
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		324
Series F, 5.25%, 8/1/2033		920		992
7.00%, 6/15/2038		300		382
NiSource, Inc. 3.85%, 2/15/2023		370		373
5.80%, 2/1/2042		1,256		1,430
San Diego Gas & Electric Co. 6.00%, 6/1/2026		275		313
3.95%, 11/15/2041		379		361
Sempra Energy 9.80%, 2/15/2019		460		474
4.05%, 12/1/2023		1,013		1,027
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		563		564
3.25%, 6/15/2026		254		241
5.88%, 3/15/2041		1,445		1,679
WEC Energy Group, Inc. 3.55%, 6/15/2025		1,009		998
				11,204
Oil, Gas & Consumable Fuels — 2.5%
Anadarko Petroleum Corp. 8.70%, 3/15/2019		330		340
Andeavor Logistics LP 5.25%, 1/15/2025		268		274
Apache Corp. 3.25%, 4/15/2022		109		108
4.75%, 4/15/2043		556		531
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		732		726
BG Energy Capital plc (United Kingdom) 5.13%, 10/15/2041 (b)		235		259
BP Capital Markets plc (United Kingdom) 3.81%, 2/10/2024		1,337		1,358
3.22%, 4/14/2024		1,982		1,948
3.51%, 3/17/2025		451		450
Buckeye Partners LP 4.88%, 2/1/2021		330		336
3.95%, 12/1/2026		67		62
5.85%, 11/15/2043		770		729
Canadian Natural Resources Ltd. (Canada) 6.45%, 6/30/2033		350		414
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		1,509		1,724
Chevron Corp. 2.36%, 12/5/2022		560		542
2.57%, 5/16/2023		1,200		1,165
2.90%, 3/3/2024		215		211

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 17

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		1,852		1,828
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		1,789		1,815
Ecopetrol SA (Colombia) 5.88%, 9/18/2023		226		240
4.13%, 1/16/2025		533		521
5.38%, 6/26/2026		773		798
Enable Midstream Partners LP 4.95%, 5/15/2028		325		323
Enbridge, Inc. (Canada) 3.70%, 7/15/2027		215		208
4.50%, 6/10/2044		350		337
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		400		388
Encana Corp. (Canada) 6.50%, 5/15/2019		545		558
7.38%, 11/1/2031		760		947
Energy Transfer Partners LP 5.00%, 10/1/2022		531		551
3.60%, 2/1/2023		143		141
4.90%, 2/1/2024		305		314
4.05%, 3/15/2025		964		945
4.75%, 1/15/2026		321		325
6.05%, 6/1/2041		375		391
6.50%, 2/1/2042		364		400
Eni SpA (Italy) 5.70%, 10/1/2040 (b)		925		989
EnLink Midstream Partners LP 2.70%, 4/1/2019		250		249
Enterprise Products Operating LLC 3.90%, 2/15/2024		475		480
3.75%, 2/15/2025		343		344
3.70%, 2/15/2026		506		500
5.95%, 2/1/2041		201		232
5.10%, 2/15/2045		318		337
4.95%, 10/15/2054		155		155
Equinor ASA (Norway) 3.25%, 11/10/2024		456		451
Kerr-McGee Corp. 6.95%, 7/1/2024		200		228
7.88%, 9/15/2031		700		881
Kinder Morgan, Inc. 4.30%, 3/1/2028		1,090		1,080
Magellan Midstream Partners LP 6.55%, 7/15/2019		250		257
3.20%, 3/15/2025		353		337
5.15%, 10/15/2043		1,127		1,207
Marathon Petroleum Corp. 3.63%, 9/15/2024		578		574

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
MPLX LP 4.88%, 12/1/2024		259		269
4.13%, 3/1/2027		259		253
4.50%, 4/15/2038		79		74
5.20%, 3/1/2047		323		322
Noble Energy, Inc. 6.00%, 3/1/2041		314		340
ONEOK Partners LP 8.63%, 3/1/2019		450		462
3.38%, 10/1/2022		151		149
5.00%, 9/15/2023		334		350
4.90%, 3/15/2025		1,000		1,054
6.65%, 10/1/2036		350		413
Petro-Canada (Canada) 6.80%, 5/15/2038		1,295		1,659
Petroleos Mexicanos (Mexico) 6.38%, 2/4/2021		647		676
4.88%, 1/18/2024		393		386
6.88%, 8/4/2026		1,710		1,772
5.35%, 2/12/2028 (b)		282		262
6.63%, 6/15/2035		250		242
6.38%, 1/23/2045		846		758
6.75%, 9/21/2047		313		289
6.35%, 2/12/2048 (b)		869		767
Phillips 66 3.90%, 3/15/2028		355		352
Plains All American Pipeline LP 3.60%, 11/1/2024		1,000		962
4.65%, 10/15/2025		200		202
Sinopec Capital Ltd. (China) 3.13%, 4/24/2023 (b)		500		484
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023 (b)		831		850
Spectra Energy Partners LP 5.95%, 9/25/2043		452		506
Sunoco Logistics Partners Operations LP 4.25%, 4/1/2024		259		259
3.90%, 7/15/2026		244		234
6.10%, 2/15/2042		400		416
5.30%, 4/1/2044		170		163
5.35%, 5/15/2045		1,133		1,096
TC PipeLines LP 3.90%, 5/25/2027		391		372
Texas Eastern Transmission LP 2.80%, 10/15/2022 (b)		554		535
3.50%, 1/15/2028 (b)		90		86
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		394		414
7.25%, 8/15/2038		1,100		1,416
Valero Energy Corp. 7.50%, 4/15/2032		250		319

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Western Gas Partners LP 4.00%, 7/1/2022		74		73
4.50%, 3/1/2028		129		127
5.45%, 4/1/2044		280		272
5.30%, 3/1/2048		279		266
Williams Cos., Inc. (The) 3.90%, 1/15/2025		512		507
4.85%, 3/1/2048		409		396
				51,312
Pharmaceuticals — 0.2%
Allergan Funding SCS 3.45%, 3/15/2022		937		930
3.85%, 6/15/2024		443		441
Allergan, Inc. 3.38%, 9/15/2020		453		454
2.80%, 3/15/2023		525		500
Bayer US Finance II LLC (Germany)
4.70%, 7/15/2064 (b)		208		181
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (b)		395		392
Johnson & Johnson 4.38%, 12/5/2033		282		306
3.40%, 1/15/2038		926		873
Merck & Co., Inc. 3.70%, 2/10/2045		210		203
Mylan NV 3.95%, 6/15/2026		300		285
Mylan, Inc. 5.40%, 11/29/2043		100		96
				4,661
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC 6.70%, 8/1/2028		250		307
5.75%, 5/1/2040		425		509
4.38%, 9/1/2042		375		387
5.15%, 9/1/2043		769		867
Canadian Pacific Railway Co. (Canada) 7.13%, 10/15/2031		250		316
6.13%, 9/15/2115		506		605
CSX Corp. 5.50%, 4/15/2041		575		648
4.75%, 5/30/2042		191		198
ERAC USA Finance LLC 6.70%, 6/1/2034 (b)		746		902
Norfolk Southern Corp. 4.05%, 8/15/2052		800		750
Penske Truck Leasing Co. LP 3.38%, 2/1/2022 (b)		1,131		1,123
Ryder System, Inc. 2.88%, 9/1/2020		517		514
				7,126

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 4.50%, 12/5/2036		300		294
Broadcom Corp. 3.63%, 1/15/2024		1,747		1,691
Intel Corp. 3.70%, 7/29/2025		652		661
4.00%, 12/15/2032		1,185		1,230
3.73%, 12/8/2047		493		461
QUALCOMM, Inc. 3.25%, 5/20/2027		815		768
				5,105
Software — 0.6%
Microsoft Corp. 2.38%, 5/1/2023		489		474
2.88%, 2/6/2024		2,878		2,831
3.30%, 2/6/2027		836		828
3.50%, 2/12/2035		291		281
4.20%, 11/3/2035		615		645
4.10%, 2/6/2037		800		831
4.50%, 10/1/2040		117		128
4.00%, 2/12/2055		305		303
4.75%, 11/3/2055		639		734
4.50%, 2/6/2057		470		512
Oracle Corp. 2.50%, 5/15/2022		587		575
2.40%, 9/15/2023		1,000		958
2.95%, 5/15/2025		1,750		1,697
4.30%, 7/8/2034		700		721
4.38%, 5/15/2055		900		906
				12,424
Specialty Retail — 0.1%
Lowe’s Cos., Inc. 4.65%, 4/15/2042		739		777
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		413
				1,190
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc. 3.00%, 2/9/2024		2,056		2,032
2.85%, 5/11/2024		1,553		1,517
2.75%, 1/13/2025		920		889
3.20%, 5/13/2025		1,539		1,523
2.45%, 8/4/2026		815		757
3.20%, 5/11/2027		686		667
3.00%, 6/20/2027		1,125		1,079
4.50%, 2/23/2036		426		460
3.45%, 2/9/2045		625		564
3.85%, 8/4/2046		569		549

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 19

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
Dell International LLC 6.02%, 6/15/2026 (b)		2,613			2,768
Dell, Inc. 7.10%, 4/15/2028		300			320
					13,125
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France) 4.63%, 7/11/2024 (b)		800			799
3.38%, 12/2/2026		400			378
					1,177
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037 (b)		342			318
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100			121
					439
Trading Companies & Distributors — 0.1%
Aviation Capital Group LLC 3.88%, 5/1/2023 (b)		490			489
3.50%, 11/1/2027 (b)		700			645
BOC Aviation Ltd. (Singapore) 2.75%, 9/18/2022 (b)		450			429
International Lease Finance Corp. 5.88%, 8/15/2022		506			539
					2,102
Water Utilities — 0.0% (c)
American Water Capital Corp. 3.40%, 3/1/2025		793			787
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 8.75%, 5/1/2032		400			536
Vodafone Group plc (United Kingdom) 4.13%, 5/30/2025		501			500
5.00%, 5/30/2038		601			598
5.25%, 5/30/2048		496			499
					2,133
Total Corporate Bonds (Cost $478,378)					477,488
Mortgage-Backed Securities — 16.0%
FHLMC
Pool # 846489, ARM, 3.67%, 7/1/2019 (h)		—	(i)		—	(i)
Pool # 846812, ARM, 3.74%, 4/1/2030 (h)		11			12
Pool # 781087, ARM, 3.48%, 12/1/2033 (h)		229			242
Pool # 1B1665, ARM, 3.96%, 4/1/2034 (h)		245			257
Pool # 847356, ARM, 3.94%, 12/1/2034 (h)		103			108
Pool # 782979, ARM, 3.70%, 1/1/2035 (h)		192			202

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 1Q0025, ARM, 3.70%, 2/1/2036 (h)		98			102
Pool # 848431, ARM, 3.85%, 2/1/2036 (h)		181			191
Pool # 1L1286, ARM, 4.12%, 5/1/2036 (h)		49			52
Pool # 848365, ARM, 4.05%, 7/1/2036 (h)		136			144
Pool # 1G2539, ARM, 3.35%, 10/1/2036 (h)		38			40
Pool # 1A1096, ARM, 3.92%, 10/1/2036 (h)		172			179
Pool # 1J1348, ARM, 3.95%, 10/1/2036 (h)		76			80
Pool # 1G2671, ARM, 3.45%, 11/1/2036 (h)		134			140
Pool # 782760, ARM, 3.81%, 11/1/2036 (h)		250			263
Pool # 1J1634, ARM, 4.02%, 12/1/2036 (h)		90			93
Pool # 1J0282, ARM, 3.69%, 2/1/2037 (h)		60			63
Pool # 1Q0739, ARM, 4.19%, 3/1/2037 (h)		296			310
Pool # 848699, ARM, 4.02%, 7/1/2040 (h)		454			476
FHLMC Gold Pools, 15 Year, Single Family
Pool # G11695, 6.50%, 2/1/2019		—	(i)		—	(i)
FHLMC Gold Pools, 20 Year, Single Family
Pool # C91403, 3.50%, 3/1/2032		343			348
FHLMC Gold Pools, 30 Year, Single Family
Pool # C68485, 7.00%, 7/1/2032		23			24
Pool # G01448, 7.00%, 8/1/2032		66			74
Pool # A13625, 5.50%, 10/1/2033		293			325
Pool # A16107, 6.00%, 12/1/2033		87			95
Pool # A17537, 6.00%, 1/1/2034		120			133
Pool # A61572, 5.00%, 9/1/2034		719			768
Pool # A28796, 6.50%, 11/1/2034		184			209
Pool # G03369, 6.50%, 1/1/2035		293			324
Pool # A46987, 5.50%, 7/1/2035		679			739
Pool # G01919, 4.00%, 9/1/2035		397			405
Pool # C02641, 7.00%, 10/1/2036		106			117
Pool # C02660, 6.50%, 11/1/2036		244			274
Pool # A93511, 5.00%, 8/1/2040		684			731
Pool # A93383, 5.00%, 8/1/2040		679			726
Pool # G06493, 4.50%, 5/1/2041		2,409			2,528
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		62			66
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		48			52
Pool # U50105, 4.00%, 1/1/2032		697			722
Pool # L10151, 6.00%, 2/1/2033		96			100
Pool # U80254, 3.00%, 3/1/2033		683			675
Pool # P20409, 5.50%, 10/1/2033		99			104
Pool # P50201, 5.50%, 1/1/2034		111			116
Pool # U90975, 4.00%, 6/1/2042		2,916			2,996
Pool # U90673, 4.00%, 1/1/2043		599			616
Pool # U99134, 4.00%, 1/1/2046		9,952			10,224
Pool # U69030, 4.50%, 1/1/2046		4,517			4,742

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
FNMA
Pool # 70226, ARM, 2.02%, 1/1/2019 (h)		—	(i)		—	(i)
Pool # 116612, ARM, 3.62%, 3/1/2019 (h)		—	(i)		—	(i)
Pool # 470623, ARM, 2.88%, 3/1/2022 (h)		872			873
Pool # 54844, ARM, 2.59%, 9/1/2027 (h)		19			19
Pool # 303532, ARM, 4.01%, 3/1/2029 (h)		13			14
Pool # 555258, ARM, 3.87%, 1/1/2033 (h)		548			564
Pool # 722421, ARM, 3.91%, 7/1/2033 (h)		139			143
Pool # 722985, ARM, 4.32%, 7/1/2033 (h)		33			35
Pool # 686040, ARM, 4.36%, 7/1/2033 (h)		257			269
Pool # 746299, ARM, 3.56%, 9/1/2033 (h)		179			189
Pool # 749923, ARM, 3.40%, 11/1/2033 (h)		21			21
Pool # 766610, ARM, 3.43%, 1/1/2034 (h)		111			116
Pool # 920467, ARM, 5.00%, 2/1/2034 (h)		89			91
Pool # 770377, ARM, 3.73%, 4/1/2034 (h)		127			132
Pool # 751531, ARM, 4.21%, 5/1/2034 (h)		154			162
Pool # 782306, ARM, 3.26%, 7/1/2034 (h)		47			50
Pool # 790235, ARM, 3.38%, 8/1/2034 (h)		167			176
Pool # 735332, ARM, 3.83%, 8/1/2034 (h)		291			307
Pool # 791961, ARM, 3.19%, 9/1/2034 (h)		57			57
Pool # 725902, ARM, 3.40%, 9/1/2034 (h)		35			37
Pool # 803594, ARM, 3.29%, 10/1/2034 (h)		265			277
Pool # 803599, ARM, 3.52%, 10/1/2034 (h)		250			262
Pool # 896463, ARM, 4.12%, 10/1/2034 (h)		136			144
Pool # 806778, ARM, 3.38%, 11/1/2034 (h)		481			501
Pool # 806776, ARM, 3.92%, 11/1/2034 (h)		271			280
Pool # 810896, ARM, 3.92%, 1/1/2035 (h)		515			532
Pool # 802692, ARM, 4.25%, 1/1/2035 (h)		276			288
Pool # 816597, ARM, 3.48%, 2/1/2035 (h)		55			57
Pool # 735539, ARM, 3.86%, 4/1/2035 (h)		788			829
Pool # 745862, ARM, 4.16%, 4/1/2035 (h)		142			149
Pool # 821378, ARM, 3.91%, 5/1/2035 (h)		287			298
Pool # 823660, ARM, 4.13%, 5/1/2035 (h)		81			84
Pool # 745766, ARM, 3.50%, 6/1/2035 (h)		384			400
Pool # 832801, ARM, 3.30%, 9/1/2035 (h)		80			84
Pool # 843026, ARM, 3.50%, 9/1/2035 (h)		728			753
Pool # 849251, ARM, 3.67%, 1/1/2036 (h)		116			119
Pool # 920465, ARM, 4.25%, 1/1/2036 (h)		35			35
Pool # 872622, ARM, 4.10%, 6/1/2036 (h)		28			29
Pool # 895141, ARM, 4.07%, 7/1/2036 (h)		215			223
Pool # 900197, ARM, 3.83%, 10/1/2036 (h)		141			150
Pool # 966946, ARM, 3.79%, 1/1/2038 (h)		36			37
FNMA, 15 Year, Single Family
Pool # 740462, 5.00%, 11/1/2018		—	(i)		1
Pool # 742078, 4.50%, 3/1/2019		9			9

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 780956, 4.50%, 5/1/2019		12		12
Pool # 725414, 4.50%, 5/1/2019		7		7
Pool # 734630, 6.00%, 8/1/2019		6		6
Pool # 745048, 5.00%, 10/1/2019		10		10
Pool # 735841, 4.50%, 11/1/2019		22		22
Pool # 735290, 4.50%, 12/1/2019		37		37
Pool # 888557, 5.50%, 3/1/2020		4		4
Pool # 889805, 5.50%, 7/1/2020		3		3
Pool # 735911, 6.50%, 8/1/2020		7		7
Pool # 889634, 6.00%, 2/1/2023		524		543
Pool # 995425, 6.00%, 1/1/2024		257		267
Pool # 995381, 6.00%, 1/1/2024		110		114
Pool # AD0133, 5.00%, 8/1/2024		104		108
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		29		32
Pool # 555791, 6.50%, 12/1/2022		81		88
Pool # 255217, 4.50%, 4/1/2024		33		34
Pool # 888656, 6.50%, 4/1/2025		104		114
Pool # MA1138, 3.50%, 8/1/2032		775		785
FNMA, 30 Year, FHA/VA
Pool # 535183, 8.00%, 6/1/2028		26		28
Pool # 252409, 6.50%, 3/1/2029		73		79
Pool # 653815, 7.00%, 2/1/2033		10		10
Pool # 752786, 6.00%, 9/1/2033		67		71
Pool # 931717, 6.50%, 8/1/2039		325		355
FNMA, 30 Year, Single Family
Pool # 50966, 7.00%, 1/1/2024		2		2
Pool # 399269, 7.00%, 4/1/2026		33		34
Pool # 689977, 8.00%, 3/1/2027		43		47
Pool # 695533, 8.00%, 6/1/2027		16		17
Pool # 457268, 9.50%, 7/1/2028		4		4
Pool # 756024, 8.00%, 9/1/2028		69		76
Pool # 755973, 8.00%, 11/1/2028		158		178
Pool # 455759, 6.00%, 12/1/2028		21		23
Pool # 252211, 6.00%, 1/1/2029		27		30
Pool # 459097, 7.00%, 1/1/2029		41		44
Pool # 889020, 6.50%, 11/1/2029		424		468
Pool # 598559, 6.50%, 8/1/2031		39		43
Pool # 622542, 5.50%, 9/1/2031		350		381
Pool # 788150, 6.00%, 3/1/2032		53		57
Pool # 649734, 7.00%, 6/1/2032		34		36
Pool # 649624, 7.00%, 8/1/2032		6		6
Pool # AL0045, 6.00%, 12/1/2032		409		452
Pool # 675555, 6.00%, 12/1/2032		89		97
Pool # 688625, 6.00%, 3/1/2033		29		31

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 21

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 688655, 6.00%, 3/1/2033		27		29
Pool # 674349, 6.00%, 3/1/2033		16		18
Pool # 695584, 6.00%, 3/1/2033		16		17
Pool # 702901, 6.00%, 5/1/2033		136		151
Pool # 723852, 5.00%, 7/1/2033		174		186
Pool # 729296, 5.00%, 7/1/2033		345		369
Pool # 729379, 6.00%, 8/1/2033		43		47
Pool # 737825, 6.00%, 9/1/2033		49		55
Pool # 750977, 4.50%, 11/1/2033		127		132
Pool # 725017, 5.50%, 12/1/2033		495		548
Pool # 751341, 5.50%, 3/1/2034		59		65
Pool # 888568, 5.00%, 12/1/2034		12		13
Pool # 815426, 4.50%, 2/1/2035		2		2
Pool # 820347, 5.00%, 9/1/2035		96		103
Pool # 833657, 7.50%, 8/1/2036		73		82
Pool # 986648, 6.00%, 9/1/2037		176		195
Pool # 888892, 7.50%, 11/1/2037		58		66
Pool # 257510, 7.00%, 12/1/2038		156		181
Pool # AD0753, 7.00%, 1/1/2039		135		155
Pool # AT5891, 3.00%, 6/1/2043		3,484		3,399
Pool # AL7527, 4.50%, 9/1/2043		1,915		2,002
Pool # BM3500, 4.00%, 9/1/2047		4,871		4,975
Pool # BJ1778, 4.50%, 10/1/2047		2,737		2,863
FNMA, Other
Pool # 458096, 10.50%, 4/15/2019		1		—	(i)
Pool # AM0081, 1.94%, 7/1/2019		1,847		1,831
Pool # 462862, 5.24%, 7/1/2019		1,748		1,772
Pool # 471819, 2.03%, 8/1/2019		222		221
Pool # AD0851, 4.37%, 2/1/2020		1,382		1,408
Pool # AE0136, 4.38%, 4/1/2020		570		581
Pool # AM3370, 1.74%, 5/1/2020		3,297		3,247
Pool # 465659, 3.74%, 7/1/2020		1,731		1,753
Pool # 465578, 3.93%, 7/1/2020		1,813		1,842
Pool # 465602, 3.95%, 7/1/2020		1,500		1,523
Pool # 465936, 3.60%, 9/1/2020		2,625		2,655
Pool # 466030, 3.29%, 10/1/2020		1,832		1,840
Pool # FN0005, 3.37%, 11/1/2020		743		748
Pool # 466836, 3.87%, 1/1/2021		1,481		1,509
Pool # 466919, 3.93%, 1/1/2021		1,865		1,900
Pool # FN0003, 4.28%, 1/1/2021		994		1,020
Pool # 467344, 4.48%, 2/1/2021		2,680		2,752
Pool # 467944, 4.25%, 4/1/2021		2,000		2,056
Pool # 467755, 4.25%, 4/1/2021		2,380		2,447
Pool # 467630, 4.30%, 4/1/2021		922		949
Pool # 467757, 4.33%, 4/1/2021		1,964		2,021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 468058, 4.39%, 5/1/2021		1,865		1,915
Pool # 468102, 4.34%, 6/1/2021		5,000		5,161
Pool # 468159, 4.26%, 7/1/2021		1,941		2,000
Pool # AL0602, 4.31%, 7/1/2021		1,155		1,189
Pool # 468896, 4.13%, 8/1/2021		1,335		1,372
Pool # AM1771, 2.12%, 9/1/2021		2,500		2,414
Pool # 468958, 3.77%, 9/1/2021		3,000		3,052
Pool # 470124, 3.12%, 1/1/2022		1,946		1,949
Pool # 470407, 3.16%, 2/1/2022		2,522		2,529
Pool # 470622, 2.75%, 3/1/2022		2,954		2,919
Pool # 471718, 2.77%, 5/1/2022		1,529		1,509
Pool # 471177, 2.94%, 5/1/2022		1,329		1,323
Pool # 471190, 3.12%, 5/1/2022		1,690		1,693
Pool # 471254, 2.98%, 7/1/2022		2,453		2,445
Pool # 471284, 2.98%, 7/1/2022		1,962		1,956
Pool # AM7303, 2.66%, 12/1/2022		2,471		2,427
Pool # AM3789, 3.02%, 7/1/2023		2,297		2,288
Pool # AM7245, 2.95%, 8/1/2023		4,525		4,494
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,543
Pool # AM4466, 3.76%, 10/1/2023		2,844		2,911
Pool # AM4628, 3.69%, 11/1/2023		1,500		1,532
Pool # AM4668, 3.76%, 11/1/2023		1,979		2,027
Pool # AM4716, 3.38%, 12/1/2023		1,979		1,996
Pool # AM7231, 2.92%, 12/1/2024		4,000		3,936
Pool # AM7589, 2.95%, 12/1/2024		1,582		1,560
Pool # AM7290, 2.97%, 12/1/2024		3,465		3,419
Pool # AM7576, 3.04%, 12/1/2024		4,000		3,963
Pool # AM7124, 3.11%, 12/1/2024		2,500		2,487
Pool # 470300, 3.64%, 1/1/2025		920		936
Pool # AM3833, 3.25%, 7/1/2025		3,681		3,675
Pool # AM4991, 3.97%, 12/1/2025		1,763		1,845
Pool # AL6805, 3.78%, 1/1/2026		3,549		3,644
Pool # 468645, 4.54%, 7/1/2026		2,677		2,826
Pool # AM6392, 3.29%, 8/1/2026		4,000		3,994
Pool # AM6448, 3.25%, 9/1/2026		10,000		9,959
Pool # AM7223, 3.11%, 12/1/2026		3,584		3,557
Pool # AM7118, 3.14%, 12/1/2026		2,863		2,831
Pool # AM7485, 3.24%, 12/1/2026		4,235		4,193
Pool # AM7390, 3.26%, 12/1/2026		3,890		3,876
Pool # AM7265, 3.30%, 12/1/2026		3,960		3,956
Pool # AM7827, 3.12%, 2/1/2027		960		951
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,000
Pool # AM8432, 2.79%, 5/1/2027		9,000		8,652
Pool # AM8803, 2.78%, 6/1/2027		5,042		4,862
Pool # AM8987, 2.79%, 6/1/2027		1,888		1,819

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AM9003, 2.96%, 6/1/2027		2,916			2,849
Pool # AN9656, 3.57%, 7/1/2028		4,816			4,871
Pool # AM7785, 3.17%, 2/1/2030		2,975			2,897
Pool # AM7516, 3.55%, 2/1/2030		2,000			2,005
Pool # AM8427, 3.04%, 4/1/2030		8,952			8,678
Pool # AM8544, 3.08%, 4/1/2030		7,955			7,741
Pool # AM8889, 2.92%, 5/1/2030		8,000			7,530
Pool # AM8807, 3.10%, 5/1/2030		4,893			4,771
Pool # AM8804, 3.10%, 5/1/2030		3,777			3,681
Pool # AM9020, 2.97%, 6/1/2030		3,989			3,797
Pool # AM8967, 3.08%, 6/1/2030		6,150			5,906
Pool # AM9320, 3.30%, 7/1/2030		4,022			3,931
Pool # AM9219, 3.35%, 9/1/2030		1,902			1,896
Pool # AP9632, 4.00%, 10/1/2032		884			910
Pool # AP9762, 4.00%, 10/1/2032		801			824
Pool # AQ7084, 3.50%, 12/1/2032		922			931
Pool # AT2954, 3.50%, 5/1/2033		1,372			1,385
Pool # AT2703, 3.50%, 5/1/2033		2,210			2,232
Pool # AT4939, 3.50%, 5/1/2033		1,114			1,125
Pool # AT4180, 3.50%, 5/1/2033		1,253			1,265
Pool # 754922, 5.50%, 9/1/2033		132			142
Pool # 762520, 4.00%, 11/1/2033		576			581
Pool # AM8922, 3.03%, 6/1/2035		2,964			2,849
Pool # AM9188, 3.12%, 6/1/2035		7,000			6,528
Pool # 849215, 6.50%, 1/1/2036		31			33
Pool # 872740, 6.50%, 6/1/2036		88			95
Pool # 886320, 6.50%, 7/1/2036		26			27
Pool # 888796, 6.00%, 9/1/2037		107			114
Pool # MA1125, 4.00%, 7/1/2042		1,474			1,506
Pool # AO7225, 4.00%, 7/1/2042		885			905
Pool # AO9352, 4.00%, 7/1/2042		964			985
Pool # AR1397, 3.00%, 1/1/2043		1,920			1,872
Pool # MA1711, 4.50%, 12/1/2043		3,981			4,160
Pool # MA1828, 4.50%, 3/1/2044		3,044			3,182
GNMA I, 30 Year, Single Family
Pool # 313110, 7.50%, 11/15/2022		—	(i)		—	(i)
Pool # 345288, 7.50%, 3/15/2023		1			2
Pool # 782507, 9.50%, 10/15/2024		48			50
Pool # 554108, 6.50%, 3/15/2028		49			54
Pool # 481872, 7.50%, 7/15/2028		5			5
Pool # 468149, 8.00%, 8/15/2028		5			5
Pool # 486537, 7.50%, 9/15/2028		15			16
Pool # 486631, 6.50%, 10/15/2028		7			7
Pool # 591882, 6.50%, 7/15/2032		16			18
Pool # 607645, 6.50%, 2/15/2033		48			53

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 607724, 7.00%, 2/15/2033		38		42
Pool # 604209, 6.50%, 4/15/2033		48		52
Pool # 781614, 7.00%, 6/15/2033		78		90
GNMA II, 30 Year, Single Family
Pool # 2006, 8.50%, 5/20/2025		15		16
Pool # 2141, 8.00%, 12/20/2025		2		2
Pool # 2234, 8.00%, 6/20/2026		6		7
Pool # 2270, 8.00%, 8/20/2026		4		5
Pool # 2285, 8.00%, 9/20/2026		4		5
Pool # 2324, 8.00%, 11/20/2026		5		6
Pool # 2499, 8.00%, 10/20/2027		9		9
Pool # 2512, 8.00%, 11/20/2027		9		10
Pool # 2525, 8.00%, 12/20/2027		4		4
Pool # 2549, 7.50%, 2/20/2028		7		8
Pool # 2646, 7.50%, 9/20/2028		22		24
Pool # 2647, 8.00%, 9/20/2028		3		3
Pool # 3427, 4.50%, 8/20/2033		135		141
Pool # 4245, 6.00%, 9/20/2038		1,034		1,126
Pool # AK8806, 4.25%, 3/20/2045		1,727		1,802
GNMA II, Other
Pool # AC0979, 4.47%, 4/20/2063 (h)		1,556		1,587
Pool # AC0973, 4.47%, 5/20/2063 (h)		2,553		2,596
Total Mortgage-Backed Securities (Cost $334,430)				328,007
Collateralized Mortgage Obligations — 14.3%
Acre 0.00%, 12/15/2020 ‡		3,785		3,785
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		6,941		7,114
Series 2005-J1, Class 1A4, IF, IO, 3.04%, 2/25/2035 ‡ (h)		876		16
Series 2005-1CB, Class 1A6, IF, IO, 5.04%, 3/25/2035 ‡ (h)		876		112
Series 2005-22T1, Class A2, IF, IO, 3.01%, 6/25/2035 ‡ (h)		4,896		436
Series 2005-20CB, Class 3A8, IF, IO, 2.69%, 7/25/2035 ‡ (h)		2,355		195
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		2,329		2,244
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		90		68
Series 2005-37T1, Class A2, IF, IO, 2.99%, 9/25/2035 ‡ (h)		3,511		344
Series 2005-54CB, Class 1A2, IF, IO, 2.79%, 11/25/2035 ‡ (h)		4,428		379
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,759		1,660

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 23

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-57CB, Class 3A2, IF, IO, 3.04%, 12/25/2035 ‡ (h)		1,008		90
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		762		747
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		1,246		1,024
ASG Resecuritization Trust Series 2011-1, Class 3A50, 3.97%, 11/28/2035 (b) (h)		100		100
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		18		17
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		615		580
Series 2005-6, Class CBIO, IO, 5.50%, 7/25/2035 ‡		1,597		332
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		415		338
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		166		140
Series 2004-2, Class 30PO, PO, 9/20/2034 ‡		100		92
Series 2004-C, Class 1A1, 3.88%, 12/20/2034 (h)		154		155
Series 2005-E, Class 4A1, 3.98%, 3/20/2035 (h)		286		290
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		264		255
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		211		175
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡ (h)		104		79
Series 2006-A, Class 3A2, 3.99%, 2/20/2036 (h)		272		255
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.86%, 2/25/2034 (h)		83		83
Series 2004-J, Class 3A1, 3.75%, 11/25/2034 (h)		359		360
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (b) (h)		131		134
Series 2010-RR7, Class 2A1, 3.66%, 7/26/2045 (b) (h)		692		686
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.11%, 10/25/2033 (h)		66		66
Series 2004-1, Class 12A1, 3.95%, 4/25/2034 (h)		355		357
Series 2004-2, Class 14A, 3.83%, 5/25/2034 (h)		58		58
Series 2006-1, Class A1, 3.67%, 2/25/2036 (h)		1,336		1,345

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		13			13
Series 2004-HYB1, Class 2A, 3.56%, 5/20/2034 (h)		82			83
Series 2004-HYB3, Class 2A, 3.64%, 6/20/2034 (h)		396			399
Series 2004-7, Class 2A1, 3.94%, 6/25/2034 (h)		221			227
Series 2004-HYB6, Class A3, 3.71%, 11/20/2034 (h)		255			260
Series 2005-16, Class A23, 5.50%, 9/25/2035		498			485
Series 2005-22, Class 2A1, 3.51%, 11/25/2035 (h)		1,364			1,215
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class APO, PO, 8/25/2035 ‡		50			45
Series 2005-8, Class APO, PO, 11/25/2035 ‡		93			79
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018 ‡		1			1
Series 2003-HYB1, Class A, 3.74%, 9/25/2033 (h)		69			70
Citigroup Mortgage Loan Trust
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (b) (h)		92			93
Series 2015-A, Class B2, 4.50%, 6/25/2058 (b) (h)		462			474
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018 ‡		5			5
Series 2003-UST1, Class PO3, PO, 12/25/2018 ‡		—	(i)		—	(i)
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		16			15
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		33			31
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		27			27
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		41			40
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		44			39
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		80			81
Series 2004-UST1, Class A6, 4.00%, 8/25/2034 (h)		80			79
Series 2005-1, Class 2A1A, 3.18%, 2/25/2035 (h)		243			212
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		254			261

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-5, Class 1A2, 3.96%, 8/25/2035 (h)		288			238
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (h) (j)		1,079			116
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 5P, PO, 8/25/2019 ‡		1			1
Series 2003-1, Class DB1, 6.74%, 2/25/2033 (h)		352			365
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		114			117
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		241			219
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,523			1,556
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,969			2,969
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		64			67
FHLMC REMIC
Series 2675, Class CK, 4.00%, 9/15/2018		5			5
Series 2695, Class DG, 4.00%, 10/15/2018		1			1
Series 2134, Class PI, IO, 6.50%, 3/15/2019		1			—	(i)
Series 2783, Class AT, 4.00%, 4/15/2019		22			22
Series 2809, Class UC, 4.00%, 6/15/2019		44			44
Series 2934, Class EC, PO, 2/15/2020		66			65
Series 2934, Class HI, IO, 5.00%, 2/15/2020		55			1
Series 2934, Class KI, IO, 5.00%, 2/15/2020		42			1
Series 2965, Class GD, 4.50%, 4/15/2020		134			134
Series 23, Class F, 9.60%, 4/15/2020		—	(i)		—	(i)
Series 3068, Class QB, 4.50%, 6/15/2020		13			13
Series 47, Class F, 10.00%, 6/15/2020		—	(i)		—	(i)
Series 1807, Class G, 9.00%, 10/15/2020		1			1
Series 99, Class Z, 9.50%, 1/15/2021		—	(i)		—	(i)
Series 1045, Class G, HB, 1,066.21%, 2/15/2021		—	(i)		—	(i)
Series 1065, Class J, 9.00%, 4/15/2021		1			1
Series 1084, Class F, 3.01%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1079, Class S, HB, IF, 26.99%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1084, Class S, HB, IF, 35.94%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1116, Class I, 5.50%, 8/15/2021		2			2
Series 1144, Class KB, 8.50%, 9/15/2021		3			4
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (h)		—	(i)		—	(i)
Series 1250, Class J, 7.00%, 5/15/2022		3			3

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1343, Class LB, 7.50%, 8/15/2022		8			8
Series 1343, Class LA, 8.00%, 8/15/2022		6			6
Series 1370, Class JA, 3.21%, 9/15/2022 (h)		13			13
Series 2512, Class PG, 5.50%, 10/15/2022		139			144
Series 1455, Class WB, IF, 3.64%, 12/15/2022 (h)		12			13
Series 2535, Class BK, 5.50%, 12/15/2022		74			77
Series 1470, Class F, 1.93%, 2/15/2023 (h)		1			1
Series 2568, Class KG, 5.50%, 2/15/2023		188			195
Series 1466, Class PZ, 7.50%, 2/15/2023		65			69
Series 1498, Class I, 3.21%, 4/15/2023 (h)		70			72
Series 1502, Class PX, 7.00%, 4/15/2023		105			111
Series 1798, Class F, 5.00%, 5/15/2023		87			89
Series 1518, Class G, IF, 6.85%, 5/15/2023 (h)		28			29
Series 1505, Class Q, 7.00%, 5/15/2023		11			12
Series 204, Class E, HB, IF, 1,557.26%, 5/15/2023 (h)		—	(i)		—	(i)
Series 1541, Class O, 2.27%, 7/15/2023 (h)		26			26
Series 2638, Class DS, IF, 6.54%, 7/15/2023 (h)		18			18
Series 1541, Class M, HB, IF, 23.81%, 7/15/2023 (h)		9			12
Series 1570, Class F, 2.43%, 8/15/2023 (h)		3			3
Series 1608, Class L, 6.50%, 9/15/2023		251			266
Series 1573, Class PZ, 7.00%, 9/15/2023		83			88
Series 2571, Class SK, HB, IF, 25.60%, 9/15/2023 (h)		36			48
Series 1591, Class PV, 6.25%, 10/15/2023		54			56
Series 1602, Class SA, IF, 16.05%, 10/15/2023 (h)		27			31
Series 2710, Class HB, 5.50%, 11/15/2023		502			521
Series 1642, Class PJ, 6.00%, 11/15/2023		122			127
Series 2716, Class UN, 4.50%, 12/15/2023		311			321
Series 1638, Class H, 6.50%, 12/15/2023		172			181
Series 2283, Class K, 6.50%, 12/15/2023		89			93
Series 1700, Class GA, PO, 2/15/2024		32			31
Series 1865, Class D, PO, 2/15/2024		39			35
Series 1760, Class ZD, 2.36%, 2/15/2024 (h)		223			220
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		14			17
Series 1686, Class SH, IF, 14.60%, 2/15/2024 (h)		6			7
Series 1709, Class FA, 2.01%, 3/15/2024 (h)		4			4
Series 1699, Class FC, 2.66%, 3/15/2024 (h)		8			8
Series 1695, Class EB, 7.00%, 3/15/2024		39			41
Series 1706, Class K, 7.00%, 3/15/2024		112			119

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 25

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2033, Class SN, HB, IF, 27.24%, 3/15/2024 (h)		18		5
Series 2306, Class K, PO, 5/15/2024		18		17
Series 2306, Class SE, IF, IO, 7.74%, 5/15/2024 (h)		44		7
Series 1745, Class D, 7.50%, 8/15/2024		19		21
Series 3720, Class A, 4.50%, 9/15/2025		206		212
Series 3131, Class BK, 5.50%, 3/15/2026		709		748
Series 1829, Class ZB, 6.50%, 3/15/2026		18		19
Series 1863, Class Z, 6.50%, 7/15/2026		23		25
Series 1890, Class H, 7.50%, 9/15/2026		22		24
Series 1899, Class ZE, 8.00%, 9/15/2026		75		84
Series 3229, Class HE, 5.00%, 10/15/2026		659		679
Series 1963, Class Z, 7.50%, 1/15/2027		52		58
Series 1935, Class FL, 2.76%, 2/15/2027 (h)		4		4
Series 1981, Class Z, 6.00%, 5/15/2027		86		91
Series 1970, Class PG, 7.25%, 7/15/2027		6		7
Series 1987, Class PE, 7.50%, 9/15/2027		37		41
Series 2019, Class Z, 6.50%, 12/15/2027		68		73
Series 2038, Class PN, IO, 7.00%, 3/15/2028		66		12
Series 2040, Class PE, 7.50%, 3/15/2028		139		155
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,436
Series 2043, Class CJ, 6.50%, 4/15/2028		19		21
Series 2054, Class PV, 7.50%, 5/15/2028		93		103
Series 2075, Class PM, 6.25%, 8/15/2028		198		210
Series 2075, Class PH, 6.50%, 8/15/2028		177		192
Series 2086, Class GB, 6.00%, 9/15/2028		52		56
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		83		9
Series 2095, Class PE, 6.00%, 11/15/2028		233		250
Series 2125, Class JZ, 6.00%, 2/15/2029		81		86
Series 2136, Class PG, 6.00%, 3/15/2029		99		106
Series 2132, Class SB, HB, IF, 21.53%, 3/15/2029 (h)		17		24
Series 2141, IO, 7.00%, 4/15/2029		27		3
Series 2169, Class TB, 7.00%, 6/15/2029		296		326
Series 2163, Class PC, IO, 7.50%, 6/15/2029		32		4
Series 2172, Class QC, 7.00%, 7/15/2029		185		205
Series 2176, Class OJ, 7.00%, 8/15/2029		143		159
Series 2201, Class C, 8.00%, 11/15/2029		85		94
Series 2209, Class TC, 8.00%, 1/15/2030		77		87
Series 2210, Class Z, 8.00%, 1/15/2030		135		155
Series 2224, Class CB, 8.00%, 3/15/2030		30		34
Series 2230, Class Z, 8.00%, 4/15/2030		78		88
Series 2234, Class PZ, 7.50%, 5/15/2030		60		68
Series 2247, Class Z, 7.50%, 8/15/2030		62		68

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2256, Class MC, 7.25%, 9/15/2030		92		104
Series 2259, Class ZM, 7.00%, 10/15/2030		112		125
Series 2261, Class ZY, 7.50%, 10/15/2030		1		1
Series 2262, Class Z, 7.50%, 10/15/2030		17		19
Series 2271, Class PC, 7.25%, 12/15/2030		141		157
Series 2296, Class PD, 7.00%, 3/15/2031		77		86
Series 2313, Class LA, 6.50%, 5/15/2031		77		87
Series 2325, Class PM, 7.00%, 6/15/2031		92		102
Series 2359, Class ZB, 8.50%, 6/15/2031		219		253
Series 2344, Class ZD, 6.50%, 8/15/2031		748		857
Series 2344, Class ZJ, 6.50%, 8/15/2031		63		69
Series 2345, Class NE, 6.50%, 8/15/2031		58		63
Series 2351, Class PZ, 6.50%, 8/15/2031		62		70
Series 2353, Class AZ, 6.00%, 9/15/2031		437		460
Series 2367, Class ME, 6.50%, 10/15/2031		108		119
Series 2396, Class FM, 2.51%, 12/15/2031 (h)		245		246
Series 2399, Class OH, 6.50%, 1/15/2032		148		163
Series 2399, Class TH, 6.50%, 1/15/2032		194		213
Series 2464, Class SI, IF, IO, 5.94%, 2/15/2032 (h)		347		56
Series 2410, Class OE, 6.38%, 2/15/2032		76		81
Series 2410, Class NG, 6.50%, 2/15/2032		195		215
Series 2420, Class XK, 6.50%, 2/15/2032		242		266
Series 2410, Class QX, IF, IO, 6.59%, 2/15/2032 (h)		84		16
Series 2412, Class SP, IF, 11.97%, 2/15/2032 (h)		163		190
Series 2410, Class QS, IF, 14.14%, 2/15/2032 (h)		134		169
Series 2444, Class ES, IF, IO, 5.89%, 3/15/2032 (h)		140		24
Series 2450, Class SW, IF, IO, 5.94%, 3/15/2032 (h)		112		18
Series 2430, Class WF, 6.50%, 3/15/2032		364		405
Series 2423, Class MC, 7.00%, 3/15/2032		206		229
Series 2423, Class MT, 7.00%, 3/15/2032		184		205
Series 2435, Class CJ, 6.50%, 4/15/2032		248		272
Series 2434, Class TC, 7.00%, 4/15/2032		221		245
Series 2436, Class MC, 7.00%, 4/15/2032		158		173
Series 2455, Class GK, 6.50%, 5/15/2032		389		431
Series 2450, Class GZ, 7.00%, 5/15/2032		105		118
Series 2462, Class JG, 6.50%, 6/15/2032		169		187
Series 2466, Class PH, 6.50%, 6/15/2032		295		324
Series 2474, Class NR, 6.50%, 7/15/2032		159		178
Series 2484, Class LZ, 6.50%, 7/15/2032		194		218

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2500, Class MC, 6.00%, 9/15/2032		207		226
Series 2835, Class QO, PO, 12/15/2032		28		24
Series 2543, Class YX, 6.00%, 12/15/2032		353		385
Series 2544, Class HC, 6.00%, 12/15/2032		332		365
Series 2552, Class ME, 6.00%, 1/15/2033		453		498
Series 2567, Class QD, 6.00%, 2/15/2033		390		429
Series 2575, Class ME, 6.00%, 2/15/2033		1,009		1,093
Series 2596, Class QG, 6.00%, 3/15/2033		264		275
Series 2586, Class WI, IO, 6.50%, 3/15/2033		128		29
Series 2692, Class SC, IF, 9.16%, 7/15/2033 (h)		63		70
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,385
Series 3920, Class LP, 5.00%, 1/15/2034		1,013		1,083
Series 2744, Class PE, 5.50%, 2/15/2034		49		51
Series 3611, PO, 7/15/2034		67		57
Series 2990, Class UZ, 5.75%, 6/15/2035		2,291		2,506
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,230
Series 3014, Class OD, PO, 8/15/2035		54		48
Series 3085, Class WF, 2.86%, 8/15/2035 (h)		179		183
Series 3151, Class UC, 5.50%, 8/15/2035		45		46
Series 3047, Class OD, 5.50%, 10/15/2035		944		1,024
Series 3074, Class BH, 5.00%, 11/15/2035		622		646
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,253
Series 3102, Class FB, 2.36%, 1/15/2036 (h)		265		265
Series 3102, Class HS, IF, 17.00%, 1/15/2036 (h)		65		85
Series 3117, Class EO, PO, 2/15/2036		415		352
Series 3117, Class OK, PO, 2/15/2036		241		203
Series 3134, PO, 3/15/2036		62		54
Series 3152, Class MO, PO, 3/15/2036		311		264
Series 3122, Class ZB, 6.00%, 3/15/2036		22		31
Series 3138, PO, 4/15/2036		303		266
Series 3607, Class BO, PO, 4/15/2036		138		118
Series 3219, Class DI, IO, 6.00%, 4/15/2036		228		47
Series 3819, Class ZQ, 6.00%, 4/15/2036		1,329		1,462
Series 3149, Class SO, PO, 5/15/2036		30		23
Series 3233, Class OP, PO, 5/15/2036		97		82
Series 3171, Class MO, PO, 6/15/2036		65		58
Series 3179, Class OA, PO, 7/15/2036		259		224
Series 3194, Class SA, IF, IO, 5.04%, 7/15/2036 (h)		43		3
Series 3211, Class SO, PO, 9/15/2036		287		246
Series 3218, Class AO, PO, 9/15/2036		129		99
Series 3232, Class ST, IF, IO, 4.64%, 10/15/2036 (h)		324		48

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3256, PO, 12/15/2036		174		147
Series 3261, Class OA, PO, 1/15/2037		212		179
Series 3260, Class CS, IF, IO, 4.08%, 1/15/2037 (h)		383		50
Series 3274, Class JO, PO, 2/15/2037		58		52
Series 3275, Class FL, 2.50%, 2/15/2037 (h)		60		61
Series 3290, Class SB, IF, IO, 4.39%, 3/15/2037 (h)		413		53
Series 3318, Class AO, PO, 5/15/2037		22		16
Series 3607, PO, 5/15/2037		277		233
Series 3315, Class HZ, 6.00%, 5/15/2037		372		374
Series 3326, Class JO, PO, 6/15/2037		21		18
Series 3331, PO, 6/15/2037		196		173
Series 3607, Class OP, PO, 7/15/2037		588		501
Series 4048, Class FJ, 2.48%, 7/15/2037 (h)		1,277		1,279
Series 3747, Class HI, IO, 4.50%, 7/15/2037		83		—	(i)
Series 3759, Class HI, IO, 4.00%, 8/15/2037		236		4
Series 3760, Class GI, IO, 4.00%, 10/15/2037		168		2
Series 3385, Class SN, IF, IO, 3.94%, 11/15/2037 (h)		90		7
Series 3387, Class SA, IF, IO, 4.36%, 11/15/2037 (h)		289		27
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (e)		1,969		14
Series 3404, Class SC, IF, IO, 3.94%, 1/15/2038 (h)		485		59
Series 3424, Class PI, IF, IO, 4.74%, 4/15/2038 (h)		341		40
Series 3481, Class SJ, IF, IO, 3.79%, 8/15/2038 (h)		570		60
Series 3511, Class SA, IF, IO, 3.94%, 2/15/2039 (h)		356		42
Series 3804, Class FN, 2.51%, 3/15/2039 (h)		13		13
Series 3549, Class FA, 3.26%, 7/15/2039 (h)		62		64
Series 3997, Class PF, 2.51%, 11/15/2039 (h)		217		217
Series 3621, Class BO, PO, 1/15/2040		207		178
Series 3747, Class PY, 4.00%, 10/15/2040		1,000		1,015
Series 3925, Class FL, 2.51%, 1/15/2041 (h)		660		663
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		302		304
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		1,028		1,080
Series 3957, Class B, 4.00%, 11/15/2041		436		444
Series 3966, Class NA, 4.00%, 12/15/2041		699		723
Series 4217, Class KY, 3.00%, 6/15/2043		2,000		1,867
Series 4374, Class NC, 3.75%, 2/15/2046 (e)		1,894		1,910

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 27

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		18			—	(i)
Series 243, Class 17, IO, 4.50%, 12/15/2020		52			1
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(i)		—	(i)
Series 233, Class 11, IO, 5.00%, 9/15/2035		489			92
Series 233, Class 13, IO, 5.00%, 9/15/2035		688			143
Series 299, Class 300, 3.00%, 1/15/2043		5,328			5,237
Series 310, PO, Zero Coupon, 9/15/2043		1,700			1,338
Series 323, Class 300, 3.00%, 1/15/2044		3,305			3,238
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.54%, 7/25/2032 (h)		344			365
Series T-76, Class 2A, 4.26%, 10/25/2037 (h)		1,096			1,113
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		221			258
Series T-54, Class 2A, 6.50%, 2/25/2043		1,257			1,421
Series T-54, Class 3A, 7.00%, 2/25/2043		352			395
Series T-58, Class APO, PO, 9/25/2043		130			103
Series T-59, Class 1AP, PO, 10/25/2043		297			156
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 3.75%, 10/25/2034 (h)		339			337
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		739			618
Series 2007-FA4, Class 1A2, IF, IO, 3.59%, 8/25/2037 ‡ (h)		1,452			241
First Horizon Mortgage Pass-Through Trust
Series 2005-AR1, Class 2A2, 3.97%, 4/25/2035 (h)		364			373
FNMA Grantor Trust
Series 2002-T19, Class A2, 7.00%, 7/25/2042		630			704
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		434			489
FNMA REMIC
Series 2003-81, Class LC, 4.50%, 9/25/2018		—	(i)		—	(i)
Series 2003-128, Class NG, 4.00%, 1/25/2019		—	(i)		—	(i)
Series 2004-27, Class HB, 4.00%, 5/25/2019		86			86
Series 2004-76, Class CL, 4.00%, 10/25/2019		—	(i)		—	(i)
Series 1989-70, Class G, 8.00%, 10/25/2019		1			1
Series 1989-83, Class H, 8.50%, 11/25/2019		1			1
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(i)		—	(i)
Series 1989-78, Class H, 9.40%, 11/25/2019		—	(i)		—	(i)
Series 1990-1, Class D, 8.80%, 1/25/2020		1			1

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(i)		—	(i)
Series 1990-63, Class H, 9.50%, 6/25/2020		—	(i)		—	(i)
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(i)		—	(i)
Series 1990-102, Class J, 6.50%, 8/25/2020		4			4
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(i)		—	(i)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(i)		—	(i)
Series 1990-120, Class H, 9.00%, 10/25/2020		3			3
Series 1990-134, Class SC, IF, 18.50%, 11/25/2020 (h)		—	(i)		—	(i)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(i)		—	(i)
Series 1991-7, Class K, HB, 908.50%, 2/25/2021		—	(i)		—	(i)
Series 1991-24, Class Z, 5.00%, 3/25/2021		1			1
Series 2001-4, Class PC, 7.00%, 3/25/2021		26			27
Series G-17, Class S, HB, 868.76%, 6/25/2021 (h)		—	(i)		—	(i)
Series 2001-48, Class Z, 6.50%, 9/25/2021		257			266
Series G-28, Class S, IF, 13.04%, 9/25/2021 (h)		1			1
Series G-35, Class M, 8.75%, 10/25/2021		4			4
Series G-51, Class SA, HB, IF, 21.78%, 12/25/2021 (h)		1			1
Series 2002-1, Class HC, 6.50%, 2/25/2022		25			26
Series 2007-15, Class NO, PO, 3/25/2022		56			54
Series 1992-101, Class J, 7.50%, 6/25/2022		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		4			4
Series G92-35, Class E, 7.50%, 7/25/2022		35			36
Series G92-44, Class ZQ, 8.00%, 7/25/2022		3			3
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(i)		—	(i)
Series 1992-136, Class PK, 6.00%, 8/25/2022		11			12
Series 1996-59, Class J, 6.50%, 8/25/2022		8			8
Series G92-52, Class FD, 2.09%, 9/25/2022 (h)		6			6
Series 1992-143, Class MA, 5.50%, 9/25/2022		7			8
Series G92-54, Class ZQ, 7.50%, 9/25/2022		29			30
Series 1992-163, Class M, 7.75%, 9/25/2022		26			28
Series G92-62, Class B, PO, 10/25/2022		8			7
Series G92-59, Class F, 1.63%, 10/25/2022 (h)		5			5
Series G92-61, Class Z, 7.00%, 10/25/2022		12			13

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1992-188, Class PZ, 7.50%, 10/25/2022		49		52
Series G93-1, Class KA, 7.90%, 1/25/2023		42		45
Series G93-5, Class Z, 6.50%, 2/25/2023		11		11
Series 1997-61, Class ZC, 7.00%, 2/25/2023		189		201
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		7		9
Series G93-14, Class J, 6.50%, 3/25/2023		14		14
Series 1993-25, Class J, 7.50%, 3/25/2023		31		33
Series 1993-21, Class KA, 7.70%, 3/25/2023		19		20
Series 1998-4, Class C, PO, 4/25/2023		5		5
Series 2008-24, Class DY, 5.00%, 4/25/2023		5		5
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		30		32
Series 1998-43, Class SA, IF, IO, 15.49%, 4/25/2023 (h)		37		9
Series 1993-62, Class SA, IF, 18.35%, 4/25/2023 (h)		11		13
Series 2003-39, Class LW, 5.50%, 5/25/2023		375		389
Series 2003-41, Class PE, 5.50%, 5/25/2023		187		193
Series 2008-47, Class SI, IF, IO, 4.44%, 6/25/2023 (h)		147		5
Series 2003-83, Class PG, 5.00%, 6/25/2023		58		58
Series G93-27, Class FD, 2.94%, 8/25/2023 (h)		26		26
Series 1999-38, Class SK, IF, IO, 5.99%, 8/25/2023 (h)		7		1
Series 2002-83, Class CS, 6.88%, 8/25/2023		205		215
Series 1996-14, Class SE, IF, IO, 7.79%, 8/25/2023 (h)		105		14
Series 1993-205, Class H, PO, 9/25/2023		17		16
Series G93-37, Class H, PO, 9/25/2023		7		6
Series 2008-76, Class GF, 2.71%, 9/25/2023 (h)		4		4
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		14		15
Series 1993-165, Class SD, IF, 12.88%, 9/25/2023 (h)		6		7
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		6		7
Series 1999-52, Class NS, IF, 17.60%, 10/25/2023 (h)		17		21
Series 1993-179, Class SB, HB, IF, 25.66%, 10/25/2023 (h)		9		12
Series 1995-19, Class Z, 6.50%, 11/25/2023		119		130
Series 1993-230, Class FA, 2.66%, 12/25/2023 (h)		10		10

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1993-247, Class FE, 3.06%, 12/25/2023 (h)		24		24
Series 1993-225, Class UB, 6.50%, 12/25/2023		30		32
Series 1993-247, Class SU, IF, 12.02%, 12/25/2023 (h)		11		12
Series 2002-1, Class UD, IF, 17.27%, 12/25/2023 (h)		24		28
Series 2009-9, IO, 5.00%, 2/25/2024		97		3
Series 2009-18, IO, 5.00%, 3/25/2024		44		1
Series 1994-37, Class L, 6.50%, 3/25/2024		95		100
Series 1994-40, Class Z, 6.50%, 3/25/2024		544		578
Series 2004-53, Class NC, 5.50%, 7/25/2024		105		109
Series 1995-2, Class Z, 8.50%, 1/25/2025		24		27
Series G95-1, Class C, 8.80%, 1/25/2025		20		22
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		68		2
Series 1997-27, Class J, 7.50%, 4/18/2027		9		10
Series 1997-29, Class J, 7.50%, 4/20/2027		21		24
Series 1997-39, Class PD, 7.50%, 5/20/2027		146		164
Series 1997-42, Class ZC, 6.50%, 7/18/2027		12		13
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		39		4
Series 1998-36, Class ZB, 6.00%, 7/18/2028		57		62
Series 1998-66, Class SB, IF, IO, 6.09%, 12/25/2028 (h)		62		4
Series 1999-18, Class Z, 5.50%, 4/18/2029		142		151
Series 1999-17, Class C, 6.35%, 4/25/2029		42		44
Series 1999-62, Class PB, 7.50%, 12/18/2029		64		71
Series 2000-2, Class ZE, 7.50%, 2/25/2030		213		238
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,447
Series 2000-20, Class SA, IF, IO, 7.04%, 7/25/2030 (h)		118		15
Series 2000-52, IO, 8.50%, 1/25/2031		17		4
Series 2001-7, Class PF, 7.00%, 3/25/2031		38		43
Series 2011-31, Class DB, 3.50%, 4/25/2031		2,500		2,524
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		135		29
Series 2001-30, Class PM, 7.00%, 7/25/2031		129		145
Series 2001-36, Class DE, 7.00%, 8/25/2031		137		152
Series 2001-49, Class Z, 6.50%, 9/25/2031		36		39
Series 2001-44, Class MY, 7.00%, 9/25/2031		360		404
Series 2001-44, Class PD, 7.00%, 9/25/2031		44		49
Series 2001-44, Class PU, 7.00%, 9/25/2031		66		74

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 29

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2001-52, Class KB, 6.50%, 10/25/2031		39		42
Series 2003-52, Class SX, IF, 16.76%, 10/25/2031 (h)		78		103
Series 2001-61, Class Z, 7.00%, 11/25/2031		441		496
Series 2001-72, Class SX, IF, 12.66%, 12/25/2031 (h)		12		14
Series 2002-1, Class SA, IF, 18.48%, 2/25/2032 (h)		19		25
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		433		21
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		6		7
Series 2002-21, Class LO, PO, 4/25/2032		13		11
Series 2002-21, Class PE, 6.50%, 4/25/2032		127		140
Series 2002-28, Class PK, 6.50%, 5/25/2032		319		350
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		2,891
Series 2002-37, Class Z, 6.50%, 6/25/2032		86		95
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		365		53
Series 2002-48, Class GH, 6.50%, 8/25/2032		448		495
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		54		60
Series 2004-59, Class BG, PO, 12/25/2032		162		138
Series 2002-77, Class S, IF, 10.70%, 12/25/2032 (h)		71		81
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,458		1,494
Series 2003-35, Class UC, 3.75%, 5/25/2033		17		17
Series 2003-42, Class GB, 4.00%, 5/25/2033		88		90
Series 2003-34, Class AX, 6.00%, 5/25/2033		294		320
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,187		1,245
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		56		12
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		464		111
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		820		101
Series 2004-4, Class QI, IF, IO, 5.04%, 6/25/2033 (h)		520		25
Series 2003-47, Class PE, 5.75%, 6/25/2033		214		234
Series 2004-4, Class QM, IF, 10.07%, 6/25/2033 (h)		49		52
Series 2003-64, Class SX, IF, 8.55%, 7/25/2033 (h)		64		70
Series 2004-36, Class SN, IF, 10.07%, 7/25/2033 (h)		84		84
Series 2003-132, Class OA, PO, 8/25/2033		42		39
Series 2003-71, Class DS, IF, 4.69%, 8/25/2033 (h)		398		388

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		452		77
Series 2003-74, Class SH, IF, 6.45%, 8/25/2033 (h)		61		66
Series 2003-91, Class SD, IF, 9.06%, 9/25/2033 (h)		99		109
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,229
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		2,899
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		3,861
Series 2003-116, Class SB, IF, IO, 5.54%, 11/25/2033 (h)		656		104
Series 2006-44, Class P, PO, 12/25/2033		1,062		892
Series 2004-25, Class PC, 5.50%, 1/25/2034		36		36
Series 2003-130, Class SX, IF, 8.42%, 1/25/2034 (h)		23		25
Series 2004-36, Class PC, 5.50%, 2/25/2034		26		26
Series 2004-10, Class SC, HB, IF, 20.34%, 2/25/2034 (h)		67		70
Series 2004-25, Class SA, IF, 13.85%, 4/25/2034 (h)		365		450
Series 2004-46, Class SK, IF, 10.82%, 5/25/2034 (h)		657		750
Series 2004-36, Class SA, IF, 13.85%, 5/25/2034 (h)		640		832
Series 2004-46, Class QB, IF, 15.74%, 5/25/2034 (h)		260		319
Series 2004-51, Class SY, IF, 10.11%, 7/25/2034 (h)		114		129
Series 2004-79, Class SP, IF, 14.12%, 11/25/2034 (h)		124		131
Series 2005-74, Class CS, IF, 14.34%, 5/25/2035 (h)		258		300
Series 2005-68, Class UC, 5.00%, 6/25/2035		169		171
Series 2005-68, Class BC, 5.25%, 6/25/2035		125		127
Series 2005-110, Class MN, 5.50%, 6/25/2035		79		79
Series 2005-52, Class PA, 6.50%, 6/25/2035		2		2
Series 2005-56, Class S, IF, IO, 4.65%, 7/25/2035 (h)		676		88
Series 2005-66, Class SG, IF, 12.21%, 7/25/2035 (h)		167		208
Series 2005-68, Class PG, 5.50%, 8/25/2035		635		678
Series 2005-84, Class XM, 5.75%, 10/25/2035		1,989		2,138
Series 2005-110, Class GL, 5.50%, 12/25/2035		4,326		4,701

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-46, Class UC, 5.50%, 12/25/2035		652		685
Series 2005-109, Class PC, 6.00%, 12/25/2035		746		797
Series 2006-15, Class OT, PO, 1/25/2036		25		24
Series 2006-39, Class WC, 5.50%, 1/25/2036		637		670
Series 2006-16, Class OA, PO, 3/25/2036		227		198
Series 2006-22, Class AO, PO, 4/25/2036		350		294
Series 2006-23, Class KO, PO, 4/25/2036		75		68
Series 2006-44, Class GO, PO, 6/25/2036		458		388
Series 2006-53, Class US, IF, IO, 4.52%, 6/25/2036 (h)		689		87
Series 2007-101, Class A2, 2.31%, 6/27/2036 (h)		458		450
Series 2006-56, PO, 7/25/2036		369		327
Series 2006-58, PO, 7/25/2036		206		175
Series 2006-58, Class AP, PO, 7/25/2036		399		345
Series 2006-65, Class QO, PO, 7/25/2036		312		266
Series 2006-56, Class FC, 2.35%, 7/25/2036 (h)		663		662
Series 2006-58, Class FL, 2.52%, 7/25/2036 (h)		51		52
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,401		5,052
Series 2006-72, Class TO, PO, 8/25/2036		60		54
Series 2006-79, Class DO, PO, 8/25/2036		253		222
Series 2007-7, Class SG, IF, IO, 4.44%, 8/25/2036 (h)		785		167
Series 2006-77, Class PC, 6.50%, 8/25/2036		1,063		1,163
Series 2006-90, Class AO, PO, 9/25/2036		205		183
Series 2008-42, Class AO, PO, 9/25/2036		101		90
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		1,277		241
Series 2006-109, PO, 11/25/2036		92		80
Series 2006-110, PO, 11/25/2036		581		492
Series 2006-111, Class EO, PO, 11/25/2036		61		53
Series 2006-124, Class HB, 3.66%, 11/25/2036 (h)		779		807
Series 2006-119, PO, 12/25/2036		65		57
Series 2006-118, Class A2, 2.12%, 12/25/2036 (h)		370		366
Series 2009-70, Class CO, PO, 1/25/2037		498		414
Series 2006-128, Class BP, 5.50%, 1/25/2037		303		317
Series 2007-77, Class FG, 2.56%, 3/25/2037 (h)		86		87
Series 2007-16, Class FC, 2.81%, 3/25/2037 (h)		142		147

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-14, Class ES, IF, IO, 4.38%, 3/25/2037 (h)		838		115
Series 2007-42, Class AO, PO, 5/25/2037		62		56
Series 2007-48, PO, 5/25/2037		143		126
Series 2007-54, Class FA, 2.46%, 6/25/2037 (h)		320		322
Series 2007-60, Class AX, IF, IO, 5.09%, 7/25/2037 (h)		2,267		434
Series 2012-14, Class FB, 2.51%, 8/25/2037 (h)		339		340
Series 2007-81, Class GE, 6.00%, 8/25/2037		337		359
Series 2007-88, Class VI, IF, IO, 4.48%, 9/25/2037 (h)		1,594		265
Series 2007-91, Class ES, IF, IO, 4.40%, 10/25/2037 (h)		1,171		145
Series 2007-106, Class A7, 6.05%, 10/25/2037 (h)		203		219
Series 2007-116, Class HI, IO, 1.14%, 1/25/2038 (h)		898		33
Series 2008-1, Class BI, IF, IO, 3.85%, 2/25/2038 (h)		429		47
Series 2008-16, Class IS, IF, IO, 4.14%, 3/25/2038 (h)		141		17
Series 2008-10, Class XI, IF, IO, 4.17%, 3/25/2038 (h)		311		33
Series 2008-27, Class SN, IF, IO, 4.84%, 4/25/2038 (h)		195		21
Series 2008-44, PO, 5/25/2038		12		10
Series 2008-53, Class CI, IF, IO, 5.14%, 7/25/2038 (h)		288		42
Series 2008-80, Class SA, IF, IO, 3.79%, 9/25/2038 (h)		643		67
Series 2008-81, Class SB, IF, IO, 3.79%, 9/25/2038 (h)		497		42
Series 2010-45, Class BD, 4.50%, 11/25/2038		51		51
Series 2010-148, Class MA, 4.00%, 2/25/2039		216		219
Series 2009-6, Class GS, IF, IO, 4.49%, 2/25/2039 (h)		639		95
Series 2009-62, Class HJ, 6.00%, 5/25/2039		259		275
Series 2009-60, Class HT, 6.00%, 8/25/2039		500		546
Series 2009-103, Class MB, 3.92%, 12/25/2039 (h)		342		366
Series 2009-99, Class SC, IF, IO, 4.12%, 12/25/2039 (h)		165		17
Series 2010-49, Class SC, IF, 8.53%, 3/25/2040 (h)		562		611

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-64, Class DM, 5.00%, 6/25/2040		305			321
Series 2010-71, Class HJ, 5.50%, 7/25/2040		449			490
Series 2010-147, Class SA, IF, IO, 4.47%, 1/25/2041 (h)		1,571			270
Series 2011-30, Class LS, IO, 1.34%, 4/25/2041 (h)		1,122			59
Series 2011-75, Class FA, 2.61%, 8/25/2041 (h)		326			330
Series 2011-118, Class MT, 7.00%, 11/25/2041		626			711
Series 2011-130, Class CA, 6.00%, 12/25/2041		1,048			1,154
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000			1,851
Series 2013-92, PO, 9/25/2043		1,520			1,177
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694			1,637
Series 2013-101, Class DO, PO, 10/25/2043		2,375			1,816
Series 2013-128, PO, 12/25/2043		2,958			2,318
Series 2011-2, Class WA, 5.81%, 2/25/2051 (h)		407			427
FNMA REMIC Trust
Series 2007-W7, Class 1A4, HB, IF, 26.79%, 7/25/2037 (h)		16			24
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (h)		65			72
Series 2003-W1, Class 1A1, 5.42%, 12/25/2042 (h)		533			556
Series 2003-W1, Class 2A, 5.93%, 12/25/2042 (h)		221			240
Series 2009-W1, Class A, 6.00%, 12/25/2049		858			946
FNMA STRIPS
Series 355, Class 31, IO, 4.50%, 12/25/2018 (h)		1			—	(i)
Series 50, Class 2, IO, 10.50%, 3/25/2019		—	(i)		—	(i)
Series 368, Class 3, IO, 4.50%, 11/25/2020		6			—	(i)
Series 218, Class 2, IO, 7.50%, 4/25/2023		4			1
Series 265, Class 2, 9.00%, 3/25/2024		5			5
Series 329, Class 1, PO, 1/25/2033		57			50
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		83			17
Series 351, Class 7, IO, 5.00%, 4/25/2034 (h)		273			55
Series 355, Class 11, IO, 6.00%, 7/25/2034		230			39
Series 365, Class 8, IO, 5.50%, 5/25/2036		354			81
Series 374, Class 5, IO, 5.50%, 8/25/2036		182			42
Series 393, Class 6, IO, 5.50%, 4/25/2037		70			12

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 383, Class 32, IO, 6.00%, 1/25/2038		85		18
Series 383, Class 33, IO, 6.00%, 1/25/2038		223		44
FNMA Trust
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		136		153
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		305		340
Series 2004-W15, Class 2AF, 2.31%, 8/25/2044 (h)		408		406
Series 2005-W3, Class 2AF, 2.28%, 3/25/2045 (h)		1,109		1,104
Series 2006-W2, Class 1AF1, 2.28%, 2/25/2046 (h)		380		380
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.88%, 6/19/2035 (h)		1,380		1,354
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		526		555
Series 1999-4, Class ZB, 6.00%, 2/20/2029		419		419
Series 1999-30, Class S, IF, IO, 6.54%, 8/16/2029 (h)		52		1
Series 2000-21, Class Z, 9.00%, 3/16/2030		784		783
Series 2002-31, Class SE, IF, IO, 5.44%, 4/16/2030 (h)		652		63
Series 2000-31, Class Z, 9.00%, 10/20/2030		138		160
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		9		1
Series 2000-35, Class ZA, 9.00%, 11/20/2030		87		101
Series 2001-6, Class SD, IF, IO, 6.49%, 3/16/2031 (h)		43		9
Series 2001-36, Class S, IF, IO, 5.99%, 8/16/2031 (h)		97		22
Series 2001-35, Class SA, IF, IO, 6.19%, 8/16/2031 (h)		109		1
Series 2002-24, Class AG, IF, IO, 5.89%, 4/16/2032 (h)		378		60
Series 2002-24, Class SB, IF, 8.83%, 4/16/2032 (h)		36		40
Series 2002-41, Class SV, IF, 9.00%, 6/16/2032 (h)		13		15
Series 2002-45, Class QE, 6.50%, 6/20/2032		924		1,024
Series 2002-47, Class PG, 6.50%, 7/16/2032		311		350
Series 2002-47, Class ZA, 6.50%, 7/20/2032		606		671
Series 2002-52, Class GH, 6.50%, 7/20/2032		517		525
Series 2002-75, Class PB, 6.00%, 11/20/2032		949		1,029
Series 2003-58, Class BE, 6.50%, 1/20/2033		775		853

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-11, Class SK, IF, IO, 5.64%, 2/16/2033 (h)		344		39
Series 2003-12, Class SP, IF, IO, 5.62%, 2/20/2033 (h)		173		30
Series 2003-24, PO, 3/16/2033		34		31
Series 2003-40, Class TJ, 6.50%, 3/20/2033		917		1,010
Series 2003-46, Class TC, 6.50%, 3/20/2033		433		474
Series 2003-46, Class MG, 6.50%, 5/20/2033		565		627
Series 2003-52, Class AP, PO, 6/16/2033		155		130
Series 2003-90, PO, 10/20/2033		46		41
Series 2003-112, Class SA, IF, IO, 4.49%, 12/16/2033 (h)		605		80
Series 2004-28, Class S, IF, 13.99%, 4/16/2034 (h)		247		325
Series 2004-73, Class AE, IF, 10.60%, 8/17/2034 (h)		62		67
Series 2004-90, Class SI, IF, IO, 4.02%, 10/20/2034 (h)		801		102
Series 2005-68, Class DP, IF, 11.46%, 6/17/2035 (h)		111		124
Series 2010-14, Class CO, PO, 8/20/2035		296		255
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035		1,350		261
Series 2005-68, Class KI, IF, IO, 4.22%, 9/20/2035 (h)		1,860		232
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		262		51
Series 2006-16, Class OP, PO, 3/20/2036		122		109
Series 2006-38, Class SW, IF, IO, 4.42%, 6/20/2036 (h)		249		14
Series 2006-38, Class ZK, 6.50%, 8/20/2036		1,390		1,536
Series 2006-59, Class SD, IF, IO, 4.62%, 10/20/2036 (h)		400		38
Series 2006-65, Class SA, IF, IO, 4.72%, 11/20/2036 (h)		620		80
Series 2011-22, Class WA, 5.90%, 2/20/2037 (h)		580		638
Series 2007-57, PO, 3/20/2037		259		229
Series 2007-17, Class JO, PO, 4/16/2037		109		92
Series 2007-17, Class JI, IF, IO, 4.75%, 4/16/2037 (h)		1,016		152
Series 2007-19, Class SD, IF, IO, 4.12%, 4/20/2037 (h)		579		57
Series 2007-28, Class BO, PO, 5/20/2037		127		107
Series 2007-26, Class SC, IF, IO, 4.12%, 5/20/2037 (h)		535		58
Series 2007-27, Class SA, IF, IO, 4.12%, 5/20/2037 (h)		490		52

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-36, Class SE, IF, IO, 4.41%, 6/16/2037 (h)		349		42
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,793
Series 2007-40, Class SB, IF, IO, 4.67%, 7/20/2037 (h)		1,050		138
Series 2007-42, Class SB, IF, IO, 4.67%, 7/20/2037 (h)		621		72
Series 2007-50, Class AI, IF, IO, 4.70%, 8/20/2037 (h)		388		45
Series 2007-53, Class SW, IF, 13.97%, 9/20/2037 (h)		56		66
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		208		24
Series 2009-79, Class OK, PO, 11/16/2037		198		171
Series 2007-73, Class MI, IF, IO, 3.92%, 11/20/2037 (h)		333		38
Series 2007-76, Class SA, IF, IO, 4.45%, 11/20/2037 (h)		642		78
Series 2007-72, Class US, IF, IO, 4.47%, 11/20/2037 (h)		318		38
Series 2007-79, Class SY, IF, IO, 4.47%, 12/20/2037 (h)		309		39
Series 2008-2, Class NS, IF, IO, 4.48%, 1/16/2038 (h)		588		73
Series 2008-2, Class MS, IF, IO, 5.10%, 1/16/2038 (h)		176		25
Series 2008-10, Class S, IF, IO, 3.75%, 2/20/2038 (h)		369		40
Series 2008-36, Class SH, IF, IO, 4.22%, 4/20/2038 (h)		511		61
Series 2008-40, Class SA, IF, IO, 4.34%, 5/16/2038 (h)		3,153		401
Series 2008-55, Class SA, IF, IO, 4.12%, 6/20/2038 (h)		281		29
Series 2008-71, Class SC, IF, IO, 3.92%, 8/20/2038 (h)		140		12
Series 2009-25, Class SE, IF, IO, 5.52%, 9/20/2038 (h)		244		34
Series 2008-93, Class AS, IF, IO, 3.62%, 12/20/2038 (h)		351		31
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		236		22
Series 2009-6, Class SA, IF, IO, 4.04%, 2/16/2039 (h)		391		46
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		844		162
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		332		74
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		330		87

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 33

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-22, Class SA, IF, IO, 4.19%, 4/20/2039 (h)		803		79
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		182		36
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		194		43
Series 2009-43, Class SA, IF, IO, 3.87%, 6/20/2039 (h)		342		38
Series 2009-72, Class SM, IF, IO, 4.19%, 8/16/2039 (h)		788		95
Series 2010-31, Class NO, PO, 3/20/2040		1,539		1,337
Series 2013-75, Class WA, 5.19%, 6/20/2040 (h)		1,615		1,735
Series 2010-130, Class CP, 7.00%, 10/16/2040		224		251
Series 2010-157, Class OP, PO, 12/20/2040		1,642		1,346
Series 2011-75, Class SM, IF, IO, 4.52%, 5/20/2041 (h)		1,038		148
Series 2014-188, Class W, 4.60%, 10/20/2041 (h)		790		824
Series 2012-141, Class WC, 3.72%, 1/20/2042 (h)		494		503
Series 2013-54, Class WA, 4.75%, 11/20/2042 (h)		2,348		2,464
Series 2013-91, Class WA, 4.48%, 4/20/2043 (h)		1,058		1,078
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,329
Series 2012-H24, Class FG, 2.53%, 4/20/2060 (h)		423		423
Series 2013-H03, Class FA, 2.40%, 8/20/2060 (h)		35		35
Series 2012-H22, Class FD, 2.57%, 1/20/2061 (h)		1,489		1,491
Series 2012-H21, Class CF, 2.80%, 5/20/2061 (h)		210		210
Series 2013-H05, Class FB, 2.50%, 2/20/2062 (h)		468		468
Series 2012-H15, Class FA, 2.55%, 5/20/2062 (h)		131		132
Series 2012-H26, Class MA, 2.65%, 7/20/2062 (h)		145		145
Series 2012-H28, Class FA, 2.68%, 9/20/2062 (h)		734		735
Series 2012-H29, Class FA, 2.61%, 10/20/2062 (h)		1,367		1,371
Series 2012-H31, Class FD, 2.44%, 12/20/2062 (h)		1,375		1,373

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-H01, Class FA, 1.65%, 1/20/2063		2,040		2,008
Series 2013-H04, Class BA, 1.65%, 2/20/2063		989		973
Series 2013-H08, Class FC, 2.55%, 2/20/2063 (h)		1,266		1,268
Series 2013-H07, Class HA, 2.51%, 3/20/2063 (h)		1,337		1,338
Series 2013-H09, Class HA, 1.65%, 4/20/2063		1,458		1,428
Series 2013-H18, Class JA, 2.70%, 8/20/2063 (h)		2,722		2,736
Series 2014-H01, Class FD, 2.75%, 1/20/2064 (h)		1,404		1,414
Series 2014-H09, Class TA, 2.70%, 4/20/2064 (h)		1,414		1,423
Series 2015-H15, Class FD, 2.54%, 6/20/2065 (h)		1,738		1,742
Series 2015-H15, Class FJ, 2.54%, 6/20/2065 (h)		3,722		3,731
Series 2015-H16, Class FG, 2.54%, 7/20/2065 (h)		2,783		2,789
Series 2015-H23, Class FB, 2.62%, 9/20/2065 (h)		2,614		2,629
Series 2015-H32, Class FH, 2.76%, 12/20/2065 (h)		1,926		1,949
Series 2017-H08, Class XI, IO, 2.08%, 3/20/2067 (h)		8,855		1,146
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (b) (h)		600		582
Series 2005-RP3, Class 1AF, 2.41%, 9/25/2035 (b) (h)		856		766
Series 2005-RP3, Class 1AS, IO, 2.48%, 9/25/2035 ‡ (b) (h)		647		43
Series 2006-RP2, Class 1AS2, IF, IO, 4.02%, 4/25/2036 ‡ (b) (h)		2,828		338
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		261		279
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		130		134
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		399		411
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		8		7
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		816		858
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,441		1,230

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Impac CMB Trust
Series 2004-7, Class 1A1, 2.80%, 11/25/2034 (h)		1,207		1,204
Series 2005-4, Class 2A1, 2.66%, 5/25/2035 (h)		148		147
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 2.41%, 5/25/2036 (h)		438		433
Series 2006-2, Class 2A1, 2.41%, 8/25/2036 (h)		270		265
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 3.79%, 11/25/2033 (h)		604		616
Series 2006-A3, Class 6A1, 3.99%, 8/25/2034 (h)		111		110
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (h)		445		450
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.76%, 4/25/2036 (h)		327		297
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		687		512
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 3.95%, 4/21/2034 (h)		260		267
Series 2004-4, Class 2A1, 3.47%, 5/25/2034 (h)		36		34
Series 2004-13, Class 3A7, 4.37%, 11/21/2034 (h)		622		639
Series 2004-15, Class 3A1, 4.09%, 12/25/2034 (h)		232		225
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		14		14
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		83		84
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		377		391
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		125		126
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		378		389
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		272		282
Series 2004-6, Class 30PO, PO, 7/25/2034 ‡		203		168
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		341		349
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		140		117
MASTR Asset Securitization Trust
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		2		2
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		2		2
Series 2004-8, PO, 8/25/2019 ‡		2		2
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		4		4

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-12, Class 30PO, PO, 12/25/2033 ‡		26		24
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		19		16
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 2.41%, 5/25/2035 (b) (h)		1,725		1,403
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (b)		182		147
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.68%, 10/25/2028 (h)		131		130
Series 2003-F, Class A1, 2.70%, 10/25/2028 (h)		1,245		1,233
Series 2004-A, Class A1, 2.52%, 4/25/2029 (h)		223		220
Series 2004-1, Class 2A1, 3.99%, 12/25/2034 (h)		323		325
ML Trust XLVII Series 47, Class Z, 8.99%, 10/20/2020 ‡		1		1
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (h)		311		311
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		34		34
Series 2003-A1, Class A1, 5.50%, 5/25/2033		42		43
Series 2003-A1, Class A2, 6.00%, 5/25/2033		88		90
PaineWebber CMO Trust Series P, Class 4, 8.50%, 8/1/2019		1		1
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 3.81%, 5/25/2035 (h)		87		85
RALI Trust
Series 2002-QS8, Class A5, 6.25%, 6/25/2017		5		5
Series 2002-QS16, Class A3, IF, 12.31%, 10/25/2017 (h)		1		—	(i)
Series 2003-QS3, Class A2, IF, 11.96%, 2/25/2018 (h)		2		2
Series 2003-QS9, Class A3, IF, IO, 5.49%, 5/25/2018 ‡ (h)		5		—	(i)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		1		—	(i)
Series 2003-QS12, Class A2A, IF, IO, 5.54%, 6/25/2018 ‡ (h)		2		—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		20		20
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		10		10

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 35

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-QA6, Class NB2, 4.04%, 12/26/2034 (h)		977		867
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.68%, 11/25/2033 (b) (h)		234		239
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		2		2
Series 2005-A2, Class A4, IF, IO, 2.99%, 3/25/2035 ‡ (h)		1,521		87
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		404		394
RFMSI Trust
Series 2004-S3, Class A1, 4.75%, 3/25/2019		8		7
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		8		8
Series 2005-SA4, Class 1A1, 4.05%, 9/25/2035 (h)		229		207
SART 7/15/2024		6,450		6,462
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 2.74%, 10/19/2034 (h)		399		394
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		446		454
Series 2004-5H, Class A4, 5.54%, 12/25/2033		707		722
Structured Asset Securities Corp. Trust Series 2005-10, Class 5A9, 5.25%, 12/25/2034		40		39
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 2.70%, 9/25/2043 (h)		203		202
Series 2004-4, Class 3A, 3.15%, 12/25/2044 (h)		553		557
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.31%, 2/15/2024 (h)		234		243
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		283		298
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		345		377
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		268		292
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		498		546
Series 1998-1, Class 2E, 7.00%, 3/15/2028		577		638
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		1,158		1,271
Series 2003-2, Class Z, 5.00%, 5/15/2033		5,088		5,404
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		957		972

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-S8, Class A6, 4.50%, 9/25/2018		—	(i)		—	(i)
Series 2003-AR8, Class A, 4.22%, 8/25/2033 (h)		72			73
Series 2003-AR9, Class 1A6, 3.90%, 9/25/2033 (h)		1,130			1,158
Series 2003-AR9, Class 2A, 4.09%, 9/25/2033 (h)		188			190
Series 2003-S9, Class P, PO, 10/25/2033 ‡		22			20
Series 2003-S9, Class A8, 5.25%, 10/25/2033		532			543
Series 2004-AR3, Class A1, 3.95%, 6/25/2034 (h)		95			97
Series 2004-AR3, Class A2, 3.95%, 6/25/2034 (h)		80			82
Series 2006-AR10, Class 2P, 3.87%, 9/25/2036 ‡ (h)		110			92
Series 2006-AR12, Class 2P, 3.01%, 10/25/2036 ‡ (h)		105			103
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 2.94%, 4/25/2035 ‡ (h)		1,211			112
Series 2005-2, Class 1A4, IF, IO, 2.99%, 4/25/2035 ‡ (h)		4,704			396
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		1,295			244
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,518			1,463
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		1,245			236
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		318			308
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		2,040			1,977
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 3.68%, 11/25/2033 (h)		96			98
Series 2003-K, Class 1A2, 3.68%, 11/25/2033 (h)		182			186
Series 2005-AR16, Class 2A1, 3.80%, 2/25/2034 (h)		168			172
Series 2004-P, Class 2A1, 4.62%, 9/25/2034 (h)		985			1,012
Series 2004-V, Class 1A1, 4.27%, 10/25/2034 (h)		184			187
Series 2004-EE, Class 2A1, 4.24%, 12/25/2034 (h)		157			160
Series 2004-EE, Class 3A1, 4.24%, 12/25/2034 (h)		244			253
Series 2005-AR3, Class 1A1, 4.35%, 3/25/2035 (h)		1,598			1,645

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-AR8, Class 2A1, 4.07%, 6/25/2035 (h)		182		186
Series 2005-16, Class APO, PO, 1/25/2036 ‡		65		56
Series 2006-2, Class APO, PO, 3/25/2036 ‡		229		192
Series 2006-4, Class 1APO, PO, 4/25/2036 ‡		115		104
Series 2007-7, Class A7, 6.00%, 6/25/2037		372		370
Series 2007-11, Class A14, 6.00%, 8/25/2037		118		118
Total Collateralized Mortgage Obligations (Cost $284,628)				293,545
Asset-backed Securities — 12.1%
Academic Loan Funding Trust Series 2013-1A, Class A, 2.86%, 12/26/2044 (b) (h)		1,105		1,101
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		661		666
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		491		465
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		695		665
Ajax Mortgage Loan Trust Series 2016-2, Class A, 4.13%, 10/25/2056 ‡ (b) (e)		3,227		3,217
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		132		137
Series 2013-2, Class A, 4.95%, 1/15/2023		458		471
Series 2016-2, Class A, 3.65%, 6/15/2028		261		252
Series 2016-3, Class AA, 3.00%, 10/15/2028		387		366
Series 2017-1, Class AA, 3.65%, 2/15/2029		522		514
American Credit Acceptance Receivables Trust
Series 2015-2, Class C, 4.32%, 5/12/2021 (b)		875		877
Series 2016-1A, Class B, 4.24%, 6/13/2022 ‡ (b)		478		479
Series 2016-4, Class C, 2.91%, 2/13/2023 ‡ (b)		870		869
Series 2017-1, Class C, 2.88%, 3/13/2023 (b)		1,480		1,478
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (b)		3,991		3,959
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (b)		1,275		1,359
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036fvfv (b)		3,740		3,780
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (b)		2,000		2,103

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (b)		850		933
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		2,803		2,816
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (b)		500		517
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		2,380		2,644
AmeriCredit Automobile Receivables Series 2016-1, Class A3, 1.81%, 10/8/2020		250		249
AmeriCredit Automobile Receivables Trust Series 2016-3, Class A3, 1.46%, 5/10/2021		528		525
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (b)		10,700		10,700
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 ‡ (b)		1,084		1,071
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		1,902		1,896
Banc of America Funding Corp. Series 2012-R6, Class 1A1, 3.00%, 10/26/2039 ‡ (b)		144		143
BCC Funding Corp. X Series 2015-1, Class D, 4.54%, 12/21/2020 ‡ (b)		550		554
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.43%, 4/25/2036 ‡ (h)		90		89
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		621		621
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		793		788
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		2,507		2,521
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		716		720
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (b)		251		247
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		880		870
Camillo Issuer LLC Series 2016-SFR, Class 1A1, 5.00%, 12/5/2023 ‡		5,010		4,999
CarFinance Capital Auto Trust Series 2015-1A, Class A, 1.75%, 6/15/2021 (b)		47		47
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		855		851
Chase Funding Trust Series 2003-6, Class 1A7, 5.08%, 11/25/2034 ‡ (e)		640		655

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 37

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-backed Securities — continued
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,007
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 2.82%, 12/25/2033 (h)		66		65
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (b)		1,494		1,472
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		61		63
Series 2007-1, Class A, 5.98%, 4/19/2022		351		371
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (b)		2,196		2,189
CPS Auto Receivables Trust
Series 2014-D, Class C, 4.35%, 11/16/2020 (b)		700		706
Series 2015-A, Class C, 4.00%, 2/16/2021 (b)		223		225
Series 2015-B, Class C, 4.20%, 5/17/2021 (b)		2,535		2,556
Series 2015-C, Class D, 4.63%, 8/16/2021 ‡ (b)		1,376		1,398
Series 2016-C, Class C, 3.27%, 6/15/2022 (b)		1,400		1,401
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (b)		2,964		2,980
Credit Acceptance Auto Loan Trust
Series 2015-2A, Class C, 3.76%, 2/15/2024 (b)		579		580
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		1,564		1,556
Series 2017-1A, Class B, 3.04%, 12/15/2025 (b)		686		679
Series 2017-1A, Class C, 3.48%, 2/17/2026 (b)		574		573
Series 2017-2A, Class C, 3.35%, 6/15/2026 (b)		604		597
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		1,543		1,529
Series 2018-3A, Class B, 3.89%, 10/15/2027 (b)		2,097		2,097
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		910		977
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 2.96%, 10/25/2034 (h)		138		136
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		100		101
Series 2010-2, Class A, 4.95%, 5/23/2019		207		209
Series 2012-1, Class A, 4.75%, 5/7/2020		234		238

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Drive Auto Receivables Trust
Series 2016-AA, Class C, 3.91%, 5/17/2021 (b)		1,257		1,261
Series 2015-BA, Class D, 3.84%, 7/15/2021 (b)		2,847		2,861
Series 2015-CA, Class D, 4.20%, 9/15/2021 (b)		1,059		1,067
Series 2017-1, Class C, 2.84%, 4/15/2022		2,635		2,631
Series 2015-AA, Class D, 4.12%, 7/15/2022 (b)		1,471		1,483
Series 2015-DA, Class D, 4.59%, 1/17/2023 ‡ (b)		1,320		1,340
Series 2017-1, Class D, 3.84%, 3/15/2023		2,992		3,010
Series 2017-3, Class D, 3.53%, 12/15/2023 (b)		4,800		4,781
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		3,101		3,136
Series 2018-2, Class C, 3.63%, 8/15/2024		1,755		1,760
DT Auto Owner Trust
Series 2015-2A, Class D, 4.25%, 2/15/2022 (b)		1,590		1,597
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		1,609		1,620
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		2,244		2,240
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		448		443
Exeter Automobile Receivables Trust Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		1,171		1,170
First Investors Auto Owner Trust Series 2015-2A, Class D, 4.22%, 12/15/2021 (b)		373		376
FirstKey Lending Trust Series 2015-SFR1, Class B, 3.42%, 3/9/2047 ‡ (b)		912		912
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (b)		557		556
Series 2014-2, Class B, 2.84%, 11/16/2020 (b)		77		77
Series 2014-2, Class C, 3.95%, 12/15/2020 (b)		440		442
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		757		761
Series 2015-3, Class C, 4.65%, 3/15/2022 (b)		756		767
Series 2016-2, Class C, 6.22%, 9/15/2022 (b)		3,000		3,125
Series 2018-2, Class A, 2.97%, 10/17/2022 (b)		2,925		2,917

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.70%, 4/25/2029 ‡ (h)		123		103
GLS Auto Receivables Trust
Series 2016-1A, Class A, 2.73%, 10/15/2020 (b)		112		112
Series 2015-1A, Class B, 4.43%, 12/15/2020 (b)		844		845
Series 2016-1A, Class C, 6.90%, 10/15/2021 (b)		1,200		1,242
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (b) (e)		136		136
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		630		621
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		755		765
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		2,604		2,600
Hero Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		2,559		2,557
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		1,268		1,241
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		2,589		2,647
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		331		325
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.26%, 3/25/2036 ‡ (h)		78		76
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (b)		8,515		8,602
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (b)		2,525		2,572
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.85%, 8/25/2038 ‡ (b) (h)		5,615		134
Series 2013-2, Class A, IO, 1.68%, 3/25/2039 ‡ (b) (h)		5,054		209
Series 2015-2, Class A, IO, 3.21%, 7/25/2041 ‡ (b) (h)		3,098		317
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 1/22/2024 (b)		1,866		1,859
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (b)		5,536		5,536
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (b)		1,963		1,963

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mariner Finance Issuance Trust Series 2017-AA, Class A, 3.62%, 2/20/2029 (b)		2,130		2,131
Marlette Funding Trust
Series 2017-1A, Class A, 2.83%, 3/15/2024 (b)		1,005		1,005
Series 2018-1A, Class A, 2.61%, 3/15/2028 (b)		1,954		1,949
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (b)		750		828
Nationstar HECM Loan Trust Series 2017-1A, Class M1, 2.94%, 5/25/2027 ‡ (b)		380		379
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 2.42%, 12/7/2020 (h)		279		279
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.11%, 11/25/2033 ‡ (e)		482		487
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (b)		2,565		2,547
Ocwen Master Advance Receivables Trust Series 2018-T2, Class AT2, 3.60%, 8/15/2050 (b)		3,309		3,313
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		1,801		1,800
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		1,863		1,866
OneMain Financial Issuance Trust
Series 2015-2A, Class A, 2.57%, 7/18/2025 (b)		432		432
Series 2015-2A, Class B, 3.10%, 7/18/2025 ‡ (b)		1,911		1,911
Series 2015-1A, Class B, 3.85%, 3/18/2026 (b)		550		553
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		2,755		2,767
Series 2016-1A, Class C, 6.00%, 2/20/2029 (b)		1,800		1,843
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		1,455		1,432
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (b)		3,906		3,857
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (b)		2,012		1,994
Series 2015-SFR2, Class C, 3.44%, 6/12/2032 ‡ (b)		2,566		2,549

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (b)		1,230		1,232
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (b)		5,203		5,154
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (b)		295		299
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (b)		1,200		1,231
Prosper Marketplace Issuance Trust Series 2017-1A, Class A, 2.56%, 6/15/2023 (b)		237		237
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (b)		3,900		3,900
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (b)		1,705		1,705
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (e)		287		129
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		1,014		994
Santander Drive Auto Receivables Trust Series 2015-5, Class E, 4.67%, 2/15/2023 (b)		4,200		4,242
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.72%, 6/25/2033 (e)		63		64
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.46%, 1/25/2036 ‡ (e)		229		202
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		825		824
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		391		379
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 4/25/2029 (b)		2,042		2,034
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024 (b)		1,868		1,868
Series 2015-AA, Class B, 3.62%, 11/15/2024 (b)		1,087		1,086
Series 2016-AA, Class B, 3.80%, 11/15/2029 (b)		2,040		2,037
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		1,038		1,044
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (b)		1,816		1,761
United Airlines Pass-Through Trust
Series 2018-1, Class B, 4.60%, 3/1/2026		227		228
Series 2016-1, Class A, 3.45%, 7/7/2028		990		956

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-1, Class AA, 3.50%, 3/1/2030		1,093		1,064
Series 2018-1, Class A, 3.70%, 3/1/2030		742		725
Upstart Securitization Trust Series 2017-1, Class A, 2.64%, 6/20/2024 (b)		492		491
Verizon Owner Trust Series 2016-1A, Class A, 1.42%, 1/20/2021 (b)		223		222
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (b)		3,971		3,971
VOLT LIX LLC Series 2017-NPL6, Class A1, 3.25%, 5/25/2047 ‡ (b) (e)		765		761
VOLT LX LLC Series 2017-NPL7, Class A1, 3.25%, 6/25/2047 ‡ (b) (e)		1,115		1,108
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 (b) (e)		1,648		1,647
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 (b) (e)		2,304		2,304
VOLT Trust Series 2018-FT1, Class A1, 3.26%, 1/27/2023 ‡ (h)		2,716		2,683
VOLT XL LLC Series 2015-NP14, Class A1, 4.37%, 11/27/2045 ‡ (b) (e)		441		440
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		1,204		1,192
Westlake Automobile Receivables Trust
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		941		937
Series 2017-1A, Class D, 3.46%, 10/17/2022 (b)		947		947
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		6,900		6,882
Total Asset-backed Securities (Cost $246,755)				246,616
Commercial Mortgage-Backed Securities — 4.9%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (b)		560		552
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (b) (h)		1,300		1,204
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.95%, 5/27/2021 (b) (h)		2,600		2,394
Series 2014-FRR5, Class A714, PO, 1/27/2047 (b)		1,950		1,756
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (b)		483		474
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		4,400		4,354

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.52%, 6/11/2041 ‡ (b) (h)		394		3
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.68%, 12/11/2049 ‡ (b) (h)		471		4
COBALT CMBS Commercial Mortgage Trust
Series 2006-C1, IO, 1.07%, 8/15/2048 ‡ (h)		892		14
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (b)		3,500		3,625
Series 2014-TWC, Class A, 2.92%, 2/13/2032 (b) (h)		1,400		1,401
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (b) (h)		1,060		1,040
Series 2006-GG7, Class AM, 5.95%, 7/10/2038 (h)		91		91
Series 2012-CR2, Class XA, IO, 1.82%, 8/15/2045 ‡ (h)		2,464		131
Series 2015-CR24, Class A5, 3.70%, 8/10/2048		1,156		1,167
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		2,812		2,851
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		325		323
Series KJ09, Class A2, 2.84%, 9/25/2022		2,759		2,731
Series KS01, Class A2, 2.52%, 1/25/2023		1,000		979
Series KPLB, Class A, 2.77%, 5/25/2025		353		343
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,541
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,446
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,310
Series K070, Class A2, 3.30%, 11/25/2027 (h)		1,748		1,734
FNMA ACES
Series 2012-M11, Class FA, 2.58%, 8/25/2019 (h)		93		93
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (h)		2,059		2,088
Series 2013-M7, Class A2, 2.28%, 12/27/2022		1,848		1,797
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (h)		2,500		2,545
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (h)		6,250		5,849
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		8,555		8,344
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		3,815		3,711

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (h)		2,580		2,552
Series 2018-M10, Class A2, 3.50%, 7/25/2028 (h)		3,335		3,326
Series 2017-M5, Class A2, 3.30%, 4/25/2029 (h)		3,376		3,260
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,860		4,646
FORT CRE LLC
Series 2016-1A, Class B, 4.82%, 5/21/2036 (b) (h)		1,055		1,057
Series 2016-1A, Class C, 5.32%, 5/21/2036 (b) (h)		1,887		1,890
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (b)		1,174		1,169
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		400		401
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)		998		992
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.90%, 11/15/2038 ‡ (b) (h)		2,506		1
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.67%, 12/12/2049 ‡ (b) (h)		494		—	(i)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		2,000		2,017
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.63%, 12/15/2043 ‡ (b) (h)		2,580		—	(i)
Series 2007-HQ11, Class X, IO, 0.53%, 2/12/2044 ‡ (b) (h)		991		1
Series 2011-C3, Class A3, 4.05%, 7/15/2049		575		580
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class B, 0.25%, 7/27/2049 ‡ (b)		429		417
Series 2012-IO, Class AXA, 1.00%, 3/27/2051 (b)		82		82
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (b)		664		652
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		2,236		2,235
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		854

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 41

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2012-C2, Class XA, IO, 1.49%, 5/10/2063 ‡ (b) (h)		7,344		302
Series 2012-C2, Class A4, 3.53%, 5/10/2063		1,053		1,061
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		5,000		5,062
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (b)		1,398		1,383
Wells Fargo Commercial Mortgage Trust
Series 2013-120B, Class A, 2.80%, 3/18/2028 (b) (h)		2,500		2,478
Series 2015-C30, Class A4, 3.66%, 9/15/2058		1,094		1,101
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		1,700		1,741
Series 2013-C11, Class D, 4.41%, 3/15/2045 ‡ (b) (h)		400		392
Series 2012-C6, Class A4, 3.44%, 4/15/2045		800		805
Total Commercial Mortgage-Backed Securities (Cost $100,680)				99,352
U.S. Government Agency Securities — 1.4%
FHLB 5.50%, 7/15/2036		1,525		1,977
Government Trust Certificate 2.81%, 10/1/2019 (a)		13,319		12,937
Resolution Funding Corp. STRIPS
DN, 2.93%, 1/15/2026 (a)		580		459
DN, 2.74%, 10/15/2027 (a)		510		380
Tennessee Valley Authority 5.88%, 4/1/2036		5,311		6,934
4.63%, 9/15/2060		304		365
Tennessee Valley Authority STRIPS 4.64%, 5/1/2019 (a)		2,000		1,964
DN, 3.49%, 11/1/2025 (a)		5,000		3,963
DN, 4.59%, 6/15/2035 (a)		800		438
Total U.s. Government Agency Securities (Cost $29,410)				29,417
Foreign Government Securities — 0.5%
Province of Quebec (Canada) 7.37%, 3/6/2026 (e)		377		471
Republic of Colombia (Colombia) 4.00%, 2/26/2024		922		922
4.50%, 1/28/2026		581		594
7.38%, 9/18/2037		200		254
5.63%, 2/26/2044		200		217
5.00%, 6/15/2045		515		515
Republic of Panama (Panama) 4.50%, 4/16/2050		325		322

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Republic of Peru (Peru) 5.63%, 11/18/2050		88		105
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		648
United Mexican States (Mexico) 3.60%, 1/30/2025		788		766
4.13%, 1/21/2026		316		314
3.75%, 1/11/2028		1,216		1,156
4.75%, 3/8/2044		120		115
5.55%, 1/21/2045		3,613		3,843
4.35%, 1/15/2047		186		169
4.60%, 2/10/2048		200		187
Total Foreign Government Securities (Cost $10,417)				10,598
Municipal Bonds — 0.5% (k)
California — 0.0% (c)
General Obligation — 0.0% (c)
State of California, Various Purpose
GO, 7.30%, 10/1/2039		350		494
Transportation — 0.0% (c)
Los Angeles City Department of Airports, International Airport Series C, Rev., 6.58%, 5/15/2039		440		558
Total California				1,052
New York — 0.3%
Special Tax — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose
Series D, Rev., 5.60%, 3/15/2040		360		434
Transportation — 0.3%
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,249
Series 165, Rev., 5.65%, 11/1/2040		440		542
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,178
				4,969
Total New York				5,403
Ohio — 0.2%
Education — 0.1%
Ohio State University, General Receipts
Series A, Rev., 4.05%, 12/1/2056		325		317
Series A, Rev., 4.80%, 6/1/2111		1,563		1,669
Rev., 5.59%, 12/1/2114		200		228
				2,214

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series B, Rev., 7.50%, 2/15/2050		1,315		1,920
Total Ohio				4,134
Total Municipal Bonds (Cost $9,175)				10,589
Supranational — 0.2%
African Development Bank (Supranational) 8.80%, 9/1/2019 (Cost $3,168)		3,000		3,164
	SHARES (000)
Short-Term Investments — 0.3%
Investment Companies — 0.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04% (l) (m) (Cost $6,446)		6,446		6,448
Total Investments — 99.5% (Cost $2,035,004)				2,036,540
Other Assets Less Liabilities — 0.5%				9,747
Net Assets — 100.0%				2,046,287

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2018.
CMBS	Commercial Mortgage-Backed Security
DN	Discount Notes
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 August 31, 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.
REIT	Real Estate Investment Trust
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.
USD	United States Dollar
VA	Veterans Administration
(a)	The rate shown is the effective yield as of August 31, 2018.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(e)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2018.
(f)	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 August 31, 2018.
(g)	Security is an interest bearing note with preferred security characteristics.
(h)	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 August 31, 2018.
(i)	Amount rounds to less than one thousand.
(j)	Defaulted security.
(k)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(l)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(m)	The rate shown is the current yield as of August 31, 2018.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 43

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 31.9%
Aerospace & Defense — 0.4%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		43		42
General Dynamics Corp. 3.50%, 5/15/2025		100		101
Lockheed Martin Corp. 3.10%, 1/15/2023		174		173
Northrop Grumman Corp. 2.93%, 1/15/2025		150		143
United Technologies Corp. 1.50%, 11/1/2019		180		177
				636
Automobiles — 0.5%
Daimler Finance North America LLC (Germany) 2.20%, 5/5/2020 (a)		150		148
General Motors Co. 4.20%, 10/1/2027		500		480
Nissan Motor Acceptance Corp. 2.60%, 9/28/2022 (a)		200		192
				820
Banks — 5.9%
ANZ New Zealand Int’l Ltd. (New Zealand) 2.60%, 9/23/2019 (a)		200		199
Bank of America Corp. 3.30%, 1/11/2023		90		89
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (b)		60		59
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (b)		100		97
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		42		42
Series L, 3.95%, 4/21/2025		154		152
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		910		857
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		192
Bank of Nova Scotia (The) (Canada) 2.15%, 7/14/2020		300		295
Barclays plc (United Kingdom) 3.68%, 1/10/2023		317		310
Branch Banking & Trust Co. 2.25%, 6/1/2020		250		247
Citibank NA 2.00%, 3/20/2019		350		349
Citigroup, Inc. 5.50%, 9/13/2025		115		123
4.13%, 7/25/2028		450		436
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025 (a)		201		200
Cooperatieve Rabobank UA (Netherlands)
4.75%, 1/15/2020 (a)		200		204
3.88%, 2/8/2022		118		120
Discover Bank 3.10%, 6/4/2020		250		249
Fifth Third Bank 1.63%, 9/27/2019		325		321
HSBC Holdings plc (United Kingdom) (ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (b)		200		194

INVESTMENTS	PRINCIPAL AMOUNt ($000)		VALUE ($000)
Banks — continued
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (b)		200		200
4.30%, 3/8/2026		200		202
Huntington National Bank (The) 2.88%, 8/20/2020		250		248
KeyCorp 5.10%, 3/24/2021		50		52
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		238
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.29%, 7/25/2027		225		215
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (a)		200		199
MUFG Americas Holdings Corp. 2.25%, 2/10/2020		36		36
Nordea Bank AB (Sweden) 4.88%, 1/27/2020 (a)		250		256
PNC Financial Services Group, Inc. (The) 4.38%, 8/11/2020		133		137
3.90%, 4/29/2024		100		100
Regions Financial Corp. 3.20%, 2/8/2021		107		107
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		200		204
SunTrust Banks, Inc. 2.50%, 5/1/2019		300		300
Swedbank AB (Sweden) 2.20%, 3/4/2020 (a)		300		296
Toronto-Dominion Bank (The) (Canada) 2.50%, 12/14/2020		200		197
US Bancorp
Series X, 3.15%, 4/27/2027		200		193
Wells Fargo & Co. 2.63%, 7/22/2022		450		436
3.00%, 2/19/2025		99		94
4.10%, 6/3/2026		21		21
4.30%, 7/22/2027		30		30
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		250		241
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		290
				9,027
Beverages — 0.8%
Anheuser-Busch InBev Finance, Inc. (Belgium) 3.30%, 2/1/2023		300		298
3.70%, 2/1/2024		76		76
3.65%, 2/1/2026		474		464
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		70		72
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025 (a)		75		76
Molson Coors Brewing Co. 1.90%, 3/15/2019		255		254
				1,240

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — 0.6%
AbbVie, Inc. 3.20%, 11/6/2022		35		34
2.85%, 5/14/2023		100		97
Amgen, Inc. 5.70%, 2/1/2019		40		40
2.20%, 5/22/2019		160		160
3.63%, 5/15/2022		44		44
Baxalta, Inc. 3.60%, 6/23/2022		75		76
Biogen, Inc. 3.63%, 9/15/2022		30		30
Celgene Corp. 3.25%, 8/15/2022		98		97
Gilead Sciences, Inc. 1.85%, 9/20/2019		150		149
3.70%, 4/1/2024		36		36
3.50%, 2/1/2025		25		25
3.65%, 3/1/2026		57		56
				844
Building Products — 0.1%
Johnson Controls International plc 3.75%, 12/1/2021		99		100
3.90%, 2/14/2026		32		32
				132
Capital Markets — 3.0%
Bank of New York Mellon Corp. (The) 4.60%, 1/15/2020		75		77
3.25%, 9/11/2024		150		148
Blackstone Holdings Finance Co. LLC 5.88%, 3/15/2021 (a)		150		159
Carlyle Promissory Note 4.34%, 7/15/2019 ‡		8		8
Charles Schwab Corp. (The) 3.23%, 9/1/2022		40		40
3.20%, 1/25/2028		200		192
Deutsche Bank AG (Germany) 3.13%, 1/13/2021		38		37
3.38%, 5/12/2021		62		61
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/2021		200		194
3.00%, 4/26/2022		80		78
3.75%, 5/22/2025		257		253
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (b)		564		543
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		349		333
ING Bank NV (Netherlands) 2.50%, 10/1/2019 (a)		200		199
Intercontinental Exchange, Inc. 2.50%, 10/15/2018		47		47
4.00%, 10/15/2023		88		90
Invesco Finance plc 4.00%, 1/30/2024		71		72
3.75%, 1/15/2026		125		125

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Jefferies Group LLC 6.88%, 4/15/2021		50		54
Macquarie Bank Ltd. (Australia) 2.85%, 7/29/2020 (a)		100		99
4.00%, 7/29/2025 (a)		100		100
Macquarie Group Ltd. (Australia) 6.00%, 1/14/2020 (a)		100		103
6.25%, 1/14/2021 (a)		40		43
Morgan Stanley 5.50%, 7/24/2020		166		173
5.75%, 1/25/2021		100		106
5.50%, 7/28/2021		100		106
3.70%, 10/23/2024		83		82
5.00%, 11/24/2025		155		161
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		500		476
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		84		88
Northern Trust Corp.
(ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (b)		17		16
State Street Corp. 3.10%, 5/15/2023		36		36
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		34		33
UBS AG (Switzerland) 2.45%, 12/1/2020 (a)		200		196
				4,528
Chemicals — 0.6%
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023 (a)		100		99
Dow Chemical Co. (The) 8.55%, 5/15/2019		20		21
4.13%, 11/15/2021		60		61
Ecolab, Inc. 3.25%, 1/14/2023		88		87
3.25%, 12/1/2027		43		42
Mosaic Co. (The) 3.25%, 11/15/2022		246		241
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		43
Praxair, Inc. 2.65%, 2/5/2025		41		39
Sherwin-Williams Co. (The) 3.30%, 2/1/2025		110		106
3.45%, 6/1/2027		51		48
Union Carbide Corp. 7.50%, 6/1/2025		100		118
				905
Commercial Services & Supplies — 0.1%
Republic Services, Inc. 3.38%, 11/15/2027		200		192
Communications Equipment — 0.2%
Cisco Systems, Inc. 4.95%, 2/15/2019		200		202
2.95%, 2/28/2026		44		43
				245

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 45

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		78		72
3.50%, 12/15/2027		160		149
				221
Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland) 3.50%, 1/15/2025		250		239
American Express Co. 3.38%, 5/17/2021		100		100
American Honda Finance Corp. 1.95%, 7/20/2020		200		196
Capital One Financial Corp. 3.20%, 2/5/2025		235		223
Caterpillar Financial Services Corp. 1.85%, 9/4/2020		200		196
2.85%, 6/1/2022		58		57
Ford Motor Credit Co. LLC 2.38%, 3/12/2019		200		199
3.16%, 8/4/2020		250		247
3.34%, 3/28/2022		250		242
John Deere Capital Corp.
Series 0014, 2.45%, 9/11/2020		50		50
3.15%, 10/15/2021		33		33
2.70%, 1/6/2023		89		87
2.65%, 6/24/2024		100		96
Synchrony Financial 4.25%, 8/15/2024		100		97
				2,062
Containers & Packaging — 0.1%
WestRock Co. 3.00%, 9/15/2024 (a)		80		76
Diversified Financial Services — 1.3%
AIG Global Funding 2.15%, 7/2/2020 (a)		150		147
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		349		342
GTP Acquisition Partners I LLC 2.35%, 6/15/2020 (a)		174		170
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		193
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		79
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		498
Series KK, 3.55%, 1/15/2024		200		206
Shell International Finance BV (Netherlands) 1.38%, 9/12/2019		230		227
3.25%, 5/11/2025		100		98
				1,960
Diversified Telecommunication Services — 1.0%
AT&T, Inc. 5.80%, 2/15/2019		253		256
3.95%, 1/15/2025		69		68

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
3.40%, 5/15/2025		17		16
4.10%, 2/15/2028 (a)		160		155
7.88%, 2/15/2030 (a)		350		423
Qwest Corp. 6.75%, 12/1/2021		148		159
Telefonica Emisiones SAU (Spain) 5.13%, 4/27/2020		31		32
Verizon Communications, Inc. 4.33%, 9/21/2028 (a)		160		161
4.50%, 8/10/2033		208		205
				1,475
Electric Utilities — 1.7%
Arizona Public Service Co. 2.20%, 1/15/2020		27		27
Baltimore Gas & Electric Co. 2.80%, 8/15/2022		43		42
Commonwealth Edison Co.
Series 122, 2.95%, 8/15/2027		200		189
DTE Electric Co. 2.65%, 6/15/2022		20		20
Duke Energy Corp. 3.75%, 4/15/2024		300		301
Duke Energy Indiana LLC 3.75%, 7/15/2020		60		61
Duke Energy Progress LLC 2.80%, 5/15/2022		40		39
Electricite de France SA (France) 2.15%, 1/22/2019 (a)		60		60
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		200		184
Entergy Mississippi, Inc. 2.85%, 6/1/2028		186		173
Jersey Central Power & Light Co. 7.35%, 2/1/2019		25		26
4.30%, 1/15/2026 (a)		200		202
Kansas City Power & Light Co. 3.15%, 3/15/2023		47		46
Nevada Power Co. 7.13%, 3/15/2019		60		61
NextEra Energy Capital Holdings, Inc. 2.40%, 9/15/2019		27		27
3.55%, 5/1/2027		89		86
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (a)		40		41
3.51%, 10/1/2024 (a)		28		28
Oncor Electric Delivery Co. LLC 6.80%, 9/1/2018		50		50
Pacific Gas & Electric Co. 2.45%, 8/15/2022		68		64
3.25%, 6/15/2023		50		49
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		132		124
Public Service Co. of Colorado 3.20%, 11/15/2020		51		51
Public Service Co. of Oklahoma 4.40%, 2/1/2021		74		76
Southern California Edison Co. 1.85%, 2/1/2022		29		28
Southern Co. (The) 3.25%, 7/1/2026		317		298

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		191		186
3.45%, 2/15/2024		21		21
				2,560
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		40
Eaton Corp. 3.10%, 9/15/2027		140		132
				172
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 4.50%, 3/1/2023		16		16
3.88%, 1/12/2028		100		95
				111
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		146
Halliburton Co. 3.50%, 8/1/2023		107		107
Schlumberger Investment SA 3.30%, 9/14/2021 (a)		47		47
				300
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp. 3.50%, 1/31/2023		80		79
5.00%, 2/15/2024		38		40
AvalonBay Communities, Inc. 3.20%, 1/15/2028		100		96
Boston Properties LP 3.20%, 1/15/2025		152		146
Brixmor Operating Partnership LP 3.85%, 2/1/2025		50		48
EPR Properties 4.50%, 6/1/2027		62		60
Equity Commonwealth 5.88%, 9/15/2020		125		129
ERP Operating LP 4.63%, 12/15/2021		255		264
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		52		49
HCP, Inc. 4.20%, 3/1/2024		17		17
3.88%, 8/15/2024		205		202
3.40%, 2/1/2025		38		36
Realty Income Corp. 3.88%, 7/15/2024		50		50
3.65%, 1/15/2028		150		146
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		150		146
Select Income 3.60%, 2/1/2020		75		75
Senior Housing Properties Trust 4.75%, 2/15/2028		100		98
Simon Property Group LP 4.13%, 12/1/2021		81		83
3.75%, 2/1/2024		38		39
3.38%, 10/1/2024		62		61

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Tanger Properties LP 3.75%, 12/1/2024		75		73
Ventas Realty LP 3.75%, 5/1/2024		44		43
3.50%, 2/1/2025		27		26
4.13%, 1/15/2026		62		62
VEREIT Operating Partnership LP 4.60%, 2/6/2024		100		101
3.95%, 8/15/2027		100		95
Welltower, Inc. 3.95%, 9/1/2023		100		101
				2,365
Food & Staples Retailing — 0.3%
Kroger Co. (The) 1.50%, 9/30/2019		200		197
4.00%, 2/1/2024		90		91
Sysco Corp. 3.75%, 10/1/2025		100		99
				387
Food Products — 0.6%
Campbell Soup Co. 3.95%, 3/15/2025		100		97
Cargill, Inc. 3.30%, 3/1/2022 (a)		100		100
General Mills, Inc. 2.60%, 10/12/2022		200		194
Kellogg Co. 3.40%, 11/15/2027		95		90
Kraft Heinz Foods Co. 3.50%, 6/6/2022		165		164
4.00%, 6/15/2023		22		22
3.95%, 7/15/2025		15		15
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		94
Tyson Foods, Inc. 3.95%, 8/15/2024		73		73
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		100		100
				949
Gas Utilities — 0.0% (c)
Atmos Energy Corp. 8.50%, 3/15/2019		30		31
Health Care Equipment & Supplies — 0.5%
Abbott Laboratories 3.25%, 4/15/2023		300		297
Becton Dickinson and Co. 2.68%, 12/15/2019		250		249
Medtronic Global Holdings SCA 1.70%, 3/28/2019		175		174
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		19		19
				739
Health Care Providers & Services — 1.3%
Aetna, Inc. 2.80%, 6/15/2023		200		193
Anthem, Inc. 3.13%, 5/15/2022		115		114
3.50%, 8/15/2024		106		104
CVS Health Corp. 4.10%, 3/25/2025		380		380
4.30%, 3/25/2028		400		397

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 47

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Express Scripts Holding Co. 3.05%, 11/30/2022		200		194
3.50%, 6/15/2024		72		70
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		214		212
UnitedHealth Group, Inc. 1.70%, 2/15/2019		200		199
3.38%, 11/15/2021		112		113
				1,976
Hotels, Restaurants & Leisure — 0.1%
Starbucks Corp. 3.10%, 3/1/2023		150		148
Household Durables — 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		150		147
Household Products — 0.2%
Kimberly-Clark Corp. 2.40%, 3/1/2022		20		19
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		28		30
Procter & Gamble Co. (The) 1.75%, 10/25/2019		200		198
				247
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 3.40%, 3/15/2022		80		79
4.25%, 6/15/2022		37		38
				117
Industrial Conglomerates — 0.1%
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		35
Roper Technologies, Inc. 6.25%, 9/1/2019		175		180
				215
Insurance — 1.7%
Allstate Corp. (The) 3.15%, 6/15/2023		61		61
Alterra Finance LLC 6.25%, 9/30/2020		100		106
American International Group, Inc. 3.75%, 7/10/2025		161		158
Aon plc 3.88%, 12/15/2025		143		143
Assurant, Inc. 4.20%, 9/27/2023		90		90
Berkshire Hathaway Finance Corp. 1.30%, 8/15/2019		280		277
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		130		128
CNA Financial Corp. 3.95%, 5/15/2024		52		52
4.50%, 3/1/2026		38		39
Guardian Life Global Funding 2.50%, 5/8/2022 (a)		125		121
Lincoln National Corp. 4.20%, 3/15/2022		35		36

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		100		101
Marsh & McLennan Cos., Inc. 2.35%, 9/10/2019		156		155
3.30%, 3/14/2023		50		50
Metropolitan Life Global Funding I 3.45%, 12/18/2026 (a)		250		245
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		140
Protective Life Global Funding 2.62%, 8/22/2022 (a)		200		193
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		186
Travelers Cos., Inc. (The) 5.90%, 6/2/2019		250		256
				2,537
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 2.80%, 8/22/2024		100		97
IT Services — 0.1%
IBM Credit LLC 2.65%, 2/5/2021		150		148
Western Union Co. (The) 3.60%, 3/15/2022		20		20
				168
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 3.15%, 1/15/2023		57		56
4.15%, 2/1/2024		34		35
3.20%, 8/15/2027		100		94
				185
Machinery — 0.1%
Caterpillar, Inc. 2.60%, 6/26/2022		31		30
Illinois Tool Works, Inc. 3.50%, 3/1/2024		175		177
				207
Media — 0.9%
21st Century Fox America, Inc. 7.70%, 10/30/2025		50		61
CBS Corp. 4.00%, 1/15/2026		208		203
Charter Communications Operating LLC 4.91%, 7/23/2025		160		163
Comcast Corp. 3.38%, 8/15/2025		80		78
Cox Communications, Inc. 3.50%, 8/15/2027 (a)		154		145
Discovery Communications LLC 4.38%, 6/15/2021		78		80
NBCUniversal Media LLC 2.88%, 1/15/2023		200		196
Time Warner Cable LLC 8.75%, 2/14/2019		35		36
Viacom, Inc. 3.88%, 4/1/2024		112		110
Walt Disney Co. (The) 1.85%, 7/30/2026		250		221

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
Warner Media LLC 3.60%, 7/15/2025		150		144
				1,437
Metals & Mining — 0.0% (c)
Nucor Corp. 4.00%, 8/1/2023		27		28
Multiline Retail — 0.0% (c)
Macy’s Retail Holdings, Inc. 6.90%, 4/1/2029		21		23
Nordstrom, Inc. 4.00%, 10/15/2021		35		35
				58
Multi-Utilities — 0.5%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		157
Consumers Energy Co. 5.65%, 4/15/2020		50		52
Dominion Energy, Inc. 2.96%, 7/1/2019 (d)		100		100
DTE Energy Co.
Series B, 3.30%, 6/15/2022		79		78
NiSource, Inc. 3.85%, 2/15/2023		200		202
Sempra Energy 4.05%, 12/1/2023		48		49
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		94		94
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		86
				818
Oil, Gas & Consumable Fuels — 2.3%
Andeavor Logistics LP 4.25%, 12/1/2027		27		27
Apache Corp. 6.90%, 9/15/2018		25		25
3.25%, 4/15/2022		34		34
BP Capital Markets plc (United Kingdom) 3.81%, 2/10/2024		166		168
3.51%, 3/17/2025		60		60
Buckeye Partners LP 5.50%, 8/15/2019		50		51
4.88%, 2/1/2021		40		41
Canadian Natural Resources Ltd. (Canada) 3.90%, 2/1/2025		25		25
Cenovus Energy, Inc. (Canada) 5.70%, 10/15/2019		200		205
3.00%, 8/15/2022		21		20
Chevron Corp. 2.36%, 12/5/2022		40		39
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		200		203
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		57
Energy Transfer Partners LP 3.60%, 2/1/2023		28		28
4.90%, 2/1/2024		61		63
4.05%, 3/15/2025		91		89
Eni SpA (Italy) 4.15%, 10/1/2020 (a)		200		202

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Enterprise Products Operating LLC 2.80%, 2/15/2021		200		198
3.90%, 2/15/2024		49		50
3.75%, 2/15/2025		37		37
EOG Resources, Inc. 4.10%, 2/1/2021		100		102
2.63%, 3/15/2023		23		22
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		50
Magellan Midstream Partners LP 6.55%, 7/15/2019		50		51
Marathon Petroleum Corp. 3.63%, 9/15/2024		67		67
MPLX LP 3.38%, 3/15/2023		32		31
Noble Energy, Inc. 3.85%, 1/15/2028		100		95
Occidental Petroleum Corp. 3.50%, 6/15/2025		30		30
ONEOK Partners LP 3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		29
4.90%, 3/15/2025		200		211
Petroleos Mexicanos (Mexico) 6.38%, 2/4/2021		149		155
4.88%, 1/18/2024		69		68
6.88%, 8/4/2026		51		53
5.35%, 2/12/2028 (a)		42		39
Phillips 66 3.90%, 3/15/2028		70		69
Plains All American Pipeline LP 3.60%, 11/1/2024		100		96
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023 (a)		200		204
Spectra Energy Partners LP 3.50%, 3/15/2025		63		61
Sunoco Logistics Partners Operations LP 4.65%, 2/15/2022		180		185
TC PipeLines LP 3.90%, 5/25/2027		42		40
TransCanada PipeLines Ltd. (Canada) 7.13%, 1/15/2019		30		31
3.75%, 10/16/2023		172		173
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		85
				3,581
Pharmaceuticals — 0.3%
Allergan Funding SCS 3.45%, 3/15/2022		69		68
Johnson & Johnson 2.63%, 1/15/2025		118		115
Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		200		198
				381
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022(a)		200		197

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 49

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — 0.8%
Burlington Northern Santa Fe LLC 4.70%, 10/1/2019		150		153
3.60%, 9/1/2020		19		19
3.45%, 9/15/2021		32		32
3.05%, 3/15/2022		43		43
Canadian Pacific Railway Co. (Canada) 7.25%, 5/15/2019		200		206
4.50%, 1/15/2022		55		57
CSX Corp.
3.25%, 6/1/2027		162		154
ERAC USA Finance LLC 5.25%, 10/1/2020 (a)		48		49
4.50%, 8/16/2021 (a)		27		28
Penske Truck Leasing Co. LP 3.38%, 2/1/2022 (a)		200		199
Ryder System, Inc. 2.50%, 5/11/2020		28		28
2.88%, 9/1/2020		86		85
Union Pacific Corp. 2.25%, 2/15/2019		175		175
				1,228
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 2.95%, 1/12/2021		70		70
Intel Corp. 3.70%, 7/29/2025		130		132
QUALCOMM, Inc. 3.25%, 5/20/2027		94		88
				290
Software — 0.5%
Microsoft Corp. 2.38%, 5/1/2023		34		33
Oracle Corp. 2.38%, 1/15/2019		350		350
2.95%, 11/15/2024		400		389
				772
Specialty Retail — 0.3%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		30		31
Home Depot, Inc. (The) 2.80%, 9/14/2027		150		141
Lowe’s Cos., Inc. 3.38%, 9/15/2025		200		198
O’Reilly Automotive, Inc. 3.55%, 3/15/2026		100		96
3.60%, 9/1/2027		62		59
				525
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc. 2.75%, 1/13/2025		200		193
3.35%, 2/9/2027		451		444
2.90%, 9/12/2027		199		189
				826
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024 (a)		200		191

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tobacco — continued
Philip Morris International, Inc. 3.38%, 8/11/2025		150		147
				338
Trading Companies & Distributors — 0.1%
Air Lease Corp. 3.63%, 12/1/2027		100		93
Aviation Capital Group LLC 3.88%, 5/1/2023 (a)		100		100
				193
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150		153
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023		160		164
Total Corporate Bonds (Cost $49,659)				49,010
U.S. Treasury Obligations — 26.2%
U.S. Treasury Bonds 6.00%, 2/15/2026		516		626
U.S. Treasury Notes 1.25%, 8/31/2019		2,000		1,976
3.63%, 2/15/2020		5,000		5,073
1.88%, 1/31/2022		1,000		972
1.88%, 4/30/2022		6,000		5,822
2.25%, 1/31/2024		6,000		5,843
2.38%, 8/15/2024		5,000		4,885
2.25%, 11/15/2024		250		242
2.88%, 5/31/2025		299		300
U.S. Treasury STRIPS Bonds 3.86%, 11/15/2021 (e)		1,525		1,398
2.72%, 2/15/2022 (e)		2,400		2,182
2.75%, 11/15/2022 (e)		1,300		1,157
2.66%, 5/15/2023 (e)		685		601
2.13%, 8/15/2023 (e)		3,890		3,390
2.26%, 11/15/2023 (e)		2,150		1,858
2.41%, 2/15/2024 (e)		3,000		2,574
2.17%, 5/15/2024 (e)		200		170
2.84%, 5/15/2025 (e)		200		165
2.29%, 5/15/2026 (e)		200		160
3.40%, 8/15/2026 (e)		47		37
3.54%, 11/15/2026 (e)		300		237
2.63%, 2/15/2027 (e)		300		235
3.78%, 8/15/2027 (e)		100		77
3.81%, 11/15/2027 (e)		140		107
2.98%, 2/15/2028 (e)		53		40
2.41%, 5/15/2028 (e)		10		8
3.15%, 8/15/2028 (e)		200		149
Total U.S. Treasury Obligations (Cost $40,787)				40,284

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — 17.3%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		932			955
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		145			136
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		16			14
BCAP LLC Trust
Series 2010-RR7, Class 2A1, 3.66%, 7/26/2045 (a) (f)		117			116
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.64%, 6/20/2034 (f)		16			17
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		34			34
Series 2005-22, Class 2A1, 3.51%, 11/25/2035 (f)		133			118
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 12/25/2018 ‡		—	(g)		—	(g)
Series 2003-HYB1, Class A, 3.74%, 9/25/2033 (f)		17			17
Citigroup Mortgage Loan Trust, Inc.
Series 2003-UST1, Class PO1, PO, 12/25/2018 ‡		—	(g)		1
Series 2003-UST1, Class PO3, PO, 12/25/2018 ‡		—	(g)		—	(g)
Series 2003-UST1, Class A1, 5.50%, 12/25/2018		2			2
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		7			7
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
Series 2005-3, Class 1A1, 3.21%, 6/25/2020 (f)		47			46
Deutsche Mortgage Securities, Inc., Mortgage Loan Trust
FHLMC — GNMA
Series 24, Class ZE, 6.25%, 11/25/2023		17			18
FHLMC REMIC
Series 2934, Class EC, PO, 2/15/2020		11			11
Series 2347, Class VP, 6.50%, 3/15/2020		3			3
Series 47, Class F, 10.00%, 6/15/2020		—	(g)		—	(g)
Series 2999, Class ND, 4.50%, 7/15/2020		35			35
Series 46, Class B, 7.80%, 9/15/2020		—	(g)		—	(g)
Series 1807, Class G, 9.00%, 10/15/2020		—	(g)		—	(g)
Series 114, Class H, 6.95%, 1/15/2021		1			2
Series 85, Class C, 8.60%, 1/15/2021		—	(g)		—	(g)
Series 99, Class Z, 9.50%, 1/15/2021		—	(g)		—	(g)
Series 1084, Class F, 3.01%, 5/15/2021 (f)		—	(g)		—	(g)
Series 1079, Class S, HB, IF, 26.99%, 5/15/2021 (f)		—	(g)		—	(g)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1084, Class S, HB, IF, 35.94%, 5/15/2021 (f)		—	(g)		—	(g)
Series 1144, Class KB, 8.50%, 9/15/2021		2			2
Series 1172, Class L, HB, 1,181.25%, 11/15/2021 (f)		—	(g)		—	(g)
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (f)		—	(g)		—	(g)
Series 1206, Class IA, 7.00%, 3/15/2022		1			1
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		5			5
Series 2512, Class PG, 5.50%, 10/15/2022		75			78
Series 2535, Class BK, 5.50%, 12/15/2022		13			14
Series 1470, Class F, 1.93%, 2/15/2023(f)		—	(g)		—	(g)
Series 2568, Class KG, 5.50%, 2/15/2023		111			116
Series 1466, Class PZ, 7.50%, 2/15/2023		23			24
Series 1491, Class I, 7.50%, 4/15/2023		8			9
Series 1798, Class F, 5.00%, 5/15/2023		9			9
Series 1518, Class G, IF, 6.85%, 5/15/2023 (f)		8			8
Series 1541, Class O, 2.27%, 7/15/2023 (f)		7			7
Series 1608, Class L, 6.50%, 9/15/2023		26			27
Series 1602, Class SA, IF, 16.05%, 10/15/2023 (f)		3			3
Series 2283, Class K, 6.50%, 12/15/2023		12			12
Series 1700, Class GA, PO, 2/15/2024		3			3
Series 1671, Class L, 7.00%, 2/15/2024		4			5
Series 1706, Class K, 7.00%, 3/15/2024		45			47
Series 2033, Class SN, HB, IF, 27.24%, 3/15/2024 (f)		3			1
Series 1720, Class PL, 7.50%, 4/15/2024		134			143
Series 2306, Class K, PO, 5/15/2024		5			5
Series 2306, Class SE, IF, IO, 7.74%, 5/15/2024 (f)		12			2
Series 1745, Class D, 7.50%, 8/15/2024		7			7
Series 1927, Class PH, 7.50%, 1/15/2027		53			58
Series 1981, Class Z, 6.00%, 5/15/2027		22			24
Series 1987, Class PE, 7.50%, 9/15/2027		8			9
Series 2038, Class PN, IO, 7.00%, 3/15/2028		9			2
Series 2040, Class PE, 7.50%, 3/15/2028		49			55
Series 2063, Class PG, 6.50%, 6/15/2028		49			54
Series 2064, Class TE, 7.00%, 6/15/2028		6			7
Series 2075, Class PM, 6.25%, 8/15/2028		34			36
Series 2075, Class PH, 6.50%, 8/15/2028		35			38
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		11			1
Series 2125, Class JZ, 6.00%, 2/15/2029		22			23
Series 2169, Class TB, 7.00%, 6/15/2029		100			109
Series 2163, Class PC, IO, 7.50%, 6/15/2029		6			1

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 51

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2172, Class QC, 7.00%, 7/15/2029		40			44
Series 2196, Class TL, 7.50%, 11/15/2029		—	(g)		—	(g)
Series 2201, Class C, 8.00%, 11/15/2029		18			20
Series 2210, Class Z, 8.00%, 1/15/2030		45			52
Series 2224, Class CB, 8.00%, 3/15/2030		13			15
Series 2256, Class MC, 7.25%, 9/15/2030		28			32
Series 2259, Class ZM, 7.00%, 10/15/2030		24			27
Series 2271, Class PC, 7.25%, 12/15/2030		23			26
Series 2296, Class PD, 7.00%, 3/15/2031		12			14
Series 2333, Class HC, 6.00%, 7/15/2031		25			28
Series 2344, Class ZD, 6.50%, 8/15/2031		227			260
Series 2344, Class ZJ, 6.50%, 8/15/2031		28			30
Series 2345, Class NE, 6.50%, 8/15/2031		19			21
Series 2351, Class PZ, 6.50%, 8/15/2031		24			27
Series 2410, Class OE, 6.38%, 2/15/2032		28			30
Series 2410, Class NG, 6.50%, 2/15/2032		18			20
Series 2410, Class QX, IF, IO, 6.59%, 2/15/2032 (f)		13			3
Series 2412, Class SP, IF, 11.97%, 2/15/2032 (f)		48			56
Series 2444, Class ES, IF, IO, 5.89%, 3/15/2032 (f)		31			5
Series 2450, Class SW, IF, IO, 5.94%, 3/15/2032 (f)		12			2
Series 2423, Class MC, 7.00%, 3/15/2032		15			16
Series 2423, Class MT, 7.00%, 3/15/2032		30			33
Series 2435, Class CJ, 6.50%, 4/15/2032		107			117
Series 2441, Class GF, 6.50%, 4/15/2032		31			34
Series 2455, Class GK, 6.50%, 5/15/2032		40			44
Series 2450, Class GZ, 7.00%, 5/15/2032		42			47
Series 2466, Class DH, 6.50%, 6/15/2032		59			66
Series 2474, Class NR, 6.50%, 7/15/2032		34			38
Series 2484, Class LZ, 6.50%, 7/15/2032		58			65
Series 2500, Class MC, 6.00%, 9/15/2032		56			61
Series 2543, Class YX, 6.00%, 12/15/2032		114			125
Series 2575, Class ME, 6.00%, 2/15/2033		217			235
Series 2586, Class WI, IO, 6.50%, 3/15/2033		18			4
Series 2990, Class SL, IF, 16.93%, 6/15/2034 (f)		39			45
Series 3611, PO, 7/15/2034		27			23
Series 2990, Class UZ, 5.75%, 6/15/2035		661			723
Series 3117, Class EO, PO, 2/15/2036		66			56
Series 3117, Class OK, PO, 2/15/2036		7			6
Series 3122, Class OH, PO, 3/15/2036		75			67
Series 3152, Class MO, PO, 3/15/2036		155			132

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3607, Class AO, PO, 4/15/2036		40			33
Series 3137, Class XP, 6.00%, 4/15/2036		98			107
Series 3819, Class ZQ, 6.00%, 4/15/2036		266			292
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		50			45
Series 3179, Class OA, PO, 7/15/2036		24			20
Series 3202, Class HI, IF, IO, 4.59%, 8/15/2036 (f)		215			29
Series 3232, Class ST, IF, IO, 4.64%, 10/15/2036 (f)		41			6
Series 3417, Class EO, PO, 11/15/2036		386			346
Series 3316, Class JO, PO, 5/15/2037		7			7
Series 3607, Class OP, PO, 7/15/2037		188			160
Series 3481, Class SJ, IF, IO, 3.79%, 8/15/2038 (f)		114			12
Series 3804, Class FN, 2.51%, 3/15/2039 (f)		5			5
Series 3680, Class MA, 4.50%, 7/15/2039		262			272
Series 4219, Class JA, 3.50%, 8/15/2039		454			458
Series 3997, Class PF, 2.51%, 11/15/2039 (f)		65			65
Series 4374, Class NC, 3.75%, 2/15/2046 (d)		406			409
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		2			—	(g)
Series 262, Class 35, 3.50%, 7/15/2042		543			542
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.54%, 7/25/2032 (f)		27			28
Series T-76, Class 2A, 4.26%, 10/25/2037 (f)		137			139
Series T-51, Class 2A, 7.50%, 8/25/2042 (f)		24			28
Series T-54, Class 2A, 6.50%, 2/25/2043		233			264
Series T-54, Class 3A, 7.00%, 2/25/2043		76			85
Series T-56, Class A5, 5.23%, 5/25/2043		579			602
Series T-58, Class APO, PO, 9/25/2043		17			14
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 3.72%, 2/25/2035 (f)		43			43
Series 2005-AR1, Class 2A2, 3.97%, 4/25/2035 (f)		41			42
FNMA REMIC
Series 2004-76, Class CL, 4.00%, 10/25/2019		—	(g)		—	(g)
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(g)		—	(g)
Series 1989-83, Class H, 8.50%, 11/25/2019		—	(g)		—	(g)
Series 1989-89, Class H, 9.00%, 11/25/2019		—	(g)		—	(g)
Series 1989-78, Class H, 9.40%, 11/25/2019		—	(g)		—	(g)
Series 1990-7, Class B, 8.50%, 1/25/2020		—	(g)		—	(g)
Series 1990-1, Class D, 8.80%, 1/25/2020		—	(g)		—	(g)
Series 1990-60, Class K, 5.50%, 6/25/2020		—	(g)		—	(g)

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1990-63, Class H, 9.50%, 6/25/2020		—	(g)		—	(g)
Series 1990-93, Class G, 5.50%, 8/25/2020		—	(g)		—	(g)
Series 1990-102, Class J, 6.50%, 8/25/2020		2			2
Series 1990-94, Class H, HB, 505.00%, 8/25/2020		—	(g)		—	(g)
Series 1990-95, Class J, HB, 1,118.04%, 8/25/2020		—	(g)		—	(g)
Series 1990-120, Class H, 9.00%, 10/25/2020		—	(g)		—	(g)
Series 1990-134, Class SC, IF, 18.50%, 11/25/2020 (f)		—	(g)		—	(g)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(g)		—	(g)
Series 2001-4, Class PC, 7.00%, 3/25/2021		7			7
Series 1991-42, Class S, IF, 14.06%, 5/25/2021 (f)		—	(g)		—	(g)
Series G-14, Class L, 8.50%, 6/25/2021		—	(g)		—	(g)
Series G-18, Class Z, 8.75%, 6/25/2021		2			2
Series 2001-48, Class Z, 6.50%, 9/25/2021		37			38
Series G-35, Class M, 8.75%, 10/25/2021		1			1
Series 2002-1, Class HC, 6.50%, 2/25/2022		13			14
Series 1992-107, Class SB, HB, IF, 23.98%, 6/25/2022 (f)		10			12
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1
Series G92-35, Class E, 7.50%, 7/25/2022		10			10
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(g)		—	(g)
Series 1996-59, Class J, 6.50%, 8/25/2022		3			3
Series 1992-143, Class MA, 5.50%, 9/25/2022		1			1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		7			7
Series G93-5, Class Z, 6.50%, 2/25/2023		3			3
Series 1993-37, Class PX, 7.00%, 3/25/2023		46			48
Series 1993-25, Class J, 7.50%, 3/25/2023		7			8
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series 1998-43, Class EA, PO, 4/25/2023		74			70
Series 1993-54, Class Z, 7.00%, 4/25/2023		15			16
Series 1993-62, Class SA, IF, 18.35%, 4/25/2023 (f)		3			4
Series 2003-83, Class PG, 5.00%, 6/25/2023		4			4
Series 1993-122, Class M, 6.50%, 7/25/2023		4			4
Series 1996-14, Class SE, IF, IO, 7.79%, 8/25/2023 (f)		31			4
Series 1993-178, Class PK, 6.50%, 9/25/2023		7			8
Series 1993-165, Class SD, IF, 12.88%, 9/25/2023 (f)		2			2
Series 1993-183, Class KA, 6.50%, 10/25/2023		109			115
Series 1993-189, Class PL, 6.50%, 10/25/2023		45			48

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1994-9, Class E, PO, 11/25/2023		1		1
Series 1993-247, Class SA, HB, IF, 26.87%, 12/25/2023 (f)		11		14
Series G95-1, Class C, 8.80%, 1/25/2025		6		7
Series 2005-121, Class DX, 5.50%, 1/25/2026		273		287
Series 1997-20, IO, 1.84%, 3/25/2027 (f)		10		—	(g)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (f)		11		—	(g)
Series 1997-27, Class J, 7.50%, 4/18/2027		10		11
Series 1997-29, Class J, 7.50%, 4/20/2027		13		14
Series 1997-39, Class PD, 7.50%, 5/20/2027		28		32
Series 2012-47, Class HF, 2.46%, 5/25/2027 (f)		133		134
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		8		1
Series 1998-36, Class ZB, 6.00%, 7/18/2028		6		6
Series 2000-2, Class ZE, 7.50%, 2/25/2030		57		64
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		34		7
Series 2001-36, Class DE, 7.00%, 8/25/2031		45		50
Series 2001-49, Class Z, 6.50%, 9/25/2031		8		9
Series 2001-44, Class PD, 7.00%, 9/25/2031		9		10
Series 2003-52, Class SX, IF, 16.76%, 10/25/2031 (f)		12		16
Series 2004-74, Class SW, IF, 11.35%, 11/25/2031 (f)		29		36
Series 2001-81, Class LO, PO, 1/25/2032		6		6
Series 2002-1, Class SA, IF, 18.48%, 2/25/2032 (f)		4		5
Series 2002-21, Class PE, 6.50%, 4/25/2032		24		27
Series 2002-28, Class PK, 6.50%, 5/25/2032		24		27
Series 2002-37, Class Z, 6.50%, 6/25/2032		31		34
Series 2004-61, Class SH, IF, 15.73%, 11/25/2032 (f)		34		44
Series 2003-22, Class UD, 4.00%, 4/25/2033		106		109
Series 2003-34, Class GE, 6.00%, 5/25/2033		260		277
Series 2003-39, IO, 6.00%, 5/25/2033 (f)		6		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		104		114
Series 2003-64, Class SX, IF, 8.55%, 7/25/2033 (f)		14		15
Series 2003-71, Class DS, IF, 4.69%, 8/25/2033 (f)		89		87
Series 2005-56, Class TP, IF, 11.96%, 8/25/2033 (f)		75		83
Series 2003-91, Class SD, IF, 9.06%, 9/25/2033 (f)		9		10

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 53

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-116, Class SB, IF, IO, 5.54%, 11/25/2033 (f)		88		14
Series 2006-44, Class P, PO, 12/25/2033		30		25
Series 2004-25, Class PC, 5.50%, 1/25/2034		13		13
Series 2003-130, Class SX, IF, 8.42%, 1/25/2034 (f)		5		6
Series 2004-36, Class PC, 5.50%, 2/25/2034		9		9
Series 2004-25, Class SA, IF, 13.85%, 4/25/2034 (f)		49		60
Series 2004-46, Class SK, IF, 10.82%, 5/25/2034 (f)		33		37
Series 2004-36, Class SA, IF, 13.85%, 5/25/2034 (f)		63		82
Series 2004-50, Class VZ, 5.50%, 7/25/2034		383		406
Series 2005-74, Class CS, IF, 14.34%, 5/25/2035 (f)		43		50
Series 2005-52, Class PA, 6.50%, 6/25/2035		1		1
Series 2005-45, Class DC, IF, 16.74%, 6/25/2035 (f)		63		77
Series 2005-56, Class S, IF, IO, 4.65%, 7/25/2035 (f)		45		6
Series 2005-68, Class PG, 5.50%, 8/25/2035		250		267
Series 2005-73, Class PS, IF, 11.54%, 8/25/2035 (f)		112		130
Series 2005-106, Class US, IF, 17.00%, 11/25/2035 (f)		83		108
Series 2006-27, Class OH, PO, 4/25/2036		72		64
Series 2006-65, Class QO, PO, 7/25/2036		30		26
Series 2006-56, Class FC, 2.35%, 7/25/2036 (f)		199		199
Series 2006-72, Class GO, PO, 8/25/2036		46		40
Series 2006-79, Class DO, PO, 8/25/2036		36		32
Series 2006-77, Class PC, 6.50%, 8/25/2036		80		88
Series 2006-110, PO, 11/25/2036		58		49
Series 2006-124, Class HB, 3.66%, 11/25/2036 (f)		78		81
Series 2007-14, Class ES, IF, IO, 4.38%, 3/25/2037 (f)		42		6
Series 2007-81, Class GE, 6.00%, 8/25/2037		120		128
Series 2007-79, Class SB, IF, 16.45%, 8/25/2037 (f)		37		49
Series 2007-88, Class VI, IF, IO, 4.48%, 9/25/2037 (f)		106		18
Series 2007-91, Class ES, IF, IO, 4.40%, 10/25/2037 (f)		293		36
Series 2007-106, Class A7, 6.05%, 10/25/2037 (f)		41		44

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2007-116, Class HI, IO, 1.14%, 1/25/2038 (f)		65			2
Series 2008-16, Class IS, IF, IO, 4.14%, 3/25/2038 (f)		14			2
Series 2008-10, Class XI, IF, IO, 4.17%, 3/25/2038 (f)		22			2
Series 2008-28, Class QS, IF, 14.51%, 4/25/2038 (f)		35			41
Series 2008-46, Class HI, IO, 1.55%, 6/25/2038 (f)		65			3
Series 2009-69, PO, 9/25/2039		53			47
Series 2009-103, Class MB, 3.92%, 12/25/2039 (f)		85			91
Series 2010-71, Class HJ, 5.50%, 7/25/2040		180			196
Series 2011-118, Class MT, 7.00%, 11/25/2041		209			237
Series 2011-118, Class NT, 7.00%, 11/25/2041		192			215
Series 2013-101, Class DO, PO, 10/25/2043		316			241
Series 2013-128, PO, 12/25/2043		296			232
FNMA REMIC Trust
Series 2007-W7, Class 1A4, HB, IF, 26.79%, 7/25/2037 (f)		9			14
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (f)		18			20
Series 2003-W1, Class 1A1, 5.42%, 12/25/2042 (f)		91			95
FNMA STRIPS
Series 50, Class 2, IO, 10.50%, 3/25/2019		—	(g)		—	(g)
Series 218, Class 2, IO, 7.50%, 4/25/2023		1			—	(g)
Series 300, Class 1, PO, 9/25/2024		27			25
Series 329, Class 1, PO, 1/25/2033		6			5
FNMA Trust
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		36			41
Series 2005-W3, Class 2AF, 2.28%, 3/25/2045 (f)		115			114
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		71			74
Series 1999-30, Class S, IF, IO, 6.54%, 8/16/2029 (f)		11			—	(g)
Series 2002-31, Class S, IF, IO, 6.64%, 1/16/2031 (f)		20			3
Series 2002-47, Class PG, 6.50%, 7/16/2032		47			53
Series 2002-47, Class PY, 6.00%, 7/20/2032		56			61
Series 2002-47, Class ZA, 6.50%, 7/20/2032		61			68
Series 2010-14, Class AO, PO, 12/20/2032		31			30
Series 2003-24, PO, 3/16/2033		9			8

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-40, Class TJ, 6.50%, 3/20/2033		211		233
Series 2003-52, Class AP, PO, 6/16/2033		51		43
Series 2004-28, Class S, IF, 13.99%, 4/16/2034 (f)		15		19
Series 2004-73, Class AE, IF, 10.60%, 8/17/2034 (f)		17		18
Series 2004-71, Class SB, IF, 19.26%, 9/20/2034 (f)		28		37
Series 2004-90, Class SI, IF, IO, 4.02%, 10/20/2034 (f)		156		20
Series 2005-68, Class DP, IF, 11.46%, 6/17/2035 (f)		37		41
Series 2005-68, Class KI, IF, IO, 4.22%, 9/20/2035 (f)		291		36
Series 2006-38, Class ZK, 6.50%, 8/20/2036		463		512
Series 2006-59, Class SD, IF, IO, 4.62%, 10/20/2036 (f)		31		3
Series 2007-17, Class JI, IF, IO, 4.75%, 4/16/2037 (f)		117		18
Series 2007-27, Class SA, IF, IO, 4.12%, 5/20/2037 (f)		147		16
Series 2007-45, Class QA, IF, IO, 4.56%, 7/20/2037 (f)		127		15
Series 2007-40, Class SB, IF, IO, 4.67%, 7/20/2037 (f)		210		28
Series 2007-50, Class AI, IF, IO, 4.70%, 8/20/2037 (f)		111		13
Series 2007-53, Class ES, IF, IO, 4.47%, 9/20/2037 (f)		31		4
Series 2007-53, Class SW, IF, 13.97%, 9/20/2037 (f)		28		33
Series 2009-79, Class OK, PO, 11/16/2037		112		97
Series 2007-76, Class SA, IF, IO, 4.45%, 11/20/2037 (f)		64		8
Series 2007-72, Class US, IF, IO, 4.47%, 11/20/2037 (f)		64		8
Series 2009-106, Class ST, IF, IO, 3.92%, 2/20/2038 (f)		224		26
Series 2008-33, Class XS, IF, IO, 5.64%, 4/16/2038 (f)		43		6
Series 2008-40, Class SA, IF, IO, 4.34%, 5/16/2038 (f)		132		17
Series 2008-55, Class SA, IF, IO, 4.12%, 6/20/2038 (f)		80		8
Series 2008-50, Class KB, 6.00%, 6/20/2038		159		177
Series 2008-93, Class AS, IF, IO, 3.62%, 12/20/2038 (f)		88		8
Series 2009-6, Class SA, IF, IO, 4.04%, 2/16/2039 (f)		26		3

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-31, Class TS, IF, IO, 4.22%, 3/20/2039 (f)		99		7
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		40		10
Series 2009-22, Class SA, IF, IO, 4.19%, 4/20/2039 (f)		119		12
Series 2009-92, Class ZC, 5.00%, 10/20/2039		703		766
Series 2011-137, Class WA, 5.56%, 7/20/2040 (f)		266		290
Series 2010-105, Class B, 5.00%, 8/20/2040		946		1,011
Series 2010-130, Class CP, 7.00%, 10/16/2040		75		84
Series 2013-91, Class WA, 4.48%, 4/20/2043 (f)		529		539
Series 2012-H24, Class FA, 2.55%, 3/20/2060 (f)		5		5
Series 2013-H03, Class FA, 2.40%, 8/20/2060 (f)		9		9
Series 2012-H21, Class DF, 2.75%, 5/20/2061 (f)		30		30
Series 2012-H26, Class MA, 2.65%, 7/20/2062 (f)		36		36
Series 2012-H29, Class FA, 2.61%, 10/20/2062 (f)		615		617
Series 2014-H15, Class FA, 2.60%, 7/20/2064 (f)		687		691
Series 2014-H17, Class FC, 2.60%, 7/20/2064 (f)		617		620
Series 2015-H15, Class FJ, 2.54%, 6/20/2065 (f)		620		622
Series 2015-H18, Class FA, 2.55%, 6/20/2065 (f)		542		543
Series 2015-H20, Class FA, 2.57%, 8/20/2065 (f)		574		577
Series 2015-H26, Class FG, 2.62%, 10/20/2065 (f)		689		693
GSR Mortgage Loan Trust
Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		85		98
Impac Secured Assets CMN Owner Trust
Series 2002-2, Class APO, PO, 4/25/2033 ‡		39		28
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 3.65%, 10/25/2033 (f)		232		235
Series 2006-A2, Class 5A3, 3.79%, 11/25/2033 (f)		77		79
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (f)		22		22

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 55

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 3.95%, 4/21/2034 (f)		66			68
Series 2004-3, Class 4A2, 3.51%, 4/25/2034 (f)		25			23
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		2			2
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		35			34
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		160			166
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		108			111
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		12			10
MASTR Asset Securitization Trust
Series 2004-8, PO, 8/25/2019 ‡		1			—	(g)
MASTR Resecuritization Trust
Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (a)		13			10
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 2.68%, 10/25/2028 (f)		142			141
Series 2004-A, Class A1, 2.52%, 4/25/2029 (f)		45			44
NACC Reperforming Loan REMIC Trust
Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (f)		42			42
NCUA Guaranteed Notes Trust
Series 2010-R3, Class 3A, 2.40%, 12/8/2020		28			28
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		7			7
Series 2003-A1, Class A1, 5.50%, 5/25/2033		8			8
Series 2003-A1, Class A2, 6.00%, 5/25/2033		18			18
RALI Trust
Series 2002-QS8, Class A5, 6.25%, 6/25/2017		2			2
Series 2002-QS16, Class A3, IF, 12.31%, 10/25/2017 (f)		—	(g)		—	(g)
Series 2003-QS3, Class A2, IF, 11.96%, 2/25/2018 (f)		—	(g)		—	(g)
Series 2003-QS9, Class A3, IF, IO, 5.49%, 5/25/2018 ‡ (f)		1			—	(g)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		9			9
Reperforming Loan REMIC Trust
Series 2005-R1, Class 2APO, PO, 3/25/2035 ‡ (a)		61			53
Residential Asset Securitization Trust
Series 2003-A14, Class A1, 4.75%, 2/25/2019		1			1
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-33H, Class 1A1, 5.50%, 10/25/2033		54			55

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		186		200
Series 1994-1, Class 1, 5.31%, 2/15/2024 (f)		116		121
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		172		188
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		56		61
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		238		261
Series 1998-1, Class 2E, 7.00%, 3/15/2028		56		62
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 4.09%, 6/25/2033 (f)		54		55
Series 2004-AR3, Class A2, 3.95%, 6/25/2034 (f)		32		32
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-4, Class CB7, 5.50%, 6/25/2035		142		137
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2003-MS2, Class 1A1, 5.75%, 2/25/2033		5		5
Series 2003-MS7, Class P, PO, 3/25/2033 ‡		1		1
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 3.68%, 11/25/2033 (f)		24		24
Series 2004-P, Class 2A1, 4.62%, 9/25/2034 (f)		103		106
Series 2004-EE, Class 3A1, 4.24%, 12/25/2034 (f)		38		39
Series 2005-AR3, Class 1A1, 4.35%, 3/25/2035 (f)		160		165
Total Collateralized Mortgage Obligations (Cost $26,278)				26,587
Asset-Backed Securities — 9.6%
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.92%, 11/15/2022		246		246
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 1/15/2023		133		137
Series 2016-3, Class AA, 3.00%, 10/15/2028		78		73
American Credit Acceptance Receivables Trust
Series 2018-1, Class A, 2.72%, 3/10/2021 (a)		61		61
Series 2015-2, Class C, 4.32%, 5/12/2021 (a)		175		176
AmeriCredit Automobile Receivables Trust
Series 2017-3, Class A3, 1.90%, 3/18/2022		91		90
Series 2018-1, Class A3, 3.07%, 12/19/2022		115		115
Series 2018-2, Class A3, 3.15%, 3/20/2023		148		148
Anchor Assets IX LLC
Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (a)		750		750

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 ‡ (a)		138		137
Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		159		158
Bear Stearns Asset-Backed Securities Trust
Series 2006-SD1, Class A, 2.43%, 4/25/2036 ‡ (f)		8		8
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		66		66
CarFinance Capital Auto Trust
Series 2015-1A, Class A, 1.75%, 6/15/2021 (a)		6		6
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		136		136
Series 2018-3, Class A3, 3.13%, 6/15/2023		234		234
Citi Held For Asset Issuance
Series 2016-MF1, Class B, 6.64%, 8/15/2022 (a)		270		272
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		9		9
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		425		429
Series 2017-C, Class B, 2.30%, 7/15/2021 (a)		100		99
Series 2015-C, Class D, 4.63%, 8/16/2021 ‡ (a)		310		315
CPS Auto Trust
Series 2018-C, Class A, 2.87%, 9/15/2021 (a)		96		96
Credit Acceptance Auto Loan Trust
Series 2015-2A, Class C, 3.76%, 2/15/2024 (a)		250		250
Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		250		251
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		46		49
Delta Air Lines Pass-Through Trust
Series 2010-2, Class A, 4.95%, 5/23/2019		25		25
Drive Auto Receivables Trust
Series 2015-BA, Class D, 3.84%, 7/15/2021 (a)		316		318
Series 2018-3, Class A3, 3.01%, 11/15/2021		106		106
Series 2015-AA, Class D, 4.12%, 7/15/2022 (a)		177		179
Series 2015-DA, Class D, 4.59%, 1/17/2023 ‡ (a)		220		223
Series 2018-2, Class C, 3.63%, 8/15/2024		100		100

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
DT Auto Owner Trust
Series 2017-3A, Class B, 2.40%, 5/17/2021 (a)		61		61
Series 2018-2A, Class A, 2.84%, 9/15/2021 (a)		173		173
Series 2015-2A, Class D, 4.25%, 2/15/2022 (a)		265		266
Exeter Automobile Receivables Trust
Series 2016-1A, Class C, 5.52%, 10/15/2021 (a)		310		316
Series 2018-3A, Class A, 2.90%, 1/18/2022 (a)		146		146
Series 2016-2A, Class B, 3.64%, 2/15/2022 (a)		329		331
Federal Express Corp. Pass-Through Trust
Series 1998, 6.72%, 1/15/2022		333		349
First Investors Auto Owner Trust
Series 2015-2A, Class D, 4.22%, 12/15/2021 (a)		100		101
Series 2018-1A, Class A2, 3.22%, 1/17/2023 (a)		68		68
FirstKey Lending Trust
Series 2015-SFR1, Class B, 3.42%, 3/9/2047 ‡ (a)		58		58
Flagship Credit Auto Trust
Series 2014-2, Class B, 2.84%, 11/16/2020 (a)		8		8
Series 2014-2, Class C, 3.95%, 12/15/2020 (a)		44		44
Series 2015-3, Class B, 3.68%, 3/15/2022 (a)		114		114
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		113		115
Series 2016-1, Class C, 6.22%, 6/15/2022 (a)		400		415
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		174		173
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		104		104
GE Capital Mortgage Services, Inc. Trust
Series 1999-HE1, Class M, 6.70%, 4/25/2029 ‡ (f)		28		24
GLS Auto Receivables Trust
Series 2016-1A, Class A, 2.73%, 10/15/2020 (a)		16		16
GM Financial Automobile Leasing Trust
Series 2017-3, Class A3, 2.01%, 11/20/2020		40		40
Series 2018-2, Class A3, 3.06%, 6/21/2021		117		117
Series 2018-1, Class A4, 2.68%, 12/20/2021		76		75
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class A3, 2.81%, 12/16/2022		134		133

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
GMAT Trust
Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (a) (d)		22		22
Gold Key Resorts LLC
Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		55		54
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		60		59
Series 2018-2, Class A3, 3.01%, 5/18/2022		128		128
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022 (a)		127		127
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		200		197
Series 2018-A, Class A3, 2.79%, 7/15/2022		78		78
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		1,230		1,230
OneMain Direct Auto Receivables Trust
Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		164		164
OneMain Financial Issuance Trust
Series 2015-2A, Class A, 2.57%, 7/18/2025 (a)		40		40
Series 2015-2A, Class B, 3.10%, 7/18/2025 ‡ (a)		233		233
Series 2015-1A, Class A, 3.19%, 3/18/2026 (a)		171		171
Oportun Funding VIII LLC
Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		491		489
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (a)		853		842
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (a)		351		348
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (a)		781		774
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 (a)		200		203
Santander Drive Auto Receivables Trust
Series 2018-3, Class A3, 3.03%, 2/15/2022		62		62
Series 2018-4, Class A3, 3.01%, 3/15/2022		49		49
Securitized Asset-Backed Receivables LLC Trust
Series 2006-CB1, Class AF2, 3.46%, 1/25/2036 ‡ (d)		31		28
Spirit Airlines Pass-Through Trust
Series 2017-1, Class AA, 3.38%, 2/15/2030		45		44
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024 (a)		224		224

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Toyota Auto Receivables Owner Trust
Series 2016-A, Class A3, 1.25%, 3/16/2020		138			138
United Airlines Pass-Through Trust
Series 2016-2, Class AA, 2.88%, 10/7/2028		117			110
VOLT XL LLC
Series 2015-NP14, Class A1, 4.37%, 11/27/2045 ‡ (a) (d)		57			57
Westlake Automobile Receivables Trust
Series 2015-3A, Class D, 4.40%, 5/17/2021 (a)		194			195
World Omni Auto Receivables Trust
Series 2015-A, Class A3, 1.34%, 5/15/2020		2			2
Series 2017-B, Class A3, 1.95%, 2/15/2023		104			102
Total Asset-Backed Securities (Cost $14,660)					14,679
Mortgage-Backed Securities — 9.6%
FHLMC
Pool # 785618, ARM, 4.25%, 7/1/2026 (f)		9			9
Pool # 611141, ARM, 3.61%, 1/1/2027 (f)		16			17
Pool # 1B2656, ARM, 3.54%, 12/1/2034 (f)		85			90
Pool # 1G2557, ARM, 4.30%, 6/1/2036 (f)		108			114
Pool # 1A1085, ARM, 3.83%, 8/1/2036 (f)		87			90
Pool # 1Q0105, ARM, 4.14%, 9/1/2036 (f)		44			46
Pool # 1B7242, ARM, 4.25%, 9/1/2036 (f)		55			58
Pool # 1Q0737, ARM, 3.67%, 11/1/2036 (f)		39			41
Pool # 1N1511, ARM, 3.91%, 1/1/2037 (f)		38			39
Pool # 1J1543, ARM, 4.26%, 2/1/2037 (f)		39			41
Pool # 1Q0739, ARM, 4.19%, 3/1/2037 (f)		59			62
Pool # 1Q0722, ARM, 4.09%, 4/1/2038 (f)		41			43
FHLMC Gold Pools, 15 Year, Single Family
Pool # G11695, 6.50%, 2/1/2019		—	(g)		—	(g)
Pool # G12251, 4.00%, 6/1/2019		5			5
Pool # G12825, 6.50%, 3/1/2022		12			12
FHLMC Gold Pools, 20 Year, Single Family
Pool # C90985, 6.50%, 8/1/2026		11			12
FHLMC Gold Pools, 30 Year, Single Family
Pool # A01047, 8.00%, 7/1/2020		—	(g)		—	(g)
Pool # G00245, 8.00%, 8/1/2024		2			2
Pool # C00376, 8.00%, 11/1/2024		1			1
Pool # C00414, 7.50%, 8/1/2025		3			3
Pool # C00452, 7.00%, 4/1/2026		3			4
Pool # G00981, 8.50%, 7/1/2028		8			9
Pool # A17537, 6.00%, 1/1/2034		31			34
Pool # G02682, 7.00%, 2/1/2037		25			28
Pool # Q58054, 4.50%, 11/1/2046(h)		400			417
FHLMC Gold Pools, FHA/VA
Pool # G20027, 10.00%, 10/1/2030		30			32

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
FHLMC Gold Pools, Other
Pool # L10151, 6.00%, 2/1/2033		27			29
Pool # U80336, 3.50%, 5/1/2033		557			562
Pool # U90690, 3.50%, 6/1/2042		272			271
Pool # U90975, 4.00%, 6/1/2042		270			277
Pool # U91427, 3.50%, 5/1/2043		741			741
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019 (f)		—	(g)		—	(g)
Pool # 54844, ARM, 2.59%, 9/1/2027 (f)		4			3
Pool # 303532, ARM, 4.01%, 3/1/2029 (f)		3			3
Pool # 745446, ARM, 3.85%, 4/1/2033 (f)		54			57
Pool # 746299, ARM, 3.56%, 9/1/2033 (f)		72			76
Pool # 743546, ARM, 3.27%, 11/1/2033 (f)		50			52
Pool # 735332, ARM, 3.83%, 8/1/2034 (f)		72			76
Pool # 790964, ARM, 3.35%, 9/1/2034 (f)		76			79
Pool # 896463, ARM, 4.12%, 10/1/2034 (f)		68			72
Pool # 816361, ARM, 3.21%, 1/1/2035 (f)		103			109
Pool # 810896, ARM, 3.92%, 1/1/2035 (f)		55			57
Pool # 816597, ARM, 3.48%, 2/1/2035 (f)		36			38
Pool # 816594, ARM, 3.79%, 2/1/2035 (f)		58			60
Pool # 745862, ARM, 4.16%, 4/1/2035 (f)		47			50
Pool # 838972, ARM, 4.13%, 8/1/2035 (f)		9			9
Pool # 832801, ARM, 3.30%, 9/1/2035 (f)		80			84
Pool # 843026, ARM, 3.50%, 9/1/2035 (f)		91			94
Pool # 920340, ARM, 4.77%, 2/1/2036 (f)		43			45
Pool # 886558, ARM, 3.64%, 8/1/2036 (f)		18			19
Pool # 893424, ARM, 3.40%, 9/1/2036 (f)		44			46
Pool # 913984, ARM, 3.84%, 2/1/2037 (f)		26			27
Pool # 915645, ARM, 4.37%, 2/1/2037 (f)		59			62
Pool # 887094, ARM, 4.48%, 7/1/2046 (f)		62			66
FNMA, 15 Year, Single Family
Pool # 742078, 4.50%, 3/1/2019		2			2
Pool # 761326, 5.00%, 4/1/2019		11			12
Pool # 782005, 4.00%, 5/1/2019		2			2
Pool # 780956, 4.50%, 5/1/2019		7			7
Pool # 735386, 5.50%, 1/1/2020		3			3
Pool # 889265, 5.50%, 6/1/2020		—	(g)		—	(g)
Pool # 735911, 6.50%, 8/1/2020		2			2
Pool # 745406, 6.00%, 3/1/2021		23			23
Pool # 995381, 6.00%, 1/1/2024		39			41
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		28			31
FNMA, 30 Year, FHA/VA
Pool # 426839, 9.50%, 12/1/2018		—	(g)		—	(g)
Pool # 252409, 6.50%, 3/1/2029		13			14
Pool # 752786, 6.00%, 9/1/2033		11			12

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
FNMA, 30 Year, Single Family
Pool # 70825, 8.00%, 3/1/2021		—	(g)		—	(g)
Pool # 189190, 7.50%, 11/1/2022		3			3
Pool # 479469, 10.00%, 2/1/2024		1			1
Pool # 250066, 8.00%, 5/1/2024		1			1
Pool # 250103, 8.50%, 7/1/2024		3			3
Pool # 303031, 7.50%, 10/1/2024		1			1
Pool # 308499, 8.50%, 5/1/2025		—	(g)		—	(g)
Pool # 695533, 8.00%, 6/1/2027		7			8
Pool # 313687, 7.00%, 9/1/2027		2			2
Pool # 755973, 8.00%, 11/1/2028		14			16
Pool # 598559, 6.50%, 8/1/2031		17			18
Pool # 649624, 7.00%, 8/1/2032		1			1
Pool # 995409, 8.00%, 11/1/2032		171			199
Pool # 675555, 6.00%, 12/1/2032		28			30
Pool # 674349, 6.00%, 3/1/2033		13			13
Pool # 702901, 6.00%, 5/1/2033		53			59
Pool # 723852, 5.00%, 7/1/2033		33			35
Pool # 729296, 5.00%, 7/1/2033		59			63
Pool # 721535, 5.00%, 7/1/2033		77			82
Pool # 713700, 4.50%, 8/1/2033		29			31
Pool # 737825, 6.00%, 9/1/2033		13			15
Pool # 725027, 5.00%, 11/1/2033		56			60
Pool # 725017, 5.50%, 12/1/2033		49			55
Pool # AA0922, 6.00%, 9/1/2036		82			91
Pool # 986648, 6.00%, 9/1/2037		35			39
Pool # AD9151, 5.00%, 8/1/2040		219			235
FNMA, Other
Pool # 467630, 4.30%, 4/1/2021		738			759
Pool # 468058, 4.39%, 5/1/2021		466			479
Pool # AL0569, 4.26%, 6/1/2021		304			312
Pool # AM1802, 2.24%, 12/1/2022		465			451
Pool # AM4466, 3.76%, 10/1/2023		474			485
Pool # AM6381, 3.29%, 8/1/2026		1,000			999
Pool # AM7485, 3.24%, 12/1/2026		1,000			990
Pool # AM7515, 3.34%, 2/1/2027		500			500
Pool # AM8529, 3.03%, 4/1/2027		1,000			979
Pool # AM8432, 2.79%, 5/1/2027		1,000			961
Pool # 109707, 3.80%, 9/1/2033(h)		255			258
Pool # 888408, 6.00%, 3/1/2037		31			33
Pool # 257172, 5.50%, 4/1/2038		14			14
Pool # MA1125, 4.00%, 7/1/2042		491			502
GNMA I, 30 Year, Single Family
Pool # 286315, 9.00%, 2/15/2020		—	(g)		—	(g)
Pool # 313110, 7.50%, 11/15/2022		—	(g)		—	(g)
Pool # 352108, 7.00%, 8/15/2023		1			1
Pool # 363030, 7.00%, 9/15/2023		31			33

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 59

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 352022, 7.00%, 11/15/2023		2			2
Pool # 366706, 6.50%, 1/15/2024		8			9
Pool # 371281, 7.00%, 2/15/2024		16			16
Pool # 782507, 9.50%, 10/15/2024		10			10
Pool # 780029, 9.00%, 11/15/2024		1			1
Pool # 780965, 9.50%, 12/15/2025		3			3
Pool # 442119, 7.50%, 11/15/2026		2			3
Pool # 411829, 7.50%, 7/15/2027		4			4
Pool # 468149, 8.00%, 8/15/2028		2			2
Pool # 468236, 6.50%, 9/15/2028		39			43
Pool # 486537, 7.50%, 9/15/2028		4			4
Pool # 466406, 6.00%, 11/15/2028		25			27
Pool # 607645, 6.50%, 2/15/2033		13			14
Pool # 781614, 7.00%, 6/15/2033		19			22
Pool # 782615, 7.00%, 6/15/2035		66			74
Pool # 782025, 6.50%, 12/15/2035		79			89
Pool # 681638, 6.00%, 12/15/2038		100			108
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		1			1
Pool # 1989, 8.50%, 4/20/2025		5			5
Pool # 2006, 8.50%, 5/20/2025		4			4
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		1			2
Pool # 2270, 8.00%, 8/20/2026		2			2
Pool # 2285, 8.00%, 9/20/2026		2			2
Pool # 2324, 8.00%, 11/20/2026		1			1
Pool # 2499, 8.00%, 10/20/2027		4			4
Pool # 2512, 8.00%, 11/20/2027		3			3
Pool # 2525, 8.00%, 12/20/2027		1			1
Pool # 2549, 7.50%, 2/20/2028		1			1
Pool # 2562, 6.00%, 3/20/2028		18			20
Pool # 2606, 8.00%, 6/20/2028		1			2
Pool # 2633, 8.00%, 8/20/2028		—	(g)		—	(g)
Pool # 2646, 7.50%, 9/20/2028		5			5
Pool # 4245, 6.00%, 9/20/2038		93			102
Pool # BA7567, 4.50%, 5/20/2048		379			395
GNMA II, Other
Pool # AD0860, 3.50%, 11/20/2033		469			475
Total Mortgage-Backed Securities (Cost $14,737)					14,696
Commercial Mortgage-Backed Securities — 3.6%
20 Times Square Trust
Series 2018-20TS, Class A, 3.20%, 5/15/2035 (a) (f)		145			142
CD Commercial Mortgage Trust
Series 2007-CD4, Class XC, IO, 0.68%, 12/11/2049 ‡ (a) (f)		76			1

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage Trust
Series 2014-PAT, Class A, 2.87%, 8/13/2027 (a) (f)		132		132
Series 2014-TWC, Class A, 2.92%, 2/13/2032 (a) (f)		400		400
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281		285
FHLMC Multifamily Structured Pass-Through Certificates
Series KF12, Class A, 2.78%, 9/25/2022 (f)		247		247
Series KSMC, Class A2, 2.62%, 1/25/2023		500		491
Series K069, Class A2, 3.19%, 9/25/2027 (f)		500		492
FNMA ACES
Series 2012-M11, Class FA, 2.58%, 8/25/2019 (f)		79		80
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (f)		312		316
Series 2015-M17, Class FA, 3.01%, 11/25/2022 (f)		396		400
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (f)		444		451
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (f)		636		631
Series 2015-M7, Class A2, 2.59%, 12/25/2024		820		791
UBS-BAMLL Trust
Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		116		116
UBS-Barclays Commercial Mortgage Trust
Series 2012-C2, Class A4, 3.53%, 5/10/2063		104		105
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (a)		500		506
Total Commercial Mortgage-Backed Securities (Cost $5,630)				5,586
U.S. Government Agency Securities — 0.8%
FNMA 1.83%, 10/9/2019 (e)		85		83
Resolution Funding Corp. STRIPS 1.61%, 10/15/2019 (e)		165		160
1.74%, 7/15/2020 (e)		250		238
1.23%, 1/15/2021 (e)		330		309
DN, 2.92%, 1/15/2026 (e)		90		71
DN, 2.74%, 10/15/2027 (e)		80		59
Tennessee Valley Authority STRIPS 4.64%, 5/1/2019 (e)		333		327
Total U.S. Government Agency Securities (Cost $1,269)				1,247
Foreign Government Securities — 0.2%
United Mexican States (Mexico) 3.63%, 3/15/2022 (Cost $250)		244		244

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04% (i) (j) (Cost $1,201)		1,201		1,201
Total Investments — 100.0% (Cost $154,471)				153,534
Liabilities in Excess of Other Assets — 0.0% (c)				(46	)
Net Assets — 100.0%				153,488

Percentages indicated are based on net assets.

Abbreviations

ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2018.
DN	Discount Notes
ESOP	Employee Stock Ownership Program
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
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 August 31, 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

SCA	Limited partnership with share capital
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.
USD	United States Dollar
VA	Veterans Administration
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2018.
(e)	The rate shown is the effective yield as of August 31, 2018.
(f)	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 August 31, 2018.
(g)	Amount rounds to less than one thousand.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of August 31, 2018.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 61

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018

(Amounts in thousands, except per share amounts)

	JPMorgan Core Bond Trust		JPMorgan Intermediate Bond Trust
ASSETS:
Investments in non-affiliates, at value	$	2,030,092	$	152,333
Investments in affiliates, at value		6,448		1,201
Receivables:
Investment securities sold		772		19
Interest from non-affiliates		9,675		684
Dividends from affiliates		51		2
Total Assets		2,047,038		154,239
LIABILITIES:
Payables:
Due to custodian		362		1
Investment securities purchased		—		1
Investment securities purchased — delayed delivery securities		—		676
Accrued liabilities:
Investment advisory fees		212		—	(a)
Custodian and accounting fees		88		31
Audit fees		43		37
Other		46		5
Total Liabilities		751		751
Net Assets	$	2,046,287	$	153,488
NET ASSETS:
Paid-in-Capital	$	2,039,847	$	155,422
Accumulated undistributed (distributions in excess of) net investment income		62		(12	)
Accumulated net realized gains (losses)		4,842		(985	)
Net unrealized appreciation (depreciation)		1,536		(937	)
Total Net Assets	$	2,046,287	$	153,488
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		205,472		16,017
Net asset value, offering and redemption price per share (b)	$	9.96	$	9.58
Cost of investments in non-affiliates	$	2,028,558	$	153,270
Cost of investments in affiliates		6,446		1,201

(a) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Core Bond Trust			JPMorgan Intermediate Bond Trust
INVESTMENT INCOME:
Interest income from non-affiliates	$	38,661		$	2,559
Interest income from affiliates		—	(a)		—
Dividend income from affiliates		295			29
Total investment income		38,956			2,588
EXPENSES:
Investment advisory fees		3,324			240
Administration fees		1,108			80
Custodian and accounting fees		118			56
Professional fees		48			32
Trustees’ and Chief Compliance Officer’s fees		16			12
Printing and mailing costs		11			1
Transfer agency fees		9			1
Other		109			9
Total expenses		4,743			431
Less fees waived		(3,112	)		(315	)
Net expenses		1,631			116
Net investment income (loss)		37,325			2,472
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		218			(205	)
Investments in affiliates		6			—	(a)
Net realized gain (loss)		224			(205	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(14,752	)		(638	)
Investments in affiliates		2			—	(a)
Change in net unrealized appreciation/depreciation		(14,750	)		(638	)
Net realized/unrealized gains (losses)		(14,526	)		(843	)
Change in net assets resulting from operations	$	22,799		$	1,629

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Core Bond Trust						JPMorgan Intermediate Bond Trust
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	37,325		$	89,002		$	2,472		$	5,154
Net realized gain (loss)		224			22,406			(205	)		(632	)
Change in net unrealized appreciation/depreciation		(14,750	)		(59,398	)		(638	)		(2,482	)
Change in net assets resulting from operations		22,799			52,010			1,629			2,040
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(38,162	)		(88,861	)		(2,517	)		(5,144	)
From net realized gains		—			(27,449	)		—			(720	)
Total distributions to shareholders		(38,162	)		(116,310	)		(2,517	)		(5,864	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		79,638			149,441			—			58,857
Distributions reinvested		35,915			109,911			2,059			4,992
Cost of shares redeemed		(272,705	)		(1,135,482	)		(9,729	)		(79,328	)
Change in net assets resulting from capital transactions		(157,152	)		(876,130	)		(7,670	)		(15,479	)
NET ASSETS:
Change in net assets		(172,515	)		(940,430	)		(8,558	)		(19,303	)
Beginning of period		2,218,802			3,159,232			162,046			181,349
End of period	$	2,046,287		$	2,218,802		$	153,488		$	162,046
Accumulated undistributed (distributions in excess of) net investment income	$	62		$	899		$	(12	)	$	33
SHARE TRANSACTIONS:
Issued		7,947			14,419			—			5,993
Reinvested		3,602			10,645			215			507
Redeemed		(27,361	)		(109,586	)		(1,017	)		(8,055	)
Change in Shares		(15,812	)		(84,522	)		(802	)		(1,555	)

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 65

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
JPMorgan Core Bond Trust
Six Months Ended August 31, 2018 (Unaudited)	$	10.03	$	0.17	(e)	$	(0.07	)	$	0.10	$	(0.17	)	$	—		$	(0.17	)
Year Ended February 28, 2018		10.33		0.35	(e)		(0.18	)		0.17		(0.35	)		(0.12	)		(0.47	)
Year Ended February 28, 2017		10.58		0.33	(e)		(0.14	)		0.19		(0.34	)		(0.10	)		(0.44	)
Year Ended February 29, 2016		10.69		0.32	(e)		(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	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) 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.

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

(e) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	9.96		1.05	%	$	2,046,287		0.15	%		3.37	%		0.43	%		11	%
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	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
JPMorgan Intermediate Bond Trust
Six Months Ended August 31, 2018 (Unaudited)	$	9.63	$	0.15	(e)	$	(0.05	)	$	0.10	$	(0.15	)	$	—		$	(0.15	)
Year Ended February 28, 2018		9.87		0.30	(e)		(0.20	)		0.10		(0.30	)		(0.04	)		(0.34	)
Year Ended February 28, 2017		10.37		0.29	(e)		(0.15	)		0.14		(0.30	)		(0.34	)		(0.64	)
Year Ended February 29, 2016		10.40		0.26	(e)		(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) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) 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.

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

(e) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	9.58		1.08	%	$	153,488		0.15	%		3.09	%		0.54	%		21	%
	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.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited)

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 (each, a “Fund” and collectively, the “Funds”) covered by this report commenced operations on February 7, 2005: JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust.

The investment objective of JPMorgan Core Bond Trust (“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 JPMorgan Intermediate Bond Trust (“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, thus, 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 August 31, 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.

70 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 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 (“SOIs”) (amounts in thousands):

Core Bond Trust

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	173,549	$	73,067	$	246,616
Collateralized Mortgage Obligations		—		284,029		9,516		293,545
Commercial Mortgage-Backed Securities		—		96,883		2,469		99,352
Corporate Bonds
Capital Markets		—		50,035		106		50,141
Other Corporate Bonds		—		427,347		—		427,347
Total Corporate Bonds		—		477,382		106		477,488
Foreign Government Securities		—		10,598		—		10,598
Mortgage-Backed Securities		—		328,007		—		328,007
Municipal Bonds		—		10,589		—		10,589
Supranational		—		3,164		—		3,164
U.S. Government Agency Securities		—		29,417		—		29,417
U.S. Treasury Obligations		—		531,316		—		531,316
Short-Term Investments
Investment Companies		6,448		—		—		6,448
Total Investments in Securities	$	6,448	$	1,944,934	$	85,158	$	2,036,540
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	$	—	$	10,472	$	4,207	$	14,679
Collateralized Mortgage Obligations		—		26,728		117		26,845
Commercial Mortgage-Backed Securities		—		5,585		1		5,586
Corporate Bonds
Capital Markets		—		4,520		8		4,528
Other Corporate Bonds		—		44,482		—		44,482
Total Corporate Bonds		—		49,002		8		49,010
Foreign Government Securities		—		244		—		244
Mortgage-Backed Securities		—		14,438		—		14,438
U.S. Government Agency Securities		—		1,247		—		1,247
U.S. Treasury Obligations		—		40,284		—		40,284
Short-Term Investments
Investment Companies		1,201		—		—		1,201
Total Investments in Securities	$	1,201	$	148,000	$	4,333	$	153,534

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

For each of the Funds, there were no significant transfers among any levels during the six months ended August 31, 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, 2018		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 August 31, 2018
Investments in Securities:
Asset-Backed Securities	$	91,372	$	95		$	(267	)	$	(32	)	$	3,767		$	(15,312	)	$	1,732	$	(8,288	)	$	73,067
Collateralized Mortgage Obligations		10,130		6			(216	)		(396	)		454			(2,015	)		1,553		—			9,516
Commercial Mortgage-Backed Securities		6,785		218			(255	)		(65	)		2			(5,422	)		1,206		—			2,469
Corporate Bonds — Capital Markets		158		—	(a)		—	(a)		—	(a)		—			(52	)		—		—			106
Loan Assignments — Hotels, Restaurants & Leisure		2,289		76			(26	)		2			—			(2,341	)		—		—			—
	$	110,734	$	395		$	(764	)	$	(491	)	$	4,223		$	(25,142	)	$	4,491	$	(8,288	)	$	85,158
Intermediate Bond Trust	Balance as of February 28, 2018		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 August 31, 2018
Investments in Securities:
Asset-Backed Securities	$	5,171	$	15		$	(19	)	$	—	(a)	$	63		$	(913	)	$	95	$	(205	)	$	4,207
Collateralized Mortgage Obligations		219		—	(a)		—			1			—	(a)		(114	)		11		—			117
Commercial Mortgage-Backed Securities		604		—			—	(a)		(1	)		1			(603	)		—		—			1
Corporate Bonds — Capital Markets		12		—	(a)		—	(a)		—	(a)		—			(4	)		—		—			8
	$	6,006	$	15		$	(19	)	$	—		$	64		$	(1,634	)	$	106	$	(205	)	$	4,333

  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 one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2018, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Core Bond Trust	$	(667	)
Intermediate Bond Trust		(8	)

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 August 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	34,504	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (3.58%)
				Constant Default Rate		0.00% - 30.00% (0.30%)
				Yield (Discount Rate of Cash Flows)		2.46% - 8.14% (3.80%)
Asset-Backed Securities		34,504
		5,386	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (11.77%)
				PSA Prepayment Model		254.00% (254.00%)
				Constant Default Rate		0.00% - 12.68% (3.29%)
				Yield (Discount Rate of Cash Flows)		–84.47% - 56.66% (7.21%)
Collateralized Mortgage Obligations		5,386

72 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

	Fair Value at August 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
		2,036	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (21.49%)
				Yield (Discount Rate of Cash Flows)		2.56% - 7.87% (4.46%)
Commercial Mortgage-Backed Securities		2,036
		106	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.11% (4.11%)
				Liquidity Discount		0.50% (0.50%)
Corporate Bonds		106
Total	$	42,032

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2018, the value of these investments was approximately $43,126,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are 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.

Intermediate Bond Trust Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,226	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (4.20%)
				Constant Default Rate		0.00% - 30.00% (0.39%)
				Yield (Discount Rate of Cash Flows)		2.46% - 8.14% (3.44%)
Asset-Backed Securities		2,226
		106	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (9.43%)
				Constant Default Rate		0.00% - 5.91% (4.31%)
				Yield (Discount Rate of Cash Flows)		(0.44%) - 13.80% (1.91%)
Collateralized Mortgage Obligations		106
		1	Discounted Cash Flow	Constant Prepayment Rate		35.00% (35.00%)
				Yield (Discount Rate of Cash Flows)		3.95% (3.95%)
Commercial Mortgage-Backed Securities		1
		8	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.11% (4.11%)
				Liquidity Discount		0.50% (0.50%)
Corporate Bonds		8
Total	$	2,341

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2018, the value of these investments was approximately $1,992,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are 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 August 31, 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.

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Intermediate Bond Trust 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.

Intermediate Bond Trust had when-issued securities, forward commitments or delayed delivery securities outstanding as of August 31, 2018, which are shown as Payable for Investment securities purchased — delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2018 are detailed in the SOIs.

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 from non-affiliates on the Statements of Operations.

At August 31, 2018, the Fund did not have any outstanding unfunded loan commitments.

F. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the tables below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Amounts in the tables below are in thousands.

Core Bond Trust

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04% (a) (b)	$	8,579	$	264,956	$	267,095	$	6	$	2	$	6,448		6,446	$	295	$	—

74 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

Intermediate Bond Trust

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04% (a) (b)	$	3,630	$	20,221	$	22,650	$	—	(c)	$	—	(c)	$	1,201		1,201	$	29	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of August 31, 2018.

(c) Amount rounds to less than one thousand.

G. 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 from non-affiliates on the Statements of Operations.

H. 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.

I. 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 (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 August 31, 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.

J. Distributions to Shareholders — Distributions from net investment income, if any, 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.

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 an annual 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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Statements of Operations. Prior to March 1, 2018, payments to the custodian were 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 six months ended August 31, 2018, and are in place until at least until June 30, 2019.

For the six months ended August 31, 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
Core Bond Trust	$	1,974	$	1,108	$	3,082
Intermediate Bond Trust		231		80		311

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 Fund’s investment in such affiliated money market fund.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended August 31, 2018 were as follows (amounts in thousands):

Core Bond Trust	$	30
Intermediate Bond Trust		4

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 six months ended August 31, 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 six months ended August 31, 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 six months ended August 31, 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	$	104,741	$	322,999	$	119,064	$	51,774
Intermediate Bond Trust		12,497		19,972		19,644		18,852

76 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Trust	$	2,035,004	$	33,594	$	32,058	$	1,536
Intermediate Bond Trust		154,471		1,232		2,169		(937	)

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 each 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 during the six months ended August 31, 2018.

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 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended August 31, 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 brought against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of August 31, 2018, Intermediate Bond Trust had four individual shareholder accounts which collectively represented 60.9% 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

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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 been raising 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. New Accounting Pronouncements

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.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management is currently evaluating the implications of these changes.

9. Subsequent Event

Effective October 5, 2018, the Funds may engage in securities lending to broker dealers or other financial institutions approved by the Funds. Citibank N. A. serves as lending agent for the Funds.

78 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

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, March 1, 2018, and continued to hold your shares at the end of the reporting period, August 31, 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 March 1, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Bond Trust
Class A
Actual	$	1,000.00	$	1,010.50	$	0.76		0.15	%
Hypothetical		1,000.00		1,024.45		0.77		0.15
JPMorgan Intermediate Bond Trust
Class A
Actual	$	1,000.00	$	1,010.80	$	0.76		0.15	%
Hypothetical		1,000.00		1,024.45		0.77		0.15

* Expenses are equal to each Fund’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 79

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent

80 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that the Adviser earns fees from the Funds for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception

and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and

AUGUST 31, 2018 JPMORGAN INSTITUTIONAL TRUST FUNDS 81

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

objective (the “Universe ”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For Core Bond Trust, the Trustees and Adviser determined that the Peer Group and/or Universe is less meaningful and the independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer group of funds with similar portfolio objectives (as selected by the independent consultant). The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance is summarized below:

The Trustees noted that the Core Bond Trust’s performance was in the second, second and third quintiles based upon the Peer Group, and in the first quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intermediate Bond Trust’s performance was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the

performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and the administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustee, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Core Bond Trust’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intermediate Bond Trust’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

82 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2018

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 Fund’s 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. August 2018. SAN-INSTT-818

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.

Not applicable to a semi-annual 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.

(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)).

(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 to a semi-annual report.

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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

Not applicable to a semi-annual report.

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 to a semi-annual report.

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.

Not applicable.

(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
	November 07, 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
	November 07, 2018

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	November 07, 2018

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

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

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds 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 Funds 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 Funds, 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 Funds’ 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 Funds’ 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 Funds’ 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 Funds’ 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 Funds’ internal control over financial reporting.

Date: November 07, 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 series of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds 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 Funds 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 Funds, 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 Funds’ 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 Funds’ 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 Funds’ 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 Funds’ 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 Funds’ internal control over financial reporting.

Date: November 07, 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 the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of JPMorgan Institutional Trust (the “Registrant”);

I, Brian S. Shlissel, certify that:

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

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

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

November 07, 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 the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), 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 Funds.

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

November 07, 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.