N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(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 February 28, 2019

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Annual Report

JPMorgan Institutional Trust Funds

February 28, 2019

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	64
Financial Highlights	68
Notes to Financial Statements	72
Report of Independent Registered Public Accounting Firm	83
Trustees	84
Officers	87
Schedule of Shareholder Expenses	88
Tax Letter	89

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

April 9, 2019 (Unaudited)

Dear Shareholders,

While the U.S. economy outpaced most other developed economies throughout 2018 and into early 2019, decelerating global growth prompted the U.S. Federal Reserve and certain other leading central banks to adopt a more neutral policy stance to support economic growth.

  “In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China.” — George C.W. Gatch

Despite a sharp sell-off in financial markets in the fourth quarter of 2018, U.S. equity and bond markets generally recorded a positive performance for the twelve months ended February 28, 2019. For most of the reporting period, U.S. equity and bond prices were supported by record high corporate profits and a surging domestic economy.

Growth in U.S. gross domestic product (GDP) swelled to 4.2% in the second quarter of 2018, then cooled to 3.4% and 2.2% in the third and fourth quarters, respectively. The unemployment rate in the U.S. remained at historic lows, ranging between 4.0% and 3.7% for the reporting period and ending at 3.8% in February 2019. Corporate earnings generally outperformed analysts’ expectations for most of the reporting period but investors and economists expected that trend to recede due to slowing global demand and the fading effects of federal tax cuts enacted at the end of 2017.

Meanwhile, investor uncertainty rose in late 2018 amid unresolved U.S.-China trade tensions, rising interest rates and a political impasse that led to the shutdown of large parts of the U.S. federal government. Equity prices plummeted in December sending the S&P 500 Index to its worst monthly performance since 1931. However, a budget agreement re-opened federal operations in January and the Fed responded to slowing growth by adopting a “patient” approach toward further interest rate increases. Financial markets quickly rebounded, with domestic equity prices generally returning to positive territory for the reporting period and bond prices generally rising.

Among other leading economies, manufacturing and export sectors slumped in the 19-nation Eurozone, as well as in South Korea and Taiwan, amid softening demand from China and the impact of reciprocal trade tariffs between the U.S. and leading trading partners. In response to stalling growth, the European Central Bank offered a new round of low-cost loans to banks

and indicated it would not raise interest rates through the end of 2019. Meanwhile, Chinese authorities moved to counter slowing domestic growth via tax cuts, infrastructure spending and increased bank lending. By the end of the period, U.S. and Chinese negotiators were working to resolve their trade dispute.

Notably, emerging market debt largely outperformed both equity and other bond markets in the second half of the reporting period. A decline in interest rates at the end of the period and investor expectations for improvement in trade tensions combined to generally bolster both sovereign and corporate bonds in emerging markets. In the U.S., equity market volatility increased in the second half of the reporting period and bond markets, which had lackluster performance for the first half of the reporting period, generally outperformed equity markets in the latter six months.

In early 2019, prices for equity, debt securities and government bonds generally rose amid investor expectations for favorable central bank policies and optimism over a potential resolution to the trade dispute between the U.S. and China. A pause in monetary tightening and a reduction in reciprocal trade tariffs could continue to support financial markets and global economic activity. The International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD) have forecast 3.3% growth in global GDP for 2019, but the OECD has also warned of weakening economic prospects in the 20 largest economies, particularly in China, Eurozone countries and the U.K. The organization has cited “vulnerabilities” from slowing trade and manufacturing, as well as acute geo-political risks. The U.S. economy is forecast by IMF to grow by about 2.3% in 2019, slower than the previous year but still positive and on track to achieve its longest period of economic expansion on record.

We believe those investors who remain fully invested for the long term in a well-diversified portfolio may continue to benefit from available market opportunities. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 1

JPMorgan Institutional Trust Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

The performance of U.S. bond markets continued to lag behind gains in U.S. equity for most of the reporting period. Equity prices were generally supported by record corporate profits, low interest rates and the continued expansion of the U.S. economy. Conversely, investor expectations for accelerating inflation and future increases in interest rates weighed down prices for corporate debt and U.S. Treasury bonds for most of the reporting period.

Notably, investors sold off both equity and bonds in the fourth quarter of 2018 amid concerns about U.S.-China trade tensions, slowing economic growth in China and Europe and a political impasse in Washington, D.C. that led to the partial shutdown of the federal government.

However, prices for both equity and bonds rebounded somewhat in the first two months of 2019. A budget agreement re-opened federal government operations in January, and the U.S. Federal Reserve (the “Fed”) said it would take a “patient” approach toward future interest rate increases. At the same time, inflation remained below the Fed’s target level despite a tightening job market and emerging signs of wage growth in the U.S.

Overall, high yield bonds (also known as “junk bonds”) outperformed both investment grade corporate debt and U.S. Treasury bonds during the reporting period. For the twelve months ended February 28, 2019, the Bloomberg Barclays U.S. Aggregate Bond Index returned 3.17%.

2 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

JPMorgan Core Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund*	3.16%
Bloomberg Barclays U.S. Aggregate Bond Index (formerly Bloomberg Barclays U.S. Aggregate Index)	3.17%
Net Assets as of 2/28/2019 (In Thousands)	$1,876,288
Duration as of 2/28/2019	5.7 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 28, 2019, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in agency mortgage pass-through securities was a leading detractor from performance during the reporting period. The Fund’s security selection in corporate bonds also detracted from relative performance.

The Fund’s security selection in non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities was a leading contributor to relative performance. The Fund’s overweight position in the 5-to-10 year portion of the yield curve also detracted from relative performance as interest rates fell in the 10-year and longer portions of the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

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	24.2	%
Corporate Bonds	22.7
Mortgage-Backed Securities	16.0
Collateralized Mortgage Obligations	14.7
Asset-Backed Securities	12.9
Commercial Mortgage-Backed Securities	4.6
U.S. Government Agency Securities	1.6
Others (each less than 1.0%)	1.2
Short-Term Investments	2.1

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 3

JPMorgan Core Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		3.16	%		2.75	%		4.88	%

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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 February 28, 2009 to February 28, 2019. 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 FEBRUARY 28, 2019

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited)

REPORTING PERIOD RETURN:
Fund*	3.47%
Bloomberg Barclays Intermediate U.S. Government/Credit Index	3.22%
Net Assets as of 2/28/2019 (In Thousands)	$143,173
Duration as of 2/28/2019	3.7 years

INVESTMENT OBJECTIVE**

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

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

For the twelve months ended February 28, 2019, the Fund outperformed the Bloomberg Barclays Intermediate U.S. Government/Credit Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in out-of-Benchmark non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities was a leading contributor to performance during the reporting period. The Fund’s overweight allocation to the 10-year portion of the yield curve also contributed to relative performance as interest rates fell in the intermediate and longer portions of the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

The Fund’s underweight position in intermediate corporate bonds and its security selection in residential mortgage-backed securities detracted from relative performance during the reporting period.

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	32.6	%
U.S. Treasury Obligations	21.6
Collateralized Mortgage Obligations	17.5
Mortgage-Backed Securities	10.5
Asset-Backed Securities	9.6
Commercial Mortgage-Backed Securities	4.9
Others (each less than 1.0%)	1.1
Short-Term Investments	2.2

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

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

*** Percentages indicated are based on total investments as of February 28, 2019. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 5

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 28, 2019 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2019
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		3.47	%		2.31	%		4.06	%

TEN YEAR PERFORMANCE (2/28/09 TO 2/28/19)

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

The graph illustrates comparative performance for $5,000,000 invested in the JPMorgan Intermediate Bond Trust, the Bloomberg Barclays Intermediate U.S. Government/Credit Index and the Lipper Short-Intermediate U.S. Government Funds Index from February 28, 2009 to February 28, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays Intermediate U.S. Government/Credit Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Short-Intermediate U.S. Government Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays

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

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

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

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

6 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 24.2%
U.S. Treasury Bonds
6.13%, 8/15/2029		300		392
4.38%, 5/15/2040		80		97
3.13%, 2/15/2043		2,000		2,019
2.88%, 5/15/2043		22,775		21,986
3.63%, 8/15/2043		27,650		30,275
3.75%, 11/15/2043		11,654		13,018
3.63%, 2/15/2044		17,780		19,479
2.50%, 2/15/2045		7,900		7,071
2.88%, 8/15/2045		2,300		2,214
3.00%, 2/15/2048		670		658
3.13%, 5/15/2048		5,127		5,162
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		389
3.63%, 4/15/2028		799		1,547
2.50%, 1/15/2029		300		408
U.S. Treasury Inflation Indexed Notes
1.38%, 1/15/2020		607		711
0.13%, 1/15/2022		2,453		2,682
U.S. Treasury Notes
1.38%, 2/29/2020		6,000		5,930
1.38%, 3/31/2020		4,000		3,950
1.38%, 1/31/2021		880		861
2.63%, 5/15/2021		1,006		1,008
3.13%, 5/15/2021		7,250		7,342
2.13%, 8/15/2021		23,000		22,787
1.25%, 10/31/2021		10,000		9,677
2.00%, 10/31/2021		1,100		1,086
2.00%, 7/31/2022		5,000		4,917
1.63%, 8/31/2022		3,000		2,911
2.00%, 10/31/2022		1,650		1,620
1.50%, 2/28/2023		3,000		2,884
1.75%, 5/15/2023		2,221		2,152
2.50%, 5/15/2024		500		499
1.88%, 8/31/2024		569		549
2.25%, 11/15/2024		400		393
2.88%, 4/30/2025		1,212		1,231
2.88%, 5/31/2025		7,419		7,535
2.25%, 2/15/2027		13,368		12,974
2.88%, 5/15/2028		204		207
U.S. Treasury STRIPS Bonds
2.64%, 5/15/2020 (a)		1,535		1,488
2.56%, 2/15/2021 (a)		12,095		11,506
2.01%, 5/15/2021 (a)		23,265		21,991
3.75%, 8/15/2021 (a)		6,100		5,726

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
3.52%, 11/15/2021 (a)		9,980		9,319
2.86%, 2/15/2022 (a)		15,768		14,619
2.48%, 5/15/2022 (a)		18,545		17,086
3.06%, 8/15/2022 (a)		3,265		2,986
2.77%, 11/15/2022 (a)		14,400		13,089
3.48%, 2/15/2023 (a)		38,462		34,730
3.06%, 5/15/2023 (a)		14,070		12,624
2.34%, 8/15/2023 (a)		13,900		12,384
2.34%, 11/15/2023 (a)		14,000		12,401
2.43%, 2/15/2024 (a)		2,200		1,935
5.19%, 8/15/2024 (a)		600		521
6.83%, 5/15/2026 (a)		1,500		1,235
3.52%, 8/15/2026 (a)		1,592		1,301
4.22%, 5/15/2027 (a)		6,550		5,223
6.38%, 11/15/2030 (a)		5,855		4,173
3.29%, 2/15/2032 (a)		9,575		6,565
3.76%, 5/15/2032 (a)		18,050		12,270
3.11%, 8/15/2032 (a)		14,395		9,707
4.24%, 11/15/2032 (a)		10,140		6,782
3.99%, 2/15/2033 (a)		5,500		3,652
4.47%, 5/15/2033 (a)		16,500		10,857
6.19%, 8/15/2033 (a)		3,050		1,992
3.92%, 2/15/2034 (a)		9,500		6,104
4.67%, 5/15/2034 (a)		3,600		2,295
3.94%, 8/15/2034 (a)		1,650		1,043
3.16%, 11/15/2041 (a)		18,500		9,201
Total U.S. Treasury Obligations (Cost $450,718)				453,426
Corporate Bonds — 22.6%
Aerospace & Defense — 0.3%
Airbus Finance BV (France) 2.70%, 4/17/2023 (b)		557		546
Airbus SE (France) 3.95%, 4/10/2047 (b)		150		147
BAE Systems Holdings, Inc. (United Kingdom) 6.38%, 6/1/2019 (b)		400		403
Harris Corp. 3.83%, 4/27/2025		850		851
Lockheed Martin Corp. 4.07%, 12/15/2042		600		587
Northrop Grumman Corp. 3.25%, 1/15/2028		200		191
Northrop Grumman Systems Corp. 7.75%, 2/15/2031		300		403
Precision Castparts Corp. 3.25%, 6/15/2025		897		908
Rockwell Collins, Inc.
3.20%, 3/15/2024		350		343
4.35%, 4/15/2047		199		188

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Aerospace & Defense — continued
United Technologies Corp.
3.95%, 8/16/2025		215		219
4.45%, 11/16/2038		210		209
4.50%, 6/1/2042		914		903
4.15%, 5/15/2045		543		507
				6,405
Air Freight & Logistics — 0.0% (c)
FedEx Corp. 3.90%, 2/1/2035		318		294
Airlines — 0.0% (c)
Continental Airlines Pass-Through Trust
Series 2012-2, Class A, 4.00%, 10/29/2024		159		159
Automobiles — 0.0% (c)
Daimler Finance North America LLC (Germany) 2.25%, 3/2/2020 (b)		305		303
Banks — 4.4%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (b)		1,216		1,239
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)		1,165		1,169
ANZ New Zealand Int’l Ltd. (New Zealand)
2.60%, 9/23/2019 (b)		750		749
2.85%, 8/6/2020 (b)		402		401
Australia & New Zealand Banking Group Ltd. (Australia)
4.88%, 1/12/2021 (b)		228		235
4.40%, 5/19/2026 (b)		263		261
Banco Santander SA (Spain) 3.13%, 2/23/2023		400		388
Bank of America Corp.
3.30%, 1/11/2023		885		888
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (d)		588		585
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (d)		1,855		1,832
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (d)		1,747		1,724
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (d)		547		549
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (d)		526		513
3.25%, 10/21/2027		1,189		1,138
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		1,700		1,677
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (d)		4,975		4,800

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Bank of Montreal (Canada) 2.10%, 12/12/2019		3,000		2,985
Bank of Nova Scotia (The) (Canada) 2.70%, 3/7/2022		114		113
Barclays plc (United Kingdom)
3.68%, 1/10/2023		770		762
(ICE LIBOR USD 3 Month + 1.36%), 4.34%, 5/16/2024 (d)		400		400
3.65%, 3/16/2025		1,808		1,738
BNP Paribas SA (France)
3.50%, 3/1/2023 (b)		290		287
3.38%, 1/9/2025 (b)		425		411
BNZ International Funding Ltd. (New Zealand)
2.10%, 9/14/2021 (b)		450		436
2.65%, 11/3/2022 (b)		632		615
Capital One Bank USA NA 3.38%, 2/15/2023		300		296
Capital One NA 2.40%, 9/5/2019		850		848
Citigroup, Inc.
2.65%, 10/26/2020		1,210		1,202
2.70%, 3/30/2021		778		774
2.35%, 8/2/2021		115		113
3.88%, 3/26/2025		500		497
5.50%, 9/13/2025		865		934
3.70%, 1/12/2026		1,900		1,895
3.40%, 5/1/2026		1,000		973
4.30%, 11/20/2026		1,200		1,202
6.63%, 1/15/2028		250		293
8.13%, 7/15/2039		223		324
5.88%, 1/30/2042		321		381
Citizens Bank NA 3.70%, 3/29/2023		720		729
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (b)		600		603
4.50%, 12/9/2025 (b)		832		838
2.85%, 5/18/2026 (b)		600		570
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		1,738		1,765
5.80%, 9/30/2110 (b)		500		598
Credit Agricole SA (France) 4.38%, 3/17/2025 (b)		1,250		1,245
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
2.75%, 3/26/2020		250		249
3.80%, 6/9/2023		800		800
3.75%, 3/26/2025		340		336

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Discover Bank
3.35%, 2/6/2023		343		339
4.25%, 3/13/2026		1,205		1,191
Fifth Third Bancorp 3.95%, 3/14/2028		500		503
Fifth Third Bank
2.38%, 4/25/2019		600		600
2.88%, 10/1/2021		340		337
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		2,177
4.00%, 3/30/2022		552		566
3.60%, 5/25/2023		1,054		1,059
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (d)		991		973
4.25%, 8/18/2025		939		946
3.90%, 5/25/2026		200		198
Huntington Bancshares, Inc. 3.15%, 3/14/2021		321		321
Huntington National Bank (The) 2.88%, 8/20/2020		858		856
KeyBank NA 3.18%, 5/22/2022		729		721
KeyCorp 4.15%, 10/29/2025		280		289
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%),
2.91%, 11/7/2023 (d)		612		593
4.58%, 12/10/2025		400		395
4.38%, 3/22/2028		475		475
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.95%, 3/1/2021		243		242
3.41%, 3/7/2024		1,260		1,260
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (b)		623		622
Mizuho Financial Group, Inc. (Japan) 2.63%, 4/12/2021 (b)		742		733
National Australia Bank Ltd. (Australia)
2.50%, 1/12/2021		700		692
3.38%, 1/14/2026		800		786
Nordea Bank AB (Finland) 4.25%, 9/21/2022 (b)		945		957
PNC Financial Services Group, Inc. (The)
6.70%, 6/10/2019		298		301
4.38%, 8/11/2020		864		881
Royal Bank of Canada (Canada)
3.70%, 10/5/2023		1,000		1,017
4.65%, 1/27/2026		337		353

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Royal Bank of Scotland Group plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (d)		290		292
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		452		449
3.57%, 1/10/2023		200		197
Societe Generale SA (France) 2.50%, 4/8/2021 (b)		850		837
SpareBank 1 Boligkreditt A/S (Norway) 1.75%, 11/15/2019 (b)		927		920
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (b)		700		727
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (b) (d)		400		396
4.05%, 4/12/2026 (b)		769		757
(ICE LIBOR USD 3 Month + 1.97%), 4.87%, 3/15/2033 (b) (d)		200		198
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		542		532
3.10%, 1/17/2023		689		683
4.44%, 4/2/2024 (b)		500		507
2.63%, 7/14/2026		872		817
SunTrust Banks, Inc.
2.90%, 3/3/2021		253		252
4.00%, 5/1/2025		265		273
Toronto-Dominion Bank (The) (Canada)
2.25%, 11/5/2019		521		519
2.13%, 4/7/2021		115		113
UBS Group Funding Switzerland AG (Switzerland)
3.49%, 5/23/2023 (b)		269		268
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (b) (d)		200		196
4.13%, 9/24/2025 (b)		300		305
4.13%, 4/15/2026 (b)		963		977
US Bancorp 7.50%, 6/1/2026		1,277		1,566
US Bank NA 2.80%, 1/27/2025		896		874
Wells Fargo & Co.
3.50%, 3/8/2022		850		857
3.07%, 1/24/2023		500		497
4.48%, 1/16/2024		702		729
3.75%, 1/24/2024		675		688
3.30%, 9/9/2024		1,000		995
3.00%, 2/19/2025		453		442
3.00%, 4/22/2026		540		517
4.10%, 6/3/2026		637		641

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		690		656
				83,013
Beverages — 0.3%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036 (b)		1,430		1,384
4.90%, 2/1/2046 (b)		1,135		1,093
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029		725		757
Coca-Cola Femsa SAB de CV (Mexico) 3.88%, 11/26/2023		250		254
Constellation Brands, Inc.
4.40%, 11/15/2025		325		333
5.25%, 11/15/2048		220		223
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		295
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		500		484
4.42%, 5/25/2025 (b)		149		152
3.43%, 6/15/2027		250		233
4.99%, 5/25/2038 (b)		215		210
PepsiCo, Inc. 4.45%, 4/14/2046		534		569
				5,987
Biotechnology — 0.2%
Amgen, Inc. 4.95%, 10/1/2041		500		509
Baxalta, Inc.
3.60%, 6/23/2022		149		148
5.25%, 6/23/2045		50		52
Celgene Corp. 5.70%, 10/15/2040		633		665
Gilead Sciences, Inc.
3.70%, 4/1/2024		189		192
3.50%, 2/1/2025		210		210
3.65%, 3/1/2026		632		628
4.60%, 9/1/2035		816		816
				3,220
Building Products — 0.1%
Johnson Controls International plc 4.95%, 7/2/2064 (e)		273		241
Masco Corp. 6.50%, 8/15/2032		600		658
				899

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — 2.6%
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		760		772
(ICE LIBOR USD 3 Month + 0.63%), 2.66%, 5/16/2023 (d)		1,363		1,342
3.25%, 9/11/2024		700		699
2.80%, 5/4/2026		254		244
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (b)		429		397
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		316
4.70%, 9/20/2047		427		390
Carlyle Promissory Note 4.79%, 7/15/2019 ‡		53		53
CME Group, Inc. 5.30%, 9/15/2043		285		340
Credit Suisse AG (Switzerland)
2.30%, 5/28/2019		728		727
3.63%, 9/9/2024		402		402
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (b)		729		722
4.28%, 1/9/2028 (b)		762		759
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		994
3.30%, 11/16/2022		1,000		944
FMR LLC 6.45%, 11/15/2039 (b)		500		613
Goldman Sachs Group, Inc. (The)
5.38%, 3/15/2020		1,786		1,828
2.35%, 11/15/2021		1,940		1,900
3.00%, 4/26/2022		1,200		1,192
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (d)		505		497
(ICE LIBOR USD 3 Month + 1.05%), 2.91%, 6/5/2023 (d)		2,473		2,427
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (d)		493		483
3.50%, 1/23/2025		557		547
3.75%, 5/22/2025		1,984		1,974
4.25%, 10/21/2025		1,415		1,421
3.50%, 11/16/2026		469		451
3.85%, 1/26/2027		830		813
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)		2,093		2,027
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (d)		1,000		1,002
6.75%, 10/1/2037		685		815
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		884		920

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
Invesco Finance plc
4.00%, 1/30/2024		657		666
3.75%, 1/15/2026		390		384
Jefferies Group LLC 6.45%, 6/8/2027		749		793
Macquarie Bank Ltd. (Australia)
2.60%, 6/24/2019 (b)		896		895
2.85%, 7/29/2020 (b)		1,000		997
4.00%, 7/29/2025 (b)		1,000		1,001
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (b)		1,200		1,230
6.25%, 1/14/2021 (b)		1,650		1,731
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		700		664
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (d)		700		717
Morgan Stanley
7.30%, 5/13/2019		970		978
2.65%, 1/27/2020		500		499
5.50%, 7/24/2020		475		490
5.75%, 1/25/2021		906		949
2.50%, 4/21/2021		1,064		1,051
5.50%, 7/28/2021		559		588
3.75%, 2/25/2023		2,365		2,404
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (d)		1,265		1,276
4.00%, 7/23/2025		2,873		2,919
3.88%, 1/27/2026		946		949
State Street Corp. 3.10%, 5/15/2023		369		367
				49,559
Chemicals — 0.4%
Albemarle Corp. 5.45%, 12/1/2044		150		150
Chevron Phillips Chemical Co. LLC 3.70%, 6/1/2028 (b)		600		597
Dow Chemical Co. (The) 4.25%, 10/1/2034		375		348
DowDuPont, Inc.
4.49%, 11/15/2025		500		522
5.32%, 11/15/2038		215		227
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		300		307
5.00%, 9/26/2048		365		364
Mosaic Co. (The)
5.45%, 11/15/2033		861		893
4.88%, 11/15/2041		79		73
Nutrien Ltd. (Canada)
3.38%, 3/15/2025		490		469

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Chemicals — continued
3.00%, 4/1/2025		660		619
4.13%, 3/15/2035		455		410
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		371
Union Carbide Corp. 7.75%, 10/1/2096		850		1,006
Westlake Chemical Corp. 4.38%, 11/15/2047		237		200
				6,556
Commercial Services & Supplies — 0.0% (c)
Republic Services, Inc. 2.90%, 7/1/2026		175		167
Communications Equipment — 0.1%
Cisco Systems, Inc.
5.90%, 2/15/2039		755		965
5.50%, 1/15/2040		350		429
				1,394
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (b)		417		408
5.13%, 5/18/2045 (b)		893		854
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		716
				1,978
Consumer Finance — 0.6%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023		390		378
3.50%, 1/15/2025		600		566
American Express Credit Corp.
2.25%, 5/5/2021		1,126		1,109
2.70%, 3/3/2022		715		711
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		1,024
4.20%, 10/29/2025		250		249
General Motors Financial Co., Inc.
3.45%, 4/10/2022		1,091		1,083
3.70%, 5/9/2023		1,230		1,211
3.95%, 4/13/2024		1,400		1,361
3.50%, 11/7/2024		640		603
4.35%, 4/9/2025		540		528
4.30%, 7/13/2025		550		537
John Deere Capital Corp.
3.15%, 10/15/2021		233		234
2.70%, 1/6/2023		1,712		1,698
Synchrony Financial 4.25%, 8/15/2024		660		647
				11,939

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Containers & Packaging — 0.1%
International Paper Co. 7.30%, 11/15/2039		600		730
WRKCo, Inc. 3.75%, 3/15/2025		400		392
				1,122
Diversified Consumer Services — 0.0% (c)
President & Fellows of Harvard College 3.30%, 7/15/2056		643		566
Diversified Financial Services — 0.7%
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		573		551
4.42%, 11/15/2035		3,583		3,236
GTP Acquisition Partners I LLC
2.35%, 6/15/2020 (b)		1,236		1,220
3.48%, 6/16/2025 (b)		1,436		1,427
Hutchison Whampoa International 12 II Ltd. (Hong Kong) 3.25%, 11/8/2022 (b)		539		535
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
2.65%, 9/19/2022 (b)		606		590
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		306		303
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		545
Shell International Finance BV (Netherlands) 4.13%, 5/11/2035		2,069		2,140
Siemens Financieringsmaatschappij NV (Germany)
2.90%, 5/27/2022 (b)		634		629
3.13%, 3/16/2024 (b)		750		745
4.40%, 5/27/2045 (b)		513		535
				12,456
Diversified Telecommunication Services — 1.0%
AT&T, Inc.
3.95%, 1/15/2025		1,126		1,129
4.13%, 2/17/2026		400		400
4.30%, 2/15/2030		4,567		4,480
6.00%, 8/15/2040		2,000		2,149
5.35%, 9/1/2040		500		502
4.35%, 6/15/2045		462		404
British Telecommunications plc (United Kingdom) 9.63%, 12/15/2030 (e)		150		210
Centel Capital Corp. 9.00%, 10/15/2019		600		620
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (b)		175		168
4.88%, 3/6/2042 (b)		232		232

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
Qwest Corp. 6.75%, 12/1/2021		741		789
Telefonica Emisiones SA (Spain)
5.13%, 4/27/2020		526		537
5.46%, 2/16/2021		316		329
4.10%, 3/8/2027		321		316
Verizon Communications, Inc.
3.38%, 2/15/2025		306		306
4.33%, 9/21/2028		962		995
4.02%, 12/3/2029 (b)		2,425		2,403
4.40%, 11/1/2034		1,895		1,897
4.27%, 1/15/2036		200		196
5.25%, 3/16/2037		457		498
				18,560
Electric Utilities — 1.3%
Alabama Power Co. 6.13%, 5/15/2038		239		288
Arizona Public Service Co.
2.20%, 1/15/2020		133		132
5.05%, 9/1/2041		200		216
Baltimore Gas & Electric Co. 3.50%, 8/15/2046		376		334
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (b)		1,234		1,200
Comision Federal de Electricidad (Mexico)
4.88%, 5/26/2021 (b)		831		843
Connecticut Light & Power Co. (The) 4.00%, 4/1/2048		236		236
Duke Energy Carolinas LLC
6.00%, 1/15/2038		100		122
6.05%, 4/15/2038		155		192
4.25%, 12/15/2041		129		131
Duke Energy Florida LLC 6.40%, 6/15/2038		90		116
Duke Energy Progress LLC
4.10%, 5/15/2042		273		271
4.10%, 3/15/2043		125		124
Electricite de France SA (France) 6.00%, 1/22/2114 (b)		1,300		1,313
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (b)		265		265
3.63%, 5/25/2027 (b)		740		682
Entergy Arkansas LLC 3.50%, 4/1/2026		175		174
Entergy Corp. 2.95%, 9/1/2026		336		315
Entergy Louisiana LLC 3.05%, 6/1/2031		629		581
Entergy Mississippi LLC 2.85%, 6/1/2028		559		524

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Evergy, Inc. 4.85%, 6/1/2021		679		697
FirstEnergy Corp. Series C, 4.85%, 7/15/2047		289		298
Florida Power & Light Co. 5.95%, 2/1/2038		350		435
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,144
Series IO, 8.05%, 7/7/2024		350		434
ITC Holdings Corp. 2.70%, 11/15/2022		900		873
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		750		807
Kansas City Power & Light Co. 5.30%, 10/1/2041		1,400		1,545
Korea Southern Power Co. Ltd. (South Korea) 3.00%, 1/29/2021 (b)		228		227
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (b)		315		314
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		126
5.45%, 5/15/2041		305		341
NextEra Energy Capital Holdings, Inc. 2.40%, 9/15/2019		371		370
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (b)		300		303
3.51%, 10/1/2024 (b)		493		495
Northern States Power Co. 6.25%, 6/1/2036		510		640
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		110		129
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)		150		141
Pepco Holdings LLC 7.45%, 8/15/2032		316		398
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,362
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		198
Progress Energy, Inc.
3.15%, 4/1/2022		673		670
7.00%, 10/30/2031		300		381
Public Service Co. of Colorado 3.55%, 6/15/2046		214		189
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,084
Public Service Electric & Gas Co. 5.38%, 11/1/2039		317		363
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		383
Series 08-A, 5.95%, 2/1/2038		200		222
Southwestern Public Service Co. 4.50%, 8/15/2041		200		206

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		354
				25,188
Electrical Equipment — 0.0% (c)
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		292		291
Eaton Corp.
7.63%, 4/1/2024		300		344
4.00%, 11/2/2032		170		169
				804
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		191
3.25%, 9/8/2024		219		207
3.88%, 1/12/2028		442		413
				811
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 5.13%, 9/15/2040		300		304
Halliburton Co. 7.45%, 9/15/2039		500		656
Schlumberger Holdings Corp.
3.63%, 12/21/2022 (b)		649		659
4.00%, 12/21/2025 (b)		200		202
Schlumberger Investment SA 3.30%, 9/14/2021 (b)		441		442
				2,263
Entertainment — 0.2%
21st Century Fox America, Inc.
8.88%, 4/26/2023		430		517
6.20%, 12/15/2034		100		124
6.65%, 11/15/2037		400		522
NBCUniversal Media LLC 5.95%, 4/1/2041		800		945
Viacom, Inc.
3.88%, 4/1/2024		1,019		1,019
4.38%, 3/15/2043		464		400
Warner Media LLC
3.60%, 7/15/2025		500		492
5.38%, 10/15/2041		313		318
				4,337
Equity Real Estate Investment Trusts (REITs) — 1.0%
American Tower Corp.
5.90%, 11/1/2021		100		106
3.50%, 1/31/2023		1,043		1,042
5.00%, 2/15/2024		974		1,032
3.38%, 10/15/2026		312		299

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
American Tower Trust #1 3.07%, 3/15/2023 (b)		750		744
AvalonBay Communities, Inc. 2.85%, 3/15/2023		700		685
Boston Properties LP
3.20%, 1/15/2025		532		517
3.65%, 2/1/2026		483		476
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		391
Crown Castle International Corp. 4.00%, 3/1/2027		264		259
Digital Realty Trust LP 3.70%, 8/15/2027		252		243
Duke Realty LP 3.25%, 6/30/2026		239		230
EPR Properties
4.50%, 6/1/2027		621		614
4.95%, 4/15/2028		305		311
Equity Commonwealth 5.88%, 9/15/2020		600		613
HCP, Inc.
4.20%, 3/1/2024		230		234
3.88%, 8/15/2024		794		797
3.40%, 2/1/2025		265		257
National Retail Properties, Inc. 4.00%, 11/15/2025		783		786
Office Properties Income Trust
3.75%, 8/15/2019		2,150		2,153
3.60%, 2/1/2020		1,000		1,001
4.00%, 7/15/2022		784		771
Realty Income Corp. 4.65%, 3/15/2047		556		580
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)		420		413
Senior Housing Properties Trust
3.25%, 5/1/2019		500		499
4.75%, 2/15/2028		400		359
Simon Property Group LP
3.75%, 2/1/2024		532		543
3.38%, 10/1/2024		300		301
SITE Centers Corp. 4.70%, 6/1/2027		330		334
UDR, Inc. 2.95%, 9/1/2026		382		359
Ventas Realty LP
3.50%, 2/1/2025		242		238
4.13%, 1/15/2026		406		408
3.85%, 4/1/2027		554		543
Welltower, Inc. 4.50%, 1/15/2024		732		758
				18,896

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — 0.1%
CVS Pass-Through Trust 4.70%, 1/10/2036 (b)		681		685
Sysco Corp.
3.55%, 3/15/2025		140		139
3.75%, 10/1/2025		291		292
4.45%, 3/15/2048		100		97
Walgreen Co. 4.40%, 9/15/2042		200		180
Walgreens Boots Alliance, Inc. 4.50%, 11/18/2034		386		373
				1,766
Food Products — 0.3%
Campbell Soup Co. 3.95%, 3/15/2025		720		704
Cargill, Inc.
3.30%, 3/1/2022 (b)		600		600
3.25%, 3/1/2023 (b)		115		115
Conagra Brands, Inc.
4.60%, 11/1/2025		290		294
5.30%, 11/1/2038		650		618
General Mills, Inc.
4.00%, 4/17/2025		490		495
4.20%, 4/17/2028		315		319
Kellogg Co. 3.40%, 11/15/2027		190		178
Kraft Heinz Foods Co.
5.00%, 7/15/2035		222		212
6.88%, 1/26/2039		1,071		1,179
McCormick & Co., Inc.
3.15%, 8/15/2024		179		174
3.40%, 8/15/2027		264		253
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		159
Tyson Foods, Inc. 4.88%, 8/15/2034		300		300
				5,600
Gas Utilities — 0.2%
Atmos Energy Corp.
8.50%, 3/15/2019		375		376
4.15%, 1/15/2043		828		819
4.13%, 10/15/2044		125		123
Boston Gas Co. 4.49%, 2/15/2042 (b)		308		308
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (b)		440		430
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		335		342
Dominion Energy Gas Holdings LLC 2.80%, 11/15/2020		382		380

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Gas Utilities — continued
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (b)		653		633
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		452
4.80%, 3/15/2047 (b)		367		359
				4,222
Health Care Equipment & Supplies — 0.1%
Boston Scientific Corp. 3.75%, 3/1/2026		530		530
Covidien International Finance SA 2.95%, 6/15/2023		399		397
Medtronic, Inc.
3.13%, 3/15/2022		422		424
4.38%, 3/15/2035		460		484
				1,835
Health Care Providers & Services — 0.5%
Aetna, Inc. 6.75%, 12/15/2037		440		525
Anthem, Inc.
4.63%, 5/15/2042		500		499
4.65%, 1/15/2043		535		534
4.65%, 8/15/2044		100		100
CVS Health Corp.
4.10%, 3/25/2025		2,911		2,951
4.30%, 3/25/2028		779		779
4.78%, 3/25/2038		1,150		1,119
5.05%, 3/25/2048		642		636
Express Scripts Holding Co.
3.00%, 7/15/2023		305		299
4.50%, 2/25/2026		300		307
HCA, Inc. 5.25%, 6/15/2026		850		896
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		222
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		201
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		144
Texas Health Resources 4.33%, 11/15/2055		300		304
UnitedHealth Group, Inc. 4.63%, 7/15/2035		400		435
				9,951
Hotels, Restaurants & Leisure — 0.0% (c)
McDonald’s Corp. 4.70%, 12/9/2035		700		720
Household Products — 0.0% (c)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (b)		700		680
Independent Power and Renewable Electricity Producers — 0.0% (c)
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		233

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — continued
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		417		388
				621
Industrial Conglomerates — 0.1%
General Electric Co.
5.30%, 2/11/2021		191		196
2.70%, 10/9/2022		107		103
3.10%, 1/9/2023		573		561
3.45%, 5/15/2024		541		531
5.88%, 1/14/2038		95		100
Roper Technologies, Inc. 3.00%, 12/15/2020		192		191
				1,682
Insurance — 1.2%
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (b)		520		668
American International Group, Inc. 3.75%, 7/10/2025		674		662
Assurant, Inc. 4.20%, 9/27/2023		660		664
Athene Global Funding
2.75%, 4/20/2020 (b)		1,055		1,049
4.00%, 1/25/2022 (b)		515		523
Athene Holding Ltd. 4.13%, 1/12/2028		575		537
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		1,037
CNA Financial Corp. 3.95%, 5/15/2024		463		463
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		503
Great-West Lifeco Finance Delaware LP (Canada) 4.15%, 6/3/2047 (b)		700		671
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (b)		208		209
Harborwalk Funding Trust (ICE LIBOR USD 3 Month + 3.19%), 5.08%, 2/15/2069 (b) (d)		900		900
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		384
Jackson National Life Global Funding 3.05%, 4/29/2026 (b)		675		649
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (b)		408		413
6.50%, 3/15/2035 (b)		900		1,054
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (b)		100		120
Lincoln National Corp. 4.20%, 3/15/2022		598		612

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
Massachusetts Mutual Life Insurance Co.
8.88%, 6/1/2039 (b)		91		138
5.38%, 12/1/2041 (b)		280		310
MassMutual Global Funding II 2.50%, 10/17/2022 (b)		626		612
MetLife, Inc. 4.88%, 11/13/2043		600		643
Metropolitan Life Global Funding I 3.88%, 4/11/2022 (b)		1,277		1,302
New York Life Global Funding
2.15%, 6/18/2019 (b)		3,951		3,945
1.95%, 2/11/2020 (b)		129		128
OneBeacon US Holdings, Inc. 4.60%, 11/9/2022		500		505
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (f) (g)		360		357
Prudential Financial, Inc. 3.91%, 12/7/2047		300		276
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)		1,750		2,154
Reliance Standard Life Global Funding II 3.05%, 1/20/2021 (b)		388		387
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (b)		400		394
Torchmark Corp. 4.55%, 9/15/2028		485		498
				22,767
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 4.80%, 12/5/2034		1,435		1,600
IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		478		478
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,109
				1,587
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		369		364
4.15%, 2/1/2024		343		354
				718
Machinery — 0.1%
Illinois Tool Works, Inc.
3.50%, 3/1/2024		400		408
4.88%, 9/15/2041		95		107
3.90%, 9/1/2042		825		828
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		440
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		604

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — continued
Xylem, Inc. 3.25%, 11/1/2026		197		189
				2,576
Media — 0.8%
CBS Corp.
4.00%, 1/15/2026		792		784
4.85%, 7/1/2042		140		133
Charter Communications Operating LLC
4.91%, 7/23/2025		1,797		1,862
6.38%, 10/23/2035		703		753
5.38%, 4/1/2038		305		295
Comcast Corp.
3.95%, 10/15/2025		696		717
3.15%, 3/1/2026		740		725
3.55%, 5/1/2028		443		438
4.20%, 8/15/2034		555		559
6.50%, 11/15/2035		2,383		2,919
4.60%, 10/15/2038		845		869
4.95%, 10/15/2058		620		658
Cox Communications, Inc. 4.60%, 8/15/2047 (b)		275		250
Discovery Communications LLC 6.35%, 6/1/2040		569		608
Fox Corp. 4.71%, 1/25/2029 (b)		390		404
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		221
6.13%, 1/31/2046		200		214
Time Warner Cable LLC
4.13%, 2/15/2021		800		808
6.55%, 5/1/2037		400		424
5.50%, 9/1/2041		359		340
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		886
				14,867
Metals & Mining — 0.1%
Anglo American Capital plc (South Africa)
4.00%, 9/11/2027 (b)		500		471
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		339
BHP Billiton Finance USA Ltd. (Australia)
5.00%, 9/30/2043		150		171
Vale Canada Ltd. (Brazil) 7.20%, 9/15/2032		300		313
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		119		126
				1,420

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Multiline Retail — 0.0% (c)
Dollar General Corp. 4.13%, 5/1/2028		235		234
Target Corp. 2.50%, 4/15/2026		350		333
				567
Multi-Utilities — 0.4%
CMS Energy Corp.
3.88%, 3/1/2024		400		403
3.00%, 5/15/2026		475		454
Consolidated Edison Co. of New York, Inc. 5.70%, 6/15/2040		596		692
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		224
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		325
Series F, 5.25%, 8/1/2033		920		1,002
NiSource, Inc.
3.85%, 2/15/2023		370		374
5.80%, 2/1/2042		1,256		1,383
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		305
3.95%, 11/15/2041		379		338
Sempra Energy 4.05%, 12/1/2023		1,013		1,015
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		565
3.25%, 6/15/2026		254		240
				7,320
Oil, Gas & Consumable Fuels — 2.3%
Anadarko Petroleum Corp. 8.70%, 3/15/2019		330		331
Andeavor Logistics LP 5.25%, 1/15/2025		268		273
Apache Corp.
3.25%, 4/15/2022		109		108
4.75%, 4/15/2043		556		504
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		732		727
BG Energy Capital plc (United Kingdom) 5.13%, 10/15/2041 (b)		235		255
BP Capital Markets America, Inc. 3.22%, 4/14/2024		1,982		1,990
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		1,337		1,372
3.51%, 3/17/2025		451		455
Buckeye Partners LP
4.88%, 2/1/2021		330		336
3.95%, 12/1/2026		67		62
5.85%, 11/15/2043		770		725

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Canadian Natural Resources Ltd. (Canada) 6.45%, 6/30/2033		350		406
Cenovus Energy, Inc. (Canada) 6.75%, 11/15/2039		1,200		1,267
Chevron Corp.
2.36%, 12/5/2022		560		550
2.57%, 5/16/2023		1,200		1,184
2.90%, 3/3/2024		215		214
CNOOC Finance 2015 Australia Pty. Ltd. (China) 2.63%, 5/5/2020		1,852		1,837
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		1,789		1,843
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		243
4.13%, 1/16/2025		533		529
Enable Midstream Partners LP 4.95%, 5/15/2028		325		324
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		215		211
4.50%, 6/10/2044		350		343
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (d)		400		394
Encana Corp. (Canada)
6.50%, 5/15/2019		545		548
7.38%, 11/1/2031		760		902
Energy Transfer Operating LP
3.60%, 2/1/2023		674		671
4.90%, 2/1/2024		305		317
4.05%, 3/15/2025		964		957
4.75%, 1/15/2026		321		327
Eni SpA (Italy) 5.70%, 10/1/2040 (b)		925		952
EnLink Midstream Partners LP 2.70%, 4/1/2019		250		250
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		486
3.75%, 2/15/2025		343		347
3.70%, 2/15/2026		506		507
Equinor ASA (Norway) 3.25%, 11/10/2024		456		461
Kerr-McGee Corp.
6.95%, 7/1/2024		200		226
7.88%, 9/15/2031		700		865
Kinder Morgan, Inc. 4.30%, 3/1/2028		1,090		1,100
Magellan Midstream Partners LP
3.20%, 3/15/2025		353		336
5.15%, 10/15/2043		600		621

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 17

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Marathon Petroleum Corp. 3.63%, 9/15/2024		200		198
MPLX LP
4.88%, 12/1/2024		259		270
4.13%, 3/1/2027		259		254
4.50%, 4/15/2038		79		73
5.20%, 3/1/2047		323		315
Noble Energy, Inc. 6.00%, 3/1/2041		314		326
ONEOK Partners LP
8.63%, 3/1/2019		450		450
3.38%, 10/1/2022		151		151
5.00%, 9/15/2023		334		347
4.90%, 3/15/2025		1,000		1,040
6.65%, 10/1/2036		350		389
Petro-Canada (Canada) 6.80%, 5/15/2038		645		794
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		647		666
4.88%, 1/18/2024		393		376
6.88%, 8/4/2026		250		250
5.35%, 2/12/2028		282		251
6.50%, 1/23/2029		350		333
6.63%, 6/15/2035		250		226
6.38%, 1/23/2045		846		711
6.75%, 9/21/2047		313		271
6.35%, 2/12/2048		869		720
Phillips 66 3.90%, 3/15/2028		355		353
Plains All American Pipeline LP
3.60%, 11/1/2024		1,000		975
4.65%, 10/15/2025		200		204
Spectra Energy Partners LP 5.95%, 9/25/2043		452		500
Sunoco Logistics Partners Operations LP
5.95%, 12/1/2025		259		281
3.90%, 7/15/2026		244		237
6.10%, 2/15/2042		400		410
5.30%, 4/1/2044		170		159
5.35%, 5/15/2045		1,133		1,068
TC PipeLines LP 3.90%, 5/25/2027		391		376
Texas Eastern Transmission LP
2.80%, 10/15/2022 (b)		554		538
3.50%, 1/15/2028 (b)		90		86
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		394		416
Valero Energy Corp. 7.50%, 4/15/2032		250		311
Western Midstream Operating LP
4.00%, 7/1/2022		74		74

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
4.50%, 3/1/2028		129		125
5.45%, 4/1/2044		280		258
5.30%, 3/1/2048		279		255
Williams Cos., Inc. (The)
3.90%, 1/15/2025		512		513
4.85%, 3/1/2048		409		391
				42,297
Pharmaceuticals — 0.4%
Allergan Funding SCS
3.45%, 3/15/2022		937		933
3.85%, 6/15/2024		443		441
Allergan, Inc.
3.38%, 9/15/2020		453		453
2.80%, 3/15/2023		525		506
Bayer US Finance II LLC (Germany) 4.70%, 7/15/2064 (b)		208		164
Bayer US Finance LLC (Germany) 2.38%, 10/8/2019 (b)		395		393
Eli Lilly & Co. 4.15%, 3/15/2059		460		449
Johnson & Johnson
4.38%, 12/5/2033		282		304
3.40%, 1/15/2038		926		883
Merck & Co., Inc. 3.70%, 2/10/2045		210		200
Mylan NV 3.95%, 6/15/2026		300		280
Shire Acquisitions Investments Ireland DAC
3.20%, 9/23/2026		1,713		1,606
				6,612
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
6.70%, 8/1/2028		250		309
5.75%, 5/1/2040		425		511
4.38%, 9/1/2042		375		386
5.15%, 9/1/2043		769		872
Cie de Chemin de Fer Canadien Pacifique (Canada) 6.13%, 9/15/2115		506		588
CSX Corp.
5.50%, 4/15/2041		150		167
4.75%, 5/30/2042		191		196
ERAC USA Finance LLC 6.70%, 6/1/2034 (b)		746		889
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		515		514
Norfolk Southern Corp. 4.05%, 8/15/2052		600		555
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (b)		1,131		1,140

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — continued
Ryder System, Inc. 2.88%, 9/1/2020		517		516
				6,643
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 4.50%, 12/5/2036		300		285
Broadcom Corp. 3.63%, 1/15/2024		1,747		1,698
Intel Corp.
4.00%, 12/15/2032		1,185		1,259
3.73%, 12/8/2047		493		473
				3,715
Software — 0.6%
Microsoft Corp.
2.38%, 5/1/2023		489		483
2.88%, 2/6/2024		2,878		2,879
3.30%, 2/6/2027		836		841
3.50%, 2/12/2035		291		284
4.20%, 11/3/2035		615		651
4.10%, 2/6/2037		800		838
4.50%, 10/1/2040		117		127
4.00%, 2/12/2055		305		304
4.75%, 11/3/2055		639		723
4.50%, 2/6/2057		470		509
Oracle Corp.
2.40%, 9/15/2023		1,000		972
4.30%, 7/8/2034		700		729
4.38%, 5/15/2055		900		897
				10,237
Specialty Retail — 0.1%
Lowe’s Cos., Inc. 4.65%, 4/15/2042		739		715
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		419
				1,134
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.85%, 5/11/2024		1,553		1,542
2.75%, 1/13/2025		920		903
3.20%, 5/13/2025		1,539		1,544
2.45%, 8/4/2026		815		773
3.20%, 5/11/2027		686		677
3.00%, 6/20/2027		1,125		1,096
4.50%, 2/23/2036		426		458
3.45%, 2/9/2045		625		565
3.85%, 8/4/2046		569		548

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Technology Hardware, Storage & Peripherals — continued
Dell International LLC 6.02%, 6/15/2026 (b)		1,410			1,495
					9,601
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (b)		800			798
3.38%, 12/2/2026		400			387
					1,185
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		342			286
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100			104
					390
Trading Companies & Distributors — 0.2%
Aircastle Ltd. 4.40%, 9/25/2023		620			617
Aviation Capital Group LLC
3.88%, 5/1/2023 (b)		490			485
3.50%, 11/1/2027 (b)		700			650
BOC Aviation Ltd. (Singapore) 2.75%, 9/18/2022 (b)		450			434
International Lease Finance Corp. 5.88%, 8/15/2022		506			538
					2,724
Water Utilities — 0.0% (c)
American Water Capital Corp. 3.40%, 3/1/2025		793			790
Wireless Telecommunication Services — 0.1%
Vodafone Group plc (United Kingdom)
4.13%, 5/30/2025		501			502
5.00%, 5/30/2038		601			572
5.25%, 5/30/2048		496			474
					1,548
Total Corporate Bonds (Cost $423,222)					424,251
Mortgage-Backed Securities — 15.9%
FHLMC
Pool # 846489, ARM, 4.20%, 7/1/2019 (h)		—	(i)		—	(i)
Pool # 846812, ARM, 4.55%, 4/1/2030 (h)		10			10
Pool # 781087, ARM, 4.73%, 12/1/2033 (h)		196			206
Pool # 1B1665, ARM, 4.07%, 4/1/2034 (h)		208			217
Pool # 847356, ARM, 5.19%, 12/1/2034 (h)		101			106

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 19

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 782979, ARM, 4.95%, 1/1/2035 (h)		172		181
Pool # 1Q0025, ARM, 4.58%, 2/1/2036 (h)		82		86
Pool # 848431, ARM, 4.60%, 2/1/2036 (h)		144		152
Pool # 1L1286, ARM, 4.12%, 5/1/2036 (h)		42		45
Pool # 848365, ARM, 4.41%, 7/1/2036 (h)		121		127
Pool # 1A1096, ARM, 4.26%, 10/1/2036 (h)		149		155
Pool # 1G2539, ARM, 4.34%, 10/1/2036 (h)		37		39
Pool # 1J1348, ARM, 5.02%, 10/1/2036 (h)		74		79
Pool # 782760, ARM, 4.56%, 11/1/2036 (h)		206		217
Pool # 1G2671, ARM, 4.63%, 11/1/2036 (h)		121		127
Pool # 1J1634, ARM, 4.46%, 12/1/2036 (h)		88		92
Pool # 1J0282, ARM, 4.92%, 2/1/2037 (h)		46		49
Pool # 1Q0739, ARM, 4.61%, 3/1/2037 (h)		226		237
Pool # 848699, ARM, 4.55%, 7/1/2040 (h)		362		378
FHLMC Gold Pools, 20 Year, Single Family Pool # C91403, 3.50%, 3/1/2032		319		324
FHLMC Gold Pools, 30 Year, Single Family
Pool # C68485, 7.00%, 7/1/2032		22		24
Pool # G01448, 7.00%, 8/1/2032		56		63
Pool # A13625, 5.50%, 10/1/2033		279		305
Pool # A16107, 6.00%, 12/1/2033		84		91
Pool # A17537, 6.00%, 1/1/2034		111		122
Pool # A61572, 5.00%, 9/1/2034		634		679
Pool # A28796, 6.50%, 11/1/2034		181		207
Pool # G03369, 6.50%, 1/1/2035		274		304
Pool # A46987, 5.50%, 7/1/2035		619		672
Pool # G01919, 4.00%, 9/1/2035		387		396
Pool # C02641, 7.00%, 10/1/2036		104		116
Pool # C02660, 6.50%, 11/1/2036		239		275
Pool # A93383, 5.00%, 8/1/2040		600		644
Pool # A93511, 5.00%, 8/1/2040		647		694
Pool # G06493, 4.50%, 5/1/2041		2,220		2,335
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		47		50
Pool # G20027, 10.00%, 10/1/2030		39		41
Pool # U50105, 4.00%, 1/1/2032		672		701
Pool # L10151, 6.00%, 2/1/2033		28		28
Pool # U80254, 3.00%, 3/1/2033		657		657
Pool # P20409, 5.50%, 10/1/2033		96		100
Pool # P50201, 5.50%, 1/1/2034		59		60

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # U90975, 4.00%, 6/1/2042		2,746			2,820
Pool # U90673, 4.00%, 1/1/2043		590			605
Pool # U99134, 4.00%, 1/1/2046		9,451			9,704
Pool # U69030, 4.50%, 1/1/2046		4,254			4,456
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019 (h)		—	(i)		—	(i)
Pool # 470623, ARM, 3.30%, 3/1/2022 (h)		862			862
Pool # 54844, ARM, 2.73%, 9/1/2027 (h)		17			17
Pool # 303532, ARM, 4.03%, 3/1/2029 (h)		12			12
Pool # 555258, ARM, 4.16%, 1/1/2033 (h)		485			498
Pool # 722421, ARM, 4.18%, 7/1/2033 (h)		55			56
Pool # 722985, ARM, 4.32%, 7/1/2033 (h)		20			21
Pool # 686040, ARM, 4.36%, 7/1/2033 (h)		251			263
Pool # 746299, ARM, 4.69%, 9/1/2033 (h)		154			162
Pool # 749923, ARM, 4.65%, 11/1/2033 (h)		19			20
Pool # 766610, ARM, 4.61%, 1/1/2034 (h)		99			103
Pool # 920467, ARM, 5.00%, 2/1/2034 (h)		87			89
Pool # 770377, ARM, 3.73%, 4/1/2034 (h)		113			117
Pool # 751531, ARM, 4.21%, 5/1/2034 (h)		150			159
Pool # 782306, ARM, 4.48%, 7/1/2034 (h)		46			47
Pool # 735332, ARM, 4.34%, 8/1/2034 (h)		275			288
Pool # 790235, ARM, 4.39%, 8/1/2034 (h)		135			140
Pool # 791961, ARM, 4.19%, 9/1/2034 (h)		33			33
Pool # 725902, ARM, 4.39%, 9/1/2034 (h)		30			31
Pool # 803599, ARM, 4.37%, 10/1/2034 (h)		243			253
Pool # 803594, ARM, 4.39%, 10/1/2034 (h)		163			170
Pool # 896463, ARM, 4.62%, 10/1/2034 (h)		124			131
Pool # 806776, ARM, 4.09%, 11/1/2034 (h)		250			258
Pool # 806778, ARM, 4.16%, 11/1/2034 (h)		433			452
Pool # 810896, ARM, 4.15%, 1/1/2035 (h)		446			461
Pool # 802692, ARM, 4.50%, 1/1/2035 (h)		270			283
Pool # 816597, ARM, 4.68%, 2/1/2035 (h)		53			56
Pool # 745862, ARM, 4.39%, 4/1/2035 (h)		123			129
Pool # 735539, ARM, 4.69%, 4/1/2035 (h)		750			787
Pool # 821378, ARM, 3.93%, 5/1/2035 (h)		178			183
Pool # 823660, ARM, 4.12%, 5/1/2035 (h)		70			73
Pool # 745766, ARM, 4.44%, 6/1/2035 (h)		269			280
Pool # 843026, ARM, 4.30%, 9/1/2035 (h)		577			596
Pool # 832801, ARM, 4.36%, 9/1/2035 (h)		64			67
Pool # 849251, ARM, 4.29%, 1/1/2036 (h)		105			108

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 920465, ARM, 5.38%, 1/1/2036 (h)		34		34
Pool # 872622, ARM, 4.17%, 6/1/2036 (h)		27		28
Pool # 895141, ARM, 4.44%, 7/1/2036 (h)		211		219
Pool # 900197, ARM, 4.84%, 10/1/2036 (h)		95		100
Pool # 966946, ARM, 4.91%, 1/1/2038 (h)		36		37
FNMA, 15 Year, Single Family
Pool # 742078, 4.50%, 3/1/2019		1		1
Pool # 725414, 4.50%, 5/1/2019		1		1
Pool # 780956, 4.50%, 5/1/2019		3		3
Pool # 734630, 6.00%, 8/1/2019		2		2
Pool # 745048, 5.00%, 10/1/2019		2		2
Pool # 735841, 4.50%, 11/1/2019		5		5
Pool # 735290, 4.50%, 12/1/2019		9		9
Pool # 888557, 5.50%, 3/1/2020		1		1
Pool # 889805, 5.50%, 7/1/2020		1		1
Pool # 735911, 6.50%, 8/1/2020		3		3
Pool # 889634, 6.00%, 2/1/2023		411		424
Pool # 995381, 6.00%, 1/1/2024		86		89
Pool # 995425, 6.00%, 1/1/2024		210		218
Pool # AD0133, 5.00%, 8/1/2024		77		79
FNMA, 20 Year, Single Family
Pool # 254305, 6.50%, 5/1/2022		23		25
Pool # 555791, 6.50%, 12/1/2022		63		70
Pool # 255217, 4.50%, 4/1/2024		29		30
Pool # 888656, 6.50%, 4/1/2025		83		91
Pool # MA1138, 3.50%, 8/1/2032		723		734
FNMA, 30 Year, FHA/VA
Pool # 535183, 8.00%, 6/1/2028		24		26
Pool # 252409, 6.50%, 3/1/2029		66		73
Pool # 653815, 7.00%, 2/1/2033		10		10
Pool # 752786, 6.00%, 9/1/2033		65		70
Pool # 931717, 6.50%, 8/1/2039		321		352
FNMA, 30 Year, Single Family
Pool # 50966, 7.00%, 1/1/2024		2		2
Pool # 399269, 7.00%, 4/1/2026		31		32
Pool # 689977, 8.00%, 3/1/2027		41		44
Pool # 695533, 8.00%, 6/1/2027		15		16
Pool # 457268, 9.50%, 7/1/2028		2		2
Pool # 756024, 8.00%, 9/1/2028		66		73
Pool # 755973, 8.00%, 11/1/2028		146		165
Pool # 455759, 6.00%, 12/1/2028		17		19
Pool # 252211, 6.00%, 1/1/2029		25		27
Pool # 459097, 7.00%, 1/1/2029		39		41
Pool # 889020, 6.50%, 11/1/2029		382		424

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 598559, 6.50%, 8/1/2031		37		42
Pool # 622542, 5.50%, 9/1/2031		305		330
Pool # 788150, 6.00%, 3/1/2032		49		53
Pool # 649734, 7.00%, 6/1/2032		33		35
Pool # 649624, 7.00%, 8/1/2032		6		6
Pool # 675555, 6.00%, 12/1/2032		87		94
Pool # AL0045, 6.00%, 12/1/2032		380		418
Pool # 674349, 6.00%, 3/1/2033		16		17
Pool # 688625, 6.00%, 3/1/2033		28		30
Pool # 688655, 6.00%, 3/1/2033		26		28
Pool # 695584, 6.00%, 3/1/2033		15		16
Pool # 702901, 6.00%, 5/1/2033		125		137
Pool # 723852, 5.00%, 7/1/2033		153		164
Pool # 729296, 5.00%, 7/1/2033		306		327
Pool # 729379, 6.00%, 8/1/2033		34		36
Pool # 737825, 6.00%, 9/1/2033		41		45
Pool # 750977, 4.50%, 11/1/2033		121		127
Pool # 725017, 5.50%, 12/1/2033		460		502
Pool # 751341, 5.50%, 3/1/2034		54		58
Pool # 888568, 5.00%, 12/1/2034		11		12
Pool # 815426, 4.50%, 2/1/2035		1		2
Pool # 820347, 5.00%, 9/1/2035		91		98
Pool # 833657, 7.50%, 8/1/2036		51		55
Pool # 986648, 6.00%, 9/1/2037		159		175
Pool # 888892, 7.50%, 11/1/2037		50		57
Pool # 257510, 7.00%, 12/1/2038		142		168
Pool # AD0753, 7.00%, 1/1/2039		124		143
Pool # AT5891, 3.00%, 6/1/2043		3,361		3,302
Pool # AL7527, 4.50%, 9/1/2043		1,779		1,868
Pool # BM3500, 4.00%, 9/1/2047		4,784		4,916
Pool # BJ1778, 4.50%, 10/1/2047		2,716		2,838
FNMA, Other
Pool # AM0081, 1.94%, 7/1/2019		1,826		1,820
Pool # AD0851, 4.37%, 2/1/2020		792		801
Pool # AE0136, 4.38%, 4/1/2020		537		546
Pool # AM3370, 1.74%, 5/1/2020		3,262		3,232
Pool # 465659, 3.74%, 7/1/2020		1,710		1,730
Pool # 465578, 3.93%, 7/1/2020		1,795		1,820
Pool # FN0005, 3.37%, 11/1/2020		649		653
Pool # 466836, 3.87%, 1/1/2021		1,468		1,497
Pool # FN0003, 4.28%, 1/1/2021		851		873
Pool # 467344, 4.48%, 2/1/2021		2,653		2,736
Pool # 467755, 4.25%, 4/1/2021		2,380		2,440
Pool # 467944, 4.25%, 4/1/2021		2,000		2,056
Pool # 467630, 4.30%, 4/1/2021		914		942

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 21

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 467757, 4.33%, 4/1/2021		1,944		1,991
Pool # 468102, 4.34%, 6/1/2021		5,000		5,140
Pool # 468159, 4.26%, 7/1/2021		1,926		1,987
Pool # AL0602, 4.31%, 7/1/2021		1,009		1,039
Pool # 468896, 4.13%, 8/1/2021		1,321		1,359
Pool # AM1771, 2.12%, 9/1/2021		2,500		2,444
Pool # 470407, 3.16%, 2/1/2022		2,493		2,519
Pool # 470622, 2.75%, 3/1/2022		532		530
Pool # 471718, 2.77%, 5/1/2022		1,515		1,513
Pool # 471177, 2.94%, 5/1/2022		1,314		1,320
Pool # 471190, 3.12%, 5/1/2022		1,671		1,688
Pool # 471254, 2.98%, 7/1/2022		2,430		2,446
Pool # 471284, 2.98%, 7/1/2022		1,944		1,957
Pool # AM3789, 3.02%, 7/1/2023		2,274		2,298
Pool # AM7245, 2.95%, 8/1/2023		4,485		4,521
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,591
Pool # AM4628, 3.69%, 11/1/2023		1,495		1,544
Pool # AM4668, 3.76%, 11/1/2023		1,966		2,036
Pool # AM4716, 3.38%, 12/1/2023		1,963		2,005
Pool # AM7231, 2.92%, 12/1/2024		4,000		4,005
Pool # AM7589, 2.95%, 12/1/2024		1,569		1,574
Pool # AM7290, 2.97%, 12/1/2024		3,465		3,479
Pool # AM7576, 3.04%, 12/1/2024		4,000		4,031
Pool # AM7124, 3.11%, 12/1/2024		2,500		2,528
Pool # 470300, 3.64%, 1/1/2025		913		944
Pool # AM3833, 3.25%, 7/1/2025		3,644		3,698
Pool # AM4991, 3.97%, 12/1/2025		1,747		1,842
Pool # AL6805, 3.78%, 1/1/2026		3,530		3,681
Pool # 468645, 4.54%, 7/1/2026		2,649		2,834
Pool # AM6392, 3.29%, 8/1/2026		4,000		4,072
Pool # AM6448, 3.25%, 9/1/2026		9,931		10,085
Pool # AM7223, 3.11%, 12/1/2026		3,548		3,571
Pool # AM7118, 3.14%, 12/1/2026		2,834		2,857
Pool # AM7485, 3.24%, 12/1/2026		4,235		4,268
Pool # AM7390, 3.26%, 12/1/2026		3,856		3,918
Pool # AM7265, 3.30%, 12/1/2026		3,930		3,991
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,041
Pool # AM8432, 2.79%, 5/1/2027		9,000		8,765
Pool # AM8803, 2.78%, 6/1/2027		4,997		4,881
Pool # AM8987, 2.79%, 6/1/2027		1,869		1,834
Pool # AM9003, 2.96%, 6/1/2027		2,891		2,859
Pool # AN9656, 3.57%, 7/1/2028		4,779		4,893
Pool # BL1040, 3.81%, 12/1/2028		3,000		3,125
Pool # AM7785, 3.17%, 2/1/2030		2,950		2,909
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,039

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # AM8427, 3.04%, 4/1/2030		8,879			8,650
Pool # AM8544, 3.08%, 4/1/2030		7,888			7,713
Pool # AM8889, 2.92%, 5/1/2030		8,000			7,623
Pool # AM8804, 3.10%, 5/1/2030		3,747			3,669
Pool # AM8807, 3.10%, 5/1/2030		4,850			4,752
Pool # AM9020, 2.97%, 6/1/2030		3,956			3,851
Pool # AM8967, 3.08%, 6/1/2030		6,150			6,002
Pool # AM9320, 3.30%, 7/1/2030		4,022			3,966
Pool # AM9219, 3.35%, 9/1/2030		1,885			1,886
Pool # AP9632, 4.00%, 10/1/2032		821			846
Pool # AP9762, 4.00%, 10/1/2032		778			802
Pool # AQ7084, 3.50%, 12/1/2032		894			902
Pool # AT2703, 3.50%, 5/1/2033		1,919			1,936
Pool # AT2954, 3.50%, 5/1/2033		1,249			1,260
Pool # AT4180, 3.50%, 5/1/2033		1,216			1,227
Pool # AT4939, 3.50%, 5/1/2033		1,025			1,034
Pool # 754922, 5.50%, 9/1/2033		90			95
Pool # 762520, 4.00%, 11/1/2033		544			553
Pool # AM8922, 3.03%, 6/1/2035		2,907			2,845
Pool # AM9188, 3.12%, 6/1/2035		7,000			6,619
Pool # 849215, 6.50%, 1/1/2036		30			32
Pool # 872740, 6.50%, 6/1/2036		85			93
Pool # 886320, 6.50%, 7/1/2036		26			27
Pool # 888796, 6.00%, 9/1/2037		105			115
Pool # AO7225, 4.00%, 7/1/2042		783			804
Pool # AO9352, 4.00%, 7/1/2042		920			944
Pool # MA1125, 4.00%, 7/1/2042		1,360			1,396
Pool # AR1397, 3.00%, 1/1/2043		1,758			1,727
Pool # MA1711, 4.50%, 12/1/2043		3,711			3,877
Pool # MA1828, 4.50%, 3/1/2044		2,913			3,044
GNMA I, 30 Year, Single Family
Pool # 313110, 7.50%, 11/15/2022		—	(i)		—	(i)
Pool # 345288, 7.50%, 3/15/2023		1			1
Pool # 782507, 9.50%, 10/15/2024		31			32
Pool # 554108, 6.50%, 3/15/2028		48			52
Pool # 481872, 7.50%, 7/15/2028		4			5
Pool # 468149, 8.00%, 8/15/2028		4			4
Pool # 486537, 7.50%, 9/15/2028		15			16
Pool # 486631, 6.50%, 10/15/2028		6			7
Pool # 591882, 6.50%, 7/15/2032		16			17
Pool # 607645, 6.50%, 2/15/2033		40			45
Pool # 607724, 7.00%, 2/15/2033		38			41
Pool # 604209, 6.50%, 4/15/2033		40			44
Pool # 781614, 7.00%, 6/15/2033		75			88

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
GNMA II, 30 Year, Single Family
Pool # 2006, 8.50%, 5/20/2025		13		14
Pool # 2141, 8.00%, 12/20/2025		2		2
Pool # 2234, 8.00%, 6/20/2026		5		6
Pool # 2270, 8.00%, 8/20/2026		4		4
Pool # 2285, 8.00%, 9/20/2026		4		4
Pool # 2324, 8.00%, 11/20/2026		5		5
Pool # 2499, 8.00%, 10/20/2027		8		8
Pool # 2512, 8.00%, 11/20/2027		9		10
Pool # 2525, 8.00%, 12/20/2027		3		4
Pool # 2549, 7.50%, 2/20/2028		7		8
Pool # 2646, 7.50%, 9/20/2028		20		22
Pool # 2647, 8.00%, 9/20/2028		2		2
Pool # 3427, 4.50%, 8/20/2033		125		131
Pool # 4245, 6.00%, 9/20/2038		945		1,028
Pool # AK8806, 4.25%, 3/20/2045		1,710		1,782
GNMA II, Other
Pool # AC0979, 4.44%, 4/20/2063 (h)		1,391		1,415
Pool # AC0973, 4.45%, 5/20/2063 (h)		2,046		2,075
Total Mortgage-backed Securities (Cost $302,326)				298,822
Collateralized Mortgage Obligations — 14.7%
Acre 12/15/2020		3,785		3,785
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		6,353		6,624
Series 2005-J1, Class 1A4, IF, IO, 2.61%, 2/25/2035 ‡ (h)		531		7
Series 2005-1CB, Class 1A6, IF, IO, 4.61%, 3/25/2035 ‡ (h)		809		99
Series 2005-22T1, Class A2, IF, IO, 2.58%, 6/25/2035 ‡ (h)		4,664		445
Series 2005-20CB, Class 3A8, IF, IO, 2.26%, 7/25/2035 ‡ (h)		2,136		180
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		2,158		2,062
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		84		60
Series 2005-37T1, Class A2, IF, IO, 2.56%, 9/25/2035 ‡ (h)		3,369		337
Series 2005-54CB, Class 1A2, IF, IO, 2.36%, 11/25/2035 ‡ (h)		4,010		379
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,593		1,481
Series 2005-57CB, Class 3A2, IF, IO, 2.61%, 12/25/2035 ‡ (h)		925		86

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		696		673
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		1,167		929
ARIVO 9/15/2019 ‡		2,120		2,120
Banc of America Alternative Loan Trust
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		9		8
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		593		553
Series 2005-6, Class CBIO, IO, 5.50%, 7/25/2035 ‡		1,422		295
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		342		297
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		154		132
Series 2004-2, Class 30PO, PO, 9/20/2034 ‡		98		90
Series 2004-C, Class 1A1, 4.97%, 12/20/2034 (h)		104		104
Series 2005-E, Class 4A1, 4.71%, 3/20/2035 (h)		200		201
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		243		231
Series 2005-7, Class 30PO, PO, 11/25/2035 ‡		195		163
Series 2005-8, Class 30PO, PO, 1/25/2036 ‡		100		76
Series 2006-A, Class 3A2, 4.35%, 2/20/2036 (h)		238		222
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 4.82%, 2/25/2034 (h)		77		77
Series 2004-J, Class 3A1, 4.87%, 11/25/2034 (h)		280		281
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (b) (h)		127		130
Series 2010-RR7, Class 2A1, 3.86%, 7/26/2045 (b) (h)		602		598
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 4.20%, 10/25/2033 (h)		65		64
Series 2004-1, Class 12A1, 4.41%, 4/25/2034 (h)		323		325
Series 2004-2, Class 14A, 4.11%, 5/25/2034 (h)		54		54
Series 2006-1, Class A1, 4.91%, 2/25/2036 (h)		1,123		1,132

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 23

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2		2
Series 2004-HYB1, Class 2A, 4.20%, 5/20/2034 (h)		57		57
Series 2004-HYB3, Class 2A, 3.62%, 6/20/2034 (h)		365		367
Series 2004-7, Class 2A1, 4.06%, 6/25/2034 (h)		188		194
Series 2004-HYB6, Class A3, 4.27%, 11/20/2034 (h)		229		233
Series 2005-16, Class A23, 5.50%, 9/25/2035		461		437
Series 2005-22, Class 2A1, 4.05%, 11/25/2035 (h)		1,299		1,139
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class APO, PO, 8/25/2035 ‡		49		45
Series 2005-8, Class APO, PO, 11/25/2035 ‡		85		73
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033 ‡		1		1
Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (h)		54		54
Citigroup Mortgage Loan Trust
Series 2009-10, Class 2A1A, 7.00%, 12/25/2035 (b) (h)		16		16
Series 2015-A, Class B2, 4.50%, 6/25/2058 (b) (h)		454		472
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class PO3, PO, 9/25/2033 ‡		32		30
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		14		14
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		37		36
Series 2003-1, Class PO2, PO, 10/25/2033 ‡		43		38
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		72		73
Series 2004-UST1, Class A6, 4.17%, 8/25/2034 (h)		59		57
Series 2005-1, Class 2A1A, 3.48%, 2/25/2035 (h)		225		195
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		244		249
Series 2005-5, Class 1A2, 4.00%, 8/25/2035 (h)		279		226

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Conix Mortgage Asset Trust Series 2013-1, Class A, 12/25/2047 ‡ (h) (j)		1,079			112
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-5, Class 5P, PO, 8/25/2019 ‡		—	(i)		—	(i)
Series 2003-1, Class DB1, 6.71%, 2/25/2033 (h)		323			338
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		107			110
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		236			214
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,353			1,382
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,853			2,827
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		51			53
FHLMC REMIC
Series 2134, Class PI, IO, 6.50%, 3/15/2019		—	(i)		—	(i)
Series 2783, Class AT, 4.00%, 4/15/2019		3			3
Series 2809, Class UC, 4.00%, 6/15/2019		—	(i)		—	(i)
Series 2934, Class EC, PO, 2/15/2020		33			32
Series 2934, Class HI, IO, 5.00%, 2/15/2020		27			—	(i)
Series 2934, Class KI, IO, 5.00%, 2/15/2020		20			—	(i)
Series 2965, Class GD, 4.50%, 4/15/2020		49			49
Series 1807, Class G, 9.00%, 10/15/2020		—	(i)		—	(i)
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, 3.44%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1079, Class S, HB, IF, 25.54%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1084, Class S, HB, IF, 34.03%, 5/15/2021 (h)		—	(i)		—	(i)
Series 1116, Class I, 5.50%, 8/15/2021		1			1
Series 1144, Class KB, 8.50%, 9/15/2021		3			3
Series 1196, Class B, HB, IF, 1,104.54%, 1/15/2022 (h)		—	(i)		—	(i)
Series 1250, Class J, 7.00%, 5/15/2022		2			2
Series 1343, Class LB, 7.50%, 8/15/2022		6			7
Series 1343, Class LA, 8.00%, 8/15/2022		5			5
Series 1370, Class JA, 3.64%, 9/15/2022 (h)		11			11

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2512, Class PG, 5.50%, 10/15/2022		111			114
Series 1455, Class WB, IF, 3.43%, 12/15/2022 (h)		11			11
Series 2535, Class BK, 5.50%, 12/15/2022		60			62
Series 1470, Class F, 2.06%, 2/15/2023 (h)		1			1
Series 2568, Class KG, 5.50%, 2/15/2023		156			162
Series 1466, Class PZ, 7.50%, 2/15/2023		47			49
Series 1498, Class I, 3.64%, 4/15/2023 (h)		59			60
Series 1502, Class PX, 7.00%, 4/15/2023		88			93
Series 1798, Class F, 5.00%, 5/15/2023		74			75
Series 1518, Class G, IF, 6.45%, 5/15/2023 (h)		23			25
Series 1505, Class Q, 7.00%, 5/15/2023		10			10
Series 204, Class E, HB, IF, 1,393.71%, 5/15/2023 (h)		—	(i)		—	(i)
Series 1541, Class O, 1.98%, 7/15/2023 (h)		22			22
Series 2638, Class DS, IF, 6.11%, 7/15/2023 (h)		16			16
Series 1541, Class M, HB, IF, 23.33%, 7/15/2023 (h)		8			10
Series 1570, Class F, 2.56%, 8/15/2023 (h)		2			2
Series 1608, Class L, 6.50%, 9/15/2023		213			226
Series 1573, Class PZ, 7.00%, 9/15/2023		67			71
Series 2571, Class SK, HB, IF, 23.77%, 9/15/2023 (h)		31			41
Series 1591, Class PV, 6.25%, 10/15/2023		44			46
Series 1602, Class SA, IF, 14.66%, 10/15/2023 (h)		25			29
Series 2710, Class HB, 5.50%, 11/15/2023		411			420
Series 1642, Class PJ, 6.00%, 11/15/2023		99			104
Series 2716, Class UN, 4.50%, 12/15/2023		261			266
Series 1638, Class H, 6.50%, 12/15/2023		144			152
Series 2283, Class K, 6.50%, 12/15/2023		71			75
Series 1700, Class GA, PO, 2/15/2024		25			24
Series 1865, Class D, PO, 2/15/2024		39			36
Series 1760, Class ZD, 2.25%, 2/15/2024 (h)		189			186
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		14			17
Series 1686, Class SH, IF, 13.64%, 2/15/2024 (h)		5			6
Series 1709, Class FA, 1.90%, 3/15/2024 (h)		3			3
Series 1699, Class FC, 3.09%, 3/15/2024 (h)		7			7
Series 1695, Class EB, 7.00%, 3/15/2024		33			35

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1706, Class K, 7.00%, 3/15/2024		98		103
Series 2033, Class SN, HB, IF, 26.69%, 3/15/2024 (h)		16		3
Series 2306, Class K, PO, 5/15/2024		16		15
Series 2306, Class SE, IF, IO, 7.85%, 5/15/2024 (h)		37		5
Series 1745, Class D, 7.50%, 8/15/2024		18		19
Series 3720, Class A, 4.50%, 9/15/2025		180		185
Series 3131, Class BK, 5.50%, 3/15/2026		613		638
Series 1829, Class ZB, 6.50%, 3/15/2026		16		17
Series 1863, Class Z, 6.50%, 7/15/2026		20		21
Series 1890, Class H, 7.50%, 9/15/2026		19		21
Series 1899, Class ZE, 8.00%, 9/15/2026		61		68
Series 3229, Class HE, 5.00%, 10/15/2026		575		600
Series 1963, Class Z, 7.50%, 1/15/2027		46		51
Series 1935, Class FL, 3.19%, 2/15/2027 (h)		4		4
Series 1981, Class Z, 6.00%, 5/15/2027		75		80
Series 1970, Class PG, 7.25%, 7/15/2027		6		6
Series 1987, Class PE, 7.50%, 9/15/2027		35		39
Series 2019, Class Z, 6.50%, 12/15/2027		62		67
Series 2038, Class PN, IO, 7.00%, 3/15/2028		57		10
Series 2040, Class PE, 7.50%, 3/15/2028		124		139
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,496
Series 2043, Class CJ, 6.50%, 4/15/2028		18		19
Series 2054, Class PV, 7.50%, 5/15/2028		83		93
Series 2075, Class PM, 6.25%, 8/15/2028		180		192
Series 2075, Class PH, 6.50%, 8/15/2028		160		175
Series 2086, Class GB, 6.00%, 9/15/2028		49		53
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		75		8
Series 2095, Class PE, 6.00%, 11/15/2028		213		230
Series 2125, Class JZ, 6.00%, 2/15/2029		72		76
Series 2136, Class PG, 6.00%, 3/15/2029		89		96
Series 2132, Class SB, IF, 19.68%, 3/15/2029 (h)		16		22
Series 2141, IO, 7.00%, 4/15/2029		24		3
Series 2169, Class TB, 7.00%, 6/15/2029		257		284
Series 2163, Class PC, IO, 7.50%, 6/15/2029		28		3
Series 2172, Class QC, 7.00%, 7/15/2029		161		179
Series 2176, Class OJ, 7.00%, 8/15/2029		126		140
Series 2201, Class C, 8.00%, 11/15/2029		75		84
Series 2209, Class TC, 8.00%, 1/15/2030		68		77
Series 2210, Class Z, 8.00%, 1/15/2030		126		145

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 25

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2224, Class CB, 8.00%, 3/15/2030		28			32
Series 2230, Class Z, 8.00%, 4/15/2030		73			83
Series 2234, Class PZ, 7.50%, 5/15/2030		53			60
Series 2247, Class Z, 7.50%, 8/15/2030		56			63
Series 2256, Class MC, 7.25%, 9/15/2030		78			88
Series 2259, Class ZM, 7.00%, 10/15/2030		100			113
Series 2261, Class ZY, 7.50%, 10/15/2030		—	(i)		—	(i)
Series 2262, Class Z, 7.50%, 10/15/2030		16			18
Series 2271, Class PC, 7.25%, 12/15/2030		127			143
Series 2296, Class PD, 7.00%, 3/15/2031		72			80
Series 2313, Class LA, 6.50%, 5/15/2031		63			71
Series 2325, Class PM, 7.00%, 6/15/2031		85			96
Series 2359, Class ZB, 8.50%, 6/15/2031		200			233
Series 2344, Class ZD, 6.50%, 8/15/2031		675			779
Series 2344, Class ZJ, 6.50%, 8/15/2031		57			63
Series 2345, Class NE, 6.50%, 8/15/2031		50			55
Series 2351, Class PZ, 6.50%, 8/15/2031		55			62
Series 2353, Class AZ, 6.00%, 9/15/2031		402			426
Series 2367, Class ME, 6.50%, 10/15/2031		102			111
Series 2396, Class FM, 2.94%, 12/15/2031 (h)		220			221
Series 2399, Class OH, 6.50%, 1/15/2032		139			154
Series 2399, Class TH, 6.50%, 1/15/2032		180			199
Series 2464, Class SI, IF, IO, 5.51%, 2/15/2032 (h)		319			51
Series 2410, Class QX, IF, IO, 6.16%, 2/15/2032 (h)		76			15
Series 2410, Class OE, 6.38%, 2/15/2032		67			71
Series 2410, Class NG, 6.50%, 2/15/2032		175			194
Series 2420, Class XK, 6.50%, 2/15/2032		226			251
Series 2412, Class SP, IF, 11.12%, 2/15/2032 (h)		149			178
Series 2410, Class QS, IF, 13.03%, 2/15/2032 (h)		123			154
Series 2444, Class ES, IF, IO, 5.46%, 3/15/2032 (h)		129			22
Series 2450, Class SW, IF, IO, 5.51%, 3/15/2032 (h)		103			17
Series 2430, Class WF, 6.50%, 3/15/2032		337			377
Series 2423, Class MC, 7.00%, 3/15/2032		187			210
Series 2423, Class MT, 7.00%, 3/15/2032		162			183
Series 2435, Class CJ, 6.50%, 4/15/2032		235			260
Series 2434, Class TC, 7.00%, 4/15/2032		176			197
Series 2436, Class MC, 7.00%, 4/15/2032		136			149
Series 2455, Class GK, 6.50%, 5/15/2032		360			401
Series 2450, Class GZ, 7.00%, 5/15/2032		98			111

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2462, Class JG, 6.50%, 6/15/2032		155		172
Series 2466, Class PH, 6.50%, 6/15/2032		271		300
Series 2474, Class NR, 6.50%, 7/15/2032		149		167
Series 2484, Class LZ, 6.50%, 7/15/2032		178		202
Series 2500, Class MC, 6.00%, 9/15/2032		179		196
Series 2835, Class QO, PO, 12/15/2032		26		22
Series 2543, Class YX, 6.00%, 12/15/2032		329		364
Series 2544, Class HC, 6.00%, 12/15/2032		322		354
Series 2552, Class ME, 6.00%, 1/15/2033		418		463
Series 2567, Class QD, 6.00%, 2/15/2033		361		401
Series 2575, Class ME, 6.00%, 2/15/2033		885		967
Series 2596, Class QG, 6.00%, 3/15/2033		241		253
Series 2586, Class WI, IO, 6.50%, 3/15/2033		116		26
Series 2692, Class SC, IF, 8.31%, 7/15/2033 (h)		61		69
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,421
Series 3920, Class LP, 5.00%, 1/15/2034		946		1,020
Series 2744, Class PE, 5.50%, 2/15/2034		37		38
Series 3611, PO, 7/15/2034		62		53
Series 2990, Class UZ, 5.75%, 6/15/2035		2,157		2,378
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,247
Series 3014, Class OD, PO, 8/15/2035		51		46
Series 3085, Class WF, 3.29%, 8/15/2035 (h)		165		169
Series 3151, Class UC, 5.50%, 8/15/2035		21		21
Series 3047, Class OD, 5.50%, 10/15/2035		944		1,026
Series 3074, Class BH, 5.00%, 11/15/2035		522		544
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,487
Series 3102, Class FB, 2.79%, 1/15/2036 (h)		227		228
Series 3102, Class HS, IF, 15.44%, 1/15/2036 (h)		56		74
Series 3117, Class EO, PO, 2/15/2036		374		319
Series 3117, Class OK, PO, 2/15/2036		218		186
Series 3134, PO, 3/15/2036		58		51
Series 3152, Class MO, PO, 3/15/2036		288		248
Series 3122, Class ZB, 6.00%, 3/15/2036		23		32
Series 3138, PO, 4/15/2036		274		241
Series 3607, Class BO, PO, 4/15/2036		126		108
Series 3219, Class DI, IO, 6.00%, 4/15/2036		206		43
Series 3819, Class ZQ, 6.00%, 4/15/2036		1,222		1,362
Series 3149, Class SO, PO, 5/15/2036		30		24
Series 3233, Class OP, PO, 5/15/2036		88		75
Series 3171, Class MO, PO, 6/15/2036		57		51

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3179, Class OA, PO, 7/15/2036		250		218
Series 3194, Class SA, IF, IO, 4.61%, 7/15/2036 (h)		43		2
Series 3211, Class SO, PO, 9/15/2036		261		227
Series 3218, Class AO, PO, 9/15/2036		121		95
Series 3232, Class ST, IF, IO, 4.21%, 10/15/2036 (h)		287		42
Series 3256, PO, 12/15/2036		158		135
Series 3261, Class OA, PO, 1/15/2037		199		169
Series 3260, Class CS, IF, IO, 3.65%, 1/15/2037 (h)		331		46
Series 3274, Class JO, PO, 2/15/2037		49		44
Series 3275, Class FL, 2.93%, 2/15/2037 (h)		55		55
Series 3290, Class SB, IF, IO, 3.96%, 3/15/2037 (h)		407		52
Series 3318, Class AO, PO, 5/15/2037		15		14
Series 3607, PO, 5/15/2037		255		216
Series 3315, Class HZ, 6.00%, 5/15/2037		324		329
Series 3326, Class JO, PO, 6/15/2037		16		15
Series 3331, PO, 6/15/2037		180		160
Series 3607, Class OP, PO, 7/15/2037		520		449
Series 4048, Class FJ, 2.92%, 7/15/2037 (h)		1,069		1,066
Series 3759, Class HI, IO, 4.00%, 8/15/2037		144		2
Series 3760, Class GI, IO, 4.00%, 10/15/2037		47		—	(i)
Series 3385, Class SN, IF, IO, 3.51%, 11/15/2037 (h)		89		7
Series 3387, Class SA, IF, IO, 3.93%, 11/15/2037 (h)		245		23
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (e)		1,601		12
Series 3404, Class SC, IF, IO, 3.51%, 1/15/2038 (h)		450		53
Series 3424, Class PI, IF, IO, 4.31%, 4/15/2038 (h)		317		41
Series 3481, Class SJ, IF, IO, 3.36%, 8/15/2038 (h)		512		68
Series 3511, Class SA, IF, IO, 3.51%, 2/15/2039 (h)		326		42
Series 3549, Class FA, 3.69%, 7/15/2039 (h)		50		51
Series 3997, Class PF, 2.94%, 11/15/2039 (h)		166		166
Series 3621, Class BO, PO, 1/15/2040		186		161
Series 3747, Class PY, 4.00%, 10/15/2040		1,000		1,032

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3925, Class FL, 2.94%, 1/15/2041 (h)		614			616
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		272			277
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		943			1,015
Series 3957, Class B, 4.00%, 11/15/2041		393			404
Series 3966, Class NA, 4.00%, 12/15/2041		661			688
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			1,883
Series 4374, Class NC, 3.75%, 2/15/2046 (e)		1,383			1,395
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		8			—	(i)
Series 243, Class 17, IO, 4.50%, 12/15/2020		22			1
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(i)		—	(i)
Series 233, Class 11, IO, 5.00%, 9/15/2035		448			83
Series 233, Class 13, IO, 5.00%, 9/15/2035		636			129
Series 299, Class 300, 3.00%, 1/15/2043		4,863			4,837
Series 310, PO, Zero Coupon, 9/15/2043		1,618			1,299
Series 323, Class 300, 3.00%, 1/15/2044		3,023			2,963
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.46%, 7/25/2032 (h)		329			351
Series T-76, Class 2A, 2.48%, 10/25/2037 (h)		1,020			1,062
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		209			247
Series T-54, Class 2A, 6.50%, 2/25/2043		1,198			1,369
Series T-54, Class 3A, 7.00%, 2/25/2043		337			384
Series T-58, Class APO, PO, 9/25/2043		119			95
Series T-59, Class 1AP, PO, 10/25/2043		274			140
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 4.22%, 10/25/2034 (h)		301			298
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		697			568
Series 2007-FA4, Class 1A2, IF, IO, 3.16%, 8/25/2037 ‡ (h)		1,348			213
First Horizon Mortgage Pass-Through Trust Series 2005-AR1, Class 2A2, 4.50%, 4/25/2035 (h)		237			241
FNMA Grantor Trust
Series 2002-T19, Class A2, 7.00%, 7/25/2042		596			672

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 27

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		400			454
FNMA REMIC
Series 2004-27, Class HB, 4.00%, 5/25/2019		17			17
Series 1989-70, Class G, 8.00%, 10/25/2019		—	(i)		—	(i)
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		—	(i)		—	(i)
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		2			3
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		2			2
Series 1990-134, Class SC, IF, 17.87%, 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		18			18
Series G-17, Class S, HB, 825.09%, 6/25/2021 (h)		—	(i)		—	(i)
Series 2001-48, Class Z, 6.50%, 9/25/2021		191			196
Series G-28, Class S, IF, 12.61%, 9/25/2021 (h)		—	(i)		—	(i)
Series G-35, Class M, 8.75%, 10/25/2021		2			2
Series G-51, Class SA, HB, IF, 22.55%, 12/25/2021 (h)		—	(i)		—	(i)
Series 2002-1, Class HC, 6.50%, 2/25/2022		20			20
Series 2007-15, Class NO, PO, 3/25/2022		42			41
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(i)		—	(i)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series G92-42, Class Z, 7.00%, 7/25/2022		3			3
Series G92-35, Class E, 7.50%, 7/25/2022		27			28
Series G92-44, Class ZQ, 8.00%, 7/25/2022		2			2
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(i)		—	(i)
Series 1992-136, Class PK, 6.00%, 8/25/2022		10			10
Series 1996-59, Class J, 6.50%, 8/25/2022		6			6
Series G92-52, Class FD, 2.51%, 9/25/2022 (h)		4			4
Series 1992-143, Class MA, 5.50%, 9/25/2022		5			6
Series G92-54, Class ZQ, 7.50%, 9/25/2022		19			20
Series 1992-163, Class M, 7.75%, 9/25/2022		19			20
Series G92-62, Class B, PO, 10/25/2022		6			6
Series G92-59, Class F, 1.76%, 10/25/2022 (h)		4			4
Series G92-61, Class Z, 7.00%, 10/25/2022		10			11
Series 1992-188, Class PZ, 7.50%, 10/25/2022		40			43
Series G93-1, Class KA, 7.90%, 1/25/2023		35			37
Series G93-5, Class Z, 6.50%, 2/25/2023		9			10
Series 1997-61, Class ZC, 7.00%, 2/25/2023		159			168
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		6			7
Series G93-14, Class J, 6.50%, 3/25/2023		12			12
Series 1993-25, Class J, 7.50%, 3/25/2023		26			28
Series 1993-21, Class KA, 7.70%, 3/25/2023		15			16
Series 1998-4, Class C, PO, 4/25/2023		4			4
Series 2008-24, Class DY, 5.00%, 4/25/2023		2			2
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		25			26
Series 1998-43, Class SA, IF, IO, 16.12%, 4/25/2023 (h)		31			7
Series 1993-62, Class SA, IF, 18.07%, 4/25/2023 (h)		9			10
Series 2003-39, Class LW, 5.50%, 5/25/2023		312			320
Series 2003-41, Class PE, 5.50%, 5/25/2023		147			149
Series 2008-47, Class SI, IF, IO, 4.01%, 6/25/2023 (h)		108			3
Series G93-27, Class FD, 3.37%, 8/25/2023 (h)		21			21

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1999-38, Class SK, IF, IO, 5.56%, 8/25/2023 (h)		6		—	(i)
Series 2002-83, Class CS, 6.88%, 8/25/2023		175		183
Series 1996-14, Class SE, IF, IO, 8.00%, 8/25/2023 (h)		90		11
Series 1993-205, Class H, PO, 9/25/2023		14		14
Series G93-37, Class H, PO, 9/25/2023		6		5
Series 2008-76, Class GF, 3.14%, 9/25/2023 (h)		2		2
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		12		12
Series 1993-165, Class SD, IF, 12.62%, 9/25/2023 (h)		5		6
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		5		6
Series 1999-52, Class NS, IF, 16.41%, 10/25/2023 (h)		15		18
Series 1993-179, Class SB, HB, IF, 25.13%, 10/25/2023 (h)		8		10
Series 1995-19, Class Z, 6.50%, 11/25/2023		100		109
Series 1993-230, Class FA, 3.09%, 12/25/2023 (h)		9		9
Series 1993-247, Class FE, 3.49%, 12/25/2023 (h)		20		20
Series 1993-225, Class UB, 6.50%, 12/25/2023		25		27
Series 1993-247, Class SU, IF, 11.89%, 12/25/2023 (h)		9		10
Series 2002-1, Class UD, IF, 15.79%, 12/25/2023 (h)		20		24
Series 2009-9, IO, 5.00%, 2/25/2024		59		1
Series 2009-18, IO, 5.00%, 3/25/2024		21		—	(i)
Series 1994-37, Class L, 6.50%, 3/25/2024		78		82
Series 1994-40, Class Z, 6.50%, 3/25/2024		458		486
Series 2004-53, Class NC, 5.50%, 7/25/2024		88		90
Series 1995-2, Class Z, 8.50%, 1/25/2025		22		24
Series G95-1, Class C, 8.80%, 1/25/2025		12		13
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		54		1
Series 1997-27, Class J, 7.50%, 4/18/2027		8		9
Series 1997-29, Class J, 7.50%, 4/20/2027		19		21
Series 1997-39, Class PD, 7.50%, 5/20/2027		137		153
Series 1997-42, Class ZC, 6.50%, 7/18/2027		10		11
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		35		4

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1998-36, Class ZB, 6.00%, 7/18/2028		54		58
Series 1998-66, Class SB, IF, IO, 5.66%, 12/25/2028 (h)		53		3
Series 1999-18, Class Z, 5.50%, 4/18/2029		103		109
Series 1999-17, Class C, 6.35%, 4/25/2029		37		40
Series 1999-62, Class PB, 7.50%, 12/18/2029		57		63
Series 2000-2, Class ZE, 7.50%, 2/25/2030		193		217
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,493
Series 2000-20, Class SA, IF, IO, 6.61%, 7/25/2030 (h)		105		13
Series 2000-52, IO, 8.50%, 1/25/2031		15		3
Series 2001-7, Class PF, 7.00%, 3/25/2031		35		39
Series 2011-31, Class DB, 3.50%, 4/25/2031		2,500		2,559
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		125		26
Series 2001-30, Class PM, 7.00%, 7/25/2031		117		133
Series 2001-36, Class DE, 7.00%, 8/25/2031		131		145
Series 2001-49, Class Z, 6.50%, 9/25/2031		33		37
Series 2001-44, Class MY, 7.00%, 9/25/2031		331		374
Series 2001-44, Class PD, 7.00%, 9/25/2031		42		47
Series 2001-44, Class PU, 7.00%, 9/25/2031		65		73
Series 2001-52, Class KB, 6.50%, 10/25/2031		38		40
Series 2003-52, Class SX, IF, 15.48%, 10/25/2031 (h)		71		95
Series 2001-61, Class Z, 7.00%, 11/25/2031		411		465
Series 2001-72, Class SX, IF, 11.67%, 12/25/2031 (h)		11		14
Series 2002-1, Class SA, IF, 17.10%, 2/25/2032 (h)		18		24
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		381		17
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		5		7
Series 2002-21, Class LO, PO, 4/25/2032		12		11
Series 2002-21, Class PE, 6.50%, 4/25/2032		115		127
Series 2002-28, Class PK, 6.50%, 5/25/2032		296		327

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 29

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		2,932
Series 2002-37, Class Z, 6.50%, 6/25/2032		75		83
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		328		49
Series 2002-48, Class GH, 6.50%, 8/25/2032		416		462
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		50		55
Series 2004-59, Class BG, PO, 12/25/2032		150		129
Series 2002-77, Class S, IF, 9.92%, 12/25/2032 (h)		66		77
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,313		1,359
Series 2003-35, Class UC, 3.75%, 5/25/2033		15		15
Series 2003-42, Class GB, 4.00%, 5/25/2033		85		88
Series 2003-34, Class AX, 6.00%, 5/25/2033		272		300
Series 2003-34, Class ED, 6.00%, 5/25/2033		1,115		1,178
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		52		11
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		422		94
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		753		93
Series 2004-4, Class QI, IF, IO, 4.61%, 6/25/2033 (h)		459		19
Series 2003-47, Class PE, 5.75%, 6/25/2033		188		205
Series 2004-4, Class QM, IF, 9.22%, 6/25/2033 (h)		43		47
Series 2003-64, Class SX, IF, 7.48%, 7/25/2033 (h)		60		67
Series 2004-36, Class SN, IF, 9.22%, 7/25/2033 (h)		59		60
Series 2003-132, Class OA, PO, 8/25/2033		34		31
Series 2003-71, Class DS, IF, 4.12%, 8/25/2033 (h)		384		381
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		413		70
Series 2003-74, Class SH, IF, 5.69%, 8/25/2033 (h)		61		67
Series 2003-91, Class SD, IF, 8.35%, 9/25/2033 (h)		91		104
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,276

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		2,924
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		3,877
Series 2003-116, Class SB, IF, IO, 5.11%, 11/25/2033 (h)		593		94
Series 2006-44, Class P, PO, 12/25/2033		995		849
Series 2004-25, Class PC, 5.50%, 1/25/2034		2		2
Series 2003-130, Class SX, IF, 7.79%, 1/25/2034 (h)		19		21
Series 2004-36, Class PC, 5.50%, 2/25/2034		2		2
Series 2004-10, Class SC, IF, 18.64%, 2/25/2034 (h)		24		24
Series 2004-25, Class SA, IF, 12.68%, 4/25/2034 (h)		318		397
Series 2004-46, Class SK, IF, 9.65%, 5/25/2034 (h)		584		678
Series 2004-36, Class SA, IF, 12.68%, 5/25/2034 (h)		586		770
Series 2004-46, Class QB, IF, 14.04%, 5/25/2034 (h)		227		285
Series 2004-51, Class SY, IF, 9.26%, 7/25/2034 (h)		104		120
Series 2004-79, Class SP, IF, 12.95%, 11/25/2034 (h)		94		99
Series 2005-74, Class CS, IF, 13.17%, 5/25/2035 (h)		225		263
Series 2005-68, Class UC, 5.00%, 6/25/2035		111		111
Series 2005-68, Class BC, 5.25%, 6/25/2035		82		82
Series 2005-56, Class S, IF, IO, 4.22%, 7/25/2035 (h)		629		80
Series 2005-66, Class SG, IF, 11.15%, 7/25/2035 (h)		156		196
Series 2005-68, Class PG, 5.50%, 8/25/2035		572		616
Series 2005-84, Class XM, 5.75%, 10/25/2035		1,730		1,871
Series 2005-110, Class GL, 5.50%, 12/25/2035		4,048		4,425
Series 2006-46, Class UC, 5.50%, 12/25/2035		561		591
Series 2005-109, Class PC, 6.00%, 12/25/2035		637		684
Series 2006-15, Class OT, PO, 1/25/2036		17		17
Series 2006-39, Class WC, 5.50%, 1/25/2036		571		603

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-16, Class OA, PO, 3/25/2036		213		183
Series 2006-22, Class AO, PO, 4/25/2036		320		276
Series 2006-23, Class KO, PO, 4/25/2036		67		60
Series 2006-44, Class GO, PO, 6/25/2036		419		358
Series 2006-53, Class US, IF, IO, 4.09%, 6/25/2036 (h)		635		100
Series 2007-101, Class A2, 2.74%, 6/27/2036 (h)		424		416
Series 2006-56, PO, 7/25/2036		338		301
Series 2006-58, PO, 7/25/2036		186		160
Series 2006-58, Class AP, PO, 7/25/2036		359		314
Series 2006-65, Class QO, PO, 7/25/2036		285		246
Series 2006-56, Class FC, 2.78%, 7/25/2036 (h)		604		604
Series 2006-58, Class FL, 2.95%, 7/25/2036 (h)		46		47
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,546		5,280
Series 2006-72, Class TO, PO, 8/25/2036		56		51
Series 2006-79, Class DO, PO, 8/25/2036		231		206
Series 2007-7, Class SG, IF, IO, 4.01%, 8/25/2036 (h)		785		166
Series 2006-77, Class PC, 6.50%, 8/25/2036		920		1,013
Series 2006-90, Class AO, PO, 9/25/2036		182		162
Series 2008-42, Class AO, PO, 9/25/2036		90		80
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		1,154		216
Series 2006-109, PO, 11/25/2036		81		70
Series 2006-110, PO, 11/25/2036		528		448
Series 2006-111, Class EO, PO, 11/25/2036		57		50
Series 2006-124, Class HB, 4.61%, 11/25/2036 (h)		762		789
Series 2006-119, PO, 12/25/2036		57		50
Series 2006-118, Class A2, 2.57%, 12/25/2036 (h)		337		333
Series 2009-70, Class CO, PO, 1/25/2037		448		375
Series 2006-128, Class BP, 5.50%, 1/25/2037		244		257
Series 2007-77, Class FG, 2.99%, 3/25/2037 (h)		79		80
Series 2007-16, Class FC, 3.24%, 3/25/2037 (h)		117		122
Series 2007-14, Class ES, IF, IO, 3.95%, 3/25/2037 (h)		766		122
Series 2007-48, PO, 5/25/2037		131		117
Series 2007-54, Class FA, 2.89%, 6/25/2037 (h)		296		297

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-60, Class AX, IF, IO, 4.66%, 7/25/2037 (h)		2,109		403
Series 2012-14, Class FB, 2.94%, 8/25/2037 (h)		258		259
Series 2007-81, Class GE, 6.00%, 8/25/2037		315		339
Series 2007-88, Class VI, IF, IO, 4.05%, 9/25/2037 (h)		1,482		237
Series 2007-91, Class ES, IF, IO, 3.97%, 10/25/2037 (h)		1,067		167
Series 2007-106, Class A7, 6.11%, 10/25/2037 (h)		172		186
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038 (h)		783		29
Series 2008-1, Class BI, IF, IO, 3.42%, 2/25/2038 (h)		397		52
Series 2008-16, Class IS, IF, IO, 3.71%, 3/25/2038 (h)		115		15
Series 2008-10, Class XI, IF, IO, 3.74%, 3/25/2038 (h)		306		30
Series 2008-27, Class SN, IF, IO, 4.41%, 4/25/2038 (h)		157		19
Series 2008-44, PO, 5/25/2038		11		9
Series 2008-53, Class CI, IF, IO, 4.71%, 7/25/2038 (h)		261		37
Series 2008-80, Class SA, IF, IO, 3.36%, 9/25/2038 (h)		570		76
Series 2008-81, Class SB, IF, IO, 3.36%, 9/25/2038 (h)		489		37
Series 2010-148, Class MA, 4.00%, 2/25/2039		183		185
Series 2009-6, Class GS, IF, IO, 4.06%, 2/25/2039 (h)		582		90
Series 2009-62, Class HJ, 6.00%, 5/25/2039		212		225
Series 2009-60, Class HT, 6.00%, 8/25/2039		459		506
Series 2009-99, Class SC, IF, IO, 3.69%, 12/25/2039 (h)		150		17
Series 2009-103, Class MB, 4.32%, 12/25/2039 (h)		263		281
Series 2010-49, Class SC, IF, 7.68%, 3/25/2040 (h)		513		567
Series 2010-64, Class DM, 5.00%, 6/25/2040		268		283
Series 2010-71, Class HJ, 5.50%, 7/25/2040		403		443
Series 2010-147, Class SA, IF, IO, 4.04%, 1/25/2041 (h)		1,447		269

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-30, Class LS, IO, 1.32%, 4/25/2041 (h)		793		40
Series 2011-75, Class FA, 3.04%, 8/25/2041 (h)		270		272
Series 2011-118, Class MT, 7.00%, 11/25/2041		549		627
Series 2011-130, Class CA, 6.00%, 12/25/2041		995		1,105
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000		1,890
Series 2013-92, PO, 9/25/2043		1,442		1,136
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694		1,664
Series 2013-101, Class DO, PO, 10/25/2043		2,247		1,746
Series 2013-128, PO, 12/25/2043		2,779		2,229
Series 2011-2, Class WA, 5.82%, 2/25/2051 (h)		358		380
FNMA REMIC Trust
Series 2007-42, Class AO, PO, 5/25/2037		51		46
Series 2007-W7, Class 1A4, HB, IF, 24.24%, 7/25/2037 (h)		15		23
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (h)		57		63
Series 2003-W1, Class 1A1, 5.37%, 12/25/2042 (h)		502		528
Series 2003-W1, Class 2A, 5.89%, 12/25/2042 (h)		209		225
Series 2009-W1, Class A, 6.00%, 12/25/2049		753		836
FNMA STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		3		—	(i)
Series 218, Class 2, IO, 7.50%, 4/25/2023		3		—	(i)
Series 265, Class 2, 9.00%, 3/25/2024		4		4
Series 329, Class 1, PO, 1/25/2033		52		46
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		75		15
Series 351, Class 7, IO, 5.00%, 4/25/2034 (h)		251		46
Series 355, Class 11, IO, 6.00%, 7/25/2034		213		45
Series 365, Class 8, IO, 5.50%, 5/25/2036		324		75
Series 374, Class 5, IO, 5.50%, 8/25/2036		167		35
Series 393, Class 6, IO, 5.50%, 4/25/2037		66		11
Series 383, Class 32, IO, 6.00%, 1/25/2038		77		18
Series 383, Class 33, IO, 6.00%, 1/25/2038		203		42
FNMA Trust
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		126		144

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		274		307
Series 2004-W15, Class 2AF, 2.74%, 8/25/2044 (h)		366		364
Series 2005-W3, Class 2AF, 2.71%, 3/25/2045 (h)		1,022		1,018
Series 2006-W2, Class 1AF1, 2.71%, 2/25/2046 (h)		349		349
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.91%, 6/19/2035 (h)		1,082		1,057
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		443		443
Series 1999-4, Class ZB, 6.00%, 2/20/2029		379		378
Series 1999-30, Class S, IF, IO, 6.12%, 8/16/2029 (h)		49		—	(i)
Series 2000-31, Class Z, 9.00%, 10/20/2030		128		149
Series 2000-36, Class IK, IO, 9.00%, 11/16/2030		8		—	(i)
Series 2000-35, Class ZA, 9.00%, 11/20/2030		82		96
Series 2001-6, Class SD, IF, IO, 6.07%, 3/16/2031 (h)		41		—	(i)
Series 2001-35, Class SA, IF, IO, 5.77%, 8/16/2031 (h)		100		1
Series 2002-24, Class AG, IF, IO, 5.47%, 4/16/2032 (h)		340		4
Series 2002-24, Class SB, IF, 8.20%, 4/16/2032 (h)		33		34
Series 2002-41, Class SV, IF, 9.00%, 6/16/2032 (h)		11		13
Series 2002-45, Class QE, 6.50%, 6/20/2032		857		859
Series 2002-47, Class PG, 6.50%, 7/16/2032		291		292
Series 2002-47, Class ZA, 6.50%, 7/20/2032		561		562
Series 2002-52, Class GH, 6.50%, 7/20/2032		479		480
Series 2002-75, Class PB, 6.00%, 11/20/2032		949		999
Series 2003-58, Class BE, 6.50%, 1/20/2033		714		787
Series 2003-11, Class SK, IF, IO, 5.22%, 2/16/2033 (h)		299		27
Series 2003-12, Class SP, IF, IO, 5.22%, 2/20/2033 (h)		160		27
Series 2003-24, PO, 3/16/2033		31		29

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-40, Class TJ, 6.50%, 3/20/2033		845		928
Series 2003-46, Class TC, 6.50%, 3/20/2033		399		431
Series 2003-46, Class MG, 6.50%, 5/20/2033		524		575
Series 2003-52, Class AP, PO, 6/16/2033		144		123
Series 2003-90, PO, 10/20/2033		43		38
Series 2003-112, Class SA, IF, IO, 4.07%, 12/16/2033 (h)		550		73
Series 2004-28, Class S, IF, 12.84%, 4/16/2034 (h)		238		316
Series 2004-73, Class AE, IF, 9.74%, 8/17/2034 (h)		51		55
Series 2004-90, Class SI, IF, IO, 3.62%, 10/20/2034 (h)		745		94
Series 2005-68, Class DP, IF, 10.45%, 6/17/2035 (h)		97		109
Series 2010-14, Class CO, PO, 8/20/2035		272		230
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (h)		1,244		238
Series 2005-68, Class KI, IF, IO, 3.82%, 9/20/2035 (h)		1,716		215
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		242		46
Series 2006-16, Class OP, PO, 3/20/2036		113		102
Series 2006-38, Class SW, IF, IO, 4.02%, 6/20/2036 (h)		218		11
Series 2006-38, Class ZK, 6.50%, 8/20/2036		1,286		1,415
Series 2006-59, Class SD, IF, IO, 4.22%, 10/20/2036 (h)		386		61
Series 2006-65, Class SA, IF, IO, 4.32%, 11/20/2036 (h)		572		73
Series 2011-22, Class WA, 5.88%, 2/20/2037 (h)		534		593
Series 2007-57, PO, 3/20/2037		230		208
Series 2007-17, Class JO, PO, 4/16/2037		99		82
Series 2007-17, Class JI, IF, IO, 4.33%, 4/16/2037 (h)		928		144
Series 2007-19, Class SD, IF, IO, 3.72%, 4/20/2037 (h)		531		51
Series 2007-28, Class BO, PO, 5/20/2037		117		100
Series 2007-26, Class SC, IF, IO, 3.72%, 5/20/2037 (h)		493		53
Series 2007-27, Class SA, IF, IO, 3.72%, 5/20/2037 (h)		452		46
Series 2007-36, Class SE, IF, IO, 3.99%, 6/16/2037 (h)		310		38

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,795
Series 2007-40, Class SB, IF, IO, 4.27%, 7/20/2037 (h)		945		154
Series 2007-42, Class SB, IF, IO, 4.27%, 7/20/2037 (h)		558		90
Series 2007-50, Class AI, IF, IO, 4.29%, 8/20/2037 (h)		357		38
Series 2007-53, Class SW, IF, 12.75%, 9/20/2037 (h)		51		62
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		181		20
Series 2009-79, Class OK, PO, 11/16/2037		180		157
Series 2007-73, Class MI, IF, IO, 3.52%, 11/20/2037 (h)		308		35
Series 2007-76, Class SA, IF, IO, 4.05%, 11/20/2037 (h)		596		72
Series 2007-72, Class US, IF, IO, 4.07%, 11/20/2037 (h)		294		35
Series 2007-79, Class SY, IF, IO, 4.07%, 12/20/2037 (h)		283		36
Series 2008-2, Class NS, IF, IO, 4.06%, 1/16/2038 (h)		549		70
Series 2008-2, Class MS, IF, IO, 4.68%, 1/16/2038 (h)		165		24
Series 2008-10, Class S, IF, IO, 3.35%, 2/20/2038 (h)		339		36
Series 2008-36, Class SH, IF, IO, 3.82%, 4/20/2038 (h)		473		57
Series 2008-40, Class SA, IF, IO, 3.92%, 5/16/2038 (h)		2,911		414
Series 2008-55, Class SA, IF, IO, 3.72%, 6/20/2038 (h)		260		26
Series 2008-71, Class SC, IF, IO, 3.52%, 8/20/2038 (h)		128		11
Series 2009-25, Class SE, IF, IO, 5.12%, 9/20/2038 (h)		225		31
Series 2008-93, Class AS, IF, IO, 3.22%, 12/20/2038 (h)		320		29
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		197		17
Series 2009-6, Class SA, IF, IO, 3.62%, 2/16/2039 (h)		376		44
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		773		145
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		305		66
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		303		77

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 33

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-22, Class SA, IF, IO, 3.79%, 4/20/2039 (h)		729		71
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		167		32
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		176		42
Series 2009-43, Class SA, IF, IO, 3.47%, 6/20/2039 (h)		313		34
Series 2009-72, Class SM, IF, IO, 3.77%, 8/16/2039 (h)		718		89
Series 2010-31, Class NO, PO, 3/20/2040		1,416		1,245
Series 2013-75, Class WA, 5.18%, 6/20/2040 (h)		1,466		1,567
Series 2010-130, Class CP, 7.00%, 10/16/2040		205		233
Series 2010-157, Class OP, PO, 12/20/2040		1,525		1,248
Series 2011-75, Class SM, IF, IO, 4.12%, 5/20/2041 (h)		963		141
Series 2014-188, Class W, 4.60%, 10/20/2041 (h)		725		763
Series 2012-141, Class WC, 3.72%, 1/20/2042 (h)		461		474
Series 2013-54, Class WA, 4.75%, 11/20/2042 (h)		2,190		2,318
Series 2013-91, Class WA, 4.50%, 4/20/2043 (h)		965		994
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,337
Series 2012-H24, Class FG, 2.94%, 4/20/2060 (h)		224		223
Series 2013-H03, Class FA, 2.81%, 8/20/2060 (h)		21		21
Series 2012-H22, Class FD, 2.98%, 1/20/2061 (h)		809		810
Series 2012-H21, Class CF, 3.21%, 5/20/2061 (h)		111		112
Series 2013-H05, Class FB, 2.91%, 2/20/2062 (h)		304		303
Series 2012-H15, Class FA, 2.96%, 5/20/2062 (h)		72		72
Series 2012-H26, Class MA, 3.06%, 7/20/2062 (h)		58		58
Series 2012-H28, Class FA, 3.09%, 9/20/2062 (h)		440		440
Series 2012-H29, Class FA, 3.02%, 10/20/2062 (h)		1,296		1,297
Series 2012-H31, Class FD, 2.85%, 12/20/2062 (h)		1,308		1,304

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-H01, Class FA, 1.65%, 1/20/2063		1,724		1,703
Series 2013-H04, Class BA, 1.65%, 2/20/2063		812		801
Series 2013-H08, Class FC, 2.96%, 2/20/2063 (h)		1,188		1,187
Series 2013-H07, Class HA, 2.92%, 3/20/2063 (h)		1,300		1,298
Series 2013-H09, Class HA, 1.65%, 4/20/2063		1,261		1,240
Series 2013-H18, Class JA, 3.11%, 8/20/2063 (h)		2,541		2,549
Series 2014-H01, Class FD, 3.16%, 1/20/2064 (h)		1,353		1,360
Series 2014-H09, Class TA, 3.11%, 4/20/2064 (h)		1,389		1,394
Series 2015-H15, Class FD, 2.95%, 6/20/2065 (h)		1,725		1,723
Series 2015-H15, Class FJ, 2.95%, 6/20/2065 (h)		3,645		3,641
Series 2015-H16, Class FG, 2.95%, 7/20/2065 (h)		2,607		2,604
Series 2015-H23, Class FB, 3.03%, 9/20/2065 (h)		2,520		2,525
Series 2015-H32, Class FH, 3.17%, 12/20/2065 (h)		1,898		1,913
Series 2017-H08, Class XI, IO, 2.22%, 3/20/2067 (h)		8,762		1,067
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (b) (h)		557		540
Series 2005-RP3, Class 1AS, IO, 2.00%, 9/25/2035 ‡ (b) (h)		617		52
Series 2005-RP3, Class 1AF, 2.84%, 9/25/2035 (b) (h)		816		730
Series 2006-RP2, Class 1AS2, IF, IO, 3.57%, 4/25/2036 ‡ (b) (h)		2,633		324
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		254		270
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		118		121
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		368		377
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		7		7
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		719		750
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,357		1,121

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Impac CMB Trust
Series 2004-7, Class 1A1, 3.23%, 11/25/2034 (h)		1,055		1,049
Series 2005-4, Class 2A1, 3.09%, 5/25/2035 (h)		146		144
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 2.84%, 5/25/2036 (h)		375		368
Series 2006-2, Class 2A1, 2.84%, 8/25/2036 (h)		270		263
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.62%, 11/25/2033 (h)		505		518
Series 2006-A3, Class 6A1, 4.06%, 8/25/2034 (h)		100		100
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (h)		415		426
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.80%, 4/25/2036 (h)		281		252
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		655		449
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.69%, 4/21/2034 (h)		209		215
Series 2004-4, Class 2A1, 3.95%, 5/25/2034 (h)		36		34
Series 2004-13, Class 3A7, 4.44%, 11/21/2034 (h)		506		519
Series 2004-15, Class 3A1, 4.86%, 12/25/2034 (h)		228		220
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		8		8
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		19		19
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		346		356
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		123		123
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		370		378
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		262		274
Series 2004-6, Class 30PO, PO, 7/25/2034 ‡		195		163
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		321		328

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		129			109
MASTR Asset Securitization Trust
Series 2004-4, Class 3A1, 4.50%, 4/25/2019		—	(i)		—	(i)
Series 2004-6, Class 15PO, PO, 7/25/2019 ‡		—	(i)		—	(i)
Series 2004-8, PO, 8/25/2019 ‡		1			1
Series 2004-8, Class 1A1, 4.75%, 8/25/2019		1			1
Series 2003-12, Class 30PO, PO, 12/25/2033 ‡		24			22
Series 2004-1, Class 30PO, PO, 2/25/2034 ‡		14			12
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 2.84%, 5/25/2035 (b) (h)		1,637			1,287
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (b)		150			123
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 3.11%, 10/25/2028 (h)		108			107
Series 2003-F, Class A1, 3.13%, 10/25/2028 (h)		1,093			1,080
Series 2004-A, Class A1, 2.95%, 4/25/2029 (h)		192			189
Series 2004-1, Class 2A1, 4.28%, 12/25/2034 (h)		275			275
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)		287			281
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		34			35
Series 2003-A1, Class A1, 5.50%, 5/25/2033		40			40
Series 2003-A1, Class A2, 6.00%, 5/25/2033		87			88
PaineWebber CMO Trust Series P, Class 4, 8.50%, 8/1/2019		—	(i)		—	(i)
Provident Funding Mortgage Loan Trust Series 2005-1, Class 2A1, 4.44%, 5/25/2035 (h)		64			63
RALI Trust
Series 2002-QS16, Class A3, IF, 11.37%, 10/25/2017 (h)		—	(i)		1

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 35

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-QS9, Class A3, IF, IO, 5.04%, 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, 5.09%, 6/25/2018 ‡ (h)		2			—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		7			7
Series 2003-QS18, Class A1, 5.00%, 9/25/2018		9			9
Series 2004-QA6, Class NB2, 4.35%, 12/26/2034 (h)		913			800
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.48%, 11/25/2033 (b) (h)		234			240
Residential Asset Securitization Trust
Series 2005-A2, Class A4, IF, IO, 2.56%, 3/25/2035 ‡ (h)		1,442			92
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		368			352
RFMSI Trust
Series 2004-S3, Class A1, 4.75%, 3/25/2019		—	(i)		—	(i)
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		4			3
Series 2005-SA4, Class 1A1, 4.00%, 9/25/2035 (h)		202			183
SART
4.75%, 7/15/2024		5,328			5,360
4.76%, 6/15/2025		5,281			5,311
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 3.14%, 10/19/2034 (h)		361			356
Structured Asset Securities Corp. Trust Series 2005-10, Class 5A9, 5.25%, 12/25/2034		36			36
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 3.13%, 9/25/2043 (h)		180			178
Series 2004-4, Class 3A, 4.07%, 12/25/2044 (h)		520			522
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.35%, 2/15/2024 (h)		200			208
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		243			257
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		305			334
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		241			264
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		455			501

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1998-1, Class 2E, 7.00%, 3/15/2028		522		579
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		1,034		1,140
Series 2003-2, Class Z, 5.00%, 5/15/2033		4,551		4,880
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		883		891
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 4.23%, 8/25/2033 (h)		65		66
Series 2003-AR9, Class 1A6, 4.34%, 9/25/2033 (h)		995		1,017
Series 2003-AR9, Class 2A, 4.38%, 9/25/2033 (h)		128		130
Series 2003-S9, Class P, PO, 10/25/2033 ‡		22		19
Series 2003-S9, Class A8, 5.25%, 10/25/2033		505		510
Series 2004-AR3, Class A1, 3.97%, 6/25/2034 (h)		83		85
Series 2004-AR3, Class A2, 3.97%, 6/25/2034 (h)		70		71
Series 2006-AR10, Class 2P, 3.97%, 9/25/2036 ‡ (h)		109		93
Series 2006-AR12, Class 2P, 3.44%, 10/25/2036 ‡ (h)		92		88
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 2.51%, 4/25/2035 ‡ (h)		1,195		118
Series 2005-2, Class 1A4, IF, IO, 2.56%, 4/25/2035 ‡ (h)		4,182		385
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		1,191		228
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,385		1,323
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		1,146		217
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		286		273
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		1,831		1,743
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.68%, 11/25/2033 (h)		80		81
Series 2003-K, Class 1A2, 4.68%, 11/25/2033 (h)		151		153
Series 2005-AR16, Class 2A1, 5.02%, 2/25/2034 (h)		134		138
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (h)		859		882

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-V, Class 1A1, 4.64%, 10/25/2034 (h)		167		170
Series 2004-EE, Class 2A1, 4.53%, 12/25/2034 (h)		137		140
Series 2004-EE, Class 3A1, 4.63%, 12/25/2034 (h)		206		214
Series 2005-AR3, Class 1A1, 4.55%, 3/25/2035 (h)		1,387		1,428
Series 2005-AR8, Class 2A1, 4.81%, 6/25/2035 (h)		150		154
Series 2005-16, Class APO, PO, 12/25/2035 ‡		63		54
Series 2006-2, Class APO, PO, 3/25/2036 ‡		187		160
Series 2006-4, Class 1APO, PO, 4/25/2036 ‡		112		102
Series 2007-7, Class A7, 6.00%, 6/25/2037		334		335
Series 2007-11, Class A14, 6.00%, 8/25/2037		103		102
Total Collateralized Mortgage Obligations (Cost $266,117)				275,725
Asset-Backed Securities — 12.8%
Academic Loan Funding Trust Series 2013-1A, Class A, 3.29%, 12/26/2044 (b) (h)		1,051		1,048
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)		640		644
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)		478		458
Series 2017-1, Class A, 3.55%, 1/15/2030 (b)		677		650
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		121		124
Series 2013-2, Class A, 4.95%, 1/15/2023		351		361
Series 2016-2, Class A, 3.65%, 6/15/2028		255		245
Series 2016-3, Class AA, 3.00%, 10/15/2028		377		356
Series 2017-1, Class AA, 3.65%, 2/15/2029		508		499
American Credit Acceptance Receivables Trust
Series 2016-4, Class C, 2.91%, 2/13/2023 (b)		559		559
Series 2017-1, Class C, 2.88%, 3/13/2023 (b)		987		987
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 ‡ (b)		3,953		3,949

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 (b)		1,275		1,362
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 ‡ (b)		3,707		3,765
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (b)		2,000		2,101
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (b)		850		927
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (b)		2,777		2,806
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (b)		500		514
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (b)		2,380		2,617
AmeriCredit Automobile Receivables Trust Series 2016-3, Class A3, 1.46%, 5/10/2021		228		228
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (b)		7,871		7,871
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (b)		429		425
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		1,520		1,515
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.86%, 4/25/2036 ‡ (h)		68		68
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (b)		620		622
Series 2018-1, Class A, 4.13%, 9/20/2031 (b)		993		989
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (b)		2,254		2,256
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		674		678
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (b)		201		201
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		880		873
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		4,980		4,969
Carnow Auto Receivables Trust Series 2017-1A, Class A, 2.92%, 9/15/2022 (b)		491		490
Chase Funding Trust Series 2003-6, Class 1A7, 5.04%, 11/25/2034 ‡ (e)		583		598

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 37

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (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		997
Citigroup Mortgage Loan Trust, Inc. Series 2003-HE3, Class A, 3.25%, 12/25/2033 (h)		42		42
Colony American Finance Ltd. (Cayman Islands) Series 2016-1, Class A, 2.54%, 6/15/2048 (b)		1,056		1,039
Continental Airlines Pass-Through Trust
Series 1999-2, Class A-1, 7.26%, 3/15/2020		13		13
Series 2007-1, Class A, 5.98%, 4/19/2022		342		358
Continental Credit Card Series 2017-1A, Class A, 4.29%, 1/15/2024 (b)		1,380		1,392
CPS Auto Receivables Trust
Series 2014-D, Class C, 4.35%, 11/16/2020 (b)		540		543
Series 2015-A, Class C, 4.00%, 2/16/2021 (b)		223		224
Series 2015-B, Class C, 4.20%, 5/17/2021 (b)		2,535		2,554
Series 2015-C, Class D, 4.63%, 8/16/2021 (b)		1,376		1,393
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		2,994
Credit Acceptance Auto Loan Trust
Series 2017-1A, Class A, 2.56%, 10/15/2025 (b)		1,564		1,561
Series 2017-1A, Class B, 3.04%, 12/15/2025 (b)		686		684
Series 2017-1A, Class C, 3.48%, 2/17/2026 (b)		574		572
Series 2017-2A, Class C, 3.35%, 6/15/2026 (b)		604		601
Series 2018-1A, Class A, 3.01%, 2/16/2027 (b)		1,543		1,537
Series 2018-3A, Class B, 3.89%, 10/15/2027 (b)		2,097		2,117
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)		895		968
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 3.39%, 10/25/2034 (h)		138		136
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		91		91
Series 2010-2, Class A, 4.95%, 5/23/2019		75		75
Series 2012-1, Class A, 4.75%, 5/7/2020		205		207

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Drive Auto Receivables Trust
Series 2016-AA, Class C, 3.91%, 5/17/2021 (b)		360		360
Series 2015-BA, Class D, 3.84%, 7/15/2021 (b)		1,611		1,614
Series 2015-CA, Class D, 4.20%, 9/15/2021 (b)		634		636
Series 2017-1, Class C, 2.84%, 4/15/2022		2,360		2,359
Series 2015-AA, Class D, 4.12%, 7/15/2022 (b)		1,348		1,354
Series 2015-DA, Class D, 4.59%, 1/17/2023 (b)		1,320		1,332
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		4,813
Series 2016-CA, Class D, 4.18%, 3/15/2024 (b)		3,101		3,124
Series 2018-2, Class C, 3.63%, 8/15/2024		1,755		1,765
DT Auto Owner Trust
Series 2015-2A, Class D, 4.25%, 2/15/2022 (b)		1,090		1,092
Series 2016-4A, Class D, 3.77%, 10/17/2022 (b)		1,609		1,616
Series 2017-2A, Class C, 3.03%, 1/17/2023 (b)		2,184		2,183
Engs Commercial Finance Trust Series 2016-1A, Class A2, 2.63%, 2/22/2022 (b)		299		298
Exeter Automobile Receivables Trust
Series 2016-3A, Class B, 2.84%, 8/16/2021 (b)		940		939
Series 2018-4A, Class B, 3.64%, 11/15/2022 (b)		1,175		1,182
First Investors Auto Owner Trust Series 2015-2A, Class D, 4.22%, 12/15/2021 (b)		373		375
Flagship Credit Auto Trust
Series 2015-3, Class A, 2.38%, 10/15/2020 (b)		14		14
Series 2014-2, Class C, 3.95%, 12/15/2020 (b)		273		273
Series 2015-3, Class B, 3.68%, 3/15/2022 (b)		757		759
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		3,111
Series 2018-2, Class A, 2.97%, 10/17/2022 (b)		2,179		2,179

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
FREED ABS Trust Series 2018-2, Class A, 3.99%, 10/20/2025 (b)		3,162		3,169
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (h)		105		87
GLS Auto Receivables Trust Series 2016-1A, Class C, 6.90%, 10/15/2021 (b)		1,200		1,235
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (b) (e)		65		65
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (b)		506		503
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (b)		686		685
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (b)		2,089		2,086
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		2,358		2,403
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (b)		1,070		1,056
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (b)		2,252		2,319
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)		278		275
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 2.69%, 3/25/2036 ‡ (h)		69		68
Kabbage Asset Securitization LLC
Series 2017-1, Class A, 4.57%, 3/15/2022 (b)		8,515		8,543
Series 2017-1, Class B, 5.79%, 3/15/2022 ‡ (b)		2,525		2,549
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.89%, 8/25/2038 ‡ (b) (h)		4,951		118
Series 2013-2, Class A, IO, 1.68%, 3/25/2039 ‡ (b) (h)		4,484		183
Series 2015-2, Class A, IO, 2.69%, 7/25/2041 ‡ (b) (h)		1,956		207
Lendmark Funding Trust Series 2017-1A, Class A, 2.83%, 12/22/2025 (b)		1,866		1,847
LV Tower 52 Issuer
Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (b)		5,066		5,066
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (b)		1,827		1,828
Mariner Finance Issuance Trust Series 2017-AA, Class A, 3.62%, 2/20/2029 (b)		2,068		2,070

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Marlette Funding Trust
Series 2017-1A, Class A, 2.83%, 3/15/2024 (b)		176		176
Series 2018-1A, Class A, 2.61%, 3/15/2028 (b)		1,066		1,064
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (b)		724		783
NCUA Guaranteed Notes Trust
Series 2010-A1, Class A, 2.86%, 12/7/2020 (h)		267		267
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.08%, 11/25/2033 ‡ (e)		445		449
New Residential Advance Receivables Trust Advance Receivables Backed Notes Series 2016-T2, Class AT2, 2.58%, 10/15/2049 (b)		1,283		1,277
Ocwen Master Advance Receivables Trust Series 2018-T2, Class AT2, 3.60%, 8/15/2050 (b)		3,309		3,320
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		1,801		1,807
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (b)		1,863		1,872
OneMain Financial Issuance Trust
Series 2015-2A, Class B, 3.10%, 7/18/2025 ‡ (b)		37		37
Series 2015-1A, Class B, 3.85%, 3/18/2026 (b)		550		552
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		2,430		2,440
Series 2016-1A, Class C, 6.00%, 2/20/2029 (b)		1,800		1,841
Oportun Funding VI LLC Series 2017-A, Class A, 3.23%, 6/8/2023 (b)		1,455		1,445
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (b)		5,756		5,806
Pretium Mortgage Credit Partners I LLC Series 2018-NPL4, Class A1, 4.83%, 9/25/2058 ‡ (b) (e)		2,668		2,686
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (b)		3,904		3,868
Series 2015-SFR2, Class B, 3.14%, 6/12/2032 ‡ (b)		2,012		1,997
Series 2015-SFR2, Class C, 3.44%, 6/12/2032 ‡ (b)		2,566		2,553

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2015-SFR2, Class E, 4.43%, 6/12/2032 ‡ (b)		1,230		1,230
Series 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (b)		5,203		5,179
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (b)		295		298
Series 2015-SFR3, Class E, 5.66%, 11/12/2032 (b)		1,200		1,213
RCM Fund 1 Issuer LLC Series 2017-1, Class A, 5.50%, 10/25/2021 ‡ (b)		981		981
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (b)		1,705		1,696
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (e)		287		122
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (b)		896		901
Santander Drive Auto Receivables Trust Series 2015-5, Class E, 4.67%, 2/15/2023 (b)		4,200		4,239
Saxon Asset Securities Trust Series 2003-1, Class AF6, 4.64%, 6/25/2033 (e)		44		45
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.35%, 1/25/2036 ‡ (e)		221		190
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (b)		563		562
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		379		367
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024 (b)		630		630
Series 2015-AA, Class B, 3.62%, 11/15/2024 (b)		1,087		1,088
Series 2016-AA, Class B, 3.80%, 11/15/2029 (b)		2,040		2,039
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (b)		849		855
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,630
Tricolor Auto Securitization Trust Series 2018-2A, Class A, 3.96%, 10/15/2021 (b)		4,204		4,207
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (b)		1,809		1,774

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
United Airlines Pass-Through Trust
Series 2018-1, Class B, 4.60%, 3/1/2026		219		221
Series 2016-1, Class A, 3.45%, 7/7/2028		962		924
Series 2018-1, Class AA, 3.50%, 3/1/2030		1,074		1,045
Series 2018-1, Class A, 3.70%, 3/1/2030		729		706
Series 2019-1, Class AA, 4.15%, 8/25/2031		1,120		1,145
Series 2019-1, Class A, 4.55%, 8/25/2031		1,000		1,014
Verizon Owner Trust
Series 2016-1A, Class A, 1.42%, 1/20/2021 (b)		83		83
Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,424
VM DEBT LLC Series 2017-1, Class A, 6.50%, 10/2/2024 ‡ (b)		4,100		4,100
VOLT LXIX LLC Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (b) (e)		1,612		1,615
VOLT LXVIII LLC Series 2018-NPL4, Class A1A, 4.34%, 7/27/2048 ‡ (b) (e)		1,970		1,973
VOLT LXX LLC Series 2018-NPL6, Class A1A, 4.11%, 9/25/2048 ‡ (b) (e)		1,641		1,640
VOLT LXXII LLC Series 2018-NPL8, Class A1A, 4.21%, 10/26/2048 ‡ (b) (e)		4,714		4,686
VOLT LXXV LLC Series 2019-NPL1, Class A1A, 4.34%, 1/25/2049 (b) (e)		3,066		3,073
VOLT Trust Series 2018-FT1, Class A1, 3.26%, 1/27/2023 (h)		559		553
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (b)		1,009		1,002
Westlake Automobile Receivables Trust
Series 2017-1A, Class C, 2.70%, 10/17/2022 (b)		941		939
Series 2017-1A, Class D, 3.46%, 10/17/2022 (b)		947		947
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		2,245		2,250
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		6,900		6,904
Total Asset-Backed Securities (Cost $240,250)				240,501
Commercial Mortgage-Backed Securities — 4.6%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (b)		560		561
Series 2014-520M, Class C, 4.21%, 8/15/2046 ‡ (b) (h)		1,300		1,188

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.94%, 5/27/2021 (b) (h)		2,600		2,439
Series 2014-FRR5, Class A714, PO, 1/27/2047 (b)		1,950		1,805
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (b)		483		479
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)		4,400		4,401
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.40%, 6/11/2041 ‡ (b) (h)		387		2
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.78%, 12/11/2049 ‡ (b) (h)		300		3
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 0.87%, 8/15/2048 ‡ (h)		721		12
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (b)		3,500		3,684
Series 2014-TWC, Class A, 3.35%, 2/13/2032 (b) (h)		1,400		1,401
Series 2013-SFS, Class A2, 2.99%, 4/12/2035 (b) (h)		1,060		1,052
Series 2006-GG7, Class AM, 5.69%, 7/10/2038 (h)		82		82
Series 2012-CR2, Class XA, IO, 1.65%, 8/15/2045 ‡ (h)		2,434		113
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		270		268
Series KJ09, Class A2, 2.84%, 9/25/2022		2,759		2,762
Series KS01, Class A2, 2.52%, 1/25/2023		1,000		986
Series KPLB, Class A, 2.77%, 5/25/2025		353		347
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,580
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,476
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,329
Series K070, Class A2, 3.30%, 11/25/2027 (h)		1,748		1,758
FNMA ACES
Series 2012-M11, Class FA, 3.00%, 8/25/2019 (h)		28		27
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (h)		1,410		1,422
Series 2014-M3, Class A2, 3.46%, 1/25/2024 (h)		2,500		2,556
Series 2017-M3, Class A2, 2.49%, 12/25/2026 (h)		6,250		5,957

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		8,555		8,473
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		3,815		3,766
Series 2018-M8, Class A2, 3.33%, 6/25/2028 (h)		2,580		2,603
Series 2018-M10, Class A2, 3.38%, 7/25/2028 (h)		3,335		3,372
Series 2017-M5, Class A2, 3.18%, 4/25/2029 (h)		3,376		3,316
FNMA Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,859		4,725
GS Mortgage Securities Corp. II Series 2013-KING, Class A, 2.71%, 12/10/2027 (b)		1,144		1,141
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AMS, 5.34%, 5/15/2047		400		369
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)		998		1,019
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.85%, 11/15/2038 ‡ (b) (h)		2,421		—	(i)
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.78%, 12/12/2049 ‡ (b) (h)		489		—	(i)
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.63%, 12/15/2043 ‡ (b) (h)		1,479		–	(i)
Series 2007-HQ11, Class X, IO, 0.33%, 2/12/2044 ‡ (b) (h)		804		–	(i)
Series 2011-C3, Class A3, 4.05%, 7/15/2049		545		547
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (b)		664		660
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)		2,236		2,256
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		861
Series 2012-C2, Class XA, IO, 1.32%, 5/10/2063 ‡ (b) (h)		7,234		269
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (b)		5,000		5,061
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (b)		1,398		1,395

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 41

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Wells Fargo Commercial Mortgage Trust Series 2013-120B, Class A, 2.71%, 3/18/2028 (b) (h)		2,500		2,486
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (b)		1,700		1,740
Series 2013-C11, Class D, 4.27%, 3/15/2045 ‡ (b) (h)		400		386
Series 2012-C6, Class A4, 3.44%, 4/15/2045		800		808
Total Commercial Mortgage-Backed Securities (Cost $86,331)				85,943
U.S. Government Agency Securities — 1.6%
FHLB 5.50%, 7/15/2036		1,525		1,948
Government Trust Certificate 2.86%, 10/1/2019 (a)		13,319		13,112
Resolution Funding Corp. STRIPS
DN, 3.02%, 1/15/2026 (a)		580		475
DN, 2.79%, 10/15/2027 (a)		510		392
Tennessee Valley Authority
5.88%, 4/1/2036		5,311		6,870
4.63%, 9/15/2060		304		364
Tennessee Valley Authority STRIPS
4.82%, 5/1/2019 (a)		2,000		1,991
DN, 3.60%, 11/1/2025 (a)		5,000		4,091
DN, 4.70%, 6/15/2035 (a)		800		446
Total U.S. Government Agency Securities (Cost $29,641)				29,689
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		488
Transportation — 0.0% (c)
Los Angeles City Department of Airports, International Airport Series C, Rev., 6.58%, 5/15/2039		440		553
Total California				1,041
New York — 0.3%
Other Revenue — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		360		429

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.3%
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,231
Series 165, Rev., 5.65%, 11/1/2040		440		538
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,170
				4,939
Total New York				5,368
Ohio — 0.2%
Education — 0.1%
Ohio State University, General Receipts
Series A, Rev., 4.05%, 12/1/2056		325		309
Series A, Rev., 4.80%, 6/1/2111		1,563		1,641
Rev., 5.59%, 12/1/2114		200		222
				2,172
Utility — 0.1%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,315		1,880
Total Ohio				4,052
Total Municipal Bonds (Cost $9,171)				10,461
Foreign Government Securities — 0.4%
Province of Quebec (Canada) 7.36%, 3/6/2026 (e)		377		469
Republic of Colombia (Colombia)
4.00%, 2/26/2024		922		931
4.50%, 1/28/2026		581		598
7.38%, 9/18/2037		200		252
5.63%, 2/26/2044		200		217
5.00%, 6/15/2045		515		518
Republic of Panama (Panama) 4.50%, 4/16/2050		325		325
Republic of Peru (Peru) 5.63%, 11/18/2050		88		108
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		671
United Mexican States (Mexico)
3.60%, 1/30/2025		788		771
4.13%, 1/21/2026		316		315
3.75%, 1/11/2028		1,216		1,164
5.55%, 1/21/2045		2,113		2,230
Total Foreign Government Securities (Cost $8,418)				8,569

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Supranational — 0.2%
African Development Bank (Supranational) 8.80%, 9/1/2019(Cost $3,084)		3,000		3,087
	SHARES (000)
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (l) (m) (Cost $38,746)		38,739		38,750
Total Investments — 99.6% (Cost $1,858,024)				1,869,224
Other Assets Less Liabilities — 0.4%				7,064
Net Assets — 100.0%				1,876,288

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 February 28, 2019.
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 February 28, 2019. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate

PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
VA	Veterans Administration
(a)	The rate shown is the effective yield as of February 28, 2019.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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 February 28, 2019.
(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 February 28, 2019.
(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 February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 43

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

(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 February 28, 2019.
(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 February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 32.5%
Aerospace & Defense — 0.6%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		43		42
General Dynamics Corp. 3.50%, 5/15/2025		100		102
Lockheed Martin Corp. 3.10%, 1/15/2023		174		174
Northrop Grumman Corp. 2.93%, 1/15/2025		150		145
United Technologies Corp.
1.50%, 11/1/2019		180		179
3.95%, 8/16/2025		150		153
				795
Automobiles — 0.6%
Daimler Finance North America LLC (Germany) 2.20%, 5/5/2020 (a)		150		148
General Motors Co. 4.20%, 10/1/2027		500		467
Nissan Motor Acceptance Corp. 2.60%, 9/28/2022 (a)		200		192
				807
Banks — 6.3%
ANZ New Zealand Int’l Ltd. (New Zealand) 2.60%, 9/23/2019 (a)		200		200
Bank of America Corp.
3.30%, 1/11/2023		90		90
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (b)		60		60
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (b)		100		99
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		42		42
Series L, 3.95%, 4/21/2025		154		154
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		910		878
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		195
Bank of Nova Scotia (The) (Canada) 2.15%, 7/14/2020		300		297
Barclays plc (United Kingdom) 3.68%, 1/10/2023		317		314
Branch Banking & Trust Co. 2.25%, 6/1/2020		250		248
Citibank NA 2.13%, 10/20/2020		350		345
Citigroup, Inc.
5.50%, 9/13/2025		115		124
4.45%, 9/29/2027		450		452
Commonwealth Bank of Australia (Australia)
4.50%, 12/9/2025 (a)		201		203
Cooperatieve Rabobank UA (Netherlands)
4.75%, 1/15/2020 (a)		200		203
3.88%, 2/8/2022		118		121

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Discover Bank 3.35%, 2/6/2023		250		247
Fifth Third Bank 1.63%, 9/27/2019		325		323
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (b)		200		196
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (b)		200		202
4.30%, 3/8/2026		200		204
Huntington National Bank (The) 2.88%, 8/20/2020		250		249
KeyCorp 5.10%, 3/24/2021		50		52
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		241
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.85%, 3/1/2026		225		228
Mizuho Bank Ltd. (Japan) 2.65%, 9/25/2019 (a)		200		200
Nordea Bank AB (Finland) 4.88%, 1/27/2020 (a)		250		254
PNC Financial Services Group, Inc. (The)
4.38%, 8/11/2020		133		135
3.90%, 4/29/2024		100		102
Regions Financial Corp. 2.75%, 8/14/2022		107		105
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		200		208
SunTrust Banks, Inc. 2.50%, 5/1/2019		300		300
Swedbank AB (Sweden) 2.20%, 3/4/2020 (a)		300		297
Toronto-Dominion Bank (The) (Canada) 2.50%, 12/14/2020		200		199
US Bancorp
Series V, 2.38%, 7/22/2026		133		125
Series X, 3.15%, 4/27/2027		68		67
Wells Fargo & Co.
2.63%, 7/22/2022		450		441
3.00%, 2/19/2025		99		97
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		247
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		294
				9,089
Beverages — 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029		165		172
Diageo Capital plc (United Kingdom) 4.83%, 7/15/2020		70		72

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 45

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Beverages — continued
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025 (a)		75		76
Molson Coors Brewing Co. 1.90%, 3/15/2019		255		255
				575
Biotechnology — 0.5%
AbbVie, Inc. 3.20%, 11/6/2022		35		35
Amgen, Inc.
2.20%, 5/22/2019		160		160
3.63%, 5/15/2022		44		44
Baxalta, Inc. 3.60%, 6/23/2022		23		23
Biogen, Inc. 3.63%, 9/15/2022		30		30
Celgene Corp. 3.25%, 8/15/2022		98		98
Gilead Sciences, Inc.
1.85%, 9/20/2019		150		149
3.70%, 4/1/2024		36		37
3.50%, 2/1/2025		25		25
3.65%, 3/1/2026		57		57
				658
Building Products — 0.1%
Johnson Controls International plc
3.75%, 12/1/2021		99		100
3.90%, 2/14/2026		32		31
				131
Capital Markets — 3.2%
Bank of New York Mellon Corp. (The)
4.60%, 1/15/2020		75		76
3.25%, 9/11/2024		150		150
Blackstone Holdings Finance Co. LLC 5.88%, 3/15/2021 (a)		150		157
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		75		75
Carlyle Promissory Note 4.79%, 7/15/2019 ‡		4		4
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		40
3.20%, 1/25/2028		200		195
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		196
3.00%, 4/26/2022		80		79
3.75%, 5/22/2025		257		256
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (b)		564		547

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		349		338
ING Bank NV (Netherlands) 2.50%, 10/1/2019 (a)		200		200
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		88		92
Invesco Finance plc
4.00%, 1/30/2024		71		72
3.75%, 1/15/2026		125		123
Jefferies Group LLC 6.88%, 4/15/2021		50		53
Macquarie Bank Ltd. (Australia)
2.85%, 7/29/2020 (a)		100		100
4.00%, 7/29/2025 (a)		100		100
Macquarie Group Ltd. (Australia)
6.00%, 1/14/2020 (a)		100		102
6.25%, 1/14/2021 (a)		40		42
Morgan Stanley
5.50%, 7/24/2020		166		171
5.75%, 1/25/2021		100		105
5.50%, 7/28/2021		100		105
3.70%, 10/23/2024		83		83
5.00%, 11/24/2025		155		163
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		500		486
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		84		87
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		34
UBS AG (Switzerland) 2.45%, 12/1/2020 (a)		200		198
				4,579
Chemicals — 0.6%
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023 (a)		100		100
Dow Chemical Co. (The) 4.13%, 11/15/2021		60		61
Ecolab, Inc.
3.25%, 1/14/2023		88		89
3.25%, 12/1/2027		43		42
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		9		9
Mosaic Co. (The) 3.25%, 11/15/2022		246		244
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		49

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
Union Carbide Corp. 7.50%, 6/1/2025		100		116
				898
Commercial Services & Supplies — 0.1%
Republic Services, Inc. 3.38%, 11/15/2027		200		196
Communications Equipment — 0.0% (c)
Cisco Systems, Inc. 2.95%, 2/28/2026		44		43
Construction Materials — 0.2%
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		78		73
3.50%, 12/15/2027		160		148
				221
Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland) 3.50%, 1/15/2025		250		236
American Express Co. 3.38%, 5/17/2021		100		101
American Honda Finance Corp. 1.95%, 7/20/2020		200		197
Capital One Financial Corp. 3.20%, 2/5/2025		235		225
Caterpillar Financial Services Corp.
1.85%, 9/4/2020		200		197
2.85%, 6/1/2022		58		58
Ford Motor Credit Co. LLC
2.38%, 3/12/2019		200		200
3.16%, 8/4/2020		250		248
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		88
2.65%, 6/24/2024		100		97
Synchrony Financial 4.25%, 8/15/2024		100		98
				1,828
Containers & Packaging — 0.0% (c)
WRKCo, Inc. 3.00%, 9/15/2024		80		76
Diversified Financial Services — 1.4%
AIG Global Funding 2.15%, 7/2/2020 (a)		150		148
GE Capital International Funding Co. Unlimited Co. 2.34%, 11/15/2020		349		343
GTP Acquisition Partners I LLC 2.35%, 6/15/2020 (a)		174		172
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		194
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		80

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — continued
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		501
Series KK, 3.55%, 1/15/2024		200		208
Shell International Finance BV (Netherlands)
1.38%, 9/12/2019		230		229
3.25%, 5/11/2025		100		100
				1,975
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
3.95%, 1/15/2025		69		69
4.13%, 2/17/2026		17		17
4.10%, 2/15/2028		160		158
7.88%, 2/15/2030		350		415
Qwest Corp. 6.75%, 12/1/2021		148		157
Telefonica Emisiones SA (Spain) 5.13%, 4/27/2020		31		32
Verizon Communications, Inc.
4.33%, 9/21/2028		160		166
4.50%, 8/10/2033		208		213
				1,227
Electric Utilities — 1.6%
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		191
DTE Electric Co. 2.65%, 6/15/2022		20		20
Duke Energy Corp. 3.75%, 4/15/2024		300		305
Duke Energy Indiana LLC 3.75%, 7/15/2020		60		61
Duke Energy Progress LLC 2.80%, 5/15/2022		40		40
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		200		184
Entergy Mississippi LLC 2.85%, 6/1/2028		186		174
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		200		204
Kansas City Power & Light Co. 3.15%, 3/15/2023		47		46
Nevada Power Co. 7.13%, 3/15/2019		60		60
NextEra Energy Capital Holdings, Inc.
2.40%, 9/15/2019		27		27
3.55%, 5/1/2027		89		87
Niagara Mohawk Power Corp.
4.88%, 8/15/2019 (a)		40		41
3.51%, 10/1/2024 (a)		28		28
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		132		124

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 47

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
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		25		24
Southern Co. (The) 3.25%, 7/1/2026		317		302
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		191		188
3.45%, 2/15/2024		21		21
				2,323
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		41
Eaton Corp. 3.10%, 9/15/2027		140		134
				175
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		16
3.88%, 1/12/2028		100		94
				110
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		147
Halliburton Co. 3.50%, 8/1/2023		107		108
Schlumberger Investment SA 3.30%, 9/14/2021 (a)		47		47
				302
Entertainment — 0.4%
21st Century Fox America, Inc. 7.70%, 10/30/2025		50		61
Viacom, Inc. 3.88%, 4/1/2024		112		112
Walt Disney Co. (The) 1.85%, 7/30/2026		250		227
Warner Media LLC 3.60%, 7/15/2025		150		148
				548
Equity Real Estate Investment Trusts (REITs) — 1.5%
Alexandria Real Estate Equities, Inc. 4.60%, 4/1/2022		65		67
American Tower Corp.
3.50%, 1/31/2023		80		80
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		148
Brixmor Operating Partnership LP 3.85%, 2/1/2025		50		49

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
EPR Properties 4.50%, 6/1/2027		62		61
Equity Commonwealth 5.88%, 9/15/2020		125		128
ERP Operating LP 4.63%, 12/15/2021		255		265
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		206
3.40%, 2/1/2025		38		37
Office Properties Income Trust 3.60%, 2/1/2020		75		75
Realty Income Corp.
3.88%, 7/15/2024		50		51
3.65%, 1/15/2028		150		148
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		150		147
Senior Housing Properties Trust 4.75%, 2/15/2028		100		90
Simon Property Group LP
4.13%, 12/1/2021		81		83
3.75%, 2/1/2024		38		39
3.38%, 10/1/2024		62		62
Ventas Realty LP
3.75%, 5/1/2024		44		44
3.50%, 2/1/2025		27		27
4.13%, 1/15/2026		62		62
Welltower, Inc. 4.50%, 1/15/2024		100		104
				2,175
Food & Staples Retailing — 0.3%
Kroger Co. (The)
1.50%, 9/30/2019		200		199
4.00%, 2/1/2024		90		91
Sysco Corp. 3.75%, 10/1/2025		100		100
				390
Food Products — 0.8%
Campbell Soup Co. 3.95%, 3/15/2025		100		98
Cargill, Inc. 3.30%, 3/1/2022 (a)		100		100
Conagra Brands, Inc. 4.60%, 11/1/2025		35		36
General Mills, Inc. 2.60%, 10/12/2022		200		195
Kellogg Co. 3.40%, 11/15/2027		95		89
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

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food Products — continued
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		96
Nestle Holdings, Inc. 3.50%, 9/24/2025 (a)		200		203
Tyson Foods, Inc. 3.95%, 8/15/2024		73		74
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		100		100
				1,192
Gas Utilities — 0.0% (c)
Atmos Energy Corp. 8.50%, 3/15/2019		30		30
Health Care Equipment & Supplies — 0.4%
Becton Dickinson and Co. 2.68%, 12/15/2019		250		249
Boston Scientific Corp. 3.75%, 3/1/2026		50		50
Medtronic Global Holdings SCA 1.70%, 3/28/2019		175		175
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		19		19
3.55%, 4/1/2025		50		48
				541
Health Care Providers & Services — 1.3%
Aetna, Inc. 2.80%, 6/15/2023		200		195
Anthem, Inc.
3.13%, 5/15/2022		115		115
3.50%, 8/15/2024		106		106
CVS Health Corp.
4.10%, 3/25/2025		380		385
4.30%, 3/25/2028		400		400
Express Scripts Holding Co.
3.05%, 11/30/2022		200		198
3.50%, 6/15/2024		72		71
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		214		213
UnitedHealth Group, Inc. 3.38%, 11/15/2021		112		113
				1,796
Hotels, Restaurants & Leisure — 0.1%
Starbucks Corp. 3.10%, 3/1/2023		150		150
Household Durables — 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		150		148
Household Products — 0.2%
Kimberly-Clark Corp. 2.40%, 3/1/2022		20		20
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		23		24
Procter & Gamble Co. (The) 1.75%, 10/25/2019		200		199
				243

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		80		80
4.25%, 6/15/2022		37		38
				118
Industrial Conglomerates — 0.0% (c)
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		35
Insurance — 1.8%
Allstate Corp. (The) 3.15%, 6/15/2023		61		61
Alterra Finance LLC 6.25%, 9/30/2020		100		104
American International Group, Inc. 3.75%, 7/10/2025		161		158
Aon plc 3.88%, 12/15/2025		143		145
Assurant, Inc. 4.20%, 9/27/2023		90		90
Berkshire Hathaway Finance Corp. 1.30%, 8/15/2019		280		278
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		130		130
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		122
Lincoln National Corp. 4.20%, 3/15/2022		35		36
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		100		103
Marsh & McLennan Cos., Inc.
2.35%, 9/10/2019		156		156
3.30%, 3/14/2023		50		50
Metropolitan Life Global Funding I 3.45%, 12/18/2026 (a)		250		249
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		143
Protective Life Global Funding 2.62%, 8/22/2022 (a)		200		196
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		185
Torchmark Corp. 4.55%, 9/15/2028		40		41
Travelers Cos., Inc. (The) 5.90%, 6/2/2019		250		252
				2,590
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc. 2.80%, 8/22/2024		100		99
IT Services — 0.1%
IBM Credit LLC 2.65%, 2/5/2021		150		149
Western Union Co. (The) 3.60%, 3/15/2022		20		20
				169

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 49

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
3.15%, 1/15/2023		57		57
4.15%, 2/1/2024		34		35
3.20%, 8/15/2027		100		95
				187
Machinery — 0.2%
Caterpillar, Inc. 2.60%, 6/26/2022		31		30
Illinois Tool Works, Inc. 3.50%, 3/1/2024		175		178
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		110		110
				318
Media — 0.7%
CBS Corp. 4.00%, 1/15/2026		208		206
Charter Communications Operating LLC 4.91%, 7/23/2025		160		166
Comcast Corp.
3.00%, 2/1/2024		117		116
3.38%, 2/15/2025		77		77
3.38%, 8/15/2025		80		80
3.95%, 10/15/2025		14		14
3.15%, 3/1/2026		16		16
Cox Communications, Inc. 3.50%, 8/15/2027 (a)		154		146
Discovery Communications LLC 4.38%, 6/15/2021		78		80
Fox Corp. 4.71%, 1/25/2029 (a)		35		36
				937
Metals & Mining — 0.0% (c)
Nucor Corp. 4.00%, 8/1/2023		27		28
Multiline Retail — 0.0% (c)
Nordstrom, Inc. 4.00%, 10/15/2021		35		36
Multi-Utilities — 0.6%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		158
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		79
NiSource, Inc. 3.85%, 2/15/2023		200		202
Sempra Energy 4.05%, 12/1/2023		48		48
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		94		94
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		87
				820

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 2.3%
Andeavor Logistics LP 4.25%, 12/1/2027		27		26
Apache Corp. 3.25%, 4/15/2022		34		34
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		166		170
3.51%, 3/17/2025		60		61
Buckeye Partners LP 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		77		78
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		206
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		58
Energy Transfer Operating LP
3.60%, 2/1/2023		28		28
4.90%, 2/1/2024		61		64
4.05%, 3/15/2025		91		90
Eni SpA (Italy) 4.15%, 10/1/2020 (a)		200		202
Enterprise Products Operating LLC
2.80%, 2/15/2021		200		199
3.90%, 2/15/2024		49		50
3.75%, 2/15/2025		37		38
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
Marathon Petroleum Corp. 3.63%, 9/15/2024		67		66
MPLX LP 3.38%, 3/15/2023		32		32
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		208
Petroleos Mexicanos (Mexico)
6.38%, 2/4/2021		149		153
4.88%, 1/18/2024		69		66
6.88%, 8/4/2026		51		51
5.35%, 2/12/2028		42		38
Phillips 66 3.90%, 3/15/2028		70		70
Plains All American Pipeline LP 3.60%, 11/1/2024		100		97

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023 (a)		200		207
Spectra Energy Partners LP 3.50%, 3/15/2025		63		62
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) 3.75%, 10/16/2023		172		175
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		86
				3,305
Pharmaceuticals — 0.2%
Allergan Funding SCS 3.45%, 3/15/2022		69		69
Eli Lilly & Co. 3.38%, 3/15/2029		70		70
Shire Acquisitions Investments Ireland DAC 1.90%, 9/23/2019		200		198
				337
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		200		198
Road & Rail — 0.8%
Burlington Northern Santa Fe LLC
4.70%, 10/1/2019		150		152
3.60%, 9/1/2020		19		19
3.45%, 9/15/2021		32		32
3.05%, 3/15/2022		43		43
Cie de Chemin de Fer Canadien Pacifique (Canada)
7.25%, 5/15/2019		200		202
4.50%, 1/15/2022		55		56
CSX Corp. 3.25%, 6/1/2027		162		156
ERAC USA Finance LLC
5.25%, 10/1/2020 (a)		48		49
4.50%, 8/16/2021 (a)		27		28
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		60		60
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		200		202
Ryder System, Inc.
2.50%, 5/11/2020		28		28
2.88%, 9/1/2020		86		85
				1,112
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc. 2.95%, 1/12/2021		70		69
Intel Corp. 3.70%, 7/29/2025		130		134

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
QUALCOMM, Inc. 3.25%, 5/20/2027		94		89
				292
Software — 0.3%
Microsoft Corp. 2.38%, 5/1/2023		34		33
Oracle Corp. 2.95%, 11/15/2024		400		395
				428
Specialty Retail — 0.4%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		30		31
Home Depot, Inc. (The) 2.80%, 9/14/2027		150		144
Lowe’s Cos., Inc. 3.38%, 9/15/2025		200		195
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100		98
3.60%, 9/1/2027		62		60
				528
Technology Hardware, Storage & Peripherals — 0.6%
Apple, Inc.
2.75%, 1/13/2025		200		196
3.35%, 2/9/2027		451		451
2.90%, 9/12/2027		199		192
				839
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200		192
Philip Morris International, Inc. 3.38%, 8/11/2025		150		150
				342
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.63%, 12/1/2027		100		91
Aircastle Ltd. 4.40%, 9/25/2023		65		65
Aviation Capital Group LLC 3.88%, 5/1/2023 (a)		100		99
				255
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150		154
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023		160		166
Total Corporate Bonds (Cost $46,728)				46,514
U.S. Treasury Obligations — 21.6%
U.S. Treasury Bonds 6.00%, 2/15/2026		516		626

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 51

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
U.S. Treasury Notes
3.63%, 2/15/2020		3,000		3,029
1.88%, 1/31/2022		700		688
1.88%, 4/30/2022		2,000		1,962
2.25%, 1/31/2024		6,000		5,920
2.25%, 11/15/2024		250		246
2.88%, 5/31/2025		299		304
2.25%, 2/15/2027		1,000		970
2.25%, 11/15/2027		2,500		2,414
U.S. Treasury STRIPS Bonds
3.99%, 11/15/2021 (e)		1,525		1,424
2.80%, 2/15/2022 (e)		2,400		2,225
2.83%, 11/15/2022 (e)		1,300		1,182
2.74%, 5/15/2023 (e)		685		615
2.19%, 8/15/2023 (e)		3,890		3,466
2.32%, 11/15/2023 (e)		2,150		1,904
2.48%, 2/15/2024 (e)		3,000		2,639
2.22%, 5/15/2024 (e)		200		175
2.92%, 5/15/2025 (e)		200		170
2.35%, 5/15/2026 (e)		200		165
3.51%, 8/15/2026 (e)		47		38
3.65%, 11/15/2026 (e)		300		243
2.91%, 2/15/2027 (e)		100		80
3.91%, 8/15/2027 (e)		100		79
3.94%, 11/15/2027 (e)		140		110
3.07%, 2/15/2028 (e)		53		41
2.46%, 5/15/2028 (e)		10		8
3.25%, 8/15/2028 (e)		200		153
Total U.S. Treasury Obligations (Cost $31,046)				30,876
Collateralized Mortgage Obligations — 17.4%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		853		889
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		131		122
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034 ‡		15		13
BCAP LLC Trust Series 2010-RR7, Class 2A1, 3.86%, 7/26/2045 (a) (f)		101		101
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.62%, 6/20/2034 (f)		15		15
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		31		31
Series 2005-22, Class 2A1, 4.05%, 11/25/2035 (f)		126		111

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class PO1, PO, 6/25/2033 ‡		—	(g)		—	(g)
Series 2003-HYB1, Class A, 4.74%, 9/25/2033 (f)		13			13
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033		4			4
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 1A1, 3.42%, 6/25/2020 (f)		39			38
FHLMC — GNMA Series 24, Class ZE, 6.25%, 11/25/2023		15			15
FHLMC REMIC
Series 2934, Class EC, PO, 2/15/2020		5			5
Series 2347, Class VP, 6.50%, 3/15/2020		2			2
Series 2999, Class ND, 4.50%, 7/15/2020		19			19
Series 1807, Class G, 9.00%, 10/15/2020		—	(g)		—	(g)
Series 114, Class H, 6.95%, 1/15/2021		1			1
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, 3.44%, 5/15/2021 (f)		—	(g)		—	(g)
Series 1079, Class S, HB, IF, 25.54%, 5/15/2021 (f)		—	(g)		—	(g)
Series 1084, Class S, HB, IF, 34.03%, 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		4			4
Series 2512, Class PG, 5.50%, 10/15/2022		60			61
Series 2535, Class BK, 5.50%, 12/15/2022		11			11
Series 1470, Class F, 2.06%, 2/15/2023 (f)		—	(g)		—	(g)
Series 2568, Class KG, 5.50%, 2/15/2023		92			96
Series 1466, Class PZ, 7.50%, 2/15/2023		16			17
Series 1491, Class I, 7.50%, 4/15/2023		7			7
Series 1798, Class F, 5.00%, 5/15/2023		7			8
Series 1518, Class G, IF, 6.45%, 5/15/2023 (f)		7			7
Series 1541, Class O, 1.98%, 7/15/2023 (f)		6			6
Series 1608, Class L, 6.50%, 9/15/2023		22			23
Series 1602, Class SA, IF, 14.66%, 10/15/2023 (f)		3			3

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2283, Class K, 6.50%, 12/15/2023		9			10
Series 1700, Class GA, PO, 2/15/2024		3			2
Series 1671, Class L, 7.00%, 2/15/2024		4			5
Series 1706, Class K, 7.00%, 3/15/2024		39			41
Series 2033, Class SN, HB, IF, 26.69%, 3/15/2024 (f)		2			—	(g)
Series 1720, Class PL, 7.50%, 4/15/2024		113			121
Series 2306, Class K, PO, 5/15/2024		4			4
Series 2306, Class SE, IF, IO, 7.85%, 5/15/2024 (f)		10			1
Series 1745, Class D, 7.50%, 8/15/2024		6			7
Series 1927, Class PH, 7.50%, 1/15/2027		48			53
Series 1981, Class Z, 6.00%, 5/15/2027		19			21
Series 1987, Class PE, 7.50%, 9/15/2027		8			9
Series 2038, Class PN, IO, 7.00%, 3/15/2028		8			1
Series 2040, Class PE, 7.50%, 3/15/2028		44			49
Series 2063, Class PG, 6.50%, 6/15/2028		45			49
Series 2064, Class TE, 7.00%, 6/15/2028		6			6
Series 2075, Class PM, 6.25%, 8/15/2028		31			33
Series 2075, Class PH, 6.50%, 8/15/2028		32			34
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		10			1
Series 2125, Class JZ, 6.00%, 2/15/2029		19			21
Series 2169, Class TB, 7.00%, 6/15/2029		86			95
Series 2163, Class PC, IO, 7.50%, 6/15/2029		5			1
Series 2172, Class QC, 7.00%, 7/15/2029		34			38
Series 2196, Class TL, 7.50%, 11/15/2029		—	(g)		—	(g)
Series 2201, Class C, 8.00%, 11/15/2029		16			18
Series 2210, Class Z, 8.00%, 1/15/2030		42			49
Series 2224, Class CB, 8.00%, 3/15/2030		13			15
Series 2256, Class MC, 7.25%, 9/15/2030		24			27
Series 2259, Class ZM, 7.00%, 10/15/2030		22			24
Series 2271, Class PC, 7.25%, 12/15/2030		21			24
Series 2296, Class PD, 7.00%, 3/15/2031		12			13
Series 2333, Class HC, 6.00%, 7/15/2031		25			27
Series 2344, Class ZD, 6.50%, 8/15/2031		205			237
Series 2344, Class ZJ, 6.50%, 8/15/2031		25			28
Series 2345, Class NE, 6.50%, 8/15/2031		16			18
Series 2351, Class PZ, 6.50%, 8/15/2031		21			24
Series 2410, Class QX, IF, IO, 6.16%, 2/15/2032 (f)		12			2
Series 2410, Class OE, 6.38%, 2/15/2032		25			26
Series 2410, Class NG, 6.50%, 2/15/2032		16			18
Series 2412, Class SP, IF, 11.12%, 2/15/2032 (f)		44			53
Series 2444, Class ES, IF, IO, 5.46%, 3/15/2032 (f)		29			5

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2450, Class SW, IF, IO, 5.51%, 3/15/2032 (f)		11		2
Series 2423, Class MC, 7.00%, 3/15/2032		13		15
Series 2423, Class MT, 7.00%, 3/15/2032		26		29
Series 2435, Class CJ, 6.50%, 4/15/2032		101		112
Series 2441, Class GF, 6.50%, 4/15/2032		28		31
Series 2455, Class GK, 6.50%, 5/15/2032		37		41
Series 2450, Class GZ, 7.00%, 5/15/2032		39		44
Series 2466, Class DH, 6.50%, 6/15/2032		55		60
Series 2474, Class NR, 6.50%, 7/15/2032		32		36
Series 2484, Class LZ, 6.50%, 7/15/2032		53		60
Series 2500, Class MC, 6.00%, 9/15/2032		48		53
Series 2543, Class YX, 6.00%, 12/15/2032		107		118
Series 2575, Class ME, 6.00%, 2/15/2033		190		208
Series 2586, Class WI, IO, 6.50%, 3/15/2033		16		4
Series 2990, Class SL, IF, 15.37%, 6/15/2034 (f)		35		39
Series 3611, PO, 7/15/2034		25		21
Series 2990, Class UZ, 5.75%, 6/15/2035		622		686
Series 3117, Class EO, PO, 2/15/2036		60		51
Series 3117, Class OK, PO, 2/15/2036		6		6
Series 3122, Class OH, PO, 3/15/2036		64		57
Series 3152, Class MO, PO, 3/15/2036		144		124
Series 3607, Class AO, PO, 4/15/2036		36		31
Series 3137, Class XP, 6.00%, 4/15/2036		87		96
Series 3819, Class ZQ, 6.00%, 4/15/2036		244		272
Series 3149, Class SO, PO, 5/15/2036		6		5
Series 3171, Class MO, PO, 6/15/2036		44		39
Series 3179, Class OA, PO, 7/15/2036		23		20
Series 3202, Class HI, IF, IO, 4.16%, 8/15/2036 (f)		198		26
Series 3232, Class ST, IF, IO, 4.21%, 10/15/2036 (f)		36		5
Series 3417, Class EO, PO, 11/15/2036		352		318
Series 3316, Class JO, PO, 5/15/2037		6		5
Series 3607, Class OP, PO, 7/15/2037		166		144
Series 3481, Class SJ, IF, IO, 3.36%, 8/15/2038 (f)		102		14
Series 3680, Class MA, 4.50%, 7/15/2039		222		229
Series 4219, Class JA, 3.50%, 8/15/2039		414		420
Series 3997, Class PF, 2.94%, 11/15/2039 (f)		50		50
Series 4096, Class HA, 2.00%, 12/15/2041		304		290
Series 4374, Class NC, 3.75%, 2/15/2046 (d)		296		299
FHLMC STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		1		—	(g)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 53

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 262, Class 35, 3.50%, 7/15/2042		504			509
FHLMC Structured Pass-Through Securities Certificates
Series T-41, Class 3A, 5.46%, 7/25/2032 (f)		26			27
Series T-76, Class 2A, 2.48%, 10/25/2037 (f)		127			133
Series T-51, Class 2A, 7.50%, 8/25/2042 (f)		22			26
Series T-54, Class 2A, 6.50%, 2/25/2043		222			254
Series T-54, Class 3A, 7.00%, 2/25/2043		72			83
Series T-56, Class A5, 5.23%, 5/25/2043		555			601
Series T-58, Class APO, PO, 9/25/2043		16			13
First Horizon Mortgage Pass-Through Trust
Series 2004-AR7, Class 2A2, 4.54%, 2/25/2035 (f)		38			38
Series 2005-AR1, Class 2A2, 4.50%, 4/25/2035 (f)		26			27
FNMA REMIC
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)
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		1			1
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, 17.87%, 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		5			5
Series 1991-42, Class S, IF, 13.32%, 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		1			1
Series 2001-48, Class Z, 6.50%, 9/25/2021		27			28
Series G-35, Class M, 8.75%, 10/25/2021		1			1
Series 2002-1, Class HC, 6.50%, 2/25/2022		11			11
Series 1992-107, Class SB, HB, IF, 22.73%, 6/25/2022 (f)		8			10
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(g)		—	(g)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series G92-35, Class E, 7.50%, 7/25/2022		8			8
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(g)		—	(g)
Series 1996-59, Class J, 6.50%, 8/25/2022		2			2
Series 1992-143, Class MA, 5.50%, 9/25/2022		—	(g)		1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		4			5
Series G93-5, Class Z, 6.50%, 2/25/2023		3			3
Series 1993-37, Class PX, 7.00%, 3/25/2023		40			42
Series 1993-25, Class J, 7.50%, 3/25/2023		6			6
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series 1998-43, Class EA, PO, 4/25/2023		62			59
Series 1993-54, Class Z, 7.00%, 4/25/2023		13			13
Series 1993-62, Class SA, IF, 18.07%, 4/25/2023 (f)		3			3
Series 1993-122, Class M, 6.50%, 7/25/2023		3			3
Series 1996-14, Class SE, IF, IO, 8.00%, 8/25/2023 (f)		26			3
Series 1993-178, Class PK, 6.50%, 9/25/2023		6			7
Series 1993-165, Class SD, IF, 12.62%, 9/25/2023 (f)		1			2
Series 1993-183, Class KA, 6.50%, 10/25/2023		92			97
Series 1993-189, Class PL, 6.50%, 10/25/2023		37			39
Series 1994-9, Class E, PO, 11/25/2023		1			1
Series 1993-247, Class SA, HB, IF, 26.33%, 12/25/2023 (f)		9			11
Series G95-1, Class C, 8.80%, 1/25/2025		4			4
Series 2005-121, Class DX, 5.50%, 1/25/2026		237			246
Series 1997-20, IO, 1.84%, 3/25/2027 (f)		8			—	(g)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (f)		9			—	(g)
Series 1997-27, Class J, 7.50%, 4/18/2027		9			10
Series 1997-29, Class J, 7.50%, 4/20/2027		11			12
Series 1997-39, Class PD, 7.50%, 5/20/2027		27			30
Series 2012-47, Class HF, 2.89%, 5/25/2027 (f)		117			118
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		7			1
Series 1998-36, Class ZB, 6.00%, 7/18/2028		5			6
Series 2000-2, Class ZE, 7.50%, 2/25/2030		52			58
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		31			7
Series 2001-36, Class DE, 7.00%, 8/25/2031		43			48
Series 2001-49, Class Z, 6.50%, 9/25/2031		8			9

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2001-44, Class PD, 7.00%, 9/25/2031		8		10
Series 2003-52, Class SX, IF, 15.48%, 10/25/2031 (f)		11		15
Series 2004-74, Class SW, IF, 10.54%, 11/25/2031 (f)		27		33
Series 2001-81, Class LO, PO, 1/25/2032		6		5
Series 2002-1, Class SA, IF, 17.10%, 2/25/2032 (f)		4		5
Series 2002-21, Class PE, 6.50%, 4/25/2032		22		24
Series 2002-28, Class PK, 6.50%, 5/25/2032		23		25
Series 2002-37, Class Z, 6.50%, 6/25/2032		27		30
Series 2004-61, Class SH, IF, 14.03%, 11/25/2032 (f)		31		41
Series 2003-22, Class UD, 4.00%, 4/25/2033		96		99
Series 2003-34, Class GE, 6.00%, 5/25/2033		228		245
Series 2003-39, IO, 6.00%, 5/25/2033 (f)		5		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		92		100
Series 2003-64, Class SX, IF, 7.48%, 7/25/2033 (f)		13		14
Series 2003-71, Class DS, IF, 4.12%, 8/25/2033 (f)		86		85
Series 2005-56, Class TP, IF, 10.68%, 8/25/2033 (f)		64		71
Series 2003-91, Class SD, IF, 8.35%, 9/25/2033 (f)		8		9
Series 2003-116, Class SB, IF, IO, 5.11%, 11/25/2033 (f)		80		13
Series 2006-44, Class P, PO, 12/25/2033		28		24
Series 2004-25, Class PC, 5.50%, 1/25/2034		1		1
Series 2003-130, Class SX, IF, 7.79%, 1/25/2034 (f)		4		5
Series 2004-36, Class PC, 5.50%, 2/25/2034		1		1
Series 2004-25, Class SA, IF, 12.68%, 4/25/2034 (f)		42		53
Series 2004-46, Class SK, IF, 9.65%, 5/25/2034 (f)		29		34
Series 2004-36, Class SA, IF, 12.68%, 5/25/2034 (f)		57		76
Series 2004-50, Class VZ, 5.50%, 7/25/2034		351		375
Series 2005-74, Class CS, IF, 13.17%, 5/25/2035 (f)		38		44
Series 2005-45, Class DC, IF, 15.18%, 6/25/2035 (f)		57		72
Series 2005-56, Class S, IF, IO, 4.22%, 7/25/2035 (f)		42		5
Series 2005-68, Class PG, 5.50%, 8/25/2035		225		242
Series 2005-73, Class PS, IF, 10.48%, 8/25/2035 (f)		100		118

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-106, Class US, IF, 15.44%, 11/25/2035 (f)		73		96
Series 2006-27, Class OH, PO, 4/25/2036		62		55
Series 2006-65, Class QO, PO, 7/25/2036		28		24
Series 2006-56, Class FC, 2.78%, 7/25/2036 (f)		181		181
Series 2006-79, Class DO, PO, 8/25/2036		33		29
Series 2006-77, Class PC, 6.50%, 8/25/2036		70		77
Series 2006-110, PO, 11/25/2036		52		44
Series 2006-124, Class HB, 4.61%, 11/25/2036 (f)		76		79
Series 2007-14, Class ES, IF, IO, 3.95%, 3/25/2037 (f)		38		6
Series 2007-81, Class GE, 6.00%, 8/25/2037		113		121
Series 2007-79, Class SB, IF, 14.89%, 8/25/2037 (f)		33		45
Series 2007-88, Class VI, IF, IO, 4.05%, 9/25/2037 (f)		99		16
Series 2007-91, Class ES, IF, IO, 3.97%, 10/25/2037 (f)		267		42
Series 2007-106, Class A7, 6.11%, 10/25/2037 (f)		34		37
Series 2007-116, Class HI, IO, 1.22%, 1/25/2038 (f)		57		2
Series 2008-16, Class IS, IF, IO, 3.71%, 3/25/2038 (f)		12		2
Series 2008-10, Class XI, IF, IO, 3.74%, 3/25/2038 (f)		22		2
Series 2008-28, Class QS, IF, 13.23%, 4/25/2038 (f)		29		34
Series 2008-46, Class HI, IO, 1.75%, 6/25/2038 (f)		54		3
Series 2009-69, PO, 9/25/2039		50		45
Series 2009-103, Class MB, 4.32%, 12/25/2039 (f)		66		70
Series 2010-71, Class HJ, 5.50%, 7/25/2040		161		177
Series 2011-118, Class MT, 7.00%, 11/25/2041		183		209
Series 2011-118, Class NT, 7.00%, 11/25/2041		171		193
Series 2013-101, Class DO, PO, 10/25/2043		299		232
Series 2013-128, PO, 12/25/2043		278		223
FNMA REMIC Trust
Series 2006-72, Class GO, PO, 8/25/2036		42		37
Series 2007-W7, Class 1A4, HB, IF, 24.24%, 7/25/2037 (f)		9		14
Series 2003-W4, Class 2A, 6.50%, 10/25/2042 (f)		16		18

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 55

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-W1, Class 1A1, 5.37%, 12/25/2042 (f)		85		90
FNMA STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		1		—	(g)
Series 300, Class 1, PO, 9/25/2024		23		22
Series 329, Class 1, PO, 1/25/2033		5		5
FNMA Trust
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		33		37
Series 2005-W3, Class 2AF, 2.71%, 3/25/2045 (f)		106		105
GNMA
Series 1994-7, Class PQ, 6.50%, 10/16/2024		60		59
Series 1999-30, Class S, IF, IO, 6.12%, 8/16/2029 (f)		11		—	(g)
Series 2002-47, Class PG, 6.50%, 7/16/2032		44		44
Series 2002-47, Class PY, 6.00%, 7/20/2032		52		52
Series 2002-47, Class ZA, 6.50%, 7/20/2032		57		57
Series 2010-14, Class AO, PO, 12/20/2032		24		24
Series 2003-24, PO, 3/16/2033		8		8
Series 2003-40, Class TJ, 6.50%, 3/20/2033		195		214
Series 2003-52, Class AP, PO, 6/16/2033		48		41
Series 2004-28, Class S, IF, 12.84%, 4/16/2034 (f)		14		19
Series 2004-73, Class AE, IF, 9.74%, 8/17/2034 (f)		14		15
Series 2004-71, Class SB, IF, 17.26%, 9/20/2034 (f)		25		35
Series 2004-90, Class SI, IF, IO, 3.62%, 10/20/2034 (f)		145		18
Series 2005-68, Class DP, IF, 10.45%, 6/17/2035 (f)		32		36
Series 2005-68, Class KI, IF, IO, 3.82%, 9/20/2035 (f)		268		33
Series 2006-38, Class ZK, 6.50%, 8/20/2036		429		472
Series 2006-59, Class SD, IF, IO, 4.22%, 10/20/2036 (f)		30		5
Series 2007-17, Class JI, IF, IO, 4.33%, 4/16/2037 (f)		107		17
Series 2007-27, Class SA, IF, IO, 3.72%, 5/20/2037 (f)		136		14
Series 2007-45, Class QA, IF, IO, 4.16%, 7/20/2037 (f)		116		13
Series 2007-40, Class SB, IF, IO, 4.27%, 7/20/2037 (f)		189		31
Series 2007-50, Class AI, IF, IO, 4.29%, 8/20/2037 (f)		102		11

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-53, Class ES, IF, IO, 4.07%, 9/20/2037 (f)		30		4
Series 2007-53, Class SW, IF, 12.75%, 9/20/2037 (f)		26		31
Series 2009-79, Class OK, PO, 11/16/2037		102		89
Series 2007-76, Class SA, IF, IO, 4.05%, 11/20/2037 (f)		60		7
Series 2007-72, Class US, IF, IO, 4.07%, 11/20/2037 (f)		59		7
Series 2009-106, Class ST, IF, IO, 3.52%, 2/20/2038 (f)		206		28
Series 2008-33, Class XS, IF, IO, 5.22%, 4/16/2038 (f)		39		6
Series 2008-40, Class SA, IF, IO, 3.92%, 5/16/2038 (f)		122		17
Series 2008-55, Class SA, IF, IO, 3.72%, 6/20/2038 (f)		74		7
Series 2008-50, Class KB, 6.00%, 6/20/2038		148		166
Series 2008-93, Class AS, IF, IO, 3.22%, 12/20/2038 (f)		80		7
Series 2009-6, Class SA, IF, IO, 3.62%, 2/16/2039 (f)		25		3
Series 2009-31, Class TS, IF, IO, 3.82%, 3/20/2039 (f)		88		6
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		36		9
Series 2009-22, Class SA, IF, IO, 3.79%, 4/20/2039 (f)		108		10
Series 2009-92, Class ZC, 5.00%, 10/20/2039		647		712
Series 2011-137, Class WA, 5.56%, 7/20/2040 (f)		249		274
Series 2010-105, Class B, 5.00%, 8/20/2040		869		936
Series 2010-130, Class CP, 7.00%, 10/16/2040		68		78
Series 2013-91, Class WA, 4.50%, 4/20/2043 (f)		483		497
Series 2012-H24, Class FA, 2.96%, 3/20/2060 (f)		5		5
Series 2013-H03, Class FA, 2.81%, 8/20/2060 (f)		5		5
Series 2012-H21, Class DF, 3.16%, 5/20/2061 (f)		16		16
Series 2012-H26, Class MA, 3.06%, 7/20/2062 (f)		14		14
Series 2012-H29, Class FA, 3.02%, 10/20/2062 (f)		583		584
Series 2014-H15, Class FA, 3.01%, 7/20/2064 (f)		663		664

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2014-H17, Class FC, 3.01%, 7/20/2064 (f)		603			604
Series 2015-H15, Class FJ, 2.95%, 6/20/2065 (f)		608			607
Series 2015-H18, Class FA, 2.96%, 6/20/2065 (f)		521			521
Series 2015-H20, Class FA, 2.98%, 8/20/2065 (f)		568			568
Series 2015-H26, Class FG, 3.03%, 10/20/2065 (f)		657			659
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		77			89
Impac Secured Assets CMN Owner Trust Series 2002-2, Class APO, PO, 4/25/2033 ‡		38			27
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 4.18%, 10/25/2033 (f)		199			201
Series 2006-A2, Class 5A3, 4.62%, 11/25/2033 (f)		65			66
Series 2006-A2, Class 4A1, 4.48%, 8/25/2034 (f)		21			21
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.69%, 4/21/2034 (f)		53			54
Series 2004-3, Class 4A2, 3.97%, 4/25/2034 (f)		15			14
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		1			1
Series 2005-6, Class 3A1, 5.50%, 11/25/2020		30			29
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		147			151
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		105			108
Series 2004-7, Class 30PO, PO, 8/25/2034 ‡		11			9
MASTR Asset Securitization Trust Series 2004-8, PO, 8/25/2019 ‡		—	(g)		—	(g)
MASTR Resecuritization Trust Series 2005-PO, Class 3PO, PO, 5/28/2035 ‡ (a)		10			9
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 3.11%, 10/25/2028 (f)		117			116
Series 2004-A, Class A1, 2.95%, 4/25/2029 (f)		38			38
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (f)		39			38
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		21			21

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
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		7			7
Series 2003-A1, Class A2, 6.00%, 5/25/2033		17			18
RALI Trust
Series 2002-QS16, Class A3, IF, 11.37%, 10/25/2017 (f)		—	(g)		—	(g)
Series 2003-QS9, Class A3, IF, IO, 5.04%, 5/25/2018 ‡ (f)		1			—	(g)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		2			2
Reperforming Loan REMIC Trust Series 2005-R1, Class 2APO, PO, 3/25/2035 ‡ (a)		56			48
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		489			492
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		152			162
Series 1994-1, Class 1, 5.35%, 2/15/2024 (f)		99			103
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		152			167
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		51			56
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		218			239
Series 1998-1, Class 2E, 7.00%, 3/15/2028		51			57
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 4.13%, 6/25/2033 (f)		51			52
Series 2004-AR3, Class A2, 3.97%, 6/25/2034 (f)		28			28
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		129			124
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2003-MS2, Class 1A1, 5.75%, 2/25/2033		4			5
Series 2003-MS7, Class P, PO, 3/25/2033 ‡		1			1
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1, 4.68%, 11/25/2033 (f)		20			20
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (f)		90			92
Series 2004-EE, Class 3A1, 4.63%, 12/25/2034 (f)		32			33
Series 2005-AR3, Class 1A1, 4.55%, 3/25/2035 (f)		139			143
Total Collateralized Mortgage Obligations (Cost $24,549)					24,973

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — 10.5%
FHLMC
Pool # 785618, ARM, 4.25%, 7/1/2026 (f)		9			9
Pool # 611141, ARM, 4.47%, 1/1/2027 (f)		15			15
Pool # 1B2656, ARM, 4.66%, 12/1/2034 (f)		68			72
Pool # 1G2557, ARM, 4.32%, 6/1/2036 (f)		90			95
Pool # 1A1085, ARM, 4.34%, 8/1/2036 (f)		78			81
Pool # 1Q0105, ARM, 4.48%, 9/1/2036 (f)		37			38
Pool # 1B7242, ARM, 4.51%, 9/1/2036 (f)		54			57
Pool # 1Q0737, ARM, 4.54%, 11/1/2036 (f)		34			35
Pool # 1N1511, ARM, 4.16%, 1/1/2037 (f)		37			39
Pool # 1J1543, ARM, 4.40%, 2/1/2037 (f)		23			25
Pool # 1Q0739, ARM, 4.61%, 3/1/2037 (f)		45			47
Pool # 1Q0722, ARM, 4.64%, 4/1/2038 (f)		34			36
FHLMC Gold Pools, 15 Year, Single Family
Pool # G12251, 4.00%, 6/1/2019		1			1
Pool # G12825, 6.50%, 3/1/2022		9			10
FHLMC Gold Pools, 20 Year, Single Family Pool # C90985, 6.50%, 8/1/2026		10			10
FHLMC Gold Pools, 30 Year, Single Family
Pool # A01047, 8.00%, 7/1/2020		—	(g)		—	(g)
Pool # G00245, 8.00%, 8/1/2024		1			1
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			3
Pool # G00981, 8.50%, 7/1/2028		7			8
Pool # A17537, 6.00%, 1/1/2034		28			31
Pool # G02682, 7.00%, 2/1/2037		23			27
Pool # Q58054, 4.50%, 11/1/2046		389			406
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		19			20
Pool # L10151, 6.00%, 2/1/2033		8			8
Pool # U80336, 3.50%, 5/1/2033		543			551
Pool # U90690, 3.50%, 6/1/2042		255			256
Pool # U90975, 4.00%, 6/1/2042		254			261
Pool # U91427, 3.50%, 5/1/2043		608			611
FNMA
Pool # 116612, ARM, 3.62%, 3/1/2019 (f)		—	(g)		—	(g)
Pool # 54844, ARM, 2.73%, 9/1/2027 (f)		3			3
Pool # 303532, ARM, 4.03%, 3/1/2029 (f)		2			2
Pool # 745446, ARM, 4.78%, 4/1/2033 (f)		43			46
Pool # 746299, ARM, 4.69%, 9/1/2033 (f)		61			65
Pool # 743546, ARM, 4.39%, 11/1/2033 (f)		46			48
Pool # 735332, ARM, 4.34%, 8/1/2034 (f)		68			71
Pool # 790964, ARM, 4.38%, 9/1/2034 (f)		46			49
Pool # 896463, ARM, 4.62%, 10/1/2034 (f)		62			66

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 810896, ARM, 4.15%, 1/1/2035 (f)		48			50
Pool # 816361, ARM, 4.41%, 1/1/2035 (f)		101			106
Pool # 816594, ARM, 4.41%, 2/1/2035 (f)		43			45
Pool # 816597, ARM, 4.68%, 2/1/2035 (f)		35			37
Pool # 745862, ARM, 4.39%, 4/1/2035 (f)		41			43
Pool # 838972, ARM, 4.14%, 8/1/2035 (f)		9			9
Pool # 843026, ARM, 4.30%, 9/1/2035 (f)		72			75
Pool # 832801, ARM, 4.36%, 9/1/2035 (f)		64			67
Pool # 920340, ARM, 5.05%, 2/1/2036 (f)		42			44
Pool # 886558, ARM, 4.61%, 8/1/2036 (f)		14			14
Pool # 893424, ARM, 4.34%, 9/1/2036 (f)		41			43
Pool # 913984, ARM, 4.37%, 2/1/2037 (f)		19			20
Pool # 915645, ARM, 4.87%, 2/1/2037 (f)		51			53
Pool # 887094, ARM, 4.47%, 7/1/2046 (f)		54			57
FNMA, 15 Year, Single Family
Pool # 742078, 4.50%, 3/1/2019		—	(g)		—	(g)
Pool # 761326, 5.00%, 4/1/2019		1			1
Pool # 782005, 4.00%, 5/1/2019		1			1
Pool # 780956, 4.50%, 5/1/2019		2			2
Pool # 735386, 5.50%, 1/1/2020		1			1
Pool # 889265, 5.50%, 6/1/2020		—	(g)		—	(g)
Pool # 735911, 6.50%, 8/1/2020		1			1
Pool # 745406, 6.00%, 3/1/2021		15			15
Pool # 995381, 6.00%, 1/1/2024		31			32
FNMA, 20 Year, Single Family Pool # 254305, 6.50%, 5/1/2022		22			24
FNMA, 30 Year, FHA/VA
Pool # 252409, 6.50%, 3/1/2029		12			13
Pool # 752786, 6.00%, 9/1/2033		11			12
FNMA, 30 Year, Single Family
Pool # 70825, 8.00%, 3/1/2021		—	(g)		—	(g)
Pool # 189190, 7.50%, 11/1/2022		2			2
Pool # 479469, 10.00%, 2/1/2024		—	(g)		—	(g)
Pool # 250066, 8.00%, 5/1/2024		1			1
Pool # 250103, 8.50%, 7/1/2024		2			2
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		13			14
Pool # 598559, 6.50%, 8/1/2031		16			18
Pool # 649624, 7.00%, 8/1/2032		1			1
Pool # 995409, 8.00%, 11/1/2032		151			177
Pool # 675555, 6.00%, 12/1/2032		27			29
Pool # 674349, 6.00%, 3/1/2033		12			13

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 702901, 6.00%, 5/1/2033		49			54
Pool # 721535, 5.00%, 7/1/2033		73			79
Pool # 723852, 5.00%, 7/1/2033		29			31
Pool # 729296, 5.00%, 7/1/2033		52			55
Pool # 713700, 4.50%, 8/1/2033		29			30
Pool # 737825, 6.00%, 9/1/2033		11			12
Pool # 725027, 5.00%, 11/1/2033		52			55
Pool # 725017, 5.50%, 12/1/2033		46			50
Pool # AA0922, 6.00%, 9/1/2036		73			80
Pool # 986648, 6.00%, 9/1/2037		32			35
Pool # AD9151, 5.00%, 8/1/2040		202			216
FNMA, Other
Pool # 467630, 4.30%, 4/1/2021		731			754
Pool # AL0569, 4.26%, 6/1/2021		285			292
Pool # AN2309, 2.21%, 7/1/2026		477			454
Pool # AM6381, 3.29%, 8/1/2026		1,000			1,015
Pool # AM7485, 3.24%, 12/1/2026		1,000			1,008
Pool # AM7515, 3.34%, 2/1/2027		500			507
Pool # BL1211, 4.01%, 2/1/2027		201			212
Pool # AM8529, 3.03%, 4/1/2027		1,000			993
Pool # AM8432, 2.79%, 5/1/2027		1,000			974
Pool # BL1040, 3.81%, 12/1/2028		150			156
Pool # BL0907, 3.88%, 12/1/2028		300			314
Pool # AM6755, 3.65%, 9/1/2029		285			294
Pool # AM6892, 3.76%, 9/1/2029		234			244
Pool # BM4162, 3.20%, 10/1/2029		299			294
Pool # 109707, 3.80%, 9/1/2033		250			257
Pool # 888408, 6.00%, 3/1/2037		30			33
Pool # 257172, 5.50%, 4/1/2038		11			12
Pool # MA1125, 4.00%, 7/1/2042		453			465
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		22			23
Pool # 352022, 7.00%, 11/15/2023		1			1
Pool # 366706, 6.50%, 1/15/2024		7			8
Pool # 371281, 7.00%, 2/15/2024		9			9
Pool # 782507, 9.50%, 10/15/2024		6			6
Pool # 780029, 9.00%, 11/15/2024		1			1
Pool # 780965, 9.50%, 12/15/2025		2			2
Pool # 442119, 7.50%, 11/15/2026		2			2
Pool # 411829, 7.50%, 7/15/2027		4			4
Pool # 468149, 8.00%, 8/15/2028		1			1
Pool # 468236, 6.50%, 9/15/2028		38			42

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 486537, 7.50%, 9/15/2028		4			4
Pool # 466406, 6.00%, 11/15/2028		24			26
Pool # 607645, 6.50%, 2/15/2033		11			12
Pool # 781614, 7.00%, 6/15/2033		18			21
Pool # 782615, 7.00%, 6/15/2035		59			68
Pool # 782025, 6.50%, 12/15/2035		72			81
Pool # 681638, 6.00%, 12/15/2038		98			106
GNMA II, 30 Year, Single Family
Pool # 1974, 8.50%, 3/20/2025		1			1
Pool # 1989, 8.50%, 4/20/2025		4			4
Pool # 2006, 8.50%, 5/20/2025		3			3
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		1			1
Pool # 2270, 8.00%, 8/20/2026		1			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		3			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		16			17
Pool # 2606, 8.00%, 6/20/2028		1			1
Pool # 2633, 8.00%, 8/20/2028		—	(g)		—	(g)
Pool # 2646, 7.50%, 9/20/2028		4			5
Pool # 4245, 6.00%, 9/20/2038		85			93
Pool # BA7567, 4.50%, 5/20/2048		372			389
Pool # BI0416, 4.50%, 11/20/2048		498			521
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033		460			468
Total Mortgage-backed Securities (Cost $14,950)					15,051
Asset-Backed Securities — 9.6%
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.92%, 11/15/2022		246			247
Series 2019-1, Class A3, 2.91%, 9/15/2023		69			69
American Airlines Pass-Through Trust
Series 2013-2, Class A, 4.95%, 1/15/2023		102			105
Series 2016-3, Class AA, 3.00%, 10/15/2028		76			72
American Credit Acceptance Receivables Trust
Series 2018-1, Class A, 2.72%, 3/10/2021 (a)		18			18
Series 2018-3, Class B, 3.49%, 6/13/2022 (a)		55			55
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		135			135

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 59

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
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		149
Anchor Assets IX LLC Series 2016-1, Class A, 5.13%, 2/15/2020 ‡ (a)		552		552
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 (a)		55		54
Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		127		126
Bear Stearns Asset-Backed Securities Trust Series 2006-SD1, Class A, 2.86%, 4/25/2036 ‡ (f)		6		6
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		66		66
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		236
Series 2019-1, Class A3, 3.05%, 3/15/2024		220		221
Continental Airlines Pass-Through Trust Series 1999-2, Class A-1, 7.26%, 3/15/2020		2		2
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		425		428
Series 2017-C, Class B, 2.30%, 7/15/2021 (a)		100		100
Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		310		314
CPS Auto Trust Series 2018-C, Class A, 2.87%, 9/15/2021 (a)		68		68
Credit Acceptance Auto Loan Trust Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		250		251
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		45		49
Delta Air Lines Pass-Through Trust Series 2010-2, Class A, 4.95%, 5/23/2019		9		9
Drive Auto Receivables Trust
Series 2015-BA, Class D, 3.84%, 7/15/2021 (a)		179		179
Series 2018-3, Class A3, 3.01%, 11/15/2021		106		106
Series 2015-AA, Class D, 4.12%, 7/15/2022 (a)		162		163
Series 2019-1, Class A3, 3.18%, 10/17/2022		195		195
Series 2018-4, Class B, 3.36%, 10/17/2022		118		118
Series 2015-DA, Class D, 4.59%, 1/17/2023 (a)		220		222
Series 2018-2, Class C, 3.63%, 8/15/2024		100		101

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
DT Auto Owner Trust
Series 2017-3A, Class B, 2.40%, 5/17/2021 (a)		34		34
Series 2018-2A, Class A, 2.84%, 9/15/2021 (a)		95		95
Series 2015-2A, Class D, 4.25%, 2/15/2022 (a)		181		182
Series 2019-1A, Class A, 3.08%, 9/15/2022 (a)		95		95
Exeter Automobile Receivables Trust
Series 2016-1A, Class C, 5.52%, 10/15/2021 (a)		310		313
Series 2018-3A, Class A, 2.90%, 1/18/2022 (a)		87		87
Series 2016-2A, Class B, 3.64%, 2/15/2022 (a)		145		145
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		231		241
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
Flagship Credit Auto Trust
Series 2014-2, Class C, 3.95%, 12/15/2020 (a)		27		27
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		413
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		129		130
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		82		82
Ford Credit Auto Lease Trust
Series 2018-B, Class A4, 3.30%, 2/15/2022		88		88
Series 2019-A, Class A3, 2.90%, 5/15/2022		115		115
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (f)		24		20
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 2018-3, Class A3, 3.18%, 6/21/2021		107		107
Series 2018-1, Class A4, 2.68%, 12/20/2021		76		76
Series 2019-1, Class A3, 2.98%, 12/20/2021		91		91

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3, 2.81%, 12/16/2022		134		134
GMAT Trust Series 2013-1A, Class A, 6.97%, 11/25/2043 ‡ (a) (d)		11		11
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		44		44
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		129
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022 (a)		127		127
Series 2019-A, Class A3, 2.98%, 7/15/2022 (a)		140		140
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		200		198
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)		1,126		1,126
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A3, 3.10%, 11/15/2021		40		40
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		164		165
OneMain Financial Issuance Trust
Series 2015-2A, Class B, 3.10%, 7/18/2025 ‡ (a)		4		5
Series 2015-1A, Class A, 3.19%, 3/18/2026 (a)		41		41
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		491		490
Progress Residential Trust
Series 2015-SFR2, Class A, 2.74%, 6/12/2032 (a)		853		845
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		777
Series 2015-SFR3, Class D, 4.67%, 11/12/2032 ‡ (a)		200		202
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
Series 2019-1, Class A3, 3.00%, 12/15/2022		55		55
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.35%, 1/25/2036 ‡ (d)		30		26

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		44		42
Springleaf Funding Trust Series 2015-AA, Class A, 3.16%, 11/15/2024 (a)		76		76
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		260		263
Toyota Auto Receivables Owner Trust Series 2016-A, Class A3, 1.25%, 3/16/2020		38		38
United Airlines Pass-Through Trust Series 2016-2, Class AA, 2.88%, 10/7/2028		114		107
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		100		101
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		156		158
World Omni Auto Receivables Trust Series 2017-B, Class A3, 1.95%, 2/15/2023		104		103
World Omni Automobile Lease Securitization Trust Series 2018-B, Class A3, 3.19%, 12/15/2021		93		93
Total Asset-Backed Securities (Cost $13,756)				13,785
Commercial Mortgage-Backed Securities — 4.8%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (a) (f)		145		144
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 0.78%, 12/11/2049 ‡ (a) (f)		48		1
Commercial Mortgage Trust
Series 2014-PAT, Class A, 3.30%, 8/13/2027 (a) (f)		132		132
Series 2014-TWC, Class A, 3.35%, 2/13/2032 (a) (f)		400		400
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281		287
FHLMC Multifamily Structured Pass-Through Certificates
Series KF12, Class A, 3.21%, 9/25/2022 (f)		179		179
Series KSMC, Class A2, 2.62%, 1/25/2023		500		495
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (f)		500		510
Series K069, Class A2, 3.19%, 9/25/2027 (f)		500		499
Series K083, Class A2, 4.05%, 9/25/2028 (f)		297		316
Series K081, Class A1, 3.88%, 9/25/2051		119		124
FNMA ACES
Series 2012-M11, Class FA, 3.00%, 8/25/2019 (f)		24		24
Series 2010-M3, Class A3, 4.33%, 3/25/2020 (f)		214		215
Series 2015-M17, Class FA, 3.43%, 11/25/2022 (f)		275		277

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 61

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2019 (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (f)		434		445
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (f)		636		639
Series 2015-M7, Class A2, 2.59%, 12/25/2024		820		803
Series 2018-M2, Class A2, 2.90%, 1/25/2028 (f)		500		487
Series 2018-M13, Class A1, 3.70%, 3/25/2030 (f)		225		235
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		116		117
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 $6,904)				6,940
U.S. Government Agency Securities — 0.9%
FNMA 1.86%, 10/9/2019 (e)		85		84
Resolution Funding Corp. STRIPS
1.63%, 10/15/2019 (e)		165		162
1.78%, 7/15/2020 (e)		250		241

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
1.26%, 1/15/2021 (e)		330		314
DN, 3.01%, 1/15/2026 (e)		90		74
DN, 2.80%, 10/15/2027 (e)		80		62
Tennessee Valley Authority STRIPS 4.82%, 5/1/2019 (e)		333		331
Total U.S. Government Agency Securities (Cost $1,283)				1,268
Foreign Government Securities — 0.2%
United Mexican States (Mexico) 3.63%, 3/15/2022(Cost $249)		244		245
	SHARES (000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52%(h) (i) (Cost $3,081)		3,080		3,081
Total Investments — 99.7% (Cost $142,546)				142,733
Other Assets Less Liabilities — 0.3%				440
Net Assets — 100.0%				143,173

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 February 28, 2019.
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 February 28, 2019. 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.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

(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 February 28, 2019.
(e)	The rate shown is the effective yield as of February 28, 2019.
(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 February 28, 2019.
(g)	Amount rounds to less than one thousand.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of February 28, 2019.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 63

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2019

(Amounts in thousands, except per share amounts)

	JPMorgan Core Bond Trust		JPMorgan Intermediate Bond Trust
ASSETS:
Investments in non-affiliates, at value	$	1,830,474	$	139,652
Investments in affiliates, at value		38,750		3,081
Receivables:
Investment securities sold		148		30
Fund shares sold		1,584		—
Interest from non-affiliates		8,600		645
Dividends from affiliates		63		4
Total Assets		1,879,619		143,412
LIABILITIES:
Payables:
Due to custodian		30		1
Investment securities purchased		2,888		170
Accrued liabilities:
Investment advisory fees		193		2
Custodian and accounting fees		62		24
Audit fees		43		34
Other		115		8
Total Liabilities		3,331		239
Net Assets	$	1,876,288	$	143,173
NET ASSETS:
Paid-in-Capital	$	1,868,917	$	144,202
Total distributable earnings (loss) (a)		7,371		(1,029	)
Total Net Assets	$	1,876,288	$	143,173
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		188,106		14,839
Net asset value, offering and redemption price per share (b)	$	9.97	$	9.65
Cost of investments in non-affiliates	$	1,819,278	$	139,465
Cost of investments in affiliates		38,746		3,081

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

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

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 28, 2019

(Amounts in thousands)

	JPMorgan Core Bond Trust			JPMorgan Intermediate Bond Trust
INVESTMENT INCOME:
Interest income from non-affiliates	$	73,521		$	4,992
Interest income from affiliates		—	(a)		—	(a)
Dividend income from affiliates		495			41
Income from securities lending (net)		—	(a)		—
Total investment income		74,016			5,033
EXPENSES:
Investment advisory fees		6,215			453
Administration fees		1,996			145
Custodian and accounting fees		191			95
Interest expense to affiliates		—	(a)		—
Professional fees		94			68
Trustees’ and Chief Compliance Officer’s fees		33			25
Printing and mailing costs		21			3
Transfer agency fees		15			1
Other		231			17
Total expenses		8,796			807
Less fees waived		(5,719	)		(586	)
Net expenses		3,077			221
Net investment income (loss)		70,939			4,812
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(4,123	)		(471	)
Investments in affiliates		4			—	(a)
Net realized gain (loss)		(4,119	)		(471	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(5,090	)		486
Investments in affiliates		4			—	(a)
Change in net unrealized appreciation/depreciation		(5,086	)		486
Net realized/unrealized gains (losses)		(9,205	)		15
Change in net assets resulting from operations	$	61,734		$	4,827

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Core Bond Trust						JPMorgan Intermediate Bond Trust
	Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2019			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	70,939		$	89,002		$	4,812		$	5,154
Net realized gain (loss)		(4,119	)		22,406			(471	)		(632	)
Change in net unrealized appreciation/depreciation		(5,086	)		(59,398	)		486			(2,482	)
Change in net assets resulting from operations		61,734			52,010			4,827			2,040
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Total distributions to shareholders		(76,166	)		(116,310	)		(4,810	)		(5,864	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		125,604			149,441			—			58,857
Distributions reinvested		71,471			109,911			3,894			4,992
Cost of shares redeemed		(525,157	)		(1,135,482	)		(22,784	)		(79,328	)
Change in net assets resulting from capital transactions		(328,082	)		(876,130	)		(18,890	)		(15,479	)
NET ASSETS:
Change in net assets		(342,514	)		(940,430	)		(18,873	)		(19,303	)
Beginning of period		2,218,802			3,159,232			162,046			181,349
End of period	$	1,876,288		$	2,218,802		$	143,173		$	162,046
SHARE TRANSACTIONS:
Issued		12,593			14,419			—			5,993
Reinvested		7,202			10,645			406			507
Redeemed		(52,973	)		(109,586	)		(2,386	)		(8,055	)
Change in Shares		(33,178	)		(84,522	)		(1,980	)		(1,555	)

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Core Bond Trust				JPMorgan Intermediate Bond Trust
From net investment income		$	(88,861	)		$	(5,144	)
From net realized gains			(27,449	)			(720	)

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 67

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
Year Ended February 28, 2019	$	10.03	$	0.34	(c)	$	(0.03	)	$	0.31	$	(0.34	)	$	(0.03	)	$	(0.37	)
Year Ended February 28, 2018		10.33		0.35	(c)		(0.18	)		0.17		(0.35	)		(0.12	)		(0.47	)
Year Ended February 28, 2017		10.58		0.33	(c)		(0.14	)		0.19		(0.34	)		(0.10	)		(0.44	)
Year Ended February 29, 2016		10.69		0.32	(c)		(0.07	)		0.25		(0.33	)		(0.03	)		(0.36	)
Year Ended February 28, 2015		10.57		0.36			0.15			0.51		(0.36	)		(0.03	)		(0.39	)

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

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

(c) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	9.97		3.16	%	$	1,876,288		0.15	%		3.42	%		0.42	%		17	%
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 69

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
Year Ended February 28, 2019	$	9.63	$	0.31	(c)	$	0.02		$	0.33	$	(0.31	)	$	—		$	(0.31	)
Year Ended February 28, 2018		9.87		0.30	(c)		(0.20	)		0.10		(0.30	)		(0.04	)		(0.34	)
Year Ended February 28, 2017		10.37		0.29	(c)		(0.15	)		0.14		(0.30	)		(0.34	)		(0.64	)
Year Ended February 29, 2016		10.40		0.26	(c)		(0.01	)		0.25		(0.27	)		(0.01	)		(0.28	)
Year Ended February 28, 2015		10.41		0.30			0.04			0.34		(0.30	)		(0.05	)		(0.35	)

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

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

(c) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate
$	9.65		3.47	%	$	143,173		0.15	%		3.18	%		0.53	%		32	%
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019

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: 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 their market value 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.

Investments in open-end investment companies excluding exchange traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Core Bond Trust and Intermediate Bond Trust at February 28, 2019.

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

72 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

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	$	—	$	172,099	$	68,402	$	240,501
Collateralized Mortgage Obligations		—		268,176		7,549		275,725
Commercial Mortgage-Backed Securities		—		83,970		1,973		85,943
Corporate Bonds
Capital Markets		—		49,506		53		49,559
Other Corporate Bonds		—		374,692		—		374,692
Total Corporate Bonds		—		424,198		53		424,251
Foreign Government Securities		—		8,569		—		8,569
Mortgage-Backed Securities		—		298,822		—		298,822
Municipal Bonds		—		10,461		—		10,461
Supranational		—		3,087		—		3,087
U.S. Government Agency Securities		—		29,689		—		29,689
U.S. Treasury Obligations		—		453,426		—		453,426
Short-Term Investments
Investment Companies		38,750		—		—		38,750
Total Investments in Securities	$	38,750	$	1,752,497	$	77,977	$	1,869,224
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	$	—	$	10,712	$	3,073	$	13,785
Collateralized Mortgage Obligations		—		24,866		107		24,973
Commercial Mortgage-Backed Securities		—		6,939		1		6,940
Corporate Bonds
Capital Markets		—		4,575		4		4,579
Other Corporate Bonds		—		41,935		—		41,935
Total Corporate Bonds		—		46,510		4		46,514
Foreign Government Securities		—		245		—		245
Mortgage-Backed Securities		—		15,051		—		15,051
U.S. Government Agency Securities		—		1,268		—		1,268
U.S. Treasury Obligations		—		30,876		—		30,876
Short-Term Investments
Investment Companies		3,081		—		—		3,081
Total Investments in Securities	$	3,081	$	136,467	$	3,185	$	142,733

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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 February 28, 2019
Investments in Securities:
Asset-Backed Securities	$	91,372	$	93		$	(269	)	$	(94	)	$	13,767	$	(31,820	)	$	433	$	(5,080	)	$	68,402
Collateralized Mortgage Obligations		10,130		(5	)		(213	)		(643	)		3,189		(2,677	)		1,553		(3,785	)		7,549
Commercial Mortgage-Backed Securities		6,785		383			(375	)		(126	)		278		(6,178	)		1,206		—			1,973
Corporate Bonds — Capital Markets		158		—	(a)		—	(a)		1			—		(106	)		—		—			53
Loan Assignments — Hotels, Restaurants & Leisure		2,289		76			(26	)		2			—		(2,341	)		—		—			—
	$	110,734	$	547		$	(883	)	$	(860	)	$	17,234	$	(43,122	)	$	3,192	$	(8,865	)	$	77,977
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 February 28, 2019
Investments in Securities:
Asset-Backed Securities	$	5,171	$	14		$	(15	)	$	—	(a)	$	—	$	(1,557	)	$	—	$	(540	)	$	3,073
Collateralized Mortgage Obligations		219		—	(a)		1			1			—		(125	)		11		—			107
Commercial Mortgage-Backed Securities		604		—			—	(a)		—	(a)		—		(603	)		—		—			1
Corporate Bonds — Capital Markets		12		—	(a)		—	(a)		—	(a)		—		(8	)		—		—			4
	$	6,006	$	14		$	(14	)	$	1		$	—	$	(2,293	)	$	11	$	(540	)	$	3,185

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.

For each of the Funds, there were no significant transfers between level 2 and level 3 during the year ended February 28, 2019.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2019, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Core Bond Trust	$	(663	)
Intermediate Bond Trust		(5	)

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

74 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

Core Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	43,080	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 31.00% (5.81%)
				Constant Default Rate		0.00% - 30.00% (0.20%)
				Yield (Discount Rate of Cash Flows)		3.32% - 8.55% (4.01%)
Asset-Backed Securities		43,080
		5,123	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 28.00% (11.26%)
				PSA Prepayment Model		234.00% (234.00%)
				Constant Default Rate		0.00% - 12.68% (3.24%)
				Yield (Discount Rate of Cash Flows)		0.29% - 56.87% (7.85%)
Collateralized Mortgage Obligations		5,123
		1,961	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (18.95%)
				Yield (Discount Rate of Cash Flows)		2.35% - 7.93% (4.69%)
Commercial Mortgage-Backed Securities		1,961
		53	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.49% (4.49%)
				Liquidity Discount		0.25% (0.25%)
Corporate Bonds		53
Total	$	50,217

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $27,760,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

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

Intermediate Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,395	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (0.34%)
				Constant Default Rate		0.00% - 30.00% (0.37%)
				Yield (Discount Rate of Cash Flows)		3.32% - 8.55% (3.64%)
Asset-Backed Securities		1,395
		99	Discounted Cash Flow	Constant Prepayment Rate		5.00% - 19.23% (9.58%)
				Constant Default Rate		0.00% - 5.91% (3.85%)
				Yield (Discount Rate of Cash Flows)		(0.58%) - 8.67% (2.05%)
Collateralized Mortgage Obligations		99
		4	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.99% (4.99%)
				Liquidity Discount		0.25% (0.25%)
Corporate Bonds		4
		1	Discounted Cash Flow	Constant Prepayment Rate		35.00% (35.00%)
				Yield (Discount Rate of Cash Flows)		4.14% (4.14%)
Commercial Mortgage-Backed Securities		1
Total	$	1,499

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 28, 2019, the value of these investments was approximately $1,686,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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

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

As of February 28, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

The Funds did not have when-issued securities, forward commitments nor delayed delivery securities outstanding as of February 28, 2019.

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 Fund invests 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.

At February 28, 2019, the Funds did not have any loan assignments.

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 February 28, 2019, the Fund did not have any outstanding unfunded loan commitments.

F. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities

76 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations).

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Core Bond Trust $ —(a)

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

Core Bond Trust did not have any securities out on loan as of February 28, 2019, and Intermediate Bond Trust did not lend out any securities during the period October 5, 2018 through February 28, 2019.

G. 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 year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at February 28, 2019		Shares at February 28, 2019		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a) (b)	$	8,579	$	514,442	$	484,279	$	4	$	4	$	38,750		38,739	$	495		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.37% (a) (b)		—		1,394		1,394		—		—		—		—		2	*		—
Total	$	8,579	$	515,836	$	485,673	$	4	$	4	$	38,750			$	497		$	—

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

Intermediate Bond Trust

For the year ended February 28, 2019
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at February 28, 2019		Shares at February 28, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.52% (a) (b)	$	3,630	$	33,023	$	33,572	$	—	(c)	$	—	(c)	$	3,081		3,080	$	41	$	—

(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 February 28, 2019.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

H. 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 Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

I. 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.

J. 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 February 28, 2019, 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.

K. 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.

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

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Core Bond Trust	$	—	$	(1	)	$	1
Intermediate Bond Trust		—		—			—

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

3. Fees and Other Transactions with Affiliates

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

Core Bond Trust	0.30	%
Intermediate Bond Trust	0.30

78 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended February 28, 2019, the effective rate was 0.10% of each Fund’s 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 Statements of Operations.

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

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

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

Core Bond Trust	0.15	%
Intermediate Bond Trust	0.15

The expense limitation agreements were in effect for the year ended February 28, 2019, and are in place until at least until June 30, 2019.

For the year ended February 28, 2019, 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	$	3,673	$	1,996	$	5,669
Intermediate Bond Trust		436		145		581

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, except for investments of securities lending cash collateral.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the year ended February 28, 2019 were as follows (amounts in thousands):

Core Bond Trust	$	50
Intermediate Bond Trust		5

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.

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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

During the year ended February 28, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the year ended February 28, 2019, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the year ended February 28, 2019, 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	$	182,677	$	525,907	$	161,647	$	145,315
Intermediate Bond Trust		22,755		33,415		24,416		33,391

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2019 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Trust	$	1,858,016	$	33,861	$	22,653	$	11,208
Intermediate Bond Trust		142,573		1,493		1,333		160

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

The tax character of distributions paid during the year ended February 28, 2019 was as follows (amounts in thousands):

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Trust	$	71,297	$	4,869	$	76,166
Intermediate Bond Trust		4,810		—		4,810

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

The tax character of distributions paid during the year ended February 28, 2018 was as follows (amounts in thousands):

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

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

As of February 28, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Core Bond Trust	$	599	$	(638	)	$	11,208
Intermediate Bond Trust		55		(1,117	)		160

80 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

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

As of February 28, 2019, the following Fund had the following post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward
	Short-Term		Long-Term
Core Bond Trust	$	638	$	—
Intermediate Bond Trust		1,080		37

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, 2019, the following Funds deferred to March 1, 2019 post-October capital losses of (amounts in thousands):

	Net Capital Losses
	Short-Term		Long-Term
Core Bond Trust	$	558	$	3,173
Intermediate Bond Trust		6		97

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 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the year ended February 28, 2019.

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 year ended February 28, 2019.

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 February 28, 2019, Intermediate Bond Trust had four individual shareholder and/or non-affiliated omnibus accounts which represented 72.1% of the Fund’s outstanding shares. Significant shareholder transactions by these accounts may impact the Funds’ performance.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2019 (continued)

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 has evaluated the implications of these changes and the amendments will have no effect on the Funds’ net assets or results of operations.

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 has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

82 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (constituting JPMorgan Institutional Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2019, the related statements of operations for the year ended February 28, 2019, the statements of changes in net assets for each of the two years in the period ended February 28, 2019 , including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2019 and each of the financial highlights for each of the five years in the period ended February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included physical inspection of securities owned as of February 28, 2019 and held by the custodian and confirmation of securities owned as of February 28, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 26, 2019

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

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 83

TRUSTEES

(Unaudited)

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

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	137	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	137	Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield (non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	137	Non-Executive Director, Legal & General Investment Management (Holdings) and Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	137	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).
Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	137	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	137	None

84 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)
Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	137	Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	137	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	137	None
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	137	None
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	137	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	137	Trustee, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).
Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	137	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 85

TRUSTEES

(Unaudited) (continued)

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

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (137 funds).

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

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

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

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.

86 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)	Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (2014–present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (1999-2014).
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.
Noah Greenhill (1969), Secretary (2018)*	Managing Director and General Counsel, JPMorgan Asset Management (2015 – present); Managing Director and General Counsel, JPMorgan Global Alternative Funds (2012-2015).
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)**	Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014.
Carmine Lekstutis (1980), Assistant Secretary (2011)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.
Gregory S. Samuels (1980), Assistant Secretary (2010)*	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.
Pamela L. Woodley (1971), Assistant Secretary (2012)*	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*	Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.
Shannon Gaines (1977), Assistant Treasurer (2018)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)**	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)*	Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006.
Gillian I. Sands (1969), Assistant Treasurer (2012)*	Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

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

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

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 87

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, administration fees, and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Funds at the beginning of the reporting period, September 1, 2018, and continued to hold your shares at the end of the reporting period, February 28, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value September 1, 2018		Ending Account Value February 28, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Bond Trust
Actual	$	1,000.00	$	1,020.90	$	0.75		0.15	%
Hypothetical		1,000.00		1,024.05		0.75		0.15
JPMorgan Intermediate Bond Trust
Actual		1,000.00		1,023.60		0.75		0.15
Hypothetical		1,000.00		1,024.05		0.75		0.15

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

88 JPMORGAN INSTITUTIONAL TRUST FUNDS FEBRUARY 28, 2019

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 28, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.

Long Term Capital Gain

The fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2019 (amounts in thousands):

	Long-Term Capital Gain Distribution
JPMorgan Core Bond Trust	$	4,869

Treasury Income

Each Fund listed below had the following percentage, or the maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2019:

	Income from U.S. Treasury Obligations
JPMorgan Core Bond Trust		17.5	%
JPMorgan Intermediate Bond Trust		18.2

FEBRUARY 28, 2019 JPMORGAN INSTITUTIONAL TRUST FUNDS 89

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.

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., 2019.  All rights reserved. February 2019. AN-INSTT-219

ITEM 2. CODE OF ETHICS.

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

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

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

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

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

AUDIT FEES

2019 – $114,616

2018 – $109,268

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

AUDIT-RELATED FEES

2019 – $14,290

2018 – $15,830

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

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

TAX FEES

2019 – $18,795

2018 – $28,260

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2019 and 2018, respectively.

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

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

ALL OTHER FEES

2019 – Not applicable

2018 – Not applicable

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

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the

“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

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

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

2019 – 0.0%

2018 – 0.0%

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

Not applicable - Less than 50%.

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

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

2018 - $32.2 million

2017 - $32.0 million

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

Not applicable.

ITEM 6. INVESTMENTS.

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

Included in Item 1.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

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

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

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

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

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

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

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

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

Not applicable.

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

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

SIGNATURES

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

JPMorgan Institutional Trust

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	May 07, 2019

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

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	May 07, 2019
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	May 07, 2019

EX-99.CODE

EX-99 COD ETH 2

JPMorgan Trust I

JPMorgan Trust II

JPMorgan Trust III

JPMorgan Trust IV

Undiscovered Managers Funds

JPMorgan Insurance Trust

JPMorgan Institutional Trust

J. P. Morgan Mutual Fund Investment Trust

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

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

J.P. Morgan Access Multi-Strategy Fund II

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

Code of Ethics for Principal Executive

and Principal Financial Officers

Persons covered by this Code of Ethics:

Brian S. Shlissel              Principal Executive Officer

Timothy J. Clemens        Principal Financial Officer

1. Covered Officers/ Purpose of the Code

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

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

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

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

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

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

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

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

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

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as “affiliated persons” of the Funds. The Funds and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the “Funds Principal Service Providers”) of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of

their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund’s Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

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

3. Each Covered Officer must:

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

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

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

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

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

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

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

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

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

5. Disclosure and Compliance

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

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

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

6. Reporting and Accountability

a. Each covered officer must:

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

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

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

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

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

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

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

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

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

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

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

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

7. This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds’ and their investment adviser’s codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser’s more detailed policies and procedures set forth in the Investment Adviser’s Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.

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

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

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

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of the 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: May 07, 2019

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond Trust and JPMorgan Intermediate Bond Trust (the “Funds”), each a series of the 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: May 07, 2019

/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 the 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

May 07, 2019

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 the 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

May 07, 2019

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.