N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

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, 2020 through August 31, 2020

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

JPMorgan Institutional Trust Funds

August 31, 2020 (Unaudited)

JPMorgan Core Bond Trust

JPMorgan Intermediate Bond Trust

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Core Bond Trust	3
JPMorgan Intermediate Bond Trust	5
Schedules of Portfolio Investments	7
Financial Statements	60
Financial Highlights	64
Notes to Financial Statements	68
Schedule of Shareholder Expenses	78
Board Approval of Investment Advisory Agreements	79

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.

LETTER TO SHAREHOLDERS

OCTOBER 23, 2020 (Unaudited)

Dear Shareholders,

Even as the U.S. economy has endured a severe contraction since the start of the pandemic, financial markets have generally rebounded from lows seen in March 2020 amid unprecedented support from the Federal Reserve (the “Fed”) and investor optimism about efforts to contain the spread of COVID-19.

  “Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.” — Andrea L. Lisher

In response to an acute sell-off in financial markets in February and March 2020, the Fed unveiled an array of lending and asset purchasing programs designed to head off a liquidity crisis in credit markets and maintain the flow of credit to the public and private sectors. The Fed also slashed interest rates in March 2020, as jobless claims spiked to record highs, which helped to bolster equity markets. In the following months, financial market volatility subsided and asset prices generally began to rebound, though global oil prices remained at historically low levels amid a steep drop off in demand and slower economic

activity. For the six months ended August 31, 2020, the S&P 500 Index returned 19.6% and the Bloomberg Barclays U.S. Aggregate Index returned 2.9%.

Our long-term view remains one of cautious optimism, but we recognize the near-term risks stemming from uncertainty surrounding additional fiscal support and efforts to contain COVID-19. The pace of economic activity looks set to slow into the end of the year as services remain under pressure, and additional stimulus may be required to keep the economy on track in 2021. That said, volatility in financial markets could begin to recede as the results of the November 3^rd election provide clarity on the contours of the political landscape going forward. Throughout this tumultuous year, J.P. Morgan Asset Management has responded to unprecedented conditions by continuing to seek to provide our clients with effective investment solutions and dependable service.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. 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,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 1

JPMorgan Institutional Trust Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

The reporting period began amid a steep sell-off in global financial markets as COVID-19 was declared a pandemic and economic activity was sharply curtailed. However, from April through the end of August 2020, financial markets largely rebounded amid unprecedented support from leading central banks and the efforts of national governments to both provide fiscal stimulus and limit the spread of the novel coronavirus.

Investor uncertainty about the impact of the global response to the pandemic led to a sharp decline in global asset prices in March 2020 and increased demand for U.S. Treasury bonds and sovereign debt from other developed market nations. A potential liquidity crisis in U.S. credit markets was headed off by the U.S. Federal Reserve, which slashed interest rates and unleashed an array of programs in mid-March designed to ensure the flow of credit in the private and public sectors. Globally, leading central banks also responded with lower interest rates and/or asset purchasing programs.

In the subsequent months, bond markets recovered somewhat and issuance of new bonds increased. Investment grade corporate debt and high yield debt (also known as “junk bonds”) rallied as investors sought higher yields amid falling interest rates and low yields on U.S. Treasury bonds. While emerging markets debt also rebounded somewhat during the reporting period, select emerging market nations were hurt by a record drop in global oil prices and others faced rising pandemic infection rates. Overall, higher quality bonds outperformed lower quality debt and bonds of shorter duration underperformed longer duration bonds. Generally, bonds of longer duration experience a larger increase in price when interest rates fall. For the six months ended August 31, 2020, the Bloomberg Barclays U.S. Aggregate Index returned 2.98% and the Bloomberg Barclays Multiverse Index returned 3.98%.

2 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

JPMorgan Core Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		2.89%
Bloomberg Barclays U.S. Aggregate Index		2.98%
Net Assets as of 8/31/2020 (In Thousands)	$	1,960,996
Duration as of 8/31/2020		6.1 years

INVESTMENT OBJECTIVE**

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

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

For the six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight allocation to U.S. Treasury bonds was a leading detractor from performance. The Fund’s overweight allocation to non-agency mortgage-backed securities and commercial mortgage-backed securities also detracted from relative performance.

The Fund’s longer overall duration and overweight allocation to the 10-year portion of the yield curve were leading contributors to relative performance. Generally, bonds with longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates decline. 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 overweight allocation to agency mortgage-backed securities, particularly its allocation to residential agency passthrough mortgage-backed securities, also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The 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 commercial mortgage-backed securities relative to the Benchmark.

PORTFOLIO COMPOSITION***
Corporate Bonds	29.0	%
U.S. Treasury Obligations	22.4
Mortgage-Backed Securities	17.3
Collateralized Mortgage Obligations	12.8
Asset-Backed Securities	10.1
Commercial Mortgage-Backed Securities	3.8
Others (each less than 1.0%)	2.0
Short-Term Investments	2.6

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 3

JPMorgan Core Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF FUND		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		2.89	%		6.37	%		4.75	%		4.30	%

* Not annualized

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays U.S. Aggregate Index from August 31, 2010 to August 31, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar

denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. 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. 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 on gains resulting from redemptions of Fund shares.

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

4 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		2.68%
Bloomberg Barclays Intermediate U.S. Government/Credit Index		3.00%
Net Assets as of 8/31/2020 (In Thousands)	$	138,949
Duration as of 8/31/2020		3.8 years

INVESTMENT OBJECTIVE**

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

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

For the six months ended August 31, 2020, the Fund underperformed the Bloomberg Barclays Intermediate U.S. Government/Credit Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s shorter overall duration was a leading detractor from performance. Generally, bonds with shorter duration will experience a smaller increase in price compared with longer duration bonds when interest rates decline. The Fund’s out-of-Benchmark allocation to non-agency mortgage-backed securities and commercial mortgage-backed securities also detracted from relative performance.

The Fund’s security selection in corporate bonds was a leading contributor to relative performance. The Fund’s overweight allocation to agency mortgage-backed securities, particularly its allocation to residential agency passthrough mortgage-backed securities, also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

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

PORTFOLIO COMPOSITION***
Corporate Bonds	28.5	%
U.S. Treasury Obligations	26.3
Collateralized Mortgage Obligations	14.3
Mortgage-Backed Securities	13.3
Asset-Backed Securities	7.3
Commercial Mortgage-Backed Securities	5.4
Others (each less than 1.0%)	0.3
Short-Term Investments	4.6

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

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

*** Percentages indicated are based on total investments as of August 31, 2020. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 5

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2020
	INCEPTION DATE OF FUND		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
		February 7, 2005		2.68	%		5.57	%		3.80	%		3.51	%

* Not annualized

TEN YEAR PERFORMANCE (8/31/10 TO 8/31/20)

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 and the Bloomberg Barclays Intermediate U.S. Government/Credit Index from August 31, 2010 to August 31, 2020. 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 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. 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. 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 on gains resulting from redemptions of Fund shares.

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

6 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 29.4%
Aerospace & Defense — 0.7%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		557		582
Airbus SE (France) 3.95%, 4/10/2047 (a)		150		170
Boeing Co. (The)
4.51%, 5/1/2023		2,503		2,644
4.88%, 5/1/2025		605		658
5.15%, 5/1/2030		940		1,052
5.71%, 5/1/2040		745		864
L3Harris Technologies, Inc. 3.83%, 4/27/2025		850		955
Northrop Grumman Corp. 3.25%, 1/15/2028		200		226
Precision Castparts Corp. 3.25%, 6/15/2025		897		1,002
Raytheon Technologies Corp.
3.20%, 3/15/2024 (a)		350		378
4.50%, 6/1/2042		2,799		3,543
4.15%, 5/15/2045		543		654
4.35%, 4/15/2047 (a)		199		247
				12,975
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		143		134
Banks — 5.6%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		1,216		1,373
AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		1,165		1,276
ANZ New Zealand Int’l Ltd. (New Zealand) 2.55%, 2/13/2030 (a)		1,245		1,360
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a)		905		980
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (a)		263		297
Banco Nacional de Panama (Panama) 2.50%, 8/11/2030 (a)		1,250		1,263
Banco Santander SA (Spain)
3.13%, 2/23/2023		400		421
2.75%, 5/28/2025		800		850
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (c)		588		609
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (c)		1,855		1,923
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (c)		1,747		1,841
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		547		586

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (c)		526		571
3.25%, 10/21/2027		1,189		1,323
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		1,700		1,927
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		4,155		4,643
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)		1,510		1,607
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		4,685		4,766
Bank of Montreal (Canada) 1.85%, 5/1/2025		950		997
Bank of Nova Scotia (The) (Canada) 1.63%, 5/1/2023		3,330		3,428
Banque Federative du Credit Mutuel SA (France)
3.75%, 7/20/2023 (a)		540		587
2.38%, 11/21/2024 (a)		813		866
Barclays plc (United Kingdom)
3.65%, 3/16/2025		1,000		1,093
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 2.64%, 6/24/2031 (c)		1,500		1,523
BNP Paribas SA (France)
3.50%, 3/1/2023 (a)		290		309
3.38%, 1/9/2025 (a)		425		465
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		440		459
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		1,065		1,149
BNZ International Funding Ltd. (New Zealand) 2.65%, 11/3/2022 (a)		632		661
Capital One Bank USA NA 3.38%, 2/15/2023		300		318
Citigroup, Inc.
3.88%, 3/26/2025		500		556
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		355		386
4.40%, 6/10/2025		865		986
(SOFR + 2.75%), 3.11%, 4/8/2026 (c)		1,900		2,061
4.30%, 11/20/2026		1,200		1,383
6.63%, 1/15/2028		250		328
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		1,573		1,776
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		1,000		1,161
8.13%, 7/15/2039		223		392
Citizens Bank NA 3.70%, 3/29/2023		720		774
Commonwealth Bank of Australia (Australia)
3.45%, 3/16/2023 (a)		600		645
4.50%, 12/9/2025 (a)		832		942
3.74%, 9/12/2039 (a)		711		797

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		783		893
3.75%, 7/21/2026		945		1,065
5.80%, 9/30/2110 (a)		500		809
Credit Agricole SA (France)
3.75%, 4/24/2023 (a)		500		540
4.38%, 3/17/2025 (a)		1,250		1,388
Credit Suisse Group Funding Guernsey Ltd. (Switzerland)
3.80%, 6/9/2023		800		865
3.75%, 3/26/2025		340		376
Discover Bank
3.35%, 2/6/2023		343		364
4.25%, 3/13/2026		1,205		1,367
HSBC Bank plc (United Kingdom) 4.75%, 1/19/2021 (a)		575		585
HSBC Holdings plc (United Kingdom)
4.00%, 3/30/2022		552		582
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (c)		991		1,040
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		1,054		1,139
4.25%, 8/18/2025		939		1,039
3.90%, 5/25/2026		200		226
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		1,160		1,172
6.10%, 1/14/2042		700		1,027
KeyBank NA 3.18%, 5/22/2022		729		761
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (c)		612		640
4.58%, 12/10/2025		400		450
4.38%, 3/22/2028		475		562
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.41%, 3/7/2024		1,260		1,373
3.75%, 7/18/2039		760		885
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (c)		875		915
(ICE LIBOR USD 3 Month + 1.31%), 2.87%, 9/13/2030 (c)		720		776
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026		800		906
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		1,025		1,141

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		480		528
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c)		290		345
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (c)		900		949
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		640		752
NatWest Markets plc (United Kingdom) 3.63%, 9/29/2022 (a)		1,025		1,082
Nordea Bank Abp (Finland) 4.25%, 9/21/2022 (a)		945		1,006
Royal Bank of Canada (Canada)
3.70%, 10/5/2023		1,000		1,097
4.65%, 1/27/2026		337		399
Santander UK Group Holdings plc (United Kingdom)
3.13%, 1/8/2021		452		456
3.57%, 1/10/2023		200		207
Societe Generale SA (France)
3.88%, 3/28/2024 (a)		815		882
2.63%, 10/16/2024 (a)		1,000		1,045
3.00%, 1/22/2030 (a)		2,008		2,110
Standard Chartered plc (United Kingdom)
5.20%, 1/26/2024 (a)		700		768
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (c)		400		423
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (c)		570		592
(ICE LIBOR USD 3 Month + 1.91%), 4.30%, 5/21/2030 (a) (c)		550		622
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033 (a) (c)		200		219
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.78%, 10/18/2022		542		568
3.10%, 1/17/2023		689		731
4.44%, 4/2/2024 (a)		500		551
2.63%, 7/14/2026		872		947
3.04%, 7/16/2029		1,315		1,437
Truist Bank 3.30%, 5/15/2026		400		451
Truist Financial Corp.
4.00%, 5/1/2025		265		302
1.95%, 6/5/2030		580		598
US Bancorp 7.50%, 6/1/2026		1,277		1,671

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Wells Fargo & Co.
3.50%, 3/8/2022		850		889
3.07%, 1/24/2023		500		517
4.48%, 1/16/2024		702		782
3.75%, 1/24/2024		675		737
3.30%, 9/9/2024		1,000		1,096
3.00%, 4/22/2026		993		1,089
(SOFR + 2.00%), 2.19%, 4/30/2026 (c)		425		444
4.10%, 6/3/2026		637		721
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		1,395		1,528
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		1,120		1,184
4.65%, 11/4/2044		1,180		1,434
4.40%, 6/14/2046		300		358
4.75%, 12/7/2046		325		410
Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		690		766
				107,237
Beverages — 0.9%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		3,945		4,704
4.90%, 2/1/2046		2,235		2,749
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.63%, 2/1/2044		70		82
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.35%, 6/1/2040		800		929
4.44%, 10/6/2048		780		906
4.50%, 6/1/2050		1,050		1,271
4.60%, 6/1/2060		375		458
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		790		849
1.85%, 9/1/2032		675		675
Constellation Brands, Inc.
4.40%, 11/15/2025		325		379
5.25%, 11/15/2048		220		296
Diageo Capital plc (United Kingdom)
1.38%, 9/29/2025		870		898
2.00%, 4/29/2030		1,180		1,226
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		293
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		1,060		1,131

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Beverages — continued
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		500		539
4.42%, 5/25/2025		149		173
3.43%, 6/15/2027		250		280
4.99%, 5/25/2038		215		281
				18,119
Biotechnology — 0.6%
AbbVie, Inc.
3.38%, 9/15/2020 (a)		453		454
3.45%, 3/15/2022 (a)		937		974
2.80%, 3/15/2023 (a)		525		545
3.85%, 6/15/2024 (a)		443		489
3.20%, 11/21/2029 (a)		1,832		2,028
4.05%, 11/21/2039 (a)		1,809		2,110
4.63%, 10/1/2042 (a)		480		588
4.40%, 11/6/2042		790		951
4.45%, 5/14/2046		190		229
Baxalta, Inc.
3.60%, 6/23/2022		149		155
5.25%, 6/23/2045		50		69
Biogen, Inc.
2.25%, 5/1/2030		1,150		1,178
3.15%, 5/1/2050		310		314
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		1,270		1,238
				11,322
Building Products — 0.0% (b)
Masco Corp. 6.50%, 8/15/2032		600		754
Capital Markets — 2.5%
Bank of New York Mellon Corp. (The) 2.80%, 5/4/2026		254		283
BlackRock, Inc. 1.90%, 1/28/2031		1,400		1,458
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		429		517
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		381
4.85%, 3/29/2029		411		490
4.70%, 9/20/2047		427		503
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		402		449
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (a)		729		757
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250		262
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		490		507

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets — continued
4.28%, 1/9/2028 (a)		1,162		1,321
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		1,033
3.30%, 11/16/2022		1,000		1,034
FMR LLC 6.45%, 11/15/2039 (a)		500		745
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 0.82%), 2.88%, 10/31/2022 (c)		505		518
(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 7/24/2023 (c)		493		514
3.50%, 1/23/2025		557		612
3.75%, 5/22/2025		1,984		2,222
4.25%, 10/21/2025		1,415		1,611
3.50%, 11/16/2026		469		523
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		2,093		2,371
6.75%, 10/1/2037		685		1,001
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		884		975
Invesco Finance plc
4.00%, 1/30/2024		657		720
3.75%, 1/15/2026		390		439
Jefferies Group LLC 6.45%, 6/8/2027		749		900
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		1,000		1,143
Macquarie Group Ltd. (Australia)
6.25%, 1/14/2021 (a)		1,650		1,686
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (c)		700		767
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		700		837
Morgan Stanley
5.50%, 7/28/2021		559		585
3.75%, 2/25/2023		3,429		3,700
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		1,765		1,907
4.00%, 7/23/2025		2,873		3,288
3.88%, 1/27/2026		946		1,086
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		985		1,036
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		1,265		1,598
4.30%, 1/27/2045		485		633
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		1,094		1,153
2.68%, 7/16/2030		700		727

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Northern Trust Corp. 1.95%, 5/1/2030		1,885		1,970
State Street Corp. 3.10%, 5/15/2023		369		394
UBS AG (Switzerland) 1.75%, 4/21/2022 (a)		870		888
UBS Group AG (Switzerland)
3.49%, 5/23/2023 (a)		269		282
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		200		208
4.13%, 9/24/2025 (a)		300		344
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		965		1,071
				47,449
Chemicals — 0.4%
Air Products and Chemicals, Inc.
1.85%, 5/15/2027		1,540		1,624
2.80%, 5/15/2050		1,080		1,142
Albemarle Corp. 5.45%, 12/1/2044		150		162
DuPont de Nemours, Inc. 5.32%, 11/15/2038		980		1,261
International Flavors & Fragrances, Inc.
4.45%, 9/26/2028		300		346
5.00%, 9/26/2048		365		452
Nutrien Ltd. (Canada)
4.20%, 4/1/2029		175		209
4.13%, 3/15/2035		455		525
5.00%, 4/1/2049		230		300
Sherwin-Williams Co. (The) 3.13%, 6/1/2024		381		413
Union Carbide Corp. 7.75%, 10/1/2096		850		1,140
				7,574
Commercial Services & Supplies — 0.1%
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		365		383
Republic Services, Inc. 1.45%, 2/15/2031		910		897
				1,280
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (a)		417		472
5.13%, 5/18/2045 (a)		893		1,066
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		859
				2,397
Consumer Finance — 0.5%
AerCap Ireland Capital DAC (Ireland)
4.45%, 12/16/2021		600		612
3.95%, 2/1/2022		775		785

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
3.30%, 1/23/2023		390		389
4.50%, 9/15/2023		2,420		2,487
3.50%, 1/15/2025		600		583
6.50%, 7/15/2025		370		402
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		2,000		1,936
4.38%, 5/1/2026 (a)		820		755
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		1,164
4.20%, 10/29/2025		250		280
Park Aerospace Holdings Ltd. (Ireland) 5.25%, 8/15/2022 (a)		620		616
				10,009
Containers & Packaging — 0.1%
Packaging Corp. of America 4.05%, 12/15/2049		845		1,011
WRKCo, Inc.
3.75%, 3/15/2025		400		449
3.90%, 6/1/2028		170		194
				1,654
Diversified Consumer Services — 0.2%
Emory University Series 2020, 2.14%, 9/1/2030		1,060		1,113
Pepperdine University Series 2020, 3.30%, 12/1/2059		600		644
President & Fellows of Harvard College 3.30%, 7/15/2056		643		786
University of Southern California Series A, 3.23%, 10/1/2120		570		592
				3,135
Diversified Financial Services — 0.7%
Blackstone 3.65%, 7/14/2023 (a)		795		801
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (a)		1,215		1,381
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,583		3,700
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		1,436		1,540
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		539		564
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)
2.65%, 9/19/2022 (a)		606		624
National Rural Utilities Cooperative Finance Corp. 2.95%, 2/7/2024		306		329

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Financial Services — continued
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		575
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		2,280		2,427
Siemens Financieringsmaatschappij NV (Germany)
3.13%, 3/16/2024 (a)		750		816
4.40%, 5/27/2045 (a)		513		676
				13,433
Diversified Telecommunication Services — 1.0%
AT&T, Inc.
2.30%, 6/1/2027		2,340		2,481
1.65%, 2/1/2028		1,000		1,014
4.30%, 2/15/2030		826		987
2.25%, 2/1/2032		2,065		2,093
3.50%, 6/1/2041		646		684
5.38%, 10/15/2041		313		390
Deutsche Telekom AG (Germany) 3.63%, 1/21/2050 (a)		685		758
Deutsche Telekom International Finance BV (Germany)
3.60%, 1/19/2027 (a)		175		196
4.88%, 3/6/2042 (a)		232		303
Qwest Corp. 6.75%, 12/1/2021		741		785
Telefonica Emisiones SA (Spain) 5.46%, 2/16/2021		316		323
Verizon Communications, Inc.
2.63%, 8/15/2026		306		337
4.33%, 9/21/2028		962		1,165
3.15%, 3/22/2030		2,190		2,475
4.40%, 11/1/2034		1,895		2,365
4.27%, 1/15/2036		1,445		1,767
5.25%, 3/16/2037		457		619
4.86%, 8/21/2046		396		532
4.67%, 3/15/2055		400		543
				19,817
Electric Utilities — 2.0%
Alabama Power Co. 6.13%, 5/15/2038		239		347
Arizona Public Service Co. 5.05%, 9/1/2041		200		263
Baltimore Gas and Electric Co.
3.50%, 8/15/2046		376		433
2.90%, 6/15/2050		450		463
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		1,234		1,354

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
Comision Federal de Electricidad (Mexico) 4.88%, 5/26/2021 (a)		831		849
Duke Energy Carolinas LLC 4.25%, 12/15/2041		129		164
Duke Energy Progress LLC
4.10%, 5/15/2042		273		338
4.10%, 3/15/2043		125		152
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)		750		804
Edison International
3.55%, 11/15/2024		1,591		1,694
5.75%, 6/15/2027		400		455
Emera US Finance LP (Canada) 4.75%, 6/15/2046		700		868
Enel Finance International NV (Italy)
4.63%, 9/14/2025 (a)		265		307
3.63%, 5/25/2027 (a)		740		824
Entergy Arkansas LLC 3.50%, 4/1/2026		175		200
Entergy Corp. 2.95%, 9/1/2026		336		373
Entergy Louisiana LLC 3.05%, 6/1/2031		629		718
Evergy Metro, Inc. 5.30%, 10/1/2041		1,400		1,893
Evergy, Inc. 2.90%, 9/15/2029		985		1,065
FirstEnergy Corp.
2.65%, 3/1/2030		1,095		1,126
Series C, 4.85%, 7/15/2047		289		355
Series C, 3.40%, 3/1/2050		1,040		1,045
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (a)		240		277
Fortis, Inc. (Canada) 3.06%, 10/4/2026		500		546
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,106
Series IO, 8.05%, 7/7/2024		350		446
ITC Holdings Corp. 2.70%, 11/15/2022		900		940
2.95%, 5/14/2030 (a)		440		477
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		560		652
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		728		925
Korea Southern Power Co. Ltd. (South Korea)
3.00%, 1/29/2021 (a)		228		230
Mid-Atlantic Interstate Transmission LLC
4.10%, 5/15/2028 (a)		315		357
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		147
5.45%, 5/15/2041		305		408

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		493		541
1.96%, 6/27/2030 (a)		1,000		1,036
NRG Energy, Inc. 4.45%, 6/15/2029 (a)		615		678
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		110		144
Pacific Gas and Electric Co. 1.75%, 6/16/2022		4,500		4,517
PECO Energy Co. 2.80%, 6/15/2050		410		431
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		150		163
Pepco Holdings LLC 7.45%, 8/15/2032		316		451
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,646
PPL Capital Funding, Inc. 3.40%, 6/1/2023		200		213
Progress Energy, Inc.
3.15%, 4/1/2022		673		698
7.00%, 10/30/2031		300		427
Public Service Co. of Colorado 3.55%, 6/15/2046		214		240
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,597
Public Service Electric and Gas Co. 5.38%, 11/1/2039		317		446
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		449
Series 08-A, 5.95%, 2/1/2038		200		261
4.05%, 3/15/2042		552		605
Southwestern Public Service Co. 4.50%, 8/15/2041		200		253
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		419
				39,816
Electrical Equipment — 0.0% (b)
Eaton Corp.
7.63%, 4/1/2024		300		356
4.00%, 11/2/2032		170		205
				561
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		203
3.25%, 9/8/2024		219		235
3.88%, 1/12/2028		442		484
Corning, Inc. 3.90%, 11/15/2049		1,043		1,196
				2,118

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Energy Equipment & Services — 0.2%
Baker Hughes Holdings LLC 5.13%, 9/15/2040		300		364
Halliburton Co. 4.75%, 8/1/2043		540		561
Schlumberger Holdings Corp.
4.00%, 12/21/2025 (a)		13		14
3.90%, 5/17/2028 (a)		1,126		1,230
Schlumberger Investment SA 2.65%, 6/26/2030		800		817
				2,986
Entertainment — 0.1%
NBCUniversal Media LLC 5.95%, 4/1/2041		800		1,191
Walt Disney Co. (The)
8.88%, 4/26/2023		430		520
6.20%, 12/15/2034		100		147
				1,858
Equity Real Estate Investment Trusts (REITs) — 1.5%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		135		154
4.00%, 2/1/2050		653		793
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		500		527
American Tower Corp.
5.00%, 2/15/2024		974		1,110
3.38%, 10/15/2026		312		351
2.90%, 1/15/2030		350		380
2.10%, 6/15/2030		630		643
3.70%, 10/15/2049		935		1,051
American Tower Trust #1 3.07%, 3/15/2023 (a)		750		767
Boston Properties LP
3.20%, 1/15/2025		532		578
3.65%, 2/1/2026		483		539
Brixmor Operating Partnership LP 3.85%, 2/1/2025		400		424
Crown Castle International Corp.
4.00%, 3/1/2027		264		303
2.25%, 1/15/2031		1,235		1,263
Digital Realty Trust LP 3.70%, 8/15/2027		252		288
Duke Realty LP
3.25%, 6/30/2026		239		263
2.88%, 11/15/2029		380		418
Essex Portfolio LP 2.65%, 3/15/2032		2,000		2,116
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		1,604		1,693

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Healthpeak Properties, Inc.
4.20%, 3/1/2024		230		254
3.88%, 8/15/2024		794		884
3.40%, 2/1/2025		265		292
3.50%, 7/15/2029		772		866
Kimco Realty Corp. 2.70%, 10/1/2030		1,250		1,279
Life Storage LP 4.00%, 6/15/2029		859		967
National Retail Properties, Inc.
4.00%, 11/15/2025		783		876
4.30%, 10/15/2028		620		691
Office Properties Income Trust 4.00%, 7/15/2022		784		787
Prologis LP 3.00%, 4/15/2050		905		974
Realty Income Corp. 4.65%, 3/15/2047		556		721
Regency Centers LP 2.95%, 9/15/2029		745		768
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		420		444
SITE Centers Corp. 4.70%, 6/1/2027		330		348
UDR, Inc.
2.95%, 9/1/2026		382		413
3.00%, 8/15/2031		305		334
2.10%, 8/1/2032		640		642
Ventas Realty LP
3.50%, 2/1/2025		242		261
4.13%, 1/15/2026		406		456
3.85%, 4/1/2027		554		597
Welltower, Inc.
2.70%, 2/15/2027		414		440
3.10%, 1/15/2030		670		704
6.50%, 3/15/2041		350		456
WP Carey, Inc. 4.25%, 10/1/2026		350		394
				28,509
Food & Staples Retailing — 0.2%
Alimentation Couche-Tard, Inc. (Canada) 3.80%, 1/25/2050 (a)		810		871
CVS Pass-Through Trust
5.93%, 1/10/2034 (a)		836		956
Series 2013, 4.70%, 1/10/2036 (a)		640		682
Kroger Co. (The) 5.00%, 4/15/2042		1,100		1,395
				3,904
Food Products — 0.4%
Campbell Soup Co. 3.13%, 4/24/2050		315		317

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food Products — continued
Cargill, Inc.
3.30%, 3/1/2022 (a)		600		621
3.25%, 3/1/2023 (a)		115		123
2.13%, 4/23/2030 (a)		1,417		1,484
Conagra Brands, Inc. 5.30%, 11/1/2038		220		283
General Mills, Inc.
4.00%, 4/17/2025		490		558
4.15%, 2/15/2043		450		559
Kellogg Co. 2.10%, 6/1/2030		620		638
Mars, Inc. 1.63%, 7/16/2032 (a)		1,570		1,558
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		178
Mondelez International, Inc.
1.50%, 5/4/2025		370		383
2.75%, 4/13/2030		679		742
Tyson Foods, Inc.
4.88%, 8/15/2034		300		393
5.15%, 8/15/2044		210		274
				8,111
Gas Utilities — 0.3%
Atmos Energy Corp.
4.15%, 1/15/2043		828		1,018
4.13%, 10/15/2044		125		155
Boston Gas Co. 4.49%, 2/15/2042 (a)		308		383
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		440		554
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		335		337
Dominion Energy Gas Holdings LLC
2.80%, 11/15/2020		382		383
Series C, 3.90%, 11/15/2049		807		926
Korea Gas Corp. (South Korea) 1.88%, 7/18/2021 (a)		653		661
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		501
4.80%, 3/15/2047 (a)		367		402
				5,320
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories
1.15%, 1/30/2028		660		668
4.75%, 11/30/2036		380		514
Becton Dickinson and Co. 4.67%, 6/6/2047		600		754
Boston Scientific Corp. 3.75%, 3/1/2026		530		607

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Health Care Equipment & Supplies — continued
Covidien International Finance SA 2.95%, 6/15/2023		399		424
DH Europe Finance II SARL 3.25%, 11/15/2039		1,000		1,122
Medtronic, Inc. 4.63%, 3/15/2045		97		133
				4,222
Health Care Providers & Services — 0.8%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		710		732
Aetna, Inc. 6.75%, 12/15/2037		440		634
Anthem, Inc.
4.63%, 5/15/2042		500		630
4.65%, 1/15/2043		535		679
4.65%, 8/15/2044		100		127
Ascension Health Series B, 2.53%, 11/15/2029		430		481
Children’s Hospital Corp. (The) Series 2020, 2.59%, 2/1/2050		580		568
Children’s National Medical Center Series 2020, 2.93%, 7/15/2050		650		638
Cigna Corp. 4.50%, 2/25/2026		300		353
CVS Health Corp.
4.30%, 3/25/2028		779		917
3.25%, 8/15/2029		895		992
2.70%, 8/21/2040		470		458
HCA, Inc.
5.25%, 6/15/2026		850		1,003
5.13%, 6/15/2039		725		898
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		293
Memorial Health Services 3.45%, 11/1/2049		1,340		1,403
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		271
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		170
Rush Obligated Group Series 2020, 3.92%, 11/15/2029		1,137		1,326
Texas Health Resources 4.33%, 11/15/2055		300		409
UnitedHealth Group, Inc.
2.00%, 5/15/2030		600		628
4.63%, 7/15/2035		400		528
3.50%, 8/15/2039		815		944
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050		780		761
				15,843

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		700		886
Starbucks Corp. 2.55%, 11/15/2030		780		827
				1,713
Household Products — 0.0% (b)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		700		723
Independent Power and Renewable Electricity Producers — 0.0% (b)
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		275
Tri-State Generation & Transmission Association, Inc. 4.25%, 6/1/2046		417		484
				759
Industrial Conglomerates — 0.3%
General Electric Co.
3.10%, 1/9/2023		573		604
5.55%, 1/5/2026		1,114		1,291
3.45%, 5/1/2027		540		573
3.63%, 5/1/2030		780		803
5.88%, 1/14/2038		95		110
Honeywell International, Inc. 1.95%, 6/1/2030		1,050		1,108
Roper Technologies, Inc. 3.00%, 12/15/2020		192		193
1.40%, 9/15/2027		1,370		1,390
2.00%, 6/30/2030		570		583
				6,655
Insurance — 1.0%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029 (a)		445		502
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (a)		520		788
American International Group, Inc. 3.88%, 1/15/2035		605		705
Assurant, Inc. 4.20%, 9/27/2023		660		708
Athene Global Funding 2.95%, 11/12/2026 (a)		2,800		2,950
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		1,296
CNA Financial Corp. 3.95%, 5/15/2024		463		511
Dai-ichi Life Insurance Co. Ltd. (The) (Japan) (ICE LIBOR USD 3 Month + 3.66%), 4.00%, 7/24/2026 (a) (c) (d) (e)		526		573
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		208		276
Hanover Insurance Group, Inc. (The) 2.50%, 9/1/2030		500		508

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		468
Intact US Holdings, Inc. 4.60%, 11/9/2022		500		526
Jackson National Life Global Funding 3.05%, 4/29/2026 (a)		675		741
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		408		493
3.95%, 10/15/2050 (a)		900		1,004
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (a)		100		126
Lincoln National Corp. 4.20%, 3/15/2022		598		632
Markel Corp. 3.50%, 11/1/2027		200		216
MassMutual Global Funding II 2.50%, 10/17/2022 (a)		626		654
MetLife, Inc. 4.88%, 11/13/2043		600		804
Metropolitan Life Global Funding I 3.88%, 4/11/2022 (a)		1,277		1,349
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		266		280
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (c) (d) (e)		360		364
Prudential Financial, Inc. 3.91%, 12/7/2047		300		340
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		1,750		2,308
Swiss Re Finance Luxembourg SA (Switzerland)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (a) (c)		600		685
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		400		472
				20,279
Interactive Media & Services — 0.1%
Alphabet, Inc. 2.05%, 8/15/2050		1,770		1,675
Internet & Direct Marketing Retail — 0.0% (b)
Amazon.com, Inc.
2.50%, 6/3/2050		500		503
2.70%, 6/3/2060		460		470
				973
IT Services — 0.4%
DXC Technology Co. 4.25%, 4/15/2024		478		520
Fiserv, Inc.
3.20%, 7/1/2026		395		443
4.40%, 7/1/2049		375		473

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
IT Services — continued
Global Payments, Inc. 4.15%, 8/15/2049		795		934
International Business Machines Corp.
3.30%, 5/15/2026		1,530		1,737
1.70%, 5/15/2027		2,675		2,768
Western Union Co. (The) 3.60%, 3/15/2022		1,100		1,145
				8,020
Life Sciences Tools & Services — 0.0% (b)
Thermo Fisher Scientific, Inc.
3.00%, 4/15/2023		369		392
4.15%, 2/1/2024		343		381
				773
Machinery — 0.2%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		483
Otis Worldwide Corp. 2.57%, 2/15/2030 (a)		1,430		1,526
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		743
Xylem, Inc. 3.25%, 11/1/2026		197		221
				2,973
Media — 0.9%
Charter Communications Operating LLC
6.38%, 10/23/2035		528		730
4.80%, 3/1/2050		1,475		1,676
Comcast Corp.
3.95%, 10/15/2025		696		802
3.15%, 3/1/2026		740		830
3.55%, 5/1/2028		443		514
1.95%, 1/15/2031		1,345		1,384
1.50%, 2/15/2031		1,250		1,241
4.20%, 8/15/2034		555		691
4.60%, 10/15/2038		845		1,083
3.25%, 11/1/2039		715		790
3.45%, 2/1/2050		918		1,029
4.95%, 10/15/2058		620		887
Cox Communications, Inc. 4.60%, 8/15/2047 (a)		275		343
Discovery Communications LLC
6.35%, 6/1/2040		569		763
5.20%, 9/20/2047		175		209
Fox Corp. 5.58%, 1/25/2049		690		947
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		247
6.13%, 1/31/2046		200		260

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — continued
Time Warner Cable LLC
6.55%, 5/1/2037		400		534
5.50%, 9/1/2041		359		439
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		1,088
ViacomCBS, Inc.
4.00%, 1/15/2026		792		895
4.85%, 7/1/2042		140		156
4.38%, 3/15/2043		464		494
				18,032
Metals & Mining — 0.5%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (a)		500		551
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		410
Glencore Funding LLC (Australia)
4.13%, 5/30/2023 (a)		454		488
1.63%, 9/1/2025 (a)		1,325		1,322
2.50%, 9/1/2030 (a)		2,945		2,891
Reliance Steel & Aluminum Co. 1.30%, 8/15/2025		2,500		2,505
Steel Dynamics, Inc. 3.45%, 4/15/2030		909		998
				9,165
Multiline Retail — 0.0% (b)
Dollar General Corp. 4.13%, 5/1/2028		235		277
Multi-Utilities — 0.4%
CMS Energy Corp. 3.00%, 5/15/2026		475		524
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		275
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		340
Series F, 5.25%, 8/1/2033		920		1,164
NiSource, Inc.
1.70%, 2/15/2031		740		730
5.80%, 2/1/2042		1,256		1,715
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		335
3.95%, 11/15/2041		379		430
Sempra Energy 4.05%, 12/1/2023		1,013		1,112
Southern Co. Gas Capital Corp.
3.50%, 9/15/2021		563		578
3.25%, 6/15/2026		254		275
				7,478

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — 2.3%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		732		826
Boardwalk Pipelines LP 4.80%, 5/3/2029		410		453
BP Capital Markets America, Inc. 1.75%, 8/10/2030		1,070		1,061
BP Capital Markets plc (United Kingdom) 3.51%, 3/17/2025		451		504
Buckeye Partners LP 5.85%, 11/15/2043		770		747
Cameron LNG LLC 3.70%, 1/15/2039 (a)		961		1,073
Chevron Corp. 2.24%, 5/11/2030		615		655
Concho Resources, Inc. 2.40%, 2/15/2031		505		494
Diamondback Energy, Inc. 4.75%, 5/31/2025		1,085		1,191
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		250
4.13%, 1/16/2025		533		563
Enable Midstream Partners LP
4.95%, 5/15/2028		325		320
4.15%, 9/15/2029		594		553
Enbridge, Inc. (Canada)
3.70%, 7/15/2027		215		241
4.50%, 6/10/2044		350		402
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (c)		400		411
Energy Transfer Operating LP
4.75%, 1/15/2026		1,191		1,299
6.25%, 4/15/2049		800		837
5.00%, 5/15/2050		500		478
Eni SpA (Italy) 5.70%, 10/1/2040 (a)		925		1,093
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		522
3.70%, 2/15/2026		506		573
4.20%, 1/31/2050		530		577
3.70%, 1/31/2051		770		780
3.95%, 1/31/2060		490		496
Exxon Mobil Corp.
2.99%, 3/19/2025		1,410		1,547
2.61%, 10/15/2030		1,290		1,401
3.00%, 8/16/2039		895		960
Hess Corp. 6.00%, 1/15/2040		510		585
Kinder Morgan, Inc.
2.00%, 2/15/2031		590		577
3.25%, 8/1/2050		650		609
Magellan Midstream Partners LP
3.20%, 3/15/2025		353		377
5.15%, 10/15/2043		600		703

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Marathon Petroleum Corp.
4.50%, 5/1/2023		485		527
3.63%, 9/15/2024		200		216
MPLX LP
5.25%, 1/15/2025		268		279
4.13%, 3/1/2027		259		286
2.65%, 8/15/2030		820		813
4.50%, 4/15/2038		338		358
5.20%, 3/1/2047		323		365
4.70%, 4/15/2048		65		69
5.50%, 2/15/2049		585		691
Noble Energy, Inc. 6.00%, 3/1/2041		999		1,378
ONEOK Partners LP
3.38%, 10/1/2022		151		157
5.00%, 9/15/2023		334		363
6.65%, 10/1/2036		350		403
ONEOK, Inc.
3.40%, 9/1/2029		615		605
5.20%, 7/15/2048		850		834
Ovintiv, Inc. 7.38%, 11/1/2031		760		793
Phillips 66 Partners LP 3.15%, 12/15/2029		985		985
Pioneer Natural Resources Co. 1.90%, 8/15/2030		1,050		1,015
Plains All American Pipeline LP
3.80%, 9/15/2030		462		465
4.70%, 6/15/2044		610		564
Spectra Energy Partners LP 5.95%, 9/25/2043		452		584
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		1,195		1,623
Sunoco Logistics Partners Operations LP
3.90%, 7/15/2026		244		256
6.10%, 2/15/2042		400		407
5.30%, 4/1/2044		170		161
TC PipeLines LP 3.90%, 5/25/2027		391		421
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (a)		930		975
Texas Eastern Transmission LP
2.80%, 10/15/2022 (a)		554		568
3.50%, 1/15/2028 (a)		90		97
Total Capital International SA (France)
2.99%, 6/29/2041		1,200		1,249
3.46%, 7/12/2049		815		904
3.13%, 5/29/2050		1,180		1,235

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 17

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		394		468
Valero Energy Corp.
2.70%, 4/15/2023		735		768
7.50%, 4/15/2032		175		252
Williams Cos., Inc. (The)
3.90%, 1/15/2025		512		564
4.85%, 3/1/2048		409		474
				45,330
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		1,880		2,064
Pharmaceuticals — 1.0%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		460		451
6.45%, 9/15/2037		300		463
4.00%, 9/18/2042		240		295
Bristol-Myers Squibb Co.
3.20%, 6/15/2026		810		921
4.13%, 6/15/2039		545		697
5.70%, 10/15/2040		633		936
5.00%, 8/15/2045		975		1,387
Eli Lilly and Co.
2.25%, 5/15/2050		575		545
2.50%, 9/15/2060		1,000		949
Merck & Co., Inc. 2.45%, 6/24/2050		840		838
Mylan NV 3.95%, 6/15/2026		300		340
Mylan, Inc. 5.40%, 11/29/2043		520		662
Pfizer, Inc.
3.90%, 3/15/2039		950		1,174
2.55%, 5/28/2040		550		574
Royalty Pharma plc
0.75%, 9/2/2023 (a)		945		944
1.20%, 9/2/2025 (a)		840		838
1.75%, 9/2/2027 (a)		840		838
3.30%, 9/2/2040 (a)		400		390
3.55%, 9/2/2050 (a)		410		393
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		1,713		1,918
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		895		1,107
3.03%, 7/9/2040		615		637
3.18%, 7/9/2050		590		599
3.38%, 7/9/2060		415		429

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — continued
Upjohn, Inc. 3.85%, 6/22/2040 (a)		567		614
Zoetis, Inc. 2.00%, 5/15/2030		760		790
				19,729
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		425		616
4.38%, 9/1/2042		375		480
5.15%, 9/1/2043		769		1,080
3.55%, 2/15/2050		653		775
CSX Corp.
5.50%, 4/15/2041		150		204
4.75%, 5/30/2042		191		246
4.75%, 11/15/2048		600		806
3.35%, 9/15/2049		95		106
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		515		596
Norfolk Southern Corp. 4.05%, 8/15/2052		600		724
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		1,131		1,227
				6,860
Semiconductors & Semiconductor Equipment — 0.3%
Analog Devices, Inc. 4.50%, 12/5/2036		300		364
Broadcom, Inc.
4.11%, 9/15/2028		1,838		2,065
4.75%, 4/15/2029		1,575		1,842
QUALCOMM, Inc. 2.15%, 5/20/2030		2,055		2,167
				6,438
Software — 0.3%
Microsoft Corp.
3.50%, 2/12/2035		291		358
4.20%, 11/3/2035		615		810
4.10%, 2/6/2037		503		647
2.53%, 6/1/2050		297		311
3.95%, 8/8/2056		268		352
2.68%, 6/1/2060		716		752
Oracle Corp.
4.30%, 7/8/2034		82		102
3.80%, 11/15/2037		500		579
3.60%, 4/1/2040		1,600		1,804
4.38%, 5/15/2055		900		1,128
				6,843

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031		690		681
Home Depot, Inc. (The) 3.13%, 12/15/2049		1,630		1,785
Lowe’s Cos., Inc.
3.65%, 4/5/2029		418		484
4.65%, 4/15/2042		739		935
4.55%, 4/5/2049		403		511
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		497
				4,893
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
3.20%, 5/11/2027		686		782
3.00%, 6/20/2027		1,125		1,268
3.85%, 5/4/2043		150		184
3.45%, 2/9/2045		1,130		1,312
3.85%, 8/4/2046		569		702
3.75%, 11/13/2047		150		181
2.95%, 9/11/2049		1,094		1,176
2.55%, 8/20/2060		850		830
Dell International LLC
5.45%, 6/15/2023 (a)		485		536
6.02%, 6/15/2026 (a)		1,410		1,660
Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		1,070		1,084
HP, Inc. 3.00%, 6/17/2027		665		722
				10,437
Thrifts & Mortgage Finance — 0.1%
BPCE SA (France)
4.63%, 7/11/2024 (a)		800		883
3.38%, 12/2/2026		400		449
				1,332
Tobacco — 0.0% (b)
BAT Capital Corp. (United Kingdom) 4.54%, 8/15/2047		265		288
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		135
				423
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.38%, 7/1/2025		630		641
2.88%, 1/15/2026		1,000		994
3.75%, 6/1/2026		985		1,013
3.25%, 10/1/2029		2,080		2,031

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Trading Companies & Distributors — continued
Aviation Capital Group LLC
3.88%, 5/1/2023 (a)		490		483
5.50%, 12/15/2024 (a)		1,500		1,542
3.50%, 11/1/2027 (a)		700		622
BOC Aviation Ltd. (Singapore) 2.75%, 9/18/2022 (a)		450		458
3.50%, 10/10/2024 (a)		310		328
International Lease Finance Corp. 5.88%, 8/15/2022		506		548
				8,660
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029		795		914
3.45%, 5/1/2050		1,096		1,243
				2,157
Wireless Telecommunication Services — 0.7%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		880		995
4.38%, 4/22/2049		441		548
Rogers Communications, Inc., (Canada) 4.35%, 5/1/2049		560		697
T-Mobile USA, Inc.
1.50%, 2/15/2026 (a)		2,105		2,135
3.75%, 4/15/2027 (a)		2,275		2,573
2.05%, 2/15/2028 (a)		1,550		1,588
3.88%, 4/15/2030 (a)		1,980		2,263
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		496		648
4.88%, 6/19/2049		1,105		1,377
				12,824
Total Corporate Bonds (Cost $527,091)				578,022
U.S. Treasury Obligations — 22.8%
U.S. Treasury Bonds
4.38%, 2/15/2038		447		685
1.13%, 5/15/2040		1,615		1,585
3.88%, 8/15/2040		235		346
3.63%, 8/15/2043		5,214		7,554
3.75%, 11/15/2043		10,188		15,031
3.63%, 2/15/2044		7,780		11,292
3.00%, 11/15/2044		17,000		22,556
2.50%, 2/15/2045		17,900		21,872
2.88%, 8/15/2045		2,300		3,001
2.25%, 8/15/2046		11,193		13,122

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 19

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
3.13%, 5/15/2048		3,757		5,193
2.25%, 8/15/2049		5,365		6,347
2.00%, 2/15/2050		8,859		9,971
1.25%, 5/15/2050		7,000		6,602
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		453
3.63%, 4/15/2028		799		1,763
2.50%, 1/15/2029		300		475
U.S. Treasury Inflation Indexed Notes 0.13%, 1/15/2022		2,453		2,851
U.S. Treasury Notes
2.38%, 12/31/2020		880		887
2.63%, 5/15/2021		1,006		1,023
3.13%, 5/15/2021		2,250		2,297
2.13%, 8/15/2021		13,000		13,243
1.13%, 9/30/2021		6,240		6,304
2.00%, 10/31/2021		1,100		1,124
1.88%, 11/30/2021		5,100		5,209
1.75%, 2/28/2022		12,700		13,005
2.13%, 5/15/2022		50,000		51,681
1.75%, 7/15/2022		5,000		5,149
1.63%, 8/31/2022		3,000		3,089
2.00%, 10/31/2022		1,650		1,716
1.50%, 2/28/2023		3,000		3,101
1.75%, 5/15/2023		2,221		2,317
2.50%, 5/15/2024		8,840		9,592
1.88%, 8/31/2024		569		607
2.25%, 11/15/2024		400		434
1.75%, 12/31/2024		13,555		14,439
2.88%, 4/30/2025		1,212		1,359
1.75%, 12/31/2026		10,154		10,994
2.88%, 5/15/2028		1,198		1,408
1.63%, 8/15/2029		130		141
U.S. Treasury STRIPS Bonds
4.86%, 8/15/2021 (f)		3,100		3,096
3.36%, 11/15/2021 (f)		11,340		11,321
3.21%, 2/15/2022 (f)		11,793		11,762
2.53%, 5/15/2022 (f)		18,545		18,496
3.15%, 8/15/2022 (f)		1,905		1,900
2.17%, 11/15/2022 (f)		18,375		18,312
3.60%, 2/15/2023 (f)		38,462		38,302
3.14%, 5/15/2023 (f)		14,070		14,004
2.39%, 8/15/2023 (f)		13,900		13,816
2.67%, 11/15/2023 (f)		1,052		1,044
1.84%, 2/15/2024 (f)		11,355		11,254

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
1.70%, 8/15/2024 (f)		20,600		20,354
7.22%, 5/15/2026 (f)		1,500		1,462
3.63%, 8/15/2026 (f)		1,592		1,547
2.37%, 11/15/2041 (f)		500		366
Total U.S. Treasury Obligations (Cost $413,421)				446,854
Mortgage-Backed Securities — 17.5%
FHLMC
Pool # 846812, ARM, 3.74%, 4/1/2030 (g)		7		7
Pool # 781087, ARM, 3.98%, 12/1/2033 (g)		180		183
Pool # 1B1665, ARM, 3.64%, 4/1/2034 (g)		133		137
Pool # 847356, ARM, 4.19%, 12/1/2034 (g)		93		94
Pool # 782979, ARM, 3.88%, 1/1/2035 (g)		137		145
Pool # 1Q0025, ARM, 3.49%, 2/1/2036 (g)		49		51
Pool # 848431, ARM, 3.78%, 2/1/2036 (g)		86		91
Pool # 1L1286, ARM, 3.75%, 5/1/2036 (g)		30		32
Pool # 848365, ARM, 3.21%, 7/1/2036 (g)		82		87
Pool # 1A1096, ARM, 3.23%, 10/1/2036 (g)		118		123
Pool # 1G2539, ARM, 3.85%, 10/1/2036 (g)		11		12
Pool # 1J1348, ARM, 4.21%, 10/1/2036 (g)		70		70
Pool # 1G2671, ARM, 3.66%, 11/1/2036 (g)		103		105
Pool # 782760, ARM, 3.72%, 11/1/2036 (g)		133		141
Pool # 1J1634, ARM, 3.00%, 12/1/2036 (g)		76		80
Pool # 1J0282, ARM, 3.88%, 2/1/2037 (g)		43		43
Pool # 1Q0739, ARM, 2.97%, 3/1/2037 (g)		145		152
Pool # 848699, ARM, 3.28%, 7/1/2040 (g)		189		197
FHLMC Gold Pools, 20 Year
Pool # C91403, 3.50%, 3/1/2032		231		250
FHLMC Gold Pools, 30 Year
Pool # C68485, 7.00%, 7/1/2032		20		22
Pool # G01448, 7.00%, 8/1/2032		45		52
Pool # A13625, 5.50%, 10/1/2033		228		268
Pool # A16107, 6.00%, 12/1/2033		73		81
Pool # A17537, 6.00%, 1/1/2034		96		113
Pool # A61572, 5.00%, 9/1/2034		521		600
Pool # A28796, 6.50%, 11/1/2034		101		120
Pool # G03369, 6.50%, 1/1/2035		231		261
Pool # A46987, 5.50%, 7/1/2035		462		542

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # G01919, 4.00%, 9/1/2035		254		273
Pool # C02641, 7.00%, 10/1/2036		82		96
Pool # C02660, 6.50%, 11/1/2036		161		186
Pool # A93383, 5.00%, 8/1/2040		443		511
Pool # A93511, 5.00%, 8/1/2040		458		528
Pool # G06493, 4.50%, 5/1/2041		1,703		1,906
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		42		47
Pool # G20027, 10.00%, 10/1/2030		10		11
Pool # U50105, 4.00%, 1/1/2032		590		634
Pool # U80254, 3.00%, 3/1/2033		445		474
Pool # P20409, 5.50%, 10/1/2033		88		97
Pool # P50201, 5.50%, 1/1/2034		55		59
Pool # U90975, 4.00%, 6/1/2042		1,811		1,982
Pool # U90673, 4.00%, 1/1/2043		450		493
Pool # U99134, 4.00%, 1/1/2046		8,085		8,857
Pool # U69030, 4.50%, 1/1/2046		3,298		3,647
FNMA
Pool # 470623, ARM, 0.96%, 3/1/2022 (g)		832		832
Pool # 54844, ARM, 2.52%, 9/1/2027 (g)		12		12
Pool # 303532, ARM, 4.00%, 3/1/2029 (g)		8		8
Pool # 555258, ARM, 2.28%, 1/1/2033 (g)		267		268
Pool # 722421, ARM, 2.29%, 7/1/2033 (g)		35		35
Pool # 722985, ARM, 2.53%, 7/1/2033 (g)		18		18
Pool # 686040, ARM, 2.63%, 7/1/2033 (g)		131		132
Pool # 746299, ARM, 2.95%, 9/1/2033 (g)		108		113
Pool # 749923, ARM, 3.90%, 11/1/2033 (g)		8		8
Pool # 766610, ARM, 3.71%, 1/1/2034 (g)		79		80
Pool # 920467, ARM, 2.88%, 2/1/2034 (g)		80		81
Pool # 770377, ARM, 3.11%, 4/1/2034 (g)		77		78
Pool # 751531, ARM, 2.71%, 5/1/2034 (g)		102		102
Pool # 782306, ARM, 3.80%, 7/1/2034 (g)		24		24
Pool # 790235, ARM, 2.11%, 8/1/2034 (g)		99		101
Pool # 735332, ARM, 3.51%, 8/1/2034 (g)		182		188
Pool # 791961, ARM, 2.19%, 9/1/2034 (g)		30		30
Pool # 725902, ARM, 3.90%, 9/1/2034 (g)		13		13
Pool # 896463, ARM, 3.13%, 10/1/2034 (g)		89		95
Pool # 803599, ARM, 3.47%, 10/1/2034 (g)		130		130
Pool # 803594, ARM, 3.48%, 10/1/2034 (g)		144		145
Pool # 806776, ARM, 2.83%, 11/1/2034 (g)		144		145

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 806778, ARM, 2.92%, 11/1/2034 (g)		399		403
Pool # 810896, ARM, 2.57%, 1/1/2035 (g)		304		314
Pool # 802692, ARM, 2.62%, 1/1/2035 (g)		253		254
Pool # 816597, ARM, 3.54%, 2/1/2035 (g)		17		17
Pool # 745862, ARM, 3.07%, 4/1/2035 (g)		85		86
Pool # 735539, ARM, 3.67%, 4/1/2035 (g)		474		501
Pool # 821378, ARM, 2.14%, 5/1/2035 (g)		84		85
Pool # 823660, ARM, 2.88%, 5/1/2035 (g)		65		66
Pool # 745766, ARM, 3.32%, 6/1/2035 (g)		205		209
Pool # 843026, ARM, 2.41%, 9/1/2035 (g)		345		357
Pool # 832801, ARM, 2.91%, 9/1/2035 (g)		48		49
Pool # 849251, ARM, 3.15%, 1/1/2036 (g)		84		87
Pool # 872622, ARM, 2.42%, 6/1/2036 (g)		25		26
Pool # 895141, ARM, 2.19%, 7/1/2036 (g)		106		108
Pool # 900197, ARM, 4.26%, 10/1/2036 (g)		64		68
Pool # 966946, ARM, 3.79%, 1/1/2038 (g)		34		34
FNMA UMBS, 15 Year
Pool # 889634, 6.00%, 2/1/2023		151		157
Pool # 995381, 6.00%, 1/1/2024		37		38
Pool # 995425, 6.00%, 1/1/2024		93		97
Pool # AD0133, 5.00%, 8/1/2024		38		40
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		8		9
Pool # 555791, 6.50%, 12/1/2022		21		24
Pool # 255217, 4.50%, 4/1/2024		18		19
Pool # 888656, 6.50%, 4/1/2025		35		39
Pool # MA1138, 3.50%, 8/1/2032		540		583
FNMA UMBS, 30 Year
Pool # 50966, 7.00%, 1/1/2024		1		1
Pool # 399269, 7.00%, 4/1/2026		25		26
Pool # 689977, 8.00%, 3/1/2027		33		37
Pool # 695533, 8.00%, 6/1/2027		13		14
Pool # 756024, 8.00%, 9/1/2028		56		64
Pool # 755973, 8.00%, 11/1/2028		106		122
Pool # 455759, 6.00%, 12/1/2028		14		16
Pool # 252211, 6.00%, 1/1/2029		18		20
Pool # 459097, 7.00%, 1/1/2029		6		6
Pool # 889020, 6.50%, 11/1/2029		273		306
Pool # 598559, 6.50%, 8/1/2031		29		34
Pool # 622542, 5.50%, 9/1/2031		236		269
Pool # 788150, 6.00%, 3/1/2032		29		33
Pool # 649734, 7.00%, 6/1/2032		31		33
Pool # 675555, 6.00%, 12/1/2032		72		82

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 21

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AL0045, 6.00%, 12/1/2032		285		334
Pool # 674349, 6.00%, 3/1/2033		12		13
Pool # 688625, 6.00%, 3/1/2033		21		23
Pool # 688655, 6.00%, 3/1/2033		15		17
Pool # 695584, 6.00%, 3/1/2033		6		7
Pool # 702901, 6.00%, 5/1/2033		93		109
Pool # 723852, 5.00%, 7/1/2033		112		129
Pool # 729296, 5.00%, 7/1/2033		245		279
Pool # 729379, 6.00%, 8/1/2033		23		25
Pool # 737825, 6.00%, 9/1/2033		31		35
Pool # 750977, 4.50%, 11/1/2033		75		82
Pool # 725017, 5.50%, 12/1/2033		387		455
Pool # 751341, 5.50%, 3/1/2034		42		47
Pool # 888568, 5.00%, 12/1/2034		9		10
Pool # 815426, 4.50%, 2/1/2035		1		1
Pool # AD0755, 7.00%, 6/1/2035		2,668		3,140
Pool # 820347, 5.00%, 9/1/2035		75		86
Pool # 833657, 7.50%, 8/1/2036		39		45
Pool # 986648, 6.00%, 9/1/2037		124		146
Pool # 888892, 7.50%, 11/1/2037		42		50
Pool # 257510, 7.00%, 12/1/2038		118		139
Pool # AD0753, 7.00%, 1/1/2039		89		106
Pool # AT5891, 3.00%, 6/1/2043		2,731		3,005
Pool # AL7527, 4.50%, 9/1/2043		1,313		1,468
Pool # BM3500, 4.00%, 9/1/2047		4,145		4,627
Pool # BJ1778, 4.50%, 10/1/2047		1,572		1,720
Pool # BN9180, 4.00%, 6/1/2049		1,422		1,526
Pool # BK8753, 4.50%, 6/1/2049		3,944		4,336
Pool # BO1219, 4.50%, 6/1/2049		4,698		5,075
Pool # BO7077, 3.00%, 9/1/2049		3,654		3,868
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		14		15
Pool # 252409, 6.50%, 3/1/2029		49		55
Pool # 653815, 7.00%, 2/1/2033		8		9
Pool # 752786, 6.00%, 9/1/2033		61		68
Pool # 931717, 6.50%, 8/1/2039		278		318
FNMA, Other
Pool # FN0005, 3.46%, 11/1/2020 (g)		123		123
Pool # 466836, 3.87%, 1/1/2021		1,429		1,429
Pool # FN0003, 4.30%, 1/1/2021 (g)		356		356
Pool # 468102, 4.34%, 6/1/2021		5,000		5,057
Pool # AL0602, 4.20%, 7/1/2021 (g)		715		721
Pool # 468159, 4.26%, 7/1/2021		1,879		1,905
Pool # AM1771, 2.12%, 9/1/2021		2,500		2,538
Pool # 470407, 3.16%, 2/1/2022		2,402		2,460

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 470622, 2.75%, 3/1/2022		511		525
Pool # 471177, 2.94%, 5/1/2022		1,264		1,299
Pool # AM3789, 3.02%, 7/1/2023		2,202		2,333
Pool # AM7245, 2.95%, 8/1/2023		4,357		4,606
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,689
Pool # AM4628, 3.69%, 11/1/2023		1,464		1,583
Pool # AM4668, 3.76%, 11/1/2023		1,922		2,085
Pool # AM4716, 3.38%, 12/1/2023		1,913		2,074
Pool # AM7231, 2.92%, 12/1/2024		3,955		4,292
Pool # AM7589, 2.95%, 12/1/2024		1,527		1,656
Pool # AM7290, 2.97%, 12/1/2024		3,426		3,724
Pool # AM7576, 3.04%, 12/1/2024		3,957		4,314
Pool # AM7124, 3.11%, 12/1/2024		2,472		2,702
Pool # 470300, 3.64%, 1/1/2025		891		982
Pool # AM3833, 3.25%, 7/1/2025		3,527		3,890
Pool # AM4991, 3.97%, 12/1/2025		1,694		1,910
Pool # AL6805, 3.78%, 1/1/2026 (g)		3,441		3,882
Pool # 468645, 4.54%, 7/1/2026		2,560		2,956
Pool # AM6448, 3.25%, 9/1/2026		9,671		10,876
Pool # AM7223, 3.11%, 12/1/2026		3,435		3,846
Pool # AM7118, 3.14%, 12/1/2026		2,740		3,063
Pool # AM7485, 3.24%, 12/1/2026		4,235		4,794
Pool # AM7390, 3.26%, 12/1/2026		3,748		4,207
Pool # AM7265, 3.30%, 12/1/2026		3,833		4,321
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,385
Pool # AM8432, 2.79%, 5/1/2027		8,962		9,950
Pool # AM8803, 2.78%, 6/1/2027		4,854		5,375
Pool # AM8987, 2.79%, 6/1/2027		1,809		2,002
Pool # AM9003, 2.96%, 6/1/2027		2,811		3,145
Pool # BL1040, 3.81%, 12/1/2028		3,000		3,535
Pool # BL4364, 2.24%, 11/1/2029		5,456		5,922
Pool # BL4333, 2.52%, 11/1/2029		6,200		6,738
Pool # AM7785, 3.17%, 2/1/2030		2,872		3,260
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,306
Pool # AM8544, 3.08%, 4/1/2030		7,673		8,728
Pool # AM8889, 2.92%, 5/1/2030		8,000		9,126
Pool # AM8804, 3.10%, 5/1/2030		3,650		4,159
Pool # AM8807, 3.10%, 5/1/2030		4,711		5,364
Pool # AM9020, 2.97%, 6/1/2030		3,850		4,349
Pool # AM8967, 3.08%, 6/1/2030		6,036		6,887
Pool # AM9320, 3.30%, 7/1/2030		4,022		4,636
Pool # AM9219, 3.35%, 9/1/2030		1,828		2,102
Pool # BL4315, 2.39%, 9/1/2031		4,550		4,999
Pool # AP9632, 4.00%, 10/1/2032		511		553
Pool # AP9762, 4.00%, 10/1/2032		642		695

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AQ7084, 3.50%, 12/1/2032		638			686
Pool # AT2703, 3.50%, 5/1/2033		1,520			1,635
Pool # AT2954, 3.50%, 5/1/2033		953			1,025
Pool # AT4180, 3.50%, 5/1/2033		786			840
Pool # AT4939, 3.50%, 5/1/2033		769			827
Pool # 754922, 5.50%, 9/1/2033		83			95
Pool # 762520, 4.00%, 11/1/2033		429			463
Pool # AM8922, 3.03%, 6/1/2035		2,725			3,072
Pool # AM9188, 3.12%, 6/1/2035		7,000			8,143
Pool # 849215, 6.50%, 1/1/2036		20			21
Pool # 872740, 6.50%, 6/1/2036		79			92
Pool # 886320, 6.50%, 7/1/2036		24			27
Pool # 888796, 6.00%, 9/1/2037		65			73
Pool # AO7225, 4.00%, 7/1/2042		599			656
Pool # AO9352, 4.00%, 7/1/2042		716			785
Pool # MA1125, 4.00%, 7/1/2042		901			983
Pool # AR1397, 3.00%, 1/1/2043		1,508			1,613
Pool # MA1711, 4.50%, 12/1/2043		2,872			3,201
Pool # MA1828, 4.50%, 3/1/2044		2,250			2,509
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 9/25/2050 (h)		7,357			7,744
TBA, 2.00%, 10/25/2050 (h)		22,855			23,513
TBA, 2.50%, 10/25/2050 (h)		4,893			5,141
GNMA I, 30 Year
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		3			3
Pool # 554108, 6.50%, 3/15/2028		42			46
Pool # 481872, 7.50%, 7/15/2028		4			4
Pool # 468149, 8.00%, 8/15/2028		3			3
Pool # 486537, 7.50%, 9/15/2028		9			10
Pool # 486631, 6.50%, 10/15/2028		5			5
Pool # 591882, 6.50%, 7/15/2032		14			16
Pool # 607645, 6.50%, 2/15/2033		33			37
Pool # 607724, 7.00%, 2/15/2033		35			40
Pool # 604209, 6.50%, 4/15/2033		37			43
Pool # 781614, 7.00%, 6/15/2033		65			80
Pool # BM2141, 5.00%, 7/15/2049		1,310			1,491
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		9			10
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		4			4
Pool # 2270, 8.00%, 8/20/2026		2			3
Pool # 2285, 8.00%, 9/20/2026		3			3
Pool # 2324, 8.00%, 11/20/2026		3			4

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 2499, 8.00%, 10/20/2027		5		6
Pool # 2512, 8.00%, 11/20/2027		7		8
Pool # 2525, 8.00%, 12/20/2027		3		3
Pool # 2549, 7.50%, 2/20/2028		5		5
Pool # 2646, 7.50%, 9/20/2028		12		14
Pool # 2647, 8.00%, 9/20/2028		2		2
Pool # 3427, 4.50%, 8/20/2033		95		105
Pool # 4245, 6.00%, 9/20/2038		710		818
Pool # AK8806, 4.25%, 3/20/2045		1,471		1,636
Pool # BM2118, 4.50%, 6/20/2049		1,196		1,291
Pool # BO0535, 4.00%, 7/20/2049		2,810		3,007
Pool # BO8227, 5.00%, 7/20/2049		1,844		2,066
Pool # BO8228, 5.00%, 7/20/2049		1,660		1,845
Pool # BO8229, 5.00%, 7/20/2049		3,408		3,814
Pool # BM9734, 4.00%, 10/20/2049		4,831		5,218
Pool # BQ4115, 3.00%, 3/20/2050		5,279		5,564
GNMA II, Other
Pool # AC0979, 4.11%, 4/20/2063 (g)		339		346
Pool # AC0973, 4.20%, 5/20/2063 (g)		426		432
Total Mortgage-Backed Securities (Cost $322,318)				344,141
Collateralized Mortgage Obligations — 13.0%
ACC 1/15/2021 ‡		2,187		2,187
Acre 6.25%, 12/22/2021 ‡		3,785		3,747
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		4,849		4,902
Series 2005-1CB, Class 1A6, IF, IO, 6.92%, 3/25/2035 ‡ (g)		634		105
Series 2005-22T1, Class A2, IF, IO, 4.89%, 6/25/2035 ‡ (g)		3,665		637
Series 2005-20CB, Class 3A8, IF, IO, 4.57%, 7/25/2035 ‡ (g)		1,684		251
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		1,636		1,616
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		69		46
Series 2005-37T1, Class A2, IF, IO, 4.87%, 9/25/2035 ‡ (g)		2,839		483
Series 2005-54CB, Class 1A2, IF, IO, 4.67%, 11/25/2035 ‡ (g)		2,978		491
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		1,183		1,131
Series 2005-57CB, Class 3A2, IF, IO, 4.92%, 12/25/2035 ‡ (g)		737		101
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		510		497

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 23

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		997		749
Banc of America Alternative Loan Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		6		5
Series 2005-5, Class 1CB1, 5.50%, 6/25/2035		438		440
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		286		258
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		122		97
Series 2004-2, Class 30, PO, 9/20/2034 ‡		88		74
Series 2004-C, Class 1A1, 4.41%, 12/20/2034 (g)		67		66
Series 2005-E, Class 4A1, 3.86%, 3/20/2035 (g)		40		40
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		185		179
Series 2005-7, Class 30, PO, 11/25/2035 ‡		142		128
Series 2005-8, Class 30, PO, 1/25/2036 ‡		91		68
Series 2006-A, Class 3A2, 3.50%, 2/20/2036 (g)		175		164
Banc of America Mortgage Trust
Series 2004-A, Class 2A2, 3.85%, 2/25/2034 (g)		46		46
BCAP LLC Trust
Series 2009-RR5, Class 8A1, 5.50%, 11/26/2034 (a) (g)		36		37
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 3.31%, 10/25/2033 (g)		36		34
Series 2004-1, Class 12A1, 3.82%, 4/25/2034 (g)		258		247
Series 2004-2, Class 14A, 3.69%, 5/25/2034 (g)		38		36
Series 2006-1, Class A1, 3.84%, 2/25/2036 (g)		678		681
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2		2
Series 2004-HYB1, Class 2A, 3.27%, 5/20/2034 (g)		40		39
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034 (g)		235		228
Series 2004-7, Class 2A1, 3.56%, 6/25/2034 (g)		131		135
Series 2004-HYB6, Class A3, 3.55%, 11/20/2034 (g)		180		180

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-16, Class A23, 5.50%, 9/25/2035		329		296
Series 2005-22, Class 2A1, 3.46%, 11/25/2035 (g)		979		901
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class A, PO, 8/25/2035 ‡		35		30
Series 2005-8, Class A, PO, 11/25/2035 ‡		76		64
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033 ‡		1		1
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (g)		38		38
Citigroup Mortgage Loan Trust
Series 2015-A, Class B2, 4.50%, 6/25/2058 (a) (g)		413		415
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3, PO, 9/25/2033 ‡		26		24
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		11		11
Series 2003-1, Class 2, PO, 10/25/2033 ‡		15		13
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		20		19
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		39		39
Series 2004-UST1, Class A6, 2.95%, 8/25/2034 (g)		20		18
Series 2005-1, Class 2A1A, 2.51%, 2/25/2035 (g)		181		153
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		190		198
Series 2005-5, Class 1A2, 3.06%, 8/25/2035 (g)		223		175
Conix Mortgage Asset Trust
Series 2013-1, Class A, 12/25/2047 ‡ (g) (j)		1,079		17
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-1, Class DB1, 6.73%, 2/25/2033 (g)		257		262
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		65		67
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		191		172
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		1,093		1,134

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		2,305			2,320
CSMA SFR
Zero Coupon, 4/25/2023 ‡		3,061			3,038
CSMA SFR Holdings II 7/25/2023 ‡		2,968			2,965
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		24			24
FHLMC, REMIC
Series 1065, Class J, 9.00%, 4/15/2021		—	(i)		—	(i)
Series 1084, Class F, 1.11%, 5/15/2021 (g)		—	(i)		—	(i)
Series 1084, Class S, HB, IF, 44.50%, 5/15/2021 (g)		—	(i)		—	(i)
Series 1144, Class KB, 8.50%, 9/15/2021		1			1
Series 1250, Class J, 7.00%, 5/15/2022		1			1
Series 1343, Class LB, 7.50%, 8/15/2022		3			3
Series 1343, Class LA, 8.00%, 8/15/2022		2			2
Series 1370, Class JA, 1.31%, 9/15/2022 (g)		5			5
Series 2512, Class PG, 5.50%, 10/15/2022		50			52
Series 1455, Class WB, IF, 4.59%, 12/15/2022 (g)		5			5
Series 2535, Class BK, 5.50%, 12/15/2022		25			26
Series 1470, Class F, 1.76%, 2/15/2023 (g)		—	(i)		—	(i)
Series 2568, Class KG, 5.50%, 2/15/2023		70			73
Series 1466, Class PZ, 7.50%, 2/15/2023		23			24
Series 1498, Class I, 1.31%, 4/15/2023 (g)		29			29
Series 1502, Class PX, 7.00%, 4/15/2023		46			49
Series 1798, Class F, 5.00%, 5/15/2023		36			37
Series 1505, Class Q, 7.00%, 5/15/2023		5			6
Series 1518, Class G, IF, 8.79%, 5/15/2023 (g)		11			12
Series 1541, Class O, 0.00%, 7/15/2023 (g)		12			12
Series 2638, Class DS, IF, 8.44%, 7/15/2023 (g)		9			10
Series 1541, Class M, HB, IF, 24.51%, 7/15/2023 (g)		4			5
Series 1570, Class F, 2.18%, 8/15/2023 (g)		1			1
Series 1608, Class L, 6.50%, 9/15/2023		118			127
Series 1573, Class PZ, 7.00%, 9/15/2023		35			38
Series 2571, Class SK, HB, IF, 33.80%, 9/15/2023 (g)		16			22
Series 1591, Class PV, 6.25%, 10/15/2023		23			24

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1602, Class SA, HB, IF, 22.18%, 10/15/2023 (g)		14		17
Series 2710, Class HB, 5.50%, 11/15/2023		199		207
Series 1642, Class PJ, 6.00%, 11/15/2023		57		61
Series 2716, Class UN, 4.50%, 12/15/2023		136		141
Series 1638, Class H, 6.50%, 12/15/2023		79		85
Series 2283, Class K, 6.50%, 12/15/2023		34		36
Series 1700, Class GA, PO, 2/15/2024		8		7
Series 1865, Class D, PO, 2/15/2024		39		39
Series 1760, Class ZD, 0.10%, 2/15/2024 (g)		103		102
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (g)		14		16
Series 1686, Class SH, IF, 18.84%, 2/15/2024 (g)		3		3
Series 1709, Class FA, 0.00%, 3/15/2024 (g)		1		1
Series 1699, Class FC, 0.77%, 3/15/2024 (g)		4		4
Series 1695, Class EB, 7.00%, 3/15/2024		18		20
Series 1706, Class K, 7.00%, 3/15/2024		54		58
Series 2033, Class SN, HB, IF, 28.37%, 3/15/2024 (g)		9		2
Series 2306, Class K, PO, 5/15/2024		10		10
Series 2306, Class SE, IF, IO, 10.00%, 5/15/2024 (g)		23		3
Series 1745, Class D, 7.50%, 8/15/2024		13		14
Series 3720, Class A, 4.50%, 9/15/2025		106		113
Series 3131, Class BK, 5.50%, 3/15/2026		376		403
Series 1829, Class ZB, 6.50%, 3/15/2026		9		10
Series 1863, Class Z, 6.50%, 7/15/2026		11		12
Series 1890, Class H, 7.50%, 9/15/2026		13		15
Series 1899, Class ZE, 8.00%, 9/15/2026		40		46
Series 3229, Class HE, 5.00%, 10/15/2026		375		401
Series 1963, Class Z, 7.50%, 1/15/2027		34		40
Series 1935, Class FL, 0.86%, 2/15/2027 (g)		2		3
Series 1981, Class Z, 6.00%, 5/15/2027		52		57
Series 1970, Class PG, 7.25%, 7/15/2027		4		5
Series 1987, Class PE, 7.50%, 9/15/2027		20		23
Series 2019, Class Z, 6.50%, 12/15/2027		43		49
Series 2038, Class PN, IO, 7.00%, 3/15/2028		40		6
Series 2040, Class PE, 7.50%, 3/15/2028		85		100
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,862
Series 2043, Class CJ, 6.50%, 4/15/2028		12		14
Series 2054, Class PV, 7.50%, 5/15/2028		58		67

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 25

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2075, Class PM, 6.25%, 8/15/2028		126		140
Series 2075, Class PH, 6.50%, 8/15/2028		112		128
Series 2086, Class GB, 6.00%, 9/15/2028		33		37
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		54		6
Series 2095, Class PE, 6.00%, 11/15/2028		156		176
Series 2125, Class JZ, 6.00%, 2/15/2029		52		58
Series 2136, Class PG, 6.00%, 3/15/2029		58		66
Series 2132, Class SB, HB, IF, 29.88%, 3/15/2029 (g)		11		18
Series 2141, IO, 7.00%, 4/15/2029		17		2
Series 2169, Class TB, 7.00%, 6/15/2029		190		220
Series 2163, Class PC, IO, 7.50%, 6/15/2029		20		2
Series 2172, Class QC, 7.00%, 7/15/2029		129		151
Series 2176, Class OJ, 7.00%, 8/15/2029		91		106
Series 2201, Class C, 8.00%, 11/15/2029		47		54
Series 2209, Class TC, 8.00%, 1/15/2030		48		58
Series 2210, Class Z, 8.00%, 1/15/2030		91		111
Series 2224, Class CB, 8.00%, 3/15/2030		22		26
Series 2230, Class Z, 8.00%, 4/15/2030		57		68
Series 2234, Class PZ, 7.50%, 5/15/2030		42		50
Series 2247, Class Z, 7.50%, 8/15/2030		40		48
Series 2256, Class MC, 7.25%, 9/15/2030		55		66
Series 2259, Class ZM, 7.00%, 10/15/2030		82		97
Series 2262, Class Z, 7.50%, 10/15/2030		12		14
Series 2271, Class PC, 7.25%, 12/15/2030		89		106
Series 2296, Class PD, 7.00%, 3/15/2031		53		62
Series 2313, Class LA, 6.50%, 5/15/2031		43		50
Series 2325, Class PM, 7.00%, 6/15/2031		64		76
Series 2359, Class ZB, 8.50%, 6/15/2031		152		187
Series 2344, Class ZD, 6.50%, 8/15/2031		512		595
Series 2344, Class ZJ, 6.50%, 8/15/2031		44		53
Series 2345, Class NE, 6.50%, 8/15/2031		35		42
Series 2351, Class PZ, 6.50%, 8/15/2031		41		47
Series 2353, Class AZ, 6.00%, 9/15/2031		288		322
Series 2367, Class ME, 6.50%, 10/15/2031		87		98
Series 2396, Class FM, 0.61%, 12/15/2031 (g)		159		159
Series 2399, Class OH, 6.50%, 1/15/2032		115		135
Series 2399, Class TH, 6.50%, 1/15/2032		132		156
Series 2410, Class OE, 6.38%, 2/15/2032		44		49
Series 2410, Class NG, 6.50%, 2/15/2032		122		144
Series 2420, Class XK, 6.50%, 2/15/2032		179		211
Series 2464, Class SI, IF, IO, 7.84%, 2/15/2032 (g)		242		46

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2410, Class QX, IF, IO, 8.49%, 2/15/2032 (g)		57		12
Series 2412, Class SP, IF, 15.78%, 2/15/2032 (g)		123		168
Series 2410, Class QS, IF, 19.08%, 2/15/2032 (g)		96		152
Series 2430, Class WF, 6.50%, 3/15/2032		257		306
Series 2423, Class MC, 7.00%, 3/15/2032		137		163
Series 2423, Class MT, 7.00%, 3/15/2032		118		142
Series 2444, Class ES, IF, IO, 7.79%, 3/15/2032 (g)		99		20
Series 2450, Class SW, IF, IO, 7.84%, 3/15/2032 (g)		79		16
Series 2435, Class CJ, 6.50%, 4/15/2032		189		222
Series 2434, Class TC, 7.00%, 4/15/2032		133		159
Series 2436, Class MC, 7.00%, 4/15/2032		86		99
Series 2455, Class GK, 6.50%, 5/15/2032		271		317
Series 2450, Class GZ, 7.00%, 5/15/2032		77		93
Series 2462, Class JG, 6.50%, 6/15/2032		128		151
Series 2466, Class PH, 6.50%, 6/15/2032		196		230
Series 2474, Class NR, 6.50%, 7/15/2032		125		143
Series 2484, Class LZ, 6.50%, 7/15/2032		132		160
Series 2500, Class MC, 6.00%, 9/15/2032		124		145
Series 2835, Class QO, PO, 12/15/2032		20		19
Series 2543, Class YX, 6.00%, 12/15/2032		250		287
Series 2544, Class HC, 6.00%, 12/15/2032		230		267
Series 2552, Class ME, 6.00%, 1/15/2033		281		332
Series 2567, Class QD, 6.00%, 2/15/2033		292		346
Series 2575, Class ME, 6.00%, 2/15/2033		687		802
Series 2596, Class QG, 6.00%, 3/15/2033		180		202
Series 2586, Class WI, IO, 6.50%, 3/15/2033		87		17
Series 2692, Class SC, IF, 12.96%, 7/15/2033 (g)		50		67
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,798
Series 3920, Class LP, 5.00%, 1/15/2034		734		850
Series 2744, Class PE, 5.50%, 2/15/2034		16		17
Series 3611, PO, 7/15/2034		47		45
Series 2990, Class UZ, 5.75%, 6/15/2035		1,701		1,974
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,548
Series 3014, Class OD, PO, 8/15/2035		46		42
Series 3085, Class WF, 0.96%, 8/15/2035 (g)		125		127
Series 3047, Class OD, 5.50%, 10/15/2035		944		1,056
Series 3074, Class BH, 5.00%, 11/15/2035		305		335
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,803

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3102, Class FB, 0.46%, 1/15/2036 (g)		142		142
Series 3102, Class HS, HB, IF, 23.97%, 1/15/2036 (g)		38		57
Series 3117, Class EO, PO, 2/15/2036		289		273
Series 3117, Class OK, PO, 2/15/2036		169		160
Series 3134, PO, 3/15/2036		42		41
Series 3152, Class MO, PO, 3/15/2036		224		213
Series 3122, Class ZB, 6.00%, 3/15/2036		25		39
Series 3138, PO, 4/15/2036		202		194
Series 3607, Class BO, PO, 4/15/2036		98		93
Series 3219, Class DI, IO, 6.00%, 4/15/2036		158		34
Series 3819, Class ZQ, 6.00%, 4/15/2036		939		1,120
Series 3149, Class SO, PO, 5/15/2036		29		25
Series 3233, Class OP, PO, 5/15/2036		65		61
Series 3171, Class MO, PO, 6/15/2036		37		36
Series 3179, Class OA, PO, 7/15/2036		189		180
Series 3194, Class SA, IF, IO, 6.94%, 7/15/2036 (g)		30		5
Series 3211, Class SO, PO, 9/15/2036		191		183
Series 3218, Class AO, PO, 9/15/2036		94		82
Series 3232, Class ST, IF, IO, 6.54%, 10/15/2036 (g)		212		45
Series 3256, PO, 12/15/2036		125		118
Series 3261, Class OA, PO, 1/15/2037		156		146
Series 3260, Class CS, IF, IO, 5.98%, 1/15/2037 (g)		259		52
Series 3274, Class JO, PO, 2/15/2037		41		40
Series 3275, Class FL, 0.60%, 2/15/2037 (g)		48		48
Series 3290, Class SB, IF, IO, 6.29%, 3/15/2037 (g)		314		64
Series 3318, Class AO, PO, 5/15/2037		13		12
Series 3607, PO, 5/15/2037		196		184
Series 3315, Class HZ, 6.00%, 5/15/2037		208		238
Series 3326, Class JO, PO, 6/15/2037		13		12
Series 3331, PO, 6/15/2037		144		137
Series 3607, Class OP, PO, 7/15/2037		425		390
Series 4048, Class FJ, 0.57%, 7/15/2037 (g)		663		663
Series 3385, Class SN, IF, IO, 5.84%, 11/15/2037 (g)		44		7
Series 3387, Class SA, IF, IO, 6.26%, 11/15/2037 (g)		198		38
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (k)		1,134		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3404, Class SC, IF, IO, 5.84%, 1/15/2038 (g)		329			68
Series 3424, Class PI, IF, IO, 6.64%, 4/15/2038 (g)		269			64
Series 3481, Class SJ, IF, IO, 5.69%, 8/15/2038 (g)		399			79
Series 3511, Class SA, IF, IO, 5.84%, 2/15/2039 (g)		262			49
Series 3549, Class FA, 1.36%, 7/15/2039 (g)		35			35
Series 3997, Class PF, 0.61%, 11/15/2039 (g)		55			55
Series 3621, Class BO, PO, 1/15/2040		139			132
Series 3747, Class PY, 4.00%, 10/15/2040		1,000			1,187
Series 3925, Class FL, 0.61%, 1/15/2041 (g)		369			369
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (g)		191			213
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (g)		609			675
Series 3957, Class B, 4.00%, 11/15/2041		276			307
Series 3966, Class NA, 4.00%, 12/15/2041		486			544
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			2,234
Series 4374, Class NC, 3.75%, 2/15/2046 (k)		172			172
Series 4822, Class ZB, 4.00%, 7/15/2048		3,791			4,168
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(i)		—	(i)
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(i)		—	(i)
Series 233, Class 11, IO, 5.00%, 9/15/2035		330			58
Series 233, Class 13, IO, 5.00%, 9/15/2035		476			83
Series 299, Class 300, 3.00%, 1/15/2043		3,404			3,608
Series 310, PO, 9/15/2043		1,208			1,103
Series 323, Class 300, 3.00%, 1/15/2044		2,355			2,572
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.27%, 7/25/2032 (g)		279			318
Series T-76, Class 2A, 1.94%, 10/25/2037 (g)		828			887
Series T-51, Class 2A, 7.50%, 8/25/2042 (g)		186			250
Series T-54, Class 2A, 6.50%, 2/25/2043		1,051			1,292
Series T-54, Class 3A, 7.00%, 2/25/2043		295			365
Series T-58, Class A, PO, 9/25/2043		96			84

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 27

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series T-59, Class 1AP, PO, 10/25/2043		229			181
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 3.53%, 10/25/2034 (g)		208			206
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		553			421
Series 2007-FA4, Class 1A2, IF, IO, 5.47%, 8/25/2037 ‡ (g)		1,116			289
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		96			114
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		200			236
Series 2004-W15, Class 2AF, 0.43%, 8/25/2044 (g)		289			288
Series 2005-W3, Class 2AF, 0.40%, 3/25/2045 (g)		797			794
Series 2006-W2, Class 1AF1, 0.40%, 2/25/2046 (g)		260			259
FNMA, Grantor Trust, Whole Loan
Series 2002-T19, Class A2, 7.00%, 7/25/2042		536			650
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		308			370
FNMA, REMIC
Series 1990-134, Class SC, HB, IF, 21.34%, 11/25/2020 (g)		—	(i)		—	(i)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(i)		—	(i)
Series 1991-24, Class Z, 5.00%, 3/25/2021		—	(i)		—	(i)
Series 2001-4, Class PC, 7.00%, 3/25/2021		2			2
Series 2001-48, Class Z, 6.50%, 9/25/2021		46			47
Series G-51, Class SA, HB, IF, 28.83%, 12/25/2021 (g)		—	(i)		—	(i)
Series 2002-1, Class HC, 6.50%, 2/25/2022		6			6
Series 2007-15, Class NO, PO, 3/25/2022		11			11
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(i)		—	(i)
Series G92-42, Class Z, 7.00%, 7/25/2022		1			1
Series G92-35, Class E, 7.50%, 7/25/2022		9			9
Series G92-44, Class ZQ, 8.00%, 7/25/2022		1			1
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(i)		—	(i)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1992-136, Class PK, 6.00%, 8/25/2022		5		5
Series 1996-59, Class J, 6.50%, 8/25/2022		3		3
Series G92-52, Class FD, 0.20%, 9/25/2022 (g)		1		1
Series 1992-143, Class MA, 5.50%, 9/25/2022		2		2
Series G92-54, Class ZQ, 7.50%, 9/25/2022		5		5
Series 1992-163, Class M, 7.75%, 9/25/2022		8		8
Series G92-62, Class B, PO, 10/25/2022		3		3
Series G92-59, Class F, 1.38%, 10/25/2022 (g)		1		1
Series G92-61, Class Z, 7.00%, 10/25/2022		3		3
Series 1992-188, Class PZ, 7.50%, 10/25/2022		20		21
Series G93-1, Class KA, 7.90%, 1/25/2023		14		15
Series G93-5, Class Z, 6.50%, 2/25/2023		5		5
Series 1997-61, Class ZC, 7.00%, 2/25/2023		78		82
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (g)		3		3
Series G93-14, Class J, 6.50%, 3/25/2023		5		6
Series 1993-25, Class J, 7.50%, 3/25/2023		12		13
Series 1993-21, Class KA, 7.70%, 3/25/2023		8		9
Series 1998-4, Class C, PO, 4/25/2023		2		2
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (g)		13		13
Series 1993-62, Class SA, IF, 18.94%, 4/25/2023 (g)		5		5
Series 1998-43, Class SA, HB, IF, 21.25%, 4/25/2023 (g)		15		3
Series 2003-39, Class LW, 5.50%, 5/25/2023		144		150
Series 2003-41, Class PE, 5.50%, 5/25/2023		63		66
Series 2008-47, Class SI, IF, IO, 6.32%, 6/25/2023 (g)		22		1
Series G93-27, Class FD, 1.06%, 8/25/2023 (g)		10		10
Series 2002-83, Class CS, 6.88%, 8/25/2023		94		100
Series 1999-38, Class SK, IF, IO, 7.87%, 8/25/2023 (g)		3		–	(i)
Series 1996-14, Class SE, IF, IO, 10.00%, 8/25/2023 (g)		48		5

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1993-205, Class H, PO, 9/25/2023		7			7
Series G93-37, Class H, PO, 9/25/2023		2			2
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (g)		6			7
Series 1993-165, Class SD, IF, 13.41%, 9/25/2023 (g)		3			3
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (g)		3			3
Series 1999-52, Class NS, HB, IF, 22.89%, 10/25/2023 (g)		8			10
Series 1993-179, Class SB, HB, IF, 26.77%, 10/25/2023 (g)		4			5
Series 1995-19, Class Z, 6.50%, 11/25/2023		55			59
Series 1993-230, Class FA, 0.78%, 12/25/2023 (g)		5			5
Series 1993-247, Class FE, 1.18%, 12/25/2023 (g)		11			11
Series 1993-225, Class UB, 6.50%, 12/25/2023		14			15
Series 1993-247, Class SU, IF, 12.27%, 12/25/2023 (g)		5			6
Series 2002-1, Class UD, HB, IF, 23.89%, 12/25/2023 (g)		11			14
Series 2009-9, IO, 5.00%, 2/25/2024		—	(i)		—	(i)
Series 2009-18, IO, 5.00%, 3/25/2024		—	(i)		—	(i)
Series 1994-37, Class L, 6.50%, 3/25/2024		42			45
Series 1994-40, Class Z, 6.50%, 3/25/2024		267			288
Series 2004-53, Class NC, 5.50%, 7/25/2024		45			48
Series 1995-2, Class Z, 8.50%, 1/25/2025		10			11
Series G95-1, Class C, 8.80%, 1/25/2025		9			10
Series 1997-20, IO, 1.84%, 3/25/2027 (g)		24			–	(i)
Series 1997-27, Class J, 7.50%, 4/18/2027		6			7
Series 1997-29, Class J, 7.50%, 4/20/2027		14			16
Series 1997-39, Class PD, 7.50%, 5/20/2027		86			98
Series 1997-42, Class ZC, 6.50%, 7/18/2027		6			7
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		24			2
Series 1998-36, Class ZB, 6.00%, 7/18/2028		35			39
Series 1998-66, Class SB, IF, IO, 7.97%, 12/25/2028 (g)		22			1
Series 1999-18, Class Z, 5.50%, 4/18/2029		49			53

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1999-17, Class C, 6.35%, 4/25/2029		25		28
Series 1999-62, Class PB, 7.50%, 12/18/2029		40		46
Series 2000-2, Class ZE, 7.50%, 2/25/2030		121		141
Series 2013-103, Class VG, 3.00%, 3/25/2030		3,500		3,629
Series 2000-20, Class SA, IF, IO, 8.92%, 7/25/2030 (g)		64		9
Series 2000-52, IO, 8.50%, 1/25/2031		12		2
Series 2001-7, Class PF, 7.00%, 3/25/2031		26		31
Series 2011-31, Class DB, 3.50%, 4/25/2031		1,867		2,025
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		96		16
Series 2001-30, Class PM, 7.00%, 7/25/2031		93		111
Series 2001-36, Class DE, 7.00%, 8/25/2031		89		105
Series 2001-49, Class Z, 6.50%, 9/25/2031		24		28
Series 2001-44, Class MY, 7.00%, 9/25/2031		222		267
Series 2001-44, Class PD, 7.00%, 9/25/2031		30		36
Series 2001-44, Class PU, 7.00%, 9/25/2031		27		32
Series 2001-52, Class KB, 6.50%, 10/25/2031		28		32
Series 2003-52, Class SX, HB, IF, 22.42%, 10/25/2031 (g)		51		84
Series 2001-61, Class Z, 7.00%, 11/25/2031		314		377
Series 2001-72, Class SX, IF, 17.06%, 12/25/2031 (g)		9		12
Series 2002-1, Class SA, HB, IF, 24.62%, 2/25/2032 (g)		14		21
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (g)		279		10
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (g)		4		5
Series 2002-21, Class LO, PO, 4/25/2032		9		9
Series 2002-21, Class PE, 6.50%, 4/25/2032		84		99
Series 2002-28, Class PK, 6.50%, 5/25/2032		216		254
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		3,364

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 29

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2002-37, Class Z, 6.50%, 6/25/2032		56		63
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		237		40
Series 2002-48, Class GH, 6.50%, 8/25/2032		332		397
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (g)		38		45
Series 2004-59, Class BG, PO, 12/25/2032		104		99
Series 2002-77, Class S, IF, 14.16%, 12/25/2032 (g)		46		61
Series 2003-22, Class UD, 4.00%, 4/25/2033		1,030		1,149
Series 2003-35, Class UC, 3.75%, 5/25/2033		11		11
Series 2003-42, Class GB, 4.00%, 5/25/2033		64		72
Series 2003-34, Class AX, 6.00%, 5/25/2033		206		243
Series 2003-34, Class ED, 6.00%, 5/25/2033		934		1,097
Series 2003-39, IO, 6.00%, 5/25/2033 (g)		40		7
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		322		70
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		587		68
Series 2003-47, Class PE, 5.75%, 6/25/2033		149		171
Series 2004-4, Class QI, IF, IO, 6.92%, 6/25/2033 (g)		225		13
Series 2004-4, Class QM, IF, 13.85%, 6/25/2033 (g)		21		23
Series 2003-64, Class SX, IF, 13.36%, 7/25/2033 (g)		44		56
Series 2003-132, Class OA, PO, 8/25/2033		21		20
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		323		58
Series 2003-71, Class DS, IF, 7.26%, 8/25/2033 (g)		325		384
Series 2003-74, Class SH, IF, 9.85%, 8/25/2033 (g)		61		76
Series 2003-91, Class SD, IF, 12.21%, 9/25/2033 (g)		68		86
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,733
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		3,325
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		4,447

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2003-116, Class SB, IF, IO, 7.42%, 11/25/2033 (g)		448		95
Series 2006-44, Class P, PO, 12/25/2033		754		716
Series 2003-130, Class SX, IF, 11.26%, 1/25/2034 (g)		11		12
Series 2004-25, Class SA, IF, 19.04%, 4/25/2034 (g)		209		313
Series 2004-46, Class SK, IF, 16.02%, 5/25/2034 (g)		395		548
Series 2004-36, Class SA, IF, 19.04%, 5/25/2034 (g)		442		683
Series 2004-46, Class QB, HB, IF, 23.30%, 5/25/2034 (g)		153		244
Series 2004-51, Class SY, IF, 13.89%, 7/25/2034 (g)		79		101
Series 2004-79, Class SP, IF, 19.32%, 11/25/2034 (g)		18		18
Series 2005-74, Class CS, IF, 19.54%, 5/25/2035 (g)		142		185
Series 2005-56, Class S, IF, IO, 6.53%, 7/25/2035 (g)		433		101
Series 2005-66, Class SG, IF, 16.94%, 7/25/2035 (g)		123		184
Series 2005-68, Class PG, 5.50%, 8/25/2035		391		448
Series 2005-84, Class XM, 5.75%, 10/25/2035		1,130		1,284
Series 2005-110, Class GL, 5.50%, 12/25/2035		3,135		3,672
Series 2006-46, Class UC, 5.50%, 12/25/2035		349		377
Series 2005-109, Class PC, 6.00%, 12/25/2035		393		442
Series 2006-15, Class OT, PO, 1/25/2036		1		1
Series 2006-39, Class WC, 5.50%, 1/25/2036		360		392
Series 2006-16, Class OA, PO, 3/25/2036		148		140
Series 2006-22, Class AO, PO, 4/25/2036		239		227
Series 2006-23, Class KO, PO, 4/25/2036		43		42
Series 2006-44, Class GO, PO, 6/25/2036		320		302
Series 2006-53, Class US, IF, IO, 6.40%, 6/25/2036 (g)		491		96
Series 2006-56, PO, 7/25/2036		256		241
Series 2006-58, PO, 7/25/2036		137		130
Series 2006-58, Class AP, PO, 7/25/2036		295		276
Series 2006-65, Class QO, PO, 7/25/2036		218		207
Series 2006-56, Class FC, 0.47%, 7/25/2036 (g)		463		463

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-58, Class FL, 0.64%, 7/25/2036 (g)		34		34
Series 2006-60, Class DZ, 6.50%, 7/25/2036		5,010		5,776
Series 2006-72, Class TO, PO, 8/25/2036		43		40
Series 2006-79, Class DO, PO, 8/25/2036		172		168
Series 2007-7, Class SG, IF, IO, 6.32%, 8/25/2036 (g)		785		273
Series 2006-77, Class PC, 6.50%, 8/25/2036		595		685
Series 2006-90, Class AO, PO, 9/25/2036		125		120
Series 2008-42, Class AO, PO, 9/25/2036		65		60
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		871		194
Series 2006-109, PO, 11/25/2036		63		60
Series 2006-110, PO, 11/25/2036		411		388
Series 2006-111, Class EO, PO, 11/25/2036		44		41
Series 2006-124, Class HB, 3.54%, 11/25/2036 (g)		615		631
Series 2006-119, PO, 12/25/2036		46		44
Series 2006-118, Class A2, 0.24%, 12/25/2036 (g)		214		212
Series 2009-70, Class CO, PO, 1/25/2037		330		308
Series 2006-128, Class BP, 5.50%, 1/25/2037		128		140
Series 2007-77, Class FG, 0.68%, 3/25/2037 (g)		65		65
Series 2007-16, Class FC, 0.93%, 3/25/2037 (g)		84		87
Series 2007-14, Class ES, IF, IO, 6.26%, 3/25/2037 (g)		627		118
Series 2007-48, PO, 5/25/2037		98		96
Series 2007-54, Class FA, 0.58%, 6/25/2037 (g)		212		214
Series 2007-60, Class AX, IF, IO, 6.97%, 7/25/2037 (g)		1,648		424
Series 2012-14, Class FB, 0.63%, 8/25/2037 (g)		7		7
Series 2007-81, Class GE, 6.00%, 8/25/2037		207		237
Series 2007-88, Class VI, IF, IO, 6.36%, 9/25/2037 (g)		1,101		243
Series 2007-91, Class ES, IF, IO, 6.28%, 10/25/2037 (g)		834		184
Series 2007-116, Class HI, IO, 2.50%, 1/25/2038 (g)		527		21
Series 2008-1, Class BI, IF, IO, 5.73%, 2/25/2038 (g)		275		53

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2008-16, Class IS, IF, IO, 6.02%, 3/25/2038 (g)		96		15
Series 2008-10, Class XI, IF, IO, 6.05%, 3/25/2038 (g)		254		49
Series 2008-27, Class SN, IF, IO, 6.72%, 4/25/2038 (g)		132		26
Series 2008-44, PO, 5/25/2038		8		8
Series 2008-53, Class CI, IF, IO, 7.02%, 7/25/2038 (g)		210		39
Series 2008-80, Class SA, IF, IO, 5.67%, 9/25/2038 (g)		457		89
Series 2008-81, Class SB, IF, IO, 5.67%, 9/25/2038 (g)		458		78
Series 2010-148, Class MA, 4.00%, 2/25/2039		38		38
Series 2009-6, Class GS, IF, IO, 6.37%, 2/25/2039 (g)		457		96
Series 2009-62, Class HJ, 6.00%, 5/25/2039		122		131
Series 2009-60, Class HT, 6.00%, 8/25/2039		354		420
Series 2009-103, Class MB, 3.60%, 12/25/2039 (g)		181		188
Series 2009-99, Class SC, IF, IO, 6.00%, 12/25/2039 (g)		102		16
Series 2010-49, Class SC, IF, 12.31%, 3/25/2040 (g)		369		499
Series 2010-64, Class DM, 5.00%, 6/25/2040		171		193
Series 2010-71, Class HJ, 5.50%, 7/25/2040		294		344
Series 2010-147, Class SA, IF, IO, 6.35%, 1/25/2041 (g)		1,128		264
Series 2011-30, Class LS, IO, 3.00%, 4/25/2041 (g)		531		35
Series 2011-75, Class FA, 0.73%, 8/25/2041 (g)		168		168
Series 2011-118, Class MT, 7.00%, 11/25/2041		387		477
Series 2011-130, Class CA, 6.00%, 12/25/2041		717		855
Series 2013-81, Class TA, 3.00%, 2/25/2043		2,000		2,111
Series 2013-92, PO, 9/25/2043		1,101		1,014
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694		1,916
Series 2013-101, Class DO, PO, 10/25/2043		1,733		1,504
Series 2013-128, PO, 12/25/2043		2,136		1,974

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2011-2, Class WA, 5.85%, 2/25/2051 (g)		264			304
FNMA, REMIC Trust
Series 2007-42, Class AO, PO, 5/25/2037		29			27
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.13%, 7/25/2037 (g)		10			22
Series 2003-W4, Class 2A, 5.77%, 10/25/2042 (g)		46			53
Series 2003-W1, Class 1A1, 5.22%, 12/25/2042 (g)		415			460
Series 2003-W1, Class 2A, 5.72%, 12/25/2042 (g)		171			192
Series 2009-W1, Class A, 6.00%, 12/25/2049		552			639
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.38%, 6/27/2036 (g)		306			301
Series 2007-106, Class A7, 6.20%, 10/25/2037 (g)		138			160
FNMA, STRIPS
Series 368, Class 3, IO, 4.50%, 11/25/2020		—	(i)		—
Series 218, Class 2, IO, 7.50%, 4/25/2023		2			—	(i)
Series 265, Class 2, 9.00%, 3/25/2024		2			2
Series 329, Class 1, PO, 1/25/2033		39			37
Series 345, Class 6, IO, 5.00%, 12/25/2033 (g)		56			8
Series 351, Class 7, IO, 5.00%, 4/25/2034 (g)		186			25
Series 355, Class 11, IO, 6.00%, 7/25/2034		159			30
Series 365, Class 8, IO, 5.50%, 5/25/2036		242			50
Series 374, Class 5, IO, 5.50%, 8/25/2036		123			23
Series 393, Class 6, IO, 5.50%, 4/25/2037		48			8
Series 383, Class 32, IO, 6.00%, 1/25/2038		59			13
Series 383, Class 33, IO, 6.00%, 1/25/2038		154			31
GMACM Mortgage Loan Trust
Series 2005-AR3, Class 3A4, 3.53%, 6/19/2035 (g)		585			550
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		261			261
Series 2001-35, Class SA, IF, IO, 8.09%, 8/16/2031 (g)		80			–	(i)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2002-52, Class GH, 6.50%, 7/20/2032		372		372
Series 2002-75, Class PB, 6.00%, 11/20/2032		724		756
Series 2003-58, Class BE, 6.50%, 1/20/2033		540		592
Series 2003-11, Class SK, IF, IO, 6.08%, 2/16/2033 (g)		180		1
Series 2003-12, Class SP, IF, IO, 6.12%, 2/20/2033 (g)		120		17
Series 2003-24, PO, 3/16/2033		23		23
Series 2003-40, Class TJ, 6.50%, 3/20/2033		641		704
Series 2003-46, Class TC, 6.50%, 3/20/2033		303		338
Series 2003-46, Class MG, 6.50%, 5/20/2033		400		457
Series 2003-52, Class AP, PO, 6/16/2033		117		111
Series 2003-90, PO, 10/20/2033		32		31
Series 2003-112, Class SA, IF, IO, 4.93%, 12/16/2033 (g)		422		53
Series 2004-28, Class S, IF, 19.22%, 4/16/2034 (g)		185		281
Series 2004-73, Class AE, IF, 14.52%, 8/17/2034 (g)		17		18
Series 2004-90, Class SI, IF, IO, 5.94%, 10/20/2034 (g)		575		98
Series 2005-68, Class DP, IF, 16.04%, 6/17/2035 (g)		64		84
Series 2010-14, Class CO, PO, 8/20/2035		200		189
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (g)		913		147
Series 2005-68, Class KI, IF, IO, 6.14%, 9/20/2035 (g)		1,293		279
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		184		30
Series 2006-16, Class OP, PO, 3/20/2036		83		78
Series 2006-38, Class SW, IF, IO, 6.34%, 6/20/2036 (g)		134		9
Series 2006-38, Class ZK, 6.50%, 8/20/2036		1,002		1,148
Series 2006-59, Class SD, IF, IO, 6.54%, 10/20/2036 (g)		286		55
Series 2006-65, Class SA, IF, IO, 6.64%, 11/20/2036 (g)		439		63
Series 2011-22, Class WA, 5.86%, 2/20/2037 (g)		421		488
Series 2007-57, PO, 3/20/2037		146		141
Series 2007-17, Class JO, PO, 4/16/2037		79		72

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-17, Class JI, IF, IO, 6.65%, 4/16/2037 (g)		735		166
Series 2007-19, Class SD, IF, IO, 6.04%, 4/20/2037 (g)		412		44
Series 2007-28, Class BO, PO, 5/20/2037		87		82
Series 2007-26, Class SC, IF, IO, 6.04%, 5/20/2037 (g)		344		60
Series 2007-27, Class SA, IF, IO, 6.04%, 5/20/2037 (g)		343		53
Series 2007-36, Class SE, IF, IO, 6.31%, 6/16/2037 (g)		215		32
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,938
Series 2007-40, Class SB, IF, IO, 6.59%, 7/20/2037 (g)		713		146
Series 2007-42, Class SB, IF, IO, 6.59%, 7/20/2037 (g)		430		74
Series 2007-50, Class AI, IF, IO, 6.62%, 8/20/2037 (g)		262		24
Series 2007-53, Class SW, IF, 19.73%, 9/20/2037 (g)		38		51
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		106		7
Series 2009-79, Class OK, PO, 11/16/2037		123		118
Series 2007-73, Class MI, IF, IO, 5.84%, 11/20/2037 (g)		241		32
Series 2007-76, Class SA, IF, IO, 6.37%, 11/20/2037 (g)		468		67
Series 2007-72, Class US, IF, IO, 6.39%, 11/20/2037 (g)		229		32
Series 2007-79, Class SY, IF, IO, 6.39%, 12/20/2037 (g)		216		33
Series 2008-2, Class NS, IF, IO, 6.38%, 1/16/2038 (g)		470		71
Series 2008-2, Class MS, IF, IO, 7.00%, 1/16/2038 (g)		141		27
Series 2008-10, Class S, IF, IO, 5.67%, 2/20/2038 (g)		255		34
Series 2008-36, Class SH, IF, IO, 6.14%, 4/20/2038 (g)		362		1
Series 2008-40, Class SA, IF, IO, 6.24%, 5/16/2038 (g)		2,159		403
Series 2008-55, Class SA, IF, IO, 6.04%, 6/20/2038 (g)		198		34
Series 2008-71, Class SC, IF, IO, 5.84%, 8/20/2038 (g)		94		14
Series 2009-25, Class SE, IF, IO, 7.44%, 9/20/2038 (g)		169		28

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2008-93, Class AS, IF, IO, 5.54%, 12/20/2038 (g)		248		34
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		98		5
Series 2009-6, Class SA, IF, IO, 5.94%, 2/16/2039 (g)		272		35
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		569		91
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		240		42
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		233		51
Series 2009-22, Class SA, IF, IO, 6.11%, 4/20/2039 (g)		539		89
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		124		18
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		131		25
Series 2009-43, Class SA, IF, IO, 5.79%, 6/20/2039 (g)		231		34
Series 2009-72, Class SM, IF, IO, 6.09%, 8/16/2039 (g)		527		99
Series 2010-31, Class NO, PO, 3/20/2040		1,001		964
Series 2013-75, Class WA, 5.15%, 6/20/2040 (g)		1,099		1,267
Series 2010-130, Class CP, 7.00%, 10/16/2040		149		180
Series 2010-157, Class OP, PO, 12/20/2040		1,067		1,017
Series 2011-75, Class SM, IF, IO, 6.44%, 5/20/2041 (g)		724		134
Series 2014-188, Class W, 4.60%, 10/20/2041 (g)		507		565
Series 2012-141, Class WC, 3.68%, 1/20/2042 (g)		317		351
Series 2013-54, Class WA, 4.81%, 11/20/2042 (g)		1,683		1,925
Series 2013-91, Class WA, 4.48%, 4/20/2043 (g)		747		827
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300		1,573
Series 2018-160, Class PA, 3.50%, 7/20/2046		4,893		5,096
Series 2012-H24, Class FG, 0.59%, 4/20/2060 (g)		11		11
Series 2013-H03, Class FA, 0.46%, 8/20/2060 (g)		2		2
Series 2012-H21, Class CF, 0.86%, 5/20/2061 (g)		20		20

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 33

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2013-H05, Class FB, 0.56%, 2/20/2062 (g)		154		154
Series 2012-H15, Class FA, 0.61%, 5/20/2062 (g)		1		1
Series 2012-H26, Class MA, 0.71%, 7/20/2062 (g)		20		20
Series 2012-H28, Class FA, 0.74%, 9/20/2062 (g)		20		20
Series 2012-H29, Class FA, 0.68%, 10/20/2062 (g)		852		852
Series 2012-H31, Class FD, 0.50%, 12/20/2062 (g)		1,035		1,032
Series 2013-H01, Class FA, 1.65%, 1/20/2063		303		303
Series 2013-H08, Class FC, 0.61%, 2/20/2063 (g)		947		946
Series 2013-H04, Class BA, 1.65%, 2/20/2063		124		124
Series 2013-H07, Class HA, 0.57%, 3/20/2063 (g)		1,015		1,013
Series 2013-H09, Class HA, 1.65%, 4/20/2063		302		303
Series 2013-H18, Class JA, 0.76%, 8/20/2063 (g)		1,779		1,784
Series 2014-H01, Class FD, 0.81%, 1/20/2064 (g)		1,205		1,210
Series 2014-H09, Class TA, 0.76%, 4/20/2064 (g)		1,222		1,226
Series 2015-H15, Class FD, 0.60%, 6/20/2065 (g)		1,504		1,503
Series 2015-H15, Class FJ, 0.60%, 6/20/2065 (g)		3,326		3,323
Series 2015-H16, Class FG, 0.60%, 7/20/2065 (g)		2,244		2,242
Series 2015-H23, Class FB, 0.68%, 9/20/2065 (g)		2,279		2,284
Series 2015-H32, Class FH, 0.82%, 12/20/2065 (g)		1,763		1,776
Series 2017-H08, Class XI, IO, 2.32%, 3/20/2067 (g)		7,988		856
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (a) (g)		440		435
Series 2005-RP3, Class 1AF, 0.53%, 9/25/2035 (a) (g)		705		583
Series 2005-RP3, Class 1AS, IO, 4.25%, 9/25/2035 ‡ (a) (g)		533		75
Series 2006-RP2, Class 1AS2, IF, IO, 5.90%, 4/25/2036 ‡ (a) (g)		2,191		381

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		188		203
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		92		94
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		306		320
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		6		5
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		491		509
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		1,050		783
Headlands Residential LLC
Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (k)		4,600		4,605
Impac CMB Trust
Series 2004-7, Class 1A1, 0.92%, 11/25/2034 (g)		729		717
Series 2005-4, Class 2A1, 0.78%, 5/25/2035 (g)		112		105
Impac Secured Assets Trust
Series 2006-1, Class 2A1, 0.53%, 5/25/2036 (g)		203		194
Series 2006-2, Class 2A1, 0.53%, 8/25/2036 (g)		70		69
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 3.84%, 11/25/2033 (g)		304		307
Series 2006-A2, Class 4A1, 3.09%, 8/25/2034 (g)		221		224
Series 2006-A3, Class 6A1, 3.10%, 8/25/2034 (g)		66		63
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.96%, 4/25/2036 (g)		243		212
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		534		314
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.10%, 4/21/2034 (g)		135		134
Series 2004-4, Class 2A1, 3.89%, 5/25/2034 (g)		32		31
Series 2004-13, Class 3A7, 3.32%, 11/21/2034 (g)		317		321
Series 2004-15, Class 3A1, 4.16%, 12/25/2034 (g)		154		142
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		4		4

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		3			3
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		219			223
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		109			113
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		271			283
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		201			206
Series 2004-6, Class 30, PO, 7/25/2034 ‡		157			134
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		271			287
Series 2004-7, Class 30, PO, 8/25/2034 ‡		90			76
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(i)		–	(i)
Series 2003-12, Class 30, PO, 12/25/2033 ‡		19			17
Series 2004-1, Class 30, PO, 2/25/2034 ‡		11			9
MASTR Reperforming Loan Trust
Series 2005-2, Class 1A1F, 0.52%, 5/25/2035 (a)(g)		1,459			797
MASTR Resecuritization Trust
Series 2005-PO, Class 3, PO, 5/28/2035‡(a)		103			86
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.79%, 10/25/2028 (g)		72			71
Series 2003-F, Class A1, 0.81%, 10/25/2028 (g)		697			682
Series 2004-A, Class A1, 0.63%, 4/25/2029 (g)		129			123
Series 2004-1, Class 2A1, 3.00%, 12/25/2034 (g)		184			181
NACC Reperforming Loan REMIC Trust
Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a)(g)		237			235
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		39			40
Series 2003-A1, Class A2, 6.00%, 5/25/2033		59			61
P-stla 7.25%, 10/11/2026 ‡		2,600			2,600

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
RALI Trust
Series 2002-QS16, Class A3, IF, 16.26%, 10/25/2017 (g)		—	(i)		—	(i)
Series 2003-QS9, Class A3, IF, IO, 7.37%, 5/25/2018 ‡ (g)		3			—	(i)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(i)		—
Series 2003-QS12, Class A2A, IF, IO, 7.42%, 6/25/2018 ‡ (g)		—	(i)		—	(i)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		7			6
Series 2004-QA6, Class NB2, 3.79%, 12/26/2034 (g)		646			553
RBSSP Resecuritization Trust
Series 2009-12, Class 1A1, 5.31%, 11/25/2033 (a) (g)		110			110
Residential Asset Securitization Trust
Series 2005-A2, Class A4, IF, IO, 4.87%, 3/25/2035 ‡ (g)		1,199			242
Series 2006-A4, Class 2A5, 6.00%, 5/25/2036		280			273
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(i)		—	(i)
Series 2005-SA4, Class 1A1, 2.86%, 9/25/2035 (g)		166			147
RMIP 5.60%, 8/25/2021 ‡		1,761			1,725
SART 4.75%, 7/15/2024		2,837			2,823
4.76%, 6/15/2025		2,924			2,939
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		4,024			4,532
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		1,725			2,060
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 0.82%, 10/19/2034 (g)		263			259
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.82%, 9/25/2043 (g)		122			120
Series 2004-4, Class 3A, 3.23%, 12/25/2044 (g)		268			262
Toorak Mortgage Corp. Ltd.
Series 2019-2, Class A1, 3.72%, 9/25/2022 (k)		2,795			2,837
Vendee Mortgage Trust

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 35

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1994-1, Class 1, 5.27%, 2/15/2024 (g)		98		104
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		139		149
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		211		241
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		164		185
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		317		363
Series 1998-1, Class 2E, 7.00%, 3/15/2028		389		438
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		751		845
Series 2003-2, Class Z, 5.00%, 5/15/2033		3,322		3,843
vMobo, Inc. 7.50%, 5/31/2024		2,922		2,757
WaMu Mortgage Pass-Through Certificates
Series 2004-RS2, Class A4, 5.00%, 11/25/2033		567		588
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.87%, 8/25/2033 (g)		42		42
Series 2003-AR9, Class 2A, 3.01%, 9/25/2033 (g)		82		78
Series 2003-AR9, Class 1A6, 3.50%, 9/25/2033 (g)		692		675
Series 2003-S9, Class P, PO, 10/25/2033‡		20		17
Series 2003-S9, Class A8, 5.25%, 10/25/2033		315		324
Series 2004-AR3, Class A1, 3.66%, 6/25/2034 (g)		54		54
Series 2004-AR3, Class A2, 3.66%, 6/25/2034 (g)		45		45
Series 2006-AR10, Class 2P, 3.26%, 9/25/2036 ‡ (g)		62		49
Series 2006-AR12, Class 2P, 3.32%, 10/25/2036‡ (g)		79		78
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.82%, 4/25/2035 ‡ (g)		889		147
Series 2005-2, Class 1A4, IF, IO, 4.87%, 4/25/2035 ‡ (g)		3,243		486
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		912		156
Series 2005-4, Class CB7, 5.50%, 6/25/2035		1,072		1,016
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		894		159

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		190		186
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		1,215		1,190
Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A7, 6.00%, 6/25/2037		211		211
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $233,101)				254,549
Asset-Backed Securities — 10.2%
Academic Loan Funding Trust Series 2013-1A, Class A, 0.98%, 12/26/2044 (a) (g)		879		849
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		1,579		1,587
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		580		531
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		218		209
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		441		410
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		624		511
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		89		80
Series 2016-3, Class AA, 3.00%, 10/15/2028		346		323
Series 2017-1, Class AA, 3.65%, 2/15/2029		468		447
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (a)		3,837		4,103
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		1,275		1,402
American Homes 4 Rent Trust Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		3,601		3,888
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (a)		2,000		2,205
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (a)		850		943
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		2,687		2,885
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (a)		500		543
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		2,380		2,653
AMSR Trust Series 2020-SFR2, Class C, 2.53%, 7/17/2037 ‡ (a)		3,500		3,555

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities  — continued
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		139		139
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		561		536
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		899		738
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		694		640
Business Jet Securities LLC
Series 2018-1, Class A, 4.34%, 2/15/2033 (a)		1,219		1,221
Series 2018-2, Class B, 5.44%, 6/15/2033 (a)		1,910		1,921
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		1,506		1,510
Series 2019-1, Class B, 5.19%, 7/15/2034 ‡ (a)		3,098		3,101
BXG Receivables Note Trust Series 2012-A, Class A, 2.66%, 12/2/2027 (a)		80		80
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		4,865		4,855
Carvana Auto Receivables Trust
Series 2019-4A, Class A3, 2.30%, 9/15/2023 (a)		1,202		1,217
Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		4,675		4,799
Series 2019-3A, Class C, 2.71%, 10/15/2024 (a)		5,240		5,356
Chase Funding Trust Series 2003-6, Class 1A7, 4.99%, 11/25/2034 ‡ (k)		422		440
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,173
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		304		289
CoreVest American Finance Trust Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (a)		2,000		2,014
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		376		376
Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		331		333
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (a)		2,964		3,048
Credit Acceptance Auto Loan Trust
Series 2017-2A, Class C, 3.35%, 6/15/2026 (a)		604		607

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-1A, Class A, 3.01%, 2/16/2027 (a)		610		613
Series 2018-3A, Class B, 3.89%, 10/15/2027 (a)		2,097		2,165
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 1.08%, 10/25/2034 (g)		71		66
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		258		258
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 2/20/2032 (a)		4,054		4,132
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		1,679		1,701
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		3,352		3,397
Series 2016-CA, Class D, 4.18%, 3/15/2024 (a)		1,893		1,926
Series 2018-2, Class C, 3.63%, 8/15/2024		490		492
Series 2019-4, Class C, 2.51%, 11/17/2025		1,960		1,999
DT Auto Owner Trust Series 2016-4A, Class D, 3.77%, 10/17/2022 (a)		105		106
Exeter Automobile Receivables Trust
Series 2018-4A, Class B, 3.64%, 11/15/2022 (a)		240		240
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		2,170		2,208
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		3,540		3,616
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		256		256
Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		2,547		2,585
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		400		402
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,850		5,336
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (a)		1,085		1,115
FREED ABS Trust
Series 2018-2, Class A, 3.99%, 10/20/2025 (a)		461		461
Series 2019-2, Class A, 2.62%, 11/18/2026 (a)		1,068		1,070
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (g)		70		62

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 37

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities  — continued
GLS Auto Receivables Trust Series 2016-1A, Class C, 6.90%, 10/15/2021 (a)		151		152
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		240		240
Goodgreen Series 2019-2A, Class A, 2.76%, 4/15/2055 (a)		2,343		2,375
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		518		547
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		1,008		957
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		1,661		1,740
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		742		757
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		1,628		1,744
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		170		173
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 0.38%, 3/25/2036 ‡ (g)		37		36
Kabbage Funding LLC
Series 2019-1, Class A, 3.83%, 3/15/2024 (a)		1,209		1,198
Series 2019-1, Class B, 4.07%, 3/15/2024 ‡ (a)		3,070		2,943
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.88%, 8/25/2038 ‡ (a) (g)		2,843		58
Series 2013-2, Class A, IO, 1.79%, 3/25/2039 ‡ (a) (g)		2,807		117
Series 2015-2, Class A, IO, 3.67%, 7/25/2041 ‡ (a) (g)		864		102
Lendingpoint Asset Securitization Trust Series 2019-2, Class A, 3.07%, 11/10/2025 (a)		1,484		1,488
Lendmark Funding Trust Series 2019-1A, Class B, 3.40%, 12/20/2027 ‡ (a)		3,319		3,219
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		3,288		3,316
Series 2013-1, Class M, 7.75%, 7/15/2019 ‡ (a)		1,167		1,177
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		616		660
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		3,859		3,877

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
NCUA Guaranteed Notes Trust Series 2010-A1, Class A, 0.50%, 12/7/2020 (g)		200		200
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 5.00%, 11/25/2033 ‡ (k)		345		356
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (a)		452		449
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		1,863		1,905
Oportun Funding X LLC Series 2018-C, Class A, 4.10%, 10/8/2024 (a)		5,756		5,856
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		3,010		3,017
Pretium Mortgage Credit Partners I LLC Series 2020-CFL1, Class A1, 3.10%, 2/27/2060 (a) (k)		3,420		3,390
Progress Residential Trust Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (a)		5,000		5,138
Prosper Marketplace Issuance Trust Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		420		422
Regional Management Issuance Trust Series 2018-1, Class A, 3.83%, 7/15/2027 (a)		1,402		1,404
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (k)		287		92
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		671		695
Santander Retail Auto Lease Trust Series 2020-A, Class A4, 1.76%, 3/20/2024 (a)		3,955		4,056
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.20%, 1/25/2036 ‡ (k)		196		189
Sierra Timeshare Receivables Funding LLC Series 2019-2A, Class C, 3.12%, 5/20/2036 ‡ (a)		2,318		2,306
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		345		323
Spruce ABS Trust Series 2016-E1, Class A, 4.32%, 6/15/2028 (a)		250		255
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		4,681		4,848
Series 2019-A2, Class A, 2.34%, 6/15/2025		5,000		5,148
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,676
Tricon American Homes Trust Series 2016-SFR1, Class A, 2.59%, 11/17/2033 ‡ (a)		1,730		1,735

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities  — continued
United Airlines Pass-Through Trust
Series 2018-1, Class B, 4.60%, 3/1/2026		187		140
Series 2018-1, Class AA, 3.50%, 3/1/2030		993		931
Series 2019-1, Class AA, 4.15%, 8/25/2031		970		961
Series 2019-1, Class A, 4.55%, 8/25/2031		866		728
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,314		1,211
Upstart Securitization Trust Series 2020-1, Class A, 2.32%, 4/22/2030 (a)		4,148		4,183
Vericrest Opportunity Loan Trust
Series 2019-NPL8, Class A1A, 3.28%, 11/25/2049 (a) (k)		2,430		2,430
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 (a) (k)		2,641		2,613
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		2,405		2,449
VOLT LXXXIII LLC Series 2019-NPL9, Class A1A, 3.33%, 11/26/2049 (a) (k)		2,647		2,633
VOLT LXXXV LLC Series 2020-NPL1, Class A1A, 3.23%, 1/25/2050 (a) (k)		2,297		2,286
VOLT LXXXVII LLC Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 (a) (k)		2,651		2,631
Westgate Resorts LLC Series 2017-1A, Class A, 3.05%, 12/20/2030 (a)		493		494
Westlake Automobile Receivables Trust Series 2019-2A, Class D, 3.20%, 11/15/2024 (a)		2,500		2,567
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		2,245		2,321
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		4,899		4,978
Total Asset-Backed Securities (Cost $198,292)				200,615
Commercial Mortgage-Backed Securities — 3.9%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		560		586
Series 2014-520M, Class C, 4.35%, 8/15/2046 ‡ (a) (g)		1,300		1,398
BAMLL Re-REMIC Trust
Series 2016-FR16, Class A, 0.92%, 5/27/2021 (a) (g)		2,600		2,586
Series 2014-FRR5, Class A714, PO, 1/27/2047 (a)		1,950		1,932
BB-UBS Trust
Series 2012-TFT, Class A, 2.89%, 6/5/2030 (a)		483		455

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		4,400		4,261
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.72%, 6/11/2041 ‡ (a) (g)		15		—	(i)
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.38%, 12/11/2049 ‡ (a) (g)		60		2
COBALT CMBS Commercial Mortgage Trust Series 2006-C1, IO, 1.09%, 8/15/2048 ‡ (g)		481		3
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (a)		3,500		3,744
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (a) (g)		1,060		1,041
Series 2012-CR2, Class XA, IO, 1.79%, 8/15/2045 ‡ (g)		2,319		54
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		1,641		1,702
Series KS01, Class A2, 2.52%, 1/25/2023		946		977
Series KPLB, Class A, 2.77%, 5/25/2025		353		384
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,972
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,823
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,516
Series K070, Class A2, 3.30%, 11/25/2027 (g)		1,748		2,020
FNMA ACES
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (g)		1,801		1,945
Series 2017-M3, Class A2, 2.57%, 12/25/2026 (g)		1,181		1,278
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (g)		8,555		9,537
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (g)		3,815		4,248
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (g)		2,580		2,991
Series 2018-M10, Class A2, 3.48%, 7/25/2028 (g)		3,335		3,818
Series 2017-M5, Class A2, 3.29%, 4/25/2029 (g)		3,376		3,872
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (a)		998		1,117
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.88%, 11/15/2038 ‡ (a) (g)		2,086		1

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.74%, 12/12/2049 (a) (g)		400		—	(i)
Morgan Stanley Capital I Trust
Series 2006-IQ12, Class X1, IO, 0.29%, 12/15/2043 ‡ (a) (g)		338		—	(i)
Series 2007-HQ11, Class X, IO, 0.37%, 2/12/2044 (a) (g)		402		—	(i)
MRCD Mark Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		2,050		2,110
Series 2019-PARK, Class D, 2.72%, 12/15/2036 (a)		2,685		2,612
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (a)		664		651
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,236		2,261
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		896
Series 2012-C2, Class XA, IO, 1.45%, 5/10/2063 ‡ (a) (g)		6,902		133
VNDO Mortgage Trust
Series 2013-PENN, Class A, 3.81%, 12/13/2029 (a)		5,000		4,998
Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		1,398		1,442
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (a)		1,611		1,623
Series 2013-C11, Class D, 4.40%, 3/15/2045 ‡ (a) (g)		400		353
Series 2012-C6, Class A4, 3.44%, 4/15/2045		766		777
Total Commercial Mortgage-Backed Securities (Cost $71,334)				76,119
U.S. Government Agency Securities — 0.9%
Resolution Funding Corp. STRIPS DN, 2.90%, 10/15/2027 (f)		510		476
Tennessee Valley Authority
5.88%, 4/1/2036		6,839		10,655
4.63%, 9/15/2060		304		470
Tennessee Valley Authority STRIPS
DN, 3.71%, 11/1/2025 (f)		5,000		4,821
DN, 4.95%, 6/15/2035 (f)		800		617
Total U.S. Government Agency Securities (Cost $14,274)				17,039

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 0.7% (l)
California—0.1%
City of Los Angeles, Department of Airports Series 2009C, Rev., 6.58%, 5/15/2039		440		601
State of California, Various Purpose GO, 7.30%, 10/1/2039		350		581
Total California				1,182
New York—0.3%
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2010-D, Rev., 5.60%, 3/15/2040		360		514
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,604
Series 165, Rev., 5.65%, 11/1/2040		440		628
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,691
Total New York				6,437
Ohio — 0.3%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,315		2,208
Ohio State University, General Receipts
Series 2016A, Rev., 4.05%, 12/1/2056		325		436
Series 2011-A, Rev., 4.80%, 6/1/2111		1,563		2,321
Rev., 5.59%, 12/1/2114		200		298
Total Ohio				5,263
Total Municipal Bonds (Cost $9,158)				12,882
Foreign Government Securities — 0.5%
Province of Quebec (Canada) 7.36%, 3/6/2026 (k)		377		504
Republic of Colombia (Colombia)
4.00%, 2/26/2024		922		984
4.50%, 1/28/2026		581		645
7.38%, 9/18/2037		200		286
5.63%, 2/26/2044		200		253
5.00%, 6/15/2045		515		615
4.13%, 5/15/2051		295		316
Republic of Panama (Panama) 4.50%, 4/16/2050		325		418
Republic of Peru (Peru) 5.63%, 11/18/2050		88		145
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		688
United Mexican States (Mexico)
3.60%, 1/30/2025		788		858
4.13%, 1/21/2026		316		352

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — continued
3.75%, 1/11/2028		1,216		1,316
4.60%, 1/23/2046		2,113		2,329
Total Foreign Government Securities (Cost $8,817)				9,709
	Shares (000)
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (m) (n) (Cost $52,605)		52,580		52,622
Total Investments — 101.6% (Cost $1,850,411)				1,992,552
Liabilities in Excess of Other Assets — (1.6)%				(31,556	)
NET ASSETS — 100.0%				1,960,996

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2020.
CMBS	Commercial Mortgage-Backed Security
DN	Discount Notes
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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
Re-REMIC	Combined Real Estate Mortgage Investment Conduit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
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.
TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2020.
(d)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2020.
(e)	Security is an interest bearing note with preferred security characteristics.
(f)	The rate shown is the effective yield as of August 31, 2020.
(g)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	Amount rounds to less than one thousand.
(j)	Defaulted security.
(k)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(l)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(m)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(n)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 41

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 29.1%
Aerospace & Defense — 0.7%
Airbus Finance BV (France) 2.70%, 4/17/2023 (a)		43		45
Boeing Co. (The) 4.88%, 5/1/2025		54		59
General Dynamics Corp. 3.50%, 5/15/2025		100		113
L3Harris Technologies, Inc. 3.85%, 12/15/2026		70		81
Lockheed Martin Corp. 3.10%, 1/15/2023		174		184
Northrop Grumman Corp. 2.93%, 1/15/2025		150		164
Raytheon Technologies Corp.
3.95%, 8/16/2025		150		171
4.13%, 11/16/2028		100		119
Textron, Inc. 3.00%, 6/1/2030		100		105
				1,041
Automobiles — 0.3%
Daimler Finance North America LLC (Germany) 2.13%, 3/10/2025 (a)		150		155
Hyundai Capital America 2.85%, 11/1/2022 (a)		200		207
				362
Banks — 4.7%
Bank of America Corp.
3.30%, 1/11/2023		90		96
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (b)		60		62
(ICE LIBOR USD 3 Month + 1.02%), 2.88%, 4/24/2023 (b)		100		104
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		42		45
Series L, 3.95%, 4/21/2025		154		173
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		610		682
Bank of Montreal (Canada) 2.35%, 9/11/2022		200		208
Bank of Nova Scotia (The) (Canada) 2.00%, 11/15/2022		150		155
Barclays plc (United Kingdom) 3.68%, 1/10/2023		317		329
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		150		162
Citibank NA 2.13%, 10/20/2020		350		350
Citigroup, Inc.
4.40%, 6/10/2025		115		131
4.45%, 9/29/2027		150		174
(SOFR + 1.15%), 2.67%, 1/29/2031 (b)		350		373
Citizens Financial Group, Inc. 4.30%, 12/3/2025		50		58
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025 (a)		201		228

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Cooperatieve Rabobank UA (Netherlands) 3.88%, 2/8/2022		118		124
Discover Bank 3.35%, 2/6/2023		250		265
Fifth Third Bancorp 2.38%, 1/28/2025		64		68
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.92%), 3.03%, 11/22/2023 (b)		200		210
(ICE LIBOR USD 3 Month + 1.14%), 2.63%, 11/7/2025 (b)		200		210
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		281
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		225		237
Regions Financial Corp. 2.75%, 8/14/2022		107		111
Royal Bank of Canada (Canada) 2.25%, 11/1/2024		100		107
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		200		220
Toronto-Dominion Bank (The) (Canada) 2.50%, 12/14/2020		200		201
US Bancorp
Series V, 2.38%, 7/22/2026		133		146
Series X, 3.15%, 4/27/2027		68		77
Wells Fargo & Co. 2.63%, 7/22/2022		250		260
3.00%, 2/19/2025		99		107
4.10%, 6/3/2026		21		24
4.30%, 7/22/2027		30		34
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (b)		250		281
Westpac Banking Corp. (Australia) 2.50%, 6/28/2022		300		312
				6,605
Beverages — 0.5%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.75%, 1/23/2029		265		323
3.50%, 6/1/2030		125		143
Coca-Cola Co. (The) 1.45%, 6/1/2027		51		53
Constellation Brands, Inc. 2.88%, 5/1/2030		11		12
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		75		88
4.60%, 5/25/2028		50		60
PepsiCo, Inc. 1.63%, 5/1/2030		33		34
				713

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — 0.4%
AbbVie, Inc.
3.45%, 3/15/2022 (a)		69		72
4.25%, 11/14/2028		100		118
Amgen, Inc. 2.20%, 2/21/2027		43		46
Baxalta, Inc. 3.60%, 6/23/2022		23		24
Biogen, Inc.
3.63%, 9/15/2022		30		32
2.25%, 5/1/2030		40		41
Gilead Sciences, Inc.
3.70%, 4/1/2024		36		40
3.50%, 2/1/2025		25		28
3.65%, 3/1/2026		57		65
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		28		27
				493
Building Products — 0.0% (c)
Johnson Controls International plc 3.75%, 12/1/2021		3		3
Capital Markets — 2.1%
Bank of New York Mellon Corp. (The) 3.25%, 9/11/2024		150		166
BlackRock, Inc. 1.90%, 1/28/2031		40		42
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		47		56
Charles Schwab Corp. (The)
3.23%, 9/1/2022		40		42
3.20%, 1/25/2028		200		228
Deutsche Bank AG (Germany) 3.13%, 1/13/2021		38		38
Goldman Sachs Group, Inc. (The)
2.35%, 11/15/2021		200		201
3.00%, 4/26/2022		80		81
3.75%, 5/22/2025		257		288
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		249		282
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		88		97
Invesco Finance plc
4.00%, 1/30/2024		71		78
3.75%, 1/15/2026		125		141
Jefferies Group LLC 6.88%, 4/15/2021		50		52
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		100		114
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021 (a)		40		41

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Morgan Stanley
5.75%, 1/25/2021		100		102
5.50%, 7/28/2021		100		105
3.70%, 10/23/2024		83		93
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		500		565
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (b)		17		18
State Street Corp. 3.10%, 5/15/2023		36		38
TD Ameritrade Holding Corp. 2.95%, 4/1/2022		34		35
UBS AG (Switzerland) 2.45%, 12/1/2020 (a)		200		201
				3,104
Chemicals — 0.4%
Ecolab, Inc.
3.25%, 1/14/2023		88		94
3.25%, 12/1/2027		43		48
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		9		10
Mosaic Co. (The) 3.25%, 11/15/2022		21		22
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		50
Sherwin-Williams Co. (The)
3.30%, 2/1/2025		110		119
3.45%, 6/1/2027		51		58
Union Carbide Corp. 7.50%, 6/1/2025		100		122
				523
Commercial Services & Supplies — 0.2%
Republic Services, Inc. 3.38%, 11/15/2027		200		227
Communications Equipment — 0.0% (c)
Cisco Systems, Inc. 2.95%, 2/28/2026		44		50
Construction Materials — 0.2%
Martin Marietta Materials, Inc.
3.45%, 6/1/2027		78		87
3.50%, 12/15/2027		160		179
				266
Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		150		151
4.13%, 7/3/2023		200		202
American Express Co. 3.38%, 5/17/2021		100		102
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023 (a)		150		146
3.95%, 7/1/2024 (a)		120		111

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 43

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Consumer Finance — continued
Capital One Financial Corp. 3.20%, 2/5/2025		235		256
Caterpillar Financial Services Corp.
1.85%, 9/4/2020		200		200
2.85%, 6/1/2022		58		61
John Deere Capital Corp.
3.15%, 10/15/2021		33		34
2.70%, 1/6/2023		89		94
2.65%, 6/24/2024		100		108
Toyota Motor Credit Corp. 2.00%, 10/7/2024		150		158
				1,623
Containers & Packaging — 0.1%
Packaging Corp. of America 3.00%, 12/15/2029		100		110
WRKCo, Inc. 3.00%, 9/15/2024		80		86
				196
Diversified Financial Services — 0.9%
Blackstone 3.65%, 7/14/2023 (a)		55		55
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		207
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		84
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		522
Series KK, 3.55%, 1/15/2024		200		217
Shell International Finance BV (Netherlands) 3.25%, 5/11/2025		100		112
				1,197
Diversified Telecommunication Services — 0.8%
AT&T, Inc. 7.88%, 2/15/2030		350		478
Qwest Corp. 6.75%, 12/1/2021		148		157
Verizon Communications, Inc.
4.33%, 9/21/2028		160		194
4.50%, 8/10/2033		208		264
				1,093
Electric Utilities — 1.9%
American Electric Power Co., Inc. 2.30%, 3/1/2030		100		103
Baltimore Gas and Electric Co. 2.80%, 8/15/2022		43		45
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027		200		222
DTE Electric Co. 2.65%, 6/15/2022		20		21
Duke Energy Corp. 3.75%, 4/15/2024		300		330
Duke Energy Progress LLC 2.80%, 5/15/2022		40		42
Edison International 4.13%, 3/15/2028		150		157

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		200		223
Entergy Mississippi LLC 2.85%, 6/1/2028		186		204
Evergy Metro, Inc. 3.15%, 3/15/2023		47		50
ITC Holdings Corp. 2.95%, 5/14/2030 (a)		39		42
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		200		232
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		89		103
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		28		31
1.96%, 6/27/2030 (a)		29		30
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		132		143
Public Service Co. of Oklahoma 4.40%, 2/1/2021		74		75
Southern California Edison Co. 1.85%, 2/1/2022		12		12
Southern Co. (The) 3.25%, 7/1/2026		317		355
Virginia Electric & Power Co.
Series C, 2.75%, 3/15/2023		191		201
3.45%, 2/15/2024		21		23
				2,644
Electrical Equipment — 0.1%
ABB Finance USA, Inc. (Switzerland) 2.88%, 5/8/2022		41		43
Eaton Corp. 3.10%, 9/15/2027		140		157
				200
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		17
3.88%, 1/12/2028		100		109
				126
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co. LLC 2.77%, 12/15/2022		150		157
Halliburton Co. 3.80%, 11/15/2025		7		8
Schlumberger Investment SA 2.65%, 6/26/2030		94		96
				261
Entertainment — 0.0% (c)
Walt Disney Co. (The) 7.70%, 10/30/2025		50		67
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp.
3.50%, 1/31/2023		80		86
5.00%, 2/15/2024		38		43

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
AvalonBay Communities, Inc.
3.35%, 5/15/2027		28		31
2.45%, 1/15/2031		100		107
Boston Properties LP 3.20%, 1/15/2025		152		165
Brixmor Operating Partnership LP 3.85%, 2/1/2025		50		53
Crown Castle International Corp. 2.25%, 1/15/2031		72		74
ERP Operating LP 4.63%, 12/15/2021		255		266
Essex Portfolio LP 1.65%, 1/15/2031		53		51
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)		52		57
Healthcare Trust of America Holdings LP 3.10%, 2/15/2030		68		72
Healthpeak Properties, Inc.
4.20%, 3/1/2024		17		19
3.88%, 8/15/2024		205		228
3.40%, 2/1/2025		38		41
Kimco Realty Corp. 2.70%, 10/1/2030		52		53
Mid-America Apartments LP 1.70%, 2/15/2031		36		35
Prologis LP 1.25%, 10/15/2030		45		44
Realty Income Corp.
3.88%, 7/15/2024		50		55
3.65%, 1/15/2028		150		168
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		150		159
SITE Centers Corp. 3.63%, 2/1/2025		12		12
UDR, Inc. 2.10%, 8/1/2032		48		48
Ventas Realty LP
3.75%, 5/1/2024		44		47
3.50%, 2/1/2025		27		29
4.13%, 1/15/2026		62		70
Welltower, Inc. 4.50%, 1/15/2024		100		110
				2,123
Food & Staples Retailing — 0.3%
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (a)		100		108
Costco Wholesale Corp. 1.60%, 4/20/2030		95		97
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		42		48
Kroger Co. (The) 4.00%, 2/1/2024		90		99
				352
Food Products — 0.7%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		53		61
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		13		13

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food Products — continued
Campbell Soup Co.
3.95%, 3/15/2025		50		56
2.38%, 4/24/2030		74		77
Cargill, Inc. 3.30%, 3/1/2022 (a)		100		104
General Mills, Inc. 4.20%, 4/17/2028		200		236
Kellogg Co. 3.40%, 11/15/2027		95		107
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		92		107
Mondelez International, Inc. 2.75%, 4/13/2030		2		2
Smithfield Foods, Inc. 5.20%, 4/1/2029 (a)		7		8
Tyson Foods, Inc. 3.95%, 8/15/2024		73		81
Unilever Capital Corp. (United Kingdom) 3.38%, 3/22/2025		100		112
				964
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		42		46
ONE Gas, Inc. 2.00%, 5/15/2030		26		27
				73
Health Care Equipment & Supplies — 0.1%
Boston Scientific Corp. 3.75%, 3/1/2026		50		57
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		19		20
3.55%, 4/1/2025		50		56
				133
Health Care Providers & Services — 1.0%
Aetna, Inc. 2.80%, 6/15/2023		200		211
Anthem, Inc.
3.13%, 5/15/2022		115		120
3.50%, 8/15/2024		106		117
Cigna Corp.
3.05%, 11/30/2022		200		210
3.50%, 6/15/2024		72		79
CVS Health Corp.
4.10%, 3/25/2025		44		50
2.70%, 8/21/2040		50		49
HCA, Inc. 4.13%, 6/15/2029		150		173
Laboratory Corp. of America Holdings 3.20%, 2/1/2022		214		222
UnitedHealth Group, Inc. 3.38%, 11/15/2021		112		115
				1,346
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 2.13%, 3/1/2030		58		60

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 45

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Starbucks Corp. 3.80%, 8/15/2025		150		171
				231
Household Durables — 0.1%
DR Horton, Inc. 2.55%, 12/1/2020		150		151
Household Products — 0.0% (c)
Kimberly-Clark Corp. 2.40%, 3/1/2022		20		21
Procter & Gamble — ESOP Series A, 9.36%, 1/1/2021		6		6
				27
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.40%, 3/15/2022		80		83
4.25%, 6/15/2022		37		39
				122
Industrial Conglomerates — 0.2%
Ingersoll-Rand Global Holding Co. Ltd. 4.25%, 6/15/2023		34		38
Roper Technologies, Inc.
3.80%, 12/15/2026		15		17
1.40%, 9/15/2027		174		176
				231
Insurance — 1.6%
Allstate Corp. (The) 3.15%, 6/15/2023		61		66
American International Group, Inc. 3.75%, 7/10/2025		161		181
Aon plc 3.88%, 12/15/2025		143		164
Assurant, Inc. 4.20%, 9/27/2023		90		97
Athene Global Funding 2.95%, 11/12/2026 (a)		150		158
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		130		136
CNA Financial Corp.
3.95%, 5/15/2024		52		57
4.50%, 3/1/2026		38		45
Guardian Life Global Funding 2.50%, 5/8/2022 (a)		125		129
Lincoln National Corp. 4.20%, 3/15/2022		35		37
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026		44		52
Marsh & McLennan Cos., Inc. 3.30%, 3/14/2023		50		53
Metropolitan Life Global Funding I 3.45%, 12/18/2026 (a)		250		286
New York Life Global Funding 1.20%, 8/7/2030 (a)		150		147

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Insurance — continued
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		167
Protective Life Global Funding 2.62%, 8/22/2022 (a)		200		208
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		198
				2,181
Interactive Media & Services — 0.2%
Alphabet, Inc. 1.10%, 8/15/2030		225		224
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc. 1.20%, 6/3/2027		105		107
1.50%, 6/3/2030		200		204
				311
IT Services — 0.1%
International Business Machines Corp. 3.50%, 5/15/2029		100		116
Western Union Co. (The) 3.60%, 3/15/2022		20		21
				137
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 4.15%, 2/1/2024		34		38
3.20%, 8/15/2027		100		112
				150
Machinery — 0.3%
Caterpillar, Inc. 2.60%, 6/26/2022		31		32
Illinois Tool Works, Inc. 3.50%, 3/1/2024		175		192
Otis Worldwide Corp. 2.57%, 2/15/2030 (a)		44		47
Stanley Black & Decker, Inc. 3.40%, 3/1/2026		110		125
				396
Media — 0.8%
Charter Communications Operating LLC 4.91%, 7/23/2025		160		186
Comcast Corp.
3.00%, 2/1/2024		117		126
3.38%, 2/15/2025		77		86
3.38%, 8/15/2025		80		90
3.95%, 10/15/2025		14		16
3.15%, 3/1/2026		16		18
1.50%, 2/15/2031		175		174
Cox Communications, Inc. 3.50%, 8/15/2027 (a)		154		173
Fox Corp. 4.71%, 1/25/2029		35		42
ViacomCBS, Inc. 4.00%, 1/15/2026		208		235
				1,146

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (a)		60		59
Nucor Corp. 4.00%, 8/1/2023		27		29
Steel Dynamics, Inc. 3.45%, 4/15/2030		21		23
				111
Multiline Retail — 0.2%
Dollar General Corp. 4.13%, 5/1/2028		150		177
Target Corp. 2.25%, 4/15/2025		96		103
				280
Multi-Utilities — 0.4%
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		180
DTE Energy Co. Series B, 3.30%, 6/15/2022		79		82
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024		100		108
Sempra Energy 4.05%, 12/1/2023		48		53
Southern Co. Gas Capital Corp. 3.50%, 9/15/2021		94		96
WEC Energy Group, Inc. 3.55%, 6/15/2025		87		98
				617
Oil, Gas & Consumable Fuels — 2.2%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		100		113
BP Capital Markets plc (United Kingdom)
3.81%, 2/10/2024		166		183
3.51%, 3/17/2025		60		67
Cameron LNG LLC 2.90%, 7/15/2031 (a)		84		92
Chevron Corp.
2.36%, 12/5/2022		40		42
2.00%, 5/11/2027		19		20
CNOOC Finance 2014 ULC (China) 4.25%, 4/30/2024		200		222
Concho Resources, Inc. 2.40%, 2/15/2031		14		14
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		61
Energy Transfer Operating LP
3.60%, 2/1/2023		28		29
4.90%, 2/1/2024		61		66
4.05%, 3/15/2025		91		97
Eni SpA (Italy) 4.15%, 10/1/2020 (a)		200		200
Enterprise Products Operating LLC
2.80%, 2/15/2021		200		203
3.90%, 2/15/2024		49		55
3.75%, 2/15/2025		37		41

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
2.80%, 1/31/2030		50		53
Exxon Mobil Corp. 2.61%, 10/15/2030		141		153
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		51
Marathon Petroleum Corp.
4.50%, 5/1/2023		100		109
3.63%, 9/15/2024		67		72
MPLX LP 3.38%, 3/15/2023		32		34
4.25%, 12/1/2027		27		30
Newfield Exploration Co. 5.38%, 1/1/2026		100		99
Noble Energy, Inc. 3.85%, 1/15/2028		100		113
ONEOK Partners LP
3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		31
ONEOK, Inc. 3.40%, 9/1/2029		150		147
Pioneer Natural Resources Co. 1.90%, 8/15/2030		72		70
Plains All American Pipeline LP
3.60%, 11/1/2024		100		105
Sinopec Group Overseas Development 2013 Ltd. (China) 4.38%, 10/17/2023 (a)		200		220
Spectra Energy Partners LP 3.50%, 3/15/2025		63		69
TC PipeLines LP 3.90%, 5/25/2027		42		45
TransCanada PipeLines Ltd. (Canada) 3.75%, 10/16/2023		172		188
Williams Cos., Inc. (The) 3.90%, 1/15/2025		86		95
				3,201
Pharmaceuticals — 0.6%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030		77		75
Bristol-Myers Squibb Co.
3.25%, 8/15/2022		98		103
3.40%, 7/26/2029		71		83
Eli Lilly and Co. 3.38%, 3/15/2029		70		81
Merck & Co., Inc. 3.40%, 3/7/2029		100		117
Mylan, Inc. 4.55%, 4/15/2028		75		88
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030		200		204
Zoetis, Inc. 2.00%, 5/15/2030		80		83
				834
Real Estate Management & Development — 0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		200		205

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 47

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — 0.6%
Canadian Pacific Railway Co. (Canada) 4.50%, 1/15/2022		55		58
CSX Corp. 3.25%, 6/1/2027		162		183
ERAC USA Finance LLC
5.25%, 10/1/2020 (a)		48		48
4.50%, 8/16/2021 (a)		27		28
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		60		69
Norfolk Southern Corp. 2.55%, 11/1/2029		150		164
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		200		217
				767
Semiconductors & Semiconductor Equipment — 0.4%
Analog Devices, Inc. 2.95%, 1/12/2021		70		71
Broadcom, Inc.
4.75%, 4/15/2029		50		58
4.15%, 11/15/2030		150		169
Intel Corp. 3.70%, 7/29/2025		116		132
QUALCOMM, Inc.
3.25%, 5/20/2027		94		106
2.15%, 5/20/2030		77		81
				617
Software — 0.3%
Intuit, Inc.
1.35%, 7/15/2027		19		19
1.65%, 7/15/2030		125		129
Oracle Corp. 2.95%, 11/15/2024		200		218
				366
Specialty Retail — 0.5%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		30		33
AutoZone, Inc. 4.00%, 4/15/2030		83		99
Home Depot, Inc. (The) 2.50%, 4/15/2027		88		96
Lowe’s Cos., Inc. 3.65%, 4/5/2029		200		231
O’Reilly Automotive, Inc.
3.55%, 3/15/2026		100		115
3.60%, 9/1/2027		62		71
				645
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.
2.75%, 1/13/2025		200		218
1.65%, 5/11/2030		90		93

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — continued
Hewlett Packard Enterprise Co. 1.45%, 4/1/2024		80		81
				392
Tobacco — 0.3%
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200		215
Philip Morris International, Inc. 3.38%, 8/11/2025		150		168
				383
Trading Companies & Distributors — 0.3%
Air Lease Corp. 3.00%, 9/15/2023		250		251
3.63%, 12/1/2027		100		103
Aviation Capital Group LLC 3.88%, 5/1/2023 (a)		100		99
				453
Water Utilities — 0.1%
American Water Capital Corp. 3.85%, 3/1/2024		150		164
Wireless Telecommunication Services — 0.3%
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023		160		177
T-Mobile USA, Inc. 3.88%, 4/15/2030 (a)		150		171
				348
Total Corporate Bonds (Cost $37,414)				40,475
U.S. Treasury Obligations — 26.9%
U.S. Treasury Bonds
6.00%, 2/15/2026		516		674
6.13%, 8/15/2029		500		741
U.S. Treasury Notes
2.00%, 5/31/2021		1,000		1,014
1.88%, 1/31/2022		700		717
1.88%, 4/30/2022		1,000		1,029
2.25%, 1/31/2024		1,500		1,606
2.25%, 11/15/2024		250		271
2.88%, 5/31/2025		299		336
2.00%, 8/15/2025		2,500		2,712
2.25%, 11/15/2025		1,000		1,100
2.25%, 11/15/2027		2,000		2,247
2.88%, 8/15/2028		2,000		2,359
3.13%, 11/15/2028		2,000		2,406
2.63%, 2/15/2029		3,200		3,730
1.50%, 2/15/2030		800		861

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
U.S. Treasury Obligations — continued
U.S. Treasury STRIPS Bonds
4.12%, 11/15/2021 (d)		1,525			1,522
2.87%, 2/15/2022 (d)		2,400			2,394
2.89%, 11/15/2022 (d)		1,300			1,296
2.80%, 5/15/2023 (d)		685			682
2.23%, 8/15/2023 (d)		3,890			3,866
2.24%, 2/15/2024 (d)		4,406			4,366
2.26%, 5/15/2024 (d)		200			198
3.00%, 5/15/2025 (d)		200			197
2.40%, 5/15/2026 (d)		200			195
3.61%, 8/15/2026 (d)		47			46
3.76%, 11/15/2026 (d)		300			290
2.98%, 2/15/2027 (d)		100			97
4.05%, 8/15/2027 (d)		100			96
4.08%, 11/15/2027 (d)		140			134
3.15%, 2/15/2028 (d)		53			51
2.52%, 5/15/2028 (d)		10			9
3.34%, 8/15/2028 (d)		200			189
Total U.S. Treasury Obligations (Cost $34,892)					37,431
Collateralized Mortgage Obligations — 14.7%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		651			658
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		97			93
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034‡		12			10
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 3.00%, 6/20/2034 (e)		10			9
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		21			21
Series 2005-22, Class 2A1, 3.46%, 11/25/2035 (e)		95			88
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033‡		—	(f)		—	(f)
Series 2003-HYB1, Class A, 4.24%, 9/25/2033 (e)		9			9
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033		3			3
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-3, Class 1A1, 4.27%, 6/25/2020(e)		16			16

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
FHLMC — GNMA Series 24, Class ZE, 6.25%, 11/25/2023		8			8
FHLMC, REMIC
Series 1084, Class F, 1.11%, 5/15/2021 (e)		—	(f)		—	(f)
Series 1084, Class S, HB, IF, 44.50%, 5/15/2021 (e)		—	(f)		—	(f)
Series 1144, Class KB, 8.50%, 9/15/2021		1			1
Series 1206, Class IA, 7.00%, 3/15/2022		—	(f)		—	(f)
Series 1250, Class J, 7.00%, 5/15/2022		—	(f)		—	(f)
Series 1343, Class LA, 8.00%, 8/15/2022		2			2
Series 2512, Class PG, 5.50%, 10/15/2022		27			28
Series 2535, Class BK, 5.50%, 12/15/2022		4			5
Series 1470, Class F, 1.76%, 2/15/2023 (e)		—	(f)		—	(f)
Series 2568, Class KG, 5.50%, 2/15/2023		41			43
Series 1466, Class PZ, 7.50%, 2/15/2023		8			8
Series 1491, Class I, 7.50%, 4/15/2023		3			4
Series 1798, Class F, 5.00%, 5/15/2023		4			4
Series 1518, Class G, IF, 8.79%, 5/15/2023 (e)		3			4
Series 1541, Class O, 0.00%, 7/15/2023 (e)		3			3
Series 1608, Class L, 6.50%, 9/15/2023		12			13
Series 1602, Class SA, HB, IF, 22.18%, 10/15/2023 (e)		2			2
Series 2283, Class K, 6.50%, 12/15/2023		4			5
Series 1700, Class GA, PO, 2/15/2024		1			1
Series 1671, Class L, 7.00%, 2/15/2024		4			4
Series 1706, Class K, 7.00%, 3/15/2024		22			23
Series 2033, Class SN, HB, IF, 28.37%, 3/15/2024 (e)		1			—	(f)
Series 1720, Class PL, 7.50%, 4/15/2024		63			67
Series 2306, Class K, PO, 5/15/2024		3			3
Series 2306, Class SE, IF, IO, 10.00%, 5/15/2024 (e)		6			1
Series 1745, Class D, 7.50%, 8/15/2024		5			5
Series 1927, Class PH, 7.50%, 1/15/2027		36			41
Series 1981, Class Z, 6.00%, 5/15/2027		13			15
Series 1987, Class PE, 7.50%, 9/15/2027		4			5
Series 2038, Class PN, IO, 7.00%, 3/15/2028		6			1
Series 2040, Class PE, 7.50%, 3/15/2028		30			35
Series 2063, Class PG, 6.50%, 6/15/2028		32			37
Series 2064, Class TE, 7.00%, 6/15/2028		4			5
Series 2075, Class PM, 6.25%, 8/15/2028		21			24
Series 2075, Class PH, 6.50%, 8/15/2028		22			25
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		7			1
Series 2125, Class JZ, 6.00%, 2/15/2029		14			15

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 49

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2169, Class TB, 7.00%, 6/15/2029		64			74
Series 2163, Class PC, IO, 7.50%, 6/15/2029		3			—	(f)
Series 2172, Class QC, 7.00%, 7/15/2029		28			32
Series 2196, Class TL, 7.50%, 11/15/2029		—	(f)		—	(f)
Series 2201, Class C, 8.00%, 11/15/2029		10			12
Series 2210, Class Z, 8.00%, 1/15/2030		31			37
Series 2224, Class CB, 8.00%, 3/15/2030		10			12
Series 2256, Class MC, 7.25%, 9/15/2030		17			20
Series 2259, Class ZM, 7.00%, 10/15/2030		18			21
Series 2271, Class PC, 7.25%, 12/15/2030		15			18
Series 2296, Class PD, 7.00%, 3/15/2031		8			10
Series 2333, Class HC, 6.00%, 7/15/2031		22			26
Series 2344, Class ZD, 6.50%, 8/15/2031		155			181
Series 2344, Class ZJ, 6.50%, 8/15/2031		20			23
Series 2345, Class NE, 6.50%, 8/15/2031		11			13
Series 2351, Class PZ, 6.50%, 8/15/2031		16			18
Series 2410, Class OE, 6.38%, 2/15/2032		16			18
Series 2410, Class NG, 6.50%, 2/15/2032		11			13
Series 2410, Class QX, IF, IO, 8.49%, 2/15/2032 (e)		9			2
Series 2412, Class SP, IF, 15.78%, 2/15/2032 (e)		36			50
Series 2423, Class MC, 7.00%, 3/15/2032		10			12
Series 2423, Class MT, 7.00%, 3/15/2032		19			23
Series 2444, Class ES, IF, IO, 7.79%, 3/15/2032 (e)		22			4
Series 2450, Class SW, IF, IO, 7.84%, 3/15/2032 (e)		9			2
Series 2435, Class CJ, 6.50%, 4/15/2032		81			96
Series 2441, Class GF, 6.50%, 4/15/2032		21			25
Series 2455, Class GK, 6.50%, 5/15/2032		28			33
Series 2450, Class GZ, 7.00%, 5/15/2032		31			37
Series 2466, Class DH, 6.50%, 6/15/2032		39			44
Series 2474, Class NR, 6.50%, 7/15/2032		27			31
Series 2484, Class LZ, 6.50%, 7/15/2032		40			48
Series 2500, Class MC, 6.00%, 9/15/2032		33			39
Series 2543, Class YX, 6.00%, 12/15/2032		81			93
Series 2575, Class ME, 6.00%, 2/15/2033		148			172
Series 2586, Class WI, IO, 6.50%, 3/15/2033		12			2
Series 2990, Class SL, HB, IF, 23.90%, 6/15/2034 (e)		20			25
Series 3611, PO, 7/15/2034		19			18
Series 2990, Class UZ, 5.75%, 6/15/2035		491			568
Series 3117, Class EO, PO, 2/15/2036		46			44
Series 3117, Class OK, PO, 2/15/2036		5			5
Series 3122, Class OH, PO, 3/15/2036		40			38

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3152, Class MO, PO, 3/15/2036		112			107
Series 3607, Class AO, PO, 4/15/2036		28			26
Series 3137, Class XP, 6.00%, 4/15/2036		68			81
Series 3819, Class ZQ, 6.00%, 4/15/2036		188			223
Series 3149, Class SO, PO, 5/15/2036		6			5
Series 3171, Class MO, PO, 6/15/2036		28			28
Series 3179, Class OA, PO, 7/15/2036		17			16
Series 3202, Class HI, IF, IO, 6.49%, 8/15/2036 (e)		148			33
Series 3232, Class ST, IF, IO, 6.54%, 10/15/2036 (e)		26			6
Series 3417, Class EO, PO, 11/15/2036		260			250
Series 3316, Class JO, PO, 5/15/2037		4			4
Series 3607, Class OP, PO, 7/15/2037		136			125
Series 3481, Class SJ, IF, IO, 5.69%, 8/15/2038 (e)		80			16
Series 3680, Class MA, 4.50%, 7/15/2039		128			135
Series 4219, Class JA, 3.50%, 8/15/2039		214			219
Series 3997, Class PF, 0.61%, 11/15/2039 (e)		16			16
Series 4096, Class HA, 2.00%, 12/15/2041		219			224
Series 4374, Class NC, 3.75%, 2/15/2046 (g)		37			37
FHLMC, STRIPS
Series 243, Class 16, IO, 4.50%, 11/15/2020		—	(f)		—
Series 262, Class 35, 3.50%, 7/15/2042		382			427
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.27%, 7/25/2032 (e)		22			25
Series T-76, Class 2A, 1.94%, 10/25/2037 (e)		103			111
Series T-51, Class 2A, 7.50%, 8/25/2042 (e)		20			27
Series T-54, Class 2A, 6.50%, 2/25/2043		195			240
Series T-54, Class 3A, 7.00%, 2/25/2043		63			78
Series T-56, Class A5, 5.23%, 5/25/2043		474			550
Series T-58, Class A, PO, 9/25/2043		13			11
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		24			28
Series 2005-W3, Class 2AF, 0.40%, 3/25/2045 (e)		82			82
FNMA, REMIC
Series 1990-134, Class SC, HB, IF, 21.34%, 11/25/2020 (e)		—	(f)		—	(f)
Series 1990-140, Class K, HB, 652.15%, 12/25/2020		—	(f)		—	(f)
Series 2001-4, Class PC, 7.00%, 3/25/2021		—	(f)		—	(f)

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1991-42, Class S, IF, 17.37%, 5/25/2021 (e)		—	(f)		—	(f)
Series G-14, Class L, 8.50%, 6/25/2021		—	(f)		—	(f)
Series G-18, Class Z, 8.75%, 6/25/2021		—	(f)		—	(f)
Series 2001-48, Class Z, 6.50%, 9/25/2021		7			7
Series 2002-1, Class HC, 6.50%, 2/25/2022		3			3
Series 1992-107, Class SB, HB, IF, 29.56%, 6/25/2022 (e)		3			3
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(f)		—	(f)
Series G92-35, Class E, 7.50%, 7/25/2022		2			3
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(f)		—	(f)
Series 1996-59, Class J, 6.50%, 8/25/2022		1			1
Series 1992-143, Class MA, 5.50%, 9/25/2022		—	(f)		—	(f)
Series G92-54, Class ZQ, 7.50%, 9/25/2022		1			1
Series G93-5, Class Z, 6.50%, 2/25/2023		1			1
Series 1993-37, Class PX, 7.00%, 3/25/2023		21			22
Series 1993-25, Class J, 7.50%, 3/25/2023		3			3
Series 1998-4, Class C, PO, 4/25/2023		—	(f)		—	(f)
Series 1998-43, Class EA, PO, 4/25/2023		31			30
Series 1993-54, Class Z, 7.00%, 4/25/2023		6			7
Series 1993-62, Class SA, IF, 18.94%, 4/25/2023 (e)		1			2
Series 1993-122, Class M, 6.50%, 7/25/2023		2			2
Series 1996-14, Class SE, IF, IO, 10.00%, 8/25/2023 (e)		14			1
Series 1993-178, Class PK, 6.50%, 9/25/2023		3			4
Series 1993-165, Class SD, IF, 13.41%, 9/25/2023 (e)		1			1
Series 1993-183, Class KA, 6.50%, 10/25/2023		50			53
Series 1993-189, Class PL, 6.50%, 10/25/2023		18			19
Series 1994-9, Class E, PO, 11/25/2023		—	(f)		—	(f)
Series 1993-247, Class SA, HB, IF, 27.99%, 12/25/2023 (e)		5			6
Series G95-1, Class C, 8.80%, 1/25/2025		3			3
Series 2005-121, Class DX, 5.50%, 1/25/2026		145			155
Series 1997-20, IO, 1.84%, 3/25/2027 (e)		4			—	(f)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (e)		4			—	(f)
Series 1997-27, Class J, 7.50%, 4/18/2027		7			8
Series 1997-29, Class J, 7.50%, 4/20/2027		8			9
Series 1997-39, Class PD, 7.50%, 5/20/2027		17			19

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2012-47, Class HF, 0.58%, 5/25/2027 (e)		74		74
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		5		—	(f)
Series 1998-36, Class ZB, 6.00%, 7/18/2028		4		4
Series 2000-2, Class ZE, 7.50%, 2/25/2030		32		38
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		24		4
Series 2001-36, Class DE, 7.00%, 8/25/2031		29		35
Series 2001-49, Class Z, 6.50%, 9/25/2031		5		6
Series 2001-44, Class PD, 7.00%, 9/25/2031		6		7
Series 2003-52, Class SX, HB, IF, 22.42%, 10/25/2031 (e)		8		13
Series 2004-74, Class SW, IF, 15.20%, 11/25/2031 (e)		21		30
Series 2001-81, Class LO, PO, 1/25/2032		4		4
Series 2002-1, Class SA, HB, IF, 24.62%, 2/25/2032 (e)		3		4
Series 2002-21, Class PE, 6.50%, 4/25/2032		16		19
Series 2002-28, Class PK, 6.50%, 5/25/2032		17		20
Series 2002-37, Class Z, 6.50%, 6/25/2032		20		23
Series 2004-61, Class SH, HB, IF, 23.29%, 11/25/2032 (e)		24		39
Series 2003-22, Class UD, 4.00%, 4/25/2033		75		84
Series 2003-34, Class GE, 6.00%, 5/25/2033		167		192
Series 2003-39, IO, 6.00%, 5/25/2033 (e)		4		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		73		83
Series 2003-64, Class SX, IF, 13.36%, 7/25/2033 (e)		9		12
Series 2003-71, Class DS, IF, 7.26%, 8/25/2033 (e)		73		86
Series 2005-56, Class TP, IF, 17.62%, 8/25/2033 (e)		43		54
Series 2003-91, Class SD, IF, 12.21%, 9/25/2033 (e)		6		8
Series 2003-116, Class SB, IF, IO, 7.42%, 11/25/2033 (e)		60		13
Series 2006-44, Class P, PO, 12/25/2033		22		20
Series 2003-130, Class SX, IF, 11.26%, 1/25/2034 (e)		3		3
Series 2004-25, Class SA, IF, 19.04%, 4/25/2034 (e)		28		42
Series 2004-46, Class SK, IF, 16.02%, 5/25/2034 (e)		20		27
Series 2004-36, Class SA, IF, 19.04%, 5/25/2034 (e)		43		67
Series 2004-50, Class VZ, 5.50%, 7/25/2034		258		297

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 51

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-74, Class CS, IF, 19.54%, 5/25/2035 (e)		24		31
Series 2005-45, Class DC, HB, IF, 23.67%, 6/25/2035 (e)		42		65
Series 2005-56, Class S, IF, IO, 6.53%, 7/25/2035 (e)		29		7
Series 2005-68, Class PG, 5.50%, 8/25/2035		154		176
Series 2005-73, Class PS, IF, 16.26%, 8/25/2035 (e)		75		104
Series 2005-106, Class US, HB, IF, 23.92%, 11/25/2035 (e)		48		74
Series 2006-27, Class OH, PO, 4/25/2036		39		37
Series 2006-65, Class QO, PO, 7/25/2036		21		20
Series 2006-56, Class FC, 0.47%, 7/25/2036 (e)		139		139
Series 2006-79, Class DO, PO, 8/25/2036		24		24
Series 2006-77, Class PC, 6.50%, 8/25/2036		45		52
Series 2006-110, PO, 11/25/2036		41		38
Series 2006-124, Class HB, 3.54%, 11/25/2036 (e)		62		63
Series 2007-14, Class ES, IF, IO, 6.26%, 3/25/2037 (e)		31		6
Series 2007-81, Class GE, 6.00%, 8/25/2037		74		85
Series 2007-79, Class SB, HB, IF, 23.37%, 8/25/2037 (e)		27		44
Series 2007-88, Class VI, IF, IO, 6.36%, 9/25/2037 (e)		73		16
Series 2007-91, Class ES, IF, IO, 6.28%, 10/25/2037 (e)		208		46
Series 2007-116, Class HI, IO, 2.50%, 1/25/2038 (e)		38		2
Series 2008-16, Class IS, IF, IO, 6.02%, 3/25/2038 (e)		10		2
Series 2008-10, Class XI, IF, IO, 6.05%, 3/25/2038 (e)		18		3
Series 2008-28, Class QS, HB, IF, 20.17%, 4/25/2038 (e)		23		35
Series 2008-46, Class HI, IO, 2.21%, 6/25/2038 (e)		35		2
Series 2013-25, Class DC, 2.50%, 6/25/2039		278		290
Series 2009-69, PO, 9/25/2039		39		36
Series 2009-103, Class MB, 3.60%, 12/25/2039 (e)		45		47
Series 2010-71, Class HJ, 5.50%, 7/25/2040		117		137
Series 2011-118, Class MT, 7.00%, 11/25/2041		129		159
Series 2011-118, Class NT, 7.00%, 11/25/2041		118		142

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2013-101, Class DO, PO, 10/25/2043		230			201
Series 2013-128, PO, 12/25/2043		214			197
Series 2019-65, Class PA, 2.50%, 5/25/2048		330			345
FNMA, REMIC Trust Series 2006-72, Class GO, PO, 8/25/2036		31			31
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.13%, 7/25/2037 (e)		6			13
Series 2003-W4, Class 2A, 5.77%, 10/25/2042 (e)		13			15
Series 2003-W1, Class 1A1, 5.22%, 12/25/2042 (e)		71			78
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.20%, 10/25/2037 (e)		28			32
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		—	(f)		—	(f)
Series 300, Class 1, PO, 9/25/2024		14			13
Series 329, Class 1, PO, 1/25/2033		4			4
GNMA
Series 2010-14, Class AO, PO, 12/20/2032		3			3
Series 2003-24, PO, 3/16/2033		6			6
Series 2003-40, Class TJ, 6.50%, 3/20/2033		148			162
Series 2003-52, Class AP, PO, 6/16/2033		39			37
Series 2004-28, Class S, IF, 19.22%, 4/16/2034 (e)		11			17
Series 2004-73, Class AE, IF, 14.52%, 8/17/2034 (e)		5			5
Series 2004-71, Class SB, HB, IF, 28.69%, 9/20/2034 (e)		19			30
Series 2004-90, Class SI, IF, IO, 5.94%, 10/20/2034 (e)		112			19
Series 2005-68, Class DP, IF, 16.04%, 6/17/2035 (e)		21			28
Series 2005-68, Class KI, IF, IO, 6.14%, 9/20/2035 (e)		202			44
Series 2006-38, Class ZK, 6.50%, 8/20/2036		334			383
Series 2006-59, Class SD, IF, IO, 6.54%, 10/20/2036 (e)		22			4
Series 2007-17, Class JI, IF, IO, 6.65%, 4/16/2037 (e)		85			19
Series 2007-27, Class SA, IF, IO, 6.04%, 5/20/2037 (e)		103			16
Series 2007-45, Class QA, IF, IO, 6.48%, 7/20/2037 (e)		88			14
Series 2007-40, Class SB, IF, IO, 6.59%, 7/20/2037 (e)		143			29
Series 2007-50, Class AI, IF, IO, 6.62%, 8/20/2037 (e)		75			7

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2007-53, Class ES, IF, IO, 6.39%, 9/20/2037 (e)		25			4
Series 2007-53, Class SW, IF, 19.73%, 9/20/2037 (e)		19			25
Series 2009-79, Class OK, PO, 11/16/2037		70			67
Series 2007-76, Class SA, IF, IO, 6.37%, 11/20/2037 (e)		47			7
Series 2007-72, Class US, IF, IO, 6.39%, 11/20/2037 (e)		46			6
Series 2009-106, Class ST, IF, IO, 5.84%, 2/20/2038 (e)		153			27
Series 2008-33, Class XS, IF, IO, 7.54%, 4/16/2038 (e)		32			6
Series 2008-40, Class SA, IF, IO, 6.24%, 5/16/2038 (e)		90			17
Series 2008-50, Class KB, 6.00%, 6/20/2038		115			135
Series 2008-55, Class SA, IF, IO, 6.04%, 6/20/2038 (e)		56			10
Series 2008-93, Class AS, IF, IO, 5.54%, 12/20/2038 (e)		62			9
Series 2009-6, Class SA, IF, IO, 5.94%, 2/16/2039 (e)		18			2
Series 2009-31, Class TS, IF, IO, 6.14%, 3/20/2039 (e)		60			5
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		28			6
Series 2009-22, Class SA, IF, IO, 6.11%, 4/20/2039 (e)		80			13
Series 2009-92, Class ZC, 5.00%, 10/20/2039		456			519
Series 2011-137, Class WA, 5.57%, 7/20/2040 (e)		197			233
Series 2010-105, Class B, 5.00%, 8/20/2040		595			683
Series 2010-130, Class CP, 7.00%, 10/16/2040		50			60
Series 2013-91, Class WA, 4.48%, 4/20/2043 (e)		373			414
Series 2012-H24, Class FA, 0.61%, 3/20/2060 (e)		5			5
Series 2013-H03, Class FA, 0.46%, 8/20/2060 (e)		—	(f)		—	(f)
Series 2012-H21, Class DF, 0.81%, 5/20/2061 (e)		3			3
Series 2012-H26, Class MA, 0.71%, 7/20/2062 (e)		5			5
Series 2012-H29, Class FA, 0.68%, 10/20/2062 (e)		383			384

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2014-H15, Class FA, 0.66%, 7/20/2064 (e)		595		595
Series 2014-H17, Class FC, 0.66%, 7/20/2064 (e)		516		517
Series 2015-H15, Class FJ, 0.60%, 6/20/2065 (e)		554		554
Series 2015-H18, Class FA, 0.61%, 6/20/2065 (e)		421		420
Series 2015-H20, Class FA, 0.63%, 8/20/2065 (e)		510		510
Series 2015-H26, Class FG, 0.68%, 10/20/2065 (e)		587		588
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		52		68
Impac Secured Assets CMN Owner Trust Series 2002-2, Class A, PO, 4/25/2033 ‡		1		—	(f)
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 3.15%, 10/25/2033 (e)		159		159
Series 2006-A2, Class 5A3, 3.84%, 11/25/2033 (e)		39		39
Series 2006-A2, Class 4A1, 3.09%, 8/25/2034 (e)		11		11
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.10%, 4/21/2034 (e)		34		34
Series 2004-3, Class 4A2, 2.90%, 4/25/2034 (e)		9		8
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		11		11
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		93		94
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		77		81
Series 2004-7, Class 30, PO, 8/25/2034 ‡		8		6
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		7		6
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.79%, 10/25/2028 (e)		78		76
Series 2004-A, Class A1, 0.63%, 4/25/2029 (e)		26		25
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (e)		32		32
NCUA Guaranteed Notes Trust Series 2010-R3, Class 3A, 2.40%, 12/8/2020		1		1

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 53

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
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		12			13
RALI Trust
Series 2002-QS16, Class A3, IF, 16.26%, 10/25/2017 (e)		—	(f)		—	(f)
Series 2003-QS9, Class A3, IF, IO, 7.37%, 5/25/2018 ‡ (e)		1			—	(f)
Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(f)		—	(f)
Reperforming Loan REMIC Trust Series 2005-R1, Class 2A, PO, 3/25/2035 ‡ (a)		42			32
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		514			579
Series 2019-3, Class M55D, 4.00%, 10/25/2058 ‡		95			105
Series 2019-4, Class M55D, 4.00%, 2/25/2059		330			367
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		392			427
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		70			74
Series 1994-1, Class 1, 5.27%, 2/15/2024 (e)		49			52
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		106			120
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		34			39
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		152			173
Series 1998-1, Class 2E, 7.00%, 3/15/2028		38			43
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 3.75%, 6/25/2033 (e)		32			31
Series 2004-AR3, Class A2, 3.66%, 6/25/2034 (e)		18			18
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		100			95
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033 ‡		—	(f)		—	(f)
Total Collateralized Mortgage Obligations (Cost $18,953)					20,383
Mortgage-Backed Securities — 13.7%
FHLMC
Pool # 785618, ARM, 2.50%, 7/1/2026 (e)		7			7
Pool # 611141, ARM, 3.77%, 1/1/2027 (e)		7			7

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 1B2656, ARM, 3.66%, 12/1/2034 (e)		36		36
Pool # 1G2557, ARM, 3.51%, 6/1/2036 (e)		59		62
Pool # 1A1085, ARM, 2.95%, 8/1/2036 (e)		63		66
Pool # 1Q0105, ARM, 3.07%, 9/1/2036 (e)		21		22
Pool # 1B7242, ARM, 3.34%, 9/1/2036 (e)		49		52
Pool # 1Q0737, ARM, 3.66%, 11/1/2036 (e)		24		24
Pool # 1N1511, ARM, 3.04%, 1/1/2037 (e)		34		35
Pool # 1J1543, ARM, 4.36%, 2/1/2037 (e)		12		12
Pool # 1Q0739, ARM, 2.97%, 3/1/2037 (e)		29		30
Pool # 1Q0722, ARM, 3.95%, 4/1/2038 (e)		24		26
FHLMC Gold Pools, 15 Year Pool # G12825, 6.50%, 3/1/2022		2		2
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026		6		7
FHLMC Gold Pools, 30 Year
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		2		2
Pool # C00452, 7.00%, 4/1/2026		2		2
Pool # G00981, 8.50%, 7/1/2028		5		5
Pool # A17537, 6.00%, 1/1/2034		24		29
Pool # G02682, 7.00%, 2/1/2037		19		22
Pool # Q58054, 4.50%, 11/1/2046		279		313
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		5		5
Pool # U80336, 3.50%, 5/1/2033		364		391
Pool # U90690, 3.50%, 6/1/2042		198		215
Pool # U90975, 4.00%, 6/1/2042		168		184
Pool # U91427, 3.50%, 5/1/2043		498		538
FNMA
Pool # 54844, ARM, 2.52%, 9/1/2027 (e)		2		2
Pool # 303532, ARM, 4.00%, 3/1/2029 (e)		2		2
Pool # 745446, ARM, 3.81%, 4/1/2033 (e)		29		31
Pool # 746299, ARM, 2.95%, 9/1/2033 (e)		43		45
Pool # 743546, ARM, 3.49%, 11/1/2033 (e)		38		39
Pool # 735332, ARM, 3.51%, 8/1/2034 (e)		45		46
Pool # 790964, ARM, 2.27%, 9/1/2034 (e)		15		15
Pool # 896463, ARM, 3.13%, 10/1/2034 (e)		45		47
Pool # 810896, ARM, 2.57%, 1/1/2035 (e)		33		34
Pool # 816361, ARM, 3.50%, 1/1/2035 (e)		94		94
Pool # 816594, ARM, 2.00%, 2/1/2035 (e)		20		21
Pool # 816597, ARM, 3.54%, 2/1/2035 (e)		12		12
Pool # 745862, ARM, 3.07%, 4/1/2035 (e)		28		29
Pool # 843026, ARM, 2.41%, 9/1/2035 (e)		43		45
Pool # 832801, ARM, 2.91%, 9/1/2035 (e)		48		49

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 920340, ARM, 4.00%, 2/1/2036 (e)		39			39
Pool # 886558, ARM, 2.49%, 8/1/2036 (e)		12			13
Pool # 893424, ARM, 2.57%, 9/1/2036 (e)		33			35
Pool # 913984, ARM, 1.96%, 2/1/2037 (e)		15			15
Pool # 915645, ARM, 2.94%, 2/1/2037 (e)		40			42
Pool # 887094, ARM, 2.93%, 7/1/2046 (e)		49			52
FNMA UMBS, 15 Year
Pool # 745406, 6.00%, 3/1/2021		1			1
Pool # 995381, 6.00%, 1/1/2024		13			14
FNMA UMBS, 20 Year Pool # 254305, 6.50%, 5/1/2022		8			8
FNMA UMBS, 30 Year
Pool # 70825, 8.00%, 3/1/2021		—	(f)		—	(f)
Pool # 189190, 7.50%, 11/1/2022		1			1
Pool # 250066, 8.00%, 5/1/2024		—	(f)		—	(f)
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		—	(f)		—	(f)
Pool # 695533, 8.00%, 6/1/2027		6			7
Pool # 313687, 7.00%, 9/1/2027		1			1
Pool # 755973, 8.00%, 11/1/2028		9			11
Pool # 598559, 6.50%, 8/1/2031		12			15
Pool # 995409, 8.00%, 11/1/2032		108			130
Pool # 675555, 6.00%, 12/1/2032		23			26
Pool # 674349, 6.00%, 3/1/2033		9			10
Pool # 702901, 6.00%, 5/1/2033		36			43
Pool # 721535, 5.00%, 7/1/2033		61			70
Pool # 723852, 5.00%, 7/1/2033		21			24
Pool # 729296, 5.00%, 7/1/2033		42			47
Pool # 713700, 4.50%, 8/1/2033		25			27
Pool # 737825, 6.00%, 9/1/2033		8			10
Pool # 725027, 5.00%, 11/1/2033		38			44
Pool # 725017, 5.50%, 12/1/2033		39			45
Pool # AA0922, 6.00%, 9/1/2036		51			60
Pool # 986648, 6.00%, 9/1/2037		25			29
Pool # AD9151, 5.00%, 8/1/2040		147			169
Pool # BM3375, 4.00%, 1/1/2048		290			322
Pool # BK8753, 4.50%, 6/1/2049		420			461
Pool # BP6363, 3.00%, 4/1/2050		498			526
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029		9			10
Pool # 752786, 6.00%, 9/1/2033		10			11
FNMA, Other
Pool # AL0569, 4.26%, 6/1/2021 (e)		209			211
Pool # AM8317, 2.96%, 3/1/2025		182			198

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # AN2309, 2.21%, 7/1/2026		462			493
Pool # AM6381, 3.29%, 8/1/2026		1,000			1,121
Pool # AM7485, 3.24%, 12/1/2026		1,000			1,131
Pool # AM7515, 3.34%, 2/1/2027		500			564
Pool # BL1211, 4.01%, 2/1/2027		197			226
Pool # AM8529, 3.03%, 4/1/2027		995			1,119
Pool # AM8432, 2.79%, 5/1/2027		996			1,106
Pool # BL1040, 3.81%, 12/1/2028		150			177
Pool # BL0907, 3.88%, 12/1/2028		300			354
Pool # AM6892, 3.76%, 9/1/2029		228			265
Pool # BM4162, 3.20%, 10/1/2029 (e)		296			340
Pool # BL4333, 2.52%, 11/1/2029		400			435
Pool # 109707, 3.80%, 9/1/2033		119			137
Pool # 888408, 6.00%, 3/1/2037		29			34
Pool # 257172, 5.50%, 4/1/2038		8			9
Pool # MA1125, 4.00%, 7/1/2042		300			328
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 9/25/2050 (h)		150			158
TBA, 2.00%, 10/25/2050 (h)		1,700			1,749
TBA, 2.50%, 10/25/2050 (h)		1,600			1,681
GNMA I, 30 Year
Pool # 313110, 7.50%, 11/15/2022		—	(f)		—	(f)
Pool # 352108, 7.00%, 8/15/2023		—	(f)		—	(f)
Pool # 363030, 7.00%, 9/15/2023		12			13
Pool # 352022, 7.00%, 11/15/2023		1			1
Pool # 366706, 6.50%, 1/15/2024		5			6
Pool # 371281, 7.00%, 2/15/2024		2			2
Pool # 782507, 9.50%, 10/15/2024		1			1
Pool # 780029, 9.00%, 11/15/2024		—	(f)		—	(f)
Pool # 780965, 9.50%, 12/15/2025		1			1
Pool # 442119, 7.50%, 11/15/2026		1			1
Pool # 411829, 7.50%, 7/15/2027		2			2
Pool # 468149, 8.00%, 8/15/2028		1			1
Pool # 468236, 6.50%, 9/15/2028		33			37
Pool # 486537, 7.50%, 9/15/2028		2			3
Pool # 466406, 6.00%, 11/15/2028		21			23
Pool # 607645, 6.50%, 2/15/2033		9			10
Pool # 781614, 7.00%, 6/15/2033		16			19
Pool # 782615, 7.00%, 6/15/2035		43			51
Pool # 782025, 6.50%, 12/15/2035		54			65
Pool # 681638, 6.00%, 12/15/2038		67			74
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		—	(f)		—	(f)
Pool # 1989, 8.50%, 4/20/2025		2			3
Pool # 2006, 8.50%, 5/20/2025		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 55

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities — continued
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			1
Pool # 2285, 8.00%, 9/20/2026		1			1
Pool # 2324, 8.00%, 11/20/2026		1			1
Pool # 2499, 8.00%, 10/20/2027		2			2
Pool # 2512, 8.00%, 11/20/2027		2			2
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		11			13
Pool # 2606, 8.00%, 6/20/2028		1			1
Pool # 2633, 8.00%, 8/20/2028		—	(f)		—	(f)
Pool # 2646, 7.50%, 9/20/2028		3			3
Pool # 4245, 6.00%, 9/20/2038		64			74
Pool # BA7567, 4.50%, 5/20/2048		263			284
Pool # BI0416, 4.50%, 11/20/2048		325			356
Pool # BM9692, 4.50%, 7/20/2049		189			205
Pool # BQ3224, 4.50%, 9/20/2049		489			544
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033 376					400
Total Mortgage-Backed Securities (Cost $17,812)					18,970
Asset-Backed Securities — 7.4%
ACC Trust
Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		84			85
Ally Auto Receivables Trust
Series 2018-2, Class A3, 2.92%, 11/15/2022		133			134
Series 2019-1, Class A3, 2.91%, 9/15/2023		69			71
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028		69			65
American Credit Acceptance Receivables Trust
Series 2019-4, Class B, 2.43%, 10/12/2023 (a)		135			137
Series 2020-3, Class A, 0.62%, 10/13/2023 (a)		90			90
American Express Credit Account Master Trust
Series 2019-1, Class A, 2.87%, 10/15/2024		135			140
AmeriCredit Automobile Receivables Trust
Series 2018-1, Class A3, 3.07%, 12/19/2022		54			54
Series 2018-2, Class A3, 3.15%, 3/20/2023		110			111
Series 2019-1, Class A3, 2.97%, 11/20/2023		61			62
Series 2019-2, Class A3, 2.28%, 1/18/2024		250			255
Series 2020-1, Class A3, 1.11%, 8/19/2024		70			71
Series 2020-2, Class A3, 0.66%, 12/18/2024		21			21

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (a)		100		102
B2R Mortgage Trust Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		12		12
BA Credit Card Trust Series 2019-A1, Class A1, 1.74%, 1/15/2025		230		236
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		60		57
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		102		103
Series 2018-3, Class A3, 3.13%, 6/15/2023		204		208
Series 2019-1, Class A3, 3.05%, 3/15/2024		220		226
Series 2020-1, Class A3, 1.89%, 12/16/2024		87		90
Series 2020-3, Class A3, 0.62%, 3/17/2025		85		85
Carvana Auto Receivables Trust Series 2019-2A, Class A3, 2.58%, 3/15/2023 (a)		330		333
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052 (a)		99		104
CPS Auto Receivables Trust
Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		63		63
Series 2015-C, Class D, 4.63%, 8/16/2021 (a)		74		75
Series 2019-D, Class A, 2.17%, 12/15/2022 (a)		46		46
Series 2020-A, Class A, 2.09%, 5/15/2023 (a)		65		66
Credit Acceptance Auto Loan Trust
Series 2018-2A, Class A, 3.47%, 5/17/2027 (a)		170		172
Series 2019-3A, Class A, 2.38%, 11/15/2028 (a)		250		257
Series 2020-1A, Class A, 2.01%, 2/15/2029 (a)		250		256
Drive Auto Receivables Trust
Series 2019-4, Class A3, 2.16%, 5/15/2023		50		50
Series 2020-1, Class A3, 2.02%, 11/15/2023		42		43
Series 2018-2, Class C, 3.63%, 8/15/2024		28		28
Series 2020-2, Class B, 1.42%, 3/17/2025		20		20
DT Auto Owner Trust Series 2019-1A, Class A, 3.08%, 9/15/2022 (a)		5		5
Exeter Automobile Receivables Trust
Series 2019-4A, Class A, 2.18%, 1/17/2023 (a)		80		81
Series 2020-1A, Class A, 2.05%, 6/15/2023 (a)		50		50

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		113		117
First Investors Auto Owner Trust
Series 2018-1A, Class A2, 3.22%, 1/17/2023 (a)		10		10
Series 2019-1A, Class A, 2.89%, 3/15/2024 (a)		39		39
Flagship Credit Auto Trust
Series 2015-3, Class C, 4.65%, 3/15/2022 (a)		38		38
Series 2016-1, Class C, 6.22%, 6/15/2022 (a)		252		255
Series 2018-2, Class A, 2.97%, 10/17/2022 (a)		24		24
Series 2018-3, Class A, 3.07%, 2/15/2023 (a)		21		21
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)		105		109
Ford Credit Auto Lease Trust
Series 2018-B, Class A4, 3.30%, 2/15/2022		88		89
Series 2019-A, Class A3, 2.90%, 5/15/2022		115		116
Series 2020-A, Class A3, 1.85%, 3/15/2023		55		56
Series 2020-B, Class A4, 0.69%, 10/15/2023		47		47
FREED ABS Trust Series 2020-FP1, Class A, 2.52%, 3/18/2027 (a)		67		67
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (e)		16		14
GM Financial Automobile Leasing Trust
Series 2018-3, Class A3, 3.18%, 6/21/2021		29		29
Series 2019-1, Class A3, 2.98%, 12/20/2021		86		86
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3, 2.81%, 12/16/2022		92		94
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		21		21
Honda Auto Receivables Owner Trust
Series 2017-3, Class A3, 1.79%, 9/20/2021		9		9
Series 2018-2, Class A3, 3.01%, 5/18/2022		78		79
Series 2019-4, Class A3, 1.83%, 1/18/2024		180		184
Hyundai Auto Lease Securitization Trust
Series 2018-B, Class A4, 3.20%, 6/15/2022 (a)		127		128
Series 2019-A, Class A3, 2.98%, 7/15/2022 (a)		340		344
Hyundai Auto Receivables Trust
Series 2017-B, Class A3, 1.77%, 1/18/2022		32		32
Series 2018-A, Class A3, 2.79%, 7/15/2022		49		50

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Kabbage Funding LLC Series 2019-1, Class A, 3.83%, 3/15/2024 (a)		30		30
LV Tower 52 Issuer Series 2013-1, Class A, 5.75%, 7/15/2019 ‡ (a)		731		736
Mercedes-Benz Auto Lease Trust
Series 2019-A, Class A3, 3.10%, 11/15/2021		32		33
Series 2019-B, Class A3, 2.00%, 10/17/2022		50		51
Series 2020-A, Class A3, 1.84%, 12/15/2022		68		68
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		151		153
Oportun Funding VIII LLC Series 2018-A, Class A, 3.61%, 3/8/2024 (a)		491		496
Santander Drive Auto Receivables Trust
Series 2019-1, Class A3, 3.00%, 12/15/2022		3		3
Series 2019-2, Class A3, 2.59%, 5/15/2023		95		96
Series 2020-2, Class A3, 0.67%, 4/15/2024		33		33
Santander Retail Auto Lease Trust Series 2019-A, Class A3, 2.77%, 6/20/2022 (a)		225		230
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 3.20%, 1/25/2036 ‡ (g)		27		26
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		40		37
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		260		268
Tesla Auto Lease Trust
Series 2019-A, Class A3, 2.16%, 10/20/2022 (a)		168		172
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A2, 1.67%, 11/15/2022		220		222
Series 2020-A, Class A3, 1.66%, 5/15/2024		180		184
Series 2020-C, Class A4, 0.57%, 10/15/2025		56		56
United Airlines Pass-Through Trust
Series 2016-2, Class AA, 2.88%, 10/7/2028		104		97
US Auto Funding LLC
Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		100		101
Vericrest Opportunity Loan Trust
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 (a) (g)		82		81
Series 2020-NPL6, Class A1A, 3.97%, 4/25/2050 (a) (g)		128		128
Verizon Owner Trust
Series 2018-A, Class A1A, 3.23%, 4/20/2023		100		102
VOLT LXXXVII LLC
Series 2020-NPL3, Class A1A, 2.98%, 2/25/2050 (a) (g)		125		124

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2020 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Westlake Automobile Receivables Trust
Series 2020-2A, Class A2A, 0.93%, 2/15/2024 (a)		120		121
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		156		160
World Omni Auto Receivables Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023		130		133
Series 2017-B, Class A3, 1.95%, 2/15/2023		48		49
World Omni Automobile Lease Securitization Trust
Series 2018-B, Class A3, 3.19%, 12/15/2021		93		94
Series 2019-A, Class A3, 2.94%, 5/16/2022		125		127
Total Asset-Backed Securities (Cost $10,205)				10,333
Commercial Mortgage-Backed Securities — 5.6%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (a)(e)		145		144
CD Commercial Mortgage Trust Series 2007-CD4, Class XC, IO, 1.38%, 12/11/2049 ‡ (a) (e)		10		—	(f)
Commercial Mortgage Trust
Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281		313
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KF12, Class A, 0.85%, 9/25/2022 (e)		18		18
Series KSMC, Class A2, 2.62%, 1/25/2023		500		524
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (e)		500		559
Series KLU2, Class A7, 2.23%, 9/25/2025 (e)		350		372
Series K737, Class AM, 2.10%, 10/25/2026		305		327
Series K069, Class A2, 3.19%, 9/25/2027 (e)		500		574
Series K081, Class A1, 3.88%, 2/25/2028		114		130
Series K083, Class A2, 4.05%, 9/25/2028 (e)		297		364
Series K088, Class A2, 3.69%, 1/25/2029		480		575
FNMA ACES
Series 2015-M17, Class FA, 1.12%, 11/25/2022 (e)		147		147
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (e)		499		539
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (e)		604		651
Series 2015-M7, Class A2, 2.59%, 12/25/2024		709		757
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (e)		500		554
Series 2018-M13, Class A1, 3.82%, 3/25/2030 (e)		222		260
MRCD Mark Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		200		206

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
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		107
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (a)		500		500
Total Commercial Mortgage-Backed Securities (Cost $7,106)				7,738
Foreign Government Securities — 0.2%
United Mexican States (Mexico) 3.63%, 3/15/2022(Cost $247)		244		256
U.S. Government Agency Securities — 0.1%
Resolution Funding Corp. STRIPS
DN, 3.11%, 1/15/2026 (d)		60		58
DN, 2.90%, 10/15/2027 (d)		80		75
Total U.S. Government Agency Securities (Cost $118)				133
	Shares (000)
Short-Term Investments — 4.7%
Investment Companies — 4.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (i) (j) (Cost $6,581)		6,577		6,583
Total Investments — 102.4% (Cost $133,328)				142,302
Liabilities in Excess of Other Assets — (2.4)%				(3,353	)
NET ASSETS — 100.0%				138,949

Percentages indicated are based on net assets.

Abbreviations

ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2020.
DN	Discount Notes
ESOP	Employee Stock Ownership Program
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.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

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 or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2020. 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
SOFR	Secured Overnight Financing Rate
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.

TBA	To Be Announced; Security is subject to delayed delivery
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(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 August 31, 2020.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	The rate shown is the effective yield as of August 31, 2020.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2020.
(f)	Amount rounds to less than one thousand.
(g)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2020.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(i)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(j)	The rate shown is the current yield as of August 31, 2020.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2020 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Core Bond Trust		JPMorgan Intermediate Bond Trust
ASSETS:
Investments in non-affiliates, at value	$	1,939,930	$	135,719
Investments in affiliates, at value		52,622		6,583
Cash		63		—	(a)
Receivables:
Investment securities sold		351		12
Investment securities sold—delayed delivery securities		28,744		3,437
Fund shares sold		5,900		—
Interest from non-affiliates		8,736		512
Dividends from affiliates		8		1
Total Assets		2,036,354		146,264
LIABILITIES:
Payables:
Investment securities purchased		9,892		233
Investment securities purchased — delayed delivery securities		65,179		7,003
Accrued liabilities:
Investment advisory fees		163		4
Custodian and accounting fees		67		34
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)
Other		56		41
Total Liabilities		75,358		7,315
Net Assets	$	1,960,996	$	138,949
NET ASSETS:
Paid-in-Capital	$	1,777,436	$	130,880
Total distributable earnings (loss)		183,560		8,069
Total Net Assets	$	1,960,996	$	138,949
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		179,261		13,477
Net asset value, offering and redemption price per share (b)	$	10.94	$	10.31
Cost of investments in non-affiliates	$	1,797,806	$	126,747
Cost of investments in affiliates		52,605		6,581

(a) Amount rounds to less than one thousand.

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

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2020 (Unaudited)

(Amounts in thousands)

	JPMorgan Core Bond Trust			JPMorgan Intermediate Bond Trust
INVESTMENT INCOME:
Interest income from non-affiliates	$	31,872		$	1,992
Interest income from affiliates		—	(a)		—	(a)
Dividend income from affiliates		108			8
Income from securities lending (net) (See Note 2.D.)		—	(a)		—	(a)
Total investment income		31,980			2,000
EXPENSES:
Investment advisory fees		2,800			196
Administration fees		1,000			70
Custodian and accounting fees		96			43
Interest expense to affiliates		1			—
Professional fees		55			34
Trustees’ and Chief Compliance Officer’s fees		17			13
Printing and mailing costs		10			2
Transfer agency fees		7			1
Other		101			7
Total expenses		4,087			366
Less fees waived		(2,624	)		(263	)
Less expense reimbursements		—			(1	)
Net expenses		1,463			102
Net investment income (loss)		30,517			1,898
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		32,821			65
Investments in affiliates		20			—	(a)
Net realized gain (loss)		32,841			65
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(10,495	)		1,747
Investments in affiliates		5			1
Change in net unrealized appreciation/depreciation		(10,490	)		1,748
Net realized/unrealized gains (losses)		22,351			1,813
Change in net assets resulting from operations	$	52,868		$	3,711

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Core Bond Trust						JPMorgan Intermediate Bond Trust
	Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020			Six Months Ended August 31, 2020 (Unaudited)			Year Ended February 29, 2020
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	30,517		$	64,634		$	1,898		$	4,250
Net realized gain (loss)		32,841			22,238			65			482
Change in net unrealized appreciation/depreciation		(10,490	)		140,634			1,748			6,944
Change in net assets resulting from operations		52,868			227,506			3,711			11,676
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(31,072	)		(72,316	)		(1,922	)		(4,272	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		296,966			284,071			1,700			6,805
Distributions reinvested		28,558			67,887			1,499			3,357
Cost of shares redeemed		(446,038	)		(323,722	)		(6,041	)		(20,737	)
Change in net assets resulting from capital transactions		(120,514	)		28,236			(2,842	)		(10,575	)
NET ASSETS:
Change in net assets		(98,718	)		183,426			(1,053	)		(3,171	)
Beginning of period		2,059,714			1,876,288			140,002			143,173
End of period	$	1,960,996		$	2,059,714		$	138,949		$	140,002
SHARE TRANSACTIONS:
Issued		27,506			27,289			164			688
Reinvested		2,646			6,512			147			338
Redeemed		(41,611	)		(31,187	)		(589	)		(2,110	)
Change in Shares		(11,459	)		2,614			(278	)		(1,084	)

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

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AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Core Bond Trust
Six Months Ended August 31, 2020 (Unaudited)	$	10.80	$	0.17	$	0.14		$	0.31	$	(0.17	)	$	—		$	(0.17	)
Year Ended February 29, 2020		9.97		0.34		0.87			1.21		(0.34	)		(0.04	)		(0.38	)
Year Ended February 28, 2019		10.03		0.34		(0.03	)		0.31		(0.34	)		(0.03	)		(0.37	)
Year Ended February 28, 2018		10.33		0.35		(0.18	)		0.17		(0.35	)		(0.12	)		(0.47	)
Year Ended February 28, 2017		10.58		0.33		(0.14	)		0.19		(0.34	)		(0.10	)		(0.44	)
Year Ended February 29, 2016		10.69		0.32		(0.07	)		0.25		(0.33	)		(0.03	)		(0.36	)

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

(b) Calculated based upon average shares outstanding.

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

(d) 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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.94		2.89	%	$	1,960,996		0.15	%		3.04	%		0.41	%		26	%
	10.80		12.32			2,059,714		0.14			3.25			0.41			32
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan Intermediate Bond Trust
Six Months Ended August 31, 2020 (Unaudited)	$	10.18	$	0.14	$	0.13		$	0.27	$	(0.14	)	$	—		$	(0.14	)
Year Ended February 29, 2020		9.65		0.31		0.53			0.84		(0.31	)		—			(0.31	)
Year Ended February 28, 2019		9.63		0.31		0.02			0.33		(0.31	)		—			(0.31	)
Year Ended February 28, 2018		9.87		0.30		(0.20	)		0.10		(0.30	)		(0.04	)		(0.34	)
Year Ended February 28, 2017		10.37		0.29		(0.15	)		0.14		(0.30	)		(0.34	)		(0.64	)
Year Ended February 29, 2016		10.40		0.26		(0.01	)		0.25		(0.27	)		(0.01	)		(0.28	)

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

(b) Calculated based upon average shares outstanding.

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

(d) 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.

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

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	10.31		2.68	%	$	138,949		0.15	%		2.70	%		0.52	%		13	%
	10.18		8.79			140,002		0.15			3.08			0.54			23
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

1. Organization

JPMorgan Institutional Trust (the “Trust”) was organized on September 14, 2004 as a Delaware statutory trust, pursuant to a Declaration of Trust dated September 14, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The following are two separate diversified series of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report: 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 (“Underlying Funds”) are valued at each Underlying Fund’s net asset value (“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 the Funds at August 31, 2020.

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

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

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

68 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

• 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
Asset-Backed Securities	$	—	$	143,849	$	56,766	$	200,615
Collateralized Mortgage Obligations		—		226,509		28,040		254,549
Commercial Mortgage-Backed Securities		—		71,563		4,556		76,119
Corporate Bonds		—		578,022		—		578,022
Foreign Government Securities		—		9,709		—		9,709
Mortgage-Backed Securities		—		344,141		—		344,141
Municipal Bonds		—		12,882		—		12,882
U.S. Government Agency Securities		—		17,039		—		17,039
U.S. Treasury Obligations		—		446,854		—		446,854
Short-Term Investments
Investment Companies		52,622		—		—		52,622
Total Investments in Securities	$	52,622	$	1,850,568	$	89,362	$	1,992,552

Intermediate Bond Trust

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Asset-Backed Securities	$	—	$	9,194	$	1,139		$	10,333
Collateralized Mortgage Obligations		—		19,750		633			20,383
Commercial Mortgage-Backed Securities		—		7,738		—	(a)		7,738
Corporate Bonds		—		40,475		—			40,475
Foreign Government Securities		—		256		—			256
Mortgage-Backed Securities		—		18,970		—			18,970
U.S. Government Agency Securities		—		133		—			133
U.S. Treasury Obligations		—		37,431		—			37,431
Short-Term Investments
Investment Companies		6,583		—		—			6,583
Total Investments in Securities	$	6,583	$	133,947	$	1,772		$	142,302

(a) Amount rounds to less than one thousand.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

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

Core Bond Trust	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities:
Asset-Backed Securities	$	72,411		$	—	(a)	$	(911	)	$	(52	)	$	3,656		$	(16,334	)	$	9,342	$	(11,346	)	$	56,766
Collateralized Mortgage Obligations		20,213			—	(a)		209			(491	)		1,754			(2,081	)		8,436		—			28,040
Commercial Mortgage-Backed Securities		4,846			—			(237	)		(65	)		12			—	(a)		—		—			4,556
Total	$	97,470		$	—		$	(939	)	$	(608	)	$	5,422		$	(18,415	)	$	17,778	$	(11,346	)	$	89,362
Intermediate Bond Trust	Balance as of February 29, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2020
Investments in Securities:
Asset-Backed Securities	$	1,996		$	—		$	(3	)	$	—	(a)	$	150		$	(1,307	)	$	303	$	—		$	1,139
Collateralized Mortgage Obligations		60			—	(a)		16			—	(a)		1			(38	)		594		—			633
Commercial Mortgage-Backed Securities		—	(a)		—			—	(a)		—	(a)		—	(a)		—	(a)		—		—			—	(a)
Total	$	2,056		$	—		$	13		$	—		$	151		$	(1,345	)	$	897	$	—		$	1,772

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2020, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Core Bond Trust	$	(931)
Intermediate Bond Trust		11

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

70 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2020 for the Funds.

Core Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	47,140	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (8.49%)
				Constant Default Rate		0.00% - 4.92% (0.11%)
				Yield (Discount Rate of Cash Flows)		1.58% - 7.57% (3.43%)
Asset-Backed Securities		47,140
		11,565	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (60.43%)
				Constant Default Rate		0.00% - 4.92% (0.98%)
				Yield (Discount Rate of Cash Flows)		1.35% - 25.73% (6.26%)
Collateralized Mortgage Obligations		11,565
		4,556	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.59%)
				Yield (Discount Rate of Cash Flows)		-0.99% - 10.02% (3.84%)
Commercial Mortgage — Backed Securities		4,556
Total	$	63,261

  # The table above does not include certain level 3 securities that are valued by brokers and pricing services. At August 31, 2020, the value of these securities was approximately $26,101,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally 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 yield and default rate may decrease (increase) the fair value measurement. A significant change in the 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 August 31, 2020			Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	275		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (15.51%)
					Constant Default Rate		0.00% - 4.92% (0.40%)
					Yield (Discount Rate of Cash Flows)		3.65% - 4.34% (3.81%)
Asset-Backed Securities		275
		627		Discounted Cash Flow	Constant Prepayment Rate		1.05% - 100.00% (92.77%)
					Constant Default Rate		0.00% - 1.97% (0.14%)
					Yield (Discount Rate of Cash Flows)		1.56% - 5.98% (1.80%)
Collateralized Mortgage Obligations		627
		—	(b)	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
					Yield (Discount Rate of Cash Flows)		3.93% (3.93%)
Commercial Mortgage — Backed Securities		—	(b)
Total	$	902

  # The table above does not include certain level 3 securities that are valued by brokers and pricing services. At August 31, 2020, the value of these securities was approximately $870,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

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

(b) Amount rounds to less than one thousand.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

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

discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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

As of August 31, 2020, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

The Funds had TBA purchase commitments, when-issued securities, forward commitments or delayed delivery securities outstanding as of August 31, 2020, which are shown as Payable for Investment securities purchased — delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2020 are detailed in the SOIs.

D. Securities Lending — The Funds are 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 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 the Class IM Shares of the JPMorgan U.S. Government 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.

72 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six months ended August 31, 2020, 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)
Intermediate 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).

The Funds did not have any securities out on loan at August 31, 2020.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. 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. Amounts in the tables below are in thousands.

Core Bond Trust

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	58,446	$	387,474	$	393,323	$	20	$	5	$	52,622		52,580	$	108		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		619		1,680		2,299		—		—		—		—		1	*		—
Total	$	59,065	$	389,154	$	395,622	$	20	$	5	$	52,622			$	109		$	—

Intermediate Bond Trust

For the six months ended August 31, 2020
Security Description	Value at February 29, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2020		Shares at August 31, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.17% (a) (b)	$	2,364	$	13,900	$	9,682	$	—	(c)	$	1	$	6,583		6,577	$	8		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		76		76		—			—		—		—		—	*(c)		—
Total	$	2,364	$	13,976	$	9,758	$	—	(c)	$	1	$	6,583			$	8		$	—

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

(b) The rate shown is the current yield as of August 31, 2020.

(c) Amount rounds to less than one thousand.

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

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2020, no liability for Federal 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 Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory 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	0.28	%
Intermediate Bond Trust	0.28

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 each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at a rate of 0.10% of the Funds’ average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

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, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

Core Bond Trust	0.15	%
Intermediate Bond Trust	0.15

The expense limitation agreements were in effect for the six months ended August 31, 2020, and are in place until at least until June 30, 2021.

For the six months ended August 31, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Total		Contractual Reimbursements
Core Bond Trust	$	1,585	$	1,000	$	2,585	$	—
Intermediate Bond Trust		190		70		260		1

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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

74 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

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. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended August 31, 2020 were as follows (amounts in thousands):

Core Bond Trust	$	39
Intermediate Bond Trust		3

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended August 31, 2020, Core Bond Trust purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended August 31, 2020, 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	$	374,239	$	354,924	$	138,960	$	233,600
Intermediate Bond Trust		16,080		17,240		862		1,840

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2020 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Trust	$	1,850,411	$	148,784	$	6,643	$	142,141
Intermediate Bond Trust		133,328		9,069		95		8,974

At February 29, 2020, the following Fund had the following net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Intermediate Bond Trust	$	760	$	—

During the year ended February 29, 2020, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Utilized
	Short-Term		Long-Term
Core Bond Trust	$	638	$	—
Intermediate Bond Trust		320		37

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

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2020 (Unaudited)

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 Funds had no borrowings outstanding from another fund during the six months ended August 31, 2020.

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 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month London InterBank Offered Rate (“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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2020.

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. However, based on experience, the Funds expect the risk of loss to be remote.

As of August 31, 2020, Intermediate Bond Trust had four individual shareholder and/or non-affiliated omnibus accounts, which represented 71.3% of the Fund’s outstanding shares. Significant shareholder transactions by these accounts may impact the Fund’s performance.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it

76 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Funds’ portfolios. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain investments of the Funds and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 77

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, administration fees, and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Funds at the beginning of the reporting period, March 1, 2020, and continued to hold your shares at the end of the reporting period, August 31, 2020.

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 titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value March 1, 2020		Ending Account Value August 31, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Bond Trust
Actual	$	1,000.00	$	1,028.90	$	0.77		0.15	%
Hypothetical		1,000.00		1,024.45		0.77		0.15
JPMorgan Intermediate Bond Trust
Actual		1,000.00		1,026.80		0.77		0.15
Hypothetical		1,000.00		1,024.45		0.77		0.15

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

78 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2020, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2020.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent management consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds, as well as a risk/return assessment of certain Funds as compared to the Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agree-

ments. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the market volatility caused by the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administration services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P.

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 79

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(continued)

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

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

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

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

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

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The

Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place, and shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s ongoing investments in its business in support of the Funds, including the Adviser’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels was reasonable. The Trustees concluded that , for Funds with expense caps in place, the relevant Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place, the relevant Funds’ shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that, the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

80 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe ”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For certain Funds, the Trustees and Adviser determined that the Peer Group and/or Universe is less meaningful and the

independent consultant prepared an analysis of the Fund across various risk and return metrics including tracking error, volatility, total/excess return versus various indices and customized peer group of funds with similar portfolio objectives (as selected by the independent consultant). The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance is summarized below:

The Trustees noted that the Core Bond Trust’s performance was in the fourth and first quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2019, respectively, and in the third, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2019, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.

The Trustees noted that the Intermediate Bond Trust’s performance was in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and the administration fee rates, and that changes made to the administration fee in January 2019, if applicable, were reflected in such rate . The Trustees also reviewed information about other expenses and the expense ratios for each Fund, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustee, additional

AUGUST 31, 2020 JPMORGAN INSTITUTIONAL TRUST FUNDS 81

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(continued)

waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:

The Trustees noted that the Core Bond Trust’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors

identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

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

82 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2020

FOR MORE INFORMATION:

INVESTMENT ADVISER

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, New York 10172

PLACEMENT AGENT

JPMorgan Institutional Investments, Inc.

277 Park Avenue

New York, New York 10172

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 fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. Each Fund’s Form N-PORT reports 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

^© JPMorgan Chase & Co., 2020.  All rights reserved. August 2020. SAN-INSTT-820

ITEM 2. CODE OF ETHICS.

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

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

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

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

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

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

Included in Item 1.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

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

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

Not applicable.

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

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

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

Not applicable.

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

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

SIGNATURES

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

JPMorgan Institutional Trust
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	November 2, 2020

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

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	November 2, 2020

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	November 2, 2020

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: November 2, 2020	/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: November 2, 2020	/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

November 2, 2020

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

November 2, 2020

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.