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, 2021 through August 31, 2021

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.

a.) 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).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

Semi-Annual Report

JPMorgan Institutional Trust Funds

August 31, 2021 (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	59
Financial Highlights	62
Notes to Financial Statements	66
Schedule of Shareholder Expenses	76
Board Approval of Investment Advisory Agreements	77

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.

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 8, 2021 (Unaudited)

Dear Shareholders,

As the global economy continued to rebound in 2021, financial markets largely provided investors with positive returns amid ultra-low interest rates and world-wide efforts to halt the pandemic. However, the way forward has not necessarily been smooth as supply chain bottlenecks, inflationary pressures and the spread of variants of COVID-19 all appear to have slowed progress toward full recovery.

  “As the investment environment changes with the advancing economic cycle, J.P. Morgan Asset Management will continue to pursue innovative strategies and seek to apply our experience in risk management to seek to help investors build durable portfolios.” — Andrea L. Lisher

Record corporate earnings, accommodative central bank policies, government stimulus and strong consumer spending bolstered global financial markets during the six months ended August 31, 2021. Within fixed income markets, lower rated bonds and high yield debt (also known as “junk bonds”) generally outperformed higher quality corporate credit and sovereign debt, including U.S. Treasury bonds. More broadly, equity markets outperformed fixed income markets during the reporting period: The S&P 500 Index returned 19.5% and the Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index) returned 1.49%.

While the U.S. Federal Reserve (the “Fed”) has acknowledged that the spread of the delta variant of COVID-19 weighed on

economic growth in 2021, it has also noted robust improvement in the U.S. labor market and stronger-than-expected inflationary pressures. In response, the Fed has signaled that it may begin to taper off its $120 billion-a-month asset purchasing program by the end of 2021. Various economic data indicate that growth in consumer spending is likely to continue, particularly in the services sector, and both investment spending and the rebuilding of depleted inventories may increase into 2022.

As the investment environment may change with the advancing economic cycle, J.P. Morgan Asset Management will continue to pursue innovative strategies and seek to apply our experience in risk management to seek to help investors build durable portfolios. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.

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, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 1

JPMorgan Institutional Trust Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)

Bond markets generally underperformed equity markets during the period amid continued low interest rates and investor demand for higher returns on investments. Within global fixed income markets, high yield bonds (also called “junk bonds”), emerging markets debt and lower quality investment grade bonds largely outperformed higher quality investment grade corporate bonds, U.S. Treasury bonds and other sovereign debt.

Throughout the period, the U.S. Federal Reserve (the “Fed”) held interest rates at historic lows and maintained the pace of its monthly $120 billion combined asset purchasing programs. However, the Fed said at its July 2021 meeting that it could begin tapering its bond buying by calendar year-end, but that it did not plan to raise interest rates by then. In late August, Fed Chairman Jerome Powell noted that the rate of inflation had increased but reiterated the Fed’s view that inflationary pressures should be temporary.

The Bank of England responded to rising domestic inflation by outlining its plan to eventually withdraw policy support for the economy. Amid a relatively sluggish economic rebound in the European Union, the European Central Bank pledged in July to hold interest rates at record lows for the time being. Notably, South Korea became the first Asian country to raise its interest rates — by 0.25% to 0.75% — amid rising inflation there.

While the global economic reopening continued over the period, the persistence of the pandemic and the emergence of new variants of COVID-19 slowed the pace of growth somewhat and put further strain on the global supply chain.

For the six months ended August 31, 2021, the Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index) returned 1.49% and the Bloomberg Global Multiverse Index (formerly Bloomberg Barclays Global Multiverse Index) returned 0.42%.

2 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

JPMorgan Core Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund*		1.77%
Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index)		1.49%
Net Assets as of 8/31/2021 (In Thousands)	$	2,148,173
Duration as of 8/31/2021		5.9 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, 2021, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in agency residential mortgage-backed securities and agency commercial mortgage-backed securities was a leading contributor to performance. The Fund’s allocation to securitized credit, including non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities, also contributed to relative performance. Within corporate credit, the Fund’s security selection in the financials and industrials sectors also helped relative performance.

The Fund’s shorter duration and underweight allocation to longer maturity bonds was a leading detractor from relative performance as interest rates fell during the period. Generally, bonds with shorter duration will experience a smaller increase in prices compared with longer duration bonds when interest rates fall.

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 period, the Fund was underweight in U.S. Treasury securities and overweight in commercial mortgage-backed securities and agency mortgages.

PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds		27.9	%
U.S. Treasury Obligations		24.0
Mortgage-Backed Securities		15.2
Collateralized Mortgage Obligations		11.8
Asset-Backed Securities		10.0
Commercial Mortgage-Backed Securities		3.9
Others (each less than 1.0%)		1.8
Short-Term Investments		5.4

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

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

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 3

JPMorgan Core Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021
	INCEPTION DATE OF FUND	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
	February 7, 2005		1.77	%		1.46	%		3.86	%		3.84	%

* Not annualized.

TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)

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 U.S. Aggregate Index from August 31, 2011 to August 31, 2021. 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 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 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, 2021

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)

REPORTING PERIOD RETURN:
Fund*	0.85%
Bloomberg Intermediate U.S. Government/Credit Index (formerly Bloomberg Barclays Intermediate U.S. Government/Credit Index)	0.80%
Net Assets as of 8/31/2021 (In Thousands)	$87,522
Duration as of 8/31/2021	3.9 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, 2021, the Fund outperformed the Bloomberg Intermediate U.S. Government/Credit Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight allocation to U.S. Treasury bonds and its security selection within corporate credit were leading contributors to performance. The Fund’s out-of-Benchmark allocation to mortgage-backed securities was a leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?

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

PORTFOLIO COMPOSITION AS OF AUGUST 31, 2021	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds		31.2	%
U.S. Treasury Obligations		18.8
Collateralized Mortgage Obligations		18.6
Mortgage-Backed Securities		10.7
Commercial Mortgage-Backed Securities		9.1
Asset-Backed Securities		9.1
Others (each less than 1.0%)		0.3
Short-Term Investments		2.2

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

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

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 5

JPMorgan Intermediate Bond Trust

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021
	INCEPTION DATE OF FUND	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
	February 7, 2005		0.85	%		0.59	%		3.05	%		3.03	%

* Not annualized.

TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)

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 Intermediate U.S. Government/Credit Index from August 31, 2011 to August 31, 2021. 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 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 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, 2021

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 28.8%
Aerospace & Defense — 1.0%
Airbus SE (France) 3.95%, 4/10/2047 (a)		150		172
BAE Systems plc (United Kingdom)
1.90%, 2/15/2031 (a)		1,007		985
3.00%, 9/15/2050 (a)		502		499
Boeing Co. (The)
1.17%, 2/4/2023		1,115		1,116
1.95%, 2/1/2024		1,030		1,056
1.43%, 2/4/2024		2,265		2,270
4.88%, 5/1/2025		605		676
2.75%, 2/1/2026		995		1,040
2.20%, 2/4/2026		1,385		1,390
3.10%, 5/1/2026		320		339
5.04%, 5/1/2027		960		1,107
3.25%, 3/1/2028		840		883
5.15%, 5/1/2030		940		1,112
5.71%, 5/1/2040		745		965
L3Harris Technologies, Inc. 1.80%, 1/15/2031		840		820
Leidos, Inc. 2.30%, 2/15/2031		465		458
Northrop Grumman Corp. 3.25%, 1/15/2028		200		219
Precision Castparts Corp. 3.25%, 6/15/2025		897		974
Raytheon Technologies Corp.
3.20%, 3/15/2024		350		372
4.50%, 6/1/2042		2,799		3,502
4.15%, 5/15/2045		543		648
4.35%, 4/15/2047		199		245
				20,848
Airlines — 0.0% (b)
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024		133		140
Automobiles — 0.5%
General Motors Co. 6.13%, 10/1/2025		515		607
Hyundai Capital America
1.15%, 11/10/2022 (a)		1,500		1,510
1.80%, 10/15/2025 (a)		490		496
1.30%, 1/8/2026 (a)		425		420
1.50%, 6/15/2026 (a)		775		771
3.00%, 2/10/2027 (a)		355		376
2.38%, 10/15/2027 (a)		530		542
1.80%, 1/10/2028 (a)		805		801
Nissan Motor Co. Ltd. (Japan)
4.35%, 9/17/2027 (a)		2,393		2,663
4.81%, 9/17/2030 (a)		1,102		1,248

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Automobiles — continued
Volkswagen Group of America Finance LLC (Germany) 1.63%, 11/24/2027 (a)		705		704
				10,138
Banks — 4.9%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		1,216		1,360
AIB Group plc (Ireland) 4.75%, 10/12/2023 (a)		1,165		1,258
ANZ New Zealand Int’l Ltd. (New Zealand) 2.55%, 2/13/2030 (a)		778		822
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		1,209
Banco Santander SA (Spain)
3.13%, 2/23/2023		400		415
2.75%, 5/28/2025		800		843
1.85%, 3/25/2026		1,000		1,017
2.75%, 12/3/2030		600		603
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)		547		571
(ICE LIBOR USD 3 Month + 1.09%), 3.09%, 10/1/2025 (c)		526		560
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c)		590		596
3.25%, 10/21/2027		547		597
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		1,700		1,884
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (c)		8,246		9,057
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)		1,510		1,563
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		4,685		4,617
Bank of Montreal (Canada) 1.85%, 5/1/2025		950		982
Banque Federative du Credit Mutuel SA (France)
3.75%, 7/20/2023 (a)		540		573
2.38%, 11/21/2024 (a)		813		849
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (c)		1,452		1,458
3.65%, 3/16/2025		1,000		1,084
BNP Paribas SA (France) 3.38%, 1/9/2025 (a)		425		456
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (c)		407		419
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (c)		323		320
(SOFR + 1.51%), 3.05%, 1/13/2031 (a) (c)		1,065		1,129

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 7

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 2.59%, 8/12/2035 (a) (c)		805		792
2.82%, 1/26/2041 (a)		395		383
BNZ International Funding Ltd. (New Zealand) 2.65%, 11/3/2022 (a)		632		650
Citigroup, Inc.
4.40%, 6/10/2025		865		962
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c) (d) (e)		1,004		1,033
4.30%, 11/20/2026		1,200		1,362
6.63%, 1/15/2028		250		324
(ICE LIBOR USD 3 Month + 1.39%), 3.67%, 7/24/2028 (c)		1,573		1,743
(ICE LIBOR USD 3 Month + 1.34%), 3.98%, 3/20/2030 (c)		1,000		1,136
(SOFR + 1.17%), 2.56%, 5/1/2032 (c)		2,145		2,206
8.13%, 7/15/2039		223		385
Citizens Bank NA 3.70%, 3/29/2023		720		755
Cooperatieve Rabobank UA (Netherlands)
4.38%, 8/4/2025		783		875
3.75%, 7/21/2026		945		1,046
Credit Agricole SA (France) 4.38%, 3/17/2025 (a)		1,250		1,372
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c)		500		512
(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c)		1,500		1,485
2.81%, 1/11/2041 (a)		470		457
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a) (c)		2,110		2,121
Discover Bank
3.35%, 2/6/2023		343		356
4.25%, 3/13/2026		1,205		1,356
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%),
3.95%, 5/18/2024 (c)		1,054		1,114
4.25%, 8/18/2025		939		1,039
3.90%, 5/25/2026		200		222
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (c)		904		1,007
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)		1,215		1,227
(SOFR + 1.29%), 2.21%, 8/17/2029 (c)		815		822
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)		1,160		1,165
6.10%, 1/14/2042		700		1,032

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c)		705		716
KeyBank NA 3.18%, 5/22/2022		729		744
Lloyds Banking Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.81%), 2.91%, 11/7/2023 (c)		612		629
4.58%, 12/10/2025		400		451
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (c)		980		983
4.38%, 3/22/2028		475		547
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.75%, 7/18/2039		760		874
Mizuho Financial Group, Inc. (Japan)
(ICE LIBOR USD 3 Month + 0.83%), 2.23%, 5/25/2026 (c)		875		907
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (c)		1,057		1,047
(SOFR + 1.57%), 2.87%, 9/13/2030 (c)		720		763
National Australia Bank Ltd. (Australia)
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.88%), 3.93%, 8/2/2034 (a) (c)		1,025		1,119
2.65%, 1/14/2041 (a)		525		506
Natwest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)		480		520
4.80%, 4/5/2026		2,010		2,300
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c)		290		341
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.10%), 3.75%, 11/1/2029 (c)		900		958
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (c)		640		738
Nordea Bank Abp (Finland) 4.25%, 9/21/2022 (a)		945		983
Royal Bank of Canada (Canada) 4.65%, 1/27/2026		337		385
Santander UK Group Holdings plc (United Kingdom)
3.57%, 1/10/2023		200		202
(SOFR + 0.99%), 1.67%, 6/14/2027 (c)		930		933
Societe Generale SA (France)
5.00%, 1/17/2024 (a)		370		402
4.25%, 8/19/2026 (a)		1,950		2,142

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c)		2,205		2,192
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (c)		395		396
3.00%, 1/22/2030 (a)		835		875
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (a) (c)		915		933
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		700		763
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a) (c)		400		419
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a) (c)		570		596
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (c)		485		481
(USD ICE Swap Rate 5 Year + 1.97%), 4.87%, 3/15/2033 (a) (c)		200		223
Sumitomo Mitsui Financial Group, Inc. (Japan)
4.44%, 4/2/2024 (a)		500		543
1.47%, 7/8/2025		542		550
2.63%, 7/14/2026		872		929
3.04%, 7/16/2029		1,315		1,414
SVB Financial Group Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026 (c) (d) (e)		1,730		1,795
Truist Financial Corp. 4.00%, 5/1/2025		265		294
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 2.57%, 9/22/2026 (a) (c)		905		921
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (c)		665		666
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)		200		223
(USD ICE Swap Rate 5 Year + 4.91%), 7.30%, 4/2/2034 (a) (c)		300		363
US Bancorp 7.50%, 6/1/2026		1,277		1,639
Wells Fargo & Co.
4.48%, 1/16/2024		702		764
4.10%, 6/3/2026		637		716
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (c)		2,570		2,783

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		1,120		1,174
4.65%, 11/4/2044		1,180		1,470
4.40%, 6/14/2046		300		366
4.75%, 12/7/2046		325		414
				106,570
Beverages — 0.7%
Anheuser-Busch Cos. LLC (Belgium)
4.70%, 2/1/2036		3,945		4,864
4.90%, 2/1/2046		2,235		2,852
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.63%, 2/1/2044		70		85
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.35%, 6/1/2040		800		960
4.44%, 10/6/2048		780		943
4.60%, 6/1/2060		375		467
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030		790		824
1.85%, 9/1/2032		675		648
Constellation Brands, Inc.
4.40%, 11/15/2025		325		366
5.25%, 11/15/2048		220		298
Diageo Investment Corp. (United Kingdom) 8.00%, 9/15/2022		255		275
Fomento Economico Mexicano SAB de CV (Mexico) 3.50%, 1/16/2050		1,060		1,125
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		149		167
3.43%, 6/15/2027		250		277
4.99%, 5/25/2038		215		274
				14,425
Biotechnology — 0.6%
AbbVie, Inc.
3.45%, 3/15/2022		937		948
2.80%, 3/15/2023		525		541
3.85%, 6/15/2024		443		478
3.20%, 11/21/2029		1,832		2,002
4.05%, 11/21/2039		1,809		2,125
4.63%, 10/1/2042		480		594
4.40%, 11/6/2042		790		961
4.45%, 5/14/2046		190		233
Amgen, Inc. 3.00%, 1/15/2052		845		846

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 9

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Biotechnology — continued
Baxalta, Inc.
3.60%, 6/23/2022		149		152
5.25%, 6/23/2045		50		69
Biogen, Inc.
2.25%, 5/1/2030		1,150		1,168
3.15%, 5/1/2050		310		306
Gilead Sciences, Inc. 2.60%, 10/1/2040		1,225		1,194
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		1,270		1,222
				12,839
Building Products — 0.1%
Masco Corp.
2.00%, 10/1/2030		340		335
6.50%, 8/15/2032		600		802
				1,137
Capital Markets — 2.1%
Bank of New York Mellon Corp. (The) 2.80%, 5/4/2026		254		274
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (a)		429		544
Blackstone Secured Lending Fund 3.65%, 7/14/2023		795		830
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028		337		379
4.85%, 3/29/2029		411		490
4.70%, 9/20/2047		427		529
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024		402		436
Credit Suisse Group AG (Switzerland)
3.57%, 1/9/2023 (a)		729		737
3.80%, 6/9/2023		800		844
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (c)		250		260
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (c)		490		503
(SOFR + 0.98%), 1.31%, 2/2/2027 (a) (c)		1,360		1,338
4.28%, 1/9/2028 (a)		1,162		1,299
(SOFR + 1.73%), 3.09%, 5/14/2032 (a) (c)		840		876
Deutsche Bank AG (Germany)
4.25%, 10/14/2021		1,000		1,004
3.30%, 11/16/2022		1,000		1,033
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		1,225		1,257
(SOFR + 1.87%), 2.13%, 11/24/2026 (c)		780		797
FMR LLC 6.45%, 11/15/2039 (a)		500		743

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		1,415		1,579
3.50%, 11/16/2026		469		511
(SOFR + 0.80%), 1.43%, 3/9/2027 (c)		2,900		2,910
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		3,776		4,193
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (c)		505		578
(SOFR + 1.09%), 1.99%, 1/27/2032 (c)		880		863
(SOFR + 1.28%), 2.62%, 4/22/2032 (c)		1,000		1,032
(SOFR + 1.25%), 2.38%, 7/21/2032 (c)		1,055		1,067
6.75%, 10/1/2037		685		998
Jefferies Group LLC 6.45%, 6/8/2027		749		936
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		1,000		1,110
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.05%, 3/3/2036 (a) (c)		575		578
Macquarie Group Ltd. (Australia) (SOFR + 1.07%), 1.34%, 1/12/2027 (a) (c)		510		508
(ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)		700		836
Morgan Stanley (SOFR + 1.99%),
2.19%, 4/28/2026 (c)		985		1,024
3.63%, 1/20/2027		3,430		3,816
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)		440		425
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		1,265		1,564
4.30%, 1/27/2045		485		604
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025		1,094		1,147
2.68%, 7/16/2030		700		714
UBS Group AG (Switzerland) 3.49%, 5/23/2023 (a)		269		275
(ICE LIBOR USD 3 Month + 0.95%), 2.86%, 8/15/2023 (a) (c)		200		205
4.13%, 9/24/2025 (a)		300		334
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (c)		255		255
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)		965		1,043
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (a) (c)		1,480		1,461
				44,739

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — 0.2%
Albemarle Corp. 5.45%, 12/1/2044		150		196
DuPont de Nemours, Inc. 5.32%, 11/15/2038		980		1,295
International Flavors & Fragrances, Inc. 5.00%, 9/26/2048		365		486
Nutrien Ltd. (Canada)
4.20%, 4/1/2029		175		202
4.13%, 3/15/2035		455		524
5.00%, 4/1/2049		230		310
Union Carbide Corp. 7.75%, 10/1/2096		850		1,554
				4,567
Commercial Services & Supplies — 0.1%
Ford Foundation (The) Series 2020, 2.82%, 6/1/2070		365		373
Republic Services, Inc. 1.45%, 2/15/2031		910		867
				1,240
Construction & Engineering — 0.1%
Quanta Services, Inc. 2.90%, 10/1/2030		1,440		1,512
Construction Materials — 0.1%
CRH America, Inc. (Ireland)
3.88%, 5/18/2025 (a)		417		457
5.13%, 5/18/2045 (a)		893		1,183
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		770		844
				2,484
Consumer Finance — 1.2%
AerCap Ireland Capital DAC (Ireland)
4.45%, 12/16/2021		600		605
3.95%, 2/1/2022		775		784
4.50%, 9/15/2023		2,420		2,581
2.88%, 8/14/2024		600		626
6.50%, 7/15/2025		246		287
1.75%, 1/30/2026		860		851
Avolon Holdings Funding Ltd. (Ireland)
3.63%, 5/1/2022 (a)		2,000		2,035
2.88%, 2/15/2025 (a)		450		464
5.50%, 1/15/2026 (a)		1,000		1,131
2.13%, 2/21/2026 (a)		620		619
4.25%, 4/15/2026 (a)		1,200		1,301
4.38%, 5/1/2026 (a)		820		891
2.53%, 11/18/2027 (a)		7,294		7,242
Capital One Financial Corp.
3.20%, 2/5/2025		1,069		1,149
4.20%, 10/29/2025		250		279

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (c) (d) (e)		387		401
General Motors Financial Co., Inc.
1.25%, 1/8/2026		1,781		1,769
4.35%, 1/17/2027		430		484
2.35%, 1/8/2031		1,190		1,179
2.70%, 6/10/2031		910		925
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (a)		235		247
5.50%, 2/15/2024 (a)		126		138
				25,988
Containers & Packaging — 0.1%
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		1,246		1,247
Packaging Corp. of America 4.05%, 12/15/2049		845		1,004
WRKCo, Inc.
3.75%, 3/15/2025		400		435
3.90%, 6/1/2028		170		192
				2,878
Diversified Consumer Services — 0.1%
Pepperdine University Series 2020, 3.30%, 12/1/2059		600		639
University of Southern California Series A, 3.23%, 10/1/2120		570		590
				1,229
Diversified Financial Services — 0.6%
CK Hutchison International 19 Ltd. (United Kingdom) 3.63%, 4/11/2029 (a)		1,215		1,347
GE Capital Funding LLC 4.40%, 5/15/2030		540		633
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035		3,583		4,349
GTP Acquisition Partners I LLC 3.48%, 6/16/2025 (a)		1,436		1,524
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (a)		539		556
Mitsubishi HC Capital, Inc. (Japan) 2.65%, 9/19/2022 (a)		606		619
ORIX Corp. (Japan) 2.90%, 7/18/2022		553		565
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		2,280		2,384
Siemens Financieringsmaatschappij NV (Germany) 4.40%, 5/27/2045 (a)		513		663
				12,640

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 11

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
2.30%, 6/1/2027		2,340		2,441
1.65%, 2/1/2028		250		250
3.50%, 6/1/2041		646		681
3.55%, 9/15/2055 (a)		2,487		2,544
Deutsche Telekom AG (Germany) 3.63%, 1/21/2050 (a)		335		363
Deutsche Telekom International Finance BV (Germany) 4.88%, 3/6/2042 (a)		232		292
Qwest Corp. 6.75%, 12/1/2021		741		752
Verizon Communications, Inc.
2.63%, 8/15/2026		306		326
2.10%, 3/22/2028		1,495		1,534
4.33%, 9/21/2028		962		1,123
4.40%, 11/1/2034		1,895		2,280
4.27%, 1/15/2036		1,445		1,727
2.65%, 11/20/2040		988		959
3.40%, 3/22/2041		1,060		1,136
4.86%, 8/21/2046		396		516
4.67%, 3/15/2055		400		522
2.99%, 10/30/2056		545		526
3.70%, 3/22/2061		1,045		1,149
				19,121
Electric Utilities — 2.2%
Alabama Power Co. 6.13%, 5/15/2038		239		343
Arizona Public Service Co. 5.05%, 9/1/2041		200		261
Baltimore Gas and Electric Co.
3.50%, 8/15/2046		376		420
2.90%, 6/15/2050		450		457
China Southern Power Grid International Finance BVI Co. Ltd. (China) 3.50%, 5/8/2027 (a)		1,234		1,358
Duke Energy Carolinas LLC 4.25%, 12/15/2041		129		156
Duke Energy Progress LLC
4.10%, 5/15/2042		273		326
4.10%, 3/15/2043		125		152
2.90%, 8/15/2051		820		829
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (a)		750		819
Edison International 3.55%, 11/15/2024		1,591		1,693
Emera US Finance LP (Canada) 4.75%, 6/15/2046		700		833
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		740		822

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Entergy Arkansas LLC
3.50%, 4/1/2026		175		192
2.65%, 6/15/2051		415		401
Entergy Corp. 2.95%, 9/1/2026		336		361
Entergy Louisiana LLC
3.05%, 6/1/2031		629		685
2.90%, 3/15/2051		490		494
Evergy Metro, Inc. 5.30%, 10/1/2041		1,400		1,893
Evergy, Inc. 2.90%, 9/15/2029		985		1,052
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (a)		240		288
Fortis, Inc. (Canada) 3.06%, 10/4/2026		500		540
Hydro-Quebec (Canada)
Series HY, 8.40%, 1/15/2022		1,000		1,029
Series IO, 8.05%, 7/7/2024		350		422
ITC Holdings Corp.
2.70%, 11/15/2022		900		923
2.95%, 5/14/2030 (a)		440		468
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (a)		560		623
John Sevier Combined Cycle Generation LLC 4.63%, 1/15/2042		713		886
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)		315		357
Nevada Power Co.
Series N, 6.65%, 4/1/2036		100		150
5.45%, 5/15/2041		305		419
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		493		529
1.96%, 6/27/2030 (a)		1,000		990
NRG Energy, Inc.
2.00%, 12/2/2025 (a)		710		725
2.45%, 12/2/2027 (a)		795		809
4.45%, 6/15/2029 (a)		615		687
OGE Energy Corp. 0.70%, 5/26/2023		560		560
Oklahoma Gas and Electric Co. 0.55%, 5/26/2023		675		675
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029		110		138
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.50%, 11/15/2021 (c)		3,005		3,007
1.75%, 6/16/2022		4,500		4,497
1.37%, 3/10/2023		2,135		2,129
3.45%, 7/1/2025		795		824

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
2.95%, 3/1/2026		500		508
4.20%, 6/1/2041		695		680
3.75%, 8/15/2042 (f)		308		277
4.30%, 3/15/2045		525		515
PECO Energy Co. 2.80%, 6/15/2050		410		414
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		150		160
Pepco Holdings LLC 7.45%, 8/15/2032		316		445
Potomac Electric Power Co. 6.50%, 11/15/2037		1,085		1,622
Progress Energy, Inc. 7.00%, 10/30/2031		300		418
Public Service Co. of Colorado 3.55%, 6/15/2046		214		239
Public Service Co. of Oklahoma Series G, 6.63%, 11/15/2037		2,490		3,602
Public Service Electric and Gas Co. 5.38%, 11/1/2039		317		432
Southern California Edison Co.
Series B, 3.65%, 3/1/2028		400		439
Series 08-A, 5.95%, 2/1/2038		200		260
4.05%, 3/15/2042		552		589
Southwestern Public Service Co. 4.50%, 8/15/2041		200		249
Toledo Edison Co. (The) 6.15%, 5/15/2037		300		416
				46,487
Electrical Equipment — 0.0% (b)
Eaton Corp.
7.63%, 4/1/2024		300		349
4.00%, 11/2/2032		170		200
				549
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		190		199
3.25%, 9/8/2024		219		232
3.88%, 1/12/2028		442		486
Corning, Inc. 3.90%, 11/15/2049		1,043		1,203
				2,120
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC 5.13%, 9/15/2040		300		386
Halliburton Co. 4.75%, 8/1/2043		540		617
Schlumberger Holdings Corp.
4.00%, 12/21/2025 (a)		13		14
3.90%, 5/17/2028 (a)		1,126		1,259

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Energy Equipment & Services — continued
Schlumberger Investment SA 2.65%, 6/26/2030		800		840
				3,116
Entertainment — 0.0% (b)
Walt Disney Co. (The)
8.88%, 4/26/2023		430		489
6.20%, 12/15/2034		100		142
				631
Equity Real Estate Investment Trusts (REITs) — 1.8%
Alexandria Real Estate Equities, Inc.
3.80%, 4/15/2026		135		150
2.00%, 5/18/2032		980		965
4.00%, 2/1/2050		653		766
American Campus Communities Operating Partnership LP 3.63%, 11/15/2027		500		547
American Tower Corp.
5.00%, 2/15/2024		974		1,074
3.38%, 10/15/2026		312		340
1.50%, 1/31/2028		1,215		1,189
2.10%, 6/15/2030		630		623
1.88%, 10/15/2030		1,090		1,058
3.70%, 10/15/2049		935		1,030
3.10%, 6/15/2050		496		492
2.95%, 1/15/2051		324		314
Boston Properties LP
3.20%, 1/15/2025		532		568
3.65%, 2/1/2026		483		532
Brixmor Operating Partnership LP
3.85%, 2/1/2025		400		434
2.25%, 4/1/2028		840		858
2.50%, 8/16/2031		425		427
Corporate Office Properties LP 2.00%, 1/15/2029		335		332
Crown Castle International Corp.
4.00%, 3/1/2027		264		296
2.25%, 1/15/2031		1,235		1,226
Digital Realty Trust LP 3.70%, 8/15/2027		252		282
Duke Realty LP
3.25%, 6/30/2026		239		260
2.88%, 11/15/2029		380		405
Equinix, Inc. 2.90%, 11/18/2026		1,130		1,210
Essex Portfolio LP 2.65%, 3/15/2032		2,000		2,064

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 13

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030		1,604		1,717
2.00%, 3/15/2031		610		592
Healthpeak Properties, Inc.
3.40%, 2/1/2025		17		18
3.50%, 7/15/2029		772		858
Life Storage LP 4.00%, 6/15/2029		859		975
Mid-America Apartments LP 3.95%, 3/15/2029		920		1,049
National Retail Properties, Inc.
4.00%, 11/15/2025		783		868
4.30%, 10/15/2028		620		707
Office Properties Income Trust
4.00%, 7/15/2022		784		805
2.40%, 2/1/2027		980		980
Prologis LP 3.00%, 4/15/2050		905		948
Realty Income Corp. 1.80%, 3/15/2033		530		513
Regency Centers LP 2.95%, 9/15/2029		745		791
Safehold Operating Partnership LP 2.80%, 6/15/2031		2,940		2,970
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		420		451
Scentre Group Trust 2 (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.38%), 4.75%, 9/24/2080 (a) (c)		1,320		1,405
SITE Centers Corp. 4.70%, 6/1/2027		330		371
UDR, Inc.
2.95%, 9/1/2026		382		410
3.00%, 8/15/2031		305		324
2.10%, 8/1/2032		640		624
Ventas Realty LP
3.50%, 2/1/2025		242		261
4.13%, 1/15/2026		114		127
3.25%, 10/15/2026		292		316
3.85%, 4/1/2027		554		619
Welltower, Inc.
2.70%, 2/15/2027		414		439
6.50%, 3/15/2041		350		509
WP Carey, Inc.
4.25%, 10/1/2026		350		396
2.25%, 4/1/2033		1,180		1,153
				38,638

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — 0.4%
7-Eleven, Inc.
1.30%, 2/10/2028 (a)		565		549
2.50%, 2/10/2041 (a)		574		539
Alimentation Couche-Tard, Inc. (Canada)
3.44%, 5/13/2041 (a)		1,275		1,339
3.80%, 1/25/2050 (a)		810		887
3.63%, 5/13/2051 (a)		1,420		1,513
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		794		969
Series 2013, 4.70%, 1/10/2036 (a)		611		698
Kroger Co. (The) 5.00%, 4/15/2042		1,100		1,423
				7,917
Food Products — 0.2%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031		1,565		1,607
Campbell Soup Co. 3.13%, 4/24/2050		315		313
Conagra Brands, Inc. 5.30%, 11/1/2038		220		284
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		153		172
Smithfield Foods, Inc. 3.00%, 10/15/2030 (a)		1,500		1,528
Tyson Foods, Inc.
4.88%, 8/15/2034		300		374
5.15%, 8/15/2044		210		279
				4,557
Gas Utilities — 0.2%
Atmos Energy Corp.
0.63%, 3/9/2023		430		430
4.15%, 1/15/2043		828		979
4.13%, 10/15/2044		125		149
Boston Gas Co. 4.49%, 2/15/2042 (a)		308		364
Brooklyn Union Gas Co. (The) 4.27%, 3/15/2048 (a)		440		510
Southern Natural Gas Co. LLC
8.00%, 3/1/2032		351		504
4.80%, 3/15/2047 (a)		367		458
				3,394
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 4.75%, 11/30/2036		380		492
Becton Dickinson and Co. 4.67%, 6/6/2047		600		761
Boston Scientific Corp. 4.00%, 3/1/2029		535		612
DH Europe Finance II SARL 3.25%, 11/15/2039		1,000		1,090
				2,955

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — 0.9%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030		710		731
Aetna, Inc. 6.75%, 12/15/2037		440		655
Anthem, Inc.
4.63%, 5/15/2042		500		626
4.65%, 1/15/2043		535		674
4.65%, 8/15/2044		100		127
Ascension Health Series B, 2.53%, 11/15/2029		430		455
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050		800		851
Children’s Hospital Series 2020, 2.93%, 7/15/2050		650		668
Children’s Hospital Corp. (The) Series 2020, 2.59%, 2/1/2050		580		572
Cigna Corp. 4.50%, 2/25/2026		300		341
CommonSpirit Health
1.55%, 10/1/2025		555		562
2.78%, 10/1/2030		550		575
3.91%, 10/1/2050		545		611
CVS Health Corp. 4.30%, 3/25/2028		171		197
Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041		1,430		1,436
HCA, Inc.
5.25%, 6/15/2026		1,680		1,942
5.13%, 6/15/2039		725		913
5.50%, 6/15/2047		190		251
3.50%, 7/15/2051		875		894
Mayo Clinic Series 2016, 4.13%, 11/15/2052		225		291
Memorial Health Services 3.45%, 11/1/2049		1,340		1,501
Memorial Sloan-Kettering Cancer Center Series 2015, 4.20%, 7/1/2055		200		262
MidMichigan Health Series 2020, 3.41%, 6/1/2050		310		346
Quest Diagnostics, Inc. 3.45%, 6/1/2026		150		164
Texas Health Resources 4.33%, 11/15/2055		300		400
UnitedHealth Group, Inc.
3.50%, 8/15/2039		815		919
3.25%, 5/15/2051		560		614
Universal Health Services, Inc.
2.65%, 10/15/2030 (a)		690		703
2.65%, 1/15/2032 (a)		875		880
Yale-New Haven Health Services Corp. Series 2020, 2.50%, 7/1/2050		780		743
				19,904

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp. 4.70%, 12/9/2035		700		872
Starbucks Corp. 2.55%, 11/15/2030		780		815
				1,687
Household Durables — 0.1%
Lennar Corp. 4.50%, 4/30/2024		365		397
MDC Holdings, Inc. 3.97%, 8/6/2061		1,100		1,084
				1,481
Household Products — 0.0% (b)
Reckitt Benckiser Treasury Services plc (United Kingdom) 2.38%, 6/24/2022 (a)		700		711
Independent Power and Renewable Electricity Producers — 0.1%
Alexander Funding Trust 1.84%, 11/15/2023 (a)		1,000		1,019
Exelon Generation Co. LLC 5.75%, 10/1/2041		235		282
Tri-State Generation and Transmission Association, Inc. 4.25%, 6/1/2046		417		478
				1,779
Industrial Conglomerates — 0.1%
General Electric Co. 3.63%, 5/1/2030		780		877
Roper Technologies, Inc.
1.40%, 9/15/2027		1,370		1,365
2.00%, 6/30/2030		570		568
				2,810
Insurance — 1.0%
AIA Group Ltd. (Hong Kong)
3.60%, 4/9/2029 (a)		445		495
3.20%, 9/16/2040 (a)		520		538
AIG SunAmerica Global Financing X 6.90%, 3/15/2032 (a)		520		744
American International Group, Inc. 3.88%, 1/15/2035		605		692
Assurant, Inc. 4.20%, 9/27/2023		660		706
Athene Global Funding
0.95%, 1/8/2024 (a)		1,145		1,152
1.45%, 1/8/2026 (a)		865		871
2.95%, 11/12/2026 (a)		2,800		3,001
Berkshire Hathaway Finance Corp. 4.40%, 5/15/2042		1,000		1,261
Brown & Brown, Inc. 2.38%, 3/15/2031		1,830		1,853
CNA Financial Corp. 3.95%, 5/15/2024		463		500
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		571

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 15

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Insurance — continued
F&G Global Funding 1.75%, 6/30/2026 (a)		750		762
Guardian Life Insurance Co. of America (The) 4.85%, 1/24/2077 (a)		208		277
Hanover Insurance Group, Inc. (The) 2.50%, 9/1/2030		500		508
Hartford Financial Services Group, Inc. (The) 4.30%, 4/15/2043		400		484
Intact US Holdings, Inc. 4.60%, 11/9/2022		500		522
Jackson National Life Global Funding 3.05%, 4/29/2026 (a)		675		729
Liberty Mutual Group, Inc.
4.57%, 2/1/2029 (a)		408		479
3.95%, 10/15/2050 (a)		900		1,022
Liberty Mutual Insurance Co. 8.50%, 5/15/2025 (a)		100		124
Markel Corp. 3.50%, 11/1/2027		200		221
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (a)		795		813
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)		266		310
Prudential Financial, Inc. 3.91%, 12/7/2047		300		356
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		1,750		2,187
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		689
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)		400		493
				22,360
IT Services — 0.1%
DXC Technology Co. 4.25%, 4/15/2024		478		515
Fiserv, Inc.
3.20%, 7/1/2026		395		429
4.40%, 7/1/2049		375		459
Global Payments, Inc. 4.15%, 8/15/2049		795		914
				2,317
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		1,375		1,373
Machinery — 0.1%
nVent Finance SARL (United Kingdom) 4.55%, 4/15/2028		450		500
Otis Worldwide Corp. 2.57%, 2/15/2030		1,430		1,494

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Machinery — continued
Parker-Hannifin Corp. 4.45%, 11/21/2044		592		732
Xylem, Inc. 3.25%, 11/1/2026		197		216
				2,942
Media — 0.8%
Charter Communications Operating LLC
6.38%, 10/23/2035		528		706
4.80%, 3/1/2050		1,475		1,723
3.70%, 4/1/2051		1,120		1,127
Comcast Corp.
3.95%, 10/15/2025		696		777
3.55%, 5/1/2028		443		496
4.20%, 8/15/2034		555		661
3.25%, 11/1/2039		715		778
3.45%, 2/1/2050		609		669
2.89%, 11/1/2051 (a)		1,086		1,080
2.94%, 11/1/2056 (a)		1,079		1,069
2.99%, 11/1/2063 (a)		908		894
Cox Communications, Inc. 2.95%, 10/1/2050 (a)		635		602
Discovery Communications LLC
5.20%, 9/20/2047		175		220
4.00%, 9/15/2055		784		839
Grupo Televisa SAB (Mexico)
4.63%, 1/30/2026		221		246
6.13%, 1/31/2046		200		285
Time Warner Cable LLC
6.55%, 5/1/2037		400		546
5.50%, 9/1/2041		359		448
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		700		1,042
ViacomCBS, Inc.
4.00%, 1/15/2026		792		879
4.85%, 7/1/2042		140		172
4.38%, 3/15/2043		464		542
5.85%, 9/1/2043		230		318
				16,119
Metals & Mining — 0.3%
Anglo American Capital plc (South Africa) 4.00%, 9/11/2027 (a)		500		558
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035		295		415
Glencore Funding LLC (Australia)
4.13%, 5/30/2023 (a)		454		480
1.63%, 9/1/2025 (a)		555		561

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Metals & Mining — continued
Reliance Steel & Aluminum Co. 1.30%, 8/15/2025		2,500		2,509
Steel Dynamics, Inc. 3.45%, 4/15/2030		909		996
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		1,275		1,355
				6,874
Multiline Retail — 0.1%
Dollar General Corp. 4.13%, 5/1/2028		235		270
Kohl’s Corp. 3.38%, 5/1/2031		1,000		1,049
Nordstrom, Inc. 4.25%, 8/1/2031		1,243		1,294
				2,613
Multi-Utilities — 0.3%
CMS Energy Corp. 3.00%, 5/15/2026		475		511
Delmarva Power & Light Co. 4.00%, 6/1/2042		235		271
Dominion Energy, Inc.
Series B, 2.75%, 1/15/2022		331		333
Series F, 5.25%, 8/1/2033		920		1,164
NiSource, Inc.
1.70%, 2/15/2031		740		709
5.80%, 2/1/2042		1,256		1,722
San Diego Gas & Electric Co.
6.00%, 6/1/2026		275		335
3.95%, 11/15/2041		379		420
2.95%, 8/15/2051		1,050		1,054
Southern Co. Gas Capital Corp. 3.25%, 6/15/2026		254		275
				6,794
Oil, Gas & Consumable Fuels — 2.3%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		732		836
Boardwalk Pipelines LP 4.80%, 5/3/2029		410		474
BP Capital Markets America, Inc. 2.94%, 6/4/2051		1,995		1,956
BP Capital Markets plc (United Kingdom) 3.51%, 3/17/2025		451		491
Buckeye Partners LP 5.85%, 11/15/2043		770		772
Cameron LNG LLC 3.70%, 1/15/2039 (a)		961		1,083
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		1,490		1,693
5.13%, 6/30/2027		605		704
2.74%, 12/31/2039 (a)		515		515
Chevron USA, Inc. 6.00%, 3/1/2041		999		1,476
Cimarex Energy Co. 3.90%, 5/15/2027		935		1,033
ConocoPhillips 2.40%, 2/15/2031 (a)		505		520

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc.
4.75%, 5/31/2025		1,085		1,214
3.25%, 12/1/2026		570		611
Eastern Gas Transmission & Storage, Inc. 3.90%, 11/15/2049 (a)		807		892
Ecopetrol SA (Colombia)
5.88%, 9/18/2023		226		243
4.13%, 1/16/2025		533		558
Enable Midstream Partners LP
4.95%, 5/15/2028		325		370
4.15%, 9/15/2029		594		650
Energy Transfer LP
4.75%, 1/15/2026		1,191		1,334
3.90%, 7/15/2026		244		268
5.50%, 6/1/2027		115		136
6.10%, 2/15/2042		400		501
5.30%, 4/1/2044		170		198
6.25%, 4/15/2049		800		1,059
5.00%, 5/15/2050		500		586
Eni SpA (Italy) 5.70%, 10/1/2040 (a)		925		1,187
Enterprise Products Operating LLC
3.90%, 2/15/2024		475		509
3.70%, 2/15/2026		506		559
Exxon Mobil Corp.
3.00%, 8/16/2039		895		938
3.57%, 3/6/2045		1,215		1,351
Flex Intermediate Holdco LLC
3.36%, 6/30/2031 (a)		775		793
4.32%, 12/30/2039 (a)		545		568
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (a)		1,100		1,117
Gray Oak Pipeline LLC
2.00%, 9/15/2023 (a)		535		545
2.60%, 10/15/2025 (a)		650		669
Hess Corp. 6.00%, 1/15/2040		510		655
HollyFrontier Corp.
2.63%, 10/1/2023		1,275		1,316
5.88%, 4/1/2026		577		662
Kinder Morgan, Inc.
2.00%, 2/15/2031		590		575
3.25%, 8/1/2050		650		637
Lundin Energy Finance BV (Netherlands) 2.00%, 7/15/2026 (a)		497		501
Magellan Midstream Partners LP 3.20%, 3/15/2025		353		374

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 17

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Marathon Petroleum Corp.
4.50%, 5/1/2023		304		322
3.63%, 9/15/2024		200		215
4.70%, 5/1/2025		180		202
ONEOK Partners LP
3.38%, 10/1/2022		151		155
5.00%, 9/15/2023		334		358
6.65%, 10/1/2036		350		474
ONEOK, Inc. 3.40%, 9/1/2029		615		661
Phillips 66 Partners LP 3.15%, 12/15/2029		985		1,037
Pioneer Natural Resources Co. 1.90%, 8/15/2030		1,050		1,013
Plains All American Pipeline LP
5.15%, 6/1/2042		460		518
4.70%, 6/15/2044		610		650
Saudi Arabian Oil Co. (Saudi Arabia)
1.25%, 11/24/2023 (a)		200		202
1.63%, 11/24/2025 (a)		278		280
Spectra Energy Partners LP 5.95%, 9/25/2043		452		625
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038		1,195		1,715
TC PipeLines LP 3.90%, 5/25/2027		391		435
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (a)		930		968
Texas Eastern Transmission LP
2.80%, 10/15/2022 (a)		554		564
3.50%, 1/15/2028 (a)		90		99
TotalEnergies Capital International SA (France)
2.99%, 6/29/2041		1,200		1,244
3.46%, 7/12/2049		815		890
3.13%, 5/29/2050		1,180		1,221
Valero Energy Corp.
2.70%, 4/15/2023		735		759
1.20%, 3/15/2024		920		928
2.15%, 9/15/2027		830		844
7.50%, 4/15/2032		175		244
Williams Cos., Inc. (The) 4.85%, 3/1/2048		409		502
				50,254
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030		1,880		2,001

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — 0.6%
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037		300		452
4.00%, 9/18/2042		240		292
Bristol-Myers Squibb Co.
4.13%, 6/15/2039		545		663
5.00%, 8/15/2045		740		1,019
Mylan, Inc. 5.40%, 11/29/2043		520		658
Royalty Pharma plc
0.75%, 9/2/2023		945		949
1.20%, 9/2/2025		840		838
1.75%, 9/2/2027		840		842
3.30%, 9/2/2040		400		406
3.55%, 9/2/2050		410		411
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		1,713		1,859
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028		895		1,081
3.03%, 7/9/2040		615		635
3.18%, 7/9/2050		590		611
3.38%, 7/9/2060		415		442
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		300		333
Viatris, Inc. 3.85%, 6/22/2040 (a)		567		614
Zoetis, Inc. 2.00%, 5/15/2030		760		761
				12,866
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC
5.75%, 5/1/2040		425		603
4.38%, 9/1/2042		375		467
5.15%, 9/1/2043		769		1,057
3.55%, 2/15/2050		465		528
CSX Corp.
5.50%, 4/15/2041		150		205
4.75%, 5/30/2042		191		244
4.75%, 11/15/2048		600		790
3.35%, 9/15/2049		95		102
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		515		574
Kansas City Southern 4.70%, 5/1/2048		712		889
Norfolk Southern Corp. 4.05%, 8/15/2052		600		716
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		1,131		1,202
Triton Container International Ltd. (Bermuda) 1.15%, 6/7/2024 (a)		1,105		1,105
				8,482

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — 0.6%
Analog Devices, Inc. 4.50%, 12/5/2036		300		362
Broadcom, Inc.
4.25%, 4/15/2026		1,000		1,118
1.95%, 2/15/2028 (a)		2,500		2,499
4.11%, 9/15/2028		1,838		2,060
Microchip Technology, Inc.
0.97%, 2/15/2024 (a)		1,290		1,292
0.98%, 9/1/2024 (a)		1,400		1,398
NXP BV (China)
2.50%, 5/11/2031 (a)		1,405		1,451
3.25%, 5/11/2041 (a)		1,445		1,522
Xilinx, Inc. 2.38%, 6/1/2030		895		920
				12,622
Software — 0.4%
Citrix Systems, Inc. 1.25%, 3/1/2026		375		371
Microsoft Corp.
3.50%, 2/12/2035		291		343
2.92%, 3/17/2052		1,118		1,202
3.04%, 3/17/2062		268		291
Oracle Corp.
2.30%, 3/25/2028		1,405		1,452
4.30%, 7/8/2034		82		95
3.80%, 11/15/2037		500		548
3.60%, 4/1/2040		1,600		1,698
3.65%, 3/25/2041		1,155		1,234
4.38%, 5/15/2055		900		1,060
VMware, Inc. 4.65%, 5/15/2027		550		636
				8,930
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031		690		664
Lowe’s Cos., Inc.
3.65%, 4/5/2029		418		469
2.63%, 4/1/2031		2,760		2,878
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		432		485
				4,496
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.
3.45%, 2/9/2045		1,130		1,275
3.85%, 8/4/2046		569		680
3.75%, 11/13/2047		150		177
2.70%, 8/5/2051		855		851

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — continued
Dell International LLC
5.45%, 6/15/2023		485		523
6.02%, 6/15/2026		2,132		2,546
HP, Inc. 3.00%, 6/17/2027		665		716
				6,768
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
4.63%, 7/11/2024 (a)		800		875
1.00%, 1/20/2026 (a)		1,005		996
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (c)		690		694
3.38%, 12/2/2026		400		439
(SOFR + 1.31%), 2.28%, 1/20/2032 (a) (c)		730		720
				3,724
Tobacco — 0.2%
Altria Group, Inc. 2.45%, 2/4/2032		1,700		1,662
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		780		784
3.73%, 9/25/2040		520		516
4.54%, 8/15/2047		265		284
3.98%, 9/25/2050		815		806
Reynolds American, Inc. (United Kingdom) 7.00%, 8/4/2041		100		136
				4,188
Trading Companies & Distributors — 0.4%
Air Lease Corp.
3.38%, 7/1/2025		476		510
2.88%, 1/15/2026		1,000		1,052
3.75%, 6/1/2026		526		575
1.88%, 8/17/2026		960		963
3.25%, 10/1/2029		2,080		2,179
Aviation Capital Group LLC
3.88%, 5/1/2023 (a)		490		513
5.50%, 12/15/2024 (a)		1,047		1,179
BOC Aviation Ltd. (Singapore)
2.75%, 9/18/2022 (a)		450		457
3.50%, 10/10/2024 (a)		310		330
International Lease Finance Corp. 5.88%, 8/15/2022		506		532
				8,290
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029		795		886
3.45%, 5/1/2050		1,096		1,203
				2,089

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 19

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Wireless Telecommunication Services — 0.5%
America Movil SAB de CV (Mexico)
3.63%, 4/22/2029		880		965
4.38%, 4/22/2049		441		550
T-Mobile USA, Inc.
3.75%, 4/15/2027		2,275		2,519
2.05%, 2/15/2028		1,550		1,578
3.88%, 4/15/2030		1,980		2,218
3.60%, 11/15/2060 (a)		915		937
Vodafone Group plc (United Kingdom)
5.25%, 5/30/2048		496		661
4.88%, 6/19/2049		1,105		1,419
				10,847
Total Corporate Bonds (Cost $577,176)				618,180
U.S. Treasury Obligations — 24.8%
U.S. Treasury Bonds
4.38%, 2/15/2038		447		628
1.13%, 5/15/2040		6,055		5,394
3.88%, 8/15/2040		13,435		18,091
1.88%, 2/15/2041		6,600		6,651
2.25%, 5/15/2041		14,355		15,360
2.75%, 11/15/2042		3,800		4,397
3.63%, 8/15/2043		5,214		6,882
3.75%, 11/15/2043		238		320
3.63%, 2/15/2044		7,780		10,309
3.00%, 11/15/2044		8,200		9,918
2.88%, 8/15/2045		2,795		3,324
2.25%, 8/15/2046		13,193		14,076
3.00%, 2/15/2047		260		318
3.13%, 5/15/2048		3,757		4,721
2.25%, 8/15/2049		5,365		5,744
2.38%, 11/15/2049		3,700		4,069
2.00%, 2/15/2050		5,329		5,415
1.25%, 5/15/2050		6,080		5,154
1.38%, 8/15/2050		565		494
1.63%, 11/15/2050		8,800		8,188
1.88%, 2/15/2051		24,045		23,736
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028		300		474
3.63%, 4/15/2028		799		1,821
2.50%, 1/15/2029		300		493
U.S. Treasury Inflation Indexed Notes 0.13%, 1/15/2022		2,453		2,980

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Notes
2.13%, 5/15/2022		30,000		30,431
1.75%, 7/15/2022		5,000		5,073
1.63%, 8/31/2022		3,000		3,046
2.00%, 10/31/2022		1,650		1,686
1.50%, 2/28/2023		3,000		3,061
1.75%, 5/15/2023		2,221		2,280
2.13%, 3/31/2024		30,000		31,392
2.50%, 5/15/2024		8,840		9,354
1.88%, 8/31/2024		569		594
2.25%, 11/15/2024		400		423
1.75%, 12/31/2024		14,070		14,665
2.88%, 4/30/2025		21,212		23,000
2.13%, 5/15/2025		355		375
0.38%, 12/31/2025		10,000		9,868
0.38%, 1/31/2026		1,840		1,814
0.50%, 2/28/2026		7,870		7,799
2.50%, 2/28/2026		560		605
0.75%, 4/30/2026		1,130		1,131
0.88%, 6/30/2026		3,195		3,213
1.75%, 12/31/2026		10,154		10,643
0.38%, 9/30/2027		4,690		4,530
0.75%, 1/31/2028		4,500		4,428
1.25%, 3/31/2028		9,800		9,939
1.25%, 4/30/2028		17,110		17,342
1.25%, 6/30/2028		9,947		10,070
1.00%, 7/31/2028		9,500		9,453
1.63%, 8/15/2029		130		135
0.63%, 8/15/2030		2,345		2,221
1.63%, 5/15/2031		16,465		16,977
U.S. Treasury STRIPS Bonds
3.89%, 2/15/2022 (g)		5,793		5,792
2.64%, 5/15/2022 (g)		9,795		9,792
3.23%, 8/15/2022 (g)		1,905		1,904
2.22%, 11/15/2022 (g)		18,375		18,345
3.70%, 2/15/2023 (g)		38,462		38,384
3.22%, 5/15/2023 (g)		14,070		14,037
2.43%, 8/15/2023 (g)		13,900		13,846
2.73%, 11/15/2023 (g)		1,052		1,046
1.87%, 2/15/2024 (g)		11,355		11,270
1.72%, 8/15/2024 (g)		20,600		20,346
7.54%, 5/15/2026 (g)		1,500		1,444
3.72%, 8/15/2026 (g)		1,592		1,526
2.42%, 11/15/2041 (g)		500		333
Total U.S. Treasury Obligations (Cost $520,389)				532,570

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — 15.7%
FHLMC
Pool # 846812, ARM, 2.37%, 4/1/2030 (h)		5		5
Pool # 781087, ARM, 2.36%, 12/1/2033 (h)		118		119
Pool # 1B1665, ARM, 2.07%, 4/1/2034 (h)		99		100
Pool # 847356, ARM, 2.69%, 12/1/2034 (h)		51		51
Pool # 782979, ARM, 2.37%, 1/1/2035 (h)		113		120
Pool # 1Q0025, ARM, 2.09%, 2/1/2036 (h)		40		42
Pool # 848431, ARM, 2.36%, 2/1/2036 (h)		59		62
Pool # 1L1286, ARM, 2.37%, 5/1/2036 (h)		16		17
Pool # 848365, ARM, 2.33%, 7/1/2036 (h)		60		64
Pool # 1A1096, ARM, 1.98%, 10/1/2036 (h)		102		107
Pool # 1G2539, ARM, 2.15%, 10/1/2036 (h)		11		11
Pool # 1J1348, ARM, 2.74%, 10/1/2036 (h)		66		67
Pool # 1G2671, ARM, 2.07%, 11/1/2036 (h)		84		85
Pool # 782760, ARM, 2.36%, 11/1/2036 (h)		94		101
Pool # 1J1634, ARM, 1.96%, 12/1/2036 (h)		68		71
Pool # 1J0282, ARM, 2.26%, 2/1/2037 (h)		27		27
Pool # 1Q0739, ARM, 2.09%, 3/1/2037 (h)		93		98
Pool # 848699, ARM, 2.16%, 7/1/2040 (h)		143		152
FHLMC Gold Pools, 20 Year Pool # C91403, 3.50%, 3/1/2032		158		169
FHLMC Gold Pools, 30 Year
Pool # C68485, 7.00%, 7/1/2032		18		20
Pool # G01448, 7.00%, 8/1/2032		42		48
Pool # A13625, 5.50%, 10/1/2033		167		194
Pool # A16107, 6.00%, 12/1/2033		68		76
Pool # A17537, 6.00%, 1/1/2034		78		92
Pool # A61572, 5.00%, 9/1/2034		449		512
Pool # A28796, 6.50%, 11/1/2034		91		107
Pool # G03369, 6.50%, 1/1/2035		184		207
Pool # A46987, 5.50%, 7/1/2035		395		457
Pool # G01919, 4.00%, 9/1/2035		187		205
Pool # C02641, 7.00%, 10/1/2036		51		59
Pool # C02660, 6.50%, 11/1/2036		120		141
Pool # A93383, 5.00%, 8/1/2040		288		328
Pool # A93511, 5.00%, 8/1/2040		305		349
Pool # G06493, 4.50%, 5/1/2041		1,218		1,365

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029		38		42
Pool # G20027, 10.00%, 10/1/2030		7		7
Pool # U50105, 4.00%, 1/1/2032		328		353
Pool # U80254, 3.00%, 3/1/2033		313		329
Pool # P20409, 5.50%, 10/1/2033		81		89
Pool # P50201, 5.50%, 1/1/2034		20		21
Pool # U90975, 4.00%, 6/1/2042		1,176		1,287
Pool # U90673, 4.00%, 1/1/2043		345		379
Pool # U99134, 4.00%, 1/1/2046		6,341		6,974
Pool # U69030, 4.50%, 1/1/2046		2,403		2,661
FHLMC UMBS, 20 Year Pool # SC0104, 3.50%, 8/1/2035		2,298		2,460
FNMA
Pool # 470623, ARM, 0.89%, 3/1/2022 (h)		812		813
Pool # 54844, ARM, 2.19%, 9/1/2027 (h)		10		10
Pool # 303532, ARM, 3.87%, 3/1/2029 (h)		6		6
Pool # 555258, ARM, 1.66%, 1/1/2033 (h)		246		247
Pool # 722421, ARM, 1.66%, 7/1/2033 (h)		23		23
Pool # 722985, ARM, 2.15%, 7/1/2033 (h)		16		16
Pool # 686040, ARM, 2.26%, 7/1/2033 (h)		120		121
Pool # 746299, ARM, 2.15%, 9/1/2033 (h)		87		92
Pool # 749923, ARM, 2.28%, 11/1/2033 (h)		1		1
Pool # 766610, ARM, 2.09%, 1/1/2034 (h)		44		44
Pool # 920467, ARM, 2.50%, 2/1/2034 (h)		75		75
Pool # 770377, ARM, 1.67%, 4/1/2034 (h)		64		65
Pool # 751531, ARM, 2.34%, 5/1/2034 (h)		96		96
Pool # 782306, ARM, 2.17%, 7/1/2034 (h)		6		6
Pool # 790235, ARM, 1.90%, 8/1/2034 (h)		74		75
Pool # 735332, ARM, 2.27%, 8/1/2034 (h)		155		159
Pool # 791961, ARM, 1.44%, 9/1/2034 (h)		28		28
Pool # 725902, ARM, 2.16%, 9/1/2034 (h)		13		13
Pool # 803594, ARM, 2.02%, 10/1/2034 (h)		90		90
Pool # 803599, ARM, 2.05%, 10/1/2034 (h)		96		96
Pool # 896463, ARM, 2.42%, 10/1/2034 (h)		70		75
Pool # 806776, ARM, 1.81%, 11/1/2034 (h)		128		129
Pool # 806778, ARM, 1.83%, 11/1/2034 (h)		372		375
Pool # 810896, ARM, 1.76%, 1/1/2035 (h)		211		219
Pool # 802692, ARM, 2.00%, 1/1/2035 (h)		88		88
Pool # 816597, ARM, 1.92%, 2/1/2035 (h)		16		16

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 21

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 735539, ARM, 2.33%, 4/1/2035 (h)		396		422
Pool # 745862, ARM, 2.35%, 4/1/2035 (h)		65		66
Pool # 821378, ARM, 1.52%, 5/1/2035 (h)		64		64
Pool # 823660, ARM, 1.97%, 5/1/2035 (h)		55		55
Pool # 745766, ARM, 1.94%, 6/1/2035 (h)		173		177
Pool # 843026, ARM, 1.70%, 9/1/2035 (h)		301		312
Pool # 832801, ARM, 1.92%, 9/1/2035 (h)		39		40
Pool # 849251, ARM, 1.98%, 1/1/2036 (h)		54		56
Pool # 895141, ARM, 1.82%, 7/1/2036 (h)		54		55
Pool # 900197, ARM, 2.58%, 10/1/2036 (h)		60		65
Pool # 966946, ARM, 2.16%, 1/1/2038 (h)		32		32
FNMA UMBS, 15 Year
Pool # 889634, 6.00%, 2/1/2023		43		44
Pool # 995381, 6.00%, 1/1/2024		16		16
Pool # 995425, 6.00%, 1/1/2024		39		40
Pool # AD0133, 5.00%, 8/1/2024		19		20
FNMA UMBS, 20 Year
Pool # 254305, 6.50%, 5/1/2022		2		3
Pool # 555791, 6.50%, 12/1/2022		5		6
Pool # 255217, 4.50%, 4/1/2024		10		11
Pool # 888656, 6.50%, 4/1/2025		12		14
Pool # MA1138, 3.50%, 8/1/2032		379		406
FNMA UMBS, 30 Year
Pool # 50966, 7.00%, 1/1/2024		1		1
Pool # 399269, 7.00%, 4/1/2026		4		4
Pool # 689977, 8.00%, 3/1/2027		28		30
Pool # 695533, 8.00%, 6/1/2027		11		12
Pool # 756024, 8.00%, 9/1/2028		33		36
Pool # 755973, 8.00%, 11/1/2028		76		86
Pool # 455759, 6.00%, 12/1/2028		8		9
Pool # 252211, 6.00%, 1/1/2029		13		15
Pool # 459097, 7.00%, 1/1/2029		5		5
Pool # 889020, 6.50%, 11/1/2029		207		234
Pool # 598559, 6.50%, 8/1/2031		25		30
Pool # 622542, 5.50%, 9/1/2031		181		206
Pool # 788150, 6.00%, 3/1/2032		24		27
Pool # 649734, 7.00%, 6/1/2032		28		31
Pool # 675555, 6.00%, 12/1/2032		41		46
Pool # AL0045, 6.00%, 12/1/2032		220		260
Pool # 674349, 6.00%, 3/1/2033		11		12
Pool # 688625, 6.00%, 3/1/2033		19		22
Pool # 688655, 6.00%, 3/1/2033		9		10
Pool # 695584, 6.00%, 3/1/2033		5		5
Pool # 702901, 6.00%, 5/1/2033		75		89

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pool # 723852, 5.00%, 7/1/2033		78		89
Pool # 729296, 5.00%, 7/1/2033		203		230
Pool # 729379, 6.00%, 8/1/2033		16		18
Pool # 737825, 6.00%, 9/1/2033		27		32
Pool # 750977, 4.50%, 11/1/2033		51		56
Pool # 725017, 5.50%, 12/1/2033		312		363
Pool # 751341, 5.50%, 3/1/2034		39		44
Pool # 888568, 5.00%, 12/1/2034		7		8
Pool # 815426, 4.50%, 2/1/2035		1		1
Pool # AD0755, 7.00%, 6/1/2035		2,200		2,592
Pool # 820347, 5.00%, 9/1/2035		53		60
Pool # 833657, 7.50%, 8/1/2036		36		41
Pool # 986648, 6.00%, 9/1/2037		98		116
Pool # 888892, 7.50%, 11/1/2037		31		36
Pool # 257510, 7.00%, 12/1/2038		98		118
Pool # AD0753, 7.00%, 1/1/2039		72		87
Pool # AT5891, 3.00%, 6/1/2043		2,217		2,407
Pool # AL7527, 4.50%, 9/1/2043		945		1,058
Pool # BM3500, 4.00%, 9/1/2047		2,876		3,177
Pool # BJ1778, 4.50%, 10/1/2047		1,019		1,111
Pool # BN9180, 4.00%, 6/1/2049		1,022		1,101
Pool # BK8753, 4.50%, 6/1/2049		1,849		2,021
Pool # BO1219, 4.50%, 6/1/2049		2,773		3,016
Pool # BO7077, 3.00%, 9/1/2049		2,765		2,913
FNMA, 30 Year
Pool # 535183, 8.00%, 6/1/2028		4		4
Pool # 252409, 6.50%, 3/1/2029		39		44
Pool # 653815, 7.00%, 2/1/2033		7		8
Pool # 752786, 6.00%, 9/1/2033		45		49
Pool # 931717, 6.50%, 8/1/2039		227		258
FNMA, Other
Pool # 470622, 2.75%, 3/1/2022		497		501
Pool # AM3789, 3.02%, 7/1/2023		2,151		2,228
Pool # AM7245, 2.95%, 8/1/2023		4,266		4,442
Pool # AM4066, 3.59%, 8/1/2023		2,500		2,615
Pool # AM4628, 3.69%, 11/1/2023		1,442		1,520
Pool # AM4668, 3.76%, 11/1/2023		1,890		1,995
Pool # AM4716, 3.38%, 12/1/2023		1,878		1,973
Pool # AM7589, 2.95%, 12/1/2024		1,497		1,600
Pool # AM7290, 2.97%, 12/1/2024		3,365		3,598
Pool # AM7576, 3.04%, 12/1/2024		3,890		4,169
Pool # AM7124, 3.11%, 12/1/2024		2,429		2,609
Pool # 470300, 3.64%, 1/1/2025		875		952
Pool # AM3833, 3.25%, 7/1/2025		3,445		3,739
Pool # AM4991, 3.97%, 12/1/2025		1,656		1,847

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # AL6805, 3.78%, 1/1/2026 (h)		3,378		3,750
Pool # 468645, 4.54%, 7/1/2026		2,497		2,812
Pool # AM6448, 3.25%, 9/1/2026		9,488		10,460
Pool # AM7223, 3.11%, 12/1/2026		3,356		3,680
Pool # AM7118, 3.14%, 12/1/2026		2,674		2,938
Pool # AM7390, 3.26%, 12/1/2026		3,672		4,045
Pool # AM7515, 3.34%, 2/1/2027		3,000		3,323
Pool # AM8803, 2.78%, 6/1/2027		4,754		5,157
Pool # AM8987, 2.79%, 6/1/2027		1,768		1,918
Pool # BL1040, 3.81%, 12/1/2028		3,000		3,492
Pool # BL4364, 2.24%, 11/1/2029		5,456		5,784
Pool # BL4333, 2.52%, 11/1/2029		6,120		6,605
Pool # AM7785, 3.17%, 2/1/2030		2,817		3,148
Pool # AM7516, 3.55%, 2/1/2030		2,000		2,271
Pool # AM8544, 3.08%, 4/1/2030		7,523		8,347
Pool # AM8889, 2.92%, 5/1/2030		8,000		8,889
Pool # AM8804, 3.10%, 5/1/2030		3,582		3,982
Pool # AM9020, 2.97%, 6/1/2030		3,776		4,162
Pool # BL9251, 1.45%, 10/1/2030		4,500		4,488
Pool # BL4315, 2.39%, 9/1/2031		4,550		4,852
Pool # AP9632, 4.00%, 10/1/2032		234		254
Pool # AP9762, 4.00%, 10/1/2032		466		507
Pool # AQ7084, 3.50%, 12/1/2032		535		577
Pool # AT2703, 3.50%, 5/1/2033		888		952
Pool # AT2954, 3.50%, 5/1/2033		633		683
Pool # AT4180, 3.50%, 5/1/2033		615		663
Pool # AT4939, 3.50%, 5/1/2033		587		633
Pool # 754922, 5.50%, 9/1/2033		67		75
Pool # 762520, 4.00%, 11/1/2033		286		302
Pool # AM8922, 3.03%, 6/1/2035		2,597		2,863
Pool # AM9188, 3.12%, 6/1/2035		7,000		7,955
Pool # 849215, 6.50%, 1/1/2036		19		20
Pool # 872740, 6.50%, 6/1/2036		48		51
Pool # 886320, 6.50%, 7/1/2036		17		19
Pool # 888796, 6.00%, 9/1/2037		63		71
Pool # AO7225, 4.00%, 7/1/2042		371		405
Pool # AO9352, 4.00%, 7/1/2042		510		556
Pool # MA1125, 4.00%, 7/1/2042		555		606
Pool # AR1397, 3.00%, 1/1/2043		1,062		1,136
Pool # MA1711, 4.50%, 12/1/2043		2,068		2,314
Pool # MA1828, 4.50%, 3/1/2044		1,590		1,779
Pool # BF0464, 3.50%, 3/1/2060		3,905		4,251
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 10/25/2036 (i)		5,320		5,497
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 10/25/2051 (i)		71,605		74,229

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
GNMA I, 30 Year
Pool # 345288, 7.50%, 3/15/2023		—	(j)		—	(j)
Pool # 782507, 9.50%, 10/15/2024		—	(j)		—	(j)
Pool # 554108, 6.50%, 3/15/2028		37			42
Pool # 481872, 7.50%, 7/15/2028		3			3
Pool # 468149, 8.00%, 8/15/2028		2			2
Pool # 486537, 7.50%, 9/15/2028		8			9
Pool # 486631, 6.50%, 10/15/2028		3			4
Pool # 591882, 6.50%, 7/15/2032		13			15
Pool # 607645, 6.50%, 2/15/2033		29			33
Pool # 607724, 7.00%, 2/15/2033		33			37
Pool # 604209, 6.50%, 4/15/2033		35			40
Pool # 781614, 7.00%, 6/15/2033		54			65
Pool # BM2141, 5.00%, 7/15/2049		774			887
GNMA II, 30 Year
Pool # 2006, 8.50%, 5/20/2025		3			3
Pool # 2141, 8.00%, 12/20/2025		1			1
Pool # 2234, 8.00%, 6/20/2026		3			3
Pool # 2270, 8.00%, 8/20/2026		2			2
Pool # 2285, 8.00%, 9/20/2026		2			2
Pool # 2324, 8.00%, 11/20/2026		3			3
Pool # 2499, 8.00%, 10/20/2027		4			4
Pool # 2512, 8.00%, 11/20/2027		5			6
Pool # 2525, 8.00%, 12/20/2027		2			3
Pool # 2549, 7.50%, 2/20/2028		4			4
Pool # 2646, 7.50%, 9/20/2028		9			10
Pool # 2647, 8.00%, 9/20/2028		1			1
Pool # 3427, 4.50%, 8/20/2033		71			78
Pool # 4245, 6.00%, 9/20/2038		514			594
Pool # AK8806, 4.25%, 3/20/2045		1,311			1,471
Pool # BM2118, 4.50%, 6/20/2049		155			166
Pool # BO0535, 4.00%, 7/20/2049		1,472			1,576
Pool # BO8227, 5.00%, 7/20/2049		1,077			1,195
Pool # BO8228, 5.00%, 7/20/2049		403			439
Pool # BO8229, 5.00%, 7/20/2049		1,342			1,489
Pool # BM9734, 4.00%, 10/20/2049		3,173			3,412
Pool # BQ4115, 3.00%, 3/20/2050		4,798			5,019
Pool # 785294, 3.50%, 1/20/2051		4,814			5,301
Pool # CB1543, 3.00%, 2/20/2051		2,861			3,046
Pool # MA7534, 2.50%, 8/20/2051		30,000			31,144
GNMA II, Other
Pool # AC0979, 4.14%, 4/20/2063 (h)		11			11
Pool # AC0973, 4.39%, 5/20/2063 (h)		8			8
Total Mortgage-Backed Securities (Cost $324,737)					337,757

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 23

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — 12.2%
ACC 0.00%, 9/15/2022 ‡		2,367		2,367
Acre 6.25%, 12/22/2021 ‡		2,065		2,044
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		3,723		3,751
Series 2005-1CB, Class 1A6, IF, IO, 7.02%, 3/25/2035 ‡ (h)		492		75
Series 2005-22T1, Class A2, IF, IO, 4.99%, 6/25/2035 ‡ (h)		3,279		521
Series 2005-20CB, Class 3A8, IF, IO, 4.67%, 7/25/2035 ‡ (h)		1,324		182
Series 2005-28CB, Class 1A4, 5.50%, 8/25/2035		1,336		1,343
Series 2005-28CB, Class 3A5, 6.00%, 8/25/2035		59		38
Series 2005-37T1, Class A2, IF, IO, 4.97%, 9/25/2035 ‡ (h)		2,343		366
Series 2005-54CB, Class 1A2, IF, IO, 4.77%, 11/25/2035 ‡ (h)		2,134		327
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		848		795
Series 2005-57CB, Class 3A2, IF, IO, 5.02%, 12/25/2035 ‡ (h)		551		71
Series 2005-64CB, Class 1A9, 5.50%, 12/25/2035		406		410
Series 2006-26CB, Class A9, 6.50%, 9/25/2036		902		641
Banc of America Alternative Loan Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		6		4
Series 2006-4, Class 1A4, 6.00%, 5/25/2046		276		279
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034 ‡		82		66
Series 2004-2, Class 30, PO, 9/20/2034 ‡		82		69
Series 2004-C, Class 1A1, 3.23%, 12/20/2034 (h)		63		65
Series 2005-6, Class 2A7, 5.50%, 10/25/2035		155		158
Series 2005-7, Class 30, PO, 11/25/2035 ‡		110		108
Series 2005-8, Class 30, PO, 1/25/2036 ‡		56		42
Series 2006-A, Class 3A2, 2.81%, 2/20/2036 (h)		142		139
Banc of America Mortgage Trust Series 2004-A, Class 2A2, 2.46%, 2/25/2034 (h)		33		34
Bayview Financing Trust Series 2020-3F, Class A, 3.10%, 11/10/2022 ‡ (a) (h)		2,536		2,536

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 2.53%, 10/25/2033 (h)		16		16
Series 2004-1, Class 12A1, 2.80%, 4/25/2034 (h)		197		198
Series 2004-2, Class 14A, 2.74%, 5/25/2034 (h)		30		30
Series 2006-1, Class A1, 2.37%, 2/25/2036 (h)		423		430
CHL Mortgage Pass-Through Trust
Series 2004-8, Class 2A1, 4.50%, 6/25/2019		2		—	(j)
Series 2004-HYB1, Class 2A, 2.59%, 5/20/2034 (h)		34		35
Series 2004-HYB3, Class 2A, 2.10%, 6/20/2034 (h)		186		191
Series 2004-7, Class 2A1, 2.46%, 6/25/2034 (h)		113		115
Series 2004-HYB6, Class A3, 2.68%, 11/20/2034 (h)		150		156
Series 2005-16, Class A23, 5.50%, 9/25/2035		237		205
Series 2005-22, Class 2A1, 2.58%, 11/25/2035 (h)		754		718
Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust
Series 2005-5, Class A, PO, 8/25/2035 ‡		34		28
Series 2005-8, Class A, PO, 11/25/2035 ‡		54		45
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 12/25/2018 ‡		1		1
Series 2003-HYB1, Class A, 2.59%, 9/25/2033 (h)		24		25
Citigroup Mortgage Loan Trust Series 2015-A, Class B2, 4.50%, 6/25/2058 (a) (h)		344		359
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3, PO, 9/25/2033 ‡		24		22
Series 2003-UP3, Class A3, 7.00%, 9/25/2033		10		10
Series 2003-1, Class 2, PO, 10/25/2033 ‡		3		2
Series 2003-1, Class 2A6, PO, 10/25/2033 ‡		10		10
Series 2003-1, Class 2A5, 5.25%, 10/25/2033		20		20
Series 2004-UST1, Class A6, 1.95%, 8/25/2034 (h)		12		12
Series 2005-1, Class 2A1A, 2.24%, 2/25/2035 (h)		148		142

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-2, Class 2A11, 5.50%, 5/25/2035		139			143
Series 2005-5, Class 1A2, 2.80%, 8/25/2035 (h)		198			168
Conix Mortgage Asset Trust Series 2013-1, Class A, 0.00%, 12/25/2047 ‡ (h) (k)		1,079			17
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-1, Class DB1, 6.70%, 2/25/2033 (h)		228			231
Series 2003-21, Class 1A4, 5.25%, 9/25/2033		51			52
Series 2003-25, Class 1P, PO, 10/25/2033 ‡		104			92
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%, 6/25/2035		683			688
Series 2005-4, Class 3A23, 5.50%, 6/25/2035		1,440			1,452
CSMC Trust Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (a) (h)		7,084			7,114
FHLMC — GNMA Series 8, Class ZA, 7.00%, 3/25/2023		8			8
FHLMC, REMIC
Series 1144, Class KB, 8.50%, 9/15/2021		—	(j)		—	(j)
Series 1250, Class J, 7.00%, 5/15/2022		—	(j)		—	(j)
Series 1343, Class LB, 7.50%, 8/15/2022		1			1
Series 1343, Class LA, 8.00%, 8/15/2022		1			1
Series 1370, Class JA, 1.25%, 9/15/2022 (h)		2			2
Series 2512, Class PG, 5.50%, 10/15/2022		19			19
Series 1455, Class WB, IF, 4.63%, 12/15/2022 (h)		2			2
Series 2535, Class BK, 5.50%, 12/15/2022		8			8
Series 1470, Class F, 1.31%, 2/15/2023 (h)		—	(j)		—	(j)
Series 2568, Class KG, 5.50%, 2/15/2023		31			32
Series 1466, Class PZ, 7.50%, 2/15/2023		11			12
Series 1498, Class I, 1.25%, 4/15/2023 (h)		15			15
Series 1502, Class PX, 7.00%, 4/15/2023		21			22
Series 1798, Class F, 5.00%, 5/15/2023		18			19
Series 1505, Class Q, 7.00%, 5/15/2023		3			3
Series 1518, Class G, IF, 8.85%, 5/15/2023 (h)		6			6
Series 1541, Class O, 0.77%, 7/15/2023 (h)		6			6
Series 2638, Class DS, IF, 8.50%, 7/15/2023 (h)		4			4

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 1541, Class M, HB, IF, 26.27%, 7/15/2023 (h)		2		3
Series 1570, Class F, 1.78%, 8/15/2023 (h)		1		1
Series 1608, Class L, 6.50%, 9/15/2023		68		72
Series 1573, Class PZ, 7.00%, 9/15/2023		19		20
Series 2571, Class SK, HB, IF, 34.09%, 9/15/2023 (h)		9		11
Series 1591, Class PV, 6.25%, 10/15/2023		12		13
Series 1602, Class SA, HB, IF, 22.45%, 10/15/2023 (h)		7		8
Series 2710, Class HB, 5.50%, 11/15/2023		103		106
Series 1642, Class PJ, 6.00%, 11/15/2023		32		34
Series 2716, Class UN, 4.50%, 12/15/2023		72		75
Series 1638, Class H, 6.50%, 12/15/2023		48		51
Series 2283, Class K, 6.50%, 12/15/2023		18		19
Series 1700, Class GA, PO, 2/15/2024		1		1
Series 1865, Class D, PO, 2/15/2024		23		23
Series 1760, Class ZD, 0.76%, 2/15/2024 (h)		54		54
Series 1671, Class QC, IF, 10.00%, 2/15/2024 (h)		8		9
Series 1686, Class SH, IF, 19.03%, 2/15/2024 (h)		1		2
Series 1709, Class FA, 0.41%, 3/15/2024 (h)		1		1
Series 1699, Class FC, 0.70%, 3/15/2024 (h)		2		2
Series 1695, Class EB, 7.00%, 3/15/2024		11		11
Series 1706, Class K, 7.00%, 3/15/2024		30		31
Series 2033, Class SN, HB, IF, 30.16%, 3/15/2024 (h)		5		1
Series 2306, Class K, PO, 5/15/2024		6		6
Series 2306, Class SE, IF, IO, 9.34%, 5/15/2024 (h)		14		1
Series 1745, Class D, 7.50%, 8/15/2024		9		10
Series 3720, Class A, 4.50%, 9/15/2025		62		66
Series 3131, Class BK, 5.50%, 3/15/2026		247		264
Series 1829, Class ZB, 6.50%, 3/15/2026		6		6
Series 1863, Class Z, 6.50%, 7/15/2026		7		7
Series 1890, Class H, 7.50%, 9/15/2026		9		10
Series 1899, Class ZE, 8.00%, 9/15/2026		31		35
Series 3229, Class HE, 5.00%, 10/15/2026		253		269
Series 1963, Class Z, 7.50%, 1/15/2027		26		30
Series 1935, Class FL, 0.80%, 2/15/2027 (h)		2		2
Series 1981, Class Z, 6.00%, 5/15/2027		38		41
Series 1970, Class PG, 7.25%, 7/15/2027		3		3

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 25

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 1987, Class PE, 7.50%, 9/15/2027		16		18
Series 2019, Class Z, 6.50%, 12/15/2027		34		38
Series 2038, Class PN, IO, 7.00%, 3/15/2028		30		4
Series 2040, Class PE, 7.50%, 3/15/2028		64		73
Series 4251, Class KW, 2.50%, 4/15/2028		3,684		3,833
Series 2043, Class CJ, 6.50%, 4/15/2028		9		10
Series 2054, Class PV, 7.50%, 5/15/2028		44		50
Series 2075, Class PM, 6.25%, 8/15/2028		99		111
Series 2075, Class PH, 6.50%, 8/15/2028		88		100
Series 2086, Class GB, 6.00%, 9/15/2028		20		23
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		42		4
Series 2095, Class PE, 6.00%, 11/15/2028		112		126
Series 2125, Class JZ, 6.00%, 2/15/2029		38		42
Series 2136, Class PG, 6.00%, 3/15/2029		44		49
Series 2132, Class SB, HB, IF, 30.14%, 3/15/2029 (h)		8		13
Series 2141, IO, 7.00%, 4/15/2029		12		1
Series 2169, Class TB, 7.00%, 6/15/2029		151		173
Series 2163, Class PC, IO, 7.50%, 6/15/2029		15		1
Series 2172, Class QC, 7.00%, 7/15/2029		104		120
Series 2176, Class OJ, 7.00%, 8/15/2029		75		87
Series 2201, Class C, 8.00%, 11/15/2029		36		41
Series 2209, Class TC, 8.00%, 1/15/2030		38		45
Series 2210, Class Z, 8.00%, 1/15/2030		74		88
Series 2224, Class CB, 8.00%, 3/15/2030		18		22
Series 2230, Class Z, 8.00%, 4/15/2030		45		53
Series 2234, Class PZ, 7.50%, 5/15/2030		33		39
Series 2247, Class Z, 7.50%, 8/15/2030		34		40
Series 2256, Class MC, 7.25%, 9/15/2030		46		55
Series 2259, Class ZM, 7.00%, 10/15/2030		66		77
Series 2262, Class Z, 7.50%, 10/15/2030		8		10
Series 2271, Class PC, 7.25%, 12/15/2030		77		91
Series 2296, Class PD, 7.00%, 3/15/2031		44		52
Series 2313, Class LA, 6.50%, 5/15/2031		32		37
Series 2325, Class PM, 7.00%, 6/15/2031		42		49
Series 2359, Class ZB, 8.50%, 6/15/2031		122		148
Series 2344, Class ZD, 6.50%, 8/15/2031		407		470
Series 2344, Class ZJ, 6.50%, 8/15/2031		37		44
Series 2345, Class NE, 6.50%, 8/15/2031		29		34
Series 2351, Class PZ, 6.50%, 8/15/2031		31		35
Series 2353, Class AZ, 6.00%, 9/15/2031		227		255
Series 2367, Class ME, 6.50%, 10/15/2031		69		78

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2396, Class FM, 0.55%, 12/15/2031 (h)		104		105
Series 2399, Class OH, 6.50%, 1/15/2032		92		104
Series 2399, Class TH, 6.50%, 1/15/2032		110		129
Series 2410, Class OE, 6.38%, 2/15/2032		27		28
Series 2410, Class NG, 6.50%, 2/15/2032		99		116
Series 2420, Class XK, 6.50%, 2/15/2032		152		177
Series 2464, Class SI, IF, IO, 7.90%, 2/15/2032 (h)		192		33
Series 2410, Class QX, IF, IO, 8.55%, 2/15/2032 (h)		42		8
Series 2412, Class SP, IF, 15.91%, 2/15/2032 (h)		87		114
Series 2410, Class QS, IF, 19.25%, 2/15/2032 (h)		76		110
Series 2430, Class WF, 6.50%, 3/15/2032		192		226
Series 2423, Class MC, 7.00%, 3/15/2032		109		129
Series 2423, Class MT, 7.00%, 3/15/2032		95		113
Series 2444, Class ES, IF, IO, 7.85%, 3/15/2032 (h)		77		13
Series 2450, Class SW, IF, IO, 7.90%, 3/15/2032 (h)		62		11
Series 2435, Class CJ, 6.50%, 4/15/2032		128		149
Series 2434, Class TC, 7.00%, 4/15/2032		108		128
Series 2436, Class MC, 7.00%, 4/15/2032		66		76
Series 2455, Class GK, 6.50%, 5/15/2032		218		248
Series 2450, Class GZ, 7.00%, 5/15/2032		62		74
Series 2462, Class JG, 6.50%, 6/15/2032		97		114
Series 2466, Class PH, 6.50%, 6/15/2032		162		189
Series 2474, Class NR, 6.50%, 7/15/2032		93		107
Series 2484, Class LZ, 6.50%, 7/15/2032		112		134
Series 2500, Class MC, 6.00%, 9/15/2032		111		129
Series 2835, Class QO, PO, 12/15/2032		15		14
Series 2543, Class YX, 6.00%, 12/15/2032		194		224
Series 2544, Class HC, 6.00%, 12/15/2032		156		186
Series 2552, Class ME, 6.00%, 1/15/2033		227		264
Series 2567, Class QD, 6.00%, 2/15/2033		242		283
Series 2575, Class ME, 6.00%, 2/15/2033		552		638
Series 2596, Class QG, 6.00%, 3/15/2033		138		156
Series 2586, Class WI, IO, 6.50%, 3/15/2033		68		13
Series 2692, Class SC, IF, 13.10%, 7/15/2033 (h)		38		50
Series 4240, Class B, 3.00%, 8/15/2033		2,501		2,730
Series 3920, Class LP, 5.00%, 1/15/2034		547		618
Series 2744, Class PE, 5.50%, 2/15/2034		9		10

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3611, PO, 7/15/2034		37		35
Series 2990, Class UZ, 5.75%, 6/15/2035		1,377		1,588
Series 3004, Class EK, 5.50%, 7/15/2035		1,233		1,504
Series 3014, Class OD, PO, 8/15/2035		39		35
Series 3085, Class WF, 0.90%, 8/15/2035 (h)		93		95
Series 3047, Class OD, 5.50%, 10/15/2035		680		759
Series 3074, Class BH, 5.00%, 11/15/2035		212		233
Series 3064, Class MC, 5.50%, 11/15/2035		3,095		3,654
Series 3102, Class FB, 0.40%, 1/15/2036 (h)		92		92
Series 3102, Class HS, HB, IF, 24.22%, 1/15/2036 (h)		25		37
Series 3117, Class EO, PO, 2/15/2036		231		216
Series 3117, Class OK, PO, 2/15/2036		137		127
Series 3134, PO, 3/15/2036		34		32
Series 3152, Class MO, PO, 3/15/2036		188		177
Series 3122, Class ZB, 6.00%, 3/15/2036		27		40
Series 3138, PO, 4/15/2036		149		138
Series 3607, Class BO, PO, 4/15/2036		78		73
Series 3219, Class DI, IO, 6.00%, 4/15/2036		117		25
Series 3819, Class ZQ, 6.00%, 4/15/2036		730		862
Series 3149, Class SO, PO, 5/15/2036		26		24
Series 3233, Class OP, PO, 5/15/2036		49		46
Series 3171, Class MO, PO, 6/15/2036		28		27
Series 3179, Class OA, PO, 7/15/2036		133		121
Series 3194, Class SA, IF, IO, 7.00%, 7/15/2036 (h)		28		6
Series 3211, Class SO, PO, 9/15/2036		163		153
Series 3218, Class AO, PO, 9/15/2036		78		66
Series 3232, Class ST, IF, IO, 6.60%, 10/15/2036 (h)		191		39
Series 3256, PO, 12/15/2036		103		96
Series 3261, Class OA, PO, 1/15/2037		126		116
Series 3260, Class CS, IF, IO, 6.04%, 1/15/2037 (h)		203		40
Series 3274, Class JO, PO, 2/15/2037		28		27
Series 3275, Class FL, 0.54%, 2/15/2037 (h)		33		34
Series 3290, Class SB, IF, IO, 6.35%, 3/15/2037 (h)		275		58
Series 3318, Class AO, PO, 5/15/2037		9		8
Series 3607, PO, 5/15/2037		155		141
Series 3315, Class HZ, 6.00%, 5/15/2037		153		177
Series 3326, Class JO, PO, 6/15/2037		9		8

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 3331, PO, 6/15/2037		114			106
Series 3607, Class OP, PO, 7/15/2037		347			313
Series 4048, Class FJ, 0.50%, 7/15/2037 (h)		475			475
Series 3385, Class SN, IF, IO, 5.90%, 11/15/2037 (h)		34			5
Series 3387, Class SA, IF, IO, 6.32%, 11/15/2037 (h)		153			29
Series 3422, Class AI, IO, 0.25%, 1/15/2038 (f)		1,034			7
Series 3404, Class SC, IF, IO, 5.90%, 1/15/2038 (h)		283			56
Series 3424, Class PI, IF, IO, 6.70%, 4/15/2038 (h)		214			52
Series 3481, Class SJ, IF, IO, 5.75%, 8/15/2038 (h)		293			56
Series 3511, Class SA, IF, IO, 5.90%, 2/15/2039 (h)		215			33
Series 3549, Class FA, 1.30%, 7/15/2039 (h)		24			24
Series 3621, Class BO, PO, 1/15/2040		111			104
Series 3747, Class PY, 4.00%, 10/15/2040		1,000			1,131
Series 3925, Class FL, 0.55%, 1/15/2041 (h)		175			175
Series 3852, Class QN, IF, 5.50%, 5/15/2041 (h)		134			146
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (h)		374			407
Series 3957, Class B, 4.00%, 11/15/2041		142			157
Series 3966, Class NA, 4.00%, 12/15/2041		340			378
Series 4217, Class KY, 3.00%, 6/15/2043		2,000			2,170
Series 4822, Class ZB, 4.00%, 7/15/2048		3,639			3,864
FHLMC, STRIPS
Series 134, Class B, IO, 9.00%, 4/1/2022		—	(j)		—	(j)
Series 233, Class 11, IO, 5.00%, 9/15/2035		245			45
Series 233, Class 13, IO, 5.00%, 9/15/2035		356			65
Series 299, Class 300, 3.00%, 1/15/2043		2,059			2,148
Series 310, PO, 9/15/2043		866			760
Series 323, Class 300, 3.00%, 1/15/2044		1,585			1,671
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.00%, 7/25/2032 (h)		246			276
Series T-76, Class 2A, 1.68%, 10/25/2037 (h)		685			697
Series T-51, Class 2A, 7.50%, 8/25/2042 (h)		172			225
Series T-54, Class 2A, 6.50%, 2/25/2043		969			1,160

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 27

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series T-54, Class 3A, 7.00%, 2/25/2043		268			324
Series T-58, Class A, PO, 9/25/2043		86			73
Series T-59, Class 1AP, PO, 10/25/2043		204			143
First Horizon Alternative Mortgage Securities Trust
Series 2004-AA4, Class A1, 2.38%, 10/25/2034 (h)		159			165
Series 2005-FA8, Class 1A19, 5.50%, 11/25/2035		438			314
Series 2007-FA4, Class 1A2, IF, IO, 5.57%, 8/25/2037 ‡ (h)		994			229
FMC GMSR Issuer Trust
3.69%, 2/25/2024		7,325			7,338
Series 2020-GT1, Class A, 4.45%, 1/25/2026 (a) (h)		5,000			4,999
Series 2021-GT1, Class A, 3.62%, 7/25/2026 (a) (h)		4,300			4,302
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%, 12/25/2033		80			94
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		161			189
Series 2004-W15, Class 2AF, 0.34%, 8/25/2044 (h)		227			226
Series 2005-W3, Class 2AF, 0.31%, 3/25/2045 (h)		651			649
Series 2006-W2, Class 1AF1, 0.31%, 2/25/2046 (h)		209			209
FNMA, Grantor Trust, Whole Loan
Series 2002-T19, Class A2, 7.00%, 7/25/2042		503			602
Series 2004-T3, Class 1A3, 7.00%, 2/25/2044		265			314
FNMA, REMIC
Series 2001-48, Class Z, 6.50%, 9/25/2021		—	(j)		—	(j)
Series G-51, Class SA, HB, IF, 27.14%, 12/25/2021 (h)		—	(j)		—	(j)
Series 2002-1, Class HC, 6.50%, 2/25/2022		—	(j)		—	(j)
Series 2007-15, Class NO, PO, 3/25/2022		1			1
Series 1992-101, Class J, 7.50%, 6/25/2022		—	(j)		—	(j)
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(j)		—	(j)
Series G92-35, Class E, 7.50%, 7/25/2022		2			2
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(j)		—	(j)
Series G92-35, Class G, HB, 1,184.78%, 7/25/2022		—	(j)		—	(j)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1992-136, Class PK, 6.00%, 8/25/2022		2			2
Series 1996-59, Class J, 6.50%, 8/25/2022		1			1
Series G92-52, Class FD, 0.10%, 9/25/2022 (h)		—	(j)		—	(j)
Series 1992-143, Class MA, 5.50%, 9/25/2022		1			1
Series G92-54, Class ZQ, 7.50%, 9/25/2022		—	(j)		—	(j)
Series 1992-163, Class M, 7.75%, 9/25/2022		2			2
Series G92-62, Class B, PO, 10/25/2022		1			1
Series G92-59, Class F, 0.98%, 10/25/2022 (h)		—	(j)		—	(j)
Series G92-61, Class Z, 7.00%, 10/25/2022		1			1
Series 1992-188, Class PZ, 7.50%, 10/25/2022		8			9
Series G93-1, Class KA, 7.90%, 1/25/2023		4			4
Series G93-5, Class Z, 6.50%, 2/25/2023		2			2
Series 1997-61, Class ZC, 7.00%, 2/25/2023		33			34
Series 1993-27, Class SA, IF, 15.50%, 2/25/2023 (h)		1			1
Series G93-14, Class J, 6.50%, 3/25/2023		2			2
Series 1993-25, Class J, 7.50%, 3/25/2023		6			6
Series 1993-21, Class KA, 7.70%, 3/25/2023		4			4
Series 1998-4, Class C, PO, 4/25/2023		1			1
Series G93-17, Class SI, IF, 6.00%, 4/25/2023 (h)		5			5
Series 1993-62, Class SA, IF, 19.88%, 4/25/2023 (h)		2			2
Series 1998-43, Class SA, IF, IO, 19.94%, 4/25/2023 (h)		6			1
Series 2003-39, Class LW, 5.50%, 5/25/2023		69			71
Series 2003-41, Class PE, 5.50%, 5/25/2023		29			30
Series 2008-47, Class SI, IF, IO, 6.42%, 6/25/2023 (h)		1			—	(j)
Series G93-27, Class FD, 0.96%, 8/25/2023 (h)		4			4
Series 2002-83, Class CS, 6.88%, 8/25/2023		50			52
Series 1999-38, Class SK, IF, IO, 7.97%, 8/25/2023 (h)		1			—	(j)
Series 1996-14, Class SE, IF, IO, 9.49%, 8/25/2023 (h)		26			2
Series 1993-205, Class H, PO, 9/25/2023		4			4

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series G93-37, Class H, PO, 9/25/2023		1		1
Series 1993-165, Class SK, IF, 12.50%, 9/25/2023 (h)		3		4
Series 1993-165, Class SD, IF, 14.26%, 9/25/2023 (h)		2		2
Series 1993-179, Class SC, IF, 10.50%, 10/25/2023 (h)		2		2
Series 1999-52, Class NS, HB, IF, 23.14%, 10/25/2023 (h)		5		5
Series 1993-179, Class SB, HB, IF, 28.52%, 10/25/2023 (h)		2		3
Series 1995-19, Class Z, 6.50%, 11/25/2023		30		32
Series 1993-230, Class FA, 0.68%, 12/25/2023 (h)		3		3
Series 1993-247, Class FE, 1.08%, 12/25/2023 (h)		6		6
Series 1993-225, Class UB, 6.50%, 12/25/2023		8		8
Series 1993-247, Class SU, IF, 12.67%, 12/25/2023 (h)		3		3
Series 2002-1, Class UD, HB, IF, 24.20%, 12/25/2023 (h)		6		7
Series 1994-37, Class L, 6.50%, 3/25/2024		24		26
Series 1994-40, Class Z, 6.50%, 3/25/2024		156		165
Series 2004-53, Class NC, 5.50%, 7/25/2024		22		23
Series 1995-2, Class Z, 8.50%, 1/25/2025		7		7
Series G95-1, Class C, 8.80%, 1/25/2025		7		8
Series 1997-20, IO, 1.84%, 3/25/2027 (h)		11		—	(j)
Series 1997-27, Class J, 7.50%, 4/18/2027		5		6
Series 1997-29, Class J, 7.50%, 4/20/2027		11		12
Series 1997-39, Class PD, 7.50%, 5/20/2027		59		67
Series 1997-42, Class ZC, 6.50%, 7/18/2027		5		5
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		17		1
Series 1998-36, Class ZB, 6.00%, 7/18/2028		24		27
Series 1998-66, Class SB, IF, IO, 8.07%, 12/25/2028 (h)		4		—	(j)
Series 1999-18, Class Z, 5.50%, 4/18/2029		33		36
Series 1999-17, Class C, 6.35%, 4/25/2029		19		21
Series 1999-62, Class PB, 7.50%, 12/18/2029		30		34
Series 2000-2, Class ZE, 7.50%, 2/25/2030		95		110

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2013-103, Class VG, 3.00%, 3/25/2030		2,378		2,393
Series 2000-20, Class SA, IF, IO, 9.02%, 7/25/2030 (h)		43		4
Series 2000-52, IO, 8.50%, 1/25/2031		9		2
Series 2001-7, Class PF, 7.00%, 3/25/2031		22		26
Series 2011-31, Class DB, 3.50%, 4/25/2031		1,267		1,367
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		77		11
Series 2001-30, Class PM, 7.00%, 7/25/2031		68		79
Series 2001-36, Class DE, 7.00%, 8/25/2031		70		83
Series 2001-49, Class Z, 6.50%, 9/25/2031		20		23
Series 2001-44, Class MY, 7.00%, 9/25/2031		178		211
Series 2001-44, Class PD, 7.00%, 9/25/2031		25		29
Series 2001-44, Class PU, 7.00%, 9/25/2031		25		29
Series 2001-52, Class KB, 6.50%, 10/25/2031		24		28
Series 2003-52, Class SX, HB, IF, 22.70%, 10/25/2031 (h)		39		57
Series 2001-61, Class Z, 7.00%, 11/25/2031		262		313
Series 2001-72, Class SX, IF, 17.27%, 12/25/2031 (h)		7		9
Series 2002-1, Class SA, HB, IF, 24.91%, 2/25/2032 (h)		11		17
Series 2002-13, Class SJ, IF, IO, 1.60%, 3/25/2032 (h)		214		7
Series 2002-13, Class ST, IF, 10.00%, 3/25/2032 (h)		3		3
Series 2002-21, Class LO, PO, 4/25/2032		7		7
Series 2002-21, Class PE, 6.50%, 4/25/2032		66		77
Series 2002-28, Class PK, 6.50%, 5/25/2032		164		191
Series 2012-66, Class CB, 3.00%, 6/25/2032		3,000		3,254
Series 2002-37, Class Z, 6.50%, 6/25/2032		47		54
Series 2006-130, Class GI, IO, 6.50%, 7/25/2032		183		25
Series 2002-48, Class GH, 6.50%, 8/25/2032		246		291
Series 2004-61, Class SK, IF, 8.50%, 11/25/2032 (h)		31		36

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 29

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2004-59, Class BG, PO, 12/25/2032		81		77
Series 2002-77, Class S, IF, 14.33%, 12/25/2032 (h)		36		45
Series 2003-22, Class UD, 4.00%, 4/25/2033		794		871
Series 2003-35, Class UC, 3.75%, 5/25/2033		8		8
Series 2003-42, Class GB, 4.00%, 5/25/2033		59		66
Series 2003-34, Class AX, 6.00%, 5/25/2033		127		148
Series 2003-34, Class ED, 6.00%, 5/25/2033		697		810
Series 2003-39, IO, 6.00%, 5/25/2033 (h)		32		5
Series 2003-33, Class IA, IO, 6.50%, 5/25/2033		257		52
Series 2007-97, Class KI, IO, 7.00%, 5/25/2033		459		47
Series 2003-47, Class PE, 5.75%, 6/25/2033		122		140
Series 2004-4, Class QI, IF, IO, 7.02%, 6/25/2033 (h)		88		3
Series 2004-4, Class QM, IF, 14.03%, 6/25/2033 (h)		8		9
Series 2003-64, Class SX, IF, 13.51%, 7/25/2033 (h)		34		42
Series 2003-132, Class OA, PO, 8/25/2033		13		13
Series 2003-72, Class IE, IO, 5.50%, 8/25/2033		230		38
Series 2003-71, Class DS, IF, 7.34%, 8/25/2033 (h)		277		309
Series 2003-74, Class SH, IF, 10.02%, 8/25/2033 (h)		61		70
Series 2003-91, Class SD, IF, 12.36%, 9/25/2033 (h)		56		68
Series 2013-101, Class AE, 3.00%, 10/25/2033		3,349		3,620
Series 2013-101, Class E, 3.00%, 10/25/2033		3,000		3,237
Series 2013-108, Class GU, 3.00%, 10/25/2033		4,000		4,324
Series 2003-116, Class SB, IF, IO, 7.52%, 11/25/2033 (h)		360		69
Series 2006-44, Class P, PO, 12/25/2033		622		584
Series 2003-130, Class SX, IF, 11.39%, 1/25/2034 (h)		7		8
Series 2004-25, Class SA, IF, 19.29%, 4/25/2034 (h)		157		223

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-46, Class SK, IF, 16.27%, 5/25/2034 (h)		296		389
Series 2004-36, Class SA, IF, 19.29%, 5/25/2034 (h)		340		498
Series 2004-46, Class QB, HB, IF, 23.66%, 5/25/2034 (h)		120		177
Series 2004-51, Class SY, IF, 14.07%, 7/25/2034 (h)		62		75
Series 2005-74, Class CS, IF, 19.79%, 5/25/2035 (h)		98		121
Series 2005-56, Class S, IF, IO, 6.63%, 7/25/2035 (h)		300		60
Series 2005-66, Class SG, IF, 17.16%, 7/25/2035 (h)		103		148
Series 2005-68, Class PG, 5.50%, 8/25/2035		298		340
Series 2005-84, Class XM, 5.75%, 10/25/2035		844		955
Series 2005-110, Class GL, 5.50%, 12/25/2035		2,413		2,751
Series 2006-46, Class UC, 5.50%, 12/25/2035		211		226
Series 2005-109, Class PC, 6.00%, 12/25/2035		281		315
Series 2006-39, Class WC, 5.50%, 1/25/2036		216		229
Series 2006-16, Class OA, PO, 3/25/2036		114		107
Series 2006-22, Class AO, PO, 4/25/2036		193		181
Series 2006-23, Class KO, PO, 4/25/2036		33		32
Series 2006-44, Class GO, PO, 6/25/2036		253		238
Series 2006-53, Class US, IF, IO, 6.50%, 6/25/2036 (h)		379		73
Series 2006-56, PO, 7/25/2036		203		190
Series 2006-58, PO, 7/25/2036		109		102
Series 2006-58, Class AP, PO, 7/25/2036		203		188
Series 2006-65, Class QO, PO, 7/25/2036		171		162
Series 2006-56, Class FC, 0.37%, 7/25/2036 (h)		375		377
Series 2006-58, Class FL, 0.54%, 7/25/2036 (h)		27		27
Series 2006-60, Class DZ, 6.50%, 7/25/2036		4,299		4,969
Series 2006-72, Class TO, PO, 8/25/2036		30		28
Series 2006-79, Class DO, PO, 8/25/2036		136		131
Series 2007-7, Class SG, IF, IO, 6.42%, 8/25/2036 (h)		785		214
Series 2006-77, Class PC, 6.50%, 8/25/2036		441		508

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2006-90, Class AO, PO, 9/25/2036		96		91
Series 2008-42, Class AO, PO, 9/25/2036		53		48
Series 2009-19, Class IP, IO, 5.50%, 10/25/2036		682		138
Series 2006-109, PO, 11/25/2036		52		48
Series 2006-110, PO, 11/25/2036		300		281
Series 2006-111, Class EO, PO, 11/25/2036		38		35
Series 2006-124, Class HB, 2.20%, 11/25/2036 (h)		502		511
Series 2006-119, PO, 12/25/2036		38		37
Series 2006-118, Class A2, 0.14%, 12/25/2036 (h)		164		163
Series 2009-70, Class CO, PO, 1/25/2037		277		256
Series 2006-128, Class BP, 5.50%, 1/25/2037		83		91
Series 2007-77, Class FG, 0.58%, 3/25/2037 (h)		47		48
Series 2007-16, Class FC, 0.83%, 3/25/2037 (h)		63		65
Series 2007-14, Class ES, IF, IO, 6.36%, 3/25/2037 (h)		455		83
Series 2007-48, PO, 5/25/2037		77		75
Series 2007-60, Class AX, IF, IO, 7.07%, 7/25/2037 (h)		1,367		349
Series 2007-81, Class GE, 6.00%, 8/25/2037		163		189
Series 2007-88, Class VI, IF, IO, 6.46%, 9/25/2037 (h)		905		198
Series 2007-91, Class ES, IF, IO, 6.38%, 10/25/2037 (h)		630		135
Series 2007-116, Class HI, IO, 1.41%, 1/25/2038 (h)		413		17
Series 2008-1, Class BI, IF, IO, 5.83%, 2/25/2038 (h)		223		44
Series 2008-16, Class IS, IF, IO, 6.12%, 3/25/2038 (h)		81		14
Series 2008-10, Class XI, IF, IO, 6.15%, 3/25/2038 (h)		210		40
Series 2008-27, Class SN, IF, IO, 6.82%, 4/25/2038 (h)		115		20
Series 2008-44, PO, 5/25/2038		6		6
Series 2008-53, Class CI, IF, IO, 7.12%, 7/25/2038 (h)		154		29
Series 2008-80, Class SA, IF, IO, 5.77%, 9/25/2038 (h)		371		69
Series 2008-81, Class SB, IF, IO, 5.77%, 9/25/2038 (h)		346		58

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2009-6, Class GS, IF, IO, 6.47%, 2/25/2039 (h)		336		76
Series 2009-62, Class HJ, 6.00%, 5/25/2039		69		72
Series 2009-60, Class HT, 6.00%, 8/25/2039		284		333
Series 2009-103, Class MB, 2.11%, 12/25/2039 (h)		137		144
Series 2009-99, Class SC, IF, IO, 6.10%, 12/25/2039 (h)		82		13
Series 2010-49, Class SC, IF, 12.49%, 3/25/2040 (h)		244		312
Series 2010-64, Class DM, 5.00%, 6/25/2040		127		143
Series 2010-71, Class HJ, 5.50%, 7/25/2040		188		217
Series 2010-147, Class SA, IF, IO, 6.45%, 1/25/2041 (h)		901		198
Series 2011-30, Class LS, IO, 1.60%, 4/25/2041 (h)		365		24
Series 2011-75, Class FA, 0.63%, 8/25/2041 (h)		104		105
Series 2011-118, Class MT, 7.00%, 11/25/2041		286		346
Series 2011-130, Class CA, 6.00%, 12/25/2041		536		628
Series 2013-81, Class TA, 3.00%, 2/25/2043		1,633		1,681
Series 2013-92, PO, 9/25/2043		775		709
Series 2013-90, Class PM, 3.50%, 9/25/2043		1,694		1,831
Series 2013-101, Class DO, PO, 10/25/2043		1,275		1,111
Series 2013-128, PO, 12/25/2043		1,439		1,287
Series 2011-2, Class WA, 5.85%, 2/25/2051 (h)		192		219
FNMA, REMIC Trust Series 2007-42, Class AO, PO, 5/25/2037		19		18
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.67%, 7/25/2037 (h)		9		15
Series 2003-W4, Class 2A, 5.66%, 10/25/2042 (h)		41		47
Series 2003-W1, Class 1A1, 5.09%, 12/25/2042 (h)		360		395
Series 2003-W1, Class 2A, 5.59%, 12/25/2042 (h)		149		166
Series 2009-W1, Class A, 6.00%, 12/25/2049		422		487

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 31

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 0.33%, 6/27/2036 (h)		257		253
Series 2007-54, Class FA, 0.48%, 6/25/2037 (h)		153		156
Series 2007-106, Class A7, 6.25%, 10/25/2037 (h)		100		118
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		1		—	(j)
Series 265, Class 2, 9.00%, 3/25/2024		1		1
Series 329, Class 1, PO, 1/25/2033		29		28
Series 345, Class 6, IO, 5.00%, 12/25/2033 (h)		44		6
Series 351, Class 7, IO, 5.00%, 4/25/2034 (h)		147		18
Series 355, Class 11, IO, 6.00%, 7/25/2034		119		20
Series 365, Class 8, IO, 5.50%, 5/25/2036		180		37
Series 374, Class 5, IO, 5.50%, 8/25/2036		103		18
Series 393, Class 6, IO, 5.50%, 4/25/2037		35		5
Series 383, Class 32, IO, 6.00%, 1/25/2038		46		11
Series 383, Class 33, IO, 6.00%, 1/25/2038		121		23
Freedom Series 2021-SAVF1, 4.40%, 3/25/2023		4,400		4,400
GMACM Mortgage Loan Trust Series 2005-AR3, Class 3A4, 3.09%, 6/19/2035 (h)		488		474
GNMA
Series 1999-4, Class ZB, 6.00%, 2/20/2029		195		195
Series 2001-35, Class SA, IF, IO, 8.15%, 8/16/2031 (h)		65		—	(j)
Series 2002-52, Class GH, 6.50%, 7/20/2032		293		293
Series 2003-58, Class BE, 6.50%, 1/20/2033		411		438
Series 2003-12, Class SP, IF, IO, 7.61%, 2/20/2033 (h)		97		11
Series 2003-24, PO, 3/16/2033		18		18
Series 2003-40, Class TJ, 6.50%, 3/20/2033		509		547
Series 2003-46, Class TC, 6.50%, 3/20/2033		241		259
Series 2003-46, Class MG, 6.50%, 5/20/2033		318		351
Series 2003-52, Class AP, PO, 6/16/2033		93		89
Series 2003-90, PO, 10/20/2033		26		25
Series 2003-112, Class SA, IF, IO, 6.45%, 12/16/2033 (h)		335		34
Series 2004-28, Class S, IF, 19.40%, 4/16/2034 (h)		150		211

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-73, Class AE, IF, 14.66%, 8/17/2034 (h)		2		2
Series 2004-90, Class SI, IF, IO, 6.01%, 10/20/2034 (h)		449		68
Series 2005-68, Class DP, IF, 16.20%, 6/17/2035 (h)		48		60
Series 2010-14, Class CO, PO, 8/20/2035		151		142
Series 2005-58, Class NI, IO, 5.50%, 8/20/2035 (h)		690		101
Series 2005-68, Class KI, IF, IO, 6.21%, 9/20/2035 (h)		991		201
Series 2005-91, Class PI, IO, 6.00%, 12/20/2035		146		21
Series 2006-16, Class OP, PO, 3/20/2036		66		62
Series 2006-38, Class SW, IF, IO, 6.41%, 6/20/2036 (h)		70		3
Series 2006-38, Class ZK, 6.50%, 8/20/2036		789		878
Series 2006-59, Class SD, IF, IO, 6.61%, 10/20/2036 (h)		217		30
Series 2006-65, Class SA, IF, IO, 6.71%, 11/20/2036 (h)		354		43
Series 2011-22, Class WA, 5.88%, 2/20/2037 (h)		342		393
Series 2007-57, PO, 3/20/2037		92		89
Series 2007-17, Class JO, PO, 4/16/2037		63		58
Series 2007-17, Class JI, IF, IO, 6.71%, 4/16/2037 (h)		591		129
Series 2007-19, Class SD, IF, IO, 6.11%, 4/20/2037 (h)		323		32
Series 2007-28, Class BO, PO, 5/20/2037		67		63
Series 2007-26, Class SC, IF, IO, 6.11%, 5/20/2037 (h)		260		42
Series 2007-27, Class SA, IF, IO, 6.11%, 5/20/2037 (h)		274		37
Series 2007-36, Class SE, IF, IO, 6.37%, 6/16/2037 (h)		155		18
Series 2007-47, Class PH, 6.00%, 7/16/2037		2,500		2,859
Series 2007-40, Class SB, IF, IO, 6.66%, 7/20/2037 (h)		563		104
Series 2007-42, Class SB, IF, IO, 6.66%, 7/20/2037 (h)		335		53
Series 2007-50, Class AI, IF, IO, 6.69%, 8/20/2037 (h)		199		2
Series 2007-53, Class SW, IF, 19.94%, 9/20/2037 (h)		28		37
Series 2008-32, Class PI, IO, 5.50%, 10/16/2037		55		2

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-79, Class OK, PO, 11/16/2037		96		91
Series 2007-73, Class MI, IF, IO, 5.91%, 11/20/2037 (h)		188		22
Series 2007-76, Class SA, IF, IO, 6.44%, 11/20/2037 (h)		369		47
Series 2007-72, Class US, IF, IO, 6.46%, 11/20/2037 (h)		179		22
Series 2007-79, Class SY, IF, IO, 6.46%, 12/20/2037 (h)		164		23
Series 2008-2, Class NS, IF, IO, 6.44%, 1/16/2038 (h)		336		44
Series 2008-2, Class MS, IF, IO, 7.06%, 1/16/2038 (h)		101		18
Series 2008-10, Class S, IF, IO, 5.74%, 2/20/2038 (h)		201		24
Series 2008-36, Class SH, IF, IO, 6.21%, 4/20/2038 (h)		272		1
Series 2008-40, Class SA, IF, IO, 6.30%, 5/16/2038 (h)		1,741		309
Series 2008-55, Class SA, IF, IO, 6.11%, 6/20/2038 (h)		150		23
Series 2008-71, Class SC, IF, IO, 5.91%, 8/20/2038 (h)		71		9
Series 2009-25, Class SE, IF, IO, 7.51%, 9/20/2038 (h)		132		20
Series 2008-93, Class AS, IF, IO, 5.61%, 12/20/2038 (h)		197		25
Series 2009-65, Class IQ, IO, 6.00%, 12/20/2038		43		1
Series 2009-6, Class SA, IF, IO, 6.00%, 2/16/2039 (h)		202		18
Series 2009-12, Class IE, IO, 5.50%, 3/20/2039		423		52
Series 2009-14, Class KI, IO, 6.50%, 3/20/2039		191		33
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		181		39
Series 2009-22, Class SA, IF, IO, 6.18%, 4/20/2039 (h)		406		63
Series 2009-33, Class CI, IO, 5.50%, 5/20/2039		92		12
Series 2009-33, Class TI, IO, 6.00%, 5/20/2039		99		17
Series 2009-43, Class SA, IF, IO, 5.86%, 6/20/2039 (h)		176		22
Series 2009-72, Class SM, IF, IO, 6.15%, 8/16/2039 (h)		401		59
Series 2010-31, Class NO, PO, 3/20/2040		665		631

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2013-75, Class WA, 5.14%, 6/20/2040 (h)		882			1,007
Series 2010-130, Class CP, 7.00%, 10/16/2040		112			134
Series 2010-157, Class OP, PO, 12/20/2040		701			667
Series 2011-75, Class SM, IF, IO, 6.51%, 5/20/2041 (h)		552			74
Series 2014-188, Class W, 4.59%, 10/20/2041 (h)		373			415
Series 2012-141, Class WC, 3.67%, 1/20/2042 (h)		230			251
Series 2013-54, Class WA, 4.88%, 11/20/2042 (h)		1,364			1,550
Series 2013-91, Class WA, 4.48%, 4/20/2043 (h)		649			718
Series 2013-116, Class JY, 4.00%, 8/16/2043		1,300			1,525
Series 2018-160, Class PA, 3.50%, 7/20/2046		2,796			2,898
Series 2012-H24, Class FG, 0.53%, 4/20/2060 (h)		9			9
Series 2013-H03, Class FA, 0.40%, 8/20/2060 (h)		1			1
Series 2012-H21, Class CF, 0.80%, 5/20/2061 (h)		11			11
Series 2013-H05, Class FB, 0.50%, 2/20/2062 (h)		67			67
Series 2012-H15, Class FA, 0.55%, 5/20/2062 (h)		—	(j)		—	(j)
Series 2012-H26, Class MA, 0.65%, 7/20/2062 (h)		3			3
Series 2012-H28, Class FA, 0.68%, 9/20/2062 (h)		8			8
Series 2012-H29, Class FA, 0.62%, 10/20/2062 (h)		641			643
Series 2012-H31, Class FD, 0.44%, 12/20/2062 (h)		858			858
Series 2013-H01, Class FA, 1.65%, 1/20/2063		42			42
Series 2013-H08, Class FC, 0.55%, 2/20/2063 (h)		765			767
Series 2013-H04, Class BA, 1.65%, 2/20/2063		20			20
Series 2013-H07, Class HA, 0.51%, 3/20/2063 (h)		710			712
Series 2013-H09, Class HA, 1.65%, 4/20/2063		48			48

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 33

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2013-H18, Class JA, 0.70%, 8/20/2063 (h)		1,389		1,397
Series 2014-H01, Class FD, 0.75%, 1/20/2064 (h)		1,042		1,048
Series 2014-H09, Class TA, 0.70%, 4/20/2064 (h)		1,061		1,067
Series 2015-H15, Class FD, 0.54%, 6/20/2065 (h)		1,343		1,348
Series 2015-H15, Class FJ, 0.54%, 6/20/2065 (h)		3,005		3,015
Series 2015-H16, Class FG, 0.54%, 7/20/2065 (h)		1,961		1,969
Series 2015-H23, Class FB, 0.62%, 9/20/2065 (h)		2,030		2,043
Series 2015-H32, Class FH, 0.76%, 12/20/2065 (h)		1,512		1,529
Series 2017-H08, Class XI, IO, 2.18%, 3/20/2067 (h)		6,854		648
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%, 6/19/2032 (a) (h)		372		374
Series 2005-RP3, Class 1AF, 0.44%, 9/25/2035 (a) (h)		627		534
Series 2005-RP3, Class 1AS, IO, 4.22%, 9/25/2035 ‡ (a) (h)		473		56
Series 2006-RP2, Class 1AS2, IF, IO, 4.30%, 4/25/2036 ‡ (a) (h)		1,940		294
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%, 5/25/2034		110		119
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		66		67
Series 2004-13F, Class 3A3, 6.00%, 11/25/2034		211		220
Series 2005-4F, Class AP, PO, 5/25/2035 ‡		2		2
Series 2005-7F, Class 3A9, 6.00%, 9/25/2035		355		370
Series 2006-1F, Class 2A4, 6.00%, 2/25/2036		856		602
Headlands Residential LLC Series 2019-RPL1, Class NOTE, 3.97%, 6/25/2024 (a) (f)		1,293		1,299
Impac CMB Trust
Series 2004-7, Class 1A1, 0.82%, 11/25/2034 (h)		574		581
Series 2005-4, Class 2A1, 0.68%, 5/25/2035 (h)		102		102
Impac Secured Assets Trust Series 2006-1, Class 2A1, 0.78%, 5/25/2036 (h)		65		65

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 2.43%, 11/25/2033 (h)		217			219
Series 2006-A2, Class 4A1, 2.23%, 8/25/2034 (h)		184			194
Series 2006-A3, Class 6A1, 2.58%, 8/25/2034 (h)		54			54
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.94%, 4/25/2036 (h)		219			184
Series 2008-2, Class 1A6, 6.00%, 3/25/2038		475			244
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a) (h)		2,075			2,070
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 2.66%, 4/21/2034 (h)		100			101
Series 2004-4, Class 2A1, 2.22%, 5/25/2034 (h)		31			31
Series 2004-13, Class 3A7, 2.75%, 11/21/2034 (h)		253			255
Series 2004-15, Class 3A1, 2.62%, 12/25/2034 (h)		51			50
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		3			3
Series 2004-8, Class 6A1, 5.50%, 9/25/2019		2			2
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		109			111
Series 2003-3, Class 1A1, 6.50%, 5/25/2033		100			103
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		221			229
Series 2004-3, Class 2A1, 6.25%, 4/25/2034		166			169
Series 2004-6, Class 30, PO, 7/25/2034 ‡		129			111
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		233			243
Series 2004-7, Class 30, PO, 8/25/2034 ‡		72			62
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡		—	(j)		—	(j)
Series 2003-12, Class 30, PO, 12/25/2033 ‡		11			11
Series 2004-1, Class 30, PO, 2/25/2034 ‡		9			7
MASTR Reperforming Loan Trust Series 2005-2, Class 1A1F, 0.44%, 5/25/2035 (a) (h)		1,333			709

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 ‡ (a)		78			66
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.70%, 10/25/2028 (h)		54			55
Series 2003-F, Class A1, 0.72%, 10/25/2028 (h)		454			457
Series 2004-A, Class A1, 0.54%, 4/25/2029 (h)		85			84
Series 2004-1, Class 2A1, 2.08%, 12/25/2034 (h)		151			153
MRA Issuance Trust
Series 2021-EBO5, Class A1X, 1.85%, 2/16/2022 (a) (h)		6,700			6,705
Series 2021-EBO7, Class A1X, 2.85%, 2/16/2022 (a) (h)		6,700			6,702
Series 2021-EBO2, Class A, 2.83%, 12/31/2049 (a) (h)		6,500			6,500
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (h)		200			198
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		10			10
Series 2003-A1, Class A2, 6.00%, 5/25/2033		37			37
P —stla 7.25%, 10/11/2026 ‡		2,600			2,600
PRPM LLC Series 2021-1, Class A1, 2.12%, 1/25/2026 (a) (h)		3,899			3,910
RALI Trust
Series 2002-QS16, Class A3, IF, 16.45%, 10/25/2017 (h)		—	(j)		—	(j)
Series 2003-QS9, Class A3, IF, IO, 7.46%, 5/25/2018 ‡ (h)		3			—	(j)
Series 2003-QS12, Class A5, IO, 5.00%, 6/25/2018 ‡		—	(j)		—
Series 2003-QS12, Class A2A, IF, IO, 7.52%, 6/25/2018 ‡ (h)		—	(j)		—	(j)
Series 2003-QS14, Class A1, 5.00%, 7/25/2018		6			5
Series 2004-QA6, Class NB2, 2.89%, 12/26/2034 (h)		492			441
RBSSP Resecuritization Trust Series 2009-12, Class 1A1, 5.16%, 11/25/2033 (a) (h)		11			11

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
RFMSI Trust
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019		—	(j)		—	(j)
Series 2005-SA4, Class 1A1, 2.53%, 9/25/2035 (h)		85			76
RMIP 5.60%, 8/25/2021 ‡		1,390			1,366
SART
4.75%, 7/15/2024		1,671			1,674
4.76%, 6/15/2025		1,782			1,783
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		3,307			3,637
Series 2019-3, Class MB, 3.50%, 10/25/2058 ‡		1,722			1,997
Structured Asset Mortgage Investments II Trust Series 2004-AR5, Class 1A1, 0.75%, 10/19/2034 (h)		225			221
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 0.72%, 9/25/2043 (h)		99			101
Series 2004-4, Class 3A, 1.92%, 12/25/2044 (h)		208			208
Toorak Mortgage Corp. Ltd. Series 2019-2, Class A1, 3.72%, 9/25/2022 (f)		2,795			2,821
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (a) (h)		5,913			6,039
Two Harbors Series 2021-FNT1, Class A, 3.65%, 3/25/2020		4,400			4,412
Vendee Mortgage Trust
Series 1994-1, Class 1, 5.09%, 2/15/2024 (h)		59			62
Series 1994-1, Class 2ZB, 6.50%, 2/15/2024		84			89
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		158			177
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		119			132
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		239			268
Series 1998-1, Class 2E, 7.00%, 3/15/2028		290			321
Series 1999-1, Class 2Z, 6.50%, 1/15/2029		577			639
Series 2003-2, Class Z, 5.00%, 5/15/2033		2,595			2,930
vMobo, Inc. 7.50%, 5/31/2024		3,159			3,159
WaMu Mortgage Pass-Through Certificates Series 2004-RS2, Class A4, 5.00%, 11/25/2033		393			404
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR8, Class A, 2.66%, 8/25/2033 (h)		31			32
Series 2003-AR9, Class 2A, 2.40%, 9/25/2033 (h)		51			51

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 35

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2003-AR9, Class 1A6, 2.63%, 9/25/2033 (h)		502		504
Series 2003-S9, Class P, PO, 10/25/2033 ‡		18		16
Series 2003-S9, Class A8, 5.25%, 10/25/2033		262		270
Series 2004-AR3, Class A1, 2.59%, 6/25/2034 (h)		36		37
Series 2004-AR3, Class A2, 2.59%, 6/25/2034 (h)		30		31
Series 2006-AR10, Class 2P, 2.87%, 9/25/2036 ‡ (h)		57		49
Series 2006-AR12, Class 2P, 2.67%, 10/25/2036 ‡ (h)		45		44
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 4.91%, 4/25/2035 ‡ (h)		646		94
Series 2005-2, Class 1A4, IF, IO, 4.96%, 4/25/2035 ‡ (h)		2,609		352
Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 ‡		781		133
Series 2005-4, Class CB7, 5.50%, 6/25/2035		816		823
Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 ‡		697		119
Series 2005-6, Class 2A4, 5.50%, 8/25/2035		138		137
Series 2005-6, Class 2A9, 5.50%, 8/25/2035		887		879
Wells Fargo Mortgage-Backed Securities Trust Series 2007-7, Class A7, 6.00%, 6/25/2037		137		137
ZH Trust Series 2021-1, Class A, 2.25%, 2/18/2027 (a)		1,830		1,831
Total Collateralized Mortgage Obligations (Cost $247,299)				262,482
Asset-Backed Securities — 10.3%
Academic Loan Funding Trust Series 2013-1A, Class A, 0.88%, 12/26/2044 (a) (h)		780		778
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		338		339
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)		540		553
Series 2015-2, Class AA, 3.75%, 12/15/2027 (a)		205		216
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)		416		422

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2017-1, Class A, 3.55%, 1/15/2030 (a)		588		575
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028		326		328
Series 2017-1, Class AA, 3.65%, 2/15/2029		441		459
American Homes 4 Rent
Series 2015-SFR1, Class A, 3.47%, 4/17/2052 (a)		3,753		3,984
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 ‡ (a)		1,275		1,382
American Homes 4 Rent Trust
Series 2014-SFR2, Class A, 3.79%, 10/17/2036 (a)		3,524		3,748
Series 2014-SFR2, Class D, 5.15%, 10/17/2036 ‡ (a)		2,000		2,152
Series 2014-SFR2, Class E, 6.23%, 10/17/2036 (a)		850		929
Series 2014-SFR3, Class A, 3.68%, 12/17/2036 (a)		2,633		2,790
Series 2014-SFR3, Class C, 4.60%, 12/17/2036 (a)		500		536
Series 2014-SFR3, Class E, 6.42%, 12/17/2036 ‡ (a)		2,380		2,623
American Tower Trust #1 REIT, 3.07%, 3/15/2023 (a)		750		753
AMSR Trust
Series 2020-SFR2, Class C, 2.53%, 7/17/2037 ‡ (a)		3,500		3,581
Series 2020-SFR4, Class C, 1.86%, 11/17/2037 ‡ (a)		4,000		4,016
British Airways Pass-Through Trust (United Kingdom)
Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		517		542
Series 2018-1, Class A, 4.13%, 9/20/2031 (a)		829		841
Series 2019-1, Class AA, 3.30%, 12/15/2032 (a)		671		689
Business Jet Securities LLC
Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		1,107		1,140
Series 2019-1, Class B, 5.19%, 7/15/2034 ‡ (a)		2,374		2,390
Series 2020-1A, Class A, 2.98%, 11/15/2035 (a)		1,108		1,130
Series 2021-1A, Class A, 2.16%, 4/15/2036 (a)		2,160		2,174

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Camillo Issuer LLC Series 2016-SFR, Class 1-A-1, 5.00%, 12/5/2023 ‡		4,777		4,902
Cars Net Lease Mortgage Notes Series 2020-1A, Class A3, 3.10%, 12/15/2050 (a)		802		833
Carvana Auto Receivables Trust
Series 2019-4A, Class A3, 2.30%, 9/15/2023 (a)		219		220
Series 2019-2A, Class C, 3.00%, 6/17/2024 (a)		4,675		4,751
Series 2019-3A, Class C, 2.71%, 10/15/2024 (a)		5,240		5,333
CFMT LLC Series 2020-HB4, Class A, 0.95%, 12/26/2030 (a) (h)		3,261		3,267
Chase Funding Trust Series 2003-6, Class 1A7, 5.28%, 11/25/2034 ‡ (f)		314		331
Citibank Credit Card Issuance Trust Series 2007-A3, Class A3, 6.15%, 6/15/2039		800		1,137
Consumer Receivables Asset Investment Trust Series 2021-1, Class A1X, 3.13%, 3/24/2023 (a) (h)		2,810		2,810
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		179		182
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (a)		2,070		2,090
CoreVest American Finance Trust
Series 2019-2, Class D, 4.22%, 6/15/2052 ‡ (a)		2,000		2,163
Series 2020-3, Class B, 2.20%, 8/15/2053 ‡ (a)		2,855		2,794
CPS Auto Trust Series 2018-C, Class D, 4.40%, 6/17/2024 (a)		2,964		3,018
Credit Acceptance Auto Loan Trust
Series 2018-3A, Class B, 3.89%, 10/15/2027 (a)		301		301
Series 2021-2A, Class C, 1.64%, 6/17/2030 (a)		7,280		7,317
Credit Suisse ABS Trust Series 2020-AT1, Class A, 2.61%, 10/15/2026 (a)		2,389		2,434
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-6, Class M1, 0.98%, 10/25/2034 (h)		71		70
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a)		2,700		2,710
Delta Air Lines Pass-Through Trust Series 2015-1, Class AA, 3.63%, 7/30/2027		244		264

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diamond Resorts Owner Trust Series 2019-1A, Class A, 2.89%, 2/20/2032 (a)		2,618		2,696
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 3/15/2023		145		145
Series 2017-3, Class D, 3.53%, 12/15/2023 (a)		796		801
Series 2019-4, Class C, 2.51%, 11/17/2025		1,960		1,983
Exeter Automobile Receivables Trust
Series 2019-4A, Class C, 2.44%, 9/16/2024 (a)		2,170		2,192
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		3,540		3,665
FirstKey Homes Trust
Series 2020-SFR2, Class E, 2.67%, 10/19/2037 ‡ (a)		3,000		3,060
Series 2021-SFR1, Class D, 2.19%, 8/17/2038 ‡ (a)		4,000		4,013
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027		4,845		5,296
Foundation Finance Trust Series 2019-1A, Class A, 3.86%, 11/15/2034 (a)		711		733
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (h)		54		49
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		129		130
Goodgreen Series 2019-2A, Class A, 2.76%, 4/15/2055 (a)		1,945		2,000
Goodgreen Trust Series 2017-1A, Class A, 3.74%, 10/15/2052 (a)		412		437
HERO (Cayman Islands) Series 2018-1ASI, Class A, 4.00%, 9/20/2047 (a)		377		358
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		1,215		1,285
HERO Funding Trust (Cayman Islands)
Series 2016-3A, Class A1, 3.08%, 9/20/2042 (a)		520		537
Series 2017-1A, Class A2, 4.46%, 9/20/2047 (a)		1,209		1,270
Hilton Grand Vacations Trust Series 2017-AA, Class A, 2.66%, 12/26/2028 (a)		116		118
Home Equity Mortgage Loan Asset-Backed Trust Series 2006-A, Class A3, 0.48%, 3/25/2036 ‡ (h)		11		11
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.92%, 8/25/2038 ‡ (a) (h)		2,134		44

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 37

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2013-2, Class A, IO, 1.97%, 3/25/2039 ‡ (a) (h)		2,062		80
Series 2015-2, Class A, IO, 3.31%, 7/25/2041 ‡ (a) (h)		838		96
Lendmark Funding Trust Series 2019-1A, Class B, 3.40%, 12/20/2027 ‡ (a)		3,319		3,389
LP LMS Asset Securitization Trust 3.23%, 10/15/2028		4,349		4,352
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (a)		2,330		2,338
Mid-State Capital Corp. Trust Series 2006-1, Class M1, 6.08%, 10/15/2040 ‡ (a)		519		551
MVW LLC Series 2019-2A, Class B, 2.44%, 10/20/2038 ‡ (a)		2,525		2,552
New Century Home Equity Loan Trust Series 2003-5, Class AI6, 6.00%, 11/25/2033 ‡ (f)		284		291
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)		1,663		1,681
Series 2021-FHT1, Class A, 3.10%, 7/25/2026 (a)		7,118		7,085
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B, 3.71%, 4/14/2025 (a)		1,863		1,878
Oportun Funding XIII LLC Series 2019-A, Class A, 3.08%, 8/8/2025 (a)		3,010		3,073
Pagaya AI Debt Selection Trust Series 2021-1, Class A, 1.18%, 11/15/2027 (a)		7,149		7,167
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a) (f)		4,837		4,842
Progress Residential Trust
Series 2020-SFR3, Class C, 1.70%, 10/17/2027 ‡ (a)		3,250		3,250
Series 2019-SFR4, Class D, 3.14%, 10/17/2036 ‡ (a)		5,000		5,083
Renaissance Home Equity Loan Trust Series 2007-2, Class AF2, 5.68%, 6/25/2037 ‡ (f)		287		115
Renew (Cayman Islands) Series 2017-1A, Class A, 3.67%, 9/20/2052 (a)		517		545
Santander Retail Auto Lease Trust Series 2020-A, Class A4, 1.76%, 3/20/2024 (a)		3,955		4,030
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 5.74%, 1/25/2036 ‡ (f)		167		168

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Sierra Timeshare Receivables Funding LLC Series 2019-2A, Class C, 3.12%, 5/20/2036 ‡ (a)		1,441		1,476
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		323		331
Synchrony Card Funding LLC
Series 2019-A1, Class A, 2.95%, 3/15/2025		4,681		4,749
Series 2019-A2, Class A, 2.34%, 6/15/2025		5,000		5,086
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		2,600		2,603
Tricolor Auto Securitization Trust Series 2020-1A, Class A, 4.88%, 11/15/2026 (a)		1,919		1,938
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		1,050		1,047
Series 2018-1, Class B, 4.60%, 3/1/2026		165		171
Series 2016-1, Class A, 3.45%, 7/7/2028		619		630
Series 2016-2, Class A, 3.10%, 10/7/2028		1,088		1,082
Series 2018-1, Class AA, 3.50%, 3/1/2030		939		979
Series 2018-1, Class A, 3.70%, 3/1/2030		1,455		1,497
Series 2019-1, Class AA, 4.15%, 8/25/2031		918		1,002
Series 2019-1, Class A, 4.55%, 8/25/2031		820		882
Series 2019-2, Class AA, 2.70%, 5/1/2032		1,263		1,270
Upstart Securitization Trust Series 2020-1, Class A, 2.32%, 4/22/2030 (a)		1,434		1,442
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		435		438
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (a) (f)		2,412		2,416
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (f)		5,662		5,683
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (f)		4,041		4,047
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (f)		3,417		3,420
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (f)		3,450		3,453
Westlake Automobile Receivables Trust Series 2019-2A, Class D, 3.20%, 11/15/2024 (a)		2,500		2,568
World Financial Network Credit Card Master Trust Series 2019-A, Class A, 3.14%, 12/15/2025		2,245		2,275

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
World Omni Auto Receivables Trust Series 2018-B, Class A3, 2.87%, 7/17/2023		1,352		1,360
Total Asset-Backed Securities (Cost $217,693)				221,231
Commercial Mortgage-Backed Securities — 4.0%
BAMLL Commercial Mortgage Securities Trust
Series 2012-PARK, Class A, 2.96%, 12/10/2030 (a)		560		575
Series 2014-520M, Class C, 4.35%, 8/15/2046 (a) (h)		1,300		1,442
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)		4,400		4,661
Bear Stearns Commercial Mortgage Securities Trust Series 2005-PWR8, Class X1, IO, 0.72%, 6/11/2041 ‡ (a) (h)		11		—	(j)
Commercial Mortgage Trust
Series 2013-300P, Class A1, 4.35%, 8/10/2030 (a)		3,500		3,696
Series 2013-SFS, Class A2, 3.09%, 4/12/2035 (a) (h)		1,060		1,084
Series 2012-CR2, Class XA, IO, 1.77%, 8/15/2045 ‡ (h)		2,251		15
FHLMC Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (a) (h)		6,370		6,376
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KJ09, Class A2, 2.84%, 9/25/2022		647		658
Series KS01, Class A2, 2.52%, 1/25/2023		803		817
Series KPLB, Class A, 2.77%, 5/25/2025		353		379
Series K052, Class A2, 3.15%, 11/25/2025		3,560		3,877
Series K065, Class A2, 3.24%, 4/25/2027		2,467		2,745
Series K065, Class AM, 3.33%, 5/25/2027		1,322		1,475
Series K070, Class A2, 3.30%, 11/25/2027 (h)		1,748		1,964
FNMA ACES
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (h)		1,343		1,424
Series 2017-M3, Class A2, 2.56%, 12/25/2026 (h)		1,168		1,249
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (h)		8,465		9,308
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (h)		3,815		4,189
Series 2018-M8, Class A2, 3.44%, 6/25/2028 (h)		2,580		2,907

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2018-M10, Class A2, 3.48%, 7/25/2028 (h)		3,335		3,763
Series 2017-M5, Class A2, 3.23%, 4/25/2029 (h)		3,185		3,572
Series 2020-M50, Class A1, 0.67%, 10/25/2030		3,786		3,731
Series 2020-M50, Class A2, 1.20%, 10/25/2030		1,325		1,320
Series 2020-M50, Class X1, IO, 2.02%, 10/25/2030 (h)		22,367		2,436
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		749		747
Series 2021-M3, Class X1, IO, 2.12%, 11/25/2033 (h)		3,855		524
FREMF Mortgage Trust Series 2014-K39, Class C, 4.28%, 8/25/2047 (a) (h)		4,650		5,015
Ladder Capital Commercial Mortgage Trust Series 2013-GCP, Class A2, 3.99%, 2/15/2036 (a)		998		1,119
LB-UBS Commercial Mortgage Trust Series 2006-C7, Class XW, IO, 0.60%, 11/15/2038 ‡ (a) (h)		892		—	(j)
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 1.37%, 12/12/2049 ‡ (a) (h)		13		—	(j)
Morgan Stanley Capital I Trust Series 2006-IQ12, Class X1, IO, 0.29%, 12/15/2043 ‡ (a) (h)		285		—	(j)
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		2,050		2,139
Series 2019-PARK, Class D, 2.72%, 12/15/2036 ‡ (a)		2,685		2,712
RBS Commercial Funding, Inc. Trust Series 2013-SMV, Class A, 3.26%, 3/11/2031 (a)		664		678
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (a)		3,935		4,139
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)		2,236		2,248
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046		857		886
Series 2012-C2, Class XA, IO, 1.43%, 5/10/2063 ‡ (a) (h)		6,671		45
VNDO Mortgage Trust Series 2012-6AVE, Class A, 3.00%, 11/15/2030 (a)		1,398		1,431
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class D, 4.38%, 3/15/2045 ‡ (a) (h)		400		396

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 39

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
Series 2012-C6, Class A4, 3.44%, 4/15/2045		172		172
Total Commercial Mortgage-Backed Securities (Cost $81,423)				85,914
U.S. Government Agency Securities — 0.8%
Tennessee Valley Authority
5.88%, 4/1/2036		6,839		10,208
4.63%, 9/15/2060		304		461
Tennessee Valley Authority STRIPS
DN, 3.83%, 11/1/2025 (g)		5,000		4,851
DN, 5.14%, 6/15/2035 (g)		800		597
Total U.S. Government Agency Securities (Cost $13,903)				16,117
Municipal Bonds — 0.6% (l)
California — 0.1%
City of Los Angeles Department of Airports, Federally Taxable Build America Bonds Direct Payment to Issuer Series 2009C, Rev., 6.58%, 5/15/2039		440		596
State of California, Build America Bonds GO, 7.30%, 10/1/2039		350		567
Total California				1,163
New York — 0.3%
New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, General Purpose Series 2010-D, Rev., 5.60%, 3/15/2040		360		493
Port Authority of New York and New Jersey, Consolidated
Series 164, Rev., 5.65%, 11/1/2040		1,825		2,617
Series 165, Rev., 5.65%, 11/1/2040		440		631
Series 174, Rev., 4.46%, 10/1/2062		2,060		2,831
Total New York				6,572
Ohio — 0.2%
American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2010B, Rev., 7.50%, 2/15/2050		1,315		2,196
Ohio State University (The), General Receipts
Series 2016A, Rev., 4.05%, 12/1/2056		325		420
Series 2011-A, Rev., 4.80%, 6/1/2111		1,563		2,330
Rev., 5.59%, 12/1/2114		200		308
Total Ohio				5,254
Total Municipal Bonds (Cost $9,148)				12,989

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Foreign Government Securities — 0.5%
Kingdom of Saudi Arabia (Saudi Arabia)
2.25%, 2/2/2033 (a)		622		612
3.45%, 2/2/2061 (a)		550		553
Province of Quebec (Canada) 7.36%, 3/6/2026 (f)		377		478
Republic of Chile (Chile) 2.55%, 1/27/2032		497		511
Republic of Colombia (Colombia)
4.00%, 2/26/2024		922		970
4.50%, 1/28/2026		581		631
7.38%, 9/18/2037		200		258
5.63%, 2/26/2044		200		223
5.00%, 6/15/2045		515		538
Republic of Panama (Panama) 4.50%, 4/16/2050		325		371
Republic of Peru (Peru) 5.63%, 11/18/2050		88		122
Republic of South Africa (South Africa) 5.88%, 9/16/2025		640		723
United Mexican States (Mexico)
4.13%, 1/21/2026		316		358
3.75%, 1/11/2028		1,216		1,344
2.66%, 5/24/2031		1,075		1,063
4.60%, 1/23/2046		2,113		2,317
3.77%, 5/24/2061		772		736
Total Foreign Government Securities (Cost $11,263)				11,808
	SHARES (000)
Short-Term Investments — 5.6%
Investment Companies — 5.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (m) (n) (Cost $119,726)		119,678		119,738
Total Investments — 103.3% (Cost $2,122,757)				2,218,786
Liabilities in Excess of Other Assets — (3.3)%				(70,613	)
NET ASSETS — 100.0%				2,148,173

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

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, 2021.
CSMC	Credit Suisse Mortgage Trust
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, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
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, 2021.
(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, 2021.
(e)	Security is an interest bearing note with preferred security characteristics.
(f)	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, 2021.
(g)	The rate shown is the effective yield as of August 31, 2021.
(h)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2021.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	Amount rounds to less than one thousand.
(k)	Defaulted security.
(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, 2021.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 41

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — 31.2%
Aerospace & Defense — 1.2%
Boeing Co. (The)
1.43%, 2/4/2024		70		70
4.88%, 5/1/2025		54		60
2.20%, 2/4/2026		86		86
3.10%, 5/1/2026		250		265
L3Harris Technologies, Inc. 3.85%, 12/15/2026		70		78
Leidos, Inc. 2.30%, 2/15/2031		100		99
Northrop Grumman Corp. 2.93%, 1/15/2025		150		160
Raytheon Technologies Corp. 4.13%, 11/16/2028		100		115
Textron, Inc. 3.00%, 6/1/2030		100		107
				1,040
Automobiles — 0.7%
Daimler Finance North America LLC (Germany) 2.13%, 3/10/2025 (a)		150		155
General Motors Co. 6.13%, 10/1/2025		50		59
Hyundai Capital America 2.85%, 11/1/2022 (a)		200		205
Nissan Motor Co. Ltd. (Japan) 4.35%, 9/17/2027 (a)		200		223
				642
Banks — 3.8%
Bank of America Corp.
3.30%, 1/11/2023		90		94
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (b)		42		44
Series L, 3.95%, 4/21/2025		154		169
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)		60		60
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (b)		250		275
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (b)		250		259
Barclays plc (United Kingdom) 3.68%, 1/10/2023		100		101
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024		150		159
Citigroup, Inc.
4.40%, 6/10/2025		115		128
4.45%, 9/29/2027		50		57
(SOFR + 1.15%), 2.67%, 1/29/2031 (b)		350		364
Citizens Financial Group, Inc. 2.64%, 9/30/2032		50		51
Fifth Third Bancorp 2.38%, 1/28/2025		64		67
HSBC Holdings plc (United Kingdom) (SOFR + 1.40%), 2.63%, 11/7/2025 (b)		200		209
(SOFR + 1.29%), 1.59%, 5/24/2027 (b)		200		201
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		250		277

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Banks — continued
Mitsubishi UFJ Financial Group, Inc. (Japan) 2.19%, 2/25/2025		225		234
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		200		218
US Bancorp Series X, 3.15%, 4/27/2027		68		75
Wells Fargo & Co.
3.00%, 2/19/2025		99		106
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)		170		188
				3,394
Beverages — 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.75%, 1/23/2029		165		195
Constellation Brands, Inc. 2.88%, 5/1/2030		11		12
Keurig Dr Pepper, Inc.
4.42%, 5/25/2025		75		84
4.60%, 5/25/2028		50		59
PepsiCo, Inc. 1.63%, 5/1/2030		33		33
				383
Biotechnology — 0.5%
AbbVie, Inc.
3.45%, 3/15/2022		69		70
4.25%, 11/14/2028		100		115
Amgen, Inc. 2.20%, 2/21/2027		43		45
Baxalta, Inc. 3.60%, 6/23/2022		23		23
Biogen, Inc. 2.25%, 5/1/2030		40		41
Gilead Sciences, Inc.
3.50%, 2/1/2025		25		27
3.65%, 3/1/2026		57		63
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		28		27
				411
Building Products — 0.0% (c)
Johnson Controls International plc 3.75%, 12/1/2021		3		3
Capital Markets — 1.7%
Blackstone Secured Lending Fund 3.65%, 7/14/2023		55		57
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		47		56
Charles Schwab Corp. (The) 3.23%, 9/1/2022		40		41

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Capital Markets  — continued
Deutsche Bank AG (Germany) (SOFR + 1.72%), 3.04%, 5/28/2032 (b)		150		155
Goldman Sachs Group, Inc. (The) (SOFR + 0.82%), 1.54%, 9/10/2027 (b)		150		151
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (b)		149		165
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (b)		80		92
Invesco Finance plc 3.75%, 1/15/2026		125		138
Macquarie Bank Ltd. (Australia) 4.00%, 7/29/2025 (a)		100		111
Morgan Stanley
3.70%, 10/23/2024		83		90
(SOFR + 0.88%), 1.59%, 5/4/2027 (b)		127		128
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (b)		150		167
(SOFR + 1.03%), 1.79%, 2/13/2032 (b)		90		87
Northern Trust Corp. (ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (b)		17		19
				1,457
Chemicals — 0.4%
International Flavors & Fragrances, Inc. 1.83%, 10/15/2027 (a)		40		40
LYB International Finance III LLC 2.25%, 10/1/2030		75		76
Mosaic Co. (The) 3.25%, 11/15/2022		21		22
Nutrien Ltd. (Canada) 3.38%, 3/15/2025		45		48
PPG Industries, Inc. 1.20%, 3/15/2026		37		37
Sherwin-Williams Co. (The) 3.30%, 2/1/2025		110		118
				341
Commercial Services & Supplies — 0.3%
Republic Services, Inc. 3.38%, 11/15/2027		200		220
Construction & Engineering — 0.0% (c)
Quanta Services, Inc. 2.90%, 10/1/2030		21		22
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		78		86
Consumer Finance — 1.3%
AerCap Ireland Capital DAC (Ireland)
3.50%, 5/26/2022		150		153
4.13%, 7/3/2023		200		211
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024 (a)		120		128
4.25%, 4/15/2026 (a)		90		98
2.53%, 11/18/2027 (a)		334		331

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Consumer Finance — continued
General Motors Financial Co., Inc. 2.35%, 1/8/2031		200		198
				1,119
Containers & Packaging — 0.3%
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		41		41
Packaging Corp. of America 3.00%, 12/15/2029		100		107
WRKCo, Inc. 3.00%, 9/15/2024		80		85
				233
Diversified Financial Services — 1.2%
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (a)		10		10
National Rural Utilities Cooperative Finance Corp. 2.30%, 9/15/2022		200		204
ORIX Corp. (Japan) 2.90%, 7/18/2022		81		83
Private Export Funding Corp.
Series EE, 2.80%, 5/15/2022		500		509
Series KK, 3.55%, 1/15/2024		200		215
				1,021
Diversified Telecommunication Services — 0.9%
AT&T, Inc. 7.88%, 2/15/2030		250		351
Qwest Corp. 6.75%, 12/1/2021		148		150
Verizon Communications, Inc.
2.10%, 3/22/2028		25		26
4.50%, 8/10/2033		208		251
				778
Electric Utilities — 2.2%
American Electric Power Co., Inc. 2.30%, 3/1/2030		100		101
Baltimore Gas and Electric Co. 2.80%, 8/15/2022		43		44
Commonwealth Edison Co. Series 122, 2.95%, 8/15/2027		200		216
DTE Electric Co. 2.65%, 6/15/2022		20		20
Duke Energy Corp. 3.75%, 4/15/2024		150		161
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030 (a)		51		51
2.78%, 1/7/2032 (a)		14		14
Edison International 4.13%, 3/15/2028		50		54
Enel Finance International NV (Italy) 3.63%, 5/25/2027 (a)		200		221
Entergy Mississippi LLC 2.85%, 6/1/2028		186		199
Evergy Metro, Inc. 3.15%, 3/15/2023		47		49
ITC Holdings Corp. 2.95%, 5/14/2030 (a)		39		41

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 43

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Electric Utilities — continued
NextEra Energy Capital Holdings, Inc. 3.55%, 5/1/2027		89		99
Niagara Mohawk Power Corp.
3.51%, 10/1/2024 (a)		28		30
1.96%, 6/27/2030 (a)		29		29
NRG Energy, Inc. 2.45%, 12/2/2027 (a)		37		38
OGE Energy Corp. 0.70%, 5/26/2023		18		18
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.50%, 11/15/2021 (b)		81		81
4.55%, 7/1/2030		75		80
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)		132		141
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038		25		25
Southern California Edison Co. 1.85%, 2/1/2022		4		4
Southern Co. (The) 3.25%, 7/1/2026		167		181
Virginia Electric and Power Co. 3.45%, 2/15/2024		21		22
				1,919
Electrical Equipment — 0.3%
Eaton Corp. 3.10%, 9/15/2027		140		153
Rockwell Automation, Inc. 1.75%, 8/15/2031		100		99
				252
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc.
4.50%, 3/1/2023		16		17
3.88%, 1/12/2028		100		110
				127
Energy Equipment & Services — 0.1%
Halliburton Co. 3.80%, 11/15/2025		7		8
Schlumberger Investment SA 2.65%, 6/26/2030		94		98
				106
Entertainment — 0.1%
Walt Disney Co. (The) 7.70%, 10/30/2025		50		63
Equity Real Estate Investment Trusts (REITs) — 2.1%
Alexandria Real Estate Equities, Inc. 2.00%, 5/18/2032		30		30
American Tower Corp.
5.00%, 2/15/2024		38		42
1.50%, 1/31/2028		68		66
AvalonBay Communities, Inc.
3.35%, 5/15/2027		28		31
2.45%, 1/15/2031		100		104

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Boston Properties LP 3.20%, 1/15/2025		152		162
Brixmor Operating Partnership LP
3.85%, 2/1/2025		50		54
2.25%, 4/1/2028		10		10
Corporate Office Properties LP 2.00%, 1/15/2029		26		26
Crown Castle International Corp. 2.25%, 1/15/2031		72		71
Equinix, Inc. 2.00%, 5/15/2028		37		38
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		73
2.00%, 3/15/2031		29		28
Healthpeak Properties, Inc. 3.40%, 2/1/2025		3		3
Life Storage LP 2.20%, 10/15/2030		25		25
Mid-America Apartments LP 1.70%, 2/15/2031		36		35
Office Properties Income Trust
2.65%, 6/15/2026		17		17
2.40%, 2/1/2027		70		70
Realty Income Corp. 3.65%, 1/15/2028		150		168
Safehold Operating Partnership LP 2.80%, 6/15/2031		88		89
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)		150		161
SITE Centers Corp. 3.63%, 2/1/2025		12		13
UDR, Inc. 2.10%, 8/1/2032		48		47
Ventas Realty LP
3.75%, 5/1/2024		44		47
3.50%, 2/1/2025		27		29
4.13%, 1/15/2026		17		19
3.25%, 10/15/2026		45		49
Welltower, Inc. 4.50%, 1/15/2024		100		108
WP Carey, Inc.
2.40%, 2/1/2031		12		12
2.25%, 4/1/2033		100		98
				1,833
Food & Staples Retailing — 0.3%
7-Eleven, Inc. 1.30%, 2/10/2028 (a)		80		78
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (a)		100		104
CVS Pass-Through Trust 5.93%, 1/10/2034 (a)		40		49
				231

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Food Products — 0.7%
Archer-Daniels-Midland Co. 3.25%, 3/27/2030		53		59
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025		50		51
Campbell Soup Co.
3.95%, 3/15/2025		50		55
2.38%, 4/24/2030		74		74
Kellogg Co. 3.40%, 11/15/2027		95		105
Mondelez International, Inc. 1.88%, 10/15/2032		125		122
Smithfield Foods, Inc.
5.20%, 4/1/2029 (a)		7		8
3.00%, 10/15/2030 (a)		18		19
Tyson Foods, Inc. 3.95%, 8/15/2024		73		79
				572
Gas Utilities — 0.1%
Atmos Energy Corp. 2.63%, 9/15/2029		42		44
ONE Gas, Inc. 2.00%, 5/15/2030		26		26
				70
Health Care Equipment & Supplies — 0.3%
Becton Dickinson and Co. 1.96%, 2/11/2031		150		148
Boston Scientific Corp.
3.75%, 3/1/2026		31		34
4.00%, 3/1/2029		19		22
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		19		20
3.55%, 4/1/2025		50		54
				278
Health Care Providers & Services — 0.5%
Cigna Corp. 3.50%, 6/15/2024		72		77
CommonSpirit Health 2.78%, 10/1/2030		50		52
HCA, Inc. 4.13%, 6/15/2029		150		170
UnitedHealth Group, Inc. 2.30%, 5/15/2031		73		76
Universal Health Services, Inc.
2.65%, 10/15/2030 (a)		56		57
2.65%, 1/15/2032 (a)		25		25
				457
Hotels, Restaurants & Leisure — 0.2%
Expedia Group, Inc. 3.25%, 2/15/2030		100		104
McDonald’s Corp. 2.13%, 3/1/2030		58		59
				163
Household Durables — 0.2%
Lennar Corp. 5.25%, 6/1/2026		140		162

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Conglomerates — 0.2%
Roper Technologies, Inc.
3.80%, 12/15/2026		15		17
1.40%, 9/15/2027		174		173
				190
Insurance — 1.4%
American International Group, Inc. 3.75%, 7/10/2025		161		177
Aon plc 3.88%, 12/15/2025		143		158
Assurant, Inc. 4.20%, 9/27/2023		90		96
Athene Global Funding
1.45%, 1/8/2026 (a)		68		68
2.95%, 11/12/2026 (a)		82		88
Brighthouse Financial Global Funding 1.00%, 4/12/2024 (a)		38		38
CNA Financial Corp.
3.95%, 5/15/2024		52		56
4.50%, 3/1/2026		38		43
New York Life Global Funding 1.20%, 8/7/2030 (a)		150		143
Principal Financial Group, Inc. 3.10%, 11/15/2026		150		163
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)		150		188
				1,218
Internet & Direct Marketing Retail — 0.1%
eBay, Inc. 2.60%, 5/10/2031		100		103
IT Services — 0.2%
Global Payments, Inc. 3.20%, 8/15/2029		50		54
International Business Machines Corp. 3.50%, 5/15/2029		100		112
				166
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029		75		84
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 3.20%, 8/15/2027		100		110
Machinery — 0.1%
Otis Worldwide Corp. 2.57%, 2/15/2030		44		46
Media — 0.7%
Charter Communications Operating LLC
4.91%, 7/23/2025		160		181
2.30%, 2/1/2032		50		49

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 45

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media  — continued
Comcast Corp.
3.38%, 2/15/2025		77		83
3.38%, 8/15/2025		80		88
3.15%, 3/1/2026		16		17
Cox Communications, Inc. 1.80%, 10/1/2030 (a)		67		65
Fox Corp. 4.71%, 1/25/2029		35		41
ViacomCBS, Inc. 4.00%, 1/15/2026		100		111
				635
Metals & Mining — 0.3%
Glencore Funding LLC (Australia)
2.50%, 9/1/2030 (a)		60		60
2.85%, 4/27/2031 (a)		150		153
Steel Dynamics, Inc.
1.65%, 10/15/2027		33		33
3.45%, 4/15/2030		21		23
				269
Multiline Retail — 0.3%
Dollar General Corp. 4.13%, 5/1/2028		150		173
Kohl’s Corp. 3.38%, 5/1/2031		100		105
				278
Multi-Utilities — 0.5%
CenterPoint Energy, Inc. 1.45%, 6/1/2026		29		29
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		155		177
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024		100		106
Puget Energy, Inc. 2.38%, 6/15/2028 (a)		17		17
Sempra Energy 4.05%, 12/1/2023		48		51
WEC Energy Group, Inc. 3.55%, 6/15/2025		73		79
				459
Oil, Gas & Consumable Fuels — 2.5%
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		100		114
Cameron LNG LLC 2.90%, 7/15/2031 (a)		84		90
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		50		57
5.13%, 6/30/2027		81		94
Chevron Corp. 2.00%, 5/11/2027		19		20
Chevron USA, Inc. 3.85%, 1/15/2028		100		114
Cimarex Energy Co. 3.90%, 5/15/2027		60		66
ConocoPhillips
3.75%, 10/1/2027 (a)		60		68
2.40%, 2/15/2031 (a)		14		14

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc. 3.25%, 12/1/2026		100		107
Ecopetrol SA (Colombia) 4.13%, 1/16/2025		58		61
Energy Transfer LP
3.60%, 2/1/2023		28		29
4.90%, 2/1/2024		61		66
4.05%, 3/15/2025		91		99
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (a)		114		117
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (a)		40		41
3.45%, 10/15/2027 (a)		50		53
Gulf South Pipeline Co. LP 4.00%, 6/15/2022		50		51
HollyFrontier Corp.
2.63%, 10/1/2023		12		12
5.88%, 4/1/2026		40		46
Marathon Petroleum Corp.
4.50%, 5/1/2023		62		66
3.63%, 9/15/2024		67		71
4.70%, 5/1/2025		38		43
MPLX LP
3.38%, 3/15/2023		32		33
4.25%, 12/1/2027		27		31
NGPL PipeCo LLC 3.25%, 7/15/2031 (a)		22		23
ONEOK Partners LP
3.38%, 10/1/2022		12		12
5.00%, 9/15/2023		28		30
ONEOK, Inc. 3.40%, 9/1/2029		150		161
Ovintiv Exploration, Inc. 5.38%, 1/1/2026		40		45
Phillips 66 1.30%, 2/15/2026		28		28
Pioneer Natural Resources Co.
1.13%, 1/15/2026		50		50
1.90%, 8/15/2030		72		69
Plains All American Pipeline LP 4.65%, 10/15/2025		100		111
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030		20		23
TC PipeLines LP 3.90%, 5/25/2027		42		47
				2,162
Pharmaceuticals — 0.7%
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030		77		74
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		71		80
1.45%, 11/13/2030		100		97
Mylan, Inc. 4.55%, 4/15/2028		75		86

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Pharmaceuticals   — continued
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030		200		200
Zoetis, Inc. 2.00%, 5/15/2030		80		80
				617
Real Estate Management & Development — 0.2%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.13%, 3/20/2022 (a)		200		203
Road & Rail — 0.8%
CSX Corp. 3.25%, 6/1/2027		162		177
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		60		67
Norfolk Southern Corp. 2.55%, 11/1/2029		150		158
Penske Truck Leasing Co. LP 4.13%, 8/1/2023 (a)		200		212
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (a)		110		111
				725
Semiconductors & Semiconductor Equipment — 0.8%
Broadcom, Inc.
4.75%, 4/15/2029		50		58
4.15%, 11/15/2030		150		170
Marvell Technology, Inc. 2.45%, 4/15/2028 (a)		52		53
Microchip Technology, Inc.
0.97%, 2/15/2024 (a)		72		72
0.98%, 9/1/2024 (a)		50		50
NXP BV (China) 2.50%, 5/11/2031 (a)		100		103
QUALCOMM, Inc. 3.25%, 5/20/2027		94		104
Xilinx, Inc. 2.38%, 6/1/2030		50		51
				661
Software — 0.4%
Citrix Systems, Inc. 1.25%, 3/1/2026		25		25
Intuit, Inc. 1.65%, 7/15/2030		125		124
Oracle Corp. 2.88%, 3/25/2031		168		177
VMware, Inc.
1.40%, 8/15/2026		25		25
1.80%, 8/15/2028		15		15
				366
Specialty Retail — 0.4%
AutoZone, Inc. 4.00%, 4/15/2030		83		95
Lowe’s Cos., Inc. 3.65%, 4/5/2029		200		224
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		62		70
				389

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc. 2.38%, 2/8/2041		100		98
Dell International LLC 5.30%, 10/1/2029		100		122
				220
Tobacco — 0.3%
Altria Group, Inc. 2.45%, 2/4/2032		84		82
BAT Capital Corp. (United Kingdom) 3.22%, 8/15/2024		200		212
				294
Trading Companies & Distributors — 0.5%
Air Lease Corp.
3.00%, 9/15/2023		250		260
3.63%, 12/1/2027		100		108
Aviation Capital Group LLC 3.88%, 5/1/2023 (a)		100		105
				473
Wireless Telecommunication Services — 0.3%
T-Mobile USA, Inc.
3.88%, 4/15/2030		150		168
2.25%, 11/15/2031		100		100
				268
Total Corporate Bonds (Cost $25,851)				27,319
U.S. Treasury Obligations — 18.8%
U.S. Treasury Bonds 6.13%, 8/15/2029		500		691
U.S. Treasury Notes
0.13%, 6/30/2023		300		300
1.13%, 2/28/2025		1,500		1,532
2.25%, 11/15/2025		500		533
0.38%, 9/30/2027		580		560
0.50%, 10/31/2027		1,500		1,458
1.25%, 3/31/2028		450		456
3.13%, 11/15/2028		1,000		1,141
0.63%, 5/15/2030		1,000		950
0.63%, 8/15/2030		2,300		2,179
0.88%, 11/15/2030		80		77
U.S. Treasury STRIPS Bonds
2.96%, 11/15/2022 (d)		1,300		1,298
2.86%, 5/15/2023 (d)		685		683
2.27%, 8/15/2023 (d)		1,890		1,883
2.65%, 2/15/2024 (d)		1,206		1,197
2.30%, 5/15/2024 (d)		200		198
3.07%, 5/15/2025 (d)		200		196
2.44%, 5/15/2026 (d)		200		193

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 47

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
U.S. Treasury Obligations — continued
3.71%, 8/15/2026 (d)		47			45
3.87%, 11/15/2026 (d)		300			286
3.05%, 2/15/2027 (d)		100			95
4.17%, 8/15/2027 (d)		100			94
4.21%, 11/15/2027 (d)		140			131
3.21%, 2/15/2028 (d)		53			49
2.61%, 5/15/2028 (d)		10			9
3.43%, 8/15/2028 (d)		200			185
Total U.S. Treasury Obligations (Cost $16,115)					16,419
Collateralized Mortgage Obligations — 18.6%
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034		500			504
Series 2005-54CB, Class 1A11, 5.50%, 11/25/2035		70			65
Banc of America Funding Trust Series 2004-1, PO, 3/25/2034 ‡		8			6
CHL Mortgage Pass-Through Trust
Series 2004-HYB3, Class 2A, 2.10%, 6/20/2034 (e)		8			8
Series 2004-5, Class 1A4, 5.50%, 6/25/2034		16			16
Series 2005-22, Class 2A1, 2.58%, 11/25/2035 (e)		73			70
Citigroup Global Markets Mortgage Securities VII, Inc.
Series 2003-UP2, Class 1, PO, 12/25/2018 ‡		—	(f)		—	(f)
Series 2003-HYB1, Class A, 2.59%, 9/25/2033 (e)		6			6
Citigroup Mortgage Loan Trust, Inc. Series 2003-UP3, Class A3, 7.00%, 9/25/2033		3			3
FHLMC — GNMA Series 24, Class ZE, 6.25%, 11/25/2023		4			4
FHLMC, REMIC
Series 1144, Class KB, 8.50%, 9/15/2021		—	(f)		—	(f)
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		1			1
Series 2512, Class PG, 5.50%, 10/15/2022		10			10
Series 2535, Class BK, 5.50%, 12/15/2022		1			1
Series 1470, Class F, 1.31%, 2/15/2023 (e)		—	(f)		—	(f)
Series 2568, Class KG, 5.50%, 2/15/2023		18			19
Series 1466, Class PZ, 7.50%, 2/15/2023		4			4
Series 1491, Class I, 7.50%, 4/15/2023		2			2
Series 1798, Class F, 5.00%, 5/15/2023		2			2
Series 1518, Class G, IF, 8.85%, 5/15/2023 (e)		2			2

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 1541, Class O, 0.77%, 7/15/2023 (e)		2			2
Series 1608, Class L, 6.50%, 9/15/2023		7			7
Series 1602, Class SA, HB, IF, 22.45%, 10/15/2023 (e)		1			1
Series 2283, Class K, 6.50%, 12/15/2023		2			2
Series 1700, Class GA, PO, 2/15/2024		—	(f)		—	(f)
Series 1671, Class L, 7.00%, 2/15/2024		2			2
Series 1706, Class K, 7.00%, 3/15/2024		12			12
Series 2033, Class SN, HB, IF, 30.16%, 3/15/2024 (e)		1			—	(f)
Series 1720, Class PL, 7.50%, 4/15/2024		34			35
Series 2306, Class K, PO, 5/15/2024		2			2
Series 2306, Class SE, IF, IO, 9.34%, 5/15/2024 (e)		4			—	(f)
Series 1745, Class D, 7.50%, 8/15/2024		3			4
Series 1927, Class PH, 7.50%, 1/15/2027		26			29
Series 1981, Class Z, 6.00%, 5/15/2027		10			11
Series 1987, Class PE, 7.50%, 9/15/2027		4			4
Series 2038, Class PN, IO, 7.00%, 3/15/2028		4			1
Series 2040, Class PE, 7.50%, 3/15/2028		22			26
Series 2063, Class PG, 6.50%, 6/15/2028		23			26
Series 2064, Class TE, 7.00%, 6/15/2028		3			4
Series 2075, Class PM, 6.25%, 8/15/2028		17			19
Series 2075, Class PH, 6.50%, 8/15/2028		17			20
Series 2089, Class PJ, IO, 7.00%, 10/15/2028		5			1
Series 2125, Class JZ, 6.00%, 2/15/2029		10			11
Series 2169, Class TB, 7.00%, 6/15/2029		51			58
Series 2163, Class PC, IO, 7.50%, 6/15/2029		3			—	(f)
Series 2172, Class QC, 7.00%, 7/15/2029		22			26
Series 2196, Class TL, 7.50%, 11/15/2029		—	(f)		—	(f)
Series 2201, Class C, 8.00%, 11/15/2029		8			9
Series 2210, Class Z, 8.00%, 1/15/2030		25			30
Series 2224, Class CB, 8.00%, 3/15/2030		8			10
Series 2256, Class MC, 7.25%, 9/15/2030		14			17
Series 2259, Class ZM, 7.00%, 10/15/2030		14			17
Series 2271, Class PC, 7.25%, 12/15/2030		13			15
Series 2296, Class PD, 7.00%, 3/15/2031		7			8
Series 2344, Class ZD, 6.50%, 8/15/2031		124			143
Series 2344, Class ZJ, 6.50%, 8/15/2031		16			19
Series 2345, Class NE, 6.50%, 8/15/2031		9			11
Series 2351, Class PZ, 6.50%, 8/15/2031		12			14
Series 2410, Class OE, 6.38%, 2/15/2032		10			11
Series 2410, Class NG, 6.50%, 2/15/2032		9			11
Series 2410, Class QX, IF, IO, 8.55%, 2/15/2032 (e)		7			1

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations  — continued
Series 2412, Class SP, IF, 15.91%, 2/15/2032 (e)		26		34
Series 2423, Class MC, 7.00%, 3/15/2032		8		9
Series 2423, Class MT, 7.00%, 3/15/2032		15		18
Series 2444, Class ES, IF, IO, 7.85%, 3/15/2032 (e)		17		3
Series 2450, Class SW, IF, IO, 7.90%, 3/15/2032 (e)		7		1
Series 2435, Class CJ, 6.50%, 4/15/2032		55		64
Series 2441, Class GF, 6.50%, 4/15/2032		16		19
Series 2455, Class GK, 6.50%, 5/15/2032		22		25
Series 2450, Class GZ, 7.00%, 5/15/2032		24		29
Series 2466, Class DH, 6.50%, 6/15/2032		19		22
Series 2474, Class NR, 6.50%, 7/15/2032		20		23
Series 2484, Class LZ, 6.50%, 7/15/2032		33		40
Series 2500, Class MC, 6.00%, 9/15/2032		30		35
Series 2543, Class YX, 6.00%, 12/15/2032		63		72
Series 2575, Class ME, 6.00%, 2/15/2033		119		137
Series 2586, Class WI, IO, 6.50%, 3/15/2033		10		2
Series 2990, Class SL, HB, IF, 24.14%, 6/15/2034 (e)		11		12
Series 3611, PO, 7/15/2034		15		14
Series 2990, Class UZ, 5.75%, 6/15/2035		397		458
Series 3117, Class EO, PO, 2/15/2036		37		34
Series 3117, Class OK, PO, 2/15/2036		4		4
Series 3122, Class OH, PO, 3/15/2036		29		27
Series 3152, Class MO, PO, 3/15/2036		94		88
Series 3607, Class AO, PO, 4/15/2036		22		21
Series 3137, Class XP, 6.00%, 4/15/2036		52		61
Series 3819, Class ZQ, 6.00%, 4/15/2036		146		172
Series 3149, Class SO, PO, 5/15/2036		5		5
Series 3171, Class MO, PO, 6/15/2036		22		21
Series 3179, Class OA, PO, 7/15/2036		12		11
Series 3202, Class HI, IF, IO, 6.55%, 8/15/2036 (e)		118		25
Series 3232, Class ST, IF, IO, 6.60%, 10/15/2036 (e)		24		5
Series 3417, Class EO, PO, 11/15/2036		201		191
Series 3316, Class JO, PO, 5/15/2037		3		3
Series 3607, Class OP, PO, 7/15/2037		111		100
Series 3481, Class SJ, IF, IO, 5.75%, 8/15/2038 (e)		59		11
Series 3680, Class MA, 4.50%, 7/15/2039		60		63
Series 4219, Class JA, 3.50%, 8/15/2039		37		37
Series 4096, Class HA, 2.00%, 12/15/2041		151		155
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042		267		290

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-41, Class 3A, 5.00%, 7/25/2032 (e)		19			21
Series T-76, Class 2A, 1.68%, 10/25/2037 (e)		86			87
Series T-51, Class 2A, 7.50%, 8/25/2042 (e)		18			24
Series T-54, Class 2A, 6.50%, 2/25/2043		180			215
Series T-54, Class 3A, 7.00%, 2/25/2043		58			70
Series T-56, Class A5, 5.23%, 5/25/2043		426			488
Series T-58, Class A, PO, 9/25/2043		12			10
FNMA Trust, Whole Loan
Series 2004-W2, Class 2A2, 7.00%, 2/25/2044		19			23
Series 2005-W3, Class 2AF, 0.31%, 3/25/2045 (e)		67			67
FNMA, REMIC
Series 2001-48, Class Z, 6.50%, 9/25/2021		—	(f)		—	(f)
Series 2002-1, Class HC, 6.50%, 2/25/2022		—	(f)		—	(f)
Series 1992-107, Class SB, HB, IF, 29.80%, 6/25/2022 (e)		1			1
Series G92-42, Class Z, 7.00%, 7/25/2022		—	(f)		—	(f)
Series G92-35, Class E, 7.50%, 7/25/2022		—	(f)		—	(f)
Series G92-44, Class ZQ, 8.00%, 7/25/2022		—	(f)		—	(f)
Series 1996-59, Class J, 6.50%, 8/25/2022		—	(f)		—	(f)
Series 1992-143, Class MA, 5.50%, 9/25/2022		—	(f)		—	(f)
Series G92-54, Class ZQ, 7.50%, 9/25/2022		—	(f)		—	(f)
Series G93-5, Class Z, 6.50%, 2/25/2023		—	(f)		1
Series 1993-37, Class PX, 7.00%, 3/25/2023		10			10
Series 1993-25, Class J, 7.50%, 3/25/2023		1			1
Series 1998-4, Class C, PO, 4/25/2023		—	(f)		—	(f)
Series 1998-43, Class EA, PO, 4/25/2023		13			13
Series 1993-54, Class Z, 7.00%, 4/25/2023		3			3
Series 1993-62, Class SA, IF, 19.88%, 4/25/2023 (e)		1			1
Series 1993-122, Class M, 6.50%, 7/25/2023		1			1
Series 1996-14, Class SE, IF, IO, 9.49%, 8/25/2023 (e)		8			—	(f)
Series 1993-178, Class PK, 6.50%, 9/25/2023		2			2
Series 1993-165, Class SD, IF, 14.26%, 9/25/2023 (e)		—	(f)		—	(f)
Series 1993-183, Class KA, 6.50%, 10/25/2023		26			28
Series 1993-189, Class PL, 6.50%, 10/25/2023		9			10
Series 1994-9, Class E, PO, 11/25/2023		—	(f)		—	(f)
Series 1993-247, Class SA, HB, IF, 29.76%, 12/25/2023 (e)		3			3
Series G95-1, Class C, 8.80%, 1/25/2025		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 49

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations  — continued
Series 2005-121, Class DX, 5.50%, 1/25/2026		90		95
Series 1997-20, IO, 1.84%, 3/25/2027 (e)		2		—	(f)
Series 1997-20, Class IB, IO, 1.84%, 3/25/2027 (e)		2		—	(f)
Series 1997-27, Class J, 7.50%, 4/18/2027		5		6
Series 1997-29, Class J, 7.50%, 4/20/2027		6		7
Series 1997-39, Class PD, 7.50%, 5/20/2027		12		13
Series 2012-47, Class HF, 0.48%, 5/25/2027 (e)		49		49
Series 1997-81, Class PI, IO, 7.00%, 12/18/2027		3		—	(f)
Series 1998-36, Class ZB, 6.00%, 7/18/2028		2		3
Series 2000-2, Class ZE, 7.50%, 2/25/2030		26		30
Series 2001-33, Class ID, IO, 6.00%, 7/25/2031		19		3
Series 2001-36, Class DE, 7.00%, 8/25/2031		23		27
Series 2001-49, Class Z, 6.50%, 9/25/2031		5		5
Series 2001-44, Class PD, 7.00%, 9/25/2031		5		6
Series 2003-52, Class SX, HB, IF, 22.70%, 10/25/2031 (e)		6		9
Series 2004-74, Class SW, IF, 15.32%, 11/25/2031 (e)		17		22
Series 2001-81, Class LO, PO, 1/25/2032		3		3
Series 2002-1, Class SA, HB, IF, 24.91%, 2/25/2032 (e)		2		3
Series 2002-21, Class PE, 6.50%, 4/25/2032		13		15
Series 2002-28, Class PK, 6.50%, 5/25/2032		13		15
Series 2002-37, Class Z, 6.50%, 6/25/2032		17		19
Series 2004-61, Class SH, HB, IF, 23.65%, 11/25/2032 (e)		19		29
Series 2003-22, Class UD, 4.00%, 4/25/2033		58		63
Series 2003-34, Class GE, 6.00%, 5/25/2033		129		148
Series 2003-39, IO, 6.00%, 5/25/2033 (e)		3		1
Series 2003-47, Class PE, 5.75%, 6/25/2033		60		68
Series 2003-64, Class SX, IF, 13.51%, 7/25/2033 (e)		7		9
Series 2003-71, Class DS, IF, 7.34%, 8/25/2033 (e)		62		69
Series 2005-56, Class TP, IF, 17.90%, 8/25/2033 (e)		25		31
Series 2003-91, Class SD, IF, 12.36%, 9/25/2033 (e)		5		6
Series 2003-116, Class SB, IF, IO, 7.52%, 11/25/2033 (e)		48		9
Series 2006-44, Class P, PO, 12/25/2033		18		17
Series 2003-130, Class SX, IF, 11.39%, 1/25/2034 (e)		2		2

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-25, Class SA, IF, 19.29%, 4/25/2034 (e)		21		30
Series 2004-46, Class SK, IF, 16.27%, 5/25/2034 (e)		15		19
Series 2004-36, Class SA, IF, 19.29%, 5/25/2034 (e)		33		49
Series 2004-50, Class VZ, 5.50%, 7/25/2034		206		233
Series 2005-74, Class CS, IF, 19.79%, 5/25/2035 (e)		16		20
Series 2005-45, Class DC, HB, IF, 24.00%, 6/25/2035 (e)		33		48
Series 2005-56, Class S, IF, IO, 6.63%, 7/25/2035 (e)		20		4
Series 2005-68, Class PG, 5.50%, 8/25/2035		117		134
Series 2005-73, Class PS, IF, 16.49%, 8/25/2035 (e)		57		76
Series 2005-106, Class US, HB, IF, 24.26%, 11/25/2035 (e)		36		52
Series 2006-27, Class OH, PO, 4/25/2036		28		27
Series 2006-65, Class QO, PO, 7/25/2036		17		16
Series 2006-56, Class FC, 0.37%, 7/25/2036 (e)		113		113
Series 2006-79, Class DO, PO, 8/25/2036		19		19
Series 2006-77, Class PC, 6.50%, 8/25/2036		33		38
Series 2006-110, PO, 11/25/2036		30		28
Series 2006-124, Class HB, 2.20%, 11/25/2036 (e)		50		51
Series 2007-14, Class ES, IF, IO, 6.36%, 3/25/2037 (e)		23		4
Series 2007-81, Class GE, 6.00%, 8/25/2037		58		68
Series 2007-79, Class SB, HB, IF, 23.71%, 8/25/2037 (e)		23		37
Series 2007-88, Class VI, IF, IO, 6.46%, 9/25/2037 (e)		60		13
Series 2007-91, Class ES, IF, IO, 6.38%, 10/25/2037 (e)		157		34
Series 2007-116, Class HI, IO, 1.41%, 1/25/2038 (e)		30		1
Series 2008-16, Class IS, IF, IO, 6.12%, 3/25/2038 (e)		8		1
Series 2008-10, Class XI, IF, IO, 6.15%, 3/25/2038 (e)		15		3
Series 2008-28, Class QS, HB, IF, 20.45%, 4/25/2038 (e)		19		27
Series 2008-46, Class HI, IO, 1.65%, 6/25/2038 (e)		25		2
Series 2013-25, Class DC, 2.50%, 6/25/2039		210		218
Series 2009-69, PO, 9/25/2039		30		27

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations  — continued
Series 2009-103, Class MB, 2.11%, 12/25/2039 (e)		34			36
Series 2010-71, Class HJ, 5.50%, 7/25/2040		75			87
Series 2011-118, Class MT, 7.00%, 11/25/2041		95			116
Series 2011-118, Class NT, 7.00%, 11/25/2041		85			103
Series 2013-101, Class DO, PO, 10/25/2043		169			148
Series 2013-128, PO, 12/25/2043		144			129
Series 2019-65, Class PA, 2.50%, 5/25/2048		255			263
FNMA, REMIC Trust Series 2006-72, Class GO, PO, 8/25/2036		25			24
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, HB, IF, 38.67%, 7/25/2037 (e)		5			9
Series 2003-W4, Class 2A, 5.66%, 10/25/2042 (e)		12			13
Series 2003-W1, Class 1A1, 5.09%, 12/25/2042 (e)		61			68
FNMA, REMIC, Whole Loan Series 2007-106, Class A7, 6.25%, 10/25/2037 (e)		20			24
FNMA, STRIPS
Series 218, Class 2, IO, 7.50%, 4/25/2023		—	(f)		—	(f)
Series 300, Class 1, PO, 9/25/2024		7			7
Series 329, Class 1, PO, 1/25/2033		3			3
GNMA
Series 2003-24, PO, 3/16/2033		5			5
Series 2003-40, Class TJ, 6.50%, 3/20/2033		117			126
Series 2003-52, Class AP, PO, 6/16/2033		31			29
Series 2004-28, Class S, IF, 19.40%, 4/16/2034 (e)		9			12
Series 2004-73, Class AE, IF, 14.66%, 8/17/2034 (e)		1			1
Series 2004-71, Class SB, HB, IF, 29.03%, 9/20/2034 (e)		15			22
Series 2004-90, Class SI, IF, IO, 6.01%, 10/20/2034 (e)		87			13
Series 2005-68, Class DP, IF, 16.20%, 6/17/2035 (e)		16			20
Series 2005-68, Class KI, IF, IO, 6.21%, 9/20/2035 (e)		155			31
Series 2006-38, Class ZK, 6.50%, 8/20/2036		263			293
Series 2006-59, Class SD, IF, IO, 6.61%, 10/20/2036 (e)		17			2
Series 2007-17, Class JI, IF, IO, 6.71%, 4/16/2037 (e)		68			15
Series 2007-27, Class SA, IF, IO, 6.11%, 5/20/2037 (e)		82			11

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Series 2007-45, Class QA, IF, IO, 6.55%, 7/20/2037 (e)		70			10
Series 2007-40, Class SB, IF, IO, 6.66%, 7/20/2037 (e)		113			21
Series 2007-50, Class AI, IF, IO, 6.69%, 8/20/2037 (e)		57			1
Series 2007-53, Class ES, IF, IO, 6.46%, 9/20/2037 (e)		18			3
Series 2007-53, Class SW, IF, 19.94%, 9/20/2037 (e)		14			19
Series 2009-79, Class OK, PO, 11/16/2037		54			51
Series 2007-76, Class SA, IF, IO, 6.44%, 11/20/2037 (e)		37			5
Series 2007-72, Class US, IF, IO, 6.46%, 11/20/2037 (e)		36			4
Series 2009-106, Class ST, IF, IO, 5.91%, 2/20/2038 (e)		119			19
Series 2008-33, Class XS, IF, IO, 7.60%, 4/16/2038 (e)		26			4
Series 2008-40, Class SA, IF, IO, 6.30%, 5/16/2038 (e)		73			13
Series 2008-50, Class KB, 6.00%, 6/20/2038		90			103
Series 2008-55, Class SA, IF, IO, 6.11%, 6/20/2038 (e)		43			7
Series 2008-93, Class AS, IF, IO, 5.61%, 12/20/2038 (e)		49			6
Series 2009-6, Class SA, IF, IO, 6.00%, 2/16/2039 (e)		13			1
Series 2009-31, Class TS, IF, IO, 6.21%, 3/20/2039 (e)		41			3
Series 2009-14, Class NI, IO, 6.50%, 3/20/2039		22			5
Series 2009-22, Class SA, IF, IO, 6.18%, 4/20/2039 (e)		60			9
Series 2009-92, Class ZC, 5.00%, 10/20/2039		324			366
Series 2011-137, Class WA, 5.58%, 7/20/2040 (e)		147			172
Series 2010-105, Class B, 5.00%, 8/20/2040		413			472
Series 2010-130, Class CP, 7.00%, 10/16/2040		37			45
Series 2013-91, Class WA, 4.48%, 4/20/2043 (e)		325			359
Series 2012-H24, Class FA, 0.55%, 3/20/2060 (e)		4			5
Series 2013-H03, Class FA, 0.40%, 8/20/2060 (e)		—	(f)		—	(f)
Series 2012-H21, Class DF, 0.75%, 5/20/2061 (e)		2			2

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 51

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations  — continued
Series 2012-H26, Class MA, 0.65%, 7/20/2062 (e)		1		1
Series 2012-H29, Class FA, 0.62%, 10/20/2062 (e)		288		289
Series 2014-H15, Class FA, 0.60%, 7/20/2064 (e)		531		533
Series 2014-H17, Class FC, 0.60%, 7/20/2064 (e)		435		436
Series 2015-H15, Class FJ, 0.54%, 6/20/2065 (e)		501		503
Series 2015-H18, Class FA, 0.55%, 6/20/2065 (e)		331		332
Series 2015-H20, Class FA, 0.57%, 8/20/2065 (e)		455		457
Series 2015-H26, Class FG, 0.62%, 10/20/2065 (e)		523		526
GSR Mortgage Loan Trust Series 2006-1F, Class 1A3, 5.50%, 2/25/2036		30		46
Impac Secured Assets CMN Owner Trust Series 2002-2, Class A, PO, 4/25/2033 ‡		1		—	(f)
JPMorgan Mortgage Trust
Series 2003-A1, Class 1A1, 1.90%, 10/25/2033 (e)		123		124
Series 2006-A2, Class 5A3, 2.43%, 11/25/2033 (e)		28		28
Series 2006-A2, Class 4A1, 2.23%, 8/25/2034 (e)		9		10
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 2.66%, 4/21/2034 (e)		25		26
Series 2004-3, Class 4A2, 2.23%, 4/25/2034 (e)		7		7
MASTR Alternative Loan Trust
Series 2004-10, Class 1A1, 4.50%, 9/25/2019		1		1
Series 2004-4, Class 10A1, 5.00%, 5/25/2024		46		47
Series 2003-9, Class 8A1, 6.00%, 1/25/2034		63		65
Series 2004-7, Class 30, PO, 8/25/2034 ‡		6		5
Series 2005-6, Class 3A1, 5.50%, 12/25/2035		13		12
MASTR Resecuritization Trust Series 2005-PO, Class 3, PO, 5/28/2035 (a) ‡		5		5
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 0.70%, 10/25/2028 (e)		59		59
Series 2004-A, Class A1, 0.54%, 4/25/2029 (e)		17		17
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50%, 10/25/2034 (a) (e)		27		27

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033		7			7
Series 2003-A1, Class A1, 5.50%, 5/25/2033		2			2
Series 2003-A1, Class A2, 6.00%, 5/25/2033		7			7
RALI Trust
Series 2002-QS16, Class A3, IF, 16.45%, 10/25/2017 (e)		—	(f)		—	(f)
Series 2003-QS9, Class A3, IF, IO, 7.46%, 5/25/2018 ‡ (e)		1			—	(f)
Reperforming Loan REMIC Trust Series 2005-R1, Class 2A, PO, 3/25/2035 ‡ (a)		41			28
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057		229			244
Series 2017-4, Class M60C, 3.50%, 6/25/2057		314			337
Series 2018-2, Class M55D, 4.00%, 11/25/2057		230			251
Series 2019-1, Class MT, 3.50%, 7/25/2058 ‡		422			464
Series 2019-3, Class M55D, 4.00%, 10/25/2058 ‡		75			83
Series 2019-4, Class M55D, 4.00%, 2/25/2059		258			285
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028		314			332
Vendee Mortgage Trust
Series 1993-1, Class ZB, 7.25%, 2/15/2023		31			32
Series 1994-1, Class 1, 5.09%, 2/15/2024 (e)		30			31
Series 1996-1, Class 1Z, 6.75%, 2/15/2026		79			88
Series 1996-2, Class 1Z, 6.75%, 6/15/2026		25			28
Series 1997-1, Class 2Z, 7.50%, 2/15/2027		114			129
Series 1998-1, Class 2E, 7.00%, 3/15/2028		28			31
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR5, Class A7, 2.57%, 6/25/2033 (e)		25			25
Series 2004-AR3, Class A2, 2.59%, 6/25/2034 (e)		12			12
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust Series 2005-4, Class CB7, 5.50%, 6/25/2035		76			77
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2003-MS7, Class P, PO, 3/25/2033 ‡		—	(f)		—	(f)
Total Collateralized Mortgage Obligations (Cost $15,330)					16,302
Mortgage-Backed Securities — 10.6%
FHLMC
Pool # 785618, ARM, 2.13%, 7/1/2026 (e)		6			6
Pool # 611141, ARM, 2.23%, 1/1/2027 (e)		6			6

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities  — continued
Pool # 1G2557, ARM, 2.22%, 6/1/2036 (e)		43			46
Pool # 1A1085, ARM, 1.92%, 8/1/2036 (e)		44			45
Pool # 1Q0105, ARM, 2.10%, 9/1/2036 (e)		15			16
Pool # 1B7242, ARM, 2.19%, 9/1/2036 (e)		37			39
Pool # 1Q0737, ARM, 2.29%, 11/1/2036 (e)		18			19
Pool # 1N1511, ARM, 1.91%, 1/1/2037 (e)		25			25
Pool # 1J1543, ARM, 2.48%, 2/1/2037 (e)		5			5
Pool # 1Q0739, ARM, 2.09%, 3/1/2037 (e)		19			20
Pool # 1Q0722, ARM, 2.40%, 4/1/2038 (e)		20			21
FHLMC Gold Pools, 15 Year Pool # G12825, 6.50%, 3/1/2022		—	(f)		—	(f)
FHLMC Gold Pools, 20 Year Pool # C90985, 6.50%, 8/1/2026		5			5
FHLMC Gold Pools, 30 Year
Pool # G00245, 8.00%, 8/1/2024		1			1
Pool # C00376, 8.00%, 11/1/2024		—	(f)		—	(f)
Pool # C00414, 7.50%, 8/1/2025		1			1
Pool # C00452, 7.00%, 4/1/2026		1			2
Pool # G00981, 8.50%, 7/1/2028		3			4
Pool # A17537, 6.00%, 1/1/2034		20			24
Pool # G02682, 7.00%, 2/1/2037		16			19
Pool # Q58054, 4.50%, 11/1/2046		178			199
FHLMC Gold Pools, Other
Pool # G20027, 10.00%, 10/1/2030		3			4
Pool # U80336, 3.50%, 5/1/2033		299			319
Pool # U90690, 3.50%, 6/1/2042		129			139
Pool # U90975, 4.00%, 6/1/2042		109			119
Pool # U91427, 3.50%, 5/1/2043		331			355
FNMA
Pool # 54844, ARM, 2.19%, 9/1/2027 (e)		2			2
Pool # 303532, ARM, 3.87%, 3/1/2029 (e)		1			1
Pool # 745446, ARM, 2.40%, 4/1/2033 (e)		22			23
Pool # 746299, ARM, 2.15%, 9/1/2033 (e)		35			37
Pool # 743546, ARM, 1.99%, 11/1/2033 (e)		36			36
Pool # 735332, ARM, 2.27%, 8/1/2034 (e)		38			39
Pool # 790964, ARM, 1.89%, 9/1/2034 (e)		14			14
Pool # 896463, ARM, 2.42%, 10/1/2034 (e)		35			37
Pool # 810896, ARM, 1.76%, 1/1/2035 (e)		23			24
Pool # 816361, ARM, 1.82%, 1/1/2035 (e)		88			87
Pool # 816594, ARM, 1.68%, 2/1/2035 (e)		14			15
Pool # 816597, ARM, 1.92%, 2/1/2035 (e)		11			11
Pool # 745862, ARM, 2.35%, 4/1/2035 (e)		22			22
Pool # 843026, ARM, 1.70%, 9/1/2035 (e)		38			39
Pool # 832801, ARM, 1.92%, 9/1/2035 (e)		39			40
Pool # 920340, ARM, 2.75%, 2/1/2036 (e)		21			22

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 886558, ARM, 2.02%, 8/1/2036 (e)		9			9
Pool # 893424, ARM, 1.87%, 9/1/2036 (e)		25			26
Pool # 913984, ARM, 1.61%, 2/1/2037 (e)		12			13
Pool # 915645, ARM, 2.26%, 2/1/2037 (e)		36			38
Pool # 887094, ARM, 2.19%, 7/1/2046 (e)		45			48
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024		6			6
FNMA UMBS, 20 Year Pool # 254305, 6.50%, 5/1/2022		2			3
FNMA UMBS, 30 Year
Pool # 189190, 7.50%, 11/1/2022		—	(f)		—	(f)
Pool # 250066, 8.00%, 5/1/2024		—	(f)		—	(f)
Pool # 250103, 8.50%, 7/1/2024		1			1
Pool # 303031, 7.50%, 10/1/2024		—	(f)		—	(f)
Pool # 308499, 8.50%, 5/1/2025		—	(f)		—	(f)
Pool # 695533, 8.00%, 6/1/2027		5			6
Pool # 313687, 7.00%, 9/1/2027		1			1
Pool # 755973, 8.00%, 11/1/2028		7			8
Pool # 598559, 6.50%, 8/1/2031		11			13
Pool # 995409, 8.00%, 11/1/2032		89			103
Pool # 675555, 6.00%, 12/1/2032		13			15
Pool # 674349, 6.00%, 3/1/2033		8			9
Pool # 702901, 6.00%, 5/1/2033		29			35
Pool # 721535, 5.00%, 7/1/2033		46			53
Pool # 723852, 5.00%, 7/1/2033		15			17
Pool # 729296, 5.00%, 7/1/2033		34			39
Pool # 713700, 4.50%, 8/1/2033		18			19
Pool # 737825, 6.00%, 9/1/2033		7			9
Pool # 725027, 5.00%, 11/1/2033		29			34
Pool # 725017, 5.50%, 12/1/2033		31			36
Pool # AA0922, 6.00%, 9/1/2036		42			49
Pool # 986648, 6.00%, 9/1/2037		20			23
Pool # AD9151, 5.00%, 8/1/2040		82			93
Pool # BM3375, 4.00%, 1/1/2048		195			214
Pool # BK8753, 4.50%, 6/1/2049		197			215
Pool # BP6363, 3.00%, 4/1/2050		370			389
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029		7			8
Pool # 752786, 6.00%, 9/1/2033		7			8
FNMA, Other
Pool # AM8317, 2.96%, 3/1/2025		178			191
Pool # AN2309, 2.21%, 7/1/2026		452			476
Pool # AM6381, 3.29%, 8/1/2026		983			1,080
Pool # AM7515, 3.34%, 2/1/2027		500			554
Pool # BL1040, 3.81%, 12/1/2028		150			175

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 53

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Mortgage-Backed Securities  — continued
Pool # BL0907, 3.88%, 12/1/2028		300			349
Pool # AM6892, 3.76%, 9/1/2029		223			256
Pool # BM4162, 3.20%, 10/1/2029 (e)		285			319
Pool # BL4333, 2.52%, 11/1/2029		395			426
Pool # 888408, 6.00%, 3/1/2037		14			16
Pool # 257172, 5.50%, 4/1/2038		6			6
Pool # MA1125, 4.00%, 7/1/2042		185			202
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 10/25/2036 (g)		40			41
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 10/25/2051 (g)		80			83
GNMA I, 30 Year
Pool # 352108, 7.00%, 8/15/2023		—	(f)		—	(f)
Pool # 363030, 7.00%, 9/15/2023		7			7
Pool # 352022, 7.00%, 11/15/2023		—	(f)		—	(f)
Pool # 366706, 6.50%, 1/15/2024		4			4
Pool # 371281, 7.00%, 2/15/2024		1			1
Pool # 782507, 9.50%, 10/15/2024		—	(f)		—	(f)
Pool # 780029, 9.00%, 11/15/2024		—	(f)		—	(f)
Pool # 780965, 9.50%, 12/15/2025		—	(f)		—	(f)
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		30			33
Pool # 486537, 7.50%, 9/15/2028		2			2
Pool # 466406, 6.00%, 11/15/2028		11			12
Pool # 607645, 6.50%, 2/15/2033		8			9
Pool # 781614, 7.00%, 6/15/2033		13			16
Pool # 782615, 7.00%, 6/15/2035		33			39
Pool # 782025, 6.50%, 12/15/2035		43			50
Pool # 681638, 6.00%, 12/15/2038		65			74
GNMA II, 30 Year
Pool # 1974, 8.50%, 3/20/2025		—	(f)		—	(f)
Pool # 1989, 8.50%, 4/20/2025		1			1
Pool # 2006, 8.50%, 5/20/2025		1			1
Pool # 2141, 8.00%, 12/20/2025		—	(f)		—	(f)
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		10			11

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # 2633, 8.00%, 8/20/2028		—	(f)		—	(f)
Pool # 2646, 7.50%, 9/20/2028		2			2
Pool # 4245, 6.00%, 9/20/2038		46			54
Pool # BA7567, 4.50%, 5/20/2048		109			116
Pool # BI0416, 4.50%, 11/20/2048		158			171
Pool # BM9692, 4.50%, 7/20/2049		106			113
Pool # BQ3224, 4.50%, 9/20/2049		461			508
Pool # MA7534, 2.50%, 8/20/2051		130			135
GNMA II, Other Pool # AD0860, 3.50%, 11/20/2033		324			346
Total Mortgage-Backed Securities (Cost $8,744)					9,321
Commercial Mortgage-Backed Securities — 9.1%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (a) (e)		145			149
Commercial Mortgage Trust Series 2015-CR25, Class A4, 3.76%, 8/10/2048		281			309
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KF12, Class A, 0.79%, 9/25/2022 (e)		8			8
Series KSMC, Class A2, 2.62%, 1/25/2023		500			516
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (e)		500			541
Series KLU2, Class A7, 2.23%, 9/25/2025 (e)		350			367
Series K737, Class AM, 2.10%, 10/25/2026		305			320
Series K069, Class A2, 3.19%, 9/25/2027 (e)		500			558
Series K081, Class A1, 3.88%, 2/25/2028		102			114
Series K083, Class A2, 4.05%, 9/25/2028 (e)		297			350
Series K088, Class A2, 3.69%, 1/25/2029		480			556
FNMA ACES
Series 2015-M17, Class FA, 1.01%, 11/25/2022 (e)		102			102
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (e)		394			418
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (e)		487			518
Series 2015-M7, Class A2, 2.59%, 12/25/2024		644			678
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (e)		500			546
Series 2018-M13, Class A1, 3.82%, 3/25/2030 (e)		183			207
Series 2020-M50, Class A1, 0.67%, 10/25/2030		475			468
Series 2020-M50, Class A2, 1.20%, 10/25/2030		165			164
Series 2020-M50, Class X1, IO, 2.02%, 10/25/2030 (e)		2,795			304

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities  — continued
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (e)		117		116
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		20		20
Series 2021-M3, Class X1, IO, 2.12%, 11/25/2033 (e)		110		15
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)		200		209
SLG Office Trust
Series 2021-OVA, Class A, 2.59%, 7/15/2041 (a)		155		163
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		106
Total Commercial Mortgage-Backed Securities (Cost $7,473)				7,939
Asset-Backed Securities — 9.1%
ACC Trust Series 2019-2, Class A, 2.82%, 2/21/2023 (a)		18		18
Ally Auto Receivables Trust Series 2019-1, Class A3, 2.91%, 9/15/2023		27		27
American Airlines Pass-Through Trust Series 2016-3, Class AA, 3.00%, 10/15/2028		65		66
American Credit Acceptance Receivables Trust
Series 2019-4, Class B, 2.43%, 10/12/2023 (a)		1		1
Series 2020-3, Class A, 0.62%, 10/13/2023 (a)		17		17
Series 2021-1, Class A, 0.35%, 5/13/2024 (a)		32		32
American Express Credit Account Master Trust Series 2019-1, Class A, 2.87%, 10/15/2024		135		137
AmeriCredit Automobile Receivables Trust
Series 2019-1, Class A3, 2.97%, 11/20/2023		16		16
Series 2019-2, Class A3, 2.28%, 1/18/2024		118		120
Series 2020-1, Class A3, 1.11%, 8/19/2024		67		67
Series 2020-2, Class A3, 0.66%, 12/18/2024		21		21
Series 2021-1, Class A3, 0.37%, 8/18/2025		86		87
Series 2020-3, Class B, 0.76%, 12/18/2025		75		75
Series 2021-2, Class B, 0.69%, 1/19/2027		55		55
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (a)		100		105
BA Credit Card Trust
Series 2019-A1, Class A1, 1.74%, 1/15/2025		230		233
Series 2020-A1, Class A1, 0.34%, 5/15/2026		88		88
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (a)		55		58

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
CarMax Auto Owner Trust
Series 2018-2, Class A3, 2.98%, 1/17/2023		12		12
Series 2018-3, Class A3, 3.13%, 6/15/2023		60		60
Series 2019-1, Class A3, 3.05%, 3/15/2024		111		113
Series 2020-1, Class A3, 1.89%, 12/16/2024		87		89
Series 2020-3, Class A3, 0.62%, 3/17/2025		85		85
Series 2021-1, Class A3, 0.34%, 12/15/2025		41		41
CoreVest American Finance Trust Series 2019-3, Class A, 2.71%, 10/15/2052 (a)		78		81
CPS Auto Receivables Trust Series 2021-B, Class B, 0.81%, 12/15/2025 (a)		100		100
Credit Acceptance Auto Loan Trust
Series 2019-3A, Class A, 2.38%, 11/15/2028 (a)		250		254
Series 2020-1A, Class A, 2.01%, 2/15/2029 (a)		250		255
Series 2021-2A, Class A, 0.96%, 2/15/2030 (a)		250		251
Drive Auto Receivables Trust
Series 2020-1, Class A3, 2.02%, 11/15/2023		1		1
Series 2021-1, Class A3, 0.44%, 11/15/2024		49		49
Series 2020-2, Class B, 1.42%, 3/17/2025		20		20
DT Auto Owner Trust
Series 2020-3A, Class B, 0.91%, 12/16/2024 (a)		65		65
Series 2021-1A, Class B, 0.62%, 9/15/2025 (a)		20		20
Series 2021-3A, Class C, 0.87%, 5/17/2027 (a)		95		95
Exeter Automobile Receivables Trust
Series 2020-3A, Class B, 0.79%, 9/16/2024		40		40
Series 2021-1A, Class B, 0.50%, 2/18/2025		78		78
Series 2021-2A, Class B, 0.57%, 9/15/2025		55		55
Federal Express Corp. Pass-Through Trust Series 1998, 6.72%, 1/15/2022		26		26
First Investors Auto Owner Trust
Series 2019-1A, Class A, 2.89%, 3/15/2024 (a)		4		4
Series 2021-1A, Class A, 0.45%, 3/16/2026 (a)		29		29
Flagship Credit Auto Trust
Series 2020-4, Class A, 0.53%, 4/15/2025 (a)		167		168
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)		105		108
Series 2021-3, Class A, 0.36%, 7/15/2027 (a)		150		150

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 55

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Ford Credit Auto Lease Trust
Series 2020-A, Class A3, 1.85%, 3/15/2023		43		44
Series 2020-B, Class A4, 0.69%, 10/15/2023		47		47
Series 2021-A, Class A3, 0.26%, 2/15/2024		72		72
FREED ABS Trust Series 2020-FP1, Class A, 2.52%, 3/18/2027 (a)		12		12
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (a)		156		156
GE Capital Mortgage Services, Inc. Trust Series 1999-HE1, Class M, 6.71%, 4/25/2029 ‡ (e)		12		11
GLS Auto Receivables Issuer Trust Series 2020-4A, Class A, 0.52%, 2/15/2024 (a)		35		35
GLS Auto Receivables Trust Series 2021-2A, Class B, 0.77%, 9/15/2025 (a)		32		32
GM Financial Consumer Automobile Receivables Trust
Series 2018-2, Class A3, 2.81%, 12/16/2022		13		13
Series 2021-1, Class A3, 0.35%, 10/16/2025		34		34
GM Financial Leasing Trust Series 2021-1, Class A4, 0.33%, 2/20/2025		78		78
Gold Key Resorts LLC Series 2014-A, Class A, 3.22%, 3/17/2031 (a)		11		11
Honda Auto Receivables Owner Trust Series 2019-4, Class A3, 1.83%, 1/18/2024		168		169
Hyundai Auto Lease Securitization Trust Series 2020-B, Class A3, 0.51%, 9/15/2023 (a)		135		135
Mercedes-Benz Auto Lease Trust
Series 2019-B, Class A3, 2.00%, 10/17/2022		31		32
Series 2020-A, Class A3, 1.84%, 12/15/2022		58		58
Series 2021-A, Class A3, 0.25%, 1/16/2024		59		58
OneMain Direct Auto Receivables Trust Series 2018-1A, Class A, 3.43%, 12/16/2024 (a)		30		30
Progress Residential Trust Series 2021-SFR8, Class E1, 2.38%, 9/17/2038 (a)		100		100
Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025 (a)		35		35
Santander Drive Auto Receivables Trust
Series 2020-2, Class A3, 0.67%, 4/15/2024		24		24
Series 2020-3, Class B, 0.69%, 3/17/2025		65		65
Series 2021-1, Class B, 0.50%, 4/15/2025		146		147
Series 2021-3, Class B, 0.60%, 12/15/2025		102		103
Series 2020-4, Class C, 1.01%, 1/15/2026		50		50
Series 2021-2, Class C, 0.90%, 6/15/2026		74		75
Santander Retail Auto Lease Trust Series 2019-A, Class A3, 2.77%, 6/20/2022 (a)		45		45

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Securitized Asset-Backed Receivables LLC Trust Series 2006-CB1, Class AF2, 5.74%, 1/25/2036 ‡ (h)		23		23
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		37		38
Synchrony Card Issuance Trust Series 2018-A1, Class A, 3.38%, 9/15/2024		260		260
Tesla Auto Lease Trust Series 2019-A, Class A3, 2.16%, 10/20/2022 (a)		168		170
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A2, 1.67%, 11/15/2022		28		28
Series 2020-A, Class A3, 1.66%, 5/15/2024		180		182
Series 2021-A, Class A3, 0.26%, 5/15/2025		131		131
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		98		100
Series 2018-1, Class A, 3.70%, 3/1/2030		107		110
United Auto Credit Securitization Trust
Series 2021-1, Class A, 0.34%, 7/10/2023 (a)		28		28
Series 2021-1, Class C, 0.84%, 6/10/2026 (a)		70		70
US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024 (a)		128		128
US Auto Funding LLC Series 2019-1A, Class B, 3.99%, 12/15/2022 (a)		34		35
Verizon Owner Trust Series 2018-A, Class A1A, 3.23%, 4/20/2023		18		18
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (a) (h)		74		74
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (a) (h)		88		88
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (h)		79		79
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (h)		109		109
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (h)		81		81
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (h)		115		115
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (h)		123		123
Westlake Automobile Receivables Trust
Series 2020-2A, Class A2A, 0.93%, 2/15/2024 (a)		51		52
Series 2020-3A, Class B, 0.78%, 11/17/2025 (a)		90		90
World Financial Network Credit Card Master Trust Series 2018-B, Class A, 3.46%, 7/15/2025		156		156

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
World Omni Auto Receivables Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023		130		132
Series 2017-B, Class A3, 1.95%, 2/15/2023		7		7
Series 2021-A, Class A3, 0.30%, 1/15/2026		123		123
World Omni Automobile Lease Securitization Trust
Series 2021-A, Class A3, 0.42%, 8/15/2024		67		67
Series 2020-B, Class A4, 0.52%, 2/17/2026		60		60
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025		60		60
Total Asset-Backed Securities (Cost $7,881)				7,936
Foreign Government Securities — 0.2%
United Mexican States (Mexico) 2.66%, 5/24/2031 (Cost $199)		200		198
U.S. Government Agency Securities — 0.1%
Resolution Funding Corp. STRIPS DN, 3.18%, 1/15/2026 (d) (Cost $53)		60		58
	SHARES (000)
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (i) (j) (Cost $1,956)		1,955		1,956
Total Investments — 99.9% (Cost $83,602)				87,448
Other Assets Less Liabilities — 0.1%				74
NET ASSETS — 100.0%				87,522

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, 2021.
DN	Discount Notes
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
HB	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.

ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index 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, 2021. 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.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 57

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

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, 2021.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	The rate shown is the effective yield as of August 31, 2021.
(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, 2021.
(f)	Amount rounds to less than one thousand.
(g)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)	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, 2021.
(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, 2021.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2021 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Core Bond Trust			JPMorgan Intermediate Bond Trust
ASSETS:
Investments in non-affiliates, at value	$	2,099,048		$	85,492
Investments in affiliates, at value		119,738			1,956
Receivables:
Investment securities sold		150			15
Investment securities sold — delayed delivery securities		80,015			129
Interest from non-affiliates		9,286			335
Dividends from affiliates		4			—	(a)
Due from adviser		—			4
Total Assets		2,308,241			87,931
LIABILITIES:
Payables:
Due to custodian		428			9
Investment securities purchased		—			100
Investment securities purchased — delayed delivery securities		159,380			252
Accrued liabilities:
Investment advisory fees		223			—
Custodian and accounting fees		30			12
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Other		7			36
Total Liabilities		160,068			409
Net Assets	$	2,148,173		$	87,522
NET ASSETS:
Paid-in-Capital	$	2,040,894		$	83,014
Total distributable earnings (loss)		107,279			4,508
Total Net Assets	$	2,148,173		$	87,522
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):		203,573			8,787
Net asset value, offering and redemption price per share (b)	$	10.55		$	9.96
Cost of investments in non-affiliates	$	2,003,031		$	81,646
Cost of investments in affiliates		119,726			1,956

(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.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 59

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)

(Amounts in thousands)

	JPMorgan Core Bond Trust			JPMorgan Intermediate Bond Trust
INVESTMENT INCOME:
Interest income from non-affiliates	$	28,465		$	1,241
Dividend income from affiliates		31			1
Total investment income		28,496			1,242
EXPENSES:
Investment advisory fees		3,003			139
Administration fees		1,072			50
Custodian and accounting fees		87			37
Interest expense to affiliates		—	(a)		—
Professional fees		53			32
Trustees’ and Chief Compliance Officer’s fees		15			13
Printing and mailing costs		8			—	(a)
Transfer agency fees		7			—	(a)
Other		57			5
Total expenses		4,302			276
Less fees waived		(2,755	)		(189	)
Less expense reimbursements		—			(12	)
Net expenses		1,547			75
Net investment income (loss)		26,949			1,167
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,476			411
Investments in affiliates		(2	)		—	(a)
Net realized gain (loss)		3,474			411
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,098			(834	)
Investments in affiliates		2			—	(a)
Change in net unrealized appreciation/depreciation		6,100			(834	)
Net realized/unrealized gains (losses)		9,574			(423	)
Change in net assets resulting from operations	$	36,523		$	744

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

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, 2021 (Unaudited)			Year Ended February 28, 2021			Six Months Ended August 31, 2021 (Unaudited)			Year Ended February 28, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	26,949		$	58,263		$	1,167		$	3,307
Net realized gain (loss)		3,474			48,621			411			2,760
Change in net unrealized appreciation/depreciation		6,100			(62,702	)		(834	)		(2,546	)
Change in net assets resulting from operations		36,523			44,182			744			3,521
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(27,151	)		(108,836	)		(1,192	)		(4,940	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	92,134		$	784,534		$	1,750		$	5,450
Distributions reinvested		24,648			103,812			821			3,651
Cost of shares redeemed		(198,667	)		(662,720	)		(19,751	)		(42,534	)
Change in net assets resulting from capital transactions	$	(81,885	)	$	225,626		$	(17,180	)	$	(33,433	)
NET ASSETS:
Change in net assets		(72,513	)		160,972			(17,628	)		(34,852	)
Beginning of period		2,220,686			2,059,714			105,150			140,002
End of period	$	2,148,173		$	2,220,686		$	87,522		$	105,150
SHARE TRANSACTIONS:
Issued		8,780			72,882			175			535
Reinvested		2,353			9,653			82			358
Redeemed		(19,044	)		(61,771	)		(1,983	)		(4,135	)
Change in Shares		(7,911	)		20,764			(1,726	)		(3,242	)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 61

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, 2021 (Unaudited)	$	10.50	$	0.13	$	0.05		$	0.18	$	(0.13	)	$	—		$	(0.13	)
Year Ended February 28, 2021		10.80		0.31		(0.03	)		0.28		(0.31	)		(0.27	)		(0.58	)
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	)

(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.

62 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

		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)
$	10.55		1.77	%	$	2,148,173		0.14	%		2.51	%		0.40	%		38	%
	10.50		2.57			2,220,686		0.14			2.89			0.40			66
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 63

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, 2021 (Unaudited)	$	10.00	$	0.12	$	(0.04	)	$	0.08	$	(0.12	)	$	—		$	(0.12	)
Year Ended February 28, 2021		10.18		0.27		(0.02	)(f)		0.25		(0.27	)		(0.16	)		(0.43	)
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	)

(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.

(f) Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

		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)
$	9.96		0.85	%	$	87,522		0.15	%		2.36	%		0.56	%		16	%
	10.00		2.42			105,150		0.15			2.63			0.52			40
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited)

(Dollar values in thousands)

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 values (“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, 2021.

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.

66 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

• 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”):

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	$	—	$	170,669	$	50,562	$	221,231
Collateralized Mortgage Obligations		—		242,242		20,240		262,482
Commercial Mortgage-Backed Securities		—		82,746		3,168		85,914
Corporate Bonds		—		618,180		—		618,180
Foreign Government Securities		—		11,808		—		11,808
Mortgage-Backed Securities		—		337,757		—		337,757
Municipal Bonds		—		12,989		—		12,989
U.S. Government Agency Securities		—		16,117		—		16,117
U.S. Treasury Obligations		—		532,570		—		532,570
Short-Term Investments
Investment Companies		119,738		—		—		119,738
Total Investments in Securities	$	119,738	$	2,025,078	$	73,970	$	2,218,786

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	$	—	$	7,902	$	34	$	7,936
Collateralized Mortgage Obligations		—		15,711		591		16,302
Commercial Mortgage-Backed Securities		—		7,939		—		7,939
Corporate Bonds		—		27,319		—		27,319
Foreign Government Securities		—		198		—		198
Mortgage-Backed Securities		—		9,323		—		9,323
U.S. Government Agency Securities		—		58		—		58
U.S. Treasury Obligations		—		16,419		—		16,419
Short-Term Investments
Investment Companies		1,956		—		—		1,956
Total Investments in Securities	$	1,956	$	84,869	$	625	$	87,450

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

Core Bond Trust	Balance as of February 28, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	58,045	$	—		$	(136	)	$	(41	)	$	4,000	$	(11,306	)	$	—	$	—		$	50,562
Collateralized Mortgage Obligations		32,493		—	(a)		(206	)		(451	)		3,132		(14,728	)		—		—			20,240
Commercial Mortgage-Backed Securities		4,574		—			5			(60	)		2		—	(a)		—		(1,353	)		3,168
Total	$	95,112	$	—	(a)	$	(337	)	$	(552	)	$	7,134	$	(26,034	)	$	—	$	(1,353	)	$	73,970

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2021.

Intermediate Bond Trust	Balance as of February 28, 2021		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, 2021
Investments in Securities:
Asset-Backed Securities	$	894	$	—	$	(6	)	$	—	(a)	$	—	$	(854	)	$	—	$	—	$	34
Collateralized Mortgage Obligations		654		—		(2	)		—	(a)		1		(62	)		—		—		591
Total	$	1,548	$	—	$	(8	)	$	—	(a)	$	1	$	(916	)	$	—	$	—	$	625

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, 2021, which were valued using significant unobservable inputs (level 3) were as follows:

	Value
Core Bond Trust	$	(96	)
Intermediate Bond Trust		(2	)

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

The significant unobservable inputs used in the fair value measurement of the Funds’ investments are listed below. 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 enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and 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.

Core Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at August 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	20,616	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 15.00% (3.37%)
				Constant Default Rate		0.00% - 4.92% (0.11%)
				Yield (Discount Rate of Cash Flows)		1.02% - 5.03% (2.69%)
Asset-Backed Securities		20,616
		8,844	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (69.16%)
				Constant Default Rate		0.00% - 6.62% (0.96%)
				Yield (Discount Rate of Cash Flows)		0.95% - 25.64% (5.82%)
Collateralized Mortgage Obligations		8,844
		3,168	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (1.84%)
				Yield (Discount Rate of Cash Flows)		-1.07% - 7.75% (2.66%)
Commercial Mortgage-Backed Securities		3,168
Total	$	32,628

  # The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31 2021, the value of these investments was $41,342. The inputs for these investments 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.

68 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

Intermediate Bond Trust

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at August 31, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	34	Discounted Cash Flow	Constant Prepayment Rate		3.60% - 4.20% (4.00%)
				Constant Default Rate		1.58% - 4.92% (2.68%)
				Yield (Discount Rate of Cash Flows)		3.01% - 3.53% (3.36%)
Asset-Backed Securities		34
		559	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (98.17%)
				Constant Default Rate		0.00% - 1.90% (0.03%)
				Yield (Discount Rate of Cash Flows)		1.41% - 5.86% (1.90%)
Collateralized Mortgage Obligations		559
Total	$	593

  # The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31 2021, the value of these investments was $32. The inputs for these investments 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. 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 NAVs of the Funds.

As of August 31, 2021, 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 the 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 the settlement date.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund’s transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund’s custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Funds’ Statements of Assets and Liabilities and are disclosed in the table below.

The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2021 are detailed on the SOIs.

The Fund’s delayed delivery securities collateral requirements and collateral posted or received by counterparty as of August 31, 2021 is as follows:

Fund		Counterparty		Collateral amount
Core Bond Trust	Collateral Received		Goldman Sachs & Co. LLC	$	(260	)

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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.

The Funds did not have any securities out on loan at August 31, 2021.

E. Investment Transactions with Affiliates — The Funds invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuer listed in the tables below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Core Bond Trust

For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2021		Shares at August 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	108,295	$	251,747	$	240,304	$	(2	)	$	2	$	119,738		119,678	$	31	$	—

Intermediate Bond Trust

For the six months ended August 31, 2021
Security Description	Value at February 28, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2021		Shares at August 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b)	$	3,631	$	10,635	$	12,310	$	—	(c)	$	—	(c)	$	1,956		1,955	$	1	$	—

(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, 2021.

(c) Amount rounds to less than one thousand.

70 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

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.

Core Bond Trust invests in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

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 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, 2021, 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 remain subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least 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.

J. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, 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 at an annual rate of 0.28% of each Fund’s respective average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, 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.

JPMCB 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.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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 other than certain money market fund fees as described below, 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’ 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, 2021 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2022.

For the six months ended August 31, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. 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	$	1,622	$	1,072	$	2,694	$	—
Intermediate Bond Trust		139		49		188		12

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 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 resulting from investments in these money market funds for the six months ended August 31, 2021 were as follows:

Core Bond Trust	$	61
Intermediate Bond Trust		1

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, 2021, the Funds 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, 2021, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
Core Bond Trust	$	639,323	$	720,363	$	147,104	$	195,854
Intermediate Bond Trust		8,402		17,122		6,733		13,546

72 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

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, 2021 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Trust	$	2,122,757	$	104,603	$	8,574	$	96,029
Intermediate Bond Trust		83,602		4,062		216		3,846

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2021, the following Fund deferred to March 1, 2021 the following net capital losses of:

	Net Capital Losses
	Short-Term		Long-Term
Intermediate Bond Trust	$	40	$	—

During the year ended February 28, 2021, the following Fund utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
Intermediate Bond Trust	$	763	$	—

At February 28, 2021, the Funds did not have any net capital loss carryforwards.

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the six months ended August 31, 2021.

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 1, 2021.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2021.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has 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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2021.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Core Bond Trust		2		24.3	%
Intermediate Bond Trust		4		83.9

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

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.

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.

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that 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 of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments 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. 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.

74 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

8. Other Matters

The Trust is seeking to achieve a unified board with common membership across the Trust and the following open-end registered investment companies also advised by J.P. Morgan Investment Management Inc.:

JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust IV, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, JPMorgan Insurance Trust, Undiscovered Managers Funds, and J.P. Morgan Exchange-Traded Fund Trust (collectively with the Trust, the “J.P. Morgan Funds”).

At special shareholder meetings expected to take place on or about October 27, 2021, shareholders of the J.P. Morgan Funds are being asked to elect the same sixteen individuals (“Nominees”) to serve on their respective boards:

John F. Finn, Stephen P. Fisher, Gary L. French, Kathleen M. Gallagher, Robert J. Grassi, Frankie D. Hughes, Raymond Kanner, Thomas P. Lemke, Lawrence R. Maffia, Mary E. Martinez, Marilyn McCoy, Dr. Robert A. Oden, Jr., Marian U. Pardo, Emily A. Youssouf, Robert F. Deutsch, and Nina O. Shenker (the “Nominees”).

If shareholder approval is obtained for all of the J.P. Morgan Funds, this will result in a unified board structure across all of the J.P. Morgan Funds.

Information about the proposal, including the qualifications of each of the Nominees, is contained in the Trust’s proxy statement, which you can access from the EDGAR Database on the SEC’s website at http://www.sec.gov.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 75

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, 2021, and continued to hold your shares at the end of the reporting period, August 31, 2021.

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, 2021		Ending Account Value August 31, 2021		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Core Bond Trust
Actual	$	1,000.00	$	1,017.70	$	0.71		0.14	%
Hypothetical		1,000.00		1,024.50		0.71		0.14
JPMorgan Intermediate Bond Trust
Actual		1,000.00		1,008.50		0.76		0.15
Hypothetical		1,000.00		1,024.45		0.77		0.15

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

76 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, 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, 2021.

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 investment 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”). Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with 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. 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

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 77

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 each Fund 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, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.

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 Fee 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.

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

78 JPMORGAN INSTITUTIONAL TRUST FUNDS AUGUST 31, 2021

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 fee structure and 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. 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 third, second, and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intermediate Bond Trust’s performance was in the fourth quintile based upon the Peer

Group for both the one- and three-year periods ended December 31, 2020, and in the fifth, fourth, and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, 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. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.

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 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 fee was 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 fee was satisfactory in light of the services provided to the Fund.

AUGUST 31, 2021 JPMORGAN INSTITUTIONAL TRUST FUNDS 79

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., 2021.  All rights reserved. August 2021. SAN-INSTT-821

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 1, 2021

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 1, 2021
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	November 1, 2021

EX-99.CERT

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 1, 2021	/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 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 1, 2021	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer

EX-99.906CERT

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

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

I, Brian S. Shlissel, certify that:

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

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

/s/ Brian S. Shlissel

Brian S. Shlissel

President and Principal Executive Officer

November 1, 2021

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

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

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

I, Timothy J. Clemens, certify that:

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

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

/s/ Timothy J. Clemens

Timothy J. Clemens

Treasurer and Principal Financial Officer

November 1, 2021

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.