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)
390 Madison Avenue
New York, NY 10017
(Address of principal executive offices) (Zip code)

Gregory S. Samuels
390 Madison Avenue
New York, NY 10017
(Name and Address of Agent for Service)
With copies to:
Elizabeth A. Davin, Esq.
JPMorgan Chase & Co.
1111 Polaris Parkway
Columbus, OH 43240		 Alison M. Fumai, Esq.
Dechert LLP
1905 Avenue of the Americas
New York, NY 10036
Registrant's telephone number, including area code:
(800) 343-1111
Date of fiscal year end:
Last Day of February
Date of reporting period:
August 31, 2026
Item 1. Report 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 SHAREHOLDER REPORT | August 31, 2026 (Unaudited)

JPMorgan Core Bond Trust

FrontCoverImage
Ticker: N/A
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Core Bond Trust (the "Fund") for the period March 1, 2026 to August 31, 2026. You can find additional information about the Fund at https://connect.rightprospectus.com/JPMorgan/TVT/62826M921/SAR?site=JPMCBT. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Costs of a
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Core Bond Trust
 $7 0.15%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $4,668,968
Total number of portfolio holdings 2,534
Portfolio turnover rate 19 %
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QR Code - Core Bond Trust
At https://connect.rightprospectus.com/JPMorgan/TVT/62826M921/SAR?site=JPMCBT, you can find additional information about the Fund, including the Fund’s:
  • Financial information
  • Fund holdings
INSTT-826
JPMorgan Core Bond Trust

ITEM 2. CODE OF ETHICS.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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 in the financial statements filed under Item 7 of this Form.

Included in Item 7.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Semi-Annual Financial Statements
JPMorgan Institutional Trust Funds
August 31, 2026 (Unaudited) 
JPMorgan Core Bond Trust
 
CONTENTS  
 
 
1
45
48
50
Investments in a Fund are not bank 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.
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — 33.6%
U.S. Treasury Bonds
6.13%, 11/15/2027
200
204
4.38%, 2/15/2038
160
155
3.50%, 2/15/2039
220
193
4.25%, 5/15/2039
30
28
4.50%, 8/15/2039
30
29
1.13%, 5/15/2040
7,104
4,372
4.38%, 5/15/2040
60
56
3.88%, 8/15/2040
45
40
4.25%, 11/15/2040
90
83
2.25%, 5/15/2041
14,975
10,593
4.38%, 5/15/2041
30
28
2.00%, 11/15/2041
515
346
3.00%, 5/15/2042
200
154
2.75%, 11/15/2042
12,650
9,298
4.00%, 11/15/2042
14,400
12,574
3.13%, 2/15/2043
455
352
3.88%, 2/15/2043
695
595
2.88%, 5/15/2043
15,720
11,664
3.63%, 8/15/2043
73,415
60,444
3.75%, 11/15/2043
24,928
20,821
3.63%, 2/15/2044
120
98
3.38%, 5/15/2044
29,995
23,609
4.13%, 8/15/2044
4,465
3,895
3.00%, 11/15/2044
8,200
6,045
3.00%, 5/15/2045
365
267
3.00%, 11/15/2045
630
458
2.38%, 11/15/2049
37,120
22,600
1.25%, 5/15/2050
790
358
1.38%, 8/15/2050
30,659
14,308
1.63%, 11/15/2050
26,925
13,403
1.88%, 2/15/2051
18,386
9,737
2.38%, 5/15/2051
15,863
9,461
2.00%, 8/15/2051
1,015
550
2.25%, 2/15/2052
3,750
2,150
2.88%, 5/15/2052
24,390
16,097
3.00%, 8/15/2052
620
419
4.00%, 11/15/2052
7,466
6,102
4.13%, 8/15/2053
150
125
4.25%, 2/15/2054
335
285
4.25%, 8/15/2054
305
260
4.50%, 11/15/2054
1,505
1,337
4.75%, 5/15/2055
870
805
4.75%, 2/15/2056
23,578
21,832
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028
478
474
3.63%, 4/15/2028
1,650
1,683
2.50%, 1/15/2029
467
470
U.S. Treasury Inflation Linked Bonds
0.75%, 2/15/2045
8,197
5,633
U.S. Treasury Notes
0.38%, 9/30/2027
1
1
0.75%, 1/31/2028
4,500
4,283
3.50%, 1/31/2028
25,879
25,595
3.50%, 4/30/2028
50,370
49,703
2.88%, 5/15/2028
104
102
1.13%, 8/31/2028
62,228
58,429
1.25%, 9/30/2028
1,595
1,497
1.75%, 1/31/2029
3,850
3,620
1.88%, 2/28/2029
18,000
16,943
2.38%, 3/31/2029
1,515
1,441
2.88%, 4/30/2029
25,060
24,110
2.75%, 5/31/2029
1,245
1,192
3.25%, 6/30/2029
37,270
36,134
3.50%, 1/31/2030
735
713
4.25%, 1/31/2030
39,680
39,435
3.75%, 5/31/2030
870
849
3.88%, 6/30/2030
32,145
31,488
3.88%, 7/31/2030
5,000
4,896
4.13%, 8/31/2030
57,274
56,556
3.63%, 10/31/2030
49,972
48,369
4.88%, 10/31/2030
17,985
18,256
3.88%, 3/31/2031
11,087
10,808
4.13%, 3/31/2031
21,319
20,997
1.25%, 8/15/2031
1,040
891
1.88%, 2/15/2032
53,070
46,289
4.13%, 2/29/2032
37,975
37,227
2.88%, 5/15/2032
15,725
14,409
4.00%, 7/31/2032
63,108
61,291
2.75%, 8/15/2032
3,490
3,162
4.50%, 11/15/2033
41,008
40,686
4.00%, 2/15/2034
39,223
37,642
3.88%, 8/15/2034
157,942
149,625
4.25%, 11/15/2034
72,815
70,676
4.63%, 2/15/2035
57,853
57,575
U.S. Treasury STRIPS Bonds
3.74%, 5/15/2028 (a)
200
186
4.70%, 8/15/2030 (a)
6,780
5,673
4.73%, 11/15/2030 (a)
6,865
5,676
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
1
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
U.S. Treasury Obligations — continued
4.20%, 2/15/2031 (a)
37,800
30,885
3.63%, 5/15/2031 (a)
38,684
31,227
4.88%, 8/15/2031 (a)
29,215
23,307
2.49%, 11/15/2031 (a)
32,997
26,005
4.12%, 2/15/2032 (a)
815
635
4.16%, 5/15/2032 (a)
250
192
4.24%, 2/15/2033 (a)
60
44
4.31%, 8/15/2033 (a)
200
145
4.34%, 11/15/2033 (a)
505
360
4.38%, 2/15/2034 (a)
125
88
4.42%, 5/15/2034 (a)
230
160
4.34%, 11/15/2034 (a)
4,550
3,081
4.29%, 2/15/2035 (a)
6,410
4,285
4.56%, 5/15/2035 (a)
1,225
808
4.30%, 8/15/2035 (a)
16,462
10,719
4.42%, 2/15/2036 (a)
23,412
14,851
4.34%, 5/15/2036 (a)
9,364
5,865
4.50%, 8/15/2036 (a)
25,649
15,844
4.45%, 11/15/2036 (a)
29,151
17,754
4.48%, 2/15/2037 (a)
18,347
11,023
4.48%, 5/15/2037 (a)
9,036
5,353
4.52%, 8/15/2037 (a)
17,755
10,362
4.60%, 11/15/2037 (a)
36,537
21,014
4.63%, 2/15/2038 (a)
5,447
3,091
4.79%, 8/15/2040 (a)
37,046
18,075
5.31%, 11/15/2040 (a)
5,430
2,607
5.33%, 2/15/2041 (a)
3,487
1,644
2.72%, 11/15/2041 (a)
500
225
4.98%, 2/15/2042 (a)
2,232
987
5.05%, 5/15/2044 (a)
26,959
10,365
5.08%, 8/15/2044 (a)
10,660
4,036
5.07%, 11/15/2044 (a)
26,959
10,063
5.36%, 5/15/2046 (a)
3,560
1,217
5.07%, 11/15/2049 (a)
9,840
2,790
Total U.S. Treasury Obligations
(Cost $1,647,786)
1,570,022
Corporate Bonds — 24.9%
Aerospace & Defense — 0.5%
Airbus SE (France) 3.95%, 4/10/2047 (b)
150
116
BAE Systems plc (United Kingdom)
1.90%, 2/15/2031 (b)
1,007
881
3.00%, 9/15/2050 (b)
502
316
Boeing Co. (The)
5.04%, 5/1/2027
960
962
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Aerospace & Defense — continued
3.25%, 3/1/2028
840
822
6.30%, 5/1/2029
1,095
1,131
5.15%, 5/1/2030
1,540
1,544
6.39%, 5/1/2031
2,120
2,224
6.53%, 5/1/2034
1,177
1,256
5.71%, 5/1/2040
745
733
Honeywell Aerospace, Inc. 4.95%, 3/16/2036
3,495
3,357
L3Harris Technologies, Inc.
3.85%, 12/15/2026
55
55
5.25%, 6/1/2031
1,130
1,136
5.40%, 7/31/2033
1,102
1,106
4.85%, 4/27/2035
10
10
Leidos, Inc.
4.38%, 5/15/2030
2,030
1,976
2.30%, 2/15/2031
465
410
5.75%, 3/15/2033
630
639
5.00%, 3/15/2036
1,460
1,381
Lockheed Martin Corp.
4.50%, 5/15/2036
10
9
2.80%, 6/15/2050
35
21
Northrop Grumman Corp. 3.25%, 1/15/2028
15
15
RTX Corp.
5.15%, 2/27/2033
934
935
4.50%, 6/1/2042
2,799
2,423
4.15%, 5/15/2045
558
446
3.75%, 11/1/2046
140
104
4.35%, 4/15/2047
199
161
5.38%, 2/27/2053
65
60
 
24,229
Automobiles — 0.0% ^
Hyundai Capital America
3.00%, 2/10/2027 (b)
355
353
2.38%, 10/15/2027 (b)
530
516
1.80%, 1/10/2028 (b)
805
773
 
1,642
Banks — 7.1%
ABN AMRO Bank NV (Netherlands)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.65%), 6.34%,
9/18/2027 (b) (c)
900
901
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.10%), 2.47%,
12/13/2029 (b) (c)
800
758
SEE NOTES TO FINANCIAL STATEMENTS.
 
2
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.25%), 5.52%,
12/3/2035 (b) (c)
2,700
2,690
AIB Group plc (Ireland)
(SOFR + 1.65%), 5.32%, 5/15/2031 (b) (c)
6,490
6,511
(SOFRINDX + 1.91%), 5.87%,
3/28/2035 (b) (c)
1,500
1,528
Banco Bilbao Vizcaya Argentaria SA (Spain)
4.97%, 5/8/2031
1,400
1,381
5.13%, 3/3/2036
2,800
2,675
Banco Nacional de Panama (Panama) 2.50%,
8/11/2030 (b)
1,250
1,113
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.90%), 1.72%,
9/14/2027 (c)
200
200
5.59%, 8/8/2028
2,600
2,638
6.61%, 11/7/2028
1,400
1,451
4.55%, 11/6/2030
1,800
1,756
5.13%, 11/6/2035
1,400
1,340
Bank of America Corp.
(3-MONTH CME TERM SOFR + 1.33%), 3.97%,
3/5/2029 (c)
70
69
(SOFR + 1.06%), 2.09%, 6/14/2029 (c)
210
200
(SOFR + 2.15%), 2.59%, 4/29/2031 (c)
3,410
3,130
(SOFR + 1.21%), 2.57%, 10/20/2032 (c)
1,120
987
(SOFR + 1.33%), 2.97%, 2/4/2033 (c)
435
388
(SOFR + 1.84%), 5.87%, 9/15/2034 (c)
3,040
3,126
(SOFR + 1.31%), 5.51%, 1/24/2036 (c)
2,710
2,706
(SOFR + 1.13%), 5.05%, 2/6/2037 (c)
3,600
3,457
(SOFR + 1.57%), 5.49%, 4/23/2037 (c)
4,650
4,515
(3-MONTH CME TERM SOFR + 2.08%), 4.24%,
4/24/2038 (c)
300
267
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)
7,185
5,025
Bank of Ireland Group plc (Ireland)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.10%), 2.03%,
9/30/2027 (b) (c)
755
753
(SOFR + 1.62%), 5.60%, 3/20/2030 (b) (c)
895
907
Bank of Montreal (Canada)
Series J, (SOFR + 0.97%), 4.44%,
1/14/2032 (c)
2,400
2,330
(USD Swap Semi 5 Year + 1.43%), 3.80%,
12/15/2032 (c) (d)
13
13
Bank of New Zealand (New Zealand) 5.08%,
1/30/2029 (b)
910
916
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Banks — continued
Bank of Nova Scotia (The) (Canada)
(SOFR + 0.89%), 4.93%, 2/14/2029 (c)
155
155
4.85%, 2/1/2030
472
471
(SOFR + 0.97%), 4.90%, 6/5/2032 (c)
3,640
3,584
(SOFR + 1.05%), 4.81%, 2/2/2034 (c)
2,375
2,294
Banque Federative du Credit Mutuel SA (France)
5.79%, 7/13/2028 (b)
2,405
2,445
5.54%, 1/22/2030 (b)
5,178
5,230
4.54%, 1/15/2031 (b)
4,335
4,205
5.11%, 1/15/2036 (b)
995
949
Barclays plc (United Kingdom)
(SOFR + 1.88%), 6.50%, 9/13/2027 (c)
2,840
2,842
(SOFR + 1.14%), 4.52%, 2/24/2032 (c)
875
845
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.30%), 2.89%,
11/24/2032 (c)
585
518
(SOFR + 2.98%), 6.22%, 5/9/2034 (c)
412
425
(SOFR + 1.59%), 5.79%, 2/25/2036 (c)
895
893
(SOFR + 1.51%), 5.21%, 2/24/2037 (c)
1,610
1,526
(SOFR + 1.51%), 5.59%, 6/26/2037 (c)
2,000
1,947
BBVA Mexico SA Institucion De Banca Multiple
Grupo Financiero BBVA Mexico (Mexico)
5.40%, 6/3/2031 (b)
2,856
2,832
BNP Paribas SA (France)
(SOFR + 1.52%), 5.18%, 1/9/2030 (b) (c)
2,015
2,024
(SOFR + 1.59%), 5.50%, 5/20/2030 (b) (c)
1,222
1,234
(SOFR + 0.94%), 4.89%, 6/30/2030 (b) (c)
1,335
1,325
(SOFR + 1.28%), 5.28%, 11/19/2030 (b) (c)
470
471
(SOFR + 1.68%), 5.09%, 5/9/2031 (b) (c)
3,895
3,876
(SOFR + 1.62%), 5.79%, 1/13/2033 (b) (c)
2,285
2,318
(SOFR + 1.56%), 3.13%, 1/20/2033 (b) (c)
765
682
BPCE SA (France)
(SOFR + 1.68%), 5.88%, 1/14/2031 (b) (c)
1,600
1,626
(SOFR + 1.27%), 4.76%, 1/13/2032 (b) (c)
2,592
2,524
(SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c)
730
639
(SOFR + 1.22%), 5.18%, 6/2/2032 (b) (c)
1,200
1,181
(SOFR + 1.96%), 6.03%, 5/28/2036 (b) (c)
2,805
2,794
CaixaBank SA (Spain)
(SOFRINDX + 1.78%), 5.67%,
3/15/2030 (b) (c)
634
643
(SOFR + 1.21%), 4.82%, 4/22/2032 (b) (c)
1,040
1,017
(SOFR + 2.77%), 6.84%, 9/13/2034 (b) (c)
1,449
1,550
(SOFR + 2.26%), 6.04%, 6/15/2035 (b) (c)
4,960
5,072
(SOFR + 1.79%), 5.58%, 7/3/2036 (b) (c)
7,892
7,779
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
3
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
Canadian Imperial Bank of Commerce (Canada)
5.26%, 4/8/2029
630
636
(SOFR + 1.34%), 4.63%, 9/11/2030 (c)
2,800
2,765
(SOFR + 1.11%), 5.25%, 1/13/2031 (c)
150
151
(SOFRINDX + 1.01%), 5.05%, 6/16/2032 (c)
3,710
3,677
Citigroup, Inc.
4.30%, 11/20/2026
1,230
1,230
(3-MONTH CME TERM SOFR + 1.65%), 3.67%,
7/24/2028 (c)
1,628
1,613
(SOFR + 1.34%), 4.54%, 9/19/2030 (c)
1,938
1,912
(SOFR + 1.46%), 4.95%, 5/7/2031 (c)
2,000
1,988
(SOFR + 1.35%), 3.06%, 1/25/2033 (c)
719
643
(SOFR + 1.45%), 5.45%, 6/11/2035 (c)
6,140
6,121
(SOFR + 1.83%), 6.02%, 1/24/2036 (c)
1,920
1,932
(SOFR + 1.47%), 5.33%, 3/27/2036 (c)
4,240
4,174
(SOFR + 1.38%), 2.90%, 11/3/2042 (c)
240
168
4.75%, 5/18/2046
20
16
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.92%), 4.99%,
5/27/2031 (b) (c)
2,545
2,535
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.00%), 5.71%,
1/21/2033 (b) (c)
1,700
1,737
Credit Agricole SA (France)
(SOFR + 1.46%), 5.22%, 5/27/2031 (b) (c)
914
912
(SOFR + 1.17%), 4.66%, 1/12/2032 (b) (c)
639
620
(SOFR + 1.74%), 5.86%, 1/9/2036 (b) (c)
2,440
2,451
(SOFR + 1.43%), 5.26%, 1/12/2037 (b) (c)
5,030
4,795
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.40%), 5.71%,
3/1/2030 (b) (c)
1,535
1,559
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.10%), 4.61%,
10/2/2030 (b) (c)
998
985
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.93%), 5.02%,
3/4/2031 (b) (c)
1,445
1,437
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.85%), 4.42%,
9/12/2031 (b) (c)
1,025
994
DNB Bank ASA (Norway)
(SOFR + 1.05%), 4.85%, 11/5/2030 (b) (c)
975
972
(SOFR + 1.05%), 4.38%, 11/4/2031 (b) (c)
945
916
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Banks — continued
Fifth Third Bancorp
(SOFR + 1.84%), 5.63%, 1/29/2032 (c)
155
157
(SOFR + 0.95%), 4.57%, 4/29/2032 (c)
1,195
1,158
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 2.21%, 8/17/2029 (c)
815
774
(SOFR + 1.29%), 5.29%, 11/19/2030 (c)
2,375
2,384
(SOFR + 1.29%), 5.13%, 3/3/2031 (c)
1,165
1,162
(SOFR + 1.57%), 5.24%, 5/13/2031 (c)
905
906
(SOFR + 1.95%), 2.36%, 8/18/2031 (c)
1,160
1,042
(SOFR + 1.19%), 4.62%, 11/6/2031 (c)
1,655
1,616
(SOFR + 1.21%), 4.68%, 3/10/2032 (c)
3,920
3,819
(SOFR + 1.16%), 5.24%, 8/14/2032 (c)
780
775
(SOFR + 1.43%), 5.13%, 11/6/2036 (c)
2,000
1,914
(SOFR + 1.55%), 5.28%, 3/10/2037 (c)
4,050
3,893
(SOFR + 1.47%), 5.73%, 8/14/2037 (c)
1,640
1,625
(SOFR + 2.65%), 6.33%, 3/9/2044 (c)
700
718
Huntington Bancshares, Inc. (SOFR + 1.28%),
5.27%, 1/15/2031 (c)
1,075
1,078
ING Groep NV (Netherlands)
(SOFR + 1.56%), 6.08%, 9/11/2027 (c)
361
361
Series VAR, (SOFRINDX + 1.26%), 4.80%,
3/23/2032 (c)
2,060
2,021
(SOFRINDX + 1.61%), 5.42%, 3/23/2037 (c)
1,360
1,328
KBC Group NV (Belgium)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.85%), 4.45%,
9/23/2031 (b) (c)
4,679
4,549
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 2.05%), 6.32%,
9/21/2034 (b) (c)
1,890
1,978
KeyCorp (SOFR + 1.37%), 5.31%,
1/28/2037 (c)
1,045
1,004
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.38%), 5.46%,
1/5/2028 (c)
1,140
1,144
4.38%, 3/22/2028
475
473
M&T Bank Corp. (SOFR + 1.40%), 5.18%,
7/8/2031 (c)
2,240
2,237
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.17%), 5.16%,
4/24/2031 (c)
800
800
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.93%), 5.19%,
9/12/2036 (c)
2,220
2,151
SEE NOTES TO FINANCIAL STATEMENTS.
 
4
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.90%), 5.06%,
1/14/2037 (c)
2,395
2,292
Mizuho Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.08%), 5.38%,
7/10/2030 (c)
2,725
2,753
(3-MONTH CME TERM SOFR + 1.57%), 2.87%,
9/13/2030 (c)
720
677
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.92%), 4.71%,
7/8/2031 (c)
2,130
2,100
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.07%), 5.32%,
7/8/2036 (c)
3,345
3,278
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.97%), 5.34%,
7/13/2037 (c)
3,000
2,910
NatWest Group plc (United Kingdom)
(3-MONTH SOFR + 1.91%), 5.08%,
1/27/2030 (c)
905
908
(3-MONTH SOFR + 1.87%), 4.45%,
5/8/2030 (c)
6,240
6,147
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.22%), 4.96%,
8/15/2030 (c)
200
200
NatWest Markets plc (United Kingdom) 5.41%,
5/17/2029 (b)
2,181
2,207
PNC Financial Services Group, Inc. (The)
(SOFR + 1.26%), 4.81%, 10/21/2032 (c)
1,160
1,139
(SOFR + 2.28%), 6.88%, 10/20/2034 (c)
210
227
(SOFR + 1.42%), 5.37%, 7/21/2036 (c)
2,415
2,380
Royal Bank of Canada (Canada) (SOFRINDX +
1.08%), 4.65%, 10/18/2030 (c)
1,820
1,801
Santander Holdings USA, Inc.
(SOFR + 2.50%), 6.17%, 1/9/2030 (c)
1,500
1,532
(SOFR + 1.28%), 5.22%, 6/5/2032 (c)
2,055
2,025
(SOFR + 1.60%), 5.70%, 6/5/2037 (c)
505
492
Santander UK Group Holdings plc (United Kingdom)
(SOFR + 2.60%), 6.53%, 1/10/2029 (c)
2,100
2,143
(SOFRINDX + 1.55%), 4.86%, 9/11/2030 (c)
1,290
1,277
(SOFRINDX + 1.52%), 5.69%, 4/15/2031 (c)
3,300
3,340
Skandinaviska Enskilda Banken AB (Sweden)
5.38%, 3/5/2029 (b)
1,860
1,883
4.50%, 9/3/2030 (b)
1,615
1,580
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Banks — continued
Societe Generale SA (France)
5.25%, 2/19/2027 (b)
1,379
1,384
3.00%, 1/22/2030 (b)
235
219
(SOFR + 1.65%), 5.51%, 5/22/2031 (b) (c)
2,519
2,528
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.60%), 3.34%,
1/21/2033 (b) (c)
3,655
3,272
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.60%), 6.10%,
4/13/2033 (b) (c)
2,380
2,429
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 2.10%), 6.07%,
1/19/2035 (b) (c)
878
888
(SOFR + 1.73%), 5.44%, 10/3/2036 (b) (c)
5,500
5,261
(SOFR + 1.60%), 5.40%, 4/10/2037 (b) (c)
8,395
7,976
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.05%), 5.69%,
5/14/2028 (b) (c)
382
384
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.15%), 5.01%,
10/15/2030 (b) (c)
440
438
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.07%), 5.24%,
1/13/2037 (b) (c)
805
769
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.18%), 5.85%,
8/13/2037 (b) (c)
830
824
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.36%, 7/12/2027
14
14
3.04%, 7/16/2029
1,315
1,250
5.71%, 1/13/2030
1,480
1,510
5.24%, 4/15/2030
1,500
1,508
(SOFR + 1.36%), 5.57%, 1/15/2047 (c)
2,820
2,654
Sumitomo Mitsui Trust Bank Ltd. (Japan) 4.80%,
3/5/2036 (b)
2,700
2,539
Toronto-Dominion Bank (The) (Canada)
5.16%, 1/10/2028
600
604
5.30%, 1/30/2032
1,410
1,419
4.46%, 6/8/2032
220
213
Truist Financial Corp.
(SOFR + 2.45%), 7.16%, 10/30/2029 (c)
806
842
(SOFR + 1.85%), 5.12%, 1/26/2034 (c)
765
751
(SOFR + 1.92%), 5.71%, 1/24/2035 (c)
824
829
(SOFR + 1.40%), 4.96%, 10/23/2036 (c)
2,440
2,313
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
5
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Banks — continued
US Bancorp
(SOFR + 1.56%), 5.38%, 1/23/2030 (c)
965
976
(SOFR + 1.25%), 5.10%, 7/23/2030 (c)
80
80
(SOFR + 1.30%), 5.08%, 5/15/2031 (c)
1,960
1,959
(SOFR + 1.60%), 4.84%, 2/1/2034 (c)
150
145
(SOFR + 2.26%), 5.84%, 6/12/2034 (c)
4,500
4,603
Wells Fargo & Co.
(SOFR + 1.74%), 5.57%, 7/25/2029 (c)
1,269
1,286
(SOFR + 1.79%), 6.30%, 10/23/2029 (c)
570
587
(SOFR + 2.10%), 4.90%, 7/25/2033 (c)
1,236
1,209
(SOFR + 2.02%), 5.39%, 4/24/2034 (c)
1,935
1,932
(SOFR + 1.99%), 5.56%, 7/25/2034 (c)
2,355
2,373
(SOFR + 1.78%), 5.50%, 1/23/2035 (c)
6,060
6,066
(SOFR + 1.38%), 5.21%, 12/3/2035 (c)
5,960
5,833
(SOFR + 1.74%), 5.61%, 4/23/2036 (c)
7,589
7,618
(SOFR + 1.10%), 4.96%, 1/23/2037 (c)
1,120
1,067
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)
5
4
5.38%, 11/2/2043
30
27
4.75%, 12/7/2046
24
20
 
331,547
Beverages — 0.1%
Anheuser-Busch Cos. LLC (Belgium) 4.70%,
2/1/2036
2,604
2,467
Coca-Cola Femsa SAB de CV (Mexico) 1.85%,
9/1/2032
675
553
Constellation Brands, Inc.
4.75%, 5/9/2032
300
292
5.25%, 11/15/2048
220
195
Maple Parent Holdings Corp.
5.05%, 3/26/2031 (b)
930
916
5.70%, 3/26/2036 (b)
719
708
 
5,131
Biotechnology — 0.5%
AbbVie, Inc.
4.50%, 5/14/2035
15
14
4.75%, 3/15/2036
1,485
1,415
5.30%, 9/15/2036
590
584
4.05%, 11/21/2039
4,909
4,185
4.63%, 10/1/2042
480
419
4.40%, 11/6/2042
790
672
4.45%, 5/14/2046
1,460
1,204
4.25%, 11/21/2049
80
62
5.55%, 3/15/2056
1,190
1,113
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Biotechnology — continued
6.00%, 9/15/2056
640
636
Amgen, Inc.
5.25%, 3/2/2030
80
81
5.25%, 3/2/2033
85
85
4.85%, 2/19/2036
1,520
1,450
3.15%, 2/21/2040
928
700
5.60%, 3/2/2043
426
410
4.66%, 6/15/2051
1,854
1,507
4.20%, 2/22/2052
55
41
5.65%, 3/2/2053
3,157
2,942
Biogen, Inc.
5.75%, 5/15/2035
1,299
1,320
3.25%, 2/15/2051
3,060
1,922
6.45%, 5/15/2055
1,925
1,977
Gilead Sciences, Inc.
4.00%, 9/1/2036
9
8
2.60%, 10/1/2040
2,493
1,755
Regeneron Pharmaceuticals, Inc. 1.75%,
9/15/2030
1,270
1,116
 
25,618
Broadline Retail — 0.2%
Amazon.com, Inc.
4.88%, 3/13/2036
3,986
3,789
6.00%, 7/9/2046
3,585
3,490
3.95%, 4/13/2052
110
78
5.80%, 3/13/2056
1,570
1,448
6.10%, 7/9/2056
2,770
2,675
4.25%, 8/22/2057
30
22
2.70%, 6/3/2060
10
5
 
11,507
Building Products — 0.0% ^
Masco Corp. 6.50%, 8/15/2032
620
644
Trane Technologies Financing Ltd. 5.25%,
3/3/2033
650
654
 
1,298
Capital Markets — 2.3%
Ameriprise Financial, Inc. 5.35%, 6/15/2036
850
831
Bank of New York Mellon Corp. (The)
Series J, (SOFR + 1.61%), 4.97%,
4/26/2034 (c)
155
152
(SOFR + 1.85%), 6.47%, 10/25/2034 (c)
1,000
1,065
Blackstone Holdings Finance Co. LLC 4.45%,
7/15/2045 (b)
429
346
SEE NOTES TO FINANCIAL STATEMENTS.
 
6
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
Brookfield Finance, Inc. (Canada)
3.90%, 1/25/2028
350
346
4.85%, 3/29/2029
411
410
4.70%, 9/20/2047
105
86
Charles Schwab Corp. (The)
(SOFR + 2.01%), 6.14%, 8/24/2034 (c)
145
151
(SOFR + 1.32%), 5.66%, 8/12/2037 (c)
1,725
1,719
Deutsche Bank AG (Germany)
(SOFR + 1.22%), 2.31%, 11/16/2027 (c)
650
647
(SOFR + 1.32%), 2.55%, 1/7/2028 (c)
1,300
1,290
(SOFR + 1.21%), 5.37%, 1/10/2029 (c)
1,720
1,731
(SOFR + 3.18%), 6.72%, 1/18/2029 (c)
296
303
5.41%, 5/10/2029
1,005
1,020
(SOFR + 2.51%), 6.82%, 11/20/2029 (c)
410
426
(SOFR + 1.70%), 5.00%, 9/11/2030 (c)
665
662
(SOFR + 1.72%), 5.30%, 5/9/2031 (c)
2,060
2,056
(SOFR + 1.30%), 4.95%, 8/4/2031 (c)
1,820
1,793
(SOFR + 3.04%), 3.55%, 9/18/2031 (c)
1,775
1,655
(SOFR + 1.10%), 4.47%, 12/10/2031 (c)
775
754
FMR LLC 6.45%, 11/15/2039 (b)
500
523
Goldman Sachs Group, Inc. (The)
(SOFR + 0.91%), 1.95%, 10/21/2027 (c)
870
867
(SOFR + 1.11%), 2.64%, 2/24/2028 (c)
1,260
1,249
(3-MONTH CME TERM SOFR + 1.42%), 3.81%,
4/23/2029 (c)
30
30
(SOFR + 1.21%), 5.05%, 7/23/2030 (c)
1,518
1,517
(SOFR + 1.14%), 4.69%, 10/23/2030 (c)
1,840
1,818
(SOFR + 1.58%), 5.22%, 4/23/2031 (c)
1,483
1,484
(SOFR + 0.96%), 4.52%, 1/21/2032 (c)
5,000
4,843
(SOFR + 1.09%), 1.99%, 1/27/2032 (c)
880
767
(SOFR + 1.28%), 2.62%, 4/22/2032 (c)
1,000
887
(SOFR + 1.03%), 4.97%, 6/3/2032 (c)
3,000
2,953
(SOFR + 1.25%), 2.38%, 7/21/2032 (c)
2,255
1,968
(SOFR + 1.17%), 5.24%, 7/21/2032 (c)
1,350
1,342
(SOFR + 1.34%), 5.09%, 4/20/2034 (c)
2,855
2,785
(SOFR + 1.55%), 5.33%, 7/23/2035 (c)
4,810
4,724
(SOFR + 1.38%), 5.54%, 1/28/2036 (c)
1,825
1,806
(SOFR + 1.33%), 4.94%, 10/21/2036 (c)
3,595
3,395
(SOFR + 1.19%), 5.07%, 1/21/2037 (c)
3,270
3,105
(SOFR + 1.31%), 5.43%, 6/3/2037 (c)
3,000
2,922
(SOFR + 1.45%), 5.66%, 7/21/2037 (c)
1,250
1,238
6.75%, 10/1/2037
685
723
(3-MONTH CME TERM SOFR + 1.63%), 4.02%,
10/31/2038 (c)
305
259
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Capital Markets — continued
Jefferies Financial Group, Inc. 6.45%, 6/8/2027
771
781
Macquarie Bank Ltd. (Australia) (US Treasury
Yield Curve Rate T Note Constant Maturity 5
Year + 1.70%), 3.05%, 3/3/2036 (b) (c) (d)
575
515
Macquarie Group Ltd. (Australia)
(3-MONTH CME TERM SOFR + 1.63%), 3.76%,
11/28/2028 (b) (c)
30
30
(SOFR + 1.44%), 2.69%, 6/23/2032 (b) (c)
115
102
(SOFR + 1.53%), 2.87%, 1/14/2033 (b) (c)
70
62
Moody's Corp. 3.25%, 5/20/2050
45
29
Morgan Stanley
3.59%, 7/22/2028 (e)
71
70
(SOFR + 1.45%), 5.17%, 1/16/2030 (c)
2,470
2,482
(3-MONTH CME TERM SOFR + 1.89%), 4.43%,
1/23/2030 (c)
180
178
(SOFR + 1.22%), 5.04%, 7/19/2030 (c)
615
616
Series I, (SOFR + 1.07%), 4.36%,
10/22/2031 (c)
4,065
3,932
(SOFR + 1.03%), 1.79%, 2/13/2032 (c)
1,740
1,501
(SOFR + 1.20%), 4.71%, 3/12/2032 (c)
3,165
3,090
(SOFRINDX + 1.18%), 4.81%, 4/16/2032 (c)
1,890
1,850
(SOFRINDX + 1.16%), 5.17%, 7/14/2032 (c)
1,020
1,012
(SOFR + 1.87%), 5.25%, 4/21/2034 (c)
140
138
(SOFR + 1.88%), 5.42%, 7/21/2034 (c)
1,820
1,811
(SOFR + 1.56%), 5.32%, 7/19/2035 (c)
870
857
Series I, (SOFR + 1.31%), 4.89%,
10/22/2036 (c)
1,715
1,621
(SOFR + 1.18%), 5.07%, 1/30/2037 (c)
3,180
3,032
(SOFRINDX + 1.41%), 5.30%, 4/10/2037 (c)
1,730
1,673
(SOFRINDX + 1.43%), 5.61%, 7/17/2037 (c)
900
891
(3-MONTH CME TERM SOFR + 1.69%), 4.46%,
4/22/2039 (c)
1,265
1,125
(SOFR + 1.49%), 3.22%, 4/22/2042 (c)
35
26
4.30%, 1/27/2045
485
393
(SOFR + 1.78%), 5.90%, 3/13/2047 (c)
6,000
5,842
Nasdaq, Inc. 5.55%, 2/15/2034
392
396
Nomura Holdings, Inc. (Japan)
2.68%, 7/16/2030
700
636
5.55%, 7/14/2036
2,380
2,326
Northern Trust Corp. (3-MONTH SOFR + 1.13%),
3.38%, 5/8/2032 (c)
8
8
State Street Corp.
(SOFR + 1.61%), 4.42%, 5/13/2033 (c)
40
39
(SOFR + 1.73%), 4.16%, 8/4/2033 (c)
70
66
(SOFR + 1.22%), 4.78%, 10/23/2036 (c)
1,050
995
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
7
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Capital Markets — continued
UBS Group AG (Switzerland)
(3-MONTH SOFR + 1.41%), 3.87%,
1/12/2029 (b) (c)
1,200
1,186
(SOFR + 1.06%), 4.40%, 9/23/2031 (b) (c)
1,020
991
(SOFR + 1.73%), 3.09%, 5/14/2032 (b) (c)
1,115
1,012
(SOFR + 1.29%), 4.84%, 11/6/2033 (b) (c)
3,010
2,911
(US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 2.00%), 6.30%,
9/22/2034 (b) (c)
539
562
(SOFR + 1.34%), 5.01%, 3/23/2037 (b) (c)
2,925
2,776
(SOFR + 1.34%), 5.20%, 8/10/2037 (b) (c)
2,630
2,518
 
108,729
Chemicals — 0.2%
CF Industries, Inc. 5.30%, 11/26/2035
770
749
Chevron Phillips Chemical Co. LLC 3.70%,
6/1/2028 (b)
30
29
Ecolab, Inc. 2.75%, 8/18/2055
6
3
International Flavors & Fragrances, Inc. 2.30%,
11/1/2030 (b)
3,500
3,133
Nutrien Ltd. (Canada)
4.20%, 4/1/2029
175
172
4.13%, 3/15/2035
470
422
5.35%, 5/29/2036
2,500
2,443
5.00%, 4/1/2049
230
197
5.80%, 3/27/2053
70
67
 
7,215
Commercial Services & Supplies — 0.1%
Element Fleet Management Corp. (Canada)
5.64%, 3/13/2027 (b)
2,690
2,702
6.32%, 12/4/2028 (b)
2,010
2,071
5.04%, 3/25/2030 (b)
1,120
1,115
Ford Foundation (The) Series 2020, 2.82%,
6/1/2070
365
195
JGWB Holdings, Inc. Class A, 0.00%,
2/15/2030 ‡ (e)
296
296
 
6,379
Communications Equipment — 0.0% ^
Cisco Systems, Inc. 5.30%, 2/26/2054
1,550
1,393
Motorola Solutions, Inc.
4.85%, 8/15/2030
155
153
5.65%, 8/17/2036
560
558
 
2,104
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Construction & Engineering — 0.2%
Quanta Services, Inc.
2.90%, 10/1/2030
1,440
1,321
2.35%, 1/15/2032
1,095
947
5.10%, 8/9/2035
1,730
1,667
5.55%, 8/9/2036
3,990
3,929
 
7,864
Construction Materials — 0.1%
CRH America, Inc. 5.13%, 5/18/2045 (b)
893
791
Eagle Materials, Inc. 2.50%, 7/1/2031
95
84
Martin Marietta Materials, Inc. 5.40%,
1/30/2034
3,650
3,649
 
4,524
Consumer Finance — 1.1%
Aercap Funding DAC (Ireland) 4.88%, 7/7/2031
1,705
1,673
AerCap Ireland Capital DAC (Ireland)
2.45%, 10/29/2026
1,560
1,555
6.10%, 1/15/2027
1,560
1,568
5.10%, 1/19/2029
235
236
5.38%, 12/15/2031
230
230
3.30%, 1/30/2032
3,145
2,838
4.75%, 1/15/2033
970
932
5.00%, 11/15/2035
760
722
Aircastle Ltd.
5.25%, 3/15/2030 (b)
811
809
5.00%, 9/15/2030 (b)
714
704
5.75%, 10/1/2031 (b)
986
998
American Express Co.
5.85%, 11/5/2027
1,470
1,492
(SOFR + 1.00%), 5.10%, 2/16/2028 (c)
1,500
1,504
(SOFR + 1.22%), 4.92%, 7/20/2033 (c)
665
653
(SOFRINDX + 1.32%), 5.44%, 1/30/2036 (c)
1,410
1,406
(SOFR + 1.79%), 5.67%, 4/25/2036 (c)
61
62
(SOFR + 1.24%), 4.80%, 10/24/2036 (c)
1,205
1,139
Avolon Holdings Funding Ltd. (Ireland)
2.53%, 11/18/2027 (b)
2,220
2,158
4.95%, 1/15/2028 (b)
1,871
1,874
5.75%, 3/1/2029 (b)
575
582
4.20%, 4/15/2029 (b)
1,210
1,181
5.75%, 11/15/2029 (b)
235
238
5.15%, 1/15/2030 (b)
2,345
2,331
4.90%, 10/10/2030 (b)
795
779
4.70%, 1/30/2031 (b)
1,370
1,333
4.95%, 10/15/2032 (b)
560
539
SEE NOTES TO FINANCIAL STATEMENTS.
 
8
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Consumer Finance — continued
4.85%, 4/1/2033 (b)
4,574
4,366
Capital One Financial Corp.
(SOFR + 2.64%), 6.31%, 6/8/2029 (c)
780
799
(SOFR + 1.91%), 5.70%, 2/1/2030 (c)
1,060
1,076
(SOFR + 2.86%), 6.38%, 6/8/2034 (c)
920
956
(SOFR + 1.63%), 5.20%, 9/11/2036 (c)
2,135
2,036
(SOFR + 1.51%), 5.40%, 1/30/2037 (c)
3,090
2,979
General Motors Financial Co., Inc. 5.80%,
6/23/2028
110
112
Medallion Financial Corp. Series QIB, 8.25%,
5/1/2031 (b)
6,500
6,482
Mitsubishi HC Finance America LLC (Japan)
5.81%, 9/12/2028 (b)
445
452
Synchrony Financial (SOFRINDX + 2.13%),
5.94%, 8/2/2030 (c)
1,500
1,521
 
50,315
Consumer Staples Distribution & Retail — 0.0% ^
Alimentation Couche-Tard, Inc. (Canada) 3.55%,
7/26/2027 (b)
60
60
Kroger Co. (The)
5.00%, 9/15/2034
510
493
5.00%, 4/15/2042
1,100
990
5.50%, 9/15/2054
440
395
 
1,938
Containers & Packaging — 0.1%
Amcor Flexibles North America, Inc. 5.13%,
3/12/2036
2,505
2,413
Packaging Corp. of America 4.05%, 12/15/2049
845
632
Sonoco Products Co. 4.60%, 9/1/2029
155
153
WRKCo, Inc.
3.90%, 6/1/2028
170
167
4.90%, 3/15/2029
20
20
 
3,385
Diversified — 0.1%
Ygrene Frn 8.50%, 7/25/2045 ‡ (b)
5,513
5,540
Diversified Consumer Services — 0.0% ^
Pepperdine University Series 2020, 3.30%,
12/1/2059
600
370
President and Fellows of Harvard College 3.30%,
7/15/2056
21
14
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Diversified Consumer Services — continued
University of Miami Series 2022, 4.06%,
4/1/2052
480
358
University of Southern California Series A, 3.23%,
10/1/2120
570
306
 
1,048
Diversified REITs — 0.1%
Equinix Europe 2 Financing Corp. LLC
4.60%, 11/15/2030
2,985
2,910
4.70%, 3/15/2033
550
523
Safehold GL Holdings LLC
2.80%, 6/15/2031
977
871
2.85%, 1/15/2032
70
62
WP Carey, Inc.
2.40%, 2/1/2031
65
58
2.25%, 4/1/2033
1,180
971
5.20%, 9/15/2036
1,115
1,069
 
6,464
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
1.65%, 2/1/2028
250
240
5.40%, 2/15/2034
230
228
5.13%, 4/30/2036
1,160
1,105
3.50%, 6/1/2041
1,646
1,220
3.50%, 9/15/2053
113
69
3.55%, 9/15/2055
5,551
3,365
6.20%, 10/30/2056
2,430
2,281
Beacon Point DC LLC 6.13%, 11/30/2042 (b)
8,300
7,878
Bell Telephone Co. of Canada or Bell Canada
(Canada) 5.45%, 11/15/2036
2,130
2,066
Comcast Corp.
3.90%, 3/1/2038
82
67
3.25%, 11/1/2039
1,800
1,314
3.45%, 2/1/2050
754
463
2.89%, 11/1/2051
3,286
1,760
2.94%, 11/1/2056
1,729
884
2.99%, 11/1/2063
259
126
RD Michigan Property Owner I LLC 7.50%,
3/30/2045 (b)
3,769
3,593
Sopaipilla Investor LLC 7.53%,
11/30/2048 (b) (f)
3,420
3,503
Space Exploration Technologies Corp.
5.35%, 7/15/2031 (b)
4,270
4,174
5.65%, 7/15/2033 (b)
4,180
4,033
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
9
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
5.88%, 7/15/2036 (b)
2,000
1,885
Telefonica Emisiones SA (Spain) 7.05%,
6/20/2036
40
43
Verizon Communications, Inc. 3.40%, 3/22/2041
1,060
790
 
41,087
Electric Utilities — 2.4%
AEP Texas, Inc. Series H, 3.45%, 1/15/2050
95
62
Alabama Power Co. 6.13%, 5/15/2038
250
261
Appalachian Power Recovery Funding LLC Series
A-3, 5.84%, 4/1/2046
1,920
1,899
Arizona Public Service Co. 5.05%, 9/1/2041
200
180
Baltimore Gas and Electric Co.
3.50%, 8/15/2046
395
277
2.90%, 6/15/2050
475
285
5.40%, 6/1/2053
65
59
CenterPoint Energy Houston Electric LLC 3.95%,
3/1/2048
15
11
DTE Electric Co. Series B, 3.25%, 4/1/2051
2,000
1,299
Duke Energy Carolinas LLC 4.25%, 12/15/2041
129
108
Duke Energy Corp.
2.55%, 6/15/2031
105
94
3.75%, 9/1/2046
985
706
6.10%, 9/15/2053
1,360
1,323
5.70%, 9/15/2055
1,260
1,155
Duke Energy Florida LLC 5.95%, 11/15/2052
1,414
1,380
Duke Energy Indiana LLC 3.75%, 5/15/2046
30
22
Duke Energy Progress LLC
4.10%, 5/15/2042
273
222
4.10%, 3/15/2043
125
101
2.90%, 8/15/2051
820
488
Duquesne Light Holdings, Inc.
3.62%, 8/1/2027 (b)
750
742
2.78%, 1/7/2032 (b)
85
74
Edison International
5.00%, 5/5/2028
605
604
5.45%, 6/15/2029
1,830
1,829
6.95%, 11/15/2029
1,020
1,053
Electricite de France SA (France)
5.95%, 4/22/2034 (b)
818
844
5.25%, 4/22/2036 (b)
207
198
Emera US Finance LP (Canada)
2.64%, 6/15/2031
2,501
2,227
4.75%, 6/15/2046
2,900
2,393
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Electric Utilities — continued
ENEL Finance International NV (Italy)
5.13%, 6/26/2029 (b)
770
775
5.50%, 6/26/2034 (b)
1,160
1,153
5.00%, 9/30/2035 (b)
1,155
1,098
Entergy Arkansas LLC 2.65%, 6/15/2051
415
233
Entergy Corp. 2.95%, 9/1/2026
346
346
Entergy Louisiana LLC
3.05%, 6/1/2031
629
578
2.90%, 3/15/2051
490
291
5.80%, 3/15/2055
1,040
985
Entergy Mississippi LLC 5.85%, 6/1/2054
635
603
Entergy Texas, Inc.
4.00%, 3/30/2029
85
83
5.80%, 9/1/2053
450
428
Evergy Kansas Central, Inc. 5.25%, 3/15/2035
120
118
Evergy Metro, Inc.
5.40%, 4/1/2034
461
461
5.30%, 10/1/2041
35
33
Evergy Missouri West Storm Funding I LLC Series
A-1, 5.10%, 12/1/2038
1,461
1,445
Evergy, Inc. 2.90%, 9/15/2029
524
494
Exelon Corp. 5.30%, 3/15/2033
1,000
996
Fells Point Funding Trust 3.05%, 1/31/2027 (b)
2,405
2,390
FirstEnergy Pennsylvania Electric Co.
3.25%, 3/15/2028 (b)
158
155
3.60%, 6/1/2029 (b)
60
58
FirstEnergy Transmission LLC 4.55%,
4/1/2049 (b)
240
191
Florida Power & Light Co. 5.40%, 9/1/2035
10
10
Fortis, Inc. (Canada) 3.06%, 10/4/2026
371
370
Georgia Power Co. 5.13%, 5/15/2052
75
66
Interstate Power and Light Co.
4.95%, 9/30/2034
480
462
5.45%, 9/30/2054
765
688
ITC Holdings Corp.
4.95%, 9/22/2027 (b)
1,565
1,569
2.95%, 5/14/2030 (b)
505
468
5.50%, 4/15/2036 (b)
660
650
5.30%, 7/1/2043
940
856
Jersey Central Power & Light Co.
5.10%, 1/15/2035
460
450
6.15%, 6/1/2037
10
10
Massachusetts Electric Co.
5.90%, 11/15/2039 (b)
15
15
SEE NOTES TO FINANCIAL STATEMENTS.
 
10
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
6.24%, 7/20/2056 (b)
1,135
1,113
MidAmerican Energy Co. 5.85%, 9/15/2054
620
598
Mid-Atlantic Interstate Transmission LLC 4.10%,
5/15/2028 (b)
10
10
Monongahela Power Co. 5.85%, 2/15/2034 (b)
420
431
Nevada Power Co.
Series N, 6.65%, 4/1/2036
100
107
5.38%, 9/15/2040
26
24
5.45%, 5/15/2041
305
290
6.00%, 3/15/2054
560
544
New England Power Co. 3.80%, 12/5/2047 (b)
11
8
NextEra Energy Capital Holdings, Inc.
3.55%, 5/1/2027
13
13
2.25%, 6/1/2030
30
27
5.55%, 3/15/2054
2,400
2,148
Niagara Mohawk Power Corp.
1.96%, 6/27/2030 (b)
1,000
896
5.66%, 1/17/2054 (b)
460
418
6.00%, 7/3/2055 (b)
470
448
NRG Energy, Inc.
2.45%, 12/2/2027 (b)
795
772
4.45%, 6/15/2029 (b)
615
602
5.41%, 10/15/2035 (b)
2,500
2,388
Oncor Electric Delivery Co. LLC 5.75%,
3/15/2029
110
112
Pacific Gas and Electric Co.
6.40%, 6/15/2033
1,011
1,048
5.80%, 5/15/2034
2,280
2,282
5.70%, 3/1/2035
8,045
7,933
6.00%, 8/15/2035
3,090
3,111
4.20%, 6/1/2041
695
547
3.75%, 8/15/2042 (f)
308
224
4.30%, 3/15/2045
525
397
6.75%, 1/15/2053
70
70
5.90%, 10/1/2054
260
234
PECO Energy Co. 2.80%, 6/15/2050
410
243
Pepco Holdings LLC 7.45%, 8/15/2032
316
342
PG&E Recovery Funding LLC
Series A-2, 5.23%, 6/1/2042
1,510
1,474
Series A-3, 5.54%, 7/15/2047
1,360
1,299
Series A-3, 5.53%, 6/1/2049
1,345
1,289
PG&E Wildfire Recovery Funding LLC
Series A-2, 4.26%, 6/1/2036
640
601
Series A-4, 5.21%, 12/1/2047
420
386
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Electric Utilities — continued
Series A-5, 5.10%, 6/1/2052
795
699
PNM Energy Transition Bond Co. I LLC Series A-2,
6.03%, 8/15/2048
2,605
2,632
Potomac Electric Power Co. 6.50%, 11/15/2037
1,085
1,161
PPL Capital Funding, Inc. 5.25%, 9/1/2034
765
752
PPL Electric Utilities Corp. 5.25%, 5/15/2053
890
793
Progress Energy, Inc. 7.00%, 10/30/2031
300
324
Public Service Co. of Colorado 3.55%,
6/15/2046
214
148
Public Service Co. of Oklahoma
5.25%, 1/15/2033
970
963
5.20%, 1/15/2035
343
334
Series G, 6.63%, 11/15/2037
2,490
2,597
Series K, 3.15%, 8/15/2051
25
16
Public Service Electric and Gas Co.
5.38%, 11/1/2039
317
305
3.00%, 3/1/2051
1,925
1,196
SCE Recovery Funding LLC
Series A-1, 4.70%, 6/15/2040
1,028
987
Series A-1, 5.39%, 12/15/2043
1,670
1,675
5.34%, 3/15/2045
1,480
1,436
Series A-2, 5.11%, 12/15/2047
505
453
Series A-2, 6.04%, 12/15/2052
2,560
2,573
Series A-3, 6.09%, 6/15/2059
2,465
2,500
Sierra Pacific Power Co. 5.90%, 3/15/2054
1,030
989
Sigeco Securitization I LLC
Series A1, 5.03%, 11/15/2036
766
757
Series A2, 5.17%, 5/15/2041
107
103
Southern California Edison Co.
5.85%, 11/1/2027
1,695
1,715
Series B, 3.65%, 3/1/2028
400
392
Series 05-B, 5.55%, 1/15/2036
10
10
Series 08-A, 5.95%, 2/1/2038
200
197
4.05%, 3/15/2042
567
432
5.75%, 4/15/2054
1,755
1,551
5.90%, 3/1/2055
415
373
Southern Co. (The) 5.70%, 3/15/2034
1,825
1,850
Southwestern Public Service Co. 4.50%,
8/15/2041
200
173
Toledo Edison Co. (The) 6.15%, 5/15/2037
300
316
Virginia Electric and Power Co. 5.70%,
8/15/2053
2,120
1,978
Vistra Operations Co. LLC
4.38%, 5/1/2029 (b)
2,000
1,956
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
11
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Electric Utilities — continued
6.00%, 4/15/2034 (b)
221
222
5.70%, 12/30/2034 (b)
610
602
5.25%, 10/15/2035 (b)
3,360
3,197
5.35%, 1/31/2036 (b)
1,265
1,208
Wisconsin Public Service Corp. 3.30%, 9/1/2049
50
33
 
110,451
Electrical Equipment — 0.1%
Eaton Corp. 4.80%, 3/6/2036
3,015
2,882
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp. 5.30%, 11/15/2055
2,030
1,839
Corning, Inc. 3.90%, 11/15/2049
1,043
748
nVent Finance SARL (United Kingdom) 4.55%,
4/15/2028
465
462
 
3,049
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC 5.00%, 6/15/2036
2,170
2,084
Halliburton Co. 4.75%, 8/1/2043
540
461
NOV, Inc. 3.60%, 12/1/2029
155
149
Schlumberger Holdings Corp.
3.90%, 5/17/2028 (b)
20
20
4.30%, 5/1/2029 (b)
35
35
 
2,749
Financial Services — 1.5%
BCAP LLC Trust 0.00%, 9/17/2027 ‡
11,013
11,026
BG Beta I Ltd. (Cayman Islands) 0.00%,
7/16/2054 ‡ (e)
3,920
3,835
CFIN 2022-RTL1 Issuer LLC Class A, 0.00%,
8/17/2027 ‡
10,591
10,578
Corebridge Financial, Inc.
3.65%, 4/5/2027
770
766
3.85%, 4/5/2029
545
530
Fidelity National Information Services, Inc.
4.80%, 3/10/2031
1,441
1,411
3.10%, 3/1/2041
50
35
Fiserv, Inc.
2.65%, 6/1/2030
125
114
5.15%, 8/12/2034
3,200
3,040
Global Payments, Inc.
3.20%, 8/15/2029
945
893
2.90%, 5/15/2030
273
250
4.88%, 11/15/2030
371
361
2.90%, 11/15/2031
647
565
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Financial Services — continued
5.20%, 11/15/2032
3,135
3,025
5.40%, 3/15/2033
2,072
2,015
5.55%, 11/15/2035
1,560
1,489
Goodleap LLC Class A, 0.00%, 7/15/2038 ‡
19,438
19,925
Jackson Financial, Inc. 4.00%, 11/23/2051
85
56
Nationwide Building Society (United Kingdom)
(SOFR + 1.29%), 2.97%, 2/16/2028 (b) (c)
200
198
(SOFR + 1.10%), 5.05%, 7/14/2032 (b) (c)
3,995
3,933
NTT Finance Corp. (Japan)
5.26%, 11/1/2033 (b)
1,445
1,415
5.48%, 11/1/2036 (b)
1,505
1,464
Siemens Financieringsmaatschappij NV (Germany)
4.40%, 5/27/2045 (b)
513
432
Street Capital Group, Inc. (Canada) 0.00%,
2/15/2030 ‡
3,228
3,228
 
70,584
Food Products — 0.5%
Bimbo Bakeries USA, Inc. (Mexico)
6.05%, 1/15/2029 (b)
200
204
5.38%, 1/9/2036 (b)
200
195
Bunge Ltd. Finance Corp.
3.20%, 4/21/2031
1,500
1,385
2.75%, 5/14/2031
1,725
1,558
4.65%, 9/17/2034
1,410
1,340
5.15%, 8/4/2035
1,300
1,262
JBS NV
3.75%, 12/1/2031
1,305
1,207
6.75%, 3/15/2034
125
134
5.95%, 4/20/2035
545
551
5.50%, 1/15/2036
1,725
1,680
5.63%, 3/10/2037 (b)
420
408
6.50%, 12/1/2052
1,240
1,202
6.38%, 2/25/2055
1,345
1,285
6.38%, 4/15/2066
1,840
1,726
Kraft Heinz Foods Co.
5.00%, 7/15/2035
2,000
1,911
4.63%, 10/1/2039
850
736
4.38%, 6/1/2046
665
517
4.88%, 10/1/2049
2,080
1,694
Mars, Inc.
5.20%, 3/1/2035 (b)
90
89
SEE NOTES TO FINANCIAL STATEMENTS.
 
12
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Food Products — continued
5.65%, 5/1/2045 (b)
2,335
2,239
Tyson Foods, Inc. 5.70%, 3/15/2034
920
932
 
22,255
Gas Utilities — 0.1%
Atmos Energy Corp.
4.15%, 1/15/2043
828
681
4.13%, 10/15/2044
140
113
Boston Gas Co. 4.49%, 2/15/2042 (b)
308
257
Brooklyn Union Gas Co. (The) 4.27%,
3/15/2048 (b)
460
346
ONE Gas, Inc. 2.00%, 5/15/2030
15
13
Southern California Gas Co.
Series VV, 4.30%, 1/15/2049
65
51
6.35%, 11/15/2052
1,370
1,390
Southwest Gas Corp. 3.80%, 9/29/2046
9
6
 
2,857
Ground Transportation — 0.1%
Burlington Northern Santa Fe LLC
7.29%, 6/1/2036
25
29
5.40%, 6/1/2041
70
68
4.38%, 9/1/2042
375
320
3.55%, 2/15/2050
465
323
Canadian Pacific Railway Co. (Canada) 4.70%,
5/1/2048
712
600
CSX Corp.
4.10%, 3/15/2044
190
153
4.30%, 3/1/2048
105
84
3.35%, 9/15/2049
95
64
Norfolk Southern Corp.
2.90%, 8/25/2051
40
24
4.05%, 8/15/2052
730
539
Uber Technologies, Inc.
4.80%, 9/15/2034
720
688
5.35%, 9/15/2054
240
212
Union Pacific Corp. 4.10%, 9/15/2067
10
7
 
3,111
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories 4.75%, 11/30/2036
380
363
Solventum Corp. 5.60%, 3/23/2034
3,190
3,203
 
3,566
Health Care Providers & Services — 1.0%
Aetna, Inc. 6.75%, 12/15/2037
475
506
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Health Care Providers & Services — continued
Ascension Health Series B, 2.53%, 11/15/2029
430
400
Beth Israel Lahey Health, Inc. Series L, 3.08%,
7/1/2051
35
22
Cardinal Health, Inc.
5.35%, 11/15/2034
75
74
5.15%, 9/15/2035
2,780
2,707
Cencora, Inc.
2.70%, 3/15/2031
150
136
4.60%, 2/13/2033
3,000
2,896
5.13%, 2/15/2034
1,650
1,623
Children's Hospital Series 2020, 2.93%,
7/15/2050
650
409
Children's Hospital Corp. (The) Series 2020,
2.59%, 2/1/2050
580
337
Cigna Group (The)
5.13%, 5/15/2031
1,080
1,084
5.25%, 1/15/2036
1,428
1,395
3.20%, 3/15/2040
1,684
1,270
3.40%, 3/15/2051
50
33
CommonSpirit Health
2.78%, 10/1/2030
550
502
3.91%, 10/1/2050
545
389
CVS Health Corp.
4.30%, 3/25/2028
171
170
5.25%, 2/21/2033
1,400
1,395
4.78%, 3/25/2038
108
98
CVS Pass-Through Trust Series 2013, 4.70%,
1/10/2036 (b)
444
410
Elevance Health, Inc.
4.63%, 5/15/2042
500
429
4.65%, 1/15/2043
535
457
4.65%, 8/15/2044
100
84
Hackensack Meridian Health, Inc. Series 2020,
2.68%, 9/1/2041
1,430
992
HCA, Inc.
3.63%, 3/15/2032
651
599
5.60%, 4/1/2034
1,175
1,180
5.75%, 3/1/2035
1,259
1,269
4.90%, 11/15/2035
1,880
1,778
5.30%, 5/15/2036
5,000
4,837
5.13%, 6/15/2039
725
672
5.50%, 6/15/2047
650
583
3.50%, 7/15/2051
589
378
4.63%, 3/15/2052
1,385
1,073
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
13
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
5.95%, 9/15/2054
600
560
6.10%, 4/1/2064
1,075
1,014
Mayo Clinic Series 2016, 4.13%, 11/15/2052
225
174
Memorial Health Services 3.45%, 11/1/2049
1,340
897
Memorial Sloan-Kettering Cancer Center Series
2015, 4.20%, 7/1/2055
200
152
MyMichigan Health Series 2020, 3.41%,
6/1/2050
310
208
Quest Diagnostics, Inc.
2.95%, 6/30/2030
25
23
2.80%, 6/30/2031
60
54
Texas Health Resources 4.33%, 11/15/2055
300
239
Triad Holdings III LLC 0.00%, 4/1/2052 ‡
10,714
10,821
UnitedHealth Group, Inc.
3.50%, 8/15/2039
815
651
3.25%, 5/15/2051
560
359
5.88%, 2/15/2053
650
625
Yale-New Haven Health Services Corp. Series
2020, 2.50%, 7/1/2050
780
436
 
46,400
Health Care REITs — 0.1%
Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029
60
56
2.00%, 5/18/2032
980
814
1.88%, 2/1/2033
130
104
DOC DR LLC
3.95%, 1/15/2028
55
54
2.63%, 11/1/2031
505
445
Healthpeak OP LLC 3.50%, 7/15/2029
772
741
Ventas Realty LP
3.25%, 10/15/2026
299
299
3.85%, 4/1/2027
560
558
2.50%, 9/1/2031
120
106
Welltower OP LLC
2.80%, 6/1/2031
110
100
6.50%, 3/15/2041
350
375
 
3,652
Hotels, Restaurants & Leisure — 0.0% ^
McDonald's Corp.
6.30%, 10/15/2037
8
8
5.15%, 9/9/2052
65
57
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Hotels, Restaurants & Leisure — continued
5.45%, 8/14/2053
1,060
974
Starbucks Corp. 4.90%, 2/15/2031
1,000
1,000
 
2,039
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The) 5.80%, 3/15/2032
3,580
3,590
Alexander Funding Trust II 7.47%,
7/31/2028 (b)
1,280
1,329
Constellation Energy Generation LLC
5.80%, 3/1/2033
280
287
5.75%, 10/1/2041
235
230
5.60%, 6/15/2042
150
143
6.50%, 10/1/2053
1,190
1,222
Southern Power Co. 5.15%, 9/15/2041
15
14
 
6,815
Industrial Conglomerates — 0.1%
DuPont de Nemours, Inc. 5.32%, 11/15/2038
4,004
3,855
Industrial REITs — 0.0% ^
Goodman US Finance Eight LLC (Australia)
5.88%, 4/28/2046 (b)
570
541
Prologis LP
2.88%, 11/15/2029
380
358
3.00%, 4/15/2050
905
566
 
1,465
Insurance — 0.4%
AIA Group Ltd. (Hong Kong) 3.20%,
9/16/2040 (b)
520
382
American General Global Financing X 6.90%,
3/15/2032 (b)
520
558
Aon Corp.
5.35%, 2/28/2033
65
65
2.90%, 8/23/2051
140
81
Aon North America, Inc.
5.45%, 3/1/2034
1,990
1,977
5.75%, 3/1/2054
590
544
Athene Global Funding
2.95%, 11/12/2026 (b)
3,475
3,464
5.32%, 11/13/2031 (b)
115
113
Berkshire Hathaway Finance Corp.
4.30%, 5/15/2043
100
85
3.85%, 3/15/2052
845
607
CNO Global Funding 4.95%, 9/9/2029 (b)
1,400
1,393
SEE NOTES TO FINANCIAL STATEMENTS.
 
14
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Insurance — continued
Corebridge Global Funding
5.20%, 6/24/2029 (b)
1,290
1,297
4.90%, 8/21/2032 (b)
95
92
F&G Annuities & Life, Inc.
7.40%, 1/13/2028
563
576
6.50%, 6/4/2029
1,525
1,543
Great-West Lifeco Finance Delaware LP (Canada)
4.15%, 6/3/2047 (b)
20
15
Guardian Life Insurance Co. of America (The)
4.85%, 1/24/2077 (b)
208
164
Hanover Insurance Group, Inc. (The) 2.50%,
9/1/2030
500
450
Hartford Insurance Group, Inc. (The) 4.30%,
4/15/2043
420
345
Liberty Mutual Insurance Co. 7.88%,
10/15/2026 (b)
15
15
Manulife Financial Corp. (Canada) (USD ICE Swap
Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (c)
30
30
Markel Group, Inc. 5.00%, 5/20/2049
20
17
MetLife, Inc. 5.00%, 7/15/2052
30
26
Pacific Life Insurance Co. (3-MONTH SOFR +
2.80%), 4.30%, 10/24/2067 (b) (c)
266
202
Principal Financial Group, Inc. 4.11%,
2/15/2028 (b)
838
830
Principal Life Global Funding II 5.10%,
1/25/2029 (b)
800
803
Prudential Financial, Inc. 3.91%, 12/7/2047
300
222
Swiss Re Finance Luxembourg SA (Switzerland)
(US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 3.58%), 5.00%,
4/2/2049 (b) (c)
200
198
Teachers Insurance & Annuity Association of America
4.90%, 9/15/2044 (b)
10
9
4.27%, 5/15/2047 (b)
415
320
6.05%, 6/15/2056 (b)
4,640
4,471
 
20,894
Interactive Media & Services — 0.3%
Alphabet, Inc.
5.50%, 2/15/2046
1,435
1,333
5.65%, 2/15/2056
2,110
1,930
5.75%, 2/15/2066
1,295
1,163
Meta Platforms, Inc.
5.25%, 5/15/2036
2,665
2,565
5.50%, 11/15/2045
2,950
2,560
5.60%, 5/15/2053
1,350
1,135
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Interactive Media & Services — continued
5.40%, 8/15/2054
875
709
5.63%, 11/15/2055
1,775
1,479
6.30%, 5/15/2056
2,900
2,670
 
15,544
IT Services — 0.2%
Accenture Capital, Inc. 4.50%, 10/4/2034
510
477
Beignet Investor LLC 6.58%, 5/30/2049 (b)
5,971
5,721
CGI, Inc. (Canada)
1.45%, 9/14/2026
843
842
2.30%, 9/14/2031
1,515
1,308
 
8,348
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 4.90%, 2/12/2036
2,485
2,392
Machinery — 0.0% ^
Parker-Hannifin Corp.
4.45%, 11/21/2044
592
495
4.10%, 3/1/2047
8
6
 
501
Media — 0.2%
Charter Communications Operating LLC
6.38%, 10/23/2035
528
515
7.34%, 9/1/2041 (b)
2,855
2,834
Cox Communications, Inc. 2.95%, 10/1/2050 (b)
635
322
Time Warner Cable Enterprises LLC 8.38%,
7/15/2033
735
802
Time Warner Cable LLC
6.55%, 5/1/2037
400
385
5.88%, 11/15/2040
2,720
2,361
5.50%, 9/1/2041
934
777
 
7,996
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa)
5.75%, 4/5/2034 (b)
2,635
2,666
5.25%, 3/19/2036 (b)
380
366
Corp. Nacional del Cobre de Chile (Chile) 6.44%,
1/26/2036 (b)
917
955
Glencore Funding LLC (Australia)
2.63%, 9/23/2031 (b)
40
35
5.63%, 4/4/2034 (b)
1,080
1,085
5.51%, 4/1/2036 (b)
3,460
3,403
Nucor Corp. 2.98%, 12/15/2055
20
12
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
15
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Metals & Mining — continued
Rio Tinto Finance USA plc (Australia) 4.88%,
3/14/2030
157
157
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030
675
639
 
9,318
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Resurgent 0.00%, 7/1/2030 ‡
3,000
3,000
Multi-Utilities — 0.3%
Ameren Corp. 3.50%, 1/15/2031
125
117
Ameren Illinois Co. 5.55%, 7/1/2054
1,650
1,532
CenterPoint Energy, Inc. 2.95%, 3/1/2030
40
37
Consolidated Edison Co. of New York, Inc.
Series 12-A, 4.20%, 3/15/2042
9
8
3.20%, 12/1/2051
1,090
683
Delmarva Power & Light Co. 4.00%, 6/1/2042
235
186
Dominion Energy, Inc.
Series F, 5.25%, 8/1/2033
940
928
5.35%, 6/15/2036
2,040
1,981
New York State Electric & Gas Corp. 3.25%,
12/1/2026 (b)
11
11
NiSource, Inc. 1.70%, 2/15/2031
765
662
PG&E Energy Recovery Funding LLC Series A-3,
2.82%, 7/15/2046
50
35
Public Service Enterprise Group, Inc. 1.60%,
8/15/2030
40
35
Puget Energy, Inc.
2.38%, 6/15/2028
20
19
5.73%, 3/15/2035
715
706
San Diego Gas & Electric Co.
3.95%, 11/15/2041
379
304
2.95%, 8/15/2051
1,050
636
5.35%, 4/1/2053
75
66
Series EEEE, 5.95%, 3/15/2056
760
734
Sempra 5.25%, 3/15/2036
2,500
2,405
Southern Co. Gas Capital Corp.
5.75%, 9/15/2033
760
775
Series B, 5.10%, 9/15/2035
975
941
5.88%, 3/15/2041
11
11
4.40%, 6/1/2043
23
19
3.95%, 10/1/2046
9
7
Series 21A, 3.15%, 9/30/2051
420
263
WEC Energy Group, Inc. 5.60%, 9/12/2026
28
28
 
13,129
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Office REITs — 0.0% ^
COPT Defense Properties LP 2.00%, 1/15/2029
335
313
Oil, Gas & Consumable Fuels — 1.2%
Aker BP ASA (Norway)
5.13%, 10/1/2034 (b)
660
640
5.80%, 10/1/2054 (b)
360
327
BP Capital Markets America, Inc.
4.81%, 2/13/2033
210
206
2.94%, 6/4/2051
1,995
1,213
Cameron LNG LLC 3.70%, 1/15/2039 (b)
961
793
Cheniere Energy Partners LP 5.55%,
10/30/2035
780
777
Cheniere Energy, Inc.
5.65%, 4/15/2034
690
696
5.20%, 7/30/2036 (b)
1,955
1,885
6.00%, 7/30/2056 (b)
1,000
965
Columbia Pipelines Holding Co. LLC 5.10%,
10/1/2031 (b)
481
475
Columbia Pipelines Operating Co. LLC
5.44%, 2/15/2035 (b)
3,565
3,530
5.96%, 2/15/2055 (b)
2,415
2,305
ConocoPhillips Co.
5.05%, 9/15/2033
95
95
5.50%, 1/15/2055
1,500
1,382
Devon Energy Corp.
3.90%, 5/15/2027 (b)
935
932
5.60%, 3/15/2034 (b)
75
76
5.40%, 2/15/2035 (b)
1,250
1,241
5.75%, 9/15/2054
558
523
DT Midstream, Inc. 4.30%, 4/15/2032 (b)
900
848
Eastern Energy Gas Holdings LLC 6.20%,
1/15/2055
760
748
Eastern Gas Transmission & Storage, Inc. 3.90%,
11/15/2049
807
569
Enbridge, Inc. (Canada)
5.70%, 3/8/2033
1,090
1,110
5.63%, 4/5/2034
1,350
1,363
5.45%, 3/27/2036
2,000
1,973
4.50%, 6/10/2044
110
91
Energy Transfer LP
4.95%, 5/15/2028
80
80
5.25%, 7/1/2029
1,450
1,464
4.15%, 9/15/2029
1,006
984
5.35%, 1/15/2036
997
973
6.05%, 6/1/2041
30
30
SEE NOTES TO FINANCIAL STATEMENTS.
 
16
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
6.10%, 2/15/2042
420
413
5.30%, 4/1/2044
170
151
6.00%, 6/15/2048
775
730
6.25%, 4/15/2049
800
775
Eni SpA (Italy)
5.70%, 10/1/2040 (b)
925
883
6.00%, 5/18/2056 (b)
2,950
2,816
Eni USA, Inc. (Italy) 7.30%, 11/15/2027
15
15
Enterprise Products Operating LLC
5.10%, 2/15/2045
100
90
4.95%, 10/15/2054
6
5
EOG Resources, Inc. 5.35%, 1/15/2036
80
79
Exxon Mobil Corp.
3.00%, 8/16/2039
1,015
784
3.57%, 3/6/2045
1,215
905
4.11%, 3/1/2046
15
12
Galaxy Pipeline Assets Bidco Ltd. (United Arab
Emirates) 2.94%, 9/30/2040 (b)
934
758
Kinder Morgan, Inc.
7.80%, 8/1/2031
1,151
1,282
5.05%, 2/15/2046
1,910
1,659
3.25%, 8/1/2050
20
13
Marathon Petroleum Corp. 4.75%, 9/15/2044
65
55
MPLX LP
4.50%, 4/15/2038
8
7
4.95%, 3/14/2052
520
425
Northern Natural Gas Co. 5.63%, 2/1/2054 (b)
240
221
Occidental Petroleum Corp. 4.30%, 8/15/2039
352
298
ONEOK Partners LP 6.65%, 10/1/2036
370
396
ONEOK, Inc.
4.75%, 10/15/2031
2,125
2,078
5.20%, 7/15/2048
30
26
Pioneer Natural Resources Co.
1.90%, 8/15/2030
1,050
938
2.15%, 1/15/2031
4,300
3,829
Plains All American Pipeline LP 4.70%,
1/15/2031
630
618
Shell Finance US, Inc. 3.13%, 11/7/2049
60
39
South Bow USA Infrastructure Holdings LLC (Canada)
4.91%, 9/1/2027
375
375
5.03%, 10/1/2029
430
428
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038
677
730
Targa Resources Corp. 4.90%, 9/15/2030
2,388
2,370
TC PipeLines LP 3.90%, 5/25/2027
7
7
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Oil, Gas & Consumable Fuels — continued
TotalEnergies Capital International SA (France)
3.46%, 2/19/2029
40
39
2.99%, 6/29/2041
1,200
874
3.46%, 7/12/2049
815
559
3.13%, 5/29/2050
1,180
759
Valero Energy Corp.
7.50%, 4/15/2032
10
11
3.65%, 12/1/2051
115
78
Western Midstream Operating LP 5.25%,
2/1/2050 (f)
415
350
 
55,174
Passenger Airlines — 0.0% ^
United Airlines Pass-Through Trust Series 2016-2,
Class A, 3.10%, 10/7/2028
775
746
Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom)
6.45%, 9/15/2037
300
324
4.00%, 9/18/2042
240
196
Bristol-Myers Squibb Co.
5.90%, 11/15/2033
35
36
4.25%, 10/26/2049
1,004
779
3.70%, 3/15/2052
1,015
707
5.55%, 2/22/2054
1,160
1,077
Eli Lilly & Co.
5.00%, 2/9/2054
960
842
5.70%, 5/20/2066
1,120
1,068
Merck & Co., Inc.
4.00%, 3/7/2049
860
649
2.90%, 12/10/2061
965
526
Novartis Capital Corp. 5.70%, 3/18/2056
640
621
Pfizer Investment Enterprises Pte. Ltd. 5.34%,
5/19/2063
1,935
1,689
Shire Acquisitions Investments Ireland DAC
3.20%, 9/23/2026
5
5
Takeda Pharmaceutical Co. Ltd. (Japan)
5.65%, 7/5/2044
422
404
3.18%, 7/9/2050
1,486
944
 
9,867
Residential REITs — 0.1%
ERP Operating LP 4.95%, 6/15/2032
101
100
Essex Portfolio LP 2.65%, 3/15/2032
2,000
1,749
Mid-America Apartments LP
3.95%, 3/15/2029
920
900
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
17
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Residential REITs — continued
1.70%, 2/15/2031
30
26
4.65%, 1/15/2033
790
762
UDR, Inc.
2.95%, 9/1/2026
388
388
3.00%, 8/15/2031
305
276
2.10%, 8/1/2032
710
595
3.10%, 11/1/2034
30
25
 
4,821
Retail REITs — 0.1%
Brixmor Operating Partnership LP
2.25%, 4/1/2028
840
807
2.50%, 8/16/2031
470
414
Kimco Realty OP LLC 1.90%, 3/1/2028
160
154
NNN REIT, Inc.
3.60%, 12/15/2026
16
16
4.30%, 10/15/2028
620
614
5.60%, 10/15/2033
600
605
5.50%, 6/15/2034
170
170
Realty Income Corp.
3.25%, 1/15/2031
35
32
4.65%, 3/15/2047
8
7
 
2,819
Semiconductors & Semiconductor Equipment — 0.5%
Broadcom, Inc.
1.95%, 2/15/2028
2,500
2,406
4.75%, 4/15/2029
25
25
4.55%, 2/15/2032
1,904
1,823
3.14%, 11/15/2035
1,413
1,137
4.80%, 2/15/2036
241
221
3.50%, 2/15/2041
3,950
2,934
Foundry JV Holdco LLC
6.10%, 1/25/2036 (b)
699
713
6.20%, 1/25/2037 (b)
990
1,014
Intel Corp.
3.73%, 12/8/2047
580
398
3.25%, 11/15/2049
1,390
856
5.70%, 2/10/2053
590
527
KLA Corp.
3.30%, 3/1/2050
600
395
4.95%, 7/15/2052
135
116
Marvell Technology, Inc.
5.75%, 2/15/2029
1,360
1,386
2.95%, 4/15/2031
1,405
1,272
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Semiconductors & Semiconductor Equipment — continued
5.45%, 7/15/2035
4,818
4,740
NXP BV (Netherlands)
4.40%, 6/1/2027
25
25
3.25%, 5/11/2041
1,445
1,044
3.25%, 11/30/2051
682
426
 
21,458
Software — 0.4%
Cadence Design Systems, Inc. 4.30%, 9/10/2029
10
10
Microsoft Corp. 2.92%, 3/17/2052
26
16
Oracle Corp.
4.80%, 9/26/2032
2,120
1,960
4.90%, 2/6/2033
1,300
1,197
4.30%, 7/8/2034
10
9
3.90%, 5/15/2035
8
7
5.70%, 2/4/2036
1,830
1,692
3.85%, 7/15/2036
12
10
3.80%, 11/15/2037
20
15
3.60%, 4/1/2040
1,000
693
5.88%, 9/26/2045
1,425
1,175
6.55%, 2/4/2046
700
625
3.60%, 4/1/2050
355
206
3.95%, 3/25/2051
700
425
4.38%, 5/15/2055
4,900
3,092
6.70%, 2/4/2056
2,825
2,488
6.85%, 2/4/2066
1,595
1,400
Roper Technologies, Inc.
3.80%, 12/15/2026
7
7
2.00%, 6/30/2030
25
22
4.90%, 10/15/2034
1,940
1,842
Synopsys, Inc.
5.15%, 4/1/2035
158
153
5.70%, 4/1/2055
1,415
1,310
VMware LLC
1.80%, 8/15/2028
30
28
2.20%, 8/15/2031
160
139
 
18,521
Specialized REITs — 0.3%
American Tower Corp.
3.38%, 10/15/2026
312
312
3.80%, 8/15/2029
90
87
2.10%, 6/15/2030
630
565
1.88%, 10/15/2030
1,090
960
4.70%, 12/15/2032
1,235
1,192
SEE NOTES TO FINANCIAL STATEMENTS.
 
18
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Specialized REITs — continued
3.10%, 6/15/2050
496
307
2.95%, 1/15/2051
324
193
Crown Castle, Inc.
4.00%, 3/1/2027
264
263
2.10%, 4/1/2031
2,000
1,739
Equinix, Inc.
3.20%, 11/18/2029
65
62
5.50%, 8/15/2033
4,000
3,952
Extra Space Storage LP
3.90%, 4/1/2029
30
29
4.00%, 6/15/2029
869
847
2.40%, 10/15/2031
45
39
SBA Communications Corp.
5.15%, 7/15/2031
2,360
2,340
5.45%, 7/15/2033
1,710
1,687
 
14,574
Specialty Retail — 0.0% ^
AutoZone, Inc.
1.65%, 1/15/2031
765
662
5.40%, 7/15/2034
760
757
Home Depot, Inc. (The) 4.25%, 4/1/2046
150
120
Lowe's Cos., Inc. 4.05%, 5/3/2047
130
97
O'Reilly Automotive, Inc.
3.60%, 9/1/2027
432
428
1.75%, 3/15/2031
55
48
 
2,112
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045
20
15
3.85%, 8/4/2046
26
20
3.75%, 9/12/2047
50
37
4.10%, 8/8/2062
1,200
871
Dell International LLC
4.90%, 10/1/2026
1,265
1,265
5.25%, 2/1/2028
1,245
1,254
5.30%, 4/1/2032
3,215
3,219
3.45%, 12/15/2051
61
40
 
6,721
Tobacco — 0.1%
Altria Group, Inc. 2.45%, 2/4/2032
1,700
1,479
BAT Capital Corp. (United Kingdom)
4.39%, 8/15/2037
1,730
1,536
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Tobacco — continued
4.54%, 8/15/2047
14
11
Reynolds American, Inc. (United Kingdom)
7.00%, 8/4/2041
100
106
5.85%, 8/15/2045
180
171
 
3,303
Trading Companies & Distributors — 0.1%
Aviation Capital Group LLC
1.95%, 9/20/2026 (b)
120
120
3.50%, 11/1/2027 (b)
30
29
5.38%, 7/15/2029 (b)
2,400
2,415
5.13%, 4/10/2030 (b)
825
821
WW Grainger, Inc. 4.60%, 6/15/2045
7
6
 
3,391
Water Utilities — 0.0% ^
American Water Capital Corp. 3.45%, 5/1/2050
1,096
736
Wireless Telecommunication Services — 0.1%
T-Mobile USA, Inc.
3.88%, 4/15/2030
2,980
2,864
5.15%, 4/15/2034
230
225
4.50%, 4/15/2050
30
23
3.30%, 2/15/2051
125
77
3.40%, 10/15/2052
1,525
940
3.60%, 11/15/2060
915
553
 
4,682
Total Corporate Bonds
(Cost $1,217,687)
1,163,654
Mortgage-Backed Securities — 18.4%
FHLMC
Pool # 846812, ARM, 5.86%, 4/1/2030 (e)
—
—
Pool # 420195, ARM, 5.45%, 11/1/2030 (e)
2
2
Pool # 789262, ARM, 6.10%, 12/1/2031 (e)
2
2
Pool # 781087, ARM, 5.86%, 12/1/2033 (e)
37
38
Pool # 1B1665, ARM, 5.94%, 4/1/2034 (e)
34
35
Pool # 847356, ARM, 6.19%, 12/1/2034 (e)
36
37
Pool # 782979, ARM, 5.87%, 1/1/2035 (e)
48
50
Pool # 1Q0001, ARM, 6.43%, 1/1/2036 (e)
1
1
Pool # 1Q0025, ARM, 6.04%, 2/1/2036 (e)
15
15
Pool # 848431, ARM, 6.13%, 2/1/2036 (e)
22
22
Pool # 1J1380, ARM, 6.74%, 3/1/2036 (e)
—
—
Pool # 1L1286, ARM, 5.75%, 5/1/2036 (e)
4
4
Pool # 1K1233, ARM, 5.87%, 5/1/2036 (e)
1
1
Pool # 848365, ARM, 5.98%, 7/1/2036 (e)
28
29
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
19
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # 1A1096, ARM, 5.78%, 10/1/2036 (e)
49
50
Pool # 1G2539, ARM, 6.35%, 10/1/2036 (e)
8
8
Pool # 1J1348, ARM, 6.69%, 10/1/2036 (e)
30
31
Pool # 1G2671, ARM, 5.96%, 11/1/2036 (e)
47
48
Pool # 782760, ARM, 6.22%, 11/1/2036 (e)
25
25
Pool # 1G2552, ARM, 6.30%, 11/1/2036 (e)
6
7
Pool # 1J1400, ARM, 6.50%, 11/1/2036 (e)
1
1
Pool # 1J1634, ARM, 6.10%, 12/1/2036 (e)
38
39
Pool # 1N0368, ARM, 6.37%, 1/1/2037 (e)
2
3
Pool # 1J1516, ARM, 5.88%, 2/1/2037 (e)
1
1
Pool # 1Q0196, ARM, 6.32%, 2/1/2037 (e)
2
2
Pool # 1Q0739, ARM, 5.94%, 3/1/2037 (e)
33
33
Pool # 1J1522, ARM, 6.31%, 3/1/2037 (e)
4
4
Pool # 1H1390, ARM, 5.82%, 4/1/2037 (e)
3
3
Pool # 1G1678, ARM, 5.90%, 4/1/2037 (e)
1
1
Pool # 1J0336, ARM, 6.15%, 4/1/2037 (e)
4
4
Pool # 1G3616, ARM, 5.75%, 5/1/2037 (e)
1
1
Pool # 1J2919, ARM, 5.60%, 8/1/2037 (e)
1
1
Pool # 847834, ARM, 6.51%, 12/1/2037 (e)
1
1
Pool # 848699, ARM, 6.21%, 7/1/2040 (e)
44
46
FHLMC Gold Pools, 20 Year
Pool # C91005, 6.00%, 12/1/2026
—
—
Pool # C91403, 3.50%, 3/1/2032
47
46
Pool # C91849, 3.50%, 9/1/2035
84
80
FHLMC Gold Pools, 30 Year
Pool # G00981, 8.50%, 7/1/2028
—
—
Pool # G04626, 6.00%, 5/1/2031
1
1
Pool # C68485, 7.00%, 7/1/2032
5
5
Pool # G01448, 7.00%, 8/1/2032
15
15
Pool # G60433, 4.50%, 9/1/2033
117
115
Pool # A13845, 5.50%, 9/1/2033
3
3
Pool # A13625, 5.50%, 10/1/2033
50
50
Pool # A16107, 6.00%, 12/1/2033
40
41
Pool # A16779, 6.50%, 12/1/2033
12
13
Pool # A17537, 6.00%, 1/1/2034
27
28
Pool # A61572, 5.00%, 9/1/2034
172
171
Pool # A28796, 6.50%, 11/1/2034
2
2
Pool # G03369, 6.50%, 1/1/2035
54
56
Pool # A46987, 5.50%, 7/1/2035
138
141
Pool # G01919, 4.00%, 9/1/2035
112
109
Pool # C02641, 7.00%, 10/1/2036
26
27
Pool # C02660, 6.50%, 11/1/2036
44
46
Pool # G04386, 7.50%, 2/1/2038
3
3
Pool # A93383, 5.00%, 8/1/2040
126
125
Pool # A93511, 5.00%, 8/1/2040
135
134
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Pool # G06493, 4.50%, 5/1/2041
596
578
Pool # Z40179, 4.00%, 7/1/2048
1,458
1,348
FHLMC Gold Pools, Other
Pool # P20570, 7.00%, 7/1/2029
8
8
Pool # WN2258, 3.80%, 9/1/2029
396
386
Pool # G20027, 10.00%, 10/1/2030
—
1
Pool # U50105, 4.00%, 1/1/2032
175
171
Pool # N30129, 6.00%, 5/1/2032
—
—
Pool # WN2725, 4.10%, 7/1/2032
8,000
7,741
Pool # U80254, 3.00%, 3/1/2033
114
109
Pool # P20409, 5.50%, 10/1/2033
31
31
Pool # WN4013, 4.47%, 12/1/2033
1,225
1,194
Pool # WA2226, 2.86%, 6/1/2037
437
370
Pool # H09079, 5.50%, 6/1/2037
1
1
Pool # H09069, 6.50%, 9/1/2037
6
6
Pool # U90975, 4.00%, 6/1/2042
582
551
Pool # U90673, 4.00%, 1/1/2043
110
104
Pool # U91253, 4.00%, 4/1/2043
46
43
Pool # U91484, 4.00%, 5/1/2043
35
33
Pool # U99134, 4.00%, 1/1/2046
3,077
2,883
Pool # U69030, 4.50%, 1/1/2046
1,023
986
Pool # RE0006, 3.50%, 1/1/2050
1,849
1,629
FHLMC UMBS, 15 Year Pool # ZS8056, 4.00%,
7/1/2033
73
71
FHLMC UMBS, 20 Year
Pool # ZS9065, 4.00%, 6/1/2033
101
99
Pool # SC0104, 3.50%, 8/1/2035
792
764
Pool # ZA2434, 3.00%, 10/1/2036
172
161
FHLMC UMBS, 30 Year
Pool # QB4648, 2.50%, 10/1/2050
214
177
Pool # SD3301, 2.50%, 1/1/2051
2,573
2,144
Pool # RA5680, 2.00%, 8/1/2051
7,097
5,582
Pool # SD0781, 3.00%, 11/1/2051
4,398
3,781
Pool # RA6652, 2.50%, 1/1/2052
4,462
3,667
Pool # SD0923, 2.50%, 1/1/2052
864
718
Pool # SD1076, 3.00%, 1/1/2052
611
529
Pool # QD7332, 2.50%, 2/1/2052
228
190
Pool # RA6702, 3.00%, 2/1/2052
3,205
2,735
Pool # SD3952, 2.50%, 3/1/2052
4,418
3,693
Pool # SD2864, 3.00%, 3/1/2052
221
189
Pool # QE3414, 3.00%, 5/1/2052
3,687
3,172
Pool # SD3016, 3.00%, 6/1/2052
11,490
9,874
Pool # SD3781, 4.00%, 7/1/2052
2,825
2,593
Pool # QF0379, 5.00%, 8/1/2052
1,039
1,010
Pool # RJ1781, 6.00%, 6/1/2054
6,607
6,740
SEE NOTES TO FINANCIAL STATEMENTS.
 
20
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # SL1998, 4.00%, 1/1/2055
6,326
5,805
FNMA
Pool # 54844, ARM, 4.18%, 9/1/2027 (e)
1
1
Pool # 303532, ARM, 4.38%, 3/1/2029 (e)
—
—
Pool # 555258, ARM, 5.53%, 1/1/2033 (e)
94
95
Pool # 722985, ARM, 5.90%, 7/1/2033 (e)
5
5
Pool # 746299, ARM, 6.48%, 9/1/2033 (e)
31
32
Pool # 766610, ARM, 6.02%, 1/1/2034 (e)
6
6
Pool # 920467, ARM, 6.75%, 2/1/2034 (e)
50
51
Pool # 770377, ARM, 5.67%, 4/1/2034 (e)
16
16
Pool # 751531, ARM, 5.83%, 5/1/2034 (e)
42
43
Pool # 782306, ARM, 5.67%, 7/1/2034 (e)
4
4
Pool # 735332, ARM, 5.77%, 8/1/2034 (e)
41
42
Pool # 790235, ARM, 6.36%, 8/1/2034 (e)
34
34
Pool # 791961, ARM, 5.56%, 9/1/2034 (e)
11
11
Pool # 803599, ARM, 6.05%, 10/1/2034 (e)
29
29
Pool # 803594, ARM, 6.09%, 10/1/2034 (e)
42
43
Pool # 896463, ARM, 6.24%, 10/1/2034 (e)
19
20
Pool # 806776, ARM, 5.67%, 11/1/2034 (e)
37
38
Pool # 806778, ARM, 5.87%, 11/1/2034 (e)
88
90
Pool # 810896, ARM, 5.60%, 1/1/2035 (e)
69
71
Pool # 802692, ARM, 5.87%, 1/1/2035 (e)
39
40
Pool # 816597, ARM, 5.67%, 2/1/2035 (e)
9
9
Pool # 735539, ARM, 5.80%, 4/1/2035 (e)
122
124
Pool # 745862, ARM, 5.88%, 4/1/2035 (e)
21
21
Pool # 821378, ARM, 5.66%, 5/1/2035 (e)
27
27
Pool # 823660, ARM, 5.84%, 5/1/2035 (e)
17
18
Pool # 745766, ARM, 6.00%, 6/1/2035 (e)
51
52
Pool # 843026, ARM, 5.78%, 9/1/2035 (e)
34
35
Pool # 832801, ARM, 6.46%, 9/1/2035 (e)
2
2
Pool # 849251, ARM, 5.67%, 1/1/2036 (e)
25
25
Pool # 863729, ARM, 5.89%, 1/1/2036 (e)
5
5
Pool # 877009, ARM, 6.75%, 3/1/2036 (e)
2
2
Pool # 868952, ARM, 5.93%, 5/1/2036 (e)
—
—
Pool # 895141, ARM, 5.69%, 7/1/2036 (e)
34
34
Pool # 894452, ARM, 6.57%, 9/1/2036 (e)
1
2
Pool # 900197, ARM, 6.78%, 10/1/2036 (e)
29
30
Pool # 909377, ARM, 5.90%, 2/1/2037 (e)
4
4
Pool # 995521, ARM, 5.94%, 5/1/2037 (e)
2
2
Pool # 946362, ARM, 6.51%, 9/1/2037 (e)
—
—
Pool # 995615, ARM, 5.94%, 10/1/2037 (e)
1
1
Pool # 952182, ARM, 6.20%, 11/1/2037 (e)
2
2
Pool # 889028, ARM, 4.85%, 1/1/2038 (e)
2
2
FNMA UMBS, 20 Year
Pool # 256946, 6.50%, 10/1/2027
—
—
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Pool # 256962, 6.00%, 11/1/2027
—
—
Pool # 257126, 6.00%, 3/1/2028
1
1
Pool # AD0329, 6.50%, 9/1/2028
—
—
Pool # MA1138, 3.50%, 8/1/2032
125
121
FNMA UMBS, 30 Year
Pool # 695533, 8.00%, 6/1/2027
1
1
Pool # 453258, 6.00%, 11/1/2028
3
3
Pool # 755973, 8.00%, 11/1/2028
12
12
Pool # 455759, 6.00%, 12/1/2028
1
1
Pool # 745630, 5.50%, 1/1/2029
1
1
Pool # 252211, 6.00%, 1/1/2029
2
2
Pool # 323994, 8.00%, 10/1/2029
1
1
Pool # 889020, 6.50%, 11/1/2029
29
29
Pool # 578569, 5.50%, 4/1/2031
1
1
Pool # 598559, 6.50%, 8/1/2031
10
10
Pool # 622542, 5.50%, 9/1/2031
44
45
Pool # 788150, 6.00%, 3/1/2032
5
5
Pool # 675555, 6.00%, 12/1/2032
9
9
Pool # AL0045, 6.00%, 12/1/2032
72
73
Pool # 689103, 5.50%, 2/1/2033
8
8
Pool # 674349, 6.00%, 3/1/2033
1
1
Pool # 688625, 6.00%, 3/1/2033
4
4
Pool # 695584, 6.00%, 3/1/2033
2
2
Pool # 702901, 6.00%, 5/1/2033
24
25
Pool # 723852, 5.00%, 7/1/2033
28
28
Pool # 729296, 5.00%, 7/1/2033
58
57
Pool # 729379, 6.00%, 8/1/2033
9
9
Pool # 737825, 6.00%, 9/1/2033
12
12
Pool # 725017, 5.50%, 12/1/2033
108
108
Pool # 751341, 5.50%, 3/1/2034
16
16
Pool # 888568, 5.00%, 12/1/2034
3
3
Pool # AD0755, 7.00%, 6/1/2035
786
822
Pool # 820347, 5.00%, 9/1/2035
23
23
Pool # 845549, 5.50%, 1/1/2036
12
12
Pool # 976871, 6.50%, 8/1/2036
2
2
Pool # 833657, 7.50%, 8/1/2036
11
11
Pool # 885704, 6.00%, 10/1/2036
1
1
Pool # 888696, 6.50%, 7/1/2037
3
3
Pool # 986648, 6.00%, 9/1/2037
51
53
Pool # 888892, 7.50%, 11/1/2037
11
11
Pool # 889883, 6.50%, 3/1/2038
2
2
Pool # 257510, 7.00%, 12/1/2038
41
43
Pool # AD0753, 7.00%, 1/1/2039
29
31
Pool # AD9151, 5.00%, 8/1/2040
7
7
Pool # AO9370, 3.50%, 7/1/2042
209
194
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
21
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AT5891, 3.00%, 6/1/2043
1,094
980
Pool # AS3163, 4.00%, 8/1/2044
38
35
Pool # BE5039, 3.50%, 7/1/2046
134
122
Pool # BM3500, 4.00%, 9/1/2047
1,184
1,120
Pool # BJ1778, 4.50%, 10/1/2047
470
449
Pool # BM3499, 4.00%, 12/1/2047
79
73
Pool # BN9180, 4.00%, 6/1/2049
255
236
Pool # BK8753, 4.50%, 6/1/2049
534
507
Pool # BO1219, 4.50%, 6/1/2049
1,379
1,310
Pool # CA4018, 3.00%, 8/1/2049
208
180
Pool # BO7077, 3.00%, 9/1/2049
1,591
1,380
Pool # CA5549, 3.00%, 4/1/2050
3,402
2,945
Pool # CA5702, 2.50%, 5/1/2050
4,470
3,721
Pool # CA6079, 2.50%, 6/1/2050
2,637
2,157
Pool # BP6439, 2.50%, 7/1/2050
5,774
4,724
Pool # BP6474, 2.50%, 7/1/2050
9,619
7,914
Pool # CA6361, 2.50%, 7/1/2050
3,270
2,729
Pool # CA6989, 2.50%, 9/1/2050
3,931
3,279
Pool # FS1553, 2.50%, 11/1/2050
219
182
Pool # FS3599, 2.50%, 1/1/2051
3,687
3,053
Pool # BQ4516, 2.00%, 2/1/2051
5,355
4,224
Pool # FS5759, 3.50%, 2/1/2051
7,418
6,674
Pool # FS0730, 4.00%, 2/1/2051
3,162
2,896
Pool # FM8651, 2.50%, 4/1/2051
6,699
5,496
Pool # CB1275, 2.50%, 8/1/2051
213
175
Pool # CB1301, 2.50%, 8/1/2051
212
177
Pool # FM8642, 2.50%, 9/1/2051
368
307
Pool # BU0070, 2.50%, 10/1/2051
3,878
3,166
Pool # CB1908, 2.50%, 10/1/2051
9,035
7,505
Pool # MA4466, 2.50%, 11/1/2051
3,598
2,958
Pool # FS1172, 3.00%, 11/1/2051
334
286
Pool # CB2275, 2.50%, 12/1/2051
208
172
Pool # FS2559, 3.00%, 12/1/2051
1,895
1,635
Pool # FS4108, 4.00%, 12/1/2051
2,937
2,699
Pool # CB2637, 2.50%, 1/1/2052
3,092
2,586
Pool # MA4512, 2.50%, 1/1/2052
453
373
Pool # CB2664, 3.00%, 1/1/2052
1,583
1,363
Pool # MA4513, 3.00%, 1/1/2052
498
425
Pool # CB2684, 3.50%, 1/1/2052
259
230
Pool # FS5986, 2.50%, 2/1/2052
3,839
3,209
Pool # FS0845, 3.00%, 2/1/2052
7,653
6,572
Pool # FS3345, 3.00%, 2/1/2052
3,518
3,031
Pool # FS7749, 3.00%, 2/1/2052
3,796
3,279
Pool # MA4549, 3.00%, 2/1/2052
515
441
Pool # FA0097, 2.50%, 3/1/2052
6,388
5,339
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Pool # FS5446, 2.50%, 3/1/2052
4,997
4,104
Pool # FS8041, 2.50%, 3/1/2052
3,752
3,105
Pool # CB3236, 3.00%, 3/1/2052
199
171
Pool # FS0751, 3.00%, 3/1/2052
748
643
Pool # FA1671, 2.50%, 4/1/2052
6,813
5,679
Pool # BV5389, 3.00%, 4/1/2052
1,841
1,584
Pool # CB3426, 3.50%, 4/1/2052
172
153
Pool # CB3273, 4.00%, 4/1/2052
4,369
4,022
Pool # CB3383, 4.00%, 4/1/2052
3,778
3,467
Pool # FS4720, 2.50%, 5/1/2052
3,626
3,037
Pool # CB3494, 3.00%, 5/1/2052
6,973
5,983
Pool # FS7204, 3.00%, 5/1/2052
1,364
1,176
Pool # CB3679, 4.00%, 5/1/2052
3,797
3,482
Pool # CB3913, 4.00%, 5/1/2052
1,541
1,415
Pool # BV2531, 3.00%, 6/1/2052
19,797
16,920
Pool # BV5631, 3.00%, 6/1/2052
5,828
5,014
Pool # CB3891, 3.00%, 6/1/2052
22,904
19,661
Pool # FA1709, 3.00%, 6/1/2052
9,023
7,792
Pool # CB4124, 4.00%, 6/1/2052
2,009
1,842
Pool # CB4119, 4.00%, 7/1/2052
14,168
13,020
Pool # MA4656, 4.50%, 7/1/2052
219
207
Pool # CB4608, 4.00%, 9/1/2052
3,971
3,645
Pool # FS2898, 4.50%, 9/1/2052
2,439
2,306
Pool # BW8524, 5.00%, 9/1/2052
1,641
1,591
Pool # BW9985, 5.00%, 9/1/2052
3,333
3,244
Pool # CB4622, 5.00%, 9/1/2052
154
150
Pool # BV6789, 4.00%, 10/1/2052
1,102
1,011
Pool # BX0091, 5.00%, 10/1/2052
1,605
1,557
Pool # BV6794, 5.00%, 11/1/2052
1,300
1,277
Pool # CB5896, 5.00%, 3/1/2053
2,256
2,189
Pool # FS4687, 5.50%, 5/1/2053
171
171
Pool # BY4714, 5.00%, 6/1/2053
5,269
5,105
Pool # BY7027, 5.00%, 8/1/2053
4,618
4,465
FNMA, 30 Year
Pool # 252409, 6.50%, 3/1/2029
6
6
Pool # 252481, 6.50%, 4/1/2029
5
5
Pool # 685946, 6.00%, 9/1/2032
6
6
Pool # 725350, 6.00%, 1/1/2033
4
4
Pool # 653815, 7.00%, 2/1/2033
2
2
Pool # 752786, 6.00%, 9/1/2033
21
21
Pool # 801357, 5.50%, 8/1/2034
9
9
Pool # 813839, 6.00%, 11/1/2034
20
20
Pool # 827816, 6.00%, 1/1/2035
—
—
Pool # 827804, 6.00%, 3/1/2035
2
3
Pool # 931717, 6.50%, 8/1/2039
107
107
SEE NOTES TO FINANCIAL STATEMENTS.
 
22
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
FNMA, Other
Pool # AM8803, 2.78%, 6/1/2027
4,188
4,133
Pool # AM8987, 2.79%, 6/1/2027
1,531
1,510
Pool # BL9574, 1.00%, 12/1/2027
3,694
3,535
Pool # AM4758, 4.02%, 11/1/2028
76
75
Pool # BL1040, 3.81%, 12/1/2028
3,000
2,947
Pool # BL0907, 3.88%, 12/1/2028
262
258
Pool # BS4959, 2.30%, 3/1/2029
447
422
Pool # AN4975, 3.21%, 3/1/2029
272
263
Pool # AN5527, 3.02%, 7/1/2029
187
179
Pool # BS8075, 5.00%, 9/1/2029
1,870
1,879
Pool # BZ1715, 4.48%, 10/1/2029
2,325
2,315
Pool # BL4364, 2.24%, 11/1/2029
5,090
4,735
Pool # BL4333, 2.52%, 11/1/2029
5,526
5,183
Pool # AM7785, 3.17%, 2/1/2030
2,504
2,388
Pool # AM7516, 3.55%, 2/1/2030
2,000
1,932
Pool # AM8544, 3.08%, 4/1/2030
6,674
6,347
Pool # AM8889, 2.92%, 5/1/2030
8,000
7,518
Pool # AM8700, 2.93%, 6/1/2030
1,748
1,646
Pool # AM9020, 2.97%, 6/1/2030
3,357
3,163
Pool # BZ1291, 4.82%, 8/1/2030
5,000
4,994
Pool # BZ2136, 4.59%, 9/1/2030
804
801
Pool # BS7241, 5.05%, 9/1/2030
5,000
5,031
Pool # BL9251, 1.45%, 10/1/2030
4,211
3,708
Pool # BL9839, 1.48%, 12/1/2030
259
228
Pool # BS1213, 1.28%, 2/1/2031
449
390
Pool # BS0920, 1.50%, 2/1/2031
225
197
Pool # BZ5796, 4.89%, 3/1/2031
3,576
3,575
Pool # BZ1791, 4.61%, 8/1/2031
4,443
4,397
Pool # BL4315, 2.39%, 9/1/2031
4,143
3,727
Pool # BS5153, 2.53%, 9/1/2031
971
876
Pool # BS5071, 2.63%, 9/1/2031
2,993
2,700
Pool # BS3637, 1.73%, 11/1/2031
3,744
3,258
Pool # BS4510, 1.93%, 12/1/2031
450
395
Pool # BS4313, 1.98%, 1/1/2032
8,350
7,278
Pool # BS8294, 4.44%, 1/1/2032
2,414
2,372
Pool # BS8214, 4.62%, 1/1/2032
1,904
1,883
Pool # BS4708, 2.17%, 3/1/2032
275
241
Pool # BS5117, 2.58%, 3/1/2032
3,790
3,390
Pool # BZ6147, 4.39%, 4/1/2032
6,000
5,852
Pool # BS9519, 5.44%, 4/1/2032
4,077
4,181
Pool # BS5760, 2.43%, 5/1/2032
2,743
2,447
Pool # BS5987, 3.55%, 6/1/2032
393
370
Pool # BZ3982, 4.66%, 6/1/2032
7,393
7,312
Pool # BL7538, 1.52%, 7/1/2032
7,073
5,990
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Pool # AN6149, 3.14%, 7/1/2032
3,050
2,783
Pool # BS5530, 3.30%, 7/1/2032
435
400
Pool # BS6243, 3.87%, 8/1/2032
2,138
2,037
Pool # BZ4466, 4.45%, 8/1/2032
5,000
4,894
Pool # BS5887, 3.51%, 9/1/2032
2,000
1,854
Pool # BS6597, 3.67%, 9/1/2032
820
765
Pool # BS6339, 3.80%, 9/1/2032
3,844
3,628
Pool # BS6423, 3.81%, 9/1/2032
450
425
Pool # BS6505, 3.54%, 10/1/2032
3,268
3,048
Pool # BS6822, 3.81%, 10/1/2032
5,575
5,268
Pool # BS6759, 3.97%, 10/1/2032
4,691
4,482
Pool # AP9632, 4.00%, 10/1/2032
86
83
Pool # AP9762, 4.00%, 10/1/2032
34
33
Pool # BZ4871, 4.23%, 10/1/2032
6,120
5,916
Pool # BS6926, 4.51%, 10/1/2032
3,957
3,892
Pool # BS6928, 4.55%, 10/1/2032
2,065
2,033
Pool # 650230, 6.00%, 10/1/2032
2
2
Pool # BS6601, 3.54%, 11/1/2032
6,715
6,235
Pool # BS7115, 3.81%, 11/1/2032
10,120
9,552
Pool # AQ7084, 3.50%, 12/1/2032
151
145
Pool # BL9886, 1.47%, 1/1/2033
395
328
Pool # BS0391, 1.63%, 1/1/2033
290
243
Pool # BZ6279, 4.20%, 1/1/2033
10,530
10,100
Pool # AT2703, 3.50%, 5/1/2033
336
323
Pool # AT2954, 3.50%, 5/1/2033
259
247
Pool # AT4180, 3.50%, 5/1/2033
226
217
Pool # AT4939, 3.50%, 5/1/2033
183
176
Pool # BS8470, 4.52%, 6/1/2033
1,972
1,931
Pool # BS9351, 4.70%, 9/1/2033
3,907
3,840
Pool # BS9384, 5.04%, 9/1/2033
3,200
3,224
Pool # 754922, 5.50%, 9/1/2033
20
20
Pool # 762520, 4.00%, 11/1/2033
100
97
Pool # 255020, 5.50%, 11/1/2033
9
9
Pool # BS4198, 2.16%, 12/1/2033
8,532
7,211
Pool # BL1011, 4.02%, 12/1/2033
250
237
Pool # BZ5847, 4.83%, 1/1/2034
5,594
5,517
Pool # BZ5848, 4.90%, 1/1/2034
3,521
3,483
Pool # BL3756, 2.92%, 9/1/2034
2,447
2,150
Pool # BZ1884, 4.23%, 9/1/2034
4,250
4,070
Pool # BZ2030, 4.39%, 10/1/2034
3,000
2,881
Pool # BS7097, 4.67%, 11/1/2034
7,251
7,113
Pool # 735881, 6.00%, 11/1/2034
13
13
Pool # AM8922, 3.03%, 6/1/2035
1,858
1,728
Pool # BZ4852, 4.49%, 9/1/2035
10,117
9,782
Pool # BZ4781, 5.25%, 9/1/2035
2,061
2,092
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
23
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # AN0375, 3.76%, 12/1/2035
203
188
Pool # BS7789, 4.62%, 1/1/2036
7,868
7,598
Pool # 849215, 6.50%, 1/1/2036
10
10
Pool # 886320, 6.50%, 7/1/2036
6
6
Pool # 256526, 6.00%, 12/1/2036
2
2
Pool # BS4368, 2.29%, 1/1/2037
4,842
3,916
Pool # 888373, 7.00%, 3/1/2037
1
1
Pool # 256860, 6.50%, 8/1/2037
2
2
Pool # 888796, 6.00%, 9/1/2037
36
36
Pool # 257172, 5.50%, 4/1/2038
1
1
Pool # AO7225, 4.00%, 7/1/2042
188
178
Pool # AO9352, 4.00%, 7/1/2042
281
265
Pool # MA1125, 4.00%, 7/1/2042
236
223
Pool # AR1397, 3.00%, 1/1/2043
559
498
Pool # MA1711, 4.50%, 12/1/2043
901
871
Pool # MA1828, 4.50%, 3/1/2044
719
694
Pool # MA2793, 3.50%, 10/1/2046
43
39
Pool # BF0558, 5.00%, 12/1/2049
2,810
2,768
Pool # BF0091, 3.50%, 5/1/2056
785
693
Pool # BF0101, 3.50%, 6/1/2056
2,546
2,253
Pool # BM6545, 3.50%, 5/1/2058
2,479
2,179
Pool # BF0300, 4.00%, 8/1/2058
6,798
6,258
Pool # BF0464, 3.50%, 3/1/2060
1,973
1,734
Pool # BF0546, 2.50%, 7/1/2061
2,997
2,390
Pool # BF0560, 2.50%, 9/1/2061
3,638
2,902
Pool # BF0590, 2.50%, 12/1/2061
5,922
4,724
Pool # BF0579, 3.00%, 12/1/2061
5,162
4,314
Pool # BF0583, 4.00%, 12/1/2061
3,463
3,120
Pool # BF0759, 2.50%, 5/1/2062
5,058
4,034
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 3.00%, 9/25/2056 (g)
800
682
TBA, 5.00%, 9/25/2056 (g)
30,000
28,937
GNMA I, 30 Year
Pool # 554108, 6.50%, 3/15/2028
7
7
Pool # 486537, 7.50%, 9/15/2028
1
1
Pool # 486631, 6.50%, 10/15/2028
1
1
Pool # 531500, 6.50%, 10/15/2030
35
35
Pool # 591882, 6.50%, 7/15/2032
7
7
Pool # 607645, 6.50%, 2/15/2033
16
17
Pool # 607724, 7.00%, 2/15/2033
14
14
Pool # 604209, 6.50%, 4/15/2033
23
23
Pool # 781614, 7.00%, 6/15/2033
18
19
Pool # BM2141, 5.00%, 7/15/2049
289
286
Pool # CO1916, 5.00%, 9/15/2052
2,516
2,547
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
GNMA II
Pool # CE5524, ARM, 5.78%, 8/20/2071 (e)
2,531
2,633
Pool # CH7776, ARM, 5.59%, 10/20/2071 (e)
2,997
3,099
Pool # CE5546, ARM, 5.74%, 10/20/2071 (e)
4,879
5,059
Pool # CK7234, ARM, 5.53%, 2/20/2072 (e)
2,575
2,658
Pool # CK2783, ARM, 5.70%, 2/20/2072 (e)
4,791
4,981
Pool # CK2799, ARM, 5.70%, 3/20/2072 (e)
4,010
4,174
Pool # CK2810, ARM, 5.66%, 4/20/2072 (e)
4,752
4,952
Pool # CP1819, ARM, 5.81%, 7/20/2072 (e)
3,814
4,012
Pool # CG5357, ARM, 5.59%, 8/20/2072 (e)
914
957
Pool # CP4923, ARM, 5.91%, 8/20/2072 (e)
5,167
5,404
GNMA II, 30 Year
Pool # 2324, 8.00%, 11/20/2026
—
—
Pool # 2499, 8.00%, 10/20/2027
—
—
Pool # 2512, 8.00%, 11/20/2027
—
—
Pool # 2525, 8.00%, 12/20/2027
—
—
Pool # 2549, 7.50%, 2/20/2028
—
—
Pool # 2630, 6.50%, 8/20/2028
1
1
Pool # 2646, 7.50%, 9/20/2028
1
2
Pool # 2808, 6.50%, 9/20/2029
5
6
Pool # 3025, 6.50%, 1/20/2031
7
8
Pool # 3068, 6.50%, 4/20/2031
8
8
Pool # 3362, 6.00%, 3/20/2033
15
15
Pool # 3427, 4.50%, 8/20/2033
27
26
Pool # 4840, 7.50%, 9/20/2037
2
2
Pool # 4245, 6.00%, 9/20/2038
246
256
Pool # AK8806, 4.25%, 3/20/2045
524
486
Pool # BA7567, 4.50%, 5/20/2048
32
30
Pool # BO0535, 4.00%, 7/20/2049
964
864
Pool # BO8227, 5.00%, 7/20/2049
655
653
Pool # BO8229, 5.00%, 7/20/2049
457
458
Pool # BM9734, 4.00%, 10/20/2049
933
852
Pool # BQ4115, 3.00%, 3/20/2050
2,076
1,807
Pool # 785294, 3.50%, 1/20/2051
2,807
2,420
Pool # CB1543, 3.00%, 2/20/2051
2,143
1,864
Pool # 785445, 2.50%, 3/20/2051
6,919
5,702
Pool # MA7705, 2.50%, 11/20/2051
16,430
13,746
Pool # MA7768, 3.00%, 12/20/2051
399
347
Pool # MA7829, 3.50%, 1/20/2052
494
441
Pool # CK2698, 3.00%, 2/20/2052
1,172
1,019
Pool # CK2716, 3.50%, 2/20/2052
3,358
2,900
Pool # MA7936, 2.50%, 3/20/2052
9,860
8,250
Pool # CM2161, 3.00%, 3/20/2052
1,951
1,697
Pool # CM2213, 3.00%, 3/20/2052
363
316
Pool # 786743, 3.50%, 4/20/2052
6,906
5,976
SEE NOTES TO FINANCIAL STATEMENTS.
 
24
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Mortgage-Backed Securities — continued
Pool # MA8097, 2.50%, 6/20/2052
13,705
11,510
Pool # CN2859, 4.50%, 6/20/2052
3,441
3,225
Pool # CO4824, 5.00%, 6/20/2052
1,270
1,255
Pool # MA8148, 3.00%, 7/20/2052
14,304
12,473
Pool # CO4865, 5.00%, 7/20/2052
1,764
1,716
Pool # MA8200, 4.00%, 8/20/2052
6,923
6,370
Pool # MA8265, 3.00%, 9/20/2052
11,949
10,422
Pool # CO8413, 4.50%, 9/20/2052
3,997
3,746
Pool # MA8343, 2.50%, 10/20/2052
4,036
3,380
Pool # MA8346, 4.00%, 10/20/2052
10,184
9,358
Pool # MA8485, 2.50%, 12/20/2052
6,851
5,739
Pool # MA8721, 3.00%, 3/20/2053
4,839
4,229
Pool # MA8797, 3.50%, 4/20/2053
9,553
8,552
Pool # CT7445, 6.00%, 4/20/2053
1,047
1,072
Pool # MA9011, 2.50%, 7/20/2053
191
160
Pool # MA9301, 3.50%, 11/20/2053
2,677
2,390
Pool # MA9484, 3.50%, 2/20/2054
2,079
1,844
Pool # MA9720, 3.00%, 6/20/2054
185
162
Pool # MB0142, 3.00%, 1/20/2055
8,614
7,504
Pool # MB0360, 2.50%, 5/20/2055
7,568
6,335
Pool # 788620, 2.50%, 3/20/2056
15,141
12,711
GNMA II, Other
Pool # 4385, 5.00%, 3/20/2039
6
6
Pool # 787980, 4.00%, 5/20/2065
5,678
5,157
Pool # 788066, 4.00%, 7/20/2065
8,296
7,546
Total Mortgage-Backed Securities
(Cost $887,444)
858,123
Asset-Backed Securities — 11.8%
Academic Loan Funding Trust Series 2013-1A,
Class A, 4.56%, 12/26/2044 (b) (e)
319
314
Air Canada Pass-Through Trust (Canada)
Series 2015-2, Class AA, 3.75%,
12/15/2027 (b)
140
138
Series 2017-1, Class AA, 3.30%,
1/15/2030 (b)
298
281
Series 2017-1, Class A, 3.55%,
1/15/2030 (b)
422
396
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028
121
117
Series 2019-1, Class A, 3.50%, 2/15/2032
1,942
1,765
Series 2026-2, Class A, 5.70%, 2/20/2039
3,750
3,750
American Credit Acceptance Receivables Trust
Series 2025-2, Class C, 5.11%, 4/14/2031 (b)
100
100
Americor 7.99%, 1/15/2030 ‡ (b)
2,447
2,431
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
AmeriCredit Automobile Receivables Trust Series
2023-2, Class A3, 5.81%, 5/18/2028
92
92
AMSR Trust
Series 2021-SFR1, Class D, 2.60%,
6/17/2038 (b)
850
802
Series 2021-SFR3, Class C, 1.80%,
10/17/2038 (b)
1,600
1,593
Series 2024-SFR2, Class A, 4.15%,
11/17/2041 (b)
115
111
Series 2025-SFR1, Class B, 3.66%,
6/17/2042 (b)
2,700
2,532
Series 2026-SFR1, Class A, 3.78%,
4/17/2043 (b)
3,404
3,186
Series 2026-SFR1, Class C, 3.78%,
4/17/2043 (b)
6,000
5,493
Series 2026-SFR2, Class B, 3.81%,
9/17/2043 (b)
3,502
3,218
Ansley Park Capital LLC Series 2025-A, Class C,
4.82%, 4/20/2035 (b)
3,395
3,317
Aqua Finance Issuer Trust
Series 2025-A, Class B, 5.56%,
12/19/2050 (b)
2,749
2,747
Series 2026-A, Class A, 4.76%,
4/17/2051 (b)
2,625
2,586
Avis Budget Rental Car Funding AESOP LLC
Series 2024-1A, Class A, 5.36%,
6/20/2030 (b)
115
116
Series 2025-2A, Class B, 5.51%,
8/20/2031 (b)
1,500
1,501
Bastion Funding I LLC Series 2023-1A, Class A2,
7.12%, 4/25/2038 ‡ (b)
1,500
1,505
BDS LLC Series 2026-FL17, Class A, 5.00%,
5/19/2043 (b) (e)
6,818
6,820
BG Beta Ltd. (Cayman Islands) 6.28%,
7/16/2054 ‡
2,688
2,663
Bridge Trust
Series 2024-SFR1, Class A, 4.00%,
8/17/2040 (b)
201
195
Series 2025-SFR1, Class C, 4.20%,
9/17/2042 (b)
1,794
1,658
Bridgecrest Lending Auto Securitization Trust
Series 2024-3, Class B, 5.37%, 10/16/2028
467
467
British Airways Pass-Through Trust (United
Kingdom)
Series 2018-1, Class AA, 3.80%,
9/20/2031 (b)
276
268
Series 2018-1, Class A, 4.13%,
9/20/2031 (b)
444
429
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
25
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Series 2019-1, Class AA, 3.30%,
12/15/2032 (b)
476
445
Carmax Auto Owner Trust Series 2025-2,
Class A4, 4.65%, 11/15/2030
3,730
3,724
Cars Net Lease Mortgage Notes Series 2020-1A,
Class A3, 3.10%, 12/15/2050 (b)
782
727
Carvana Auto Receivables Trust
Series 2021-P4, Class A4, 1.64%,
12/10/2027
14
14
Series 2023-P3, Class A3, 5.82%,
8/10/2028 (b)
111
111
CFIN Issuer LLC Series 2022-RTL1, Class AA,
4.75%, 2/16/2027 ‡ (b) (f)
361
358
Chase Funding Trust Series 2003-6, Class 1A7,
4.81%, 11/25/2034 (f)
140
136
Citibank Credit Card Issuance Trust Series
2007-A3, Class A3, 6.15%, 6/15/2039
800
853
CNH Equipment Trust Series 2022-C, Class A3,
5.15%, 4/17/2028
28
28
Consumer Portfolio Services Auto Trust Series
2025-B, Class C, 5.12%, 7/15/2031 (b)
3,276
3,281
CoreVest American Finance Trust
Series 2019-2, Class B, 3.42%,
6/15/2052 (b)
137
131
Series 2019-2, Class D, 4.22%,
6/15/2052 (b)
2,000
1,881
Series 2020-3, Class B, 2.20%,
8/15/2053 (b)
2,622
2,428
CPS Auto Receivables Trust Series 2022-D,
Class C, 7.69%, 1/16/2029 (b)
354
355
Credit Acceptance Auto Loan Trust
Series 2023-5A, Class A, 6.13%,
12/15/2033 (b)
678
679
6.95%, 2/15/2034 ‡
6,000
6,007
Series 2024-1A, Class A, 5.68%,
3/15/2034 (b)
1,483
1,486
Series 2024-2A, Class A, 5.95%,
6/15/2034 (b)
3,457
3,475
Series 2024-3A, Class C, 5.39%,
1/16/2035 (b)
4,200
4,208
Series 2025-2A, Class C, 5.38%,
3/17/2036 (b)
7,751
7,754
Credit One 6.47%, 2/25/2029 ‡ (b)
4,000
3,966
CVS Pass-Through Trust 5.93%, 1/10/2034 (b)
541
544
CWABS, Inc. Asset-Backed Certificates Trust Series
2004-6, Class M1, 4.68%, 10/25/2034 (e)
4
4
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
D2 Multifamily Credit Issuer Ltd. (Cayman Islands)
Series 2026-FL1, Class A, 5.10%,
11/19/2043 (b) (e)
6,285
6,290
Dec
6.02%, 3/13/2030 ‡ (b)
3,880
3,817
6.91%, 1/15/2031 ‡ (b)
3,979
3,906
6.10%, 7/28/2046 ‡ (b)
4,000
3,966
6.82%, 7/28/2046 ‡
4,000
3,948
Deephaven Residential Mortgage Trust
Series 2025-CES1, Class A1A, 5.22%,
10/25/2055 (b) (f)
5,440
5,389
Series 2026-CES1, Class A1A, 5.31%,
3/25/2061 (b) (f)
5,312
5,265
Delta Air Lines Pass-Through Trust
Series 2015-1, Class AA, 3.63%, 7/30/2027
172
170
Series 2020-1, Class AA, 2.00%, 6/10/2028
223
216
Diversified ABS Holdings LLC Series 2024-2A,
Class A, 6.56%, 9/30/2044 ‡ (b)
2,504
2,487
Diversified ABS Phase LLC Series 2024-1A,
Class A1, 7.08%, 5/30/2044 (b)
2,818
2,828
DP Lion Holdco LLC Series 2023-1A, Class A,
8.24%, 11/30/2043
1,076
1,093
Drive Auto Receivables Trust
Series 2025-1, Class C, 4.99%, 9/15/2032
135
135
Series 2025-2, Class D, 4.90%, 12/15/2032
4,950
4,900
DT Auto Owner Trust Series 2022-3A, Class D,
8.14%, 7/17/2028 (b)
1,956
1,980
EJ Series 2026-1 A2, 6.37%, 10/10/2041 ‡
4,792
4,792
Energy Assets 8.11%, 8/25/2044 ‡
894
894
Enterprise Fleet Financing LLC Series 2025-2,
Class A4, 4.58%, 12/22/2031 (b)
2,880
2,867
Exeter Automobile Receivables Trust
Series 2025-4A, Class C, 4.57%, 6/16/2031
300
298
Series 2025-3A, Class C, 5.09%, 10/15/2031
195
196
Series 2025-4A, Class D, 5.23%, 1/15/2032
6,400
6,355
Series 2025-5A, Class C, 4.68%, 3/15/2032
3,400
3,370
Series 2025-5A, Class D, 5.16%, 3/15/2032
2,898
2,874
Series 2026-2A, Class C, 4.91%, 8/16/2032
4,494
4,471
Fig Six Trust Series 2026-PF1, Class A, 5.75%,
8/25/2056 (b) (e)
2,037
2,030
FIGRE Trust
Series 2026-HE4, Class A, 5.30%,
5/25/2056 (b) (e)
4,597
4,536
Series 2026-HF7, Class A, 4.94%,
7/25/2056 (b) (e)
9,278
9,266
Series 2026-HE9, Class A, 5.70%,
7/25/2056 (b) (e)
5,000
4,977
SEE NOTES TO FINANCIAL STATEMENTS.
 
26
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
FMC GMSR Issuer Trust
Series 2021-GT2, Class A, 3.85%,
10/25/2026 (b) (e)
3,370
3,256
Series 2024-SAT1, Class A, 6.50%,
3/26/2027 (b) (e)
5,950
5,931
Series 2022-GT1, Class A, 6.19%,
4/25/2027 (b)
6,000
6,021
Series 2020-GT1, Class A, 4.45%,
1/25/2028 (b) (e)
5,000
4,946
Series 2021-GT1, Class A, 3.62%,
7/25/2028 (b) (e)
4,300
4,162
Series 2026-GT1I, Class A, 5.90%,
8/20/2029 ‡ (e)
4,000
4,000
Fortiva Retail Credit Master Note Business Trust
Series 2025-TWO, Class A, 5.92%,
5/15/2031 (b)
4,320
4,299
Foundation Finance Trust Series 2024-2A,
Class A, 4.60%, 3/15/2050 (b)
131
130
FW Energy Asset Issuer LLC 7.15%, 8/25/2044 ‡
2,905
2,920
GE Capital Mortgage Services, Inc. Trust Series
1999-HE1, Class M, 6.71%, 4/25/2029 (e)
10
9
GLS Auto Receivables Issuer Trust
Series 2022-3A, Class D, 6.42%,
6/15/2028 (b)
968
973
Series 2023-3A, Class C, 6.01%,
5/15/2029 (b)
655
656
Series 2025-2A, Class C, 5.11%,
1/15/2031 (b)
190
191
Series 2025-2A, Class D, 5.59%,
1/15/2031 (b)
6,980
6,997
Series 2024-3A, Class C, 5.21%,
2/18/2031 (b)
2,500
2,513
Series 2025-3A, Class D, 5.16%,
6/16/2031 (b)
2,970
2,943
Series 2025-4A, Class D, 5.13%,
8/15/2031 (b)
6,000
5,934
GM Financial Consumer Automobile Receivables
Trust Series 2023-1, Class A3, 4.66%,
2/16/2028
8
8
Goodgreen
Series 2019-2A, Class A, 2.76%,
4/15/2055 (b)
952
811
Series 2023-1A, Class A, 5.90%,
1/17/2061 (b)
2,290
2,227
Goodgreen Trust Series 2017-1A, Class A, 3.74%,
10/15/2052 (b)
192
177
GoodLeap Home Improvement Solutions Trust
Series 2026-1A, Class A, 5.31%,
12/20/2049 (b)
8,119
8,084
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Grene Energy Senio 0.00%, 1/25/2027 ‡
204
167
GS Mortgage-Backed Securities Trust Series
2025-SL1, Class A1, 5.85%, 11/25/2067 (b)
(e)
4,470
4,469
HERO Funding (Cayman Islands)
Series 2017-3A, Class A2, 3.95%,
9/20/2048 (b)
508
455
Series 2018-1A, Class A2, 4.67%,
9/20/2048 (b)
54
51
HERO Funding Trust
Series 2016-2A, Class A, 3.75%,
9/20/2041 (b)
12
12
Series 2016-3A, Class A1, 3.08%,
9/20/2042 (b)
197
183
Series 2017-1A, Class A2, 4.46%,
9/20/2047 (b)
526
482
Hilton Grand Vacations Trust
Series 2024-2A, Class B, 5.65%,
3/25/2038 (b)
57
58
Series 2024-1B, Class A, 5.75%,
9/15/2039 (b)
38
38
Series 2025-2A, Class A, 4.54%,
5/25/2044 (b)
4,243
4,212
HINNT LLC Series 2024-A, Class B, 5.84%,
3/15/2043 (b)
1,496
1,507
Huntington Bank Auto Credit-Linked Notes Series
2025-2, Class B1, 4.84%, 9/20/2033 (b)
5,372
5,346
Identity Digital Capital LLC 6.79%, 3/20/2065 ‡
5,000
4,928
Invitation Homes Trust
Series 2024-SFR1, Class A, 4.00%,
9/17/2041 (b)
199
193
Series 2024-SFR1, Class D, 4.25%,
9/17/2041 (b)
3,525
3,363
Jonah 0.00%, 11/10/2037 ‡ (b)
1,873
1,865
Jonah Energy ABS LLC
Series 2022-1, Class A1, 7.20%,
12/10/2037 (b)
944
952
Series 2025-1A, Class A1, 6.59%,
12/10/2040 (b)
2,223
2,214
KGS-Alpha SBA COOF Trust
Series 2012-2, Class A, IO, 0.82%,
8/25/2038 (b) (e)
407
5
Series 2013-2, Class A, IO, 1.71%,
3/25/2039 (b) (e)
418
10
Series 2015-2, Class A, IO, 3.17%,
7/25/2041 (b) (e)
293
28
Lending Funding Trust Series 2020-2A, Class C,
4.30%, 4/21/2031 (b)
1,795
1,770
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
27
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
LVNV
6.55%, 8/15/2029 ‡
4,000
4,000
6.68%, 8/15/2031 ‡
4,000
4,000
Mariner Finance Issuance Trust Series 2024-AA,
Class A, 5.13%, 9/22/2036 (b)
250
251
Mercedes-Benz Auto Receivables Trust Series
2023-1, Class A3, 4.51%, 11/15/2027
1
1
Mercury Financial Credit Card Master Trust
Series 2026-1A, Class A, 5.34%,
2/20/2032 (b)
9,060
9,009
Series 2026-1A, Class B, 6.31%,
2/20/2032 (b)
1,180
1,173
Series 2026-2A, Class B, 5.46%,
6/21/2032 (b)
10,287
10,196
Midcon 6.02%, 7/10/2030 ‡
6,000
6,000
Midcon Energy Asset Issuer LLC 5.31%,
2/27/2051 ‡ (e)
4,400
4,400
Mid-State Capital Corp. Trust Series 2006-1,
Class M1, 6.08%, 10/15/2040 (b)
171
171
MMAF Equipment Finance LLC Series 2024-A,
Class A4, 5.10%, 7/13/2049 (b)
1,206
1,217
MVW LLC
Series 2025-1A, Class B, 5.21%,
9/22/2042 (b)
2,886
2,879
Series 2026-1A, Class B, 4.97%,
3/20/2043 (b)
2,424
2,392
Series 2025-2A, Class B, 4.72%,
10/20/2044 (b)
5,788
5,694
Series 2025-2A, Class C, 4.97%,
10/20/2044 (b)
3,091
3,014
New Century Home Equity Loan Trust
Series 2003-5, Class AI6, 4.82%,
11/25/2033 (f)
143
139
Series 2003-5, Class AI7, 4.82%,
11/25/2033 (e)
—
—
Nexgen, Inc. 0.00, 11/16/2033 ‡ (e)
4,615
4,611
Nexus Nova (Spain) 6.50%, 11/8/2028 ‡
3,855
3,855
Nexus Nova Frn 6.55%, 8/10/2027 ‡
4,000
4,000
NMABS Issuer LLC Series 2025-1A, Class A,
5.14%, 11/22/2055 (b)
7,012
6,894
NRZ Excess Spread-Collateralized Notes Series
2021-GNT1, Class A, 3.47%, 11/25/2026 (b)
744
741
OneMain Direct Auto Receivables Trust Series
2025-1A, Class D, 6.10%, 7/14/2037 (b)
4,000
4,021
Oportun Issuance Trust
Series 2025-D, Class B, 5.31%, 2/8/2033 (b)
8,375
8,339
Series 2025-B, Class B, 5.28%, 5/9/2033 (b)
2,000
1,998
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
PEAC Solutions Receivables LLC Series 2024-1A,
Class A3, 5.64%, 11/20/2030 (b)
5,900
5,952
Perimeter Master Note Business Trust Series
2025-1A, Class A, 5.58%, 12/16/2030 (b)
6,550
6,502
Piper ABS Issuer LLC Series 2025-1A, Class A1,
5.29%, 1/15/2046 ‡
5,677
5,528
Porsche Innovative Lease Owner Trust Series
2024-1A, Class A4, 4.66%, 2/20/2030 (b)
4,230
4,237
Post Road Equipment Finance LLC Series
2026-1A, Class B, 4.91%, 2/15/2033 (b)
3,171
3,134
PowerPay Issuance Trust Series 2025-1A, Class A,
5.23%, 11/18/2041 (b)
3,979
3,952
Progress Residential Trust
Series 2022-SFR2, Class E1, 4.55%,
4/17/2027 (b)
4,000
3,965
Series 2022-SFR3, Class E2, 5.60%,
4/17/2039 (b)
2,685
2,671
Series 2024-SFR1, Class A, 3.35%,
2/17/2041 (b)
539
518
Series 2024-SFR1, Class E1, 3.85%,
2/17/2041 (b)
4,000
3,806
Series 2024-SFR3, Class A, 3.00%,
6/17/2041 (b)
238
225
Series 2024-SFR4, Class A, 3.10%,
7/17/2041 (b)
359
339
Series 2024-SFR5, Class A, 3.00%,
8/17/2041 (b)
247
233
Series 2024-SFR5, Class D, 3.38%,
8/17/2041 (b) (e)
1,892
1,751
Series 2025-SFR2, Class C, 3.56%,
4/17/2042 (b)
7,396
6,840
Series 2025-SFR3, Class B, 3.39%,
7/17/2042 (b)
4,250
3,926
Series 2025-SFR5, Class C, 4.00%,
10/17/2042 (b)
1,744
1,617
Series 2025-SFR5, Class D, 4.00%,
10/17/2042 (b)
2,531
2,338
Series 2025-SFR6, Class C, 4.00%,
12/17/2042 (b)
3,200
2,973
Series 2026-SFR2, Class A, 4.24%,
5/17/2043 (b)
5,145
4,917
Series 2026-SFR2, Class B, 4.32%,
5/17/2043 (b)
4,605
4,347
Purewest ABS Issuer LLC Series 2025-1, Class A2,
6.53%, 4/5/2040 ‡ (b)
4,921
4,890
RCKT Mortgage Trust Series 2026-CES7,
Class A1A, 5.41%, 7/1/2056 (b) (f)
3,825
3,820
Renaissance Home Equity Loan Trust Series
2007-2, Class AF2, 5.68%, 6/25/2037 (f)
287
63
SEE NOTES TO FINANCIAL STATEMENTS.
 
28
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
Renew (Cayman Islands)
Series 2017-1A, Class A, 3.67%,
9/20/2052 (b)
281
257
Series 2017-2A, Class A, 3.22%,
9/22/2053 (b)
22
20
Series 2024-1A, Class A, 6.21%,
11/20/2059 (b)
3,625
3,634
Reprise Financial Receivables Trust Series
2026-1, Class A, 5.54%, 4/18/2033 (b)
5,206
5,206
Research-Driven Pagaya Motor Asset Trust Series
2026-2A, Class A3, 5.38%, 2/26/2035 (b)
8,900
8,902
Revolution III Abs LLC 6.18%, 3/28/2046 ‡
4,036
3,931
Santander Drive Auto Receivables Trust
Series 2024-2, Class C, 5.84%, 6/17/2030
120
121
Series 2022-5, Class D, 5.67%, 12/16/2030
3,367
3,376
Series 2022-6, Class D, 5.69%, 2/18/2031
4,986
5,005
Series 2022-7, Class C, 6.69%, 3/17/2031
103
104
Series 2024-2, Class D, 6.28%, 8/15/2031
4,700
4,791
Series 2024-4, Class D, 5.32%, 12/15/2031
1,550
1,557
Series 2025-4, Class C, 4.52%, 1/15/2032
2,740
2,718
SCF Equipment Leasing LLC
Series 2024-1A, Class A3, 5.52%,
1/20/2032 (b)
157
158
Series 2024-1A, Class B, 5.56%,
4/20/2032 (b)
2,280
2,298
Series 2023-1A, Class C, 6.77%,
8/22/2033 (b)
3,815
3,914
Series 2025-1A, Class A3, 5.11%,
11/21/2033 (b)
3,500
3,517
Series 2025-2A, Class C, 4.82%,
6/20/2036 (b)
4,460
4,317
Series 2025-2A, Class D, 5.33%,
6/20/2036 (b)
2,705
2,640
Securitized Asset-Backed Receivables LLC Trust
Series 2006-CB1, Class AF2, 2.80%,
1/25/2036 (f)
128
107
Sierra Timeshare Receivables Funding LLC Series
2024-2A, Class A, 5.14%, 6/20/2041 (b)
74
74
Stellantis Financial Underwritten Enhanced Lease
Trust Series 2025-AA, Class A3, 4.47%,
7/20/2028 (b)
100
100
Stream Innovations Issuer Trust Series 2024-1A,
Class A, 6.27%, 7/15/2044 (b)
2,206
2,247
Towd Point Mortgage Trust
Series 2026-CES2, Class A1A, 4.72%,
2/25/2066 (b) (f)
3,901
3,825
Series 2026-FIX2, Class A1A, 5.31%,
4/25/2066 (b) (f)
3,744
3,710
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Tricon Residential Trust Series 2022-SFR1,
Class D, 4.75%, 4/17/2039 (b)
1,837
1,825
Ucielo 2025-assic 8.01%, 8/9/2033 ‡
125
125
United Airlines Pass-Through Trust
Series 2016-1, Class A, 3.45%, 7/7/2028
412
399
Series 2018-1, Class AA, 3.50%, 3/1/2030
464
445
Series 2018-1, Class A, 3.70%, 3/1/2030
1,013
963
Series 2019-1, Class AA, 4.15%, 8/25/2031
659
635
Series 2019-1, Class A, 4.55%, 8/25/2031
590
565
Series 2019-2, Class AA, 2.70%, 5/1/2032
927
837
Series 2024-1, Class AA, 5.45%, 2/15/2037
1,357
1,358
UOG ABS Issuer LLC Series 2023-1, Class A1,
8.35%, 6/5/2040 ‡ (b)
1,194
1,218
US Auto Funding Trust Series 2022-1A, Class B,
5.13%, 12/15/2026 ‡ (b)
3,884
1,034
VFI ABS LLC Series 2025-1A, Class B, 4.97%,
12/24/2030 (b)
1,590
1,580
vMobo, Inc. 7.46%, 7/18/2027 ‡
5,998
5,245
Western Funding Auto Loan Trust Series 2025-1,
Class A, 4.75%, 7/16/2035 (b)
200
200
Westlake Automobile Receivables Trust
Series 2023-3A, Class C, 6.02%,
9/15/2028 (b)
1,655
1,661
Series 2023-4A, Class C, 6.64%,
11/15/2028 (b)
2,031
2,045
Series 2023-2A, Class D, 7.01%,
11/15/2028 (b)
2,105
2,123
Wingspire Equipment Finance LLC Series
2024-1A, Class B, 5.06%, 9/20/2032 (b)
4,000
4,007
Wolf Energy Asset Issuer LLC 5.70%,
7/25/2050 ‡
2,452
2,452
Total Asset-Backed Securities
(Cost $555,318)
548,783
Collateralized Mortgage Obligations — 5.5%
Al Series 2026-1B, 5.59%, 10/25/2029 ‡
7,000
7,000
Alternative Loan Trust
Series 2004-2CB, Class 1A9, 5.75%,
3/25/2034
1,611
1,617
Series 2005-1CB, Class 1A6, IF, IO, 3.32%,
3/25/2035 (e)
211
19
Series 2005-22T1, Class A2, IF, IO, 1.29%,
6/25/2035 (e)
2,507
114
Series 2005-20CB, Class 3A8, IF, IO, 0.97%,
7/25/2035 (e)
786
17
Series 2005-28CB, Class 1A4, 5.50%,
8/25/2035
709
592
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
29
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2005-28CB, Class 3A5, 6.00%,
8/25/2035
46
16
Series 2005-37T1, Class A2, IF, IO, 1.27%,
9/25/2035 (e)
1,658
68
Series 2005-54CB, Class 1A2, IF, IO, 1.07%,
11/25/2035 (e)
1,152
31
Series 2005-54CB, Class 1A11, 5.50%,
11/25/2035
458
333
Series 2005-57CB, Class 3A2, IF, IO, 1.32%,
12/25/2035 (e)
354
16
Series 2005-64CB, Class 1A9, 5.50%,
12/25/2035
197
171
Series 2006-26CB, Class A9, 6.50%,
9/25/2036
811
352
Anchor Mortgage Trust Series 2025-RTL1,
Class A1, 5.72%, 5/25/2040 (b) (f)
3,515
3,499
Banc of America Alternative Loan Trust
Series 2004-6, Class 15, PO, 7/25/2019
5
2
Series 2006-4, Class 1A4, 6.00%, 5/25/2046
175
158
Banc of America Funding Trust
Series 2004-1, PO, 3/25/2034
34
24
Series 2004-2, Class 30, PO, 9/20/2034
53
41
Series 2005-6, Class 2A7, 5.50%,
10/25/2035
95
84
Series 2005-7, Class 30, PO, 11/25/2035
43
44
Series 2005-8, Class 30, PO, 1/25/2036
24
14
Series 2006-A, Class 3A2, 4.55%,
2/20/2036 (e)
67
61
Banc of America Mortgage Trust Series 2004-A,
Class 2A2, 5.24%, 2/25/2034 (e)
16
15
Bear Stearns ARM Trust
Series 2003-7, Class 3A, 6.24%,
10/25/2033 (e)
7
7
Series 2004-1, Class 12A1, 4.85%,
4/25/2034 (e)
95
84
Series 2004-2, Class 14A, 4.22%,
5/25/2034 (e)
14
13
Series 2006-1, Class A1, 5.95%,
2/25/2036 (e)
182
174
BVRT LLC Series 2025-1, Class B, 3.62%,
5/10/2033 ‡ (b) (e)
3,402
3,315
CAFL Issuer LP
Series 2025-RRTL1, Class A1, 5.68%,
5/28/2040 (b) (f)
7,170
7,174
Series 2025-RRTL2, Class A1, 5.18%,
11/28/2040 (b) (f)
3,565
3,536
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Center Street Lending Resi-Investor ABS Mortgage
Trust Series 2026-RTL1, Class A1, 5.38%,
12/25/2030 (b) (f)
4,341
4,296
CFIN LLC Series 2024-1A, Class A, 6.50%,
11/27/2028 ‡ (b)
4,700
4,705
CHL Mortgage Pass-Through Trust
Series 2004-HYB1, Class 2A, 4.80%,
5/20/2034 (e)
18
18
Series 2004-HYB3, Class 2A, 4.19%,
6/20/2034 (e)
55
51
Series 2004-7, Class 2A1, 5.07%,
6/25/2034 (e)
50
47
Series 2004-HYB6, Class A3, 5.14%,
11/20/2034 (e)
69
66
Series 2005-16, Class A23, 5.50%,
9/25/2035
164
94
Series 2005-22, Class 2A1, 4.81%,
11/25/2035 (e)
391
327
Citicorp Mortgage Securities REMIC Pass-Through
Certificates Trust
Series 2005-5, Class A, PO, 8/25/2035
22
13
Series 2005-8, Class A, PO, 11/25/2035
42
24
Citigroup Global Markets Mortgage Securities VII,
Inc.
Series 2003-UP2, Class 1, PO, 6/25/2033
1
1
Series 2003-HYB1, Class A, 6.74%,
9/25/2033 (e)
8
7
Citigroup Mortgage Loan Trust
Series 2004-UST1, Class A6, 6.03%,
8/25/2034 (e)
6
6
Series 2015-A, Class B2, 4.50%,
6/25/2058 (b) (e)
58
58
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3, PO, 9/25/2033
5
3
Series 2003-1, Class 2, PO, 10/25/2033
—
—
Series 2003-1, Class 2A6, PO, 10/25/2033
3
3
Series 2003-1, Class 2A5, 5.25%,
10/25/2033
6
6
Series 2005-1, Class 2A1A, 3.08%,
2/25/2035 (e)
103
92
Series 2005-2, Class 2A11, 5.50%,
5/25/2035
58
56
Series 2005-5, Class 1A2, 4.14%,
8/25/2035 (e)
121
91
Credit Suisse First Boston Mortgage Securities
Corp. (Switzerland)
Series 2003-1, Class DB1, 6.67%,
2/25/2033 (e)
109
111
SEE NOTES TO FINANCIAL STATEMENTS.
 
30
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2003-21, Class 1A4, 5.25%,
9/25/2033
22
22
Series 2003-25, Class 1P, PO, 10/25/2033
54
42
CSFB Mortgage-Backed Pass-Through Certificates
Series 2005-4, Class 3A18, 5.50%,
6/25/2035
344
338
Series 2005-4, Class 3A23, 5.50%,
6/25/2035
725
714
CVS Pass-Through Trust, 5.77%, 1/10/2033 (b)
21
21
EQV Abs Issuer I LLC, 5.85%, 12/15/2040 ‡
2,310
2,295
FHLMC Seasoned Credit Risk Transfer Trust
Series 2017-4, Class HT, 3.25%,
6/25/2057 (f)
5,189
4,652
Series 2017-4, Class M45T, 4.50%,
6/25/2057
2,318
2,227
Series 2019-1, Class MT, 3.50%, 7/25/2058
2,071
1,821
Series 2019-3, Class MB, 3.50%, 10/25/2058
1,722
1,419
Series 2019-4, Class M55D, 4.00%,
2/25/2059
62
58
Series 2020-1, Class MA, 2.50%, 8/25/2059
3,832
3,548
Series 2022-1, Class MTU, 3.25%,
11/25/2061
2,715
2,279
Series 2023-1, Class MT, 3.00%, 10/25/2062
4,032
3,313
Series 2024-1, Class MT, 3.00%, 11/25/2063
1,889
1,562
Series 2024-2, Class MT, 3.50%, 5/25/2064
5,888
5,061
FHLMC, REMIC
Series 1899, Class ZE, 8.00%, 9/15/2026
—
—
Series 1963, Class Z, 7.50%, 1/15/2027
—
—
Series 1935, Class FL, 4.45%, 2/15/2027 (e)
—
—
Series 1981, Class Z, 6.00%, 5/15/2027
—
—
Series 1970, Class PG, 7.25%, 7/15/2027
—
—
Series 1987, Class PE, 7.50%, 9/15/2027
1
1
Series 2019, Class Z, 6.50%, 12/15/2027
3
3
Series 2038, Class PN, IO, 7.00%, 3/15/2028
3
—
Series 2040, Class PE, 7.50%, 3/15/2028
4
4
Series 4251, Class KW, 2.50%, 4/15/2028
295
291
Series 2043, Class CJ, 6.50%, 4/15/2028
1
1
Series 2054, Class PV, 7.50%, 5/15/2028
2
2
Series 2075, Class PM, 6.25%, 8/15/2028
12
12
Series 2075, Class PH, 6.50%, 8/15/2028
11
11
Series 2086, Class GB, 6.00%, 9/15/2028
2
2
Series 2089, Class PJ, IO, 7.00%, 10/15/2028
5
—
Series 2095, Class PE, 6.00%, 11/15/2028
15
15
Series 2125, Class JZ, 6.00%, 2/15/2029
7
7
Series 2136, Class PG, 6.00%, 3/15/2029
6
6
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2132, Class SB, IF, 14.36%,
3/15/2029 (e)
1
1
Series 2141, IO, 7.00%, 4/15/2029
1
—
Series 2169, Class TB, 7.00%, 6/15/2029
19
20
Series 2163, Class PC, IO, 7.50%, 6/15/2029
1
—
Series 2172, Class QC, 7.00%, 7/15/2029
18
19
Series 2176, Class OJ, 7.00%, 8/15/2029
16
16
Series 2201, Class C, 8.00%, 11/15/2029
2
2
Series 2209, Class TC, 8.00%, 1/15/2030
6
6
Series 2210, Class Z, 8.00%, 1/15/2030
13
13
Series 2224, Class CB, 8.00%, 3/15/2030
4
4
Series 2230, Class Z, 8.00%, 4/15/2030
8
8
Series 2234, Class PZ, 7.50%, 5/15/2030
8
8
Series 2247, Class Z, 7.50%, 8/15/2030
10
11
Series 2256, Class MC, 7.25%, 9/15/2030
6
6
Series 2259, Class ZM, 7.00%, 10/15/2030
19
19
Series 2262, Class Z, 7.50%, 10/15/2030
2
2
Series 2271, Class PC, 7.25%, 12/15/2030
20
20
Series 2296, Class PD, 7.00%, 3/15/2031
13
13
Series 2319, Class FD, 4.45%, 5/15/2031 (e)
1
1
Series 2313, Class LA, 6.50%, 5/15/2031
4
4
Series 2325, Class PM, 7.00%, 6/15/2031
10
10
Series 2359, Class ZB, 8.50%, 6/15/2031
30
31
Series 2344, Class ZD, 6.50%, 8/15/2031
101
103
Series 2344, Class ZJ, 6.50%, 8/15/2031
13
13
Series 2345, Class NE, 6.50%, 8/15/2031
13
13
Series 2351, Class PZ, 6.50%, 8/15/2031
9
9
Series 2353, Class AZ, 6.00%, 9/15/2031
50
51
Series 2367, Class ME, 6.50%, 10/15/2031
26
27
Series 2396, Class FM, 4.20%,
12/15/2031 (e)
2
2
Series 2399, Class OH, 6.50%, 1/15/2032
22
22
Series 2399, Class TH, 6.50%, 1/15/2032
33
34
Series 2464, Class SI, IF, IO, 4.25%,
2/15/2032 (e)
56
4
Series 2410, Class QX, IF, IO, 4.90%,
2/15/2032 (e)
10
1
Series 2410, Class NG, 6.50%, 2/15/2032
26
27
Series 2420, Class XK, 6.50%, 2/15/2032
36
37
Series 2412, Class SP, IF, 8.60%,
2/15/2032 (e)
27
28
Series 2410, Class QS, IF, 9.75%,
2/15/2032 (e)
25
25
Series 2444, Class ES, IF, IO, 4.20%,
3/15/2032 (e)
22
1
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
31
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2450, Class SW, IF, IO, 4.25%,
3/15/2032 (e)
17
1
Series 2448, Class FT, 4.75%, 3/15/2032 (e)
5
5
Series 2430, Class WF, 6.50%, 3/15/2032
63
64
Series 2423, Class MC, 7.00%, 3/15/2032
32
33
Series 2423, Class MT, 7.00%, 3/15/2032
26
26
Series 2435, Class CJ, 6.50%, 4/15/2032
35
36
Series 2434, Class TC, 7.00%, 4/15/2032
33
34
Series 2436, Class MC, 7.00%, 4/15/2032
9
9
Series 2455, Class GK, 6.50%, 5/15/2032
68
70
Series 2450, Class GZ, 7.00%, 5/15/2032
23
24
Series 2462, Class JG, 6.50%, 6/15/2032
34
35
Series 2466, Class PH, 6.50%, 6/15/2032
52
53
Series 2474, Class NR, 6.50%, 7/15/2032
29
29
Series 2484, Class LZ, 6.50%, 7/15/2032
35
36
Series 2505, Class D, 5.50%, 9/15/2032
12
12
Series 2500, Class MC, 6.00%, 9/15/2032
26
27
Series 2501, Class PW, 6.00%, 9/15/2032
6
6
Series 2835, Class QO, PO, 12/15/2032
5
4
Series 2543, Class YX, 6.00%, 12/15/2032
77
78
Series 2544, Class HC, 6.00%, 12/15/2032
39
40
Series 2552, Class ME, 6.00%, 1/15/2033
87
89
Series 2567, Class QD, 6.00%, 2/15/2033
102
104
Series 2575, Class ME, 6.00%, 2/15/2033
225
230
Series 2596, Class QG, 6.00%, 3/15/2033
47
48
Series 2586, Class WI, IO, 6.50%, 3/15/2033
21
3
Series 2631, Class SA, IF, 7.97%,
6/15/2033 (e)
2
2
Series 2692, Class SC, IF, 5.78%,
7/15/2033 (e)
17
18
Series 4240, Class B, 3.00%, 8/15/2033
1,484
1,414
Series 2733, Class SB, IF, 4.63%,
10/15/2033 (e)
15
14
Series 2780, Class SY, IF, 8.25%,
11/15/2033 (e)
1
1
Series 3920, Class LP, 5.00%, 1/15/2034
197
197
Series 2744, Class PE, 5.50%, 2/15/2034
—
—
Series 3611, PO, 7/15/2034
16
14
Series 2990, Class UZ, 5.75%, 6/15/2035
531
544
Series 3004, Class EK, 5.50%, 7/15/2035
920
933
Series 3014, Class OD, PO, 8/15/2035
14
13
Series 3085, Class WF, 4.55%, 8/15/2035 (e)
37
37
Series 3012, Class ZE, 5.75%, 8/15/2035
38
39
Series 3047, Class OD, 5.50%, 10/15/2035
115
116
Series 3074, Class BH, 5.00%, 11/15/2035
31
31
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 3064, Class MC, 5.50%, 11/15/2035
1,911
1,928
Series 3102, Class FB, 4.05%, 1/15/2036 (e)
1
1
Series 3102, Class HS, IF, 10.81%,
1/15/2036 (e)
5
5
Series 3117, Class EO, PO, 2/15/2036
83
73
Series 3117, Class OK, PO, 2/15/2036
52
45
Series 3134, PO, 3/15/2036
14
12
Series 3152, Class MO, PO, 3/15/2036
65
57
Series 3122, Class ZB, 6.00%, 3/15/2036
36
37
Series 3138, PO, 4/15/2036
72
62
Series 3607, Class BO, PO, 4/15/2036
37
32
Series 3219, Class DI, IO, 6.00%, 4/15/2036
47
8
Series 3819, Class ZQ, 6.00%, 4/15/2036
286
294
Series 3149, Class SO, PO, 5/15/2036
12
10
Series 3233, Class OP, PO, 5/15/2036
20
16
Series 3171, Class MO, PO, 6/15/2036
7
6
Series 3179, Class OA, PO, 7/15/2036
53
45
Series 3194, Class SA, IF, IO, 3.35%,
7/15/2036 (e)
16
1
Series 3211, Class SO, PO, 9/15/2036
66
58
Series 3218, Class AO, PO, 9/15/2036
32
27
Series 3232, Class ST, IF, IO, 2.95%,
10/15/2036 (e)
99
6
Series 3256, PO, 12/15/2036
44
37
Series 4476, Class CM, 3.50%, 12/15/2036
179
172
Series 3261, Class OA, PO, 1/15/2037
55
46
Series 3260, Class CS, IF, IO, 2.39%,
1/15/2037 (e)
98
6
Series 3274, Class JO, PO, 2/15/2037
17
14
Series 3275, Class FL, 4.19%, 2/15/2037 (e)
13
13
Series 3290, Class SB, IF, IO, 2.70%,
3/15/2037 (e)
134
8
Series 3318, Class AO, PO, 5/15/2037
2
2
Series 3607, PO, 5/15/2037
66
54
Series 3315, Class HZ, 6.00%, 5/15/2037
56
57
Series 3326, Class JO, PO, 6/15/2037
5
4
Series 3331, PO, 6/15/2037
57
49
Series 3607, Class OP, PO, 7/15/2037
154
131
Series 4048, Class FJ, 4.15%, 7/15/2037 (e)
140
138
Series 3385, Class SN, IF, IO, 2.25%,
11/15/2037 (e)
21
1
Series 3387, Class SA, IF, IO, 2.67%,
11/15/2037 (e)
83
5
Series 3422, Class AI, IO, 0.25%,
1/15/2038 (f)
303
2
SEE NOTES TO FINANCIAL STATEMENTS.
 
32
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 3404, Class SC, IF, IO, 2.25%,
1/15/2038 (e)
118
8
Series 3424, Class PI, IF, IO, 3.05%,
4/15/2038 (e)
104
8
Series 3461, Class LZ, 6.00%, 6/15/2038
4
4
Series 3481, Class SJ, IF, IO, 2.10%,
8/15/2038 (e)
114
8
Series 3511, Class SA, IF, IO, 2.25%,
2/15/2039 (e)
85
4
Series 4701, Class CH, 3.00%, 7/15/2039
69
66
Series 3549, Class FA, 4.95%, 7/15/2039 (e)
6
7
Series 3621, Class BO, PO, 1/15/2040
50
43
Series 3632, Class BS, IF, 5.00%,
2/15/2040 (e)
15
14
Series 3747, Class PY, 4.00%, 10/15/2040
441
422
Series 3925, Class FL, 4.20%, 1/15/2041 (e)
1
1
Series 3844, Class DB, 4.50%, 4/15/2041
30
29
Series 3852, Class QN, IF, 5.50%,
5/15/2041 (e)
46
43
Series 3852, Class TP, IF, 5.50%,
5/15/2041 (e)
155
149
Series 3871, Class JB, 5.50%, 6/15/2041
19
19
Series 3924, Class LC, 4.00%, 9/15/2041
166
157
Series 3957, Class B, 4.00%, 11/15/2041
55
53
Series 3966, Class NA, 4.00%, 12/15/2041
144
138
Series 4217, Class KY, 3.00%, 6/15/2043
2,300
2,019
Series 4928, Class PB, 2.50%, 9/25/2048
296
271
Series 4902, Class BA, 3.00%, 1/25/2049
193
174
Series 4865, Class PE, 3.00%, 3/15/2049
153
145
Series 5675, Class MO, PO, 5/25/2056
8,884
6,798
Series 5686, Class SD, IF, 3.97%,
8/25/2056 (e)
5,234
4,329
Series 5686, Class SN, IF, 3.97%,
8/25/2056 (e)
6,957
5,864
FHLMC, STRIPS
Series 233, Class 11, IO, 5.00%, 9/15/2035
105
16
Series 233, Class 13, IO, 5.00%, 9/15/2035
146
20
Series 269, Class 30, 3.00%, 8/15/2042
31
28
Series 299, Class 300, 3.00%, 1/15/2043
757
680
Series 310, PO, 9/15/2043
444
338
Series 323, Class 300, 3.00%, 1/15/2044
629
564
FHLMC, Structured Pass-Through Certificates,
Whole Loan
Series T-41, Class 3A, 4.38%, 7/25/2032 (e)
151
136
Series T-76, Class 2A, 2.04%, 10/25/2037 (e)
386
350
Series T-51, Class 2A, 7.50%, 8/25/2042 (e)
129
124
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series T-54, Class 2A, 6.50%, 2/25/2043
703
714
Series T-54, Class 3A, 7.00%, 2/25/2043
197
198
Series T-58, Class A, PO, 9/25/2043
41
34
Series T-59, Class 1AP, PO, 10/25/2043
105
67
First Horizon Alternative Mortgage Securities
Trust
Series 2004-AA4, Class A1, 4.69%,
10/25/2034 (e)
44
44
Series 2005-FA8, Class 1A19, 5.50%,
11/25/2035
297
117
Series 2007-FA4, Class 1A2, IF, IO, 1.87%,
8/25/2037 (e)
779
42
FNMA REMIC Trust Series 2007-42, Class AO, PO,
5/25/2037
2
2
FNMA Trust, Whole Loan
Series 2004-W1, Class 2A2, 7.00%,
12/25/2033
37
38
Series 2004-W2, Class 2A2, 7.00%,
2/25/2044
43
43
Series 2004-W15, Class 2AF, 4.01%,
8/25/2044 (e)
73
73
Series 2005-W3, Class 2AF, 3.98%,
3/25/2045 (e)
199
198
Series 2006-W2, Class 1AF1, 3.98%,
2/25/2046 (e)
63
62
FNMA, Grantor Trust Series 2017-T1, Class A,
2.90%, 6/25/2027
2,288
2,258
FNMA, Grantor Trust, Whole Loan
Series 2002-T19, Class A2, 7.00%,
7/25/2042
267
277
Series 2004-T3, Class 1A3, 7.00%,
2/25/2044
151
153
FNMA, REMIC
Series 1997-27, Class J, 7.50%, 4/18/2027
—
—
Series 1997-29, Class J, 7.50%, 4/20/2027
—
—
Series 1997-39, Class PD, 7.50%, 5/20/2027
2
2
Series 2012-98, Class KY, 3.50%, 9/25/2027
150
149
Series 1997-81, Class PI, IO, 7.00%,
12/18/2027
1
—
Series 1998-36, Class ZB, 6.00%, 7/18/2028
3
3
Series 1999-17, Class C, 6.35%, 4/25/2029
2
2
Series 1999-62, Class PB, 7.50%,
12/18/2029
2
2
Series 2000-2, Class ZE, 7.50%, 2/25/2030
13
13
Series 2010-136, Class BA, 3.50%,
12/25/2030
139
135
Series 2000-52, IO, 8.50%, 1/25/2031
3
—
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
33
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2001-7, Class PF, 7.00%, 3/25/2031
2
2
Series 2011-31, Class DB, 3.50%, 4/25/2031
361
351
Series 2001-33, Class ID, IO, 6.00%,
7/25/2031
24
2
Series 2001-30, Class PM, 7.00%, 7/25/2031
18
19
Series 2001-36, Class DE, 7.00%, 8/25/2031
24
25
Series 2001-49, Class Z, 6.50%, 9/25/2031
8
8
Series 2001-44, Class MY, 7.00%, 9/25/2031
48
50
Series 2001-44, Class PD, 7.00%, 9/25/2031
5
5
Series 2001-44, Class PU, 7.00%, 9/25/2031
9
9
Series 2001-52, Class KB, 6.50%,
10/25/2031
9
9
Series 2003-52, Class SX, IF, 11.68%,
10/25/2031 (e)
11
12
Series 2001-61, Class Z, 7.00%, 11/25/2031
76
77
Series 2001-72, Class SX, IF, 8.72%,
12/25/2031 (e)
1
1
Series 2002-1, Class SA, IF, 12.98%,
2/25/2032 (e)
5
6
Series 2002-13, Class SJ, IF, IO, 1.60%,
3/25/2032 (e)
26
—
Series 2002-11, Class QF, 4.26%,
3/25/2032 (e)
1
1
Series 2002-13, Class ST, IF, 10.00%,
3/25/2032 (e)
—
—
Series 2002-21, Class LO, PO, 4/25/2032
2
2
Series 2002-21, Class PE, 6.50%, 4/25/2032
20
20
Series 2002-28, Class PK, 6.50%, 5/25/2032
49
50
Series 2012-66, Class CB, 3.00%, 6/25/2032
1,265
1,211
Series 2002-37, Class Z, 6.50%, 6/25/2032
15
16
Series 2006-130, Class GI, IO, 6.50%,
7/25/2032
28
1
Series 2002-51, Class FZ, 4.26%,
8/25/2032 (e)
2
3
Series 2002-48, Class GH, 6.50%, 8/25/2032
69
71
Series 2002-52, Class FG, 4.26%,
9/25/2032 (e)
1
1
Series 2002-68, Class FT, 4.05%,
10/18/2032 (e)
—
—
Series 2002-64, Class FE, 4.10%,
10/18/2032 (e)
—
—
Series 2004-61, Class SK, IF, 8.50%,
11/25/2032 (e)
8
8
Series 2004-59, Class BG, PO, 12/25/2032
29
26
Series 2002-77, Class S, IF, 7.59%,
12/25/2032 (e)
13
13
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2002-95, Class FT, 4.26%,
1/25/2033 (e)
1
1
Series 2002-97, Class GB, 5.50%, 1/25/2033
3
3
Series 2003-22, Class UD, 4.00%, 4/25/2033
302
294
Series 2003-35, Class UC, 3.75%, 5/25/2033
—
—
Series 2003-42, Class GB, 4.00%, 5/25/2033
25
24
Series 2003-34, Class AX, 6.00%, 5/25/2033
49
50
Series 2003-34, Class ED, 6.00%, 5/25/2033
197
200
Series 2003-39, IO, 6.00%, 5/25/2033 (e)
9
1
Series 2003-33, Class IA, IO, 6.50%,
5/25/2033
83
10
Series 2007-97, Class KI, IO, 7.00%,
5/25/2033
166
11
Series 2003-47, Class PE, 5.75%, 6/25/2033
45
46
Series 2003-64, Class SX, IF, 4.41%,
7/25/2033 (e)
12
11
Series 2003-87, Class SL, IF, 5.34%,
7/25/2033 (e)
20
20
Series 2003-132, Class OA, PO, 8/25/2033
1
1
Series 2003-71, Class DS, IF, 2.49%,
8/25/2033 (e)
108
98
Series 2003-74, Class SH, IF, 3.41%,
8/25/2033 (e)
25
23
Series 2003-72, Class IE, IO, 5.50%,
8/25/2033
109
12
Series 2003-91, Class SD, IF, 6.24%,
9/25/2033 (e)
19
19
Series 2013-101, Class AE, 3.00%,
10/25/2033
1,308
1,247
Series 2013-101, Class E, 3.00%,
10/25/2033
1,273
1,213
Series 2013-108, Class GU, 3.00%,
10/25/2033
1,565
1,488
Series 2003-116, Class SB, IF, IO, 3.84%,
11/25/2033 (e)
103
7
Series 2006-44, Class P, PO, 12/25/2033
250
219
Series 2003-131, Class CH, 5.50%,
1/25/2034
15
15
Series 2003-130, Class SX, IF, 5.88%,
1/25/2034 (e)
1
1
Series 2004-25, Class SA, IF, 9.19%,
4/25/2034 (e)
33
34
Series 2004-46, Class SK, IF, 6.17%,
5/25/2034 (e)
50
52
Series 2004-46, Class QB, IF, 8.97%,
5/25/2034 (e)
37
37
Series 2004-36, Class SA, IF, 9.19%,
5/25/2034 (e)
99
103
SEE NOTES TO FINANCIAL STATEMENTS.
 
34
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2004-51, Class SY, IF, 6.72%,
7/25/2034 (e)
20
20
Series 2005-56, Class S, IF, IO, 2.95%,
7/25/2035 (e)
123
7
Series 2005-66, Class SG, IF, 7.98%,
7/25/2035 (e)
40
42
Series 2005-68, Class PG, 5.50%, 8/25/2035
73
73
Series 2005-72, Class SB, IF, 7.48%,
8/25/2035 (e)
1
1
Series 2005-84, Class XM, 5.75%,
10/25/2035
169
171
Series 2005-110, Class GL, 5.50%,
12/25/2035
991
997
Series 2005-109, Class PC, 6.00%,
12/25/2035
37
37
Series 2006-16, Class OA, PO, 3/25/2036
34
29
Series 2006-22, Class AO, PO, 4/25/2036
63
56
Series 2006-23, Class KO, PO, 4/25/2036
7
6
Series 2006-44, Class GO, PO, 6/25/2036
96
85
Series 2006-53, Class US, IF, IO, 2.82%,
6/25/2036 (e)
140
8
Series 2006-56, PO, 7/25/2036
65
57
Series 2006-58, PO, 7/25/2036
43
37
Series 2006-58, Class AP, PO, 7/25/2036
93
75
Series 2006-65, Class QO, PO, 7/25/2036
63
54
Series 2006-56, Class FC, 4.05%,
7/25/2036 (e)
116
115
Series 2006-58, Class FL, 4.22%,
7/25/2036 (e)
11
11
Series 2006-60, Class DZ, 6.50%, 7/25/2036
1,501
1,552
Series 2011-19, Class ZY, 6.50%, 7/25/2036
5
5
Series 2006-72, Class TO, PO, 8/25/2036
12
9
Series 2006-79, Class DO, PO, 8/25/2036
47
39
Series 2007-7, Class SG, IF, IO, 2.74%,
8/25/2036 (e)
724
53
Series 2006-77, Class PC, 6.50%, 8/25/2036
80
81
Series 2006-90, Class AO, PO, 9/25/2036
21
19
Series 2008-42, Class AO, PO, 9/25/2036
23
20
Series 2009-19, Class IP, IO, 5.50%,
10/25/2036
264
41
Series 2006-109, PO, 11/25/2036
24
20
Series 2006-110, PO, 11/25/2036
112
97
Series 2006-111, Class EO, PO, 11/25/2036
16
13
Series 2006-124, Class HB, 6.22%,
11/25/2036 (e)
206
217
Series 2006-119, PO, 12/25/2036
18
16
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2006-118, Class A2, 3.79%,
12/25/2036 (e)
71
69
Series 2009-70, Class CO, PO, 1/25/2037
129
103
Series 2006-128, Class BP, 5.50%,
1/25/2037
9
9
Series 2007-14, Class ES, IF, IO, 2.68%,
3/25/2037 (e)
193
15
Series 2007-77, Class FG, 4.26%,
3/25/2037 (e)
20
20
Series 2007-16, Class FC, 4.51%,
3/25/2037 (e)
27
27
Series 2007-14, Class GZ, 5.50%, 3/25/2037
4
4
Series 2007-48, PO, 5/25/2037
24
21
Series 2007-60, Class AX, IF, IO, 3.39%,
7/25/2037 (e)
535
58
Series 2007-81, Class GE, 6.00%, 8/25/2037
68
70
Series 2007-88, Class VI, IF, IO, 2.78%,
9/25/2037 (e)
373
24
Series 2007-91, Class ES, IF, IO, 2.70%,
10/25/2037 (e)
266
22
Series 2007-116, Class HI, IO, 1.80%,
1/25/2038 (e)
147
10
Series 2008-1, Class BI, IF, IO, 2.15%,
2/25/2038 (e)
94
5
Series 2008-16, Class IS, IF, IO, 2.44%,
3/25/2038 (e)
43
2
Series 2008-10, Class XI, IF, IO, 2.47%,
3/25/2038 (e)
102
6
Series 2008-27, Class SN, IF, IO, 3.14%,
4/25/2038 (e)
51
4
Series 2008-44, PO, 5/25/2038
4
4
Series 2008-53, Class CI, IF, IO, 3.44%,
7/25/2038 (e)
44
3
Series 2008-80, Class SA, IF, IO, 2.09%,
9/25/2038 (e)
137
9
Series 2008-81, Class SB, IF, IO, 2.09%,
9/25/2038 (e)
163
9
Series 2009-6, Class GS, IF, IO, 2.79%,
2/25/2039 (e)
113
8
Series 2009-52, Class PI, IO, 5.00%,
7/25/2039
3
—
Series 2009-60, Class HT, 6.00%, 8/25/2039
119
122
Series 2009-99, Class SC, IF, IO, 2.42%,
12/25/2039 (e)
33
2
Series 2009-103, Class MB, 5.97%,
12/25/2039 (e)
57
58
Series 2009-112, Class ST, IF, IO, 2.49%,
1/25/2040 (e)
5
—
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
35
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2010-49, Class SC, IF, 5.14%,
3/25/2040 (e)
87
81
Series 2010-64, Class DM, 5.00%, 6/25/2040
24
24
Series 2010-80, Class HZ, 5.00%, 7/25/2040
203
201
Series 2010-71, Class HJ, 5.50%, 7/25/2040
72
72
Series 2010-147, Class SA, IF, IO, 2.77%,
1/25/2041 (e)
399
34
Series 2011-30, Class LS, IO, 1.86%,
4/25/2041 (e)
123
10
Series 2011-75, Class FA, 4.31%,
8/25/2041 (e)
17
17
Series 2011-118, Class MT, 7.00%,
11/25/2041
98
101
Series 2011-130, Class CA, 6.00%,
12/25/2041
299
308
Series 2012-83, Class AC, 3.00%, 8/25/2042
192
170
Series 2013-2, Class AD, 1.50%, 2/25/2043
111
100
Series 2013-6, Class PY, 2.00%, 2/25/2043
97
63
Series 2013-81, Class TA, 3.00%, 2/25/2043
201
200
Series 2017-49, Class LA, 3.00%, 6/25/2043
78
77
Series 2013-92, PO, 9/25/2043
361
272
Series 2013-90, Class PM, 3.50%, 9/25/2043
1,694
1,543
Series 2013-101, Class DO, PO, 10/25/2043
638
457
Series 2013-104, Class CY, 5.00%,
10/25/2043
250
248
Series 2013-128, PO, 12/25/2043
648
492
Series 2018-3, Class LP, 3.00%, 2/25/2047
145
136
Series 2018-47, Class VC, 3.00%,
12/25/2047
275
271
Series 2019-25, Class PA, 3.00%, 5/25/2048
89
82
Series 2019-60, Class DA, 2.50%, 3/25/2049
198
173
Series 2020-46, Class KB, 1.25%, 6/25/2050
7,332
5,564
Series 2011-2, Class WA, 5.78%,
2/25/2051 (e)
53
54
Series 2021-95, Class GA, 1.88%, 3/25/2051
6,955
5,649
Series 2026-56, Class SE, IF, 3.56%,
9/25/2054 (e)
5,871
5,182
Series 2026-60, Class SD, IF, 3.97%,
8/25/2056 (e)
5,166
4,335
FNMA, REMIC Trust, Whole Loan
Series 2007-W7, Class 1A4, IF, 16.63%,
7/25/2037 (e)
4
5
Series 2003-W4, Class 2A, 5.20%,
10/25/2042 (e)
19
19
Series 2003-W1, Class 1A1, 4.64%,
12/25/2042 (e)
177
174
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2003-W1, Class 2A, 5.03%,
12/25/2042 (e)
81
80
Series 2003-W10, Class 1A4, 4.51%,
6/25/2043
8
7
Series 2009-W1, Class A, 6.00%, 12/25/2049
86
87
FNMA, REMIC, Whole Loan
Series 2007-101, Class A2, 4.42%,
6/27/2036 (e)
133
134
Series 2007-54, Class FA, 4.16%,
6/25/2037 (e)
73
73
Series 2007-106, Class A7, 6.04%,
10/25/2037 (e)
38
38
Series 2003-18, Class X1, IO, 0.47%,
12/25/2042 (e)
564
5
FNMA, STRIPS
Series 318, Class 1, PO, 1/25/2032
3
3
Series 329, Class 1, PO, 1/25/2033
9
8
Series 345, Class 6, IO, 5.00%,
12/25/2033 (e)
15
2
Series 351, Class 7, IO, 5.00%, 4/25/2034 (e)
52
5
Series 355, Class 11, IO, 6.00%, 7/25/2034
48
5
Series 365, Class 8, IO, 5.50%, 5/25/2036
74
12
Series 374, Class 5, IO, 5.50%, 8/25/2036
38
6
Series 393, Class 6, IO, 5.50%, 4/25/2037
10
1
Series 383, Class 32, IO, 6.00%, 1/25/2038
20
3
Series 383, Class 33, IO, 6.00%, 1/25/2038
52
9
FNMA, Whole Loan Series 2004-W15, Class 1A1,
6.00%, 8/25/2044
4
4
GMACM Mortgage Loan Trust Series 2005-AR3,
Class 3A4, 4.00%, 6/19/2035 (e)
154
150
GNMA
Series 2001-35, Class SA, IF, IO, 4.50%,
8/16/2031 (e)
17
—
Series 2002-52, Class GH, 6.50%, 7/20/2032
106
106
Series 2003-58, Class BE, 6.50%, 1/20/2033
152
152
Series 2003-46, Class MG, 6.50%, 5/20/2033
112
112
Series 2003-52, Class AP, PO, 6/16/2033
31
28
Series 2003-112, Class SA, IF, IO, 2.80%,
12/16/2033 (e)
129
1
Series 2004-16, Class GC, 5.50%, 2/20/2034
27
27
Series 2004-28, Class S, IF, 9.34%,
4/16/2034 (e)
46
48
Series 2004-90, Class SI, IF, IO, 2.33%,
10/20/2034 (e)
171
2
Series 2004-89, Class BS, IF, 5.58%,
10/20/2034 (e)
2
2
SEE NOTES TO FINANCIAL STATEMENTS.
 
36
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2004-98, Class SB, IF, 10.75%,
11/20/2034 (e)
19
19
Series 2005-68, Class DP, IF, 7.39%,
6/17/2035 (e)
11
11
Series 2010-14, Class CO, PO, 8/20/2035
60
50
Series 2005-58, Class NI, IO, 5.50%,
8/20/2035 (e)
273
19
Series 2005-74, Class HB, 7.50%, 9/16/2035
—
—
Series 2005-74, Class HC, 7.50%, 9/16/2035
3
3
Series 2005-68, Class KI, IF, IO, 2.53%,
9/20/2035 (e)
409
22
Series 2005-91, Class PI, IO, 6.00%,
12/20/2035
58
4
Series 2006-16, Class OP, PO, 3/20/2036
29
24
Series 2006-38, Class ZK, 6.50%, 8/20/2036
349
348
Series 2006-59, Class SD, IF, IO, 2.93%,
10/20/2036 (e)
112
4
Series 2011-22, Class WA, 5.74%,
2/20/2037 (e)
120
121
Series 2007-9, Class CI, IF, IO, 2.43%,
3/20/2037 (e)
10
—
Series 2007-17, Class JO, PO, 4/16/2037
29
23
Series 2007-17, Class JI, IF, IO, 3.06%,
4/16/2037 (e)
267
14
Series 2007-19, Class SD, IF, IO, 2.43%,
4/20/2037 (e)
141
1
Series 2007-28, Class BO, PO, 5/20/2037
28
23
Series 2007-26, Class SC, IF, IO, 2.43%,
5/20/2037 (e)
117
1
Series 2007-27, Class SA, IF, IO, 2.43%,
5/20/2037 (e)
122
1
Series 2007-36, Class SE, IF, IO, 2.72%,
6/16/2037 (e)
71
—
Series 2007-47, Class PH, 6.00%, 7/16/2037
971
987
Series 2007-40, Class SB, IF, IO, 2.98%,
7/20/2037 (e)
262
2
Series 2007-42, Class SB, IF, IO, 2.98%,
7/20/2037 (e)
156
2
Series 2007-53, Class SW, IF, 8.90%,
9/20/2037 (e)
13
14
Series 2009-79, Class OK, PO, 11/16/2037
42
34
Series 2007-67, Class EI, IF, IO, 0.02%,
11/20/2037 (e)
444
—
Series 2007-67, Class GI, IF, IO, 0.02%,
11/20/2037 (e)
1,332
—
Series 2007-73, Class MI, IF, IO, 2.23%,
11/20/2037 (e)
88
—
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2007-76, Class SA, IF, IO, 2.76%,
11/20/2037 (e)
174
1
Series 2007-72, Class US, IF, IO, 2.78%,
11/20/2037 (e)
84
—
Series 2007-79, Class SY, IF, IO, 2.78%,
12/20/2037 (e)
76
—
Series 2008-2, Class NS, IF, IO, 2.79%,
1/16/2038 (e)
183
7
Series 2008-2, Class MS, IF, IO, 3.41%,
1/16/2038 (e)
55
3
Series 2008-10, Class S, IF, IO, 2.06%,
2/20/2038 (e)
95
—
Series 2009-106, Class ST, IF, IO, 2.23%,
2/20/2038 (e)
20
—
Series 2008-36, Class SH, IF, IO, 2.53%,
4/20/2038 (e)
132
1
Series 2008-36, Class ZA, 4.25%, 4/20/2038
228
220
Series 2008-40, Class SA, IF, IO, 2.65%,
5/16/2038 (e)
532
14
Series 2008-38, Class PL, 5.50%, 5/20/2038
39
39
Series 2008-55, Class SA, IF, IO, 2.43%,
6/20/2038 (e)
74
—
Series 2008-71, Class SC, IF, IO, 2.23%,
8/20/2038 (e)
33
—
Series 2008-65, Class PG, 6.00%, 8/20/2038
19
19
Series 2009-25, Class SE, IF, IO, 3.83%,
9/20/2038 (e)
65
1
Series 2008-93, Class AS, IF, IO, 1.93%,
12/20/2038 (e)
98
3
Series 2009-6, Class SA, IF, IO, 2.35%,
2/16/2039 (e)
87
—
Series 2009-12, Class IE, IO, 5.50%,
3/20/2039
198
2
Series 2009-14, Class KI, IO, 6.50%,
3/20/2039
91
4
Series 2009-14, Class NI, IO, 6.50%,
3/20/2039
85
3
Series 2009-22, Class SA, IF, IO, 2.50%,
4/20/2039 (e)
146
8
Series 2009-33, Class CI, IO, 5.50%,
5/20/2039
43
2
Series 2009-33, Class TI, IO, 6.00%,
5/20/2039
45
2
Series 2009-43, Class SA, IF, IO, 2.18%,
6/20/2039 (e)
85
2
Series 2009-72, Class SM, IF, IO, 2.50%,
8/16/2039 (e)
162
8
Series 2010-31, Class NO, PO, 3/20/2040
308
264
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
37
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2013-75, Class WA, 5.06%,
6/20/2040 (e)
369
370
Series 2010-130, Class CP, 7.00%,
10/16/2040
45
46
Series 2010-157, Class OP, PO, 12/20/2040
339
290
Series 2011-75, Class SM, IF, IO, 2.83%,
5/20/2041 (e)
211
11
Series 2014-188, Class W, 4.54%,
10/20/2041 (e)
167
165
Series 2012-141, Class WC, 3.74%,
1/20/2042 (e)
120
112
Series 2012-96, Class QJ, 2.00%, 8/20/2042
113
79
Series 2013-54, Class WA, 4.89%,
11/20/2042 (e)
696
698
Series 2013-91, Class WA, 4.40%,
4/20/2043 (e)
390
367
Series 2013-116, Class JY, 4.00%, 8/16/2043
1,300
1,200
Series 2018-160, Class PA, 3.50%,
7/20/2046
358
352
Series 2024-110, Class JC, 3.00%, 9/20/2047
11,379
10,735
Series 2018-5, Class AB, 3.00%, 1/20/2048
89
79
Series 2025-6, Class A, 3.50%, 11/20/2050
5,017
4,659
Series 2022-9, Class P, 2.00%, 9/20/2051
4,638
4,038
Series 2022-154, Class JZ, 4.50%, 9/20/2052
1,490
1,286
Series 2023-115, Class TS, IF, 7.87%,
6/20/2053 (e)
3,159
3,019
Series 2026-106, Class HT, PO, 6/20/2056
10,094
8,301
Series 2026-107, Class SG, IF, 4.90%,
6/20/2056 (e)
10,848
9,538
Series 2012-H24, Class FG, 4.21%,
4/20/2060 (e)
1
1
Series 2013-H03, Class FA, 4.08%,
8/20/2060 (e)
—
—
Series 2012-H21, Class CF, 4.48%,
5/20/2061 (e)
—
—
Series 2013-H05, Class FB, 4.22%,
2/20/2062 (e)
10
10
Series 2012-H15, Class FA, 4.23%,
5/20/2062 (e)
—
—
Series 2012-H26, Class MA, 4.33%,
7/20/2062 (e)
3
3
Series 2012-H28, Class FA, 4.36%,
9/20/2062 (e)
1
1
Series 2012-H29, Class FA, 4.30%,
10/20/2062 (e)
27
27
Series 2012-H31, Class FD, 4.12%,
12/20/2062 (e)
111
110
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2013-H01, Class FA, 1.65%,
1/20/2063
—
—
Series 2013-H04, Class BA, 1.65%,
2/20/2063
2
2
Series 2013-H08, Class FC, 4.23%,
2/20/2063 (e)
93
93
Series 2013-H07, Class HA, 4.19%,
3/20/2063 (e)
78
78
Series 2013-H09, Class HA, 1.65%,
4/20/2063
10
10
Series 2013-H18, Class JA, 4.38%,
8/20/2063 (e)
96
96
Series 2014-H01, Class FD, 4.43%,
1/20/2064 (e)
39
39
Series 2014-H09, Class TA, 4.38%,
4/20/2064 (e)
51
51
Series 2024-57, Class PT, 4.50%, 4/20/2064
3,176
2,999
Series 2015-H15, Class FD, 4.22%,
6/20/2065 (e)
124
124
Series 2015-H15, Class FJ, 4.22%,
6/20/2065 (e)
267
267
Series 2015-H16, Class FG, 4.22%,
7/20/2065 (e)
244
243
Series 2015-H23, Class FB, 4.30%,
9/20/2065 (e)
225
225
Series 2015-H32, Class FH, 4.44%,
12/20/2065 (e)
187
188
Series 2017-H08, Class XI, IO, 2.21%,
3/20/2067 (e)
1,157
54
Series 2017-H14, Class FV, 4.28%,
6/20/2067 (e)
12
12
Series 2021-H14, Class CF, 5.04%,
9/20/2071 (e)
4,327
4,416
GSMPS Mortgage Loan Trust
Series 2001-2, Class A, 7.50%,
6/19/2032 (b) (e)
168
166
Series 2005-RP3, Class 1AS, IO, 0.35%,
9/25/2035 (b) (e)
287
—
Series 2005-RP3, Class 1AF, 4.13%,
9/25/2035 (b) (e)
379
328
Series 2006-RP2, Class 1AS2, IF, IO, 2.13%,
4/25/2036 (b) (e)
1,047
47
GSR Mortgage Loan Trust
Series 2004-6F, Class 3A4, 6.50%,
5/25/2034
59
60
Series 2004-8F, Class 2A3, 6.00%,
9/25/2034
23
23
SEE NOTES TO FINANCIAL STATEMENTS.
 
38
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Series 2004-13F, Class 3A3, 6.00%,
11/25/2034
49
49
Series 2005-4F, Class AP, PO, 5/25/2035
—
—
Series 2005-7F, Class 3A9, 6.00%,
9/25/2035
184
181
Series 2006-1F, Class 2A4, 6.00%,
2/25/2036
610
224
Impac CMB Trust Series 2005-4, Class 2A1,
4.38%, 5/25/2035 (e)
47
45
Impac Secured Assets CMN Owner Trust Series
2003-3, Class A1, 5.20%, 8/25/2033 (e)
5
5
Impac Secured Assets Trust Series 2006-1, Class
2A1, 4.48%, 5/25/2036 (e)
39
37
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 6.27%,
11/25/2033 (e)
45
45
Series 2006-A3, Class 6A1, 4.79%,
8/25/2034 (e)
13
13
Series 2006-A2, Class 4A1, 6.01%,
8/25/2034 (e)
60
61
Lehman Mortgage Trust
Series 2006-2, Class 1A1, 5.58%,
4/25/2036 (e)
156
95
Series 2008-2, Class 1A6, 6.00%, 3/25/2038
414
93
LHOME Mortgage Trust Series 2025-RTL2,
Class A1, 5.61%, 4/25/2040 (b) (e)
3,045
3,046
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 6.00%,
4/21/2034 (e)
38
37
Series 2004-4, Class 2A1, 5.92%,
5/25/2034 (e)
21
20
Series 2004-13, Class 3A7, 5.29%,
11/21/2034 (e)
93
92
Series 2004-15, Class 3A1, 6.76%,
12/25/2034 (e)
29
29
MASTR Alternative Loan Trust
Series 2004-8, Class 6A1, 5.50%, 9/25/2019
—
—
Series 2004-4, Class 10A1, 5.00%,
5/25/2024
30
10
Series 2003-3, Class 1A1, 6.50%, 5/25/2033
22
22
Series 2003-9, Class 8A1, 6.00%, 1/25/2034
74
71
Series 2004-3, Class 2A1, 6.25%, 4/25/2034
58
58
Series 2004-6, Class 30, PO, 7/25/2034
73
60
Series 2004-6, Class 7A1, 6.00%, 7/25/2034
104
100
Series 2004-7, Class 30, PO, 8/25/2034
32
22
MASTR Asset Securitization Trust
Series 2004-6, Class 15, PO, 7/25/2019 ‡
—
—
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2003-12, Class 30, PO, 12/25/2033
1
—
Series 2004-1, Class 30, PO, 2/25/2034
5
4
MASTR Reperforming Loan Trust Series 2005-2,
Class 1A1F, 4.13%, 5/25/2035 (b) (e)
976
442
MASTR Resecuritization Trust Series 2005-PO,
Class 3, PO, 5/28/2035 (b)
31
21
Merrill Lynch Mortgage Investors Trust
Series 2003-E, Class A1, 4.40%,
10/25/2028 (e)
9
9
Series 2003-F, Class A1, 4.42%,
10/25/2028 (e)
27
27
Series 2004-A, Class A1, 4.24%,
4/25/2029 (e)
27
24
Series 2004-B, Class A3, 4.91%,
5/25/2029 (e)
2
2
Series 2004-1, Class 2A1, 5.24%,
12/25/2034 (e)
42
40
MOO Securitization Trust, 4.75%, 7/25/2066 ‡
5,000
4,738
NACC Reperforming Loan REMIC Trust Series
2004-R2, Class A1, 6.50%, 10/25/2034 (b)
(e)
102
87
New Residential Mortgage Loan Trust
Series 2024-RTL1, Class A1, 6.66%,
3/25/2039 (b) (f)
2,937
2,939
Series 2024-RTL2, Class A1, 5.44%,
9/25/2039 (b) (f)
3,545
3,537
Nomura Asset Acceptance Corp. Alternative Loan
Trust
Series 2003-A1, Class A5, 7.00%, 4/25/2033
32
32
Series 2003-A1, Class A1, 5.50%, 5/25/2033
5
5
Series 2003-A1, Class A2, 6.00%, 5/25/2033
13
13
PRET Trust Series 2024-RPL2, Class A1, 4.07%,
6/25/2064 (b) (e)
3,218
3,007
RALI Trust Series 2004-QA6, Class NB2, 4.29%,
12/26/2034 (e)
152
147
Seasoned Credit Risk Transfer Trust
Series 2025-1, Class MTU, 3.25%,
11/25/2064
5,377
4,511
Series 2025-2, Class MTU, 3.25%, 6/25/2065
4,742
3,920
Seasoned Loans Structured Transaction Trust
Series 2025-1, Class A1, 3.00%, 5/25/2035
9,227
8,476
Series 2025-2, Class A1, 3.00%, 10/25/2035
10,129
9,262
Sequoia Mortgage Trust Series 10, Class 1A,
4.57%, 10/20/2027 (e)
1
1
Structured Asset Mortgage Investments II Trust
Series 2004-AR5, Class 1A1, 4.42%,
10/19/2034 (e)
64
61
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
39
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Collateralized Mortgage Obligations — continued
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1, 4.42%,
9/25/2043 (e)
34
33
Series 2004-4, Class 3A, 5.05%,
12/25/2044 (e)
74
73
Toorak Mortgage Trust Series 2025-RRTL1,
Class A1, 5.52%, 2/25/2040 (b) (f)
2,000
2,000
Towd Point Mortgage Trust Series 2021-R1,
Class A1, 2.92%, 11/30/2060 (b) (e)
4,765
4,181
Vendee Mortgage Trust
Series 1997-1, Class 2Z, 7.50%, 2/15/2027
13
14
Series 1998-1, Class 2E, 7.00%, 3/15/2028
44
44
Series 1999-1, Class 2Z, 6.50%, 1/15/2029
113
113
Series 2003-2, Class Z, 5.00%, 5/15/2033
861
852
WaMu Mortgage Pass-Through Certificates Series
2004-RS2, Class A4, 5.00%, 11/25/2033
174
169
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1, 5.70%,
6/25/2033 (e)
3
3
Series 2003-AR8, Class A, 4.99%,
8/25/2033 (e)
13
13
Series 2003-AR9, Class 1A6, 5.18%,
9/25/2033 (e)
237
233
Series 2003-AR9, Class 2A, 5.47%,
9/25/2033 (e)
12
12
Series 2003-S9, Class P, PO, 10/25/2033
6
5
Series 2003-S9, Class A8, 5.25%,
10/25/2033
127
124
Series 2003-AR10, Class A7, 5.58%,
10/25/2033 (e)
5
5
Series 2004-AR3, Class A1, 4.87%,
6/25/2034 (e)
22
21
Series 2004-AR3, Class A2, 4.87%,
6/25/2034 (e)
19
18
Series 2006-AR10, Class 2P, 4.00%,
9/25/2036 (e)
36
32
Series 2006-AR12, Class 2P, 3.76%,
10/25/2036 (e)
30
26
Washington Mutual Mortgage Pass-Through
Certificates WMALT Trust
Series 2005-2, Class 2A3, IF, IO, 1.22%,
4/25/2035 (e)
289
8
Series 2005-2, Class 1A4, IF, IO, 1.27%,
4/25/2035 (e)
1,403
39
Series 2005-3, Class CX, IO, 5.50%,
5/25/2035
435
65
Series 2005-4, Class CB7, 5.50%, 6/25/2035
406
371
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Series 2005-4, Class CX, IO, 5.50%,
6/25/2035
387
56
Series 2005-6, Class 2A4, 5.50%, 8/25/2035
77
66
Series 2005-6, Class 2A9, 5.50%, 8/25/2035
492
421
Wells Fargo Mortgage-Backed Securities Trust
Series 2007-7, Class A7, 6.00%, 6/25/2037
54
49
Total Collateralized Mortgage Obligations
(Cost $263,009)
255,914
Commercial Mortgage-Backed Securities — 2.9%
BAMLL Commercial Mortgage Securities Trust
Series 2014-520M, Class C, 4.21%,
8/15/2046 (b) (e)
1,300
898
CSTL Commercial Mortgage Trust
Series 2025-GATE2, Class B, 4.85%,
11/10/2042 (b) (e)
3,395
3,299
Series 2025-GATE2, Class C, 5.14%,
11/10/2042 (b) (e)
1,470
1,429
FHLMC MSCR Trust Series 2026-MN14, Class M1,
5.34%, 6/25/2046 (b) (e)
3,838
3,839
FHLMC, Multi-Family Structured Pass-Through
Certificates
Series K065, Class A2, 3.24%, 4/25/2027
2,467
2,449
Series K070, Class A2, 3.30%,
11/25/2027 (e)
1,748
1,724
Series K070, Class AM, 3.36%, 12/25/2027
153
151
Series K117, Class A2, 1.41%, 8/25/2030
500
441
Series K754, Class AM, 4.94%,
11/25/2030 (e)
1,740
1,746
Series K138, Class AM, 1.89%, 1/25/2032
1,850
1,590
Series K142, Class A2, 2.40%, 3/25/2032
555
491
Series K146, Class A2, 2.92%, 6/25/2032
4,200
3,799
Series K-150, Class A2, 3.71%, 9/25/2032 (e)
1,005
945
FNMA ACES
Series 2017-M3, Class A2, 2.56%,
12/25/2026 (e)
506
504
Series 2015-M10, Class A2, 3.09%,
4/25/2027 (e)
3,403
3,381
Series 2017-M8, Class A2, 3.06%,
5/25/2027 (e)
2,385
2,364
Series 2018-M8, Class A2, 3.41%,
6/25/2028 (e)
1,942
1,905
Series 2018-M10, Class A2, 3.47%,
7/25/2028 (e)
2,953
2,896
Series 2018-M14, Class A2, 3.70%,
8/25/2028 (e)
198
194
Series 2017-M5, Class A2, 3.12%,
4/25/2029 (e)
1,475
1,423
SEE NOTES TO FINANCIAL STATEMENTS.
 
40
JPMorgan Institutional Trust Funds
August 31, 2026
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Commercial Mortgage-Backed Securities — continued
Series 2020-M50, Class A2, 1.20%,
10/25/2030
985
963
Series 2020-M50, Class X1, IO, 1.93%,
10/25/2030 (e)
16,829
397
Series 2026-M10, Class A1, 1.91%,
6/25/2031 (e)
2,818
2,583
Series 2026-M9, Class A1, 1.62%,
10/25/2031 (e)
872
778
Series 2022-M1S, Class A2, 2.15%,
4/25/2032 (e)
5,675
4,941
Series 2022-M13, Class A2, 2.67%,
6/25/2032 (e)
6,802
6,056
Series 2022-M2S, Class A2, 3.88%,
8/25/2032 (e)
4,064
3,844
Series 2026-M9, Class A, 1.62%,
1/25/2033 (e)
869
759
Series 2026-M9, Class A2, 1.62%,
1/25/2033 (e)
4,168
3,466
Series 2023-M8, Class A2, 4.62%,
3/25/2033 (e)
3,290
3,215
Series 2021-M3, Class X1, IO, 1.96%,
11/25/2033 (e)
2,274
118
Series 2026-M10, Class X1, IO, 0.00%,
7/25/2035
22,652
3
Series 2026-M10, Class A2, 1.91%,
7/25/2035 (e)
16,461
13,747
Series 2026-M10, Class PS, 1.91%,
7/25/2035 (e)
3,373
2,897
FREMF Mortgage Trust
Series 2019-KBF3, Class B, 6.23%,
1/25/2029 (b) (e)
1,225
1,218
Series 2019-K101, Class B, 3.64%,
10/25/2052 (b) (e)
175
165
Series 2019-K100, Class B, 3.61%,
11/25/2052 (b) (e)
175
165
Series 2020-K737, Class B, 3.36%,
1/25/2053 (b) (e)
550
547
Series 2019-K96, Class C, 3.94%,
8/25/2056 (b) (e)
7,251
6,872
Ladder Capital Commercial Mortgage Trust Series
2013-GCP, Class A2, 3.99%, 2/15/2036 (b)
998
936
MRCD MARK Mortgage Trust
Series 2019-PARK, Class A, 2.72%,
12/15/2036 (b)
2,050
1,855
Series 2019-PARK, Class D, 2.72%,
12/15/2036 (b)
2,685
1,987
PRM7 Trust Series 2025-PRM7, Class C, 4.94%,
11/10/2042 (b) (e)
2,220
2,145
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
PSA Trust Series 2026-STOR, Class A, 5.55%,
8/15/2031 (b) (e)
8,965
8,974
ROCK Trust
Series 2024-CNTR, Class A, 5.39%,
11/13/2041 (b)
1,885
1,891
Series 2024-CNTR, Class C, 6.47%,
11/13/2041 (b)
5,000
5,086
RWC Commercial Mortgage Trust Series 2025-1,
Class A, 5.01%, 6/27/2040 (b)
6,646
6,523
SLG Office Trust Series 2021-OVA, Class A,
2.59%, 7/15/2041 (b)
4,355
3,847
Towd Point Mortgage Trust Series 2026-MF1,
Class AS, 5.40%, 9/25/2066 ‡ (b) (e)
6,250
6,421
WFRBS Commercial Mortgage Trust Series
2013-C11, Class D, 4.22%, 3/15/2045 (b) (e)
365
333
WHARF Commercial Mortgage Trust Series
2025-DC, Class B, 5.54%, 7/15/2040 (b) (e)
8,000
7,979
Total Commercial Mortgage-Backed Securities
(Cost $140,096)
136,179
Foreign Government Securities — 0.7%
Eagle Funding Luxco SARL 5.50%,
8/17/2030 (b)
5,966
5,959
Kingdom of Saudi Arabia 3.45%, 2/2/2061 (b)
550
327
Republic of Chile 2.55%, 1/27/2032
497
437
Republic of Panama 5.23%, 2/23/2034
1,830
1,775
Republic of Peru 5.63%, 11/18/2050
88
82
Republic of Poland 5.50%, 3/18/2054
921
823
United Mexican States
6.00%, 5/13/2030
1,061
1,091
2.66%, 5/24/2031
1,075
947
5.85%, 7/2/2032
2,316
2,324
5.38%, 3/22/2033
6,819
6,605
5.63%, 2/9/2034
1,194
1,159
3.50%, 2/12/2034
1,252
1,058
5.63%, 9/22/2035
1,940
1,859
6.88%, 5/13/2037
1,578
1,623
6.25%, 8/27/2037
2,985
2,928
6.63%, 1/29/2038
1,445
1,450
5.55%, 1/21/2045
33
29
4.60%, 1/23/2046
3,588
2,672
6.34%, 5/4/2053
310
279
3.77%, 5/24/2061
772
442
Total Foreign Government Securities
(Cost $35,967)
33,869
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
41
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Municipal Bonds — 0.2% (h)
California — 0.0% ^
State of California, Various Purpose, GO, 7.30%,
10/1/2039
350
389
New York — 0.1%
New York State Dormitory Authority, State
Personal Income Tax, General Purpose Series
2010D, Rev., 5.60%, 3/15/2040
16
16
Port Authority of New York and New Jersey,
Consolidated
Series 164, Rev., 5.65%, 11/1/2040
1,875
1,925
Series 165, Rev., 5.65%, 11/1/2040
440
452
Series 174, Rev., 4.46%, 10/1/2062
2,060
1,655
Total New York
4,048
Ohio — 0.1%
American Municipal Power, Inc., Meldahl
Hydroelectric Project Series 2010B, Rev.,
7.50%, 2/15/2050
1,255
1,408
Ohio State University (The), General Receipts
Series 2011A, Rev., 4.80%, 6/1/2111
1,563
1,245
Ohio University, General Receipts, Federally
Taxable Series 2014, Rev., 5.59%, 12/1/2114
200
178
Total Ohio
2,831
Oklahoma — 0.0% ^
Oklahoma Development Finance Authority,
Natural Gas Co. Series 2022, Rev., 4.71%,
5/1/2052
575
513
Texas — 0.0% ^
Texas Natural Gas Securitization Finance Corp.,
Customer Rate Relief Bonds
Series 2023A-1, Rev., 5.10%, 4/1/2035
542
548
Series 2023A-2, Rev., 5.17%, 4/1/2041
1,155
1,146
Total Texas
1,694
Total Municipal Bonds
(Cost $10,163)
9,475
U.S. Government Agency Securities — 0.2%
FHLB
5.50%, 7/15/2036
30
31
Tennessee Valley Authority
5.88%, 4/1/2036
6,909
7,419
4.63%, 9/15/2060
365
306
4.25%, 9/15/2065
51
39
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Tennessee Valley Authority STRIPS
DN, 6.22%, 6/15/2035 (a)
800
514
Total U.S. Government Agency Securities
(Cost $9,256)
8,309
Loan Assignments — 0.0% (i) ^
Consumer Finance — 0.0% ^
OneSky Loan Trust, 1st Lien Term Loan, 3.88%,
1/15/2031
(Cost $1,533)
1,523
1,455
 
SHARES
(000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.68% (j) (k)
(Cost $73,796)
73,791
73,799
Total Investments — 99.8%
(Cost $4,842,055)
4,659,582
Other Assets in Excess of Liabilities — 0.2%
9,386
NET ASSETS — 100.0%
4,668,968
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a
thousand.
 
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, 2026.
CME
Chicago Mercantile Exchange
DN
Discount Notes
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
FRN
Floating Rate Note
GNMA
Government National Mortgage Association
GO
General Obligation
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, 2026. The rate may be subject to a cap and floor.
SEE NOTES TO FINANCIAL STATEMENTS.
 
42
JPMorgan Institutional Trust Funds
August 31, 2026
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.
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
SOFRINDX
Compounding index of the 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
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
(a)
The rate shown is the effective yield as of August 31,
2026.
 
(b)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(c)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2026.
 
(d)
Contingent Capital security (“CoCo”). CoCos are hybrid
debt securities that may be convertible into equity or
may be written down if a pre-specified trigger event
occurs. The total value of aggregate CoCo holdings at
August 31, 2026 is $528 or 0.01% of the Fund’s net
assets as of August 31, 2026.
 
(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, 2026.
 
(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, 2026.
 
(g)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(h)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(i)
Loan assignments are presented by obligor. Each
series or loan tranche underlying each obligor may
have varying terms.
 
(j)
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.
 
(k)
The rate shown is the current yield as of August 31,
2026.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
43
JPMorgan Core Bond Trust
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2026 (Unaudited) (continued)
Futures contracts outstanding as of August 31, 2026 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury Long Bond
466
12/21/2026
USD
50,678
(26
)
U.S. Treasury Ultra Bond
1,127
12/21/2026
USD
124,181
15
U.S. Treasury 2 Year Note
1,707
12/31/2026
USD
350,402
(935
)
U.S. Treasury 5 Year Note
204
12/31/2026
USD
21,573
(93
)
 
(1,039
)
Short Contracts
U.S. Treasury 10 Year Note
(682
)
12/21/2026
USD
(73,486
)
521
U.S. Treasury 10 Year Ultra Note
(2,233
)
12/21/2026
USD
(244,548
)
1,095
 
1,616
 
577
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
44
JPMorgan Institutional Trust Funds
August 31, 2026
STATEMENT OF ASSETS AND LIABILITIES
AS OF August 31, 2026 (Unaudited)
(Amounts in thousands, except per share amounts)
 
 
JPMorgan
Core Bond
Trust
ASSETS:
Investments in non-affiliates, at value
$4,585,783
Investments in affiliates, at value
73,799
Deposits at broker for futures contracts
5,319
Receivables:
Investment securities sold
93
Fund shares sold
55,000
Interest from non-affiliates
28,753
Dividends from affiliates
228
Total Assets
4,748,975
LIABILITIES:
Payables:
Due to custodian
1,393
Investment securities purchased
47,995
Investment securities purchased — delayed delivery securities
29,814
Variation margin on futures contracts
194
Accrued liabilities:
Investment advisory fees
510
Administration fees
11
Custodian and accounting fees
88
Other
2
Total Liabilities
80,007
Net Assets
$4,668,968
NET ASSETS:
Paid-in-Capital
$4,993,783
Total distributable earnings (loss)
(324,815
)
Total Net Assets
$4,668,968
Net Assets:
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
532,521
Net asset value, offering and redemption price per share  (a)
$8.77
Cost of investments in non-affiliates
$4,768,259
Cost of investments in affiliates
73,796
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
45
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2026 (Unaudited)
(Amounts in thousands)
 
 
JPMorgan
Core Bond
Trust
INVESTMENT INCOME:
Interest income from non-affiliates
$106,980
Interest income from affiliates
1
Dividend income from affiliates
1,476
Total investment income
108,457
EXPENSES:
Investment advisory fees
6,463
Administration fees
2,308
Custodian and accounting fees
138
Interest expense to affiliates
5
Professional fees
52
Trustees’ and Chief Compliance Officer’s fees
17
Printing and mailing costs
4
Transfer agency fees 
14
Other
73
Total expenses
9,074
Less fees waived
(5,684
)
Net expenses
3,390
Net investment income (loss)
105,067
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(19,246
)
Investments in affiliates
(13
)
Futures contracts
(7,732
)
Net realized gain (loss)
(26,991
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
(181,844
)
Investments in affiliates
(1
)
Futures contracts
270
Change in net unrealized appreciation/depreciation
(181,575
)
Net realized/unrealized gains (losses)
(208,566
)
Change in net assets resulting from operations
$(103,499
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
46
JPMorgan Institutional Trust Funds
August 31, 2026
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
 
 
JPMorgan Core Bond Trust
 
Six Months Ended
August 31, 2026
(Unaudited)
Year Ended
February 28, 2026
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$105,067
$157,024
Net realized gain (loss)
(26,991
)
(11,612
)
Change in net unrealized appreciation/depreciation
(181,575
)
104,266
Change in net assets resulting from operations
(103,499
)
249,678
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(105,306
)
(156,371
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
334,598
1,712,155
NET ASSETS:
Change in net assets
125,793
1,805,462
Beginning of period
4,543,175
2,737,713
End of period
$4,668,968
$4,543,175
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$462,520
$1,737,060
Subscriptions in-kind (See Note 8)
—
80,383
Distributions reinvested
99,335
145,854
Cost of shares redeemed
(227,257
)
(251,142
)
Change in net assets resulting from capital transactions
$334,598
$1,712,155
SHARE TRANSACTIONS:
Issued
51,987
192,842
Subscriptions in-kind (See Note 8)
—
8,931
Reinvested
11,177
16,173
Redeemed
(25,488
)
(27,847
)
Change in Shares
37,676
190,099
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
47
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, 2026 (Unaudited)
$9.18
$0.20
$(0.40
)
$(0.20
)
$(0.21
)
$—
$(0.21
)
Year Ended February 28, 2026
8.98
0.40
0.20
0.60
(0.40
)
—
(0.40
)
Year Ended February 28, 2025
8.80
0.39
0.17
0.56
(0.38
)
—
(0.38
)
Year Ended February 29, 2024
8.84
0.35
(0.04
)
0.31
(0.35
)
—
(0.35
)
Year Ended February 28, 2023
9.98
0.29
(1.14
)
(0.85
)
(0.29
)
—
(0.29
)
Year Ended February 28, 2022
10.50
0.26
(0.45
)
(0.19
)
(0.26
)
(0.07
)
(0.33
)
 
 
 
(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 interest expense, if applicable, which is less than 0.005% unless otherwise noted.
SEE NOTES TO FINANCIAL STATEMENTS.
 
48
JPMorgan Institutional Trust Funds
August 31, 2026
 
 
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 and
reimbursements
Portfolio
turnover
rate(c)
$8.77
(2.24
)%
$4,668,968
0.15
%
4.55
%
0.39
%
19
%
9.18
6.82
4,543,175
0.15
4.45
0.40
36
8.98
6.54
2,737,713
0.15
4.34
0.40
32
8.80
3.61
2,313,452
0.15
4.00
0.40
30
8.84
(8.57
)
2,131,431
0.14
3.19
0.41
53
9.98
(1.92
)
2,073,952
0.14
2.46
0.40
66
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2026
JPMorgan Institutional Trust Funds
49
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2026 (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. JPMorgan Core Bond Trust (the "Fund") is a separate diversified series of the Trust covered in this report.
The investment objective of the Fund is to seek to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.
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 Fund.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows 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 Fund's 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.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied 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.
Futures contracts are generally valued on the basis of available market quotations.
See the table 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 Fund at August 31, 2026.
 
50
JPMorgan Institutional Trust Funds
August 31, 2026
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 Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's 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 table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"): 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$438,874
$109,909
$548,783
Collateralized Mortgage Obligations
—
233,861
22,053
255,914
Commercial Mortgage-Backed Securities
—
129,758
6,421
136,179
Corporate Bonds
Aerospace & Defense
—
24,229
—
24,229
Automobiles
—
1,642
—
1,642
Banks
—
331,547
—
331,547
Beverages
—
5,131
—
5,131
Biotechnology
—
25,618
—
25,618
Broadline Retail
—
11,507
—
11,507
Building Products
—
1,298
—
1,298
Capital Markets
—
108,729
—
108,729
Chemicals
—
7,215
—
7,215
Commercial Services & Supplies
—
6,083
296
6,379
Communications Equipment
—
2,104
—
2,104
Construction & Engineering
—
7,864
—
7,864
Construction Materials
—
4,524
—
4,524
Consumer Finance
—
50,315
—
50,315
Consumer Staples Distribution & Retail
—
1,938
—
1,938
Containers & Packaging
—
3,385
—
3,385
Diversified
—
—
5,540
5,540
Diversified Consumer Services
—
1,048
—
1,048
Diversified REITs
—
6,464
—
6,464
Diversified Telecommunication Services
—
41,087
—
41,087
Electric Utilities
—
110,451
—
110,451
Electrical Equipment
—
2,882
—
2,882
Electronic Equipment, Instruments & Components
—
3,049
—
3,049
Energy Equipment & Services
—
2,749
—
2,749
Financial Services
—
21,992
48,592
70,584
Food Products
—
22,255
—
22,255
Gas Utilities
—
2,857
—
2,857
Ground Transportation
—
3,111
—
3,111
Health Care Equipment & Supplies
—
3,566
—
3,566
Health Care Providers & Services
—
35,579
10,821
46,400
 
August 31, 2026
JPMorgan Institutional Trust Funds
51
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
 (continued)
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Health Care REITs
$—
$3,652
$—
$3,652
Hotels, Restaurants & Leisure
—
2,039
—
2,039
Independent Power and Renewable Electricity Producers
—
6,815
—
6,815
Industrial Conglomerates
—
3,855
—
3,855
Industrial REITs
—
1,465
—
1,465
Insurance
—
20,894
—
20,894
Interactive Media & Services
—
15,544
—
15,544
IT Services
—
8,348
—
8,348
Life Sciences Tools & Services
—
2,392
—
2,392
Machinery
—
501
—
501
Media
—
7,996
—
7,996
Metals & Mining
—
9,318
—
9,318
Mortgage Real Estate Investment Trusts (REITs)
—
—
3,000
3,000
Multi-Utilities
—
13,129
—
13,129
Office REITs
—
313
—
313
Oil, Gas & Consumable Fuels
—
55,174
—
55,174
Passenger Airlines
—
746
—
746
Pharmaceuticals
—
9,867
—
9,867
Residential REITs
—
4,821
—
4,821
Retail REITs
—
2,819
—
2,819
Semiconductors & Semiconductor Equipment
—
21,458
—
21,458
Software
—
18,521
—
18,521
Specialized REITs
—
14,574
—
14,574
Specialty Retail
—
2,112
—
2,112
Technology Hardware, Storage & Peripherals
—
6,721
—
6,721
Tobacco
—
3,303
—
3,303
Trading Companies & Distributors
—
3,391
—
3,391
Water Utilities
—
736
—
736
Wireless Telecommunication Services
—
4,682
—
4,682
Total Corporate Bonds
—
1,095,405
68,249
1,163,654
Foreign Government Securities
—
33,869
—
33,869
Loan Assignments
—
1,455
—
1,455
Mortgage-Backed Securities
—
858,123
—
858,123
Municipal Bonds
—
9,475
—
9,475
U.S. Government Agency Securities
—
8,309
—
8,309
U.S. Treasury Obligations
—
1,570,022
—
1,570,022
Short-Term Investments
Investment Companies
73,799
—
—
73,799
Total Investments in Securities
$73,799
$4,379,151
$206,632
$4,659,582
Appreciation in Other Financial Instruments
Futures Contracts
$1,631
$—
$—
$1,631
Depreciation in Other Financial Instruments
Futures Contracts
$(1,054
)
$—
$—
$(1,054
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$577
$—
$—
$577
 
52
JPMorgan Institutional Trust Funds
August 31, 2026
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value: 
 
Balance as of
February 28,
2026
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,
2026
Investments in Securities:
Asset-Backed Securities
$71,152
$118
$(1,822
)
$16
$56,655
$(10,684
)
$—
$(5,526
)
$109,909
Collateralized Mortgage
Obligations
19,283
—
(112
)
10
11,738
(4,493
)
—
(4,373
)
22,053
Commercial Mortgage-Backed
Securities
1,983
—
20
—
(a)
6,421
(2,003
)
—
—
6,421
Corporate Bonds
37,196
—
(a)
32
(27
)
38,234
(7,186
)
—
—
68,249
Total
$129,614
$118
$(1,882
)
$(1
)
$113,048
$(24,366
)
$—
$(9,899
)
$206,632
 
 
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, 2026, which were valued using significant unobservable inputs (level 3), amounted to $(1,784). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.
There were no significant transfers into or out of level 3 for the six months ended August 31, 2026.
The significant unobservable inputs used in the fair value measurement of the Fund's 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.
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value
at August 31, 2026
Valuation Technique(s)
Unobservable Input
Range (Weighted Average) (a)
 
$7,205
Discounted Cash Flow
Constant Default Rate
39.47% (39.47%)
 
 
Yield (Discount Rate of Cash Flows)
17.38% (17.38%)
 
 
 
 
Asset-Backed Securities
7,205
 
 
 
 
49,864
Discounted Cash Flow
Yield (Discount Rate of Cash Flows)
7.50% - 13.34% (2.83%)
 
 
 
 
Corporate Bonds
49,864
 
 
 
Total
$57,069
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2026, the value of
these investments was $149,561. 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 Fund 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 NAV of the Fund.
As of August 31, 2026, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
 
August 31, 2026
JPMorgan Institutional Trust Funds
53
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
C. Loan Assignments— The Fund invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The above Fund invested in loan assignments of all or a portion of the loans. When the Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, the Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.
Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, the Fund may not receive the proceeds from a sale of such investments for a period after the sale.
Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.
D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments— The Fund 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 Fund 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 Fund 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 the Fund is held in a segregated account at the Fund's custodian bank and is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan.
The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2026, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at August 31, 2026 are detailed on the SOI, if any.
E. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, 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 (but generally 102% or 105%, as explained below) plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is 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 Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrower. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund 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 Statement of Operations as Income from securities lending (net). The Fund also receives 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 Statement 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 Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.
The Fund bears the risk of loss associated with the collateral investments and is 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 Fund may incur losses that
 
54
JPMorgan Institutional Trust Funds
August 31, 2026
exceed the amount it earned on lending the security. Upon termination of a loan, the Fund 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 Fund from losses resulting from a borrower’s failure to return a loaned security.
The Fund did not have any securities out on loan at August 31, 2026.
F. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the six months ended August 31, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2026
Shares at
August 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.68%  (a) (b)
$81,659
$693,227
$701,073
$(13
)
$(1
)
$73,799
73,791
$1,476
$—
 
 
(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, 2026.
G. Futures Contracts— The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.
The use of futures contracts exposes the Fund to risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the futures contracts activity during the six months ended August 31, 2026: 
 
 
Futures Contracts:
Average Notional Balance Long
$552,467
Average Notional Balance Short
(226,947
)
Ending Notional Balance Long
546,834
Ending Notional Balance Short
(318,034
)
 
August 31, 2026
JPMorgan Institutional Trust Funds
55
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
H. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.
The Fund 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 Statement 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 Fund records 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 Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
I. Allocation of Expenses— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.
J. Federal Income Taxes— The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund's tax positions for all open tax years and has determined that as of August 31, 2026, no liability for Federal income tax is required in the Fund's 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. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
K. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. Net realized capital gains, if any, are distributed 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.
L. Segment Reporting — An operating segment is defined in FASB Accounting Standards Codification Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s Chief Operating Decision Maker (“CODM”) to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the 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 the 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 the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at a rate of 0.10% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.E.
JPMCB serves as the Fund's 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 Fund. For performing these services, the Fund pays 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 Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.
 
56
JPMorgan Institutional Trust Funds
August 31, 2026
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
D. Placement Agent— J.P. Morgan Institutional Investments, Inc. (the “Placement Agent”), a registered broker-dealer affiliated with the Adviser, serves as the Fund's Placement Agent. The Placement Agent provides various sales support activities in connection with the Fund’s private placement of its shares.
E. Waivers and Reimbursements— The Adviser and Administrator have contractually agreed to waive fees and/or reimburse the Fund 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 0.15% of the Fund's average daily net assets.
The expense limitation agreement was in effect for the six months ended August 31, 2026 and the contractual expense limitation is in place until at least June 30, 2028.
For the six months ended August 31, 2026, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years. 
 
Contractual Waivers
 
Investment
Advisory Fees
Administration
Fees
Total
 
$3,361
$2,240
$5,601
Additionally, the Fund may invest in one or more money market funds advised by the Adviser ("Affiliated Money Market Funds"). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, 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 Fund's investment in such Affiliated Money Market Fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
The amount of these waivers resulting from investments in these Affiliated Money Market Funds for the six months ended August 31, 2026 was $83.
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 Fund for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The 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 Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Board's 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, 2026, the Fund 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 Fund 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, 2026, 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
 
$834,401
$497,139
$329,549
$361,613
 
August 31, 2026
JPMorgan Institutional Trust Funds
57
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
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, 2026 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
 
$4,842,055
$9,395
$191,291
$(181,896
)
At February 28, 2026, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:  
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
 
$16,526
$97,764
Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended February 28, 2026, the Fund deferred to March 1, 2026 the following net capital losses (gains): 
 
Net Capital Losses (Gains)
 
Short-Term
Long-Term
 
$(2,199
)
$4,082
During the year ended February 28, 2026, the Fund utilized capital loss carryforwards as follows: 
 
Capital Loss Utilized
 
Short-Term
 
$2,940
6. Borrowings
The Fund relies 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 Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund 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 Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended August 31, 2026.
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 Fund. 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 the 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 October 27, 2026.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2026.
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, 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 million in adjusted NAV 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 million minimum adjusted NAV 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.
 
58
JPMorgan Institutional Trust Funds
August 31, 2026
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 4, 2026, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Fund did not utilize the Credit Facility during the six months ended August 31, 2026.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.
The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to accurately predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.
The Fund is subject to credit risk. The Fund's investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the 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. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
The Fund is 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 Fund deems subject to the risk that, should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund's net assets could be adversely affected.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.
8. Transfer in-Kind
During the year ended February 28, 2026, certain shareholders purchased shares of the Fund. The portfolio securities were delivered primarily by means of subscription in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below. 
 
Date
Value
Type
 
August 27, 2025
$80,383
(a)
Subscription-in-kind
 
 
(a)
This amount includes cash of approximately $576 associated with the subscription in-kind.
 
August 31, 2026
JPMorgan Institutional Trust Funds
59
THIS PAGE IS INTENTIONALLY LEFT BLANK
FOR MORE INFORMATION:
INVESTMENT ADVISER
J.P. Morgan Investment Management Inc.
390 Madison Avenue
New York, New York 10017
PLACEMENT AGENT
JPMorgan Institutional Investments, Inc.
390 Madison Avenue
New York, New York 10017
This report is open and authorized for distribution only to qualified and accredited investors who have received a copy of the Fund’s 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.
 
 
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., 2026. All rights reserved. August 2026.
SAN-INSTT-826
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund's Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreement. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings on June 23-24, 2026 and August 11-13, 2026, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement”). 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 each investment committee’s preliminary findings and recommendations. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 13, 2026.
As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information included the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s 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 (the “independent consultant”). Further, at each of the investment committees’ regular meetings throughout the year, the Trustees reviewed information regarding select J.P. Morgan Funds’ investment teams, processes and performance. 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 Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from
independent legal counsel to the Trustees reviewing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the 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 Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the 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 the Fund under the 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. Among other things, the Trustees considered:
•
The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•
The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;
•
The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
•
The Adviser’s risk management processes, systems and oversight;
•
Information about the structure and distribution strategy for the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•
The administration services provided by the Adviser in its role as Administrator;
•
Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
•
The overall reputation and capabilities of the Adviser and its affiliates;
•
The commitment of the Adviser to provide high quality service to the Fund;
•
Their overall confidence in the Adviser’s integrity; and
•
The Adviser’s responsiveness to requests for additional information, 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 the Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services provided to the 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 from providing services to the 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 Fund, less the Adviser’s quantification of the expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make industry-wide 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 the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.
The Trustees also considered that the Adviser earns fees from the Fund for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered information regarding the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an
affiliate of the Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.
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 Fund. In addition to the service arrangements with JPMCB described above, 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. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale and/or share in any benefits or economies of scale realized by the Adviser. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented contractual expense limitations and fee waivers (the “Fee Cap”), which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund 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 Fund. The Trustees further considered the Adviser's ongoing investments in its business in support of the Fund, including the Adviser's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, cybersecurity measures, and investments into artificial intelligence), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap the Adviser has in place that serves to limit the overall net expense ratio of the Fund at competitive levels was reasonable.
The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Cap and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.
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, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds advised or sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered investment companies 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 investment company 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 the Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rate charged to the Fund in comparison to those charged to the Adviser’s other clients was reasonable.
Investment Performance
The Trustees receive and consider information about the Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds’ selected share classes with the same Broadridge investment classification and objective (the “Universe”), 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 the Fund’s Universe As part of this review, the Trustees also
reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund 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 the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the second, first and first quintiles of the Universe for the one-, three- and five-year periods ended March 31, 2026, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Advisory Fee and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser. In doing so, the Trustees compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Peer Group (the “Peer Group”), a subset of funds within the Universe. The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and the administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund The Trustees considered the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and /or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be 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 the Fund’s advisory fee and expense ratios are summarized below:
The Trustees noted that the Fund’s net advisory fee and actual total expenses were in the first quintile of the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to Item 7.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to Item 7.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to Item 7.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Refer to Item 7.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. 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 16. 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 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS

 

  (a)

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

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

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

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

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

(1) 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.

(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

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/ Matthew J. Kamburowski

  Matthew J. Kamburowski
  President and Principal Executive Officer
  November 2, 2026

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/ Matthew J. Kamburowski

  Matthew J. Kamburowski
  President and Principal Executive Officer
  November 2, 2026
By:  

/s/ Timothy J. Clemens

  Timothy J. Clemens
  Treasurer and Principal Financial Officer
  November 2, 2026

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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