# EDGAR Filing Document

**Accession Number:** 0001303608
**File Stem:** 0001193125-26-211596
**Filing Date:** 2026-5
**Character Count:** 345860
**Document Hash:** 111e7a35da18a480327db9b7f992370a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-211596.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-211596

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Institutional Trust
- **CENTRAL INDEX KEY:** 0001303608

**ORGANIZATION NAME:**
- **EIN:** 201491791
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21638
- **FILM NUMBER:** 26952513

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### JPMorgan Core Bond Trust (Series ID: S000007337)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000020141 | JPMorgan Core Bond Trust |  |

?xml version='1.0' encoding='ASCII'? JPMorgan Institutional Trust

#### 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: <br> Elizabeth A. Davin, Esq.JPMorgan Chase & Co.1111 Polaris ParkwayColumbus, OH 43240 Alison M. Fumai, Esq.Dechert LLP1905 Avenue of the AmericasNew York, NY 10036

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 343-1111

#### Date of fiscal year end:

#### Last Day of February

#### Date of reporting period:

#### February 28, 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.

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Core Bond Trust

![FrontCoverImage](g115273images_2737.jpg)

Ticker: N/A

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Core Bond Trust (the "Fund") for the period March 1, 2025 to February 28, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Core Bond Trust | $15 | 0.15% |

---

**How did the Fund Perform?**

The Fund returned 6.70% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% for the twelve months ended February 28, 2026.

* Duration and curve positioning, notably the Trust's slight overweight to duration, contributed to performance relative to the Index. 

* The Trust's underweight to Treasuries and subsequent overweight to agency MBS, non-agency MBS, and CMBS contributed to performance while the Trust's underweight to investment grade (IG) credit and overweight to ABS detracted. 

* Security selection, especially within securitized credit and IG credit, was beneficial to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g115273chartimages_5203396.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Core Bond Trust** | February 7, 2005 | 6.70% | 1.12% | 2.65% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000,000 invested in the Fund and the Bloomberg U.S. Aggregate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

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

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4543175 |
| **Total number of portfolio holdings** | 2515 |
| **Portfolio turnover rate** | 36% |
| **Total advisory fees paid (000's)** | $4512 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g115273chartimages_5203394.jpg)

**Availability of Additional Information**

![QR Code - Core Bond Trust](g115273images_2738.jpg)

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 

JPMorgan Core Bond Trust

------

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

**The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Shaun Real, each of whom is not an "interested person" of the Registrant and is also "independent" as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.** 

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

**Not applicable**.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### AUDIT FEES

#### 2026 – $69,933

#### 2025 – $66,693
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### AUDIT-RELATED FEES

#### 2026 – $8,534

#### 2025 – $8,450
**Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant's fiscal year**.

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

#### TAX FEES

#### 2026 – $9,796

#### 2025 – $9,699
**The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2026 and 2025, respectively.** 

#### For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### ALL OTHER FEES

#### 2026 – Not applicable

#### 2025 – Not applicable
(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

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

------

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

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

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

#### 2026 – 0.0%

#### 2025 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

#### Not applicable - Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

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

#### 2025 - $41.0 million

#### 2024 - $34.9 million
(h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

#### Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must

------

provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

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

------

Annual Financial Statements

JPMorgan Institutional Trust Funds

February 28, 2026

JPMorgan Core Bond Trust<br>

![](g136946img241126f61.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_3a6389bf-a017-4665-b2b7-43c2e24f6e14_SOI-TOC-ScheduleofInvestments-850_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_3a6389bf-a017-4665-b2b7-43c2e24f6e14_FS-TOC-FinancialStatement-850_1) | &nbsp;&nbsp; **43** |
| [Financial Highlights](#xx_3a6389bf-a017-4665-b2b7-43c2e24f6e14_FIHI-TOC-FinancialHighlights-850_1) | &nbsp;&nbsp; **46** |
| [Notes to Financial Statements](#xx_3a6389bf-a017-4665-b2b7-43c2e24f6e14_NTF-NTFRunningFooter-850_1) | &nbsp;&nbsp; **48** |
| [Report of Independent Registered Public Accounting Firm](#xx_3a6389bf-a017-4665-b2b7-43c2e24f6e14_AUD-TOC-AuditorsReport-850_1) | &nbsp;&nbsp; **60** |
| [Tax Letter](#xx_3a6389bf-a017-4665-b2b7-43c2e24f6e14_TL-TAXLETTERCC-850_1) | &nbsp;&nbsp; **61** |

---

**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 February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 37.0%** | **U.S. Treasury Obligations — 37.0%** | **U.S. Treasury Obligations — 37.0%** |
| U.S. Treasury Bonds |  |  |
| 6.13%, 11/15/2027 | 200 | 209 |
| 4.38%, 2/15/2038 | 160 | 165 |
| 3.50%, 2/15/2039 | 220 | 206 |
| 4.25%, 5/15/2039 | 30 | 30 |
| 4.50%, 8/15/2039 | 30 | 31 |
| 1.13%, 5/15/2040 | 1175 | 771 |
| 4.38%, 5/15/2040 | 60 | 60 |
| 3.88%, 8/15/2040 | 45 | 43 |
| 4.25%, 11/15/2040 | 90 | 89 |
| 2.25%, 5/15/2041 | 14975 | 11376 |
| 4.38%, 5/15/2041 | 30 | 30 |
| 2.00%, 11/15/2041 | 515 | 372 |
| 3.00%, 5/15/2042 | 200 | 166 |
| 2.75%, 11/15/2042 | 12650 | 10039 |
| 4.00%, 11/15/2042 | 14400 | 13583 |
| 3.13%, 2/15/2043 | 455 | 380 |
| 3.88%, 2/15/2043 | 695 | 644 |
| 2.88%, 5/15/2043 | 15720 | 12606 |
| 3.63%, 8/15/2043 | 73415 | 65397 |
| 3.75%, 11/15/2043 | 24928 | 22532 |
| 3.63%, 2/15/2044 | 120 | 106 |
| 3.38%, 5/15/2044 | 29995 | 25594 |
| 4.13%, 8/15/2044 | 4465 | 4229 |
| 3.00%, 11/15/2044 | 8200 | 6565 |
| 3.00%, 5/15/2045 | 365 | 291 |
| 3.00%, 11/15/2045 | 630 | 499 |
| 2.25%, 8/15/2046 | 29076 | 19891 |
| 3.00%, 2/15/2047 | 548 | 428 |
| 3.00%, 2/15/2048 | 20 | 15 |
| 3.13%, 5/15/2048 | 3764 | 2965 |
| 3.00%, 8/15/2048 | 3160 | 2427 |
| 2.25%, 8/15/2049 | 14665 | 9569 |
| 2.38%, 11/15/2049 | 37120 | 24817 |
| 2.00%, 2/15/2050 | 5674 | 3470 |
| 1.25%, 5/15/2050 | 790 | 396 |
| 1.38%, 8/15/2050 | 38289 | 19710 |
| 1.63%, 11/15/2050 | 26925 | 14774 |
| 1.88%, 2/15/2051 | 18386 | 10730 |
| 2.38%, 5/15/2051 | 15863 | 10414 |
| 2.00%, 8/15/2051 | 1015 | 607 |
| 2.25%, 2/15/2052 | 3750 | 2372 |
| 2.88%, 5/15/2052 | 24390 | 17723 |
| 3.00%, 8/15/2052 | 620 | 462 |
| 4.00%, 11/15/2052 | 220 | 198 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 4.13%, 8/15/2053 | 150 | 138 |
| 4.25%, 2/15/2054 | 335 | 314 |
| 4.25%, 8/15/2054 | 305 | 286 |
| 4.50%, 11/15/2054 | 1505 | 1470 |
| 4.75%, 5/15/2055 | 870 | 885 |
| U.S. Treasury Inflation Indexed Bonds |  |  |
| 1.75%, 1/15/2028 | 464 | 472 |
| 3.63%, 4/15/2028 | 1601 | 1691 |
| 2.50%, 1/15/2029 | 453 | 472 |
| U.S. Treasury Notes |  |  |
| 4.13%, 1/31/2027 | 63900 | 64230 |
| 0.38%, 9/30/2027 | 4690 | 4472 |
| 0.75%, 1/31/2028 | 4500 | 4282 |
| 3.75%, 4/15/2028 | 52680 | 53063 |
| 3.50%, 4/30/2028 | 50370 | 50480 |
| 2.88%, 5/15/2028 | 105 | 103 |
| 1.25%, 6/30/2028 | 13470 | 12831 |
| 1.00%, 7/31/2028 | 4750 | 4490 |
| 4.13%, 7/31/2028 | 38000 | 38653 |
| 1.13%, 8/31/2028 | 62228 | 58888 |
| 1.25%, 9/30/2028 | 1595 | 1511 |
| 1.75%, 1/31/2029 | 3850 | 3676 |
| 1.88%, 2/28/2029 | 18000 | 17224 |
| 2.38%, 3/31/2029 | 1515 | 1470 |
| 2.88%, 4/30/2029 | 25060 | 24663 |
| 2.75%, 5/31/2029 | 1245 | 1220 |
| 3.25%, 6/30/2029 | 37270 | 37075 |
| 3.50%, 1/31/2030 | 735 | 736 |
| 4.25%, 1/31/2030 | 39680 | 40821 |
| 3.75%, 5/31/2030 | 870 | 879 |
| 3.88%, 6/30/2030 | 32145 | 32646 |
| 3.88%, 7/31/2030 | 5000 | 5079 |
| 4.13%, 8/31/2030 | 57274 | 58739 |
| 3.63%, 10/31/2030 | 49972 | 50218 |
| 4.88%, 10/31/2030 | 17985 | 19033 |
| 1.25%, 8/15/2031 | 1040 | 921 |
| 1.88%, 2/15/2032 | 53070 | 48091 |
| 4.13%, 2/29/2032 | 37975 | 38970 |
| 2.88%, 5/15/2032 | 15725 | 15041 |
| 4.00%, 7/31/2032 | 41540 | 42311 |
| 2.75%, 8/15/2032 | 3490 | 3304 |
| 3.88%, 12/31/2032 | 6918 | 6986 |
| 3.50%, 2/15/2033 | 27483 | 27106 |
| 3.88%, 8/15/2033 | 590 | 594 |
| 4.50%, 11/15/2033 | 41008 | 42957 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 1

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 4.00%, 2/15/2034 | 46466 | 47078 |
| 3.88%, 8/15/2034 | 193002 | 193288 |
| 4.25%, 11/15/2034 | 53050 | 54503 |
| 4.63%, 2/15/2035 | 57853 | 61030 |
| U.S. Treasury STRIPS Bonds |  |  |
| 3.74%, 5/15/2028 (a) | 200 | 186 |
| 4.67%, 8/15/2030 (a) | 6780 | 5789 |
| 4.70%, 11/15/2030 (a) | 6865 | 5810 |
| 4.18%, 2/15/2031 (a) | 37800 | 31664 |
| 4.84%, 8/15/2031 (a) | 29215 | 23984 |
| 4.38%, 11/15/2031 (a) | 18930 | 15381 |
| 4.10%, 2/15/2032 (a) | 815 | 655 |
| 4.14%, 5/15/2032 (a) | 250 | 199 |
| 4.23%, 2/15/2033 (a) | 60 | 46 |
| 4.29%, 8/15/2033 (a) | 200 | 151 |
| 4.32%, 11/15/2033 (a) | 505 | 376 |
| 4.36%, 2/15/2034 (a) | 125 | 92 |
| 4.40%, 5/15/2034 (a) | 230 | 167 |
| 4.32%, 11/15/2034 (a) | 4550 | 3226 |
| 4.27%, 2/15/2035 (a) | 6410 | 4489 |
| 4.53%, 5/15/2035 (a) | 1225 | 848 |
| 4.28%, 8/15/2035 (a) | 16462 | 11251 |
| 4.40%, 2/15/2036 (a) | 22561 | 15031 |
| 4.32%, 5/15/2036 (a) | 9364 | 6157 |
| 4.41%, 8/15/2036 (a) | 3431 | 2226 |
| 4.39%, 11/15/2036 (a) | 24537 | 15718 |
| 4.28%, 2/15/2037 (a) | 6120 | 3865 |
| 4.35%, 5/15/2037 (a) | 2951 | 1839 |
| 4.33%, 8/15/2037 (a) | 5462 | 3358 |
| 4.36%, 11/15/2037 (a) | 11537 | 6997 |
| 4.75%, 8/15/2040 (a) | 37046 | 19204 |
| 5.27%, 11/15/2040 (a) | 5430 | 2776 |
| 5.30%, 2/15/2041 (a) | 3487 | 1757 |
| 2.73%, 11/15/2041 (a) | 500 | 241 |
| 4.94%, 2/15/2042 (a) | 2232 | 1064 |
| 5.31%, 5/15/2046 (a) | 3560 | 1339 |
| 5.03%, 11/15/2049 (a) | 9840 | 3116 |
| Total U.S. Treasury Obligations <br>(Cost $1,687,261)<br>|  | 1680373 |
| **Corporate Bonds — 23.2%** | **Corporate Bonds — 23.2%** | **Corporate Bonds — 23.2%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| Airbus SE (France) 3.95%, 4/10/2047 (b) | 150 | 125 |
| BAE Systems plc (United Kingdom) | BAE Systems plc (United Kingdom) | BAE Systems plc (United Kingdom) |
| 1.90%, 2/15/2031 (b) | 1007 | 907 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| 3.00%, 9/15/2050 (b) | 502 | 344 |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 3.10%, 5/1/2026 | 320 | 320 |
| 5.04%, 5/1/2027 | 960 | 970 |
| 3.25%, 3/1/2028 | 840 | 830 |
| 6.30%, 5/1/2029 | 1095 | 1167 |
| 5.15%, 5/1/2030 | 1540 | 1595 |
| 6.39%, 5/1/2031 | 2120 | 2317 |
| 6.53%, 5/1/2034 | 1177 | 1320 |
| 5.71%, 5/1/2040 | 745 | 775 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 3.85%, 12/15/2026 | 55 | 55 |
| 5.25%, 6/1/2031 | 1130 | 1184 |
| 5.40%, 7/31/2033 | 1102 | 1161 |
| 4.85%, 4/27/2035 | 10 | 10 |
| Leidos, Inc.  | Leidos, Inc.  | Leidos, Inc.  |
| 2.30%, 2/15/2031 | 465 | 422 |
| 5.75%, 3/15/2033 | 630 | 669 |
| 5.00%, 3/15/2036 (c) | 1460 | 1457 |
| Lockheed Martin Corp.  | Lockheed Martin Corp.  | Lockheed Martin Corp.  |
| 4.50%, 5/15/2036 | 10 | 10 |
| 2.80%, 6/15/2050 | 35 | 23 |
| Northrop Grumman Corp. 3.25%, 1/15/2028 | 15 | 15 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.15%, 2/27/2033 | 934 | 978 |
| 4.50%, 6/1/2042 | 2799 | 2579 |
| 4.15%, 5/15/2045 | 558 | 476 |
| 3.75%, 11/1/2046 | 140 | 111 |
| 4.35%, 4/15/2047 | 199 | 172 |
| 5.38%, 2/27/2053 | 65 | 63 |
|  |  | 20055 |
| **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** |
| FedEx Corp. 4.05%, 2/15/2048 | 140 | 111 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.50%, 6/15/2026 (b) | 775 | 769 |
| 3.00%, 2/10/2027 (b) | 355 | 352 |
| 2.38%, 10/15/2027 (b) | 530 | 517 |
| 1.80%, 1/10/2028 (b) | 805 | 773 |
|  |  | 2411 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — 7.8%** | **Banks — 7.8%** | **Banks — 7.8%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (b) (d)<br>| 900 | 911 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.47%, <br> 12/13/2029 (b) (d)<br>| 800 | 765 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (b) (d)<br>| 2700 | 2804 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (b) (d) | 6490 | 6742 |
| (SOFRINDX + 1.91%), 5.87%, <br> 3/28/2035 (b) (d)<br>| 1500 | 1598 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia) 4.40%, 5/19/2026 (b) (e)<br>| 263 | 263 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) 5.13%, <br> 3/3/2036<br>| 2800 | 2784 |
| Banco Nacional de Panama (Panama) 2.50%, <br> 8/11/2030 (b)<br>| 1250 | 1125 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (d)<br>| 200 | 198 |
| 5.59%, 8/8/2028 | 2600 | 2695 |
| 6.61%, 11/7/2028 | 1400 | 1492 |
| 4.55%, 11/6/2030 | 1800 | 1814 |
| 5.13%, 11/6/2035 | 1400 | 1409 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (3-MONTH CME TERM SOFR + 1.33%), 3.97%, <br> 3/5/2029 (d)<br>| 70 | 70 |
| (SOFR + 1.06%), 2.09%, 6/14/2029 (d) | 210 | 201 |
| (SOFR + 2.15%), 2.59%, 4/29/2031 (d) | 3410 | 3206 |
| (SOFR + 1.21%), 2.57%, 10/20/2032 (d) | 1120 | 1020 |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (d) | 435 | 402 |
| (SOFR + 1.84%), 5.87%, 9/15/2034 (d) | 3040 | 3264 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (d) | 2710 | 2844 |
| (SOFR + 1.13%), 5.05%, 2/6/2037 (d) | 3600 | 3652 |
| (3-MONTH CME TERM SOFR + 2.08%), 4.24%, <br> 4/24/2038 (d)<br>| 300 | 281 |
| (SOFR + 1.93%), 2.68%, 6/19/2041 (d) | 7185 | 5340 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (d)<br>| 755 | 746 |
| (SOFR + 1.62%), 5.60%, 3/20/2030 (b) (d) | 895 | 931 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| (SOFRINDX + 1.08%), 4.35%, 9/22/2031 (d) | 2360 | 2375 |
| (USD Swap Semi 5 Year + 1.43%), 3.80%, <br> 12/15/2032 (d) (e)<br>| 13 | 13 |
| Bank of New Zealand (New Zealand) 5.08%, <br> 1/30/2029 (b)<br>| 910 | 940 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| (SOFR + 0.89%), 4.93%, 2/14/2029 (d) | 155 | 158 |
| 4.85%, 2/1/2030 | 472 | 486 |
| (SOFR + 1.05%), 4.81%, 2/2/2034 (d) | 2375 | 2402 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 5.79%, 7/13/2028 (b) | 2405 | 2498 |
| 5.54%, 1/22/2030 (b) | 5178 | 5421 |
| 4.54%, 1/15/2031 (b) | 4335 | 4360 |
| 5.11%, 1/15/2036 (b) | 995 | 1006 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.88%), 6.50%, 9/13/2027 (d) | 2840 | 2876 |
| (SOFR + 1.56%), 4.94%, 9/10/2030 (d) | 838 | 857 |
| (SOFR + 1.14%), 4.52%, 2/24/2032 (d) | 875 | 877 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (d)<br>| 585 | 536 |
| (SOFR + 2.98%), 6.22%, 5/9/2034 (d) | 412 | 446 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (d) | 895 | 938 |
| (SOFR + 1.51%), 5.21%, 2/24/2037 (d) | 1610 | 1608 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (b) (d) | 2015 | 2073 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (b) (d) | 1222 | 1269 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (b) (d) | 4585 | 4750 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (b) (d) | 3895 | 4005 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (b) (d) | 2285 | 2420 |
| (SOFR + 1.56%), 3.13%, 1/20/2033 (b) (d) | 765 | 707 |
| (SOFR + 1.29%), 4.92%, 1/15/2034 (b) (d) | 4000 | 4019 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 2.27%), 6.71%, 10/19/2029 (b) (d) | 1600 | 1699 |
| (SOFR + 1.68%), 5.88%, 1/14/2031 (b) (d) | 1600 | 1682 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (b) (d) | 3605 | 3729 |
| (SOFR + 1.27%), 4.76%, 1/13/2032 (b) (d) | 2592 | 2614 |
| (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (d) | 730 | 657 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (b) (d) | 3648 | 3850 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (b) (d) | 6485 | 6985 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (b) (d) | 3945 | 4161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 3

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFRINDX + 1.78%), 5.67%, <br> 3/15/2030 (b) (d)<br>| 634 | 661 |
| (SOFR + 2.77%), 6.84%, 9/13/2034 (b) (d) | 1449 | 1627 |
| (SOFR + 2.26%), 6.04%, 6/15/2035 (b) (d) | 4960 | 5323 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (b) (d) | 7892 | 8188 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 5.26%, 4/8/2029 | 630 | 654 |
| (SOFR + 1.34%), 4.63%, 9/11/2030 (d) | 2800 | 2850 |
| (SOFR + 1.11%), 5.25%, 1/13/2031 (d) | 150 | 156 |
| Capital One NA 4.25%, 3/13/2026 | 1205 | 1205 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| 3.40%, 5/1/2026 | 30 | 30 |
| 4.30%, 11/20/2026 | 1230 | 1232 |
| (3-MONTH CME TERM SOFR + 1.65%), 3.67%, <br> 7/24/2028 (d)<br>| 1628 | 1620 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (d) | 1938 | 1961 |
| (SOFR + 1.46%), 4.95%, 5/7/2031 (d) | 2000 | 2051 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (d) | 719 | 665 |
| (SOFR + 1.45%), 5.45%, 6/11/2035 (d) | 6140 | 6404 |
| (SOFR + 1.47%), 5.33%, 3/27/2036 (d) | 4240 | 4371 |
| (SOFR + 1.38%), 2.90%, 11/3/2042 (d) | 298 | 222 |
| 4.75%, 5/18/2046 | 20 | 18 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| 3.75%, 7/21/2026 | 945 | 944 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.99%, <br> 5/27/2031 (b) (d)<br>| 2545 | 2622 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 5.71%, <br> 1/21/2033 (b) (d)<br>| 1700 | 1808 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (b) (d) | 639 | 652 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (b) (d) | 914 | 945 |
| (SOFR + 1.36%), 4.82%, 9/25/2033 (b) (d) | 2120 | 2136 |
| (SOFR + 1.74%), 5.86%, 1/9/2036 (b) (d) | 2440 | 2593 |
| (SOFR + 1.43%), 5.26%, 1/12/2037 (b) (d) | 5030 | 5081 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (b) (d)<br>| 1535 | 1602 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (b) (d)<br>| 998 | 1011 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (b) (d)<br>| 1445 | 1486 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.42%, <br> 9/12/2031 (b) (d)<br>| 1025 | 1030 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (SOFR + 1.05%), 4.85%, 11/5/2030 (b) (d) | 975 | 1002 |
| (SOFR + 1.05%), 4.38%, 11/4/2031 (b) (d) | 945 | 950 |
| Fifth Third Bancorp  | Fifth Third Bancorp  | Fifth Third Bancorp  |
| (SOFR + 1.84%), 5.63%, 1/29/2032 (d) | 155 | 164 |
| (SOFR + 0.95%), 4.57%, 4/29/2032 (d) | 1195 | 1202 |
| (SOFR + 1.24%), 5.14%, 1/29/2037 (d) | 1965 | 1971 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (d) | 1215 | 1179 |
| (SOFR + 1.29%), 2.21%, 8/17/2029 (d) | 815 | 779 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (d) | 2375 | 2462 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (d) | 1165 | 1202 |
| (SOFR + 1.57%), 5.24%, 5/13/2031 (d) | 905 | 938 |
| (SOFR + 1.95%), 2.36%, 8/18/2031 (d) | 1160 | 1068 |
| (SOFR + 1.19%), 4.62%, 11/6/2031 (d) | 1655 | 1674 |
| (SOFR + 1.43%), 5.13%, 11/6/2036 (d) | 2000 | 2020 |
| (SOFR + 2.65%), 6.33%, 3/9/2044 (d) | 700 | 773 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (d)<br>| 1075 | 1113 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| (SOFR + 1.01%), 1.73%, 4/1/2027 (d) | 705 | 704 |
| (SOFR + 1.56%), 6.08%, 9/11/2027 (d) | 361 | 365 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 4.93%, <br> 10/16/2030 (b) (d)<br>| 200 | 205 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (b) (d)<br>| 4679 | 4715 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.05%), 6.32%, <br> 9/21/2034 (b) (d)<br>| 1890 | 2082 |
| KeyCorp  | KeyCorp  | KeyCorp  |
| (SOFRINDX + 1.23%), 5.12%, 4/4/2031 (d) | 1621 | 1663 |
| (SOFR + 1.37%), 5.31%, 1/28/2037 (d) | 1045 | 1054 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (d)<br>| 980 | 975 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.38%), 5.46%, <br> 1/5/2028 (d)<br>| 1140 | 1154 |
| 4.38%, 3/22/2028 | 475 | 479 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (d)<br>| 1240 | 1314 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.97%), 4.94%, <br> 11/4/2036 (d)<br>| 2800 | 2784 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (d)<br>| 2240 | 2313 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (d)<br>| 940 | 931 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 5.16%, <br> 4/24/2031 (d)<br>| 800 | 830 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.19%, <br> 9/12/2036 (d)<br>| 2220 | 2274 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 5.06%, <br> 1/14/2037 (d)<br>| 2395 | 2423 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (d)<br>| 1057 | 1051 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.08%), 5.38%, <br> 7/10/2030 (d)<br>| 2725 | 2834 |
| (3-MONTH CME TERM SOFR + 1.57%), 2.87%, <br> 9/13/2030 (d)<br>| 720 | 690 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (d)<br>| 2130 | 2172 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (d)<br>| 3345 | 3467 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| 4.80%, 4/5/2026 | 2010 | 2011 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.35%), 5.85%, <br> 3/2/2027 (d)<br>| 1480 | 1480 |
| (3-MONTH SOFR + 1.75%), 4.89%, <br> 5/18/2029 (d)<br>| 690 | 703 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (3-MONTH SOFR + 1.91%), 5.08%, <br> 1/27/2030 (d)<br>| 905 | 929 |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (d)<br>| 6240 | 6292 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (d)<br>| 200 | 205 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (b)<br>| 2500 | 2603 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (d) | 1160 | 1186 |
| (SOFR + 2.28%), 6.88%, 10/20/2034 (d) | 210 | 239 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (d) | 2415 | 2504 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (d)<br>| 1820 | 1857 |
| Santander Holdings USA, Inc.  | Santander Holdings USA, Inc.  | Santander Holdings USA, Inc.  |
| (SOFR + 2.50%), 6.17%, 1/9/2030 (d) | 1500 | 1566 |
| (SOFR + 2.14%), 6.34%, 5/31/2035 (d) | 670 | 722 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (d) | 2100 | 2191 |
| (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (d) | 1290 | 1315 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (d) | 3300 | 3465 |
| Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) |
| 5.38%, 3/5/2029 (b) | 1860 | 1934 |
| 4.50%, 9/3/2030 (b) | 1615 | 1636 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (b) | 1379 | 1394 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (b) (d)<br>| 395 | 393 |
| 3.00%, 1/22/2030 (b) | 235 | 224 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (b) (d) | 3671 | 3821 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (b) (d)<br>| 1915 | 1759 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.60%), 3.34%, <br> 1/21/2033 (b) (d)<br>| 2500 | 2322 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.60%), 6.10%, <br> 4/13/2033 (b) (d)<br>| 2380 | 2540 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (b) (d)<br>| 878 | 937 |
| (SOFR + 1.73%), 5.44%, 10/3/2036 (b) (d) | 5500 | 5574 |
| (SOFR + 1.60%), 5.40%, 4/10/2037 (b) (d) | 8395 | 8446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 5

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.69%, <br> 5/14/2028 (b) (d)<br>| 382 | 389 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.15%), 5.01%, <br> 10/15/2030 (b) (d)<br>| 440 | 450 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.24%, <br> 1/13/2037 (b) (d)<br>| 805 | 810 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 3.36%, 7/12/2027 | 14 | 14 |
| 3.04%, 7/16/2029 | 1315 | 1274 |
| 5.71%, 1/13/2030 | 1480 | 1565 |
| 5.24%, 4/15/2030 | 1500 | 1566 |
| (SOFR + 1.36%), 5.57%, 1/15/2047 (d) | 2820 | 2872 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) 4.80%, <br> 3/5/2036 (b)<br>| 2700 | 2692 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 5.16%, 1/10/2028 | 600 | 614 |
| 5.30%, 1/30/2032 | 1410 | 1484 |
| 4.46%, 6/8/2032 | 220 | 222 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (d) | 720 | 724 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (d) | 806 | 868 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (d) | 1585 | 1636 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (d) | 765 | 785 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (d) | 824 | 874 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (d) | 2440 | 2437 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (b) (d)<br>| 665 | 661 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 1.56%), 5.38%, 1/23/2030 (d) | 965 | 1001 |
| (SOFR + 1.25%), 5.10%, 7/23/2030 (d) | 80 | 83 |
| (SOFR + 1.30%), 5.08%, 5/15/2031 (d) | 1960 | 2028 |
| (SOFR + 0.87%), 4.48%, 1/26/2032 (d) | 4500 | 4550 |
| (SOFR + 1.60%), 4.84%, 2/1/2034 (d) | 150 | 152 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (d) | 1269 | 1313 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (d) | 570 | 601 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (d) | 1385 | 1428 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (d) | 1236 | 1260 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (d) | 1935 | 2016 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (d) | 2355 | 2478 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (d) | 6060 | 6348 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (d) | 5960 | 6120 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (d) | 7589 | 7982 |
| (SOFR + 1.10%), 4.96%, 1/23/2037 (d) | 1120 | 1124 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (d) | 5 | 4 |
| 5.38%, 11/2/2043 | 30 | 29 |
| 4.75%, 12/7/2046 | 24 | 21 |
|  |  | 355821 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch Cos. LLC (Belgium) 4.70%, <br> 2/1/2036<br>| 2604 | 2611 |
| Coca-Cola Femsa SAB de CV (Mexico) 1.85%, <br> 9/1/2032<br>| 675 | 579 |
| Constellation Brands, Inc.  | Constellation Brands, Inc.  | Constellation Brands, Inc.  |
| 4.75%, 5/9/2032 | 300 | 305 |
| 5.25%, 11/15/2048 | 220 | 207 |
|  |  | 3702 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 4.50%, 5/14/2035 | 15 | 15 |
| 4.75%, 3/15/2036 | 1485 | 1493 |
| 4.05%, 11/21/2039 | 4909 | 4444 |
| 4.63%, 10/1/2042 | 480 | 449 |
| 4.40%, 11/6/2042 | 790 | 717 |
| 4.45%, 5/14/2046 | 1460 | 1293 |
| 4.25%, 11/21/2049 | 80 | 67 |
| 5.55%, 3/15/2056 | 1190 | 1197 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 5.25%, 3/2/2030 | 80 | 83 |
| 5.25%, 3/2/2033 | 85 | 89 |
| 4.85%, 2/19/2036 | 1520 | 1528 |
| 3.15%, 2/21/2040 | 928 | 747 |
| 5.60%, 3/2/2043 | 426 | 435 |
| 4.66%, 6/15/2051 | 1854 | 1619 |
| 4.20%, 2/22/2052 | 55 | 45 |
| 5.65%, 3/2/2053 | 3157 | 3151 |
| Biogen, Inc.  | Biogen, Inc.  | Biogen, Inc.  |
| 5.75%, 5/15/2035 | 1299 | 1385 |
| 3.25%, 2/15/2051 | 3060 | 2031 |
| 6.45%, 5/15/2055 | 1925 | 2065 |
| Gilead Sciences, Inc.  | Gilead Sciences, Inc.  | Gilead Sciences, Inc.  |
| 4.00%, 9/1/2036 | 9 | 9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| 2.60%, 10/1/2040 | 2493 | 1867 |
| Regeneron Pharmaceuticals, Inc. 1.75%, <br> 9/15/2030<br>| 1270 | 1145 |
|  |  | 25874 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc.  | Amazon.com, Inc.  | Amazon.com, Inc.  |
| 3.95%, 4/13/2052 | 110 | 87 |
| 4.25%, 8/22/2057 | 30 | 24 |
| 2.70%, 6/3/2060 | 10 | 6 |
|  |  | 117 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Masco Corp.  | Masco Corp.  | Masco Corp.  |
| 2.00%, 10/1/2030 | 215 | 195 |
| 6.50%, 8/15/2032 | 620 | 687 |
| Trane Technologies Financing Ltd. 5.25%, <br> 3/3/2033<br>| 650 | 687 |
|  |  | 1569 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  |
| Series J, (SOFR + 1.61%), 4.97%, <br> 4/26/2034 (d)<br>| 155 | 159 |
| (SOFR + 1.85%), 6.47%, 10/25/2034 (d) | 1000 | 1121 |
| Blackstone Holdings Finance Co. LLC 4.45%, <br> 7/15/2045 (b)<br>| 429 | 370 |
| Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
| 3.90%, 1/25/2028 | 350 | 349 |
| 4.85%, 3/29/2029 | 411 | 419 |
| 4.70%, 9/20/2047 | 105 | 90 |
| Charles Schwab Corp. (The) (SOFR + 2.01%), <br> 6.14%, 8/24/2034 (d)<br>| 145 | 158 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 2.52%), 7.15%, 7/13/2027 (d) | 645 | 652 |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (d) | 650 | 642 |
| (SOFR + 1.32%), 2.55%, 1/7/2028 (d) | 1300 | 1284 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (d) | 1720 | 1758 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (d) | 296 | 310 |
| 5.41%, 5/10/2029 | 1005 | 1048 |
| (SOFR + 2.51%), 6.82%, 11/20/2029 (d) | 410 | 437 |
| (SOFR + 1.70%), 5.00%, 9/11/2030 (d) | 665 | 679 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (d) | 3910 | 4038 |
| (SOFR + 1.30%), 4.95%, 8/4/2031 (d) | 1820 | 1854 |
| (SOFR + 3.04%), 3.55%, 9/18/2031 (d) | 1775 | 1705 |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (d) | 775 | 779 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| FMR LLC 6.45%, 11/15/2039 (b) | 500 | 558 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.91%), 1.95%, 10/21/2027 (d) | 870 | 858 |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (d) | 1260 | 1243 |
| (3-MONTH CME TERM SOFR + 1.42%), 3.81%, <br> 4/23/2029 (d)<br>| 30 | 30 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (d) | 1350 | 1429 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (d) | 1518 | 1557 |
| (SOFR + 1.14%), 4.69%, 10/23/2030 (d) | 1840 | 1870 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (d) | 1483 | 1535 |
| (SOFR + 0.96%), 4.52%, 1/21/2032 (d) | 5000 | 5031 |
| (SOFR + 1.09%), 1.99%, 1/27/2032 (d) | 880 | 787 |
| (SOFR + 1.28%), 2.62%, 4/22/2032 (d) | 1000 | 918 |
| (SOFR + 1.25%), 2.38%, 7/21/2032 (d) | 2255 | 2034 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (d) | 4810 | 4965 |
| (SOFR + 1.38%), 5.54%, 1/28/2036 (d) | 1825 | 1909 |
| (SOFR + 1.33%), 4.94%, 10/21/2036 (d) | 3595 | 3582 |
| (SOFR + 1.19%), 5.07%, 1/21/2037 (d) | 3270 | 3293 |
| 6.75%, 10/1/2037 | 685 | 769 |
| (3-MONTH CME TERM SOFR + 1.63%), 4.02%, <br> 10/31/2038 (d)<br>| 305 | 276 |
| Jefferies Financial Group, Inc. 6.45%, 6/8/2027 | 771 | 791 |
| Macquarie Bank Ltd. (Australia) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 1.70%), 3.05%, 3/3/2036 (b) (d) (e)<br>| 575 | 530 |
| Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) |
| (3-MONTH CME TERM SOFR + 1.63%), 3.76%, <br> 11/28/2028 (b) (d)<br>| 30 | 30 |
| (SOFR + 1.44%), 2.69%, 6/23/2032 (b) (d) | 115 | 106 |
| (SOFR + 1.53%), 2.87%, 1/14/2033 (b) (d) | 70 | 64 |
| Moody's Corp. 3.25%, 5/20/2050 | 45 | 31 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 0.88%), 1.59%, 5/4/2027 (d) | 70 | 70 |
| 3.59%, 7/22/2028 (f) | 71 | 71 |
| (SOFR + 1.45%), 5.17%, 1/16/2030 (d) | 2470 | 2539 |
| (3-MONTH CME TERM SOFR + 1.89%), 4.43%, <br> 1/23/2030 (d)<br>| 180 | 182 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (d) | 615 | 633 |
| Series I, (SOFR + 1.07%), 4.36%, <br> 10/22/2031 (d)<br>| 2480 | 2486 |
| (SOFR + 1.03%), 1.79%, 2/13/2032 (d) | 1740 | 1541 |
| (SOFR + 1.87%), 5.25%, 4/21/2034 (d) | 140 | 145 |
| (SOFR + 1.88%), 5.42%, 7/21/2034 (d) | 1820 | 1901 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (d) | 870 | 901 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 7

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Series I, (SOFR + 1.31%), 4.89%, <br> 10/22/2036 (d)<br>| 1715 | 1706 |
| (SOFR + 1.18%), 5.07%, 1/30/2037 (d) | 3180 | 3207 |
| (3-MONTH CME TERM SOFR + 1.69%), 4.46%, <br> 4/22/2039 (d)<br>| 1265 | 1197 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (d) | 35 | 28 |
| 4.30%, 1/27/2045 | 485 | 423 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 392 | 413 |
| Nomura Holdings, Inc. (Japan) 2.68%, 7/16/2030 | 700 | 655 |
| Northern Trust Corp. (3-MONTH SOFR + 1.13%), <br> 3.38%, 5/8/2032 (d)<br>| 8 | 8 |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| (SOFR + 1.61%), 4.42%, 5/13/2033 (d) | 40 | 40 |
| (SOFR + 1.73%), 4.16%, 8/4/2033 (d) | 70 | 69 |
| (SOFR + 1.22%), 4.78%, 10/23/2036 (d) | 1050 | 1049 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (3-MONTH SOFR + 1.41%), 3.87%, <br> 1/12/2029 (b) (d)<br>| 1200 | 1196 |
| (SOFR + 1.06%), 4.40%, 9/23/2031 (b) (d) | 1020 | 1023 |
| (SOFR + 1.73%), 3.09%, 5/14/2032 (b) (d) | 1115 | 1043 |
| (SOFR + 1.29%), 4.84%, 11/6/2033 (b) (d) | 3010 | 3035 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.00%), 6.30%, <br> 9/22/2034 (b) (d)<br>| 539 | 591 |
| (SOFR + 1.34%), 5.01%, 3/23/2037 (b) (d) | 2925 | 2915 |
| (SOFR + 1.34%), 5.20%, 8/10/2037 (b) (d) | 2630 | 2654 |
|  |  | 83769 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Albemarle Corp. 5.45%, 12/1/2044 | 10 | 9 |
| CF Industries, Inc. 5.30%, 11/26/2035 | 770 | 783 |
| Chevron Phillips Chemical Co. LLC 3.70%, <br> 6/1/2028 (b)<br>| 30 | 30 |
| DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 4004 | 4065 |
| Ecolab, Inc. 2.75%, 8/18/2055 | 6 | 4 |
| International Flavors & Fragrances, Inc. 2.30%, <br> 11/1/2030 (b)<br>| 3500 | 3192 |
| Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) |
| 4.20%, 4/1/2029 | 175 | 176 |
| 4.13%, 3/15/2035 | 470 | 442 |
| 5.00%, 4/1/2049 | 230 | 210 |
| 5.80%, 3/27/2053 | 70 | 72 |
|  |  | 8983 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 5.64%, 3/13/2027 (b) | 2690 | 2729 |
| 6.32%, 12/4/2028 (b) | 2010 | 2121 |
| 5.04%, 3/25/2030 (b) | 1120 | 1148 |
| Ford Foundation (The) Series 2020, 2.82%, <br> 6/1/2070<br>| 365 | 217 |
|  |  | 6215 |
| **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** | **Communications Equipment — 0.0% ^** |
| Cisco Systems, Inc. 5.30%, 2/26/2054 | 1550 | 1508 |
| Motorola Solutions, Inc. 4.85%, 8/15/2030 | 155 | 159 |
|  |  | 1667 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| 2.90%, 10/1/2030 | 1440 | 1362 |
| 2.35%, 1/15/2032 | 1095 | 979 |
| 5.10%, 8/9/2035 | 1730 | 1762 |
|  |  | 4103 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| CRH America, Inc. 5.13%, 5/18/2045 (b) | 893 | 856 |
| Eagle Materials, Inc. 2.50%, 7/1/2031 | 95 | 87 |
|  |  | 943 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 1560 | 1545 |
| 6.10%, 1/15/2027 | 1560 | 1587 |
| 5.10%, 1/19/2029 | 235 | 241 |
| 5.38%, 12/15/2031 | 230 | 240 |
| 3.30%, 1/30/2032 | 3145 | 2939 |
| 4.75%, 1/15/2033 | 970 | 972 |
| 5.00%, 11/15/2035 | 760 | 759 |
| Aircastle Ltd.  | Aircastle Ltd.  | Aircastle Ltd.  |
| 5.25%, 3/15/2030 (b) | 811 | 837 |
| 5.00%, 9/15/2030 (b) | 714 | 730 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| 5.85%, 11/5/2027 | 1470 | 1517 |
| (SOFR + 1.00%), 5.10%, 2/16/2028 (d) | 1500 | 1515 |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (d) | 665 | 681 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (d) | 1410 | 1470 |
| (SOFR + 1.79%), 5.67%, 4/25/2036 (d) | 61 | 65 |
| (SOFR + 1.24%), 4.80%, 10/24/2036 (d) | 1205 | 1193 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 4.25%, 4/15/2026 (b) | 1200 | 1199 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| 4.38%, 5/1/2026 (b) | 1270 | 1270 |
| 2.53%, 11/18/2027 (b) | 2220 | 2157 |
| 4.95%, 1/15/2028 (b) | 1871 | 1896 |
| 5.75%, 3/1/2029 (b) | 575 | 598 |
| 4.20%, 4/15/2029 (b) | 1210 | 1207 |
| 5.75%, 11/15/2029 (b) | 235 | 245 |
| 5.15%, 1/15/2030 (b) | 2345 | 2401 |
| 4.90%, 10/10/2030 (b) | 795 | 807 |
| 4.70%, 1/30/2031 (b) | 1370 | 1374 |
| 4.85%, 4/1/2033 (b) | 4200 | 4167 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| 3.75%, 7/28/2026 | 24 | 24 |
| (SOFR + 2.64%), 6.31%, 6/8/2029 (d) | 780 | 816 |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (d) | 1060 | 1104 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (d) | 920 | 833 |
| (SOFR + 1.63%), 5.20%, 9/11/2036 (d) | 2135 | 2129 |
| (SOFR + 1.51%), 5.40%, 1/30/2037 (d) | 3090 | 3118 |
| General Motors Financial Co., Inc. 5.80%, <br> 6/23/2028<br>| 110 | 114 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (b) | 700 | 712 |
| 5.15%, 3/17/2030 (b) | 4613 | 4713 |
| Mitsubishi HC Finance America LLC (Japan) 5.81%, <br> 9/12/2028 (b)<br>| 445 | 463 |
| Synchrony Financial (SOFRINDX + 2.13%), 5.94%, <br> 8/2/2030 (d)<br>| 1500 | 1557 |
|  |  | 49195 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Alimentation Couche-Tard, Inc. (Canada) 3.55%, <br> 7/26/2027 (b)<br>| 60 | 60 |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 510 | 519 |
| 5.00%, 4/15/2042 | 1100 | 1048 |
| 5.50%, 9/15/2054 | 440 | 425 |
|  |  | 2052 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (b)<br>| 1246 | 1241 |
| Packaging Corp. of America 4.05%, 12/15/2049 | 845 | 682 |
| Sonoco Products Co. 4.60%, 9/1/2029 | 155 | 157 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| WRKCo, Inc.  | WRKCo, Inc.  | WRKCo, Inc.  |
| 3.90%, 6/1/2028 | 170 | 170 |
| 4.90%, 3/15/2029 | 20 | 21 |
|  |  | 2271 |
| **Diversified — 0.1%** | **Diversified — 0.1%** | **Diversified — 0.1%** |
| Ygrene Frn 8.50%, 7/25/2045 ‡ (b) | 2711 | 2724 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Pepperdine University Series 2020, 3.30%, <br> 12/1/2059<br>| 600 | 392 |
| President and Fellows of Harvard College 3.30%, <br> 7/15/2056<br>| 21 | 15 |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 480 | 394 |
| University of Southern California Series A, 3.23%, <br> 10/1/2120<br>| 570 | 343 |
|  |  | 1144 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Equinix Europe 2 Financing Corp. LLC  | Equinix Europe 2 Financing Corp. LLC  | Equinix Europe 2 Financing Corp. LLC  |
| 4.60%, 11/15/2030 | 2985 | 3021 |
| 4.70%, 3/15/2033 (c) | 550 | 552 |
| Safehold GL Holdings LLC  | Safehold GL Holdings LLC  | Safehold GL Holdings LLC  |
| 2.80%, 6/15/2031 | 977 | 902 |
| 2.85%, 1/15/2032 | 70 | 64 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 4.25%, 10/1/2026 | 350 | 350 |
| 2.40%, 2/1/2031 | 65 | 59 |
| 2.25%, 4/1/2033 | 1180 | 1007 |
|  |  | 5955 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 1.65%, 2/1/2028 | 250 | 240 |
| 5.40%, 2/15/2034 | 230 | 241 |
| 5.13%, 4/30/2036 | 1160 | 1177 |
| 3.50%, 6/1/2041 | 1646 | 1321 |
| 3.50%, 9/15/2053 | 113 | 77 |
| 3.55%, 9/15/2055 | 5551 | 3758 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 5.17%, 1/15/2037 (b) | 565 | 569 |
| 3.90%, 3/1/2038 | 82 | 73 |
| 3.25%, 11/1/2039 | 1800 | 1437 |
| 3.45%, 2/1/2050 | 754 | 519 |
| 2.89%, 11/1/2051 | 3286 | 1984 |
| 5.35%, 5/15/2053 | 1160 | 1068 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 9

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| 2.94%, 11/1/2056 | 1729 | 1008 |
| 2.99%, 11/1/2063 | 259 | 144 |
| Orange SA (France) 5.00%, 1/13/2036 (b) | 4100 | 4118 |
| Telefonica Emisiones SA (Spain) 7.05%, <br> 6/20/2036<br>| 40 | 45 |
| Verizon Communications, Inc. 3.40%, 3/22/2041 | 1060 | 844 |
|  |  | 18623 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| AEP Texas, Inc. Series H, 3.45%, 1/15/2050 | 95 | 67 |
| Alabama Power Co. 6.13%, 5/15/2038 | 250 | 278 |
| Arizona Public Service Co. 5.05%, 9/1/2041 | 200 | 195 |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 3.50%, 8/15/2046 | 395 | 299 |
| 2.90%, 6/15/2050 | 475 | 310 |
| 5.40%, 6/1/2053 | 65 | 63 |
| CenterPoint Energy Houston Electric LLC 3.95%, <br> 3/1/2048<br>| 15 | 12 |
| Connecticut Light and Power Co. (The) 4.00%, <br> 4/1/2048<br>| 12 | 10 |
| DTE Electric Co. Series B, 3.25%, 4/1/2051 | 2000 | 1407 |
| Duke Energy Carolinas LLC 4.25%, 12/15/2041 | 129 | 115 |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 2.55%, 6/15/2031 | 105 | 97 |
| 3.75%, 9/1/2046 | 985 | 757 |
| 6.10%, 9/15/2053 | 1360 | 1407 |
| 5.70%, 9/15/2055 | 1260 | 1235 |
| Duke Energy Florida LLC 5.95%, 11/15/2052 | 1414 | 1481 |
| Duke Energy Indiana LLC 3.75%, 5/15/2046 | 30 | 24 |
| Duke Energy Progress LLC  | Duke Energy Progress LLC  | Duke Energy Progress LLC  |
| 4.10%, 5/15/2042 | 273 | 236 |
| 4.10%, 3/15/2043 | 125 | 108 |
| 2.90%, 8/15/2051 | 820 | 525 |
| Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  |
| 3.62%, 8/1/2027 (b) | 750 | 744 |
| 2.78%, 1/7/2032 (b) | 85 | 77 |
| Edison International  | Edison International  | Edison International  |
| 5.45%, 6/15/2029 | 1830 | 1881 |
| 6.95%, 11/15/2029 | 1020 | 1098 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (b)<br>| 1025 | 1104 |
| Emera US Finance LP (Canada) | Emera US Finance LP (Canada) | Emera US Finance LP (Canada) |
| 3.55%, 6/15/2026 | 145 | 145 |
| 4.75%, 6/15/2046 | 2900 | 2507 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 5.13%, 6/26/2029 (b) | 770 | 793 |
| 5.50%, 6/26/2034 (b) | 1160 | 1210 |
| 5.00%, 9/30/2035 (b) | 1155 | 1154 |
| Entergy Arkansas LLC 2.65%, 6/15/2051 | 415 | 251 |
| Entergy Corp. 2.95%, 9/1/2026 | 346 | 344 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 3.05%, 6/1/2031 | 629 | 597 |
| 2.90%, 3/15/2051 | 490 | 313 |
| 5.80%, 3/15/2055 | 1040 | 1058 |
| Entergy Mississippi LLC 5.85%, 6/1/2054 | 635 | 641 |
| Entergy Texas, Inc.  | Entergy Texas, Inc.  | Entergy Texas, Inc.  |
| 4.00%, 3/30/2029 | 85 | 85 |
| 5.80%, 9/1/2053 | 450 | 460 |
| Evergy Kansas Central, Inc. 5.25%, 3/15/2035 | 120 | 123 |
| Evergy Metro, Inc.  | Evergy Metro, Inc.  | Evergy Metro, Inc.  |
| 5.40%, 4/1/2034 | 461 | 486 |
| 5.30%, 10/1/2041 | 35 | 35 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 1503 | 1565 |
| Evergy, Inc. 2.90%, 9/15/2029 | 524 | 504 |
| Exelon Corp. 5.30%, 3/15/2033 | 1000 | 1048 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (b) | 2405 | 2383 |
| FirstEnergy Pennsylvania Electric Co.  | FirstEnergy Pennsylvania Electric Co.  | FirstEnergy Pennsylvania Electric Co.  |
| 3.25%, 3/15/2028 (b) | 158 | 156 |
| 3.60%, 6/1/2029 (b) | 60 | 59 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (b) | 240 | 208 |
| Florida Power & Light Co. 5.40%, 9/1/2035 | 10 | 11 |
| Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 371 | 369 |
| Georgia Power Co. 5.13%, 5/15/2052 | 75 | 71 |
| Interstate Power and Light Co.  | Interstate Power and Light Co.  | Interstate Power and Light Co.  |
| 4.95%, 9/30/2034 | 480 | 486 |
| 5.45%, 9/30/2054 | 765 | 735 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 4.95%, 9/22/2027 (b) | 1565 | 1585 |
| 2.95%, 5/14/2030 (b) | 505 | 481 |
| 5.30%, 7/1/2043 | 940 | 908 |
| Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  |
| 5.10%, 1/15/2035 | 460 | 472 |
| 6.15%, 6/1/2037 | 10 | 11 |
| Massachusetts Electric Co. 5.90%, 11/15/2039 (b) | 15 | 16 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 620 | 646 |
| Mid-Atlantic Interstate Transmission LLC 4.10%, <br> 5/15/2028 (b)<br>| 10 | 10 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Monongahela Power Co. 5.85%, 2/15/2034 (b) | 420 | 452 |
| Nevada Power Co.  | Nevada Power Co.  | Nevada Power Co.  |
| Series N, 6.65%, 4/1/2036 | 100 | 114 |
| 5.38%, 9/15/2040 | 26 | 26 |
| 5.45%, 5/15/2041 | 305 | 311 |
| 6.00%, 3/15/2054 | 560 | 579 |
| New England Power Co. 3.80%, 12/5/2047 (b) | 11 | 9 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 3.55%, 5/1/2027 | 13 | 13 |
| 2.25%, 6/1/2030 | 30 | 28 |
| 5.55%, 3/15/2054 | 2400 | 2329 |
| Niagara Mohawk Power Corp.  | Niagara Mohawk Power Corp.  | Niagara Mohawk Power Corp.  |
| 1.96%, 6/27/2030 (b) | 1000 | 916 |
| 5.66%, 1/17/2054 (b) | 460 | 451 |
| 6.00%, 7/3/2055 (b) | 470 | 480 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.45%, 12/2/2027 (b) | 795 | 770 |
| 4.45%, 6/15/2029 (b) | 615 | 615 |
| 5.41%, 10/15/2035 (b) | 2500 | 2527 |
| Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029 | 110 | 115 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 2560 | 2560 |
| 6.40%, 6/15/2033 | 1011 | 1102 |
| 5.80%, 5/15/2034 | 2280 | 2406 |
| 5.70%, 3/1/2035 | 8045 | 8388 |
| 6.00%, 8/15/2035 | 3090 | 3292 |
| 4.20%, 6/1/2041 | 695 | 586 |
| 3.75%, 8/15/2042 (g) | 308 | 239 |
| 4.30%, 3/15/2045 | 525 | 425 |
| 6.75%, 1/15/2053 | 70 | 76 |
| 5.90%, 10/1/2054 | 260 | 253 |
| PECO Energy Co. 2.80%, 6/15/2050 | 410 | 261 |
| Pepco Holdings LLC 7.45%, 8/15/2032 | 316 | 366 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 1510 | 1556 |
| Series A-3, 5.54%, 7/15/2047 | 1360 | 1395 |
| Series A-3, 5.53%, 6/1/2049 | 1345 | 1391 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 640 | 635 |
| Series A-4, 5.21%, 12/1/2047 | 420 | 417 |
| Series A-5, 5.10%, 6/1/2052 | 795 | 762 |
| PNM Energy Transition Bond Co. I LLC Series A-2, <br> 6.03%, 8/15/2048<br>| 2605 | 2728 |
| Potomac Electric Power Co. 6.50%, 11/15/2037 | 1085 | 1231 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| PPL Capital Funding, Inc.  | PPL Capital Funding, Inc.  | PPL Capital Funding, Inc.  |
| 3.10%, 5/15/2026 | 155 | 155 |
| 5.25%, 9/1/2034 | 765 | 790 |
| PPL Electric Utilities Corp. 5.25%, 5/15/2053 | 890 | 857 |
| Progress Energy, Inc. 7.00%, 10/30/2031 | 300 | 339 |
| Public Service Co. of Colorado 3.55%, 6/15/2046 | 214 | 160 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 970 | 1005 |
| 5.20%, 1/15/2035 | 343 | 350 |
| Series G, 6.63%, 11/15/2037 | 2490 | 2830 |
| Series K, 3.15%, 8/15/2051 | 25 | 17 |
| Public Service Electric and Gas Co.  | Public Service Electric and Gas Co.  | Public Service Electric and Gas Co.  |
| 5.38%, 11/1/2039 | 317 | 325 |
| 3.00%, 3/1/2051 | 1925 | 1283 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | 1055 | 1063 |
| 5.34%, 3/15/2045 | 1480 | 1520 |
| Series A-2, 5.11%, 12/15/2047 | 505 | 496 |
| Sierra Pacific Power Co. 5.90%, 3/15/2054 | 1030 | 1050 |
| Sigeco Securitization I LLC  | Sigeco Securitization I LLC  | Sigeco Securitization I LLC  |
| Series A1, 5.03%, 11/15/2036 | 794 | 819 |
| Series A2, 5.17%, 5/15/2041 | 107 | 109 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| 5.85%, 11/1/2027 | 1695 | 1742 |
| Series B, 3.65%, 3/1/2028 | 400 | 397 |
| Series 05-B, 5.55%, 1/15/2036 | 10 | 10 |
| Series 08-A, 5.95%, 2/1/2038 | 200 | 209 |
| 4.05%, 3/15/2042 | 567 | 462 |
| 5.88%, 12/1/2053 | 1566 | 1539 |
| 5.75%, 4/15/2054 | 1755 | 1689 |
| 5.90%, 3/1/2055 | 805 | 793 |
| Southern Co. (The) 5.70%, 3/15/2034 | 1825 | 1941 |
| Southwestern Public Service Co. 4.50%, <br> 8/15/2041<br>| 200 | 180 |
| Toledo Edison Co. (The) 6.15%, 5/15/2037 | 300 | 331 |
| Virginia Electric and Power Co. 5.70%, 8/15/2053 | 2120 | 2103 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (b) | 221 | 234 |
| 5.70%, 12/30/2034 (b) | 610 | 632 |
| 5.25%, 10/15/2035 (b) | 3360 | 3367 |
| 5.35%, 1/31/2036 (b) | 1265 | 1274 |
| Wisconsin Public Service Corp. 3.30%, 9/1/2049 | 50 | 35 |
|  |  | 105366 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 11

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Amphenol Corp. 5.30%, 11/15/2055 | 2030 | 1966 |
| Arrow Electronics, Inc.  | Arrow Electronics, Inc.  | Arrow Electronics, Inc.  |
| 3.88%, 1/12/2028 | 11 | 11 |
| 2.95%, 2/15/2032 | 60 | 54 |
| Corning, Inc. 3.90%, 11/15/2049 | 1043 | 824 |
|  |  | 2855 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| Halliburton Co. 4.75%, 8/1/2043 | 540 | 490 |
| NOV, Inc. 3.60%, 12/1/2029 | 155 | 152 |
| Schlumberger Holdings Corp.  | Schlumberger Holdings Corp.  | Schlumberger Holdings Corp.  |
| 3.90%, 5/17/2028 (b) | 20 | 20 |
| 4.30%, 5/1/2029 (b) | 35 | 35 |
|  |  | 697 |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| BG Beta I Ltd. (Cayman Islands) 0.00%, <br> 7/16/2054 ‡ (f)<br>| 3960 | 3996 |
| CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, <br> 8/17/2027 ‡<br>| 8665 | 8654 |
| Corebridge Financial, Inc.  | Corebridge Financial, Inc.  | Corebridge Financial, Inc.  |
| 3.65%, 4/5/2027 | 770 | 766 |
| 3.85%, 4/5/2029 | 545 | 539 |
| Fidelity National Information Services, Inc. 3.10%, <br> 3/1/2041<br>| 50 | 37 |
| Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
| 3.20%, 7/1/2026 | 395 | 394 |
| 2.65%, 6/1/2030 | 125 | 116 |
| 5.15%, 8/12/2034 | 3200 | 3191 |
| 4.40%, 7/1/2049 | 375 | 297 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 3.20%, 8/15/2029 | 945 | 906 |
| 5.30%, 8/15/2029 | 371 | 381 |
| 2.90%, 5/15/2030 | 273 | 254 |
| 2.90%, 11/15/2031 | 647 | 583 |
| 5.20%, 11/15/2032 | 3135 | 3153 |
| 5.55%, 11/15/2035 | 1560 | 1552 |
| Goodleap LLC Class A, 0.00%, 7/15/2038 ‡ | 9958 | 10207 |
| Jackson Financial, Inc. 4.00%, 11/23/2051 | 85 | 57 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (SOFR + 1.29%), 2.97%, 2/16/2028 (b) (d) | 200 | 198 |
| (SOFR + 1.65%), 5.54%, 7/14/2036 (b) (d) | 2650 | 2751 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Siemens Financieringsmaatschappij NV (Germany) <br> 4.40%, 5/27/2045 (b)<br>| 513 | 463 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 2935 | 2935 |
|  |  | 41430 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Bimbo Bakeries USA, Inc. (Mexico) | Bimbo Bakeries USA, Inc. (Mexico) | Bimbo Bakeries USA, Inc. (Mexico) |
| 6.05%, 1/15/2029 (b) | 200 | 210 |
| 5.38%, 1/9/2036 (b) | 200 | 207 |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 3.20%, 4/21/2031 | 1500 | 1426 |
| 2.75%, 5/14/2031 | 1725 | 1605 |
| 4.65%, 9/17/2034 | 1410 | 1404 |
| JBS NV  | JBS NV  | JBS NV  |
| 3.75%, 12/1/2031 | 1305 | 1245 |
| 6.75%, 3/15/2034 | 1347 | 1502 |
| 5.95%, 4/20/2035 | 545 | 578 |
| 5.50%, 1/15/2036 | 1725 | 1770 |
| 6.50%, 12/1/2052 | 1240 | 1310 |
| 6.38%, 2/25/2055 | 1345 | 1390 |
| 6.38%, 4/15/2066 | 1840 | 1873 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 5.00%, 7/15/2035 | 2000 | 2007 |
| 4.63%, 10/1/2039 | 850 | 778 |
| 4.38%, 6/1/2046 | 3129 | 2568 |
| 4.88%, 10/1/2049 | 2080 | 1793 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.20%, 3/1/2035 (b) | 90 | 93 |
| 5.65%, 5/1/2045 (b) | 2335 | 2390 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 920 | 979 |
|  |  | 25128 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp.  | Atmos Energy Corp.  | Atmos Energy Corp.  |
| 4.15%, 1/15/2043 | 828 | 725 |
| 4.13%, 10/15/2044 | 140 | 120 |
| Boston Gas Co. 4.49%, 2/15/2042 (b) | 308 | 270 |
| Brooklyn Union Gas Co. (The) 4.27%, <br> 3/15/2048 (b)<br>| 460 | 376 |
| ONE Gas, Inc. 2.00%, 5/15/2030 | 15 | 14 |
| Southern California Gas Co.  | Southern California Gas Co.  | Southern California Gas Co.  |
| Series VV, 4.30%, 1/15/2049 | 65 | 54 |
| 6.35%, 11/15/2052 | 1370 | 1493 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| Southern Natural Gas Co. LLC 4.80%, <br> 3/15/2047 (b)<br>| 6 | 5 |
| Southwest Gas Corp. 3.80%, 9/29/2046 | 9 | 7 |
|  |  | 3064 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
| 7.29%, 6/1/2036 | 25 | 30 |
| 5.40%, 6/1/2041 | 70 | 72 |
| 4.38%, 9/1/2042 | 375 | 338 |
| 3.55%, 2/15/2050 | 465 | 347 |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 712 | 647 |
| CSX Corp.  | CSX Corp.  | CSX Corp.  |
| 4.10%, 3/15/2044 | 190 | 163 |
| 4.30%, 3/1/2048 | 105 | 90 |
| 3.35%, 9/15/2049 | 95 | 68 |
| Norfolk Southern Corp.  | Norfolk Southern Corp.  | Norfolk Southern Corp.  |
| 2.90%, 8/25/2051 | 40 | 26 |
| 4.05%, 8/15/2052 | 730 | 575 |
| Penske Truck Leasing Co. LP 5.55%, 5/1/2028 (b) | 40 | 41 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (b)<br>| 120 | 119 |
| Uber Technologies, Inc.  | Uber Technologies, Inc.  | Uber Technologies, Inc.  |
| 4.80%, 9/15/2034 | 720 | 722 |
| 5.35%, 9/15/2054 | 240 | 229 |
| Union Pacific Corp. 4.10%, 9/15/2067 | 10 | 8 |
|  |  | 3475 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Abbott Laboratories 4.75%, 11/30/2036 | 380 | 384 |
| Boston Scientific Corp. 6.25%, 11/15/2035 (g) | 900 | 1021 |
| Solventum Corp. 5.60%, 3/23/2034 | 3190 | 3335 |
|  |  | 4740 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Aetna, Inc. 6.75%, 12/15/2037 | 475 | 529 |
| Ascension Health Series B, 2.53%, 11/15/2029 | 430 | 410 |
| Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| 35 | 24 |
| Cardinal Health, Inc.  | Cardinal Health, Inc.  | Cardinal Health, Inc.  |
| 5.35%, 11/15/2034 | 75 | 78 |
| 5.15%, 9/15/2035 | 2780 | 2846 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 2.70%, 3/15/2031 | 150 | 140 |
| 4.60%, 2/13/2033 | 3000 | 3022 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 5.13%, 2/15/2034 | 1650 | 1712 |
| Children's Hospital Series 2020, 2.93%, <br> 7/15/2050<br>| 650 | 434 |
| Children's Hospital Corp. (The) Series 2020, 2.59%, <br> 2/1/2050<br>| 580 | 367 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 5.13%, 5/15/2031 | 1080 | 1124 |
| 5.25%, 1/15/2036 | 1925 | 1977 |
| 3.20%, 3/15/2040 | 1238 | 989 |
| 3.40%, 3/15/2051 | 50 | 35 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 2.78%, 10/1/2030 | 550 | 517 |
| 3.91%, 10/1/2050 | 545 | 419 |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| 4.30%, 3/25/2028 | 171 | 172 |
| 5.25%, 2/21/2033 | 1400 | 1454 |
| 4.78%, 3/25/2038 | 108 | 103 |
| CVS Pass-Through Trust Series 2013, 4.70%, <br> 1/10/2036 (b)<br>| 462 | 449 |
| Elevance Health, Inc.  | Elevance Health, Inc.  | Elevance Health, Inc.  |
| 4.63%, 5/15/2042 | 500 | 455 |
| 4.65%, 1/15/2043 | 535 | 484 |
| 4.65%, 8/15/2044 | 100 | 89 |
| Hackensack Meridian Health, Inc. Series 2020, <br> 2.68%, 9/1/2041<br>| 1430 | 1065 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 651 | 620 |
| 5.60%, 4/1/2034 | 1175 | 1234 |
| 5.75%, 3/1/2035 | 1259 | 1333 |
| 4.90%, 11/15/2035 | 1880 | 1872 |
| 5.13%, 6/15/2039 | 725 | 707 |
| 5.50%, 6/15/2047 | 650 | 620 |
| 3.50%, 7/15/2051 | 589 | 407 |
| 4.63%, 3/15/2052 | 1385 | 1147 |
| 5.95%, 9/15/2054 | 600 | 597 |
| 6.10%, 4/1/2064 | 1075 | 1076 |
| Mayo Clinic Series 2016, 4.13%, 11/15/2052 | 225 | 190 |
| Memorial Health Services 3.45%, 11/1/2049 | 1340 | 1003 |
| Memorial Sloan-Kettering Cancer Center Series <br> 2015, 4.20%, 7/1/2055<br>| 200 | 168 |
| MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 310 | 223 |
| Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  |
| 2.95%, 6/30/2030 | 25 | 24 |
| 2.80%, 6/30/2031 | 60 | 56 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 13

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Texas Health Resources 4.33%, 11/15/2055 | 300 | 252 |
| Triad Holdings III LLC 0.00%, 4/1/2052 ‡ | 5624 | 5680 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 3.50%, 8/15/2039 | 815 | 684 |
| 3.25%, 5/15/2051 | 560 | 384 |
| 5.88%, 2/15/2053 | 650 | 661 |
| Yale-New Haven Health Services Corp. Series 2020, <br> 2.50%, 7/1/2050<br>| 780 | 474 |
|  |  | 38306 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  |
| 3.80%, 4/15/2026 | 135 | 135 |
| 2.75%, 12/15/2029 | 60 | 57 |
| 2.00%, 5/18/2032 | 980 | 842 |
| 1.88%, 2/1/2033 | 130 | 108 |
| DOC DR LLC  | DOC DR LLC  | DOC DR LLC  |
| 3.95%, 1/15/2028 | 55 | 55 |
| 2.63%, 11/1/2031 | 505 | 459 |
| Healthpeak OP LLC 3.50%, 7/15/2029 | 772 | 757 |
| Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  |
| 3.25%, 10/15/2026 | 299 | 298 |
| 3.85%, 4/1/2027 | 560 | 559 |
| 2.50%, 9/1/2031 | 120 | 109 |
| Welltower OP LLC  | Welltower OP LLC  | Welltower OP LLC  |
| 2.80%, 6/1/2031 | 110 | 103 |
| 6.50%, 3/15/2041 | 350 | 397 |
|  |  | 3879 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| McDonald's Corp.  | McDonald's Corp.  | McDonald's Corp.  |
| 6.30%, 10/15/2037 | 8 | 9 |
| 5.15%, 9/9/2052 | 65 | 61 |
| 5.45%, 8/14/2053 | 1060 | 1045 |
| Starbucks Corp.  | Starbucks Corp.  | Starbucks Corp.  |
| 4.90%, 2/15/2031 | 1000 | 1036 |
| 4.45%, 8/15/2049 | 115 | 98 |
|  |  | 2249 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) 5.80%, 3/15/2032 | 1620 | 1692 |
| Alexander Funding Trust II 7.47%, 7/31/2028 (b) | 1280 | 1363 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.80%, 3/1/2033 | 280 | 300 |
| 5.75%, 10/1/2041 | 235 | 244 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** |
| 5.60%, 6/15/2042 | 150 | 153 |
| 6.50%, 10/1/2053 | 1190 | 1313 |
| Southern Power Co. 5.15%, 9/15/2041 | 15 | 15 |
|  |  | 5080 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Three LLC (Australia) 3.70%, <br> 3/15/2028 (b)<br>| 22 | 22 |
| Prologis LP  | Prologis LP  | Prologis LP  |
| 2.88%, 11/15/2029 | 380 | 366 |
| 3.00%, 4/15/2050 | 905 | 610 |
|  |  | 998 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| AIA Group Ltd. (Hong Kong) 3.20%, 9/16/2040 (b) | 520 | 419 |
| AIG SunAmerica Global Financing X 6.90%, <br> 3/15/2032 (b)<br>| 520 | 583 |
| Aon Corp.  | Aon Corp.  | Aon Corp.  |
| 5.35%, 2/28/2033 | 65 | 68 |
| 2.90%, 8/23/2051 | 140 | 87 |
| Aon North America, Inc.  | Aon North America, Inc.  | Aon North America, Inc.  |
| 5.45%, 3/1/2034 | 1990 | 2076 |
| 5.75%, 3/1/2054 | 590 | 584 |
| Athene Global Funding  | Athene Global Funding  | Athene Global Funding  |
| 2.95%, 11/12/2026 (b) | 3475 | 3447 |
| 5.32%, 11/13/2031 (b) | 115 | 117 |
| Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  |
| 4.30%, 5/15/2043 | 100 | 91 |
| 3.85%, 3/15/2052 | 845 | 657 |
| CNO Global Funding 4.95%, 9/9/2029 (b) | 1400 | 1425 |
| Corebridge Global Funding  | Corebridge Global Funding  | Corebridge Global Funding  |
| 5.20%, 6/24/2029 (b) | 1290 | 1325 |
| 4.90%, 8/21/2032 (b) | 95 | 96 |
| F&G Annuities & Life, Inc.  | F&G Annuities & Life, Inc.  | F&G Annuities & Life, Inc.  |
| 7.40%, 1/13/2028 | 563 | 584 |
| 6.50%, 6/4/2029 | 1525 | 1570 |
| F&G Global Funding 1.75%, 6/30/2026 (b) | 750 | 744 |
| Great-West Lifeco Finance Delaware LP (Canada) <br> 4.15%, 6/3/2047 (b)<br>| 20 | 17 |
| Guardian Life Insurance Co. of America (The) <br> 4.85%, 1/24/2077 (b)<br>| 208 | 175 |
| Hanover Insurance Group, Inc. (The) 2.50%, <br> 9/1/2030<br>| 500 | 462 |
| Hartford Insurance Group, Inc. (The) 4.30%, <br> 4/15/2043<br>| 420 | 371 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Jackson National Life Global Funding 3.05%, <br> 4/29/2026 (b)<br>| 40 | 40 |
| Liberty Mutual Insurance Co. 7.88%, <br> 10/15/2026 (b)<br>| 15 | 15 |
| Manulife Financial Corp. (Canada) (USD ICE Swap <br> Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (d)<br>| 30 | 30 |
| Markel Group, Inc. 5.00%, 5/20/2049 | 20 | 18 |
| MetLife, Inc. 5.00%, 7/15/2052 | 30 | 27 |
| Pacific Life Insurance Co. (3-MONTH SOFR + <br> 2.80%), 4.30%, 10/24/2067 (b) (d)<br>| 266 | 214 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (b)<br>| 838 | 838 |
| Principal Life Global Funding II 5.10%, <br> 1/25/2029 (b)<br>| 800 | 820 |
| Prudential Financial, Inc. 3.91%, 12/7/2047 | 300 | 231 |
| Swiss Re Finance Luxembourg SA (Switzerland) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.58%), 5.00%, <br> 4/2/2049 (b) (d)<br>| 200 | 202 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.90%, 9/15/2044 (b) | 10 | 9 |
| 4.27%, 5/15/2047 (b) | 415 | 348 |
|  |  | 17690 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Alphabet, Inc.  | Alphabet, Inc.  | Alphabet, Inc.  |
| 5.50%, 2/15/2046 | 1435 | 1461 |
| 5.65%, 2/15/2056 | 2110 | 2159 |
| 5.75%, 2/15/2066 | 1295 | 1319 |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.88%, 11/15/2035 | 2960 | 2990 |
| 5.50%, 11/15/2045 | 2950 | 2915 |
| 5.60%, 5/15/2053 | 1350 | 1314 |
| 5.40%, 8/15/2054 | 875 | 826 |
| 5.63%, 11/15/2055 | 1775 | 1737 |
|  |  | 14721 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Accenture Capital, Inc. 4.50%, 10/4/2034 | 510 | 504 |
| CGI, Inc. (Canada) | CGI, Inc. (Canada) | CGI, Inc. (Canada) |
| 1.45%, 9/14/2026 | 843 | 831 |
| 2.30%, 9/14/2031 | 1515 | 1350 |
|  |  | 2685 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| Thermo Fisher Scientific, Inc. 4.90%, 2/12/2036 | 2485 | 2528 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Cummins, Inc. 2.60%, 9/1/2050 | 50 | 31 |
| nVent Finance SARL (United Kingdom) 4.55%, <br> 4/15/2028<br>| 465 | 468 |
| Parker-Hannifin Corp.  | Parker-Hannifin Corp.  | Parker-Hannifin Corp.  |
| 4.45%, 11/21/2044 | 592 | 532 |
| 4.10%, 3/1/2047 | 8 | 7 |
|  |  | 1038 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 6.38%, 10/23/2035 | 528 | 552 |
| 4.80%, 3/1/2050 | 1475 | 1124 |
| 3.70%, 4/1/2051 | 3220 | 2078 |
| Cox Communications, Inc.  | Cox Communications, Inc.  | Cox Communications, Inc.  |
| 4.80%, 2/1/2035 (b) | 30 | 28 |
| 2.95%, 10/1/2050 (b) | 635 | 360 |
| Time Warner Cable Enterprises LLC 8.38%, <br> 7/15/2033<br>| 735 | 859 |
| Time Warner Cable LLC  | Time Warner Cable LLC  | Time Warner Cable LLC  |
| 6.55%, 5/1/2037 | 400 | 412 |
| 5.88%, 11/15/2040 | 2720 | 2551 |
| 5.50%, 9/1/2041 | 359 | 321 |
|  |  | 8285 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Anglo American Capital plc (South Africa) 5.75%, <br> 4/5/2034 (b)<br>| 2635 | 2797 |
| Corp. Nacional del Cobre de Chile (Chile) 6.44%, <br> 1/26/2036 (b)<br>| 917 | 1002 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 2.63%, 9/23/2031 (b) | 40 | 36 |
| 5.63%, 4/4/2034 (b) | 1080 | 1142 |
| Nucor Corp. 2.98%, 12/15/2055 | 20 | 13 |
| Rio Tinto Finance USA plc (Australia) 4.88%, <br> 3/14/2030<br>| 157 | 162 |
| Steel Dynamics, Inc. 5.38%, 8/15/2034 | 40 | 42 |
| Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030 | 675 | 653 |
|  |  | 5847 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| Resurgent 6.78%, 7/1/2030 ‡ | 3000 | 3000 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Ameren Corp. 3.50%, 1/15/2031 | 125 | 121 |
| Ameren Illinois Co. 5.55%, 7/1/2054 | 1650 | 1646 |
| CenterPoint Energy, Inc. 2.95%, 3/1/2030 | 40 | 38 |
| CMS Energy Corp. 3.00%, 5/15/2026 | 475 | 474 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 15

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  |
| Series 12-A, 4.20%, 3/15/2042 | 9 | 8 |
| 3.20%, 12/1/2051 | 1090 | 736 |
| Delmarva Power & Light Co. 4.00%, 6/1/2042 | 235 | 201 |
| Dominion Energy, Inc. Series F, 5.25%, 8/1/2033 | 940 | 973 |
| New York State Electric & Gas Corp. 3.25%, <br> 12/1/2026 (b)<br>| 11 | 11 |
| NiSource, Inc. 1.70%, 2/15/2031 | 765 | 678 |
| PG&E Energy Recovery Funding LLC Series A-3, <br> 2.82%, 7/15/2046<br>| 50 | 38 |
| Public Service Enterprise Group, Inc. 1.60%, <br> 8/15/2030<br>| 40 | 36 |
| Puget Energy, Inc.  | Puget Energy, Inc.  | Puget Energy, Inc.  |
| 2.38%, 6/15/2028 | 20 | 19 |
| 5.73%, 3/15/2035 | 715 | 740 |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| 3.95%, 11/15/2041 | 379 | 320 |
| 2.95%, 8/15/2051 | 1050 | 688 |
| 5.35%, 4/1/2053 | 75 | 71 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| 3.25%, 6/15/2026 | 254 | 254 |
| 5.75%, 9/15/2033 | 760 | 812 |
| Series B, 5.10%, 9/15/2035 | 975 | 993 |
| 5.88%, 3/15/2041 | 11 | 12 |
| 4.40%, 6/1/2043 | 23 | 20 |
| 3.95%, 10/1/2046 | 9 | 7 |
| Series 21A, 3.15%, 9/30/2051 | 420 | 279 |
| WEC Energy Group, Inc. 5.60%, 9/12/2026 | 28 | 28 |
|  |  | 9203 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.00%, 1/15/2029 | 335 | 316 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |
| 5.13%, 10/1/2034 (b) | 660 | 659 |
| 5.80%, 10/1/2054 (b) | 360 | 338 |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| 4.81%, 2/13/2033 | 210 | 215 |
| 2.94%, 6/4/2051 | 1995 | 1304 |
| Cameron LNG LLC 3.70%, 1/15/2039 (b) | 961 | 836 |
| Cheniere Energy Partners LP 5.55%, 10/30/2035 | 780 | 809 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 690 | 726 |
| Columbia Pipelines Holding Co. LLC 5.10%, <br> 10/1/2031 (b)<br>| 481 | 495 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.44%, 2/15/2035 (b) | 3565 | 3713 |
| 5.96%, 2/15/2055 (b) | 2415 | 2453 |
| ConocoPhillips Co.  | ConocoPhillips Co.  | ConocoPhillips Co.  |
| 5.05%, 9/15/2033 | 95 | 99 |
| 5.50%, 1/15/2055 | 1500 | 1473 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 935 | 934 |
| 5.60%, 3/15/2034 | 75 | 79 |
| 5.40%, 2/15/2035 | 1250 | 1289 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 558 | 544 |
| DT Midstream, Inc. 4.30%, 4/15/2032 (b) | 900 | 881 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 760 | 808 |
| Eastern Gas Transmission & Storage, Inc. 3.90%, <br> 11/15/2049<br>| 807 | 605 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 1090 | 1158 |
| 5.63%, 4/5/2034 | 1350 | 1429 |
| 4.50%, 6/10/2044 | 110 | 95 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 4.95%, 5/15/2028 | 80 | 81 |
| 5.25%, 7/1/2029 | 1450 | 1504 |
| 4.15%, 9/15/2029 | 1006 | 1009 |
| 6.05%, 6/1/2041 | 30 | 31 |
| 6.10%, 2/15/2042 | 420 | 430 |
| 5.30%, 4/1/2044 | 170 | 159 |
| 6.00%, 6/15/2048 | 775 | 764 |
| 6.25%, 4/15/2049 | 800 | 809 |
| Eni SpA (Italy) 5.70%, 10/1/2040 (b) | 925 | 946 |
| Eni USA, Inc. (Italy) 7.30%, 11/15/2027 | 15 | 16 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.95%, 2/15/2035 | 2380 | 2438 |
| 5.20%, 1/15/2036 | 1280 | 1320 |
| 5.10%, 2/15/2045 | 100 | 96 |
| 4.95%, 10/15/2054 | 6 | 5 |
| EOG Resources, Inc. 5.35%, 1/15/2036 | 80 | 83 |
| Exxon Mobil Corp.  | Exxon Mobil Corp.  | Exxon Mobil Corp.  |
| 3.00%, 8/16/2039 | 1015 | 830 |
| 3.57%, 3/6/2045 | 1215 | 976 |
| 4.11%, 3/1/2046 | 15 | 13 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (b)<br>| 953 | 817 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Kinder Morgan, Inc.  | Kinder Morgan, Inc.  | Kinder Morgan, Inc.  |
| 7.80%, 8/1/2031 | 1151 | 1347 |
| 5.05%, 2/15/2046 | 1910 | 1759 |
| 3.25%, 8/1/2050 | 20 | 13 |
| Marathon Petroleum Corp. 4.75%, 9/15/2044 | 65 | 57 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 4.50%, 4/15/2038 | 8 | 7 |
| 4.95%, 3/14/2052 | 520 | 447 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (b) | 240 | 237 |
| Occidental Petroleum Corp. 4.30%, 8/15/2039 | 352 | 309 |
| ONEOK Partners LP 6.65%, 10/1/2036 | 370 | 411 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 4.75%, 10/15/2031 | 2125 | 2155 |
| 5.20%, 7/15/2048 | 30 | 27 |
| Phillips 66 Co. 4.90%, 10/1/2046 | 11 | 10 |
| Pioneer Natural Resources Co.  | Pioneer Natural Resources Co.  | Pioneer Natural Resources Co.  |
| 1.90%, 8/15/2030 | 1050 | 963 |
| 2.15%, 1/15/2031 | 4300 | 3958 |
| Plains All American Pipeline LP 4.70%, 1/15/2031 | 630 | 640 |
| Shell Finance US, Inc. 3.13%, 11/7/2049 (b) | 60 | 42 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 375 | 379 |
| 5.03%, 10/1/2029 | 430 | 440 |
| Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038 | 677 | 766 |
| Targa Resources Corp. 4.90%, 9/15/2030 | 2388 | 2452 |
| TC PipeLines LP 3.90%, 5/25/2027 | 7 | 7 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 3.46%, 2/19/2029 | 40 | 40 |
| 2.99%, 6/29/2041 | 1200 | 926 |
| 3.46%, 7/12/2049 | 815 | 598 |
| 3.13%, 5/29/2050 | 1180 | 808 |
| Valero Energy Corp.  | Valero Energy Corp.  | Valero Energy Corp.  |
| 7.50%, 4/15/2032 | 10 | 12 |
| 3.65%, 12/1/2051 | 115 | 82 |
| Western Midstream Operating LP 5.25%, <br> 2/1/2050 (g)<br>| 415 | 360 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.60%, 3/15/2035 | 1365 | 1435 |
| 5.30%, 9/30/2035 | 145 | 149 |
| 4.85%, 3/1/2048 | 14 | 12 |
| 5.80%, 11/15/2054 | 2000 | 1989 |
| 6.00%, 3/15/2055 | 380 | 390 |
|  |  | 56496 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A, 3.10%, 10/7/2028<br>| 804 | 776 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| AstraZeneca plc (United Kingdom) | AstraZeneca plc (United Kingdom) | AstraZeneca plc (United Kingdom) |
| 6.45%, 9/15/2037 | 300 | 344 |
| 4.00%, 9/18/2042 | 240 | 210 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 5.90%, 11/15/2033 | 35 | 39 |
| 4.25%, 10/26/2049 | 1004 | 835 |
| 3.70%, 3/15/2052 | 1015 | 758 |
| 5.55%, 2/22/2054 | 1160 | 1151 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 960 | 902 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 4.00%, 3/7/2049 | 860 | 700 |
| 2.90%, 12/10/2061 | 965 | 572 |
| Pfizer Investment Enterprises Pte. Ltd. 5.34%, <br> 5/19/2063<br>| 1935 | 1816 |
| Shire Acquisitions Investments Ireland DAC 3.20%, <br> 9/23/2026<br>| 5 | 5 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 3.03%, 7/9/2040 | 234 | 183 |
| 5.65%, 7/5/2044 | 422 | 431 |
| 3.18%, 7/9/2050 | 1486 | 1019 |
|  |  | 8965 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| ERP Operating LP 4.95%, 6/15/2032 | 101 | 104 |
| Essex Portfolio LP 2.65%, 3/15/2032 | 2000 | 1804 |
| Mid-America Apartments LP  | Mid-America Apartments LP  | Mid-America Apartments LP  |
| 3.95%, 3/15/2029 | 920 | 920 |
| 1.70%, 2/15/2031 | 30 | 27 |
| 4.65%, 1/15/2033 | 790 | 795 |
| UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
| 2.95%, 9/1/2026 | 388 | 386 |
| 3.00%, 8/15/2031 | 305 | 286 |
| 2.10%, 8/1/2032 | 710 | 618 |
| 3.10%, 11/1/2034 | 30 | 26 |
|  |  | 4966 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 840 | 811 |
| 2.50%, 8/16/2031 | 470 | 427 |
| Kimco Realty OP LLC 1.90%, 3/1/2028 | 160 | 154 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 17

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Retail REITs — continued** | **Retail REITs — continued** | **Retail REITs — continued** |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 3.60%, 12/15/2026 | 16 | 16 |
| 4.30%, 10/15/2028 | 620 | 624 |
| 5.60%, 10/15/2033 | 600 | 633 |
| 5.50%, 6/15/2034 | 170 | 178 |
| Realty Income Corp.  | Realty Income Corp.  | Realty Income Corp.  |
| 3.25%, 1/15/2031 | 35 | 34 |
| 4.65%, 3/15/2047 | 8 | 7 |
|  |  | 2884 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 | 2500 | 2417 |
| 4.75%, 4/15/2029 | 25 | 26 |
| 5.05%, 7/12/2029 | 2650 | 2742 |
| 4.55%, 2/15/2032 | 1904 | 1930 |
| 3.14%, 11/15/2035 (b) | 1413 | 1235 |
| 4.80%, 2/15/2036 | 241 | 242 |
| 3.50%, 2/15/2041 | 3950 | 3272 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 580 | 420 |
| 3.25%, 11/15/2049 | 1390 | 910 |
| 5.70%, 2/10/2053 | 590 | 560 |
| KLA Corp.  | KLA Corp.  | KLA Corp.  |
| 3.30%, 3/1/2050 | 600 | 426 |
| 4.95%, 7/15/2052 | 135 | 125 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 5.75%, 2/15/2029 | 1360 | 1421 |
| 2.95%, 4/15/2031 | 1405 | 1313 |
| 5.45%, 7/15/2035 | 4818 | 5016 |
| Micron Technology, Inc. 5.30%, 1/15/2031 | 1862 | 1956 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 4.40%, 6/1/2027 | 25 | 25 |
| 3.25%, 5/11/2041 | 1445 | 1109 |
| 3.25%, 11/30/2051 | 682 | 457 |
|  |  | 25602 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Cadence Design Systems, Inc.  | Cadence Design Systems, Inc.  | Cadence Design Systems, Inc.  |
| 4.30%, 9/10/2029 | 10 | 10 |
| 4.70%, 9/10/2034 | 1899 | 1916 |
| Microsoft Corp. 2.92%, 3/17/2052 | 26 | 17 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.80%, 9/26/2032 | 2120 | 2072 |
| 4.90%, 2/6/2033 | 1300 | 1271 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| 4.30%, 7/8/2034 | 10 | 9 |
| 3.90%, 5/15/2035 | 8 | 7 |
| 5.70%, 2/4/2036 | 1830 | 1831 |
| 3.85%, 7/15/2036 | 12 | 10 |
| 3.80%, 11/15/2037 | 20 | 16 |
| 3.60%, 4/1/2040 | 1000 | 756 |
| 5.88%, 9/26/2045 | 1425 | 1291 |
| 6.55%, 2/4/2046 | 700 | 682 |
| 3.60%, 4/1/2050 | 355 | 222 |
| 3.95%, 3/25/2051 | 700 | 463 |
| 4.38%, 5/15/2055 | 4900 | 3387 |
| 6.70%, 2/4/2056 | 2825 | 2740 |
| 6.85%, 2/4/2066 | 1595 | 1528 |
| Roper Technologies, Inc.  | Roper Technologies, Inc.  | Roper Technologies, Inc.  |
| 3.80%, 12/15/2026 | 7 | 7 |
| 2.00%, 6/30/2030 | 25 | 23 |
| 4.90%, 10/15/2034 | 1940 | 1928 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.15%, 4/1/2035 | 158 | 162 |
| 5.70%, 4/1/2055 | 1415 | 1414 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.80%, 8/15/2028 | 30 | 29 |
| 2.20%, 8/15/2031 | 160 | 143 |
|  |  | 21934 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 3.38%, 10/15/2026 | 312 | 311 |
| 3.80%, 8/15/2029 | 90 | 89 |
| 2.10%, 6/15/2030 | 630 | 579 |
| 1.88%, 10/15/2030 | 1090 | 984 |
| 4.70%, 12/15/2032 | 1235 | 1249 |
| 3.10%, 6/15/2050 | 496 | 333 |
| 2.95%, 1/15/2051 | 324 | 210 |
| Crown Castle, Inc.  | Crown Castle, Inc.  | Crown Castle, Inc.  |
| 1.05%, 7/15/2026 | 260 | 257 |
| 4.00%, 3/1/2027 | 264 | 264 |
| 2.10%, 4/1/2031 | 2000 | 1784 |
| Equinix, Inc. 3.20%, 11/18/2029 | 65 | 63 |
| Extra Space Storage LP  | Extra Space Storage LP  | Extra Space Storage LP  |
| 3.50%, 7/1/2026 | 50 | 50 |
| 3.90%, 4/1/2029 | 30 | 30 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| 4.00%, 6/15/2029 | 869 | 866 |
| 2.40%, 10/15/2031 | 45 | 40 |
|  |  | 7109 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| AutoZone, Inc.  | AutoZone, Inc.  | AutoZone, Inc.  |
| 1.65%, 1/15/2031 | 765 | 678 |
| 5.40%, 7/15/2034 | 760 | 794 |
| Home Depot, Inc. (The) 4.25%, 4/1/2046 | 150 | 129 |
| Lowe's Cos., Inc. 4.05%, 5/3/2047 | 130 | 105 |
| O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  | O'Reilly Automotive, Inc.  |
| 3.60%, 9/1/2027 | 432 | 430 |
| 1.75%, 3/15/2031 | 55 | 49 |
|  |  | 2185 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 3.45%, 2/9/2045 | 20 | 16 |
| 3.85%, 8/4/2046 | 26 | 21 |
| 3.75%, 9/12/2047 | 50 | 40 |
| 4.10%, 8/8/2062 | 1200 | 957 |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 6.02%, 6/15/2026 | 107 | 107 |
| 4.90%, 10/1/2026 | 1265 | 1269 |
| 5.25%, 2/1/2028 | 1245 | 1274 |
| 5.30%, 4/1/2032 | 3215 | 3339 |
| 3.45%, 12/15/2051 | 61 | 43 |
|  |  | 7066 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 1700 | 1525 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 4.39%, 8/15/2037 | 1730 | 1616 |
| 4.54%, 8/15/2047 | 14 | 12 |
| Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) |
| 7.00%, 8/4/2041 | 100 | 112 |
| 5.85%, 8/15/2045 | 180 | 181 |
|  |  | 3446 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Air Lease Corp. 1.88%, 8/15/2026 | 175 | 173 |
| Aviation Capital Group LLC  | Aviation Capital Group LLC  | Aviation Capital Group LLC  |
| 1.95%, 9/20/2026 (b) | 120 | 119 |
| 3.50%, 11/1/2027 (b) | 30 | 30 |
| 5.38%, 7/15/2029 (b) | 2400 | 2479 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| 5.13%, 4/10/2030 (b) | 825 | 848 |
| WW Grainger, Inc. 4.60%, 6/15/2045 | 7 | 6 |
|  |  | 3655 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp.  | American Water Capital Corp.  | American Water Capital Corp.  |
| 3.45%, 5/1/2050 | 1096 | 792 |
| 5.45%, 3/1/2054 | 2300 | 2257 |
|  |  | 3049 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 3.88%, 4/15/2030 | 2980 | 2957 |
| 5.15%, 4/15/2034 | 230 | 238 |
| 4.50%, 4/15/2050 | 30 | 25 |
| 3.30%, 2/15/2051 | 125 | 85 |
| 3.40%, 10/15/2052 | 1525 | 1040 |
| 3.60%, 11/15/2060 | 915 | 616 |
| Vodafone Group plc (United Kingdom) | Vodafone Group plc (United Kingdom) | Vodafone Group plc (United Kingdom) |
| 5.63%, 2/10/2053 | 250 | 243 |
| 5.75%, 6/28/2054 | 1400 | 1381 |
|  |  | 6585 |
| Total Corporate Bonds <br>(Cost $1,061,835)<br>|  | 1054602 |
| **Mortgage-Backed Securities — 19.7%** | **Mortgage-Backed Securities — 19.7%** | **Mortgage-Backed Securities — 19.7%** |
| FHLMC  |  |  |
| Pool # 846812, ARM, 6.28%, 4/1/2030 (f) |  |  |
| Pool # 420195, ARM, 5.45%, 11/1/2030 (f) | 2 | 2 |
| Pool # 789262, ARM, 6.47%, 12/1/2031 (f) | 4 | 4 |
| Pool # 781087, ARM, 5.86%, 12/1/2033 (f) | 39 | 40 |
| Pool # 1B1665, ARM, 6.75%, 4/1/2034 (f) | 37 | 37 |
| Pool # 847356, ARM, 6.19%, 12/1/2034 (f) | 38 | 39 |
| Pool # 782979, ARM, 5.87%, 1/1/2035 (f) | 50 | 52 |
| Pool # 1Q0001, ARM, 6.44%, 1/1/2036 (f) | 1 | 1 |
| Pool # 1Q0025, ARM, 6.18%, 2/1/2036 (f) | 16 | 16 |
| Pool # 848431, ARM, 6.19%, 2/1/2036 (f) | 25 | 26 |
| Pool # 1J1380, ARM, 7.37%, 3/1/2036 (f) | 1 | 1 |
| Pool # 1K1233, ARM, 6.24%, 5/1/2036 (f) | 1 | 2 |
| Pool # 1L1286, ARM, 6.50%, 5/1/2036 (f) | 7 | 7 |
| Pool # 848365, ARM, 6.23%, 7/1/2036 (f) | 30 | 31 |
| Pool # 1A1096, ARM, 6.27%, 10/1/2036 (f) | 64 | 65 |
| Pool # 1G2539, ARM, 6.35%, 10/1/2036 (f) | 8 | 9 |
| Pool # 1J1348, ARM, 6.69%, 10/1/2036 (f) | 31 | 33 |
| Pool # 1G2671, ARM, 5.96%, 11/1/2036 (f) | 49 | 50 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 19

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 782760, ARM, 6.29%, 11/1/2036 (f) | 29 | 30 |
| Pool # 1G2552, ARM, 6.30%, 11/1/2036 (f) | 7 | 7 |
| Pool # 1J1400, ARM, 6.50%, 11/1/2036 (f) | 1 | 2 |
| Pool # 1J1634, ARM, 6.23%, 12/1/2036 (f) | 39 | 41 |
| Pool # 1N0368, ARM, 6.49%, 1/1/2037 (f) | 3 | 3 |
| Pool # 1J1516, ARM, 6.27%, 2/1/2037 (f) | 1 | 1 |
| Pool # 1Q0196, ARM, 6.32%, 2/1/2037 (f) | 2 | 2 |
| Pool # 1Q0739, ARM, 6.13%, 3/1/2037 (f) | 35 | 36 |
| Pool # 1J1522, ARM, 7.05%, 3/1/2037 (f) | 6 | 6 |
| Pool # 1H1390, ARM, 6.26%, 4/1/2037 (f) | 3 | 3 |
| Pool # 1G1678, ARM, 6.76%, 4/1/2037 (f) | 1 | 1 |
| Pool # 1J0336, ARM, 6.90%, 4/1/2037 (f) | 4 | 4 |
| Pool # 1G3616, ARM, 6.16%, 5/1/2037 (f) | 2 | 2 |
| Pool # 1J2919, ARM, 5.84%, 8/1/2037 (f) | 1 | 1 |
| Pool # 847834, ARM, 6.60%, 12/1/2037 (f) | 1 | 2 |
| Pool # 848699, ARM, 6.45%, 7/1/2040 (f) | 52 | 54 |
| FHLMC Gold Pools, 20 Year  |  |  |
| Pool # C91005, 6.00%, 12/1/2026 | 1 | 1 |
| Pool # C91403, 3.50%, 3/1/2032 | 55 | 54 |
| Pool # C91849, 3.50%, 9/1/2035 | 92 | 90 |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # G00981, 8.50%, 7/1/2028 | 1 | 1 |
| 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 | 16 | 17 |
| Pool # G60433, 4.50%, 9/1/2033 | 134 | 135 |
| Pool # A13845, 5.50%, 9/1/2033 | 4 | 4 |
| Pool # A13625, 5.50%, 10/1/2033 | 56 | 57 |
| Pool # A16107, 6.00%, 12/1/2033 | 42 | 44 |
| Pool # A16779, 6.50%, 12/1/2033 | 13 | 14 |
| Pool # A17537, 6.00%, 1/1/2034 | 30 | 31 |
| Pool # A61572, 5.00%, 9/1/2034 | 184 | 188 |
| Pool # A28796, 6.50%, 11/1/2034 | 2 | 2 |
| Pool # G03369, 6.50%, 1/1/2035 | 62 | 64 |
| Pool # A46987, 5.50%, 7/1/2035 | 150 | 157 |
| Pool # G01919, 4.00%, 9/1/2035 | 119 | 118 |
| Pool # C02641, 7.00%, 10/1/2036 | 27 | 28 |
| Pool # C02660, 6.50%, 11/1/2036 | 46 | 49 |
| Pool # G04386, 7.50%, 2/1/2038 | 4 | 4 |
| Pool # A93383, 5.00%, 8/1/2040 | 137 | 141 |
| Pool # A93511, 5.00%, 8/1/2040 | 141 | 146 |
| Pool # G06493, 4.50%, 5/1/2041 | 626 | 635 |
| Pool # Z40179, 4.00%, 7/1/2048 | 1535 | 1516 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # P20570, 7.00%, 7/1/2029 | 17 | 18 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # WN2258, 3.80%, 9/1/2029 | 398 | 398 |
| Pool # G20027, 10.00%, 10/1/2030 | 1 | 1 |
| Pool # U50105, 4.00%, 1/1/2032 | 195 | 194 |
| Pool # N30129, 6.00%, 5/1/2032 |  |  |
| Pool # WN2725, 4.10%, 7/1/2032 | 8000 | 8077 |
| Pool # U80254, 3.00%, 3/1/2033 | 126 | 124 |
| Pool # P20409, 5.50%, 10/1/2033 | 33 | 33 |
| Pool # WN4013, 4.47%, 12/1/2033 | 1225 | 1250 |
| Pool # WA2226, 2.86%, 6/1/2037 | 442 | 394 |
| Pool # H09079, 5.50%, 6/1/2037 | 1 | 1 |
| Pool # H09069, 6.50%, 9/1/2037 | 6 | 7 |
| Pool # U90975, 4.00%, 6/1/2042 | 606 | 602 |
| Pool # U90673, 4.00%, 1/1/2043 | 159 | 158 |
| Pool # U91253, 4.00%, 4/1/2043 | 47 | 47 |
| Pool # U91484, 4.00%, 5/1/2043 | 38 | 38 |
| Pool # U99134, 4.00%, 1/1/2046 | 3260 | 3247 |
| Pool # U69030, 4.50%, 1/1/2046 | 1099 | 1115 |
| Pool # RE0006, 3.50%, 1/1/2050 | 1940 | 1778 |
| FHLMC UMBS, 15 Year Pool # ZS8056, 4.00%, <br> 7/1/2033<br>| 84 | 84 |
| FHLMC UMBS, 20 Year  |  |  |
| Pool # ZS9065, 4.00%, 6/1/2033 | 115 | 115 |
| Pool # SC0104, 3.50%, 8/1/2035 | 915 | 897 |
| Pool # ZA2434, 3.00%, 10/1/2036 | 185 | 179 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # QB4648, 2.50%, 10/1/2050 | 222 | 195 |
| Pool # SD3301, 2.50%, 1/1/2051 | 2717 | 2402 |
| Pool # RA5680, 2.00%, 8/1/2051 | 7482 | 6225 |
| Pool # SD0781, 3.00%, 11/1/2051 | 4605 | 4202 |
| Pool # RA6652, 2.50%, 1/1/2052 | 4704 | 4103 |
| Pool # SD0923, 2.50%, 1/1/2052 | 906 | 801 |
| Pool # SD1076, 3.00%, 1/1/2052 | 682 | 624 |
| Pool # QD7332, 2.50%, 2/1/2052 | 241 | 211 |
| Pool # RA6702, 3.00%, 2/1/2052 | 3335 | 3018 |
| Pool # SD3952, 2.50%, 3/1/2052 | 4661 | 4111 |
| Pool # SD2864, 3.00%, 3/1/2052 | 231 | 209 |
| Pool # QE3414, 3.00%, 5/1/2052 | 3750 | 3405 |
| Pool # SD3781, 4.00%, 7/1/2052 | 3005 | 2934 |
| Pool # QF0379, 5.00%, 8/1/2052 | 1047 | 1058 |
| Pool # RJ1781, 6.00%, 6/1/2054 | 6798 | 7088 |
| Pool # SL1998, 4.00%, 1/1/2055 | 6652 | 6496 |
| FNMA  |  |  |
| Pool # 54844, ARM, 4.24%, 9/1/2027 (f) | 1 | 1 |
| Pool # 303532, ARM, 4.40%, 3/1/2029 (f) | 1 | 1 |
| Pool # 555258, ARM, 5.65%, 1/1/2033 (f) | 101 | 102 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 722985, ARM, 6.15%, 7/1/2033 (f) | 5 | 5 |
| Pool # 746299, ARM, 6.64%, 9/1/2033 (f) | 32 | 34 |
| Pool # 766610, ARM, 5.91%, 1/1/2034 (f) | 11 | 11 |
| Pool # 920467, ARM, 7.00%, 2/1/2034 (f) | 53 | 55 |
| Pool # 770377, ARM, 6.29%, 4/1/2034 (f) | 17 | 17 |
| Pool # 751531, ARM, 6.21%, 5/1/2034 (f) | 44 | 45 |
| Pool # 782306, ARM, 5.67%, 7/1/2034 (f) | 4 | 5 |
| Pool # 735332, ARM, 6.14%, 8/1/2034 (f) | 44 | 45 |
| Pool # 790235, ARM, 6.23%, 8/1/2034 (f) | 36 | 37 |
| Pool # 791961, ARM, 5.31%, 9/1/2034 (f) | 11 | 12 |
| Pool # 803599, ARM, 6.05%, 10/1/2034 (f) | 31 | 31 |
| Pool # 803594, ARM, 6.09%, 10/1/2034 (f) | 44 | 45 |
| Pool # 896463, ARM, 6.45%, 10/1/2034 (f) | 20 | 21 |
| Pool # 806776, ARM, 5.91%, 11/1/2034 (f) | 39 | 40 |
| Pool # 806778, ARM, 6.36%, 11/1/2034 (f) | 95 | 97 |
| Pool # 810896, ARM, 5.87%, 1/1/2035 (f) | 73 | 75 |
| Pool # 802692, ARM, 6.00%, 1/1/2035 (f) | 40 | 41 |
| Pool # 816597, ARM, 5.67%, 2/1/2035 (f) | 9 | 10 |
| Pool # 735539, ARM, 6.08%, 4/1/2035 (f) | 129 | 132 |
| Pool # 745862, ARM, 6.29%, 4/1/2035 (f) | 24 | 25 |
| Pool # 821378, ARM, 6.04%, 5/1/2035 (f) | 29 | 29 |
| Pool # 823660, ARM, 6.59%, 5/1/2035 (f) | 28 | 29 |
| Pool # 745766, ARM, 6.04%, 6/1/2035 (f) | 57 | 58 |
| Pool # 843026, ARM, 5.66%, 9/1/2035 (f) | 51 | 52 |
| Pool # 832801, ARM, 6.46%, 9/1/2035 (f) | 2 | 2 |
| Pool # 863729, ARM, 5.89%, 1/1/2036 (f) | 5 | 5 |
| Pool # 849251, ARM, 5.92%, 1/1/2036 (f) | 26 | 26 |
| Pool # 877009, ARM, 7.07%, 3/1/2036 (f) | 2 | 2 |
| Pool # 868952, ARM, 6.81%, 5/1/2036 (f) |  |  |
| Pool # 895141, ARM, 5.82%, 7/1/2036 (f) | 35 | 36 |
| Pool # 894452, ARM, 6.57%, 9/1/2036 (f) | 2 | 2 |
| Pool # 900197, ARM, 6.78%, 10/1/2036 (f) | 30 | 32 |
| Pool # 909377, ARM, 5.89%, 2/1/2037 (f) | 6 | 6 |
| Pool # 995521, ARM, 6.82%, 5/1/2037 (f) | 2 | 2 |
| Pool # 946362, ARM, 6.51%, 9/1/2037 (f) |  |  |
| Pool # 995615, ARM, 6.19%, 10/1/2037 (f) | 1 | 1 |
| Pool # 952182, ARM, 6.20%, 11/1/2037 (f) | 2 | 2 |
| Pool # 889028, ARM, 4.85%, 1/1/2038 (f) | 2 | 2 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # 256351, 6.00%, 8/1/2026 |  |  |
| Pool # 256946, 6.50%, 10/1/2027 |  |  |
| Pool # 256962, 6.00%, 11/1/2027 | 1 | 1 |
| Pool # 257126, 6.00%, 3/1/2028 | 1 | 1 |
| Pool # AD0329, 6.50%, 9/1/2028 |  |  |
| Pool # MA1138, 3.50%, 8/1/2032 | 142 | 141 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| FNMA UMBS, 30 Year  |  |  |
| Pool # 689977, 8.00%, 3/1/2027 | 1 | 1 |
| Pool # 695533, 8.00%, 6/1/2027 | 1 | 1 |
| Pool # 453258, 6.00%, 11/1/2028 | 5 | 5 |
| Pool # 755973, 8.00%, 11/1/2028 | 16 | 16 |
| Pool # 455759, 6.00%, 12/1/2028 | 2 | 2 |
| Pool # 745630, 5.50%, 1/1/2029 | 3 | 3 |
| Pool # 252211, 6.00%, 1/1/2029 | 3 | 3 |
| Pool # 323994, 8.00%, 10/1/2029 | 2 | 2 |
| Pool # 889020, 6.50%, 11/1/2029 | 38 | 39 |
| Pool # 578569, 5.50%, 4/1/2031 | 3 | 3 |
| Pool # 598559, 6.50%, 8/1/2031 | 11 | 11 |
| Pool # 622542, 5.50%, 9/1/2031 | 51 | 53 |
| Pool # 781893, 4.50%, 11/1/2031 | 6 | 6 |
| Pool # 788150, 6.00%, 3/1/2032 | 6 | 6 |
| Pool # 675555, 6.00%, 12/1/2032 | 10 | 10 |
| Pool # AL0045, 6.00%, 12/1/2032 | 81 | 84 |
| Pool # 689103, 5.50%, 2/1/2033 | 8 | 9 |
| Pool # 674349, 6.00%, 3/1/2033 | 1 | 1 |
| Pool # 688625, 6.00%, 3/1/2033 | 5 | 5 |
| Pool # 695584, 6.00%, 3/1/2033 | 2 | 2 |
| Pool # 702901, 6.00%, 5/1/2033 | 27 | 27 |
| Pool # 723852, 5.00%, 7/1/2033 | 34 | 34 |
| Pool # 729296, 5.00%, 7/1/2033 | 68 | 68 |
| Pool # 729379, 6.00%, 8/1/2033 | 10 | 10 |
| Pool # 737825, 6.00%, 9/1/2033 | 13 | 13 |
| Pool # 750977, 4.50%, 11/1/2033 | 21 | 21 |
| Pool # 725017, 5.50%, 12/1/2033 | 122 | 126 |
| Pool # 751341, 5.50%, 3/1/2034 | 17 | 17 |
| Pool # AB0054, 4.50%, 12/1/2034 | 116 | 117 |
| Pool # 888568, 5.00%, 12/1/2034 | 3 | 3 |
| Pool # 815426, 4.50%, 2/1/2035 |  |  |
| Pool # AD0755, 7.00%, 6/1/2035 | 899 | 958 |
| Pool # 820347, 5.00%, 9/1/2035 | 26 | 27 |
| Pool # 845549, 5.50%, 1/1/2036 | 16 | 16 |
| Pool # 976871, 6.50%, 8/1/2036 | 2 | 2 |
| Pool # 833657, 7.50%, 8/1/2036 | 11 | 12 |
| Pool # 885704, 6.00%, 10/1/2036 | 1 | 1 |
| Pool # 888696, 6.50%, 7/1/2037 | 4 | 4 |
| Pool # 986648, 6.00%, 9/1/2037 | 54 | 57 |
| Pool # 888892, 7.50%, 11/1/2037 | 12 | 12 |
| Pool # 889883, 6.50%, 3/1/2038 | 2 | 3 |
| Pool # 257510, 7.00%, 12/1/2038 | 56 | 61 |
| Pool # AD0753, 7.00%, 1/1/2039 | 32 | 34 |
| Pool # AD9151, 5.00%, 8/1/2040 | 8 | 9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 21

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # AO9370, 3.50%, 7/1/2042 | 236 | 228 |
| Pool # AT5891, 3.00%, 6/1/2043 | 1174 | 1106 |
| Pool # AL7527, 4.50%, 9/1/2043 | 421 | 426 |
| Pool # AS3163, 4.00%, 8/1/2044 | 41 | 41 |
| Pool # BE5039, 3.50%, 7/1/2046 | 149 | 144 |
| Pool # BM3500, 4.00%, 9/1/2047 | 1247 | 1251 |
| Pool # BJ1778, 4.50%, 10/1/2047 | 476 | 480 |
| Pool # BM3499, 4.00%, 12/1/2047 | 83 | 82 |
| Pool # BN9180, 4.00%, 6/1/2049 | 322 | 318 |
| Pool # BK8753, 4.50%, 6/1/2049 | 556 | 557 |
| Pool # BO1219, 4.50%, 6/1/2049 | 1407 | 1411 |
| Pool # CA4018, 3.00%, 8/1/2049 | 216 | 198 |
| Pool # BO7077, 3.00%, 9/1/2049 | 1614 | 1486 |
| Pool # CA5549, 3.00%, 4/1/2050 | 3551 | 3265 |
| Pool # CA5702, 2.50%, 5/1/2050 | 4705 | 4152 |
| Pool # CA6079, 2.50%, 6/1/2050 | 2713 | 2356 |
| Pool # BP6439, 2.50%, 7/1/2050 | 5994 | 5206 |
| Pool # BP6474, 2.50%, 7/1/2050 | 10162 | 8902 |
| Pool # CA6361, 2.50%, 7/1/2050 | 3471 | 3072 |
| Pool # CA6989, 2.50%, 9/1/2050 | 4124 | 3648 |
| Pool # FS1553, 2.50%, 11/1/2050 | 231 | 204 |
| Pool # FS3599, 2.50%, 1/1/2051 | 3905 | 3430 |
| Pool # BQ4516, 2.00%, 2/1/2051 | 5571 | 4655 |
| Pool # FS5759, 3.50%, 2/1/2051 | 7705 | 7349 |
| Pool # FS0730, 4.00%, 2/1/2051 | 3319 | 3254 |
| Pool # FM8651, 2.50%, 4/1/2051 | 7071 | 6178 |
| Pool # CB0047, 3.00%, 4/1/2051 | 818 | 740 |
| Pool # CB1275, 2.50%, 8/1/2051 | 222 | 194 |
| Pool # CB1301, 2.50%, 8/1/2051 | 223 | 197 |
| Pool # FM8642, 2.50%, 9/1/2051 | 382 | 337 |
| Pool # BU0070, 2.50%, 10/1/2051 | 4025 | 3512 |
| Pool # CB1908, 2.50%, 10/1/2051 | 9433 | 8300 |
| Pool # MA4466, 2.50%, 11/1/2051 | 3758 | 3281 |
| Pool # FS1172, 3.00%, 11/1/2051 | 349 | 318 |
| Pool # CB2275, 2.50%, 12/1/2051 | 219 | 192 |
| Pool # FS2559, 3.00%, 12/1/2051 | 2039 | 1861 |
| Pool # FS4108, 4.00%, 12/1/2051 | 3137 | 3067 |
| Pool # CB2637, 2.50%, 1/1/2052 | 3276 | 2891 |
| Pool # MA4512, 2.50%, 1/1/2052 | 474 | 413 |
| Pool # CB2664, 3.00%, 1/1/2052 | 1677 | 1523 |
| Pool # MA4513, 3.00%, 1/1/2052 | 526 | 476 |
| Pool # CB2684, 3.50%, 1/1/2052 | 273 | 258 |
| Pool # FS5986, 2.50%, 2/1/2052 | 4081 | 3599 |
| Pool # FS0845, 3.00%, 2/1/2052 | 7808 | 7081 |
| Pool # FS3345, 3.00%, 2/1/2052 | 3793 | 3444 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # FS7749, 3.00%, 2/1/2052 | 4078 | 3729 |
| Pool # MA4549, 3.00%, 2/1/2052 | 541 | 491 |
| Pool # FA0097, 2.50%, 3/1/2052 | 6695 | 5906 |
| Pool # FS5446, 2.50%, 3/1/2052 | 5198 | 4542 |
| Pool # FS8041, 2.50%, 3/1/2052 | 3957 | 3478 |
| Pool # CB3236, 3.00%, 3/1/2052 | 206 | 187 |
| Pool # FS0751, 3.00%, 3/1/2052 | 781 | 709 |
| Pool # FA1671, 2.50%, 4/1/2052 | 7137 | 6299 |
| Pool # BV5389, 3.00%, 4/1/2052 | 1956 | 1776 |
| Pool # CB3426, 3.50%, 4/1/2052 | 180 | 170 |
| Pool # CB3383, 4.00%, 4/1/2052 | 3819 | 3727 |
| Pool # FS4720, 2.50%, 5/1/2052 | 3877 | 3427 |
| Pool # CB3494, 3.00%, 5/1/2052 | 7321 | 6680 |
| Pool # FS7204, 3.00%, 5/1/2052 | 1485 | 1355 |
| Pool # CB3679, 4.00%, 5/1/2052 | 3912 | 3819 |
| Pool # CB3913, 4.00%, 5/1/2052 | 1566 | 1529 |
| Pool # BV2531, 3.00%, 6/1/2052 | 20413 | 18502 |
| Pool # BV5631, 3.00%, 6/1/2052 | 6038 | 5482 |
| Pool # CB3891, 3.00%, 6/1/2052 | 23729 | 21681 |
| Pool # FA1709, 3.00%, 6/1/2052 | 9306 | 8511 |
| Pool # CB4124, 4.00%, 6/1/2052 | 2029 | 1979 |
| Pool # MA4656, 4.50%, 7/1/2052 | 231 | 229 |
| Pool # CB4608, 4.00%, 9/1/2052 | 4269 | 4167 |
| Pool # FS2898, 4.50%, 9/1/2052 | 2592 | 2578 |
| Pool # BW8524, 5.00%, 9/1/2052 | 1654 | 1669 |
| Pool # BW9985, 5.00%, 9/1/2052 | 3586 | 3626 |
| Pool # CB4622, 5.00%, 9/1/2052 | 166 | 168 |
| Pool # BV6789, 4.00%, 10/1/2052 | 1249 | 1219 |
| Pool # BX0091, 5.00%, 10/1/2052 | 1618 | 1632 |
| Pool # BV6794, 5.00%, 11/1/2052 | 1404 | 1437 |
| Pool # CB5896, 5.00%, 3/1/2053 | 2386 | 2407 |
| Pool # FS4687, 5.50%, 5/1/2053 | 184 | 187 |
| Pool # BY4714, 5.00%, 6/1/2053 | 5427 | 5470 |
| Pool # BY7027, 5.00%, 8/1/2053 | 4655 | 4683 |
| FNMA, 30 Year  |  |  |
| Pool # 252409, 6.50%, 3/1/2029 | 8 | 8 |
| Pool # 252481, 6.50%, 4/1/2029 | 7 | 7 |
| Pool # 685946, 6.00%, 9/1/2032 | 8 | 8 |
| Pool # 725350, 6.00%, 1/1/2033 | 4 | 4 |
| Pool # 653815, 7.00%, 2/1/2033 | 3 | 3 |
| Pool # 752786, 6.00%, 9/1/2033 | 23 | 23 |
| Pool # 801357, 5.50%, 8/1/2034 | 10 | 10 |
| Pool # 813839, 6.00%, 11/1/2034 | 26 | 27 |
| Pool # 827816, 6.00%, 1/1/2035 | 1 | 1 |
| Pool # 827804, 6.00%, 3/1/2035 | 4 | 4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 931717, 6.50%, 8/1/2039 | 110 | 114 |
| FNMA, Other  |  |  |
| Pool # AN0890, 2.63%, 3/1/2026 | 253 | 252 |
| Pool # 468645, 4.54%, 7/1/2026 | 2165 | 2165 |
| Pool # AM8803, 2.78%, 6/1/2027 | 4251 | 4199 |
| Pool # AM8987, 2.79%, 6/1/2027 | 1557 | 1537 |
| Pool # BL9574, 1.00%, 12/1/2027 | 3743 | 3572 |
| Pool # AM4758, 4.02%, 11/1/2028 | 77 | 78 |
| Pool # BL1040, 3.81%, 12/1/2028 | 3000 | 3008 |
| Pool # BL0907, 3.88%, 12/1/2028 | 264 | 265 |
| Pool # BS4959, 2.30%, 3/1/2029 | 450 | 432 |
| Pool # AN4975, 3.21%, 3/1/2029 | 275 | 272 |
| Pool # AN5527, 3.02%, 7/1/2029 | 188 | 185 |
| Pool # BS8075, 5.00%, 9/1/2029 | 1879 | 1947 |
| Pool # BZ1715, 4.48%, 10/1/2029 | 2325 | 2378 |
| Pool # BL4364, 2.24%, 11/1/2029 | 5143 | 4890 |
| Pool # BL4333, 2.52%, 11/1/2029 | 5592 | 5366 |
| Pool # AM7785, 3.17%, 2/1/2030 | 2539 | 2480 |
| Pool # AM7516, 3.55%, 2/1/2030 | 2000 | 1982 |
| Pool # AM8544, 3.08%, 4/1/2030 | 6768 | 6600 |
| Pool # AM8889, 2.92%, 5/1/2030 | 8000 | 7746 |
| Pool # AM8700, 2.93%, 6/1/2030 | 1771 | 1717 |
| Pool # AM9020, 2.97%, 6/1/2030 | 3404 | 3302 |
| Pool # BZ1291, 4.82%, 8/1/2030 | 5000 | 5180 |
| Pool # BZ2136, 4.59%, 9/1/2030 | 808 | 833 |
| Pool # BS7241, 5.05%, 9/1/2030 | 5000 | 5230 |
| Pool # BL9251, 1.45%, 10/1/2030 | 4253 | 3852 |
| Pool # BL9839, 1.48%, 12/1/2030 | 263 | 237 |
| Pool # BS1213, 1.28%, 2/1/2031 | 455 | 406 |
| Pool # BS0920, 1.50%, 2/1/2031 | 225 | 202 |
| Pool # BZ5796, 4.89%, 3/1/2031 | 3593 | 3734 |
| Pool # BZ1791, 4.61%, 8/1/2031 | 4443 | 4577 |
| Pool # BL4315, 2.39%, 9/1/2031 | 4189 | 3906 |
| Pool # BS5153, 2.53%, 9/1/2031 | 971 | 907 |
| Pool # BS5071, 2.63%, 9/1/2031 | 2993 | 2792 |
| Pool # BS3637, 1.73%, 11/1/2031 | 3784 | 3403 |
| Pool # BS4510, 1.93%, 12/1/2031 | 450 | 408 |
| Pool # BS4313, 1.98%, 1/1/2032 | 8350 | 7523 |
| Pool # BS8294, 4.44%, 1/1/2032 | 2429 | 2489 |
| Pool # BS8214, 4.62%, 1/1/2032 | 1904 | 1967 |
| Pool # BM7037, 1.75%, 3/1/2032 (f) | 6707 | 5968 |
| Pool # BS4708, 2.17%, 3/1/2032 | 275 | 250 |
| Pool # BS5117, 2.58%, 3/1/2032 | 3790 | 3529 |
| Pool # BZ6147, 4.39%, 4/1/2032 | 6000 | 6104 |
| Pool # BS9519, 5.44%, 4/1/2032 | 4077 | 4364 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BS5760, 2.43%, 5/1/2032 | 2776 | 2561 |
| Pool # BS5987, 3.55%, 6/1/2032 | 397 | 389 |
| Pool # BZ3982, 4.66%, 6/1/2032 | 7442 | 7687 |
| Pool # BL7538, 1.52%, 7/1/2032 | 7182 | 6294 |
| Pool # AN6149, 3.14%, 7/1/2032 | 3050 | 2915 |
| Pool # BS5530, 3.30%, 7/1/2032 | 435 | 419 |
| Pool # BS6243, 3.87%, 8/1/2032 | 2156 | 2144 |
| Pool # BZ4466, 4.45%, 8/1/2032 | 5000 | 5116 |
| Pool # BS5887, 3.51%, 9/1/2032 | 2000 | 1942 |
| Pool # BS6597, 3.67%, 9/1/2032 | 820 | 800 |
| Pool # BS6339, 3.80%, 9/1/2032 | 3844 | 3802 |
| Pool # BS6423, 3.81%, 9/1/2032 | 450 | 445 |
| Pool # BS6505, 3.54%, 10/1/2032 | 3300 | 3211 |
| Pool # BS6822, 3.81%, 10/1/2032 | 5575 | 5525 |
| Pool # BS6759, 3.97%, 10/1/2032 | 4735 | 4702 |
| Pool # AP9632, 4.00%, 10/1/2032 | 93 | 93 |
| Pool # AP9762, 4.00%, 10/1/2032 | 53 | 52 |
| Pool # BZ4871, 4.23%, 10/1/2032 | 6120 | 6197 |
| Pool # BS6926, 4.51%, 10/1/2032 | 3984 | 4105 |
| Pool # BS6928, 4.55%, 10/1/2032 | 2065 | 2136 |
| Pool # 650230, 6.00%, 10/1/2032 | 2 | 2 |
| Pool # BM6492, 1.51%, 11/1/2032 (f) | 15643 | 13498 |
| Pool # BS6601, 3.54%, 11/1/2032 | 6715 | 6522 |
| Pool # BS7115, 3.81%, 11/1/2032 | 10120 | 10021 |
| Pool # AQ7084, 3.50%, 12/1/2032 | 190 | 186 |
| Pool # BL9886, 1.47%, 1/1/2033 | 399 | 344 |
| Pool # BS0391, 1.63%, 1/1/2033 | 293 | 254 |
| Pool # BZ6279, 4.20%, 1/1/2033 | 10530 | 10589 |
| Pool # AT2703, 3.50%, 5/1/2033 | 437 | 429 |
| Pool # AT2954, 3.50%, 5/1/2033 | 281 | 276 |
| Pool # AT4180, 3.50%, 5/1/2033 | 247 | 243 |
| Pool # AT4939, 3.50%, 5/1/2033 | 219 | 216 |
| Pool # BS8470, 4.52%, 6/1/2033 | 1972 | 2035 |
| Pool # BS9351, 4.70%, 9/1/2033 | 3907 | 4023 |
| Pool # BS9384, 5.04%, 9/1/2033 | 3200 | 3389 |
| Pool # 754922, 5.50%, 9/1/2033 | 22 | 22 |
| Pool # 762520, 4.00%, 11/1/2033 | 111 | 110 |
| Pool # 255020, 5.50%, 11/1/2033 | 9 | 10 |
| Pool # BS4198, 2.16%, 12/1/2033 | 8624 | 7617 |
| Pool # BL1011, 4.02%, 12/1/2033 | 250 | 250 |
| Pool # BZ5847, 4.83%, 1/1/2034 | 5594 | 5788 |
| Pool # BZ5848, 4.90%, 1/1/2034 | 3521 | 3659 |
| Pool # BL3756, 2.92%, 9/1/2034 | 2469 | 2276 |
| Pool # BZ1884, 4.23%, 9/1/2034 | 4250 | 4264 |
| Pool # BZ2030, 4.39%, 10/1/2034 | 3000 | 3032 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 23

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS7097, 4.67%, 11/1/2034 | 7251 | 7465 |
| Pool # 735881, 6.00%, 11/1/2034 | 14 | 15 |
| Pool # AM8922, 3.03%, 6/1/2035 | 1940 | 1869 |
| Pool # AM9188, 3.12%, 6/1/2035 | 6927 | 6399 |
| Pool # BZ4852, 4.49%, 9/1/2035 | 10117 | 10283 |
| Pool # BZ4781, 5.25%, 9/1/2035 | 2061 | 2204 |
| Pool # AN0375, 3.76%, 12/1/2035 | 206 | 200 |
| Pool # BS7789, 4.62%, 1/1/2036 | 7868 | 8013 |
| Pool # 849215, 6.50%, 1/1/2036 | 11 | 11 |
| 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 | 4899 | 4175 |
| 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 | 37 | 39 |
| Pool # 257172, 5.50%, 4/1/2038 | 1 | 1 |
| Pool # AO7225, 4.00%, 7/1/2042 | 193 | 191 |
| Pool # AO9352, 4.00%, 7/1/2042 | 300 | 298 |
| Pool # MA1125, 4.00%, 7/1/2042 | 249 | 247 |
| Pool # AR1397, 3.00%, 1/1/2043 | 599 | 565 |
| Pool # MA1711, 4.50%, 12/1/2043 | 983 | 994 |
| Pool # MA1828, 4.50%, 3/1/2044 | 755 | 764 |
| Pool # MA2793, 3.50%, 10/1/2046 | 49 | 47 |
| Pool # BF0558, 5.00%, 12/1/2049 | 2954 | 3027 |
| Pool # BF0091, 3.50%, 5/1/2056 | 827 | 776 |
| Pool # BF0101, 3.50%, 6/1/2056 | 2648 | 2488 |
| Pool # BM6545, 3.50%, 5/1/2058 | 2587 | 2420 |
| Pool # BF0300, 4.00%, 8/1/2058 | 7063 | 6920 |
| Pool # BF0464, 3.50%, 3/1/2060 | 2111 | 1975 |
| Pool # BF0546, 2.50%, 7/1/2061 | 3125 | 2640 |
| Pool # BF0560, 2.50%, 9/1/2061 | 3837 | 3241 |
| Pool # BF0590, 2.50%, 12/1/2061 | 6201 | 5238 |
| Pool # BF0579, 3.00%, 12/1/2061 | 5320 | 4702 |
| Pool # BF0583, 4.00%, 12/1/2061 | 3611 | 3467 |
| Pool # BF0759, 2.50%, 5/1/2062 | 5316 | 4491 |
| FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 4.00%, 3/25/2056 (c) | 4500 | 4373 |
| TBA, 5.00%, 3/25/2056 (c) | 30000 | 30135 |
| GNMA I, 30 Year  |  |  |
| Pool # 554108, 6.50%, 3/15/2028 | 8 | 9 |
| 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 | 39 | 39 |
| Pool # 591882, 6.50%, 7/15/2032 | 8 | 8 |
| Pool # 607645, 6.50%, 2/15/2033 | 17 | 18 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # 607724, 7.00%, 2/15/2033 | 21 | 22 |
| Pool # 604209, 6.50%, 4/15/2033 | 24 | 25 |
| Pool # 781614, 7.00%, 6/15/2033 | 21 | 23 |
| Pool # BM2141, 5.00%, 7/15/2049 | 303 | 310 |
| Pool # CO1916, 5.00%, 9/15/2052 | 2654 | 2772 |
| GNMA II  |  |  |
| Pool # CE5524, ARM, 5.29%, 8/20/2071 (f) | 2489 | 2610 |
| Pool # CH7776, ARM, 5.10%, 10/20/2071 (f) | 3014 | 3139 |
| Pool # CE5546, ARM, 5.25%, 10/20/2071 (f) | 4960 | 5183 |
| Pool # CK7234, ARM, 5.04%, 2/20/2072 (f) | 2549 | 2650 |
| Pool # CK2783, ARM, 5.21%, 2/20/2072 (f) | 4860 | 5089 |
| Pool # CK2799, ARM, 5.21%, 3/20/2072 (f) | 4018 | 4213 |
| Pool # CK2810, ARM, 5.18%, 4/20/2072 (f) | 4851 | 5084 |
| Pool # CP1819, ARM, 5.33%, 7/20/2072 (f) | 3786 | 4010 |
| Pool # CG5357, ARM, 5.11%, 8/20/2072 (f) | 890 | 937 |
| Pool # CP4923, ARM, 5.43%, 8/20/2072 (f) | 5236 | 5522 |
| GNMA II, 30 Year  |  |  |
| Pool # 2234, 8.00%, 6/20/2026 |  |  |
| Pool # 2270, 8.00%, 8/20/2026 |  |  |
| Pool # 2285, 8.00%, 9/20/2026 |  |  |
| Pool # 2324, 8.00%, 11/20/2026 |  |  |
| Pool # 2499, 8.00%, 10/20/2027 | 1 | 1 |
| Pool # 2512, 8.00%, 11/20/2027 | 1 | 1 |
| 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 | 2 | 2 |
| Pool # 2808, 6.50%, 9/20/2029 | 7 | 7 |
| Pool # 3025, 6.50%, 1/20/2031 | 8 | 9 |
| Pool # 3068, 6.50%, 4/20/2031 | 9 | 9 |
| Pool # 3362, 6.00%, 3/20/2033 | 17 | 18 |
| Pool # 3427, 4.50%, 8/20/2033 | 30 | 30 |
| Pool # 4840, 7.50%, 9/20/2037 | 2 | 2 |
| Pool # 4245, 6.00%, 9/20/2038 | 263 | 283 |
| Pool # AK8806, 4.25%, 3/20/2045 | 616 | 606 |
| Pool # BA7567, 4.50%, 5/20/2048 | 34 | 33 |
| Pool # BO0535, 4.00%, 7/20/2049 | 1084 | 1036 |
| Pool # BO8227, 5.00%, 7/20/2049 | 662 | 684 |
| Pool # BO8229, 5.00%, 7/20/2049 | 462 | 479 |
| Pool # BM9734, 4.00%, 10/20/2049 | 1044 | 1014 |
| Pool # BQ4115, 3.00%, 3/20/2050 | 2167 | 1989 |
| Pool # 785294, 3.50%, 1/20/2051 | 2896 | 2684 |
| Pool # CB1543, 3.00%, 2/20/2051 | 2171 | 1993 |
| Pool # 785445, 2.50%, 3/20/2051 | 7425 | 6465 |
| Pool # MA7705, 2.50%, 11/20/2051 | 17254 | 15236 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # MA7768, 3.00%, 12/20/2051 | 420 | 385 |
| Pool # MA7829, 3.50%, 1/20/2052 | 519 | 493 |
| Pool # CK2698, 3.00%, 2/20/2052 | 1186 | 1089 |
| Pool # CK2716, 3.50%, 2/20/2052 | 3495 | 3241 |
| Pool # MA7936, 2.50%, 3/20/2052 | 10387 | 9172 |
| Pool # CM2161, 3.00%, 3/20/2052 | 1975 | 1812 |
| Pool # CM2213, 3.00%, 3/20/2052 | 400 | 368 |
| Pool # 786743, 3.50%, 4/20/2052 | 7037 | 6537 |
| Pool # CN2859, 4.50%, 6/20/2052 | 3474 | 3436 |
| Pool # CO4824, 5.00%, 6/20/2052 | 1283 | 1313 |
| Pool # MA8148, 3.00%, 7/20/2052 | 15110 | 13884 |
| Pool # CO4865, 5.00%, 7/20/2052 | 1786 | 1802 |
| Pool # MA8200, 4.00%, 8/20/2052 | 7338 | 7121 |
| Pool # MA8265, 3.00%, 9/20/2052 | 2248 | 2070 |
| Pool # CO8413, 4.50%, 9/20/2052 | 4285 | 4238 |
| Pool # MA8343, 2.50%, 10/20/2052 | 4273 | 3777 |
| Pool # MA8346, 4.00%, 10/20/2052 | 10799 | 10503 |
| Pool # MA8485, 2.50%, 12/20/2052 | 7206 | 6370 |
| Pool # MA8721, 3.00%, 3/20/2053 | 5120 | 4714 |
| Pool # MA8797, 3.50%, 4/20/2053 | 10135 | 9699 |
| Pool # CT7445, 6.00%, 4/20/2053 | 1055 | 1088 |
| Pool # MA9011, 2.50%, 7/20/2053 | 199 | 176 |
| Pool # MA9301, 3.50%, 11/20/2053 | 2779 | 2648 |
| Pool # MA9484, 3.50%, 2/20/2054 | 2294 | 2175 |
| Pool # MA9720, 3.00%, 6/20/2054 | 196 | 180 |
| Pool # MB0142, 3.00%, 1/20/2055 | 9159 | 8408 |
| Pool # MB0360, 2.50%, 5/20/2055 | 7780 | 6872 |
| GNMA II, Other  |  |  |
| Pool # 4385, 5.00%, 3/20/2039 | 7 | 7 |
| Pool # 787980, 4.00%, 5/20/2065 | 6335 | 6130 |
| Pool # 788066, 4.00%, 7/20/2065 | 9054 | 8795 |
| Total Mortgage-Backed Securities <br>(Cost $884,918)<br>|  | 896162 |
| **Asset-Backed Securities — 10.2%** | **Asset-Backed Securities — 10.2%** | **Asset-Backed Securities — 10.2%** |
| Academic Loan Funding Trust Series 2013-1A, <br> Class A, 4.58%, 12/26/2044 (b) (f)<br>| 334 | 329 |
| Air Canada Pass-Through Trust (Canada) |  |  |
| Series 2015-2, Class AA, 3.75%, <br> 12/15/2027 (b)<br>| 146 | 145 |
| Series 2017-1, Class AA, 3.30%, 1/15/2030 (b) | 311 | 301 |
| Series 2017-1, Class A, 3.55%, 1/15/2030 (b) | 440 | 423 |
| American Airlines Pass-Through Trust |  |  |
| Series 2014-1, Class A, 3.70%, 10/1/2026 | 15 | 15 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 127 | 124 |
| Series 2019-1, Class A, 3.50%, 2/15/2032 | 2023 | 1891 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| American Credit Acceptance Receivables Trust <br> Series 2025-2, Class C, 5.11%, 3/12/2031 (b)<br>| 100 | 101 |
| AmeriCredit Automobile Receivables Trust Series <br> 2023-2, Class A3, 5.81%, 5/18/2028<br>| 342 | 344 |
| AMSR Trust |  |  |
| Series 2021-SFR1, Class D, 2.60%, <br> 6/17/2038 (b)<br>| 850 | 807 |
| Series 2021-SFR3, Class C, 1.80%, <br> 10/17/2038 (b)<br>| 1600 | 1573 |
| Series 2021-SFR3, Class E1, 2.33%, <br> 10/17/2038 (b)<br>| 2296 | 2257 |
| Series 2024-SFR2, Class A, 4.15%, <br> 11/17/2041 (b)<br>| 115 | 114 |
| Series 2025-SFR1, Class B, 3.66%, <br> 6/17/2042 (b)<br>| 2700 | 2604 |
| Ansley Park Capital LLC Series 2025-A, Class C, <br> 4.82%, 4/20/2035 (b)<br>| 3395 | 3432 |
| Aqua Finance Issuer Trust Series 2025-A, Class B, <br> 5.56%, 12/19/2050 (b)<br>| 3112 | 3191 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (b) | 115 | 119 |
| Series 2025-2A, Class B, 5.51%, 8/20/2031 (b) | 1500 | 1556 |
| Bastion Funding I LLC Series 2023-1A, Class A2, <br> 7.12%, 4/25/2038 ‡ (b)<br>| 1678 | 1693 |
| BG Beta Ltd. (Cayman Islands) 6.28%, <br> 7/16/2054 ‡<br>| 2716 | 2797 |
| Bridge Trust |  |  |
| Series 2024-SFR1, Class A, 4.00%, <br> 8/17/2040 (b)<br>| 202 | 197 |
| Series 2025-SFR1, Class C, 4.20%, <br> 9/17/2042 (b)<br>| 1797 | 1729 |
| Bridgecrest Lending Auto Securitization Trust Series <br> 2024-3, Class B, 5.37%, 10/16/2028<br>| 2240 | 2248 |
| British Airways Pass-Through Trust (United <br> Kingdom)<br>|  |  |
| Series 2018-1, Class AA, 3.80%, 9/20/2031 (b) | 304 | 300 |
| Series 2018-1, Class A, 4.13%, 9/20/2031 (b) | 488 | 478 |
| Series 2019-1, Class AA, 3.30%, <br> 12/15/2032 (b)<br>| 499 | 476 |
| Business Jet Securities LLC Series 2022-1A, Class A, <br> 4.46%, 6/15/2037 ‡ (b)<br>| 167 | 166 |
| Carmax Auto Owner Trust Series 2025-2, Class A4, <br> 4.65%, 11/15/2030<br>| 3730 | 3816 |
| Cars Net Lease Mortgage Notes Series 2020-1A, <br> Class A3, 3.10%, 12/15/2050 (b)<br>| 784 | 759 |
| Carvana Auto Receivables Trust |  |  |
| Series 2021-P4, Class A4, 1.64%, 12/10/2027 | 176 | 175 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 25

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2023-P3, Class A3, 5.82%, <br> 8/10/2028 (b)<br>| 434 | 436 |
| CFIN Issuer LLC Series 2022-RTL1, Class AA, <br> 4.75%, 2/16/2026 ‡ (b) (g)<br>| 442 | 440 |
| Chase Funding Trust Series 2003-6, Class 1A7, <br> 4.85%, 11/25/2034 (g)<br>| 155 | 156 |
| Citibank Credit Card Issuance Trust Series 2007-A3, <br> Class A3, 6.15%, 6/15/2039<br>| 800 | 911 |
| CNH Equipment Trust Series 2022-C, Class A3, <br> 5.15%, 4/17/2028<br>| 56 | 57 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-B, Class C, 5.12%, 7/15/2031 (b)<br>| 3276 | 3321 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2022-A, Class A, 6.19%, 10/15/2030 (b)<br>| 1326 | 1329 |
| CoreVest American Finance Trust |  |  |
| Series 2019-2, Class B, 3.42%, 6/15/2052 (b) | 188 | 184 |
| Series 2019-2, Class D, 4.22%, 6/15/2052 (b) | 2000 | 1929 |
| Series 2020-3, Class B, 2.20%, 8/15/2053 (b) | 3180 | 3043 |
| CPS Auto Receivables Trust Series 2022-D, Class C, <br> 7.69%, 1/16/2029 (b)<br>| 1906 | 1920 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-3A, Class C, 8.45%, 2/15/2033 (b) | 376 | 377 |
| Series 2023-1A, Class B, 7.02%, 5/16/2033 (b) | 2588 | 2600 |
| Series 2023-3A, Class A, 6.39%, 8/15/2033 (b) | 996 | 1000 |
| Series 2023-5A, Class A, 6.13%, <br> 12/15/2033 (b)<br>| 3071 | 3089 |
| 6.95%, 2/15/2034 ‡ | 6000 | 6067 |
| Series 2024-1A, Class A, 5.68%, 3/15/2034 (b) | 3085 | 3105 |
| Series 2024-2A, Class A, 5.95%, 6/15/2034 (b) | 4500 | 4568 |
| Series 2024-3A, Class C, 5.39%, 1/16/2035 (b) | 4200 | 4263 |
| Series 2025-2A, Class C, 5.38%, 3/17/2036 (b) | 7751 | 7900 |
| Credit One 6.47%, 2/25/2029 ‡ (b) | 4000 | 4072 |
| CVS Pass-Through Trust 5.93%, 1/10/2034 (b) | 570 | 588 |
| CWABS, Inc. Asset-Backed Certificates Trust Series <br> 2004-6, Class M1, 4.69%, 10/25/2034 (f)<br>| 17 | 17 |
| Deephaven Residential Mortgage Trust Series <br> 2025-CES1, Class A1A, 5.22%, 10/25/2055 (b) <br> (g)<br>| 6443 | 6510 |
| Delta Air Lines Pass-Through Trust |  |  |
| Series 2015-1, Class AA, 3.63%, 7/30/2027 | 179 | 178 |
| Series 2020-1, Class AA, 2.00%, 6/10/2028 | 234 | 224 |
| Diversified ABS Holdings LLC Series 2024-2A, <br> Class A, 6.56%, 9/30/2044 ‡ (b)<br>| 2647 | 2672 |
| Diversified ABS Phase LLC |  |  |
| Series VI, Class A, 7.50%, 11/28/2039 ‡ | 1431 | 1435 |
| Series 2024-1A, Class A1, 7.08%, <br> 5/30/2044 (b)<br>| 3015 | 3047 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| DP Lion Holdco LLC Series 2023-1A, Class A, <br> 8.24%, 11/30/2043<br>| 1192 | 1226 |
| Drive Auto Receivables Trust |  |  |
| Series 2025-1, Class C, 4.99%, 9/15/2032 | 135 | 137 |
| Series 2025-2, Class D, 4.90%, 12/15/2032 | 4950 | 4998 |
| DT Auto Owner Trust |  |  |
| Series 2022-3A, Class D, 8.14%, 7/17/2028 (b) | 3157 | 3228 |
| Series 2023-1A, Class C, 5.55%, <br> 10/16/2028 (b)<br>| 54 | 54 |
| Energy Assets 8.11%, 6/26/2044 ‡ | 951 | 979 |
| Enterprise Fleet Financing LLC Series 2025-2, <br> Class A4, 4.58%, 12/22/2031 (b)<br>| 2880 | 2944 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 300 | 303 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 195 | 199 |
| Series 2025-4A, Class D, 5.23%, 1/15/2032 | 6400 | 6511 |
| Series 2025-5A, Class C, 4.68%, 3/15/2032 | 3400 | 3446 |
| Series 2025-5A, Class D, 5.16%, 3/15/2032 | 2898 | 2946 |
| FirstKey Homes Trust |  |  |
| Series 2022-SFR3, Class C, 4.50%, <br> 7/17/2038 (b)<br>| 3466 | 3457 |
| Series 2021-SFR1, Class D, 2.19%, <br> 8/17/2038 (b)<br>| 4000 | 3952 |
| Series 2021-SFR1, Class E2, 2.49%, <br> 8/17/2038 (b)<br>| 8600 | 8488 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-GT1, Class A, 3.62%, <br> 7/25/2026 (b) (f)<br>| 4300 | 4175 |
| Series 2021-GT2, Class A, 3.85%, <br> 10/25/2026 (b) (f)<br>| 3370 | 3283 |
| Series 2024-SAT1, Class A, 6.50%, <br> 3/26/2027 (b) (f)<br>| 5950 | 6059 |
| Series 2022-GT1, Class A, 6.19%, <br> 4/25/2027 (b)<br>| 6000 | 6045 |
| Series 2020-GT1, Class A, 4.45%, <br> 1/25/2028 (b) (f)<br>| 5000 | 4985 |
| Fortiva Retail Credit Master Note Business Trust <br> Series 2025-TWO, Class A, 5.92%, 5/15/2031 ‡ <br> (b)<br>| 4320 | 4331 |
| Foundation Finance Trust Series 2024-2A, Class A, <br> 4.60%, 3/15/2050 (b)<br>| 151 | 152 |
| FW Energy Asset Issuer LLC 7.15%, 6/26/2044 ‡ | 3065 | 3152 |
| GE Capital Mortgage Services, Inc. Trust Series <br> 1999-HE1, Class M, 6.71%, 4/25/2029 (f)<br>| 13 | 11 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2022-3A, Class D, 6.42%, 6/15/2028 (b) | 2008 | 2025 |
| Series 2023-3A, Class C, 6.01%, 5/15/2029 (b) | 2007 | 2020 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2025-2A, Class C, 5.11%, 1/15/2031 (b) | 190 | 194 |
| Series 2025-2A, Class D, 5.59%, 1/15/2031 (b) | 6980 | 7183 |
| Series 2024-3A, Class C, 5.21%, 2/18/2031 (b) | 2500 | 2536 |
| Series 2025-3A, Class D, 5.16%, 6/16/2031 (b) | 2970 | 3023 |
| Series 2025-4A, Class D, 5.13%, 8/15/2031 (b) | 6000 | 6081 |
| GM Financial Consumer Automobile Receivables <br> Trust Series 2023-1, Class A3, 4.66%, <br> 2/16/2028<br>| 35 | 35 |
| Goodgreen |  |  |
| Series 2019-2A, Class A, 2.76%, 4/15/2055 (b) | 983 | 877 |
| Series 2023-1A, Class A, 5.90%, 1/17/2061 (b) | 2374 | 2413 |
| Goodgreen Trust Series 2017-1A, Class A, 3.74%, <br> 10/15/2052 (b)<br>| 202 | 191 |
| Grene Energy Senio 11.00%, 1/25/2027 ‡ | 192 | 156 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (b) (f)<br>| 5194 | 5261 |
| HERO Funding (Cayman Islands) |  |  |
| Series 2017-3A, Class A2, 3.95%, <br> 9/20/2048 (b)<br>| 527 | 500 |
| Series 2018-1A, Class A2, 4.67%, <br> 9/20/2048 (b)<br>| 57 | 56 |
| HERO Funding Trust |  |  |
| Series 2016-2A, Class A, 3.75%, 9/20/2041 (b) | 13 | 12 |
| Series 2016-3A, Class A1, 3.08%, <br> 9/20/2042 (b)<br>| 206 | 195 |
| Series 2017-1A, Class A2, 4.46%, <br> 9/20/2047 (b)<br>| 540 | 522 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-1D, Class A, 3.61%, 6/20/2034 (b) | 26 | 26 |
| Series 2024-2A, Class B, 5.65%, 3/25/2038 (b) | 68 | 69 |
| Series 2024-1B, Class A, 5.75%, 9/15/2039 (b) | 49 | 50 |
| Series 2025-2A, Class A, 4.54%, 5/25/2044 (b) | 5304 | 5348 |
| HINNT LLC Series 2024-A, Class B, 5.84%, <br> 3/15/2043 (b)<br>| 1913 | 1956 |
| Huntington Bank Auto Credit-Linked Notes Series <br> 2025-2, Class B1, 4.84%, 9/20/2033 (b)<br>| 6647 | 6699 |
| Identity Digital Capital LLC 6.79%, 3/20/2065 ‡ | 5000 | 5080 |
| Invitation Homes Trust |  |  |
| Series 2024-SFR1, Class A, 4.00%, <br> 9/17/2041 (b)<br>| 199 | 198 |
| Series 2024-SFR1, Class D, 4.25%, <br> 9/17/2041 (b)<br>| 3525 | 3447 |
| Jonah 7.80%, 11/10/2037 ‡ (b) | 1993 | 2024 |
| Jonah Energy ABS LLC |  |  |
| Series 2022-1, Class A1, 7.20%, 12/10/2037 ‡ <br> (b)<br>| 1136 | 1159 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-1A, Class A1, 6.59%, <br> 12/10/2040 (b)<br>| 2519 | 2553 |
| KGS-Alpha SBA COOF Trust |  |  |
| Series 2012-2, Class A, IO, 1.16%, <br> 8/25/2038 (b) (f)<br>| 548 | 9 |
| Series 2013-2, Class A, IO, 1.59%, <br> 3/25/2039 (b) (f)<br>| 478 | 12 |
| Series 2015-2, Class A, IO, 3.36%, 7/25/2041 ‡ <br> (b) (f)<br>| 378 | 37 |
| Lending Funding Trust Series 2020-2A, Class C, <br> 4.30%, 4/21/2031 (b)<br>| 1795 | 1778 |
| Lendingpoint Asset Securitization Trust Series <br> 2022-B, Class B, 5.99%, 10/15/2029 (b)<br>| 586 | 586 |
| Mariner Finance Issuance Trust Series 2024-AA, <br> Class A, 5.13%, 9/22/2036 (b)<br>| 250 | 253 |
| Mercedes-Benz Auto Receivables Trust Series <br> 2023-1, Class A3, 4.51%, 11/15/2027<br>| 21 | 21 |
| Mercury Financial Credit Card Master Trust |  |  |
| Series 2024-2A, Class A, 6.56%, 7/20/2029 (b) | 4220 | 4232 |
| Series 2026-1A, Class A, 5.34%, 2/20/2032 (b) | 9060 | 9097 |
| Series 2026-1A, Class B, 6.31%, 2/20/2032 (b) | 1180 | 1185 |
| Midcon Energy Asset Issuer LLC 5.31%, <br> 2/27/2051 ‡ (f)<br>| 5000 | 5000 |
| Mid-State Capital Corp. Trust Series 2006-1, <br> Class M1, 6.08%, 10/15/2040 (b)<br>| 200 | 202 |
| MMAF Equipment Finance LLC Series 2024-A, <br> Class A4, 5.10%, 7/13/2049 (b)<br>| 1206 | 1254 |
| MNR ABS Issuer I LLC 8.95%, 12/15/2038 ‡ | 1591 | 1644 |
| MVW LLC |  |  |
| Series 2019-2A, Class B, 2.44%, <br> 10/20/2038 (b)<br>| 441 | 441 |
| Series 2025-1A, Class B, 5.21%, 9/22/2042 (b) | 3580 | 3652 |
| Series 2025-2A, Class B, 4.72%, <br> 10/20/2044 (b)<br>| 6881 | 6929 |
| Series 2025-2A, Class C, 4.97%, <br> 10/20/2044 (b)<br>| 3675 | 3702 |
| New Century Home Equity Loan Trust |  |  |
| Series 2003-5, Class AI6, 4.84%, <br> 11/25/2033 (g)<br>| 153 | 153 |
| Series 2003-5, Class AI7, 4.84%, <br> 11/25/2033 (f)<br>|  |  |
| Nexgen, Inc. 0.00%, 11/16/2033 ‡ (f) | 1519 | 1518 |
| NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, <br> 11/22/2055 (b)<br>| 7021 | 7034 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| Series 2021-FHT1, Class A, 3.10%, <br> 7/25/2026 (b)<br>| 1816 | 1800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 27

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-GNT1, Class A, 3.47%, <br> 11/25/2026 (b)<br>| 817 | 805 |
| OneMain Direct Auto Receivables Trust |  |  |
| Series 2019-1A, Class B, 3.95%, <br> 11/14/2028 (b)<br>| 2673 | 2671 |
| Series 2025-1A, Class D, 6.10%, 7/14/2037 (b) | 4000 | 4190 |
| Oportun Issuance Trust |  |  |
| Series 2025-D, Class B, 5.31%, 2/8/2033 (b) | 8375 | 8429 |
| Series 2025-B, Class B, 5.28%, 5/9/2033 (b) | 2000 | 2012 |
| PEAC Solutions Receivables LLC Series 2024-1A, <br> Class A3, 5.64%, 11/20/2030 (b)<br>| 5900 | 6042 |
| Perimeter Master Note Business Trust Series <br> 2025-1A, Class A, 5.58%, 12/16/2030 (b)<br>| 6550 | 6591 |
| Piper ABS Issuer LLC Series 2025-1A, Class A1, <br> 5.29%, 1/15/2046 ‡<br>| 6000 | 6000 |
| Porsche Innovative Lease Owner Trust Series <br> 2024-1A, Class A4, 4.66%, 2/20/2030 (b)<br>| 4230 | 4259 |
| PowerPay Issuance Trust Series 2025-1A, Class A, <br> 5.23%, 11/18/2041 (b)<br>| 5655 | 5711 |
| Prestige Auto Receivables Trust Series 2022-1A, <br> Class C, 7.09%, 8/15/2028 (b)<br>| 317 | 318 |
| Progress Residential Trust |  |  |
| Series 2022-SFR2, Class E1, 4.55%, <br> 4/17/2027 (b)<br>| 4000 | 3965 |
| Series 2024-SFR5, Class A, 3.00%, <br> 8/9/2029 (b)<br>| 248 | 237 |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (b) (f)<br>| 1892 | 1795 |
| Series 2021-SFR6, Class E1, 2.43%, <br> 7/17/2038 (b)<br>| 3446 | 3416 |
| Series 2022-SFR3, Class E2, 5.60%, <br> 4/17/2039 (b)<br>| 2685 | 2686 |
| Series 2024-SFR1, Class A, 3.35%, <br> 2/17/2041 (b)<br>| 543 | 529 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (b)<br>| 4000 | 3886 |
| Series 2024-SFR3, Class A, 3.00%, <br> 6/17/2041 (b)<br>| 239 | 230 |
| Series 2024-SFR4, Class A, 3.10%, <br> 7/17/2041 (b)<br>| 359 | 347 |
| Series 2025-SFR2, Class C, 3.56%, <br> 4/17/2042 (b)<br>| 7411 | 7064 |
| Series 2025-SFR3, Class B, 3.39%, <br> 7/17/2042 (b)<br>| 4250 | 4033 |
| Series 2025-SFR5, Class C, 4.00%, <br> 10/17/2042 (b)<br>| 1749 | 1687 |
| Series 2025-SFR5, Class D, 4.00%, <br> 10/17/2042 (b)<br>| 2539 | 2435 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-SFR6, Class C, 4.00%, <br> 12/17/2042 (b)<br>| 3200 | 3086 |
| Purewest ABS Issuer LLC Series 2025-1, Class A2, <br> 6.53%, 4/5/2040 ‡ (b)<br>| 4951 | 5077 |
| Renaissance Home Equity Loan Trust Series 2007-2, <br> Class AF2, 5.68%, 6/25/2037 (g)<br>| 287 | 68 |
| Renew (Cayman Islands) |  |  |
| Series 2017-1A, Class A, 3.67%, 9/20/2052 (b) | 292 | 277 |
| Series 2017-2A, Class A, 3.22%, 9/22/2053 (b) | 23 | 21 |
| Series 2024-1A, Class A, 6.21%, <br> 11/20/2059 (b)<br>| 3807 | 3898 |
| Revolution ABS LLC Series 2026-1, 6.18%, <br> 3/28/2046 ‡<br>| 4290 | 4290 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2024-2, Class C, 5.84%, 6/17/2030 | 120 | 123 |
| Series 2022-5, Class D, 5.67%, 12/16/2030 | 4700 | 4741 |
| Series 2022-6, Class D, 5.69%, 2/18/2031 | 5800 | 5866 |
| Series 2022-7, Class C, 6.69%, 3/17/2031 | 146 | 149 |
| Series 2024-2, Class D, 6.28%, 8/15/2031 | 4700 | 4880 |
| Series 2024-4, Class D, 5.32%, 12/15/2031 | 1550 | 1582 |
| Series 2025-4, Class C, 4.52%, 1/15/2032 | 2740 | 2774 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class A3, 5.52%, <br> 1/20/2032 (b)<br>| 200 | 204 |
| Series 2024-1A, Class B, 5.56%, 4/20/2032 (b) | 2280 | 2370 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (b) | 3815 | 3985 |
| Series 2025-1A, Class A3, 5.11%, <br> 11/21/2033 (b)<br>| 3500 | 3596 |
| Series 2025-2A, Class C, 4.82%, 6/20/2036 (b) | 4460 | 4556 |
| Series 2025-2A, Class D, 5.33%, 6/20/2036 (b) | 2705 | 2758 |
| Securitized Asset-Backed Receivables LLC Trust <br> Series 2006-CB1, Class AF2, 2.80%, <br> 1/25/2036 (g)<br>| 131 | 114 |
| Sierra Timeshare Receivables Funding LLC Series <br> 2024-2A, Class A, 5.14%, 6/20/2041 (b)<br>| 96 | 98 |
| Stellantis Financial Underwritten Enhanced Lease <br> Trust Series 2025-AA, Class A3, 4.47%, <br> 7/20/2028 (b)<br>| 100 | 101 |
| Stream Innovations Issuer Trust Series 2024-1A, <br> Class A, 6.27%, 7/15/2044 (b)<br>| 2431 | 2543 |
| Towd Point Mortgage Trust Series 2026-CES2, <br> Class A1A, 4.72%, 2/25/2066 (b) (g)<br>| 4220 | 4219 |
| Tricon Residential Trust Series 2022-SFR1, Class D, <br> 4.75%, 4/17/2039 (b)<br>| 1837 | 1828 |
| Ucielo 2025-assic 8.01%, 8/9/2033 ‡ | 125 | 125 |
| United Airlines Pass-Through Trust |  |  |
| Series 2018-1, Class B, 4.60%, 3/1/2026 | 287 | 287 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2016-1, Class A, 3.45%, 7/7/2028 | 433 | 423 |
| Series 2018-1, Class AA, 3.50%, 3/1/2030 | 487 | 480 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 1064 | 1025 |
| Series 2019-1, Class AA, 4.15%, 8/25/2031 | 685 | 681 |
| Series 2019-1, Class A, 4.55%, 8/25/2031 | 613 | 601 |
| Series 2019-2, Class AA, 2.70%, 5/1/2032 | 961 | 901 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 1395 | 1459 |
| UOG ABS Issuer LLC Series 2023-1, Class A1, <br> 8.35%, 6/5/2040 ‡ (b)<br>| 1333 | 1387 |
| US Auto Funding Trust Series 2022-1A, Class B, <br> 5.13%, 12/15/2026 ‡ (b)<br>| 4297 | 1378 |
| VFI ABS LLC Series 2025-1A, Class B, 4.97%, <br> 12/24/2030 (b)<br>| 1590 | 1606 |
| vMobo, Inc. 7.46%, 7/18/2027 ‡ | 5998 | 5740 |
| Western Funding Auto Loan Trust Series 2025-1, <br> Class A, 4.75%, 7/16/2035 (b)<br>| 200 | 202 |
| Westgate Resorts LLC Series 2022-1A, Class A, <br> 1.79%, 8/20/2036 (b)<br>| 29 | 29 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2022-2A, Class D, 5.48%, 9/15/2027 (b) | 2444 | 2449 |
| Series 2023-3A, Class C, 6.02%, 9/15/2028 (b) | 3400 | 3430 |
| Series 2023-4A, Class C, 6.64%, <br> 11/15/2028 (b)<br>| 2632 | 2676 |
| Series 2023-2A, Class D, 7.01%, <br> 11/15/2028 (b)<br>| 3047 | 3102 |
| Wingspire Equipment Finance LLC Series 2024-1A, <br> Class B, 5.06%, 9/20/2032 (b)<br>| 4000 | 4043 |
| Wolf Energy Asset Issuer LLC 5.70%, 7/25/2050 ‡ | 2733 | 2733 |
| Total Asset-Backed Securities <br>(Cost $461,218)<br>|  | 464386 |
| **Collateralized Mortgage Obligations — 4.8%** | **Collateralized Mortgage Obligations — 4.8%** | **Collateralized Mortgage Obligations — 4.8%** |
| Alternative Loan Trust |  |  |
| Series 2004-2CB, Class 1A9, 5.75%, 3/25/2034 | 1750 | 1806 |
| Series 2005-1CB, Class 1A6, IF, IO, 3.31%, <br> 3/25/2035 (f)<br>| 228 | 28 |
| Series 2005-22T1, Class A2, IF, IO, 1.28%, <br> 6/25/2035 (f)<br>| 2507 | 235 |
| Series 2005-20CB, Class 3A8, IF, IO, 0.96%, <br> 7/25/2035 (f)<br>| 830 | 52 |
| Series 2005-28CB, Class 1A4, 5.50%, <br> 8/25/2035<br>| 761 | 656 |
| Series 2005-28CB, Class 3A5, 6.00%, <br> 8/25/2035<br>| 46 | 17 |
| Series 2005-37T1, Class A2, IF, IO, 1.26%, <br> 9/25/2035 (f)<br>| 1785 | 152 |
| Series 2005-54CB, Class 1A2, IF, IO, 1.06%, <br> 11/25/2035 (f)<br>| 1225 | 82 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2005-54CB, Class 1A11, 5.50%, <br> 11/25/2035<br>| 487 | 373 |
| Series 2005-57CB, Class 3A2, IF, IO, 1.31%, <br> 12/25/2035 (f)<br>| 370 | 35 |
| Series 2005-64CB, Class 1A9, 5.50%, <br> 12/25/2035<br>| 211 | 189 |
| Series 2006-26CB, Class A9, 6.50%, 9/25/2036 | 833 | 397 |
| Anchor Mortgage Trust |  |  |
| 8.23%, 3/25/2031 ‡ (f) | 4000 | 4026 |
| Series 2025-RTL1, Class A1, 5.72%, <br> 5/25/2040 (b) (g)<br>| 3515 | 3535 |
| 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 | 184 | 171 |
| Banc of America Funding Trust |  |  |
| Series 2004-1, PO, 3/25/2034 | 40 | 29 |
| Series 2004-2, Class 30, PO, 9/20/2034 | 55 | 43 |
| Series 2005-6, Class 2A7, 5.50%, 10/25/2035 | 97 | 90 |
| Series 2005-7, Class 30, PO, 11/25/2035 | 44 | 45 |
| Series 2005-8, Class 30, PO, 1/25/2036 | 26 | 17 |
| Series 2006-A, Class 3A2, 4.59%, <br> 2/20/2036 (f)<br>| 70 | 63 |
| Banc of America Mortgage Trust Series 2004-A, <br> Class 2A2, 5.29%, 2/25/2034 (f)<br>| 16 | 16 |
| Bear Stearns ARM Trust |  |  |
| Series 2003-7, Class 3A, 6.83%, <br> 10/25/2033 (f)<br>| 8 | 8 |
| Series 2004-1, Class 12A1, 5.08%, <br> 4/25/2034 (f)<br>| 106 | 95 |
| Series 2004-2, Class 14A, 4.47%, <br> 5/25/2034 (f)<br>| 16 | 15 |
| Series 2006-1, Class A1, 5.95%, 2/25/2036 (f) | 202 | 197 |
| BVRT LLC Series 2025-1, Class B, 3.66%, <br> 5/10/2033 ‡ (b) (f)<br>| 3610 | 3483 |
| CAFL Issuer LP |  |  |
| Series 2025-RRTL1, Class A1, 5.68%, <br> 5/28/2040 (b) (g)<br>| 7170 | 7247 |
| Series 2025-RRTL2, Class A1, 5.18%, <br> 11/28/2040 (b) (g)<br>| 3565 | 3588 |
| Center Street Lending Resi-Investor ABS Mortgage <br> Trust Series 2026-RTL1, Class A1, 5.38%, <br> 12/25/2030 ‡ (b) (g)<br>| 4341 | 4359 |
| CFIN LLC Series 2024-1A, Class A, 6.50%, <br> 11/27/2028 ‡ (b)<br>| 4700 | 4785 |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2004-HYB1, Class 2A, 4.95%, <br> 5/20/2034 (f)<br>| 20 | 19 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 29

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-HYB3, Class 2A, 4.63%, <br> 6/20/2034 (f)<br>| 71 | 67 |
| Series 2004-7, Class 2A1, 5.23%, <br> 6/25/2034 (f)<br>| 58 | 53 |
| Series 2004-HYB6, Class A3, 5.27%, <br> 11/20/2034 (f)<br>| 75 | 73 |
| Series 2005-16, Class A23, 5.50%, 9/25/2035 | 168 | 102 |
| Series 2005-22, Class 2A1, 4.79%, <br> 11/25/2035 (f)<br>| 465 | 385 |
| Citicorp Mortgage Securities REMIC Pass-Through <br> Certificates Trust<br>|  |  |
| Series 2005-5, Class A, PO, 8/25/2035 ‡ | 23 | 14 |
| Series 2005-8, Class A, PO, 11/25/2035 | 44 | 26 |
| Citigroup Global Markets Mortgage Securities VII, <br> Inc.<br>|  |  |
| Series 2003-UP2, Class 1, PO, 6/25/2033 | 1 | 1 |
| Series 2003-HYB1, Class A, 6.74%, <br> 9/25/2033 (f)<br>| 8 | 7 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2004-UST1, Class A6, 6.22%, <br> 8/25/2034 (f)<br>| 6 | 6 |
| Series 2015-A, Class B2, 4.50%, 6/25/2058 (b) <br> (f)<br>| 81 | 81 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2003-1, Class 3, PO, 9/25/2033 | 5 | 4 |
| Series 2003-1, Class 2, PO, 10/25/2033 |  |  |
| Series 2003-1, Class 2A6, PO, 10/25/2033 | 4 | 3 |
| Series 2003-1, Class 2A5, 5.25%, 10/25/2033 | 7 | 7 |
| Series 2005-1, Class 2A1A, 3.12%, <br> 2/25/2035 (f)<br>| 105 | 92 |
| Series 2005-2, Class 2A11, 5.50%, 5/25/2035 | 61 | 62 |
| Series 2005-5, Class 1A2, 4.14%, <br> 8/25/2035 (f)<br>| 126 | 107 |
| Credit Suisse First Boston Mortgage Securities Corp. <br> (Switzerland)<br>|  |  |
| Series 2003-1, Class DB1, 6.68%, <br> 2/25/2033 (f)<br>| 117 | 122 |
| Series 2003-21, Class 1A4, 5.25%, 9/25/2033 | 23 | 24 |
| Series 2003-25, Class 1P, PO, 10/25/2033 | 57 | 45 |
| CSFB Mortgage-Backed Pass-Through Certificates |  |  |
| Series 2005-4, Class 3A18, 5.50%, 6/25/2035 | 354 | 359 |
| Series 2005-4, Class 3A23, 5.50%, 6/25/2035 | 746 | 757 |
| CVS Pass-Through Trust, 5.77%, 1/10/2033 (b) | 23 | 23 |
| EQV Abs Issuer I LLC, 5.85%, 12/15/2040 ‡ | 2602 | 2616 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-4, Class HT, 3.25%, 6/25/2057 (g) | 5387 | 5022 |
| Series 2017-4, Class M45T, 4.50%, 6/25/2057 | 2431 | 2413 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 2133 | 1970 |
| Series 2019-3, Class MB, 3.50%, 10/25/2058 | 1722 | 1484 |
| Series 2019-4, Class M55D, 4.00%, 2/25/2059 | 65 | 62 |
| Series 2020-1, Class MA, 2.50%, 8/25/2059 | 4151 | 3875 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 2811 | 2502 |
| Series 2023-1, Class MT, 3.00%, 10/25/2062 | 4170 | 3605 |
| Series 2024-1, Class MT, 3.00%, 11/25/2063 | 1954 | 1699 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 6135 | 5586 |
| FHLMC, REMIC |  |  |
| Series 3131, Class BK, 5.50%, 3/15/2026 |  |  |
| Series 1890, Class H, 7.50%, 9/15/2026 |  |  |
| Series 1899, Class ZE, 8.00%, 9/15/2026 | 1 | 1 |
| Series 3229, Class HE, 5.00%, 10/15/2026 |  |  |
| Series 1963, Class Z, 7.50%, 1/15/2027 | 1 | 1 |
| Series 1935, Class FL, 4.47%, 2/15/2027 (f) |  |  |
| 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 | 2 | 2 |
| Series 2019, Class Z, 6.50%, 12/15/2027 | 4 | 4 |
| Series 2038, Class PN, IO, 7.00%, 3/15/2028 | 4 |  |
| Series 2040, Class PE, 7.50%, 3/15/2028 | 7 | 7 |
| Series 4251, Class KW, 2.50%, 4/15/2028 | 475 | 469 |
| Series 2043, Class CJ, 6.50%, 4/15/2028 | 1 | 2 |
| Series 2054, Class PV, 7.50%, 5/15/2028 | 4 | 4 |
| Series 2075, Class PM, 6.25%, 8/15/2028 | 17 | 17 |
| Series 2075, Class PH, 6.50%, 8/15/2028 | 15 | 15 |
| Series 2086, Class GB, 6.00%, 9/15/2028 | 3 | 3 |
| Series 2089, Class PJ, IO, 7.00%, 10/15/2028 | 8 |  |
| Series 2095, Class PE, 6.00%, 11/15/2028 | 20 | 21 |
| Series 2125, Class JZ, 6.00%, 2/15/2029 | 9 | 9 |
| Series 2136, Class PG, 6.00%, 3/15/2029 | 9 | 9 |
| Series 2132, Class SB, IF, 14.10%, <br> 3/15/2029 (f)<br>| 2 | 2 |
| Series 2141, IO, 7.00%, 4/15/2029 | 2 |  |
| Series 2169, Class TB, 7.00%, 6/15/2029 | 24 | 25 |
| Series 2163, Class PC, IO, 7.50%, 6/15/2029 | 2 |  |
| Series 2172, Class QC, 7.00%, 7/15/2029 | 22 | 22 |
| Series 2176, Class OJ, 7.00%, 8/15/2029 | 20 | 20 |
| Series 2201, Class C, 8.00%, 11/15/2029 | 3 | 4 |
| Series 2209, Class TC, 8.00%, 1/15/2030 | 8 | 8 |
| Series 2210, Class Z, 8.00%, 1/15/2030 | 20 | 21 |
| Series 2224, Class CB, 8.00%, 3/15/2030 | 5 | 5 |
| Series 2230, Class Z, 8.00%, 4/15/2030 | 10 | 10 |
| Series 2234, Class PZ, 7.50%, 5/15/2030 | 10 | 11 |
| Series 2247, Class Z, 7.50%, 8/15/2030 | 12 | 13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2256, Class MC, 7.25%, 9/15/2030 | 8 | 8 |
| Series 2259, Class ZM, 7.00%, 10/15/2030 | 22 | 23 |
| Series 2262, Class Z, 7.50%, 10/15/2030 | 2 | 2 |
| Series 2271, Class PC, 7.25%, 12/15/2030 | 24 | 25 |
| Series 2296, Class PD, 7.00%, 3/15/2031 | 15 | 15 |
| Series 2319, Class FD, 4.47%, 5/15/2031 (f) | 1 | 1 |
| Series 2313, Class LA, 6.50%, 5/15/2031 | 6 | 6 |
| Series 2325, Class PM, 7.00%, 6/15/2031 | 12 | 12 |
| Series 2359, Class ZB, 8.50%, 6/15/2031 | 36 | 39 |
| Series 2344, Class ZD, 6.50%, 8/15/2031 | 122 | 127 |
| Series 2344, Class ZJ, 6.50%, 8/15/2031 | 17 | 18 |
| Series 2345, Class NE, 6.50%, 8/15/2031 | 15 | 15 |
| Series 2351, Class PZ, 6.50%, 8/15/2031 | 10 | 11 |
| Series 2353, Class AZ, 6.00%, 9/15/2031 | 61 | 63 |
| Series 2367, Class ME, 6.50%, 10/15/2031 | 29 | 30 |
| Series 2396, Class FM, 4.22%, 12/15/2031 (f) | 7 | 7 |
| Series 2399, Class OH, 6.50%, 1/15/2032 | 30 | 31 |
| Series 2399, Class TH, 6.50%, 1/15/2032 | 38 | 40 |
| Series 2464, Class SI, IF, IO, 4.23%, <br> 2/15/2032 (f)<br>| 68 | 6 |
| Series 2410, Class QX, IF, IO, 4.88%, <br> 2/15/2032 (f)<br>| 11 | 1 |
| Series 2410, Class NG, 6.50%, 2/15/2032 | 32 | 34 |
| Series 2420, Class XK, 6.50%, 2/15/2032 | 43 | 44 |
| Series 2412, Class SP, IF, 8.55%, 2/15/2032 (f) | 32 | 35 |
| Series 2410, Class QS, IF, 9.69%, 2/15/2032 (f) | 29 | 32 |
| Series 2444, Class ES, IF, IO, 4.18%, <br> 3/15/2032 (f)<br>| 26 | 2 |
| Series 2450, Class SW, IF, IO, 4.23%, <br> 3/15/2032 (f)<br>| 21 | 2 |
| Series 2448, Class FT, 4.77%, 3/15/2032 (f) | 6 | 6 |
| Series 2430, Class WF, 6.50%, 3/15/2032 | 71 | 75 |
| Series 2423, Class MC, 7.00%, 3/15/2032 | 37 | 38 |
| Series 2423, Class MT, 7.00%, 3/15/2032 | 30 | 31 |
| Series 2435, Class CJ, 6.50%, 4/15/2032 | 41 | 43 |
| Series 2434, Class TC, 7.00%, 4/15/2032 | 38 | 40 |
| Series 2436, Class MC, 7.00%, 4/15/2032 | 12 | 13 |
| Series 2455, Class GK, 6.50%, 5/15/2032 | 85 | 90 |
| Series 2450, Class GZ, 7.00%, 5/15/2032 | 26 | 27 |
| Series 2462, Class JG, 6.50%, 6/15/2032 | 38 | 41 |
| Series 2466, Class PH, 6.50%, 6/15/2032 | 67 | 70 |
| Series 2474, Class NR, 6.50%, 7/15/2032 | 39 | 41 |
| Series 2484, Class LZ, 6.50%, 7/15/2032 | 41 | 44 |
| Series 2505, Class D, 5.50%, 9/15/2032 | 14 | 15 |
| Series 2500, Class MC, 6.00%, 9/15/2032 | 29 | 30 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2501, Class PW, 6.00%, 9/15/2032 | 7 | 7 |
| Series 2835, Class QO, PO, 12/15/2032 | 6 | 5 |
| Series 2543, Class YX, 6.00%, 12/15/2032 | 83 | 87 |
| Series 2544, Class HC, 6.00%, 12/15/2032 | 42 | 44 |
| Series 2552, Class ME, 6.00%, 1/15/2033 | 100 | 104 |
| Series 2567, Class QD, 6.00%, 2/15/2033 | 109 | 115 |
| Series 2575, Class ME, 6.00%, 2/15/2033 | 256 | 268 |
| Series 2596, Class QG, 6.00%, 3/15/2033 | 53 | 56 |
| Series 2586, Class WI, IO, 6.50%, 3/15/2033 | 24 | 3 |
| Series 2631, Class SA, IF, 7.93%, 6/15/2033 (f) | 2 | 2 |
| Series 2692, Class SC, IF, 5.74%, 7/15/2033 (f) | 19 | 21 |
| Series 4240, Class B, 3.00%, 8/15/2033 | 1689 | 1648 |
| Series 2733, Class SB, IF, 4.61%, <br> 10/15/2033 (f)<br>| 17 | 17 |
| Series 2780, Class SY, IF, 8.20%, <br> 11/15/2033 (f)<br>| 1 | 1 |
| Series 3920, Class LP, 5.00%, 1/15/2034 | 220 | 227 |
| Series 2744, Class PE, 5.50%, 2/15/2034 | 1 | 1 |
| Series 3611, PO, 7/15/2034 | 18 | 16 |
| Series 2990, Class UZ, 5.75%, 6/15/2035 | 585 | 619 |
| Series 3004, Class EK, 5.50%, 7/15/2035 | 1072 | 1121 |
| Series 3014, Class OD, PO, 8/15/2035 | 16 | 15 |
| Series 3085, Class WF, 4.57%, 8/15/2035 (f) | 40 | 40 |
| Series 3012, Class ZE, 5.75%, 8/15/2035 | 40 | 43 |
| Series 3047, Class OD, 5.50%, 10/15/2035 | 140 | 144 |
| Series 3074, Class BH, 5.00%, 11/15/2035 | 38 | 38 |
| Series 3064, Class MC, 5.50%, 11/15/2035 | 2149 | 2241 |
| Series 3102, Class FB, 4.07%, 1/15/2036 (f) | 6 | 6 |
| Series 3102, Class HS, IF, 10.73%, <br> 1/15/2036 (f)<br>| 6 | 7 |
| Series 3117, Class EO, PO, 2/15/2036 | 95 | 86 |
| Series 3117, Class OK, PO, 2/15/2036 | 59 | 53 |
| Series 3134, PO, 3/15/2036 | 15 | 12 |
| Series 3152, Class MO, PO, 3/15/2036 | 73 | 65 |
| Series 3122, Class ZB, 6.00%, 3/15/2036 | 35 | 38 |
| Series 3138, PO, 4/15/2036 | 77 | 68 |
| Series 3607, Class BO, PO, 4/15/2036 | 40 | 36 |
| Series 3219, Class DI, IO, 6.00%, 4/15/2036 | 52 | 8 |
| Series 3819, Class ZQ, 6.00%, 4/15/2036 | 317 | 337 |
| Series 3149, Class SO, PO, 5/15/2036 | 14 | 12 |
| Series 3233, Class OP, PO, 5/15/2036 | 22 | 18 |
| Series 3171, Class MO, PO, 6/15/2036 | 8 | 7 |
| Series 3179, Class OA, PO, 7/15/2036 | 55 | 49 |
| Series 3194, Class SA, IF, IO, 3.33%, <br> 7/15/2036 (f)<br>| 17 | 2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 31

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 3211, Class SO, PO, 9/15/2036 | 74 | 67 |
| Series 3218, Class AO, PO, 9/15/2036 | 35 | 29 |
| Series 3232, Class ST, IF, IO, 2.93%, <br> 10/15/2036 (f)<br>| 110 | 9 |
| Series 3256, PO, 12/15/2036 | 47 | 41 |
| Series 4476, Class CM, 3.50%, 12/15/2036 | 198 | 196 |
| Series 3261, Class OA, PO, 1/15/2037 | 60 | 52 |
| Series 3260, Class CS, IF, IO, 2.37%, <br> 1/15/2037 (f)<br>| 104 | 10 |
| Series 3274, Class JO, PO, 2/15/2037 | 17 | 16 |
| Series 3275, Class FL, 4.21%, 2/15/2037 (f) | 14 | 14 |
| Series 3290, Class SB, IF, IO, 2.68%, <br> 3/15/2037 (f)<br>| 140 | 12 |
| Series 3318, Class AO, PO, 5/15/2037 | 3 | 2 |
| Series 3607, PO, 5/15/2037 | 71 | 60 |
| Series 3315, Class HZ, 6.00%, 5/15/2037 | 58 | 62 |
| Series 3326, Class JO, PO, 6/15/2037 | 5 | 4 |
| Series 3331, PO, 6/15/2037 | 59 | 52 |
| Series 3607, Class OP, PO, 7/15/2037 | 168 | 146 |
| Series 4048, Class FJ, 4.31%, 7/15/2037 (f) | 155 | 153 |
| Series 3385, Class SN, IF, IO, 2.23%, <br> 11/15/2037 (f)<br>| 22 | 2 |
| Series 3387, Class SA, IF, IO, 2.65%, <br> 11/15/2037 (f)<br>| 88 | 7 |
| Series 3422, Class AI, IO, 0.25%, 1/15/2038 (g) | 367 | 3 |
| Series 3404, Class SC, IF, IO, 2.23%, <br> 1/15/2038 (f)<br>| 130 | 13 |
| Series 3424, Class PI, IF, IO, 3.03%, <br> 4/15/2038 (f)<br>| 116 | 12 |
| Series 3461, Class LZ, 6.00%, 6/15/2038 | 4 | 4 |
| Series 3481, Class SJ, IF, IO, 2.08%, <br> 8/15/2038 (f)<br>| 124 | 12 |
| Series 3511, Class SA, IF, IO, 2.23%, <br> 2/15/2039 (f)<br>| 90 | 8 |
| Series 4701, Class CH, 3.00%, 7/15/2039 | 79 | 77 |
| Series 3549, Class FA, 4.97%, 7/15/2039 (f) | 7 | 7 |
| Series 3621, Class BO, PO, 1/15/2040 | 54 | 47 |
| Series 3632, Class BS, IF, 4.92%, 2/15/2040 (f) | 17 | 17 |
| Series 3747, Class PY, 4.00%, 10/15/2040 | 482 | 482 |
| Series 3925, Class FL, 4.22%, 1/15/2041 (f) | 9 | 9 |
| Series 3844, Class DB, 4.50%, 4/15/2041 | 32 | 33 |
| Series 3852, Class QN, IF, 5.50%, 5/15/2041 (f) | 50 | 49 |
| Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f) | 163 | 163 |
| Series 3871, Class JB, 5.50%, 6/15/2041 | 20 | 21 |
| Series 3924, Class LC, 4.00%, 9/15/2041 | 179 | 177 |
| Series 3957, Class B, 4.00%, 11/15/2041 | 59 | 59 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 3966, Class NA, 4.00%, 12/15/2041 | 151 | 151 |
| Series 4217, Class KY, 3.00%, 6/15/2043 | 2300 | 2099 |
| Series 4928, Class PB, 2.50%, 9/25/2048 | 329 | 311 |
| Series 4902, Class BA, 3.00%, 1/25/2049 | 204 | 192 |
| Series 4865, Class PE, 3.00%, 3/15/2049 | 169 | 164 |
| FHLMC, STRIPS |  |  |
| Series 233, Class 11, IO, 5.00%, 9/15/2035 | 115 | 18 |
| Series 233, Class 13, IO, 5.00%, 9/15/2035 | 158 | 22 |
| Series 269, Class 30, 3.00%, 8/15/2042 | 32 | 30 |
| Series 299, Class 300, 3.00%, 1/15/2043 | 838 | 783 |
| Series 310, PO, 9/15/2043 | 465 | 368 |
| Series 323, Class 300, 3.00%, 1/15/2044 | 662 | 619 |
| FHLMC, Structured Pass-Through Certificates, Whole <br> Loan<br>|  |  |
| Series T-41, Class 3A, 4.46%, 7/25/2032 (f) | 155 | 146 |
| Series T-76, Class 2A, 2.12%, 10/25/2037 (f) | 407 | 378 |
| Series T-51, Class 2A, 7.50%, 8/25/2042 (f) | 131 | 134 |
| Series T-54, Class 2A, 6.50%, 2/25/2043 | 718 | 729 |
| Series T-54, Class 3A, 7.00%, 2/25/2043 | 199 | 210 |
| Series T-58, Class A, PO, 9/25/2043 | 45 | 37 |
| Series T-59, Class 1AP, PO, 10/25/2043 | 110 | 57 |
| First Horizon Alternative Mortgage Securities Trust |  |  |
| Series 2004-AA4, Class A1, 5.05%, <br> 10/25/2034 (f)<br>| 46 | 45 |
| Series 2005-FA8, Class 1A19, 5.50%, <br> 11/25/2035<br>| 306 | 132 |
| Series 2007-FA4, Class 1A2, IF, IO, 1.86%, <br> 8/25/2037 (f)<br>| 788 | 73 |
| FNMA REMIC Trust Series 2007-42, Class AO, PO, <br> 5/25/2037<br>| 3 | 3 |
| FNMA Trust, Whole Loan |  |  |
| Series 2004-W1, Class 2A2, 7.00%, <br> 12/25/2033<br>| 40 | 42 |
| Series 2004-W2, Class 2A2, 7.00%, 2/25/2044 | 51 | 53 |
| Series 2004-W15, Class 2AF, 4.03%, <br> 8/25/2044 (f)<br>| 81 | 80 |
| Series 2005-W3, Class 2AF, 4.00%, <br> 3/25/2045 (f)<br>| 228 | 226 |
| Series 2006-W2, Class 1AF1, 4.00%, <br> 2/25/2046 (f)<br>| 73 | 72 |
| FNMA, Grantor Trust Series 2017-T1, Class A, <br> 2.90%, 6/25/2027<br>| 4803 | 4739 |
| FNMA, Grantor Trust, Whole Loan |  |  |
| Series 2002-T19, Class A2, 7.00%, 7/25/2042 | 303 | 323 |
| Series 2004-T3, Class 1A3, 7.00%, 2/25/2044 | 157 | 162 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| FNMA, REMIC |  |  |
| Series 1997-27, Class J, 7.50%, 4/18/2027 |  |  |
| Series 1997-29, Class J, 7.50%, 4/20/2027 | 1 | 1 |
| Series 1997-39, Class PD, 7.50%, 5/20/2027 | 5 | 5 |
| Series 1997-42, Class ZC, 6.50%, 7/18/2027 |  |  |
| Series 2012-98, Class KY, 3.50%, 9/25/2027 | 317 | 315 |
| Series 1997-81, Class PI, IO, 7.00%, <br> 12/18/2027<br>| 2 |  |
| Series 1998-36, Class ZB, 6.00%, 7/18/2028 | 4 | 4 |
| Series 1999-17, Class C, 6.35%, 4/25/2029 | 3 | 3 |
| Series 1999-62, Class PB, 7.50%, 12/18/2029 | 3 | 3 |
| Series 2000-2, Class ZE, 7.50%, 2/25/2030 | 16 | 17 |
| Series 2010-136, Class BA, 3.50%, 12/25/2030 | 161 | 160 |
| Series 2000-52, IO, 8.50%, 1/25/2031 | 3 |  |
| Series 2001-7, Class PF, 7.00%, 3/25/2031 | 3 | 3 |
| Series 2011-31, Class DB, 3.50%, 4/25/2031 | 429 | 424 |
| Series 2001-33, Class ID, IO, 6.00%, 7/25/2031 | 28 | 3 |
| Series 2001-30, Class PM, 7.00%, 7/25/2031 | 21 | 22 |
| Series 2001-36, Class DE, 7.00%, 8/25/2031 | 27 | 29 |
| Series 2001-49, Class Z, 6.50%, 9/25/2031 | 9 | 9 |
| Series 2001-44, Class MY, 7.00%, 9/25/2031 | 58 | 61 |
| Series 2001-44, Class PD, 7.00%, 9/25/2031 | 5 | 6 |
| Series 2001-44, Class PU, 7.00%, 9/25/2031 | 10 | 11 |
| Series 2001-52, Class KB, 6.50%, 10/25/2031 | 10 | 10 |
| Series 2003-52, Class SX, IF, 11.60%, <br> 10/25/2031 (f)<br>| 13 | 15 |
| Series 2001-61, Class Z, 7.00%, 11/25/2031 | 88 | 92 |
| Series 2001-72, Class SX, IF, 8.66%, <br> 12/25/2031 (f)<br>| 1 | 1 |
| Series 2002-1, Class SA, IF, 12.90%, <br> 2/25/2032 (f)<br>| 5 | 7 |
| Series 2002-13, Class SJ, IF, IO, 1.60%, <br> 3/25/2032 (f)<br>| 38 | 1 |
| Series 2002-11, Class QF, 4.28%, <br> 3/25/2032 (f)<br>| 1 | 1 |
| Series 2002-13, Class ST, IF, 10.00%, <br> 3/25/2032 (f)<br>| 1 | 1 |
| Series 2002-21, Class LO, PO, 4/25/2032 | 2 | 2 |
| Series 2002-21, Class PE, 6.50%, 4/25/2032 | 23 | 24 |
| Series 2002-28, Class PK, 6.50%, 5/25/2032 | 58 | 61 |
| Series 2012-66, Class CB, 3.00%, 6/25/2032 | 1455 | 1424 |
| Series 2002-37, Class Z, 6.50%, 6/25/2032 | 17 | 18 |
| Series 2006-130, Class GI, IO, 6.50%, <br> 7/25/2032<br>| 38 | 2 |
| Series 2002-51, Class FZ, 4.28%, 8/25/2032 (f) | 3 | 3 |
| Series 2002-48, Class GH, 6.50%, 8/25/2032 | 80 | 84 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2002-52, Class FG, 4.28%, <br> 9/25/2032 (f)<br>| 2 | 2 |
| Series 2002-68, Class FT, 4.07%, <br> 10/18/2032 (f)<br>|  |  |
| Series 2002-64, Class FE, 4.12%, <br> 10/18/2032 (f)<br>|  |  |
| Series 2004-61, Class SK, IF, 8.50%, <br> 11/25/2032 (f)<br>| 10 | 10 |
| Series 2004-59, Class BG, PO, 12/25/2032 | 32 | 29 |
| Series 2002-77, Class S, IF, 7.55%, <br> 12/25/2032 (f)<br>| 14 | 15 |
| Series 2002-95, Class FT, 4.28%, 1/25/2033 (f) | 1 | 1 |
| Series 2002-97, Class GB, 5.50%, 1/25/2033 | 3 | 3 |
| Series 2003-22, Class UD, 4.00%, 4/25/2033 | 338 | 337 |
| Series 2003-35, Class UC, 3.75%, 5/25/2033 | 1 | 1 |
| Series 2003-42, Class GB, 4.00%, 5/25/2033 | 27 | 27 |
| Series 2003-34, Class AX, 6.00%, 5/25/2033 | 58 | 61 |
| Series 2003-34, Class ED, 6.00%, 5/25/2033 | 248 | 258 |
| Series 2003-39, IO, 6.00%, 5/25/2033 (f) | 11 | 2 |
| Series 2003-33, Class IA, IO, 6.50%, 5/25/2033 | 93 | 11 |
| Series 2007-97, Class KI, IO, 7.00%, 5/25/2033 | 186 | 12 |
| Series 2003-47, Class PE, 5.75%, 6/25/2033 | 50 | 52 |
| Series 2003-64, Class SX, IF, 4.26%, <br> 7/25/2033 (f)<br>| 13 | 13 |
| Series 2003-87, Class SL, IF, 5.32%, <br> 7/25/2033 (f)<br>| 22 | 23 |
| Series 2003-132, Class OA, PO, 8/25/2033 | 1 | 1 |
| Series 2003-71, Class DS, IF, 2.41%, <br> 8/25/2033 (f)<br>| 124 | 119 |
| Series 2003-74, Class SH, IF, 3.36%, <br> 8/25/2033 (f)<br>| 31 | 28 |
| Series 2003-72, Class IE, IO, 5.50%, 8/25/2033 | 120 | 13 |
| Series 2003-91, Class SD, IF, 6.20%, <br> 9/25/2033 (f)<br>| 21 | 22 |
| Series 2013-101, Class AE, 3.00%, 10/25/2033 | 1501 | 1465 |
| Series 2013-101, Class E, 3.00%, 10/25/2033 | 1434 | 1401 |
| Series 2013-108, Class GU, 3.00%, <br> 10/25/2033<br>| 1762 | 1717 |
| Series 2003-116, Class SB, IF, IO, 3.82%, <br> 11/25/2033 (f)<br>| 118 | 10 |
| Series 2006-44, Class P, PO, 12/25/2033 | 275 | 245 |
| Series 2003-131, Class CH, 5.50%, 1/25/2034 | 17 | 17 |
| Series 2003-130, Class SX, IF, 5.85%, <br> 1/25/2034 (f)<br>| 1 | 1 |
| Series 2004-25, Class SA, IF, 9.13%, <br> 4/25/2034 (f)<br>| 39 | 43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 33

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-46, Class SK, IF, 6.10%, <br> 5/25/2034 (f)<br>| 62 | 67 |
| Series 2004-46, Class QB, IF, 8.87%, <br> 5/25/2034 (f)<br>| 46 | 49 |
| Series 2004-36, Class SA, IF, 9.13%, <br> 5/25/2034 (f)<br>| 114 | 128 |
| Series 2004-51, Class SY, IF, 6.68%, <br> 7/25/2034 (f)<br>| 23 | 24 |
| Series 2005-56, Class S, IF, IO, 2.93%, <br> 7/25/2035 (f)<br>| 136 | 10 |
| Series 2005-66, Class SG, IF, 7.92%, <br> 7/25/2035 (f)<br>| 44 | 49 |
| Series 2005-68, Class PG, 5.50%, 8/25/2035 | 94 | 97 |
| Series 2005-72, Class SB, IF, 7.42%, <br> 8/25/2035 (f)<br>| 1 | 1 |
| Series 2005-84, Class XM, 5.75%, 10/25/2035 | 202 | 209 |
| Series 2005-110, Class GL, 5.50%, 12/25/2035 | 1077 | 1121 |
| Series 2005-109, Class PC, 6.00%, 12/25/2035 | 48 | 49 |
| Series 2006-16, Class OA, PO, 3/25/2036 | 39 | 35 |
| Series 2006-22, Class AO, PO, 4/25/2036 | 71 | 65 |
| Series 2006-23, Class KO, PO, 4/25/2036 | 9 | 8 |
| Series 2006-44, Class GO, PO, 6/25/2036 | 107 | 96 |
| Series 2006-53, Class US, IF, IO, 2.80%, <br> 6/25/2036 (f)<br>| 154 | 12 |
| Series 2006-56, PO, 7/25/2036 | 74 | 66 |
| Series 2006-58, PO, 7/25/2036 | 48 | 43 |
| Series 2006-58, Class AP, PO, 7/25/2036 | 103 | 85 |
| Series 2006-65, Class QO, PO, 7/25/2036 | 71 | 62 |
| Series 2006-56, Class FC, 4.07%, <br> 7/25/2036 (f)<br>| 133 | 132 |
| Series 2006-58, Class FL, 4.24%, <br> 7/25/2036 (f)<br>| 12 | 12 |
| Series 2006-60, Class DZ, 6.50%, 7/25/2036 | 1743 | 1854 |
| Series 2011-19, Class ZY, 6.50%, 7/25/2036 | 6 | 6 |
| Series 2006-72, Class TO, PO, 8/25/2036 | 13 | 11 |
| Series 2006-79, Class DO, PO, 8/25/2036 | 53 | 45 |
| Series 2007-7, Class SG, IF, IO, 2.72%, <br> 8/25/2036 (f)<br>| 782 | 81 |
| Series 2006-77, Class PC, 6.50%, 8/25/2036 | 97 | 100 |
| Series 2006-90, Class AO, PO, 9/25/2036 | 25 | 23 |
| Series 2008-42, Class AO, PO, 9/25/2036 | 25 | 22 |
| Series 2009-19, Class IP, IO, 5.50%, <br> 10/25/2036<br>| 293 | 47 |
| Series 2006-109, PO, 11/25/2036 | 26 | 23 |
| Series 2006-110, PO, 11/25/2036 | 126 | 111 |
| Series 2006-111, Class EO, PO, 11/25/2036 | 17 | 14 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2006-124, Class HB, 6.10%, <br> 11/25/2036 (f)<br>| 279 | 295 |
| Series 2006-119, PO, 12/25/2036 | 20 | 18 |
| Series 2006-118, Class A2, 3.87%, <br> 12/25/2036 (f)<br>| 78 | 76 |
| Series 2009-70, Class CO, PO, 1/25/2037 | 140 | 117 |
| Series 2006-128, Class BP, 5.50%, 1/25/2037 | 11 | 11 |
| Series 2007-14, Class ES, IF, IO, 2.66%, <br> 3/25/2037 (f)<br>| 204 | 23 |
| Series 2007-77, Class FG, 4.28%, <br> 3/25/2037 (f)<br>| 21 | 21 |
| Series 2007-16, Class FC, 4.53%, <br> 3/25/2037 (f)<br>| 29 | 29 |
| Series 2007-14, Class GZ, 5.50%, 3/25/2037 | 4 | 5 |
| Series 2007-48, PO, 5/25/2037 | 28 | 25 |
| Series 2007-60, Class AX, IF, IO, 3.37%, <br> 7/25/2037 (f)<br>| 583 | 80 |
| Series 2007-81, Class GE, 6.00%, 8/25/2037 | 71 | 76 |
| Series 2007-88, Class VI, IF, IO, 2.76%, <br> 9/25/2037 (f)<br>| 405 | 35 |
| Series 2007-91, Class ES, IF, IO, 2.68%, <br> 10/25/2037 (f)<br>| 308 | 33 |
| Series 2007-116, Class HI, IO, 1.88%, <br> 1/25/2038 (f)<br>| 161 | 11 |
| Series 2008-1, Class BI, IF, IO, 2.13%, <br> 2/25/2038 (f)<br>| 101 | 8 |
| Series 2008-16, Class IS, IF, IO, 2.42%, <br> 3/25/2038 (f)<br>| 45 | 4 |
| Series 2008-10, Class XI, IF, IO, 2.45%, <br> 3/25/2038 (f)<br>| 106 | 10 |
| Series 2008-27, Class SN, IF, IO, 3.12%, <br> 4/25/2038 (f)<br>| 53 | 6 |
| Series 2008-44, PO, 5/25/2038 | 4 | 4 |
| Series 2008-53, Class CI, IF, IO, 3.42%, <br> 7/25/2038 (f)<br>| 53 | 5 |
| Series 2008-80, Class SA, IF, IO, 2.07%, <br> 9/25/2038 (f)<br>| 145 | 13 |
| Series 2008-81, Class SB, IF, IO, 2.07%, <br> 9/25/2038 (f)<br>| 193 | 15 |
| Series 2009-6, Class GS, IF, IO, 2.77%, <br> 2/25/2039 (f)<br>| 123 | 10 |
| Series 2009-52, Class PI, IO, 5.00%, 7/25/2039 | 4 | 1 |
| Series 2009-60, Class HT, 6.00%, 8/25/2039 | 127 | 135 |
| Series 2009-99, Class SC, IF, IO, 2.40%, <br> 12/25/2039 (f)<br>| 38 | 3 |
| Series 2009-103, Class MB, 6.55%, <br> 12/25/2039 (f)<br>| 61 | 61 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2009-112, Class ST, IF, IO, 2.47%, <br> 1/25/2040 (f)<br>| 5 | 1 |
| Series 2010-49, Class SC, IF, 5.10%, <br> 3/25/2040 (f)<br>| 96 | 97 |
| Series 2010-64, Class DM, 5.00%, 6/25/2040 | 29 | 30 |
| Series 2010-80, Class HZ, 5.00%, 7/25/2040 | 218 | 226 |
| Series 2010-71, Class HJ, 5.50%, 7/25/2040 | 79 | 82 |
| Series 2010-147, Class SA, IF, IO, 2.75%, <br> 1/25/2041 (f)<br>| 431 | 51 |
| Series 2011-30, Class LS, IO, 1.96%, <br> 4/25/2041 (f)<br>| 137 | 11 |
| Series 2011-75, Class FA, 4.33%, <br> 8/25/2041 (f)<br>| 22 | 22 |
| Series 2011-118, Class MT, 7.00%, 11/25/2041 | 107 | 115 |
| Series 2011-130, Class CA, 6.00%, 12/25/2041 | 313 | 334 |
| Series 2012-83, Class AC, 3.00%, 8/25/2042 | 192 | 179 |
| Series 2013-2, Class AD, 1.50%, 2/25/2043 | 126 | 117 |
| Series 2013-6, Class PY, 2.00%, 2/25/2043 | 97 | 67 |
| Series 2013-81, Class TA, 3.00%, 2/25/2043 | 283 | 281 |
| Series 2017-49, Class LA, 3.00%, 6/25/2043 | 99 | 98 |
| Series 2013-92, PO, 9/25/2043 | 376 | 298 |
| Series 2013-90, Class PM, 3.50%, 9/25/2043 | 1694 | 1610 |
| Series 2013-101, Class DO, PO, 10/25/2043 | 669 | 501 |
| Series 2013-104, Class CY, 5.00%, 10/25/2043 | 250 | 261 |
| Series 2013-128, PO, 12/25/2043 | 687 | 533 |
| Series 2018-3, Class LP, 3.00%, 2/25/2047 | 160 | 155 |
| Series 2018-47, Class VC, 3.00%, 12/25/2047 | 377 | 372 |
| Series 2019-25, Class PA, 3.00%, 5/25/2048 | 97 | 92 |
| Series 2019-60, Class DA, 2.50%, 3/25/2049 | 213 | 195 |
| Series 2020-46, Class KB, 1.25%, 6/25/2050 | 7664 | 6123 |
| Series 2011-2, Class WA, 5.80%, 2/25/2051 (f) | 62 | 65 |
| Series 2021-95, Class GA, 1.88%, 3/25/2051 | 7370 | 6274 |
| FNMA, REMIC Trust, Whole Loan |  |  |
| Series 2007-W7, Class 1A4, IF, 16.49%, <br> 7/25/2037 (f)<br>| 4 | 5 |
| Series 2003-W4, Class 2A, 5.02%, <br> 10/25/2042 (f)<br>| 21 | 22 |
| Series 2003-W1, Class 1A1, 4.68%, <br> 12/25/2042 (f)<br>| 191 | 193 |
| Series 2003-W1, Class 2A, 5.04%, <br> 12/25/2042 (f)<br>| 85 | 86 |
| Series 2003-W10, Class 1A4, 4.51%, <br> 6/25/2043<br>| 8 | 8 |
| Series 2009-W1, Class A, 6.00%, 12/25/2049 | 101 | 106 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| FNMA, REMIC, Whole Loan |  |  |
| Series 2007-101, Class A2, 4.58%, <br> 6/27/2036 (f)<br>| 139 | 140 |
| Series 2007-54, Class FA, 4.18%, <br> 6/25/2037 (f)<br>| 80 | 79 |
| Series 2007-106, Class A7, 6.06%, <br> 10/25/2037 (f)<br>| 41 | 42 |
| Series 2003-18, Class X1, IO, 0.47%, <br> 12/25/2042 (f)<br>| 595 | 4 |
| FNMA, STRIPS |  |  |
| Series 318, Class 1, PO, 1/25/2032 | 4 | 3 |
| Series 329, Class 1, PO, 1/25/2033 | 10 | 9 |
| Series 345, Class 6, IO, 5.00%, 12/25/2033 (f) | 17 | 2 |
| Series 351, Class 7, IO, 5.00%, 4/25/2034 (f) | 57 | 6 |
| Series 355, Class 11, IO, 6.00%, 7/25/2034 | 54 | 6 |
| Series 365, Class 8, IO, 5.50%, 5/25/2036 | 82 | 14 |
| Series 374, Class 5, IO, 5.50%, 8/25/2036 | 43 | 6 |
| Series 393, Class 6, IO, 5.50%, 4/25/2037 | 12 | 1 |
| Series 383, Class 32, IO, 6.00%, 1/25/2038 | 21 | 4 |
| Series 383, Class 33, IO, 6.00%, 1/25/2038 | 56 | 10 |
| FNMA, Whole Loan Series 2004-W15, Class 1A1, <br> 6.00%, 8/25/2044<br>| 5 | 5 |
| GMACM Mortgage Loan Trust Series 2005-AR3, <br> Class 3A4, 4.37%, 6/19/2035 (f)<br>| 186 | 183 |
| GNMA |  |  |
| Series 2001-35, Class SA, IF, IO, 4.48%, <br> 8/16/2031 (f)<br>| 20 |  |
| Series 2002-52, Class GH, 6.50%, 7/20/2032 | 121 | 120 |
| Series 2003-58, Class BE, 6.50%, 1/20/2033 | 170 | 170 |
| Series 2003-12, Class SP, IF, IO, 3.92%, <br> 2/20/2033 (f)<br>| 38 |  |
| Series 2003-46, Class MG, 6.50%, 5/20/2033 | 126 | 126 |
| Series 2003-52, Class AP, PO, 6/16/2033 | 35 | 32 |
| Series 2003-112, Class SA, IF, IO, 2.78%, <br> 12/16/2033 (f)<br>| 143 | 1 |
| Series 2004-16, Class GC, 5.50%, 2/20/2034 | 31 | 31 |
| Series 2004-28, Class S, IF, 9.28%, <br> 4/16/2034 (f)<br>| 54 | 59 |
| Series 2004-90, Class SI, IF, IO, 2.32%, <br> 10/20/2034 (f)<br>| 192 | 8 |
| Series 2004-89, Class BS, IF, 5.55%, <br> 10/20/2034 (f)<br>| 2 | 2 |
| Series 2004-98, Class SB, IF, 10.70%, <br> 11/20/2034 (f)<br>| 20 | 22 |
| Series 2005-68, Class DP, IF, 7.34%, <br> 6/17/2035 (f)<br>| 13 | 14 |
| Series 2010-14, Class CO, PO, 8/20/2035 | 66 | 57 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 35

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2005-58, Class NI, IO, 5.50%, <br> 8/20/2035 (f)<br>| 302 | 25 |
| Series 2005-74, Class HB, 7.50%, 9/16/2035 | 1 | 1 |
| Series 2005-74, Class HC, 7.50%, 9/16/2035 | 4 | 4 |
| Series 2005-68, Class KI, IF, IO, 2.52%, <br> 9/20/2035 (f)<br>| 449 | 39 |
| Series 2005-91, Class PI, IO, 6.00%, <br> 12/20/2035<br>| 64 | 5 |
| Series 2006-16, Class OP, PO, 3/20/2036 | 31 | 26 |
| Series 2006-38, Class ZK, 6.50%, 8/20/2036 | 373 | 373 |
| Series 2006-59, Class SD, IF, IO, 2.92%, <br> 10/20/2036 (f)<br>| 118 | 7 |
| Series 2011-22, Class WA, 5.76%, <br> 2/20/2037 (f)<br>| 134 | 138 |
| Series 2007-9, Class CI, IF, IO, 2.42%, <br> 3/20/2037 (f)<br>| 11 | 1 |
| Series 2007-17, Class JO, PO, 4/16/2037 | 31 | 26 |
| Series 2007-17, Class JI, IF, IO, 3.04%, <br> 4/16/2037 (f)<br>| 288 | 22 |
| Series 2007-19, Class SD, IF, IO, 2.42%, <br> 4/20/2037 (f)<br>| 152 | 1 |
| Series 2007-28, Class BO, PO, 5/20/2037 | 31 | 26 |
| Series 2007-26, Class SC, IF, IO, 2.42%, <br> 5/20/2037 (f)<br>| 129 | 1 |
| Series 2007-27, Class SA, IF, IO, 2.42%, <br> 5/20/2037 (f)<br>| 135 | 1 |
| Series 2007-36, Class SE, IF, IO, 2.70%, <br> 6/16/2037 (f)<br>| 76 |  |
| Series 2007-47, Class PH, 6.00%, 7/16/2037 | 1079 | 1118 |
| Series 2007-40, Class SB, IF, IO, 2.97%, <br> 7/20/2037 (f)<br>| 285 | 8 |
| Series 2007-42, Class SB, IF, IO, 2.97%, <br> 7/20/2037 (f)<br>| 168 | 5 |
| Series 2007-53, Class SW, IF, 8.86%, <br> 9/20/2037 (f)<br>| 14 | 16 |
| Series 2009-79, Class OK, PO, 11/16/2037 | 45 | 38 |
| Series 2007-67, Class EI, IF, IO, 0.02%, <br> 11/20/2037 (f)<br>| 485 |  |
| Series 2007-67, Class GI, IF, IO, 0.02%, <br> 11/20/2037 (f)<br>| 1454 |  |
| Series 2007-73, Class MI, IF, IO, 2.22%, <br> 11/20/2037 (f)<br>| 96 |  |
| Series 2007-76, Class SA, IF, IO, 2.75%, <br> 11/20/2037 (f)<br>| 191 | 1 |
| Series 2007-72, Class US, IF, IO, 2.77%, <br> 11/20/2037 (f)<br>| 92 | 1 |
| Series 2007-79, Class SY, IF, IO, 2.77%, <br> 12/20/2037 (f)<br>| 83 |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2008-2, Class NS, IF, IO, 2.77%, <br> 1/16/2038 (f)<br>| 190 | 10 |
| Series 2008-2, Class MS, IF, IO, 3.39%, <br> 1/16/2038 (f)<br>| 57 | 4 |
| Series 2008-10, Class S, IF, IO, 2.05%, <br> 2/20/2038 (f)<br>| 102 |  |
| Series 2009-106, Class ST, IF, IO, 2.22%, <br> 2/20/2038 (f)<br>| 22 |  |
| Series 2008-36, Class SH, IF, IO, 2.52%, <br> 4/20/2038 (f)<br>| 142 | 1 |
| Series 2008-36, Class ZA, 4.25%, 4/20/2038 | 246 | 247 |
| Series 2008-40, Class SA, IF, IO, 2.63%, <br> 5/16/2038 (f)<br>| 617 | 31 |
| Series 2008-38, Class PL, 5.50%, 5/20/2038 | 42 | 43 |
| Series 2008-55, Class SA, IF, IO, 2.42%, <br> 6/20/2038 (f)<br>| 80 |  |
| Series 2008-71, Class SC, IF, IO, 2.22%, <br> 8/20/2038 (f)<br>| 35 |  |
| Series 2008-65, Class PG, 6.00%, 8/20/2038 | 21 | 21 |
| Series 2009-25, Class SE, IF, IO, 3.82%, <br> 9/20/2038 (f)<br>| 70 | 1 |
| Series 2008-93, Class AS, IF, IO, 1.92%, <br> 12/20/2038 (f)<br>| 103 | 6 |
| Series 2009-6, Class SA, IF, IO, 2.33%, <br> 2/16/2039 (f)<br>| 104 | 1 |
| Series 2009-12, Class IE, IO, 5.50%, 3/20/2039 | 214 | 2 |
| Series 2009-14, Class KI, IO, 6.50%, 3/20/2039 | 96 | 5 |
| Series 2009-14, Class NI, IO, 6.50%, 3/20/2039 | 92 | 5 |
| Series 2009-22, Class SA, IF, IO, 2.49%, <br> 4/20/2039 (f)<br>| 163 | 13 |
| Series 2009-33, Class CI, IO, 5.50%, 5/20/2039 | 46 | 3 |
| Series 2009-33, Class TI, IO, 6.00%, 5/20/2039 | 49 | 3 |
| Series 2009-43, Class SA, IF, IO, 2.17%, <br> 6/20/2039 (f)<br>| 91 | 4 |
| Series 2009-72, Class SM, IF, IO, 2.48%, <br> 8/16/2039 (f)<br>| 182 | 14 |
| Series 2010-31, Class NO, PO, 3/20/2040 | 330 | 290 |
| Series 2013-75, Class WA, 5.07%, <br> 6/20/2040 (f)<br>| 398 | 411 |
| Series 2010-130, Class CP, 7.00%, 10/16/2040 | 49 | 53 |
| Series 2010-157, Class OP, PO, 12/20/2040 | 361 | 316 |
| Series 2011-75, Class SM, IF, IO, 2.82%, <br> 5/20/2041 (f)<br>| 244 | 16 |
| Series 2014-188, Class W, 4.54%, <br> 10/20/2041 (f)<br>| 180 | 183 |
| Series 2012-141, Class WC, 3.75%, <br> 1/20/2042 (f)<br>| 124 | 120 |
| Series 2012-96, Class QJ, 2.00%, 8/20/2042 | 113 | 84 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2013-54, Class WA, 4.90%, <br> 11/20/2042 (f)<br>| 754 | 782 |
| Series 2013-91, Class WA, 4.41%, <br> 4/20/2043 (f)<br>| 415 | 406 |
| Series 2013-116, Class JY, 4.00%, 8/16/2043 | 1300 | 1267 |
| Series 2018-160, Class PA, 3.50%, 7/20/2046 | 435 | 432 |
| Series 2018-5, Class AB, 3.00%, 1/20/2048 | 93 | 87 |
| Series 2025-6, Class A, 3.50%, 11/20/2050 | 5323 | 5159 |
| Series 2022-9, Class P, 2.00%, 9/20/2051 | 4950 | 4476 |
| Series 2022-154, Class JZ, 4.50%, 9/20/2052 | 1457 | 1357 |
| Series 2023-115, Class TS, IF, 7.81%, <br> 6/20/2053 (f)<br>| 3742 | 3929 |
| Series 2012-H24, Class FG, 4.23%, <br> 4/20/2060 (f)<br>| 1 | 1 |
| Series 2013-H03, Class FA, 4.10%, <br> 8/20/2060 (f)<br>|  |  |
| Series 2012-H21, Class CF, 4.50%, <br> 5/20/2061 (f)<br>|  |  |
| Series 2013-H05, Class FB, 4.19%, <br> 2/20/2062 (f)<br>| 10 | 10 |
| Series 2012-H15, Class FA, 4.25%, <br> 5/20/2062 (f)<br>|  |  |
| Series 2012-H26, Class MA, 4.35%, <br> 7/20/2062 (f)<br>| 3 | 3 |
| Series 2012-H28, Class FA, 4.38%, <br> 9/20/2062 (f)<br>| 1 | 1 |
| Series 2012-H29, Class FA, 4.31%, <br> 10/20/2062 (f)<br>| 44 | 44 |
| Series 2012-H31, Class FD, 4.14%, <br> 12/20/2062 (f)<br>| 129 | 129 |
| 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, 4.25%, <br> 2/20/2063 (f)<br>| 122 | 122 |
| Series 2013-H07, Class HA, 4.21%, <br> 3/20/2063 (f)<br>| 88 | 88 |
| Series 2013-H09, Class HA, 1.65%, 4/20/2063 | 10 | 10 |
| Series 2013-H18, Class JA, 4.40%, <br> 8/20/2063 (f)<br>| 137 | 137 |
| Series 2014-H01, Class FD, 4.45%, <br> 1/20/2064 (f)<br>| 45 | 45 |
| Series 2014-H09, Class TA, 4.40%, <br> 4/20/2064 (f)<br>| 56 | 57 |
| Series 2024-57, Class PT, 4.50%, 4/20/2064 | 3600 | 3583 |
| Series 2015-H15, Class FD, 4.24%, <br> 6/20/2065 (f)<br>| 210 | 210 |
| Series 2015-H15, Class FJ, 4.24%, <br> 6/20/2065 (f)<br>| 445 | 445 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2015-H16, Class FG, 4.24%, <br> 7/20/2065 (f)<br>| 405 | 405 |
| Series 2015-H23, Class FB, 4.32%, <br> 9/20/2065 (f)<br>| 345 | 345 |
| Series 2015-H32, Class FH, 4.46%, <br> 12/20/2065 (f)<br>| 235 | 236 |
| Series 2017-H08, Class XI, IO, 2.22%, <br> 3/20/2067 (f)<br>| 1726 | 72 |
| Series 2017-H14, Class FV, 4.30%, <br> 6/20/2067 (f)<br>| 15 | 15 |
| Series 2021-H14, Class CF, 5.06%, <br> 9/20/2071 (f)<br>| 4533 | 4637 |
| GSMPS Mortgage Loan Trust |  |  |
| Series 2001-2, Class A, 7.50%, 6/19/2032 (b) <br> (f)<br>| 179 | 177 |
| Series 2005-RP3, Class 1AS, IO, 0.42%, <br> 9/25/2035 (b) (f)<br>| 300 | 7 |
| Series 2005-RP3, Class 1AF, 4.14%, <br> 9/25/2035 (b) (f)<br>| 397 | 344 |
| Series 2006-RP2, Class 1AS2, IF, IO, 2.19%, <br> 4/25/2036 (b) (f)<br>| 1120 | 70 |
| GSR Mortgage Loan Trust |  |  |
| Series 2004-6F, Class 3A4, 6.50%, 5/25/2034 | 62 | 64 |
| Series 2004-8F, Class 2A3, 6.00%, 9/25/2034 | 23 | 24 |
| Series 2004-13F, Class 3A3, 6.00%, <br> 11/25/2034<br>| 49 | 50 |
| Series 2005-4F, Class AP, PO, 5/25/2035 |  |  |
| Series 2005-7F, Class 3A9, 6.00%, 9/25/2035 | 204 | 207 |
| Series 2006-1F, Class 2A4, 6.00%, 2/25/2036 | 620 | 254 |
| Impac CMB Trust Series 2005-4, Class 2A1, 4.39%, <br> 5/25/2035 (f)<br>| 48 | 47 |
| Impac Secured Assets CMN Owner Trust Series <br> 2003-3, Class A1, 5.20%, 8/25/2033 (f)<br>| 6 | 6 |
| Impac Secured Assets Trust Series 2006-1, Class <br> 2A1, 4.49%, 5/25/2036 (f)<br>| 41 | 39 |
| JPMorgan Mortgage Trust |  |  |
| Series 2006-A2, Class 5A3, 6.31%, <br> 11/25/2033 (f)<br>| 48 | 48 |
| Series 2006-A3, Class 6A1, 4.94%, <br> 8/25/2034 (f)<br>| 13 | 13 |
| Series 2006-A2, Class 4A1, 6.45%, <br> 8/25/2034 (f)<br>| 69 | 70 |
| Lehman Mortgage Trust |  |  |
| Series 2006-2, Class 1A1, 5.73%, <br> 4/25/2036 (f)<br>| 173 | 106 |
| Series 2008-2, Class 1A6, 6.00%, 3/25/2038 | 414 | 96 |
| LHOME Mortgage Trust Series 2025-RTL2, Class A1, <br> 5.61%, 4/25/2040 (b) (f)<br>| 3045 | 3074 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 37

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| Series 2004-13, Class 2A1, 6.25%, <br> 4/21/2034 (f)<br>| 42 | 41 |
| Series 2004-4, Class 2A1, 5.92%, <br> 5/25/2034 (f)<br>| 22 | 21 |
| Series 2004-13, Class 3A7, 5.60%, <br> 11/21/2034 (f)<br>| 99 | 99 |
| Series 2004-15, Class 3A1, 6.76%, <br> 12/25/2034 (f)<br>| 31 | 31 |
| 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 | 24 | 25 |
| Series 2003-9, Class 8A1, 6.00%, 1/25/2034 | 98 | 94 |
| Series 2004-3, Class 2A1, 6.25%, 4/25/2034 | 63 | 65 |
| Series 2004-6, Class 30, PO, 7/25/2034 | 83 | 66 |
| Series 2004-6, Class 7A1, 6.00%, 7/25/2034 | 127 | 126 |
| Series 2004-7, Class 30, PO, 8/25/2034 | 35 | 25 |
| MASTR Asset Securitization Trust |  |  |
| Series 2004-6, Class 15, PO, 7/25/2019 ‡ |  |  |
| Series 2003-12, Class 30, PO, 12/25/2033 | 1 |  |
| Series 2004-1, Class 30, PO, 2/25/2034 | 6 | 4 |
| MASTR Reperforming Loan Trust Series 2005-2, <br> Class 1A1F, 4.14%, 5/25/2035 (b) (f)<br>| 999 | 467 |
| MASTR Resecuritization Trust Series 2005-PO, Class <br> 3, PO, 5/28/2035 (b)<br>| 36 | 27 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-E, Class A1, 4.41%, <br> 10/25/2028 (f)<br>| 12 | 11 |
| Series 2003-F, Class A1, 4.43%, <br> 10/25/2028 (f)<br>| 43 | 42 |
| Series 2004-A, Class A1, 4.25%, 4/25/2029 (f) | 31 | 29 |
| Series 2004-B, Class A3, 5.22%, 5/25/2029 (f) | 3 | 2 |
| Series 2004-1, Class 2A1, 5.04%, <br> 12/25/2034 (f)<br>| 50 | 47 |
| NACC Reperforming Loan REMIC Trust Series <br> 2004-R2, Class A1, 6.50%, 10/25/2034 (b) (f)<br>| 108 | 95 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (b) (g)<br>| 4330 | 4341 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (b) (g)<br>| 3545 | 3587 |
| Nomura Asset Acceptance Corp. Alternative Loan <br> Trust<br>|  |  |
| Series 2003-A1, Class A5, 7.00%, 4/25/2033 | 32 | 33 |
| Series 2003-A1, Class A1, 5.50%, 5/25/2033 | 6 | 6 |
| Series 2003-A1, Class A2, 6.00%, 5/25/2033 | 14 | 14 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| PRET Trust Series 2024-RPL2, Class A1, 4.07%, <br> 6/25/2064 (b) (f)<br>| 3439 | 3330 |
| RALI Trust Series 2004-QA6, Class NB2, 4.33%, <br> 12/26/2034 (f)<br>| 160 | 154 |
| Seasoned Credit Risk Transfer Trust |  |  |
| Series 2025-1, Class MTU, 3.25%, 11/25/2064 | 5545 | 4900 |
| Series 2025-2, Class MTU, 3.25%, 6/25/2065 | 4869 | 4242 |
| Seasoned Loans Structured Transaction Trust |  |  |
| Series 2025-1, Class A1, 3.00%, 5/25/2035 | 9855 | 9356 |
| Series 2025-2, Class A1, 3.00%, 10/25/2035 | 10773 | 10264 |
| Sequoia Mortgage Trust Series 10, Class 1A, <br> 4.58%, 10/20/2027 (f)<br>| 1 | 1 |
| Structured Asset Mortgage Investments II Trust <br> Series 2004-AR5, Class 1A1, 4.44%, <br> 10/19/2034 (f)<br>| 67 | 65 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2003-4, Class A1, 4.43%, 9/25/2043 (f) | 38 | 38 |
| Series 2004-4, Class 3A, 5.07%, <br> 12/25/2044 (f)<br>| 80 | 80 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (b) (g)<br>| 2000 | 2013 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (b) (f)<br>| 4881 | 4497 |
| Vendee Mortgage Trust |  |  |
| Series 1996-2, Class 1Z, 6.75%, 6/15/2026 | 7 | 7 |
| Series 1997-1, Class 2Z, 7.50%, 2/15/2027 | 22 | 22 |
| Series 1998-1, Class 2E, 7.00%, 3/15/2028 | 57 | 58 |
| Series 1999-1, Class 2Z, 6.50%, 1/15/2029 | 147 | 149 |
| Series 2003-2, Class Z, 5.00%, 5/15/2033 | 935 | 951 |
| WaMu Mortgage Pass-Through Certificates Series <br> 2004-RS2, Class A4, 5.00%, 11/25/2033<br>| 203 | 203 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| Series 2003-AR6, Class A1, 6.13%, <br> 6/25/2033 (f)<br>| 4 | 4 |
| Series 2003-AR8, Class A, 5.19%, <br> 8/25/2033 (f)<br>| 14 | 14 |
| Series 2003-AR9, Class 1A6, 5.39%, <br> 9/25/2033 (f)<br>| 253 | 250 |
| Series 2003-AR9, Class 2A, 5.69%, <br> 9/25/2033 (f)<br>| 16 | 15 |
| Series 2003-S9, Class P, PO, 10/25/2033 | 6 | 5 |
| Series 2003-S9, Class A8, 5.25%, 10/25/2033 | 134 | 135 |
| Series 2003-AR10, Class A7, 5.67%, <br> 10/25/2033 (f)<br>| 5 | 5 |
| Series 2004-AR3, Class A1, 5.33%, <br> 6/25/2034 (f)<br>| 24 | 23 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-AR3, Class A2, 5.33%, <br> 6/25/2034 (f)<br>| 21 | 20 |
| Series 2006-AR10, Class 2P, 4.14%, <br> 9/25/2036 (f)<br>| 37 | 34 |
| Series 2006-AR12, Class 2P, 3.79%, <br> 10/25/2036 (f)<br>| 30 | 28 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Trust<br>|  |  |
| Series 2005-2, Class 2A3, IF, IO, 1.21%, <br> 4/25/2035 (f)<br>| 299 | 17 |
| Series 2005-2, Class 1A4, IF, IO, 1.26%, <br> 4/25/2035 (f)<br>| 1503 | 85 |
| Series 2005-3, Class CX, IO, 5.50%, 5/25/2035 | 451 | 69 |
| Series 2005-4, Class CB7, 5.50%, 6/25/2035 | 435 | 409 |
| Series 2005-4, Class CX, IO, 5.50%, 6/25/2035 | 402 | 59 |
| Series 2005-6, Class 2A4, 5.50%, 8/25/2035 | 84 | 77 |
| Series 2005-6, Class 2A9, 5.50%, 8/25/2035 | 539 | 489 |
| Wells Fargo Mortgage-Backed Securities Trust Series <br> 2007-7, Class A7, 6.00%, 6/25/2037<br>| 61 | 56 |
| Total Collateralized Mortgage Obligations <br>(Cost $214,889)<br>|  | 216063 |
| **Commercial Mortgage-Backed Securities — 2.2%** | **Commercial Mortgage-Backed Securities — 2.2%** | **Commercial Mortgage-Backed Securities — 2.2%** |
| BAMLL Commercial Mortgage Securities Trust Series <br> 2014-520M, Class C, 4.21%, 8/15/2046 (b) (f)<br>| 1300 | 916 |
| CSTL Commercial Mortgage Trust |  |  |
| Series 2025-GATE2, Class B, 4.85%, <br> 11/10/2042 (b) (f)<br>| 3395 | 3415 |
| Series 2025-GATE2, Class C, 5.14%, <br> 11/10/2042 (b) (f)<br>| 1470 | 1484 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series KS06, Class A2, 2.72%, 7/25/2026 | 101 | 101 |
| Series K065, Class A2, 3.24%, 4/25/2027 | 2467 | 2452 |
| Series K070, Class A2, 3.30%, 11/25/2027 (f) | 1748 | 1736 |
| Series K070, Class AM, 3.36%, 12/25/2027 | 153 | 152 |
| Series K117, Class A2, 1.41%, 8/25/2030 | 500 | 453 |
| Series K754, Class AM, 4.94%, 11/25/2030 (f) | 1740 | 1819 |
| Series K142, Class A2, 2.40%, 3/25/2032 | 555 | 510 |
| Series K146, Class A2, 2.92%, 6/25/2032 | 4200 | 3962 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (f) | 1005 | 989 |
| Series K138, Class AM, 1.89%, 1/25/2055 | 1850 | 1649 |
| FNMA ACES |  |  |
| Series 2017-M3, Class A2, 2.47%, <br> 12/25/2026 (f)<br>| 686 | 679 |
| Series 2015-M10, Class A2, 3.09%, <br> 4/25/2027 (f)<br>| 3905 | 3877 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2017-M8, Class A2, 3.06%, <br> 5/25/2027 (f)<br>| 2539 | 2518 |
| Series 2018-M8, Class A2, 3.31%, <br> 6/25/2028 (f)<br>| 2031 | 2017 |
| Series 2018-M10, Class A2, 3.36%, <br> 7/25/2028 (f)<br>| 3066 | 3047 |
| Series 2018-M14, Class A2, 3.58%, <br> 8/25/2028 (f)<br>| 200 | 199 |
| Series 2017-M5, Class A2, 3.02%, <br> 4/25/2029 (f)<br>| 1492 | 1467 |
| Series 2020-M50, Class A2, 1.20%, <br> 10/25/2030<br>| 1057 | 1022 |
| Series 2020-M50, Class X1, IO, 1.82%, <br> 10/25/2030 (f)<br>| 17196 | 557 |
| Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032 (f)<br>| 5675 | 5130 |
| Series 2022-M13, Class A2, 2.59%, <br> 6/25/2032 (f)<br>| 6802 | 6307 |
| Series 2022-M2S, Class A2, 3.76%, <br> 8/25/2032 (f)<br>| 4183 | 4139 |
| Series 2023-M8, Class A2, 4.48%, <br> 3/25/2033 (f)<br>| 3290 | 3378 |
| Series 2021-M3, Class X1, IO, 1.83%, <br> 11/25/2033 (f)<br>| 2517 | 150 |
| FREMF Mortgage Trust |  |  |
| Series 2019-KBF3, Class B, 6.29%, <br> 1/25/2029 (b) (f)<br>| 1235 | 1228 |
| Series 2019-K101, Class B, 3.53%, <br> 10/25/2052 (b) (f)<br>| 175 | 170 |
| Series 2019-K100, Class B, 3.49%, <br> 11/25/2052 (b) (f)<br>| 175 | 170 |
| Series 2020-K737, Class B, 3.33%, <br> 1/25/2053 (b) (f)<br>| 550 | 545 |
| Series 2019-K96, Class C, 3.81%, <br> 8/25/2056 (b) (f)<br>| 7251 | 7037 |
| Ladder Capital Commercial Mortgage Trust Series <br> 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)<br>| 998 | 943 |
| MRCD MARK Mortgage Trust |  |  |
| Series 2019-PARK, Class A, 2.72%, <br> 12/15/2036 (b)<br>| 2050 | 1824 |
| Series 2019-PARK, Class D, 2.72%, <br> 12/15/2036 (b)<br>| 2685 | 2148 |
| P4 SFR Series 2019-STL A, 7.25%, 10/11/2026 ‡ | 2003 | 1983 |
| PRM7 Trust Series 2025-PRM7, Class C, 4.94%, <br> 11/10/2042 (b) (f)<br>| 2220 | 2228 |
| ROCK Trust |  |  |
| Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (b)<br>| 1885 | 1951 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 39

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2024-CNTR, Class C, 6.47%, <br> 11/13/2041 (b)<br>| 5000 | 5243 |
| RWC Commercial Mortgage Trust Series 2025-1, <br> Class A, 5.01%, 6/25/2040 (b)<br>| 6926 | 6972 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (b)<br>| 4355 | 3971 |
| WFRBS Commercial Mortgage Trust Series <br> 2013-C11, Class D, 4.22%, 3/15/2045 (b) (f)<br>| 365 | 329 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class B, 5.73%, 7/15/2040 (b) (f)<br>| 8000 | 8281 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $99,841)<br>|  | 99148 |
| **Foreign Government Securities — 0.7%** | **Foreign Government Securities — 0.7%** | **Foreign Government Securities — 0.7%** |
| Eagle Funding Luxco SARL 5.50%, 8/17/2030 (b) | 5966 | 6085 |
| Kingdom of Saudi Arabia 3.45%, 2/2/2061 (b) | 550 | 359 |
| Republic of Chile 2.55%, 1/27/2032 | 497 | 450 |
| Republic of Panama 5.23%, 2/23/2034 | 1830 | 1829 |
| Republic of Peru 5.63%, 11/18/2050 | 88 | 87 |
| Republic of Poland 5.50%, 3/18/2054 | 921 | 901 |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 1061 | 1116 |
| 2.66%, 5/24/2031 | 1075 | 969 |
| 5.85%, 7/2/2032 | 2316 | 2409 |
| 5.38%, 3/22/2033 | 6819 | 6844 |
| 5.63%, 2/9/2034 | 1194 | 1206 |
| 3.50%, 2/12/2034 | 1252 | 1096 |
| 5.63%, 9/22/2035 | 1940 | 1936 |
| 6.88%, 5/13/2037 | 1578 | 1709 |
| 6.63%, 1/29/2038 | 1445 | 1527 |
| 5.55%, 1/21/2045 | 33 | 31 |
| 4.60%, 1/23/2046 | 3588 | 2867 |
| 6.34%, 5/4/2053 | 310 | 301 |
| 3.77%, 5/24/2061 | 772 | 483 |
| Total Foreign Government Securities <br>(Cost $33,006)<br>|  | 32205 |
| **Municipal Bonds — 0.2% (h)** | **Municipal Bonds — 0.2% (h)** | **Municipal Bonds — 0.2% (h)** |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| City of Los Angeles Department of Airports, <br> Federally Taxable Build America Bonds Direct <br> Payment to Issuer Series 2009C, Rev., 6.58%, <br> 5/15/2039<br>| 380 | 415 |
| State of California, Various Purpose, GO, 7.30%, <br> 10/1/2039<br>| 350 | 416 |
| Total California |  | 831 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2010D, Rev., <br> 5.60%, 3/15/2040<br>| 360 | 376 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 164, Rev., 5.65%, 11/1/2040 | 1875 | 2043 |
| Series 165, Rev., 5.65%, 11/1/2040 | 440 | 480 |
| Series 174, Rev., 4.46%, 10/1/2062 | 2060 | 1812 |
| Total New York |  | 4711 |
| **Ohio — 0.1%** | **Ohio — 0.1%** | **Ohio — 0.1%** |
| American Municipal Power, Inc., Meldahl <br> Hydroelectric Project Series 2010B, Rev., 7.50%, <br> 2/15/2050<br>| 1255 | 1492 |
| Ohio State University (The), General Receipts Series <br> 2011A, Rev., 4.80%, 6/1/2111<br>| 1563 | 1356 |
| Ohio University, General Receipts, Federally Taxable, <br> Rev., 5.59%, 12/1/2114<br>| 200 | 194 |
| Total Ohio |  | 3042 |
| **Oklahoma — 0.0% ^** | **Oklahoma — 0.0% ^** | **Oklahoma — 0.0% ^** |
| Oklahoma Development Finance Authority, Natural <br> Gas Co. Series 2022, Rev., 4.71%, 5/1/2052<br>| 575 | 548 |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds<br>|  |  |
| Series 2023A-1, Rev., 5.10%, 4/1/2035 | 574 | 598 |
| Series 2023A-2, Rev., 5.17%, 4/1/2041 | 1155 | 1203 |
| Total Texas |  | 1801 |
| Total Municipal Bonds <br>(Cost $10,989)<br>|  | 10933 |
| **U.S. Government Agency Securities — 0.2%** | **U.S. Government Agency Securities — 0.2%** | **U.S. Government Agency Securities — 0.2%** |
| FHLB <br>5.50%, 7/15/2036<br>| 30 | 33 |
| Tennessee Valley Authority |  |  |
| 5.88%, 4/1/2036 | 6909 | 7875 |
| 4.63%, 9/15/2060 | 365 | 339 |
| 4.25%, 9/15/2065 | 51 | 44 |
| Tennessee Valley Authority STRIPS <br>DN, 6.13%, 6/15/2035 (a)<br>| 800 | 541 |
| Total U.S. Government Agency Securities <br>(Cost $9,304)<br>|  | 8832 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 JPMorgan Institutional Trust Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — 0.1% (i)** | **Loan Assignments — 0.1% (i)** | **Loan Assignments — 0.1% (i)** |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| OneSky Loan Trust, 1st Lien Term Loan, 3.88%, <br> 1/15/2031 <br>(Cost $1,954)<br>| 1941 | 1879 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (j) (k) <br>(Cost $81,655)<br>| 81627 | 81659 |
| **Total Investments — 100.1%** <br>**(Cost $4,546,870)**<br>|  | **4546242** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(3067)**<br>|
| **NET ASSETS — 100.0%** |  | **4543175** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| CME | Chicago Mercantile Exchange |
| DN | Discount Notes |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|

---

---

| | |
|:---|:---|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| 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. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | The rate shown is the effective yield as of February <br> 28, 2026. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (d) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (e) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> February 28, 2026 is $806 or 0.02% of the Fund's <br> net assets as of February 28, 2026.<br>|
| (f) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (g) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of February 28, 2026. <br>|
| (h) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (i) | Loan assignments are presented by obligor. Each <br> series or loan tranche underlying each obligor may <br> have varying terms.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 41

------

JPMorgan Core Bond Trust

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 66221 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17160 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1702 | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 168434 | &nbsp;&nbsp;&nbsp;&nbsp; 169 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 60679 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (39795)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (491)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 307 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 JPMorgan Institutional Trust Funds February 28, 2026

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Core Bond** <br>**Trust**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $4464583 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 81659 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 2835 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 87 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 12815 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 28626 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 238 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 565 |
| Total Assets | &nbsp;&nbsp;&nbsp; 4591408 |
| **LIABILITIES:** |  |
| Payables: |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 64 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 8984 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 36194 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 2408 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 438 |
| Administration fees | &nbsp;&nbsp;&nbsp; 13 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 46 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 86 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 48233 |
| Net Assets | &nbsp;&nbsp;&nbsp; $4543175 |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4659185 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (116010)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $4543175 |
| Net Assets: |  |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>| &nbsp;&nbsp;&nbsp; 494845 |
| Net asset value, offering and redemption price per share (b) | &nbsp;&nbsp;&nbsp; $9.18 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $4465215 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 81655 |

---

------

(a) Amount rounds to less than one thousand.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 43

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Core Bond** <br>**Trust** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $159029 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 4 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 3151 |
| Total investment income | &nbsp;&nbsp;&nbsp; 162184 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 9871 |
| Administration fees | &nbsp;&nbsp;&nbsp; 3526 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 214 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 9 |
| Professional fees | &nbsp;&nbsp;&nbsp; 94 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 32 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 30 |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp; 22 |
| Other | &nbsp;&nbsp;&nbsp; 159 |
| Total expenses | &nbsp;&nbsp;&nbsp; 13957 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (8797)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 5160 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 157024 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (16549)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 9 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 4928 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (11612)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 105214 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (3)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (945)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 104266 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 92654 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $249678 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 JPMorgan Institutional Trust Funds February 28, 2026

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Core Bond Trust**  | **JPMorgan Core Bond Trust**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $157024 | &nbsp;&nbsp;&nbsp; $109575 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (11612)<br>| &nbsp;&nbsp;&nbsp; (33271)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 104266 | &nbsp;&nbsp;&nbsp; 85543 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 249678 | &nbsp;&nbsp;&nbsp; 161847 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (156371)<br>| &nbsp;&nbsp;&nbsp; (109022)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1712155 | &nbsp;&nbsp;&nbsp; 371436 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1805462 | &nbsp;&nbsp;&nbsp; 424261 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2737713 | &nbsp;&nbsp;&nbsp; 2313452 |
| End of period | &nbsp;&nbsp;&nbsp; $4543175 | &nbsp;&nbsp;&nbsp; $2737713 |
| **CAPITAL TRANSACTIONS:** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1737060 | &nbsp;&nbsp;&nbsp; $596862 |
| Subscriptions in-kind (See Note 8) | &nbsp;&nbsp;&nbsp; 80383 | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 145854 | &nbsp;&nbsp;&nbsp; 99761 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (251142)<br>| &nbsp;&nbsp;&nbsp; (325187)<br>|
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; $1712155 | &nbsp;&nbsp;&nbsp; $371436 |
| **SHARE TRANSACTIONS:** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 192842 | &nbsp;&nbsp;&nbsp; 67242 |
| Subscriptions in-kind (See Note 8) | &nbsp;&nbsp;&nbsp; 8931 | &nbsp;&nbsp;&nbsp; — |
| Reinvested  | &nbsp;&nbsp;&nbsp; 16173 | &nbsp;&nbsp;&nbsp; 11241 |
| Redeemed  | &nbsp;&nbsp;&nbsp; (27847)<br>| &nbsp;&nbsp;&nbsp; (36493)<br>|
| Change in Shares | &nbsp;&nbsp;&nbsp; 190099 | &nbsp;&nbsp;&nbsp; 41990 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 45

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Core Bond Trust** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $8.98 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.40)<br>|
| Year Ended February 28, 2025 | 8.80 | 0.39 | 0.17 | 0.56 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 29, 2024 | 8.84 | 0.35 | &nbsp;&nbsp; (0.04)<br>| 0.31 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2023 | 9.98 | 0.29 | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2022 | 10.50 | 0.26 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.33)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) 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. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 JPMorgan Institutional Trust Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4543175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2313452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2131431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 47

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 JPMorgan Institutional Trust Funds February 28, 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"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $393234 | &nbsp;&nbsp;&nbsp;&nbsp; $71152 | &nbsp;&nbsp;&nbsp;&nbsp; $464386 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196780 | &nbsp;&nbsp;&nbsp;&nbsp; 19283 | &nbsp;&nbsp;&nbsp;&nbsp; 216063 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97165 | &nbsp;&nbsp;&nbsp;&nbsp; 1983 | &nbsp;&nbsp;&nbsp;&nbsp; 99148 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20055 |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2411 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2411 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355821 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355821 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3702 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25874 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1569 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1569 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83769 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83769 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8983 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8983 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6215 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1667 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4103 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4103 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49195 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2052 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| Diversified | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2724 | &nbsp;&nbsp;&nbsp;&nbsp; 2724 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1144 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5955 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5955 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18623 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105366 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2855 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15638 | &nbsp;&nbsp;&nbsp;&nbsp; 25792 | &nbsp;&nbsp;&nbsp;&nbsp; 41430 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25128 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25128 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3064 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3475 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4740 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32626 | &nbsp;&nbsp;&nbsp;&nbsp; 5680 | &nbsp;&nbsp;&nbsp;&nbsp; 38306 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 49

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| (continued) | (continued) | (continued) | (continued) | (continued) |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3879 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3879 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2249 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5080 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 998 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17690 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14721 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2685 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2528 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8285 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5847 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9203 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56496 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8965 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4966 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2884 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25602 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21934 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7109 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2185 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7066 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3446 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3655 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3049 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6585 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1017406 | &nbsp;&nbsp;&nbsp;&nbsp; 37196 | &nbsp;&nbsp;&nbsp;&nbsp; 1054602 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32205 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1879 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 896162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 896162 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10933 |
| U.S. Government Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8832 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1680373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1680373 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 81659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81659 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $81659 | &nbsp;&nbsp;&nbsp;&nbsp; $4334969 | &nbsp;&nbsp;&nbsp;&nbsp; $129614 | &nbsp;&nbsp;&nbsp;&nbsp; $4546242 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $798 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $798 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(491)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(491)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $307 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $307 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 JPMorgan Institutional Trust Funds February 28, 2026

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $66700 | $145 | $205 | $—<br> (a)<br>| $35522 | $(13623)<br>| $44 | $(17841)<br>| $71152 |
| Collateralized Mortgage <br> Obligations<br>| 11848 | —<br> (a)<br>| 61 | 15 | 11552 | (4143)<br>| 16 | (66)<br>| 19283 |
| Commercial Mortgage-Backed <br> Securities<br>| 2547 |  | 33 |  |  | (597)<br>|  |  | 1983 |
| Corporate Bonds |  |  | 57 | (10)<br>| 39250 | (2101)<br>|  |  | 37196 |
| **Total** | $81095 | $145 | $356 | $5 | $86324 | $(20464)<br>| $60 | $(17907)<br>| $129614 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $426. 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 year ended February 28, 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**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $30266 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 6.52% - 12.39% (8.57%) |
| Corporate Bonds | &nbsp;&nbsp; 30266 |  |  |  |
|  | &nbsp;&nbsp; 8551 | Discounted Cash Flow | Constant Default Rate | 0.00% - 47.00% (7.57%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.67% - 16.36% (7.81%) |
| Asset-Backed Securities | &nbsp;&nbsp; 8551 |  |  |  |
|  | &nbsp;&nbsp; 14 | Discounted Cash Flow | Constant Default Rate | 0.47% (0.47%) |
|  |  |  | Constant Prepayment Rate | 4.00% (4.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 6.22% (6.22%) |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 14 |  |  |  |
| Total | &nbsp;&nbsp; $38831 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $90,783. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 51

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 February 28, 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.

**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. These amounts are not reflected on the Fund's Statement of Assets and Liabilities.

The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 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 February 28, 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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 JPMorgan Institutional Trust Funds February 28, 2026

------

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 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 February 28, 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 year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (a) (b)<br>| $58767 | $1129989 | $1107103 | $9 | $(3)<br>| $81659 | 81627 | $3151 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of February 28, 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 year ended February 28, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 53

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $366986 |
| Average Notional Balance Short | &nbsp;&nbsp; (15124)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 314196 |
| Ending Notional Balance Short | &nbsp;&nbsp; (39795)<br>|

---

**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 February 28, 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.

For the year ended February 28, 2026, the Fund did not pay any significant foreign, federal or state and local income taxes.

**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.

The following amounts were reclassified within the capital accounts:

---

| | | |
|:---|:---|:---|
| **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp;&nbsp; $(58)<br>|

---

The reclassifications for the Fund relate primarily to tax adjustments on certain investments.

**L. Segment Reporting** — An operating segment is defined in 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 JPMorgan Institutional Trust Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**M. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Fund's net assets or results of operations.

**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.

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 year ended February 28, 2026 and the contractual expense limitation is in place until at least June 30, 2026.

For the year ended February 28, 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** | **Contractual Waivers** | **Contractual Waivers** |
| **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Total** |
| &nbsp;&nbsp; $5206 | &nbsp;&nbsp; $3438 | &nbsp;&nbsp; $8644 |

---

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 year ended February 28, 2026 was $153.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 55

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

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 year ended February 28, 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 year ended February 28, 2026, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| $1547494 | $818409 | $1276731 | $423973 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $4548023 | &nbsp;&nbsp;&nbsp;&nbsp; $84099 | &nbsp;&nbsp;&nbsp;&nbsp; $85573 | &nbsp;&nbsp;&nbsp;&nbsp; $(1474)<br>|

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain derivatives and investments.

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $156371 | &nbsp;&nbsp;&nbsp;&nbsp; $156371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $109022 | &nbsp;&nbsp;&nbsp;&nbsp; $109022 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 JPMorgan Institutional Trust Funds February 28, 2026

------

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $1749 | &nbsp;&nbsp;&nbsp;&nbsp; $(114290)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1507)<br>|

---

The cumulative timing differences primarily consist of tax adjustments on certain derivatives and investments, and wash sale loss deferrals.

As of February 28, 2026, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $16526 | &nbsp;&nbsp;&nbsp;&nbsp; $97764 |

---

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) of:

---

| | |
|:---|:---|
| **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $(2199)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4082 |

---

During the year ended February 28, 2026, the Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $2940 |

---

**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 year ended February 28, 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 year ended February 28, 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 Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 57

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

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.

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 5, 2025, 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 year ended February 28, 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.

As of February 28, 2026, the Fund had one individual shareholder and/or non-affiliated omnibus accounts, which owned 10.2% of the Fund's outstanding shares.

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 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, sanctions and other trade barriers, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 JPMorgan Institutional Trust Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 | &nbsp;&nbsp;&nbsp;&nbsp; $80,383<br> (a)<br>| Subscription-in-kind |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) This amount includes cash of approximately $576 associated with the subscription in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 59

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Core Bond Trust (the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the relevant ethical requirements relating to our audit, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agent, agent bank and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 JPMorgan Institutional Trust Funds February 28, 2026

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended June 30, 2024. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.

**Treasury Income**

The Fund had 27.50%, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 JPMorgan Institutional Trust Funds 61

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

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.

![](g136946img37fc4be82.jpg)

------

![](g136946img0da97e5b3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-INSTT-226

------

**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**

Not applicable.

------

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.

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

------

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

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.

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

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.

------

ITEM 19. EXHIBITS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](d115273dex99code.htm)

#### 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.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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:](d115273dex99cert.htm)

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

(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.](d115273dex99906cert.htm)

#### 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 |
|  | May 7, 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 |
|  | May 7, 2026 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | May 7, 2026 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

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

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

**Persons covered by this Code of Ethics:** 

**Matthew J. Kamburowski Principal Executive Officer** 

**Timothy J. Clemens Principal Financial Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

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

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

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

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

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

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

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

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

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond
Trust (the "Fund"), a series of the JPMorgan Institutional Trust (the "Registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting 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; and

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

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

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

Date: May 7, 2026

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Core Bond
Trust (the "Fund"), a series of the JPMorgan Institutional Trust (the "Registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting 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; and

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

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

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

Date: May 7, 2026

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

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

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

I, Matthew J. Kamburowski, certify that:

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

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

---

| |
|:---|
| /s/ ****Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

May 7, 2026

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

------

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

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

I, Timothy J. Clemens, certify that:

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

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

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

May 7, 2026

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