JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

Investments	Shares (000)			Value ($000)
COMMON STOCKS — 38.7%
Australia — 1.1%
Adbri Ltd.		7			15
AGL Energy Ltd.		17			68
Alumina Ltd.		26			39
APA Group		3			21
AusNet Services Ltd.		9			16
Bendigo & Adelaide Bank Ltd.		3			21
BHP Group plc		9			215
Charter Hall Long Wale, REIT		19			66
CSR Ltd.		7			28
Dexus, REIT		10			74
Goodman Group, REIT		6			99
IOOF Holdings Ltd.		15			45
Mirvac Group, REIT		42			89
Rio Tinto plc		4			276
Sonic Healthcare Ltd.		1			37
Spark Infrastructure Group		13			26
Telstra Corp. Ltd.		8			24
Woodside Petroleum Ltd.		3			46
					1,205
Austria — 0.1%
ANDRITZ AG		—	(a)		18
Erste Group Bank AG		1			27
Mondi plc		1			32
OMV AG		1			59
					136
Belgium — 0.4%
Ageas SA		1			70
Cofinimmo SA, REIT		—	(a)		62
Euronav NV		2			23
KBC Group NV		—	(a)		38
Proximus SADP		2			49
Shurgard Self Storage SA		1			53
Telenet Group Holding NV		—	(a)		17
Warehouses De Pauw CVA, REIT		2			82
					394
Brazil — 0.1%
B3 SA - Brasil Bolsa Balcao		18			43
BB Seguridade Participacoes SA		6			22
Itau Unibanco Holding SA (Preference)		9			46
Yara International ASA		1			31
					142
Canada — 2.0%
Algonquin Power & Utilities Corp.		2			25
Allied Properties, REIT		4			116
AltaGas Ltd.		1			25
Atco Ltd., Class I		1			21
Bank of Nova Scotia (The)		1			42
Barrick Gold Corp.		3			58
BCE, Inc. (b)		2			96
Canadian Imperial Bank of Commerce		1			76
Canadian National Railway Co.		1			73
Canadian Tire Corp. Ltd., Class A		—	(a)		33
Canadian Utilities Ltd., Class A		3			88
Capital Power Corp.		1			22
Chartwell Retirement Residences		1			6
Emera, Inc.		1			27
Enbridge, Inc.		2			93
Fortis, Inc.		2			68
Gibson Energy, Inc.		1			21
Great-West Lifeco, Inc. (b)		2			69
Hydro One Ltd. (b) (c)		4			89
IGM Financial, Inc.		2			56
Keyera Corp.		1			25
Northland Power, Inc.		1			20
Nutrien Ltd.		1			80
Pembina Pipeline Corp.		3			94
Power Corp. of Canada		2			76
Restaurant Brands International, Inc.		1			65
Rogers Communications, Inc., Class B		1			60
Shaw Communications, Inc., Class B		3			80
Sienna Senior Living, Inc.		1			12
Superior Plus Corp.		2			19
TC Energy Corp.		5			246
TELUS Corp.		4			96
Thomson Reuters Corp.		1			68
Toronto-Dominion Bank (The)		2			121
TransAlta Renewables, Inc.		1			21
Westshore Terminals Investment Corp.		1			17
					2,204
Chile — 0.0% (d)
Banco Santander Chile, ADR		1			18
China — 1.7%
China Construction Bank Corp., Class H		218			156
China Merchants Bank Co. Ltd., Class H		25			195
China Pacific Insurance Group Co. Ltd., Class H		38			113
China Petroleum & Chemical Corp., Class H		126			62
China Resources Land Ltd.		24			101
Fuyao Glass Industry Group Co. Ltd., Class A		3			20
Guangdong Investment Ltd.		36			47
Haier Smart Home Co. Ltd., Class H		33			117
Huayu Automotive Systems Co. Ltd., Class A		21			75
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		24			141
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1			15
Joyoung Co. Ltd., Class A		7			24
Midea Group Co. Ltd., Class A		12			134
NetEase, Inc.		7			120
Ping An Insurance Group Co. of China Ltd., Class H		18			120
Postal Savings Bank of China Co. Ltd., Class H (c)		100			69
Tingyi Cayman Islands Holding Corp.		54			100
Topsports International Holdings Ltd. (c)		40			45
Wilmar International Ltd.		15			47
Xinyi Solar Holdings Ltd.		32			66
Yum China Holdings, Inc.		1			59
Zhejiang Supor Co. Ltd., Class A		7			53
					1,879

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Denmark — 0.3%
Novo Nordisk A/S, Class B		3			324
Finland — 0.5%
Elisa OYJ		1			60
Fortum OYJ		1			27
Nordea Bank Abp		18			229
Orion OYJ, Class B		2			72
Sampo OYJ, Class A		1			32
UPM-Kymmene OYJ		1			36
Wartsila OYJ Abp		4			53
					509
France — 1.2%
Amundi SA (c)		—	(a)		23
Atos SE		—	(a)		16
AXA SA		2			54
BNP Paribas SA		1			52
Cie de Saint-Gobain		1			46
Covivio, REIT		1			72
Credit Agricole SA		2			30
Danone SA		1			67
Engie SA		3			35
Eutelsat Communications SA		1			15
Gaztransport Et Technigaz SA		—	(a)		20
Kering SA		—	(a)		53
Klepierre SA, REIT		2			50
La Francaise des Jeux SAEM (c)		1			31
L’Oreal SA		—	(a)		84
LVMH Moet Hennessy Louis Vuitton SE		—	(a)		133
Orange SA		2			21
Publicis Groupe SA		1			42
Rexel SA*		1			21
Rubis SCA		1			21
Safran SA		1			101
Societe Generale SA		1			39
TotalEnergies SE		2			91
Vinci SA		2			201
					1,318
Germany — 1.9%
adidas AG		—	(a)		133
Allianz SE (Registered)		1			290
Aroundtown SA		4			30
BASF SE		2			128
Bayerische Motoren Werke AG		1			49
Daimler AG (Registered)		1			64
Deutsche Boerse AG		—	(a)		67
Deutsche Post AG (Registered)		3			210
Deutsche Telekom AG (Registered)		8			162
E.ON SE		2			26
Evonik Industries AG		1			23
Freenet AG		2			52
LEG Immobilien SE		—	(a)		37
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		1			225
RWE AG		1			21
SAP SE		1			76
Siemens AG (Registered)		1			94
Telefonica Deutschland Holding AG		28			79
Uniper SE		1			25
Volkswagen AG (Preference)		1			128
Vonovia SE		3			165
					2,084
Hong Kong — 0.6%
CK Asset Holdings Ltd.		11			61
CK Infrastructure Holdings Ltd.		4			20
CLP Holdings Ltd.		3			29
Hang Seng Bank Ltd.		4			63
HKBN Ltd.		18			21
HKT Trust & HKT Ltd.		53			72
Hong Kong Exchanges & Clearing Ltd.		3			160
PCCW Ltd.		43			22
Power Assets Holdings Ltd.		5			26
VTech Holdings Ltd.		4			29
WH Group Ltd. (c)		31			22
Xinyi Glass Holdings Ltd.		14			42
Yue Yuen Industrial Holdings Ltd.*		17			34
					601
India — 0.3%
Infosys Ltd., ADR		17			367
Indonesia — 0.3%
Bank Rakyat Indonesia Persero Tbk. PT		646			172
Telkom Indonesia Persero Tbk. PT, ADR (b)		6			165
					337
Ireland — 0.0% (d)
Smurfit Kappa Group plc		1			31
Italy — 0.5%
A2A SpA		38			78
ACEA SpA		—	(a)		5
Assicurazioni Generali SpA		2			43
Azimut Holding SpA		1			33
Enel SpA		9			71
Eni SpA		3			44
ERG SpA		—	(a)		9
Hera SpA		4			17
Intesa Sanpaolo SpA		38			109
Iren SpA		6			18
Italgas SpA		3			21
Mediobanca Banca di Credito Finanziario SpA*		2			28
Poste Italiane SpA (c)		2			34
Snam SpA		5			26
Terna - Rete Elettrica Nazionale		3			25
Unipol Gruppo SpA		2			14
					575
Japan — 1.8%
Aozora Bank Ltd.		2			56
ARTERIA Networks Corp.		1			12
Chubu Electric Power Co., Inc.		2			24
Chugoku Electric Power Co., Inc. (The)		2			14
Dai Nippon Printing Co. Ltd.		1			29
Daiwa House Industry Co. Ltd.		2			63
Daiwa House REIT Investment Corp., REIT		—	(a)		59
Electric Power Development Co. Ltd.		3			47
ENEOS Holdings, Inc.		8			33
FANUC Corp.		—	(a)		22
Honda Motor Co. Ltd.		2			52
Idemitsu Kosan Co. Ltd.		2			47
Japan Metropolitan Fund Invest, REIT		—	(a)		130

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Japan Post Holdings Co. Ltd.*		7			55
Japan Tobacco, Inc.		2			29
Kansai Electric Power Co., Inc. (The)		7			64
KDDI Corp.		1			39
Konica Minolta, Inc.		9			50
Kyushu Railway Co.		2			46
Lawson, Inc.		—	(a)		10
Mitsubishi Chemical Holdings Corp.		7			64
Mitsui Fudosan Logistics Park, Inc., REIT		—	(a)		64
Nippon Accommodations Fund, Inc., REIT		—	(a)		95
Nippon Building Fund, Inc., REIT		—	(a)		104
Nippon Prologis REIT, Inc., REIT		—	(a)		80
Nippon Telegraph & Telephone Corp.		2			55
Okinawa Electric Power Co., Inc. (The)		1			9
Osaka Gas Co. Ltd.		—	(a)		5
Otsuka Corp.		1			57
Shikoku Electric Power Co., Inc.		1			6
SoftBank Corp.		7			91
Sumitomo Forestry Co. Ltd.		2			38
Suzuki Motor Corp.		1			58
Takeda Pharmaceutical Co. Ltd.		2			49
Tohoku Electric Power Co., Inc.		8			62
Tokio Marine Holdings, Inc.		2			102
Tokyo Gas Co. Ltd.		1			13
Toyota Motor Corp.		7			125
United Urban Investment Corp., REIT		—	(a)		22
					1,980
Malta — 0.0% (d)
Kindred Group plc, SDR		2			27
Mexico — 0.4%
Bolsa Mexicana de Valores SAB de CV		7			13
Grupo Financiero Banorte SAB de CV, Class O		26			164
Kimberly-Clark de Mexico SAB de CV, Class A		23			38
Wal-Mart de Mexico SAB de CV		67			228
					443
Netherlands — 0.6%
ABN AMRO Bank NV, CVA* (c)		2			25
Akzo Nobel NV		—	(a)		41
ASML Holding NV		—	(a)		198
ASR Nederland NV		1			30
BE Semiconductor Industries NV		—	(a)		25
CTP NV (c)		3			68
Eurocommercial Properties NV, REIT		2			39
ING Groep NV		3			49
Koninklijke Ahold Delhaize NV		1			42
Koninklijke KPN NV		13			41
NN Group NV		1			38
PostNL NV		6			30
Randstad NV		—	(a)		32
					658
New Zealand — 0.1%
Contact Energy Ltd.		11			62
Spark New Zealand Ltd.		21			68
					130
Norway — 0.3%
Aker BP ASA		1			31
DNB Bank ASA		2			37
Equinor ASA		2			41
Fjordkraft Holding ASA (c)		2			10
Gjensidige Forsikring ASA		1			28
SFL Corp. Ltd.		3			23
Telenor ASA		6			94
					264
Portugal — 0.1%
EDP — Energias de Portugal SA		5			23
Galp Energia SGPS SA		3			29
NOS SGPS SA		5			22
Redes Energeticas Nacionais SGPS SA		1			4
					78
Russia — 0.5%
Alrosa PJSC		30			54
Evraz plc		4			34
LUKOIL PJSC, ADR		1			73
Moscow Exchange MICEX-RTS PJSC		46			109
Sberbank of Russia PJSC		44			205
Sberbank of Russia PJSC		1			3
Severstal PAO, GDR (c)		2			44
Severstal PAO, GDR (c)		1			22
					544
Saudi Arabia — 0.1%
Al Rajhi Bank		2			72
Singapore — 0.3%
Ascendas, REIT		68			151
BW LPG Ltd. (c)		4			21
CapitaLand Integrated Commercial Trust, REIT		1			2
DBS Group Holdings Ltd.		3			66
Keppel Infrastructure Trust		28			11
NetLink NBN Trust (c)		31			23
Singapore Telecommunications Ltd.		13			23
StarHub Ltd.		15			13
					310
South Africa — 0.2%
Anglo American plc		1			42
AVI Ltd.		4			24
Bid Corp. Ltd.*		2			33
SPAR Group Ltd. (The)		1			16
Vodacom Group Ltd.		6			59
					174
South Korea — 0.6%
ESR Kendall Square REIT Co. Ltd., REIT		6			31
NCSoft Corp.		—	(a)		44
Samsung Electronics Co. Ltd.		8			476
SK Telecom Co. Ltd., ADR		1			35
					586
Spain — 0.9%
ACS Actividades de Construccion y Servicios SA		1			26
Atlantica Sustainable Infrastructure plc		1			22
Banco Bilbao Vizcaya Argentaria SA		7			45
Banco Santander SA		16			58
Cellnex Telecom SA (c)		2			108
Enagas SA		3			77
Endesa SA		4			88
Iberdrola SA		13			126
Industria de Diseno Textil SA		2			60
Naturgy Energy Group SA		5			127
Red Electrica Corp. SA		3			57

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Repsol SA		6			79
Telefonica SA		19			89
					962
Sweden — 0.6%
Boliden AB*		1			33
Lundin Energy AB		1			31
Skandinaviska Enskilda Banken AB, Class A		3			39
SKF AB, Class B		1			28
SSAB AB, Class B*		4			16
Svenska Handelsbanken AB, Class A		3			33
Tele2 AB, Class B		7			105
Telia Co. AB		23			96
Volvo AB, Class B		11			257
					638
Switzerland — 1.4%
ABB Ltd. (Registered)		2			63
Adecco Group AG (Registered)		—	(a)		17
Cie Financiere Richemont SA (Registered)		1			55
Julius Baer Group Ltd.		—	(a)		28
Nestle SA (Registered)		3			416
Novartis AG (Registered)		1			103
OC Oerlikon Corp. AG (Registered)		5			59
Roche Holding AG		1			496
Swiss Life Holding AG (Registered)		—	(a)		15
Swisscom AG (Registered)		—	(a)		23
UBS Group AG (Registered)		4			56
Zurich Insurance Group AG		—	(a)		196
					1,527
Taiwan — 1.3%
Accton Technology Corp.		5			47
Chailease Holding Co. Ltd.		5			46
Chicony Electronics Co. Ltd.		2			6
Delta Electronics, Inc.		9			81
MediaTek, Inc.		3			97
Mega Financial Holding Co. Ltd.		37			42
Novatek Microelectronics Corp.		4			58
President Chain Store Corp.		8			80
Quanta Computer, Inc.		28			77
Realtek Semiconductor Corp.		4			70
Taiwan Semiconductor Manufacturing Co. Ltd.		26			544
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		1			106
Vanguard International Semiconductor Corp.		13			70
Wiwynn Corp.		1			31
					1,355
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		4			52
United Kingdom — 2.3%
3i Group plc		2			39
Abrdn plc		7			25
Admiral Group plc		1			36
Ashtead Group plc		1			41
Aviva plc		7			38
Barclays plc		19			49
Barratt Developments plc		10			91
Berkeley Group Holdings plc		1			31
BP plc		31			140
Burberry Group plc		1			18
Centrica plc*		24			18
Close Brothers Group plc		1			13
Diageo plc		2			90
Direct Line Insurance Group plc		20			77
Drax Group plc		1			10
GlaxoSmithKline plc		8			148
Hays plc		13			28
HSBC Holdings plc		14			74
Imperial Brands plc		3			68
J Sainsbury plc		7			26
Kingfisher plc		5			21
Legal & General Group plc		11			41
Lloyds Banking Group plc		76			47
M&G plc		11			30
Man Group plc		13			35
National Grid plc		2			24
NatWest Group plc		11			33
NewRiver REIT plc, REIT		21			23
Pennon Group plc		2			34
Persimmon plc		3			122
Petershill Partners plc* (c)		4			18
RELX plc		5			138
Safestore Holdings plc, REIT		5			65
Sage Group plc (The)		10			95
Schroders plc		1			28
Severn Trent plc		1			25
SSE plc		6			131
St. James’s Place plc		2			39
Taylor Wimpey plc		20			43
Tesco plc		9			29
Tritax EuroBox plc (c)		21			32
Unilever plc		1			48
UNITE Group plc (The), REIT		4			58
United Utilities Group plc		2			25
Vodafone Group plc		40			61
Workspace Group plc, REIT		4			49
WPP plc		6			82
					2,436
United States — 16.1%
3M Co.		—	(a)		65
AbbVie, Inc.		4			443
AGNC Investment Corp., REIT		4			62
Alliant Energy Corp.		1			69
Altria Group, Inc.		1			30
American Electric Power Co., Inc.		1			63
American Tower Corp., REIT		—	(a)		99
Americold Realty Trust, REIT		4			121
Amgen, Inc.		—	(a)		58
Analog Devices, Inc.		2			297
Annaly Capital Management, Inc., REIT		7			63
AT&T, Inc.		3			85
AvalonBay Communities, Inc., REIT		1			169
Avangrid, Inc.		1			31
Avast plc (c)		2			15
Avista Corp.		1			22
Boston Properties, Inc., REIT		1			63
Brandywine Realty Trust, REIT		9			121
Bristol-Myers Squibb Co.		6			359
Brixmor Property Group, Inc., REIT		5			109
Bunge Ltd.		1			79
Camden Property Trust, REIT		1			149
Campbell Soup Co.		1			37
Cardinal Health, Inc.		1			63

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
CenterPoint Energy, Inc.		5			126
CF Industries Holdings, Inc.		2			87
Chesapeake Energy Corp.		—	(a)		4
Chevron Corp.		1			135
Cigna Corp.		—	(a)		72
Cisco Systems, Inc.		1			70
Clear Channel Outdoor Holdings, Inc.*		5			13
Clearway Energy, Inc., Class C		1			21
CME Group, Inc.		1			206
CMS Energy Corp.		—	(a)		13
Coca-Cola Co. (The)		9			495
Cogent Communications Holdings, Inc.		—	(a)		23
Comcast Corp., Class A		5			283
Comerica, Inc.		1			85
Consolidated Edison, Inc.		1			66
CoreSite Realty Corp., REIT		—	(a)		69
DHT Holdings, Inc.		4			24
Dominion Energy, Inc.		1			92
Douglas Emmett, Inc., REIT		3			110
Dow, Inc.		1			69
DTE Energy Co.		1			60
Duke Energy Corp.		1			96
Eastman Chemical Co.		2			178
Eaton Corp. plc		2			229
Edison International		1			64
Eli Lilly & Co.		—	(a)		41
Emerson Electric Co.		1			70
Entergy Corp.		1			65
EOG Resources, Inc.		1			47
EP Energy Corp.* (b)		—	(a)		36
Equinix, Inc., REIT		—	(a)		346
Equity LifeStyle Properties, Inc., REIT		2			145
Essex Property Trust, Inc., REIT		—	(a)		150
Evergy, Inc.		2			94
Exelon Corp.		2			73
Exxon Mobil Corp.		1			74
Fastenal Co.		1			61
Federal Realty Investment Trust, REIT		2			196
Ferguson plc		—	(a)		50
Frontier Communications Parent, Inc.*		1			41
General Dynamics Corp.		—	(a)		75
General Mills, Inc.		1			67
Genuine Parts Co.		1			70
Gilead Sciences, Inc.		1			71
Hasbro, Inc.		1			59
Hawaiian Electric Industries, Inc.		1			26
Healthcare Trust of America, Inc., Class A, REIT		3			91
Healthpeak Properties, Inc., REIT		7			248
Hewlett Packard Enterprise Co.		5			70
Host Hotels & Resorts, Inc., REIT*		6			96
HP, Inc.		2			68
IDACORP, Inc.		—	(a)		27
iHeartMedia, Inc., Class A*		1			31
International Business Machines Corp.		1			71
International Flavors & Fragrances, Inc.		—	(a)		12
International Paper Co.		1			73
Interpublic Group of Cos., Inc. (The)		1			28
Invitation Homes, Inc., REIT		5			204
Iron Mountain, Inc., REIT		2			75
JM Smucker Co. (The)		—	(a)		42
Johnson & Johnson		3			412
Juniper Networks, Inc.		2			68
Kellogg Co.		1			67
Kimberly-Clark Corp.		1			68
Kimco Realty Corp., REIT		7			152
Kinder Morgan, Inc.		6			93
Kraft Heinz Co. (The)		2			65
Lumen Technologies, Inc.		7			88
LyondellBasell Industries NV, Class A		1			68
Macquarie Infrastructure Holdings LLC		1			27
Marathon Petroleum Corp.		1			70
McDonald’s Corp.		1			222
Medtronic plc		1			152
Merck & Co., Inc.		5			356
Motorola Solutions, Inc.		—	(a)		38
National Fuel Gas Co.		1			27
National HealthCare Corp.		—	(a)		7
National Retail Properties, Inc., REIT		2			98
NetApp, Inc.		1			78
Newell Brands, Inc.		3			66
NextEra Energy, Inc.		2			182
NiSource, Inc.		3			67
NMG, Inc.*		—	(a)		—	(a)
Nordic American Tankers Ltd.		1			4
Norfolk Southern Corp.		—	(a)		93
NorthWestern Corp.		—	(a)		24
NortonLifeLock, Inc.		2			49
NRG Energy, Inc.		1			22
Oasis Petroleum, Inc.		1			81
OGE Energy Corp.		1			26
Omnicom Group, Inc.		2			145
ONEOK, Inc.		2			104
PACCAR, Inc.		1			59
Packaging Corp. of America		1			69
Park Hotels & Resorts, Inc., REIT*		5			95
PepsiCo, Inc.		1			160
Philip Morris International, Inc.		2			179
Phillips 66		1			71
Pinnacle West Capital Corp.		1			89
PPL Corp.		3			90
Procter & Gamble Co. (The)		3			448
Progressive Corp. (The)		2			216
Prologis, Inc., REIT		5			593
Public Service Enterprise Group, Inc.		2			95
Public Storage, REIT		1			277
Quest Diagnostics, Inc.		—	(a)		46
Raytheon Technologies Corp.		1			69
Realty Income Corp., REIT		1			65
Rexford Industrial Realty, Inc., REIT		1			63
Schneider Electric SE		1			244
Seagate Technology Holdings plc		3			234
Sempra Energy		—	(a)		63
Shenandoah Telecommunications Co.		—	(a)		10
Simon Property Group, Inc., REIT		1			77
Southern Co. (The)		1			93
Spire, Inc.		—	(a)		22
State Street Corp.		2			149
Steel Dynamics, Inc.		1			73
Stellantis NV		1			18
Stellantis NV		2			31
Sun Communities, Inc., REIT		1			187
Texas Instruments, Inc.		1			225
Trane Technologies plc		1			167

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Truist Financial Corp.		3			177
UGI Corp.		1			25
Valero Energy Corp.		1			72
Ventas, Inc., REIT		5			260
VEREIT, Inc., REIT		3			123
Verizon Communications, Inc.		5			267
VICI Properties, Inc., REIT		5			154
Vornado Realty Trust, REIT		2			100
Walgreens Boots Alliance, Inc.		1			65
WEC Energy Group, Inc.		1			65
Wells Fargo & Co.		2			109
Welltower, Inc., REIT		1			48
Western Union Co. (The)		3			65
Whiting Petroleum Corp.*		1			52
Williams Cos., Inc. (The)		4			97
WP Carey, Inc., REIT		1			64
Yum! Brands, Inc.		—	(a)		19
					17,413
TOTAL COMMON STOCKS (Cost $36,467)					41,773
	Principal Amount ($000)
CORPORATE BONDS — 36.2%
Australia — 0.2%
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (e) (f) (g) (h)		200			233
FMG Resources August 2006 Pty. Ltd. 4.50%, 9/15/2027 (g)		12			13
Glencore Funding LLC 2.50%, 9/1/2030 (g)		6			6
					252
Belgium — 0.0% (d)
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 6/1/2030		19			21
4.38%, 4/15/2038		6			7
					28
Canada — 1.4%
1011778 BC ULC 3.88%, 1/15/2028 (g)		17			17
Alimentation Couche-Tard, Inc. 3.44%, 5/13/2041 (g)		6			6
Bank of Nova Scotia (The)
(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (e) (f) (h)		13			13
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (e) (f) (h)		23			25
1.30%, 9/15/2026		5			5
Bell Canada (The) Series US-5, 2.15%, 2/15/2032		6			6
Bombardier, Inc.
7.50%, 12/1/2024 (g)		45			47
7.50%, 3/15/2025 (g)		38			39
Cenovus Energy, Inc. 5.38%, 7/15/2025		72			82
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (f)		240			285
Enbridge, Inc.
4.50%, 6/10/2044		3			4
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (f)		10			11
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (f)		45			50
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (f)		117			132
GFL Environmental, Inc. 3.50%, 9/1/2028 (g)		190			191
MEG Energy Corp. 6.50%, 1/15/2025 (g)		35			36
NOVA Chemicals Corp.
5.00%, 5/1/2025 (g)		89			94
5.25%, 6/1/2027 (g)		26			27
4.25%, 5/15/2029 (g)		40			40
Open Text Corp. 5.88%, 6/1/2026 (g)		57			59
Precision Drilling Corp. 7.13%, 1/15/2026 (g)		23			24
Quebecor Media, Inc. 5.75%, 1/15/2023		130			138
Rogers Communications, Inc.
4.35%, 5/1/2049		3			4
3.70%, 11/15/2049		3			3
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (f)		33			37
(SOFR + 4.42%), 5.50%, 9/15/2079 (f)		72			79
Videotron Ltd. 5.13%, 4/15/2027 (g)		32			33
					1,487
Cayman Islands — 0.0% (d)
Global Aircraft Leasing Co. Ltd. 6.50% (cash), 9/15/2024 (g) (i)		32			32
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		12			13
6.63%, 5/15/2039		33			45
					58
France — 0.6%
Altice France SA 8.13%, 2/1/2027 (g)		200			215
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (f) (g) (h)		200			242

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Societe Generale SA (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (e) (f) (g) (h)		200		234
				691
Germany — 0.0% (d)
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (j)		16		24
Ireland — 0.3%
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (f)		150		156
Avolon Holdings Funding Ltd.
5.25%, 5/15/2024 (g)		21		23
2.53%, 11/18/2027 (g)		71		70
Park Aerospace Holdings Ltd.
4.50%, 3/15/2023 (g)		16		17
5.50%, 2/15/2024 (g)		11		12
				278
Italy — 0.3%
Telecom Italia Capital SA
6.38%, 11/15/2033		20		23
6.00%, 9/30/2034		112		126
UniCredit SpA (EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027 (c) (e) (f) (h)	EUR	200		226
				375
Luxembourg — 0.1%
Intelsat Jackson Holdings SA
8.00%, 2/15/2024 (g) (j) (k)		77		79
9.75%, 7/15/2025 (g) (k)		35		19
				98
Netherlands — 0.2%
Trivium Packaging Finance BV 5.50%, 8/15/2026 (g) (j)		200		209
Sweden — 0.2%
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (c) (e) (f) (h)		200		213
Switzerland — 0.8%
Cloverie PLC for Zurich Insurance Co Ltd (ICE LIBOR USD 3 Month + 4.92%), 5.63%, 6/24/2046 (c) (f)		200		231
Credit Suisse Group AG
(USD Swap Semi 5 Year + 5.11%), 7.13%, 7/29/2022 (c) (e) (f) (h)		200		208
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (f) (g) (h)		200		215
UBS Group AG (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (c) (e) (f) (h)		200		228
				882
United Kingdom — 1.0%
BAT Capital Corp. 4.39%, 8/15/2037		8		9
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (e) (f) (h)		26		28
(EUR Swap Annual 5 Year + 4.12%), 3.63%, 3/22/2029 (c) (e) (f) (h)	EUR	100		125
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (e) (f) (h)		142		156
Nationwide Building Society (U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (c) (e) (f) (h)	GBP	250		373
NatWest Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (e) (f) (h)		200		224
Vodafone Group plc
5.00%, 5/30/2038		10		12
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f)		57		70
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (f)		5		5
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081 (f)		65		66
				1,068
United States — 31.0%
7-Eleven, Inc. 1.80%, 2/10/2031 (g)		6		6
AbbVie, Inc. 3.20%, 11/21/2029		26		28
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (g)		95		100
ACCO Brands Corp. 4.25%, 3/15/2029 (g)		105		105
Activision Blizzard, Inc. 1.35%, 9/15/2030		10		9
ADT Security Corp. (The)
4.13%, 6/15/2023		82		86
4.88%, 7/15/2032 (g)		45		45
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (g)		10		10
AECOM 5.13%, 3/15/2027		53		59

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Aetna, Inc. 3.88%, 8/15/2047		10		11
Air Lease Corp. 3.75%, 6/1/2026		5		5
Albertsons Cos., Inc.
5.75%, 3/15/2025		5		5
7.50%, 3/15/2026 (g)		80		86
5.88%, 2/15/2028 (g)		38		41
Alcoa Nederland Holding BV 6.13%, 5/15/2028 (g)		200		217
Alexandria Real Estate Equities, Inc. REIT, 2.75%, 12/15/2029		5		5
Allegheny Technologies, Inc. 5.88%, 12/1/2027 (b)		10		11
Allied Universal Holdco LLC
6.63%, 7/15/2026 (g)		13		14
9.75%, 7/15/2027 (g)		13		14
Allison Transmission, Inc.
4.75%, 10/1/2027 (g)		65		68
5.88%, 6/1/2029 (g)		70		76
Ally Financial, Inc.
5.75%, 11/20/2025		110		126
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 3.48%), 4.70%, 5/15/2028 (e) (f) (h)		55		57
8.00%, 11/1/2031		39		56
Altria Group, Inc.
4.80%, 2/14/2029		5		6
3.40%, 2/4/2041		3		3
AMC Entertainment Holdings, Inc.
10.50%, 4/24/2026 (g)		26		28
12.00% (PIK), 6/15/2026 (g) (i)		81		75
Ameren Corp. 3.50%, 1/15/2031		5		5
American Airlines Group, Inc. 5.00%, 6/1/2022 (g)		21		21
American Airlines, Inc. 5.75%, 4/20/2029 (g)		85		92
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026 (b)		52		54
6.50%, 4/1/2027		53		55
American Express Co. Series B, (ICE LIBOR USD 3 Month + 3.43%), 3.55%, 11/15/2021 (e) (f) (h)		18		18
American International Group, Inc.
3.88%, 1/15/2035		15		17
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (f)		29		33
American Tower Corp. REIT, 1.50%, 1/31/2028		15		15
AmeriGas Partners LP
5.63%, 5/20/2024		25		27
5.88%, 8/20/2026		55		62
5.75%, 5/20/2027		35		40
Amgen, Inc. 2.00%, 1/15/2032		10		10
Amkor Technology, Inc. 6.63%, 9/15/2027 (g)		62		66
Amsted Industries, Inc. 5.63%, 7/1/2027 (g)		21		22
Antero Midstream Partners LP
7.88%, 5/15/2026 (g)		65		71
5.38%, 6/15/2029 (g)		60		62
Antero Resources Corp.
8.38%, 7/15/2026 (g)		41		46
5.38%, 3/1/2030 (g)		55		58
Anthem, Inc. 2.88%, 9/15/2029		13		14
Apple, Inc. 4.50%, 2/23/2036		3		4
Aramark Services, Inc. 5.00%, 2/1/2028 (g)		85		87
Arches Buyer, Inc. 4.25%, 6/1/2028 (g)		85		86
Archrock Partners LP 6.88%, 4/1/2027 (g)		7		7
Arconic Corp. 6.00%, 5/15/2025 (g)		110		116
Ardagh Packaging Finance plc 4.13%, 8/15/2026 (g)		200		208
AT&T, Inc.
2.25%, 2/1/2032		6		6
3.50%, 6/1/2041		10		10
Audacy Capital Corp. 6.50%, 5/1/2027 (b) (g)		41		42
Avantor Funding, Inc. 4.63%, 7/15/2028 (g)		85		89
Avis Budget Car Rental LLC 5.75%, 7/15/2027 (b) (g)		24		25
B&G Foods, Inc. 5.25%, 4/1/2025		146		149
Bank of America Corp.
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023 (e) (f) (h)		56		58
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.13%, 6/20/2024 (e) (f) (h)		24		25
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (e) (f) (h)		177		195
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (e) (f) (h)		53		59
Series MM, (ICE LIBOR USD 3 Month + 2.66%), 4.30%, 1/28/2025 (e) (f) (h)		111		113
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (h)		72		80
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (e) (f) (h)		197		229
(SOFR + 0.96%), 1.73%, 7/22/2027 (f)		50		50

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (e) (f) (h)		102		116
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (f)		3		3
Bank of New York Mellon Corp. (The)
Series E, (ICE LIBOR USD 3 Month + 3.42%), 3.54%, 12/20/2021 (e) (f) (h)		22		22
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (e) (f) (h)		24		25
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (e) (f) (h)		13		14
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026 (e) (f) (h)		20		21
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (e) (f) (h)		95		103
Bath & Body Works, Inc. 7.50%, 6/15/2029		100		114
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (g)		26		28
8.50%, 1/31/2027 (g)		205		218
Bausch Health Cos., Inc.
6.13%, 4/15/2025 (g)		75		76
5.50%, 11/1/2025 (g)		121		123
9.00%, 12/15/2025 (g)		68		72
5.75%, 8/15/2027 (g)		12		13
7.00%, 1/15/2028 (g)		20		20
5.00%, 1/30/2028 (g)		340		323
7.25%, 5/30/2029 (g)		22		22
Becton Dickinson and Co. 2.82%, 5/20/2030		10		10
Berry Global, Inc.
4.88%, 7/15/2026 (g)		84		88
5.63%, 7/15/2027 (g)		20		21
Biogen, Inc. 2.25%, 5/1/2030		11		11
Boston Properties LP REIT, 2.45%, 10/1/2033		5		5
BP Capital Markets America, Inc. 3.63%, 4/6/2030		3		3
Brink’s Co. (The) 4.63%, 10/15/2027 (g)		75		78
Bristol-Myers Squibb Co. 4.13%, 6/15/2039		19		23
Broadcom, Inc. 4.30%, 11/15/2032		6		7
Buckeye Partners LP 3.95%, 12/1/2026		60		61
Builders FirstSource, Inc. 4.25%, 2/1/2032 (g)		70		72
BWX Technologies, Inc. 4.13%, 4/15/2029 (g)		120		123
Callon Petroleum Co.
6.13%, 10/1/2024		8		8
6.38%, 7/1/2026		6		6
Calpine Corp.
5.25%, 6/1/2026 (g)		61		63
4.50%, 2/15/2028 (g)		75		76
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (e) (f) (h)		64		66
Carnival Corp. 9.88%, 8/1/2027 (g)		115		133
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (g)		29		30
CCO Holdings LLC
5.50%, 5/1/2026 (g)		66		68
5.13%, 5/1/2027 (g)		158		165
5.00%, 2/1/2028 (g)		23		24
5.38%, 6/1/2029 (g)		270		292
4.75%, 3/1/2030 (g)		404		422
CDK Global, Inc. 5.25%, 5/15/2029 (g)		99		107
CDW LLC 4.25%, 4/1/2028		40		42
Cedar Fair LP
5.38%, 4/15/2027		3		3
5.25%, 7/15/2029		101		104
Centene Corp. 3.38%, 2/15/2030		330		342
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (e) (f) (h)		46		49
Central Garden & Pet Co. 5.13%, 2/1/2028		140		148
Charles Schwab Corp. (The)
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (e) (f) (h)		135		150
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (e) (f) (h)		47		50
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (f) (h)		209		216
Chemours Co. (The) 5.38%, 5/15/2027 (b)		95		102
Cheniere Energy Partners LP
4.50%, 10/1/2029		120		128
3.25%, 1/31/2032 (g)		30		30
Cigna Corp. 4.38%, 10/15/2028		15		17
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (g)		45		46
8.00%, 10/15/2025 (g)		15		15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
CIT Group, Inc.
4.75%, 2/16/2024		22		24
5.25%, 3/7/2025		45		50
6.13%, 3/9/2028		21		25
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (f) (h)		114		119
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (e) (f) (h)		30		31
Series D, (ICE LIBOR USD 3 Month + 3.47%), 5.35%, 5/15/2023 (e) (f) (h)		10		10
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (e) (f) (h)		158		171
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (e) (f) (h)		141		147
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (e) (f) (h)		79		81
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (f) (h)		103		112
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (e) (f) (h)		159		165
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (e) (f) (h)		70		72
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (e) (f) (h)		98		113
(SOFR + 0.77%), 1.46%, 6/9/2027 (f)		35		35
Citizens Financial Group, Inc.
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (e) (f) (h)		23		24
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (e) (f) (h)		35		38
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (e) (f) (h)		55		56
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (g)		70		70
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (g)		35		36
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (f)		36		40
CNX Resources Corp. 7.25%, 3/14/2027 (g)		55		59
Colfax Corp. 6.38%, 2/15/2026 (g)		5		5
Comcast Corp. 4.15%, 10/15/2028		5		6
Commercial Metals Co.
4.88%, 5/15/2023		19		20
5.38%, 7/15/2027		61		64
CommScope Technologies LLC
6.00%, 6/15/2025 (g)		97		98
5.00%, 3/15/2027 (b) (g)		15		14
CommScope, Inc.
6.00%, 3/1/2026 (g)		35		36
8.25%, 3/1/2027 (g)		75		79
4.75%, 9/1/2029 (g)		75		75
Community Health Systems, Inc. 8.00%, 3/15/2026 (g)		176		187
Constellation Brands, Inc. 2.25%, 8/1/2031		10		10
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (g)		32		31
Covanta Holding Corp. 5.88%, 7/1/2025		19		20
Cox Communications, Inc. 4.80%, 2/1/2035 (g)		6		7
Crestwood Midstream Partners LP
5.75%, 4/1/2025 (b)		29		30
5.63%, 5/1/2027 (g)		10		10
Crown Americas LLC
4.50%, 1/15/2023		27		28
4.75%, 2/1/2026		26		27
Crown Castle International Corp. REIT, 2.10%, 4/1/2031		16		15
CSC Holdings LLC
6.75%, 11/15/2021		27		27
5.88%, 9/15/2022		15		16
5.25%, 6/1/2024		157		168
5.75%, 1/15/2030 (g)		200		203
CSX Corp. 2.40%, 2/15/2030		3		3
CVR Partners LP 9.25%, 6/15/2023 (g)		20		20
CVS Health Corp.
4.30%, 3/25/2028		4		4
2.13%, 9/15/2031		6		6
4.13%, 4/1/2040		6		7
2.70%, 8/21/2040		3		3
5.30%, 12/5/2043		6		8
Dana, Inc. 5.38%, 11/15/2027		115		121
Darling Ingredients, Inc. 5.25%, 4/15/2027 (g)		12		12
DaVita, Inc. 4.63%, 6/1/2030 (g)		140		144
DCP Midstream Operating LP
4.95%, 4/1/2022		5		5
3.88%, 3/15/2023		38		39
5.38%, 7/15/2025		14		15
6.75%, 9/15/2037 (b) (g)		20		26
Dell International LLC
7.13%, 6/15/2024 (g)		65		66
6.02%, 6/15/2026		10		12
4.90%, 10/1/2026		5		6
Diamond Sports Group LLC 5.38%, 8/15/2026 (g)		53		35

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
DIRECTV Holdings LLC 5.88%, 8/15/2027 (g)		100		104
Discovery Communications LLC 5.30%, 5/15/2049		6		7
DISH DBS Corp.
5.88%, 7/15/2022		24		25
5.00%, 3/15/2023		223		231
5.88%, 11/15/2024		25		27
7.75%, 7/1/2026		125		141
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (e) (f) (h)		24		26
Series C, 2.25%, 8/15/2031		3		3
(ICE LIBOR USD 3 Month + 3.06%), 5.75%, 10/1/2054 (f)		10		11
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (g)		87		91
DT Midstream, Inc. 4.13%, 6/15/2029 (g)		150		152
Duke Energy Corp.
3.75%, 9/1/2046		3		3
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (f)		50		50
Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (g)		27		28
Element Solutions, Inc. 3.88%, 9/1/2028 (g)		130		131
Embarq Corp. 8.00%, 6/1/2036		124		133
EMC Corp. 3.38%, 6/1/2023		26		27
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (b) (g)		95		92
Encompass Health Corp. 4.50%, 2/1/2028		185		191
Energizer Holdings, Inc. 4.75%, 6/15/2028 (g)		140		142
Energy Transfer LP
4.20%, 4/15/2027		5		6
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (f) (h)		65		63
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (e) (f) (h)		30		31
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (f) (h)		30		23
4.40%, 4/1/2024		19		20
4.15%, 6/1/2025		23		23
4.85%, 7/15/2026		58		61
5.60%, 4/1/2044		5		5
Entegris, Inc. 3.63%, 5/1/2029 (g)		125		128
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (f)		25		26
Envision Healthcare Corp. 8.75%, 10/15/2026 (g)		20		16
EOG Resources, Inc. 5.10%, 1/15/2036		3		4
EQT Corp. 6.63%, 2/1/2025 (j)		105		120
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (e) (f) (h)		5		5
Evergy, Inc. 2.90%, 9/15/2029		5		5
Exela Intermediate LLC 10.00%, 7/15/2023 (g)		94		73
Exxon Mobil Corp. 4.23%, 3/19/2040		13		15
Fiserv, Inc. 3.50%, 7/1/2029		10		11
Ford Motor Credit Co. LLC
4.39%, 1/8/2026		200		213
4.54%, 8/1/2026		200		216
5.11%, 5/3/2029		275		307
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		140		146
5.45%, 3/15/2043		75		92
Frontier Communications Holdings LLC 5.88%, 11/1/2029		5		5
Gap, Inc. (The) 3.63%, 10/1/2029 (g)		50		50
Gartner, Inc. 4.50%, 7/1/2028 (g)		95		100
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 3.45%, 12/15/2021 (e) (f) (h)		304		298
Genesis Energy LP
6.50%, 10/1/2025		5		5
6.25%, 5/15/2026		15		15
Gilead Sciences, Inc. 1.65%, 10/1/2030		16		15
Global Payments, Inc. 3.20%, 8/15/2029		10		11
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (g)		50		52
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 4.00%, 11/8/2021 (e) (f) (h)		22		22

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Goldman Sachs Group, Inc. (The)
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (e) (f) (h)		5		5
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (e) (f) (h)		7		7
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (e) (f) (h)		69		71
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026 (e) (f) (h)		42		42
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (e) (f) (h)		21		23
(SOFR + 0.82%), 1.54%, 9/10/2027 (f)		10		10
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026		47		48
5.00%, 7/15/2029 (g)		10		11
Gray Television, Inc.
5.88%, 7/15/2026 (g)		20		21
7.00%, 5/15/2027 (g)		45		48
Greif, Inc. 6.50%, 3/1/2027 (g)		126		132
Griffon Corp. 5.75%, 3/1/2028		95		100
Hanesbrands, Inc. 4.88%, 5/15/2026 (g)		60		65
Harsco Corp. 5.75%, 7/31/2027 (g)		9		9
HCA, Inc.
5.38%, 2/1/2025		146		163
5.88%, 2/15/2026		285		327
5.63%, 9/1/2028		274		326
2.38%, 7/15/2031		10		10
Herc Holdings, Inc. 5.50%, 7/15/2027 (g)		28		29
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (g)		75		78
Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030		24		26
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		28		29
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		32		33
Hologic, Inc.
4.63%, 2/1/2028 (g)		25		26
3.25%, 2/15/2029 (g)		75		75
Howmet Aerospace, Inc.
5.13%, 10/1/2024		107		118
5.90%, 2/1/2027		8		10
5.95%, 2/1/2037		34		42
Hughes Satellite Systems Corp. 6.63%, 8/1/2026 (b)		145		165
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (e) (f) (h)		23		24
Hyundai Capital America
1.65%, 9/17/2026 (g)		5		5
2.10%, 9/15/2028 (g)		5		5
Icahn Enterprises LP
4.75%, 9/15/2024		70		73
6.38%, 12/15/2025		22		22
iHeartCommunications, Inc.
6.38%, 5/1/2026		57		60
8.38%, 5/1/2027		98		104
5.25%, 8/15/2027 (g)		18		19
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55%), 3.46%, 12/21/2065 (f) (g)		100		81
Imola Merger Corp. 4.75%, 5/15/2029 (g)		110		114
Intel Corp. 2.00%, 8/12/2031		3		3
International Game Technology plc 6.50%, 2/15/2025 (g)		200		223
IQVIA, Inc. 5.00%, 5/15/2027 (g)		200		208
IRB Holding Corp. 6.75%, 2/15/2026 (g)		56		58
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (g)		84		87
REIT, 5.25%, 3/15/2028 (g)		48		50
ITC Holdings Corp. 2.95%, 5/14/2030 (g)		5		5
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (g)		31		33
JBS USA LUX SA
6.50%, 4/15/2029 (g)		63		70
5.50%, 1/15/2030 (g)		42		47
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (g)		80		83
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		100		102
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		11		12
Kroger Co. (The) 1.70%, 1/15/2031		6		6
L3Harris Technologies, Inc. 1.80%, 1/15/2031		5		5
LABL, Inc. 6.75%, 7/15/2026 (g)		100		105
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (g)		48		49
Lamar Media Corp. 4.88%, 1/15/2029		85		90
Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (g)		89		91

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Lennar Corp.
4.50%, 4/30/2024		15		16
5.88%, 11/15/2024		45		51
4.75%, 5/30/2025		5		6
5.25%, 6/1/2026		14		16
5.00%, 6/15/2027		20		23
Level 3 Financing, Inc.
5.38%, 5/1/2025		91		93
5.25%, 3/15/2026		54		56
Liberty Interactive LLC 8.25%, 2/1/2030		35		39
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (g)		33		34
6.50%, 5/15/2027 (g)		165		182
Lowe’s Cos., Inc. 3.70%, 4/15/2046		6		7
Lumen Technologies, Inc.
Series T, 5.80%, 3/15/2022		30		31
Series W, 6.75%, 12/1/2023		28		31
Series Y, 7.50%, 4/1/2024		2		2
5.63%, 4/1/2025		57		62
Series G, 6.88%, 1/15/2028		160		181
Madison IAQ LLC 4.13%, 6/30/2028 (g)		115		115
MasTec, Inc. 4.50%, 8/15/2028 (g)		95		99
Matador Resources Co. 5.88%, 9/15/2026		55		57
Mattel, Inc. 3.15%, 3/15/2023		37		38
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (g)		227		229
McDonald’s Corp. 3.70%, 2/15/2042		6		7
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 11/8/2021 (e) (f) (h)		18		18
Meredith Corp. 6.88%, 2/1/2026		181		187
MetLife Capital Trust IV 7.88%, 12/15/2037 (g)		100		139
MetLife, Inc.
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (e) (f) (h)		70		73
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (e) (f) (h)		59		69
6.40%, 12/15/2036		98		126
6.40%, 12/15/2036		10		13
MGM Growth Properties Operating Partnership LP REIT, 5.75%, 2/1/2027		23		26
MGM Resorts International 4.63%, 9/1/2026		200		210
Midcontinent Communications 5.38%, 8/15/2027 (g)		17		18
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		10		12
Mondelez International, Inc. 1.50%, 2/4/2031 (b)		6		6
Morgan Stanley
Series H, (ICE LIBOR USD 3 Month + 3.61%), 3.74%, 1/15/2022 (e) (f) (h)		239		241
Series N, (ICE LIBOR USD 3 Month + 3.16%), 5.30%, 12/15/2025 (e) (f) (h)		8		8
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (e) (f) (h)		18		21
(SOFR + 0.86%), 1.51%, 7/20/2027 (f)		20		20
(SOFR + 1.36%), 2.48%, 9/16/2036 (f)		3		3
MPLX LP 4.50%, 4/15/2038		3		3
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (f)		20		22
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (g)		95		99
NCR Corp.
5.75%, 9/1/2027 (g)		25		26
6.13%, 9/1/2029 (g)		105		114
Netflix, Inc.
5.88%, 2/15/2025		100		114
4.88%, 4/15/2028		15		17
5.88%, 11/15/2028		60		74
5.38%, 11/15/2029 (g)		15		18
4.88%, 6/15/2030 (g)		15		18
New Albertsons LP
7.75%, 6/15/2026		5		6
6.63%, 6/1/2028		15		16
7.45%, 8/1/2029		21		24
8.00%, 5/1/2031		80		98
Newell Brands, Inc. 4.70%, 4/1/2026 (j)		150		165
Nexstar Media, Inc.
5.63%, 7/15/2027 (g)		43		46
4.75%, 11/1/2028 (g)		55		57
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 2.07%), 2.21%, 10/1/2066 (f)		47		45
(ICE LIBOR USD 3 Month + 2.13%), 2.24%, 6/15/2067 (f)		64		61
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (f)		28		33
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (g)		23		24
4.25%, 9/15/2024 (g)		4		4
4.50%, 9/15/2027 (g)		8		9
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (b) (g)		10		10

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (e) (f) (h)		62		65
1.70%, 2/15/2031		5		5
4.80%, 2/15/2044		3		4
Nissan Motor Acceptance Co. LLC
1.13%, 9/16/2024 (g)		5		5
1.85%, 9/16/2026 (g)		5		5
2.45%, 9/15/2028 (g)		10		10
Norfolk Southern Corp. 2.30%, 5/15/2031		3		3
Northrop Grumman Corp. 5.15%, 5/1/2040		13		17
NRG Energy, Inc.
6.63%, 1/15/2027		11		11
5.75%, 1/15/2028		12		13
5.25%, 6/15/2029 (g)		136		145
Nuance Communications, Inc. 5.63%, 12/15/2026		59		61
NuStar Logistics LP
6.00%, 6/1/2026		12		13
5.63%, 4/28/2027		30		32
Occidental Petroleum Corp. 8.88%, 7/15/2030		115		156
Oceaneering International, Inc. 6.00%, 2/1/2028		14		14
ON Semiconductor Corp. 3.88%, 9/1/2028 (g)		85		88
OneMain Finance Corp.
6.13%, 5/15/2022		5		5
5.63%, 3/15/2023		27		29
6.13%, 3/15/2024		20		21
6.88%, 3/15/2025		45		51
7.13%, 3/15/2026		52		60
6.63%, 1/15/2028		33		38
Oracle Corp.
3.90%, 5/15/2035		7		8
3.85%, 7/15/2036		2		2
Outfront Media Capital LLC 5.00%, 8/15/2027 (g)		15		15
Pacific Gas and Electric Co. 4.00%, 12/1/2046		3		3
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (g)		200		198
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (g)		12		12
PBF Logistics LP 6.88%, 5/15/2023 (b)		7		7
Performance Food Group, Inc. 5.50%, 10/15/2027 (g)		20		21
PG&E Corp. 5.00%, 7/1/2028		110		112
Philip Morris International, Inc. 3.38%, 8/15/2029		10		11
Pilgrim’s Pride Corp. 5.88%, 9/30/2027 (g)		39		41
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (e) (f) (h)		33		30
PNC Financial Services Group, Inc. (The)
Series O, (ICE LIBOR USD 3 Month + 3.68%), 3.80%, 2/1/2022 (e) (f) (h)		68		68
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (e) (f) (h)		64		66
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (e) (f) (h)		105		105
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (e) (f) (h)		39		43
Post Holdings, Inc.
5.75%, 3/1/2027 (g)		20		21
5.50%, 12/15/2029 (g)		140		148
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 2.80%, 3/30/2067 (f)		97		94
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (g)		80		87
3.38%, 8/31/2027 (g)		25		24
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (f) (h)		53		55
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (f)		171		182
Public Service Co. of Oklahoma Series J, 2.20%, 8/15/2031		10		10
Radian Group, Inc.
4.50%, 10/1/2024		40		43
4.88%, 3/15/2027		12		13
Range Resources Corp. 4.88%, 5/15/2025		85		90
Raytheon Technologies Corp. 4.15%, 5/15/2045		10		12
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		13		12
RHP Hotel Properties LP REIT, 4.75%, 10/15/2027		18		19
Rite Aid Corp. 8.00%, 11/15/2026 (g)		140		141
Rocket Mortgage LLC 5.25%, 1/15/2028 (g)		20		22
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (g)		67		76
Royalty Pharma plc 2.15%, 9/2/2031		6		6
Sabre GLBL, Inc. 9.25%, 4/15/2025 (g)		110		127
Scientific Games International, Inc. 5.00%, 10/15/2025 (g)		156		160
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		125		129
Seagate HDD Cayman 4.88%, 6/1/2027 (b)		95		107
Sealed Air Corp. 5.13%, 12/1/2024 (b) (g)		20		22

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Sempra Energy (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (e) (f) (h)		105		114
Sensata Technologies BV
4.88%, 10/15/2023 (g)		15		16
5.63%, 11/1/2024 (g)		125		138
5.00%, 10/1/2025 (g)		30		33
Service Corp. International
4.63%, 12/15/2027		12		13
5.13%, 6/1/2029		5		5
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		15		16
Sinclair Television Group, Inc. 5.88%, 3/15/2026 (g)		50		51
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (g)		53		55
5.50%, 7/1/2029 (g)		161		174
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (g)		12		12
5.50%, 4/15/2027 (g)		102		105
SM Energy Co.
6.75%, 9/15/2026 (b)		12		12
6.63%, 1/15/2027		16		17
Southern California Edison Co. Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.25%, 2/1/2022 (e) (f) (h)		12		12
Southwestern Energy Co. 7.75%, 10/1/2027		135		146
Spectrum Brands, Inc.
5.75%, 7/15/2025		8		8
5.00%, 10/1/2029 (g)		31		34
Sprint Capital Corp. 8.75%, 3/15/2032		197		294
Sprint Corp.
7.88%, 9/15/2023		227		253
7.13%, 6/15/2024		71		81
7.63%, 2/15/2025		194		227
7.63%, 3/1/2026		39		47
Square, Inc. 3.50%, 6/1/2031 (g)		150		154
SS&C Technologies, Inc. 5.50%, 9/30/2027 (g)		93		98
Standard Industries, Inc.
5.00%, 2/15/2027 (g)		18		18
4.75%, 1/15/2028 (g)		77		80
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (f)		10		11
Staples, Inc.
7.50%, 4/15/2026 (g)		95		96
10.75%, 4/15/2027 (b) (g)		85		83
Starbucks Corp. 2.55%, 11/15/2030		13		13
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 3.71%, 12/15/2021 (e) (f) (h)		25		25
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (e) (f) (h)		37		39
Station Casinos LLC 5.00%, 10/1/2025 (g)		20		20
Steel Dynamics, Inc. 5.00%, 12/15/2026		15		15
Stericycle, Inc. 3.88%, 1/15/2029 (g)		150		151
Summit Materials LLC 6.50%, 3/15/2027 (g)		45		47
Sunoco LP
5.50%, 2/15/2026		13		13
6.00%, 4/15/2027		71		74
5.88%, 3/15/2028		3		3
SVB Financial Group Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026 (e) (f) (h)		100		102
Sysco Corp.
3.25%, 7/15/2027		15		16
2.40%, 2/15/2030		6		6
Tallgrass Energy Partners LP 5.50%, 1/15/2028 (g)		5		5
Targa Resources Partners LP
5.88%, 4/15/2026		82		86
6.50%, 7/15/2027		191		206
Team Health Holdings, Inc. 6.38%, 2/1/2025 (g)		85		82
TEGNA, Inc. 5.50%, 9/15/2024 (g)		4		4
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (g)		150		154
Tenet Healthcare Corp.
4.63%, 7/15/2024		29		30
4.63%, 9/1/2024 (g)		11		11
4.88%, 1/1/2026 (g)		163		169
6.25%, 2/1/2027 (g)		30		31
5.13%, 11/1/2027 (g)		189		197
TerraForm Power Operating LLC
4.25%, 1/31/2023 (g)		15		16
5.00%, 1/31/2028 (g)		29		31
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		10		10
T-Mobile USA, Inc.
4.75%, 2/1/2028		93		99
2.25%, 11/15/2031		10		10
4.38%, 4/15/2040		6		7
3.00%, 2/15/2041		6		5
TransDigm, Inc. 6.25%, 3/15/2026 (g)		184		192
Transocean Pontus Ltd. 6.13%, 8/1/2025 (b) (g)		31		31
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (g)		50		50
Transocean Proteus Ltd. 6.25%, 12/1/2024 (g)		19		19

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Travel + Leisure Co.
4.25%, 3/1/2022		2			2
5.65%, 4/1/2024 (j)		17			18
6.60%, 10/1/2025 (j)		16			18
6.00%, 4/1/2027 (j)		25			28
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (g)		52			53
Truist Financial Corp.
Series L, (ICE LIBOR USD 3 Month + 3.10%), 5.05%, 12/15/2024 (e) (f) (h)		30			31
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (e) (f) (h)		13			14
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.13%, 12/15/2027 (e) (f) (h)		27			29
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (e) (f) (h)		138			159
Uber Technologies, Inc. 7.50%, 5/15/2025 (g)		65			69
UDR, Inc. REIT, 3.20%, 1/15/2030		5			5
Union Pacific Corp. 3.70%, 3/1/2029		10			11
United Airlines Holdings, Inc.
5.00%, 2/1/2024		33			34
4.88%, 1/15/2025 (b)		28			29
United Airlines, Inc. 4.38%, 4/15/2026 (g)		70			72
United Rentals North America, Inc.
5.50%, 5/15/2027		10			10
4.88%, 1/15/2028		240			254
Universal Health Services, Inc. 2.65%, 1/15/2032 (g)		10			10
US Bancorp Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (e) (f) (h)		8			9
Ventas Realty LP REIT, 4.00%, 3/1/2028		5			6
Verizon Communications, Inc.
4.40%, 11/1/2034		13			15
4.27%, 1/15/2036		16			19
3.85%, 11/1/2042		3			3
ViacomCBS, Inc.
4.20%, 5/19/2032		6			7
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (f)		39			39
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)		103			118
VICI Properties LP REIT, 4.25%, 12/1/2026 (g)		75			78
Vistra Operations Co. LLC
5.50%, 9/1/2026 (g)		20			20
5.63%, 2/15/2027 (g)		130			135
Weekley Homes LLC 4.88%, 9/15/2028 (g)		100			104
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (e) (f) (h)		43			46
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (e) (f) (h)		18			20
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (e) (f) (h)		335			346
WESCO Distribution, Inc.
7.13%, 6/15/2025 (g)		40			43
7.25%, 6/15/2028 (g)		125			138
Western Digital Corp. 4.75%, 2/15/2026		74			82
Western Midstream Operating LP 4.75%, 8/15/2028 (b)		135			147
William Carter Co. (The) 5.63%, 3/15/2027 (g)		73			76
WP Carey, Inc. REIT, 2.40%, 2/1/2031		5			5
Wynn Las Vegas LLC 5.50%, 3/1/2025 (g)		35			36
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (g)		224			226
Xerox Corp. 4.38%, 3/15/2023 (j)		45			47
XPO Logistics, Inc. 6.25%, 5/1/2025 (g)		65			69
Yum! Brands, Inc. 4.75%, 1/15/2030 (g)		24			26
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (g)		140			139
Zoetis, Inc. 2.00%, 5/15/2030		6			6
					33,445
TOTAL CORPORATE BONDS (Cost $37,939)					39,140
EQUITY-LINKED NOTES — 8.2%
Barclays Bank plc, ELN, 6.50%, 12/3/2021 (linked to Russell 2000 Index) (g)		1			1,109
Citigroup Global Markets Holdings Inc., ELN, 6.50%, 11/18/2021 (linked to Russell 2000 Index) (g)		1			1,103
Credit Suisse AG, ELN, 6.5%, 11/3/2021 (linked to Russell 2000 Index) (g)		1			1,144
Royal Bank of Canada, ELN, 6.00%, 12/22/2021 (linked to Russell 2000 Index) (g)		—	(a)		1,076

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
UBS AG, ELN, 6.00%, 10/20/2021 (linked to Russell 2000 Index) (g)		1			1,110
BNP Paribas, ELN, 6.00%, 1/26/2022 (linked to Russell 2000 Index) (g)		—	(a)		1,087
Credit Suisse AG, ELN, 7.0%, 1/26/2022 (linked to Russell 2000 Index) (g)		1			2,218
TOTAL EQUITY-LINKED NOTES (COST $8,829)					8,847
	Shares (000)
INVESTMENT COMPANIES — 5.3%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (l)		277			2,173
JPMorgan Equity Income Fund Class R6 Shares (l)		109			2,448
JPMorgan Floating Rate Income Fund Class R6 Shares (l)		123			1,102
TOTAL INVESTMENT COMPANIES (Cost $4,872)					5,723
	Principal Amount ($000)
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.4%
United States - 2.4%
American Home Mortgage Investment Trust Series 2005-1, Class 6A, 2.16%, 6/25/2045 (m)		15			15
Banc of America Funding Trust Series 2006-A, Class 1A1, 2.61%, 2/20/2036 (m)		11			11
Banc of America Mortgage Trust Series 2005-A, Class 2A2, 2.50%, 2/25/2035 (m)		7			7
Bear Stearns ARM Trust
Series 2004-9, Class 22A1, 2.73%, 11/25/2034 (m)		53			54
Series 2006-1, Class A1, 2.37%, 2/25/2036 (m)		7			8
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1, 2.22%, 9/25/2035 (m)		22			23
Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2, 2.19%, 9/25/2039 ‡ (g) (m)		41			41
Deephaven Residential Mortgage Trust Series 2019-4A, Class B1, 3.99%, 10/25/2059 ‡ (g) (m)		250			251
FHLMC Structured Agency Credit Risk Debt Notes Series 2018-HQA1, Class M2, 2.39%, 9/25/2030 (m)		192			195
FHLMC, REMIC
Series 4703, Class SA, IF, IO, 6.07%, 7/15/2047 (m)		243			51
Series 4937, Class MS, IF, IO, 5.96%, 12/25/2049 (m)		168			31
Series 4839, Class WS, IF, IO, 6.02%, 8/15/2056 (m)		154			36
FHLMC, STRIPS
Series 311, Class S1, IF, IO, 5.87%, 8/15/2043 (m)		536			92
Series 316, Class S7, IF, IO, 6.02%, 11/15/2043 (m)		227			42
Series 356, Class S5, IF, IO, 5.92%, 9/15/2047 (m)		294			70
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 2.59%, 5/25/2030 (m)		119			121
Series 2018-C02, Class 2M2, 2.29%, 8/25/2030 (m)		191			194
Series 2018-C04, Class 2M2, 2.64%, 12/25/2030 (m)		179			183
FNMA, REMIC
Series 2012-75, Class DS, IF, IO, 5.86%, 7/25/2042 (m)		193			34
Series 2016-1, Class SJ, IF, IO, 6.06%, 2/25/2046 (m)		125			24
Series 2018-67, Class SN, IF, IO, 6.11%, 9/25/2048 (m)		380			77
Series 2018-73, Class SC, IF, IO, 6.11%, 10/25/2048 (m)		240			46
GNMA
Series 2017-67, Class ST, IF, IO, 6.11%, 5/20/2047 (m)		173			36
Series 2017-112, Class S, IF, IO, 6.11%, 7/20/2047 (m)		153			29
Series 2018-36, Class SG, IF, IO, 6.11%, 3/20/2048 (m)		82			18
Series 2019-22, Class SM, IF, IO, 5.96%, 2/20/2049 (m)		222			44
Series 2019-42, Class SJ, IF, IO, 5.96%, 4/20/2049 (m)		194			30
GSR Mortgage Loan Trust Series 2005-AR3, Class 1A1, 0.53%, 5/25/2035 (m)		24			24
Impac CMB Trust
Series 2004-6, Class 1A2, 0.86%, 10/25/2034 (m)		25			26
Series 2004-7, Class 1A2, 1.01%, 11/25/2034 (m)		46			47
Series 2005-4, Class 1A1A, 0.63%, 5/25/2035 (m)		103			103
Series 2005-8, Class 1AM, 0.79%, 2/25/2036 (m)		79			77

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
Lehman Mortgage Trust Series 2005-3, Class 2A3, 5.50%, 1/25/2036		6			6
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.62%, 4/21/2034 (m)		10			10
Merrill Lynch Mortgage Investors Trust Series 2007-1, Class 4A3, 2.37%, 1/25/2037 (m)		4			4
Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 4A, 2.61%, 7/25/2034 (m)		17			18
New Residential Mortgage Loan Trust Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 ‡ (g) (m)		239			240
Residential Asset Securitization Trust Series 2004-A6, Class A1, 5.00%, 8/25/2019		—	(a)		—	(a)
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 1.65%, 10/25/2037 (m)		238			245
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR3, Class A1, 2.72%, 3/25/2035 (m)		—	(a)		—	(a)
Series 2005-AR5, Class A6, 2.80%, 5/25/2035 (m)		14			15
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,516)					2,578
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.3%
United States — 2.3%
BANK Series 2017-BNK7, Class D, 2.71%, 9/15/2060 ‡ (g)		100			88
Benchmark Mortgage Trust Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (g)		100			96
BX Commercial Mortgage Trust Series 2020-VIV2, Class C, 3.66%, 3/9/2044 ‡ (g) (m)		106			112
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D, 5.04%, 9/10/2045 ‡ (g) (m)		100			90
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (g)		20			17
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (g)		23			19
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		10			11
Commercial Mortgage Trust Series 2016-CR28, Class C, 4.79%, 2/10/2049 ‡ (m)		100			108
CSAIL Commercial Mortgage Trust Series 2019-C15, Class C, 5.15%, 3/15/2052 ‡ (m)		100			111
DBGS Mortgage Trust Series 2018-5BP, Class B, 1.06%, 6/15/2033 ‡ (g) (m)		100			100
FHLMC Multiclass Certificates Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		160			21
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.24%, 7/25/2026 (m)		120			10
Series Q012, Class X, IO, 4.20%, 9/25/2035 (m)		474			117
Series K716, Class X3, IO, 5.05%, 8/25/2042 (m)		2			—	(a)
Series K726, Class X3, IO, 2.21%, 7/25/2044 (m)		151			8
Series K729, Class X3, IO, 2.04%, 11/25/2044 (m)		1,212			66
Series K728, Class X3, IO, 2.01%, 11/25/2045 (m)		100			5
Series K071, Class X3, IO, 2.08%, 11/25/2045 (m)		700			78
Series K088, Class X3, IO, 2.42%, 2/25/2047 (m)		555			85
Series K108, Class X3, IO, 3.61%, 4/25/2048 (m)		400			100
FREMF Series 2018-KF46, Class B, 2.03%, 3/25/2028 (g) (m)		5			5
FREMF Mortgage Trust
Series 2015-KF09, Class B, 5.43%, 5/25/2022 (g) (m)		2			2
Series 2015-KF10, Class B, 6.18%, 7/25/2022 (g) (m)		3			3
Series 2017-KF31, Class B, 2.98%, 4/25/2024 (g) (m)		4			4
Series 2017-KF32, Class B, 2.63%, 5/25/2024 (g) (m)		27			27
Series 2018-KF45, Class B, 2.03%, 3/25/2025 (g) (m)		7			7
Series 2018-KF47, Class B, 2.08%, 5/25/2025 (g) (m)		22			21
Series 2018-KC02, Class B, 4.22%, 7/25/2025 (g) (m)		25			26
Series 2018-KF53, Class B, 2.13%, 10/25/2025 (m)		46			45
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (g) (m)		25			26
Series 2019-KF62, Class B, 2.13%, 4/25/2026 (g) (m)		15			15
Series 2018-KF43, Class B, 2.23%, 1/25/2028 (g) (m)		32			31
Series 2018-KF50, Class B, 1.98%, 7/25/2028 (g) (m)		5			5
Series 2018-K82, Class B, 4.27%, 9/25/2028 (g) (m)		50			56
Series 2019-KF63, Class B, 2.43%, 5/25/2029 (g) (m)		19			19
Series 2012-K19, Class C, 4.15%, 5/25/2045 (g) (m)		10			10

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2017-K67, Class C, 4.08%, 9/25/2049 (g) (m)		5		5
Series 2017-K65, Class B, 4.21%, 7/25/2050 (g) (m)		75		83
Series 2018-K75, Class B, 4.11%, 4/25/2051 (g) (m)		10		11
Series 2020-K737, Class B, 3.41%, 1/25/2053 (g) (m)		100		106
Series 2020-K737, Class C, 3.41%, 1/25/2053 (g) (m)		145		151
GNMA
Series 2016-71, Class QI, IO, 0.91%, 11/16/2057 (m)		162		8
Series 2020-14, IO, 0.69%, 2/16/2062 (m)		793		51
Series 2020-23, IO, 0.72%, 4/16/2062 (m)		209		15
Jackson Park Trust
Series 2019-LIC, Class E, 3.35%, 10/14/2039 ‡ (g) (m)		100		92
Series 2019-LIC, Class F, 3.35%, 10/14/2039 ‡ (g) (m)		100		88
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class E, 4.39%, 1/15/2049 ‡ (g) (m)		100		86
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (m)		20		9
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C31, Class B, 3.88%, 11/15/2049 ‡ (m)		50		54
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.42%, 7/11/2040 ‡ (g) (m)		10		10
Series 2020-HR8, Class XA, IO, 1.97%, 7/15/2053 (m)		997		135
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,428)				2,448
	Shares (000)
EXCHANGE-TRADED FUNDS — 2.0%
United States — 2.0%
JPMorgan High Yield Research Enhanced ETF (l) (Cost $2,185)		42		2,187
	Principal Amount ($000)
ASSET-BACKED SECURITIES — 0.6%
United States — 0.6%
ABFC Trust Series 2003-OPT1, Class M1, 1.12%, 2/25/2033 ‡ (m)		50		50
Asset-Backed Securities Corp. Home Equity Loan Trust Series 2003-HE6, Class M2, 2.56%, 11/25/2033 ‡ (m)		35		35
Bear Stearns Asset-Backed Securities Trust Series 2004-HE5, Class M2, 1.96%, 7/25/2034 ‡ (m)		9		9
Exeter Automobile Receivables Trust Series 2018-2A, Class E, 5.33%, 5/15/2025 (g)		120		126
GSAMP Trust Series 2003-SEA, Class A1, 0.89%, 2/25/2033 ‡ (m)		100		98
MASTR Asset-Backed Securities Trust Series 2004-OPT2, Class M1, 0.99%, 9/25/2034 ‡ (m)		11		11
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 2.34%, 3/25/2033 ‡ (m)		144		144
Series 2003-NC10, Class M1, 1.11%, 10/25/2033 ‡ (m)		16		16
Series 2004-HE3, Class M1, 0.94%, 3/25/2034 ‡ (m)		44		43
Series 2004-NC7, Class M2, 1.02%, 7/25/2034 ‡ (m)		13		13
Prestige Auto Receivables Trust Series 2018-1A, Class D, 4.14%, 10/15/2024 (g)		10		10
Securitized Asset-Backed Receivables LLC Trust Series 2004-OP2, Class M3, 2.11%, 8/25/2034 ‡ (m)		81		80
Structured Asset Investment Loan Trust Series 2003-BC11, Class M1, 1.06%, 10/25/2033 ‡ (m)		4		4
Westlake Automobile Receivables Trust Series 2019-1A, Class E, 4.49%, 7/15/2024 (g)		50		52
TOTAL ASSET-BACKED SECURITIES (Cost $663)				691
	Shares (000)
PREFERRED STOCKS — 0.6%
United States — 0.6%
Allstate Corp. (The), Series H, 5.10%, 10/15/2024 ($25 par value) (n)		1		36
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (n)		1		20
Series HH, 5.88%, 7/24/2023 ($25 par value) (n)		1		19
Series KK, 5.38%, 6/25/2024 ($25 par value) (n)		1		19
Series LL, 5.00%, 9/17/2024 ($25 par value) (n)		1		20

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Shares (000)			Value ($000)
Energy Transfer LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 (f) (n)		2			41
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (n)		1			17
Morgan Stanley,
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (f) (n)		2			73
Series L, 4.88%, 1/15/2025 ($25 par value) (n)		—	(a)		5
MYT Holding LLC, Series A, 10.00%, 6/6/2029‡		7			7
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		1			18
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (n)		—	(a)		12
Public Storage, Series L, REIT, 4.63%, 6/17/2025 ($25 par value) (n)		1			14
Regions Financial Corp., Series C, (ICE LIBOR USD 3 Month + 3.15%), 5.70%, 5/15/2029 ($25 par value) (f) (n)		—	(a)		7
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (n)		4			96
Sempra Energy, 5.75%, 7/1/2079 ($25 par value)		—	(a)		3
Southern Co. (The), Series 2020, 4.95%, 1/30/2080 ($25 par value)		1			27
State Street Corp., Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (f) (n)		—	(a)		11
Truist Financial Corp., Series R, 4.75%, 9/1/2025 ($25 par value) (n)		1			21
US Bancorp, Series K, 5.50%, 10/15/2023 ($25 par value) (n)		—	(a)		9
Wells Fargo & Co.,
Series AA, 4.70%, 12/15/2025 ($25 par value) (n)		—	(a)		5
Series Y, 5.63%, 6/15/2022 ($25 par value) (n)		1			32
Series Z, 4.75%, 3/15/2025 ($25 par value) (n)		5			139
TOTAL PREFERRED STOCKS (Cost $614)					651
	Principal Amount ($000)
MORTGAGE-BACKED SECURITIES — 0.4%
United States — 0.4%
FNMA UMBS, 30 Year
Pool # MA4306, 2.50%, 4/1/2051		48			50
Pool # MA4356, 2.50%, 6/1/2051		20			20
Pool # MA4398, 2.00%, 8/1/2051		340			341
GNMA II, 30 Year Pool # MA7418, 2.50%, 6/20/2051		59			61
TOTAL MORTGAGE-BACKED SECURITIES (Cost $474)					472
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Notes 1.38%, 1/31/2022 (o) (Cost $463)		461			463
LOAN ASSIGNMENTS — 0.3% (p)
United States — 0.3%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (f)		6			6
Axalta Dupont PC, Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 1.90%, 6/1/2024 (f)		21			21
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.33%, 3/15/2027 (f)		8			7
Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 3.25%, 10/4/2023 (f)		48			48
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 2.08%, 5/1/2026 (f)		33			33
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.59%, 9/18/2026 (f)		43			43
UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 3.50%, 4/29/2026 (f)		40			39
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.08%, 6/2/2025 (f)		67			67

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)			Value ($000)
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.21%, 1/20/2028 (f)		31			31
					295
TOTAL LOAN ASSIGNMENTS (Cost $295)					295
	No. of Warrants (000)
WARRANTS — 0.0% (d)
United Kingdom — 0.0% (d)
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD* ‡		—	(a)		3
United States — 0.0% (d)
Chesapeake Energy Corp. expiring 2/9/2026, price 27.27 USD*		—	(a)		8
expiring 2/9/2026, price 31.71 USD*		—	(a)		7
expiring 2/9/2026, price 35.71 USD*		—	(a)		4
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD* ‡		—	(a)		1
					20
TOTAL WARRANTS (Cost $ —  (a))					23
	Principal Amount ($000)
CONVERTIBLE BONDS — 0.0% (d)
United States — 0.0% (d)
Liberty Interactive LLC
4.00%, 11/15/2029		3			2
3.75%, 2/15/2030		2			2
TOTAL CONVERTIBLE BONDS (Cost $3)					4
	Shares (000)
SHORT-TERM INVESTMENTS — 2.3%
INVESTMENT COMPANIES — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (l) (q)		741			741
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (l) (q)		355			356
TOTAL INVESTMENT COMPANIES (Cost $1,096)					1,097
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 1.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08% (l) (q)		200			200
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (l) (q)		1,156			1,156
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $1,356)					1,356
TOTAL SHORT-TERM INVESTMENTS (Cost $2,452)					2,453
Total Investments — 99.7% (Cost $100,200)					107,748
Other Assets Less Liabilities — 0.3%					301
Net Assets — 100.0%					108,049

Percentages indicated are based on net assets.

Summary of Investments by Industry, September 30, 2021

The following table represents the portfolio investments of the Portfolio by industry classifications as a percentage of total investments:

PORTFOLIO COMPOSITION BY INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Equity-Linked Notes		8.2	%
Banks		7.4
Equity Real Estate Investment Trusts (REITs)		6.4
Oil, Gas & Consumable Fuels		5.1
Diversified Telecommunication Services		4.3
Electric Utilities		3.2
Pharmaceuticals		3.2
Fixed Income		3.0
Media		3.0
Capital Markets		2.8
Insurance		2.8
Health Care Providers & Services		2.5
Collateralized Mortgage Obligations		2.4
U.S. Equity		2.3
Commercial Mortgage-Backed Securities		2.3
Hotels, Restaurants & Leisure		2.1
Exchange-Traded Fund		2.0
Semiconductors & Semiconductor Equipment		1.9
Food Products		1.7
Metals & Mining		1.6
Wireless Telecommunication Services		1.5
Multi-Utilities		1.4
Technology Hardware, Storage & Peripherals		1.3
Containers & Packaging		1.3
Consumer Finance		1.3
Chemicals		1.3
Household Durables		1.1
Commercial Services & Supplies		1.1
Others (each less than 1.0%)		19.2
Short-Term Investments		2.3

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Abbreviations
ABS	Asset-Backed Securities
ADR	American Depositary Receipt
CVA	Dutch Certification
ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GBP	British Pound
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of September 30, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
PJSC	Public Joint Stock Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
RTS	Russian Trading System
SCA	Limited partnership with share capital
SDR	Swedish Depositary Receipt
SGPS	Holding company
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	The security or a portion of this security is on loan at September 30, 2021. The total value of securities on loan at September 30, 2021 is $1,314.
(c)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)	Amount rounds to less than 0.1% of net assets.

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(e)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2021.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2021.
(g)	Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended.
(h)	Security is an interest bearing note with preferred security characteristics.
(i)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(j)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of September 30, 2021.
(k)	Defaulted security.
(l)	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.
(m)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2021.
(n)	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of September 30, 2021.
(o)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(p)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(q)	The rate shown is the current yield as of September 30, 2021.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

Futures contracts outstanding as of September 30, 2021 (amounts in thousands, except number of contracts):

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		1			12/2021		EUR		47			—	(a)
U.S. Treasury 10 Year Note		109			12/2021		USD		14,357			(143	)
												(143	)
Short Contracts
Russell 2000 E-Mini Index		(20	)		12/2021		USD		(2,202	)		13
S&P 500 E-Mini Index		(6	)		12/2021		USD		(1,291	)		54
												67
												(76	)

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

Abbreviations
EUR	Euro
USD	United States Dollar

(a) Amount rounds to less than one thousand.

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Portfolio’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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited, to consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated approved 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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date.

Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s 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 Portfolio at September 30, 2021.

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

The various inputs that are used in determining the valuation of the Portfolio’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.

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’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:

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—		$	188	$	503	$	691
Collateralized Mortgage Obligations
United States		—			2,046		532		2,578
Commercial Mortgage-Backed Securities
United States		—			1,357		1,091		2,448
Common Stocks
Australia		—			1,205		—		1,205
Austria		—			136		—		136
Belgium		53			341		—		394
Brazil		111			31		—		142
Canada		2,204			—		—		2,204
Chile		18			—		—		18
China		24			1,855		—		1,879
Denmark		—			324		—		324
Finland		60			449		—		509
France		21			1,297		—		1,318
Germany		244			1,840		—		2,084
Hong Kong		—			601		—		601
India		367			—		—		367
Indonesia		165			172		—		337
Ireland		—			31		—		31
Italy		5			570		—		575
Japan		159			1,821		—		1,980
Malta		—			27		—		27
Mexico		443			—		—		443
Netherlands		107			551		—		658
New Zealand		—			130		—		130
Norway		23			241		—		264
Portugal		45			33		—		78
Russia		166			378		—		544
Saudi Arabia		—			72		—		72
Singapore		11			299		—		310
South Africa		132			42		—		174
South Korea		35			551		—		586
Spain		130			832		—		962
Sweden		—			638		—		638
Switzerland		—			1,527		—		1,527
Taiwan		106			1,249		—		1,355
Thailand		—			52		—		52
United Kingdom		408			2,028		—		2,436
United States		17,034			379		—		17,413
Total Common Stocks		22,071			19,702		—		41,773
Convertible Bonds		—			4		—		4
Corporate Bonds		—			39,140		—		39,140
Equity-Linked Notes		—			8,847		—		8,847
Exchange-Traded Funds		2,187			—		—		2,187
Investment Companies		5,723			—		—		5,723
Loan Assignments		—			295		—		295
Mortgage-Backed Securities		—			472		—		472
Preferred Stocks
United States		644			—		7		651
U.S. Treasury Obligations		—			463		—		463
Warrants
United Kingdom		—			—		3		3
United States		19			—		1		20
Total Warrants		19			—		4		23
Short-Term Investments
Investment Companies		1,097			—		—		1,097
Investment of Cash Collateral from Securities Loaned		1,356			—		—		1,356
Total Short-Term Investments		2,453			—		—		2,453
Total Investments in Securities	$	33,097		$	72,514	$	2,137	$	107,748
Appreciation in Other Financial Instruments
Futures Contracts	$	67		$	—	$	—	$	67
Depreciation in Other Financial Instruments
Futures Contracts		(143	)		—		—		(143	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(76	)	$	—	$	—	$	(76	)

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

	Balance as of December 31, 2020			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of September 30, 2021
Investments in Securities:
Asset-Backed Securities	$	986		$	5		$	(3	)	$	2		$	—	$	(487	)	$	—	$	—		$	503
Collateralized Mortgage Obligations		862			—	(a)		(5	)		—	(a)		—		(325	)		—		—			532
Commercial Mortgage-Backed Securities		1,258			—			45			1			—		(264	)		51		—			1,091
Common Stocks		—	(a)		—			—			—			—		—			—		—	(a)		—
Preferred Stocks		10			—	(a)		(1	)		—			—		(2	)		—		—			7
Warrants		13			—			10			—			—		(19	)		—		—			4
Total	$	3,129		$	5		$	46		$	3		$	—	$	(1,097	)	$	51	$	—	(a)	$	2,137

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

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

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at September 30, 2021, which were valued using significant unobservable inputs (level 3) amounted to $48.

There were no significant transfers into or out of level 3 for the period ended September 30, 2021.

The significant unobservable inputs used in the fair value measurement of the Portfolio’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 September 30, 2021		Valuation Technique(s)		Unobservable Input	Range (Weighted Average) (a)
	$	503		Discounted Cash Flow	Constant Prepayment Rate	4.25% - 8.00% (5.56%)
					Constant Default Rate	1.77% - 4.80% (3.64%)
					Yield (Discount Rate of Cash Flows)	0.99% - 4.48% (2.85%)
Asset-Backed Securities		503
		1,081		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	1.99% - 16.80% (5.10%)
Commercial Mortgage-Backed Securities		1,081
		532		Discounted Cash Flow	Constant Prepayment Rate	10.00% - 25.00% (21.58%)
					Yield (Discount Rate of Cash Flows)	2.00% - 3.91% (3.26%)
Collateralized Mortgage Obligations		532
		1		Market Comparable Companies	EBITDA Multiple (b)	5.5x (5.5x)
Warrants		1
Total	$	2,117

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At September 30 2021, the value of these investments was $20. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

B. Investment Transactions with Affiliates  —  The Portfolio invested in Underlying Funds and an ETF, which are advised by the Adviser. An issuer which is under common control with the Portfolio may be considered an affiliate. The Portfolio assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ and ETF’s distributions may be reinvested into such Underlying Funds and ETF. Reinvestment amounts are included in the purchases at cost amounts in the table below.

	For the period ended September 30, 2021
Security Description	Value at December 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at September 30, 2021		Shares at September 30, 2021		Dividend Income			Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares(a)	$	1,953	$	331	$	—	$	—		$	(111	)	$	2,173		277	$	72		$	—
JPMorgan Equity Income Fund Class R6 Shares(a)		3,573		38		1,561		345			53			2,448		109		38			—
JPMorgan Floating Rate Income Fund Class R6 Shares(a)		931		159		—		—			12			1,102		123		28			—
JPMorgan High Yield Research Enhanced ETF(a)		—		2,184		—		—			3			2,187		42		8			—
JPMorgan Managed Income Fund Class L Shares(a)		249		1		250		1			(1	)		—		—		1			—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)		2,630		34,187		36,076		1			(1	)		741		741		2			—
JPMorgan Prime Money Market Fund Class IM Shares, 0.07%(a)(b)		209		1,900		1,753		—	(c)		—	(c)		356		355		—	(c)		—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08%(a)(b)		700		—		500		—	(c)		—	(c)		200		200		—	(c)		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)		667		9,966		9,477		—			—			1,156		1,156		—	(c)		—
Total	$	10,912	$	48,766	$	49,617	$	347		$	(45	)	$	10,363			$	149		$	—

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

(b) The rate shown is the current yield as of September 30, 2021.

(c) Amount rounds to less than one thousand.