NPORT-EX 2 HG_INSTGAP.htm HTML

JPMorgan Insurance Trust Global Allocation Portfolio

Schedule of Portfolio Investments as of March 31, 2022

(Unaudited)

 

 

  

THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

 

JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co.

 

JPMorgan Distribution Services, Inc., member FINRA.

 

© J.P. Morgan Chase & Co., 2022.

 

   

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

 

Investments    Shares (000)     Value ($000)  

 

   

 

 

    

 

 

  

LONG POSITIONS — 99.1%

 

COMMON STOCKS — 49.3%

 

Australia — 0.8%

 

Ampol Ltd.

      —   (a)      3  

APA Group

      —   (a)      3  

Aristocrat Leisure Ltd.

      —   (a)      6  

Aurizon Holdings Ltd.

      1       2  

Australia & New Zealand Banking Group Ltd.

      1       19  

BHP Group Ltd.

      8       291  

BHP Group Ltd.

      1       50  

BlueScope Steel Ltd.

      —   (a)      2  

Brambles Ltd.

      1       6  

Cochlear Ltd.

      —   (a)      3  

Coles Group Ltd.

      1       13  

Commonwealth Bank of Australia

      1       65  

Computershare Ltd.

      —   (a)      3  

CSL Ltd.

      —   (a)      43  

Endeavour Group Ltd.

      1       4  

Fortescue Metals Group Ltd.

      —   (a)      5  

Glencore plc *

      4       25  

Goodman Group, REIT

      1       16  

GPT Group (The), REIT

      2       8  

Insurance Australia Group Ltd.

      2       6  

LendLease Corp. Ltd.

      —   (a)      4  

Macquarie Group Ltd.

      —   (a)      23  

Medibank Pvt Ltd.

      2       4  

Mirvac Group, REIT

      6       11  

National Australia Bank Ltd.

      1       24  

Newcrest Mining Ltd.

      —   (a)      9  

Origin Energy Ltd.

      1       5  

QBE Insurance Group Ltd.

      1       12  

Ramsay Health Care Ltd.

      —   (a)      6  

REA Group Ltd.

      —   (a)      2  

Rio Tinto Ltd.

      —   (a)      21  

Rio Tinto plc

      2       165  

Santos Ltd.

      2       11  

South32 Ltd.

      2       6  

Stockland, REIT

      1       3  

Tabcorp Holdings Ltd.

      1       3  

Telstra Corp. Ltd.

      3       8  

Transurban Group

      1       10  

Wesfarmers Ltd.

      —   (a)      16  

Westpac Banking Corp.

      2       31  

Woodside Petroleum Ltd.

      —   (a)      7  

Woolworths Group Ltd.

      1       20  
    

 

 

  
       974  
    

 

 

  

Belgium — 0.4%

     

Anheuser-Busch InBev SA

      —   (a)      13  

KBC Group NV

      7       532  
    

 

 

  
       545  
    

 

 

  

Canada — 0.3%

 

Canadian National Railway Co.

      1       175  

Fairfax Financial Holdings Ltd.

      —   (a)      47  

Toronto-Dominion Bank (The)

      2       185  
    

 

 

  
       407  
    

 

 

  

China — 0.7%

     

Alibaba Group Holding Ltd. *

      3       42  

BOC Hong Kong Holdings Ltd.

      3       11  

Budweiser Brewing Co. APAC Ltd. (b)

      1       2  

JD.com, Inc., Class A *

      —   (a)      7  

NXP Semiconductors NV

      4       651  

Prosus NV *

      —   (a)      26  

Tencent Holdings Ltd.

      3       143  

Wilmar International Ltd.

      1       5  
    

 

 

  
       887  
    

 

 

  

Denmark — 1.2%

     

AP Moller — Maersk A/S, Class B

      —   (a)      6  

Carlsberg A/S, Class B

      3       400  

Coloplast A/S, Class B

      1       94  

DSV A/S

      —   (a)      11  

Genmab A/S *

      —   (a)      13  

Novo Nordisk A/S, Class B

      8       874  

Orsted A/S * (b)

      —   (a)      56  

Vestas Wind Systems A/S

      1       22  
    

 

 

  
       1,476  
    

 

 

  

Finland — 0.1%

     

Elisa OYJ

      —   (a)      28  

Kone OYJ, Class B

      1       54  

Nokia OYJ *

      4       22  

Nordea Bank Abp

      4       37  
    

 

 

  
       141  
    

 

 

  

France — 3.2%

     

Air Liquide SA

      1       91  

Airbus SE *

      4       487  

Alstom SA

      —   (a)      9  

AXA SA

      1       21  

BNP Paribas SA

      1       58  

Capgemini SE

      2       540  

Credit Agricole SA

      18       216  

Dassault Systemes SE

      1       29  

EssilorLuxottica SA

      —   (a)      20  

Hermes International

      —   (a)      13  

Kering SA

      —   (a)      44  

Legrand SA

      —   (a)      6  

L’Oreal SA

      1       234  

LVMH Moet Hennessy Louis Vuitton SE

      2       1,086  

Pernod Ricard SA

      —   (a)      49  

Safran SA

      3       330  

Sanofi

      —   (a)      51  

Societe Generale SA

      1       26  

TotalEnergies SE (c)

      2       88  

Veolia Environnement SA

      2       52  

Vinci SA

      7       672  
    

 

 

  
       4,122  
    

 

 

  

Germany — 1.8%

     

adidas AG

      1       245  

Allianz SE (Registered)

      2       475  

BASF SE

      —   (a)      22  

Bayer AG (Registered)

      —   (a)      30  

Deutsche Boerse AG

      —   (a)      10  

Deutsche Post AG (Registered)

      6       282  

Deutsche Telekom AG (Registered)

      4       75  

Infineon Technologies AG

      1       44  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Shares (000)     Value ($000)  

 

   

 

 

    

 

 

  

Mercedes-Benz Group AG

      —   (a)      21  

Merck KGaA

      —   (a)      33  

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

      —   (a)      57  

RWE AG

      13       561  

SAP SE

      —   (a)      55  

Siemens AG (Registered)

      —   (a)      56  

Volkswagen AG (Preference)

      2       316  

Vonovia SE

      1       43  

Zalando SE * (b)

      —   (a)      20  
    

 

 

  
       2,345  
    

 

 

  

Hong Kong — 0.4%

 

AIA Group Ltd.

      24       249  

CK Asset Holdings Ltd.

      1       7  

CK Infrastructure Holdings Ltd.

      1       3  

CLP Holdings Ltd.

      1       10  

Hang Seng Bank Ltd.

      —   (a)      6  

HKT Trust & HKT Ltd.

      2       3  

Hong Kong & China Gas Co. Ltd.

      2       3  

Hong Kong Exchanges & Clearing Ltd.

      3       155  

Hongkong Land Holdings Ltd.

      1       2  

Jardine Matheson Holdings Ltd.

      —   (a)      5  

Link, REIT

      1       9  

MTR Corp. Ltd.

      1       5  

New World Development Co. Ltd.

      1       2  

Power Assets Holdings Ltd.

      1       3  

Sun Hung Kai Properties Ltd.

      1       6  

Techtronic Industries Co. Ltd.

      1       16  

WH Group Ltd. (b)

      4       3  

Wharf Real Estate Investment Co. Ltd.

      1       5  

Xinyi Glass Holdings Ltd.

      1       2  
    

 

 

  
       494  
    

 

 

  

India — 0.3%

 

HDFC Bank Ltd., ADR

      6       362  
    

 

 

  

Indonesia — 0.1%

 

Bank Central Asia Tbk. PT

      197       110  
    

 

 

  

Ireland — 0.0%(d)

 

CRH plc

      —   (a)      10  

Flutter Entertainment plc *

      —   (a)      4  

Kingspan Group plc

      —   (a)      28  

Kingspan Group plc

      —   (a)      15  
    

 

 

  
       57  
    

 

 

  

Italy — 0.1%

 

Enel SpA

      3       21  

Ferrari NV

      —   (a)      66  

Ferrari NV (c)

      —   (a)      5  

FinecoBank Banca Fineco SpA

      2       28  

Intesa Sanpaolo SpA

      3       6  

UniCredit SpA

      2       24  
    

 

 

  
       150  
    

 

 

  

Japan — 2.4%

 

Aeon Co. Ltd.

      —   (a)      4  

AGC, Inc.

      —   (a)      8  

Aisin Corp.

      —   (a)      3  

Ajinomoto Co., Inc.

      —   (a)      9  

Asahi Group Holdings Ltd.

      1       22  

Asahi Kasei Corp.

      2       16  

Astellas Pharma, Inc.

      1       11  

Bridgestone Corp.

      5       182  

Canon, Inc.

      —   (a)      10  

Capcom Co. Ltd.

      —   (a)      7  

Central Japan Railway Co.

      —   (a)      26  

Chubu Electric Power Co., Inc.

      1       6  

Chugai Pharmaceutical Co. Ltd.

      —   (a)      10  

CyberAgent, Inc.

      —   (a)      5  

Dai Nippon Printing Co. Ltd.

      —   (a)      2  

Dai-ichi Life Holdings, Inc.

      —   (a)      2  

Daiichi Sankyo Co. Ltd.

      1       31  

Daikin Industries Ltd.

      —   (a)      18  

Daiwa House Industry Co. Ltd.

      1       13  

Daiwa Securities Group, Inc.

      1       3  

Denso Corp.

      —   (a)      13  

Dentsu Group, Inc.

      1       20  

East Japan Railway Co.

      —   (a)      17  

Eisai Co. Ltd.

      —   (a)      5  

ENEOS Holdings, Inc.

      1       2  

FANUC Corp.

      —   (a)      35  

Fuji Electric Co. Ltd.

      —   (a)      20  

FUJIFILM Holdings Corp.

      —   (a)      12  

Fujitsu Ltd.

      —   (a)      15  

Hitachi Ltd.

      1       40  

Honda Motor Co. Ltd.

      7       193  

Hoya Corp.

      1       114  

Ibiden Co. Ltd.

      —   (a)      5  

Inpex Corp.

      1       8  

Isuzu Motors Ltd.

      1       13  

ITOCHU Corp.

      1       41  

Japan Exchange Group, Inc.

      1       15  

Japan Post Holdings Co. Ltd.

      —   (a)      1  

Japan Real Estate Investment Corp., REIT

      —   (a)      10  

Japan Tobacco, Inc.

      —   (a)      7  

Kansai Electric Power Co., Inc. (The)

      —   (a)      3  

Kao Corp.

      —   (a)      16  

KDDI Corp.

      1       33  

Keyence Corp.

      —   (a)      139  

Kintetsu Group Holdings Co. Ltd.

      —   (a)      11  

Kirin Holdings Co. Ltd.

      1       7  

Komatsu Ltd.

      —   (a)      5  

Konami Holdings Corp.

      —   (a)      13  

Kubota Corp.

      1       21  

Kyocera Corp.

      —   (a)      17  

Kyowa Kirin Co. Ltd.

      1       30  

M3, Inc.

      —   (a)      11  

MEIJI Holdings Co. Ltd.

      —   (a)      5  

MINEBEA MITSUMI, Inc.

      1       11  

MISUMI Group, Inc.

      —   (a)      12  

Mitsubishi Chemical Holdings Corp.

      1       9  

Mitsubishi Corp.

      1       41  

Mitsubishi Electric Corp.

      1       11  

Mitsubishi Estate Co. Ltd.

      1       12  

Mitsubishi Heavy Industries Ltd.

      —   (a)      3  

Mitsubishi UFJ Financial Group, Inc.

      10       61  

Mitsui & Co. Ltd.

      1       24  

Mitsui Chemicals, Inc.

      —   (a)      10  

Mitsui Fudosan Co. Ltd.

      1       21  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Shares (000)     Value ($000)  

 

   

 

 

    

 

 

  

Mizuho Financial Group, Inc.

      1       11  

MonotaRO Co. Ltd.

      —   (a)      4  

MS&AD Insurance Group Holdings, Inc.

      —   (a)      6  

Murata Manufacturing Co. Ltd.

      1       33  

Nexon Co. Ltd.

      —   (a)      5  

Nidec Corp.

      —   (a)      24  

Nihon M&A Center Holdings, Inc.

      —   (a)      3  

Nintendo Co. Ltd.

      —   (a)      50  

Nippon Building Fund, Inc., REIT

      —   (a)      11  

Nippon Express Holdings, Inc.

      —   (a)      14  

Nippon Paint Holdings Co. Ltd.

      1       6  

Nippon Prologis REIT, Inc., REIT

      —   (a)      9  

Nippon Steel Corp.

      1       14  

Nippon Telegraph & Telephone Corp.

      1       38  

Nippon Yusen KK

      —   (a)      9  

Nissan Motor Co. Ltd. *

      1       6  

Nissin Foods Holdings Co. Ltd.

      —   (a)      7  

Nitori Holdings Co. Ltd.

      —   (a)      13  

Nitto Denko Corp.

      —   (a)      7  

Nomura Holdings, Inc.

      1       3  

Nomura Research Institute Ltd.

      —   (a)      13  

Obayashi Corp.

      1       9  

Olympus Corp.

      1       17  

Ono Pharmaceutical Co. Ltd.

      1       18  

Oriental Land Co. Ltd.

      —   (a)      19  

ORIX Corp.

      1       22  

Otsuka Corp.

      —   (a)      11  

Otsuka Holdings Co. Ltd.

      —   (a)      7  

Panasonic Holdings Corp.

      1       8  

Rakuten Group, Inc.

      1       5  

Recruit Holdings Co. Ltd.

      1       39  

Renesas Electronics Corp. *

      1       7  

Resona Holdings, Inc.

      2       6  

Rohm Co. Ltd.

      —   (a)      8  

Ryohin Keikaku Co. Ltd.

      1       10  

SBI Holdings, Inc.

      —   (a)      10  

SCSK Corp.

      —   (a)      7  

Secom Co. Ltd.

      —   (a)      7  

Sekisui House Ltd.

      1       14  

Seven & i Holdings Co. Ltd.

      1       38  

Shimadzu Corp.

      —   (a)      10  

Shin-Etsu Chemical Co. Ltd.

      2       273  

Shionogi & Co. Ltd.

      —   (a)      18  

Shiseido Co. Ltd.

      —   (a)      10  

SoftBank Corp.

      1       11  

SoftBank Group Corp.

      1       36  

Sompo Holdings, Inc.

      —   (a)      4  

Sony Group Corp.

      2       226  

Stanley Electric Co. Ltd.

      —   (a)      2  

Subaru Corp.

      —   (a)      2  

Sumitomo Electric Industries Ltd.

      1       8  

Sumitomo Metal Mining Co. Ltd.

      —   (a)      20  

Sumitomo Mitsui Financial Group, Inc.

      1       35  

Sumitomo Mitsui Trust Holdings, Inc.

      1       16  

Sumitomo Realty & Development Co. Ltd.

      —   (a)      3  

Suntory Beverage & Food Ltd.

      —   (a)      4  

Suzuki Motor Corp.

      —   (a)      14  

T&D Holdings, Inc.

      1       14  

Taisei Corp.

      —   (a)      9  

Takeda Pharmaceutical Co. Ltd.

      1       23  

TDK Corp.

      —   (a)      4  

Terumo Corp.

      1       18  

Tokio Marine Holdings, Inc.

      1       35  

Tokyo Electric Power Co. Holdings, Inc. *

      —   (a)      1  

Tokyo Electron Ltd.

      —   (a)      51  

Tokyo Gas Co. Ltd.

      1       11  

Toppan, Inc.

      —   (a)      2  

Toshiba Corp.

      —   (a)      8  

TOTO Ltd.

      —   (a)      4  

Toyota Motor Corp.

      7       123  

Toyota Tsusho Corp.

      —   (a)      4  

Unicharm Corp.

      —   (a)      11  

Yakult Honsha Co. Ltd.

      —   (a)      11  

Yamato Holdings Co. Ltd.

      1       11  

Z Holdings Corp.

      —   (a)      2  

ZOZO, Inc.

      —   (a)      8  
    

 

 

  
       3,090  
    

 

 

  

Macau — 0.0% (d)

 

Sands China Ltd. *

      3       8  
    

 

 

  

Netherlands — 0.9%

 

Adyen NV * (b)

      —   (a)      103  

Akzo Nobel NV

      —   (a)      33  

ASML Holding NV

      1       371  

Heineken NV

      —   (a)      7  

ING Groep NV

      1       15  

Koninklijke Ahold Delhaize NV

      1       31  

Koninklijke DSM NV

      —   (a)      46  

Koninklijke KPN NV

      12       43  

Koninklijke Philips NV

      —   (a)      12  

NN Group NV

      1       49  

Shell plc

      13       362  

Wolters Kluwer NV

      —   (a)      39  
    

 

 

  
       1,111  
    

 

 

  

New Zealand — 0.0% (d)

 

Fisher & Paykel Healthcare Corp. Ltd.

      —   (a)      4  

Xero Ltd. * (c)

      —   (a)      7  
    

 

 

  
       11  
    

 

 

  

Singapore — 0.4%

 

Ascendas, REIT

      1       2  

CapitaLand Integrated Commercial Trust, REIT

      3       4  

Capitaland Investment Ltd. *

      3       8  

DBS Group Holdings Ltd.

      20       516  

Oversea-Chinese Banking Corp. Ltd.

      2       14  

Singapore Exchange Ltd.

      1       5  

Singapore Technologies Engineering Ltd.

      1       3  

Singapore Telecommunications Ltd.

      2       4  

United Overseas Bank Ltd.

      —   (a)      5  

Venture Corp. Ltd.

      —   (a)      3  
    

 

 

  
       564  
    

 

 

  

South Africa — 0.2%

 

Anglo American plc

      5       244  
    

 

 

  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Shares (000)     Value ($000)  

 

   

 

 

    

 

 

  

South Korea — 0.4%

 

Delivery Hero SE * (b)

      1       36  

Samsung Electronics Co. Ltd.

      8       454  
    

 

 

  
       490  
    

 

 

  

Spain — 0.3%

 

Banco Bilbao Vizcaya Argentaria SA

      8       48  

Banco Santander SA

      4       14  

CaixaBank SA

      9       31  

Cellnex Telecom SA (b)

      —   (a)      14  

Endesa SA

      1       31  

Iberdrola SA

      25       274  

Industria de Diseno Textil SA

      1       29  
    

 

 

  
       441  
    

 

 

  

Sweden — 0.6%

 

Assa Abloy AB, Class B

      —   (a)      7  

Atlas Copco AB, Class A

      3       149  

Atlas Copco AB, Class B

      —   (a)      8  

Boliden AB

      1       30  

Investor AB, Class B

      1       18  

Lundin Energy AB

      1       42  

Sandvik AB

      1       17  

SKF AB, Class B (c)

      1       20  

Telefonaktiebolaget LM Ericsson, Class B

      —   (a)      4  

Volvo AB, Class B

      24       442  
    

 

 

  
       737  
    

 

 

  

Switzerland — 1.4%

 

ABB Ltd. (Registered)

      1       27  

Adecco Group AG (Registered)

      —   (a)      14  

Alcon, Inc.

      —   (a)      14  

Cie Financiere Richemont SA (Registered)

      —   (a)      24  

Givaudan SA (Registered)

      —   (a)      58  

Julius Baer Group Ltd.

      —   (a)      18  

Lonza Group AG (Registered)

      —   (a)      208  

Nestle SA (Registered)

      4       513  

Novartis AG (Registered)

      2       139  

Partners Group Holding AG

      —   (a)      10  

Roche Holding AG

      1       427  

SGS SA (Registered)

      —   (a)      139  

Sika AG (Registered)

      —   (a)      64  

Straumann Holding AG (Registered)

      —   (a)      8  

UBS Group AG (Registered)

      2       41  

Zurich Insurance Group AG

      —   (a)      84  
    

 

 

  
       1,788  
    

 

 

  

Taiwan — 0.4%

 

Sea Ltd., ADR *

      1       62  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

      5       506  
    

 

 

  
       568  
    

 

 

  

United Kingdom — 1.6%

 

3i Group plc

      3       52  

Ashtead Group plc

      —   (a)      9  

AstraZeneca plc

      1       134  

BAE Systems plc

      1       8  

Barclays plc

      23       44  

Berkeley Group Holdings plc *

      1       32  

BP plc

      75       365  

British American Tobacco plc

      1       38  

CK Hutchison Holdings Ltd.

      2       11  

Compass Group plc

      1       15  

DCC plc

      —   (a)      27  

Diageo plc

      6       324  

Direct Line Insurance Group plc

      3       12  

Experian plc

      —   (a)      7  

HSBC Holdings plc

      7       49  

InterContinental Hotels Group plc

      1       49  

Intertek Group plc

      —   (a)      29  

Linde plc

      —   (a)      156  

Lloyds Banking Group plc

      87       53  

London Stock Exchange Group plc

      —   (a)      3  

Next plc

      —   (a)      22  

Persimmon plc

      3       78  

Prudential plc

      1       21  

Reckitt Benckiser Group plc

      1       70  

RELX plc

      3       84  

RELX plc

      5       154  

Smith & Nephew plc

      1       8  

SSE plc

      —   (a)      9  

Standard Chartered plc

      6       42  

Taylor Wimpey plc

      9       15  

Tesco plc

      7       24  

Unilever plc

      1       28  

Unilever plc

      1       25  
    

 

 

  
       1,997  
    

 

 

  

United States — 31.3%

 

AbbVie, Inc.

      5       884  

Advanced Micro Devices, Inc. *

      3       344  

Airbnb, Inc., Class A *

      —   (a)      31  

Alleghany Corp. *

      —   (a)      45  

Alnylam Pharmaceuticals, Inc. *

      —   (a)      78  

Alphabet, Inc., Class C * (e)

      —   (a)      922  

Amazon.com, Inc. * (e)

      1       2,103  

American Electric Power Co., Inc.

      —   (a)      45  

American Express Co.

      3       530  

American Homes 4 Rent, Class A, REIT

      1       33  

American International Group, Inc.

      1       78  

AmerisourceBergen Corp.

      —   (a)      71  

AMETEK, Inc.

      1       105  

Analog Devices, Inc.

      3       427  

Apple Hospitality REIT, Inc., REIT

      1       24  

Apple, Inc.(e)

      10       1,802  

Arista Networks, Inc. *

      1       90  

AutoZone, Inc. *

      —   (a)      98  

Axalta Coating Systems Ltd. *

      1       19  

Baker Hughes Co.

      6       204  

Bank of America Corp.

      19       765  

BellRing Brands, Inc. *

      1       21  

Berkshire Hathaway, Inc., Class B *

      1       267  

Best Buy Co., Inc.

      —   (a)      42  

BlackRock, Inc.

      —   (a)      80  

Blackstone, Inc.

      1       151  

Booking Holdings, Inc. *

      —   (a)      505  

Boston Scientific Corp. *

      13       560  

Bright Horizons Family Solutions, Inc. *

      1       75  

Bristol-Myers Squibb Co.

      9       659  

Brixmor Property Group, Inc., REIT

      2       49  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Shares (000)     Value ($000)  

 

   

 

 

    

 

 

  

Bumble, Inc., Class A *

      2       72  

Burlington Stores, Inc. *

      —   (a)      55  

Capital One Financial Corp.

      1       104  

Carlisle Cos., Inc. (e)

      —   (a)      43  

CarMax, Inc. *

      —   (a)      45  

Catalent, Inc. *

      1       100  

CBRE Group, Inc., Class A *

      —   (a)      31  

Celanese Corp.

      —   (a)      14  

Centene Corp. *

      2       150  

Charles Schwab Corp. (The)

      2       210  

Charter Communications, Inc., Class A *

      1       385  

Cheniere Energy, Inc.

      —   (a)      46  

Chevron Corp.

      3       434  

Chubb Ltd.

      —   (a)      57  

Cigna Corp.

      —   (a)      33  

Cisco Systems, Inc.

      1       36  

Citigroup, Inc.

      4       224  

Citizens Financial Group, Inc.

      2       77  

CNA Financial Corp.

      —   (a)      22  

Coca-Cola Co. (The)

      4       279  

Columbia Sportswear Co.

      —   (a)      31  

CommScope Holding Co., Inc. *

      2       12  

Confluent, Inc., Class A *

      1       45  

ConocoPhillips

      4       447  

Constellation Brands, Inc., Class A

      2       371  

Cooper Cos., Inc. (The)

      —   (a)      105  

Copart, Inc. *

      1       114  

Coterra Energy, Inc.

      2       58  

Cracker Barrel Old Country Store, Inc.

      —   (a)      20  

Crowdstrike Holdings, Inc., Class A *

      —   (a)      50  

CVS Health Corp.

      1       79  

Deere & Co.

      —   (a)      171  

Dexcom, Inc. *

      —   (a)      120  

Diamondback Energy, Inc.

      —   (a)      27  

Dick’s Sporting Goods, Inc.(c)

      —   (a)      35  

DISH Network Corp., Class A *

      1       31  

Dollar General Corp.

      —   (a)      50  

Dover Corp.

      —   (a)      68  

Eastman Chemical Co.

      2       257  

Eaton Corp. plc

      3       394  

Edison International

      1       36  

Energizer Holdings, Inc.

      1       30  

Entegris, Inc.

      1       101  

Entergy Corp.

      —   (a)      36  

EOG Resources, Inc.

      1       134  

Equifax, Inc.

      —   (a)      92  

Estee Lauder Cos., Inc. (The), Class A

      —   (a)      80  

Exact Sciences Corp. *

      1       48  

Exelixis, Inc. *

      2       52  

Exelon Corp.

      1       30  

Federal Realty Investment Trust, REIT

      —   (a)      36  

FedEx Corp.

      —   (a)      57  

Ferguson plc

      1       136  

First Republic Bank

      —   (a)      66  

FirstEnergy Corp.

      —   (a)      13  

FleetCor Technologies, Inc. *

      —   (a)      38  

Fortune Brands Home & Security, Inc.

      —   (a)      28  

Freeport-McMoRan, Inc.

      2       98  

Gap, Inc. (The)

      3       36  

Garmin Ltd.

      1       63  

Generac Holdings, Inc. *

      —   (a)      77  

General Dynamics Corp.

      —   (a)      52  

GlaxoSmithKline plc

      2       51  

Global Payments, Inc.

      1       81  

Hartford Financial Services Group, Inc. (The)

      1       46  

HCA Healthcare, Inc.

      —   (a)      21  

Henry Schein, Inc. *

      1       46  

Hilton Worldwide Holdings, Inc. *

      1       112  

Home Depot, Inc. (The)

      1       172  

Honeywell International, Inc.

      —   (a)      45  

Horizon Therapeutics plc *

      1       113  

HubSpot, Inc. *

      —   (a)      77  

Ingersoll Rand, Inc.

      8       420  

Insulet Corp. *

      —   (a)      63  

InterActiveCorp. *

      —   (a)      28  

International Business Machines Corp.

      —   (a)      46  

Intuit, Inc.

      —   (a)      123  

Intuitive Surgical, Inc. *

      —   (a)      110  

Invesco Ltd.

      1       34  

ITT, Inc.

      —   (a)      30  

James Hardie Industries plc, CHDI

      —   (a)      9  

Jazz Pharmaceuticals plc *

      1       81  

JBG SMITH Properties, REIT

      1       24  

Johnson & Johnson

      —   (a)      85  

Keurig Dr Pepper, Inc.

      1       33  

Keysight Technologies, Inc. *

      1       80  

Kimco Realty Corp., REIT

      2       61  

Kinder Morgan, Inc.

      3       53  

Kohl’s Corp.

      1       53  

Kraft Heinz Co. (The)

      1       57  

Kyndryl Holdings, Inc. *

      1       13  

Lam Research Corp.

      1       365  

Lamar Advertising Co., Class A, REIT

      —   (a)      17  

Leidos Holdings, Inc.

      —   (a)      52  

Liberty Broadband Corp., Class C *

      —   (a)      47  

Liberty Media Corp.-Liberty SiriusXM, Class A *

      —   (a)      15  

Liberty Media Corp.-Liberty SiriusXM, Class C *

      1       62  

Loews Corp. (e)

      2       120  

Lowe’s Cos., Inc.

      —   (a)      50  

Lyft, Inc., Class A *

      14       530  

M&T Bank Corp.

      1       110  

Marathon Petroleum Corp.

      —   (a)      33  

Marriott International, Inc., Class A *

      3       532  

Marsh & McLennan Cos., Inc.

      —   (a)      30  

Martin Marietta Materials, Inc.

      —   (a)      57  

Mastercard, Inc., Class A (e)

      2       768  

McDonald’s Corp.

      3       622  

McKesson Corp.

      —   (a)      101  

Medtronic plc

      —   (a)      36  

Merck & Co., Inc.

      —   (a)      36  

Meta Platforms, Inc., Class A *

      3       776  

Mettler-Toledo International, Inc. *

      —   (a)      52  

Microsoft Corp. (e)

      7       2,298  

Mid-America Apartment Communities, Inc., REIT

      —   (a)      40  

Mohawk Industries, Inc. *

      —   (a)      44  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Shares (000)     Value ($000)  

 

   

 

 

    

 

 

  

MongoDB, Inc. *

      —   (a)      75  

Morgan Stanley

      —   (a)      43  

Murphy USA, Inc.

      —   (a)      49  

Natera, Inc. *

      1       31  

National Vision Holdings, Inc. *

      1       41  

Newell Brands, Inc.

      2       41  

Nexstar Media Group, Inc., Class A

      —   (a)      37  

NextEra Energy, Inc.

      6       511  

NIKE, Inc., Class B

      1       119  

Norfolk Southern Corp.

      1       412  

Northern Trust Corp.

      —   (a)      49  

Northrop Grumman Corp.

      —   (a)      55  

NVIDIA Corp.

      1       349  

Old Dominion Freight Line, Inc.

      —   (a)      140  

O’Reilly Automotive, Inc. *

      —   (a)      91  

Organon & Co.

      —   (a)      16  

PACCAR, Inc.

      1       106  

Packaging Corp. of America

      —   (a)      68  

Palo Alto Networks, Inc. *

      —   (a)      155  

Parker-Hannifin Corp.

      —   (a)      6  

PG&E Corp. *

      2       19  

Philip Morris International, Inc.

      —   (a)      43  

Phillips 66

      1       47  

PNC Financial Services Group, Inc. (The)

      —   (a)      78  

Post Holdings, Inc. *

      1       47  

Procter & Gamble Co. (The)

      2       339  

Progressive Corp. (The)

      5       625  

Prologis, Inc., REIT

      2       272  

Public Storage, REIT

      —   (a)      25  

QUALCOMM, Inc.

      1       177  

Quanta Services, Inc.

      1       181  

Ralph Lauren Corp.

      —   (a)      35  

Rayonier, Inc., REIT

      1       53  

Raytheon Technologies Corp.

      1       83  

Regeneron Pharmaceuticals, Inc. *

      1       580  

ROBLOX Corp., Class A *

      —   (a)      23  

Ross Stores, Inc.

      3       228  

Royal Caribbean Cruises Ltd. *

      1       93  

Royalty Pharma plc, Class A

      1       43  

S&P Global, Inc.

      —   (a)      152  

Schneider Electric SE

      1       201  

Seagate Technology Holdings plc

      2       221  

ServiceNow, Inc. *

      —   (a)      105  

Signature Bank

      —   (a)      68  

Snap, Inc., Class A *

      8       300  

SolarEdge Technologies, Inc. *

      —   (a)      143  

Southwest Airlines Co. *

      3       154  

Stanley Black & Decker, Inc.

      —   (a)      31  

State Street Corp.

      4       323  

Stellantis NV

      12       193  

Stellantis NV

      3       46  

Sun Communities, Inc., REIT

      1       164  

SVB Financial Group *

      —   (a)      69  

Synopsys, Inc. *

      —   (a)      99  

Sysco Corp.

      —   (a)      40  

T. Rowe Price Group, Inc.

      —   (a)      43  

TD SYNNEX Corp.

      —   (a)      48  

Tempur Sealy International, Inc.

      —   (a)      2  

Teradyne, Inc.

      1       59  

Tesla, Inc. *

      1       795  

Texas Instruments, Inc.

      3       496  

Thermo Fisher Scientific, Inc.

      —   (a)      144  

Timken Co. (The)

      —   (a)      18  

T-Mobile US, Inc. *

      4       460  

Trade Desk, Inc. (The), Class A *

      1       54  

Trane Technologies plc

      3       493  

Travelers Cos., Inc. (The)

      1       123  

Truist Financial Corp.

      6       347  

Union Pacific Corp.

      —   (a)      125  

UnitedHealth Group, Inc.

      2       1,099  

US Bancorp

      1       54  

Verizon Communications, Inc.

      2       106  

Vertex Pharmaceuticals, Inc. *

      1       230  

Viatris, Inc.

      1       14  

Walt Disney Co. (The) *

      —   (a)      16  

Wells Fargo & Co.

      8       389  

Welltower, Inc., REIT

      1       60  

Westrock Co.

      1       37  

Weyerhaeuser Co., REIT

      2       74  

Williams Cos., Inc. (The)

      2       53  

Wolfspeed, Inc. *

      1       66  

Xcel Energy, Inc.

      1       75  

Zebra Technologies Corp., Class A *

      —   (a)      60  

Zimmer Biomet Holdings, Inc.

      5       606  

Zscaler, Inc. *

      —   (a)      92  
    

 

 

  
       40,240  
    

 

 

  
TOTAL COMMON STOCKS
(Cost $46,945)

 

     63,359  
    

 

 

  

INVESTMENT COMPANIES — 23.6%

     

JPMorgan Emerging Markets Equity Fund Class R6 Shares (f)

      147       4,687  

JPMorgan High Yield Fund Class R6 Shares (f)

      2,257       15,575  

JPMorgan Income Fund Class R6 Shares (f)

      577       5,227  

JPMorgan Large Cap Value Fund Class R6 Shares (f)

      241       4,879  
    

 

 

  
TOTAL INVESTMENT COMPANIES
(Cost $28,957)

 

     30,368  
    

 

 

  
     Principal
Amount ($000)		        

FOREIGN GOVERNMENT SECURITIES — 13.8%

     

Australia — 0.2%

     

Commonwealth of Australia 0.25%, 11/21/2024 (b)

    AUD  71       50  

0.50%, 9/21/2026 (b)

    AUD  120       82  

2.75%, 11/21/2029 (b)

    AUD  30       22  

1.00%, 12/21/2030 (b)

    AUD  3       2  

1.00%, 11/21/2031 (b)

    AUD  183       116  

3.75%, 4/21/2037 (b)

    AUD  40       32  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Principal
Amount ($000)		      Value ($000)  

 

   

 

 

     

 

 

  

2.75%, 5/21/2041 (b)

    AUD  1        1  

3.00%, 3/21/2047 (b)

    AUD  19        14  

1.75%, 6/21/2051 (b)

    AUD  20        11  
     

 

 

  
     330  
  

 

 

  

Belgium — 0.3%

 

Kingdom of Belgium

      

0.80%, 6/22/2027 (b)

    EUR  60        67  

0.10%, 6/22/2030 (b)

    EUR  102        107  

3.00%, 6/22/2034 (b)

    EUR  69        93  

1.90%, 6/22/2038 (b)

    EUR  60        73  

0.40%, 6/22/2040 (b)

    EUR  20        19  

1.60%, 6/22/2047 (b)

    EUR  11        12  

1.70%, 6/22/2050 (b)

    EUR  5        6  

2.15%, 6/22/2066 (b)

    EUR  22        29  
     

 

 

  
     406  
  

 

 

  

Canada — 0.6%

 

Canada Government Bond

 

   

2.00%, 9/1/2023

    CAD  152        121  

0.25%, 3/1/2026

    CAD  50        37  

1.50%, 12/1/2031

    CAD  85        63  

2.75%, 12/1/2048

    CAD  69        59  

1.75%, 12/1/2053

    CAD  50        34  

2.75%, 12/1/2064

    CAD  3        3  

Canada Housing Trust

 

   

1.25%, 6/15/2026 (g)

    CAD  100        75  

Province of Alberta

 

   

2.90%, 12/1/2028

    CAD  55        44  

1.65%, 6/1/2031

    CAD  130        92  

Province of British Columbia

 

   

4.70%, 6/18/2037

    CAD  25        23  

2.95%, 6/18/2050

    CAD  10        8  

Province of Ontario

 

   

2.30%, 9/8/2024

    CAD  80        64  

0.01%, 11/25/2030 (b)

    EUR  170        168  
     

 

 

  
     791  
  

 

 

  

China — 0.1%

 

Export-Import Bank of China (The)

 

   

0.75%, 5/28/2023 (b)

    EUR  100        111  
     

 

 

  

Denmark — 0.1%

 

Kingdom of Denmark

 

   

1.50%, 11/15/2023

    DKK  36        6  

1.75%, 11/15/2025

    DKK  28        4  

0.50%, 11/15/2027

    DKK  10        2  

0.50%, 11/15/2029

    DKK  356        52  

4.50%, 11/15/2039

    DKK  108        25  

0.25%, 11/15/2052

    DKK  60        7  
     

 

 

  
     96  
  

 

 

  

France — 1.2%

 

French Republic

 

   

0.25%, 11/25/2026 (b)

    EUR  66        72  

5.50%, 4/25/2029 (b)

    EUR  270        398  

0.00%, 11/25/2030 (b)

    EUR  45        46  

0.00%, 11/25/2031 (b)

    EUR  300        304  

1.25%, 5/25/2034 (b)

    EUR  325        367  

3.25%, 5/25/2045 (b)

    EUR  86        132  

2.00%, 5/25/2048 (b)

    EUR  2        2  

1.50%, 5/25/2050 (b)

    EUR  93        106  

0.75%, 5/25/2052 (b)

    EUR  9        9  

0.75%, 5/25/2053 (b)

    EUR  27        25  

4.00%, 4/25/2055 (b)

    EUR  14        26  

1.75%, 5/25/2066 (b)

    EUR  53        64  
     

 

 

  
     1,551  
  

 

 

  

Germany — 0.6%

 

Bundesrepublik Deutschland

 

   

0.50%, 2/15/2028 (b)

    EUR  110        122  

0.00%, 2/15/2031 (b)

    EUR  263        279  

0.00%, 8/15/2031 (b)

    EUR  100        106  

0.00%, 5/15/2035 (b)

    EUR  108        110  

2.50%, 7/4/2044 (b)

    EUR  46        71  

1.25%, 8/15/2048 (b)

    EUR  72        92  

0.00%, 8/15/2050 (b)

    EUR  52        49  
     

 

 

  
     829  
  

 

 

  

Italy — 1.7%

 

Buoni Poliennali del Tesoro

 

   

1.00%, 7/15/2022 (b)

    EUR  350        389  

0.00%, 1/15/2024 (b)

    EUR  207        228  

0.35%, 2/1/2025 (b)

    EUR  163        178  

1.85%, 7/1/2025 (b)

    EUR  36        41  

0.50%, 2/1/2026 (b)

    EUR  87        94  

1.60%, 6/1/2026 (b)

    EUR  264        298  

2.80%, 12/1/2028 (b)

    EUR  255        305  

3.00%, 8/1/2029 (b)

    EUR  14        17  

1.35%, 4/1/2030 (b)

    EUR  38        41  

0.95%, 12/1/2031 (b)

    EUR  20        20  

1.65%, 3/1/2032 (b)

    EUR  50        54  

2.45%, 9/1/2033 (b)

    EUR  9        10  

2.25%, 9/1/2036 (b)

    EUR  266        298  

4.00%, 2/1/2037 (b)

    EUR  19        26  

4.75%, 9/1/2044 (b)

    EUR  5        8  

1.50%, 4/30/2045 (b)

    EUR  43        40  

3.45%, 3/1/2048 (b)

    EUR  10        13  

3.85%, 9/1/2049 (b)

    EUR  14        20  

1.70%, 9/1/2051 (b)

    EUR  2        2  

2.15%, 9/1/2052 (b)

    EUR  80        82  

2.80%, 3/1/2067 (b)

    EUR  14        16  
     

 

 

  
     2,180  
  

 

 

  

Japan — 5.9%

 

Japan Government Bond

 

   

0.80%, 9/20/2022

    JPY  117,950        973  

0.10%, 3/20/2023

    JPY  24,050        198  

0.60%, 12/20/2023

    JPY  102,250        849  

0.10%, 9/20/2024

    JPY  12,600        104  

0.10%, 12/20/2024

    JPY  42,250        348  

0.10%, 3/20/2025

    JPY  3,500        29  

0.30%, 12/20/2025

    JPY  57,700        479  

0.01%, 12/20/2026

    JPY  58,900        483  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Principal
Amount ($000)		      Value ($000)  

 

   

 

 

     

 

 

  

0.10%, 12/20/2026

    JPY  39,950        329  

0.10%, 12/20/2027

    JPY  69,900        576  

0.10%, 9/20/2029

    JPY  750        6  

0.10%, 3/20/2030

    JPY  56,900        466  

1.50%, 3/20/2034

    JPY  72,600        678  

0.60%, 12/20/2037

    JPY  42,250        352  

2.50%, 3/20/2038

    JPY  15,600        167  

0.30%, 12/20/2039

    JPY  76,600        596  

0.50%, 12/20/2041

    JPY  4,950        39  

1.70%, 9/20/2044

    JPY  50        —   (a) 

1.40%, 12/20/2045

    JPY  10,400        97  

0.80%, 3/20/2047

    JPY  29,050        237  

0.40%, 9/20/2049

    JPY  27,850        201  

0.40%, 12/20/2049

    JPY  23,800        172  

0.90%, 3/20/2057

    JPY  19,200        157  
     

 

 

  
     7,536  
  

 

 

  

Netherlands — 0.2%

 

Kingdom of Netherlands

 

   

2.50%, 1/15/2033 (b)

    EUR  60        78  

4.00%, 1/15/2037 (b)

    EUR  20        32  

0.50%, 1/15/2040 (b)

    EUR  28        29  

2.75%, 1/15/2047 (b)

    EUR  40        64  

0.00%, 1/15/2052 (b)

    EUR  13        11  
     

 

 

  
     214  
  

 

 

  

Qatar — 0.2%

 

State of Qatar

 

   

3.88%, 4/23/2023 (g)

      200        204  
     

 

 

  

South Korea — 0.3%

 

Export-Import Bank of Korea

 

   

0.38%, 3/26/2024 (b)

    EUR  100        110  

0.00%, 10/19/2024 (b)

    EUR  270        294  
     

 

 

  
     404  
  

 

 

  

Spain — 0.7%

 

Bonos and Obligaciones del Estado

 

   

0.00%, 1/31/2027

    EUR  195        207  

1.40%, 7/30/2028 (b)

    EUR  103        117  

1.45%, 4/30/2029 (b)

    EUR  141        160  

1.85%, 7/30/2035 (b)

    EUR  25        28  

4.20%, 1/31/2037 (b)

    EUR  131        195  

1.20%, 10/31/2040(b)

    EUR  98        98  

1.00%, 7/30/2042 (b)

    EUR  25        24  

2.70%, 10/31/2048 (b)

    EUR  20        26  

3.45%, 7/30/2066 (b)

    EUR  13        19  
     

 

 

  
     874  
  

 

 

  

Sweden — 0.0% (d)

 

Kingdom of Sweden

 

   

2.50%, 5/12/2025

    SEK  90        10  

0.75%, 5/12/2028

    SEK  270        28  

0.75%, 11/12/2029 (b)

    SEK  40        4  

2.25%, 6/1/2032 (b)

    SEK  15        2  

3.50%, 3/30/2039

    SEK  120        17  
     

 

 

  
     61  
  

 

 

  

United Kingdom — 1.7%

 

United Kingdom of Great Britain and Northern Ireland

 

   

0.75%, 7/22/2023 (b)

    GBP  13        17  

1.00%, 4/22/2024 (b)

    GBP  152        198  

0.63%, 6/7/2025 (b)

    GBP  260        334  

6.00%, 12/7/2028 (b)

    GBP  145        245  

0.25%, 7/31/2031 (b)

    GBP  105        122  

4.75%, 12/7/2038 (b)

    GBP  207        388  

1.13%, 1/31/2039 (b)

    GBP  50        59  

3.50%, 1/22/2045 (b)

    GBP  26        45  

4.25%, 12/7/2046 (b)

    GBP  100        195  

1.75%, 1/22/2049 (b)

    GBP  196        255  

0.63%, 10/22/2050 (b)

    GBP  148        145  

4.25%, 12/7/2055 (b)

    GBP  15        31  

2.50%, 7/22/2065 (b)

    GBP  50        83  

3.50%, 7/22/2068 (b)

    GBP  29        61  
     

 

 

  
     2,178  
  

 

 

  

TOTAL FOREIGN GOVERNMENT SECURITIES
(Cost $19,287)

 

      17,765  
  

 

 

  

CORPORATE BONDS — 2.1%

 

Canada — 0.5%

 

Ontario Teachers’ Finance Trust

 

   

0.50%, 5/6/2025 (b)

    EUR  400        437  

0.10%, 5/19/2028 (b)

    EUR  230        238  
  

 

 

  
     675  
  

 

 

  

China — 0.2%

 

China Development Bank

 

   

0.88%, 1/24/2024 (b)

    EUR  200        222  
     

 

 

  

France — 0.2%

 

Dexia Credit Local SA

 

   

0.75%, 1/25/2023 (b)

    EUR 100        111  

1.63%, 12/8/2023 (b)

    GBP 100        131  
  

 

 

  
     242  
  

 

 

  

Netherlands — 0.1%

 

BNG Bank NV

 

   

4.75%, 3/6/2023 (b)

    AUD 15        12  

1.90%, 11/26/2025 (b)

    AUD 90        64  

Nederlandse Waterschapsbank NV

 

   

3.50%, 7/20/2027

    AUD 40        30  
  

 

 

  
     106  
  

 

 

  

South Korea — 0.4%

 

Kia Corp.

 

   

3.00%, 4/25/2023 (g)

      200        201  

Korea Development Bank (The)

 

   

3.00%, 9/14/2022

      200        200  

0.63%, 7/17/2023 (b)

    EUR 100        111  
  

 

 

  
     512  
  

 

 

  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		     Value ($000)  

United States — 0.7%

     

AbbVie, Inc.

     

2.90%, 11/6/2022

      168       169  

Aetna, Inc.

     

2.75%, 11/15/2022

      96       96  

AT&T, Inc.

     

2.63%, 12/1/2022

      196       197  

Athene Global Funding

     

3.00%, 7/1/2022 (g)

      232       233  

Clorox Co. (The)

     

3.05%, 9/15/2022

      39       39  

Penske Truck Leasing Co. LP

     

4.88%, 7/11/2022 (g)

      45       46  

Union Pacific Corp.

     

4.16%, 7/15/2022

      100       100  

Walt Disney Co. (The)

     

8.88%, 4/26/2023

      45       48  
    

 

 

  
       928  
    

 

 

  

TOTAL CORPORATE BONDS

(Cost $2,775)

        2,685  
    

 

 

  

U.S. TREASURY OBLIGATIONS — 1.4%

     

U.S. Treasury Notes

     

0.13%, 1/31/2023 (h) (Cost $1,842)

      1,848       1,826  
    

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2%

     

United States — 0.2%

     

Citigroup Commercial Mortgage Trust

     

Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (g) (i)

      100       92  

FHLMC, Multi-Family Structured Pass-Through Certificates

     

Series K083, Class X1, IO, 0.03%, 9/25/2028 (i)

      14,532       68  

FREMF

     

Series 2018-KF46, Class B, 2.19%, 3/25/2028 (g) (i)

      3       3  

FREMF Mortgage Trust

     

Series 2017-KF32, Class B, 2.79%, 5/25/2024 (g) (i)

      6       6  

Series 2017-KF38, Class B, 2.74%, 9/25/2024 (g) (i)

      3       3  

Series 2018-KF45, Class B, 2.19%, 3/25/2025 (g) (i)

      7       7  

Series 2018-KF49, Class B, 2.14%, 6/25/2025 (g) (i)

      3       3  

Series 2019-KF63, Class B, 2.59%, 5/25/2029 (g) (i)

      41       40  

LB-UBS Commercial Mortgage Trust

     

Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (i)

      32       13  
    

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES

(Cost $256)

        235  
    

 

 

  

SUPRANATIONAL — 0.2%

     

Asian Development Bank

     

3.40%, 9/10/2027 (b)

    AUD  140       106  

European Investment Bank

     

0.50%, 6/21/2023

    AUD  30       22  

Inter-American Development Bank

     

0.50%, 5/23/2023

    CAD  63       49  

4.40%, 1/26/2026

    CAD  16       14  
    

 

 

  

TOTAL SUPRANATIONAL

(Cost $192)

        191  
    

 

 

  

ASSET-BACKED SECURITIES — 0.0% (d)

     

United States — 0.0% (d)

     

Morgan Stanley ABS Capital I, Inc. Trust

     

Series 2003-NC10, Class M1, 1.48%, 10/25/2033 ‡ (i )(Cost $22)

      23       22  
    

 

 

  
     Shares (000)        

EXCHANGE-TRADED FUNDS — 0.0% (d)

     

United States — 0.0% (d)

     

Utilities Select Sector SPDR Fund (Cost $13)

      —   (a)      13  
    

 

 

  
     Principal
Amount ($000)		        

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.0% (d)

     

United States — 0.0% (d)

     

Banc of America Funding Trust

     

Series 2006-A, Class 1A1, 2.61%, 2/20/2036 (i)

      8       8  

Deutsche Alt-A Securities Mortgage Loan Trust

     

Series 2007-3, Class 2A1, 1.21%, 10/25/2047 (i)

      —   (a)      —   (a) 

Morgan Stanley Mortgage Loan Trust

     

Series 2004-5AR, Class 4A, 2.58%, 7/25/2034 (i)

      —   (a)      —   (a) 
    

 

 

  

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $8)

        8  
    

 

 

  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments

    Principal
Amount ($000)		     Value ($000)  

SHORT-TERM INVESTMENTS — 8.5%

     

CERTIFICATES OF DEPOSIT — 0.0% (d)

     

Shinhan Bank

     

0.80%, 8/12/2022(Cost $58)

      58       58  
    

 

 

  

COMMERCIAL PAPER — 0.6%

     

Enel Finance America LLC

     

1.01%, 1/20/2023 (g) (j)

      250       246  

Volvo Group Treasury US, Inc.

     

1.36%, 9/1/2022 (g) (j)

      250       248  

Waste Management, Inc.

     

0.31%, 9/8/2022 (g) (j)

      250       248  
    

 

 

  

TOTAL COMMERCIAL PAPER

(Cost $746)

        742  
    

 

 

  

FOREIGN GOVERNMENT TREASURY BILLS — 3.5%

     

Canadian Treasury Bills

     

0.00%, 1/5/2023

    CAD  1,898       1,500  

1.05%, 2/2/2023 (j)

    CAD  1,913       1,508  

1.29%, 3/2/2023 (j)

    CAD  1,921       1,511  
    

 

 

  

TOTAL FOREIGN GOVERNMENT TREASURY BILLS

(Cost $4,492)

        4,519  
    

 

 

  
     Shares (000)        

INVESTMENT COMPANIES — 4.3%

     

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.29% (f) (k)

(Cost $5,521)

      5,521       5,522  
    

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1%

     

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26% (f) (k)

(Cost $116)

      116       116  
    

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $10,933)

        10,957  
    

 

 

  

TOTAL LONG POSITIONS

(Cost $111,230)

        127,429  
    

 

 

  

SHORT POSITIONS — (0.6)% (d)

     

COMMON STOCKS — (0.5)% (d)

     

United States — (0.5)% (d)

     

3M Co.

      (1 )      (75 ) 

Abbott Laboratories

      —   (a)      (6 ) 

Align Technology, Inc. *

      —   (a)      (1 ) 

Ally Financial, Inc.

      (1 )      (25 ) 

Altria Group, Inc.

      —   (a)      (9 ) 

Best Buy Co., Inc.

      —   (a)      (6 ) 

Capital One Financial Corp.

      —   (a)      (38 ) 

Clorox Co. (The)

      —   (a)      (18 ) 

Conagra Brands, Inc.

      —   (a)      (14 ) 

Equifax, Inc.

      —   (a)      (6 ) 

Estee Lauder Cos., Inc. (The), Class A

      —   (a)      (16 ) 

Etsy, Inc. *

      —   (a)      (18 ) 

Fisker, Inc. *

      —   (a)      (1 ) 

Goldman Sachs Group, Inc. (The)

      —   (a)      (100 ) 

Harley-Davidson, Inc.

      (1 )      (38 ) 

Home Depot, Inc. (The)

      —   (a)      (40 ) 

IQVIA Holdings, Inc. *

      —   (a)      (26 ) 

Kellogg Co.

      —   (a)      (7 ) 

Kimberly-Clark Corp.

      —   (a)      (50 ) 

Las Vegas Sands Corp. *

      —   (a)      (15 ) 

ManpowerGroup, Inc.

      —   (a)      (34 ) 

Mohawk Industries, Inc. *

      —   (a)      (12 ) 

RingCentral, Inc., Class A *

      —   (a)      (11 ) 

salesforce.com, Inc. *

      —   (a)      (13 ) 

Sirius XM Holdings, Inc.

      (2 )      (13 ) 

SoFi Technologies, Inc. *

      —   (a)      (1 ) 

Whirlpool Corp.

      —   (a)      (26 ) 

Wynn Resorts Ltd. *

      (1 )      (85 ) 

Zoom Video Communications, Inc., Class A *

      —   (a)      (12 ) 
    

 

 

  
       (716 ) 
    

 

 

  

TOTAL COMMON STOCKS

(Proceeds $(724))

        (716 ) 
    

 

 

  

EXCHANGE-TRADED FUNDS — (0.1)% (d)

     

United States — (0.1)% (d)

     

iShares Russell 2000 ETF(Proceeds $(102))

      —   (a)      (100 ) 
    

 

 

  

TOTAL SHORT POSITIONS

(Proceeds $(826))

        (816 ) 
    

 

 

  

Total Investments — 98.5%

(Cost $110,404)

        126,613  

Other Assets Less Liabilities — 1.5%

        1,921  
    

 

 

  

Net Assets — 100.0%

        128,534  
    

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Summary of Investments by Industry, March 31, 2022

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

 

LONG PORTFOLIO COMPOSITION BY INDUSTRY

    PERCENT OF TOTAL
INVESTMENTS		  

Fixed Income

      16.3 % 

Foreign Government Securities

      13.9  

Banks

      4.5  

U.S. Equity

      3.8  

International Equity

      3.7  

Foreign Government Treasury Bills

      3.5  

Semiconductors & Semiconductor Equipment

      3.3  

Software

      2.5  

Pharmaceuticals

      2.3  

Technology Hardware, Storage & Peripherals

      2.0  

Insurance

      1.9

Internet & Direct Marketing Retail

      1.8  

Interactive Media & Services

      1.8  

Biotechnology

      1.8  

Oil, Gas & Consumable Fuels

      1.7  

Hotels, Restaurants & Leisure

      1.6  

Automobiles

      1.6  

Health Care Equipment & Supplies

      1.5  

U.S. Treasury Notes

      1.4  

IT Services

      1.3  

Health Care Providers & Services

      1.3  

Machinery

      1.3  

Textiles, Apparel & Luxury Goods

      1.3  

Road & Rail

      1.3  

Beverages

      1.2  

Capital Markets

      1.1  

Others (each less than 1.0%)

      15.9  

Short-Term Investments

      4.4  

 

SHORT PORTFOLIO COMPOSITION BY INDUSTRY

    PERCENT OF TOTAL
INVESTMENTS		  

Capital Markets

      12.3 % 

Hotels, Restaurants & Leisure

      12.2  

Exchange-Traded Fund

      12.2  

Industrial Conglomerates

      9.2  

Household Products

      8.3  

Consumer Finance

      7.9  

Specialty Retail

      5.6  

Professional Services

      4.9  

Automobiles

      4.9  

Household Durables

      4.7  

Software

      4.5  

Life Sciences Tools & Services

      3.1  

Food Products

      2.5  

Internet & Direct Marketing Retail

      2.2  

Personal Products

      1.9  

Media

      1.6  

Tobacco

      1.1  

Others (each less than 1.0%)

      0.9  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Abbreviations
ABS      Asset-Backed Securities
ADR      American Depositary Receipt
APAC      Asia Pacific
AUD      Australian Dollar
CAD      Canadian Dollar
CHDI      Clearing House Electronic Subregister System (CHESS) Depository Interest
DKK      Danish Krone
ETF      Exchange-Traded Fund
EUR      Euro
FHLMC      Federal Home Loan Mortgage Corp.
GBP      British Pound
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.
JPY      Japanese Yen
OYJ      Public Limited 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
SEK      Swedish Krona
SPDR      Standard & Poor’s Depository Receipts
(a)

Amount rounds to less than one thousand.

(b)

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.

(c)

The security or a portion of this security is on loan at March 31, 2022. The total value of securities on loan at March 31, 2022 is $95.

(d)

Amount rounds to less than 0.1% of net assets.

(e)

All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $2,662.

(f)

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.

(g)

Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(h)

All or a portion of this security is deposited with the broker as initial margin for futures contracts.

(i)

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 March 31, 2022.

(j)

The rate shown is the effective yield as of March 31, 2022.

(k)

The rate shown is the current yield as of March 31, 2022.

*

Non-income producing security.

‡

Value determined using significant unobservable inputs.

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

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 March 31, 2022 (amounts in thousands, except number of contracts):

 

Description

    Number of
Contracts		     Expiration
Date		      Trading
Currency		      Notional
Amount ($)		     Value and
Unrealized
Appreciation
(Depreciation) ($)		  

Long Contracts

 

Australia 10 Year Bond

      1       06/2022        AUD        95       (4 ) 

EURO STOXX 50 Index

      17       06/2022        EUR        714       —   (a) 

Euro-Bobl

      1       06/2022        EUR        143       —   (a) 

Euro-Bund

      2       06/2022        EUR        351       2  

Euro-Schatz

      3       06/2022        EUR        368       —   (a) 

Foreign Exchange AUD/USD

      20       06/2022        USD        1,498       32  

Foreign Exchange CAD/USD

      38       06/2022        USD        3,038       75  

Foreign Exchange EUR/USD

      61       06/2022        USD        8,458       84  

Foreign Exchange GBP/USD

      26       06/2022        USD        2,134       (2 ) 

Foreign Exchange JPY/USD

      80       06/2022        USD        8,230       (423 ) 

Japan 10 Year Bond Mini

      6       06/2022        JPY        739       (4 ) 

Long Gilt

      1       06/2022        GBP        159       (6 ) 

MSCI Emerging Markets E-Mini Index

      41       06/2022        USD        2,306       193  

S&P 500 E-Mini Index

      37       06/2022        USD        8,383       680  

S&P/TSX 60 Index

      20       06/2022        CAD        4,221       129  

SPI 200 Index

      2       06/2022        AUD        278       12  

U.S. Treasury Long Bond

      11       06/2022        USD        1,653       (36 ) 
            

 

 

  
               732  
            

 

 

  

Short Contracts

 

FTSE 100 Index

      (21 )      06/2022        GBP        (2,055 )      (97 ) 

MSCI EAFE E-Mini Index

      (56 )      06/2022        USD        (6,004 )      (334 ) 

TOPIX Index

      (2 )      06/2022        JPY        (316 )      (28 ) 

U.S. Treasury 2 Year Note

      (1 )      06/2022        USD        (212 )      4  

U.S. Treasury 10 Year Note

      (2 )      06/2022        USD        (245 )      6  
            

 

 

  
               (449 ) 
            

 

 

  
               283  
            

 

 

  

 

Abbreviations
AUD      Australian Dollar
CAD      Canadian Dollar
EAFE      Europe, Australasia and Far East
EUR      Euro
FTSE      Financial Times and the London Stock Exchange
GBP      British Pound
JPY      Japanese Yen
MSCI      Morgan Stanley Capital International
SPI      Australian Securities Exchange
TOPIX      Tokyo Stock Price Index
TSX      Toronto Stock Exchange
USD      United States Dollar
(a)      Amount rounds to less than one thousand.

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Forward foreign currency exchange contracts outstanding as of March 31, 2022 (amounts in thousands):

 

Currency
Purchased

      Currency Sold     

Counterparty

   

Settlement
Date

    Unrealized
Appreciation
(Depreciation) ($)		  

AUD

      761        USD        569      HSBC Bank, NA    4/5/2022      —   (a) 

CAD

      845        USD        675      Royal Bank of Canada    4/5/2022      1  

EUR

      36        JPY        4,653      BNP Paribas    4/5/2022      2  

EUR

      46        USD        50      Barclays Bank plc    4/5/2022      —   (a) 

EUR

      401        USD        441      Goldman Sachs International    4/5/2022      2  

EUR

      32        USD        35      HSBC Bank, NA    4/5/2022      —   (a) 

EUR

      74        USD        81      Merrill Lynch International    4/5/2022      1  

EUR

      161        USD        177      Standard Chartered Bank    4/5/2022      2  

EUR

      129        USD        142      State Street Corp.    4/5/2022      —   (a) 

GBP

      1,727        USD        2,264      Barclays Bank plc    4/5/2022      4  

GBP

      59        USD        77      HSBC Bank, NA    4/5/2022      —   (a) 

JPY

      772,699        USD        6,336      BNP Paribas    4/5/2022      11  

USD

      110        DKK        729      BNP Paribas    4/5/2022      1  

USD

      9,723        EUR        8,681      BNP Paribas    4/5/2022      119  

USD

      180        EUR        162      HSBC Bank, NA    4/5/2022      1  

USD

      238        EUR        214      Merrill Lynch International    4/5/2022      2  

USD

      37        EUR        33      State Street Corp.    4/5/2022      1  

USD

      2,379        GBP        1,776      BNP Paribas    4/5/2022      46  

USD

      39        GBP        28      Merrill Lynch International    4/5/2022      1  

USD

      35        GBP        26      Royal Bank of Canada    4/5/2022      1  

USD

      74        GBP        55      State Street Corp.    4/5/2022      1  

USD

      5,671        JPY        654,759      BNP Paribas    4/5/2022      292  

USD

      438        JPY        50,217      Merrill Lynch International    4/5/2022      25  

USD

      389        JPY        46,220      Royal Bank of Canada    4/5/2022      9  

USD

      189        JPY        21,710      Standard Chartered Bank    4/5/2022      11  

USD

      4,508        CAD        5,629      Royal Bank of Canada    4/19/2022      6  

EUR

      184        USD        203      HSBC Bank, NA    5/4/2022      1  

USD

      109        DKK        729      State Street Corp.    5/4/2022      1  

USD

      8,807        EUR        7,900      BNP Paribas    5/4/2022      60  

USD

      68        SEK        630      BNP Paribas    5/4/2022      1  

JPY

      5,143        USD        42      Citibank, NA    5/6/2022      —   (a) 
                 

 

 

  

Total unrealized appreciation

         602  
                 

 

 

  

DKK

      729        USD        109      State Street Corp.    4/5/2022      (1 ) 

EUR

      7,900        USD        8,799      BNP Paribas    4/5/2022      (60 ) 

EUR

      158        USD        177      Royal Bank of Canada    4/5/2022      (2 )

EUR

      141        USD        157      Standard Chartered Bank    4/5/2022      —   (a) 

EUR

      67        USD        76      TD Bank Financial Group    4/5/2022      (2 ) 

GBP

      64        USD        85      HSBC Bank, NA    4/5/2022      (2 ) 

GBP

      36        USD        48      Standard Chartered Bank    4/5/2022      —   (a) 

JPY

      4,860        USD        41      Royal Bank of Canada    4/5/2022      (1 ) 

SEK

      630        USD        68      BNP Paribas    4/5/2022      (1 ) 

USD

      548        AUD        761      BNP Paribas    4/5/2022      (22 ) 

USD

      663        CAD        845      Royal Bank of Canada    4/5/2022      (13 ) 

USD

      59        EUR        54      BNP Paribas    4/5/2022      (1 ) 

USD

      66        SEK        630      BNP Paribas    4/5/2022      (1 ) 

EUR

      60        USD        66      Citibank, NA    5/4/2022      (1 ) 

EUR

      123        USD        137      Royal Bank of Canada    5/4/2022      (1 ) 

USD

      569        AUD        761      HSBC Bank, NA    5/4/2022      —   (a) 

USD

      675        CAD        845      Royal Bank of Canada    5/4/2022      (1 ) 

USD

      2,264        GBP        1,727      Barclays Bank plc    5/4/2022      (4 ) 

USD

      6,340        JPY        772,699      BNP Paribas    5/6/2022      (11 ) 

USD

      190        JPY        23,127      Royal Bank of Canada    5/6/2022      —   (a) 
                 

 

 

  

Total unrealized depreciation

         (124 ) 
                 

 

 

  

Net unrealized appreciation

         478  
                 

 

 

  

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Abbreviations
AUD      Australian Dollar
CAD      Canadian Dollar
DKK      Danish Krone
EUR      Euro
GBP      British Pound
JPY      Japanese Yen
SEK      Swedish Krona
USD      United States Dollar
(a)      Amount rounds to less than one thousand.

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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.

 

•  

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).

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

(Dollar values in thousands)

 

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

    $ —       $ —       $ 22      $ 22  

Collateralized Mortgage Obligations

      —         8       —          8  

Commercial Mortgage-Backed Securities

          

United States

      —         143       92        235  

Common Stocks

          

Australia

      291       683       —          974  

Belgium

      —         545       —          545  

Canada

      407       —         —          407  

China

      651       236       —          887  

Denmark

      —         1,476       —          1,476  

Finland

      —         141       —          141  

France

      —         4,122       —          4,122  

Germany

      —         2,345       —          2,345  

Hong Kong

      8       486       —          494  

India

      362       —         —          362  

Indonesia

      110       —         —          110  

Ireland

      —         57       —          57  

Italy

      66       84       —          150  

Japan

      —         3,090       —          3,090  

Macau

      —         8       —          8  

Netherlands

      —         1,111       —          1,111  

New Zealand

      —         11       —          11  

Singapore

      —         564       —          564  

South Africa

      —         244       —          244  

South Korea

      —         490       —          490  

Spain

      —         441       —          441  

Sweden

      —         737       —          737  

Switzerland

      —         1,788       —          1,788  

Taiwan

      568       —         —          568  

United Kingdom

      —         1,997       —          1,997  

United States

      39,604       636       —          40,240  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Common Stocks

      42,067       21,292       —          63,359  
  

 

 

    

 

 

    

 

 

     

 

 

  

Corporate Bonds

      —         2,685       —          2,685  

Exchange-Traded Funds

      13       —         —          13  

Foreign Government Securities

      —         17,765       —          17,765  

Investment Companies

      30,368       —         —          30,368  

Supranational

      —         191       —          191  

U.S. Treasury Obligations

      —         1,826       —          1,826  

Short-Term Investments

          

Certificates of Deposit

      —         58       —          58  

Commercial Paper

      —         742       —          742  

Foreign Government Treasury Bills

      —         4,519       —          4,519  

Investment Companies

      5,522       —         —          5,522  

Investment of Cash Collateral from Securities Loaned

      116       —         —          116  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Short-Term Investments

      5,638       5,319       —          10,957  
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Investments in Securities

    $ 78,086     $ 49,229     $ 114      $ 127,429  
  

 

 

    

 

 

    

 

 

     

 

 

  

Liabilities

          

Common Stocks

    $ (716 )    $ —       $ —        $ (716 ) 

Exchange-Traded Funds

      (100 )      —         —          (100 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Liabilities in Securities Sold Short

    $ (816 )    $ —       $ —        $ (816 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

       

Forward Foreign Currency Exchange

          

Contracts

    $ —       $ 602     $ —        $ 602  

Futures Contracts

      1,217       —         —          1,217  

Depreciation in Other Financial Instruments

 

       

Forward Foreign Currency Exchange

          

Contracts

      —         (124 )      —          (124 ) 

Futures Contracts

      (934 )      —         —          (934 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Net Appreciation/Depreciation in Other Financial Instruments

    $ 283     $ 478     $ —        $ 761  
  

 

 

    

 

 

    

 

 

     

 

 

  

There were no significant transfers into or out of level 3 for the period ended March 31, 2022.

B. Investment Transactions with Affiliates — The Portfolio invested in Underlying Funds, 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’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

 

For the period ended March 31, 2022  

Security Description

   Value at
December 31, 2021		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in Unrealized
Appreciation/
(Depreciation)		     Value at
March 31, 2022		     Shares at
March 31, 2022		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)

   $ 5,575     $ —       $ —       $ —       $ (888 )    $ 4,687       147     $ —       $ —    

JPMorgan High Yield Fund Class R6 Shares (a)

     12,670       3,561       —         —         (656 )      15,575       2,257       152       —    

JPMorgan Income Fund Class R6 Shares (a)

     8,925       364       3,738       (206 )      (118 )      5,227       577       88       —    

JPMorgan Large Cap Value Fund Class R6 Shares (a)

     4,892       12       341       22       294       4,879       241       12       —    

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.29% (a) (b)

     3,234       21,721       19,432       (1 )      —   (c)      5,522       5,521       1       —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26% (a) (b)

     325       1,701       1,910       —         —         116       116       —   (c)      —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 35,621     $ 27,359     $ 25,421     $ (185 )    $ (1,368 )    $ 36,006       $ 253     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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 March 31, 2022.

(c)

Amount rounds to less than one thousand.

C. Derivatives — The Portfolio used instruments including futures contracts and forward foreign currency exchange contracts, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Portfolio can invest, to hedge portfolio investments or to generate income or gain to the Portfolio. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Portfolio may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Portfolio to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Portfolio’s risk of loss associated with these instruments may exceed their value.

The Portfolio is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Portfolio’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Portfolio in the event the Portfolio’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Portfolio to exercise rights, to the extent not otherwise waived, against a counterparty (e.g. decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Portfolio often include the ability to terminate (i.e. close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Portfolio. The ISDA agreements give the Portfolio and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Portfolio.

Notes (1) — (2) below describe the various derivatives used by the Portfolio, tailor lettering for notes used.

(1). Futures Contracts — The Portfolio used currency, index and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuations or a particular countries or regions. The Portfolio 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 Portfolio 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 Portfolio 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. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

(Dollar values in thousands)

 

The Portfolio 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 Portfolio to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Portfolio to unlimited risk of loss. The Portfolio 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 Portfolio’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 Portfolio’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).

(2). Forward Foreign Currency Exchange Contracts — The Portfolio is exposed to foreign currency risks associated with some or all of the portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Portfolio also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Portfolio also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Portfolio’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Portfolio may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.