JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

Investments	Shares (000)			Value ($000)
COMMON STOCKS — 38.0%
Australia — 1.0%
Adbri Ltd.		7			15
AGL Energy Ltd.		15			88
Alumina Ltd.		24			36
APA Group		3			26
Atlas Arteria Ltd.		2			10
Bendigo & Adelaide Bank Ltd.		4			34
BHP Group Ltd.		5			199
Charter Hall Long Wale, REIT		8			34
CSR Ltd.		8			37
Dexus, REIT		6			47
Glencore plc *		10			66
Goodman Group, REIT		3			50
Insignia Financial Ltd.		16			43
Mirvac Group, REIT		19			36
Rio Tinto plc		3			246
Sonic Healthcare Ltd.		1			35
Telstra Corp. Ltd.		8			25
Woodside Petroleum Ltd.		2			48
					1,075
Austria — 0.1%
ANDRITZ AG *		—	(a)		15
Erste Group Bank AG		1			19
Mondi plc		1			24
OMV AG		1			25
					83
Belgium — 0.2%
Ageas SA		—	(a)		25
Cofinimmo SA, REIT		—	(a)		35
Euronav NV		1			10
KBC Group NV		—	(a)		20
Proximus SADP		1			22
Shurgard Self Storage SA		—	(a)		27
Telenet Group Holding NV		—	(a)		14
Warehouses De Pauw CVA, REIT		1			40
					193
Brazil — 0.3%
B3 SA - Brasil Bolsa Balcao		42			139
BB Seguridade Participacoes SA		5			29
Itau Unibanco Holding SA (Preference) *		10			57
Yara International ASA		1			31
					256
Canada — 2.4%
Algonquin Power & Utilities Corp.		2			28
Allied Properties, REIT		2			64
Atco Ltd., Class I		1			23
Bank of Nova Scotia (The)		1			62
Barrick Gold Corp.		3			83
BCE, Inc. (b)		2			111
Canadian Imperial Bank of Commerce		1			80
Canadian National Railway Co.		1			118
Canadian Tire Corp. Ltd., Class A		—	(a)		38
Canadian Utilities Ltd., Class A (b)		3			103
Capital Power Corp.		1			24
Chartwell Retirement Residences		2			15
Emera, Inc.		1			29
Enbridge, Inc.		2			114
Fortis, Inc.		2			108
Gibson Energy, Inc.		1			24
Great-West Lifeco, Inc.		3			76
Hydro One Ltd. (c)		4			105
IGM Financial, Inc.		2			64
Keyera Corp.		1			29
Manulife Financial Corp.		4			81
Northland Power, Inc.		1			24
Nutrien Ltd.		1			90
Pembina Pipeline Corp.		3			116
Power Corp. of Canada		2			75
Restaurant Brands International, Inc.		1			74
Rogers Communications, Inc., Class B		2			86
Shaw Communications, Inc., Class B		3			86
Sienna Senior Living, Inc.		2			23
Superior Plus Corp.		2			22
TC Energy Corp.		5			290
TELUS Corp.		4			113
Thomson Reuters Corp.		—	(a)		20
Toronto-Dominion Bank (The)		2			141
TransAlta Renewables, Inc.		2			22
					2,561
Chile — 0.0% (d)
Banco Santander Chile, ADR		2			43
China — 1.6%
China Construction Bank Corp., Class H		251			188
China Merchants Bank Co. Ltd., Class H		23			181
China Pacific Insurance Group Co. Ltd., Class H		34			83
China Petroleum & Chemical Corp., Class H		142			70
China Resources Land Ltd.		20			93
Fuyao Glass Industry Group Co. Ltd., Class A		3			16
Fuyao Glass Industry Group Co. Ltd., Class H (c)		1			3
Guangdong Investment Ltd.		32			44
Haier Smart Home Co. Ltd., Class H		36			116
Huayu Automotive Systems Co. Ltd., Class A		19			60
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		22			126
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1			13
Joyoung Co. Ltd., Class A		8			20
Midea Group Co. Ltd., Class A		11			100
NetEase, Inc.		6			115
Ping An Insurance Group Co. of China Ltd., Class H		16			108
Postal Savings Bank of China Co. Ltd., Class H (c)		121			97
Tingyi Cayman Islands Holding Corp.		50			84
Topsports International Holdings Ltd. (c)		36			30
Wilmar International Ltd.		13			46
Xinyi Solar Holdings Ltd.		28			49
Yum China Holdings, Inc.		1			39

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
Zhejiang Supor Co. Ltd., Class A		7			51
					1,732
Denmark — 0.5%
AP Moller - Maersk A/S, Class B		—	(a)		27
Carlsberg A/S, Class B		1			126
Novo Nordisk A/S, Class B		3			331
Topdanmark A/S		—	(a)		15
					499
Finland — 0.4%
Elisa OYJ		1			58
Fortum OYJ		1			20
Nordea Bank Abp		15			153
Orion OYJ, Class B		2			73
Sampo OYJ, Class A		1			27
Wartsila OYJ Abp		5			42
					373
France — 1.4%
Amundi SA (c)		—	(a)		16
Atos SE		—	(a)		12
AXA SA		2			48
BNP Paribas SA		1			39
Capgemini SE		—	(a)		79
Cie de Saint-Gobain		1			38
Covivio, REIT		—	(a)		31
Credit Agricole SA		6			74
Danone SA		1			65
Electricite de France SA		2			21
Engie SA		4			57
Eutelsat Communications SA		2			20
Gaztransport Et Technigaz SA		—	(a)		28
Klepierre SA, REIT *		3			90
L’Oreal SA		—	(a)		77
LVMH Moet Hennessy Louis Vuitton SE		—	(a)		185
Orange SA		5			63
Publicis Groupe SA		1			37
Rexel SA *		1			22
Rubis SCA		1			22
Sanofi		—	(a)		35
Societe Generale SA		1			29
TotalEnergies SE		3			139
Vinci SA		2			217
Vivendi SE		4			47
					1,491
Germany — 1.4%
Allianz SE (Registered)		1			292
Aroundtown SA		7			39
BASF SE		2			98
Bayerische Motoren Werke AG		—	(a)		40
Daimler Truck Holding AG *		—	(a)		10
Deutsche Post AG (Registered)		4			177
Deutsche Telekom AG (Registered)		7			125
E.ON SE		2			25
Evonik Industries AG		1			19
Freenet AG		2			53
LEG Immobilien SE		—	(a)		36
Mercedes-Benz Group AG		1			49
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		1			170
RWE AG		1			25
Siemens AG (Registered)		1			75
Telefonica Deutschland Holding AG		36			97
Uniper SE		1			20
Vonovia SE		3			124
					1,474
Hong Kong — 0.6%
CK Asset Holdings Ltd.		5			34
CK Infrastructure Holdings Ltd.		4			23
CLP Holdings Ltd.		3			24
Hang Seng Bank Ltd.		3			63
HK Electric Investments & HK Electric Investments Ltd. (c)		7			6
HKBN Ltd.		18			20
HKT Trust & HKT Ltd.		49			67
Hong Kong Exchanges & Clearing Ltd.		2			113
New World Development Co. Ltd.		9			37
PCCW Ltd.		41			23
Power Assets Holdings Ltd.		4			26
VTech Holdings Ltd.		4			31
WH Group Ltd. (c)		28			18
Xinyi Glass Holdings Ltd.		26			63
Yue Yuen Industrial Holdings Ltd. *		17			27
					575
India — 0.3%
Infosys Ltd., ADR		14			354
Indonesia — 0.3%
Bank Rakyat Indonesia Persero Tbk. PT		492			159
Telkom Indonesia Persero Tbk. PT, ADR		6			177
					336
Ireland — 0.0% (d)
Smurfit Kappa Group plc		1			25
Italy — 0.6%
A2A SpA		40			69
ACEA SpA		1			13
Assicurazioni Generali SpA		3			79
Banca Generali SpA		1			23
Banca Mediolanum SpA		7			55
Enel SpA		10			65
Eni SpA		4			52
ERG SpA		—	(a)		9
Hera SpA		5			17
Intesa Sanpaolo SpA		45			104
Iren SpA		9			23
Italgas SpA		4			23
Mediobanca Banca di Credito Finanziario SpA		2			21
Poste Italiane SpA (c)		2			24
Snam SpA		5			27
Terna - Rete Elettrica Nazionale		3			30
UniCredit SpA		3			27
Unipol Gruppo SpA		2			11
					672
Japan — 1.9%
Aozora Bank Ltd.		2			51
ARTERIA Networks Corp.		1			14
Bridgestone Corp.		3			132
Chubu Electric Power Co., Inc.		2			24
Chugoku Electric Power Co., Inc. (The)		3			20
Dai Nippon Printing Co. Ltd.		2			40

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
Daiwa House Industry Co. Ltd.		1			26
Daiwa House REIT Investment Corp., REIT		—	(a)		35
Electric Power Development Co. Ltd.		4			61
ENEOS Holdings, Inc.		9			35
FANUC Corp.		—	(a)		18
Frontier Real Estate Investment Corp., REIT		—	(a)		21
Hokkaido Electric Power Co., Inc.		5			18
Honda Motor Co. Ltd.		3			91
Idemitsu Kosan Co. Ltd.		2			41
Japan Metropolitan Fund Investment Corp., REIT		—	(a)		92
Japan Post Holdings Co. Ltd.		8			59
Japan Tobacco, Inc.		3			44
Kansai Electric Power Co., Inc. (The)		7			66
KDDI Corp.		2			49
Konica Minolta, Inc.		12			49
Kyushu Railway Co.		2			41
Mitsubishi Chemical Holdings Corp.		11			72
Mitsui Fudosan Logistics Park, Inc., REIT		—	(a)		28
Nippon Accommodations Fund, Inc., REIT		—	(a)		47
Nippon Building Fund, Inc., REIT		—	(a)		45
Nippon Prologis REIT, Inc., REIT		—	(a)		41
Nippon Telegraph & Telephone Corp.		3			73
Okinawa Electric Power Co., Inc. (The)		1			12
Osaka Gas Co. Ltd.		—	(a)		7
Shikoku Electric Power Co., Inc.		1			6
Shin-Etsu Chemical Co. Ltd.		1			121
SoftBank Corp.		8			90
Sumitomo Forestry Co. Ltd.		1			18
Takeda Pharmaceutical Co. Ltd.		2			60
Tohoku Electric Power Co., Inc.		10			56
Tokio Marine Holdings, Inc.		2			105
Tokyo Electron Ltd.		—	(a)		51
Tokyo Gas Co. Ltd.		1			15
Toyota Motor Corp.		6			103
United Urban Investment Corp., REIT		—	(a)		21
					1,998
Luxembourg — 0.0% (d)
APERAM SA		—	(a)		13
Intelsat Emergence SA * ‡		—	(a)		11
					24
Mexico — 0.4%
Bolsa Mexicana de Valores SAB de CV		6			13
Grupo Financiero Banorte SAB de CV, Class O		26			193
Kimberly-Clark de Mexico SAB de CV, Class A		21			29
Wal-Mart de Mexico SAB de CV		54			223
					458
Netherlands — 0.4%
ASML Holding NV		—	(a)		118
ASR Nederland NV		—	(a)		21
BE Semiconductor Industries NV		—	(a)		26
CTP NV (c)		2			38
Eurocommercial Properties NV, REIT		1			23
Flow Traders (c)		—	(a)		10
ING Groep NV		3			31
Koninklijke Ahold Delhaize NV		1			39
Koninklijke KPN NV		13			47
NN Group NV		—	(a)		24
OCI NV *		1			21
PostNL NV		6			23
Randstad NV		—	(a)		27
Signify NV (c)		—	(a)		18
					466
New Zealand — 0.1%
Contact Energy Ltd.		9			52
Spark New Zealand Ltd.		23			72
					124
Norway — 0.3%
Aker BP ASA		1			37
DNB Bank ASA		3			61
Equinor ASA		1			53
Fjordkraft Holding ASA (c)		3			13
FLEX LNG Ltd.		—	(a)		8
Gjensidige Forsikring ASA		1			27
Norsk Hydro ASA		4			39
SFL Corp. Ltd.		3			26
Telenor ASA		6			85
					349
Poland — 0.1%
Powszechny Zaklad Ubezpieczen SA		7			57
Portugal — 0.1%
EDP - Energias de Portugal SA		4			22
Galp Energia SGPS SA		3			42
Jeronimo Martins SGPS SA		1			33
NOS SGPS SA		6			24
Redes Energeticas Nacionais SGPS SA		4			12
					133
Russia — 0.0% (d)
Moscow Exchange MICEX-RTS PJSC ‡		22			1
Raspadskaya OJSC ‡		2			—	(a)
Severstal PAO, GDR ‡ (c)		1			—	(a)
Severstal PAO, GDR ‡ (c)		—	(a)		—	(a)
					1
Saudi Arabia — 0.1%
Al Rajhi Bank		2			79
Singapore — 0.3%
Ascendas, REIT		14			30
BW LPG Ltd. (c)		4			31
CapitaLand Integrated Commercial Trust, REIT		30			49
DBS Group Holdings Ltd.		4			107
Digital Core REIT Management Pte. Ltd., REIT *		15			17
Keppel Infrastructure Trust		39			16
NetLink NBN Trust (c)		31			22
Singapore Telecommunications Ltd.		13			26
StarHub Ltd.		16			15
					313
South Africa — 0.2%
Anglo American plc		2			91
AVI Ltd.		3			13
Bid Corp. Ltd.		1			30

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
Sanlam Ltd.		6			28
SPAR Group Ltd. (The)		1			7
Vodacom Group Ltd.		6			61
					230
South Korea — 0.6%
ESR Kendall Square REIT Co. Ltd., REIT		6			37
Korea Electric Power Corp. *		1			22
Korea Gas Corp.		1			22
LG Uplus Corp.		2			23
NCSoft Corp.		—	(a)		30
Samsung Electronics Co. Ltd.		8			432
SK Telecom Co. Ltd., ADR		1			18
					584
Spain — 1.0%
Acerinox SA		2			17
Atlantica Sustainable Infrastructure plc		1			22
Banco Bilbao Vizcaya Argentaria SA		7			40
Banco Santander SA		14			46
Cellnex Telecom SA (c)		1			44
Cia de Distribucion Integral Logista Holdings SA		1			17
Enagas SA		5			101
Endesa SA		4			98
Iberdrola SA		20			218
Mapfre SA		7			15
Naturgy Energy Group SA		4			133
Red Electrica Corp. SA		3			61
Repsol SA		9			124
Telefonica SA		26			128
					1,064
Sweden — 0.6%
Boliden AB		1			50
Lundin Energy AB		1			43
Skandinaviska Enskilda Banken AB, Class A		2			25
SSAB AB, Class B *		4			24
Svenska Handelsbanken AB, Class A		2			23
Tele2 AB, Class B		8			125
Telia Co. AB		17			68
Thule Group AB (c)		—	(a)		12
Volvo AB, Class B		12			228
					598
Switzerland — 1.5%
ABB Ltd. (Registered)		2			58
Nestle SA (Registered)		4			480
Novartis AG (Registered)		2			168
OC Oerlikon Corp. AG (Registered)		6			46
Roche Holding AG		1			551
Swiss Life Holding AG (Registered)		—	(a)		16
Swisscom AG (Registered)		—	(a)		24
UBS Group AG (Registered)		3			58
Zurich Insurance Group AG		—	(a)		225
					1,626
Taiwan — 1.2%
Accton Technology Corp.		5			35
ASE Technology Holding Co. Ltd.		17			60
Chailease Holding Co. Ltd.		5			41
Chicony Electronics Co. Ltd.		2			6
Delta Electronics, Inc.		8			75
MediaTek, Inc.		3			91
Mega Financial Holding Co. Ltd.		33			49
Novatek Microelectronics Corp.		6			86
President Chain Store Corp.		8			72
Quanta Computer, Inc.		26			80
Realtek Semiconductor Corp.		4			53
Taiwan Semiconductor Manufacturing Co. Ltd.		24			484
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		—	(a)		48
Vanguard International Semiconductor Corp.		11			48
Wiwynn Corp.		1			32
					1,260
Thailand — 0.1%
Siam Cement PCL (The) (Registered)		4			46
United Kingdom — 2.2%
3i Group plc		2			35
Admiral Group plc		1			20
Aviva plc		6			36
Barclays plc		16			31
Barratt Developments plc		11			73
Berkeley Group Holdings plc *		1			25
BP plc		31			151
Centrica plc *		23			24
Coca-Cola Europacific Partners plc		1			40
Diageo plc		2			90
Direct Line Insurance Group plc		20			73
Drax Group plc		2			21
Dunelm Group plc		1			14
Hays plc		12			20
Howden Joinery Group plc		2			24
HSBC Holdings plc		13			88
IG Group Holdings plc		1			8
Imperial Brands plc		3			73
InterContinental Hotels Group plc		1			93
Intermediate Capital Group plc		1			22
J Sainsbury plc		7			22
Johnson Matthey plc		1			16
Legal & General Group plc		9			33
Lloyds Banking Group plc		70			43
LondonMetric Property plc, REIT		8			30
Man Group plc		11			33
National Grid plc		6			87
NatWest Group plc		9			26
OSB Group plc		3			19
Pagegroup plc		2			14
Pennon Group plc		1			18
Persimmon plc		3			74
QinetiQ Group plc		4			16
RELX plc		6			194
Safestore Holdings plc, REIT		2			37
Sage Group plc (The)		10			93
Schroders plc		1			21
Severn Trent plc		1			28
SSE plc		6			145
St. James’s Place plc		2			31
Taylor Wimpey plc		27			46
Tesco plc		8			31
Tritax EuroBox plc (c)		13			18
Unilever plc		1			50
UNITE Group plc (The), REIT		2			27
United Utilities Group plc		3			47

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
Vodafone Group plc		44			72
WPP plc		6			74
					2,306
United States — 15.8%
3M Co.		—	(a)		74
AbbVie, Inc.		3			515
AGNC Investment Corp., REIT		6			73
Alexandria Real Estate Equities, Inc., REIT		1			108
Alliant Energy Corp.		1			32
American Electric Power Co., Inc.		1			71
American Tower Corp., REIT		—	(a)		98
Americold Realty Trust, REIT		2			54
Amgen, Inc.		—	(a)		70
Analog Devices, Inc.		1			180
Annaly Capital Management, Inc., REIT		10			72
AT&T, Inc.		4			92
AvalonBay Communities, Inc., REIT		—	(a)		86
Avangrid, Inc. (b)		1			45
Avast plc (c)		4			26
Avista Corp.		1			26
Bank of America Corp.		3			121
Boston Properties, Inc., REIT		1			81
Brandywine Realty Trust, REIT		4			58
Bristol-Myers Squibb Co.		5			384
Brixmor Property Group, Inc., REIT		3			64
Bunge Ltd.		1			91
Camden Property Trust, REIT		—	(a)		76
Campbell Soup Co.		2			77
Cardinal Health, Inc.		1			84
CenterPoint Energy, Inc.		5			141
CF Industries Holdings, Inc.		1			93
Chesapeake Energy Corp. (b)		—	(a)		6
Chevron Corp.		1			188
Cisco Systems, Inc.		1			76
Clear Channel Outdoor Holdings, Inc. *		5			17
Clearway Energy, Inc., Class C		1			21
Clorox Co. (The)		1			73
CME Group, Inc.		1			149
Coca-Cola Co. (The)		8			511
Cogent Communications Holdings, Inc.		—	(a)		22
Comcast Corp., Class A		5			241
Comerica, Inc.		1			82
Conagra Brands, Inc.		2			78
Consolidated Edison, Inc.		1			91
Crown Castle International Corp., REIT		—	(a)		27
Cummins, Inc.		—	(a)		35
DHT Holdings, Inc.		1			4
Digital Realty Trust, Inc., REIT		1			75
Douglas Emmett, Inc., REIT		2			61
Dow, Inc.		1			83
Duke Energy Corp.		1			113
Eastman Chemical Co.		2			215
Eaton Corp. plc		1			173
Edison International		1			85
Emerson Electric Co.		1			77
Entergy Corp.		1			81
EOG Resources, Inc.		—	(a)		39
EP Energy Corp. *		—	(a)		37
Equinix, Inc., REIT		—	(a)		244
Equitrans Midstream Corp.		3			24
Equity LifeStyle Properties, Inc., REIT		1			65
Essex Property Trust, Inc., REIT		—	(a)		74
Evergy, Inc.		2			107
Exelon Corp.		1			61
Exxon Mobil Corp.		1			90
Fastenal Co.		1			75
Federal Realty Investment Trust, REIT		1			137
FirstEnergy Corp.		1			29
Frontier Communications Parent, Inc. *		1			41
General Dynamics Corp.		—	(a)		90
General Mills, Inc.		1			80
Genuine Parts Co.		1			77
Gilead Sciences, Inc.		1			64
GlaxoSmithKline plc		8			170
Hasbro, Inc.		1			57
Hawaiian Electric Industries, Inc.		1			27
Healthpeak Properties, Inc., REIT		2			76
Hewlett Packard Enterprise Co.		5			84
Host Hotels & Resorts, Inc., REIT		6			113
HP, Inc.		2			78
iHeartMedia, Inc., Class A *		1			23
Intel Corp.		1			35
International Business Machines Corp.		1			74
International Paper Co.		2			75
Interpublic Group of Cos., Inc. (The)		2			58
Invitation Homes, Inc., REIT		3			106
Iron Mountain, Inc., REIT		2			95
JM Smucker Co. (The)		—	(a)		50
Johnson & Johnson		3			556
Juniper Networks, Inc.		2			90
Kellogg Co.		1			78
Kilroy Realty Corp., REIT		1			60
Kimberly-Clark Corp.		1			75
Kimco Realty Corp., REIT		5			121
Kinder Morgan, Inc.		6			110
Kraft Heinz Co. (The)		2			81
Lumen Technologies, Inc.		8			87
LyondellBasell Industries NV, Class A		1			82
Marathon Petroleum Corp.		1			92
McDonald’s Corp.		1			306
Merck & Co., Inc.		4			336
Motorola Solutions, Inc.		—	(a)		16
National HealthCare Corp.		—	(a)		14
National Retail Properties, Inc., REIT		1			46
NetApp, Inc.		1			75
Newell Brands, Inc.		3			70
Newmont Corp.		—	(a)		30
NextEra Energy, Inc.		2			193
NiSource, Inc.		1			18
NMG, Inc. *		—	(a)		—	(a)
Norfolk Southern Corp.		—	(a)		129
NorthWestern Corp.		—	(a)		27
NortonLifeLock, Inc.		2			54
NRG Energy, Inc.		1			23
Oasis Petroleum, Inc.		1			119
Omnicom Group, Inc.		1			86
ONEOK, Inc.		2			115
PACCAR, Inc.		1			73
Park Hotels & Resorts, Inc., REIT		2			44
PepsiCo, Inc.		1			147
Philip Morris International, Inc.		1			105

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
Phillips 66		1			93
Pinnacle West Capital Corp.		1			111
Pioneer Natural Resources Co.		—	(a)		76
PPL Corp.		3			96
Procter & Gamble Co. (The)		3			396
Progressive Corp. (The)		2			251
Prologis, Inc., REIT		2			356
Public Service Enterprise Group, Inc.		—	(a)		29
Public Storage, REIT		—	(a)		166
Raytheon Technologies Corp.		1			85
Realty Income Corp., REIT		1			76
Regency Centers Corp., REIT		1			78
Rexford Industrial Realty, Inc., REIT		1			46
Schneider Electric SE		—	(a)		48
Seagate Technology Holdings plc		2			219
Shenandoah Telecommunications Co.		1			23
Simon Property Group, Inc., REIT		1			74
Sirius XM Holdings, Inc. (b)		12			77
Southern Co. (The)		2			112
State Street Corp.		2			134
Steel Dynamics, Inc.		1			85
Stellantis NV		1			15
Stellantis NV		7			108
Sun Communities, Inc., REIT		1			137
T. Rowe Price Group, Inc.		1			76
Texas Instruments, Inc.		2			304
TJX Cos., Inc. (The)		3			159
Trane Technologies plc		1			146
Truist Financial Corp.		2			135
UGI Corp.		1			21
UnitedHealth Group, Inc.		—	(a)		81
Valero Energy Corp.		1			96
Ventas, Inc., REIT		3			199
Verizon Communications, Inc.		5			231
VICI Properties, Inc., REIT		2			71
VMware, Inc., Class A		1			73
Walgreens Boots Alliance, Inc.		2			69
Wells Fargo & Co.		2			96
Welltower, Inc., REIT		2			168
Western Union Co. (The)		4			77
Weyerhaeuser Co., REIT		2			70
Whiting Petroleum Corp.		1			72
Williams Cos., Inc. (The)		4			120
WP Carey, Inc., REIT		1			75
					16,619
TOTAL COMMON STOCKS (Cost $34,122)					40,077
	Principal Amount ($000)
CORPORATE BONDS — 33.7%
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			215
FMG Resources August 2006 Pty. Ltd. 4.50%, 9/15/2027 (g)		12			12
Glencore Funding LLC 2.50%, 9/1/2030 (g)		6			5
					232
Belgium — 0.0% (d)
Anheuser-Busch InBev Worldwide, Inc.
3.50%, 6/1/2030		19			19
4.38%, 4/15/2038		1			1
					20
Canada — 1.2%
1011778 BC ULC 3.88%, 1/15/2028 (g)		17			16
Bank of Nova Scotia (The)
(ICE LIBOR USD 3 Month + 2.65%), 4.65%, 10/12/2022 (e) (f) (h)		13			12
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (e) (f) (h)		18			18
1.30%, 9/15/2026		5			5
Bell Canada (The) Series US-5, 2.15%, 2/15/2032		6			5
Bombardier, Inc.
7.50%, 12/1/2024 (g)		37			38
7.50%, 3/15/2025 (g)		34			34
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (f)		240			253
Enbridge, Inc.
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (f)		10			10
(ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078 (f)		45			47
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (f)		117			121
GFL Environmental, Inc. 3.50%, 9/1/2028 (g)		190			179
MEG Energy Corp. 6.50%, 1/15/2025 (b) (g)		15			15
NOVA Chemicals Corp.
5.00%, 5/1/2025 (g)		89			89
5.25%, 6/1/2027 (g)		26			26
4.25%, 5/15/2029 (g)		40			37
Precision Drilling Corp. 7.13%, 1/15/2026 (g)		23			24
Quebecor Media, Inc. 5.75%, 1/15/2023		130			132
Rogers Communications, Inc.
3.80%, 3/15/2032 (g)		5			5
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (f) (g)		40			39

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Transcanada Trust
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (f)		33		33
(ICE LIBOR USD 3 Month + 3.21%), 5.30%, 3/15/2077 (f)		10		10
(SOFR + 4.42%), 5.50%, 9/15/2079 (f)		72		72
Videotron Ltd. 5.13%, 4/15/2027 (g)		32		33
				1,253
Cayman Islands — 0.0% (d)
Global Aircraft Leasing Co. Ltd. 6.50% (cash), 9/15/2024 (g) (i)		32		29
Finland — 0.1%
Nokia OYJ
4.38%, 6/12/2027		12		12
6.63%, 5/15/2039		33		39
				51
France — 0.6%
Altice France SA 8.13%, 2/1/2027 (g)		200		206
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (f) (g) (h)		200		223
Societe Generale SA (USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (e) (f) (g) (h)		200		216
				645
Germany — 0.0% (d)
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (j)		16		21
Ireland — 0.2%
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (f)		150		144
Avolon Holdings Funding Ltd.
5.25%, 5/15/2024 (g)		21		21
2.53%, 11/18/2027 (g)		71		63
Park Aerospace Holdings Ltd.
4.50%, 3/15/2023 (g)		16		16
5.50%, 2/15/2024 (g)		11		12
				256
Italy — 0.1%
Telecom Italia Capital SA
6.38%, 11/15/2033		20		19
6.00%, 9/30/2034		112		105
				124
Luxembourg — 0.0% (d)
Intelsat Jackson Holdings SA 6.50%, 3/15/2030 (g)		24		24
Netherlands — 0.4%
ING Groep NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027 (e) (f) (h)		200		174
Trivium Packaging Finance BV 5.50%, 8/15/2026 (g) (j)		200		199
				373
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		193
Switzerland — 0.6%
Cloverie PLC for Zurich Insurance Co Ltd (ICE LIBOR USD 3 Month + 4.92%), 5.63%, 6/24/2046 (c) (f)		200		210
Credit Suisse Group AG (USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (e) (f) (g) (h)		200		201
UBS Group AG (USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (c) (e) (f) (h)		200		212
				623
United Kingdom — 0.9%
BAT Capital Corp. 4.39%, 8/15/2037		8		7
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		26
(EUR Swap Annual 5 Year + 4.12%), 3.63%, 3/22/2029 (c) (e) (f) (h)	EUR	100		109
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (e) (f) (h)		142		143
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		331
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		204
Vodafone Group plc
5.00%, 5/30/2038		10		11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f)		57		63
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081 (f)		65		59
				953
United States — 29.2%
7-Eleven, Inc. 1.80%, 2/10/2031 (g)		6		5
AbbVie, Inc. 3.20%, 11/21/2029		26		26
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (g)		95		96
ACCO Brands Corp. 4.25%, 3/15/2029 (g)		105		97
Activision Blizzard, Inc. 1.35%, 9/15/2030		10		9
ADT Security Corp. (The)
4.13%, 6/15/2023		82		83
4.88%, 7/15/2032 (g)		45		41
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (g)		10		10
AECOM 5.13%, 3/15/2027		53		54
Aetna, Inc. 3.88%, 8/15/2047		10		10
Air Lease Corp. 3.75%, 6/1/2026		5		5
Albertsons Cos., Inc.
7.50%, 3/15/2026 (g)		80		84
5.88%, 2/15/2028 (g)		38		38
Alcoa Nederland Holding BV 6.13%, 5/15/2028 (g)		200		210
Alexandria Real Estate Equities, Inc. REIT, 2.75%, 12/15/2029		5		5
Allegheny Technologies, Inc. 5.88%, 12/1/2027		10		10
Allied Universal Holdco LLC
6.63%, 7/15/2026 (g)		13		13
9.75%, 7/15/2027 (g)		13		14
Allison Transmission, Inc.
4.75%, 10/1/2027 (g)		65		64
5.88%, 6/1/2029 (g)		70		71
Ally Financial, Inc.
5.75%, 11/20/2025		110		116
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 3.48%), 4.70%, 5/15/2028 (e) (f) (h)		55		50
8.00%, 11/1/2031		39		49
Altria Group, Inc.
4.80%, 2/14/2029		5		5
3.40%, 2/4/2041		3		3
AMC Entertainment Holdings, Inc. 10.00% (cash), 6/15/2026 (b) (g) (i)		81		73
Ameren Corp. 3.50%, 1/15/2031		5		5
American Airlines Group, Inc. 5.00%, 6/1/2022 (b) (g)		21		21
American Airlines, Inc.
5.50%, 4/20/2026 (g)		70		70
5.75%, 4/20/2029 (g)		85		85
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026		24		24
6.50%, 4/1/2027 (b)		53		53
American Electric Power Co., Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 3.88%, 2/15/2062 (f)		42		39
American International Group, Inc.
3.88%, 1/15/2035		15		15
Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (f)		10		10
American Tower Corp. REIT, 1.50%, 1/31/2028 15				13
AmeriGas Partners LP
5.63%, 5/20/2024		25		25
5.88%, 8/20/2026		55		55
Amgen, Inc. 2.00%, 1/15/2032		10		9
Amkor Technology, Inc. 6.63%, 9/15/2027 (g)		62		64
Amsted Industries, Inc. 5.63%, 7/1/2027 (g)		21		21
Antero Midstream Partners LP
7.88%, 5/15/2026 (g)		65		70
5.38%, 6/15/2029 (g)		60		60
Antero Resources Corp.
8.38%, 7/15/2026 (g)		41		45
5.38%, 3/1/2030 (g)		55		56
Anthem, Inc. 2.88%, 9/15/2029		13		13
Apple, Inc. 4.50%, 2/23/2036		3		3
Aramark Services, Inc. 5.00%, 2/1/2028 (g)		85		82
Arches Buyer, Inc. 4.25%, 6/1/2028 (g)		85		79
Archrock Partners LP 6.88%, 4/1/2027 (g)		7		7
Arconic Corp. 6.00%, 5/15/2025 (g)		110		113
Ardagh Packaging Finance plc 4.13%, 8/15/2026 (g)		200		193
AT&T, Inc.
2.25%, 2/1/2032		6		6
3.50%, 6/1/2041		10		9
Audacy Capital Corp. 6.50%, 5/1/2027 (b) (g)		41		39
Avantor Funding, Inc. 4.63%, 7/15/2028 (g)		85		84
Avis Budget Car Rental LLC 5.75%, 7/15/2027 (g)		24		24
B&G Foods, Inc. 5.25%, 4/1/2025		146		143

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Bank of America Corp.
Series U, (ICE LIBOR USD 3 Month + 3.14%), 5.20%, 6/1/2023 (e) (f) (h)		56		56
Series JJ, (ICE LIBOR USD 3 Month + 3.29%), 5.12%, 6/20/2024 (e) (f) (h)		14		14
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (e) (f) (h)		177		183
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (e) (f) (h)		53		55
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (h)		39		41
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (e) (f) (h)		33		35
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (e) (f) (h)		197		210
Series RR, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.76%), 4.38%, 1/27/2027 (e) (f) (h)		10		9
(SOFR + 0.96%), 1.73%, 7/22/2027 (f)		40		37
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (e) (f) (h)		82		83
(SOFR + 1.21%), 2.57%, 10/20/2032 (f)		10		9
Bank of New York Mellon Corp. (The)
Series D, (ICE LIBOR USD 3 Month + 2.46%), 4.50%, 6/20/2023 (e) (f) (h)		24		23
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.36%), 4.70%, 9/20/2025 (e) (f) (h)		13		13
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 3.70%, 3/20/2026 (e) (f) (h)		20		19
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (e) (f) (h)		95		94
Bath & Body Works, Inc. 7.50%, 6/15/2029		100		108
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (g)		26		27
8.50%, 1/31/2027 (b) (g)		205		204
Bausch Health Cos., Inc.
6.13%, 4/15/2025 (g)		75		76
5.50%, 11/1/2025 (g)		121		120
9.00%, 12/15/2025 (g)		68		70
5.75%, 8/15/2027 (g)		12		12
7.00%, 1/15/2028 (g)		20		18
5.00%, 1/30/2028 (g)		340		280
7.25%, 5/30/2029 (g)		22		19
Becton Dickinson and Co. 2.82%, 5/20/2030		10		10
Berry Global, Inc.
4.88%, 7/15/2026 (g)		84		85
5.63%, 7/15/2027 (g)		20		20
Biogen, Inc. 2.25%, 5/1/2030 (b)		6		5
Block, Inc. 3.50%, 6/1/2031 (g)		150		137
Boston Properties LP REIT, 2.45%, 10/1/2033 5				4
Boyd Gaming Corp. 4.75%, 12/1/2027		70		70
BP Capital Markets America, Inc. 3.63%, 4/6/2030		3		3
Brink’s Co. (The) 4.63%, 10/15/2027 (g)		75		73
Bristol-Myers Squibb Co. 4.13%, 6/15/2039		9		10
Broadcom, Inc. 4.30%, 11/15/2032		6		6
Buckeye Partners LP 3.95%, 12/1/2026		60		59
Builders FirstSource, Inc. 4.25%, 2/1/2032 (g)		70		65
BWX Technologies, Inc. 4.13%, 4/15/2029 (g)		120		116
Caesars Resort Collection LLC 5.75%, 7/1/2025 (g)		105		107
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)		29		29
4.50%, 2/15/2028 (g)		75		73
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				60
Carnival Corp. 9.88%, 8/1/2027 (g)		115		127
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (g)		29		29
CCO Holdings LLC
5.50%, 5/1/2026 (g)		66		67
5.13%, 5/1/2027 (g)		158		158
5.00%, 2/1/2028 (g)		23		23
5.38%, 6/1/2029 (g)		270		270
4.75%, 3/1/2030 (g)		404		388
CDK Global, Inc. 5.25%, 5/15/2029 (g)		99		100
CDW LLC 4.25%, 4/1/2028		40		39
Cedar Fair LP
5.38%, 4/15/2027		3		3
5.25%, 7/15/2029 (b)		101		99

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Centene Corp. 3.38%, 2/15/2030		330		311
CenterPoint Energy, Inc. Series A, (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (e) (f) (h)		46		45
Central Garden & Pet Co. 5.13%, 2/1/2028		140		139
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)		110		113
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (e) (f) (h)		26		25
Series F, (ICE LIBOR USD 3 Month + 2.58%), 5.00%, 12/1/2027 (e) (f) (h)		19		18
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (e) (f) (h)		209		188
Chemours Co. (The) 5.38%, 5/15/2027 (b)		95		95
Cheniere Energy Partners LP
4.50%, 10/1/2029		120		120
3.25%, 1/31/2032 (g)		35		32
Chesapeake Energy Corp. 6.75%, 4/15/2029 (g)		55		58
Cigna Corp. 4.38%, 10/15/2028		15		16
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (e) (f) (h)		94		95
(ICE LIBOR USD 3 Month + 4.23%), 5.90%, 2/15/2023 (e) (f) (h)		30		31
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (e) (f) (h)		158		159
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (e) (f) (h)		111		110
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (e) (f) (h)		64		61
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (e) (f) (h)		93		95
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (e) (f) (h)		139		133
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (e) (f) (h)		70		66
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (e) (f) (h)		98		102
(SOFR + 0.77%), 1.46%, 6/9/2027 (b) (f)		35		32
Citizens Financial Group, Inc.
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (e) (f) (h)		23		22
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (e) (f) (h)		35		34
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (e) (f) (h)		55		51
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (g)		70		67
Clear Channel Outdoor Holdings, Inc. 5.13%, 8/15/2027 (g)		35		35
Cleveland-Cliffs, Inc. 5.88%, 6/1/2027 (b)		110		113
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (f)		36		36
CNX Resources Corp. 7.25%, 3/14/2027 (g)		55		58
Colfax Corp. 6.38%, 2/15/2026 (g)		5		5
Comcast Corp. 4.15%, 10/15/2028		5		5
Commercial Metals Co. 4.88%, 5/15/2023		19		19
CommScope Technologies LLC
6.00%, 6/15/2025 (g)		97		92
5.00%, 3/15/2027 (b) (g)		15		13
CommScope, Inc.
6.00%, 3/1/2026 (g)		35		35
8.25%, 3/1/2027 (g)		75		73
4.75%, 9/1/2029 (g)		75		69
Community Health Systems, Inc. 8.00%, 3/15/2026 (g)		176		183
Constellation Brands, Inc. 2.25%, 8/1/2031		10		9
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (g)		32		30
Cox Communications, Inc. 4.80%, 2/1/2035 (g)		6		6
Crestwood Midstream Partners LP
5.75%, 4/1/2025		29		29
5.63%, 5/1/2027 (g)		10		10
8.00%, 4/1/2029 (g)		25		27
Crown Americas LLC 4.75%, 2/1/2026		26		26
Crown Castle International Corp. REIT, 2.10%, 4/1/2031		16		14
CSC Holdings LLC
5.88%, 9/15/2022		15		15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
5.25%, 6/1/2024		157		157
5.75%, 1/15/2030 (g)		200		178
CSX Corp. 2.40%, 2/15/2030		3		3
CVS Health Corp.
4.30%, 3/25/2028		4		4
2.13%, 9/15/2031 (b)		6		5
4.13%, 4/1/2040		6		6
2.70%, 8/21/2040		3		3
Dana, Inc. 5.38%, 11/15/2027		115		114
Darling Ingredients, Inc. 5.25%, 4/15/2027 (g)		12		12
DaVita, Inc. 4.63%, 6/1/2030 (g)		140		131
DCP Midstream Operating LP
3.88%, 3/15/2023		38		38
5.38%, 7/15/2025		14		14
6.75%, 9/15/2037 (g)		20		24
Dell International LLC
6.02%, 6/15/2026		10		11
4.90%, 10/1/2026		5		5
Diamond Sports Group LLC 5.38%, 8/15/2026 (b) (g)		53		21
Directv Financing LLC 5.88%, 8/15/2027 (g)		100		98
Discovery Communications LLC 3.63%, 5/15/2030		5		5
DISH DBS Corp.
5.88%, 7/15/2022		24		24
5.00%, 3/15/2023		223		224
5.88%, 11/15/2024		25		25
7.75%, 7/1/2026		125		124
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		24
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (e) (f) (h)		45		43
Series C, 2.25%, 8/15/2031		3		3
DT Midstream, Inc. 4.13%, 6/15/2029 (g)		150		144
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		44
Edison International
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (e) (f) (h)		40		38
Element Solutions, Inc. 3.88%, 9/1/2028 (g)		130		121
Embarq Corp. 8.00%, 6/1/2036		124		119
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (b) (g)		95		85
Encompass Health Corp. 4.50%, 2/1/2028		185		181
Energizer Holdings, Inc. 4.75%, 6/15/2028 (g)		140		127
Energy Transfer LP
4.20%, 4/15/2027		5		5
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (e) (f) (h)		65		58
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (e) (f) (h)		30		30
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (e) (f) (h)		30		22
4.40%, 4/1/2024		19		19
4.15%, 6/1/2025		23		23
4.85%, 7/15/2026		58		58
5.60%, 4/1/2044		5		5
Entegris, Inc. 3.63%, 5/1/2029 (g)		125		117
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (f)		25		24
Envision Healthcare Corp. 8.75%, 10/15/2026 (g)		20		10
EOG Resources, Inc. 5.10%, 1/15/2036		3		3
EQT Corp. 6.63%, 2/1/2025 (j)		105		111
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
ESC Co., Intelsat Jackson Holdings SA 9.75%, 7/15/2025 ‡ (k)		35		—	(a)
Evergy, Inc. 2.90%, 9/15/2029		5		5
Exela Intermediate LLC 11.50%, 7/15/2026 (g)		69		33
Exxon Mobil Corp. 4.23%, 3/19/2040		13		14
First-Citizens Bank & Trust Co. 6.13%, 3/9/2028		21		23
Fiserv, Inc. 3.50%, 7/1/2029		10		10
Ford Motor Credit Co. LLC
4.39%, 1/8/2026		200		199
4.54%, 8/1/2026		200		200
5.11%, 5/3/2029		275		277

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Freeport-McMoRan, Inc.
5.00%, 9/1/2027		140		144
5.45%, 3/15/2043		80		89
Frontier Communications Holdings LLC 5.88%, 11/1/2029		5		4
Gap, Inc. (The) 3.63%, 10/1/2029 (g)		50		45
Gartner, Inc. 4.50%, 7/1/2028 (g)		95		95
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 4.16%, 6/15/2022 (e) (f) (h)		304		291
Genesis Energy LP
6.50%, 10/1/2025		5		5
6.25%, 5/15/2026		15		14
Gilead Sciences, Inc. 1.65%, 10/1/2030		16		14
Global Payments, Inc.
3.20%, 8/15/2029		10		9
2.90%, 11/15/2031		5		5
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (g)		50		50
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 4.00%, 5/9/2022 (e) (f) (h)		22		18
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		64
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026 (e) (f) (h)		42		38
Series V, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.95%), 4.12%, 11/10/2026 (e) (f) (h)		25		23
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (e) (f) (h)		21		21
(SOFR + 0.82%), 1.54%, 9/10/2027 (f)		10		9
(SOFR + 0.91%), 1.95%, 10/21/2027 (f)		5		5
(SOFR + 1.26%), 2.65%, 10/21/2032 (f)		5		5
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026 (b)		47		47
5.00%, 7/15/2029 (b) (g)		10		9
Gray Television, Inc.
5.88%, 7/15/2026 (g)		20		20
7.00%, 5/15/2027 (g)		45		47
Griffon Corp. 5.75%, 3/1/2028		95		91
Hanesbrands, Inc. 4.88%, 5/15/2026 (g)		60		60
Harsco Corp. 5.75%, 7/31/2027 (g)		9		9
HCA, Inc.
5.38%, 2/1/2025		146		152
5.88%, 2/15/2026		285		303
5.63%, 9/1/2028		274		296
2.38%, 7/15/2031		10		9
Herc Holdings, Inc. 5.50%, 7/15/2027 (g)		28		28
Hertz Corp. (The) 4.63%, 12/1/2026 (g)		100		93
Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030		24		24
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		32		32
Hologic, Inc.
4.63%, 2/1/2028 (g)		25		25
3.25%, 2/15/2029 (g)		75		70
Howmet Aerospace, Inc.
5.13%, 10/1/2024		107		111
5.90%, 2/1/2027		8		9
5.95%, 2/1/2037		34		36
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		145		150
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (e) (f) (h)		23		22
Hyundai Capital America
1.65%, 9/17/2026 (g)		5		5
2.10%, 9/15/2028 (g)		5		4
Icahn Enterprises LP
4.75%, 9/15/2024		70		71
6.38%, 12/15/2025		22		22
iHeartCommunications, Inc.
6.38%, 5/1/2026		57		58
8.38%, 5/1/2027		98		101
5.25%, 8/15/2027 (g)		18		18
ILFC E-Capital Trust I (USD Constant Maturity 30 Year + 1.55), 4.05%, 12/21/2065 (f) (g)		100		79
Imola Merger Corp. 4.75%, 5/15/2029 (g)		110		106
Intel Corp. 2.00%, 8/12/2031 (b)		3		3
International Game Technology plc 6.50%, 2/15/2025 (g)		200		210

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
IQVIA, Inc. 5.00%, 5/15/2027 (g)		200		202
IRB Holding Corp. 6.75%, 2/15/2026 (g)		56		57
Iron Mountain, Inc.
REIT, 4.88%, 9/15/2027 (g)		84		83
REIT, 5.25%, 3/15/2028 (g)		48		47
ITC Holdings Corp. 2.95%, 5/14/2030 (g)		5		5
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (g)		31		32
JBS USA LUX SA 5.50%, 1/15/2030 (g)		42		43
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (g)		80		75
Kansas City Southern 3.50%, 5/1/2050		5		5
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		100		96
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		11		11
Kraft Heinz Foods Co. 3.75%, 4/1/2030		5		5
Kroger Co. (The) 1.70%, 1/15/2031 (b)		6		5
L3Harris Technologies, Inc. 1.80%, 1/15/2031		5		4
LABL, Inc. 6.75%, 7/15/2026 (g)		100		99
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (g)		48		48
Lamar Media Corp. 4.88%, 1/15/2029		85		84
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (g)		100		93
Lear Corp. 2.60%, 1/15/2032		5		4
Lennar Corp.
4.50%, 4/30/2024		15		15
5.88%, 11/15/2024		45		48
4.75%, 5/30/2025		5		5
5.25%, 6/1/2026		14		15
5.00%, 6/15/2027		20		21
Level 3 Financing, Inc.
5.38%, 5/1/2025		91		92
5.25%, 3/15/2026		54		54
Liberty Interactive LLC 8.25%, 2/1/2030		35		32
Live Nation Entertainment, Inc.
5.63%, 3/15/2026 (g)		33		33
6.50%, 5/15/2027 (g)		165		176
Lowe’s Cos., Inc. 3.70%, 4/15/2046		6		6
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/2023		28		29
Series Y, 7.50%, 4/1/2024		2		2
5.63%, 4/1/2025		57		57
Series G, 6.88%, 1/15/2028		160		160
Madison IAQ LLC 4.13%, 6/30/2028 (g)		115		106
Magallanes, Inc. 4.28%, 3/15/2032 (g)		5		5
MasTec, Inc. 4.50%, 8/15/2028 (g)		95		94
Matador Resources Co. 5.88%, 9/15/2026		55		56
Mattel, Inc. 3.15%, 3/15/2023		37		37
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (g)		227		226
McDonald’s Corp. 3.70%, 2/15/2042		6		6
MDC Holdings, Inc. 2.50%, 1/15/2031		5		4
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.00%, 5/9/2022 (e) (f) (h)		18		16
MetLife Capital Trust IV 7.88%, 12/15/2037 (g)		100		119
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)		86		85
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (e) (f) (h)		44		44
6.40%, 12/15/2036		98		105
6.40%, 12/15/2036		10		11
MGM Growth Properties Operating Partnership LP
REIT, 5.75%, 2/1/2027		23		24
MGM Resorts International 4.63%, 9/1/2026		200		197
Midcontinent Communications 5.38%, 8/15/2027 (g)		17		17
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042		10		10
Mondelez International, Inc. 1.50%, 2/4/2031 (b)		6		5
Morgan Stanley
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		19
(SOFR + 0.86%), 1.51%, 7/20/2027 (f)		20		18
Mozart Debt Merger Sub, Inc. 3.88%, 4/1/2029 (g)		100		93
MPLX LP 4.50%, 4/15/2038		3		3

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (f)		20		20
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (g)		95		97
NCR Corp.
5.75%, 9/1/2027 (g)		25		25
6.13%, 9/1/2029 (g)		105		105
Netflix, Inc.
5.88%, 2/15/2025		100		107
4.88%, 4/15/2028		20		21
5.88%, 11/15/2028		60		66
New Albertsons LP
7.75%, 6/15/2026		5		5
6.63%, 6/1/2028		15		16
7.45%, 8/1/2029		21		22
8.00%, 5/1/2031		80		90
Newell Brands, Inc. 4.70%, 4/1/2026 (j)		150		151
Nexstar Media, Inc.
5.63%, 7/15/2027 (g)		43		44
4.75%, 11/1/2028 (g)		55		53
NextEra Energy Capital Holdings, Inc.
(ICE LIBOR USD 3 Month + 2.07%), 2.28%, 10/1/2066 (f)		47		39
(ICE LIBOR USD 3 Month + 2.13%), 2.95%, 6/15/2067 (f)		64		55
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (f)		28		29
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.55%), 3.80%, 3/15/2082 (f)		34		31
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (g)		23		23
4.25%, 9/15/2024 (g)		4		4
4.50%, 9/15/2027 (g)		8		8
Nielsen Co. Luxembourg SARL (The) 5.00%, 2/1/2025 (g)		10		10
NiSource, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (e) (f) (h)		62		61
1.70%, 2/15/2031		10		8
Nissan Motor Acceptance Co. LLC
1.85%, 9/16/2026 (g)		5		4
2.45%, 9/15/2028 (g)		10		9
Norfolk Southern Corp. 2.30%, 5/15/2031		3		3
Northrop Grumman Corp. 5.15%, 5/1/2040		13		15
NRG Energy, Inc.
6.63%, 1/15/2027		3		3
5.75%, 1/15/2028		12		12
5.25%, 6/15/2029 (g)		136		133
Nuance Communications, Inc. 5.63%, 12/15/2026		59		61
NuStar Logistics LP
6.00%, 6/1/2026		12		12
5.63%, 4/28/2027		30		30
Occidental Petroleum Corp.
8.88%, 7/15/2030		115		147
6.63%, 9/1/2030		180		207
Oceaneering International, Inc. 6.00%, 2/1/2028		14		14
ON Semiconductor Corp. 3.88%, 9/1/2028 (g)		85		81
OneMain Finance Corp.
5.63%, 3/15/2023		27		27
6.13%, 3/15/2024		20		20
6.88%, 3/15/2025		45		47
7.13%, 3/15/2026		52		56
6.63%, 1/15/2028		33		35
Oracle Corp.
3.90%, 5/15/2035		7		6
3.85%, 7/15/2036		2		2
Outfront Media Capital LLC 5.00%, 8/15/2027 (g)		15		15
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (g)		200		186
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (g)		12		11
Paramount Global 4.20%, 5/19/2032		6		6
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f)		103		104
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.37%, 3/30/2062 (f)		70		71
PBF Logistics LP 6.88%, 5/15/2023		7		7
Performance Food Group, Inc. 5.50%, 10/15/2027 (g)		20		20
PG&E Corp. 5.00%, 7/1/2028 (b)		110		106
Philip Morris International, Inc. 3.38%, 8/15/2029		10		10
Pilgrim’s Pride Corp. 5.88%, 9/30/2027 (g)		39		39
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (e) (f) (h)		38		32
PNC Financial Services Group, Inc. (The)
Series O, (ICE LIBOR USD 3 Month + 3.68%), 3.99%, 8/1/2022 (e) (f) (h)		68		68
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (e) (f) (h)		64		64
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (e) (f) (h)		110		99
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (e) (f) (h)		29		29

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Post Holdings, Inc.
5.75%, 3/1/2027 (g)		8		8
5.50%, 12/15/2029 (g)		140		135
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 3.66%, 3/30/2067 (f)		97		85
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (g)		80		82
3.38%, 8/31/2027 (g)		25		23
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (e) (f) (h)		53		52
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (f)		171		172
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 5.12%, 3/1/2052 (f)		30		30
Public Service Co. of Oklahoma Series J, 2.20%, 8/15/2031		10		9
Radian Group, Inc.
4.50%, 10/1/2024		40		40
4.88%, 3/15/2027		12		12
Range Resources Corp. 4.88%, 5/15/2025		85		86
Raytheon Technologies Corp. 4.15%, 5/15/2045		10		10
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		13		11
RHP Hotel Properties LP REIT, 4.75%, 10/15/2027		98		94
Rite Aid Corp. 8.00%, 11/15/2026 (g)		140		129
Royal Caribbean Cruises Ltd. 11.50%, 6/1/2025 (g)		67		74
Royalty Pharma plc 2.15%, 9/2/2031		4		3
S&P Global, Inc. 2.90%, 3/1/2032 (g)		5		5
Sabre GLBL, Inc. 9.25%, 4/15/2025 (g)		110		122
Scientific Games International, Inc. 5.00%, 10/15/2025 (g)		156		160
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026		125		127
Seagate HDD Cayman 4.88%, 6/1/2027		95		97
Sealed Air Corp. 5.13%, 12/1/2024 (g)		20		21
Sempra Energy
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (e) (f) (h)		105		106
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.12%, 4/1/2052 (f)		71		66
Sensata Technologies BV
4.88%, 10/15/2023 (g)		15		16
5.63%, 11/1/2024 (g)		125		129
5.00%, 10/1/2025 (g)		30		30
Service Corp. International
4.63%, 12/15/2027		12		12
5.13%, 6/1/2029		5		5
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		15		15
Sinclair Television Group, Inc. 5.88%, 3/15/2026 (g)		50		49
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (g)		53		53
5.50%, 7/1/2029 (g)		161		163
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (g)		12		12
5.50%, 4/15/2027 (g)		102		102
SM Energy Co.
6.75%, 9/15/2026		12		12
6.63%, 1/15/2027		16		17
Southern California Edison Co. Series E, (ICE LIBOR USD 3 Month + 4.20%), 4.52%, 5/9/2022 (e) (f) (h)		12		12
Southwestern Energy Co. 7.75%, 10/1/2027		135		143
Spectrum Brands, Inc.
5.75%, 7/15/2025		8		8
5.00%, 10/1/2029 (g)		31		29
Sprint Capital Corp. 8.75%, 3/15/2032		197		265
Sprint Corp.
7.88%, 9/15/2023		227		241
7.13%, 6/15/2024		71		76
7.63%, 2/15/2025		194		212
7.63%, 3/1/2026		39		44
SS&C Technologies, Inc. 5.50%, 9/30/2027 (g)		93		94
Stagwell Global LLC 5.63%, 8/15/2029 (g)		70		66
Standard Industries, Inc.
5.00%, 2/15/2027 (g)		18		18
4.75%, 1/15/2028 (g)		77		74
Stanley Black & Decker, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.66%), 4.00%, 3/15/2060 (f)		10		10
Staples, Inc.
7.50%, 4/15/2026 (g)		95		92
10.75%, 4/15/2027 (g)		85		76
Starbucks Corp. 2.55%, 11/15/2030		13		12

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
State Street Corp.
Series F, (ICE LIBOR USD 3 Month + 3.60%), 4.42%, 6/15/2022 (e) (f) (h)		25		25
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (e) (f) (h)		31		31
(SOFR + 0.73%), 2.20%, 2/7/2028 (f)		10		9
Station Casinos LLC 4.50%, 2/15/2028 (g)		70		66
Steel Dynamics, Inc. 5.00%, 12/15/2026		15		15
Stericycle, Inc. 3.88%, 1/15/2029 (g)		150		140
Summit Materials LLC 6.50%, 3/15/2027 (g)		45		46
Sunoco LP
6.00%, 4/15/2027		71		72
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		93
Series D, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 4.25%, 11/15/2026 (e) (f) (h)		35		32
Sysco Corp.
3.25%, 7/15/2027		15		15
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		85
6.50%, 7/15/2027		191		201
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (g)		150		136
Tenet Healthcare Corp.
4.63%, 7/15/2024		29		29
4.63%, 9/1/2024 (g)		11		11
4.88%, 1/1/2026 (g)		163		164
6.25%, 2/1/2027 (g)		30		31
5.13%, 11/1/2027 (g)		189		190
TerraForm Power Operating LLC
4.25%, 1/31/2023 (g)		15		15
5.00%, 1/31/2028 (g)		29		29
Thermo Fisher Scientific, Inc. 2.00%, 10/15/2031		10		9
T-Mobile USA, Inc.
4.75%, 2/1/2028		93		94
2.25%, 11/15/2031		10		9
4.38%, 4/15/2040		6		6
3.00%, 2/15/2041		6		5
TransDigm, Inc. 6.25%, 3/15/2026 (g)		184		189
Transocean Pontus Ltd. 6.13%, 8/1/2025 (g)		29		29
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (b) (g)		47		46
Transocean Proteus Ltd. 6.25%, 12/1/2024 (g)		17		17
Travel + Leisure Co.
5.65%, 4/1/2024 (j)		17		17
6.60%, 10/1/2025 (j)		16		17
6.00%, 4/1/2027 (j)		25		26
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (g)		52		51
Truist Financial Corp.
Series P, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.61%), 4.95%, 9/1/2025 (e) (f) (h)		13		13
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027 (e) (f) (h)		6		6
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (e) (f) (h)		138		140
Uber Technologies, Inc. 7.50%, 5/15/2025 (g)		65		68
UDR, Inc. REIT, 3.20%, 1/15/2030		5		5
Union Pacific Corp. 3.70%, 3/1/2029		10		10
United Airlines Holdings, Inc.
5.00%, 2/1/2024		33		33
4.88%, 1/15/2025 (b)		28		28
United Airlines, Inc. 4.38%, 4/15/2026 (g)		70		69
United Rentals North America, Inc.
5.50%, 5/15/2027		10		10
4.88%, 1/15/2028		240		244
Universal Health Services, Inc. 2.65%, 1/15/2032 (g)		10		9
Univision Communications, Inc. 4.50%, 5/1/2029 (g)		70		67
US Bancorp
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.54%), 3.70%, 1/15/2027 (e) (f) (h)		60		54
Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (e) (f) (h)		8		8
Ventas Realty LP REIT, 4.00%, 3/1/2028		5		5
Verizon Communications, Inc.
4.40%, 11/1/2034		8		9
4.27%, 1/15/2036		6		6
3.85%, 11/1/2042		3		3
VICI Properties LP REIT, 4.25%, 12/1/2026 (g)		75		75
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (f) (g) (h)		14		14

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Vistra Operations Co. LLC
5.50%, 9/1/2026 (g)		20		20
5.63%, 2/15/2027 (g)		130		130
Weekley Homes LLC 4.88%, 9/15/2028 (g)		100		92
Wells Fargo & Co.
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (e) (f) (h)		53		53
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (e) (f) (h)		18		19
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (e) (f) (h)		315		302
WESCO Distribution, Inc.
7.13%, 6/15/2025 (g)		40		41
7.25%, 6/15/2028 (g)		125		133
Western Midstream Operating LP 4.75%, 8/15/2028		135		139
William Carter Co. (The) 5.63%, 3/15/2027 (g)		73		74
WP Carey, Inc. REIT, 2.40%, 2/1/2031		5		5
Wynn Las Vegas LLC 5.50%, 3/1/2025 (g)		35		35
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (g)		224		211
Xerox Corp. 4.62%, 3/15/2023 (j)		45		45
XPO Logistics, Inc. 6.25%, 5/1/2025 (g)		65		67
Yum! Brands, Inc. 4.75%, 1/15/2030 (g)		24		24
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (g)		140		129
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031		5		5
Zoetis, Inc. 2.00%, 5/15/2030		6		5
				30,796
TOTAL CORPORATE BONDS (Cost $36,857)				35,593
EQUITY-LINKED NOTES — 6.3%
Canada — 2.1%
Royal Bank of Canada, ELN, 7.50%, 4/20/2022, (linked to Russell 2000 Index) (c)		1		1,045
Royal Bank of Canada, ELN, 7.50%, 5/11/2022, (linked to Russell 2000 Index) (c)		1		1,155
				2,200
France — 3.2%
BNP Paribas, ELN, 7.00%, 5/18/2022, (linked to Russell 2000 Index) (g)		1		1,149
BNP Paribas, ELN, 7.50%, 4/27/2022, (linked to Russell 2000 Index) (g)		1		1,136
Societe Generale, ELN, 7.00%, 5/25/2022, (linked to Russell 2000 Index) (c)		1		1,133
				3,418
Switzerland — 1.0%
UBS AG, ELN, 7.50%, 5/4/2022, (linked to Russell 2000 Index) (c)		1		1,062
TOTAL EQUITY-LINKED NOTES (Cost $6,598)				6,680
	Shares (000)
EXCHANGE-TRADED FUNDS — 6.1%
United States — 6.1%
JPMorgan High Yield Research Enhanced ETF (l)		87		4,256
JPMorgan Equity Premium Income ETF (l)		36		2,183
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,705)				6,439
INVESTMENT COMPANIES — 4.5%
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (l)		283		1,942
JPMorgan Equity Income Fund Class R6 Shares (l)		71		1,700
JPMorgan Floating Rate Income Fund Class R6 Shares (l)		125		1,100
TOTAL INVESTMENT COMPANIES (Cost $4,376)				4,742
	Principal Amount ($000)
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.1%
United States - 2.1%
BANK Series 2017-BNK7, Class D, 2.71%, 9/15/2060 ‡ (g)		100		81
Benchmark Mortgage Trust Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (g)		100		83
BX Commercial Mortgage Trust Series 2020-VIV2, Class C, 3.54%, 3/9/2044 ‡ (g) (m)		106		97

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)		Value ($000)
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class D, 4.88%, 9/10/2045 ‡ (g) (m)		100		91
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (g)		20		16
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (g)		23		18
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (m)		10		10
Commercial Mortgage Trust Series 2016-CR28, Class C, 4.64%, 2/10/2049 ‡ (m)		100		99
CSAIL Commercial Mortgage Trust Series 2019-C15, Class C, 4.99%, 3/15/2052 ‡ (m)		100		100
DBGS Mortgage Trust Series 2018-5BP, Class B, 1.38%, 6/15/2033 ‡ (g) (m)		100		98
FHLMC Multiclass Certificates Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029		160		19
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K734, Class X3, IO, 2.17%, 7/25/2026 (m)		120		9
Series Q012, Class X, IO, 4.16%, 9/25/2035 (m)		460		99
Series K726, Class X3, IO, 2.14%, 7/25/2044 (m)		151		6
Series K729, Class X3, IO, 1.97%, 11/25/2044 (m)		1,212		54
Series K728, Class X3, IO, 1.95%, 11/25/2045 (m)		100		5
Series K071, Class X3, IO, 2.01%, 11/25/2045 (m)		700		68
Series K088, Class X3, IO, 2.35%, 2/25/2047 (m)		555		76
Series K108, Class X3, IO, 3.49%, 4/25/2048 (m)		400		89
FREMF Series 2018-KF46, Class B, 2.19%, 3/25/2028 (g) (m)		3		3
FREMF Mortgage Trust
Series 2017-KF31, Class B, 3.14%, 4/25/2024 (g) (m)		4		4
Series 2017-KF32, Class B, 2.79%, 5/25/2024 (g) (m)		27		27
Series 2018-KF45, Class B, 2.19%, 3/25/2025 (g) (m)		5		5
Series 2018-KF47, Class B, 2.24%, 5/25/2025 (g) (m)		17		17
Series 2018-KC02, Class B, 4.12%, 7/25/2025 (g) (m)		25		24
Series 2018-KF53, Class B, 2.29%, 10/25/2025 (m)		33		32
Series 2019-KC03, Class B, 4.37%, 1/25/2026 (g) (m)		25		25
Series 2019-KF62, Class B, 2.29%, 4/25/2026 (g) (m)		11		10
Series 2018-KF43, Class B, 2.39%, 1/25/2028 (g) (m)		27		26
Series 2018-KF50, Class B, 2.14%, 7/25/2028 (g) (m)		4		4
Series 2018-K82, Class B, 4.13%, 9/25/2028 (g) (m)		50		51
Series 2019-KF63, Class B, 2.59%, 5/25/2029 (g) (m)		14		14
Series 2012-K19, Class C, 4.91%, 5/25/2045 (g) (m)		2		2
Series 2017-K65, Class B, 4.07%, 7/25/2050 (g) (m)		75		75
Series 2018-K75, Class B, 3.98%, 4/25/2051 (g) (m)		10		10
Series 2020-K737, Class B, 3.30%, 1/25/2053 (g) (m)		100		97
Series 2020-K737, Class C, 3.30%, 1/25/2053 (g) (m)		145		140
GNMA
Series 2016-71, Class QI, IO, 0.92%, 11/16/2057 (m)		130		6
Series 2020-14, IO, 0.61%, 2/16/2062 (m)		643		36
Series 2020-23, IO, 0.63%, 4/16/2062 (m)		179		10
Jackson Park Trust
Series 2019-LIC, Class E, 3.24%, 10/14/2039 ‡ (g) (m)		100		82
Series 2019-LIC, Class F, 3.24%, 10/14/2039 ‡ (g) (m)		100		78
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class E, 4.22%, 1/15/2049 ‡ (g) (m)		100		81
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		48
Morgan Stanley Capital I Trust
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (g) (m)		10		9
Series 2020-HR8, Class XA, IO, 1.84%, 7/15/2053 (m)		996		120
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $2,314)				2,163
COLLATERALIZED MORTGAGE OBLIGATIONS — 1.0%
United States — 1.0%
Banc of America Funding Trust Series 2006-A, Class 1A1, 2.61%, 2/20/2036 (m)		8		8

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($000)			Value ($000)
Citigroup Mortgage Loan Trust, Inc. Series 2005-6, Class A1, 2.19%, 9/25/2035 (m)		20			20
Connecticut Avenue Securities Trust Series 2019-R06, Class 2M2, 2.56%, 9/25/2039 (g) (m)		15			15
FHLMC, REMIC
Series 4703, Class SA, IF, IO, 5.75%, 7/15/2047 (m)		206			35
Series 4937, Class MS, IF, IO, 5.59%, 12/25/2049 (m)		139			22
Series 4839, Class WS, IF, IO, 5.70%, 8/15/2056 (m)		139			28
FHLMC, STRIPS
Series 311, Class S1, IF, IO, 5.55%, 8/15/2043 (m)		459			75
Series 316, Class S7, IF, IO, 5.70%, 11/15/2043 (m)		196			28
Series 356, Class S5, IF, IO, 5.60%, 9/15/2047 (m)		249			42
FNMA, REMIC
Series 2012-75, Class DS, IF, IO, 5.49%, 7/25/2042 (m)		161			24
Series 2016-1, Class SJ, IF, IO, 5.69%, 2/25/2046 (m)		101			19
Series 2018-67, Class SN, IF, IO, 5.74%, 9/25/2048 (m)		339			60
Series 2018-73, Class SC, IF, IO, 5.74%, 10/25/2048 (m)		198			30
GNMA
Series 2017-67, Class ST, IF, IO, 5.75%, 5/20/2047 (m)		153			26
Series 2017-112, Class S, IF, IO, 5.75%, 7/20/2047 (m)		123			16
Series 2018-36, Class SG, IF, IO, 5.75%, 3/20/2048 (m)		71			11
Series 2019-22, Class SM, IF, IO, 5.60%, 2/20/2049 (m)		184			31
Series 2019-42, Class SJ, IF, IO, 5.60%, 4/20/2049 (m)		150			22
Impac CMB Trust
Series 2004-7, Class 1A2, 1.38%, 11/25/2034 (m)		35			35
Series 2005-8, Class 1AM, 1.16%, 2/25/2036 (m)		64			61
Morgan Stanley Mortgage Loan Trust Series 2004-5AR, Class 4A, 2.58%, 7/25/2034 (m)		—	(a)		—	(a)
New Residential Mortgage Loan Trust Series 2019-NQM4, Class M1, 2.99%, 9/25/2059 (g) (m)		239			228
Structured Adjustable Rate Mortgage Loan Trust Series 2007-9, Class 1A1, 2.33%, 10/25/2037 (m)		224			225
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR5, Class A6, 2.87%, 5/25/2035 (m)		12			12
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,138)					1,073
U.S. TREASURY OBLIGATIONS — 0.8%
U.S. Treasury Notes 0.13%, 1/31/2023 (n)(Cost $876)		881			871
	Shares (000)
PREFERRED STOCKS — 0.6%
United States — 0.6%
Allstate Corp. (The), Series H, 5.10%, 10/15/2024 ($25 par value) (o)		1			32
Bank of America Corp.,
Series GG, 6.00%, 5/16/2023 ($25 par value) (o)		1			19
Series HH, 5.88%, 7/24/2023 ($25 par value) (o)		1			18
Series KK, 5.38%, 6/25/2024 ($25 par value) (o)		1			18
Series LL, 5.00%, 9/17/2024 ($25 par value) (o)		1			18
Energy Transfer LP, Series E, (ICE LIBOR USD 3 Month + 5.16%), 7.60%, 5/15/2024 (f) (o)		2			40
MetLife, Inc., Series F, 4.75%, 3/15/2025 ($25 par value) (o)		1			15
Morgan Stanley,
Series K, (ICE LIBOR USD 3 Month + 3.49%), 5.85%, 4/15/2027 ($25 par value) (f) (o)		2			65
Series L, 4.88%, 1/15/2025 ($25 par value) (o)		—	(a)		4
MYT Holding LLC, Series A, 10.00%, 6/6/2029 ‡		7			8
NextEra Energy Capital Holdings, Inc., Series N, 5.65%, 3/1/2079 ($25 par value)		1			16
Northern Trust Corp., Series E, 4.70%, 1/1/2025 ($25 par value) (o)		—	(a)		11
Public Storage, Series L, REIT 4.63%, 6/17/2025 ($25 par value) (o)		1			12

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)			Value ($000)
SCE Trust VI, 5.00%, 6/26/2022 ($25 par value) (o)		4			86
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			24
State Street Corp.,
Series G, (ICE LIBOR USD 3 Month + 3.71%), 5.35%, 3/15/2026 ($25 par value) (f) (o)		—	(a)		10
Truist Financial Corp.,
Series R, 4.75%, 9/1/2025 ($25 par value) (o)		1			18
US Bancorp,
Series K, 5.50%, 10/15/2023 ($25 par value) (b) (o)		—	(a)		9
Wells Fargo & Co.,
Series AA, 4.70%, 12/15/2025 ($25 par value) (o)		—	(a)		4
Series Y, 5.63%, 6/15/2022 ($25 par value) (o)		1			31
Series Z, 4.75%, 3/15/2025 ($25 par value) (o)		5			118
TOTAL PREFERRED STOCKS (Cost $608)					579
	Principal Amount ($000)
MORTGAGE-BACKED SECURITIES — 0.4%
United States — 0.4%
FNMA UMBS, 30 Year
Pool # MA4398, 2.00%, 8/1/2051		327			304
Pool # MA4465, 2.00%, 11/1/2051		10			9
Pool # MA4563, 2.50%, 3/1/2052		60			57
Pool # MA4564, 3.00%, 3/1/2052		13			13
GNMA II, 30 Year
Pool # MA7534, 2.50%, 8/20/2051		57			56
TOTAL MORTGAGE-BACKED SECURITIES (Cost $473)					439
ASSET-BACKED SECURITIES — 0.3%
United States — 0.3%
GSAMP Trust Series 2003-SEA, Class A1, 1.26%, 2/25/2033 (m)		85			83
Morgan Stanley ABS Capital I, Inc. Trust
Series 2003-SD1, Class M1, 2.71%, 3/25/2033 ‡ (m)		106			105
Series 2003-NC10, Class M1, 1.48%, 10/25/2033 ‡ (m)		14			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, 2.48%, 8/25/2034 ‡ (m)		76			76
Westlake Automobile Receivables Trust Series 2019-1A, Class E, 4.49%, 7/15/2024 (g)		50			50
TOTAL ASSET-BACKED SECURITIES (Cost $325)					337
LOAN ASSIGNMENTS — 0.2%(p)
United States — 0.2%
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (f)		6			5
Axalta Dupont PC, Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.76%, 6/1/2024 (f)		21			21
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 2.71%, 3/15/2027 (f)		8			7
JBS USA LUX SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.00%), 2.80%, 5/1/2026 (f)		33			32
Nexstar Broadcasting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 2.73%, 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)		39			39
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.21%, 6/2/2025 (f)		67			67
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 2.58%, 1/20/2028 (f)		31			31
TOTAL LOAN ASSIGNMENTS (Cost $247)					245

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	No. of Warrants (000)			Value ($000)
WARRANTS — 0.1%
United Kingdom — 0.0% (d)
Nmg Research Ltd.
expiring 9/24/2027, price 1.00 USD * ‡		—	(a)		3
United States — 0.1%
Chesapeake Energy Corp.
expiring 2/9/2026, price 30.73 USD *		—	(a)		14
expiring 2/9/2026, price 26.43 USD *		—	(a)		14
expiring 2/9/2026, price 34.61 USD *		—	(a)		7
Windstream Holdings, Inc.
expiring 12/31/2049, price 10.75 USD * ‡		—	(a)		1
					36
TOTAL WARRANTS (Cost $ — )					39
	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			1
TOTAL CONVERTIBLE BONDS (Cost $4)					3
	No. of Rights (000)
RIGHTS — 0.0% (d)
Luxembourg — 0.0% (d)
Intelsat Jackson Holdings SA, expiring 12/5/2025 * ‡(Cost $– (a))		—	(a)		—	(a)
	Shares (000)
SHORT-TERM INVESTMENTS — 5.0%
INVESTMENT COMPANIES — 3.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.29% (l) (q)		3,609			3,609
JPMorgan Prime Money Market Fund Class IM Shares, 0.32% (l) (q)		385			386
TOTAL INVESTMENT COMPANIES (Cost $3,994)					3,995
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 1.2%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 0.30% (l) (q)		200			199
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 0.26% (l) (q)		1,070			1,070
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $1,270)					1,269
TOTAL SHORT-TERM INVESTMENTS (Cost $5,264)					5,264
Total Investments — 99.1% (Cost $99,907)					104,544
Other Assets Less Liabilities — 0.9%					970
Net Assets — 100.0%					105,514

Percentages indicated are based on net assets.

JPMorgan Insurance Trust Income Builder 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:

INDUSTRY	PERCENT OF TOTAL INVESTMENTS
Banks		6.9	%
Equity-Linked Notes		6.4
Exchange-Traded Fund		6.2
Oil, Gas & Consumable Fuels		5.8
Equity Real Estate Investment Trusts (REITs)		4.7
Diversified Telecommunication Services		4.1
Electric Utilities		3.5
Pharmaceuticals		3.5
Fixed Income		2.9
Insurance		2.9
Media		2.9
Health Care Providers & Services		2.3
Capital Markets		2.2
Hotels, Restaurants & Leisure		2.2
Commercial Mortgage-Backed Securities		2.1
Semiconductors & Semiconductor Equipment		1.8
Food Products		1.8
Metals & Mining		1.7
U.S. Equity		1.6
Wireless Telecommunication Services		1.6
Chemicals		1.5
Multi-Utilities		1.3
Consumer Finance		1.2
Technology Hardware, Storage & Peripherals		1.2
Containers & Packaging		1.1
Collateralized Mortgage Obligations		1.0
Commercial Services & Supplies		1.0
Others (each less than 1.0%)		19.6
Short-Term Investments		5.0

Abbreviations
ABS	Asset-Backed Securities
ADR	American Depositary Receipt
CVA	Dutch Certification
ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
EUR	Euro
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 March 31, 2022. The rate may be subject to a cap and floor.

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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
OJSC	Open Joint Stock Company
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
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 March 31, 2022. The total value of securities on loan at March 31, 2022 is $1,223.
(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.
(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 March 31, 2022.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2022.
(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.

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(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 March 31, 2022.
(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 March 31, 2022.
(n)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(o)	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 March 31, 2022.
(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 March 31, 2022.
*	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 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
EURO STOXX 50 Index		1			06/2022		EUR		42			—	(a)
S&P 500 E-Mini Index		11			06/2022		USD		2,492			186
U.S. Treasury 10 Year Note		120			06/2022		USD		14,732			(457	)
												(271	)
Short Contracts
EURO STOXX 50 Index		(40	)		06/2022		EUR		(1,681	)		(75	)
Russell 2000 E-Mini Index		(25	)		06/2022		USD		(2,581	)		(115	)
												(190	)
												(461	)

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 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.

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 March 31, 2022.

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.

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

• 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).

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	$	—		$	143	$	194		$	337
Collateralized Mortgage Obligations		—			1,073		—			1,073
Commercial Mortgage-Backed Securities
United States		—			1,172		991			2,163
Common Stocks
Australia		199			876		—			1,075
Austria		—			83		—			83
Belgium		—			193		—			193
Brazil		225			31		—			256
Canada		2,561			—		—			2,561
Chile		43			—		—			43
China		—			1,732		—			1,732
Denmark		15			484		—			499
Finland		—			373		—			373
France		63			1,428		—			1,491
Germany		—			1,474		—			1,474
Hong Kong		59			516		—			575
India		354			—		—			354
Indonesia		177			159		—			336
Ireland		—			25		—			25
Italy		—			672		—			672
Japan		75			1,923		—			1,998
Luxembourg		—			13		11			24
Mexico		458			—		—			458
Netherlands		—			466		—			466
New Zealand		—			124		—			124
Norway		26			323		—			349
Poland		—			57		—			57
Portugal		12			121		—			133
Russia		—			—		1			1
Saudi Arabia		—			79		—			79
Singapore		39			274		—			313
South Africa		111			119		—			230
South Korea		55			529		—			584
Spain		22			1,042		—			1,064
Sweden		—			598		—			598
Switzerland		—			1,626		—			1,626
Taiwan		48			1,212		—			1,260
Thailand		46			—		—			46
United Kingdom		77			2,229		—			2,306
United States		16,241			378		—			16,619
Total Common Stocks		20,906			19,159		12			40,077
Convertible Bonds		—			3		—			3
Corporate Bonds
Austria		—			232		—			232
Belgium		—			20		—			20
Canada		—			1,253		—			1,253
Cayman Islands		—			29		—			29
Finland		—			51		—			51
France		—			645		—			645
Germany		—			21		—			21
Ireland		—			256		—			256
Italy		—			124		—			124
Luxembourg		—			24		—			24
Netherlands		—			373		—			373
Sweden		—			193		—			193
Switzerland		—			623		—			623
United Kingdom		—			953		—			953
United States		—			30,796		—	(a)		30,796
Total Corporate Bonds		—			35,593		—	(a)		35,593
Equity-Linked Notes		—			6,680		—			6,680
Exchange-Traded Funds		6,439			—		—			6,439
Investment Companies		4,742			—		—			4,742
Loan Assignments		—			245		—			245
Mortgage-Backed Securities		—			439		—			439
Preferred Stocks
United States		571			—		8			579
Rights		—			—		—	(a)		—	(a)
U.S. Treasury Obligations		—			871		—			871
Warrants
United Kingdom		—			—		3			3
United States		35			—		1			36
Total Warrants		35			—		4			39
Short-Term Investments
Investment Companies		3,995			—		—			3,995
Investment of Cash Collateral from Securities Loaned		1,269			—		—			1,269
Total Short-Term Investments	$	5,264		$	—	$	—		$	5,264
Total Investments in Securities	$	37,957		$	65,378	$	1,209		$	104,544
Appreciation in Other Financial Instruments
Futures Contracts	$	186		$	—	$	—		$	186
Depreciation in Other Financial Instruments
Futures Contracts		(647	)		—		—			(647	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(461	)	$	—	$	—		$	(461	)

(a) Amount rounds to less than one thousand.

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, 2021		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of March 31, 2022
Investments in Securities:
Asset-Backed Securities	$	262	$	—	(a)	$	—	(a)	$	—	(a)	$	—	$	25		$	—	$	(93	)	$	194
Collateralized Mortgage Obligations		264		—			—			—	(a)		—		—			—		(264	)		—
Commercial Mortgage-Backed Securities		1,072		—			(72	)		—			—		—			—		(9	)		991
Common Stocks		—		(9	)		(96	)		—			22		(50	)		145		—			12
Corporate Bonds		—		—			—			—			—		—			—		—			—	(a)
Preferred Stocks		8		—			—			—			—		—			—		—			8
Rights		—		—			—			—			—		—			—		—			—	(a)
Warrants		4		—			—			—			—		—			—		—			4
Total	$	1,610	$	(9	)	$	(168	)	$	—		$	22	$	(25	)	$	145	$	(366	)	$	1,209

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 March 31, 2022, which were valued using significant unobservable inputs (level 3) amounted to $(167).

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

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 March 31, 2022			Valuation Technique(s)		Unobservable Input	Range (Weighted Average) (a)
	$	194			Discounted Cash Flow	Constant Prepayment Rate	6.00% - 8.00% (7.15%)
						Constant Default Rate	2.00% - 6.20% (4.40%)
						Yield (Discount Rate of Cash Flows)	3.81% - 6.20% (5.33%)
Asset-Backed Securities		194
		991			Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.06% - 24.63% (7.83%)
Commercial Mortgage-Backed Securities		991
		1			Market Comparable Companies	EBITDA Multiple (b)	5.5x (5.5x)
Warrants		1
		—	(c)		Pending Distribution Amount	Expected Recovery	$0.01($0.01)
Rights		—	(c)
Total	$	1,186

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At March 31, 2022, the value of these investments was $23. 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.

(c) Amount rounds to less than one thousand.

B. Investment Transactions with Affiliates  —  The Portfolio invested in Underlying Funds and ETFs, 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 ETFs’ distributions may be reinvested into such Underlying Funds and ETFs. 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 Strategic Debt Fund Class R6 Shares(a)	$	2,160	$	10	$	—	$	—		$	(228	)	$	1,942		283	$	11		$	—
JPMorgan Equity Income Fund Class R6 Shares(a)		1,696		9		—		—			(5	)		1,700		71		9			—
JPMorgan Equity Premium Income ETF(a)		1,653		568		—		—			(38	)		2,183		36		26			—
JPMorgan Floating Rate Income Fund Class R6 Shares(a)		1,108		8		—		—			(16	)		1,100		125		8			—
JPMorgan High Yield Research Enhanced ETF(a)		4,505		—		—		—			(249	)		4,256		87		32			—
JPMorgan Prime Money Market Fund Class IM Shares, 0.32%(a)(b)		462		1,087		1,163		—	(c)		—	(c)		386		385		—	(c)		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.29%(a)(b)		1,323		11,618		9,331		(1	)		—	(c)		3,609		3,609		—	(c)		—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.30%(a)(b)		200		—		1		—			—	(c)		199		200		—	(c)		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26%(a)(b)		820		2,865		2,615		—			—			1,070		1,070		—	(c)		—
Total	$	13,927	$	16,165	$	13,110	$	(1	)	$	(536	)	$	16,445			$	86		$	—

(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.