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JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

 

Investments

    Shares      Value ($)  

COMMON STOCKS — 97.4%

      

Aerospace & Defense — 0.6%

      

AAR Corp.

      19,500        366,600  

Aerojet Rocketdyne Holdings, Inc. *

      2,200        87,758  

Moog, Inc., Class A

      2,000        127,060  

Park Aerospace Corp.

      4,000        43,680  

Vectrus, Inc. *

      8,700        330,600  
     

 

 

  
        955,698  
     

 

 

  

Air Freight & Logistics — 0.9%

 

Atlas Air Worldwide Holdings, Inc. *

      600        36,540  

Echo Global Logistics, Inc. *

      4,300        110,811  

Hub Group, Inc., Class A *

      25,800        1,295,031  
     

 

 

  
        1,442,382  
     

 

 

  

Airlines — 0.0%(a)

 

Hawaiian Holdings, Inc.

      1,700        21,913  
     

 

 

  

Auto Components — 1.1%

 

Adient plc *

      17,800        308,474  

American Axle & Manufacturing Holdings, Inc. *

      54,200        312,734  

Cooper Tire & Rubber Co.

      12,100        383,570  

Dana, Inc.

      46,900        577,808  

Goodyear Tire & Rubber Co. (The)

      16,400        125,788  

Modine Manufacturing Co. *

      3,100        19,375  
     

 

 

  
        1,727,749  
     

 

 

  

Automobiles — 0.1%

 

Winnebago Industries, Inc.

      3,400        175,678  
     

 

 

  

Banks — 6.3%

 

Ameris Bancorp

      6,535        148,867  

Associated Banc-Corp. (b)

      10,100        127,462  

Bancorp, Inc. (The) *

      28,600        247,104  

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)

      27,800        619,384  

Bar Harbor Bankshares

      4,300        88,365  

Business First Bancshares, Inc.

      5,800        87,000  

California Bancorp, Inc. *

      1,800        20,394  

Capital Bancorp, Inc. *

      2,200        20,812  

Capstar Financial Holdings, Inc.

      4,800        47,088  

Cathay General Bancorp

      4,800        104,064  

CB Financial Services, Inc.

      1,100        20,988  

Central Valley Community Bancorp

      1,900        23,465  

Community Trust Bancorp, Inc.

      864        24,417  

ConnectOne Bancorp, Inc.

      46,300        651,441  

Customers Bancorp, Inc. *

      21,300        238,560  

Enterprise Financial Services Corp.

      900        24,543  

Financial Institutions, Inc.

      10,900        167,860  

First BanCorp (Puerto Rico)

      106,200        554,364  

First Bank

      2,600        16,120  

First Business Financial Services, Inc.

      2,700        38,583  

First Choice Bancorp

      800        10,632  

First Community Bankshares, Inc.

      2,000        36,100  

First Hawaiian, Inc.

      4,950        71,626  

First Horizon National Corp.

      26,926        253,912  

First Internet Bancorp

      3,400        50,082  

Great Southern Bancorp, Inc.

      4,000        144,880  

Hancock Whitney Corp.

      14,300        268,983  

Hanmi Financial Corp.

      20,125        165,226  

Hilltop Holdings, Inc.

      16,200        333,396  

Investar Holding Corp.

      5,300        67,946  

Investors Bancorp, Inc.

      129,200        937,992  

Macatawa Bank Corp.

      5,400        35,262  

Meridian Corp.

      1,700        27,421  

Metropolitan Bank Holding Corp. *

      2,200        61,600  

Mid Penn Bancorp, Inc.

      1,900        32,889  

Northeast Bank

      2,400        44,160  

OceanFirst Financial Corp.

      49,300        674,917  

PacWest Bancorp

      14,533        248,224  

Popular, Inc. (Puerto Rico)

      18,300        663,741  

RBB Bancorp

      2,800        31,752  

Select Bancorp, Inc. *

      21,821        156,893  

Shore Bancshares, Inc.

      3,700        40,626  

Sierra Bancorp

      1,750        29,383  

Signature Bank

      6,300        522,837  

Sterling Bancorp

      15,200        159,904  

Synovus Financial Corp.

      13,400        283,678  

Umpqua Holdings Corp.

      46,900        498,078  

United Community Banks, Inc.

      10,600        179,458  

Wintrust Financial Corp.

      4,800        192,240  

Zions Bancorp NA

      24,800        724,656  
     

 

 

  
        10,219,375  
     

 

 

  

Beverages — 0.1%

 

Coca-Cola Consolidated, Inc.

      450        108,306  
     

 

 

  

Biotechnology — 8.0%

 

Aduro Biotech, Inc. *

      104,800        254,664  

Akebia Therapeutics, Inc. * (b)

      19,400        48,694  

Alector, Inc. *

      16,300        171,720  

Allogene Therapeutics, Inc. * (b)

      15,700        592,047  

Amicus Therapeutics, Inc. *

      32,800        463,136  

AnaptysBio, Inc. *

      27,900        411,525  

Arrowhead Pharmaceuticals, Inc. *

      17,200        740,632  

Assembly Biosciences, Inc. *

      14,900        244,956  

Atara Biotherapeutics, Inc. *

      2,900        37,584  

Bluebird Bio, Inc. *

      2,400        129,480  

Blueprint Medicines Corp. *

      6,900        639,630  

Bridgebio Pharma, Inc. * (b)

      8,200        307,664  

Catalyst Pharmaceuticals, Inc. *

      68,600        203,742  

Coherus Biosciences, Inc. * (b)

      21,100        386,974  

Concert Pharmaceuticals, Inc. *

      10,800        106,056  

Dicerna Pharmaceuticals, Inc. *

      24,500        440,755  

Esperion Therapeutics, Inc. * (b)

      8,100        301,077  

FibroGen, Inc. *

      7,000        287,840  

Gritstone Oncology, Inc. * (b)

      4,600        12,190  

Heron Therapeutics, Inc. * (b)

      34,700        514,254  

Homology Medicines, Inc. *

      12,600        134,820  

Immunomedics, Inc. *

      20,100        1,709,103  

Insmed, Inc. *

      14,800        475,672  

Jounce Therapeutics, Inc. *

      13,300        108,528  

Kura Oncology, Inc. *

      2,000        61,280  

MeiraGTx Holdings plc *

      11,300        149,612  

Mustang Bio, Inc. * (b)

      197,500        622,125  

Radius Health, Inc. *

      1,800        20,412  

REVOLUTION Medicines, Inc. * (b)

      5,100        177,480  

Rhythm Pharmaceuticals, Inc. *

      8,400        182,028  

Sage Therapeutics, Inc. *

      6,900        421,728  

Sarepta Therapeutics, Inc. *

      3,100        435,333  

Sutro Biopharma, Inc. * (b)

      3,900        39,195  

Syros Pharmaceuticals, Inc. * (b)

      80,100        708,084  

TCR2 Therapeutics, Inc. * (b)

      7,900        160,528  

Translate Bio, Inc. *

      31,100        423,271  

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Viela Bio, Inc. * (b)

      10,000        280,800  

Vir Biotechnology, Inc. * (b)

      10,900        374,197  

Xencor, Inc. *

      6,300        244,377  

Y-mAbs Therapeutics, Inc. *

      1,100        42,229  
     

 

 

  
        13,065,422  
     

 

 

  

Building Products — 1.3%

 

Builders FirstSource, Inc. *

      14,600        476,252  

Caesarstone Ltd.

      19,200        188,160  

Cornerstone Building Brands, Inc. *

      14,400        114,912  

Gibraltar Industries, Inc. *

      2,800        182,392  

JELD-WEN Holding, Inc. *

      5,000        113,000  

Masonite International Corp. *

      3,700        364,080  

PGT Innovations, Inc. *

      4,300        75,336  

Quanex Building Products Corp.

      14,500        267,380  

UFP Industries, Inc.

      6,600        372,966  
     

 

 

  
        2,154,478  
     

 

 

  

Capital Markets — 1.8%

 

Blucora, Inc. *

      24,500        230,790  

Cowen, Inc., Class A (b)

      33,229        540,636  

Federated Hermes, Inc., Class B

      29,600        636,696  

Focus Financial Partners, Inc., Class A *

      10,300        337,737  

Houlihan Lokey, Inc.

      3,600        212,580  

Piper Sandler Cos.

      2,800        204,400  

Stifel Financial Corp.

      7,900        399,424  

Virtus Investment Partners, Inc.

      2,900        402,085  
     

 

 

  
        2,964,348  
     

 

 

  

Chemicals — 1.5%

 

Avient Corp.

      22,900        605,934  

FutureFuel Corp.

      10,800        122,796  

Koppers Holdings, Inc. *

      22,800        476,748  

Kraton Corp. *

      8,000        142,560  

Minerals Technologies, Inc.

      4,400        224,840  

Orion Engineered Carbons SA (Germany)

      21,800        272,718  

PQ Group Holdings, Inc. *

      2,900        29,754  

Trinseo SA

      9,500        243,580  

Tronox Holdings plc, Class A

      49,500        389,565  
     

 

 

  
        2,508,495  
     

 

 

  

Commercial Services & Supplies — 1.9%

 

ABM Industries, Inc.

      14,300        524,238  

ACCO Brands Corp.

      77,450        449,210  

Brink’s Co. (The)

      5,700        234,213  

Herman Miller, Inc.

      9,700        292,552  

HNI Corp.

      7,400        232,212  

KAR Auction Services, Inc.

      9,600        138,240  

Kimball International, Inc., Class B

      29,000        305,660  

Knoll, Inc.

      35,400        426,924  

Quad/Graphics, Inc.

      38,600        116,958  

Steelcase, Inc., Class A

      34,900        352,839  
     

 

 

  
        3,073,046  
     

 

 

  

Communications Equipment — 1.0%

 

Cambium Networks Corp. *

      39,200        661,304  

Ciena Corp. *

      3,550        140,899  

Extreme Networks, Inc. *

      85,900        345,318  

PCTEL, Inc. *

      22,300        126,218  

Plantronics, Inc. (b)

      26,900        318,496  
     

 

 

  
        1,592,235  
     

 

 

  

Construction & Engineering — 2.8%

 

Argan, Inc.

      32,800        1,374,648  

Comfort Systems USA, Inc.

      8,100        417,231  

EMCOR Group, Inc.

      9,275        628,010  

Great Lakes Dredge & Dock Corp. *

      46,100        438,411  

MasTec, Inc. * (b)

      17,000        717,400  

Primoris Services Corp.

      21,300        384,252  

Sterling Construction Co., Inc. * (b)

      28,900        409,224  

Tutor Perini Corp. *

      19,400        215,922  
     

 

 

  
        4,585,098  
     

 

 

  

Construction Materials — 0.2%

 

US Concrete, Inc. *

      10,700        310,728  
     

 

 

  

Consumer Finance  —  0.4%

 

Enova International, Inc. *

      6,900        113,091  

Nelnet, Inc., Class A

      7,400        445,850  

Oportun Financial Corp. *

      10,700        126,153  
     

 

 

  
        685,094  
     

 

 

  

Containers & Packaging — 0.2%

 

Myers Industries, Inc.

      7,200        95,256  

O-I Glass, Inc.

      13,600        144,024  

Pactiv Evergreen, Inc. *

      3,500        44,450  
     

 

 

  
        283,730  
     

 

 

  

Distributors — 0.4%

 

Core-Mark Holding Co., Inc.

      22,100        639,353  
     

 

 

  

Diversified Consumer Services — 0.4%

 

American Public Education, Inc. *

      4,700        132,493  

Houghton Mifflin Harcourt Co. *

      151,400        261,922  

Strategic Education, Inc.

      1,300        118,911  

WW International, Inc. *

      10,000        188,700  
     

 

 

  
        702,026  
     

 

 

  

Diversified Telecommunication Services — 1.2%

 

ATN International, Inc.

      1,800        90,252  

Cogent Communications Holdings, Inc.

      11,000        660,550  

IDT Corp., Class B *

      73,600        484,288  

Liberty Latin America Ltd., Class A (Chile) *

      32,200        265,650  

Liberty Latin America Ltd., Class C (Chile) * (b)

      29,052        236,483  

Ooma, Inc. * (b)

      18,200        237,510  
     

 

 

  
        1,974,733  
     

 

 

  

Electric Utilities — 0.7%

 

Genie Energy Ltd., Class B

      4,200        33,600  

IDACORP, Inc.

      3,300        263,670  

Portland General Electric Co.

      13,575        481,912  

Spark Energy, Inc., Class A (b)

      50,600        420,992  
     

 

 

  
        1,200,174  
     

 

 

  

Electrical Equipment — 0.5%

 

Atkore International Group, Inc. *

      32,300        734,179  

Powell Industries, Inc.

      3,100        74,803  
     

 

 

  
        808,982  
     

 

 

  

Electronic Equipment, Instruments & Components — 2.5%

 

Benchmark Electronics, Inc. (b)

      25,200        507,780  

Fabrinet (Thailand) *

      4,800        302,544  

Itron, Inc. * (b)

      2,500        151,850  

Kimball Electronics, Inc. *

      3,825        44,217  

Methode Electronics, Inc.

      23,500        669,750  

Sanmina Corp. *

      48,600        1,314,630  

ScanSource, Inc. *

      14,800        293,484  

Vishay Intertechnology, Inc.

      24,900        387,693  

Vishay Precision Group, Inc. *

      17,300        438,036  
     

 

 

  
        4,109,984  
     

 

 

  

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Energy Equipment & Services — 0.3%

 

NexTier Oilfield Solutions, Inc. *

      36,100        66,785  

Select Energy Services, Inc., Class A *

      68,800        264,192  

Solaris Oilfield Infrastructure, Inc., Class A (b)

      29,400        186,396  
     

 

 

  
        517,373  
     

 

 

  

Entertainment — 0.2%

 

Cinemark Holdings, Inc. (b)

      32,200        322,000  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 6.0%

 

Acadia Realty Trust

      4,400        46,200  

Alexander & Baldwin, Inc.

      12,100        135,641  

Alexander’s, Inc.

      500        122,610  

American Assets Trust, Inc.

      3,700        89,133  

American Finance Trust, Inc.

      21,200        132,924  

Armada Hoffler Properties, Inc.

      40,900        378,734  

Broadstone Net Lease, Inc., Class A (b)

      18,300        307,074  

BRT Apartments Corp.

      3,000        35,340  

CareTrust REIT, Inc.

      3,600        64,062  

CatchMark Timber Trust, Inc., Class A

      26,300        234,859  

Chatham Lodging Trust

      5,400        41,148  

City Office REIT, Inc.

      43,000        323,360  

Columbia Property Trust, Inc.

      9,500        103,645  

Community Healthcare Trust, Inc.

      800        37,408  

CorePoint Lodging, Inc.

      3,600        19,620  

Cousins Properties, Inc.

      10,860        310,487  

DiamondRock Hospitality Co.

      43,200        219,024  

EastGroup Properties, Inc.

      900        116,397  

Essential Properties Realty Trust, Inc.

      3,400        62,288  

First Industrial Realty Trust, Inc.

      17,600        700,480  

Getty Realty Corp.

      2,200        57,222  

Gladstone Commercial Corp.

      23,100        389,235  

Global Medical REIT, Inc.

      2,600        35,100  

Global Net Lease, Inc.

      43,700        694,830  

Healthcare Realty Trust, Inc.

      14,000        421,680  

Highwoods Properties, Inc.

      1,700        57,069  

Hudson Pacific Properties, Inc.

      6,300        138,159  

Investors Real Estate Trust

      500        32,585  

Kite Realty Group Trust

      4,000        46,320  

Monmouth Real Estate Investment Corp.

      18,100        250,685  

New Senior Investment Group, Inc.

      28,500        114,000  

One Liberty Properties, Inc.

      1,113        18,209  

Physicians Realty Trust

      16,200        290,142  

Plymouth Industrial REIT, Inc.

      11,100        136,974  

PotlatchDeltic Corp.

      11,400        479,940  

QTS Realty Trust, Inc., Class A

      3,100        195,362  

Retail Properties of America, Inc., Class A

      53,700        311,997  

Retail Value, Inc.

      6,600        82,962  

Sabra Health Care REIT, Inc.

      17,400        239,859  

SITE Centers Corp.

      2,000        14,400  

STAG Industrial, Inc.

      39,200        1,195,208  

Sunstone Hotel Investors, Inc.

      58,825        467,071  

Urban Edge Properties

      15,500        150,660  

Xenia Hotels & Resorts, Inc.

      51,900        455,682  
     

 

 

  
        9,755,785  
     

 

 

  

Food & Staples Retailing — 1.1%

 

BJ’s Wholesale Club Holdings, Inc. *

      9,700        403,035  

Performance Food Group Co. *

      22,400        775,488  

PriceSmart, Inc.

      5,800        385,410  

Rite Aid Corp. * (b)

      16,600        157,534  
     

 

 

  
        1,721,467  
     

 

 

  

Food Products — 0.6%

 

B&G Foods, Inc. (b)

      10,800        299,916  

Sanderson Farms, Inc.

      3,600        424,692  

Seneca Foods Corp., Class A *

      3,700        132,201  

TreeHouse Foods, Inc. *

      1,500        60,795  
     

 

 

  
        917,604  
     

 

 

  

Gas Utilities — 0.8%

 

Chesapeake Utilities Corp.

      3,400        286,620  

New Jersey Resources Corp. (b)

      6,900        186,438  

Southwest Gas Holdings, Inc.

      7,500        473,250  

Spire, Inc.

      5,800        308,560  
     

 

 

  
        1,254,868  
     

 

 

  

Health Care Equipment & Supplies — 3.0%

 

Accuray, Inc. *

      107,600        258,240  

Alphatec Holdings, Inc. *

      43,100        286,184  

Apyx Medical Corp. *

      44,300        208,653  

Avanos Medical, Inc. *

      4,800        159,456  

Axogen, Inc. *

      13,400        155,842  

CONMED Corp.

      600        47,202  

Cutera, Inc. *

      23,200        440,104  

Inogen, Inc. * (b)

      5,700        165,300  

Integer Holdings Corp. *

      2,600        153,426  

Invacare Corp.

      49,100        369,232  

Natus Medical, Inc. *

      12,700        217,551  

NuVasive, Inc. * (b)

      6,800        330,276  

OraSure Technologies, Inc. *

      10,400        126,568  

Orthofix Medical, Inc. *

      27,300        850,122  

Outset Medical, Inc. * (b)

      3,200        160,000  

SI-BONE, Inc. *

      20,500        486,260  

Sientra, Inc. *

      30,100        102,340  

Utah Medical Products, Inc.

      2,400        191,688  

ViewRay, Inc. * (b)

      67,700        236,950  
     

 

 

  
        4,945,394  
     

 

 

  

Health Care Providers & Services — 5.7%

 

American Renal Associates Holdings, Inc. * (b)

      30,700        211,830  

AMN Healthcare Services, Inc. *

      10,200        596,292  

Apollo Medical Holdings, Inc. * (b)

      12,600        226,044  

Cross Country Healthcare, Inc. *

      51,600        334,884  

Hanger, Inc. *

      15,200        240,464  

LHC Group, Inc. *

      1,700        361,352  

Magellan Health, Inc. *

      20,900        1,583,802  

MEDNAX, Inc. * (b)

      40,800        664,224  

National HealthCare Corp.

      7,700        479,787  

Owens & Minor, Inc. (b)

      66,200        1,662,282  

Providence Service Corp. (The) *

      8,124        754,801  

Select Medical Holdings Corp. *

      39,500        822,390  

Surgery Partners, Inc. *

      18,600        407,340  

Tenet Healthcare Corp. *

      36,800        901,968  
     

 

 

  
        9,247,460  
     

 

 

  

Health Care Technology — 0.3%

 

NextGen Healthcare, Inc. *

      24,000        305,760  

Omnicell, Inc. * (b)

      2,200        164,252  
     

 

 

  
        470,012  
     

 

 

  

Hotels, Restaurants & Leisure — 1.6%

 

Bloomin’ Brands, Inc. (b)

      29,000        442,830  

Boyd Gaming Corp.

      5,100        156,519  

Brinker International, Inc. (b)

      14,200        606,624  

Dine Brands Global, Inc.

      6,500        354,835  

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

International Game Technology plc

      31,000        345,030  

Penn National Gaming, Inc. * (b)

      8,736        635,107  
     

 

 

  
        2,540,945  
     

 

 

  

Household Durables — 3.4%

 

Cavco Industries, Inc. *

      900        162,279  

Helen of Troy Ltd. *

      2,900        561,208  

Hooker Furniture Corp.

      3,147        81,287  

KB Home

      18,900        725,571  

Lifetime Brands, Inc.

      23,400        221,130  

Meritage Homes Corp. *

      13,600        1,501,304  

Sonos, Inc. *

      76,400        1,159,752  

Taylor Morrison Home Corp. *

      24,100        592,619  

Universal Electronics, Inc. *

      11,800        445,332  
     

 

 

  
        5,450,482  
     

 

 

  

Household Products — 0.5%

 

Central Garden & Pet Co. *

      4,300        171,699  

Central Garden & Pet Co., Class A *

      19,400        701,116  
     

 

 

  
        872,815  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.9%

 

Atlantic Power Corp. *

      27,500        53,900  

Clearway Energy, Inc.

      26,800        661,960  

Clearway Energy, Inc., Class C

      24,000        647,040  

Vistra Corp.

      5,741        108,275  
     

 

 

  
        1,471,175  
     

 

 

  

Insurance — 1.4%

 

Ambac Financial Group, Inc. *

      8,600        109,822  

American Equity Investment Life Holding Co.

      10,700        235,293  

Argo Group International Holdings Ltd.

      2,900        99,847  

CNO Financial Group, Inc.

      21,600        346,464  

FedNat Holding Co.

      19,000        120,080  

Heritage Insurance Holdings, Inc.

      2,600        26,312  

James River Group Holdings Ltd.

      7,400        329,522  

National General Holdings Corp.

      7,900        266,625  

ProSight Global, Inc. *

      11,900        134,946  

Selective Insurance Group, Inc.

      1,900        97,831  

Stewart Information Services Corp.

      7,400        323,602  

Third Point Reinsurance Ltd. (Bermuda) *

      5,600        38,920  

United Insurance Holdings Corp.

      3,400        20,604  

Watford Holdings Ltd. (Bermuda) * (b)

      1,600        36,704  
     

 

 

  
        2,186,572  
     

 

 

  

Interactive Media & Services — 0.6%

 

Cars.com, Inc. *

      53,300        430,664  

Liberty TripAdvisor Holdings, Inc., Class A *

      158,800        274,724  

Yelp, Inc. *

      10,600        212,954  
     

 

 

  
        918,342  
     

 

 

  

Internet & Direct Marketing Retail — 0.3%

 

Groupon, Inc. *

      10,030        204,612  

Overstock.com, Inc. * (b)

      4,100        297,865  
     

 

 

  
        502,477  
     

 

 

  

IT Services — 2.7%

 

Evo Payments, Inc., Class A *

      21,700        539,245  

KBR, Inc.

      38,900        869,804  

NIC, Inc.

      15,200        299,440  

Perspecta, Inc.

      18,500        359,825  

Science Applications International Corp.

      8,000        627,360  

StarTek, Inc. *

      93,400        490,350  

TTEC Holdings, Inc.

      22,800        1,243,740  
     

 

 

  
        4,429,764  
     

 

 

  

Leisure Products — 0.0% (a)

 

Acushnet Holdings Corp.

      500        16,805  
     

 

 

  

Life Sciences Tools & Services — 0.9%

 

Adaptive Biotechnologies Corp. * (b)

      5,700        277,191  

Berkeley Lights, Inc. * (b)

      7,000        534,520  

Personalis, Inc. *

      30,500        660,935  
     

 

 

  
        1,472,646  
     

 

 

  

Machinery — 1.0%

 

Columbus McKinnon Corp.

      11,400        377,340  

Gencor Industries, Inc. *

      3,300        36,399  

Meritor, Inc. *

      16,000        335,040  

Mueller Industries, Inc.

      4,600        124,476  

Park-Ohio Holdings Corp.

      2,300        36,961  

Terex Corp.

      40,400        782,144  
     

 

 

  
        1,692,360  
     

 

 

  

Marine — 0.2%

 

Costamare, Inc. (Monaco)

      53,000        321,710  
     

 

 

  

Media — 1.4%

 

AMC Networks, Inc., Class A * (b)

      9,700        239,687  

EW Scripps Co. (The), Class A

      28,800        329,472  

Fluent, Inc. *

      41,900        103,912  

Gray Television, Inc. *

      22,700        312,579  

Meredith Corp. (b)

      44,000        577,280  

Nexstar Media Group, Inc., Class A (b)

      4,900        440,657  

Sinclair Broadcast Group, Inc., Class A (b)

      17,200        330,756  
     

 

 

  
        2,334,343  
     

 

 

  

Metals & Mining — 1.1%

 

Commercial Metals Co.

      53,900        1,076,922  

Kaiser Aluminum Corp.

      1,200        64,308  

SunCoke Energy, Inc.

      33,200        113,544  

Warrior Met Coal, Inc.

      21,400        365,512  

Worthington Industries, Inc.

      5,200        212,056  
     

 

 

  
        1,832,342  
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) — 1.1%

 

Apollo Commercial Real Estate Finance, Inc. (b)

      24,200        218,042  

Ares Commercial Real Estate Corp.

      10,400        95,056  

Colony Credit Real Estate, Inc.

      6,600        32,406  

Dynex Capital, Inc. (b)

      5,300        80,613  

Ellington Financial, Inc.

      1,200        14,712  

Great Ajax Corp.

      1,600        13,264  

Invesco Mortgage Capital, Inc.

      1        3  

KKR Real Estate Finance Trust, Inc.

      2,700        44,631  

Ladder Capital Corp.

      39,800        283,376  

PennyMac Mortgage Investment Trust

      35,500        570,485  

Redwood Trust, Inc. (b)

      54,700        411,344  

TPG RE Finance Trust, Inc. (b)

      5,200        43,992  

Two Harbors Investment Corp. (b)

      8,100        41,229  
     

 

 

  
        1,849,153  
     

 

 

  

Multiline Retail — 0.4%

 

Big Lots, Inc.

      8,600        383,560  

Dillard’s, Inc., Class A (b)

      3,800        138,776  

Macy’s, Inc. (b)

      20,300        115,710  
     

 

 

  
        638,046  
     

 

 

  

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Multi-Utilities — 0.2%

 

Black Hills Corp.

      4,700        251,403  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.9%

 

Arch Resources, Inc.

      7,300        310,104  

Berry Corp.

      46,800        148,356  

Bonanza Creek Energy, Inc. *

      4,700        88,360  

CNX Resources Corp. *

      13,600        128,384  

CVR Energy, Inc.

      12,100        149,798  

Dorian LPG Ltd. * (b)

      23,300        186,633  

Falcon Minerals Corp.

      18,700        45,628  

Green Plains, Inc. *

      2,400        37,152  

Magnolia Oil & Gas Corp., Class A * (b)

      12,700        65,659  

Par Pacific Holdings, Inc. *

      17,700        119,829  

PDC Energy, Inc. *

      13,600        168,572  

Renewable Energy Group, Inc. *

      30,400        1,623,968  

REX American Resources Corp. *

      1,100        72,171  
     

 

 

  
        3,144,614  
     

 

 

  

Paper & Forest Products — 1.6%

 

Boise Cascade Co.

      19,000        758,480  

Clearwater Paper Corp. *

      1,400        53,116  

Louisiana-Pacific Corp.

      24,600        725,946  

PH Glatfelter Co.

      3,800        52,326  

Schweitzer-Mauduit International, Inc.

      30,600        929,934  

Verso Corp., Class A

      12,500        98,625  
     

 

 

  
        2,618,427  
     

 

 

  

Personal Products — 0.3%

 

Edgewell Personal Care Co. *

      16,500        460,020  
     

 

 

  

Pharmaceuticals — 3.0%

 

AMAG Pharmaceuticals, Inc. * (b)

      3,900        36,660  

Arvinas, Inc. *

      400        9,444  

Cara Therapeutics, Inc. * (b)

      9,500        120,888  

Endo International plc *

      160,500        529,650  

Horizon Therapeutics plc *

      21,800        1,693,424  

Intersect ENT, Inc. *

      31,000        505,610  

Lannett Co., Inc. * (b)

      100,200        612,222  

NGM Biopharmaceuticals, Inc. * (b)

      21,700        345,247  

Phibro Animal Health Corp., Class A

      5,700        99,180  

Revance Therapeutics, Inc. *

      2,800        70,392  

TherapeuticsMD, Inc. * (b)

      55,300        87,374  

VYNE Therapeutics, Inc. * (b)

      29,400        48,804  

WaVe Life Sciences Ltd. * (b)

      53,500        454,215  

Zogenix, Inc. * (b)

      13,200        236,676  

Zynerba Pharmaceuticals, Inc. *

      23,510        77,818  
     

 

 

  
        4,927,604  
     

 

 

  

Professional Services — 2.4%

 

ASGN, Inc. *

      1,200        76,272  

Barrett Business Services, Inc.

      15,200        797,088  

CBIZ, Inc. *

      19,400        443,678  

Heidrick & Struggles International, Inc.

      13,700        269,205  

ICF International, Inc.

      5,700        350,721  

Insperity, Inc.

      1,200        78,588  

Kelly Services, Inc., Class A

      12,100        206,184  

Korn Ferry

      30,500        884,500  

TriNet Group, Inc. *

      9,300        551,676  

TrueBlue, Inc. *

      16,500        255,585  
     

 

 

  
        3,913,497  
     

 

 

  

Real Estate Management & Development — 0.5%

 

Jones Lang LaSalle, Inc.

      919        87,912  

Realogy Holdings Corp. *

      75,000        708,000  

RMR Group, Inc. (The), Class A

      2,000        54,940  
     

 

 

  
        850,852  
     

 

 

  

Road & Rail — 0.9%

 

ArcBest Corp.

      46,800        1,453,608  
     

 

 

  

Semiconductors & Semiconductor Equipment — 2.2%

 

Advanced Energy Industries, Inc. *

      7,700        484,638  

Alpha & Omega Semiconductor Ltd. *

      28,074        359,909  

Amkor Technology, Inc. *

      29,400        329,280  

GSI Technology, Inc. *

      27,100        152,844  

Ichor Holdings Ltd. *

      11,500        248,055  

NVE Corp.

      2,900        142,332  

PDF Solutions, Inc. *

      8,600        160,906  

Photronics, Inc. *

      69,300        690,228  

Rambus, Inc. *

      6,700        91,723  

SMART Global Holdings, Inc. * (b)

      18,300        500,322  

Ultra Clean Holdings, Inc. *

      16,600        356,236  
     

 

 

  
        3,516,473  
     

 

 

  

Software — 4.8%

 

ACI Worldwide, Inc. *

      2,700        70,551  

American Software, Inc., Class A

      16,500        231,660  

Asana, Inc., Class A *

      11,400        328,320  

Avaya Holdings Corp. *

      41,000        623,200  

Cornerstone OnDemand, Inc. *

      38,000        1,381,680  

Digital Turbine, Inc. *

      9,300        304,482  

Domo, Inc., Class B *

      11,600        444,628  

eGain Corp. *

      68,300        967,811  

Envestnet, Inc. *

      2,900        223,764  

j2 Global, Inc. *

      9,600        664,512  

JFrog Ltd. (Israel) *

      3,500        296,275  

MicroStrategy, Inc., Class A *

      4,600        692,576  

Model N, Inc. *

      3,100        109,368  

Rimini Street, Inc. *

      37,200        119,784  

Rosetta Stone, Inc. *

      7,400        221,852  

SVMK, Inc. *

      9,700        214,467  

Verint Systems, Inc. *

      12,700        611,886  

Zuora, Inc., Class A *

      26,200        270,908  
     

 

 

  
        7,777,724  
     

 

 

  

Specialty Retail — 2.6%

 

Aaron’s, Inc.

      10,000        566,500  

Bed Bath & Beyond, Inc. (b)

      11,000        164,780  

Genesco, Inc. *

      10,500        226,170  

Guess?, Inc.

      28,900        335,818  

Hibbett Sports, Inc. * (b)

      16,600        651,052  

MarineMax, Inc. *

      9,800        251,566  

ODP Corp. (The)

      16,951        329,697  

Rent-A-Center, Inc.

      33,100        989,359  

Signet Jewelers Ltd. (b)

      5,600        104,720  

Zumiez, Inc. *

      23,400        650,988  
     

 

 

  
        4,270,650  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.3%

 

Diebold Nixdorf, Inc. *

      51,900        396,516  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.4%

 

Deckers Outdoor Corp. *

      8,775        1,930,588  

Wolverine World Wide, Inc.

      13,700        354,008  
     

 

 

  
        2,284,596  
     

 

 

  

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Thrifts & Mortgage Finance — 3.8%

 

ESSA Bancorp, Inc.

      1,400        17,262  

Essent Group Ltd.

      26,400        977,064  

Flagstar Bancorp, Inc.

      26,900        797,047  

FS Bancorp, Inc.

      900        36,900  

HomeStreet, Inc.

      5,700        146,832  

Luther Burbank Corp.

      7,300        60,955  

MGIC Investment Corp.

      38,900        344,654  

MMA Capital Holdings, Inc. *

      900        20,259  

Mr Cooper Group, Inc. *

      57,900        1,292,328  

NMI Holdings, Inc., Class A *

      9,400        167,320  

OP Bancorp

      8,100        46,332  

PennyMac Financial Services, Inc.

      8,100        470,772  

Provident Bancorp, Inc.

      15,400        119,966  

Provident Financial Services, Inc.

      46,900        572,180  

Radian Group, Inc.

      36,900        539,109  

Standard AVB Financial Corp.

      1,100        35,915  

Walker & Dunlop, Inc.

      11,000        583,000  
     

 

 

  
        6,227,895  
     

 

 

  

Trading Companies & Distributors — 1.9%

 

Beacon Roofing Supply, Inc. *

      10,400        323,128  

BMC Stock Holdings, Inc. *

      19,800        848,034  

GMS, Inc. *

      24,500        590,450  

NOW, Inc. *

      9,800        44,492  

Veritiv Corp. *

      7,500        94,950  

WESCO International, Inc. *

      28,500        1,254,570  
     

 

 

  
        3,155,624  
     

 

 

  

Water Utilities — 0.0% (a)

 

Consolidated Water Co. Ltd. (Cayman Islands)

      1,400        14,574  
     

 

 

  

Wireless Telecommunication Services — 0.2%

 

Spok Holdings, Inc.

      28,700        272,937  
     

 

 

  
TOTAL COMMON STOCKS
(Cost $144,500,235)

 

      158,527,981  
     

 

 

  

SHORT-TERM INVESTMENTS — 9.7%

 

INVESTMENT COMPANIES — 0.8%

 

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01%(c)(d)
(Cost $1,349,268)

      1,349,268        1,349,268  
     

 

 

  
               

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 8.9%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (c)(d)

      7,997,601        7,999,200  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (c)(d)

      6,496,497        6,496,497  
     

 

 

  
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED
(Cost $14,496,796)

 

      14,495,697  
     

 

 

  
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,846,064)		         15,844,965  
     

 

 

  
Total Investments — 107.1%
(Cost $160,346,299)

 

      174,372,946  

Liabilities in Excess of Other Assets — (7.1)%

 

      (11,563,579 ) 
     

 

 

  

Net Assets — 100.0%

 

      162,809,367  
     

 

 

  

 

Percentages indicated are based on net assets.

 

   

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Abbreviations

REIT

    Real Estate Investment Trust

 

(a)

Amount rounds to less than 0.1% of net assets.

(b)

The security or a portion of this security is on loan at September 30, 2020. The total value of securities on loan at September 30, 2020 is $14,039,988.

(c)

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.

(d)

The rate shown is the current yield as of September 30, 2020.

*

Non-income producing security.

Futures contracts outstanding as of September 30, 2020:

 

Description

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

Long Contracts

 

Russell 2000 E-Mini Index

      53        12/2020        USD        3,989,045        14,585  
              

 

 

  

 

Abbreviations
USD    United States Dollar

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.

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.

Investments in open-end investment companies (“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.

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 Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

 

    Level 1
Quoted prices		     Level 2
Other significant observable
inputs		     Level 3
Significant unobservable inputs		     Total  

Total Investments in Securities (a)

   $ 174,372,946     $ —       $ —       $ 174,372,946  
 

 

 

    

 

 

    

 

 

    

 

 

  

Appreciation in Other Financial Instruments

 

    

Futures Contracts (a)

   $ 14,585     $ —       $ —       $ 14,585  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Please refer to the SOI for specifics of Portfolio holdings.

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 the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

 

    For the period ended September 30, 2020  

Security Description

   Value at
December 31,
2019		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain
(Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2020		     Shares at
September 30,
2020		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (a)(b)

   $ 1,999,800     $ 15,000,000     $ 9,000,000     $ 300     $ (900 )    $ 7,999,200       7,997,601     $ 21,034     $ —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a)(b)

     2,474,434       58,539,817       54,517,754       —         —         6,496,497       6,496,497       16,923       —    

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.01% (a)(b)

     4,965,574       45,782,177       49,398,483       —         —         1,349,268       1,349,268       13,002       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 9,439,808     $ 119,321,994     $ 112,916,237     $ 300     $ (900 )    $ 15,844,965       $ 50,959     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(a)

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

(b)

The rate shown is the current yield as of September 30, 2020.