JPMorgan Insurance Trust U.S. Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited)
Investments | Shares (000) | Value ($000) | ||||||
COMMON STOCKS — 97.5% | ||||||||
Aerospace & Defense — 1.8% | ||||||||
Howmet Aerospace, Inc. | 8 | 278 | ||||||
Northrop Grumman Corp. | 4 | 1,722 | ||||||
Raytheon Technologies Corp. | 4 | 431 | ||||||
Textron, Inc. | 3 | 245 | ||||||
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2,676 | ||||||||
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Air Freight & Logistics — 0.4% | ||||||||
FedEx Corp. | 1 | 203 | ||||||
United Parcel Service, Inc., Class B | 1 | 318 | ||||||
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521 | ||||||||
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Automobiles — 1.7% | ||||||||
General Motors Co. * | 3 | 137 | ||||||
Rivian Automotive, Inc., Class A * (a) | 1 | 61 | ||||||
Tesla, Inc. * | 2 | 2,333 | ||||||
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2,531 | ||||||||
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Banks — 4.9% | ||||||||
Bank of America Corp. | 9 | 375 | ||||||
Fifth Third Bancorp | 8 | 345 | ||||||
SVB Financial Group * | 1 | 284 | ||||||
Truist Financial Corp. | 42 | 2,356 | ||||||
US Bancorp | 30 | 1,597 | ||||||
Wells Fargo & Co. | 47 | 2,269 | ||||||
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7,226 | ||||||||
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Beverages — 1.5% | ||||||||
Coca-Cola Co. (The) | 28 | 1,709 | ||||||
Constellation Brands, Inc., Class A | 1 | 233 | ||||||
Monster Beverage Corp. * | 3 | 231 | ||||||
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2,173 | ||||||||
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Biotechnology — 4.7% | ||||||||
AbbVie, Inc. | 25 | 4,047 | ||||||
Biogen, Inc. * | 1 | 176 | ||||||
BioMarin Pharmaceutical, Inc. * | 1 | 103 | ||||||
Neurocrine Biosciences, Inc. * | 2 | 148 | ||||||
Regeneron Pharmaceuticals, Inc. * | 3 | 2,139 | ||||||
Sarepta Therapeutics, Inc. * | 1 | 83 | ||||||
Vertex Pharmaceuticals, Inc. * | 1 | 254 | ||||||
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6,950 | ||||||||
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Building Products — 1.0% | ||||||||
Trane Technologies plc | 10 | 1,481 | ||||||
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Capital Markets — 3.5% | ||||||||
Ameriprise Financial, Inc. | 5 | 1,451 | ||||||
Charles Schwab Corp. (The) | 4 | 319 | ||||||
Morgan Stanley | 19 | 1,620 | ||||||
S&P Global, Inc. | 3 | 1,316 | ||||||
State Street Corp. | 5 | 450 | ||||||
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5,156 | ||||||||
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Chemicals — 2.1% | ||||||||
DuPont de Nemours, Inc. | 1 | 71 | ||||||
Eastman Chemical Co. | 10 | 1,151 | ||||||
Linde plc (United Kingdom) | 1 | 474 | ||||||
PPG Industries, Inc. | 10 | 1,375 | ||||||
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3,071 | ||||||||
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Construction Materials — 0.5% | ||||||||
Martin Marietta Materials, Inc. | — | (b) | 168 | |||||
Vulcan Materials Co. | 3 | 577 | ||||||
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745 | ||||||||
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Consumer Finance — 0.3% | ||||||||
American Express Co. | 2 | 430 | ||||||
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Diversified Financial Services — 0.1% | ||||||||
Voya Financial, Inc. | 2 | 124 | ||||||
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Electric Utilities — 3.5% | ||||||||
Exelon Corp. | 7 | 329 | ||||||
NextEra Energy, Inc. | 43 | 3,613 | ||||||
Xcel Energy, Inc. | 16 | 1,170 | ||||||
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5,112 | ||||||||
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Electrical Equipment — 2.4% | ||||||||
AMETEK, Inc. | 1 | 131 | ||||||
Eaton Corp. plc | 23 | 3,429 | ||||||
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3,560 | ||||||||
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Energy Equipment & Services — 0.4% | ||||||||
Baker Hughes Co. | 16 | 578 | ||||||
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Entertainment — 0.1% | ||||||||
Endeavor Group Holdings, Inc., Class A * | 5 | 142 | ||||||
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Equity Real Estate Investment Trusts (REITs) — 2.9% | ||||||||
Host Hotels & Resorts, Inc. | 11 | 204 | ||||||
Prologis, Inc. | 22 | 3,631 | ||||||
Sun Communities, Inc. | 2 | 337 | ||||||
Ventas, Inc. | 2 | 145 | ||||||
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4,317 | ||||||||
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Food Products — 0.2% | ||||||||
Mondelez International, Inc., Class A | 4 | 262 | ||||||
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Health Care Equipment & Supplies — 2.7% | ||||||||
Boston Scientific Corp. * | 46 | 2,050 | ||||||
Intuitive Surgical, Inc. * | 5 | 1,646 | ||||||
Zimmer Biomet Holdings, Inc. | 2 | 296 | ||||||
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3,992 | ||||||||
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Health Care Providers & Services — 2.3% | ||||||||
Centene Corp. * | 26 | 2,194 | ||||||
UnitedHealth Group, Inc. | 2 | 1,121 | ||||||
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3,315 | ||||||||
Hotels, Restaurants & Leisure — 3.4% | ||||||||
Booking Holdings, Inc. * | — | (b) | 162 | |||||
Chipotle Mexican Grill, Inc. * | — | (b) | 225 | |||||
Expedia Group, Inc. * | 1 | 159 | ||||||
Hilton Worldwide Holdings, Inc. * | 1 | 190 | ||||||
Marriott International, Inc., Class A * | 8 | 1,413 | ||||||
McDonald’s Corp. | 10 | 2,573 | ||||||
Yum! Brands, Inc. | 2 | 287 | ||||||
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5,009 | ||||||||
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Household Durables — 0.1% | ||||||||
Toll Brothers, Inc. | 3 | 130 | ||||||
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Household Products — 0.5% | ||||||||
Procter & Gamble Co. (The) | 5 | 702 | ||||||
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JPMorgan Insurance Trust U.S. Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Insurance — 1.0% | ||||||||
Arthur J Gallagher & Co. | 2 | 300 | ||||||
Progressive Corp. (The) | 10 | 1,114 | ||||||
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1,414 | ||||||||
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Interactive Media & Services — 7.2% | ||||||||
Alphabet, Inc., Class A * | 2 | 6,458 | ||||||
Alphabet, Inc., Class C * | 1 | 2,098 | ||||||
Meta Platforms, Inc., Class A * | 5 | 1,061 | ||||||
Snap, Inc., Class A * | 26 | 946 | ||||||
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10,563 | ||||||||
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Internet & Direct Marketing Retail — 4.8% | ||||||||
Amazon.com, Inc. * | 2 | 7,116 | ||||||
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IT Services — 4.0% | ||||||||
Affirm Holdings, Inc. * (a) | 3 | 136 | ||||||
Automatic Data Processing, Inc. | 1 | 265 | ||||||
FleetCor Technologies, Inc. * | 3 | 821 | ||||||
Mastercard, Inc., Class A | 11 | 4,016 | ||||||
Shopify, Inc., Class A (Canada) * | 1 | 568 | ||||||
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5,806 | ||||||||
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Life Sciences Tools & Services — 0.5% | ||||||||
Thermo Fisher Scientific, Inc. | 1 | 802 | ||||||
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Machinery — 3.0% | ||||||||
Deere & Co. | 8 | 3,140 | ||||||
Dover Corp. | 2 | 298 | ||||||
Ingersoll Rand, Inc. | 8 | 394 | ||||||
Otis Worldwide Corp. | 2 | 183 | ||||||
Stanley Black & Decker, Inc. | 3 | 457 | ||||||
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4,472 | ||||||||
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Media — 0.4% | ||||||||
Charter Communications, Inc., Class A * | 1 | 430 | ||||||
Comcast Corp., Class A | 4 | 194 | ||||||
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624 | ||||||||
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Multi-Utilities — 0.3% | ||||||||
Ameren Corp. | 3 | 290 | ||||||
CenterPoint Energy, Inc. | 6 | 193 | ||||||
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483 | ||||||||
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Oil, Gas & Consumable Fuels — 2.5% | ||||||||
Chevron Corp. | 4 | 574 | ||||||
ConocoPhillips | 7 | 670 | ||||||
Diamondback Energy, Inc. | 3 | 381 | ||||||
Pioneer Natural Resources Co. | 8 | 2,018 | ||||||
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3,643 | ||||||||
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Personal Products — 0.2% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 1 | 227 | ||||||
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Pharmaceuticals — 3.2% | ||||||||
Bristol-Myers Squibb Co. | 37 | 2,717 | ||||||
Eli Lilly & Co. | 5 | 1,534 | ||||||
Johnson & Johnson | 2 | 309 | ||||||
Merck & Co., Inc. | 1 | 102 | ||||||
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4,662 | ||||||||
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Professional Services — 0.9% | ||||||||
Booz Allen Hamilton Holding Corp. | 1 | 89 | ||||||
Leidos Holdings, Inc. | 11 | 1,166 | ||||||
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1,255 | ||||||||
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Road & Rail — 2.6% | ||||||||
Lyft, Inc., Class A * | 9 | 332 | ||||||
Norfolk Southern Corp. | 9 | 2,656 | ||||||
Uber Technologies, Inc. * | 22 | 774 | ||||||
Union Pacific Corp. | — | (b) | 126 | |||||
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3,888 | ||||||||
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Semiconductors & Semiconductor Equipment — 7.2% | ||||||||
Advanced Micro Devices, Inc. * | 23 | 2,568 | ||||||
Analog Devices, Inc. | 13 | 2,227 | ||||||
Lam Research Corp. | 1 | 307 | ||||||
NVIDIA Corp. | 3 | 782 | ||||||
NXP Semiconductors NV (China) | 22 | 4,088 | ||||||
Teradyne, Inc. | 1 | 170 | ||||||
Texas Instruments, Inc. | 2 | 454 | ||||||
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10,596 | ||||||||
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Software — 8.9% | ||||||||
Ceridian HCM Holding, Inc. * | 7 | 497 | ||||||
Coupa Software, Inc. * | 2 | 233 | ||||||
DocuSign, Inc. * | 1 | 154 | ||||||
Intuit, Inc. | 1 | 350 | ||||||
Microsoft Corp. | 37 | 11,384 | ||||||
Workday, Inc., Class A * | 1 | 296 | ||||||
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12,914 | ||||||||
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Specialty Retail — 3.0% | ||||||||
Best Buy Co., Inc. | — | (b) | 23 | |||||
Burlington Stores, Inc. * | 1 | 244 | ||||||
Lowe’s Cos., Inc. | 10 | 1,988 | ||||||
O’Reilly Automotive, Inc. * | 2 | 1,572 | ||||||
Ross Stores, Inc. | 6 | 573 | ||||||
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4,400 | ||||||||
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Technology Hardware, Storage & Peripherals — 5.5% | ||||||||
Apple, Inc. | 45 | 7,912 | ||||||
Seagate Technology Holdings plc | 3 | 225 | ||||||
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8,137 | ||||||||
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Textiles, Apparel & Luxury Goods — 1.1% | ||||||||
NIKE, Inc., Class B | 12 | 1,596 | ||||||
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Wireless Telecommunication Services — 0.2% | ||||||||
T-Mobile US, Inc. * | 2 | 313 | ||||||
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TOTAL COMMON STOCKS (Cost $79,501) | 143,114 | |||||||
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SHORT-TERM INVESTMENTS — 1.4% |
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INVESTMENT COMPANIES — 1.3% |
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JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.22% (c) (d) | 1,853 | 1,853 | ||||||
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JPMorgan Insurance Trust U.S. Equity Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF MARCH 31, 2022 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1% |
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JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26% (c) (d) (Cost $165) | 165 | 165 | ||||||
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TOTAL SHORT-TERM INVESTMENTS (Cost $2,018) | 2,018 | |||||||
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Total Investments — 98.9% (Cost $81,519) | 145,132 | |||||||
Other Assets Less Liabilities — 1.1% |
| 1,623 | ||||||
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Net Assets — 100.0% |
| 146,755 | ||||||
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Percentages indicated are based on net assets.
(a) | 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 $158. |
(b) | Amount rounds to less than one thousand. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of March 31, 2022. |
* | Non-income producing security. |
Futures contracts outstanding as of March 31, 2022 (amounts in thousands, except number of contracts):
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||||
Long Contracts |
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S&P 500 E-Mini Index | 12 | 06/2022 | USD | 2,719 | 28 | |||||||||||||||
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Abbreviations | ||
USD | United States Dollar |
JPMorgan Insurance Trust U.S. Equity 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.
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). |
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) | $ | 145,132 | $ | — | $ | — | $ | 145,132 | ||||||||
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Appreciation in Other Financial Instruments |
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Futures Contracts (a) | $ | 28 | $ | — | $ | — | $ | 28 | ||||||||
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(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 such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at December 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2022 | Shares at March 31, 2022 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | $ | 409 | $ | 1,730 | $ | 1,974 | $ | — | $ | — | $ | 165 | 165 | $ | — | (c) | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, | 1,333 | 6,546 | 6,026 | — | — | 1,853 | 1,853 | — | (c) | — | ||||||||||||||||||||||||||
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Total | $ | 1,742 | $ | 8,276 | $ | 8,000 | $ | — | $ | — | $ | 2,018 | $ | — | (c) | $ | — | |||||||||||||||||||
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(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. |