JPMorgan Insurance Trust Mid Cap Value Portfolio
Schedule of Portfolio Investments as of March 31, 2023
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2023. |
JPMorgan Insurance Trust Mid Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.7% | ||
Banks — 7.4% | ||
Citizens Financial Group, Inc. | 141 | 4,278 |
Fifth Third Bancorp | 183 | 4,880 |
First Citizens BancShares, Inc., Class A | 4 | 4,272 |
Huntington Bancshares, Inc. | 563 | 6,309 |
M&T Bank Corp. | 56 | 6,626 |
Regions Financial Corp. | 309 | 5,736 |
32,101 | ||
Beverages — 1.5% | ||
Constellation Brands, Inc., Class A | 14 | 3,228 |
Keurig Dr Pepper, Inc. | 90 | 3,174 |
6,402 | ||
Building Products — 1.9% | ||
Carlisle Cos., Inc. | 16 | 3,642 |
Fortune Brands Innovations, Inc. | 78 | 4,576 |
8,218 | ||
Capital Markets — 5.8% | ||
Ameriprise Financial, Inc. | 27 | 8,254 |
Northern Trust Corp. | 38 | 3,341 |
Raymond James Financial, Inc. | 57 | 5,289 |
State Street Corp. | 71 | 5,386 |
T. Rowe Price Group, Inc. | 28 | 3,221 |
25,491 | ||
Chemicals — 1.5% | ||
Celanese Corp. | 18 | 1,949 |
RPM International, Inc. | 54 | 4,693 |
6,642 | ||
Communications Equipment — 1.4% | ||
Motorola Solutions, Inc. | 21 | 5,897 |
Construction Materials — 1.2% | ||
Martin Marietta Materials, Inc. | 15 | 5,414 |
Consumer Finance — 0.8% | ||
Discover Financial Services | 34 | 3,341 |
Consumer Staples Distribution & Retail — 1.6% | ||
Kroger Co. (The) | 68 | 3,360 |
US Foods Holding Corp. * | 104 | 3,828 |
7,188 | ||
Containers & Packaging — 2.8% | ||
Ball Corp. | 47 | 2,570 |
Packaging Corp. of America | 33 | 4,572 |
Silgan Holdings, Inc. | 93 | 5,019 |
12,161 |
JPMorgan Insurance Trust Mid Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Distributors — 2.2% | ||
Genuine Parts Co. | 21 | 3,505 |
LKQ Corp. | 108 | 6,135 |
9,640 | ||
Diversified REITs — 0.7% | ||
WP Carey, Inc. | 42 | 3,259 |
Electric Utilities — 4.3% | ||
Edison International | 51 | 3,567 |
Entergy Corp. | 61 | 6,602 |
Xcel Energy, Inc. | 124 | 8,376 |
18,545 | ||
Electrical Equipment — 3.5% | ||
Acuity Brands, Inc. | 23 | 4,217 |
AMETEK, Inc. | 39 | 5,649 |
Hubbell, Inc. | 21 | 5,229 |
15,095 | ||
Electronic Equipment, Instruments & Components — 4.3% | ||
Amphenol Corp., Class A | 63 | 5,168 |
CDW Corp. | 30 | 5,820 |
Jabil, Inc. | 42 | 3,731 |
Teledyne Technologies, Inc. * | 9 | 3,941 |
18,660 | ||
Entertainment — 0.9% | ||
Take-Two Interactive Software, Inc. * | 34 | 4,022 |
Financial Services — 2.4% | ||
FleetCor Technologies, Inc. * | 19 | 4,032 |
MGIC Investment Corp. | 220 | 2,948 |
Voya Financial, Inc. | 46 | 3,269 |
10,249 | ||
Food Products — 0.7% | ||
Post Holdings, Inc. * | 32 | 2,900 |
Gas Utilities — 0.7% | ||
National Fuel Gas Co. | 56 | 3,224 |
Health Care Equipment & Supplies — 1.8% | ||
Globus Medical, Inc., Class A * | 39 | 2,167 |
Zimmer Biomet Holdings, Inc. | 44 | 5,716 |
7,883 | ||
Health Care Providers & Services — 5.8% | ||
AmerisourceBergen Corp. | 48 | 7,592 |
Henry Schein, Inc. * | 83 | 6,781 |
Laboratory Corp. of America Holdings | 19 | 4,375 |
Quest Diagnostics, Inc. | 26 | 3,636 |
Universal Health Services, Inc., Class B | 21 | 2,718 |
25,102 |
JPMorgan Insurance Trust Mid Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Health Care REITs — 0.4% | ||
Ventas, Inc. | 39 | 1,701 |
Hotel & Resort REITs — 0.4% | ||
Host Hotels & Resorts, Inc. | 99 | 1,641 |
Hotels, Restaurants & Leisure — 1.5% | ||
Darden Restaurants, Inc. | 23 | 3,490 |
Expedia Group, Inc. * | 29 | 2,842 |
6,332 | ||
Household Durables — 1.4% | ||
Mohawk Industries, Inc. * | 28 | 2,816 |
Newell Brands, Inc. | 260 | 3,230 |
6,046 | ||
Household Products — 0.5% | ||
Energizer Holdings, Inc. | 69 | 2,401 |
Industrial REITs — 0.5% | ||
Rexford Industrial Realty, Inc. | 35 | 2,083 |
Insurance — 6.0% | ||
Arch Capital Group Ltd. * | 81 | 5,523 |
Globe Life, Inc. | 16 | 1,734 |
Hartford Financial Services Group, Inc. (The) | 77 | 5,345 |
Loews Corp. | 125 | 7,233 |
RenaissanceRe Holdings Ltd. (Bermuda) | 14 | 2,757 |
WR Berkley Corp. | 58 | 3,640 |
26,232 | ||
Interactive Media & Services — 0.9% | ||
IAC, Inc. * | 77 | 3,961 |
IT Services — 0.9% | ||
GoDaddy, Inc., Class A * | 48 | 3,760 |
Machinery — 7.9% | ||
Dover Corp. | 24 | 3,618 |
IDEX Corp. | 19 | 4,332 |
ITT, Inc. | 62 | 5,353 |
Lincoln Electric Holdings, Inc. | 31 | 5,333 |
Middleby Corp. (The) * | 38 | 5,659 |
Snap-on, Inc. | 25 | 6,113 |
Timken Co. (The) | 47 | 3,830 |
34,238 | ||
Media — 1.9% | ||
Liberty Broadband Corp., Class C * | 55 | 4,478 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 135 | 3,781 |
8,259 | ||
Metals & Mining — 0.5% | ||
Freeport-McMoRan, Inc. | 49 | 2,022 |
JPMorgan Insurance Trust Mid Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Multi-Utilities — 3.7% | ||
CMS Energy Corp. | 118 | 7,238 |
Sempra Energy | 11 | 1,614 |
WEC Energy Group, Inc. | 78 | 7,401 |
16,253 | ||
Office REITs — 0.7% | ||
Boston Properties, Inc. | 37 | 1,983 |
JBG SMITH Properties | 64 | 968 |
2,951 | ||
Oil, Gas & Consumable Fuels — 2.6% | ||
Coterra Energy, Inc. | 136 | 3,336 |
Diamondback Energy, Inc. | 19 | 2,564 |
Williams Cos., Inc. (The) | 176 | 5,256 |
11,156 | ||
Passenger Airlines — 0.4% | ||
Southwest Airlines Co. | 59 | 1,907 |
Pharmaceuticals — 0.9% | ||
Jazz Pharmaceuticals plc * | 28 | 4,141 |
Real Estate Management & Development — 0.8% | ||
CBRE Group, Inc., Class A * | 50 | 3,653 |
Residential REITs — 2.9% | ||
American Homes 4 Rent, Class A | 111 | 3,488 |
AvalonBay Communities, Inc. | 19 | 3,267 |
Essex Property Trust, Inc. | 9 | 1,807 |
Mid-America Apartment Communities, Inc. | 15 | 2,253 |
Sun Communities, Inc. | 14 | 1,944 |
12,759 | ||
Retail REITs — 2.2% | ||
Brixmor Property Group, Inc. | 123 | 2,660 |
Federal Realty Investment Trust | 20 | 1,954 |
Kimco Realty Corp. | 160 | 3,122 |
Regency Centers Corp. | 34 | 2,074 |
9,810 | ||
Software — 0.1% | ||
Gen Digital, Inc. | 38 | 646 |
Specialized REITs — 1.9% | ||
Rayonier, Inc. | 126 | 4,173 |
Weyerhaeuser Co. | 134 | 4,046 |
8,219 | ||
Specialty Retail — 2.6% | ||
AutoZone, Inc. * | 2 | 5,944 |
Bath & Body Works, Inc. | 77 | 2,832 |
Best Buy Co., Inc. | 32 | 2,470 |
11,246 |
JPMorgan Insurance Trust Mid Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Textiles, Apparel & Luxury Goods — 2.9% | ||
Carter's, Inc. | 49 | 3,509 |
Ralph Lauren Corp. | 37 | 4,310 |
Tapestry, Inc. | 111 | 4,810 |
12,629 | ||
Total Common Stocks (Cost $291,882) | 425,480 | |
Short-Term Investments — 1.9% | ||
Investment Companies — 1.9% | ||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.61% (a) (b) (Cost $8,544) | 8,544 | 8,544 |
Total Investments — 99.6% (Cost $300,426) | 434,024 | |
Other Assets Less Liabilities — 0.4% | 1,632 | |
NET ASSETS — 100.0% | 435,656 |
Percentages indicated are based on net assets. |
Abbreviations | |
REIT | Real Estate Investment Trust |
* | Non-income producing security. |
(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, 2023. |
JPMorgan Insurance Trust Mid Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 value (“NAV”) of the Portfolio is 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.
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) | $434,024 | $— | $— | $434,024 |
(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
JPMorgan Insurance Trust Mid Cap Value Portfolio
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
to be affiliated issuers. The 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, 2023 | |||||||||
Security Description | Value at December 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2023 | Shares at March 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.61% (a) (b) | $10,078 | $11,883 | $13,417 | $— | $— | $8,544 | 8,544 | $74 | $— |
(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, 2023. |