Jpmorgan Insurance Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07874

JPMorgan Insurance Trust

(Exact name of registrant as specified in charter)

1111 Polaris Parkway

Columbus, Ohio 43240

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: December 31

Date of reporting period: January 1, 2011 through June 30, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust Core Bond Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	25
Financial Highlights	28
Notes to Financial Statements	30
Schedule of Shareholder Expenses	35

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class 1 Shares)*	2.96%
Barclays Capital U.S. Aggregate Index	2.72%
Net Assets as of 6/30/2011	$242,942,296

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Core Bond Portfolio (the “Portfolio”) seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

HOW DID THE MARKET PERFORM?

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. Treasury yields decreased during the six months ended June 30, 2011 (generally prices for bonds increase when yields decrease). Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support spread sectors (non-U.S. Treasuries), while mortgage-backed securities benefited as prepayments slowed during the reporting period (prepayments can hurt bondholders by returning the money they invested more quickly than anticipated).

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) outperformed the Barclays Capital U.S. Aggregate Index (the “Benchmark”) for the six months ended June 30, 2011.

The Portfolio was underweight U.S. Treasury securities versus the Benchmark during the reporting period. This underweight positioning contributed to relative performance in the first quarter of 2011, as non-U.S. Treasury sectors outperformed U.S. Treasuries. This contribution to relative performance was partially offset in the second quarter of 2011, when fears about contagion from the European debt crisis lowered investors’ appetite for risk, causing U.S. Treasury yields to decrease (generally prices for bonds increase when yields decrease). The Portfolio’s yield curve positioning was an overall contributor to relative performance during the reporting period, as the Portfolio was overweight the intermediate part of the yield

curve (5-10 year U.S. Treasury securities), which outperformed other areas of the yield curve during the reporting period. On the negative side, the Portfolio’s underweight in commercial mortgage-backed securities (CMBS) hurt relative performance, as yields for these securities decreased and their prices increased.

HOW WAS THE PORTFOLIO POSITIONED?

The Portfolio’s primary strategy continued to be security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. The Portfolio was overweight the intermediate part of the yield curve (U.S. Treasury securities with 5 to 10 year maturities) as the portfolio managers believed that these U.S. Treasuries had the most attractive risk/reward profile.

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	45.4	%
U.S. Treasury Obligations	17.9
Corporate Bonds	14.5
U.S. Government Agency Securities	10.0
Mortgage Pass-Through Securities	5.7
Commercial Mortgage-Backed Securities	1.9
Asset-Backed Securities	1.5
Others (each less than 1.0%)	0.3
Short-Term Investment	2.8

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based upon total investments as of June 30, 2011. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		5/1/97		2.96	%		5.33	%		6.84	%		5.87	%
CLASS 2 SHARES		8/16/06		2.80			4.99			6.58			5.75

* Not annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class 2 Shares prior to their inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Core Bond Portfolio, the Barclays Capital U.S. Aggregate Index and the Lipper Variable Underlying Funds General U.S. Government Funds Index from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the Barclays Capital U.S. Aggregate Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The performance of the Lipper Variable

Underlying Funds General U.S. Government Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Portfolio. The Barclays Capital U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Variable Underlying Funds General U.S. Government Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 1.5%
		AH Mortgage Advance Trust,
	178,286	Series SART-1, Class A1, 2.630%, 05/10/42 (e)		178,788
	282,000	Series SART-1, Class A2, 3.370%, 05/10/43 (e)		283,156
	50,000	Ally Auto Receivables Trust, Series 2010-1, Class A3, 1.450%, 05/15/14		50,355
		AmeriCredit Automobile Receivables Trust,
	3,400	Series 2010-1, Class A2, 0.970%, 01/15/13		3,400
	25,000	Series 2010-1, Class A3, 1.660%, 03/17/14		25,103
	96,000	Series 2011-3, Class A2, 0.840%, 11/10/14		95,967
		Bank of America Auto Trust,
	88,933	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		89,533
	84,768	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		85,170
	100,000	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		102,344
	38,074	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.556%, 04/25/36		28,630
	60,000	CarMax Auto Owner Trust, Series 2010-1, Class A3, 1.560%, 07/15/14		60,371
	200,000	Centex Home Equity, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		194,081
	450,000	Citibank Credit Card Issuance Trust, Series 2002-C2, Class C2, 6.950%, 02/18/14		466,236
		CNH Equipment Trust,
	80,442	Series 2010-A, Class A3, 1.540%, 07/15/14		80,849
	87,000	Series 2011-A, Class A3, 1.200%, 05/16/16		87,209
	80,000	Series 2011-A, Class A4, 2.040%, 10/17/16		80,496
		Countrywide Asset-Backed Certificates,
	1,056	Series 2004-1, Class 3A, VAR, 0.466%, 04/25/34		849
	120,000	Series 2004-1, Class M1, VAR, 0.686%, 03/25/34		95,264
	93,212	Series 2004-1, Class M2, VAR, 0.736%, 03/25/34		77,942
	20,982	Countrywide Home Equity Loan Trust, Series 2004-K, Class 2A, VAR, 0.487%, 02/15/34		13,100
	53,031	Ford Credit Auto Owner Trust, Series 2009-B, Class A3, 2.790%, 08/15/13		53,547

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	100,000	Honda Auto Receivables Owner Trust, Series 2009-2, Class A4, 4.430%, 07/15/15		103,801
	137,614	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.536%, 07/25/34 (e)		132,985
		Long Beach Mortgage Loan Trust,
	223,368	Series 2003-4, Class M1, VAR, 1.206%, 08/25/33		174,261
	190,000	Series 2004-1, Class M1, VAR, 0.936%, 02/25/34		153,965
	125,000	Series 2004-1, Class M2, VAR, 1.011%, 02/25/34		111,409
	33,286	Series 2006-WL2, Class 2A3, VAR, 0.386%, 01/25/36		26,719
	160,000	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		165,822
	125,000	New Century Home Equity Loan Trust, Series 2005-1, Class M1, VAR, 0.636%, 03/25/35		95,210
	114,661	Real Estate Asset Trust, Series 2011- 3A, Class A1, 5.440%, 06/25/31 (e)		114,661
	11,162	Residential Asset Securities Corp., Series 2003-KS9, Class A2B, VAR, 0.826%, 11/25/33		5,466
	235,338	Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (f) (i)		234,750
	47,951	Santander Drive Auto Receivables Trust, Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		47,881
	90,000	World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		91,840
		Total Asset-Backed Securities (Cost $3,766,251)		3,611,160
	Collateralized Mortgage Obligations — 45.3%
		Agency CMO — 34.6%
	252,278	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		281,978
		Federal Home Loan Mortgage Corp. REMICS,
	1,349	Series 1065, Class J, 9.000%, 04/15/21		1,602
	7,173	Series 11, Class D, 9.500%, 07/15/19		7,725
	150,861	Series 1113, Class J, 8.500%, 06/15/21		173,911
	9,018	Series 1250, Class J, 7.000%, 05/15/22		10,730
	15,203	Series 1316, Class Z, 8.000%, 06/15/22		17,468
	27,139	Series 1324, Class Z, 7.000%, 07/15/22		30,486

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	129,066	Series 1343, Class LA, 8.000%, 08/15/22		151,258
	26,568	Series 1343, Class LB, 7.500%, 08/15/22		30,918
	16,718	Series 1394, Class ID, IF, 9.566%, 10/15/22		17,158
	16,160	Series 1395, Class G, 6.000%, 10/15/22		18,031
	11,770	Series 1505, Class Q, 7.000%, 05/15/23		13,266
	22,766	Series 1518, Class G, IF, 8.854%, 05/15/23		26,093
	22,369	Series 1541, Class O, VAR, 2.310%, 07/15/23		23,299
	399,959	Series 1577, Class PV, 6.500%, 09/15/23		434,391
	459,374	Series 1584, Class L, 6.500%, 09/15/23		513,954
	12,525	Series 1596, Class D, 6.500%, 10/15/13		12,522
	6,031	Series 1607, Class SA, IF, 19.836%, 10/15/13		6,787
	16,097	Series 1609, Class LG, IF, 16.927%, 11/15/23		19,715
	459,195	Series 1633, Class Z, 6.500%, 12/15/23		498,576
	500,000	Series 1638, Class H, 6.500%, 12/15/23		583,594
	2,387	Series 1671, Class QC, IF, 10.000%, 02/15/24		2,758
	101,167	Series 1694, Class PK, 6.500%, 03/15/24		109,748
	15,117	Series 1700, Class GA, PO, 02/15/24		13,533
	59,190	Series 1798, Class F, 5.000%, 05/15/23		63,759
	125,097	Series 1863, Class Z, 6.500%, 07/15/26		140,242
	4,026	Series 1865, Class D, PO, 02/15/24		2,573
	40,744	Series 1981, Class Z, 6.000%, 05/15/27		44,086
	54,185	Series 1987, Class PE, 7.500%, 09/15/27		64,094
	202,250	Series 1999, Class PU, 7.000%, 10/15/27		235,523
	7,535	Series 2025, Class PE, 6.300%, 01/15/13		7,534
	314,594	Series 2031, Class PG, 7.000%, 02/15/28 (m)		358,985
	13,118	Series 2033, Class SN, HB, IF, 25.328%, 03/15/24		9,139
	295,921	Series 2035, Class PC, 6.950%, 03/15/28		337,228
	21,790	Series 2038, Class PN, IO, 7.000%, 03/15/28		4,236
	65,127	Series 2054, Class PV, 7.500%, 05/15/28		67,668
	14,498	Series 2055, Class OE, 6.500%, 05/15/13		14,496
	339,521	Series 2057, Class PE, 6.750%, 05/15/28		405,847
	110,938	Series 2064, Class TE, 7.000%, 06/15/28		129,299
	74,393	Series 2075, Class PH, 6.500%, 08/15/28		84,220
	295,515	Series 2095, Class PE, 6.000%, 11/15/28		329,453
	26,245	Series 2102, Class TU, 6.000%, 12/15/13		27,399
	58,531	Series 2115, Class PE, 6.000%, 01/15/14		60,415
	15,624	Series 2132, Class SB, HB, IF, 29.722%, 03/15/29		26,066

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	31,231	Series 2134, Class PI, IO, 6.500%, 03/15/19		5,137
	3,774	Series 2135, Class UK, IO, 6.500%, 03/15/14		241
	113,882	Series 2178, Class PB, 7.000%, 08/15/29		136,129
	156,162	Series 2182, Class ZB, 8.000%, 09/15/29		181,522
	6,283	Series 22, Class C, 9.500%, 04/15/20		6,870
	27,650	Series 2247, Class Z, 7.500%, 08/15/30		31,956
	323,932	Series 2259, Class ZC, 7.350%, 10/15/30		372,762
	8,202	Series 2261, Class ZY, 7.500%, 10/15/30		9,487
	138,488	Series 2283, Class K, 6.500%, 12/15/23		149,795
	14,931	Series 2306, Class K, PO, 05/15/24		12,971
	35,834	Series 2306, Class SE, IF, IO, 7.450%, 05/15/24		6,868
	45,909	Series 2325, Class PM, 7.000%, 06/15/31		51,597
	257,718	Series 2344, Class ZD, 6.500%, 08/15/31		285,959
	44,863	Series 2344, Class ZJ, 6.500%, 08/15/31		49,827
	25,261	Series 2345, Class NE, 6.500%, 08/15/31		26,943
	197,386	Series 2345, Class PQ, 6.500%, 08/15/16		208,952
	68,617	Series 2355, Class BP, 6.000%, 09/15/16		73,589
	188,632	Series 2359, Class ZB, 8.500%, 06/15/31		221,283
	346,320	Series 2367, Class ME, 6.500%, 10/15/31		383,398
	42,869	Series 2390, Class DO, PO, 12/15/31		36,081
	109,332	Series 2391, Class QR, 5.500%, 12/15/16		117,500
	97,973	Series 2394, Class MC, 6.000%, 12/15/16		105,489
	57,826	Series 2410, Class OE, 6.375%, 02/15/32		64,056
	72,285	Series 2410, Class QS, IF, 19.014%, 02/15/32		92,512
	57,228	Series 2410, Class QX, IF, IO, 8.463%, 02/15/32		14,501
	65,630	Series 2412, Class SP, IF, 15.726%, 02/15/32		81,732
	115,681	Series 2423, Class MC, 7.000%, 03/15/32		129,707
	197,390	Series 2423, Class MT, 7.000%, 03/15/32		221,259
	227,841	Series 2435, Class CJ, 6.500%, 04/15/32		261,684
	150,870	Series 2435, Class VH, 6.000%, 07/15/19		152,415
	82,452	Series 2444, Class ES, IF, IO, 7.763%, 03/15/32		15,424
	54,968	Series 2450, Class SW, IF, IO, 7.813%, 03/15/32		11,125
	203,900	Series 2455, Class GK, 6.500%, 05/15/32		230,294
	134,339	Series 2484, Class LZ, 6.500%, 07/15/32		156,799
	766,491	Series 2500, Class MC, 6.000%, 09/15/32		843,774
	51,396	Series 2503, Class BH, 5.500%, 09/15/17		55,687
	95,740	Series 2515, Class DE, 4.000%, 03/15/32		99,385
	479,769	Series 2527, Class BP, 5.000%, 11/15/17		514,242

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	222,951	Series 2535, Class BK, 5.500%, 12/15/22		245,408
	5,300,000	Series 2543, Class YX, 6.000%, 12/15/32 (m)		5,957,464
	475,551	Series 2544, Class HC, 6.000%, 12/15/32		528,615
	500,000	Series 2575, Class ME, 6.000%, 02/15/33		560,769
	3,230,000	Series 2578, Class PG, 5.000%, 02/15/18		3,487,624
	60,517	Series 2586, Class WI, IO, 6.500%, 03/15/33		12,467
	121,066	Series 2594, Class VQ, 6.000%, 08/15/20		123,320
	18,115	Series 2597, Class DS, IF, IO, 7.363%, 02/15/33		1,012
	22,406	Series 2599, Class DS, IF, IO, 6.813%, 02/15/33		1,054
	87,969	Series 2610, Class DS, IF, IO, 6.913%, 03/15/33		3,586
	92,820	Series 2611, Class SH, IF, IO, 7.463%, 10/15/21		2,735
	99,747	Series 2626, Class KA, 3.000%, 03/15/30		100,116
	359,602	Series 2626, Class NS, IF, IO, 6.363%, 06/15/23		27,081
	390,516	Series 2636, Class Z, 4.500%, 06/15/18		415,998
	199,277	Series 2638, Class DS, IF, 8.413%, 07/15/23		216,488
	273,091	Series 2647, Class A, 3.250%, 04/15/32		281,832
	1,945,728	Series 2651, Class VZ, 4.500%, 07/15/18		2,072,590
	2,438,000	Series 2656, Class BG, 5.000%, 10/15/32		2,634,819
	83,645	Series 2668, Class SB, IF, 7.034%, 10/15/15		84,573
	410,000	Series 2682, Class LC, 4.500%, 07/15/32		437,461
	135,052	Series 2682, Class YS, IF, 8.713%, 10/15/33		127,991
	1,773,483	Series 2684, Class PD, 5.000%, 03/15/29		1,785,613
	68,780	Series 2684, Class TO, PO, 10/15/33		62,752
	78,728	Series 2691, Class WS, IF, 8.719%, 10/15/33		74,274
	65,895	Series 2705, Class SC, IF, 8.719%, 11/15/33		62,707
	100,588	Series 2705, Class SD, IF, 8.760%, 11/15/33		100,046
	727,711	Series 2727, Class BS, IF, 8.794%, 01/15/34		706,939
	25,799	Series 2744, Class FE, VAR, 0.000%, 02/15/34		25,461
	738,967	Series 2749, Class TD, 5.000%, 06/15/21		756,932
	84,561	Series 2755, Class SA, IF, 13.826%, 05/15/30		96,850
	6,607	Series 2766, Class SX, IF, 15.927%, 03/15/34		6,684

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	87,157	Series 2776, Class SK, IF, 8.794%, 04/15/34		82,579
	95,901	Series 2780, Class JG, 4.500%, 04/15/19		101,670
	625,000	Series 2827, Class DG, 4.500%, 07/15/19		677,693
	30,530	Series 2827, Class SQ, IF, 7.500%, 01/15/19		30,615
	220,005	Series 2929, Class PC, 5.000%, 01/15/28		220,619
	57,628	Series 2989, Class PO, PO, 06/15/23		54,291
	300,000	Series 3047, Class OD, 5.500%, 10/15/35		328,380
	461,578	Series 3085, Class VS, HB, IF, 27.972%, 12/15/35		702,404
	133,605	Series 3117, Class EO, PO, 02/15/36		112,653
	148,133	Series 3260, Class CS, IF, IO, 5.953%, 01/15/37		21,291
	644,801	Series 3385, Class SN, IF, IO, 5.813%, 11/15/37		77,993
	409,459	Series 3387, Class SA, IF, IO, 6.233%, 11/15/37		59,661
	691,830	Series 3430, Class AI, IO, 1.417%, 09/15/12		7,790
	642,700	Series 3451, Class SA, IF, IO, 5.863%, 05/15/38		60,511
	971,291	Series 3455, Class SE, IF, IO, 6.013%, 06/15/38		132,533
	862,790	Series 3688, Class NI, IO, 5.000%, 04/15/32		110,978
	291,916	Series 3759, Class HI, IO, 4.000%, 08/15/37		47,826
	759,873	Series 3772, Class IO, IO, 3.500%, 09/15/24		100,501
	1,156	Series 47, Class F, 10.000%, 06/15/20		1,349
	1,018	Series 99, Class Z, 9.500%, 01/15/21		1,134
		Federal Home Loan Mortgage Corp. STRIPS,
	428,061	Series 233, Class 11, IO, 5.000%, 09/15/35		86,843
	782,924	Series 239, Class S30, IF, IO, 7.513%, 08/15/36		111,997
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	22,098	Series T-41, Class 3A, VAR, 7.054%, 07/25/32		25,250
	147,275	Series T-54, Class 2A, 6.500%, 02/25/43		167,479
	67,518	Series T-54, Class 3A, 7.000%, 02/25/43		78,729
	265,504	Series T-56, Class APO, PO, 05/25/43		206,162
	40,596	Series T-58, Class APO, PO, 09/25/43		34,373
		Federal National Mortgage Association REMICS,
	13,119	Series 1988-16, Class B, 9.500%, 06/25/18		14,997

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	6,165	Series 1989-83, Class H, 8.500%, 11/25/19		7,392
	1,470	Series 1990-1, Class D, 8.800%, 01/25/20		1,686
	8,242	Series 1990-10, Class L, 8.500%, 02/25/20		9,416
	1,115	Series 1990-93, Class G, 5.500%, 08/25/20		1,217
	30	Series 1990-140, Class K, HB, 652.145%, 12/25/20		461
	2,496	Series 1990-143, Class J, 8.750%, 12/25/20		2,917
	37,639	Series 1992-101, Class J, 7.500%, 06/25/22		39,876
	19,858	Series 1992-143, Class MA, 5.500%, 09/25/22		21,621
	58,619	Series 1993-146, Class E, PO, 05/25/23		52,174
	148,538	Series 1993-155, Class PJ, 7.000%, 09/25/23		167,418
	4,407	Series 1993-165, Class SD, IF, 11.973%, 09/25/23		5,361
	21,977	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		25,527
	7,496	Series 1993-167, Class GA, 7.000%, 09/25/23		7,636
	198,642	Series 1993-203, Class PL, 6.500%, 10/25/23		220,812
	19,015	Series 1993-205, Class H, PO, 09/25/23		16,689
	1,290,091	Series 1993-223, Class PZ, 6.500%, 12/25/23		1,433,361
	177,286	Series 1993-225, Class UB, 6.500%, 12/25/23		192,613
	5,083	Series 1993-230, Class FA, VAR, 0.819%, 12/25/23		5,112
	393,666	Series 1993-250, Class Z, 7.000%, 12/25/23		423,717
	29,912	Series 1993-257, Class C, PO, 06/25/23		29,273
	474,453	Series 1994-37, Class L, 6.500%, 03/25/24		543,882
	4,215,116	Series 1994-72, Class K, 6.000%, 04/25/24		4,651,243
	35,122	Series 1995-2, Class Z, 8.500%, 01/25/25		40,503
	83,206	Series 1995-19, Class Z, 6.500%, 11/25/23		95,416
	8,783	Series 1996-59, Class J, 6.500%, 08/25/22		9,764
	30,027	Series 1996-59, Class K, 6.500%, 07/25/23		30,881
	272,865	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		10,526
	29,008	Series 1997-39, Class PD, 7.500%, 05/20/27		32,529

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	63,771	Series 1997-46, Class PL, 6.000%, 07/18/27		70,535
	161,088	Series 1997-61, Class ZC, 7.000%, 02/25/23		180,061
	55,126	Series 1998-36, Class ZB, 6.000%, 07/18/28		61,362
	67,511	Series 1998-43, Class SA, IF, IO, 16.443%, 04/25/23		24,544
	95,567	Series 1998-46, Class GZ, 6.500%, 08/18/28		108,283
	206,694	Series 1998-58, Class PC, 6.500%, 10/25/28		228,440
	415,883	Series 1999-39, Class JH, IO, 6.500%, 08/25/29		92,645
	11,678	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		2,633
	169,630	Series 2001-4, Class PC, 7.000%, 03/25/21		185,151
	140,494	Series 2001-30, Class PM, 7.000%, 07/25/31		160,872
	672,752	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		130,897
	196,260	Series 2001-36, Class DE, 7.000%, 08/25/31		225,156
	27,621	Series 2001-44, Class PD, 7.000%, 09/25/31		31,660
	93,398	Series 2001-52, Class XN, 6.500%, 11/25/15		100,798
	357,205	Series 2001-61, Class Z, 7.000%, 11/25/31		409,482
	121,054	Series 2001-69, Class PG, 6.000%, 12/25/16		130,003
	85,740	Series 2001-71, Class QE, 6.000%, 12/25/16		92,123
	14,086	Series 2001-80, Class PE, 6.000%, 07/25/29		14,313
	59,935	Series 2002-1, Class HC, 6.500%, 02/25/22		63,964
	17,323	Series 2002-1, Class SA, HB, IF, 24.584%, 02/25/32		26,906
	130,530	Series 2002-2, Class UC, 6.000%, 02/25/17		140,695
	143,902	Series 2002-3, Class OG, 6.000%, 02/25/17		154,635
	397,685	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		18,792
	175,994	Series 2002-28, Class PK, 6.500%, 05/25/32		199,995
	740,116	Series 2002-62, Class ZE, 5.500%, 11/25/17		801,133

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	446,308	Series 2002-68, Class SH, IF, IO, 7.814%, 10/18/32		85,372
	54,558	Series 2002-77, Class S, IF, 14.143%, 12/25/32		64,626
	7,468	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		441
	500,000	Series 2002-94, Class BK, 5.500%, 01/25/18		541,883
	346,821	Series 2003-7, Class A1, 6.500%, 12/25/42		385,729
	293,000	Series 2003-22, Class UD, 4.000%, 04/25/33		291,669
	485,564	Series 2003-35, Class MD, 5.000%, 11/25/16		489,685
	250,000	Series 2003-41, Class PE, 5.500%, 05/25/23		279,428
	146,676	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		28,784
	100,000	Series 2003-47, Class PE, 5.750%, 06/25/33		110,843
	50,718	Series 2003-64, Class SX, IF, 13.272%, 07/25/33		55,472
	86,978	Series 2003-66, Class PA, 3.500%, 02/25/33		90,361
	647,059	Series 2003-68, Class LC, 3.000%, 07/25/22		665,284
	143,986	Series 2003-68, Class QP, 3.000%, 07/25/22		146,965
	127,191	Series 2003-71, Class DS, IF, 7.212%, 08/25/33		121,211
	354,278	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		44,595
	320,956	Series 2003-80, Class SY, IF, IO, 7.464%, 06/25/23		37,466
	3,600,000	Series 2003-81, Class MC, 5.000%, 12/25/32		3,883,915
	584,812	Series 2003-82, Class VB, 5.500%, 08/25/33		643,416
	63,977	Series 2003-91, Class SD, IF, 12.190%, 09/25/33		64,357
	114,416	Series 2003-106, Class US, IF, 8.796%, 11/25/23		113,552
	432,436	Series 2003-116, Class SB, IF, IO, 7.414%, 11/25/33		72,988
	2,901,667	Series 2003-128, Class DY, 4.500%, 01/25/24		3,122,232
	58,496	Series 2003-130, Class SX, IF, 11.241%, 01/25/34		66,119

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	88,545	Series 2003-132, Class OA, PO, 08/25/33		75,954
	1,850,000	Series 2004-2, Class OE, 5.000%, 05/25/23		2,018,038
	192,641	Series 2004-4, Class QM, IF, 13.828%, 06/25/33		227,533
	117,006	Series 2004-10, Class SC, HB, IF, 27.857%, 02/25/34		171,459
	86,751	Series 2004-14, Class SD, IF, 8.796%, 03/25/34		82,457
	122,372	Series 2004-21, Class CO, PO, 04/25/34		92,824
	81,407	Series 2004-22, Class A, 4.000%, 04/25/19		83,997
	252,626	Series 2004-36, Class SA, IF, 19.014%, 05/25/34		342,372
	187,629	Series 2004-46, Class SK, IF, 15.989%, 05/25/34		232,067
	37,559	Series 2004-51, Class SY, IF, 13.868%, 07/25/34		44,162
	146,170	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		140,644
	1,125,076	Series 2004-75, Class VK, 4.500%, 09/25/22		1,201,935
	200,000	Series 2004-76, Class CL, 4.000%, 10/25/19		210,517
	20,026	Series 2004-92, Class JO, PO, 12/25/34		19,723
	88,810	Series 2005-28, Class JA, 5.000%, 04/25/35		89,554
	368,250	Series 2005-45, Class DC, HB, IF, 23.629%, 06/25/35		487,086
	2,538	Series 2005-47, Class AN, 5.000%, 12/25/16		2,537
	150,776	Series 2005-52, Class PA, 6.500%, 06/25/35		164,307
	853,000	Series 2005-68, Class BC, 5.250%, 06/25/35		930,576
	520,074	Series 2005-84, Class XM, 5.750%, 10/25/35		567,979
	700,000	Series 2005-110, Class MN, 5.500%, 06/25/35		776,487
	136,706	Series 2006-22, Class AO, PO, 04/25/36		117,283
	97,835	Series 2006-46, Class SW, HB, IF, 23.518%, 06/25/36		125,021
	282,922	Series 2006-59, Class QO, PO, 01/25/33		247,384
	323,778	Series 2006-110, Class PO, PO, 11/25/36		271,174
	645,899	Series 2006-117, Class GS, IF, IO, 6.464%, 12/25/36		98,960
	354,126	Series 2007-7, Class SG, IF, IO, 6.314%, 08/25/36		67,225

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	997,175	Series 2007-53, Class SH, IF, IO, 5.914%, 06/25/37		124,033
	437,288	Series 2007-88, Class VI, IF, IO, 6.354%, 09/25/37		62,621
	674,670	Series 2007-100, Class SM, IF, IO, 6.264%, 10/25/37		102,194
	697,864	Series 2008-1, Class BI, IF, IO, 5.724%, 02/25/38		95,476
	261,275	Series 2008-16, Class IS, IF, IO, 6.014%, 03/25/38		35,449
	304,345	Series 2008-46, Class HI, IO, VAR, 6.632%, 06/25/38		24,998
	244,951	Series 2008-53, Class CI, IF, IO, 7.014%, 07/25/38		35,345
	724,367	Series 2009-112, Class ST, IF, IO, 6.064%, 01/25/40		91,933
	406,358	Series 2010-35, Class SB, IF, IO, 6.234%, 04/25/40		58,726
	1,559	Series G92-15, Class Z, 7.000%, 01/25/22		1,559
	3,908	Series G92-42, Class Z, 7.000%, 07/25/22		4,360
	97,259	Series G92-44, Class ZQ, 8.000%, 07/25/22		110,392
	46,374	Series G92-54, Class ZQ, 7.500%, 09/25/22		52,215
	2,880	Series G92-59, Class F, VAR, 2.059%, 10/25/22		2,919
	7,767	Series G92-61, Class Z, 7.000%, 10/25/22		9,239
	17,375	Series G92-66, Class KA, 6.000%, 12/25/22		19,001
	82,178	Series G92-66, Class KB, 7.000%, 12/25/22		91,832
	23,063	Series G93-1, Class KA, 7.900%, 01/25/23		26,269
	24,088	Series G93-17, Class SI, IF, 6.000%, 04/25/23		25,239
		Federal National Mortgage Association STRIPS,
	45,142	Series 329, Class 1, PO, 01/01/33		39,561
	198,775	Series 365, Class 8, IO, 5.500%, 05/01/36		33,208
		Federal National Mortgage Association Whole Loan,
	83,664	Series 1999-W1, Class PO, PO, 02/25/29		71,114
	409,522	Series 1999-W4, Class A9, 6.250%, 02/25/29		461,091
	763,522	Series 2002-W7, Class A4, 6.000%, 06/25/29		853,952
	517,940	Series 2003-W1, Class 1A1, VAR, 6.351%, 12/25/42		591,919
	66,484	Series 2003-W1, Class 2A, VAR, 7.209%, 12/25/42		77,659
	84,616	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		97,816

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
		Government National Mortgage Association,
	70,219	Series 1994-3, Class PQ, 7.488%, 07/16/24		82,097
	296,718	Series 1994-7, Class PQ, 6.500%, 10/16/24		337,035
	72,156	Series 1996-16, Class E, 7.500%, 08/16/26		82,219
	69,780	Series 1997-8, Class PN, 7.500%, 05/16/27		79,277
	168,793	Series 1998-22, Class PD, 6.500%, 09/20/28		185,158
	80,598	Series 1998-26, Class K, 7.500%, 09/17/25		92,674
	53,872	Series 1999-17, Class L, 6.000%, 05/20/29		58,890
	63,865	Series 1999-41, Class Z, 8.000%, 11/16/29		74,006
	43,132	Series 1999-44, Class PC, 7.500%, 12/20/29		49,348
	52,653	Series 1999-44, Class ZG, 8.000%, 12/20/29		60,927
	37,269	Series 2000-6, Class Z, 7.500%, 02/20/30		42,044
	61,265	Series 2000-14, Class PD, 7.000%, 02/16/30		67,260
	245,008	Series 2000-21, Class Z, 9.000%, 03/16/30		298,111
	28,313	Series 2000-26, Class Z, 7.750%, 09/20/30		32,584
	4,338	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		1,138
	756,711	Series 2000-36, Class PB, 7.500%, 11/16/30		866,098
	54,101	Series 2000-37, Class B, 8.000%, 12/20/30		62,877
	13,958	Series 2000-38, Class AH, 7.150%, 12/20/30		16,216
	40,434	Series 2001-4, Class SJ, IF, IO, 7.964%, 01/19/30		9,884
	2,008,417	Series 2001-10, Class PE, 6.500%, 03/16/31 (m)		2,250,315
	295,617	Series 2001-22, Class PS, HB, IF, 20.526%, 03/17/31		414,823
	101,980	Series 2001-36, Class S, IF, IO, 7.864%, 08/16/31		22,276
	254,619	Series 2001-53, Class SR, IF, IO, 7.964%, 10/20/31		34,592
	142,539	Series 2001-64, Class MQ, 6.500%, 12/20/31		151,868
	1,000,000	Series 2001-64, Class PB, 6.500%, 12/20/31		1,095,143
	18,674	Series 2002-24, Class SB, IF, 11.647%, 04/16/32		22,077

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	88,437	Series 2002-54, Class GB, 6.500%, 08/20/32		100,130
	58,348	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		3,804
	11,368	Series 2003-24, Class PO, PO, 03/16/33		9,303
	2,900,680	Series 2003-59, Class XA, IO, VAR, 1.361%, 06/16/34		109,218
	1,166,700	Series 2003-75, Class BE, 6.000%, 04/16/28		1,179,533
	167,290	Series 2003-76, Class LS, IF, IO, 7.015%, 09/20/31		14,893
	622,476	Series 2004-11, Class SW, IF, IO, 5.315%, 02/20/34		72,115
	54,893	Series 2004-28, Class S, IF, 19.152%, 04/16/34		76,679
	885,438	Series 2004-62, Class VA, 5.500%, 07/20/15		932,268
	526,270	Series 2007-45, Class QA, IF, IO, 6.454%, 07/20/37		83,748
	463,342	Series 2007-76, Class SA, IF, IO, 6.344%, 11/20/37		71,966
	421,632	Series 2008-2, Class MS, IF, IO, 6.974%, 01/16/38		63,708
	328,067	Series 2008-55, Class SA, IF, IO, 6.014%, 06/20/38		43,627
	258,982	Series 2009-6, Class SA, IF, IO, 5.914%, 02/16/39		31,725
	751,365	Series 2009-6, Class SH, IF, IO, 5.854%, 02/20/39		98,741
	453,712	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		77,175
	309,121	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		53,732
	1,000,993	Series 2009-22, Class SA, IF, IO, 6.084%, 04/20/39		123,587
	1,010,690	Series 2009-31, Class ST, IF, IO, 6.164%, 03/20/39		147,260
	1,010,690	Series 2009-31, Class TS, IF, IO, 6.114%, 03/20/39		126,123
	1,180,759	Series 2009-64, Class SN, IF, IO, 5.914%, 07/16/39		159,961
	291,226	Series 2009-79, Class OK, PO, 11/16/37		252,113
	601,669	Series 2009-102, Class SM, IF, IO, 6.214%, 06/16/39		79,461
	1,288,225	Series 2009-106, Class ST, VAR, IF, IO, 5.814%, 02/20/38		170,203
	439,080	Series 2010-130, Class CP, 7.000%, 10/16/40		512,699

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	1,300,290	Series 2011-75, Class SM, IF, IO, 6.414%, 05/20/41		194,231
	923,411	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		921,351
		Vendee Mortgage Trust,
	91,274	Series 1994-1, Class 1, VAR, 5.628%, 02/15/24		100,443
	212,320	Series 1996-1, Class 1Z, 6.750%, 02/15/26		244,134
	117,065	Series 1996-2, Class 1Z, 6.750%, 06/15/26		134,602
	422,697	Series 1997-1, Class 2Z, 7.500%, 02/15/27		493,105
	117,832	Series 1998-1, Class 2E, 7.000%, 03/15/28		135,804
				84,026,525
		Non-Agency CMO — 10.7%
	5,762	Adjustable Rate Mortgage Trust, Series 2004-1, Class 9A2, VAR, 0.986%, 01/25/35		5,617
	200,000	American General Mortgage Loan Trust, Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		202,949
	500,000	American Home Mortgage Investment Trust, Series 2005-3, Class 2A4, VAR, 2.021%, 09/25/35		201,703
		Banc of America Alternative Loan Trust,
	179,220	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		183,229
	314,167	Series 2004-5, Class 3A3, PO, 06/25/34		208,812
	85,759	Series 2004-6, Class 15PO, PO, 07/25/19		69,451
		Banc of America Funding Corp.,
	95,882	Series 2003-1, Class APO, PO, 05/20/33		72,904
	89,297	Series 2004-1, Class PO, PO, 03/25/34		71,438
	679,183	Series 2005-6, Class 2A7, 5.500%, 10/25/35		660,675
	115,657	Series 2005-7, Class 30PO, PO, 11/25/35		77,561
	336,578	Series 2005-E, Class 4A1, VAR, 2.814%, 03/20/35		318,266
		Banc of America Mortgage Securities, Inc.,
	32,443	Series 2003-8, Class APO, PO, 11/25/33		23,738
	200,000	Series 2004-3, Class 1A26, 5.500%, 04/25/34		204,879
	31,431	Series 2004-4, Class APO, PO, 05/25/34		23,403
	590,021	Series 2004-5, Class 2A2, 5.500%, 06/25/34		589,867
	250,000	Series 2004-6, Class 2A5, PO, 07/25/34		168,062
	112,216	Series 2004-6, Class APO, PO, 07/25/34		81,545
	263,352	Series 2004-7, Class 1A19, PO, 08/25/34		219,289
	250,591	Series 2004-J, Class 3A1, VAR, 5.089%, 11/25/34		220,692

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	896,532	Series 2005-5, Class 1A26, IO, 5.500%, 06/25/35		37,005
		BCAP LLC Trust,
	250,000	Series 2011-RR5, 0.000%, 07/26/36 (i) (f)		239,375
	304,251	Series 2011-RR5-I, 0.000%, 05/26/36		276,869
		Bear Stearns Adjustable Rate Mortgage Trust,
	113,077	Series 2003-7, Class 3A, VAR, 2.789%, 10/25/33		108,001
	216,230	Series 2005-5, Class A1, VAR, 2.340%, 08/25/35		203,335
	554,139	Series 2006-1, Class A1, VAR, 2.520%, 02/25/36		492,144
	224,116	Citicorp Mortgage Securities, Inc., Series 2004-5, Class 2A5, 4.500%, 08/25/34		231,513
		Citigroup Mortgage Loan Trust, Inc.,
	21,889	Series 2003-UP3, Class A3, 7.000%, 09/25/33		22,410
	77,297	Series 2003-UST1, Class A1, 5.500%, 12/25/18		79,160
	25,967	Series 2003-UST1, Class PO1, PO, 12/25/18		23,952
	20,149	Series 2003-UST1, Class PO3, PO, 12/25/18		19,153
	137,825	Series 2005-1, Class 2A1A, VAR, 2.721%, 04/25/35		92,553
		Countrywide Alternative Loan Trust,
	121,856	Series 2002-8, Class A4, 6.500%, 07/25/32		128,253
	46,533	Series 2003-J1, Class PO, PO, 10/25/33		33,820
	1,683,293	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,602,037
	160,363	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		163,828
	138,638	Series 2005-5R, Class A1, 5.250%, 12/25/18		141,220
	887,368	Series 2005-20CB, Class 3A8, IF, IO, 4.564%, 07/25/35		96,069
	40,772	Series 2005-26CB, Class A10, IF, 12.713%, 07/25/35		40,455
	1,149,047	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		909,854
	600,000	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		501,397
	1,476,803	Series 2005-22T1, Class A2, IF, IO, 4.884%, 06/25/35		146,327
	1,403,878	Series 2005-J1, Class 1A4, IF, IO, 4.914%, 02/25/35		141,069
		Countrywide Home Loan Mortgage Pass-Through Trust,
	323,195	Series 2003-26, Class 1A6, 3.500%, 08/25/33		307,999

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	92,696	Series 2003-44, Class A6, PO, 10/25/33		91,837
	67,840	Series 2003-J7, Class 4A3, IF, 9.533%, 08/25/18		70,926
	119,628	Series 2004-7, Class 2A1, VAR, 2.275%, 06/25/34		106,413
	73,305	Series 2004-HYB1, Class 2A, VAR, 2.878%, 05/20/34		62,829
	97,301	Series 2004-HYB3, Class 2A, VAR, 2.554%, 06/20/34		78,031
	239,329	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		242,956
	64,708	Series 2004-J8, Class POA, PO, 11/25/19		56,757
	500,000	Series 2005-16, Class A23, 5.500%, 09/25/35		485,950
	490,394	Series 2005-22, Class 2A1, VAR, 3.079%, 11/25/35		329,798
	33,346	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 5P, PO, 08/25/19		29,377
	341,073	Credit Suisse Mortgage Capital Certificates, Series 2011-7R, Class A1, VAR, 1.436%, 08/28/47 (e)		340,220
	349,600	First Horizon Alternative Mortgage Securities, Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		263,376
		First Horizon Asset Securities, Inc.,
	99,250	Series 2004-AR7, Class 2A1, VAR, 2.741%, 02/25/35		94,294
	300,000	Series 2004-AR7, Class 2A2, VAR, 2.741%, 02/25/35		273,912
	250,498	Series 2005-AR1, Class 2A2, VAR, 2.750%, 04/25/35		236,300
		GMAC Mortgage Corp. Loan Trust,
	249,141	Series 2003-AR1, Class A4, VAR, 3.396%, 10/19/33		243,250
	258,975	Series 2004-J5, Class A7, 6.500%, 01/25/35		268,654
	650,000	Series 2005-AR3, Class 3A4, VAR, 3.092%, 06/19/35		545,960
		GSR Mortgage Loan Trust,
	541,093	Series 2004-6F, Class 1A2, 5.000%, 05/25/34		540,210
	772,056	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		824,775
	115,711	Series 2004-10F, Class 2A1, 5.000%, 08/25/19		116,815
	71,980	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		70,278

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	111,219	Impac Secured Assets CMN Owner Trust, Series 2006-1, Class 2A1, VAR, 0.536%, 05/25/36		103,068
	2,083,875	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.256%, 08/25/35		13,024
	242,983	JP Morgan Mortgage Trust, Series 2006-A2, Class 5A3, VAR, 2.961%, 11/25/33		244,508
		MASTR Adjustable Rate Mortgages Trust,
	166,469	Series 2004-13, Class 2A1, VAR, 2.796%, 04/21/34		162,110
	550,559	Series 2004-13, Class 3A6, VAR, 2.836%, 11/21/34		541,799
		MASTR Alternative Loans Trust,
	215,895	Series 2003-9, Class 8A1, 6.000%, 01/25/34		216,152
	514,534	Series 2004-4, Class 10A1, 5.000%, 05/25/24		525,106
	326,165	Series 2004-6, Class 7A1, 6.000%, 07/25/34		329,508
	44,589	Series 2004-7, Class 30PO, PO, 08/25/34		27,664
	280,142	Series 2004-8, Class 6A1, 5.500%, 09/25/19		285,276
	286,623	Series 2004-10, Class 1A1, 4.500%, 09/25/19		291,651
		MASTR Asset Securitization Trust,
	444,372	Series 2003-11, Class 9A6, 5.250%, 12/25/33		461,462
	90,028	Series 2003-12, Class 15, PO, 12/25/18		78,050
	130,498	Series 2004-6, Class 15PO, PO, 05/25/19		112,525
	104,540	Series 2004-8, Class PO, PO, 08/25/19		96,417
	212,223	Series 2004-10, Class 15, PO, 10/25/19		184,362
	418,208	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		271,835
	87,008	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.506%, 02/25/35		67,176
	75,667	Nomura Asset Acceptance Corp., Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		76,275
	619,903	PHH Alternative Mortgage Trust, Series 2007-2, Class 2X, IO, 6.000%, 05/25/37		94,501
		Residential Accredit Loans, Inc.,
	132,197	Series 2002-QS8, Class A5, 6.250%, 06/25/17		135,162
	926,978	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		908,911

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	34,361	Series 2003-QS3, Class A2, IF, 16.091%, 02/25/18		37,451
	103,568	Series 2003-QS3, Class A8, IF, IO, 7.414%, 02/25/18		11,494
	248,434	Series 2003-QS9, Class A3, IF, IO, 7.364%, 05/25/18		33,989
	320,994	Series 2003-QS14, Class A1, 5.000%, 07/25/18		333,185
	98,958	Series 2003-QS18, Class A1, 5.000%, 09/25/18		102,028
	34,589	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		34,928
	214,173	Residential Funding Mortgage Securities I, Series 2005-SA4, Class 1A1, VAR, 3.223%, 09/25/35		152,531
	8,869	SACO I, Inc. (Bear Stearns), Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		9,211
		Salomon Brothers Mortgage Securities VII, Inc.,
	162,235	Series 2003-HYB1, Class A, VAR, 3.217%, 09/25/33		158,611
	11,447	Series 2003-UP2, Class PO1, PO, 12/25/18		8,973
	400,000	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.938%, 06/25/34		385,804
		Structured Asset Securities Corp.,
	149,645	Series 2003-8, Class 1A2, 5.000%, 04/25/18		153,932
	214,465	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		218,209
	80,228	Series 2004-20, Class 1A3, 5.250%, 11/25/34		80,794
		WaMu Mortgage Pass-Through Certificates,
	37,077	Series 2003-AR8, Class A, VAR, 2.711%, 08/25/33		36,318
	186,877	Series 2003-AR9, Class 1A6, VAR, 2.714%, 09/25/33		178,742
	122,027	Series 2003-S4, Class 3A, 5.500%, 06/25/33		127,489
	195,167	Series 2003-S8, Class A4, 4.500%, 09/25/18		198,584
	289,775	Series 2003-S10, Class A5, 5.000%, 10/25/18		291,641
	22,291	Series 2003-S10, Class A6, PO, 10/25/18		22,247
	83,585	Series 2003-S11, Class 2A5, IF, 16.539%, 11/25/33		87,128
	67,276	Series 2004-AR3, Class A2, VAR, 2.577%, 06/25/34		65,374

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		Washington Mutual Alternative Mortgage Pass-Through Certificates,
	2,103,020	Series 2005-2, Class 1A4, IF, IO, 4.864%, 04/25/35		218,033
	741,693	Series 2005-2, Class 2A3, IF, IO, 4.814%, 04/25/35		74,718
	563,464	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		82,132
	756,285	Series 2005-4, Class CB7, 5.500%, 06/25/35		632,209
	56,045	Series 2005-4, Class DP, PO, 06/25/20		44,173
	203,385	Series 2005-6, Class 2A4, 5.500%, 08/25/35		183,099
	13,642	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2002-MS12, Class A, 6.500%, 05/25/32		13,911
		Wells Fargo Mortgage-Backed Securities Trust,
	95,551	Series 2003-8, Class A9, 4.500%, 08/25/18		98,618
	362,806	Series 2003-11, Class 1A4, 4.750%, 10/25/18		362,668
	30,714	Series 2003-11, Class 1APO, PO, 10/25/18		28,604
	111,934	Series 2003-15, Class 1A1, 4.750%, 12/25/18		115,551
	96,737	Series 2003-K, Class 1A1, VAR, 4.446%, 11/25/33		95,009
	193,475	Series 2003-K, Class 1A2, VAR, 4.446%, 11/25/33		193,942
	114,596	Series 2004-7, Class 2A2, 5.000%, 07/25/19		118,035
	135,090	Series 2004-EE, Class 3A1, VAR, 2.880%, 12/25/34		134,522
	346,391	Series 2004-P, Class 2A1, VAR, 2.894%, 09/25/34		334,280
	196,227	Series 2005-AR8, Class 2A1, VAR, 2.808%, 06/25/35		188,690
	129,112	Series 2005-AR16, Class 2A1, VAR, 2.756%, 10/25/35		116,355
				26,004,550
		Total Collateralized Mortgage Obligations (Cost $104,375,686)		110,031,075
	Commercial Mortgage-Backed Securities — 1.9%
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	125,000	Series 2005-3, Class A4, 4.668%, 07/10/43		133,767

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	125,000	Series 2005-3, Class AM, 4.727%, 07/10/43		125,023
	499,682	Series 2005-6, Class ASB, VAR, 5.367%, 09/10/47		528,062
	250,000	Series 2006-4, Class A4, 5.634%, 07/10/46		273,543
		Bear Stearns Commercial Mortgage Securities,
	250,000	Series 2005-PWR8, Class A4, 4.674%, 06/11/41		267,185
	203,637	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		212,022
	360,000	Series 2006-PW11, Class A4, VAR, 5.620%, 03/11/39		393,643
	46,896	Series 2006-PW14, Class A1, 5.044%, 12/11/38		47,090
		Citigroup Commercial Mortgage Trust,
	100,000	Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		100,421
	18,136	Series 2006-C4, Class A1, VAR, 5.920%, 03/15/49		18,121
	14,497,181	Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.167%, 12/11/49 (e)		121,732
	565,000	Credit Suisse Mortgage Capital Certificates, Series 2006-C1, Class A4, VAR, 5.609%, 02/15/39		615,436
	100,000	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		107,896
	200,000	GS Mortgage Securities Corp. II, Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		216,327
	75,000	LB-UBS Commercial Mortgage Trust, Series 2005-C1, Class A4, 4.742%, 02/15/30		80,122
	260,054	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		271,971
	4,614,550	Morgan Stanley Capital I, Series 2006-IQ12, Class X1, IO, VAR, 0.205%, 12/15/43 (e)		58,561
	300,000	Morgan Stanley Reremic Trust, Series 2011-IO, Class A, 2.500%, 02/23/51		299,145
	400,000	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.979%, 08/15/39		437,370
	306,928	Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A2, 4.039%, 10/15/41		307,033

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — Continued
	110,000	WF-RBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		108,319
		Total Commercial Mortgage-Backed Securities (Cost $4,438,218)		4,722,789
	Corporate Bonds — 14.4%
		Consumer Discretionary — 1.1%
		Automobiles — 0.0% (g)
	60,000	Daimler Finance North America LLC, 7.300%, 01/15/12		62,089
		Household Durables — 0.0% (g)
	50,000	Newell Rubbermaid, Inc., 4.700%, 08/15/20		50,344
		Media — 1.0%
		CBS Corp.,
	21,000	5.750%, 04/15/20		22,761
	100,000	7.875%, 07/30/30		119,343
	125,000	Comcast Cable Communications LLC, 7.125%, 06/15/13		139,004
		Comcast Cable Holdings LLC,
	235,000	9.800%, 02/01/12		247,126
	75,000	10.125%, 04/15/22		103,736
		Comcast Corp.,
	50,000	5.900%, 03/15/16		56,916
	50,000	6.450%, 03/15/37		53,478
	30,000	6.500%, 01/15/17		34,965
	35,000	6.500%, 11/15/35		37,984
		Cox Communications, Inc.,
	30,000	5.450%, 12/15/14		33,436
	20,000	8.375%, 03/01/39 (e)		26,152
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	125,000	4.600%, 02/15/21		125,593
	67,000	5.000%, 03/01/21		69,394
	125,000	6.000%, 08/15/40		126,737
	78,000	Discovery Communications LLC, 4.375%, 06/15/21		77,237
	100,000	Historic TW, Inc., 9.150%, 02/01/23		134,555
	75,000	NBC Universal, Inc., 5.950%, 04/01/41 (e)		76,267
		News America, Inc.,
	50,000	6.650%, 11/15/37		53,585
	50,000	7.250%, 05/18/18		59,379
	150,000	7.300%, 04/30/28		166,744
		Time Warner Cable, Inc.,
	50,000	6.550%, 05/01/37		53,111

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — Continued
	50,000	6.750%, 07/01/18		57,984
	50,000	7.300%, 07/01/38		58,121
	70,000	8.250%, 02/14/14		81,420
		Time Warner Entertainment Co. LP,
	50,000	8.375%, 03/15/23		63,477
	25,000	8.375%, 07/15/33		31,953
	150,000	10.150%, 05/01/12		161,358
		Time Warner, Inc.,
	35,000	4.750%, 03/29/21		35,604
	75,000	6.200%, 03/15/40		76,836
	22,000	6.250%, 03/29/41		22,853
				2,407,109
		Specialty Retail — 0.1%
	70,000	Home Depot, Inc., 5.400%, 03/01/16		78,219
	75,000	Lowe’s Cos., Inc., 7.110%, 05/15/37		90,870
	35,000	Staples, Inc., 9.750%, 01/15/14		41,667
				210,756
		Total Consumer Discretionary		2,730,298
		Consumer Staples — 0.6%
		Beverages — 0.2%
	125,000	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		157,255
	50,000	Coca-Cola Enterprises, Inc., 8.500%, 02/01/12		52,323
	95,000	Diageo Capital plc, (United Kingdom), 5.750%, 10/23/17		108,905
	20,000	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		22,574
	15,000	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		16,312
				357,369
		Food & Staples Retailing — 0.1%
		CVS Caremark Corp.,
	60,000	5.750%, 05/15/41		58,994
	30,000	6.125%, 09/15/39		30,756
		Kroger Co. (The),
	18,000	5.400%, 07/15/40		17,297
	25,000	7.500%, 04/01/31		30,267
	70,000	Wal-Mart Stores, Inc., 6.500%, 08/15/37		80,394
				217,708
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	50,000	5.875%, 05/15/13		53,274

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food Products — Continued
	55,000	8.500%, 06/15/19		67,052
	27,000	Bunge N.A. Finance LP, 5.900%, 04/01/17		29,511
	50,000	Kellogg Co., 4.250%, 03/06/13		52,769
		Kraft Foods, Inc.,
	127,000	5.375%, 02/10/20		138,836
	165,000	6.125%, 02/01/18		189,822
	100,000	6.875%, 02/01/38		115,689
				646,953
		Household Products — 0.0% (g)
	80,771	Procter & Gamble - ESOP, 9.360%, 01/01/21		104,469
		Total Consumer Staples		1,326,499
		Energy — 0.4%
		Energy Equipment & Services — 0.0% (g)
	75,000	Transocean, Inc., (Cayman Islands), 6.500%, 11/15/20		83,868
		Oil, Gas & Consumable Fuels — 0.4%
	50,000	Apache Corp., 6.900%, 09/15/18		60,628
	100,000	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		114,238
		ConocoPhillips,
	25,000	5.750%, 02/01/19		28,751
	120,000	6.000%, 01/15/20		140,327
	150,000	Marathon Oil Corp., 6.000%, 10/01/17		172,313
	60,000	Petro-Canada, (Canada), 6.800%, 05/15/38		67,676
	60,000	Shell International Finance B.V., (Netherlands), 6.375%, 12/15/38		69,569
	50,000	Statoil ASA, (Norway), 3.125%, 08/17/17		50,438
	45,000	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		50,818
	40,000	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		48,747
	150,000	Total Capital S.A., (France), 2.300%, 03/15/16		149,885
				953,390
		Total Energy		1,037,258
		Financials — 8.3%
		Capital Markets — 1.9%
		Bank of New York Mellon Corp. (The),
	75,000	2.950%, 06/18/15		77,412
	55,000	4.600%, 01/15/20		57,291
		BlackRock, Inc.,
	80,000	3.500%, 12/10/14		84,309
	130,000	5.000%, 12/10/19		138,187

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — Continued
	65,000	6.250%, 09/15/17		75,194
	100,000	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		100,121
	50,000	Credit Suisse USA, Inc., 4.875%, 01/15/15		53,918
		Goldman Sachs Group, Inc. (The),
	75,000	3.625%, 02/07/16		75,814
	20,000	3.700%, 08/01/15		20,365
	375,000	4.750%, 07/15/13		395,862
	150,000	5.250%, 10/15/13		160,941
	156,000	5.375%, 03/15/20		161,093
	100,000	5.500%, 11/15/14		108,126
	150,000	5.950%, 01/18/18		161,681
	75,000	5.950%, 01/15/27		73,519
	100,000	6.250%, 09/01/17		110,340
	80,000	6.750%, 10/01/37		79,999
	125,000	7.500%, 02/15/19		145,443
		Jefferies Group, Inc.,
	55,000	3.875%, 11/09/15		55,893
	110,000	6.450%, 06/08/27		110,040
	100,000	8.500%, 07/15/19		118,269
		Lehman Brothers Holdings, Inc.,
	315,000	0.000%, 11/10/09 (d)		81,112
	200,000	4.800%, 03/13/14 (d)		52,250
	100,000	5.750%, 05/17/13 (d)		26,125
	175,000	6.625%, 01/18/12 (d)		45,719
	50,000	Macquarie Group Ltd., (Australia), 7.300%, 08/01/14 (e)		55,962
		Merrill Lynch & Co., Inc.,
	120,000	5.450%, 07/15/14		129,197
	274,000	6.150%, 04/25/13		294,203
	135,000	6.400%, 08/28/17		147,363
	90,000	6.875%, 04/25/18		99,578
		Morgan Stanley,
	100,000	4.200%, 11/20/14		103,851
	400,000	4.750%, 04/01/14		416,955
	300,000	5.300%, 03/01/13		317,192
	200,000	5.625%, 09/23/19		205,230
	130,000	6.250%, 08/28/17		140,586
	136,000	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		148,601
				4,627,741
		Commercial Banks — 2.0%
	82,000	Bank of Nova Scotia, (Canada), 3.400%, 01/22/15		86,147

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
		Barclays Bank plc, (United Kingdom),
	110,000	2.500%, 01/23/13		112,023
	106,000	3.900%, 04/07/15		109,981
	100,000	5.200%, 07/10/14		108,177
	150,000	6.050%, 12/04/17 (e)		158,819
		BB&T Corp.,
	110,000	3.850%, 07/27/12		113,618
	100,000	3.950%, 04/29/16		104,651
	50,000	4.900%, 06/30/17		53,562
	50,000	5.700%, 04/30/14		55,491
	75,000	Branch Banking & Trust Co., 4.875%, 01/15/13		78,777
	150,000	Credit Suisse, (Switzerland), 5.000%, 05/15/13		160,112
	100,000	6.000%, 02/15/18		107,906
	100,000	Credit Suisse AG, (Switzerland), 5.400%, 01/14/20		101,238
	350,000	Glitnir Banki HF, (Iceland), 0.000%, 10/15/08 (d) (e) (f) (i)		97,125
	100,000	HSBC Bank plc, (United Kingdom), 3.500%, 06/28/15 (e)		102,613
	111,000	4.125%, 08/12/20 (e)		107,448
	100,000	KeyCorp, 6.500%, 05/14/13		108,815
		National Australia Bank Ltd., (Australia),
	200,000	2.500%, 01/08/13 (e)		203,853
	200,000	2.750%, 09/28/15 (e)		199,860
	100,000	3.750%, 03/02/15 (e)		103,923
	100,000	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		100,120
		PNC Funding Corp.,
	150,000	5.125%, 02/08/20		160,605
	25,000	5.250%, 11/15/15		27,240
	25,000	5.625%, 02/01/17		27,528
	25,000	6.700%, 06/10/19		29,457
	200,000	Rabobank Nederland N.V., (Netherlands), 3.200%, 03/11/15 (e)		206,907
		U.S. Bancorp,
	90,000	2.450%, 07/27/15		90,844
	100,000	7.500%, 06/01/26		124,141
		UBS AG, (Switzerland),
	250,000	3.875%, 01/15/15		260,952
	100,000	5.750%, 04/25/18		108,418
		Wachovia Bank N.A.,
	250,000	6.000%, 11/15/17		278,886
	250,000	6.600%, 01/15/38		274,061
	250,000	VAR, 0.577%, 03/15/16		237,531

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Banks — Continued
		Wachovia Corp.,
	250,000	5.500%, 05/01/13		268,838
	50,000	5.750%, 02/01/18		55,289
	200,000	Wells Fargo & Co., 3.676%, 06/15/16		205,468
		Westpac Banking Corp., (Australia),
	65,000	4.200%, 02/27/15		68,782
	121,000	4.875%, 11/19/19		125,859
				4,925,065
		Consumer Finance — 0.5%
	50,000	American Express Co., 7.000%, 03/19/18		58,842
	50,000	American Express Credit Corp., 7.300%, 08/20/13		55,650
		Capital One Financial Corp.,
	65,000	5.700%, 09/15/11		65,653
	185,000	6.250%, 11/15/13		203,665
	100,000	6.750%, 09/15/17		115,613
		HSBC Finance Corp.,
	13,000	4.750%, 07/15/13		13,766
	150,000	5.000%, 06/30/15		161,377
	150,000	5.250%, 01/15/14		161,708
	50,000	7.350%, 11/27/32		51,143
	100,000	VAR, 0.528%, 01/15/14		98,365
	20,000	John Deere Capital Corp., 4.500%, 04/03/13		21,273
	100,000	SLM Corp., 5.375%, 01/15/13		102,771
	87,000	Toyota Motor Credit Corp., 3.200%, 06/17/15		90,420
				1,200,246
		Diversified Financial Services — 2.3%
	150,000	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		155,646
		Bank of America Corp.,
	295,000	5.650%, 05/01/18		311,027
	245,000	5.750%, 12/01/17		260,503
	50,000	6.500%, 08/01/16		55,763
	200,000	7.375%, 05/15/14		224,839
	25,000	7.625%, 06/01/19		28,960
	150,000	BP Capital Markets plc, (United Kingdom), 4.742%, 03/11/21		154,740
		Caterpillar Financial Services Corp.,
	80,000	5.450%, 04/15/18		90,476
	100,000	6.200%, 09/30/13		111,278
	100,000	7.050%, 10/01/18		122,098
	50,000	7.150%, 02/15/19		61,689

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Financial Services — Continued
		Citigroup, Inc.,
	150,000	4.700%, 05/29/15		158,384
	62,000	4.750%, 05/19/15		65,569
	300,000	5.000%, 09/15/14		314,387
	36,000	5.375%, 08/09/20		37,568
	55,000	5.500%, 04/11/13		58,392
	285,000	6.000%, 08/15/17		312,100
	150,000	6.010%, 01/15/15		165,066
	100,000	8.125%, 07/15/39		125,137
	45,000	8.500%, 05/22/19		55,784
		CME Group, Inc.,
	50,000	5.400%, 08/01/13		54,403
	50,000	5.750%, 02/15/14		55,537
	75,000	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		86,870
	45,000	ERAC USA Finance LLC, 4.500%, 08/16/21 (e)		44,728
	200,000	FUEL Trust, 3.984%, 06/15/16 (e)		198,375
		General Electric Capital Corp.,
	200,000	4.750%, 09/15/14		216,789
	100,000	5.250%, 10/19/12		105,422
	190,000	5.500%, 01/08/20		203,471
	400,000	5.625%, 05/01/18		437,487
	100,000	5.875%, 01/14/38		101,157
	390,000	5.875%, 02/15/12		403,209
	115,000	5.900%, 05/13/14		127,755
	110,000	6.000%, 06/15/12		115,659
	200,000	6.750%, 03/15/32		222,210
	125,000	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		125,000
	100,000	MassMutual Global Funding II, 2.300%, 09/28/15 (e)		100,011
		National Rural Utilities Cooperative Finance Corp.,
	50,000	2.625%, 09/16/12		51,146
	50,000	10.375%, 11/01/18		69,246
				5,587,881
		FDIC Guaranteed Securities (~) — 0.0% (g)
	105,000	Goldman Sachs Group, Inc. (The), 3.250%, 06/15/12		107,947
		Insurance — 1.2%
	35,000	ACE INA Holdings, Inc., 5.600%, 05/15/15		38,916
		Aflac, Inc.,
	25,000	6.450%, 08/15/40		24,806
	20,000	8.500%, 05/15/19		24,460

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — Continued
	60,000	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		64,662
	130,000	American International Group, Inc., 4.250%, 05/15/13		133,636
		AON Corp.,
	40,000	3.125%, 05/27/16		39,870
	23,000	3.500%, 09/30/15		23,641
	18,000	6.250%, 09/30/40		18,744
	300,000	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		312,000
		Berkshire Hathaway Finance Corp.,
	33,000	2.450%, 12/15/15		33,411
	50,000	5.400%, 05/15/18		55,463
	100,000	5.750%, 01/15/40		103,886
	75,000	CNA Financial Corp., 5.875%, 08/15/20		77,980
	200,000	Jackson National Life Global Funding, 6.125%, 05/30/12 (e)		209,661
	20,000	Lincoln National Corp., 4.850%, 06/24/21		19,792
		Metropolitan Life Global Funding I,
	120,000	2.500%, 01/11/13 (e)		122,172
	100,000	2.875%, 09/17/12 (e)		102,196
	175,000	3.650%, 06/14/18 (e)		163,966
	100,000	5.200%, 09/18/13 (e)		108,714
	100,000	Nationwide Financial Services, 6.250%, 11/15/11		101,314
	250,000	New York Life Global Funding, 5.375%, 09/15/13 (e)		272,729
	100,000	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		104,863
	300,000	Principal Life Global Funding I, 6.250%, 02/15/12 (e)		310,362
		Principal Life Income Funding Trusts,
	35,000	5.100%, 04/15/14		38,104
	80,000	5.300%, 04/24/13		86,033
	150,000	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		185,280
	25,000	Travelers Cos, Inc. (The), 5.800%, 05/15/18		28,014
				2,804,675
		Real Estate Investment Trusts (REITs) — 0.3%
		CommonWealth REIT,
	75,000	5.875%, 09/15/20		77,018
	100,000	6.650%, 01/15/18		111,163
	92,000	HCP, Inc., 5.375%, 02/01/21		94,891
		Simon Property Group LP,
	8,000	4.200%, 02/01/15		8,510

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Real Estate Investment Trusts (REITs) — Continued
	20,000	4.375%, 03/01/21		19,685
	50,000	5.625%, 08/15/14		55,855
	50,000	5.650%, 02/01/20		54,020
	45,000	6.100%, 05/01/16		51,684
	30,000	6.750%, 05/15/14		33,997
	102,000	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		115,667
				622,490
		Thrifts & Mortgage Finance — 0.1%
	75,000	Countrywide Financial Corp., 6.250%, 05/15/16		79,037
	250,000	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		251,630
				330,667
		Total Financials		20,206,712
		Health Care — 0.2%
		Biotechnology — 0.1%
		Amgen, Inc.,
	25,000	4.500%, 03/15/20		25,783
	40,000	5.700%, 02/01/19		45,300
	82,000	5.750%, 03/15/40		83,869
				154,952
		Health Care Equipment & Supplies — 0.0% (g)
	10,000	Baxter International, Inc., 4.000%, 03/01/14		10,740
		Health Care Providers & Services — 0.0% (g)
	30,000	Medco Health Solutions, Inc., 2.750%, 09/15/15		30,263
		WellPoint, Inc.,
	13,000	5.875%, 06/15/17		14,863
	9,000	7.000%, 02/15/19		10,750
				55,876
		Pharmaceuticals — 0.1%
	35,000	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		39,159
	50,000	GlaxoSmithKline Capital, Inc., 4.375%, 04/15/14		54,431
	80,000	Novartis Capital Corp., 4.125%, 02/10/14		86,215
				179,805
		Total Health Care		401,373

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrials — 0.5%
		Aerospace & Defense — 0.1%
	100,000	United Technologies Corp., 6.125%, 02/01/19		116,946
		Airlines — 0.0% (g)
	32,000	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		31,280
	54,212	Delta Air Lines 2010-2 Class A Pass- Through Trust, 4.950%, 05/23/19		54,212
				85,492
		Commercial Services & Supplies — 0.0% (g)
	55,000	Allied Waste North America, Inc., 6.875%, 06/01/17		59,606
	43,000	Waste Management, Inc., 4.750%, 06/30/20		44,627
				104,233
		Industrial Conglomerates — 0.2%
	44,000	Danaher Corp., 3.900%, 06/23/21		43,827
		General Electric Co.,
	250,000	5.000%, 02/01/13		265,350
	65,000	5.250%, 12/06/17		72,008
	22,000	Koninklijke Philips Electronics N.V., (Netherlands), 5.750%, 03/11/18		24,636
	50,000	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		63,386
	30,000	Tyco International Ltd./Tyco International Finance S.A., (Switzerland), 7.000%, 12/15/19		35,640
				504,847
		Machinery — 0.0% (g)
	25,000	Parker Hannifin Corp., 5.500%, 05/15/18		28,395
		Road & Rail — 0.2%
		Burlington Northern Santa Fe LLC,
	25,000	3.600%, 09/01/20		24,185
	75,000	5.400%, 06/01/41		73,693
	100,000	5.650%, 05/01/17		113,614
	35,000	5.750%, 05/01/40		36,054
		CSX Corp.,
	33,000	4.250%, 06/01/21		32,845
	50,000	5.500%, 04/15/41		48,787
	25,000	7.375%, 02/01/19		30,474
	35,000	Ryder System, Inc., 3.600%, 03/01/16		35,862
	35,000	United Parcel Service of America, Inc., 8.375%, 04/01/20		47,225
				442,739
		Total Industrials		1,282,652

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Information Technology — 0.7%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	80,000	5.500%, 02/22/16		90,960
	75,000	5.900%, 02/15/39		79,241
				170,201
		Computers & Peripherals — 0.2%
		Dell, Inc.,
	128,000	3.100%, 04/01/16		130,734
	25,000	7.100%, 04/15/28		28,837
		Hewlett-Packard Co.,
	85,000	2.950%, 08/15/12		87,086
	50,000	4.300%, 06/01/21		50,489
	75,000	4.750%, 06/02/14		81,844
		International Business Machines Corp.,
	50,000	6.220%, 08/01/27		57,710
	100,000	8.000%, 10/15/38		134,758
				571,458
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	10,000	3.375%, 11/01/15		10,131
	25,000	6.000%, 04/01/20		26,735
	85,000	6.875%, 07/01/13		92,606
				129,472
		IT Services — 0.0% (g)
	50,000	HP Enterprise Services LLC, 7.450%, 10/15/29		63,514
		Office Electronics — 0.1%
		Pitney Bowes, Inc.,
	75,000	4.875%, 08/15/14		80,650
	80,000	5.000%, 03/15/15		86,018
		Xerox Corp.,
	17,000	4.500%, 05/15/21		16,816
	35,000	5.625%, 12/15/19		38,336
	50,000	6.750%, 02/01/17		58,385
				280,205
		Semiconductors & Semiconductor Equipment — 0.1%
	110,000	National Semiconductor Corp., 6.600%, 06/15/17		129,464
		Software — 0.1%
	75,000	Microsoft Corp., 1.625%, 09/25/15		74,206
		Oracle Corp.,
	50,000	5.250%, 01/15/16		56,426
	50,000	5.750%, 04/15/18		57,223

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Software — Continued
	100,000	6.500%, 04/15/38		115,956
				303,811
		Total Information Technology		1,648,125
		Materials — 0.3%
		Chemicals — 0.2%
		Dow Chemical Co. (The),
	110,000	6.000%, 10/01/12		116,634
	30,000	7.375%, 11/01/29		36,771
		E.l. du Pont de Nemours & Co.,
	58,000	1.950%, 01/15/16		57,211
	25,000	4.900%, 01/15/41		23,733
	80,000	Monsanto Co., 7.375%, 08/15/12		85,835
	50,000	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		53,275
		PPG Industries, Inc.,
	14,000	5.500%, 11/15/40		13,702
	50,000	9.000%, 05/01/21		65,643
	90,000	Praxair, Inc., 5.250%, 11/15/14		101,095
				553,899
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	40,000	5.400%, 03/29/17		45,476
	80,000	6.500%, 04/01/19		95,730
		Rio Tinto Finance USA Ltd., (Australia),
	12,000	3.500%, 11/02/20		11,484
	60,000	8.950%, 05/01/14		72,052
				224,742
		Total Materials		778,641
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
	7,000	AT&T Corp., 8.000%, 11/15/31		9,263
		AT&T, Inc.,
	125,000	4.950%, 01/15/13		132,503
	205,000	5.350%, 09/01/40		194,312
	100,000	5.500%, 02/01/18		111,533
	70,000	5.600%, 05/15/18		77,952
	70,000	5.800%, 02/15/19		78,985
	45,000	6.300%, 01/15/38		47,654
	145,000	BellSouth Corp., 5.200%, 09/15/14		159,746
	205,596	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		220,129
	50,000	Centel Capital Corp., 9.000%, 10/15/19		58,216

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
		CenturyLink, Inc.,
	90,000	6.450%, 06/15/21		88,971
	60,000	7.600%, 09/15/39		57,713
	200,000	GTE Corp., 6.840%, 04/15/18		232,654
		Telecom Italia Capital S.A., (Luxembourg),
	50,000	4.950%, 09/30/14		52,133
	130,000	5.250%, 11/15/13		136,471
		Telefonica Emisiones S.A.U., (Spain),
	19,000	5.462%, 02/16/21		19,288
	100,000	5.855%, 02/04/13		106,045
	25,000	5.877%, 07/15/19		26,252
	90,000	Verizon Communications, Inc., 6.400%, 02/15/38		97,540
	200,000	Verizon Global Funding Corp., 7.750%, 12/01/30		249,951
	150,000	Verizon Maryland, Inc., 7.150%, 05/01/23		159,028
	100,000	Verizon Pennsylvania, Inc., 8.350%, 12/15/30		121,904
	100,000	Verizon Virginia, Inc., 4.625%, 03/15/13		105,466
				2,543,709
		Wireless Telecommunication Services — 0.1%
	40,000	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		40,616
		Rogers Communications, Inc., (Canada),
	70,000	6.375%, 03/01/14		78,510
	50,000	6.800%, 08/15/18		58,998
	50,000	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		55,117
				233,241
		Total Telecommunication Services		2,776,950
		Utilities — 1.2%
		Electric Utilities — 0.9%
	62,000	Alabama Power Co., 6.125%, 05/15/38		69,096
		Carolina Power & Light Co.,
	100,000	5.125%, 09/15/13		108,816
	25,000	5.300%, 01/15/19		27,905
	100,000	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		110,649
	40,000	Columbus Southern Power Co., 6.050%, 05/01/18		45,623
	38,000	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		40,125
		Duke Energy Carolinas LLC,
	39,000	4.300%, 06/15/20		40,442
	75,000	5.100%, 04/15/18		82,950

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — Continued
	75,000	5.625%, 11/30/12		79,869
	75,000	6.250%, 01/15/12		77,260
	60,000	Duke Energy Indiana, Inc., 6.350%, 08/15/38		67,884
		Exelon Generation Co. LLC,
	78,000	4.000%, 10/01/20		73,618
	29,000	5.750%, 10/01/41		27,531
		Florida Power & Light Co.,
	30,000	5.950%, 10/01/33		32,863
	30,000	5.950%, 02/01/38		33,131
	25,000	Georgia Power Co., 5.950%, 02/01/39		27,076
	18,000	Great Plains Energy, Inc., 4.850%, 06/01/21		18,058
	40,000	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		42,395
	25,000	Northern States Power Co., 6.250%, 06/01/36		28,760
		Oncor Electric Delivery Co. LLC,
	15,000	5.950%, 09/01/13		16,360
	30,000	6.800%, 09/01/18		35,061
	75,000	Pacific Gas & Electric Co., 5.625%, 11/30/17		85,136
	75,000	Potomac Electric Power Co., 6.500%, 11/15/37		88,067
	35,000	Progress Energy, Inc., 4.400%, 01/15/21		35,386
	37,000	PSEG Power LLC, 5.125%, 04/15/20		38,828
	18,000	Public Service Co. of Colorado, 3.200%, 11/15/20		17,076
	175,000	Public Service Co. of Oklahoma, 6.625%, 11/15/37		195,150
		Public Service Electric & Gas Co.,
	28,000	5.375%, 11/01/39		28,557
	25,000	6.330%, 11/01/13		27,915
	50,000	Southwestern Public Service Co., 8.750%, 12/01/18		64,130
		Spectra Energy Capital LLC,
	45,000	7.500%, 09/15/38		54,205
	50,000	8.000%, 10/01/19		61,163
		Virginia Electric and Power Co.,
	140,000	5.100%, 11/30/12		148,273
	50,000	5.400%, 04/30/18		56,010
	70,000	5.950%, 09/15/17		81,728
	70,000	6.350%, 11/30/37		79,953
				2,147,049

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Gas Utilities — 0.2%
		AGL Capital Corp.,
	30,000	4.450%, 04/15/13		31,471
	46,000	5.875%, 03/15/41		47,824
	25,000	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		28,664
	100,000	NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		112,028
		TransCanada PipeLines Ltd., (Canada),
	50,000	4.000%, 06/15/13		52,803
	50,000	6.500%, 08/15/18		58,821
	50,000	7.125%, 01/15/19		61,276
				392,887
		Multi-Utilities — 0.1%
	75,000	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		82,631
		Sempra Energy,
	100,000	6.500%, 06/01/16		115,809
	40,000	8.900%, 11/15/13		46,230
				244,670
		Water Utilities — 0.0% (g)
	100,000	American Water Capital Corp., 6.085%, 10/15/17		115,253
		Total Utilities		2,899,859
		Total Corporate Bonds (Cost $34,023,307)		35,088,367
	Foreign Government Securities — 0.2%
		Province of Ontario, (Canada),
	75,000	2.700%, 06/16/15		77,820
	200,000	2.950%, 02/05/15		209,725
	100,000	United Mexican States, (Mexico), 6.625%, 03/03/15		116,100
		Total Foreign Government Securities (Cost $375,955)		403,645
	Mortgage Pass-Through Securities — 5.7%
		Federal Home Loan Mortgage Corp.,
	104,348	ARM, 2.320%, 01/01/27		109,006
	156,849	ARM, 2.334%, 03/01/35		164,628
	217,972	ARM, 2.510%, 04/01/30 - 04/01/34		228,691
	112,294	ARM, 5.945%, 01/01/37		120,813
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	53,020	4.500%, 08/01/18		56,669
	80,211	5.000%, 12/01/13 - 04/01/14		84,162
	22,506	5.500%, 03/01/14		24,339
	9,322	6.000%, 04/01/14		10,169

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	264,050	6.500%, 06/01/14 - 02/01/19		288,377
	53,224	7.000%, 01/01/17		55,105
	3,930	8.500%, 11/01/15		4,457
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	58,062	6.000%, 12/01/22		64,122
	109,388	6.500%, 11/01/22		123,347
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	186,750	5.500%, 10/01/33		203,272
	532,404	6.000%, 04/01/26 - 02/01/39		586,418
	597,818	6.500%, 11/01/25 - 11/01/34		677,465
	115,078	7.000%, 04/01/35		133,595
	9,134	8.500%, 07/01/28		10,999
	129,779	Federal Home Loan Mortgage Corp. Gold Pools, Other, 7.000%, 07/01/29		144,649
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	36,834	10.000%, 01/01/20 - 09/01/20		42,968
	1,486	12.000%, 07/01/19		1,723
		Federal National Mortgage Association,
	510,295	ARM, 1.984%, 01/01/35		536,637
	2,973	ARM, 2.030%, 03/01/19		3,058
	37,277	ARM, 2.387%, 04/01/34		39,191
	117,537	ARM, 2.436%, 01/01/34		123,006
	140,568	ARM, 2.445%, 07/01/33		147,722
	117,709	ARM, 2.470%, 05/01/35		123,604
	122,027	ARM, 2.534%, 04/01/33		127,802
	158,392	ARM, 2.583%, 10/01/34		166,583
	190,219	ARM, 2.995%, 08/01/34		199,629
	8,245	ARM, 3.953%, 03/01/29		8,483
		Federal National Mortgage Association, 15 Year, Single Family,
	225,562	3.500%, 09/01/18 - 05/01/19		235,584
	47,100	4.000%, 07/01/18		49,840
	378,508	4.500%, 07/01/18 - 05/01/23		403,037
	34,933	5.000%, 06/01/18		37,760
	425,622	5.500%, 04/01/22		461,617
	292,645	6.000%, 04/01/13 - 09/01/22		320,224
	102,761	6.500%, 05/01/13 - 08/01/20		111,924
	29,162	8.000%, 11/01/12 - 01/01/16		29,617
		Federal National Mortgage Association, 20 Year, Single Family,
	127,750	4.500%, 01/01/25		136,380
	739,502	5.000%, 11/01/23		797,514
	196,543	6.500%, 03/01/19 - 12/01/22		222,690

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, 30 Year, FHA/VA,
	63,212	8.500%, 10/01/26 - 06/01/30		74,323
	89,489	9.000%, 04/01/25		106,361
		Federal National Mortgage Association, 30 Year, Single Family,
	334,677	3.000%, 09/01/31		311,570
	448,049	4.500%, 04/01/38 - 05/01/39		464,625
	366,415	5.000%, 09/01/35		391,207
	187,177	5.500%, 01/01/38 - 06/01/38		202,682
	210,448	6.000%, 01/01/29 - 03/01/33		234,656
	998,673	6.500%, 09/01/25 - 11/01/36		1,133,282
	4,204	7.000%, 08/01/32		4,863
	47,448	7.500%, 03/01/30 - 08/01/30		55,697
	170,870	8.000%, 03/01/27 - 11/01/28		200,437
		Federal National Mortgage Association, Other,
	494,298	4.130%, 07/01/20		508,874
	399,238	5.500%, 09/01/33 - 04/01/38		428,711
	137,984	6.000%, 09/01/28		153,160
	222,598	6.500%, 10/01/35		252,020
	19,287	7.500%, 02/01/13		20,510
		Government National Mortgage Association II, 30 Year, Single Family,
	5,197	7.500%, 12/20/26		6,068
	104,760	8.000%, 11/20/26 - 01/20/27		123,916
	3,380	8.500%, 05/20/25		4,061
		Government National Mortgage Association II, Other,
	607,988	ARM, 2.500%, 07/20/34 - 09/20/34		630,312
	18,622	Government National Mortgage Association, 15 Year, Single Family, 8.000%, 01/15/16		20,094
		Government National Mortgage Association, 30 Year, Single Family,
	217,924	6.000%, 05/15/37 - 10/15/38		243,421
	251,453	6.500%, 03/15/28 - 12/15/38		285,954
	46,323	7.000%, 12/15/25 - 06/15/33		54,145
	23,753	7.500%, 05/15/23 - 09/15/28		27,821
	28,594	8.000%, 09/15/22 - 10/15/27		33,889
	9,160	9.000%, 11/15/24		10,818
	291,723	9.500%, 10/15/24		346,804
		Total Mortgage Pass-Through Securities (Cost $12,849,121)		13,747,157

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 0.1%
		Illinois — 0.0% (g)
	160,000	State of Illinois, Taxable Pension, Series 2003, GO, 5.100%, 06/01/33		136,363
		New York — 0.1%
	30,000	New York State Dormitory Authority, Build America Bonds, Rev., 5.600%, 03/15/40		30,824
	130,000	Port Authority of New York & New Jersey, Taxable Construction 164th, Rev., 5.647%, 11/01/40		132,947
				163,771
		Total Municipal Bonds (Cost $319,216)		300,134
	Supranational — 0.0% (g)
	50,000	Corp. Andina de Fomento, 5.200%, 05/21/13 (Cost $49,952)		53,500
	U.S. Government Agency Securities — 10.0%
		Federal Home Loan Mortgage Corp.,
	30,000	4.875%, 06/13/18		34,097
	125,000	5.125%, 10/18/16		143,149
		Federal National Mortgage Association,
	3,000,000	Zero Coupon, 10/09/19		2,100,090
	495,000	2.750%, 03/13/14		520,713
	150,000	4.875%, 12/15/16		170,188
	6,000,000	Federal National Mortgage Association Interest STRIPS, 09/23/20		4,181,562
	630,000	Federal National Mortgage Association Principal STRIPS, 03/23/28		281,920
		Financing Corp., Principal STRIPS,
	2,000,000	11/02/18		1,600,888
	8,000,000	12/06/18		6,371,304
	100,000	09/26/19		76,159
	4,000,000	Residual Funding Corp., Principal Strip, 07/15/20		2,916,584
	2,000,000	Resolution Funding Corp. Interest STRIPS, 01/15/20		1,496,138
	33,000	Tennessee Valley Authority, 4.625%, 09/15/60		30,946
	5,000,000	Tennessee Valley Authority STRIPS, 07/15/16		4,413,340
		Total U.S. Government Agency Securities (Cost $19,837,841)		24,337,078
	U.S. Treasury Obligations — 17.9%
		U.S. Treasury Bonds,
	415,000	4.375%, 02/15/38		417,723
	50,000	4.500%, 02/15/36		51,672
	75,000	4.500%, 05/15/38		76,992

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2011

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — Continued
	230,000	5.000%, 05/15/37		255,480
	10,000	6.375%, 08/15/27		12,950
	150,000	6.750%, 08/15/26		200,180
	80,000	7.250%, 08/15/22		109,025
	50,000	7.500%, 11/15/16		64,504
	250,000	8.000%, 11/15/21		355,976
	396,000	8.125%, 08/15/19		554,245
	1,255,000	8.875%, 08/15/17		1,743,959
		U.S. Treasury Bonds STRIPS,
	2,500,000	08/15/14		2,431,033
	2,000,000	11/15/14		1,929,306
	1,750,000	02/15/15		1,672,466
	500,000	05/15/15		474,453
	180,000	08/15/15		169,593
	4,715,000	11/15/15		4,402,810
	3,300,000	02/15/16 (m)		3,054,011
	1,615,000	05/15/16		1,480,264
	1,925,000	08/15/16		1,746,310
	3,050,000	11/15/16		2,738,854
	825,000	02/15/17		731,987
	3,625,000	08/15/17		3,145,873
	2,900,000	11/15/17		2,489,128
	50,000	02/15/18		42,379
	280,000	02/15/19		225,979
	100,000	05/15/19		79,683
	400,000	08/15/19		314,671
	1,503,000	05/15/20		1,128,819
	150,000	08/15/20		111,022
	100,000	08/15/21		69,846
	300,000	11/15/21		206,593
	10,000	11/15/24		5,771
	100,000	05/15/26		52,875
	250,000	05/15/27		124,982
	200,000	11/15/27		97,185
	50,000	08/15/28		23,365
	100,000	11/15/28		46,088

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	600,000	02/15/30		258,508
	50,000	08/15/30		20,986
	50,000	11/15/30		20,726
	50,000	11/15/32		18,677
	275,000	05/15/33		100,084
	100,000	08/15/33		35,844
	200,000	11/15/33		70,831
	225,000	02/15/34		78,488
	100,000	05/15/34		34,503
	50,000	02/15/35		16,549
	300,000	U.S. Treasury Inflation Indexed Bond, 3.625%, 04/15/28		549,318
	170,000	U.S. Treasury Inflation Indexed Note, 1.375%, 07/15/18		192,514
		U.S. Treasury Notes,
	10,000	1.500%, 12/31/13		10,215
	742,000	3.125%, 05/15/19		766,115
	200,000	3.250%, 12/31/16		213,359
	545,000	4.750%, 08/15/17		626,835
	10,000,000	U.S. Treasury Principal STRIPS, 05/15/20		7,560,440
		Total U.S. Treasury Obligations (Cost $38,911,944)		43,412,044
SHARES
	Short-Term Investment — 2.8%
		Investment Company — 2.8%
	6,815,289	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (Cost $6,815,289)		6,815,289
		Total Investments — 99.8% (Cost $225,762,780)		242,522,238
		Other Assets in Excess of Liabilities — 0.2%		420,058
		NET ASSETS — 100.0%	$	242,942,296

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

ARM	—  Adjustable Rate Mortgage
CMO	—  Collateralized Mortgage Obligation
ESOP	—  Employee Stock Ownership Program
FHA	—  Federal Housing Administration
GO	—  General Obligation
GMAC	—  General Motors Acceptance Corp.
HB	—  High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of June 30, 2011. The rate may be subject to a cap and floor.
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.
PO	—  Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—  Real Estate Mortgage Investment Conduits
Rev.	—  Revenue
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.

SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of June 30, 2011.
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2011.
(~)	—  Securities are guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program (TLGP). Under this program, the FDIC guarantees, with the full faith and credit of the U.S. government, the payment of principal and interest. The expiration of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  Defaulted Security.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f)	—  Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The portfolio owns fair valued securities with a value of approximately $571,250 which amounts to 0.2% of total investments.
(g)	—  Amount rounds to less than 0.1%.
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	Core  Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	235,706,949
Investments in affiliates, at value		6,815,289
Total investment securities, at value		242,522,238
Receivables:
Investment securities sold		237,433
Portfolio shares sold		1,136
Interest and dividends		1,187,942
Other assets		20,162
Total Assets		243,968,911
LIABILITIES:
Payables:
Investment securities purchased		684,632
Portfolio shares redeemed		55,368
Accrued liabilities:
Investment advisory fees		74,657
Administration fees		20,865
Distribution fees		4
Custodian and accounting fees		36,168
Trustees’ and Chief Compliance Officer’s fees		684
Printing & Postage fees		75,269
Other		78,968
Total Liabilities		1,026,615
Net Assets	$	242,942,296
NET ASSETS:
Paid in capital	$	227,032,540
Accumulated undistributed net investment income		6,202,007
Accumulated net realized gains (losses)		(7,051,709	)
Net unrealized appreciation (depreciation)		16,759,458
Total Net Assets	$	242,942,296
NET ASSETS:
Class 1	$	242,922,091
Class 2		20,205
Total	$	242,942,296
Outstanding units of beneficial interest (shares) (Unlimited amount authorized, no par value):
Class 1		21,653,000
Class 2		1,804
Net asset value, offering and redemption price per share:
Class 1	$	11.22
Class 2		11.20
Cost of investments in non-affiliates	$	218,947,491
Cost of investments in affiliates		6,815,289

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 25

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	Core  Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	6,943,486
Dividend income from affiliates		2,271
Total investment income		6,945,757
EXPENSES:
Investment advisory fees		480,309
Administration fees		106,459
Distribution fees:
Class 2		25
Custodian and accounting fees		62,544
Interest expense to affiliates		65
Professional fees		33,679
Trustees’ and Chief Compliance Officer’s fees		1,294
Printing and mailing costs		48,703
Transfer agent fees		3,898
Other		17,425
Total expenses		754,401
Less amounts waived		(37,264	)
Less earnings credits		(4	)
Net expenses		717,133
Net investment income (loss)		6,228,624
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		279,239
Change in net unrealized appreciation (depreciation) of investments in non-affiliates		587,563
Net realized/unrealized gains (losses)		866,802
Change in net assets resulting from operations	$	7,095,426

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Core Bond Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,228,624		$	13,325,369
Net realized gain (loss)		279,239			923,828
Change in net unrealized appreciation (depreciation)		587,563			9,276,930
Change in net assets resulting from operations		7,095,426			23,526,127
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(13,335,748	)		(10,410,679	)
Class 2
From net investment income		(1,059	)		(689	)
Total distributions to shareholders		(13,336,807	)		(10,411,368	)
CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		3,486,771			(30,994,509	)
NET ASSETS:
Change in net assets		(2,754,610	)		(17,879,750	)
Beginning of period		245,696,906			263,576,656
End of period	$	242,942,296		$	245,696,906
Accumulated undistributed net investment income	$	6,202,007		$	13,310,190
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	15,371,340		$	26,030,552
Dividends and distributions reinvested		13,335,748			10,410,679
Cost of shares redeemed		(25,221,376	)		(67,436,429	)
Change in net assets from Class 1 capital transactions	$	3,485,712		$	(30,995,198	)
Class 2
Dividends and distributions reinvested	$	1,059		$	689
Change in net assets from Class 2 capital transactions	$	1,059		$	689
Total change in net assets from capital transactions	$	3,486,771		$	(30,994,509	)
SHARE TRANSACTIONS:
Class 1
Issued		1,346,061			2,294,097
Reinvested		1,213,444			957,744
Redeemed		(2,202,792	)		(5,939,474	)
Change in Class 1 Shares		356,713			(2,687,633	)
Class 2
Reinvested		97			63
Change in Class 2 Shares		97			63

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 27

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net asset value, end of period
Core Bond Portfolio
Class 1
Six Months Ended June 30, 2011 (Unaudited)	$	11.54	$	0.29	(e)	$	0.04		$	0.33	$	(0.65	)	$	11.22
Year Ended December 31, 2010		10.99		0.57	(e)		0.42			0.99		(0.44	)		11.54
Year Ended December 31, 2009		10.94		0.61	(e)		0.38			0.99		(0.94	)		10.99
Year Ended December 31, 2008		11.41		0.56	(e)		(0.41	)		0.15		(0.62	)		10.94
Year Ended December 31, 2007		11.30		0.51	(e)		0.17			0.68		(0.57	)		11.41
Year Ended December 31, 2006		11.26		0.54			(0.08	)		0.46		(0.42	)		11.30
Class 2
Six Months Ended June 30, 2011 (Unaudited)		11.51		0.28	(e)		0.03			0.31		(0.62	)		11.20
Year Ended December 31, 2010		10.97		0.54	(e)		0.42			0.96		(0.42	)		11.51
Year Ended December 31, 2009		10.92		0.59	(e)		0.37			0.96		(0.91	)		10.97
Year Ended December 31, 2008		11.38		0.54	(e)		(0.41	)		0.13		(0.59	)		10.92
Year Ended December 31, 2007		11.29		0.49	(e)		0.16			0.65		(0.56	)		11.38
August 16, 2006 (f) through December 31, 2006		11.00		0.18			0.11			0.29		—			11.29

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2011

Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
	2.96	%	$	242,922		0.60	%		5.19	%		0.63	%		6	%
	9.24			245,677		0.60			5.06			0.62			10
	9.65			263,559		0.59			5.63			0.67			17
	1.31			145,805		0.60			5.04			0.63			3
	6.21			191,762		0.60			4.62			0.65			4
	4.23			252,140		0.65			4.52			0.70			13
	2.80			20		0.85			4.94			0.88			6
	8.97			20		0.85			4.80			0.88			10
	9.32			18		0.84			5.47			0.92			17
	1.15			17		0.85			4.83			0.87			3
	5.93			16		0.85			4.36			0.91			4
	2.64			15		0.84			4.29			0.87			13

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Core Bond Portfolio	Class 1 and Class 2	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and service fees and each class has exclusive voting rights with respect to its distribution plan or administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The broker-dealers or pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the broker-dealers or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the broker-dealers or pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share. Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	3,376,410	$	234,750	$	3,611,160
Collateralized Mortgage Obligations
Agency		—		84,026,525		—		84,026,525
Non-Agency		—		25,765,175		239,375		26,004,550
Total Collateralized Mortgage Obligations		—		109,791,700		239,375		110,031,075
Commercial Mortgage-Backed Securities		—		4,722,789		—		4,722,789
Corporate Bonds
Consumer Discretionary		—		2,730,298		—		2,730,298
Consumer Staples		—		1,326,499		—		1,326,499
Energy		—		1,037,258		—		1,037,258
Financials		—		20,109,587		97,125		20,206,712
Health Care		—		401,373		—		401,373
Industrials		—		1,282,652		—		1,282,652
Information Technology		—		1,648,125		—		1,648,125
Materials		—		778,641		—		778,641
Telecommunication Services		—		2,776,950		—		2,776,950
Utilities		—		2,899,859		—		2,899,859
Total Corporate Bonds		—		34,991,242		97,125		35,088,367
Foreign Government Securities		—		403,645		—		403,645
Mortgage Pass-Through Securities		—		13,747,157		—		13,747,157
Municipal Bonds		—		300,134		—		300,134
Supranational		—		53,500		—		53,500
U.S. Government Agency Securities		—		24,337,078		—		24,337,078
U.S. Treasury Obligations		—		43,412,044		—		43,412,044
Short-Term Investment
Investment Company		6,815,289		—		—		6,815,289
Total Investments in Securities	$	6,815,289	$	235,135,699	$	571,250	$	242,522,238

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Balance as of 12/31/10		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net amortization (accretion)		Purchases (1)		Sales (2)			Transfers into Level 3		Transfers out of Level 3			Balance as of 06/30/11
Investments in Securities
Asset-Backed Securities	$	—	$	(9	)	$	(1	)	$	1	$	249,375	$	(14,616	)	$	—	$	—		$	234,750
Collateralized Mortgage Obligations — Agency		195,154		—			—			—		—		—			—		(195,154	)		—
Collateralized Mortgage Obligations — Non-Agency		47,898		(117,910	)		127,955			88		239,375		(58,031	)		—		—			239,375
Corporate Bonds — Financials		104,125		—			(7,000	)		—		—		—			—		—			97,125
Total	$	347,177	$	(117,919	)	$	120,954		$	89	$	488,750	$	(72,647	)	$	—	$	(195,154	)	$	571,250

(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 a corporate action.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

Transfers into and out of Level 3 are valued using values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at June 30, 2011, which were valued using significant unobservable inputs (Level 3) amounted to approximately $(7,000). This amount is included in Change in net unrealized appreciation (depreciation) of investments in non-affiliates on the Statement of Operations.

B. Restricted and Illiquid Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration. An illiquid security is a security which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately its fair value and includes, but is not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The following is the value and percentage of net assets of illiquid securities as of June 30, 2011:

Value		Percentage
$	571,250		0.2	%

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

D. Allocation of Income and Expenses — In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. Each class of shares bears its pro-rata portion of expenses attributable to the Portfolio, except that each class separately bears expenses related specifically to that class, such as distribution fees.

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid at least annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM acts as the investment advisor to the Portfolio. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). JPMIM supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.40%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2011

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s average daily net assets as shown in the table below:

Class 1			Class 2
	0.60	%		0.85	%

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The contractual expense limitation percentages in the table above are in place until at least April 30, 2012.

For the six months ended June 30, 2011, the Advisor contractually waived fees for the Portfolio in the amount of $33,836. The Advisor does not expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 was $3,428.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	9,007,388	$	19,362,325	$	4,091,630	$	2,631,073

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	225,762,780	$	22,020,304	$	5,260,846	$	16,759,458

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from another portfolio or from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from another portfolio or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

The Portfolio is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Portfolio could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Portfolio is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Portfolio such as swap and option contracts, credit-linked notes and TBA securities.

The Portfolio is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Portfolio is subject to the risk that should the Portfolio decide to sell an illiquid investment when a ready buyer is not available at a price the Portfolio deems representative of its value, the value of the Portfolio’s net assets could be adversely affected.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

For each Class of the Portfolio in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30,  2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,029.60	$	3.02		0.60	%
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class 2
Actual		1,000.00		1,028.00		4.27		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 35

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011 All rights reserved. June 2011. SAN-JPMITCBP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust Equity Index Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	12
Financial Highlights	16
Notes to Financial Statements	18
Schedule of Shareholder Expenses	23

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’s LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Equity Index Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		5.89%
S&P 500 Index**		6.02%
Net Assets as of 6/30/2011	$	74,296,515

INVESTMENT OBJECTIVE***

The JPMorgan Insurance Trust Equity Index Portfolio (the “Portfolio”) seeks investment results that correspond to the aggregate price and dividend performance of securities in the S&P 500 Index (the “Benchmark”).

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) underperformed the S&P 500 Index (the “Benchmark”) for the six months ended June 30, 2011. This was consistent with its indexing strategy and investment objective, as the Portfolio looks to generate returns that are comparable to that of the Benchmark.

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. stocks advanced during the reporting period, as the Benchmark gained 6.02% for the six months ended June 30, 2011. Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support U.S. stock prices during the reporting period.

The majority of sectors in the Benchmark produced positive returns during the six-month period. The financials sector posted a negative return and was the worst performing sector, followed by the information technology sector which had a slightly positive return and underperformed other sectors. The health care and energy sectors produced the strongest returns.

HOW WAS THE PORTFOLIO POSITIONED?

The Portfolio was managed in strict conformity with a full replication index strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark. The Portfolio was generally 100% invested and used index futures contracts to manage daily cash flows and maintain market exposure in line with the Benchmark. The portfolio managers attempted to minimize the transaction costs associated with implementing the strategy to lessen their impact on performance. Regardless of the market outlook, the Portfolio strategy did not change, as it continued to follow the full-replication index strategy.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Exxon Mobil Corp.	3.3	%
	2.	Apple, Inc.	2.6
	3.	International Business Machines Corp.	1.7
	4.	Chevron Corp.	1.7
	5.	General Electric Co.	1.6
	6.	Microsoft Corp.	1.6
	7.	AT&T, Inc.	1.5
	8.	Johnson & Johnson	1.5
	9.	Procter & Gamble Co. (The)	1.5
	10.	Pfizer, Inc.	1.3

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	17.6	%
Financials	15.0
Energy	12.5
Health Care	11.6
Industrials	11.1
Consumer Staples	10.5
Consumer Discretionary	10.5
Materials	3.6
Utilities	3.4
Telecommunication Services	3.1
Short-Term Investments	1.1

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

** “S&P 500 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor, and is in no way affiliated with, the Portfolio.

*** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

**** Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of June 30, 2011. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			3 YEAR			5 YEAR			10 YEAR
Class 1 Shares		5/01/98		5.89	%		30.19	%		3.05	%		2.62	%		2.31	%

* Not annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in the Class 1 Shares of the JPMorgan Insurance Trust Equity Index Portfolio, the S&P 500 Index and the Lipper Variable Underlying Funds S&P 500 Funds Index from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The performance of the Lipper Variable Underlying Funds S&P 500 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These

expenses are not identical to the expenses charged by the Portfolio. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Variable Underlying Funds S&P 500 Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION		VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 10.5%
		Auto Components — 0.3%
	1,493	Goodyear Tire & Rubber Co. (The) (a)			25,038
	4,150	Johnson Controls, Inc.			172,889
					197,927
		Automobiles — 0.5%
	23,231	Ford Motor Co. (a)			320,355
	1,445	Harley-Davidson, Inc.			59,202
					379,557
		Distributors — 0.1%
	962	Genuine Parts Co.			52,333
		Diversified Consumer Services — 0.1%
	745	Apollo Group, Inc., Class A (a)			32,541
	374	DeVry, Inc.			22,115
	1,867	H&R Block, Inc. (c)			29,947
					84,603
		Hotels, Restaurants & Leisure — 1.8%
	2,642	Carnival Corp.			99,418
	190	Chipotle Mexican Grill, Inc. (a)			58,556
	834	Darden Restaurants, Inc.	��		41,500
	1,834	International Game Technology			32,242
	1,736	Marriott International, Inc., Class A			61,611
	6,346	McDonald’s Corp.			535,095
	4,585	Starbucks Corp.			181,062
	1,193	Starwood Hotels & Resorts Worldwide, Inc.			66,856
	1,040	Wyndham Worldwide Corp.			34,996
	465	Wynn Resorts Ltd.			66,746
	2,848	Yum! Brands, Inc.			157,323
					1,335,405
		Household Durables — 0.3%
	1,719	D.R. Horton, Inc.			19,803
	943	Fortune Brands, Inc.			60,135
	428	Harman International Industries, Inc.			19,504
	874	Leggett & Platt, Inc.			21,308
	983	Lennar Corp., Class A			17,841
	1,781	Newell Rubbermaid, Inc.			28,104
	2,060	Pulte Group, Inc. (a)			15,780
	466	Whirlpool Corp.			37,895
					220,370
		Internet & Catalog Retail — 0.9%
	2,184	Amazon.com, Inc. (a)			446,606
	1,221	Expedia, Inc.			35,397
	266	NetFlix, Inc. (a)			69,875
	304	priceline.com, Inc. (a)			155,627
					707,505

SHARES		SECURITY DESCRIPTION	VALUE($)
		Leisure Equipment & Products — 0.1%
	833	Hasbro, Inc.		36,593
	2,126	Mattel, Inc.		58,444
				95,037
		Media — 3.3%
	1,408	Cablevision Systems Corp., Class A		50,984
	4,091	CBS Corp., Class B		116,553
	16,919	Comcast Corp., Class A		428,727
	4,696	DIRECTV, Class A (a)		238,651
	1,704	Discovery Communications, Inc., Class A (a)		69,796
	1,490	Gannett Co., Inc.		21,337
	2,989	Interpublic Group of Cos., Inc. (The)		37,363
	1,864	McGraw-Hill Cos., Inc. (The)		78,120
	13,977	News Corp., Class A		247,393
	1,719	Omnicom Group, Inc.		82,787
	555	Scripps Networks Interactive, Inc., Class A		27,128
	2,058	Time Warner Cable, Inc.		160,606
	6,550	Time Warner, Inc.		238,224
	3,579	Viacom, Inc., Class B		182,529
	11,561	Walt Disney Co. (The)		451,341
	32	Washington Post Co. (The), Class B		13,406
				2,444,945
		Multiline Retail — 0.7%
	460	Big Lots, Inc. (a)		15,249
	748	Family Dollar Stores, Inc.		39,315
	1,304	J.C. Penney Co., Inc.		45,040
	1,719	Kohl’s Corp.		85,967
	2,610	Macy’s, Inc.		76,316
	1,026	Nordstrom, Inc.		48,160
	263	Sears Holdings Corp. (a) (c)		18,789
	4,215	Target Corp.		197,726
				526,562
		Specialty Retail — 1.8%
	536	Abercrombie & Fitch Co., Class A		35,869
	389	AutoNation, Inc. (a)		14,241
	155	AutoZone, Inc. (a)		45,702
	1,524	Bed Bath & Beyond, Inc. (a)		88,956
	1,973	Best Buy Co., Inc.		61,972
	1,381	CarMax, Inc. (a)		45,670
	865	GameStop Corp., Class A (a) (c)		23,069
	2,390	Gap, Inc. (The)		43,259
	9,739	Home Depot, Inc.		352,747
	1,543	Limited Brands, Inc.		59,328
	7,964	Lowe’s Cos., Inc.		185,641
	843	O’Reilly Automotive, Inc. (a)		55,225
	715	Ross Stores, Inc.		57,286

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Specialty Retail — Continued
	4,362	Staples, Inc.		68,920
	781	Tiffany & Co.		61,324
	2,362	TJX Cos., Inc.		124,076
	762	Urban Outfitters, Inc. (a)		21,450
				1,344,735
		Textiles, Apparel & Luxury Goods — 0.6%
	1,796	Coach, Inc.		114,818
	2,320	NIKE, Inc., Class B		208,754
	393	Polo Ralph Lauren Corp.		52,116
	535	V.F. Corp.		58,079
				433,767
		Total Consumer Discretionary		7,822,746
		Consumer Staples — 10.5%
		Beverages — 2.5%
	630	Brown-Forman Corp., Class B		47,055
	14,002	Coca-Cola Co. (The)		942,195
	1,988	Coca-Cola Enterprises, Inc.		58,010
	1,094	Constellation Brands, Inc., Class A (a)		22,777
	1,354	Dr. Pepper Snapple Group, Inc.		56,773
	972	Molson Coors Brewing Co., Class B		43,487
	9,668	PepsiCo, Inc.		680,917
				1,851,214
		Food & Staples Retailing — 2.3%
	2,672	Costco Wholesale Corp.		217,073
	8,293	CVS Caremark Corp.		311,651
	3,709	Kroger Co. (The)		91,983
	2,166	Safeway, Inc.		50,620
	1,298	SUPERVALU, Inc. (c)		12,214
	3,569	Sysco Corp.		111,281
	5,599	Walgreen Co.		237,734
	11,682	Wal-Mart Stores, Inc.		620,782
	914	Whole Foods Market, Inc.		57,993
				1,711,331
		Food Products — 1.8%
	4,172	Archer-Daniels-Midland Co.		125,786
	1,116	Campbell Soup Co.		38,558
	2,501	ConAgra Foods, Inc.		64,551
	1,120	Dean Foods Co. (a)		13,742
	3,905	General Mills, Inc.		145,344
	1,968	H.J. Heinz Co.		104,855
	938	Hershey Co. (The)		53,325
	849	Hormel Foods Corp.		25,309
	709	JM Smucker Co. (The)		54,196

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — Continued
	1,531	Kellogg Co.		84,695
	10,752	Kraft Foods, Inc., Class A		378,793
	810	McCormick & Co., Inc. (Non- Voting)		40,152
	1,250	Mead Johnson Nutrition Co.		84,438
	3,579	Sara Lee Corp.		67,965
	1,834	Tyson Foods, Inc., Class A		35,616
				1,317,325
		Household Products — 2.1%
	816	Clorox Co.		55,031
	2,990	Colgate-Palmolive Co.		261,356
	2,403	Kimberly-Clark Corp.		159,944
	17,073	Procter & Gamble Co. (The)		1,085,330
				1,561,661
		Personal Products — 0.2%
	2,631	Avon Products, Inc.		73,668
	697	Estee Lauder Cos., Inc. (The), Class A		73,317
				146,985
		Tobacco — 1.6%
	12,804	Altria Group, Inc.		338,154
	879	Lorillard, Inc.		95,697
	10,877	Philip Morris International, Inc.		726,257
	2,068	Reynolds American, Inc.		76,619
				1,236,727
		Total Consumer Staples		7,825,243
		Energy — 12.6%
		Energy Equipment & Services — 2.4%
	2,658	Baker Hughes, Inc.		192,864
	1,499	Cameron International Corp. (a)		75,385
	425	Diamond Offshore Drilling, Inc. (c)		29,924
	1,470	FMC Technologies, Inc. (a)		65,841
	5,597	Halliburton Co.		285,447
	654	Helmerich & Payne, Inc.		43,243
	1,758	Nabors Industries Ltd., (Bermuda) (a)		43,317
	2,588	National Oilwell Varco, Inc.		202,408
	1,542	Noble Corp., (Switzerland)		60,770
	780	Rowan Cos., Inc. (a)		30,272
	8,300	Schlumberger Ltd.		717,120
				1,746,591
		Oil, Gas & Consumable Fuels — 10.2%
	1,386	Alpha Natural Resources, Inc. (a)		62,980
	3,043	Anadarko Petroleum Corp.		233,581
	2,345	Apache Corp.		289,350
	639	Cabot Oil & Gas Corp.		42,372
	4,023	Chesapeake Energy Corp.		119,443

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Oil, Gas & Consumable Fuels — Continued
	12,296	Chevron Corp.		1,264,521
	8,646	ConocoPhillips		650,093
	1,386	Consol Energy, Inc.		67,193
	2,430	Denbury Resources, Inc. (a)		48,600
	2,587	Devon Energy Corp.		203,881
	4,703	El Paso Corp.		95,001
	1,642	EOG Resources, Inc.		171,671
	914	EQT Corp.		48,003
	30,130	Exxon Mobil Corp.		2,451,979
	1,849	Hess Corp.		138,231
	4,355	Marathon Oil Corp.		229,421
	1,183	Murphy Oil Corp.		77,676
	809	Newfield Exploration Co. (a)		55,028
	1,079	Noble Energy, Inc.		96,711
	4,972	Occidental Petroleum Corp.		517,287
	1,656	Peabody Energy Corp.		97,555
	714	Pioneer Natural Resources Co.		63,953
	1,081	QEP Resources, Inc.		45,218
	983	Range Resources Corp.		54,557
	2,128	Southwestern Energy Co. (a)		91,249
	3,976	Spectra Energy Corp.		108,982
	741	Sunoco, Inc.		30,907
	879	Tesoro Corp. (a)		20,138
	3,488	Valero Energy Corp.		89,188
	3,597	Williams Cos., Inc. (The)		108,809
				7,573,578
		Total Energy		9,320,169
		Financials — 15.0%
		Capital Markets — 2.3%
	1,482	Ameriprise Financial, Inc.		85,482
	7,595	Bank of New York Mellon Corp. (The)		194,584
	588	BlackRock, Inc.		112,784
	6,126	Charles Schwab Corp. (The)		100,773
	1,540	E*Trade Financial Corp. (a)		21,252
	569	Federated Investors, Inc., Class B (c)		13,565
	882	Franklin Resources, Inc.		115,798
	3,167	Goldman Sachs Group, Inc. (The)		421,496
	2,826	Invesco Ltd.		66,128
	1,139	Janus Capital Group, Inc.		10,752
	910	Legg Mason, Inc.		29,812
	9,448	Morgan Stanley		217,399
	1,479	Northern Trust Corp.		67,975
	3,083	State Street Corp.		139,012
	1,589	T. Rowe Price Group, Inc.		95,880
				1,692,692

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Banks — 2.7%
	4,260	BB&T Corp.		114,339
	1,081	Comerica, Inc.		37,370
	5,619	Fifth Third Bancorp		71,642
	1,611	First Horizon National Corp.		15,369
	5,281	Huntington Bancshares, Inc.		34,643
	5,816	KeyCorp		48,447
	768	M&T Bank Corp.		67,546
	3,242	Marshall & Ilsley Corp.		25,839
	3,219	PNC Financial Services Group, Inc.		191,885
	7,685	Regions Financial Corp.		47,647
	3,284	SunTrust Banks, Inc.		84,727
	11,784	U.S. Bancorp		300,610
	32,350	Wells Fargo & Co.		907,741
	1,124	Zions Bancorp		26,987
				1,974,792
		Consumer Finance — 0.8%
	6,397	American Express Co.		330,725
	2,808	Capital One Financial Corp.		145,089
	3,336	Discover Financial Services		89,238
	3,226	SLM Corp.		54,229
				619,281
		Diversified Financial Services — 3.7%
	61,977	Bank of America Corp.		679,268
	17,864	Citigroup, Inc.		743,857
	410	CME Group, Inc.		119,552
	450	IntercontinentalExchange, Inc. (a)		56,120
	24,304	JPMorgan Chase & Co. (q)		995,005
	1,212	Leucadia National Corp.		41,329
	1,212	Moody’s Corp.		46,480
	919	NASDAQ OMX Group, Inc. (The) (a)		23,251
	1,601	NYSE Euronext		54,866
				2,759,728
		Insurance — 3.7%
	2,064	ACE Ltd., (Switzerland)		135,853
	2,861	Aflac, Inc.		133,551
	3,199	Allstate Corp. (The)		97,665
	2,668	American International Group, Inc. (a)		78,226
	2,022	AON Corp.		103,729
	590	Assurant, Inc.		21,399
	10,589	Berkshire Hathaway, Inc., Class B (a)		819,483
	1,789	Chubb Corp.		112,009
	997	Cincinnati Financial Corp. (c)		29,092
	3,000	Genworth Financial, Inc., Class A (a)		30,840
	2,768	Hartford Financial Services Group, Inc.		72,992
	1,917	Lincoln National Corp.		54,615

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Insurance — Continued
	1,900	Loews Corp.		79,971
	3,350	Marsh & McLennan Cos., Inc.		104,487
	6,465	MetLife, Inc.		283,620
	1,965	Principal Financial Group, Inc.		59,775
	3,998	Progressive Corp. (The)		85,477
	2,985	Prudential Financial, Inc.		189,816
	465	Torchmark Corp.		29,825
	2,562	Travelers Cos., Inc. (The)		149,570
	1,883	Unum Group		47,979
	1,892	XL Group plc, (Ireland)		41,586
				2,761,560
		Real Estate Investment Trusts (REITs) — 1.6%
	731	Apartment Investment & Management Co., Class A		18,662
	534	AvalonBay Communities, Inc.		68,566
	890	Boston Properties, Inc.		94,482
	1,802	Equity Residential		108,120
	2,483	HCP, Inc.		91,101
	1,081	Health Care REIT, Inc.		56,677
	4,197	Host Hotels & Resorts, Inc.		71,139
	2,489	Kimco Realty Corp.		46,395
	990	Plum Creek Timber Co., Inc.		40,135
	2,779	ProLogis, Inc.		99,599
	856	Public Storage		97,593
	1,794	Simon Property Group, Inc.		208,517
	1,000	Ventas, Inc.		52,710
	1,003	Vornado Realty Trust		93,459
	3,294	Weyerhaeuser Co.		72,007
				1,219,162
		Real Estate Management & Development — 0.1%
	1,785	CB Richard Ellis Group, Inc., Class A (a)		44,821
		Thrifts & Mortgage Finance — 0.1%
	3,221	Hudson City Bancorp, Inc.		26,380
	2,190	People’s United Financial, Inc.		29,434
				55,814
		Total Financials		11,127,850
		Health Care — 11.6%
		Biotechnology — 1.2%
	5,687	Amgen, Inc. (a)		331,836
	1,478	Biogen Idec, Inc. (a)		158,028
	2,831	Celgene Corp. (a)		170,766
	470	Cephalon, Inc. (a)		37,553
	4,814	Gilead Sciences, Inc. (a)		199,348
				897,531

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — 1.9%
	3,489	Baxter International, Inc.		208,258
	1,338	Becton, Dickinson & Co.		115,296
	9,347	Boston Scientific Corp. (a)		64,588
	524	C.R. Bard, Inc.		57,567
	1,367	CareFusion Corp. (a)		37,141
	3,032	Covidien plc, (Ireland)		161,393
	861	DENTSPLY International, Inc.		32,787
	701	Edwards Lifesciences Corp. (a)		61,113
	240	Intuitive Surgical, Inc. (a)		89,306
	6,541	Medtronic, Inc.		252,025
	2,011	St. Jude Medical, Inc.		95,885
	2,041	Stryker Corp.		119,786
	717	Varian Medical Systems, Inc. (a)		50,204
	1,174	Zimmer Holdings, Inc. (a)		74,197
				1,419,546
		Health Care Providers & Services — 2.2%
	2,321	Aetna, Inc.		102,333
	1,676	AmerisourceBergen Corp.		69,386
	2,144	Cardinal Health, Inc.		97,381
	1,655	CIGNA Corp.		85,117
	907	Coventry Health Care, Inc. (a)		33,078
	584	DaVita, Inc. (a)		50,580
	3,238	Express Scripts, Inc. (a)		174,787
	1,030	Humana, Inc.		82,956
	613	Laboratory Corp. of America Holdings (a)		59,332
	1,542	McKesson Corp.		128,988
	2,445	Medco Health Solutions, Inc. (a)		138,191
	586	Patterson Cos., Inc.		19,274
	962	Quest Diagnostics, Inc.		56,854
	2,994	Tenet Healthcare Corp. (a)		18,683
	6,627	UnitedHealth Group, Inc.		341,821
	2,246	WellPoint, Inc.		176,918
				1,635,679
		Health Care Technology — 0.1%
	884	Cerner Corp. (a)		54,021
		Life Sciences Tools & Services — 0.5%
	2,129	Agilent Technologies, Inc. (a)		108,813
	1,093	Life Technologies Corp. (a)		56,913
	690	PerkinElmer, Inc.		18,568
	2,344	Thermo Fisher Scientific, Inc. (a)		150,930
	560	Waters Corp. (a)		53,614
				388,838
		Pharmaceuticals — 5.7%
	9,507	Abbott Laboratories		500,258
	1,864	Allergan, Inc.		155,178

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Pharmaceuticals — Continued
	10,434	Bristol-Myers Squibb Co.		302,169
	6,231	Eli Lilly & Co.		233,850
	1,750	Forest Laboratories, Inc. (a)		68,845
	1,026	Hospira, Inc. (a)		58,133
	16,766	Johnson & Johnson		1,115,274
	18,879	Merck & Co., Inc.		666,240
	2,687	Mylan, Inc. (a)		66,288
	48,326	Pfizer, Inc.		995,516
	774	Watson Pharmaceuticals, Inc. (a)		53,197
				4,214,948
		Total Health Care		8,610,563
		Industrials — 11.1%
		Aerospace & Defense — 2.8%
	4,516	Boeing Co. (The)		333,868
	2,275	General Dynamics Corp.		169,533
	764	Goodrich Corp.		72,962
	4,814	Honeywell International, Inc.		286,866
	1,126	ITT Corp.		66,355
	649	L-3 Communications Holdings, Inc.		56,755
	1,742	Lockheed Martin Corp.		141,050
	1,790	Northrop Grumman Corp.		124,137
	880	Precision Castparts Corp.		144,892
	2,179	Raytheon Co.		108,623
	942	Rockwell Collins, Inc.		58,112
	1,689	Textron, Inc.		39,877
	5,598	United Technologies Corp.		495,479
				2,098,509
		Air Freight & Logistics — 1.0%
	997	C.H. Robinson Worldwide, Inc.		78,603
	1,299	Expeditors International of Washington, Inc.		66,496
	1,931	FedEx Corp.		183,155
	6,032	United Parcel Service, Inc., Class B		439,914
				768,168
		Airlines — 0.1%
	4,842	Southwest Airlines Co.		55,296
		Building Products — 0.0% (g)
	2,190	Masco Corp.		26,346
		Commercial Services & Supplies — 0.5%
	646	Avery Dennison Corp.		24,955
	773	Cintas Corp.		25,532
	1,227	Iron Mountain, Inc.		41,828
	1,247	Pitney Bowes, Inc.		28,668
	1,147	R.R. Donnelley & Sons Co.		22,493
	1,856	Republic Services, Inc.		57,258

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Services & Supplies — Continued
	525	Stericycle, Inc. (a)		46,788
	2,900	Waste Management, Inc.		108,083
				355,605
		Construction & Engineering — 0.2%
	1,066	Fluor Corp.		68,928
	776	Jacobs Engineering Group, Inc. (a)		33,562
	1,322	Quanta Services, Inc. (a)		26,704
				129,194
		Electrical Equipment — 0.5%
	4,597	Emerson Electric Co.		258,581
	883	Rockwell Automation, Inc.		76,609
	587	Roper Industries, Inc.		48,897
				384,087
		Industrial Conglomerates — 2.4%
	4,346	3M Co.		412,218
	64,867	General Electric Co.		1,223,392
	2,868	Tyco International Ltd., (Switzerland)		141,765
				1,777,375
		Machinery — 2.4%
	3,942	Caterpillar, Inc.		419,665
	1,200	Cummins, Inc.		124,188
	3,331	Danaher Corp.		176,510
	2,567	Deere & Co.		211,649
	1,141	Dover Corp.		77,360
	2,087	Eaton Corp.		107,376
	341	Flowserve Corp.		37,473
	3,058	Illinois Tool Works, Inc.		172,747
	2,026	Ingersoll-Rand plc, (Ireland)		92,001
	642	Joy Global, Inc.		61,144
	2,235	PACCAR, Inc.		114,186
	710	Pall Corp.		39,923
	992	Parker Hannifin Corp.		89,022
	356	Snap-On, Inc.		22,243
	1,028	Stanley Black & Decker, Inc.		74,067
				1,819,554
		Professional Services — 0.1%
	302	Dun & Bradstreet Corp.		22,813
	753	Equifax, Inc.		26,144
	898	Robert Half International, Inc.		24,273
				73,230
		Road & Rail — 0.9%
	6,745	CSX Corp.		176,854
	2,160	Norfolk Southern Corp.		161,849
	314	Ryder System, Inc.		17,851

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Road & Rail — Continued
	3,000	Union Pacific Corp.		313,200
				669,754
		Trading Companies & Distributors — 0.2%
	1,803	Fastenal Co. (c)		64,890
	356	W.W. Grainger, Inc.		54,699
				119,589
		Total Industrials		8,276,707
		Information Technology — 17.6%
		Communications Equipment — 2.0%
	33,641	Cisco Systems, Inc.		525,136
	496	F5 Networks, Inc. (a)		54,684
	778	Harris Corp.		35,057
	1,388	JDS Uniphase Corp. (a)		23,124
	3,260	Juniper Networks, Inc. (a)		102,690
	1,804	Motorola Mobility Holdings, Inc. (a)		39,760
	2,077	Motorola Solutions, Inc. (a)		95,625
	10,211	QUALCOMM, Inc.		579,883
	2,222	Tellabs, Inc.		10,243
				1,466,202
		Computers & Peripherals — 4.2%
	5,656	Apple, Inc. (a)		1,898,550
	10,042	Dell, Inc. (a)		167,400
	12,585	EMC Corp. (a)		346,717
	12,686	Hewlett-Packard Co.		461,770
	485	Lexmark International, Inc., Class A (a)		14,191
	2,250	NetApp, Inc. (a)		118,755
	1,458	SanDisk Corp. (a)		60,507
	1,421	Western Digital Corp. (a)		51,696
				3,119,586
		Electronic Equipment, Instruments & Components — 0.4%
	1,077	Amphenol Corp., Class A		58,147
	9,602	Corning, Inc.		174,276
	977	FLIR Systems, Inc.		32,935
	1,203	Jabil Circuit, Inc.		24,301
	850	Molex, Inc. (c)		21,904
				311,563
		Internet Software & Services — 1.6%
	1,142	Akamai Technologies, Inc. (a)		35,939
	6,986	eBay, Inc. (a)		225,438
	1,537	Google, Inc., Class A (a)		778,306
	791	Monster Worldwide, Inc. (a)		11,596
	1,030	VeriSign, Inc.		34,464
	7,969	Yahoo!, Inc. (a)		119,854
				1,205,597

SHARES		SECURITY DESCRIPTION	VALUE($)
		IT Services — 3.2%
	3,056	Automatic Data Processing, Inc.		160,990
	1,861	Cognizant Technology Solutions Corp., Class A (a)		136,486
	949	Computer Sciences Corp.		36,024
	1,646	Fidelity National Information Services, Inc.		50,680
	878	Fiserv, Inc. (a)		54,989
	7,408	International Business Machines Corp.		1,270,843
	576	MasterCard, Inc., Class A		173,572
	1,970	Paychex, Inc.		60,518
	1,707	SAIC, Inc. (a)		28,712
	1,032	Teradata Corp. (a)		62,126
	990	Total System Services, Inc.		18,394
	2,930	Visa, Inc., Class A		246,882
	3,867	Western Union Co. (The)		77,456
				2,377,672
		Office Electronics — 0.1%
	8,570	Xerox Corp.		89,214
		Semiconductors & Semiconductor Equipment — 2.4%
	3,532	Advanced Micro Devices, Inc. (a)		24,689
	1,971	Altera Corp.		91,356
	1,833	Analog Devices, Inc.		71,743
	8,063	Applied Materials, Inc.		104,900
	2,918	Broadcom Corp., Class A (a)		98,161
	332	First Solar, Inc. (a) (c)		43,914
	32,429	Intel Corp.		718,627
	1,027	KLA-Tencor Corp.		41,573
	1,393	Linear Technology Corp.		45,997
	3,704	LSI Corp. (a)		26,372
	1,409	MEMC Electronic Materials, Inc. (a)		12,019
	1,165	Microchip Technology, Inc. (c)		44,165
	5,268	Micron Technology, Inc. (a)		39,405
	1,475	National Semiconductor Corp.		36,300
	546	Novellus Systems, Inc. (a)		19,732
	3,672	NVIDIA Corp. (a)		58,513
	1,134	Teradyne, Inc. (a)		16,783
	7,102	Texas Instruments, Inc.		233,159
	1,625	Xilinx, Inc.		59,264
				1,786,672
		Software — 3.7%
	3,085	Adobe Systems, Inc. (a)		97,023
	1,413	Autodesk, Inc. (a)		54,542
	1,082	BMC Software, Inc. (a)		59,185
	2,322	CA, Inc.		53,034
	1,150	Citrix Systems, Inc. (a)		92,000
	1,335	Compuware Corp. (a)		13,030

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Software — Continued
	2,033	Electronic Arts, Inc. (a)		47,979
	1,673	Intuit, Inc. (a)		86,762
	45,389	Microsoft Corp.		1,180,114
	23,833	Oracle Corp.		784,344
	1,181	Red Hat, Inc. (a)		54,208
	737	Salesforce.com, Inc. (a)		109,798
	4,621	Symantec Corp. (a)		91,126
				2,723,145
		Total Information Technology		13,079,651
		Materials — 3.6%
		Chemicals — 2.2%
	1,296	Air Products & Chemicals, Inc.		123,872
	427	Airgas, Inc.		29,907
	437	CF Industries Holdings, Inc.		61,910
	7,190	Dow Chemical Co. (The)		258,840
	5,680	E.I. du Pont de Nemours & Co.		307,004
	435	Eastman Chemical Co.		44,400
	1,419	Ecolab, Inc.		80,003
	439	FMC Corp.		37,763
	492	International Flavors & Fragrances, Inc.		31,606
	3,278	Monsanto Co.		237,786
	967	PPG Industries, Inc.		87,794
	1,860	Praxair, Inc.		201,605
	540	Sherwin-Williams Co. (The)		45,290
	745	Sigma-Aldrich Corp.		54,668
				1,602,448
		Construction Materials — 0.0% (g)
	790	Vulcan Materials Co. (c)		30,439
		Containers & Packaging — 0.1%
	1,027	Ball Corp.		39,498
	644	Bemis Co., Inc.		21,754
	1,003	Owens-Illinois, Inc. (a)		25,888
	980	Sealed Air Corp.		23,314
				110,454
		Metals & Mining — 1.1%
	674	AK Steel Holding Corp.		10,622
	6,506	Alcoa, Inc.		103,185
	649	Allegheny Technologies, Inc.		41,192
	885	Cliffs Natural Resources, Inc.		81,818
	5,794	Freeport-McMoRan Copper & Gold, Inc.		306,503
	3,020	Newmont Mining Corp.		162,990
	1,933	Nucor Corp.		79,678
	551	Titanium Metals Corp.		10,094
	879	United States Steel Corp.		40,469
				836,551

SHARES		SECURITY DESCRIPTION	VALUE($)
		Paper & Forest Products — 0.2%
	2,674	International Paper Co.		79,739
	1,038	MeadWestvaco Corp.		34,576
				114,315
		Total Materials		2,694,207
		Telecommunication Services — 3.1%
		Diversified Telecommunication Services — 2.7%
	36,221	AT&T, Inc.		1,137,702
	3,673	CenturyLink, Inc.		148,499
	6,087	Frontier Communications Corp.		49,122
	17,304	Verizon Communications, Inc.		644,228
	3,119	Windstream Corp.		40,422
				2,019,973
		Wireless Telecommunication Services — 0.4%
	2,426	American Tower Corp., Class A (a)		126,953
	1,624	MetroPCS Communications, Inc. (a)		27,949
	18,298	Sprint Nextel Corp. (a)		98,626
				253,528
		Total Telecommunication Services		2,273,501
		Utilities — 3.4%
		Electric Utilities — 1.8%
	2,947	American Electric Power Co., Inc.		111,043
	8,143	Duke Energy Corp.		153,332
	1,993	Edison International		77,229
	1,089	Entergy Corp.		74,357
	4,051	Exelon Corp.		173,545
	2,558	FirstEnergy Corp.		112,935
	2,581	NextEra Energy, Inc.		148,304
	1,081	Northeast Utilities		38,019
	1,381	Pepco Holdings, Inc.		27,109
	667	Pinnacle West Capital Corp.		29,735
	3,530	PPL Corp.		98,240
	1,801	Progress Energy, Inc.		86,466
	5,194	Southern Co.		209,734
				1,340,048
		Gas Utilities — 0.1%
	279	Nicor, Inc.		15,272
	655	Oneok, Inc.		48,477
				63,749
		Independent Power Producers & Energy Traders — 0.2%
	4,018	AES Corp. (The) (a)		51,189
	1,228	Constellation Energy Group, Inc.		46,615
	1,475	NRG Energy, Inc. (a)		36,256
				134,060

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Multi-Utilities — 1.3%
	1,475	Ameren Corp.		42,539
	2,602	CenterPoint Energy, Inc.		50,349
	1,543	CMS Energy Corp. (c)		30,382
	1,789	Consolidated Edison, Inc.		95,246
	3,522	Dominion Resources, Inc.		170,007
	1,036	DTE Energy Co.		51,821
	476	Integrys Energy Group, Inc.		24,676
	1,710	NiSource, Inc.		34,628
	2,434	PG&E Corp.		102,301
	3,094	Public Service Enterprise Group, Inc.		100,988
	699	SCANA Corp.		27,520
	1,465	Sempra Energy		77,469
	1,315	TECO Energy, Inc.		24,840
	1,430	Wisconsin Energy Corp.		44,830
	2,961	Xcel Energy, Inc.		71,952
				949,548
		Total Utilities		2,487,405
		Total Common Stocks (Cost $58,759,270)		73,518,042

NO. OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0% (g)
		Financials — 0.0% (g)
		Insurance — 0.0% (g)
	492	American International Group, Inc., expiring 01/19/21 (a) (Cost $—)		5,018
SHARES
	Short-Term Investments — 1.0%
		Investment Company — 0.9%
	702,942	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m)		702,942
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	95,000	U.S. Treasury Bills, 0.008%, 07/28/11 (k) (n)		94,998
		Total Short-Term Investments (Cost $797,942)		797,940
SHARES
	Investments of Cash Collateral for Securities on Loan — 0.5%
		Investment Company — 0.5%
	346,591	JPMorgan Prime Money Market Fund, Capital Shares, 0.080% (b) (l) (Cost $346,591)		346,591
		Total Investments — 100.5% (Cost $59,903,803)		74,667,591
		Liabilities in Excess of Other Assets — (0.5)%		(371,076	)
		NET ASSETS — 100.0%	$	74,296,515

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/11		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	12	E-mini S&P 500		09/16/11	$	789,300	$	28,529

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

(a)	—  Non-income producing security
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(g)	—  Amount rounds to less than 0.1%.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.
(n)	—  The rate shown is the effective yield at the date of purchase.
(q)	—  Investment in affiliate. This security is included in an index in which the Portfolio, as an index fund, invests.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	Equity Index Portfolio
ASSETS:
Investments in non-affiliates, at value	$	72,623,053
Investments in affiliates, at value		2,044,538
Total investment securities, at value		74,667,591
Receivables:
Investment securities sold		8,628
Interest and dividends		93,876
Securities lending income		501
Variation margin on futures contracts		7,241
Total Assets		74,777,837
LIABILITIES:
Payables:
Collateral for securities lending program		346,591
Portfolio shares redeemed		25,182
Accrued liabilities:
Investment advisory fees		9,285
Administration fees		6,499
Custodian and accounting fees		38,354
Trustees’ and Chief Compliance Officer’s fees		567
Printing & Postage fees		33,835
Other		21,009
Total Liabilities		481,322
Net Assets	$	74,296,515
NET ASSETS:
Paid in capital	$	70,488,816
Accumulated undistributed net investment income		599,091
Accumulated net realized gains (losses)		(11,583,709	)
Net unrealized appreciation (depreciation)		14,792,317
Total Net Assets	$	74,296,515
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):		6,531,440
Net asset value, offering and redemption price per share	$	11.38
Cost of investments in non-affiliates	$	58,003,576
Cost of investments in affiliates		1,900,227
Value of securities on loan		341,345

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

		Equity Index Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates		$	55
Dividend income from non-affiliates			735,727
Dividend income from affiliates			8,052
Income from securities lending (net)			2,080
Other income			996
Total investment income			746,910
EXPENSES:
Investment advisory fees			95,328
Administration fees			33,811
Custodian and accounting fees			25,490
Interest expense to affiliates			36
Professional fees			21,773
Trustees’ and Chief Compliance Officer’s fees			411
Printing and mailing costs			23,260
Other			7,222
Total expenses			207,331
Less amounts waived			(55,367	)
Less earnings credits			(1	)
Net expenses			151,963
Net investment income (loss)	��		594,947
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates			1,304,251
Investments in affiliates			27,531
Futures			64,614
Net realized gain (loss)			1,396,396
Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates			2,499,294
Investments in affiliates			(59,971	)
Futures			6,850
Change in net unrealized appreciation (depreciation)			2,446,173
Net realized/unrealized gains (losses)			3,842,569
Change in net assets resulting from operations		$	4,437,516

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Equity Index Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	594,947		$	1,293,343
Net realized gain (loss)		1,396,396			(1,205,688	)
Change in net unrealized appreciation (depreciation)		2,446,173			10,815,626
Change in net assets resulting from operations		4,437,516			10,903,281
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,278,018	)		(1,708,349	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		793,400			8,654,954
Dividends and distributions reinvested		1,278,018			1,708,349
Cost of shares redeemed		(9,808,444	)		(22,700,057	)
Total change in net assets from capital transactions	$	(7,737,026	)	$	(12,336,754	)
NET ASSETS:
Change in net assets		(4,577,528	)		(3,141,822	)
Beginning of period		78,874,043			82,015,865
End of period	$	74,296,515		$	78,874,043
Accumulated undistributed net investment income	$	599,091		$	1,282,162
SHARE TRANSACTIONS:
Issued		70,402			912,867
Reinvested		113,300			163,949
Redeemed		(866,728	)		(2,277,311	)
Change in Shares		(683,026	)		(1,200,495	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

Class 1
	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Equity Index Portfolio
Six Months Ended June 30, 2011 (Unaudited)	$	10.93	$	0.11		$	0.53		$	0.64		$	(0.19	)
Year Ended December 31, 2010		9.75		0.16	(e)		1.23			1.39			(0.21	)
Year Ended December 31, 2009		7.93		0.20	(f)		1.83	(f)		2.03			(0.21	)
Year Ended December 31, 2008		12.87		0.21	(e)		(4.93	)(g)		(4.72	)		(0.22	)
Year Ended December 31, 2007		12.43		0.22			0.41			0.63			(0.19	)
Year Ended December 31, 2006		10.92		0.19			1.48			1.67			(0.16	)

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Includes gains resulting from litigation payments on securities owned in a prior year. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $1.82, the total return would have been 26.31%, and the net investment income (loss) ratio would have been 2.23%. The impact on net investment income (loss) per share was less than $0.01.

(g) Includes a gain resulting from a litigation payment on a security owned in a prior year. Without this gain, the net realized and unrealized gains (losses) on investments per share would have been $(4.94) and the total return would have been (37.28)%.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	11.38		5.89	%	$	74,297		0.40	%		1.56	%		0.54	%		1	%
	10.93		14.41			78,874		0.40			1.67			0.60			11
	9.75		26.44	(f)		82,016		0.40			2.25	(f)		0.62			13
	7.93		(37.21	)(g)		74,329		0.40			1.95			0.52			12
	12.87		5.10			132,032		0.40			1.56			0.53			6
	12.43		15.42			144,097		0.40			1.54			0.57			7

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Equity Index Portfolio	Class 1	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset value.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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 #	$	74,567,575	$	100,016	$	—	$	74,667,591
Appreciation in Other Financial Instruments
Futures Contracts	$	28,529	$	—	$	—	$	28,529

# Portfolio holdings designated as Level 1 and level 2 are disclosed individually in the SOI. Level 2 consists of U.S. Treasury Bills that are held for futures collateral and Warrants. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Futures Contracts — The Portfolio uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Portfolio buys futures contracts to immediately invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Portfolio to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statement of Operations at the closing or expiration of futures contracts. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The Portfolio may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Portfolio to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Portfolio to unlimited risk of loss. The Portfolio may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

The table below discloses the volume of the Portfolio’s futures activities during the six months ended June 30, 2011:

Futures Contracts:
Average Notional Balance Long	$	1,047,379
Ending Notional Balance Long		789,300

C. Transactions with Affiliates — An issuer which is under common control with the Portfolio may be considered to be an affiliate. For the purposes of the report, the Portfolio assumes the following to be affiliated issuers (amounts in thousands):

	For the six months ended June 30, 2011
	Value at December 31, 2010		Purchase Cost		Sales Proceeds		Realized Gain/Loss		Dividend/ Interest Income		Shares at June 30, 2011		Value at June 30, 2011
JPMorgan Chase & Co. (Common Stock)*	$	1,117,852	$	16,378	$	106,785	$	27,531	$	7,703		24,304	$	995,005
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		324,385		8,189,182		7,810,625		—		349		702,942		702,942
JPMorgan Prime Money Market Fund, Capital Shares**		894,110		806,348		1,353,867		—		248		346,591		346,591
Total	$	2,336,347					$	27,531	$	8,300			$	2,044,538

* Security is included in an index in which the Fund, as an index fund, invests.

** Represents investment of cash collateral related to securities on loan, as described in Note 2.D. Dividend income earned from this investment is included in Income from securities lending (net) in the Statement of Operations.

D. Securities Lending — The Portfolio may lend securities to brokers approved by J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) in order to generate additional income. Goldman Sachs Bank USA (“GS Bank”) serves as lending agent for the Portfolio. Securities loaned

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

are collateralized by cash, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund. Upon termination of the loan, the Portfolio is required to return to the borrower the posted cash collateral. Loans are subject to termination by the Portfolio or the borrower at any time.

Securities lending income is comprised of income earned on cash collateral investments (“Collateral Investments”), net of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) on the Statement of Operations. The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

For the six months ended June 30, 2011, the Portfolio earned $248 from the investment of cash collateral, prior to rebates or fees, from an investment in an affiliated fund as described below.

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of loaned U.S. dollar-denominated securities plus accrued interest. The securities lending agreement with GS Bank requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities.

The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI. At June 30, 2011, the value of outstanding securities on loan and the value of Collateral Investments were as follows:

Value of Securities on Loan		Cash Collateral Posted by Borrower		Total Value of Collateral Investments
$	341,345	$	346,591	$	346,591

The Portfolio bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments decline below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Advisor does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, GS Bank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Advisor waived fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund in the amount of $181. This amount offsets the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Portfolio’s investment in such fund. A portion of the waiver is voluntary.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

F. Allocation of Expenses — Expenses directly attributable to the Portfolio are charged directly to the Portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios.

G. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Dividends and Distributions to Shareholders — Dividends from net investment income and distributions of net realized capital gains, if any, are declared and paid at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM acts as the investment advisor to the Portfolio. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”).

20 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMIM supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.25%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares. The Distributor receives no compensation in its capacity as the Portfolio’s underwriter.

D. Custodian and Accounting Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 0.40% of the Portfolio’s average daily net assets.

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The expense limitation percentage above is in place until at least April 30, 2012.

For the six months ended June 30, 2011, the Advisor contractually waived fees for the Portfolio in the amount of $54,769. The Advisor does not expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 (excluding the waiver disclosed in Note 2.D. regarding cash collateral for securities lending invested in the JPMorgan Prime Money Market Fund) was $598.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	953,847	$	8,210,872

During the six months ended June 30, 2011, there were no purchases or sales of U.S. Government Securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	59,903,803	$	19,775,696	$	5,011,908	$	14,763,788

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs: including investment advisory, administration fees and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Portfolio at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

The first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30, 2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,058.90	$	2.04		0.40	%
Hypothetical		1,000.00		1,022.81		2.01		0.40

* Expenses are equal to the Portfolios’ annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 23

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011.  All rights reserved. June 2011. SAN-JPMITEIP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust International Equity Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	7
Financial Highlights	10
Notes to Financial Statements	12
Schedule of Shareholder Expenses	16

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		5.20%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		4.98%
Net Assets as of 6/30/2011	$	38,688,240

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust International Equity Portfolio (the “Portfolio”) seeks to provide high total return from a portfolio of equity securities of foreign companies. Total return consists of capital growth and current income.

HOW DID THE MARKET PERFORM?

Despite political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, international stocks, as measured by the MSCI EAFE Index (the “Benchmark”), advanced during the six months ended June 30, 2011, gaining 4.98%. Better-than-expected corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support stock prices during the reporting period. Meanwhile, the threat of rising inflation hurt emerging market stocks, causing them to underperform stocks in developed markets during the reporting period.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) outperformed the Benchmark for the six months ended June 30, 2011. The Portfolio’s stock selection in the consumer discretionary sector and underweight versus the Benchmark in the utilities sector contributed to relative performance. The Portfolio’s stock selection in the industrials sector and overweight versus the Benchmark in the information technology sector detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s overweight positions versus the Benchmark in Bur-

berry Group plc and Volkswagen AG. Shares of Burberry Group plc, a luxury retail company, benefited from recovering demand among higher-end consumers, tight cost controls, an expanded product line and a growing presence in Asia. Shares of Volkswagen AG increased as the success of the car manufacturer’s Audi brand, its strong presence in China and recovering global demand for autos fueled strong earnings growth.

In addition, the Portfolio did not own shares of Tokyo Electric Power Co. Inc., which was held by the Benchmark, and this contributed to the Portfolio’s relative performance. The stock plunged after its Fukushima nuclear plant was damaged by the earthquake and subsequent tsunami in Japan.

Individual detractors from relative performance included the Portfolio’s overweight positions versus the Benchmark in China Life Insurance Co., Ltd., Nintendo Co., Ltd. and Mitsubishi Corp. Shares of China Life Insurance Co., Ltd. and video-game maker Nintendo Co., Ltd. both declined due to disappointing results and concerns about increased competition. Shares of Japan-based Mitsubishi Corp., a diversified Japanese company with an energy and metals segment, declined on investors’ concerns about a pullback in commodity prices.

HOW WAS THE PORTFOLIO POSITIONED?

The Fund’s portfolio managers focused on stock selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced stocks of well-managed companies with the potential to grow their earnings faster than their industry peers.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A	3.1	%
	2.	BHP Billiton Ltd.	3.0
	3.	Nestle S.A.	2.3
	4.	Vodafone Group plc	2.3
	5.	Total S.A.	2.3
	6.	HSBC Holdings plc	2.2
	7.	BG Group plc	2.2
	8.	Standard Chartered plc	2.0
	9.	Novartis AG	1.8
	10.	ING Groep N.V. CVA	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	24.7	%
Japan	16.1
France	15.5
Switzerland	11.9
Germany	7.7
Netherlands	5.8
Australia	4.1
China	2.7
Spain	1.7
Belgium	1.4
Ireland	1.3
Hong Kong	1.2
United States	1.0
Others (each less than 1.0%)	4.9

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles gener- ally accepted in the United States of America.

** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based upon total investments as of June 30, 2011. The Portfolio’s composition is subject to change.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		1/3/95		5.20	%		32.15	%		1.69	%		4.55	%
CLASS 2 SHARES		4/24/09		5.12			31.76			1.58			4.49

* Not annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual Funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

Inception date for Class 1 Shares is January 3, 1995, which is the inception date of JPMorgan International Equity Portfolio (“Predecessor Portfolio”). The JPMorgan Insurance Trust International Equity Portfolio acquired all of the assets and liabilities of the Predecessor Portfolio in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by International Equity Portfolio and have been used since the reorganization. As a result the performance for Class 1 Shares prior to April 25, 2009 is the performance of the Predecessor Portfolio.

Returns for Class 2 Shares prior to April 25, 2009 are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares and the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust International Equity Portfolio, the MSCI EAFE Index and the Lipper Variable Underlying Funds International Core Funds Index from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the MSCI EAFE Index does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to

non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Variable Underlying Funds International Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Portfolio. The MSCI EAFE (Europe, Australia, Far East) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding U.S. and Canada. The Lipper Variable Underlying Funds International Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The Portfolio may also be subject to the additional risk of “regional” investing, which involves focusing investments in a particular geographic region or regions.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Australia — 4.1%
	24,760	BHP Billiton Ltd. (m)		1,170,180
	4,697	Rio Tinto Ltd. (m)		420,423
				1,590,603
		Belgium — 1.4%
	9,360	Anheuser-Busch InBev N.V. (m)		543,230
		China — 2.7%
	276,000	China Construction Bank Corp., Class H (m)		229,766
	148,000	CNOOC Ltd. (m)		348,596
	522,500	Industrial & Commercial Bank of
		China, Class H (m)		398,535
	39,000	Li Ning Co., Ltd. (m)		67,671
				1,044,568
		France — 15.4%
	5,993	Accor S.A. (m)		268,112
	19,599	AXA S.A. (m)		444,901
	8,289	BNP Paribas S.A. (m)		639,156
	4,425	Imerys S.A. (m)		311,278
	6,390	Lafarge S.A. (m)		407,168
	3,097	LVMH Moet Hennessy Louis Vuitton S.A. (m)		556,522
	3,388	Pernod-Ricard S.A. (m)		334,145
	2,240	PPR (m)		398,956
	6,597	Sanofi (m)		530,667
	2,331	Schneider Electric S.A. (m)		389,211
	8,310	Societe Generale S.A. (m)		492,168
	3,010	Technip S.A. (m)		322,647
	15,106	Total S.A. (m)		873,331
				5,968,262
		Germany — 6.3%
	5,940	Bayer AG (m)		477,080
	7	E.ON AG (m)		199
	3,150	Fresenius Medical Care AG & Co. KGaA (m)		235,604
	2,459	Linde AG (m)		431,423
	7,798	SAP AG (m)		472,780
	4,285	Siemens AG (m)		588,848
	6,992	Symrise AG (m)		222,658
				2,428,592
		Hong Kong — 1.2%
	62,000	Belle International Holdings Ltd. (m)		130,987
	79,000	Hang Lung Properties Ltd. (m)		324,820
				455,807
		Ireland — 1.3%
	40,582	WPP plc (m)		508,405
		Israel — 0.8%
	6,830	Teva Pharmaceutical Industries Ltd., ADR (m)		329,343

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — 0.8%
	113,366	Intesa Sanpaolo S.p.A. (m)		301,869
		Japan — 16.1%
	11,600	Canon, Inc. (m)		551,769
	6,900	Daikin Industries Ltd. (m)		244,580
	5,200	East Japan Railway Co. (m)		297,808
	16,000	Honda Motor Co., Ltd. (m)		616,431
	69	Japan Tobacco, Inc. (m)		266,345
	18,000	Komatsu Ltd. (m)		562,017
	44,000	Kubota Corp. (m)		390,349
	22,500	Mitsubishi Corp. (m)		562,002
	3,700	Murata Manufacturing Co., Ltd. (m)		247,376
	3,900	Nidec Corp. (m)		364,105
	800	Nintendo Co., Ltd. (m)		150,231
	6,000	Omron Corp. (m)		166,850
	6,700	Shin-Etsu Chemical Co., Ltd. (m)		359,132
	1,700	SMC Corp. (m)		306,459
	30,400	Sumitomo Corp. (m)		413,569
	10,200	Toyota Motor Corp. (m)		420,028
	857	Yahoo! Japan Corp. (m)		294,933
				6,213,984
		Macau — 0.3%
	41,200	Sands China Ltd. (a) (m)		111,675
		Mexico — 0.5%
	3,930	America Movil S.A.B. de C.V.,
		Series L, ADR (m)		211,748
		Netherlands — 5.8%
	52,943	ING Groep N.V. CVA (a) (m)		652,444
	29,208	Reed Elsevier N.V. (m)		392,373
	33,869	Royal Dutch Shell plc, Class A (m)		1,202,644
				2,247,461
		South Korea — 0.8%
	411	Samsung Electronics Co., Ltd. (m)		319,441
		Spain — 1.7%
	34,639	Banco Bilbao Vizcaya Argentaria S.A. (m)		406,620
	2,569	Inditex S.A. (m)		234,071
				640,691
		Sweden — 0.7%
	10,830	Atlas Copco AB, Class A (m)		285,223
		Switzerland — 11.8%
	20,860	ABB Ltd. (a) (m)		541,991
	10,830	Credit Suisse Group AG (a) (m)		422,069
	4,821	Holcim Ltd. (a) (m)		364,588
	14,266	Nestle S.A. (m)		887,752
	11,279	Novartis AG (m)		691,258
	3,273	Roche Holding AG (m)		547,968

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	126	SGS S.A. (m)		239,342
	20,299	Xstrata plc (m)		447,093
	1,675	Zurich Financial Services AG (a) (m)		423,842
				4,565,903
		Taiwan — 0.8%
	23,167	Taiwan Semiconductor
		Manufacturing Co., Ltd., ADR (m)		292,136
		United Kingdom — 24.6%
	9,190	Autonomy Corp. plc (a) (m)		251,733
	75,397	Barclays plc (m)		309,305
	36,821	BG Group plc (m)		836,055
	12,280	British American Tobacco plc (m)		538,497
	19,570	Burberry Group plc (m)		455,094
	71,824	Centrica plc (m)		372,944
	27,893	GlaxoSmithKline plc (m)		597,865
	84,166	HSBC Holdings plc (m)		837,022
	45,669	ICAP plc (m)		346,369
	12,041	Imperial Tobacco Group plc (m)		400,875
	74,680	Man Group plc (m)		284,065
	50,270	Marks & Spencer Group plc (m)		291,413
	36,241	Prudential plc (m)		418,468
	7,918	Rio Tinto plc (m)		571,725
	29,614	Standard Chartered plc (m)		777,891
	67,858	Tesco plc (m)		438,429
	12,930	Tullow Oil plc (m)		257,489
	19,755	Unilever plc (m)		637,415
	332,428	Vodafone Group plc (m)		881,480
				9,504,134
		Total Common Stocks (Cost $26,767,014)		37,563,075
	Preferred Stock — 1.4%
		Germany — 1.4%
	2,620	Volkswagen AG (m) (Cost $310,797)		541,805
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	400,023	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (Cost $400,023)		400,023
		Total Investments — 99.5% (Cost $27,477,834)		38,504,903
		Other Assets in Excess of Liabilities — 0.5%		183,337
		NET ASSETS — 100.0%	$	38,688,240

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2011

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

INDUSTRY	PERCENTAGE
Commercial Banks		11.4	%
Oil, Gas & Consumable Fuels		9.1
Pharmaceuticals		8.2
Metals & Mining		6.8
Automobiles		4.1
Machinery		4.0
Food Products		4.0
Electrical Equipment		3.4
Insurance		3.3
Tobacco		3.1
Wireless Telecommunication Services		2.8
Construction Materials		2.8
Textiles, Apparel & Luxury Goods		2.8
Capital Markets		2.7
Chemicals		2.6
Trading Companies & Distributors		2.5
Media		2.3
Beverages		2.3
Software		2.3
Multiline Retail		1.8
Diversified Financial Services		1.7
Semiconductors & Semiconductor Equipment		1.6
Industrial Conglomerates		1.5
Office Electronics		1.4
Food & Staples Retailing		1.1
Electronic Equipment, Instruments & Components		1.1
Hotels, Restaurants & Leisure		1.0
Multi-Utilities		1.0
Short-Term Investments		1.0
Others (each less than 1.0%)		6.3

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
(a)	—  Non-income producing security
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

In addition, the value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments described in Note 2.A. of the notes to financial statements are $37,271,653 which amounts to 96.8% of total investments.

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	International Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	38,104,880
Investments in affiliates, at value		400,023
Total investment securities, at value		38,504,903
Cash		169,644
Foreign currency, at value		37,062
Receivables:
Investment securities sold		4
Portfolio shares sold		3,863
Interest and dividends		118,485
Tax reclaims		68,561
Total Assets		38,902,522
LIABILITIES:
Payables:
Portfolio shares redeemed		136,229
Accrued liabilities:
Investment advisory fees		17,472
Administration fees		2,911
Distribution fees		12
Custodian and accounting fees		20,342
Trustees’ and Chief Compliance Officer’s fees		108
Audit fees		20,465
Other		16,743
Total Liabilities		214,282
Net Assets	$	38,688,240
NET ASSETS:
Paid in capital	$	30,338,424
Accumulated undistributed net investment income		539,770
Accumulated net realized gains (losses)		(3,226,674	)
Net unrealized appreciation (depreciation)		11,036,720
Total Net Assets	$	38,688,240
Net Assets:
Class 1	$	38,627,124
Class 2		61,116
Total	$	38,688,240
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		3,661,637
Class 2		5,733
Net Asset Value, offering and redemption price per share:
Class 1	$	10.55
Class 2		10.66
Cost of investments in non-affiliates	$	27,077,811
Cost of investments in affiliates		400,023
Cost of foreign currency		36,760

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	International Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	805,094
Dividend income from affiliates		48
Interest income from affiliates		157
Foreign taxes withheld		(64,117	)
Total investment income		741,182
EXPENSES:
Investment advisory fees		117,179
Administration fees		17,316
Distribution fees — Class 2		75
Custodian and accounting fees		27,224
Interest expense to affiliates		157
Professional fees		22,321
Trustees’ and Chief Compliance Officer’s fees		210
Printing and mailing costs		11,530
Transfer agent fees		2,246
Other		6,306
Total expenses		204,564
Less amounts waived		(3,274	)
Net expenses		201,290
Net investment income (loss)		539,892
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		443,598
Foreign currency transactions		1,667
Net realized gain (loss)		445,265
Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		1,140,713
Foreign currency translations		4,748
Change in net unrealized appreciation (depreciation)		1,145,461
Net realized/unrealized gains (losses)		1,590,726
Change in net assets resulting from operations	$	2,130,618

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	International Equity Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	539,892		$	659,660
Net realized gain (loss)		445,265			708,925
Change in net unrealized appreciation (depreciation)		1,145,461			1,080,169
Change in net assets resulting from operations		2,130,618			2,448,754
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(665,932	)		(98,232	)
Class 2
From net investment income		(887	)		(125	)
Total distributions to shareholders		(666,819	)		(98,357	)
CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		(1,923,111	)		(7,195,356	)
NET ASSETS:
Change in net assets		(459,312	)		(4,844,959	)
Beginning of period		39,147,552			43,992,511
End of period	$	38,688,240		$	39,147,552
Accumulated undistributed net investment income	$	539,770		$	666,697
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,667,336		$	4,422,429
Dividends and distributions reinvested		665,932			98,232
Cost of shares redeemed		(4,257,266	)		(11,716,142	)
Change in net assets from Class 1 capital transactions	$	(1,923,998	)	$	(7,195,481	)
Class 2
Dividends and distributions reinvested		887			125
Change in net assets from Class 2 capital transactions	$	887		$	125
Total change in net assets from capital transactions	$	(1,923,111	)	$	(7,195,356	)
SHARE TRANSACTIONS:
Class 1
Issued		158,844			484,131
Reinvested		63,302			9,952
Redeemed		(405,120	)		(1,255,353	)
Change in Class 1 Shares		(182,974	)		(761,270	)
Class 2
Reinvested		83			13
Change in Class 2 Shares		83			13

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
International Equity Portfolio
Class 1 (e)
Six Months Ended June 30, 2011 (Unaudited)	$	10.17	$	0.14	(f)	$	0.42		$	0.56		$	(0.18	)	$	—		$	(0.18	)
Year Ended December 31, 2010		9.54		0.15	(f)		0.50			0.65			(0.02	)		—			(0.02	)
Year Ended December 31, 2009		7.93		0.16	(f)		2.31			2.47			(0.50	)		(0.36	)		(0.86	)
Year Ended December 31, 2008		15.95		0.34			(6.00	)		(5.66	)		(0.23	)		(2.13	)		(2.36	)
Year Ended December 31, 2007		14.74		0.19	(f)		1.18			1.37			(0.16	)		—			(0.16	)
Year Ended December 31, 2006		12.20		0.13			2.55			2.68			(0.14	)		—			(0.14	)
Class 2
Six Months Ended June 30, 2011 (Unaudited)		10.26		0.13	(f)		0.43			0.56			(0.16	)		—			(0.16	)
Year Ended December 31, 2010		9.65		0.13	(f)		0.50			0.63			(0.02	)		—			(0.02	)
April 24, 2009(i) through December 31, 2009		6.88		0.45	(f)		2.33			2.78			(0.01	)		—			(0.01	)

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) International Equity Portfolio acquired all of the assets and liabilities of JPMorgan International Equity Portfolio (“Predecessor Portfolio”) in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by International Equity Portfolio and have been used since the reorganization. As a result, the financial highlight information reflects that of the Predecessor Portfolio for the periods prior to reorganization with International Equity Portfolio.

(f) Calculated based upon average shares outstanding.

(g) Ratios are disproportionate between classes due to the size of net assets and fixed expenses.

(h) Includes interest expense of 0.02%.

(i) Because of the reorganization with the Predecessor Portfolio in which the performance and financial history of the International Equity Portfolio was replaced with that of the Predecessor Portfolio, the performance and the financial history began on April 24, 2009.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period, (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	10.55		5.52	%	$	38,627		1.03	%		2.76	%		1.05	%		12	%
	10.17		6.84			39,090		1.02			1.66			1.13			15
	9.54		34.91			43,938		1.01			2.00	(g)		1.38			13
	7.93		(41.35	)		41,741		1.09			2.68			1.20			21
	15.95		9.33			83,639		1.22	(h)		1.20			1.22			15
	14.74		22.04			104,411		1.20			1.02			1.20			15
	10.66		5.43			61		1.28			2.54			1.30			12
	10.26		6.56			58		1.27			1.39			1.38			15
	9.65		40.42			54		1.26			8.82	(g)		1.44			13

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
International Equity Portfolio	Class 1 and Class 2	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and service fees, and each class has exclusive voting rights with respect to its distribution plan or administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset values.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by country 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 #	$	400,023	$	38,104,880	$	—	$	38,504,903

# Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOI for industry specifics of the portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Foreign Currency Translation — The books and records of the Portfolio are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

Although the net assets of the Portfolio are presented at the foreign exchange rates and market values at the close of the period, the Portfolio does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held or sold during the year. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statement of Operations.

Reported realized foreign currency gains or losses arise from the disposition of foreign currency, purchase of foreign currency in certain countries (such as Brazil) that impose a tax on such purchases currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end.

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Portfolio first learns of the dividend.

D. Allocation of Income and Expenses — In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. Each class of shares bears its pro-rata portion of expenses attributable to the Portfolio, except that each class separately bears expenses related specifically to that class, such as distribution fees.

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Foreign Taxes — The Portfolio may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Portfolio will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

G. Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid at least annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) acts as the investment advisor to the Portfolio. The Advisor is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). The Advisor supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.60%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

D. Custodian and Accounting Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The Portfolio earns interest on uninvested cash balances held by the custodian. Such interest amounts are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations. Interest income, if any, earned on cash balances at the custodian is included as Interest income from affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	1.03	%		1.28	%

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The expense limitation percentages in the table above are in place until at least April 30, 2012. In addition, the Portfolio’s service providers have voluntarily waived fees during the six months ended June 30, 2011. However, the Portfolio’s service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended June 30, 2011, the Advisor contractually waived fees for the Portfolio in the amount of $3,175. The Advisor does not expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 was $99.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	4,533,337	$	6,925,048

During the six months ended June 30, 2011, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	27,477,834	$	12,518,368	$	1,491,299	$	11,027,069

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

The Portfolio may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year. Such concentrations may subject the Portfolio to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the Portfolio’s securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of June 30, 2011, substantially all of the Portfolio’s net assets consist of securities of issuers that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of and investment income from such securities.

As June 30, 2011, the Portfolio invested approximately 24.7% of its total investments in the United Kingdom.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

For each Class of the Portfolio in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30, 2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,055.20	$	5.25		1.03	%
Hypothetical		1,000.00		1,019.69		5.16		1.03
Class 2
Actual		1,000.00		1,054.30		6.52		1.28
Hypothetical		1,000.00		1,018.45		6.41		1.28

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011. All rights reserved. June 2011. SAN-JPMITIEP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust Intrepid Growth Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	9
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	19

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		8.94%
Russell 1000 Growth Index		6.83%
Net Assets as of 6/30/2011	$	43,804,892

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Intrepid Growth Portfolio (the “Portfolio”) seeks to provide long-term capital growth.

HOW DID THE MARKET PERFORM?

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. stocks advanced during the reporting period, as the S&P 500 Index gained 6.02% for the six months ended June 30, 2011. Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support U.S. stock prices during the reporting period. Large-cap U.S. growth stocks outperformed large-cap U.S. value stocks, as the Russell 1000 Growth Index (the “Benchmark”) gained 6.83% versus the 5.92% return for the Russell 1000 Value Index.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) outperformed the Benchmark for the six months ended June 30, 2011. The Portfolio’s stock selection in the health care and consumer discretionary sectors contributed to the Portfolio’s relative performance, while the Portfolio’s stock selection in the telecommunication services and industrials sectors detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in CBS Corp. and Biogen Idec Inc. Shares of media company CBS Corp. benefited from improving advertising spending and the company’s announced increase of its quarterly dividend. Shares of Biogen Idec Inc. increased after the biotechnology company released positive clinical data for its multiple sclerosis drug candidate.

Individual detractors from relative performance included the Portfolio’s positions in Ford Motor Co. and Microsoft Corp. Shares of auto manufacturer Ford Motor Co. declined as many investors became concerned that rising prices for raw materials would hurt the company’s profit. Shares of Microsoft Corp. declined on concerns about declining sales for personal computers.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers used the JPMorgan Intrepid investment philosophy, which is rooted in behavioral finance, in positioning the Portfolio. Behavioral finance, which is a field of study that emphasizes the importance of human psychology in financial markets, examines how investor behavior can be affected by biases and emotional reactions and theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The JPMorgan Intrepid investment team (the “Team”) aimed to capitalize on these market inefficiencies by targeting stocks that were attractively valued with strong momentum characteristics and by seeking stocks with increasing prices that they believed would continue to increase. The investment process started with a disciplined proprietary ranking methodology that attempted to identify stocks in each sector that had more attractive value and stronger momentum characteristics relative to the Benchmark. In addition, the Team looked to sell stocks held in the Portfolio that became overvalued and/or experienced momentum that deteriorated materially, replacing them with more attractive stocks identified by the proprietary ranking methodology. The Team combined its value and momentum factors with disciplined portfolio construction, qualitative research and value-added trading.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	5.9	%
	2.	International Business Machines Corp.	4.6
	3.	Exxon Mobil Corp.	4.2
	4.	Oracle Corp.	3.3
	5.	Philip Morris International, Inc.	3.0
	6.	priceline.com, Inc.	1.9
	7.	Microsoft Corp.	1.9
	8.	Wynn Resorts Ltd.	1.8
	9.	CBS Corp., Class B	1.7
	10.	PPG Industries, Inc.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.8	%
Consumer Discretionary	13.7
Industrials	13.0
Energy	11.0
Consumer Staples	10.8
Health Care	10.2
Financials	6.8
Materials	6.0
Telecommunication Services	0.5
Short-Term Investment	1.2

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of June 30, 2011. The Portfolio’s composition is subject to change.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

AS OF JUNE 30, 2011 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		8/1/94		8.94	%		37.75	%		4.13	%		1.26	%
CLASS 2 SHARES		8/16/06		8.72			37.29			3.87			1.13

* Not annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. Effective November 1, 2006, the Portfolio’s investment objective and strategies changed. Although past performance is not necessarily an indication of how the Portfolio will perform in the future, in view of these changes, the Portfolio’s performance record prior to this period might be less relevant for investors considering whether to purchase shares of the Portfolio.

Returns for Class 2 Shares prior to their inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Intrepid Growth Portfolio, Russell 1000 Growth Index and the Lipper Variable Underlying Funds Large-Cap Growth Funds Index from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect

reinvestment of all dividends and capital gains of the securities included in the benchmark. The performance of the Lipper Variable Underlying Funds Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Portfolio. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Variable Underlying Funds Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
		Consumer Discretionary — 13.7%
		Auto Components — 0.4%
	3,000	TRW Automotive Holdings Corp. (a)		177,090
		Automobiles — 1.1%
	35,800	Ford Motor Co. (a)		493,682
		Diversified Consumer Services — 0.4%
	2,200	Weight Watchers International, Inc.		166,034
		Hotels, Restaurants & Leisure — 2.7%
	6,300	Wyndham Worldwide Corp.		211,995
	5,400	Wynn Resorts Ltd.		775,116
	3,100	Yum! Brands, Inc.		171,244
				1,158,355
		Household Durables — 0.5%
	3,000	Tempur-Pedic International, Inc. (a)		203,460
		Internet & Catalog Retail — 3.0%
	1,400	Amazon.com, Inc. (a)		286,286
	800	NetFlix, Inc. (a)		210,152
	1,600	priceline.com, Inc. (a)		819,088
				1,315,526
		Media — 2.9%
	26,400	CBS Corp., Class B		752,136
	7,100	DIRECTV, Class A (a)		360,822
	12,000	Gannett Co., Inc.		171,840
				1,284,798
		Multiline Retail — 0.4%
	5,750	Macy’s, Inc.		168,130
		Specialty Retail — 1.3%
	700	AutoZone, Inc. (a)		206,395
	5,400	Limited Brands, Inc.		207,630
	3,500	Signet Jewelers Ltd., (Bermuda) (a)		163,835
				577,860
		Textiles, Apparel & Luxury Goods — 1.0%
	1,800	Deckers Outdoor Corp. (a)		158,652
	1,100	Fossil, Inc. (a)		129,492
	2,500	Phillips-Van Heusen Corp.		163,675
				451,819
		Total Consumer Discretionary		5,996,754
		Consumer Staples — 10.8%
		Beverages — 0.8%
	6,100	Coca-Cola Enterprises, Inc.		177,998
	7,400	Constellation Brands, Inc., Class A (a)		154,068
				332,066

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 2.3%
	7,000	Walgreen Co.		297,220
	13,350	Wal-Mart Stores, Inc.		709,419
				1,006,639
		Food Products — 2.0%
	10,100	H.J. Heinz Co.		538,128
	8,200	Smithfield Foods, Inc. (a)		179,334
	7,400	Tyson Foods, Inc., Class A		143,708
				861,170
		Household Products — 1.5%
	5,000	Colgate-Palmolive Co.		437,050
	3,300	Kimberly-Clark Corp.		219,648
				656,698
		Personal Products — 0.5%
	4,200	Herbalife Ltd., (Cayman Islands)		242,088
		Tobacco — 3.7%
	3,000	Lorillard, Inc.		326,610
	19,600	Philip Morris International, Inc.		1,308,692
				1,635,302
		Total Consumer Staples		4,733,963
		Energy — 11.0%
		Energy Equipment & Services — 2.6%
	3,300	Dresser-Rand Group, Inc. (a)		177,375
	5,900	Halliburton Co.		300,900
	1,500	National Oilwell Varco, Inc.		117,315
	4,500	Oceaneering International, Inc.		182,250
	5,700	Patterson-UTI Energy, Inc.		180,177
	7,500	RPC, Inc.		184,050
				1,142,067
		Oil, Gas & Consumable Fuels — 8.4%
	2,900	Apache Corp.		357,831
	7,100	Chevron Corp.		730,164
	22,800	Exxon Mobil Corp.		1,855,464
	3,650	Occidental Petroleum Corp.		379,746
	13,200	Valero Energy Corp.		337,524
				3,660,729
		Total Energy		4,802,796
		Financials — 6.7%
		Capital Markets — 1.2%
	9,500	Ameriprise Financial, Inc.		547,960
		Commercial Banks — 0.4%
	7,100	SunTrust Banks, Inc.		183,180

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Consumer Finance — 2.1%
	8,100	Capital One Financial Corp.		418,527
	18,200	Discover Financial Services		486,850
				905,377
		Diversified Financial Services — 0.3%
	3,020	Citigroup, Inc.		125,753
		Insurance — 1.4%
	6,300	Lincoln National Corp.		179,487
	8,600	MetLife, Inc.		377,282
	1,000	Prudential Financial, Inc.		63,590
				620,359
		Real Estate Investment Trusts (REITs) — 0.9%
	23,000	Chimera Investment Corp.		79,580
	1,950	Digital Realty Trust, Inc. (c)		120,471
	1,612	Simon Property Group, Inc.		187,362
				387,413
		Thrifts & Mortgage Finance — 0.4%
	13,300	People’s United Financial, Inc.		178,752
		Total Financials		2,948,794
		Health Care — 10.2%
		Biotechnology — 1.8%
	4,700	Alexion Pharmaceuticals, Inc. (a)		221,041
	2,750	Amgen, Inc. (a)		160,463
	4,100	Biogen Idec, Inc. (a)		438,372
				819,876
		Health Care Equipment & Supplies — 2.0%
	3,100	Baxter International, Inc.		185,039
	2,600	Cooper Cos., Inc. (The)		206,024
	1,400	Hill-Rom Holdings, Inc.		64,456
	4,800	St. Jude Medical, Inc.		228,864
	2,900	Zimmer Holdings, Inc. (a)		183,280
				867,663
		Health Care Providers & Services — 2.1%
	2,500	Humana, Inc.		201,350
	10,500	UnitedHealth Group, Inc.		541,590
	3,200	Universal Health Services, Inc., Class B		164,896
				907,836
		Health Care Technology — 0.4%
	3,000	SXC Health Solutions Corp. (a)		176,760
		Life Sciences Tools & Services — 1.2%
	6,200	Agilent Technologies, Inc. (a)		316,882
	2,800	Illumina, Inc. (a)		210,420
				527,302

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 2.7%
	4,900	Endo Pharmaceuticals Holdings, Inc. (a)		196,833
	29,000	Pfizer, Inc.		597,400
	6,450	Warner Chilcott plc, (Ireland), Class A		155,638
	3,300	Watson Pharmaceuticals, Inc. (a)		226,809
				1,176,680
		Total Health Care		4,476,117
		Industrials — 12.9%
		Aerospace & Defense — 2.8%
	4,300	General Dynamics Corp.		320,436
	11,900	Honeywell International, Inc.		709,121
	2,200	TransDigm Group, Inc. (a)		200,618
				1,230,175
		Air Freight & Logistics — 0.6%
	3,700	United Parcel Service, Inc., Class B		269,841
		Airlines — 1.4%
	2,900	Alaska Air Group, Inc. (a)		198,534
	23,200	Delta Air Lines, Inc. (a)		212,744
	9,400	United Continental Holdings, Inc. (a)		212,722
				624,000
		Commercial Services & Supplies — 0.4%
	7,700	R.R. Donnelley & Sons Co.		150,997
		Construction & Engineering — 0.4%
	4,600	KBR, Inc.		173,374
		Industrial Conglomerates — 1.1%
	9,800	Tyco International Ltd., (Switzerland)		484,414
		Machinery — 6.2%
	6,100	Caterpillar, Inc.		649,406
	5,000	Cummins, Inc.		517,450
	2,200	Eaton Corp.		113,190
	1,900	Joy Global, Inc.		180,956
	7,500	Parker Hannifin Corp.		673,050
	2,300	Stanley Black & Decker, Inc.		165,715
	4,300	Timken Co.		216,720
	3,100	WABCO Holdings, Inc. (a)		214,086
				2,730,573
		Total Industrials		5,663,374
		Information Technology — 26.7%
		Communications Equipment — 1.9%
	1,600	Acme Packet, Inc. (a)		112,208
	3,300	Harris Corp.		148,698
	9,700	QUALCOMM, Inc.		550,863
				811,769

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Computers & Peripherals — 7.8%
	7,705	Apple, Inc. (a)		2,586,337
	10,500	Dell, Inc. (a)		175,035
	5,900	EMC Corp. (a)		162,545
	4,900	NetApp, Inc. (a)		258,622
	5,600	SanDisk Corp. (a)		232,400
				3,414,939
		Internet Software & Services — 0.5%
	5,700	IAC/InterActiveCorp. (a)		217,569
		IT Services — 7.8%
	7,300	Accenture plc, (Ireland), Class A		441,066
	1,950	Alliance Data Systems Corp. (a) (c)		183,437
	11,650	International Business Machines Corp.		1,998,557
	1,900	VeriFone Systems, Inc. (a)		84,265
	35,200	Western Union Co. (The)		705,056
				3,412,381
		Semiconductors & Semiconductor Equipment — 2.5%
	12,100	Broadcom Corp., Class A (a)		407,044
	7,400	Freescale Semiconductor Holdings I Ltd. (a) (c)		136,086
	6,500	Lam Research Corp. (a)		287,820
	7,400	Xilinx, Inc.		269,878
				1,100,828
		Software — 6.2%
	7,800	Fortinet, Inc. (a)		212,862
	31,300	Microsoft Corp.		813,800
	43,940	Oracle Corp.		1,446,066
	13,500	Symantec Corp. (a)		266,220
				2,738,948
		Total Information Technology		11,696,434
		Materials — 6.1%
		Chemicals — 4.4%
	1,100	CF Industries Holdings, Inc.		155,837
	3,200	E.I. du Pont de Nemours & Co.		172,960
	1,700	Eastman Chemical Co.		173,519

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — Continued
	4,400	LyondellBasell Industries N.V., (Netherlands), Class A		169,488
	8,200	PPG Industries, Inc.		744,478
	3,300	Rockwood Holdings, Inc. (a)		182,457
	6,500	Solutia, Inc. (a)		148,525
	3,200	Westlake Chemical Corp.		166,080
				1,913,344
		Metals & Mining — 1.7%
	1,000	Cliffs Natural Resources, Inc.		92,450
	8,800	Freeport-McMoRan Copper & Gold, Inc.		465,520
	1,500	Walter Energy, Inc.		173,700
				731,670
		Total Materials		2,645,014
		Telecommunication Services — 0.5%
		Diversified Telecommunication Services — 0.5%
	5,502	CenturyLink, Inc.		222,446
		Total Common Stocks (Cost $36,336,542)		43,185,692
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	542,611	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $542,611)		542,611
	Investments of Cash Collateral for Securities on Loan — 0.6%
		Investment Company — 0.6%
	247,715	JPMorgan Prime Money Market Fund, Capital Shares, 0.080% (b) (l) (Cost $247,715)		247,715
		Total Investments — 100.4% (Cost $37,126,868)		43,976,018
		Liabilities in Excess of Other Assets — (0.4)%		(171,126	)
		NET ASSETS — 100.0%	$	43,804,892

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/11		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	9	E-mini S&P 500		09/16/11	$	591,975	$	22,005

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Growth Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

(a)	—  Non-income producing security
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.

(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	Intrepid Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	43,185,692
Investments in affiliates, at value		790,326
Total investment securities, at value		43,976,018
Deposits at broker for futures		175,000
Receivables:
Investment securities sold		887,135
Portfolio shares sold		15,625
Interest and dividends		36,401
Securities lending income		115
Variation margin on futures contracts		5,040
Total Assets		45,095,334
LIABILITIES:
Payables:
Investment securities purchased		931,849
Collateral for securities lending program		247,715
Portfolio shares redeemed		19,185
Accrued liabilities:
Investment advisory fees		18,354
Administration fees		4,811
Distribution fees		4
Custodian and accounting fees		14,420
Trustees’ and Chief Compliance Officer’s fees		520
Other		53,584
Total Liabilities		1,290,442
Net Assets	$	43,804,892
NET ASSETS:
Paid in capital	$	70,215,450
Accumulated undistributed net investment income		116,698
Accumulated net realized gains (losses)		(33,398,411	)
Net unrealized appreciation (depreciation)		6,871,155
Total Net Assets	$	43,804,892
Net Assets:
Class 1	$	43,786,816
Class 2		18,076
Total	$	43,804,892
Outstanding units of beneficial interest (shares)
(unlimited amount authorized, no par value):
Class 1		2,686,823
Class 2		1,110
Net asset value, offering and redemption price per share:
Class 1	$	16.30
Class 2		16.28
Cost of investments in non-affiliates	$	36,336,542
Cost of investments in affiliates		790,326
Value of securities on loan		245,983

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	Intrepid Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	317,679
Dividend income from affiliates		384
Income from securities lending (net)		806
Total investment income		318,869
EXPENSES:
Investment advisory fees		144,782
Administration fees		19,751
Distribution fees — Class 2		22
Custodian and accounting fees		15,916
Interest expense to affiliates		4
Professional fees		21,049
Trustees’ and Chief Compliance Officer’s fees		240
Printing and mailing costs		20,298
Transfer agent fees		2,077
Other		4,739
Total expenses		228,878
Less amounts waived		(29,053	)
Less earnings credits		—	(a)
Net expenses		199,825
Net investment income (loss)		119,044
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,334,320
Futures		31,576
Net realized gain (loss)		4,365,896
Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		(697,503	)
Futures		17,240
Change in net unrealized appreciation (depreciation)		(680,263	)
Net realized/unrealized gains (losses)		3,685,633
Change in net assets resulting from operations	$	3,804,677

(a) Amount rounds to less than $1.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Growth Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	119,044		$	438,317
Net realized gain (loss)		4,365,896			7,438,977
Change in net unrealized appreciation (depreciation)		(680,263	)		(1,188,957	)
Change in net assets resulting from operations		3,804,677			6,688,337
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(436,013	)		(461,071	)
Class 2
From net investment income		(136	)		(108	)
Total distributions to shareholders		(436,149	)		(461,179	)
CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		(5,106,358	)		(11,485,166	)
NET ASSETS :
Change in net assets		(1,737,830	)		(5,258,008	)
Beginning of period		45,542,722			50,800,730
End of period	$	43,804,892		$	45,542,722
Accumulated undistributed net investment income	$	116,698		$	433,803
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	659,172		$	2,608,830
Dividends and distributions reinvested		436,013			461,071
Cost of shares redeemed		(6,201,679	)		(14,555,175	)
Change in net assets from Class 1 capital transactions	$	(5,106,494	)	$	(11,485,274	)
Class 2
Dividends and distributions reinvested	$	136		$	108
Change in net assets from Class 2 capital transactions	$	136		$	108
Total change in net assets from capital transactions	$	(5,106,358	)	$	(11,485,166	)
SHARE TRANSACTIONS:
Class 1
Issued		41,459			197,265
Reinvested		27,422			32,396
Redeemed		(389,931	)		(1,088,309	)
Change in Class 1 Shares		(321,050	)		(858,648	)
Class 2
Reinvested		8			8
Change in Class 2 Shares		8			8

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net asset value, end of period
Intrepid Growth Portfolio
Class 1
Six Months Ended June 30, 2011 (Unaudited)	$	15.14	$	0.04	(e)	$	1.28		$	1.32		$	(0.16	)	$	16.30
Year Ended December 31, 2010		13.13		0.13	(e)(f)		2.01	(f)		2.14			(0.13	)		15.14
Year Ended December 31, 2009		9.86		0.12	(g)		3.23	(g)(h)		3.35			(0.08	)		13.13
Year Ended December 31, 2008		16.37		0.09			(6.47	)(i)		(6.38	)		(0.13	)		9.86
Year Ended December 31, 2007		14.70		0.08	(e)		1.62			1.70			(0.03	)		16.37
Year Ended December 31, 2006		13.96		0.02			0.73			0.75			(0.01	)		14.70
Class 2
Six Months Ended June 30, 2011 (Unaudited)		15.11		0.02	(e)		1.27			1.29			(0.12	)		16.28
Year Ended December 31, 2010		13.12		0.10	(e)(f)		1.99	(f)		2.09			(0.10	)		15.11
Year Ended December 31, 2009		9.84		0.08	(g)		3.25	(g)(h)		3.33			(0.05	)		13.12
Year Ended December 31, 2008		16.33		0.04			(6.44	)(i)		(6.40	)		(0.09	)		9.84
Year Ended December 31, 2007		14.69		0.04	(e)		1.61			1.65			(0.01	)		16.33
August 16, 2006 (j) through December 31, 2006		13.88		0.01			0.80			0.81			—			14.69

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Includes a gain resulting from litigation payments on securities owned in a prior year. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $1.98 and $1.97, and the return would have been 16.10% and 15.81% for Class 1 and Class 2 Shares, respectively. The impact on net investment income (loss) per share and the net investment income (loss) ratio was less than $0.01 and 0.01%, respectively, for Class 1 and Class 2 Shares.

(g) Includes gains resulting from litigation payments on securities owned in a prior year. Without these gains, the net investment income (loss) per share would have been $0.10 and $0.06, the net realized and unrealized gains (losses) on investments per share would have been $3.19 and $3.20, the total return would have been 33.71% and 33.32%, and the net investment income (loss) ratio would have been 0.94% and 0.69% for Class 1 and Class 2 Shares, respectively.

(h) Affiliates of JPMorgan Chase & Co. reimbursed the Portfolio for losses incurred from an operational error. Without this payment, the net realized and unrealized gains (losses) on investments per share would have been $3.24 and the total return would have been 33.93% for Class 2 Shares. There was no impact to the net realized and unrealized gains (losses) on investments per share or total return for Class 1 Shares.

(i) Includes a gain resulting from a litigation payment on a security owned in a prior year. Without this gain, the net realized and unrealized gains (losses) on investments per share would have been $(6.53) and $(6.50) and the total return would have been (39.59)% and (39.73)% for Class 1 Shares and Class 2 Shares, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
	8.72	%	$	43,787		0.89	%		0.53	%		1.02	%		55	%
	16.33	(f)		45,426		0.90			0.95	(f)		1.02			126
	34.32	(g)(h)		50,786		0.90			0.96	(g)		1.07			134
	(39.22	)(i)		46,462		0.90			0.54			0.94			132
	11.55			97,736		0.88			0.51			0.90			137
	5.37			220,344		0.87			0.17			0.87			145
	8.58			18		1.14			0.29			1.27			55
	15.96	(f)		17		1.15			0.72	(f)		1.27			126
	34.03	(g)(h)		14		1.15			0.70	(g)		1.32			134
	(39.36	)(i)		11		1.15			0.30			1.19			132
	11.25			18		1.14			0.22			1.16			137
	5.84			16		1.14			0.11			1.14			145

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Intrepid Growth Portfolio	Class 1 and Class 2	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and service fees and each class has exclusive voting rights with respect to its distribution plan or administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset values.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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 #	$	43,976,018	$	—	$	—	$	43,976,018
Appreciation in Other Financial Instruments
Futures Contracts	$	22,005	$	—	$	—	$	22,005

# Portfolio holdings designated as Level 1 are disclosed individually in the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Futures Contracts — The Portfolio uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Portfolio buys futures contracts to immediately invest incoming cash in the market or sells futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Portfolio to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statement of Operations at the closing or expiration of futures contracts. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The Portfolio may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Portfolio to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Portfolio to unlimited risk of loss. The Portfolio may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

The table below discloses the volume of the Portfolio’s futures activities during the six months ended June 30, 2011:

Futures Contracts:
Average Notional Balance Long	592,941
Ending Notional Balance Long	591,975

C. Securities Lending — The Portfolio may lend securities to brokers approved by J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) in order to generate additional income. Goldman Sachs Bank USA (“GS Bank”) serves as lending agent for the Portfolio. Securities loaned are collateralized by cash, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund. Upon termination of the loan, the Portfolio is required to return to the borrower the posted cash collateral. Loans are subject to termination by the Portfolio or the borrower at any time.

Securities lending income is comprised of income earned on cash collateral investments (“Collateral Investments”), net of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) on the Statement of Operations. The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations. For the six months ended June 30, 2011, the Portfolio earned $431 from the investment of cash collateral, prior to rebates or fees, from an investment in an affiliated fund as described below.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of loaned U.S. dollar-denominated securities, plus accrued interest. The securities lending agreement with GS Bank requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI. At June 30, 2011, the value of outstanding securities on loan and the value of Collateral Investments were as follows:

Value of Securities on Loan	Cash Collateral Posted by Borrower		Total Value of Collateral Investments
$245,983	$	247,715	$	247,715

The Portfolio bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Advisor does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, GS Bank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Advisor waived fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund in the amount of $316. This amount offsets the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Portfolio’s investment in such fund. A portion of the waiver is voluntary.

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

E. Allocation of Income and Expenses — In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. Each class of shares bears its pro-rata portion of expenses attributable to the Portfolio, except that each class separately bears expenses related specifically to that class, such as distribution fees.

F. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid at least annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM acts as the investment advisor to the Portfolio. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). JPMIM supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.65%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

D. Custodian and Accounting Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s average daily net assets as shown in the table below:

Class 1	Class 2
0.90%		1.15	%

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The expense limitation percentages in the table above are in place until at least April 30, 2012.

For the six months ended June 30, 2011, the Advisor contractually waived fees for the Portfolio in the amount of $28,384. The Advisor does not expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 (excluding the waiver disclosed in Note 2.C. regarding cash collateral for securities lending invested in the JPMorgan Prime Money Market Fund) was $669.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles. The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	24,765,056	$	29,541,045

During the six months ended June 30, 2011, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	37,126,868	$	7,176,703	$	327,553	$	6,849,150

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from another portfolio or from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

For each Class of the Portfolio in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30, 2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,087.20	$	4.61		0.89	%
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class 2
Actual		1,000.00		1,085.80		5.90		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14

* Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 19

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011. All rights reserved. June 2011. SAN-JPMITIGP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	10
Financial Highlights	14
Notes to Financial Statements	16
Schedule of Shareholder Expenses	21

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		10.74%
Russell Midcap Index		8.08%
Net Assets as of 6/30/2011	$	37,722,692

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Intrepid Mid Cap Portfolio (the “Portfolio”) seeks long-term capital growth by investing primarily in equity securities with intermediate capitalizations.

HOW DID THE MARKET PERFORM?

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. stocks advanced during the reporting period, as the S&P 500 Index gained 6.02% for the six months ended June 30, 2011. Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support U.S. stock prices during the reporting period. Mid-cap U.S. stocks outperformed small- and large-cap U.S. stocks, as the Russell Midcap Index (the “Benchmark”) gained 8.08% versus the 6.21% return for the Russell 2000 Index, an index of small cap U.S. stocks, and the 6.37% return for the Russell 1000 Index, which measures the performance of large-cap U.S. stocks.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) outperformed the Benchmark for the six months ended June 30, 2011. The Portfolio’s stock selection in the health services and systems and media sectors contributed to relative performance, while the Portfolio’s stock selection in the software and services and systems hardware sectors detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Cooper Cos., Inc. and Herbalife Ltd. Shares of eye-care and surgical products maker Cooper Cos., Inc. benefited after the company reported strong first quarter results and raised guidance. Shares of Herbalife Ltd., a direct

seller of nutritional and weight loss supplements, outperformed, driven by revenue and earnings per share that consistently beat investor expectations and a guidance raise.

Individual detractors from relative performance included the Portfolio’s positions in Constellation Brands, Inc., a wine and spirits maker and Navistar International Corp., a truck engine manufacturer. Shares of Constellation Brands, Inc. declined after the company reported weak fiscal third quarter sales and lowered its guidance below investors’ expectations for the fiscal year. Navistar International Corp. reported disappointing quarterly profit, which was lower-than-expected due to costs related to its joint ventures.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers employed the JPMorgan Intrepid investment philosophy, which is rooted in behavioral finance, in positioning the Portfolio. Behavioral finance, which is a field of study that emphasizes the importance of human psychology in financial markets, examines how investor behavior can be affected by biases and emotional reactions and theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The JPMorgan Behavioral Finance investment team (the “Team”) aimed to capitalize on these market inefficiencies by targeting stocks with attractive valuations and strong fundamentals. Additionally, the Team looked to sell stocks when they stopped exhibiting these characteristics. The Team used a disciplined quantitative ranking methodology to identify attractive stocks in each sector. This screening process was combined with bottom-up fundamental research, as the team rigorously researched the companies identified as attractive to determine their underlying value and potential for future earnings growth.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Cooper Cos., Inc. (The)	2.1	%
	2.	Corn Products International, Inc.	2.1
	3.	PPG Industries, Inc.	1.9
	4.	CBS Corp., Class B	1.8
	5.	Discover Financial Services	1.8
	6.	Kinetic Concepts, Inc.	1.6
	7.	Parker Hannifin Corp.	1.5
	8.	Macy’s, Inc.	1.5
	9.	Navistar International Corp.	1.4
	10.	KBR, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	18.2	%
Consumer Discretionary	14.5
Information Technology	14.2
Industrials	12.6
Health Care	10.4
Materials	7.9
Energy	7.0
Utilities	6.5
Consumer Staples	6.1
Telecommunication Services	1.5
U.S. Treasury Obligation	0.3
Short-Term Investment	0.8

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of June 30, 2011. The Portfolio’s composition is subject to change.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		3/30/95		10.74	%		37.72	%		3.94	%		6.05	%
CLASS 2 SHARES		8/16/06		10.59			37.36			3.69			5.93

* Not Annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for the Class 2 Shares prior to their inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in the Class 1 Shares of the JPMorgan Insurance Trust Intrepid Mid Cap Portfolio, the Russell Midcap Index and the Lipper Variable Underlying Funds Mid-Cap Core Funds Index from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the Russell Midcap Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the

benchmark. The performance of the Lipper Variable Underlying Funds Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Portfolio. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Variable Underlying Funds Mid-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.7%
		Consumer Discretionary — 14.3%
		Auto Components — 1.8%
	3,600	Autoliv, Inc., (Sweden) (c)		282,420
	800	Lear Corp.		42,784
	6,100	TRW Automotive Holdings Corp. (a)		360,083
				685,287
		Distributors — 0.1%
	300	Genuine Parts Co.		16,320
		Diversified Consumer Services — 2.2%
	2,500	Apollo Group, Inc., Class A (a)		109,200
	1,400	Career Education Corp. (a)		29,610
	14,450	H&R Block, Inc. (c)		231,778
	2,300	ITT Educational Services, Inc. (a)		179,952
	25,100	Service Corp. International		293,168
				843,708
		Hotels, Restaurants & Leisure — 1.6%
	7,000	Brinker International, Inc.		171,220
	11,500	Wyndham Worldwide Corp.		386,975
	200	Wynn Resorts Ltd.		28,708
				586,903
		Household Durables — 0.9%
	2,250	Garmin Ltd., (Switzerland) (c)		74,318
	6,250	Leggett & Platt, Inc.		152,375
	1,900	Tupperware Brands Corp.		128,155
				354,848
		Internet & Catalog Retail — 0.1%
	100	priceline.com, Inc. (a)		51,193
		Leisure Equipment & Products — 0.3%
	1,850	Hasbro, Inc.		81,270
	1,500	Mattel, Inc.		41,235
				122,505
		Media — 2.4%
	24,200	CBS Corp., Class B		689,458
	3,750	DISH Network Corp., Class A (a)		115,013
	2,300	Gannett Co., Inc.		32,936
	1,700	McGraw-Hill Cos., Inc. (The)		71,247
				908,654
		Multiline Retail — 1.5%
	250	Big Lots, Inc. (a)		8,287
	19,000	Macy’s, Inc.		555,560
				563,847
		Specialty Retail — 3.4%
	300	AutoZone, Inc. (a)		88,455

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — Continued
	14,800	GameStop Corp., Class A (a) (c)		394,716
	5,400	Limited Brands, Inc.		207,630
	10,600	Signet Jewelers Ltd., (Bermuda) (a)		496,186
	1,800	TJX Cos., Inc.		94,554
				1,281,541
		Total Consumer Discretionary		5,414,806
		Consumer Staples — 6.0%
		Beverages — 1.1%
	19,300	Constellation Brands, Inc., Class A (a)		401,826
		Food & Staples Retailing — 0.5%
	22,100	SUPERVALU, Inc. (c)		207,961
		Food Products — 2.6%
	14,100	Corn Products International, Inc.		779,448
	9,800	Smithfield Foods, Inc. (a)		214,326
				993,774
		Personal Products — 1.3%
	8,500	Herbalife Ltd., (Cayman Islands)		489,940
		Tobacco — 0.5%
	1,700	Lorillard, Inc.		185,079
		Total Consumer Staples		2,278,580
		Energy — 6.9%
		Energy Equipment & Services — 2.5%
	1,301	Baker Hughes, Inc.		94,401
	700	Core Laboratories N.V., (Netherlands)		78,078
	600	Diamond Offshore Drilling, Inc. (c)		42,246
	1,200	Dresser-Rand Group, Inc. (a)		64,500
	1,568	National Oilwell Varco, Inc.		122,633
	5,300	Oil States International, Inc. (a)		423,523
	300	SEACOR Holdings, Inc.		29,988
	1,700	Unit Corp. (a)		103,581
				958,950
		Oil, Gas & Consumable Fuels — 4.4%
	3,200	Cimarex Energy Co.		287,744
	7,595	Energen Corp.		429,117
	2,600	Holly Corp. (a)		180,440
	2,000	Murphy Oil Corp.		131,320
	3,500	Newfield Exploration Co. (a)		238,070
	720	Noble Energy, Inc.		64,534
��	2,500	Southern Union Co.		100,375
	1,800	Sunoco, Inc.		75,078
	5,400	Valero Energy Corp.		138,078
				1,644,756
		Total Energy		2,603,706

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Financials — 18.0%
		Capital Markets — 1.2%
	4,600	Affiliated Managers Group, Inc. (a)		466,670
		Commercial Banks — 1.8%
	650	Bank of Hawaii Corp.		30,238
	1,650	BOK Financial Corp. (c)		90,371
	600	City National Corp.		32,550
	300	Cullen/Frost Bankers, Inc.		17,055
	7,200	Fifth Third Bancorp		91,800
	8,600	Huntington Bancshares, Inc.		56,416
	11,100	KeyCorp		92,463
	800	M&T Bank Corp.		70,360
	14,400	TCF Financial Corp. (c)		198,720
				679,973
		Consumer Finance — 1.8%
	24,700	Discover Financial Services		660,725
		Diversified Financial Services — 0.7%
	11,050	NASDAQ OMX Group, Inc. (The) (a)		279,565
		Insurance — 4.8%
	2,350	Allied World Assurance Co. Holdings Ltd., (Switzerland)		135,313
	10,450	American Financial Group, Inc.		372,960
	5,050	Arch Capital Group Ltd., (Bermuda) (a)		161,196
	2,200	Assurant, Inc.		79,794
	1,550	Axis Capital Holdings Ltd., (Bermuda)		47,988
	700	Everest Re Group Ltd., (Bermuda)		57,225
	12,700	Genworth Financial, Inc., Class A (a)		130,556
	4,400	Hartford Financial Services Group, Inc.		116,028
	6,800	Lincoln National Corp.		193,732
	3,900	Principal Financial Group, Inc.		118,638
	3,700	Protective Life Corp.		85,581
	1,000	Reinsurance Group of America, Inc.		60,860
	400	Torchmark Corp.		25,656
	8,900	Unum Group		226,772
				1,812,299
		Real Estate Investment Trusts (REITs) — 6.5%
	13,700	Annaly Capital Management, Inc.		247,148
	7,100	Apartment Investment & Management Co., Class A		181,263
	6,800	Brandywine Realty Trust		78,812
	1,300	Camden Property Trust		82,706
	2,300	Chimera Investment Corp.		7,958
	4,125	CommonWealth REIT		106,590
	4,600	Developers Diversified Realty Corp.		64,860
	4,000	Douglas Emmett, Inc. (m)		79,560

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — Continued
	26,500	Duke Realty Corp.		371,265
	1,900	Equity Residential		114,000
	3,900	Health Care REIT, Inc.		204,477
	17,610	Hospitality Properties Trust		427,042
	2,350	Mack-Cali Realty Corp.		77,409
	3,080	Nationwide Health Properties, Inc.		127,543
	500	SL Green Realty Corp.		41,435
	2,800	Taubman Centers, Inc.		165,760
	1,000	Ventas, Inc.		52,710
				2,430,538
		Real Estate Management & Development — 0.1%
	2,000	Forest City Enterprises, Inc., Class A (a)		37,340
		Thrifts & Mortgage Finance — 1.1%
	7,600	BankUnited, Inc.		201,704
	5,900	Hudson City Bancorp, Inc.		48,321
	10,300	New York Community Bancorp, Inc.		154,397
				404,422
		Total Financials		6,771,532
		Health Care — 10.3%
		Biotechnology — 1.5%
	3,700	Dendreon Corp. (a)		145,928
	1,400	Pharmasset, Inc. (a)		157,080
	2,800	United Therapeutics Corp. (a)		154,280
	2,500	Vertex Pharmaceuticals, Inc. (a)		129,975
				587,263
		Health Care Equipment & Supplies — 3.9%
	10,000	Cooper Cos., Inc. (The)		792,400
	4,100	Hologic, Inc. (a)		82,697
	10,150	Kinetic Concepts, Inc. (a)		584,945
				1,460,042
		Health Care Providers & Services — 3.7%
	3,210	Aetna, Inc.		141,529
	10,600	AmerisourceBergen Corp.		438,840
	41,400	Health Management Associates, Inc., Class A (a)		446,292
	4,400	Humana, Inc.		354,376
				1,381,037
		Life Sciences Tools & Services — 0.2%
	1,600	Agilent Technologies, Inc. (a)		81,776
		Pharmaceuticals — 1.0%
	1,750	Endo Pharmaceuticals Holdings, Inc. (a)		70,297
	4,000	Mylan, Inc. (a)		98,680

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Pharmaceuticals — Continued
	9,200	Warner Chilcott plc, (Ireland), Class A		221,996
				390,973
		Total Health Care		3,901,091
		Industrials — 12.4%
		Aerospace & Defense — 1.4%
	266	Huntington Ingalls Industries, Inc. (a)		9,177
	900	ITT Corp.		53,037
	3,950	L-3 Communications Holdings, Inc.		345,428
	1,500	Northrop Grumman Corp.		104,025
				511,667
		Airlines — 0.9%
	1,900	Copa Holdings S.A., (Panama), Class A		126,806
	9,400	United Continental Holdings, Inc. (a)		212,722
				339,528
		Commercial Services & Supplies — 1.2%
	11,700	KAR Auction Services, Inc. (a)		221,247
	1,900	Pitney Bowes, Inc.		43,681
	9,030	R.R. Donnelley & Sons Co.		177,078
				442,006
		Construction & Engineering — 2.1%
	2,900	Chicago Bridge & Iron Co. N.V., (Netherlands)		112,810
	13,600	KBR, Inc.		512,584
	4,200	URS Corp. (a)		187,908
				813,302
		Electrical Equipment — 1.3%
	4,450	Hubbell, Inc., Class B		289,028
	3,900	Thomas & Betts Corp. (a)		210,015
				499,043
		Machinery — 4.6%
	400	AGCO Corp. (a)		19,744
	9,500	Navistar International Corp. (a)		536,370
	6,345	Parker Hannifin Corp.		569,400
	1,700	Snap-On, Inc.		106,216
	1,450	SPX Corp.		119,857
	1,600	Stanley Black & Decker, Inc.		115,280
	5,400	Timken Co.		272,160
				1,739,027
		Marine — 0.2%
	1,600	Kirby Corp. (a)		90,672
		Road & Rail — 0.7%
	6,600	CSX Corp.		173,052

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — Continued
	1,400	Ryder System, Inc.		79,590
			��
				252,642
		Total Industrials		4,687,887
		Information Technology — 14.0%
		Communications Equipment — 0.6%
	4,900	Brocade Communications Systems, Inc. (a)		31,654
	4,200	Harris Corp.		189,252
				220,906
		Computers & Peripherals — 1.3%
	5,100	Lexmark International, Inc., Class A (a)		149,226
	2,250	QLogic Corp. (a)		35,820
	2,200	SanDisk Corp. (a)		91,300
	5,850	Western Digital Corp. (a)		212,823
				489,169
		Electronic Equipment, Instruments & Components — 1.4%
	5,000	Arrow Electronics, Inc. (a)		207,500
	6,900	Avnet, Inc. (a)		219,972
	300	Tech Data Corp. (a)		14,667
	5,500	Vishay Intertechnology, Inc. (a)		82,720
				524,859
		Internet Software & Services — 1.4%
	8,400	IAC/InterActiveCorp. (a)		320,628
	2,200	LinkedIn Corp., Class A (a) (c)		198,198
				518,826
		IT Services — 3.2%
	4,350	Alliance Data Systems Corp. (a) (c)		409,204
	4,200	Broadridge Financial Solutions, Inc.		101,094
	4,600	Computer Sciences Corp.		174,616
	1,700	DST Systems, Inc.		89,760
	6,000	Fidelity National Information Services, Inc.		184,740
	1,300	Lender Processing Services, Inc.		27,183
	14,500	SAIC, Inc. (a)		243,890
				1,230,487
		Office Electronics — 0.7%
	24,100	Xerox Corp.		250,881
		Semiconductors & Semiconductor Equipment — 2.9%
	2,200	Fairchild Semiconductor International, Inc. (a)		36,762
	600	First Solar, Inc. (a) (c)		79,362
	2,100	Linear Technology Corp.		69,342
	22,700	LSI Corp. (a)		161,624
	8,900	Marvell Technology Group Ltd., (Bermuda) (a)		131,409
	16,900	Micron Technology, Inc. (a)		126,412

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — Continued
	6,900	National Semiconductor Corp.		169,809
	15,000	ON Semiconductor Corp. (a)		157,050
	2,900	Teradyne, Inc. (a)		42,920
	3,150	Xilinx, Inc.		114,880
				1,089,570
		Software — 2.5%
	4,480	BMC Software, Inc. (a)		245,056
	19,000	CA, Inc.		433,960
	1,100	Rovi Corp. (a)		63,096
	6,700	Symantec Corp. (a)		132,124
	2,500	Synopsys, Inc. (a)		64,275
				938,511
		Total Information Technology		5,263,209
		Materials — 7.8%
		Chemicals — 3.5%
	1,500	Ashland, Inc.		96,930
	1,300	CF Industries Holdings, Inc.		184,171
	1,750	Eastman Chemical Co.		178,623
	7,700	PPG Industries, Inc.		699,083
	2,900	Westlake Chemical Corp.		150,510
				1,309,317
		Containers & Packaging — 0.7%
	7,200	Crown Holdings, Inc. (a)		279,504
		Metals & Mining — 2.6%
	3,650	Cliffs Natural Resources, Inc.		337,442
	1,900	Reliance Steel & Aluminum Co.		94,335
	1,400	Royal Gold, Inc.		81,998
	900	Schnitzer Steel Industries, Inc., Class A		51,840
	3,450	Walter Energy, Inc.		399,510
				965,125
		Paper & Forest Products — 1.0%
	2,000	Domtar Corp., (Canada)		189,440
	6,300	International Paper Co.		187,866
				377,306
		Total Materials		2,931,252
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 0.2%
	7,450	Windstream Corp.		96,552
		Wireless Telecommunication Services — 1.3%
	8,400	Clearwire Corp., Class A (a) (c)		31,752

SHARES		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — Continued
	26,100	MetroPCS Communications, Inc. (a)		449,181
				480,933
		Total Telecommunication Services		577,485
		Utilities — 6.5%
		Electric Utilities — 0.6%
	7,900	DPL, Inc.		238,264
		Gas Utilities — 0.8%
	1,400	AGL Resources, Inc.		56,994
	7,050	UGI Corp.		224,825
				281,819
		Independent Power Producers & Energy Traders — 1.0%
	7,300	AES Corp. (The) (a)		93,002
	1,100	Constellation Energy Group, Inc.		41,756
	10,300	NRG Energy, Inc. (a)		253,174
				387,932
		Multi-Utilities — 4.1%
	3,350	Alliant Energy Corp.		136,211
	3,000	Ameren Corp.		86,520
	14,530	CenterPoint Energy, Inc.		281,155
	6,300	CMS Energy Corp. (c)		124,047
	5,400	DTE Energy Co.		270,108
	4,150	MDU Resources Group, Inc.		93,375
	6,300	Sempra Energy		333,144
	10,600	TECO Energy, Inc.		200,234
				1,524,794
		Total Utilities		2,432,809
		Total Common Stocks (Cost $29,598,255)		36,862,357
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.3%
	110,000	U.S. Treasury Note, 0.750%, 11/30/11 (k) (Cost $110,206)		110,296
SHARES
	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	316,736	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $316,736)		316,736

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment of Cash Collateral for Securities on Loan — 5.2%
		Investment Company — 5.2%
	1,963,433	JPMorgan Prime Money Market Fund, Capital Shares, 0.080% (b) (l) (Cost $1,963,433)		1,963,433
		Total Investments — 104.1% (Cost $31,988,630)		39,252,822
		Liabilities in Excess of Other Assets — (4.1)%		(1,530,130	)
		NET ASSETS — 100.0%	$	37,722,692

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/11		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	10	S&P Mid Cap 400		09/16/11	$	976,500	$	23,343

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	Intrepid Mid Cap Portfolio
ASSETS:
Investments in non-affiliates, at value	$	36,972,653
Investments in affiliates, at value		2,280,169
Total investment securities, at value		39,252,822
Receivables:
Investment securities sold		646,776
Portfolio shares sold		160
Interest and dividends		48,839
Securities lending income		2,132
Variation margin on futures contracts		5,400
Total Assets		39,956,129
LIABILITIES:
Payables:
Investment securities purchased		155,429
Collateral for securities lending program		1,963,433
Portfolio shares redeemed		18,797
Accrued liabilities:
Investment advisory fees		14,277
Administration fees		2,544
Distribution fees		4
Custodian and accounting fees		19,573
Trustees’ and Chief Compliance Officer’s fees		586
Other		58,794
Total Liabilities		2,233,437
Net Assets	$	37,722,692
NET ASSETS:
Paid in capital	$	34,935,923
Accumulated undistributed net investment income		106,638
Accumulated net realized gains (losses)		(4,607,404	)
Net unrealized appreciation (depreciation)		7,287,535
Total Net Assets	$	37,722,692
Net Assets:
Class 1	$	37,704,421
Class 2		18,271
Total	$	37,722,692
Outstanding units of beneficial interest (shares) (unlimited amount authorized, no par value):
Class 1		2,197,697
Class 2		1,065
Net asset value, offering and redemption price per share:
Class 1	$	17.16
Class 2		17.15
Cost of investments in non-affiliates	$	29,708,461
Cost of investments in affiliates		2,280,169
Value of securities on loan		1,927,133

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	Intrepid Mid Cap Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	163
Dividend income from non-affiliates		261,675
Dividend income from affiliates		318
Income from securities lending (net)		7,452
Total investment income		269,608
EXPENSES:
Investment advisory fees		124,945
Administration fees		17,042
Distribution fees—Class 2		22
Custodian and accounting fees		14,079
Professional fees		21,434
Trustees’ and Chief Compliance Officer’s fees		207
Printing and mailing costs		28,016
Transfer agent fees		2,242
Other		4,154
Total expenses		212,141
Less amounts waived		(39,651	)
Less earnings credits		(3	)
Net expenses		172,487
Net investment income (loss)		97,121
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,963,326
Futures		24,013
Net realized gain (loss)		2,987,339
Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		841,260
Futures		24,815
Change in net unrealized appreciation (depreciation)		866,075
Net realized/unrealized gains (losses)		3,853,414
Change in net assets resulting from operations	$	3,950,535

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Mid Cap Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	97,121		$	318,540
Net realized gain (loss)		2,987,339			2,524,155
Change in net unrealized appreciation (depreciation)		866,075			4,250,790
Change in net assets resulting from operations		3,950,535			7,093,485
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(307,518	)		(544,358	)
Class 2
From net investment income		(106	)		(164	)
Total distributions to shareholders		(307,624	)		(544,522	)
CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		(4,493,389	)		(10,799,838	)
NET ASSETS:
Change in net assets		(850,478	)		(4,250,875	)
Beginning of period		38,573,170			42,824,045
End of period	$	37,722,692		$	38,573,170
Accumulated undistributed net investment income	$	106,638		$	317,141
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	934,983		$	2,668,163
Dividends and distributions reinvested		307,518			544,358
Cost of shares redeemed		(5,735,996	)		(14,012,523	)
Change in net assets from Class 1 capital transactions	$	(4,493,495	)	$	(10,800,002	)
Class 2
Dividends and distributions reinvested		106			164
Change in net assets from Class 2 capital transactions	$	106		$	164
Total change in net assets from capital transactions	$	(4,493,389	)	$	(10,799,838	)
SHARE TRANSACTIONS:
Class 1
Issued		56,526			196,478
Reinvested		18,196			36,657
Redeemed		(344,781	)		(1,000,414	)
Change in Class 1 Shares		(270,059	)		(767,279	)
Class 2
Reinvested		6			11
Change in Class 2 Shares		6			11

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Intrepid Mid Cap Portfolio
Class 1
Six Months Ended June 30, 2011 (Unaudited)	$	15.62	$	0.04	(e)	$	1.64		$	1.68		$	(0.14	)	$	—		$	(0.14	)
Year Ended December 31, 2010		13.23		0.11	(e)		2.46			2.57			(0.18	)		—			(0.18	)
Year Ended December 31, 2009		9.92		0.18			3.30			3.48			(0.17	)		—			(0.17	)
Year Ended December 31, 2008		17.82		0.16			(6.63	)		(6.47	)		(0.08	)		(1.35	)		(1.43	)
Year Ended December 31, 2007		18.90		0.08			0.50			0.58			(0.12	)		(1.54	)		(1.66	)
Year Ended December 31, 2006		20.02		0.13			2.50			2.63			(0.08	)		(3.67	)		(3.75	)
Class 2
Six Months Ended June 30, 2011 (Unaudited)		15.60		0.02	(e)		1.63			1.65			(0.10	)		—			(0.10	)
Year Ended December 31, 2010		13.22		0.08	(e)		2.46			2.54			(0.16	)		—			(0.16	)
Year Ended December 31, 2009		9.90		0.12			3.33			3.45			(0.13	)		—			(0.13	)
Year Ended December 31, 2008		17.78		0.12			(6.61	)		(6.49	)		(0.04	)		(1.35	)		(1.39	)
Year Ended December 31, 2007		18.89		0.03			0.50			0.53			(0.10	)		(1.54	)		(1.64	)
August 16, 2006 (f) through December 31, 2006		17.33		0.05			1.51			1.56			—			—			—

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	17.16		10.74	%	$	37,704		0.90	%		0.51	%		1.10	%		22	%
	15.62		19.52			38,557		0.90			0.81			1.22			46
	13.23		35.66			42,810		0.90			1.37			1.15			74
	9.92		(38.82	)		39,157		0.90			1.10			1.01			101
	17.82		2.87			74,897		0.90			0.41			0.95			105
	18.90		14.12			77,734		0.92			0.75			1.02			136
	17.15		10.59			18		1.15			0.26			1.35			22
	15.60		19.24			17		1.15			0.57			1.48			46
	13.22		35.37			14		1.15			1.14			1.40			74
	9.90		(38.98	)		10		1.15			0.87			1.27			101
	17.78		2.60			17		1.15			0.16			1.20			105
	18.89		9.00			16		1.14			0.80			1.25			136

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Intrepid Mid Cap Portfolio	Class 1 and Class 2	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and service fees, and each class has exclusive voting rights with respect to its distribution plan or administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset values.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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 #	$	39,142,526	$	110,296	$	—	$	39,252,822
Appreciation in Other Financial Instruments
Futures Contracts	$	23,343	$	—	$	—	$	23,343

# Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for industry specifics of the portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Futures Contracts — The Portfolio uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Portfolio buys futures contracts to immediately invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Portfolio to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statement of Operations at the closing or expiration of futures contracts. Securities deposited as initial margin are designated in the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The Portfolio may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Portfolio to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Portfolio to unlimited risk of loss. The Portfolio may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

The table below discloses the volume of the Portfolio’s futures activities during the six months ended June 30, 2011.

Futures Contracts:
Average Notional Balance Long	$	844,946
Ending Notional Balance Long		976,500

C. Securities Lending — The Portfolio may lend securities to brokers approved by J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) in order to generate additional income. Goldman Sachs Bank USA (“GS Bank”) serves as lending agent for the Portfolio. Securities loaned are collateralized by cash, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund. Upon termination of the loan, the Portfolio is required to return to the borrower the posted cash collateral. Loans are subject to termination by the Portfolio or the borrower at any time.

Securities lending income is comprised of income earned on cash collateral investments (“Collateral Investments”), net of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) on the Statement of Operations. The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations. For the six months ended June 30, 2011, the Portfolio earned $1,155 from the investment of cash collateral, prior to rebates or fees, from an investment in an affiliated fund as described below.

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of loaned U.S. dollar-denominated securities, plus accrued interest. The securities lending agreement with GS Bank requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI. At June 30, 2011, the value of outstanding securities on loan and the value of Collateral Investments were as follows:

Value of Securities on Loan		Cash Collateral Posted by Borrower		Total Value of Collateral Investments
$	1,927,133	$	1,963,433	$	1,963,433

The Portfolio bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Advisor does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, GS Bank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Advisor waived fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund in the amount of $877. This amount offsets the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Portfolio’s investment in such fund. A portion of the waiver is voluntary.

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

The Portfolio records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio adjusts the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

E. Allocation of Income and Expenses — In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. Each class of shares bears its pro-rata portion of expenses attributable to the Portfolio, except that each class separately bears expenses related specifically to that class, such as distribution fees.

F. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid at least annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM acts as the investment advisor to the Portfolio. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). JPMIM supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.65%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

D. Custodian and Accounting Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s average daily net assets as shown in the table below:

Class 1			Class 2
	0.90	%		1.15	%

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The contractual expense limitation percentages in the table above are in place until at least April 30, 2012.

For the six months ended June 30, 2011, the Advisor contractually waived fees for the Portfolio in the amount of $39,115. The Advisor does not expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolios investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 (excluding the waiver disclosed in Note 2.C. regarding cash collateral for securities lending invested in JPMorgan Prime Money Market Fund) was $536.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	8,430,214	$	12,998,477

During the six months ended June 30, 2011, there were no purchases or sales of U.S. Government securities.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	31,988,630	$	8,076,768	$	812,576	$	7,264,192

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from another portfolio or from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from another portfolio or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

For each Class of the Portfolio in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30,  2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,107.40	$	4.70		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,105.90		6.00		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 21

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011. All rights reserved. June 2011. SAN-JPMITIMCP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust Mid Cap Growth Portfolio

(formerly JPMorgan Insurance Trust Diversified Mid Cap Growth Portfolio)

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	19

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’s LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Growth Portfolio*

(formerly JPMorgan Insurance Trust Diversified Mid Cap Growth Portfolio)

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		8.57%
Russell Midcap Growth Index		9.59%
Net Assets as of 6/30/2011	$	80,846,473

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Mid Cap Growth Portfolio (the “Portfolio”) seeks capital growth over the long term.

HOW DID THE MARKET PERFORM?

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. stocks advanced during the reporting period, as the S&P 500 Index gained 6.02% for the six months ended June 30, 2011. Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support U.S. stock prices during the reporting period. Mid-cap U.S. stocks outperformed small- and large-cap U.S. stocks, as the Russell Midcap Index gained 8.08% versus the 6.21% return for the Russell 2000 Index, an index of small cap U.S. stocks, and the 6.37% return for the Russell 1000 Index, which measures the performance of large-cap U.S. stocks. U.S. mid-cap growth stocks, as measured by the Russell Midcap Growth Index (the “Benchmark”), returned 9.59%.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) underperformed the Benchmark for the six months ended June 30, 2011. The Portfolio’s stock selection in the consumer discretionary and materials and processing sectors detracted from relative performance, while the Portfolio’s stock selection in the health care and producer durables sectors contributed to relative performance.

Individual detractors from the Portfolio’s relative performance included the Portfolio’s positions in Lamar Advertising Co. and

OfficeMax, Inc. Lamar Advertising Co. lowered its forecast for second-quarter revenue, which hurt the stock during the reporting period. Shares of office supplies retailer OfficeMax, Inc. declined after the company reported disappointing quarterly profit, as corporate customers spent less on office supplies and fewer shoppers visited its stores.

The Portfolio’s individual contributors to relative performance included the Fund’s positions in Valeant Pharmaceuticals International Inc. and Coventry Health Care, Inc. Shares of Valeant Pharmaceuticals International Inc. rose after the specialty pharmaceutical company completed its merger with Biovail Corp. and reported a positive outlook for 2011, suggesting that the integration of the two companies was proceeding faster than investors had initially anticipated. Shares of Coventry Health Care, Inc. increased after the company reported better-than-expected first-quarter earnings.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

As a result of this bottom-up stock selection process, the Portfolio’s largest overweights versus the Benchmark were in the technology and financial services sectors and the Portfolio’s largest underweights versus the Benchmark were in the consumer staples and materials and processing sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Coach, Inc.	2.3	%
	2.	Concho Resources, Inc.	2.2
	3.	Agilent Technologies, Inc.	1.9
	4.	W.W. Grainger, Inc.	1.9
	5.	Valeant Pharmaceuticals International, Inc., (Canada)	1.8
	6.	Cameron International Corp.	1.7
	7.	TE Connectivity Ltd., (Switzerland)	1.6
	8.	Humana, Inc.	1.6
	9.	Cummins, Inc.	1.5
	10.	Coventry Health Care, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	24.6	%
Consumer Discretionary	19.3
Industrials	17.0
Health Care	16.2
Financials	8.7
Energy	8.4
Materials	3.6
Short-Term Investment	2.2

* The Portfolio’s name was changed from JPMorgan Insurance Trust Diversified Mid Cap Growth Portfolio to JPMorgan Insurance Trust Mid Cap Growth Portfolio on May 1, 2010.

** The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

*** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

**** Percentages indicated are based upon total investments (excluding Investments of Cash Collateral for Securities on Loan) as of June 30, 2011. The Portfolio’s composition is subject to change.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		08/01/94		8.57	%		43.10	%		6.50	%		5.71	%
CLASS 2 SHARES		08/16/06		8.38			42.71			6.24			5.58

* Not annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class 2 Shares prior to its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Growth Portfolio, Russell Mid-cap Growth Index and the Lipper Variable Underlying Funds Mid-Cap Growth Funds Index from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included

in the benchmark. The performance of the Lipper Variable Underlying Funds Mid-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Portfolio. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Variable Underlying Funds Mid-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.8%
		Consumer Discretionary — 19.3%
		Auto Components — 1.4%
	13,800	BorgWarner, Inc. (a)		1,114,902
		Automobiles — 1.8%
	27,200	Harley-Davidson, Inc.		1,114,384
	12,200	Tesla Motors, Inc. (a) (c)		355,386
				1,469,770
		Diversified Consumer Services — 1.2%
	8,600	DeVry, Inc.		508,518
	11,400	Sotheby’s		495,900
				1,004,418
		Hotels, Restaurants & Leisure — 4.3%
	16,200	Cheesecake Factory, Inc. (The) (a)		508,194
	12,800	Gaylord Entertainment Co. (a)		384,000
	35,067	International Game Technology		616,478
	32,400	Marriott International, Inc., Class A		1,149,876
	21,200	Royal Caribbean Cruises Ltd. (a)		797,968
				3,456,516
		Household Durables — 0.9%
	16,100	Harman International Industries, Inc.		733,677
		Internet & Catalog Retail — 1.1%
	3,300	NetFlix, Inc. (a)		866,877
		Media — 3.2%
	21,400	Lamar Advertising Co., Class A (a)		585,718
	23,400	Scripps Networks Interactive, Inc., Class A		1,143,792
	385,400	Sirius XM Radio, Inc. (a)		844,026
				2,573,536
		Specialty Retail — 0.9%
	18,900	Dick’s Sporting Goods, Inc. (a)		726,705
		Textiles, Apparel & Luxury Goods — 4.5%
	29,500	Coach, Inc.		1,885,935
	6,800	Deckers Outdoor Corp. (a)		599,352
	5,800	Fossil, Inc. (a)		682,776
	4,200	Lululemon Athletica, Inc., (Canada) (a)		469,644
				3,637,707
		Total Consumer Discretionary		15,584,108
		Energy — 8.4%
		Energy Equipment & Services — 2.5%
	27,570	Cameron International Corp. (a)		1,386,495
	4,100	CARBO Ceramics, Inc.		668,095
				2,054,590

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 5.9%
	19,300	Concho Resources, Inc. (a)		1,772,705
	20,770	Forest Oil Corp. (a)		554,767
	12,300	Newfield Exploration Co. (a)		836,646
	13,500	Peabody Energy Corp.		795,285
	14,600	Range Resources Corp.		810,300
				4,769,703
		Total Energy		6,824,293
		Financials — 8.7%
		Capital Markets — 3.7%
	22,100	Lazard Ltd., (Bermuda), Class A		819,910
	39,320	Och-Ziff Capital Management Group LLC, Class A		545,369
	16,680	T. Rowe Price Group, Inc.		1,006,471
	33,110	TD AMERITRADE Holding Corp.		645,976
				3,017,726
		Commercial Banks — 1.6%
	12,900	BOK Financial Corp.		706,533
	16,000	Comerica, Inc.		553,120
				1,259,653
		Diversified Financial Services — 1.4%
	28,200	Moody’s Corp.		1,081,470
		Insurance — 1.0%
	16,087	AON Corp.		825,263
		Real Estate Investment Trusts (REITs) — 1.0%
	12,700	Camden Property Trust		807,974
		Total Financials		6,992,086
		Health Care — 16.2%
		Biotechnology — 1.5%
	17,500	Alexion Pharmaceuticals, Inc. (a)		823,025
	9,800	Dendreon Corp. (a)		386,512
				1,209,537
		Health Care Equipment & Supplies — 2.1%
	16,200	Sirona Dental Systems, Inc. (a)		860,220
	26,300	Thoratec Corp. (a)		863,166
				1,723,386
		Health Care Providers & Services — 6.8%
	34,400	Brookdale Senior Living, Inc. (a)		834,200
	33,300	Coventry Health Care, Inc. (a)		1,214,451
	13,290	DaVita, Inc. (a)		1,151,047
	15,610	Humana, Inc.		1,257,229

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Health Care Providers & Services — Continued
	34,500	Lincare Holdings, Inc.		1,009,815
				5,466,742
		Health Care Technology — 0.9%
	11,460	Cerner Corp. (a)		700,321
		Life Sciences Tools & Services — 3.1%
	29,800	Agilent Technologies, Inc. (a)		1,523,078
	17,595	Bruker Corp. (a)		358,234
	8,720	Illumina, Inc. (a)		655,308
				2,536,620
		Pharmaceuticals — 1.8%
	28,400	Valeant Pharmaceuticals
		International, Inc., (Canada) (c)		1,475,664
		Total Health Care		13,112,270
		Industrials — 17.0%
		Aerospace & Defense — 1.7%
	11,300	Goodrich Corp.		1,079,150
	2,800	TransDigm Group, Inc. (a)		255,332
				1,334,482
		Airlines — 0.8%
	70,300	Delta Air Lines, Inc. (a)		644,651
		Commercial Services & Supplies — 1.1%
	10,340	Stericycle, Inc. (a)		921,501
		Electrical Equipment — 2.1%
	14,800	Hubbell, Inc., Class B		961,260
	8,610	Roper Industries, Inc.		717,213
				1,678,473
		Industrial Conglomerates — 1.5%
	24,600	Carlisle Cos., Inc.		1,211,058
		Machinery — 4.6%
	14,000	AGCO Corp. (a)		691,040
	11,800	Cummins, Inc.		1,221,182
	9,200	Parker Hannifin Corp.		825,608
	14,997	Wabtec Corp.		985,603
				3,723,433
		Professional Services — 1.0%
	9,400	IHS, Inc., Class A (a)		784,148
		Road & Rail — 1.7%
	32,700	Avis Budget Group, Inc. (a)		558,843
	17,500	J.B. Hunt Transport Services, Inc.		824,075
				1,382,918

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — 2.5%
	22,700	Air Lease Corp. (a) (c)		551,383
	9,800	W.W. Grainger, Inc.		1,505,770
				2,057,153
		Total Industrials		13,737,817
		Information Technology — 24.6%
		Communications Equipment — 4.0%
	18,500	Aruba Networks, Inc. (a)		546,675
	6,700	F5 Networks, Inc. (a)		738,675
	37,700	JDS Uniphase Corp. (a)		628,082
	13,500	Polycom, Inc. (a)		868,050
	11,300	Riverbed Technology, Inc. (a)		447,367
				3,228,849
		Computers & Peripherals — 1.0%
	15,200	NetApp, Inc. (a)		802,256
		Electronic Equipment, Instruments & Components — 2.5%
	14,224	Amphenol Corp., Class A		767,953
	35,300	TE Connectivity Ltd., (Switzerland)		1,297,628
				2,065,581
		Internet Software & Services — 1.4%
	7,788	Equinix, Inc. (a)		786,744
	3,700	LinkedIn Corp., Class A (a) (c)		333,333
				1,120,077
		IT Services — 3.5%
	11,300	Alliance Data Systems Corp. (a) (c)		1,062,991
	32,350	CGI Group, Inc., (Canada), Class A (a)		797,427
	13,700	FleetCor Technologies, Inc. (a)		406,068
	12,900	VeriFone Systems, Inc. (a)		572,115
				2,838,601
		Office Electronics — 0.9%
	16,600	Zebra Technologies Corp., Class A (a)		700,022
		Semiconductors & Semiconductor Equipment — 4.1%
	19,800	Avago Technologies Ltd., (Singapore)		752,400
	37,400	Freescale Semiconductor Holdings I Ltd. (a) (c)		687,786
	22,100	Microchip Technology, Inc. (c)		837,811
	28,000	Xilinx, Inc.		1,021,160
				3,299,157
		Software — 7.2%
	23,000	Adobe Systems, Inc. (a)		723,350
	19,000	Autodesk, Inc. (a)		733,400
	11,500	Citrix Systems, Inc. (a)		920,000

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Software — Continued
	9,700	Concur Technologies, Inc. (a)		485,679
	16,400	MICROS Systems, Inc. (a)		815,244
	28,800	Nuance Communications, Inc. (a)		618,336
	16,500	Red Hat, Inc. (a)		757,350
	5,400	Salesforce.com, Inc. (a)		804,492
				5,857,851
		Total Information Technology		19,912,394
		Materials — 3.6%
		Chemicals — 2.6%
	11,400	FMC Corp.		980,628
	13,700	Sherwin-Williams Co. (The)		1,149,019
				2,129,647
		Containers & Packaging — 1.0%
	12,200	Greif, Inc., Class A		793,366
		Total Materials		2,923,013
		Total Common Stocks (Cost $63,856,918)		79,085,981
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	1,760,583	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $1,760,583)		1,760,583

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investments of Cash Collateral for Securities on Loan — 6.1%
		Investment Company — 6.1%
	4,963,875	JPMorgan Prime Money Market Fund, Capital Shares, 0.080% (b) (l) (Cost $4,963,875)		4,963,875
		Total Investments — 106.1% (Cost $70,581,376)		85,810,439
		Liabilities in Excess of Other Assets — (6.1)%		(4,963,966	)
		NET ASSETS — 100.0%	$	80,846,473

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	—  Security, or a portion of the security, has been delivered to a counterparty as part of a security lending transaction.
(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	Mid Cap Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	79,085,981
Investments in affiliates, at value		6,724,458
Total investment securities, at value		85,810,439
Receivables:
Investment securities sold		222,171
Portfolio shares sold		11,022
Interest and dividends		39,224
Securities lending income		3,934
Total Assets		86,086,790
LIABILITIES:
Payables:
Investment securities purchased		91,519
Collateral for securities lending program		4,963,875
Portfolio shares redeemed		35,875
Accrued liabilities:
Investment advisory fees		40,490
Administration fees		5,909
Distribution fees		4
Custodian and accounting fees		21,920
Trustees’ and Chief Compliance Officer’s fees		657
Other		80,068
Total Liabilities		5,240,317
Net Assets	$	80,846,473
NET ASSETS:
Paid in capital	$	66,691,460
Accumulated undistributed (distributions in excess of) net investment income		(88,015	)
Accumulated net realized gains (losses)		(986,035	)
Net unrealized appreciation (depreciation)		15,229,063
Total Net Assets	$	80,846,473
Net Assets:
Class 1	$	80,825,921
Class 2		20,552
Total	$	80,846,473
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class 1		4,402,435
Class 2		1,135
Net asset value, offering and redemption price per share:
Class 1	$	18.36
Class 2		18.11
Cost of investments in non-affiliates	$	63,856,918
Cost of investments in affiliates		6,724,458
Value of securities on loan		4,892,255

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	Mid Cap Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	272,019
Dividend income from affiliates		603
Income from securities lending (net)		7,615
Total investment income		280,237
EXPENSES:
Investment advisory fees		263,808
Administration fees		35,983
Distribution fees:
Class 2		25
Custodian and accounting fees		12,091
Interest expense to affiliates		42
Professional fees		21,401
Trustees’ and Chief Compliance Officer’s fees		406
Printing and mailing costs		21,881
Transfer agent fees		11,770
Other		6,790
Total expenses		374,197
Less amounts waived		(9,839	)
Net expenses		364,358
Net investment income (loss)		(84,121	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		10,298,623
Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		(3,489,322	)
Change in net unrealized appreciation (depreciation)		(3,489,322	)
Net realized/unrealized gains (losses)		6,809,301
Change in net assets resulting from operations	$	6,725,180

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Growth Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(84,121	)	$	(80,543	)
Net realized gain (loss)		10,298,623			11,855,953
Change in net unrealized appreciation (depreciation)		(3,489,322	)		6,165,514
Change in net assets resulting from operations		6,725,180			17,940,924
CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		(6,518,025	)		(18,299,561	)
NET ASSETS:
Change in net assets		207,155			(358,637	)
Beginning of period		80,639,318			80,997,955
End of period	$	80,846,473		$	80,639,318
Accumulated undistributed (distributions in excess of) net investment income	$	(88,015	)	$	(3,894	)
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	2,296,891		$	4,191,356
Cost of shares redeemed		(8,814,916	)		(22,490,917	)
Change in net assets from Class 1 capital transactions	$	(6,518,025	)	$	(18,299,561	)
Total change in net assets from capital transactions	$	(6,518,025	)	$	(18,299,561	)
SHARE TRANSACTIONS:
Class 1
Issued		129,364			299,441
Redeemed		(493,509	)		(1,548,620	)
Change in Class 1 Shares		(364,145	)		(1,249,179	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
Mid Cap Growth Portfolio
Class 1
Six Months Ended June 30, 2011 (Unaudited)	$	16.91	$	(0.02	)(e)	$	1.47		$	1.45		$	—
Year Ended December 31, 2010		13.46		(0.02	)		3.47			3.45			—
Year Ended December 31, 2009		9.41		(0.02	)		4.07	(f)		4.05			—
Year Ended December 31, 2008		20.69		(0.05	)		(7.84	)		(7.89	)		(3.39	)
Year Ended December 31, 2007		21.26		(0.09	)		3.25			3.16			(3.73	)
Year Ended December 31, 2006		19.63		(0.02	)		2.25			2.23			(0.60	)
Class 2
Six Months Ended June 30, 2011 (Unaudited)		16.71		(0.04	)(e)		1.44			1.40			—
Year Ended December 31, 2010		13.33		(0.04	)		3.42			3.38			—
Year Ended December 31, 2009		9.34		(0.03	)		4.02	(f)		3.99			—
Year Ended December 31, 2008		20.62		(0.06	)		(7.83	)		(7.89	)		(3.39	)
Year Ended December 31, 2007		21.24		(0.13	)		3.24			3.11			(3.73	)
August 16, 2006 (g) through December 31, 2006		19.71		(0.05	)		1.58			1.53			—

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Includes gains resulting from litigation payments on securities owned in a prior year. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $4.06 and $4.01 and the total return would have been 42.93% and 42.61% for Class 1 and Class 2 Shares, respectively.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	18.36		8.57	%	$	80,826		0.90	%		(0.21	)%		0.92	%		39	%
	16.91		25.63			80,620		0.90			(0.10	)		0.97			76
	13.46		43.04	(f)		80,983		0.90			(0.14	)		1.03			85
	9.41		(43.78	)		66,522		0.90			(0.31	)		0.91			95
	20.69		17 .24			150,279		0.89			(0.42	)		0.89			107
	21.26		11 .39			164,955		0.91			(0.07	)		0.92			115
	18.11		8 .38			21		1.15			(0.46	)		1.17			39
	16.71		25 .36			19		1.15			(0.34	)		1.22			76
	13.33		42.72	(f)		15		1.15			(0.40	)		1.28			85
	9.34		(43.96	)		11		1.15			(0.56	)		1.16			95
	20.62		16 .98			19		1.14			(0.67	)		1.14			107
	21.24		7 .76			16		1.15			(0.60	)		1.19			115

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Mid Cap Growth Portfolio	Class 1 and Class 2	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and service fees, and each class has exclusive voting rights with respect to its distribution plan or administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset values.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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 #	$	85,810,439	$	—	$	—	$	85,810,439

# Portfolio holdings designated as Level 1 are disclosed individually in the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Securities Lending — The Portfolio may lend securities to brokers approved by J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) in order to generate additional income. Goldman Sachs Bank USA (“GS Bank”) serves as lending agent to the Portfolio pursuant to a Securities Lending Agreement (the “GS Bank Securities Lending Agreement”). Prior to March 1, 2011, JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, served as lending agent for the Portfolio pursuant to a Securities Lending Agreement (the “JPMCB Securities Lending Agreement”). Securities loaned are collateralized by cash, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund. Upon termination of a loan, the Portfolio is required to return to the borrower the posted cash collateral. Loans are subject to termination by the Portfolio or the borrower at any time.

Securities lending income is comprised of income earned on cash collateral investments (“Collateral Investments”), net of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) on the Statement of Operations. The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations. For the six months ended June 30, 2011 the Portfolio earned $560 from the investment of cash collateral, prior to rebates or fees, from an investment in an affiliated fund as described below.

Under the GS Bank Securities Lending Agreement, at the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of loaned U.S. securities plus accrued interest. The GS Bank Securities Lending Agreement requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities. Under the JPMCB Securities Lending Agreement, at the inception of a loan, securities were exchanged for cash collateral equal to at least 102% of the value of loaned U.S. dollar-denominated securities, plus accrued interest, and 105% of the value of loaned non-dollar-denominated securities, plus accrued interest. The JPMCB Securities Lending Agreement required that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% and 105% of the value of loaned U.S. dollar denominated and non-dollar denominated securities, respectively, subject to certain de minimis guidelines.

The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI. At June 30, 2011, the value of outstanding securities on loan and the value of Collateral Investments were as follows:

Value of Securities on Loan	Cash Collateral Posted by Borrower		Total Value of Collateral Investments
$4,892,255	$	4,963,875	$	4,963,875

The Portfolio bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Advisor does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, JPMCB and GS Bank have agreed to indemnify the Portfolio under their respective agreements from losses resulting from a borrower’s failure to return a loaned security, as applicable.

The Advisor waived fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund in the amount of $511. This amount offsets the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Portfolio’s investment in such fund. A portion of the waiver is voluntary.

Under the JPMCB Securities Lending Agreement, JPMCB was entitled to a fee paid monthly in arrears equal to: (i) 0.03% of the average dollar value of the loans of U.S. dollar-denominated securities outstanding during a given month; and (ii) 0.09% of the average dollar value of loans of non-dollar denominated securities outstanding during a given month.

The Portfolio incurred lending agent fees to JPMCB in the amount of $44 for the six months ended June 30, 2011.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

D. Allocation of Income and Expenses — In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. Each class of shares bears its pro-rata portion of expenses attributable to the Portfolio, except that each class separately bears expenses related specifically to that class, such as distribution fees.

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid at least annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM acts as the investment advisor to the Portfolio. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). JPMIM supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.65%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations. Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

E. Waivers and Reimbursements — The Advisor and Distributor have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s average daily net assets as shown in the table below:

Class 1			Class 2
	0.90	%		1.15	%

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The expense limitation percentages in the table above are in place until at least April 30, 2012.

For the six months ended June 30, 2011, the Advisor contractually waived fees for the Portfolio in the amount of $8,856. The Advisor does not expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 (excluding the waiver disclosed in Note 2.B. regarding cash collateral for securities lending invested in the JPMorgan Prime Money Market Fund) was $983.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles. The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	31,721,898	$	38,630,960

During the six months ended June 30, 2011, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	70,581,376	$	15,939,444	$	710,381	$	15,229,063

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

For each Class of the Portfolio in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30, 2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,085.70	$	4.65		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,083.80		5.94		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 19

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011.  All rights reserved. June 2011. SAN-JPMITMCGP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust Mid Cap Value Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	18

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’s Letter

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		7.08%
Russell Midcap Value Index		6.69%
Net Assets as of 6/30/2011	$	258,686,907

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Mid Cap Value Portfolio (the “Portfolio”) seeks capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities.

HOW DID THE MARKET PERFORM?

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. stocks advanced during the reporting period, as the S&P 500 Index gained 6.02% for the six months ended June 30, 2011. Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support U.S. stock prices during the reporting period. Mid-cap U.S. stocks outperformed small- and large-cap U.S. stocks, as the Russell Midcap Index gained 8.08% versus the 6.21% return for the Russell 2000 Index, an index of small cap U.S. stocks, and the 6.37% return for the Russell 1000 Index, which measures the performance of large-cap U.S. stocks. U.S. mid-cap value stocks, as measured by the Russell Midcap Value Index (the “Benchmark”) returned 6.69%.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) outperformed the Benchmark for the six months ended June 30, 2011. The Portfolio’s stock selection in the materials and energy sectors contributed to relative performance, while the Portfolio’s stock selection in the financials and health care sectors detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Oneok, Inc. and Williams Cos. Shares of diversified natural gas company Oneok, Inc. benefited from the company’s interest in Oneok Partners, a master limited partnership that reported strong first-quarter results. Shares of Williams Cos., an integrated energy company, rose as investors reacted positively to the announcement that it would separate into two distinct publicly traded companies.

Individual detractors from the Portfolio’s relative performance included the Portfolio’s overweight position in Gap, Inc. and the Portfolio’s underweight position in Discover Financial Services. Shares of Gap, Inc. declined after the company lowered its forecast for full-year earnings, citing its exposure to increasing input costs. Shares of consumer financial services company Discover Financial Services increased due to consistent improvements in credit card delinquencies.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate sustainable levels of free cash flow. The portfolio managers believed that these types of companies should perform relatively well in what they view as a slow but sustainable economic recovery in the United States. The Portfolio’s largest overweight continued to be in the consumer discretionary sector. The portfolio managers sought to own retailers with strong brands and business models that produce recurring revenue, believing that these factors, coupled with lower levels of capital spending, should contribute to their sustainable generation of free cash flow.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Republic Services, Inc.	2.1	%
	2.	Energen Corp.	2.0
	3.	Loews Corp.	1.9
	4.	Fortune Brands, Inc.	1.7
	5.	Oneok, Inc.	1.7
	6.	CMS Energy Corp.	1.7
	7.	Bed Bath & Beyond, Inc.	1.6
	8.	Ball Corp.	1.6
	9.	TE Connectivity Ltd., (Switzerland)	1.6
	10.	Devon Energy Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.6	%
Consumer Discretionary	19.7
Utilities	10.3
Industrials	9.1
Energy	7.9
Materials	7.4
Health Care	6.2
Consumer Staples	6.1
Information Technology	5.9
Telecommunication Services	1.9
Short-Term Investment	1.9

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based upon total investments as of June 30, 2011. The Portfolio’s composition is subject to change.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS 1 SHARES		9/28/01		7.08	%		32.63	%		4.75	%		10.18	%

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (9/28/01 TO 6/30/11)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Inception date for JPMorgan Insurance Trust Mid Cap Value Portfolio is September 28, 2001, which is the inception date of JPMorgan Mid Cap Value Portfolio (“Predecessor Portfolio”). JPMorgan Insurance Trust Mid Cap Value Portfolio acquired all of the assets and liabilities of the Predecessor Portfolio in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by the JPMorgan Insurance Trust Mid Cap Value Portfolio and have been used since the reorganization. As a result, the performance prior to April 25, 2009 is the performance of the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in the Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Value Portfolio, the Russell Midcap Value Index and the Lipper Variable Underlying Funds Mid-Cap Value Funds Index from September 28, 2001 to June 30, 2011. The performance of the indices reflects an initial investment as of the end of the month following the Portfolio’s inception. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the

Russell Midcap Value Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The performance of the Lipper Variable Underlying Funds Mid-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses charged by the Portfolio. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Variable Underlying Funds Mid-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Consumer Discretionary — 19.6%
		Distributors — 1.0%
	47,540	Genuine Parts Co.		2,586,176
		Hotels, Restaurants & Leisure — 3.1%
	54,741	Darden Restaurants, Inc.		2,723,912
	51,086	Marriott International, Inc., Class A		1,813,042
	45,900	Royal Caribbean Cruises Ltd. (a)		1,727,676
	31,700	Yum! Brands, Inc.		1,751,108
				8,015,738
		Household Durables — 2.7%
	70,240	Fortune Brands, Inc.		4,479,205
	47,587	Jarden Corp.		1,642,227
	14,500	Mohawk Industries, Inc. (a)		869,855
				6,991,287
		Internet & Catalog Retail — 0.8%
	69,800	Expedia, Inc.		2,023,502
		Media — 4.9%
	80,920	Cablevision Systems Corp., Class A		2,930,113
	102,000	CBS Corp., Class B		2,905,980
	84,004	Clear Channel Outdoor Holdings, Inc., Class A (a)		1,066,851
	63,400	DISH Network Corp., Class A (a)		1,944,478
	144,200	Gannett Co., Inc.		2,064,944
	26,140	Omnicom Group, Inc.		1,258,903
	1,460	Washington Post Co. (The), Class B		611,667
				12,782,936
		Multiline Retail — 0.7%
	37,900	Kohl’s Corp.		1,895,379
		Specialty Retail — 5.7%
	8,450	AutoZone, Inc. (a)		2,491,483
	72,570	Bed Bath & Beyond, Inc. (a)		4,235,911
	144,790	Gap, Inc. (The)		2,620,699
	27,340	Tiffany & Co.		2,146,737
	61,450	TJX Cos., Inc.		3,227,968
				14,722,798
		Textiles, Apparel & Luxury Goods — 0.7%
	27,300	Phillips-Van Heusen Corp.		1,787,331
		Total Consumer Discretionary		50,805,147
		Consumer Staples — 6.1%
		Beverages — 1.3%
	22,082	Brown-Forman Corp., Class B		1,649,305
	40,000	Dr. Pepper Snapple Group, Inc.		1,677,200
				3,326,505

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.0%
	112,970	Safeway, Inc.		2,640,109
		Food Products — 3.0%
	21,100	Hershey Co. (The)		1,199,535
	45,130	JM Smucker Co. (The)		3,449,737
	35,200	Ralcorp Holdings, Inc. (a)		3,047,616
				7,696,888
		Household Products — 0.8%
	27,500	Energizer Holdings, Inc. (a)		1,989,900
		Total Consumer Staples		15,653,402
		Energy — 7.9%
		Oil, Gas & Consumable Fuels — 7.9%
	42,640	CVR Energy, Inc. (a)		1,049,797
	49,214	Devon Energy Corp.		3,878,555
	89,290	Energen Corp.		5,044,885
	35,210	EQT Corp.		1,849,229
	15,399	Kinder Morgan Management LLC (a)		1,010,020
	37,000	Newfield Exploration Co. (a)		2,516,740
	45,470	Teekay Corp., (Canada)		1,404,114
	118,880	Williams Cos., Inc. (The)		3,596,120
		Total Energy		20,349,460
		Financials — 23.6%
		Capital Markets — 3.6%
	58,800	Ameriprise Financial, Inc.		3,391,584
	98,300	Invesco Ltd.		2,300,220
	26,830	Northern Trust Corp.		1,233,107
	38,640	T. Rowe Price Group, Inc.		2,331,537
				9,256,448
		Commercial Banks — 5.8%
	30,100	BancorpSouth, Inc.		373,541
	36,600	BB&T Corp.		982,344
	38,370	City National Corp.		2,081,573
	29,340	Cullen/Frost Bankers, Inc.		1,667,979
	189,800	Fifth Third Bancorp		2,419,950
	108,000	Huntington Bancshares, Inc.		708,480
	38,470	M&T Bank Corp.		3,383,436
	76,300	SunTrust Banks, Inc.		1,968,540
	62,900	Zions Bancorp		1,510,229
				15,096,072
		Insurance — 9.8%
	43,100	AON Corp.		2,211,030
	38,700	Arch Capital Group Ltd., (Bermuda) (a)		1,235,304
	45,539	Cincinnati Financial Corp.		1,328,828
	115,980	Loews Corp.		4,881,598
	182,674	Old Republic International Corp.		2,146,420

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Insurance — Continued
	85,882	OneBeacon Insurance Group Ltd., Class A		1,149,960
	52,650	Principal Financial Group, Inc.		1,601,613
	17,700	Torchmark Corp.		1,135,278
	74,500	Transatlantic Holdings, Inc.		3,651,245
	104,710	W.R. Berkley Corp.		3,396,792
	112,400	XL Group plc, (Ireland)		2,470,552
				25,208,620
		Real Estate Investment Trusts (REITs) — 2.6%
	46,000	HCP, Inc.		1,687,740
	27,372	Kimco Realty Corp.		510,214
	51,020	Regency Centers Corp.		2,243,350
	25,044	Vornado Realty Trust		2,333,600
				6,774,904
		Real Estate Management & Development — 0.7%
	94,180	Brookfield Office Properties, Inc.		1,815,791
		Thrifts & Mortgage Finance — 1.1%
	67,700	Capitol Federal Financial, Inc.		796,152
	160,480	People’s United Financial, Inc.		2,156,851
				2,953,003
		Total Financials		61,104,838
		Health Care — 6.2%
		Health Care Equipment & Supplies — 1.1%
	32,460	Becton, Dickinson & Co.		2,797,078
		Health Care Providers & Services — 5.1%
	54,400	AmerisourceBergen Corp.		2,252,160
	56,750	Coventry Health Care, Inc. (a)		2,069,673
	42,500	HCA Holdings, Inc. (a)		1,402,500
	33,300	Humana, Inc.		2,681,982
	128,975	Lincare Holdings, Inc.		3,775,098
	49,500	VCA Antech, Inc. (a)		1,049,400
				13,230,813
		Total Health Care		16,027,891
		Industrials — 9.1%
		Aerospace & Defense — 1.5%
	31,280	Alliant Techsystems, Inc.		2,231,202
	20,200	L-3 Communications Holdings, Inc.		1,766,490
				3,997,692
		Commercial Services & Supplies — 2.1%
	179,430	Republic Services, Inc.		5,535,415
		Electrical Equipment — 3.3%
	61,500	AMETEK, Inc.		2,761,350
	40,940	Cooper Industries plc		2,442,890

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electrical Equipment — Continued
	36,800	Regal-Beloit Corp.		2,457,136
	10,800	Roper Industries, Inc.		899,640
				8,561,016
		Industrial Conglomerates — 1.0%
	50,940	Carlisle Cos., Inc.		2,507,776
		Machinery — 1.2%
	47,700	Snap-On, Inc.		2,980,296
		Total Industrials		23,582,195
		Information Technology — 5.9%
		Electronic Equipment, Instruments & Components — 3.2%
	42,440	Amphenol Corp., Class A		2,291,335
	49,310	Arrow Electronics, Inc. (a)		2,046,365
	110,480	TE Connectivity Ltd., (Switzerland)		4,061,245
				8,398,945
		IT Services — 1.0%
	86,290	Jack Henry & Associates, Inc.		2,589,563
		Semiconductors & Semiconductor Equipment — 0.7%
	48,100	Analog Devices, Inc.		1,882,634
		Software — 1.0%
	97,400	Synopsys, Inc. (a)		2,504,154
		Total Information Technology		15,375,296
		Materials — 7.4%
		Chemicals — 4.2%
	31,300	Airgas, Inc.		2,192,252
	38,646	Albemarle Corp.		2,674,303
	35,030	Sherwin-Williams Co. (The)		2,937,966
	39,850	Sigma-Aldrich Corp.		2,924,193
				10,728,714
		Containers & Packaging — 3.2%
	106,560	Ball Corp.		4,098,298
	32,000	Rock-Tenn Co., Class A		2,122,880
	51,490	Silgan Holdings, Inc.		2,109,545
				8,330,723
		Total Materials		19,059,437
		Telecommunication Services — 1.9%
		Diversified Telecommunication Services — 1.1%
	72,190	CenturyLink, Inc.		2,918,642
		Wireless Telecommunication Services — 0.8%
	78,090	Telephone & Data Systems, Inc.		2,102,963
		Total Telecommunication Services		5,021,605

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Utilities — 10.3%
		Electric Utilities — 2.3%
	39,600	Northeast Utilities		1,392,732
	91,100	NV Energy, Inc.		1,398,385
	119,120	Westar Energy, Inc.		3,205,519
				5,996,636
		Gas Utilities — 1.8%
	60,320	Oneok, Inc.		4,464,283
		Multi-Utilities — 6.2%
	217,040	CMS Energy Corp.		4,273,518
	60,500	NSTAR		2,781,790
	41,000	Sempra Energy		2,168,080
	102,800	Wisconsin Energy Corp.		3,222,780
	148,280	Xcel Energy, Inc.		3,603,204
				16,049,372
		Total Utilities		26,510,291
		Total Common Stocks (Cost $186,867,367)		253,489,562

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.9%
		Investment Company — 1.9%
	4,993,374	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $4,993,374)		4,993,374
		Total Investments — 99.9% (Cost $191,860,741)		258,482,936
		Other Assets in Excess of Liabilities — 0.1%		203,971
		NET ASSETS — 100.0%	$	258,686,907

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	253,489,562
Investments in affiliates, at value		4,993,374
Total investment securities, at value		258,482,936
Receivables:
Investment securities sold		1,013,757
Portfolio shares sold		107,610
Interest and dividends		308,847
Securities lending income		1,425
Due from Affiliate (See Note 3)		1,783
Total Assets		259,916,358
LIABILITIES:
Payables:
Investment securities purchased		770,792
Portfolio shares redeemed		234,042
Accrued liabilities:
Investment advisory fees		134,672
Administration fees		18,058
Custodian and accounting fees		13,726
Trustees’ and Chief Compliance Officer’s fees		2,965
Other		55,196
Total Liabilities		1,229,451
Net Assets	$	258,686,907
NET ASSETS:
Paid in capital	$	219,011,466
Accumulated undistributed net investment income		1,369,016
Accumulated net realized gains (losses)		(28,315,770	)
Net unrealized appreciation (depreciation)		66,622,195
Total Net Assets	$	258,686,907
Outstanding units of beneficial interest (shares)
(unlimited amount authorized, no par value):		35,978,920
Net asset value, offering and redemption price per share	$	7.19
Cost of investments in non-affiliates	$	186,867,367
Cost of investments in affiliates		4,993,374

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,396,421
Dividend income from affiliates		2,689
Income from securities lending (net)		11,446
Total investment income		2,410,556
EXPENSES:
Investment advisory fees		839,256
Administration fees		114,466
Custodian and accounting fees		13,131
Professional fees		23,436
Trustees’ and Chief Compliance Officer’s fees		956
Printing and mailing costs		29,049
Transfer agent fees		3,228
Other		21,110
Total expenses		1,044,632
Less amounts waived		(5,678	)
Less earnings credits		—	(a)
Net expenses		1,038,954
Net investment income (loss)		1,371,602
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		12,550,125
Payment by affiliate (See Note 3)		1,783
Net realized gain (loss)		12,551,908
Change in net unrealized appreciation (depreciation) of investments in non-affiliates		3,847,282
Net realized/unrealized gains (losses)		16,399,190
Change in net assets resulting from operations	$	17,770,792

(a) Amount rounds to less than $1.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Value Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,371,602		$	3,247,814
Net realized gain (loss)		12,551,908			8,333,230
Change in net unrealized appreciation (depreciation)		3,847,282			39,389,501
Change in net assets resulting from operations		17,770,792			50,970,545
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,246,299	)		(2,838,071	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		14,225,714			29,153,831
Dividends and distributions reinvested		3,246,299			2,838,071
Cost of shares redeemed		(30,621,778	)		(61,245,626	)
Total change in net assets from capital transactions	$	(13,149,765	)	$	(29,253,724	)
NET ASSETS:
Change in net assets		1,374,728			18,878,750
Beginning of period		257,312,179			238,433,429
End of period	$	258,686,907		$	257,312,179
Accumulated undistributed net investment income	$	1,369,016		$	3,243,713
SHARE TRANSACTIONS:
Issued		2,011,530			4,888,486
Reinvested		460,468			454,819
Redeemed		(4,335,568	)		(10,302,850	)
Change in Shares		(1,863,570	)		(4,959,545	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Mid Cap Value Portfolio (e)
Six Months Ended June 30, 2011 (Unaudited)	$	6.80	$	0.04		$	0.44	(f)	$	0.48		$	(0.09	)	$	—		$	(0.09	)
Year Ended December 31, 2010		5.57		0.09			1.21			1.30			(0.07	)		—			(0.07	)
Year Ended December 31, 2009*		4.52		0.09			1.08			1.17			(0.11	)		(0.01	)		(0.12	)
Year Ended December 31, 2008*		7.33		0.08	(g)		(2.35	)		(2.27	)		(0.07	)		(0.47	)		(0.54	)
Year Ended December 31, 2007*		7.54		0.07			0.13			0.20			(0.07	)		(0.34	)		(0.41	)
Year Ended December 31, 2006*		6.65		0.07			1.03			1.10			(0.04	)		(0.17	)		(0.21	)

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Effective April 25, 2009, Diversified Mid Cap Value Portfolio was renamed Mid Cap Value Portfolio. Mid Cap Value Portfolio acquired all of the assets and liabilities of JPMorgan Mid Cap Value Portfolio (“Predecessor Portfolio”) in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by Mid Cap Value Portfolio and have been used since the reorganization. As a result, the financial highlight information reflects that of the Predecessor Portfolio for the periods prior to its reorganization with Mid Cap Value Portfolio.

(f) An affiliate of JPMorgan Chase & Co. will reimburse the Portfolio for losses incurred from an operational error. There was less than $0.01 and 0.01% impact on the net realized and unrealized gains (losses) on investments per share and the total return, respectively.

(g) Calculated based upon average shares outstanding.

* Reflects a 4.187:1 stock split that occurred on April 24, 2009. All per share amounts for all periods presented have been adjusted to reflect the stock split.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	7.19		7.08	%(f)	$	258,687		0.80	%		1.06	%		0.81	%		24	%
	6.80		23.45			257,312		0.81			1.36			0.82			32
	5.57		26.68			238,433		0.88			1.93			1.02			39
	4.52		(33.21	)		181,966		1.00			1.31			1.25			41
	7.33		2.45			312,274		1.00			0.92			1.25			48
	7.54		16.84			298,608		1.00			0.99			1.25			45

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Class Offered	Diversified/Non-Diversified
Mid Cap Value Portfolio	Class 1	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

The Portfolio acquired all of the assets and liabilities of JPMorgan Mid Cap Value Portfolio, a series of J.P. Morgan Series Trust II (“Predecessor Portfolio”) in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by the Portfolio. On April 24, 2009, prior to the reorganization, shareholders of the Predecessor Portfolio received 4.187 shares of the Predecessor Portfolio for every share held of the Predecessor Portfolio. All share and per share amounts for all periods presented have been adjusted to reflect the stock split.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset value.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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 #	$	258,482,936	$	—	$	—	$	258,482,936

# Portfolio holdings designated as Level 1 are disclosed individually in the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Securities Lending — The Portfolio may lend securities to brokers approved by J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) in order to generate additional income. Goldman Sachs Bank USA (“GS Bank”) serves as lending agent for the Portfolio. Securities loaned are collateralized by cash, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund. Upon termination of the loan, the Portfolio is required to return to the borrower the posted cash collateral. Loans are subject to termination by the Portfolio or the borrower at any time.

Securities lending income is comprised of income earned on cash collateral investments (“Collateral Investments”), net of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) on the Statement of Operations. The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations. For the six months ended June 30, 2011, the Portfolio earned $2,454 from the investment of cash collateral, prior to rebates or fees, from an investment in an affiliated fund as described below.

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of loaned U.S. dollar-denominated securities plus accrued interest. The securities lending agreement with GS Bank requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities.

The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI. At June 30, 2011, there were no outstanding securities on loan.

The Portfolio bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted if the Advisor does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, GS Bank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Advisor waived fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund in the amount of $1,760. This amount offsets the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Portfolio’s investment in such fund. A portion of the waiver is voluntary.

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Portfolio first learns of the dividend.

The Portfolio records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio adjusts the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

D. Allocation of Expenses — Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios.

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

F. Dividends and Distributions to Shareholders — Dividends from net investment income and distributions of net realized capital gains, if any, are declared and paid at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM acts as the investment advisor to the Portfolio. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). JPMIM supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.65%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares. The Distributor receives no compensation in its capacity as the Portfolio’s underwriter.

D. Custodian and Accounting Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 0.90% of the Portfolio’s average daily net assets.

The contractual expense limitation agreement was in effect for the six months ended June 30, 2011. The expense limitation percentage above is in place until at least April 30, 2012.

The Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 (excluding the waiver disclosed in Note 2.B. regarding cash collateral for securities lending invested in JPMorgan Prime Money Market Fund) was $5,678.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The Securities and Exchange Commission has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

An affiliate of JPMCB will make a payment to the Portfolio in the amount of $1,783 relating to an operational error.

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	61,478,829	$	77,685,217

During the six months ended June 30, 2011, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	191,860,741	$	69,520,781	$	2,898,586	$	66,622,195

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Portfolio at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

The first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30, 2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,070.80	$	4.11		0.80	%
Hypothetical		1,000.00		1,020.83		4.01		0.80

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011  All rights reserved. June 2011. SAN-JPMITMCVP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust Small Cap Core Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	16
Notes to Financial Statements	18
Schedule of Shareholder Expenses	22

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		8.09%
Russell 2000 Index		6.21%
Net Assets as of 6/30/2011	$	72,476,067

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Small Cap Core Portfolio (the “Portfolio”) seeks capital growth over the long term.

HOW DID THE MARKET PERFORM?

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. stocks advanced during the reporting period, as the S&P 500 Index gained 6.02% for the six months ended June 30, 2011. Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support U.S. stock prices during the reporting period. Small-cap U.S. stocks, as measured by the Russell 2000 Index (the “Benchmark”), gained 6.21% and underperformed mid- and large-cap U.S. stocks, as the Russell Midcap Index gained 8.08% and Russell 1000 Index, which measures the performance of large-cap U.S. stocks, returned 6.37%.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) outperformed the Benchmark for the six months ended June 30, 2011. The Portfolio’s stock selection in the consumer cyclical and basic materials sectors contributed to relative performance, while the Portfolio’s stock selection in the semiconductors and retail sectors detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Tempur-Pedic International, Inc., a mattress manufacturer, and Cash America International, Inc., a financial services provider. Shares of Tempur-Pedic International, Inc. increased after the company reported strong first-quarter results, boosted by better-than-expected mattress sales. Shares of Cash America International, Inc. increased after the company announced better-than-expected first-quarter earnings due to strong loan demand.

Individual detractors from relative performance included the Portfolio’s positions in THQ, Inc., a developer and publisher of video games, and Clayton Williams Energy, Inc., an oil and gas operations company. Shares of THQ, Inc. declined on investors’ concerns about the quality of its recent games as well as disappointing sell through (the percentage of video games shipped that are actually sold to consumers). Shares of Clayton Williams Energy, Inc. declined after the company reported disappointing first-quarter results.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers took limited sector bets and constructed the Portfolio so that stock selection would be the primary driver of its relative performance versus the Benchmark. The portfolio managers employed a bottom-up approach to stock selection, using quantitative screening and proprietary fundamental analysis to construct a portfolio of what they believed were attractively priced stocks with strong fundamentals.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Cash America International, Inc.	1.2	%
	2.	Portland General Electric Co.	1.1
	3.	GT Solar International, Inc.	1.1
	4.	Kulicke & Soffa Industries, Inc.	1.0
	5.	Dillard’s, Inc., Class A	1.0
	6.	Tempur-Pedic International, Inc.	1.0
	7.	JDA Software Group, Inc.	0.9
	8.	World Acceptance Corp.	0.9
	9.	Healthspring, Inc.	0.9
	10.	Triumph Group, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.3	%
Information Technology	16.3
Consumer Discretionary	15.2
Industrials	14.0
Health Care	12.2
Energy	6.1
Materials	5.9
Utilities	3.5
Consumer Staples	2.5
Telecommunication Services	1.8
U.S. Treasury Obligation	0.2
Short-Term Investment	2.0

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based upon total investments as of June 30, 2011. The Portfolio’s composition is subject to change.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		01/03/95		8.09	%		38.23	%		3.01	%		4.95	%
CLASS 2 SHARES		04/24/09		7.91			37.87			2.90			4.89

* Not annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Inception date for Class 1 Shares is January 3, 1995, which is the inception date of JPMorgan Small Company Portfolio (“Predecessor Portfolio”). The JPMorgan Insurance Trust Small Cap Core Portfolio acquired all of the assets and liabilities of the Predecessor Portfolio in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by the Small Cap Core Portfolio and have been used since the reorganization. As a result the performance for Class 1 Shares prior to April 25, 2009, is the performance of the Predecessor Portfolio.

Returns for Class 2 Shares prior to April 25, 2009 are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares and the Predecessor Portfolio.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Small Cap Core Portfolio, Russell 2000 Index and the Lipper Variable Underlying Funds Small-Cap Core Funds Index

from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The performance of the Lipper Variable Underlying Funds Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Portfolio. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Variable Underlying Funds Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.6%
		Consumer Discretionary — 15.1%
		Auto Components — 0.6%
	1,800	American Axle & Manufacturing Holdings, Inc. (a)		20,484
	12,000	Cooper Tire & Rubber Co.		237,480
	10,300	Standard Motor Products, Inc.		156,869
				414,833
		Diversified Consumer Services — 0.6%
	16,000	Bridgepoint Education, Inc. (a)		400,000
	1,100	Lincoln Educational Services Corp.		18,865
	1,800	Mac-Gray Corp.		27,810
				446,675
		Hotels, Restaurants & Leisure — 2.4%
	20,000	Ameristar Casinos, Inc.		474,200
	2,000	Cracker Barrel Old Country Store, Inc.		98,620
	9,100	DineEquity, Inc. (a)		475,657
	16,100	Domino's Pizza, Inc. (a)		406,364
	12,900	Ruby Tuesday, Inc. (a)		139,062
	20,268	Ruth's Hospitality Group, Inc. (a)		113,703
				1,707,606
		Household Durables — 2.5%
	12,300	American Greetings Corp., Class A		295,692
	42	CSS Industries, Inc.		879
	18,300	Helen of Troy Ltd., (Bermuda) (a)		631,899
	2,493	Jarden Corp.		86,033
	2,700	Libbey, Inc. (a)		43,794
	6,200	Lifetime Brands, Inc.		72,788
	10,450	Tempur-Pedic International, Inc. (a)		708,719
				1,839,804
		Leisure Equipment & Products — 0.3%
	10,350	JAKKS Pacific, Inc. (a)		190,544
	1,900	Sturm Ruger & Co., Inc.		41,705
				232,249
		Media — 1.0%
	12,500	Entercom Communications Corp., Class A (a)		108,500
	19,700	Journal Communications, Inc., Class A (a)		101,849
	2,200	Knology, Inc. (a)		32,670
	3,900	LIN TV Corp., Class A (a)		18,993
	4,200	McClatchy Co. (The), Class A (a)		11,802
	3,200	Pandora Media, Inc. (a)		60,512
	33,600	Sinclair Broadcast Group, Inc., Class A		368,928
				703,254
		Multiline Retail — 1.0%
	14,000	Dillard's, Inc., Class A		729,960

SHARES			SECURITY DESCRIPTION	VALUE($)
			Specialty Retail — 3.9%
	4,125		Aeropostale, Inc. (a)		72,188
	19,300		Cabela's, Inc. (a)		523,995
	17,600		Casual Male Retail Group, Inc. (a)		73,040
	22,667		Collective Brands, Inc. (a)		332,978
	24,400		Conn's, Inc. (a)		211,060
	15,800		Destination Maternity Corp.		315,684
	18,100		Express, Inc.		394,580
	9,525		Finish Line, Inc. (The), Class A		203,835
	1,200		Kirkland's, Inc. (a)		14,424
	2,500		Lithia Motors, Inc., Class A		49,075
	13,300		Rent-A-Center, Inc.		406,448
	17,900		Sonic Automotive, Inc., Class A		262,235
					2,859,542
			Textiles, Apparel & Luxury Goods — 2.8%
	2,100		Deckers Outdoor Corp. (a)		185,094
	3,800		G-III Apparel Group Ltd. (a)		131,024
	10,700		Iconix Brand Group, Inc. (a)		258,940
	19,100		Maidenform Brands, Inc. (a)		528,306
	11,400		Oxford Industries, Inc.		384,864
	15,600		Perry Ellis International, Inc. (a)		393,900
	4,175		Steven Madden Ltd. (a)		156,604
					2,038,732
			Total Consumer Discretionary		10,972,655
			Consumer Staples — 2.5%
			Beverages — 0.0% (g)
	2,700		MGP Ingredients, Inc.		23,517
			Food & Staples Retailing — 0.8%
	6,600		Andersons, Inc. (The)		278,850
	13,500		Spartan Stores, Inc.		263,655
					542,505
			Food Products — 1.3%
	7,800		B&G Foods, Inc.		160,836
	25,400		Chiquita Brands International, Inc. (a)		330,708
	6,700		Darling International, Inc. (a)		118,590
	14,600		Dole Food Co., Inc. (a)		197,392
	3,600	��	Fresh Del Monte Produce, Inc.		96,012
	1,200		TreeHouse Foods, Inc. (a)		65,532
					969,070
			Personal Products — 0.4%
	2,800		Elizabeth Arden, Inc. (a)		81,284
	1,800		Nature's Sunshine Products, Inc. (a)		35,064
	7,425		Prestige Brands Holdings, Inc. (a)		95,337

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Personal Products — Continued
	5,300	Revlon, Inc., Class A (a)		89,040
				300,725
		Total Consumer Staples		1,835,817
		Energy — 6.0%
		Energy Equipment & Services — 1.7%
	2,400	Basic Energy Services, Inc. (a)		75,528
	2,200	Cal Dive International, Inc. (a)		13,156
	1,600	Complete Production Services, Inc. (a)		53,376
	9,500	Gulfmark Offshore, Inc., Class A (a)		419,805
	8,400	ION Geophysical Corp. (a)		79,464
	3,400	Lufkin Industries, Inc.		292,570
	2,000	Matrix Service Co. (a)		26,760
	8,900	Newpark Resources, Inc. (a)		80,723
	700	OYO Geospace Corp. (a)		70,000
	5,400	RPC, Inc.		132,516
				1,243,898
		Oil, Gas & Consumable Fuels — 4.3%
	575	Apco Oil and Gas International, Inc.		49,985
	17,000	Callon Petroleum Co. (a)		119,340
	4,715	Clayton Williams Energy, Inc. (a)		283,136
	3,600	Cloud Peak Energy, Inc. (a)		76,680
	3,500	Delek US Holdings, Inc.		54,950
	5,500	DHT Holdings, Inc., (United Kingdom)		21,065
	22,400	EXCO Resources, Inc.		395,360
	1,300	Frontline Ltd., (Bermuda)		19,162
	2,600	Georesources, Inc. (a)		58,474
	400	Gevo, Inc. (a)		6,292
	17,700	Gulfport Energy Corp. (a)		525,513
	9,700	KiOR, Inc., Class A (a)		146,955
	11,975	McMoRan Exploration Co. (a)		221,298
	7,400	Petroquest Energy, Inc. (a)		51,948
	1,700	Solazyme, Inc. (a)		39,049
	11,125	VAALCO Energy, Inc. (a)		66,972
	18,700	W&T Offshore, Inc.		488,444
	12,600	Warren Resources, Inc. (a)		48,006
	4,600	Western Refining, Inc. (a)		83,122
	10,500	World Fuel Services Corp.		377,265
				3,133,016
		Total Energy		4,376,914
		Financials — 20.3%
		Capital Markets — 0.6%
	17,200	BGC Partners, Inc., Class A		132,956
	3,400	Gladstone Capital Corp.		31,416

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — Continued
	11,500	Knight Capital Group, Inc., Class A (a)		126,730
	1,000	Oppenheimer Holdings, Inc., Class A		28,210
	2,700	optionsXpress Holdings, Inc.		45,036
	6,547	Prospect Capital Corp.		66,190
	2,400	Pzena Investment Management, Inc., Class A		13,632
				444,170
		Commercial Banks — 5.0%
	300	Alliance Financial Corp.		9,159
	3,500	Banco Latinoamericano de Comercio Exterior S.A., (Panama), Class E		60,620
	7,700	Cathay General Bancorp		126,203
	3,300	Citizens & Northern Corp.		49,731
	3,725	City Holding Co.		123,037
	5,200	Community Bank System, Inc.		128,908
	1,540	Community Trust Bancorp, Inc.		42,689
	3,700	East West Bancorp, Inc.		74,777
	2,100	Enterprise Financial Services Corp.		28,413
	4,700	Financial Institutions, Inc.		77,174
	12,400	First Busey Corp.		65,596
	57,200	First Commonwealth Financial Corp.		328,328
	5,700	First Community Bancshares, Inc.		79,800
	10,500	First Financial Bancorp		175,245
	4,400	First Merchants Corp.		39,336
	14,500	FNB Corp.		150,075
	26	Hudson Valley Holding Corp.		502
	4,600	Huntington Bancshares, Inc.		30,176
	6,175	Iberiabank Corp.		355,927
	3,710	International Bancshares Corp.		62,068
	2,425	Lakeland Bancorp, Inc.		24,201
	2,100	Lakeland Financial Corp.		46,746
	2,600	MainSource Financial Group, Inc.		21,580
	200	Merchants Bancshares, Inc.		4,894
	13,200	Nara Bancorp, Inc. (a)		107,316
	900	National Bankshares, Inc.		22,536
	2,100	NBT Bancorp, Inc.		46,473
	15,600	Oriental Financial Group, Inc.		201,084
	900	Peoples Bancorp, Inc.		10,143
	14,300	Pinnacle Financial Partners, Inc. (a)		222,508
	2,400	Prosperity Bancshares, Inc.		105,168
	700	Renasant Corp.		10,143
	1,663	Republic Bancorp, Inc., Class A		33,094
	5,550	Sierra Bancorp		62,826
	2,306	Southside Bancshares, Inc.		45,770
	12,100	Southwest Bancorp, Inc. (a)		118,459
	6,950	Sterling Bancshares, Inc.		56,712

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Commercial Banks — Continued
	13,500	Susquehanna Bancshares, Inc.		108,000
	2,200	SVB Financial Group (a)		131,362
	2,700	WesBanco, Inc.		53,082
	2,300	West Bancorp, Inc.		20,263
	1,700	Westamerica Bancorp		83,725
	27,000	Wilshire Bancorp, Inc. (a)		79,380
				3,623,229
		Consumer Finance — 3.0%
	3,775	Advance America Cash Advance Centers, Inc.		26,010
	14,400	Cash America International, Inc.		833,328
	18,546	Dollar Financial Corp. (a)		401,521
	6,600	Imperial Holdings, Inc. (a)		67,056
	7,400	Nelnet, Inc., Class A		163,244
	10,225	World Acceptance Corp. (a)		670,453
				2,161,612
		Diversified Financial Services — 1.1%
	10,700	Encore Capital Group, Inc. (a)		328,704
	200	Marlin Business Services Corp. (a)		2,530
	13,600	PHH Corp. (a)		279,072
	2,500	Portfolio Recovery Associates, Inc. (a)		211,975
				822,281
		Insurance — 2.4%
	41,700	American Equity Investment Life Holding Co.		530,007
	1,400	American Safety Insurance Holdings Ltd. (a)		26,796
	7,325	Aspen Insurance Holdings Ltd., (Bermuda)		188,472
	31,400	CNO Financial Group, Inc. (a)		248,374
	7,650	Delphi Financial Group, Inc., Class A		223,457
	6,200	Flagstone Reinsurance Holdings S.A., (Luxembourg)		52,266
	1,700	Horace Mann Educators Corp.		26,537
	11,075	Meadowbrook Insurance Group, Inc.		109,753
	13,700	National Financial Partners Corp. (a)		158,098
	1,700	Safety Insurance Group, Inc.		71,468
	5,200	Selective Insurance Group, Inc.		84,604
				1,719,832
		Real Estate Investment Trusts (REITs) — 7.5%
	4,383	American Campus Communities, Inc.		155,684
	68,400	Anworth Mortgage Asset Corp.		513,684
	50,300	Ashford Hospitality Trust, Inc.		626,235
	9,900	Associated Estates Realty Corp.		160,875
	6,000	BioMed Realty Trust, Inc.		115,440
	4,800	CapLease, Inc.		23,568
	34,900	Capstead Mortgage Corp.		467,660

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — Continued
	14,400	CBL & Associates Properties, Inc.		261,072
	3,364	Colonial Properties Trust		68,626
	28,875	DCT Industrial Trust, Inc.		151,016
	9,400	Developers Diversified Realty Corp.		132,540
	3,100	EastGroup Properties, Inc.		131,781
	5,700	Education Realty Trust, Inc.		48,849
	1,000	Equity Lifestyle Properties, Inc.		62,440
	17,800	First Industrial Realty Trust, Inc. (a)		203,810
	8,600	Glimcher Realty Trust		81,700
	1,550	Home Properties, Inc.		94,364
	6,200	LaSalle Hotel Properties		163,308
	51,409	Lexington Realty Trust		469,364
	36,425	MFA Financial, Inc.		292,857
	1,400	Mission West Properties, Inc.		12,292
	1,500	MPG Office Trust, Inc. (a)		4,290
	7,800	Omega Healthcare Investors, Inc.		163,878
	3,200	Parkway Properties, Inc.		54,592
	1,000	Pebblebrook Hotel Trust		20,190
	15,425	Pennsylvania Real Estate Investment Trust		242,172
	2,375	PS Business Parks, Inc.		130,863
	2,800	Ramco-Gershenson Properties Trust		34,664
	13,600	Senior Housing Properties Trust		318,376
	24,850	Strategic Hotels & Resorts, Inc. (a)		175,938
	1,400	Sun Communities, Inc.		52,234
				5,434,362
		Thrifts & Mortgage Finance — 0.7%
	3,100	Dime Community Bancshares, Inc.		45,074
	17,100	Doral Financial Corp. (a)		33,516
	4,757	First Niagara Financial Group, Inc.		62,793
	2,900	OceanFirst Financial Corp.		37,555
	18,075	Ocwen Financial Corp. (a)		230,637
	10,600	Radian Group, Inc.		44,838
	6,600	Trustco Bank Corp.		32,340
				486,753
		Total Financials		14,692,239
		Health Care — 12.2%
		Biotechnology — 3.4%
	7,500	Achillion Pharmaceuticals, Inc. (a)		55,800
	9,400	Acorda Therapeutics, Inc. (a)		303,714
	5,700	Affymax, Inc. (a)		39,159
	21,900	Anadys Pharmaceuticals, Inc. (a)		22,119
	28,600	Ariad Pharmaceuticals, Inc. (a)		324,038
	9,700	BioCryst Pharmaceuticals, Inc. (a)		37,054
	8,100	BioMimetic Therapeutics, Inc. (a)		41,472

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Biotechnology — Continued
	11,800	Chelsea Therapeutics International Ltd. (a)		60,180
	63,800	Dynavax Technologies Corp. (a)		175,450
	18,800	Halozyme Therapeutics, Inc. (a)		129,908
	9,500	Immunomedics, Inc. (a)		38,665
	13,400	Incyte Corp., Ltd. (a)		253,796
	5,100	Ironwood Pharmaceuticals, Inc. (a)		80,172
	6,800	Medivation, Inc. (a)		145,724
	12,700	Momenta Pharmaceuticals, Inc. (a)		247,142
	3,500	Onyx Pharmaceuticals, Inc. (a)		123,550
	17,900	Savient Pharmaceuticals, Inc. (a)		134,071
	8,800	Seattle Genetics, Inc. (a)		180,576
	2,600	Targacept, Inc. (a)		54,782
				2,447,372
		Health Care Equipment & Supplies — 2.6%
	8,600	Align Technology, Inc. (a)		196,080
	13,800	Cantel Medical Corp.		371,358
	4,700	DynaVox, Inc., Class A (a)		35,720
	2,300	GenMark Diagnostics, Inc. (a)		13,409
	3,500	Greatbatch, Inc. (a)		93,870
	10,500	Immucor, Inc. (a)		214,410
	5,400	Integra LifeSciences Holdings Corp. (a)		258,174
	11,200	Invacare Corp.		371,728
	3,800	Orthofix International N.V., (Netherlands) (a)		161,386
	3,800	Sirona Dental Systems, Inc. (a)		201,780
				1,917,915
		Health Care Providers & Services — 4.8%
	3,000	AMERIGROUP Corp. (a)		211,410
	44,600	Continucare Corp. (a)		275,628
	83,600	Five Star Quality Care, Inc. (a)		485,716
	8,800	Gentiva Health Services, Inc. (a)		183,304
	7,700	Hanger Orthopedic Group, Inc. (a)		188,419
	14,400	Healthspring, Inc. (a)		663,984
	7,285	Kindred Healthcare, Inc. (a)		156,409
	27,100	Metropolitan Health Networks, Inc. (a)		129,809
	7,800	Owens & Minor, Inc.		269,022
	24,000	PharMerica Corp. (a)		306,240
	1,700	Providence Service Corp. (The) (a)		21,505
	8,400	Select Medical Holdings Corp. (a)		74,508
	4,900	Triple-S Management Corp., Class B (a)		106,477
	1,600	US Physical Therapy, Inc.		39,568
	16,200	Vanguard Health Systems, Inc. (a)		278,154
	1,300	WellCare Health Plans, Inc. (a)		66,833
				3,456,986

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Technology — 0.0% (g)
	1,200	ePocrates, Inc. (a)		22,128
		Life Sciences Tools & Services — 0.1%
	5,825	Enzo Biochem, Inc. (a)		24,756
	3,400	Pacific Biosciences of California, Inc. (a)		39,780
				64,536
		Pharmaceuticals — 1.3%
	13,500	Aegerion Pharmaceuticals, Inc. (a)		212,625
	14,200	Cadence Pharmaceuticals, Inc. (a)		130,640
	2,950	Cardiome Pharma Corp., (Canada) (a)		13,128
	11,500	Impax Laboratories, Inc. (a)		250,585
	4,600	Par Pharmaceutical Cos., Inc. (a)		151,708
	2,700	Sagent Pharmaceuticals, Inc. (a)		72,846
	2,500	Salix Pharmaceuticals Ltd. (a)		99,575
				931,107
		Total Health Care		8,840,044
		Industrials — 14.0%
		Aerospace & Defense — 2.3%
	2,150	Ceradyne, Inc. (a)		83,829
	1,300	Curtiss-Wright Corp.		42,081
	5,500	Esterline Technologies Corp. (a)		420,200
	42,400	GenCorp, Inc. (a)		272,208
	1,968	HEICO Corp.		107,728
	4,600	LMI Aerospace, Inc. (a)		112,378
	6,400	Triumph Group, Inc.		637,312
				1,675,736
		Air Freight & Logistics — 0.7%
	8,200	Atlas Air Worldwide Holdings, Inc. (a)		487,982
		Airlines — 0.7%
	4,100	Alaska Air Group, Inc. (a)		280,686
	26,550	Hawaiian Holdings, Inc. (a)		151,335
	5,325	SkyWest, Inc.		80,195
				512,216
		Building Products — 0.1%
	1,075	Gibraltar Industries, Inc. (a)		12,169
	5,200	Insteel Industries, Inc.		65,208
				77,377
		Commercial Services & Supplies — 2.2%
	6,600	ACCO Brands Corp. (a)		51,810
	45,800	Cenveo, Inc. (a)		293,120
	22,350	Deluxe Corp.		552,268
	2,700	Herman Miller, Inc.		73,494
	11,600	Knoll, Inc.		232,812

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Commercial Services & Supplies — Continued
	3,500	Metalico, Inc. (a)		20,650
	2,300	Team, Inc. (a)		55,499
	2,400	UniFirst Corp.		134,856
	4,000	United Stationers, Inc.		141,720
	150	Waste Connections, Inc.		4,760
				1,560,989
		Construction & Engineering — 1.3%
	10,875	EMCOR Group, Inc. (a)		318,746
	21,100	MasTec, Inc. (a)		416,092
	10,500	Tutor Perini Corp.		201,390
				936,228
		Electrical Equipment — 1.7%
	6,100	Acuity Brands, Inc.		340,258
	7,000	EnerSys (a)		240,940
	1,100	Polypore International, Inc. (a)		74,624
	8,700	Regal-Beloit Corp.		580,899
				1,236,721
		Industrial Conglomerates — 0.0% (g)
	900	Standex International Corp.		27,603
		Machinery — 3.4%
	5,700	Barnes Group, Inc.		141,417
	4,900	CIRCOR International, Inc.		209,867
	2,392	Columbus McKinnon Corp. (a)		42,960
	13,000	EnPro Industries, Inc. (a)		624,910
	17,200	Force Protection, Inc. (a)		85,398
	5,300	Kadant, Inc. (a)		167,003
	13,100	NN, Inc. (a)		195,976
	1,766	Robbins & Myers, Inc.		93,333
	9,400	Trimas Corp. (a)		232,650
	9,550	Wabtec Corp.		627,626
	1,100	Watts Water Technologies, Inc., Class A		38,951
				2,460,091
		Professional Services — 0.0% (g)
	1,900	GP Strategies Corp. (a)		25,954
		Road & Rail — 0.6%
	1,400	Dollar Thrifty Automotive Group, Inc. (a)		103,236
	21,300	Quality Distribution, Inc. (a)		277,326
	900	Zipcar, Inc. (a)		18,369
				398,931
		Trading Companies & Distributors — 1.0%
	5,200	Aircastle Ltd.		66,144
	8,075	Applied Industrial Technologies, Inc.		287,551

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — Continued
	3,200	Beacon Roofing Supply, Inc. (a)		73,024
	1,800	Interline Brands, Inc. (a)		33,066
	9,719	SeaCube Container Leasing Ltd.		166,972
	5,100	United Rentals, Inc. (a)		129,540
				756,297
		Total Industrials		10,156,125
		Information Technology — 16.3%
		Communications Equipment — 2.0%
	23,582	Arris Group, Inc. (a)		273,787
	7,050	Black Box Corp.		220,454
	3,000	Blue Coat Systems, Inc. (a)		65,580
	4,000	Comtech Telecommunications Corp.		112,160
	1,400	EMS Technologies, Inc. (a)		46,158
	3,300	NETGEAR, Inc. (a)		144,276
	2,200	Oplink Communications, Inc. (a)		40,986
	5,000	Plantronics, Inc.		182,650
	4,400	Polycom, Inc. (a)		282,920
	8,500	Symmetricom, Inc. (a)		49,555
	15,300	Westell Technologies, Inc., Class A (a)		54,621
				1,473,147
		Computers & Peripherals — 0.5%
	4,300	Fusion-io, Inc. (a)		129,387
	7,400	Hypercom Corp. (a)		72,742
	3,225	Imation Corp. (a)		30,444
	3,000	Synaptics, Inc. (a)		77,220
	5,700	Xyratex Ltd., (United Kingdom) (a)		58,482
				368,275
		Electronic Equipment, Instruments & Components — 1.5%
	9,800	Brightpoint, Inc. (a)		79,478
	4,100	Daktronics, Inc.		44,239
	4,500	DDi Corp.		42,930
	1,400	Fabrinet (a)		33,992
	4,600	Insight Enterprises, Inc. (a)		81,466
	1,600	Littelfuse, Inc.		93,952
	1,200	Measurement Specialties, Inc. (a)		42,840
	1,900	NeoPhotonics Corp. (a)		13,148
	6,800	Newport Corp. (a)		123,556
	4,100	Plexus Corp. (a)		142,721
	6,000	Power-One, Inc. (a)		48,600
	8,300	RadiSys Corp. (a)		60,507
	5,800	SYNNEX Corp. (a)		183,860
	6,400	TTM Technologies, Inc. (a)		102,528
				1,093,817

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Internet Software & Services — 0.6%
	5,400	Cornerstone OnDemand, Inc. (a)		95,310
	2,000	Demand Media, Inc. (a)		27,100
	2,600	Keynote Systems, Inc.		56,238
	1,800	Responsys, Inc. (a)		31,914
	35,059	United Online, Inc.		211,406
				421,968
		IT Services — 1.8%
	2,400	CACI International, Inc., Class A (a)		151,392
	16,500	CIBER, Inc. (a)		91,575
	3,425	CSG Systems International, Inc. (a)		63,294
	3,475	Gartner, Inc. (a)		140,008
	2,100	ManTech International Corp., Class A		93,282
	900	MAXIMUS, Inc.		74,457
	3,700	ServiceSource International, Inc. (a)		82,214
	3,700	TeleTech Holdings, Inc. (a)		77,996
	3,400	Unisys Corp. (a)		87,380
	5,100	VeriFone Systems, Inc. (a)		226,185
	3,900	Wright Express Corp. (a)		203,073
				1,290,856
		Semiconductors & Semiconductor Equipment — 4.7%
	3,100	Alpha & Omega Semiconductor Ltd. (a)		41,075
	24,075	Amkor Technology, Inc. (a)		148,543
	6,700	Brooks Automation, Inc. (a)		72,762
	20,725	Cirrus Logic, Inc. (a)		329,527
	20,706	Entegris, Inc. (a)		209,545
	1,800	FEI Co. (a)		68,742
	47,800	GT Solar International, Inc. (a)		774,360
	67,800	Kulicke & Soffa Industries, Inc. (a)		755,292
	12,000	Lattice Semiconductor Corp. (a)		78,240
	7,575	Micrel, Inc.		80,143
	4,100	MKS Instruments, Inc.		108,322
	7,200	Photronics, Inc. (a)		60,984
	27,200	PMC-Sierra, Inc. (a)		205,904
	18,900	Skyworks Solutions, Inc. (a)		434,322
	6,100	TriQuint Semiconductor, Inc. (a)		62,159
				3,429,920
		Software — 5.2%
	7,184	Actuate Corp. (a)		42,026
	2,100	Ariba, Inc. (a)		72,387
	24,450	Aspen Technology, Inc. (a)		420,051
	900	Deltek, Inc. (a)		6,741
	2,900	Ebix, Inc. (a)		55,245
	22,014	JDA Software Group, Inc. (a)		680,013
	8,900	Lawson Software, Inc. (a)		99,858

SHARES		SECURITY DESCRIPTION	VALUE($)
		Software — Continued
	14,300	Magma Design Automation, Inc. (a)		114,257
	3,400	Monotype Imaging Holdings, Inc. (a)		48,042
	3,800	Netscout Systems, Inc. (a)		79,382
	8,740	Parametric Technology Corp. (a)		200,408
	5,500	Progress Software Corp. (a)		132,715
	5,100	Quest Software, Inc. (a)		115,923
	1,500	Rovi Corp. (a)		86,040
	1,000	SS&C Technologies Holdings, Inc. (a)		19,870
	22,300	Take-Two Interactive Software, Inc. (a)		340,744
	15,200	TeleNav, Inc. (a)		269,496
	96,900	THQ, Inc. (a)		350,778
	8,800	TIBCO Software, Inc. (a)		255,376
	5,500	VASCO Data Security International, Inc. (a)		68,475
	5,800	VirnetX Holding Corp. (a)		167,852
	4,100	Websense, Inc. (a)		106,477
				3,732,156
		Total Information Technology		11,810,139
		Materials — 5.9%
		Chemicals — 2.5%
	22,400	Georgia Gulf Corp. (a)		540,736
	5,400	H.B. Fuller Co.		131,868
	5,800	Innophos Holdings, Inc.		283,040
	6,400	Koppers Holdings, Inc.		242,752
	3,400	Kraton Performance Polymers, Inc. (a)		133,178
	16,100	PolyOne Corp.		249,067
	8,500	Solutia, Inc. (a)		194,225
				1,774,866
		Containers & Packaging — 1.0%
	6,100	Boise, Inc.		47,519
	41,700	Graphic Packaging Holding Co. (a)		226,848
	6,875	Rock-Tenn Co., Class A		456,088
				730,455
		Metals & Mining — 1.7%
	7,600	Century Aluminum Co. (a)		118,940
	8,200	Coeur d'Alene Mines Corp. (a)		198,932
	6,400	Hecla Mining Co. (a)		49,216
	34,900	Noranda Aluminum Holding Corp. (a)		528,386
	14,900	Worthington Industries, Inc.		344,190
				1,239,664
		Paper & Forest Products — 0.7%
	14,175	Buckeye Technologies, Inc.		382,441

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURI TY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Paper & Forest Products — Continued
	2,100	Schweitzer-Mauduit International, Inc.		117,915
				500,356
		Total Materials		4,245,341
		Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.8%
	3,600	Boingo Wireless, Inc. (a)		32,688
	156,400	Cincinnati Bell, Inc. (a)		519,248
	6,200	Consolidated Communications Holdings, Inc.		120,528
	1,500	IDT Corp., Class B		40,530
	4,200	Neutral Tandem, Inc. (a)		73,164
	23,700	Premiere Global Services, Inc. (a)		189,126
	75,800	Vonage Holdings Corp. (a)		334,278
		Total Telecommunication Services		1,309,562
		Utilities — 3.5%
		Electric Utilities — 2.6%
	1,500	Central Vermont Public Service Corp.		54,225
	12,425	El Paso Electric Co.		401,328
	7,200	IDACORP, Inc.		284,400
	1,700	MGE Energy, Inc.		68,901
	31,175	Portland General Electric Co.		788,104
	2,725	UniSource Energy Corp.		101,724
	5,600	Westar Energy, Inc.		150,696
				1,849,378
		Gas Utilities — 0.9%
	1,200	Chesapeake Utilities Corp.		48,036
	1,800	Laclede Group, Inc. (The)		68,094
	5,500	New Jersey Resources Corp.		245,355

SHARES		SECURI TY DESCRIPTION	VALUE($)
		Gas Utilities — Continued
	500	Nicor, Inc.		27,370
	1,700	Northwest Natural Gas Co.		76,721
	3,100	Southwest Gas Corp.		119,691
	2,000	WGL Holdings, Inc.		76,980
				662,247
		Total Utilities		2,511,625
		Total Common Stocks (Cost $52,944,832)		70,750,461
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.2%
	160,000	U.S. Treasury Note, 0.750%, 11/30/11 (k) (Cost $160,297)		160,431
SHARES
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	1,479,732	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $1,479,732)		1,479,732
		Total Investments — 99.9% (Cost $54,584,861)		72,390,624
		Other Assets in Excess of Liabilities — 0.1%		85,443
		NET ASSETS — 100.0%	$	72,476,067

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/11		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	22	E-mini Russell 2000		09/16/11	$	1,815,880	$	91,609

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.
(k)	—  All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	70,910,892
Investments in affiliates, at value		1,479,732
Total investment securities, at value		72,390,624
Receivables:
Investment securities sold		612,386
Portfolio shares sold		78,808
Interest and dividends		67,751
Variation margin on futures contracts		14,300
Total Assets		73,163,869
LIABILITIES:
Payables:
Investment securities purchased		567,771
Portfolio shares redeemed		21,801
Accrued liabilities:
Investment advisory fees		37,157
Administration fees		5,431
Distribution fees		412
Custodian and accounting fees		25,543
Trustees’ and Chief Compliance Officer’s fees		57
Other		29,630
Total Liabilities		687,802
Net Assets	$	72,476,067
NET ASSETS:
Paid in capital	$	62,583,570
Accumulated undistributed net investment income		6,597
Accumulated net realized gains (losses)		(8,011,472	)
Net unrealized appreciation (depreciation)		17,897,372
Total Net Assets	$	72,476,067
Net Assets:
Class 1	$	70,396,036
Class 2		2,080,031
Total	$	72,476,067
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class 1		4,361,783
Class 2		129,288
Net asset value, offering and redemption price per share:
Class 1	$	16.14
Class 2		16.09
Cost of investments in non-affiliates	$	53,105,129
Cost of investments in affiliates		1,479,732

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	Small Cap Core Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	238
Dividend income from non-affiliates		345,839
Interest income from affiliates		—	(a)
Dividend income from affiliates		721
Total investment income		346,798
EXPENSES:
Investment advisory fees		234,911
Administration fees		32,042
Distribution fees:
Class 2		2,563
Custodian and accounting fees		19,878
Professional fees		19,026
Trustees’ and Chief Compliance Officer’s fees		389
Printing and mailing costs		20,577
Transfer agent fees		3,614
Other		7,693
Total expenses		340,693
Less amounts waived		(2,804	)
Less earnings credits		(1	)
Net expenses		337,888
Net investment income (loss)		8,910
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		4,356,633
Futures		51,294
Net realized gain (loss)		4,407,927
Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		1,203,086
Futures		58,104
Change in net unrealized appreciation (depreciation)		1,261,190
Net realized/unrealized gains (losses)		5,669,117
Change in net assets resulting from operations	$	5,678,027

(a) Amount rounds to less than $1.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Small Cap Core Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,910		$	79,776
Net realized gain (loss)		4,407,927			1,274,581
Change in net unrealized appreciation (depreciation)		1,261,190			14,066,091
Change in net assets resulting from operations		5,678,027			15,420,448
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(83,140	)		—
Total distributions to shareholders		(83,140	)		—
CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		(5,469,722	)		(732,592	)
NET ASSETS:
Change in net assets		125,165			14,687,856
Beginning of period		72,350,902			57,663,046
End of period	$	72,476,067		$	72,350,902
Accumulated undistributed net investment income	$	6,597		$	80,827
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	6,327,235		$	19,840,628
Dividends and distributions reinvested		83,140			—
Cost of shares redeemed		(11,807,815	)		(21,272,478	)
Change in net assets from Class 1 capital transactions	$	(5,397,440	)	$	(1,431,850	)
Class 2
Proceeds from shares issued		61,099			1,086,656
Cost of shares redeemed		(133,381	)		(387,398	)
Change in net assets from Class 2 capital transactions	$	(72,282	)	$	699,258
Total change in net assets from capital transactions	$	(5,469,722	)	$	(732,592	)
SHARE TRANSACTIONS:
Class 1
Issued		401,518			1,539,522
Reinvested		5,222			—
Redeemed		(749,676	)		(1,660,186	)
Change in Class 1 Shares		(342,936	)		(120,664	)
Class 2
Issued		3,927			87,635
Redeemed		(8,474	)		(30,523	)
Change in Class 2 Shares		(4,547	)		57,112

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Small Cap Core Portfolio (e)
Class 1
Six Months Ended June 30, 2011 (Unaudited)	$	14.95	$	—	(f)	$	1.21		$	1.21		$	(0.02	)	$	—		$	(0.02	)
Year Ended December 31, 2010		11.76		0.02			3.17			3.19			—			—			—
Year Ended December 31, 2009		9.84		0.05	(g)		2.11	(g)		2.16			(0.08	)		(0.16	)		(0.24	)
Year Ended December 31, 2008		16.06		0.04			(4.73	)		(4.69	)		(0.03	)		(1.50	)		(1.53	)
Year Ended December 31, 2007		17.82		0.02			(0.95	)		(0.93	)		—	(f)		(0.83	)		(0.83	)
Year Ended December 31, 2006		15.92		—	(f)		2.39			2.39			—			(0.49	)		(0.49	)
Class 2
Six Months Ended June 30, 2011 (Unaudited)		14.91		(0.02	)		1.20			1.18			—			—			—
Year Ended December 31, 2010		11.76		(0.01	)		3.16			3.15			—			—			—
April 24, 2009 (h) through December 31, 2009		9.03		0.01			2.73	(g)		2.74			(0.01	)		—			(0.01	)

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Small Cap Core Portfolio acquired all of the assets and liabilities of JPMorgan Small Company Portfolio (“Predecessor Portfolio”) in a reorganization on April 24, 2009. The Predecessor Portfolio’s performance and financial history have been adopted by Small Cap Core Portfolio and have been used since the reorganization. As a result, the financial highlight information reflects that of the Predecessor Portfolio for the periods prior to its reorganization with Small Cap Core Portfolio.

(f) Amount rounds to less than $0.01.

(g) Includes gains resulting from litigation payments on securities owned in a prior year. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $2.10, and $2.72, and the total returns would have been 22.47% and 30.26% for Class 1 and Class 2, respectively.

(h) Because of the reorganization with the Predecessor Portfolio in which the performance and financial history of the Small Cap Core Portfolio was replaced with that of the Predecessor Portfolio, the performance and the financial history began on April 24, 2009.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	16.14		8.09	%	$	70,396		0.93	%		0.03	%		0.94	%		25	%
	14.95		27.13			70,356		0.99			0.13			1.04			45
	11.76		22.58	(g)		56,761		0.98			0.42			1.34			55
	9.84		(31.98	)		49,825		1.08			0.29			1.15			45
	16.06		(5.67	)		82,402		1.15			0.14			1.15			44
	17.82		15.01			95,311		1.15			0.01			1.15			39
	16.09		7.91			2,080		1.18			(0.22	)		1.18			25
	14.91		26.79			1,995		1.24			(0.09	)		1.28			45
	11.76		30.37	(g)		902		1.17			0.26			1.45			55

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Small Cap Core Portfolio	Class 1 and Class 2	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and service fees and each class has exclusive voting rights with respect to its distribution plan or administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset values.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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 #	$	72,230,193	$	160,431	$	—	$	72,390,624
Appreciation in Other Financials Instruments
Futures Contracts	$	91,609	$	—	$	—	$	91,609

# Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for industry specifics of the portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Futures Contracts — The Portfolio uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Portfolio buys futures contracts to immediately invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Portfolio to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statement of Operations at the closing or expiration of futures contracts. Securities deposited as initial margin are designated in the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The Portfolio may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Portfolio to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Portfolio to unlimited risk of loss. The Portfolio may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

The table below discloses the volume of the Portfolio’s futures activities during the six months ended June 30, 2011:

Futures Contracts:
Average Notional Balance Long	$	1,890,677
Ending Notional Balance Long		1,815,880

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Portfolio first learns of the dividend.

The Portfolio records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Portfolio adjusts the estimated amounts of components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

D. Allocation of Income and Expenses — In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. Each class of shares bears its pro-rata portion of expenses attributable to the Portfolio, except that each class separately bears expenses related specifically to that class, such as distribution fees.

E. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

F. Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) acts as the investment advisor to the Portfolio. The Advisor is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). The Advisor supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.65%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

D. Custodian and Accounting Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1			Class 2
	1.03	%		1.28	%

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The expense limitation percentages in the table above are in place until at least April 30, 2012.

For the six months ended June 30, 2011, the Advisor contractually waived fees for the Portfolio in the amount of $1,211. The Advisor does not expect the Portfolio to repay any such waived fees in future years.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 was $1,593.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	18,154,138	$	23,626,800

During six months ended June 30, 2011, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	54,584,861	$	19,833,347	$	2,027,584	$	17,805,763

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from another portfolio or from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from another portfolio or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 21

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

For each Class of the Portfolio in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011		Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30, 2011*		Annualized Expense Ratio
Class 1
Actual	$	1,000.00	$	1,080.90	$	4.80		0.93	%
Hypothetical		1,000.00		1,020.18		4.66		0.93
Class 2
Actual		1,000.00		1,079.10		6.08		1.18
Hypothetical		1,000.00		1,018.94		5.91		1.18

* Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

22 JPMORGAN INSURANCE TRUST JUNE 30, 2011

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011. All rights reserved. June 2011. SAN-JPMITSCCP-611

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2011 (Unaudited)

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
  This material must be preceded or accompanied by a current prospectus.
 

CONTENTS

CEO’S Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	9
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	19

Investments in the Portfolio are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Portfolio’s share price is lower than when you invested.

Past performance is no guarantee for future performance. The general market views expressed in this report are opinions based on conditions through the end of the reporting period and are subject to change without notice based on market and other conditions. These views are not intended to predict the future performance of the Portfolio or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Portfolio.

This Portfolio is intended to be a funding vehicle for variable annuity contracts and variable life insurance policies (collectively “Policies”) offered by separate accounts of participating insurance companies. Portfolio shares are also offered through qualified pension and retirement plans (“Eligible Plans”). Individuals may not purchase shares directly from the Portfolio.

Prospective investors should refer to the Portfolio’s prospectus for a discussion of the Portfolio’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Portfolio including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

AUGUST 8, 2011 (Unaudited)

Dear Shareholder:

The year began on a relatively optimistic note for investors, but the tone changed significantly in May, as concerns mounted over rising oil prices, the European sovereign debt crisis and weak U.S. economic data. In response to this, investors moved away from risk assets, and into the safety of U.S. Treasuries.

  “Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.”

As we enter the second half of 2011, concerns about softening U.S. economic data persist. While we are encouraged that corporate earnings and profits have continued to grow consistently, spending levels in many areas of the economy remain critically low, which has resulted in tight inventories and pent-up consumer demand. Meanwhile, investors still lack confidence in the ability of the European government to combat the region’s debt crisis. Concerns about the credit downgrade of U.S.-issued debt exacerbated this negative sentiment among investors and helped trigger the recent downturn, as August 8, 2011 saw each of the three major U.S. stock indices experience their worst one-day performance since December 1, 2008. The current slowdown in growth should not be viewed as a surprise. Earlier this year, we reminded investors about the likelihood of setbacks on the road out of the economic doldrums. Meanwhile, the tragic earthquake in Japan and political unrest in the Middle East are examples of how sensitive the markets and economy can be to geopolitical shocks and other global crises.

Despite volatility, stocks move higher

Despite periods of elevated volatility, most stock markets posted strong gains. As of the end of the six-month reporting period ended June 30, 2011, the S&P500 Index had risen 6.0% to a level of 1,321.

Mid cap growth stocks led all style categories for the six-month reporting period, with the Russell Midcap Growth Index returning 9.6%. For the same period, the Russell 2000 Growth Index returned 8.6%, compared to 6.8% for the Russell 1000 Growth Index. In the value category, the Russell Midcap Value Index

returned 6.7%, outperforming both the Russell 2000 Value Index and Russell 1000 Value index, which returned 3.8% and 5.9%, respectively.

U.S. Treasury yields drop in response to softer economic growth

In the U.S. bond markets, yields were volatile, but generally moved lower over the past six months as economic expectations softened. The yield on the 10-year U.S. Treasury bond declined slightly from 3.3% to 3.2% as of the end of the six-month reporting period ended June 30, 2011, while yields on the 2-year U.S. Treasury bond declined from 0.6% to 0.5% as of the end of the same period.

Is the economic soft patch temporary?

As we enter the second half of 2011, the markets have clearly entered a period of uncertainty. Stocks have been volatile in response to weaker economic growth, as well as concerns over the European sovereign debt crisis, the credit downgrade of U.S.-issued debt, policy tightening in China, and the conclusion of the second round of quantitative easing (QE2) in the U.S. Given these events, it’s not surprising that investors remain largely risk averse, and less than confident about prospects for future growth.

Despite the slowdown and uncertain political environment, however, we do believe that some aspects of our markets and economy — including strong corporate balance sheets and valuations — present potential opportunities for investors. As always, we advise investors to be mindful of continued volatility and other unexpected risks by maintaining a diversified and balanced approach to investing.

On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Investment Management Americas

J.P. Morgan Asset Management

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		4.19%
S&P 500 Index		6.02%
Net Assets as of 6/30/2011	$	88,148,586

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust U.S. Equity Portfolio (the “Portfolio”) seeks to provide high total return from a portfolio of selected equity securities.

HOW DID THE MARKET PERFORM?

Despite concerns about economic contagion from Europe’s debt crisis, political unrest in the Middle East and the tragic earthquake and subsequent tsunami in Japan, U.S. stocks advanced during the reporting period, as the S&P 500 Index gained 6.02% for the six months ended June 30, 2011. Strong corporate earnings and robust merger-and-acquisition activity encouraged investors and helped support U.S. stock prices during the reporting period.

WHAT WERE THE MAIN DRIVERS OF THE PORTFOLIO’S PERFORMANCE?

The Portfolio (Class 1 Shares) underperformed the S&P 500 Index for the six months ended June 30, 2011. The Portfolio’s stock selection in the banks and brokers and network technology sectors detracted from relative performance, while the Portfolio’s stock selection in the pharmaceutical/medical technology and auto and transportation sectors contributed to relative performance.

Individual detractors from relative performance included the Portfolio’s positions in General Motors Co. and Goldman Sachs Group, Inc. Shares of car manufacturer General Motors Co.

declined on concerns that higher raw materials costs would hurt the company’s earnings. Shares of Goldman Sachs Group, Inc. declined on concerns about the company’s declining revenue in its trading segment and uncertainty about potential federal regulation.

Individual contributors to relative performance included the Portfolio’s positions in Biogen Idec, Inc. and Norfolk Southern Corp. Shares of biotechnology and drugs company Biogen Idec, Inc. increased as strong revenue from its TYSABRI^® and AVONEX^® products boosted the company’s first-quarter earnings. Shares of railroad operator Norfolk Southern Corp. increased after the company raised its dividend payout and reported strong first-quarter results, boosted by strong demand for freight rail transportation due to the rebound in economic activity.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers employed a bottom-up fundamental approach to stock selection, rigorously researching companies to determine their underlying value and potential for future earnings growth. As a result of the Portfolio’s bottom-up fundamental approach to stock selection, the Portfolio had a modest tilt toward stocks that the portfolio managers believed would benefit from an economic recovery, favoring companies with strong cash flow, market leadership and solid growth prospects.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2011

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	4.0	%
	2.	Time Warner, Inc.	2.8
	3.	Schlumberger Ltd.	2.6
	4.	Chevron Corp.	2.6
	5.	Exxon Mobil Corp.	2.5
	6.	Wells Fargo & Co.	2.3
	7.	Microsoft Corp.	2.2
	8.	Coca-Cola Co. (The)	2.1
	9.	Procter & Gamble Co. (The)	1.9
	10.	Merck & Co., Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	18.2	%
Energy	13.7
Consumer Discretionary	13.5
Financials	13.3
Health Care	13.2
Industrials	9.3
Consumer Staples	7.8
Materials	3.6
Telecommunication Services	3.4
Utilities	2.9
Short-Term Investment	1.1

* The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America.

** The advisor seeks to achieve the Portfolio’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based upon total investments as of June 30, 2011. The Portfolio’s composition is subject to change.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2011 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2011
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		3/30/95		4.19	%		28.42	%		5.36	%		2.88	%
CLASS 2 SHARES		8/16/06		4.04			28.11			5.09			2.75

* Not annualized.

TEN YEAR PERFORMANCE (6/30/01 TO 6/30/11)

Source: Lipper, Inc. The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. Effective November 1, 2006, the Portfolio’s investment objective and strategies changed. Although past performance is not necessarily an indication of how the Portfolio will perform in the future, in view of these changes, the Portfolio’s performance record prior to this period might be less relevant for investors considering whether to purchase shares of the Portfolio.

Returns for the Class 2 Shares prior to their inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than shown because Class 2 Shares have higher expenses than Class 1 Shares.

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust U.S. Equity Portfolio, the S&P 500 Index and the Lipper Variable Underlying Funds Large-Cap Core Funds Index from June 30, 2001 to June 30, 2011. The performance of the Portfolio assumes reinvestment of all dividends and capital gains, if any. The performance of the

S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark. The performance of the Lipper Variable Underlying Funds Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Portfolio. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Variable Underlying Funds Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Portfolio’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

The performance does not reflect any charges imposed by the Policies or Eligible Plans. If these charges were included, the returns would be lower than shown. Performance may reflect the waiver of the Portfolio’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements performance would have been lower.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2011

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.6%
		Consumer Discretionary — 13.4%
		Auto Components — 1.7%
	35,521	Johnson Controls, Inc.		1,479,805
		Automobiles — 1.3%
	37,140	General Motors Co. (a)		1,127,570
		Diversified Consumer Services — 0.2%
	2,330	ITT Educational Services, Inc. (a)		182,299
		Hotels, Restaurants & Leisure — 1.8%
	21,410	Carnival Corp.		805,658
	1,290	Darden Restaurants, Inc.		64,190
	1,690	Starwood Hotels & Resorts Worldwide, Inc.		94,708
	10,602	Yum! Brands, Inc.		585,655
				1,550,211
		Household Durables — 0.5%
	12,690	Lennar Corp., Class A		230,324
	350	NVR, Inc. (a)		253,918
				484,242
		Internet & Catalog Retail — 1.4%
	6,220	Amazon.com, Inc. (a)		1,271,928
		Media — 4.6%
	11,060	CBS Corp., Class B		315,099
	17,910	Comcast Corp., Class A		453,840
	2,150	DIRECTV, Class A (a)		109,263
	13,510	Gannett Co., Inc.		193,463
	67,995	Time Warner, Inc.		2,472,978
	12,669	Walt Disney Co. (The)		494,598
				4,039,241
		Multiline Retail — 0.4%
	2,873	Kohl’s Corp.		143,679
	4,940	Target Corp.		231,735
				375,414
		Specialty Retail — 1.3%
	1,150	AutoZone, Inc. (a)		339,078
	14,100	Home Depot, Inc.		510,702
	13,050	Lowe’s Cos., Inc.		304,195
				1,153,975
		Textiles, Apparel & Luxury Goods — 0.2%
	1,720	Coach, Inc.		109,960
	730	NIKE, Inc., Class B		65,685
				175,645
		Total Consumer Discretionary		11,840,330

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 7.8%
		Beverages — 3.1%
	27,120	Coca-Cola Co. (The)		1,824,905
	400	Dr. Pepper Snapple Group, Inc.		16,772
	12,268	PepsiCo, Inc.		864,035
				2,705,712
		Food & Staples Retailing — 1.1%
	7,789	CVS Caremark Corp.		292,711
	4,480	Kroger Co. (The)		111,104
	11,765	Sysco Corp.		366,833
	1,010	Walgreen Co.		42,884
	2,880	Wal-Mart Stores, Inc.		153,043
				966,575
		Food Products — 0.9%
	9,780	Campbell Soup Co.		337,899
	11,518	General Mills, Inc.		428,700
				766,599
		Household Products — 2.7%
	8,070	Colgate-Palmolive Co.		705,399
	26,867	Procter & Gamble Co. (The)		1,707,935
				2,413,334
		Total Consumer Staples		6,852,220
		Energy — 13.6%
		Energy Equipment & Services — 3.3%
	1,980	Baker Hughes, Inc.		143,669
	3,860	Cameron International Corp. (a)		194,119
	4,130	Halliburton Co.		210,630
	1,850	National Oilwell Varco, Inc.		144,689
	26,188	Schlumberger Ltd.		2,262,643
				2,955,750
		Oil, Gas & Consumable Fuels — 10.3%
	3,678	Apache Corp.		453,828
	21,930	Chevron Corp.		2,255,281
	9,320	ConocoPhillips		700,771
	6,367	Devon Energy Corp.		501,783
	10,170	EOG Resources, Inc.		1,063,274
	26,545	Exxon Mobil Corp.		2,160,232
	560	Noble Energy, Inc.		50,193
	13,232	Occidental Petroleum Corp.		1,376,657
	3,330	Southwestern Energy Co. (a)		142,790
	11,590	Williams Cos., Inc. (The)		350,598
				9,055,407
		Total Energy		12,011,157

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Financials — 13.2%
		Capital Markets — 2.6%
	8,026	Goldman Sachs Group, Inc. (The)		1,068,180
	9,790	Invesco Ltd.		229,086
	27,221	Morgan Stanley		626,355
	7,030	State Street Corp.		316,983
	4,535	TD Ameritrade Holding Corp.		88,478
				2,329,082
		Commercial Banks — 3.2%
	4,100	BB&T Corp.		110,044
	16,430	Fifth Third Bancorp		209,482
	4,330	Huntington Bancshares, Inc.		28,405
	680	SVB Financial Group (a)		40,603
	13,082	U.S. Bancorp		333,722
	70,513	Wells Fargo & Co.		1,978,595
	3,450	Zions Bancorp		82,834
				2,783,685
		Consumer Finance — 0.4%
	7,370	American Express Co.		381,029
		Diversified Financial Services — 3.3%
	100,069	Bank of America Corp.		1,096,756
	33,054	Citigroup, Inc.		1,376,369
	917	CME Group, Inc.		267,388
	1,130	IntercontinentalExchange, Inc. (a)		140,922
				2,881,435
		Insurance — 3.5%
	7,698	ACE Ltd., (Switzerland)		506,682
	7,680	Aflac, Inc.		358,502
	3,000	Axis Capital Holdings Ltd., (Bermuda)		92,880
	3,180	Berkshire Hathaway, Inc., Class B (a)		246,100
	1,070	Everest Re Group Ltd., (Bermuda)		87,473
	2,790	First American Financial Corp.		43,663
	17,730	MetLife, Inc.		777,815
	10,964	Prudential Financial, Inc.		697,201
	2,488	RenaissanceRe Holdings Ltd., (Bermuda)		174,036
	5,770	XL Group plc, (Ireland)		126,825
				3,111,177
		Real Estate Investment Trusts (REITs) — 0.2%
	2,950	HCP, Inc.		108,236
	900	ProLogis, Inc.		32,256
	760	Regency Centers Corp.		33,417
				173,909
		Total Financials		11,660,317

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 13.2%
		Biotechnology — 2.3%
	9,110	Biogen Idec, Inc. (a)		974,041
	12,809	Celgene Corp. (a)		772,639
	6,420	Dendreon Corp. (a)		253,205
				1,999,885
		Health Care Equipment & Supplies — 2.1%
	6,220	Becton, Dickinson & Co.		535,977
	15,409	Covidien plc, (Ireland)		820,221
	10,870	St. Jude Medical, Inc.		518,282
				1,874,480
		Health Care Providers & Services — 2.6%
	750	Aetna, Inc.		33,068
	12,640	Cardinal Health, Inc.		574,109
	2,880	DaVita, Inc. (a)		249,437
	4,550	Humana, Inc.		366,457
	3,370	McKesson Corp.		281,900
	12,050	UnitedHealth Group, Inc.		621,539
	2,366	WellPoint, Inc.		186,370
				2,312,880
		Life Sciences Tools & Services — 0.1%
	1,590	Thermo Fisher Scientific, Inc. (a)		102,380
		Pharmaceuticals — 6.1%
	25,522	Abbott Laboratories		1,342,967
	14,840	Johnson & Johnson		987,157
	47,482	Merck & Co., Inc.		1,675,640
	2,700	Mylan, Inc. (a)		66,609
	53,152	Pfizer, Inc.		1,094,931
	4,000	Teva Pharmaceutical Industries Ltd., (Israel), ADR		192,880
				5,360,184
		Total Health Care		11,649,809
		Industrials — 9.3%
		Aerospace & Defense — 2.9%
	15,300	Honeywell International, Inc.		911,727
	18,815	United Technologies Corp.		1,665,316
				2,577,043
		Construction & Engineering — 0.7%
	9,830	Fluor Corp.		635,608
		Electrical Equipment — 0.4%
	6,460	Emerson Electric Co.		363,375

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Industrial Conglomerates — 2.3%
	9,470	3M Co.		898,230
	30,540	General Electric Co.		575,984
	10,310	Tyco International Ltd., (Switzerland)		509,623
				1,983,837
		Machinery — 1.1%
	19,683	PACCAR, Inc.		1,005,604
		Road & Rail — 1.9%
	6,230	CSX Corp.		163,350
	14,918	Norfolk Southern Corp.		1,117,806
	3,490	Union Pacific Corp.		364,356
				1,645,512
		Total Industrials		8,210,979
		Information Technology — 18.1%
		Communications Equipment — 2.9%
	66,433	Cisco Systems, Inc.		1,037,019
	17,973	Juniper Networks, Inc. (a)		566,149
	3,290	Motorola Mobility Holdings, Inc. (a)		72,512
	15,314	QUALCOMM, Inc.		869,682
				2,545,362
		Computers & Peripherals — 4.7%
	10,568	Apple, Inc. (a)		3,547,361
	7,050	EMC Corp. (a)		194,227
	9,317	Hewlett-Packard Co.		339,139
	460	SanDisk Corp. (a)		19,090
				4,099,817
		Electronic Equipment, Instruments & Components — 0.4%
	10,560	TE Connectivity Ltd., (Switzerland)		388,185
		Internet Software & Services — 0.6%
	1,042	Google, Inc., Class A (a)		527,648
		IT Services — 2.8%
	4,560	Accenture plc, (Ireland), Class A		275,515
	7,440	Cognizant Technology Solutions Corp., Class A (a)		545,650
	3,750	Genpact Ltd., (Bermuda) (a)		64,650
	4,871	International Business Machines Corp.		835,620
	1,520	MasterCard, Inc., Class A		458,037
	5,160	VeriFone Systems, Inc. (a)		228,846
	1,070	Visa, Inc., Class A		90,158
				2,498,476
		Semiconductors & Semiconductor Equipment — 2.9%
	4,180	Analog Devices, Inc.		163,605
	19,030	Broadcom Corp., Class A (a)		640,169

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — Continued
	8,800	Freescale Semiconductor Holdings I Ltd. (a)		161,832
	3,160	KLA-Tencor Corp.		127,917
	17,630	Lam Research Corp. (a)		780,657
	1,430	Novellus Systems, Inc. (a)		51,680
	18,449	Xilinx, Inc.		672,835
				2,598,695
		Software — 3.8%
	8,070	Adobe Systems, Inc. (a)		253,802
	1,630	Citrix Systems, Inc. (a)		130,400
	74,523	Microsoft Corp.		1,937,598
	30,110	Oracle Corp.		990,920
				3,312,720
		Total Information Technology		15,970,903
		Materials — 3.6%
		Chemicals — 2.5%
	5,580	Air Products & Chemicals, Inc.		533,336
	12,826	Dow Chemical Co. (The)		461,736
	19,000	E.I. du Pont de Nemours & Co.		1,026,950
	5,454	Georgia Gulf Corp. (a)		131,660
				2,153,682
		Containers & Packaging — 0.1%
	3,130	Crown Holdings, Inc. (a)		121,506
		Metals & Mining — 1.0%
	27,300	Alcoa, Inc.		432,978
	8,240	Freeport-McMoRan Copper & Gold, Inc.		435,896
				868,874
		Total Materials		3,144,062
		Telecommunication Services — 3.5%
		Diversified Telecommunication Services — 2.5%
	29,640	AT&T, Inc.		930,993
	1,456	Frontier Communications Corp.		11,750
	33,923	Verizon Communications, Inc.		1,262,953
				2,205,696
		Wireless Telecommunication Services — 1.0%
	1,830	American Tower Corp., Class A (a)		95,764
	134,680	Sprint Nextel Corp. (a)		725,925
				821,689
		Total Telecommunication Services		3,027,385
		Utilities — 2.9%
		Electric Utilities — 1.8%
	5,130	FirstEnergy Corp.		226,489
	12,910	NextEra Energy, Inc.		741,809

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Electric Utilities — Continued
	8,770	Northeast Utilities		308,441
	14,100	NV Energy, Inc.		216,435
	1,600	PPL Corp.		44,528
				1,537,702
		Gas Utilities — 0.3%
	3,740	AGL Resources, Inc.		152,255
	1,290	Oneok, Inc.		95,473
				247,728
		Independent Power Producers & Energy Traders — 0.2%
	4,450	Constellation Energy Group, Inc.		168,922
		Multi-Utilities — 0.6%
	8,960	CenterPoint Energy, Inc.		173,376
	6,771	Sempra Energy		358,051
				531,427

SHARES		SECURITY DESCRIPTION	VALUE($)
		Water Utilities — 0.0% (g)
	1,200	American Water Works Co., Inc.		35,340
		Total Utilities		2,521,119
		Total Common Stocks (Cost $ 78,084,160)		86,888,281
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	977,834	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m) (Cost $ 977,834)		977,834
		Total Investments — 99.7% (Cost $79,061,994)		87,866,115
		Other Assets in Excess of Liabilities — 0.3%		282,471
		NET ASSETS — 100.0%	$	88,148,586

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/11		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	14	E-mini S&P 500		09/16/11	$	920,850	$	17,119

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ADR	—  American Depositary Receipt
(a)	—  Non-income producing security
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.1%.

(l)	—  The rate shown is the current yield as of June 30, 2011.
(m)	—  All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2011 (Unaudited)

	U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	86,888,281
Investments in affiliates, at value		977,834
Total investment securities, at value		87,866,115
Deposits at broker for futures contracts		90,000
Receivables:
Investment securities sold		471,939
Portfolio shares sold		5,402
Interest and dividends		118,443
Securities lending income		235
Variation margin on futures contracts		7,840
Total Assets		88,559,974
LIABILITIES:
Payables:
Investment securities purchased		218,372
Portfolio shares redeemed		42,657
Accrued liabilities:
Investment advisory fees		53,168
Administration fees		7,200
Distribution fees		4
Custodian and accounting fees		23,702
Trustees’ and Chief Compliance Officer’s fees		244
Audit fees		22,544
Printing & Postage fees		37,534
Other		5,963
Total Liabilities		411,388
Net Assets	$	88,148,586
NET ASSETS:
Paid in capital	$	110,890,034
Accumulated undistributed net investment income		657,127
Accumulated net realized gains (losses)		(32,219,815	)
Net unrealized appreciation (depreciation)		8,821,240
Total Net Assets	$	88,148,586
Net Assets:
Class 1	$	88,129,840
Class 2		18,746
Total	$	88,148,586
Outstanding units of beneficial interest (shares)
(unlimited amount authorized, no par value):
Class 1		5,454,717
Class 2		1,162
Net asset value, offering and redemption price per share:
Class 1	$	16.16
Class 2		16.13
Cost of investments in non-affiliates	$	78,084,160
Cost of investments in affiliates		977,834

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 (Unaudited)

	U.S. Equity Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	235
Dividend income from non-affiliates		1,157,177
Dividend income from affiliates		539
Income from securities lending (net)		965
Total investment income		1,158,916
EXPENSES:
Investment advisory fees		353,756
Administration fees		57,036
Distribution fees — Class 2		23
Custodian and accounting fees		22,897
Interest expense to affiliates		15
Professional fees		22,419
Trustees’ and Chief Compliance Officer’s fees		694
Printing and mailing costs		34,287
Transfer agent fees		385
Other		13,050
Total expenses		504,562
Less amounts waived		(896	)
Less earnings credits		—	(a)
Net expenses		503,666
Net investment income (loss)		655,250
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		14,007,691
Futures		63,023
Net realized gain (loss)		14,070,714
Change in net unrealized appreciation (depreciation) of:
Investments in non-affiliates		(10,786,334	)
Futures		16,783
Change in net unrealized appreciation (depreciation)		(10,769,551	)
Net realized/unrealized gains (losses)		3,301,163
Change in net assets resulting from operations	$	3,956,413

(a) Amount rounds to less than $1.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2011

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	U.S. Equity Portfolio
	Six Months Ended 6/30/2011 (Unaudited)			Year Ended 12/31/2010
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	655,250		$	1,495,369
Net realized gain (loss)		14,070,714			18,561,531
Change in net unrealized appreciation (depreciation)		(10,769,551	)		(2,542,641	)
Change in net assets resulting from operations		3,956,413			17,514,259
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(1,487,487	)		(1,314,251	)
Class 2
From net investment income		(174	)		(119	)
Total distributions to shareholders		(1,487,661	)		(1,314,370	)
CAPITAL TRANSACTIONS:
Change in net assets from capital transactions		(46,886,986	)		(34,320,573	)
NET ASSETS:
Change in net assets		(44,418,234	)		(18,120,684	)
Beginning of period		132,566,820			150,687,504
End of period	$	88,148,586		$	132,566,820
Accumulated undistributed net investment income	$	657,127		$	1,489,538
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,645,187		$	7,718,630
Dividends and distributions reinvested		1,487,487			1,314,251
Cost of shares redeemed		(50,019,834	)		(43,353,573	)
Change in net assets from Class 1 capital transactions	$	(46,887,160	)	$	(34,320,692	)
Class 2
Dividends and distributions reinvested	$	174		$	119
Change in net assets from Class 2 capital transactions	$	174		$	119
Total change in net assets from capital transactions	$	(46,886,986	)	$	(34,320,573	)
SHARE TRANSACTIONS:
Class 1
Issued		102,328			559,660
Reinvested		92,678			87,500
Redeemed		(3,190,316	)		(3,016,493	)
Change in Class 1 Shares		(2,995,310	)		(2,369,333	)
Class 2
Reinvested		11			8
Change in Class 2 Shares		11			8

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain
U.S. Equity Portfolio
Class 1
Six Months Ended June 30, 2011 (Unaudited)	$	15.69	$	0.08	(e)	$	0.58		$	0.66		$	(0.19	)	$	—
Year Ended December 31, 2010		13.93		0.16	(e)		1.73			1.89			(0.13	)		—
Year Ended December 31, 2009		10.74		0.19	(f)		3.32	(f)		3.51			(0.32	)		—
Year Ended December 31, 2008		18.34		0.22	(e)		(6.12	)		(5.90	)		(0.18	)		(1.52	)
Year Ended December 31, 2007		17.60		0.18			1.57			1.75			(0.19	)		(0.82	)
Year Ended December 31, 2006		15.28		0.19			2.26			2.45			(0.13	)		—
Class 2
Six Months Ended June 30, 2011 (Unaudited)		15.65		0.06	(e)		0.57			0.63			(0.15	)		—
Year Ended December 31, 2010		13.91		0.12	(e)		1.72			1.84			(0.10	)		—
Year Ended December 31, 2009		10.71		0.13	(f)		3.35	(f)		3.48			(0.28	)		—
Year Ended December 31, 2008		18.28		0.19	(e)		(6.11	)		(5.92	)		(0.13	)		(1.52	)
Year Ended December 31, 2007		17.58		0.16			1.54			1.70			(0.18	)		(0.82	)
August 16, 2006 (g) through December 31, 2006		15.84		0.05			1.69			1.74			—			—

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, each of which is less than 0.01%, if applicable or unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Includes gains resulting from litigation payments on securities owned in a prior year. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $3.30 and $3.34, total return would have been 33.49% and 33.24% and the net investment income (loss) ratio would have been 1.42% and 1.18%, for Class 1 and Class 2 Shares, respectively. The impact on the net investment income (loss) per share was less than $0.01 for both Class 1 and Class 2 Shares.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2011

					Ratios/Supplemental data
										Ratios to average net assets (a)
Total distributions			Net asset value, end of period		Total return (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	(0.19	)	$	16.16		4.19	%	$	88,130		0.78	%		1.02	%		0.78	%		34	%
	(0.13	)		15.69		13.58			132,549		0.79			1.10			0.82			75
	(0.32	)		13.93		33.68	(f)		150,672		0.80			1.45	(f)		0.91			88
	(1.70	)		10.74		(34.80	)		123,301		0.76			1.50			0.78			93
	(1.01	)		18.34		10.45			290,233		0.73			1.12			0.73			116
	(0.13	)		17.60		16.15			148,075		0.85			1.05			0.87			129
	(0.15	)		16.13		4.04			19		1.03			0.77			1.03			34
	(0.10	)		15.65		13.28			18		1.04			0.86			1.07			75
	(0.28	)		13.91		33.34	(f)		16		1.05			1.21	(f)		1.17			88
	(1.65	)		10.71		(34.94	)		12		1.01			1.30			1.04			93
	(1.00	)		18.28		10.12			18		0.99			0.85			0.99			116
	—			17.58		10.98			17		1.05			0.82			1.07			129

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited)

1. Organization

JPMorgan Insurance Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust.

The following is a separate Portfolio of the Trust (the “Portfolio”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
U.S. Equity Portfolio	Class 1 and Class 2	Diversified

Portfolio shares are offered only to separate accounts of participating insurance companies and Eligible Plans. Individuals may not purchase shares directly from the Portfolio.

All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different distribution and service fees, and each class has exclusive voting rights with respect to its distribution plan or administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. The value of securities listed on The NASDAQ Stock Market LLC shall generally be the NASDAQ Official Closing Price. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on readily available market quotations received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. Such pricing services and broker-dealers will generally provide bid-side quotations. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates market value. Certain investments of the Portfolio may, depending upon market conditions, trade in relatively thin markets and/or in markets that experience significant volatility. As a result of these conditions, the prices used by the Portfolio to value securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options shall generally be valued on the basis of available market quotations. Swaps and other derivatives are valued daily, primarily using independent or affiliated pricing services approved by the Board of Trustees. If valuations are not available from such services or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or counterparty. Investments in other open-end investment companies are valued at such investment company’s current day closing net asset value per share.

Securities or other assets for which market quotations are not readily available or for which market quotations do not represent the value at the time of pricing (including certain illiquid securities) are fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. Under these procedures, the Portfolio primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate 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. Trading in securities on most foreign exchanges and over-the-counter markets is normally completed before the close of the domestic market and may also take place on days when the domestic market is closed. In accordance with procedures adopted by the Board of Trustees, the Portfolio applies fair value pricing on equity securities on a daily basis except for North American, Central American, South American and Caribbean equity securities held in its portfolio by utilizing the quotations of an independent pricing service, unless the Portfolio’s advisor determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local market prices using factors such as subsequent movement and changes in the prices of indices, securities and exchange rates in other markets, in determining fair value as of the time the Portfolio calculates its net asset values.

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 fair value of the Portfolio’s investments are summarized into the three broad levels listed below.

Ÿ Level 1 — quoted prices in active markets for identical securities

Ÿ Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Ÿ Level 3 — significant unobservable inputs (including the Portfolio’s own 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 aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2011

The following table represents each valuation input by sector 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 #	$	87,673,235	$	192,880	$	—	$	87,866,115
Appreciation in Other Financial Instruments
Futures Contracts	$	17,119	$	—	$	—	$	17,119

# Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the SOI. Level 2 consists of an ADR, the reported value of which is an evaluated price. Please refer to the SOI for industry specifics of the portfolio holdings.

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2011.

B. Futures Contracts — The Portfolio uses index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Portfolio buys futures contracts to immediately invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. The use of futures contracts exposes the Portfolio to equity price risk.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Portfolio is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Portfolio periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as unrealized appreciation or depreciation in the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statement of Operations at the closing or expiration of futures contracts. Securities deposited as initial margin are designated in the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The Portfolio may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Portfolio to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Portfolio to unlimited risk of loss. The Portfolio may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Portfolio’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

The table below discloses the volume of the Portfolio’s futures activities during the six months ended June 30, 2011:

Futures Contracts:
Average Notional Balance Long	$	1,054,416
Ending Notional Balance Long		920,850

C. Securities Lending — The Portfolio may lend securities to brokers approved by J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”) in order to generate additional income. Goldman Sachs Bank USA (“GS Bank”) serves as lending agent for the Portfolio. Securities loaned are collateralized by cash, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund. Upon termination of the loan, the Portfolio is required to return to the borrower the posted cash collateral. Loans are subject to termination by the Portfolio or the borrower at any time.

Securities lending income is comprised of income earned on cash collateral investments (“Collateral Investments”), net of a rebate received from or paid to borrowers for use of cash collateral and lending agent fees. This amount is recorded as Income from securities lending (net) on the Statement of Operations. The Portfolio also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations. For the six months ended June 30, 2011, the Portfolio earned $637 from the investment of cash collateral, prior to rebates or fees, from an investment in an affiliated fund as described below.

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of loaned U.S. dollar-denominated securities plus accrued interest. The securities lending agreement with GS Bank requires that the loaned securities be marked to market on a daily basis and additional cash collateral is requested from borrowers when the cash received from borrowers becomes less than 102% of the value of loaned securities.

The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed in the SOI. At June 30, 2011, there were no outstanding securities on loan.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

The Portfolio bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Portfolio may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Portfolio may use leverage (borrow money) to repay the borrower for cash collateral posted, if the Advisor does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, GS Bank has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Advisor waived fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund in the amount of $441. This amount offsets the administration fees and shareholder servicing fees incurred by JPMorgan Prime Money Market Fund related to the Portfolio’s investment in such fund. A portion of the waiver is voluntary.

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method adjusted for amortization of premiums and accretion of discounts. Dividend income less foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Portfolio first learns of the dividend.

E. Allocation of Income and Expenses — In calculating the net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Expenses directly attributable to a portfolio are charged directly to that portfolio while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. Each class of shares bears its pro-rata portion of expenses attributable to the Portfolio, except that each class separately bears expenses related specifically to that class, such as distribution fees.

F. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized gain on investments. Accordingly, no provision for Federal income tax is necessary. The Portfolio is also a segregated portfolio of assets for insurance purposes and intends to comply with the diversification requirements of Subchapter L of the Code. The Portfolio is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits or losses will significantly change in the next twelve months. However, the Portfolio’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

G. Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid at least annually. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, JPMIM acts as the investment advisor to the Portfolio. JPMIM is a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). JPMIM supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual fee rate of 0.55%.

The Advisor waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, JPMorgan Funds Management, Inc. (the “Administrator”), an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee computed daily and paid monthly at the annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended June 30, 2011, the annualized effective rate was 0.09% of the Portfolio’s average daily net assets.

J.P. Morgan Investor Services, Co. (“JPMIS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s Sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMIS receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Portfolio’s shares.

The Board of Trustees has adopted a Distribution Plan (the “Distribution Plan”) for Class 2 Shares of the Portfolio in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the Distributor, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2011

D. Custodian and Accounting Fees — JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Portfolio, provides portfolio custody and accounting services for the Portfolio. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees in the Statement of Operations. The custodian fees may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits are presented separately in the Statement of Operations.

Interest expense, if any, paid to the custodian related to cash overdrafts is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Advisor and Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expense related to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the percentages of the Portfolio’s average daily net assets as shown in the table below:

Class 1			Class 2
	0.80	%		1.05	%

The contractual expense limitation agreements were in effect for the six months ended June 30, 2011. The expense limitation percentages in the table above are in place until at least April 30, 2012.

The Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor, Administrator and the Distributor waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amount of waivers resulting from investments in the money market funds for the six months ended June 30, 2011 (excluding the waiver disclosed in Note 2.C. regarding cash collateral for securities lending invested in the JPMorgan Prime Money Market Fund) was $896.

F. Other — Certain officers of the Trust are affiliated with the Advisor, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Portfolio for serving in their respective roles.

The Board of Trustees appointed a Chief Compliance Officer to the Portfolio in accordance with federal securities regulations. The Portfolio, along with other affiliated portfolios, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended June 30, 2011, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Advisor.

The Portfolio may use related party broker/dealers. For the six months ended June 30, 2011, the Portfolio did not incur any brokerage commissions with broker/dealers affiliated with the Advisor.

The Securities and Exchange Commission has granted an exemptive order permitting the Portfolio to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments subject to certain conditions.

4. Investment Transactions

During the six months ended June 30, 2011, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	41,846,429	$	88,187,105	$	—	$	200,356

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of the investment securities at June 30, 2011, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	79,061,994	$	10,682,320	$	1,878,199	$	8,804,121

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (“the Act”), net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Portfolio were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses are used before pre-enactment net capital losses.

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2011 (Unaudited) (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 15, 2011.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2011, or at any time during the six months then ended.

Interest expense paid, if any, as a result of borrowings from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statement of Operations.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Portfolio enters into contracts that contain a variety of representations which provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, based on experience, the Portfolio expects the risk of loss to be remote.

From time to time, the Portfolio may have a concentration of several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2011

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, January 1, 2011, and continued to hold your shares at the end of the reporting period, June 30, 2011.

Actual Expenses

For each Class of the Portfolio in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees or the costs associated with the Policies and Eligible Plans through which the Portfolio is held. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value, January 1, 2011			Ending Account Value, June 30, 2011		Expenses Paid During January 1, 2011 to June 30, 2011*		Annualized Expense Ratio
Class 1			��
Actual	$	1,000.00		$	1,041.90	$	3.95		0.78	%
Hypothetical		1,000.00			1,020.93		3.91		0.78
Class 2
Actual		1,000.00			1,040.40		5.21		1.03
Hypothetical		1,000.00			1,019.69		5.16		1.03

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2011 JPMORGAN INSURANCE TRUST 19

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a portfolio prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

The Portfolio files a complete schedule of its portfolio holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Portfolio’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the variable insurance portfolio section of the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Portfolio’s policies and procedures with respect to the disclosure of the Portfolio’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the Advisor. A copy of the Portfolio’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Portfolio’s website at www.jpmorganfunds.com no later than August 31 of each year. The Portfolio’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

^© JPMorgan Chase & Co., 2011. All rights reserved. June 2011. SAN-JPMITUSEP-611

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semiannual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semiannual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semiannual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semiannual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be

disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Insurance Trust
By:	/s/     Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer
	August 26, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/     Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer
	August 26, 2011

By:	/s/     Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	August 26, 2011