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)

270 Park Avenue

New York, NY 10017

(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, 2013 through June 30, 2013

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, 2013 (Unaudited)

JPMorgan Insurance Trust Core Bond Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
     

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	27
Financial Highlights	30
Notes to Financial Statements	32
Schedule of Shareholder Expenses	38

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

July 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low from a historical perspective, they ended the period sharply

higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	-1.74%
Barclays U.S. Aggregate Index	-2.44%
Net Assets as of 6/30/2013	207,380,783
Duration as of 6/30/2013	4.81 years

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?

The U.S. fixed income market generated weak results overall during the six- month period ended June 30, 2013. Generally positive economic data and indications that the U.S. Federal Reserve Board (“Fed”) may become less accommodative with its monetary policy undermined the fixed income market.

During the first half of the period, yields for U.S. Treasury securities moved modestly higher, as the economy remained resilient despite the impact from sequestration (the $85 billion in government spending cuts that began in March 2013). More specifically, consumer spending improved versus the last three months of 2012, the U.S. housing market demonstrated signs of strength and the manufacturing sector continued to expand. Against this backdrop, most U.S. spread sectors (non-Treasury taxable fixed income securities) treaded water during the first three months of 2013.

After a solid start in April, the U.S. fixed income market then sold off sharply in May and June. This turnaround began following Fed Chairman Bernanke’s testimony to Congress in May, as he indicated that the Fed might begin reducing its $85 billion in monthly asset purchases at one of its next few meetings. The market’s decline gathered momentum following the Fed’s meeting on June 19 at which Mr. Bernanke said that the Central Bank may begin “tapering” its asset purchases later in the year, and end the program by mid-2014 if incoming data were consistent with the Fed’s economic forecasts. This caused U.S. Treasury yields to move sharply higher and bond prices to decline.

For the reporting period as a whole, U.S. Treasury rates moved higher across the yield curve (the yield curve shows the relationship between yields and maturity dates for a set of similar

bonds) and the spread sectors generated negative absolute returns. For the six months ended June 30, 2013, the Barclays U.S. Aggregate Index (the “Benchmark”) returned -2.44%.

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, 2013. The Portfolio’s short duration versus that of the Benchmark was a positive for relative performance given the rising interest rate environment. An underweight to certain mortgage passthrough securities was beneficial as they underperformed the Benchmark, in part due to the Fed’s plans to taper its asset purchase program. Within the mortgage-backed security market, owning issues that were not as sensitive to rising interest rates aided the Portfolio’s performance. Finally, some of the Portfolio’s sovereign debt exposures contributed to relative results as they outperformed the Benchmark.

Having an overweight to the five- to ten- year portion of the Treasury yield curve detracted from the Portfolio’s relative performance, as this was the weakest performing portion of the curve during the reporting period. The Portfolio’s allocation to agency securities generated mixed results. While their spreads widened, issue selection was additive in some cases.

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 underweight U.S. Treasury securities and overweight mortgage-backed securities. The Portfolio was overweight the intermediate part of the yield curve (U.S. Treasury securities with five- to ten- year maturities) as the Portfolio managers believed that these U.S. Treasuries had the most attractive risk/reward profile.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	31.8	%
U.S. Treasury Obligations	24.4
Corporate Bonds	16.2
U.S. Government Agency Securities	13.4
Mortgage Pass-Through Securities	8.4
Commercial Mortgage-Backed Securities	2.6
Asset-Backed Securities	1.4
Others (each less than 1.0%)	0.4
Short-Term Investment	1.4

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		5/1/97		(1.74	)%		0.39	%		5.92	%		4.81	%
CLASS 2 SHARES		8/16/06		(1.83	)		0.22			5.67			4.64

* Not annualized.

TEN YEAR PERFORMANCE (6/30/03 TO 6/30/13)

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 those 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 U.S. Aggregate Index and the Lipper Variable Underlying Funds General U.S. Government Funds Index from June 30, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Barclays 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 gain distributions of the securities included in the benchmark, if applicable. 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 incurred by the Portfolio. The Barclays 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.

Portfolio 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. Portfolio 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, 2013

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 1.4%
	35,736	American Credit Acceptance Receivables Trust, Series 2012-1, Class A2, 3.040%, 10/15/15 (e)		35,921
	27,134	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.563%, 04/25/36		25,215
	161,138	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		167,852
		CNH Equipment Trust,
	28,178	Series 2011-A, Class A3, 1.200%, 05/16/16		28,261
	80,000	Series 2011-A, Class A4, 2.040%, 10/17/16		81,246
		Countrywide Asset-Backed Certificates,
	1,056	Series 2004-1, Class 3A, VAR, 0.753%, 04/25/34		1,020
	120,000	Series 2004-1, Class M1, VAR, 0.943%, 03/25/34		111,230
	30,796	Series 2004-1, Class M2, VAR, 1.018%, 03/25/34		29,505
	15,886	CWABS Revolving Home Equity Loan Trust, Series 2004-K, Class 2A, VAR, 0.493%, 02/15/34		13,287
		HLSS Servicer Advance Receivables Backed Notes,
	257,000	Series 2013-T1, Class A1, 0.898%, 01/15/44 (e)		256,100
	180,000	Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		177,642
		Hyundai Auto Receivables Trust,
	169,000	Series 2013-A, Class A3, 0.560%, 07/17/17		168,529
	200,000	Series 2013-A, Class A4, 0.750%, 09/17/18		197,675
	63,680	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.543%, 07/25/34 (e)		62,801
		Long Beach Mortgage Loan Trust,
	158,534	Series 2003-4, Class M1, VAR, 1.213%, 08/25/33		145,877
	190,000	Series 2004-1, Class M1, VAR, 0.943%, 02/25/34		173,473
	58,177	Series 2004-1, Class M2, VAR, 1.018%, 02/25/34		56,150
	23,222	Series 2006-WL2, Class 2A3, VAR, 0.393%, 01/25/36		20,905
	102,000	Nationstar Agency Advance Funding Trust, Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		101,031

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	125,000	New Century Home Equity Loan Trust, Series 2005-1, Class M1, VAR, 0.643%, 03/25/35		118,626
	155,301	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.131%, 10/25/34		150,799
	9,172	RASC Trust, Series 2003-KS9, Class A2B, VAR, 0.833%, 11/25/33		6,800
	149,953	Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (i)		149,953
		Santander Drive Auto Receivables Trust,
	100,000	Series 2011-1, Class B, 2.350%, 11/16/15		100,825
	15,245	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		15,292
	61,385	SNAAC Auto Receivables Trust, Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		61,331
	450,000	Springleaf Funding Trust, Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		450,000
	44,046	World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		44,257
		Total Asset-Backed Securities (Cost $2,994,099)		2,951,603
	Collateralized Mortgage Obligations — 31.7%
		Agency CMO — 22.4%
	167,098	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		187,336
		Federal Home Loan Mortgage Corp. REMIC,
	3,586	Series 11, Class D, 9.500%, 07/15/19		3,840
	4,308	Series 22, Class C, 9.500%, 04/15/20		4,812
	723	Series 47, Class F, 10.000%, 06/15/20		826
	548	Series 99, Class Z, 9.500%, 01/15/21		627
	916	Series 1065, Class J, 9.000%, 04/15/21		1,089
	82,927	Series 1113, Class J, 8.500%, 06/15/21		90,422
	5,148	Series 1250, Class J, 7.000%, 05/15/22		6,048
	10,263	Series 1316, Class Z, 8.000%, 06/15/22		11,696
	17,650	Series 1324, Class Z, 7.000%, 07/15/22		19,910
	75,407	Series 1343, Class LA, 8.000%, 08/15/22		89,073
	15,522	Series 1343, Class LB, 7.500%, 08/15/22		18,359
	11,339	Series 1394, Class ID, IF, 9.566%, 10/15/22		13,263
	10,387	Series 1395, Class G, 6.000%, 10/15/22		11,286

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	7,860	Series 1505, Class Q, 7.000%, 05/15/23		8,702
	13,821	Series 1518, Class G, IF, 8.854%, 05/15/23		16,266
	13,884	Series 1541, Class O, VAR, 1.420%, 07/15/23		14,361
	308,010	Series 1577, Class PV, 6.500%, 09/15/23		319,826
	257,874	Series 1584, Class L, 6.500%, 09/15/23		285,974
	620	Series 1596, Class D, 6.500%, 10/15/13		622
	314	Series 1607, Class SA, HB, IF, 21.204%, 10/15/13		321
	5,746	Series 1609, Class LG, IF, 16.792%, 11/15/23		6,670
	278,689	Series 1633, Class Z, 6.500%, 12/15/23		310,794
	311,371	Series 1638, Class H, 6.500%, 12/15/23		346,114
	2,387	Series 1671, Class QC, IF, 10.000%, 02/15/24		2,632
	52,303	Series 1694, Class PK, 6.500%, 03/15/24		54,926
	10,302	Series 1700, Class GA, PO, 02/15/24		9,644
	35,935	Series 1798, Class F, 5.000%, 05/15/23		38,799
	72,029	Series 1863, Class Z, 6.500%, 07/15/26		80,052
	4,026	Series 1865, Class D, PO, 02/15/24		3,347
	25,656	Series 1981, Class Z, 6.000%, 05/15/27		28,989
	32,080	Series 1987, Class PE, 7.500%, 09/15/27		35,744
	132,151	Series 1999, Class PU, 7.000%, 10/15/27		151,148
	186,222	Series 2031, Class PG, 7.000%, 02/15/28		210,931
	8,263	Series 2033, Class SN, HB, IF, 27.075%, 03/15/24		5,282
	189,068	Series 2035, Class PC, 6.950%, 03/15/28		217,144
	13,742	Series 2038, Class PN, IO, 7.000%, 03/15/28		1,619
	43,747	Series 2054, Class PV, 7.500%, 05/15/28		50,601
	214,829	Series 2057, Class PE, 6.750%, 05/15/28		244,025
	66,906	Series 2064, Class TE, 7.000%, 06/15/28		76,967
	45,629	Series 2075, Class PH, 6.500%, 08/15/28		51,560
	158,984	Series 2095, Class PE, 6.000%, 11/15/28		177,676
	2,568	Series 2102, Class TU, 6.000%, 12/15/13		2,589

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	5,947	Series 2115, Class PE, 6.000%, 01/15/14		6,008
	9,439	Series 2132, Class SB, HB, IF, 29.710%, 03/15/29		16,246
	16,390	Series 2134, Class PI, IO, 6.500%, 03/15/19		1,885
	433	Series 2135, Class UK, IO, 6.500%, 03/15/14		7
	74,419	Series 2178, Class PB, 7.000%, 08/15/29		85,327
	115,474	Series 2182, Class ZB, 8.000%, 09/15/29		135,429
	19,346	Series 2247, Class Z, 7.500%, 08/15/30		22,567
	233,357	Series 2259, Class ZC, 7.350%, 10/15/30		270,392
	3,850	Series 2261, Class ZY, 7.500%, 10/15/30		4,474
	71,264	Series 2283, Class K, 6.500%, 12/15/23		79,156
	9,484	Series 2306, Class K, PO, 05/15/24		9,049
	22,762	Series 2306, Class SE, IF, IO, 8.670%, 05/15/24		4,130
	25,633	Series 2325, Class PM, 7.000%, 06/15/31		27,581
	153,778	Series 2344, Class ZD, 6.500%, 08/15/31		166,330
	28,008	Series 2344, Class ZJ, 6.500%, 08/15/31		31,417
	14,652	Series 2345, Class NE, 6.500%, 08/15/31		16,581
	79,695	Series 2345, Class PQ, 6.500%, 08/15/16		83,688
	30,319	Series 2355, Class BP, 6.000%, 09/15/16		31,987
	98,315	Series 2359, Class ZB, 8.500%, 06/15/31		117,407
	213,611	Series 2367, Class ME, 6.500%, 10/15/31		227,888
	23,989	Series 2390, Class DO, PO, 12/15/31		22,445
	44,048	Series 2391, Class QR, 5.500%, 12/15/16		46,412
	39,933	Series 2394, Class MC, 6.000%, 12/15/16		42,291
	39,820	Series 2410, Class OE, 6.375%, 02/15/32		43,209
	41,272	Series 2410, Class QS, IF, 19.000%, 02/15/32		52,262
	40,499	Series 2410, Class QX, IF, IO, 8.458%, 02/15/32		9,735
	34,907	Series 2412, Class SP, IF, 15.715%, 02/15/32		48,773

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	81,165	Series 2423, Class MC, 7.000%, 03/15/32		93,885
	139,268	Series 2423, Class MT, 7.000%, 03/15/32		160,236
	227,841	Series 2435, Class CJ, 6.500%, 04/15/32		251,360
	55,253	Series 2444, Class ES, IF, IO, 7.757%, 03/15/32		12,223
	36,836	Series 2450, Class SW, IF, IO, 7.808%, 03/15/32		8,450
	118,885	Series 2455, Class GK, 6.500%, 05/15/32		134,629
	78,297	Series 2484, Class LZ, 6.500%, 07/15/32		87,904
	372,499	Series 2500, Class MC, 6.000%, 09/15/32		415,405
	21,361	Series 2503, Class BH, 5.500%, 09/15/17		22,805
	926	Series 2515, Class DE, 4.000%, 03/15/32		926
	183,138	Series 2527, Class BP, 5.000%, 11/15/17		194,929
	115,213	Series 2535, Class BK, 5.500%, 12/15/22		127,334
	3,374,777	Series 2543, Class YX, 6.000%, 12/15/32		3,773,038
	273,874	Series 2544, Class HC, 6.000%, 12/15/32		306,474
	442,735	Series 2575, Class ME, 6.000%, 02/15/33		494,932
	1,474,542	Series 2578, Class PG, 5.000%, 02/15/18		1,573,373
	34,760	Series 2586, Class WI, IO, 6.500%, 03/15/33		7,453
	1,051	Series 2597, Class DS, IF, IO, 7.358%, 02/15/33		9
	69	Series 2599, Class DS, IF, IO, 6.807%, 02/15/33		—	(h)
	222	Series 2610, Class DS, IF, IO, 6.908%, 03/15/33		—	(h)
	70,163	Series 2626, Class NS, IF, IO, 6.357%, 06/15/23		6,609
	42,451	Series 2638, Class DS, IF, 8.408%, 07/15/23		47,239
	164,087	Series 2647, Class A, 3.250%, 04/15/32		169,360
	773,385	Series 2651, Class VZ, 4.500%, 07/15/18		818,669
	1,556,902	Series 2656, Class BG, 5.000%, 10/15/32		1,613,742

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	205,216	Series 2682, Class LC, 4.500%, 07/15/32		212,018
	17,660	Series 2755, Class SA, IF, 13.815%, 05/15/30		18,827
	19,952	Series 2780, Class JG, 4.500%, 04/15/19		20,483
	625,000	Series 2827, Class DG, 4.500%, 07/15/19		666,629
	11,244	Series 2989, Class PO, PO, 06/15/23		11,222
	300,000	Series 3047, Class OD, 5.500%, 10/15/35		345,333
	254,952	Series 3085, Class VS, HB, IF, 27.950%, 12/15/35		430,985
	82,094	Series 3117, Class EO, PO, 02/15/36		77,203
	76,244	Series 3260, Class CS, IF, IO, 5.947%, 01/15/37		10,777
	228,027	Series 3385, Class SN, IF, IO, 5.807%, 11/15/37		29,368
	234,664	Series 3387, Class SA, IF, IO, 6.227%, 11/15/37		31,402
	217,119	Series 3451, Class SA, IF, IO, 5.857%, 05/15/38		33,881
	583,276	Series 3455, Class SE, IF, IO, 6.008%, 06/15/38		91,589
	585,610	Series 3688, Class NI, IO, 5.000%, 04/15/32		78,520
	190,779	Series 3759, Class HI, IO, 4.000%, 08/15/37		19,656
	283,942	Series 3772, Class IO, IO, 3.500%, 09/15/24		19,032
		Federal Home Loan Mortgage Corp. STRIPS,
	213,542	Series 233, Class 11, IO, 5.000%, 09/15/35		31,028
	296,676	Series 239, Class S30, IF, IO, 7.508%, 08/15/36		35,803
	482,072	Series 262, Class 35, 3.500%, 07/15/42		488,723
	492,847	Series 299, Class 300, 3.000%, 01/15/43		481,514
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	18,762	Series T-41, Class 3A, VAR, 6.705%, 07/25/32		22,008
	121,364	Series T-54, Class 2A, 6.500%, 02/25/43		147,234
	55,998	Series T-54, Class 3A, 7.000%, 02/25/43		67,135
	229,581	Series T-56, Class APO, PO, 05/25/43		193,127
	33,237	Series T-58, Class APO, PO, 09/25/43		24,271
		Federal National Mortgage Association REMIC Trust,
	59,660	Series 1999-W1, Class PO, PO, 02/25/29		51,157

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	258,274	Series 1999-W4, Class A9, 6.250%, 02/25/29		290,732
	469,282	Series 2002-W7, Class A4, 6.000%, 06/25/29		536,416
	415,694	Series 2003-W1, Class 1A1, VAR, 6.062%, 12/25/42		463,094
	55,086	Series 2003-W1, Class 2A, VAR, 6.830%, 12/25/42		65,524
		Federal National Mortgage Association REMIC,
	7,052	Series 1988-16, Class B, 9.500%, 06/25/18		7,802
	4,583	Series 1989-83, Class H, 8.500%, 11/25/19		5,186
	1,073	Series 1990-1, Class D, 8.800%, 01/25/20		1,221
	6,302	Series 1990-10, Class L, 8.500%, 02/25/20		7,151
	689	Series 1990-93, Class G, 5.500%, 08/25/20		751
	21	Series 1990-140, Class K, HB, 652.145%, 12/25/20		256
	1,671	Series 1990-143, Class J, 8.750%, 12/25/20		1,946
	21,260	Series 1992-101, Class J, 7.500%, 06/25/22		24,110
	12,118	Series 1992-143, Class MA, 5.500%, 09/25/22		13,202
	37,406	Series 1993-146, Class E, PO, 05/25/23		34,355
	88,324	Series 1993-155, Class PJ, 7.000%, 09/25/23		101,917
	2,726	Series 1993-165, Class SD, IF, 12.799%, 09/25/23		3,485
	13,592	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		15,645
	118,317	Series 1993-203, Class PL, 6.500%, 10/25/23		131,419
	11,852	Series 1993-205, Class H, PO, 09/25/23		10,750
	652,038	Series 1993-223, Class PZ, 6.500%, 12/25/23		722,048
	113,248	Series 1993-225, Class UB, 6.500%, 12/25/23		131,321
	3,248	Series 1993-230, Class FA, VAR, 0.819%, 12/25/23		3,272
	173,643	Series 1993-250, Class Z, 7.000%, 12/25/23		180,161
	281,326	Series 1994-37, Class L, 6.500%, 03/25/24		312,591
	2,426,520	Series 1994-72, Class K, 6.000%, 04/25/24		2,683,074

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	24,938	Series 1995-2, Class Z, 8.500%, 01/25/25		29,306
	83,206	Series 1995-19, Class Z, 6.500%, 11/25/23		95,658
	5,291	Series 1996-59, Class J, 6.500%, 08/25/22		5,819
	181,239	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		6,507
	21,129	Series 1997-39, Class PD, 7.500%, 05/20/27		24,886
	45,119	Series 1997-46, Class PL, 6.000%, 07/18/27		49,813
	108,756	Series 1997-61, Class ZC, 7.000%, 02/25/23		122,443
	21,245	Series 1998-36, Class ZB, 6.000%, 07/18/28		23,367
	40,750	Series 1998-43, Class SA, IF, IO, 19.103%, 04/25/23		15,354
	59,668	Series 1998-46, Class GZ, 6.500%, 08/18/28		67,387
	111,389	Series 1998-58, Class PC, 6.500%, 10/25/28		125,802
	262,627	Series 1999-39, Class JH, IO, 6.500%, 08/25/29		46,184
	7,241	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		1,112
	103,387	Series 2001-4, Class PC, 7.000%, 03/25/21		115,104
	84,125	Series 2001-30, Class PM, 7.000%, 07/25/31		96,535
	305,478	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		55,290
	126,388	Series 2001-36, Class DE, 7.000%, 08/25/31		145,882
	14,939	Series 2001-44, Class PD, 7.000%, 09/25/31		16,998
	25,987	Series 2001-52, Class XN, 6.500%, 11/25/15		27,220
	211,272	Series 2001-61, Class Z, 7.000%, 11/25/31		240,509
	49,070	Series 2001-69, Class PG, 6.000%, 12/25/16		51,789
	36,064	Series 2001-71, Class QE, 6.000%, 12/25/16		38,078
	31,947	Series 2002-1, Class HC, 6.500%, 02/25/22		35,348
	9,608	Series 2002-1, Class SA, HB, IF, 24.560%, 02/25/32		15,718

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	57,937	Series 2002-2, Class UC, 6.000%, 02/25/17		61,475
	59,097	Series 2002-3, Class OG, 6.000%, 02/25/17		62,392
	250,871	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		10,934
	216,532	Series 2002-15, Class PO, PO, 04/25/32		201,171
	100,480	Series 2002-28, Class PK, 6.500%, 05/25/32		113,793
	330,702	Series 2002-62, Class ZE, 5.500%, 11/25/17		352,794
	202,658	Series 2002-68, Class SH, IF, IO, 7.808%, 10/18/32		39,475
	22,991	Series 2002-77, Class S, IF, 14.129%, 12/25/32		30,302
	227,977	Series 2002-94, Class BK, 5.500%, 01/25/18		241,822
	287,069	Series 2003-7, Class A1, 6.500%, 12/25/42		329,613
	293,000	Series 2003-22, Class UD, 4.000%, 04/25/33		308,532
	96,239	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		11,768
	82,410	Series 2003-47, Class PE, 5.750%, 06/25/33		89,683
	17,567	Series 2003-64, Class SX, IF, 13.266%, 07/25/33		20,712
	33,630	Series 2003-66, Class PA, 3.500%, 02/25/33		34,973
	52,245	Series 2003-71, Class DS, IF, 7.208%, 08/25/33		50,892
	145,504	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		8,249
	128,921	Series 2003-80, Class SY, IF, IO, 7.457%, 06/25/23		12,913
	1,822,237	Series 2003-81, Class MC, 5.000%, 12/25/32		1,892,918
	506,777	Series 2003-82, Class VB, 5.500%, 08/25/33		550,372
	33,084	Series 2003-91, Class SD, IF, 12.178%, 09/25/33		39,732
	267,876	Series 2003-116, Class SB, IF, IO, 7.407%, 11/25/33		55,706
	1,547,152	Series 2003-128, Class DY, 4.500%, 01/25/24		1,677,591
	19,861	Series 2003-130, Class SX, IF, 11.230%, 01/25/34		23,648
	43,561	Series 2003-132, Class OA, PO, 08/25/33		42,018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	1,117,373	Series 2004-2, Class OE, 5.000%, 05/25/23		1,178,639
	125,591	Series 2004-4, Class QM, IF, 13.814%, 06/25/33		156,096
	75,003	Series 2004-10, Class SC, HB, IF, 27.828%, 02/25/34		105,661
	175,071	Series 2004-36, Class SA, IF, 18.994%, 05/25/34		237,038
	117,540	Series 2004-46, Class SK, IF, 15.969%, 05/25/34		159,265
	19,532	Series 2004-51, Class SY, IF, 13.854%, 07/25/34		25,088
	94,005	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		94,000
	627,864	Series 2004-75, Class VK, 4.500%, 09/25/22		634,394
	104,740	Series 2004-76, Class CL, 4.000%, 10/25/19		110,157
	2,754	Series 2004-92, Class JO, PO, 12/25/34		2,753
	258,525	Series 2005-45, Class DC, HB, IF, 23.602%, 06/25/35		395,247
	56,883	Series 2005-52, Class PA, 6.500%, 06/25/35		61,315
	536,942	Series 2005-68, Class BC, 5.250%, 06/25/35		586,986
	310,096	Series 2005-84, Class XM, 5.750%, 10/25/35		344,890
	700,000	Series 2005-110, Class MN, 5.500%, 06/25/35		759,539
	99,993	Series 2006-22, Class AO, PO, 04/25/36		91,126
	46,373	Series 2006-46, Class SW, HB, IF, 23.492%, 06/25/36		67,517
	108,637	Series 2006-59, Class QO, PO, 01/25/33		108,291
	143,370	Series 2006-110, Class PO, PO, 11/25/36		132,580
	263,134	Series 2006-117, Class GS, IF, IO, 6.457%, 12/25/36		41,646
	97,134	Series 2007-7, Class SG, IF, IO, 6.307%, 08/25/36		19,551
	449,873	Series 2007-53, Class SH, IF, IO, 5.907%, 06/25/37		73,326
	320,114	Series 2007-88, Class VI, IF, IO, 6.347%, 09/25/37		50,190
	334,471	Series 2007-100, Class SM, IF, IO, 6.257%, 10/25/37		39,533
	339,992	Series 2008-1, Class BI, IF, IO, 5.717%, 02/25/38		43,222
	101,883	Series 2008-16, Class IS, IF, IO, 6.007%, 03/25/38		12,154

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	156,561	Series 2008-46, Class HI, IO, VAR, 1.889%, 06/25/38		11,629
	128,062	Series 2008-53, Class CI, IF, IO, 7.007%, 07/25/38		20,097
	301,292	Series 2009-112, Class ST, IF, IO, 6.057%, 01/25/40		34,816
	156,143	Series 2010-35, Class SB, IF, IO, 6.227%, 04/25/40		21,591
	2,749	Series G92-42, Class Z, 7.000%, 07/25/22		3,065
	50,067	Series G92-44, Class ZQ, 8.000%, 07/25/22		55,201
	29,557	Series G92-54, Class ZQ, 7.500%, 09/25/22		33,025
	1,945	Series G92-59, Class F, VAR, 1.670%, 10/25/22		1,964
	5,217	Series G92-61, Class Z, 7.000%, 10/25/22		6,054
	12,089	Series G92-66, Class KA, 6.000%, 12/25/22		13,226
	57,177	Series G92-66, Class KB, 7.000%, 12/25/22		64,273
	15,825	Series G93-1, Class KA, 7.900%, 01/25/23		18,072
	16,723	Series G93-17, Class SI, IF, 6.000%, 04/25/23		17,514
		Federal National Mortgage Association STRIPS,
	19,927	Series 329, Class 1, PO, 01/01/33		18,103
	94,958	Series 365, Class 8, IO, 5.500%, 05/01/36		12,797
	58,882	Federal National Mortgage Association Trust, Series 2004-W2, Class 2A2, 7.000%, 02/25/44		68,465
		Government National Mortgage Association,
	197,563	Series 1994-7, Class PQ, 6.500%, 10/16/24		228,045
	113,176	Series 1998-22, Class PD, 6.500%, 09/20/28		121,080
	58,437	Series 1998-26, Class K, 7.500%, 09/17/25		66,549
	35,911	Series 1999-17, Class L, 6.000%, 05/20/29		38,351
	44,309	Series 1999-41, Class Z, 8.000%, 11/16/29		52,652
	32,362	Series 1999-44, Class PC, 7.500%, 12/20/29		38,028
	40,927	Series 1999-44, Class ZG, 8.000%, 12/20/29		48,836

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	180,446	Series 2000-21, Class Z, 9.000%, 03/16/30		215,989
	3,775	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		656
	658,552	Series 2000-36, Class PB, 7.500%, 11/16/30		747,461
	1,301,160	Series 2001-10, Class PE, 6.500%, 03/16/31		1,470,765
	202,855	Series 2001-22, Class PS, HB, IF, 20.508%, 03/17/31		336,714
	78,531	Series 2001-36, Class S, IF, IO, 7.858%, 08/16/31		17,442
	102,442	Series 2001-53, Class SR, IF, IO, 7.958%, 10/20/31		9,480
	100,465	Series 2001-64, Class MQ, 6.500%, 12/20/31		116,826
	1,000,000	Series 2001-64, Class PB, 6.500%, 12/20/31		1,163,600
	13,609	Series 2002-24, Class SB, IF, 11.636%, 04/16/32		17,707
	2,915	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		5
	7,469	Series 2003-24, Class PO, PO, 03/16/33		6,520
	39,934	Series 2003-76, Class LS, IF, IO, 7.008%, 09/20/31		1,117
	390,157	Series 2004-11, Class SW, IF, IO, 5.308%, 02/20/34		54,118
	40,929	Series 2004-28, Class S, IF, 19.133%, 04/16/34		58,416
	295,026	Series 2007-45, Class QA, IF, IO, 6.448%, 07/20/37		45,280
	243,320	Series 2007-76, Class SA, IF, IO, 6.338%, 11/20/37		36,553
	225,585	Series 2008-2, Class MS, IF, IO, 6.968%, 01/16/38		37,237
	172,078	Series 2008-55, Class SA, IF, IO, 6.008%, 06/20/38		24,264
	147,608	Series 2009-6, Class SA, IF, IO, 5.907%, 02/16/39		23,261
	367,546	Series 2009-6, Class SH, IF, IO, 5.848%, 02/20/39		48,836
	248,739	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		40,930
	171,320	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		28,102
	525,651	Series 2009-22, Class SA, IF, IO, 6.078%, 04/20/39		72,486
	487,807	Series 2009-31, Class ST, IF, IO, 6.158%, 03/20/39		68,454

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	487,807	Series 2009-31, Class TS, IF, IO, 6.108%, 03/20/39		69,950
	511,226	Series 2009-64, Class SN, IF, IO, 5.907%, 07/16/39		74,131
	165,173	Series 2009-79, Class OK, PO, 11/16/37		141,442
	266,252	Series 2009-102, Class SM, IF, IO, 6.208%, 06/16/39		29,908
	717,699	Series 2009-106, Class ST, IF, IO, 5.808%, 02/20/38		97,916
	234,164	Series 2010-130, Class CP, 7.000%, 10/16/40		271,080
	485,759	Series 2011-75, Class SM, IF, IO, 6.408%, 05/20/41		65,300
	993,264	Series 2013-H08, Class FC, VAR, 0.450%, 02/20/63		990,523
	501,033	Series 2013-H09, Class HA, 1.650%, 04/20/63		487,618
		Vendee Mortgage Trust,
	71,934	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		79,799
	166,807	Series 1996-1, Class 1Z, 6.750%, 02/15/26		189,025
	94,159	Series 1996-2, Class 1Z, 6.750%, 06/15/26		108,034
	342,350	Series 1997-1, Class 2Z, 7.500%, 02/15/27		392,560
	90,783	Series 1998-1, Class 2E, 7.000%, 03/15/28		104,880
				46,505,535
		Non-Agency CMO — 9.3%
		Alternative Loan Trust,
	62,441	Series 2002-8, Class A4, 6.500%, 07/25/32		64,563
	23,685	Series 2003-J1, Class PO, PO, 10/25/33		19,388
	1,888,241	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,857,151
	63,104	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		64,294
	689,200	Series 2005-20CB, Class 3A8, IF, IO, 4.557%, 07/25/35		98,303
	980,262	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		922,146
	496,509	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		447,881
	942,920	Series 2005-22T1, Class A2, IF, IO, 4.877%, 06/25/35		168,621
	899,564	Series 2005-J1, Class 1A4, IF, IO, 4.907%, 02/25/35		118,371

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	39,742	Alternative Loan Trust Resecuritization, Series 2005-5R, Class A1, 5.250%, 12/25/18		40,245
	200,000	American General Mortgage Loan Trust, Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		205,924
		Banc of America Alternative Loan Trust,
	79,739	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		81,699
	314,167	Series 2004-5, Class 3A3, PO, 06/25/34		237,835
	51,232	Series 2004-6, Class 15PO, PO, 07/25/19		50,306
		Banc of America Funding Trust,
	52,351	Series 2004-1, Class PO, PO, 03/25/34		47,036
	414,390	Series 2005-6, Class 2A7, 5.500%, 10/25/35		407,420
	64,273	Series 2005-7, Class 30PO, PO, 11/25/35		50,361
	234,011	Series 2005-E, Class 4A1, VAR, 2.687%, 03/20/35		232,614
		Banc of America Mortgage Trust,
	19,300	Series 2003-8, Class APO, PO, 11/25/33		16,332
	124,001	Series 2004-3, Class 1A26, 5.500%, 04/25/34		126,673
	14,474	Series 2004-4, Class APO, PO, 05/25/34		12,178
	384,855	Series 2004-5, Class 2A2, 5.500%, 06/25/34		397,363
	181,285	Series 2004-6, Class 2A5, PO, 07/25/34		144,502
	50,483	Series 2004-6, Class APO, PO, 07/25/34		45,340
	162,177	Series 2004-7, Class 1A19, PO, 08/25/34		149,680
	191,062	Series 2004-J, Class 3A1, VAR, 3.231%, 11/25/34		187,077
		BCAP LLC Trust,
	172,807	Series 2011-RR5, Class 11A3, VAR, 0.343%, 05/28/36 (e)		159,323
	67,230	Series 2011-RR5, Class 14A3, VAR, 2.660%, 07/26/36 (e)		67,038
		Bear Stearns ARM Trust,
	66,540	Series 2003-7, Class 3A, VAR, 2.567%, 10/25/33		66,000
	138,192	Series 2005-5, Class A1, VAR, 2.240%, 08/25/35		136,662
	419,263	Series 2006-1, Class A1, VAR, 2.370%, 02/25/36		402,505
	279,403	CAM Mortgage Trust, Series 2013-1, Class A, VAR, 3.967%, 11/25/57 (e) (i)		275,910
		CHL Mortgage Pass-Through Trust,
	170,245	Series 2003-26, Class 1A6, 3.500%, 08/25/33		169,954

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	25,705	Series 2003-J7, Class 4A3, IF, 9.523%, 08/25/18		26,960
	89,273	Series 2004-7, Class 2A1, VAR, 2.708%, 06/25/34		86,740
	55,515	Series 2004-HYB1, Class 2A, VAR, 2.811%, 05/20/34		51,726
	76,386	Series 2004-HYB3, Class 2A, VAR, 2.589%, 06/20/34		70,022
	95,871	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		98,426
	36,328	Series 2004-J8, Class POA, PO, 11/25/19		33,524
	259,409	Series 2005-16, Class A23, 5.500%, 09/25/35		252,415
	378,038	Series 2005-22, Class 2A1, VAR, 2.997%, 11/25/35		303,189
	73,779	Citicorp Mortgage Securities, Inc., Series 2004-5, Class 2A5, 4.500%, 08/25/34		76,134
	99,259	Citigroup Mortgage Loan Trust, 2.110%, 01/12/18		99,434
	409,891	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		420,261
		Citigroup Mortgage Loan Trust, Inc.,
	12,987	Series 2003-UP3, Class A3, 7.000%, 09/25/33		13,475
	25,233	Series 2003-UST1, Class A1, 5.500%, 12/25/18		26,380
	7,588	Series 2003-UST1, Class PO1, PO, 12/25/18		6,912
	5,998	Series 2003-UST1, Class PO3, PO, 12/25/18		5,560
	119,732	Series 2005-1, Class 2A1A, VAR, 2.807%, 04/25/35		92,339
	10,996	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 5P, PO, 08/25/19		10,120
		CSMC,
	223,692	Series 2010-11R, Class A6, VAR, 1.198%, 06/28/47 (e)		207,286
	112,233	Series 2011-7R, Class A1, VAR, 1.444%, 08/28/47 (e)		111,737
	219,218	Series 2011-9R, Class A1, VAR, 2.194%, 03/27/46 (e)		219,104
	300,467	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		262,515
		First Horizon Mortgage Pass-Through Trust,
	293,370	Series 2004-AR7, Class 2A2, VAR, 2.545%, 02/25/35		291,184

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	193,049	Series 2005-AR1, Class 2A2, VAR, 2.657%, 04/25/35		191,185
		GMACM Mortgage Loan Trust,
	169,070	Series 2003-AR1, Class A4, VAR, 3.372%, 10/19/33		169,928
	160,931	Series 2004-J5, Class A7, 6.500%, 01/25/35		170,795
	640,039	Series 2005-AR3, Class 3A4, VAR, 3.310%, 06/19/35		600,156
		GSR Mortgage Loan Trust,
	175,719	Series 2004-6F, Class 1A2, 5.000%, 05/25/34		181,617
	466,403	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		501,233
	81,133	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		80,231
	76,564	Impac Secured Assets Trust, Series 2006-1, Class 2A1, VAR, 0.543%, 05/25/36		74,825
	1,544,647	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		241
	161,543	JP Morgan Mortgage Trust, Series 2006-A2, Class 5A3, VAR, 2.888%, 11/25/33		160,952
	96,237	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.672%, 04/21/34		97,395
		MASTR Alternative Loan Trust,
	133,429	Series 2003-9, Class 8A1, 6.000%, 01/25/34		136,702
	279,487	Series 2004-4, Class 10A1, 5.000%, 05/25/24		290,213
	238,209	Series 2004-6, Class 7A1, 6.000%, 07/25/34		244,640
	32,080	Series 2004-7, Class 30PO, PO, 08/25/34		23,556
	173,086	Series 2004-8, Class 6A1, 5.500%, 09/25/19		181,507
	134,490	Series 2004-10, Class 1A1, 4.500%, 09/25/19		137,431
		MASTR Asset Securitization Trust,
	379,632	Series 2003-11, Class 9A6, 5.250%, 12/25/33		395,672
	22,027	Series 2003-12, Class 15PO, PO, 12/25/18		19,976
	50,521	Series 2004-6, Class 15PO, PO, 07/25/19		46,215
	30,986	Series 2004-8, Class PO, PO, 08/25/19		28,553
	95,037	Series 2004-10, Class 15PO, PO, 10/25/19		86,525

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
	186,363	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		149,090
	73,096	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.513%, 02/25/35		69,345
	60,246	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		61,730
	462,346	PHH Alternative Mortgage Trust, Series 2007-2, Class 2X, IO, 6.000%, 05/25/37		94,303
		RALI Trust,
	62,002	Series 2002-QS8, Class A5, 6.250%, 06/25/17		63,361
	923,853	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		953,834
	18,175	Series 2003-QS3, Class A2, IF, 16.075%, 02/25/18		19,924
	40,230	Series 2003-QS3, Class A8, IF, IO, 7.407%, 02/25/18		2,401
	127,214	Series 2003-QS9, Class A3, IF, IO, 7.357%, 05/25/18		15,739
	166,323	Series 2003-QS14, Class A1, 5.000%, 07/25/18		169,762
	54,111	Series 2003-QS18, Class A1, 5.000%, 09/25/18		55,685
	13,670	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		14,024
	166,373	RFMSI Trust, Series 2005-SA4, Class 1A1, VAR, 3.089%, 09/25/35		134,069
	5,706	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		5,939
		Salomon Brothers Mortgage Securities VII, Inc.,
	99,071	Series 2003-HYB1, Class A, VAR, 3.095%, 09/25/33		98,710
	4,454	Series 2003-UP2, Class PO1, PO, 12/25/18		4,019
		Springleaf Mortgage Loan Trust,
	63,365	Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		65,472
	96,575	Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		97,976
	301,164	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		301,687
	124,000	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		124,214
	108,000	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		108,316

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	382,026	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.876%, 06/25/34		382,562
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	43,861	Series 2003-8, Class 1A2, 5.000%, 04/25/18		44,617
	137,248	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		140,665
		WaMu Mortgage Pass-Through Certificates,
	25,141	Series 2003-AR8, Class A, VAR, 2.457%, 08/25/33		25,172
	126,135	Series 2003-AR9, Class 1A6, VAR, 2.429%, 09/25/33		126,184
	49,547	Series 2003-S4, Class 3A, 5.500%, 06/25/33		51,078
	45,770	Series 2004-AR3, Class A2, VAR, 2.458%, 06/25/34		45,556
		Washington Mutual Mortgage Pass-Through Certificates WMALT,
	1,648,720	Series 2005-2, Class 1A4, IF, IO, 4.857%, 04/25/35		295,477
	511,073	Series 2005-2, Class 2A3, IF, IO, 4.807%, 04/25/35		83,944
	444,295	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		120,811
	408,035	Series 2005-4, Class CB7, 5.500%, 06/25/35		378,464
	24,394	Series 2005-4, Class DP, PO, 06/25/20		23,808
	147,135	Series 2005-6, Class 2A4, 5.500%, 08/25/35		133,858
		Wells Fargo Mortgage-Backed Securities Trust,
	39,264	Series 2003-K, Class 1A1, VAR, 4.484%, 11/25/33		39,336
	78,527	Series 2003-K, Class 1A2, VAR, 4.484%, 11/25/33		79,306
	88,131	Series 2004-EE, Class 3A1, VAR, 2.889%, 12/25/34		87,660
	236,771	Series 2004-P, Class 2A1, VAR, 2.614%, 09/25/34		237,057
	136,004	Series 2005-AR8, Class 2A1, VAR, 2.720%, 06/25/35		136,469
	95,332	Series 2005-AR16, Class 2A1, VAR, 2.717%, 02/25/34		94,988
				19,192,298
		Total Collateralized Mortgage Obligations (Cost $60,833,533)		65,697,833

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — 2.6%
	250,000	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/25 (e)		247,777
	250,000	Banc of America Commercial Mortgage Trust, Series 2006-4, Class A4, 5.634%, 07/10/46		274,330
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	125,000	Series 2005-3, Class A4, 4.668%, 07/10/43		132,358
	125,000	Series 2005-3, Class AM, 4.727%, 07/10/43		130,473
	220,512	Series 2005-6, Class ASB, VAR, 5.358%, 09/10/47		222,959
		BB-UBS Trust,
	100,000	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		93,648
	100,000	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		93,917
		Bear Stearns Commercial Mortgage Securities Trust,
	250,000	Series 2005-PWR8, Class A4, 4.674%, 06/11/41		263,057
	84,500	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		85,952
	360,000	Series 2006-PW11, Class A4, VAR, 5.611%, 03/11/39		392,590
	11,974,921	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.219%, 12/11/49 (e)		92,482
	100,000	Citigroup Commercial Mortgage Trust, Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		104,376
	125,000	COMM Mortgage Trust, Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		115,803
	565,000	Commercial Mortgage Pass-Through Certificates, Series 2006-C1, Class A4, VAR, 5.569%, 02/15/39		617,211
	100,000	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		106,900
	336,346	Government National Mortgage Association, Series 2003-59, Class XA, IO, VAR, 1.002%, 06/16/34		2,566
	200,000	GS Mortgage Securities Corp. II Commercial Mortgage Pass-Through Certificates, Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		205,686
	122,000	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		122,363

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	95,992	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-CB8, Class A4, 4.404%, 01/12/39		97,441
		LB-UBS Commercial Mortgage Trust,
	107,000	Series 2004-C2, Class A4, 4.367%, 03/15/36		108,869
	75,000	Series 2005-C1, Class A4, 4.742%, 02/15/30		78,347
	102,442	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		102,330
	3,516,526	Morgan Stanley Capital I Trust, Series 2006-IQ12, Class X1, IO, VAR, 0.195%, 12/15/43 (e)		48,106
	91,479	Morgan Stanley Re-REMIC Trust, Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		92,308
	724,356	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		752,060
	321,925	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.526%, 08/15/39		335,005
	116,000	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		112,693
	104,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		102,299
	111,572	Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5, VAR, 5.215%, 01/15/41		114,706
	110,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		115,550
		Total Commercial Mortgage-Backed Securities (Cost $5,368,815)		5,364,162
		Corporate Bonds — 16.2%
		Consumer Discretionary — 1.2%
		Automobiles — 0.1%
	150,000	Daimler Finance North America LLC, 1.875%, 01/11/18 (e)		146,375
		Household Durables — 0.0% (g)
	50,000	Newell Rubbermaid, Inc., 4.700%, 08/15/20		53,397
		Media — 1.0%
		CBS Corp.,
	21,000	5.750%, 04/15/20		23,819
	100,000	7.875%, 07/30/30		127,413

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Media — Continued
	75,000	Comcast Cable Holdings LLC, 10.125%, 04/15/22		102,700
		Comcast Corp.,
	87,000	4.250%, 01/15/33		83,242
	50,000	5.900%, 03/15/16		56,289
	50,000	6.450%, 03/15/37		59,785
	30,000	6.500%, 01/15/17		34,848
	35,000	6.500%, 11/15/35		42,355
		COX Communications, Inc.,
	9,000	5.450%, 12/15/14		9,603
	20,000	8.375%, 03/01/39 (e)		27,107
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	125,000	4.600%, 02/15/21		129,643
	67,000	5.000%, 03/01/21		70,574
	125,000	6.000%, 08/15/40		124,873
	78,000	Discovery Communications LLC, 4.375%, 06/15/21		81,880
	100,000	Historic TW, Inc., 9.150%, 02/01/23		135,776
	75,000	NBCUniversal Media LLC, 5.950%, 04/01/41		85,660
		News America, Inc.,
	50,000	6.650%, 11/15/37		57,537
	50,000	7.250%, 05/18/18		61,008
	150,000	7.300%, 04/30/28		175,469
	84,000	Thomson Reuters Corp., (Canada), 3.950%, 09/30/21		86,329
		Time Warner Cable, Inc.,
	50,000	6.550%, 05/01/37		50,072
	50,000	6.750%, 07/01/18		57,233
	50,000	7.300%, 07/01/38		54,340
	70,000	8.250%, 02/14/14		73,208
		Time Warner Entertainment Co. LP,
	50,000	8.375%, 03/15/23		62,279
	25,000	8.375%, 07/15/33		29,465
		Time Warner, Inc.,
	35,000	4.750%, 03/29/21		37,651
	75,000	6.200%, 03/15/40		82,553
	7,000	6.250%, 03/29/41		7,724
	15,000	6.500%, 11/15/36		16,965
		Viacom, Inc.,
	13,000	1.250%, 02/27/15		13,038
	22,000	3.250%, 03/15/23		20,720
	43,000	3.875%, 12/15/21		43,547
	20,000	4.500%, 02/27/42		17,476
				2,142,181

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Multiline Retail — 0.0% (g)
	9,000	Macy’s Retail Holdings, Inc., 5.125%, 01/15/42		8,683
		Specialty Retail — 0.1%
	30,000	Gap, Inc. (The), 5.950%, 04/12/21		33,181
	70,000	Home Depot, Inc. (The), 5.400%, 03/01/16		78,000
	75,000	Lowe’s Cos., Inc., 7.110%, 05/15/37		94,609
				205,790
		Total Consumer Discretionary		2,556,426
		Consumer Staples — 0.6%
		Beverages — 0.2%
	125,000	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		158,104
	95,000	Diageo Capital plc, (United Kingdom), 5.750%, 10/23/17		109,273
	20,000	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		22,009
	15,000	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		16,134
	40,000	SABMiller plc, (United Kingdom), 5.700%, 01/15/14 (e)		41,072
				346,592
		Food & Staples Retailing — 0.1%
		CVS Caremark Corp.,
	60,000	5.750%, 05/15/41		67,634
	30,000	6.125%, 09/15/39		35,057
		Kroger Co. (The),
	18,000	5.400%, 07/15/40		18,187
	25,000	7.500%, 04/01/31		30,273
	70,000	Wal-Mart Stores, Inc., 6.500%, 08/15/37		88,451
				239,602
		Food Products — 0.3%
	25,000	Archer-Daniels-Midland Co., 5.935%, 10/01/32		28,479
	55,000	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		67,881
	27,000	Bunge N.A. Finance LP, 5.900%, 04/01/17		29,740
	10,000	ConAgra Foods, Inc., 2.100%, 03/15/18		9,906
		Kellogg Co.,
	13,000	1.750%, 05/17/17		12,902
	22,000	3.125%, 05/17/22		21,427
		Kraft Foods Group, Inc.,
	66,000	5.375%, 02/10/20		74,446
	122,000	6.125%, 08/23/18		143,246
	100,000	6.875%, 01/26/39		121,315

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Food Products — Continued
		Mondelez International, Inc.,
	61,000	5.375%, 02/10/20		68,421
	43,000	6.125%, 02/01/18		49,696
				627,459
		Personal Products — 0.0% (g)
	67,129	Procter & Gamble—ESOP, 9.360%, 01/01/21		87,155
		Total Consumer Staples		1,300,808
		Energy — 1.1%
		Energy Equipment & Services — 0.1%
	5,000	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		4,892
		Transocean, Inc., (Cayman Islands),
	18,000	6.375%, 12/15/21		20,231
	75,000	6.500%, 11/15/20		84,421
	14,000	7.350%, 12/15/41		16,125
				125,669
		Oil, Gas & Consumable Fuels — 1.0%
	50,000	Apache Corp., 6.900%, 09/15/18		60,846
		BP Capital Markets plc, (United Kingdom),
	71,000	2.750%, 05/10/23		65,648
	150,000	4.742%, 03/11/21		163,214
	100,000	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		114,933
		Cenovus Energy, Inc., (Canada),
	13,000	3.000%, 08/15/22		12,370
	31,000	4.450%, 09/15/42		27,795
	20,000	Chevron Corp., 2.427%, 06/24/20		19,886
		ConocoPhillips,
	25,000	5.750%, 02/01/19		29,287
	120,000	6.000%, 01/15/20		142,794
	75,000	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		85,537
		Devon Energy Corp.,
	47,000	3.250%, 05/15/22		45,522
	21,000	4.750%, 05/15/42		19,603
	15,000	EOG Resources, Inc., 2.625%, 03/15/23		14,036
	50,000	Kerr-McGee Corp., 7.875%, 09/15/31		62,429
	150,000	Marathon Oil Corp., 6.000%, 10/01/17		171,775
	56,000	Petrobras Global Finance B.V., (Netherlands), 4.375%, 05/20/23		51,371
		Petrobras International Finance Co.-Pifco, (Cayman Islands),
	45,000	5.375%, 01/27/21		45,211
	25,000	7.875%, 03/15/19		28,909

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — Continued
	60,000	Petro-Canada, (Canada), 6.800%, 05/15/38		69,533
		Shell International Finance B.V., (Netherlands),
	42,000	1.125%, 08/21/17		41,085
	60,000	6.375%, 12/15/38		77,300
		Spectra Energy Capital LLC,
	47,000	3.300%, 03/15/23		42,403
	45,000	7.500%, 09/15/38		56,202
	50,000	8.000%, 10/01/19		63,280
		Statoil ASA, (Norway),
	143,000	2.650%, 01/15/24		132,619
	50,000	3.125%, 08/17/17		52,757
	45,000	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		53,006
		Talisman Energy, Inc., (Canada),
	45,000	5.500%, 05/15/42		44,060
	5,000	5.850%, 02/01/37		5,105
	10,000	6.250%, 02/01/38		10,740
	40,000	7.750%, 06/01/19		48,617
	28,000	Total Capital International S.A., (France), 1.550%, 06/28/17		27,750
	150,000	Total Capital S.A., (France), 2.300%, 03/15/16		154,879
		TransCanada PipeLines Ltd., (Canada),
	50,000	6.500%, 08/15/18		60,073
	50,000	7.125%, 01/15/19		60,977
				2,161,552
		Total Energy		2,287,221
		Financials — 8.0%
		Capital Markets — 1.9%
		Bank of New York Mellon Corp. (The),
	75,000	2.950%, 06/18/15		78,094
	55,000	4.600%, 01/15/20		60,089
		BlackRock, Inc.,
	80,000	3.500%, 12/10/14		83,228
	130,000	5.000%, 12/10/19		147,450
	65,000	6.250%, 09/15/17		76,525
	100,000	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		113,034
	50,000	Credit Suisse USA, Inc., 4.875%, 01/15/15		52,947
		Goldman Sachs Group, Inc. (The),
	75,000	3.625%, 02/07/16		78,290
	20,000	3.700%, 08/01/15		20,837
	375,000	4.750%, 07/15/13		375,572

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Capital Markets — Continued
	150,000	5.150%, 01/15/14		153,165
	23,000	5.250%, 07/27/21		24,608
	156,000	5.375%, 03/15/20		169,268
	100,000	5.500%, 11/15/14		105,680
	150,000	5.950%, 01/18/18		167,826
	75,000	5.950%, 01/15/27		77,120
	100,000	6.250%, 09/01/17		113,320
	80,000	6.750%, 10/01/37		81,949
	125,000	7.500%, 02/15/19		148,447
		Jefferies Group LLC,
	55,000	3.875%, 11/09/15		56,925
	110,000	6.450%, 06/08/27		108,350
	100,000	8.500%, 07/15/19		120,500
	50,000	Macquarie Group Ltd., (Australia), 7.300%, 08/01/14 (e)		52,732
		Merrill Lynch & Co., Inc.,
	120,000	5.450%, 07/15/14		125,143
	135,000	6.400%, 08/28/17		152,437
	90,000	6.875%, 04/25/18		103,583
		Morgan Stanley,
	100,000	4.200%, 11/20/14		103,448
	100,000	4.750%, 04/01/14		102,173
	35,000	5.500%, 07/28/21		37,374
	200,000	5.625%, 09/23/19		214,966
	130,000	5.950%, 12/28/17		144,240
	65,000	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		74,496
	24,000	State Street Corp., 3.100%, 05/15/23		22,480
		UBS AG, (Switzerland),
	250,000	3.875%, 01/15/15		260,549
	100,000	5.750%, 04/25/18		115,562
				3,922,407
		Commercial Banks — 1.9%
		Bank of Nova Scotia, (Canada),
	100,000	2.550%, 01/12/17		102,921
	82,000	3.400%, 01/22/15		85,268
		Barclays Bank plc, (United Kingdom),
	106,000	2.750%, 02/23/15		108,671
	100,000	5.200%, 07/10/14		104,320
	150,000	6.050%, 12/04/17 (e)		162,258
		BB&T Corp.,
	50,000	3.375%, 09/25/13		50,329
	100,000	3.950%, 04/29/16		107,133
	50,000	4.900%, 06/30/17		54,546
	50,000	5.700%, 04/30/14		52,045

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Banks — Continued
	200,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), 3.200%, 03/11/15 (e)		207,377
	150,000	Credit Suisse, (Switzerland), 5.500%, 05/01/14		156,113
	350,000	Glitnir Banki HF, (Iceland), 0.000%, 10/15/08 (d) (e) (i)		100,625
		HSBC Bank plc, (United Kingdom),
	100,000	3.500%, 06/28/15 (e)		104,859
	111,000	4.125%, 08/12/20 (e)		116,268
	223,000	Macquarie Bank Ltd., (Australia), 5.000%, 02/22/17 (e)		238,942
		National Australia Bank Ltd., (Australia),
	200,000	2.750%, 09/28/15 (e)		207,440
	100,000	3.750%, 03/02/15 (e)		104,720
	100,000	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		100,343
		PNC Funding Corp.,
	150,000	5.125%, 02/08/20		164,816
	25,000	5.250%, 11/15/15		27,207
	25,000	5.625%, 02/01/17		27,736
	25,000	6.700%, 06/10/19		29,976
	72,000	Toronto-Dominion Bank (The), (Canada), 2.500%, 07/14/16		74,637
		U.S. Bancorp,
	90,000	2.450%, 07/27/15		92,715
	100,000	7.500%, 06/01/26		129,036
		Wachovia Bank N.A.,
	250,000	6.000%, 11/15/17		285,278
	250,000	6.600%, 01/15/38		305,485
	250,000	VAR, 0.603%, 03/15/16		246,846
	50,000	Wachovia Corp., 5.750%, 02/01/18		57,588
	200,000	Wells Fargo & Co., SUB, 3.676%, 06/15/16		213,684
		Westpac Banking Corp., (Australia),
	65,000	4.200%, 02/27/15		68,613
	121,000	4.875%, 11/19/19		135,623
				4,023,418
		Consumer Finance — 1.0%
	50,000	American Express Co., 7.000%, 03/19/18		60,154
	50,000	American Express Credit Corp., 7.300%, 08/20/13		50,453
	200,000	American Honda Finance Corp., 1.600%, 02/16/18 (e)		196,637
		Capital One Financial Corp.,
	110,000	3.500%, 06/15/23 (e)		103,545
	185,000	7.375%, 05/23/14		195,518

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Consumer Finance — Continued
		Caterpillar Financial Services Corp.,
	80,000	5.450%, 04/15/18		92,280
	100,000	6.200%, 09/30/13		101,392
	100,000	7.050%, 10/01/18		123,880
	50,000	7.150%, 02/15/19		62,371
	200,000	Ford Motor Credit Co. LLC, 3.984%, 06/15/16		209,526
		HSBC Finance Corp.,
	13,000	4.750%, 07/15/13		13,021
	150,000	5.000%, 06/30/15		160,441
	150,000	5.250%, 01/15/14		153,512
	50,000	7.350%, 11/27/32		57,190
	100,000	VAR, 0.527%, 01/15/14		99,904
	100,000	HSBC USA, Inc., 1.625%, 01/16/18		97,561
		John Deere Capital Corp.,
	39,000	1.200%, 10/10/17		37,944
	42,000	3.150%, 10/15/21		41,581
		Toyota Motor Credit Corp.,
	80,000	1.000%, 02/17/15		80,526
	100,000	2.000%, 09/15/16		102,014
	87,000	3.200%, 06/17/15		90,953
				2,130,403
		Diversified Financial Services — 1.8%
		Bank of America Corp.,
	50,000	2.000%, 01/11/18		48,431
	295,000	5.650%, 05/01/18		327,740
	245,000	5.750%, 12/01/17		272,287
	50,000	6.500%, 08/01/16		56,372
	200,000	7.375%, 05/15/14		210,417
	25,000	7.625%, 06/01/19		30,044
		Citigroup, Inc.,
	100,000	1.250%, 01/15/16		98,805
	60,000	2.250%, 08/07/15		61,009
	22,000	4.500%, 01/14/22		22,920
	150,000	4.700%, 05/29/15		159,326
	62,000	4.750%, 05/19/15		65,571
	300,000	5.000%, 09/15/14		311,768
	36,000	5.375%, 08/09/20		39,809
	5,000	6.000%, 08/15/17		5,634
	150,000	6.010%, 01/15/15		160,189
	55,000	6.500%, 08/19/13		55,396
	100,000	8.125%, 07/15/39		132,074
	45,000	8.500%, 05/22/19		56,701

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — Continued
		CME Group, Inc.,
	30,000	5.400%, 08/01/13		30,120
	70,000	5.750%, 02/15/14		72,164
	32,000	EADS Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		29,448
		General Electric Capital Corp.,
	200,000	4.750%, 09/15/14		209,556
	190,000	5.500%, 01/08/20		214,222
	400,000	5.625%, 05/01/18		458,802
	100,000	5.875%, 01/14/38		110,076
	115,000	5.900%, 05/13/14		120,430
	200,000	6.750%, 03/15/32		239,805
	100,000	MassMutual Global Funding II, 3.125%, 04/14/16 (e)		105,123
	50,000	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		69,274
				3,773,513
		Insurance — 0.9%
	35,000	ACE INA Holdings, Inc., 5.600%, 05/15/15		37,955
		Aflac, Inc.,
	63,000	3.625%, 06/15/23		61,235
	25,000	6.450%, 08/15/40		29,363
	20,000	8.500%, 05/15/19		25,563
	31,000	Allstate Corp. (The), 3.150%, 06/15/23		30,099
		Aon Corp.,
	40,000	3.125%, 05/27/16		41,728
	23,000	3.500%, 09/30/15		24,118
	18,000	6.250%, 09/30/40		20,919
		Berkshire Hathaway Finance Corp.,
	33,000	2.450%, 12/15/15		34,316
	62,000	4.300%, 05/15/43		56,310
	50,000	5.400%, 05/15/18		57,438
	100,000	5.750%, 01/15/40		111,473
	75,000	CNA Financial Corp., 5.875%, 08/15/20		84,880
	27,000	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		28,481
	20,000	Lincoln National Corp., 4.850%, 06/24/21		21,252
		Metropolitan Life Global Funding I,
	100,000	1.700%, 06/29/15 (e)		101,569
	175,000	3.650%, 06/14/18 (e)		185,880
	100,000	5.200%, 09/18/13 (e)		101,026
	75,000	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		101,481
	250,000	New York Life Global Funding, 5.375%, 09/15/13 (e)		252,463

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Insurance — Continued
	100,000	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		103,499
	35,000	Principal Life Income Funding Trusts, 5.100%, 04/15/14		36,238
	150,000	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		193,803
	25,000	Travelers Cos., Inc. (The), 5.800%, 05/15/18		29,241
				1,770,330
		Real Estate Investment Trusts (REITs) — 0.3%
		CommonWealth REIT,
	75,000	5.875%, 09/15/20		77,646
	100,000	6.650%, 01/15/18		109,146
	92,000	HCP, Inc., 5.375%, 02/01/21		99,796
		Simon Property Group LP,
	8,000	4.200%, 02/01/15		8,333
	20,000	4.375%, 03/01/21		21,284
	50,000	5.625%, 08/15/14		52,652
	50,000	5.650%, 02/01/20		57,127
	45,000	6.100%, 05/01/16		50,465
	30,000	6.750%, 05/15/14		31,088
	102,000	WEA Finance LLC/WT Finance Aust Pty Ltd., 6.750%, 09/02/19 (e)		120,462
				627,999
		Thrifts & Mortgage Finance — 0.2%
	75,000	Countrywide Financial Corp., 6.250%, 05/15/16		81,786
	250,000	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		250,675
				332,461
		Total Financials		16,580,531
		Health Care — 0.4%
		Biotechnology — 0.1%
		Amgen, Inc.,
	25,000	4.500%, 03/15/20		27,231
	100,000	5.150%, 11/15/41		99,594
	40,000	5.700%, 02/01/19		45,923
	82,000	5.750%, 03/15/40		88,004
	49,000	Celgene Corp., 3.250%, 08/15/22		46,473
				307,225
		Health Care Equipment & Supplies — 0.0% (g)
	10,000	Baxter International, Inc., 4.000%, 03/01/14		10,219

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 0.1%
	30,000	Medco Health Solutions, Inc., 2.750%, 09/15/15		30,846
	50,000	UnitedHealth Group, Inc., 6.625%, 11/15/37		60,828
		WellPoint, Inc.,
	18,000	3.300%, 01/15/23		17,135
	18,000	4.650%, 01/15/43		16,778
	13,000	5.875%, 06/15/17		14,770
	9,000	7.000%, 02/15/19		10,805
				151,162
		Pharmaceuticals — 0.2%
		AbbVie, Inc.,
	45,000	1.750%, 11/06/17 (e)		44,087
	22,000	2.900%, 11/06/22 (e)		20,573
	35,000	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		36,604
	50,000	GlaxoSmithKline Capital, Inc., 4.375%, 04/15/14		51,548
	63,000	Merck & Co., Inc., 2.800%, 05/18/23		59,605
	80,000	Novartis Capital Corp., 4.125%, 02/10/14		81,751
		Zoetis, Inc.,
	14,000	1.875%, 02/01/18 (e)		13,705
	9,000	4.700%, 02/01/43 (e)		8,405
				316,278
		Total Health Care		784,884
		Industrials — 0.8%
		Aerospace & Defense — 0.1%
	51,000	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		54,969
		Lockheed Martin Corp.,
	33,000	2.125%, 09/15/16		33,689
	30,000	4.850%, 09/15/41		29,290
	100,000	United Technologies Corp., 6.125%, 02/01/19		118,632
				236,580
		Airlines — 0.1%
	26,000	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		25,935
	28,855	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		30,658
	31,850	American Airlines 2011-2 Class A Pass-Through Trust, 8.625%, 10/15/21		33,840
	45,172	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		47,996
				138,429

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	35,000	3.500%, 07/15/22		32,184
	17,000	4.125%, 06/15/23		16,012
	28,000	4.875%, 07/15/42		23,771
	21,000	Republic Services, Inc., 3.550%, 06/01/22		20,438
	43,000	Waste Management, Inc., 4.750%, 06/30/20		46,313
				138,718
		Construction & Engineering — 0.0% (g)
	23,000	ABB Finance USA, Inc., 2.875%, 05/08/22		22,036
	44,000	Fluor Corp., 3.375%, 09/15/21		43,832
				65,868
		Industrial Conglomerates — 0.1%
	44,000	Danaher Corp., 3.900%, 06/23/21		46,500
	65,000	General Electric Co., 5.250%, 12/06/17		73,395
	22,000	Koninklijke Philips Electronics N.V., (Netherlands), 5.750%, 03/11/18		25,479
				145,374
		Machinery — 0.0% (g)
	80,000	Illinois Tool Works, Inc., 3.900%, 09/01/42		71,325
	25,000	Parker Hannifin Corp., 5.500%, 05/15/18		28,573
				99,898
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	50,000	3.000%, 03/15/23		47,646
	25,000	3.600%, 09/01/20		25,930
	25,000	4.375%, 09/01/42		22,875
	75,000	5.400%, 06/01/41		79,637
	100,000	5.650%, 05/01/17		113,451
	85,000	5.750%, 05/01/40		94,664
		CSX Corp.,
	33,000	4.250%, 06/01/21		35,265
	50,000	5.500%, 04/15/41		53,360
	25,000	7.375%, 02/01/19		30,835
		ERAC USA Finance LLC,
	45,000	4.500%, 08/16/21 (e)		47,059
	12,000	5.625%, 03/15/42 (e)		12,046
		Norfolk Southern Corp.,
	70,000	3.950%, 10/01/42		60,332
	78,000	6.000%, 05/23/11 †		85,716
	27,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		27,269
	35,000	Ryder System, Inc., 3.600%, 03/01/16		36,793

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — Continued
	35,000	United Parcel Service of America, Inc., 8.375%, 04/01/20		46,110
				818,988
		Total Industrials		1,643,855
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	80,000	5.500%, 02/22/16		89,332
	75,000	5.900%, 02/15/39		88,984
				178,316
		Computers & Peripherals — 0.4%
		Apple, Inc.,
	142,000	2.400%, 05/03/23		131,700
	69,000	VAR, 0.523%, 05/03/18		68,704
	25,000	Dell, Inc., 7.100%, 04/15/28		24,663
		EMC Corp.,
	40,000	1.875%, 06/01/18		39,540
	50,000	3.375%, 06/01/23		49,076
		Hewlett-Packard Co.,
	83,000	2.600%, 09/15/17		82,891
	50,000	4.300%, 06/01/21		48,889
	39,000	4.650%, 12/09/21		39,004
	75,000	4.750%, 06/02/14		77,348
	200,000	6.000%, 09/15/41		192,951
				754,766
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	13,000	3.000%, 03/01/18		12,981
	25,000	3.375%, 11/01/15		25,875
	8,000	4.500%, 03/01/23		7,871
	25,000	6.000%, 04/01/20		27,056
	80,000	6.875%, 06/01/18		91,684
	7,000	7.500%, 01/15/27		8,021
				173,488
		IT Services — 0.2%
	50,000	HP Enterprise Services LLC, 7.450%, 10/15/29		56,471
		International Business Machines Corp.,
	174,000	1.625%, 05/15/20		162,886
	169,000	4.000%, 06/20/42		158,594
	50,000	6.220%, 08/01/27		61,625
				439,576

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	17,000	4.500%, 05/15/21		17,535
	35,000	5.625%, 12/15/19		38,638
	50,000	6.750%, 02/01/17		56,564
				112,737
		Semiconductors & Semiconductor Equipment — 0.1%
	110,000	National Semiconductor Corp., 6.600%, 06/15/17		129,250
		Software — 0.2%
		Microsoft Corp.,
	75,000	1.625%, 09/25/15		76,695
	108,000	2.375%, 05/01/23		99,944
		Oracle Corp.,
	50,000	5.250%, 01/15/16		55,297
	50,000	5.750%, 04/15/18		58,182
	100,000	6.500%, 04/15/38		125,203
				415,321
		Total Information Technology		2,203,454
		Materials — 0.4%
		Chemicals — 0.3%
	30,000	Dow Chemical Co. (The), 7.375%, 11/01/29		37,780
		E.I. du Pont de Nemours & Co.,
	58,000	1.950%, 01/15/16		59,472
	25,000	4.900%, 01/15/41		26,216
		Mosaic Co. (The),
	24,000	3.750%, 11/15/21		24,019
	8,000	4.875%, 11/15/41		7,654
		PPG Industries, Inc.,
	14,000	5.500%, 11/15/40		15,043
	50,000	9.000%, 05/01/21		66,822
	90,000	Praxair, Inc., 5.250%, 11/15/14		95,684
		Union Carbide Corp.,
	100,000	7.500%, 06/01/25		117,031
	80,000	7.750%, 10/01/96		90,630
				540,351
		Construction Materials — 0.0% (g)
	18,000	CRH America, Inc., 6.000%, 09/30/16		20,270
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	40,000	5.400%, 03/29/17		45,101
	80,000	6.500%, 04/01/19		95,777

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — Continued
		Rio Tinto Finance USA Ltd., (Australia),
	12,000	3.500%, 11/02/20		11,940
	60,000	8.950%, 05/01/14		63,940
	29,000	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		28,443
				245,201
		Total Materials		805,822
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	70,000	3.875%, 08/15/21		72,197
	10,000	4.300%, 12/15/42		8,709
	205,000	5.350%, 09/01/40		207,427
	100,000	5.500%, 02/01/18		114,376
	70,000	5.800%, 02/15/19		81,186
	45,000	6.300%, 01/15/38		50,030
	145,000	BellSouth Corp., 5.200%, 09/15/14		152,258
	121,260	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		125,482
	50,000	Centel Capital Corp., 9.000%, 10/15/19		60,178
		CenturyLink, Inc.,
	90,000	6.450%, 06/15/21		93,825
	60,000	7.600%, 09/15/39		57,000
	70,000	Deutsche Telekom International Finance B.V., (Netherlands), 8.750%, 06/15/30		97,109
	200,000	GTE Corp., 6.840%, 04/15/18		237,774
	125,000	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		131,384
	35,000	Orange S.A., (France), 2.750%, 09/14/16		35,869
	130,000	Telecom Italia Capital S.A., (Luxembourg), 5.250%, 11/15/13		131,629
		Telefonica Emisiones S.A.U., (Spain),
	19,000	5.462%, 02/16/21		19,588
	25,000	5.877%, 07/15/19		26,989
		Verizon Communications, Inc.,
	90,000	6.400%, 02/15/38		104,796
	200,000	7.750%, 12/01/30		259,106
	100,000	Verizon Pennsylvania LLC, 8.350%, 12/15/30		127,917
				2,194,829
		Wireless Telecommunication Services — 0.1%
	40,000	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		41,180

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Wireless Telecommunication Services — Continued
		Rogers Communications, Inc., (Canada),
	70,000	6.375%, 03/01/14		72,614
	50,000	6.800%, 08/15/18		60,364
		Vodafone Group plc, (United Kingdom),
	50,000	1.500%, 02/19/18		47,864
	50,000	1.625%, 03/20/17		48,783
	50,000	5.000%, 09/15/15		54,235
				325,040
		Total Telecommunication Services		2,519,869
		Utilities — 1.4%
		Electric Utilities — 1.0%
	62,000	Alabama Power Co., 6.125%, 05/15/38		73,980
	9,000	Arizona Public Service Co., 4.500%, 04/01/42		8,666
		Duke Energy Carolinas LLC,
	39,000	4.300%, 06/15/20		42,444
	75,000	5.100%, 04/15/18		85,323
	60,000	Duke Energy Indiana, Inc., 6.350%, 08/15/38		73,113
		Duke Energy Progress, Inc.,
	100,000	5.125%, 09/15/13		100,919
	25,000	5.300%, 01/15/19		28,718
		Florida Power & Light Co.,
	55,000	5.950%, 10/01/33		66,869
	30,000	5.950%, 02/01/38		36,240
	25,000	Georgia Power Co., 5.950%, 02/01/39		28,855
	18,000	Great Plains Energy, Inc., 4.850%, 06/01/21		19,118
	100,000	Hydro-Quebec, (Canada), 8.050%, 07/07/24		137,533
		Kansas City Power & Light Co.,
	24,000	3.150%, 03/15/23		22,784
	50,000	5.300%, 10/01/41		50,829
	40,000	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		44,523
	25,000	Northern States Power Co., 6.250%, 06/01/36		30,856
	40,000	Ohio Power Co., 6.050%, 05/01/18		46,731
		Oncor Electric Delivery Co. LLC,
	30,000	6.800%, 09/01/18		36,253
	25,000	7.000%, 09/01/22		31,033
		Pacific Gas & Electric Co.,
	24,000	4.500%, 12/15/41		23,116
	75,000	5.625%, 11/30/17		86,681
	100,000	6.050%, 03/01/34		116,592

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — Continued
	75,000	Potomac Electric Power Co., 6.500%, 11/15/37		95,265
	35,000	Progress Energy, Inc., 4.400%, 01/15/21		37,169
	18,000	Public Service Co. of Colorado, 3.200%, 11/15/20		18,442
	175,000	Public Service Co. of Oklahoma, 6.625%, 11/15/37		213,740
		Public Service Electric & Gas Co.,
	28,000	5.375%, 11/01/39		32,341
	25,000	6.330%, 11/01/13		25,488
	50,000	Southwestern Public Service Co., 8.750%, 12/01/18		64,367
	200,000	State Grid Overseas Investment Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		191,687
		Virginia Electric and Power Co.,
	50,000	5.400%, 04/30/18		57,749
	70,000	5.950%, 09/15/17		81,351
	70,000	6.350%, 11/30/37		87,409
	20,000	Xcel Energy, Inc., 6.500%, 07/01/36		24,585
				2,120,769
		Gas Utilities — 0.2%
		AGL Capital Corp.,
	37,000	3.500%, 09/15/21		37,752
	42,000	4.400%, 06/01/43		38,923
	96,000	5.875%, 03/15/41		109,348
	22,000	Boston Gas Co., 4.487%, 02/15/42 (e)		21,142
	25,000	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		29,127
	100,000	NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		97,000
				333,292
		Independent Power Producers & Energy Traders — 0.1%
		Exelon Generation Co. LLC,
	78,000	4.000%, 10/01/20		79,133
	29,000	5.750%, 10/01/41		29,874
	37,000	PSEG Power LLC, 5.125%, 04/15/20		40,675
				149,682
		Multi-Utilities — 0.1%
	38,000	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		43,536
		Sempra Energy,
	100,000	6.500%, 06/01/16		114,669
	40,000	8.900%, 11/15/13		41,204
				199,409

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — Continued
		Water Utilities — 0.0% (g)
	100,000	American Water Capital Corp., 6.085%, 10/15/17		115,340
		Total Utilities		2,918,492
		Total Corporate Bonds (Cost $31,973,038)		33,601,362
	Foreign Government Securities — 0.2%
		Province of Ontario, (Canada),
	75,000	2.700%, 06/16/15		77,976
	200,000	2.950%, 02/05/15		207,577
	100,000	United Mexican States, (Mexico), 6.625%, 03/03/15		108,500
		Total Foreign Government Securities (Cost $375,466)		394,053
	Mortgage Pass-Through Securities — 8.4%
		Federal Home Loan Mortgage Corp.,
	71,483	ARM, 2.263%, 01/01/27		76,145
	21,274	ARM, 2.328%, 04/01/30		22,640
	122,849	ARM, 2.459%, 03/01/35		130,442
	137,657	ARM, 2.559%, 04/01/34		145,836
	36,800	ARM, 5.918%, 01/01/37		39,695
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	25,177	4.500%, 08/01/18		26,439
	13,134	5.000%, 12/01/13 - 04/01/14		13,862
	1,132	5.500%, 03/01/14		1,200
	1,056	6.000%, 04/01/14		1,063
	124,336	6.500%, 06/01/14 - 02/01/19		132,097
	1,060	8.500%, 11/01/15		1,065
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	29,834	6.000%, 12/01/22		32,379
	62,641	6.500%, 11/01/22		69,540
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	111,118	5.500%, 10/01/33		119,472
	223,968	6.000%, 04/01/26 - 02/01/39		244,376
	298,090	6.500%, 11/01/25 - 11/01/34		333,920
	91,808	7.000%, 04/01/35		106,448
	6,097	8.500%, 07/01/28		7,072
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	1,953,771	3.500%, 04/01/33 - 06/01/42		1,997,194
	482,824	4.000%, 06/01/42		506,090
	69,191	7.000%, 07/01/29		78,020

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	24,658	10.000%, 01/01/20 - 09/01/20		26,958
	484	12.000%, 07/01/19		505
		Federal National Mortgage Association,
	496,253	VAR, 0.648%, 01/01/23		496,990
	1,743	ARM, 1.904%, 03/01/19		1,768
	440,411	ARM, 1.987%, 01/01/35		465,404
	99,595	ARM, 2.277%, 07/01/33		105,960
	134,380	ARM, 2.294%, 08/01/34		142,757
	29,088	ARM, 2.387%, 04/01/34		31,001
	92,245	ARM, 2.397%, 05/01/35		96,809
	96,829	ARM, 2.423%, 04/01/33		102,861
	140,074	ARM, 2.547%, 10/01/34		148,639
	89,925	ARM, 2.622%, 01/01/34		95,395
	4,879	ARM, 3.786%, 03/01/29		5,227
		Federal National Mortgage Association, 15 Year, Single Family,
	109,035	3.500%, 09/01/18 - 05/01/19		113,727
	18,383	4.000%, 07/01/18		19,418
	125,599	4.500%, 03/01/23 - 05/01/23		133,390
	17,580	5.000%, 06/01/18		18,778
	85,947	5.500%, 04/01/22		90,756
	142,762	6.000%, 08/01/14 - 09/01/22		153,257
	44,896	6.500%, 08/01/20		48,915
	3,404	8.000%, 01/01/16		3,468
		Federal National Mortgage Association, 20 Year, Single Family,
	60,492	4.500%, 01/01/25		64,976
	374,496	5.000%, 11/01/23		406,473
	106,440	6.500%, 03/01/19 - 12/01/22		118,041
		Federal National Mortgage Association, 30 Year, FHA/VA,
	35,977	8.500%, 10/01/26 - 06/01/30		38,893
	74,360	9.000%, 04/01/25		86,365
		Federal National Mortgage Association, 30 Year, Single Family,
	232,879	3.000%, 09/01/31		227,904
	80,125	4.500%, 04/01/38 - 05/01/39		84,751
	156,903	5.000%, 09/01/35		168,936
	59,745	5.500%, 01/01/38 - 06/01/38		64,797
	139,158	6.000%, 01/01/29 - 03/01/33		153,852
	481,401	6.500%, 09/01/25 - 11/01/36		536,971
	1,603	7.000%, 08/01/32		1,737
	23,812	7.500%, 03/01/30		26,164
	121,562	8.000%, 03/01/27 - 11/01/28		144,692

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, Other,
	1,000,000	2.010%, 06/01/20		967,073
	297,705	2.418%, 12/01/22		282,581
	1,000,000	2.480%, 12/01/22 - 02/01/23		953,928
	500,000	2.531%, 11/01/22		475,021
	500,000	2.583%, 04/01/23		468,980
	1,000,000	2.604%, 05/01/23		937,850
	996,485	3.500%, 05/01/43		995,615
	1,434,738	4.000%, 07/01/42		1,479,996
	479,518	4.130%, 07/01/20		524,311
	225,390	5.500%, 09/01/33 - 04/01/38		243,124
	108,161	6.000%, 09/01/28		118,597
	187,023	6.500%, 10/01/35		211,042
		Government National Mortgage Association II, 30 Year, Single Family,
	3,683	7.500%, 12/20/26		4,515
	76,088	8.000%, 11/20/26 - 01/20/27		95,042
	2,556	8.500%, 05/20/25		2,980
		Government National Mortgage Association II, Other,
	536,194	VAR, 2.250%, 07/20/34 - 09/20/34		558,447
	6,237	Government National Mortgage Association, 15 Year, Single Family, 8.000%, 01/15/16		6,471
		Government National Mortgage Association, 30 Year, Single Family,
	145,538	6.000%, 05/15/37 - 10/15/38		161,587
	136,846	6.500%, 03/15/28 - 12/15/38		155,223
	33,885	7.000%, 12/15/25 - 06/15/33		39,561
	20,259	7.500%, 05/15/23 - 09/15/28		22,461
	18,254	8.000%, 09/15/22 - 10/15/27		20,935
	5,562	9.000%, 11/15/24		6,077
	172,377	9.500%, 10/15/24		196,703
		Total Mortgage Pass-Through Securities (Cost $17,334,898)		17,439,650
	Municipal Bonds — 0.2% (t)
		Illinois — 0.1%
	160,000	State of Illinois, Taxable Pension, Series 2003, GO, 5.100%, 06/01/33		150,877
		New York — 0.1%
	30,000	New York State Dormitory Authority, State Personal Income Tax, Series D, Rev., 5.600%, 03/15/40		33,444
	130,000	Port Authority of New York & New Jersey, Taxable Consolidated 164th, Rev., 5.647%, 11/01/40		144,744
				178,188

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Ohio — 0.0% (g)
	98,000	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/11 †		85,834
		Total Municipal Bonds (Cost $416,202)		414,899
	U.S. Government Agency Securities — 13.3%
		Federal Home Loan Mortgage Corp.,
	30,000	4.875%, 06/13/18		34,600
	125,000	5.125%, 10/18/16		142,102
		Federal National Mortgage Association,
	3,000,000	Zero Coupon, 10/09/19		2,520,000
	195,000	2.750%, 03/13/14		198,462
	150,000	5.000%, 02/13/17		170,984
		Federal National Mortgage Association STRIPS,
	6,000,000	Zero Coupon, 09/23/20		4,998,420
	630,000	Zero Coupon, 03/23/28		349,502
		Financing Corp. Fico STRIPS,
	2,000,000	Zero Coupon, 11/02/18		1,804,788
	8,000,000	Zero Coupon, 12/06/18		7,185,752
	100,000	Zero Coupon, 09/26/19		87,139
	4,100,000	Residual Funding Corp. STRIPS, Zero Coupon, 07/15/20		3,503,393
	2,000,000	Resolution Funding Corp. STRIPS, Zero Coupon, 01/15/20		1,735,894
		Tennessee Valley Authority,
	33,000	4.625%, 09/15/60		31,703
	100,000	5.250%, 09/15/39		112,512
	5,000,000	Tennessee Valley Authority STRIPS, Zero Coupon, 07/15/16		4,826,980
		Total U.S. Government Agency Securities (Cost $22,219,937)		27,702,231
	U.S. Treasury Obligations — 24.3%
		U.S. Treasury Bonds,
	415,000	4.375%, 02/15/38		485,939
	150,000	4.500%, 02/15/36		178,617
	75,000	4.500%, 05/15/38		89,484
	100,000	4.750%, 02/15/37		123,375
	455,000	5.000%, 05/15/37		580,765
	50,000	5.375%, 02/15/31		65,133
	200,000	6.125%, 11/15/27		274,438
	50,000	6.250%, 05/15/30		70,836
	10,000	6.375%, 08/15/27		14,000
	150,000	6.750%, 08/15/26		214,781
	80,000	7.250%, 08/15/22		112,906
	250,000	8.000%, 11/15/21		362,442

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2013

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — Continued
		U.S. Treasury Bonds STRIPS,
	600,000	11/15/14		598,008
	1,750,000	02/15/15		1,741,143
	500,000	05/15/15		496,732
	4,715,000	11/15/15		4,658,043
	3,300,000	02/15/16		3,249,880
	1,615,000	05/15/16		1,585,313
	1,925,000	08/15/16		1,880,881
	3,050,000	11/15/16		2,964,695
	825,000	02/15/17		797,575
	3,625,000	08/15/17		3,460,541
	2,900,000	11/15/17		2,749,510
	150,000	02/15/18		141,117
	280,000	02/15/19		255,725
	100,000	05/15/19		90,501
	400,000	08/15/19		359,222
	250,000	02/15/20		220,472
	2,653,000	05/15/20		2,317,433
	10,000,000	05/15/20		8,752,100
	350,000	08/15/20		302,913
	65,000	11/15/20		55,755
	35,000	02/15/21		29,668
	750,000	05/15/21		629,858
	100,000	08/15/21		83,022
	725,000	11/15/21		595,704
	100,000	02/15/22		81,366
	10,000	11/15/24		7,193
	100,000	05/15/26		67,140
	23,000	08/15/26		15,250
	250,000	11/15/26		163,822
	600,000	02/15/27		388,799
	175,000	05/15/27		112,002
	150,000	08/15/27		94,916
	500,000	11/15/27		312,969
	27,000	02/15/28		16,696
	100,000	05/15/28		61,160
	50,000	08/15/28		30,247
	100,000	11/15/28		59,817
	250,000	08/15/29		144,826
	100,000	11/15/29		57,313
	725,000	02/15/30		411,295
	50,000	08/15/30		27,757
	50,000	11/15/30		27,449
	175,000	05/15/31		94,088
	100,000	02/15/32		52,072
	100,000	05/15/32		51,536

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	400,000	11/15/32		202,056
	325,000	05/15/33		160,909
	100,000	08/15/33		49,012
	350,000	11/15/33		169,704
	225,000	02/15/34		108,043
	100,000	05/15/34		47,492
	50,000	11/15/34		23,292
	150,000	02/15/35		69,180
	250,000	05/15/35		114,102
		U.S. Treasury Inflation Indexed Bonds,
	100,000	2.500%, 01/15/29		133,587
	300,000	3.625%, 04/15/28		598,603
		U.S. Treasury Inflation Indexed Notes,
	500,000	0.500%, 04/15/15		549,865
	170,000	1.375%, 07/15/18		200,216
		U.S. Treasury Notes,
	125,000	1.375%, 11/30/18		124,141
	400,000	1.375%, 12/31/18		396,688
	400,000	1.500%, 08/31/18		401,125
	150,000	1.750%, 10/31/18		152,109
	400,000	2.250%, 07/31/18		416,625
	200,000	2.625%, 11/15/20		208,390
	742,000	3.125%, 05/15/19		805,244
	400,000	3.125%, 05/15/21		429,531
	200,000	3.250%, 12/31/16		216,422
	200,000	3.500%, 02/15/18		220,078
	450,000	3.500%, 05/15/20		497,847
	650,000	3.625%, 02/15/21		722,465
	500,000	4.750%, 08/15/17		573,906
		Total U.S. Treasury Obligations (Cost $45,843,182)		50,456,872
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	2,810,698	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (Cost $2,810,698)		2,810,698
		Total Investments — 99.7% (Cost $190,169,868)		206,833,363
		Other Assets in Excess of Liabilities — 0.3%		547,420
		NET ASSETS — 100.0%	$	207,380,783

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 25

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2013.
CMO	—  Collateralized Mortgage Obligation
ESOP	—  Employee Stock Ownership Program
FHA	—  Federal Housing Administration
GMAC	—  General Motors Acceptance Corp.
GO	—  General Obligation
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, 2013. 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.

REMIC	—  Real Estate Mortgage Investment Conduit
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, 2013.
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2013.
(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.
(g)	—  Amount rounds to less than 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(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, 2013.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
†	—  Security matures in 2111.

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	204,022,665
Investments in affiliates, at value		2,810,698
Total investment securities, at value		206,833,363
Receivables:
Investment securities sold		7,770
Portfolio shares sold		23,805
Interest from non-affiliates		867,321
Dividends from affiliates		56
Total Assets		207,732,315
LIABILITIES:
Payables:
Portfolio shares redeemed		98,830
Accrued liabilities:
Investment advisory fees		68,311
Administration fees		14,154
Distribution fees		3,356
Custodian and accounting fees		60,436
Trustees’ and Chief Compliance Officer’s fees		39
Audit Fees		49,807
Other		56,599
Total Liabilities		351,532
Net Assets	$	207,380,783
NET ASSETS :
Paid-in-Capital	$	193,194,480
Accumulated undistributed net investment income		4,159,357
Accumulated net realized gains (losses)		(6,636,549	)
Net unrealized appreciation (depreciation)		16,663,495
Total Net Assets	$	207,380,783
Net Assets:
Class 1	$	190,626,110
Class 2		16,754,673
Total	$	207,380,783
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		17,235,792
Class 2		1,523,608
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.06
Class 2		11.00
Cost of investments in non-affiliates	$	187,359,170
Cost of investments in affiliates		2,810,698

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 27

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

	Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,829,982
Dividend income from affiliates		1,439
Total investment income		4,831,421
EXPENSES:
Investment advisory fees		427,108
Administration fees		90,042
Distribution fees — Class 2		16,843
Custodian and accounting fees		56,081
Professional fees		38,759
Trustees’ and Chief Compliance Officer’s fees		1,214
Printing and mailing costs		16,018
Transfer agent fees		3,204
Other		13,020
Total expenses		662,289
Less amounts waived		(10,115	)
Net expenses		652,174
Net investment income (loss)		4,179,247
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		(100,460	)
Change in net unrealized appreciation/depreciation of investments in non-affiliates		(7,785,609	)
Net realized/unrealized gains (losses)		(7,886,069	)
Change in net assets resulting from operations		(3,706,822	)

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Core Bond Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	4,179,247		$	9,740,791
Net realized gain (loss)		(100,460	)		(307,285	)
Change in net unrealized appreciation/depreciation		(7,785,609	)		2,266,991
Change in net assets resulting from operations		(3,706,822	)		11,700,497
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(9,052,968	)		(9,992,343	)
Class 2
From net investment income		(680,242	)		(135,209	)
Total distributions to shareholders		(9,733,210	)		(10,127,552	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,428,502			(11,119,967	)
NET ASSETS:
Change in net assets		(10,011,530	)		(9,547,022	)
Beginning of period		217,392,313			226,939,335
End of period	$	207,380,783		$	217,392,313
Accumulated undistributed net investment income	$	4,159,357		$	9,713,320
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	6,674,291		$	30,432,330
Distributions reinvested		9,052,968			9,992,343
Cost of shares redeemed		(20,721,666	)		(58,978,592	)
Change in net assets resulting from Class 1 capital transactions	$	(4,994,407	)	$	(18,553,919	)
Class 2
Proceeds from shares issued	$	9,995,574		$	8,625,937
Distributions reinvested		680,242			135,209
Cost of shares redeemed		(2,252,907	)		(1,327,194	)
Change in net assets resulting from Class 2 capital transactions	$	8,422,909		$	7,433,952
Total change in net assets resulting from capital transactions	$	3,428,502		$	(11,119,967	)
SHARE TRANSACTIONS:
Class 1
Issued		571,776			2,605,209
Reinvested		797,618			877,291
Redeemed		(1,794,048	)		(5,047,684	)
Change in Class 1 Shares		(424,654	)		(1,565,184	)
Class 2
Issued		863,892			743,482
Reinvested		60,252			11,902
Redeemed		(196,610	)		(113,458	)
Change in Class 2 Shares		727,534			641,926

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 29

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, 2013 (Unaudited)	$	11.78	$	0.23	(f)	$	(0.42	)	$	(0.19	)	$	(0.53	)	$	11.06
Year Ended December 31, 2012		11.71		0.51	(f)		0.10			0.61			(0.54	)		11.78
Year Ended December 31, 2011		11.54		0.54	(f)		0.28			0.82			(0.65	)		11.71
Year Ended December 31, 2010		10.99		0.57	(f)		0.42			0.99			(0.44	)		11.54
Year Ended December 31, 2009		10.94		0.61	(f)		0.38			0.99			(0.94	)		10.99
Year Ended December 31, 2008		11.41		0.56	(f)		(0.41	)		0.15			(0.62	)		10.94
Class 2
Six Months Ended June 30, 2013 (Unaudited)		11.72		0.21	(f)		(0.41	)		(0.20	)		(0.52	)		11.00
Year Ended December 31, 2012		11.68		0.47	(f)		0.11			0.58			(0.54	)		11.72
Year Ended December 31, 2011		11.51		0.50	(f)		0.29			0.79			(0.62	)		11.68
Year Ended December 31, 2010		10.97		0.54	(f)		0.42			0.96			(0.42	)		11.51
Year Ended December 31, 2009		10.92		0.59	(f)		0.37			0.96			(0.91	)		10.97
Year Ended December 31, 2008		11.38		0.54	(f)		(0.41	)		0.13			(0.59	)		10.92

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2013

			Ratios/Supplemental data
					Ratios to average net assets (a)
Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
	(1.74	)%	$	190,626,110		0.60	%		3.93	%		0.60	%		8	%
	5.33			208,061,368		0.60			4.36			0.62			8
	7.46			225,138,765		0.59			4.74			0.61			9
	9.24			245,677,262		0.60			5.06			0.62			10
	9.65			263,558,623		0.59			5.63			0.67			17
	1.31			145,805,357		0.60			5.04			0.63			3
	(1.83	)		16,754,673		0.85			3.67			0.85			8
	5.07			9,330,945		0.85			4.00			0.87			8
	7.21			1,800,570		0.84			4.33			0.84			9
	8.97			19,644		0.85			4.80			0.88			10
	9.32			18,033		0.84			5.47			0.92			17
	1.15			16,490		0.85			4.83			0.87			3

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

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 and administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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 prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers 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 pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics 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 values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The

32 JPMORGAN INSURANCE TRUST JUNE 30, 2013

appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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 the 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.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	–	$	1,867,819	$	1,083,784	$	2,951,603
Collateralized Mortgage Obligations
Agency CMO		–		44,577,351		1,928,184		46,505,535
Non-Agency CMO		–		16,474,831		2,717,467		19,192,298
Total Collateralized Mortgage Obligations		–		61,052,182		4,645,651		65,697,833
Commercial Mortgage-Backed Securities		–		5,128,700		235,462		5,364,162
Corporate Bonds
Consumer Discretionary		–		2,556,426		–		2,556,426
Consumer Staples		–		1,300,808		–		1,300,808
Energy		–		2,287,221		–		2,287,221
Financials		–		16,479,906		100,625		16,580,531
Health Care		–		784,884		–		784,884
Industrials		–		1,553,422		90,433		1,643,855
Information Technology		–		2,203,454		–		2,203,454
Materials		–		805,822		–		805,822
Telecommunication Services		–		2,388,485		131,384		2,519,869
Utilities		–		2,918,492		–		2,918,492
Total Corporate Bonds		–		33,278,920		322,442		33,601,362
Foreign Government Securities		–		394,053		–		394,053
Mortgage Pass-Through Securities		–		17,439,650		–		17,439,650
Municipal Bonds		–		414,899		–		414,899
U.S. Government Agency Securities		–		27,702,231		–		27,702,231
U.S. Treasury Obligations		–		50,456,872		–		50,456,872
Short-Term Investment
Investment Company		2,810,698		–		–		2,810,698
Total Investments in Securities	$	2,810,698	$	197,735,326	$	6,287,339	$	206,833,363

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2013.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

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

	Balance as of 12/31/12		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of 06/30/13
Investments in Securities
Asset-Backed Securities	$	167,769	$	—	$	(6,626	)	$	193		$	101,998	$	(75,214	)	$	895,664	$	—		$	1,083,784
Collateralized Mortgage Obligations
Agency CMO		57,154		—		(316,126	)		5,689			6,832		(247,750	)		2,479,539		(57,154	)		1,928,184
Non-Agency CMO		398,751		14,327		(40,479	)		766			727,216		(446,578	)		2,276,093		(212,629	)		2,717,467
Commercial Mortgage-Backed Securities		135,464		—		788			(647	)		—		(52,820	)		152,677		—			235,462
Corporate Bonds — Financials		95,375		—		5,250			—			—		—			—					100,625
Corporate Bonds — Industrials		117,753		—		1,309			—			26,000		(2,513	)		—		(52,116	)		90,433
Corporate Bonds —Telecommunication Services		—		—		(1,086	)		—			—		—			132,470		—			131,384
Total	$	972,266	$	14,327	$	(356,970	)	$	6,001		$	862,046	$	(824,875	)	$	5,936,443	$	(321,899	)	$	6,287,339

(1) Purchases include all purchases of securities and securities received in corporate actions.

(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

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), respectively, 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, 2013, which were valued using significant unobservable inputs (Level 3) amounted to $(356,970). This amount is included in Change in net unrealized appreciation (depreciation) of investments in non-affiliates on the Statement of Operations.

Insurance Trust Core Bond Portfolio

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at 6/30/13		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
	$	5,719,341	Discounted Cash Flow	Prepayment Speed		0.00 - 487.00 (174.40)
				Constant Default Rate		0.00 - 12.00 (2.42)
				Yield (Discount Rate of Cash Flows)		(56.04%) - 44.77% (6.65%)
Asset-backed securities		5,719,341
Total	$	5,719,341

# The table above does not include level 3 securities that are valued by brokers and pricing services. At 6/30/13, the value of these securities was $567,998. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, unchanged price review, results of broker and vendor due diligence and consideration of macro or security specific events.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rates and yield may decrease (increase) the fair value measurement. A significant change in prepayment speeds could result in a significantly higher or lower value in such Level 3 instruments.

B. Restricted and Illiquid Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). 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,

34 JPMORGAN INSURANCE TRUST JUNE 30, 2013

non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Portfolio. As of June 30, 2013, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A and/or Regulation S under the Securities Act.

The value and percentage of net assets of illiquid securities as of June 30, 2013 were $526,488 and 0.3%, respectively.

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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of 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 — 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. In calculating the NAV 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.

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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’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. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and 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 distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 rate of 0.40%.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMorgan Chase Bank, N.A (“JPMCB”), a wholly-owned subsidiary of JPMorgan serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator waived Administration fees as outlined in Note 3.E.

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 to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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 (for Class 2 Shares) 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 expenses related to

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

short sales, interest, taxes, expenses related to litigation and potential litigation, 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
	0.60	%		0.85	%

The expense limitation agreements were in effect for the six months ended June 30, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the six months ended June 30, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Administration		Total
$	4,782	$	4,782

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 these money market funds for the six months ended June 30, 2013 was $5,333.

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 on 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 Trustees. 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, 2013, 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, 2013, 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, 2013, 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
$	14,586,406	$	17,828,512	$	1,994,988	$	1,190,757

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	190,169,868	$	19,432,636	$	2,769,141	$	16,663,495

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio had post-enactment net long-term capital loss carryforwards of $307,289.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2013

At December 31, 2012, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains:

2016		2017		Total
$	779,717	$	5,440,874	$	6,220,591	*

* The entire amount is comprised of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has 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.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 37

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 each Class at the beginning of the reporting period, January 1, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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.

Expense Example

	Beginning Account Value, January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period		Annualized Expense Ratio
Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	982.60	$	2.95		0.60	%
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class 2
Actual		1,000.00		981.70		4.18		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85

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

38 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013. All rights reserved. June 2013. SAN-JPMITCBP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust Equity Index Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	13
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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

JULY 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low from a historical perspective, they ended the period

sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Equity Index Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		13.59%
S&P 500 Index**		13.82%
Net Assets as of 6/30/2013	$	58,811,704

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) performed largely in line with the Benchmark for the six months ended June 30, 2013. This was consistent with its indexing strategy and investment objective, as the Portfolio looks to generate returns that are comparable to those of the Benchmark.

Despite periods of heightened volatility and a setback in June, the overall U.S. equity market, as measured by the Benchmark, generated strong results for the six months ended June 30, 2013. The Benchmark generated a positive return for each of the first five months of the reporting period. Supporting the market were overall solid corporate profits, improving economic growth and generally robust investor demand. These factors helped the Benchmark to post several all-time highs over the first five months of 2013. The Benchmark then reversed course and declined during the last month of the reporting period. This turnaround was triggered by indications that the U.S. Federal Reserve Board (“Fed”) would begin tapering its monthly purchases of bonds — $85 billion of mortgage-backed securities and Treasury securities — if economic conditions continued to improve. This caused interest rates to move sharply higher and both stock and bond prices fell sharply. However, the Benchmark again rallied in late June, as concerns regarding Fed tapering abated somewhat. All told, the Benchmark finished the six months ended June 30, 2013 with a 13.82% gain. Each of the ten sectors in the Benchmark produced a positive return for the six-month period. The health care and consumer discretionary sectors produced the strongest returns. Materials and information technology were the worst performing sectors.

HOW WAS THE PORTFOLIO POSITIONED?

Regardless of the market outlook, the Fund was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Exxon Mobil Corp.	2.8	%
	2.	Apple, Inc.	2.6
	3.	Microsoft Corp.	1.8
	4.	Johnson & Johnson	1.7
	5.	General Electric Co.	1.7
	6.	Google, Inc., Class A	1.6
	7.	Chevron Corp.	1.6
	8.	Procter & Gamble Co. (The)	1.5
	9.	Berkshire Hathaway, Inc., Class B	1.4
	10.	Wells Fargo & Co.	1.4

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	17.6	%
Financials	16.4
Health Care	12.6
Consumer Discretionary	12.0
Energy	10.4
Consumer Staples	10.3
Industrials	10.1
Utilities	3.3
Materials	3.2
Telecommunication Services	2.8
Short-Term Investments	1.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2013

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		5/01/98		13.59	%		20.18	%		6.65	%		6.90	%

* Not annualized.

TEN YEAR PERFORMANCE (6/30/03 TO 6/30/13)

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 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, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, 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 gain distributions of the securities included in the benchmark, if applicable. 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 incurred 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.

Portfolio 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. Portfolio 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, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Consumer Discretionary — 12.0%
		Auto Components — 0.4%
	468	BorgWarner, Inc. (a)		40,318
	1,179	Delphi Automotive plc, (United Kingdom)		59,763
	995	Goodyear Tire & Rubber Co. (The) (a)		15,214
	2,776	Johnson Controls, Inc.		99,353
				214,648
		Automobiles — 0.7%
	15,934	Ford Motor Co.		246,499
	3,120	General Motors Co. (a)		103,927
	908	Harley-Davidson, Inc.		49,777
				400,203
		Distributors — 0.1%
	628	Genuine Parts Co.		49,028
		Diversified Consumer Services — 0.0% (g)
	1,104	H&R Block, Inc.		30,636
		Hotels, Restaurants & Leisure — 1.8%
	1,800	Carnival Corp.		61,722
	125	Chipotle Mexican Grill, Inc. (a)		45,544
	526	Darden Restaurants, Inc.		26,552
	1,055	International Game Technology		17,629
	971	Marriott International, Inc., Class A		39,199
	4,064	McDonald's Corp.		402,336
	3,035	Starbucks Corp.		198,762
	789	Starwood Hotels & Resorts Worldwide, Inc.		49,857
	551	Wyndham Worldwide Corp.		31,534
	323	Wynn Resorts Ltd.		41,344
	1,823	Yum! Brands, Inc.		126,407
				1,040,886
		Household Durables — 0.3%
	1,136	D.R. Horton, Inc.		24,174
	444	Garmin Ltd., (Switzerland)		16,055
	275	Harman International Industries, Inc.		14,905
	579	Leggett & Platt, Inc.		18,001
	671	Lennar Corp., Class A		24,183
	1,169	Newell Rubbermaid, Inc.		30,686
	1,382	PulteGroup, Inc. (a)		26,216
	321	Whirlpool Corp.		36,710
				190,930
		Internet & Catalog Retail — 1.2%
	1,476	Amazon.com, Inc. (a)		409,870
	378	Expedia, Inc.		22,737
	228	Netflix, Inc. (a)		48,129
	209	priceline.com, Inc. (a)		172,870

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet & Catalog Retail — Continued
	447	TripAdvisor, Inc. (a)		27,209
				680,815
		Leisure Equipment & Products — 0.1%
	467	Hasbro, Inc.		20,936
	1,400	Mattel, Inc.		63,434
				84,370
		Media — 3.6%
	877	Cablevision Systems Corp., Class A		14,751
	2,313	CBS Corp. (Non-Voting), Class B		113,036
	10,674	Comcast Corp., Class A		447,027
	2,264	DIRECTV (a)		139,508
	992	Discovery Communications, Inc., Class A (a)		76,592
	932	Gannett Co., Inc.		22,797
	1,736	Interpublic Group of Cos., Inc. (The)		25,259
	8,068	News Corp., Class A		263,017
	1,048	Omnicom Group, Inc.		65,888
	345	Scripps Networks Interactive, Inc., Class A		23,032
	1,179	Time Warner Cable, Inc.		132,614
	3,778	Time Warner, Inc.		218,444
	1,808	Viacom, Inc., Class B		123,034
	7,300	Walt Disney Co. (The)		460,995
	18	Washington Post Co. (The), Class B		8,708
				2,134,702
		Multiline Retail — 0.8%
	1,221	Dollar General Corp. (a)		61,575
	907	Dollar Tree, Inc. (a)		46,112
	387	Family Dollar Stores, Inc.		24,114
	580	J.C. Penney Co., Inc. (a)		9,906
	826	Kohl's Corp.		41,721
	1,555	Macy's, Inc.		74,640
	603	Nordstrom, Inc.		36,144
	2,601	Target Corp.		179,105
				473,317
		Specialty Retail — 2.3%
	318	Abercrombie & Fitch Co., Class A		14,390
	157	AutoNation, Inc. (a)		6,812
	147	AutoZone, Inc. (a)		62,282
	886	Bed Bath & Beyond, Inc. (a)		62,817
	1,088	Best Buy Co., Inc.		29,735
	910	CarMax, Inc. (a)		42,006
	482	GameStop Corp., Class A		20,258
	1,175	Gap, Inc. (The)		49,033
	5,921	Home Depot, Inc. (The)		458,700

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Specialty Retail — Continued
	974	L Brands, Inc.		47,970
	4,347	Lowe's Cos., Inc.		177,792
	448	O'Reilly Automotive, Inc. (a)		50,454
	419	PetSmart, Inc.		28,069
	891	Ross Stores, Inc.		57,746
	2,691	Staples, Inc.		42,679
	486	Tiffany & Co.		35,400
	2,917	TJX Cos., Inc.		146,025
	447	Urban Outfitters, Inc. (a)		17,978
				1,350,146
		Textiles, Apparel & Luxury Goods — 0.7%
	1,139	Coach, Inc.		65,026
	214	Fossil Group, Inc. (a)		22,108
	2,934	NIKE, Inc., Class B		186,837
	329	PVH Corp.		41,142
	247	Ralph Lauren Corp.		42,914
	355	V.F. Corp.		68,536
				426,563
		Total Consumer Discretionary		7,076,244
		Consumer Staples — 10.3%
		Beverages — 2.4%
	652	Beam, Inc.		41,148
	615	Brown-Forman Corp., Class B		41,543
	15,525	Coca-Cola Co. (The)		622,708
	1,044	Coca-Cola Enterprises, Inc.		36,707
	625	Constellation Brands, Inc., Class A (a)		32,575
	827	Dr. Pepper Snapple Group, Inc.		37,984
	637	Molson Coors Brewing Co., Class B		30,487
	585	Monster Beverage Corp. (a)		35,550
	6,268	PepsiCo, Inc.		512,660
				1,391,362
		Food & Staples Retailing — 2.3%
	1,770	Costco Wholesale Corp.		195,709
	4,963	CVS Caremark Corp.		283,784
	2,108	Kroger Co. (The)		72,810
	977	Safeway, Inc.		23,116
	2,406	Sysco Corp.		82,189
	3,495	Walgreen Co.		154,479
	6,641	Wal-Mart Stores, Inc.		494,688
	1,398	Whole Foods Market, Inc.		71,969
				1,378,744
		Food Products — 1.6%
	2,671	Archer-Daniels-Midland Co.		90,574
	723	Campbell Soup Co.		32,383

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — Continued
	1,689	ConAgra Foods, Inc.		58,997
	2,613	General Mills, Inc.		126,809
	608	Hershey Co. (The)		54,282
	547	Hormel Foods Corp.		21,103
	435	JM Smucker Co. (The)		44,870
	1,029	Kellogg Co.		66,093
	2,410	Kraft Foods Group, Inc.		134,647
	535	McCormick & Co., Inc. (Non-Voting)		37,642
	821	Mead Johnson Nutrition Co.		65,048
	7,233	Mondelez International, Inc., Class A		206,357
	1,151	Tyson Foods, Inc., Class A		29,558
				968,363
		Household Products — 2.1%
	534	Clorox Co. (The)		44,397
	3,554	Colgate-Palmolive Co.		203,609
	1,559	Kimberly-Clark Corp.		151,441
	11,109	Procter & Gamble Co. (The)		855,282
				1,254,729
		Personal Products — 0.2%
	1,755	Avon Products, Inc.		36,907
	975	Estee Lauder Cos., Inc. (The), Class A		64,126
				101,033
		Tobacco — 1.7%
	8,142	Altria Group, Inc.		284,889
	1,531	Lorillard, Inc.		66,874
	6,629	Philip Morris International, Inc.		574,204
	1,290	Reynolds American, Inc.		62,397
				988,364
		Total Consumer Staples		6,082,595
		Energy — 10.4%
		Energy Equipment & Services — 1.8%
	1,791	Baker Hughes, Inc.		82,619
	1,005	Cameron International Corp. (a)		61,466
	282	Diamond Offshore Drilling, Inc.		19,399
	944	Ensco plc, (United Kingdom), Class A		54,865
	961	FMC Technologies, Inc. (a)		53,508
	3,778	Halliburton Co.		157,618
	431	Helmerich & Payne, Inc.		26,916
	1,194	Nabors Industries Ltd., (Bermuda)		18,280
	1,732	National Oilwell Varco, Inc.		119,335
	1,027	Noble Corp., (Switzerland)		38,595
	503	Rowan Cos. plc, Class A (a)		17,137

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Energy Equipment & Services — Continued
	5,389	Schlumberger Ltd.		386,176
				1,035,914
		Oil, Gas & Consumable Fuels — 8.6%
	2,033	Anadarko Petroleum Corp.		174,696
	1,588	Apache Corp.		133,122
	854	Cabot Oil & Gas Corp.		60,651
	2,103	Chesapeake Energy Corp.		42,859
	7,859	Chevron Corp.		930,034
	4,956	ConocoPhillips		299,838
	927	CONSOL Energy, Inc.		25,122
	1,513	Denbury Resources, Inc. (a)		26,205
	1,530	Devon Energy Corp.		79,376
	1,103	EOG Resources, Inc.		145,243
	610	EQT Corp.		48,416
	18,022	Exxon Mobil Corp.		1,628,288
	1,211	Hess Corp.		80,519
	2,561	Kinder Morgan, Inc.		97,702
	2,873	Marathon Oil Corp.		99,348
	1,316	Marathon Petroleum Corp.		93,515
	735	Murphy Oil Corp.		44,754
	549	Newfield Exploration Co. (a)		13,116
	1,456	Noble Energy, Inc.		87,418
	3,265	Occidental Petroleum Corp.		291,336
	1,093	Peabody Energy Corp.		16,002
	2,510	Phillips 66		147,864
	554	Pioneer Natural Resources Co.		80,192
	727	QEP Resources, Inc.		20,196
	661	Range Resources Corp.		51,109
	1,425	Southwestern Energy Co. (a)		52,055
	2,712	Spectra Energy Corp.		93,456
	550	Tesoro Corp.		28,776
	2,211	Valero Energy Corp.		76,876
	2,767	Williams Cos., Inc. (The)		89,844
	812	WPX Energy, Inc. (a)		15,379
				5,073,307
		Total Energy		6,109,221
		Financials — 16.4%
		Capital Markets — 2.1%
	827	Ameriprise Financial, Inc.		66,888
	4,704	Bank of New York Mellon Corp. (The)		131,947
	506	BlackRock, Inc.		129,966
	4,462	Charles Schwab Corp. (The)		94,728
	1,163	E*TRADE Financial Corp. (a)		14,724
	560	Franklin Resources, Inc.		76,171

SHARES		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — Continued
	1,747	Goldman Sachs Group, Inc. (The)		264,234
	1,802	Invesco Ltd.		57,304
	452	Legg Mason, Inc.		14,016
	5,561	Morgan Stanley		135,855
	882	Northern Trust Corp.		51,068
	1,849	State Street Corp.		120,573
	1,052	T. Rowe Price Group, Inc.		76,954
				1,234,428
		Commercial Banks — 2.9%
	2,844	BB&T Corp.		96,355
	757	Comerica, Inc.		30,151
	3,545	Fifth Third Bancorp		63,987
	3,400	Huntington Bancshares, Inc.		26,792
	3,731	KeyCorp		41,190
	493	M&T Bank Corp.		55,093
	2,146	PNC Financial Services Group, Inc.		156,486
	5,729	Regions Financial Corp.		54,597
	2,185	SunTrust Banks, Inc.		68,981
	7,497	U.S. Bancorp		271,017
	19,965	Wells Fargo & Co.		823,956
	747	Zions Bancorporation		21,573
				1,710,178
		Consumer Finance — 1.0%
	3,874	American Express Co.		289,620
	2,368	Capital One Financial Corp.		148,734
	1,988	Discover Financial Services		94,709
	1,800	SLM Corp.		41,148
				574,211
		Diversified Financial Services — 3.9%
	43,695	Bank of America Corp.		561,918
	12,333	Citigroup, Inc.		591,614
	1,245	CME Group, Inc.		94,595
	295	IntercontinentalExchange, Inc. (a)		52,439
	15,324	JPMorgan Chase & Co. (q)		808,954
	1,196	Leucadia National Corp.		31,359
	1,111	McGraw Hill Financial, Inc.		59,094
	786	Moody's Corp.		47,891
	477	NASDAQ OMX Group, Inc. (The)		15,641
	985	NYSE Euronext		40,779
				2,304,284
		Insurance — 4.3%
	1,379	ACE Ltd., (Switzerland)		123,393
	1,890	Aflac, Inc.		109,847
	1,900	Allstate Corp. (The)		91,428

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Insurance — Continued
	5,984	American International Group, Inc. (a)		267,485
	1,253	Aon plc, (United Kingdom)		80,631
	312	Assurant, Inc.		15,884
	7,394	Berkshire Hathaway, Inc., Class B (a)		827,536
	1,050	Chubb Corp. (The)		88,882
	596	Cincinnati Financial Corp.		27,356
	1,999	Genworth Financial, Inc., Class A (a)		22,809
	1,848	Hartford Financial Services Group, Inc.		57,140
	1,088	Lincoln National Corp.		39,679
	1,245	Loews Corp.		55,278
	2,231	Marsh & McLennan Cos., Inc.		89,062
	4,438	MetLife, Inc.		203,083
	1,118	Principal Financial Group, Inc.		41,869
	2,246	Progressive Corp. (The)		57,093
	1,889	Prudential Financial, Inc.		137,954
	375	Torchmark Corp.		24,427
	1,526	Travelers Cos., Inc. (The)		121,958
	1,082	Unum Group		31,778
	1,174	XL Group plc, (Ireland)		35,596
				2,550,168
		Real Estate Investment Trusts (REITs) — 2.1%
	1,603	American Tower Corp.		117,291
	591	Apartment Investment & Management Co., Class A		17,754
	493	AvalonBay Communities, Inc.		66,511
	615	Boston Properties, Inc.		64,864
	1,299	Equity Residential		75,420
	1,842	HCP, Inc.		83,700
	1,153	Health Care REIT, Inc.		77,286
	3,019	Host Hotels & Resorts, Inc.		50,931
	1,657	Kimco Realty Corp.		35,510
	557	Macerich Co. (The)		33,960
	660	Plum Creek Timber Co., Inc.		30,802
	2,019	Prologis, Inc.		76,157
	585	Public Storage		89,698
	1,260	Simon Property Group, Inc.		198,979
	1,188	Ventas, Inc.		82,518
	689	Vornado Realty Trust		57,084
	2,341	Weyerhaeuser Co.		66,695
				1,225,160
		Real Estate Management & Development — 0.0% (g)
	1,231	CBRE Group, Inc., Class A (a)		28,756

SHARES			SECURITY DESCRIPTION	VALUE($)
			Thrifts & Mortgage Finance — 0.1%
	1,927		Hudson City Bancorp, Inc.		17,651
	1,374		People's United Financial, Inc.		20,473
					38,124
			Total Financials		9,665,309
			Health Care — 12.6%
			Biotechnology — 2.0%
	791		Alexion Pharmaceuticals, Inc. (a)		72,962
	3,040		Amgen, Inc.		299,926
	962		Biogen Idec, Inc. (a)		207,022
	1,691		Celgene Corp. (a)		197,695
	6,183		Gilead Sciences, Inc. (a)		316,632
	310		Regeneron Pharmaceuticals, Inc. (a)		69,713
		��
					1,163,950
			Health Care Equipment & Supplies — 2.1%
	6,318		Abbott Laboratories		220,372
	2,197		Baxter International, Inc.		152,186
	787		Becton, Dickinson & Co.		77,779
	5,468		Boston Scientific Corp. (a)		50,688
	303		C.R. Bard, Inc.		32,930
	891		CareFusion Corp. (a)		32,833
	1,907		Covidien plc, (Ireland)		119,836
	581		DENTSPLY International, Inc.		23,798
	458		Edwards Lifesciences Corp. (a)		30,778
	163		Intuitive Surgical, Inc. (a)		82,573
	4,099		Medtronic, Inc.		210,975
	1,149		St. Jude Medical, Inc.		52,429
	1,165		Stryker Corp.		75,352
	439		Varian Medical Systems, Inc. (a)		29,611
	682		Zimmer Holdings, Inc.		51,109
					1,243,249
			Health Care Providers & Services — 2.0%
	1,533		Aetna, Inc.		97,407
	936		AmerisourceBergen Corp.		52,257
	1,385		Cardinal Health, Inc.		65,372
	1,156		Cigna Corp.		83,799
	343		DaVita HealthCare Partners, Inc. (a)		41,434
	3,309		Express Scripts Holding Co. (a)		204,132
	638		Humana, Inc.		53,835
	377		Laboratory Corp. of America Holdings (a)		37,738
	998		McKesson Corp.		114,271
	339		Patterson Cos., Inc.		12,746
	640		Quest Diagnostics, Inc.		38,803
	420		Tenet Healthcare Corp. (a)		19,362
	4,134		UnitedHealth Group, Inc.		270,694

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Health Care Providers & Services — Continued
	1,217	WellPoint, Inc.		99,599
				1,191,449
		Health Care Technology — 0.1%
	592	Cerner Corp. (a)		56,885
		Life Sciences Tools & Services — 0.5%
	1,396	Agilent Technologies, Inc.		59,693
	698	Life Technologies Corp. (a)		51,659
	454	PerkinElmer, Inc.		14,755
	1,455	Thermo Fisher Scientific, Inc.		123,137
	347	Waters Corp. (a)		34,717
				283,961
		Pharmaceuticals — 5.9%
	6,419	AbbVie, Inc.		265,361
	518	Actavis, Inc. (a)		65,382
	1,201	Allergan, Inc.		101,172
	6,658	Bristol-Myers Squibb Co.		297,546
	4,018	Eli Lilly & Co.		197,364
	951	Forest Laboratories, Inc. (a)		38,991
	671	Hospira, Inc. (a)		25,706
	11,385	Johnson & Johnson		977,516
	12,239	Merck & Co., Inc.		568,502
	1,545	Mylan, Inc. (a)		47,941
	358	Perrigo Co.		43,318
	27,048	Pfizer, Inc.		757,615
	2,027	Zoetis, Inc.		62,614
				3,449,028
		Total Health Care		7,388,522
		Industrials — 10.1%
		Aerospace & Defense — 2.5%
	2,768	Boeing Co. (The)		283,554
	1,346	General Dynamics Corp.		105,432
	3,189	Honeywell International, Inc.		253,015
	365	L-3 Communications Holdings, Inc.		31,295
	1,078	Lockheed Martin Corp.		116,920
	953	Northrop Grumman Corp.		78,909
	593	Precision Castparts Corp.		134,024
	1,316	Raytheon Co.		87,014
	550	Rockwell Collins, Inc.		34,876
	1,126	Textron, Inc.		29,332
	3,428	United Technologies Corp.		318,598
				1,472,969

SHARES		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — 0.7%
	651	C.H. Robinson Worldwide, Inc.		36,658
	837	Expeditors International of Washington, Inc.		31,814
	1,194	FedEx Corp.		117,705
	2,880	United Parcel Service, Inc., Class B		249,062
				435,239
		Airlines — 0.1%
	2,928	Southwest Airlines Co.		37,742
		Building Products — 0.0% (g)
	1,446	Masco Corp.		28,182
		Commercial Services & Supplies — 0.5%
	887	ADT Corp. (The) (a)		35,347
	404	Avery Dennison Corp.		17,275
	422	Cintas Corp.		19,218
	680	Iron Mountain, Inc.		18,095
	817	Pitney Bowes, Inc.		11,994
	1,203	Republic Services, Inc.		40,830
	350	Stericycle, Inc. (a)		38,650
	1,881	Tyco International Ltd., (Switzerland)		61,979
	1,779	Waste Management, Inc.		71,747
				315,135
		Construction & Engineering — 0.2%
	660	Fluor Corp.		39,144
	530	Jacobs Engineering Group, Inc. (a)		29,219
	863	Quanta Services, Inc. (a)		22,835
				91,198
		Electrical Equipment — 0.7%
	1,918	Eaton Corp. plc, (Ireland)		126,224
	2,914	Emerson Electric Co.		158,930
	566	Rockwell Automation, Inc.		47,057
	401	Roper Industries, Inc.		49,812
				382,023
		Industrial Conglomerates — 2.4%
	2,574	3M Co.		281,467
	2,358	Danaher Corp.		149,261
	41,911	General Electric Co.		971,916
				1,402,644
		Machinery — 1.8%
	2,665	Caterpillar, Inc.		219,836
	715	Cummins, Inc.		77,549
	1,573	Deere & Co.		127,806
	694	Dover Corp.		53,896
	1,740	Flowserve Corp.		93,977
	1,680	Illinois Tool Works, Inc.		116,206

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Machinery — Continued
	1,127	Ingersoll-Rand plc, (Ireland)		62,571
	431	Joy Global, Inc.		20,916
	1,434	PACCAR, Inc.		76,949
	452	Pall Corp.		30,026
	605	Parker Hannifin Corp.		57,717
	828	Pentair Ltd., (Switzerland)		47,767
	236	Snap-on, Inc.		21,094
	656	Stanley Black & Decker, Inc.		50,709
	751	Xylem, Inc.		20,232
				1,077,251
		Professional Services — 0.1%
	162	Dun & Bradstreet Corp. (The)		15,787
	489	Equifax, Inc.		28,817
	566	Robert Half International, Inc.		18,808
				63,412
		Road & Rail — 0.9%
	4,142	CSX Corp.		96,053
	447	Kansas City Southern		47,364
	1,277	Norfolk Southern Corp.		92,774
	210	Ryder System, Inc.		12,766
	1,892	Union Pacific Corp.		291,898
				540,855
		Trading Companies & Distributors — 0.2%
	1,094	Fastenal Co.		50,160
	242	W.W. Grainger, Inc.		61,027
				111,187
		Total Industrials		5,957,837
		Information Technology — 17.6%
		Communications Equipment — 1.9%
	21,662	Cisco Systems, Inc.		526,603
	319	F5 Networks, Inc. (a)		21,947
	444	Harris Corp.		21,867
	959	JDS Uniphase Corp. (a)		13,791
	2,052	Juniper Networks, Inc. (a)		39,624
	1,101	Motorola Solutions, Inc.		63,561
	7,003	QUALCOMM, Inc.		427,743
				1,115,136
		Computers & Peripherals — 3.8%
	3,805	Apple, Inc.		1,507,084
	5,949	Dell, Inc.		79,419
	8,515	EMC Corp.		201,124
	7,817	Hewlett-Packard Co.		193,862
	1,461	NetApp, Inc. (a)		55,196

SHARES		SECURITY DESCRIPTION	VALUE($)
		Computers & Peripherals — Continued
	986	SanDisk Corp. (a)		60,245
	1,293	Seagate Technology plc, (Ireland)		57,965
	862	Western Digital Corp.		53,522
				2,208,417
		Electronic Equipment, Instruments & Components — 0.4%
	648	Amphenol Corp., Class A		50,505
	5,979	Corning, Inc.		85,081
	575	FLIR Systems, Inc.		15,508
	747	Jabil Circuit, Inc.		15,224
	562	Molex, Inc.		16,489
	1,684	TE Connectivity Ltd., (Switzerland)		76,689
				259,496
		Internet Software & Services — 2.3%
	720	Akamai Technologies, Inc. (a)		30,636
	4,734	eBay, Inc. (a)		244,843
	1,089	Google, Inc., Class A (a)		958,723
	611	VeriSign, Inc. (a)		27,287
	3,862	Yahoo!, Inc. (a)		96,975
				1,358,464
		IT Services — 3.6%
	2,635	Accenture plc, (Ireland), Class A		189,615
	1,967	Automatic Data Processing, Inc.		135,448
	1,223	Cognizant Technology Solutions Corp., Class A (a)		76,572
	609	Computer Sciences Corp.		26,656
	1,188	Fidelity National Information Services, Inc.		50,894
	540	Fiserv, Inc. (a)		47,201
	4,225	International Business Machines Corp.		807,440
	424	MasterCard, Inc., Class A		243,588
	1,313	Paychex, Inc.		47,951
	1,152	SAIC, Inc.		16,047
	662	Teradata Corp. (a)		33,252
	652	Total System Services, Inc.		15,961
	2,054	Visa, Inc., Class A		375,369
	2,258	Western Union Co. (The)		38,634
				2,104,628
		Office Electronics — 0.1%
	4,977	Xerox Corp.		45,141
		Semiconductors & Semiconductor Equipment — 2.1%
	2,462	Advanced Micro Devices, Inc. (a)		10,045
	1,298	Altera Corp.		42,821
	1,249	Analog Devices, Inc.		56,280
	4,870	Applied Materials, Inc.		72,612

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Semiconductors & Semiconductor Equipment — Continued
	2,129	Broadcom Corp., Class A		71,875
	269	First Solar, Inc. (a)		12,032
	20,149	Intel Corp.		488,009
	672	KLA-Tencor Corp.		37,450
	660	Lam Research Corp. (a)		29,264
	945	Linear Technology Corp.		34,814
	2,227	LSI Corp. (a)		15,901
	799	Microchip Technology, Inc.		29,763
	4,175	Micron Technology, Inc. (a)		59,828
	2,342	NVIDIA Corp.		32,858
	773	Teradyne, Inc. (a)		13,582
	4,496	Texas Instruments, Inc.		156,775
	1,070	Xilinx, Inc.		42,383
				1,206,292
		Software — 3.4%
	2,034	Adobe Systems, Inc. (a)		92,669
	911	Autodesk, Inc. (a)		30,920
	537	BMC Software, Inc. (a)		24,240
	1,343	CA, Inc.		38,450
	758	Citrix Systems, Inc. (a)		45,730
	1,227	Electronic Arts, Inc. (a)		28,184
	1,131	Intuit, Inc.		69,025
	30,464	Microsoft Corp.		1,051,922
	14,893	Oracle Corp.		457,513
	768	Red Hat, Inc. (a)		36,726
	2,200	Salesforce.com, Inc. (a)		83,996
	2,824	Symantec Corp.		63,455
				2,022,830
		Total Information Technology		10,320,404
		Materials — 3.2%
		Chemicals — 2.4%
	844	Air Products & Chemicals, Inc.		77,285
	267	Airgas, Inc.		25,488
	240	CF Industries Holdings, Inc.		41,160
	4,903	Dow Chemical Co. (The)		157,730
	3,731	E.I. du Pont de Nemours & Co.		195,878
	628	Eastman Chemical Co.		43,966
	1,080	Ecolab, Inc.		92,005
	552	FMC Corp.		33,705
	330	International Flavors & Fragrances, Inc.		24,803
	1,540	LyondellBasell Industries N.V., (Netherlands), Class A		102,040
	2,164	Monsanto Co.		213,803
	1,122	Mosaic Co. (The)		60,375

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — Continued
	578	PPG Industries, Inc.		84,625
	1,199	Praxair, Inc.		138,077
	347	Sherwin-Williams Co. (The)		61,280
	488	Sigma-Aldrich Corp.		39,216
				1,391,436
		Construction Materials — 0.0% (g)
	527	Vulcan Materials Co.		25,512
		Containers & Packaging — 0.2%
	603	Ball Corp.		25,049
	417	Bemis Co., Inc.		16,321
	717	MeadWestvaco Corp.		24,457
	667	Owens-Illinois, Inc. (a)		18,536
	794	Sealed Air Corp.		19,016
				103,379
		Metals & Mining — 0.5%
	4,334	Alcoa, Inc.		33,892
	438	Allegheny Technologies, Inc.		11,524
	621	Cliffs Natural Resources, Inc.		10,091
	4,208	Freeport-McMoRan Copper & Gold, Inc.		116,183
	2,015	Newmont Mining Corp.		60,349
	1,288	Nucor Corp.		55,796
	585	United States Steel Corp.		10,255
				298,090
		Paper & Forest Products — 0.1%
	1,803	International Paper Co.		79,891
		Total Materials		1,898,308
		Telecommunication Services — 2.8%
		Diversified Telecommunication Services — 2.5%
	21,806	AT&T, Inc.		771,933
	2,469	CenturyLink, Inc.		87,279
	4,044	Frontier Communications Corp.		16,378
	11,597	Verizon Communications, Inc.		583,793
	2,403	Windstream Corp.		18,527
				1,477,910
		Wireless Telecommunication Services — 0.3%
	1,188	Crown Castle International Corp. (a)		85,999
	12,233	Sprint Nextel Corp. (a)		85,876
				171,875
		Total Telecommunication Services		1,649,785

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Utilities — 3.3%
		Electric Utilities — 1.9%
	1,970	American Electric Power Co., Inc.		88,217
	2,860	Duke Energy Corp.		193,050
	1,321	Edison International		63,619
	722	Entergy Corp.		50,309
	3,469	Exelon Corp.		107,123
	1,695	FirstEnergy Corp.		63,291
	1,721	NextEra Energy, Inc.		140,227
	1,275	Northeast Utilities		53,575
	1,008	Pepco Holdings, Inc.		20,321
	446	Pinnacle West Capital Corp.		24,740
	2,401	PPL Corp.		72,654
	3,528	Southern Co. (The)		155,691
	2,015	Xcel Energy, Inc.		57,105
				1,089,922
		Gas Utilities — 0.1%
	479	AGL Resources, Inc.		20,530
	835	ONEOK, Inc.		34,494
				55,024
		Independent Power Producers & Energy Traders — 0.1%
	2,511	AES Corp.		30,107
	1,307	NRG Energy, Inc.		34,897
				65,004
		Multi-Utilities — 1.2%
	983	Ameren Corp.		33,854
	1,737	CenterPoint Energy, Inc.		40,802
	1,077	CMS Energy Corp.		29,262
	1,187	Consolidated Edison, Inc.		69,214
	2,341	Dominion Resources, Inc.		133,016
	705	DTE Energy Co.		47,242

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — Continued
	321	Integrys Energy Group, Inc.		18,788
	1,265	NiSource, Inc.		36,230
	1,792	PG&E Corp.		81,948
	2,051	Public Service Enterprise Group, Inc.		66,986
	565	SCANA Corp.		27,741
	914	Sempra Energy		74,729
	829	TECO Energy, Inc.		14,250
	927	Wisconsin Energy Corp.		37,998
				712,060
		Total Utilities		1,922,010
		Total Common Stocks (Cost $38,837,728)		58,070,235
	Short-Term Investments — 1.3%
		Investment Company — 1.2%
	685,315	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m)		685,315
PRINCIPAL AMOUNT($)
		U.S. Treasury Bill — 0.1%
	80,000	U.S. Treasury Bills, 0.032%, 09/12/13 (k) (n)		79,997
		Total Short-Term Investments (Cost $765,308)		765,312
		Total Investments — 100.0% (Cost $39,603,036)		58,835,547
		Liabilities in Excess of Other Assets — 0.0% (g)		(23,843	)
		NET ASSETS — 100.0%	$	58,811,704

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	9	E-mini S&P 500		09/20/13	$	719,685	$	(383	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Equity Index Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

REIT	—  Real Estate Investment Trust.
(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, 2013.

(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, unfunded commitments and/or forward foreign currency exchange 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.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	Equity Index Portfolio
ASSETS:
Investments in non-affiliates, at value	$	57,341,278
Investments in affiliates, at value		1,494,269
Total investment securities, at value		58,835,547
Receivables:
Investment securities sold		7,194
Dividends from non-affiliates		72,167
Dividends from affiliates		26
Prepaid expenses		2,581
Total Assets		58,917,515
LIABILITIES:
Payables:
Investment securities purchased		3,445
Portfolio shares redeemed		33,371
Variation margin on futures contracts		3,285
Accrued liabilities:
Investment advisory fees		10,478
Custodian and accounting fees		11,980
Trustees' and Chief Compliance Officer's fees		178
Audit Fees		31,955
Printing and mailing costs		9,285
Other		1,834
Total Liabilities		105,811
Net Assets	$	58,811,704
NET ASSETS:
Paid-in-Capital	$	45,294,708
Accumulated undistributed net investment income		522,181
Accumulated net realized gains (losses)		(6,237,313	)
Net unrealized appreciation (depreciation)		19,232,128
Total Net Assets	$	58,811,704
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):		4,429,179
Net Asset Value, offering and redemption price per share (a):	$	13.28
Cost of investments in non-affiliates	$	38,340,445
Cost of investments in affiliates		1,262,591

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2013 (Unaudited)

	Equity Index Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	627,612
Dividend income from affiliates		10,266
Interest income from non-affiliates		22
Income from securities lending (net)		3
Total investment income		637,903
EXPENSES:
Investment advisory fees		75,029
Administration fees		25,308
Custodian and accounting fees		24,345
Interest expense to affiliates		6
Professional fees		24,091
Trustees' and Chief Compliance Officer's fees		340
Printing and mailing costs		10,001
Transfer agent fees		1,501
Other		5,246
Total expenses		165,867
Less amounts waived		(46,415	)
Net expenses		119,452
Net investment income (loss)		518,451
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,369,448
Investment in affiliates		28,116
Futures		112,202
Net realized gains (losses)		2,509,766
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		4,565,131
Investments in affiliates		117,423
Futures		2,869
Change in net unrealized appreciation/depreciation		4,685,423
Net realized/unrealized gains (losses)		7,195,189
Change in net assets resulting from operations	$	7,713,640

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Equity Index Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	518,451		$	1,209,397
Net realized gain (loss)		2,509,766			4,651,011
Change in net unrealized appreciation/depreciation		4,685,423			3,663,404
Change in net assets resulting from operations		7,713,640			9,523,812
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,177,217	)		(1,198,609	)
From net realized gains		(2,249,549	)		—
Total distributions to shareholders		(3,426,766	)		(1,198,609	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	476,850		$	1,802,034
Distributions reinvested		3,426,766			1,198,609
Cost of shares redeemed		(7,683,479	)		(20,209,373	)
Total change in net assets resulting from capital transactions	$	(3,779,863	)	$	(17,208,730	)
NET ASSETS:
Change in net assets		507,011			(8,883,527	)
Beginning of period		58,304,693			67,188,220
End of period	$	58,811,704		$	58,304,693
Accumulated undistributed net investment income	$	522,181		$	1,180,947
SHARE TRANSACTIONS:
Issued		36,765			154,619
Reinvested		264,207			102,096
Redeemed		(575,517	)		(1,699,371	)
Change in Shares		(274,545	)		(1,442,656	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 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
Equity Index Portfolio
Six Months Ended June 30, 2013 (Unaudited)	$	12.40	$	0.11	(f)	$	1.56		$	1.67		$	(0.27	)	$	(0.52	)	$	(0.79	)
Year Ended December 31, 2012		10.93		0.23	(f)		1.46			1.69			(0.22	)		—			(0.22	)
Year Ended December 31, 2011		10.93		0.19	(f)		—	(g)		0.19			(0.19	)		—			(0.19	)
Year Ended December 31, 2010		9.75		0.16	(f)		1.23			1.39			(0.21	)		—			(0.21	)
Year Ended December 31, 2009		7.93		0.20			1.83			2.03			(0.21	)		—			(0.21	)
Year Ended December 31, 2008		12.87		0.21	(f)		(4.93	)		(4.72	)		(0.22	)		—			(0.22	)

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	13.28		13.59	%	$	58,811,704		0.40	%		1.73	%		0.55	%		1	%
	12.40		15.58			58,304,693		0.40			1.90			0.53			3
	10.93		1.71			67,188,220		0.40			1.69			0.50			4
	10.93		14.41			78,874,043		0.40			1.67			0.60			11
	9.75		26.44			82,015,865		0.40			2.25			0.62			13
	7.93		(37.21	)		74,329,183		0.40			1.95			0.52			12

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index).

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 Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at 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 prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers 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 pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics 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 values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and

18 JPMORGAN INSURANCE TRUST JUNE 30, 2013

for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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 the 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.

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	58,755,550		$	79,997	$	—	$	58,835,547
Depreciation in Other Financial Instruments
Futures Contracts	$	(383	)	$	—	$	—	$	(383	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill that is held for futures collateral. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between any levels during the six months ended June 30, 2013.

B. Futures Contracts — The Portfolio uses index futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. The Portfolio also 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 are settled 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 the futures contract. 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 positions.

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2013:

Futures Contracts:
Average Notional Balance Long	$	755,351
Ending Notional Balance Long		719,685

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

C. Investment Transactions with Affiliates — An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the following to be affiliated issuers:

	For the six months ended June 30, 2013
Affiliate	Value at December 31, 2012		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at June 30, 2013		Value at June 30, 2013
JPMorgan Chase & Co. (Common stock)*	$	753,645	$	8,089	$	98,319	$	28,116	$	10,061		15,324	$	808,954
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		806,028		6,684,338		6,805,051		—		205		685,315		685,315
JPMorgan Prime Money Market Fund, Capital Shares**		35,500		2,923		38,423		—		5		—		—
Total	$	1,595,173					$	28,116	$	10,271			$	1,494,269

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

** Represents investment of cash collateral related to securities on loan, as described in Note 2.D. Divided 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 the Advisor in order to generate additional income. Goldman Sachs Bank USA, doing business as Goldman Sachs Agency Lending (“GSAL”), serves as lending agent for the Portfolio pursuant to a Securities Lending Agreement (the “GSAL Securities Lending Agreement”). The Portfolio receives cash collateral, which is invested in Capital Shares of the JPMorgan Prime Money Market Fund (“Collateral Investments”). 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 Collateral Investments, net amount 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, 2013, the Portfolio earned $5 from the investment of cash collateral, prior to rebates or fees, in collateral investments as described below.

At the inception of a loan, securities are exchanged for cash collateral equal to at least 102% of the value of the loaned U.S. dollar-denominated securities, plus accrued interest. The GSAL 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.

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, 2013, 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, GSAL has agreed to indemnify the Portfolio from losses resulting from a borrower’s failure to return a loaned security.

The Advisor may waive fees associated with the Portfolio’s investment in JPMorgan Prime Money Market Fund. 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. For the six months ended June 30, 2013, there were no fees waived by Advisor in association with the Portfolio’s investment in JPMorgan Prime Money Market Fund.

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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of 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 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.

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

20 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’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. Distributions to Shareholders — Distributions from net investment income and net realized capital gains, if any, are generally declared and paid at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 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, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator waived Administration fees as outlined in Note 3.E.

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 — JPMCB provides portfolio custody and accounting services to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, 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 expense limitation agreements were in effect for the six months ended June 30, 2013. The contractual expense limitation percentage above is in place until at least April 30, 2014.

For the six months ended June 30, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory	Administration		Total
$20,507	$	25,308	$	45,815

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 these money market funds for the six months ended June 30, 2013 (excluding the waiver disclosed in Note 2.D. regarding cash collateral for securities lending invested in JPMorgan Prime Money Market Fund) was $600.

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.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

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 Trustees. 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, 2013, 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, 2013, 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, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	768,536	$	7,226,949

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013 were as follows:

Aggregate Cost	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$39,603,036	$	20,193,795	$	961,284	$	19,232,511

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio did not have any post-enactment or pre-enactment net capital loss carryforwards.

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has 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, 2013

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, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Index Portfolio
Actual	$	1,000.00	$	1,135.90	$	2.12		0.40	%
Hypothetical		1,000.00		1,022.81		2.01		0.40

* 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, 2013 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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013.  All rights reserved. June 2013. SAN-JPMITEIP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust International Equity Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
     

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

JULY 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low

from a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		0.04%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		4.10%
Net Assets as of 6/30/2013	$	31,151,686

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?

After generating very strong returns in 2012, international equities rose at a less robust pace during the six-month reporting period ended June 30, 2013. Europe’s economy remained in a recession, with gross domestic product (“GDP”) in the euro zone shrinking for the sixth consecutive quarter during the first quarter of 2013. The European Central Bank remained committed to doing whatever was necessary to preserve the euro currency and kept interest rates low in an effort to boost economic activity. China’s once red-hot economy, which for years grew at or near double-digit rates, is moderating, although still at an enviable pace versus most developed countries. According to China’s finance minister, GDP growth for 2013 as a whole would likely fall into the 6.5% to 7.0% range, well below government targets. Elsewhere, Japan’s economy showed signs of improvement during the reporting period. This was due, in part, to the Bank of Japan’s aggressive initiatives to stimulate growth and end its lengthy deflationary cycle.

The MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) finished the six months ended June 30, 2013 with a 4.10% gain. After producing a positive return for three of the first four months of the reporting period, a large portion of those gains was given back during a sharp sell-off in May and June. This was triggered by concerns regarding moderating global growth and indications that the U.S. Federal Reserve Board may begin to taper its quantitative easing program later this year

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, 2013. The Portfolio’s stock selection in the consumer discretionary and financial sectors detracted from relative performance, while stock selection in the health care and materials sectors contributed.

Individual detractors to relative performance included Rio Tinto PLC, Tullow Oil PLC and BHP Billiton, Ltd. Shares in Rio Tinto PLC, a multinational metals and mining company, fell steadily during the period as commodity prices weakened. Tullow Oil PLC, a multinational oil and gas exploration company, fell sharply as several drilling projects yielded disappointing results. Shares of BHP Billiton, Ltd., a multinational mining and petroleum company, also fell amid general weakness in commodity prices.

Individual contributors to relative performance included Kubota Corp., Japan Tobacco, Inc. and Prudential PLC. Kubota Corp., a Japanese company that manufactures tractors and pipes, reported strong gains in revenue and earnings on the back of weaker yen, continued mechanization of agriculture in Asia and a pick-up in North American demand. Japan Tobacco, Inc., a cigarette manufacturing company, raised its projected annual dividend after forecasting record profits. Prudential PLC, a multinational life insurance and financial services company, raised its dividend following a sharp increase in profits.

HOW WAS THE PORTFOLIO POSITIONED?

The 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, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	2.7	%
	2.	HSBC Holdings plc (United Kingdom)	2.7
	3.	Nestle S.A. (Switzerland)	2.5
	4.	Novartis AG (Switzerland)	2.2
	5.	Roche Holding AG (Switzerland)	2.1
	6.	Standard Chartered plc (United Kingdom)	2.1
	7.	Toyota Motor Corp. (Japan)	2.0
	8.	Vodafone Group plc (United Kingdom)	1.9
	9.	BHP Billiton Ltd. (Australia)	1.9
	10.	BG Group plc (United Kingdom)	1.9

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	24.1	%
Japan	18.7
Switzerland	14.7
France	12.4
Germany	9.1
Netherlands	5.1
Hong Kong	3.4
China	3.0
Australia	2.7
South Korea	1.5
Belgium	1.3
Others (each less than 1.0%)	3.4
Short-Term Investment	0.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		1/3/95		0.04	%		16.03	%		0.24	%		7.01	%
CLASS 2 SHARES		4/24/09		(0.09	)		15.71			0.03			6.90

* Not annualized

TEN YEAR PERFORMANCE (6/30/03 TO 6/30/13)

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 the JPMorgan Insurance Trust 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 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 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, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, 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 incurred by the Portfolio. The MSCI EAFE 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.

Portfolio 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, 2013

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.2%
		Australia — 2.7%
	21,160	BHP Billiton Ltd. (m)		609,045
	4,697	Rio Tinto Ltd. (m)		225,105
				834,150
		Belgium — 1.3%
	4,580	Anheuser-Busch InBev N.V. (m)		412,352
		China — 3.1%
	402,000	China Construction Bank Corp., Class H (m)		282,493
	145,000	CNOOC Ltd. (m)		242,863
	438,500	Industrial & Commercial Bank of China Ltd., Class H (m)		274,822
	23,000	Ping An Insurance Group Co. of China Ltd., Class H (m)		153,541
				953,719
		France — 12.5%
	5,993	Accor S.A. (m)		210,658
	20,549	AXA S.A. (m)		405,077
	5,289	BNP Paribas S.A. (m)		289,547
	766	Essilor International S.A. (m)		81,608
	3,245	Imerys S.A. (m)		199,241
	4,440	Lafarge S.A. (m)		272,630
	1,942	LVMH Moet Hennessy Louis Vuitton S.A. (m)		315,292
	2,323	Pernod-Ricard S.A. (m)		257,839
	1,650	PPR (m)		335,754
	4,117	Sanofi (m)		425,618
	4,132	Schneider Electric S.A. (m)		300,094
	2,960	Technip S.A. (m)		300,832
	10,176	Total S.A. (m)		497,028
				3,891,218
		Germany — 7.1%
	3,100	Allianz SE (m)		452,480
	3,910	Bayer AG (m)		416,300
	2,670	Fresenius Medical Care AG & Co. KGaA (m)		189,253
	1,539	Linde AG (m)		286,789
	6,798	SAP AG (m)		496,411
	3,500	Siemens AG (m)		354,422
				2,195,655
		Hong Kong — 3.4%
	67,000	Belle International Holdings Ltd. (m)		91,594
	37,000	Cheung Kong Holdings Ltd. (m)		498,924
	89,000	Hang Lung Properties Ltd. (m)		308,281
	36,400	Sands China Ltd. (m)		170,100
				1,068,899

SHARES		SECURITY DESCRIPTION	VALUE($)
		Indonesia — 0.3%
	127,500	Astra International Tbk PT (m)		89,631
		Israel — 0.7%
	5,930	Teva Pharmaceutical Industries Ltd., ADR (m)		232,456
		Japan — 18.8%
	5,900	Astellas Pharma, Inc. (m)		320,512
	6,500	Canon, Inc. (m)		213,026
	6,300	Daikin Industries Ltd. (m)		254,645
	4,400	East Japan Railway Co. (m)		342,463
	1,800	FANUC Corp. (m)		260,509
	15,000	Honda Motor Co., Ltd. (m)		557,241
	13,000	Japan Tobacco, Inc. (m)		458,868
	16,500	Komatsu Ltd. (m)		380,027
	29,000	Kubota Corp. (m)		422,048
	4,500	Makita Corp. (m)		241,930
	16,000	Mitsubishi Corp. (m)		273,339
	3,000	Nidec Corp. (m)		209,887
	2,500	Nitto Denko Corp. (m)		160,339
	6,700	Shin-Etsu Chemical Co., Ltd. (m)		443,442
	1,400	SMC Corp. (m)		280,666
	22,900	Sumitomo Corp. (m)		285,416
	10,200	Toyota Motor Corp. (m)		615,242
	308	Yahoo! Japan Corp. (m)		151,664
				5,871,264
		Netherlands — 5.1%
	5,240	Akzo Nobel N.V. (m)		295,672
	1,217	ASML Holding N.V. (m)		96,071
	37,843	ING Groep N.V., CVA (a) (m)		345,851
	26,689	Royal Dutch Shell plc, Class A (m)		852,816
				1,590,410
		South Korea — 1.5%
	620	Hyundai Mobis (m)		147,605
	286	Samsung Electronics Co., Ltd. (m)		334,284
				481,889
		Spain — 0.9%
	32,445	Banco Bilbao Vizcaya Argentaria S.A. (m)		272,663
		Sweden — 0.7%
	9,530	Atlas Copco AB, Class A (m)		229,691
		Switzerland — 14.9%
	14,960	ABB Ltd. (a) (m)		324,063
	3,060	Cie Financiere Richemont S.A., Class A (m)		269,856
	15,550	Credit Suisse Group AG (a) (m)		411,672
	53,326	Glencore International plc (m)		220,742

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Switzerland — Continued
	4,101	Holcim Ltd. (a) (m)		285,455
	11,962	Nestle S.A. (m)		784,951
	9,674	Novartis AG (m)		685,215
	2,695	Roche Holding AG (m)		668,892
	58	SGS S.A. (m)		124,522
	25,229	UBS AG (a) (m)		428,233
	1,675	Zurich Insurance Group AG (a) (m)		434,175
				4,637,776
		Taiwan — 0.9%
	14,557	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		266,684
		United Kingdom — 24.3%
	6,600	Aggreko plc (m)		164,964
	107,907	Barclays plc (m)		459,548
	35,791	BG Group plc (m)		608,234
	9,330	British American Tobacco plc (m)		478,532
	14,780	Burberry Group plc (m)		304,061
	43,679	Centrica plc (m)		238,912
	14,343	GlaxoSmithKline plc (m)		358,521
	81,366	HSBC Holdings plc (m)		843,381
	9,141	Imperial Tobacco Group plc (m)		316,961
	40,270	Marks & Spencer Group plc (m)		263,496
	29,050	Meggitt plc (m)		228,876
	28,899	Prudential plc (m)		471,712
	7,378	Rio Tinto plc (m)		300,056
	30,784	Standard Chartered plc (m)		668,333
	52,278	Tesco plc (m)		263,262
	11,330	Tullow Oil plc (m)		172,474
	10,432	Unilever plc (m)		422,310
	213,978	Vodafone Group plc (m)		613,192
	22,843	WPP plc (m)		390,451
				7,567,276
		Total Common Stocks (Cost $21,229,091)		30,595,733

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 2.1%
		Germany — 2.1%
	2,330	Henkel AG & Co. KGaA (m)		218,810
	2,150	Volkswagen AG (m)		434,265
		Total Preferred Stocks (Cost $365,794)		653,075
NUMBER OF RIGHTS
	Rights — 0.1%
		Consumer Staples — 0.1%
		Food & Staples Retailing — 0.1%
	1,650	Groupe Fnac, expiring 05/15/15 (a) (m) (Cost $–)		4,302
SHARES
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	200,004	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.030% (b)(l)(m) (Cost $200,004)		200,004
		Total Investments — 101.0% (Cost $21,794,889)		31,453,114
		Liabilities in Excess of Other Assets — (1.0)%		(301,428	)
		NET ASSETS — 100.0%	$	31,151,686

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

Summary of Investments by Industry, June 30, 2013

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

INDUSTRY	PERCENTAGE
Pharmaceuticals		9.9	%
Commercial Banks		9.8
Oil, Gas & Consumable Fuels		7.5
Insurance		6.1
Machinery		5.8
Automobiles		5.4
Metals & Mining		4.3
Tobacco		4.0
Food Products		3.8
Chemicals		3.8
Textiles, Apparel & Luxury Goods		2.8
Capital Markets		2.7
Electrical Equipment		2.7
Real Estate Management & Development		2.6
Construction Materials		2.4
Semiconductors & Semiconductor Equipment		2.2
Beverages		2.1
Wireless Telecommunication Services		1.9
Multiline Retail		1.9
Trading Companies & Distributors		1.8
Software		1.6
Media		1.2
Hotels, Restaurants & Leisure		1.2
Industrial Conglomerates		1.1
Diversified Financial Services		1.1
Road & Rail		1.1
Energy Equipment & Services		1.0
Others (each less than 1.0%)		8.2

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, 2013.
(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, unfunded commitments and/or forward foreign currency exchange contracts.

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. are $30,753,969 which amounts to 97.8% of total investments.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	International Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	31,253,110
Investments in affiliates, at value		200,004
Total investment securities, at value		31,453,114
Cash		11,240
Foreign currency, at value		56,807
Receivables:
Investment securities sold		303,766
Portfolio shares sold		17,665
Dividends from non-affiliates		102,112
Dividends from affiliates		4
Tax reclaims		44,037
Total Assets		31,988,745
LIABILITIES:
Payables:
Investment securities purchased		324,653
Portfolio shares redeemed		430,322
Accrued liabilities:
Investment advisory fees		15,969
Administration fees		400
Distribution fees		13
Custodian and accounting fees		16,994
Trustees' and Chief Compliance Officer's fees		13
Other		48,695
Total Liabilities		837,059
Net Assets	$	31,151,686
NET ASSETS :
Paid-in-capital	$	23,760,199
Accumulated undistributed net investment income		501,714
Accumulated net realized gains (losses)		(2,767,557	)
Net unrealized appreciation (depreciation)		9,657,330
Total Net Assets	$	31,151,686
Net Assets:
Class 1	$	31,089,704
Class 2		61,982
Total	$	31,151,686
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,013,346
Class 2		5,944
Net Asset Value, offering and redemption price per share (a):
Class 1	$	10.32
Class 2		10.43
Cost of investments in non-affiliates	$	21,594,885
Cost of investments in affiliates		200,004
Cost of foreign currency		57,406

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

	International Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	693,738
Dividend income from affiliates		26
Foreign taxes withheld		(23,398	)
Total investment income		670,366
EXPENSES:
Investment advisory fees		98,347
Administration fees		13,822
Distribution fees:
Class 2		79
Custodian and accounting fees		29,391
Professional fees		26,565
Trustees' and Chief Compliance Officer's fees		186
Printing and mailing costs		9,645
Transfer agent fees		3,307
Other		3,721
Total expenses		185,063
Less amounts waived		(16,228	)
Net expenses		168,835
Net investment income (loss)		501,531
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		418,212
Foreign currency transactions		(7,980	)
Net realized gains (losses)		410,232
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(824,385	)
Foreign currency translations		(1,096	)
Change in net unrealized appreciation/depreciation		(825,481	)
Net realized/unrealized gains (losses)		(415,249	)
Change in net assets resulting from operations	$	86,282

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	International Equity Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	501,531		$	639,466
Net realized gain (loss)		410,232			(254,318	)
Change in net unrealized appreciation/depreciation		(825,481	)		5,772,708
Change in net assets resulting from operations		86,282			6,157,856
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(640,625	)		(709,688	)
Class 2
From net investment income		(1,082	)		(1,044	)
Total distributions to shareholders		(641,707	)		(710,732	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,357,873	)		(4,119,582	)
NET ASSETS:
Change in net assets		(1,913,298	)		1,327,542
Beginning of period		33,064,984			31,737,442
End of period	$	31,151,686		$	33,064,984
Accumulated undistributed net investment income	$	501,714		$	641,890
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,596,894		$	2,801,328
Distributions reinvested		640,625			709,688
Cost of shares redeemed		(3,596,474	)		(7,631,642	)
Change in net assets resulting from Class 1 capital transactions	$	(1,358,955	)	$	(4,120,626	)
Class 2
Proceeds from shares issued	$	—		$	2
Distributions reinvested		1,082			1,044
Cost of shares redeemed		—			(2	)
Change in net assets resulting from Class 2 capital transactions	$	1,082		$	1,044
Total change in net assets resulting from capital transactions	$	(1,357,873	)	$	(4,119,582	)
SHARE TRANSACTIONS:
Class 1
Issued		149,119			295,263
Reinvested		60,608			75,100
Redeemed		(337,355	)		(798,272	)
Change in Class 1 Shares		(127,628	)		(427,909	)
Class 2
Issued		—			—	(a)
Reinvested		102			109
Redeemed		—			—	(a)
Change in Class 2 Shares		102			109

(a) Amount rounds to less than 1 (share or dollar).

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2013 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
International Equity Portfolio
Class 1 (f)
Six Months Ended June 30, 2013 (Unaudited)	$	10.51	$	0.16	(g)	$	(0.14	)	$	0.02		$	(0.21	)	$	—		$	(0.21	)
Year Ended December 31, 2012		8.88		0.19	(g)		1.65			1.84			(0.21	)		—			(0.21	)
Year Ended December 31, 2011		10.17		0.19	(g)		(1.30	)		(1.11	)		(0.18	)		—			(0.18	)
Year Ended December 31, 2010		9.54		0.15	(g)		0.50			0.65			(0.02	)		—			(0.02	)
Year Ended December 31, 2009		7.93		0.16	(g)		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	)
Class 2
Six Months Ended June 30, 2013 (Unaudited)		10.61		0.15	(g)		(0.14	)		0.01			(0.19	)		—			(0.19	)
Year Ended December 31, 2012		8.96		0.16	(g)		1.67			1.83			(0.18	)		—			(0.18	)
Year Ended December 31, 2011		10.26		0.17	(g)		(1.31	)		(1.14	)		(0.16	)		—			(0.16	)
Year Ended December 31, 2010		9.65		0.13	(g)		0.50			0.63			(0.02	)		—			(0.02	)
April 24, 2009 (i) through December 31, 2009		6.88		0.45	(g)		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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) 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.

(g) Calculated based upon average shares outstanding.

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

(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.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	10.32		0.13	%	$	31,089,704		1.03	%		3.06	%		1.13	%		7	%
	10.51		20.95			33,003,010		1.03			1.97			1.20			8
	8.88		(11.19	)		31,686,069		1.03			1.94			1.11			16
	10.17		6.84			39,089,569		1.02			1.66			1.13			15
	9.54		34.91			43,938,093		1.01			2.00	(h)		1.38			13
	7.93		(41.35	)		41,741,133		1.09			2.68			1.20			21
	10.43		0.01			61,982		1.27			2.82			1.38			7
	10.61		20.67			61,974		1.27			1.70			1.45			8
	8.96		(11.38	)		51,373		1.28			1.69			1.36			16
	10.26		6.56			57,983		1.27			1.39			1.38			15
	9.65		40.42			54,418		1.26			8.82	(h)		1.44			13

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to seek to provide high total return from a portfolio of equity securities of foreign companies. Total return consists of capital growth and current income.

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 and administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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. 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 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.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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 the 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.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	699,144	$	30,753,970	$	—	$	31,453,114

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of a money market mutual fund that is held for daily investments of cash and certain ADRs. Please refer to the SOI for country specifics of portfolio holdings.

There were no transfers between any levels during the six months ended June 30, 2013.

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 period. 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 currency gains and losses arise from changes (due to changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period 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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of 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 — 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. In calculating the NAV 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.

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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However,

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

management’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. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and 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 distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 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, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator waived Administration fees as outlined in Note 3.E.

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 to 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 income, if any, earned on cash balances at the custodian is included in Interest income from affiliates 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 (for Class 2 Shares) 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, 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 expense limitation agreements were in effect for the six months ended June 30, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the six months ended June 30, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	2,731	$	13,423	$	16,154

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 these money market funds for the six months ended June 30, 2013 was $74.

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 Trustees. 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, 2013, 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, 2013, the Portfolio incurred $7 in 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, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$2,304,838	$	3,526,853

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	21,794,889	$	10,528,922	$	870,697	$	9,658,225

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio had post-enactment net long-term capital loss carryforwards of $274,549.

At December 31, 2012, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2016		2017			Total
$	959,016	$	1,648,388	*	$	2,607,404

* This amount includes $1,648,388 of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

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

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has 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 period. 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, 2013, substantially all of the Portfolio’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

As of June 30, 2013, the Portfolio invested approximately 24.1%, 18.7%, 14.7% and 12.4% of its total investments in issuers in the United Kingdom, Japan, Switzerland and France, respectively.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 each Class at the beginning of the reporting period, January 1, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
International Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,001.30	$	5.11		1.03	%
Hypothetical		1,000.00		1,019.69		5.16		1.03
Class 2
Actual		1,000.00		1,000.10		6.30		1.27
Hypothetical		1,000.00		1,018.50		6.36		1.27

* Expenses are equal to each Class' respective 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, 2013 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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013. All rights reserved. June 2013. SAN-JPMITIEP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust Intrepid Growth Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

JULY 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low from

a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	12.87%
Russell 1000 Growth Index	11.80%
Net Assets as of 6/30/2013	$38,002,852

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Despite periods of heightened volatility and a setback in June, the overall U.S. equity market, as measured by the S&P 500 Index (“S&P 500”), generated strong results for the six months ended June 30, 2013. The S&P 500 generated a positive return for each of the first five months of the reporting period. Supporting the market were overall solid corporate profits, improving economic growth and generally robust investor demand. These factors helped the S&P 500 to post several all-time highs over the first five months of 2013. The S&P 500 then reversed course and declined during the last month of the reporting period. This turnaround was triggered by indications that the U.S. Federal Reserve Board (“Fed”) would begin tapering its monthly purchases of bonds — $85 billion of mortgage-backed securities and Treasury securities — if economic conditions continued to improve. This caused interest rates to move sharply higher and both stock and bond prices fell sharply. However, the S&P 500 again rallied in late June, as concerns regarding Fed tapering abated somewhat. All told, large-cap growth stocks, as measured by the Russell 1000 Growth Index (the “Benchmark”) finished the six months ended June 30, 2013 with an 11.80% gain.

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, 2013. Stock selection in the industrials and consumer discretionary sectors was the main contributor to the Portfolio’s relative performance. Stock selection in the telecommunication services and energy sectors detracted from relative performance.

Individual contributors to relative performance included Gilead Sciences, Inc., Microsoft Corp. and SeagateTechnology PLC. Shares of Gilead Sciences, Inc., a biotechnology company that discovers, develops and commercializes therapeutics, rose sharply amid positive clinical results for several of its drugs.

Microsoft Corp., a software and technology company, reported strong revenue and earnings in its fiscal third quarter. Shares of Seagate Technology PLC, a manufacturer of hard disk drives for consumer and enterprise computing, rallied after the company raised its revenue forecast.

Individual detractors to relative performance included Eli Lilly & Co., CenturyLink, Inc. and Google, Inc. An overweight in Eli Lilly, a global pharmaceutical company, was detrimental to relative performance as its shares declined during the reporting period. The company instituted layoffs and pay freezes ahead of the pending expiration of key drug patents. Likewise, an overweight in CenturyLink, Inc., which provides communications and data services to residential, business, governmental and wholesale customers, detracted from relative performance as its shares also fell during the reporting period. The Portfolio’s underweight in shares of Google, Inc., the Internet search and technology company, detracted as the company’s shares rallied as spending on Internet search advertising increased.

HOW WAS THE PORTFOLIO POSITIONED?

The JPMorgan Intrepid Investment Team (the “Team”) employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The Team aims to capitalize on these market inefficiencies by targeting what it believes are attractively valued stocks with strong fundamentals and momentum characteristics, and looking to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading. Portfolios are constructed with limited sector bets so that stock selection is typically the primary driver of relative performance.

During the reporting period, the Portfolio was managed and positioned in accordance with this investment philosophy and process.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	4.8	%
	2.	Home Depot, Inc. (The)	2.9
	3.	Oracle Corp.	2.7
	4.	Gilead Sciences, Inc.	2.5
	5.	Amgen, Inc.	2.3
	6.	Honeywell International, Inc.	2.2
	7.	Visa, Inc., Class A	2.1
	8.	Google, Inc., Class A	1.9
	9.	Altria Group, Inc.	1.8
	10.	Ingersoll-Rand plc	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.5	%
Consumer Discretionary	17.9
Consumer Staples	12.6
Health Care	12.5
Industrials	12.3
Financials	5.0
Energy	4.6
Materials	4.0
Telecommunication Services	1.9
Utilities	0.4
Short-Term Investment	1.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		8/1/94		12.87	%		18.81	%		7.16	%		6.54	%
CLASS 2 SHARES		8/16/06		12.78			18.52			6.90			6.36

* Not annualized.

TEN YEAR PERFORMANCE (6/30/03 TO 6/30/13)

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 its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than those 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, the Russell 1000 Growth Index and the Lipper Variable Underlying Funds Large-Cap Growth Funds Index from June 30, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, 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 gain distributions of the securities included in the benchmark, if applicable. 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 incurred 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.

Portfolio 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. Portfolio 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, 2013

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.8%
		Consumer Discretionary — 17.8%
		Auto Components — 0.5%
	3,700	Delphi Automotive plc, (United Kingdom)		187,553
		Diversified Consumer Services — 0.8%
	5,500	H&R Block, Inc.		152,625
	7,700	Service Corp. International		138,831
				291,456
		Hotels, Restaurants & Leisure — 2.3%
	3,000	Bally Technologies, Inc. (a)		169,260
	4,600	Brinker International, Inc.		181,378
	4,100	Dunkin’ Brands Group, Inc.		175,562
	4,000	Six Flags Entertainment Corp.		140,640
	2,300	Wyndham Worldwide Corp.		131,629
	580	Wynn Resorts Ltd.		74,240
				872,709
		Household Durables — 1.2%
	3,400	Jarden Corp. (a)		148,750
	7,200	PulteGroup, Inc. (a)		136,584
	1,800	Tempur Sealy International, Inc. (a)		79,020
	900	Whirlpool Corp.		102,924
				467,278
		Internet & Catalog Retail — 2.0%
	2,400	Expedia, Inc.		144,360
	3,600	Liberty Ventures, Series A, (a)		306,036
	400	priceline.com, Inc. (a)		330,852
				781,248
		Media — 4.4%
	10,500	Comcast Corp., Class A		439,740
	6,300	DIRECTV (a)		388,206
	1,600	Scripps Networks Interactive, Inc., Class A		106,816
	2,700	Time Warner Cable, Inc.		303,696
	6,200	Viacom, Inc., Class B		421,910
				1,660,368
		Multiline Retail — 1.7%
	1,800	Dillard’s, Inc., Class A		147,546
	10,050	Macy’s, Inc.		482,400
				629,946
		Specialty Retail — 4.5%
	10,700	Gap, Inc. (The)		446,511
	14,200	Home Depot, Inc. (The)		1,100,074
	3,100	TJX Cos., Inc.		155,186
				1,701,771

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.4%
	3,100	Hanesbrands, Inc.		159,402
		Total Consumer Discretionary		6,751,731
		Consumer Staples — 12.5%
		Beverages — 3.8%
	14,700	Coca-Cola Co. (The)		589,617
	4,800	Coca-Cola Enterprises, Inc.		168,768
	3,000	Molson Coors Brewing Co., Class B		143,580
	6,700	PepsiCo, Inc.		547,993
				1,449,958
		Food & Staples Retailing — 2.8%
	5,500	CVS Caremark Corp.		314,490
	6,800	Kroger Co. (The)		234,872
	11,600	Walgreen Co.		512,720
				1,062,082
		Food Products — 2.8%
	4,100	Campbell Soup Co.		183,639
	2,800	ConAgra Foods, Inc.		97,804
	5,400	General Mills, Inc.		262,062
	2,100	Ingredion, Inc.		137,802
	1,500	JM Smucker Co. (The)		154,725
	2,600	Mead Johnson Nutrition Co.		205,998
				1,042,030
		Household Products — 0.9%
	3,200	Colgate-Palmolive Co.		183,328
	1,550	Energizer Holdings, Inc.		155,790
				339,118
		Personal Products — 0.4%
	2,700	Nu Skin Enterprises, Inc., Class A		165,024
		Tobacco — 1.8%
	19,300	Altria Group, Inc. (m)		675,307
		Total Consumer Staples		4,733,519
		Energy — 4.5%
		Energy Equipment & Services — 0.6%
	2,200	Diamond Offshore Drilling, Inc.		151,338
	900	Schlumberger Ltd.		64,494
				215,832
		Oil, Gas & Consumable Fuels — 3.9%
	4,800	Anadarko Petroleum Corp.		412,464
	2,134	Chevron Corp.		252,537
	3,200	ConocoPhillips		193,600
	2,900	Exxon Mobil Corp.		262,015
	800	Marathon Petroleum Corp.		56,848

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Oil, Gas & Consumable Fuels — Continued
	3,900	Oasis Petroleum, Inc. (a)		151,593
	700	Phillips 66		41,237
	4,700	Western Refining, Inc.		131,929
				1,502,223
		Total Energy		1,718,055
		Financials — 4.9%
		Capital Markets — 0.3%
	3,200	American Capital Ltd. (a)		40,544
	2,100	Morgan Stanley		51,303
				91,847
		Consumer Finance — 1.5%
	12,100	Discover Financial Services		576,444
		Insurance — 0.5%
	1,300	Prudential Financial, Inc.		94,939
	400	RenaissanceRe Holdings Ltd., (Bermuda)		34,716
	1,600	Validus Holdings Ltd., (Bermuda)		57,792
				187,447
		Real Estate Investment Trusts (REITs) — 2.2%
	7,600	American Tower Corp.		556,092
	3,900	Extra Space Storage, Inc.		163,527
	1,900	Ventas, Inc.		131,974
				851,593
		Thrifts & Mortgage Finance — 0.4%
	3,900	Ocwen Financial Corp. (a)		160,758
		Total Financials		1,868,089
		Health Care — 12.4%
		Biotechnology — 6.8%
	8,750	Amgen, Inc.		863,275
	18,300	Gilead Sciences, Inc. (a)		937,143
	1,900	Pharmacyclics, Inc. (a)		150,993
	8,100	Vertex Pharmaceuticals, Inc. (a)		646,947
				2,598,358
		Health Care Equipment & Supplies — 0.4%
	4,500	CareFusion Corp. (a)		165,825
		Health Care Providers & Services — 1.7%
	2,800	AmerisourceBergen Corp.		156,324
	2,200	Centene Corp. (a)		115,412
	3,900	Express Scripts Holding Co. (a)		240,591
	1,500	Omnicare, Inc.		71,565
	600	WellPoint, Inc.		49,104
				632,996

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 3.5%
	3,900	AbbVie, Inc. (m)		161,226
	11,600	Eli Lilly & Co.		569,792
	21,000	Pfizer, Inc.		588,210
				1,319,228
		Total Health Care		4,716,407
		Industrials — 12.1%
		Aerospace & Defense — 3.4%
	10,500	Honeywell International, Inc.		833,070
	1,800	Huntington Ingalls Industries, Inc.		101,664
	4,500	Northrop Grumman Corp.		372,600
				1,307,334
		Air Freight & Logistics — 0.9%
	3,800	United Parcel Service, Inc., Class B		328,624
		Airlines — 0.8%
	10,800	Delta Air Lines, Inc. (a)		202,068
	4,000	United Continental Holdings, Inc. (a)		125,160
				327,228
		Commercial Services & Supplies — 0.6%
	10,800	Pitney Bowes, Inc.		158,544
	4,700	R.R. Donnelley & Sons Co.		65,847
				224,391
		Construction & Engineering — 0.8%
	4,400	AECOM Technology Corp. (a) (m)		139,876
	2,600	Chicago Bridge & Iron Co. N.V., (Netherlands)		155,116
				294,992
		Industrial Conglomerates — 0.8%
	4,700	Danaher Corp.		297,510
		Machinery — 3.8%
	12,100	Ingersoll-Rand plc, (Ireland)		671,792
	1,100	Middleby Corp. (a)		187,099
	2,400	Oshkosh Corp. (a)		91,128
	2,300	Parker Hannifin Corp.		219,420
	3,091	Pentair Ltd., (Switzerland)		178,320
	1,200	Stanley Black & Decker, Inc.		92,760
				1,440,519
		Professional Services — 0.4%
	1,500	Dun & Bradstreet Corp. (The)		146,175
		Road & Rail — 0.6%
	1,600	Union Pacific Corp.		246,848
		Total Industrials		4,613,621

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Information Technology — 27.3%
		Communications Equipment — 1.9%
	24,200	Cisco Systems, Inc.		588,302
	2,050	QUALCOMM, Inc.		125,214
				713,516
		Computers & Peripherals — 3.7%
	605	Apple, Inc.		239,628
	8,400	Hewlett-Packard Co.		208,320
	4,000	NetApp, Inc. (a)		151,120
	14,200	Seagate Technology plc, (Ireland)		636,586
	2,600	Western Digital Corp.		161,434
				1,397,088
		Internet Software & Services — 3.6%
	3,800	AOL, Inc. (a) (m)		138,624
	800	Google, Inc., Class A (a)		704,296
	20,400	Yahoo!, Inc. (a)		512,244
				1,355,164
		IT Services — 4.9%
	950	Alliance Data Systems Corp. (a) (m)		171,979
	3,300	Computer Sciences Corp.		144,441
	5,600	CoreLogic, Inc. (a)		129,752
	2,400	International Business Machines Corp.		458,664
	3,400	NeuStar, Inc., Class A (a)		165,512
	4,400	Visa, Inc., Class A		804,100
				1,874,448
		Semiconductors & Semiconductor Equipment — 3.2%
	8,600	Applied Materials, Inc.		128,226
	8,000	Avago Technologies Ltd., (Singapore)		299,040
	3,300	Broadcom Corp., Class A		111,408
	2,200	Freescale Semiconductor Ltd. (a)		29,810
	7,900	Lam Research Corp. (a)		350,286
	7,300	ON Semiconductor Corp. (a)		58,984
	6,000	Xilinx, Inc.		237,660
				1,215,414
		Software — 10.0%
	4,200	Adobe Systems, Inc. (a) (m)		191,352
	5,100	Aspen Technology, Inc. (a)		146,829
	52,400	Microsoft Corp.		1,809,372
	32,640	Oracle Corp.		1,002,701
	6,200	Rovi Corp. (a)		141,608
	23,100	Symantec Corp.		519,057
				3,810,919
		Total Information Technology		10,366,549

SHARES		SECURITY DESCRIPTION	VALUE($)
		Materials — 4.0%
		Chemicals — 3.6%
	900	CF Industries Holdings, Inc.		154,350
	6,400	LyondellBasell Industries N.V., (Netherlands), Class A		424,064
	4,100	Monsanto Co.		405,080
	2,639	PPG Industries, Inc.		386,376
				1,369,870
		Containers & Packaging — 0.4%
	3,200	Silgan Holdings, Inc.		150,272
		Total Materials		1,520,142
		Telecommunication Services — 1.9%
		Diversified Telecommunication Services — 1.9%
	14,800	AT&T, Inc. (m)		523,920
	5,402	CenturyLink, Inc.		190,961
		Total Telecommunication Services		714,881
		Utilities — 0.4%
		Gas Utilities — 0.4%
	4,100	UGI Corp.		160,351
		Total Common Stocks (Cost $31,006,330)		37,163,345
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	488,440	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $488,440)		488,440
		Total Investments — 99.1% (Cost $31,494,770)		37,651,785
		Other Assets in Excess of Liabilities — 0.9%		351,067
		NET ASSETS — 100.0%	$	38,002,852

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	11	E-mini S&P 500		09/20/13	$	879,615	$	(1,507	)

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, 2013.

(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, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	Intrepid Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	37,163,345
Investments in affiliates, at value		488,440
Total investment securities, at value		37,651,785
Deposits at broker for futures contracts		90,000
Receivables:
Investment securities sold		2,087,535
Portfolio shares sold		6,058
Dividends from non-affiliates		25,232
Dividends from affiliates		26
Total Assets		39,860,636
LIABILITIES:
Payables:
Investment securities purchased		1,768,512
Portfolio shares redeemed		15,511
Variation margin on futures contracts		2,403
Accrued liabilities:
Investment advisory fees		19,778
Distribution fees		5
Custodian and accounting fees		7,602
Trustees’ and Chief Compliance Officer’s fees		92
Other		43,881
Total Liabilities		1,857,784
Net Assets	$	38,002,852
NET ASSETS:
Paid-in-Capital	$	47,766,318
Accumulated undistributed net investment income		154,397
Accumulated net realized gains (losses)		(16,073,371	)
Net unrealized appreciation (depreciation)		6,155,508
Total Net Assets	$	38,002,852
Net Assets:
Class 1	$	37,980,774
Class 2		22,078
Total	$	38,002,852
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		1,932,961
Class 2		1,125
Net Asset Value, offering and redemption price per share (a):
Class 1	$	19.65
Class 2		19.62
Cost of investments in non-affiliates	$	31,006,330
Cost of investments in affiliates		488,440

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

	Intrepid Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	316,895
Dividend income from affiliates		228
Total investment income		317,123
EXPENSES:
Investment advisory fees		120,731
Administration fees		15,661
Distribution fees — Class 2		27
Custodian and accounting fees		14,329
Professional fees		24,472
Trustees’ and Chief Compliance Officer’s fees		210
Printing and mailing costs		8,823
Transfer agent fees		2,266
Other		4,009
Total expenses		190,528
Less amounts waived		(24,102	)
Net expenses		166,426
Net investment income (loss)		150,697
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,060,037
Futures		59,968
Net realized gains (losses)		3,120,005
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		1,155,577
Futures		(59	)
Change in net unrealized appreciation/depreciation		1,155,518
Net realized/unrealized gains (losses)		4,275,523
Change in net assets resulting from operations	$	4,426,220

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Growth Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	150,697		$	411,101
Net realized gain (loss)		3,120,005			3,036,996
Change in net unrealized appreciation/depreciation		1,155,518			2,520,271
Change in net assets resulting from operations		4,426,220			5,968,368
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(401,033	)		(279,331	)
Class 2
From net investment income		(188	)		(90	)
Total distributions to shareholders		(401,221	)		(279,421	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,341,934	)		(8,355,185	)
NET ASSETS:
Change in net assets		2,683,065			(2,666,238	)
Beginning of period		35,319,787			37,986,025
End of period	$	38,002,852		$	35,319,787
Accumulated undistributed net investment income	$	154,397		$	404,921
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,998,150		$	3,631,249
Distributions reinvested		401,033			273,331
Cost of shares redeemed		(3,741,305	)		(12,265,855	)
Change in net assets resulting from Class 1 capital transactions	$	(1,342,122	)	$	(8,355,275	)
Class 2
Distributions reinvested	$	188		$	90
Change in net assets resulting from Class 2 capital transactions	$	188		$	90
Total change in net assets resulting from capital transactions	$	(1,341,934	)	$	(8,355,185	)
SHARE TRANSACTIONS:
Class 1
Issued		101,008			214,321
Reinvested		20,909			16,568
Redeemed		(195,062	)		(716,074	)
Change in Class 1 Shares		(73,145	)		(485,185	)
Class 2
Reinvested		10			5
Change in Class 2 Shares		10			5

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 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
Intrepid Growth Portfolio
Class 1
Six Months Ended June 30, 2013 (Unaudited)	$	17.60	$	0.08	(f)	$	2.18		$	2.26		$	(0.21	)
Year Ended December 31, 2012		15.24		0.18	(f)(g)		2.30			2.48			(0.12	)
Year Ended December 31, 2011		15.14		0.10	(f)		0.16			0.26			(0.16	)
Year Ended December 31, 2010		13.13		0.13	(f)		2.01			2.14			(0.13	)
Year Ended December 31, 2009		9.86		0.12			3.23			3.35			(0.08	)
Year Ended December 31, 2008		16.37		0.09			(6.47	)		(6.38	)		(0.13	)
Class 2
Six Months Ended June 30, 2013 (Unaudited)		17.55		0.05	(f)		2.19			2.24			(0.17	)
Year Ended December 31, 2012		15.21		0.15	(f)(g)		2.27			2.42			(0.08	)
Year Ended December 31, 2011		15.11		0.07	(f)		0.15			0.22			(0.12	)
Year Ended December 31, 2010		13.12		0.10	(f)		1.99			2.09			(0.10	)
Year Ended December 31, 2009		9.84		0.08			3.25			3.33			(0.05	)
Year Ended December 31, 2008		16.33		0.04			(6.44	)		(6.40	)		(0.09	)

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.13 and $0.11 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.85% and 0.63% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	19.65		12.87	%	$	37,980,774		0.90	%		0.81	%		1.03	%		40	%
	17.60		16.30			35,300,206		0.89			1.07	(g)		1.02			70
	15.24		1.65			37,969,142		0.89			0.67			1.00			121
	15.14		16.33			45,426,077		0.90			0.95			1.02			126
	13.13		34.32			50,786,376		0.90			0.96			1.07			134
	9.86		(39.22	)		46,462,195		0.90			0.54			0.94			132
	19.62		12.78			22,078		1.15			0.55			1.28			40
	17.55		15.94			19,581		1.14			0.85	(g)		1.27			70
	15.21		1.44			16,883		1.15			0.43			1.25			121
	15.11		15.96			16,645		1.15			0.72			1.27			126
	13.12		34.03			14,354		1.15			0.70			1.32			134
	9.84		(39.36	)		10,713		1.15			0.30			1.19			132

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to provide long-term capital growth.

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 and administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 the 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.

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	37,651,785		$	—	$	—	$	37,651,785
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,507	)	$	—	$	—	$	(1,507	)

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between any levels during the period ended June 30, 2013.

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 also 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 are settled 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 the futures contract. 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 positions.

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2013:

Futures Contracts:
Average Notional Balance Long	$	649,512
Ending Notional Balance Long		879,615

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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of 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 — 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. In calculating the NAV 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.

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

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’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. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and 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 distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 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, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator waived Administration fees as outlined in Note 3.E.

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 to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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 (for Class 2 Shares) 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, 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
	0.90	%		1.15	%

The expense limitation agreements were in effect for the six months ended June 30, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the six months ended June 30, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	7,675	$	15,661	$	23,336

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 these money market funds for the six months ended June 30, 2013 was $766.

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 Trustees. 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, 2013, 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, 2013, 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, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	14,681,362	$	15,965,719

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	31,494,770	$	6,538,721	$	381,706	$	6,157,015

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2012, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2013		2016		2017		Total
$	1,798,808	$	5,636,634	$	11,650,439	$	19,085,881

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 11, 2013.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has 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, 2013

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 each Class at the beginning of the reporting period, January 1, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Growth Portfolio
Class 1
Actual	$	1,000.00	$	1,128.70	$	4.75		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,127.80		6.07		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15

* Expenses are equal to each Class’ respective 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, 2013 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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013.  All rights reserved. June 2013. SAN-JPMITIGP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

July 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low

from a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		17.68%
Russell Midcap Index		15.45%
Net Assets as of 6/30/2013	$	36,684,005

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

Despite periods of heightened volatility and a setback in June, the overall U.S. equity market, as measured by the S&P 500 Index (“S&P 500”), generated strong results for the six months ended June 30, 2013. The S&P 500 generated a positive return for each of the first five months of the reporting period. Supporting the market were overall solid corporate profits, improving economic growth and generally robust investor demand. These factors helped the S&P 500 to post several all-time highs over the first five months of 2013. The S&P 500 then reversed course and declined during the last month of the reporting period. This turnaround was triggered by indications that the U.S. Federal Reserve Board (“Fed”) would begin tapering its monthly purchases of bonds — $85 billion of mortgage-backed securities and Treasury securities — if economic conditions continued to improve. This caused interest rates to move sharply higher and both stock and bond prices fell sharply. However, the S&P 500 again rallied in late June, as concerns regarding Fed tapering abated somewhat. All told, mid-cap stocks, as measured by the Russell Midcap Index (the “Benchmark”), finished the six months ended June 30, 2013 with a 15.45% gain.

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, 2013. The Portfolio’s stock selection in the software and services and industrial cyclical sectors was the main contributor to relative performance. The Portfolio’s stock selection in the basic materials and telecommunications services sectors detracted from relative performance.

Individual contributors to relative performance included LinkedIn Corp., Constellation Brands, Inc. and Western Digital Corp. LinkedIn Corp., a networking website for people in professional occupations, reported strong revenue and earnings growth during the reporting period. Shares of Constellation Brands, Inc., a global manufacturer and distributor of liquor,

rallied as the company reached an agreement to acquire the remaining interest in Crown Imports. The market feels this transaction has the potential to be a significant driver of Constellation Brands’ long-term growth. Shares of Western Digital Corp., a hard disk drive manufacturer, rose to an all-time high as demand grew for high capacity disk drive and cloud computing solutions.

Individual detractors from relative performance included Frontier Communications Corp., PulteGroup, Inc. and IAC Interactive Network, Inc. Frontier Communications Corp. is a communications company providing services primarily to rural areas and small and medium-sized towns and cities in the U.S. Its shares underperformed the Benchmark as the company reported flat earnings growth during the reporting period. Shares of homebuilder PulteGroup, Inc. also underperformed the Benchmark due to concerns related to rising interest and mortgage rates. Shares of IAC Interactive Network, Inc., an internet company with over 50 brands, performed poorly due to increased competition for advertising dollars.

HOW WAS THE PORTFOLIO POSITIONED?

The JPMorgan Intrepid Investment Team (the “Team”) employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The Team aims to capitalize on these market inefficiencies by targeting what it believes are attractively valued stocks with strong fundamentals and momentum characteristics, and looking to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading. Portfolios are constructed with limited sector bets so that stock selection is typically the primary driver of relative performance.

During the reporting period, the Portfolio was managed and positioned in accordance with this investment philosophy and process.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Discover Financial Services	1.7	%
	2.	Lorillard, Inc.	1.7
	3.	Macy’s, Inc.	1.7
	4.	Alliance Data Systems Corp.	1.6
	5.	Campbell Soup Co.	1.4
	6.	Western Digital Corp.	1.3
	7.	PulteGroup, Inc.	1.3
	8.	KAR Auction Services, Inc.	1.3
	9.	AmerisourceBergen Corp.	1.3
	10.	Activision Blizzard, Inc.	1.3

PORTFOLIO COMPOSITION BY SECTOR***
Financials	18.4	%
Information Technology	16.3
Consumer Discretionary	14.1
Industrials	13.7
Health Care	10.7
Consumer Staples	6.7
Utilities	6.3
Energy	6.2
Materials	4.8
Telecommunication Services	1.7
U.S. Treasury Obligation	0.2
Short-Term Investment	0.9

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		3/30/95		17.68	%		26.68	%		7.43	%		9.39	%
CLASS 2 SHARES		8/16/06		17.58			26.37			7.17			9.21

^*  Not annualized.

TEN YEAR PERFORMANCE (6/30/03 TO 6/30/13)

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 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 Intrepid Mid Cap Portfolio, the Russell Midcap Index and the Lipper Variable Underlying Funds Mid-Cap Core Funds Index from June 30, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, 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 gain distributions of the secu-

rities included in the benchmark, if applicable. 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 incurred 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. Portfolio 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, 2013

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.8%
		Consumer Discretionary — 14.1%
		Auto Components — 0.6%
	2,600	Delphi Automotive plc, (United Kingdom)		131,794
	1,000	TRW Automotive Holdings Corp. (a)		66,440
				198,234
		Distributors — 0.5%
	200	Genuine Parts Co.		15,614
	7,000	LKQ Corp. (a)		180,250
				195,864
		Diversified Consumer Services — 0.9%
	19,100	Service Corp. International		344,373
		Hotels, Restaurants & Leisure — 1.8%
	5,300	Brinker International, Inc.		208,979
	8,100	Wyndham Worldwide Corp.		463,563
				672,542
		Household Durables — 2.2%
	3,650	Jarden Corp. (a)		159,687
	4,750	Leggett & Platt, Inc.		147,678
	25,800	PulteGroup, Inc. (a)		489,426
	300	Tupperware Brands Corp.		23,307
				820,098
		Internet & Catalog Retail — 1.8%
	700	Expedia, Inc.		42,105
	3,100	Groupon, Inc. (a)		26,350
	5,200	Liberty Ventures, Series A, (a)		442,052
	700	Netflix, Inc. (a)		147,763
				658,270
		Leisure Equipment & Products — 0.2%
	1,200	Mattel, Inc.		54,372
		Media — 0.3%
	1,000	AMC Networks, Inc., Class A (a) (m)		65,410
	1,100	Cinemark Holdings, Inc.		30,712
				96,122
		Multiline Retail — 2.2%
	1,400	Dillard’s, Inc., Class A		114,758
	1,300	Dollar Tree, Inc. (a)		66,092
	13,000	Macy’s, Inc.		624,000
				804,850
		Specialty Retail — 3.1%
	400	CST Brands, Inc. (a)		12,324
	3,000	Foot Locker, Inc.		105,390
	5,400	GameStop Corp., Class A		226,962

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — Continued
	6,000	Gap, Inc. (The)		250,380
	1,700	O’Reilly Automotive, Inc. (a)		191,454
	1,900	Ross Stores, Inc.		123,139
	2,800	TJX Cos., Inc.		140,168
	2,500	Urban Outfitters, Inc. (a)		100,550
				1,150,367
		Textiles, Apparel & Luxury Goods — 0.5%
	400	Carter’s, Inc.		29,628
	2,300	Michael Kors Holdings Ltd., (Hong Kong) (a)		142,646
				172,274
		Total Consumer Discretionary		5,167,366
		Consumer Staples — 6.7%
		Beverages — 0.8%
	5,600	Constellation Brands, Inc., Class A (a)		291,872
		Food & Staples Retailing — 0.6%
	6,600	Kroger Co. (The)		227,964
		Food Products — 3.3%
	11,300	Campbell Soup Co.		506,127
	6,500	Ingredion, Inc.		426,530
	10,900	Tyson Foods, Inc., Class A		279,912
				1,212,569
		Personal Products — 0.2%
	4,500	Coty, Inc., Class A (a)		77,310
		Tobacco — 1.8%
	14,500	Lorillard, Inc.		633,360
		Total Consumer Staples		2,443,075
		Energy — 6.2%
		Energy Equipment & Services — 1.6%
	601	Baker Hughes, Inc.		27,724
	1,000	Dresser-Rand Group, Inc. (a)		59,980
	1,168	National Oilwell Varco, Inc.		80,476
	4,000	Oil States International, Inc. (a)		370,560
	700	Unit Corp. (a)		29,806
				568,546
		Oil, Gas & Consumable Fuels — 4.6%
	1,500	Cabot Oil & Gas Corp.		106,530
	2,500	Cimarex Energy Co.		162,475
	700	Continental Resources, Inc. (a)		60,242
	5,395	Energen Corp.		281,943
	3,200	EQT Corp.		253,984
	1,300	Marathon Petroleum Corp.		92,378
	4,200	Murphy Oil Corp.		255,738

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Oil, Gas & Consumable Fuels — Continued
	2,700	Newfield Exploration Co. (a)		64,503
	2,440	Noble Energy, Inc.		146,497
	4,600	Peabody Energy Corp.		67,344
	2,400	Tesoro Corp.		125,568
	2,400	Valero Energy Corp.		83,448
				1,700,650
		Total Energy		2,269,196
		Financials — 18.4%
		Capital Markets — 1.3%
	2,000	Affiliated Managers Group, Inc. (a) (m)		327,880
	9,800	American Capital Ltd. (a)		124,166
				452,046
		Commercial Banks — 2.5%
	800	BankUnited, Inc.		20,808
	1,250	BOK Financial Corp.		80,063
	6,700	Huntington Bancshares, Inc.		52,796
	14,400	KeyCorp		158,976
	600	M&T Bank Corp.		67,050
	8,600	Regions Financial Corp.		81,958
	2,100	Signature Bank (a)		174,342
	3,400	SVB Financial Group (a)		283,288
				919,281
		Consumer Finance — 1.7%
	13,300	Discover Financial Services		633,612
		Diversified Financial Services — 0.3%
	3,050	NASDAQ OMX Group, Inc. (The)		100,010
		Insurance — 4.7%
	1,850	Allied World Assurance Co. Holdings AG, (Switzerland)		169,293
	4,950	American Financial Group, Inc.		242,105
	1,500	Aon plc, (United Kingdom)		96,525
	1,850	Arch Capital Group Ltd., (Bermuda) (a)		95,108
	1,700	Assurant, Inc.		86,547
	8,100	Assured Guaranty Ltd., (Bermuda)		178,686
	1,150	Axis Capital Holdings Ltd., (Bermuda)		52,647
	500	Everest Re Group Ltd., (Bermuda)		64,130
	3,200	Hartford Financial Services Group, Inc.		98,944
	2,200	Lincoln National Corp.		80,234
	2,900	Principal Financial Group, Inc.		108,605
	2,800	Protective Life Corp.		107,548
	1,000	Torchmark Corp.		65,140
	6,800	Unum Group		199,716
	2,300	Validus Holdings Ltd., (Bermuda)		83,076
				1,728,304

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 7.6%
	1,100	American Capital Agency Corp.		25,289
	5,900	Annaly Capital Management, Inc.		74,163
	5,400	Apartment Investment & Management Co., Class A		162,216
	200	AvalonBay Communities, Inc.		26,982
	5,200	Brandywine Realty Trust		70,304
	1,000	Camden Property Trust		69,140
	1,600	Chimera Investment Corp.		4,800
	3,225	CommonWealth REIT		74,562
	3,500	DDR Corp.		58,275
	3,900	Digital Realty Trust, Inc.		237,900
	3,000	Douglas Emmett, Inc. (m)		74,850
	20,100	Duke Realty Corp.		313,359
	1,400	Equity Residential		81,284
	1,300	Extra Space Storage, Inc.		54,509
	2,900	Health Care REIT, Inc.		194,387
	10,310	Hospitality Properties Trust		270,947
	6,900	Host Hotels & Resorts, Inc.		116,403
	1,850	Mack-Cali Realty Corp.		45,306
	1,000	Mid-America Apartment Communities, Inc.		67,770
	2,700	Post Properties, Inc.		133,623
	4,700	Retail Properties of America, Inc., Class A		67,116
	500	SL Green Realty Corp.		44,095
	2,400	Taubman Centers, Inc.		180,360
	2,622	Ventas, Inc.		182,124
	2,500	WP Carey, Inc.		165,425
				2,795,189
		Real Estate Management & Development — 0.3%
	200	Jones Lang LaSalle, Inc.		18,228
	4,900	St. Joe Co. (The) (a)		103,145
				121,373
		Total Financials		6,749,815
		Health Care — 10.7%
		Biotechnology — 3.3%
	2,500	Alexion Pharmaceuticals, Inc. (a)		230,600
	2,600	BioMarin Pharmaceutical, Inc. (a)		145,054
	3,600	Medivation, Inc. (a)		177,120
	1,700	Pharmacyclics, Inc. (a)		135,099
	4,300	Quintiles Transnational Holdings, Inc. (a)		183,008
	4,400	Vertex Pharmaceuticals, Inc. (a)		351,428
				1,222,309
		Health Care Equipment & Supplies — 2.3%
	14,500	Alere, Inc. (a)		355,250
	800	Cooper Cos., Inc. (The)		95,240

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Health Care Equipment & Supplies — Continued
	6,700	Hologic, Inc. (a)		129,310
	3,700	Zimmer Holdings, Inc.		277,278
				857,078
		Health Care Providers & Services — 3.9%
	8,400	AmerisourceBergen Corp.		468,972
	3,100	Catamaran Corp. (a)		151,032
	5,300	Community Health Systems, Inc.		248,464
	5,600	HCA Holdings, Inc.		201,936
	4,100	Humana, Inc.		345,958
				1,416,362
		Life Sciences Tools & Services — 0.7%
	3,200	Life Technologies Corp. (a)		236,832
		Pharmaceuticals — 0.5%
	1,500	Perrigo Co.		181,500
		Total Health Care		3,914,081
		Industrials — 13.7%
		Aerospace & Defense — 1.7%
	1,200	Alliant Techsystems, Inc.		98,796
	6,166	Huntington Ingalls Industries, Inc.		348,256
	2,050	L-3 Communications Holdings, Inc.		175,767
	200	Northrop Grumman Corp.		16,560
				639,379
		Airlines — 0.6%
	1,700	Copa Holdings S.A., (Panama), Class A		222,904
		Commercial Services & Supplies — 1.4%
	20,700	KAR Auction Services, Inc.		473,409
	3,030	R.R. Donnelley & Sons Co.		42,450
				515,859
		Construction & Engineering — 2.6%
	13,800	AECOM Technology Corp. (a) (m)		438,702
	3,000	Chicago Bridge & Iron Co. N.V., (Netherlands)		178,980
	5,600	KBR, Inc.		182,000
	3,200	URS Corp.		151,104
				950,786
		Electrical Equipment — 1.0%
	2,100	Babcock & Wilcox Co. (The)		63,063
	2,950	Hubbell, Inc., Class B		292,050
	500	Regal-Beloit Corp.		32,420
				387,533
		Machinery — 4.5%
	3,400	AGCO Corp. (m)		170,646
	700	Gardner Denver, Inc.		52,626

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — Continued
	5,700	Ingersoll-Rand plc, (Ireland)		316,464
	2,200	Lincoln Electric Holdings, Inc.		125,994
	2,000	Oshkosh Corp. (a)		75,940
	4,745	Parker Hannifin Corp.		452,673
	5,200	Timken Co.		292,656
	2,500	Toro Co. (The)		113,525
	500	WABCO Holdings, Inc. (a)		37,345
				1,637,869
		Marine — 0.3%
	1,200	Kirby Corp. (a)		95,448
		Professional Services — 1.0%
	6,600	Manpowergroup, Inc.		361,680
		Road & Rail — 0.5%
	5,000	CSX Corp.		115,950
	1,300	Landstar System, Inc.		66,950
				182,900
		Trading Companies & Distributors — 0.1%
	1,300	Air Lease Corp.		35,867
		Total Industrials		5,030,225
		Information Technology — 16.3%
		Communications Equipment — 0.6%
	2,700	Harris Corp.		132,975
	1,700	Motorola Solutions, Inc.		98,141
				231,116
		Computers & Peripherals — 1.4%
	7,950	Western Digital Corp.		493,616
		Electronic Equipment, Instruments & Components — 1.8%
	3,800	Arrow Electronics, Inc. (a)		151,430
	7,200	Avnet, Inc. (a)		241,920
	6,800	CDW Corp. (a)		126,616
	1,800	Tech Data Corp. (a)		84,762
	4,200	Vishay Intertechnology, Inc. (a)		58,338
				663,066
		Internet Software & Services — 1.1%
	2,200	LinkedIn Corp., Class A (a)		392,260
		IT Services — 4.1%
	3,150	Alliance Data Systems Corp. (a)		570,244
	2,900	Booz Allen Hamilton Holding Corp.		50,402
	9,900	Computer Sciences Corp.		433,323
	1,300	DST Systems, Inc.		84,929
	3,000	Fidelity National Information Services, Inc.		128,520
	3,300	Lender Processing Services, Inc.		106,755

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		IT Services — Continued
	7,800	VeriFone Systems, Inc. (a)		131,118
				1,505,291
		Office Electronics — 0.7%
	28,700	Xerox Corp.		260,309
		Semiconductors & Semiconductor Equipment — 2.8%
	1,300	Analog Devices, Inc.		58,578
	11,900	Applied Materials, Inc.		177,429
	1,600	KLA-Tencor Corp.		89,168
	1,500	Lam Research Corp. (a)		66,510
	13,500	LSI Corp. (a)		96,390
	25,200	Marvell Technology Group Ltd., (Bermuda)		295,092
	10,600	NVIDIA Corp.		148,718
	6,100	Teradyne, Inc. (a)		107,177
				1,039,062
		Software — 3.8%
	32,800	Activision Blizzard, Inc. (m)		467,728
	700	Autodesk, Inc. (a)		23,758
	14,900	CA, Inc.		426,587
	2,000	Cadence Design Systems, Inc. (a)		28,960
	3,100	Rovi Corp. (a)		70,804
	13,300	Symantec Corp.		298,851
	2,200	Synopsys, Inc. (a)		78,650
				1,395,338
		Total Information Technology		5,980,058
		Materials — 4.7%
		Chemicals — 2.3%
	1,200	CF Industries Holdings, Inc.		205,800
	2,300	Huntsman Corp.		38,088
	2,916	PPG Industries, Inc.		426,931
	2,500	Valspar Corp. (The)		161,675
				832,494
		Containers & Packaging — 0.6%
	2,100	Crown Holdings, Inc. (a)		86,373
	500	Greif, Inc., Class A		26,335
	400	Rock Tenn Co., Class A		39,952
	3,500	Sealed Air Corp.		83,825
				236,485
		Metals & Mining — 0.9%
	800	Nucor Corp.		34,656
	4,000	Reliance Steel & Aluminum Co.		262,240
	3,400	Steel Dynamics, Inc.		50,694
				347,590

SHARES		SECURITY DESCRIPTION	VALUE($)
		Paper & Forest Products — 0.9%
	1,700	Domtar Corp., (Canada)		113,050
	4,800	International Paper Co.		212,688
				325,738
		Total Materials		1,742,307
		Telecommunication Services — 1.7%
		Diversified Telecommunication Services — 0.9%
	85,200	Frontier Communications Corp.		345,060
		Wireless Telecommunication Services — 0.8%
	2,400	Crown Castle International Corp. (a)		173,736
	1,600	SBA Communications Corp., Class A (a)		118,592
				292,328
		Total Telecommunication Services		637,388
		Utilities — 6.3%
		Electric Utilities — 0.2%
	2,300	NV Energy, Inc.		53,958
	500	Pinnacle West Capital Corp.		27,735
				81,693
		Gas Utilities — 0.6%
	5,350	UGI Corp.		209,239
		Independent Power Producers & Energy Traders — 0.8%
	25,800	AES Corp. (m)		309,342
		Multi-Utilities — 4.7%
	2,550	Alliant Energy Corp.		128,571
	3,600	Ameren Corp.		123,984
	11,030	CenterPoint Energy, Inc.		259,095
	4,800	CMS Energy Corp.		130,416
	2,400	Consolidated Edison, Inc.		139,944
	4,100	DTE Energy Co.		274,741
	3,150	MDU Resources Group, Inc.		81,616
	3,100	SCANA Corp.		152,210
	3,800	Sempra Energy		310,688
	6,800	TECO Energy, Inc.		116,892
				1,718,157
		Total Utilities		2,318,431
		Total Common Stocks (Cost $28,162,054)		36,251,942
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.1%
	60,000	U.S. Treasury Note, 0.250%, 11/30/13 (k) (Cost $60,010)		60,035

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	314,310	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $314,310)		314,310
		Total Investments — 99.8% (Cost $28,536,374)		36,626,287
		Other Assets in Excess of Liabilities — 0.2%		57,718
		NET ASSETS — 100.0%	$	36,684,005

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	4	S&P Mid Cap 400		09/20/13	$	463,160	$	(923	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

REIT	—  Real Estate Investment Trust.
(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.
(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, 2013.
(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, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	Intrepid Mid Cap Portfolio
ASSETS:
Investments in non-affiliates, at value	$	36,311,977
Investments in affiliates, at value		314,310
Total investment securities, at value		36,626,287
Receivables:
Investment securities sold		1,760,333
Portfolio shares sold		750
Interest and dividends from non-affiliates		44,793
Dividends from affiliates		20
Variation margin on futures contracts		146
Total Assets		38,432,329
LIABILITIES:
Payables:
Investment securities purchased		1,660,126
Portfolio shares redeemed		17,473
Accrued liabilities:
Investment advisory fees		19,307
Distribution fees		5
Custodian and accounting fees		6,670
Trustees’ and Chief Compliance Officer’s fees		19
Other		44,724
Total Liabilities		1,748,324
Net Assets	$	36,684,005
NET ASSETS:
Paid-in-Capital	$	27,291,646
Accumulated undistributed (distributed in excess of) net investment income		150,955
Accumulated net realized gains (losses)		1,152,414
Net unrealized appreciation (depreciation)		8,088,990
Total Net Assets	$	36,684,005
Net Assets:
Class 1	$	36,661,909
Class 2		22,096
Total	$	36,684,005
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		1,791,989
Class 2		1,081
Net Asset Value, offering and redemption price per share (a):
Class 1	$	20.46
Class 2		20.44
Cost of investments in non-affiliates	$	28,222,064
Cost of investments in affiliates		314,310

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

	Intrepid Mid Cap Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	314,063
Dividend income from affiliates		223
Interest income from non-affiliates		63
Total investment income		314,349
EXPENSES:
Investment advisory fees		123,115
Administration fees		15,972
Distribution fees — Class 2		26
Custodian and accounting fees		16,118
Professional fees		23,870
Trustees’ and Chief Compliance Officer’s fees		215
Printing and mailing costs		7,666
Transfer agent fees		2,337
Other		3,636
Total expenses		192,955
Less amounts waived		(23,123	)
Net expenses		169,832
Net investment income (loss)		144,517
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,259,426
Futures		149,902
Net realized gains (losses)		3,409,328
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		2,698,942
Futures		(12,663	)
Change in net unrealized appreciation/depreciation		2,686,279
Net realized/unrealized gains (losses)		6,095,607
Change in net assets resulting from operations	$	6,240,124

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 11

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Mid Cap Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	144,517		$	433,636
Net realized gain (loss)		3,409,328			1,618,289
Change in net unrealized appreciation/depreciation		2,686,279			3,079,445
Change in net assets resulting from operations		6,240,124			5,131,370
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(425,516	)		(257,920	)
Class 2
From net investment income		(190	)		(100	)
Total distributions to shareholders		(425,706	)		(258,020	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(5,187,341	)		(414,429	)
NET ASSETS:
Change in net assets		627,077			4,458,921
Beginning of period		36,056,928			31,598,007
End of period	$	36,684,005		$	36,056,928
Accumulated undistributed (distributed in excess of) net investment income	$	150,955		$	432,144
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	968,464		$	7,029,673
Distributions reinvested		425,516			257,920
Cost of shares redeemed		(6,581,511	)		(7,702,122	)
Change in net assets resulting from Class 1 capital transactions	$	(5,187,531	)	$	(414,529	)
Class 2
Proceeds from shares issued	$	—		$	2
Distributions reinvested		190			100
Cost of shares redeemed		—			(2	)
Change in net assets resulting from Class 2 capital transactions	$	190		$	100
Total change in net assets resulting from capital transactions	$	(5,187,341	)	$	(414,429	)
SHARE TRANSACTIONS:
Class 1
Issued		48,558			424,954
Reinvested		21,567			15,528
Redeemed		(328,357	)		(459,751	)
Change in Class 1 Shares		(258,232	)		(19,269	)
Class 2
Issued		—			1
Reinvested		9			6
Redeemed		—			—	(a)
Change in Class 2 Shares		9			7

(a) Amount rounds to less than 1 share.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2013 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, 2013 (Unaudited)	$	17.58	$	0.07	(f)	$	3.03		$	3.10		$	(0.22	)	$	—		$	(0.22	)
Year Ended December 31, 2012		15.26		0.21	(f)(g)		2.24			2.45			(0.13	)		—			(0.13	)
Year Ended December 31, 2011		15.62		0.12	(f)		(0.34	)		(0.22	)		(0.14	)		—			(0.14	)
Year Ended December 31, 2010		13.23		0.11	(f)		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	)
Class 2
Six Months Ended June 30, 2013 (Unaudited)		17.54		0.05	(f)		3.03			3.08			(0.18	)		—			(0.18	)
Year Ended December 31, 2012		15.23		0.17	(f)(g)		2.23			2.40			(0.09	)		—			(0.09	)
Year Ended December 31, 2011		15.60		0.08	(f)		(0.35	)		(0.27	)		(0.10	)		—			(0.10	)
Year Ended December 31, 2010		13.22		0.08	(f)		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	)

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net assets values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f)) Calculated based upon average shares outstanding.

(g) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.16 and $0.11 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.93% and 0.66% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	20.46		17.68	%	$	36,661,909		0.90	%		0.76	%		1.02	%		28	%
	17.58		16.13			36,038,129		0.90			1.28	(g)		1.02			54
	15.26		(1.52	)		31,581,775		0.90			0.75			1.08			47
	15.62		19.52			38,556,642		0.90			0.81			1.22			46
	13.23		35.66			42,810,183		0.90			1.37			1.15			74
	9.92		(38.82	)		39,157,400		0.90			1.10			1.01			101
	20.44		17.58			22,096		1.14			0.54			1.27			28
	17.54		15.82			18,799		1.15			1.00	(g)		1.27			54
	15.23		(1.79	)		16,232		1.15			0.52			1.33			47
	15.60		19.24			16,528		1.15			0.57			1.48			46
	13.22		35.37			13,862		1.15			1.14			1.40			74
	9.90		(38.98	)		10,240		1.15			0.87			1.27			101

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

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 and administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at 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 prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers 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 pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics 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 values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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 the 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.

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	36,566,252		$	60,035	$	—	$	36,626,287
Depreciation in Other Financial Instruments
Futures Contracts	$	(923	)	$	—	$	—	$	(923	)

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on 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 portfolio holdings.

There were no transfers between any levels during the six months ended June 30, 2013.

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 also 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 are settled 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 the futures contract. 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 positions.

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2013:

Futures Contracts:
Average Notional Balance Long	$	749,586
Ending Notional Balance Long		463,160

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

To the extent such information is publicly available, the Portfolio records distributions received in excess of income earned 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 the 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 — 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. In calculating the NAV 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.

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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’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. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and 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 distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 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, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or reimbursements.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator waived Administration fees as outlined in Note 3.E.

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 to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2013

E. Waivers and Reimbursements — The Advisor, Administrator and Distributor (for Class 2 Shares) 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, 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
0.90%		1.15	%

The expense limitation agreements were in effect for the six months ended June 30, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the six months ended June 30, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	6,488	$	15,972	$	22,460

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 these money market funds for the six months ended June 30, 2013 was $663.

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 Trustees. 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, 2013, 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, 2013, 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, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	10,308,320	$	15,047,570

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	28,536,374	$	8,552,009	$	462,096	$	8,089,913

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2012, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017		Total
$	2,125,334	$	2,125,334

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has 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, 2013

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 each Class at the beginning of the reporting period, January 1, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Mid Cap Portfolio
Class 1
Actual	$	1,000.00	$	1,176.80	$	4.86		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,175.80		6.15		1.14
Hypothetical		1,000.00		1,019.14		5.71		1.14

* Expenses are equal to each Class’ respective 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, 2013 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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013. All rights reserved. June 2013 SAN-JPMITIMCP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust Mid Cap Growth Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
     

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

July 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low

from a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		15.91%
Russell Midcap Growth Index		14.70%
Net Assets as of 6/30/2013	$	50,726,311

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 periods of heightened volatility and a setback in June, the overall U.S. equity market, as measured by the S&P 500 Index (“S&P 500”), generated strong results for the six months ended June 30, 2013. The S&P 500 generated a positive return for each of the first five months of the reporting period. Supporting the market were overall solid corporate profits, improving economic growth and generally robust investor demand. These factors helped the S&P 500 to post several all-time highs over the first five months of 2013. The S&P 500 then reversed course and declined during the last month of the reporting period. This turnaround was triggered by indications that the U.S. Federal Reserve Board (“Fed”) would begin tapering its monthly purchases of bonds — $85 billion of mortgage-backed securities and Treasury securities — if economic conditions continued to improve. This caused interest rates to move sharply higher and both stock and bond prices fell sharply. However, the S&P 500 again rallied in late June, as concerns regarding Fed tapering abated somewhat. All told, mid-cap growth stocks, as measured by the Russell Midcap Growth Index (the “Benchmark”), finished the six months ended June 30, 2013 with a 14.70% gain.

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, 2013. The Portfolio’s stock selection in the financial services and health care sectors was the main contributor to relative performance. The Portfolio’s stock selection in the consumer discretionary sector, and an underweight to consumer staples, detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Tesla Motors, Inc., FleetCor Technologies, Inc. and Valeant Pharmaceuticals International, Inc. Tesla Motors, Inc., an electric car maker, released strong first

quarter 2013 results, as the company showed that it was a successful new entrant into the automotive industry. The company was ramping up production of its technology-leading Model S luxury electric sedan, and appeared to be moving into positive free cash flow territory. Shares of FleetCor Technologies, Inc., a global payments solutions provider in the transportation sector, rose as the company continued to have organic growth and make progress on improving its recent acquisitions in international markets where the industry is in its infancy of development. Shares of Valeant Pharmaceuticals International, Inc. continued to benefit from solid execution on the firm’s core strategy, including the announced acquisition of Bausch and Lomb, which could be a highly accretive deal set to close later this year.

Individual detractors to relative performance included positions in F5 Networks Inc., a leader in application delivery networking, Thoratec Corp., a circulatory medical device maker, and Aruba Networks, Inc., a networking vendor selling enterprise wireless local area network (LAN) and networking equipment. F5 Networks has struggled as investors have questioned the validity of its growth rate. Thoratec Corp. has underperformed due to poor execution and declining market share, as well as company growth falling below expectations. Aruba Networks has struggled with meeting high growth expectations and, as a result, has experienced a sharply declining share price.

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 a portfolio 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 producer durables and financial services sectors. The Portfolio’s largest underweights versus the Benchmark were in the consumer staples and consumer durables sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	O’Reilly Automotive, Inc.	2.6	%
	2.	Sherwin-Williams Co. (The)	2.1
	3.	Alliance Data Systems Corp.	1.9
	4.	Harley-Davidson, Inc.	1.8
	5.	Michael Kors Holdings Ltd. (Hong Kong)	1.8
	6.	Pall Corp.	1.8
	7.	Valeant Pharmaceuticals International, Inc.	1.8
	8.	Avago Technologies Ltd. (Singapore)	1.7
	9.	Amphenol Corp., Class A	1.7
	10.	J.B. Hunt Transport Services, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	22.4	%
Industrials	20.0
Information Technology	18.7
Health Care	15.1
Financials	10.5
Energy	6.6
Materials	3.6
Consumer Staples	1.4
Short-Term Investment	1.7

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		8/1/94		15.91	%		24.45	%		6.65	%		9.08	%
CLASS 2 SHARES		8/16/06		15.77			24.10			6.37			8.89

* Not annualized.

TEN YEAR PERFORMANCE (06/30/03 TO 06/30/13)

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, the Russell Midcap Growth Index and the Lipper Variable Underlying Funds Mid-Cap Growth Funds Index from June 30, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gains distributions, 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 distributions

of the securities included in the benchmark, if applicable. 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 incurred 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.

Portfolio 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. Portfolio 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, 2013

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
		Consumer Discretionary — 22.3%
		Automobiles — 2.6%
	17,000	Harley-Davidson, Inc.		931,940
	3,625	Tesla Motors, Inc. (a)		389,434
				1,321,374
		Hotels, Restaurants & Leisure — 3.0%
	20,100	Marriott International, Inc., Class A		811,437
	5,700	Wynn Resorts Ltd.		729,600
				1,541,037
		Household Durables — 1.1%
	5,100	Mohawk Industries, Inc. (a)		573,699
		Media — 1.6%
	6,000	Discovery Communications, Inc., Class A (a)		463,260
	5,800	Madison Square Garden Co. (The), Class A (a)		343,650
				806,910
		Specialty Retail — 10.3%
	9,800	GameStop Corp., Class A		411,894
	15,100	GNC Holdings, Inc., Class A		667,571
	11,500	O’Reilly Automotive, Inc. (a)		1,295,130
	1,100	PetSmart, Inc.		73,689
	11,900	Ross Stores, Inc.		771,239
	5,825	Tractor Supply Co.		685,078
	15,100	Urban Outfitters, Inc. (a)		607,322
	13,000	Williams-Sonoma, Inc.		726,570
				5,238,493
		Textiles, Apparel & Luxury Goods — 3.7%
	8,400	Lululemon Athletica, Inc., (Canada) (a)		550,368
	14,800	Michael Kors Holdings Ltd., (Hong Kong) (a)		917,896
	6,400	Under Armour, Inc., Class A (a)		382,144
				1,850,408
		Total Consumer Discretionary		11,331,921
		Consumer Staples — 1.4%
		Food Products — 0.6%
	18,800	WhiteWave Foods Co., Class A (a)		305,500
		Personal Products — 0.8%
	18,900	Avon Products, Inc.		397,467
		Total Consumer Staples		702,967
		Energy — 6.6%
		Energy Equipment & Services — 2.0%
	7,070	Cameron International Corp. (a)		432,401
	8,000	Oceaneering International, Inc.		577,600
				1,010,001

SHARES		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 4.6%
	10,600	Cabot Oil & Gas Corp.		752,812
	7,500	Concho Resources, Inc. (a)		627,900
	8,800	Plains All American Pipeline LP		491,128
	6,100	Range Resources Corp.		471,652
				2,343,492
		Total Energy		3,353,493
		Financials — 10.4%
		Capital Markets — 3.0%
	24,200	Blackstone Group LP (The)		509,652
	11,900	Lazard Ltd., (Bermuda), Class A		382,585
	8,730	T. Rowe Price Group, Inc.		638,599
				1,530,836
		Commercial Banks — 2.8%
	15,400	East West Bancorp, Inc.		423,500
	4,400	M&T Bank Corp.		491,700
	5,825	Signature Bank (a)		483,592
				1,398,792
		Diversified Financial Services — 1.6%
	13,100	Moody’s Corp.		798,183
		Insurance — 2.0%
	6,300	Aon plc, (United Kingdom)		405,405
	13,300	Axis Capital Holdings Ltd., (Bermuda)		608,874
				1,014,279
		Real Estate Investment Trusts (REITs) — 0.7%
	10,000	Prologis, Inc.		377,200
		Real Estate Management & Development — 0.3%
	7,200	CBRE Group, Inc., Class A (a)		168,192
		Total Financials		5,287,482
		Health Care — 15.1%
		Biotechnology — 3.8%
	3,340	Alexion Pharmaceuticals, Inc. (a)		308,082
	5,600	Onyx Pharmaceuticals, Inc. (a)		610,400
	1,525	Regeneron Pharmaceuticals, Inc. (a)		342,942
	8,000	Vertex Pharmaceuticals, Inc. (a)		638,960
				1,900,384
		Health Care Equipment & Supplies — 1.0%
	8,000	Sirona Dental Systems, Inc. (a)		527,040
		Health Care Providers & Services — 3.7%
	19,900	Brookdale Senior Living, Inc. (a)		526,156
	3,300	DaVita HealthCare Partners, Inc. (a)		398,640
	12,000	Health Net, Inc. (a)		381,840
	6,510	Humana, Inc.		549,314
				1,855,950

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Life Sciences Tools & Services — 3.6%
	17,700	Agilent Technologies, Inc.		756,852
	20,200	Bruker Corp. (a)		326,230
	9,720	Illumina, Inc. (a)		727,445
				1,810,527
		Pharmaceuticals — 3.0%
	5,175	Actavis, Inc. (a)		653,188
	10,300	Valeant Pharmaceuticals International, Inc. (a)		886,624
				1,539,812
		Total Health Care		7,633,713
		Industrials — 19.9%
		Airlines — 1.3%
	35,000	Delta Air Lines, Inc. (a)		654,850
		Building Products — 1.1%
	14,700	Fortune Brands Home & Security, Inc.		569,478
		Commercial Services & Supplies — 1.4%
	6,340	Stericycle, Inc. (a)		700,126
		Construction & Engineering — 1.2%
	10,200	Fluor Corp.		604,962
		Electrical Equipment — 1.8%
	7,100	Acuity Brands, Inc.		536,192
	10,900	Generac Holdings, Inc.		403,409
				939,601
		Industrial Conglomerates — 1.5%
	12,200	Carlisle Cos., Inc.		760,182
		Machinery — 3.8%
	11,075	Flowserve Corp.		598,161
	13,500	Pall Corp.		896,805
	7,994	Wabtec Corp.		427,119
				1,922,085
		Marine — 1.2%
	7,700	Kirby Corp. (a)		612,458
		Professional Services — 0.9%
	14,300	Nielsen Holdings N.V.		480,337
		Road & Rail — 2.6%
	3,900	Canadian Pacific Railway Ltd., (Canada)		473,382
	11,500	J.B. Hunt Transport Services, Inc.		830,760
				1,304,142
		Trading Companies & Distributors — 3.1%
	18,900	Air Lease Corp.		521,451
	25,100	HD Supply Holdings, Inc. (a)		471,629

SHARES			SECURITY DESCRIPTION	VALUE($)
			Trading Companies & Distributors — Continued
	7,450		MSC Industrial Direct Co., Inc., Class A		577,077
					1,570,157
			Total Industrials		10,118,378
			Information Technology — 18.6%
			Communications Equipment — 1.7%
	15,800		Aruba Networks, Inc. (a)		242,688
	4,400		F5 Networks, Inc. (a)		302,720
	7,300		Palo Alto Networks, Inc. (a)		307,768
					853,176
			Electronic Equipment, Instruments & Components — 1.7%
	10,800		Amphenol Corp., Class A		841,752
			Internet Software & Services — 2.9%
	12,200		Akamai Technologies, Inc. (a)		519,110
	3,500		LinkedIn Corp., Class A (a)		624,050
	5,150		OpenTable, Inc. (a)		329,343
		��			1,472,503
			IT Services — 4.1%
	5,170		Alliance Data Systems Corp. (a)		935,925
	15,100		CoreLogic, Inc. (a)		349,867
	9,475		FleetCor Technologies, Inc. (a)		770,318
					2,056,110
			Semiconductors & Semiconductor Equipment — 5.2%
	43,600		Applied Materials, Inc.		650,076
	23,500		Avago Technologies Ltd., (Singapore)		878,430
	6,800		KLA-Tencor Corp.		378,964
	19,100		Xilinx, Inc.		756,551
					2,664,021
			Software — 3.0%
	11,100		Red Hat, Inc. (a)		530,802
	5,800		SolarWinds, Inc. (a)		225,098
	8,100		Splunk, Inc. (a)		375,516
	6,200		Workday, Inc., Class A (a)		397,358
					1,528,774
			Total Information Technology		9,416,336
			Materials — 3.6%
			Chemicals — 3.6%
	5,125		PPG Industries, Inc.		750,351
	6,000		Sherwin-Williams Co. (The)		1,059,600
			Total Materials		1,809,951
			Total Common Stocks (Cost $41,229,269)		49,654,241

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	866,831	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $866,831)		866,831
		Total Investments — 99.6% (Cost $42,096,100)		50,521,072
		Other Assets in Excess of Liabilities — 0.4%		205,239
		NET ASSETS — 100.0%	$	50,726,311

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, 2013.
(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, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	Mid Cap Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	49,654,241
Investments in affiliates, at value		866,831
Total investment securities, at value		50,521,072
Receivables:
Investment securities sold		953,018
Portfolio shares sold		2,494
Dividends from non-affiliates		15,146
Dividends from affiliates		36
Total Assets		51,491,766
LIABILITIES:
Payables:
Investment securities purchased		629,516
Portfolio shares redeemed		61,443
Accrued liabilities:
Investment advisory fees		27,137
Administration fees		1,321
Distribution fees		5
Custodian and accounting fees		7,068
Trustees’ and Chief Compliance Officer’s fees		27
Other		38,938
Total Liabilities		765,455
Net Assets	$	50,726,311
NET ASSETS:
Paid-in-Capital	$	32,272,413
Accumulated undistributed net investment income		32,828
Accumulated net realized gains (losses)		9,996,098
Net unrealized appreciation (depreciation)		8,424,972
Total Net Assets	$	50,726,311
Net Assets:
Class 1	$	50,702,462
Class 2		23,849
Total	$	50,726,311
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		2,554,142
Class 2		1,225
Net Asset Value, offering and redemption price per share (a):
Class 1	$	19.85
Class 2		19.47
Cost of investments in non-affiliates	$	41,229,269
Cost of investments in affiliates		866,831

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

	Mid Cap Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	293,681
Dividend income from affiliates		274
Total investment income		293,955
EXPENSES:
Investment advisory fees		208,450
Administration fees		27,052
Distribution fees — Class 2		28
Custodian and accounting fees		15,160
Interest expense to affiliates		236
Professional fees		24,289
Trustees’ and Chief Compliance Officer’s fees		392
Printing and mailing costs		11,126
Transfer agent fees		2,256
Other		5,494
Total expenses		294,483
Less amounts waived		(6,623	)
Net expenses		287,860
Net investment income (loss)		6,095
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		10,248,105
Change in net unrealized appreciation/depreciation of investments in non-affiliates		(397,466	)
Net realized/unrealized gains (losses)		9,850,639
Change in net assets resulting from operations	$	9,856,734

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Growth Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,095		$	85,706
Net realized gain (loss)		10,248,105			5,174,762
Change in net unrealized appreciation/depreciation		(397,466	)		4,973,723
Change in net assets resulting from operations		9,856,734			10,234,191
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(46,208	)		—
From net realized gains		(4,354,443	)		(817,797	)
Class 2
From net realized gains		(1,413	)		(243	)
Total distributions to shareholders		(4,402,064	)		(818,040	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(21,986,584	)		(6,760,984	)
NET ASSETS:
Change in net assets		(16,531,914	)		2,655,167
Beginning of period		67,258,225			64,603,058
End of period	$	50,726,311		$	67,258,225
Accumulated undistributed net investment income	$	32,828		$	72,941
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,518,079		$	6,031,656
Distributions reinvested		4,400,651			817,797
Cost of shares redeemed		(27,906,727	)		(13,610,680	)
Change in net assets resulting from Class 1 capital transactions	$	(21,987,997	)	$	(6,761,227	)
Class 2
Distributions reinvested		1,413			243
Change in net assets resulting from Class 2 capital transactions	$	1,413		$	243
Total change in net assets resulting from capital transactions	$	(21,986,584	)	$	(6,760,984	)
SHARE TRANSACTIONS:
Class 1
Issued		78,087			347,136
Reinvested		233,456			45,458
Redeemed		(1,450,439	)		(767,875	)
Change in Class 1 Shares		(1,138,896	)		(375,281	)
Class 2
Reinvested		76			14
Change in Class 2 Shares		76			14

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2013 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 Growth Portfolio
Class 1
Six Months Ended June 30, 2013 (Unaudited)	$	18.21	$	—	(f)(g)(h)	$	2.88		$	2.88		$	(0.01	)	$	(1.23	)	$	(1.24	)
Year Ended December 31, 2012		15.88		0.02	(i)		2.52			2.54			—			(0.21	)		(0.21	)
Year Ended December 31, 2011		16.91		(0.02	)		(1.01	)		(1.03	)		—			—			—
Year Ended December 31, 2010		13.46		(0.02	)		3.47			3.45			—			—			—
Year Ended December 31, 2009		9.41		(0.02	)		4.07			4.05			—			—			—
Year Ended December 31, 2008		20.69		(0.05	)		(7.84	)		(7.89	)		—			(3.39	)		(3.39	)
Class 2
Six Months Ended June 30, 2013 (Unaudited)		17.89		(0.01	)(g)(h)		2.82			2.81			—			(1.23	)		(1.23	)
Year Ended December 31, 2012		15.64		(0.02	)(i)		2.48			2.46			—			(0.21	)		(0.21	)
Year Ended December 31, 2011		16.71		(0.05	)		(1.02	)		(1.07	)		—			—			—
Year Ended December 31, 2010		13.33		(0.04	)		3.42			3.38			—			—			—
Year Ended December 31, 2009		9.34		(0.03	)		4.02			3.99			—			—			—
Year Ended December 31, 2008		20.62		(0.06	)		(7.83	)		(7.89	)		—			(3.39	)		(3.39	)

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net assets values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Amount rounds to less than $0.01.

(g) Calculated based upon average shares outstanding.

(h) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $(0.02) and $(0.03) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been (0.15)% and (0.32)% for Class 1 and Class 2 Shares, respectively.

(i) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $(0.03) and $(0.08) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been (0.20)% and (0.45)% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	19.85		16.20	%	$	50,702,462		0.90	%		0.02	%(h)		0.92	%		37	%
	18.21		16.04			67,237,679		0.89			0.13	(i)		0.90			69
	15.88		(6.09	)		64,585,309		0.85			(0.08	)		0.86			72
	16.91		25.63			80,620,361		0.90			(0.10	)		0.97			76
	13.46		43.04			80,982,829		0.90			(0.14	)		1.03			85
	9.41		(43.78	)		66,522,316		0.90			(0.31	)		0.91			95
	19.47		16.07			23,849		1.15			(0.14	)(h)		1.17			37
	17.89		15.77			20,546		1.14			(0.12	)(i)		1.15			69
	15.64		(6.40	)		17,749		1.09			(0.32	)		1.11			72
	16.71		25.36			18,957		1.15			(0.34	)		1.22			76
	13.33		42.72			15,126		1.15			(0.40	)		1.28			85
	9.34		(43.96	)		10,596		1.15			(0.56	)		1.16			95

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to seek capital growth over the long term.

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 and administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 the 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.

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

	Level 1 Quoted Prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	50,521,072	$	—	$	—	$	50,521,072

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between any levels during the period ended June 30, 2013.

B. 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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

C. Allocation of Income and 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. In calculating the NAV 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.

D. 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. Management has reviewed the Portfolio tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the portfolio’s financial statements for net unrecognized tax benefits. However, management’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.

E. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and 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 distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 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, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.E.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

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 to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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 (for Class 2 Shares) 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, 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
0.90%		1.15	%

The expense limitation agreements were in effect for the six months ended June 30, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the six months ended June 30, 2013, the Portfolio’s service providers waived fees for the Portfolio as follows. None of these parties expect the Portfolio to repay any such waived fees in future years.

Contractual Waivers
Investment Advisory		Administration		Total
$	2,619	$	3,179	$	5,798

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 these money market funds for the six months ended June 30, 2013 was $825.

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 on 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 Trustees. 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, 2013, 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, 2013, 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, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	23,741,676	$	50,443,136

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	42,096,100	$	9,160,232	$	735,260	$	8,424,972

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio did not have any post-enactment or pre-enactment net capital loss carryforwards.

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has several shareholders holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Portfolio.

JUNE 30, 2013 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, 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 each Class at the beginning of the reporting period, January 1, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Growth Portfolio
Class 1
Actual	$	1,000.00	$	1,162.00	$	4.82		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,160.70		6.16		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15

* Expenses are equal to each Class’ respective 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, 2013

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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013.  All rights reserved. June 2013. SAN-JPMITMCGP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust Mid Cap Value Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

July 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be

low from a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		15.53%
Russell Midcap Value Index		16.10%
Net Assets as of 6/30/2013	$	348,219,774

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 periods of heightened volatility and a setback in June, the overall U.S. equity market, as measured by the S&P 500 Index (“S&P 500”), generated strong results during the six months ended June 30, 2013. The S&P 500 generated a positive return during each of the first five months of the reporting period. Supporting the market were overall solid corporate profits, improving economic growth and generally robust investor demand. These factors helped the S&P 500 to post several all-time highs over the first five months of 2013. The S&P 500 then reversed course and declined during the last month of the reporting period. This turnaround was triggered by indications that the U.S. Federal Reserve Board (“Fed”) would begin tapering its monthly purchases of bonds — $85 billion of mortgage-backed securities and Treasury securities — if economic conditions continued to improve. This caused interest rates to move sharply higher and both stock and bond prices fell sharply. However, the S&P 500 again rallied in late June, as concerns regarding Fed tapering abated somewhat. All told, mid-cap value stocks, as measured by the Russell Midcap Value Index (the “Benchmark”), finished the six months ended June 30, 2013 with a 16.10% return.

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, 2013. The Portfolio’s stock selection in the information technology and industrials sectors was the main detractor to relative performance. The Portfolio’s stock selection and underweights versus the Benchmark in the financials and energy sectors contributed to relative performance.

Individual detractors from relative performance included three stocks that were in the Benchmark but not in the Portfolio during the reporting period: Micron Technology, Inc., a manufacturer and marketer of semiconductor devices, Boston Scientific Co., a worldwide developer, manufacturer and marketer of medical devices, and Eaton Corp. PLC, a diversified power management company. Stocks of all three companies performed well during the reporting period and not owning them was detrimental to the Portfolio’s relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Charles Schwab Corp., Gap, Inc. and Bed, Bath & Beyond, Inc. Charles Schwab Corp., a brokerage and financial services company, rose as investors began shifting assets from cash and fixed income products into equities. Shares of Gap, Inc., a multinational clothing and accessories retailer, rose sharply during the period as the company closed underperforming stores and opened new outlets that it believed will be more appealing to cost-conscious shoppers. Bed, Bath & Beyond, Inc., which operates a chain of domestic merchandise retail stores, gained market share on its rivals, partially due to better merchandising and strategy execution.

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, in their view, 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 versus the Benchmark 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, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Marsh & McLennan Cos., Inc.	1.7	%
	2.	Ball Corp.	1.7
	3.	Loews Corp.	1.7
	4.	Energen Corp.	1.6
	5.	Kohl’s Corp.	1.5
	6.	AutoZone, Inc.	1.5
	7.	Analog Devices, Inc.	1.5
	8.	Ameriprise Financial, Inc.	1.5
	9.	Amphenol Corp., Class A	1.4
	10.	Fifth Third Bancorp	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	26.8	%
Consumer Discretionary	21.2
Industrials	9.7
Utilities	9.2
Information Technology	8.4
Materials	7.4
Energy	5.5
Health Care	4.9
Consumer Staples	4.5
Telecommunication Services	0.3
Short-Term Investment	2.1

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		9/28/01		15.53	%		25.85	%		10.30	%		10.53	%

* Not annualized

TEN YEAR PERFORMANCE (6/30/03 TO 6/30/13)

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 Class 1 Shares of the JPMorgan Insurance Trust Mid Cap Value Portfolio, the Russell Midcap Value Index, the Lipper Variable Underlying Funds Multi-Cap Core Index and the Lipper Variable Underlying Funds Mid-Cap Value Funds Index from June 30, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, 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 gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Multi-Cap Core Index and 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 incurred 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 Multi-Cap Core Index and the Lipper Variable Underlying Funds Mid-Cap Value Funds Index are indices 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. Portfolio 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, 2013

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.9%
		Consumer Discretionary — 21.2%
		Distributors — 0.8%
	38,130	Genuine Parts Co.		2,976,809
		Hotels, Restaurants & Leisure — 2.2%
	31,951	Darden Restaurants, Inc.		1,612,886
	81,986	Marriott International, Inc., Class A		3,309,775
	40,400	Yum! Brands, Inc.		2,801,336
				7,723,997
		Household Durables — 1.5%
	36,620	Jarden Corp. (a)		1,602,125
	32,690	Mohawk Industries, Inc. (a)		3,677,298
				5,279,423
		Internet & Catalog Retail — 1.6%
	56,510	Expedia, Inc.		3,399,077
	33,490	TripAdvisor, Inc. (a)		2,038,536
				5,437,613
		Media — 2.7%
	41,720	Cablevision Systems Corp., Class A		701,731
	52,830	CBS Corp. (Non-Voting), Class B		2,581,802
	93,004	Clear Channel Outdoor Holdings, Inc., Class A (a)		693,810
	98,770	DISH Network Corp., Class A		4,199,700
	48,900	Gannett Co., Inc.		1,196,094
				9,373,137
		Multiline Retail — 2.8%
	71,070	Family Dollar Stores, Inc.		4,428,372
	105,200	Kohl’s Corp.		5,313,652
				9,742,024
		Specialty Retail — 7.7%
	12,460	AutoZone, Inc. (a)		5,279,177
	67,170	Bed Bath & Beyond, Inc. (a)		4,762,353
	113,290	Gap, Inc. (The)		4,727,592
	41,700	PetSmart, Inc.		2,793,483
	28,810	Tiffany & Co.		2,098,520
	66,010	TJX Cos., Inc.		3,304,461
	70,430	Williams-Sonoma, Inc.		3,936,333
				26,901,919
		Textiles, Apparel & Luxury Goods — 1.9%
	28,500	PVH Corp.		3,563,925
	15,290	V.F. Corp.		2,951,887
				6,515,812
		Total Consumer Discretionary		73,950,734

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 4.5%
		Beverages — 2.4%
	61,130	Beam, Inc.		3,857,914
	24,043	Brown-Forman Corp., Class B		1,624,105
	65,791	Dr. Pepper Snapple Group, Inc.		3,021,781
				8,503,800
		Food Products — 1.2%
	35,380	Hershey Co. (The)		3,158,726
	9,220	JM Smucker Co. (The)		951,043
				4,109,769
		Household Products — 0.9%
	31,000	Energizer Holdings, Inc.		3,115,810
		Total Consumer Staples		15,729,379
		Energy — 5.5%
		Oil, Gas & Consumable Fuels — 5.5%
	52,204	Devon Energy Corp.		2,708,343
	107,190	Energen Corp.		5,601,749
	46,710	EQT Corp.		3,707,373
	72,640	PBF Energy, Inc.		1,881,376
	81,650	QEP Resources, Inc.		2,268,237
	86,610	Williams Cos., Inc. (The)		2,812,227
		Total Energy		18,979,305
		Financials — 26.8%
		Capital Markets — 5.6%
	64,000	Ameriprise Financial, Inc.		5,176,320
	165,800	Charles Schwab Corp. (The)		3,519,934
	135,640	Invesco Ltd.		4,313,352
	54,320	Northern Trust Corp.		3,145,128
	47,740	T. Rowe Price Group, Inc.		3,492,181
				19,646,915
		Commercial Banks — 6.5%
	40,770	City National Corp.		2,583,595
	26,640	Cullen/Frost Bankers, Inc.		1,778,753
	271,200	Fifth Third Bancorp		4,895,160
	45,170	First Republic Bank		1,738,142
	188,830	Huntington Bancshares, Inc.		1,487,980
	38,820	M&T Bank Corp.		4,338,135
	111,800	SunTrust Banks, Inc.		3,529,526
	73,700	Zions Bancorporation		2,128,456
				22,479,747
		Insurance — 9.4%
	8,498	Alleghany Corp. (a)		3,257,368
	34,500	Chubb Corp. (The)		2,920,425

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Insurance — Continued
	91,830	Hartford Financial Services Group, Inc.		2,839,384
	130,050	Loews Corp.		5,774,220
	149,960	Marsh & McLennan Cos., Inc.		5,986,403
	175,774	Old Republic International Corp.		2,262,211
	15,293	OneBeacon Insurance Group Ltd., Class A		221,443
	114,400	Unum Group		3,359,928
	71,670	W.R. Berkley Corp.		2,928,436
	104,200	XL Group plc, (Ireland)		3,159,344
				32,709,162
		Real Estate Investment Trusts (REITs) — 3.7%
	136,710	Annaly Capital Management, Inc.		1,718,445
	63,940	HCP, Inc.		2,905,434
	88,330	Kimco Realty Corp.		1,892,912
	49,420	Regency Centers Corp.		2,511,030
	44,724	Vornado Realty Trust		3,705,383
				12,733,204
		Real Estate Management & Development — 0.6%
	131,880	Brookfield Office Properties, Inc.		2,199,758
		Thrifts & Mortgage Finance — 1.0%
	19,400	Capitol Federal Financial, Inc.		235,516
	103,600	Hudson City Bancorp, Inc.		948,976
	165,180	People’s United Financial, Inc.		2,461,182
				3,645,674
		Total Financials		93,414,460
		Health Care — 4.9%
		Health Care Equipment & Supplies — 0.8%
	71,260	CareFusion Corp. (a)		2,625,931
		Health Care Providers & Services — 4.1%
	56,700	AmerisourceBergen Corp.		3,165,561
	65,690	Cigna Corp.		4,761,868
	25,620	Henry Schein, Inc. (a)		2,453,115
	46,890	Humana, Inc.		3,956,578
				14,337,122
		Total Health Care		16,963,053
		Industrials — 9.7%
		Building Products — 0.8%
	73,250	Fortune Brands Home & Security, Inc.		2,837,705
		Commercial Services & Supplies — 0.3%
	30,830	Republic Services, Inc.		1,046,370
		Electrical Equipment — 2.7%
	81,530	AMETEK, Inc.		3,448,719
	22,890	Hubbell, Inc., Class B		2,266,110

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electrical Equipment — Continued
	55,300	Regal-Beloit Corp.		3,585,652
				9,300,481
		Industrial Conglomerates — 1.1%
	62,600	Carlisle Cos., Inc.		3,900,606
		Machinery — 2.6%
	75,320	IDEX Corp.		4,052,969
	85,900	Rexnord Corp. (a)		1,447,415
	41,220	Snap-on, Inc.		3,684,244
				9,184,628
		Professional Services — 1.1%
	62,940	Equifax, Inc.		3,709,054
		Trading Companies & Distributors — 1.1%
	49,380	MSC Industrial Direct Co., Inc., Class A		3,824,975
		Total Industrials		33,803,819
		Information Technology — 8.4%
		Electronic Equipment, Instruments & Components — 2.9%
	63,380	Amphenol Corp., Class A		4,939,837
	113,890	Arrow Electronics, Inc. (a)		4,538,517
	38,900	CDW Corp. (a)		724,318
				10,202,672
		IT Services — 1.3%
	93,390	Jack Henry & Associates, Inc.		4,401,471
		Semiconductors & Semiconductor Equipment — 3.2%
	115,130	Analog Devices, Inc.		5,187,758
	34,310	KLA-Tencor Corp.		1,912,096
	105,600	Xilinx, Inc.		4,182,816
				11,282,670
		Software — 1.0%
	91,700	Synopsys, Inc. (a)		3,278,275
		Total Information Technology		29,165,088
		Materials — 7.4%
		Chemicals — 3.8%
	40,700	Airgas, Inc.		3,885,222
	65,346	Albemarle Corp.		4,070,402
	11,530	Sherwin-Williams Co. (The)		2,036,198
	41,660	Sigma-Aldrich Corp.		3,347,798
				13,339,620
		Containers & Packaging — 3.6%
	142,080	Ball Corp.		5,902,003
	31,970	Rock Tenn Co., Class A		3,193,164
	71,900	Silgan Holdings, Inc.		3,376,424
				12,471,591
		Total Materials		25,811,211

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Telecommunication Services — 0.3%
		Wireless Telecommunication Services — 0.3%
	43,390	Telephone & Data Systems, Inc.		1,069,564
		Utilities — 9.2%
		Electric Utilities — 3.3%
	69,740	Edison International		3,358,679
	37,170	NV Energy, Inc.		872,008
	109,840	Westar Energy, Inc.		3,510,486
	127,620	Xcel Energy, Inc.		3,616,751
				11,357,924
		Gas Utilities — 0.6%
	87,820	Questar Corp.		2,094,507
		Multi-Utilities — 5.3%
	147,640	CenterPoint Energy, Inc.		3,468,063
	133,740	CMS Energy Corp.		3,633,716
	141,440	NiSource, Inc.		4,050,842
	54,670	Sempra Energy		4,469,819
	73,200	Wisconsin Energy Corp.		3,000,468
				18,622,908
		Total Utilities		32,075,339
		Total Common Stocks (Cost $229,127,884)		340,961,952

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	7,214,366	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $7,214,366)		7,214,366
		Total Investments — 100.0% (Cost $236,342,250)		348,176,318
		Other Assets in Excess of Liabilities — 0.0% (g)		43,456
		NET ASSETS — 100.0%	$	348,219,774

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.
(g)	—  Amount rounds to less than 0.1%.
(l)	—  The rate shown is the current yield as of June 30, 2013.
(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, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	340,961,952
Investments in affiliates, at value		7,214,366
Total investment securities, at value		348,176,318
Receivables:
Investment securities sold		3,584,191
Portfolio shares sold		120,155
Dividends from non-affiliates		417,254
Dividends from affiliates		367
Total Assets		352,298,285
LIABILITIES:
Payables:
Investment securities purchased		3,646,462
Portfolio shares redeemed		182,388
Accrued liabilities:
Investment advisory fees		183,838
Administration fees		24,075
Custodian and accounting fees		7,444
Trustees’ and Chief Compliance Officer’s fees		86
Other		34,218
Total Liabilities		4,078,511
Net Assets	$	348,219,774
NET ASSETS:
Paid-in-Capital	$	233,525,686
Accumulated undistributed net investment income		1,664,340
Accumulated net realized gains (losses)		1,195,680
Net unrealized appreciation (depreciation)		111,834,068
Total Net Assets	$	348,219,774
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value)		37,731,206
Net Asset Value, offering and redemption price per share (a)	$	9.23
Cost of investments in non-affiliates	$	229,127,884
Cost of investments in affiliates		7,214,366

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

	Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	2,904,856
Dividend income from affiliates		3,272
Total investment income		2,908,128
EXPENSES:
Investment advisory fees		1,068,575
Administration fees		138,600
Custodian and accounting fees		13,629
Professional fees		26,518
Trustees’ and Chief Compliance Officer’s fees		1,852
Printing and mailing costs		16,140
Transfer agent fees		3,288
Other		16,564
Total expenses		1,285,166
Less amounts waived		(11,266	)
Net expenses		1,273,900
Net investment income (loss)		1,634,228
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		10,419,317
Change in net unrealized appreciation/depreciation of investments in non-affiliates		33,960,687
Net realized/unrealized gains (losses)		44,380,004
Change in net assets resulting from operations	$	46,014,232

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Value Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,634,228		$	3,638,284
Net realized gain (loss)		10,419,317			19,429,054
Change in net unrealized appreciation/depreciation		33,960,687			28,356,212
Change in net assets resulting from operations		46,014,232			51,423,550
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,553,610	)		(2,911,958	)
From net realized gains		(3,818,800	)		—
Total distributions to shareholders		(7,372,410	)		(2,911,958	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		12,183,066			(5,495,491	)
NET ASSETS:
Change in net assets		50,824,888			43,016,101
Beginning of period		297,394,886			254,378,785
End of period	$	348,219,774		$	297,394,886
Accumulated undistributed net investment income	$	1,664,340		$	3,583,722
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	43,491,274		$	58,715,688
Distributions reinvested		7,372,410			2,911,958
Cost of shares redeemed		(38,680,618	)		(67,123,137	)
Change in net assets resulting from capital transactions	$	12,183,066		$	(5,495,491	)
SHARE TRANSACTIONS:
Issued		4,845,282			7,685,775
Reinvested		824,654			392,977
Redeemed		(4,320,437	)		(8,799,999	)
Change in Shares		1,349,499			(721,247	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

THIS PAGE IS INTENTIONALLY LEFT BLANK

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 (f)
Six Months Ended June 30, 2013 (Unaudited)	$	8.17	$	0.04		$	1.22		$	1.26		$	(0.10	)	$	(0.10	)	$	(0.20	)
Year Ended December 31, 2012		6.86		0.10			1.29			1.39			(0.08	)		—			(0.08	)
Year Ended December 31, 2011		6.80		0.09			0.06			0.15			(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	)

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) 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.

(g) Calculated based upon average shares outstanding.

* Reflects a 4.187:1 stock split that occurred on April 24, 2009. All per share amounts presented for periods prior to the stock split have been adjusted to reflect the stock split.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	9.23		15.53	%	$	348,219,774		0.77	%		0.99	%		0.78	%		12	%
	8.17		20.38			297,394,886		0.78			1.30			0.79			30
	6.86		2.16			254,378,785		0.80			1.22			0.80			43
	6.80		23.45			257,312,179		0.81			1.36			0.82			32
	5.57		26.68			238,433,429		0.88			1.93			1.02			39
	4.52		(33.21	)		181,965,679		1.00			1.31			1.25			41

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to seek capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities.

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

Effective as of the close of business on May 1, 2013, the Portfolio is offered only on a limited basis. Investors are not eligible to purchase shares of the Portfolio unless they meet certain requirements as described in its prospectus.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 the 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.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	348,176,318	$	–	$	–	$	348,176,318

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between any levels during the period ended June 30, 2013.

B. 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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

To the extent such information is publicly available, the Portfolio records distributions received in excess of income earned 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 the components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

C. 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.

D. 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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’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.

E. Distributions to Shareholders — Distributions from net investment income and net realized capital gains, if any, are generally declared and paid at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 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, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or reimbursements.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

The Administrator waived Administration fees as outlined in Note 3.E

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 — JPMCB provides portfolio custody and accounting services to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 0.90% of the Portfolio’s respective average daily net assets.

The expense limitation agreement was in effect for the six months ended June 30, 2013. The contractual expense limitation percentage above is in place until at least April 30, 2014. For the six months ended June 30, 2013, there were no waived fees relating to the expense limitation agreement.

Additionally, the Portfolio may invest in one or more money market funds advised by the Advisor or its affiliates. The Advisor and the Administrator 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 these money market funds for the six months ended June 30, 2013 was $11,266.

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 Trustees. 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, 2013, 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, 2013, 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, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	47,345,144	$	38,236,729

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	236,342,250	$	112,710,404	$	876,336	$	111,834,068

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2012, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	6,766,415	*	$	6,766,415	*

* This entire amount is comprised of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has a shareholder holding a significant percentage of shares outstanding. Investment activities of this shareholder could have a material impact on the Portfolio.

JUNE 30, 2013 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, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,155.30	$	4.11		0.77	%
Hypothetical		1,000.00		1,020.98		3.86		0.77

* 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).

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013.  All rights reserved. June 2013. SAN-JPMITMCVP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust Small Cap Core Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	13
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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

July 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low from a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		17.13%
Russell 2000 Index		15.86%
Net Assets as of 6/30/2013	$	84,139,741

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 periods of heightened volatility and a setback in June, the overall U.S. equity market, as measured by the S&P 500 Index (“S&P 500”), generated strong results for the six months ended June 30, 2013. The S&P 500 generated a positive return for each of the first five months of the reporting period. Supporting the market were overall solid corporate profits, improving economic growth and generally robust investor demand. These factors helped the S&P 500 to post several all-time highs over the first five months of 2013. The S&P 500 then reversed course and declined during the last month of the reporting period. This turnaround was triggered by indications that the U.S. Federal Reserve Board (“Fed”) would begin tapering its monthly purchases of bonds — $85 billion of mortgage-backed securities and Treasury securities — if economic conditions continued to improve. This caused interest rates to move sharply higher and both stock and bond prices fell sharply. However, the S&P 500 again rallied in late June, as concerns regarding Fed tapering abated somewhat. All told, small-cap stocks, as measured by the Russell 2000 Index (the “Benchmark”), finished the six months ended June 30, 2013 with a 15.86% gain.

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, 2013. The Portfolio’s stock selection in the software and services sector and the industrial cyclical sector contributed to relative performance. The Portfolio’s stock selection in the basic materials and telecommunication services sectors detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Aegerion Pharmaceuticals Inc., Conn’s, Inc. and Rock-Tenn Co. Aegerion Pharmaceuticals Inc., a biopharmaceutical company focused on the development and commercialization of therapeutics to treat lipid disorders, was upgraded by analysts amid optimism over its product pipeline. Conn’s Inc., a specialty retailer of durable consumer products, reported stronger-than-expected revenue and raised its profit forecast for fiscal 2014. Shares of Rock-Tenn Co., a container and packaging company, rose on the news that the company would initiate a quarterly dividend to investors.

Individual detractors from relative performance included Infinity Pharmaceuticals, Inc., Affymax, Inc. and Idenix Pharmaceuticals, Inc. Shares of Infinity Pharmaceuticals, Inc. fell amid concerns over a new cancer drug. Affymax, Inc. is a biopharmaceutical company that develops peptide-based drugs for the treatment of life-threatening conditions. Its shares performed poorly as the company was suspended and subsequently delisted by NASDAQ. Shares of Idenix Pharmaceuticals, Inc. fell sharply during the reporting period. Investor sentiment for the company remained challenged given the U.S. Food and Drug Administration’s halting of its hepatitis C treatment drug, which had been about to enter the clinical study phase.

HOW WAS THE PORTFOLIO POSITIONED?

In accordance with its investment process, the portfolio managers take limited sector bets and construct the Portfolio so that stock selection is typically the primary driver of its relative performance versus the Benchmark. The portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe exhibit improving business trends that also trade at a discount to their peers. During the reporting period, the Portfolio was managed and positioned in accordance with this investment process.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Sanmina Corp.	1.3	%
	2.	East West Bancorp, Inc.	1.1
	3.	Rite Aid Corp.	1.1
	4.	NuVasive, Inc.	1.0
	5.	Unisys Corp.	1.0
	6.	Pegasystems, Inc.	1.0
	7.	WebMD Health Corp.	1.0
	8.	Popular, Inc.	1.0
	9.	Conn’s, Inc.	1.0
	10.	Medicines Co. (The)	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.7	%
Information Technology	16.7
Industrials	15.8
Consumer Discretionary	13.8
Health Care	10.8
Energy	4.9
Materials	4.7
Consumer Staples	4.6
Utilities	3.1
Telecommunication Services	1.2
U.S. Treasury Obligation	0.2
Short-Term Investment	1.5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		1/3/95		17.13	%		29.39	%		8.75	%		9.50	%
CLASS 2 SHARES		4/24/09		16.94			28.99			8.52			9.38

* Not annualized.

TEN YEAR PERFORMANCE (6/30/03 to 6/30/13)

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, the Russell 2000 Index and the Lipper Variable Underlying Funds Small-Cap Core Funds Index from June 30, 2003 to June 30, 2013. The performance of the Portfolio

assumes reinvestment of all dividends and capital gain distributions, 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 gain distributions of the securities included in the benchmark, if applicable. 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 incurred 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. Portfolio 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, 2013

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.0%
		Consumer Discretionary — 13.8%
		Auto Components — 1.5%
	23,600	Cooper Tire & Rubber Co.		782,812
	12,900	Standard Motor Products, Inc.		442,986
	6,166	Stoneridge, Inc. (a)		71,772
				1,297,570
		Distributors — 0.4%
	3,200	Core-Mark Holding Co., Inc.		203,200
	8,009	VOXX International Corp. (a)		98,270
				301,470
		Diversified Consumer Services — 0.2%
	2,190	Bridgepoint Education, Inc. (a)		26,674
	1,500	Capella Education Co. (a)		62,475
	1,403	Carriage Services, Inc.		23,781
	800	Coinstar, Inc. (a)		46,936
	15,100	Corinthian Colleges, Inc. (a)		33,824
				193,690
		Hotels, Restaurants & Leisure — 2.2%
	11,100	Ameristar Casinos, Inc.		291,819
	1,700	Cracker Barrel Old Country Store, Inc.		160,922
	6,500	Domino’s Pizza, Inc.		377,975
	4,005	Jack in the Box, Inc. (a)		157,356
	29,068	Ruth’s Hospitality Group, Inc.		350,851
	7,400	SeaWorld Entertainment, Inc.		259,740
	18,800	Sonic Corp. (a)		273,728
				1,872,391
		Household Durables — 2.1%
	42	CSS Industries, Inc.		1,047
	15,400	Helen of Troy Ltd., (Bermuda) (a)		590,898
	3,189	Jarden Corp. (a)		139,519
	11,100	KB Home		217,893
	2,300	Libbey, Inc. (a)		55,131
	8,000	Lifetime Brands, Inc.		108,640
	2,300	MDC Holdings, Inc.		74,773
	1,600	NACCO Industries, Inc., Class A		91,648
	14,000	Taylor Morrison Home Corp., Class A (a)		341,320
	4,500	William Lyon Homes, Class A (a)		113,445
				1,734,314
		Leisure Equipment & Products — 0.3%
	300	Arctic Cat, Inc.		13,494
	1,700	Johnson Outdoors, Inc., Class A (a)		42,330
	13,600	LeapFrog Enterprises, Inc. (a)		133,824
	900	Sturm Ruger & Co., Inc.		43,236
				232,884

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — 0.9%
	4,000	Carmike Cinemas, Inc. (a)		77,440
	13,200	Entercom Communications Corp., Class A (a)		124,608
	12,100	Gray Television, Inc. (a)		87,120
	14,000	Journal Communications, Inc., Class A (a)		104,860
	21,300	LIN TV Corp., Class A (a)		325,890
	2,600	Sinclair Broadcast Group, Inc., Class A		76,388
				796,306
		Multiline Retail — 0.9%
	7,000	Dillard’s, Inc., Class A		573,790
	16,100	Tuesday Morning Corp. (a)		166,957
				740,747
		Specialty Retail — 3.6%
	17,300	Brown Shoe Co., Inc.		372,469
	9,300	Cabela’s, Inc. (a)		602,268
	16,000	Conn’s, Inc. (a)		828,160
	4,900	Destination Maternity Corp.		120,540
	19,810	Express, Inc. (a)		415,416
	2,025	Finish Line, Inc. (The), Class A		44,267
	40,400	OfficeMax, Inc.		413,292
	5,326	Rent-A-Center, Inc.		199,991
	1,900	Tilly’s, Inc., Class A (a)		30,400
	200	Trans World Entertainment Corp.		972
				3,027,775
		Textiles, Apparel & Luxury Goods — 1.7%
	12,500	G-III Apparel Group Ltd. (a)		601,500
	20,200	Iconix Brand Group, Inc. (a)		594,082
	9,000	Perry Ellis International, Inc.		182,790
	2,300	RG Barry Corp.		37,352
				1,415,724
		Total Consumer Discretionary		11,612,871
		Consumer Staples — 4.6%
		Beverages — 0.1%
	1,100	Coca-Cola Bottling Co. Consolidated		67,265
		Food & Staples Retailing — 2.3%
	1,500	Andersons, Inc. (The)		79,785
	2,300	Fairway Group Holdings Corp. (a)		55,591
	3,400	Nash Finch Co.		74,834
	309,900	Rite Aid Corp. (a)		886,314
	6,508	Roundy’s, Inc.		54,212
	27,800	Spartan Stores, Inc.		512,632
	27,500	SUPERVALU, Inc. (a)		171,050
	1,700	Village Super Market, Inc., Class A		56,253
				1,890,671

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Food Products — 1.5%
	6,600	B&G Foods, Inc.		224,730
	5,600	Darling International, Inc. (a)		104,496
	3,000	Fresh Del Monte Produce, Inc.		83,640
	2,600	John B Sanfilippo & Son, Inc.		52,416
	29,900	Pilgrim’s Pride Corp. (a)		446,706
	8,500	Pinnacle Foods, Inc.		205,275
	2,700	Sanderson Farms, Inc.		179,334
				1,296,597
		Personal Products — 0.7%
	9,425	Prestige Brands Holdings, Inc. (a)		274,644
	4,500	Revlon, Inc., Class A (a)		99,270
	3,500	USANA Health Sciences, Inc. (a)		253,330
				627,244
		Total Consumer Staples		3,881,777
		Energy — 4.9%
		Energy Equipment & Services — 1.7%
	9,200	C&J Energy Services, Inc. (a)		178,204
	8,000	Dawson Geophysical Co. (a)		294,880
	10,100	Forum Energy Technologies, Inc. (a)		307,343
	3,100	Gulfmark Offshore, Inc., Class A		139,779
	10,200	Helix Energy Solutions Group, Inc. (a)		235,008
	10,712	Superior Energy Services, Inc. (a)		277,869
				1,433,083
		Oil, Gas & Consumable Fuels — 3.2%
	1,900	Alon USA Energy, Inc.		27,474
	2,200	Bonanza Creek Energy, Inc. (a)		78,012
	3,100	Ceres, Inc. (a)		9,703
	11,200	Delek U.S. Holdings, Inc.		322,336
	5,600	Energy XXI Bermuda Ltd., (Bermuda)		124,208
	23,300	EPL Oil & Gas, Inc. (a)		684,088
	10,200	EXCO Resources, Inc.		77,928
	14,229	Gastar Exploration Ltd. (a)		37,992
	30,800	Renewable Energy Group, Inc. (a)		438,284
	2,000	REX American Resources Corp. (a)		57,540
	3,807	Vaalco Energy, Inc. (a)		21,776
	16,100	W&T Offshore, Inc.		230,069
	50,331	Warren Resources, Inc. (a)		128,344
	11,200	Western Refining, Inc.		314,384
	700	Westmoreland Coal Co. (a)		7,861
	2,400	World Fuel Services Corp.		95,952
				2,655,951
		Total Energy		4,089,034

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 22.7%
		Capital Markets — 0.7%
	1,200	Artisan Partners Asset Management, Inc. (a)		59,892
	14,200	BGC Partners, Inc., Class A		83,638
	18,500	Cowen Group, Inc., Class A (a)		53,650
	5,089	Gladstone Capital Corp.		41,577
	15,000	KCAP Financial, Inc.		168,900
	5,200	Manning & Napier, Inc.		92,352
	3,300	Piper Jaffray Cos. (a)		104,313
	1,243	Prospect Capital Corp.		13,424
	1,119	SWS Group, Inc. (a)		6,099
				623,845
		Commercial Banks — 7.4%
	2,900	Banco Latinoamericano de Comercio Exterior S.A., (Panama), Class E		64,931
	11,100	BBCN Bancorp, Inc.		157,842
	2,140	BNC Bancorp		24,439
	1,100	Bridge Bancorp, Inc.		24,750
	16,400	Cardinal Financial Corp.		240,096
	6,500	Cathay General Bancorp		132,275
	1,200	Center Bancorp, Inc.		15,228
	3,700	Citizens & Northern Corp.		71,484
	625	City Holding Co.		24,344
	1,240	Community Trust Bancorp, Inc.		44,169
	32,900	East West Bancorp, Inc.		904,750
	2,706	Fidelity Southern Corp. (a)		33,473
	4,000	Financial Institutions, Inc.		73,640
	24,101	First Commonwealth Financial Corp.		177,624
	4,800	First Community Bancshares, Inc.		75,264
	4,700	First Financial Bancorp		70,030
	600	First M&F Corp.		9,486
	3,700	First Merchants Corp.		63,455
	8,057	FirstMerit Corp.		161,381
	12,200	FNB Corp.		147,376
	28,425	Hanmi Financial Corp. (a)		502,270
	3,800	Heartland Financial USA, Inc.		104,462
	3,800	Huntington Bancshares, Inc.		29,944
	875	Iberiabank Corp.		46,909
	1,700	Lakeland Financial Corp.		47,175
	3,400	MainSource Financial Group, Inc.		45,662
	3,100	MetroCorp Bancshares, Inc.		30,256
	700	National Bankshares, Inc.		24,871
	2,471	NBT Bancorp, Inc.		52,311
	13,800	OFG Bancorp, (Puerto Rico)		249,918
	1,215	PacWest Bancorp		37,240
	8,000	Park Sterling Corp. (a)		47,280

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Commercial Banks — Continued
	1,790	Peoples Bancorp, Inc.		37,733
	8,100	Pinnacle Financial Partners, Inc. (a)		208,251
	27,600	Popular, Inc. (a)		837,108
	2,400	Preferred Bank (a)		39,552
	4,100	PrivateBancorp, Inc.		86,961
	1,200	Prosperity Bancshares, Inc.		62,148
	200	Renasant Corp.		4,868
	4,650	Sierra Bancorp		68,820
	12,935	Southwest Bancorp, Inc. (a)		170,742
	11,300	Susquehanna Bancshares, Inc.		145,205
	1,300	SVB Financial Group (a)		108,316
	3,000	Texas Capital Bancshares, Inc. (a)		133,080
	6,000	Tristate Capital Holdings, Inc. (a)		82,500
	2,200	WesBanco, Inc.		58,146
	3,600	West Bancorporation, Inc.		42,300
	55,800	Wilshire Bancorp, Inc.		369,396
				6,189,461
		Consumer Finance — 2.9%
	3,100	Cash America International, Inc.		140,926
	15,546	DFC Global Corp. (a)		214,690
	15,300	Encore Capital Group, Inc. (a)		506,583
	3,900	Ezcorp, Inc., Class A (a)		65,832
	13,700	Green Dot Corp., Class A (a)		273,315
	6,200	Nelnet, Inc., Class A		223,758
	2,100	Portfolio Recovery Associates, Inc. (a)		322,623
	7,825	World Acceptance Corp. (a)		680,306
				2,428,033
		Insurance — 2.5%
	35,100	American Equity Investment Life Holding Co.		551,070
	3,700	American Safety Insurance Holdings Ltd., (Bermuda) (a)		107,115
	6,125	Aspen Insurance Holdings Ltd., (Bermuda)		227,176
	41,700	CNO Financial Group, Inc.		540,432
	2,200	Crawford & Co., Class B		12,364
	1,400	Horace Mann Educators Corp.		34,132
	9,275	Meadowbrook Insurance Group, Inc.		74,478
	1,100	Montpelier Re Holdings Ltd., (Bermuda)		27,511
	14,900	National Financial Partners Corp. (a)		377,119
	3,000	Selective Insurance Group, Inc.		69,060
	1,200	Stewart Information Services Corp.		31,428
	1,006	Validus Holdings Ltd., (Bermuda)		36,337
				2,088,222

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — 7.9%
	800	Agree Realty Corp. (m)		23,616
	3,683	American Campus Communities, Inc.		149,751
	78,900	Anworth Mortgage Asset Corp.		441,840
	16,900	Ashford Hospitality Trust, Inc.		193,505
	12,400	CapLease, Inc.		104,656
	57,800	Capstead Mortgage Corp.		699,380
	12,100	CBL & Associates Properties, Inc.		259,182
	7,500	Chatham Lodging Trust		128,850
	6,400	Chesapeake Lodging Trust		133,056
	2,764	Colonial Properties Trust		66,668
	9,700	Coresite Realty Corp.		308,557
	24,275	DCT Industrial Trust, Inc.		173,566
	7,900	DDR Corp.		131,535
	2,600	EastGroup Properties, Inc.		146,302
	19,600	Education Realty Trust, Inc.		200,508
	35,400	First Industrial Realty Trust, Inc.		537,018
	13,200	GEO Group, Inc. (The)		448,140
	7,200	Glimcher Realty Trust		78,624
	1,250	Home Properties, Inc.		81,712
	5,200	LaSalle Hotel Properties		128,440
	42,209	Lexington Realty Trust		493,001
	3,300	LTC Properties, Inc.		128,865
	1,200	Mission West Properties, Inc. (a) (i)		–
	2,600	Parkway Properties, Inc.		43,576
	11,211	Pennsylvania Real Estate Investment Trust		211,664
	17,800	Potlatch Corp.		719,832
	1,975	PS Business Parks, Inc.		142,536
	13,500	RAIT Financial Trust		101,520
	2,400	Ramco-Gershenson Properties Trust		37,272
	16,800	Redwood Trust, Inc.		285,600
	1,200	Sun Communities, Inc.		59,712
				6,658,484
		Thrifts & Mortgage Finance — 1.3%
	1,900	BofI Holding, Inc. (a)		87,058
	1,728	Heritage Financial Group, Inc.		25,488
	5,000	HomeStreet, Inc.		107,250
	2,400	OceanFirst Financial Corp.		37,320
	18,575	Ocwen Financial Corp. (a)		765,661
	2,000	PennyMac Financial Services, Inc., Class A (a)		42,540
				1,065,317
		Total Financials		19,053,362
		Health Care — 10.8%
		Biotechnology — 2.6%
	1,500	Acorda Therapeutics, Inc. (a) (m)		49,485
	6,000	Aegerion Pharmaceuticals, Inc. (a) (m)		380,040

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Biotechnology — Continued
	2,700	Alnylam Pharmaceuticals, Inc. (a)		83,727
	11,200	AMAG Pharmaceuticals, Inc. (a) (m)		249,200
	16,900	Ambit Biosciences Corp. (a)		118,300
	1,800	Bluebird Bio, Inc. (a)		44,946
	5,800	Celldex Therapeutics, Inc. (a)		90,538
	1,600	Cytokinetics, Inc. (a)		18,512
	856	Durata Therapeutics, Inc. (a)		6,163
��	4,600	Esperion Therapeutics, Inc. (a)		64,860
	11,900	Infinity Pharmaceuticals, Inc. (a)		193,375
	300	MiMedx Group, Inc. (a)		2,118
	7,000	Pharmacyclics, Inc. (a)		556,290
	2,900	PTC Therapeutics, Inc. (a)		43,500
	1,700	Raptor Pharmaceutical Corp. (a)		15,895
	51,700	Threshold Pharmaceuticals, Inc. (a)		271,942
				2,188,891
		Health Care Equipment & Supplies — 2.6%
	16,600	Greatbatch, Inc. (a)		544,314
	5,400	MAKO Surgical Corp. (a)		65,070
	3,240	Medical Action Industries, Inc. (a)		24,948
	35,405	NuVasive, Inc. (a)		877,690
	2,200	Orthofix International N.V., (Netherlands) (a)		59,180
	3,800	PhotoMedex, Inc. (a)		60,572
	35,700	RTI Biologics, Inc. (a)		134,232
	3,200	Sirona Dental Systems, Inc. (a)		210,816
	5,000	STERIS Corp.		214,400
				2,191,222
		Health Care Providers & Services — 2.7%
	20,713	Amsurg Corp. (a)		727,026
	9,900	Centene Corp. (a)		519,354
	18,700	Gentiva Health Services, Inc. (a)		186,252
	13,000	Molina Healthcare, Inc. (a)		483,340
	8,300	Owens & Minor, Inc.		280,789
	5,600	Select Medical Holdings Corp.		45,920
	1,200	Triple-S Management Corp., Class B (a)		25,764
				2,268,445
		Health Care Technology — 0.2%
	6,800	MedAssets, Inc. (a)		120,632
		Life Sciences Tools & Services — 0.7%
	14,253	Cambrex Corp. (a)		199,115
	7,500	Furiex Pharmaceuticals, Inc. (a)		255,525
	12,100	NanoString Technologies, Inc. (a)		96,800
				551,440

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 2.0%
	2,200	Cornerstone Therapeutics, Inc. (a)		17,600
	9,700	Impax Laboratories, Inc. (a)		193,515
	5,600	Jazz Pharmaceuticals plc, (Ireland) (a)		384,888
	13,099	Lannett Co., Inc. (a)		156,009
	26,500	Medicines Co. (The) (a)		815,140
	16,800	Sciclone Pharmaceuticals, Inc. (a)		83,328
	2,400	ViroPharma, Inc. (a)		68,760
				1,719,240
		Total Health Care		9,039,870
		Industrials — 15.7%
		Aerospace & Defense — 1.9%
	9,400	AAR Corp. (m)		206,612
	1,100	Curtiss-Wright Corp.		40,766
	5,900	Engility Holdings, Inc. (a)		167,678
	4,600	Esterline Technologies Corp. (a)		332,534
	4,581	LMI Aerospace, Inc. (a)		85,848
	9,800	Sypris Solutions, Inc.		31,458
	9,100	Triumph Group, Inc.		720,265
				1,585,161
		Air Freight & Logistics — 0.3%
	3,300	Atlas Air Worldwide Holdings, Inc. (a)		144,408
	3,100	Park-Ohio Holdings Corp. (a)		102,238
				246,646
		Airlines — 1.3%
	9,400	Alaska Air Group, Inc. (a) (m)		488,800
	38,910	Republic Airways Holdings, Inc. (a)		440,850
	11,400	SkyWest, Inc.		154,356
				1,084,006
		Building Products — 0.1%
	975	Gibraltar Industries, Inc. (a)		14,196
	2,800	Ply Gem Holdings, Inc. (a)		56,168
				70,364
		Commercial Services & Supplies — 3.2%
	6,200	Ceco Environmental Corp.		76,260
	71,200	Cenveo, Inc. (a)		151,656
	1,100	Courier Corp.		15,708
	21,250	Deluxe Corp.		736,312
	2,200	Herman Miller, Inc.		59,554
	23,000	Kimball International, Inc., Class B		223,330
	9,800	Knoll, Inc.		139,258
	16,277	Quad/Graphics, Inc.		392,276
	24,400	Steelcase, Inc., Class A		355,752

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Commercial Services & Supplies — Continued
	2,200	TMS International Corp.		32,626
	1,000	UniFirst Corp.		91,250
	3,300	United Stationers, Inc.		110,715
	12,300	Viad Corp.		301,596
				2,686,293
		Construction & Engineering — 0.8%
	2,200	Argan, Inc.		34,320
	9,175	EMCOR Group, Inc.		372,964
	2,100	Michael Baker Corp.		56,931
	12,918	Tutor Perini Corp. (a)		233,687
				697,902
		Electrical Equipment — 1.6%
	3,600	Acuity Brands, Inc. (m)		271,872
	11,900	Brady Corp., Class A		365,687
	6,000	EnerSys, Inc.		294,240
	5,000	Generac Holdings, Inc.		185,050
	3,800	LSI Industries, Inc.		30,742
	2,700	Regal-Beloit Corp.		175,068
				1,322,659
		Machinery — 4.0%
	3,033	Albany International Corp., Class A		100,028
	4,800	Barnes Group, Inc.		143,952
	4,000	Columbus McKinnon Corp. (a)		85,280
	11,400	EnPro Industries, Inc. (a)		578,664
	12,900	Federal Signal Corp. (a)		112,875
	6,000	FreightCar America, Inc.		101,940
	5,500	Global Brass & Copper Holdings, Inc. (a)		72,820
	3,700	Hardinge, Inc.		54,686
	3,200	Hyster-Yale Materials Handling, Inc.		200,928
	6,100	Kadant, Inc.		184,037
	4,500	LB Foster Co., Class A		194,265
	8,100	NN, Inc.		92,421
	200	Proto Labs, Inc. (a)		12,994
	800	Standex International Corp.		42,200
	7,900	Trimas Corp. (a)		294,512
	15,100	Wabash National Corp. (a)		153,718
	14,700	Wabtec Corp.		785,421
	1,000	Watts Water Technologies, Inc., Class A		45,340
	7,000	Xerium Technologies, Inc. (a)		71,260
				3,327,341
		Professional Services — 1.1%
	7,100	Barrett Business Services, Inc.		370,691
	1,600	Kelly Services, Inc., Class A		27,952

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — Continued
	22,060	RPX Corp. (a)		370,608
	5,400	TrueBlue, Inc. (a)		113,670
	1,900	VSE Corp.		78,033
				960,954
		Road & Rail — 0.8%
	500	AMERCO		80,950
	2,100	Avis Budget Group, Inc. (a)		60,375
	3,375	Celadon Group, Inc.		61,594
	18,100	Quality Distribution, Inc. (a)		160,004
	3,150	Saia, Inc. (a)		94,405
	12,700	Swift Transportation Co. (a)		210,058
	2,100	Universal Truckload Services, Inc. (a)		50,631
				718,017
		Trading Companies & Distributors — 0.6%
	6,775	Applied Industrial Technologies, Inc.		327,436
	1,400	Beacon Roofing Supply, Inc. (a)		53,032
	2,999	Edgen Group, Inc. (a)		19,134
	2,700	United Rentals, Inc. (a)		134,757
				534,359
		Total Industrials		13,233,702
		Information Technology — 16.6%
		Communications Equipment — 1.1%
	400	Alliance Fiber Optic Products, Inc.		8,004
	19,782	ARRIS Group, Inc. (a)		283,872
	11,900	Aviat Networks, Inc. (a)		31,178
	2,000	CalAmp Corp. (a)		29,200
	3,300	Comtech Telecommunications Corp.		88,737
	54,633	Harmonic, Inc. (a)		346,919
	1,800	Oplink Communications, Inc. (a)		31,266
	3,900	PC-Tel, Inc.		33,072
	2,400	Plantronics, Inc.		105,408
				957,656
		Computers & Peripherals — 0.5%
	10,300	Avid Technology, Inc. (a)		60,564
	8,200	Datalink Corp. (a)		87,248
	100	Hutchinson Technology, Inc. (a)		473
	14,000	Silicon Graphics International Corp. (a)		187,320
	2,500	Synaptics, Inc. (a)		96,400
				432,005
		Electronic Equipment, Instruments & Components — 3.1%
	25,100	Audience, Inc. (a)		331,571
	14,900	Benchmark Electronics, Inc. (a)		299,490

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Electronic Equipment, Instruments & Components — Continued
	11,700	Insight Enterprises, Inc. (a)		207,558
	2,100	Littelfuse, Inc.		156,681
	7,463	Newport Corp. (a)		103,959
	73,216	Sanmina Corp. (a)		1,050,650
	8,900	SYNNEX Corp. (a)		376,292
	5,300	TTM Technologies, Inc. (a)		44,520
				2,570,721
		Internet Software & Services — 2.9%
	23,100	Digital River, Inc. (a)		433,587
	5,300	Gogo, Inc. (a)		74,041
	1,400	Marketo, Inc. (a)		34,818
	1,727	RealNetworks, Inc. (a)		13,056
	2,400	Textura Corp. (a)		62,424
	31,500	Tremor Video, Inc. (a)		283,500
	86,759	United Online, Inc.		657,633
	28,700	WebMD Health Corp. (a)		842,919
	900	Xoom Corp. (a)		20,628
				2,422,606
		IT Services — 2.2%
	1,900	Blackhawk Network Holdings, Inc. (a)		44,080
	1,948	CACI International, Inc., Class A (a)		123,679
	21,325	CSG Systems International, Inc. (a)		462,752
	1,900	EVERTEC, Inc. (a)		41,743
	375	Gartner, Inc. (a)		21,371
	5,700	Global Cash Access Holdings, Inc. (a)		35,682
	7,800	Hackett Group, Inc. (The)		40,482
	11,255	Lionbridge Technologies, Inc. (a)		32,640
	1,100	ManTech International Corp., Class A		28,732
	2,900	TeleTech Holdings, Inc. (a)		67,947
	39,600	Unisys Corp. (a)		873,972
	5,802	VeriFone Systems, Inc. (a)		97,532
				1,870,612
		Semiconductors & Semiconductor Equipment — 3.0%
	2,750	Alpha & Omega Semiconductor Ltd. (a)		21,010
	20,275	Amkor Technology, Inc. (a)		85,358
	5,600	Brooks Automation, Inc.		54,488
	725	Cirrus Logic, Inc. (a)		12,586
	17,406	Entegris, Inc. (a)		163,443
	15,500	First Solar, Inc. (a)		693,315
	12,400	Integrated Silicon Solution, Inc. (a)		135,904
	700	Intermolecular, Inc. (a)		5,089
	10,000	Lattice Semiconductor Corp. (a)		50,700

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — Continued
	1,500	M/A-COM Technology Solutions Holdings, Inc. (a)		21,900
	10,300	Nanometrics, Inc. (a)		151,101
	9,100	Pericom Semiconductor Corp. (a)		64,792
	5,522	Photronics, Inc. (a)		44,507
	22,900	PMC-Sierra, Inc. (a)		145,415
	16,200	Skyworks Solutions, Inc. (a)		354,618
	35,800	Spansion, Inc., Class A (a)		448,216
	18,483	Ultra Clean Holdings (a)		111,822
				2,564,264
		Software — 3.8%
	11,484	Actuate Corp. (a) (m)		76,254
	6,200	Advent Software, Inc. (a) (m)		217,372
	14,206	Aspen Technology, Inc. (a)		408,991
	7,000	Cyan, Inc. (a)		73,150
	3,000	Gigamon, Inc. (a)		82,680
	1,500	Manhattan Associates, Inc. (a)		115,740
	2,800	Monotype Imaging Holdings, Inc.		71,148
	25,970	Pegasystems, Inc.		860,126
	4,600	Progress Software Corp. (a)		105,846
	7,340	PTC, Inc. (a)		180,050
	1,300	Rovi Corp. (a)		29,692
	2,800	Tableau Software, Inc., Class A (a)		155,176
	41,400	Take-Two Interactive Software, Inc. (a)		619,758
	16,000	TeleCommunication Systems, Inc., Class A (a)		37,280
	8,600	Telenav, Inc. (a)		44,978
	3,600	TIBCO Software, Inc. (a)		77,040
				3,155,281
		Total Information Technology		13,973,145
		Materials — 4.6%
		Chemicals — 1.9%
	6,600	A Schulman, Inc.		177,012
	2,500	American Pacific Corp. (a)		70,875
	10,600	Axiall Corp.		451,348
	800	FutureFuel Corp.		11,336
	4,500	H.B. Fuller Co.		170,145
	900	Innospec, Inc.		36,162
	6,400	Koppers Holdings, Inc.		244,352
	7,500	Minerals Technologies, Inc.		310,050
	11,600	OMNOVA Solutions, Inc. (a)		92,916
				1,564,196
		Construction Materials — 0.3%
	30,200	Headwaters, Inc. (a)		266,968

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — Continued
		Containers & Packaging — 1.1%
	4,000	Boise, Inc.		34,160
	39,600	Graphic Packaging Holding Co. (a)		306,504
	5,875	Rock Tenn Co., Class A		586,795
				927,459
		Metals & Mining — 0.8%
	15,200	Coeur Mining, Inc. (a)		202,160
	5,100	Revett Minerals, Inc. (a)		3,299
	4,300	SunCoke Energy, Inc. (a)		60,286
	1,700	U.S. Silica Holdings, Inc.		35,326
	12,500	Worthington Industries, Inc.		396,375
				697,446
		Paper & Forest Products — 0.5%
	3,800	Boise Cascade Co. (a)		96,558
	6,275	Buckeye Technologies, Inc.		232,426
	9,200	Resolute Forest Products, Inc., (Canada) (a)		121,164
				450,148
		Total Materials		3,906,217
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
	4,900	Atlantic Tele-Network, Inc.		243,334
	892	Consolidated Communications Holdings, Inc.		15,530
	9,400	IDT Corp., Class B		175,686
	15,063	Neutral Tandem, Inc.		86,612
	17,600	Premiere Global Services, Inc. (a)		212,432
	78,488	Vonage Holdings Corp. (a)		222,121
				955,715
		Wireless Telecommunication Services — 0.1%
	3,100	NII Holdings, Inc. (a)		20,677
	3,600	USA Mobility, Inc.		48,852
				69,529
		Total Telecommunication Services		1,025,244
		Utilities — 3.1%
		Electric Utilities — 2.2%
	9,425	El Paso Electric Co.		332,797
	3,300	Empire District Electric Co. (The)		73,623
	5,400	IDACORP, Inc.		257,904
	1,900	MGE Energy, Inc.		104,044

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — Continued
	26,575	Portland General Electric Co.		812,929
	5,225	UNS Energy Corp.		233,714
	1,900	Westar Energy, Inc.		60,724
				1,875,735
		Gas Utilities — 0.8%
	419	AGL Resources, Inc. (m)		17,959
	900	Chesapeake Utilities Corp.		46,341
	3,200	Laclede Group, Inc. (The)		146,112
	4,600	New Jersey Resources Corp.		191,038
	1,400	Northwest Natural Gas Co.		59,472
	2,600	Southwest Gas Corp.		121,654
	1,700	WGL Holdings, Inc.		73,474
				656,050
		Water Utilities — 0.1%
	900	Artesian Resources Corp., Class A		20,052
	4,105	Consolidated Water Co., Ltd., (Cayman Islands)		46,920
				66,972
		Total Utilities		2,598,757
		Total Common Stocks (Cost $59,584,600)		82,413,979
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.2%
	200,000	U.S. Treasury Note, 0.250%, 11/30/13 (k) (Cost $200,059)		200,117
SHARES
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	1,285,693	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $1,285,693)		1,285,693
		Total Investments — 99.7% (Cost $61,070,352)		83,899,789
		Other Assets in Excess of Liabilities — 0.3%		239,952
		NET ASSETS — 100.0%	$	84,139,741

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	16	E-mini Russell 2000		09/20/13	$	1,559,520	$	16,698

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.
(i)	—  Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(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, 2013.
(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, unfunded commitments and/or forward foreign currency exchange contracts.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	82,614,096
Investments in affiliates, at value		1,285,693
Total investment securities, at value		83,899,789
Receivables:
Investment securities sold		2,378,416
Portfolio shares sold		80,739
Interest and dividends from non-affiliates		144,752
Dividends from affiliates		71
Variation margin on futures contracts		314
Total Assets		86,504,081
LIABILITIES:
Payables:
Investment securities purchased		2,205,509
Portfolio shares redeemed		57,287
Accrued liabilities:
Investment advisory fees		44,774
Administration fees		5,828
Distribution fees		457
Custodian and accounting fees		10,290
Trustees’ and Chief Compliance Officer’s fees		69
Other		40,126
Total Liabilities		2,364,340
Net Assets	$	84,139,741
NET ASSETS:
Paid-in-Capital	$	60,095,258
Accumulated undistributed (distributed in excess of) net investment income		149,946
Accumulated net realized gains (losses)		1,048,402
Net unrealized appreciation (depreciation)		22,846,135
Total Net Assets	$	84,139,741
Net Assets:
Class 1	$	81,943,465
Class 2		2,196,276
Total	$	84,139,741
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		4,143,474
Class 2		111,484
Net Asset Value, offering and redemption price per share (a):
Class 1	$	19.78
Class 2		19.70
Cost of investments in non-affiliates	$	59,784,659
Cost of investments in affiliates		1,285,693

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2013 (Unaudited)

	Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	484,489
Dividend income from affiliates		717
Interest income from non-affiliates		159
Total investment income		485,365
EXPENSES:
Investment advisory fees		252,955
Administration fees		32,808
Distribution fees — Class 2		2,683
Custodian and accounting fees		20,872
Professional fees		24,918
Trustees’ and Chief Compliance Officer’s fees		437
Printing and mailing costs		11,024
Transfer agent fees		5,230
Other		5,720
Total expenses		356,647
Less amounts waived		(2,429	)
Net expenses		354,218
Net investment income (loss)		131,147
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		5,040,889
Futures		302,958
Net realized gains (losses)		5,343,847
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		6,456,730
Futures		(51,576	)
Change in net unrealized appreciation/depreciation		6,405,154
Net realized/unrealized gains (losses)		11,749,001
Change in net assets resulting from operations	$	11,880,148

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Small Cap Core Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	131,147		$	512,635
Net realized gain (loss)		5,343,847			5,187,005
Change in net unrealized appreciation/depreciation		6,405,154			5,749,684
Change in net assets resulting from operations		11,880,148			11,449,324
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(465,407	)		(127,898	)
Class 2
From net investment income		(8,021	)		—
Total distributions to shareholders		(473,428	)		(127,898	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,023,767			(2,782,957	)
NET ASSETS:
Change in net assets		15,430,487			8,538,469
Beginning of period		68,709,254			60,170,785
End of period	$	84,139,741		$	68,709,254
Accumulated undistributed (distributed in excess of) net investment income	$	149,946		$	492,227
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	15,614,924		$	13,872,549
Distributions reinvested		465,407			127,898
Cost of shares redeemed		(11,937,899	)		(16,667,963	)
Change in net assets resulting from Class 1 capital transactions	$	4,142,432		$	(2,667,516	)
Class 2
Proceeds from shares issued	$	36,573		$	101,342
Distributions reinvested		8,021			—
Cost of shares redeemed		(163,259	)		(216,783	)
Change in net assets resulting from Class 2 capital transactions	$	(118,665	)	$	(115,441	)
Total change in net assets resulting from capital transactions	$	4,023,767		$	(2,782,957	)
SHARE TRANSACTIONS:
Class 1
Issued		822,029			865,809
Reinvested		25,009			8,284
Redeemed		(633,112	)		(1,051,374	)
Change in Class 1 Shares		213,926			(177,281	)
Class 2
Issued		1,975			6,653
Reinvested		432			—
Redeemed		(8,657	)		(13,633	)
Change in Class 2 Shares		(6,250	)		(6,980	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 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 (f)
Class 1
Six Months Ended June 30, 2013 (Unaudited)	$	16.98	$	0.03	(g)	$	2.88		$	2.91		$	(0.11	)	$	—		$	(0.11	)
Year Ended December 31, 2012		14.22		0.13	(h)		2.66			2.79			(0.03	)		—			(0.03	)
Year Ended December 31, 2011		14.95		0.04			(0.75	)		(0.71	)		(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			2.11			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	)
Class 2
Six Months Ended June 30, 2013 (Unaudited)		16.90		0.01	(g)		2.86			2.87			(0.07	)		—			(0.07	)
Year Ended December 31, 2012		14.16		0.09	(h)		2.65			2.74			—			—			—
Year Ended December 31, 2011		14.91		—	(i)		(0.75	)		(0.75	)		—			—			—
Year Ended December 31, 2010		11.76		(0.01	)		3.16			3.15			—			—			—
April 24, 2009 (j) through December 31, 2009		9.03		0.01			2.73			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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) 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.

(g) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends the net investment income (loss) per share would have been $0.03 and $0.00 for Class 1 and Class 2 Shares, respectively and the net investment income (loss) ratio would have been 0.27% and 0.01% for Class 1 and Class 2 Shares, respectively.

(h) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends the net investment income (loss) per share would have been $0.04 and less than $0.01 for Class 1 and Class 2 Shares, respectively and the net investment income (loss) ratio would have been 0.28% and 0.02% for Class 1 and Class 2 Shares, respectively.

(i) Amount rounds to less than $0.01.

(j) 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, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	19.78		17.20	%	$	81,943,465		0.90	%		0.34	%(g)		0.91	%		34	%
	16.98		19.66			66,719,964		0.94			0.80	(h)		0.94			44
	14.22		(4.77	)		58,405,012		0.95			0.23			0.95			46
	14.95		27.13			70,355,671		0.99			0.13			1.04			45
	11.76		22.58			56,761,095		0.98			0.42			1.34			55
	9.84		(31.98	)		49,825,124		1.08			0.29			1.15			45
	19.70		17.01			2,196,276		1.15			0.08	(g)		1.16			34
	16.90		19.35			1,989,290		1.19			0.54	(h)		1.19			44
	14.16		(5.03	)		1,765,773		1.20			(0.02	)		1.20			46
	14.91		26.79			1,995,231		1.24			(0.09	)		1.28			45
	11.76		30.37			901,951		1.17			0.26			1.45			55

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to seek capital growth over the long term.

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 and administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at 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 prices received from independent or affiliated pricing services approved by the Board of Trustees or third party broker-dealers. The pricing services or broker-dealers use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services or broker-dealers 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 pricing services or broker-dealers also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics 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 values. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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 the 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.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	11,612,871	$	—	$	—		$	11,612,871
Consumer Staples		3,881,777		—		—			3,881,777
Energy		4,089,034		—		—			4,089,034
Financials		19,053,362		—		—	(a)		19,053,362
Health Care		9,039,870		—		—			9,039,870
Industrials		13,233,702		—		—			13,233,702
Information Technology		13,973,145		—		—			13,973,145
Materials		3,906,217		—		—			3,906,217
Telecommunication Services		1,025,244		—		—			1,025,244
Utilities		2,598,757		—		—			2,598,757
Total Common Stocks		82,413,979		—		—	(a)		82,413,979
Debt Securities
U.S. Treasury Obligation		—		200,117		—			200,117
Short-Term Investment
Investment Company		1,285,693		—		—			1,285,693
Total Investments in Securities	$	83,699,672	$	200,117	$	—	(a)	$	83,899,789
Appreciation in Other Financial Instruments
Futures Contracts	$	16,698	$	—	$	—		$	16,698

(a) Value is zero.

There were no transfers between any levels during the period ended June 30, 2013.

B. Restricted and Illiquid Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). 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. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Portfolio. As of June 30, 2013, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A and/or Regulation S under the Securities Act.

The value and percentage of net assets of illiquid securities as of June 30, 2013 were $0 and 0.0%, respectively.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

C. 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 also 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 are settled 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 the futures contract. 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 positions.

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2013:

Futures Contracts:
Average Notional Balance Long	$	2,576,624
Ending Notional Balance Long		1,559,520

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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

To the extent such information is publicly available, the Portfolio records distributions received in excess of income earned 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 the 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 — 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. In calculating the NAV 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.

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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’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. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and 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 distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2013

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, 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 rate of 0.65%.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB 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 to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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 (for Class 2 Shares) 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, 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 expense limitation agreements were in effect for the six months ended June 30, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

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 these money market funds for the six months ended June 30, 2013 was $2,429.

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 Trustees. 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, 2013, 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, 2013, 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.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

4. Investment Transactions

During the six months ended June 30, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	30,770,843	$	25,889,077

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	61,070,352	$	24,487,471	$	1,658,034	$	22,829,437

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2012, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	3,042,721	*	$	3,042,721

* This amount includes $575,175 of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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. The amount of exposure would depend on 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.

The Portfolio has a shareholder holding a significant percentage of shares outstanding. Investment activities of this shareholder could have a material impact on the Portfolio.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 each Class at the beginning of the reporting period, January 1, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,172.00	$	4.85		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,170.10		6.19		1.15
Hypothetical		1,000.00		1,019.09		5.76		1.15

* Expenses are equal to each Class’ respective 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, 2013 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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013. All rights reserved. June 2013. SAN-JPMITSCCP-613

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2013 (Unaudited)

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    Ÿ    NO BANK GUARANTEE    Ÿ     MAY LOSE VALUE
   

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 of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. 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

JULY 26, 2013 (Unaudited)

Dear Shareholder:

While somewhat overshadowed by increased volatility at the end of the reporting period, developed market equities in aggregate posted solid returns for the six months ended June 30, 2013. For much of the period, stocks were supported by solid corporate earnings and robust demand from investors looking to generate higher returns in the low interest rate environment. Despite signaling a potential policy shift in June 2013, the U.S. Federal Reserve (“Fed”) continued to pursue its highly accommodative policies in an attempt to lower unemployment and spur the economy. Central banks overseas also did their part to support their economies. The European Central Bank (“ECB”) remained committed to preserving the euro, as it cut rates and introduced new programs designed to aid struggling euro zone members. Elsewhere, the Bank of Japan stepped up its major asset purchase program as a new pro-growth government came into power late in 2012.

  “We are encouraged by the stock market’s resiliency in the face of recent volatility.”

Positive investor sentiment was temporarily interrupted, however, in May 2013 when Fed Chairman Bernanke indicated that the central bank may begin to “taper” its asset purchase program later this year. This triggered a sharp decline in global equities, although they quickly regained their footing and have continued to rally in July. All told, U.S. stocks rose sharply during the six months ended June 30, 2013. Overseas, international developed stocks produced more modest gains, while emerging market equities performed poorly given concerns regarding China’s economy and falling commodity prices.

U.S. Treasury Yields Rise Sharply

Talk of Fed tapering negatively impacted the fixed income markets. While U.S. Treasury security yields continued to be low

from a historical perspective, they ended the period sharply higher than when the reporting period began. The yield for 10-year U.S. Treasury securities ended June 30, 2013 at 2.52%, while the yields for 2- and 30-year U.S. Treasury securities finished the reporting period at 0.36% and 3.52%, respectively. Amid the rising interest rate environment, the overall U.S. fixed income market generated a negative return for the reporting period. In contrast, high yield bonds posted a modest gain, while emerging market debt securities fell sharply.

Positive Signs for Stocks

Although the global economy is far from robust, it is still on a growth path. The expansion in the U.S. certainly appears to be sustainable and, while Europe remains in a recession, there are indications that its economy may be bottoming. Elsewhere, pro-growth initiatives in Japan have thus far yielded positive results. While growth in China has moderated, we believe the government has the tools at its disposal to avoid a “hard landing.”

We are encouraged by the stock market’s resiliency in the face of recent volatility. In addition, there have been signs that equity market correlations are decreasing, which could create a more favorable environment for active managers. In addition, given the recent sell-off in the bond market, valuations in a number of fixed income sectors have become more attractive.

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, Global Funds Management

J.P. Morgan Asset Management

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		14.56%
S&P 500 Index		13.82%
Net Assets as of 6/30/2013	$	83,295,941

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 periods of heightened volatility and a setback in June, the overall U.S. equity market, as measured by the S&P 500 Index (the “Benchmark”), generated strong results for the six months ended June 30, 2013. The Benchmark generated a positive return for each of the first five months of the reporting period. Supporting the market were overall solid corporate profits, improving economic growth and generally robust investor demand. These factors helped the Benchmark to post several all-time highs over the first five months of 2013. The Benchmark then reversed course and declined during the last month of the reporting period. This turnaround was triggered by indications that the U.S. Federal Reserve Board (“Fed”) would begin tapering its monthly purchases of bonds — $85 billion of mortgage-backed securities and Treasury securities — if economic conditions continued to improve. This caused interest rates to move sharply higher and both stock and bond prices fell sharply. However, the Benchmark again rallied in late June, as concerns regarding Fed tapering abated somewhat. All told, the Benchmark finished the six months ended June 30, 2013 with a 13.82% gain. Each of the ten sectors in the Benchmark produced a positive return for the six-month period. The health care and consumer discretionary sectors produced the strongest returns. Materials and information technology were the worst performing sectors.

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, 2013. The Portfolio’s stock selection in the pharmaceutical and medical technology and the financial services sectors contributed to relative performance. Detracting from relative performance was the Portfolio’s

stock selection in the systems and network hardware sector and the consumer stable sector.

Individual contributors to relative performance included the Portfolio’s positions in Biogen Idec, Inc., Cisco Systems, Inc. and Vertex Pharmaceuticals Corp. Biogen Idec, Inc., a biotechnology company specializing in drugs for neurological disorders, autoimmune disorders and cancer, received patent protection for a key drug. Shares of Cisco Systems, Inc., a manufacturer of networking equipment, rose due to higher-than- expected earnings during the company’s fiscal third quarter. Vertex Pharmaceuticals Corp. is a biotech/pharmaceutical company specializing in the development of small molecule drugs. Its shares moved sharply higher in April 2013 after announcing positive clinical results for ALS-2200 (VX-135), its drug used in the treatment of hepatitis C.

Individual detractors from relative performance included Walter Energy, Inc., ACE Ltd. and Merck & Co. Inc. Walter Energy, Inc. is a producer and exporter of metallurgical coals. Its shares declined during the reporting period, underscoring the continued deterioration in global met coal fundamentals. ACE Ltd., a global provider of insurance products, reported a sizable drop in operating profit due to losses related to Superstorm Sandy. Merck & Co. Inc., a leading pharmaceutical company, lost patent protection for a key drug and encountered headwinds from both U.S. health care reform and European austerity pricing.

HOW WAS THE PORTFOLIO POSITIONED?

The portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be 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 was overweight versus the Benchmark in the semiconductors and media sectors. The Portfolio was underweight versus the Benchmark in the real estate investment trusts and consumer stable sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2013

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Johnson & Johnson	3.4	%
	2.	Time Warner, Inc.	3.1
	3.	Google, Inc., Class A	2.9
	4.	United Technologies Corp.	2.6
	5.	Schlumberger Ltd.	2.6
	6.	Wells Fargo & Co.	2.5
	7.	Apple, Inc.	2.5
	8.	Microsoft Corp.	2.0
	9.	ACE Ltd.	1.8
	10.	UnitedHealth Group, Inc.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	19.6	%
Consumer Discretionary	18.1
Financials	15.1
Health Care	13.5
Industrials	10.4
Energy	10.3
Consumer Staples	7.1
Materials	2.2
Utilities	1.4
Others (each less than 1.0%)	1.0
Short-Term Investment	1.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values 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 on total investments as of June 30, 2013. The Portfolio’s composition is subject to change.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2013 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2013
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		3/30/95		14.56	%		23.67	%		8.04	%		7.59	%
CLASS 2 SHARES		8/16/06		14.41			23.34			7.76			7.40

* Not annualized.

TEN YEAR PERFORMANCE (6/30/03 TO 6/30/13)

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 its inception date are based on the performance of Class 1 Shares. The actual returns of Class 2 Shares would have been lower than those 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, 2003 to June 30, 2013. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, 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 gain distributions of the securities included in the benchmark, if applicable. 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 incurred 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.

Portfolio 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. Portfolio 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, 2013

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — 100.0%
		Common Stocks — 98.7%
		Consumer Discretionary — 18.1%
		Auto Components — 1.0%
	22,581	Johnson Controls, Inc.		808,174
		Automobiles — 1.6%
	4,010	Ford Motor Co.		62,035
	38,520	General Motors Co. (a)		1,283,101
				1,345,136
		Hotels, Restaurants & Leisure — 1.9%
	6,590	McDonald’s Corp.		652,410
	11,970	Royal Caribbean Cruises Ltd.		399,080
	7,602	Yum! Brands, Inc.		527,122
				1,578,612
		Household Durables — 0.7%
	6,610	Lennar Corp., Class A		238,225
	130	NVR, Inc. (a)		119,860
	9,960	PulteGroup, Inc. (a)		188,941
	1,710	Toll Brothers, Inc. (a)		55,797
				602,823
		Internet & Catalog Retail — 1.7%
	3,290	Amazon.com, Inc. (a)		913,600
	1,790	Expedia, Inc.		107,668
	450	priceline.com, Inc. (a)		372,209
				1,393,477
		Media — 5.6%
	30,960	Comcast Corp., Class A		1,296,605
	9,910	DISH Network Corp., Class A		421,373
	3,080	Time Warner Cable, Inc.		346,438
	44,775	Time Warner, Inc.		2,588,891
				4,653,307
		Multiline Retail — 0.9%
	1,410	Nordstrom, Inc.		84,516
	10,240	Target Corp.		705,126
				789,642
		Specialty Retail — 3.8%
	1,660	AutoZone, Inc. (a)		703,325
	11,400	Home Depot, Inc. (The)		883,158
	13,320	Lowe’s Cos., Inc.		544,788
	6,670	Ross Stores, Inc.		432,283
	11,460	TJX Cos., Inc.		573,688
				3,137,242

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.9%
	3,060	Lululemon Athletica, Inc., (Canada) (a)		200,491
	3,130	V.F. Corp.		604,278
				804,769
		Total Consumer Discretionary		15,113,182
		Consumer Staples — 7.1%
		Beverages — 2.0%
	28,010	Coca-Cola Co. (The)		1,123,481
	6,760	PepsiCo, Inc.		552,901
				1,676,382
		Food & Staples Retailing — 1.1%
	15,770	CVS Caremark Corp.		901,729
		Food Products — 1.5%
	5,790	Archer-Daniels-Midland Co.		196,339
	5,368	General Mills, Inc.		260,509
	3,130	Kellogg Co.		201,040
	20,669	Mondelez International, Inc., Class A		589,686
				1,247,574
		Household Products — 1.4%
	4,620	Colgate-Palmolive Co.		264,680
	11,637	Procter & Gamble Co. (The)		895,932
				1,160,612
		Tobacco — 1.1%
	10,370	Philip Morris International, Inc.		898,249
		Total Consumer Staples		5,884,546
		Energy — 10.3%
		Energy Equipment & Services — 3.5%
	5,060	Cameron International Corp. (a)		309,470
	7,400	Ensco plc, (United Kingdom), Class A		430,088
	1,490	National Oilwell Varco, Inc.		102,661
	29,678	Schlumberger Ltd.		2,126,725
				2,968,944
		Oil, Gas & Consumable Fuels — 6.8%
	5,580	Anadarko Petroleum Corp.		479,489
	6,870	Apache Corp.		575,912
	2,620	Cheniere Energy, Inc. (a)		72,731
	8,400	Chevron Corp.		994,056
	6,780	ConocoPhillips		410,190
	2,140	EOG Resources, Inc.		281,795
	12,085	Exxon Mobil Corp.		1,091,880
	1,600	Marathon Petroleum Corp.		113,696
	8,617	Occidental Petroleum Corp.		768,895
	3,750	Peabody Energy Corp.		54,900

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Oil, Gas & Consumable Fuels — Continued
	5,990	Phillips 66		352,871
	13,870	Williams Cos., Inc. (The)		450,359
				5,646,774
		Total Energy		8,615,718
		Financials — 15.0%
		Capital Markets — 3.4%
	4,430	Ameriprise Financial, Inc.		358,299
	2,866	Goldman Sachs Group, Inc. (The)		433,483
	20,660	Invesco Ltd.		656,988
	28,621	Morgan Stanley		699,211
	6,140	State Street Corp.		400,389
	11,735	TD Ameritrade Holding Corp.		285,043
				2,833,413
		Commercial Banks — 2.8%
	2,300	BB&T Corp.		77,924
	1,913	East West Bancorp, Inc.		52,608
	2,800	Huntington Bancshares, Inc.		22,064
	860	PNC Financial Services Group, Inc.		62,711
	50,753	Wells Fargo & Co.		2,094,576
				2,309,883
		Consumer Finance — 0.8%
	1,650	American Express Co.		123,354
	9,320	Capital One Financial Corp.		585,389
				708,743
		Diversified Financial Services — 4.0%
	108,659	Bank of America Corp.		1,397,355
	26,034	Citigroup, Inc.		1,248,851
	478	CME Group, Inc.		36,319
	3,640	IntercontinentalExchange, Inc. (a)		647,046
				3,329,571
		Insurance — 3.8%
	17,188	ACE Ltd., (Switzerland)		1,537,982
	1,520	Aflac, Inc.		88,342
	4,600	Aon plc, (United Kingdom)		296,010
	3,900	Hartford Financial Services Group, Inc.		120,588
	22,730	MetLife, Inc.		1,040,125
	1,450	Prudential Financial, Inc.		105,894
				3,188,941
		Real Estate Investment Trusts (REITs) — 0.2%
	1,070	Simon Property Group, Inc.		168,974
		Total Financials		12,539,525

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care — 13.6%
		Biotechnology — 3.2%
	3,010	Alexion Pharmaceuticals, Inc. (a)		277,642
	4,940	Biogen Idec, Inc. (a)		1,063,088
	850	BioMarin Pharmaceutical, Inc. (a)		47,422
	5,069	Celgene Corp. (a)		592,617
	3,640	Onyx Pharmaceuticals, Inc. (a)		396,760
	4,070	Vertex Pharmaceuticals, Inc. (a)		325,071
				2,702,600
		Health Care Equipment & Supplies — 1.2%
	2,860	CareFusion Corp. (a)		105,391
	8,186	Covidien plc, (Ireland)		514,408
	710	Intuitive Surgical, Inc. (a)		359,672
				979,471
		Health Care Providers & Services — 3.1%
	6,770	Cardinal Health, Inc.		319,544
	3,470	DaVita HealthCare Partners, Inc. (a)		419,176
	4,100	Humana, Inc.		345,958
	22,620	UnitedHealth Group, Inc.		1,481,158
				2,565,836
		Health Care Technology — 0.2%
	1,780	Cerner Corp. (a)		171,040
		Life Sciences Tools & Services — 0.3%
	1,090	Mettler-Toledo International, Inc. (a)		219,308
		Pharmaceuticals — 5.6%
	2,500	Allergan, Inc.		210,600
	24,500	Bristol-Myers Squibb Co.		1,094,905
	33,210	Johnson & Johnson		2,851,410
	10,902	Merck & Co., Inc.		506,398
				4,663,313
		Total Health Care		11,301,568
		Industrials — 10.4%
		Aerospace & Defense — 4.0%
	15,090	Honeywell International, Inc.		1,197,241
	22,965	United Technologies Corp.		2,134,367
				3,331,608
		Airlines — 0.4%
	13,100	Delta Air Lines, Inc. (a)		245,101
	3,160	United Continental Holdings, Inc. (a)		98,876
				343,977
		Building Products — 0.5%
	20,860	Masco Corp.		406,561

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2013

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Commercial Services & Supplies — 0.3%
	6,910	Tyco International Ltd., (Switzerland)		227,685
		Construction & Engineering — 1.1%
	15,720	Fluor Corp.		932,353
		Electrical Equipment — 0.7%
	10,488	Emerson Electric Co.		572,016
		Machinery — 1.4%
	18,613	PACCAR, Inc.		998,773
	2,360	SPX Corp.		169,873
				1,168,646
		Road & Rail — 1.7%
	34,220	CSX Corp.		793,562
	3,930	Norfolk Southern Corp.		285,515
	2,580	Union Pacific Corp.		398,042
				1,477,119
		Trading Companies & Distributors — 0.3%
	960	W.W. Grainger, Inc.		242,093
		Total Industrials		8,702,058
		Information Technology — 19.6%
		Communications Equipment — 2.5%
	49,873	Cisco Systems, Inc.		1,212,413
	14,774	QUALCOMM, Inc.		902,396
				2,114,809
		Computers & Peripherals — 2.7%
	5,218	Apple, Inc.		2,066,745
	7,840	Hewlett-Packard Co.		194,432
				2,261,177
		Internet Software & Services — 3.8%
	9,420	eBay, Inc. (a)		487,203
	2,782	Google, Inc., Class A (a)		2,449,189
	1,380	LinkedIn Corp., Class A (a)		246,054
				3,182,446
		IT Services — 1.6%
	350	Alliance Data Systems Corp. (a)		63,361
	2,230	Cognizant Technology Solutions Corp., Class A (a)		139,620
	9,467	Genpact Ltd., (Bermuda)		182,145
	330	MasterCard, Inc., Class A		189,585
	4,080	Visa, Inc., Class A		745,620
				1,320,331

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — 5.1%
	7,130	Altera Corp.		235,219
	31,910	Applied Materials, Inc.		475,778
	3,123	ASML Holding N.V., (Netherlands)		247,029
	29,290	Avago Technologies Ltd., (Singapore)		1,094,860
	12,730	Broadcom Corp., Class A		429,765
	7,720	Freescale Semiconductor Ltd. (a)		104,606
	5,820	KLA-Tencor Corp.		324,349
	18,776	Lam Research Corp. (a)		832,528
	13,880	ON Semiconductor Corp. (a)		112,150
	8,740	Xilinx, Inc.		346,191
				4,202,475
		Software — 3.9%
	7,370	Adobe Systems, Inc. (a)		335,777
	3,790	Citrix Systems, Inc. (a)		228,651
	47,703	Microsoft Corp.		1,647,184
	28,990	Oracle Corp.		890,573
	1,400	Splunk, Inc. (a)		64,904
	1,310	VMware, Inc., Class A (a)		87,757
				3,254,846
		Total Information Technology		16,336,084
		Materials — 2.2%
		Chemicals — 1.8%
	4,300	Air Products & Chemicals, Inc.		393,751
	7,804	Axiall Corp.		332,294
	19,580	Dow Chemical Co. (The)		629,889
	3,290	Methanex Corp., (Canada)		140,779
				1,496,713
		Containers & Packaging — 0.2%
	3,790	Crown Holdings, Inc. (a)		155,882
		Metals & Mining — 0.2%
	16,923	Alcoa, Inc.		132,338
	5,780	Walter Energy, Inc.		60,112
				192,450
		Total Materials		1,845,045
		Telecommunication Services — 1.0%
		Diversified Telecommunication Services — 1.0%
	15,843	Verizon Communications, Inc.		797,537
		Utilities — 1.4%
		Electric Utilities — 1.0%
	5,860	Edison International		282,218
	6,040	NextEra Energy, Inc.		492,139

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — Continued
		Electric Utilities — Continued
	2,820	Xcel Energy, Inc.		79,919
				854,276
		Multi-Utilities — 0.4%
	3,820	NiSource, Inc.		109,405
	2,040	Sempra Energy		166,790
				276,195
		Total Utilities		1,130,471
		Total Common Stocks (Cost $69,789,538)		82,265,734

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	1,047,185	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $1,047,185)		1,047,185
		Total Investments — 100.0% (Cost $70,836,723)		83,312,919
		Liabilities in Excess of Other Assets — 0.0% (g)		(16,978	)
		NET ASSETS — 100.0%	$	83,295,941
	Short Position — 0.0% (g)
	Common Stock — 0.0% (g)
		Health Care — 0.0% (g)
		Pharmaceuticals — 0.0% (g)
	920	Mallinckrodt plc, (Ireland) (a) †		41,796
		Total Short Position (Proceeds $ 39,532)	$	41,796

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 06/30/13		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	2	E-mini S&P 500		09/20/13	$	159,930	$	(24	)

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%.
(l)	—  The rate shown is the current yield as of June 30, 2013.

(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, unfunded commitments and/or forward foreign currency exchange contracts.
†	—  Short position is the result of the sale of a when issued security from a pending corporate action on Covidien plc.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2013 (Unaudited)

	U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	82,265,734
Investments in affiliates, at value		1,047,185
Total investment securities, at value		83,312,919
Deposits at broker for futures contracts		25,000
Receivables:
Investment securities sold		560,680
Portfolio shares sold		4,919
Dividends from non-affiliates		71,167
Dividends from affiliates		23
Total Assets		83,974,708
LIABILITIES:
Payables:
Securities sold short, at value		41,796
Investment securities purchased		480,034
Portfolio shares redeemed		49,274
Variation margin on futures contracts		5,730
Accrued liabilities:
Investment advisory fees		38,100
Administration fees		5,843
Distribution fees		809
Custodian and accounting fees		12,426
Other		44,755
Total Liabilities		678,767
Net Assets	$	83,295,941
NET ASSETS:
Paid-in-Capital	$	89,183,689
Accumulated undistributed net investment income		422,406
Accumulated net realized gains (losses)		(18,784,062	)
Net unrealized appreciation (depreciation)		12,473,908
Total Net Assets	$	83,295,941
Net Assets:
Class 1	$	79,479,972
Class 2		3,815,969
Total	$	83,295,941
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,982,616
Class 2		192,424
Net Asset Value, offering and redemption price per share (a):
Class 1	$	19.96
Class 2		19.83
Cost of investments in non-affiliates	$	69,789,538
Cost of investments in affiliates		1,047,185
Proceeds received from securities sold short		39,532

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2013 (Unaudited)

	U.S. Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	756,670
Dividend income from affiliates		326
Total investment income		756,996
EXPENSES:
Investment advisory fees		226,937
Administration fees		34,790
Distribution fees – Class 2		3,948
Custodian and accounting fees		27,332
Professional fees		24,554
Trustees’ and Chief Compliance Officer’s fees		466
Printing and mailing costs		11,130
Transfer agent fees		3,405
Other		6,413
Total expenses		338,975
Less amounts waived		(6,003	)
Net expenses		332,972
Net investment income (loss)		424,024
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		6,770,197
Futures		(256	)
Net realized gains (losses)		6,769,941
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		4,035,838
Futures		(24	)
Securities sold short		(2,264	)
Change in net unrealized appreciation/depreciation		4,033,550
Net realized/unrealized gains (losses)		10,803,491
Change in net assets resulting from operations	$	11,227,515

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2013

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	U.S. Equity Portfolio
	Six Months Ended 6/30/2013 (Unaudited)			Year Ended 12/31/2012
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	424,024		$	1,105,544
Net realized gain (loss)		6,769,941			6,884,767
Change in net unrealized appreciation/depreciation		4,033,550			4,991,571
Change in net assets resulting from operations		11,227,515			12,981,882
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(1,052,526	)		(1,180,771	)
Class 2
From net investment income		(48,143	)		(6,619	)
Total distributions to shareholders		(1,100,669	)		(1,187,390	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,974,556	)		(12,575,245	)
NET ASSETS:
Change in net assets		6,152,290			(780,753	)
Beginning of period		77,143,651			77,924,404
End of period	$	83,295,941		$	77,143,651
Accumulated undistributed net investment income	$	422,406		$	1,099,051
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,095,453		$	4,403,061
Distributions reinvested		1,052,526			1,180,771
Cost of shares redeemed		(8,387,580	)		(19,321,461	)
Change in net assets resulting from Class 1 capital transactions	$	(6,239,601	)	$	(13,737,629	)
Class 2
Proceeds from shares issued	$	2,961,378		$	2,637,685
Distributions reinvested		48,143			6,619
Cost of shares redeemed		(744,476	)		(1,481,920	)
Change in net assets resulting from Class 2 capital transactions	$	2,265,045		$	1,162,384
Total change in net assets resulting from capital transactions	$	(3,974,556	)	$	(12,575,245	)
SHARE TRANSACTIONS:
Class 1
Issued		57,075			266,533
Reinvested		54,705			71,389
Redeemed		(434,255	)		(1,146,973	)
Change in Class 1 Shares		(322,475	)		(809,051	)
Class 2
Issued		156,984			152,326
Reinvested		2,517			401
Redeemed		(37,936	)		(86,904	)
Change in Class 2 Shares		121,565			65,823

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 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
U.S. Equity Portfolio
Class 1
Six Months Ended June 30, 2013 (Unaudited)	$	17.63	$	0.10	(f)	$	2.49		$	2.59		$	(0.26	)	$	—		$	(0.26	)
Year Ended December 31, 2012		15.22		0.23	(f)		2.43			2.66			(0.25	)		—			(0.25	)
Year Ended December 31, 2011		15.69		0.18	(f)		(0.46	)		(0.28	)		(0.19	)		—			(0.19	)
Year Ended December 31, 2010		13.93		0.16	(f)		1.73			1.89			(0.13	)		—			(0.13	)
Year Ended December 31, 2009		10.74		0.19			3.32			3.51			(0.32	)		—			(0.32	)
Year Ended December 31, 2008		18.34		0.22	(f)		(6.12	)		(5.90	)		(0.18	)		(1.52	)		(1.70	)
Class 2
Six Months Ended June 30, 2013 (Unaudited)		17.54		0.08	(f)		2.46			2.54			(0.25	)		—			(0.25	)
Year Ended December 31, 2012		15.18		0.22	(f)		2.39			2.61			(0.25	)		—			(0.25	)
Year Ended December 31, 2011		15.65		0.14	(f)		(0.46	)		(0.32	)		(0.15	)		—			(0.15	)
Year Ended December 31, 2010		13.91		0.12	(f)		1.72			1.84			(0.10	)		—			(0.10	)
Year Ended December 31, 2009		10.71		0.13			3.35			3.48			(0.28	)		—			(0.28	)
Year Ended December 31, 2008		18.28		0.19	(f)		(6.11	)		(5.92	)		(0.13	)		(1.52	)		(1.65	)

(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 values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2013

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	19.96		14.74	%	$	79,479,972		0.80	%		1.03	%		0.81	%		44	%
	17.63		17.58			75,900,979		0.79			1.40			0.81			71
	15.22		(1.87	)		77,847,972		0.79			1.15			0.79			70
	15.69		13.58			132,548,805		0.79			1.10			0.82			75
	13.93		33.68			150,671,602		0.80			1.45			0.91			88
	10.74		(34.80	)		123,301,034		0.76			1.50			0.78			93
	19.83		14.53			3,815,969		1.00			0.88			1.06			44
	17.54		17.28			1,242,672		1.01			1.27			1.05			71
	15.18		(2.09	)		76,432		1.04			0.94			1.05			70
	15.65		13.28			18,015		1.04			0.86			1.07			75
	13.91		33.34			15,902		1.05			1.21			1.17			88
	10.71		(34.94	)		11,930		1.01			1.30			1.04			93

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (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 and is 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

The investment objective of the Portfolio is to seek to provide high total return from a portfolio of selected equity securities.

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 and administrative services plan.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Portfolio in the preparation of its financial statements. The policies are in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. 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. Securities listed on the NASDAQ Stock Market LLC are generally valued at the NASDAQ Official Closing Price. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

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 these securities may differ from the value that would be realized if these securities were sold, and the differences could be material. Futures and options are generally 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 fair value, values will be obtained from a third party broker-dealer or counterparty.

Securities or other assets for which market quotations are not readily available or for which market quotations are deemed to not represent the fair value of the security or asset 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. The Board of Trustees has established an Audit and Valuation Committee to assist with the oversight of the valuation of the Portfolio’s securities. JPMorgan Funds Management, Inc. (the “Administrator”, or “JPMFM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (“JPMIM” or the “Advisor”), a wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“JPMAM”), which is a wholly-owned subsidiary of JPMorgan, JPMorgan’s Legal and Compliance and JPMAM’s Risk Management and the Portfolio’s Chief Compliance Officer. The VC’s responsibilities include making determinations regarding Level 3 fair value measurements (“Fair Values”) and/or providing recommendations for approval to the Board of Trustees’ Audit and Valuation Committee, in accordance with the Portfolio’s valuation policies.

The VC or Board of Trustees, as applicable, 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 VC or Board of Trustees 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. JPMFM and JPMIM are responsible for monitoring developments that may impact Fair Values and for discussing and assessing Fair Values on an ongoing, and at least a quarterly, basis with the VC and Board of Trustees, as applicable. The appropriateness of Fair Values is assessed based on results of unchanged price review and consideration of macro or security specific events, back testing and broker and vendor due diligence.

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.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 the 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.

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	83,312,919		$	—	$	—	$	83,312,919
Total Liabilities in Securities Sold Short (a)	$	(41,796	)	$	—	$	—	$	(41,796	)
Depreciation in Other Financial Instruments
Futures Contracts	$	(24	)	$	—	$	—	$	(24	)

(a) All Portfolio holdings designated as Level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers between any levels during the six months ended June 30, 2013.

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 also 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 are settled 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 the futures contract. 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 positions.

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2013:

Futures Contracts:
Average Notional Balance Long	$	179,400
Ending Notional Balance Long		159,930

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 which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of 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 — 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. In calculating the NAV 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.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

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. Management has reviewed the Portfolio’s tax positions for all open tax years and has determined that as of June 30, 2013, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’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. Distributions to Shareholders — Distributions from net investment income are generally declared and paid at least annually and 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 distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. 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 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 rate of 0.55%.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an 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, 2013, the annualized effective rate was 0.08% of the Portfolio’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Portfolio’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Administrator waived Administration fees as outlined in Note 3.E.

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 to 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. Payments to the custodian may be reduced by credits earned by the Portfolio, based on uninvested cash balances held by the custodian. Such earnings credits, if any, 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 (for Class 2 Shares) 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 expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, 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
0.80%		1.05	%

The expense limitation agreement was in effect for the six months ended June 30, 2013. The contractual expense limitation percentages in the table above are in place until at least April 30, 2014.

For the six months ended June 30, 2013, the Advisor contractually waived fees for the Portfolio in the amount of $5,048. 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 these money market funds for the six months ended June 30, 2013 was $955.

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.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2013

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 Trustees. 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, 2013, 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, 2013, 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, 2013, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$36,038,324	$	41,017,314

During the six months ended June 30, 2013, 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 investment securities held at June 30, 2013 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	70,836,723	$	12,937,626	$	461,430	$	12,476,196

Under the 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 the Act, 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 be used before pre-enactment net capital losses.

At December 31, 2012, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2012, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains:

2016			2017		Total
$	1,187,063	*	$	21,218,972	$	22,406,035

* This amount includes $1,187,063 of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

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 11, 2013.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2013, 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.

JUNE 30, 2013 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2013 (Unaudited) (continued)

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. The amount of exposure would depend on 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.

The Portfolio has 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, 2013

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 each Class at the beginning of the reporting period, January 1, 2013, and continued to hold your shares at the end of the reporting period, June 30, 2013.

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 the Period” 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, 2013		Ending Account Value June 30, 2013		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,147.40	$	4.26		0.80	%
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class 2
Actual		1,000.00		1,145.30		5.32		1.00
Hypothetical		1,000.00		1,019.84		5.01		1.00

* Expenses are equal to each Class’ respective 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, 2013 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 on the Portfolio’s website at www.jpmorganfunds.com. 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., 2013. All rights reserved. June 2013. SAN-JPMITUSEP-613

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 semi-annual 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 semi-annual 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 semi-annual 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 semi-annual 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 23, 2013

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 23, 2013
By:	/s/ Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	August 23, 2013