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, 2014 through June 30, 2014

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, 2014 (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
Special Shareholder Meeting Results	39

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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		3.14%
Barclays U.S. Aggregate Index		3.93%
Net Assets as of 6/30/2014	$	202,662,288
Duration as of 6/30/2014		4.76 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?

For the first three months of 2014, bonds outperformed equities in developed markets. The Barclays Global Corporate Index returned 2.7%, compared with Standard & Poor’s 500 Index return of 1.8% for the quarter ended March 31, 2014. U.S. Treasuries also strengthened with the Barclays U.S. Treasury Index returning 1.3% for the quarter. Concerns about an uneven U.S. economy, a slowdown in the emerging markets, and turmoil in Ukraine benefited U.S. Treasuries, while emerging market equities and bonds suffered. The U.S. Federal Reserve’s (the “Fed”) initiation of its tapering off from in its Quantitative Easing program led to a “liquidity squeeze” in emerging market countries that had relied on the influx of global liquidity over the last few years.

However, the accommodative policies of key central banks helped bolster fixed-income securities, equities and commodities prices through the latter half of the reporting period. While Chairwoman Janet Yellen confirmed the Fed’s commitment to maintaining low rates for as long as needed to support economic growth, the European Central Bank (ECB) announced extraordinary measures in June to expand credit and reverse the trend of extremely low inflation rates. The Bank of Japan continued its aggressive bond purchase program and the effects of China’s mini-stimulus effort — a series of targeted interest rate cuts and liquidity easing — began to benefit growth. While geopolitical concerns in Iraq and Ukraine caused oil prices to rise, they did not derail financial markets.

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

The Portfolio underperformed the Barclays U.S. Aggregate Index (the “Benchmark”) for the six months ended June 30, 2014. The Portfolio’s underweight position in the credit sector — particularly the non-corporate segment — detracted from

performance relative to the Benchmark. The Portfolio’s allocation and selection in the agency mortgage securities also detracted from relative performance, with current coupon mortgages finding a strong bid into falling rates, low issuance and historically low volatility. The Portfolio’s shorter duration and its position on the yield curve also detracted from performance relative to the Benchmark, as interest rates fell during the reporting period. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates go down or up, respectively, versus bonds with shorter duration. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds.

The Portfolio’s underweight to Treasury securities contributed to performance, as all major spread sectors outperformed their risk free counterpart. The Portfolio’s security selection in asset-backed mortgage and commercial mortgage-backed sectors also contributed to relative performance, as did security selection in the industrial sector.

HOW WAS THE PORTFOLIO POSITIONED?

The Portfolio’s primary strategy continued to be security selection and relative value, which seeks to identify undervalued bonds between individual securities and across market sectors. The Portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. Portfolio construction is strategic in nature, so sector allocation changes should be gradual and a function of relative value. The Portfolio remained underweight in U.S. Treasury securities, underweight in corporate credit debt, and an overweight to securitized sectors including asset-backed, commercial-backed, and mortgage-backed securities, which include both agency and non-agency varieties. The Portfolio was overweight in the intermediate part of the yield curve (5 to 10 year maturities) as the Portfolio’s managers believed that this had the most attractive risk/reward profile and its steepness should benefit the portfolio as securities roll-down the yield curve. The Portfolio maintained a shorter duration posture versus the index during the calendar year.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	28.0	%
Collateralized Mortgage Obligations	25.5
Corporate Bonds	16.2
U.S. Government Agency Securities	14.0
Mortgage Pass-Through Securities	7.8
Asset-Backed Securities	2.5
Commercial Mortgage-Backed Securities	2.4
Others (each less than 1.0%)	0.7
Short-Term Investment	2.9

* 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 adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		3.14	%		3.42	%		5.65	%		5.08	%
CLASS 2 SHARES	August 16, 2006		3.01			3.11			5.40			4.87

* Not annualized.

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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 Core Bond Funds Index from June 30, 2004 to June 30, 2014. 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 Core Bond 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 Core Bond 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, 2014

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 2.5%
	172,000	Ally Auto Receivables Trust, Series 2013-2, Class A3, 0.790%, 01/15/18		172,486
	274,462	American Credit Acceptance Receivables Trust, Series 2014-2, Class A, 0.990%, 10/10/17 (e)		274,311
	42,095	AmeriCredit Automobile Receivables Trust, Series 2013-4, Class A2, 0.740%, 11/08/16		42,141
	21,444	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.522%, 04/25/36		20,520
	156,279	CarFinance Capital Auto Trust, Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		155,969
		CarMax Auto Owner Trust,
	62,000	Series 2013-4, Class A3, 0.800%, 07/16/18		61,976
	55,000	Series 2013-4, Class A4, 1.280%, 05/15/19		54,967
	126,689	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		130,652
	62,032	CNH Equipment Trust, Series 2011-A, Class A4, 2.040%, 10/17/16		62,469
		Countrywide Asset-Backed Certificates,
	1,056	Series 2004-1, Class 3A, VAR, 0.712%, 04/25/34		982
	111,473	Series 2004-1, Class M1, VAR, 0.902%, 03/25/34		106,338
	13,050	Series 2004-1, Class M2, VAR, 0.977%, 03/25/34		12,465
	12,852	CWABS Revolving Home Equity Loan Trust, Series 2004-K, Class 2A, VAR, 0.452%, 02/15/34		11,358
	120,000	Exeter Automobile Receivables Trust, Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		119,801
	145,988	Flagship Credit Auto Trust, Series 2014-1, Class A, 1.210%, 04/15/19 (e)		145,642
	200,000	HLSS Servicer Advance Receivables Backed Notes, Series 2013-T2, Class A2, 1.147%, 05/16/44 (e)		200,040
	180,000	HLSS Servicer Advance Receivables Trust, Series 2013-T1, Class A2, 1.495%, 01/16/46 (e)		180,090
		Hyundai Auto Receivables Trust,
	169,000	Series 2013-A, Class A3, 0.560%, 07/17/17		169,191
	200,000	Series 2013-A, Class A4, 0.750%, 09/17/18		199,631

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	27,310	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.502%, 07/25/34 (e)		27,233
		Long Beach Mortgage Loan Trust,
	127,601	Series 2003-4, Class M1, VAR, 1.172%, 08/25/33		121,934
	190,000	Series 2004-1, Class M1, VAR, 0.902%, 02/25/34		178,945
	29,228	Series 2004-1, Class M2, VAR, 0.977%, 02/25/34		28,405
	18,886	Series 2006-WL2, Class 2A3, VAR, 0.352%, 01/25/36		17,822
	102,000	Nationstar Agency Advance Funding Trust, Series 2013-T1A, Class AT1, 0.997%, 02/15/45 (e)		101,839
	125,000	New Century Home Equity Loan Trust, Series 2005-1, Class M1, VAR, 0.827%, 03/25/35		117,697
	481,727	Normandy Mortgage Loan Co. LLC, Series 2013-NPL3, Class A, SUB, 4.949%, 09/16/43 (e)		481,004
	106,981	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.090%, 10/25/34		106,301
	7,637	RASC Trust, Series 2003-KS9, Class A2B, VAR, 0.792%, 11/25/33		6,283
		Santander Drive Auto Receivables Trust,
	1,352	Series 2011-1, Class B, 2.350%, 11/16/15		1,352
	2,791	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		2,791
		SNAAC Auto Receivables Trust,
	21,414	Series 2013-1A, Class A, 1.140%, 07/16/18 (e)		21,437
	109,057	Series 2014-1A, Class A, 1.030%, 09/17/18 (e)		108,942
		Springleaf Funding Trust,
	450,000	Series 2013-AA, Class A, 2.580%, 09/15/21 (e)		453,298
	583,000	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		584,029
	500,000	Vericrest Opportunity Loan Transferee LLC, Series 2014-NPL4, Class A1, 2.875%, 04/27/54 (e)		502,550
	151,736	VOLT NPL IX LLC, Series 2013-NPL3, Class A1, SUB, 4.250%, 04/25/53 (e)		152,630
		Total Asset-Backed Securities (Cost $5,147,352)		5,135,521

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 25.5%
		Agency CMO — 17.8%
	133,450	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		148,697
		Federal Home Loan Mortgage Corp. REMIC,
	720	Series 1065, Class J, 9.000%, 04/15/21		846
	1,658	Series 11, Class D, 9.500%, 07/15/19		1,727
	54,559	Series 1113, Class J, 8.500%, 06/15/21		58,454
	4,002	Series 1250, Class J, 7.000%, 05/15/22		4,514
	8,517	Series 1316, Class Z, 8.000%, 06/15/22		9,631
	13,627	Series 1324, Class Z, 7.000%, 07/15/22		15,309
	59,631	Series 1343, Class LA, 8.000%, 08/15/22		69,604
	12,275	Series 1343, Class LB, 7.500%, 08/15/22		14,367
	8,803	Series 1394, Class ID, IF, 9.566%, 10/15/22		10,737
	8,538	Series 1395, Class G, 6.000%, 10/15/22		9,176
	5,870	Series 1505, Class Q, 7.000%, 05/15/23		6,473
	10,822	Series 1518, Class G, IF, 8.865%, 05/15/23		12,747
	10,640	Series 1541, Class O, VAR, 1.890%, 07/15/23		10,413
	254,463	Series 1577, Class PV, 6.500%, 09/15/23		282,778
	193,834	Series 1584, Class L, 6.500%, 09/15/23		215,925
	2,087	Series 1609, Class LG, IF, 17.005%, 11/15/23		2,234
	210,520	Series 1633, Class Z, 6.500%, 12/15/23		233,225
	238,960	Series 1638, Class H, 6.500%, 12/15/23		265,114
	2,387	Series 1671, Class QC, IF, 10.000%, 02/15/24		3,034
	37,161	Series 1694, Class PK, 6.500%, 03/15/24		41,029
	8,412	Series 1700, Class GA, PO, 02/15/24		8,234
	28,137	Series 1798, Class F, 5.000%, 05/15/23		30,708
	57,349	Series 1863, Class Z, 6.500%, 07/15/26		63,325
	4,026	Series 1865, Class D, PO, 02/15/24		3,612
	20,589	Series 1981, Class Z, 6.000%, 05/15/27		22,973
	27,492	Series 1987, Class PE, 7.500%, 09/15/27		30,492
	101,174	Series 1999, Class PU, 7.000%, 10/15/27		115,255
	152,579	Series 2031, Class PG, 7.000%, 02/15/28 (m)		172,184
	6,450	Series 2033, Class SN, HB, IF, 28.368%, 03/15/24		3,168

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	150,266	Series 2035, Class PC, 6.950%, 03/15/28		174,054
	11,111	Series 2038, Class PN, IO, 7.000%, 03/15/28		2,351
	36,071	Series 2054, Class PV, 7.500%, 05/15/28		41,522
	177,753	Series 2057, Class PE, 6.750%, 05/15/28		200,766
	51,871	Series 2064, Class TE, 7.000%, 06/15/28		59,451
	36,323	Series 2075, Class PH, 6.500%, 08/15/28		40,810
	120,309	Series 2095, Class PE, 6.000%, 11/15/28		133,324
	7,097	Series 2132, Class SB, HB, IF, 29.896%, 03/15/29		11,844
	11,394	Series 2134, Class PI, IO, 6.500%, 03/15/19		1,270
	59,767	Series 2178, Class PB, 7.000%, 08/15/29		69,158
	98,229	Series 2182, Class ZB, 8.000%, 09/15/29		114,461
	3,082	Series 22, Class C, 9.500%, 04/15/20		3,382
	15,127	Series 2247, Class Z, 7.500%, 08/15/30		17,547
	203,334	Series 2259, Class ZC, 7.350%, 10/15/30		234,337
	3,676	Series 2261, Class ZY, 7.500%, 10/15/30		4,247
	50,476	Series 2283, Class K, 6.500%, 12/15/23		56,473
	7,432	Series 2306, Class K, PO, 05/15/24		7,132
	17,836	Series 2306, Class SE, IF, IO, 8.030%, 05/15/24		3,248
	20,368	Series 2325, Class PM, 7.000%, 06/15/31		21,827
	115,370	Series 2344, Class ZD, 6.500%, 08/15/31		132,424
	18,877	Series 2344, Class ZJ, 6.500%, 08/15/31		21,411
	12,179	Series 2345, Class NE, 6.500%, 08/15/31		13,703
	43,741	Series 2345, Class PQ, 6.500%, 08/15/16		45,896
	15,539	Series 2355, Class BP, 6.000%, 09/15/16		16,143
	71,557	Series 2359, Class ZB, 8.500%, 06/15/31		86,140
	177,818	Series 2367, Class ME, 6.500%, 10/15/31		196,347
	16,402	Series 2390, Class DO, PO, 12/15/31		15,500
	21,148	Series 2391, Class QR, 5.500%, 12/15/16		21,952

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	22,468	Series 2394, Class MC, 6.000%, 12/15/16		23,466
	31,115	Series 2410, Class OE, 6.375%, 02/15/32		33,527
	31,242	Series 2410, Class QS, IF, 19.105%, 02/15/32		47,633
	32,411	Series 2410, Class QX, IF, IO, 8.498%, 02/15/32		8,438
	35,305	Series 2412, Class SP, IF, 15.797%, 02/15/32		48,282
	67,426	Series 2423, Class MC, 7.000%, 03/15/32		77,669
	114,241	Series 2423, Class MT, 7.000%, 03/15/32		131,839
	227,841	Series 2435, Class CJ, 6.500%, 04/15/32		248,766
	42,664	Series 2444, Class ES, IF, IO, 7.798%, 03/15/32		11,321
	28,443	Series 2450, Class SW, IF, IO, 7.848%, 03/15/32		7,167
	95,448	Series 2455, Class GK, 6.500%, 05/15/32		107,485
	57,092	Series 2484, Class LZ, 6.500%, 07/15/32		64,527
	242,596	Series 2500, Class MC, 6.000%, 09/15/32		276,666
	12,640	Series 2503, Class BH, 5.500%, 09/15/17		13,353
	108,698	Series 2527, Class BP, 5.000%, 11/15/17		114,431
	84,008	Series 2535, Class BK, 5.500%, 12/15/22		92,471
	2,472,602	Series 2543, Class YX, 6.000%, 12/15/32 (m)		2,754,421
	172,076	Series 2544, Class HC, 6.000%, 12/15/32		191,248
	353,633	Series 2575, Class ME, 6.000%, 02/15/33		392,726
	911,769	Series 2578, Class PG, 5.000%, 02/15/18		962,160
	25,351	Series 2586, Class WI, IO, 6.500%, 03/15/33		5,041
	43,007	Series 2626, Class NS, IF, IO, 6.398%, 06/15/23		3,225
	27,992	Series 2638, Class DS, IF, 8.448%, 07/15/23		32,238
	128,247	Series 2647, Class A, 3.250%, 04/15/32		132,655
	498,141	Series 2651, Class VZ, 4.500%, 07/15/18		523,908

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	950,953	Series 2656, Class BG, 5.000%, 10/15/32		1,005,340
	119,946	Series 2682, Class LC, 4.500%, 07/15/32		123,855
	12,435	Series 2780, Class JG, 4.500%, 04/15/19		12,777
	458,927	Series 2827, Class DG, 4.500%, 07/15/19		484,744
	6,892	Series 2989, Class PO, PO, 06/15/23		6,889
	300,000	Series 3047, Class OD, 5.500%, 10/15/35		338,474
	184,129	Series 3085, Class VS, HB, IF, 28.113%, 12/15/35		301,023
	59,980	Series 3117, Class EO, PO, 02/15/36		52,422
	58,179	Series 3260, Class CS, IF, IO, 5.988%, 01/15/37		8,530
	148,075	Series 3385, Class SN, IF, IO, 5.848%, 11/15/37		17,310
	155,799	Series 3387, Class SA, IF, IO, 6.268%, 11/15/37		18,470
	119,340	Series 3451, Class SA, IF, IO, 5.898%, 05/15/38		16,088
	417,257	Series 3455, Class SE, IF, IO, 6.048%, 06/15/38		54,881
	465,002	Series 3688, Class NI, IO, 5.000%, 04/15/32		45,383
	152,686	Series 3759, Class HI, IO, 4.000%, 08/15/37		18,693
	200,200	Series 3772, Class IO, IO, 3.500%, 09/15/24		11,553
	463	Series 47, Class F, 10.000%, 06/15/20		526
	411	Series 99, Class Z, 9.500%, 01/15/21		464
		Federal Home Loan Mortgage Corp. STRIPS,
	145,855	Series 233, Class 11, IO, 5.000%, 09/15/35		24,095
	182,452	Series 239, Class S30, IF, IO, 7.548%, 08/15/36		36,414
	450,669	Series 262, Class 35, 3.500%, 07/15/42		462,230
	462,153	Series 299, Class 300, 3.000%, 01/15/43		459,164
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	16,690	Series T-41, Class 3A, VAR, 6.732%, 07/25/32		19,160
	107,882	Series T-54, Class 2A, 6.500%, 02/25/43		127,565
	50,107	Series T-54, Class 3A, 7.000%, 02/25/43		60,746
	211,041	Series T-56, Class APO, PO, 05/25/43		185,850
	28,003	Series T-58, Class APO, PO, 09/25/43		23,068

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,000,000	Federal National Mortgage Association - ACES, Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		1,050,556
		Federal National Mortgage Association REMIC,
	4,602	Series 1988-16, Class B, 9.500%, 06/25/18		4,997
	3,833	Series 1989-83, Class H, 8.500%, 11/25/19		4,298
	739	Series 1990-1, Class D, 8.800%, 01/25/20		832
	4,744	Series 1990-10, Class L, 8.500%, 02/25/20		5,331
	492	Series 1990-93, Class G, 5.500%, 08/25/20		528
	18	Series 1990-140, Class K, HB, 652.145%, 12/25/20		190
	1,093	Series 1990-143, Class J, 8.750%, 12/25/20		1,260
	19,012	Series 1992-101, Class J, 7.500%, 06/25/22		21,401
	8,645	Series 1992-143, Class MA, 5.500%, 09/25/22		9,356
	29,076	Series 1993-146, Class E, PO, 05/25/23		28,105
	67,067	Series 1993-155, Class PJ, 7.000%, 09/25/23		76,944
	2,092	Series 1993-165, Class SD, IF, 13.410%, 09/25/23		2,700
	10,432	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		12,118
	91,043	Series 1993-203, Class PL, 6.500%, 10/25/23		101,606
	9,296	Series 1993-205, Class H, PO, 09/25/23		8,970
	457,570	Series 1993-223, Class PZ, 6.500%, 12/25/23		503,243
	90,712	Series 1993-225, Class UB, 6.500%, 12/25/23		102,079
	2,639	Series 1993-230, Class FA, VAR, 0.752%, 12/25/23		2,673
	86,506	Series 1993-250, Class Z, 7.000%, 12/25/23		88,371
	217,192	Series 1994-37, Class L, 6.500%, 03/25/24		244,067
	1,872,946	Series 1994-72, Class K, 6.000%, 04/25/24		2,048,782
	20,039	Series 1995-2, Class Z, 8.500%, 01/25/25		23,372
	83,206	Series 1995-19, Class Z, 6.500%, 11/25/23		95,333

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,965	Series 1996-59, Class J, 6.500%, 08/25/22		4,333
	132,008	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		5,049
	17,982	Series 1997-39, Class PD, 7.500%, 05/20/27		21,039
	35,611	Series 1997-46, Class PL, 6.000%, 07/18/27		38,855
	86,317	Series 1997-61, Class ZC, 7.000%, 02/25/23		97,495
	14,322	Series 1998-36, Class ZB, 6.000%, 07/18/28		16,033
	31,885	Series 1998-43, Class SA, IF, IO, 17.447%, 04/25/23		12,600
	46,908	Series 1998-46, Class GZ, 6.500%, 08/18/28		52,665
	87,164	Series 1998-58, Class PC, 6.500%, 10/25/28		97,858
	203,773	Series 1999-39, Class JH, IO, 6.500%, 08/25/29		38,406
	6,091	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		1,580
	79,501	Series 2001-4, Class PC, 7.000%, 03/25/21		87,606
	66,748	Series 2001-30, Class PM, 7.000%, 07/25/31		76,285
	222,926	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		43,209
	99,612	Series 2001-36, Class DE, 7.000%, 08/25/31		114,500
	10,501	Series 2001-44, Class PD, 7.000%, 09/25/31		11,900
	12,606	Series 2001-52, Class XN, 6.500%, 11/25/15		12,967
	163,867	Series 2001-61, Class Z, 7.000%, 11/25/31		185,790
	27,300	Series 2001-69, Class PG, 6.000%, 12/25/16		28,367
	18,579	Series 2001-71, Class QE, 6.000%, 12/25/16		19,329
	23,938	Series 2002-1, Class HC, 6.500%, 02/25/22		26,558
	7,963	Series 2002-1, Class SA, HB, IF, 24.694%, 02/25/32		12,716
	33,577	Series 2002-2, Class UC, 6.000%, 02/25/17		35,146
	31,967	Series 2002-3, Class OG, 6.000%, 02/25/17		33,244
	205,282	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		11,876

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	163,287	Series 2002-15, Class PO, PO, 04/25/32		140,412
	75,927	Series 2002-28, Class PK, 6.500%, 05/25/32		85,557
	205,291	Series 2002-62, Class ZE, 5.500%, 11/25/17		216,749
	147,888	Series 2002-68, Class SH, IF, IO, 7.846%, 10/18/32		36,387
	16,313	Series 2002-77, Class S, IF, 14.205%, 12/25/32		21,120
	132,991	Series 2002-94, Class BK, 5.500%, 01/25/18		139,417
	248,354	Series 2003-7, Class A1, 6.500%, 12/25/42		285,709
	293,000	Series 2003-22, Class UD, 4.000%, 04/25/33		308,410
	78,210	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		15,888
	61,172	Series 2003-47, Class PE, 5.750%, 06/25/33		67,442
	13,124	Series 2003-64, Class SX, IF, 13.372%, 07/25/33		15,703
	20,958	Series 2003-66, Class PA, 3.500%, 02/25/33		21,735
	44,952	Series 2003-71, Class DS, IF, 7.265%, 08/25/33		47,043
	62,573	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		1,074
	81,217	Series 2003-80, Class SY, IF, IO, 7.498%, 06/25/23		7,314
	1,074,226	Series 2003-81, Class MC, 5.000%, 12/25/32		1,110,113
	464,427	Series 2003-82, Class VB, 5.500%, 08/25/33		491,185
	24,872	Series 2003-91, Class SD, IF, 12.247%, 09/25/33		30,318
	206,175	Series 2003-116, Class SB, IF, IO, 7.448%, 11/25/33		44,817
	1,187,072	Series 2003-128, Class DY, 4.500%, 01/25/24		1,286,354
	13,732	Series 2003-130, Class SX, IF, 11.292%, 01/25/34		16,174
	31,187	Series 2003-132, Class OA, PO, 08/25/33		30,129
	633,681	Series 2004-2, Class OE, 5.000%, 05/25/23		658,333
	100,106	Series 2004-4, Class QM, IF, 13.896%, 06/25/33		120,994
	55,331	Series 2004-10, Class SC, HB, IF, 27.992%, 02/25/34		77,642

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	145,310	Series 2004-36, Class SA, IF, 19.107%, 05/25/34		202,202
	91,228	Series 2004-46, Class SK, IF, 16.082%, 05/25/34		117,297
	14,389	Series 2004-51, Class SY, IF, 13.936%, 07/25/34		18,425
	73,889	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		89,285
	67,982	Series 2004-76, Class CL, 4.000%, 10/25/19		71,149
	567	Series 2004-92, Class JO, PO, 12/25/34		567
	216,880	Series 2005-45, Class DC, HB, IF, 23.753%, 06/25/35		326,786
	34,001	Series 2005-52, Class PA, 6.500%, 06/25/35		36,375
	417,687	Series 2005-68, Class BC, 5.250%, 06/25/35		451,527
	238,543	Series 2005-84, Class XM, 5.750%, 10/25/35		259,891
	539,581	Series 2005-110, Class MN, 5.500%, 06/25/35		577,155
	84,456	Series 2006-22, Class AO, PO, 04/25/36		76,680
	33,716	Series 2006-46, Class SW, HB, IF, 23.642%, 06/25/36		47,260
	67,063	Series 2006-59, Class QO, PO, 01/25/33		66,552
	100,454	Series 2006-110, Class PO, PO, 11/25/36		89,582
	147,651	Series 2006-117, Class GS, IF, IO, 6.498%, 12/25/36		29,144
	42,337	Series 2007-7, Class SG, IF, IO, 6.348%, 08/25/36		8,387
	270,740	Series 2007-53, Class SH, IF, IO, 5.948%, 06/25/37		37,578
	245,831	Series 2007-88, Class VI, IF, IO, 6.388%, 09/25/37		40,981
	211,914	Series 2007-100, Class SM, IF, IO, 6.298%, 10/25/37		28,558
	208,387	Series 2008-1, Class BI, IF, IO, 5.758%, 02/25/38		27,529
	61,601	Series 2008-16, Class IS, IF, IO, 6.048%, 03/25/38		8,470
	139,996	Series 2008-46, Class HI, IO, VAR, 1.776%, 06/25/38		13,880
	82,166	Series 2008-53, Class CI, IF, IO, 7.048%, 07/25/38		16,053
	179,861	Series 2009-112, Class ST, IF, IO, 6.098%, 01/25/40		24,846
	101,899	Series 2010-35, Class SB, IF, IO, 6.268%, 04/25/40		13,144
	387,020	Series 2013-128, Class PO, PO, 12/25/43		291,821

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,138	Series G92-42, Class Z, 7.000%, 07/25/22		2,373
	31,792	Series G92-44, Class ZQ, 8.000%, 07/25/22		34,373
	23,139	Series G92-54, Class ZQ, 7.500%, 09/25/22		25,631
	1,558	Series G92-59, Class F, VAR, 1.382%, 10/25/22		1,580
	4,289	Series G92-61, Class Z, 7.000%, 10/25/22		4,934
	9,946	Series G92-66, Class KA, 6.000%, 12/25/22		10,754
	47,043	Series G92-66, Class KB, 7.000%, 12/25/22		52,688
	12,427	Series G93-1, Class KA, 7.900%, 01/25/23		14,045
	13,438	Series G93-17, Class SI, IF, 6.000%, 04/25/23		14,778
		Federal National Mortgage Association REMIC Trust,
	51,498	Series 1999-W1, Class PO, PO, 02/25/29		47,987
	197,546	Series 1999-W4, Class A9, 6.250%, 02/25/29		221,232
	423,945	Series 2002-W7, Class A4, 6.000%, 06/25/29		464,651
	364,595	Series 2003-W1, Class 1A1, VAR, 5.913%, 12/25/42		412,151
	49,053	Series 2003-W1, Class 2A, VAR, 6.633%, 12/25/42		57,659
		Federal National Mortgage Association STRIPS,
	13,860	Series 329, Class 1, PO, 01/01/33		12,931
	64,151	Series 365, Class 8, IO, 5.500%, 05/01/36		11,871
	47,122	Federal National Mortgage Association Trust, Series 2004-W2, Class 2A2, 7.000%, 02/25/44		54,597
		Government National Mortgage Association,
	157,755	Series 1994-7, Class PQ, 6.500%, 10/16/24		181,060
	92,621	Series 1998-22, Class PD, 6.500%, 09/20/28		98,446
	29,481	Series 1999-17, Class L, 6.000%, 05/20/29		33,125
	37,152	Series 1999-41, Class Z, 8.000%, 11/16/29		44,015
	26,754	Series 1999-44, Class PC, 7.500%, 12/20/29		31,148

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	35,809	Series 1999-44, Class ZG, 8.000%, 12/20/29		42,387
	151,873	Series 2000-21, Class Z, 9.000%, 03/16/30		182,166
	2,720	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		553
	474,444	Series 2000-36, Class PB, 7.500%, 11/16/30		565,083
	1,028,289	Series 2001-10, Class PE, 6.500%, 03/16/31 (m)		1,170,016
	159,540	Series 2001-22, Class PS, HB, IF, 20.607%, 03/17/31		247,713
	63,741	Series 2001-36, Class S, IF, IO, 7.898%, 08/16/31		15,848
	45,622	Series 2001-53, Class SR, IF, IO, 7.997%, 10/20/31		2,418
	83,743	Series 2001-64, Class MQ, 6.500%, 12/20/31		96,578
	1,000,000	Series 2001-64, Class PB, 6.500%, 12/20/31		1,144,266
	11,549	Series 2002-24, Class SB, IF, 11.697%, 04/16/32		14,793
	5,910	Series 2003-24, Class PO, PO, 03/16/33		5,065
	300,543	Series 2004-11, Class SW, IF, IO, 5.347%, 02/20/34		38,584
	34,718	Series 2004-28, Class S, IF, 19.245%, 04/16/34		50,383
	215,109	Series 2007-45, Class QA, IF, IO, 6.487%, 07/20/37		35,254
	168,265	Series 2007-76, Class SA, IF, IO, 6.377%, 11/20/37		24,190
	158,323	Series 2008-2, Class MS, IF, IO, 7.008%, 01/16/38		25,005
	116,999	Series 2008-55, Class SA, IF, IO, 6.047%, 06/20/38		17,593
	94,854	Series 2009-6, Class SA, IF, IO, 5.948%, 02/16/39		13,375
	250,361	Series 2009-6, Class SH, IF, IO, 5.887%, 02/20/39		36,109
	174,120	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		37,287
	121,895	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		26,847
	365,917	Series 2009-22, Class SA, IF, IO, 6.117%, 04/20/39		52,542
	331,105	Series 2009-31, Class ST, IF, IO, 6.197%, 03/20/39		43,288
	331,105	Series 2009-31, Class TS, IF, IO, 6.147%, 03/20/39		42,864

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	341,586	Series 2009-64, Class SN, IF, IO, 5.948%, 07/16/39		45,831
	126,166	Series 2009-79, Class OK, PO, 11/16/37		118,510
	176,846	Series 2009-102, Class SM, IF, IO, 6.248%, 06/16/39		18,365
	535,224	Series 2009-106, Class ST, IF, IO, 5.847%, 02/20/38		78,927
	179,436	Series 2010-130, Class CP, 7.000%, 10/16/40		211,289
	335,389	Series 2011-75, Class SM, IF, IO, 6.447%, 05/20/41		80,186
	914,309	Series 2013-H08, Class FC, VAR, 0.601%, 02/20/63		908,897
	495,540	Series 2013-H09, Class HA, 1.650%, 04/20/63		492,038
		Vendee Mortgage Trust,
	63,431	Series 1994-1, Class 1, VAR, 5.576%, 02/15/24		69,522
	145,919	Series 1996-1, Class 1Z, 6.750%, 02/15/26		167,326
	80,317	Series 1996-2, Class 1Z, 6.750%, 06/15/26		92,806
	289,057	Series 1997-1, Class 2Z, 7.500%, 02/15/27		341,449
	79,765	Series 1998-1, Class 2E, 7.000%, 03/15/28		92,806
				36,082,931
		Non-Agency CMO — 7.7%
		Alternative Loan Trust,
	17,350	Series 2003-J1, Class PO, PO, 10/25/33		14,714
	1,999,848	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		2,020,603
	10,950	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		11,024
	601,682	Series 2005-20CB, Class 3A8, IF, IO, 4.598%, 07/25/35		72,751
	855,337	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		806,305
	430,001	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		389,977
	789,997	Series 2005-22T1, Class A2, IF, IO, 4.918%, 06/25/35		105,863
	683,174	Series 2005-J1, Class 1A4, IF, IO, 4.948%, 02/25/35		67,981
	4,306	Alternative Loan Trust Resecuritization, Series 2005-5R, Class A1, 5.250%, 12/25/18		4,302

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	48,411	American General Mortgage Loan Trust, Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		48,423
		Banc of America Alternative Loan Trust,
	35,426	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		36,183
	314,167	Series 2004-5, Class 3A3, PO, 06/25/34		297,852
	36,393	Series 2004-6, Class 15PO, PO, 07/25/19		35,406
		Banc of America Funding Trust,
	42,986	Series 2004-1, Class PO, PO, 03/25/34		34,175
	318,474	Series 2005-6, Class 2A7, 5.500%, 10/25/35		318,951
	49,314	Series 2005-7, Class 30PO, PO, 11/25/35		37,008
	197,268	Series 2005-E, Class 4A1, VAR, 2.682%, 03/20/35		198,073
		Banc of America Mortgage Trust,
	13,389	Series 2003-8, Class APO, PO, 11/25/33		10,769
	59,575	Series 2004-3, Class 1A26, 5.500%, 04/25/34		61,286
	10,257	Series 2004-4, Class APO, PO, 05/25/34		8,928
	183,712	Series 2004-5, Class 2A2, 5.500%, 06/25/34		187,269
	165,160	Series 2004-6, Class 2A5, PO, 07/25/34		136,961
	36,136	Series 2004-6, Class APO, PO, 07/25/34		32,765
	34,775	Series 2004-7, Class 1A19, PO, 08/25/34		29,986
	151,675	Series 2004-J, Class 3A1, VAR, 2.913%, 11/25/34		152,087
		BCAP LLC Trust,
	119,119	Series 2011-RR5, Class 11A3, VAR, 0.302%, 05/28/36 (e)		116,881
	37,206	Series 2011-RR5, Class 14A3, VAR, 2.624%, 07/26/36 (e)		37,046
		Bear Stearns ARM Trust,
	57,697	Series 2003-7, Class 3A, VAR, 2.431%, 10/25/33		58,135
	110,040	Series 2005-5, Class A1, VAR, 2.150%, 08/25/35		111,751
	365,716	Series 2006-1, Class A1, VAR, 2.369%, 02/25/36		368,223
		CHL Mortgage Pass-Through Trust,
	134,359	Series 2003-26, Class 1A6, 3.500%, 08/25/33		136,157
	14,530	Series 2003-J7, Class 4A3, IF, 9.576%, 08/25/18		15,204
	78,555	Series 2004-7, Class 2A1, VAR, 2.477%, 06/25/34		77,622
	48,786	Series 2004-HYB1, Class 2A, VAR, 2.546%, 05/20/34		46,791

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	61,785	Series 2004-HYB3, Class 2A, VAR, 2.317%, 06/20/34		59,419
	72,364	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		74,072
	7,656	Series 2004-J8, Class POA, PO, 11/25/19		7,146
	183,302	Series 2005-16, Class A23, 5.500%, 09/25/35		169,218
	329,751	Series 2005-22, Class 2A1, VAR, 2.564%, 11/25/35		277,661
		Citigroup Mortgage Loan Trust, Inc.,
	12,315	Series 2003-UP3, Class A3, 7.000%, 09/25/33		12,750
	13,581	Series 2003-UST1, Class A1, 5.500%, 12/25/18		13,876
	4,516	Series 2003-UST1, Class PO1, PO, 12/25/18		4,268
	4,042	Series 2003-UST1, Class PO3, PO, 12/25/18		3,798
	110,957	Series 2005-1, Class 2A1A, VAR, 2.669%, 04/25/35		87,323
	250,826	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		258,591
	6,215	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 5P, PO, 08/25/19		5,768
		CSMC,
	185,532	Series 2010-11R, Class A6, VAR, 1.150%, 06/28/47 (e)		177,569
	10,720	Series 2011-7R, Class A1, VAR, 1.401%, 08/28/47 (e)		10,715
	113,908	Series 2011-9R, Class A1, VAR, 2.151%, 03/27/46 (e)		114,404
	68,415	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		69,371
	256,731	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		227,945
		First Horizon Mortgage Pass-Through Trust,
	223,234	Series 2004-AR7, Class 2A2, VAR, 2.554%, 02/25/35		223,963
	170,176	Series 2005-AR1, Class 2A2, VAR, 2.575%, 04/25/35		170,724
		GMACM Mortgage Loan Trust,
	125,421	Series 2003-AR1, Class A4, VAR, 2.922%, 10/19/33		125,223
	117,822	Series 2004-J5, Class A7, 6.500%, 01/25/35		123,782
	555,799	Series 2005-AR3, Class 3A4, VAR, 2.802%, 06/19/35		552,032

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		GSR Mortgage Loan Trust,
	134,826	Series 2004-6F, Class 1A2, 5.000%, 05/25/34		141,509
	365,415	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		392,290
	86,135	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		85,140
	59,897	Impac Secured Assets Trust, Series 2006-1, Class 2A1, VAR, 0.502%, 05/25/36		59,368
	1,316,368	IndyMac INDX Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.000%, 08/25/35		412
	125,711	JP Morgan Mortgage Trust, Series 2006-A2, Class 5A3, VAR, 2.547%, 11/25/33		125,664
	75,106	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.642%, 04/21/34		75,998
		MASTR Alternative Loan Trust,
	101,469	Series 2003-9, Class 8A1, 6.000%, 01/25/34		101,620
	194,121	Series 2004-4, Class 10A1, 5.000%, 05/25/24		205,601
	203,127	Series 2004-6, Class 7A1, 6.000%, 07/25/34		206,675
	26,015	Series 2004-7, Class 30PO, PO, 08/25/34		20,754
	130,458	Series 2004-8, Class 6A1, 5.500%, 09/25/19		135,369
	99,465	Series 2004-10, Class 1A1, 4.500%, 09/25/19		101,347
		MASTR Asset Securitization Trust,
	277,717	Series 2003-11, Class 9A6, 5.250%, 12/25/33		292,545
	18,371	Series 2003-12, Class 15PO, PO, 12/25/18		16,882
	34,842	Series 2004-6, Class 15PO, PO, 07/25/19		32,346
	19,160	Series 2004-8, Class PO, PO, 08/25/19		17,668
	71,142	Series 2004-10, Class 15PO, PO, 10/25/19		65,567
	133,979	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		107,183
	65,604	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.472%, 02/25/35		64,262
	52,837	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		53,941
	392,265	PHH Alternative Mortgage Trust, Series 2007-2, Class 2X, IO, 6.000%, 05/25/37		78,779
		RALI Trust,
	39,596	Series 2002-QS8, Class A5, 6.250%, 06/25/17		40,210

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	814,789	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		848,077
	12,287	Series 2003-QS3, Class A2, IF, 16.166%, 02/25/18		13,899
	17,190	Series 2003-QS3, Class A8, IF, IO, 7.448%, 02/25/18		575
	84,531	Series 2003-QS9, Class A3, IF, IO, 7.398%, 05/25/18		9,296
	118,692	Series 2003-QS14, Class A1, 5.000%, 07/25/18		120,679
	38,279	Series 2003-QS18, Class A1, 5.000%, 09/25/18		39,186
	9,059	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		9,289
	149,920	RFMSI Trust, Series 2005-SA4, Class 1A1, VAR, 2.814%, 09/25/35		125,592
	4,699	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		4,814
		Salomon Brothers Mortgage Securities VII, Inc.,
	75,427	Series 2003-HYB1, Class A, VAR, 2.618%, 09/25/33		77,055
	3,105	Series 2003-UP2, Class PO1, PO, 12/25/18		2,717
		Springleaf Mortgage Loan Trust,
	43,231	Series 2011-1A, Class A1, VAR, 4.050%, 01/25/58 (e)		45,063
	68,061	Series 2012-2A, Class A, VAR, 2.220%, 10/25/57 (e)		68,927
	227,736	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		226,922
	124,000	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		121,056
	108,000	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		107,276
	178,384	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		178,080
	125,000	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		127,661
	162,671	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.398%, 06/25/34		161,792
	114,751	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		117,327
		WaMu Mortgage Pass-Through Certificates Trust,

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	22,132	Series 2003-AR8, Class A, VAR, 2.414%, 08/25/33		22,430
	97,023	Series 2003-AR9, Class 1A6, VAR, 2.417%, 09/25/33		98,954
	6,707	Series 2003-S4, Class 3A, 5.500%, 06/25/33		6,737
	37,753	Series 2004-AR3, Class A2, VAR, 2.377%, 06/25/34		38,464
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	1,461,992	Series 2005-2, Class 1A4, IF, IO, 4.898%, 04/25/35		212,087
	411,000	Series 2005-2, Class 2A3, IF, IO, 4.848%, 04/25/35		53,550
	377,773	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		80,421
	362,869	Series 2005-4, Class CB7, 5.500%, 06/25/35		337,513
	20,170	Series 2005-4, Class DP, PO, 06/25/20		19,504
	119,044	Series 2005-6, Class 2A4, 5.500%, 08/25/35		109,232
		Wells Fargo Mortgage-Backed Securities Trust,
	30,527	Series 2003-K, Class 1A1, VAR, 2.490%, 11/25/33		30,539
	61,054	Series 2003-K, Class 1A2, VAR, 2.490%, 11/25/33		61,477
	68,709	Series 2004-EE, Class 3A1, VAR, 2.561%, 12/25/34		69,826
	185,359	Series 2004-P, Class 2A1, VAR, 2.613%, 09/25/34		189,433
	346,200	Series 2005-AR3, Class 1A1, VAR, 2.620%, 03/25/35		352,031
	101,437	Series 2005-AR8, Class 2A1, VAR, 2.615%, 06/25/35		102,360
	82,240	Series 2005-AR16, Class 2A1, VAR, 2.611%, 02/25/34		83,818
				15,551,859
		Total Collateralized Mortgage Obligations (Cost $47,679,441)		51,634,790
	Commercial Mortgage-Backed Securities — 2.4%
	227,095	A10 Securitization LLC, Series 2013-1, Class A, 2.400%, 11/15/25 (e)		228,099
	287,000	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		287,244
	242,882	Banc of America Commercial Mortgage Trust, Series 2006-4, Class A4, 5.634%, 07/10/46		260,710

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	125,000	Series 2005-3, Class A4, 4.668%, 07/10/43		128,430
	125,000	Series 2005-3, Class AM, 4.727%, 07/10/43		128,288
	12,550	Series 2005-6, Class ASB, VAR, 5.349%, 09/10/47		12,549
		BB-UBS Trust,
	100,000	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		99,142
	100,000	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		98,220
		Bear Stearns Commercial Mortgage Securities Trust,
	227,473	Series 2005-PWR8, Class A4, 4.674%, 06/11/41		233,264
	360,000	Series 2006-PW11, Class A4, VAR, 5.605%, 03/11/39		380,814
	11,032,029	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.559%, 12/11/49 (e)		93,982
		Citigroup Commercial Mortgage Trust,
	100,000	Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		102,764
	96,202	Series 2013-SMP, Class A, 2.110%, 01/12/30 (e)		97,848
	125,000	COMM Mortgage Trust, Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		123,370
	565,000	Commercial Mortgage Pass-Through Certificates, Series 2006-C1, Class A4, VAR, 5.609%, 02/15/39		596,555
	229,000	Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Series K038, Class A2, 3.389%, 03/25/24		238,892
	95,328	GMAC Commercial Mortgage Securities, Inc. Trust, Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		99,144
	122,000	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		123,302
	59,790	LB-UBS Commercial Mortgage Trust, Series 2005-C1, Class A4, 4.742%, 02/15/30		60,495
	2,517	Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		2,517
	3,333,368	Morgan Stanley Capital I Trust, Series 2006-IQ12, Class X1, IO, VAR, 0.682%, 12/15/43 (e)		35,414

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	10,007	Morgan Stanley Re-REMIC Trust, Series 2011-IO, Class A, 2.500%, 03/23/51 (e)		10,045
	656,189	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		673,562
	107,880	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.562%, 08/15/39		109,559
	116,000	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		117,112
	104,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		107,365
	200,000	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		212,520
	35,199	Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5, VAR, 5.215%, 01/15/41		35,243
	110,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		120,385
		Total Commercial Mortgage-Backed Securities (Cost $4,618,083)		4,816,834
	Corporate Bonds — 16.2%
		Consumer Discretionary — 1.3%
		Auto Components — 0.0% (g)
	7,000	Johnson Controls, Inc., 4.950%, 07/02/64		7,091
		Automobiles — 0.1%
	150,000	Daimler Finance North America LLC, 1.875%, 01/11/18 (e)		151,358
		Media — 1.1%
		21st Century Fox America, Inc.,
	50,000	6.650%, 11/15/37		63,487
	50,000	7.250%, 05/18/18		60,099
	150,000	7.300%, 04/30/28		189,556
		CBS Corp.,
	21,000	5.750%, 04/15/20		24,336
	100,000	7.875%, 07/30/30		134,378
	75,000	Comcast Cable Holdings LLC, 10.125%, 04/15/22		104,745
		Comcast Corp.,
	87,000	4.250%, 01/15/33		89,369
	50,000	5.900%, 03/15/16		54,434
	50,000	6.450%, 03/15/37		63,775
	30,000	6.500%, 01/15/17		34,124
	35,000	6.500%, 11/15/35		45,343
		Cox Communications, Inc.,
	9,000	5.450%, 12/15/14		9,199
	20,000	8.375%, 03/01/39 (e)		28,021

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	125,000	4.600%, 02/15/21		136,479
	67,000	5.000%, 03/01/21		74,793
	125,000	6.000%, 08/15/40		143,917
	78,000	Discovery Communications LLC, 4.375%, 06/15/21		84,430
	100,000	Historic TW, Inc., 9.150%, 02/01/23		138,525
	75,000	NBCUniversal Media LLC, 5.950%, 04/01/41		92,082
	84,000	Thomson Reuters Corp., (Canada), 3.950%, 09/30/21		87,952
		Time Warner Cable, Inc.,
	50,000	6.550%, 05/01/37		62,215
	50,000	6.750%, 07/01/18		59,165
	50,000	7.300%, 07/01/38		67,261
		Time Warner Entertainment Co. LP,
	50,000	8.375%, 03/15/23		67,622
	25,000	8.375%, 07/15/33		36,678
		Time Warner, Inc.,
	35,000	4.750%, 03/29/21		38,810
	75,000	6.200%, 03/15/40		89,160
	7,000	6.250%, 03/29/41		8,424
	15,000	6.500%, 11/15/36		18,355
		Viacom, Inc.,
	13,000	1.250%, 02/27/15		13,073
	22,000	3.250%, 03/15/23		21,718
	43,000	3.875%, 12/15/21		45,038
	20,000	4.500%, 02/27/42		19,086
				2,205,649
		Multiline Retail — 0.0% (g)
		Macy’s Retail Holdings, Inc.,
	18,000	4.375%, 09/01/23		19,075
	9,000	5.125%, 01/15/42		9,546
				28,621
		Specialty Retail — 0.1%
	30,000	Gap, Inc. (The), 5.950%, 04/12/21		34,719
	70,000	Home Depot, Inc. (The), 5.400%, 03/01/16		75,536
	75,000	Lowe’s Cos., Inc., Series B, 7.110%, 05/15/37		100,164
				210,419
		Total Consumer Discretionary		2,603,138

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 0.7%
		Beverages — 0.2%
	125,000	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		154,429
	95,000	Diageo Capital plc, (United Kingdom), 5.750%, 10/23/17		108,329
	20,000	Diageo Finance B.V., (Netherlands), 5.300%, 10/28/15		21,260
	15,000	FBG Finance Pty Ltd., (Australia), 5.125%, 06/15/15 (e)		15,620
				299,638
		Food & Staples Retailing — 0.2%
		CVS Caremark Corp.,
	36,000	4.000%, 12/05/23		37,673
	16,000	5.300%, 12/05/43		18,087
	60,000	5.750%, 05/15/41		71,942
	30,000	6.125%, 09/15/39		37,355
		Kroger Co. (The),
	67,000	4.000%, 02/01/24		69,506
	18,000	5.400%, 07/15/40		19,853
	25,000	7.500%, 04/01/31		32,946
	70,000	Wal-Mart Stores, Inc., 6.500%, 08/15/37		93,040
				380,402
		Food Products — 0.3%
	25,000	Archer-Daniels-Midland Co., 5.935%, 10/01/32		30,597
	55,000	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		69,114
	27,000	Bunge N.A. Finance LP, 5.900%, 04/01/17		29,961
	10,000	ConAgra Foods, Inc., 2.100%, 03/15/18		10,032
	13,000	Kellogg Co., 1.750%, 05/17/17		13,155
		Kraft Foods Group, Inc.,
	66,000	5.375%, 02/10/20		75,071
	122,000	6.125%, 08/23/18		141,602
	100,000	6.875%, 01/26/39		130,791
	75,000	Mondelez International, Inc., 4.000%, 02/01/24		77,684
				578,007
		Household Products — 0.0% (g)
	63,989	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		80,567
		Total Consumer Staples		1,338,614
		Energy — 1.5%
		Energy Equipment & Services — 0.1%
	54,000	Halliburton Co., 3.500%, 08/01/23		55,380
	5,000	Noble Holding International Ltd., (Cayman Islands), 3.950%, 03/15/22		5,121

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
		Transocean, Inc., (Cayman Islands),
	18,000	6.375%, 12/15/21		20,823
	75,000	6.500%, 11/15/20		86,742
	14,000	7.350%, 12/15/41		17,742
				185,808
		Oil, Gas & Consumable Fuels — 1.4%
	50,000	Apache Corp., 6.900%, 09/15/18		59,872
		BP Capital Markets plc, (United Kingdom),
	71,000	2.750%, 05/10/23		68,201
	150,000	4.742%, 03/11/21		168,176
	100,000	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		114,050
		Cenovus Energy, Inc., (Canada),
	13,000	3.000%, 08/15/22		12,773
	31,000	4.450%, 09/15/42		30,704
	20,000	Chevron Corp., 2.355%, 12/05/22		19,225
	200,000	CNOOC Nexen Finance ULC, (Canada), 4.250%, 04/30/24		204,004
		ConocoPhillips,
	25,000	5.750%, 02/01/19		29,108
	120,000	6.000%, 01/15/20		142,772
	75,000	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		83,100
		Devon Energy Corp.,
	47,000	3.250%, 05/15/22		47,345
	21,000	4.750%, 05/15/42		21,821
		Enterprise Products Operating LLC,
	25,000	3.900%, 02/15/24		25,862
	16,000	5.100%, 02/15/45		17,079
	15,000	EOG Resources, Inc., 2.625%, 03/15/23		14,476
	50,000	Kerr-McGee Corp., 7.875%, 09/15/31		70,617
	76,000	Magellan Midstream Partners LP, 5.150%, 10/15/43		83,275
	150,000	Marathon Oil Corp., 6.000%, 10/01/17		171,491
	100,000	NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		101,500
		Petrobras Global Finance B.V., (Netherlands),
	56,000	4.375%, 05/20/23		53,931
	147,000	6.250%, 03/17/24		156,467
		Petrobras International Finance Co., (Cayman Islands),
	45,000	5.375%, 01/27/21		46,900
	25,000	7.875%, 03/15/19		29,146
	60,000	Petro-Canada, (Canada), 6.800%, 05/15/38		79,424

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
		Petroleos Mexicanos, (Mexico),
	20,000	4.875%, 01/18/24 (e)		21,450
	42,000	6.375%, 01/23/45 (e)		48,773
		Spectra Energy Capital LLC,
	47,000	3.300%, 03/15/23		44,981
	50,000	5.650%, 03/01/20		56,409
	45,000	7.500%, 09/15/38		58,483
	50,000	8.000%, 10/01/19		63,085
		Spectra Energy Partners LP,
	34,000	2.950%, 09/25/18		35,293
	25,000	5.950%, 09/25/43		29,784
		Statoil ASA, (Norway),
	143,000	2.650%, 01/15/24		137,425
	50,000	3.125%, 08/17/17		52,919
	45,000	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		59,840
		Talisman Energy, Inc., (Canada),
	45,000	5.500%, 05/15/42		48,791
	5,000	5.850%, 02/01/37		5,499
	10,000	6.250%, 02/01/38		11,628
	40,000	7.750%, 06/01/19		49,549
		Total Capital International S.A., (France),
	28,000	1.550%, 06/28/17		28,401
	50,000	2.750%, 06/19/21		50,109
	150,000	Total Capital S.A., (France), 2.300%, 03/15/16		154,314
		TransCanada PipeLines Ltd., (Canada),
	50,000	6.500%, 08/15/18		59,377
	50,000	7.125%, 01/15/19		60,866
				2,928,295
		Total Energy		3,114,103
		Financials — 7.3%
		Banks — 2.8%
		Bank of America Corp.,
	50,000	2.000%, 01/11/18		50,323
	120,000	5.450%, 07/15/14		120,232
	295,000	Series L, 5.650%, 05/01/18		334,393
	245,000	5.750%, 12/01/17		276,340
	135,000	6.400%, 08/28/17		154,208
	50,000	6.500%, 08/01/16		55,419
	90,000	6.875%, 04/25/18		106,032
	25,000	7.625%, 06/01/19		30,880
		Bank of Nova Scotia, (Canada),
	100,000	2.550%, 01/12/17		103,775
	82,000	3.400%, 01/22/15		83,417

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Barclays Bank plc, (United Kingdom),
	106,000	2.750%, 02/23/15		107,598
	100,000	5.200%, 07/10/14		100,125
	150,000	6.050%, 12/04/17 (e)		170,162
		BB&T Corp.,
	100,000	3.950%, 04/29/16		105,874
	50,000	4.900%, 06/30/17		54,600
		Citigroup, Inc.,
	100,000	1.250%, 01/15/16		100,602
	60,000	2.250%, 08/07/15		60,985
	22,000	4.500%, 01/14/22		23,914
	150,000	4.700%, 05/29/15		155,555
	30,000	4.750%, 05/19/15		31,096
	300,000	5.000%, 09/15/14		302,656
	36,000	5.375%, 08/09/20		41,254
	58,000	5.500%, 09/13/25		64,697
	5,000	6.000%, 08/15/17		5,659
	101,000	6.010%, 01/15/15		104,045
	100,000	8.125%, 07/15/39		150,098
	45,000	8.500%, 05/22/19		57,519
	200,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), 3.200%, 03/11/15 (e)		203,976
	350,000	Glitnir Banki HF, (Iceland), 0.000%, 10/15/08 (d) (e) (i)		108,062
		HSBC Bank plc, (United Kingdom),
	100,000	3.500%, 06/28/15 (e)		103,032
	111,000	4.125%, 08/12/20 (e)		120,144
		National Australia Bank Ltd., (Australia),
	200,000	2.750%, 09/28/15 (e)		205,450
	100,000	3.750%, 03/02/15 (e)		102,230
		PNC Funding Corp.,
	150,000	5.125%, 02/08/20		171,341
	25,000	5.250%, 11/15/15		26,535
	25,000	5.625%, 02/01/17		27,651
	25,000	6.700%, 06/10/19		30,241
	80,000	Royal Bank of Canada, (Canada), 2.000%, 10/01/18		81,058
	72,000	Toronto-Dominion Bank (The), (Canada), 2.500%, 07/14/16		74,569
		U.S. Bancorp,
	90,000	2.450%, 07/27/15		92,018
	100,000	7.500%, 06/01/26		133,455
	50,000	Wachovia Corp., 5.750%, 02/01/18		57,240

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Wells Fargo & Co.,
	284,000	5.606%, 01/15/44		325,366
	200,000	SUB, 3.676%, 06/15/16		211,061
		Wells Fargo Bank N.A.,
	250,000	6.000%, 11/15/17		286,426
	250,000	VAR, 0.561%, 03/15/16		250,178
		Westpac Banking Corp., (Australia),
	65,000	4.200%, 02/27/15		66,659
	121,000	4.875%, 11/19/19		136,291
				5,764,441
		Capital Markets — 1.8%
	60,000	Ameriprise Financial, Inc., 4.000%, 10/15/23		63,254
		Bank of New York Mellon Corp. (The),
	75,000	2.950%, 06/18/15		76,904
	83,000	3.650%, 02/04/24		85,586
	55,000	4.600%, 01/15/20		61,420
		BlackRock, Inc.,
	80,000	3.500%, 12/10/14		81,153
	130,000	Series 2, 5.000%, 12/10/19		148,384
	65,000	6.250%, 09/15/17		74,849
	100,000	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		116,095
		Goldman Sachs Group, Inc. (The),
	55,000	2.625%, 01/31/19		55,748
	75,000	3.625%, 02/07/16		78,171
	20,000	3.700%, 08/01/15		20,628
	23,000	5.250%, 07/27/21		25,827
	156,000	5.375%, 03/15/20		176,713
	100,000	5.500%, 11/15/14		101,871
	200,000	5.950%, 01/18/18		227,210
	75,000	5.950%, 01/15/27		85,438
	50,000	6.250%, 09/01/17		56,923
	80,000	6.750%, 10/01/37		96,243
	125,000	7.500%, 02/15/19		152,544
	29,000	Invesco Finance plc, (United Kingdom), 4.000%, 01/30/24		30,300
		Jefferies Group LLC,
	55,000	3.875%, 11/09/15		56,757
	110,000	6.450%, 06/08/27		124,817
	100,000	8.500%, 07/15/19		125,000
		Macquarie Bank Ltd., (Australia),
	62,000	2.000%, 08/15/16 (e)		63,126
	223,000	5.000%, 02/22/17 (e)		243,026
	50,000	Macquarie Group Ltd., (Australia), 7.300%, 08/01/14 (e)		50,276

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		Morgan Stanley,
	100,000	4.200%, 11/20/14		101,502
	35,000	5.500%, 07/28/21		40,209
	200,000	5.625%, 09/23/19		230,042
	130,000	5.950%, 12/28/17		148,001
	65,000	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		78,144
		State Street Corp.,
	24,000	3.100%, 05/15/23		23,568
	77,000	3.700%, 11/20/23		79,869
		UBS AG, (Switzerland),
	250,000	3.875%, 01/15/15		254,780
	100,000	5.750%, 04/25/18		114,654
				3,549,032
		Consumer Finance — 0.8%
	50,000	American Express Co., 7.000%, 03/19/18		59,458
		American Honda Finance Corp.,
	200,000	1.600%, 02/16/18 (e)		200,633
	33,000	2.125%, 10/10/18		33,524
	110,000	Capital One Financial Corp., 3.500%, 06/15/23		110,369
		Caterpillar Financial Services Corp.,
	80,000	5.450%, 04/15/18		91,207
	100,000	7.050%, 10/01/18		121,098
	50,000	7.150%, 02/15/19		61,556
		Ford Motor Credit Co. LLC,
	200,000	3.984%, 06/15/16		211,335
	200,000	4.250%, 02/03/17		214,787
		HSBC Finance Corp.,
	150,000	5.000%, 06/30/15		156,532
	50,000	7.350%, 11/27/32		61,749
	100,000	HSBC USA, Inc., 1.625%, 01/16/18		100,224
		John Deere Capital Corp.,
	39,000	1.200%, 10/10/17		38,873
	42,000	3.150%, 10/15/21		43,071
		Toyota Motor Credit Corp.,
	100,000	2.000%, 09/15/16		102,582
	87,000	3.200%, 06/17/15		89,390
				1,696,388
		Diversified Financial Services — 0.8%
	16,000	CME Group, Inc., 5.300%, 09/15/43		18,463
	75,000	Countrywide Financial Corp., 6.250%, 05/15/16		81,841

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — continued
		General Electric Capital Corp.,
	200,000	Series A, 4.750%, 09/15/14		201,833
	305,000	5.500%, 01/08/20		353,558
	285,000	5.625%, 05/01/18		326,563
	100,000	5.875%, 01/14/38		121,321
	200,000	6.750%, 03/15/32		263,832
		Intercontinental Exchange, Inc.,
	23,000	2.500%, 10/15/18		23,527
	59,000	4.000%, 10/15/23		62,200
	50,000	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		67,361
		Shell International Finance B.V., (Netherlands),
	42,000	1.125%, 08/21/17		41,914
	60,000	6.375%, 12/15/38		79,052
				1,641,465
		Insurance — 0.7%
	35,000	ACE INA Holdings, Inc., 5.600%, 05/15/15		36,541
	31,000	Allstate Corp. (The), 3.150%, 06/15/23		31,105
	59,000	American International Group, Inc., 4.125%, 02/15/24		62,105
		Aon Corp.,
	40,000	3.125%, 05/27/16		41,641
	23,000	3.500%, 09/30/15		23,789
	18,000	6.250%, 09/30/40		22,403
		Berkshire Hathaway Finance Corp.,
	33,000	2.450%, 12/15/15		33,935
	62,000	4.300%, 05/15/43		61,594
	50,000	5.400%, 05/15/18		57,187
	100,000	5.750%, 01/15/40		119,893
	75,000	CNA Financial Corp., 5.875%, 08/15/20		87,765
	27,000	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		29,699
	20,000	Lincoln National Corp., 4.850%, 06/24/21		22,219
	100,000	MassMutual Global Funding II, 3.125%, 04/14/16 (e)		104,209
		Metropolitan Life Global Funding I,
	100,000	1.700%, 06/29/15 (e)		101,111
	175,000	3.650%, 06/14/18 (e)		186,190
	75,000	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		116,727
	100,000	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		104,684
	150,000	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		204,572
	25,000	Travelers Cos., Inc. (The), 5.800%, 05/15/18		28,711
				1,476,080

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Investment Trusts (REITs) — 0.4%
		American Tower Corp.,
	40,000	3.500%, 01/31/23		39,225
	38,000	5.000%, 02/15/24		41,273
		CommonWealth REIT,
	75,000	5.875%, 09/15/20		81,666
	100,000	6.650%, 01/15/18		109,118
	92,000	HCP, Inc., 5.375%, 02/01/21		104,646
	37,000	Health Care REIT, Inc., 4.500%, 01/15/24		38,986
	27,000	ProLogis LP, 4.250%, 08/15/23		28,184
		Simon Property Group LP,
	8,000	4.200%, 02/01/15		8,096
	20,000	4.375%, 03/01/21		21,990
	50,000	5.625%, 08/15/14		50,319
	50,000	5.650%, 02/01/20		58,414
	45,000	6.100%, 05/01/16		48,834
	102,000	WEA Finance LLC/WT Finance Aust Pty Ltd., 6.750%, 09/02/19 (e)		127,127
				757,878
		Total Financials		14,885,284
		Health Care — 0.4%
		Biotechnology — 0.2%
		Amgen, Inc.,
	25,000	4.500%, 03/15/20		27,088
	100,000	5.150%, 11/15/41		107,304
	40,000	5.700%, 02/01/19		46,276
	82,000	5.750%, 03/15/40		95,171
	49,000	Celgene Corp., 3.250%, 08/15/22		48,891
				324,730
		Health Care Providers & Services — 0.1%
	48,000	Express Scripts Holding Co., 3.500%, 06/15/24		47,497
	30,000	Medco Health Solutions, Inc., 2.750%, 09/15/15		30,717
	50,000	UnitedHealth Group, Inc., 6.625%, 11/15/37		66,315
	29,000	Ventas Realty LP, 3.750%, 05/01/24		28,961
		WellPoint, Inc.,
	47,000	2.300%, 07/15/18		47,882
	18,000	3.300%, 01/15/23		17,979
	18,000	4.650%, 01/15/43		18,301
				257,652

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 0.1%
		AbbVie, Inc.,
	45,000	1.750%, 11/06/17		45,245
	22,000	2.900%, 11/06/22		21,275
	52,000	Actavis Funding SCS, (Luxembourg), 3.850%, 06/15/24 (e)		52,565
	63,000	Merck & Co., Inc., 2.800%, 05/18/23		61,561
		Zoetis, Inc.,
	14,000	1.875%, 02/01/18		14,032
	9,000	4.700%, 02/01/43		9,141
				203,819
		Total Health Care		786,201
		Industrials — 0.9%
		Aerospace & Defense — 0.1%
	32,000	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		30,815
	51,000	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		60,187
		Lockheed Martin Corp.,
	33,000	2.125%, 09/15/16		33,971
	30,000	4.850%, 09/15/41		32,963
	100,000	United Technologies Corp., 6.125%, 02/01/19		118,162
				276,098
		Air Freight & Logistics — 0.0% (g)
	35,000	United Parcel Service of America, Inc., 8.375%, 04/01/20		45,702
		Airlines — 0.1%
	25,380	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		25,697
	25,989	American Airlines 2011-1 Class A Pass-Through Trust, Series A, 5.250%, 01/31/21		28,262
	39,881	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		43,470
				97,429
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	35,000	3.500%, 07/15/22		31,850
	17,000	4.125%, 06/15/23		15,683
	28,000	4.875%, 07/15/42		23,380
	21,000	Republic Services, Inc., 3.550%, 06/01/22		21,709
	43,000	Waste Management, Inc., 4.750%, 06/30/20		48,076
				140,698

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Construction & Engineering — 0.0% (g)
	23,000	ABB Finance USA, Inc., 2.875%, 05/08/22		22,838
	44,000	Fluor Corp., 3.375%, 09/15/21		45,331
				68,169
		Industrial Conglomerates — 0.1%
	44,000	Danaher Corp., 3.900%, 06/23/21		47,263
	65,000	General Electric Co., 5.250%, 12/06/17		73,336
	22,000	Koninklijke Philips N.V., (Netherlands), 5.750%, 03/11/18		25,090
				145,689
		Machinery — 0.1%
	80,000	Illinois Tool Works, Inc., 3.900%, 09/01/42		75,427
	25,000	Parker Hannifin Corp., 5.500%, 05/15/18		28,282
				103,709
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	50,000	3.000%, 03/15/23		49,185
	25,000	3.600%, 09/01/20		26,211
	25,000	4.375%, 09/01/42		24,681
	77,000	5.150%, 09/01/43		84,882
	75,000	5.400%, 06/01/41		86,113
	100,000	5.650%, 05/01/17		112,270
	85,000	5.750%, 05/01/40		101,568
		CSX Corp.,
	33,000	4.250%, 06/01/21		36,000
	50,000	5.500%, 04/15/41		57,822
	25,000	7.375%, 02/01/19		30,602
		ERAC USA Finance LLC,
	45,000	4.500%, 08/16/21 (e)		48,959
	12,000	5.625%, 03/15/42 (e)		13,575
		Norfolk Southern Corp.,
	70,000	3.950%, 10/01/42		65,797
	78,000	6.000%, 05/23/11 †		92,920
	27,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		27,638
	35,000	Ryder System, Inc., 3.600%, 03/01/16		36,608
				894,831
		Total Industrials		1,772,325
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	11,000	2.900%, 03/04/21		11,169
	80,000	5.500%, 02/22/16		86,459
	75,000	5.900%, 02/15/39		91,552
				189,180

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	13,000	3.000%, 03/01/18		13,441
	25,000	3.375%, 11/01/15		25,800
	8,000	4.500%, 03/01/23		8,361
	25,000	6.000%, 04/01/20		28,006
	80,000	6.875%, 06/01/18		92,615
	7,000	7.500%, 01/15/27		8,640
				176,863
		IT Services — 0.3%
	50,000	HP Enterprise Services LLC, 7.450%, 10/15/29		61,361
		International Business Machines Corp.,
	174,000	1.625%, 05/15/20		167,681
	169,000	4.000%, 06/20/42		162,398
	50,000	6.220%, 08/01/27		62,992
		Xerox Corp.,
	17,000	4.500%, 05/15/21		18,368
	35,000	5.625%, 12/15/19		40,178
	50,000	6.750%, 02/01/17		56,728
				569,706
		Semiconductors & Semiconductor Equipment — 0.1%
	110,000	National Semiconductor Corp., 6.600%, 06/15/17		127,333
		Software — 0.2%
		Microsoft Corp.,
	75,000	1.625%, 09/25/15		76,239
	108,000	2.375%, 05/01/23		103,397
		Oracle Corp.,
	52,000	2.800%, 07/08/21		51,925
	51,000	4.300%, 07/08/34		50,980
	50,000	5.250%, 01/15/16		53,570
	50,000	5.750%, 04/15/18		57,457
	100,000	6.500%, 04/15/38		128,931
				522,499
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	142,000	2.400%, 05/03/23		134,146
	126,000	2.850%, 05/06/21		127,086
	69,000	VAR, 0.473%, 05/03/18		69,002
	25,000	Dell, Inc., 7.100%, 04/15/28		25,750
		EMC Corp.,
	40,000	1.875%, 06/01/18		40,264
	50,000	3.375%, 06/01/23		50,597

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Technology Hardware, Storage & Peripherals — continued
		Hewlett-Packard Co.,
	24,000	4.300%, 06/01/21		25,679
	20,000	4.650%, 12/09/21		21,820
	71,000	6.000%, 09/15/41		81,724
				576,068
		Total Information Technology		2,161,649
		Materials — 0.5%
		Chemicals — 0.3%
	30,000	Dow Chemical Co. (The), 7.375%, 11/01/29		39,968
		E.I. du Pont de Nemours & Co.,
	58,000	1.950%, 01/15/16		59,272
	25,000	4.900%, 01/15/41		27,236
		Monsanto Co.,
	31,000	2.750%, 07/15/21		30,988
	12,000	4.200%, 07/15/34		12,111
	12,000	4.700%, 07/15/64		12,047
		Mosaic Co. (The),
	24,000	3.750%, 11/15/21		24,962
	71,000	4.250%, 11/15/23		74,952
	8,000	4.875%, 11/15/41		8,165
	36,000	5.450%, 11/15/33		40,339
	22,000	5.625%, 11/15/43		25,069
	10,000	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		10,554
		PPG Industries, Inc.,
	14,000	5.500%, 11/15/40		16,560
	50,000	9.000%, 05/01/21		65,482
		Union Carbide Corp.,
	100,000	7.500%, 06/01/25		127,269
	80,000	7.750%, 10/01/96		98,447
				673,421
		Construction Materials — 0.0% (g)
	18,000	CRH America, Inc., 6.000%, 09/30/16		19,972
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	44,000	3.850%, 09/30/23		46,141
	40,000	5.400%, 03/29/17		44,626
	80,000	6.500%, 04/01/19		96,275
	55,000	Freeport-McMoRan Copper & Gold, Inc., 3.875%, 03/15/23		54,833
	13,000	Nucor Corp., 4.000%, 08/01/23		13,469
	12,000	Rio Tinto Finance USA Ltd., (Australia), 3.500%, 11/02/20		12,555

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — continued
	29,000	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		29,340
				297,239
		Total Materials		990,632
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
		AT&T, Inc.,
	140,000	3.875%, 08/15/21		148,940
	10,000	4.300%, 12/15/42		9,466
	205,000	5.350%, 09/01/40		222,983
	100,000	5.500%, 02/01/18		113,164
	45,000	6.300%, 01/15/38		54,458
	145,000	BellSouth Corp., 5.200%, 09/15/14		146,416
	75,000	BellSouth Telecommunications LLC, 6.300%, 12/15/15		76,799
	50,000	Centel Capital Corp., 9.000%, 10/15/19		60,843
	70,000	Deutsche Telekom International Finance B.V., (Netherlands), 8.607%, 06/15/30		102,374
	125,000	GTP Acquisition Partners I LLC, 4.347%, 06/15/16 (e)		129,280
	35,000	Orange S.A., (France), 2.750%, 09/14/16		36,310
		Telefonica Emisiones S.A.U., (Spain),
	19,000	5.462%, 02/16/21		21,574
	25,000	5.877%, 07/15/19		28,985
		Verizon Communications, Inc.,
	16,000	2.500%, 09/15/16		16,492
	106,000	4.500%, 09/15/20		116,599
	84,000	6.400%, 09/15/33		102,895
	90,000	6.400%, 02/15/38		109,921
	200,000	7.750%, 12/01/30		274,283
		Verizon Pennsylvania LLC,
	100,000	8.350%, 12/15/30		130,205
	50,000	8.750%, 08/15/31		66,993
				1,968,980
		Wireless Telecommunication Services — 0.1%
	40,000	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		40,638
		Rogers Communications, Inc., (Canada),
	80,000	4.100%, 10/01/23		83,400
	50,000	6.800%, 08/15/18		59,422
	25,000	8.750%, 05/01/32		35,121
		Vodafone Group plc, (United Kingdom),
	50,000	1.500%, 02/19/18		49,667
	50,000	1.625%, 03/20/17		50,403
				318,651
		Total Telecommunication Services		2,287,631

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Utilities — 1.4%
		Electric Utilities — 1.1%
	62,000	Alabama Power Co., 6.125%, 05/15/38		79,217
	9,000	Arizona Public Service Co., 4.500%, 04/01/42		9,394
		Duke Energy Carolinas LLC,
	39,000	4.300%, 06/15/20		43,088
	75,000	5.100%, 04/15/18		84,517
	60,000	Duke Energy Indiana, Inc., 6.350%, 08/15/38		79,113
	25,000	Duke Energy Progress, Inc., 5.300%, 01/15/19		28,596
		Electricite de France S.A., (France),
	40,000	2.150%, 01/22/19 (e)		40,226
	75,000	6.000%, 01/22/14 (e)		84,694
		Florida Power & Light Co.,
	55,000	5.950%, 10/01/33		69,299
	30,000	5.950%, 02/01/38		38,178
	25,000	Georgia Power Co., 5.950%, 02/01/39		31,090
	18,000	Great Plains Energy, Inc., 4.850%, 06/01/21		19,891
	100,000	Hydro-Quebec, (Canada), Series IO, 8.050%, 07/07/24		138,123
		Kansas City Power & Light Co.,
	24,000	3.150%, 03/15/23		23,925
	50,000	5.300%, 10/01/41		55,821
	40,000	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		44,733
	25,000	Northern States Power Co., 6.250%, 06/01/36		32,722
	40,000	Ohio Power Co., 6.050%, 05/01/18		46,056
		Oncor Electric Delivery Co. LLC,
	30,000	6.800%, 09/01/18		35,672
	25,000	7.000%, 09/01/22		31,948
		Pacific Gas & Electric Co.,
	24,000	4.500%, 12/15/41		24,574
	75,000	5.625%, 11/30/17		84,808
	100,000	6.050%, 03/01/34		123,671
	75,000	Potomac Electric Power Co., 6.500%, 11/15/37		101,067
	35,000	Progress Energy, Inc., 4.400%, 01/15/21		38,353
	18,000	Public Service Co. of Colorado, 3.200%, 11/15/20		18,598
	175,000	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		227,513
	28,000	Public Service Electric & Gas Co., 5.375%, 11/01/39		33,394

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	53,000	Southern California Edison Co., Series C, 3.500%, 10/01/23		54,946
	50,000	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		63,849
	200,000	State Grid Overseas Investment Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		196,692
		Virginia Electric and Power Co.,
	50,000	5.400%, 04/30/18		56,867
	70,000	5.950%, 09/15/17		80,379
	70,000	6.350%, 11/30/37		92,542
	20,000	Xcel Energy, Inc., 6.500%, 07/01/36		26,117
				2,239,673
		Gas Utilities — 0.0% (g)
	22,000	Boston Gas Co., 4.487%, 02/15/42 (e)		22,553
	25,000	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		28,597
				51,150
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	78,000	4.000%, 10/01/20		82,230
	29,000	5.750%, 10/01/41		32,170
	37,000	PSEG Power LLC, 5.125%, 04/15/20		41,439
				155,839
		Multi-Utilities — 0.2%
		AGL Capital Corp.,
	37,000	3.500%, 09/15/21		38,469
	42,000	4.400%, 06/01/43		42,894
	96,000	5.875%, 03/15/41		117,938
	38,000	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		46,068
		Sempra Energy,
	47,000	3.550%, 06/15/24		47,329
	62,000	4.050%, 12/01/23		65,498
	100,000	6.500%, 06/01/16		110,491
				468,687
		Total Utilities		2,915,349
		Total Corporate Bonds (Cost $30,404,679)		32,854,926
	Foreign Government Securities — 0.4%
		Province of Ontario, (Canada),
	75,000	2.700%, 06/16/15		76,759
	200,000	2.950%, 02/05/15		203,239
	50,000	Republic of Poland, (Poland), 4.000%, 01/22/24		51,941

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Foreign Government Securities — continued
	200,000	Republic of Turkey, (Turkey), 5.750%, 03/22/24		218,000
		United Mexican States, (Mexico),
	203,000	3.500%, 01/21/21		210,816
	58,000	4.000%, 10/02/23		60,958
	48,000	5.550%, 01/21/45		54,600
		Total Foreign Government Securities (Cost $828,714)		876,313
	Mortgage Pass-Through Securities — 7.8%
		Federal Home Loan Mortgage Corp.,
	112,603	ARM, 2.209%, 03/01/35		118,842
	56,818	ARM, 2.235%, 01/01/27		60,091
	111,844	ARM, 2.303%, 04/01/34		118,653
	18,940	ARM, 2.314%, 04/01/30		20,207
	26,737	ARM, 2.494%, 01/01/37		28,548
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	18,798	4.500%, 08/01/18		19,970
	77,888	6.500%, 10/01/17 - 02/01/19		81,527
	322	8.500%, 11/01/15		323
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	21,873	6.000%, 12/01/22		24,566
	45,221	6.500%, 11/01/22		50,957
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	88,500	5.500%, 10/01/33		99,122
	161,042	6.000%, 04/01/26 - 02/01/39		181,103
	236,193	6.500%, 11/01/25 - 11/01/34		266,151
	89,321	7.000%, 04/01/35		105,977
	4,792	8.500%, 07/01/28		5,704
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	1,852,042	3.500%, 04/01/33 - 06/01/42		1,908,684
	457,469	4.000%, 06/01/42		484,578
	44,233	7.000%, 07/01/29		49,626
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	18,135	10.000%, 01/01/20 - 09/01/20		19,100
	207	12.000%, 07/01/19		209
		Federal National Mortgage Association,
	1,093	ARM, 1.875%, 03/01/19		1,112
	401,250	ARM, 1.899%, 01/01/35		422,778
	71,236	ARM, 2.220%, 05/01/35		75,277
	94,647	ARM, 2.226%, 10/01/34		100,411
	7,869	ARM, 2.262%, 04/01/34		7,908
	111,851	ARM, 2.274%, 08/01/34		118,862
	84,292	ARM, 2.277%, 07/01/33		89,698

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	86,552	ARM, 2.299%, 01/01/34		91,802
	79,459	ARM, 2.406%, 04/01/33		84,817
	3,499	ARM, 3.714%, 03/01/29		3,720
		Federal National Mortgage Association, 15 Year, Single Family,
	72,197	3.500%, 09/01/18 - 05/01/19		76,609
	90,501	4.500%, 03/01/23 - 05/01/23		96,462
	12,387	5.000%, 06/01/18		13,183
	41,003	5.500%, 04/01/22		43,589
	90,833	6.000%, 03/01/18 - 09/01/22		96,715
	32,516	6.500%, 08/01/20		34,711
	989	8.000%, 01/01/16		995
		Federal National Mortgage Association, 20 Year, Single Family,
	44,658	4.500%, 01/01/25		48,384
	301,664	5.000%, 11/01/23		335,210
	76,792	6.500%, 03/01/19 - 12/01/22		86,586
		Federal National Mortgage Association, 30 Year, FHA/VA,
	31,076	8.500%, 10/01/26 - 06/01/30		33,175
	65,617	9.000%, 04/01/25		74,439
		Federal National Mortgage Association, 30 Year, Single Family,
	222,329	3.000%, 09/01/31		220,050
	47,887	4.500%, 04/01/38 - 05/01/39		51,883
	104,804	5.000%, 09/01/35		116,458
	32,469	5.500%, 01/01/38 - 06/01/38		36,326
	117,335	6.000%, 01/01/29 - 03/01/33		133,780
	330,442	6.500%, 09/01/25 - 11/01/36		375,237
	1,561	7.000%, 08/01/32		1,679
	22,170	7.500%, 03/01/30		24,206
	97,562	8.000%, 03/01/27 - 11/01/28		115,354
		Federal National Mortgage Association, Other,
	1,000,000	2.077%, 06/01/20		1,000,948
	292,993	2.418%, 12/01/22		285,898
	1,000,000	2.480%, 12/01/22 - 02/01/23		980,077
	500,000	2.531%, 11/01/22		493,125
	500,000	2.583%, 04/01/23		487,876
	1,000,000	2.604%, 05/01/23		967,559
	961,031	3.500%, 05/01/43		982,458
	1,357,959	4.000%, 07/01/42		1,434,280
	471,506	4.130%, 07/01/20		519,143
	157,755	5.500%, 09/01/33 - 04/01/38		175,163
	417,508	5.936%, 10/01/17		467,538
	74,575	6.000%, 09/01/28		84,832
	182,600	6.500%, 10/01/35		204,769

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
		Government National Mortgage Association II, 30 Year, Single Family,
	3,283	7.500%, 12/20/26		3,946
	63,933	8.000%, 11/20/26 - 01/20/27		76,957
	2,403	8.500%, 05/20/25		2,746
		Government National Mortgage Association II, Other,
	452,027	2.125%, 07/20/34 - 09/20/34		473,049
	2,157	Government National Mortgage Association, 15 Year, Single Family, 8.000%, 01/15/16		2,201
		Government National Mortgage Association, 30 Year, Single Family,
	122,215	6.000%, 05/15/37 - 10/15/38		137,401
	89,889	6.500%, 03/15/28 - 12/15/38		102,131
	27,165	7.000%, 12/15/25 - 06/15/33		30,669
	17,449	7.500%, 05/15/23 - 09/15/28		19,119
	15,620	8.000%, 09/15/22 - 10/15/27		17,567
	4,110	9.000%, 11/15/24		4,799
	121,457	9.500%, 10/15/24		137,063
		Total Mortgage Pass-Through Securities (Cost $15,469,828)		15,746,668
	Municipal Bonds — 0.2% (t)
		Illinois — 0.1%
	160,000	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		160,323
		New York — 0.1%
	30,000	New York State Dormitory Authority, State Personal Income Tax, Series D, Rev., 5.600%, 03/15/40		35,897
	130,000	Port Authority of New York & New Jersey, Consolidated, Series 164, Rev., 5.647%, 11/01/40		157,153
				193,050
		Ohio — 0.0% (g)
	98,000	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/11		101,250
		Total Municipal Bonds (Cost $416,215)		454,623
	U.S. Government Agency Securities — 14.0%
	125,000	Federal Home Loan Mortgage Corp., 5.125%, 10/18/16		137,702
		Federal National Mortgage Association,
	3,000,000	Zero Coupon, 10/09/19		2,636,298
	30,000	0.875%, 05/21/18		29,497
	150,000	5.000%, 02/13/17		166,372

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal National Mortgage Association STRIPS,
	6,000,000	Zero Coupon, 09/23/20		5,163,402
	630,000	Zero Coupon, 03/23/28		383,640
	100,000	Financing Corp. Fico Series D-P, Zero Coupon, 09/26/19		90,151
	2,000,000	Financing Corp. Fico STRIPS, Series 14P, Zero Coupon, 11/02/18		1,860,442
	8,000,000	Financing Corp. STRIPS, Series 12P, Zero Coupon, 12/06/18		7,418,152
	4,100,000	Residual Funding Corp. STRIPS, Zero Coupon, 07/15/20		3,593,191
	2,000,000	Resolution Funding Corp. STRIPS, Zero Coupon, 01/15/20		1,779,926
		Tennessee Valley Authority,
	33,000	4.625%, 09/15/60		34,760
	100,000	5.250%, 09/15/39		121,354
	5,000,000	Tennessee Valley Authority STRIPS, Zero Coupon, 07/15/16		4,904,040
		Total U.S. Government Agency Securities (Cost $23,360,021)		28,318,927
	U.S. Treasury Obligations — 27.9%
		U.S. Treasury Bonds,
	815,000	4.375%, 02/15/38		973,033
	150,000	4.500%, 02/15/36		182,180
	125,000	4.500%, 05/15/38		151,992
	100,000	4.750%, 02/15/37		125,703
	815,000	5.000%, 05/15/37		1,057,972
	50,000	5.250%, 02/15/29		64,094
	300,000	5.375%, 02/15/31		393,891
	200,000	6.125%, 11/15/27		274,656
	50,000	6.250%, 05/15/30		71,062
	10,000	6.375%, 08/15/27		13,989
	80,000	7.250%, 08/15/22		109,925
	250,000	8.000%, 11/15/21		350,137
		U.S. Treasury Coupon STRIPS,
	250,000	1.347%, 02/15/20 (n)		224,657
	200,000	1.512%, 08/15/18 (n)		188,771
	750,000	1.812%, 05/15/21 (n)		644,857
	730,000	2.042%, 05/15/19 (n)		672,986
	1,973,000	2.271%, 05/15/20 (n)		1,758,355
	710,000	2.288%, 02/15/21 (n)		616,240
	3,540,000	2.434%, 08/15/16 (n)		3,499,382
	970,000	2.457%, 02/15/22 (n)		810,203
	925,000	2.462%, 11/15/21 (n)		779,752
	150,000	2.465%, 02/15/18 (n)		143,544
	450,000	2.530%, 05/15/22 (n)		372,527
	950,000	2.548%, 05/15/23 (n)		756,608

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2014

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	200,000	2.686%, 08/15/22 (n)		164,022
	1,700,000	2.697%, 02/15/23 (n)		1,365,999
	100,000	2.705%, 05/15/28 (n)		64,970
	27,000	2.723%, 02/15/28 (n)		17,729
	350,000	2.732%, 08/15/20 (n)		308,902
	50,000	2.867%, 11/15/34 (n)		25,040
	250,000	2.878%, 08/15/27 (n)		167,778
	65,000	2.892%, 02/15/35 (n)		32,213
	250,000	3.042%, 05/15/35 (n)		122,715
	23,000	3.058%, 08/15/26 (n)		16,091
	250,000	3.083%, 11/15/26 (n)		173,064
	400,000	3.119%, 08/15/19 (n)		365,741
	50,000	3.202%, 02/15/25 (n)		37,190
	825,000	3.221%, 02/15/17 (n)		808,834
	350,000	3.234%, 02/15/32 (n)		194,885
	275,000	3.280%, 05/15/31 (n)		157,781
	600,000	3.376%, 02/15/27 (n)		410,998
	750,000	3.390%, 11/15/27 (n)		497,781
	250,000	3.449%, 08/15/29 (n)		153,927
	3,625,000	3.480%, 08/15/17 (n)		3,515,463
	100,000	3.488%, 11/15/29 (n)		60,958
	558,000	3.553%, 02/15/29 (n)		351,057
	1,250,000	3.595%, 05/15/32 (n)		689,519
	700,000	3.614%, 11/15/32 (n)		378,421
	550,000	3.651%, 02/15/31 (n)		318,853
	250,000	3.732%, 08/15/31 (n)		141,965
	100,000	3.803%, 08/15/21 (n)		85,190
	300,000	3.864%, 05/15/30 (n)		179,211
	150,000	3.927%, 02/15/33 (n)		80,328
	85,000	3.936%, 11/15/31 (n)		47,813
	775,000	3.941%, 11/15/33 (n)		403,325
	100,000	4.138%, 05/15/26 (n)		70,682
	10,000	4.566%, 11/15/24 (n)		7,508
	325,000	4.710%, 02/15/34 (n)		167,430
	325,000	4.736%, 05/15/33 (n)		172,443
	775,000	4.827%, 02/15/30 (n)		467,854
	50,000	4.964%, 11/15/30 (n)		29,258
	50,000	5.058%, 08/15/30 (n)		29,574
	100,000	5.080%, 08/15/33 (n)		52,518
	100,000	5.152%, 05/15/34 (n)		51,042
	100,000	5.512%, 11/15/28 (n)		63,602
	125,000	5.546%, 05/15/27 (n)		84,759
	50,000	5.748%, 08/15/28 (n)		32,146
	1,750,000	6.326%, 02/15/15 (n)		1,748,745
	1,915,000	6.429%, 11/15/15 (n)		1,909,872
	2,900,000	6.788%, 11/15/17 (m) (n)		2,794,446

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,050,000	7.094%, 11/15/16 (n)		3,005,714
	3,300,000	7.717%, 02/15/16 (m) (n)		3,283,599
	600,000	10.180%, 11/15/14 (n)		599,808
		U.S. Treasury Inflation Indexed Bonds,
	100,000	2.500%, 01/15/29		139,319
	300,000	3.625%, 04/15/28		617,543
		U.S. Treasury Inflation Indexed Notes,
	500,000	0.500%, 04/15/15		554,881
	170,000	1.375%, 07/15/18		204,213
		U.S. Treasury Notes,
	150,000	1.250%, 10/31/18		148,840
	125,000	1.375%, 11/30/18		124,648
	400,000	1.375%, 12/31/18		398,344
	400,000	1.500%, 08/31/18		402,094
	200,000	2.125%, 08/31/20		202,062
	1,200,000	2.125%, 08/15/21		1,199,250
	400,000	2.250%, 07/31/18		414,625
	200,000	2.625%, 11/15/20		207,750
	742,000	3.125%, 05/15/19		795,737
	600,000	3.125%, 05/15/21		640,547
	200,000	3.250%, 12/31/16		212,812
	300,000	3.500%, 02/15/18		324,961
	450,000	3.500%, 05/15/20		492,012
	650,000	3.625%, 02/15/21		715,406
	500,000	4.750%, 08/15/17		558,867
	9,000,000	U.S. Treasury Principal STRIPS, Zero Coupon, 05/15/20		8,053,371
		Total U.S. Treasury Obligations (Cost $52,963,790)		56,552,561
SHARES
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	5,860,137	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $5,860,137)		5,860,137
		Total Investments — 99.8% (Cost $186,748,260)		202,251,300
		Other Assets in Excess of Liabilities — 0.2%		410,988
		NET ASSETS — 100.0%	$	202,662,288

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2014.
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, 2014. 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.
REIT	—  Real Estate Investment Trust
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, 2014.
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2014.
(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%.
(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, 2014.
(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.
(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, 2014

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	196,391,163
Investments in affiliates, at value		5,860,137
Total investment securities, at value		202,251,300
Receivables:
Investment securities sold		1,931
Portfolio shares sold		126,025
Interest from non-affiliates		790,592
Dividends from affiliates		121
Total Assets		203,169,969
LIABILITIES:
Payables:
Due to custodian		7,439
Investment securities purchased		157,659
Portfolio shares redeemed		155,376
Accrued liabilities:
Investment advisory fees		49,643
Administration fees		13,784
Distribution fees		6,581
Custodian and accounting fees		60,135
Trustees’ and Chief Compliance Officer’s fees		173
Audit fees		45,147
Other		11,744
Total Liabilities		507,681
Net Assets	$	202,662,288
NET ASSETS:
Paid-in-Capital	$	189,451,973
Accumulated undistributed net investment income		3,667,078
Accumulated net realized gains (losses)		(5,959,803	)
Net unrealized appreciation (depreciation)		15,503,040
Total Net Assets	$	202,662,288
Net Assets:
Class 1	$	169,724,083
Class 2		32,938,205
Total	$	202,662,288
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		15,430,132
Class 2		3,015,709
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.00
Class 2		10.92
Cost of investments in non-affiliates	$	180,888,123
Cost of investments in affiliates		5,860,137

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 27

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,017,337
Dividend income from affiliates		813
Total investment income		4,018,150
EXPENSES:
Investment advisory fees		403,611
Administration fees		83,750
Distribution fees — Class 2		35,970
Custodian and accounting fees		58,717
Professional fees		34,436
Trustees’ and Chief Compliance Officer’s fees		1,132
Printing and mailing costs		22,536
Transfer agent fees		3,359
Other		25,194
Total expenses		668,705
Less amounts waived		(33,408	)
Net expenses		635,297
Net investment income (loss)		3,382,853
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		240,138
Change in net unrealized appreciation/depreciation of investments in non-affiliates		2,664,863
Net realized/unrealized gains (losses)		2,905,001
Change in net assets resulting from operations	$	6,287,854

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2014

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

		Core Bond Portfolio
		Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)		$	3,382,853		$	8,069,108
Net realized gain (loss)			240,138			336,171
Change in net unrealized appreciation/depreciation			2,664,863			(11,610,927	)
Change in net assets resulting from operations			6,287,854			(3,205,648	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income			(6,598,583	)		(9,052,968	)
Class 2
From net investment income			(1,166,426	)		(680,242	)
Total distributions to shareholders			(7,765,009	)		(9,733,210	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions			2,223,034			(2,537,046	)
NET ASSETS:
Change in net assets			745,879			(15,475,904	)
Beginning of period	��		201,916,409			217,392,313
End of period		$	202,662,288		$	201,916,409
Accumulated undistributed net investment income		$	3,667,078		$	8,049,234
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued		$	4,754,206		$	14,399,434
Distributions reinvested			6,598,583			9,052,968
Cost of shares redeemed			(17,199,209	)		(42,830,378	)
Change in net assets resulting from Class 1 capital transactions		$	(5,846,420	)	$	(19,377,976	)
Class 2
Proceeds from shares issued		$	10,221,276		$	20,293,669
Distributions reinvested			1,166,426			680,242
Cost of shares redeemed			(3,318,248	)		(4,132,981	)
Change in net assets resulting from Class 2 capital transactions		$	8,069,454		$	16,840,930
Total change in net assets resulting from capital transactions		$	2,223,034		$	(2,537,046	)
SHARE TRANSACTIONS:
Class 1
Issued			425,219			1,270,421
Reinvested			600,964			797,618
Redeemed			(1,535,932	)		(3,788,604	)
Change in Class 1 Shares			(509,749	)		(1,720,565	)
Class 2
Issued			918,992			1,798,755
Reinvested			107,011			60,252
Redeemed			(297,902	)		(367,473	)
Change in Class 2 Shares			728,101			1,491,534

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 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, 2014 (Unaudited)	$	11.09	$	0.19	(f)	$	0.16		$	0.35		$	(0.44	)	$	11.00
Year Ended December 31, 2013		11.78		0.44	(f)		(0.60	)		(0.16	)		(0.53	)		11.09
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
Class 2
Six Months Ended June 30, 2014 (Unaudited)		11.01		0.17	(f)		0.16			0.33			(0.42	)		10.92
Year Ended December 31, 2013		11.72		0.40	(f)		(0.59	)		(0.19	)		(0.52	)		11.01
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

(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, 2014

			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)
	3.14	%	$	169,724,083		0.59	%		3.39	%		0.63	%		7	%
	(1.47	)		176,728,891		0.59			3.86			0.60			13
	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
	3.01			32,938,205		0.84			3.13			0.88			7
	(1.74	)		25,187,518		0.84			3.58			0.85			13
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 seek 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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on 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 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 pricing 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”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”) and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2014

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Portfolio at June 30, 2014.

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 by sector as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	2,437,892	$	2,697,629	$	5,135,521
Collateralized Mortgage Obligations
Agency CMO		—		35,840,087		242,844		36,082,931
Non-Agency CMO		—		13,591,490		1,960,369		15,551,859
Total Collateralized Mortgage Obligations		—		49,431,577		2,203,213		51,634,790
Commercial Mortgage-Backed Securities		—		4,677,393		139,441		4,816,834
Corporate Bonds
Consumer Discretionary		—		2,603,138		—		2,603,138
Consumer Staples		—		1,338,614		—		1,338,614
Energy		—		3,114,103		—		3,114,103
Financials		—		14,777,222		108,062		14,885,284
Health Care		—		786,201		—		786,201
Industrials		—		1,674,896		97,429		1,772,325
Information Technology		—		2,161,649		—		2,161,649
Materials		—		990,632		—		990,632
Telecommunication Services		—		2,287,631		—		2,287,631
Utilities		—		2,915,349		—		2,915,349
Total Corporate Bonds		—		32,649,435		205,491		32,854,926
Foreign Government Securities		—		876,313		—		876,313
Mortgage Pass-Through Securities		—		15,746,668		—		15,746,668
Municipal Bonds		—		454,623		—		454,623
U.S. Government Agency Securities		—		28,318,927		—		28,318,927
U.S. Treasury Obligations		—		56,552,561		—		56,552,561
Short-Term Investment
Investment Company		5,860,137		—		—		5,860,137
Total Investments in Securities	$	5,860,137	$	191,145,389	$	5,245,774	$	202,251,300

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

There were no transfers between Levels 1 and 2 during the six months ended June 30, 2014.

	Balance as of 12/31/13		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 6/30/14
Investments in Securities
Asset-Backed Securities	$	1,689,054	$	—	$	5,263		$	309		$	1,082,187	$	(279,574	)	$	200,390	$	—		$	2,697,629
Collateralized Mortgage Obligations
Agency CMO		—		—		107,216			(108,944	)		—		—			244,572		—			242,844
Non-Agency CMO		2,176,996		—		(236,343	)		212,347			—		(172,710	)		—		(19,921	)		1,960,369
Commercial Mortgage-Backed Securities		406,616		—		8,749			(32,814	)		—		(38,672	)		—		(204,438	)		139,441
Corporate Bonds — Financials		102,375		—		5,687			—			—		—			—		—			108,062
Corporate Bonds — Industrials		100,214		—		1,954			—			—		(4,739	)		—		—			97,429
Corporate Bonds — Telecommunication Services		131,558		—		—			—			—		—			—		(131,558	)		—
Total	$	4,606,813	$	—	$	(107,474	)	$	70,898		$	1,082,187	$	(495,695	)	$	444,962	$	(355,917	)	$	5,245,774

(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 utilizing 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, 2014, which were valued using significant unobservable inputs (Level 3) amounted to $(105,059). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

Core Bond Portfolio

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at 6/30/14		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	875,577	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 5.00% (3.02%)
				Constant Default Rate		3.93% - 11.00% (6.56%)
				Yield (Discount Rate of Cash Flows)		1.49% - 5.97% (3.45%)
Asset-Backed Securities		875,577
		2,095,616	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 35.77% (11.45%)
				Constant Default Rate		0.00% - 9.13% (2.07%)
				PSA Prepayment Model		328.00% - 1,085.00% (704.51%)
				Yield (Discount Rate of Cash Flows)		(176.49%) -26.11% (4.32%)
Collateralized Mortgage Obligations		2,095,616
		129,396	Discounted Cash Flow	Constant Prepayment Rate after Yield Maintenance		100.00% (100.00%)
				Yield (Discount Rate of Cash Flows)		1.29% - 1.30% (1.30%)
Commercial Mortgage-Backed Securities		129,396
Total	$	3,100,589

# The table above does not include Level 3 securities that are valued by brokers and pricing services. At June 30, 2014, the value of these securities was $2,145,185. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 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.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2014

The significant unobservable inputs used in the fair value measurement of the Portfolio’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 yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are 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, 2014, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A under the Securities Act.

The value and percentage of net assets of illiquid securities as of June 30, 2014 were $108,062 and 0.1%, 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 capital gains 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, 2014, 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee 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 covered by the Administration Agreement (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, 2014, the effective annualized 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.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 35

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Portfolio for custody and accounting services are included in Custodian and accounting fees on 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 on the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) 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
0.60%		0.85	%

The expense limitation agreement was in effect for the six months ended June 30, 2014. The contractual expense limitation percentages in the table above are in place until at least April 30, 2015.

For the six months ended June 30, 2014, 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
$	15,872	$	11,447	$	27,319

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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, 2014 was $6,089.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, 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
$6,850,350	$	11,172,352	$	6,423,586	$	3,794,693

36 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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, 2014 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	186,748,260	$	16,590,184	$	1,087,144	$	15,503,040

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010, are 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, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2013, 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
$	750,856	*	$	5,440,874	*	$	6,191,730	*

* 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 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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 on 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 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, 2014 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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,031.40	$	2.97		0.59	%
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class 2
Actual		1,000.00		1,030.10		4.23		0.84
Hypothetical		1,000.00		1,020.63		4.21		0.84

* 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, 2014

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172
Marilyn McCoy
In Favor		55,921
Withheld		2,257

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 39

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 Adviser. 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., 2014. All rights reserved. June 2014. SAN-JPMITCBP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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
Special Shareholder Meeting Results	24

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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Equity Index Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		6.93%
S&P 500 Index		7.14%
Net Assets as of 6/30/2014	$	58,110,028

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 Standard & Poor’s 500 Composite Stock Price 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, 2014. This was consistent with its indexing strategy and investment objective, as the Portfolio looks to generate returns that are comparable to that of the Benchmark.

In the wake of the U.S. Federal Reserve’s (the “Fed”) decision to taper monthly asset purchases under its Quantitative Easing program, U.S. equity prices rose and the Standard & Poor’s (“S&P”) 500 Index reached a record high closing in mid January. From there, equities retreated and the S&P 500 Index notched an 8.50% decline before starting to rebound. Despite severe winter weather that slowed consumer spending and construction, by late February the S&P 500 Index had climbed back into positive territory for the year to date.

Though the U.S. economy contracted by 2.90% during the first three months of 2014 – the sharpest drop in five years — equity markets continued to strengthen through the second quarter of the year. By the end of June, the S&P 500 Index had hit 22 record high closings for the year to date. At the same time, equity market volatility retreated and the index did not move by more than one percent for 51 consecutive days. The Chicago Board Options Exchange Volatility Index reached its lowest level since February 2007. At June 30, the S&P 500 Index (the “Benchmark”) produced a year-to-date return of 7.14% and posted its sixth consecutive quarterly gain, the longest streak of quarterly gains since 1998.

Throughout the reporting period, the Fed proceeded to reduce its monthly asset purchases as the employment picture continued to improve. By the end of June, the central banks monthly purchases had been pared to $45 billion from $85 billion. While a successful Sunni-led insurgency in Iraq threatened to disrupt energy markets, global oil prices rose only slightly.

All of the sectors in the Benchmark produced positive returns during the six month period. The leading contributors to the Portfolio’s performance included the utilities and energy sectors. The bottom contributors to the Portfolio’s performance

included the consumer discretionary sector and the telecommunication services sector.

HOW WAS THE PORTFOLIO POSITIONED?

Regardless of the market outlook, the Portfolio 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.	Apple, Inc.	3.2	%
	2.	Exxon Mobil Corp.	2.5
	3.	Microsoft Corp.	1.8
	4.	Johnson & Johnson	1.7
	5.	General Electric Co	1.5
	6.	Wells Fargo & Co	1.4
	7.	Chevron Corp.	1.4
	8.	Berkshire Hathaway, Inc., Class B	1.3
	9.	JPMorgan Chase & Co.	1.2
	10.	Procter & Gamble Co. (The)	1.2

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	18.6	%
Financials	16.0
Health Care	13.2
Consumer Discretionary	11.7
Energy	10.7
Industrials	10.4
Consumer Staples	9.4
Materials	3.5
Utilities	3.1
Telecommunication Services	2.4
Others (each less than 1.0%)	0.1
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.

** “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 adviser 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, 2014. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		May 1, 1998		6.93	%		24.08	%		18.35	%		7.39	%

* Not annualized.

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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, 2004 to June 30, 2014. 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, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.3%
		Consumer Discretionary — 11.8%
		Auto Components — 0.4%
	758	BorgWarner, Inc.		49,414
	916	Delphi Automotive plc, (United Kingdom)		62,966
	915	Goodyear Tire & Rubber Co. (The)		25,419
	2,201	Johnson Controls, Inc.		109,896
				247,695
		Automobiles — 0.7%
	13,104	Ford Motor Co.		225,913
	4,358	General Motors Co.		158,196
	724	Harley-Davidson, Inc.		50,571
				434,680
		Distributors — 0.1%
	509	Genuine Parts Co.		44,690
		Diversified Consumer Services — 0.1%
	14	Graham Holdings Co., Class B		10,053
	909	H&R Block, Inc.		30,470
				40,523
		Hotels, Restaurants & Leisure — 1.7%
	1,453	Carnival Corp.		54,705
	103	Chipotle Mexican Grill, Inc. (a)		61,029
	437	Darden Restaurants, Inc.		20,220
	728	Marriott International, Inc., Class A		46,665
	3,275	McDonald’s Corp.		329,923
	2,495	Starbucks Corp.		193,063
	636	Starwood Hotels & Resorts Worldwide, Inc.		51,401
	422	Wyndham Worldwide Corp.		31,954
	268	Wynn Resorts Ltd.		55,626
	1,463	Yum! Brands, Inc.		118,796
				963,382
		Household Durables — 0.4%
	949	D.R. Horton, Inc.		23,326
	407	Garmin Ltd., (Switzerland)		24,786
	226	Harman International Industries, Inc.		24,279
	460	Leggett & Platt, Inc.		15,769
	583	Lennar Corp., Class A		24,474
	203	Mohawk Industries, Inc. (a)		28,083
	917	Newell Rubbermaid, Inc.		28,418
	1,129	PulteGroup, Inc.		22,761
	258	Whirlpool Corp.		35,919
				227,815
		Internet & Catalog Retail — 1.3%
	1,235	Amazon.com, Inc. (a)		401,103
	340	Expedia, Inc.		26,779

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet & Catalog Retail — continued
	199	Netflix, Inc. (a)		87,679
	174	Priceline Group, Inc. (The) (a)		209,322
	369	TripAdvisor, Inc. (a)		40,096
				764,979
		Leisure Products — 0.1%
	383	Hasbro, Inc.		20,318
	1,124	Mattel, Inc.		43,802
				64,120
		Media — 3.6%
	717	Cablevision Systems Corp., Class A		12,655
	1,751	CBS Corp. (Non-Voting), Class B		108,807
	8,615	Comcast Corp., Class A		462,453
	1,553	DIRECTV (a)		132,021
	723	Discovery Communications, Inc., Class A (a)		53,704
	747	Gannett Co., Inc.		23,389
	1,404	Interpublic Group of Cos., Inc. (The)		27,392
	1,650	News Corp., Class A (a)		29,601
	856	Omnicom Group, Inc.		60,964
	355	Scripps Networks Interactive, Inc., Class A		28,805
	923	Time Warner Cable, Inc.		135,958
	2,923	Time Warner, Inc.		205,341
	6,345	Twenty-First Century Fox, Inc., Class A		223,027
	1,296	Viacom, Inc., Class B		112,402
	5,337	Walt Disney Co. (The)		457,594
				2,074,113
		Multiline Retail — 0.6%
	1,005	Dollar General Corp. (a)		57,647
	685	Dollar Tree, Inc. (a)		37,305
	317	Family Dollar Stores, Inc.		20,967
	646	Kohl’s Corp.		34,031
	1,194	Macy’s, Inc.		69,276
	466	Nordstrom, Inc.		31,655
	2,099	Target Corp.		121,637
				372,518
		Specialty Retail — 2.0%
	210	AutoNation, Inc. (a)		12,533
	110	AutoZone, Inc. (a)		58,986
	676	Bed Bath & Beyond, Inc. (a)		38,789
	913	Best Buy Co., Inc.		28,312
	730	CarMax, Inc. (a)		37,967
	380	GameStop Corp., Class A		15,379
	862	Gap, Inc. (The)		35,833
	4,534	Home Depot, Inc. (The)		367,073
	813	L Brands, Inc.		47,691

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Specialty Retail — continued
	3,305	Lowe’s Cos., Inc.		158,607
	352	O’Reilly Automotive, Inc. (a)		53,011
	329	PetSmart, Inc.		19,674
	704	Ross Stores, Inc.		46,555
	2,143	Staples, Inc.		23,230
	368	Tiffany & Co.		36,892
	2,321	TJX Cos., Inc. (The)		123,361
	459	Tractor Supply Co.		27,724
	338	Urban Outfitters, Inc. (a)		11,445
				1,143,062
		Textiles, Apparel & Luxury Goods — 0.8%
	909	Coach, Inc.		31,079
	158	Fossil Group, Inc. (a)		16,514
	596	Michael Kors Holdings Ltd., (Hong Kong) (a)		52,835
	2,444	NIKE, Inc., Class B		189,532
	273	PVH Corp.		31,832
	194	Ralph Lauren Corp.		31,174
	537	Under Armour, Inc., Class A (a)		31,946
	1,141	V.F. Corp.		71,883
				456,795
		Total Consumer Discretionary		6,834,372
		Consumer Staples — 9.4%
		Beverages — 2.1%
	537	Brown-Forman Corp., Class B		50,569
	12,526	Coca-Cola Co. (The)		530,601
	775	Coca-Cola Enterprises, Inc.		37,030
	559	Constellation Brands, Inc., Class A (a)		49,265
	651	Dr. Pepper Snapple Group, Inc.		38,136
	527	Molson Coors Brewing Co., Class B		39,082
	448	Monster Beverage Corp. (a)		31,821
	5,024	PepsiCo, Inc.		448,844
				1,225,348
		Food & Staples Retailing — 2.2%
	1,452	Costco Wholesale Corp.		167,212
	3,875	CVS Caremark Corp.		292,059
	1,689	Kroger Co. (The)		83,487
	763	Safeway, Inc.		26,202
	1,937	Sysco Corp.		72,541
	2,909	Walgreen Co.		215,644
	5,341	Wal-Mart Stores, Inc.		400,949
	1,218	Whole Foods Market, Inc.		47,051
				1,305,145

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.6%
	2,169	Archer-Daniels-Midland Co.		95,675
	593	Campbell Soup Co.		27,165
	1,396	ConAgra Foods, Inc.		41,433
	2,036	General Mills, Inc.		106,971
	494	Hershey Co. (The)		48,101
	446	Hormel Foods Corp.		22,010
	344	JM Smucker Co. (The)		36,660
	845	Kellogg Co.		55,517
	421	Keurig Green Mountain, Inc.		52,461
	1,973	Kraft Foods Group, Inc.		118,281
	432	McCormick & Co., Inc. (Non-Voting)		30,927
	670	Mead Johnson Nutrition Co.		62,424
	5,605	Mondelez International, Inc., Class A		210,804
	912	Tyson Foods, Inc., Class A		34,237
				942,666
		Household Products — 1.9%
	426	Clorox Co. (The)		38,936
	2,882	Colgate-Palmolive Co.		196,495
	1,249	Kimberly-Clark Corp.		138,914
	8,967	Procter & Gamble Co. (The)		704,716
				1,079,061
		Personal Products — 0.1%
	1,440	Avon Products, Inc.		21,038
	837	Estee Lauder Cos., Inc. (The), Class A		62,156
				83,194
		Tobacco — 1.5%
	6,583	Altria Group, Inc.		276,091
	1,201	Lorillard, Inc.		73,225
	5,212	Philip Morris International, Inc.		439,424
	1,031	Reynolds American, Inc.		62,221
				850,961
		Total Consumer Staples		5,486,375
		Energy — 10.8%
		Energy Equipment & Services — 2.1%
	1,445	Baker Hughes, Inc.		107,580
	677	Cameron International Corp. (a)		45,840
	227	Diamond Offshore Drilling, Inc.		11,266
	774	Ensco plc, (United Kingdom), Class A		43,011
	779	FMC Technologies, Inc. (a)		47,574
	2,799	Halliburton Co.		198,757
	358	Helmerich & Payne, Inc.		41,567
	867	Nabors Industries Ltd., (Bermuda)		25,464
	1,422	National Oilwell Varco, Inc.		117,102

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Energy Equipment & Services — continued
	842	Noble Corp. plc, (United Kingdom)		28,257
	412	Rowan Cos. plc, Class A		13,155
	4,315	Schlumberger Ltd.		508,954
	1,128	Transocean Ltd., (Switzerland)		50,794
				1,239,321
		Oil, Gas & Consumable Fuels — 8.7%
	1,674	Anadarko Petroleum Corp.		183,253
	1,278	Apache Corp.		128,592
	1,383	Cabot Oil & Gas Corp.		47,216
	1,678	Chesapeake Energy Corp.		52,152
	6,308	Chevron Corp.		823,509
	288	Cimarex Energy Co.		41,317
	4,068	ConocoPhillips		348,750
	762	CONSOL Energy, Inc.		35,105
	1,165	Denbury Resources, Inc.		21,506
	1,271	Devon Energy Corp.		100,917
	1,811	EOG Resources, Inc.		211,633
	503	EQT Corp.		53,771
	14,231	Exxon Mobil Corp.		1,432,777
	875	Hess Corp.		86,529
	2,214	Kinder Morgan, Inc.		80,280
	2,240	Marathon Oil Corp.		89,421
	956	Marathon Petroleum Corp.		74,635
	559	Murphy Oil Corp.		37,162
	452	Newfield Exploration Co. (a)		19,978
	1,190	Noble Energy, Inc.		92,177
	2,603	Occidental Petroleum Corp.		267,146
	689	ONEOK, Inc.		46,907
	899	Peabody Energy Corp.		14,699
	1,875	Phillips 66		150,806
	474	Pioneer Natural Resources Co.		108,930
	597	QEP Resources, Inc.		20,597
	559	Range Resources Corp.		48,605
	1,170	Southwestern Energy Co. (a)		53,223
	2,222	Spectra Energy Corp.		94,391
	429	Tesoro Corp.		25,169
	1,768	Valero Energy Corp.		88,577
	2,447	Williams Cos., Inc. (The)		142,440
				5,022,170
		Total Energy		6,261,491
		Financials — 16.0%
		Banks — 5.9%
	34,847	Bank of America Corp.		535,598
	2,381	BB&T Corp.		93,883

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	10,067	Citigroup, Inc.		474,156
	602	Comerica, Inc.		30,196
	2,818	Fifth Third Bancorp		60,164
	2,743	Huntington Bancshares, Inc.		26,168
	12,542	JPMorgan Chase & Co. (q)		722,670
	2,927	KeyCorp		41,944
	428	M&T Bank Corp.		53,093
	1,770	PNC Financial Services Group, Inc. (The)		157,619
	4,570	Regions Financial Corp.		48,533
	1,766	SunTrust Banks, Inc.		70,746
	6,015	U.S. Bancorp		260,570
	15,883	Wells Fargo & Co.		834,811
	606	Zions Bancorporation		17,859
				3,428,010
		Capital Markets — 2.2%
	183	Affiliated Managers Group, Inc. (a)		37,588
	629	Ameriprise Financial, Inc.		75,480
	3,779	Bank of New York Mellon Corp. (The)		141,637
	415	BlackRock, Inc.		132,634
	3,881	Charles Schwab Corp. (The)		104,515
	956	E*TRADE Financial Corp. (a)		20,325
	1,331	Franklin Resources, Inc.		76,985
	1,378	Goldman Sachs Group, Inc. (The)		230,732
	1,434	Invesco Ltd.		54,133
	341	Legg Mason, Inc.		17,497
	4,638	Morgan Stanley		149,947
	736	Northern Trust Corp.		47,259
	1,428	State Street Corp.		96,047
	871	T. Rowe Price Group, Inc.		73,521
				1,258,300
		Consumer Finance — 1.0%
	3,017	American Express Co.		286,223
	1,894	Capital One Financial Corp.		156,444
	1,545	Discover Financial Services		95,759
	1,401	Navient Corp.		24,812
				563,238
		Diversified Financial Services — 1.8%
	5,966	Berkshire Hathaway, Inc., Class B (a)		755,057
	1,046	CME Group, Inc.		74,213
	381	Intercontinental Exchange Inc.		71,971
	1,050	Leucadia National Corp.		27,531
	902	McGraw Hill Financial, Inc.		74,893
	623	Moody’s Corp.		54,612
	390	NASDAQ OMX Group, Inc. (The)		15,062
				1,073,339

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 2.8%
	1,119	ACE Ltd., (Switzerland)		116,040
	1,505	Aflac, Inc.		93,686
	1,438	Allstate Corp. (The)		84,439
	4,794	American International Group, Inc.		261,657
	983	Aon plc, (United Kingdom)		88,558
	237	Assurant, Inc.		15,535
	810	Chubb Corp. (The)		74,658
	488	Cincinnati Financial Corp.		23,444
	1,645	Genworth Financial, Inc., Class A (a)		28,623
	1,490	Hartford Financial Services Group, Inc. (The)		53,357
	874	Lincoln National Corp.		44,959
	1,012	Loews Corp.		44,538
	1,821	Marsh & McLennan Cos., Inc.		94,364
	3,730	MetLife, Inc.		207,239
	907	Principal Financial Group, Inc.		45,785
	1,805	Progressive Corp. (The)		45,775
	1,531	Prudential Financial, Inc.		135,907
	291	Torchmark Corp.		23,839
	1,151	Travelers Cos., Inc. (The)		108,275
	853	Unum Group		29,650
	900	XL Group plc, (Ireland)		29,457
				1,649,785
		Real Estate Investment Trusts (REITs) — 2.2%
	1,311	American Tower Corp.		117,964
	484	Apartment Investment & Management Co., Class A		15,619
	404	AvalonBay Communities, Inc.		57,445
	507	Boston Properties, Inc.		59,917
	1,106	Crown Castle International Corp.		82,132
	1,113	Equity Residential		70,119
	207	Essex Property Trust, Inc.		38,276
	1,728	General Growth Properties, Inc.		40,712
	1,518	HCP, Inc.		62,815
	1,012	Health Care REIT, Inc.		63,422
	2,508	Host Hotels & Resorts, Inc.		55,201
	1,361	Kimco Realty Corp.		31,276
	466	Macerich Co. (The)		31,105
	587	Plum Creek Timber Co., Inc.		26,474
	1,656	Prologis, Inc.		68,045
	480	Public Storage		82,248
	1,029	Simon Property Group, Inc.		171,102
	975	Ventas, Inc.		62,497
	578	Vornado Realty Trust		61,690
	1,939	Weyerhaeuser Co.		64,161
				1,262,220

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Management & Development — 0.0% (g)
	924	CBRE Group, Inc., Class A (a)		29,605
		Thrifts & Mortgage Finance — 0.1%
	1,577	Hudson City Bancorp, Inc.		15,502
	1,028	People’s United Financial, Inc.		15,595
				31,097
		Total Financials		9,295,594
		Health Care — 13.2%
		Biotechnology — 2.5%
	655	Alexion Pharmaceuticals, Inc. (a)		102,344
	2,509	Amgen, Inc.		296,990
	786	Biogen Idec, Inc. (a)		247,834
	2,654	Celgene Corp. (a)		227,926
	5,089	Gilead Sciences, Inc. (a)		421,929
	264	Regeneron Pharmaceuticals, Inc. (a)		74,572
	783	Vertex Pharmaceuticals, Inc. (a)		74,134
				1,445,729
		Health Care Equipment & Supplies — 2.1%
	4,977	Abbott Laboratories		203,559
	1,798	Baxter International, Inc.		129,995
	640	Becton, Dickinson & Co.		75,712
	4,383	Boston Scientific Corp. (a)		55,971
	253	C.R. Bard, Inc.		36,182
	687	CareFusion Corp. (a)		30,468
	1,494	Covidien plc, (Ireland)		134,729
	470	DENTSPLY International, Inc.		22,254
	350	Edwards Lifesciences Corp. (a)		30,044
	127	Intuitive Surgical, Inc. (a)		52,299
	3,310	Medtronic, Inc.		211,046
	942	St. Jude Medical, Inc.		65,234
	980	Stryker Corp.		82,634
	344	Varian Medical Systems, Inc. (a)		28,600
	556	Zimmer Holdings, Inc.		57,746
				1,216,473
		Health Care Providers & Services — 2.0%
	1,184	Aetna, Inc.		95,999
	748	AmerisourceBergen Corp.		54,350
	1,127	Cardinal Health, Inc.		77,267
	890	Cigna Corp.		81,853
	589	DaVita HealthCare Partners, Inc. (a)		42,597
	2,561	Express Scripts Holding Co. (a)		177,554
	513	Humana, Inc.		65,520
	281	Laboratory Corp. of America Holdings (a)		28,774
	764	McKesson Corp.		142,264

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	272	Patterson Cos., Inc.		10,747
	479	Quest Diagnostics, Inc.		28,113
	324	Tenet Healthcare Corp. (a)		15,209
	3,247	UnitedHealth Group, Inc.		265,442
	927	WellPoint, Inc.		99,754
				1,185,443
		Health Care Technology — 0.1%
	979	Cerner Corp. (a)		50,497
		Life Sciences Tools & Services — 0.5%
	1,104	Agilent Technologies, Inc.		63,414
	375	PerkinElmer, Inc.		17,565
	1,322	Thermo Fisher Scientific, Inc.		155,996
	281	Waters Corp. (a)		29,347
				266,322
		Pharmaceuticals — 6.0%
	5,269	AbbVie, Inc.		297,382
	578	Actavis plc (a)		128,923
	986	Allergan, Inc.		166,851
	5,492	Bristol-Myers Squibb Co.		266,417
	3,264	Eli Lilly & Co.		202,923
	795	Forest Laboratories, Inc. (a)		78,705
	554	Hospira, Inc. (a)		28,459
	9,375	Johnson & Johnson		980,813
	9,684	Merck & Co., Inc.		560,219
	1,238	Mylan, Inc. (a)		63,831
	443	Perrigo Co. plc, (Ireland)		64,572
	21,138	Pfizer, Inc.		627,376
	1,660	Zoetis, Inc.		53,568
				3,520,039
		Total Health Care		7,684,503
		Industrials — 10.4%
		Aerospace & Defense — 2.6%
	2,223	Boeing Co. (The)		282,832
	1,079	General Dynamics Corp.		125,758
	2,595	Honeywell International, Inc.		241,205
	286	L-3 Communications Holdings, Inc.		34,535
	883	Lockheed Martin Corp.		141,925
	710	Northrop Grumman Corp.		84,937
	480	Precision Castparts Corp.		121,152
	1,037	Raytheon Co.		95,663
	449	Rockwell Collins, Inc.		35,085
	925	Textron, Inc.		35,418
	2,795	United Technologies Corp.		322,683
				1,521,193

SHARES		SECURITY DESCRIPTION	VALUE($)
		Air Freight & Logistics — 0.7%
	492	C.H. Robinson Worldwide, Inc.		31,385
	654	Expeditors International of Washington, Inc.		28,880
	921	FedEx Corp.		139,421
	2,336	United Parcel Service, Inc., Class B		239,814
				439,500
		Airlines — 0.3%
	2,810	Delta Air Lines, Inc.		108,803
	2,293	Southwest Airlines Co.		61,590
				170,393
		Building Products — 0.1%
	297	Allegion plc, (Ireland)		16,834
	1,182	Masco Corp.		26,240
				43,074
		Commercial Services & Supplies — 0.5%
	577	ADT Corp. (The)		20,160
	335	Cintas Corp.		21,286
	566	Iron Mountain, Inc.		20,065
	671	Pitney Bowes, Inc.		18,533
	886	Republic Services, Inc.		33,642
	281	Stericycle, Inc. (a)		33,276
	1,529	Tyco International Ltd., (Switzerland)		69,722
	1,434	Waste Management, Inc.		64,143
				280,827
		Construction & Engineering — 0.1%
	527	Fluor Corp.		40,526
	438	Jacobs Engineering Group, Inc. (a)		23,337
	722	Quanta Services, Inc. (a)		24,967
				88,830
		Electrical Equipment — 0.6%
	813	AMETEK, Inc.		42,504
	1,580	Eaton Corp. plc		121,944
	2,325	Emerson Electric Co.		154,287
	459	Rockwell Automation, Inc.		57,449
				376,184
		Industrial Conglomerates — 2.4%
	2,060	3M Co.		295,074
	1,994	Danaher Corp.		156,988
	33,230	General Electric Co.		873,285
	331	Roper Industries, Inc.		48,329
				1,373,676

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Machinery — 1.7%
	2,069	Caterpillar, Inc.		224,838
	567	Cummins, Inc.		87,483
	1,206	Deere & Co.		109,203
	552	Dover Corp.		50,204
	455	Flowserve Corp.		33,829
	1,258	Illinois Tool Works, Inc.		110,151
	832	Ingersoll-Rand plc		52,008
	331	Joy Global, Inc.		20,383
	1,175	PACCAR, Inc.		73,825
	363	Pall Corp.		30,997
	494	Parker Hannifin Corp.		62,111
	645	Pentair plc, (United Kingdom)		46,517
	193	Snap-on, Inc.		22,874
	517	Stanley Black & Decker, Inc.		45,403
	609	Xylem, Inc.		23,800
				993,626
		Professional Services — 0.2%
	123	Dun & Bradstreet Corp. (The)		13,555
	404	Equifax, Inc.		29,306
	1,005	Nielsen N.V.		48,652
	456	Robert Half International, Inc.		21,769
				113,282
		Road & Rail — 1.0%
	3,328	CSX Corp.		102,536
	366	Kansas City Southern		39,348
	1,026	Norfolk Southern Corp.		105,709
	176	Ryder System, Inc.		15,504
	3,002	Union Pacific Corp.		299,449
				562,546
		Trading Companies & Distributors — 0.2%
	905	Fastenal Co.		44,788
	202	W.W. Grainger, Inc.		51,363
				96,151
		Total Industrials		6,059,282
		Information Technology — 18.7%
		Communications Equipment — 1.7%
	16,975	Cisco Systems, Inc.		421,829
	251	F5 Networks, Inc. (a)		27,971
	353	Harris Corp.		26,740
	1,570	Juniper Networks, Inc. (a)		38,528
	750	Motorola Solutions, Inc.		49,927
	5,593	QUALCOMM, Inc.		442,966
				1,007,961

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — 0.5%
	521	Amphenol Corp., Class A		50,193
	4,336	Corning, Inc.		95,175
	469	FLIR Systems, Inc.		16,289
	613	Jabil Circuit, Inc.		12,812
	1,354	TE Connectivity Ltd., (Switzerland)		83,731
				258,200
		Internet Software & Services — 3.1%
	590	Akamai Technologies, Inc. (a)		36,025
	3,780	eBay, Inc. (a)		189,227
	5,698	Facebook, Inc., Class A (a)		383,419
	939	Google, Inc., Class A (a)		549,005
	939	Google, Inc., Class C (a)		540,188
	409	VeriSign, Inc. (a)		19,963
	3,103	Yahoo!, Inc. (a)		109,008
				1,826,835
		IT Services — 3.3%
	2,098	Accenture plc, (Ireland), Class A		169,602
	180	Alliance Data Systems Corp. (a)		50,625
	1,598	Automatic Data Processing, Inc.		126,689
	2,016	Cognizant Technology Solutions Corp., Class A (a)		98,603
	480	Computer Sciences Corp.		30,336
	954	Fidelity National Information Services, Inc.		52,222
	826	Fiserv, Inc. (a)		49,824
	3,153	International Business Machines Corp.		571,544
	3,330	MasterCard, Inc., Class A		244,655
	1,073	Paychex, Inc.		44,594
	523	Teradata Corp. (a)		21,025
	550	Total System Services, Inc.		17,276
	1,666	Visa, Inc., Class A		351,043
	1,786	Western Union Co. (The)		30,969
	3,620	Xerox Corp.		45,033
				1,904,040
		Semiconductors & Semiconductor Equipment — 2.3%
	1,038	Altera Corp.		36,081
	1,041	Analog Devices, Inc.		56,287
	4,034	Applied Materials, Inc.		90,967
	834	Avago Technologies Ltd., (Singapore)		60,106
	1,842	Broadcom Corp., Class A		68,375
	236	First Solar, Inc. (a)		16,770
	16,496	Intel Corp.		509,726
	550	KLA-Tencor Corp.		39,952
	537	Lam Research Corp.		36,291
	784	Linear Technology Corp.		36,903

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Equity Index Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	664	Microchip Technology, Inc.		32,410
	3,547	Micron Technology, Inc. (a)		116,874
	1,849	NVIDIA Corp.		34,280
	3,577	Texas Instruments, Inc.		170,945
	891	Xilinx, Inc.		42,153
				1,348,120
		Software — 3.5%
	1,534	Adobe Systems, Inc. (a)		111,000
	755	Autodesk, Inc. (a)		42,567
	1,057	CA, Inc.		30,378
	543	Citrix Systems, Inc. (a)		33,965
	1,042	Electronic Arts, Inc. (a)		37,376
	941	Intuit, Inc.		75,779
	24,910	Microsoft Corp.		1,038,747
	11,377	Oracle Corp.		461,110
	627	Red Hat, Inc. (a)		34,654
	1,872	salesforce.com, Inc. (a)		108,726
	2,292	Symantec Corp.		52,487
				2,026,789
		Technology Hardware, Storage & Peripherals — 4.3%
	19,981	Apple, Inc.		1,856,833
	6,784	EMC Corp.		178,691
	6,201	Hewlett-Packard Co.		208,850
	1,098	NetApp, Inc.		40,099
	750	SanDisk Corp.		78,322
	1,082	Seagate Technology plc, (Ireland)		61,479
	693	Western Digital Corp.		63,964
				2,488,238
		Total Information Technology		10,860,183
		Materials — 3.5%
		Chemicals — 2.6%
	703	Air Products & Chemicals, Inc.		90,420
	222	Airgas, Inc.		24,178
	173	CF Industries Holdings, Inc.		41,612
	3,990	Dow Chemical Co. (The)		205,326
	3,043	E.I. du Pont de Nemours & Co.		199,134
	498	Eastman Chemical Co.		43,500
	895	Ecolab, Inc.		99,649
	441	FMC Corp.		31,395
	269	International Flavors & Fragrances, Inc.		28,051
	1,380	LyondellBasell Industries N.V., Class A		134,757
	1,737	Monsanto Co.		216,673
	1,072	Mosaic Co. (The)		53,010
	458	PPG Industries, Inc.		96,249

SHARES		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	971	Praxair, Inc.		128,988
	281	Sherwin-Williams Co. (The)		58,142
	394	Sigma-Aldrich Corp.		39,983
				1,491,067
		Construction Materials — 0.1%
	433	Vulcan Materials Co.		27,604
		Containers & Packaging — 0.2%
	315	Avery Dennison Corp.		16,144
	462	Ball Corp.		28,958
	334	Bemis Co., Inc.		13,580
	556	MeadWestvaco Corp.		24,609
	547	Owens-Illinois, Inc. (a)		18,948
	644	Sealed Air Corp.		22,005
				124,244
		Metals & Mining — 0.5%
	3,885	Alcoa, Inc.		57,848
	360	Allegheny Technologies, Inc.		16,236
	3,442	Freeport-McMoRan Copper & Gold, Inc.		125,633
	1,652	Newmont Mining Corp.		42,027
	1,055	Nucor Corp.		51,959
	480	United States Steel Corp.		12,499
				306,202
		Paper & Forest Products — 0.1%
	1,435	International Paper Co.		72,424
		Total Materials		2,021,541
		Telecommunication Services — 2.4%
		Diversified Telecommunication Services — 2.4%
	17,198	AT&T, Inc.		608,121
	1,898	CenturyLink, Inc.		68,708
	3,321	Frontier Communications Corp.		19,395
	13,723	Verizon Communications, Inc.		671,466
	1,997	Windstream Holdings, Inc.		19,890
		Total Telecommunication Services		1,387,580
		Utilities — 3.1%
		Electric Utilities — 1.8%
	1,617	American Electric Power Co., Inc.		90,180
	2,344	Duke Energy Corp.		173,901
	1,080	Edison International		62,759
	594	Entergy Corp.		48,761
	2,846	Exelon Corp.		103,822
	1,391	FirstEnergy Corp.		48,296
	1,445	NextEra Energy, Inc.		148,084
	1,047	Northeast Utilities		49,492

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electric Utilities — continued
	832	Pepco Holdings, Inc.		22,863
	366	Pinnacle West Capital Corp.		21,169
	2,093	PPL Corp.		74,364
	2,952	Southern Co. (The)		133,962
	1,663	Xcel Energy, Inc.		53,599
				1,031,252
		Gas Utilities — 0.0% (g)
	395	AGL Resources, Inc.		21,737
		Independent Power & Renewable Electricity Producers — 0.1%
	2,187	AES Corp.		34,008
	1,118	NRG Energy, Inc.		41,589
				75,597
		Multi-Utilities — 1.2%
	804	Ameren Corp.		32,867
	1,424	CenterPoint Energy, Inc.		36,369
	893	CMS Energy Corp.		27,817
	971	Consolidated Edison, Inc.		56,066
	1,927	Dominion Resources, Inc.		137,819
	587	DTE Energy Co.		45,710
	265	Integrys Energy Group, Inc.		18,849
	1,043	NiSource, Inc.		41,032
	1,540	PG&E Corp.		73,951
	1,677	Public Service Enterprise Group, Inc.		68,405
	469	SCANA Corp.		25,237
	755	Sempra Energy		79,056

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
	678	TECO Energy, Inc.		12,529
	747	Wisconsin Energy Corp.		35,049
				690,756
		Total Utilities		1,819,342
		Total Common Stocks (Cost $32,749,042)		57,710,263
	Exchange Traded Fund — 0.1%
		U.S. Equity — 0.1%
	270	SPDR S&P 500 ETF Trust (Cost $52,813)		52,844
	Short-Term Investments — 0.9%
		Investment Company — 0.7%
	417,435	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m)		417,435
PRINCIPAL AMOUNT($)
		U.S. Treasury Obligation — 0.2%
	80,000	U.S. Treasury Bill, 0.027%, 07/10/14 (k) (n) (Cost $80,000)		80,000
		Total Short-Term Investments (Cost $497,435)		497,435
		Total Investments — 100.3% (Cost $33,299,290)		58,260,542
		Liabilities in Excess of Other Assets — (0.3)%		(150,514	)
		NET ASSETS — 100.0%	$	58,110,028

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT June 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	4	E-mini S&P 500		09/19/14	$	390,480	$	3,152

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Equity Index Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

ETF	—  Exchange Traded Fund
REIT	—  Real Estate Investment Trust
SPDR	—  Standard & Poor’s Depositary Receipts
(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, 2014.
(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 which is a security in the Portfolio’s index.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2014

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	Equity Index Portfolio
ASSETS:
Investments in non-affiliates, at value	$	57,120,437
Investments in affiliates, at value		1,140,105
Total investment securities, at value		58,260,542
Receivables:
Dividends from non-affiliates		61,528
Dividends from affiliates		14
Variation margin on futures contracts		66
Total Assets		58,322,150
LIABILITIES:
Payables:
Due to custodian		35
Investment securities purchased		47,842
Portfolio shares redeemed		99,624
Accrued liabilities:
Investment advisory fees		2,027
Administration fees		3,968
Custodian and accounting fees		24,010
Trustees’ and Chief Compliance Officer’s fees		216
Audit Fees		25,219
Other		9,181
Total Liabilities		212,122
Net Assets	$	58,110,028
NET ASSETS:
Paid-in-Capital	$	37,403,336
Accumulated undistributed net investment income		480,945
Accumulated net realized gains (losses)		(4,738,657	)
Net unrealized appreciation (depreciation)		24,964,404
Total Net Assets	$	58,110,028
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):		3,904,116
Net asset value, offering and redemption price per share (a):	$	14.88
Cost of investments in non-affiliates	$	32,404,623
Cost of investments in affiliates		894,667

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 13

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	Equity Index Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	574,782
Dividend income from affiliates		10,180
Interest income from non-affiliates		12
Total investment income		584,974
EXPENSES:
Investment advisory fees		71,504
Administration fees		23,740
Custodian and accounting fees		18,829
Professional fees		20,632
Trustees’ and Chief Compliance Officer’s fees		322
Printing and mailing costs		9,538
Transfer agent fees		1,430
Other		7,983
Total expenses		153,978
Less amounts waived		(40,130	)
Net expenses		113,848
Net investment income (loss)		471,126
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,790,426
Investment in affiliates		23,895
Futures		140,091
Net realized gains (losses)		2,954,412
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		467,295
Investments in affiliates		(37,079	)
Futures		(32,878	)
Change in net unrealized appreciation/depreciation		397,338
Net realized/unrealized gains (losses)		3,351,750
Change in net assets resulting from operations	$	3,822,876

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2014

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Equity Index Portfolio
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	471,126		$	1,027,019
Net realized gain (loss)		2,954,412			5,527,851
Change in net unrealized appreciation/depreciation		397,338			10,020,361
Change in net assets resulting from operations		3,822,876			16,575,231
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(1,004,612	)		(1,177,217	)
From net realized gains		(4,490,160	)		(2,249,549	)
Total distributions to shareholders		(5,494,772	)		(3,426,766	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(883,139	)		(10,788,095	)
NET ASSETS:
Change in net assets		(2,555,035	)		2,360,370
Beginning of period		60,665,063			58,304,693
End of period	$	58,110,028		$	60,665,063
Accumulated undistributed net investment income	$	480,945		$	1,014,431
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	170,444		$	852,993
Distributions reinvested		5,494,772			3,426,766
Cost of shares redeemed		(6,548,355	)		(15,067,854	)
Change in net assets resulting from capital transactions	$	(883,139	)	$	(10,788,095	)
SHARE TRANSACTIONS:
Issued		11,217			63,584
Reinvested		387,501			264,207
Redeemed		(430,212	)		(1,095,905	)
Change in Shares		(31,494	)		(768,114	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 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, 2014 (Unaudited)	$	15.41	$	0.12	(d)	$	0.87		$	0.99	$	(0.28	)	$	(1.24	)	$	(1.52	)
Year Ended December 31, 2013		12.40		0.24	(d)		3.56			3.80		(0.27	)		(0.52	)		(0.79	)
Year Ended December 31, 2012		10.93		0.23	(d)		1.46			1.69		(0.22	)		—			(0.22	)
Year Ended December 31, 2011		10.93		0.19	(d)		—	(g)		0.19		(0.19	)		—			(0.19	)
Year Ended December 31, 2010		9.75		0.16	(d)		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	)

(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, 2014

		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)
$	14.88		6.93	%	$	58,110,028		0.40	%		1.65	%		0.54	%		2	%
	15.41		31.81			60,665,063		0.40			1.72			0.55			4
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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
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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. Equity securities, including investments in Exchange Traded Funds (“ETFs”), 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 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 pricing 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”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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

18 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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)	$	58,180,542	$	80,000	$	—	$	58,260,542
Appreciation in Other Financial Instruments
Futures Contracts	$	3,152	$	—	$	—	$	3,152

(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 among any levels during the six months ended June 30, 2014.

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 change in net unrealized appreciation/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, 2014:

Futures Contracts:
Average Notional Balance Long	$	749,004
Ending Notional Balance Long		390,480

The Portfolio’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions).

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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, 2014
Affiliate	Value at December 31, 2013		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)		Dividend Income		Shares at June 30, 2014		Value at June 30, 2014
JPMorgan Chase & Co. (Common stock)*	$	797,901	$	11,665	$	73,713	$	23,895	$	10,106	$	12,542	$	722,670
JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares		825,767		4,874,836		5,283,168		—		74		417,435		417,435
	$	1,623,668					$	23,895	$	10,180			$	1,140,105

* Investment in affiliate which is a security in the Portfolio’s index.

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 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.

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 capital gains 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, 2014, 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 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) 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 Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee 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 covered by the Administration Agreement (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, 2014, the effective annualized 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.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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 paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Adviser 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 agreement was in effect for the six months ended June 30, 2014. The contractual expense limitation percentage above is in place until at least April 30, 2015.

For the six months ended June 30, 2014, 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
$19,799	$	19,772	$	39,571

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser 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, 2014 (excluding the waiver disclosed in Note 2.D. regarding cash collateral for securities lending invested in JPMorgan Prime Money Market Fund) was $559.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$1,083,635	$	6,421,829

During the six months ended June 30, 2014, there were no purchases or sales of U.S. Government securities.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

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, 2014 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	33,299,290	$	25,253,041	$	291,789	$	24,961,252

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 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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, 2014

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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Equity Index Portfolio
Actual	$	1,000.00	$	1,069.30	$	2.05		0.40	%
Hypothetical		1,000.00		1,022.81		2.04		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, 2014 JPMORGAN INSURANCE TRUST 23

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172
Marilyn McCoy
In Favor		55,921
Withheld		2,257

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

24 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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 Adviser. 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., 2014.  All rights reserved. June 2014. SAN-JPMITEIP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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
Special Shareholder Meeting Results	20

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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		2.50%
Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)		4.78%
Net Assets as of 6/30/2014	$	33,171,748

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?

At the start of the reporting period, developing markets were performing well, while emerging markets were recovering from a sell off in the wake of the U.S. Federal Reserve’s (the “Fed”) move to scale back its monthly asset purchases under its Quantitative Easing program. Europe’s economic recovery continued to strengthen and by the start of 2014, Ireland had become the first nation to exit the European Union’s (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity also bolstered equity markets in Europe.

The political/military crisis in Ukraine appeared to have only a minor impact on the EU economy. However, the European Central Bank (ECB) began to confront the threat of price deflation in the EU. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0%, effectively charging European banks for parking excess cash with the ECB.

In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI EAFE Index (the “Benchmark”) returned 4.78% for the six months ended June 30, 2014.

Emerging market investors faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies.

Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended the reporting period with the strongest quarterly performance since 2012. The MSCI

Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

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, 2014. The Portfolio’s security selection in the financials sector and its underweight position in the utilities sector detracted from performance relative to the Benchmark. The Portfolio’s security selection in the consumer staples sector and the industrials sector made a positive contribution to relative performance.

Individual detractors from relative performance included the Portfolio’s overweight positions in Barclays PLC, Honda Motor Co. and Kubota Corp. Shares of Barclays, a U.K. financial services company, declined on ongoing scrutiny by regulators. Shares of Honda, a Japanese automaker, fell on the back of disappointing earnings guidance. Shares of Kubota, a Japanese maker of farm equipment and construction machinery, were weighed down by weakness in the overall Japanese market and by political unrest in Thailand, which is a major market for the company.

Individual contributors to relative performance included the Portfolio’s overweight positions in Cheung Kong Holdings Ltd., HDFC Bank Ltd. and Royal Dutch Shell plc. Shares of Cheung Kong, a Hong Kong property and investment company, gained from a relaxation of housing curbs by Hong Kong authorities and expectations that U.S. interest rates will remain low for the foreseeable future. Shares of HDFC Bank, an Indian financial services company not held by the Benchmark, gained as the election victory of Prime Minister Narendra Modi sparked hope for an economic revival in India. Shares of Royal Dutch Shell, the Anglo-Dutch integrated energy company, rose as the company reported better-than-expected earnings and pledged better capital discipline and higher dividends.

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

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

potential to grow their earnings faster than their industry peers.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Royal Dutch Shell plc, Class A (Netherlands)	3.1	%
	2.	HSBC Holdings plc (United Kingdom)	2.6
	3.	BG Group plc (United Kingdom)	2.3
	4.	Novartis AG (Switzerland)	2.3
	5.	Nestle S.A. (Switzerland)	2.2
	6.	Toyota Motor Corp. (Japan)	2.1
	7.	BHP Billiton Ltd. (Australia)	2.1
	8.	Roche Holding AG (Switzerland)	2.0
	9.	Standard Chartered plc (United Kingdom)	1.8
	10.	SAP AG (Germany)	1.7

PORTFOLIO COMPOSITION BY COUNTRY***
United Kingdom	21.7	%
Japan	19.0
Switzerland	14.7
France	12.1
Germany	8.5
Netherlands	6.3
Hong Kong	4.2
Australia	2.9
China	2.8
South Korea	1.8
Belgium	1.5
Others (each less than 1.0%)	4.5

* 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 gener- ally accepted in the United States of America.

** The adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust International Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		2.50	%		18.29	%		11.29	%		6.16	%
CLASS 2 SHARES	April 24, 2009		2.41			18.02			11.00			6.02

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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 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, 2004 to June 30, 2014. 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 U.S. and other nations.

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, 2014

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.1%
		Australia — 2.9%
	20,160	BHP Billiton Ltd. (m)		687,550
	4,697	Rio Tinto Ltd. (m)		263,502
				951,052
		Belgium — 1.5%
	4,180	Anheuser-Busch InBev N.V. (m)		480,283
		China — 2.8%
	362,000	China Construction Bank Corp., Class H (a) (m)		273,763
	127,000	CNOOC Ltd. (m)		228,304
	398,500	Industrial & Commercial Bank of China Ltd., Class H (m)		251,985
	23,000	Ping An Insurance Group Co. of China Ltd., Class H (m)		178,067
				932,119
		Denmark — 0.9%
	6,300	Novo Nordisk A/S, Class B (m)		290,764
		France — 12.0%
	7,343	Accor S.A. (m)		381,656
	15,689	AXA S.A. (m)		374,862
	3,609	BNP Paribas S.A. (m)		245,263
	2,456	Essilor International S.A. (m)		260,277
	2,745	Imerys S.A. (m)		231,498
	1,469	Kering (m)		322,256
	3,360	Lafarge S.A. (m)		292,183
	2,057	LVMH Moet Hennessy Louis Vuitton S.A. (m)		396,937
	2,187	Pernod-Ricard S.A. (m)		262,704
	4,997	Sanofi (m)		531,129
	3,326	Schneider Electric S.A. (m)		313,620
	3,500	Technip S.A. (m)		382,415
				3,994,800
		Germany — 6.0%
	2,320	Allianz SE (m)		387,240
	3,790	Bayer AG (m)		534,667
	3,760	Fresenius Medical Care AG & Co. KGaA (m)		252,978
	1,202	Linde AG (m)		255,420
	7,378	SAP AG (m)		568,510
				1,998,815
		Hong Kong — 4.2%
	32,000	Cheung Kong Holdings Ltd. (m)		567,733
	80,000	China Overseas Land & Investment Ltd. (m)		194,044
	89,000	Hang Lung Properties Ltd. (m)		274,461
	46,000	Sands China Ltd. (m)		347,194
				1,383,432

SHARES		SECURITY DESCRIPTION	VALUE($)
		India — 0.7%
	5,200	HDFC Bank Ltd., ADR (m)		243,464
		Indonesia — 0.5%
	240,800	Astra International Tbk PT (m)		147,843
		Israel — 0.9%
	5,430	Teva Pharmaceutical Industries Ltd., ADR (m)		284,641
		Japan — 18.9%
	27,000	Astellas Pharma, Inc. (m)		355,065
	4,400	Daikin Industries Ltd. (m)		277,696
	4,400	East Japan Railway Co. (m)		346,685
	1,700	FANUC Corp. (m)		293,569
	14,000	Honda Motor Co., Ltd. (m)		488,527
	13,000	Japan Tobacco, Inc. (m)		474,008
	15,500	Komatsu Ltd. (m)		359,806
	25,000	Kubota Corp. (m)		354,757
	4,500	Makita Corp. (m)		278,118
	13,000	Mitsubishi Corp. (m)		270,588
	4,100	Nidec Corp. (m)		252,151
	4,800	Nitto Denko Corp. (m)		224,839
	6,200	Shin-Etsu Chemical Co., Ltd. (m)		377,011
	1,300	SMC Corp. (m)		348,350
	22,900	Sumitomo Corp. (m)		308,993
	10,800	Sumitomo Mitsui Financial Group, Inc. (m)		453,135
	11,600	Toyota Motor Corp. (m)		694,522
	26,200	Yahoo! Japan Corp. (m)		120,991
				6,278,811
		Netherlands — 6.3%
	5,240	Akzo Nobel N.V. (m)		392,891
	3,427	ASML Holding N.V. (m)		319,607
	26,133	ING Groep N.V., CVA (a) (m)		366,711
	24,577	Royal Dutch Shell plc, Class A (m)		1,014,786
				2,093,995
		South Korea — 1.8%
	720	Hyundai Mobis (m)		202,207
	301	Samsung Electronics Co., Ltd. (m)		393,091
				595,298
		Sweden — 0.7%
	8,550	Atlas Copco AB, Class A (m)		246,848
		Switzerland — 14.7%
	13,560	ABB Ltd. (a) (m)		312,020
	2,860	Cie Financiere Richemont S.A. (m)		299,697
	13,210	Credit Suisse Group AG (a) (m)		375,686
	72,156	Glencore plc (a) (m)		402,105
	3,176	Holcim Ltd. (a) (m)		278,972

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust International Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Switzerland — continued
	9,382	Nestle S.A. (m)		726,983
	8,219	Novartis AG (m)		744,299
	2,205	Roche Holding AG (m)		656,995
	58	SGS S.A. (m)		138,790
	26,029	UBS AG (a) (m)		477,229
	1,500	Zurich Insurance Group AG (a) (m)		451,779
				4,864,555
		Taiwan — 0.8%
	12,757	Taiwan Semiconductor Manufacturing Co., Ltd., ADR (m)		272,872
		United Kingdom — 21.5%
	6,281	Aggreko plc (m)		177,332
	136,108	Barclays plc (m)		495,811
	35,731	BG Group plc (m)		753,973
	7,720	British American Tobacco plc (m)		459,358
	13,090	Burberry Group plc (m)		332,238
	39,679	Centrica plc (m)		212,030
	84,566	HSBC Holdings plc (m)		860,012
	6,740	Imperial Tobacco Group plc (m)		303,220
	50,770	Marks & Spencer Group plc (m)		369,316
	25,050	Meggitt plc (m)		216,884
	24,087	Prudential plc (m)		551,868
	5,828	Rio Tinto plc (m)		314,679

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	29,784	Standard Chartered plc (m)		608,788
	10,990	Tullow Oil plc (m)		160,330
	8,799	Unilever plc (m)		398,854
	134,614	Vodafone Group plc (m)		449,918
	22,093	WPP plc (m)		481,448
				7,146,059
		Total Common Stocks (Cost $20,021,917)		32,205,651
	Preferred Stocks — 2.4%
		Germany — 2.4%
	2,330	Henkel AG & Co. KGaA (m)		269,190
	2,002	Volkswagen AG (m)		524,357
		Total Preferred Stocks (Cost $337,043)		793,547
		Total Investments — 99.5% (Cost $20,358,960)		32,999,198
		Other Assets in Excess of Liabilities — 0.5%		172,550
		NET ASSETS — 100.0%	$	33,171,748

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2014

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

INDUSTRY	PERCENTAGE
Banks		10.4	%
Pharmaceuticals		10.3
Oil, Gas & Consumable Fuels		6.5
Insurance		5.9
Machinery		5.7
Automobiles		5.6
Metals & Mining		5.1
Textiles, Apparel & Luxury Goods		4.1
Chemicals		3.8
Tobacco		3.7
Food Products		3.4
Real Estate Management & Development		3.1
Semiconductors & Semiconductor Equipment		3.0
Electrical Equipment		2.7

INDUSTRY	PERCENTAGE
Capital Markets		2.6	%
Construction Materials		2.4
Beverages		2.3
Hotels, Restaurants & Leisure		2.2
Trading Companies & Distributors		1.8
Software		1.7
Media		1.5
Wireless Telecommunication Services		1.4
Energy Equipment & Services		1.2
Multiline Retail		1.1
Diversified Financial Services		1.1
Road & Rail		1.0
Others (each less than 1.0%)		6.4

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

ADR	—  American Depositary Receipt
CVA	—  Dutch Certification
(a)	—  Non-income producing security.
(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 as described in Note 2.A. of the notes to financial statements are $32,198,221 which amounts to 97.6% of total investments.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	International Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	32,999,198
Cash		130,338
Foreign currency, at value		31,724
Receivables:
Portfolio shares sold		17,864
Dividends from non-affiliates		72,745
Tax reclaims		66,238
Total Assets		33,318,107
LIABILITIES:
Payables:
Portfolio shares redeemed		51,155
Accrued liabilities:
Investment advisory fees		11,322
Administration fees		2,279
Distribution fees		27
Custodian and accounting fees		35,295
Trustees’ and Chief Compliance Officer’s fees		38
Audit Fees		31,633
Printing and Mailing costs		9,818
Other		4,792
Total Liabilities		146,359
Net Assets	$	33,171,748
NET ASSETS:
Paid-in-Capital	$	20,829,639
Accumulated undistributed net investment income		827,444
Accumulated net realized gains (losses)		(1,128,091	)
Net unrealized appreciation (depreciation)		12,642,756
Total Net Assets	$	33,171,748
Net Assets:
Class 1	$	33,035,891
Class 2		135,857
Total	$	33,171,748
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		2,752,499
Class 2		11,207
Net Asset Value, offering and redemption price per share (a):
Class 1	$	12.00
Class 2		12.12
Cost of investments in non-affiliates	$	20,358,960
Cost of foreign currency		31,675

(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, 2014

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	International Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	995,838
EXPENSES:
Investment advisory fees		97,822
Administration fees		13,532
Distribution fees — Class 2		128
Custodian and accounting fees		30,769
Professional fees		27,528
Trustees’ and Chief Compliance Officer’s fees		183
Printing and mailing costs		6,603
Transfer agent fees		2,629
Other		5,263
Total expenses		184,457
Less amounts waived		(16,428	)
Net expenses		168,029
Net investment income (loss)		827,809
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		671,299
Foreign currency transactions		(3,409	)
Net realized gains (losses)		667,890
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(683,670	)
Foreign currency translations		332
Change in net unrealized appreciation/depreciation		(683,338	)
Net realized/unrealized gains (losses)		(15,448	)
Change in net assets resulting from operations		812,361

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	International Equity Portfolio
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	827,809		$	572,692
Net realized gain (loss)		667,890			1,359,597
Change in net unrealized appreciation/depreciation		(683,338	)		2,843,283
Change in net assets resulting from operations		812,361			4,775,572
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(562,117	)		(640,625	)
Class 2
From net investment income		(1,745	)		(1,082	)
Total distributions to shareholders		(563,862	)		(641,707	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(788,425	)		(3,487,175	)
NET ASSETS:
Change in net assets		(539,926	)		646,690
Beginning of period		33,711,674			33,064,984
End of period	$	33,171,748		$	33,711,674
Accumulated undistributed (distributed in excess of) net investment income	$	827,444		$	563,497
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,445,188		$	2,618,789
Distributions reinvested		562,117			640,625
Cost of shares redeemed		(2,847,601	)		(6,758,510	)
Change in net assets resulting from Class 1 capital transactions	$	(840,296	)	$	(3,499,096	)
Class 2
Proceeds from shares issued	$	52,379		$	10,843
Distributions reinvested		1,745			1,082
Cost of shares redeemed		(2,253	)		(4	)
Change in net assets resulting from Class 2 capital transactions	$	51,871		$	11,921
Total change in net assets resulting from capital transactions	$	(788,425	)	$	(3,487,175	)
SHARE TRANSACTIONS:
Class 1
Issued		123,154			239,953
Reinvested		47,516			60,608
Redeemed		(242,233	)		(617,473	)
Change in Class 1 Shares		(71,563	)		(316,912	)
Class 2
Issued		4,386			920
Reinvested		146			102
Redeemed		(189	)		—	(a)
Change in Class 2 Shares		4,343			1,022

(a) Amount rounds to less than 1 share.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2014 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, 2014 (Unaudited)	$	11.91	$	0.30	(g)	$	(0.01	)	$	0.29		$	(0.20	)	$	—		$	(0.20	)
Year Ended December 31, 2013		10.51		0.19	(g)		1.42			1.61			(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	)
Class 2
Six Months Ended June 30, 2014 (Unaudited)		12.02		0.29	(g)		—	(i)		0.29			(0.19	)		—			(0.19	)
Year Ended December 31, 2013		10.61		0.16	(g)		1.44			1.60			(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 (j) 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, which is less than 0.01% or 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) 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 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, 2014

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period		Net expenses (d)			Net investment income (loss)			Expenses without waivers and reimbursements			Portfolio turnover rate (b)(e)
$	12.00		2.50	%	$	33,035,891		1.03	%		5.08	%		1.13	%		6	%
	11.91		15.56			33,629,156		1.03			1.74			1.13			12
	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
	12.12		2.41			135,857		1.28			4.98			1.39			6
	12.02		15.25			82,518		1.28			1.44			1.38			12
	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, 2014 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. 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 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.

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”), has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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 Adviser 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.

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.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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)	$	800,977	$	32,198,221	$	—	$	32,999,198

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 1 consists of certain ADRs. Please refer to the SOI for country specifics of portfolio holdings.

There were no transfers among any levels during the six months ended June 30, 2014.

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 year, 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. Accordingly, such foreign currency gains (losses) are included in the reported Change in net realized and unrealized appreciation/depreciation on investment transactions in the Statement of Operations. The Fund does isolate the effect of changes in foreign exchange rates from fluctuations when determining realized gain or loss for sales of fixed income securities.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, 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. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

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 capital gains 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, 2014, 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.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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 Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee 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 covered by the Administration Agreement (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, 2014, the effective annualized 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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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 earned on cash balances at the custodian, if any, is included in Interest income from affiliates in the Statement of Operations.

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) 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, 2014. The contractual expense limitation percentages in the table above are in place until at least April 30, 2015.

For the six months ended June 30, 2014, 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.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

Contractual Waivers
Investment Advisory		Administration		Total
$	5,743	$	10,659	$	16,402

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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, 2014 was $26.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	1,959,592	$	2,492,839

During the six months ended June 30, 2014, 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, 2014 were as follows:

Aggregate Cost	Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
$20,358,960	$	13,118,003	$	477,765	$	12,640,238

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010, are 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.

As of December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	1,559,949	*	$	1,559,949	*

* This amount includes $1,559,949 of capital loss carryforwards from business combinations, which may be limited in future years under the Internal Revenue Code Sections 381-384.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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 year. Such concentrations may subject the Portfolio to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the Portfolio’s securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of June 30, 2014, 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, 2014, the Portfolio had the following country allocations representing greater than 10% of total investments.

United Kingdom	Japan	Switzerland	France
21.7%	19.0%	14.7%	12.1%

18 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
International Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,025.00	$	5.17		1.03	%
Hypothetical		1,000.00		1,019.69		5.16		1.03
Class 2
Actual		1,000.00		1,024.10		6.42		1.28
Hypothetical		1,000.00		1,018.45		6.41		1.28

* 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, 2014 JPMORGAN INSURANCE TRUST 19

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172
Marilyn McCoy
In Favor		55,921
Withheld		2,257

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

20 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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 Adviser. 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., 2014. All rights reserved. June 30, 2014. SAN-JPMITIEP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	19
Special Shareholder Meeting Results	20

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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	6.72%
Russell 1000 Growth Index	6.31%
Net Assets as of 6/30/2014	$40,704,638

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

In the wake of the U.S. Federal Reserve’s (the “Fed”) decision to taper monthly asset purchases under its Quantitative Easing program, U.S. equity prices rose and the Standard & Poor’s (“500 Index reached a record high closing in mid January. From there, equities retreated and the S&P 500 Index notched an 8.50% decline before starting to rebound. Despite severe winter weather that slowed consumer spending and construction, by late February the S&P 500 Index had climbed back into positive territory for the year to date.

Though the U.S. economy contracted by 2.90% during the first three months of 2014 — the sharpest drop in five years — equity markets continued to strengthen through the reporting period. By the end of June, the S&P 500 Index had hit 22 record high closings for the year to date. At the same time, equity market volatility retreated and the index did not move by more than one percent for 51 consecutive days. The Chicago Board Options Exchange Volatility Index reached its lowest level since February 2007. At June 30, the S&P 500 Index produced a year-to-date return of 7.14% and posted its sixth consecutive quarterly gain, the longest streak of quarterly gains since 1998.

Throughout the reporting period, the Fed proceeded to reduce its monthly asset purchases as the employment picture continued to improve. By the end of June, the central banks monthly purchases had been pared to $45 billion from $85 billion. While a successful Sunni-led insurgency in Iraq threatened to disrupt energy markets, global oil prices rose only slightly.

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

The Portfolio (Class 1 Shares) outperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended June 30, 2014. Security selection in the consumer staples and consumer discretionary sectors was the main contributor to the Portfolio’s performance relative to the Benchmark, while security selection in the energy and health care sectors was the main detractor from relative performance.

Leading individual contributors to relative performance included Delta Air Lines Inc., Pilgrims Pride Corp. and Amazon.com Corp. Shares of Delta Air Lines rose amid improving fundamentals for the airline industry overall. Shares of Pilgrims Pride, a poultry processing company, gained on strong earnings results. Shares of Amazon, an Internet retailer, fell on weak earnings and the Portfolio benefitted by not holding the stock.

Leading individual detractors from relative performance included Yahoo Inc., Best Buy Inc. and Phillips 66. Shares of Yahoo, an Internet search company not held in the Benchmark, weakened after Chinese Internet giant Alibaba — in which Yahoo holds a 24% stake — reported slowing revenue growth. Shares of Best Buy, a retailer of technology products, slumped on reports that it plans to sell its China business to better focus on the U.S. market. Shares of Phillips 66, an oil refining and chemicals company, sank after the U.S. relaxed its 40-year ban on petroleum exports, which is expected to pressure refineries’ margins.

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 looks to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to attempt 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, 2014

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	4.2	%
	2.	Apple, Inc.	3.5
	3.	Oracle Corp.	3.3
	4.	Gilead Sciences, Inc.	2.7
	5.	Priceline Group, Inc. (The)	2.3
	6.	Viacom, Inc., Class B	2.3
	7.	Boeing Co. (The)	2.3
	8.	McKesson Corp.	2.3
	9.	Home Depot, Inc. (The)	2.2
	10.	Amgen, Inc.	2.2

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.8	%
Consumer Discretionary	18.8
Health Care	12.9
Industrials	12.1
Consumer Staples	11.4
Energy	5.6
Materials	4.0
Financials	3.8
Telecommunication Services	2.1
Utilities	0.4
Short-Term Investment	1.1

* 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 adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	August 1, 1994		6.72	%		27.14	%		19.87	%		7.61	%
CLASS 2 SHARES	August 16, 2006		6.63			26.85			19.58			7.40

* Not annualized.

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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, 2004 to June 30, 2014. 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, 2014

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.7%
		Consumer Discretionary — 19.0%
		Auto Components — 0.6%
	3,325	Delphi Automotive plc, (United Kingdom)		228,560
		Diversified Consumer Services — 1.4%
	3,275	Apollo Education Group, Inc. (a)		102,344
	435	Graham Holdings Co., Class B		312,378
	4,900	H&R Block, Inc.		164,248
				578,970
		Hotels, Restaurants & Leisure — 2.2%
	4,575	Bally Technologies, Inc. (a)		300,669
	2,875	Burger King Worldwide, Inc.		78,258
	240	Chipotle Mexican Grill, Inc. (a)		142,202
	2,800	MGM Resorts International (a)		73,920
	1,405	Wynn Resorts Ltd.		291,622
				886,671
		Household Durables — 1.2%
	450	Harman International Industries, Inc.		48,344
	2,975	Jarden Corp. (a)		176,566
	6,500	PulteGroup, Inc.		131,040
	850	Whirlpool Corp.		118,337
				474,287
		Internet & Catalog Retail — 2.6%
	800	Priceline Group, Inc. (The) (a)		962,400
	825	TripAdvisor, Inc. (a)		89,645
				1,052,045
		Media — 5.1%
	5,650	DIRECTV (a)		480,306
	4,525	DISH Network Corp., Class A (a)		294,487
	9,300	Starz, Series A (a)		277,047
	650	Time Warner Cable, Inc.		95,745
	10,975	Viacom, Inc., Class B		951,862
				2,099,447
		Multiline Retail — 1.7%
	2,500	Dillard’s, Inc., Class A		291,525
	1,350	Kohl’s Corp.		71,118
	5,750	Macy’s, Inc.		333,615
				696,258
		Specialty Retail — 2.9%
	3,925	Best Buy Co., Inc.		121,714
	11,225	Home Depot, Inc. (The)		908,776
	2,950	Lowe’s Cos., Inc.		141,571
				1,172,061

SHARES		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 1.3%
	2,050	Deckers Outdoor Corp. (a)		176,976
	3,750	Hanesbrands, Inc.		369,150
				546,126
		Total Consumer Discretionary		7,734,425
		Consumer Staples — 11.5%
		Beverages — 2.3%
	5,375	Coca-Cola Co. (The)		227,685
	2,700	Molson Coors Brewing Co., Class B		200,232
	5,575	PepsiCo, Inc.		498,071
				925,988
		Food & Staples Retailing — 2.2%
	11,450	Kroger Co. (The)		565,973
	4,450	Walgreen Co.		329,879
				895,852
		Food Products — 3.6%
	17,700	Archer-Daniels-Midland Co.		780,747
	2,425	Bunge Ltd.		183,427
	12,325	Pilgrim’s Pride Corp. (a)		337,212
	4,650	Tyson Foods, Inc., Class A		174,561
				1,475,947
		Household Products — 0.5%
	1,700	Energizer Holdings, Inc.		207,451
		Personal Products — 1.1%
	5,025	Herbalife Ltd.		324,313
	1,700	Nu Skin Enterprises, Inc., Class A		125,732
				450,045
		Tobacco — 1.8%
	17,275	Altria Group, Inc.		724,513
		Total Consumer Staples		4,679,796
		Energy — 5.6%
		Energy Equipment & Services — 2.6%
	8,150	Baker Hughes, Inc.		606,768
	10,000	Patterson-UTI Energy, Inc.		349,400
	800	Schlumberger Ltd.		94,360
				1,050,528
		Oil, Gas & Consumable Fuels — 3.0%
	2,575	ConocoPhillips		220,755
	18,825	Kosmos Energy Ltd., (Bermuda) (a)		211,405
	1,275	Marathon Petroleum Corp.		99,539
	7,050	Phillips 66		567,031

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	2,475	Tesoro Corp.		145,208
				1,243,938
		Total Energy		2,294,466
		Financials — 3.8%
		Consumer Finance — 1.7%
	10,875	Discover Financial Services		674,033
		Insurance — 0.2%
	600	Assurant, Inc.		39,330
	1,400	Validus Holdings Ltd., (Bermuda)		53,536
				92,866
		Real Estate Investment Trusts (REITs) — 1.9%
	6,800	American Tower Corp.		611,864
	3,450	Extra Space Storage, Inc.		183,712
				795,576
		Total Financials		1,562,475
		Health Care — 13.0%
		Biotechnology — 6.8%
	550	Alexion Pharmaceuticals, Inc. (a) (m)		85,937
	7,575	Amgen, Inc.		896,653
	13,525	Gilead Sciences, Inc. (a)		1,121,358
	3,275	United Therapeutics Corp. (a)		289,805
	3,775	Vertex Pharmaceuticals, Inc. (a)		357,417
				2,751,170
		Health Care Equipment & Supplies — 0.8%
	725	Align Technology, Inc. (a) (m)		40,629
	4,425	Medtronic, Inc.		282,138
				322,767
		Health Care Providers & Services — 3.9%
	2,275	Cardinal Health, Inc.		155,974
	2,887	Health Net, Inc. (a)		119,926
	4,975	McKesson Corp.		926,395
	3,750	WellPoint, Inc.		403,537
				1,605,832
		Pharmaceuticals — 1.5%
	17,650	Pfizer, Inc.		523,852
	690	Salix Pharmaceuticals Ltd. (a)		85,111
				608,963
		Total Health Care		5,288,732
		Industrials — 12.2%
		Aerospace & Defense — 5.4%
	7,450	Boeing Co. (The)		947,864
	500	Huntington Ingalls Industries, Inc.		47,295

SHARES		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	6,800	Northrop Grumman Corp.		813,484
	4,200	Raytheon Co.		387,450
				2,196,093
		Air Freight & Logistics — 0.5%
	1,850	United Parcel Service, Inc., Class B		189,921
		Airlines — 2.9%
	1,975	Alaska Air Group, Inc. (m)		187,724
	16,350	Delta Air Lines, Inc.		633,072
	12,800	Southwest Airlines Co.		343,808
				1,164,604
		Commercial Services & Supplies — 1.1%
	11,600	Pitney Bowes, Inc.		320,392
	8,550	R.R. Donnelley & Sons Co.		145,008
				465,400
		Construction & Engineering — 0.1%
	1,725	AECOM Technology Corp. (a) (m)		55,545
		Industrial Conglomerates — 0.5%
	2,325	Danaher Corp.		183,047
		Machinery — 1.7%
	2,225	IDEX Corp.		179,646
	3,875	Ingersoll-Rand plc		242,226
	2,175	Parker Hannifin Corp.		273,463
				695,335
		Total Industrials		4,949,945
		Information Technology — 28.0%
		Communications Equipment — 1.0%
	34,300	Brocade Communications Systems, Inc.		315,560
	900	QUALCOMM, Inc.		71,280
				386,840
		Internet Software & Services — 4.8%
	610	Google, Inc., Class A (a)		356,649
	685	Google, Inc., Class C (a)		394,067
	3,050	IAC/InterActiveCorp		211,151
	5,625	VeriSign, Inc. (a)		274,556
	20,450	Yahoo!,Inc. (a)		718,409
				1,954,832
		IT Services — 3.3%
	700	Alliance Data Systems Corp. (a) (m)		196,875
	3,650	Amdocs Ltd.		169,104
	1,225	Computer Sciences Corp.		77,420
	825	Syntel, Inc. (a)		70,917

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — continued
	3,950	Visa, Inc., Class A		832,305
				1,346,621
		Semiconductors & Semiconductor Equipment — 2.3%
	800	Broadcom Corp., Class A		29,696
	1,225	KLA-Tencor Corp.		88,984
	4,675	Lam Research Corp.		315,936
	10,475	NVIDIA Corp.		194,207
	6,775	Skyworks Solutions, Inc.		318,154
				946,977
		Software — 10.0%
	21,475	Activision Blizzard, Inc. (m)		478,892
	40,850	Microsoft Corp.		1,703,445
	33,415	Oracle Corp.		1,354,310
	7,100	Rovi Corp. (a)		170,116
	3,625	VMware, Inc., Class A (a)		350,936
				4,057,699
		Technology Hardware, Storage & Peripherals — 6.6%
	15,460	Apple, Inc.		1,436,698
	17,500	Hewlett-Packard Co.		589,400
	3,200	SanDisk Corp.		334,176
	3,750	Western Digital Corp.		346,125
				2,706,399
		Total Information Technology		11,399,368
		Materials — 4.1%
		Chemicals — 2.9%
	7,050	LyondellBasell Industries N.V., Class A		688,432
	2,364	PPG Industries, Inc.		496,795
				1,185,227

SHARES		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — 0.8%
	9,550	Sealed Air Corp.		326,324
		Metals & Mining — 0.4%
	3,450	Worthington Industries, Inc.		148,488
		Total Materials		1,660,039
		Telecommunication Services — 2.1%
		Diversified Telecommunication Services — 2.1%
	13,225	AT&T, Inc. (m)		467,636
	3,952	CenturyLink, Inc.		143,062
	5,650	Level 3 Communications, Inc. (a)		248,092
		Total Telecommunication Services		858,790
		Utilities — 0.4%
		Independent Power & Renewable Electricity Producers — 0.4%
	4,650	Dynegy, Inc. (a)		161,820
		Total Common Stocks (Cost $31,303,099)		40,589,856
	Short-Term Investment — 1.1%
		Investment Company — 1.1%
	435,795	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $435,795)		435,795
		Total Investments — 100.8% (Cost $31,738,894)		41,025,651
		Liabilities in Excess of Other Assets — (0.8)%		(321,013	)
		NET ASSETS — 100.0%	$	40,704,638

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT JUNE 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1	E-mini S&P 500		09/19/14	$	97,620	$	131

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, 2014.

(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, 2014 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	Intrepid Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	40,589,856
Investments in affiliates, at value		435,795
Total investment securities, at value		41,025,651
Deposits at broker for futures contracts		90,000
Receivables:
Investment securities sold		1,598,950
Portfolio shares sold		51
Dividends from non-affiliates		32,987
Dividends from affiliates		11
Variation margin on futures contracts		412
Total Assets		42,748,062
LIABILITIES:
Payables:
Investment securities purchased		1,946,193
Portfolio shares redeemed		27,748
Accrued liabilities:
Investment advisory fees		15,800
Administration fees		2,767
Distribution fees		83
Custodian and accounting fees		16,014
Trustees’ and Chief Compliance Officer’s fees		122
Other		34,697
Total Liabilities		2,043,424
Net Assets	$	40,704,638
NET ASSETS:
Paid-in-Capital	$	41,295,397
Accumulated undistributed net investment income		147,285
Accumulated net realized gains (losses)		(10,024,932	)
Net unrealized appreciation (depreciation)		9,286,888
Total Net Assets	$	40,704,638
Net Assets:
Class 1	$	40,282,082
Class 2		422,556
Total	$	40,704,638
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		1,625,349
Class 2		17,116
Net asset value, offering and redemption price per share: (a)
Class 1	$	24.78
Class 2		24.69
Cost of investments in non-affiliates	$	31,303,099
Cost of investments in affiliates		435,795

(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, 2014

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	Intrepid Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	322,890
Dividend income from affiliates		81
Total investment income		322,971
EXPENSES:
Investment advisory fees		128,820
Administration fees		16,450
Distribution fees — Class 2		296
Custodian and accounting fees		13,653
Professional fees		20,787
Trustees’ and Chief Compliance Officer’s fees		223
Printing and mailing costs		9,551
Transfer agent fees		2,383
Other		5,832
Total expenses		197,995
Less amounts waived		(19,984	)
Net expenses		178,011
Net investment income (loss)		144,960
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,827,575
Futures		68,738
Net realized gains (losses)		2,896,313
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(421,588	)
Futures		(8,782	)
Change in net unrealized appreciation/depreciation		(430,370	)
Net realized/unrealized gains (losses)		2,465,943
Change in net assets resulting from operations	$	2,610,903

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Growth Portfolio
	Six Months Ended June 30, 2014 (Unaudited)				Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	144,960			$	322,792
Net realized gain (loss)		2,896,313				6,265,792
Change in net unrealized appreciation/depreciation		(430,370	)			4,717,268
Change in net assets resulting from operations		2,610,903				11,305,852
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(315,115	)			(401,033	)
Class 2
From net investment income		(2,712	)			(188	)
Total distributions to shareholders		(317,827	)			(401,221	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,489,598	)			(5,323,258	)
				��
NET ASSETS:
Change in net assets		(196,522	)			5,581,373
Beginning of period		40,901,160				35,319,787
End of period	$	40,704,638			$	40,901,160
Accumulated undistributed net investment income	$	147,285			$	320,152
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	316,072			$	2,266,718
Distributions reinvested		315,115				401,033
Cost of shares redeemed		(3,490,713	)			(7,999,219	)
Change in net assets resulting from Class 1 capital transactions	$	(2,859,526	)		$	(5,331,468	)
Class 2
Proceeds from shares issued	$	375,158			$	8,030
Distributions reinvested		2,712				188
Cost of shares redeemed		(7,942	)			(8	)
Change in net assets resulting from Class 2 capital transactions	$	369,928			$	8,210
Total change in net assets resulting from capital transactions	$	(2,489,598	)		$	(5,323,258	)
SHARE TRANSACTIONS:
Class 1
Issued		13,414				113,779
Reinvested		13,369				20,909
Redeemed		(147,214	)			(395,014	)
Change in Class 1 Shares		(120,431	)			(260,326	)
Class 2
Issued		15,851				356
Reinvested		116				10
Redeemed		(332	)			—	(a)
Change in Class 2 Shares		15,635				366

(a) Amount rounds to less than 1 share.

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2014 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, 2014 (Unaudited)	$	23.41	$	0.09	(f)	$	1.47		$	1.56	$	(0.19	)
Year Ended December 31, 2013		17.60		0.17	(f)		5.85			6.02		(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	(h)		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	)
Class 2
Six Months Ended June 30, 2014 (Unaudited)		23.34		0.06	(f)		1.48			1.54		(0.19	)
Year Ended December 31, 2013		17.55		0.12	(f)		5.84			5.96		(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	(h)		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	)

(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.

(h) Includes a gain resulting from litigation payments on securities owned in a prior year. Without these gains, the net realized and unrealized gains (losses) on investments per share would have been $0.09 and $0.08, and the total return would have been 1.18% and 0.97% for Class 1 and Class 2 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2014

		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)
$	24.78		6.72	%	$	40,282,082		0.90	%		0.73	%		1.00	%		32	%
	23.41		34.47			40,866,604		0.90			0.84			0.99			70
	17.60		16.30			35,300,206		0.89			1.07	(g)		1.02			70
	15.24		1.65	(h)		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
	24.69		6.63			422,556		1.15			0.52			1.26			32
	23.34		34.16			34,556		1.15			0.58			1.24			70
	17.55		15.94			19,581		1.14			0.85	(g)		1.27			70
	15.21		1.44	(h)		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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. 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 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 pricing 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”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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, 2014

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)	$	41,025,651	$	—	$	—	$	41,025,651
Appreciation in Other Financial Instruments
Futures Contracts	$	131	$	—	$	—	$	131

(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 among any levels during the six months ended June 30, 2014.

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 change in net unrealized appreciation/(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, 2014:

Futures Contracts:
Average Notional Balance Long	$	693,268
Ending Notional Balance Long		97,620

The Portfolio’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions).

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

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

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 capital gains 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, 2014, 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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 Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee 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 covered by the Administration Agreement (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, 2014, the effective annualized 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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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 paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) 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

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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, 2014. The contractual expense limitation percentages in the table above are in place until at least April 30, 2015.

For the six months ended June 30, 2014, 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
$	6,166	$	13,166	$	19,332

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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, 2014 was $652.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	12,828,281	$	15,049,959

During the six months ended June 30, 2014, 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, 2014 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	31,738,894	$	9,551,211	$	264,454	$	9,286,757

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are 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.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

At December 31, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2013, 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
$	1,204,518	$	11,650,439	$	12,854,957

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 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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, 2014

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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Growth Portfolio
Class 1
Actual	$	1,000.00	$	1,067.20	$	4.61		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,066.30		5.89		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, 2014 JPMORGAN INSURANCE TRUST 19

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172

	Votes Received (Amounts in thousands)
Marilyn McCoy
In Favor		55,921
Withheld		2,257
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

20 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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 Adviser. 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., 2014.  All rights reserved. June 2014. SAN-JPMITIGP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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
Special Shareholder Meeting Results	22

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

Past performance is no guarantee 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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		8.61%
Russell Midcap Index		8.67%
Net Assets as of 6/30/2014	$	40,605,246

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?

In the wake of the U.S. Federal Reserve’s (the “Fed”) decision to taper monthly asset purchases under its Quantitative Easing program, U.S. equity prices rose and the Standard & Poor’s 500 Index (“S&P 5000 Index”) reached its highest peak since inception in mid January. Equities retreated from there and the S&P 500 Index notched an 8.5% decline before starting to rebound. Despite severe winter weather that slowed consumer spending and construction, by late February the S&P 500 Index had climbed back into positive territory for the year to date.

Though the U.S. economy contracted by 2.9% during the first three months of 2014 — the sharpest drop in five years — equity markets continued to strengthen through the reporting period. By the end of June, the S&P 500 Index had hit 22 record high closings for the year to date. At the same time, equity market volatility retreated and the index did not move by more than one percent for 51 consecutive days. The Chicago Board Options Exchange Volatility Index reached its lowest level since February 2007. At June 30, the S&P 500 produced a year-to-date return of 7.1% and posted its sixth consecutive quarterly gain, the longest streak of quarterly gains since 1998.

Throughout the reporting period, the Fed proceeded to reduce its monthly asset purchases as the employment picture continued to improve. By the end of June, the central banks monthly purchases had been pared to $45 billion from $85 billion. While a successful Sunni-led insurgency in Iraq threatened to disrupt energy markets, global oil prices rose only slightly.

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

The Portfolio (Class 1 Shares) underperformed the Russell Mid Cap Index (the “Benchmark”) for the six months ended June 30, 2014. The Portfolio’s security selection in the health services & systems sector and the consumer cyclical sector detracted from performance relative to the Benchmark, while security selection in the retail and pharmaceutical sectors made a positive contribution to relative performance.

Leading individual detractors from relative performance included Towers Watson & Co., Best Buy Inc. and Bunge Ltd. Shares of Towers Watson, a professional services and staffing company, weakened after it forecast weak revenue and earnings growth for the balance of 2014. Notably, the company was a top contributor to the Portfolio’s relative performance for 2013. Shares of Best Buy, a consumer electronics retail chain, fell on reports that the company would scale back its China business to focus on U.S. operations. Shares of Bunge, an agribusiness and food company, fell after it posted a quarterly loss on its grain trading business and weak oilseed processing margins in China.

Leading individual contributors to performance included Booz Allen Hamilton Holding Corp., Vertex Pharmaceuticals Inc. and Southwest Airlines Co. Shares of Booz Allen, a management and technology consulting company, rose after it forecast earnings and revenue above analysts’ estimates. Shares of Vertex, a drug maker, gained on positive clinical trial results for its cystic fibrosis treatment. Shares of Southwest Airlines rose after the company forecast revenue above analysts’ estimates, increased its quarterly dividend and increased its stock repurchase plan.

HOW WAS THE PORTFOLIO POSITIONED?

The JPMorgan Intrepid Investment 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 look 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 year, the Portfolio was managed and positioned in accordance with this investment philosophy and process.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Manpowergroup, Inc.	2.0	%
	2.	EQT Corp.	1.9
	3.	Macy’s, Inc.	1.9
	4.	Huntington Ingalls Industries, Inc.	1.8
	5.	Bunge Ltd.	1.8
	6.	Western Digital Corp.	1.7
	7.	Foot Locker, Inc.	1.7
	8.	Discover Financial Services	1.6
	9.	AECOM Technology Corp.	1.5
	10.	Lorillard, Inc.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.6	%
Information Technology	17.0
Industrials	17.0
Consumer Discretionary	10.5
Health Care	10.4
Consumer Staples	7.6
Energy	5.9
Utilities	5.8
Materials	5.1
Telecommunication Services	1.5
U.S. Treasury Obligations	0.2
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 adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	March 30, 1995		8.61	%		29.76	%		21.59	%		10.08	%
CLASS 2 SHARES	August 16, 2006		8.49			29.42			21.28			9.86

* Not annualized.

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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 Intrepid Mid Cap Portfolio, the Russell Midcap Index and the Lipper Variable Underlying Funds Mid-Cap Core Funds Index from June 30, 2004 to June 30, 2014. 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 securities

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.

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, 2014

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.7%
		Consumer Discretionary — 10.5%
		Auto Components — 1.8%
	6,800	Goodyear Tire & Rubber Co. (The)		188,904
	6,225	Lear Corp.		556,017
				744,921
		Distributors — 0.0% (g)
	175	Genuine Parts Co.		15,365
		Hotels, Restaurants & Leisure — 0.2%
	1,400	Brinker International, Inc.		68,110
	100	Wynn Resorts Ltd.		20,756
				88,866
		Household Durables — 0.4%
	2,925	Jarden Corp. (a)		173,599
		Internet & Catalog Retail — 1.5%
	7,950	Liberty Ventures, Series A (a)		586,710
		Media — 0.5%
	1,475	CBS Outdoor Americas, Inc.		48,203
	5,600	Markit Ltd., (United Kingdom) (a)		151,088
				199,291
		Multiline Retail — 1.9%
	13,075	Macy’s, Inc.		758,611
		Specialty Retail — 3.9%
	1,350	Advance Auto Parts, Inc. (m)		182,142
	18,150	Best Buy Co., Inc.		562,832
	13,375	Foot Locker, Inc.		678,380
	1,800	Gap, Inc. (The)		74,826
	2,600	Michaels Cos., Inc. (The) (a)		44,330
	825	Murphy USA, Inc. (a)		40,334
				1,582,844
		Textiles, Apparel & Luxury Goods — 0.3%
	1,275	Hanesbrands, Inc.		125,511
		Total Consumer Discretionary		4,275,718
		Consumer Staples — 7.6%
		Food & Staples Retailing — 2.3%
	5,300	Kroger Co. (The)		261,979
	58,900	Rite Aid Corp. (a)		422,313
	7,150	Safeway, Inc.		245,531
				929,823
		Food Products — 3.5%
	9,550	Bunge Ltd.		722,362
	5,175	Ingredion, Inc.		388,332
	8,750	Tyson Foods, Inc., Class A		328,475
				1,439,169

SHARES		SECURITY DESCRIPTION	VALUE($)
		Personal Products — 0.3%
	1,700	Herbalife Ltd.		109,718
		Tobacco — 1.5%
	9,925	Lorillard, Inc.		605,127
		Total Consumer Staples		3,083,837
		Energy — 5.9%
		Energy Equipment & Services — 0.9%
	476	Baker Hughes, Inc.		35,438
	968	National Oilwell Varco, Inc.		79,715
	2,875	Oil States International, Inc. (a)		184,259
	2,000	Patterson-UTI Energy, Inc.		69,880
				369,292
		Oil, Gas & Consumable Fuels — 5.0%
	2,450	Cabot Oil & Gas Corp.		83,643
	2,000	Cimarex Energy Co.		286,920
	575	Continental Resources, Inc. (a)		90,873
	2,300	Eclipse Resources Corp. (a)		57,799
	7,275	EQT Corp.		777,697
	1,025	Marathon Petroleum Corp.		80,022
	1,300	Memorial Resource Development Corp. (a)		31,668
	3,075	Murphy Oil Corp.		204,426
	2,150	Newfield Exploration Co. (a)		95,030
	440	Noble Energy, Inc.		34,082
	1,675	Peabody Energy Corp.		27,386
	1,950	Tesoro Corp.		114,407
	1,925	Valero Energy Corp.		96,443
	1,300	World Fuel Services Corp.		63,999
				2,044,395
		Total Energy		2,413,687
		Financials — 17.6%
		Banks — 2.4%
	4,875	East West Bancorp, Inc.		170,576
	9,350	Fifth Third Bancorp		199,622
	5,375	Huntington Bancshares, Inc.		51,278
	12,750	KeyCorp		182,708
	6,950	Regions Financial Corp.		73,809
	2,700	SVB Financial Group (a)		314,874
				992,867
		Capital Markets — 0.8%
	1,050	Affiliated Managers Group, Inc. (a)		215,670
	825	Lazard Ltd., (Bermuda), Class A		42,537
	2,300	TD Ameritrade Holding Corp.		72,105
				330,312

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Consumer Finance — 1.9%
	4,550	Ally Financial, Inc. (a)		108,790
	10,650	Discover Financial Services		660,087
				768,877
		Diversified Financial Services — 0.2%
	2,400	NASDAQ OMX Group, Inc. (The)		92,688
		Insurance — 4.5%
	3,875	Allied World Assurance Co. Holdings AG, (Switzerland)		147,328
	3,975	American Financial Group, Inc.		236,751
	1,225	Aon plc, (United Kingdom)		110,360
	1,475	Arch Capital Group Ltd., (Bermuda) (a)		84,724
	425	Aspen Insurance Holdings Ltd., (Bermuda)		19,303
	1,925	Assurant, Inc.		126,184
	6,525	Assured Guaranty Ltd., (Bermuda)		159,862
	925	Axis Capital Holdings Ltd., (Bermuda)		40,959
	425	Everest Re Group Ltd., (Bermuda)		68,208
	772	Fidelity National Financial, Inc., Class A		25,291
	2,575	Hartford Financial Services Group, Inc. (The)		92,211
	1,775	Lincoln National Corp.		91,306
	2,375	Principal Financial Group, Inc.		119,890
	2,275	Protective Life Corp.		157,726
	800	Torchmark Corp.		65,536
	5,475	Unum Group		190,311
	1,825	Validus Holdings Ltd., (Bermuda)		69,788
				1,805,738
		Real Estate Investment Trusts (REITs) — 7.7%
	875	American Capital Agency Corp.		20,484
	4,750	Annaly Capital Management, Inc.		54,292
	4,350	Apartment Investment & Management Co., Class A		140,374
	150	AvalonBay Communities, Inc.		21,328
	500	Boston Properties, Inc.		59,090
	4,200	Brandywine Realty Trust		65,520
	800	Camden Property Trust		56,920
	1,375	Chimera Investment Corp.		4,386
	2,225	CommonWealth REIT		58,562
	950	Corrections Corp. of America		31,207
	1,100	Crown Castle International Corp.		81,686
	2,825	DDR Corp.		49,805
	2,425	Douglas Emmett, Inc. (m)		68,434
	16,100	Duke Realty Corp.		292,376
	2,675	Equity Lifestyle Properties, Inc.		118,128
	1,125	Equity Residential		70,875
	1,075	Extra Space Storage, Inc.		57,244

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	2,375	Health Care REIT, Inc.		148,841
	8,285	Hospitality Properties Trust		251,864
	5,500	Host Hotels & Resorts, Inc.		121,055
	1,425	Mack-Cali Realty Corp.		30,609
	825	Mid-America Apartment Communities, Inc.		60,266
	2,175	Post Properties, Inc.		116,276
	6,150	Retail Properties of America, Inc., Class A		94,587
	450	SL Green Realty Corp.		49,235
	1,925	Taubman Centers, Inc.		145,934
	2,097	Ventas, Inc.		134,418
	2,100	Vornado Realty Trust		224,133
	11,750	Weyerhaeuser Co.		388,808
	1,975	WP Carey, Inc.		127,190
				3,143,927
		Real Estate Management & Development — 0.1%
	150	Jones Lang LaSalle, Inc.		18,959
		Total Financials		7,153,368
		Health Care — 10.4%
		Biotechnology — 1.8%
	1,000	Alexion Pharmaceuticals, Inc. (a)		156,250
	2,850	Incyte Corp., Ltd. (a)		160,854
	4,450	Vertex Pharmaceuticals, Inc. (a)		421,326
				738,430
		Health Care Equipment & Supplies — 3.2%
	2,775	Boston Scientific Corp. (a)		35,437
	13,150	CareFusion Corp. (a)		583,202
	400	Cooper Cos., Inc. (The)		54,212
	11,750	Hologic, Inc. (a)		297,862
	2,975	Zimmer Holdings, Inc.		308,984
				1,279,697
		Health Care Providers & Services — 3.3%
	1,125	AmerisourceBergen Corp.		81,743
	2,150	Cardinal Health, Inc.		147,404
	6,025	Catamaran Corp. (a)		266,064
	7,450	HCA Holdings, Inc. (a)		420,031
	400	Health Net, Inc. (a)		16,616
	3,300	Humana, Inc.		421,476
				1,353,334
		Pharmaceuticals — 2.1%
	1,850	Actavis plc (a)		412,642
	2,900	Endo International plc, (Ireland) (a)		203,058
	550	Jazz Pharmaceuticals plc (a)		80,856
	2,975	Mylan, Inc. (a)		153,391
				849,947
		Total Health Care		4,221,408

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Industrials — 17.0%
		Aerospace & Defense — 3.2%
	975	Alliant Techsystems, Inc.		130,572
	7,841	Huntington Ingalls Industries, Inc.		741,680
	1,625	L-3 Communications Holdings, Inc.		196,219
	175	Northrop Grumman Corp.		20,935
	6,425	Spirit Aerosystems Holdings, Inc., Class A (a)		216,523
				1,305,929
		Airlines — 3.1%
	3,250	Alaska Air Group, Inc.		308,912
	1,675	Copa Holdings S.A., (Panama), Class A		238,805
	4,925	Delta Air Lines, Inc.		190,696
	18,925	Southwest Airlines Co.		508,326
				1,246,739
		Commercial Services & Supplies — 0.8%
	5,350	KAR Auction Services, Inc.		170,504
	4,400	Pitney Bowes, Inc.		121,528
	2,430	R.R. Donnelley & Sons Co.		41,213
				333,245
		Construction & Engineering — 2.8%
	19,175	AECOM Technology Corp. (a) (m)		617,435
	1,800	Fluor Corp.		138,420
	4,625	Jacobs Engineering Group, Inc. (a)		246,420
	2,600	URS Corp.		119,210
				1,121,485
		Electrical Equipment — 0.2%
	1,700	Babcock & Wilcox Co. (The)		55,182
	425	Regal-Beloit Corp.		33,388
				88,570
		Machinery — 2.9%
	2,750	AGCO Corp. (m)		154,605
	4,550	Ingersoll-Rand plc		284,420
	3,600	Oshkosh Corp.		199,908
	3,845	Parker Hannifin Corp.		483,432
	400	WABCO Holdings, Inc. (a)		42,728
				1,165,093
		Marine — 0.1%
	500	Kirby Corp. (a)		58,570
		Professional Services — 3.0%
	9,700	Manpowergroup, Inc.		823,045
	4,025	Towers Watson & Co., Class A		419,526
				1,242,571

SHARES		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 0.5%
	4,050	CSX Corp.		124,780
	1,025	Landstar System, Inc.		65,600
				190,380
		Trading Companies & Distributors — 0.4%
	1,075	Air Lease Corp.		41,473
	3,650	MRC Global, Inc. (a)		103,259
	242	NOW, Inc. (a)		8,763
				153,495
		Total Industrials		6,906,077
		Information Technology — 17.1%
		Communications Equipment — 0.8%
	3,500	ARRIS Group, Inc. (a)		113,855
	2,825	Harris Corp.		213,994
				327,849
		Electronic Equipment, Instruments & Components — 0.6%
	3,400	Avnet, Inc.		150,654
	1,425	Tech Data Corp. (a)		89,091
				239,745
		Internet Software & Services — 1.7%
	400	Equinix, Inc. (a)		84,036
	2,450	LinkedIn Corp., Class A (a)		420,101
	6,125	Pandora Media, Inc. (a)		180,688
				684,825
		IT Services — 5.3%
	1,750	Alliance Data Systems Corp. (a)		492,187
	26,350	Booz Allen Hamilton Holding Corp.		559,674
	550	DST Systems, Inc.		50,693
	2,750	Fidelity National Information Services, Inc.		150,535
	2,925	Global Payments, Inc.		213,086
	6,150	Sabre Corp. (a)		123,308
	1,425	Vantiv, Inc., Class A (a)		47,909
	40,475	Xerox Corp.		503,509
				2,140,901
		Semiconductors & Semiconductor Equipment — 4.3%
	16,925	Advanced Micro Devices, Inc. (a)		70,916
	3,625	First Solar, Inc. (a)		257,592
	3,075	KLA-Tencor Corp.		223,368
	2,500	Lam Research Corp.		168,950
	20,250	Marvell Technology Group Ltd., (Bermuda)		290,182
	16,750	Micron Technology, Inc. (a)		551,913
	11,650	ON Semiconductor Corp. (a)		106,481
	2,000	Skyworks Solutions, Inc.		93,920
				1,763,322

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Software — 2.7%
	5,350	Activision Blizzard, Inc. (m)		119,305
	2,450	Citrix Systems, Inc. (a)		153,247
	2,225	Electronic Arts, Inc. (a)		79,811
	19,475	Rovi Corp. (a)		466,621
	2,925	Synopsys, Inc. (a)		113,549
	44,700	Zynga, Inc., Class A (a)		143,487
				1,076,020
		Technology Hardware, Storage & Peripherals — 1.7%
	7,675	Western Digital Corp.		708,402
		Total Information Technology		6,941,064
		Materials — 5.2%
		Chemicals — 2.2%
	975	Ashland, Inc.		106,021
	2,400	Cabot Corp.		139,176
	700	Huntsman Corp.		19,670
	2,341	PPG Industries, Inc.		491,961
	1,950	Valspar Corp. (The)		148,571
				905,399
		Containers & Packaging — 1.0%
	650	Avery Dennison Corp.		33,312
	1,700	Crown Holdings, Inc. (a)		84,592
	400	Greif, Inc., Class A		21,824
	1,700	Rock-Tenn Co., Class A		179,503
	2,750	Sealed Air Corp.		93,968
				413,199
		Metals & Mining — 1.1%
	525	Nucor Corp.		25,856
	3,325	Reliance Steel & Aluminum Co.		245,086
	2,725	Steel Dynamics, Inc.		48,914
	3,875	United States Steel Corp.		100,905
				420,761
		Paper & Forest Products — 0.9%
	2,650	Domtar Corp., (Canada)		113,552
	4,775	International Paper Co.		240,994
				354,546
		Total Materials		2,093,905
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 0.7%
	48,275	Frontier Communications Corp.		281,926
		Wireless Telecommunication Services — 0.8%
	1,275	SBA Communications Corp., Class A (a)		130,432
	5,725	T-Mobile US, Inc. (a)		192,475
				322,907
		Total Telecommunication Services		604,833

SHARES		SECURITY DESCRIPTION	VALUE($)
		Utilities — 5.9%
		Electric Utilities — 0.1%
	300	Entergy Corp.		24,627
	425	Pinnacle West Capital Corp.		24,582
				49,209
		Gas Utilities — 0.8%
	6,025	UGI Corp.		304,263
		Independent Power & Renewable Electricity Producers — 0.8%
	20,725	AES Corp. (m)		322,274
	800	Calpine Corp. (a)		19,048
				341,322
		Multi-Utilities — 4.2%
	2,050	Alliant Energy Corp.		124,763
	2,925	Ameren Corp.		119,574
	8,880	CenterPoint Energy, Inc.		226,795
	3,875	CMS Energy Corp.		120,706
	1,900	Consolidated Edison, Inc.		109,706
	3,300	DTE Energy Co.		256,971
	2,525	MDU Resources Group, Inc.		88,627
	2,200	Public Service Enterprise Group, Inc.		89,738
	2,500	SCANA Corp.		134,525
	3,050	Sempra Energy		319,366
	5,450	TECO Energy, Inc.		100,716
				1,691,487
		Total Utilities		2,386,281
		Total Common Stocks (Cost $30,151,989)		40,080,178
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.2%
	75,000	U.S. Treasury Note, 0.250%, 11/30/14 (k) (Cost $75,037)		75,050
SHARES
	Short-Term Investment — 1.4%
		Investment Company — 1.4%
	557,103	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $557,103)		557,103
		Total Investments — 100.3% (Cost $30,784,129)		40,712,331
		Liabilities in Excess of Other Assets — (0.3)%		(107,085	)
		NET ASSETS — 100.0%	$	40,605,246

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2014

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT JUNE 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	4	S&P Mid Cap 400		09/19/14	$	571,720	$	10,672

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.
(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 future contracts.

(l)	—  The rate shown is the current yield as of June 30, 2014.
(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, 2014 JPMORGAN INSURANCE TRUST 9

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

		Intrepid Mid Cap Portfolio
ASSETS:
Investments in non-affiliates, at value		$	40,155,228
Investments in affiliates, at value			557,103
Total investment securities, at value			40,712,331
Cash			70
Receivables:
Investment securities sold			1,772,558
Portfolio shares sold			20,466
Interest from non-affiliates			49,167
Dividends from affiliates			13
Variation margin on futures contracts			2,680
Total Assets			42,557,285
LIABILITIES:
Payables:
Investment securities purchased			1,816,521
Portfolio shares redeemed			65,894
Accrued liabilities:
Investment advisory fees			15,147
Administration fees			2,743
Distribution fees			33
Custodian and accounting fees			16,927
Trustees’ and Chief Compliance Officer’s fees			51
Other			34,723
Total Liabilities			1,952,039
Net Assets		$	40,605,246
NET ASSETS:
Paid-in-Capital		$	26,605,564
Accumulated undistributed net investment income			141,139
Accumulated net realized gains (losses)			3,919,669
Net unrealized appreciation (depreciation)			9,938,874
Total Net Assets		$	40,605,246
Net Assets:
Class 1		$	40,408,876
Class 2			196,370
Total		$	40,605,246
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1			1,774,173
Class 2			8,652
Net Asset Value, offering and redemption price per share (a):
Class 1		$	22.78
Class 2	��		22.70
Cost of investments in non-affiliates		$	30,227,026
Cost of investments in affiliates			557,103

(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, 2014

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	Intrepid Mid Cap Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	331,713
Dividend income from affiliates		81
Interest income from non-affiliates		48
Total investment income		331,842
EXPENSES:
Investment advisory fees		127,326
Administration fees		16,259
Distribution fees — Class 2		123
Custodian and accounting fees		14,854
Professional fees		20,739
Trustees’ and Chief Compliance Officer’s fees		220
Printing and mailing costs		9,636
Transfer agent fees		2,449
Other		6,010
Total expenses		197,616
Less amounts waived		(21,793	)
Net expenses		175,823
Net investment income (loss)		156,019
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,980,047
Futures		35,305
Net realized gains (losses)		4,015,352
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(897,049	)
Futures		(8,598	)
Change in net unrealized appreciation/depreciation		(905,647	)
Net realized/unrealized gains (losses)		3,109,705
Change in net assets resulting from operations	$	3,265,724

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 11

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Mid Cap Portfolio
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	156,019		$	239,444
Net realized gain (loss)		4,015,352			7,419,973
Change in net unrealized appreciation/depreciation		(905,647	)		5,441,810
Change in net assets resulting from operations		3,265,724			13,101,227
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(249,381	)		(431,619	)
From net realized gains		(5,234,029	)		—
Class 2
From net investment income		(629	)		(194	)
From net realized gains		(14,491	)		—
Total distributions to shareholders		(5,498,530	)		(431,813	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,659,715			(8,548,005	)
NET ASSETS:
Change in net assets		426,909			4,121,409
Beginning of period		40,178,337			36,056,928
End of period	$	40,605,246		$	40,178,337
Accumulated undistributed net investment income	$	141,139		$	235,130
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	844,708		$	2,102,652
Distributions reinvested		5,483,410			431,619
Cost of shares redeemed		(3,819,780	)		(11,104,437	)
Change in net assets resulting from Class 1 capital transactions	$	2,508,338		$	(8,570,166	)
Class 2
Proceeds from shares issued	$	136,728		$	21,996
Distributions reinvested		15,120			194
Cost of shares redeemed		(471	)		(29	)
Change in net assets resulting from Class 2 capital transactions	$	151,377		$	22,161
Total change in net assets resulting from capital transactions	$	2,659,715		$	(8,548,005	)
SHARE TRANSACTIONS:
Class 1
Issued		34,951			99,231
Reinvested		256,234			21,831
Redeemed		(158,826	)		(529,469	)
Change in Class 1 Shares		132,359			(408,407	)
Class 2
Issued		5,945			937
Reinvested		709			10
Redeemed		(20	)		(1	)
Change in Class 2 Shares		6,634			946

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2014 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, 2014 (Unaudited)	$	24.44	$	0.09	(f)	$	1.79		$	1.88		$	(0.16	)	$	(3.38	)	$	(3.54	)
Year Ended December 31, 2013		17.58		0.13	(f)		6.95			7.08			(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	)
Class 2
Six Months Ended June 30, 2014 (Unaudited)		24.38		0.08	(f)		1.77			1.85			(0.15	)		(3.38	)		(3.53	)
Year Ended December 31, 2013		17.54		0.09	(f)		6.93			7.02			(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	)

(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 $0.16 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, 2014

		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)
$	22.78		8.61	%	$	40,408,876		0.90	%		0.80	%		1.01	%		30	%
	24.44		40.59			40,129,143		0.89			0.62			1.00			57
	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
	22.70		8.49			196,370		1.15			0.69			1.27			30
	24.38		40.27			49,194		1.14			0.41			1.24			57
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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/their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. 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 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 pricing 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”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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)	$	40,637,281	$	75,050	$	—	$	40,712,331
Appreciation in Other Financial Instruments
Futures Contracts	$	10,672	$	—	$	—	$	10,672

(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 among any levels during the six months ended June 30, 2014.

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 change in net unrealized appreciation/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, 2014:

Futures Contracts:
Average Notional Balance Long	$	700,289
Ending Notional Balance Long		571,720

The Portfolio’s futures contracts are not subject to master netting arrangements.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 capital gains 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, 2014, 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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 Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee 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 covered by the Administration Agreement (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, 2014, the effective annualized 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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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

E. Waivers and Reimbursements — The Adviser, Administrator (for all class shares) 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, 2014. The contractual expense limitation percentages in the table above are in place until at least April 30, 2015.

For the six months ended June 30, 2014, 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
$	7,705	$	13,490	$	21,195

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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, 2014 was $598.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	11,647,738	$	14,205,500

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, 2014 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	30,784,129	$	10,296,241	$	368,039	$	9,928,202

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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, 2014

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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Mid Cap Portfolio
Class 1
Actual	$	1,000.00	$	1,086.10	$	4.66		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,084.90		5.94		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, 2014 JPMORGAN INSURANCE TRUST 21

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172

	Votes Received (Amounts in thousands)
Marilyn McCoy
In Favor		55,921
Withheld		2,257
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

22 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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 Adviser. 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., 2014. All rights reserved. June 2014. SAN-JPMITIMCP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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
Special Shareholder Meeting Results	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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		8.78%
Russell Midcap Growth Index		6.51%
Net Assets as of 6/30/2014	$	57,540,845

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

In the wake of the U.S. Federal Reserve’s (the “Fed”) decision to taper monthly asset purchases under its Quantitative Easing program, U.S. equity prices rose and the Standard & Poor’s (“S&P”) 500 Index reached its highest peak since inception in mid January. Equities retreated from there and the S&P 500 Index notched an 8.50% decline before starting to rebound. Despite severe winter weather that slowed consumer spending and construction, by late February the S&P 500 Index had climbed back into positive territory for the year to date.

Though the U.S. economy contracted by 2.90% during the first three months of 2014 — the sharpest drop in five years — equity markets continued to strengthen. By the end of June, the S&P 500 Index had hit 22 record high closings for the year to date. At the same time, equity market volatility retreated and the index did not move by more than one percent for 51 consecutive days. The Chicago Board Options Exchange Volatility Index reached its lowest level since February 2007. At June 30, the S&P 500 Index produced a year-to-date return of 7.14% and posted its sixth consecutive quarterly gain, the longest streak of quarterly gains since 1998.

Throughout the reporting period, the Fed proceeded to reduce its monthly asset purchases as the employment picture continued to improve. By the end of June, the central banks monthly purchases had been pared to $45 billion from $85 billion. While a successful Sunni-led insurgency in Iraq threatened to disrupt energy markets, global oil prices rose only slightly.

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

The Portfolio (Class 1 Shares) outperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended June 30, 2014. The Portfolio’s security selection in the health care and consumer discretionary sectors made a positive contribution to performance relative to the benchmark, while

security selection in the energy sector and an underweight position in the consumer staples sector detracted from relative performance.

Individual contributors to relative performance included the Portfolio’s positions in Illumina Inc., Electronic Arts Inc. and Delta Air Lines Inc. Shares of Illumina, a medical technology company, rose on better than expected sales of its gene sequencing products. Shares of Electronic Arts, a maker of video and computer games, gained from better than expected sales. Shares of Delta Air Lines benefitted from improvement in the overall outlook for the airline industry, as well as strong capacity discipline and utilization.

Individual detractors from the Portfolio’s relative performance included the Portfolio’s positions in Lululemon Athletica Inc., CommVault Systems Inc. and GameStop Corp. Shares of Lululemon, an athletic apparel maker not held in the Benchmark, traded lower as the company reduced its earnings forecast and continued to struggle to recover lost sales momentum. Shares of CommVault, a software company not held in the Benchmark, fell on weak quarterly earnings and a tepid sales outlook. Shares of GameStop, a video game retailer, weakened on lower profit margins and higher sales of less profitable game consoles and lower sales of more profitable software and games.

HOW WAS THE PORTFOLIO POSITIONED?

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

As a result of this bottom-up stock selection process, the Portfolio’s largest overweight position versus the Benchmark was in the technology sector and the Portfolio’s largest underweight position versus the Benchmark was in the utilities sector, where the Portfolio had no holdings.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Illumina, Inc.	2.4	%
	2.	Affiliated Managers Group, Inc.	2.0
	3.	Acuity Brands, Inc.	2.0
	4.	Alliance Data Systems Corp.	1.9
	5.	Michael Kors Holdings Ltd., (Hong Kong)	1.8
	6.	Electronic Arts, Inc.	1.7
	7.	Applied Materials, Inc.	1.7
	8.	CBRE Group, Inc., Class A	1.7
	9.	Pall Corp.	1.6
	10.	Concho Resources, Inc	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Consumer Discretionary	23.0	%
Information Technology	21.7
Industrials	20.8
Health Care	12.8
Financials	11.4
Energy	6.5
Materials	2.0
Consumer Staples	0.5
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 adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Growth Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	August 1, 1994		8.78	%		34.49	%		21.86	%		10.26	%
CLASS 2 SHARES	August 16, 2006		8.62			34.18			21.55			10.04

^*  Not annualized.

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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 Mid Cap Growth Portfolio, the Russell Midcap Growth Index and the Lipper Variable Underlying Funds Mid-Cap Growth Funds Index from June 30, 2004 to June 30, 2014. 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, 2014

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.3%
		Consumer Discretionary — 22.7%
		Auto Components — 1.4%
	12,400	BorgWarner, Inc.		808,356
		Automobiles — 2.9%
	11,750	Harley-Davidson, Inc.		820,737
	3,450	Tesla Motors, Inc. (a)		828,207
				1,648,944
		Hotels, Restaurants & Leisure — 4.4%
	1,210	Chipotle Mexican Grill, Inc. (a)		716,937
	23,900	Hilton Worldwide Holdings, Inc. (a)		556,870
	13,792	Norwegian Cruise Line Holdings Ltd. (a)		437,207
	2,600	Panera Bread Co., Class A (a)		389,558
	2,090	Wynn Resorts Ltd.		433,800
				2,534,372
		Household Durables — 2.0%
	4,625	Mohawk Industries, Inc. (a)		639,823
	13,300	Toll Brothers, Inc. (a)		490,770
				1,130,593
		Internet & Catalog Retail — 2.2%
	1,760	Netflix, Inc. (a)		775,456
	4,600	TripAdvisor, Inc. (a)		499,836
				1,275,292
		Multiline Retail — 0.8%
	10,000	Big Lots, Inc. (a)		457,000
		Specialty Retail — 5.0%
	4,700	Advance Auto Parts, Inc.		634,124
	5,850	Signet Jewelers Ltd., (Bermuda)		646,951
	5,100	Ulta Salon Cosmetics & Fragrance, Inc. (a)		466,191
	13,200	Urban Outfitters, Inc. (a)		446,952
	9,700	Williams-Sonoma, Inc.		696,266
				2,890,484
		Textiles, Apparel & Luxury Goods — 4.0%
	9,950	Lululemon Athletica, Inc., (Canada) (a)		402,776
	11,500	Michael Kors Holdings Ltd., (Hong Kong) (a)		1,019,475
	5,575	Ralph Lauren Corp.		895,847
				2,318,098
		Total Consumer Discretionary		13,063,139
		Consumer Staples — 0.5%
		Food & Staples Retailing — 0.5%
	8,709	Sprouts Farmers Market, Inc. (a)		284,959

SHARES		SECURITY DESCRIPTION	VALUE($)
		Energy — 6.4%
		Energy Equipment & Services — 1.0%
	1,900	Dril-Quip, Inc. (a)		207,556
	14,650	Frank’s International N.V., (Netherlands)		360,390
				567,946
		Oil, Gas & Consumable Fuels — 5.4%
	6,700	Antero Resources Corp. (a)		439,721
	13,600	Cabot Oil & Gas Corp.		464,304
	6,200	Concho Resources, Inc. (a)		895,900
	19,900	Laredo Petroleum, Inc. (a)		616,502
	11,300	Plains All American Pipeline LP		678,565
				3,094,992
		Total Energy		3,662,938
		Financials — 11.3%
		Banks — 2.1%
	15,500	East West Bancorp, Inc.		542,345
	5,325	Signature Bank (a)		671,909
				1,214,254
		Capital Markets — 5.1%
	5,470	Affiliated Managers Group, Inc. (a)		1,123,538
	13,100	Blackstone Group LP (The)		438,064
	15,900	Lazard Ltd., Class A, (Bermuda)		819,804
	16,600	TD Ameritrade Holding Corp.		520,410
				2,901,816
		Diversified Financial Services — 1.5%
	9,900	Moody’s Corp.		867,834
		Insurance — 1.0%
	6,300	Aon plc, (United Kingdom)		567,567
		Real Estate Management & Development — 1.6%
	29,300	CBRE Group, Inc., Class A (a)		938,772
		Total Financials		6,490,243
		Health Care — 12.6%
		Biotechnology — 1.7%
	2,340	Alexion Pharmaceuticals, Inc. (a)		365,625
	6,700	Vertex Pharmaceuticals, Inc. (a)		634,356
				999,981
		Health Care Equipment & Supplies — 1.1%
	7,500	Sirona Dental Systems, Inc. (a)		618,450
		Health Care Providers & Services — 3.9%
	16,700	Brookdale Senior Living, Inc. (a)		556,778
	16,900	Envision Healthcare Holdings, Inc. (a)		606,879
	5,610	Humana, Inc.		716,509
	12,300	Premier, Inc., Class A (a)		356,700
				2,236,866

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Life Sciences Tools & Services — 4.3%
	12,200	Agilent Technologies, Inc.		700,768
	17,000	Bruker Corp. (a)		412,590
	7,720	Illumina, Inc. (a)		1,378,329
				2,491,687
		Pharmaceuticals — 1.6%
	2,800	Jazz Pharmaceuticals plc (a)		411,628
	4,000	Valeant Pharmaceuticals International, Inc. (a)		504,480
				916,108
		Total Health Care		7,263,092
		Industrials — 20.4%
		Airlines — 1.5%
	21,900	Delta Air Lines, Inc.		847,968
		Building Products — 1.3%
	18,800	Fortune Brands Home & Security, Inc.		750,684
		Commercial Services & Supplies — 1.1%
	5,340	Stericycle, Inc. (a)		632,363
		Construction & Engineering — 0.7%
	5,000	Fluor Corp.		384,500
		Electrical Equipment — 2.6%
	8,000	Acuity Brands, Inc.		1,106,000
	7,900	Generac Holdings, Inc. (a)		385,046
				1,491,046
		Industrial Conglomerates — 1.1%
	7,500	Carlisle Cos., Inc.		649,650
		Machinery — 5.3%
	5,500	Colfax Corp. (a)		409,970
	9,625	Flowserve Corp.		715,619
	5,400	Middleby Corp. (The) (a)		446,688
	10,675	Pall Corp.		911,538
	5,300	WABCO Holdings, Inc. (a)		566,146
				3,049,961
		Marine — 1.3%
	6,400	Kirby Corp. (a)		749,696
		Road & Rail — 2.4%
	4,225	Canadian Pacific Railway Ltd., (Canada)		765,316
	23,000	Hertz Global Holdings, Inc. (a)		644,690
				1,410,006
		Trading Companies & Distributors — 3.1%
	24,900	HD Supply Holdings, Inc. (a)		706,911
	6,750	MSC Industrial Direct Co., Inc., Class A		645,570

SHARES		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — continued
	4,400	Watsco, Inc.		452,144
				1,804,625
		Total Industrials		11,770,499
		Information Technology — 21.4%
		Communications Equipment — 2.1%
	13,200	Aruba Networks, Inc. (a)		231,264
	21,700	Ciena Corp. (a)		470,022
	6,150	Palo Alto Networks, Inc. (a)		515,678
				1,216,964
		Electronic Equipment, Instruments & Components — 1.6%
	9,100	Amphenol Corp., Class A		876,694
		Internet Software & Services — 1.6%
	3,300	CoStar Group, Inc. (a)		521,961
	13,900	Pandora Media, Inc. (a)		410,050
				932,011
		IT Services — 2.7%
	3,920	Alliance Data Systems Corp. (a)		1,102,500
	12,600	VeriFone Systems, Inc. (a)		463,050
				1,565,550
		Semiconductors & Semiconductor Equipment — 5.3%
	43,800	Applied Materials, Inc.		987,690
	11,900	Avago Technologies Ltd., (Singapore)		857,633
	8,900	Lam Research Corp.		601,462
	9,000	NXP Semiconductor N.V., (Netherlands) (a)		595,620
				3,042,405
		Software — 7.3%
	12,000	Autodesk, Inc. (a)		676,560
	6,800	CommVault Systems, Inc. (a)		334,356
	27,600	Electronic Arts, Inc. (a)		990,012
	8,200	FireEye, Inc. (a)		332,510
	8,100	Guidewire Software, Inc. (a)		329,346
	7,700	ServiceNow, Inc. (a)		477,092
	5,900	Splunk, Inc. (a)		326,447
	3,800	Tableau Software, Inc., Class A (a)		271,054
	5,000	Workday, Inc., Class A (a)		449,300
				4,186,677
		Technology Hardware, Storage & Peripherals — 0.8%
	4,500	SanDisk Corp.		469,935
		Total Information Technology		12,290,236

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

JPMorgan Insurance Trust Mid Cap Growth Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 2.0%
		Chemicals — 1.5%
	4,185	Sherwin-Williams Co. (The)		865,918
		Construction Materials — 0.5%
	3,000	Eagle Materials, Inc.		282,840
		Total Materials		1,148,758
		Total Common Stocks (Cost $42,945,988)		55,973,864
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	718,329	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $718,329)		718,329
		Total Investments — 98.5% (Cost $43,664,317)		56,692,193
		Other Assets in Excess of Liabilities — 1.5%		848,652
		NET ASSETS — 100.0%	$	57,540,845

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, 2014.
(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, 2014 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	Mid Cap Growth Portfolio
ASSETS:
Investments in non-affiliates, at value	$	55,973,864
Investments in affiliates, at value		718,329
Total investment securities, at value		56,692,193
Receivables:
Investment securities sold		1,668,068
Portfolio shares sold		23,544
Dividends from non-affiliates		13,456
Dividends from affiliates		11
Total Assets		58,397,272
LIABILITIES:
Payables:
Investment securities purchased		664,118
Portfolio shares redeemed		108,824
Accrued liabilities:
Investment advisory fees		24,821
Administration fees		3,858
Distribution fees		197
Custodian and accounting fees		16,499
Trustees’ and Chief Compliance Officer’s fees		143
Other		37,967
Total Liabilities		856,427
Net Assets	$	57,540,845
NET ASSETS:
Paid-in-Capital	$	40,127,665
Accumulated undistributed (distributions in excess of) net investment income		(73,298	)
Accumulated net realized gains (losses)		4,458,602
Net unrealized appreciation (depreciation)		13,027,876
Total Net Assets	$	57,540,845
Net Assets:
Class 1	$	56,451,457
Class 2		1,089,388
Total	$	57,540,845
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,096,191
Class 2		61,684
Net Asset Value, offering and redemption price per share (a):
Class 1	$	18.23
Class 2		17.66
Cost of investments in non-affiliates	$	42,945,988
Cost of investments in affiliates		718,329

(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, 2014

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	Mid Cap Growth Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	179,851
Dividend income from affiliates		101
Total investment income		179,952
EXPENSES:
Investment advisory fees		180,153
Administration fees		23,004
Distribution fees — Class 2		601
Custodian and accounting fees		15,107
Professional fees		20,860
Trustees’ and Chief Compliance Officer’s fees		301
Printing and mailing costs		12,346
Transfer agent fees		2,243
Other		7,972
Total expenses		262,587
Less amounts waived		(13,360	)
Net expenses		249,227
Net investment income (loss)		(69,275	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		4,518,029
Change in net unrealized appreciation/depreciation of investments in non-affiliates		286,976
Net realized/unrealized gains (losses)		4,805,005
Change in net assets resulting from operations	$	4,735,730

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Growth Portfolio
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(69,275	)	$	(48,998	)
Net realized gain (loss)		4,518,029			17,090,384
Change in net unrealized appreciation/depreciation		286,976			3,918,462
Change in net assets resulting from operations		4,735,730			20,959,848
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		—			(46,208	)
From net realized gains		(16,630,152	)		(4,354,443	)
Class 2
From net realized gains		(249,416	)		(1,413	)
Total distributions to shareholders		(16,879,568	)		(4,402,064	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		13,960,055			(28,091,381	)
NET ASSETS:
Change in net assets		1,816,217			(11,533,597	)
Beginning of period		55,724,628			67,258,225
End of period	$	57,540,845		$	55,724,628
Accumulated undistributed (distributions in excess of) net investment income	$	(73,298	)	$	(4,023	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

	Mid Cap Growth Portfolio
	Six Months Ended June 30, 2014 (Unaudited)				Year Ended December 31, 2013
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,716,745			$	2,870,585
Distributions reinvested		16,630,152				4,400,651
Cost of shares redeemed		(5,615,392	)			(35,393,584	)
Change in net assets resulting from Class 1 capital transactions	$	12,731,505			$	(28,122,348	)
Class 2
Proceeds from shares issued	$	981,922			$	29,563
Distributions reinvested		249,416				1,413
Cost of shares redeemed		(2,788	)			(9	)
Change in net assets resulting from Class 2 capital transactions	$	1,228,550			$	30,967
Total change in net assets resulting from capital transactions	$	13,960,055			$	(28,091,381	)
SHARE TRANSACTIONS:
Class 1
Issued		71,139				137,139
Reinvested		995,816				233,456
Redeemed		(244,209	)			(1,790,188	)
Change in Class 1 Shares		822,746		��		(1,419,593	)
Class 2
Issued		43,912				1,257
Reinvested		15,414				76
Redeemed		(123	)			(1	)
Change in Class 2 Shares		59,203				1,332

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 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, 2014 (Unaudited)	$	24.48	$	(0.03	)(f)	$	1.47		$	1.44		$	—		$	(7.69	)	$	(7.69	)
Year Ended December 31, 2013		18.21		(0.02	)(f)(g)		7.53			7.51			(0.01	)		(1.23	)		(1.24	)
Year Ended December 31, 2012		15.88		0.02	(h)		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			—			—			—
Class 2
Six Months Ended June 30, 2014 (Unaudited)		23.99		(0.05	)(f)		1.41			1.36			—			(7.69	)		(7.69	)
Year Ended December 31, 2013		17.89		(0.06	)(f)(g)		7.39			7.33			—			(1.23	)		(1.23	)
Year Ended December 31, 2012		15.64		(0.02	)(h)		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			—			—			—

(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 $(0.04) and $(0.09) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been (0.20)% and (0.42)% 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 $(0.03) 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, 2014

		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)
$	18.23		8.78	%	$	56,451,457		0.90	%		(0.25	)%		0.95	%		29	%
	24.48		43.30			55,665,101		0.90			(0.08	)(g)		0.92			76
	18.21		16.04			67,237,679		0.89			0.13	(h)		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
	17.66		8.62			1,089,388		1.15			(0.49	)		1.21			29
	23.99		43.02			59,527		1.15			(0.31	)(g)		1.18			76
	17.89		15.77			20,546		1.14			(0.12	)(h)		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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. 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 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.

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”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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.

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)

14 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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)	$	56,692,193	$	—	$	—	$	56,692,193

(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 among any levels during the six months ended June 30, 2014.

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 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.

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 capital gains 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, 2014, 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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 Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee 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 covered by the Administration Agreement (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, 2014, the effective annualized 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.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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 paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) 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, 2014. The contractual expense limitation percentages in the table above are in place until at least April 30, 2015.

For the six months ended June 30, 2014, 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
$	5,293	$	7,251	$	12,544

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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, 2014 was $816.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

4. Investment Transactions

During the six months ended June 30, 2014, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	15,741,581	$	18,727,278

During the six months ended June 30, 2014, 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, 2014 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	43,664,317	$	13,877,348	$	849,472	$	13,027,876

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 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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, 2014 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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Growth Portfolio
Class 1
Actual	$	1,000.00	$	1,087.80	$	4.66		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class 2
Actual		1,000.00		1,086.20		5.95		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, 2014

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172
Marilyn McCoy
In Favor		55,921
Withheld		2,257

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

JUNE 30, 2014 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 Adviser. 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., 2014.  All rights reserved. June 2014. SAN-JPMITMCGP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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
Special Shareholder Meeting Results	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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		8.15%
Russell Midcap Value Index		11.14%
Net Assets as of 6/30/2014	$	446,741,577

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?

In the wake of the U.S. Federal Reserve’s (the “Fed”) decision to taper monthly asset purchases under its Quantitative Easing program, U.S. equity prices rose and the Standard & Poor’s (“S&P”) 500 Index reached its highest peak since inception in mid January. Equities retreated from there and the S&P 500 Index notched an 8.50% decline before starting to rebound. Despite severe winter weather that slowed consumer spending and construction, by late February the S&P 500 had climbed back into positive territory for the year to date.

Though the U.S. economy contracted by 2.90% during the first three months of 2014 – the sharpest drop in five years – equity markets continued to strengthen through the reporting period. By the end of June, the S&P 500 Index had hit 22 record high closings for the year to date. At the same time, equity market volatility retreated and the index did not move by more than one percent for 51 consecutive days. The Chicago Board Options Exchange Volatility Index reached its lowest level since February 2007. At June 30, the S&P 500 Index produced a year-to-date return of 7.14% and posted its sixth consecutive quarterly gain, the longest streak of quarterly gains since 1998.

Throughout the reporting period, the Fed proceeded to reduce its monthly asset purchases as the employment picture continued to improve. By the end of June, the central banks monthly purchases had been pared to $45 billion from $85 billion. While a successful Sunni-led insurgency in Iraq threatened to disrupt energy markets, global oil prices rose only slightly.

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

The Portfolio (Class 1 Shares) underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months

ended June 30, 2014. The Portfolio’s overweight position in the consumer discretionary sector and its security selection in the financials sector were leading detractors from performance relative to the Benchmark, while the Portfolio’s security selection in the consumer stapes sector was the leading contributor to relative performance.

Leading individual detractors from relative performance included Loews Corp., Forest Laboratories Inc. and Bed Bath & Beyond Inc. Shares of Loews, a diversified financial holding company, fell after the company posted a 75% drop in quarterly profit. Shares of Forest Labs, a specialty pharmaceutical company, rose on its pending acquisition by Activis PLC, but the Portfolio’s did not hold the stock during the period and did not benefit from the gain. Shares of Bed Bath & Beyond, an operator of retail chain stores, declined after the company issued a quarterly earnings forecast that was below analysts’ expectations.

Leading contributors to the Portfolio’s relative performance included Marriott International Inc., Ball Corp. and Williams Cos. Shares of Marriott, a hotels and hospitality company, gained from an increase in profit and occupancy rates in its North American operations. Shares of Ball Corp., a packaging supplier, rose after the company reaffirmed its fiscal 2014 and longer terms earnings guidance. Shares of Williams Cos., an operator of natural gas transmission infrastructure, gained from the continued strength of U.S. natural gas and petroleum production.

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. During the reporting period, the Portfolio maintained a large overweight position in the consumer discretionary sector, while the financials sector was the largest underweight position in the Portfolio.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Marsh & McLennan Cos., Inc.	1.8	%
	2.	Loews Corp.	1.6
	3.	Gap, Inc. (The)	1.5
	4.	Kohl’s Corp.	1.5
	5.	Ameriprise Financial, Inc.	1.5
	6.	Fifth Third Bancorp	1.5
	7.	Expedia, Inc.	1.5
	8.	Ball Corp.	1.5
	9.	Cigna Corp.	1.4
	10.	Amphenol Corp., Class A	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	28.1	%
Consumer Discretionary	16.4
Industrials	9.6
Information Technology	9.5
Utilities	9.0
Materials	7.6
Health Care	5.6
Consumer Staples	5.0
Energy	4.7
Short-Term Investment	4.5

* 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 adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		8.15	%		23.85	%		22.15	%		10.45	%

* Not annualized.

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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 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 and the Lipper Variable Underlying Funds Multi-Cap Core Index from June 30, 2004 to June 30, 2014. 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 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 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, 2014

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.0%
		Consumer Discretionary — 16.4%
		Hotels, Restaurants & Leisure — 1.1%
	53,036	Marriott International, Inc., Class A		3,399,608
	21,000	Starwood Hotels & Resorts Worldwide, Inc.		1,697,220
				5,096,828
		Household Durables — 2.2%
	76,850	Jarden Corp. (a)		4,561,047
	36,640	Mohawk Industries, Inc. (a)		5,068,778
				9,629,825
		Internet & Catalog Retail — 1.5%
	83,230	Expedia, Inc.		6,555,195
		Media — 2.9%
	22,390	CBS Corp. (Non-Voting), Class B		1,391,315
	102,035	Clear Channel Outdoor Holdings, Inc., Class A		834,646
	71,040	DISH Network Corp., Class A (a)		4,623,283
	136,770	Gannett Co., Inc.		4,282,269
	77,810	Time, Inc. (a)		1,884,558
				13,016,071
		Multiline Retail — 2.4%
	26,800	Family Dollar Stores, Inc.		1,772,552
	129,010	Kohl’s Corp.		6,796,247
	34,480	Nordstrom, Inc.		2,342,226
				10,911,025
		Specialty Retail — 5.3%
	7,928	AutoZone, Inc. (a)		4,251,311
	54,900	Bed Bath & Beyond, Inc. (a)		3,150,162
	90,670	Best Buy Co., Inc.		2,811,676
	166,830	Gap, Inc. (The)		6,935,123
	30,560	PetSmart, Inc.		1,827,488
	35,760	Tiffany & Co.		3,584,940
	21,980	TJX Cos., Inc. (The)		1,168,237
				23,728,937
		Textiles, Apparel & Luxury Goods — 1.0%
	23,830	PVH Corp.		2,778,578
	26,250	V.F. Corp.		1,653,750
				4,432,328
		Total Consumer Discretionary		73,370,209
		Consumer Staples — 5.1%
		Beverages — 1.6%
	3,073	Brown-Forman Corp., Class B		289,384
	18,190	Constellation Brands, Inc., Class A (a)		1,603,085
	87,711	Dr. Pepper Snapple Group, Inc.		5,138,110
				7,030,579

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.9%
	112,987	Kroger Co. (The)		5,584,947
	405,550	Rite Aid Corp. (a)		2,907,794
				8,492,741
		Food Products — 0.8%
	33,800	Hershey Co. (The)		3,291,106
		Household Products — 0.8%
	30,600	Energizer Holdings, Inc.		3,734,118
		Total Consumer Staples		22,548,544
		Energy — 4.7%
		Oil, Gas & Consumable Fuels — 4.7%
	54,870	Energen Corp.		4,876,846
	37,120	EQT Corp.		3,968,128
	88,780	PBF Energy, Inc., Class A		2,365,987
	106,040	QEP Resources, Inc.		3,658,380
	87,210	Southwestern Energy Co. (a)		3,967,183
	39,410	Williams Cos., Inc. (The)		2,294,056
		Total Energy		21,130,580
		Financials — 28.3%
		Banks — 6.0%
	39,250	City National Corp.		2,973,580
	311,090	Fifth Third Bancorp		6,641,772
	45,800	First Republic Bank		2,518,542
	189,860	Huntington Bancshares, Inc.		1,811,264
	47,160	M&T Bank Corp.		5,850,198
	124,990	SunTrust Banks, Inc.		5,007,099
	65,830	Zions Bancorporation		1,940,010
				26,742,465
		Capital Markets — 4.9%
	55,360	Ameriprise Financial, Inc.		6,643,200
	111,180	Invesco Ltd.		4,197,045
	42,390	Legg Mason, Inc.		2,175,031
	63,720	Northern Trust Corp.		4,091,461
	55,740	T. Rowe Price Group, Inc.		4,705,014
				21,811,751
		Consumer Finance — 0.8%
	144,480	Ally Financial, Inc. (a)		3,454,517
		Insurance — 9.0%
	6,568	Alleghany Corp. (a)		2,877,572
	39,800	Chubb Corp. (The)		3,668,366
	117,530	Hartford Financial Services Group, Inc. (The)		4,208,749
	164,980	Loews Corp.		7,260,770
	155,690	Marsh & McLennan Cos., Inc.		8,067,856
	178,154	Old Republic International Corp.		2,946,667

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	105,730	Unum Group		3,675,175
	78,470	W.R. Berkley Corp.		3,633,946
	126,290	XL Group plc, (Ireland)		4,133,471
				40,472,572
		Real Estate Investment Trusts (REITs) — 6.8%
	65,190	American Campus Communities, Inc.		2,492,866
	29,770	AvalonBay Communities, Inc.		4,232,996
	85,000	Brixmor Property Group, Inc.		1,950,750
	140,350	General Growth Properties, Inc.		3,306,646
	189,160	Kimco Realty Corp.		4,346,897
	76,175	Rayonier, Inc.		2,708,021
	49,640	Regency Centers Corp.		2,763,955
	46,214	Vornado Realty Trust		4,932,420
	105,230	Weyerhaeuser Co.		3,482,061
				30,216,612
		Real Estate Management & Development — 0.5%
	106,175	Brookfield Property Partners LP		2,215,872
		Thrifts & Mortgage Finance — 0.3%
	135,750	Hudson City Bancorp, Inc.		1,334,423
		Total Financials		126,248,212
		Health Care — 5.6%
		Health Care Equipment & Supplies — 0.9%
	88,990	CareFusion Corp. (a)		3,946,707
		Health Care Providers & Services — 4.7%
	60,440	AmerisourceBergen Corp.		4,391,571
	77,880	Brookdale Senior Living, Inc. (a)		2,596,519
	69,160	Cigna Corp.		6,360,645
	22,160	Henry Schein, Inc. (a)		2,629,727
	39,520	Humana, Inc.		5,047,494
				21,025,956
		Total Health Care		24,972,663
		Industrials — 9.6%
		Building Products — 0.7%
	78,990	Fortune Brands Home & Security, Inc.		3,154,071
		Electrical Equipment — 2.8%
	80,380	AMETEK, Inc.		4,202,267
	30,560	Hubbell, Inc., Class B		3,763,464
	56,740	Regal-Beloit Corp.		4,457,494
				12,423,225
		Industrial Conglomerates — 1.2%
	64,760	Carlisle Cos., Inc.		5,609,511

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — 2.8%
	64,910	IDEX Corp.		5,240,833
	77,650	Rexnord Corp. (a)		2,185,848
	42,000	Snap-on, Inc.		4,977,840
				12,404,521
		Professional Services — 1.1%
	69,570	Equifax, Inc.		5,046,608
		Trading Companies & Distributors — 1.0%
	46,540	MSC Industrial Direct Co., Inc., Class A		4,451,085
		Total Industrials		43,089,021
		Information Technology — 9.6%
		Communications Equipment — 0.6%
	124,600	CommScope Holding Co., Inc. (a)		2,881,998
		Electronic Equipment, Instruments & Components — 2.8%
	66,020	Amphenol Corp., Class A		6,360,367
	102,090	Arrow Electronics, Inc. (a)		6,167,257
				12,527,624
		IT Services — 1.6%
	100,990	Jack Henry & Associates, Inc.		6,001,836
	46,600	Sabre Corp. (a)		934,330
				6,936,166
		Semiconductors & Semiconductor Equipment — 3.5%
	104,630	Analog Devices, Inc.		5,657,344
	59,070	KLA-Tencor Corp.		4,290,845
	119,850	Xilinx, Inc.		5,670,103
				15,618,292
		Software — 1.1%
	121,350	Synopsys, Inc. (a)		4,710,807
		Total Information Technology		42,674,887
		Materials — 7.7%
		Chemicals — 4.4%
	53,330	Airgas, Inc.		5,808,170
	75,466	Albemarle Corp.		5,395,819
	25,391	Rayonier Advanced Materials, Inc. (a)		983,917
	14,370	Sherwin-Williams Co. (The)		2,973,297
	44,720	Sigma-Aldrich Corp.		4,538,186
				19,699,389
		Containers & Packaging — 3.3%
	104,440	Ball Corp.		6,546,299
	38,540	Rock-Tenn Co., Class A		4,069,439
	76,820	Silgan Holdings, Inc.		3,903,992
				14,519,730
		Total Materials		34,219,119

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 9.0%
		Electric Utilities — 2.8%
	65,530	Edison International		3,807,948
	122,410	Westar Energy, Inc.		4,674,838
	125,170	Xcel Energy, Inc.		4,034,229
				12,517,015
		Gas Utilities — 1.6%
	37,830	National Fuel Gas Co.		2,962,089
	174,050	Questar Corp.		4,316,440
				7,278,529
		Multi-Utilities — 4.6%
	162,320	CenterPoint Energy, Inc.		4,145,653
	137,700	CMS Energy Corp.		4,289,355
	91,090	NiSource, Inc.		3,583,480
	53,260	Sempra Energy		5,576,855
	63,840	Wisconsin Energy Corp.		2,995,373
				20,590,716
		Total Utilities		40,386,260
		Total Common Stocks (Cost $268,084,944)		428,639,495

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	20,273,520	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $20,273,520)		20,273,520
		Total Investments — 100.5% (Cost $288,358,464)		448,913,015
		Liabilities in Excess of Other Assets — (0.5)%		(2,171,438	)
		NET ASSETS — 100.0%	$	446,741,577

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, 2014.
(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, 2014 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	428,639,495
Investments in affiliates, at value		20,273,520
Total investment securities, at value		448,913,015
Receivables:
Investment securities sold		532,335
Portfolio shares sold		243,287
Dividends from non-affiliates		473,688
Dividends from affiliates		168
Total Assets		450,162,493
LIABILITIES:
Payables:
Investment securities purchased		2,062,749
Portfolio shares redeemed		1,032,346
Accrued liabilities:
Investment advisory fees		234,010
Administration fees		30,120
Custodian and accounting fees		18,768
Trustees’ and Chief Compliance Officer’s fees		513
Other		42,410
Total Liabilities		3,420,916
Net Assets	$	446,741,577
NET ASSETS:
Paid-in-Capital	$	273,435,349
Accumulated undistributed net investment income		1,729,328
Accumulated net realized gains (losses)		11,022,349
Net unrealized appreciation (depreciation)		160,554,551
Total Net Assets	$	446,741,577
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):		41,666,501
Net Asset Value, offering and redemption price per share (a)	$	10.72
Cost of investments in non-affiliates	$	268,084,944
Cost of investments in affiliates		20,273,520

(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, 2014

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,350,562
Dividend income from affiliates		761
Total investment income		3,351,323
EXPENSES:
Investment advisory fees		1,353,414
Administration fees		172,823
Custodian and accounting fees		15,591
Professional fees		22,906
Trustees’ and Chief Compliance Officer’s fees		2,331
Printing and mailing costs		23,257
Transfer agent fees		2,740
Other		46,919
Total expenses		1,639,981
Less amounts waived		(12,581	)
Net expenses		1,627,400
Net investment income (loss)		1,723,923
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		18,357,711
Change in net unrealized appreciation/depreciation of investments in non-affiliates		13,233,328
Net realized/unrealized gains (losses)		31,591,039
Change in net assets resulting from operations	$	33,314,962

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Value Portfolio
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,723,923		$	3,381,126
Net realized gain (loss)		18,357,711			24,547,256
Change in net unrealized appreciation/depreciation		13,233,328			69,447,842
Change in net assets resulting from operations		33,314,962			97,376,224
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,343,737	)		(3,553,610	)
From net realized gains		(22,810,374	)		(3,818,800	)
Total distributions to shareholders		(26,154,111	)		(7,372,410	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		30,798,490			21,383,536
NET ASSETS:
Change in net assets		37,959,341			111,387,350
Beginning of period		408,782,236			297,394,886
End of period	$	446,741,577		$	408,782,236
Accumulated undistributed net investment income	$	1,729,328		$	3,349,142
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	48,590,784		$	92,390,380
Distributions reinvested		26,154,111			7,372,410
Cost of shares redeemed		(43,946,405	)		(78,379,254	)
Change in net assets resulting from capital transactions	$	30,798,490		$	21,383,536
SHARE TRANSACTIONS:
Issued		4,572,356			9,778,101
Reinvested		2,564,129			824,654
Redeemed		(4,128,263	)		(8,326,183	)
Change in Shares		3,008,222			2,276,572

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations						Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
Mid Cap Value Portfolio (f)
Six Months Ended June 30, 2014 (Unaudited)	$	10.57	$	0.04	$	0.79	$	0.83	$	(0.09	)	$	(0.59	)	$	(0.68	)
Year Ended December 31, 2013		8.17		0.09		2.51		2.60		(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	)

(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.

* 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, 2014

		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)
$	10.72		8.15	%	$	446,741,577		0.78	%		0.83	%		0.79	%		15	%
	10.57		32.30			408,782,236		0.77			0.95			0.78			26
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. 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 open-end investment companies are valued at each investment company’s net asset value per share 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 pricing 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”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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, 2014

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)	$	448,913,015	$	—	$	—	$	448,913,015

(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 among any levels during the six months ended June 30, 2014.

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. 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 capital gains 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, 2014, 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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, an indirect, wholly-owned subsidiary of JPMorgan, 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 covered by the Administration Agreement (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, 2014, the effective annualized 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.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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 paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Adviser 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 average daily net assets.

The expense limitation agreement was in effect for the six months ended June 30, 2014. The contractual expense limitation percentage above is in place until at least April 30, 2015.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser 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, 2014 was $12,581.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	61,573,658	$	61,408,589

During the six months ended June 30, 2014, 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, 2014, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	288,358,464	$	160,672,369	$	117,818	$	160,554,551

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are 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, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	5,413,132	*	$	5,413,132	*

* 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 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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, 2014 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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,081.50	$	4.03		0.78	%
Hypothetical		1,000.00		1,020.93		3.91		0.78

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

18 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SEE NOTES TO FINANCIAL STATEMENTS.

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172

	Votes Received (Amounts in thousands)
Marilyn McCoy
In Favor		55,921
Withheld		2,257
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

JUNE 30, 2014 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 Adviser. 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., 2014.  All rights reserved. June 2014. SAN-JPMITMCVP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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
Special Shareholder Meeting Results	24

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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		5.95%
Russell 2000 Index		3.19%
Net Assets as of 6/30/2014	$	110,564,980

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

In the wake of the U.S. Federal Reserve’s (the “Fed”) decision to taper monthly asset purchases under its Quantitative Easing program, U.S. equity prices rose and the Standard & Poor’s (“S&P”) 500 Index reached its highest peak since inception in mid January. Equities retreated from there and the S&P 500 Index notched an 8.50% decline before starting to rebound. Despite severe winter weather that slowed consumer spending and construction, by late February the S&P 500 Index had climbed back into positive territory for the year to date.

Though the U.S. economy contracted by 2.90% during the first three months of 2014 — the sharpest drop in five years — equity markets continued to strengthen through the reporting period. By the end of June, the S&P 500 Index had hit 22 record high closings for the year to date. At the same time, equity market volatility retreated and the index did not move by more than one percent for 51 consecutive days. The Chicago Board Options Exchange Volatility Index reached its lowest level since February 2007. At June 30, the S&P 500 Index produced a year-to-date return of 7.14% and posted its sixth consecutive quarterly gain, the longest streak of quarterly gains since 1998.

Throughout the reporting period, the Fed proceeded to reduce its monthly asset purchases as the employment picture continued to improve. By the end of June, the central banks monthly purchases had been pared to $45 billion from $85 billion. While a successful Sunni-led insurgency in Iraq threatened to disrupt energy markets, global oil prices rose only slightly.

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

The Portfolio (Class 1 Shares) outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended June 30,

2014. The Portfolio’s security selection in the health services

and systems sector and the systems hardware sector was a leading contributor to performance relative to the Benchmark. The Portfolio’s security selection in the finance and utilities sectors was a leading detractor from relative performance.

Leading contributors to the Portfolio’s relative performance included Tower International Inc., Rite Aid Corp. and Sanmina Corp. Shares of Tower International, an automotive components maker, rose after the company raised its forecast for earnings and revenue. Shares of Rite Aid, a retail drugstore chain, strengthened after the company forecast revenue slightly above analysts’ estimates. Shares of Sanmina, a provider of components, service and repairs to the technology sector, rose after the company forecast earnings above analysts’ estimates.

Leading individual detractors from relative performance included Medicines Co., Regional Management Corp. and Barrett Business Services Inc. Shares of Medicines, a pharmaceutical company focused on serving the hospital market, sank after a U.S. Food and Drug Administration panel voted against approval of the company’s blood clot preventer. Shares of Regional Management, a consumer finance company, slumped on reports of lax standards in its lending practices. Shares of Barrett, a staffing and management consulting company, fell after it issued a disappointing earnings forecast.

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 are attractively valued and possess strong fundamentals. During the reporting period, the Portfolio was managed and positioned in accordance with this investment process.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Sanmina Corp.	1.1	%
	2.	Tower International, Inc.	1.1
	3.	Deluxe Corp.	1.1
	4.	Barnes & Noble, Inc.	1.0
	5.	Warren Resources, Inc.	1.0
	6.	Greatbatch, Inc.	1.0
	7.	WebMD Health Corp.	1.0
	8.	Dynegy, Inc.	1.0
	9.	Popular, Inc., (Puerto Rico)	1.0
	10.	NuVasive, Inc.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.8	%
Information Technology	17.6
Industrials	14.3
Consumer Discretionary	13.5
Health Care	11.8
Energy	7.0
Consumer Staples	4.1
Materials	3.8
Utilities	3.2
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 adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		5.95	%		28.72	%		22.15	%		8.98	%
CLASS 2 SHARES	April 24, 2009		5.82			28.38			21.83			8.83

* Not annualized.

TEN YEAR PERFORMANCE (6/30/04 to 6/30/14)

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 JPMorgan Insurance Trust 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 those 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, 2004 to June 30, 2014. 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 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, 2014

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 98.1%
		Consumer Discretionary — 13.5%
		Auto Components — 1.4%
	4,300	Standard Motor Products, Inc.		192,081
	8,900	Stoneridge, Inc. (a)		95,408
	33,100	Tower International, Inc. (a)		1,219,404
				1,506,893
		Distributors — 0.3%
	6,200	Core-Mark Holding Co., Inc.		282,906
	1,460	VOXX International Corp. (a)		13,739
				296,645
		Diversified Consumer Services — 0.6%
	12,400	2U, Inc. (a)		208,444
	1,500	Capella Education Co.		81,585
	17,400	Chegg, Inc. (a)		122,496
	3,000	ITT Educational Services, Inc. (a)		50,070
	9,500	ServiceMaster Global Holdings, Inc. (a)		173,185
				635,780
		Hotels, Restaurants & Leisure — 1.4%
	5,300	Einstein Noah Restaurant Group, Inc.		85,118
	9,500	Jack in the Box, Inc.		568,480
	3,800	La Quinta Holdings, Inc. (a)		72,732
	27,968	Ruth’s Hospitality Group, Inc.		345,405
	18,100	Sonic Corp. (a)		399,648
	2,400	Zoe’s Kitchen, Inc. (a)		82,512
				1,553,895
		Household Durables — 2.0%
	5,800	Century Communities, Inc. (a)		128,470
	3,000	GoPro, Inc., Class A (a)		121,650
	14,800	Helen of Troy Ltd., (Bermuda) (a)		897,324
	3,089	Jarden Corp. (a)		183,332
	10,700	KB Home		199,876
	2,200	Libbey, Inc. (a)		58,608
	7,800	Lifetime Brands, Inc.		122,616
	1,600	NACCO Industries, Inc., Class A		80,960
	22,000	Skullcandy, Inc. (a)		159,500
	2,300	Turtle Beach Corp. (a)		21,252
	5,600	Universal Electronics, Inc. (a)		273,728
				2,247,316
		Internet & Catalog Retail — 0.1%
	2,500	Coupons.com, Inc. (a)		65,775
		Leisure Products — 0.0% (g)
	2,300	Nautilus, Inc. (a)		25,507

SHARES		SECURITY DESCRIPTION	VALUE($)
		Media — 1.4%
	2,500	AMC Entertainment Holdings, Inc., Class A (m)		62,175
	38,000	E.W. Scripps Co. (The), Class A (a)		804,080
	5,300	Entercom Communications Corp., Class A (a)		56,869
	11,700	Gray Television, Inc. (a)		153,621
	13,700	Journal Communications, Inc., Class A (a)		121,519
	1,900	Live Nation Entertainment, Inc. (a)		46,911
	9,900	Markit Ltd., (United Kingdom) (a)		267,102
	2,600	Sinclair Broadcast Group, Inc., Class A		90,350
				1,602,627
		Multiline Retail — 0.7%
	6,700	Dillard’s, Inc., Class A		781,287
		Specialty Retail — 4.1%
	49,700	Barnes & Noble, Inc. (a)		1,132,663
	16,700	Brown Shoe Co., Inc.		477,787
	10,800	Cato Corp. (The), Class A		333,720
	1,500	Children’s Place, Inc. (The)		74,445
	4,800	Destination Maternity Corp.		109,296
	32,200	Express, Inc. (a)		548,366
	10,700	Lithia Motors, Inc., Class A		1,006,549
	3,900	Michaels Cos., Inc. (The) (a)		66,495
	104,445	Office Depot, Inc. (a)		594,292
	2,200	Outerwall, Inc. (a)		130,570
	5,200	Systemax, Inc. (a)		74,724
				4,548,907
		Textiles, Apparel & Luxury Goods — 1.5%
	9,300	G-III Apparel Group Ltd. (a)		759,438
	19,500	Iconix Brand Group, Inc. (a)		837,330
	2,300	RG Barry Corp.		43,585
				1,640,353
		Total Consumer Discretionary		14,904,985
		Consumer Staples — 4.0%
		Food & Staples Retailing — 1.9%
	10,250	Andersons, Inc. (The)		528,695
	114,500	Rite Aid Corp. (a)		820,965
	28,800	Roundy’s, Inc.		158,688
	30,080	SpartanNash Co.		631,981
				2,140,329
		Food Products — 1.7%
	57,800	Chiquita Brands International, Inc. (a)		627,130
	28,700	Pilgrim’s Pride Corp. (a)		785,232

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Food Products — continued
	8,200	Pinnacle Foods, Inc.		269,780
	2,600	Sanderson Farms, Inc.		252,720
				1,934,862
		Personal Products — 0.4%
	4,400	Revlon, Inc., Class A (a)		134,200
	3,400	USANA Health Sciences, Inc. (a)		265,676
				399,876
		Total Consumer Staples		4,475,067
		Energy — 7.0%
		Energy Equipment & Services — 2.1%
	8,900	C&J Energy Services, Inc. (a)		300,642
	7,800	Dawson Geophysical Co.		223,470
	9,700	Forum Energy Technologies, Inc. (a)		353,371
	9,800	Helix Energy Solutions Group, Inc. (a)		257,838
	10,800	Matrix Service Co. (a)		354,132
	2,600	Pioneer Energy Services Corp. (a)		45,604
	10,312	Superior Energy Services, Inc.		372,675
	19,100	Tesco Corp.		407,594
				2,315,326
		Oil, Gas & Consumable Fuels — 4.9%
	11,100	Carrizo Oil & Gas, Inc. (a)		768,786
	10,200	Delek U.S. Holdings, Inc.		287,946
	4,695	Energy XXI Bermuda Ltd., (Bermuda)		110,943
	7,800	Equal Energy Ltd.		42,276
	23,600	Green Plains, Inc.		775,732
	2,600	Memorial Resource Development Corp. (a)		63,336
	16,100	Pacific Ethanol, Inc. (a)		246,169
	1,200	Parsley Energy, Inc., Class A (a)		28,884
	45,000	Renewable Energy Group, Inc. (a)		516,150
	2,000	REX American Resources Corp. (a)		146,620
	2,500	Ring Energy, Inc. (a)		43,625
	1,600	SemGroup Corp., Class A		126,160
	7,600	Stone Energy Corp. (a)		355,604
	2,900	TransAtlantic Petroleum Ltd. (a)		33,031
	27,300	VAALCO Energy, Inc. (a)		197,379
	178,400	Warren Resources, Inc. (a)		1,106,080
	10,800	Western Refining, Inc.		405,540
	2,300	Westmoreland Coal Co. (a)		83,444
	2,400	World Fuel Services Corp.		118,152
				5,455,857
		Total Energy		7,771,183

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 21.8%
		Banks — 7.0%
	2,900	Banco Latinoamericano de Comercio Exterior S.A., (Panama), Class E		86,043
	10,800	BBCN Bancorp, Inc.		172,260
	2,500	BNC Bancorp		42,675
	1,100	Bridge Bancorp, Inc.		26,389
	6,300	Cathay General Bancorp		161,028
	3,700	Citizens & Northern Corp.		72,113
	1,364	Community Trust Bancorp, Inc.		46,676
	500	ConnectOne Bancorp, Inc. (a)		24,945
	21,180	Customers Bancorp, Inc. (a)		423,812
	26,455	East West Bancorp, Inc.		925,660
	2,744	Fidelity Southern Corp.		35,645
	3,900	Financial Institutions, Inc.		91,338
	49,400	First BanCorp, (Puerto Rico) (a)		268,736
	1,300	First Business Financial Services, Inc.		61,139
	18,900	First Commonwealth Financial Corp.		174,258
	4,700	First Community Bancshares, Inc.		67,351
	4,500	First Financial Bancorp		77,445
	3,600	First Merchants Corp.		76,104
	7,300	First NBC Bank Holding Co. (a)		244,623
	27,157	FirstMerit Corp.		536,351
	27,325	Hanmi Financial Corp.		576,011
	3,700	Huntington Bancshares, Inc.		35,298
	875	Iberiabank Corp.		60,541
	3,400	MainSource Financial Group, Inc.		58,650
	700	National Bankshares, Inc.		21,623
	2,471	NBT Bancorp, Inc.		59,353
	1,100	Park Sterling Corp.		7,249
	1,200	Peoples Bancorp, Inc.		31,740
	600	Peoples Financial Services Corp.		30,834
	7,800	Pinnacle Financial Partners, Inc.		307,944
	31,600	Popular, Inc., (Puerto Rico) (a)		1,080,088
	6,400	Preferred Bank (a)		151,296
	4,000	PrivateBancorp, Inc.		116,240
	1,200	Prosperity Bancshares, Inc.		75,120
	4,550	Sierra Bancorp		71,890
	11,935	Southwest Bancorp, Inc.		203,611
	1,600	Square 1 Financial, Inc., Class A (a)		30,416
	11,100	Susquehanna Bancshares, Inc.		117,216
	1,200	SVB Financial Group (a)		139,944
	2,900	Texas Capital Bancshares, Inc. (a)		156,455
	8,200	Tristate Capital Holdings, Inc. (a)		115,866
	2,200	WesBanco, Inc.		68,288
	3,500	West Bancorporation, Inc.		53,305

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Banks — continued
	53,700	Wilshire Bancorp, Inc.		551,499
	1,600	Yadkin Financial Corp. (a)		30,144
				7,765,212
		Capital Markets — 1.3%
	2,700	Arlington Asset Investment Corp., Class A		73,791
	49,100	BGC Partners, Inc., Class A		365,304
	18,200	Cowen Group, Inc., Class A (a)		76,804
	24,800	Investment Technology Group, Inc. (a)		418,624
	15,400	Ladenburg Thalmann Financial Services, Inc. (a)		48,510
	11,000	Manning & Napier, Inc.		189,860
	4,200	Moelis & Co. (a)		141,162
	3,200	Piper Jaffray Cos. (a)		165,664
				1,479,719
		Consumer Finance — 2.0%
	13,800	Cash America International, Inc.		613,134
	7,600	Encore Capital Group, Inc. (a)		345,192
	46,100	Green Dot Corp., Class A (a)		874,978
	5,300	JGWPT Holdings, Inc., Class A (a)		59,678
	6,000	Nelnet, Inc., Class A		248,580
	2,900	Regional Management Corp. (a)		44,863
				2,186,425
		Insurance — 2.6%
	31,800	American Equity Investment Life Holding Co.		782,280
	5,925	Aspen Insurance Holdings Ltd., (Bermuda)		269,114
	40,000	CNO Financial Group, Inc.		712,000
	2,100	Crawford & Co., Class B		21,168
	1,600	Federated National Holding Co.		40,800
	5,000	HCI Group, Inc.		203,000
	10,800	Hilltop Holdings, Inc. (a)		229,608
	1,400	Horace Mann Educators Corp.		43,778
	10,900	Maiden Holdings Ltd., (Bermuda)		131,781
	1,100	Montpelier Re Holdings Ltd., (Bermuda)		35,145
	3,000	Selective Insurance Group, Inc.		74,160
	1,200	Stewart Information Services Corp.		37,212
	5,300	Symetra Financial Corp.		120,522
	3,200	United Fire Group, Inc.		93,824
	1,006	Validus Holdings Ltd., (Bermuda)		38,469
				2,832,861
		Real Estate Investment Trusts (REITs) — 7.9%
	800	Agree Realty Corp. (m)		24,184
	3,583	American Campus Communities, Inc.		137,014
	76,100	Anworth Mortgage Asset Corp.		392,676
	3,380	Ashford Hospitality Prime, Inc.		58,001

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	55,396	Ashford Hospitality Trust, Inc.		639,270
	55,600	Capstead Mortgage Corp.		731,140
	7,300	Chatham Lodging Trust		159,870
	6,300	Chesapeake Lodging Trust		190,449
	9,300	CoreSite Realty Corp.		307,551
	20,700	Cousins Properties, Inc.		257,715
	23,475	DCT Industrial Trust, Inc.		192,729
	7,700	DDR Corp.		135,751
	2,600	EastGroup Properties, Inc.		166,998
	19,000	Education Realty Trust, Inc.		204,060
	34,000	First Industrial Realty Trust, Inc.		640,560
	2,600	Franklin Street Properties Corp.		32,708
	13,100	Geo Group, Inc. (The)		468,063
	7,100	Glimcher Realty Trust		76,893
	1,250	Home Properties, Inc.		79,950
	5,000	LaSalle Hotel Properties		176,450
	3,200	LTC Properties, Inc.		124,928
	995	Mid-America Apartment Communities, Inc.		72,685
	2,600	Parkway Properties, Inc.		53,690
	6,300	Pebblebrook Hotel Trust		232,848
	9,025	Pennsylvania Real Estate Investment Trust		169,850
	15,600	PennyMac Mortgage Investment Trust		342,264
	17,100	Potlatch Corp.		707,940
	2,875	PS Business Parks, Inc.		240,034
	13,200	RAIT Financial Trust		109,164
	2,300	Ramco-Gershenson Properties Trust		38,226
	16,200	Redwood Trust, Inc.		315,414
	16,800	RLJ Lodging Trust		485,352
	25,100	Strategic Hotels & Resorts, Inc. (a)		293,921
	1,200	Sun Communities, Inc.		59,808
	28,800	Sunstone Hotel Investors, Inc.		429,984
				8,748,140
		Thrifts & Mortgage Finance — 1.0%
	1,900	BofI Holding, Inc. (a)		139,593
	16,000	Flagstar Bancorp, Inc. (a)		289,600
	4,900	HomeStreet, Inc.		90,013
	2,400	OceanFirst Financial Corp.		39,744
	10,075	Ocwen Financial Corp. (a)		373,783
	6,900	Walker & Dunlop, Inc. (a)		97,359
	1,400	Washington Federal, Inc.		31,402
				1,061,494
		Total Financials		24,073,851

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care — 11.7%
		Biotechnology — 3.9%
	4,400	Acceleron Pharma, Inc. (a) (m)		149,468
	1,000	Adamas Pharmaceuticals, Inc. (a) (m)		18,280
	500	Agios Pharmaceuticals, Inc. (a) (m)		22,910
	3,800	Alnylam Pharmaceuticals, Inc. (a) (m)		240,046
	1,600	Applied Genetic Technologies Corp. (a)		36,960
	5,100	Ardelyx, Inc. (a)		81,447
	28,900	ARIAD Pharmaceuticals, Inc. (a)		184,093
	10,052	Auspex Pharmaceuticals, Inc. (a)		223,858
	5,900	Cara Therapeutics, Inc. (a)		100,418
	8,300	Celladon Corp. (a)		132,966
	26,800	Celldex Therapeutics, Inc. (a)		437,376
	6,900	Cerulean Pharma, Inc. (a)		40,020
	12,200	Dicerna Pharmaceuticals, Inc. (a)		275,354
	5,100	Eleven Biotherapeutics, Inc. (a)		67,218
	5,300	Flexion Therapeutics, Inc. (a)		71,444
	500	Intercept Pharmaceuticals, Inc. (a)		118,315
	4,200	InterMune, Inc. (a)		185,430
	4,300	Isis Pharmaceuticals, Inc. (a)		148,135
	1,000	Karyopharm Therapeutics, Inc. (a)		46,550
	10,500	Kindred Biosciences, Inc. (a)		195,720
	2,300	Kite Pharma, Inc. (a)		66,516
	3,200	MacroGenics, Inc. (a)		69,536
	7,100	NPS Pharmaceuticals, Inc. (a)		234,655
	1,100	Ophthotech Corp. (a)		46,541
	6,100	Synageva BioPharma Corp. (a)		639,280
	43,900	Threshold Pharmaceuticals, Inc. (a)		173,844
	10,100	Trevena, Inc. (a)		57,065
	4,600	Ultragenyx Pharmaceutical, Inc. (a)		206,494
	2,100	Zafgen, Inc. (a)		41,538
				4,311,477
		Health Care Equipment & Supplies — 2.9%
	22,300	Greatbatch, Inc. (a)		1,094,038
	2,500	Inogen, Inc. (a)		56,400
	11,000	Insulet Corp. (a)		436,370
	3,700	K2M Group Holdings, Inc. (a)		55,056
	30,200	NuVasive, Inc. (a)		1,074,214
	8,500	Orthofix International N.V., (Curacao) (a)		308,125
	3,800	PhotoMedex, Inc. (a)		46,550
	8,800	TransEnterix, Inc. (a)		44,352
	5,100	TriVascular Technologies, Inc. (a)		79,407
				3,194,512

SHARES		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 2.4%
	4,800	Adeptus Health, Inc., Class A (a) (m)		121,776
	10,813	Amsurg Corp. (a)		492,748
	3,000	BioTelemetry, Inc. (a)		21,510
	5,100	Centene Corp. (a)		385,611
	58,300	Cross Country Healthcare, Inc. (a)		380,116
	9,400	Kindred Healthcare, Inc.		217,140
	14,100	Molina Healthcare, Inc. (a)		629,283
	8,100	Owens & Minor, Inc.		275,238
	5,300	RadNet, Inc. (a)		35,139
	8,000	Select Medical Holdings Corp.		124,800
				2,683,361
		Health Care Technology — 0.1%
	2,600	Castlight Health, Inc., Class B (a)		39,520
	4,800	Imprivata, Inc. (a)		78,624
				118,144
		Life Sciences Tools & Services — 0.2%
	2,600	Furiex Pharmaceuticals, Inc. (a)		276,068
		Pharmaceuticals — 2.2%
	1,200	Achaogen, Inc. (a) (m)		16,752
	12,900	Amphastar Pharmaceuticals, Inc. (a)		129,129
	2,900	Egalet Corp. (a)		38,048
	12,100	Impax Laboratories, Inc. (a)		362,879
	3,800	Jazz Pharmaceuticals plc (a)		558,638
	7,300	Lannett Co., Inc. (a)		362,226
	10,300	Medicines Co. (The) (a)		299,318
	4,800	Phibro Animal Health Corp., Class A (a)		105,360
	3,000	Questcor Pharmaceuticals, Inc.		277,470
	6,600	Revance Therapeutics, Inc. (a)		224,400
	1,300	ZS Pharma, Inc. (a)		37,375
				2,411,595
		Total Health Care		12,995,157
		Industrials — 14.3%
		Aerospace & Defense — 1.6%
	12,900	AAR Corp. (m)		355,524
	1,100	Curtiss-Wright Corp.		72,116
	20,800	Engility Holdings, Inc. (a)		795,808
	4,400	Esterline Technologies Corp. (a)		506,528
	500	Triumph Group, Inc.		34,910
				1,764,886
		Air Freight & Logistics — 0.3%
	3,200	Atlas Air Worldwide Holdings, Inc. (a)		117,920
	3,000	Park-Ohio Holdings Corp.		174,330
				292,250

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Airlines — 1.2%
	9,100	Alaska Air Group, Inc. (m)		864,955
	19,300	Hawaiian Holdings, Inc. (a)		264,603
	11,100	SkyWest, Inc.		135,642
				1,265,200
		Building Products — 0.1%
	7,475	Gibraltar Industries, Inc. (a)		115,937
		Commercial Services & Supplies — 3.7%
	26,800	ABM Industries, Inc. (m)		723,064
	13,600	ARC Document Solutions, Inc. (a) (m)		79,696
	10,300	Brady Corp., Class A		307,661
	6,100	Ceco Environmental Corp.		95,099
	68,800	Cenveo, Inc. (a)		255,248
	20,350	Deluxe Corp.		1,192,103
	2,100	Herman Miller, Inc.		63,504
	32,400	Kimball International, Inc., Class B		541,728
	9,500	Knoll, Inc.		164,635
	23,500	Steelcase, Inc., Class A		355,555
	1,000	UniFirst Corp.		106,000
	3,300	United Stationers, Inc.		136,851
	4,774	Viad Corp.		113,812
				4,134,956
		Construction & Engineering — 0.8%
	2,100	Argan, Inc.		78,309
	8,775	EMCOR Group, Inc.		390,751
	12,518	Tutor Perini Corp. (a)		397,321
				866,381
		Electrical Equipment — 1.2%
	3,500	Acuity Brands, Inc. (m)		483,875
	5,700	EnerSys		392,103
	4,900	Generac Holdings, Inc. (a)		238,826
	930	LSI Industries, Inc.		7,422
	2,700	Regal-Beloit Corp.		212,112
				1,334,338
		Machinery — 2.6%
	4,600	Barnes Group, Inc.		177,284
	3,900	Columbus McKinnon Corp.		105,495
	12,500	Federal Signal Corp.		183,125
	9,300	Global Brass & Copper Holdings, Inc.		157,170
	3,100	Hyster-Yale Materials Handling, Inc.		274,474
	5,900	Kadant, Inc.		226,855
	4,300	LB Foster Co., Class A		232,716
	200	Middleby Corp. (The) (a)		16,544
	7,800	NN, Inc.		199,524

SHARES		SECURITY DESCRIPTION	VALUE($)
		Machinery — continued
	800	Standex International Corp.		59,584
	7,600	TriMas Corp. (a)		289,788
	14,700	Wabash National Corp. (a)		209,475
	7,100	Wabtec Corp.		586,389
	900	Watts Water Technologies, Inc., Class A		55,557
	4,800	Xerium Technologies, Inc. (a)		67,008
				2,840,988
		Professional Services — 0.8%
	6,800	Barrett Business Services, Inc.		319,600
	2,900	Heidrick & Struggles International, Inc.		53,650
	2,600	Hill International, Inc. (a)		16,198
	1,600	Kelly Services, Inc., Class A		27,472
	3,300	Paylocity Holding Corp. (a)		71,379
	6,200	RPX Corp. (a)		110,050
	2,400	TriNet Group, Inc. (a)		57,768
	5,200	TrueBlue, Inc. (a)		143,364
	1,800	VSE Corp.		126,576
				926,057
		Road & Rail — 1.7%
	500	AMERCO		145,380
	19,850	ArcBest Corp.		863,673
	2,000	Avis Budget Group, Inc. (a)		119,380
	17,500	Quality Distribution, Inc. (a)		260,050
	3,050	Saia, Inc. (a)		133,987
	12,200	Swift Transportation Co. (a)		307,806
	2,100	Universal Truckload Services, Inc.		53,256
				1,883,532
		Trading Companies & Distributors — 0.3%
	6,475	Applied Industrial Technologies, Inc.		328,477
	900	Beacon Roofing Supply, Inc. (a)		29,808
	2,300	General Finance Corp. (a)		21,850
				380,135
		Total Industrials		15,804,660
		Information Technology — 17.6%
		Communications Equipment — 1.3%
	1,700	Arista Networks, Inc. (a)		106,063
	31,582	ARRIS Group, Inc. (a)		1,027,363
	22,200	Extreme Networks, Inc. (a)		98,568
	18,600	Polycom, Inc. (a)		233,058
				1,465,052

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electronic Equipment, Instruments & Components — 2.4%
	26,800	Benchmark Electronics, Inc. (a)		682,864
	2,000	CUI Global, Inc. (a)		16,800
	11,300	Insight Enterprises, Inc. (a)		347,362
	2,000	Littelfuse, Inc.		185,900
	9,000	Newport Corp. (a)		166,500
	54,800	Sanmina Corp. (a)		1,248,344
				2,647,770
		Internet Software & Services — 3.0%
	9,100	Aerohive Networks, Inc. (a) (m)		74,802
	2,300	Amber Road, Inc. (a)		37,099
	1,000	Borderfree, Inc. (a)		16,570
	19,800	Carbonite, Inc. (a)		237,006
	11,700	Cornerstone OnDemand, Inc. (a)		538,434
	6,800	Demandware, Inc. (a)		471,716
	1,000	Digital River, Inc. (a)		15,430
	5,500	Five9, Inc. (a)		39,600
	1,100	GrubHub, Inc. (a)		38,951
	5,300	Intralinks Holdings, Inc. (a)		47,117
	400	OPOWER, Inc. (a)		7,540
	2,500	Q2 Holdings, Inc. (a)		35,650
	22,544	WebMD Health Corp. (a)		1,088,875
	7,800	Yelp, Inc. (a)		598,104
				3,246,894
		IT Services — 2.3%
	9,725	CSG Systems International, Inc.		253,920
	1,900	EVERTEC, Inc., (Puerto Rico)		46,056
	55,900	Global Cash Access Holdings, Inc. (a)		497,510
	18,900	iGATE Corp. (a)		687,771
	1,400	Science Applications International Corp.		61,824
	32,000	Unisys Corp. (a)		791,680
	5,602	VeriFone Systems, Inc. (a)		205,873
				2,544,634
		Semiconductors & Semiconductor Equipment — 4.1%
	6,250	Alpha & Omega Semiconductor Ltd. (a)		57,937
	19,575	Amkor Technology, Inc. (a)		218,849
	14,400	Audience, Inc. (a)		172,224
	5,600	Brooks Automation, Inc.		60,312
	11,400	First Solar, Inc. (a)		810,084
	12,000	Integrated Silicon Solution, Inc. (a)		177,240
	9,900	Lattice Semiconductor Corp. (a)		81,675
	3,700	Nanometrics, Inc. (a)		67,525
	8,900	Pericom Semiconductor Corp. (a)		80,456
	4,922	Photronics, Inc. (a)		42,329

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	24,200	Silicon Image, Inc. (a)		121,968
	15,600	Skyworks Solutions, Inc.		732,576
	21,600	Spansion, Inc., Class A (a)		455,112
	40,700	SunEdison, Inc. (a)		919,820
	61,900	Ultra Clean Holdings, Inc. (a)		560,195
				4,558,302
		Software — 4.2%
	16,184	Actuate Corp. (a) (m)		77,198
	1,406	Aspen Technology, Inc. (a)		65,238
	1,700	Comverse, Inc. (a)		45,356
	2,000	FireEye, Inc. (a)		81,100
	5,700	Manhattan Associates, Inc. (a)		196,251
	8,600	MobileIron, Inc. (a)		81,872
	6,100	Model N, Inc. (a)		67,405
	7,700	Paycom Software, Inc. (a)		112,343
	41,300	Pegasystems, Inc.		872,256
	13,000	Proofpoint, Inc. (a)		486,980
	7,140	PTC, Inc. (a)		277,032
	1,300	Rovi Corp. (a)		31,148
	2,800	Rubicon Project, Inc. (The) (a)		35,952
	39,700	Take-Two Interactive Software, Inc. (a)		882,928
	50,400	TeleCommunication Systems, Inc., Class A (a)		165,816
	14,700	Telenav, Inc. (a)		83,643
	3,600	TIBCO Software, Inc. (a)		72,612
	26,300	TiVo, Inc. (a)		339,533
	4,300	Varonis Systems, Inc. (a)		124,743
	10,700	Verint Systems, Inc. (a)		524,835
	2,200	Zendesk, Inc. (a)		38,236
				4,662,477
		Technology Hardware, Storage & Peripherals — 0.3%
	10,200	Avid Technology, Inc. (a)		75,480
	16,500	QLogic Corp. (a)		166,485
	3,100	Super Micro Computer, Inc. (a)		78,337
				320,302
		Total Information Technology		19,445,431
		Materials — 3.8%
		Chemicals — 1.9%
	10,800	A Schulman, Inc.		417,960
	10,100	Axiall Corp.		477,427
	700	FutureFuel Corp.		11,613
	900	Innospec, Inc.		38,853
	6,200	Koppers Holdings, Inc.		237,150
	16,100	Kronos Worldwide, Inc.		252,287
	7,200	Minerals Technologies, Inc.		472,176

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Chemicals — continued
	11,300	OMNOVA Solutions, Inc. (a)		102,717
	5,700	Senomyx, Inc. (a)		49,305
				2,059,488
		Construction Materials — 0.1%
	5,100	Headwaters, Inc. (a)		70,839
		Containers & Packaging — 0.9%
	38,100	Graphic Packaging Holding Co. (a)		445,770
	5,575	Rock-Tenn Co., Class A		588,664
				1,034,434
		Metals & Mining — 0.6%
	10,800	Commercial Metals Co.		186,948
	12,000	Worthington Industries, Inc.		516,480
				703,428
		Paper & Forest Products — 0.3%
	5,100	Boise Cascade Co. (a)		146,064
	8,900	Resolute Forest Products, Inc., (Canada) (a)		149,342
				295,406
		Total Materials		4,163,595
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.2%
	6,200	IDT Corp., Class B		108,004
	59,300	Inteliquent, Inc.		822,491
	9,300	Intelsat S.A., (Luxembourg) (a)		175,212
	15,700	Premiere Global Services, Inc. (a)		209,595
		Total Telecommunication Services		1,315,302
		Utilities — 3.2%
		Electric Utilities — 1.5%
	1,125	El Paso Electric Co.		45,236
	3,300	Empire District Electric Co. (The)		84,744
	5,200	IDACORP, Inc.		300,716
	2,750	MGE Energy, Inc.		108,653
	25,575	Portland General Electric Co.		886,685
	1,925	UNS Energy Corp.		116,289

SHARES		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	1,900	Westar Energy, Inc.		72,561
				1,614,884
		Gas Utilities — 0.7%
	419	AGL Resources, Inc. (m)		23,058
	900	Chesapeake Utilities Corp.		64,197
	3,100	Laclede Group, Inc. (The)		150,505
	5,300	New Jersey Resources Corp.		302,948
	1,400	Northwest Natural Gas Co.		66,010
	2,600	Southwest Gas Corp.		137,254
	1,600	WGL Holdings, Inc.		68,960
				812,932
		Independent Power & Renewable Electricity Producers — 1.0%
	31,200	Dynegy, Inc. (a)		1,085,760
		Total Utilities		3,513,576
		Total Common Stocks (Cost $74,538,800)		108,462,807
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.2%
	230,000	U.S. Treasury Note, 0.250%, 11/30/14 (k) (Cost $230,111)		230,153
SHARES
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	1,690,283	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $1,690,283)		1,690,283
		Total Investments — 99.8% (Cost $76,459,194)		110,383,243
		Other Assets in Excess of Liabilities — 0.2%		181,737
		NET ASSETS — 100.0%	$	110,564,980

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT JUNE 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	19	E-mini Russell 2000		09/19/14	$	2,261,570	$	34,572

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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

(l)	—  The rate shown is the current yield as of June 30, 2014.
(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, 2014

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	108,692,960
Investments in affiliates, at value		1,690,283
Total investment securities, at value		110,383,243
Receivables:
Investment securities sold		3,261,071
Portfolio shares sold		38,766
Interest and dividends from non-affiliates		96,215
Dividends from affiliates		16
Variation margin on futures contracts		15,770
Total Assets		113,795,081
LIABILITIES:
Payables:
Investment securities purchased		2,936,869
Portfolio shares redeemed		158,512
Accrued liabilities:
Investment advisory fees		57,395
Administration fees		7,378
Distribution fees		431
Custodian and accounting fees		32,349
Other		37,167
Total Liabilities		3,230,101
Net Assets	$	110,564,980
NET ASSETS :
Paid-in-Capital	$	70,546,537
Accumulated undistributed net investment income		124,013
Accumulated net realized gains (losses)		5,935,809
Net unrealized appreciation (depreciation)		33,958,621
Total Net Assets	$	110,564,980
Net Assets:
Class 1	$	108,419,951
Class 2		2,145,029
Total	$	110,564,980
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		4,661,240
Class 2		92,718
Net Asset Value, offering and redemption price per share (a):
Class 1	$	23.26
Class 2		23.13
Cost of investments in non-affiliates	$	74,768,911
Cost of investments in affiliates		1,690,283

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 13

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	517,499
Dividend income from affiliates		137
Interest income from non-affiliates		150
Total investment income		517,786
EXPENSES:
Investment advisory fees		343,071
Administration fees		43,808
Distribution fees — Class 2		2,574
Custodian and accounting fees		21,761
Professional fees		20,953
Trustees’ and Chief Compliance Officer’s fees		422
Printing and mailing costs		13,031
Transfer agent fees		4,564
Other		13,296
Total expenses		463,480
Less amounts waived		(2,707	)
Net expenses		460,773
Net investment income (loss)		57,013
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,190,634
Futures		151,857
Net realized gains (losses)		7,342,491
Change in net unrealized appreciation/depreciation of:
Investments in non-affiliates		(1,184,795	)
Futures		(102,024	)
Change in net unrealized appreciation/depreciation		(1,286,819	)
Net realized/unrealized gains (losses)		6,055,672
Change in net assets resulting from operations	$	6,112,685

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2014

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Small Cap Core Portfolio
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	57,013		$	200,590
Net realized gain (loss)		7,342,491			11,512,746
Change in net unrealized appreciation/depreciation		(1,286,819	)		18,804,459
Change in net assets resulting from operations		6,112,685			30,517,795
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(147,690	)		(465,407	)
From net realized gains		(8,459,332	)		—
Class 2
From net investment income		—			(8,021	)
From net realized gains		(167,241	)		—
Total distributions to shareholders		(8,774,263	)		(473,428	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,842,518			8,630,419
NET ASSETS:
Change in net assets		3,180,940			38,674,786
Beginning of period		107,384,040			68,709,254
End of period	$	110,564,980		$	107,384,040
Accumulated undistributed net investment income	$	124,013		$	214,690
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	15,435,949		$	33,235,115
Distributions reinvested		8,607,022			465,407
Cost of shares redeemed		(18,241,133	)		(24,490,483	)
Change in net assets resulting from Class 1 capital transactions	$	5,801,838		$	9,210,039
Class 2
Proceeds from shares issued	$	38,679		$	114,156
Distributions reinvested		167,241			8,021
Cost of shares redeemed		(165,240	)		(701,797	)
Change in net assets resulting from Class 2 capital transactions	$	40,680		$	(579,620	)
Total change in net assets resulting from capital transactions	$	5,842,518		$	8,630,419
SHARE TRANSACTIONS:
Class 1
Issued		651,098			1,627,113
Reinvested		407,722			25,009
Redeemed		(776,823	)		(1,202,427	)
Change in Class 1 Shares		281,997			449,695
Class 2
Issued		1,651			5,488
Reinvested		7,964			432
Redeemed		(7,019	)		(33,532	)
Change in Class 2 Shares		2,596			(27,612	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 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, 2014 (Unaudited)	$	24.03	$	0.01	(g)	$	1.21		$	1.22		$	(0.03	)	$	(1.96	)	$	(1.99	)
Year Ended December 31, 2013		16.98		0.05	(h)(i)		7.11			7.16			(0.11	)		—			(0.11	)
Year Ended December 31, 2012		14.22		0.13	(j)		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	)
Class 2
Six Months Ended June 30, 2014 (Unaudited)		23.91		(0.02	)(g)		1.20			1.18			—			(1.96	)		(1.96	)
Year Ended December 31, 2013		16.90		(0.01	)(h)(i)		7.09			7.08			(0.07	)		—			(0.07	)
Year Ended December 31, 2012		14.16		0.09	(j)		2.65			2.74			—			—			—
Year Ended December 31, 2011		14.91		—	(k)		(0.75	)		(0.75	)		—			—			—
Year Ended December 31, 2010		11.76		(0.01	)		3.16			3.15			—			—			—
April 24, 2009 (l) 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 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) 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 remained the same for Class 1 and Class 2 Shares and the net investment income (loss) ratio would have been 0.07% and (0.18)% 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 $0.01 and $(0.05) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.03% and (0.24)% for Class 1 and Class 2 Shares, respectively.

(i) Calculated based upon average shares outstanding.

(j) 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.

(k) Amount rounds to less than $0.01.

(l) 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.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

		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)
$	23.26		5.95	%	$	108,419,951		0.87	%		0.11	%(g)		0.87	%		30	%
	24.03		42.38			105,229,638		0.90			0.24	(h)		0.91			56
	16.98		19.66			66,719,964		0.94			0.80	(j)		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
	23.13		5.78			2,145,029		1.12			(0.14	)(g)		1.12			30
	23.91		42.02			2,154,402		1.16			(0.03	)(h)		1.16			56
	16.90		19.35			1,989,290		1.19			0.54	(j)		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, 2014 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. 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 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 pricing 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”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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, 2014

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)	$	110,153,090	$	230,153	$	—	$	110,383,243
Appreciation in Other Financial Instruments
Futures Contracts	$	34,572	$	—	$	—	$	34,572

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

There were no transfers among any levels during the six months ended June 30, 2014.

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 change in net unrealized appreciation/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, 2014:

Futures Contracts:
Average Notional Balance Long	$	2,596,917
Ending Notional Balance Long		2,261,570

The Portfolio’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions).

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 capital gains 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, 2014, 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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, an indirect, wholly-owned subsidiary of JPMorgan, 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 covered by the Administration Agreement (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, 2014, the effective annualized 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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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 paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2014

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) 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, 2014. The contractual expense limitation percentages in the table above are in place until at least April 30, 2015.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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, 2014 was $2,707.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, 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
$31,683,076	$	33,470,412	$	15,015	$	—

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, 2014 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	76,459,194	$	35,644,542	$	1,720,493	$	33,924,049

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are 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, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

At December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017			Total
$	460,140	*	$	460,140	*

* 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 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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, 2014

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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,059.50	$	4.44		0.87	%
Hypothetical		1,000.00		1,020.48		4.36		0.87
Class 2
Actual		1,000.00		1,057.80		5.71		1.12
Hypothetical		1,000.00		1,019.24		5.61		1.12

* 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, 2014 JPMORGAN INSURANCE TRUST 23

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172

	Votes Received (Amounts in thousands)
Marilyn McCoy
In Favor		55,921
Withheld		2,257
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

24 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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 Adviser. 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., 2014. All rights reserved. June 2014. SAN-JPMITSCCP-614

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2014 (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
Special Shareholder Meeting Results	20

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 15, 2014 (Unaudited)

Dear Shareholder:

While the U.S. and the global economic recoveries continued to strengthen, financial markets in the U.S. withstood brief disruptions and posted robust returns for the six months ended June 30, 2014. Throughout the period, major central banks maintained closely aligned policies of historically low interest rates. During this period, the U.S. unemployment rate fell to 6.09% from 6.68%. In response to improving economic conditions domestically, the U.S. Federal Reserve (the “Fed”) began scaling back its monthly asset purchases under its Quantitative Easing (“QE”) program. The Fed proceeded to taper off in increments of $10 billion and by the end of June, the central bank’s monthly purchases of U.S. Treasuries and mortgage backed assets had shrunk to $45 billion from $85 billion.

  “The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.”

Though the Fed’s actions signaled a strengthening domestic economy, the winter months brought severe weather across much of the U.S. that curbed consumer spending to a larger extent than was known at the time. Snowstorms grounded airlines — affecting passengers and parcels alike — and shuttered businesses and schools throughout the country. Consumer spending and construction slowed and U.S. gross domestic product shrank by 2.13% during the first three months of 2014. Economists attributed nearly half of that contraction to severe weather.

Signs of slower growth in China raised concerns that the nation’s economy might be in for a “hard landing” that would reverberate through emerging market nations, as well as developed economies. While the Chinese government’s efforts to restrain growth in real estate prices did impact property companies on the mainland as well as in Hong Kong, where the real estate sector makes up a significant portion of the local economy, China’s economy continued to grow at better than 7% per quarter.

After a brief pause in early 2014, U.S. equity markets hit record highs and marched steadily higher in the following months, notching 22 record high closings by the end of June. Volatility virtually disappeared in the final months of the reporting period and the Standard & Poor’s 500 Index did not move higher or lower by more than 1 percent for 51 consecutive days ended June 30, 2014. The last time the index moved so little was in 1995, when it went 95 days without moving a full percentage point. The Chicago Board Options Exchange Volatility Index ended the period near its lowest level since February 2007. At June 30, 2014, the S&P 500 produced a six month return of 7.14% and extended its longest stretch of consecutive quarterly gains in 16 years.

The U.S. bond market rebounded in 2014, as slower-than-expected domestic growth and instability in emerging markets lifted demand for fixed income securities. The Barclays U.S.

Aggregate Index returned 3.93% for the six months ended June 30, 2014.

In Europe, by the start of the 2014, Ireland had become the first nation to exit the European Union (EU) bailout program. Healthy corporate earnings and robust mergers and acquisitions activity bolstered equity markets. While the crisis in Ukraine appeared to have little impact on the EU economy, the European Central Bank (ECB) began to confront the threat of price deflation. In an unprecedented move on June 5, 2014, the ECB President Mario Draghi cut the deposit rate to negative 0.10% from 0.00%, effectively charging European banks for parking excess cash with the ECB. In Japan, Prime Minister Shinzo Abe’s economic policies appeared to be successful in pushing the economy out of a decade of stagnation and price deflation. However, as 2014 began, investors grew less confident in “Abenomics” and an April increase in Japan’s consumption tax raised concerns that consumer spending would slow, removing a key support of the nation’s economic growth. The MSCI Europe, Australasia and Far East Index returned 4.78% for the six months ended June 30, 2014.

From Turbulence to Turnaround

Prior to the start of the reporting period, emerging markets experienced a sell off in the wake of the Fed’s initial decision to taper its QE program. Emerging market investors also faced political unrest in Ukraine, Thailand and Turkey, a potential bond default in Argentina, and uncertainty surrounding pending elections in India and Indonesia, two of the world’s largest democracies. Despite the headwinds and perhaps due to the “low for long” message on interest rates from both the Fed and the ECB, emerging markets rebounded and ended at June 30, 2014 with the strongest quarterly performance since 2012. The MSCI Emerging Markets Index returned 6.14% for the six months ended June 30, 2014.

The past six months witnessed periodic sell offs in equities and bonds in both developed and emerging markets. Market volatility was driven by comments as well as actions from the Fed and the ECB, along with external events around the globe. However, equity markets — and also fixed income markets to some extent — proved resilient in the face of a variety of shocks and headwinds. The strength with which equity and fixed income markets in developed and emerging markets ended the reporting period serves as a clear reminder that patience, combined with a diversified portfolio, is a crucial virtue for investors seeking long-term return on their investments.

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. If you should 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, 2014 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		6.88%
S&P 500 Index**		7.14%
Net Assets as of 6/30/2014	$	96,034,939

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?

In the wake of the U.S. Federal Reserve’s (the “Fed”) decision to taper monthly asset purchases under its Quantitative Easing program, U.S. equity prices rose and the Standard & Poor’s (“S&P”) 500 Index reached a record high closing in mid January. From there, equities retreated and the S&P 500 Index notched an 8.50% decline before starting to rebound. Despite severe winter weather that slowed consumer spending and construction, by late February the S&P 500 Index had climbed back into positive territory for the year to date.

Though the U.S. economy contracted by 2.90% during the first three months of 2014 — the sharpest drop in five years — equity markets continued to strengthen. By the end of June, the S&P 500 Index had hit 22 record high closings for the year to date. At the same time, equity market volatility retreated and the index did not move by more than one percent for 51 consecutive days. The Chicago Board Options Exchange Volatility Index reached its lowest level since February 2007. At June 30, the S&P 500 Index (the “Benchmark”) produced a year-to-date return of 7.14% and posted its sixth consecutive quarterly gain, the longest streak of quarterly gains since 1998.

Throughout the reporting period, the Fed proceeded to reduce its monthly asset purchases as the employment picture continued to improve. By the end of June, the central banks monthly purchases had been pared to $45 billion from $85 billion. While a successful Sunni-led insurgency in Iraq threatened to disrupt energy markets, global oil prices rose only slightly.

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, 2014. The Fund’s security selection in the consumer cyclical sector and its underweight

position in the utilities sector detracted from performance relative to the Benchmark, while security selection in the energy sector and the Fund’s overweight position in the semiconductors sector made a positive contribution to relative performance.

Individual detractors from relative performance included General Motors Corp., Bristol-Myers Squibb Co. and Freeport McMoRan Corp. Shares of automaker General Motors fell on continuing problems with its recall of millions of cars due to faulty starters. Shares of Bristol Myers, a drug maker, weakened following disappointing clinical trial data for its lung cancer treatment. Shares of Freeport McMoRan, a copper mining company, came under pressure over unresolved negotiations with Indonesia’s government regarding an export ban on unprocessed minerals.

Individual contributors to relative performance included the Portfolio’s overweight positions in Schlumberger Ltd., Avago Technologies Ltd. and Wells Fargo & Co. Shares of Schlumberger, an oilfield services company, rose on solid operating margins and a very positive outlook from management. Shares of Avago, a Singapore semiconductor company, gained from a 25% jump in quarterly revenue and increased demand for it products in the smartphone market. Shares of Wells Fargo, a banking and financial services company, strengthened after the company raised its quarterly dividend 17% and sold off 40 office locations.

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, consumer cyclical and media sectors. The Portfolio was underweight versus the Benchmark in the consumer stable, real estate investment trusts and industrial cyclical sectors.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2014

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Johnson & Johnson	3.8	%
	2.	Apple, Inc.	3.4
	3.	Schlumberger Ltd.	3.2
	4.	Time Warner, Inc.	2.9
	5.	Wells Fargo & Co.	2.8
	6.	UnitedHealth Group, Inc.	2.2
	7.	Google, Inc., Class C	2.1
	8.	Microsoft Corp.	2.1
	9.	General Motors Co.	2.0
	10.	Bank of America Corp.	1.9

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	20.5	%
Financials	15.6
Consumer Discretionary	14.7
Health Care	14.6
Energy	10.6
Industrials	10.5
Consumer Staples	5.4
Materials	3.5
Utilities	1.8
Telecommunication Services	1.6
Short-Term Investment	1.2

* 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 adviser 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, 2014. The Portfolio’s composition is subject to change.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2014 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2014
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		6.88	%		27.08	%		18.77	%		8.75	%
CLASS 2 SHARES		August 16, 2006		6.71			26.75			18.46			8.52

* Not annualized.

TEN YEAR PERFORMANCE (6/30/04 TO 6/30/14)

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, 2004 to June 30, 2014. 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, 2014

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 14.7%
		Auto Components — 0.5%
	5,340	TRW Automotive Holdings Corp. (a)		478,037
		Automobiles — 2.0%
	53,400	General Motors Co.		1,938,420
		Hotels, Restaurants & Leisure — 1.1%
	5,050	Royal Caribbean Cruises Ltd.		280,780
	6,470	Starbucks Corp.		500,649
	3,832	Yum! Brands, Inc.		311,158
				1,092,587
		Household Durables — 0.8%
	2,810	Harman International Industries, Inc.		301,878
	70	NVR, Inc. (a)		80,542
	10,910	PulteGroup, Inc.		219,946
	3,050	Toll Brothers, Inc. (a)		112,545
				714,911
		Internet & Catalog Retail — 1.4%
	2,500	Amazon.com, Inc. (a)		811,950
	450	Priceline Group, Inc. (The) (a)		541,350
				1,353,300
		Media — 6.2%
	1,800	CBS Corp. (Non-Voting), Class B		111,852
	29,785	Comcast Corp., Class A		1,598,859
	4,800	DISH Network Corp., Class A (a)		312,384
	2,570	Time Warner Cable, Inc.		378,561
	40,029	Time Warner, Inc.		2,812,037
	2,203	Time, Inc. (a)		53,357
	15,930	Twenty-First Century Fox, Inc., Class A		559,939
	1,790	Walt Disney Co. (The)		153,475
				5,980,464
		Multiline Retail — 0.1%
	1,240	Dollar Tree, Inc. (a)		67,530
		Specialty Retail — 2.3%
	12,590	Home Depot, Inc. (The)		1,019,286
	11,480	Lowe’s Cos., Inc.		550,925
	11,990	TJX Cos., Inc. (The)		637,269
				2,207,480
		Textiles, Apparel & Luxury Goods — 0.3%
	1,310	Lululemon Athletica, Inc., (Canada) (a)		53,029
	490	Ralph Lauren Corp.		78,738
	2,210	V.F. Corp.		139,230
				270,997
		Total Consumer Discretionary		14,103,726

SHARES		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 5.4%
		Beverages — 1.4%
	21,640	Coca-Cola Co. (The)		916,671
	3,240	Constellation Brands, Inc., Class A (a)		285,541
	2,254	Dr. Pepper Snapple Group, Inc.		132,039
				1,334,251
		Food & Staples Retailing — 1.1%
	2,930	Costco Wholesale Corp.		337,419
	9,660	CVS Caremark Corp.		728,074
				1,065,493
		Food Products — 0.8%
	6,158	General Mills, Inc.		323,541
	12,439	Mondelez International, Inc., Class A		467,831
				791,372
		Household Products — 1.3%
	1,720	Colgate-Palmolive Co.		117,270
	14,877	Procter & Gamble Co. (The)		1,169,183
				1,286,453
		Tobacco — 0.8%
	8,640	Philip Morris International, Inc.		728,438
		Total Consumer Staples		5,206,007
		Energy — 10.6%
		Energy Equipment & Services — 3.4%
	2,920	Ensco plc, (United Kingdom), Class A		162,264
	26,248	Schlumberger Ltd.		3,095,952
				3,258,216
		Oil, Gas & Consumable Fuels — 7.2%
	3,740	Anadarko Petroleum Corp.		409,418
	710	Cheniere Energy, Inc. (a)		50,907
	13,210	Chevron Corp.		1,724,566
	4,730	EOG Resources, Inc.		552,748
	2,910	EQT Corp.		311,079
	17,496	Exxon Mobil Corp.		1,761,497
	1,660	Hess Corp.		164,157
	11,260	Marathon Oil Corp.		449,499
	1,450	Marathon Petroleum Corp.		113,202
	8,929	Occidental Petroleum Corp.		916,383
	720	Phillips 66		57,910
	1,280	Southwestern Energy Co. (a)		58,227
	7,900	Valero Energy Corp.		395,790
				6,965,383
		Total Energy		10,223,599

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Financials — 15.7%
		Banks — 6.2%
	117,279	Bank of America Corp.		1,802,578
	300	BB&T Corp.		11,829
	27,194	Citigroup, Inc.		1,280,838
	1,182	SVB Financial Group (a)		137,845
	51,343	Wells Fargo & Co.		2,698,588
				5,931,678
		Capital Markets — 3.7%
	2,910	Ameriprise Financial, Inc.		349,200
	11,760	Charles Schwab Corp. (The)		316,697
	3,356	Goldman Sachs Group, Inc. (The)		561,929
	15,750	Invesco Ltd.		594,563
	33,074	Morgan Stanley		1,069,282
	8,270	State Street Corp.		556,240
	1,875	TD Ameritrade Holding Corp.		58,781
				3,506,692
		Consumer Finance — 0.3%
	1,310	American Express Co.		124,280
	2,560	Capital One Financial Corp.		211,456
				335,736
		Diversified Financial Services — 1.0%
	4,310	CME Group, Inc.		305,794
	3,550	Intercontinental Exchange Inc.		670,595
				976,389
		Insurance — 4.3%
	13,618	ACE Ltd., (Switzerland)		1,412,186
	1,200	Axis Capital Holdings Ltd., (Bermuda)		53,136
	8,300	Hartford Financial Services Group, Inc. (The)		297,223
	21,570	Marsh & McLennan Cos., Inc.		1,117,757
	14,910	MetLife, Inc.		828,400
	4,580	Prudential Financial, Inc.		406,567
				4,115,269
		Real Estate Investment Trusts (REITs) — 0.2%
	310	Boston Properties, Inc.		36,636
	870	Simon Property Group, Inc.		144,663
				181,299
		Total Financials		15,047,063
		Health Care — 14.6%
		Biotechnology — 3.4%
	2,270	Alexion Pharmaceuticals, Inc. (a)		354,687
	3,686	Biogen Idec, Inc. (a)		1,162,233
	12,998	Celgene Corp. (a)		1,116,268

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	6,620	Vertex Pharmaceuticals, Inc. (a)		626,782
				3,259,970
		Health Care Equipment & Supplies — 1.4%
	8,790	Abbott Laboratories		359,511
	43,960	Boston Scientific Corp. (a)		561,369
	100	CareFusion Corp. (a)		4,435
	5,000	Stryker Corp.		421,600
				1,346,915
		Health Care Providers & Services — 3.6%
	1,860	Aetna, Inc.		150,809
	5,790	Humana, Inc.		739,499
	2,130	McKesson Corp.		396,627
	25,780	UnitedHealth Group, Inc.		2,107,515
				3,394,450
		Health Care Technology — 0.1%
	210	athenahealth, Inc. (a)		26,277
	1,950	Cerner Corp. (a)		100,581
				126,858
		Pharmaceuticals — 6.1%
	670	Allergan, Inc.		113,378
	26,490	Bristol-Myers Squibb Co.		1,285,030
	34,820	Johnson & Johnson		3,642,868
	12,792	Merck & Co., Inc.		740,017
	680	Perrigo Co. plc, (Ireland)		99,117
				5,880,410
		Total Health Care		14,008,603
		Industrials — 10.6%
		Aerospace & Defense — 3.5%
	18,970	Honeywell International, Inc.		1,763,261
	13,835	United Technologies Corp.		1,597,251
				3,360,512
		Airlines — 1.2%
	10,470	Delta Air Lines, Inc.		405,398
	17,250	United Continental Holdings, Inc. (a)		708,458
				1,113,856
		Building Products — 0.5%
	2,970	Fortune Brands Home & Security, Inc.		118,592
	18,550	Masco Corp.		411,810
				530,402
		Construction & Engineering — 1.1%
	14,353	Fluor Corp.		1,103,746

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2014

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — 1.4%
	9,810	Eaton Corp. plc		757,136
	8,518	Emerson Electric Co.		565,254
				1,322,390
		Machinery — 1.5%
	2,440	Flowserve Corp.		181,414
	3,950	Ingersoll-Rand plc		246,914
	14,083	PACCAR, Inc.		884,835
	780	SPX Corp.		84,404
				1,397,567
		Road & Rail — 1.3%
	21,770	CSX Corp.		670,734
	5,600	Union Pacific Corp.		558,600
				1,229,334
		Trading Companies & Distributors — 0.1%
	350	W.W. Grainger, Inc.		88,995
		Total Industrials		10,146,802
		Information Technology — 20.5%
		Communications Equipment — 2.6%
	35,143	Cisco Systems, Inc.		873,303
	20,374	QUALCOMM, Inc.		1,613,621
				2,486,924
		Internet Software & Services — 3.8%
	550	eBay, Inc. (a)		27,533
	2,652	Google, Inc., Class A (a)		1,550,545
	3,552	Google, Inc., Class C (a)		2,043,395
	390	LinkedIn Corp., Class A (a)		66,873
				3,688,346
		IT Services — 2.7%
	9,400	Accenture plc, (Ireland), Class A		759,896
	1,230	Alliance Data Systems Corp. (a)		345,937
	7,280	Cognizant Technology Solutions Corp., Class A (a)		356,065
	3,200	Fidelity National Information Services, Inc.		175,168
	4,460	Visa, Inc., Class A		939,767
				2,576,833
		Semiconductors & Semiconductor Equipment — 4.5%
	11,960	Applied Materials, Inc.		269,698
	1,140	ASML Holding N.V., (Netherlands)		106,328
	14,910	Avago Technologies Ltd., (Singapore)		1,074,564
	10,110	Broadcom Corp., Class A		375,283
	12,681	Freescale Semiconductor Ltd. (a)		298,003
	14,610	KLA-Tencor Corp.		1,061,270

SHARES		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
	13,154	Lam Research Corp.		888,947
	5,000	Teradyne, Inc.		98,000
	4,250	Xilinx, Inc.		201,068
				4,373,161
		Software — 3.5%
	8,360	Adobe Systems, Inc. (a)		604,930
	4,630	Citrix Systems, Inc. (a)		289,606
	48,733	Microsoft Corp.		2,032,166
	9,440	Oracle Corp.		382,603
	700	VMware, Inc., Class A (a)		67,767
				3,377,072
		Technology Hardware, Storage & Peripherals — 3.4%
	34,946	Apple, Inc.		3,247,532
		Total Information Technology		19,749,868
		Materials — 3.5%
		Chemicals — 1.6%
	4,554	Axiall Corp.		215,267
	4,860	Dow Chemical Co. (The)		250,096
	2,010	Methanex Corp., (Canada)		124,178
	4,750	Monsanto Co.		592,515
	5,890	Mosaic Co. (The)		291,260
	400	Sherwin-Williams Co. (The)		82,764
				1,556,080
		Construction Materials — 0.0% (g)
	270	Martin Marietta Materials, Inc.		35,654
		Metals & Mining — 1.8%
	50,514	Alcoa, Inc.		752,153
	14,384	Freeport-McMoRan Copper & Gold, Inc.		525,016
	15,920	United States Steel Corp.		414,557
				1,691,726
		Paper & Forest Products — 0.1%
	1,680	International Paper Co.		84,790
		Total Materials		3,368,250
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	31,583	Verizon Communications, Inc.		1,545,356
		Utilities — 1.8%
		Electric Utilities — 1.1%
	3,440	Entergy Corp.		282,389
	7,370	Exelon Corp.		268,858
	4,820	NextEra Energy, Inc.		493,954
				1,045,201

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Multi-Utilities — 0.7%
	6,560	CenterPoint Energy, Inc.		167,542
	4,980	Dominion Resources, Inc.		356,170
	3,450	NiSource, Inc.		135,723
				659,435
		Total Utilities		1,704,636
		Total Common Stocks (Cost $77,020,945)		95,103,910
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	1,152,104	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $1,152,104)		1,152,104
		Total Investments — 100.2% (Cost $78,173,049)		96,256,014
		Liabilities in Excess of Other Assets — (0.2)%		(221,075	)
		NET ASSETS — 100.0%	$	96,034,939

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, 2014.
(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, 2014

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2014 (Unaudited)

	U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	95,103,910
Investments in affiliates, at value		1,152,104
Total investment securities, at value		96,256,014
Cash		50
Deposits at broker for futures contracts		30,000
Receivables:
Investment securities sold		232,830
Portfolio shares sold		6,382
Dividends from non-affiliates		66,801
Dividends from affiliates		28
Variation margin on futures contracts		11
Total Assets		96,592,116
LIABILITIES:
Payables:
Investment securities purchased		372,564
Portfolio shares redeemed		71,187
Accrued liabilities:
Investment advisory fees		37,375
Administration fees		6,514
Distribution fees		1,846
Custodian and accounting fees		29,650
Trustees’ and Chief Compliance Officer’s fees		52
Other		37,989
Total Liabilities		557,177
Net Assets	$	96,034,939
NET ASSETS :
Paid-in-Capital	$	81,223,633
Accumulated undistributed net investment income		460,242
Accumulated net realized gains (losses)		(3,731,901	)
Net unrealized appreciation (depreciation)		18,082,965
Total Net Assets	$	96,034,939
Net Assets:
Class 1	$	86,991,885
Class 2		9,043,054
Total	$	96,034,939
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		3,466,466
Class 2		363,131
Net Asset Value, offering and redemption price per share (a):
Class 1	$	25.10
Class 2		24.90
Cost of investments in non-affiliates	$	77,020,945
Cost of investments in affiliates		1,152,104

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Unaudited)

	U.S. Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	827,067
Dividend income from affiliates		154
Total investment income		827,221
EXPENSES:
Investment advisory fees		253,283
Administration fees		38,223
Distribution fees — Class 2		9,686
Custodian and accounting fees		25,300
Professional fees		21,141
Trustees’ and Chief Compliance Officer’s fees		517
Printing and mailing costs		12,966
Transfer agent fees		3,500
Other		11,693
Total expenses		376,309
Less amounts waived		(6,752	)
Net expenses		369,557
Net investment income (loss)		457,664
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,177,487
Futures		6,741
Net realized gains (losses)		7,184,228
Change in net unrealized appreciation/depreciation of investments in non-affiliates		(1,402,849	)
Net realized/unrealized gains (losses)		5,781,379
Change in net assets resulting from operations		6,239,043

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2014

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	U.S. Equity Portfolio
	Six Months Ended June 30, 2014 (Unaudited)			Year Ended December 31, 2013
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	457,664		$	864,727
Net realized gain (loss)		7,184,228			14,638,352
Change in net unrealized appreciation/depreciation		(1,402,849	)		11,045,456
Change in net assets resulting from operations		6,239,043			26,548,535
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(789,786	)		(1,052,526	)
Class 2
From net investment income		(71,224	)		(48,143	)
Total distributions to shareholders		(861,010	)		(1,100,669	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,352,907	)		(9,581,704	)
NET ASSETS:
Change in net assets		3,025,126			15,866,162
Beginning of period		93,009,813			77,143,651
End of period	$	96,034,939		$	93,009,813
Accumulated undistributed net investment income	$	460,242		$	863,588
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,121,888		$	2,543,616
Distributions reinvested		789,786			1,052,526
Cost of shares redeemed		(7,166,131	)		(16,291,346	)
Change in net assets resulting from Class 1 capital transactions	$	(5,254,457	)	$	(12,695,204	)
Class 2
Proceeds from shares issued	$	3,710,452		$	6,820,537
Distributions reinvested		71,224			48,143
Cost of shares redeemed		(880,126	)		(3,755,180	)
Change in net assets resulting from Class 2 capital transactions	$	2,901,550		$	3,113,500
Total change in net assets resulting from capital transactions	$	(2,352,907	)	$	(9,581,704	)
SHARE TRANSACTIONS:
Class 1
Issued		46,966			123,990
Reinvested		33,352			54,705
Redeemed		(300,039	)		(797,599	)
Change in Class 1 Shares		(219,721	)		(618,904	)
Class 2
Issued		157,889			339,617
Reinvested		3,031			2,517
Redeemed		(36,807	)		(173,975	)
Change in Class 2 Shares		124,113			168,159

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 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
U.S. Equity Portfolio
Class 1
Six Months Ended June 30, 2014 (Unaudited)	$	23.71	$	0.12	(f)	$	1.50		$	1.62		$	(0.23	)
Year Ended December 31, 2013		17.63		0.21	(f)		6.13			6.34			(0.26	)
Year Ended December 31, 2012		15.22		0.23	(f)		2.43			2.66			(0.25	)
Year Ended December 31, 2011		15.69		0.18	(f)		(0.46	)		(0.28	)		(0.19	)
Year Ended December 31, 2010		13.93		0.16	(f)		1.73			1.89			(0.13	)
Year Ended December 31, 2009		10.74		0.19			3.32			3.51			(0.32	)
Class 2
Six Months Ended June 30, 2014 (Unaudited)		23.53		0.09	(f)		1.48			1.57			(0.20	)
Year Ended December 31, 2013		17.54		0.16	(f)		6.08			6.24			(0.25	)
Year Ended December 31, 2012		15.18		0.22	(f)		2.39			2.61			(0.25	)
Year Ended December 31, 2011		15.65		0.14	(f)		(0.46	)		(0.32	)		(0.15	)
Year Ended December 31, 2010		13.91		0.12	(f)		1.72			1.84			(0.10	)
Year Ended December 31, 2009		10.71		0.13			3.35			3.48			(0.28	)

(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.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2014

		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)
$	25.10		6.88	%	$	86,991,885		0.78	%		1.01	%		0.80	%		38	%
	23.71		36.29			87,386,499		0.79			1.02			0.80			80
	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
	24.90		6.71			9,043,054		1.03			0.78			1.05			38
	23.53		35.90			5,623,314		1.02			0.77			1.04			80
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (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 preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Equity securities listed on a North American, Central American, South American or Caribbean securities exchange shall generally be valued at the last sale price on the exchange on which the security is principally traded that is reported before the time when the net assets of the Portfolio are valued. 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 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 pricing 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”) has established a Valuation Committee (“VC”) that is comprised of senior representatives from JPMFM, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), and J.P. Morgan Asset Management’s Legal, Compliance and Risk Management groups 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, 2014

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)	$	96,256,014	$	—	$	—	$	96,256,014

(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 among any levels during the six months ended June 30, 2014.

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 change in net unrealized appreciation /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.

As of June 30, 2014, the Portfolio did not have open futures contracts.

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2014:

Futures Contracts:
Average Notional Balance Long	$	131,506
Ending Notional Balance Long		—

The Portfolio’s futures contracts are not subject to master netting arrangements.

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.

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

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 capital gains 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, 2014, 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, the Adviser, an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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%.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee 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 covered by the Administration Agreement (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, 2014, the effective annualized 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. For these services, the Portfolio pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. 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 paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statement of Operations.

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) 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, 2014. The contractual expense limitation percentages in the table above are in place until at least April 30, 2015.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2014

For the six months ended June 30, 2014, 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		Total
$	5,609	$	5,609

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, 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, 2014 was $1,143.

F. Other — Certain officers of the Trust are affiliated with the Adviser, 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, 2014, the Portfolio may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2014, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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, 2014, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	35,039,906	$	37,622,860

During the six months ended June 30, 2014, 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, 2014 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	78,173,049	$	18,354,286	$	271,321	$	18,082,965

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Portfolio after December 31, 2010 are 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, 2013, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2013, the Portfolio had pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017		Total
$	9,157,629	$	9,157,629

JUNE 30, 2014 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 (Unaudited) (continued)

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 10, 2014.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2014, 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, 2014

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, 2014, and continued to hold your shares at the end of the reporting period, June 30, 2014.

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 funds. 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 funds. 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, 2014		Ending Account Value June 30, 2014		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,068.80	$	4.00		0.78	%
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class 2
Actual		1,000.00		1,067.10		5.28		1.03
Hypothetical		1,000.00		1,019.69		5.16		1.03

* 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, 2014 JPMORGAN INSURANCE TRUST 19

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on June 10, 2014, for the purpose of electing Trustees.

Trustees were elected by the shareholders of all of the portfolios of the Trust, including the Portfolio. The results of the voting were as follows:

	Votes Received (Amounts in thousands)
John F. Finn
In Favor		55,764
Withheld		2,415
Dr. Matthew Goldstein
In Favor		55,573
Withheld		2,605
Robert J. Higgins
In Favor		55,751
Withheld		2,428
Frankie D. Hughes
In Favor		55,747
Withheld		2,431
Peter C. Marshall
In Favor		55,595
Withheld		2,583
Mary E. Martinez
In Favor		56,006
Withheld		2,172
Marilyn McCoy
In Favor		55,921
Withheld		2,257

	Votes Received (Amounts in thousands)
Mitchell M. Merin
In Favor		55,826
Withheld		2,353
William G. Morton, Jr.
In Favor		55,603
Withheld		2,575
Robert A. Oden, Jr.
In Favor		55,628
Withheld		2,551
Marian U. Pardo
In Favor		55,927
Withheld		2,251
Frederick W. Ruebeck
In Favor		55,618
Withheld		2,560
James J. Schonbachler
In Favor		55,651
Withheld		2,527

20 JPMORGAN INSURANCE TRUST JUNE 30, 2014

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 Adviser. 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., 2014. All rights reserved. June 2014. SAN-JPMITUSEP-614

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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	August 26, 2014

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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	August 26, 2014
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	August 26, 2014