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, 2016 through June 30, 2016

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, 2016 (Unaudited)

JPMorgan Insurance Trust Core Bond Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
     

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	33
Financial Highlights	36
Notes to Financial Statements	38
Schedule of Shareholder Expenses	44

Investments in the Portfolio are not 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 the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“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, 2016 (Unaudited)

Dear Shareholder,

The U.S. economy continued its slow expansion in 2016 despite economic weakness elsewhere and two punishing sell-offs in global financial markets. Growth in the U.S. was sufficient to prompt the U.S. Federal Reserve (the “Fed”) to raise interest rates in December 2015, but financial market turmoil in early 2016 and worrisome economic data forced the Fed to curtail further increases at its March and June meetings.

  “The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.”

Meanwhile, the resiliency of U.S. financial markets was a notable feature of the six months ended June 30, 2016. Equity prices slumped in the early part of the 2016, giving the Standard & Poor’s 500 Index (“S&P 500”) its worst start to any year on record, falling 5.07% by the end of January and slumping by 10% by mid-February. By the end of March, the index had clawed its way back to a level slightly above where it was when the year began.

In April, the International Monetary Fund (IMF) warned that the prolonged period of slow growth had left the global economy vulnerable to specific events or trends. Among those risks, the IMF cited financial market turmoil and Britain’s referendum on European Union (EU) membership.

On June 23, the U.K. vote to leave the EU shocked political leaders and sparked a sharp sell-off in global financial markets. The S&P 500 suffered a one-day decline of 3.59%. Within days, an estimated $3 trillion was erased from global financial markets. The resulting decline in the British pound was deep enough that France has now supplanted the U.K. as the world’s fifth largest economy. Ultimately, the impact of the “Brexit” referendum on U.S. financial markets was muted

and by June 30, 2016, equity prices rebounded. The S&P 500 posted a return of 3.84% for the first half of the year and stood 1.50% shy of its then-record intraday high of 2,130.82 points reached May 21, 2015.

Meanwhile, the sharp slowdown in U.S. job growth in May that had so worried Fed policymakers was short-lived. The U.S. economy added 287,000 jobs in June, far above the consensus forecast of 175,000 new jobs and the most of any month since October 2015. Wage growth over the first half of the year remained tepid, which helped corporate earnings and held down inflationary pressure.

Over the past six months, U.S. financial markets have both withstood and benefitted from turmoil in foreign financial markets. Investors seeking to reduce risk have bought both U.S. equities and U.S. Treasury bonds. Low growth in the EU and other developed markets and lingering concerns about the trajectory of China’s economy continued to drag on the U.S. economy. Notably, the U.S. economic expansion is halfway through its seventh year and the U.S. stock market’s bull market — defined as a rise of 20% or more in prices — is now the second longest on record.

The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		4.94%
Barclays U.S. Aggregate Index		5.31%
Net Assets as of 6/30/2016	$	256,842,837
Duration as of 6/30/2016		5.23 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?

Overall, bond market conditions deteriorated sharply in January and early February as investors reacted to a perceived tightening in financial conditions from lower equity valuations, higher borrowing costs via rising credit spreads and a stronger U.S. dollar. However, the U.S. Federal Reserve tempered its economic and policy outlook, implying a much more dovish stance in the face of slowing global growth, which precipitated a rebound in equity and oil prices.

Investor expectations of a global recession fears continued to diminish in May and economic data showed improvement the global growth. Credit markets performed well through most of the second quarter of 2016 as investors fled from an increasing amount of negative-yielding debt to securities with positive yields. Price volatility in energy commodities also receded. In June, the run up to Britain’s referendum on European Union (EU) membership came to dominate financial markets. The June 23 vote to leave the EU took financial markets by surprise. Equity assets sold off sharply in response but rebounded in the final trading days of the June. Investors seeking the relative safety of U.S. Treasury bonds drove yields, which generally move in the opposite direction of prices, to near record lows on the both 10-year and 30-year Treasury bonds. Corporate bonds generally outperformed U.S. equities. For the six months ended June 30, 2016, the Barclays U.S. Aggregate Index returned 5.31%.

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

The Portfolio’s Class 1 shares underperformed the Barclays U.S. Aggregate Index (the “Benchmark”) for the six month period ended June 30, 2016.

Relative to the Benchmark, the Portfolio’s shorter duration positioning detracted from performance, while the Portfolio’s yield curve positioning made a positive contribution to performance relative to the Benchmark. Compared with the Benchmark, the Portfolio was overweight in the 5-10 year portion of yield curve and underweight in the 20-plus year portion of the curve. Duration measures the price sensitivity of a bond or 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 fell or rise, respectively, versus bonds with shorter duration. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds.

HOW WAS THE PORTFOLIO POSITIONED?

The Portfolio’s primary strategy was to focus on security selection and relative value, which seeks to identify undervalued bonds among individual securities and across market sectors. The Portfolio managers used bottom-up fundamental research to construct what they believed to be 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.

Relative to the Benchmark, the Portfolio was underweight in U.S. Treasury securities, underweight in corporate credit debt and overweight in securitized debt sectors, including asset-backed, commercial-backed, and mortgage-backed securities, which include both agency and non-agency debt. 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 would benefit the Portfolio as securities moved down the yield curve. The Portfolio maintained a shorter duration posture versus the Benchmark during the six month reporting period.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	28.9	%
Corporate Bonds	18.3
Collateralized Mortgage Obligations	16.5
U.S. Government Agency Securities	11.8
Mortgage Pass-Through Securities	11.3
Asset-Backed Securities	9.1
Commercial Mortgage-Backed Securities	1.5
Others (each less than 1.0%)	0.5
Short-Term Investment	2.1

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

** The 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, 2016. The Portfolio’s composition is subject to change.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		4.94	%		5.42	%		3.82	%		5.32	%
CLASS 2 SHARES	August 16, 2006		4.87			5.26			3.58			5.07

* Not annualized.

TEN YEAR PERFORMANCE (6/30/06 TO 6/30/16)

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, 2006 to June 30, 2016. 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, 2016

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 9.1%
	31,454	Ally Auto Receivables Trust, Series 2013-2, Class A3, 0.790%, 01/15/18		31,448
	53,669	American Credit Acceptance Receivables Trust, Series 2015-2, Class A, 1.570%, 06/12/19 (e)		53,538
		American Homes 4 Rent Trust,
	437,738	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		469,660
	200,000	Series 2014-SFR2, Class C, 4.705%, 10/17/36 (e)		214,103
	243,457	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		261,206
	200,000	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		215,785
	100,000	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		102,537
	200,000	Series 2015-SFR2, Class C, 4.691%, 10/17/45 (e)		212,679
	236,106	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		230,605
		B2R Mortgage Trust,
	94,484	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		95,046
	248,880	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		256,735
	100,000	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		100,603
	13,089	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.823%, 04/25/36		12,644
	77,000	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		78,342
	148,740	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		148,797
		CarFinance Capital Auto Trust,
	16,465	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		16,453
	67,792	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		67,492
		CarMax Auto Owner Trust,
	22,519	Series 2013-4, Class A3, 0.800%, 07/16/18		22,506
	55,000	Series 2013-4, Class A4, 1.280%, 05/15/19		55,091
	122,222	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		122,010
	26,866	Centex Home Equity Loan Trust, Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		26,994

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	232,000	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		233,258
		Citi Held For Asset Issuance,
	103,264	Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		103,046
	351,371	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		355,589
		CPS Auto Receivables Trust,
	192,903	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		192,676
	124,961	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		124,295
	172,000	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		167,148
	222,618	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		222,918
	93,664	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		93,673
	250,000	Credit Acceptance Auto Loan Trust, Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		251,529
	6,609	CWABS Revolving Home Equity Loan Trust, Series 2004-K, Class 2A, VAR, 0.742%, 02/15/34		6,019
		CWABS, Inc. Asset-Backed Certificates,
	1,056	Series 2004-1, Class 3A, VAR, 1.013%, 04/25/34		876
	67,623	Series 2004-1, Class M1, VAR, 1.203%, 03/25/34		64,766
	9,705	Series 2004-1, Class M2, VAR, 1.278%, 03/25/34		8,871
		Drive Auto Receivables Trust,
	163,000	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		163,335
	132,000	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		132,961
	195,000	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		198,054
	243,000	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		249,154
	80,000	Series 2016-BA, Class B, 2.560%, 06/15/20 (e)		80,347
		DT Auto Owner Trust,
	263,458	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		264,246
	237,000	Series 2016-1A, Class B, 2.790%, 05/15/20 (e)		237,967
	182,067	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		182,078

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	370,000	Series 2016-3A, Class A, 1.750%, 11/15/19 (e)		369,884
	185,000	Series 2016-3A, Class B, 2.650%, 07/15/20 (e)		185,058
		Exeter Automobile Receivables Trust,
	6,792	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		6,788
	36,079	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		36,024
	73,611	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		73,430
	151,900	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		152,191
	135,000	Series 2016-1A, Class C, 5.520%, 10/15/21 (e)		133,986
	143,014	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		142,986
	96,054	First Investors Auto Owner Trust, Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		95,911
	259,845	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		261,608
		Flagship Credit Auto Trust,
	28,794	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		28,711
	71,388	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		71,057
	45,000	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		44,671
	22,000	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		22,130
	280,341	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		280,837
	126,000	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		125,843
	76,000	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		73,138
	324,313	Series 2016-1, Class A, 2.770%, 12/15/20 (e)		326,914
	250,000	Series 2016-1, Class C, 6.220%, 06/15/22 (e)		252,075
	387,874	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		385,990
		GO Financial Auto Securitization Trust,
	55,879	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		55,842
	161,868	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		161,504
	160,000	Series 2015-2, Class B, 4.800%, 08/17/20 (e)		158,385

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	71,841	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		71,343
	283,000	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class DT1, 4.669%, 10/15/48 (e)		283,541
	122,715	Hyundai Auto Receivables Trust, Series 2013-A, Class A4, 0.750%, 09/17/18		122,642
	171,000	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		170,459
		Long Beach Mortgage Loan Trust,
	80,686	Series 2003-4, Class M1, VAR, 1.473%, 08/25/33		76,574
	143,350	Series 2004-1, Class M1, VAR, 1.203%, 02/25/34		135,289
	10,974	Series 2004-1, Class M2, VAR, 1.278%, 02/25/34		10,333
	9,951	Series 2006-WL2, Class 2A3, VAR, 0.653%, 01/25/36		9,614
		MarketPlace Loan Trust,
	91,541	Series 2015-OD3, Class A, 3.250%, 09/17/17 (e)		91,035
	106,042	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		106,042
	281,795	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		281,799
		Nationstar HECM Loan Trust,
	68,195	Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		68,192
	109,588	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		109,605
	158,000	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		158,604
	140,000	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		140,536
	100,000	Series 2016-2A, Class A, 2.239%, 06/25/26 (e)		100,000
	125,000	New Century Home Equity Loan Trust, Series 2005-1, Class M1, VAR, 1.128%, 03/25/35		116,146
	252,782	NRPL Trust, Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		248,247
		NRZ Advance Receivables Trust Advance Receivables Backed,
	250,000	Series 2015-T1, Class AT1, 2.315%, 08/15/46 (e)		249,793
	250,000	Series 2015-T1, Class CT1, 3.100%, 08/15/46 (e)		249,644
	250,000	Series 2015-T3, Class DT3, 4.266%, 11/15/46 (e)		250,046

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	500,000	Series 2015-T4, Class AT4, 3.196%, 11/15/47 (e)		502,348
	250,000	Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		250,078
	100,000	Series 2016-T1, Class AT1, 2.751%, 06/15/49 (e)		100,000
	200,273	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		199,280
		Ocwen Master Advance Receivables Trust,
	246,000	Series 2015-T1, Class AT1, 2.537%, 09/17/46 (e)		246,016
	219,000	Series 2015-T1, Class DT1, 4.100%, 09/17/46 (e)		218,946
	367,000	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		368,556
	164,000	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		163,825
	155,000	OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		155,000
		OneMain Financial Issuance Trust,
	404,283	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		404,734
	100,000	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		100,087
	426,000	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		426,926
	230,000	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		232,369
	100,000	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		98,238
	350,000	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		349,902
	100,000	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		97,869
	250,000	Oportun Funding LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		250,000
	2,466	Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.391%, 10/25/34		2,465
	215,644	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		215,084
		Progress Residential Trust,
	225,963	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		229,186
	150,000	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		151,002

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	437,042	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		449,102
	100,000	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		103,324
	350,000	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		348,687
	6,202	RASC Trust, Series 2003-KS9, Class A2B, VAR, 1.093%, 11/25/33		5,157
	90,991	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		90,223
		Santander Drive Auto Receivables Trust,
	51,769	Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		51,380
	32,356	Series 2015-S7, Class R1, 1.970%, 03/16/21 (e)		32,113
	49,000	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.850%, 01/18/22 (e)		48,999
	118,197	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		118,073
		SpringCastle America Funding LLC,
	276,912	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		277,856
	100,000	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		100,160
		Springleaf Funding Trust,
	412,532	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		412,783
	308,000	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		309,822
	140,000	Spruce ABS Trust, Series 2016-E1, Class A, 4.320%, 06/15/28 (e)		139,980
		SPS Servicer Advance Receivables Trust,
	215,000	Series 2015-T2, Class DT2, 4.230%, 01/15/47 (e)		215,298
	214,000	Series 2015-T3, Class DT3, 4.430%, 07/15/47 (e)		218,330
	192,726	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		193,466
	98,663	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		98,466
	560,000	VOLT XLVI LLC, Series 2016-NPL6, Class A1, SUB, 3.844%, 06/25/46 (e)		560,000
	136,000	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		136,000
	353,672	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		351,171
	153,282	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		152,036

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	165,191	VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		165,411
		Westlake Automobile Receivables Trust,
	100,000	Series 2015-3A, Class D, 4.400%, 05/17/21 (e)		100,825
	1,297,000	Series 2016-2A, Class A2, 1.570%, 06/17/19 (e)		1,297,013
		Total Asset-Backed Securities (Cost $23,290,847)		23,359,113
	Collateralized Mortgage Obligations — 16.4%
		Agency CMO — 12.6%
	85,724	Federal Home Loan Mortgage Corp. -Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		94,157
		Federal Home Loan Mortgage Corp. REMIC,
	389	Series 1065, Class J, 9.000%, 04/15/21		441
	10,608	Series 1113, Class J, 8.500%, 06/15/21		10,852
	2,216	Series 1250, Class J, 7.000%, 05/15/22		2,449
	5,372	Series 1316, Class Z, 8.000%, 06/15/22		5,951
	8,471	Series 1324, Class Z, 7.000%, 07/15/22		9,358
	37,815	Series 1343, Class LA, 8.000%, 08/15/22		42,742
	7,784	Series 1343, Class LB, 7.500%, 08/15/22		8,853
	5,351	Series 1394, Class ID, IF, 9.566%, 10/15/22		6,492
	4,873	Series 1395, Class G, 6.000%, 10/15/22		5,305
	3,423	Series 1505, Class Q, 7.000%, 05/15/23		3,838
	6,565	Series 1518, Class G, IF, 8.611%, 05/15/23		7,799
	6,461	Series 1541, Class O, VAR, 1.100%, 07/15/23		6,457
	187,075	Series 1577, Class PV, 6.500%, 09/15/23		207,683
	117,429	Series 1584, Class L, 6.500%, 09/15/23		133,144
	124,432	Series 1633, Class Z, 6.500%, 12/15/23		136,452
	144,371	Series 1638, Class H, 6.500%, 12/15/23		165,849
	2,387	Series 1671, Class QC, IF, 10.000%, 02/15/24		3,470
	18,137	Series 1694, Class PK, 6.500%, 03/15/24		20,133
	4,794	Series 1700, Class GA, PO, 02/15/24		4,661
	17,070	Series 1798, Class F, 5.000%, 05/15/23		18,380
	31,465	Series 1863, Class Z, 6.500%, 07/15/26		36,146
	4,026	Series 1865, Class D, PO, 02/15/24		3,737
	13,538	Series 1981, Class Z, 6.000%, 05/15/27		15,118
	17,512	Series 1987, Class PE, 7.500%, 09/15/27		19,558

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	57,734	Series 1999, Class PU, 7.000%, 10/15/27		65,681
	105,239	Series 2031, Class PG, 7.000%, 02/15/28		123,316
	4,017	Series 2033, Class SN, HB, IF, 28.332%, 03/15/24		2,041
	101,681	Series 2035, Class PC, 6.950%, 03/15/28		116,862
	6,949	Series 2038, Class PN, IO, 7.000%, 03/15/28		1,392
	19,587	Series 2054, Class PV, 7.500%, 05/15/28		22,618
	120,324	Series 2057, Class PE, 6.750%, 05/15/28		136,032
	24,309	Series 2064, Class TE, 7.000%, 06/15/28		27,783
	23,431	Series 2075, Class PH, 6.500%, 08/15/28		26,241
	76,452	Series 2095, Class PE, 6.000%, 11/15/28		87,201
	4,655	Series 2132, Class SB, HB, IF, 28.571%, 03/15/29		8,558
	4,693	Series 2134, Class PI, IO, 6.500%, 03/15/19		315
	39,513	Series 2178, Class PB, 7.000%, 08/15/29		45,546
	69,151	Series 2182, Class ZB, 8.000%, 09/15/29		80,092
	906	Series 22, Class C, 9.500%, 04/15/20		940
	791	Series 2204, Class GB, VAR, 8.000%, 12/20/29		791
	11,483	Series 2247, Class Z, 7.500%, 08/15/30		13,432
	168,591	Series 2259, Class ZC, 7.350%, 10/15/30		196,001
	2,259	Series 2261, Class ZY, 7.500%, 10/15/30		2,633
	24,418	Series 2283, Class K, 6.500%, 12/15/23		27,089
	4,757	Series 2306, Class K, PO, 05/15/24		4,585
	11,415	Series 2306, Class SE, IF, IO, 8.780%, 05/15/24		2,322
	12,190	Series 2325, Class PM, 7.000%, 06/15/31		14,392
	78,631	Series 2344, Class ZD, 6.500%, 08/15/31		93,740
	12,140	Series 2344, Class ZJ, 6.500%, 08/15/31		14,115
	7,710	Series 2345, Class NE, 6.500%, 08/15/31		9,038

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	846	Series 2345, Class PQ, 6.500%, 08/15/16		858
	206	Series 2355, Class BP, 6.000%, 09/15/16		208
	44,785	Series 2359, Class ZB, 8.500%, 06/15/31		53,437
	114,772	Series 2367, Class ME, 6.500%, 10/15/31		131,844
	11,401	Series 2390, Class DO, PO, 12/15/31		10,756
	606	Series 2391, Class QR, 5.500%, 12/15/16		612
	1,501	Series 2394, Class MC, 6.000%, 12/15/16		1,508
	20,463	Series 2410, Class OE, 6.375%, 02/15/32		22,567
	19,903	Series 2410, Class QS, IF, 18.351%, 02/15/32		31,973
	22,513	Series 2410, Class QX, IF, IO, 8.208%, 02/15/32		7,056
	24,079	Series 2412, Class SP, IF, 15.216%, 02/15/32		32,786
	44,713	Series 2423, Class MC, 7.000%, 03/15/32		52,019
	75,621	Series 2423, Class MT, 7.000%, 03/15/32		88,111
	149,128	Series 2435, Class CJ, 6.500%, 04/15/32		172,620
	28,023	Series 2444, Class ES, IF, IO, 7.508%, 03/15/32		7,982
	18,682	Series 2450, Class SW, IF, IO, 7.558%, 03/15/32		5,374
	53,852	Series 2455, Class GK, 6.500%, 05/15/32		62,714
	34,805	Series 2484, Class LZ, 6.500%, 07/15/32		40,809
	128,532	Series 2500, Class MC, 6.000%, 09/15/32		146,471
	2,348	Series 2503, Class BH, 5.500%, 09/15/17		2,394
	30,170	Series 2527, Class BP, 5.000%, 11/15/17		30,726
	45,663	Series 2535, Class BK, 5.500%, 12/15/22		49,524
	1,454,581	Series 2543, Class YX, 6.000%, 12/15/32		1,653,741
	109,917	Series 2544, Class HC, 6.000%, 12/15/32		125,100
	598,515	Series 2574, Class PE, 5.500%, 02/15/33		675,010

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	208,076	Series 2575, Class ME, 6.000%, 02/15/33		231,219
	241,377	Series 2578, Class PG, 5.000%, 02/15/18		247,353
	16,225	Series 2586, Class WI, IO, 6.500%, 03/15/33		2,838
	12,450	Series 2626, Class NS, IF, IO, 6.108%, 06/15/23		552
	27,992	Series 2638, Class DS, IF, 8.158%, 07/15/23		30,689
	81,993	Series 2647, Class A, 3.250%, 04/15/32		87,063
	150,142	Series 2651, Class VZ, 4.500%, 07/15/18		153,673
	300,840	Series 2656, Class BG, 5.000%, 10/15/32		307,349
	17,499	Series 2682, Class LC, 4.500%, 07/15/32		17,611
	1,828	Series 2780, Class JG, 4.500%, 04/15/19		1,898
	158,282	Series 2827, Class DG, 4.500%, 07/15/19		162,039
	608,854	Series 2949, Class GE, 5.500%, 03/15/35		688,996
	1,996	Series 2989, Class PO, PO, 06/15/23		1,974
	300,000	Series 3047, Class OD, 5.500%, 10/15/35		350,140
	965,325	Series 3053, Class ZB, 6.000%, 10/15/35		1,217,402
	115,850	Series 3085, Class VS, HB, IF, 26.952%, 12/15/35		207,987
	37,773	Series 3117, Class EO, PO, 02/15/36		34,881
	38,290	Series 3260, Class CS, IF, IO, 5.698%, 01/15/37		5,684
	69,772	Series 3385, Class SN, IF, IO, 5.558%, 11/15/37		9,693
	89,391	Series 3387, Class SA, IF, IO, 5.978%, 11/15/37		15,415
	55,945	Series 3451, Class SA, IF, IO, 5.608%, 05/15/38		8,088
	288,938	Series 3455, Class SE, IF, IO, 5.758%, 06/15/38		50,996
	213,817	Series 3688, Class NI, IO, 5.000%, 04/15/32		13,869
	73,558	Series 3759, Class HI, IO, 4.000%, 08/15/37		3,213
	77,032	Series 3772, Class IO, IO, 3.500%, 09/15/24		1,508
	197	Series 47, Class F, 10.000%, 06/15/20		212

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	198	Series 99, Class Z, 9.500%, 01/15/21		215
		Federal Home Loan Mortgage Corp. STRIPS,
	82,427	Series 233, Class 11, IO, 5.000%, 09/15/35		12,285
	92,079	Series 239, Class S30, IF, IO, 7.258%, 08/15/36		17,285
	376,010	Series 262, Class 35, 3.500%, 07/15/42		396,948
	373,119	Series 299, Class 300, 3.000%, 01/15/43		389,205
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	13,393	Series T-41, Class 3A, VAR, 6.625%, 07/25/32		14,438
	88,903	Series T-54, Class 2A, 6.500%, 02/25/43		108,111
	40,390	Series T-54, Class 3A, 7.000%, 02/25/43		48,979
	177,935	Series T-56, Class APO, PO, 05/25/43		176,149
	21,907	Series T-58, Class APO, PO, 09/25/43		19,226
		Federal National Mortgage Association -ACES,
	1,000,000	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		1,101,894
	1,000,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		1,048,912
	389,000	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		422,629
	547,822	Series 2015-M17, Class FA, VAR, 1.369%, 11/25/22		549,186
	500,000	Series 2016-M2, Class AV2, 2.152%, 01/25/23		508,201
		Federal National Mortgage Association REMIC,
	856	Series 1988-16, Class B, 9.500%, 06/25/18		885
	1,906	Series 1989-83, Class H, 8.500%, 11/25/19		2,060
	423	Series 1990-1, Class D, 8.800%, 01/25/20		457
	2,217	Series 1990-10, Class L, 8.500%, 02/25/20		2,402
	254	Series 1990-93, Class G, 5.500%, 08/25/20		268
	8	Series 1990-140, Class K, HB, 652.145%, 12/25/20		94
	537	Series 1990-143, Class J, 8.750%, 12/25/20		595
	11,915	Series 1992-101, Class J, 7.500%, 06/25/22		13,249

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	4,631	Series 1992-143, Class MA, 5.500%, 09/25/22		4,953
	17,293	Series 1993-146, Class E, PO, 05/25/23		16,669
	41,903	Series 1993-155, Class PJ, 7.000%, 09/25/23		47,346
	1,328	Series 1993-165, Class SD, IF, 13.393%, 09/25/23		1,736
	6,622	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		7,659
	56,536	Series 1993-203, Class PL, 6.500%, 10/25/23		65,026
	5,843	Series 1993-205, Class H, PO, 09/25/23		5,652
	217,076	Series 1993-223, Class PZ, 6.500%, 12/25/23		239,435
	58,903	Series 1993-225, Class UB, 6.500%, 12/25/23		66,153
	1,695	Series 1993-230, Class FA, VAR, 1.053%, 12/25/23		1,718
	134,988	Series 1994-37, Class L, 6.500%, 03/25/24		150,348
	1,168,700	Series 1994-72, Class K, 6.000%, 04/25/24		1,335,289
	13,150	Series 1995-2, Class Z, 8.500%, 01/25/25		15,138
	68,202	Series 1995-19, Class Z, 6.500%, 11/25/23		78,443
	2,288	Series 1996-59, Class J, 6.500%, 08/25/22		2,467
	75,891	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		2,535
	12,989	Series 1997-39, Class PD, 7.500%, 05/20/27		15,254
	23,227	Series 1997-46, Class PL, 6.000%, 07/18/27		26,073
	55,694	Series 1997-61, Class ZC, 7.000%, 02/25/23		62,017
	9,573	Series 1998-36, Class ZB, 6.000%, 07/18/28		10,946
	20,227	Series 1998-43, Class SA, IF, IO, 18.497%, 04/25/23		8,080
	29,443	Series 1998-46, Class GZ, 6.500%, 08/18/28		33,864
	56,445	Series 1998-58, Class PC, 6.500%, 10/25/28		63,733
	129,905	Series 1999-39, Class JH, IO, 6.500%, 08/25/29		14,578
	4,393	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		804
	40,203	Series 2001-4, Class PC, 7.000%, 03/25/21		43,261

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	43,452	Series 2001-30, Class PM, 7.000%, 07/25/31		50,051
	148,804	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		29,637
	66,965	Series 2001-36, Class DE, 7.000%, 08/25/31		78,729
	6,592	Series 2001-44, Class PD, 7.000%, 09/25/31		7,533
	108,099	Series 2001-61, Class Z, 7.000%, 11/25/31		123,661
	292	Series 2001-69, Class PG, 6.000%, 12/25/16		293
	276	Series 2001-71, Class QE, 6.000%, 12/25/16		280
	14,020	Series 2002-1, Class HC, 6.500%, 02/25/22		15,623
	4,352	Series 2002-1, Class SA, HB, IF, 23.714%, 02/25/32		7,598
	3,056	Series 2002-2, Class UC, 6.000%, 02/25/17		3,105
	743	Series 2002-3, Class OG, 6.000%, 02/25/17		747
	137,355	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		7,297
	109,525	Series 2002-15, Class PO, PO, 04/25/32		103,497
	49,155	Series 2002-28, Class PK, 6.500%, 05/25/32		55,516
	40,860	Series 2002-62, Class ZE, 5.500%, 11/25/17		41,668
	98,718	Series 2002-68, Class SH, IF, IO, 7.552%, 10/18/32		23,303
	9,941	Series 2002-77, Class S, IF, 13.652%, 12/25/32		13,380
	15,989	Series 2002-94, Class BK, 5.500%, 01/25/18		16,112
	199,388	Series 2003-7, Class A1, 6.500%, 12/25/42		232,354
	240,801	Series 2003-22, Class UD, 4.000%, 04/25/33		260,773
	52,284	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		12,495
	38,411	Series 2003-47, Class PE, 5.750%, 06/25/33		43,796
	9,117	Series 2003-64, Class SX, IF, 12.608%, 07/25/33		11,795
	8,881	Series 2003-66, Class PA, 3.500%, 02/25/33		9,120
	37,098	Series 2003-71, Class DS, IF, 6.858%, 08/25/33		42,723

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	18,502	Series 2003-80, Class SY, IF, IO, 7.197%, 06/25/23		591
	210,766	Series 2003-81, Class MC, 5.000%, 12/25/32		213,345
	181,650	Series 2003-82, Class VB, 5.500%, 08/25/33		183,802
	14,812	Series 2003-91, Class SD, IF, 11.745%, 09/25/33		18,330
	137,157	Series 2003-116, Class SB, IF, IO, 7.147%, 11/25/33		32,254
	727,215	Series 2003-128, Class DY, 4.500%, 01/25/24		780,976
	6,516	Series 2003-130, Class SX, IF, 10.840%, 01/25/34		8,091
	17,702	Series 2003-132, Class OA, PO, 08/25/33		16,958
	80,591	Series 2004-2, Class OE, 5.000%, 05/25/23		80,876
	65,128	Series 2004-4, Class QM, IF, 13.293%, 06/25/33		80,256
	29,903	Series 2004-10, Class SC, HB, IF, 26.787%, 02/25/34		37,306
	98,905	Series 2004-36, Class SA, IF, 18.278%, 05/25/34		143,253
	59,036	Series 2004-46, Class SK, IF, 15.253%, 05/25/34		79,557
	8,967	Series 2004-51, Class SY, IF, 13.333%, 07/25/34		12,220
	52,155	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		63,231
	22,088	Series 2004-76, Class CL, 4.000%, 10/25/19		22,578
	148,957	Series 2005-45, Class DC, HB, IF, 22.648%, 06/25/35		242,193
	10,497	Series 2005-52, Class PA, 6.500%, 06/25/35		10,961
	222,498	Series 2005-68, Class BC, 5.250%, 06/25/35		237,076
	140,025	Series 2005-84, Class XM, 5.750%, 10/25/35		153,735
	210,609	Series 2005-110, Class MN, 5.500%, 06/25/35		220,339
	59,439	Series 2006-22, Class AO, PO, 04/25/36		53,287
	19,626	Series 2006-46, Class SW, HB, IF, 22.537%, 06/25/36		27,635
	23,981	Series 2006-59, Class QO, PO, 01/25/33		23,569
	57,455	Series 2006-110, Class PO, PO, 11/25/36		55,158
	97,602	Series 2006-117, Class GS, IF, IO, 6.197%, 12/25/36		11,977

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	42,337	Series 2007-7, Class SG, IF, IO, 6.047%, 08/25/36		10,256
	148,472	Series 2007-53, Class SH, IF, IO, 5.647%, 06/25/37		23,710
	162,367	Series 2007-88, Class VI, IF, IO, 6.087%, 09/25/37		34,936
	121,213	Series 2007-100, Class SM, IF, IO, 5.997%, 10/25/37		21,819
	125,907	Series 2008-1, Class BI, IF, IO, 5.457%, 02/25/38		20,806
	28,784	Series 2008-16, Class IS, IF, IO, 5.747%, 03/25/38		4,867
	128,278	Series 2008-46, Class HI, IO, VAR, 1.720%, 06/25/38		8,798
	45,494	Series 2008-53, Class CI, IF, IO, 6.747%, 07/25/38		9,231
	103,881	Series 2009-112, Class ST, IF, IO, 5.797%, 01/25/40		16,719
	53,640	Series 2010-35, Class SB, IF, IO, 5.967%, 04/25/40		7,225
	327,660	Series 2013-128, Class PO, PO, 12/25/43		270,035
	248,644	Series 2016-38, Class NA, 3.000%, 01/25/46		262,548
	1,305	Series G92-42, Class Z, 7.000%, 07/25/22		1,418
	4,970	Series G92-44, Class ZQ, 8.000%, 07/25/22		5,133
	11,931	Series G92-54, Class ZQ, 7.500%, 09/25/22		12,989
	874	Series G92-59, Class F, VAR, 1.390%, 10/25/22		886
	2,583	Series G92-61, Class Z, 7.000%, 10/25/22		2,874
	6,321	Series G92-66, Class KA, 6.000%, 12/25/22		6,844
	29,896	Series G92-66, Class KB, 7.000%, 12/25/22		32,957
	7,842	Series G93-1, Class KA, 7.900%, 01/25/23		8,873
	8,218	Series G93-17, Class SI, IF, 6.000%, 04/25/23		9,441
		Federal National Mortgage Association REMIC Trust,
	33,146	Series 1999-W1, Class PO, PO, 02/25/29		30,751
	141,266	Series 1999-W4, Class A9, 6.250%, 02/25/29		157,352
	346,285	Series 2002-W7, Class A4, 6.000%, 06/25/29		382,237

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	281,077	Series 2003-W1, Class 1A1, VAR, 5.651%, 12/25/42		322,683
	39,810	Series 2003-W1, Class 2A, VAR, 6.301%, 12/25/42		47,306
		Federal National Mortgage Association STRIPS,
	8,314	Series 329, Class 1, PO, 01/25/33		7,706
	36,261	Series 365, Class 8, IO, 5.500%, 05/25/36		6,808
	29,474	Federal National Mortgage Association Trust, Series 2004-W2, Class 2A2, 7.000%, 02/25/44		34,720
		Government National Mortgage Association,
	103,758	Series 1994-7, Class PQ, 6.500%, 10/16/24		117,895
	63,962	Series 1998-22, Class PD, 6.500%, 09/20/28		75,000
	103,026	Series 2000-21, Class Z, 9.000%, 03/16/30		125,802
	1,335	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		196
	232,948	Series 2000-36, Class PB, 7.500%, 11/16/30		279,560
	729,932	Series 2001-10, Class PE, 6.500%, 03/16/31		828,111
	109,023	Series 2001-22, Class PS, IF, 19.848%, 03/17/31		183,709
	56,487	Series 2001-36, Class S, IF, IO, 7.608%, 08/16/31		19,632
	851,081	Series 2001-64, Class PB, 6.500%, 12/20/31		978,647
	8,384	Series 2002-24, Class SB, IF, 11.262%, 04/16/32		10,785
	3,953	Series 2003-24, Class PO, PO, 03/16/33		3,727
	27,425	Series 2004-28, Class S, IF, 18.446%, 04/16/34		42,199
	500,000	Series 2006-38, Class OH, 6.500%, 08/20/36		645,578
	132,791	Series 2007-45, Class QA, IF, IO, 6.192%, 07/20/37		27,492
	103,984	Series 2007-76, Class SA, IF, IO, 6.082%, 11/20/37		19,028
	103,726	Series 2008-2, Class MS, IF, IO, 6.718%, 01/16/38		22,592
	67,060	Series 2008-55, Class SA, IF, IO, 5.752%, 06/20/38		11,776
	42,819	Series 2009-6, Class SA, IF, IO, 5.658%, 02/16/39		6,803

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	142,440	Series 2009-6, Class SH, IF, IO, 5.592%, 02/20/39		24,110
	102,493	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		22,662
	74,856	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		16,190
	207,543	Series 2009-22, Class SA, IF, IO, 5.822%, 04/20/39		32,957
	184,123	Series 2009-31, Class TS, IF, IO, 5.852%, 03/20/39		21,644
	182,535	Series 2009-64, Class SN, IF, IO, 5.658%, 07/16/39		20,548
	83,395	Series 2009-79, Class OK, PO, 11/16/37		75,610
	73,635	Series 2009-102, Class SM, IF, IO, 5.958%, 06/16/39		6,351
	344,408	Series 2009-106, Class ST, IF, IO, 5.552%, 02/20/38		58,651
	114,763	Series 2010-130, Class CP, 7.000%, 10/16/40		136,502
	213,010	Series 2011-75, Class SM, IF, IO, 6.152%, 05/20/41		49,518
	722,365	Series 2011-H19, Class FA, VAR, 0.906%, 08/20/61		717,586
	700,280	Series 2012-H23, Class SA, VAR, 0.966%, 10/20/62		696,544
	756,055	Series 2013-H08, Class FC, VAR, 0.886%, 02/20/63		750,090
	462,518	Series 2013-H09, Class HA, 1.650%, 04/20/63		464,505
	381,013	Series 2014-H17, Class FC, VAR, 0.936%, 07/20/64		378,053
	576,697	Series 2015-137, Class WA, VAR, 5.484%, 01/20/38		657,864
	898,028	Series 2015-H16, Class FG, VAR, 0.876%, 07/20/65		888,499
	983,948	Series 2015-H30, Class FE, VAR, 1.036%, 11/20/65		981,395
	231,111	Series 2016-H11, Class FD, VAR, 1.630%, 05/20/66		231,073
		Vendee Mortgage Trust,
	45,040	Series 1994-1, Class 1, VAR, 5.514%, 02/15/24		49,521
	108,115	Series 1996-1, Class 1Z, 6.750%, 02/15/26		126,113
	57,470	Series 1996-2, Class 1Z, 6.750%, 06/15/26		66,589
	215,068	Series 1997-1, Class 2Z, 7.500%, 02/15/27		254,806

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	57,933	Series 1998-1, Class 2E, 7.000%, 03/15/28		70,104
				32,461,758
		Non-Agency CMO — 3.8%
	96,998	Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		96,016
		Alternative Loan Trust,
	1,606,969	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,594,634
	428,208	Series 2005-20CB, Class 3A8, IF, IO, 4.297%, 07/25/35		62,521
	581,634	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		525,675
	259,846	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		227,370
	601,105	Series 2005-22T1, Class A2, IF, IO, 4.617%, 06/25/35		105,996
	294,707	Series 2005-J1, Class 1A4, IF, IO, 4.647%, 02/25/35		18,636
	135,496	Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		135,916
		Banc of America Alternative Loan Trust,
	211,998	Series 2004-5, Class 3A3, PO, 06/25/34		180,148
	17,874	Series 2004-6, Class 15PO, PO, 07/25/19		17,405
		Banc of America Funding Trust,
	29,849	Series 2004-1, Class PO, PO, 03/25/34		24,165
	201,938	Series 2005-6, Class 2A7, 5.500%, 10/25/35		193,054
	28,569	Series 2005-7, Class 30PO, PO, 11/25/35		22,864
	115,459	Series 2005-E, Class 4A1, VAR, 2.888%, 03/20/35		113,704
		Banc of America Mortgage Trust,
	12,532	Series 2004-3, Class 1A26, 5.500%, 04/25/34		12,604
	5,827	Series 2004-4, Class APO, PO, 05/25/34		5,051
	108,561	Series 2004-5, Class 2A2, 5.500%, 06/25/34		109,776
	78,621	Series 2004-J, Class 3A1, VAR, 3.149%, 11/25/34		76,836
	22,418	BCAP LLC Trust, Series 2011-RR5, Class 11A3, VAR, 0.596%, 05/28/36 (e)		22,307
		Bear Stearns ARM Trust,
	51,222	Series 2003-7, Class 3A, VAR, 2.810%, 10/25/33		50,162
	73,646	Series 2005-5, Class A1, VAR, 2.380%, 08/25/35		73,874

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	245,134	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		238,858
		CHL Mortgage Pass-Through Trust,
	50,882	Series 2004-7, Class 2A1, VAR, 2.943%, 06/25/34		49,648
	32,054	Series 2004-HYB1, Class 2A, VAR, 2.752%, 05/20/34		30,282
	47,450	Series 2004-HYB3, Class 2A, VAR, 2.765%, 06/20/34		45,022
	32,972	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		33,417
	3,932	Series 2004-J8, Class POA, PO, 11/25/19		3,902
	101,682	Series 2005-16, Class A23, 5.500%, 09/25/35		94,730
	221,992	Series 2005-22, Class 2A1, VAR, 2.759%, 11/25/35		178,165
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	40,830	Series 2003-HYB1, Class A, VAR, 2.740%, 09/25/33		40,383
	531	Series 2003-UP2, Class PO1, PO, 12/25/18		482
	59,014	Citigroup Mortgage Loan Trust, Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		59,377
		Citigroup Mortgage Loan Trust, Inc.,
	3,514	Series 2003-UP3, Class A3, 7.000%, 09/25/33		3,568
	5,907	Series 2003-UST1, Class A1, 5.500%, 12/25/18		5,895
	2,174	Series 2003-UST1, Class PO1, PO, 12/25/18		2,116
	1,356	Series 2003-UST1, Class PO3, PO, 12/25/18		1,317
	78,779	Series 2005-1, Class 2A1A, VAR, 2.777%, 02/25/35		62,500
	2,638	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 5P, PO, 08/25/19		2,615
	95,376	CSMC, Series 2010-11R, Class A6, VAR, 1.454%, 06/28/47 (e)		91,454
	158,318	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		134,872
		First Horizon Mortgage Pass-Through Trust,
	151,601	Series 2004-AR7, Class 2A2, VAR, 2.717%, 02/25/35		150,717
	86,673	Series 2005-AR1, Class 2A2, VAR, 2.936%, 04/25/35		84,704

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		GMACM Mortgage Loan Trust,
	81,672	Series 2003-AR1, Class A4, VAR, 3.126%, 10/19/33		80,507
	65,023	Series 2004-J5, Class A7, 6.500%, 01/25/35		67,095
	397,864	Series 2005-AR3, Class 3A4, VAR, 3.299%, 06/19/35		388,125
		GSR Mortgage Loan Trust,
	64,553	Series 2004-6F, Class 1A2, 5.000%, 05/25/34		65,090
	249,465	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		264,570
	97,088	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		99,594
	48,835	Impac Secured Assets Trust, Series 2006-1, Class 2A1, VAR, 0.803%, 05/25/36		43,716
	76,343	JP Morgan Mortgage Trust, Series 2006-A2, Class 5A3, VAR, 2.705%, 11/25/33		76,543
	48,056	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.851%, 04/21/34		48,074
		MASTR Alternative Loan Trust,
	72,169	Series 2003-9, Class 8A1, 6.000%, 01/25/34		71,940
	128,128	Series 2004-4, Class 10A1, 5.000%, 05/25/24		132,984
	153,774	Series 2004-6, Class 7A1, 6.000%, 07/25/34		151,762
	18,595	Series 2004-7, Class 30PO, PO, 08/25/34		14,232
	50,490	Series 2004-8, Class 6A1, 5.500%, 09/25/19		51,340
	45,639	Series 2004-10, Class 1A1, 4.500%, 09/25/19		45,836
		MASTR Asset Securitization Trust,
	183,847	Series 2003-11, Class 9A6, 5.250%, 12/25/33		189,946
	3,596	Series 2003-12, Class 15PO, PO, 12/25/18		3,574
	11,359	Series 2004-6, Class 15PO, PO, 07/25/19		10,880
	7,876	Series 2004-8, Class PO, PO, 08/25/19		7,423
	23,051	Series 2004-10, Class 15PO, PO, 10/25/19		21,994
	51,387	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		40,590
	44,044	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.093%, 02/25/35		42,292

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	41,954	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		42,315
	308,118	PHH Alternative Mortgage Trust, Series 2007-2, Class 2X, IO, 6.000%, 05/25/37		79,846
		RALI Trust,
	7,341	Series 2002-QS8, Class A5, 6.250%, 06/25/17		7,339
	591,603	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		614,874
	3,475	Series 2003-QS3, Class A2, IF, 15.503%, 02/25/18		3,639
	27,055	Series 2003-QS9, Class A3, IF, IO, 7.097%, 05/25/18		1,013
	42,381	Series 2003-QS14, Class A1, 5.000%, 07/25/18		42,547
	12,618	Series 2003-QS18, Class A1, 5.000%, 09/25/18		12,704
	3,382	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		3,420
	99,389	RFMSI Trust, Series 2005-SA4, Class 1A1, VAR, 2.946%, 09/25/35		81,796
	4,386	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		4,428
		Springleaf Mortgage Loan Trust,
	78,877	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		78,707
	124,000	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		123,882
	108,000	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		107,848
	93,079	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		92,999
	125,000	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		124,877
	30,188	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.809%, 06/25/34		30,096
	80,597	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		82,219
		WaMu Mortgage Pass-Through Certificates Trust,
	14,837	Series 2003-AR8, Class A, VAR, 2.490%, 08/25/33		14,961
	68,437	Series 2003-AR9, Class 1A6, VAR, 2.514%, 09/25/33		68,731
	884	Series 2003-S4, Class 3A, 5.500%, 06/25/33		884

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	24,558	Series 2004-AR3, Class A2, VAR, 2.785%, 06/25/34		24,710
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	1,027,966	Series 2005-2, Class 1A4, IF, IO, 4.597%, 04/25/35		168,777
	353,934	Series 2005-2, Class 2A3, IF, IO, 4.547%, 04/25/35		49,362
	281,265	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		58,265
	262,343	Series 2005-4, Class CB7, 5.500%, 06/25/35		242,555
	10,671	Series 2005-4, Class DP, PO, 06/25/20		9,672
	81,317	Series 2005-6, Class 2A4, 5.500%, 08/25/35		73,957
		Wells Fargo Mortgage-Backed Securities Trust,
	19,609	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		19,595
	39,218	Series 2003-K, Class 1A2, VAR, 2.615%, 11/25/33		39,374
	47,401	Series 2004-EE, Class 3A1, VAR, 2.979%, 12/25/34		48,797
	116,088	Series 2004-P, Class 2A1, VAR, 2.774%, 09/25/34		116,134
	213,806	Series 2005-AR3, Class 1A1, VAR, 3.013%, 03/25/35		218,285
	63,056	Series 2005-AR8, Class 2A1, VAR, 2.912%, 06/25/35		64,106
	54,717	Series 2005-AR16, Class 2A1, VAR, 2.852%, 02/25/34		54,939
				9,708,498
		Total Collateralized Mortgage Obligations (Cost $39,258,702)		42,170,256
	Commercial Mortgage-Backed Securities — 1.5%
		A10 Securitization LLC,
	2,841	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		2,841
	201,803	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		201,157
	100,961	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		100,439
	18,602	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		18,543
		BB-UBS Trust,
	100,000	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		106,449

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	100,000	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		102,445
	7,040,933	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.576%, 12/11/49 (e)		11,158
	89,819	Citigroup Commercial Mortgage Trust, Series 2013-SMP, Class A, 2.110%, 01/12/30 (e)		90,460
		COMM Mortgage Trust,
	125,000	Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		131,257
	200,000	Series 2014-CR19, Class A5, 3.796%, 08/10/47		220,148
	156,000	Series 2015-CR25, Class A4, 3.759%, 08/10/48		171,158
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	229,000	Series K038, Class A2, 3.389%, 03/25/24		253,145
	415,407	Series KF12, Class A, VAR, 1.136%, 09/25/22		416,059
	55,000	Series KJ02, Class A2, 2.597%, 09/25/20		57,283
	250,000	Series KPLB, Class A, 2.770%, 05/25/25		263,203
	110,000	FREMF Mortgage Trust, Series 2016-K722, Class B, VAR, 3.835%, 07/25/49 (e)		103,508
	122,000	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		123,027
	2,346,054	Morgan Stanley Capital I Trust, Series 2006-IQ12, Class X1, IO, VAR, 0.630%, 12/15/43 (e)		2,615
	22,251	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		22,265
	173,000	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 1.884%, 07/14/34 (e)		171,515
		RAIT Trust,
	250,000	Series 2014-FL2, Class B, VAR, 2.592%, 05/13/31 (e)		247,822
	250,000	Series 2015-FL5, Class B, VAR, 4.342%, 01/15/31 (e)		249,555
	120,000	Resource Capital Corp., Ltd., (Cayman Islands), Series 2015-CRE4, Class A, VAR, 1.842%, 08/15/32 (e)		118,241
	116,000	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		123,066
	104,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		112,740

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	200,000	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		212,834
	110,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		121,587
		Total Commercial Mortgage-Backed Securities (Cost $3,644,726)		3,754,520
	Corporate Bonds — 18.2%
		Consumer Discretionary — 1.3%
		Auto Components — 0.0% (g)
	7,000	Johnson Controls, Inc., 4.950%, 07/02/64		6,983
		Automobiles — 0.2%
	150,000	Daimler Finance North America LLC, 1.875%, 01/11/18 (e)		151,406
	110,000	Ford Motor Co., 7.450%, 07/16/31		147,024
		General Motors Co.,
	40,000	4.875%, 10/02/23		42,517
	100,000	6.600%, 04/01/36		114,727
		Hyundai Capital America,
	34,000	2.000%, 07/01/19 (e)		34,210
	65,000	2.400%, 10/30/18 (e)		65,812
				555,696
		Hotels, Restaurants & Leisure — 0.0% (g)
	60,000	McDonald’s Corp., 4.700%, 12/09/35		67,720
	28,000	Starbucks Corp., 2.700%, 06/15/22		29,565
				97,285
		Internet & Catalog Retail — 0.1%
		Amazon.com, Inc.,
	66,000	3.800%, 12/05/24		74,008
	65,000	4.800%, 12/05/34		76,495
				150,503
		Media — 0.8%
		21st Century Fox America, Inc.,
	50,000	6.650%, 11/15/37		65,605
	50,000	7.250%, 05/18/18		55,373
	150,000	7.300%, 04/30/28		198,565
		CBS Corp.,
	99,000	3.700%, 08/15/24		103,432
	42,000	4.000%, 01/15/26		44,852
	94,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.464%, 07/23/22 (e)		101,207
	75,000	Comcast Cable Holdings LLC, 10.125%, 04/15/22		101,592

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		Comcast Corp.,
	39,000	4.200%, 08/15/34		42,964
	87,000	4.250%, 01/15/33		96,065
	130,000	6.450%, 03/15/37		178,975
	30,000	6.500%, 01/15/17		30,880
	35,000	6.500%, 11/15/35		48,681
	20,000	Cox Communications, Inc., 8.375%, 03/01/39 (e)		24,180
		Discovery Communications LLC,
	78,000	4.375%, 06/15/21		83,762
	30,000	4.950%, 05/15/42		26,060
	100,000	Historic TW, Inc., 9.150%, 02/01/23		134,435
	75,000	NBCUniversal Media LLC, 5.950%, 04/01/41		99,846
		Thomson Reuters Corp., (Canada),
	25,000	3.850%, 09/29/24		26,654
	84,000	3.950%, 09/30/21		89,590
		Time Warner Cable, Inc.,
	50,000	6.550%, 05/01/37		58,339
	50,000	6.750%, 07/01/18		54,853
	50,000	7.300%, 07/01/38		62,644
	75,000	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		100,580
		Time Warner, Inc.,
	35,000	4.750%, 03/29/21		39,322
	75,000	6.200%, 03/15/40		92,167
	7,000	6.250%, 03/29/41		8,815
	15,000	6.500%, 11/15/36		19,032
	40,000	7.700%, 05/01/32		55,749
		Viacom, Inc.,
	15,000	2.750%, 12/15/19		15,218
	22,000	3.250%, 03/15/23		21,647
	43,000	3.875%, 12/15/21		45,375
	20,000	4.500%, 02/27/42		16,603
	16,000	4.850%, 12/15/34		14,924
				2,157,986
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	18,000	4.375%, 09/01/23		18,705
	26,000	4.500%, 12/15/34		23,045
	9,000	5.125%, 01/15/42		8,008
	30,000	6.375%, 03/15/37		30,368
	30,000	6.900%, 04/01/29		32,985
				113,111

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 0.1%
	28,000	Gap, Inc. (The), 5.950%, 04/12/21		29,351
		Home Depot, Inc. (The),
	37,000	3.000%, 04/01/26		39,343
	34,000	4.250%, 04/01/46		38,861
		Lowe’s Cos., Inc.,
	72,000	3.375%, 09/15/25		78,774
	75,000	7.110%, 05/15/37		107,346
				293,675
		Total Consumer Discretionary		3,375,239
		Consumer Staples — 0.9%
		Beverages — 0.3%
		Anheuser-Busch InBev Finance, Inc.,
	23,000	1.900%, 02/01/19		23,390
	234,000	3.300%, 02/01/23		246,186
	241,000	4.700%, 02/01/36		271,140
	38,000	Brown-Forman Corp., 4.500%, 07/15/45		43,459
	95,000	Diageo Capital plc, (United Kingdom), 5.750%, 10/23/17		100,668
	53,000	Molson Coors Brewing Co., 3.000%, 07/15/26		52,976
	107,000	PepsiCo, Inc., 4.450%, 04/14/46		124,959
				862,778
		Food & Staples Retailing — 0.3%
	21,000	Costco Wholesale Corp., 2.250%, 02/15/22		21,670
		CVS Health Corp.,
	102,000	2.125%, 06/01/21		103,205
	62,000	2.875%, 06/01/26		63,369
	80,000	3.500%, 07/20/22		86,146
	36,000	4.000%, 12/05/23		39,827
	16,000	5.300%, 12/05/43		19,987
		Kroger Co. (The),
	67,000	4.000%, 02/01/24		74,330
	18,000	5.400%, 07/15/40		21,674
	25,000	7.500%, 04/01/31		34,990
		Walgreen Co.,
	36,000	3.100%, 09/15/22		37,089
	50,000	4.400%, 09/15/42		50,714
		Walgreens Boots Alliance, Inc.,
	33,000	3.100%, 06/01/23		33,550
	47,000	3.800%, 11/18/24		49,818
	23,000	4.500%, 11/18/34		24,152
	70,000	Wal-Mart Stores, Inc., 6.500%, 08/15/37		101,507
				762,028

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — 0.3%
	55,000	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		64,310
	27,000	Bunge N.A. Finance LP, 5.900%, 04/01/17		27,866
	8,000	ConAgra Foods, Inc., 2.100%, 03/15/18		8,075
	13,000	Kellogg Co., 1.750%, 05/17/17		13,091
		Kraft Heinz Foods Co.,
	35,000	3.500%, 06/06/22		37,228
	31,000	5.375%, 02/10/20		34,928
	122,000	6.125%, 08/23/18		133,794
	133,000	6.875%, 01/26/39		181,606
	27,000	Mead Johnson Nutrition Co., 4.125%, 11/15/25		29,465
	75,000	Mondelez International, Inc., 4.000%, 02/01/24		82,058
		Tyson Foods, Inc.,
	49,000	3.950%, 08/15/24		52,980
	60,000	4.875%, 08/15/34		66,972
				732,373
		Household Products — 0.0% (g)
	49,821	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		60,248
		Total Consumer Staples		2,417,427
		Energy — 2.0%
		Energy Equipment & Services — 0.1%
	21,000	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		14,971
	9,000	Ensco plc, (United Kingdom), 5.200%, 03/15/25		6,255
		Halliburton Co.,
	54,000	3.500%, 08/01/23		56,034
	37,000	4.850%, 11/15/35		40,087
		Nabors Industries, Inc.,
	15,000	4.625%, 09/15/21		13,723
	15,000	5.000%, 09/15/20		14,115
		Noble Holding International Ltd., (Cayman Islands),
	5,000	3.950%, 03/15/22		3,481
	25,000	6.050%, 03/01/41		15,000
	18,000	7.950%, 04/01/45		12,645
		Transocean, Inc., (Cayman Islands),
	42,000	6.500%, 11/15/20		37,325
	51,000	8.125%, 12/15/21		43,095
	14,000	9.100%, 12/15/41		9,520
				266,251

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 1.9%
	50,000	Apache Corp., 6.900%, 09/15/18		54,764
		Boardwalk Pipelines LP,
	18,000	4.950%, 12/15/24		17,712
	16,000	5.950%, 06/01/26		16,815
		BP Capital Markets plc, (United Kingdom),
	121,000	2.750%, 05/10/23		122,267
	15,000	3.506%, 03/17/25		15,798
	150,000	3.814%, 02/10/24		160,765
		Buckeye Partners LP,
	30,000	4.350%, 10/15/24		29,721
	15,000	4.875%, 02/01/21		15,760
		Canadian Natural Resources Ltd., (Canada),
	65,000	3.900%, 02/01/25		64,401
	100,000	5.900%, 02/01/18		105,647
		Cenovus Energy, Inc., (Canada),
	13,000	3.000%, 08/15/22		11,869
	23,000	4.450%, 09/15/42		18,390
	8,000	6.750%, 11/15/39		8,405
		Chevron Corp.,
	150,000	2.100%, 05/16/21		152,976
	20,000	2.355%, 12/05/22		20,341
	200,000	2.566%, 05/16/23		204,288
	200,000	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		212,707
		ConocoPhillips,
	25,000	5.750%, 02/01/19		27,504
	120,000	6.000%, 01/15/20		136,493
	75,000	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		75,918
	43,000	ConocoPhillips Co., 3.350%, 11/15/24		44,297
		Devon Energy Corp.,
	47,000	3.250%, 05/15/22		45,586
	21,000	4.750%, 05/15/42		18,832
		Ecopetrol S.A., (Colombia),
	33,000	4.125%, 01/16/25		29,618
	39,000	5.375%, 06/26/26		37,744
	28,000	5.875%, 09/18/23		28,840
		Energy Transfer Partners LP,
	27,000	3.600%, 02/01/23		25,882
	45,000	4.750%, 01/15/26		46,449
	17,000	5.150%, 03/15/45		15,457
		EnLink Midstream Partners LP,
	22,000	4.150%, 06/01/25		20,285
	65,000	5.050%, 04/01/45		53,143

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Enterprise Products Operating LLC,
	38,000	3.700%, 02/15/26		39,788
	25,000	3.750%, 02/15/25		26,086
	25,000	3.900%, 02/15/24		26,470
	6,000	4.950%, 10/15/54		6,068
	16,000	5.100%, 02/15/45		17,605
	15,000	EOG Resources, Inc., 2.625%, 03/15/23		14,948
	181,000	Exxon Mobil Corp., 3.043%, 03/01/26		191,643
	55,000	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		52,696
	120,000	Kerr-McGee Corp., 7.875%, 09/15/31		143,059
		Magellan Midstream Partners LP,
	14,000	3.200%, 03/15/25		13,900
	76,000	5.150%, 10/15/43		81,143
	150,000	Marathon Oil Corp., 6.000%, 10/01/17		155,408
	29,000	Marathon Petroleum Corp., 3.625%, 09/15/24		28,491
	100,000	NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		104,250
		Noble Energy, Inc.,
	14,000	5.050%, 11/15/44		14,107
	15,000	5.625%, 05/01/21		15,627
	45,000	Occidental Petroleum Corp., 3.500%, 06/15/25		47,575
		ONEOK Partners LP,
	25,000	3.200%, 09/15/18		25,298
	25,000	3.375%, 10/01/22		24,463
	100,000	4.900%, 03/15/25		104,914
	15,000	6.650%, 10/01/36		15,707
	40,000	8.625%, 03/01/19		45,316
	25,000	Petrobras Global Finance B.V., (Netherlands), 7.875%, 03/15/19		25,687
	60,000	Petro-Canada, (Canada), 6.800%, 05/15/38		78,960
		Petroleos Mexicanos, (Mexico),
	30,000	4.250%, 01/15/25		28,890
	20,000	4.875%, 01/18/24		20,171
	33,000	5.500%, 06/27/44		29,700
	42,000	6.375%, 01/23/45		42,000
	50,000	6.625%, 06/15/35		51,310
		Plains All American Pipeline LP/PAA Finance Corp.,
	15,000	2.600%, 12/15/19		14,613
	50,000	3.600%, 11/01/24		46,976
	130,000	4.650%, 10/15/25		131,315
	50,000	4.900%, 02/15/45		44,725

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	60,000	Schlumberger Holdings Corp., 3.625%, 12/21/22 (e)		63,479
		Spectra Energy Capital LLC,
	47,000	3.300%, 03/15/23		45,176
	50,000	5.650%, 03/01/20		53,583
	45,000	7.500%, 09/15/38		51,551
	50,000	8.000%, 10/01/19		57,401
		Spectra Energy Partners LP,
	34,000	2.950%, 09/25/18		34,652
	19,000	3.500%, 03/15/25		19,447
	7,000	4.500%, 03/15/45		7,120
	25,000	5.950%, 09/25/43		29,576
		Statoil ASA, (Norway),
	50,000	1.150%, 05/15/18		50,045
	143,000	2.650%, 01/15/24		144,389
	23,000	3.250%, 11/10/24		24,300
	45,000	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		59,853
		Sunoco Logistics Partners Operations LP,
	13,000	4.250%, 04/01/24		13,137
	141,000	4.400%, 04/01/21		148,601
	53,000	5.350%, 05/15/45		52,552
	25,000	Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23		25,705
		Total Capital International S.A., (France),
	28,000	1.550%, 06/28/17		28,146
	50,000	2.750%, 06/19/21		51,982
		TransCanada PipeLines Ltd., (Canada),
	70,000	6.200%, 10/15/37		85,745
	50,000	6.500%, 08/15/18		54,818
	50,000	7.125%, 01/15/19		56,276
	29,000	Western Gas Partners LP, 4.650%, 07/01/26 (w)		28,941
				4,734,058
		Total Energy		5,000,309
		Financials — 7.5%
		Banks — 2.8%
		Bank of America Corp.,
	100,000	2.000%, 01/11/18		100,687
	50,000	3.300%, 01/11/23		51,477
	114,000	3.500%, 04/19/26		117,926
	388,000	3.875%, 08/01/25		412,967
	92,000	Series L, 3.950%, 04/21/25		93,541
	30,000	4.200%, 08/26/24		31,025
	69,000	4.450%, 03/03/26		72,206

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	295,000	5.650%, 05/01/18		316,136
	245,000	5.750%, 12/01/17		259,318
	135,000	6.400%, 08/28/17		142,447
	90,000	6.875%, 04/25/18		98,258
	25,000	7.625%, 06/01/19		28,946
		Bank of Nova Scotia (The), (Canada),
	100,000	1.450%, 04/25/18		100,356
	100,000	1.700%, 06/11/18		100,921
	150,000	Barclays Bank plc, (United Kingdom), 6.050%, 12/04/17 (e)		157,087
	200,000	Barclays plc, (United Kingdom), 3.650%, 03/16/25		192,314
	50,000	BB&T Corp., 5.250%, 11/01/19		55,403
		Citigroup, Inc.,
	100,000	1.700%, 04/27/18		100,160
	40,000	1.750%, 05/01/18		40,176
	137,000	2.150%, 07/30/18		138,670
	50,000	2.400%, 02/18/20		50,516
	75,000	3.400%, 05/01/26		76,965
	50,000	4.300%, 11/20/26		51,540
	20,000	4.400%, 06/10/25		20,876
	210,000	4.450%, 09/29/27		215,898
	69,000	4.650%, 07/30/45		75,880
	50,000	4.750%, 05/18/46		50,097
	58,000	5.500%, 09/13/25		65,045
	56,000	8.125%, 07/15/39		87,387
	10,000	Comerica, Inc., 3.800%, 07/22/26		10,180
	250,000	Cooperatieve Rabobank UA, (Netherlands), 4.375%, 08/04/25		261,256
	200,000	Credit Agricole S.A., (France), 4.375%, 03/17/25 (e)		202,097
	350,000	Credit Suisse Group Funding Guernsey Ltd., (Guernsey), 3.800%, 06/09/23 (e)		349,306
	83,000	Fifth Third Bancorp, 2.875%, 07/27/20		86,499
	350,000	Glitnir Banki HF, (Iceland), 0.000%, 10/15/08 (d) (e)		7,000
	111,000	HSBC Bank plc, (United Kingdom), 4.125%, 08/12/20 (e)		119,493
	229,000	HSBC Holdings plc, (United Kingdom), 3.600%, 05/25/23		234,064
	73,000	Huntington Bancshares, Inc., 3.150%, 03/14/21		75,630
	56,000	KeyCorp, 2.900%, 09/15/20		57,926
	9,000	MUFG Americas Holdings Corp., 2.250%, 02/10/20		9,066
		PNC Funding Corp.,
	150,000	5.125%, 02/08/20		167,832

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	25,000	5.625%, 02/01/17		25,618
	25,000	6.700%, 06/10/19		28,666
	54,000	Regions Financial Corp., 3.200%, 02/08/21		55,588
		Royal Bank of Canada, (Canada),
	50,000	1.875%, 02/05/20		50,662
	80,000	2.000%, 10/01/18		81,112
	69,000	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		69,150
	87,000	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		87,895
	200,000	Standard Chartered plc, (United Kingdom), 4.050%, 04/12/26 (e)		200,973
	229,000	Toronto-Dominion Bank (The), (Canada), 1.750%, 07/23/18		231,345
	100,000	U.S. Bancorp, 7.500%, 06/01/26		135,503
	50,000	Wachovia Corp., 5.750%, 02/01/18		53,512
		Wells Fargo & Co.,
	65,000	2.600%, 07/22/20		66,808
	200,000	3.000%, 02/19/25		204,944
	84,000	3.000%, 04/22/26		85,623
	80,000	3.300%, 09/09/24		83,944
	31,000	4.300%, 07/22/27		33,458
	284,000	5.606%, 01/15/44		340,217
	250,000	Wells Fargo Bank N.A., 6.000%, 11/15/17		266,010
	121,000	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		133,867
				7,119,469
		Capital Markets — 1.7%
	60,000	Ameriprise Financial, Inc., 4.000%, 10/15/23		64,972
		Bank of New York Mellon Corp. (The),
	100,000	3.250%, 09/11/24		106,486
	83,000	Series 0012, 3.650%, 02/04/24		90,818
	55,000	4.600%, 01/15/20		60,720
		BlackRock, Inc.,
	65,000	4.250%, 05/24/21		72,931
	65,000	Series 2, 5.000%, 12/10/19		72,796
	65,000	6.250%, 09/15/17		69,124
		Blackstone Holdings Finance Co. LLC,
	21,000	4.450%, 07/15/45 (e)		21,209
	100,000	5.875%, 03/15/21 (e)		117,187
		Deutsche Bank AG, (Germany),
	77,000	2.950%, 08/20/20		76,331
	123,000	3.375%, 05/12/21		123,437

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		Goldman Sachs Group, Inc. (The),
	36,000	2.600%, 04/23/20		36,602
	55,000	2.625%, 01/31/19		56,291
	20,000	2.625%, 04/25/21		20,285
	188,000	2.750%, 09/15/20		191,918
	42,000	3.750%, 02/25/26		44,067
	105,000	4.250%, 10/21/25		108,657
	23,000	5.250%, 07/27/21		25,986
	206,000	5.375%, 03/15/20		229,327
	200,000	5.950%, 01/18/18		213,058
	75,000	5.950%, 01/15/27		86,482
	80,000	6.750%, 10/01/37		98,734
	125,000	7.500%, 02/15/19		142,847
		Invesco Finance plc, (United Kingdom),
	36,000	3.750%, 01/15/26		38,663
	29,000	4.000%, 01/30/24		31,741
		Jefferies Group LLC,
	110,000	6.450%, 06/08/27		122,254
	100,000	6.875%, 04/15/21		113,580
		Macquarie Bank Ltd., (Australia),
	285,000	1.600%, 10/27/17 (e)		285,308
	100,000	2.850%, 07/29/20 (e)		102,520
	100,000	4.000%, 07/29/25 (e)		105,167
		Morgan Stanley,
	25,000	2.650%, 01/27/20		25,414
	142,000	2.800%, 06/16/20		145,419
	69,000	3.700%, 10/23/24		72,210
	141,000	3.875%, 01/27/26		150,119
	198,000	4.000%, 07/23/25		212,119
	100,000	4.100%, 05/22/23		103,977
	20,000	4.350%, 09/08/26		20,933
	35,000	5.500%, 07/28/21		39,970
	200,000	5.625%, 09/23/19		221,902
	130,000	5.950%, 12/28/17		138,242
	65,000	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		75,475
		State Street Corp.,
	24,000	3.100%, 05/15/23		24,832
	147,000	3.550%, 08/18/25		159,937
	77,000	3.700%, 11/20/23		84,821
	17,000	TD Ameritrade Holding Corp., 2.950%, 04/01/22		17,715
				4,422,583

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — 1.0%
	50,000	American Express Co., 7.000%, 03/19/18		54,616
		American Express Credit Corp.,
	130,000	1.800%, 07/31/18		131,153
	118,000	2.250%, 05/05/21		120,132
		American Honda Finance Corp.,
	200,000	1.600%, 02/16/18 (e)		201,918
	33,000	2.250%, 08/15/19		34,074
		Capital One Financial Corp.,
	110,000	3.500%, 06/15/23		113,767
	20,000	3.750%, 04/24/24		20,875
	186,000	4.200%, 10/29/25		191,309
		Caterpillar Financial Services Corp.,
	80,000	5.450%, 04/15/18		85,996
	100,000	7.050%, 10/01/18		112,290
	50,000	7.150%, 02/15/19		57,429
		Ford Motor Credit Co. LLC,
	200,000	3.096%, 05/04/23		202,823
	200,000	4.250%, 02/03/17		203,196
		General Motors Financial Co., Inc.,
	114,000	3.200%, 07/13/20		115,501
	75,000	3.200%, 07/06/21		75,217
	68,000	3.700%, 05/09/23		68,442
	50,000	HSBC Finance Corp., 7.350%, 11/27/32		61,302
		HSBC USA, Inc.,
	100,000	1.625%, 01/16/18		99,822
	135,000	2.350%, 03/05/20		134,967
	168,000	2.750%, 08/07/20		169,336
		John Deere Capital Corp.,
	39,000	1.200%, 10/10/17		39,152
	44,000	1.600%, 07/13/18		44,443
	42,000	3.150%, 10/15/21		45,033
	82,000	3.400%, 09/11/25		88,702
		Toyota Motor Credit Corp.,
	100,000	2.125%, 07/18/19		102,674
	60,000	2.800%, 07/13/22		63,113
				2,637,282
		Diversified Financial Services — 0.5%
	150,000	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland), 3.950%, 02/01/22		150,000
	63,000	Berkshire Hathaway, Inc., 2.750%, 03/15/23		65,119
		CME Group, Inc.,
	97,000	3.000%, 03/15/25		101,373
	16,000	5.300%, 09/15/43		20,456

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
	251,000	GE Capital International Funding Co. Unlimited Co., (Ireland), 2.342%, 11/15/20 (e)		259,444
		Intercontinental Exchange, Inc.,
	23,000	2.500%, 10/15/18		23,644
	59,000	4.000%, 10/15/23		64,033
	50,000	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		60,415
		Shell International Finance B.V., (Netherlands),
	42,000	1.125%, 08/21/17		42,127
	70,000	2.125%, 05/11/20		71,450
	161,000	2.875%, 05/10/26		163,662
	155,000	4.000%, 05/10/46		158,204
	47,000	4.125%, 05/11/35		50,713
	60,000	6.375%, 12/15/38		81,554
	20,000	Voya Financial, Inc., 3.650%, 06/15/26		20,113
				1,332,307
		Insurance — 0.8%
	31,000	Allstate Corp. (The), 3.150%, 06/15/23		32,970
		American International Group, Inc.,
	24,000	3.750%, 07/10/25		24,472
	59,000	4.125%, 02/15/24		62,267
	60,000	4.700%, 07/10/35		62,067
	18,000	Aon Corp., 6.250%, 09/30/40		22,902
	46,000	Aon plc, (United Kingdom), 3.875%, 12/15/25		48,542
		Berkshire Hathaway Finance Corp.,
	62,000	4.300%, 05/15/43		69,169
	50,000	5.400%, 05/15/18		54,095
	100,000	5.750%, 01/15/40		132,861
		Chubb INA Holdings, Inc.,
	120,000	2.700%, 03/13/23		123,367
	42,000	2.875%, 11/03/22		43,940
		CNA Financial Corp.,
	44,000	3.950%, 05/15/24		46,496
	32,000	4.500%, 03/01/26		34,078
		Jackson National Life Global Funding,
	97,000	1.875%, 10/15/18 (e)		98,160
	34,000	3.050%, 04/29/26 (e)		34,474
		Liberty Mutual Group, Inc.,
	27,000	5.000%, 06/01/21 (e)		29,817
	50,000	6.500%, 03/15/35 (e)		61,374
		Lincoln National Corp.,
	50,000	4.000%, 09/01/23		52,002

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	20,000	4.850%, 06/24/21		22,118
	25,000	Marsh & McLennan Cos., Inc., 3.300%, 03/14/23		26,102
	60,000	Massachusetts Mutual Life Insurance Co., 8.875%, 06/01/39 (e)		89,832
		MetLife, Inc.,
	87,000	3.600%, 11/13/25		91,336
	28,000	4.050%, 03/01/45		27,603
		Metropolitan Life Global Funding I,
	100,000	1.500%, 01/10/18 (e)		100,576
	175,000	3.650%, 06/14/18 (e)		182,903
	75,000	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		114,083
	29,000	New York Life Global Funding, 2.000%, 04/13/21 (e)		29,390
	100,000	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		102,721
	30,000	Principal Financial Group, Inc., 3.125%, 05/15/23		30,396
	150,000	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		200,048
	25,000	Travelers Cos., Inc. (The), 5.800%, 05/15/18		27,117
				2,077,278
		Real Estate Investment Trusts (REITs) — 0.6%
		American Tower Corp.,
	44,000	3.375%, 10/15/26		44,253
	40,000	3.500%, 01/31/23		41,396
	80,000	4.700%, 03/15/22		88,293
	38,000	5.000%, 02/15/24		42,952
	30,000	5.900%, 11/01/21		34,911
	80,000	American Tower Trust I, 3.070%, 03/15/23 (e)		82,166
	50,000	AvalonBay Communities, Inc., 2.850%, 03/15/23		50,811
	67,000	Boston Properties LP, 3.650%, 02/01/26		71,439
		Crown Castle International Corp.,
	50,000	4.875%, 04/15/22		54,910
	30,000	5.250%, 01/15/23		33,669
	18,000	Duke Realty LP, 3.250%, 06/30/26		18,259
		Equity Commonwealth,
	75,000	5.875%, 09/15/20		83,284
	100,000	6.650%, 01/15/18		104,407
	50,000	ERP Operating LP, 3.000%, 04/15/23		51,357
	115,000	HCP, Inc., 3.875%, 08/15/24		115,687

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Investment Trusts (REITs) — continued
		Prologis LP,
	24,000	3.750%, 11/01/25		25,593
	27,000	4.250%, 08/15/23		29,908
	20,000	Realty Income Corp., 3.875%, 07/15/24		21,015
		Simon Property Group LP,
	119,000	2.500%, 07/15/21		122,615
	70,000	4.375%, 03/01/21		77,690
		Ventas Realty LP,
	45,000	3.125%, 06/15/23		45,914
	9,000	3.500%, 02/01/25		9,230
	29,000	3.750%, 05/01/24		30,325
	34,000	4.125%, 01/15/26		36,556
	37,000	Welltower Inc., 4.500%, 01/15/24		40,138
				1,356,778
		Thrifts & Mortgage Finance — 0.1%
	200,000	BPCE S.A., (France), 4.875%, 04/01/26 (e)		205,292
		Total Financials		19,150,989
		Health Care — 0.9%
		Biotechnology — 0.2%
		Amgen, Inc.,
	25,000	2.125%, 05/01/20		25,397
	209,000	4.663%, 06/15/51 (e)		218,082
	40,000	5.700%, 02/01/19		44,318
		Baxalta, Inc.,
	22,000	3.600%, 06/23/22		22,708
	8,000	5.250%, 06/23/45		8,683
	79,000	Biogen, Inc., 2.900%, 09/15/20		82,338
		Celgene Corp.,
	49,000	3.250%, 08/15/22		50,616
	41,000	3.625%, 05/15/24		42,718
	53,000	5.000%, 08/15/45		58,410
		Gilead Sciences, Inc.,
	54,000	3.250%, 09/01/22		57,512
	29,000	3.650%, 03/01/26		31,553
	30,000	4.600%, 09/01/35		33,333
				675,668
		Health Care Providers & Services — 0.3%
		Aetna, Inc.,
	30,000	2.800%, 06/15/23		30,669
	24,000	4.250%, 06/15/36		24,798
		Anthem, Inc.,
	47,000	2.300%, 07/15/18		47,693
	18,000	3.300%, 01/15/23		18,595

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	18,000	4.650%, 01/15/43		18,798
	65,000	4.650%, 08/15/44		69,269
		Cardinal Health, Inc.,
	23,000	2.400%, 11/15/19		23,571
	28,000	3.750%, 09/15/25		30,477
		Express Scripts Holding Co.,
	48,000	3.500%, 06/15/24		49,574
	77,000	4.500%, 02/25/26		84,637
	17,000	Quest Diagnostics, Inc., 3.450%, 06/01/26		17,576
		UnitedHealth Group, Inc.,
	36,000	1.700%, 02/15/19		36,402
	175,000	2.125%, 03/15/21		178,312
	42,000	3.350%, 07/15/22		44,985
	34,000	4.625%, 07/15/35		39,510
	50,000	6.625%, 11/15/37		70,722
				785,588
		Pharmaceuticals — 0.4%
		AbbVie, Inc.,
	45,000	1.750%, 11/06/17		45,266
	76,000	2.850%, 05/14/23		76,740
	22,000	2.900%, 11/06/22		22,435
	30,000	3.200%, 11/06/22		31,025
	58,000	3.200%, 05/14/26		58,644
	200,000	4.300%, 05/14/36		203,711
	69,000	4.500%, 05/14/35		71,977
		Actavis Funding SCS, (Luxembourg),
	42,000	3.450%, 03/15/22		43,634
	42,000	4.550%, 03/15/35		43,034
	43,000	Allergan, Inc., 3.375%, 09/15/20		44,847
	52,000	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		58,201
	36,000	Johnson & Johnson, 3.550%, 03/01/36		39,710
		Merck & Co., Inc.,
	21,000	2.350%, 02/10/22		21,635
	63,000	2.800%, 05/18/23		66,148
	10,000	3.700%, 02/10/45		10,511
		Mylan N.V., (Netherlands),
	35,000	3.950%, 06/15/26 (e)		35,405
	24,000	5.250%, 06/15/46 (e)		25,202
	20,000	Mylan, Inc., 3.125%, 01/15/23 (e)		19,863
		Zoetis, Inc.,
	14,000	1.875%, 02/01/18		14,041
	9,000	4.700%, 02/01/43		8,924
				940,953
		Total Health Care		2,402,209

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrials — 1.3%
		Aerospace & Defense — 0.2%
	32,000	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		33,271
	45,000	BAE Systems Holdings, Inc., 3.800%, 10/07/24 (e)		47,361
	51,000	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		62,876
		Lockheed Martin Corp.,
	33,000	2.125%, 09/15/16		33,090
	100,000	4.500%, 05/15/36		111,685
	30,000	4.850%, 09/15/41		35,063
	22,000	Series B, 6.150%, 09/01/36		29,223
	45,000	Precision Castparts Corp., 3.250%, 06/15/25		48,007
	25,000	United Technologies Corp., 4.150%, 05/15/45		27,427
				428,003
		Air Freight & Logistics — 0.0% (g)
		FedEx Corp.,
	16,000	3.900%, 02/01/35		16,274
	50,000	4.100%, 04/15/43		50,514
	35,000	United Parcel Service of America, Inc., 8.375%, 04/01/20		43,864
				110,652
		Airlines — 0.0% (g)
	22,900	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		23,587
	20,353	American Airlines 2011-1 Class A Pass-Through Trust, Series A, 5.250%, 01/31/21		21,930
	16,000	American Airlines 2016-2 Class A Pass Through Trust, Series A, 3.650%, 06/15/28		16,560
	29,324	Delta Air Lines 2010-2 Class A Pass-Through Trust, Series 2A, 4.950%, 05/23/19		31,010
				93,087
		Commercial Services & Supplies — 0.1%
		Republic Services, Inc.,
	21,000	2.900%, 07/01/26		21,309
	21,000	3.550%, 06/01/22		22,683
		Waste Management, Inc.,
	32,000	2.400%, 05/15/23		32,474
	8,000	3.900%, 03/01/35		8,388
	43,000	4.750%, 06/30/20		48,171
				133,025

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Construction & Engineering — 0.0% (g)
	23,000	ABB Finance USA, Inc., 2.875%, 05/08/22		23,965
	44,000	Fluor Corp., 3.375%, 09/15/21		46,794
				70,759
		Industrial Conglomerates — 0.4%
		Danaher Corp.,
	123,000	3.350%, 09/15/25		135,735
	44,000	3.900%, 06/23/21		48,327
		General Electric Co.,
	100,000	3.100%, 01/09/23		106,836
	88,000	5.500%, 01/08/20		100,593
	100,000	5.875%, 01/14/38		135,325
	200,000	6.750%, 03/15/32		280,819
	22,000	Koninklijke Philips N.V., (Netherlands), 5.750%, 03/11/18		23,526
	114,000	Pentair Finance S.A., (Luxembourg), 2.900%, 09/15/18		115,155
	26,000	Tyco International Finance S.A., (Luxembourg), 3.900%, 02/14/26		28,014
				974,330
		Machinery — 0.1%
	80,000	Illinois Tool Works, Inc., 3.900%, 09/01/42		86,068
		Parker-Hannifin Corp.,
	30,000	4.450%, 11/21/44		35,388
	25,000	5.500%, 05/15/18		27,134
				148,590
		Professional Services — 0.0% (g)
	37,000	Equifax, Inc., 2.300%, 06/01/21		37,527
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	50,000	3.000%, 03/15/23		52,602
	25,000	3.600%, 09/01/20		26,865
	40,000	3.900%, 08/01/46		42,220
	25,000	4.375%, 09/01/42		27,814
	35,000	4.700%, 09/01/45		41,188
	77,000	5.150%, 09/01/43		94,039
	126,000	5.400%, 06/01/41		156,224
	100,000	5.650%, 05/01/17		103,869
	85,000	5.750%, 05/01/40		109,097
		Canadian Pacific Railway Co., (Canada),
	35,000	4.500%, 01/15/22		38,620
	127,000	6.125%, 09/15/151		158,470
		CSX Corp.,
	19,000	3.950%, 05/01/50		19,033
	33,000	4.250%, 06/01/21		36,165

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
	50,000	5.500%, 04/15/41		64,083
	25,000	7.375%, 02/01/19		28,696
		ERAC USA Finance LLC,
	50,000	2.600%, 12/01/21 (e)		50,821
	45,000	4.500%, 08/16/21 (e)		49,845
	12,000	5.625%, 03/15/42 (e)		14,558
		Norfolk Southern Corp.,
	70,000	3.950%, 10/01/42		72,273
	66,000	6.000%, 05/23/112		81,417
	27,000	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.875%, 07/17/18 (e)		27,497
				1,295,396
		Trading Companies & Distributors — 0.0% (g)
	35,000	Air Lease Corp., 3.875%, 04/01/21		36,050
		WW Grainger, Inc.,
	31,000	3.750%, 05/15/46		32,040
	27,000	4.600%, 06/15/45		32,061
				100,151
		Total Industrials		3,391,520
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	11,000	2.900%, 03/04/21		11,684
	56,000	3.000%, 06/15/22		60,199
	75,000	5.900%, 02/15/39		101,870
				173,753
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	13,000	3.000%, 03/01/18		13,133
	8,000	4.500%, 03/01/23		8,473
	25,000	6.000%, 04/01/20		27,871
	80,000	6.875%, 06/01/18		86,291
	7,000	7.500%, 01/15/27		8,512
				144,280
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	50,000	2.600%, 07/15/22		49,516
	70,000	3.450%, 08/01/24		71,583
				121,099
		IT Services — 0.2%
	50,000	HP Enterprise Services LLC, 7.450%, 10/15/29		60,892

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		IT Services — continued
		International Business Machines Corp.,
	174,000	2.250%, 02/19/21		179,440
	169,000	4.000%, 06/20/42		179,815
	50,000	6.220%, 08/01/27		65,717
		Xerox Corp.,
	18,000	5.625%, 12/15/19		19,296
	50,000	6.750%, 02/01/17		51,342
				556,502
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	49,000	3.700%, 07/29/25		54,451
	60,000	4.000%, 12/15/32		64,945
	38,000	4.100%, 05/19/46		39,681
	24,000	4.900%, 07/29/45		28,023
				187,100
		Software — 0.3%
		Microsoft Corp.,
	30,000	2.375%, 02/12/22		31,014
	143,000	2.375%, 05/01/23		146,730
	160,000	2.650%, 11/03/22		167,245
	18,000	3.500%, 02/12/35		18,547
	19,000	4.000%, 02/12/55		19,022
		Oracle Corp.,
	101,000	2.400%, 09/15/23		101,480
	52,000	2.800%, 07/08/21		54,587
	100,000	3.850%, 07/15/36		100,318
	51,000	4.300%, 07/08/34		54,339
	50,000	5.750%, 04/15/18		54,127
	100,000	6.500%, 04/15/38		136,241
				883,650
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	55,000	2.150%, 02/09/22		56,061
	142,000	2.400%, 05/03/23		144,592
	126,000	2.850%, 05/06/21		133,089
	32,000	3.200%, 05/13/25		33,929
	31,000	3.450%, 02/09/45		29,169
	43,000	4.500%, 02/23/36		48,424
	69,000	VAR, 0.887%, 05/03/18		69,105
	25,000	Dell, Inc., 7.100%, 04/15/28		24,500
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	75,000	5.450%, 06/15/23 (e)		77,769
	60,000	6.020%, 06/15/26 (e)		62,250

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Technology Hardware, Storage & Peripherals — continued
		HP, Inc.,
	24,000	4.300%, 06/01/21		25,490
	20,000	4.650%, 12/09/21		21,630
	71,000	6.000%, 09/15/41		68,328
				794,336
		Total Information Technology		2,860,720
		Materials — 0.5%
		Chemicals — 0.3%
		Agrium, Inc., (Canada),
	22,000	3.375%, 03/15/25		22,389
	10,000	4.125%, 03/15/35		9,662
	38,000	5.250%, 01/15/45		40,788
	80,000	CF Industries, Inc., 7.125%, 05/01/20		92,311
	30,000	Dow Chemical Co. (The), 7.375%, 11/01/29		40,247
	25,000	E.I. du Pont de Nemours & Co., 4.900%, 01/15/41		27,761
	90,000	Ecolab, Inc., 3.250%, 01/14/23		94,506
	9,000	Monsanto Co., 4.700%, 07/15/64		8,204
		Mosaic Co. (The),
	24,000	3.750%, 11/15/21		25,492
	71,000	4.250%, 11/15/23		76,501
	8,000	4.875%, 11/15/41		8,076
	36,000	5.450%, 11/15/33		39,833
	22,000	5.625%, 11/15/43		24,416
	10,000	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		10,252
		PPG Industries, Inc.,
	14,000	5.500%, 11/15/40		16,467
	50,000	9.000%, 05/01/21		64,018
	16,000	Praxair, Inc., 2.650%, 02/05/25		16,574
		Union Carbide Corp.,
	100,000	7.500%, 06/01/25		125,269
	80,000	7.750%, 10/01/96		97,775
				840,541
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	44,000	3.850%, 09/30/23		47,899
	40,000	5.400%, 03/29/17		41,222
	80,000	6.500%, 04/01/19		90,554
		Freeport-McMoRan, Inc.,
	55,000	3.875%, 03/15/23		48,125
	134,000	5.400%, 11/14/34		106,530
	39,000	5.450%, 03/15/43		31,297

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — continued
	13,000	Nucor Corp., 4.000%, 08/01/23		13,889
		Teck Resources Ltd., (Canada),
	26,000	3.750%, 02/01/23		19,760
	42,000	4.750%, 01/15/22		35,486
				434,762
		Total Materials		1,275,303
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	102,000	3.000%, 06/30/22		104,469
	14,000	3.400%, 05/15/25		14,327
	230,000	3.600%, 02/17/23		240,756
	67,000	3.800%, 03/15/22		71,374
	140,000	3.875%, 08/15/21		150,843
	10,000	4.300%, 12/15/42		9,584
	125,000	4.600%, 02/15/21		136,799
	26,000	4.750%, 05/15/46		26,649
	228,000	5.350%, 09/01/40		249,556
	100,000	5.500%, 02/01/18		106,461
	125,000	6.000%, 08/15/40		146,068
	45,000	6.300%, 01/15/38		54,138
	50,000	Centel Capital Corp., 9.000%, 10/15/19		57,878
	70,000	Deutsche Telekom International Finance B.V., (Netherlands), 8.750%, 06/15/30		105,474
		GTP Acquisition Partners I LLC,
	58,000	2.350%, 06/15/20 (e)		57,876
	67,000	3.482%, 06/16/25 (e)		67,695
		Orange S.A., (France),
	35,000	2.750%, 09/14/16		35,130
	30,000	9.000%, 03/01/31		46,490
		Telefonica Emisiones S.A.U., (Spain),
	25,000	5.134%, 04/27/20		27,598
	19,000	5.462%, 02/16/21		21,679
		Verizon Communications, Inc.,
	16,000	2.625%, 02/21/20		16,549
	89,000	3.500%, 11/01/24		94,830
	20,000	4.272%, 01/15/36		20,445
	122,000	4.400%, 11/01/34		125,866
	106,000	4.500%, 09/15/20		117,694
	89,000	4.522%, 09/15/48		91,931
	81,000	4.672%, 03/15/55		81,824
	285,000	4.862%, 08/21/46		311,234
	38,000	5.012%, 08/21/54		40,353
	45,000	5.150%, 09/15/23		52,429

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	20,000	5.850%, 09/15/35		24,290
				2,708,289
		Wireless Telecommunication Services — 0.1%
	42,000	Crown Castle Towers LLC, 3.222%, 05/15/22 (e)		43,654
		Rogers Communications, Inc., (Canada),
	80,000	4.100%, 10/01/23		88,916
	50,000	6.800%, 08/15/18		55,372
	25,000	8.750%, 05/01/32		35,360
		Vodafone Group plc, (United Kingdom),
	75,000	1.500%, 02/19/18		74,960
	25,000	1.625%, 03/20/17		25,072
				323,334
		Total Telecommunication Services		3,031,623
		Utilities — 1.5%
		Electric Utilities — 1.1%
	62,000	Alabama Power Co., 6.125%, 05/15/38		82,245
	9,000	Arizona Public Service Co., 4.500%, 04/01/42		10,415
	30,000	Commonwealth Edison Co., 3.650%, 06/15/46		30,733
		Duke Energy Carolinas LLC,
	39,000	4.300%, 06/15/20		43,391
	75,000	5.100%, 04/15/18		80,304
		Duke Energy Indiana LLC,
	60,000	3.750%, 05/15/46		62,336
	60,000	6.350%, 08/15/38		84,504
	46,000	Duke Energy Ohio, Inc., 3.700%, 06/15/46		47,162
	25,000	Duke Energy Progress LLC, 5.300%, 01/15/19		27,526
		Electricite de France S.A., (France),
	40,000	2.150%, 01/22/19 (e)		40,822
	75,000	6.000%, 01/22/143 (e)		80,240
	22,000	Entergy Arkansas, Inc., 3.500%, 04/01/26		24,119
	38,000	Entergy Louisiana LLC, 3.050%, 06/01/31		38,954
	33,000	Entergy Mississippi, Inc., 2.850%, 06/01/28		33,543
	30,000	Florida Power & Light Co., 5.950%, 02/01/38		41,185
	25,000	Georgia Power Co., 5.950%, 02/01/39		32,649
	18,000	Great Plains Energy, Inc., 4.850%, 06/01/21		19,780
	100,000	Hydro-Quebec, (Canada), Series IO, 8.050%, 07/07/24		140,006

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
		Kansas City Power & Light Co.,
	24,000	3.150%, 03/15/23		24,656
	50,000	5.300%, 10/01/41		59,421
	59,000	MidAmerican Energy Co., 3.500%, 10/15/24		64,614
		Niagara Mohawk Power Corp.,
	19,000	3.508%, 10/01/24 (e)		20,462
	40,000	4.881%, 08/15/19 (e)		43,792
	25,000	Northern States Power Co., 6.250%, 06/01/36		34,647
	40,000	Ohio Power Co., 6.050%, 05/01/18		43,136
		Oncor Electric Delivery Co. LLC,
	30,000	6.800%, 09/01/18		33,340
	25,000	7.000%, 09/01/22		31,840
		Pacific Gas & Electric Co.,
	43,000	2.950%, 03/01/26		44,802
	16,000	3.500%, 06/15/25		17,450
	24,000	4.500%, 12/15/41		27,193
	75,000	5.625%, 11/30/17		79,554
	100,000	6.050%, 03/01/34		133,303
	75,000	Potomac Electric Power Co., 6.500%, 11/15/37		105,868
	30,000	PPL Capital Funding, Inc., 3.400%, 06/01/23		31,309
	35,000	Progress Energy, Inc., 4.400%, 01/15/21		38,293
	18,000	Public Service Co. of Colorado, 3.200%, 11/15/20		19,259
	175,000	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		225,776
		Public Service Electric & Gas Co.,
	83,000	3.000%, 05/15/25		88,730
	28,000	5.375%, 11/01/39		36,202
		Southern California Edison Co.,
	16,286	1.845%, 02/01/22		16,182
	53,000	Series C, 3.500%, 10/01/23		58,042
	50,000	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		58,443
	200,000	State Grid Overseas Investment Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		200,483
		Virginia Electric & Power Co.,
	120,000	5.400%, 04/30/18		128,860
	70,000	6.350%, 11/30/37		97,080
		Xcel Energy, Inc.,
	74,000	3.300%, 06/01/25		78,087
	20,000	6.500%, 07/01/36		26,661
				2,787,399

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Gas Utilities — 0.1%
	50,000	Atmos Energy Corp., 4.125%, 10/15/44		54,545
	22,000	Boston Gas Co., 4.487%, 02/15/42 (e)		23,906
	25,000	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		27,130
	49,000	Dominion Gas Holdings LLC, 2.800%, 11/15/20		50,639
				156,220
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	15,000	2.950%, 01/15/20		15,431
	78,000	4.000%, 10/01/20		83,209
	29,000	5.750%, 10/01/41		30,085
	37,000	PSEG Power LLC, 4.150%, 09/15/21		39,504
	86,000	Southern Power Co., 1.850%, 12/01/17		86,754
	25,000	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46 (e)		25,843
				280,826
		Multi-Utilities — 0.2%
		AGL Capital Corp.,
	17,000	3.250%, 06/15/26		17,384
	37,000	3.500%, 09/15/21		39,278
	42,000	4.400%, 06/01/43		42,988
	96,000	5.875%, 03/15/41		117,208
	70,000	CMS Energy Corp., 3.875%, 03/01/24		76,160
	38,000	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		49,056
	30,000	DTE Energy Co., 3.300%, 06/15/22		31,622
		Sempra Energy,
	47,000	3.550%, 06/15/24		49,283
	62,000	4.050%, 12/01/23		67,102
	43,000	WEC Energy Group, Inc., 3.550%, 06/15/25		46,163
				536,244
		Water Utilities — 0.0% (g)
	34,000	American Water Capital Corp., 3.400%, 03/01/25		36,883
		Total Utilities		3,797,572
		Total Corporate Bonds (Cost $44,182,325)		46,702,911
	Foreign Government Securities — 0.3%
	7,000	Republic of Peru, (Peru), 5.625%, 11/18/50		8,697
	50,000	Republic of Poland, (Poland), 4.000%, 01/22/24		53,963

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	200,000	Republic of Turkey, (Turkey), 5.750%, 03/22/24		222,500
		United Mexican States, (Mexico),
	203,000	3.500%, 01/21/21		214,673
	200,000	3.600%, 01/30/25		209,250
	58,000	4.000%, 10/02/23		62,495
	48,000	5.550%, 01/21/45		57,480
		Total Foreign Government Securities (Cost $761,638)		829,058
	Mortgage Pass-Through Securities — 11.2%
		Federal Home Loan Mortgage Corp.,
	14,845	ARM, 2.533%, 04/01/30		15,632
	42,484	ARM, 2.572%, 01/01/27		44,597
	69,622	ARM, 2.664%, 03/01/35		72,826
	24,982	ARM, 2.723%, 01/01/37		26,596
	79,796	ARM, 2.857%, 04/01/34		84,561
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	4,670	4.500%, 08/01/18		4,777
	14,668	6.500%, 10/01/17 - 02/01/19		14,913
	13,227	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 6.000%, 12/01/22		15,015
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	63,580	5.500%, 10/01/33		73,324
	121,864	6.000%, 04/01/26 - 02/01/39		138,592
	133,561	6.500%, 11/01/25 - 11/01/34		154,948
	62,809	7.000%, 04/01/35		77,128
	3,320	8.500%, 07/01/28		4,089
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	1,552,926	3.500%, 04/01/33 - 06/01/42		1,657,744
	737,277	4.000%, 06/01/42 - 01/01/46		804,644
	40,740	7.000%, 07/01/29		45,830
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	6,156	10.000%, 01/01/20 - 09/01/20		6,240
		Federal National Mortgage Association,
	338	ARM, 2.194%, 03/01/19		345
	227,267	ARM, 2.287%, 01/01/35		236,776
	36,342	ARM, 2.402%, 07/01/33		38,358
	56,438	ARM, 2.498%, 10/01/34		59,822
	68,762	ARM, 2.547%, 01/01/34		72,173
	80,943	ARM, 2.559%, 08/01/34		85,440
	62,007	ARM, 2.718%, 04/01/33		65,552
	7,264	ARM, 2.762%, 04/01/34		7,435

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	51,513	ARM, 2.845%, 05/01/35		54,006
	1,566	ARM, 3.795%, 03/01/29		1,660
		Federal National Mortgage Association, 15 Year, Single Family,
	18,486	3.500%, 05/01/19		19,599
	48,654	4.500%, 03/01/23 - 05/01/23		50,939
	3,684	5.000%, 06/01/18		3,788
	21,403	5.500%, 04/01/22		22,442
	29,799	6.000%, 03/01/18 - 09/01/22		31,078
	13,220	6.500%, 08/01/20		13,891
		Federal National Mortgage Association, 20 Year, Single Family,
	23,973	4.500%, 01/01/25		26,149
	177,221	5.000%, 11/01/23		196,586
	38,393	6.500%, 03/01/19 - 12/01/22		44,186
		Federal National Mortgage Association, 30 Year, FHA/VA,
	22,277	8.500%, 10/01/26 - 06/01/30		23,329
	40,081	9.000%, 04/01/25		45,409
		Federal National Mortgage Association, 30 Year, Single Family,
	200,277	3.000%, 09/01/31		208,463
	935,109	3.500%, 06/01/43		988,699
	21,975	4.500%, 04/01/38 - 05/01/39		23,972
	57,839	5.000%, 09/01/35		64,417
	20,473	5.500%, 01/01/38 - 06/01/38		23,044
	88,670	6.000%, 01/01/29 - 03/01/33		104,464
	201,895	6.500%, 09/01/25 - 11/01/36		237,272
	1,470	7.000%, 08/01/32		1,574
	13,065	7.500%, 03/01/30		14,027
	70,449	8.000%, 03/01/27 - 11/01/28		86,194
		Federal National Mortgage Association, Other,
	489,000	ARM, 1.226%, 12/01/25		487,798
	1,000,000	2.010%, 06/01/20		1,028,094
	282,928	2.340%, 12/01/22		294,120
	1,000,000	2.400%, 12/01/22 - 02/01/23		1,038,725
	500,000	2.450%, 11/01/22		520,847
	500,000	2.500%, 04/01/23		521,410
	1,000,000	2.520%, 05/01/23		1,049,449
	900,000	2.590%, 06/01/28		931,772
	500,000	2.630%, 03/01/26		517,999
	1,000,000	3.020%, 07/01/23		1,075,728
	650,000	3.030%, 04/01/30		691,556
	500,000	3.080%, 04/01/30		532,704
	1,000,000	3.100%, 09/01/25		1,074,901
	1,000,000	3.120%, 11/01/26		1,081,555
	1,925,000	3.290%, 08/01/26		2,104,161

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,000,000	3.340%, 02/01/27		1,096,405
	2,201,234	3.500%, 05/01/43 - 02/01/46		2,346,375
	682,080	3.690%, 10/01/29		763,135
	300,000	3.765%, 12/01/25		338,284
	2,000,000	3.980%, 08/01/25		2,278,447
	1,456,969	4.000%, 07/01/42 - 09/01/42		1,579,524
	107,209	5.500%, 09/01/33 - 04/01/38		119,544
	281,395	5.895%, 10/01/17		296,217
	52,174	6.000%, 09/01/28		59,864
	133,905	6.500%, 10/01/35		147,726
		Government National Mortgage Association II, 30 Year, Single Family,
	1,996	7.500%, 12/20/26		2,354
	40,503	8.000%, 11/20/26 - 01/20/27		48,374
	1,907	8.500%, 05/20/25		2,176
		Government National Mortgage Association II, Other,
	269,147	ARM, 2.375%, 07/20/34 - 09/20/34		276,286
	173,253	3.750%, 12/20/32		184,511
		Government National Mortgage Association, 30 Year, Single Family,
	101,752	6.000%, 05/15/37 - 10/15/38		116,383
	52,817	6.500%, 03/15/28 - 12/15/38		61,483
	20,715	7.000%, 12/15/25 - 06/15/33		24,566
	13,068	7.500%, 05/15/23 - 09/15/28		14,253
	9,039	8.000%, 09/15/22 - 10/15/27		10,204
	2,228	9.000%, 11/15/24		2,477
	42,946	9.500%, 10/15/24		46,801
		Total Mortgage Pass-Through Securities (Cost $27,550,019)		28,858,753
	Municipal Bonds — 0.2% (t)
		Illinois — 0.1%
	160,000	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		153,592
		New York — 0.1%
	30,000	New York State Dormitory Authority, State Personal Income Tax, Series D, Rev., 5.600%, 03/15/40		40,518
	130,000	Port Authority of New York & New Jersey, Consolidated, Series 164, Rev., 5.647%, 11/01/40		170,902
				211,420
		Ohio — 0.0% (g)
	98,000	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/112		109,689
		Total Municipal Bonds (Cost $416,174)		474,701

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 11.8%
		Federal Home Loan Mortgage Corp.,
	30,000	0.750%, 04/09/18		30,045
	125,000	5.125%, 10/18/16		126,738
	3,000,000	Federal National Mortgage Association, 12.711%, 10/09/19 (n)		2,883,252
	630,000	Federal National Mortgage Association STRIPS, 13.354%, 03/23/28 (n)		471,627
		Financing Corp.,
	100,000	5.903%, 09/26/19 (n)		96,985
	2,000,000	14.270%, 11/02/18 (n)		1,958,232
		Residual Funding Corp. STRIPS,
	8,000,000	1.217%, 10/15/19 (n)		7,743,408
	8,000,000	1.904%, 10/15/20 (n)		7,614,168
	4,100,000	11.588%, 07/15/20 (n)		3,914,516
		Tennessee Valley Authority,
	161,000	4.250%, 09/15/65		189,126
	33,000	4.625%, 09/15/60		41,145
	140,000	5.250%, 09/15/39		191,985
	5,000,000	Tennessee Valley Authority STRIPS, 11.310%, 07/15/16 (n)		4,998,155
		Total U.S. Government Agency Securities (Cost $28,336,834)		30,259,382
	U.S. Treasury Obligations — 28.8%
		U.S. Treasury Bonds,
	200,000	2.875%, 05/15/43		225,047
	280,000	3.500%, 02/15/39		353,489
	100,000	3.875%, 08/15/40		132,813
	105,000	4.250%, 05/15/39		146,824
	2,565,000	4.375%, 02/15/38		3,657,831
	1,415,000	4.375%, 11/15/39		2,012,229
	150,000	4.500%, 02/15/36		216,076
	175,000	4.500%, 05/15/38		253,907
	300,000	5.375%, 02/15/31		445,031
	200,000	6.125%, 11/15/27		295,273
	50,000	6.250%, 05/15/30		78,604
	338,000	8.000%, 11/15/21		460,274
		U.S. Treasury Coupon STRIPS,
	1,000,000	1.564%, 11/15/19 (n)		971,623
	310,000	1.771%, 02/15/20 (n)		300,404
	1,790,000	1.886%, 05/15/21 (n)		1,699,929
	1,800,000	2.030%, 08/15/21 (n)		1,700,080
	12,173,000	2.063%, 05/15/20 (n)		11,741,857
	1,660,000	2.075%, 08/15/23 (n)		1,505,112
	730,000	2.166%, 05/15/19 (n)		714,447
	500,000	2.276%, 11/15/23 (n)		450,473
	710,000	2.378%, 02/15/21 (n)		676,543

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,650,000	2.403%, 05/15/23 (n)		2,412,064
	760,000	2.472%, 05/15/22 (n)		706,176
	970,000	2.565%, 02/15/22 (n)		905,070
	2,200,000	2.567%, 05/15/34 (n)		1,515,248
	3,540,000	2.577%, 08/15/16 (n)		3,538,556
	500,000	2.578%, 11/15/22 (n)		460,591
	150,000	2.588%, 02/15/18 (n)		148,532
	200,000	2.683%, 05/15/25 (n)		173,895
	140,000	2.683%, 05/15/28 (n)		113,194
	2,690,000	2.761%, 02/15/23 (n)		2,463,166
	300,000	2.825%, 08/15/32 (n)		217,695
	27,000	2.843%, 02/15/28 (n)		21,968
	200,000	2.856%, 08/15/22 (n)		185,265
	350,000	2.862%, 08/15/20 (n)		336,777
	760,000	2.964%, 11/15/31 (n)		563,280
	110,000	2.972%, 11/15/24 (n)		97,016
	615,000	3.016%, 11/15/21 (n)		577,614
	50,000	3.027%, 11/15/34 (n)		33,920
	65,000	3.027%, 02/15/35 (n)		43,798
	250,000	3.028%, 08/15/27 (n)		206,232
	2,250,000	3.210%, 05/15/32 (n)		1,643,504
	23,000	3.227%, 08/15/26 (n)		19,452
	250,000	3.228%, 05/15/35 (n)		167,283
	250,000	3.267%, 11/15/26 (n)		209,948
	400,000	3.280%, 08/15/19 (n)		390,202
	825,000	3.390%, 02/15/17 (n)		822,563
	50,000	3.399%, 02/15/25 (n)		43,775
	350,000	3.423%, 02/15/32 (n)		257,561
	700,000	3.430%, 02/15/27 (n)		584,944
	400,000	3.435%, 02/15/33 (n)		285,896
	1,175,000	3.470%, 05/15/33 (n)		834,933
	200,000	3.495%, 11/15/29 (n)		155,885
	275,000	3.501%, 05/15/31 (n)		206,229
	300,000	3.546%, 11/15/30 (n)		228,224
	710,000	3.569%, 11/15/27 (n)		582,347
	300,000	3.581%, 08/15/30 (n)		229,473
	300,000	3.608%, 08/15/29 (n)		235,438
	3,625,000	3.684%, 08/15/17 (n)		3,602,514
	658,000	3.709%, 02/15/29 (n)		523,217
	800,000	3.757%, 11/15/32 (n)		576,659
	400,000	3.788%, 08/15/31 (n)		298,329
	1,025,000	3.847%, 11/15/33 (n)		718,059
	550,000	3.896%, 02/15/31 (n)		415,386
	300,000	4.171%, 05/15/30 (n)		230,982
	100,000	4.447%, 05/15/26 (n)		84,921
	375,000	4.704%, 02/15/34 (n)		260,209

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	975,000	4.710%, 02/15/30 (n)		754,786
	100,000	5.516%, 08/15/33 (n)		70,482
	100,000	6.060%, 11/15/28 (n)		79,981
	125,000	6.104%, 05/15/27 (n)		103,796
	50,000	6.311%, 08/15/28 (n)		40,240
	700,000	7.840%, 11/15/17 (n)		694,333
		U.S. Treasury Inflation Indexed Bonds,
	100,000	2.500%, 01/15/29		141,223
	300,000	3.625%, 04/15/28		614,171
	170,000	U.S. Treasury Inflation Indexed Notes, 1.375%, 07/15/18		197,837
		U.S. Treasury Notes,
	1,915,000	0.625%, 09/30/17		1,917,020
	200,000	0.750%, 02/15/19		200,414
	545,000	0.875%, 10/15/17		547,214
	150,000	1.250%, 10/31/18		152,086
	125,000	1.250%, 11/30/18		126,787
	400,000	1.375%, 12/31/18		407,094
	400,000	1.500%, 08/31/18		407,594
	150,000	1.750%, 09/30/22		154,793
	2,900,000	1.750%, 05/15/23		2,992,324
	100,000	2.000%, 10/31/21		104,770
	150,000	2.000%, 07/31/22		157,096
	200,000	2.125%, 08/31/20		209,812
	500,000	2.125%, 08/15/21		527,031
	300,000	2.125%, 12/31/21		316,371
	400,000	2.250%, 07/31/18		413,578
	115,000	2.250%, 04/30/21		121,738
	600,000	2.375%, 08/15/24		646,078
	200,000	2.625%, 11/15/20		214,313
	1,000,000	2.750%, 02/15/24		1,104,141
	1,742,000	3.125%, 05/15/19		1,862,238
	600,000	3.125%, 05/15/21		660,258
	200,000	3.250%, 12/31/16		202,819
	300,000	3.500%, 02/15/18		314,109
	450,000	3.500%, 05/15/20		494,701
	650,000	3.625%, 02/15/21		727,568
		Total U.S. Treasury Obligations (Cost $68,595,912)		74,044,652

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.1%
		Investment Company — 2.1%
	5,347,628	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.320% (b) (l) (Cost $5,347,628)		5,347,628
		Total Investments — 99.6% (Cost $241,384,805)		255,800,974
		Other Assets in Excess of Liabilities — 0.4%		1,041,863
		NET ASSETS — 100.0%	$	256,842,837

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 31

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

ACES	—  Alternative Credit Enhancement Securities
ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2016.
CMO	—  Collateralized Mortgage Obligation
CSMC	—  Credit Suisse Mortgage Trust
ESOP	—  Employee Stock Ownership Program
FHA	—  Federal Housing Administration
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, 2016. The rate may be subject to a cap and floor.
IO	—  Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—  Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.

REMIC	—  Real Estate Mortgage Investment Conduit
Rev.	—  Revenue
STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of June 30, 2016.
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2016.
(b)	—  Investment in affiliate. Money market fund is 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 0.05%.
(l)	—  The rate shown is the current yield as of June 30, 2016.
(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.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
1	—  Security matures in 2115.
2	—  Security matures in 2111.
3	—  Security matures in 2114.

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2016

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016 (Unaudited)

	Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	250,453,346
Investments in affiliates, at value		5,347,628
Total investment securities, at value		255,800,974
Cash		8,494
Receivables:
Investment securities sold		61,514
Portfolio shares sold		925,459
Interest from non-affiliates		931,719
Dividends from affiliates		1,518
Total Assets		257,729,678
LIABILITIES:
Payables:
Investment securities purchased		513,525
Portfolio shares redeemed		252,266
Accrued liabilities:
Investment advisory fees		70,719
Administration fees		9,884
Distribution fees		15,133
Trustees’ and Chief Compliance Officer’s fees		29
Other		25,285
Total Liabilities		886,841
Net Assets	$	256,842,837
NET ASSETS:
Paid-in-Capital	$	240,449,670
Accumulated undistributed net investment income		3,029,666
Accumulated net realized gains (losses)		(1,052,668	)
Net unrealized appreciation (depreciation)		14,416,169
Total Net Assets	$	256,842,837
Net Assets:
Class 1	$	178,728,013
Class 2		78,114,824
Total	$	256,842,837
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		16,037,507
Class 2		7,072,103
Net Asset Value, offering and redemption price per share (a):
Class 1	$	11.14
Class 2		11.05
Cost of investments in non-affiliates	$	236,037,177
Cost of investments in affiliates		5,347,628

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 33

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,160,382
Dividend income from affiliates		17,197
Total investment income		4,177,579
EXPENSES:
Investment advisory fees		488,548
Administration fees		100,299
Distribution fees — Class 2		83,554
Custodian and accounting fees		75,233
Professional fees		42,286
Trustees’ and Chief Compliance Officer’s fees		7,132
Printing and mailing costs		23,205
Transfer agency fees — Class 1		1,597
Transfer agency fees — Class 2		272
Other		13,518
Total expenses		835,644
Less fees waived		(26,880	)
Less expense reimbursements		(843	)
Net expenses		807,921
Net investment income (loss)		3,369,658
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from Investments in non-affiliates		1,390,400
Change in net unrealized appreciation/depreciation on Investments in non-affiliates		7,086,819
Net realized/unrealized gains (losses)		8,477,219
Change in net assets resulting from operations	$	11,846,877

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Core Bond Portfolio
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,369,658		$	6,622,489
Net realized gain (loss)		1,390,400			1,895,039
Change in net unrealized appreciation/depreciation		7,086,819			(6,474,169	)
Change in net assets resulting from operations		11,846,877			2,043,359
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(4,769,944	)		(5,713,322	)
Class 2
From net investment income		(1,806,180	)		(1,784,807	)
Total distributions to shareholders		(6,576,124	)		(7,498,129	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		14,031,477			43,878,624
NET ASSETS:
Change in net assets		19,302,230			38,423,854
Beginning of period		237,540,607			199,116,753
End of period	$	256,842,837		$	237,540,607
Accumulated undistributed net investment income	$	3,029,666		$	6,236,132
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	13,080,195		$	62,992,136
Distributions reinvested		4,769,944			5,713,322
Cost of shares redeemed		(21,571,059	)		(38,720,632	)
Change in net assets resulting from Class 1 capital transactions	$	(3,720,920	)	$	29,984,826
Class 2
Proceeds from shares issued	$	24,591,245		$	28,235,123
Distributions reinvested		1,806,180			1,784,807
Cost of shares redeemed		(8,645,028	)		(16,126,132	)
Change in net assets resulting from Class 2 capital transactions	$	17,752,397		$	13,893,798
Total change in net assets resulting from capital transactions	$	14,031,477		$	43,878,624
SHARE TRANSACTIONS:
Class 1
Issued		1,174,149			5,693,602
Reinvested		436,808			522,719
Redeemed		(1,937,657	)		(3,493,251	)
Change in Class 1 Shares		(326,700	)		2,723,070
Class 2
Issued		2,231,408			2,579,613
Reinvested		166,776			164,650
Redeemed		(784,120	)		(1,476,856	)
Change in Class 2 Shares		1,614,064			1,267,407

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 35

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized  gains (losses) on investments			Total from investment operations			Net investment income
Core Bond Portfolio
Class 1
Six Months Ended June 30, 2016 (Unaudited)	$	10.91	$	0.16	$	0.37		$	0.53		$	(0.30	)
Year Ended December 31, 2015		11.19		0.34		(0.21	)		0.13			(0.41	)
Year Ended December 31, 2014		11.09		0.38		0.16			0.54			(0.44	)
Year Ended December 31, 2013		11.78		0.44		(0.60	)		(0.16	)		(0.53	)
Year Ended December 31, 2012		11.71		0.51		0.10			0.61			(0.54	)
Year Ended December 31, 2011		11.54		0.54		0.28			0.82			(0.65	)
Class 2
Six Months Ended June 30, 2016 (Unaudited)		10.81		0.14		0.38			0.52			(0.28	)
Year Ended December 31, 2015		11.10		0.31		(0.21	)		0.10			(0.39	)
Year Ended December 31, 2014		11.01		0.35		0.16			0.51			(0.42	)
Year Ended December 31, 2013		11.72		0.40		(0.59	)		(0.19	)		(0.52	)
Year Ended December 31, 2012		11.68		0.47		0.11			0.58			(0.54	)
Year Ended December 31, 2011		11.51		0.50		0.29			0.79			(0.62	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

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

(d) 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.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% or unless otherwise noted.

(f) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)
$	11.14		4.94	%	$	178,728,013		0.59	%		2.83	%		0.62	%		12	%
	10.91		1.12			178,547,019		0.59			3.08			0.61			20
	11.19		4.92			152,618,612		0.59			3.40			0.64			18
	11.09		(1.47	)		176,728,891		0.59			3.86			0.60			13
	11.78		5.33			208,061,368		0.60			4.36			0.62			8
	11.71		7.46			225,138,765		0.59			4.74			0.61			9
	11.05		4.87			78,114,824		0.84			2.57			0.87			12
	10.81		0.86			58,993,588		0.84			2.83			0.86			20
	11.10		4.71			46,498,141		0.84			3.14			0.88			18
	11.01		(1.74	)		25,187,518		0.84			3.58			0.85			13
	11.72		5.07			9,330,945		0.85			4.00			0.87			8
	11.68		7.21			1,800,570		0.84			4.33			0.84			9

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 37

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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 transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Portfolio’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Portfolio’s Administrator under the Administration Agreement.

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 Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the 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.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services 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 in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.

38 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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, 2016.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Portfolio’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	–	$	18,945,513	$	4,413,600	$	23,359,113
Collateralized Mortgage Obligations
Agency CMO		–		32,460,967		791		32,461,758
Non-Agency CMO		–		8,439,045		1,269,453		9,708,498
Total Collateralized Mortgage Obligations		–		40,900,012		1,270,244		42,170,256
Commercial Mortgage-Backed Securities		–		3,139,862		614,658		3,754,520
Corporate Bonds
Consumer Discretionary		–		3,375,239		–		3,375,239
Consumer Staples		–		2,417,427		–		2,417,427
Energy		–		5,000,309		–		5,000,309
Financials		–		19,143,989		7,000		19,150,989
Health Care		–		2,402,209		–		2,402,209
Industrials		–		3,391,520		–		3,391,520
Information Technology		–		2,860,720		–		2,860,720
Materials		–		1,275,303		–		1,275,303
Telecommunication Services		–		3,031,623		–		3,031,623
Utilities		–		3,797,572		–		3,797,572
Total Corporate Bonds		–		46,695,911		7,000		46,702,911
Foreign Government Securities		–		829,058		–		829,058
Mortgage Pass-Through Securities		–		28,858,753		–		28,858,753
Municipal Bonds		–		474,701		–		474,701
U.S. Government Agency Securities		–		30,259,382		–		30,259,382
U.S. Treasury Obligations		–		74,044,652		–		74,044,652
Short-Term Investment
Investment Company		5,347,628		–		–		5,347,628
Total Investments in Securities	$	5,347,628	$	244,147,844	$	6,305,502	$	255,800,974

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

There were no transfers between levels 1 and 2 during the six months ended June 30, 2016.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 39

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

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

	Balance as of December 31, 2015		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2016
Investments in Securities:
Asset-Backed Securities	$	4,179,856	$	—	$	15,384		$	119		$	548,013	$	(557,324	)	$	1,368,949	$	(1,141,397	)	$	4,413,600
Collateralized Mortgage Obligations — Agency CMO		—		—		791			—			—		—			—		—			791
Collateralized Mortgage Obligations — Non-Agency CMO		1,412,403		—		4,816			12,231			—		(159,997	)		—		—			1,269,453
Commercial Mortgage- Backed Securities		38,033		—		(125	)		(21,766	)		103,913		—			494,603		—			614,658
Corporate Bond —Financials		108,500		—		(101,500	)		—			—		—			—		—			7,000
	$	5,738,792	$	—	$	(80,634	)	$	(9,416	)	$	651,926	$	(717,321	)	$	1,863,552	$	(1,141,397	)	$	6,305,502

⁽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 between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended June 30, 2016.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $(74,637). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at June 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	2,994,981	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (3.47%)
				Constant Default Rate		0.00% - 50.00% (15.05%)
				Yield (Discount Rate of Cash Flows)		1.89% - 5.73% (3.81%)
Asset-Backed Securities		2,994,981
		1,219,192	Discounted Cash Flow	Constant Prepayment Rate		4.00% - 30.00% (11.36%)
				Constant Default Rate		0.00% - 9.29% (4.12%)
				Yield (Discount Rate of Cash Flows)		0.62% - 106.95% (6.28%)
Collateralized Mortgage Obligations		1,219,192
		261,595	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (5.27%)
				Yield (Discount Rate of Cash Flows)		0.90% - 4.44% (4.26%)
Commercial Mortgage-Backed Securities		261,595
Total	$	4,475,768

# The table above does not include certain level 3 securities that are valued by brokers and pricing services. At June 30, 2016, the value of these securities was $1,829,734. 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.

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.

40 JPMORGAN INSURANCE TRUST JUNE 30, 2016

B. Restricted Securities — Certain securities held by the Portfolio may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). 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, 2016, the Portfolio had no investments in restricted securities other than securities sold to the Portfolio under Rule 144A or Regulation S under the Securities Act.

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 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, 2016, 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 remains 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 an Investment Advisory Agreement, the Adviser 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 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, 2016, 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 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 performing 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.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

E. Waivers and Reimbursements — The Adviser, Administrator (for all share classes) and/or Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses of the Portfolio (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s 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, 2016 and is in place until at least April 30, 2017.

For the six months ended June 30, 2016, the Portfolio’s service providers waived/reimbursed 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		Contractual Reimbursements
$	11,047	$	7,391	$	18,438	$	843

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective May 1, 2016, the Adviser, Administrator and/or the Distributor waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. Prior to May 1, 2016, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2016 was $8,442.

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 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, 2016, the Portfolio 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, 2016, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended June 30, 2016, 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
$	38,542,968	$	24,221,715	$	4,601,740	$	3,959,430

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, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	241,384,805	$	15,275,270	$	859,101	$	14,416,169

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.

42 JPMORGAN INSURANCE TRUST JUNE 30, 2016

At December 31, 2015, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2015, the Portfolio had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017
$	2,441,448	*

* 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 7, 2016.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2016, or at any time during the six months then ended.

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.

As of June 30, 2016, the Portfolio had four omnibus accounts which collectively represented 59.4% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

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 Portfolio invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. 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, 2016 JPMORGAN INSURANCE TRUST 43

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, 2016 and continued to hold your shares at the end of the reporting period, June 30, 2016.

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,049.40	$	3.01		0.59	%
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class 2
Actual		1,000.00		1,048.70		4.28		0.84
Hypothetical		1,000.00		1,020.69		4.22		0.84

* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

44 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. June 2016. SAN-JPMITCBP-616

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2016 (Unaudited)

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

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

Investments in the Portfolio are not 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 the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“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, 2016 (Unaudited)

Dear Shareholder,

The U.S. economy continued its slow expansion in 2016 despite economic weakness elsewhere and two punishing sell-offs in global financial markets. Growth in the U.S. was sufficient to prompt the U.S. Federal Reserve (the “Fed”) to raise interest rates in December 2015, but financial market turmoil in early 2016 and worrisome economic data forced the Fed to curtail further increases at its March and June meetings.

  “The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.”

Meanwhile, the resiliency of U.S. financial markets was a notable feature of the six months ended June 30, 2016. Equity prices slumped in the early part of the 2016, giving the Standard & Poor’s 500 Index (“S&P 500”) its worst start to any year on record, falling 5.07% by the end of January and slumping by 10% by mid-February. By the end of March, the index had clawed its way back to a level slightly above where it was when the year began.

In April, the International Monetary Fund (IMF) warned that the prolonged period of slow growth had left the global economy vulnerable to specific events or trends. Among those risks, the IMF cited financial market turmoil and Britain’s referendum on European Union (EU) membership.

On June 23, the U.K. vote to leave the EU shocked political leaders and sparked a sharp sell-off in global financial markets. The S&P 500 suffered a one-day decline of 3.59%. Within days, an estimated $3 trillion was erased from global financial markets. The resulting decline in the British pound was deep enough that France has now supplanted the U.K. as the world’s fifth largest economy. Ultimately, the impact of the “Brexit” referendum on U.S. financial markets was muted and by

June 30, 2016, equity prices rebounded. The S&P 500 posted a return of 3.84% for the first half of the year and stood 1.50% shy of its then-record intraday high of 2,130.82 points reached May 21, 2015.

Meanwhile, the sharp slowdown in U.S. job growth in May that had so worried Fed policymakers was short-lived. The U.S. economy added 287,000 jobs in June, far above the consensus forecast of 175,000 new jobs and the most of any month since October 2015. Wage growth over the first half of the year remained tepid, which helped corporate earnings and held down inflationary pressure.

Over the past six months, U.S. financial markets have both withstood and benefitted from turmoil in foreign financial markets. Investors seeking to reduce risk have bought both U.S. equities and U.S. Treasury bonds. Low growth in the EU and other developed markets and lingering concerns about the trajectory of China’s economy continued to drag on the U.S. economy. Notably, the U.S. economic expansion is halfway through its seventh year and the U.S. stock market’s bull market — defined as a rise of 20% or more in prices — is now the second longest on record.

The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		4.06%
Russell Midcap Index		5.50%
Net Assets as of 6/30/2016	$	42,119,447

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?

U.S. financial markets were bracketed by sharp sell-offs at the start and end of the six months ended June 30, 2016. In January, the Standard & Poor’s 500 Index (S&P 500) suffered its worst start to any year on record amid worrisome data about China’s economy, slumping commodities prices and investor expectations of further slowing in the global economy. In June, the U.K. vote to leave the European Union sparked the worst single day historically in global markets. The sell-off drained an estimated $2.08 trillion from world financial markets on the Friday following the U.K. referendum and $931 billion was lost the following Monday.

However, global equity markets rebounded sharply in the final days of June and the S&P 500 posted a return of 3.84% for the six month reporting period, closing just 1.50% below its then-record intraday high, set in May 2015. Overall, mid cap stocks generally outperformed both large cap and small cap stocks, and value stocks outperformed growth stocks. Among U.S. equities, the telecommunications and utilities sectors were generally the strongest performers, as investors sought high dividend yields and the perceived safety of those sectors. Financial sector stocks were the worst performers amid continued low interest rates and expectations of low growth globally.

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

The Portfolio’s Class 1 Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended June 30, 2016. The Portfolio’s security selection in the health care and financial services sectors was a leading detractor from performance relative to the Benchmark, while the Portfolio’s security selection in the technology and consumer staples sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Jones Lang

LaSalle Inc., United Continental Holdings Inc. and AmerisourceBergen Co. Shares of Jones Land LaSalle, a real estate investment company, fell amid investor concerns that a strong U.S. dollar, an increase in interest rates and capital controls in China could hurt the company’s earnings. Shares of United Continental, an airline operator, fell along with other airline stocks amid investor concerns about capacity growth and labor expenses, as well as the negative impact of a strong U.S. dollar. Shares of AmerisourceBergen, a pharmaceuticals distributor, fell on lower pricing trends for generic drugs.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Computer Sciences Co., Huntington Ingalls Industries Inc. and Equinix Inc. Shares of Computer Sciences, a provider of business computing services, rose on news of its merger with Hewlett-Packard Enterprise Co. Shares of Huntington Ingalls, a maker and repairer of military ships, rose on solid earnings and contract growth. Shares of Equinix, an information technology network provider, rose on revenue growth amid demand for cloud computing and increased data center traffic.

HOW WAS THE PORTFOLIO POSITIONED?

The JPMorgan Intrepid Investment Team employed 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 aimed to capitalize on these market inefficiencies by targeting what it believed were attractively valued stocks with strong fundamentals and momentum characteristics and sought to sell these stocks when they no longer exhibited these criteria. A disciplined quantitative ranking methodology was utilized to identify attractive stocks in each sector, a process that was combined with qualitative research and value-added trading. The Portfolio was constructed with limited sector bets so that stock selection was 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, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Equinix, Inc.	2.4	%
	2.	Tyson Foods, Inc., Class A	2.1
	3.	Huntington Ingalls Industries, Inc.	2.1
	4.	Mattel, Inc.	2.0
	5.	Ingredion, Inc.	2.0
	6.	AECOM	1.8
	7.	Zimmer Biomet Holdings, Inc.	1.7
	8.	PVH Corp.	1.7
	9.	D.R. Horton, Inc.	1.7
	10.	AmerisourceBergen Corp.	1.7

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.3	%
Information Technology	13.9
Industrials	12.7
Consumer Discretionary	12.2
Health Care	10.5
Consumer Staples	7.5
Utilities	7.0
Energy	6.7
Materials	5.3
Telecommunication Services	0.7
Short-Term Investment	2.2

* 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.

** 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, 2016. The Portfolio’s composition is subject to change.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	March 30, 1995		4.06	%		(1.54	)%		10.50	%		7.17	%
CLASS 2 SHARES	August 16, 2006		3.94			(1.79	)		10.22			6.91

* Not annualized.

TEN YEAR PERFORMANCE (6/30/06 TO 6/30/16)

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 Multi-Cap Core Index from June 30, 2006 to June 30, 2016. 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 Multi-Cap Core 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 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, 2016

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.2%
		Consumer Discretionary — 12.1%
		Hotels, Restaurants & Leisure — 0.3%
	1,100	Darden Restaurants, Inc.		69,674
	4,125	International Game Technology plc		77,302
				146,976
		Household Durables — 1.7%
	22,700	D.R. Horton, Inc.		714,596
		Internet & Catalog Retail — 1.7%
	9,950	Groupon, Inc. (a)		32,337
	26,275	Liberty Interactive Corp. QVC Group, Class A (a)		666,597
				698,934
		Leisure Products — 2.3%
	26,505	Mattel, Inc.		829,341
	3,075	Vista Outdoor, Inc. (a)		146,770
				976,111
		Media — 0.6%
	1,550	Discovery Communications, Inc., Class C (a)		36,967
	5,925	Interpublic Group of Cos., Inc. (The)		136,868
	1,575	Scripps Networks Interactive, Inc., Class A		98,075
				271,910
		Multiline Retail — 0.7%
	1,100	Dollar Tree, Inc. (a)		103,664
	5,675	Macy’s, Inc.		190,737
				294,401
		Specialty Retail — 2.8%
	16,900	Best Buy Co., Inc.		517,140
	10,625	Michaels Cos., Inc. (The) (a)		302,175
	200	Murphy USA, Inc. (a)		14,832
	12,275	Urban Outfitters, Inc. (a)		337,563
				1,171,710
		Textiles, Apparel & Luxury Goods — 2.0%
	5,075	Kate Spade & Co. (a)		104,596
	7,700	PVH Corp.		725,571
				830,167
		Total Consumer Discretionary		5,104,805
		Consumer Staples — 7.5%
		Food & Staples Retailing — 1.4%
	10,150	Sysco Corp.		515,011
	3,700	US Foods Holding Corp. (a)		89,688
				604,699

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 5.5%
	6,400	Ingredion, Inc.		828,224
	23,125	Pilgrim’s Pride Corp.		589,225
	13,275	Tyson Foods, Inc., Class A		886,637
				2,304,086
		Personal Products — 0.6%
	4,050	Herbalife Ltd. (a)		237,047
		Total Consumer Staples		3,145,832
		Energy — 6.6%
		Energy Equipment & Services — 1.3%
	401	Baker Hughes, Inc.		18,097
	12,825	Ensco plc, (United Kingdom), Class A		124,531
	13,275	Nabors Industries Ltd.		133,414
	3,075	Rowan Cos. plc, Class A		54,304
	11,800	Superior Energy Services, Inc.		217,238
				547,584
		Oil, Gas & Consumable Fuels — 5.3%
	1,850	Cimarex Energy Co.		220,742
	2,925	EQT Corp.		226,483
	1,350	Gulfport Energy Corp. (a)		42,201
	24,725	Marathon Oil Corp.		371,122
	1,675	Marathon Petroleum Corp.		63,583
	2,525	Murphy Oil Corp.		80,169
	390	Noble Energy, Inc.		13,989
	1,250	ONEOK, Inc.		59,313
	3,050	PBF Energy, Inc., Class A		72,529
	17,175	QEP Resources, Inc.		302,795
	2,775	Tesoro Corp.		207,903
	1,575	Valero Energy Corp.		80,325
	8,700	World Fuel Services Corp.		413,163
	8,900	WPX Energy, Inc. (a)		82,859
				2,237,176
		Total Energy		2,784,760
		Financials — 21.2%
		Banks — 2.4%
	1,875	Citizens Financial Group, Inc.		37,462
	2,850	East West Bancorp, Inc.		97,413
	1,250	Fifth Third Bancorp		21,987
	17,975	Popular, Inc., (Puerto Rico)		526,668
	15,425	Regions Financial Corp.		131,267
	600	Signature Bank (a)		74,952
	1,100	SVB Financial Group (a)		104,676
				994,425

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Capital Markets — 0.1%
	900	Lazard Ltd., (Bermuda), Class A		26,802
	475	Raymond James Financial, Inc.		23,418
				50,220
		Consumer Finance — 1.9%
	7,000	Discover Financial Services		375,130
	16,225	Synchrony Financial (a)		410,168
				785,298
		Diversified Financial Services — 1.1%
	525	Intercontinental Exchange, Inc.		134,379
	3,600	MSCI, Inc.		277,632
	700	Nasdaq, Inc.		45,269
				457,280
		Insurance — 4.2%
	3,225	Allied World Assurance Co. Holdings AG, (Switzerland)		113,326
	3,300	American Financial Group, Inc.		243,969
	200	American National Insurance Co.		22,630
	1,025	Aon plc, (United Kingdom)		111,961
	775	Arch Capital Group Ltd., (Bermuda) (a)		55,800
	1,575	Aspen Insurance Holdings Ltd., (Bermuda)		73,048
	1,575	Assurant, Inc.		135,938
	2,350	Assured Guaranty Ltd., (Bermuda)		59,619
	950	Endurance Specialty Holdings Ltd., (Bermuda)		63,802
	375	Everest Re Group Ltd., (Bermuda)		68,501
	647	FNF Group		24,263
	3,425	Hanover Insurance Group, Inc. (The)		289,824
	2,150	Hartford Financial Services Group, Inc. (The)		95,417
	1,475	Lincoln National Corp.		57,186
	1,950	Principal Financial Group, Inc.		80,165
	1,000	Torchmark Corp.		61,820
	4,500	Unum Group		143,055
	1,500	Validus Holdings Ltd., (Bermuda)		72,885
				1,773,209
		Real Estate Investment Trusts (REITs) — 10.6%
	2,925	American Campus Communities, Inc.		154,645
	1,100	Annaly Capital Management, Inc.		12,177
	3,575	Apartment Investment & Management Co., Class A		157,872
	375	AvalonBay Communities, Inc.		67,646
	400	Boston Properties, Inc.		52,760
	12,825	Brandywine Realty Trust		215,460
	5,900	Brixmor Property Group, Inc.		156,114
	12,750	Corrections Corp. of America		446,505
	900	Crown Castle International Corp.		91,287

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	2,100	DDR Corp.		38,094
	525	Digital Realty Trust, Inc.		57,220
	1,475	Douglas Emmett, Inc.		52,392
	2,646	Equinix, Inc.		1,025,934
	13,750	Equity Commonwealth (a)		400,537
	2,200	Equity LifeStyle Properties, Inc.		176,110
	2,150	Extra Space Storage, Inc.		198,961
	675	Mid-America Apartment Communities, Inc.		71,820
	2,600	Post Properties, Inc.		158,730
	1,100	Regency Centers Corp.		92,103
	175	SL Green Realty Corp.		18,632
	1,950	Taubman Centers, Inc.		144,690
	147	Ventas, Inc.		10,705
	2,000	Vornado Realty Trust		200,240
	650	Welltower, Inc.		49,510
	10,275	Weyerhaeuser Co.		305,887
	1,625	WP Carey, Inc.		112,807
				4,468,838
		Real Estate Management & Development — 0.9%
	4,125	Jones Lang LaSalle, Inc.		401,981
		Total Financials		8,931,251
		Health Care — 10.4%
		Biotechnology — 1.5%
	2,100	Alkermes plc, (Ireland) (a)		90,762
	1,100	Alnylam Pharmaceuticals, Inc. (a)		61,039
	1,725	BioMarin Pharmaceutical, Inc. (a)		134,205
	1,525	Incyte Corp. (a)		121,969
	500	Intercept Pharmaceuticals, Inc. (a)		71,340
	2,475	Medivation, Inc. (a)		149,243
				628,558
		Health Care Equipment & Supplies — 4.0%
	275	C.R. Bard, Inc.		64,669
	5,250	Hill-Rom Holdings, Inc.		264,862
	14,400	Hologic, Inc. (a)		498,240
	1,700	St. Jude Medical, Inc.		132,600
	6,075	Zimmer Biomet Holdings, Inc.		731,309
				1,691,680
		Health Care Providers & Services — 3.8%
	8,750	AmerisourceBergen Corp.		694,050
	2,804	Centene Corp. (a)		200,121
	450	Cigna Corp.		57,595
	150	Humana, Inc.		26,982
	3,875	Premier, Inc., Class A (a)		126,713

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Health Care Providers & Services — continued
	17,275	Tenet Healthcare Corp. (a)		477,481
				1,582,942
		Life Sciences Tools & Services — 0.1%
	2,250	VWR Corp. (a)		65,025
		Pharmaceuticals — 1.0%
	8,825	Endo International plc, (Ireland) (a)		137,582
	3,300	Mallinckrodt plc (a)		200,574
	1,025	Perrigo Co. plc, (Ireland)		92,937
				431,093
		Total Health Care		4,399,298
		Industrials — 12.6%
		Aerospace & Defense — 3.2%
	4,375	BWX Technologies, Inc.		156,494
	5,216	Huntington Ingalls Industries, Inc.		876,444
	900	L-3 Communications Holdings, Inc.		132,021
	150	Northrop Grumman Corp.		33,342
	3,550	Spirit AeroSystems Holdings, Inc., Class A (a)		152,650
				1,350,951
		Airlines — 1.8%
	5,075	Delta Air Lines, Inc.		184,882
	15,400	JetBlue Airways Corp. (a)		255,024
	7,250	United Continental Holdings, Inc. (a)		297,540
				737,446
		Commercial Services & Supplies — 1.6%
	15,150	KAR Auction Services, Inc.		632,361
	1,400	R.R. Donnelley & Sons Co.		23,688
				656,049
		Construction & Engineering — 2.4%
	24,075	AECOM (a)		764,863
	1,500	Fluor Corp.		73,920
	3,850	Jacobs Engineering Group, Inc. (a)		191,768
				1,030,551
		Electrical Equipment — 0.5%
	3,650	Regal Beloit Corp.		200,933
		Machinery — 2.1%
	6,925	Crane Co.		392,786
	2,100	Ingersoll-Rand plc		133,728
	3,195	Parker-Hannifin Corp.		345,220
				871,734
		Professional Services — 0.9%
	2,850	ManpowerGroup, Inc.		183,369

SHARES		SECURITY DESCRIPTION	VALUE($)
		Professional Services — continued
	6,475	TransUnion (a)		216,524
				399,893
		Road & Rail — 0.1%
	850	Landstar System, Inc.		58,361
		Total Industrials		5,305,918
		Information Technology — 13.8%
		Communications Equipment — 0.7%
	14,125	ARRIS International plc (a)		296,060
		Electronic Equipment, Instruments & Components — 0.9%
	400	Arrow Electronics, Inc. (a)		24,760
	3,500	Avnet, Inc.		141,785
	975	Ingram Micro, Inc., Class A		33,911
	8,975	Jabil Circuit, Inc.		165,768
				366,224
		IT Services — 3.2%
	9,125	Computer Sciences Corp.		453,056
	575	CoreLogic, Inc. (a)		22,126
	1,400	Leidos Holdings, Inc.		67,018
	750	Total System Services, Inc.		39,832
	11,750	Vantiv, Inc., Class A (a)		665,050
	11,375	Xerox Corp.		107,949
				1,355,031
		Semiconductors & Semiconductor Equipment — 3.2%
	18,625	Applied Materials, Inc.		446,441
	1,150	Lam Research Corp.		96,669
	66,050	Marvell Technology Group Ltd., (Bermuda)		629,457
	3,900	ON Semiconductor Corp. (a)		34,398
	2,650	Skyworks Solutions, Inc.		167,692
				1,374,657
		Software — 4.6%
	15,800	Activision Blizzard, Inc.		626,154
	11,525	CA, Inc.		378,366
	24,650	Cadence Design Systems, Inc. (a)		598,995
	4,325	Citrix Systems, Inc. (a)		346,389
				1,949,904
		Technology Hardware, Storage & Peripherals — 1.2%
	12,375	NCR Corp. (a)		343,654
	3,100	Western Digital Corp.		146,506
				490,160
		Total Information Technology		5,832,036

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Intrepid Mid Cap Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 5.3%
		Chemicals — 1.8%
	14,400	Cabot Corp.		657,504
	600	Huntsman Corp.		8,070
	657	PPG Industries, Inc.		68,427
				734,001
		Containers & Packaging — 1.7%
	2,450	Avery Dennison Corp.		183,137
	3,750	Crown Holdings, Inc. (a)		190,012
	5,350	Graphic Packaging Holding Co.		67,089
	4,275	International Paper Co.		181,175
	2,300	Sealed Air Corp.		105,731
				727,144
		Metals & Mining — 1.6%
	400	Nucor Corp.		19,764
	3,025	Reliance Steel & Aluminum Co.		232,622
	17,325	Steel Dynamics, Inc.		424,463
				676,849
		Paper & Forest Products — 0.2%
	2,200	Domtar Corp.		77,022
		Total Materials		2,215,016
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.7%
	7,400	CenturyLink, Inc.		214,674
	18,400	Frontier Communications Corp.		90,896
		Total Telecommunication Services		305,570
		Utilities — 7.0%
		Electric Utilities — 2.2%
	3,450	Alliant Energy Corp.		136,965
	5,175	Edison International		401,942
	3,500	Entergy Corp.		284,725
	2,975	Great Plains Energy, Inc.		90,440
	350	Pinnacle West Capital Corp.		28,371
				942,443
		Gas Utilities — 1.2%
	10,787	UGI Corp.		488,112
		Independent Power & Renewable Electricity Producers — 0.3%
	10,750	AES Corp.		134,160
		Multi-Utilities — 3.3%
	2,125	Ameren Corp.		113,857
	5,530	CenterPoint Energy, Inc.		132,720
	5,175	CMS Energy Corp.		237,325

SHARES		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
	1,575	Consolidated Edison, Inc.		126,693
	2,750	DTE Energy Co.		272,580
	4,150	Public Service Enterprise Group, Inc.		193,432
	2,550	Sempra Energy		290,751
				1,367,358
		Total Utilities		2,932,073
		Total Common Stocks (Cost $35,791,960)		40,956,559
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	6,425	Safeway, Inc., PDC CVR, expiring 01/30/17 (a)		321
	6,425	Safeway, Inc., PDC CVR, expiring 01/30/18 (a)		418
		Total Rights (Cost $—)		739
SHARES
	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	921,488	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.320% (b) (l) (Cost $921,488)		921,488
		Total Investments — 99.4% (Cost $36,713,448)		41,878,786
		Other Assets in Excess of Liabilities — 0.6%		240,661
		NET ASSETS — 100.0%	$	42,119,447

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2016

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	8	S&P Mid Cap 400		09/16/16		USD	$	1,194,400	$	17,109

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CVR	—  Contingent Value Rights
PDC	—  Property Development Center
USD	—  United States Dollar
(a)	—  Non-income producing security.

(b)	—  Investment in affiliate. Money market fund is 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 0.05%.
(l)	—  The rate shown is the current yield as of June 30, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 9

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016 (Unaudited)

	Intrepid Mid Cap Portfolio
ASSETS:
Investments in non-affiliates, at value	$	40,957,298
Investments in affiliates, at value		921,488
Total investment securities, at value		41,878,786
Deposits at broker for futures contracts		90,000
Receivables:
Investment securities sold		121,045
Portfolio shares sold		1,013
Dividends from non-affiliates		58,934
Dividends from affiliates		389
Variation margin on futures contracts		24,378
Prepaid expenses		1,645
Total Assets		42,176,190
LIABILITIES:
Payables:
Portfolio shares redeemed		6,738
Accrued liabilities:
Investment advisory fees		18,760
Administration fees		511
Distribution fees		1,504
Custodian and accounting fees		2,089
Trustees’ and Chief Compliance Officer’s fees		5
Audit fees		25,667
Other		1,469
Total Liabilities		56,743
Net Assets	$	42,119,447
NET ASSETS:
Paid-in-Capital	$	37,417,033
Accumulated undistributed net investment income		231,156
Accumulated net realized gains (losses)		(711,189	)
Net unrealized appreciation (depreciation)		5,182,447
Total Net Assets	$	42,119,447
Net Assets:
Class 1	$	34,599,082
Class 2		7,520,365
Total	$	42,119,447
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		1,920,038
Class 2		421,067
Net Asset Value, offering and redemption price per share (a):
Class 1	$	18.02
Class 2		17.86
Cost of investments in non-affiliates	$	35,791,960
Cost of investments in affiliates		921,488

(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, 2016

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	Intrepid Mid Cap Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	422,599
Dividend income from affiliates		1,471
Total investment income		424,070
EXPENSES:
Investment advisory fees		129,861
Administration fees		16,405
Distribution fees — Class 2		8,105
Custodian and accounting fees		11,110
Professional fees		23,378
Trustees’ and Chief Compliance Officer’s fees		6,379
Printing and mailing costs		12,530
Transfer agency fees — Class 1		672
Transfer agency fees — Class 2		73
Other		3,477
Total expenses		211,990
Less fees waived		(24,309	)
Less expense reimbursements		(417	)
Net expenses		187,264
Net investment income (loss)		236,806
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(732,074	)
Futures		88,648
Net realized gain (loss)		(643,426	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,041,203
Futures		14,444
Change in net unrealized appreciation/depreciation		2,055,647
Net realized/unrealized gains (losses)		1,412,221
Change in net assets resulting from operations	$	1,649,027

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 11

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Intrepid Mid Cap Portfolio
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	236,806		$	304,925
Net realized gain (loss)		(643,426	)		4,386,451
Change in net unrealized appreciation/depreciation		2,055,647			(7,229,027	)
Change in net assets resulting from operations		1,649,027			(2,537,651	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(251,862	)		(249,528	)
From net realized gains		(3,645,845	)		(5,576,903	)
Class 2
From net investment income		(42,071	)		(23,958	)
From net realized gains		(762,102	)		(562,099	)
Total distributions to shareholders		(4,701,880	)		(6,412,488	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,431,507			6,508,813
NET ASSETS:
Change in net assets		1,378,654			(2,441,326	)
Beginning of period		40,740,793			43,182,119
End of period	$	42,119,447		$	40,740,793
Accumulated undistributed net investment income	$	231,156		$	288,283
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,424,551		$	2,707,913
Distributions reinvested		3,897,707			5,826,431
Cost of shares redeemed		(2,876,703	)		(7,125,530	)
Change in net assets resulting from Class 1 capital transactions	$	2,445,555		$	1,408,814
Class 2
Proceeds from shares issued	$	1,499,281		$	5,540,394
Distributions reinvested		804,173			586,057
Cost of shares redeemed		(317,502	)		(1,026,452	)
Change in net assets resulting from Class 2 capital transactions	$	1,985,952		$	5,099,999
Total change in net assets resulting from capital transactions	$	4,431,507		$	6,508,813
SHARE TRANSACTIONS:
Class 1
Issued		74,837			126,069
Reinvested		219,589			273,029
Redeemed		(152,048	)		(319,033	)
Change in Class 1 Shares		142,378			80,065
Class 2
Issued		80,800			251,009
Reinvested		45,692			27,644
Redeemed		(17,304	)		(46,484	)
Change in Class 2 Shares		109,188			232,169

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2016 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) (b)			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, 2016 (Unaudited)	$	19.52	$	0.11		$	0.65		$	0.76		$	(0.15	)	$	(2.11	)	$	(2.26	)
Year Ended December 31, 2015		24.30		0.16			(1.27	)		(1.11	)		(0.16	)		(3.51	)		(3.67	)
Year Ended December 31, 2014		24.44		0.18	(g)(h)		3.22			3.40			(0.16	)		(3.38	)		(3.54	)
Year Ended December 31, 2013		17.58		0.13			6.95			7.08			(0.22	)		—			(0.22	)
Year Ended December 31, 2012		15.26		0.21	(i)		2.24			2.45			(0.13	)		—			(0.13	)
Year Ended December 31, 2011		15.62		0.12			(0.34	)		(0.22	)		(0.14	)		—			(0.14	)
Class 2
Six Months Ended June 30, 2016 (Unaudited)		19.36		0.09			0.64			0.73			(0.12	)		(2.11	)		(2.23	)
Year Ended December 31, 2015		24.18		0.13			(1.29	)		(1.16	)		(0.15	)		(3.51	)		(3.66	)
Year Ended December 31, 2014		24.38		0.19	(g)(h)		3.14			3.33			(0.15	)		(3.38	)		(3.53	)
Year Ended December 31, 2013		17.54		0.09			6.93			7.02			(0.18	)		—			(0.18	)
Year Ended December 31, 2012		15.23		0.17	(i)		2.23			2.40			(0.09	)		—			(0.09	)
Year Ended December 31, 2011		15.60		0.08			(0.35	)		(0.27	)		(0.10	)		—			(0.10	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

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

(d) 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.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) 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.

(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 $0.11 and $0.12 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.49% and 0.53% for Class 1 and Class 2 Shares, respectively.

(h) Net investment income (loss) may appear disproportionate between classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.16 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, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)(f)
$	18.02		4.06	%	$	34,599,082		0.90	%		1.22	%		1.02	%		45	%
	19.52		(5.87	)		34,702,004		0.90			0.73			0.99			79
	24.30		15.86			41,254,648		0.90			0.76	(g)(h)		1.03			54
	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	(i)		1.02			54
	15.26		(1.52	)		31,581,775		0.90			0.75			1.08			47
	17.86		3.94			7,520,365		1.15			1.00			1.27			45
	19.36		(6.12	)		6,038,789		1.15			0.62			1.25			79
	24.18		15.56			1,927,471		1.14			0.81	(g)(h)		1.28			54
	24.38		40.27			49,194		1.14			0.41			1.24			57
	17.54		15.82			18,799		1.15			1.00	(i)		1.27			54
	15.23		(1.79	)		16,232		1.15			0.52			1.33			47

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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 transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Portfolio’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Portfolio’s Administrator under the Administration Agreement.

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 Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the 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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2016

The various inputs that are used in determining the valuation of the Portfolio’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	41,878,047	$	—	$	739	$	41,878,786
Appreciation in Other Financial Instruments
Futures Contracts	$	17,109	$	—	$	—	$	17,109

(a) Portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOI. Level 3 consists of rights. 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, 2016.

B. Futures Contracts — The Portfolio used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Portfolio also bought futures contracts to invest incoming cash in the market or sold 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, 2016:

Futures Contracts:
Average Notional Balance Long	$	896,003
Ending Notional Balance Long		1,194,400

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.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

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, 2016, 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 remains 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 an Investment Advisory Agreement, the Adviser 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 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, 2016, 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 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 performing 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/or Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses of the Portfolio (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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	%

18 JPMORGAN INSURANCE TRUST JUNE 30, 2016

The expense limitation agreement was in effect for the six months ended June 30, 2016 and is in place until at least April 30, 2017.

For the six months ended June 30, 2016, 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		Contractual Reimbursements
$14,199	$	9,463	$	23,662	$	417

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective May 1, 2016, the Adviser, Administrator and/or the Distributor have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. Prior to May 1, 2016, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2016 was $647.

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 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, 2016, the Portfolio 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, 2016, the Portfolio did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended June 30, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$17,928,102	$	18,246,780

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2016 were as follows:

Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$36,713,448	$7,246,159	$2,080,821	$5,165,338

At December 31, 2015, the Portfolio did not have any net capital loss carry forwards.

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 7, 2016.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2016, or at any time during the six months then ended.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

7. Risks, Concentrations and Indemnifications

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

As of June 30, 2016, the Portfolio had three omnibus accounts which collectively represented 57.0% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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, 2016, and continued to hold your shares at the end of the reporting period, June 30, 2016.

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Intrepid Mid Cap Portfolio
Class 1
Actual	$	1,000.00	$	1,040.60	$	4.57		0.90	%
Hypothetical		1,000.00		1,020.39		4.52		0.90
Class 2
Actual		1,000.00		1,039.40		5.83		1.15
Hypothetical		1,000.00		1,019.14		5.77		1.15

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 21

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

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

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

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

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the 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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. June 2016. SAN-JPMITIMCP-616

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2016 (Unaudited)

JPMorgan Insurance Trust Mid Cap Value Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	18

Investments in the Portfolio are not 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 the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“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, 2016 (Unaudited)

Dear Shareholder,

The U.S. economy continued its slow expansion in 2016 despite economic weakness elsewhere and two punishing sell-offs in global financial markets. Growth in the U.S. was sufficient to prompt the U.S. Federal Reserve (the “Fed”) to raise interest rates in December 2015, but financial market turmoil in early 2016 and worrisome economic data forced the Fed to curtail further increases at its March and June meetings.

  “The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.”

Meanwhile, the resiliency of U.S. financial markets was a notable feature of the six months ended June 30, 2016. Equity prices slumped in the early part of the 2016, giving the Standard & Poor’s 500 Index (“S&P 500”) its worst start to any year on record, falling 5.07% by the end of January and slumping by 10% by mid-February. By the end of March, the index had clawed its way back to a level slightly above where it was when the year began.

In April, the International Monetary Fund (IMF) warned that the prolonged period of slow growth had left the global economy vulnerable to specific events or trends. Among those risks, the IMF cited financial market turmoil and Britain’s referendum on European Union (EU) membership.

On June 23, the U.K. vote to leave the EU shocked political leaders and sparked a sharp sell-off in global financial markets. The S&P 500 suffered a one-day decline of 3.59%. Within days, an estimated $3 trillion was erased from global financial markets. The resulting decline in the British pound was deep enough that France has now supplanted the U.K. as the world’s fifth largest economy. Ultimately, the impact of the “Brexit” referendum on U.S. financial markets was muted and by

June 30, 2016, equity prices rebounded. The S&P 500 posted a return of 3.84% for the first half of the year and stood 1.50% shy of its then-record intraday high of 2,130.82 points reached May 21, 2015.

Meanwhile, the sharp slowdown in U.S. job growth in May that had so worried Fed policymakers was short-lived. The U.S. economy added 287,000 jobs in June, far above the consensus forecast of 175,000 new jobs and the most of any month since October 2015. Wage growth over the first half of the year remained tepid, which helped corporate earnings and held down inflationary pressure.

Over the past six months, U.S. financial markets have both withstood and benefitted from turmoil in foreign financial markets. Investors seeking to reduce risk have bought both U.S. equities and U.S. Treasury bonds. Low growth in the EU and other developed markets and lingering concerns about the trajectory of China’s economy continued to drag on the U.S. economy. Notably, the U.S. economic expansion is halfway through its seventh year and the U.S. stock market’s bull market — defined as a rise of 20% or more in prices — is now the second longest on record.

The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		6.86%
Russell Midcap Value Index		8.87%
Net Assets as of 6/30/2016	$	474,027,864

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?

U.S. financial markets were bracketed by sharp sell-offs at the start and end of the six months ended June 30, 2016. In January, the Standard & Poor’s 500 Index (S&P 500) suffered its worst start to any year on record amid worrisome data about China’s economy, slumping commodities prices and investor expectations of further slowing in the global economy. In June, the U.K. vote to leave the European Union sparked the worst single day historically in global markets. The sell-off drained an estimated $2.08 trillion from world financial markets on the Friday following the U.K. referendum, and $931 billion was lost the following Monday.

However, global equity markets rebounded sharply in the final days of June and the S&P 500 posted a return of 3.84% for the six month reporting period, closing just 1.50% below its then-record intraday high, set in May 2015. Overall, mid cap stocks generally outperformed both large cap and small cap stocks, and value stocks outperformed growth stocks. Among U.S. equities, the telecommunications and utilities sectors were generally the strongest performers, as investors sought high dividend yields and the perceived safety of those sectors. Financial sector stocks were the worst performers amid continued low interest rates and expectations of low growth globally.

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

The Portfolio’s Class 1 Shares underperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended June 30, 2016. The Portfolio’s overweight position in the

consumer discretionary sector and its security selection in the materials sector were leading detractors from performance relative to the Benchmark. The Portfolio’s security selection in the information technology and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s underweight positions in Newmont Mining Corp. and Nvidia Corp. and its overweight position in AmerisourceBergen Co. Shares of Newmont Mining, a copper and gold mining company that was not held in the Portfolio, rose after the Indonesian government renewed the company’s export license. Shares of Nvidia, a graphics software maker that was not held in the Portfolio, rose on strong demand for its semiconductors. Shares of AmerisourceBergen, a pharmaceuticals distributor, fell on lower pricing trends for generic drugs.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in EQT Corp., Energen Corp. and Columbia Pipeline Group Inc. Shares of EQT, a natural gas producer, rose as warmer than expected weather drove demand for natural gas by electric utilities. Share of Energen, an oil and gas producer, rose amid improved global energy prices and the company’s smaller than expected quarterly loss. Shares of Columbia Pipeline, an operator of natural gas pipelines and storage facilities, rose following a takeover offer from TransCanada Corp.

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 utilities sector was the largest underweight sector position. The Portfolio had no position in the telecommunication services sector during the six month reporting period.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	EQT Corp.	2.0	%
	2.	Energen Corp.	2.0
	3.	Mohawk Industries, Inc.	1.7
	4.	Loews Corp.	1.6
	5.	Synopsys, Inc.	1.6
	6.	M&T Bank Corp.	1.5
	7.	Xcel Energy, Inc.	1.5
	8.	Columbia Pipeline Group, Inc.	1.5
	9.	Arrow Electronics, Inc.	1.4
	10.	Marsh & McLennan Cos., Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	28.5	%
Consumer Discretionary	16.6
Utilities	10.6
Information Technology	9.6
Industrials	8.8
Energy	6.4
Consumer Staples	5.3
Health Care	4.2
Materials	3.8
Short-Term Investment	6.2

* 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.

** 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, 2016. The Portfolio’s composition is subject to change.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	September 28, 2001		6.86	%		2.34	%		12.72	%		8.66	%

* Not annualized.

TEN YEAR PERFORMANCE (6/30/06 TO 6/30/16)

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, 2006 to June 30, 2016. 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, 2016

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 96.6%
		Consumer Discretionary — 17.1%
		Distributors — 1.1%
	51,879	Genuine Parts Co.		5,252,749
		Hotels, Restaurants & Leisure — 1.7%
	209,820	Hilton Worldwide Holdings, Inc.		4,727,244
	46,456	Marriott International, Inc., Class A		3,087,466
				7,814,710
		Household Durables — 3.1%
	44,010	Mohawk Industries, Inc. (a)		8,351,338
	132,209	Newell Brands, Inc.		6,421,391
				14,772,729
		Internet & Catalog Retail — 1.2%
	55,050	Expedia, Inc.		5,851,815
		Media — 2.5%
	58,552	CBS Corp. (Non-Voting), Class B		3,187,571
	86,510	DISH Network Corp., Class A (a)		4,533,124
	130,465	TEGNA, Inc.		3,022,874
	71,830	Time, Inc.		1,182,322
				11,925,891
		Multiline Retail — 1.7%
	139,830	Kohl’s Corp.		5,302,354
	73,040	Nordstrom, Inc.		2,779,172
				8,081,526
		Specialty Retail — 4.4%
	6,508	AutoZone, Inc. (a)		5,166,311
	84,820	Bed Bath & Beyond, Inc.		3,665,920
	138,250	Best Buy Co., Inc.		4,230,450
	190,800	Gap, Inc. (The)		4,048,776
	61,860	Tiffany & Co.		3,751,190
				20,862,647
		Textiles, Apparel & Luxury Goods — 1.4%
	47,830	PVH Corp.		4,507,021
	33,640	V.F. Corp.		2,068,523
				6,575,544
		Total Consumer Discretionary		81,137,611
		Consumer Staples — 5.5%
		Beverages — 2.1%
	26,540	Constellation Brands, Inc., Class A		4,389,716
	56,541	Dr. Pepper Snapple Group, Inc.		5,463,557
				9,853,273

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.6%
	173,724	Kroger Co. (The)		6,391,306
	164,420	Rite Aid Corp. (a)		1,231,506
				7,622,812
		Food Products — 0.4%
	18,980	TreeHouse Foods, Inc. (a)		1,948,297
		Household Products — 0.5%
	47,440	Energizer Holdings, Inc.		2,442,686
		Personal Products — 0.9%
	48,630	Edgewell Personal Care Co. (a)		4,104,858
		Total Consumer Staples		25,971,926
		Energy — 6.6%
		Oil, Gas & Consumable Fuels — 6.6%
	278,570	Columbia Pipeline Group, Inc.		7,100,750
	197,953	Energen Corp.		9,543,314
	126,410	EQT Corp.		9,787,926
	100,310	PBF Energy, Inc., Class A		2,385,372
	200,150	Southwestern Energy Co. (a)		2,517,887
		Total Energy		31,335,249
		Financials — 29.4%
		Banks — 6.1%
	157,080	Citizens Financial Group, Inc.		3,138,458
	301,430	Fifth Third Bancorp		5,302,154
	51,840	First Republic Bank		3,628,281
	213,830	Huntington Bancshares, Inc.		1,911,640
	62,168	M&T Bank Corp.		7,350,123
	147,160	SunTrust Banks, Inc.		6,045,333
	49,660	Zions Bancorporation		1,247,956
				28,623,945
		Capital Markets — 3.9%
	27,180	Ameriprise Financial, Inc.		2,442,123
	128,080	Invesco Ltd.		3,271,163
	49,500	Legg Mason, Inc.		1,459,755
	57,930	Northern Trust Corp.		3,838,442
	54,480	Raymond James Financial, Inc.		2,685,864
	66,670	T. Rowe Price Group, Inc.		4,864,910
				18,562,257
		Consumer Finance — 0.6%
	170,690	Ally Financial, Inc. (a)		2,913,678
		Insurance — 8.1%
	4,968	Alleghany Corp. (a)		2,730,314
	18,813	Chubb Ltd., (Switzerland)		2,459,047

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	127,410	Hartford Financial Services Group, Inc. (The)		5,654,456
	193,670	Loews Corp.		7,957,900
	99,440	Marsh & McLennan Cos., Inc.		6,807,662
	63,580	Progressive Corp. (The)		2,129,930
	129,790	Unum Group		4,126,024
	29,720	W.R. Berkley Corp.		1,780,822
	144,140	XL Group plc, (Ireland)		4,801,304
				38,447,459
		Real Estate Investment Trusts (REITs) — 10.7%
	62,430	American Campus Communities, Inc.		3,300,674
	126,730	American Homes 4 Rent, Class A		2,595,430
	26,530	AvalonBay Communities, Inc.		4,785,747
	34,690	Boston Properties, Inc.		4,575,611
	153,510	Brixmor Property Group, Inc.		4,061,875
	10,670	Essex Property Trust, Inc.		2,433,720
	83,670	General Growth Properties, Inc.		2,495,039
	52,660	HCP, Inc.		1,863,111
	165,650	Kimco Realty Corp.		5,198,097
	123,187	Outfront Media, Inc.		2,977,430
	116,065	Rayonier, Inc.		3,045,546
	41,090	Regency Centers Corp.		3,440,466
	51,624	Vornado Realty Trust		5,168,595
	111,490	Weyerhaeuser Co.		3,319,057
	20,900	WP Carey, Inc.		1,450,878
				50,711,276
		Total Financials		139,258,615
		Health Care — 4.3%
		Health Care Providers & Services — 4.3%
	61,990	AmerisourceBergen Corp.		4,917,047
	25,580	Cigna Corp.		3,273,984
	22,330	Henry Schein, Inc. (a)		3,947,944
	25,840	Humana, Inc.		4,648,099
	26,081	Universal Health Services, Inc., Class B		3,497,462
		Total Health Care		20,284,536
		Industrials — 9.1%
		Building Products — 1.0%
	80,120	Fortune Brands Home & Security, Inc.		4,644,556
		Electrical Equipment — 3.0%
	100,620	AMETEK, Inc.		4,651,663
	50,180	Hubbell, Inc.		5,292,485
	75,390	Regal Beloit Corp.		4,150,219
				14,094,367

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — 1.3%
	58,860	Carlisle Cos., Inc.		6,220,325
		Machinery — 2.5%
	56,700	IDEX Corp.		4,655,070
	136,810	Rexnord Corp. (a)		2,685,580
	28,490	Snap-on, Inc.		4,496,292
				11,836,942
		Professional Services — 0.4%
	15,190	Equifax, Inc.		1,950,396
		Trading Companies & Distributors — 0.9%
	61,500	MSC Industrial Direct Co., Inc., Class A		4,339,440
		Total Industrials		43,086,026
		Information Technology — 9.9%
		Communications Equipment — 0.8%
	116,690	CommScope Holding Co., Inc. (a)		3,620,891
		Electronic Equipment, Instruments & Components — 3.4%
	83,140	Amphenol Corp., Class A		4,766,416
	113,370	Arrow Electronics, Inc. (a)		7,017,603
	37,830	CDW Corp.		1,516,226
	93,750	Keysight Technologies, Inc. (a)		2,727,188
				16,027,433
		Internet Software & Services — 0.3%
	103,930	Match Group, Inc. (a)		1,566,745
		IT Services — 1.2%
	66,950	Jack Henry & Associates, Inc.		5,842,726
		Semiconductors & Semiconductor Equipment — 2.6%
	76,380	Analog Devices, Inc.		4,326,163
	86,430	KLA-Tencor Corp.		6,330,997
	34,630	Xilinx, Inc.		1,597,482
				12,254,642
		Software — 1.6%
	140,920	Synopsys, Inc. (a)		7,620,954
		Total Information Technology		46,933,391
		Materials — 3.9%
		Chemicals — 0.7%
	10,580	Sherwin-Williams Co. (The)		3,107,029
		Containers & Packaging — 3.2%
	67,080	Ball Corp.		4,849,213
	99,760	Silgan Holdings, Inc.		5,133,649
	138,210	WestRock Co.		5,372,223
				15,355,085
		Total Materials		18,462,114

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 10.8%
		Electric Utilities — 3.8%
	86,980	Edison International		6,755,737
	77,990	Westar Energy, Inc.		4,374,459
	159,140	Xcel Energy, Inc.		7,126,289
				18,256,485
		Gas Utilities — 1.7%
	83,190	National Fuel Gas Co.		4,731,847
	130,590	Questar Corp.		3,313,069
				8,044,916
		Multi-Utilities — 5.3%
	266,230	CenterPoint Energy, Inc.		6,389,520
	142,510	CMS Energy Corp.		6,535,508
	55,530	Sempra Energy		6,331,531
	91,040	WEC Energy Group, Inc.		5,944,912
				25,201,471
		Total Utilities		51,502,872
		Total Common Stocks (Cost $323,555,264)		457,972,340

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 6.4%
		Investment Company — 6.4%
	30,465,680	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.380% (b) (l) (Cost $30,465,680)		30,465,680
		Total Investments — 103.0% (Cost $354,020,944)		488,438,020
		Liabilities in Excess of Other Assets — (3.0)%		(14,410,156	)
		NET ASSETS — 100.0%	$	474,027,864

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 is 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, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016 (Unaudited)

	Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	457,972,340
Investments in affiliates, at value		30,465,680
Total investment securities, at value		488,438,020
Receivables:
Investment securities sold		4,103,891
Portfolio shares sold		151,512
Dividends from non-affiliates		616,429
Dividends from affiliates		6,635
Total Assets		493,316,487
LIABILITIES:
Payables:
Investment securities purchased		17,980,375
Portfolio shares redeemed		1,023,335
Accrued liabilities:
Investment advisory fees		242,527
Administration fees		30,581
Custodian and accounting fees		5,437
Trustees’ and Chief Compliance Officer’s fees		6
Other		6,362
Total Liabilities		19,288,623
Net Assets	$	474,027,864
NET ASSETS:
Paid-in-Capital	$	322,771,239
Accumulated undistributed net investment income		2,088,880
Accumulated net realized gains (losses)		14,750,669
Net unrealized appreciation (depreciation)		134,417,076
Total Net Assets	$	474,027,864
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value)		46,352,341
Net Asset Value, offering and redemption price per share (a)	$	10.23
Cost of investments in non-affiliates	$	323,555,264
Cost of investments in affiliates		30,465,680

(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, 2016

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,858,506
Dividend income from affiliates		26,310
Total investment income		3,884,816
EXPENSES:
Investment advisory fees		1,398,329
Administration fees		176,646
Custodian and accounting fees		16,171
Professional fees		30,783
Trustees’ and Chief Compliance Officer’s fees		7,293
Printing and mailing costs		24,898
Transfer agency fees		2,937
Other		21,701
Total expenses		1,678,758
Less fees waived		(13,504	)
Net expenses		1,665,254
Net investment income (loss)		2,219,562
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		19,650,623
Change in net unrealized appreciation/depreciation on investments in non-affiliates		7,031,908
Net realized/unrealized gains (losses)		26,682,531
Change in net assets resulting from operations	$	28,902,093

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Value Portfolio
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,219,562		$	4,024,584
Net realized gain (loss)		19,650,623			24,032,286
Change in net unrealized appreciation/depreciation		7,031,908			(39,858,481	)
Change in net assets resulting from operations		28,902,093			(11,801,611	)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(3,917,647	)		(4,610,994	)
From net realized gains		(23,451,558	)		(35,231,833	)
Total distributions to shareholders		(27,369,205	)		(39,842,827	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		36,305,772			21,567,779
NET ASSETS:
Change in net assets		37,838,660			(30,076,659	)
Beginning of period		436,189,204			466,265,863
End of period	$	474,027,864		$	436,189,204
Accumulated undistributed net investment income	$	2,088,880		$	3,786,965
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	57,812,035		$	83,854,688
Distributions reinvested		27,369,205			39,842,827
Cost of shares redeemed		(48,875,468	)		(102,129,736	)
Change in net assets resulting from capital transactions	$	36,305,772		$	21,567,779
SHARE TRANSACTIONS:
Issued		5,657,315			7,684,304
Reinvested		2,734,186			3,675,538
Redeemed		(4,834,071	)		(9,423,227	)
Change in Shares		3,557,430			1,936,615

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2016 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
Six Months Ended June 30, 2016 (Unaudited)	$	10.19	$	0.05	(f)	$	0.63		$	0.68		$	(0.09	)	$	(0.55	)	$	(0.64	)
Year Ended December 31, 2015		11.41		0.09	(f)		(0.34	)		(0.25	)		(0.11	)		(0.86	)		(0.97	)
Year Ended December 31, 2014		10.57		0.11	(g)		1.41			1.52			(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	)

(a) Annualized for periods less than one year, unless otherwise noted.

(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 0.005% 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 $0.08 and the net investment income (loss) ratio would have been 0.77%.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2016

		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)
$	10.23		6.86	%	$	474,027,864		0.77	%		1.03	%		0.78	%		15	%
	10.19		(2.66	)		436,189,204		0.77			0.87			0.77			17
	11.41		15.11			466,265,863		0.79			1.03	(g)		0.79			25
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Portfolio’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Portfolio’s Administrator under the Administration Agreement.

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 Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Portfolio is calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Portfolio’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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)	$	488,438,020	$	—	$	—	$	488,438,020

(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, 2016.

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 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, 2016, 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 remains 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 an Investment Advisory Agreement, the Adviser supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex 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, 2016, 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 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 performing 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.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

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 and/or Administrator have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses of the Portfolio (excluding acquired fund fees and expenses, other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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, 2016 and is in place until at least April 30, 2017.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective May 1, 2016, the Adviser and/or the Administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. Prior to May 1, 2016, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2016 was $13,504.

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 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, 2016, the Portfolio 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, 2016, the Portfolio incurred $127 in brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended June 30, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
$74,762,836	$	65,516,304

During the six months ended June 30, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at June 30, 2016, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	354,020,944	$	146,461,733	$	12,044,657	$	134,417,076

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, 2015, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2015, the Portfolio had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017
$	2,706,566	*

* 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.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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 7, 2016.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2016, or at any time during the six months then ended.

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.

As of June 30, 2016, the Portfolio had two omnibus accounts which collectively represented 70.7% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

JUNE 30, 2016 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, 2016, and continued to hold your shares at the end of the reporting period, June 30, 2016.

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,068.60	$	3.96		0.77	%
Hypothetical		1,000.00		1,021.03		3.87		0.77

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

18 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. June 2016. SAN-JPMITMCVP-616

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2016 (Unaudited)

JPMorgan Insurance Trust Small Cap Core Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	16
Notes to Financial Statements	18
Schedule of Shareholder Expenses	22

Investments in the Portfolio are not 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 the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“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, 2016 (Unaudited)

Dear Shareholder,

The U.S. economy continued its slow expansion in 2016 despite economic weakness elsewhere and two punishing sell-offs in global financial markets. Growth in the U.S. was sufficient to prompt the U.S. Federal Reserve (the “Fed”) to raise interest rates in December 2015, but financial market turmoil in early 2016 and worrisome economic data forced the Fed to curtail further increases at its March and June meetings.

  “The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.”

Meanwhile, the resiliency of U.S. financial markets was a notable feature of the six months ended June 30, 2016. Equity prices slumped in the early part of the 2016, giving the Standard & Poor’s 500 Index (“S&P 500”) its worst start to any year on record, falling 5.07% by the end of January and slumping by 10% by mid-February. By the end of March, the index had clawed its way back to a level slightly above where it was when the year began.

In April, the International Monetary Fund (IMF) warned that the prolonged period of slow growth had left the global economy vulnerable to specific events or trends. Among those risks, the IMF cited financial market turmoil and Britain’s referendum on European Union (EU) membership.

On June 23, the U.K. vote to leave the EU shocked political leaders and sparked a sharp sell-off in global financial markets. The S&P 500 suffered a one-day decline of 3.59%. Within days, an estimated $3 trillion was erased from global financial markets. The resulting decline in the British pound was deep enough that France has now supplanted the U.K. as the world’s fifth largest economy. Ultimately, the impact of the “Brexit” referendum on U.S. financial markets was muted

and by June 30, 2016, equity prices rebounded. The S&P 500 posted a return of 3.84% for the first half of the year and stood 1.50% shy of its then-record intraday high of 2,130.82 points reached May 21, 2015.

Meanwhile, the sharp slowdown in U.S. job growth in May that had so worried Fed policymakers was short-lived. The U.S. economy added 287,000 jobs in June, far above the consensus forecast of 175,000 new jobs and the most of any month since October 2015. Wage growth over the first half of the year remained tepid, which helped corporate earnings and held down inflationary pressure.

Over the past six months, U.S. financial markets have both withstood and benefitted from turmoil in foreign financial markets. Investors seeking to reduce risk have bought both U.S. equities and U.S. Treasury bonds. Low growth in the EU and other developed markets and lingering concerns about the trajectory of China’s economy continued to drag on the U.S. economy. Notably, the U.S. economic expansion is halfway through its seventh year and the U.S. stock market’s bull market — defined as a rise of 20% or more in prices — is now the second longest on record.

The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		(0.47)%
Russell 2000 Index		2.22%
Net Assets as of 6/30/2016	$	127,599,304

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

U.S. financial markets were bracketed by sharp sell-offs at the start and end of the six months ended June 30, 2016. In January, the Standard & Poor’s 500 Index (S&P 500) suffered its worst start to any year on record amid worrisome data about China’s economy, slumping commodities prices and investor expectations of further slowing in the global economy. In June, the U.K. vote to leave the European Union sparked the worst single day historically in global markets. The sell-off drained an estimated $2.08 trillion from world financial markets on the Friday following the U.K. referendum, and $931 billion was lost the following Monday.

However, global equity markets rebounded sharply in the final days of June and the S&P 500 posted a return of 3.84% for the six month reporting period, closing just 1.50% below its then-record intraday high, set in May 2015. Overall, mid cap stocks generally outperformed both large cap and small cap stocks, and value stocks outperformed growth stocks. Among U.S. equities, the telecommunications and utilities sectors were generally the strongest performers, as investors sought high dividend yields and the perceived safety of those sectors. Financial sector stocks were the worst performers amid continued low interest rates and expectations of low growth globally.

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

The Portfolio’s Class 1 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended June 30, 2016. The Portfolio’s security selection in the consumer discretionary and financial services sectors was a leading detractor

from performance relative to the Benchmark, while the Portfolio’s security selection in the utilities and producer durables sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Delek U.S. Holdings Inc., Blucora Inc. and Office Depot, Inc. Shares of Delek, a petroleum refining and logistics company, fell after the company posted a first quarter loss. Shares of Blucora, formerly called InfoSpace, fell amid plans to sell its online search business and transform itself into a financial services technology provider. Shares of Office Depot, an office supply retail chain, declined after the collapse of a takeover bid from Staples Inc.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Heartware International, Inc., Talen Energy Corp. and Quad/Graphics, Inc. Shares of Heartware International, a medical device maker, rose following a $1.1 billion takeover offer from Medtronic PLC. Shares of Talen Energy, an electric utility company, rose following a $1.8 billion takeover offer from private equity firm Riverstone Holdings LLC. Shares of Quad/Graphics, a marketing services provider, rose after the company reported $1.01 billion in quarterly sales.

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, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Cash America International, Inc.	1.2	%
	2.	Take-Two Interactive Software, Inc.	1.1
	3.	Vectrus, Inc.	1.1
	4.	Sanmina Corp.	1.1
	5.	Quad/Graphics, Inc.	1.0
	6.	HeartWare International, Inc.	1.0
	7.	Portland General Electric Co.	1.0
	8.	Bloomin’ Brands, Inc.	1.0
	9.	Talen Energy Corp.	1.0
	10.	Molina Healthcare, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	24.5	%
Industrials	17.4
Information Technology	16.9
Health Care	12.7
Consumer Discretionary	10.3
Materials	3.9
Utilities	3.9
Energy	3.1
Consumer Staples	2.7
Telecommunication Services	0.9
Short-Term Investment	3.7

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

** The 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, 2016. The Portfolio’s composition is subject to change.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		(0.47	)%		(9.01	)%		9.17	%		6.05	%
CLASS 2 SHARES	April 24, 2009		(0.60	)		(9.24	)		8.89			5.85

* Not annualized.

TEN YEAR PERFORMANCE (6/30/06 TO 6/30/16)

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, 2006 to June 30, 2016. 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.

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, 2016

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.5%
		Consumer Discretionary — 10.2%
		Auto Components — 2.2%
	26,000	American Axle & Manufacturing Holdings, Inc. (a)		376,480
	32,200	Cooper Tire & Rubber Co.		960,204
	11,500	Cooper-Standard Holding, Inc. (a)		908,385
	2,700	Dana Holding Corp.		28,512
	12,900	Horizon Global Corp. (a)		146,415
	1,600	Stoneridge, Inc. (a)		23,904
	17,500	Tower International, Inc.		360,150
				2,804,050
		Diversified Consumer Services — 0.2%
	1,400	Capella Education Co.		73,696
	16,600	K12, Inc. (a)		207,334
				281,030
		Hotels, Restaurants & Leisure — 2.0%
	71,100	Bloomin’ Brands, Inc.		1,270,557
	14,900	Carrols Restaurant Group, Inc. (a)		177,310
	14,500	Isle of Capri Casinos, Inc. (a)		265,640
	22,200	Krispy Kreme Doughnuts, Inc. (a)		465,312
	18,300	Red Rock Resorts, Inc., Class A (a)		402,234
				2,581,053
		Household Durables — 1.2%
	11,000	Helen of Troy Ltd. (a)		1,131,240
	2,100	Libbey, Inc.		33,369
	15,000	Lifetime Brands, Inc.		218,850
	1,500	NACCO Industries, Inc., Class A		84,000
				1,467,459
		Leisure Products — 0.2%
	10,500	Nautilus, Inc. (a)		187,320
		Media — 0.9%
	47,000	Gray Television, Inc. (a)		509,950
	2,600	Nexstar Broadcasting Group, Inc., Class A		123,708
	17,800	Sinclair Broadcast Group, Inc., Class A		531,508
				1,165,166
		Specialty Retail — 3.4%
	4,100	Abercrombie & Fitch Co., Class A		73,021
	21,500	Caleres, Inc.		520,515
	19,000	Cato Corp. (The), Class A		716,680
	13,900	Children’s Place, Inc. (The)		1,114,502
	14,400	Express, Inc. (a)		208,944
	7,900	Kirkland’s, Inc. (a)		115,972
	149,745	Office Depot, Inc. (a)		495,656
	4,900	Outerwall, Inc.		205,800

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	164,200	Pier 1 Imports, Inc.		843,988
	10,800	Tilly’s, Inc., Class A (a)		62,532
				4,357,610
		Textiles, Apparel & Luxury Goods — 0.1%
	7,200	Perry Ellis International, Inc. (a)		144,864
		Total Consumer Discretionary		12,988,552
		Consumer Staples — 2.6%
		Food & Staples Retailing — 1.0%
	29,780	SpartanNash Co.		910,672
	30,300	SUPERVALU, Inc. (a)		143,016
	8,400	US Foods Holding Corp. (a)		203,616
	2,400	Village Super Market, Inc., Class A		69,336
				1,326,640
		Food Products — 1.5%
	19,600	Dean Foods Co.		354,564
	21,800	Pilgrim’s Pride Corp.		555,464
	3,000	Pinnacle Foods, Inc.		138,870
	4,900	Post Holdings, Inc. (a)		405,181
	2,600	Sanderson Farms, Inc.		225,264
	1,900	TreeHouse Foods, Inc. (a)		195,035
				1,874,378
		Household Products — 0.1%
	4,300	Central Garden & Pet Co., Class A (a)		93,353
		Personal Products — 0.0% (g)
	600	USANA Health Sciences, Inc. (a)		66,858
		Total Consumer Staples		3,361,229
		Energy — 3.1%
		Energy Equipment & Services — 1.5%
	24,300	Archrock, Inc.		228,906
	47,300	Atwood Oceanics, Inc.		592,196
	20,200	Helix Energy Solutions Group, Inc. (a)		136,552
	10,700	Matrix Service Co. (a)		176,443
	5,100	PHI, Inc. (a)		91,188
	2,400	Pioneer Energy Services Corp. (a)		11,040
	28,000	RigNet, Inc. (a)		374,920
	38,100	Seadrill Ltd., (United Kingdom) (a)		123,444
	10,212	Superior Energy Services, Inc.		188,003
				1,922,692
		Oil, Gas & Consumable Fuels — 1.6%
	23,000	Bill Barrett Corp. (a)		146,970
	6,000	Callon Petroleum Co. (a)		67,380
	4,800	Carrizo Oil & Gas, Inc. (a)		172,080

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	28,000	Delek U.S. Holdings, Inc.		369,880
	87,800	Denbury Resources, Inc.		315,202
	60,100	Eclipse Resources Corp. (a)		200,734
	55,500	EP Energy Corp., Class A (a)		287,490
	6,200	Green Plains, Inc.		122,264
	21,500	Renewable Energy Group, Inc. (a)		189,845
	1,000	REX American Resources Corp. (a)		59,830
	2,300	World Fuel Services Corp.		109,227
				2,040,902
		Total Energy		3,963,594
		Financials — 24.3%
		Banks — 8.6%
	11,900	Banc of California, Inc.		215,390
	10,700	BBCN Bancorp, Inc.		159,644
	6,200	Cathay General Bancorp		174,840
	1,364	Community Trust Bancorp, Inc.		47,276
	2,600	CU Bancorp (a)		59,098
	14,680	Customers Bancorp, Inc. (a)		368,908
	32,555	East West Bancorp, Inc.		1,112,730
	24,744	Fidelity Southern Corp.		387,738
	3,800	Financial Institutions, Inc.		99,066
	60,800	First BanCorp, (Puerto Rico) (a)		241,376
	3,800	First Business Financial Services, Inc.		89,186
	17,800	First Commonwealth Financial Corp.		163,760
	4,600	First Community Bancshares, Inc.		103,224
	3,800	First Financial Bancorp		73,910
	3,500	First Merchants Corp.		87,255
	7,300	First NBC Bank Holding Co. (a)		122,567
	4,100	Franklin Financial Network, Inc. (a)		128,576
	39,600	Fulton Financial Corp.		534,600
	26,125	Hanmi Financial Corp.		613,676
	10,700	Hilltop Holdings, Inc. (a)		224,593
	104,400	Huntington Bancshares, Inc.		933,336
	975	IBERIABANK Corp.		58,237
	3,300	MainSource Financial Group, Inc.		72,765
	2,371	NBT Bancorp, Inc.		67,882
	19,200	PacWest Bancorp		763,776
	39,400	Popular, Inc., (Puerto Rico)		1,154,420
	8,300	Preferred Bank		239,663
	1,600	Premier Financial Bancorp, Inc.		26,960
	4,000	PrivateBancorp, Inc.		176,120
	4,450	Sierra Bancorp		74,271
	3,200	Southern National Bancorp of Virginia, Inc.		38,880
	1,700	Stonegate Bank		54,859
	1,100	SVB Financial Group (a)		104,676

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	89,000	TCF Financial Corp.		1,125,850
	1,678	Towne Bank		36,322
	12,200	TriCo Bancshares		336,720
	11,700	TriState Capital Holdings, Inc. (a)		160,641
	4,800	Triumph Bancorp, Inc. (a)		76,800
	50,600	Wilshire Bancorp, Inc.		527,252
				11,036,843
		Capital Markets — 0.9%
	51,800	BGC Partners, Inc., Class A		451,178
	2,400	Evercore Partners, Inc., Class A		106,056
	3,900	Houlihan Lokey, Inc.		87,243
	11,200	INTL. FCStone, Inc. (a)		305,648
	3,200	Piper Jaffray Cos. (a)		120,640
	1,100	Stifel Financial Corp. (a)		34,595
				1,105,360
		Consumer Finance — 1.2%
	35,000	Cash America International, Inc.		1,491,700
		Diversified Financial Services — 0.3%
	4,100	Bats Global Markets, Inc. (a)		105,329
	9,600	FNFV Group (a)		110,112
	900	MarketAxess Holdings, Inc.		130,860
				346,301
		Insurance — 2.4%
	28,700	American Equity Investment Life Holding Co.		408,975
	5,825	Aspen Insurance Holdings Ltd., (Bermuda)		270,163
	39,300	CNO Financial Group, Inc.		686,178
	9,000	First American Financial Corp.		361,980
	4,900	HCI Group, Inc.		133,672
	1,400	Horace Mann Educators Corp.		47,306
	4,000	Maiden Holdings Ltd., (Bermuda)		48,960
	2,700	National General Holdings Corp.		57,834
	2,800	Selective Insurance Group, Inc.		106,988
	16,100	Stewart Information Services Corp.		666,701
	3,200	United Fire Group, Inc.		135,776
	8,400	Universal Insurance Holdings, Inc.		156,072
	1,006	Validus Holdings Ltd., (Bermuda)		48,882
				3,129,487
		Real Estate Investment Trusts (REITs) — 9.2%
	900	Agree Realty Corp.		43,416
	9,300	American Assets Trust, Inc.		394,692
	3,483	American Campus Communities, Inc.		184,146
	7,600	Armada Hoffler Properties, Inc.		104,424
	117,500	Ashford Hospitality Trust, Inc.		630,975

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Real Estate Investment Trusts (REITs) — continued
	15,400	Bluerock Residential Growth REIT, Inc.		200,200
	104,300	Capstead Mortgage Corp.		1,011,710
	7,100	Chatham Lodging Trust		156,058
	6,200	Chesapeake Lodging Trust		144,150
	6,800	CoreSite Realty Corp.		603,092
	18,000	Cousins Properties, Inc.		187,200
	7,800	CubeSmart		240,864
	2,000	CyrusOne, Inc.		111,320
	6,543	DCT Industrial Trust, Inc.		314,326
	7,600	DDR Corp.		137,864
	12,800	DiamondRock Hospitality Co.		115,584
	4,400	Easterly Government Properties, Inc.		86,812
	6,233	Education Realty Trust, Inc.		287,590
	3,200	EPR Properties		258,176
	2,100	Equity One, Inc.		67,578
	33,700	First Industrial Realty Trust, Inc.		937,534
	2,500	Franklin Street Properties Corp.		30,675
	15,700	GEO Group, Inc. (The)		536,626
	4,200	Government Properties Income Trust		96,852
	22,600	Gramercy Property Trust		208,372
	5,900	Highwoods Properties, Inc.		311,520
	4,600	Hudson Pacific Properties, Inc.		134,228
	6,500	InfraREIT, Inc.		114,010
	10,400	LTC Properties, Inc.		537,992
	2,500	Parkway Properties, Inc.		41,825
	1,475	PS Business Parks, Inc.		156,468
	7,100	RAIT Financial Trust		22,223
	2,200	Ramco-Gershenson Properties Trust		43,142
	17,400	Redwood Trust, Inc.		240,294
	42,600	Retail Opportunity Investments Corp.		923,142
	17,400	Rexford Industrial Realty, Inc.		366,966
	16,700	RLJ Lodging Trust		358,215
	300	Sovran Self Storage, Inc.		31,476
	38,000	Summit Hotel Properties, Inc.		503,120
	2,100	Sun Communities, Inc.		160,944
	29,625	Sunstone Hotel Investors, Inc.		357,574
	17,700	Xenia Hotels & Resorts, Inc.		297,006
				11,690,381
		Thrifts & Mortgage Finance — 1.7%
	14,700	Dime Community Bancshares, Inc.		250,047
	28,400	Flagstar Bancorp, Inc. (a)		693,244
	900	Home Bancorp, Inc.		24,723
	32,300	HomeStreet, Inc. (a)		643,416
	5,700	Meta Financial Group, Inc.		290,472
	6,700	PennyMac Financial Services, Inc., Class A (a)		83,683

SHARES		SECURITY DESCRIPTION	VALUE($)
		Thrifts & Mortgage Finance — continued
	6,700	Walker & Dunlop, Inc. (a)		152,626
	1,400	Washington Federal, Inc.		33,964
				2,172,175
		Total Financials		30,972,247
		Health Care — 12.6%
		Biotechnology — 4.4%
	3,400	Acceleron Pharma, Inc. (a)		115,532
	10,700	Achillion Pharmaceuticals, Inc. (a)		83,460
	8,600	Acorda Therapeutics, Inc. (a)		219,343
	4,300	Adamas Pharmaceuticals, Inc. (a)		65,102
	8,100	Aduro Biotech, Inc. (a)		91,611
	800	Adverum Biotechnologies, Inc. (a)		2,528
	1,300	Agios Pharmaceuticals, Inc. (a)		54,464
	8,600	AMAG Pharmaceuticals, Inc. (a)		205,712
	15,100	Amicus Therapeutics, Inc. (a)		82,446
	10,400	Applied Genetic Technologies Corp. (a)		146,952
	5,500	Bellicum Pharmaceuticals, Inc. (a)		71,280
	5,900	Bluebird Bio, Inc. (a)		255,411
	10,300	Blueprint Medicines Corp. (a)		208,575
	14,400	Cara Therapeutics, Inc. (a)		69,264
	31,000	Celldex Therapeutics, Inc. (a)		136,090
	6,400	Clovis Oncology, Inc. (a)		87,808
	6,600	Coherus Biosciences, Inc. (a)		111,474
	7,100	Corvus Pharmaceuticals, Inc. (a)		101,246
	7,200	Dimension Therapeutics, Inc. (a)		43,200
	17,300	Epizyme, Inc. (a)		177,152
	6,100	Esperion Therapeutics, Inc. (a)		60,268
	5,700	FibroGen, Inc. (a)		93,537
	6,000	Global Blood Therapeutics, Inc. (a)		99,540
	4,300	Immune Design Corp. (a)		35,088
	20,700	Infinity Pharmaceuticals, Inc. (a)		27,531
	15,300	Insmed, Inc. (a)		150,858
	2,500	Intellia Therapeutics, Inc. (a)		53,375
	15,400	Karyopharm Therapeutics, Inc. (a)		103,334
	700	Loxo Oncology, Inc. (a)		16,226
	10,400	MacroGenics, Inc. (a)		280,696
	7,200	Neurocrine Biosciences, Inc. (a)		327,240
	3,700	Ophthotech Corp. (a)		188,811
	5,200	Puma Biotechnology, Inc. (a)		154,908
	38,474	Raptor Pharmaceutical Corp. (a)		206,605
	5,700	Sage Therapeutics, Inc. (a)		171,741
	12,700	Selecta Biosciences, Inc. (a)		177,673
	2,300	Seres Therapeutics, Inc. (a)		66,815
	3,900	Spark Therapeutics, Inc. (a)		199,407
	42,500	Synergy Pharmaceuticals, Inc. (a)		161,500

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Biotechnology — continued
	4,400	Ultragenyx Pharmaceutical, Inc. (a)		215,204
	27,400	Vitae Pharmaceuticals, Inc. (a)		295,646
	8,300	Voyager Therapeutics, Inc. (a)		91,217
	9,900	Xencor, Inc. (a)		188,001
				5,693,871
		Health Care Equipment & Supplies — 3.4%
	9,500	AngioDynamics, Inc. (a)		136,515
	6,500	Cynosure, Inc., Class A (a)		316,192
	8,600	Greatbatch, Inc. (a)		265,998
	22,434	HeartWare International, Inc. (a)		1,295,564
	2,500	ICU Medical, Inc. (a)		281,875
	11,900	Inogen, Inc. (a)		596,309
	9,300	NuVasive, Inc. (a)		555,396
	38,900	OraSure Technologies, Inc. (a)		229,899
	6,700	Orthofix International N.V. (a)		284,080
	900	Penumbra, Inc. (a)		53,550
	4,400	West Pharmaceutical Services, Inc.		333,872
				4,349,250
		Health Care Providers & Services — 3.9%
	5,797	American Renal Associates Holdings, Inc. (a)		167,939
	10,713	Amsurg Corp. (a)		830,686
	9,200	Civitas Solutions, Inc. (a)		191,636
	73,600	Cross Country Healthcare, Inc. (a)		1,024,512
	21,600	Kindred Healthcare, Inc.		243,864
	24,000	Molina Healthcare, Inc. (a)		1,197,600
	8,000	Owens & Minor, Inc.		299,040
	11,000	PharMerica Corp. (a)		271,260
	9,600	Surgical Care Affiliates, Inc. (a)		457,632
	2,800	WellCare Health Plans, Inc. (a)		300,384
				4,984,553
		Life Sciences Tools & Services — 0.1%
	2,600	Cambrex Corp. (a)		134,498
		Pharmaceuticals — 0.8%
	6,600	Amphastar Pharmaceuticals, Inc. (a)		106,392
	4,300	Flex Pharma, Inc. (a)		43,903
	7,200	Intra-Cellular Therapies, Inc. (a)		279,504
	5,100	Medicines Co. (The) (a)		171,513
	2,500	Pacira Pharmaceuticals, Inc. (a)		84,325
	10,053	Reata Pharmaceuticals, Inc., Class A (a)		198,547
	7,200	Revance Therapeutics, Inc. (a)		97,920
				982,104
		Total Health Care		16,144,276

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 17.3%
		Aerospace & Defense — 1.8%
	12,700	AAR Corp.		296,418
	10,100	Engility Holdings, Inc. (a)		213,312
	4,700	HEICO Corp., Class A		252,155
	2,500	Moog, Inc., Class A (a)		134,800
	47,700	Vectrus, Inc. (a)		1,358,972
				2,255,657
		Air Freight & Logistics — 0.3%
	8,900	Atlas Air Worldwide Holdings, Inc. (a)		368,638
	2,900	Park-Ohio Holdings Corp.		82,012
				450,650
		Airlines — 1.4%
	27,300	Hawaiian Holdings, Inc. (a)		1,036,308
	27,700	SkyWest, Inc.		732,942
				1,769,250
		Building Products — 1.6%
	13,300	American Woodmark Corp. (a)		882,854
	17,900	NCI Building Systems, Inc. (a)		286,221
	9,400	Universal Forest Products, Inc.		871,286
				2,040,361
		Commercial Services & Supplies — 3.6%
	11,000	ABM Industries, Inc.		401,280
	112,900	ACCO Brands Corp. (a)		1,166,257
	20,400	Essendant, Inc.		623,424
	2,000	Herman Miller, Inc.		59,780
	12,700	Interface, Inc.		193,675
	9,300	Kimball International, Inc., Class B		105,834
	56,900	Quad/Graphics, Inc.		1,325,201
	23,300	Steelcase, Inc., Class A		316,181
	3,000	Viad Corp.		93,000
	600	VSE Corp.		40,080
	12,100	West Corp.		237,886
				4,562,598
		Construction & Engineering — 1.1%
	11,475	EMCOR Group, Inc.		565,259
	25,200	MasTec, Inc. (a)		562,464
	10,118	Tutor Perini Corp. (a)		238,279
				1,366,002
		Electrical Equipment — 1.4%
	5,700	EnerSys		338,979
	84,300	General Cable Corp.		1,071,453
	6,000	Powell Industries, Inc.		236,040

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Electrical Equipment — continued
	2,600	Regal Beloit Corp.		143,130
				1,789,602
		Machinery — 3.1%
	4,600	Barnes Group, Inc.		152,352
	3,900	Columbus McKinnon Corp.		55,185
	12,200	Federal Signal Corp.		157,136
	43,200	Global Brass & Copper Holdings, Inc.		1,178,928
	4,100	Greenbrier Cos., Inc. (The)		119,433
	1,600	Hurco Cos., Inc.		44,528
	3,000	Hyster-Yale Materials Handling, Inc.		178,470
	7,300	Joy Global, Inc.		154,322
	5,800	Kadant, Inc.		298,758
	2,500	Kennametal, Inc.		55,275
	82,000	Meritor, Inc. (a)		590,400
	900	Standex International Corp.		74,367
	7,600	TriMas Corp. (a)		136,800
	64,600	Wabash National Corp. (a)		820,420
				4,016,374
		Marine — 0.0% (g)
	1,200	Matson, Inc.		38,748
		Professional Services — 1.9%
	24,000	Barrett Business Services, Inc.		991,680
	3,700	CRA International, Inc. (a)		93,314
	2,800	Insperity, Inc.		216,244
	1,500	Kelly Services, Inc., Class A		28,455
	9,500	RPX Corp. (a)		87,115
	7,500	TriNet Group, Inc. (a)		155,925
	24,600	TrueBlue, Inc. (a)		465,432
	5,700	WageWorks, Inc. (a)		340,917
				2,379,082
		Road & Rail — 0.8%
	42,400	ArcBest Corp.		689,000
	2,000	Universal Logistics Holdings, Inc.		25,800
	29,200	YRC Worldwide, Inc. (a)		256,960
				971,760
		Trading Companies & Distributors — 0.3%
	6,600	Applied Industrial Technologies, Inc.		297,924
	2,300	SiteOne Landscape Supply, Inc. (a)		78,177
				376,101
		Total Industrials		22,016,185

SHARES		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 16.8%
		Communications Equipment — 0.9%
	15,800	Comtech Telecommunications Corp.		202,872
	31,661	EMCORE Corp. (a)		188,067
	213,600	Extreme Networks, Inc. (a)		724,104
				1,115,043
		Electronic Equipment, Instruments & Components — 3.2%
	26,600	Benchmark Electronics, Inc. (a)		562,590
	36,600	Insight Enterprises, Inc. (a)		951,600
	22,325	Kimball Electronics, Inc. (a)		277,946
	1,900	Littelfuse, Inc.		224,561
	6,500	Methode Electronics, Inc.		222,495
	50,300	Sanmina Corp. (a)		1,348,543
	6,000	Tech Data Corp. (a)		431,100
				4,018,835
		Internet Software & Services — 2.5%
	7,300	Carbonite, Inc. (a)		71,029
	7,000	Cornerstone OnDemand, Inc. (a)		266,420
	42,298	Everyday Health, Inc. (a)		333,308
	24,600	Five9, Inc. (a)		292,740
	2,400	Q2 Holdings, Inc. (a)		67,248
	122,000	RetailMeNot, Inc. (a)		940,620
	8,500	Twilio, Inc., Class A (a)		310,250
	5,000	Web.com Group, Inc. (a)		90,900
	9,644	WebMD Health Corp. (a)		560,413
	23,600	Xactly Corp. (a)		302,316
				3,235,244
		IT Services — 2.3%
	1,500	Blackhawk Network Holdings, Inc. (a)		50,235
	8,600	Euronet Worldwide, Inc. (a)		595,034
	1,800	EVERTEC, Inc., (Puerto Rico)		27,972
	6,800	ExlService Holdings, Inc. (a)		356,388
	37,200	Planet Payment, Inc. (a)		167,028
	4,300	Science Applications International Corp.		250,905
	11,000	Sykes Enterprises, Inc. (a)		318,560
	57,746	Travelport Worldwide Ltd., (United Kingdom)		744,346
	66,200	Unisys Corp. (a)		481,936
				2,992,404
		Semiconductors & Semiconductor Equipment — 3.4%
	1,300	Acacia Communications, Inc. (a)		51,922
	9,400	Advanced Energy Industries, Inc. (a)		356,824
	6,050	Alpha & Omega Semiconductor Ltd. (a)		84,277
	22,775	Amkor Technology, Inc. (a)		130,956
	6,000	Cirrus Logic, Inc. (a)		232,740
	23,300	Cohu, Inc.		252,805

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Semiconductors & Semiconductor Equipment — continued
	76,815	Cypress Semiconductor Corp.		810,398
	11,400	First Solar, Inc. (a)		552,672
	51,200	IXYS Corp.		524,800
	3,600	Nanometrics, Inc. (a)		74,844
	11,200	NeoPhotonics Corp. (a)		106,736
	8,400	PDF Solutions, Inc. (a)		117,516
	62,700	Sigma Designs, Inc. (a)		403,161
	62,700	Ultra Clean Holdings, Inc. (a)		356,763
	52,700	Xcerra Corp. (a)		303,025
				4,359,439
		Software — 4.5%
	43,200	AVG Technologies N.V., (Netherlands) (a)		820,368
	3,500	Manhattan Associates, Inc. (a)		224,455
	21,600	Pegasystems, Inc.		582,120
	6,940	PTC, Inc. (a)		260,805
	22,200	Qlik Technologies, Inc. (a)		656,676
	2,400	Qualys, Inc. (a)		71,544
	6,800	Rapid7, Inc. (a)		85,544
	33,100	RingCentral, Inc., Class A (a)		652,732
	56,400	Rovi Corp. (a)		882,096
	38,200	Take-Two Interactive Software, Inc. (a)		1,448,544
	3,500	VASCO Data Security International, Inc. (a)		57,365
				5,742,249
		Total Information Technology		21,463,214
		Materials — 3.9%
		Chemicals — 1.9%
	2,500	FutureFuel Corp.		27,200
	13,900	Innophos Holdings, Inc.		586,719
	900	Innospec, Inc.		41,391
	9,900	Minerals Technologies, Inc.		562,320
	11,200	OMNOVA Solutions, Inc. (a)		81,200
	27,800	Trinseo S.A. (a)		1,193,454
				2,492,284
		Containers & Packaging — 0.7%
	2,500	AEP Industries, Inc.		201,150
	7,500	Berry Plastics Group, Inc. (a)		291,375
	27,700	Graphic Packaging Holding Co.		347,358
				839,883
		Metals & Mining — 0.7%
	15,400	Commercial Metals Co.		260,260
	26,900	Ryerson Holding Corp. (a)		470,750
	3,400	Worthington Industries, Inc.		143,820
				874,830

SHARES		SECURITY DESCRIPTION	VALUE($)
		Paper & Forest Products — 0.6%
	10,500	Boise Cascade Co. (a)		240,975
	15,300	Schweitzer-Mauduit International, Inc.		539,784
				780,759
		Total Materials		4,987,756
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.9%
	4,400	8x8, Inc. (a)		64,284
	5,700	IDT Corp., Class B		80,883
	50,200	Inteliquent, Inc.		998,478
		Total Telecommunication Services		1,143,645
		Utilities — 3.8%
		Electric Utilities — 1.9%
	1,125	El Paso Electric Co.		53,179
	5,100	IDACORP, Inc.		414,885
	2,650	MGE Energy, Inc.		149,765
	29,075	Portland General Electric Co.		1,282,789
	15,200	Spark Energy, Inc., Class A		502,360
	1,800	Westar Energy, Inc.		100,962
				2,503,940
		Gas Utilities — 0.5%
	419	AGL Resources, Inc.		27,641
	10,600	New Jersey Resources Corp.		408,630
	2,500	Southwest Gas Corp.		196,775
				633,046
		Independent Power & Renewable Electricity Producers — 1.3%
	8,400	Atlantic Power Corp.		20,832
	12,300	Dynegy, Inc. (a)		212,052
	93,700	Talen Energy Corp. (a)		1,269,635
	51,100	TerraForm Global, Inc., Class A		166,586
				1,669,105
		Water Utilities — 0.1%
	1,600	American States Water Co.		70,112
	1,900	Consolidated Water Co., Ltd., (Cayman Islands)		24,814
				94,926
		Total Utilities		4,901,017
		Total Common Stocks (Cost $105,868,210)		121,941,715

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2016

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrant — 0.0%
		Financials — 0.0%
		Consumer Finance — 0.0%
	355	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (Cost $—) (a)		—
SHARES
	Short-Term Investment — 3.7%
		Investment Company — 3.7%
	4,693,283	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.380% (b) (l) (Cost $4,693,283)		4,693,283
		Total Investments — 99.2% (Cost $110,561,493)		126,634,998
		Other Assets in Excess of Liabilities — 0.8%		964,306
		NET ASSETS — 100.0%	$	127,599,304

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	50	E-mini Russell 2000		09/16/16		USD	$	5,737,000	$	74,235

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

USD	—  United States Dollar
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is 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 0.05%.
(l)	—  The rate shown is the current yield as of June 30, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016 (Unaudited)

	Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	121,941,715
Investments in affiliates, at value		4,693,283
Total investment securities, at value		126,634,998
Deposits at broker for futures contracts		280,000
Receivables:
Investment securities sold		1,143,236
Portfolio shares sold		181,012
Dividends from non-affiliates		154,720
Dividends from affiliates		894
Variation margin on futures contracts		85,671
Total Assets		128,480,531
LIABILITIES:
Payables:
Due to custodian		1,852
Investment securities purchased		479,066
Portfolio shares redeemed		296,183
Accrued liabilities:
Investment advisory fees		67,173
Administration fees		8,456
Distribution fees		230
Custodian and accounting fees		8,320
Other		19,947
Total Liabilities		881,227
Net Assets	$	127,599,304
NET ASSETS:
Paid-in-Capital	$	116,132,747
Accumulated undistributed net investment income		453,779
Accumulated net realized gains (losses)		(5,134,962	)
Net unrealized appreciation (depreciation)		16,147,740
Total Net Assets	$	127,599,304
Net Assets:
Class 1	$	126,520,987
Class 2		1,078,317
Total	$	127,599,304
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		6,795,185
Class 2		58,331
Net Asset Value, offering and redemption price per share (a):
Class 1	$	18.62
Class 2		18.49
Cost of investments in non-affiliates	$	105,868,210
Cost of investments in affiliates		4,693,283

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

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2016

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	927,240
Dividend income from affiliates		6,605
Total investment income		933,845
EXPENSES:
Investment advisory fees		384,824
Administration fees		48,610
Distribution fees — Class 2		1,402
Custodian and accounting fees		18,736
Professional fees		25,673
Trustees’ and Chief Compliance Officer’s fees		6,387
Printing and mailing costs		17,327
Transfer agency fees — Class 1		2,153
Transfer agency fees — Class 2		101
Other		7,368
Total expenses		512,581
Less fees waived		(4,022	)
Net expenses		508,559
Net investment income (loss)		425,286
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(3,967,197	)
Futures		14,901
Net realized gains (losses)		(3,952,296	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		3,205,579
Futures		25,747
Change in net unrealized appreciation/depreciation		3,231,326
Net realized/unrealized gains (losses)		(720,970	)
Change in net assets resulting from operations	$	(295,684	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Small Cap Core Portfolio
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	425,286		$	689,667
Net realized gain (loss)		(3,952,296	)		10,551,313
Change in net unrealized appreciation/depreciation		3,231,326			(18,930,961	)
Change in net assets resulting from operations		(295,684	)		(7,689,981	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(678,458	)		(177,325	)
From net realized gains		(10,603,179	)		(12,517,152	)
Class 2
From net investment income		(2,093	)		—
From net realized gains		(98,949	)		(155,628	)
Total distributions to shareholders		(11,382,679	)		(12,850,105	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		15,191,640			31,849,610
NET ASSETS:
Change in net assets		3,513,277			11,309,524
Beginning of period		124,086,027			112,776,503
End of period	$	127,599,304		$	124,086,027
Accumulated undistributed net investment income	$	453,779		$	709,044
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	20,328,041		$	52,276,467
Distributions reinvested		11,281,637			12,694,477
Cost of shares redeemed		(16,384,787	)		(32,966,476	)
Change in net assets resulting from Class 1 capital transactions	$	15,224,891		$	32,004,468
Class 2
Proceeds from shares issued	$	67,052		$	220,990
Distributions reinvested		101,042			155,628
Cost of shares redeemed		(201,345	)		(531,476	)
Change in net assets resulting from Class 2 capital transactions	$	(33,251	)	$	(154,858	)
Total change in net assets resulting from capital transactions	$	15,191,640		$	31,849,610
SHARE TRANSACTIONS:
Class 1
Issued		1,065,366			2,240,673
Reinvested		617,157			564,199
Redeemed		(861,862	)		(1,450,348	)
Change in Class 1 Shares		820,661			1,354,524
Class 2
Issued		3,666			9,901
Reinvested		5,564			6,966
Redeemed		(10,779	)		(23,956	)
Change in Class 2 Shares		(1,549	)		(7,089	)

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2016 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
Class 1
Six Months Ended June 30, 2016 (Unaudited)	$	20.56	$	0.07	(f)	$	(0.20	)	$	(0.13	)	$	(0.11	)	$	(1.70	)	$	(1.81	)
Year Ended December 31, 2015		24.06		0.13	(f)		(1.19	)		(1.06	)		(0.03	)		(2.41	)		(2.44	)
Year Ended December 31, 2014		24.03		0.04	(f)(g)		1.98			2.02			(0.03	)		(1.96	)		(1.99	)
Year Ended December 31, 2013		16.98		0.05	(f)(h)		7.11			7.16			(0.11	)		—			(0.11	)
Year Ended December 31, 2012		14.22		0.13	(i)		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	)
Class 2
Six Months Ended June 30, 2016 (Unaudited)		20.38		0.04	(f)		(0.19	)		(0.15	)		(0.04	)		(1.70	)		(1.74	)
Year Ended December 31, 2015		23.90		0.07	(f)		(1.18	)		(1.11	)		—			(2.41	)		(2.41	)
Year Ended December 31, 2014		23.91		(0.02	)(f)(g)		1.97			1.95			—			(1.96	)		(1.96	)
Year Ended December 31, 2013		16.90		(0.01	)(f)(h)		7.09			7.08			(0.07	)		—			(0.07	)
Year Ended December 31, 2012		14.16		0.09	(i)		2.65			2.74			—			—			—
Year Ended December 31, 2011		14.91		—	(j)		(0.75	)		(0.75	)		—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(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 0.005% 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 $0.03 and $(0.03) for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.14% and (0.14)% 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) 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.

(j) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2016

		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)
$	18.62		(0.47	)%	$	126,520,987		0.86	%		0.72	%		0.86	%		37	%
	20.56		(5.28	)		122,865,455		0.85			0.56			0.86			52
	24.06		9.59			111,175,638		0.87			0.19	(g)		0.87			54
	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	(i)		0.94			44
	14.22		(4.77	)		58,405,012		0.95			0.23			0.95			46
	18.49		(0.60	)		1,078,317		1.12			0.44			1.13			37
	20.38		(5.55	)		1,220,572		1.14			0.30			1.15			52
	23.90		9.30			1,600,865		1.12			(0.09	)(g)		1.13			54
	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	(i)		1.19			44
	14.16		(5.03	)		1,765,773		1.20			(0.02	)		1.20			46

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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 transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Portfolio’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Portfolio’s Administrator under the Administration Agreement.

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 Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the 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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Portfolio’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2016

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	126,634,998	$	—	$	—	(b)	$	126,634,998
Appreciation in Other Financial Instruments
Futures Contracts	$	74,235	$	—	$	—		$	74,235

(a) Portfolio holdings designated in Level 1 and Level 3 are disclosed individually in the SOI. Level 3 consists of warrants. Please refer to the SOI for industry specifics of the portfolio holdings.

(b) Value is zero.

There were no transfers among any levels during the six months ended June 30, 2016.

B. Futures Contracts — The Portfolio used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Portfolio also bought futures contracts to invest incoming cash in the market or sold 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 on 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 on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on 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, 2016:

Futures Contracts:
Average Notional Balance Long	$	3,987,551
Ending Notional Balance Long		5,737,000

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 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.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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, 2016, 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 remains 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 an Investment Advisory Agreement, the Adviser supervises the investments of the Portfolio and for such services is paid a fee. The fee is accrued daily and paid monthly based on the Portfolio’s average daily net assets at an annual rate of 0.65%.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Portfolio. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex 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, 2016, 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 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 performing 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/or Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses of the Portfolio (excluding acquired fund fees and expenses, other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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 agreement was in effect for the six months ended June 30, 2016 and is in place until at least April 30, 2017.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective May 1, 2016, the Adviser, Administrator and/or the Distributor have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. Prior to May 1, 2016, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2016 was $4,022.

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.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2016

The Board 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, 2016, the Portfolio 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, 2016, the Portfolio incurred $1 in brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended June 30, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	46,453,937	$	43,005,260

During the six months ended June 30, 2016, 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, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	110,561,493	$	25,895,302	$	9,821,797	$	16,073,505

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, 2015, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2015, the Portfolio had the following pre-enactment net capital loss carryforwards, expiring during the year indicated, which are available to offset future realized gains:

2017
$	230,070	*

* 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 7, 2016.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2016, or at any time during the six months then ended.

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.

As of June 30, 2016, the Portfolio had two omnibus accounts which collectively represented 50.0% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 21

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Portfolio, you incur ongoing costs, including investment advisory fees, administration fees, distribution fees (for Class 2 Shares) and other Portfolio expenses. Because the Portfolio is a funding vehicle for Policies and Eligible Plans, you may also incur sales charges and other fees relating to the Policies or Eligible Plans. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio, but not the costs of the Policies or Eligible Plans, and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2016, and continued to hold your shares at the end of the reporting period, June 30, 2016.

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	995.30	$	4.27		0.86	%
Hypothetical		1,000.00		1,020.59		4.32		0.86
Class 2
Actual		1,000.00		994.00		5.55		1.12
Hypothetical		1,000.00		1,019.29		5.62		1.12

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

22 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016. All rights reserved. June 2016. SAN-JPMITSCCP-616

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2016 (Unaudited)

JPMorgan Insurance Trust U.S. Equity Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
   

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	8
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	18

Investments in the Portfolio are not 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 the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“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, 2016 (Unaudited)

Dear Shareholder,

The U.S. economy continued its slow expansion in 2016 despite economic weakness elsewhere and two punishing sell-offs in global financial markets. Growth in the U.S. was sufficient to prompt the U.S. Federal Reserve (the “Fed”) to raise interest rates in December 2015, but financial market turmoil in early 2016 and worrisome economic data forced the Fed to curtail further increases at its March and June meetings.

  “The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.”

Meanwhile, the resiliency of U.S. financial markets was a notable feature of the six months ended June 30, 2016. Equity prices slumped in the early part of the 2016, giving the Standard & Poor’s 500 Index (“S&P 500”) its worst start to any year on record, falling 5.07% by the end of January and slumping by 10% by mid-February. By the end of March, the index had clawed its way back to a level slightly above where it was when the year began.

In April, the International Monetary Fund (IMF) warned that the prolonged period of slow growth had left the global economy vulnerable to specific events or trends. Among those risks, the IMF cited financial market turmoil and Britain’s referendum on European Union (EU) membership.

On June 23, the U.K. vote to leave the EU shocked political leaders and sparked a sharp sell-off in global financial markets. The S&P 500 suffered a one-day decline of 3.59%. Within days, an estimated $3 trillion was erased from global financial markets. The resulting decline in the British pound was deep enough that France has now supplanted the U.K. as the world’s fifth largest economy. Ultimately, the impact of the “Brexit” referendum on U.S. financial markets was muted and by

June 30, 2016, equity prices rebounded. The S&P 500 posted a return of 3.84% for the first half of the year and stood 1.50% shy of its then-record intraday high of 2,130.82 points reached May 21, 2015.

Meanwhile, the sharp slowdown in U.S. job growth in May that had so worried Fed policymakers was short-lived. The U.S. economy added 287,000 jobs in June, far above the consensus forecast of 175,000 new jobs and the most of any month since October 2015. Wage growth over the first half of the year remained tepid, which helped corporate earnings and held down inflationary pressure.

Over the past six months, U.S. financial markets have both withstood and benefitted from turmoil in foreign financial markets. Investors seeking to reduce risk have bought both U.S. equities and U.S. Treasury bonds. Low growth in the EU and other developed markets and lingering concerns about the trajectory of China’s economy continued to drag on the U.S. economy. Notably, the U.S. economic expansion is halfway through its seventh year and the U.S. stock market’s bull market — defined as a rise of 20% or more in prices — is now the second longest on record.

The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

JUNE 30, 2016 J.P. MORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		0.10%
S&P 500 Index**		3.84%
Net Assets as of 6/30/2016	$	95,304,435

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?

U.S. financial markets were bracketed by sharp sell-offs at the start and end of the six months ended June 30, 2016. In January, the Standard & Poor’s 500 Index (S&P 500) suffered its worst start to any year on record amid worrisome data about China’s economy, slumping commodities prices and investor expectations of further slowing in the global economy. In June, the U.K. vote to leave the European Union sparked the worst single day historically in global markets. The sell-off drained an estimated $2.08 trillion from world financial markets on the Friday following the U.K. referendum and $931 billion was lost the following Monday.

However, global equity markets rebounded sharply in the final days of June and the S&P 500 posted a return of 3.84% for the six month reporting period, closing just 1.50% below its then-record intraday high, set in May 2015. Overall, mid cap stocks generally outperformed both large cap and small cap stocks, and value stocks outperformed growth stocks. Among U.S. equities, the telecommunications and utilities sectors were generally the strongest performers as investors sought high dividend yields and the perceived safety of those sectors. Financial sector stocks were the worst performers amid continued low interest rates and expectations of low growth globally.

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

The Portfolio’s Class 1 Shares underperformed the S&P 500 (the “Benchmark) for the six months ended June 30, 2016. The Portfolio’s security selection in the pharmaceuticals/medical technology sector and its security selection and overweight position in the banks/brokerages sector were leading detractors from performance relative to the Benchmark. The Portfolio’s

security selection in the health services/systems and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Portfolio’s underweight position in Johnson & Johnson and its overweight positions in General Motors Co. and Royal Caribbean Cruises Ltd. Shares of Johnson & Johnson, a maker of consumer health products that was not held in the Portfolio, rose on analysts’ expectations for continued revenue growth and profit margin expansion. Shares of General Motors, an auto maker, fell following a decline in monthly sales. Shares of Royal Caribbean, a cruise ship operator, fell on investor expectations that terrorist threats and the spread of the Zika virus would reduce travel tourism.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in UnitedHealth Group Inc., Chubb Ltd. and Time Warner Inc. Shares of UnitedHealth, a health insurer, rose after the company posted better than expected earnings and won a significant pharmacy benefits management contract. Shares of Chubb, a property insurer, rose on better than expected quarterly results and expense management following its merger with ACE Ltd. Shares of Time Warner, a media and entertainment company, rose on continued growth of its business and investor expectations of advertising revenue growth during the U.S. elections cycle.

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’s largest average overweight positions compared with the Benchmark were in the insurance and banks/brokerages sectors and its largest average underweight positions were in the consumer staples and retail sectors.

2 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	3.3	%
	2.	Wells Fargo & Co.	2.5
	3.	Occidental Petroleum Corp.	2.4
	4.	Lowe’s Cos., Inc.	2.3
	5.	Apple, Inc.	2.3
	6.	Alphabet, Inc., Class C	2.2
	7.	UnitedHealth Group, Inc.	2.1
	8.	Amazon.com, Inc.	2.1
	9.	Chubb Ltd.	2.1
	10.	Pfizer, Inc.	2.1

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	21.8	%
Financials	16.3
Consumer Discretionary	15.6
Health Care	15.4
Industrials	9.5
Energy	7.2
Consumer Staples	6.4
Materials	2.9
Utilities	2.0
Telecommunication Services	1.9
Short-Term Investment	1.0

* 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, 2016. The Portfolio’s composition is subject to change.

JUNE 30, 2016 J.P. MORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	March 30, 1995		0.10	%		(0.95	)%		11.66	%		8.47	%
CLASS 2 SHARES	August 16, 2006		0.01			(1.20	)		11.38			8.19

* Not annualized.

TEN YEAR PERFORMANCE (6/30/06 TO 6/30/16)

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, 2006 to June 30, 2016. 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 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.0%
		Consumer Discretionary — 15.6%
		Auto Components — 0.4%
	6,303	Delphi Automotive plc, (United Kingdom)		394,568
		Automobiles — 1.7%
	57,804	General Motors Co.		1,635,853
		Hotels, Restaurants & Leisure — 1.3%
	121	Chipotle Mexican Grill, Inc. (a)		48,734
	11,554	Royal Caribbean Cruises Ltd.		775,851
	1,810	Starbucks Corp.		103,387
	3,403	Yum! Brands, Inc.		282,177
				1,210,149
		Household Durables — 1.7%
	17,735	D.R. Horton, Inc.		558,298
	7,571	Harman International Industries, Inc.		543,749
	270	Mohawk Industries, Inc. (a)		51,235
	7,559	PulteGroup, Inc.		147,325
	11,318	Toll Brothers, Inc. (a)		304,568
				1,605,175
		Internet & Catalog Retail — 2.1%
	2,776	Amazon.com, Inc. (a)		1,986,561
		Media — 5.1%
	1,270	CBS Corp. (Non-Voting), Class B		69,139
	3,053	Charter Communications, Inc., Class A (a)		698,038
	11,460	Comcast Corp., Class A		747,077
	9,899	DISH Network Corp., Class A (a)		518,708
	19,761	Time Warner, Inc.		1,453,224
	44,842	Twenty-First Century Fox, Inc., Class A		1,212,976
	6,570	Twenty-First Century Fox, Inc., Class B		179,032
				4,878,194
		Specialty Retail — 3.3%
	7,485	Best Buy Co., Inc.		229,041
	27,669	Lowe’s Cos., Inc.		2,190,555
	9,796	TJX Cos., Inc. (The)		756,545
				3,176,141
		Total Consumer Discretionary		14,886,641
		Consumer Staples — 6.4%
		Beverages — 3.0%
	14,381	Coca-Cola Co. (The)		651,891
	11,030	Molson Coors Brewing Co., Class B		1,115,464
	10,310	PepsiCo, Inc.		1,092,241
				2,859,596
		Food & Staples Retailing — 0.9%
	3,200	Costco Wholesale Corp.		502,528

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	8,979	Kroger Co. (The)		330,337
				832,865
		Food Products — 1.0%
	20,938	Mondelez International, Inc., Class A		952,888
		Household Products — 1.0%
	5,116	Kimberly-Clark Corp.		703,348
	3,348	Procter & Gamble Co. (The)		283,475
				986,823
		Tobacco — 0.5%
	4,318	Philip Morris International, Inc.		439,227
		Total Consumer Staples		6,071,399
		Energy — 7.2%
		Oil, Gas & Consumable Fuels — 7.2%
	16,185	Cabot Oil & Gas Corp.		416,602
	1,963	Concho Resources, Inc. (a)		234,127
	6,343	Diamondback Energy, Inc. (a)		578,545
	14,318	EOG Resources, Inc.		1,194,407
	8,410	EQT Corp.		651,186
	6,159	Marathon Petroleum Corp.		233,796
	30,805	Occidental Petroleum Corp.		2,327,626
	7,303	Pioneer Natural Resources Co.		1,104,287
	1,070	TransCanada Corp., (Canada)		48,385
	1,890	Valero Energy Corp.		96,390
		Total Energy		6,885,351
		Financials — 16.3%
		Banks — 5.9%
	80,519	Bank of America Corp.		1,068,487
	36,749	Citigroup, Inc.		1,557,790
	2,738	East West Bancorp, Inc.		93,585
	33,783	KeyCorp		373,302
	1,081	SVB Financial Group (a)		102,868
	50,702	Wells Fargo & Co.		2,399,726
	2,040	Zions Bancorporation		51,265
				5,647,023
		Capital Markets — 3.6%
	1,135	Ameriprise Financial, Inc.		101,980
	1,699	BlackRock, Inc.		581,959
	18,419	Charles Schwab Corp. (The)		466,185
	5,958	Goldman Sachs Group, Inc. (The)		885,240
	2,660	Invesco Ltd.		67,936
	50,282	Morgan Stanley		1,306,326
				3,409,626

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 J.P. MORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Consumer Finance — 0.5%
	9,233	Discover Financial Services		494,797
		Diversified Financial Services — 0.7%
	2,743	Intercontinental Exchange, Inc.		702,098
		Insurance — 5.0%
	9,587	American International Group, Inc.		507,056
	7,866	Arthur J. Gallagher & Co.		374,422
	15,183	Chubb Ltd., (Switzerland)		1,984,570
	13,981	Marsh & McLennan Cos., Inc.		957,139
	21,937	MetLife, Inc.		873,751
	1,650	XL Group plc, (Ireland)		54,961
				4,751,899
		Real Estate Investment Trusts (REITs) — 0.6%
	2,162	AvalonBay Communities, Inc.		390,003
	2,070	Kimco Realty Corp.		64,957
	1,373	Prologis, Inc.		67,332
	350	SL Green Realty Corp.		37,264
				559,556
		Total Financials		15,564,999
		Health Care — 15.4%
		Biotechnology — 3.7%
	3,968	Alexion Pharmaceuticals, Inc. (a)		463,304
	2,750	Biogen, Inc. (a)		665,005
	2,094	BioMarin Pharmaceutical, Inc. (a)		162,913
	8,019	Celgene Corp. (a)		790,914
	11,034	Gilead Sciences, Inc.		920,456
	6,131	Vertex Pharmaceuticals, Inc. (a)		527,389
				3,529,981
		Health Care Equipment & Supplies — 1.0%
	6,180	Abbott Laboratories		242,936
	31,116	Boston Scientific Corp. (a)		727,181
				970,117
		Health Care Providers & Services — 4.4%
	6,940	Aetna, Inc.		847,582
	440	Anthem, Inc.		57,790
	450	Cigna Corp.		57,596
	2,414	Humana, Inc.		434,230
	4,256	McKesson Corp.		794,382
	14,079	UnitedHealth Group, Inc.		1,987,955
				4,179,535
		Life Sciences Tools & Services — 0.4%
	2,732	Illumina, Inc. (a)		383,518

SHARES		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — 5.9%
	4,220	Allergan plc (a)		975,200
	20,136	Bristol-Myers Squibb Co.		1,481,003
	14,867	Eli Lilly & Co.		1,170,776
	56,207	Pfizer, Inc.		1,979,048
				5,606,027
		Total Health Care		14,669,178
		Industrials — 9.5%
		Aerospace & Defense — 3.2%
	16,864	Honeywell International, Inc.		1,961,621
	1,276	L-3 Communications Holdings, Inc.		187,176
	1,044	Northrop Grumman Corp.		232,060
	6,896	United Technologies Corp.		707,185
				3,088,042
		Airlines — 1.3%
	18,928	Delta Air Lines, Inc.		689,547
	12,293	United Continental Holdings, Inc. (a)		504,505
				1,194,052
		Building Products — 1.2%
	6,206	Allegion plc, (Ireland)		430,883
	3,700	Fortune Brands Home & Security, Inc.		214,489
	17,098	Masco Corp.		529,012
				1,174,384
		Electrical Equipment — 0.2%
	2,441	Eaton Corp. plc		145,801
		Industrial Conglomerates — 1.1%
	34,267	General Electric Co.		1,078,725
		Machinery — 1.3%
	4,517	PACCAR, Inc.		234,297
	300	Snap-on, Inc.		47,346
	8,469	Stanley Black & Decker, Inc.		941,922
				1,223,565
		Road & Rail — 1.2%
	2,296	Canadian Pacific Railway Ltd., (Canada)		295,702
	9,913	Union Pacific Corp.		864,909
				1,160,611
		Total Industrials		9,065,180
		Information Technology — 21.8%
		Electronic Equipment, Instruments & Components — 0.7%
	11,214	TE Connectivity Ltd., (Switzerland)		640,432
		Internet Software & Services — 5.6%
	2,230	Alphabet, Inc., Class A (a)		1,568,872

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Internet Software & Services — continued
	2,974	Alphabet, Inc., Class C (a)		2,058,305
	14,550	Facebook, Inc., Class A (a)		1,662,774
				5,289,951
		IT Services — 3.2%
	11,558	Accenture plc, (Ireland), Class A		1,309,406
	9,379	Fidelity National Information Services, Inc.		691,045
	3,270	MasterCard, Inc., Class A		287,956
	1,430	PayPal Holdings, Inc. (a)		52,209
	9,967	Visa, Inc., Class A		739,252
				3,079,868
		Semiconductors & Semiconductor Equipment — 5.6%
	1,199	ASML Holding N.V., (Netherlands)		118,953
	12,206	Broadcom Ltd., (Singapore)		1,896,812
	15,347	Lam Research Corp.		1,290,069
	11,172	NXP Semiconductors N.V., (Netherlands) (a)		875,214
	18,940	Texas Instruments, Inc.		1,186,591
				5,367,639
		Software — 4.2%
	8,996	Adobe Systems, Inc. (a)		861,727
	60,983	Microsoft Corp.		3,120,500
	740	Workday, Inc., Class A (a)		55,256
				4,037,483
		Technology Hardware, Storage & Peripherals — 2.5%
	22,742	Apple, Inc.		2,174,135
	15,817	HP, Inc.		198,504
				2,372,639
		Total Information Technology		20,788,012
		Materials — 2.9%
		Chemicals — 1.6%
	1,203	Axiall Corp.		39,230
	1,610	CF Industries Holdings, Inc.		38,801
	3,630	Dow Chemical Co. (The)		180,447
	7,903	E.I. du Pont de Nemours & Co.		512,114
	6,347	Eastman Chemical Co.		430,961
	13,042	Mosaic Co. (The)		341,440
				1,542,993
		Construction Materials — 0.7%
	1,677	Martin Marietta Materials, Inc.		321,984
	2,950	Vulcan Materials Co.		355,062
				677,046
		Containers & Packaging — 0.5%
	9,229	Crown Holdings, Inc. (a)		467,634

SHARES		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — 0.1%
	6,251	United States Steel Corp.		105,392
		Total Materials		2,793,065
		Telecommunication Services — 1.9%
		Diversified Telecommunication Services — 1.3%
	28,317	AT&T, Inc.		1,223,577
		Wireless Telecommunication Services — 0.6%
	12,895	T-Mobile US, Inc. (a)		557,967
		Total Telecommunication Services		1,781,544
		Utilities — 2.0%
		Electric Utilities — 1.6%
	4,870	Edison International		378,253
	5,184	NextEra Energy, Inc.		675,993
	9,456	Xcel Energy, Inc.		423,440
				1,477,686
		Multi-Utilities — 0.4%
	6,829	CMS Energy Corp.		313,178
	810	Public Service Enterprise Group, Inc.		37,754
	540	Sempra Energy		61,571
				412,503
		Total Utilities		1,890,189
		Total Common Stocks (Cost $79,801,733)		94,395,558
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	936,206	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.320% (b) (l) (Cost $936,206)		936,206
		Total Investments — 100.0% (Cost $80,737,939)		95,331,764
		Liabilities in Excess of Other Assets — 0.0% (g)		(27,329	)
		NET ASSETS — 100.0%	$	95,304,435

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 is 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 0.05%.
(l)	—  The rate shown is the current yield as of June 30, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 J.P. MORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016 (Unaudited)

	U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	94,395,558
Investments in affiliates, at value		936,206
Total investment securities, at value		95,331,764
Receivables:
Investment securities sold		662,852
Portfolio shares sold		15,774
Dividends from non-affiliates		88,455
Dividends from affiliates		375
Total Assets		96,099,220
LIABILITIES:
Payables:
Investment securities purchased		614,074
Portfolio shares redeemed		100,292
Variation margin on futures contracts		4
Accrued liabilities:
Investment advisory fees		42,875
Administration fees		6,236
Distribution fees		2,483
Custodian and accounting fees		5,867
Trustees’ and Chief Compliance Officer’s fees		24
Other		22,930
Total Liabilities		794,785
Net Assets	$	95,304,435
NET ASSETS:
Paid-in-Capital	$	83,626,148
Accumulated undistributed net investment income		417,624
Accumulated net realized gains (losses)		(3,333,162	)
Net unrealized appreciation (depreciation)		14,593,825
Total Net Assets	$	95,304,435
Net Assets:
Class 1	$	83,815,661
Class 2		11,488,774
Total	$	95,304,435
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,438,105
Class 2		475,622
Net Asset Value, offering and redemption price per share (a):
Class 1	$	24.38
Class 2		24.16
Cost of investments in non-affiliates	$	79,801,733
Cost of investments in affiliates		936,206

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

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	U.S. Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	838,684
Dividend income from affiliates		2,258
Total investment income		840,942
EXPENSES:
Investment advisory fees		255,254
Administration fees		38,110
Distribution fees — Class 2		13,408
Custodian and accounting fees		20,475
Professional fees		24,824
Trustees’ and Chief Compliance Officer’s fees		6,553
Printing and mailing costs		13,485
Transfer agency fees - Class 1		1,167
Transfer agency fees - Class 2		57
Other		5,940
Total expenses		379,273
Less fees waived		(1,534	)
Less expense reimbursements		(166	)
Net expenses		377,573
Net investment income (loss)		463,369
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,486,117	)
Futures		10,314
Net realized gain (loss)		(1,475,803	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		902,773
Futures		1,907
Change in net unrealized appreciation/depreciation		904,680
Net realized/unrealized gains (losses)		(571,123	)
Change in net assets resulting from operations	$	(107,754	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 J.P. MORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	U.S. Equity Portfolio
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	463,369		$	981,755
Net realized gain (loss)		(1,475,803	)		2,772,981
Change in net unrealized appreciation/depreciation		904,680			(2,915,153	)
Change in net assets resulting from operations		(107,754	)		839,583
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(841,979	)		(1,009,932	)
From net realized gains		(2,988,480	)		(4,081,063	)
Class 2
From net investment income		(87,125	)		(136,973	)
From net realized gains		(431,986	)		(646,723	)
Total distributions to shareholders		(4,349,570	)		(5,874,691	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,852,516			(2,213,303	)
NET ASSETS:
Change in net assets		(2,604,808	)		(7,248,411	)
Beginning of period		97,909,243			105,157,654
End of period	$	95,304,435		$	97,909,243
Accumulated undistributed net investment income	$	417,624		$	883,359
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	3,594,739		$	8,978,042
Distributions reinvested		3,830,459			5,090,995
Cost of shares redeemed		(6,319,383	)		(14,584,513	)
Change in net assets resulting from Class 1 capital transactions	$	1,105,815		$	(515,476	)
Class 2
Proceeds from shares issued	$	4,180,705		$	4,222,289
Distributions reinvested		519,111			783,696
Cost of shares redeemed		(3,953,115	)		(6,703,812	)
Change in net assets resulting from Class 2 capital transactions	$	746,701		$	(1,697,827	)
Total change in net assets resulting from capital transactions	$	1,852,516		$	(2,213,303	)
SHARE TRANSACTIONS:
Class 1
Issued		145,796			345,115
Reinvested		155,710			194,091
Redeemed		(256,681	)		(556,536	)
Change in Class 1 Shares		44,825			(17,330	)
Class 2
Issued		168,729			163,590
Reinvested		21,292			30,142
Redeemed		(165,529	)		(268,070	)
Change in Class 2 Shares		24,492			(74,338	)

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2016 J.P. MORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Equity Portfolio
Class 1
Six Months Ended June 30, 2016 (Unaudited)	$	25.50	$	0.12	(f)	$	(0.09	)	$	0.03		$	(0.25	)	$	(0.90	)	$	(1.15	)
Year Ended December 31, 2015		26.75		0.26	(f)		0.01			0.27			(0.30	)		(1.22	)		(1.52	)
Year Ended December 31, 2014		23.71		0.31	(g)		2.96			3.27			(0.23	)		—			(0.23	)
Year Ended December 31, 2013		17.63		0.21	(f)		6.13			6.34			(0.26	)		—			(0.26	)
Year Ended December 31, 2012		15.22		0.23	(f)		2.43			2.66			(0.25	)		—			(0.25	)
Year Ended December 31, 2011		15.69		0.18	(f)		(0.46	)		(0.28	)		(0.19	)		—			(0.19	)
Class 2
Six Months Ended June 30, 2016 (Unaudited)		25.24		0.09	(f)		(0.09	)		—	(h)		(0.18	)		(0.90	)		(1.08	)
Year Ended December 31, 2015		26.51		0.19	(f)		0.02			0.21			(0.26	)		(1.22	)		(1.48	)
Year Ended December 31, 2014		23.53		0.27	(g)		2.91			3.18			(0.20	)		—			(0.20	)
Year Ended December 31, 2013		17.54		0.16	(f)		6.08			6.24			(0.25	)		—			(0.25	)
Year Ended December 31, 2012		15.18		0.22	(f)		2.39			2.61			(0.25	)		—			(0.25	)
Year Ended December 31, 2011		15.65		0.14	(f)		(0.46	)		(0.32	)		(0.15	)		—			(0.15	)

(a) Annualized for periods less than one year, unless otherwise noted.

(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 0.005% 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 $0.25 and $0.20 for Class 1 and Class 2 Shares, respectively, and the net investment income (loss) ratio would have been 0.88% and 0.72% for Class 1 and Class 2 Shares, respectively.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

		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)
$	24.38		0.10	%	$	83,815,661		0.79	%		1.03	%		0.79	%		28	%
	25.50		0.86			86,524,771		0.76			0.98			0.76			63
	26.75		13.90			91,227,570		0.78			1.16	(g)		0.80			78
	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
	24.16		(0.03	)		11,488,774		1.03			0.79			1.04			28
	25.24		0.63			11,384,472		1.01			0.73			1.01			63
	26.51		13.61			13,930,084		1.03			1.01	(g)		1.04			78
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 J.P. MORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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 transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Portfolio’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Portfolio’s Administrator under the Administration Agreement.

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 Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Portfolio’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

14 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

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)	$	95,331,764	$	—	$	—	$	95,331,764

(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, 2016.

B. Futures Contracts — The Portfolio used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Portfolio also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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 on 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 on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on 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 use of futures contracts exposes the Portfolio to equity price risk. 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, 2016:

Futures Contracts:
Average Notional Balance Long	$	161,309
Ending Notional Balance Long		—

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. Dividend income 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, 2016 J.P. MORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

June 30, 2016, 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 remains 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 an Investment Advisory Agreement, the Adviser 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 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, 2016, 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 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 performing 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/or 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, other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) 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, 2016 and is in place until at least April 30, 2017.

For the six months ended June 30, 2016, 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		Contractual Reimbursement
$	277	$	190	$	467	$	166

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective May 1, 2016, the Adviser, Administrator and/or the Distributor have contractually agreed to waive fees and/or reimburse expenses in an

16 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. Prior to May 1, 2016, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2016 was $1,067.

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 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, 2016, the Portfolio 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, 2016, the Portfolio incurred $20 in brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended June 30, 2016, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	25,744,570	$	27,404,252

During the six months ended June 30, 2016, 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, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	80,737,939	$	17,003,365	$	2,409,540	$	14,593,825

At December 31, 2015, the Portfolio did not have any net capital loss carryforwards.

6. Borrowings

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Portfolio. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Portfolio’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2016, or at any time during the six months then ended.

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.

As of June 30, 2016, the Portfolio had three omnibus accounts which collectively represented 66.7% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

JUNE 30, 2016 J.P. MORGAN 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, 2016, and continued to hold your shares at the end of the reporting period, June 30, 2016.

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,001.00	$	3.93		0.79	%
Hypothetical		1,000.00		1,020.93		3.97		0.79
Class 2
Actual		1,000.00		999.70		5.12		1.03
Hypothetical		1,000.00		1,019.74		5.17		1.03

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

18 J.P. MORGAN INSURANCE TRUST JUNE 30, 2016

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. June 2016. SAN-JPMITUSEP-616

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2016 (Unaudited)

JPMorgan Insurance Trust Income Builder Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
     

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	16
Financial Highlights	20
Notes to Financial Statements	22
Schedule of Shareholder Expenses	31

Investments in the Portfolio are not 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 the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“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, 2016 (Unaudited)

Dear Shareholder,

The U.S. economy continued its slow expansion in 2016 despite economic weakness elsewhere and two punishing sell-offs in global financial markets. Growth in the U.S. was sufficient to prompt the U.S. Federal Reserve (the “Fed”) to raise interest rates in December 2015, but financial market turmoil in early 2016 and worrisome economic data forced the Fed to curtail further increases at its March and June meetings.

  “The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.”

Meanwhile, the resiliency of U.S. financial markets was a notable feature of the six months ended June 30, 2016. Equity prices slumped in the early part of the 2016, giving the Standard & Poor’s 500 Index (“S&P 500”) its worst start to any year on record, falling 5.07% by the end of January and slumping by 10% by mid-February. By the end of March, the index had clawed its way back to a level slightly above where it was when the year began.

In April, the International Monetary Fund (IMF) warned that the prolonged period of slow growth had left the global economy vulnerable to specific events or trends. Among those risks, the IMF cited financial market turmoil and Britain’s referendum on European Union (EU) membership.

On June 23, the U.K. vote to leave the EU shocked political leaders and sparked a sharp sell-off in global financial markets. The S&P 500 suffered a one-day decline of 3.59%. Within days, an estimated $3 trillion was erased from global financial markets. The resulting decline in the British pound was deep enough that France has now supplanted the U.K. as the world’s fifth largest economy. Ultimately, the impact of the “Brexit” referendum on U.S. financial markets was muted and by

June 30, 2016, equity prices rebounded. The S&P 500 posted a return of 3.84% for the first half of the year and stood 1.50% shy of its then-record intraday high of 2,130.82 points reached May 21, 2015.

Meanwhile, the sharp slowdown in U.S. job growth in May that had so worried Fed policymakers was short-lived. The U.S. economy added 287,000 jobs in June, far above the consensus forecast of 175,000 new jobs and the most of any month since October 2015. Wage growth over the first half of the year remained tepid, which helped corporate earnings and held down inflationary pressure.

Over the past six months, U.S. financial markets have both withstood and benefitted from turmoil in foreign financial markets. Investors seeking to reduce risk have bought both U.S. equities and U.S. Treasury bonds. Low growth in the EU and other developed markets and lingering concerns about the trajectory of China’s economy continued to drag on the U.S. economy. Notably, the U.S. economic expansion is halfway through its seventh year and the U.S. stock market’s bull market — defined as a rise of 20% or more in prices — is now the second longest on record.

The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*	3.53%
MSCI World Index (net of foreign withholding taxes)	0.66%
Income Builder Composite Benchmark	2.62%
Net Assets as of 6/30/2016	$41,322,448

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Income Builder Portfolio (the “Portfolio”) seeks to maximize income while maintaining prospects for capital appreciation.

HOW DID THE MARKET PERFORM?

Global financial markets were bracketed by sharp sell-offs at the start and end of the six months ended June 30, 2016. In January, the Standard & Poor’s 500 Index (“S&P 500”) suffered its worst start to any year on record amid worrisome data about China’s economy, slumping commodities prices and investor expectations of further slowing in the global economy. In June, the U.K. vote to leave the European Union sparked the worst single day historically in global markets. The sell-off drained an estimated $2.08 trillion from world financial markets on the Friday following the U.K. referendum and $931 billion was lost the following Monday.

However, global equity markets rebounded sharply in the final days of June and the S&P 500 posted a return of 3.84% for the six month reporting period, closing just 1.50% below its then-record intraday high, set in May 2015. Overall, mid cap stocks generally outperformed both large cap and small cap stocks, and value stocks outperformed growth stocks. Among U.S. equities, the telecommunications and utilities sectors were generally the strongest performers as investors sought high dividend yields and the perceived safety of those sectors. Financial sector stocks were the worst performers amid continued low interest rates and expectations of low growth globally.

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

The Portfolio’s Class 2 Shares outperformed both the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and the Income Builder Composite Benchmark (the “Composite”), which is made up of 60% Benchmark and 40% Barclays Aggregate Index, for the six months ended June 30, 2016. The Portfolio’s allocation to fixed income securities, including high yield debt (also known as “junk bonds”) and investment grade corporate bonds, helped performance relative to the Benchmark as bonds generally outperformed equities during the reporting period.

Relative to the Composite, the Portfolio’s allocation to higher dividend yielding global equities helped performance as the asset class outperformed the broader market. The Portfolio’s overweight allocation to fixed income securities also contributed to performance relative as the asset class generally outperformed equities during the reporting period.

HOW WAS THE PORTFOLIO POSITIONED?

The Portfolio’s managers positioned the Portfolio to tactically pursue income and continued to maintain a cautious positioning, preferring to take risk through bonds rather than equity. The Portfolio’s total equity allocation (including real estate investment trusts) was nearly one-third lower than a year earlier. The majority of the Portfolio’s equity reduction came from its international developed equity allocation. At the end of the reporting period, high-yield debt remained the Portfolio’s largest fixed-income position. The managers continued to use opportunistic allocations to non-agency mortgage debt and preferred equities to diversify the Portfolio’s credit exposure.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2016

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Equity Income Fund, Class R6 Shares	5.3	%
	2.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares	5.1
	3.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	2.1
	4.	International Lease Finance Corp., 8.250%, 12/15/20	0.8
	5.	AES Corp., 7.375%, 07/01/21	0.7
	6.	CIT Group, Inc., 5.375%, 05/15/20	0.7
	7.	CCO Holdings LLC/CCO Holdings Capital Corp., 6.625%, 01/31/22	0.7
	8.	Frontier Communications Corp., 8.500%, 04/15/20	0.7
	9.	Royal Bank of Scotland Group plc, (United Kingdom), 6.125%, 12/15/22	0.7
	10.	DISH DBS Corp., 6.750%, 06/01/21	0.7

PORTFOLIO COMPOSITION***
Corporate Bonds	41.8	%
Common Stocks	24.8
Investment Companies	12.4
Preferred Securities	7.3
Asset-Backed Securities	4.9
Collateralized Mortgage Obligations	4.6
Others (each less than 1.0%)	0.7
Short-Term Investment	3.5

* 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, 2016. The Portfolio’s composition is subject to change.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		3.74	%		2.18	%		2.07	%
CLASS 2 SHARES		December 9, 2014		3.53			1.88			1.80

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (12/09/14 TO 6/30/16)

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 Portfolio commenced operations on December 9, 2014.

The graph illustrates comparative performance for $10,000 invested in Class 2 Shares of the JPMorgan Insurance Trust Income Builder Portfolio, the MSCI World Index (net of foreign withholding taxes), the Barclays U.S. Aggregate Index, the Income Builder Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to June 30, 2016. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the indices, other than the Lipper Variable Underlying Funds Flexible Funds 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 benchmarks, if applicable. The performance of the Lipper Variable Underlying Funds Flexible 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 World Index

(net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. 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 Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indices that includes the MSCI World Index (net of foreign withholding taxes) (60%) and the Barclays U.S. Aggregate Index (40%). The Lipper Variable Underlying Funds Flexible 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, 2016

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 4.8%
		United States — 4.8%
	68,216	ABFC Trust, Series 2004-OPT5, Class A1, VAR, 1.153%, 06/25/34		63,454
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	81,254	Series 2003-10, Class M1, VAR, 1.503%, 12/25/33		75,555
	104,877	Series 2003-10, Class M2, VAR, 3.003%, 12/25/33		101,164
	37,649	AMRESCO Residential Securities Corp. Mortgage Loan Trust, Series 1997-1, Class A7, 7.610%, 03/25/27		37,964
	109,852	Asset Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class M2, VAR, 2.928%, 11/25/33		102,607
	70,215	Bear Stearns Asset Backed Securities Trust, Series 2004-HE5, Class M2, VAR, 2.328%, 07/25/34		68,376
	44,768	Countrywide Asset-Backed Certificates, Series 2004-2, Class M1, VAR, 1.203%, 05/25/34		42,291
	9,693	Credit-Based Asset Servicing and Securitization LLC, Series 2001-CB3, Class M2, VAR, 6.863%, 01/25/39		9,945
	100,211	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M3, VAR, 2.178%, 07/25/34		90,882
	83,538	First Franklin Mortgage Loan Trust, Series 2004-FF7, Class M1, VAR, 1.323%, 09/25/34		78,177
	98,247	Fremont Home Loan Trust, Series 2003-A, Class M1, VAR, 1.428%, 08/25/33		90,858
	105,771	GSAMP Trust, Series 2003-SEA, Class A1, VAR, 0.853%, 02/25/33		96,940
		Home Equity Asset Trust,
	104,817	Series 2007-2, Class 2A2, VAR, 0.638%, 07/25/37		100,669
	100,000	Series 2005-7, Class M1, VAR, 0.903%, 01/25/36		95,254
	87,202	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-B, Class 2A3, VAR, 0.643%, 06/25/36		79,300
	90,786	MASTR Asset-Backed Securities Trust, Series 2004-OPT2, Class M1, VAR, 1.353%, 09/25/34		85,044
		Morgan Stanley ABS Capital I, Inc. Trust,
	105,641	Series 2004-HE3, Class M1, VAR, 1.308%, 03/25/34		100,033
	112,698	Series 2004-NC7, Class M2, VAR, 1.383%, 07/25/34		108,806
	48,482	Series 2003-NC10, Class M1, VAR, 1.473%, 10/25/33		45,686

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	233,658	Series 2003-SD1, Class M1, VAR, 2.703%, 03/25/33		216,528
	31,644	NovaStar Mortgage Funding Trust, Series 2003-3, Class A2C, VAR, 0.983%, 12/25/33		29,945
	126,537	Renaissance Home Equity Loan Trust, Series 2003-2, Class A, VAR, 1.333%, 08/25/33		117,082
	48,615	Structured Asset Investment Loan Trust, Series 2003-BC11, Class M1, VAR, 1.428%, 10/25/33		46,881
	119,744	Wells Fargo Home Equity Trust, Series 2006-3, Class A2, VAR, 0.603%, 01/25/37		113,691
		Total Asset-Backed Securities (Cost $1,990,008)		1,997,132
	Collateralized Mortgage Obligations — 4.5%
		Non-Agency CMO — 4.5%
		United States — 4.5%
	53,992	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 2.978%, 06/25/45		53,501
	23,963	Banc of America Alternative Loan Trust, Series 2003-9, Class 1CB5, 5.500%, 11/25/33		24,320
	52,917	Banc of America Funding Trust, Series 2006-A, Class 1A1, VAR, 2.854%, 02/20/36		51,739
	29,082	Banc of America Mortgage Trust, Series 2005-A, Class 2A2, VAR, 2.953%, 02/25/35		28,634
	80,485	Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2, VAR, 2.913%, 05/25/35		78,703
		Citigroup Mortgage Loan Trust, Inc.
	108,032	Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		107,469
	49,573	Series 2005-6, Class A2, VAR, 2.760%, 09/25/35		49,045
	57,712	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		58,090
	42,833	First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 4A1, VAR, 2.641%, 02/25/35		42,229
	67,755	GSR Mortgage Loan Trust, Series 2005-AR3, Class 1A1, VAR, 0.893%, 05/25/35		63,637
		Impac CMB Trust
	85,005	Series 2004-6, Class 1A1, VAR, 1.253%, 10/25/34		77,929
	111,570	Series 2004-6, Class 1A2, VAR, 1.233%, 10/25/34		102,183

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		United States — continued
	153,987	Series 2004-7, Class 1A2, VAR, 1.373%, 11/25/34		141,885
	65,996	Impac Secured Assets Trust, Series 2006-2, Class 2A1, VAR, 0.803%, 08/25/36		64,287
	16,927	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.500%, 01/25/36		15,014
	40,046	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.851%, 04/21/34		40,061
	32,948	Merrill Lynch Mortgage Investors Trust, Series 2007-1, Class 4A3, VAR, 5.475%, 01/25/37		32,195
	29,557	Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 4A, VAR, 3.147%, 07/25/34		28,324
	93,244	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 0.733%, 12/25/35		80,837
	32,229	Residential Asset Securitization Trust, Series 2004-A6, Class A1, 5.000%, 08/25/19		32,170
	45,841	RFMSI Trust, Series 2003-S20, Class 2A1, 4.750%, 12/25/18		46,151
	72,698	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR5, Class A6, VAR, 2.725%, 05/25/35		71,910
		Wells Fargo Mortgage-Backed Securities Trust
	80,271	Series 2004-EE, Class 2A2, VAR, 2.952%, 12/25/34		81,643
	103,605	Series 2004-W, Class A1, VAR, 2.757%, 11/25/34		103,052
	23,636	Series 2005-16, Class A8, 5.750%, 01/25/36		25,088
	48,779	Series 2005-AR1, Class 1A1, VAR, 2.766%, 02/25/35		48,466
	39,532	Series 2005-AR2, Class 2A2, VAR, 2.872%, 03/25/35		39,826
	85,522	Series 2005-AR3, Class 1A1, VAR, 3.013%, 03/25/35		87,314
	61,044	Series 2005-AR3, Class 2A1, VAR, 2.974%, 03/25/35		61,329
	76,244	Series 2006-AR2, Class 2A3, VAR, 2.855%, 03/25/36		74,629
	59,859	Series 2006-AR3, Class A3, VAR, 3.031%, 03/25/36		58,509
		Total Collateralized Mortgage Obligations (Cost $1,843,651)		1,870,169

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Security — 0.2%
		United States — 0.2%
	75,000	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39 (Cost $72,809)		74,688
SHARES
	Common Stocks — 24.6%
		Australia — 0.8%
	3,814	Dexus Property Group		25,881
	4,712	Goodman Group		25,273
	19,690	Mirvac Group		29,945
	12,497	Scentre Group		46,288
	5,014	Suncorp Group Ltd.		45,978
	7,899	Transurban Group		71,144
	11,830	Westfield Corp.		95,027
				339,536
		Belgium — 0.3%
	665	Anheuser-Busch InBev S.A./N.V.		87,937
	485	Proximus SADP		15,413
				103,350
		Canada — 0.3%
	1,372	Allied Properties Real Estate Investment Trust		41,077
	743	RioCan Real Estate Investment Trust		16,868
	1,249	TransCanada Corp.		56,516
				114,461
		Czech Republic — 0.1%
	16,786	Moneta Money Bank A.S. (a) (e)		49,424
		Denmark — 0.3%
	3,862	Danske Bank A/S		101,649
	179	Pandora A/S		24,380
				126,029
		Finland — 0.7%
	561	Elisa OYJ		21,555
	1,037	Fortum OYJ		16,661
	546	Kone OYJ, Class B		25,198
	652	Metso OYJ		15,328
	4,641	Nokia OYJ		26,433
	580	Nokian Renkaat OYJ		20,788
	388	Orion OYJ, Class B		15,066
	2,680	Stora Enso OYJ, Class R		21,553
	6,446	UPM-Kymmene OYJ		118,418
				281,000
		France — 1.7%
	1,594	AXA S.A.		31,517

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2016

��    SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		France — continued
	790	BNP Paribas S.A.		34,646
	545	Bouygues S.A.		15,613
	935	Cie Generale des Etablissements Michelin		88,115
	1,319	CNP Assurances		19,460
	785	Edenred		16,074
	158	Fonciere Des Regions		13,965
	158	Gecina S.A. (a)		21,401
	1,283	Klepierre		56,613
	1,948	Orange S.A.		31,675
	692	SCOR SE		20,459
	803	Societe Generale S.A.		25,123
	416	Technip S.A.		22,516
	1,227	TOTAL S.A.		58,842
	805	Unibail-Rodamco SE		208,249
	1,089	Veolia Environnement S.A.		23,517
	1,190	Vivendi S.A.		22,263
				710,048
		Germany — 1.1%
	755	Allianz SE		107,706
	1,737	alstria office REIT-AG (a)		23,449
	537	BASF SE		41,177
	1,249	Deutsche Lufthansa AG		14,685
	4,122	Deutsche Telekom AG		70,289
	665	Deutsche Wohnen AG		22,642
	2,761	E.ON SE		27,872
	192	Hannover Rueck SE		20,117
	397	ProSiebenSat.1 Media SE (a)		17,366
	901	Siemens AG		92,462
				437,765
		Hong Kong — 0.1%
	3,500	Hongkong Land Holdings Ltd.		21,421
	2,500	Link REIT		17,095
	5,000	New World Development Co., Ltd.		5,092
				43,608
		Ireland — 0.3%
	885	Accenture plc, Class A		100,262
	179	Paddy Power Betfair plc		18,812
				119,074
		Italy — 0.3%
	1,635	Assicurazioni Generali S.p.A.		19,281
	1,854	Atlantia S.p.A.		46,322
	1,831	Eni S.p.A.		29,492
	4,301	Snam S.p.A.		25,713

SHARES		SECURITY DESCRIPTION	VALUE($)
		Italy — continued
	3,047	Terna Rete Elettrica Nazionale S.p.A.		16,957
				137,765
		Japan — 1.0%
	1,600	Daiwa House Industry Co., Ltd.		46,987
	8	GLP J-Reit		10,098
	800	Japan Airlines Co., Ltd.		25,738
	5	Japan Logistics Fund, Inc.		11,660
	4	Japan Real Estate Investment Corp.		24,706
	4	Japan Retail Fund Investment Corp.		10,214
	2,200	Japan Tobacco, Inc.		88,665
	10,100	Mitsubishi UFJ Financial Group, Inc.		45,277
	13	Nippon Prologis REIT, Inc.		31,759
	2,200	Nippon Telegraph & Telephone Corp.		103,169
	8	Orix JREIT, Inc.		13,777
				412,050
		Luxembourg — 0.1%
	200	Millicom International Cellular S.A., SDR		12,268
	234	RTL Group S.A.		19,110
				31,378
		Netherlands — 0.8%
	180	Eurocommercial Properties N.V., CVA		7,666
	1,178	Koninklijke Ahold N.V.		26,013
	6,121	Koninklijke KPN N.V.		21,818
	2,322	NN Group N.V.		63,921
	3,948	Royal Dutch Shell plc, Class A		108,295
	3,662	Royal Dutch Shell plc, Class B		101,176
	477	Vastned Retail N.V.		19,354
				348,243
		Norway — 0.3%
	1,531	DNB ASA		18,326
	1,283	Gjensidige Forsikring ASA		21,376
	1,036	Marine Harvest ASA (a)		17,474
	1,892	Orkla ASA		16,826
	1,235	Statoil ASA		21,339
	499	Yara International ASA		15,852
				111,193
		Portugal — 0.1%
	7,195	EDP - Energias de Portugal S.A.		22,028
	1,203	Galp Energia SGPS S.A.		16,732
				38,760
		Singapore — 0.0% (g)
	3,720	Ascendas Real Estate Investment Trust		6,885

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Singapore — continued
	3,400	CapitaLand Commercial Trust		3,739
				10,624
		Spain — 0.7%
	1,373	Abertis Infraestructuras S.A.		20,290
	712	ACS Actividades de Construccion y Servicios S.A.		19,530
	132	Aena S.A. (e)		17,497
	11,812	Banco de Sabadell S.A.		15,642
	7,521	Banco Santander S.A.		29,187
	713	Enagas S.A.		21,782
	1,128	Endesa S.A.		22,634
	855	Ferrovial S.A.		16,739
	841	Gas Natural SDG S.A.		16,717
	5,053	Iberdrola S.A.		34,469
	260	Red Electrica Corp. S.A.		23,232
	1,527	Repsol S.A.		19,574
	3,191	Telefonica S.A.		30,295
				287,588
		Sweden — 0.1%
	618	ICA Gruppen AB		20,712
	1,007	Skanska AB, Class B		21,086
	3,998	Telia Co. AB		18,932
				60,730
		Switzerland — 0.6%
	142	Baloise Holding AG		15,816
	9	Banque Cantonale Vaudoise		6,025
	73	Cembra Money Bank AG (a)		5,106
	317	Roche Holding AG		83,650
	913	Swiss Re AG		79,742
	1,226	Wolseley plc		63,487
				253,826
		Taiwan — 0.1%
	17,382	Siliconware Precision Industries Co., Ltd.		26,507
		United Kingdom — 3.9%
	813	Admiral Group plc		22,106
	1,918	Amec Foster Wheeler plc		12,611
	556	AstraZeneca plc		33,240
	22,065	BAE Systems plc		154,467
	9,324	BP plc		54,578
	1,003	British American Tobacco plc		65,024
	5,729	British Land Co. plc (The)		46,515
	4,842	BT Group plc		26,615
	6,863	Centrica plc		20,754

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	1,413	Diageo plc		39,473
	22,154	Direct Line Insurance Group plc		102,421
	12,122	GlaxoSmithKline plc		260,321
	724	Imperial Brands plc		39,265
	1,458	Inmarsat plc		15,713
	443	InterContinental Hotels Group plc		16,338
	5,752	J Sainsbury plc		17,919
	3,602	Kingfisher plc		15,471
	3,133	Meggitt plc		17,029
	2,746	National Grid plc		40,381
	9,424	Old Mutual plc		25,459
	1,406	Pearson plc		18,289
	3,736	Persimmon plc		72,447
	166	Petrofac Ltd.		1,725
	1,132	Rio Tinto plc		35,167
	3,068	Royal Mail plc		20,612
	5,235	Safestore Holdings plc		25,864
	6,571	Segro plc		36,422
	721	Severn Trent plc		23,526
	1,754	Sky plc		19,931
	1,296	SSE plc		26,974
	2,308	Tate & Lyle plc		20,636
	1,114	Unilever plc		53,377
	1,723	United Utilities Group plc		23,881
	45,836	Vodafone Group plc		139,748
	3,446	WPP plc		71,820
				1,616,119
		United States — 10.9%
	1,936	Altria Group, Inc.		133,507
	792	American Campus Communities, Inc.		41,873
	1,308	Apartment Investment & Management Co., Class A		57,761
	528	Apple, Inc.		50,477
	2,418	AT&T, Inc.		104,482
	1,275	AvalonBay Communities, Inc.		229,997
	297	Boston Properties, Inc.		39,174
	887	Brandywine Realty Trust		14,902
	986	Bristol-Myers Squibb Co.		72,520
	487	Camden Property Trust		43,061
	1,583	CME Group, Inc.		154,184
	3,166	Comcast Corp., Class A		206,391
	1,371	DDR Corp.		24,870
	176	Digital Realty Trust, Inc.		19,182
	290	Douglas Emmett, Inc.		10,301

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	2,057	Duke Realty Corp.		54,840
	1,142	E.I. du Pont de Nemours & Co.		74,002
	753	Equity One, Inc.		24,232
	457	Extra Space Storage, Inc.		42,291
	3,382	General Motors Co.		95,711
	2,872	HCP, Inc.		101,611
	768	Highwoods Properties, Inc.		40,550
	1,139	Home Depot, Inc. (The)		145,439
	1,525	Johnson & Johnson		184,982
	500	Kilroy Realty Corp.		33,145
	4,508	Kimco Realty Corp.		141,461
	1,426	KLA-Tencor Corp.		104,454
	2,862	LaSalle Hotel Properties		67,486
	1,718	Liberty Property Trust		68,239
	1,022	Macerich Co. (The)		87,269
	1,658	MetLife, Inc.		66,038
	3,760	Microsoft Corp.		192,399
	1,996	Morgan Stanley		51,856
	555	National Health Investors, Inc.		41,675
	764	National Retail Properties, Inc.		39,514
	686	NextEra Energy, Inc.		89,454
	2,662	Occidental Petroleum Corp.		201,141
	1,712	Omega Healthcare Investors, Inc.		58,122
	3,438	Pfizer, Inc.		121,052
	622	Philip Morris International, Inc.		63,270
	1,756	Prologis, Inc.		86,114
	356	Public Storage		90,990
	1,016	Regency Centers Corp.		85,070
	921	Simon Property Group, Inc.		199,765
	808	SL Green Realty Corp.		86,028
	6,975	Spirit Realty Capital, Inc.		89,071
	2,038	STORE Capital Corp.		60,019
	464	United Technologies Corp.		47,583
	779	UnitedHealth Group, Inc.		109,995
	261	Ventas, Inc.		19,006
	455	Vornado Realty Trust		45,555
	3,428	Wells Fargo & Co.		162,247
	631	Welltower, Inc.		48,063
				4,522,421
		Total Common Stocks (Cost $9,730,351)		10,181,499

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 41.5%
		Australia — 0.1%
	40,000	BHP Billiton Finance USA Ltd., 5.000%, 09/30/43		46,267
		Bermuda — 0.3%
		Aircastle Ltd.,
	60,000	5.125%, 03/15/21		62,400
	65,000	6.750%, 04/15/17		66,950
	6,000	Weatherford International Ltd., 4.500%, 04/15/22		5,145
				134,495
		Canada — 0.6%
		Cenovus Energy, Inc.,
	60,000	5.700%, 10/15/19		63,463
	63,000	6.750%, 11/15/39		66,192
	25,000	Lundin Mining Corp., 7.500%, 11/01/20 (e)		25,500
	30,000	Novelis, Inc., 8.750%, 12/15/20		31,275
	56,000	Videotron Ltd., 5.000%, 07/15/22		57,960
				244,390
		Finland — 0.1%
	47,000	Nokia OYJ, 6.625%, 05/15/39		49,703
		Liberia — 0.2%
	52,000	Royal Caribbean Cruises Ltd., 5.250%, 11/15/22		54,730
		Luxembourg — 0.9%
		Actavis Funding SCS,
	35,000	4.750%, 03/15/45		36,651
	36,000	4.850%, 06/15/44		37,938
		ArcelorMittal,
	157,000	7.250%, 02/25/22		165,242
	70,000	7.750%, 03/01/41		66,675
	50,000	10.850%, 06/01/19		58,875
				365,381
		Netherlands — 0.3%
	12,000	LYB International Finance B.V., 4.875%, 03/15/44		12,696
	35,000	Mylan N.V., 5.250%, 06/15/46 (e)		36,753
		Shell International Finance B.V.,
	40,000	4.000%, 05/10/46		40,827
	5,000	4.375%, 05/11/45		5,421
				95,697
		Singapore — 0.1%
		Flextronics International Ltd.,
	27,000	4.625%, 02/15/20		28,207
	25,000	5.000%, 02/15/23		26,140
				54,347

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United Kingdom — 0.7%
	277,000	Royal Bank of Scotland Group plc, 6.125%, 12/15/22		290,530
		United States — 38.2%
		21st Century Fox America, Inc.,
	10,000	4.750%, 09/15/44		11,086
	25,000	4.950%, 10/15/45		28,486
		AbbVie, Inc.,
	15,000	4.450%, 05/14/46		15,221
	51,000	4.700%, 05/14/45		53,972
	142,000	ACCO Brands Corp., 6.750%, 04/30/20		150,342
	134,000	ADT Corp. (The), 4.125%, 06/15/23		125,457
		AECOM,
	90,000	5.750%, 10/15/22		91,800
	90,000	5.875%, 10/15/24		92,250
	271,000	AES Corp., 7.375%, 07/01/21		305,552
	24,000	Aetna, Inc., 4.375%, 06/15/46		24,847
	50,000	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		52,125
		Alcoa, Inc.,
	142,000	5.125%, 10/01/24		141,645
	72,000	5.400%, 04/15/21		76,410
	36,000	5.900%, 02/01/27		36,540
	40,000	5.950%, 02/01/37		37,400
	80,000	Allstate Corp. (The), VAR, 5.750%, 08/15/53		82,040
		Ally Financial, Inc.,
	110,000	3.250%, 02/13/18		110,000
	216,000	4.125%, 03/30/20		216,540
	48,000	8.000%, 11/01/31		55,560
	105,000	AMC Networks, Inc., 4.750%, 12/15/22		104,212
	75,000	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		80,250
		American International Group, Inc.,
	25,000	4.500%, 07/16/44		24,202
	38,000	4.800%, 07/10/45		38,544
	269,000	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		283,962
	25,000	Amgen, Inc., 4.400%, 05/01/45		26,092
	65,000	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		76,139
	52,000	Anixter, Inc., 5.125%, 10/01/21		52,780
		Anthem, Inc.,
	20,000	4.650%, 08/15/44		21,313
	15,000	5.100%, 01/15/44		16,873
	60,000	Apple, Inc., 4.650%, 02/23/46		67,596
	89,000	Ashland, Inc., 4.750%, 08/15/22		89,222

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
		AT&T, Inc.,
	10,000	4.350%, 06/15/45		9,696
	29,000	4.750%, 05/15/46		29,724
	7,000	5.150%, 03/15/42		7,535
	55,000	5.650%, 02/15/47		62,919
	112,000	Ball Corp., 4.000%, 11/15/23		110,320
	23,000	Baxalta, Inc., 5.250%, 06/23/45		24,963
	3,000	Becton, Dickinson and Co., 4.685%, 12/15/44		3,396
	15,000	Biogen, Inc., 5.200%, 09/15/45		16,879
	80,000	CalAtlantic Group, Inc., 5.375%, 10/01/22		81,400
	280,000	CCO Holdings LLC/CCO Holdings Capital Corp., 6.625%, 01/31/22		295,400
	73,000	Celanese US Holdings LLC, 4.625%, 11/15/22		77,562
	25,000	Celgene Corp., 5.000%, 08/15/45		27,552
	51,000	Centene Corp., 4.750%, 05/15/22		52,020
	175,000	CenturyLink, Inc., Series T, 5.800%, 03/15/22		169,914
		CF Industries, Inc.,
	12,000	4.950%, 06/01/43		11,041
	24,000	5.375%, 03/15/44		22,647
	84,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 6.484%, 10/23/45 (e)		100,359
	103,000	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		87,679
	48,000	Choice Hotels International, Inc., 5.750%, 07/01/22		51,451
		CHS/Community Health Systems, Inc.,
	14,000	5.125%, 08/15/18		14,245
	67,000	5.125%, 08/01/21		66,497
	137,000	Cinemark USA, Inc., 5.125%, 12/15/22		139,397
	292,000	CIT Group, Inc., 5.375%, 05/15/20		304,410
	44,000	Clearwater Paper Corp., 4.500%, 02/01/23		42,735
	117,000	CNO Financial Group, Inc., 5.250%, 05/30/25		120,510
	52,000	Commercial Metals Co., 4.875%, 05/15/23		49,140
	205,000	Concho Resources, Inc., 5.500%, 04/01/23		205,512
	11,000	ConocoPhillips Co., 4.300%, 11/15/44		11,169
	15,000	Consolidated Edison Co. of New York, Inc., 4.625%, 12/01/54		17,208
		Constellation Brands, Inc.,
	135,000	4.250%, 05/01/23		140,400
	134,000	6.000%, 05/01/22		150,750
		Continental Resources, Inc.,
	130,000	5.000%, 09/15/22		126,702
	6,000	7.125%, 04/01/21		6,195

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
	180,000	Covanta Holding Corp., 6.375%, 10/01/22		184,950
	97,000	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		98,940
	70,000	Crown Castle International Corp., 5.250%, 01/15/23		78,561
		CSC Holdings LLC,
	105,000	6.750%, 11/15/21		107,100
	35,000	7.875%, 02/15/18		37,625
	48,000	CST Brands, Inc., 5.000%, 05/01/23		48,720
	32,000	CVS Health Corp., 5.125%, 07/20/45		39,671
	134,000	D.R. Horton, Inc., 4.375%, 09/15/22		138,020
	16,000	Devon Energy Corp., 5.000%, 06/15/45		14,935
	35,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 8.350%, 07/15/46 (e)		37,712
	277,000	DISH DBS Corp., 6.750%, 06/01/21		287,041
	3,000	Dominion Gas Holdings LLC, 4.600%, 12/15/44		3,125
	25,000	Dominion Resources, Inc., 4.700%, 12/01/44		27,143
	112,000	DuPont Fabros Technology LP, 5.875%, 09/15/21		117,460
	44,000	E*TRADE Financial Corp., 5.375%, 11/15/22		46,420
	114,000	Embarq Corp., 7.995%, 06/01/36		114,142
	210,000	Energy Transfer Equity LP, 5.875%, 01/15/24		204,225
		Energy Transfer Partners LP,
	5,000	5.150%, 02/01/43		4,472
	8,000	6.125%, 12/15/45		8,300
		Enterprise Products Operating LLC,
	15,000	4.850%, 03/15/44		15,849
	33,000	4.900%, 05/15/46		35,576
	78,000	Equinix, Inc., 4.875%, 04/01/20		80,925
		Exelon Corp.,
	35,000	4.450%, 04/15/46		37,393
	6,000	5.100%, 06/15/45		6,899
		Express Scripts Holding Co.,
	30,000	4.800%, 07/15/46		29,980
	26,000	6.125%, 11/15/41		31,013
		FedEx Corp.,
	40,000	4.550%, 04/01/46		43,435
	5,000	4.750%, 11/15/45		5,576
	105,000	Felcor Lodging LP, 5.625%, 03/01/23		105,000
	94,000	Ford Motor Co., 4.750%, 01/15/43		99,223
		Freeport-McMoRan, Inc.,
	30,000	3.100%, 03/15/20		28,350
	85,000	3.875%, 03/15/23		74,375
	100,000	5.450%, 03/15/43		80,250

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	276,000	Frontier Communications Corp., 8.500%, 04/15/20		292,905
	62,000	FTI Consulting, Inc., 6.000%, 11/15/22		65,131
		General Motors Co.,
	105,000	3.500%, 10/02/18		108,105
	113,000	4.875%, 10/02/23		120,110
	29,000	6.250%, 10/02/43		32,234
	45,000	6.750%, 04/01/46		53,411
	60,000	Gilead Sciences, Inc., 4.750%, 03/01/46		68,128
		GLP Capital LP/GLP Financing II, Inc.,
	54,000	4.875%, 11/01/20		56,354
	75,000	5.375%, 11/01/23		78,281
	108,000	Goodyear Tire & Rubber Co. (The), 7.000%, 05/15/22		115,020
	74,000	Graphic Packaging International, Inc., 4.750%, 04/15/21		77,376
	60,000	Halliburton Co., 5.000%, 11/15/45		65,413
	3,000	Harris Corp., 5.054%, 04/27/45		3,405
		HCA, Inc.,
	72,000	4.250%, 10/15/19		75,060
	101,000	4.750%, 05/01/23		103,525
	84,000	5.875%, 03/15/22		91,350
	44,000	6.500%, 02/15/20		48,785
	117,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/20		115,245
	135,000	IHS, Inc., 5.000%, 11/01/22		139,388
	15,000	Indiana Michigan Power Co., Series K, 4.550%, 03/15/46		16,682
	19,000	Intel Corp., 4.900%, 07/29/45		22,185
	289,000	International Lease Finance Corp., 8.250%, 12/15/20		341,690
	87,000	Iron Mountain, Inc., 5.750%, 08/15/24		87,870
	5,000	ITC Holdings Corp., 5.300%, 07/01/43		5,615
	8,000	Kinder Morgan, Inc., 5.050%, 02/15/46		7,609
	5,000	Kohl’s Corp., 5.550%, 07/17/45		4,660
		Kraft Heinz Foods Co.,
	15,000	4.375%, 06/01/46 (e)		15,874
	59,000	5.200%, 07/15/45 (e)		69,913
	20,000	Kroger Co. (The), 5.150%, 08/01/43		23,884
	242,000	L Brands, Inc., 5.625%, 10/15/23		260,755
	105,000	Lamar Media Corp., 5.875%, 02/01/22		109,200
		Lennar Corp.,
	61,000	4.750%, 05/30/25		59,170
	88,000	4.875%, 12/15/23		88,220
	52,000	Series B, 12.250%, 06/01/17		56,576

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
		Level 3 Financing, Inc.,
	134,000	5.375%, 08/15/22		135,340
	134,000	5.375%, 05/01/25		132,995
	97,000	LifePoint Health, Inc., 5.500%, 12/01/21		101,123
	20,000	Markel Corp., 5.000%, 04/05/46		21,126
	108,000	Masco Corp., 4.450%, 04/01/25		111,791
	15,000	McDonald’s Corp., 4.875%, 12/09/45		17,490
	11,000	McKesson Corp., 4.883%, 03/15/44		12,553
	52,000	Meritage Homes Corp., 7.000%, 04/01/22		56,160
		MGM Resorts International,
	63,000	6.625%, 12/15/21		68,513
	48,000	6.750%, 10/01/20		52,440
	47,000	Micron Technology, Inc., 5.875%, 02/15/22		44,180
	50,000	Microsoft Corp., 4.750%, 11/03/55		56,618
	15,000	Molson Coors Brewing Co., 4.200%, 07/15/46		15,075
	138,000	MPLX LP, 5.500%, 02/15/23 (e)		140,220
	117,000	Navient Corp., 4.625%, 09/25/17		117,878
	89,000	NCR Corp., 5.000%, 07/15/22		87,220
	17,000	Netflix, Inc., 5.750%, 03/01/24		17,723
	210,000	Newfield Exploration Co., 5.625%, 07/01/24		210,000
	143,000	Nielsen Finance LLC/Nielsen Finance Co., 4.500%, 10/01/20		145,681
		Noble Energy, Inc.,
	5,000	5.050%, 11/15/44		5,038
	5,000	5.250%, 11/15/43		5,158
		NRG Energy, Inc.,
	56,000	6.625%, 03/15/23		55,160
	80,000	8.250%, 09/01/20		82,400
	134,000	NRG Yield Operating LLC, 5.375%, 08/15/24		133,330
		Nucor Corp.,
	2,000	5.200%, 08/01/43		2,198
	15,000	6.400%, 12/01/37		18,317
	5,000	Oglethorpe Power Corp., 4.250%, 04/01/46		5,277
	8,000	ONEOK Partners LP, 6.200%, 09/15/43		8,504
		Oracle Corp.,
	50,000	4.000%, 07/15/46		50,379
	45,000	4.375%, 05/15/55		47,306
	71,000	Oshkosh Corp., 5.375%, 03/01/22		73,130
	5,000	Philip Morris International, Inc., 4.875%, 11/15/43		5,956
		Phillips 66,
	29,000	4.875%, 11/15/44		31,695
	15,000	5.875%, 05/01/42		18,023

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
		Plains All American Pipeline LP/PAA Finance Corp.,
	3,000	4.700%, 06/15/44		2,564
	3,000	4.900%, 02/15/45		2,683
	89,000	PolyOne Corp., 5.250%, 03/15/23		89,668
	130,000	Prudential Financial, Inc., VAR, 5.625%, 06/15/43		134,875
	68,000	PVH Corp., 4.500%, 12/15/22		68,935
	109,000	QEP Resources, Inc., 6.875%, 03/01/21		110,090
	51,000	QUALCOMM, Inc., 4.800%, 05/20/45		53,135
	105,000	Range Resources Corp., 5.000%, 03/15/23		98,438
	147,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.875%, 03/01/22		156,109
	41,000	Reynolds American, Inc., 5.850%, 08/15/45		52,422
	134,000	Sabine Pass Liquefaction LLC, 5.625%, 03/01/25		133,498
	66,000	Sally Holdings LLC/Sally Capital, Inc., 5.750%, 06/01/22		68,393
	135,000	Service Corp. International, 5.375%, 05/15/24		140,063
	40,000	SESI LLC, 7.125%, 12/15/21		38,500
	40,000	Southern Co. (The), 4.400%, 07/01/46		43,028
		Southern Power Co.,
	2,000	5.150%, 09/15/41		2,151
	2,000	5.250%, 07/15/43		2,184
	100,000	Sprint Communications, Inc., 6.000%, 11/15/22		78,690
		Steel Dynamics, Inc.,
	73,000	5.250%, 04/15/23		74,460
	71,000	6.375%, 08/15/22		74,550
	10,000	Stryker Corp., 4.625%, 03/15/46		11,243
		Sunoco Logistics Partners Operations LP,
	12,000	5.300%, 04/01/44		11,814
	10,000	5.350%, 05/15/45		9,915
	20,000	Sysco Corp., 4.500%, 04/01/46		21,308
	44,000	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 05/01/23		41,580
	138,000	TEGNA, Inc., 5.125%, 07/15/20		142,312
	98,000	Teleflex, Inc., 5.250%, 06/15/24		98,980
		Tenet Healthcare Corp.,
	134,000	4.500%, 04/01/21		134,670
	94,000	6.000%, 10/01/20		99,170
		Time Warner, Inc.,
	5,000	4.650%, 06/01/44		5,259
	34,000	4.850%, 07/15/45		36,993
	210,000	T-Mobile USA, Inc., 6.375%, 03/01/25		219,450

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
	134,000	Toll Brothers Finance Corp., 5.875%, 02/15/22		144,184
		TransDigm, Inc.,
	14,000	6.000%, 07/15/22		14,073
	12,000	6.500%, 07/15/24		12,060
	10,000	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46 (e)		10,337
		United Rentals North America, Inc.,
	83,000	4.625%, 07/15/23		83,830
	105,000	6.125%, 06/15/23		109,331
	112,000	VeriSign, Inc., 4.625%, 05/01/23		113,400
		Verizon Communications, Inc.,
	35,000	4.522%, 09/15/48		36,153
	69,000	4.862%, 08/21/46		75,351
	2,000	Viacom, Inc., 4.375%, 03/15/43		1,617
		Voya Financial, Inc.,
	20,000	4.800%, 06/15/46		19,948
	50,000	VAR, 5.650%, 05/15/53		47,125
	51,000	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		54,749
	210,000	Williams Partners LP/ACMP Finance Corp., 6.125%, 07/15/22		215,456
	63,000	WPX Energy, Inc., 6.000%, 01/15/22		58,590
	75,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.375%, 03/15/22		76,313
				15,792,964
		Total Corporate Bonds (Cost $16,689,571)		17,128,504
SHARES
	Investment Companies — 12.4% (b)
	252,937	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		2,074,085
	41,698	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		860,656
	152,276	JPMorgan Equity Income Fund, Class R6 Shares		2,165,371
		Total Investment Companies (Cost $5,019,514)		5,100,112
PRINCIPAL AMOUNT($)
	Preferred Securities — 6.8% (x)
		United States — 6.8%
	90,000	American Express Co., Series C, VAR, 4.900%, 03/15/20		85,635

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
		Bank of America Corp.,
	115,000	Series AA, VAR, 6.100%, 03/17/25		116,725
	25,000	Series DD, VAR, 6.300%, 03/10/26		26,469
	50,000	Series K, VAR, 8.000%, 01/30/18		49,687
	70,000	Series V, VAR, 5.125%, 06/17/19		65,975
	60,000	Series Z, VAR, 6.500%, 10/23/24		63,900
		Bank of New York Mellon Corp. (The),
	65,000	Series D, VAR, 4.500%, 06/20/23		62,421
	50,000	Series E, VAR, 4.950%, 06/20/20		50,187
	100,000	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20		98,750
		Citigroup, Inc.,
	190,000	Series M, VAR, 6.300%, 05/15/24		189,031
	35,000	Series O, VAR, 5.875%, 03/27/20		33,600
	20,000	Series P, VAR, 5.950%, 05/15/25		19,550
	80,000	Series R, VAR, 6.125%, 11/15/20		81,200
	25,000	Series T, VAR, 6.250%, 08/15/26		25,750
	100,000	Fifth Third Bancorp, VAR, 5.100%, 06/30/23		94,500
	227,000	General Electric Co., Series D, VAR, 5.000%, 01/21/21		241,188
		Goldman Sachs Group, Inc. (The),
	100,000	Series L, VAR, 5.700%, 05/10/19		99,802
	250,000	Series M, VAR, 5.375%, 05/10/20		247,230
		MetLife, Inc.,
	135,000	Series C, VAR, 5.250%, 06/15/20		133,988
		Morgan Stanley,
	250,000	Series H, VAR, 5.450%, 07/15/19		240,000
	90,000	Series J, VAR, 5.550%, 07/15/20		89,154
		PNC Financial Services Group, Inc. (The),
	100,000	Series R, VAR, 4.850%, 06/01/23		95,750
	80,000	VAR, 6.750%, 08/01/21		89,292
	100,000	State Street Corp., Series F, VAR, 5.250%, 09/15/20		102,750
	50,000	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19		50,250
	65,000	U.S. Bancorp, Series I, VAR, 5.125%, 01/15/21		66,869
		Wells Fargo & Co.,
	125,000	Series K, VAR, 7.980%, 03/15/18		130,781
	140,000	Series S, VAR, 5.900%, 06/15/24		144,025
	29,000	Series U, VAR, 5.875%, 06/15/25		30,921
		Total Preferred Securities (Cost $2,767,014)		2,825,380

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — 0.4%
		United States — 0.4%
	5,000	BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		129,500
	1,000	State Street Corp., Series G, VAR, 5.350%, 03/15/26 ($25 par value) @		26,840
		Total Preferred Stocks (Cost $138,000)		156,340
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	700	ACS Actividades de Construccion y Servicios S.A, expiring 07/11/16 (a)		492
	1,527	Repsol S.A, expiring 07/01/16 (a)		496
		Total Rights (Cost $964)		988
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.5%
	210,000	U.S. Treasury Note, 0.500%, 01/31/17 (k) (Cost $209,804)		210,082
SHARES
	Short-Term Investment — 3.5%
		Investment Company — 3.5%
	1,441,677	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.380% (b) (l) (Cost $1,441,677)		1,441,677
		Total Investments — 99.2% (Cost $39,903,363)		40,986,571
		Other Assets in Excess of Liabilities — 0.8%		335,877
		NET ASSETS — 100.0%	$	41,322,448

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2016

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

INDUSTRY	PERCENTAGE
Investment Companies		12.4	%
Real Estate Investment Trusts (REITs)		8.4
Oil, Gas & Consumable Fuels		6.5
Banks		6.3
Asset-Backed Securities		4.9
Non-Agency CMO		4.6
Diversified Telecommunication Services		4.5
Media		4.1
Insurance		3.0
Metals & Mining		2.7
Health Care Providers & Services		2.5
Capital Markets		2.5
Pharmaceuticals		2.3
Trading Companies & Distributors		1.8
Household Durables		1.7
Consumer Finance		1.7
Independent Power & Renewable Electricity Producers		1.5
Specialty Retail		1.3
Beverages		1.2
Automobiles		1.2
Hotels, Restaurants & Leisure		1.2
Gas Utilities		1.2
Commercial Services & Supplies		1.2
Wireless Telecommunication Services		1.1
Tobacco		1.1
Chemicals		1.1
Auto Components		1.0
Others (each less than 1.0%)		13.5
Short-Term Investment		3.5

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2016

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	4		E-mini S&P 500		09/16/16		USD	$	418,040		$	5,895
			Short Futures Outstanding
	(6	)	Dow Jones Euro STOXX 50 Index		09/16/16		EUR		(190,722	)		(2,599	)
	(2	)	FTSE 100 Index		09/16/16		GBP		(172,033	)		(15,517	)
	(13	)	Euro FX		09/19/16		USD		(1,804,969	)		37,322
	(12	)	GBP FX		09/19/16		USD		(993,600	)		77,483
	(39	)	5 Year U.S. Treasury Note		09/30/16		USD		(4,764,398	)		(83,519	)
											$	19,065

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CMO	—  Collateralized Mortgage Obligation
CVA	—  Dutch Certification
EUR	—  Euro
GBP	—  British Pound
REIT	—  Real Estate Investment Trust.
SDR	—  Swedish Depositary Receipt
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2016.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(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 0.05%.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of June 30, 2016.
(x)	—  Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflect the next call date. The coupon rates shown are the rates in effect as of June 30, 2016.
@	—  The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of June 30, 2016.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC‘s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 15

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016 (Unaudited)

	Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	34,444,782
Investments in affiliates, at value		6,541,789
Total investment securities, at value		40,986,571
Cash		766,421
Foreign currency, at value		166,127
Deposits at broker for futures contracts		14,000
Receivables:
Investment securities sold		365,728
Portfolio shares sold		18,347
Interest and dividends from non-affiliates		297,172
Dividends from affiliates		315
Tax reclaims		14,439
Variation margin on futures contracts		52,984
Due from Adviser		9,151
Total Assets		42,691,255
LIABILITIES:
Payables:
Investment securities purchased		1,222,128
Portfolio shares redeemed		61,139
Accrued liabilities:
Distribution fees		8,218
Custodian and accounting fees		25,324
Other		51,998
Total Liabilities		1,368,807
Net Assets	$	41,322,448
NET ASSETS:
Paid-in-Capital	$	40,883,374
Accumulated undistributed net investment income		681,202
Accumulated net realized gains (losses)		(1,346,110	)
Net unrealized appreciation (depreciation)		1,103,982
Total Net Assets	$	41,322,448
Net Assets:
Class 1	$	103,230
Class 2		41,219,218
Total	$	41,322,448
Outstanding units of beneficial interest (shares) (unlimited number of shares authorized, no par value):
Class 1		10,334
Class 2		4,133,930
Net Asset Value, offering and redemption price per share (a):
Class 1	$	9.99
Class 2		9.97
Cost of investments in non-affiliates	$	33,442,172
Cost of investments in affiliates		6,461,191
Cost of foreign currency		165,321

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

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2016

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	507,252
Interest income from affiliates		46
Dividend income from non-affiliates		279,307
Dividend income from affiliates		65,531
Foreign taxes withheld		(22,438	)
Total investment income		829,698
EXPENSES:
Investment advisory fees		79,724
Administration fees		14,546
Distribution fees — Class 2		44,167
Custodian and accounting fees		81,195
Interest expense to affiliates		38
Professional fees		46,902
Trustees’ and Chief Compliance Officer’s fees		6,213
Printing and mailing costs		4,103
Transfer agency fees — Class 1		11
Transfer agency fees — Class 2		490
Other		2,979
Total expenses		280,368
Less fees waived		(94,420	)
Less expense reimbursements		(35,593	)
Net expenses		150,355
Net investment income (loss)		679,343
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(714,529	)
Investments in affiliates		(16,663	)
Futures		(124,923	)
Foreign currency transactions		(6,846	)
Net realized gain (loss)		(862,961	)
Distributions of capital gains received from investment company affiliates		37
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,420,396
Investments in affiliates		266,407
Futures		(11,606	)
Foreign currency translations		9,536
Change in net unrealized appreciation/depreciation		1,684,733
Net realized/unrealized gains (losses)		821,809
Change in net assets resulting from operations	$	1,501,152

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 17

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (Unaudited)

	Income Builder Portfolio
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	679,343		$	737,399
Net realized gain (loss)		(862,961	)		(478,384	)
Distributions of capital gains received from investment company affiliates		37			10,259
Change in net unrealized appreciation/depreciation		1,684,733			(462,395	)
Change in net assets resulting from operations		1,501,152			(193,121	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		—			(2,735	)
From net realized gains		—			(137	)
Class 2
From net investment income		—			(731,890	)
From net realized gains		—			(38,462	)
Total distributions to shareholders		—			(773,224	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		9,730,725			11,100,882
NET ASSETS:
Change in net assets		11,231,877			10,134,537
Beginning of period		30,090,571			19,956,034
End of period	$	41,322,448		$	30,090,571
Accumulated undistributed net investment income	$	681,202		$	1,859
CAPITAL TRANSACTIONS:
Class 1
Distributions reinvested	$	—		$	2,872
Change in net assets resulting from Class 1 capital transactions	$	—		$	2,872
Class 2
Proceeds from shares issued	$	11,138,539		$	10,510,117
Distributions reinvested		—			770,352
Cost of shares redeemed		(1,407,814	)		(182,459	)
Change in net assets resulting from Class 2 capital transactions	$	9,730,725		$	11,098,010
Total change in net assets resulting from capital transactions	$	9,730,725		$	11,100,882
SHARE TRANSACTIONS:
Class 1
Reinvested		—			301
Change in Class 1 Shares		—			301
Class 2
Issued		1,162,888			1,057,458
Reinvested		—			80,731
Redeemed		(144,903	)		(18,644	)
Change in Class 2 Shares		1,017,985			1,119,545

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 19

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized  gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Income Builder Portfolio
Class 1
Six Months Ended June 30, 2016 (Unaudited)	$	9.63	$	0.19	(h)	$	0.17		$	0.36		$	—		$	—		$	—
Year Ended December 31, 2015		9.95		0.36	(h)		(0.40	)		(0.04	)		(0.27	)		(0.01	)		(0.28	)
December 9, 2014 (j) through December 31, 2014		10.00		0.03			(0.05	)		(0.02	)		(0.03	)		—			(0.03	)
Class 2
Six Months Ended June 30, 2016 (Unaudited)		9.63		0.18	(h)		0.16			0.34			—			—			—
Year Ended December 31, 2015		9.95		0.33	(h)		(0.39	)		(0.06	)		(0.25	)		(0.01	)		(0.26	)
December 9, 2014 (j) through December 31, 2014		10.00		0.03			(0.05	)		(0.02	)		(0.03	)		—			(0.03	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

(d) 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.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) 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.

(h) Calculated based upon average shares outstanding.

(i) Certain non-recurring expenses incurred by the Portfolio were not annualized for the year ended December 31, 2015 and the period ended December 31, 2014.

(j) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings  credits (f)			Portfolio turnover rate (c)(g)
$	9.99		3.74	%	$	103,230		0.60	%		4.04	%		1.35	%		23	%
	9.63		(0.31	)		99,526		0.60	(i)		3.56	(i)		1.44	(i)		42
	9.95		(0.17	)		99,795		0.60	(i)		4.67	(i)		7.83	(i)		1
	9.97		3.53			41,219,218		0.85			3.83			1.58			23
	9.63		(0.50	)		29,991,045		0.85	(i)		3.30	(i)		1.71	(i)		42
	9.95		(0.18	)		19,856,239		0.85	(i)		4.42	(i)		8.08	(i)		1

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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
Income Builder Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to seek to maximize income while maintaining prospects for capital appreciation.

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 transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Portfolio’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Portfolio’s Administrator under the Administration Agreement.

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 Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the 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.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services 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 in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

22 JPMORGAN INSURANCE��TRUST JUNE 30, 2016

Futures are generally valued on the basis of available market quotations.

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, 2016.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Portfolio’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	476,868	$	1,520,264	$	1,997,132
Collateralized Mortgage Obligations
Non-Agency CMO		—		1,870,169		—		1,870,169
Commercial Mortgage-Backed Securities
United States		—		74,688		—		74,688
Common Stocks
Australia		—		339,536		—		339,536
Belgium		—		103,350		—		103,350
Canada		114,461		—		—		114,461
Czech Republic		—		49,424		—		49,424
Denmark		—		126,029		—		126,029
Finland		—		281,000		—		281,000
France		—		710,048		—		710,048
Germany		—		437,765		—		437,765
Hong Kong		—		43,608		—		43,608
Ireland		100,262		18,812		—		119,074
Italy		—		137,765		—		137,765
Japan		—		412,050		—		412,050
Luxembourg		—		31,378		—		31,378
Netherlands		—		348,243		—		348,243
Norway		—		111,193		—		111,193
Portugal		—		38,760		—		38,760
Singapore		—		10,624		—		10,624
Spain		—		287,588		—		287,588
Sweden		—		60,730		—		60,730
Switzerland		—		253,826		—		253,826
Taiwan		—		26,507		—		26,507
United Kingdom		—		1,616,119		—		1,616,119
United States		4,522,421		—		—		4,522,421
Total Common Stocks		4,737,144		5,444,355		—		10,181,499

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 23

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Corporate Bonds
Australia	$	—		$	46,267		$	—	$	46,267
Bermuda		—			134,495			—		134,495
Canada		—			244,390			—		244,390
Finland		—			49,703			—		49,703
Liberia		—			54,730			—		54,730
Luxembourg		—			365,381			—		365,381
Netherlands		—			95,697			—		95,697
Singapore		—			54,347			—		54,347
United Kingdom		—			290,530			—		290,530
United States		—			15,792,964			—		15,792,964
Total Corporate Bonds		—			17,128,504			—		17,128,504
Investment Companies
United States		5,100,112			—			—		5,100,112
Preferred Securities
United States		—			2,825,380			—		2,825,380
Preferred Stocks
United States		156,340			—			—		156,340
Rights
Spain		—			988			—		988
U.S. Treasury Obligation		—			210,082			—		210,082
Short-Term Investment
Investment Companies		1,441,677			—			—		1,441,677
Total Investments in Securities	$	11,435,273		$	28,031,034		$	1,520,264	$	40,986,571
Appreciation in Other Financial Instruments
Futures Contracts	$	120,700		$	—		$	—	$	120,700
Depreciation in Other Financial Instruments
Futures Contracts	$	(83,519	)	$	(18,116	)	$	—	$	(101,635	)

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

There were no significant transfers between levels 1 and 2 during the six months ended June 30, 2016.

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

	Balance as of December 31, 2015		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2016
Investments in Securities
Asset-Backed Securities	$	1,076,653	$	—	$	2,621	$	2,171	$	248,239	$	(216,911	)	$	435,825	$	(28,334	)	$	1,520,264

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended June 30, 2016.

⁽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.

The change in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to $2,621. This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2016

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at June 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,520,264	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 10.00% (4.09%)
				Constant Default Rate		3.00% - 7.58% (4.77%)
				Yield (Discount Rate of Cash Flows)		2.38% - 6.85% (3.90%)
Asset-Backed Securities		1,520,264
Total	$	1,520,264

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. Investment Transactions with Affiliates — The Portfolio invests in Underlying Funds which are advised by the Adviser or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. 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 issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the Realized Gain (Loss) amounts in the table below are distributions of realized capital gains, if any, received from the Underlying Funds.

			For the period ended June 30, 2016
Affiliate	Value at December 31, 2015		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at June 30, 2016		Value at June 30, 2016
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	1,641,186	$	549,486	$	230,000	$	(14,045	)	$	42,987		252,937	$	2,074,085
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		—		822,550		—		—			—		41,698		860,656
JPMorgan Equity Income Fund, Class R6 Shares		1,481,376		706,270		120,500		(2,581	)		20,232		152,276		2,165,371
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,440,405		11,933,875		11,932,603		—			2,312		1,441,677		1,441,677
	$	4,562,967					$	(16,626	)	$	65,531			$	6,541,789

C. Futures Contracts — The Portfolio used index, currency, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Portfolio also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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 on 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 on 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 use of futures contracts exposes the Portfolio to interest rate, foreign currency and equity price risks. 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.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 25

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2016:

Futures Contracts:
Equity
Average Notional Balance Long	$	116,821
Average Notional Balance Short		162,630
Ending Notional Balance Long		418,040
Ending Notional Balance Short		362,755
Foreign Exchange
Average Notional Balance Short		2,199,358
Ending Notional Balance Short		2,798,569
Interest Rate
Average Notional Balance Short		4,222,285
Ending Notional Balance Short		4,764,398

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).

D. Summary of Derivatives Information — The following tables present the value of derivatives held as of June 30, 2016, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Derivative Contract	Statement of Assets and Liabilities
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	5,895
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		114,805
Total		$	120,700
Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(18,116	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(83,519	)
Total		$	(101,635	)

(a) This amount reflects the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statement of Operations for the six months ended June 30, 2016, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contract	Futures Contracts
Equity contracts	$	(35,671	)
Foreign exchange contracts		(20,078	)
Interest rate contracts		(69,174	)
Total	$	(124,923	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contract	Futures Contracts
Equity contracts	$	(12,221	)
Foreign exchange contracts		96,499
Interest rate contracts		(95,884	)
Total	$	(11,606	)

E. 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.

The Portfolio does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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.

F. 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, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Portfolio first learns of the dividend.

G. 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.

The Portfolio invests in Underlying Funds and, as a result, bears a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.E.

H. 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, 2016, 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, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

I. 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.

J. 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 an Investment Advisory Agreement, the Adviser 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 0.45%.

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, 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, 2016, 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, 2016 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

The Board 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 performing 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 income earned on cash balances at the custodian, if any, is included in Interest income from affiliates 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/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) 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, 2016 and is in place until at least April 30, 2017.

For the six months ended June 30, 2016, the Portfolio’s service providers waived fees and/or reimbursed expenses 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		Contractual Reimbursements
$	79,724	$	14,546	$	94,270	$	35,593

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective May 1, 2016, the Adviser, Administrator and/or the Distributor have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. Prior to May 1, 2016, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2016 was $150.

The Underlying Funds may impose a separate advisory fee. The Portfolio’s Adviser has agreed to waive the Portfolio’s advisory fee in the weighted average pro-rata amount of the advisory fee charged by the affiliated Underlying Funds. These waivers may be in addition to any waivers required to meet the Portfolio’s contractual expense limitations, but will not exceed the Portfolio’s advisory fee.

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 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, 2016, the Portfolio 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, 2016, the Portfolio incurred $149 in brokerage commissions with broker-dealers affiliated with the Adviser.

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

28 JPMORGAN INSURANCE TRUST JUNE 30, 2016

4. Investment Transactions

During the six months ended June 30, 2016, 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
$	18,135,038	$	7,681,804	$	114,730	$	60,000

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, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	39,903,363	$	1,500,126	$	416,918	$	1,083,208

At December 31, 2015, the Portfolio had net capital loss carryforwards as follows:

		Capital Loss Carryforward Character
Short-Term		Long-Term
$	269,283	$	14,145

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 7, 2016.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2016, or at any time during the six months then ended.

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.

As of June 30, 2016, the Adviser owned shares representing 49.7% of the Portfolio’s net assets.

As of June 30, 2016, the Portfolio had an omnibus account which represented 29.0% of the Portfolio’s net assets.

Significant shareholder transactions by this shareholder may impact the Portfolio’s performance.

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. 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 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 Portfolio invests in floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. 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.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

Because of the Portfolio’s investments in the Underlying Funds, the Portfolio indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Portfolio may be higher than the cost of investing in a mutual fund that invests directly in individual

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

securities and financial instruments. The Portfolio is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities; and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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, 2016, and continued to hold your shares at the end of the reporting period, June 30, 2016.

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	1,037.40	$	3.04		0.60	%
Hypothetical		1,000.00		1,021.88		3.02		0.60
Class 2
Actual		1,000.00		1,035.30		4.30		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 31

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. June 2016. SAN-JPMITIBP-616

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2016 (Unaudited)

JPMorgan Insurance Trust Global Allocation Portfolio

NOT FDIC INSURED    •    NO BANK GUARANTEE    •    MAY LOSE VALUE
     

CONTENTS

CEO’s Letter	1
Portfolio Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	14
Financial Highlights	18
Notes to Financial Statements	20
Schedule of Shareholder Expenses	30

Investments in the Portfolio are not 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 the separate accounts of various insurance companies. Portfolio shares may also be offered to qualified pension and retirement plans and accounts permitting accumulation of assets on a tax-deferred basis (“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, 2016 (Unaudited)

Dear Shareholder,

The U.S. economy continued its slow expansion in 2016 despite economic weakness elsewhere and two punishing sell-offs in global financial markets. Growth in the U.S. was sufficient to prompt the U.S. Federal Reserve (the “Fed”) to raise interest rates in December 2015, but financial market turmoil in early 2016 and worrisome economic data forced the Fed to curtail further increases at its March and June meetings.

  “The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.”

Meanwhile, the resiliency of U.S. financial markets was a notable feature of the six months ended June 30, 2016. Equity prices slumped in the early part of the 2016, giving the Standard & Poor’s 500 Index (“S&P 500”) its worst start to any year on record, falling 5.07% by the end of January and slumping by 10% by mid-February. By the end of March, the index had clawed its way back to a level slightly above where it was when the year began.

In April, the International Monetary Fund (IMF) warned that the prolonged period of slow growth had left the global economy vulnerable to specific events or trends. Among those risks, the IMF cited financial market turmoil and Britain’s referendum on European Union (EU) membership.

On June 23, the U.K. vote to leave the EU shocked political leaders and sparked a sharp sell-off in global financial markets. The S&P 500 suffered a one-day decline of 3.59%. Within days, an estimated $3 trillion was erased from global financial markets. The resulting decline in the British pound was deep enough that France has now supplanted the U.K. as the world’s fifth largest economy. Ultimately, the impact of the “Brexit” referendum on U.S. financial markets was muted and by

June 30, 2016, equity prices rebounded. The S&P 500 posted a return of 3.84% for the first half of the year and stood 1.50% shy of its then-record intraday high of 2,130.82 points reached May 21, 2015.

Meanwhile, the sharp slowdown in U.S. job growth in May that had so worried Fed policymakers was short-lived. The U.S. economy added 287,000 jobs in June, far above the consensus forecast of 175,000 new jobs and the most of any month since October 2015. Wage growth over the first half of the year remained tepid, which helped corporate earnings and held down inflationary pressure.

Over the past six months, U.S. financial markets have both withstood and benefitted from turmoil in foreign financial markets. Investors seeking to reduce risk have bought both U.S. equities and U.S. Treasury bonds. Low growth in the EU and other developed markets and lingering concerns about the trajectory of China’s economy continued to drag on the U.S. economy. Notably, the U.S. economic expansion is halfway through its seventh year and the U.S. stock market’s bull market — defined as a rise of 20% or more in prices — is now the second longest on record.

The events of the past six months reinforce our conviction that patience and proper diversification are the investor’s best instruments for engaging the current market environment: Patience to wait out periodic volatility and diversification to manage risk across an entire investment portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		1.73%
MSCI World Index (net of foreign withholding taxes)		0.66%
Global Allocation Composite Benchmark		2.62%
Net Assets as of 6/30/2016	$	47,050,801

INVESTMENT OBJECTIVE**

The JPMorgan Insurance Trust Global Allocation Portfolio (the “Portfolio”) seeks to maximize long-term total return.

HOW DID THE MARKET PERFORM?

Global financial markets were bracketed by sharp sell-offs at the start and end of the six months ended June 30, 2016. In January, the Standard & Poor’s 500 Index (“S&P 500”) suffered its worst start to any year on record amid worrisome data about China’s economy, slumping commodities prices and investor expectations of further slowing in the global economy. In June, the U.K. vote to leave the European Union sparked the worst single day historically in global markets. The sell-off drained an estimated $2.08 trillion from world financial markets on the Friday following the U.K. referendum and $931 billion was lost the following Monday.

However, global equity markets rebounded sharply in the final days of June and the S&P 500 posted a return of 3.84% for the six month reporting period, closing just 1.50% below its then-record intraday high, set in May 2015. Overall, mid cap stocks generally outperformed both large cap and small cap stocks, and value stocks outperformed growth stocks. Among U.S. equities, the telecommunications and utilities sectors were generally the strongest performers as investors sought high dividend yields and the perceived safety of those sectors. Financial sector stocks were the worst performers amid continued low interest rates and expectations of low growth globally.

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

The Portfolio’s Class 2 Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and underperformed the Global Allocation Composite Benchmark

(the “Composite”) for the six months ended June 30, 2016. The Portfolio’s performance relative to the Benchmark was helped by its holdings of U.S. equities, which outperformed equities in other developed markets during the first half of 2016.

The Portfolio’s performance relative to the Composite, which consists of 60% MSCI World Index and 40% Barclays Aggregate Index, was hurt by the Portfolio’s overweight allocation to global equities. Additionally, the Portfolio’s allocation to high yield bonds (also known as “junk bonds”) detracted from relative performance, as the high yield sector came under pressure amid weakness in energy prices.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio’s managers continued to maintain a constructive view on developed market equities and extended credit. However, the Portfolio’s developed market equity exposure decreased in both Europe and Japan, given the managers’ expectations for slowing, but still positive, global growth. The Portfolio’s Japanese equity exposure decreased after the Bank of Japan’s negative interest rate policy hurt investor sentiment as evidenced by a strengthening yen, which hurt asset prices. The managers added to the Fund’s emerging market equity exposure toward the end of the reporting period amid stabilization in emerging market currencies driven by less monetary tightening by the U.S. Federal Reserve priced into the intermediate term. In fixed income assets, the managers maintained a positive view on credit as expressed through high yield bonds in the U.S., as well as non-agency mortgage bonds. Within core fixed income, the managers increased the Portfolio’s allocation to global government bonds as a way to play “defense” against the allocations to the equity market and the high yield market if global growth was challenged further.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2016

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund, Class R6 Shares	28.1	%
	2.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	7.5
	3.	United Kingdom Gilt, (United Kingdom), 1.750%, 01/22/17	3.1
	4.	United Kingdom Gilt, (United Kingdom), 4.000%, 09/07/16	3.1
	5.	U.S. Treasury Notes, 0.500%, 01/31/17	2.1
	6.	France Government Bond OAT, (France), 1.750%, 11/25/24	1.6
	7.	Italy Buoni Poliennali Del Tesoro, (Italy), 5.500%, 11/01/22	1.6
	8.	Republic of Canada, (Canada), 1.750%, 03/01/19	1.0
	9.	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-SD1, Class M1, VAR, 2.703%, 03/25/33	0.8
	10.	Government of Japan, (Japan), Series 154, 1.200%, 09/20/35	0.6

PORTFOLIO COMPOSITION***
Investment Companies	35.6	%
Common Stocks	32.8
Foreign Government Securities	12.2
Asset-Backed Securities	5.2
Collateralized Mortgage Obligations	4.7
U.S. Treasury Obligations	3.9
Others (each less than 1.0%)	0.2
Short-Term Investment	5.4

* 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, 2016. The Portfolio’s composition is subject to change.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2016
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		1.87	%		(1.53	)%		0.35	%
CLASS 2 SHARES		December 9, 2014		1.73			(1.78	)		0.09

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 6/30/16)

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 Portfolio commenced operations on December 9, 2014.

The graph illustrates comparative performance for $10,000 invested in Class 2 Shares of the JPMorgan Insurance Trust Global Allocation Portfolio, the MSCI World Index (net of foreign withholding taxes), the Barclays U.S. Aggregate Index, the Global Allocation Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to June 30, 2016. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Indices 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 benchmarks, if applicable. The performance of the Lipper Variable Underlying Funds Flexible 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 World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market

performance of developed markets. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The Global Allocation Composite Benchmark is a composite benchmark comprised of unmanaged indices that includes the MSCI World Index (net of foreign withholding taxes) (60%) and the Barclays U.S. Aggregate Index (40%). The Lipper Variable Underlying Funds Flexible 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.

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 U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The 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, 2016

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 5.0%
		United States — 5.0%
	62,749	AMRESCO Residential Securities Corp. Mortgage Loan Trust, Series 1997-1, Class A7, 7.610%, 03/25/27		63,274
	95,247	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W5, Class M1, VAR, 1.353%, 04/25/34		89,661
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	93,874	Series 2004-HE3, Class M2, VAR, 2.133%, 06/25/34		83,642
	104,360	Series 2003-HE6, Class M2, VAR, 2.928%, 11/25/33		97,476
		Bear Stearns Asset-Backed Securities Trust,
	69,372	Series 2003-2, Class M1, VAR, 2.253%, 03/25/43		64,131
	70,215	Series 2004-HE5, Class M2, VAR, 2.328%, 07/25/34		68,377
	9,693	Credit-Based Asset Servicing and Securitization LLC, Series 2001-CB3, Class M2, VAR, 6.863%, 01/25/39		9,945
		CWABS, Inc., Asset-Backed Certificates,
	67,934	Series 2004-1, Class M2, VAR, 1.278%, 03/25/34		62,097
	74,613	Series 2004-2, Class M1, VAR, 1.203%, 05/25/34		70,485
	100,211	Series 2004-5, Class M3, VAR, 2.178%, 07/25/34		90,882
	100,406	Series 2004-6, Class 2A5, VAR, 1.233%, 11/25/34		97,663
	123,796	GSAMP Trust, Series 2003-SEA, Class A1, VAR, 0.853%, 02/25/33		113,461
	104,817	Home Equity Asset Trust, Series 2007-2, Class 2A2, VAR, 0.638%, 07/25/37		100,669
	138,128	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-B, Class 2A3, VAR, 0.643%, 06/25/36		125,610
	140,000	Long Beach Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 1.353%, 10/25/34		127,310
		Morgan Stanley ABS Capital I, Inc. Trust,
	80,803	Series 2003-NC10, Class M1, VAR, 1.473%, 10/25/33		76,143
	389,430	Series 2003-SD1, Class M1, VAR, 2.703%, 03/25/33		360,881
	86,691	Series 2004-NC7, Class M2, VAR, 1.383%, 07/25/34		83,697
	52,739	NovaStar Mortgage Funding Trust, Series 2003-3, Class A2C, VAR, 0.983%, 12/25/33		49,908

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	212,083	Renaissance Home Equity Loan Trust, Series 2003-2, Class A, VAR, 1.333%, 08/25/33		196,235
	61,890	Saxon Asset Securities Trust, Series 2003-3, Class M1, VAR, 1.428%, 12/25/33		58,228
	68,061	Structured Asset Investment Loan Trust, Series 2003-BC11, Class M1, VAR, 1.428%, 10/25/33		65,633
	85,473	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-WF2, Class A1, VAR, 1.453%, 08/25/37		78,963
	139,237	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2006-3, Class A2, VAR, 0.603%, 01/25/37		132,199
		Total Asset-Backed Securities (Cost $2,352,882)		2,366,570
	Collateralized Mortgage Obligations — 4.6%
		Non-Agency CMO — 4.6%
		United States — 4.6%
	39,468	Banc of America Alternative Loan Trust, Series 2003-9, Class 1CB5, 5.500%, 11/25/33		40,056
	52,917	Banc of America Funding Trust, Series 2006-A, Class 1A1, VAR, 2.854%, 02/20/36		51,739
	48,695	Banc of America Mortgage Trust, Series 2005-A, Class 2A2, VAR, 2.953%, 02/25/35		47,945
	80,485	Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2, VAR, 2.913%, 05/25/35		78,704
	108,032	Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A1, VAR, 2.430%, 09/25/35		107,469
	90,426	First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 4A1, VAR, 2.641%, 02/25/35		89,151
	112,951	GSR Mortgage Loan Trust, Series 2005-AR3, Class 1A1, VAR, 0.893%, 05/25/35		106,085
		Impac CMB Trust
	86,578	Series 2004-6, Class 1A1, VAR, 1.253%, 10/25/34		79,371
	185,949	Series 2004-6, Class 1A2, VAR, 1.233%, 10/25/34		170,305
	153,987	Series 2004-7, Class 1A2, VAR, 1.373%, 11/25/34		141,885
	65,996	Impac Secured Assets Trust, Series 2006-2, Class 2A1, VAR, 0.803%, 08/25/36		64,287

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	58,572	JP Morgan Mortgage Trust, Series 2005-A3, Class 4A1, VAR, 2.816%, 06/25/35		58,646
	17,159	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.500%, 01/25/36		15,220
	54,913	Merrill Lynch Mortgage Investors Trust, Series 2007-1, Class 4A3, VAR, 5.475%, 01/25/37		53,658
	50,247	Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 4A, VAR, 3.147%, 07/25/34		48,151
	93,244	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 0.733%, 12/25/35		80,837
	53,715	Residential Asset Securitization Trust, Series 2004-A6, Class A1, 5.000%, 08/25/19		53,616
	63,550	RFMSI Trust, Series 2003-S20, Class 2A1, 4.750%, 12/25/18		63,980
		WaMu Mortgage Pass-Through Certificates Trust
	72,698	Series 2005-AR5, Class A6, VAR, 2.725%, 05/25/35		71,910
	63,589	Series 2005-AR10, Class 1A3, VAR, 2.503%, 09/25/35		61,387
		Wells Fargo Mortgage-Backed Securities Trust
	80,271	Series 2004-EE, Class 2A2, VAR, 2.952%, 12/25/34		81,643
	172,675	Series 2004-W, Class A1, VAR, 2.757%, 11/25/34		171,754
	39,393	Series 2005-16, Class A8, 5.750%, 01/25/36		41,813
	29,367	Series 2005-AR2, Class 2A1, VAR, 2.872%, 03/25/35		29,094
	56,474	Series 2005-AR2, Class 2A2, VAR, 2.872%, 03/25/35		56,894
	85,522	Series 2005-AR3, Class 1A1, VAR, 3.013%, 03/25/35		87,314
	53,707	Series 2005-AR4, Class 2A2, VAR, 2.985%, 04/25/35		53,561
	99,480	Series 2006-AR3, Class A3, VAR, 3.031%, 03/25/36		97,237
	41,385	Series 2006-AR8, Class 3A1, VAR, 2.852%, 04/25/36		39,762
		Total Collateralized Mortgage Obligations (Cost $2,114,702)		2,143,474

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 31.8%
		Australia — 1.1%
	7,728	AMP Ltd.		30,118
	4,383	Australia & New Zealand Banking Group Ltd.		79,858
	4,403	BHP Billiton Ltd.		61,361
	912	Commonwealth Bank of Australia		51,191
	316	CSL Ltd.		26,649
	3,408	Dexus Property Group		23,126
	9,795	Goodman Group		52,536
	1,011	Macquarie Group Ltd.		52,627
	774	National Australia Bank Ltd.		14,860
	2,470	Wesfarmers Ltd.		74,487
	1,639	Westpac Banking Corp.		36,346
				503,159
		Belgium — 0.2%
	776	Anheuser-Busch InBev S.A./N.V.		102,615
		Bermuda — 0.0% (g)
	616	Lazard Ltd., Class A		18,344
		Canada — 0.2%
	700	Novadaq Technologies, Inc. (a)		6,888
	998	Waste Connections, Inc.		71,906
				78,794
		Denmark — 0.1%
	1,094	Novo Nordisk A/S, Class B		58,915
		Finland — 0.4%
	562	Cargotec Oyj, Class B		22,904
	11,834	Nokia OYJ		67,400
	4,438	Outokumpu OYJ (a)		18,656
	2,177	UPM-Kymmene OYJ		39,993
	978	Wartsila OYJ Abp		39,904
				188,857
		France — 1.4%
	693	Air Liquide S.A.		72,198
	1,254	Airbus Group SE		71,879
	512	Arkema S.A.		39,144
	3,648	AXA S.A.		72,131
	1,668	BNP Paribas S.A.		73,151
	1,513	Engie S.A.		24,294
	6,469	Natixis S.A.		24,342
	437	Renault S.A.		32,992
	681	Sanofi		56,579
	914	Schneider Electric SE		53,323
	281	Sodexo S.A.		30,103
	1,673	TOTAL S.A.		80,231

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		France — continued
	2,587	Vivendi S.A.		48,400
				678,767
		Germany — 1.5%
	516	adidas AG		74,071
	94	Allianz SE		13,410
	354	BASF SE		27,144
	865	Bayer AG		86,876
	1,134	Brenntag AG		54,933
	1,188	Daimler AG		71,088
	3,346	Deutsche Telekom AG		57,057
	4,072	E.ON SE		41,106
	298	HeidelbergCement AG		22,449
	3,395	Infineon Technologies AG		49,147
	264	Linde AG		36,785
	1,117	SAP SE		83,893
	854	Siemens AG		87,639
				705,598
		Hong Kong — 0.5%
	4,000	AIA Group Ltd.		24,055
	7,552	Cheung Kong Property Holdings Ltd.		47,582
	5,552	CK Hutchison Holdings Ltd.		61,075
	1,700	Hang Seng Bank Ltd.		29,160
	6,000	Power Assets Holdings Ltd.		55,167
	12,400	Sands China Ltd.		41,960
				258,999
		Ireland — 0.2%
	489	DCC plc		43,032
	568	Ryanair Holdings plc, ADR		39,499
				82,531
		Israel — 0.1%
	544	Mobileye N.V. (a)		25,100
	451	Teva Pharmaceutical Industries Ltd., ADR		22,654
				47,754
		Italy — 0.4%
	2,112	Assicurazioni Generali S.p.A.		24,906
	2,044	Atlantia S.p.A.		51,069
	17,094	Enel S.p.A.		75,888
	53,959	Telecom Italia S.p.A. (a)		44,317
	6,681	UniCredit S.p.A.		14,693
				210,873
		Japan — 4.2%
	1,800	Bridgestone Corp.		57,846
	200	Central Japan Railway Co.		35,573

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — continued
	600	Daikin Industries Ltd.		50,427
	1,100	Dentsu, Inc.		51,563
	2,600	DMG Mori Co., Ltd.		25,085
	600	East Japan Railway Co.		55,604
	13,000	Fujitsu Ltd.		47,805
	13,000	Hitachi Ltd.		54,468
	1,800	Honda Motor Co., Ltd.		45,153
	2,700	J. Front Retailing Co., Ltd.		27,995
	13,600	JX Holdings, Inc.		53,085
	8,000	Kajima Corp.		55,574
	1,300	KDDI Corp.		39,533
	3,100	Kirin Holdings Co., Ltd.		52,285
	2,000	Kyowa Hakko Kirin Co., Ltd.		34,111
	2,000	Kyushu Electric Power Co., Inc. (a)		20,059
	1,600	LIXIL Group Corp.		26,275
	800	Mabuchi Motor Co., Ltd.		33,884
	3,800	Mazda Motor Corp.		50,286
	17,900	Mitsubishi UFJ Financial Group, Inc.		80,243
	3,700	Mitsui & Co., Ltd.		44,168
	2,000	Mitsui Fudosan Co., Ltd.		45,902
	1,700	MS&AD Insurance Group Holdings, Inc.		44,047
	400	Nidec Corp.		30,449
	2,900	Nippon Steel & Sumitomo Metal Corp.		56,143
	1,600	Nippon Telegraph & Telephone Corp.		75,032
	1,300	Omron Corp.		42,433
	3,800	ORIX Corp.		49,174
	1,400	Otsuka Holdings Co., Ltd.		64,516
	1,600	Seiko Epson Corp.		25,651
	1,700	Seven & i Holdings Co., Ltd.		71,278
	2,400	Sony Corp.		70,709
	2,300	Sumitomo Mitsui Financial Group, Inc.		66,413
	1,100	Suntory Beverage & Food Ltd.		49,776
	1,300	Suzuken Co., Ltd.		40,919
	4,000	Takashimaya Co., Ltd.		28,650
	15,000	Tokyo Gas Co., Ltd.		61,931
	2,700	Toyota Motor Corp.		133,106
	2,700	Yamato Holdings Co., Ltd.		61,995
				1,959,146
		Luxembourg — 0.1%
	7,213	ArcelorMittal (a)		32,886
		Netherlands — 1.3%
	4,945	Aegon N.V.		19,594
	593	ASML Holding N.V.		58,374
	737	Heineken N.V.		67,599
	6,479	ING Groep N.V., CVA		67,031

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		Netherlands — continued
	13,127	Koninklijke KPN N.V.		46,790
	2,180	Koninklijke Philips N.V.		54,143
	1,095	NN Group N.V.		30,144
	445	NXP Semiconductors N.V. (a)		34,861
	3,582	Royal Dutch Shell plc, Class A		98,380
	5,408	Royal Dutch Shell plc, Class B		149,416
				626,332
		New Zealand — 0.1%
	19,923	Spark New Zealand Ltd.		50,637
		Norway — 0.1%
	2,259	DNB ASA		27,040
		Portugal — 0.1%
	1,776	Galp Energia SGPS S.A.		24,701
		Singapore — 0.2%
	278	Broadcom Ltd.		43,201
	5,000	DBS Group Holdings Ltd.		58,955
				102,156
		Spain — 0.4%
	10,114	Banco Santander S.A.		39,249
	22,655	Bankia S.A.		16,492
	4,936	Distribuidora Internacional de Alimentacion S.A.		28,811
	2,014	Repsol S.A.		25,818
	6,604	Telefonica S.A.		62,697
				173,067
		Sweden — 0.3%
	1,668	Electrolux AB, Series B		45,478
	5,363	Nordea Bank AB		45,498
	4,115	Sandvik AB		41,199
				132,175
		Switzerland — 1.9%
	316	Actelion Ltd. (a)		53,214
	551	Allied World Assurance Co. Holdings AG		19,362
	227	Chubb Ltd.		29,671
	797	Cie Financiere Richemont S.A.		46,652
	1,090	Credit Suisse Group AG (a)		11,611
	1,319	LafargeHolcim Ltd. (a)		54,830
	3,153	Nestle S.A.		244,289
	1,678	Novartis AG		138,500
	691	Roche Holding AG		182,341
	59	Syngenta AG (a)		22,644

SHARES		SECURITY DESCRIPTION	VALUE
		Switzerland — continued
	4,183	UBS Group AG		54,277
	1,083	Wolseley plc		56,082
				913,473
		United Kingdom — 3.2%
	8,193	3i Group plc		60,113
	986	Associated British Foods plc		35,928
	1,451	AstraZeneca plc		86,746
	7,394	Aviva plc		38,976
	21,101	Barclays plc		39,245
	4,969	Barratt Developments plc		27,002
	10,342	BP plc		60,537
	2,536	British American Tobacco plc		164,406
	706	Burberry Group plc		10,982
	20,168	Centrica plc		60,988
	6,421	Dixons Carphone plc		27,559
	5,006	GlaxoSmithKline plc		107,504
	13,281	HSBC Holdings plc		82,141
	1,151	InterContinental Hotels Group plc		42,449
	13,119	ITV plc		31,455
	92,145	Lloyds Banking Group plc		66,740
	3,846	Prudential plc		65,262
	966	Reckitt Benckiser Group plc		96,862
	1,190	Rio Tinto Ltd.		41,163
	745	Rio Tinto plc		23,145
	6,151	RSA Insurance Group plc		41,226
	928	SABMiller plc		54,120
	6,370	Standard Chartered plc		48,329
	13,503	Taylor Wimpey plc		23,956
	1,377	Unilever N.V., CVA		64,044
	36,940	Vodafone Group plc		112,625
				1,513,503
		United States — 13.8%
	760	Acadia Healthcare Co., Inc. (a)		42,104
	248	Acuity Brands, Inc.		61,494
	352	Adobe Systems, Inc. (a)		33,718
	557	Aetna, Inc.		68,026
	191	Affiliated Managers Group, Inc. (a)		26,887
	197	Air Products & Chemicals, Inc.		27,982
	22	Alleghany Corp. (a)		12,091
	285	Alphabet, Inc., Class C (a)		197,249
	170	Amazon.com, Inc. (a)		121,655
	570	American Electric Power Co., Inc.		39,951
	1,383	American Homes 4 Rent, Class A		28,324
	936	American International Group, Inc.		49,505

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2016

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	678	Amphenol Corp., Class A		38,870
	652	Amplify Snack Brands, Inc. (a)		9,617
	196	Analog Devices, Inc.		11,101
	547	Apple, Inc.		52,293
	695	Aramark		23,227
	384	Arista Networks, Inc. (a)		24,722
	354	Arrow Electronics, Inc. (a)		21,913
	33	AutoZone, Inc. (a)		26,197
	453	Ball Corp.		32,747
	4,155	Bank of America Corp.		55,137
	530	Bed Bath & Beyond, Inc. (a)		22,907
	809	Best Buy Co., Inc.		24,755
	90	BlackRock, Inc.		30,828
	376	Brinker International, Inc.		17,119
	900	Bristol-Myers Squibb Co.		66,195
	867	Brixmor Property Group, Inc.		22,941
	993	Capital One Financial Corp.		63,065
	711	Carlisle Cos., Inc.		75,138
	1,315	CBRE Group, Inc., Class A (a)		34,821
	400	CBS Corp. (Non-Voting), Class B		21,776
	258	Celgene Corp. (a)		25,447
	2,018	Charles Schwab Corp. (The)		51,076
	120	Charter Communications, Inc., Class A (a)		27,437
	129	Cigna Corp.		16,511
	1,290	Cisco Systems, Inc.		37,010
	286	CIT Group, Inc.		9,126
	745	Citigroup, Inc.		31,581
	1,164	Citizens Financial Group, Inc.		23,257
	1,427	Clear Channel Outdoor Holdings, Inc., Class A		8,876
	576	ClubCorp Holdings, Inc.		7,488
	745	CNO Financial Group, Inc.		13,008
	290	Columbia Sportswear Co.		16,687
	425	Concho Resources, Inc. (a)		50,690
	432	ConocoPhillips		18,835
	1,601	Corning, Inc.		32,788
	135	CoStar Group, Inc. (a)		29,519
	273	CVS Health Corp.		26,137
	1,322	Delta Air Lines, Inc.		48,160
	803	DISH Network Corp., Class A (a)		42,077
	566	Dollar General Corp.		53,204
	483	Dover Corp.		33,482
	221	Dr. Pepper Snapple Group, Inc.		21,355
	390	Duke Energy Corp.		33,458
	336	Eagle Materials, Inc.		25,922

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	603	East West Bancorp, Inc.		20,611
	241	EastGroup Properties, Inc.		16,610
	370	Edison International		28,738
	795	Electronic Arts, Inc. (a)		60,229
	362	Energizer Holdings, Inc.		18,639
	934	Entercom Communications Corp., Class A		12,674
	930	Envision Healthcare Holdings, Inc. (a)		23,594
	241	EOG Resources, Inc.		20,104
	273	EQT Corp.		21,138
	236	Equifax, Inc.		30,302
	519	Eversource Energy		31,088
	234	Expedia, Inc.		24,874
	1,040	Exxon Mobil Corp.		97,490
	1,310	Facebook, Inc., Class A (a)		149,707
	199	First Republic Bank		13,928
	827	Fortune Brands Home & Security, Inc.		47,941
	840	Gap, Inc. (The)		17,825
	406	Genuine Parts Co.		41,108
	810	Gilead Sciences, Inc.		67,570
	1,024	GoDaddy, Inc., Class A (a)		31,939
	382	Guidewire Software, Inc. (a)		23,592
	573	Hanesbrands, Inc.		14,400
	572	Harris Corp.		47,728
	893	Hartford Financial Services Group, Inc. (The)		39,631
	288	HCA Holdings, Inc. (a)		22,179
	302	HCP, Inc.		10,685
	1,373	HD Supply Holdings, Inc. (a)		47,808
	838	Hewlett Packard Enterprise Co.		15,310
	2,836	Hilton Worldwide Holdings, Inc.		63,895
	760	HollyFrontier Corp.		18,065
	706	Home Depot, Inc. (The)		90,149
	253	Honeywell International, Inc.		29,429
	557	HP, Inc.		6,990
	133	Humana, Inc.		23,924
	266	Illinois Tool Works, Inc.		27,707
	278	Illumina, Inc. (a)		39,026
	127	Intercept Pharmaceuticals, Inc. (a)		18,120
	494	Johnson & Johnson		59,922
	1,379	KapStone Paper & Packaging Corp.		17,941
	608	Kimco Realty Corp.		19,079
	1,616	Kinder Morgan, Inc.		30,252
	495	Kite Pharma, Inc. (a)		24,750
	257	KLA-Tencor Corp.		18,825
	968	Kohl’s Corp.		36,707

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		United States — continued
	609	Kroger Co. (The)		22,405
	1,385	La Quinta Holdings, Inc. (a)		15,789
	191	Lam Research Corp.		16,055
	349	Lennox International, Inc.		49,767
	1,666	Loews Corp.		68,456
	318	M&T Bank Corp.		37,597
	613	Marathon Petroleum Corp.		23,269
	192	Marsh & McLennan Cos., Inc.		13,144
	150	Martin Marietta Materials, Inc.		28,800
	597	MasterCard, Inc., Class A		52,572
	1,029	Media General, Inc. (a)		17,689
	898	Merck & Co., Inc.		51,734
	1,880	Microsoft Corp.		96,200
	176	Middleby Corp. (The) (a)		20,284
	386	Mohawk Industries, Inc. (a)		73,247
	167	Monster Beverage Corp. (a)		26,839
	883	Morgan Stanley		22,940
	229	National Bank Holdings Corp., Class A		4,662
	373	Netflix, Inc. (a)		34,122
	296	Newell Brands, Inc.		14,377
	182	Nexstar Broadcasting Group, Inc., Class A		8,660
	317	NextEra Energy, Inc.		41,337
	246	Northern Trust Corp.		16,300
	738	Norwegian Cruise Line Holdings Ltd. (a)		29,402
	342	Old Dominion Freight Line, Inc. (a)		20,626
	750	Outfront Media, Inc.		18,128
	174	Palo Alto Networks, Inc. (a)		21,339
	1,751	PayPal Holdings, Inc. (a)		63,929
	636	PBF Energy, Inc., Class A		15,124
	2,654	Pfizer, Inc.		93,447
	316	Phillips 66		25,071
	491	PNC Financial Services Group, Inc. (The)		39,962
	301	Post Holdings, Inc. (a)		24,890
	397	PPG Industries, Inc.		41,348
	40	Priceline Group, Inc. (The) (a)		49,936
	512	Procter & Gamble Co. (The)		43,351
	301	Prudential Financial, Inc.		21,473
	637	QUALCOMM, Inc.		34,124
	1,112	Rayonier, Inc.		29,179
	381	Red Rock Resorts, Inc., Class A (a)		8,374
	94	Regeneron Pharmaceuticals, Inc. (a)		32,828
	608	Revance Therapeutics, Inc. (a)		8,269
	384	S&P Global, Inc.		41,188
	301	salesforce.com, Inc. (a)		23,902

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	273	Sempra Energy		31,127
	412	ServiceNow, Inc. (a)		27,357
	106	Sherwin-Williams Co. (The)		31,129
	1,349	Shire plc		83,371
	228	Signature Bank (a)		28,482
	872	Southwest Airlines Co.		34,191
	234	Spark Therapeutics, Inc. (a)		11,964
	388	Splunk, Inc. (a)		21,022
	928	Sprouts Farmers Market, Inc. (a)		21,251
	767	Starbucks Corp.		43,811
	303	Stericycle, Inc. (a)		31,548
	580	SunTrust Banks, Inc.		23,826
	378	T. Rowe Price Group, Inc.		27,583
	290	TEGNA, Inc.		6,719
	99	Tesla Motors, Inc. (a)		21,016
	740	Texas Instruments, Inc.		46,361
	1,315	TherapeuticsMD, Inc. (a)		11,178
	459	Tiffany & Co.		27,834
	230	Time Warner, Inc.		16,914
	814	T-Mobile US, Inc. (a)		35,222
	345	Travelers Cos., Inc. (The)		41,069
	254	TreeHouse Foods, Inc. (a)		26,073
	425	Tyson Foods, Inc., Class A		28,386
	847	U.S. Bancorp		34,160
	128	Ulta Salon Cosmetics & Fragrance, Inc. (a)		31,186
	394	United Technologies Corp.		40,405
	950	UnitedHealth Group, Inc.		134,140
	802	Unum Group		25,496
	740	Vantiv, Inc., Class A (a)		41,884
	773	Veeva Systems, Inc., Class A (a)		26,375
	608	Verizon Communications, Inc.		33,951
	353	Vertex Pharmaceuticals, Inc. (a)		30,365
	819	Visa, Inc., Class A		60,745
	314	Vulcan Materials Co.		37,793
	101	W.W. Grainger, Inc.		22,952
	486	Wayfair, Inc., Class A (a)		18,954
	2,561	Wells Fargo & Co.		121,212
	813	WestRock Co.		31,601
	526	Weyerhaeuser Co.		15,659
	251	Workday, Inc., Class A (a)		18,742
	901	Xcel Energy, Inc.		40,347
				6,475,245
		Total Common Stocks (Cost $15,041,634)		14,965,567

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — 11.8%
		Canada — 1.0%
	CAD 578,000	Republic of Canada, 1.750%, 03/01/19		462,015
		France — 2.1%
		France Government Bond OAT,
	EUR 587,000	1.750%, 11/25/24		746,583
	EUR 143,000	3.250%, 05/25/45		251,712
				998,295
		Italy — 1.5%
	EUR 499,000	Italy Buoni Poliennali Del Tesoro, 5.500%, 11/01/22		719,244
		Japan — 0.6%
	JPY 24,400,000	Government of Japan, Series 154, 1.200%, 09/20/35		288,207
		Spain — 0.6%
	EUR 219,000	Kingdom of Spain, 4.000%, 04/30/20 (e)		279,676
		United Kingdom — 6.0%
		United Kingdom Gilt,
	GBP 1,053,000	1.750%, 01/22/17		1,413,483
	GBP 1,050,000	4.000%, 09/07/16		1,407,192
				2,820,675
		Total Foreign Government Securities (Cost $5,645,482)		5,568,112
SHARES
	Investment Companies — 34.6% (b)
	165,144	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		3,408,562
	1,803,050	JPMorgan High Yield Fund, Class R6 Shares		12,855,749
		Total Investment Companies (Cost $16,323,274)		16,264,311
	Preferred Stocks — 0.2%
		Germany — 0.2%
	646	Henkel AG & Co. KGaA		78,948
	180	Volkswagen AG		21,802
		Total Preferred Stocks (Cost $104,712)		100,750

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligations — 3.8%
		U.S. Treasury Bond,
	199,500	4.500%, 02/15/36		287,381
		U.S. Treasury Notes,
	965,000	0.500%, 01/31/17 (k)		965,377
	266,500	2.125%, 06/30/22		281,074
	249,500	2.250%, 11/15/24		266,254
		Total U.S. Treasury Obligations (Cost $1,750,433)		1,800,086
SHARES
	Short-Term Investment — 5.3%
		Investment Company — 5.3%
	2,481,917	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.380% (b) (l) (Cost $2,481,917)		2,481,917
		Total Investments — 97.1% (Cost $45,815,036)		45,690,787
		Other Assets in Excess of Liabilities — 2.9%		1,360,014
		NET ASSETS — 100.0%	$	47,050,801

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2016

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

INDUSTRY	PERCENTAGE
Investment Companies		35.6	%
Foreign Government Securities		12.2
Asset-Backed Securities		5.2
Non-Agency CMO		4.7
U.S. Treasury Notes		3.3
Banks		3.1
Pharmaceuticals		2.7
Oil, Gas & Consumable Fuels		1.8
Insurance		1.6
Others (each less than 1.0%)		24.4
Short-Term Investment		5.4

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	1		TOPIX Index		09/08/16		JPY		122,264			2,080
	3		10 Year Australian Government Bond		09/15/16		AUD		304,733			597
	12		Dow Jones Euro STOXX 50 Index		09/16/16		EUR		381,444			10,360
	10		E-mini Russell 2000		09/16/16		USD		1,147,400			(28,360	)
	60		E-mini S&P 500		09/16/16		USD		6,270,600			76,514
	4		FTSE 100 Index		09/16/16		GBP		344,066			17,773
	17		10 Year U.S. Treasury Note		09/21/16		USD		2,260,735			63,718
	2		U.S. Treasury Long Bond		09/21/16		USD		344,687			19,761
	4		U.S. Ultra Bond		09/21/16		USD		745,500			50,210
	3		Long Gilt		09/28/16		GBP		513,157			24,055
			Short Futures Outstanding
	(2	)	Euro Bund		09/08/16		EUR		(370,923	)		(8,123	)
	(4	)	TOPIX Index		09/08/16		JPY		(489,056	)		29,207
	(71	)	Dow Jones Euro STOXX 50 Index		09/16/16		EUR		(2,256,876	)		(71,167	)
	(3	)	FTSE 100 Index		09/16/16		GBP		(258,050	)		(20,700	)
	(11	)	Mini MSCI Emerging Markets Index		09/16/16		USD		(459,085	)		(20,757	)
	(20	)	British Pound Currency		09/19/16		USD		(1,656,000	)		113,393
	(19	)	Euro FX		09/19/16		USD		(2,638,031	)		36,151
	(5	)	5 Year U.S. Treasury Note		09/30/16		USD		(610,820	)		(10,471	)
												284,241

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JUNE 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	91,163		EUR	Deutsche Bank AG		09/27/16		101,199		101,488		289
CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JUNE 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	35,769		AUD	Goldman Sachs International		09/27/16		26,411		26,594		(183	)
	598,113		CAD	Royal Bank of Canada		09/27/16		468,783		463,026		5,757
	24,916		EUR	Australia & New Zealand Banking Group Ltd.		09/27/16		27,733		27,739		(6	)
	1,874,465		EUR	Citibank, N.A.		09/27/16		2,134,582		2,086,769		47,813
	2,152,251		GBP	Citibank, N.A.		09/27/16		3,189,307		2,867,603		321,704
	28,731,094		JPY	Australia & New Zealand Banking Group Ltd.		09/27/16		275,335		279,062		(3,727	)
								6,122,151		5,750,793		371,358

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2016

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2016 (Unaudited)

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CMO	—  Collateralized Mortgage Obligation
CVA	—  Dutch Certification
EUR	—  Euro
GBP	—  British Pound
JPY	—  Japanese Yen
TOPIX	—  Tokyo Stock Price Index
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2016.
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(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 0.05%.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of June 30, 2016.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC‘s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 13

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2016 (Unaudited)

	Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	26,944,559
Investments in affiliates, at value		18,746,228
Total investment securities, at value		45,690,787
Cash		541,270
Foreign currency, at value		169,817
Deposits at broker for futures contracts		81,000
Receivables:
Portfolio shares sold		123,814
Interest and dividends from non-affiliates		85,299
Dividends from affiliates		715
Tax reclaims		11,378
Variation margin on futures contracts		518,274
Unrealized appreciation on forward foreign currency exchange contracts		375,563
Other assets		1,617
Total Assets		47,599,534
LIABILITIES:
Payables:
Investment securities purchased		469,485
Portfolio shares redeemed		11,408
Unrealized depreciation on forward foreign currency exchange contracts		3,916
Accrued liabilities:
Investment advisory fees		4,239
Distribution fees		8,837
Custodian and accounting fees		6,893
Trustees’ and Chief Compliance Officer’s fees		2
Audit fees		43,775
Other		178
Total Liabilities		548,733
Net Assets	$	47,050,801
NET ASSETS:
Paid-in-Capital	$	47,216,463
Accumulated undistributed net investment income		510,047
Accumulated net realized gains (losses)		(1,222,128	)
Net unrealized appreciation (depreciation)		546,419
Total Net Assets	$	47,050,801
Net Assets:
Class 1	$	2,889,987
Class 2		44,160,814
Total	$	47,050,801
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		196,154
Class 2		3,003,372
Net Asset Value, offering and redemption price per share (a):
Class 1	$	14.73
Class 2		14.70
Cost of investments in non-affiliates	$	27,009,845
Cost of investments in affiliates		18,805,191
Cost of foreign currency		169,579

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

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2016

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Unaudited)

	Global Allocation Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	259,570
Dividend income from affiliates		314,813
Interest income from non-affiliates		96,606
Interest income from affiliates		325
Foreign taxes withheld		(23,074	)
Total investment income		648,240
EXPENSES:
Investment advisory fees		117,193
Administration fees		16,035
Distribution fees — Class 2		47,207
Custodian and accounting fees		47,645
Interest expense to non-affiliates		99
Interest expense to affiliates		95
Professional fees		38,508
Trustees’ and Chief Compliance Officer’s fees		6,278
Printing and mailing costs		4,285
Transfer agency fees — Class 1		25
Transfer agency fees — Class 2		376
Other		3,206
Total expenses		280,952
Less fees waived		(83,327	)
Less expense reimbursements		(18	)
Net expenses		197,607
Net investment income (loss)		450,633
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(385,601	)
Investments in affiliates		(80,583	)
Futures		(579,135	)
Foreign currency transactions		(174,872	)
Net realized gain (loss)		(1,220,191	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		115,502
Investments in affiliates		882,134
Futures		478,389
Foreign currency translations		336,376
Change in net unrealized appreciation/depreciation		1,812,401
Net realized/unrealized gains (losses)		592,210
Change in net assets resulting from operations	$	1,042,843

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 15

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Global Allocation Portfolio
	Six Months Ended June 30, 2016 (Unaudited)			Year Ended December 31, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	450,633		$	346,721
Net realized gain (loss)		(1,220,191	)		249,096
Distributions of capital gains received from investment company affiliates		—			4,024
Change in net unrealized appreciation/depreciation		1,812,401			(1,131,172	)
Change in net assets resulting from operations		1,042,843			(531,331	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		—			(4,629	)
From net realized gains		—			(1,485	)
Class 2
From net investment income		—			(435,431	)
From net realized gains		—			(157,017	)
Total distributions to shareholders		—			(598,562	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		13,452,994			13,731,651
NET ASSETS:
Change in net assets		14,495,837			12,601,758
Beginning of period		32,554,964			19,953,206
End of period	$	47,050,801		$	32,554,964
Accumulated undistributed (distributed in excess of) net investment income	$	510,047		$	59,414
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	3,090,029		$	395,096
Distributions reinvested		—			6,114
Cost of shares redeemed		(752,158	)		(474	)
Change in net assets resulting from Class 1 capital transactions	$	2,337,871		$	400,736
Class 2
Proceeds from shares issued	$	12,554,517		$	13,323,540
Distributions reinvested		—			592,448
Cost of shares redeemed		(1,439,394	)		(585,073	)
Change in net assets resulting from Class 2 capital transactions	$	11,115,123		$	13,330,915
Total change in net assets resulting from capital transactions	$	13,452,994		$	13,731,651
SHARE TRANSACTIONS:
Class 1
Issued		214,058			26,797
Reinvested		—			424
Redeemed		(51,776	)		(31	)
Change in Class 1 Shares		162,282			27,190
Class 2
Issued		884,918			887,208
Reinvested		—			41,128
Redeemed		(100,415	)		(39,079	)
Change in Class 2 Shares		784,503			889,257

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 17

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
	Investment operations											Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Global Allocation Portfolio
Class 1
Six Months Ended June 30, 2016 (Unaudited)	$	14.46	$	0.20	(h)	$	0.07		$	0.27		$	—		$	—		$	—
Year Ended December 31, 2015		14.93		0.30	(h)		(0.46	)		(0.16	)		(0.23	)		(0.08	)		(0.31	)
December 9, 2014 (j) through December 31, 2014		15.00		0.03			(0.06	)		(0.03	)		(0.04	)		—			(0.04	)
Class 2
Six Months Ended June 30, 2016 (Unaudited)		14.45		0.16	(h)		0.09			0.25			—			—			—
Year Ended December 31, 2015		14.93		0.22	(h)		(0.42	)		(0.20	)		(0.20	)		(0.08	)		(0.28	)
December 9, 2014 (j) through December 31, 2014		15.00		0.03			(0.07	)		(0.04	)		(0.03	)		—			(0.03	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

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

(d) 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.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) 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.

(h) Calculated based upon average shares outstanding.

(i) Certain non-recurring expenses incurred by the Portfolio were not annualized for the year ended December 31, 2015 and the period ended December 31, 2014.

(j) Commencement of operations.

(k) Amount rounds to less than 0.5%.

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)(g)
$	14.73		1.87	%	$	2,889,987		0.77	%		2.80	%		1.23	%		26	%
	14.46		(1.06	)		489,826		0.77	(i)		2.00	(i)		1.18	(i)		50
	14.93		(0.23	)		99,781		0.78	(i)		3.08	(i)		6.70	(i)		0.00	(k)
	14.70		1.73			44,160,814		1.02			2.29			1.45			26
	14.45		(1.32	)		32,065,138		1.03	(i)		1.48	(i)		1.58	(i)		50
	14.93		(0.25	)		19,853,425		1.03	(i)		2.83	(i)		6.95	(i)		0.00	(k)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (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
Global Allocation Portfolio	Class 1 and Class 2	Diversified

The investment objective of the Portfolio is to seek to maximize long-term total return.

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 transfer agency fees and distribution fees and each class has exclusive voting rights with respect to its distribution plan and administrative services plan.

J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Portfolio. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Portfolio’s administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Portfolio’s Administrator under the Administration Agreement.

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 Portfolio is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with 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 — The valuation of investments is in accordance with GAAP and the Portfolio’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Portfolio’s investments. The Administrator implements the valuation policies of the Portfolio’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Portfolio. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Portfolio’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include 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. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the 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.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services 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 in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Portfolio are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2016

Futures and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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, 2016.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Portfolio’s investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities
United States	$	—	$	694,714	$	1,671,856	$	2,366,570
Collateralized Mortgage Obligations
United States		—		2,143,474		—		2,143,474
Common Stocks
Australia		—		503,159		—		503,159
Belgium		—		102,615		—		102,615
Bermuda		18,344		—		—		18,344
Canada		78,794		—		—		78,794
Denmark		—		58,915		—		58,915
Finland		—		188,857		—		188,857
France		—		678,767		—		678,767
Germany		—		705,598		—		705,598
Hong Kong		—		258,999		—		258,999
Ireland		39,499		43,032		—		82,531
Israel		47,754		—		—		47,754
Italy		—		210,873		—		210,873
Japan		—		1,959,146		—		1,959,146
Luxembourg		—		32,886		—		32,886
Netherlands		34,861		591,471		—		626,332
New Zealand		—		50,637		—		50,637
Norway		—		27,040		—		27,040
Portugal		—		24,701		—		24,701
Singapore		43,201		58,955		—		102,156
Spain		—		173,067		—		173,067
Sweden		—		132,175		—		132,175
Switzerland		49,033		864,440		—		913,473
United Kingdom		—		1,513,503		—		1,513,503
United States		6,391,874		83,371		—		6,475,245
Total Common Stocks		6,703,360		8,262,207		—		14,965,567

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Foreign Government Securities	$	—		$	5,568,112		$	—	$	5,568,112
Investment Companies
United States		16,264,311			—			—		16,264,311
Preferred Stocks
Germany		—			100,750			—		100,750
U.S. Treasury Obligations		—			1,800,086			—		1,800,086
Short-Term Investment
Investment Companies		2,481,917			—			—		2,481,917
Total Investments in Securities	$	25,449,588		$	18,569,343		$	1,671,856	$	45,690,787
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	375,563		$	—	$	375,563
Futures Contracts		384,399			59,420			—		443,819
Total Appreciation in Other Financial Instruments	$	384,399		$	434,983		$	—	$	819,382
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,916	)	$	—	$	(3,916	)
Futures Contracts		(67,711	)		(91,867	)		—		(159,578	)
Total Depreciation in Other Financial Instruments	$	(67,711	)	$	(95,783	)	$	—	$	(163,494	)

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

There were no significant transfers between levels 1 and 2 for the six months ended June 30, 2016.

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

	Balance as of December 31, 2015		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 June 30, 2016
Investments in Securities
Asset-Backed Securities	$	1,291,015	$	—	$	(1,013	)	$	2,339	$	492,841	$	(249,232	)	$	244,161	$	(108,255	)	$	1,671,856

⁽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 between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended June 30, 2016.

The change in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to $(1,013). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at June 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,671,856	Discounted Cash Flow	Constant Prepayment Rate		1.00% - 10.00% (3.86%)
				Constant Default Rate		3.00% - 7.58% (5.07%)
				Yield (Discount Rate of Cash Flows)		2.38% - 6.85% (4.16%)
Asset-Backed Securities		1,671,856
Total	$	1,671,856

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

22 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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. Investment Transactions with Affiliates — The Portfolio invests in Underlying Funds which are advised by the Adviser or its affiliates pursuant to Section 12(d)(1)(G) of the 1940 Act. 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 issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the realized gain (loss) amounts in the table below are distributions of realized capital gains, if any, received from the Underlying Funds.

			For the period ended June 30, 2016
Affiliate	Value at December 31, 2015		Purchase Cost		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Shares at June 30, 2016		Value at June 30, 2016
JPMorgan Emerging Markets Equity Fund, Class R6 Shares	$	2,306,063	$	965,274	$	150,000	$	(42,323	)	$	—		165,144	$	3,408,562
JPMorgan High Yield Fund, Class R6 Shares		7,931,714		4,659,709		250,000		(38,260	)		310,802		1,803,050		12,855,749
JPMorgan Prime Money Market Fund, Institutional Class Shares		1,421,275		14,781,392		13,720,750		—			4,011		2,481,917		2,481,917
Total	$	11,659,052					$	(80,583	)	$	314,813			$	18,746,228

C. Derivatives — The Portfolio used derivative instruments including futures, forward foreign currency exchange contracts and options, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Portfolio can invest, to hedge portfolio investments or to generate income or gain to the Portfolio. Derivatives may also be used for risk management purposes and to seek to enhance portfolio performance.

The Portfolio may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the Portfolio to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Portfolio’s risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Portfolio is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Portfolio’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Portfolio in the event the Portfolio’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Portfolio to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Portfolio often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Portfolio. The ISDA agreements give the Portfolio and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Portfolio.

Notes C(1) — C(3) below describe the various derivatives used by the Portfolio.

(1). Options — The Portfolio purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and swaps (“swaptions”) to manage and hedge interest rate risks within the Portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Portfolio for options purchased are included in the Statement of Assets and Liabilities as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in unrealized appreciation/ depreciation of investments in non-affiliates on the Statement of Operations. If the option is allowed to expire, the Portfolio will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

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

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 23

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

(2). Futures Contracts — The Portfolio used treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to the stock and bond markets.

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 on 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 on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on 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 use of futures contracts exposes the Portfolio to interest rate and equity price risks. 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 Portfolio’s futures contracts are not subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — The Portfolio may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Portfolio also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Portfolio also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Portfolio’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of June 30, 2016, the Portfolio did not receive or post collateral for forward foreign currency exchange contracts.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2016, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Derivative Contracts	Statement of Assets and Liabilities
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	158,341		$	—		$	158,341
Foreign exchange contracts	Receivables		149,544			375,563			525,107
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		135,934			—			135,934
Total		$	443,819		$	375,563		$	819,382
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(18,594	)	$	—		$	(18,594	)
Foreign exchange contracts	Payables		—			(3,916	)		(3,916	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(140,984	)		—			(140,984	)
Total		$	(159,578	)	$	(3,916	)	$	(163,494	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2016

The following table presents the Portfolio’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Portfolio as of June 30, 2016:

Counterparty	Gross Amount of Derivative Assets Presented on the Statement of Assets and Liabilities (a)			Derivatives Available for Offset		Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Citibank, N.A.	$	369,517		$	—	$	—	$	369,517
Deutsche Bank AG		289			—		—		289
Royal Bank of Canada		5,757							5,757
Exchange Traded Futures (b)		443,819	(c)		—		—		443,819
	$	819,382		$	—	$	—	$	819,382
Counterparty	Gross Amount of Derivative Liabilities Presented on the Statement of Assets and Liabilities (a)			Derivatives Available for Offset		Collateral Posted		Net Amount Due From Counterparty (Not less than zero)
Australia & New Zealand Banking Group Ltd.	$	3,733		$	—	$	—	$	3,733
Goldman Sachs International		183							183
Exchange Traded Futures (b)		159,578	(c)		—		—		159,578
	$	163,494		$	—	$	—	$	163,494

(a) For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

(b) These derivatives are not subject to master netting arrangements.

(c) A portion of this amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers for futures contracts.

The following tables present the effect of derivatives on the Statement of Operations for the six months ended June 30, 2016, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	—	$	45,825		$	—		$	45,825
Foreign exchange contracts		—		—			(184,431	)		(184,431	)
Equity contracts		59,298		(624,960	)		—			(565,662	)
Total	$	59,298	$	(579,135	)	$	(184,431	)	$	(704,268	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	—	$	157,065		$	—		$	157,065
Foreign exchange contracts		—		149,544			322,465			472,009
Equity contracts		27,264		171,780			—			199,044
Total	$	27,264	$	478,389		$	322,465		$	828,118

The Portfolio’s derivatives contracts held at June 30, 2016 are not accounted for as hedging instruments under GAAP.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 25

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

Derivatives Volume

The tables below disclose the volume of the Portfolio’s futures contracts, forward foreign currency exchange contracts and options activity during the six months ended June 30, 2016. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Equity
Average Notional Balance Long	$	3,976,375
Average Notional Balance Short		2,983,326
Ending Notional Balance Long		8,265,774
Ending Notional Balance Short		3,463,067
Foreign Exchange
Average Notional Balance Short		4,294,031	(a)
Ending Notional Balance Short		4,294,031
Interest Rate
Average Notional Balance Long		2,259,860
Average Notional Balance Short		1,572,991
Ending Notional Balance Long		4,168,812
Ending Notional Balance Short		981,743
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		308,530
Average Settlement Value Sold		4,954,775
Ending Value Purchased		101,199
Ending Value Sold		6,122,151
Exchange-Traded Options:
Average Number of Contracts Purchased		559	(b)
Ending Number of Contracts Purchased		—

(a) For the period June 1, 2016 through June 30, 2016.

(b) For the period January 1, 2016 through May 31, 2016.

D. 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.

The Portfolio does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

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.

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

F. 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.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2016

The Portfolio invests in Underlying Funds and, as a result, bears a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.E.

G. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized 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, 2016, 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, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

H. 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.

I. 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 an Investment Advisory Agreement, the Adviser 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 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, 2016, 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 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 performing 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 income earned on cash balances at the custodian, if any, is included in Interest income from affiliates 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/or Distributor (for Class 2 Shares) have contractually agreed to waive fees and/or reimburse the Portfolio to the extent that total annual operating expenses of the Portfolio (excluding acquired fund fees and expenses, other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes,

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2016 (Unaudited) (continued)

expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Portfolio’s respective average daily net assets as shown in the table below:

Class 1	Class 2
0.78%		1.03	%

The expense limitation agreement was in effect for the six months ended June 30, 2016 and is in place until at least April 30, 2017.

For the six months ended June 30, 2016, 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		Contractual Reimbursement
$	65,146	$	16,035	$	81,181	$	18

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective May 1, 2016, the Adviser, Administrator and/or the Distributor waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Portfolio’s investment in such affiliated money market fund. Prior to May 1, 2016, a portion of the waiver was voluntary.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2016 was $2,146.

The Underlying Funds may impose separate advisory fees. The Portfolio’s Adviser has agreed to waive the Portfolio’s advisory fees in the weighted average pro-rata amount of the advisory fees charged by the affiliated Underlying Funds. These waivers may be in addition to any waivers required to meet the Portfolio’s contractual expense limitations, but will not exceed the Portfolio’s advisory fee.

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 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.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2016, the Portfolio incurred $12 in brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended June 30, 2016, 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
$	18,352,098	$	8,049,586	$	1,126,189	$	971,360

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, 2016 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	45,815,036	$	1,296,180	$	1,420,429	$	(124,249	)

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

28 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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 7, 2016.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility at June 30, 2016, or at any time during the six months then ended.

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.

As of June 30, 2016, the Adviser owned shares representing 42.7% of the Portfolio’s net assets.

As of June 30, 2016, the Portfolio had three omnibus accounts which collectively represented 48.1% of the Portfolio’s net assets.

Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

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. 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 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 Portfolio invests in floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Portfolio is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Portfolio such as option contracts and forward foreign currency exchange contracts.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of June 30, 2016, a portion of the Portfolio’s net assets consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Portfolio’s original investment. Many derivatives create leverage thereby causing the Portfolio to be more volatile than it would have been if it had not used derivatives. Derivatives also expose the Portfolio to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

Because of the Portfolio’s investments in the Underlying Funds, the Portfolio indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Portfolio may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Portfolio is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities; and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.

JUNE 30, 2016 JPMORGAN INSURANCE TRUST 29

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, 2016, and continued to hold your shares at the end of the reporting period, June 30, 2016.

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	1,018.70	$	3.86		0.77	%
Hypothetical		1,000.00		1,021.03		3.87		0.77
Class 2
Actual		1,000.00		1,017.30		5.12		1.02
Hypothetical		1,000.00		1,019.79		5.12		1.02

* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

30 JPMORGAN INSURANCE TRUST JUNE 30, 2016

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2016.  All rights reserved. June 2016. SAN-JPMITGAP-616

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.

Not applicable to a semi-annual report.

(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/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	August 24, 2016

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/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	August 24, 2016
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	August 24, 2016