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, 2017 through June 30, 2017

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, 2017 (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	4
Financial Statements	36
Financial Highlights	40
Notes to Financial Statements	42
Schedule of Shareholder Expenses	49

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

August 4, 2017 (Unaudited)

Dear Shareholder,

As the U.S. economic expansion entered its eighth year in 2017, growth in both developed and emerging market economies became increasingly synchronized even as U.S. growth cooled in the early part of the year. Amid an environment of economic growth, low inflation and rising corporate earnings, global financial markets overall produced positive returns.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017.” — George C.W. Gatch

While U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017, it rebounded to 2.6% growth in the second quarter of 2017 on the back of a surge in consumer spending. Meanwhile, the U.S. jobless rate continued to shrink and fell to 4.4% in June 2017 from 4.8% six months earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in June 2017 and signaled it would raise rates once more before the end of the year. Fed Chairwoman Janet Yellen also indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet of assets purchased through its quantitative easing program.

Despite the apparent health of the U.S. economy, by mid-2017 domestic price inflation was below the Fed’s target of 2% growth and wage growth remained below economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the first half of 2017, global energy prices continued to fall amid an oversupply of crude oil and natural gas. Despite efforts by the Organization of Petroleum Exporting

Countries to curb global production, the price of a barrel of benchmark West Texas Intermediate crude oil dropped to $46 by the end of June 2017.

Meanwhile, the leading economies of the European Union (the “EU”) continued to strengthen. Annualized GDP for the 19 core EU nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, the lowest level since March 2009. Also, in separate elections, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record. For the six months ended June 30, 2017, the Standard & Poor’s 500 Index returned 9.34%.

U.S. and foreign financial markets largely rewarded those investors who remained fully invested throughout the first half of 2017, reaffirming the fundamental virtues of patience and diversification within a prudent investment strategy.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*	2.34%
Bloomberg Barclays U.S. Aggregate Index	2.27%
Net Assets as of 6/30/2017	$267,462,584
Duration as of 6/30/2017	5.8 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?

While emerging market bonds and high-yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, investment grade corporate bonds and U.S. Treasury bonds underperformed equity securities amid investor expectations for rising interest rates in the U.S.

While the U.S. Federal Reserve raised benchmark interest rates by 0.25 points at its June 2017 meeting, the central bank also acknowledged a slowdown in price inflation in the second quarter of 2017. Bond yields, which generally move in the opposite direction of bond prices, rose on two-year U.S. Treasury bonds and fell on 10-year and 30-year Treasury bonds during the six month reporting period. For the six months ended June 30, 2017, the Bloomberg Barclays U.S. Aggregate Index returned 2.27%.

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

The Portfolio’s Class 1 shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”) for the six months ended June 30, 2017. Relative to the Benchmark, the Portfolio’s underweight allocation to U.S. Treasury bonds and its overweight allocation to non-agency mortgages, asset-backed securities, commercial mortgage-backed securities and corporate bonds made a positive contribution to performance.

The Portfolio’s duration and yield curve positioning detracted from relative performance during the reporting period. Compared with the Benchmark, the Portfolio was overweight in the 5-10 year portion of the yield curve and underweight in the 20-plus year portion of the yield 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 change in price as interest rates rise or fall. 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 and 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). The Portfolio maintained a shorter duration posture versus the Benchmark during the six month reporting period.

PORTFOLIO COMPOSITION***
Corporate Bonds	25.6	%
U.S. Treasury Obligations	22.8
Collateralized Mortgage Obligations	14.1
Mortgage-Backed Securities	13.7
Asset-Backed Securities	11.3
U.S. Government Agency Securities	9.2
Commercial Mortgage-Backed Securities	2.4
Others (each less than 1.0%)	0.5
Short-Term Investment	0.4

* 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, 2017. The Portfolio’s composition is subject to change.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2017

JPMorgan Insurance Trust Core Bond Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	May 1, 1997		2.34	%		(0.41	)%		2.22	%		4.69	%
CLASS 2 SHARES	August 16, 2006		2.25			(0.71	)		1.98			4.43

* Not annualized.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust Core Bond Portfolio, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Variable Underlying Funds Core Bond Funds Index from June 30, 2007 to June 30, 2017. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 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 Bloomberg 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.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 11.4%
	21,660	Air Canada Pass-Through Trust, (Canada), Series 2013-1, Class A, 4.125%, 05/15/25 (e)		22,472
		American Airlines Pass-Through Trust,
	17,617	Series 2011-1, Class A, 5.250%, 01/31/21		18,629
	82,562	Series 2013-1, Class A, 4.000%, 07/15/25		86,278
	15,584	Series 2016-2, Class A, 3.650%, 06/15/28		15,818
	196,000	Series 2016-3, Class AA, 3.000%, 10/15/28		192,080
	61,000	Series 2017-1, Class AA, 3.650%, 02/15/29		62,830
		American Credit Acceptance Receivables Trust,
	37,047	Series 2016-3, Class A, 1.700%, 11/12/20 (e)		36,995
	247,474	Series 2016-4, Class A, 1.500%, 06/12/20 (e)		247,185
	116,000	Series 2016-4, Class C, 2.910%, 02/13/23 (e)		116,474
		American Homes 4 Rent,
	380,000	Series 2015-SFR1, Class D, 4.407%, 04/17/52 (e)		388,889
	100,000	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		107,435
		American Homes 4 Rent Trust,
	429,699	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		448,891
	200,000	Series 2014-SFR2, Class C, 4.705%, 10/17/36 (e)		212,389
	238,794	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		248,650
	200,000	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		224,391
	200,000	Series 2015-SFR2, Class C, 4.691%, 10/17/45 (e)		212,831
		Americredit Automobile Receivables Trust,
	50,000	Series 2016-3, Class A3, 1.460%, 05/10/21		49,855
	600,000	Series 2016-4, Class B, SUB, 1.830%, 12/08/21		594,940
	347,601	AXIS Equipment Finance Receivables IV LLC, Series 2016-1A, Class A, 2.210%, 11/20/21 (e)		346,163
		B2R Mortgage Trust,
	83,941	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		83,353
	240,303	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		243,249

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	100,000	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		99,923
	175,085	BCC Funding XIII LLC, Series 2016-1, Class A2, 2.200%, 12/20/21 (e)		175,041
	8,884	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 1.586%, 04/25/36		8,681
	250,000	BMW Vehicle Lease Trust, Series 2016-2, Class A4, 1.570%, 02/20/20		248,914
	77,000	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		77,460
	140,735	CAM Mortgage Trust, Series 2017-1, Class A1, SUB, 3.220%, 08/01/57 (e)		140,831
	377,337	Camillo Issuer LLC, Series 2016-SFR, Class 1A1, 5.000%, 12/05/23		376,512
		Capital Auto Receivables Asset Trust,
	49,543	Series 2016-2, Class A2A, 1.320%, 01/20/19		49,521
	63,000	Series 2016-2, Class A4, 1.630%, 01/20/21		62,786
	23,980	CarFinance Capital Auto Trust, Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		23,955
	37,338	CarMax Auto Owner Trust, Series 2013-4, Class A4, 1.280%, 05/15/19		37,313
	225,886	Carnow Auto Receivables Trust, Series 2016-1A, Class A, 2.260%, 05/15/19 (e)		226,018
		Chrysler Capital Auto Receivables Trust,
	232,000	Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		232,258
	328,000	Series 2016-BA, Class A3, 1.640%, 07/15/21 (e)		327,046
	145,275	Citi Held For Asset Issuance, Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		147,120
	100,000	CLUB Credit Trust, Series 2017-NP1, Class A, 2.390%, 04/17/23 (e)		100,077
	188,519	Continental Credit Card, Series 2016-1A, Class A, 4.560%, 01/15/23 (e)		188,500
		CPS Auto Receivables Trust,
	31,854	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		31,847
	50,883	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		50,906
	172,000	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		175,496
	87,319	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		87,500
	43,646	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		43,701

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Credit Acceptance Auto Loan Trust,
	250,000	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		250,937
	250,000	Series 2017-1A, Class A, 2.560%, 10/15/25 (e)		250,765
	85,603	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		98,145
	4,805	CWABS Revolving Home Equity Loan Trust, Series 2004-K, Class 2A, VAR, 1.459%, 02/15/34		4,473
		CWABS, Inc. Asset-Backed Certificates,
	1,056	Series 2004-1, Class 3A, VAR, 1.776%, 04/25/34		1,042
	51,175	Series 2004-1, Class M1, VAR, 1.966%, 03/25/34		51,068
	8,450	Series 2004-1, Class M2, VAR, 2.041%, 03/25/34		8,223
	22,418	Delta Air Lines Pass-Through Trust, Series 2010-2, Class A, 4.950%, 05/23/19		23,287
		Drive Auto Receivables Trust,
	132,000	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		136,481
	139,346	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		139,783
	243,000	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		246,755
	80,000	Series 2016-BA, Class B, 2.560%, 06/15/20 (e)		80,263
	220,000	Series 2016-CA, Class D, 4.180%, 03/15/24 (e)		224,645
	231,000	Series 2017-1, Class C, 2.840%, 04/15/22		231,601
	262,000	Series 2017-1, Class D, 3.840%, 03/15/23		263,058
	60,000	Series 2017-AA, Class B, 2.510%, 01/15/21 (e)		60,226
	95,000	Series 2017-AA, Class C, 2.980%, 01/18/22 (e)		95,692
	127,000	Series 2017-AA, Class D, 4.160%, 05/15/24 (e)		129,123
		DT Auto Owner Trust,
	236,716	Series 2016-1A, Class B, 2.790%, 05/15/20 (e)		237,231
	33,334	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		33,336
	100,030	Series 2016-3A, Class A, 1.750%, 11/15/19 (e)		100,066
	185,000	Series 2016-3A, Class B, 2.650%, 07/15/20 (e)		185,809

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	66,000	Series 2016-4A, Class B, 2.020%, 08/17/20 (e)		65,901
	113,300	Series 2016-4A, Class D, 3.770%, 10/17/22 (e)		114,095
	115,000	Series 2017-1A, Class D, 3.550%, 11/15/22 (e)		115,242
	196,000	Series 2017-2A, Class C, 3.030%, 01/17/23 (e)		196,130
	262,716	Engs Commercial Finance Trust, Series 2016-1A, Class A2, 2.630%, 02/22/22 (e)		262,326
		Exeter Automobile Receivables Trust,
	10,165	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		10,161
	52,627	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		52,699
	135,000	Series 2016-1A, Class C, 5.520%, 10/15/21 (e)		140,676
	58,010	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		58,043
	295,075	Series 2016-3A, Class A, 1.840%, 11/16/20 (e)		294,391
	82,000	Series 2016-3A, Class B, 2.840%, 08/16/21 (e)		82,321
	60,000	Series 2017-1A, Class C, 3.950%, 12/15/22 (e)		60,707
		First Investors Auto Owner Trust,
	20,731	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		20,731
	81,698	Series 2016-2A, Class A1, 1.530%, 11/16/20 (e)		81,562
	247,556	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		247,490
		Flagship Credit Auto Trust,
	13,335	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		13,336
	45,000	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		45,292
	22,000	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		22,242
	153,641	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		153,829
	126,000	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		128,060
	76,000	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		78,198
	178,900	Series 2016-1, Class A, 2.770%, 12/15/20 (e)		180,283
	250,000	Series 2016-1, Class C, 6.220%, 06/15/22 (e)		267,430

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	327,000	Series 2016-4, Class A2, 1.960%, 02/16/21 (e)		326,927
	249,000	Series 2016-4, Class C, SUB, 2.710%, 11/15/22 (e)		247,368
	203,908	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		204,336
		GO Financial Auto Securitization Trust,
	11,542	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		11,544
	160,000	Series 2015-2, Class B, 4.800%, 08/17/20 (e)		161,201
	49,799	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		49,948
	99,285	Goodgreen Trust, Series 2017-1A, Class A, 3.740%, 10/15/52 (e)		100,447
		Green Tree Agency Advance Funding Trust I,
	123,000	Series 2016-T1, Class AT1, 2.380%, 10/15/48 (e)		122,491
	114,000	Series 2016-T1, Class BT1, 3.122%, 10/15/48 (e)		113,296
		HERO Funding Trust,
	115,483	Series 2016-3A, Class A1, 3.080%, 09/20/42 (e)		117,107
	282,795	Series 2017-1A, Class A2, 4.460%, 09/20/47 (e)		291,580
	228,738	Hilton Grand Vacations Trust, Series 2017-AA, Class A, 2.660%, 12/26/28 (e)		228,827
	700,000	Kabbage Asset Securitization LLC, Series 2017-1, Class A, 4.571%, 03/15/22 (e)		716,111
	124,817	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.750%, 06/15/22 (e)		125,566
		Lendmark Funding Trust,
	171,000	Series 2016-A, Class A, 4.820%, 08/21/23 (e)		175,339
	162,000	Series 2017-1A, Class A, 2.830%, 01/22/24 (e)		161,967
		Long Beach Mortgage Loan Trust,
	59,675	Series 2003-4, Class M1, VAR, 2.236%, 08/25/33		58,780
	109,953	Series 2004-1, Class M1, VAR, 1.966%, 02/25/34		109,536
	9,307	Series 2004-1, Class M2, VAR, 2.041%, 02/25/34		9,209
	6,258	Series 2006-WL2, Class 2A3, VAR, 1.416%, 01/25/36		6,222
	176,000	Mariner Finance Issuance Trust, Series 2017-AA, Class A, 3.620%, 02/20/29 (e)		177,086

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Marlette Funding Trust,
	118,100	Series 2016-1A, Class A, 3.060%, 01/17/23 (e)		118,632
	330,218	Series 2017-1A, Class A, 2.827%, 03/15/24 (e)		331,409
	145,707	Murray Hill Marketplace Trust, Series 2016-LC1, Class A, 4.190%, 11/25/22 (e)		147,014
		Nationstar HECM Loan Trust,
	20,856	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		20,863
	158,000	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		158,051
	140,000	Series 2016-1A, Class M1, VAR, 4.360%, 02/25/26 (e)		140,045
	39,691	Series 2016-2A, Class A, VAR, 2.239%, 06/25/26 (e)		40,139
	125,000	New Century Home Equity Loan Trust, Series 2005-1, Class M1, VAR, 1.891%, 03/25/35		118,590
	180,000	New Residential Advance Receivables Trust Advance, Series 2016-T2, Class AT2, 2.575%, 10/15/49 (e)		178,836
	219,785	NRPL Trust, Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		220,002
	50,000	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class AT1, 2.751%, 06/15/49 (e)		49,609
		Ocwen Master Advance Receivables Trust,
	367,000	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		366,134
	164,000	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		164,000
	100,000	Series 2016-T1, Class AT1, 2.521%, 08/17/48 (e)		99,541
	150,000	Series 2016-T1, Class CT1, 3.607%, 08/17/48 (e)		147,408
	184,211	Series 2016-T1, Class DT1, 4.246%, 08/17/48 (e)		181,639
	155,000	OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		155,271
	93,607	OneMain Direct Auto Receivables Trust, Series 2016-1A, Class A, 2.040%, 01/15/21 (e)		93,713
		OneMain Financial Issuance Trust,
	55,923	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		55,945
	100,000	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		100,102
	113,129	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		113,276

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	230,000	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		232,294
	100,000	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		101,417
	307,105	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		307,456
	100,000	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		99,761
	215,000	Series 2016-1A, Class A, 3.660%, 02/20/29 (e)		220,036
	250,000	Oportun Funding II LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		254,665
		Oportun Funding IV LLC,
	250,000	Series 2016-C, Class A, 3.280%, 11/08/21 (e)		251,337
	250,000	Series 2016-C, Class B, 4.850%, 11/08/21 (e)		255,025
	250,000	Oportun Funding VI LLC, Series 2017-A, Class A, 3.230%, 06/08/23 (e)		251,306
		Progress Residential Trust,
	224,842	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		225,986
	150,000	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		150,122
	436,250	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		442,721
	100,000	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		103,527
	191,000	Prosper Marketplace Issuance Trust, Series 2017-1A, Class A, 2.560%, 06/15/23 (e)		191,418
		Purchasing Power Funding LLC,
	350,000	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		351,203
	147,003	Series 2016-A, VAR, 5.741%, 02/27/19		147,003
	5,298	RASC Trust, Series 2003-KS9, Class A2B, VAR, 1.856%, 11/25/33		4,466
	112,797	Renew, (Cayman Islands), Series 2017-1A, Class A, 3.670%, 09/20/52 (e)		113,829
	490,158	Rice Park Financing Trust, Series 2016-A, Class A, 4.625%, 10/31/41 (e)		490,158
	374,000	Santander Drive Auto Receivables Trust, Series 2016-3, Class B, SUB, 1.890%, 06/15/21		373,407
	23,591	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.850%, 01/18/22 (e)		23,603
	26,587	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		26,602

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	107,591	SoFi Consumer Loan Program LLC, Series 2016-2, Class A, 3.090%, 10/27/25 (e)		108,486
	183,208	SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.050%, 04/25/29 (e)		184,288
	308,000	Springleaf Funding Trust, Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		310,788
	200,000	Sprint Spectrum Co. LLC, 3.360%, 09/20/21 (e)		201,750
	95,074	Spruce ABS Trust, Series 2016-E1, Class A, 4.320%, 06/15/28 (e)		94,133
	400,000	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T1, Class AT1, 2.530%, 11/16/48 (e)		396,514
	404,750	TCF Auto Receivables Owner Trust, Series 2016-PT1A, Class A, 1.930%, 06/15/22 (e)		404,374
	218,669	Tricolor Auto Securitization Trust, Series 2017-1, Class A, 5.090%, 05/15/20 (e)		218,714
	131,000	Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.589%, 11/17/33 (e)		129,551
	87,724	United Airlines Pass-Through Trust, Series 2013-1, Class A, 4.300%, 08/15/25		93,207
	167,000	Upstart Securitization Trust, Series 2017-1, Class A, 2.639%, 06/20/24 (e)		167,041
	126,976	US Residential Opportunity Fund III Trust, Series 2016-1III, Class A, SUB, 3.475%, 07/27/36 (e)		127,836
	393,000	Verizon Owner Trust, Series 2017-2A, Class A, 1.920%, 12/20/21 (e)		392,940
	300,000	VM DEBT LLC, Series 2017-1, Class A, 6.500%, 10/02/24 (e)		300,000
	257,754	VOLT LI LLC, Series 2016-NP11, Class A1, SUB, 3.500%, 10/25/46 (e)		257,978
	220,007	VOLT LIII LLC, Series 2016-NP13, Class A1, SUB, 3.875%, 12/26/46 (e)		220,780
	160,144	VOLT LIV LLC, Series 2017-NPL1, Class A1, SUB, 3.625%, 02/25/47 (e)		160,676
	120,736	VOLT LV LLC, Series 2017-NPL2, Class A1, SUB, 3.500%, 03/25/47 (e)		120,939
	256,792	VOLT LVI LLC, Series 2017-NPL3, Class A1, SUB, 3.500%, 03/25/47 (e)		257,112
	245,824	VOLT LVII LLC, Series 2017-NPL4, Class A1, SUB, 3.375%, 04/25/47 (e)		245,642
	129,427	VOLT LIX LLC, Series 2017-NPL6, Class A1, SUB, 3.250%, 05/25/47 (e)		129,589

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	213,000	VOLT LX LLC, Series 2017-NPL7, Class A1, SUB, 3.250%, 04/25/59 (e)		212,813
	257,000	VOLT LXI LLC, Series 2017-NPL8, Class A1, SUB, 3.125%, 06/25/47 (e)		257,000
	100,969	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		101,334
	257,017	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		257,647
	235,840	Westgate Resorts LLC, Series 2017-1A, Class A, 3.050%, 12/20/30 (e)		236,434
		Westlake Automobile Receivables Trust,
	100,000	Series 2015-3A, Class D, 4.400%, 05/17/21 (e)		101,429
	746,800	Series 2016-2A, Class A2, 1.570%, 06/17/19 (e)		746,752
	645,000	Series 2016-3A, Class C, SUB, 2.460%, 01/18/22 (e)		643,335
	77,000	Series 2017-1A, Class C, 2.700%, 10/17/22 (e)		77,239
		Total Asset-Backed Securities (Cost $30,547,915)		30,703,127
	Collateralized Mortgage Obligations — 13.8%
	81,535	Ajax Mortgage Loan Trust, Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		81,438
		Alternative Loan Trust,
	1,291,955	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,287,877
	362,188	Series 2005-20CB, Class 3A8, IF, IO, 3.534%, 07/25/35		46,658
	528,236	Series 2005-22T1, Class A2, IF, IO, 3.854%, 06/25/35		73,670
	494,019	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		455,581
	225,180	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		210,834
	211,980	Series 2005-J1, Class 1A4, IF, IO, 3.884%, 02/25/35		7,817
	46,481	Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		46,542
		Banc of America Alternative Loan Trust,
	179,306	Series 2004-5, Class 3A3, PO, Zero Coupon, 06/25/34		154,460
	10,861	Series 2004-6, Class 15PO, PO, Zero Coupon, 07/25/19		10,338
		Banc of America Funding Trust,
	25,108	Series 2004-1, Class PO, PO, Zero Coupon, 03/25/34		20,655
	160,144	Series 2005-6, Class 2A7, 5.500%, 10/25/35		154,627

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	21,297	Series 2005-7, Class 30PO, PO, Zero Coupon, 11/25/35		16,823
	79,551	Series 2005-E, Class 4A1, VAR, 3.146%, 03/20/35		80,300
	69,115	Banc of America Mortgage Trust, Series 2004-J, Class 3A1, VAR, 3.659%, 11/25/34		68,211
		Bear Stearns ARM Trust,
	45,557	Series 2003-7, Class 3A, VAR, 3.144%, 10/25/33		44,849
	57,718	Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		58,578
	188,131	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		187,577
		CHL Mortgage Pass-Through Trust,
	39,160	Series 2004-7, Class 2A1, VAR, 3.524%, 06/25/34		38,516
	21,655	Series 2004-HYB1, Class 2A, VAR, 3.224%, 05/20/34		20,625
	38,954	Series 2004-HYB3, Class 2A, VAR, 3.243%, 06/20/34		37,356
	14,206	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		14,332
	2,605	Series 2004-J8, Class POA, PO, Zero Coupon, 11/25/19		2,596
	80,598	Series 2005-16, Class A23, 5.500%, 09/25/35		75,755
	187,657	Series 2005-22, Class 2A1, VAR, 3.193%, 11/25/35		161,027
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	32,517	Series 2003-HYB1, Class A, VAR, 3.240%, 09/25/33		32,469
	207	Series 2003-UP2, Class PO1, PO, Zero Coupon, 12/25/18		185
		Citigroup Mortgage Loan Trust, Inc.,
	3,257	Series 2003-UP3, Class A3, 7.000%, 09/25/33		3,304
	3,734	Series 2003-UST1, Class A1, 5.500%, 12/25/18		3,739
	1,764	Series 2003-UST1, Class PO1, PO, Zero Coupon, 12/25/18		1,736
	515	Series 2003-UST1, Class PO3, PO, Zero Coupon, 12/25/18		504
	65,075	Series 2005-1, Class 2A1A, VAR, 3.117%, 02/25/35		47,493
	999	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-5, Class 5P, PO, Zero Coupon, 08/25/19		996
	28,990	CSMC, Series 2010-11R, Class A6, VAR, 2.295%, 06/28/47 (e)		28,896

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	63,417	FHLMC — GNMA REMIC, Series 8, Class ZA, 7.000%, 03/25/23		68,300
		FHLMC REMIC,
	301	Series 22, Class C, 9.500%, 04/15/20		306
	84	Series 47, Class F, 10.000%, 06/15/20		88
	113	Series 99, Class Z, 9.500%, 01/15/21		121
	271	Series 1065, Class J, 9.000%, 04/15/21		299
	371	Series 1113, Class J, 8.500%, 06/15/21		381
	1,354	Series 1250, Class J, 7.000%, 05/15/22		1,374
	4,084	Series 1316, Class Z, 8.000%, 06/15/22		4,493
	6,472	Series 1324, Class Z, 7.000%, 07/15/22		6,999
	28,772	Series 1343, Class LA, 8.000%, 08/15/22		31,771
	5,923	Series 1343, Class LB, 7.500%, 08/15/22		6,571
	3,904	Series 1394, Class ID, IF, 9.566%, 10/15/22		4,563
	3,440	Series 1395, Class G, 6.000%, 10/15/22		3,671
	2,540	Series 1505, Class Q, 7.000%, 05/15/23		2,788
	4,957	Series 1518, Class G, IF, 7.894%, 05/15/23		5,564
	5,140	Series 1541, Class O, VAR, 1.480%, 07/15/23		5,123
	149,942	Series 1577, Class PV, 6.500%, 09/15/23		162,883
	87,459	Series 1584, Class L, 6.500%, 09/15/23		95,585
	93,741	Series 1633, Class Z, 6.500%, 12/15/23		100,737
	113,073	Series 1638, Class H, 6.500%, 12/15/23		122,361
	2,387	Series 1671, Class QC, IF, 10.000%, 02/15/24		3,209
	12,379	Series 1694, Class PK, 6.500%, 03/15/24		13,438
	3,515	Series 1700, Class GA, PO, Zero Coupon, 02/15/24		3,388
	12,888	Series 1798, Class F, 5.000%, 05/15/23		13,592
	23,817	Series 1863, Class Z, 6.500%, 07/15/26		26,386
	4,026	Series 1865, Class D, PO, Zero Coupon, 02/15/24		3,645
	11,113	Series 1981, Class Z, 6.000%, 05/15/27		12,132
	15,068	Series 1987, Class PE, 7.500%, 09/15/27		17,506
	47,716	Series 1999, Class PU, 7.000%, 10/15/27		53,105
	86,600	Series 2031, Class PG, 7.000%, 02/15/28		99,138
	3,082	Series 2033, Class SN, HB, IF, 28.534%, 03/15/24		1,179
	82,820	Series 2035, Class PC, 6.950%, 03/15/28		92,930

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,795	Series 2038, Class PN, IO, 7.000%, 03/15/28		1,135
	16,416	Series 2054, Class PV, 7.500%, 05/15/28		18,898
	102,611	Series 2057, Class PE, 6.750%, 05/15/28		116,534
	19,751	Series 2064, Class TE, 7.000%, 06/15/28		22,441
	18,295	Series 2075, Class PH, 6.500%, 08/15/28		20,511
	57,567	Series 2095, Class PE, 6.000%, 11/15/28		63,955
	3,716	Series 2132, Class SB, HB, IF, 25.998%, 03/15/29		6,095
	2,331	Series 2134, Class PI, IO, 6.500%, 03/15/19		88
	33,259	Series 2178, Class PB, 7.000%, 08/15/29		38,191
	58,296	Series 2182, Class ZB, 8.000%, 09/15/29		68,401
	657	Series 2204, Class GB, VAR, 8.000%, 12/20/29		657
	10,354	Series 2247, Class Z, 7.500%, 08/15/30		12,195
	157,389	Series 2259, Class ZC, 7.350%, 10/15/30		185,480
	2,060	Series 2261, Class ZY, 7.500%, 10/15/30		2,425
	16,557	Series 2283, Class K, 6.500%, 12/15/23		17,963
	3,683	Series 2306, Class K, PO, Zero Coupon, 05/15/24		3,485
	8,837	Series 2306, Class SE, IF, IO, 8.330%, 05/15/24		1,665
	10,143	Series 2325, Class PM, 7.000%, 06/15/31		11,695
	65,042	Series 2344, Class ZD, 6.500%, 08/15/31		75,711
	10,369	Series 2344, Class ZJ, 6.500%, 08/15/31		11,467
	5,796	Series 2345, Class NE, 6.500%, 08/15/31		6,574
	37,005	Series 2359, Class ZB, 8.500%, 06/15/31		43,011
	98,045	Series 2367, Class ME, 6.500%, 10/15/31		108,626
	9,150	Series 2390, Class DO, PO, Zero Coupon, 12/15/31		8,416
	15,411	Series 2410, Class OE, 6.375%, 02/15/32		16,925
	15,615	Series 2410, Class QS, IF, 16.487%, 02/15/32		23,417

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	17,820	Series 2410, Class QX, IF, IO, 7.491%, 02/15/32		4,864
	19,644	Series 2412, Class SP, IF, 13.782%, 02/15/32		25,175
	37,445	Series 2423, Class MC, 7.000%, 03/15/32		43,218
	62,104	Series 2423, Class MT, 7.000%, 03/15/32		72,005
	119,400	Series 2435, Class CJ, 6.500%, 04/15/32		136,225
	22,382	Series 2444, Class ES, IF, IO, 6.791%, 03/15/32		5,319
	14,921	Series 2450, Class SW, IF, IO, 6.841%, 03/15/32		3,237
	44,121	Series 2455, Class GK, 6.500%, 05/15/32		50,317
	28,010	Series 2484, Class LZ, 6.500%, 07/15/32		31,570
	97,435	Series 2500, Class MC, 6.000%, 09/15/32		110,401
	210	Series 2503, Class BH, 5.500%, 09/15/17		210
	5,767	Series 2527, Class BP, 5.000%, 11/15/17		5,784
	33,724	Series 2535, Class BK, 5.500%, 12/15/22		35,642
	1,139,062	Series 2543, Class YX, 6.000%, 12/15/32		1,271,718
	94,274	Series 2544, Class HC, 6.000%, 12/15/32		107,029
	465,190	Series 2574, Class PE, 5.500%, 02/15/33		518,376
	164,589	Series 2575, Class ME, 6.000%, 02/15/33		184,679
	64,914	Series 2578, Class PG, 5.000%, 02/15/18		65,300
	12,970	Series 2586, Class WI, IO, 6.500%, 03/15/33		2,451
	4,326	Series 2626, Class NS, IF, IO, 5.391%, 06/15/23		82
	25,777	Series 2638, Class DS, IF, 7.441%, 07/15/23		27,958
	67,466	Series 2647, Class A, 3.250%, 04/15/32		68,961
	57,197	Series 2651, Class VZ, 4.500%, 07/15/18		57,637
	58,395	Series 2656, Class BG, 5.000%, 10/15/32		58,592
	260,000	Series 2764, Class UG, 5.000%, 03/15/34		289,567
	65,838	Series 2827, Class DG, 4.500%, 07/15/19		67,338

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	465,496	Series 2949, Class GE, 5.500%, 03/15/35		516,080
	694	Series 2989, Class PO, PO, Zero Coupon, 06/15/23		687
	300,000	Series 3047, Class OD, 5.500%, 10/15/35		342,569
	91,291	Series 3085, Class VS, HB, IF, 24.084%, 12/15/35		154,003
	30,953	Series 3117, Class EO, PO, Zero Coupon, 02/15/36		27,250
	31,225	Series 3260, Class CS, IF, IO, 4.981%, 01/15/37		4,675
	1,639,996	Series 3380, Class SI, IF, IO, 5.211%, 10/15/37		288,890
	43,062	Series 3385, Class SN, IF, IO, 4.841%, 11/15/37		4,296
	70,440	Series 3387, Class SA, IF, IO, 5.261%, 11/15/37		9,551
	383,281	Series 3423, Class PB, 5.500%, 03/15/38		427,105
	39,672	Series 3451, Class SA, IF, IO, 4.891%, 05/15/38		5,683
	246,042	Series 3455, Class SE, IF, IO, 5.041%, 06/15/38		31,821
	125,552	Series 3688, Class NI, IO, 5.000%, 04/15/32		6,372
	35,358	Series 3759, Class HI, IO, 4.000%, 08/15/37		1,550
	33,299	Series 3772, Class IO, IO, 3.500%, 09/15/24		411
	407,000	Series 3786, Class PD, 4.500%, 01/15/41		453,501
		FHLMC STRIPS REMIC,
	63,669	Series 233, Class 11, IO, 5.000%, 09/15/35		13,367
	67,730	Series 239, Class S30, IF, IO, 6.541%, 08/15/36		12,883
	330,124	Series 262, Class 35, 3.500%, 07/15/42		339,980
	313,234	Series 299, Class 300, 3.000%, 01/15/43		310,986
	164,662	FHLMC Structured Pass-Through Securities, Series T-56, Class APO, PO, Zero Coupon, 05/25/43		147,965
		FHLMC Structured Pass-Through Securities Certificates REMIC,
	11,763	Series T-41, Class 3A, VAR, 5.662%, 07/25/32		12,810
	78,836	Series T-54, Class 2A, 6.500%, 02/25/43		92,872
	35,291	Series T-54, Class 3A, 7.000%, 02/25/43		41,266
	18,569	Series T-58, Class APO, PO, Zero Coupon, 09/25/43		15,541

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		FHLMC, Multifamily Structured Pass-Through Certificates REMIC,
	229,000	Series K038, Class A2, 3.389%, 03/25/24		241,133
	322,190	Series KF12, Class A, VAR, 1.916%, 09/25/22		323,401
	53,832	Series KJ02, Class A2, 2.597%, 09/25/20		54,821
	196,000	Series KJ09, Class A2, 2.838%, 09/25/22		200,950
	289,000	Series KJ11, Class A2, 2.932%, 01/25/23		297,628
	591,000	Series KJ14, Class A2, 2.811%, 09/25/24		600,948
	250,000	Series KPLB, Class A, 2.770%, 05/25/25		251,214
	132,622	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		118,841
		First Horizon Mortgage Pass-Through Trust,
	107,645	Series 2004-AR7, Class 2A2, VAR, 3.184%, 02/25/35		107,699
	68,310	Series 2005-AR1, Class 2A2, VAR, 3.173%, 04/25/35		69,088
		FNMA REMIC,
	102	Series 1988-16, Class B, 9.500%, 06/25/18		103
	1,114	Series 1989-83, Class H, 8.500%, 11/25/19		1,176
	267	Series 1990-1, Class D, 8.800%, 01/25/20		282
	1,388	Series 1990-10, Class L, 8.500%, 02/25/20		1,474
	184	Series 1990-93, Class G, 5.500%, 08/25/20		190
	6	Series 1990-140, Class K, HB, 652.145%, 12/25/20		57
	360	Series 1990-143, Class J, 8.750%, 12/25/20		388
	10,221	Series 1992-101, Class J, 7.500%, 06/25/22		11,218
	2,841	Series 1992-143, Class MA, 5.500%, 09/25/22		2,979
	822,678	Series 1993-84, Class M, 7.500%, 06/25/23		913,920
	13,042	Series 1993-146, Class E, PO, Zero Coupon, 05/25/23		12,399
	32,852	Series 1993-155, Class PJ, 7.000%, 09/25/23		36,279
	1,019	Series 1993-165, Class SD, IF, 13.489%, 09/25/23		1,227
	5,081	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		5,687
	43,298	Series 1993-203, Class PL, 6.500%, 10/25/23		47,997

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4,442	Series 1993-205, Class H, PO, Zero Coupon, 09/25/23		4,215
	145,648	Series 1993-223, Class PZ, 6.500%, 12/25/23		157,178
	45,629	Series 1993-225, Class UB, 6.500%, 12/25/23		49,978
	1,360	Series 1993-230, Class FA, VAR, 1.816%, 12/25/23		1,363
	102,937	Series 1994-37, Class L, 6.500%, 03/25/24		112,295
	866,970	Series 1994-72, Class K, 6.000%, 04/25/24		978,049
	9,670	Series 1995-2, Class Z, 8.500%, 01/25/25		10,247
	52,227	Series 1995-19, Class Z, 6.500%, 11/25/23		57,895
	1,747	Series 1996-59, Class J, 6.500%, 08/25/22		1,880
	53,029	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		1,633
	11,191	Series 1997-39, Class PD, 7.500%, 05/20/27		12,930
	18,465	Series 1997-46, Class PL, 6.000%, 07/18/27		20,271
	43,179	Series 1997-61, Class ZC, 7.000%, 02/25/23		47,282
	6,288	Series 1998-36, Class ZB, 6.000%, 07/18/28		7,088
	15,471	Series 1998-43, Class SA, IF, IO, 17.470%, 04/25/23		4,884
	23,099	Series 1998-46, Class GZ, 6.500%, 08/18/28		25,606
	44,731	Series 1998-58, Class PC, 6.500%, 10/25/28		50,166
	101,799	Series 1999-39, Class JH, IO, 6.500%, 08/25/29		11,275
	3,672	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		803
	28,525	Series 2001-4, Class PC, 7.000%, 03/25/21		29,938
	35,506	Series 2001-30, Class PM, 7.000%, 07/25/31		41,238
	121,123	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		27,108
	53,268	Series 2001-36, Class DE, 7.000%, 08/25/31		60,933
	5,324	Series 2001-44, Class PD, 7.000%, 09/25/31		6,141
	89,808	Series 2001-61, Class Z, 7.000%, 11/25/31		104,590

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	10,173	Series 2002-1, Class HC, 6.500%, 02/25/22		10,912
	2,762	Series 2002-1, Class SA, HB, IF, 21.235%, 02/25/32		4,586
	115,890	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		6,120
	82,847	Series 2002-15, Class PO, PO, Zero Coupon, 04/25/32		75,812
	39,992	Series 2002-28, Class PK, 6.500%, 05/25/32		45,480
	4,766	Series 2002-62, Class ZE, 5.500%, 11/25/17		4,784
	80,354	Series 2002-68, Class SH, IF, IO, 6.791%, 10/18/32		17,991
	8,076	Series 2002-77, Class S, IF, 12.254%, 12/25/32		9,612
	176,366	Series 2003-7, Class A1, 6.500%, 12/25/42		201,009
	193,093	Series 2003-22, Class UD, 4.000%, 04/25/33		203,801
	43,594	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		10,685
	31,382	Series 2003-47, Class PE, 5.750%, 06/25/33		35,288
	6,752	Series 2003-64, Class SX, IF, 11.124%, 07/25/33		8,226
	4,555	Series 2003-66, Class PA, 3.500%, 02/25/33		4,610
	33,968	Series 2003-71, Class DS, IF, 6.066%, 08/25/33		36,550
	11,831	Series 2003-91, Class SD, IF, 10.473%, 09/25/33		13,901
	112,185	Series 2003-116, Class SB, IF, IO, 6.384%, 11/25/33		22,866
	549,249	Series 2003-128, Class DY, 4.500%, 01/25/24		580,470
	4,469	Series 2003-130, Class SX, IF, 9.696%, 01/25/34		5,227
	148,420	Series 2003-131, Class CH, 5.500%, 01/25/34		167,388
	13,563	Series 2003-132, Class OA, PO, Zero Coupon, 08/25/33		12,618
	49,543	Series 2004-4, Class QM, IF, 11.768%, 06/25/33		57,609
	17,388	Series 2004-10, Class SC, HB, IF, 23.736%, 02/25/34		19,449
	177,853	Series 2004-35, Class AZ, 4.500%, 05/25/34		191,423
	81,176	Series 2004-36, Class SA, IF, 16.181%, 05/25/34		118,552

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	46,796	Series 2004-46, Class SK, IF, 13.156%, 05/25/34		58,958
	7,117	Series 2004-51, Class SY, IF, 11.808%, 07/25/34		9,078
	41,816	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		48,811
	8,758	Series 2004-76, Class CL, 4.000%, 10/25/19		8,827
	447,874	Series 2004-79, Class ZE, 5.500%, 11/25/34		527,554
	687,847	Series 2004-91, Class HC, 6.000%, 12/25/34		821,122
	124,478	Series 2005-45, Class DC, IF, 19.851%, 06/25/35		177,245
	4,756	Series 2005-52, Class PA, 6.500%, 06/25/35		4,865
	146,796	Series 2005-68, Class BC, 5.250%, 06/25/35		151,982
	106,770	Series 2005-84, Class XM, 5.750%, 10/25/35		118,240
	106,571	Series 2005-110, Class MN, 5.500%, 06/25/35		108,977
	49,056	Series 2006-22, Class AO, PO, Zero Coupon, 04/25/36		43,621
	15,907	Series 2006-46, Class SW, IF, 19.740%, 06/25/36		22,905
	8,190	Series 2006-59, Class QO, PO, Zero Coupon, 01/25/33		8,107
	44,158	Series 2006-110, Class PO, PO, Zero Coupon, 11/25/36		39,062
	79,877	Series 2006-117, Class GS, IF, IO, 5.434%, 12/25/36		11,157
	42,337	Series 2007-7, Class SG, IF, IO, 5.284%, 08/25/36		11,291
	112,100	Series 2007-53, Class SH, IF, IO, 4.884%, 06/25/37		17,843
	131,136	Series 2007-88, Class VI, IF, IO, 5.324%, 09/25/37		25,543
	98,472	Series 2007-100, Class SM, IF, IO, 5.234%, 10/25/37		15,709
	94,180	Series 2008-1, Class BI, IF, IO, 4.694%, 02/25/38		13,478
	20,467	Series 2008-16, Class IS, IF, IO, 4.984%, 03/25/38		2,765
	113,156	Series 2008-46, Class HI, IO, VAR, 1.774%, 06/25/38		6,442
	35,189	Series 2008-53, Class CI, IF, IO, 5.984%, 07/25/38		5,364
	75,554	Series 2009-112, Class ST, IF, IO, 5.034%, 01/25/40		12,084

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	39,697	Series 2010-35, Class SB, IF, IO, 5.204%, 04/25/40		6,012
	283,607	Series 2010-80, Class PZ, 5.000%, 07/25/40		334,740
	580,000	Series 2010-102, Class PN, 5.000%, 09/25/40		657,264
	282,942	Series 2013-128, Class PO, PO, Zero Coupon, 12/25/43		231,807
	226,860	Series 2016-38, Class NA, 3.000%, 01/25/46		231,482
	939	Series G92-42, Class Z, 7.000%, 07/25/22		1,001
	481	Series G92-44, Class ZQ, 8.000%, 07/25/22		481
	7,903	Series G92-54, Class ZQ, 7.500%, 09/25/22		8,509
	580	Series G92-59, Class F, VAR, 1.345%, 10/25/22		587
	1,940	Series G92-61, Class Z, 7.000%, 10/25/22		2,113
	4,620	Series G92-66, Class KA, 6.000%, 12/25/22		4,920
	21,849	Series G92-66, Class KB, 7.000%, 12/25/22		23,986
	5,870	Series G93-1, Class KA, 7.900%, 01/25/23		6,505
	6,283	Series G93-17, Class SI, IF, 6.000%, 04/25/23		6,964
		FNMA REMIC Trust,
	30,347	Series 1999-W1, Class PO, PO, Zero Coupon, 02/25/29		26,449
	120,400	Series 1999-W4, Class A9, 6.250%, 02/25/29		130,816
	271,506	Series 2002-W7, Class A4, 6.000%, 06/25/29		299,289
	246,120	Series 2003-W1, Class 1A1, VAR, 5.542%, 12/25/42		268,319
	35,210	Series 2003-W1, Class 2A, VAR, 6.123%, 12/25/42		40,288
	24,521	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		28,611
		FNMA STRIPS REMIC,
	6,475	Series 329, Class 1, PO, Zero Coupon, 01/25/33		5,746
	27,406	Series 365, Class 8, IO, 5.500%, 05/25/36		5,943
		FREMF Mortgage REMIC Trust,
	220,000	Series 2014-K40, Class C, VAR, 4.208%, 11/25/47 (e)		219,233

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	640,000	Series 2015-K44, Class B, VAR, 3.810%, 01/25/48 (e)		645,774
	500,000	Series 2015-K45, Class B, VAR, 3.714%, 04/25/48 (e)		497,813
	180,000	Series 2016-K59, Class B, VAR, 3.695%, 11/25/49 (e)		175,617
	110,000	Series 2016-K722, Class B, VAR, 3.966%, 07/25/49 (e)		112,182
		GMACM Mortgage Loan Trust,
	61,610	Series 2003-AR1, Class A4, VAR, 3.685%, 10/19/33		60,980
	272,124	Series 2005-AR3, Class 3A4, VAR, 3.735%, 06/19/35		266,705
		GNMA REMIC,
	80,429	Series 1994-7, Class PQ, 6.500%, 10/16/24		87,296
	83,930	Series 2000-21, Class Z, 9.000%, 03/16/30		97,079
	1,173	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		170
	204,576	Series 2000-36, Class PB, 7.500%, 11/16/30		241,395
	598,882	Series 2001-10, Class PE, 6.500%, 03/16/31		652,779
	87,135	Series 2001-22, Class PS, IF, 17.962%, 03/17/31		120,635
	52,052	Series 2001-36, Class S, IF, IO, 6.878%, 08/16/31		14,963
	6,928	Series 2002-24, Class SB, IF, 10.168%, 04/16/32		8,323
	3,268	Series 2003-24, Class PO, PO, Zero Coupon, 03/16/33		2,938
	24,191	Series 2004-28, Class S, IF, 16.440%, 04/16/34		34,372
	500,000	Series 2006-38, Class OH, 6.500%, 08/20/36		602,243
	106,678	Series 2007-45, Class QA, IF, IO, 5.428%, 07/20/37		17,059
	81,119	Series 2007-76, Class SA, IF, IO, 5.318%, 11/20/37		13,636
	71,286	Series 2008-2, Class MS, IF, IO, 5.988%, 01/16/38		15,071
	52,148	Series 2008-55, Class SA, IF, IO, 4.988%, 06/20/38		8,149
	32,638	Series 2009-6, Class SA, IF, IO, 4.928%, 02/16/39		4,363
	107,751	Series 2009-6, Class SH, IF, IO, 4.828%, 02/20/39		14,902
	79,291	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		17,649

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	58,531	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		15,276
	157,795	Series 2009-22, Class SA, IF, IO, 5.058%, 04/20/39		20,277
	133,996	Series 2009-31, Class TS, IF, IO, 5.088%, 03/20/39		13,944
	135,674	Series 2009-64, Class SN, IF, IO, 4.928%, 07/16/39		16,083
	67,348	Series 2009-79, Class OK, PO, Zero Coupon, 11/16/37		61,464
	44,175	Series 2009-102, Class SM, IF, IO, 5.228%, 06/16/39		2,907
	276,621	Series 2009-106, Class ST, IF, IO, 4.788%, 02/20/38		44,344
	93,987	Series 2010-130, Class CP, 7.000%, 10/16/40		108,971
	173,761	Series 2011-75, Class SM, IF, IO, 5.388%, 05/20/41		32,532
	678,225	Series 2011-H19, Class FA, VAR, 1.463%, 08/20/61		677,669
	674,497	Series 2012-H23, Class SA, VAR, 1.523%, 10/20/62		673,397
	703,394	Series 2013-H08, Class FC, VAR, 1.443%, 02/20/63		701,147
	434,896	Series 2013-H09, Class HA, 1.650%, 04/20/63		429,459
	349,351	Series 2014-H17, Class FC, VAR, 1.493%, 07/20/64		348,676
	482,380	Series 2015-137, Class WA, VAR, 5.474%, 01/20/38		539,405
	789,362	Series 2015-H16, Class FG, VAR, 1.433%, 07/20/65		785,709
	917,883	Series 2015-H30, Class FE, VAR, 1.593%, 11/20/65		920,639
	225,752	Series 2016-H11, Class FD, VAR, 2.202%, 05/20/66		227,967
	172,440	Series 2016-H26, Class FC, VAR, 1.993%, 12/20/66		175,782
	540,000	Series 2017-H14, Class FV, VAR, 1.650%, 06/20/67		539,072
		GSR Mortgage Loan Trust,
	52,894	Series 2004-6F, Class 1A2, 5.000%, 05/25/34		53,478
	176,983	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		188,299
	70,837	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		72,531
	43,383	Impac Secured Assets Trust, Series 2006-1, Class 2A1, VAR, 1.566%, 05/25/36		41,196

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	54,149	JP Morgan Mortgage Trust, Series 2006-A2, Class 5A3, VAR, 3.142%, 11/25/33		55,033
	33,388	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 3.081%, 04/21/34		34,323
		MASTR Alternative Loan Trust,
	70,090	Series 2003-9, Class 8A1, 6.000%, 01/25/34		72,326
	113,260	Series 2004-4, Class 10A1, 5.000%, 05/25/24		117,816
	120,593	Series 2004-6, Class 7A1, 6.000%, 07/25/34		120,929
	13,120	Series 2004-7, Class 30PO, PO, Zero Coupon, 08/25/34		10,666
	26,805	Series 2004-8, Class 6A1, 5.500%, 09/25/19		27,198
	22,064	Series 2004-10, Class 1A1, 4.500%, 09/25/19		22,135
		MASTR Asset Securitization Trust,
	148,783	Series 2003-11, Class 9A6, 5.250%, 12/25/33		150,379
	2,040	Series 2003-12, Class 15PO, PO, Zero Coupon, 12/25/18		2,035
	5,300	Series 2004-6, Class 15PO, PO, Zero Coupon, 07/25/19		5,195
	4,292	Series 2004-8, Class PO, PO, Zero Coupon, 08/25/19		4,126
	13,833	Series 2004-10, Class 15PO, PO, Zero Coupon, 10/25/19		13,397
	27,686	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, Zero Coupon, 05/28/35 (e)		20,987
	34,136	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.856%, 02/25/35		33,111
	37,817	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		37,040
	264,654	PHH Alternative Mortgage Trust, Series 2007-2, Class 2X, IO, 6.000%, 05/25/37		64,936
		RALI Trust,
	862	Series 2003-QS3, Class A2, IF, 13.825%, 02/25/18		882
	8,956	Series 2003-QS9, Class A3, IF, IO, 6.334%, 05/25/18		146
	18,073	Series 2003-QS14, Class A1, 5.000%, 07/25/18		18,094
	5,811	Series 2003-QS18, Class A1, 5.000%, 09/25/18		5,831

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
	1,991	Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		1,916
	69,348	RFMSI Trust, Series 2005-SA4, Class 1A1, VAR, 3.270%, 09/25/35		57,476
	3,558	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		3,578
		Springleaf Mortgage Loan Trust,
	48,266	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		48,168
	125,000	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		124,798
	68,059	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-33H, Class 1A1, 5.500%, 10/25/33		69,295
		Vendee Mortgage Trust,
	36,947	Series 1994-1, Class 1, VAR, 5.364%, 02/15/24		39,279
	484,008	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		529,037
	90,552	Series 1996-1, Class 1Z, 6.750%, 02/15/26		101,832
	48,642	Series 1996-2, Class 1Z, 6.750%, 06/15/26		54,393
	182,804	Series 1997-1, Class 2Z, 7.500%, 02/15/27		209,258
	47,271	Series 1998-1, Class 2E, 7.000%, 03/15/28		54,534
		WaMu Mortgage Pass-Through Certificates Trust,
	12,276	Series 2003-AR8, Class A, VAR, 2.701%, 08/25/33		12,514
	54,339	Series 2003-AR9, Class 1A6, VAR, 2.795%, 09/25/33		55,037
	20,225	Series 2004-AR3, Class A2, VAR, 3.134%, 06/25/34		20,497
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	855,169	Series 2005-2, Class 1A4, IF, IO, 3.834%, 04/25/35		117,892
	299,643	Series 2005-2, Class 2A3, IF, IO, 3.784%, 04/25/35		38,790
	244,819	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		48,586
	213,949	Series 2005-4, Class CB7, 5.500%, 06/25/35		200,239
	8,366	Series 2005-4, Class DP, PO, Zero Coupon, 06/25/20		7,919

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	68,057	Series 2005-6, Class 2A4, 5.500%, 08/25/35		65,968
		Wells Fargo Mortgage-Backed Securities Trust,
	14,813	Series 2003-K, Class 1A1, VAR, 2.904%, 11/25/33		14,917
	29,625	Series 2003-K, Class 1A2, VAR, 2.904%, 11/25/33		29,960
	35,756	Series 2004-EE, Class 3A1, VAR, 3.583%, 12/25/34		36,981
	86,589	Series 2004-P, Class 2A1, VAR, 3.031%, 09/25/34		88,308
	155,377	Series 2005-AR3, Class 1A1, VAR, 3.311%, 03/25/35		158,869
	46,723	Series 2005-AR8, Class 2A1, VAR, 3.260%, 06/25/35		47,723
	44,107	Series 2005-AR16, Class 2A1, VAR, 3.185%, 02/25/34		44,942
		Total Collateralized Mortgage Obligations (Cost $35,644,125)		37,136,477
	Commercial Mortgage-Backed Securities — 2.4%
	24,717	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		24,704
	286,000	BAMLL Re-REMIC Trust, Series 2015-FR11, Class A705, VAR, 1.843%, 09/27/44 (e)		279,069
	100,000	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		102,366
	332,229	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.744%, 12/11/49 (e)		24
	86,477	Citigroup Commercial Mortgage Trust, Series 2013-SMP, Class A, 2.110%, 01/12/30 (e)		86,593
		Commercial Mortgage Trust,
	125,000	Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		126,520
	200,000	Series 2014-CR19, Class A5, 3.796%, 08/10/47		209,966
	156,000	Series 2015-CR25, Class A4, 3.759%, 08/10/48		163,206
	100,000	CSMC OA LLC, Series 2014-USA, Class D, 4.373%, 09/15/37 (e)		94,389
		FNMA — ACES,
	1,000,000	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		1,061,082
	1,000,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		1,003,201
	389,000	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		394,878

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	352,816	Series 2015-M17, Class FA, VAR, 1.981%, 11/25/22		354,797
	500,000	Series 2016-M2, Class AV2, 2.152%, 01/25/23		493,968
	305,000	Series 2017-M5, Class A2, 3.303%, 04/25/29		309,620
	278,000	Series 2017-M7, Class A2, VAR, 2.961%, 02/25/27		278,898
	429,000	FNMA Grantor Trust, Series 2017-T1, Class A, 2.898%, 06/25/27		425,966
	122,000	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		122,305
	408,351	Morgan Stanley Capital I Trust, Series 2006-IQ12, Class X1, IO, VAR, 0.650%, 12/15/43 (e)		5
	102,297	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 2.622%, 07/14/34 (e)		102,289
	250,000	RAIT Trust, Series 2015-FL5, Class B, VAR, 5.059%, 01/15/31 (e)		250,408
	44,322	Resource Capital Corp. Ltd., (Cayman Islands), Series 2015-CRE4, Class A, VAR, 2.572%, 08/15/32 (e)		44,199
	116,000	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		118,988
	104,000	UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.525%, 05/10/63		108,272
	200,000	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		209,481
	110,000	WFRBS Commercial Mortgage Trust, Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		116,819
		Total Commercial Mortgage-Backed Securities (Cost $6,400,268)		6,482,013
	Corporate Bonds — 26.0%
		Consumer Discretionary — 1.7%
		Automobiles — 0.4%
	45,000	BMW US Capital LLC, (Germany), 2.250%, 09/15/23 (e)		43,688
		Daimler Finance North America LLC, (Germany),
	150,000	1.750%, 10/30/19 (e)		149,033
	150,000	1.875%, 01/11/18 (e)		150,178
		Ford Motor Co.,
	46,000	4.346%, 12/08/26		47,374
	240,000	7.450%, 07/16/31		303,479
	240,000	General Motors Co., 6.600%, 04/01/36		278,342

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Automobiles — continued
		Hyundai Capital America,
	34,000	2.000%, 07/01/19 (e)		33,729
	65,000	2.400%, 10/30/18 (e)		65,127
		Nissan Motor Acceptance Corp.,
	29,000	1.900%, 09/14/21 (e)		28,309
	50,000	2.800%, 01/13/22 (e)		50,494
				1,149,753
		Diversified Consumer Services — 0.0% (g)
	86,000	President and Fellows of Harvard College, 3.300%, 07/15/56		82,412
		Hotels, Restaurants & Leisure — 0.1%
	33,000	Darden Restaurants, Inc., 3.850%, 05/01/27		33,533
	60,000	McDonald’s Corp., 4.700%, 12/09/35		66,294
	28,000	Starbucks Corp., 2.700%, 06/15/22		28,517
				128,344
		Internet & Direct Marketing Retail — 0.1%
		Amazon.com, Inc.,
	66,000	3.800%, 12/05/24		70,361
	65,000	4.800%, 12/05/34		74,907
				145,268
		Media — 1.0%
		21st Century Fox America, Inc.,
	50,000	6.650%, 11/15/37		66,034
	50,000	7.250%, 05/18/18		52,319
	150,000	7.300%, 04/30/28		191,715
		CBS Corp.,
	99,000	3.700%, 08/15/24		101,596
	42,000	4.000%, 01/15/26		43,464
		Charter Communications Operating LLC,
	194,000	4.908%, 07/23/25		209,600
	100,000	5.375%, 05/01/47 (e)		105,936
	75,000	Comcast Cable Holdings LLC, 10.125%, 04/15/22		95,160
		Comcast Corp.,
	89,000	4.200%, 08/15/34		94,347
	87,000	4.250%, 01/15/33		92,816
��	130,000	6.450%, 03/15/37		173,165
	35,000	6.500%, 11/15/35		46,448
		Cox Communications, Inc.,
	67,000	3.350%, 09/15/26 (e)		65,797
	20,000	8.375%, 03/01/39 (e)		26,534
		Discovery Communications LLC,
	78,000	4.375%, 06/15/21		82,321
	30,000	6.350%, 06/01/40		33,102

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	100,000	Historic TW, Inc., 9.150%, 02/01/23		128,257
	75,000	NBCUniversal Media LLC, 5.950%, 04/01/41		96,150
		Time Warner Cable LLC,
	50,000	6.550%, 05/01/37		59,768
	50,000	6.750%, 07/01/18		52,311
	50,000	7.300%, 07/01/38		63,975
	175,000	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		240,470
		Time Warner, Inc.,
	200,000	3.550%, 06/01/24		202,680
	35,000	4.750%, 03/29/21		37,689
	75,000	6.200%, 03/15/40		89,679
	7,000	6.250%, 03/29/41		8,562
		Viacom, Inc.,
	22,000	3.250%, 03/15/23		21,803
	58,000	3.875%, 04/01/24		59,062
	16,000	4.850%, 12/15/34		15,918
	70,000	6.875%, 04/30/36		81,873
		Walt Disney Co. (The),
	31,000	1.850%, 07/30/26		28,220
	50,000	2.950%, 06/15/27		49,531
	14,000	3.000%, 07/30/46		12,260
				2,728,562
		Multiline Retail — 0.0% (g)
		Macy’s Retail Holdings, Inc.,
	18,000	4.375%, 09/01/23		17,685
	60,000	6.375%, 03/15/37		61,207
	30,000	6.900%, 04/01/29		32,030
				110,922
		Specialty Retail — 0.1%
	41,000	AutoZone, Inc., 3.750%, 06/01/27		41,094
		Home Depot, Inc. (The),
	21,000	2.125%, 09/15/26		19,634
	37,000	3.000%, 04/01/26		37,201
	13,000	3.500%, 09/15/56		11,800
	34,000	4.200%, 04/01/43		36,150
	72,000	Lowe’s Cos., Inc., 3.375%, 09/15/25		74,379
	80,000	O’Reilly Automotive, Inc., 3.550%, 03/15/26		80,556
				300,814
		Total Consumer Discretionary		4,646,075

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Staples — 1.1%
		Beverages — 0.5%
		Anheuser-Busch InBev Finance, Inc., (Belgium),
	23,000	1.900%, 02/01/19		23,052
	234,000	3.300%, 02/01/23		240,927
	260,000	3.650%, 02/01/26		267,896
	241,000	4.700%, 02/01/36		266,245
	131,000	Anheuser-Busch InBev Worldwide, Inc., (Belgium), 4.439%, 10/06/48 (e)		139,586
	38,000	Brown-Forman Corp., 4.500%, 07/15/45		41,549
	25,000	Constellation Brands, Inc., 4.250%, 05/01/23		26,611
	95,000	Diageo Capital plc, (United Kingdom), 5.750%, 10/23/17		96,223
	20,000	Dr Pepper Snapple Group, Inc., 3.430%, 06/15/27 (e)		20,142
	53,000	Molson Coors Brewing Co., 3.000%, 07/15/26		50,983
		PepsiCo, Inc.,
	70,000	3.450%, 10/06/46		65,873
	107,000	4.450%, 04/14/46		116,808
				1,355,895
		Food & Staples Retailing — 0.3%
	21,000	Costco Wholesale Corp., 2.250%, 02/15/22		21,032
		CVS Health Corp.,
	102,000	2.125%, 06/01/21		100,747
	62,000	2.875%, 06/01/26		60,090
	116,000	4.000%, 12/05/23		122,515
	16,000	5.300%, 12/05/43		18,463
		Kroger Co. (The),
	67,000	4.000%, 02/01/24		69,418
	18,000	5.400%, 07/15/40		19,418
	100,000	7.500%, 04/01/31		132,620
	50,000	Walgreen Co., 4.400%, 09/15/42		50,130
		Walgreens Boots Alliance, Inc.,
	47,000	3.800%, 11/18/24		48,818
	23,000	4.500%, 11/18/34		24,161
	70,000	Wal-Mart Stores, Inc., 6.500%, 08/15/37		98,709
				766,121
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	28,000	3.250%, 08/15/26		26,756
	55,000	8.500%, 06/15/19		61,516
		Kraft Heinz Foods Co.,
	20,000	3.500%, 06/06/22		20,706
	15,000	3.950%, 07/15/25		15,470

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
	100,000	5.000%, 07/15/35		108,251
	31,000	5.375%, 02/10/20		33,409
	122,000	6.125%, 08/23/18		127,806
	30,000	6.750%, 03/15/32		37,154
	133,000	6.875%, 01/26/39		171,249
	27,000	Mead Johnson Nutrition Co., (United Kingdom), 4.125%, 11/15/25		29,115
	23,000	Smithfield Foods, Inc., 4.250%, 02/01/27 (e)		23,588
		Tyson Foods, Inc.,
	49,000	3.950%, 08/15/24		51,278
	100,000	4.875%, 08/15/34		109,522
				815,820
		Household Products — 0.0% (g)
	41,659	Procter & Gamble — ESOP, Series A, 9.360%, 01/01/21		47,156
		Total Consumer Staples		2,984,992
		Energy — 2.9%
		Energy Equipment & Services — 0.1%
	40,000	Baker Hughes, Inc., 5.125%, 09/15/40		45,758
		Halliburton Co.,
	54,000	3.500%, 08/01/23		55,574
	77,000	4.850%, 11/15/35		82,410
	60,000	6.700%, 09/15/38		76,928
		Nabors Industries, Inc.,
	15,000	4.625%, 09/15/21		14,247
	15,000	5.000%, 09/15/20		14,962
	60,000	Schlumberger Holdings Corp., 3.625%, 12/21/22 (e)		62,420
				352,299
		Oil, Gas & Consumable Fuels — 2.8%
		Apache Corp.,
	50,000	6.000%, 01/15/37		57,911
	50,000	6.900%, 09/15/18		52,837
	73,000	APT Pipelines Ltd., (Australia), 4.250%, 07/15/27 (e)		74,740
		Boardwalk Pipelines LP,
	22,000	4.450%, 07/15/27		22,526
	118,000	4.950%, 12/15/24		125,017
	16,000	5.950%, 06/01/26		17,818
		BP Capital Markets plc, (United Kingdom),
	35,000	3.017%, 01/16/27		34,055
	221,000	3.224%, 04/14/24		223,126
	15,000	3.506%, 03/17/25		15,357

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	50,000	3.588%, 04/14/27		50,738
	140,000	3.723%, 11/28/28		143,953
	150,000	3.814%, 02/10/24		156,443
		Buckeye Partners LP,
	32,000	3.950%, 12/01/26		31,678
	30,000	4.350%, 10/15/24		30,902
	15,000	4.875%, 02/01/21		15,878
	100,000	5.850%, 11/15/43		107,402
		Canadian Natural Resources Ltd., (Canada),
	65,000	3.900%, 02/01/25		65,804
	50,000	5.850%, 02/01/35		55,509
	100,000	5.900%, 02/01/18		102,298
		Cenovus Energy, Inc., (Canada),
	13,000	3.000%, 08/15/22		12,428
	23,000	4.450%, 09/15/42		18,749
	158,000	6.750%, 11/15/39		166,151
		Chevron Corp.,
	20,000	2.355%, 12/05/22		19,905
	150,000	2.411%, 03/03/22		150,557
	200,000	2.566%, 05/16/23		200,311
	200,000	CNOOC Nexen Finance 2014 ULC, (China), 4.250%, 04/30/24		210,484
		ConocoPhillips Co.,
	43,000	3.350%, 11/15/24		43,795
	145,000	4.200%, 03/15/21		153,723
		Devon Energy Corp.,
	47,000	3.250%, 05/15/22		46,705
	21,000	4.750%, 05/15/42		20,386
		Ecopetrol SA, (Colombia),
	33,000	4.125%, 01/16/25		32,340
	39,000	5.375%, 06/26/26		40,658
	28,000	5.875%, 09/18/23		30,576
		Enbridge, Inc., (Canada),
	27,000	3.700%, 07/15/27		26,983
	75,000	5.500%, 12/01/46		84,639
		Encana Corp., (Canada),
	30,000	6.500%, 08/15/34		34,262
	80,000	7.200%, 11/01/31		95,254
		Energy Transfer LP,
	9,000	3.600%, 02/01/23		9,057
	45,000	4.050%, 03/15/25		45,184
	32,000	4.200%, 04/15/27		31,873
	68,000	4.900%, 02/01/24		71,761
	100,000	6.050%, 06/01/41		106,494
	17,000	6.500%, 02/01/42		19,011
	50,000	Eni USA, Inc., (United Kingdom), 7.300%, 11/15/27		62,405

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		EnLink Midstream Partners LP,
	22,000	4.150%, 06/01/25		21,727
	65,000	5.050%, 04/01/45		60,398
		Enterprise Products Operating LLC,
	38,000	3.700%, 02/15/26		38,707
	25,000	3.750%, 02/15/25		25,747
	25,000	3.900%, 02/15/24		26,005
	6,000	4.950%, 10/15/54		6,237
	16,000	5.100%, 02/15/45		17,593
	170,000	7.550%, 04/15/38		229,848
	86,000	Series D, 6.875%, 03/01/33		109,090
	15,000	EOG Resources, Inc., 2.625%, 03/15/23		14,803
	61,000	Exxon Mobil Corp., 3.043%, 03/01/26		61,528
		Hess Corp.,
	30,000	7.125%, 03/15/33		33,919
	100,000	7.300%, 08/15/31		115,120
	120,000	Kerr-McGee Corp., 7.875%, 09/15/31		154,302
		Magellan Midstream Partners LP,
	14,000	3.200%, 03/15/25		13,579
	27,000	4.200%, 12/01/42		25,535
	70,000	6.400%, 05/01/37		84,307
	150,000	Marathon Oil Corp., 6.000%, 10/01/17		151,425
	29,000	Marathon Petroleum Corp., 3.625%, 09/15/24		29,305
	140,000	MPLX LP, 4.875%, 12/01/24		149,275
	100,000	NGPL PipeCo LLC, 7.119%, 12/15/17 (e)		101,875
		Noble Energy, Inc.,
	15,000	5.625%, 05/01/21		15,430
	114,000	6.000%, 03/01/41		127,712
		Occidental Petroleum Corp.,
	55,000	3.000%, 02/15/27		53,563
	45,000	3.500%, 06/15/25		45,962
		ONEOK Partners LP,
	25,000	3.200%, 09/15/18		25,293
	8,000	3.375%, 10/01/22		8,072
	100,000	4.900%, 03/15/25		107,078
	17,000	5.000%, 09/15/23		18,365
	15,000	6.650%, 10/01/36		18,071
	40,000	8.625%, 03/01/19		44,003
	105,000	Petro-Canada, (Canada), 6.800%, 05/15/38		136,990
		Petroleos Mexicanos, (Mexico),
	100,000	4.625%, 09/21/23		101,200
	20,000	4.875%, 01/18/24		20,258
	11,000	5.500%, 06/27/44		9,669
	42,000	6.375%, 01/23/45		41,026

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	111,000	6.500%, 03/13/27 (e)		119,103
	50,000	6.625%, 06/15/35		51,750
	110,000	6.750%, 09/21/47		110,949
	26,000	6.875%, 08/04/26		28,857
	37,000	Phillips 66 Partners LP, 4.900%, 10/01/46		36,540
		Plains All American Pipeline LP,
	50,000	3.600%, 11/01/24		48,600
	15,000	3.650%, 06/01/22		15,301
	50,000	4.300%, 01/31/43		42,837
	130,000	4.650%, 10/15/25		133,260
	141,000	Regency Energy Partners LP, 5.000%, 10/01/22		151,207
		Spectra Energy Capital LLC,
	47,000	3.300%, 03/15/23		47,170
	50,000	5.650%, 03/01/20		53,721
	45,000	7.500%, 09/15/38		59,155
	50,000	8.000%, 10/01/19		55,711
		Spectra Energy Partners LP,
	34,000	2.950%, 09/25/18		34,383
	19,000	3.500%, 03/15/25		18,808
	7,000	4.500%, 03/15/45		6,908
	25,000	5.950%, 09/25/43		28,884
		Statoil ASA, (Norway),
	50,000	1.150%, 05/15/18		49,835
	143,000	2.650%, 01/15/24		141,165
	23,000	3.250%, 11/10/24		23,503
	60,000	Suncor Energy, Inc., (Canada), 5.950%, 12/01/34		72,356
		Sunoco Logistics Partners Operations LP,
	24,000	3.900%, 07/15/26		23,551
	13,000	4.250%, 04/01/24		13,328
	53,000	5.350%, 05/15/45		52,014
	60,000	6.100%, 02/15/42		63,116
	26,000	TC PipeLines LP, 3.900%, 05/25/27		25,946
	25,000	Total Capital Canada Ltd., (France), 2.750%, 07/15/23		25,131
	50,000	Total Capital International SA, (France), 2.750%, 06/19/21		50,979
		TransCanada PipeLines Ltd., (Canada),
	70,000	6.200%, 10/15/37		89,299
	50,000	6.500%, 08/15/18		52,521
	50,000	7.125%, 01/15/19		53,820
	20,000	Valero Energy Corp., 7.500%, 04/15/32		25,664
		Western Gas Partners LP,
	29,000	4.650%, 07/01/26		29,688
	26,000	5.450%, 04/01/44		26,426

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 19

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Williams Partners LP,
	25,000	3.900%, 01/15/25		25,277
	100,000	4.875%, 05/15/23		103,762
				7,351,225
		Total Energy		7,703,524
		Financials — 9.9%
		Banks — 4.4%
	200,000	ABN AMRO Bank NV, (Netherlands), 4.750%, 07/28/25 (e)		210,848
		Bank of America Corp.,
	100,000	2.000%, 01/11/18		100,154
	250,000	3.300%, 01/11/23		254,892
	114,000	3.500%, 04/19/26		114,400
	388,000	3.875%, 08/01/25		401,427
	114,000	4.000%, 01/22/25		115,995
	69,000	4.450%, 03/03/26		71,818
	295,000	5.650%, 05/01/18		304,267
	245,000	5.750%, 12/01/17		249,149
	135,000	6.400%, 08/28/17		135,959
	90,000	6.875%, 04/25/18		93,657
	25,000	7.625%, 06/01/19		27,581
	92,000	Series L, 3.950%, 04/21/25		93,227
	260,000	VAR, 3.705%, 04/24/28		261,961
	65,000	Bank of Montreal, (Canada), 1.500%, 07/18/19		64,392
		Bank of Nova Scotia (The), (Canada),
	100,000	1.450%, 04/25/18		99,899
	100,000	1.700%, 06/11/18		100,131
	150,000	Barclays Bank plc, (United Kingdom), 6.050%, 12/04/17 (e)		152,576
	200,000	Barclays plc, (United Kingdom), 3.650%, 03/16/25		199,006
	50,000	BB&T Corp., 5.250%, 11/01/19		53,445
	250,000	BNZ International Funding Ltd., (New Zealand), 2.900%, 02/21/22 (e)		252,473
	200,000	Canadian Imperial Bank of Commerce, (Canada), 1.600%, 09/06/19		198,117
		Citigroup, Inc.,
	100,000	1.700%, 04/27/18		99,900
	40,000	1.750%, 05/01/18		39,983
	137,000	2.150%, 07/30/18		137,434
	23,000	2.350%, 08/02/21		22,789
	50,000	2.400%, 02/18/20		50,195
	200,000	2.750%, 04/25/22		200,010
	100,000	2.900%, 12/08/21		101,003

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	75,000	3.400%, 05/01/26		74,200
	50,000	4.300%, 11/20/26		51,362
	20,000	4.400%, 06/10/25		20,827
	210,000	4.450%, 09/29/27		218,428
	49,000	4.650%, 07/30/45		53,358
	50,000	4.750%, 05/18/46		52,559
	58,000	5.500%, 09/13/25		64,503
	56,000	8.125%, 07/15/39		86,073
	24,000	Citizens Financial Group, Inc., 2.375%, 07/28/21		23,790
	10,000	Comerica, Inc., 3.800%, 07/22/26		10,113
	200,000	Commonwealth Bank of Australia, (Australia), 2.000%, 09/06/21 (e)		196,295
	250,000	Cooperatieve Rabobank UA, (Netherlands), 4.375%, 08/04/25		262,190
		Credit Suisse Group Funding Guernsey Ltd., (Switzerland),
	250,000	3.750%, 03/26/25		252,611
	350,000	3.800%, 06/09/23		360,786
	200,000	Danske Bank A/S, (Denmark), 2.000%, 09/08/21 (e)		196,567
	83,000	Fifth Third Bancorp, 2.875%, 07/27/20		84,725
	350,000	Glitnir HoldCo ehf, (Iceland), VAR, 0.000%, 10/15/08 (e) (d)		–
		HSBC Holdings plc, (United Kingdom),
	400,000	2.650%, 01/05/22		398,647
	229,000	3.600%, 05/25/23		236,620
	200,000	4.375%, 11/23/26		207,545
		Huntington Bancshares, Inc.,
	88,000	2.300%, 01/14/22		86,669
	73,000	3.150%, 03/14/21		74,433
	200,000	ING Groep NV, (Netherlands), 3.950%, 03/29/27		207,991
	56,000	KeyCorp, 2.900%, 09/15/20		56,964
		Lloyds Banking Group plc, (United Kingdom),
	200,000	3.750%, 01/11/27		201,243
	200,000	4.582%, 12/10/25		207,374
	38,000	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.998%, 02/22/22		38,560
	9,000	MUFG Americas Holdings Corp., 2.250%, 02/10/20		9,005
	200,000	Nordea Bank AB, (Sweden), 1.625%, 09/30/19 (e)		198,382
		PNC Financial Services Group, Inc. (The),
	13,000	4.375%, 08/11/20		13,836
	150,000	5.125%, 02/08/20		161,346
	12,000	6.700%, 06/10/19		13,048

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	54,000	Regions Financial Corp., 3.200%, 02/08/21		55,206
		Royal Bank of Canada, (Canada),
	50,000	1.875%, 02/05/20		49,730
	50,000	2.000%, 10/01/18		50,200
	66,000	2.750%, 02/01/22		67,113
	30,000	4.650%, 01/27/26		32,157
	69,000	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		70,047
	87,000	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		87,707
	200,000	Standard Chartered plc, (United Kingdom), 4.050%, 04/12/26 (e)		203,355
		Sumitomo Mitsui Financial Group, Inc., (Japan),
	49,000	2.058%, 07/14/21		48,204
	45,000	2.442%, 10/19/21		44,807
	130,000	2.846%, 01/11/22		131,422
	25,000	3.010%, 10/19/26		24,465
	200,000	Sumitomo Mitsui Trust Bank Ltd., (Japan), 2.050%, 10/18/19 (e)		199,436
	91,000	SunTrust Banks, Inc., 2.700%, 01/27/22		91,180
		Toronto-Dominion Bank (The), (Canada),
	229,000	1.750%, 07/23/18		229,379
	47,000	VAR, 3.625%, 09/15/31		46,633
	200,000	UBS Group Funding Switzerland AG, (Switzerland), 4.125%, 09/24/25 (e)		209,666
		US Bancorp,
	100,000	7.500%, 06/01/26		129,823
	100,000	Series V, 2.375%, 07/22/26		94,253
	50,000	Wachovia Corp., 5.750%, 02/01/18		51,172
		Wells Fargo & Co.,
	65,000	2.600%, 07/22/20		65,911
	200,000	3.000%, 02/19/25		196,913
	84,000	3.000%, 04/22/26		82,047
	180,000	3.069%, 01/24/23		182,392
	80,000	3.300%, 09/09/24		81,152
	24,000	4.100%, 06/03/26		24,825
	7,000	4.300%, 07/22/27		7,341
	284,000	5.606%, 01/15/44		338,168
	250,000	Wells Fargo Bank NA, 6.000%, 11/15/17		253,958
		Westpac Banking Corp., (Australia),
	40,000	3.350%, 03/08/27		40,238
	121,000	4.875%, 11/19/19		128,858
	100,000	VAR, 4.322%, 11/23/31		102,504
				11,747,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — 2.3%
	63,000	Ameriprise Financial, Inc., 2.875%, 09/15/26		61,176
		Bank of New York Mellon Corp. (The),
	100,000	3.000%, 10/30/28		96,791
	100,000	3.250%, 09/11/24		102,075
	55,000	4.600%, 01/15/20		58,432
	83,000	Series 0012, 3.650%, 02/04/24		86,560
		BlackRock, Inc.,
	65,000	4.250%, 05/24/21		70,051
	65,000	Series 2, 5.000%, 12/10/19		69,795
		Blackstone Holdings Finance Co. LLC,
	21,000	4.450%, 07/15/45 (e)		21,127
	100,000	5.875%, 03/15/21 (e)		111,014
	100,000	Charles Schwab Corp. (The), 3.200%, 03/02/27		100,477
		CME Group, Inc.,
	97,000	3.000%, 03/15/25		97,875
	16,000	5.300%, 09/15/43		19,918
	49,000	Daiwa Securities Group, Inc., (Japan), 3.129%, 04/19/22 (e)		49,335
		Deutsche Bank AG, (Germany),
	77,000	3.125%, 01/13/21		77,377
	300,000	4.250%, 10/14/21		314,119
		Goldman Sachs Group, Inc. (The),
	300,000	2.350%, 11/15/21		296,354
	36,000	2.600%, 04/23/20		36,332
	55,000	2.625%, 01/31/19		55,572
	20,000	2.625%, 04/25/21		20,038
	188,000	2.750%, 09/15/20		190,250
	80,000	2.875%, 02/25/21		80,851
	100,000	3.500%, 01/23/25		101,095
	142,000	3.500%, 11/16/26		141,262
	10,000	3.750%, 05/22/25		10,241
	105,000	4.250%, 10/21/25		108,544
	13,000	5.250%, 07/27/21		14,247
	206,000	5.375%, 03/15/20		222,421
	120,000	5.950%, 01/18/18		122,683
	40,000	5.950%, 01/15/27		46,693
	80,000	6.750%, 10/01/37		104,075
	125,000	7.500%, 02/15/19		135,592
	209,000	VAR, 3.691%, 06/05/28		209,853
		Intercontinental Exchange, Inc.,
	23,000	2.500%, 10/15/18		23,215
	59,000	4.000%, 10/15/23		63,254

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 21

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		Invesco Finance plc,
	36,000	3.750%, 01/15/26		37,328
	29,000	4.000%, 01/30/24		30,764
		Jefferies Group LLC,
	110,000	6.450%, 06/08/27		126,040
	100,000	6.875%, 04/15/21		113,812
		Macquarie Bank Ltd., (Australia),
	285,000	1.600%, 10/27/17 (e)		285,026
	100,000	2.850%, 07/29/20 (e)		101,549
	100,000	4.000%, 07/29/25 (e)		104,618
		Morgan Stanley,
	170,000	2.625%, 11/17/21		169,732
	25,000	2.650%, 01/27/20		25,262
	100,000	2.750%, 05/19/22		99,967
	142,000	2.800%, 06/16/20		144,112
	69,000	3.700%, 10/23/24		70,818
	141,000	3.875%, 01/27/26		145,171
	198,000	4.000%, 07/23/25		206,678
	100,000	4.100%, 05/22/23		104,382
	20,000	4.350%, 09/08/26		20,795
	70,000	5.000%, 11/24/25		76,129
	35,000	5.500%, 07/28/21		38,806
	200,000	5.625%, 09/23/19		214,872
	130,000	6.625%, 04/01/18		134,617
	65,000	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		71,995
	29,000	Northern Trust Corp., VAR, 3.375%, 05/08/32		28,991
		State Street Corp.,
	24,000	3.100%, 05/15/23		24,423
	147,000	3.550%, 08/18/25		153,086
	77,000	3.700%, 11/20/23		81,465
	17,000	TD Ameritrade Holding Corp., 2.950%, 04/01/22		17,394
		Thomson Reuters Corp., (Canada),
	25,000	3.850%, 09/29/24		25,758
	84,000	3.950%, 09/30/21		87,559
				6,059,843
		Consumer Finance — 1.2%
	50,000	American Express Co., 7.000%, 03/19/18		51,859
		American Express Credit Corp.,
	130,000	1.800%, 07/31/18		130,034
	73,000	2.250%, 05/05/21		72,880
	105,000	2.700%, 03/03/22		105,873

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
		American Honda Finance Corp.,
	200,000	1.600%, 02/16/18 (e)		200,185
	33,000	2.250%, 08/15/19		33,281
	17,000	2.300%, 09/09/26		16,057
		Capital One Financial Corp.,
	130,000	3.750%, 04/24/24		132,848
	196,000	3.750%, 07/28/26		191,282
	186,000	4.200%, 10/29/25		187,569
		Caterpillar Financial Services Corp.,
	175,000	1.931%, 10/01/21		171,928
	50,000	7.150%, 02/15/19		54,210
		Ford Motor Credit Co. LLC,
	200,000	3.096%, 05/04/23		197,608
	200,000	3.339%, 03/28/22		202,925
		General Motors Financial Co., Inc.,
	75,000	3.450%, 01/14/22		76,241
	114,000	3.450%, 04/10/22		115,857
	68,000	3.700%, 05/09/23		69,042
	120,000	3.950%, 04/13/24		121,674
	20,000	4.000%, 01/15/25		20,087
	84,000	4.000%, 10/06/26		83,522
	35,000	4.300%, 07/13/25		35,701
	57,000	4.350%, 01/17/27		57,708
	50,000	HSBC Finance Corp., 7.350%, 11/27/32		64,581
		HSBC USA, Inc.,
	100,000	1.625%, 01/16/18		100,035
	135,000	2.350%, 03/05/20		135,783
		John Deere Capital Corp.,
	39,000	1.200%, 10/10/17		38,983
	44,000	1.600%, 07/13/18		44,042
	42,000	3.150%, 10/15/21		43,414
	82,000	3.350%, 06/12/24		84,870
	251,000	Synchrony Financial, 3.700%, 08/04/26		242,252
		Toyota Motor Credit Corp.,
	100,000	2.125%, 07/18/19		100,698
	60,000	2.800%, 07/13/22		61,016
				3,244,045
		Diversified Financial Services — 0.7%
	100,000	AIG Global Funding, 1.900%, 10/06/21 (e)		97,619
	200,000	CK Hutchison International 16 Ltd., (Hong Kong), 1.875%, 10/03/21 (e)		194,049
	251,000	GE Capital International Funding Co. Unlimited Co., 2.342%, 11/15/20		252,985

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
		GTP Acquisition Partners I LLC,
	58,000	2.350%, 06/15/20 (e)		57,342
	67,000	3.482%, 06/16/25 (e)		68,336
		National Rural Utilities Cooperative Finance Corp.,
	44,000	2.950%, 02/07/24		44,405
	50,000	10.375%, 11/01/18		55,607
	180,000	Protective Life Global Funding, 1.999%, 09/14/21 (e)		175,186
		Shell International Finance BV, (Netherlands),
	42,000	1.125%, 08/21/17		41,987
	70,000	2.125%, 05/11/20		70,369
	161,000	2.875%, 05/10/26		158,885
	97,000	3.750%, 09/12/46		91,932
	155,000	4.000%, 05/10/46		153,361
	47,000	4.125%, 05/11/35		48,990
	60,000	6.375%, 12/15/38		79,927
	250,000	Siemens Financieringsmaatschappij NV, (Germany), 3.300%, 09/15/46 (e)		225,897
	20,000	Voya Financial, Inc., 3.650%, 06/15/26		20,040
				1,836,917
		Insurance — 1.2%
	31,000	Allstate Corp. (The), 3.150%, 06/15/23		31,763
		American International Group, Inc.,
	24,000	3.750%, 07/10/25		24,448
	50,000	3.875%, 01/15/35		48,521
	59,000	4.125%, 02/15/24		62,297
	90,000	4.700%, 07/10/35		95,753
	18,000	Aon Corp., 6.250%, 09/30/40		22,713
	46,000	Aon plc, 3.875%, 12/15/25		48,073
	57,000	Arch Capital Finance LLC, 5.031%, 12/15/46		63,458
		Athene Global Funding,
	106,000	2.750%, 04/20/20 (e)		106,224
	44,000	4.000%, 01/25/22 (e)		45,700
		Berkshire Hathaway Finance Corp.,
	62,000	4.300%, 05/15/43		66,284
	50,000	5.400%, 05/15/18		51,640
	100,000	5.750%, 01/15/40		128,537
	150,000	Brighthouse Financial, Inc., 3.700%, 06/22/27 (e)		147,698
		Chubb INA Holdings, Inc.,
	120,000	2.700%, 03/13/23		120,083
	42,000	2.875%, 11/03/22		42,721

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
		CNA Financial Corp.,
	44,000	3.950%, 05/15/24		45,645
	32,000	4.500%, 03/01/26		34,334
	200,000	Dai-ichi Life Insurance Co. Ltd. (The), (Japan), VAR, 4.000%, 07/24/26 (e) (x) (y)		198,200
	75,000	Great-West Lifeco Finance Delaware LP, (Canada), 4.150%, 06/03/47 (e)		75,224
	21,000	Guardian Life Insurance Co. of America (The), 4.850%, 01/24/77 (e)		22,277
		Jackson National Life Global Funding,
	97,000	1.875%, 10/15/18 (e)		97,176
	104,000	3.050%, 04/29/26 (e)		102,089
		Liberty Mutual Group, Inc.,
	27,000	4.950%, 05/01/22 (e)		29,610
	50,000	6.500%, 03/15/35 (e)		62,578
		Lincoln National Corp.,
	50,000	4.000%, 09/01/23		52,669
	20,000	4.200%, 03/15/22		21,282
	100,000	Manulife Financial Corp., (Canada), VAR, 4.061%, 02/24/32		100,902
		Marsh & McLennan Cos., Inc.,
	24,000	2.750%, 01/30/22		24,232
	25,000	3.300%, 03/14/23		25,690
	19,000	Massachusetts Mutual Life Insurance Co., 8.875%, 06/01/39 (e)		31,166
		MetLife, Inc.,
	87,000	3.600%, 11/13/25		90,249
	28,000	4.050%, 03/01/45		28,278
		Metropolitan Life Global Funding I,
	100,000	1.500%, 01/10/18 (e)		99,975
	175,000	2.300%, 04/10/19 (e)		176,471
	100,000	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		167,162
		New York Life Global Funding,
	29,000	2.000%, 04/13/21 (e)		28,741
	65,000	2.350%, 07/14/26 (e)		62,203
	50,000	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		81,587
	30,000	Principal Financial Group, Inc., 3.125%, 05/15/23		30,235
	100,000	Principal Life Global Funding II, 2.150%, 01/10/20 (e)		100,107
	60,000	Progressive Corp. (The), 2.450%, 01/15/27		56,903
	150,000	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		198,196

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 23

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	100,000	Reliance Standard Life Global Funding II, 2.500%, 01/15/20 (e)		100,158
	50,000	Teachers Insurance & Annuity Association of America, 4.270%, 05/15/47 (e)		51,261
	25,000	Travelers Cos., Inc. (The), 5.800%, 05/15/18		25,902
				3,326,415
		Thrifts & Mortgage Finance — 0.1%
	200,000	BPCE SA, (France), 4.625%, 07/11/24 (e)		207,312
		Total Financials		26,421,532
		Health Care — 1.3%
		Biotechnology — 0.6%
		AbbVie, Inc.,
	45,000	2.000%, 11/06/18		45,108
	22,000	2.850%, 05/14/23		21,948
	30,000	3.200%, 11/06/22		30,766
	134,000	3.600%, 05/14/25		136,701
	200,000	4.300%, 05/14/36		203,768
	169,000	4.500%, 05/14/35		178,424
		Amgen, Inc.,
	25,000	3.625%, 05/15/22		26,109
	209,000	4.663%, 06/15/51		221,702
	40,000	5.700%, 02/01/19		42,404
		Baxalta, Inc.,
	22,000	3.600%, 06/23/22		22,779
	8,000	5.250%, 06/23/45		9,402
	79,000	Biogen, Inc., 2.900%, 09/15/20		80,686
		Celgene Corp.,
	49,000	3.250%, 08/15/22		50,367
	41,000	3.625%, 05/15/24		42,459
	53,000	5.700%, 10/15/40		61,157
		Gilead Sciences, Inc.,
	28,000	2.500%, 09/01/23		27,581
	40,000	3.500%, 02/01/25		41,053
	29,000	3.650%, 03/01/26		29,870
	36,000	3.700%, 04/01/24		37,416
	29,000	4.000%, 09/01/36		28,871
	130,000	4.600%, 09/01/35		139,539
				1,478,110
		Health Care Equipment & Supplies — 0.0% (g)
	90,000	Abbott Laboratories, 3.875%, 09/15/25		92,576
	19,000	Liberty Property LP, 3.250%, 10/01/26		18,406
				110,982

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 0.3%
	30,000	Aetna, Inc., 2.800%, 06/15/23		29,944
		Anthem, Inc.,
	47,000	2.300%, 07/15/18		47,265
	18,000	3.300%, 01/15/23		18,356
	18,000	4.650%, 01/15/43		19,425
	65,000	4.650%, 08/15/44		70,503
		Cardinal Health, Inc.,
	23,000	2.400%, 11/15/19		23,132
	50,000	3.410%, 06/15/27		49,787
	28,000	3.750%, 09/15/25		29,099
		Express Scripts Holding Co.,
	48,000	3.500%, 06/15/24		48,407
	127,000	4.500%, 02/25/26		134,608
	36,000	Providence St Joseph Health Obligated Group, Series H, 2.746%, 10/01/26		34,483
	17,000	Quest Diagnostics, Inc., 3.450%, 06/01/26		17,034
		UnitedHealth Group, Inc.,
	36,000	1.625%, 03/15/19		35,879
	175,000	2.125%, 03/15/21		174,549
	42,000	2.750%, 02/15/23		42,308
	34,000	4.625%, 07/15/35		38,256
	50,000	6.625%, 11/15/37		68,988
				882,023
		Life Sciences Tools & Services — 0.0% (g)
	30,000	Thermo Fisher Scientific, Inc., 2.950%, 09/19/26		29,175
		Pharmaceuticals — 0.4%
		Allergan Funding SCS,
	42,000	3.850%, 06/15/24		43,803
	111,000	4.550%, 03/15/35		118,571
		Allergan, Inc.,
	100,000	2.800%, 03/15/23		99,005
	43,000	3.375%, 09/15/20		44,285
	52,000	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		56,769
	19,000	Johnson & Johnson, 4.375%, 12/05/33		21,632
		Merck & Co., Inc.,
	21,000	2.400%, 09/15/22		21,138
	63,000	2.800%, 05/18/23		64,185
	10,000	3.700%, 02/10/45		9,988
		Mylan NV,
	35,000	3.950%, 06/15/26		35,467
	24,000	5.250%, 06/15/46		26,289
	50,000	Mylan, Inc., 3.125%, 01/15/23 (e)		49,739
	150,000	Pfizer, Inc., 3.000%, 12/15/26		150,435

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
	83,000	Shire Acquisitions Investments Ireland DAC, 2.875%, 09/23/23		82,256
		Teva Pharmaceutical Finance Netherlands III BV, (Israel),
	223,000	2.800%, 07/21/23		217,146
	30,000	3.150%, 10/01/26		28,463
	10,000	4.100%, 10/01/46		9,218
		Zoetis, Inc.,
	14,000	1.875%, 02/01/18		14,008
	9,000	4.700%, 02/01/43		9,790
				1,102,187
		Total Health Care		3,602,477
		Industrials — 1.7%
		Aerospace & Defense — 0.3%
	32,000	Airbus Group Finance BV, (France), 2.700%, 04/17/23 (e)		32,174
	164,000	Airbus SE, (France), 3.150%, 04/10/27 (e)		165,403
	45,000	BAE Systems Holdings, Inc., (United Kingdom), 3.800%, 10/07/24 (e)		46,942
	51,000	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		62,250
	23,000	L3 Technologies, Inc., 3.850%, 12/15/26		23,712
		Lockheed Martin Corp.,
	100,000	4.500%, 05/15/36		109,181
	30,000	4.850%, 09/15/41		34,017
	22,000	Series B, 6.150%, 09/01/36		28,624
	76,000	Northrop Grumman Corp., 3.200%, 02/01/27		76,530
	45,000	Precision Castparts Corp., 3.250%, 06/15/25		45,961
	28,000	Rockwell Collins, Inc., 3.200%, 03/15/24		28,375
		Textron, Inc.,
	57,000	3.650%, 03/15/27		57,229
	50,000	4.300%, 03/01/24		53,099
	25,000	United Technologies Corp., 4.150%, 05/15/45		25,922
				789,419
		Air Freight & Logistics — 0.1%
		FedEx Corp.,
	66,000	3.900%, 02/01/35		65,583
	50,000	4.100%, 04/15/43		49,511
	35,000	United Parcel Service of America, Inc., 8.375%, 04/01/20		40,860
				155,954

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Building Products — 0.0% (g)
		Johnson Controls International plc,
	26,000	3.900%, 02/14/26		27,225
	30,000	5.700%, 03/01/41		35,534
	27,000	SUB, 4.950%, 07/02/64		28,964
				91,723
		Commercial Services & Supplies — 0.1%
	70,000	Brambles USA, Inc., (Australia), 4.125%, 10/23/25 (e)		71,802
		Republic Services, Inc.,
	21,000	2.900%, 07/01/26		20,591
	21,000	3.550%, 06/01/22		21,855
				114,248
		Construction & Engineering — 0.0% (g)
	23,000	ABB Finance USA, Inc., (Switzerland), 2.875%, 05/08/22		23,520
	44,000	Fluor Corp., 3.375%, 09/15/21		45,682
				69,202
		Industrial Conglomerates — 0.3%
		General Electric Co.,
	100,000	3.100%, 01/09/23		103,690
	88,000	5.500%, 01/08/20		95,847
	100,000	5.875%, 01/14/38		129,619
	99,000	6.750%, 03/15/32		135,714
	150,000	Honeywell International, Inc., 2.500%, 11/01/26		143,815
	56,000	Pentair Finance SA, (United Kingdom), 2.900%, 09/15/18		56,580
	25,000	Roper Technologies, Inc., 3.800%, 12/15/26		25,689
				690,954
		Machinery — 0.1%
	80,000	Illinois Tool Works, Inc., 4.875%, 09/15/41		93,588
		Parker-Hannifin Corp.,
	21,000	4.100%, 03/01/47 (e)		21,977
	30,000	4.450%, 11/21/44		32,868
	25,000	5.500%, 05/15/18		25,846
	40,000	Xylem, Inc., 4.375%, 11/01/46		41,460
				215,739
		Professional Services — 0.0% (g)
	37,000	Equifax, Inc., 2.300%, 06/01/21		36,743

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 25

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	50,000	3.000%, 03/15/23		51,267
	25,000	3.600%, 09/01/20		26,126
	25,000	4.375%, 09/01/42		26,891
	40,000	4.400%, 03/15/42		43,141
	35,000	4.700%, 09/01/45		39,474
	77,000	5.150%, 09/01/43		92,297
	126,000	5.400%, 06/01/41		153,671
	85,000	5.750%, 05/01/40		107,467
		Canadian Pacific Railway Co., (Canada),
	35,000	4.500%, 01/15/22		37,520
	137,000	6.125%, 09/15/151		172,154
		CSX Corp.,
	39,000	3.250%, 06/01/27		39,371
	19,000	3.950%, 05/01/50		18,555
	33,000	4.250%, 06/01/21		35,180
	50,000	5.500%, 04/15/41		60,278
		ERAC USA Finance LLC,
	50,000	2.600%, 12/01/21 (e)		49,797
	45,000	4.500%, 08/16/21 (e)		48,184
	12,000	5.625%, 03/15/42 (e)		13,645
	160,000	7.000%, 10/15/37 (e)		207,917
	70,000	JB Hunt Transport Services, Inc., 3.850%, 03/15/24		72,310
		Norfolk Southern Corp.,
	70,000	3.950%, 10/01/42		69,529
	66,000	6.000%, 05/23/112		79,606
		Penske Truck Leasing Co. LP,
	27,000	2.875%, 07/17/18 (e)		27,271
	25,000	3.400%, 11/15/26 (e)		24,570
	75,000	4.200%, 04/01/27 (e)		77,487
	100,000	Ryder System, Inc., 2.250%, 09/01/21		98,715
				1,672,423
		Trading Companies & Distributors — 0.2%
		Air Lease Corp.,
	100,000	2.125%, 01/15/20		99,515
	48,000	3.000%, 09/15/23		47,717
	35,000	3.875%, 04/01/21		36,506
	100,000	Aviation Capital Group Corp., 2.875%, 01/20/22 (e)		99,636
		International Lease Finance Corp.,
	150,000	5.875%, 08/15/22		169,325
	70,000	8.625%, 01/15/22		86,188

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — continued
	77,000	WW Grainger, Inc., 4.600%, 06/15/45		83,931
				622,818
		Total Industrials		4,459,223
		Information Technology — 1.8%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	50,000	1.850%, 09/20/21		49,379
	56,000	3.000%, 06/15/22		57,585
	75,000	5.900%, 02/15/39		97,637
		Harris Corp.,
	60,000	3.832%, 04/27/25		62,114
	50,000	4.854%, 04/27/35		54,805
				321,520
		Electronic Equipment, Instruments & Components — 0.0% (g)
		Arrow Electronics, Inc.,
	13,000	3.000%, 03/01/18		13,093
	22,000	3.875%, 01/12/28		21,902
	8,000	4.500%, 03/01/23		8,460
				43,455
		Internet Software & Services — 0.1%
		eBay, Inc.,
	50,000	2.600%, 07/15/22		49,554
	70,000	3.450%, 08/01/24		70,461
				120,015
		IT Services — 0.2%
	34,000	DXC Technology Co., 4.250%, 04/15/24 (e)		35,226
	50,000	HP Enterprise Services LLC, 7.450%, 10/15/29		60,918
		International Business Machines Corp.,
	174,000	2.250%, 02/19/21		174,927
	169,000	4.000%, 06/20/42		169,017
	50,000	6.220%, 08/01/27		62,540
		Western Union Co. (The),
	100,000	3.600%, 03/15/22		101,909
	30,000	6.200%, 06/21/40		31,563
				636,100
		Semiconductors & Semiconductor Equipment — 0.2%
	64,000	Analog Devices, Inc., 4.500%, 12/05/36		66,390
		Broadcom Corp.,
	120,000	3.625%, 01/15/24 (e)		122,730
	140,000	3.875%, 01/15/27 (e)		143,781

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — continued
		Intel Corp.,
	49,000	3.700%, 07/29/25		51,447
	60,000	4.000%, 12/15/32		63,313
	38,000	4.100%, 05/19/46		39,443
	24,000	4.900%, 07/29/45		27,924
		QUALCOMM, Inc.,
	10,000	2.600%, 01/30/23		9,967
	75,000	3.250%, 05/20/27		75,180
				600,175
		Software — 0.7%
		Microsoft Corp.,
	125,000	2.000%, 08/08/23		121,792
	30,000	2.375%, 02/12/22		30,217
	53,000	2.375%, 05/01/23		52,777
	160,000	2.650%, 11/03/22		162,258
	90,000	2.875%, 02/06/24		91,441
	125,000	3.450%, 08/08/36		125,229
	68,000	3.500%, 02/12/35		68,639
	48,000	3.950%, 08/08/56		48,091
	19,000	4.000%, 02/12/55		19,273
	119,000	4.500%, 02/06/57		130,918
		Oracle Corp.,
	101,000	2.400%, 09/15/23		99,675
	52,000	2.500%, 05/15/22		52,488
	100,000	3.850%, 07/15/36		103,639
	200,000	3.900%, 05/15/35		206,325
	449,000	4.300%, 07/08/34		487,685
	50,000	5.750%, 04/15/18		51,588
				1,852,035
		Technology Hardware, Storage & Peripherals — 0.5%
		Apple, Inc.,
	181,000	2.150%, 02/09/22		179,944
	142,000	2.400%, 05/03/23		141,239
	74,000	2.450%, 08/04/26		70,831
	126,000	2.850%, 05/06/21		129,537
	117,000	3.000%, 02/09/24		118,745
	56,000	3.000%, 06/20/27		55,725
	32,000	3.200%, 05/13/25		32,685
	57,000	3.200%, 05/11/27		57,541
	31,000	3.450%, 02/09/45		29,174
	117,000	3.850%, 08/04/46		117,099
	43,000	4.500%, 02/23/36		48,305
	69,000	VAR, 1.422%, 05/03/18		69,145
	25,000	Dell, Inc., 7.100%, 04/15/28		27,438

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Technology Hardware, Storage & Peripherals — continued
		Diamond 1 Finance Corp.,
	75,000	5.450%, 06/15/23 (e)		81,378
	60,000	6.020%, 06/15/26 (e)		66,096
		HP, Inc.,
	24,000	4.300%, 06/01/21		25,506
	20,000	4.650%, 12/09/21		21,583
	71,000	6.000%, 09/15/41		75,291
				1,347,262
		Total Information Technology		4,920,562
		Materials — 0.7%
		Chemicals — 0.5%
		Agrium, Inc., (Canada),
	22,000	3.375%, 03/15/25		22,004
	130,000	4.125%, 03/15/35		129,511
	38,000	5.250%, 01/15/45		43,197
		CF Industries, Inc.,
	67,000	4.500%, 12/01/26 (e)		68,893
	80,000	7.125%, 05/01/20		88,400
	45,000	Chevron Phillips Chemical Co. LLC, 3.400%, 12/01/26 (e)		45,755
	30,000	Dow Chemical Co. (The), 7.375%, 11/01/29		40,288
	90,000	Ecolab, Inc., 3.250%, 01/14/23		92,831
	25,000	EI du Pont de Nemours & Co., 4.900%, 01/15/41		27,954
	9,000	Monsanto Co., 4.700%, 07/15/64		9,080
		Mosaic Co. (The),
	95,000	4.250%, 11/15/23		99,949
	8,000	4.875%, 11/15/41		7,514
	36,000	5.450%, 11/15/33		38,017
	22,000	5.625%, 11/15/43		22,488
		Potash Corp. of Saskatchewan, Inc., (Canada),
	10,000	3.250%, 12/01/17		10,062
	70,000	4.000%, 12/15/26		72,185
		PPG Industries, Inc.,
	14,000	5.500%, 11/15/40		16,622
	50,000	9.000%, 05/01/21		61,142
	16,000	Praxair, Inc., 2.650%, 02/05/25		15,844
		Sherwin-Williams Co. (The),
	29,000	3.125%, 06/01/24		29,139
	24,000	3.450%, 06/01/27		24,171
		Union Carbide Corp.,
	100,000	7.500%, 06/01/25		122,355
	80,000	7.750%, 10/01/96		106,078
				1,193,479

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 27

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Construction Materials — 0.0% (g)
	52,000	Martin Marietta Materials, Inc., 3.450%, 06/01/27		51,735
		Containers & Packaging — 0.0% (g)
		International Paper Co.,
	57,000	3.000%, 02/15/27		54,863
	40,000	7.300%, 11/15/39		54,153
				109,016
		Metals & Mining — 0.2%
	44,000	BHP Billiton Finance USA Ltd., (Australia), 3.850%, 09/30/23		46,821
		Nucor Corp.,
	213,000	4.000%, 08/01/23		225,103
	30,000	6.400%, 12/01/37		38,824
	80,000	Vale Canada Ltd., (Brazil), 7.200%, 09/15/32		85,800
		Vale Overseas Ltd., (Brazil),
	38,000	6.250%, 08/10/26		41,059
	140,000	6.875%, 11/21/36		150,150
				587,757
		Total Materials		1,941,987
		Real Estate — 1.2%
		Equity Real Estate Investment Trusts (REITs) — 1.1%
		American Tower Corp.,
	44,000	3.375%, 10/15/26		43,054
	87,000	3.500%, 01/31/23		89,215
	71,000	5.000%, 02/15/24		78,456
	30,000	5.900%, 11/01/21		33,796
	80,000	American Tower Trust I, 3.070%, 03/15/23 (e)		80,600
		AvalonBay Communities, Inc.,
	50,000	2.850%, 03/15/23		49,744
	50,000	3.500%, 11/15/24		51,263
	32,000	3.900%, 10/15/46		30,895
		Boston Properties LP,
	30,000	2.750%, 10/01/26		28,328
	30,000	3.125%, 09/01/23		30,367
	67,000	3.650%, 02/01/26		67,807
	50,000	Brixmor Operating Partnership LP, 3.850%, 02/01/25		49,348
		Crown Castle International Corp.,
	24,000	4.000%, 03/01/27		24,706
	88,000	4.875%, 04/15/22		96,123
	60,000	5.250%, 01/15/23		66,642
	70,000	DDR Corp., 3.625%, 02/01/25		66,598

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	18,000	Duke Realty LP, 3.250%, 06/30/26		17,678
	54,000	EPR Properties, 4.500%, 06/01/27		54,330
		Equity Commonwealth,
	75,000	5.875%, 09/15/20		80,202
	100,000	6.650%, 01/15/18		100,120
		ERP Operating LP,
	46,000	2.850%, 11/01/26		44,237
	50,000	3.000%, 04/15/23		50,205
	79,000	GAIF Bond Issuer Pty. Ltd., (Australia), 3.400%, 09/30/26 (e)		77,603
	115,000	HCP, Inc., 3.875%, 08/15/24		117,249
	62,000	Hospitality Properties Trust, 4.950%, 02/15/27		64,749
		Kimco Realty Corp.,
	67,000	2.700%, 03/01/24		63,951
	100,000	3.800%, 04/01/27		100,029
	58,000	National Retail Properties, Inc., 3.600%, 12/15/26		57,534
		Prologis LP,
	24,000	3.750%, 11/01/25		24,988
	27,000	4.250%, 08/15/23		29,143
		Realty Income Corp.,
	57,000	3.000%, 01/15/27		53,991
	20,000	3.875%, 07/15/24		20,655
	38,000	4.650%, 03/15/47		39,599
	170,000	Scentre Group Trust 1, (Australia), 3.500%, 02/12/25 (e)		170,642
		Simon Property Group LP,
	119,000	2.500%, 07/15/21		119,009
	70,000	4.375%, 03/01/21		74,542
	28,000	UDR, Inc., 2.950%, 09/01/26		26,459
		Ventas Realty LP,
	9,000	3.500%, 02/01/25		8,942
	74,000	3.750%, 05/01/24		75,274
	49,000	3.850%, 04/01/27		49,261
	34,000	4.125%, 01/15/26		34,970
	170,000	VEREIT Operating Partnership LP, 4.600%, 02/06/24		177,555
		Welltower, Inc.,
	50,000	3.750%, 03/15/23		51,875
	70,000	4.000%, 06/01/25		72,383
	37,000	4.500%, 01/15/24		39,490
	60,000	Weyerhaeuser Co., 7.375%, 03/15/32		82,624
				2,866,231

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Management & Development — 0.1%
	200,000	Ontario Teachers’ Cadillac Fairview Properties Trust, (Canada), 3.125%, 03/20/22 (e)		202,840
		Total Real Estate		3,069,071
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.3%
		AT&T, Inc.,
	172,000	3.000%, 06/30/22		172,302
	110,000	3.400%, 05/15/25		108,150
	175,000	3.600%, 02/17/23		179,083
	40,000	3.950%, 01/15/25		40,771
	4,000	4.300%, 12/15/42		3,719
	51,000	4.450%, 04/01/24		53,692
	5,000	4.500%, 05/15/35		4,924
	125,000	4.600%, 02/15/21		133,306
	26,000	4.750%, 05/15/46		25,531
	100,000	5.250%, 03/01/37		106,653
	228,000	5.350%, 09/01/40		241,711
	50,000	5.500%, 02/01/18		51,075
	50,000	5.800%, 02/15/19		53,042
	125,000	6.000%, 08/15/40		141,307
	60,000	6.150%, 09/15/34		68,615
	45,000	6.300%, 01/15/38		52,960
	50,000	Centel Capital Corp., 9.000%, 10/15/19		56,779
	70,000	Deutsche Telekom International Finance BV, (Germany), 8.750%, 06/15/30		103,828
	30,000	Orange SA, (France), SUB, 9.000%, 03/01/31		45,382
		Telefonica Emisiones SAU, (Spain),
	150,000	4.570%, 04/27/23		163,271
	25,000	5.134%, 04/27/20		26,961
	19,000	5.462%, 02/16/21		20,884
	50,000	7.045%, 06/20/36		65,750
		Verizon Communications, Inc.,
	69,000	2.946%, 03/15/22 (e)		69,472
	53,000	3.450%, 03/15/21		54,868
	89,000	3.500%, 11/01/24		89,922
	20,000	4.272%, 01/15/36		19,325
	409,000	4.400%, 11/01/34		405,403
	89,000	4.522%, 09/15/48		84,383
	81,000	4.672%, 03/15/55		75,831
	218,000	4.812%, 03/15/39 (e)		220,620
	285,000	4.862%, 08/21/46		284,929
	38,000	5.012%, 08/21/54		37,451
	69,000	5.250%, 03/16/37		74,256
				3,336,156

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 0.1%
	42,000	Crown Castle Towers LLC, 3.222%, 05/15/22 (e)		43,022
		Rogers Communications, Inc., (Canada),
	80,000	4.100%, 10/01/23		84,845
	50,000	6.800%, 08/15/18		52,746
	25,000	8.750%, 05/01/32		35,900
	75,000	Vodafone Group plc, (United Kingdom), 1.500%, 02/19/18		74,984
				291,497
		Total Telecommunication Services		3,627,653
		Utilities — 2.3%
		Electric Utilities — 1.5%
	62,000	Alabama Power Co., 6.125%, 05/15/38		78,344
	9,000	Arizona Public Service Co., 4.500%, 04/01/42		9,843
	47,000	Baltimore Gas & Electric Co., 3.500%, 08/15/46		44,881
	200,000	China Southern Power Grid International Finance BVI Co. Ltd., (China), 3.500%, 05/08/27 (e)		199,304
	30,000	Commonwealth Edison Co., 3.650%, 06/15/46		29,251
		Duke Energy Carolinas LLC,
	100,000	2.950%, 12/01/26		99,538
	39,000	4.300%, 06/15/20		41,590
	75,000	5.100%, 04/15/18		77,023
		Duke Energy Indiana LLC,
	60,000	3.750%, 05/15/46		59,353
	60,000	6.350%, 08/15/38		79,749
	46,000	Duke Energy Ohio, Inc., 3.700%, 06/15/46		45,162
		Duke Energy Progress LLC,
	54,000	3.700%, 10/15/46		53,156
	25,000	5.300%, 01/15/19		26,384
		Electricite de France SA, (France),
	40,000	2.150%, 01/22/19 (e)		40,130
	75,000	6.000%, 01/22/143 (e)		82,538
	220,000	Enel Finance International NV, (Italy), 3.625%, 05/25/27 (e)		217,900
	22,000	Entergy Arkansas, Inc., 3.500%, 04/01/26		22,715
	21,000	Entergy Corp., 2.950%, 09/01/26		20,111
		Entergy Louisiana LLC,
	59,000	2.400%, 10/01/26		55,618
	38,000	3.050%, 06/01/31		36,698
	33,000	Entergy Mississippi, Inc., 2.850%, 06/01/28		31,884

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 29

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		FirstEnergy Corp.,
	27,000	Series B, 3.900%, 07/15/27		27,005
	26,000	Series C, 4.850%, 07/15/47		26,353
		Florida Power & Light Co.,
	50,000	5.400%, 09/01/35		60,252
	30,000	5.950%, 02/01/38		39,174
	200,000	Fortis, Inc., (Canada), 3.055%, 10/04/26 (e)		193,019
	18,000	Great Plains Energy, Inc., 4.850%, 06/01/21		19,181
	100,000	Hydro-Quebec, (Canada), Series IO, 8.050%, 07/07/24		131,229
	30,000	Jersey Central Power & Light Co., 6.150%, 06/01/37		36,050
		Kansas City Power & Light Co.,
	24,000	3.150%, 03/15/23		24,206
	50,000	5.300%, 10/01/41		58,518
	56,000	Massachusetts Electric Co., 4.004%, 08/15/46 (e)		56,597
		MidAmerican Energy Co.,
	93,000	3.100%, 05/01/27		93,712
	59,000	3.500%, 10/15/24		61,524
	27,000	NextEra Energy Capital Holdings, Inc., 3.550%, 05/01/27		27,416
		Niagara Mohawk Power Corp.,
	19,000	3.508%, 10/01/24 (e)		19,655
	40,000	4.881%, 08/15/19 (e)		42,330
	65,000	Northern States Power Co., 6.250%, 06/01/36		85,911
	50,000	NSTAR Electric Co., 2.700%, 06/01/26		48,191
	40,000	Ohio Power Co., 6.050%, 05/01/18		41,403
		Oncor Electric Delivery Co. LLC,
	30,000	6.800%, 09/01/18		31,684
	25,000	7.000%, 09/01/22		30,092
		Pacific Gas & Electric Co.,
	43,000	2.950%, 03/01/26		42,706
	16,000	3.500%, 06/15/25		16,544
	24,000	4.500%, 12/15/41		25,940
	75,000	5.625%, 11/30/17		76,232
	100,000	6.050%, 03/01/34		129,167
	75,000	Potomac Electric Power Co., 6.500%, 11/15/37		102,128
	30,000	PPL Capital Funding, Inc., 3.400%, 06/01/23		30,827
	35,000	Progress Energy, Inc., 4.400%, 01/15/21		37,178
	18,000	Public Service Co. of Colorado, 3.200%, 11/15/20		18,560

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	175,000	Public Service Co. of Oklahoma, Series G, 6.625%, 11/15/37		231,091
		Public Service Electric & Gas Co.,
	83,000	3.000%, 05/15/25		83,819
	28,000	5.375%, 11/01/39		33,959
		Southern California Edison Co.,
	13,571	1.845%, 02/01/22		13,401
	53,000	Series C, 3.500%, 10/01/23		55,343
	50,000	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		54,685
	200,000	State Grid Overseas Investment 2013 Ltd., (China), 1.750%, 05/22/18 (e)		199,396
	50,000	Toledo Edison Co. (The), 6.150%, 05/15/37		62,153
	36,000	Union Electric Co., 2.950%, 06/15/27		35,633
		Virginia Electric & Power Co.,
	120,000	5.400%, 04/30/18		123,670
	70,000	6.350%, 11/30/37		93,179
		Xcel Energy, Inc.,
	74,000	3.300%, 06/01/25		74,662
	20,000	6.500%, 07/01/36		26,335
				4,071,282
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	50,000	3.000%, 06/15/27		49,673
	50,000	4.125%, 10/15/44		52,697
	22,000	Boston Gas Co., 4.487%, 02/15/42 (e)		23,550
	25,000	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		26,251
	49,000	Dominion Energy Gas Holdings LLC, 2.800%, 11/15/20		49,591
		Southern Natural Gas Co. LLC,
	26,000	4.800%, 03/15/47 (e)		27,553
	53,000	8.000%, 03/01/32		71,699
	44,000	Southwest Gas Corp., 3.800%, 09/29/46		42,511
				343,525
		Independent Power and Renewable Electricity Producers — 0.2%
		Exelon Generation Co. LLC,
	15,000	2.950%, 01/15/20		15,266
	78,000	4.250%, 06/15/22		82,063
	29,000	5.750%, 10/01/41		29,538
	100,000	6.250%, 10/01/39		109,234
	37,000	PSEG Power LLC, 4.150%, 09/15/21		38,850
		Southern Power Co.,
	86,000	1.850%, 12/01/17		86,076
	50,000	5.150%, 09/15/41		52,709

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Independent Power and Renewable Electricity Producers — continued
	25,000	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		24,670
				438,406
		Multi-Utilities — 0.5%
		CMS Energy Corp.,
	47,000	2.950%, 02/15/27		45,077
	110,000	3.875%, 03/01/24		115,069
		Consolidated Edison Co. of New York, Inc.,
	38,000	5.700%, 06/15/40		47,754
	108,000	Series C, 4.300%, 12/01/56		112,767
	19,000	Consumers Energy Co., 3.250%, 08/15/46		17,445
	50,000	Delmarva Power & Light Co., 4.150%, 05/15/45		52,957
	60,000	Dominion Energy, Inc., Series B, 2.750%, 01/15/22		60,320
	30,000	DTE Energy Co., Series B, 3.300%, 06/15/22		30,779
	50,000	New York State Electric & Gas Corp., 3.250%, 12/01/26 (e)		50,074
	130,000	NiSource Finance Corp., 6.250%, 12/15/40		162,898
	70,000	San Diego Gas & Electric Co., 5.350%, 05/15/35		83,486
		Sempra Energy,
	47,000	3.550%, 06/15/24		48,140
	62,000	4.050%, 12/01/23		65,381
		Southern Co. Gas Capital Corp.,
	19,000	2.450%, 10/01/23		18,430
	17,000	3.250%, 06/15/26		16,684
	37,000	3.500%, 09/15/21		38,201
	21,000	3.950%, 10/01/46		20,075
	42,000	4.400%, 06/01/43		42,756
	96,000	5.875%, 03/15/41		116,283
	43,000	WEC Energy Group, Inc., 3.550%, 06/15/25		44,345
				1,188,921
		Water Utilities — 0.0% (g)
		American Water Capital Corp.,
	34,000	3.400%, 03/01/25		35,162
	52,000	4.000%, 12/01/46		54,004
				89,166
		Total Utilities		6,131,300
		Total Corporate Bonds (Cost $67,867,499)		69,508,396

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Foreign Government Securities — 0.4%
	100,000	Republic of Colombia, (Colombia), 7.375%, 09/18/37		128,625
	7,000	Republic of Peru, (Peru), 5.625%, 11/18/50		8,496
	50,000	Republic of Poland, (Poland), 4.000%, 01/22/24		53,500
		United Mexican States, (Mexico),
	200,000	3.600%, 01/30/25		202,800
	204,000	3.625%, 03/15/22		211,752
	58,000	4.000%, 10/02/23		60,755
	200,000	4.125%, 01/21/26		207,900
	58,000	4.350%, 01/15/47		54,665
	48,000	5.550%, 01/21/45		53,760
		Total Foreign Government Securities (Cost $972,897)		982,253
	Mortgage-Backed Securities — 14.4%
		FHLMC,
	13,454	ARM, 2.777%, 04/01/30		14,129
	37,156	ARM, 2.822%, 01/01/27		38,745
	45,833	ARM, 3.301%, 03/01/35		47,898
	24,128	ARM, 3.464%, 01/01/37		25,714
	56,011	ARM, 3.485%, 04/01/34		59,135
		FHLMC Gold Pools, 15 Year, Single Family,
	1,577	4.500%, 08/01/18		1,612
	1,253	6.500%, 10/01/17 - 02/01/19		1,258
	9,233	FHLMC Gold Pools, 20 Year, Single Family, 6.000%, 12/01/22		10,377
		FHLMC Gold Pools, 30 Year, Single Family,
	364,577	4.500%, 05/01/47		390,445
	52,180	5.500%, 10/01/33		59,541
	103,546	6.000%, 04/01/26 - 02/01/39		116,586
	86,745	6.500%, 02/01/29 - 11/01/34		97,290
	56,739	7.000%, 04/01/35		66,694
	2,756	8.500%, 07/01/28		3,270
		FHLMC Gold Pools, Other,
	1,388,692	3.500%, 04/01/33 - 06/01/42		1,439,331
	659,556	4.000%, 06/01/42 - 01/01/46		700,963
	38,800	7.000%, 07/01/29		42,513
		FHLMC, 30 Year, Single Family,
	3,299	10.000%, 01/01/20 - 09/01/20		3,333
		FNMA,
	489,000	ARM, 1.785%, 12/01/25		489,625
	95	ARM, 2.477%, 03/01/19		96
	34,604	ARM, 2.652%, 07/01/33		36,450
	67,295	ARM, 2.806%, 08/01/34		70,619
	159,972	ARM, 2.850%, 01/01/35		166,054

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 31

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage-Backed Securities — continued
	47,412	ARM, 2.974%, 04/01/33		49,739
	52,745	ARM, 3.050%, 10/01/34		55,817
	51,437	ARM, 3.225%, 01/01/34		53,951
	45,377	ARM, 3.418%, 05/01/35		47,425
	1,147	ARM, 3.936%, 03/01/29		1,186
		FNMA, 15 Year, Single Family,
	10,843	3.500%, 05/01/19		11,287
	34,360	4.500%, 03/01/23 - 05/01/23		35,878
	1,114	5.000%, 06/01/18		1,140
	10,610	5.500%, 04/01/22		10,714
	12,817	6.000%, 03/01/18 - 09/01/22		13,249
	7,710	6.500%, 08/01/20		7,937
		FNMA, 20 Year, Single Family,
	18,539	4.500%, 01/01/25		19,879
	140,094	5.000%, 11/01/23		152,918
	25,249	6.500%, 03/01/19 - 12/01/22		27,943
		FNMA, 30 Year, FHA/VA,
	16,642	8.500%, 10/01/26 - 06/01/30		17,350
	34,330	9.000%, 04/01/25		38,081
		FNMA, 30 Year, Single Family,
	152,373	3.000%, 09/01/31		152,328
	1,497,000	4.000%, 06/01/47 (w)		1,604,766
	14,376	4.500%, 04/01/38 - 05/01/39		15,426
	43,738	5.000%, 09/01/35		48,004
	14,542	5.500%, 01/01/38 - 06/01/38		16,139
	70,768	6.000%, 01/01/29 - 03/01/33		81,933
	158,525	6.500%, 09/01/25 - 11/01/36		179,973
	694	7.000%, 08/01/32		707
	10,723	7.500%, 03/01/30		11,339
	57,961	8.000%, 03/01/27 - 11/01/28		67,834
		FNMA, Other,
	1,000,000	2.010%, 06/01/20		1,004,054
	277,520	2.340%, 12/01/22		279,325
	1,000,000	2.400%, 12/01/22 - 02/01/23		1,008,056
	500,000	2.450%, 11/01/22		505,311
	500,000	2.500%, 04/01/23		504,685
	1,000,000	2.520%, 05/01/23		1,010,214
	500,000	2.570%, 08/01/28		482,471
	900,000	2.590%, 06/01/28		877,481
	500,000	2.630%, 03/01/26		497,421
	1,000,000	3.020%, 07/01/23		1,034,123
	650,000	3.030%, 04/01/30		646,758
	900,000	3.040%, 07/01/29		900,000
	3,000,000	3,060%, 07/01/29		3,015,000
	500,000	3.080%, 04/01/30		501,957
	1,000,000	3.100%, 09/01/25		1,026,283
	1,000,000	3.120%, 11/01/26		1,008,203

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,500,000	3.210%, 03/01/29		2,546,741
	1,925,000	3.290%, 08/01/26		1,991,400
	1,000,000	3.340%, 02/01/27		1,048,608
	3,222,058	3.500%, 05/01/43 - 10/01/46		3,321,420
	670,606	3.690%, 10/01/29		710,997
	300,000	3.765%, 12/01/25		321,678
	2,000,000	3.980%, 08/01/25		2,171,027
	1,212,768	4.000%, 07/01/42 - 09/01/42		1,285,559
	75,536	5.500%, 09/01/33 - 04/01/38		83,937
	87,324	5.855%, 10/01/17		88,065
	22,540	6.000%, 09/01/28		25,325
	130,311	6.500%, 10/01/35		142,775
		GNMA I, 30 Year, Single Family,
	2,745,372	5.500%, 06/15/38 - 09/15/38		3,198,465
	93,098	6.000%, 05/15/37 - 10/15/38		104,974
	40,925	6.500%, 03/15/28 - 12/15/38		45,997
	11,654	7.000%, 12/15/25 - 06/15/33		13,532
	8,655	7.500%, 05/15/23 - 09/15/28		9,418
	6,638	8.000%, 10/15/27		7,318
	1,511	9.000%, 11/15/24		1,622
	21,276	9.500%, 10/15/24		22,873
		GNMA II, 30 Year, Single Family,
	1,596	7.500%, 12/20/26		1,866
	35,206	8.000%, 11/20/26 - 01/20/27		41,499
	1,623	8.500%, 05/20/25		1,792
		GNMA II, Other,
	182,348	ARM, 2.625%, 07/20/34 - 09/20/34		187,356
	156,828	3.750%, 12/20/32		163,052
		GNMA, 30 Year, Single Family,
	6,097	7.000%, 06/15/28		6,731
	684	7.500%, 06/15/23		690
		Total Mortgage-Backed Securities (Cost $38,292,929)		38,450,680
	Municipal Bonds — 0.1% (t)
		New York — 0.1%
	30,000	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		37,800
	130,000	Port Authority of New York & New Jersey, Consolidated, 164th Series, Series 164, Rev., 5.647%, 11/01/40		164,518
				202,318
		Ohio — 0.0% (g)
	98,000	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/112		100,689
		Total Municipal Bonds (Cost $256,174)		303,007

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 9.4%
	30,000	FHLMC, 0.750%, 04/09/18		29,887
	2,000,000	Financing Corp., 15.267%, 11/02/18 (n)		1,960,222
	5,770,000	FNMA, 5.430%, 10/09/19 (n)		5,535,276
	630,000	FNMA STRIPS, 14.173%, 03/23/28 (n)		457,599
		Resolution Funding Corp. STRIPS,
	5,230,000	1.232%, 10/15/19 (n)		5,039,853
	65,000	1.417%, 01/15/21 (n)		60,764
	8,000,000	1.941%, 10/15/20 (n)		7,537,056
	15,000	2.185%, 10/15/25 (n)		12,151
	20,000	2.877%, 01/15/26 (n)		16,051
	4,100,000	12.378%, 07/15/20 (n)		3,886,140
		Tennessee Valley Authority,
	161,000	4.250%, 09/15/65		181,469
	33,000	4.625%, 09/15/60		39,943
	140,000	5.250%, 09/15/39		183,966
		Total U.S. Government Agency Securities (Cost $23,918,608)		24,940,377
	U.S. Treasury Obligations — 23.1%
		U.S. Treasury Bond,
	200,000	2.875%, 05/15/43		202,172
	1,000,000	3.000%, 11/15/45		1,031,680
	280,000	3.500%, 02/15/39		316,739
	270,000	3.625%, 08/15/43		310,996
	100,000	3.875%, 08/15/40		119,129
	105,000	4.250%, 05/15/39		131,689
	1,815,000	4.375%, 02/15/38		2,315,118
	1,415,000	4.375%, 11/15/39		1,805,395
	175,000	4.500%, 05/15/38		226,864
	4,300,000	5.250%, 11/15/28		5,537,424
	50,000	6.250%, 05/15/30		71,295
	338,000	8.000%, 11/15/21		425,801
		U.S. Treasury Inflation Linked Bond,
	100,000	2.500%, 01/15/29		136,896
	300,000	3.625%, 04/15/28		592,338
	170,000	U.S. Treasury Inflation Linked Note, 1.375%, 07/15/18		195,821
		U.S. Treasury Note,
	200,000	0.750%, 02/15/19		198,071
	150,000	1.250%, 10/31/18		149,824
	125,000	1.250%, 11/30/18		124,839
	200,000	1.375%, 12/31/18		200,078
	400,000	1.500%, 08/31/18		400,750
	1,000,000	1.750%, 02/28/22		995,664
	150,000	1.750%, 09/30/22		148,623
	1,600,000	1.750%, 05/15/23		1,575,875
	100,000	2.000%, 10/31/21		100,793

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	150,000	2.000%, 07/31/22		150,650
	200,000	2.125%, 08/31/20		203,195
	500,000	2.125%, 08/15/21		506,992
	300,000	2.125%, 12/31/21		303,844
	115,000	2.250%, 04/30/21		117,233
	200,000	2.625%, 11/15/20		206,398
	1,542,000	3.125%, 05/15/19		1,591,694
	600,000	3.125%, 05/15/21		631,242
	450,000	3.500%, 05/15/20		474,715
	650,000	3.625%, 02/15/21		694,205
		U.S. Treasury STRIPS Bond,
	1,000,000	1.588%, 11/15/19 (n)		965,318
	370,000	1.767%, 02/15/20 (n)		355,788
	1,790,000	1.921%, 05/15/21 (n)		1,670,263
	1,800,000	2.084%, 08/15/21 (n)		1,669,984
	12,173,000	2.105%, 05/15/20 (n)		11,643,828
	1,660,000	2.129%, 08/15/23 (n)		1,458,801
	730,000	2.216%, 05/15/19 (n)		710,952
	500,000	2.326%, 11/15/23 (n)		436,227
	710,000	2.446%, 02/15/21 (n)		666,518
	2,650,000	2.460%, 05/15/23 (n)		2,343,806
	760,000	2.532%, 05/15/22 (n)		690,835
	2,200,000	2.635%, 05/15/34 (n)		1,394,230
	970,000	2.643%, 02/15/22 (n)		887,816
	500,000	2.644%, 11/15/22 (n)		448,397
	150,000	2.677%, 02/15/18 (n)		148,921
	410,000	2.745%, 08/15/20 (n)		389,900
	140,000	2.754%, 05/15/28 (n)		106,834
	2,690,000	2.850%, 02/15/23 (n)		2,395,835
	300,000	2.921%, 08/15/32 (n)		200,771
	27,000	2.943%, 02/15/28 (n)		20,762
	200,000	2.952%, 08/15/22 (n)		180,559
	760,000	3.052%, 11/15/31 (n)		520,776
	110,000	3.053%, 11/15/24 (n)		93,312
	615,000	3.104%, 11/15/21 (n)		566,799
	50,000	3.108%, 11/15/34 (n)		31,193
	65,000	3.120%, 02/15/35 (n)		40,134
	250,000	3.132%, 08/15/27 (n)		195,172
	2,250,000	3.313%, 05/15/32 (n)		1,518,287
	250,000	3.321%, 05/15/35 (n)		153,524
	23,000	3.323%, 08/15/26 (n)		18,502
	250,000	3.361%, 11/15/26 (n)		199,606
	280,000	3.419%, 08/15/19 (n)		271,607
	50,000	3.523%, 02/15/25 (n)		42,082
	350,000	3.555%, 02/15/32 (n)		237,809
	700,000	3.556%, 02/15/27 (n)		554,450
	400,000	3.569%, 02/15/33 (n)		263,388

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 33

JPMorgan Insurance Trust Core Bond Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	1,175,000	3.588%, 05/15/33 (n)		768,415
	200,000	3.609%, 11/15/29 (n)		145,879
	275,000	3.618%, 05/15/31 (n)		191,102
	775,000	3.651%, 02/15/34 (n)		494,631
	300,000	3.671%, 11/15/30 (n)		212,023
	710,000	3.686%, 11/15/27 (n)		550,481
	300,000	3.722%, 08/15/30 (n)		213,592
	300,000	3.743%, 08/15/29 (n)		220,544
	658,000	3.859%, 02/15/29 (n)		491,057
	800,000	3.888%, 11/15/32 (n)		531,286
	1,025,000	3.987%, 11/15/33 (n)		659,857
	550,000	4.062%, 02/15/31 (n)		386,246
	300,000	4.331%, 05/15/30 (n)		215,686
	100,000	4.614%, 05/15/26 (n)		81,036
	975,000	4.931%, 02/15/30 (n)		704,656
	100,000	5.797%, 08/15/33 (n)		64,882
	100,000	6.356%, 11/15/28 (n)		75,203

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	125,000	6.401%, 05/15/27 (n)		98,225
	50,000	6.669%, 08/15/28 (n)		37,917
		Total U.S. Treasury Obligations (Cost $60,259,133)		61,829,746
SHARES
	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	1,200,721	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.150% (b) (l) (Cost $1,201,081)		1,201,081
		Total Investments — 101.4% (Cost $265,360,629)		271,537,157
		Liabilities in Excess of Other Assets — (1.4)%		(4,074,573	)
		NET ASSETS — 100.0%	$	267,462,584

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2017

ACES	—  Alternative Credit Enhancement Securities
ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2017.
CSMC	—  Credit Suisse Mortgage Trust
ESOP	—  Employee Stock Ownership Program
FHA	—  Federal Housing Administration
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
GNMA	—  Government National Mortgage Association
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, 2017. 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, 2017.
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2017.
(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. Security has not paid its last interest payment and/or interest is not being accrued.
(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, 2017.
(n)	—  The rate shown is the effective yield as of June 30, 2017.
(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.
(x)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2017.
(y)	—  Preferred Security.
1	—  Security matures in 2115.
2	—  Security matures in 2111.
3	—  Security matures in 2114.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 35

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (Unaudited)

	Core Bond Portfolio
ASSETS:
Investments in non-affiliates, at value	$	270,336,076
Investments in affiliates, at value		1,201,081
Total investment securities, at value		271,537,157
Receivables:
Investment securities sold		231,434
Portfolio shares sold		437,646
Interest from non-affiliates		1,207,905
Dividends from affiliates		4,419
Total Assets		273,418,561
LIABILITIES:
Payables:
Due to custodian		6
Investment securities purchased		155,952
Investment securities purchased — delayed delivery securities		5,506,966
Portfolio shares redeemed		88,884
Accrued liabilities:
Investment advisory fees		83,680
Administration fees		15,497
Distribution fees		19,185
Custodian and accounting fees		16,093
Trustees’ and Chief Compliance Officer’s fees		177
Other		69,537
Total Liabilities		5,955,977
Net Assets	$	267,462,584
NET ASSETS:
Paid-in-Capital	$	258,973,740
Accumulated undistributed net investment income		3,022,596
Accumulated net realized gains (losses)		(710,280	)
Net unrealized appreciation (depreciation)		6,176,528
Total Net Assets	$	267,462,584
Net Assets:
Class 1	$	172,314,917
Class 2		95,147,667
Total	$	267,462,584
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		15,935,065
Class 2		8,884,361
Net Asset Value, offering and redemption price per share (a):
Class 1	$	10.81
Class 2		10.71
Cost of investments in non-affiliates	$	264,159,548
Cost of investments in affiliates		1,201,081

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

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN INSURANCE TRUST JUNE 30, 2017

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

	Core Bond Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,205,544
Dividend income from affiliates		22,384
Total investment income		4,227,928
EXPENSES:
Investment advisory fees		514,489
Administration fees		105,073
Distribution fees — Class 2		102,823
Custodian and accounting fees		86,438
Professional fees		49,633
Trustees’ and Chief Compliance Officer’s fees		13,594
Printing and mailing costs		25,855
Transfer agency fees — Class 1		1,473
Transfer agency fees — Class 2		357
Other		13,375
Total expenses		913,110
Less fees waived		(41,717	)
Less expense reimbursements		(715	)
Net expenses		870,678
Net investment income (loss)		3,357,250
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		80,305
Investments in affiliates		(135	)
Net realized gain (loss)		80,170
Change in net unrealized appreciation/depreciation on investments in non-affiliates		2,590,125
Net realized/unrealized gains (losses)		2,670,295
Change in net assets resulting from operations	$	6,027,545

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 37

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Core Bond Portfolio
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,357,250		$	6,677,471
Net realized gain (loss)		80,170			1,652,618
Change in net unrealized appreciation/depreciation		2,590,125			(3,742,947	)
Change in net assets resulting from operations		6,027,545			4,587,142
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(4,505,586	)		(4,769,944	)
Class 2
From net investment income		(2,166,547	)		(1,806,180	)
Total distributions to shareholders		(6,672,133	)		(6,576,124	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		17,601,359			14,954,188
NET ASSETS:
Change in net assets		16,956,771			12,965,206
Beginning of period		250,505,813			237,540,607
End of period	$	267,462,584		$	250,505,813
Accumulated undistributed net investment income	$	3,022,596		$	6,337,479
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	11,339,078		$	29,557,461
Distributions reinvested		4,505,586			4,769,944
Cost of shares redeemed		(19,772,879	)		(35,252,533	)
Change in net assets resulting from Class 1 capital transactions	$	(3,928,215	)	$	(925,128	)
Class 2
Proceeds from shares issued	$	31,319,178		$	35,923,015
Distributions reinvested		2,166,547			1,806,180
Cost of shares redeemed		(11,956,151	)		(21,849,879	)
Change in net assets resulting from Class 2 capital transactions	$	21,529,574		$	15,879,316
Total change in net assets resulting from capital transactions	$	17,601,359		$	14,954,188
SHARE TRANSACTIONS:
Class 1
Issued		1,037,891			2,668,220
Reinvested		417,571			436,808
Redeemed		(1,809,351	)		(3,180,281	)
Change in Class 1 Shares		(353,889	)		(75,253	)
Class 2
Issued		2,900,020			3,264,283
Reinvested		202,670			166,776
Redeemed		(1,109,496	)		(1,997,931	)
Change in Class 2 Shares		1,993,194			1,433,128

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN INSURANCE TRUST JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 39

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, 2017 (Unaudited)	$	10.84	$	0.15	$	0.10		$	0.25		$	(0.28	)
Year Ended December 31, 2016		10.91		0.30		(0.07	)		0.23			(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	)
Class 2
Six Months Ended June 30, 2017 (Unaudited)		10.73		0.13		0.11			0.24			(0.26	)
Year Ended December 31, 2016		10.81		0.27		(0.07	)		0.20			(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	)

(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.

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN INSURANCE TRUST JUNE 30, 2017

		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)
$	10.81		2.34	%	$	172,314,917		0.60	%		2.69	%		0.63	%		10	%
	10.84		2.12			176,565,657		0.59			2.73			0.64			29
	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
	10.71		2.25			95,147,667		0.85			2.44			0.88			10
	10.73		1.84			73,940,156		0.84			2.47			0.89			29
	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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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.

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 Investment 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.

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, 2017.

42 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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	$	—	$	21,238,431	$	9,464,696		$	30,703,127
Collateralized Mortgage Obligations		—		34,814,088		2,322,389			37,136,477
Commercial Mortgage-Backed Securities		—		6,231,576		250,437			6,482,013
Corporate Bonds
Consumer Discretionary		—		4,646,075		—			4,646,075
Consumer Staples		—		2,984,992		—			2,984,992
Energy		—		7,703,524		—			7,703,524
Financials		—		26,421,532		—	(a)		26,421,532
Health Care		—		3,602,477		—			3,602,477
Industrials		—		4,459,223		—			4,459,223
Information Technology		—		4,920,562		—			4,920,562
Materials		—		1,941,987		—			1,941,987
Real Estate		—		3,069,071		—			3,069,071
Telecommunication Services		—		3,627,653		—			3,627,653
Utilities		—		6,131,300		—			6,131,300
Total Corporate Bonds		—		69,508,396		—			69,508,396
Foreign Government Securities		—		982,253		—			982,253
Mortgage-Backed Securities		—		38,450,680		—			38,450,680
Municipal Bonds		—		303,007		—			303,007
U.S. Government Agency Securities		—		24,940,377		—			24,940,377
U.S. Treasury Obligations		—		61,829,746		—			61,829,746
Short-Term Investment
Investment Company		1,201,081		—		—			1,201,081
Total Investments in Securities	$	1,201,081	$	258,298,554	$	12,037,522		$	271,537,157

(a) Value is zero.

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

There were no significant transfers between any levels during the six months ended June 30, 2017.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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, 2016			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, 2017
Investments in Securities
Asset-Backed Securities	$	7,256,581		$	9	$	92,929		$	(355	)	$	2,342,133	$	(1,695,078	)	$	1,712,938	$	(244,461	)	$	9,464,696
Collateralized Mortgage Obligations		907,593			—		47,336			(10,444	)		837,347		(51,171	)		591,728		—			2,322,389
Commercial Mortgage-Backed Securities		343,425			—		(963	)		(63	)		—		—			—		(91,962	)		250,437
Corporate Bond — Financials		—	(a)		—		—			—			—		—			—		—			—	(a)
	$	8,507,599		$	9	$	139,302		$	(10,862	)	$	3,179,480	$	(1,746,249	)	$	2,304,666	$	(336,423	)	$	12,037,522

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.

(a) Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2017, which were valued using significant unobservable inputs (level 3) amounted to approximately $140,319. 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, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	7,544,682	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (6.82%)
				Constant Default Rate		0.00% - 30.00% (0.96%)
				Yield (Discount Rate of Cash Flows)		2.00% - 5.60% (3.27%)
Asset-Backed Securities		7,544,682
		2,300,743	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 29.30% (3.59%)
				Constant Default Rate		0.00% - 9.64% (1.64%)
				Yield (Discount Rate of Cash Flows)		0.38% - 199.00% (4.63%)
Collateralized Mortgage Obligations		2,300,743
		29	Discounted Cash Flow	Constant Prepayment Rate		100.00% (100.00%)
				Yield (Discount Rate of Cash Flows)		1.47 % - 2.33% (2.17%)
Commercial Mortgage-Backed Securities		29
Total	$	9,845,454

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At June 30, 2017, the value of these investments was $2,192,068. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

The significant unobservable inputs used in the fair value measurement of the Portfolio’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Restricted 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 asset value of the Portfolio.

As of June 30, 2017, 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.

44 JPMORGAN INSURANCE TRUST JUNE 30, 2017

C. When Issued, Delayed Delivery Securities and Forward Commitments — The Portfolio purchased when issued securities and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when issued, delayed delivery, or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Portfolio may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when issued, delayed delivery, or forward commitment basis is not accrued until the settlement date.

The Portfolio had delayed delivery securities outstanding as of June 30, 2017, which are shown as a Payable for Investment securities purchased-delayed delivery securities on the Statement of Assets and Liabilities. The values of these securities held at June 30, 2017 are detailed on the SOI.

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

E. Allocation of Income and Expenses — Expenses directly attributable to a portfolio are charged directly to that portfolio, while the expenses attributable to more than one portfolio of the Trust are allocated among the respective portfolios. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

F. Federal Income Taxes — The Portfolio is treated as a separate taxable entity for Federal income tax purposes. The Portfolio’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized 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, 2017, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

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, 2017, 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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to JPMDS, at an annual rate of 0.25% of the average daily net assets of Class 2 Shares.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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 (for all share classes), Administrator (for all share classes) and/or JPMDS (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, 2017 and is in place until at least April 30, 2018.

For the six months ended June 30, 2017, 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 Fees		Administration Fees		Total		Contractual Reimbursements
$	22,679	$	15,156	$	37,835	$	715

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS 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.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2017 was $3,882.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. 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, 2017, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30,2017, 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, 2017, 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
$	39,336,830	$	23,373,463	$	7,328,682	$	2,318,655

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, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	265,360,629	$	7,886,686	$	1,710,158	$	6,176,528

46 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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, 2016, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2016, 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
$	790,341	*

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

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility 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. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 6, 2017.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the Portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2017.

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, 2017, the Portfolio had four omnibus accounts which collectively represented 54.9% of the Portfolio’s outstanding shares. 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 that the Federal Reserve has recently raised interest rates and may continue to do so, the Portfolio may face a

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 47

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

heightened level of interest rate risk. 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.

The Portfolio invests in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Portfolios’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Portfolio’s financial statements and related disclosures. The adoption will have no effect on the Portfolio’s net assets or result of operations.

48 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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, 2017 and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Core Bond Portfolio
Class 1
Actual	$	1,000.00	$	1,023.40	$	3.01		0.60	%
Hypothetical		1,000.00		1,021.82		3.01		0.60
Class 2
Actual		1,000.00		1,022.50		4.26		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85

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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 49

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., 2017.  All rights reserved. June 2017. SAN-JPMITCBP-617

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2017 (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

August 4, 2017 (Unaudited)

Dear Shareholder,

As the U.S. economic expansion entered its eighth year in 2017, growth in both developed and emerging market economies became increasingly synchronized even as U.S. growth cooled in the early part of the year. Amid an environment of economic growth, low inflation and rising corporate earnings, global financial markets overall produced positive returns.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017.” — George C.W. Gatch

While U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017, it rebounded to 2.6% growth in the second quarter of 2017 on the back of a surge in consumer spending. Meanwhile, the U.S. jobless rate continued to shrink and fell to 4.4% in June 2017 from 4.8% six months earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in June 2017 and signaled it would raise rates once more before the end of the year. Fed Chairwoman Janet Yellen also indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet of assets purchased through its quantitative easing program.

Despite the apparent health of the U.S. economy, by mid-2017 domestic price inflation was below the Fed’s target of 2% growth and wage growth remained below economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the first half of 2017, global energy prices continued to fall amid an oversupply of crude oil and natural gas. Despite efforts by the Organization of Petroleum Exporting

Countries to curb global production, the price of a barrel of benchmark West Texas Intermediate crude oil dropped to $46 by the end of June 2017.

Meanwhile, the leading economies of the European Union (the “EU”) continued to strengthen. Annualized GDP for the 19 core EU nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, the lowest level since March 2009. Also, in separate elections, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record. For the six months ended June 30, 2017, the Standard & Poor’s 500 Index returned 9.34%.

U.S. and foreign financial markets largely rewarded those investors who remained fully invested throughout the first half of 2017, reaffirming the fundamental virtues of patience and diversification within a prudent investment strategy.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		6.17%
Russell Midcap Value Index		5.18%
Net Assets as of 6/30/2017	$	577,954,945

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?

While U.S. equity markets continued to provide positive returns for the past six months, the magnitude of those gains slowed somewhat as key stock market indexes touched multiple closing highs and largely held near record territory. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Globally, emerging market equities generally outperformed the U.S. and other developed market equities during the reporting period.

Amid investor expectations that the incoming Trump administration and Republican Party majorities in the U.S. Congress would move quickly on infrastructure spending and tax policy, U.S. equities began 2017 with positive returns amid low volatility. Even as those investor expectations began to fade, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities stalled in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained historically low throughout the reporting period, with a brief spike ahead of the November 2016 election. By the end of June 2017, the CBOE Volatility Index averaged 10.5 points, which was about half of its historical average.

Overall, large cap stocks generally outperformed mid cap and small cap stocks, while growth stocks generally outperformed value stocks. For the six months ended June 30, 2017, the S&P 500 returned 9.34% and the Russell Midcap Value Index returned 5.18%.

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

The Portfolio’s Class 1 Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended June 30, 2017. The Portfolio’s security selection and underweight position in the energy sector and its security selection in the materials sector were leading contributors to performance relative to the Benchmark. The Portfolio’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to performance included the Portfolio’s overweight positions in Expedia Inc., Mohawk Industries Inc. and Newell Brands Inc. Shares of Expedia, an online travel booking company that was not held in the Benchmark, rose amid investor expectations for growth in consumer demand for its services and in the company’s market share. Shares of Mohawk Industries, a maker of commercial and residential flooring, rose after the company reported growth in earnings and sales. Shares of Newell Brands, a maker of a broad range of consumer and commercial products, rose after the company reported better-than-expected earnings and raised both its earnings forecast and its quarterly dividend.

Leading individual detractors from relative performance included the Portfolio’s overweight positions in Kroger Co. and Energen Corp. and its underweight position in Micron Technology Inc. Shares of Kroger, a supermarket chain that was not held in the Benchmark, fell after the company reduced its earnings forecast amid intense price competition. Shares of Energen, an oil and gas producer, fell amid a general decline in global oil prices during the reporting period. Shares of Micron Technology, a semiconductor manufacturer that was not held in the Portfolio, rose on better-than-expected earnings, elevated prices for memory chips and investor expectations that the company would benefit from the introduction of new smartphone models scheduled for the second half of 2017.

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 maintaining underweight positions in the energy and real estate sectors. The Portfolio had no position in the telecommunication services sector during the reporting period.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Mohawk Industries, Inc.	2.0	%
	2.	EQT Corp.	1.9
	3.	Loews Corp.	1.8
	4.	Energen Corp.	1.8
	5.	M&T Bank Corp.	1.7
	6.	Expedia, Inc.	1.6
	7.	Ball Corp.	1.5
	8.	Xcel Energy, Inc.	1.5
	9.	Newell Brands, Inc.	1.5
	10.	CMS Energy Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.8	%
Consumer Discretionary	17.3
Real Estate	10.2
Information Technology	9.5
Utilities	8.7
Industrials	7.6
Consumer Staples	6.1
Energy	5.9
Health Care	5.2
Materials	4.7
Short-Term Investment	3.0

* 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.

** 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, 2017. The Portfolio’s composition is subject to change.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Mid Cap Value Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		September 28, 2001		6.17	%		13.95	%		14.48	%	��	8.24	%

* Not annualized.

TEN YEAR PERFORMANCE 6/30/07 TO 6/30/17

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, 2007 to June 30, 2017. 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, 2017

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 97.0%
		Consumer Discretionary — 17.3%
		Auto Components — 0.9%
	117,890	BorgWarner, Inc.		4,993,820
		Distributors — 0.9%
	54,559	Genuine Parts Co.		5,060,893
		Hotels, Restaurants & Leisure — 1.5%
	30,021	Hilton Grand Vacations, Inc. (a)		1,082,557
	87,596	Hilton Worldwide Holdings, Inc.		5,417,813
	21,056	Marriott International, Inc., Class A		2,112,127
				8,612,497
		Household Durables — 3.5%
	48,790	Mohawk Industries, Inc. (a)		11,792,055
	161,879	Newell Brands, Inc.		8,679,952
				20,472,007
		Internet & Direct Marketing Retail — 1.6%
	60,130	Expedia, Inc.		8,956,364
		Media — 1.8%
	66,662	CBS Corp. (Non-Voting), Class B		4,251,702
	93,380	DISH Network Corp., Class A (a)		5,860,529
				10,112,231
		Multiline Retail — 1.7%
	144,930	Kohl’s Corp.		5,604,443
	91,960	Nordstrom, Inc.		4,398,447
				10,002,890
		Specialty Retail — 3.8%
	8,278	AutoZone, Inc. (a)		4,722,268
	99,455	Bed Bath & Beyond, Inc.		3,023,432
	84,370	Best Buy Co., Inc.		4,836,932
	182,610	Gap, Inc. (The)		4,015,594
	58,910	Tiffany & Co.		5,529,882
				22,128,108
		Textiles, Apparel & Luxury Goods — 1.6%
	55,760	PVH Corp.		6,384,520
	41,080	Ralph Lauren Corp.		3,031,704
				9,416,224
		Total Consumer Discretionary		99,755,034
		Consumer Staples — 6.1%
		Beverages — 2.5%
	29,470	Constellation Brands, Inc., Class A		5,709,223
	74,481	Dr Pepper Snapple Group, Inc.		6,785,964
	22,100	Molson Coors Brewing Co., Class B		1,908,114
				14,403,301

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 0.8%
	191,484	Kroger Co. (The)		4,465,407
		Food Products — 0.7%
	51,679	TreeHouse Foods, Inc. (a)		4,221,658
		Household Products — 0.3%
	42,190	Energizer Holdings, Inc.		2,025,964
		Personal Products — 1.8%
	257,300	Coty, Inc., Class A		4,826,948
	72,070	Edgewell Personal Care Co. (a)		5,478,761
				10,305,709
		Total Consumer Staples		35,422,039
		Energy — 5.9%
		Oil, Gas & Consumable Fuels — 5.9%
	215,383	Energen Corp. (a)		10,633,459
	186,210	EQT Corp.		10,910,044
	202,460	PBF Energy, Inc., Class A		4,506,759
	262,240	Williams Cos., Inc. (The)		7,940,627
		Total Energy		33,990,889
		Financials — 21.8%
		Banks — 7.5%
	157,080	Citizens Financial Group, Inc.		5,604,614
	293,350	Fifth Third Bancorp		7,615,366
	59,410	First Republic Bank		5,946,941
	324,310	Huntington Bancshares, Inc.		4,384,671
	59,358	M&T Bank Corp.		9,613,028
	137,750	SunTrust Banks, Inc.		7,813,180
	49,660	Zions Bancorp		2,180,571
				43,158,371
		Capital Markets — 4.9%
	33,990	Ameriprise Financial, Inc.		4,326,587
	180,880	Invesco Ltd.		6,365,167
	64,110	Northern Trust Corp.		6,232,133
	65,870	Raymond James Financial, Inc.		5,284,092
	85,600	T Rowe Price Group, Inc.		6,352,376
				28,560,355
		Consumer Finance — 0.7%
	200,750	Ally Financial, Inc.		4,195,675
		Insurance — 8.7%
	5,418	Alleghany Corp. (a)		3,222,626
	21,483	Chubb Ltd.		3,123,198
	151,220	Hartford Financial Services Group, Inc. (The)		7,949,635
	227,370	Loews Corp.		10,643,190
	90,200	Marsh & McLennan Cos., Inc.		7,031,992

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Mid Cap Value Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — continued
	80,040	Progressive Corp. (The)		3,528,964
	95,420	Unum Group		4,449,435
	38,010	WR Berkley Corp.		2,629,152
	171,700	XL Group Ltd., (Bermuda)		7,520,460
				50,098,652
		Total Financials		126,013,053
		Health Care — 5.2%
		Health Care Providers & Services — 5.2%
	52,450	AmerisourceBergen Corp.		4,958,098
	36,040	Cigna Corp.		6,032,736
	26,740	Henry Schein, Inc. (a)		4,893,955
	28,090	Humana, Inc.		6,759,016
	16,590	Laboratory Corp. of America Holdings (a)		2,557,183
	39,931	Universal Health Services, Inc., Class B		4,874,776
		Total Health Care		30,075,764
		Industrials — 7.6%
		Building Products — 1.0%
	89,610	Fortune Brands Home & Security, Inc.		5,846,156
		Electrical Equipment — 2.3%
	89,740	AMETEK, Inc.		5,435,552
	45,550	Hubbell, Inc.		5,154,893
	33,160	Regal Beloit Corp.		2,704,198
				13,294,643
		Industrial Conglomerates — 1.1%
	66,930	Carlisle Cos., Inc.		6,385,122
		Machinery — 2.2%
	50,050	IDEX Corp.		5,656,151
	44,540	Snap-on, Inc.		7,037,320
				12,693,471
		Trading Companies & Distributors — 1.0%
	66,770	MSC Industrial Direct Co., Inc., Class A		5,739,549
		Total Industrials		43,958,941
		Information Technology — 9.5%
		Communications Equipment — 1.0%
	154,240	CommScope Holding Co., Inc. (a)		5,865,747
		Electronic Equipment, Instruments & Components — 4.8%
	89,720	Amphenol Corp., Class A		6,623,131
	92,080	Arrow Electronics, Inc. (a)		7,220,914
	111,470	CDW Corp.		6,970,219
	173,710	Keysight Technologies, Inc. (a)		6,762,530
				27,576,794

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 0.4%
	131,340	Match Group, Inc. (a)		2,282,689
		IT Services — 1.3%
	70,760	Jack Henry & Associates, Inc.		7,349,841
		Semiconductors & Semiconductor Equipment — 0.8%
	51,040	Analog Devices, Inc.		3,970,912
	8,320	KLA-Tencor Corp.		761,363
				4,732,275
		Software — 1.2%
	99,260	Synopsys, Inc. (a)		7,239,032
		Total Information Technology		55,046,378
		Materials — 4.7%
		Chemicals — 0.8%
	12,920	Sherwin-Williams Co. (The)		4,534,403
		Containers & Packaging — 3.9%
	212,080	Ball Corp.		8,951,897
	179,880	Silgan Holdings, Inc.		5,716,586
	141,500	WestRock Co.		8,017,390
				22,685,873
		Total Materials		27,220,276
		Real Estate — 10.2%
		Equity Real Estate Investment Trusts (REITs) — 9.6%
	56,380	American Campus Communities, Inc.		2,666,774
	95,200	American Homes 4 Rent, Class A		2,148,664
	27,330	AvalonBay Communities, Inc.		5,252,006
	38,470	Boston Properties, Inc.		4,732,580
	199,500	Brixmor Property Group, Inc.		3,567,060
	11,220	Essex Property Trust, Inc.		2,886,569
	23,960	Federal Realty Investment Trust		3,028,304
	110,120	GGP, Inc.		2,594,427
	37,200	HCP, Inc.		1,188,912
	222,810	Kimco Realty Corp.		4,088,564
	146,027	Outfront Media, Inc.		3,376,144
	90,996	Park Hotels & Resorts, Inc.		2,453,252
	129,135	Rayonier, Inc.		3,715,214
	41,100	Regency Centers Corp.		2,574,504
	57,184	Vornado Realty Trust		5,369,578
	115,650	Weyerhaeuser Co.		3,874,275
	26,870	WP Carey, Inc.		1,773,689
				55,290,516
		Real Estate Management & Development — 0.6%
	102,500	CBRE Group, Inc., Class A (a)		3,731,000
		Total Real Estate		59,021,516

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Utilities — 8.7%
		Electric Utilities — 3.2%
	105,560	Edison International		8,253,736
	26,110	Westar Energy, Inc.		1,384,352
	193,550	Xcel Energy, Inc.		8,880,074
				18,518,162
		Gas Utilities — 1.0%
	100,840	National Fuel Gas Co.		5,630,906
		Multi-Utilities — 4.5%
	60,260	CenterPoint Energy, Inc.		1,649,919
	186,950	CMS Energy Corp.		8,646,437
	64,490	Sempra Energy		7,271,248
	133,380	WEC Energy Group, Inc.		8,186,864
				25,754,468
		Total Utilities		49,903,536
		Total Common Stocks (Cost $369,832,730)		560,407,426

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.0%
		Investment Company — 3.0%
	17,327,267	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $17,327,267)		17,327,267
		Total Investments — 100.0% (Cost $387,159,997)		577,734,693
		Other Assets in Excess of Liabilities — 0.0% (g)		220,252
		NET ASSETS — 100.0%	$	577,954,945

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of June 30, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 7

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (Unaudited)

	Mid Cap Value Portfolio
ASSETS:
Investments in non-affiliates, at value	$	560,407,426
Investments in affiliates, at value		17,327,267
Total investment securities, at value		577,734,693
Receivables:
Investment securities sold		295,430
Portfolio shares sold		719,040
Dividends from non-affiliates		796,322
Dividends from affiliates		10,799
Total Assets		579,556,284
LIABILITIES:
Payables:
Investment securities purchased		514,065
Portfolio shares redeemed		673,204
Accrued liabilities:
Investment advisory fees		305,942
Administration fees		38,544
Custodian and accounting fees		4,351
Trustees’ and Chief Compliance Officer’s fees		510
Other		64,723
Total Liabilities		1,601,339
Net Assets	$	577,954,945
NET ASSETS:
Paid-in-Capital	$	387,282,688
Accumulated undistributed net investment income		2,428,861
Accumulated net realized gains (losses)		(2,331,300	)
Net unrealized appreciation (depreciation)		190,574,696
Total Net Assets	$	577,954,945
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):		52,336,587
Net Asset Value, offering and redemption price per share (a):	$	11.04
Cost of investments in non-affiliates	$	369,832,730
Cost of investments in affiliates		17,327,267

(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, 2017

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

	Mid Cap Value Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,831,203
Dividend income from affiliates		60,076
Total investment income		4,891,279
EXPENSES:
Investment advisory fees		1,838,192
Administration fees		231,027
Custodian and accounting fees		17,200
Professional fees		34,471
Trustees’ and Chief Compliance Officer’s fees		14,025
Printing and mailing costs		39,673
Transfer agency fees		3,492
Other		27,550
Total expenses		2,205,630
Less fees waived		(21,631	)
Net expenses		2,183,999
Net investment income (loss)		2,707,280
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		2,221,660
Change in net unrealized appreciation/depreciation on investments in non-affiliates		29,100,838
Net realized/unrealized gains (losses)		31,322,498
Change in net assets resulting from operations	$	34,029,778

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 9

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Mid Cap Value Portfolio
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,707,280		$	4,455,044
Net realized gain (loss)		2,221,660			26,016,242
Change in net unrealized appreciation/depreciation		29,100,838			34,088,690
Change in net assets resulting from operations		34,029,778			64,559,976
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(4,602,779	)		(3,917,647	)
From net realized gains		(25,669,250	)		(23,451,558	)
Total distributions to shareholders		(30,272,029	)		(27,369,205	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		30,027,679			70,789,542
NET ASSETS:
Change in net assets		33,785,428			107,980,313
Beginning of period		544,169,517			436,189,204
End of period	$	577,954,945		$	544,169,517
Accumulated undistributed net investment income	$	2,428,861		$	4,324,360
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	57,639,745		$	136,426,089
Distributions reinvested		30,272,029			27,369,205
Cost of shares redeemed		(57,884,095	)		(93,005,752	)
Change in net assets resulting from capital transactions	$	30,027,679		$	70,789,542
SHARE TRANSACTIONS:
Issued		5,132,630			13,027,148
Reinvested		2,792,623			2,734,186
Redeemed		(5,138,940	)		(9,005,971	)
Change in Shares		2,786,313			6,755,363

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 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, 2017 (Unaudited)	$	10.98	$	0.05	(e)	$	0.61		$	0.66		$	(0.09	)	$	(0.51	)	$	(0.60	)
Year Ended December 31, 2016		10.19		0.10	(e)		1.33			1.43			(0.09	)		(0.55	)		(0.64	)
Year Ended December 31, 2015		11.41		0.09	(e)		(0.34	)		(0.25	)		(0.11	)		(0.86	)		(0.97	)
Year Ended December 31, 2014		10.57		0.11	(f)		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	)

(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) Calculated based upon average shares outstanding.

(f) 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, 2017

		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)
$	11.04		6.17	%	$	577,954,945		0.77	%		0.96	%		0.78	%		8	%
	10.98		14.69			544,169,517		0.77			0.95			0.78			28
	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	(f)		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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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.

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 Investment 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, 2017

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)	$	577,734,693	$	—	$	—	$	577,734,693

(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, 2017.

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, 2017, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to 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, 2017, 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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Portfolio’s 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, 2017 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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, 2017 and is in place until at least April 30, 2018.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). 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.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2017 was $21,631.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. 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, 2017, 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, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	53,054,310	$	45,943,999

During the six months ended June 30, 2017, 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, 2017, were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	387,159,997	$	198,882,328	$	8,307,632	$	190,574,696

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, 2016, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2016, 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
$	1,353,283	*

* 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.

During the year ended December 31, 2016, the Portfolio utilized pre-enactment capital loss carryforwards in the amount of $1,353,283.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2017

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility 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. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 6, 2017.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2017.

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, 2017, the Portfolio had two omnibus accounts which collectively owned 70.1% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Portfolios’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Portfolio’s financial statements and related disclosures. The adoption will have no effect on the Portfolio’s net assets or result of operations.

JUNE 30, 2017 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 example assumes that you had a $1,000 investment in the Portfolio at the beginning of the reporting period, January 1, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Mid Cap Value Portfolio
Class 1
Actual	$	1,000.00	$	1,061.70	$	3.94		0.77	%
Hypothetical		1,000.00		1,020.98		3.86		0.77

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

18 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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., 2017.  All rights reserved. June 2017. SAN-JPMITMCVP-617

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2017 (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	23

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

August 4, 2017 (Unaudited)

Dear Shareholder,

As the U.S. economic expansion entered its eighth year in 2017, growth in both developed and emerging market economies became increasingly synchronized even as U.S. growth cooled in the early part of the year. Amid an environment of economic growth, low inflation and rising corporate earnings, global financial markets overall produced positive returns.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017.” — George C.W. Gatch

While U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017, it rebounded to 2.6% growth in the second quarter of 2017 on the back of a surge in consumer spending. Meanwhile, the U.S. jobless rate continued to shrink and fell to 4.4% in June 2017 from 4.8% six months earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in June 2017 and signaled it would raise rates once more before the end of the year. Fed Chairwoman Janet Yellen also indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet of assets purchased through its quantitative easing program.

Despite the apparent health of the U.S. economy, by mid-2017 domestic price inflation was below the Fed’s target of 2% growth and wage growth remained below economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the first half of 2017, global energy prices continued to fall amid an oversupply of crude oil and natural gas. Despite efforts by the Organization of Petroleum Exporting

Countries to curb global production, the price of a barrel of benchmark West Texas Intermediate crude oil dropped to $46 by the end of June 2017.

Meanwhile, the leading economies of the European Union (the “EU”) continued to strengthen. Annualized GDP for the 19 core EU nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, the lowest level since March 2009. Also, in separate elections, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record. For the six months ended June 30, 2017, the Standard & Poor’s 500 Index returned 9.34%.

U.S. and foreign financial markets largely rewarded those investors who remained fully invested throughout the first half of 2017, reaffirming the fundamental virtues of patience and diversification within a prudent investment strategy.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 1 Shares)*		4.80%
Russell 2000 Index		4.99%
Net Assets as of 6/30/2017	$	18,524,635

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

While U.S. equity markets continued to provide positive returns for the past six months, the magnitude of those gains slowed somewhat as key stock market indexes touched multiple closing highs and largely held near record territory. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Globally, emerging market equities generally outperformed the U.S. and other developed market equities during the reporting period.

Amid investor expectations that the incoming Trump administration and Republican Party majorities in the U.S. Congress would move quickly on infrastructure spending and tax policy, U.S. equities began 2017 with positive returns amid low volatility. Even as those investor expectations began to fade, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities paused in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained near 10-year lows throughout the reporting period. By the end of June 2017, the CBOE Volatility Index averaged 10.5 points, which was about half of its historical average. Overall, large cap stocks generally outperformed mid cap and small cap stocks, while growth stocks generally outperformed value stocks. For the six months ended June 30, 2017, the S&P 500 returned 9.34% and the Russell 2000 Index returned 4.99%.

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, 2017. The Portfolio’s security selection in the consumer cyclical

and basic materials sectors was a leading detractor from performance relative to the Benchmark, while the Portfolio’s security selection in the semiconductors and systems hardware sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in ArcBest Corp., Cross Country Healthcare Inc. and SpartanNash Co. Shares of ArcBest, a trucking and logistics company, fell after the company reported a wider-than-expected loss and lower-than-expected revenue. Shares of Cross Country Healthcare, a provider of personnel services, fell on lower-than-expected earnings and revenue. Shares of SpartanNash, a distributor of groceries to military commissaries in the U.S., fell amid investor expectations of increased price competition.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Extreme Networks Inc., OraSure Technologies Inc. and Ultra Clean Holdings Inc. Shares of Extreme Networks, a provider of information network equipment and services, rose after the company offered to acquire Avaya Inc. Shares of OraSure Technologies, a maker of medical diagnostic and specimen collection products, rose after the company won a contract to supply diagnostic kits to the Bill and Melinda Gates Foundation. Shares of Ultra Clean Holdings, a maker of semiconductor manufacturing equipment, rose on better-than-expected earnings.

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, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Trinseo SA	1.1	%
	2.	Office Depot, Inc.	1.1
	3.	GEO Group, Inc. (The)	1.1
	4.	Masimo Corp.	1.1
	5.	Sanmina Corp.	1.1
	6.	Taylor Morrison Home Corp., Class A	1.0
	7.	Integer Holdings Corp.	1.0
	8.	East West Bancorp, Inc.	1.0
	9.	Extreme Networks, Inc.	1.0
	10.	Bloomin’ Brands, Inc.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	18.6	%
Financials	17.9
Information Technology	15.8
Health Care	14.5
Consumer Discretionary	9.5
Real Estate	6.8
Materials	4.4
Utilities	3.2
Energy	3.0
Consumer Staples	2.1
Telecommunication Services	0.1
Short-Term Investment	4.1

* 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, 2017. The Portfolio’s composition is subject to change.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Small Cap Core Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES	January 3, 1995		4.80	%		26.58	%		15.50	%		7.02	%
CLASS 2 SHARES	April 24, 2009		4.71			26.28			15.20			6.80

* Not annualized.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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, 2007 to June 30, 2017. 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, 2017

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 95.7%
		Consumer Discretionary — 9.5%
		Auto Components — 1.4%
	49,900	American Axle & Manufacturing Holdings, Inc. (a)		778,440
	14,700	Cooper-Standard Holdings, Inc. (a)		1,482,789
	7,700	Dana, Inc.		171,941
	1,700	Stoneridge, Inc. (a)		26,197
	4,400	Tower International, Inc.		98,780
				2,558,147
		Diversified Consumer Services — 0.3%
	1,500	Capella Education Co.		128,400
	1,900	Grand Canyon Education, Inc. (a)		148,979
	18,200	K12, Inc. (a)		326,144
				603,523
		Hotels, Restaurants & Leisure — 1.7%
	82,500	Bloomin’ Brands, Inc.		1,751,475
	6,300	DineEquity, Inc.		277,515
	400	Jack in the Box, Inc.		39,400
	28,300	Pinnacle Entertainment, Inc. (a)		559,208
	17,400	Ruth’s Hospitality Group, Inc.		378,450
				3,006,048
		Household Durables — 2.2%
	12,000	Helen of Troy Ltd. (a)		1,129,200
	7,600	Hooker Furniture Corp.		312,740
	4,800	KB Home		115,056
	17,300	Libbey, Inc.		139,438
	15,800	Lifetime Brands, Inc.		286,770
	1,600	NACCO Industries, Inc., Class A		113,360
	78,300	Taylor Morrison Home Corp., Class A (a)		1,879,983
				3,976,547
		Internet & Direct Marketing Retail — 0.1%
	10,500	Liberty TripAdvisor Holdings, Inc., Class A (a)		121,800
		Media — 1.0%
	51,800	Gannett Co., Inc.		451,696
	32,500	Gray Television, Inc. (a)		445,250
	2,700	Nexstar Media Group, Inc., Class A		161,460
	19,500	Sinclair Broadcast Group, Inc., Class A		641,550
	9,900	Townsquare Media, Inc., Class A (a)		101,376
				1,801,332
		Specialty Retail — 2.7%
	23,600	Caleres, Inc.		655,608
	13,600	Children’s Place, Inc. (The)		1,388,560
	15,800	Express, Inc. (a)		106,650
	3,600	Floor & Decor Holdings, Inc., Class A (a)		141,336

SHARES		SECURITY DESCRIPTION	VALUE($)
		Specialty Retai — continued
	3,500	Group 1 Automotive, Inc.		221,620
	356,345	Office Depot, Inc.		2,009,786
	67,200	Pier 1 Imports, Inc.		348,768
	1,700	Tailored Brands, Inc.		18,972
				4,891,300
		Textiles, Apparel & Luxury Goods — 0.1%
	7,900	Perry Ellis International, Inc. (a)		153,734
		Total Consumer Discretionary		17,112,431
		Consumer Staples — 2.1%
		Food & Staples Retailing — 0.7%
	35,780	SpartanNash Co.		928,849
	33,100	SUPERVALU, Inc. (a)		108,899
	9,300	US Foods Holding Corp. (a)		253,146
				1,290,894
		Food Products — 1.0%
	29,700	Dean Foods Co.		504,900
	23,900	Pilgrim’s Pride Corp. (a)		523,888
	3,300	Pinnacle Foods, Inc.		196,020
	2,800	Sanderson Farms, Inc.		323,820
	2,000	TreeHouse Foods, Inc. (a)		163,380
				1,712,008
		Household Products — 0.3%
	20,800	Central Garden & Pet Co., Class A (a)		624,416
		Personal Products — 0.1%
	1,400	USANA Health Sciences, Inc. (a)		89,740
		Total Consumer Staples		3,717,058
		Energy — 3.0%
		Energy Equipment & Services — 1.0%
	26,800	Archrock, Inc.		305,520
	21,900	Exterran Corp. (a)		584,730
	64,400	McDermott International, Inc. (a)		461,748
	5,600	PHI, Inc. (Non-Voting) (a)		54,656
	30,700	RigNet, Inc. (a)		492,735
				1,899,389
		Oil, Gas & Consumable Fuels — 2.0%
	178,000	Abraxas Petroleum Corp. (a)		288,360
	1,100	Arch Coal, Inc., Class A		75,130
	47,600	Delek US Holdings, Inc.		1,258,544
	96,200	Denbury Resources, Inc. (a)		147,186
	60,900	EP Energy Corp., Class A (a)		222,894
	6,900	Green Plains, Inc.		141,795
	16,500	Jagged Peak Energy, Inc. (a)		220,275

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Oil, Gas & Consumable Fuels — continued
	24,200	Pacific Ethanol, Inc. (a)		151,250
	28,000	Renewable Energy Group, Inc. (a)		362,600
	500	REX American Resources Corp. (a)		48,280
	33,100	SRC Energy, Inc. (a)		222,763
	160,100	W&T Offshore, Inc. (a)		313,796
	2,300	Westmoreland Coal Co. (a)		11,201
	2,500	World Fuel Services Corp.		96,125
				3,560,199
		Total Energy		5,459,588
		Financials — 17.7%
		Banks — 10.4%
	3,700	Cadence BanCorp (a)		80,956
	6,800	Cathay General Bancorp		258,060
	2,400	Central Valley Community Bancorp		53,184
	1,464	Community Trust Bancorp, Inc.		64,050
	2,800	CU Bancorp (a)		101,220
	3,280	Customers Bancorp, Inc. (a)		92,758
	30,255	East West Bancorp, Inc.		1,772,338
	1,500	Enterprise Financial Services Corp.		61,200
	12,144	Fidelity Southern Corp.		277,612
	15,900	Financial Institutions, Inc.		473,820
	139,100	First BanCorp, (Puerto Rico) (a)		805,389
	4,200	First Business Financial Services, Inc.		96,936
	4,900	First Community Bancshares, Inc.		134,015
	4,300	First Financial Bancorp		119,110
	11,000	First Foundation, Inc. (a)		180,730
	6,500	First Hawaiian, Inc.		199,030
	34,900	First Merchants Corp.		1,400,886
	43,600	Fulton Financial Corp.		828,400
	32,700	Hancock Holding Co.		1,602,300
	28,725	Hanmi Financial Corp.		817,226
	13,300	Heritage Financial Corp.		352,450
	11,700	Hilltop Holdings, Inc.		306,657
	51,592	Hope Bancorp, Inc.		962,191
	1,900	Howard Bancorp, Inc. (a)		36,575
	5,175	IBERIABANK Corp.		421,762
	3,600	MainSource Financial Group, Inc.		120,636
	2,571	NBT Bancorp, Inc.		94,998
	3,400	Northeast Bancorp		69,190
	2,200	Pacific Mercantile Bancorp (a)		19,360
	21,200	PacWest Bancorp		990,040
	40,900	Popular, Inc., (Puerto Rico)		1,705,939
	9,000	Preferred Bank		481,230
	1,760	Premier Financial Bancorp, Inc.		36,274
	5,100	Shore Bancshares, Inc.		83,895

SHARES		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	2,350	Sierra Bancorp		57,693
	3,500	Southern National Bancorp of Virginia, Inc.		61,600
	1,700	Stonegate Bank		78,506
	1,400	SVB Financial Group (a)		246,106
	89,300	TCF Financial Corp.		1,423,442
	1,777	Towne Bank		54,732
	13,200	TriCo Bancshares		463,980
	12,800	TriState Capital Holdings, Inc. (a)		322,560
	5,200	Triumph Bancorp, Inc. (a)		127,660
	17,900	Zions Bancorp		785,989
				18,722,685
		Capital Markets — 1.4%
	71,400	BGC Partners, Inc., Class A		902,496
	2,600	Evercore Partners, Inc., Class A		183,300
	14,300	Houlihan Lokey, Inc.		499,070
	12,300	INTL. FCStone, Inc. (a)		464,448
	22,700	OM Asset Management plc		337,322
	2,500	Piper Jaffray Cos.		149,875
	1,300	Stifel Financial Corp. (a)		59,774
				2,596,285
		Consumer Finance — 1.4%
	29,620	FirstCash, Inc.		1,726,846
	19,900	Green Dot Corp., Class A (a)		766,747
				2,493,593
		Diversified Financial Services — 0.1%
	10,200	FNFV Group (a)		161,160
	2,300	Marlin Business Services Corp.		57,845
				219,005
		Insurance — 2.8%
	42,100	American Equity Investment Life Holding Co.		1,106,388
	6,425	Aspen Insurance Holdings Ltd., (Bermuda)		320,286
	53,100	CNO Financial Group, Inc.		1,108,728
	9,700	First American Financial Corp.		433,493
	5,300	HCI Group, Inc.		248,994
	12,600	Kinsale Capital Group, Inc.		470,106
	4,300	Maiden Holdings Ltd.		47,730
	3,000	National General Holdings Corp.		63,300
	3,100	Selective Insurance Group, Inc.		155,155
	13,600	Stewart Information Services Corp.		617,168
	3,500	United Fire Group, Inc.		154,210
	12,500	Universal Insurance Holdings, Inc.		315,000
				5,040,558

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Mortgage Real Estate Investment Trusts (REITs) — 0.6%
	7,800	Capstead Mortgage Corp.		81,354
	4,300	Invesco Mortgage Capital, Inc.		71,853
	51,700	Redwood Trust, Inc.		880,968
				1,034,175
		Thrifts & Mortgage Finance — 1.0%
	3,500	BankFinancial Corp.		52,220
	6,000	Dime Community Bancshares, Inc.		117,600
	8,400	HomeStreet, Inc. (a)		232,470
	6,300	Meta Financial Group, Inc.		560,700
	9,900	OceanFirst Financial Corp.		268,488
	7,500	PennyMac Financial Services, Inc., Class A (a)		125,250
	7,500	Walker & Dunlop, Inc. (a)		366,225
	1,500	Washington Federal, Inc.		49,800
				1,772,753
		Total Financials		31,879,054
		Health Care — 14.4%
		Biotechnology — 5.2%
	8,100	Acorda Therapeutics, Inc. (a)		159,570
	37,800	Aduro Biotech, Inc. (a)		430,920
	3,100	AMAG Pharmaceuticals, Inc. (a)		57,040
	58,600	Amicus Therapeutics, Inc. (a)		590,102
	6,100	AnaptysBio, Inc. (a)		145,973
	8,000	Audentes Therapeutics, Inc. (a)		153,040
	19,800	Axovant Sciences Ltd. (a)		459,162
	5,500	Bellicum Pharmaceuticals, Inc. (a)		64,240
	5,600	Bluebird Bio, Inc. (a)		588,280
	14,400	Cara Therapeutics, Inc. (a)		221,616
	155,800	Catalyst Pharmaceuticals, Inc. (a)		430,008
	7,000	Corvus Pharmaceuticals, Inc. (a)		84,700
	51,100	Dynavax Technologies Corp. (a)		493,115
	16,400	Epizyme, Inc. (a)		247,640
	6,400	Esperion Therapeutics, Inc. (a)		296,192
	5,600	FibroGen, Inc. (a)		180,880
	5,900	Global Blood Therapeutics, Inc. (a)		161,365
	3,900	Immune Design Corp. (a)		38,025
	25,000	Insmed, Inc. (a)		429,000
	4,600	Jounce Therapeutics, Inc. (a)		64,538
	543	Karyopharm Therapeutics, Inc. (a)		4,914
	800	Loxo Oncology, Inc. (a)		64,152
	16,800	Mersana Therapeutics, Inc. (a)		234,696
	6,200	Momenta Pharmaceuticals, Inc. (a)		104,780
	20,200	Ra Pharmaceuticals, Inc. (a)		378,548
	2,300	Radius Health, Inc. (a)		104,029
	2,700	Sage Therapeutics, Inc. (a)		215,028

SHARES		SECURITY DESCRIPTION	VALUE($)
		Biotechnology — continued
	10,300	Sarepta Therapeutics, Inc. (a)		347,213
	24,546	Selecta Biosciences, Inc. (a)		487,484
	2,300	Seres Therapeutics, Inc. (a)		25,990
	7,700	Spark Therapeutics, Inc. (a)		459,998
	44,200	Synergy Pharmaceuticals, Inc. (a)		196,690
	11,100	Syros Pharmaceuticals, Inc. (a)		178,599
	2,900	TESARO, Inc. (a)		405,594
	8,700	Ultragenyx Pharmaceutical, Inc. (a)		540,357
	8,000	Vanda Pharmaceuticals, Inc. (a)		130,400
	9,400	Xencor, Inc. (a)		198,434
				9,372,312
		Health Care Equipment & Supplies — 3.8%
	15,300	Cutera, Inc. (a)		396,270
	1,300	Inogen, Inc. (a)		124,046
	43,400	Integer Holdings Corp. (a)		1,877,050
	50,100	Invacare Corp.		661,320
	38,200	Lantheus Holdings, Inc. (a)		674,230
	21,700	Masimo Corp. (a)		1,978,606
	63,500	OraSure Technologies, Inc. (a)		1,096,010
				6,807,532
		Health Care Providers & Services — 3.4%
	19,100	Addus HomeCare Corp. (a)		710,520
	15,800	AMN Healthcare Services, Inc. (a)		616,990
	60,500	Cross Country Healthcare, Inc. (a)		781,055
	1,913	Envision Healthcare Corp. (a)		119,888
	35,500	Kindred Healthcare, Inc.		413,575
	18,100	Molina Healthcare, Inc. (a)		1,252,158
	21,000	Owens & Minor, Inc.		675,990
	12,000	PharMerica Corp. (a)		315,000
	26,000	RadNet, Inc. (a)		201,500
	20,800	Surgery Partners, Inc. (a)		473,200
	3,100	WellCare Health Plans, Inc. (a)		556,636
				6,116,512
		Health Care Technology — 0.3%
	28,700	HMS Holdings Corp. (a)		530,950
		Life Sciences Tools & Services — 0.3%
	8,500	INC Research Holdings, Inc., Class A (a)		497,250
	2,200	PRA Health Sciences, Inc. (a)		165,022
				662,272
		Pharmaceuticals — 1.4%
	6,700	Amphastar Pharmaceuticals, Inc. (a)		119,662
	16,400	Assembly Biosciences, Inc. (a)		338,660
	8,000	Horizon Pharma plc (a)		94,960

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Pharmaceuticals — continued
	2,300	Medicines Co. (The) (a)		87,423
	12,200	Nektar Therapeutics (a)		238,510
	34,300	Ocular Therapeutix, Inc. (a)		317,961
	5,900	Pacira Pharmaceuticals, Inc. (a)		281,430
	5,612	Reata Pharmaceuticals, Inc., Class A (a)		177,563
	7,300	Revance Therapeutics, Inc. (a)		192,720
	98,400	TherapeuticsMD, Inc. (a)		518,568
	4,400	Theravance Biopharma, Inc., (Cayman Islands) (a)		175,296
				2,542,753
		Total Health Care		26,032,331
		Industrials — 18.6%
		Aerospace & Defense — 1.5%
	14,000	AAR Corp.		486,640
	11,100	Engility Holdings, Inc. (a)		315,240
	6,125	HEICO Corp., Class A		380,056
	2,700	Moog, Inc., Class A (a)		193,644
	41,000	Vectrus, Inc. (a)		1,325,120
				2,700,700
		Air Freight & Logistics — 0.2%
	3,900	Atlas Air Worldwide Holdings, Inc. (a)		203,385
	3,200	Park-Ohio Holdings Corp.		121,920
				325,305
		Airlines — 0.7%
	8,600	Hawaiian Holdings, Inc. (a)		403,770
	26,200	SkyWest, Inc.		919,620
				1,323,390
		Building Products — 0.8%
	2,200	American Woodmark Corp. (a)		210,210
	6,800	JELD-WEN Holding, Inc. (a)		220,728
	10,400	Universal Forest Products, Inc.		908,024
				1,338,962
		Commercial Services & Supplies — 3.0%
	12,000	ABM Industries, Inc.		498,240
	124,200	ACCO Brands Corp. (a)		1,446,930
	2,700	CECO Environmental Corp.		24,786
	22,500	Essendant, Inc.		333,675
	2,200	Herman Miller, Inc.		66,880
	14,000	Interface, Inc.		275,100
	10,300	Kimball International, Inc., Class B		171,907
	4,400	Knoll, Inc.		88,220
	48,300	Quad/Graphics, Inc.		1,107,036
	25,700	Steelcase, Inc., Class A		359,800

SHARES		SECURITY DESCRIPTION	VALUE($)
		Commercial Services & Supplies — continued
	3,300	Viad Corp.		155,925
	1,400	VSE Corp.		62,972
	37,900	West Corp.		883,828
				5,475,299
		Construction & Engineering — 1.5%
	12,575	EMCOR Group, Inc.		822,153
	28,400	HC2 Holdings, Inc. (a)		166,992
	27,600	MasTec, Inc. (a)		1,246,140
	14,800	Sterling Construction Co., Inc. (a)		193,436
	11,118	Tutor Perini Corp. (a)		319,643
				2,748,364
		Electrical Equipment — 1.2%
	5,100	EnerSys		369,495
	86,800	General Cable Corp.		1,419,180
	6,600	Powell Industries, Inc.		211,134
	2,900	Regal Beloit Corp.		236,495
				2,236,304
		Machinery — 3.8%
	4,800	Barnes Group, Inc.		280,944
	16,500	Columbus McKinnon Corp.		419,430
	13,500	Federal Signal Corp.		234,360
	49,000	Global Brass & Copper Holdings, Inc.		1,496,950
	4,500	Greenbrier Cos., Inc. (The)		208,125
	1,700	Hurco Cos., Inc.		59,075
	3,300	Hyster-Yale Materials Handling, Inc.		231,825
	6,400	Kadant, Inc.		481,280
	2,700	Kennametal, Inc.		101,034
	90,200	Meritor, Inc. (a)		1,498,222
	1,700	NN, Inc.		46,665
	1,100	Standex International Corp.		99,770
	8,200	TriMas Corp. (a)		170,970
	71,400	Wabash National Corp.		1,569,372
				6,898,022
		Marine — 0.2%
	52,500	Costamare, Inc., (Monaco)		383,775
		Professional Services — 3.9%
	52,800	Acacia Research Corp. (a)		216,480
	25,900	Barrett Business Services, Inc.		1,483,811
	4,100	CRA International, Inc.		148,912
	12,000	ICF International, Inc. (a)		565,200
	15,400	Insperity, Inc.		1,093,400
	1,600	Kelly Services, Inc., Class A		35,920
	61,000	RPX Corp. (a)		850,950

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Professional Services — continued
	24,500	TriNet Group, Inc. (a)		802,130
	50,400	TrueBlue, Inc. (a)		1,335,600
	6,400	WageWorks, Inc. (a)		430,080
				6,962,483
		Road & Rail — 0.8%
	57,400	ArcBest Corp.		1,182,440
	8,500	Schneider National, Inc., Class B		190,145
	2,100	Universal Logistics Holdings, Inc.		31,500
	2,800	YRC Worldwide, Inc. (a)		31,136
				1,435,221
		Trading Companies & Distributors — 1.0%
	7,200	Applied Industrial Technologies, Inc.		425,160
	10,000	GMS, Inc. (a)		281,000
	54,800	MRC Global, Inc. (a)		905,296
	200	Neff Corp., Class A (a)		3,800
	2,500	Veritiv Corp. (a)		112,500
				1,727,756
		Total Industrials		33,555,581
		Information Technology — 15.8%
		Communications Equipment — 1.1%
	13,000	Ciena Corp. (a)		325,260
	190,100	Extreme Networks, Inc. (a)		1,752,722
				2,077,982
		Electronic Equipment, Instruments & Components — 3.7%
	1,200	Anixter International, Inc. (a)		93,840
	37,500	Benchmark Electronics, Inc. (a)		1,211,250
	17,400	Fitbit, Inc., Class A (a)		92,394
	25,700	Insight Enterprises, Inc. (a)		1,027,743
	300	KEMET Corp. (a)		3,840
	24,525	Kimball Electronics, Inc. (a)		442,676
	2,100	Littelfuse, Inc.		346,500
	7,200	Methode Electronics, Inc.		296,640
	7,200	Plexus Corp. (a)		378,504
	49,800	Sanmina Corp. (a)		1,897,380
	8,000	Tech Data Corp. (a)		808,000
				6,598,767
		Internet Software & Services — 1.9%
	5,700	Alteryx, Inc., Class A (a)		111,264
	19,700	Bankrate, Inc. (a)		253,145
	46,800	Blucora, Inc. (a)		992,160
	20,800	Cloudera, Inc. (a)		333,216
	7,700	Cornerstone OnDemand, Inc. (a)		275,275
	5,100	Coupa Software, Inc. (a)		147,798

SHARES		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — continued
	15,400	Five9, Inc. (a)		331,408
	82,300	Limelight Networks, Inc. (a)		237,847
	2,200	MuleSoft, Inc., Class A (a)		54,868
	11,300	Okta, Inc. (a)		257,640
	31,700	Tintri, Inc. (a)		230,459
	15,500	Yext, Inc. (a)		206,615
				3,431,695
		IT Services — 2.4%
	1,500	Blackhawk Network Holdings, Inc. (a)		65,400
	9,500	Euronet Worldwide, Inc. (a)		830,015
	26,700	Everi Holdings, Inc. (a)		194,376
	2,000	EVERTEC, Inc., (Puerto Rico)		34,600
	18,000	Planet Payment, Inc. (a)		59,400
	12,100	Sykes Enterprises, Inc. (a)		405,713
	122,100	Travelport Worldwide Ltd.		1,680,096
	85,800	Unisys Corp. (a)		1,098,240
				4,367,840
		Semiconductors & Semiconductor Equipment — 3.5%
	2,400	Advanced Energy Industries, Inc. (a)		155,256
	25,050	Alpha & Omega Semiconductor Ltd. (a)		417,583
	14,800	Cirrus Logic, Inc. (a)		928,256
	25,600	Cohu, Inc.		402,944
	84,415	Cypress Semiconductor Corp.		1,152,265
	91,500	IXYS Corp. (a)		1,505,175
	4,000	Nanometrics, Inc. (a)		101,160
	5,800	Rudolph Technologies, Inc. (a)		132,530
	14,800	Sigma Designs, Inc. (a)		86,580
	68,800	Ultra Clean Holdings, Inc. (a)		1,290,000
	14,300	Xcerra Corp. (a)		139,711
				6,311,460
		Software — 3.2%
	1,600	Blackline, Inc. (a)		57,184
	12,900	CommVault Systems, Inc. (a)		728,205
	2,100	MicroStrategy, Inc., Class A (a)		402,507
	2,200	QAD, Inc., Class A		70,510
	2,600	Qualys, Inc. (a)		106,080
	5,200	RealPage, Inc. (a)		186,940
	25,900	RingCentral, Inc., Class A (a)		946,645
	21,400	Take-Two Interactive Software, Inc. (a)		1,570,332
	89,700	TiVo Corp.		1,672,905
				5,741,308
		Total Information Technology		28,529,052

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Small Cap Core Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Materials — 4.4%
		Chemicals — 2.4%
	11,800	Chemours Co. (The)		447,456
	15,500	FutureFuel Corp.		233,895
	15,300	Innophos Holdings, Inc.		670,752
	1,100	Innospec, Inc.		72,105
	10,900	Minerals Technologies, Inc.		797,880
	12,200	OMNOVA Solutions, Inc. (a)		118,950
	29,600	Trinseo SA		2,033,520
				4,374,558
		Containers & Packaging — 0.5%
	10,259	Berry Global Group, Inc. (a)		584,866
	19,000	Graphic Packaging Holding Co.		261,820
				846,686
		Metals & Mining — 0.7%
	56,600	AK Steel Holding Corp. (a)		371,862
	45,400	Cliffs Natural Resources, Inc. (a)		314,168
	4,900	Commercial Metals Co.		95,207
	3,700	Ryerson Holding Corp. (a)		36,630
	9,500	Warrior Met Coal, Inc.		162,735
	3,700	Worthington Industries, Inc.		185,814
				1,166,416
		Paper & Forest Products — 0.8%
	11,500	Boise Cascade Co. (a)		349,600
	20,400	Louisiana-Pacific Corp. (a)		491,844
	16,800	Schweitzer-Mauduit International, Inc.		625,464
				1,466,908
		Total Materials		7,854,568
		Real Estate — 7.0%
		Equity Real Estate Investment Trusts (REITs) — 6.8%
	3,883	American Campus Communities, Inc.		183,666
	8,200	Armada Hoffler Properties, Inc.		106,190
	127,100	Ashford Hospitality Trust, Inc.		772,768
	13,800	Bluerock Residential Growth REIT, Inc.		177,882
	7,800	Chatham Lodging Trust		156,702
	6,900	Chesapeake Lodging Trust		168,843
	900	CorEnergy Infrastructure Trust, Inc.		30,231
	7,500	CoreSite Realty Corp.		776,475
	24,138	Cousins Properties, Inc.		212,173
	2,100	CyrusOne, Inc.		117,075
	7,243	DCT Industrial Trust, Inc.		387,066
	14,000	DiamondRock Hospitality Co.		153,300
	7,800	DuPont Fabros Technology, Inc.		477,048
	4,600	Easterly Government Properties, Inc.		96,370

SHARES		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	6,833	Education Realty Trust, Inc.		264,779
	1,200	EPR Properties		86,244
	37,100	First Industrial Realty Trust, Inc.		1,061,802
	2,600	Franklin Street Properties Corp.		28,808
	67,550	GEO Group, Inc. (The)		1,997,453
	4,600	Government Properties Income Trust		84,226
	6,300	Highwoods Properties, Inc.		319,473
	4,900	Hudson Pacific Properties, Inc.		167,531
	7,100	InfraREIT, Inc.		135,965
	6,100	New Senior Investment Group, Inc.		61,305
	18,102	NexPoint Residential Trust, Inc.		450,559
	3,042	Parkway, Inc.		69,631
	7,700	Preferred Apartment Communities, Inc., Class A		121,275
	1,575	PS Business Parks, Inc.		208,514
	2,400	Ramco-Gershenson Properties Trust		30,960
	33,600	Retail Opportunity Investments Corp.		644,784
	19,100	Rexford Industrial Realty, Inc.		524,104
	18,200	RLJ Lodging Trust		361,634
	41,700	Summit Hotel Properties, Inc.		777,705
	2,200	Sun Communities, Inc.		192,918
	32,525	Sunstone Hotel Investors, Inc.		524,303
	19,400	Xenia Hotels & Resorts, Inc.		375,778
				12,305,540
		Real Estate Management & Development — 0.2%
	21,900	Forestar Group, Inc. (a)		375,585
		Total Real Estate		12,681,125
		Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services — 0.0% (g)
	6,300	IDT Corp., Class B		90,531
		Utilities — 3.2%
		Electric Utilities — 1.9%
	1,325	El Paso Electric Co.		68,502
	4,800	IDACORP, Inc.		409,680
	2,850	MGE Energy, Inc.		183,398
	31,875	Portland General Electric Co.		1,456,369
	71,000	Spark Energy, Inc., Class A		1,334,800
				3,452,749
		Gas Utilities — 0.9%
	11,600	New Jersey Resources Corp.		460,520
	10,800	Southwest Gas Holdings, Inc.		789,048
	4,100	WGL Holdings, Inc.		342,063
				1,591,631

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Independent Power and Renewable Electricity Producers — 0.4%
	39,100	Atlantic Power Corp. (a)		93,840
	12,500	Dynegy, Inc. (a)		103,375
	9,400	Ormat Technologies, Inc.		551,592
				748,807
		Water Utilities — 0.0% (g)
	2,000	Consolidated Water Co. Ltd., (Cayman Islands)		24,800
		Total Utilities		5,817,987
		Total Common Stocks (Cost $133,606,218)		172,729,306
NUMBER OF WARRANTS
	Warrant — 0.0%
		Financials — 0.0%
		Diversified Financial Services — 0.0%
	355	Emergent Capital, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (Cost $—)		—

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	7,432,332	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $7,432,332)		7,432,332
		Total Investments — 99.8% (Cost $141,038,550)		180,161,638
		Other Assets in Excess of Liabilities — 0.2%		362,997
		NET ASSETS — 100.0%	$	180,524,635

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	98	Mini Russell 2000 Index		09/15/17		USD	$	6,930,070	$	9,328

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

REIT	—  Real Estate Investment Trust.
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, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (Unaudited)

	Small Cap Core Portfolio
ASSETS:
Investments in non-affiliates, at value	$	172,729,306
Investments in affiliates, at value		7,432,332
Total investment securities, at value		180,161,638
Cash		2,785
Deposits at broker for futures contracts		365,000
Receivables:
Investment securities sold		952,310
Portfolio shares sold		61,364
Interest from non-affiliates		165,128
Dividends from affiliates		2,548
Total Assets		181,710,773
LIABILITIES:
Payables:
Investment securities purchased		872,562
Portfolio shares redeemed		138,974
Variation margin on futures contracts		18,138
Accrued liabilities:
Investment advisory fees		95,357
Administration fees		11,963
Distribution fees		308
Custodian and accounting fees		4,575
Trustees’ and Chief Compliance Officer’s fees		634
Other		43,627
Total Liabilities		1,186,138
Net Assets	$	180,524,635
NET ASSETS:
Paid-in-Capital	$	135,684,118
Accumulated undistributed net investment income		381,594
Accumulated net realized gains (losses)		5,326,507
Net unrealized appreciation (depreciation)		39,132,416
Total Net Assets	$	180,524,635
Net Assets:
Class 1	$	179,031,582
Class 2		1,493,053
Total	$	180,524,635
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		7,675,322
Class 2		64,500
Net Asset Value, offering and redemption price per share (a):
Class 1	$	23.33
Class 2		23.15
Cost of investments in non-affiliates	$	133,606,218
Cost of investments in affiliates		7,432,332

(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, 2017

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

	Small Cap Core Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,030,210
Dividend income from affiliates		12,135
Total investment income		1,042,345
EXPENSES:
Investment advisory fees		552,483
Administration fees		69,434
Distribution fees — Class 2		1,878
Custodian and accounting fees		19,006
Professional fees		27,055
Trustees’ and Chief Compliance Officer’s fees		13,394
Printing and mailing costs		13,531
Transfer agency fees — Class 1		2,163
Transfer agency fees — Class 2		119
Other		8,209
Total expenses		707,272
Less fees waived		(4,192	)
Net expenses		703,080
Net investment income (loss)		339,265
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		6,323,916
Futures		175,228
Net realized gain (loss)		6,499,144
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,162,358
Futures		73,380
Change in net unrealized appreciation/depreciation		1,235,738
Net realized/unrealized gains (losses)		7,734,882
Change in net assets resulting from operations	$	8,074,147

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 13

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Small Cap Core Portfolio
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	339,265		$	597,757
Net realized gain (loss)		6,499,144			1,267,265
Change in net unrealized appreciation/depreciation		1,235,738			24,980,264
Change in net assets resulting from operations		8,074,147			26,845,286
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(572,218	)		(678,458	)
From net realized gains		(1,256,277	)		(10,603,179	)
Class 2
From net investment income		(1,794	)		(2,093	)
From net realized gains		(10,866	)		(98,949	)
Total distributions to shareholders		(1,841,155	)		(11,382,679	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		11,220,638			23,522,371
NET ASSETS:
Change in net assets		17,453,630			38,984,978
Beginning of period		163,071,005			124,086,027
End of period	$	180,524,635		$	163,071,005
Accumulated undistributed net investment income	$	381,594		$	616,341
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	28,139,324		$	46,155,750
Distributions reinvested		1,828,495			11,281,637
Cost of shares redeemed		(18,614,973	)		(34,127,527	)
Change in net assets resulting from Class 1 capital transactions	$	11,352,846		$	23,309,860
Class 2
Proceeds from shares issued	$	70,249		$	426,340
Distributions reinvested		12,660			101,042
Cost of shares redeemed		(215,117	)		(314,871	)
Change in net assets resulting from Class 2 capital transactions	$	(132,208	)	$	212,511
Total change in net assets resulting from capital transactions	$	11,220,638		$	23,522,371
SHARE TRANSACTIONS:
Class 1
Issued		1,226,901			2,327,550
Reinvested		80,057			617,157
Redeemed		(813,619	)		(1,737,248	)
Change in Class 1 Shares		493,339			1,207,459
Class 2
Issued		3,038			21,410
Reinvested		558			5,564
Redeemed		(9,512	)		(16,438	)
Change in Class 2 Shares		(5,916	)		10,536

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 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, 2017 (Unaudited)	$	22.49	��	$	0.05	(e)	$	1.04		$	1.09		$	(0.08	)	$	(0.17	)	$	(0.25	)
Year Ended December 31, 2016		20.56			0.09	(e)		3.65			3.74			(0.11	)		(1.70	)		(1.81	)
Year Ended December 31, 2015		24.06			0.13	(e)		(1.19	)		(1.06	)		(0.03	)		(2.41	)		(2.44	)
Year Ended December 31, 2014		24.03			0.04	(e)		1.98			2.02			(0.03	)		(1.96	)		(1.99	)
Year Ended December 31, 2013		16.98			0.05	(e)(f)		7.11			7.16			(0.11	)		—			(0.11	)
Year Ended December 31, 2012		14.22			0.13	(g)		2.66			2.79			(0.03	)		—			(0.03	)
Class 2
Six Months Ended June 30, 2017 (Unaudited)		22.30			0.01	(e)		1.04			1.05			(0.03	)		(0.17	)		(0.20	)
Year Ended December 31, 2016		20.38			0.04	(e)		3.62			3.66			(0.04	)		(1.70	)		(1.74	)
Year Ended December 31, 2015		23.90			0.07	(e)		(1.18	)		(1.11	)		—			(2.41	)		(2.41	)
Year Ended December 31, 2014		23.91			(0.02	)(e)		1.97			1.95			—			(1.96	)		(1.96	)
Year Ended December 31, 2013		16.90			(0.01	)(e)(f)		7.09			7.08			(0.07	)		—			(0.07	)
Year Ended December 31, 2012		14.16			0.09	(g)		2.65			2.74			—			—			—

(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) Calculated based upon average shares outstanding.

(f) 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.

(g) Reflects special dividends paid out during the period by several of the Portfolio’s holdings. Had the Portfolio not received the special dividends, the net investment income (loss) per share would have been $0.04 and 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.

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2017

		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)
$	23.33		4.85	%	$	179,031,582		0.82	%		0.40	%		0.83	%		28	%
	22.49		20.21			161,500,800		0.87			0.46			0.87			55
	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			0.87			54
	24.03		42.38			105,229,638		0.90			0.24	(f)		0.91			56
	16.98		19.66			66,719,964		0.94			0.80	(g)		0.94			44
	23.15		4.71			1,493,053		1.09			0.13			1.09			28
	22.30		19.88			1,570,205		1.12			0.20			1.13			55
	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	)		1.13			54
	23.91		42.02			2,154,402		1.16			(0.03	)(f)		1.16			56
	16.90		19.35			1,989,290		1.19			0.54	(g)		1.19			44

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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.

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 Investment 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.

• 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).

18 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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)	$	180,161,638	$	—	$	—	(b)	$	180,161,638
Appreciation in Other Financial Instruments
Futures Contracts	$	9,328	$	—	$	—		$	9,328

(a) All 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, 2017.

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 for the six months ended June 30, 2017:

Futures Contracts:
Average Notional Balance Long	$	5,064,750
Ending Notional Balance Long		6,930,070

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, 2017 JPMORGAN INSURANCE TRUST 19

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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 ofJune 30, 2017, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The reclassifications for the Portfolio relate primarily to non-taxable dividends.

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, 2017, 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. “JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to JPMDS, 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 (for all share classes), Administrator (for all share classes) and/or JPMDS (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, 2017 and is in place until at least April 30, 2018.

20 JPMORGAN INSURANCE TRUST JUNE 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). The Adviser, Administrator and/or JPMDS 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.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2017 was $4,192.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. 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 for the six months ended June 30, 2017, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2017, the Portfolio incurred $124 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 for the six months ended June 30, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	53,434,019	$	46,977,871

During for the six months ended June 30, 2017, 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, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	141,038,550	$	44,154,097	$	5,031,009	$	39,123,088

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, 2016, the Portfolio did not have any post-enactment net capital loss carryforwards.

At December 31, 2016, 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
$	115,035	*

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

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility 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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 6, 2017.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended December 31, 2016.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Portfolio did not utilize the Credit Facility during the year ended December 31, 2016.

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, 2017, the Portfolio had two omnibus accounts which collectively represented 57.2% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance.

As of June 30, 2017, the Funds had omnibus accounts which owned more than 10% of the Funds outstanding shares as follows:

Number of Non-Affiliated Omnibus Account		% of the fund
	2		57.2	%

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Portfolio’s fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Portfolio’s financial statements and related disclosures. The adoption will have no effect on the Funds’ net assets or results of operations.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Small Cap Core Portfolio
Class 1
Actual	$	1,000.00	$	1,048.50	$	4.16		0.82	%
Hypothetical		1,000.00		1,020.73		4.11		0.82
Class 2
Actual		1,000.00		1,047.10		5.53		1.09
Hypothetical		1,000.00		1,019.39		5.46		1.09

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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 23

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

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

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

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

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Portfolio’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Portfolio to the 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., 2017. All rights reserved June 2017. SAN-JPMITSCCP-617

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2017 (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	9
Financial Highlights	12
Notes to Financial Statements	14
Schedule of Shareholder Expenses	19

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

August 4, 2017 (Unaudited)

Dear Shareholder,

As the U.S. economic expansion entered its eighth year in 2017, growth in both developed and emerging market economies became increasingly synchronized even as U.S. growth cooled in the early part of the year. Amid an environment of economic growth, low inflation and rising corporate earnings, global financial markets overall produced positive returns.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017.” —George C.W. Gatch

While U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017, it rebounded to 2.6% growth in the second quarter of 2017 on the back of a surge in consumer spending. Meanwhile, the U.S. jobless rate continued to shrink and fell to 4.4% in June 2017 from 4.8% six months earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in June 2017 and signaled it would raise rates once more before the end of the year. Fed Chairwoman Janet Yellen also indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet of assets purchased through its quantitative easing program.

Despite the apparent health of the U.S. economy, by mid-2017 domestic price inflation was below the Fed’s target of 2% growth and wage growth remained below economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the first half of 2017, global energy prices continued to fall amid an oversupply of crude oil and natural gas. Despite efforts by the Organization of Petroleum Exporting

Countries to curb global production, the price of a barrel of benchmark West Texas Intermediate crude oil dropped to $46 by the end of June 2017.

Meanwhile, the leading economies of the European Union (the “EU”) continued to strengthen. Annualized GDP for the 19 core EU nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, the lowest level since March 2009. Also, in separate elections, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record. For the six months ended June 30, 2017, the Standard & Poor’s 500 Index returned 9.34%.

U.S. and foreign financial markets largely rewarded those investors who remained fully invested throughout the first half of 2017, reaffirming the fundamental virtues of patience and diversification within a prudent investment strategy.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

Reporting Period Return:
Portfolio (Class 1 Shares)*		9.47%
S&P 500 Index**		9.34%
Net Assets as of 6/30/2017	$	104,050,375

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?

While U.S. equity markets continued to provide positive returns for the past six months, the magnitude of those gains slowed somewhat as key stock market indexes touched multiple closing highs and largely held near record territory. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Globally, emerging market equities generally outperformed the U.S. and other developed market equities during the reporting period.

Amid investor expectations that the incoming Trump administration and Republican Party majorities in the U.S. Congress would move quickly on infrastructure spending and tax policy, U.S. equities began 2017 with positive returns amid low volatility. Even as those investor expectations began to fade, U.S. equity prices continued to climb.

In February 2017, the Standard & Poor’s 500 Index (the “S&P 500”) reached nine new closing highs and the Dow Jones Industrial Average (the “DJIA”) closed at new highs for 12 consecutive days, matching a record set in 1987. The following month, the S&P 500 crossed 2,400 points in intraday trading for the first time and the DJIA crossed 21,000 points for the first time. While the rally in U.S. equities paused in April 2017, record high U.S. corporate operating earnings rekindled the rise in stock prices and the S&P 500 posted seven new closing highs in May 2017 and four new closing highs in June 2017.

Importantly, U.S. financial market volatility remained near 10-year lows throughout the reporting period. By the end of June 2017, the CBOE Volatility Index averaged 10.5 points, which was about half of its historical average. Overall, large cap stocks generally outperformed mid cap and small cap stocks, while growth stocks generally outperformed value stocks. For the six months ended June 30, 2017, the S&P 500 returned 9.34%.

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

The Portfolio’s Class 1 Shares outperformed the S&P 500 (the “Benchmark”) for the six months ended June 30, 2017. The Portfolio’s security selection in the semiconductors & hardware sector and the telecommunications sector was a leading contributor to performance relative to the Benchmark, while the Portfolio’s security selection in the pharmaceutical/medical technology sector and the media sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Portfolio’s overweight positions in Broadcom Ltd. and Vertex Pharmaceuticals Inc. and its underweight position in Intel Corp. Shares of Broadcom, a semiconductor maker, rose after the company reported better than expected earnings and revenue. Shares of Vertex Pharmaceuticals, a drug maker, rose after the U.S. Food and Drug Administration approved the company’s treatment for cystic fibrosis. Shares of Intel, a semiconductor maker that was not held in the Portfolio, fell on investor expectations of increased competition from Advanced Micro Devices Inc.

Leading individual detractors from relative performance included the Fund’s overweight positions in Walt Disney Co. and Molson Coors Brewing Co. and its underweight position in McDonald’s Corp. Shares of Walt Disney, a media and entertainment company, fell after the company reported lower-than-expected revenue. Shares of Molson Coors Brewing, a beer and beverage maker, fell after the company posted lower-than-expected earnings. Shares of McDonald’s, a fast-food maker and franchiser that was not held in the Portfolio, rose on better-than-expected earnings and sales.

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 position compared with the Benchmark was in the insurance sector and its largest average underweight position was in the real estate investment trusts sector.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2017

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Apple, Inc.	4.1	%
	2.	Microsoft Corp.	3.5
	3.	UnitedHealth Group, Inc.	3.0
	4.	Citigroup, Inc.	2.7
	5.	Walt Disney Co. (The)	2.4
	6.	PepsiCo, Inc.	2.3
	7.	Pfizer, Inc.	2.3
	8.	Bank of America Corp.	2.1
	9.	Alphabet, Inc., Class A	2.1
	10.	General Electric Co.	2.1

PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	24.3	%
Financials	14.9
Consumer Discretionary	13.8
Health Care	13.7
Industrials	13.1
Consumer Staples	6.8
Energy	6.3
Utilities	3.0
Materials	1.7
Others (each less than 1.0%)	1.5
Short-Term Investment	0.9

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

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

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

**** Percentages indicated are based on total investments as of June 30, 2017. The Portfolio’s composition is subject to change.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust U.S. Equity Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS 1 SHARES		March 30, 1995		9.47	%		21.32	%		15.46	%		8.14	%
CLASS 2 SHARES		August 16, 2006		9.34			21.01			15.17			7.87

* Not annualized.

TEN YEAR PERFORMANCE (6/30/07 TO 6/30/17)

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

The graph illustrates comparative performance for $10,000 invested in Class 1 Shares of the JPMorgan Insurance Trust U.S. Equity Portfolio, the S&P 500 Index and the Lipper Variable Underlying Funds Large-Cap Core Funds Index from June 30, 2007 to June 30, 2017. The performance of the Portfolio assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Variable Underlying Funds Large-Cap Core Funds Index includes expenses associated with a mutual

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

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

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

4 JPMORGAN INSURANCE TRUST JUNE 30, 2017

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 99.1%
		Consumer Discretionary — 13.8%
		Automobiles — 0.3%
	7,981	General Motors Co.		278,776
		Hotels, Restaurants & Leisure — 1.5%
	1,987	Hilton Worldwide Holdings, Inc.		122,896
	3,158	Royal Caribbean Cruises Ltd.		344,948
	18,886	Starbucks Corp.		1,101,243
				1,569,087
		Household Durables — 0.5%
	4,639	DR Horton, Inc.		160,370
	1,486	Mohawk Industries, Inc. (a)		359,152
				519,522
		Internet & Direct Marketing Retail — 2.0%
	2,111	Amazon.com, Inc. (a)		2,043,448
		Media — 5.0%
	3,253	Charter Communications, Inc., Class A (a)		1,095,773
	16,882	Comcast Corp., Class A		657,047
	10,171	DISH Network Corp., Class A (a)		638,332
	13,081	Twenty-First Century Fox, Inc., Class A		370,716
	23,505	Walt Disney Co. (The)		2,497,406
				5,259,274
		Specialty Retail — 3.8%
	551	AutoZone, Inc. (a)		314,323
	9,308	Home Depot, Inc. (The)		1,427,847
	9,999	Lowe’s Cos., Inc.		775,223
	1,708	O’Reilly Automotive, Inc. (a)		373,608
	14,970	TJX Cos., Inc. (The)		1,080,385
				3,971,386
		Textiles, Apparel & Luxury Goods — 0.7%
	11,656	NIKE, Inc., Class B		687,704
		Total Consumer Discretionary		14,329,197
		Consumer Staples — 6.8%
		Beverages — 3.8%
	3,262	Constellation Brands, Inc., Class A		631,947
	10,982	Molson Coors Brewing Co., Class B		948,186
	20,935	PepsiCo, Inc.		2,417,783
				3,997,916
		Food & Staples Retailing — 0.7%
	14,689	Kroger Co. (The)		342,548
	4,672	Walgreens Boots Alliance, Inc.		365,864
				708,412

SHARES		SECURITY DESCRIPTION	VALUE($)
		Food Products — 1.2%
	27,872	Mondelez International, Inc., Class A		1,203,792
		Personal Products — 0.2%
	2,480	Estee Lauder Cos., Inc. (The), Class A		238,030
		Tobacco — 0.9%
	1,948	Altria Group, Inc.		145,068
	6,350	Philip Morris International, Inc.		745,807
				890,875
		Total Consumer Staples		7,039,025
		Energy — 6.3%
		Oil, Gas & Consumable Fuels — 6.3%
	4,231	Anadarko Petroleum Corp.		191,834
	8,141	Apache Corp.		390,198
	4,060	Chevron Corp.		423,580
	6,333	Concho Resources, Inc. (a)		769,650
	7,757	Diamondback Energy, Inc. (a)		688,899
	18,443	EOG Resources, Inc.		1,669,460
	4,645	EQT Corp.		272,151
	3,867	Occidental Petroleum Corp.		231,517
	4,541	Parsley Energy, Inc., Class A (a)		126,013
	2,719	Phillips 66		224,834
	9,079	Pioneer Natural Resources Co.		1,448,827
	5,578	Plains GP Holdings LP, Class A		145,920
		Total Energy		6,582,883
		Financials — 14.9%
		Banks — 7.5%
	91,564	Bank of America Corp.		2,221,343
	42,363	Citigroup, Inc.		2,833,238
	22,720	Huntington Bancshares, Inc.		307,174
	34,534	KeyCorp		647,167
	9,709	SunTrust Banks, Inc.		550,695
	1,732	SVB Financial Group (a)		304,468
	16,852	Wells Fargo & Co.		933,769
				7,797,854
		Capital Markets — 2.7%
	3,250	Ameriprise Financial, Inc.		413,693
	9,169	Charles Schwab Corp. (The)		393,900
	6,009	Intercontinental Exchange, Inc.		396,113
	35,898	Morgan Stanley		1,599,615
				2,803,321
		Consumer Finance — 0.3%
	4,269	Capital One Financial Corp.		352,705
		Diversified Financial Services — 0.2%
	6,733	Voya Financial, Inc.		248,380

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust U.S. Equity Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Insurance — 4.2%
	16,949	American International Group, Inc.		1,059,652
	7,889	Arthur J Gallagher & Co.		451,645
	8,739	Chubb Ltd.		1,270,476
	6,847	Hartford Financial Services Group, Inc. (The)		359,947
	2,347	Lincoln National Corp.		158,610
	9,876	MetLife, Inc.		542,587
	3,389	Prudential Financial, Inc.		366,486
	2,634	Validus Holdings Ltd.		136,889
				4,346,292
		Total Financials		15,548,552
		Health Care — 13.7%
		Biotechnology — 1.9%
	1,300	Biogen, Inc. (a)		352,768
	3,285	Celgene Corp. (a)		426,623
	5,420	Gilead Sciences, Inc.		383,628
	1,516	Incyte Corp. (a)		190,879
	4,739	Vertex Pharmaceuticals, Inc. (a)		610,715
				1,964,613
		Health Care Equipment & Supplies — 1.8%
	6,736	Abbott Laboratories		327,437
	47,273	Boston Scientific Corp. (a)		1,310,408
	1,500	Zimmer Biomet Holdings, Inc.		192,600
				1,830,445
		Health Care Providers & Services — 3.5%
	1,158	Humana, Inc.		278,638
	1,680	McKesson Corp.		276,427
	16,617	UnitedHealth Group, Inc.		3,081,124
				3,636,189
		Life Sciences Tools & Services — 0.8%
	10,500	Agilent Technologies, Inc.		622,755
	1,403	Thermo Fisher Scientific, Inc.		244,781
				867,536
		Pharmaceuticals — 5.7%
	4,058	Allergan plc		986,459
	10,714	Bristol-Myers Squibb Co.		596,984
	15,014	Eli Lilly & Co.		1,235,652
	11,089	Merck & Co., Inc.		710,694
	70,838	Pfizer, Inc.		2,379,449
				5,909,238
		Total Health Care		14,208,021

SHARES		SECURITY DESCRIPTION	VALUE($)
		Industrials — 13.1%
		Aerospace & Defense — 2.8%
	6,931	General Dynamics Corp.		1,373,031
	3,302	L3 Technologies, Inc.		551,698
	3,885	Northrop Grumman Corp.		997,319
				2,922,048
		Airlines — 0.7%
	9,800	United Continental Holdings, Inc. (a)		737,450
		Building Products — 0.4%
	9,276	Masco Corp.		354,436
		Electrical Equipment — 0.8%
	1,436	Acuity Brands, Inc.		291,910
	7,395	Eaton Corp. plc		575,553
				867,463
		Industrial Conglomerates — 2.8%
	81,679	General Electric Co.		2,206,150
	5,236	Honeywell International, Inc.		697,906
				2,904,056
		Machinery — 3.3%
	4,751	Deere & Co.		587,176
	12,736	Ingersoll-Rand plc		1,163,943
	4,532	PACCAR, Inc.		299,293
	1,048	Snap-on, Inc.		165,584
	8,443	Stanley Black & Decker, Inc.		1,188,184
				3,404,180
		Road & Rail — 2.1%
	7,917	Norfolk Southern Corp.		963,499
	11,562	Union Pacific Corp.		1,259,217
				2,222,716
		Trading Companies & Distributors — 0.2%
	7,213	HD Supply Holdings, Inc. (a)		220,934
		Total Industrials		13,633,283
		Information Technology — 24.3%
		Electronic Equipment, Instruments & Components — 0.1%
	1,478	TE Connectivity Ltd.		116,289
		Internet Software & Services — 6.0%
	2,388	Alphabet, Inc., Class A (a)		2,220,076
	2,419	Alphabet, Inc., Class C (a)		2,198,218
	12,183	Facebook, Inc., Class A (a)		1,839,389
				6,257,683

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		IT Services — 4.3%
	14,377	Accenture plc, Class A		1,778,147
	2,138	International Business Machines Corp.		328,889
	22,768	Visa, Inc., Class A		2,135,183
	1,663	WEX, Inc. (a)		173,401
				4,415,620
		Semiconductors & Semiconductor Equipment — 5.2%
	17,221	Analog Devices, Inc.		1,339,794
	5,982	Broadcom Ltd.		1,394,105
	9,396	Microchip Technology, Inc.		725,183
	25,957	Texas Instruments, Inc.		1,996,872
				5,455,954
		Software — 4.6%
	7,729	Adobe Systems, Inc. (a)		1,093,190
	52,810	Microsoft Corp.		3,640,193
				4,733,383
		Technology Hardware, Storage & Peripherals — 4.1%
	29,607	Apple, Inc.		4,264,000
		Total Information Technology		25,242,929
		Materials — 1.7%
		Chemicals — 0.8%
	1,974	Eastman Chemical Co.		165,796
	5,540	EI du Pont de Nemours & Co.		447,133
	8,096	Mosaic Co. (The)		184,832
				797,761
		Construction Materials — 0.4%
	3,068	Vulcan Materials Co.		388,654
		Containers & Packaging — 0.5%
	3,297	Crown Holdings, Inc. (a)		196,699
	6,195	WestRock Co.		351,009
				547,708
		Total Materials		1,734,123

SHARES		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 0.8%
		Equity Real Estate Investment Trusts (REITs) — 0.8%
	6,931	Prologis, Inc.		406,434
	1,082	Public Storage		225,630
	1,977	Vornado Realty Trust		185,640
		Total Real Estate		817,704
		Telecommunication Services — 0.7%
		Diversified Telecommunication Services — 0.6%
	7,298	AT&T, Inc.		275,353
	8,998	Verizon Communications, Inc.		401,851
				677,204
		Wireless Telecommunication Services — 0.1%
	1,704	T-Mobile US, Inc. (a)		103,297
		Total Telecommunication Services		780,501
		Utilities — 3.0%
		Electric Utilities — 3.0%
	10,129	Edison International		791,987
	8,132	NextEra Energy, Inc.		1,139,537
	7,792	PG&E Corp.		517,155
	14,509	Xcel Energy, Inc.		665,673
		Total Utilities		3,114,352
		Total Common Stocks (Cost 80,048,668)		103,030,570
	Short-Term Investment — 0.9%
		Investment Company — 0.9%
	974,215	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $974,215)		974,215
		Total Investments — 100.0% (Cost 81,022,883)		104,004,785
		Other Assets in Excess of Liabilities — 0.0% (g)		45,590
		NET ASSETS — 100.0%	$	104,050,375

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	2	E-mini S&P 500 Index		09/15/17		USD	$	242,090	$	(1,764	)

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust U.S. Equity Portfolio

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AS OF JUNE 30, 2017 (Unaudited)

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, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2017

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (Unaudited)

	U.S. Equity Portfolio
ASSETS:
Investments in non-affiliates, at value	$	103,030,570
Investments in affiliates, at value		974,215
Total investment securities, at value		104,004,785
Cash		809
Deposits at broker for futures contracts		25,000
Receivables:
Investment securities sold		918,112
Portfolio shares sold		64,727
Dividends from non-affiliates		85,922
Dividends from affiliates		846
Variation margin on futures contracts		86
Total Assets		105,100,287
LIABILITIES:
Payables:
Investment securities purchased		881,694
Portfolio shares redeemed		66,573
Accrued liabilities:
Investment advisory fees		47,141
Administration fees		6,989
Distribution fees		2,838
Custodian and accounting fees		4,842
Trustees’ and Chief Compliance Officer’s fees		304
Other		39,531
Total Liabilities		1,049,912
Net Assets	$	104,050,375
NET ASSETS:
Paid-in-Capital	$	74,868,143
Accumulated undistributed net investment income		375,856
Accumulated net realized gains (losses)		5,826,238
Net unrealized appreciation (depreciation)		22,980,138
Total Net Assets	$	104,050,375
Net Assets:
Class 1	$	90,223,983
Class 2		13,826,392
Total	$	104,050,375
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		3,108,871
Class 2		481,098
Net Asset Value, offering and redemption price per share (a):
Class 1	$	29.02
Class 2		28.74
Cost of investments in non-affiliates	$	80,048,668
Cost of investments in affiliates		974,215

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 9

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

	U.S. Equity Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	833,905
Dividend income from affiliates		3,247
Total investment income		837,152
EXPENSES:
Investment advisory fees		284,238
Administration fees		42,220
Distribution fees — Class 2		16,257
Custodian and accounting fees		24,222
Professional fees		25,923
Trustees’ and Chief Compliance Officer’s fees		13,203
Printing and mailing costs		9,715
Transfer agency fees — Class 1		1,009
Transfer agency fees — Class 2		2
Other		5,191
Total expenses		421,980
Less fees waived		(1,015	)
Net expenses		420,965
Net investment income (loss)		416,187
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,592,398
Futures		1,451
Net realized gain (loss)		7,593,849
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,290,997
Futures		(1,764	)
Change in net unrealized appreciation/depreciation		1,289,233
Net realized/unrealized gains (losses)		8,883,082
Change in net assets resulting from operations	$	9,299,269

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	U.S. Equity Portfolio
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	416,187		$	912,612
Net realized gain (loss)		7,593,849			1,111,122
Change in net unrealized appreciation/depreciation		1,289,233			8,001,760
Change in net assets resulting from operations		9,299,269			10,025,494
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		(798,168	)		(841,979	)
From net realized gains		(897,055	)		(2,988,480	)
Class 2
From net investment income		(94,733	)		(87,125	)
From net realized gains		(138,618	)		(431,986	)
Total distributions to shareholders		(1,928,574	)		(4,349,570	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,277,466	)		(3,628,021	)
NET ASSETS:
Change in net assets		4,093,229			2,047,903
Beginning of period		99,957,146			97,909,243
End of period	$	104,050,375		$	99,957,146
Accumulated undistributed net investment income	$	375,856		$	852,570
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	6,461,441		$	5,561,089
Distributions reinvested		1,695,223			3,830,459
Cost of shares redeemed		(12,275,607	)		(13,113,311	)
Change in net assets resulting from Class 1 capital transactions	$	(4,118,943	)	$	(3,721,763	)
Class 2
Proceeds from shares issued	$	1,950,688		$	5,511,441
Distributions reinvested		233,351			519,111
Cost of shares redeemed		(1,342,562	)		(5,936,810	)
Change in net assets resulting from Class 2 capital transactions	$	841,477		$	93,742
Total change in net assets resulting from capital transactions	$	(3,277,466	)	$	(3,628,021	)
SHARE TRANSACTIONS:
Class 1
Issued		223,013			221,761
Reinvested		58,638			155,710
Redeemed		(424,522	)		(519,009	)
Change in Class 1 Shares		(142,871	)		(141,538	)
Class 2
Issued		68,390			220,937
Reinvested		8,148			21,292
Redeemed		(47,083	)		(241,716	)
Change in Class 2 Shares		29,455			513

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 11

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized  gains (losses) on investments		Total from investment operations		Net investment income			Net realized gain			Total distributions
U.S. Equity Portfolio
Class 1
Six Months Ended June 30, 2017 (Unaudited)	$	27.03	$	0.12	(e)	$	2.42	$	2.54	$	(0.26	)	$	(0.29	)	$	(0.55	)
Year Ended December 31, 2016		25.50		0.26	(e)		2.42		2.68		(0.25	)		(0.90	)		(1.15	)
Year Ended December 31, 2015		26.75		0.26	(e)		0.01		0.27		(0.30	)		(1.22	)		(1.52	)
Year Ended December 31, 2014		23.71		0.31	(f)		2.96		3.27		(0.23	)		—			(0.23	)
Year Ended December 31, 2013		17.63		0.21	(e)		6.13		6.34		(0.26	)		—			(0.26	)
Year Ended December 31, 2012		15.22		0.23	(e)		2.43		2.66		(0.25	)		—			(0.25	)
Class 2
Six Months Ended June 30, 2017 (Unaudited)		26.74		0.08	(e)		2.41		2.49		(0.20	)		(0.29	)		(0.49	)
Year Ended December 31, 2016		25.24		0.18	(e)		2.40		2.58		(0.18	)		(0.90	)		(1.08	)
Year Ended December 31, 2015		26.51		0.19	(e)		0.02		0.21		(0.26	)		(1.22	)		(1.48	)
Year Ended December 31, 2014		23.53		0.27	(f)		2.91		3.18		(0.20	)		—			(0.20	)
Year Ended December 31, 2013		17.54		0.16	(e)		6.08		6.24		(0.25	)		—			(0.25	)
Year Ended December 31, 2012		15.18		0.22	(e)		2.39		2.61		(0.25	)		—			(0.25	)

(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) Calculated based upon average shares outstanding.

(f) 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.

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2017

		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)
$	29.02		9.43	%	$	90,223,983		0.79	%		0.84	%		0.79	%		51	%
	27.03		10.98			87,878,389		0.80			0.98			0.80			61
	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	(f)		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
	28.74		9.34			13,826,392		1.03			0.59			1.03			51
	26.74		10.65			12,078,757		1.05			0.73			1.05			61
	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	(f)		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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 13

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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.

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 Investment 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 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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)	$	104,004,785		$	—	$	—	$	104,004,785
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,764	)	$	—	$	—	$	(1,764	)

(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, 2017.

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, 2017:

Futures Contracts:
Average Notional Balance Long	$	119,954
Ending Notional Balance Long		242,090

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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 15

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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, 2017, no liability for income tax is required in the Portfolio’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Portfolio’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to 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, 2017, 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 “JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to the JPMDS, 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 (for all share classes), Administrator (for all share classes) and/or JPMDS (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
0.80%		1.05	%

The expense limitation agreement was in effect for the six months ended June 30, 2017 and is in place until at least April 30, 2018.

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds).The Adviser, Administrator and/or the JPMDS 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.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2017 was $1,015.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2017

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the JPMDS. 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, 2017, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2017, the Portfolio did not incurred 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, 2017, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
$	51,948,214	$	56,542,568

During the six months ended June 30, 2017, 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, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	81,022,883	$	23,696,396	$	714,494	$	22,981,902

At December 31, 2016, the Portfolio did not have any net capital loss carryforwards.

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility 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. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 6, 2017.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 17

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2017.

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, 2017, the Portfolio had three omnibus accounts which collectively represented 67.3% of the Portfolio’s net assets. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Portfolio’s fiscal year end on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Portfolio’s financial statements and related disclosures. The adoption will have no effect on the Portfolio’s net assets or result of operations.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
U.S. Equity Portfolio
Class 1
Actual	$	1,000.00	$	1,094.30	$	4.05		0.78	%
Hypothetical		1,000.00		1,020.93		3.91		0.78
Class 2
Actual		1,000.00		1,093.40		5.35		1.03
Hypothetical		1,000.00		1,019.69		5.16		1.03

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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 19

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

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

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

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

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

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., 2017.  All rights reserved. June 2017. SAN-JPMITUSEP-617

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2017 (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	4
Financial Statements	20
Financial Highlights	24
Notes to Financial Statements	26
Schedule of Shareholder Expenses	35

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

August 4, 2017 (Unaudited)

Dear Shareholder,

As the U.S. economic expansion entered its eighth year in 2017, growth in both developed and emerging market economies became increasingly synchronized even as U.S. growth cooled in the early part of the year. Amid an environment of economic growth, low inflation and rising corporate earnings, global financial markets overall produced positive returns.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017.” — George C.W. Gatch

While U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017, it rebounded to 2.6% growth in the second quarter of 2017 on the back of a surge in consumer spending. Meanwhile, the U.S. jobless rate continued to shrink and fell to 4.4% in June 2017 from 4.8% six months earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in June 2017 and signaled it would raise rates once more before the end of the year. Fed Chairwoman Janet Yellen also indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet of assets purchased through its quantitative easing program.

Despite the apparent health of the U.S. economy, by mid-2017 domestic price inflation was below the Fed’s target of 2% growth and wage growth remained below economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the first half of 2017, global energy prices continued to fall amid an oversupply of crude oil and natural gas. Despite efforts by the Organization of Petroleum Exporting

Countries to curb global production, the price of a barrel of benchmark West Texas Intermediate crude oil dropped to $46 by the end of June 2017.

Meanwhile, the leading economies of the European Union (the “EU”) continued to strengthen. Annualized GDP for the 19 core EU nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, the lowest level since March 2009. Also, in separate elections, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record. For the six months ended June 30, 2017, the Standard & Poor’s 500 Index returned 9.34%.

U.S. and foreign financial markets largely rewarded those investors who remained fully invested throughout the first half of 2017, reaffirming the fundamental virtues of patience and diversification within a prudent investment strategy.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Income Builder Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Portfolio (Class 2 Shares)*		5.85%
MSCI World Index (net of foreign withholding taxes)		10.66%
Income Builder Composite Benchmark		7.24%
Net Assets as of 6/30/2017	$	48,176,658

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?

While U.S. equity markets continued to provide positive returns for the past six months, the magnitude of those gains slowed somewhat as key stock market indexes touched multiple closing highs and largely held near record territory. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Globally, emerging market equities generally outperformed the U.S. and other developed market equities during the reporting period.

While emerging market bonds and high-yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, investment grade corporate bonds and U.S. Treasury bonds underperformed equity securities amid investor expectations for rising interest rates in the U.S.

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

The Portfolio’s Class 2 Shares underperformed 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% Bloomberg Barclays Aggregate Index, for the six months ended June 30, 2017.

The Portfolio’s allocation to fixed-income securities, which broadly underperformed global equity, detracted from the Fund’s performance relative to the Benchmark.

Relative to the Composite, the Portfolio’s underweight allocation to U.S. equity was a leading detractor from performance. The Portfolio’s allocation to international equity made a positive contribution to relative performance.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio was positioned to tactically pursue income. The portfolio managers increased

their allocation to equities given their expectation for better global economic growth and relatively slow tightening by global central banks.

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	6.6	%
	2.	JPMorgan Equity Income Fund, Class R6 Shares	6.0
	3.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares	3.1
	4.	Unibail-Rodamco SE, (France)	0.6
	5.	GlaxoSmithKline plc, (United Kingdom)	0.6
	6.	Johnson & Johnson	0.6
	7.	Siemens AG (Registered), (Germany)	0.6
	8.	Goldman Sachs Group, Inc. (The), Series M, VAR, 5.375%, 05/10/20	0.6
	9.	Morgan Stanley, Series H, VAR, 5.450%, 07/15/19	0.5
	10.	Occidental Petroleum Corp.	0.5

PORTFOLIO COMPOSITION***
Corporate Bonds	41.6	%
Common Stocks	31.0
Investment Companies	15.7
Asset-Backed Securities	4.7
Collateralized Mortgage Obligations	3.3
Others (each less than 1.0%)	1.3
Short-Term Investment	2.4

* 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, 2017. The Portfolio’s composition is subject to change.

VAR —  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2017.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2017

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		5.94	%		8.79	%		4.65	%
CLASS 2 SHARES		December 9, 2014		5.85			8.58			4.40

* Not annualized

LIFE OF PORTFOLIO PERFORMANCE (12/09/14 TO 6/30/17)

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 Bloomberg 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, 2017. 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 Bloomberg 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 Bloomberg 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.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 4.7%
		United States — 4.7%
	64,411	ABFC Trust, Series 2004-OPT5, Class A1, VAR, 1.916%, 06/25/34		63,441
	123,329	ACE Securities Corp. Home Equity Loan Trust, Series 2003-HE1, Class M1, VAR, 2.191%, 11/25/33		120,874
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	66,722	Series 2003-10, Class M1, VAR, 2.266%, 12/25/33		65,837
	87,088	Series 2003-10, Class M2, VAR, 3.766%, 12/25/33		84,967
	29,628	AMRESCO Residential Securities Corp. Mortgage Loan Trust, Series 1997-1, Class A7, 7.610%, 03/25/27		29,607
	96,671	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE6, Class M2, VAR, 3.691%, 11/25/33		92,010
	41,628	Bear Stearns Asset-Backed Securities Trust, Series 2004-HE5, Class M2, VAR, 3.091%, 07/25/34		41,217
		Countrywide Asset-Backed Certificates,
	33,844	Series 2004-2, Class M1, VAR, 1.966%, 05/25/34		33,716
	113,981	Series 2006-19, Class 2A2, VAR, 1.376%, 03/25/37		110,361
		CWABS, Inc. Asset-Backed Certificates Trust,
	87,212	Series 2004-5, Class M3, VAR, 2.941%, 07/25/34		86,812
	54,507	Series 2004-5, Class M5, VAR, 3.541%, 05/25/34		52,512
		Fremont Home Loan Trust,
	86,665	Series 2003-A, Class M1, VAR, 2.191%, 08/25/33		83,571
	76,684	Series 2004-1, Class M4, VAR, 2.641%, 02/25/34		76,496
	224,940	GSAMP Trust, Series 2003-SEA, Class A1, VAR, 1.616%, 02/25/33		212,784
		Home Equity Asset Trust,
	100,000	Series 2005-7, Class M1, VAR, 1.666%, 01/25/36		99,518
	65,754	Series 2007-2, Class 2A2, VAR, 1.401%, 07/25/37		65,295
	70,057	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-B, Class 2A3, VAR, 1.406%, 06/25/36		68,014
	49,984	Mastr Asset-Backed Securities Trust, Series 2004-OPT2, Class M1, VAR, 2.116%, 09/25/34		48,899

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
		Morgan Stanley ABS Capital I, Inc. Trust,
	39,825	Series 2003-NC10, Class M1, VAR, 2.236%, 10/25/33		39,441
	227,130	Series 2003-SD1, Class M1, VAR, 3.466%, 03/25/33		221,603
	90,988	Series 2004-HE3, Class M1, VAR, 2.071%, 03/25/34		88,449
	82,432	Series 2004-NC7, Class M2, VAR, 2.146%, 07/25/34		82,627
	41,287	Renaissance Home Equity Loan Trust, Series 2003-3, Class A, VAR, 1.716%, 12/25/33		40,542
	126,769	Securitized Asset-Backed Receivables LLC Trust, Series 2004-OP2, Class M3, VAR, 3.241%, 08/25/34		115,038
	28,446	Structured Asset Investment Loan Trust, Series 2003-BC11, Class M1, VAR, 2.191%, 10/25/33		28,330
	125,990	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC6, Class A4, VAR, 1.386%, 01/25/37		119,119
	88,317	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2006-3, Class A2, VAR, 1.366%, 01/25/37		87,545
		Total Asset-Backed Securities (Cost $2,174,783)		2,258,625
	Collateralized Mortgage Obligations — 3.2%
		United States — 3.2%
	52,303	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 3.414%, 06/25/45		52,197
	40,221	Banc of America Funding Trust, Series 2006-A, Class 1A1, VAR, 3.131%, 02/20/36		39,744
	22,849	Banc of America Mortgage Trust, Series 2005-A, Class 2A2, VAR, 3.475%, 02/25/35		22,618
	64,315	Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2, VAR, 3.475%, 05/25/35		64,556
		Bear Stearns ARM Trust
	184,634	Series 2004-9, Class 22A1, VAR, 3.623%, 11/25/34		185,957
	38,410	Series 2006-1, Class A1, VAR, 2.910%, 02/25/36		38,297
	84,437	Citigroup Mortgage Loan Trust, Inc., Series 2005-6, Class A1, VAR, 2.690%, 09/25/35		86,946
	28,811	First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 4A1, VAR, 3.050%, 02/25/35		28,618

SEE NOTES TO FINANCIAL STATEMENTS.

4 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		United States — continued
	62,152	GSR Mortgage Loan Trust, Series 2005-AR3, Class 1A1, VAR, 1.656%, 05/25/35		59,102
		Impac CMB Trust
	84,617	Series 2004-6, Class 1A2, VAR, 1.996%, 10/25/34		80,968
	127,742	Series 2004-7, Class 1A2, VAR, 2.136%, 11/25/34		119,605
	13,485	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.500%, 01/25/36		12,079
	38,118	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 3.081%, 04/21/34		39,185
	20,301	Merrill Lynch Mortgage Investors Trust, Series 2007-1, Class 4A3, VAR, 5.124%, 01/25/37		19,721
	52,598	Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 4A, VAR, 3.491%, 07/25/34		51,606
	76,386	Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 1.496%, 12/25/35		70,834
	16,779	Residential Asset Securitization Trust, Series 2004-A6, Class A1, 5.000%, 08/25/19		16,767
		WaMu Mortgage Pass-Through Certificates Trust
	32,962	Series 2005-AR3, Class A1, VAR, 3.033%, 03/25/35		32,274
	53,927	Series 2005-AR5, Class A6, VAR, 2.983%, 05/25/35		54,112
		Wells Fargo Mortgage-Backed Securities Trust
	74,487	Series 2004-W, Class A1, VAR, 3.010%, 11/25/34		74,620
	50,644	Series 2004-Z, Class 2A2, VAR, 2.999%, 12/25/34		51,347
	60,956	Series 2004-EE, Class 2A2, VAR, 3.237%, 12/25/34		62,289
	17,297	Series 2005-16, Class A8, 5.750%, 01/25/36		18,453
	36,428	Series 2005-AR1, Class 1A1, VAR, 3.116%, 02/25/35		36,932
	29,164	Series 2005-AR2, Class 2A2, VAR, 3.162%, 03/25/35		29,442
	62,151	Series 2005-AR3, Class 1A1, VAR, 3.311%, 03/25/35		63,548
	45,272	Series 2005-AR3, Class 2A1, VAR, 3.117%, 03/25/35		45,696
	55,670	Series 2006-AR2, Class 2A3, VAR, 3.107%, 03/25/36		55,808

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	45,852	Series 2006-AR3, Class A3, VAR, 3.253%, 03/25/36		45,209
		Total Collateralized Mortgage Obligations (Cost $1,515,727)		1,558,530
	Commercial Mortgage-Backed Security — 0.1%
		United States — 0.1%
	57,819	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39 (Cost $56,166)		50,338
SHARES
	Common Stocks — 30.8%
		Australia — 0.5%
	1,937	BHP Billiton plc		29,676
	9,519	Goodman Group		57,531
	34,261	Mirvac Group		56,025
	27,320	Scentre Group		84,941
				228,173
		Belgium — 0.5%
	1,643	Anheuser-Busch InBev SA/NV		181,467
	330	KBC Group NV		25,020
	454	Proximus SADP		15,890
	263	Warehouses De Pauw CVA		27,638
				250,015
		Canada — 0.3%
	1,557	Allied Properties REIT		46,729
	616	RioCan REIT		11,434
	1,805	TransCanada Corp.		86,046
				144,209
		China — 0.1%
	64,000	CNOOC Ltd.		70,223
		Czech Republic — 0.1%
	20,198	Moneta Money Bank A/S (e)		67,625
		Denmark — 0.4%
	3,247	Danske Bank A/S		124,922
	389	ISS A/S		15,280
	1,108	Novo Nordisk A/S, Class B		47,608
	181	Pandora A/S		16,892
				204,702
		Finland — 0.8%
	531	Elisa OYJ		20,599
	1,065	Fortum OYJ		16,714
	487	Metso OYJ		16,898

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Finland — continued
	426	Neste OYJ		16,810
	5,275	Nokia OYJ		32,345
	458	Nokian Renkaat OYJ		18,958
	277	Orion OYJ, Class B		17,695
	517	Sampo OYJ, Class A		26,525
	1,737	Stora Enso OYJ, Class R		22,446
	6,884	UPM-Kymmene OYJ		196,295
	313	Wartsila OYJ Abp		18,510
				403,795
		France — 2.3%
	1,563	AXA SA		42,800
	798	BNP Paribas SA		57,450
	401	Bouygues SA		16,894
	753	Bureau Veritas SA		16,668
	519	Cie de Saint-Gobain		27,717
	775	Cie Generale des Etablissements Michelin		103,148
	953	CNP Assurances		21,391
	1,448	Credit Agricole SA		23,325
	623	Edenred		16,251
	1,512	Electricite de France SA		16,382
	1,824	Engie SA		27,531
	695	Eutelsat Communications SA		17,733
	157	Fonciere Des Regions		14,563
	179	Imerys SA		15,581
	1,008	Klepierre		41,314
	498	Mercialys SA		9,743
	2,391	Natixis SA		16,050
	967	Peugeot SA		19,272
	241	Renault SA		21,805
	902	Rexel SA		14,741
	762	Sanofi		73,015
	484	Schneider Electric SE (a)		37,195
	416	SCOR SE		16,527
	678	Societe Generale SA		36,562
	1,386	TOTAL SA		68,811
	1,198	Unibail-Rodamco SE		301,868
	430	Vinci SA		36,680
				1,111,017
		Germany — 2.1%
	786	Allianz SE (Registered)		155,111
	2,790	Aroundtown Property Holdings plc		15,178
	235	Axel Springer SE		14,135
	637	BASF SE		59,119
	349	Bayerische Motoren Werke AG		32,460

SHARES		SECURITY DESCRIPTION	VALUE($)
		Germany — continued
	1,755	Daimler AG (Registered)		127,288
	914	Deutsche Post AG (Registered)		34,310
	2,469	Deutsche Telekom AG (Registered)		44,504
	1,550	Deutsche Wohnen AG		59,392
	2,686	E.ON SE		25,356
	452	Evonik Industries AG		14,467
	166	Hannover Rueck SE		19,939
	201	HUGO BOSS AG		14,091
	419	Innogy SE (e)		16,490
	481	METRO AG		16,249
	127	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		25,699
	989	RWE AG (a)		19,756
	1,985	Siemens AG (Registered)		273,045
	3,071	Telefonica Deutschland Holding AG		15,358
	1,098	TUI AG		16,006
	550	Vonovia SE		21,882
				1,019,835
		Hong Kong — 0.2%
	4,800	Hongkong Land Holdings Ltd.		35,325
	6,000	Link REIT		45,642
				80,967
		Ireland — 0.1%
	68,315	Bank of Ireland (a)		17,946
	494	Smurfit Kappa Group plc		15,414
				33,360
		Italy — 0.3%
	1,489	Assicurazioni Generali SpA		24,578
	683	Atlantia SpA		19,212
	6,942	Enel SpA		37,233
	10,259	Intesa Sanpaolo SpA		32,632
	331	Italgas SpA		1,672
	1,649	Mediobanca SpA		16,314
	3,309	Terna Rete Elettrica Nazionale SpA		17,872
				149,513
		Japan — 1.0%
	9	Activia Properties, Inc.		38,449
	2,000	Bridgestone Corp.		86,463
	2,300	Daiwa House Industry Co. Ltd.		78,719
	57	Japan Hotel REIT Investment Corp.		40,364
	2,100	Japan Tobacco, Inc.		73,811
	25	Nippon Prologis REIT, Inc.		53,213
	1,700	Nippon Telegraph & Telephone Corp.		80,247

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		Japan — continued
	12	Orix JREIT, Inc.		17,706
				468,972
		Netherlands — 1.0%
	706	ABN AMRO Group NV, CVA (e)		18,703
	3,832	Aegon NV		19,612
	276	Akzo Nobel NV		24,003
	232	Eurocommercial Properties NV, CVA		9,270
	4,874	ING Groep NV		84,139
	3,930	Koninklijke Ahold Delhaize NV		75,013
	2,913	NN Group NV		103,362
	308	Randstad Holding NV		17,957
	3,623	Royal Dutch Shell plc, Class B		97,265
	660	Vastned Retail NV		27,631
				476,955
		Norway — 0.3%
	1,360	DNB ASA		23,154
	920	Marine Harvest ASA (a)		15,740
	3,340	Norsk Hydro ASA		18,484
	1,746	Orkla ASA		17,746
	1,312	Statoil ASA		21,756
	1,031	Telenor ASA		17,104
	443	Yara International ASA		16,658
				130,642
		Portugal — 0.0% (g)
	4,702	EDP — Energias de Portugal SA		15,381
		Singapore — 0.1%
	3,820	Ascendas REIT		7,238
	3,300	CapitaLand Commercial Trust		3,977
	2,700	DBS Group Holdings Ltd.		40,637
				51,852
		South Africa — 0.1%
	2,472	Investec plc		18,471
	727	Mondi plc		19,063
				37,534
		Spain — 1.1%
	1,371	Abertis Infraestructuras SA		25,414
	491	ACS Actividades de Construccion y Servicios SA		18,984
	102	Aena SA (e)		19,918
	5,300	Banco Bilbao Vizcaya Argentaria SA		44,149
	11,685	Banco de Sabadell SA		23,774
	9,925	Banco Santander SA		65,901

SHARES		SECURITY DESCRIPTION	VALUE($)
		Spain — continued
	3,211	Bankia SA		15,531
	1,801	Bankinter SA		16,614
	4,726	CaixaBank SA		22,592
	2,505	Distribuidora Internacional de Alimentacion SA		15,632
	708	Endesa SA		16,333
	752	Gamesa Corp. Technologica SA		16,089
	727	Gas Natural SDG SA		17,018
	16,547	Iberdrola SA		131,125
	5,592	Mapfre SA		19,573
	43	Repsol SA (a)		659
	1,474	Repsol SA (a)		22,598
	3,660	Telefonica SA		37,887
				529,791
		Sweden — 0.6%
	767	Alfa Laval AB		15,699
	553	Electrolux AB, Series B		18,133
	527	ICA Gruppen AB		19,632
	578	Kinnevik AB, Class B		17,720
	2,718	Nordea Bank AB		34,618
	966	Securitas AB, Class B		16,293
	1,942	Skandinaviska Enskilda Banken AB, Class A		23,511
	766	Skanska AB, Class B		18,189
	814	SKF AB, Class B		16,529
	1,818	Svenska Handelsbanken AB, Class A		26,038
	1,071	Swedbank AB, Class A		26,139
	508	Swedish Match AB		17,897
	1,450	Tele2 AB, Class B		15,195
				265,593
		Switzerland — 1.4%
	1,614	ABB Ltd. (Registered)		40,061
	4	Banque Cantonale Vaudoise (Registered)		2,967
	33	Cembra Money Bank AG		3,127
	2,151	Credit Suisse Group AG (Registered) (a)		31,299
	10,373	Glencore plc (a)		38,870
	514	LafargeHolcim Ltd. (a)		29,541
	1,720	Novartis AG (Registered)		143,666
	348	Roche Holding AG		88,919
	1,571	Swiss Re AG		143,971
	2,832	UBS Group AG (Registered) (a)		48,161
	1,080	Wolseley plc		66,288
	128	Zurich Insurance Group AG		37,357
				674,227

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United Kingdom — 5.6%
	1,665	3i Group plc		19,576
	1,630	Anglo American plc (a)		21,776
	682	AstraZeneca plc		45,683
	4,240	Aviva plc		29,084
	1,228	Babcock International Group plc		14,082
	18,488	BAE Systems plc		152,624
	2,808	Barratt Developments plc		20,623
	377	Berkeley Group Holdings plc		15,853
	3,388	British American Tobacco plc		230,868
	7,446	British Land Co. plc (The)		58,783
	7,809	Centrica plc		20,360
	1,466	Compass Group plc		30,951
	27,747	Direct Line Insurance Group plc		128,483
	3,510	Dixons Carphone plc		12,975
	897	easyJet plc		15,890
	5,530	G4S plc		23,519
	3,703	GKN plc		15,729
	13,413	GlaxoSmithKline plc		285,526
	2,298	Hammerson plc		17,193
	12,180	HSBC Holdings plc		113,055
	13,200	HSBC Holdings plc		122,633
	1,038	IMI plc		16,167
	963	Imperial Brands plc		43,274
	1,820	Inmarsat plc		18,253
	388	InterContinental Hotels Group plc		21,547
	2,344	International Consolidated Airlines Group SA		18,624
	6,006	ITV plc		14,217
	5,510	J Sainsbury plc		18,073
	1,445	Land Securities Group plc		19,078
	7,508	Legal & General Group plc		25,264
	53,924	Lloyds Banking Group plc		46,470
	2,443	Meggitt plc		15,180
	438	Micro Focus International plc		12,951
	3,165	NewRiver REIT plc		14,424
	7,805	Old Mutual plc		19,691
	4,757	Persimmon plc		138,935
	2,001	Prudential plc		45,931
	3,843	Rio Tinto plc		162,758
	2,332	RSA Insurance Group plc		18,707
	6,555	Safestore Holdings plc		35,902
	374	Schroders plc		15,123
	6,308	Segro plc		40,206
	564	Severn Trent plc		16,034
	893	Smiths Group plc		18,567
	1,126	St James’s Place plc		17,356

SHARES		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	3,568	Standard Life plc		18,554
	1,556	Tate & Lyle plc		13,410
	7,298	Taylor Wimpey plc		16,759
	11,245	Tritax Big Box REIT plc		21,413
	1,818	Unilever plc		98,386
	71,850	Vodafone Group plc		204,051
	5,030	WPP plc		105,915
				2,686,486
		United States — 11.9%
	1,332	Accenture plc, Class A		164,742
	464	Alexandria Real Estate Equities, Inc.		55,898
	2,234	Altria Group, Inc.		166,366
	1,363	Apartment Investment & Management Co., Class A		58,568
	887	Apple, Inc.		127,746
	3,652	AT&T, Inc.		137,790
	715	AvalonBay Communities, Inc.		137,402
	2,798	Brandywine Realty Trust		49,049
	1,671	Brixmor Property Group, Inc.		29,878
	1,033	Camden Property Trust		88,332
	677	CME Group, Inc.		84,788
	4,233	Comcast Corp., Class A		164,748
	1,153	Digital Realty Trust, Inc.		130,231
	963	Duke Realty Corp.		26,916
	1,575	EI du Pont de Nemours & Co.		127,118
	342	Extra Space Storage, Inc.		26,676
	2,383	General Motors Co.		83,238
	675	Gramercy Property Trust		20,054
	4,623	HCP, Inc.		147,751
	1,135	Healthcare Trust of America, Inc., Class A		35,310
	1,105	Highwoods Properties, Inc.		56,035
	1,228	Home Depot, Inc. (The)		188,375
	4,598	Host Hotels & Resorts, Inc.		84,005
	4,300	HP, Inc.		75,164
	483	International Business Machines Corp.		74,300
	2,145	Johnson & Johnson		283,762
	2,770	Kimco Realty Corp.		50,830
	1,185	KLA-Tencor Corp.		108,439
	1,037	LaSalle Hotel Properties		30,903
	1,471	Liberty Property Trust		59,884
	911	Macerich Co. (The)		52,893
	1,538	MetLife, Inc.		84,498
	3,131	Microsoft Corp.		215,820
	547	Mid-America Apartment Communities, Inc.		57,643

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — continued
		United States — continued
	3,333	Morgan Stanley		148,519
	943	National Health Investors, Inc.		74,686
	1,486	NextEra Energy, Inc.		208,233
	4,305	Occidental Petroleum Corp.		257,740
	1,405	PepsiCo, Inc.		162,263
	6,865	Pfizer, Inc.		230,595
	1,297	Philip Morris International, Inc.		152,333
	2,631	Prologis, Inc.		154,282
	631	Public Storage		131,582
	725	Quality Care Properties, Inc. (a)		13,275
	366	Realty Income Corp.		20,196
	373	Regency Centers Corp.		23,387
	1,144	Senior Housing Properties Trust		23,383
	641	Simon Property Group, Inc.		103,688
	319	SL Green Realty Corp.		33,750
	4,448	Spirit Realty Capital, Inc.		32,960
	643	STORE Capital Corp.		14,435
	578	Sunstone Hotel Investors, Inc.		9,317
	1,424	Texas Instruments, Inc.		109,548
	948	UnitedHealth Group, Inc.		175,778
	1,401	Valero Energy Corp.		94,511
	901	Ventas, Inc.		62,601
	922	Vornado Realty Trust		86,576
	2,290	Wells Fargo & Co.		126,889
				5,735,679
		Total Common Stocks (Cost $13,446,859)		14,836,546
PRINCIPAL AMOUNT($)
	Convertible Bonds — 0.0% (g)
		United States — 0.0% (g)
		Liberty Interactive LLC,
	2,000	3.750%, 02/15/30		1,330
	3,000	4.000%, 11/15/29		2,010
		Total Convertible Bonds (Cost $3,167)		3,340
	Corporate Bonds — 41.3%
		Australia — 0.6%
	200,000	Australia & New Zealand Banking Group Ltd., VAR, 6.750%, 06/15/26 (e) (x) (y)		221,129
	35,000	BlueScope Steel Finance Ltd., 6.500%, 05/15/21 (e)		36,925
		FMG Resources August 2006 Pty. Ltd.,
	11,000	4.750%, 05/15/22 (e)		11,041

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Australia — continued
	12,000	5.125%, 05/15/24 (e)		12,000
				281,095
		Belgium — 0.1%
	10,000	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		11,302
	10,000	Anheuser-Busch InBev Worldwide, Inc., 4.439%, 10/06/48 (e)		10,656
				21,958
		Brazil — 0.2%
		JBS USA LUX SA,
	29,000	7.250%, 06/01/21 (e)		28,985
	55,000	7.250%, 06/01/21 (e)		54,973
				83,958
		Canada — 2.0%
	39,000	1011778 BC ULC, 4.250%, 05/15/24 (e)		38,754
		Bombardier, Inc.,
	72,000	7.500%, 03/15/25 (e)		74,700
	16,000	8.750%, 12/01/21 (e)		17,760
		Cenovus Energy, Inc.,
	30,000	5.400%, 06/15/47 (e)		28,037
	20,000	6.750%, 11/15/39		21,032
	21,000	Cott Holdings, Inc., 5.500%, 04/01/25 (e)		21,420
	75,000	Emera, Inc., Series 16-A, VAR, 6.750%, 06/15/76		84,750
	15,000	Gateway Casinos & Entertainment Ltd., 8.250%, 03/01/24 (e)		15,600
	90,000	GW Honos Security Corp., 8.750%, 05/15/25 (e)		94,162
	70,000	Kronos Acquisition Holdings, Inc., 9.000%, 08/15/23 (e)		69,825
	25,000	Lundin Mining Corp., 7.500%, 11/01/20 (e)		26,285
	20,000	Mattamy Group Corp., 6.875%, 12/15/23 (e)		20,425
	88,000	MEG Energy Corp., 6.500%, 01/15/25 (e)		80,080
		NOVA Chemicals Corp.,
	11,000	4.875%, 06/01/24 (e)		10,959
	12,000	5.000%, 05/01/25 (e)		11,940
	15,000	5.250%, 08/01/23 (e)		15,412
	6,000	5.250%, 06/01/27 (e)		5,970
	29,000	Open Text Corp., 5.875%, 06/01/26 (e)		31,193
	49,029	Precision Drilling Corp., 6.625%, 11/15/20		48,048
	30,000	Teck Resources Ltd., 6.125%, 10/01/35		31,275
	25,000	TransCanada PipeLines Ltd., 4.625%, 03/01/34		27,462
	125,000	Transcanada Trust, VAR, 5.300%, 03/15/77		128,500

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Canada — continued
	8,000	Trinidad Drilling Ltd., 6.625%, 02/15/25 (e)		7,600
		Videotron Ltd.,
	18,000	5.000%, 07/15/22		19,035
	7,000	5.125%, 04/15/27 (e)		7,193
				937,417
		Finland — 0.1%
	47,000	Nokia OYJ, 6.625%, 05/15/39		54,109
		Ireland — 0.1%
		Park Aerospace Holdings Ltd.,
	16,000	5.250%, 08/15/22 (e)		16,725
	17,000	5.500%, 02/15/24 (e)		17,757
				34,482
		Israel — 0.1%
	45,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		41,482
		Luxembourg — 0.8%
		ArcelorMittal,
	112,000	7.000%, 02/25/22		126,000
	70,000	7.500%, 03/01/41		77,175
	8,000	7.750%, 10/15/39 (w)		8,970
		Intelsat Jackson Holdings SA,
	30,000	5.500%, 08/01/23		24,825
	40,000	7.250%, 04/01/19		40,010
	20,000	7.250%, 10/15/20		18,900
	25,000	7.500%, 04/01/21		23,062
	45,000	8.000%, 02/15/24 (e)		48,487
	10,000	9.750%, 07/15/25 (e)		9,988
				377,417
		Mexico — 0.4%
	200,000	Cemex SAB de CV, 5.700%, 01/11/25 (e)		213,750
		New Zealand — 0.0% (g)
	20,000	Reynolds Group Issuer, Inc., 5.750%, 10/15/20		20,467
		Switzerland — 0.4%
	200,000	Credit Suisse Group AG, VAR, 6.250%, 12/18/24 (e) (x) (y)		212,500
		United Arab Emirates — 0.1%
	62,000	Shelf Drilling Holdings Ltd., 9.500%, 11/02/20 (e)		60,444
		United Kingdom — 1.1%
	125,000	Anglo American Capital plc, 4.450%, 09/27/20 (e)		130,299

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United Kingdom — continued
	200,000	HSBC Holdings plc, VAR, 6.875%, 06/01/21 (x) (y)		216,000
		Royal Bank of Scotland Group plc,
	15,000	6.100%, 06/10/23		16,525
	157,000	6.125%, 12/15/22		171,869
				534,693
		United States — 35.3%
		21st Century Fox America, Inc.,
	10,000	4.750%, 09/15/44		10,542
	35,000	4.950%, 10/15/45		37,939
	20,000	Abbott Laboratories, 4.900%, 11/30/46		22,104
		AbbVie, Inc.,
	15,000	4.450%, 05/14/46		15,505
	16,000	4.700%, 05/14/45		17,026
		Acadia Healthcare Co., Inc.,
	15,000	5.125%, 07/01/22		15,487
	40,000	6.500%, 03/01/24		42,700
	27,000	ACCO Brands Corp., 5.250%, 12/15/24 (e)		28,046
	40,000	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		40,000
	65,000	ADT Corp. (The), 4.125%, 06/15/23		64,431
	85,000	AECOM, 5.875%, 10/15/24		92,437
	30,000	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		24,600
	39,000	Aircastle Ltd., 5.125%, 03/15/21		41,647
	23,000	AK Steel Corp., 7.000%, 03/15/27		23,747
	75,000	Albertsons Cos. LLC, 6.625%, 06/15/24 (e)		74,437
	21,000	Allergan Funding SCS, 4.850%, 06/15/44		22,741
	30,000	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		30,300
	75,000	Allstate Corp. (The), VAR, 5.750%, 08/15/53		82,125
		Ally Financial, Inc.,
	79,000	4.125%, 03/30/20		81,172
	83,000	4.625%, 03/30/25		85,007
	44,000	8.000%, 11/01/31		53,900
	8,000	AMC Entertainment Holdings, Inc., 6.125%, 05/15/27 (e)		8,442
	105,000	AMC Networks, Inc., 4.750%, 12/15/22		108,339
		American Axle & Manufacturing, Inc.,
	46,000	6.250%, 04/01/25 (e)		44,850
	67,000	6.500%, 04/01/27 (e)		65,157
	7,000	6.625%, 10/15/22		7,175
	70,000	American Express Co., Series C, VAR, 4.900%, 03/15/20 (x) (y)		71,155
	24,000	American Greetings Corp., 7.875%, 02/15/25 (e)		25,950

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
		American International Group, Inc.,
	25,000	4.500%, 07/16/44		25,457
	18,000	4.800%, 07/10/45		19,237
	35,000	AmeriGas Partners LP, 5.750%, 05/20/27		35,525
	15,000	Amgen, Inc., 4.400%, 05/01/45		15,429
	20,000	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		20,250
		Antero Resources Corp.,
	60,000	5.125%, 12/01/22		60,131
	26,000	5.375%, 11/01/21		26,260
	20,000	Anthem, Inc., 4.650%, 08/15/44		21,693
		Arconic, Inc.,
	63,000	5.125%, 10/01/24		65,362
	40,000	5.950%, 02/01/37		40,300
		AT&T, Inc.,
	25,000	4.350%, 06/15/45		23,235
	19,000	4.750%, 05/15/46		18,657
	25,000	5.650%, 02/15/47		27,565
	15,000	AvalonBay Communities, Inc., 4.150%, 07/01/47		15,183
	80,000	Avaya, Inc., 7.000%, 04/01/19 (d) (e)		64,200
	15,000	B&G Foods, Inc., 5.250%, 04/01/25		15,300
	52,000	Ball Corp., 4.000%, 11/15/23		53,170
		Bank of America Corp.,
	110,000	Series V, VAR, 5.125%, 06/17/19 (x) (y)		112,750
	60,000	Series Z, VAR, 6.500%, 10/23/24 (x) (y)		66,716
	135,000	Series AA, VAR, 6.100%, 03/17/25 (x) (y)		146,657
		Bank of New York Mellon Corp. (The),
	65,000	Series D, VAR, 4.500%, 06/20/23 (x) (y)		64,675
	110,000	Series E, VAR, 4.950%, 06/20/20 (x) (y)		114,730
	20,000	Becton Dickinson and Co., 4.669%, 06/06/47		20,601
	50,000	Berry Plastics Corp., 5.125%, 07/15/23		52,062
	10,000	Biogen, Inc., 5.200%, 09/15/45		11,424
	45,000	Blue Cube Spinco, Inc., 10.000%, 10/15/25		55,350
	7,000	Booz Allen Hamilton, Inc., 5.125%, 05/01/25 (e)		6,877
	20,000	Boyd Gaming Corp., 6.875%, 05/15/23		21,400
	25,000	Brighthouse Financial, Inc., 4.700%, 06/22/47 (e)		24,578
	18,000	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		18,045
	48,000	Cablevision Systems Corp., 8.000%, 04/15/20		53,460
		CalAtlantic Group, Inc.,
	7,000	5.250%, 06/01/26		7,262
	29,000	5.875%, 11/15/24		31,429

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
		Callon Petroleum Co.,
	23,000	6.125%, 10/01/24		23,402
	12,000	6.125%, 10/01/24 (e)		12,210
	105,000	Calpine Corp., 5.250%, 06/01/26 (e)		102,900
	8,000	Camelot Finance SA, 7.875%, 10/15/24 (e)		8,620
	100,000	Capital One Financial Corp., Series E, VAR, 5.550%, 06/01/20 (x) (y)		105,000
	15,000	CBS Corp., 4.600%, 01/15/45		15,409
	26,000	CCM Merger, Inc., 6.000%, 03/15/22 (e)		26,650
		CCO Holdings LLC,
	10,000	5.125%, 05/01/27 (e)		10,225
	164,000	5.750%, 01/15/24		172,815
	75,000	5.750%, 02/15/26 (e)		80,250
	45,000	5.875%, 05/01/27 (e)		48,094
	26,000	CDW LLC, 5.000%, 09/01/23		27,072
	5,000	Cedar Fair LP, 5.375%, 04/15/27 (e)		5,287
	15,000	Celgene Corp., 5.000%, 08/15/45		16,913
		Centene Corp.,
	124,000	4.750%, 05/15/22		129,425
	40,000	4.750%, 01/15/25		41,100
	30,000	Cequel Communications Holdings I LLC, 5.125%, 12/15/21 (e)		30,553
		CF Industries, Inc.,
	16,000	4.500%, 12/01/26 (e)		16,452
	22,000	5.150%, 03/15/34		20,350
	39,000	5.375%, 03/15/44		34,905
	59,000	Charter Communications Operating LLC, 6.484%, 10/23/45		70,901
		Chemours Co. (The),
	8,000	5.375%, 05/15/27		8,210
	10,000	7.000%, 05/15/25		10,900
	35,000	Cheniere Corpus Christi Holdings LLC, 5.875%, 03/31/25		37,319
		Chesapeake Energy Corp.,
	19,000	4.875%, 04/15/22		17,670
	9,000	6.125%, 02/15/21		8,820
	19,000	8.000%, 01/15/25 (e)		18,810
	16,000	8.000%, 06/15/27 (e)		15,720
	20,000	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		20,904
	57,000	Cinemark USA, Inc., 5.125%, 12/15/22		58,710
	50,000	CIT Group, Inc., 5.375%, 05/15/20		53,812
	23,000	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		23,345
		Citigroup, Inc.,
	40,000	Series D, VAR, 5.350%, 05/15/23 (x) (y)		40,900
	190,000	Series M, VAR, 6.300%, 05/15/24 (x) (y)		202,350

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
	35,000	Series O, VAR, 5.875%, 03/27/20 (x) (y)		36,757
	20,000	Series P, VAR, 5.950%, 05/15/25 (x) (y)		21,431
	10,000	Series R, VAR, 1.289%, 11/15/20 (x) (y)		10,750
	50,000	Series R, VAR, 6.125%, 11/15/20 (x) (y)		53,750
	25,000	Series T, VAR, 6.250%, 08/15/26 (x) (y)		27,734
		Clear Channel Worldwide Holdings, Inc.,
	60,000	Series B, 6.500%, 11/15/22		61,662
	45,000	Series B, 7.625%, 03/15/20		44,775
	44,000	Clearwater Paper Corp., 4.500%, 02/01/23		43,340
	24,000	CNO Financial Group, Inc., 5.250%, 05/30/25		25,416
	15,000	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		17,867
	20,000	Comcast Corp., 4.600%, 08/15/45		21,841
		Commercial Metals Co.,
	79,000	4.875%, 05/15/23		79,889
	6,000	5.375%, 07/15/27		6,112
		CommScope Technologies LLC,
	13,000	5.000%, 03/15/27 (e)		12,967
	60,000	6.000%, 06/15/25 (e)		64,050
		Community Health Systems, Inc.,
	9,000	5.125%, 08/01/21		9,113
	8,000	6.250%, 03/31/23		8,259
	35,000	7.125%, 07/15/20		34,081
		Continental Resources, Inc.,
	17,000	4.500%, 04/15/23		16,235
	93,000	5.000%, 09/15/22		91,256
		Covanta Holding Corp.,
	4,000	5.875%, 07/01/25		3,880
	10,000	6.375%, 10/01/22		10,300
	19,000	Crestwood Midstream Partners LP, 5.750%, 04/01/25 (e)		18,952
	72,000	Crown Americas LLC, 4.500%, 01/15/23		75,420
		CSC Holdings LLC,
	35,000	5.250%, 06/01/24		35,703
	22,000	6.750%, 11/15/21		24,365
	38,000	CST Brands, Inc., 5.000%, 05/01/23		39,908
	20,000	CSX Corp., 4.250%, 11/01/66		19,751
	5,000	Cumberland Farms, Inc., 6.750%, 05/01/25 (e)		5,262
	59,000	CVR Partners LP, 9.250%, 06/15/23 (e)		61,729
		CyrusOne LP,
	12,000	5.000%, 03/15/24 (e)		12,360
	23,000	5.375%, 03/15/27 (e)		23,949
	19,000	Dana Financing Luxembourg Sarl, 5.750%, 04/15/25 (e)		19,665

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
		DaVita, Inc.,
	35,000	5.125%, 07/15/24		35,525
	25,000	5.750%, 08/15/22		25,687
		DCP Midstream Operating LP,
	38,000	3.875%, 03/15/23		36,670
	20,000	6.750%, 09/15/37 (e)		21,500
	28,000	Delek Logistics Partners LP, 6.750%, 05/15/25 (e)		28,280
		Diamond 1 Finance Corp.,
	129,000	7.125%, 06/15/24 (e)		141,807
	25,000	8.350%, 07/15/46 (e)		32,301
	21,000	Diamondback Energy, Inc., 4.750%, 11/01/24 (e)		20,895
	37,000	Diebold Nixdorf, Inc., 8.500%, 04/15/24		41,397
		DISH DBS Corp.,
	13,000	5.000%, 03/15/23		13,325
	18,000	5.875%, 11/15/24		19,205
	147,000	6.750%, 06/01/21		163,170
	35,000	7.750%, 07/01/26		41,475
	24,000	Dole Food Co., Inc., 7.250%, 06/15/25 (e)		24,960
	6,000	Dominion Energy Gas Holdings LLC, 4.600%, 12/15/44		6,278
	90,000	Dynegy, Inc., 7.625%, 11/01/24		87,300
	24,000	Eldorado Resorts, Inc., 6.000%, 04/01/25 (e)		25,440
	169,000	Embarq Corp., 7.995%, 06/01/36		170,690
	65,000	Endo Finance LLC, 5.750%, 01/15/22 (e)		58,487
	40,000	Energy Transfer Equity LP, 5.875%, 01/15/24		42,400
	5,000	Energy Transfer LP, 5.150%, 02/01/43		4,751
	24,000	EnerSys, 5.000%, 04/30/23 (e)		24,690
	10,000	Ensco plc, 5.200%, 03/15/25		8,125
		Enterprise Products Operating LLC,
	15,000	4.850%, 03/15/44		15,922
	33,000	4.900%, 05/15/46		35,535
	100,000	Envision Healthcare Corp., 5.625%, 07/15/22		103,625
		EP Energy LLC,
	4,000	8.000%, 11/29/24 (e)		3,990
	55,000	8.000%, 02/15/25 (e)		40,975
	54,000	9.375%, 05/01/20		42,592
	77,000	Equinix, Inc., 5.750%, 01/01/25		82,871
	30,000	ERAC USA Finance LLC, 4.200%, 11/01/46 (e)		28,280
	25,000	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		25,906
	6,000	EW Scripps Co. (The), 5.125%, 05/15/25 (e)		6,180
	25,000	Exela Intermediate LLC, 10.000%, 07/15/23 (e) (w)		24,687

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
		Exelon Corp.,
	25,000	4.450%, 04/15/46		25,875
	6,000	5.100%, 06/15/45		6,733
		Express Scripts Holding Co.,
	20,000	4.800%, 07/15/46		20,372
	6,000	6.125%, 11/15/41		7,045
		FedEx Corp.,
	20,000	4.550%, 04/01/46		21,157
	5,000	4.750%, 11/15/45		5,407
	40,000	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		41,200
		Fifth Third Bancorp,
	30,000	Series J, VAR, 4.900%, 09/30/19 (x) (y)		30,375
	55,000	VAR, 5.100%, 06/30/23 (x) (y)		55,962
	45,000	First Data Corp., 7.000%, 12/01/23 (e)		48,037
	5,000	FirstCash, Inc., 5.375%, 06/01/24 (e)		5,219
	69,000	Ford Motor Co., 4.750%, 01/15/43		66,689
		Freeport-McMoRan, Inc.,
	10,000	3.550%, 03/01/22		9,372
	65,000	3.875%, 03/15/23		60,450
	42,000	4.000%, 11/14/21		41,055
	60,000	5.450%, 03/15/43		51,738
	52,000	Frontier Communications Corp., 8.500%, 04/15/20		54,665
	62,000	FTI Consulting, Inc., 6.000%, 11/15/22		64,325
	16,000	Gartner, Inc., 5.125%, 04/01/25 (e)		16,807
	28,000	Gates Global LLC, 6.000%, 07/15/22 (e)		28,070
	227,000	General Electric Co., Series D, VAR, 5.000%, 01/21/21 (x) (y)		240,938
		General Motors Co.,
	29,000	6.250%, 10/02/43		32,250
	30,000	6.750%, 04/01/46		35,624
	43,000	Genesys Telecommunications Laboratories, Inc., 10.000%, 11/30/24 (e)		48,321
	50,000	GenOn Energy, Inc., 9.875%, 10/15/20 (d)		30,500
	40,000	Gilead Sciences, Inc., 4.750%, 03/01/46		43,861
	25,000	Global Partners LP, 7.000%, 06/15/23		24,875
		GLP Capital LP,
	22,000	4.875%, 11/01/20		23,457
	25,000	5.375%, 11/01/23		27,188
		Goldman Sachs Group, Inc. (The),
	100,000	Series L, VAR, 5.700%, 05/10/19 (x) (y)		104,075
	250,000	Series M, VAR, 5.375%, 05/10/20 (x) (y)		262,700
		Goodyear Tire & Rubber Co. (The),
	46,000	4.875%, 03/15/27		46,690
	47,000	5.000%, 05/31/26		48,645

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	55,000	Gray Television, Inc., 5.125%, 10/15/24 (e)		55,550
	20,000	Great Plains Energy, Inc., 4.850%, 04/01/47		20,608
	30,000	Halliburton Co., 5.000%, 11/15/45		31,963
	30,000	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		26,775
	13,000	Harris Corp., 5.054%, 04/27/45		14,610
	23,000	HCA Healthcare, Inc., 6.250%, 02/15/21		25,127
		HCA, Inc.,
	12,000	4.250%, 10/15/19		12,450
	40,000	5.375%, 02/01/25		42,192
	25,000	5.500%, 06/15/47		25,875
	22,000	5.875%, 03/15/22		24,393
	40,000	5.875%, 05/01/23		43,550
	44,000	6.500%, 02/15/20		48,015
	57,000	7.500%, 02/15/22		65,621
	16,000	HD Supply, Inc., 5.750%, 04/15/24 (e)		17,000
	30,000	Hess Corp., 5.800%, 04/01/47		30,287
	75,000	Hexion, Inc., 6.625%, 04/15/20		68,437
		Hilcorp Energy I LP,
	47,000	5.000%, 12/01/24 (e)		43,240
	3,000	5.750%, 10/01/25 (e)		2,827
	10,000	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		10,137
	15,000	Hilton Grand Vacations Borrower LLC, 6.125%, 12/01/24 (e)		16,350
		Hilton Worldwide Finance LLC,
	11,000	4.625%, 04/01/25 (e)		11,344
	4,000	4.875%, 04/01/27 (e)		4,185
		Hughes Satellite Systems Corp.,
	25,000	5.250%, 08/01/26		26,125
	20,000	6.625%, 08/01/26		21,500
	45,000	IASIS Healthcare LLC, 8.375%, 05/15/19		45,225
	39,000	Icahn Enterprises LP, 6.000%, 08/01/20		40,146
	40,000	iHeartCommunications, Inc., 9.000%, 12/15/19		31,400
	35,000	IHS Markit Ltd., 5.000%, 11/01/22 (e)		37,778
	30,000	Infor Software Parent LLC, 7.125% (cash), 05/01/21 (e) (v)		30,900
	15,000	Informatica LLC, 7.125%, 07/15/23 (e)		15,267
	57,000	Iron Mountain, Inc., 5.750%, 08/15/24		58,140
	5,000	ITC Holdings Corp., 5.300%, 07/01/43		5,827
	6,000	j2 Cloud Services LLC, 6.000%, 07/15/25 (e)		6,180
	30,000	Jack Ohio Finance LLC, 6.750%, 11/15/21 (e)		31,350
	39,000	KFC Holding Co., 4.750%, 06/01/27 (e)		39,829
	15,000	Kinder Morgan Energy Partners LP, 5.625%, 09/01/41		15,493

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
	5,000	Kohl’s Corp., 5.550%, 07/17/45		4,585
	8,000	Koppers, Inc., 6.000%, 02/15/25 (e)		8,500
		Kraft Heinz Foods Co.,
	15,000	4.375%, 06/01/46		14,619
	54,000	5.200%, 07/15/45		58,554
	40,000	Kroger Co. (The), 3.875%, 10/15/46		35,295
	33,000	L Brands, Inc., 5.625%, 10/15/23		35,228
	14,000	Ladder Capital Finance Holdings LLLP, 5.250%, 03/15/22 (e)		14,385
	38,000	Landry’s, Inc., 6.750%, 10/15/24 (e)		38,902
		Level 3 Financing, Inc.,
	20,000	5.250%, 03/15/26		20,752
	76,000	5.375%, 05/01/25		79,990
	40,000	Live Nation Entertainment, Inc., 4.875%, 11/01/24 (e)		40,600
	27,000	LKQ Corp., 4.750%, 05/15/23		27,540
	15,000	LPL Holdings, Inc., 5.750%, 09/15/25 (e)		15,600
	12,000	LYB International Finance BV, 4.875%, 03/15/44		12,724
	25,000	Marathon Petroleum Corp., 4.750%, 09/15/44		23,782
	20,000	Markel Corp., 5.000%, 04/05/46		21,909
	30,000	MasTec, Inc., 4.875%, 03/15/23		29,925
	35,000	Mediacom Broadband LLC, 6.375%, 04/01/23		36,571
	95,000	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20 (x) (y)		98,631
		MGM Resorts International,
	30,000	6.000%, 03/15/23		33,075
	27,000	6.625%, 12/15/21		30,308
		Micron Technology, Inc.,
	78,000	5.250%, 01/15/24 (e)		80,730
	3,000	5.875%, 02/15/22		3,139
	9,000	Molina Healthcare, Inc., 4.875%, 06/15/25 (e)		9,068
	15,000	Momentive Performance Materials, Inc., 3.880%, 10/24/21		14,888
		Morgan Stanley,
	250,000	Series H, VAR, 5.450%, 07/15/19 (x) (y)		258,875
	50,000	Series J, VAR, 5.550%, 07/15/20 (x) (y)		52,237
	15,000	MPLX LP, 5.200%, 03/01/47		15,384
	40,000	Mylan NV, 5.250%, 06/15/46		43,815
	13,000	Nabors Industries, Inc., 5.500%, 01/15/23 (e)		12,318
	55,000	Nationstar Mortgage LLC, 6.500%, 06/01/22		56,513
	31,000	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		32,938

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	68,000	Navistar International Corp., 8.250%, 11/01/21		68,680
	15,000	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		16,219
	35,000	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		19,075
	17,000	Netflix, Inc., 5.750%, 03/01/24		18,551
	85,000	New Albertsons, Inc., 8.000%, 05/01/31		84,150
	19,000	New Home Co., Inc. (The), 7.250%, 04/01/22 (e)		19,665
	19,000	NGL Energy Partners LP, 6.125%, 03/01/25 (e)		17,385
	20,000	Nielsen Co. Luxembourg SARL (The), 5.000%, 02/01/25 (e)		20,500
	33,000	Nielsen Finance LLC, 4.500%, 10/01/20		33,504
		Noble Energy, Inc.,
	5,000	5.050%, 11/15/44		5,142
	5,000	5.250%, 11/15/43		5,180
	34,000	Northern Trust Corp., Series D, VAR, 4.600%, 10/01/26 (x) (y)		34,340
	60,000	NRG Energy, Inc., 6.625%, 03/15/23		61,650
	40,000	NRG Yield Operating LLC, 5.375%, 08/15/24		41,950
	15,000	Nuance Communications, Inc., 5.625%, 12/15/26 (e)		16,013
	12,000	NuStar Logistics LP, 5.625%, 04/28/27		12,600
	32,000	Oasis Petroleum, Inc., 6.500%, 11/01/21		31,040
	17,000	Olin Corp., 5.125%, 09/15/27		17,510
	8,000	ONEOK Partners LP, 6.200%, 09/15/43		9,200
	26,000	Oshkosh Corp., 5.375%, 03/01/25		27,300
	50,000	Outfront Media Capital LLC, 5.625%, 02/15/24		52,187
	30,000	Owens Corning, 4.300%, 07/15/47		28,863
	30,000	Owens-Brockway Glass Container, Inc., 6.375%, 08/15/25 (e)		33,675
	38,000	Parker Drilling Co., 6.750%, 07/15/22		29,165
	14,000	Pattern Energy Group, Inc., 5.875%, 02/01/24 (e)		14,735
		PBF Holding Co. LLC,
	13,000	7.000%, 11/15/23		12,805
	15,000	7.250%, 06/15/25 (e)		14,456
		Penske Automotive Group, Inc.,
	9,000	5.500%, 05/15/26		8,955
	17,000	5.750%, 10/01/22		17,553
		PetSmart, Inc.,
	6,000	5.875%, 06/01/25 (e)		5,783
	10,000	8.875%, 06/01/25 (e)		9,236
	39,000	Phillips 66, 4.875%, 11/15/44		41,835

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
	15,000	Phillips 66 Partners LP, 4.900%, 10/01/46		14,813
		Plains All American Pipeline LP,
	3,000	4.700%, 06/15/44		2,738
	3,000	4.900%, 02/15/45		2,794
	23,000	Plantronics, Inc., 5.500%, 05/31/23 (e)		24,064
	45,000	PNC Financial Services Group, Inc. (The), VAR, 6.750%, 08/01/21 (x) (y)		50,738
	31,000	PolyOne Corp., 5.250%, 03/15/23		32,550
		Post Holdings, Inc.,
	30,000	5.000%, 08/15/26 (e)		29,925
	40,000	5.500%, 03/01/25 (e)		41,250
	90,000	Prime Security Services Borrower LLC, 9.250%, 05/15/23 (e)		97,799
		Prudential Financial, Inc.,
	130,000	VAR, 5.625%, 06/15/43		142,675
	29,000	VAR, 6.961%, 05/15/45		31,392
	116,000	PVH Corp., 4.500%, 12/15/22		119,770
		QEP Resources, Inc.,
	44,000	5.375%, 10/01/22		42,350
	24,000	6.875%, 03/01/21		24,900
	26,000	Qorvo, Inc., 7.000%, 12/01/25		29,510
	69,000	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		71,243
	25,000	Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		26,625
	15,000	Radian Group, Inc., 7.000%, 03/15/21		16,781
		Range Resources Corp.,
	17,000	4.875%, 05/15/25		16,150
	55,000	5.000%, 03/15/23 (e)		53,763
		Regal Entertainment Group,
	5,000	5.750%, 06/15/23		5,225
	30,000	5.750%, 02/01/25		30,975
	33,000	Revlon Consumer Products Corp., 6.250%, 08/01/24		28,710
	26,000	Reynolds American, Inc., 5.850%, 08/15/45		31,879
	7,000	Rice Energy, Inc., 7.250%, 05/01/23		7,543
	19,000	Rowan Cos., Inc., 7.375%, 06/15/25		17,718
	25,000	RSP Permian, Inc., 6.625%, 10/01/22		25,938
	30,000	Sabre GLBL, Inc., 5.250%, 11/15/23 (e)		31,275
		Scientific Games International, Inc.,
	45,000	7.000%, 01/01/22 (e)		47,925
	30,000	10.000%, 12/01/22		32,888
	10,000	Scotts Miracle-Gro Co. (The), 5.250%, 12/15/26		10,475
	50,000	Sealed Air Corp., 5.125%, 12/01/24 (e)		53,625
	22,000	Service Corp. International, 5.375%, 05/15/24		23,235

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	5,000	SESI LLC, 7.125%, 12/15/21		4,763
	50,000	Sinclair Television Group, Inc., 5.875%, 03/15/26 (e)		51,125
		Sirius XM Radio, Inc.,
	15,000	5.000%, 08/01/27 (e)		15,113
	40,000	5.375%, 04/15/25 (e)		41,350
	27,000	Six Flags Entertainment Corp., 4.875%, 07/31/24 (e)		27,165
	9,000	SM Energy Co., 5.000%, 01/15/24		7,965
	30,000	Solera LLC, 10.500%, 03/01/24 (e)		34,463
	6,000	Sonic Automotive, Inc., 6.125%, 03/15/27 (e)		5,970
	32,000	Southern Power Co., Series F, 4.950%, 12/15/46		33,090
	15,000	Spectra Energy Partners LP, 4.500%, 03/15/45		14,804
	40,000	Springleaf Finance Corp., 7.750%, 10/01/21		44,750
		Sprint Capital Corp.,
	50,000	6.875%, 11/15/28		55,579
	50,000	8.750%, 03/15/32		63,000
	100,000	Sprint Communications, Inc., 6.000%, 11/15/22		106,000
	131,000	Sprint Corp., 7.875%, 09/15/23		150,650
	80,000	State Street Corp., Series F, VAR, 5.250%, 09/15/20 (x) (y)		84,400
		Steel Dynamics, Inc.,
	10,000	5.000%, 12/15/26		10,263
	23,000	5.250%, 04/15/23		23,891
	21,000	6.375%, 08/15/22		21,761
		Summit Materials LLC,
	5,000	5.125%, 06/01/25 (e)		5,125
	15,000	6.125%, 07/15/23		15,713
		Sunoco Logistics Partners Operations LP,
	12,000	5.300%, 04/01/44		11,713
	30,000	5.350%, 05/15/45		29,442
		SunTrust Banks, Inc.,
	40,000	Series G, VAR, 5.050%, 06/15/22 (x) (y)		40,600
	50,000	VAR, 5.625%, 12/15/19 (x) (y)		52,188
		SUPERVALU, Inc.,
	42,000	6.750%, 06/01/21		41,160
	90,000	7.750%, 11/15/22		87,525
	3,000	Surgery Center Holdings, Inc., 6.750%, 07/01/25 (e)		3,038
	42,000	Symantec Corp., 5.000%, 04/15/25 (e)		43,956
	20,000	Sysco Corp., 4.500%, 04/01/46		21,094
	25,000	Talen Energy Supply LLC, 9.500%, 07/15/22 (e)		21,500

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
		Targa Resources Partners LP,
	35,000	4.250%, 11/15/23		34,169
	45,000	5.125%, 02/01/25 (e)		46,350
	34,000	5.250%, 05/01/23		34,850
	15,000	5.375%, 02/01/27 (e)		15,525
	35,000	Team Health Holdings, Inc., 6.375%, 02/01/25 (e)		33,950
	60,000	TEGNA, Inc., 6.375%, 10/15/23		63,300
	88,000	Teleflex, Inc., 5.250%, 06/15/24		91,080
		Tempur Sealy International, Inc.,
	25,000	5.500%, 06/15/26		25,406
	8,000	5.625%, 10/15/23		8,300
		Tenet Healthcare Corp.,
	11,000	4.625%, 07/15/24 (e)		11,014
	85,000	6.000%, 10/01/20		91,056
	5,000	8.000%, 08/01/20		5,062
	31,000	8.125%, 04/01/22		32,938
	10,000	Tennant Co., 5.625%, 05/01/25 (e)		10,500
	33,000	Tenneco, Inc., 5.375%, 12/15/24		34,073
	53,000	Terex Corp., 5.625%, 02/01/25 (e)		54,524
	40,000	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		44,800
	50,000	TerraForm Power Operating LLC, SUB, 6.625%, 06/15/25 (e)		53,125
		Tesoro Corp.,
	29,000	4.750%, 12/15/23 (e)		31,230
	16,000	5.125%, 12/15/26 (e)		17,402
	26,000	5.375%, 10/01/22		26,910
		Tesoro Logistics LP,
	20,000	5.250%, 01/15/25		21,000
	73,000	6.125%, 10/15/21		75,920
	35,000	6.250%, 10/15/22		37,188
		THC Escrow Corp. III,
	14,000	4.625%, 07/15/24 (e)		14,038
	37,000	5.125%, 05/01/25 (e)		37,139
	10,000	7.000%, 08/01/25 (e)		9,962
	14,000	Titan International, Inc., 6.875%, 10/01/20		14,525
	155,000	T-Mobile USA, Inc., 6.375%, 03/01/25		167,594
	11,000	Toll Brothers Finance Corp., 5.875%, 02/15/22		12,183
	17,000	Tops Holding LLC, 8.000%, 06/15/22 (e)		13,961
		TransDigm, Inc.,
	74,000	6.000%, 07/15/22		76,220
	12,000	6.500%, 07/15/24		12,390
	13,000	6.500%, 05/15/25		13,228

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		United States — continued
	24,700	Transocean Proteus Ltd., 6.250%, 12/01/24 (e)		25,194
		Transocean, Inc.,
	12,000	5.800%, 10/15/22		11,130
	39,000	6.800%, 03/15/38		28,470
	37,000	9.000%, 07/15/23 (e)		38,388
	8,000	9.350%, 12/15/41		7,120
	21,000	Tutor Perini Corp., 6.875%, 05/01/25 (e)		22,103
		Ultra Resources, Inc.,
	47,000	6.875%, 04/15/22 (e)		46,647
	11,000	7.125%, 04/15/25 (e)		10,849
	56,000	United Continental Holdings, Inc., 5.000%, 02/01/24		56,770
		United Rentals North America, Inc.,
	5,000	5.500%, 05/15/27		5,150
	5,000	5.875%, 09/15/26		5,325
	120,000	6.125%, 06/15/23		124,950
		Uniti Group, Inc.,
	20,000	6.000%, 04/15/23 (e)		20,812
	13,000	7.125%, 12/15/24 (e)		12,886
	2,000	7.125%, 12/15/24 (e)		1,986
	15,000	Univar USA, Inc., 6.750%, 07/15/23 (e)		15,638
		Univision Communications, Inc.,
	90,000	5.125%, 02/15/25 (e)		89,213
	15,000	6.750%, 09/15/22 (e)		15,600
		US Bancorp,
	65,000	Series I, VAR, 5.125%, 01/15/21 (x) (y)		69,163
	45,000	Series J, VAR, 5.300%, 04/15/27 (x) (y)		47,925
		US Concrete, Inc.,
	5,000	6.375%, 06/01/24 (e)		5,275
	25,000	6.375%, 06/01/24		26,375
	12,000	USIS Merger Sub, Inc., 6.875%, 05/01/25 (e)		12,210
		Valeant Pharmaceuticals International, Inc.,
	20,000	6.375%, 10/15/20 (e)		19,375
	51,000	6.500%, 03/15/22 (e)		53,486
	160,000	7.000%, 10/01/20 (e)		157,400
	23,000	7.000%, 03/15/24 (e)		24,179
	5,000	VeriSign, Inc., 4.750%, 07/15/27 (e)		5,056
		Verizon Communications, Inc.,
	35,000	4.522%, 09/15/48		33,184
	39,000	5.012%, 04/15/49 (e)		39,442
	15,000	Versum Materials, Inc., 5.500%, 09/30/24 (e)		15,769
	69,000	Vertiv Group Corp., 9.250%, 10/15/24 (e)		74,520

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		United States — continued
		Viacom, Inc.,
	27,000	4.375%, 03/15/43		24,031
	20,000	VAR, 5.875%, 02/28/57		20,800
	20,000	VAR, 6.250%, 02/28/57		20,800
		Voya Financial, Inc.,
	15,000	4.800%, 06/15/46		15,646
	50,000	VAR, 5.650%, 05/15/53		53,125
	10,000	Vulcan Materials Co., 4.500%, 06/15/47		10,090
	10,000	W&T Offshore, Inc., 8.500%, 06/15/19		6,900
	21,000	Walgreens Boots Alliance, Inc., 4.800%, 11/18/44		22,378
		Weatherford International Ltd.,
	16,000	4.500%, 04/15/22		14,120
	9,000	5.950%, 04/15/42		7,020
	7,000	6.500%, 08/01/36		5,950
	2,000	6.750%, 09/15/40		1,720
	9,000	7.000%, 03/15/38		7,695
	3,000	7.750%, 06/15/21		3,015
	7,000	8.250%, 06/15/23		7,000
		Wells Fargo & Co.,
	45,000	Series K, VAR, 7.980%, 03/15/18 (x) (y)		46,901
	140,000	Series S, VAR, 5.900%, 06/15/24 (x) (y)		149,940
	5,000	Western Gas Partners LP, 5.450%, 04/01/44		5,082
	15,000	Western Refining Logistics LP, 7.500%, 02/15/23		16,163
	106,000	Whiting Petroleum Corp., 5.000%, 03/15/19		105,338
	106,000	Williams Cos., Inc. (The), 4.550%, 06/24/24		108,915
	35,000	Windstream Services LLC, 7.750%, 10/01/21		32,900
	60,000	WMG Acquisition Corp., 5.000%, 08/01/23 (e)		61,500
		XPO Logistics, Inc.,
	10,000	6.125%, 09/01/23 (e)		10,413
	20,000	6.500%, 06/15/22 (e)		21,025
		Zayo Group LLC,
	34,000	5.750%, 01/15/27 (e)		35,572
	15,000	6.375%, 05/15/25		16,191
				17,008,168
		Total Corporate Bonds (Cost $19,272,922)		19,881,940
SHARES
	Investment Companies — 15.6% (b)
	181,681	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,495,233
	121,603	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		3,136,152

SHARES		SECURITY DESCRIPTION	VALUE($)
	181,153	JPMorgan Equity Income Fund, Class R6 Shares		2,883,955
		Total Investment Companies (Cost $6,676,513)		7,515,340
PRINCIPAL AMOUNT($)
	Loan Assignments — 0.4%
		United States — 0.4%
	100,000	Securus Technologies Holdings, Inc., 1st Lien Term Loan, VAR, 06/20/24 ^		99,792
	81,400	Ultra Resources, Inc., Term Loan, VAR, 4.117%, 04/12/24 ^		80,790
		Total Loan Assignments (Cost $180,682)		180,582
SHARES
	Preferred Stocks — 0.5%
		Germany — 0.0% (g)
	867	Schaeffler AG (Preference)		12,438
		United States — 0.5%
	2,000	BB&T Corp., Series G, 5.200%, 06/01/18 ($25 par value) @		51,360
	5,000	Dominion Energy, Inc., Series A, 5.250%, 07/30/76 ($25 par value)		125,850
	1,000	Southern Co. (The), 5.250%, 10/01/76 ($25 par value)		25,010
	1,000	State Street Corp., Series G, VAR, 5.350%, 03/15/26 ($25 par value) @		27,430
				229,650
		Total Preferred Stocks (Cost $235,072)		242,088
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligation — 0.4%
	166,000	U.S. Treasury Note, 0.750%, 01/31/18 (k) (Cost $165,867)		165,590
NUMBER OF RIGHTS
	Rights — 0.0% (g)
		Spain — 0.0% (g)
	491	ACS Actividades de Construccion y Servicios SA, expiring 07/11/17 (a) (Cost $408)		393

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 17

JPMorgan Insurance Trust Income Builder Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 2.3%
		Investment Company — 2.3%
	1,124,435	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $1,124,435)		1,124,435
		Total Investments — 99.3% (Cost $44,852,601)		47,817,747
		Other Assets in Excess of Liabilities — 0.7%		358,911
		NET ASSETS — 100.0%	$	48,176,658

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2017

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

INDUSTRY	PERCENTAGE
Investment Companies		15.7	%
Equity Real Estate Investment Trusts (REITs)		6.9
Banks		6.9
Oil, Gas & Consumable Fuels		6.3
Asset-Backed Securities		4.7
Media		3.8
Pharmaceuticals		3.4
Capital Markets		3.3
Insurance		3.3
Collateralized Mortgage Obligations		3.3
Diversified Telecommunication Services		3.2
Health Care Providers & Services		2.6
Metals & Mining		2.4
Tobacco		1.5
Wireless Telecommunication Services		1.5
Chemicals		1.4
Electric Utilities		1.4
Hotels, Restaurants & Leisure		1.3
Auto Components		1.1
Industrial Conglomerates		1.1
Food & Staples Retailing		1.1
Aerospace & Defense		1.0
Software		1.0
Others (each less than 1.0%)		19.4
Short-Term Investment		2.4

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	2		Euro STOXX 50 Index		09/15/17		EUR	$	78,500		$	(2,494	)
			Short Futures Outstanding
	(9	)	Euro FX		09/18/17		USD		(1,290,038	)		(22,717	)
	(13	)	GBP FX		09/18/17		USD		(1,059,906	)		(21,837	)
	(33	)	5 Year U.S. Treasury Note		09/29/17		USD		(3,888,586	)		8,438
											$	(38,610	)

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2017

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AS OF JUNE 30, 2017 (Unaudited)

ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of June 30, 2017.
CVA	—  Dutch Certification
EUR	—  Euro
GBP	—  British Pound
REIT	—  Real Estate Investment Trust.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of June 30, 2017.
USD	—  United States Dollar
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of June 30, 2017.
(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.
(d)	—  Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(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, 2017.

(v)	—  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2017.
(y)	—  Preferred Security.
@	—  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, 2017.
^	—  All or a portion of the security is unsettled as of June 30, 2017. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

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, 2017 JPMORGAN INSURANCE TRUST 19

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (Unaudited)

	Income Builder Portfolio
ASSETS:
Investments in non-affiliates, at value	$	39,177,972
Investments in affiliates, at value		8,639,775
Total investment securities, at value		47,817,747
Cash		213,134
Foreign currency, at value		24,401
Deposits at broker for futures contracts		7,000
Receivables:
Investment securities sold		19,444
Investment securities sold — delayed delivery securities		15,647
Portfolio shares sold		47,650
Interest and dividends from non-affiliates		314,322
Dividends from affiliates		708
Tax reclaims		22,019
Variation margin on futures contracts		3,201
Total Assets		48,485,273
LIABILITIES:
Payables:
Investment securities purchased		162,208
Investment securities purchased — delayed delivery securities		29,500
Portfolio shares redeemed		33,085
Accrued liabilities:
Investment advisory fees		3,031
Distribution fees		9,448
Trustees’ and Chief Compliance Officer’s fees		91
Audit fees		67,514
Other		3,738
Total Liabilities		308,615
Total Net Assets	$	48,176,658
NET ASSETS:
Paid-in-Capital	$	45,300,030
Accumulated undistributed net investment income		884,165
Accumulated net realized gains (losses)		(935,254	)
Net unrealized appreciation (depreciation)		2,927,717
Total Net Assets	$	48,176,658
Net Assets:
Class 1	$	4,438,068
Class 2		43,738,590
Total	$	48,176,658
Outstanding units of beneficial interest (shares)
(unlimited number of shares authorized, no par value):
Class 1		422,060
Class 2		4,167,707
Net Asset Value, offering and redemption price per share (a):
Class 1	$	10.52
Class 2		10.49
Cost of investments in non-affiliates	$	37,051,653
Cost of investments in affiliates		7,800,948
Cost of foreign currency		24,052

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

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2017

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

	Income Builder Portfolio
INVESTMENT INCOME:
Interest income from non-affiliates	$	694,986
Interest income from affiliates		195
Dividend income from non-affiliates		353,530
Dividend income from affiliates		59,607
Foreign taxes withheld		(25,234	)
Total investment income		1,083,084
EXPENSES:
Investment advisory fees		110,400
Administration fees		20,043
Distribution fees — Class 2		60,048
Custodian and accounting fees		53,300
Interest expense to affiliates		22
Professional fees		52,035
Trustees’ and Chief Compliance Officer’s fees		13,177
Printing and mailing costs		4,854
Transfer agency fees — Class 1		38
Transfer agency fees — Class 2		757
Other		2,554
Total expenses		317,228
Less fees waived		(110,932	)
Less expense reimbursements		(155	)
Net expenses		206,141
Net investment income (loss)		876,943
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		210,840
Investments in affiliates		16,789
Futures		(88,740	)
Foreign currency transactions		2,431
Net realized gain (loss)		141,320
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,157,675
Investments in affiliates		691,771
Futures		(99,745	)
Foreign currency translations		2,138
Change in net unrealized appreciation/depreciation		1,751,839
Net realized/unrealized gains (losses)		1,893,159
Change in net assets resulting from operations	$	2,770,102

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 21

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (Unaudited)

	Income Builder Portfolio
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	876,943		$	1,423,000
Net realized gain (loss)		141,320			(618,693	)
Distributions of capital gains received from investment company affiliates		—			17,101
Change in net unrealized appreciation/depreciation		1,751,839			1,756,629
Change in net assets resulting from operations		2,770,102			2,578,037
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		—			(3,288	)
Return of capital		—			(101	)
Class 2
From net investment income		—			(1,422,951	)
Return of capital		—			(40,235	)
Total distributions to shareholders		—			(1,466,575	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,164,902	)		17,369,425
NET ASSETS:
Change in net assets		(394,800	)		18,480,887
Beginning of period		48,571,458			30,090,571
End of period	$	48,176,658		$	48,571,458
Accumulated undistributed net investment income	$	884,165		$	7,222
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	5,753,233		$	—
Distributions reinvested		—			3,389
Cost of shares redeemed		(1,445,693	)		—
Change in net assets resulting from Class 1 capital transactions	$	4,307,540		$	3,389
Class 2
Proceeds from shares issued	$	9,162,314		$	21,578,662
Distributions reinvested		—			1,463,186
Cost of shares redeemed		(16,634,756	)		(5,675,812	)
Change in net assets resulting from Class 2 capital transactions	$	(7,472,442	)	$	17,366,036
Total change in net assets resulting from capital transactions	$	(3,164,902	)	$	17,369,425
SHARE TRANSACTIONS:
Class 1
Issued		548,808			—
Reinvested		—			342
Redeemed		(137,424	)		—
Change in Class 1 Shares		411,384			342
Class 2
Issued		891,419			2,188,720
Reinvested		—			147,797
Redeemed		(1,608,553	)		(567,621	)
Change in Class 2 Shares		(717,134	)		1,768,896

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN INSURANCE TRUST JUNE 30, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 23

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			Return of capital			Total distributions
Income Builder Portfolio
Class 1
Six Months Ended June 30, 2017 (Unaudited)	$	9.93	$	0.21	(g)	$	0.38		$	0.59		$	—		$	—		$	—		$	—
Year Ended December 31, 2016		9.63		0.37	(g)		0.26			0.63			(0.32	)		—			(0.01	)		(0.33	)
Year Ended December 31, 2015		9.95		0.36	(g)		(0.40	)		(0.04	)		(0.27	)		(0.01	)		—			(0.28	)
December 9, 2014 (i) through December 31, 2014		10.00		0.03			(0.05	)		(0.02	)		(0.03	)		—			—			(0.03	)
Class 2
Six Months Ended June 30, 2017 (Unaudited)		9.92		0.18	(g)		0.39			0.57			—			—			—			—
Year Ended December 31, 2016		9.63		0.35	(g)		0.25			0.60			(0.30	)		—			(0.01	)		(0.31	)
Year Ended December 31, 2015		9.95		0.33	(g)		(0.39	)		(0.06	)		(0.25	)		(0.01	)		—			(0.26	)
December 9, 2014 (i) 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) Calculated based upon average shares outstanding.

(h) 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.

(i) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN INSURANCE TRUST JUNE 30, 2017

		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)
$	10.52		5.94	%	$	4,438,068		0.59	%		4.10	%		1.05	%		47	%
	9.93		6.53			106,032		0.60			3.72			1.27			46
	9.63		(0.31	)		99,526		0.60	(h)		3.56	(h)		1.44	(h)		42
	9.95		(0.17	)		99,795		0.60	(h)		4.67	(h)		7.83	(h)		1
	10.49		5.75			43,738,590		0.85			3.56			1.30			47
	9.92		6.21			48,465,426		0.85			3.47			1.49			46
	9.63		(0.50	)		29,991,045		0.85	(h)		3.30	(h)		1.71	(h)		42
	9.95		(0.18	)		19,856,239		0.85	(h)		4.42	(h)		8.08	(h)		1

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 25

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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.

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 Investment 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.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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, 2017.

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	$	—	$	485,887	$	1,772,738	$	2,258,625
Collateralized Mortgage Obligations
United States		—		1,558,530		—		1,558,530
Commercial Mortgage-Backed Securities
United States		—		50,338		—		50,338
Common Stocks
Australia		—		228,173		—		228,173
Belgium		—		250,015		—		250,015
Canada		144,209		—		—		144,209
China		—		70,223		—		70,223
Czech Republic		—		67,625		—		67,625
Denmark		—		204,702		—		204,702
Finland		—		403,795		—		403,795
France		9,743		1,101,274		—		1,111,017
Germany		—		1,019,835		—		1,019,835
Hong Kong		—		80,967		—		80,967
Ireland		—		33,360		—		33,360
Italy		1,672		147,841		—		149,513
Japan		38,449		430,523		—		468,972
Netherlands		36,901		440,054		—		476,955
Norway		—		130,642		—		130,642
Portugal		—		15,381		—		15,381
Singapore		—		51,852		—		51,852
South Africa		—		37,534		—		37,534
Spain		659		529,132		—		529,791
Sweden		—		265,593		—		265,593
Switzerland		—		674,227		—		674,227
United Kingdom		35,837		2,650,649		—		2,686,486
United States		5,735,679		—		—		5,735,679
Total Common Stocks		6,003,149		8,833,397		—		14,836,546

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Convertible Bonds
United States	$	—		$	3,340		$	—	$	3,340
Corporate Bonds
Australia		—			281,095			—		281,095
Belgium		—			21,958			—		21,958
Brazil		—			83,958			—		83,958
Canada		—			937,417			—		937,417
Finland		—			54,109			—		54,109
Ireland		—			34,482			—		34,482
Israel		—			41,482			—		41,482
Luxembourg		—			377,417			—		377,417
Mexico		—			213,750			—		213,750
New Zealand		—			20,467			—		20,467
Switzerland		—			212,500			—		212,500
United Arab Emirates		—			60,444			—		60,444
United Kingdom		—			534,693			—		534,693
United States		—			16,981,393			26,775		17,008,168
Total Corporate Bonds		—			19,855,165			26,775		19,881,940
Investment Companies
United States		7,515,340			—			—		7,515,340
Loan Assignments
United States		—			180,582			—		180,582
Preferred Stocks
Germany		—			12,438			—		12,438
United States		229,650			—			—		229,650
Total Preferred Stocks		229,650			12,438			—		242,088
Rights
Spain		393			—			—		393
U.S. Treasury Obligation
United States		—			165,590			—		165,590
Short-Term Investment
Investment Company		1,124,435			—			—		1,124,435
Total Investments in Securities	$	14,872,967		$	31,145,267		$	1,799,513	$	47,817,747
Appreciation in Other Financial Instruments
Futures Contracts	$	8,438		$	—		$	—	$	8,438
Depreciation in Other Financial Instruments
Futures Contracts	$	(44,554	)	$	(2,494	)	$	—	$	(47,048	)

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

There were no significant transfers between any levels during the year ended June 30, 2017.

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, 2016		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, 2017
Investments in Securities
Asset-Backed Securities	$	1,835,227	$	—	$	45,915		$	2,984	$	133,303	$	(159,872	)	$	—	$	(84,819	)	$	1,772,738
Corporate Bonds — United States		—		—		(659	)		134		27,300		—			—		—			26,775
Total	$	1,835,227	$	—	$	45,256		$	3,118	$	160,603	$	(159,872	)	$	—	$	(84,819	)	$	1,799,513

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.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2017

The change in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2017, which were valued using significant unobservable inputs (level 3) amounted to $45,256. 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, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,772,738	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 12.00% (5.28%)
				Constant Default Rate	2.83% - 6.90% (4.24%)
				Yield (Discount Rate of Cash Flows)	3.46% - 6.93% (4.75%)
Asset-Backed Securities		1,772,738
		26,775	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	7.10% - 10.83% (9.04%)
Corporate Bonds		26,775
Total	$	1,799,513

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 invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the 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 six months ended June 30, 2017
Affiliate	Value at December 31, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	1,455,132	$	489,742	$	491,000	$	(10,318	)	$	25,742		181,681	$	1,495,233
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		2,179,570		671,189		219,997		387			—		121,603		3,136,152
JPMorgan Equity Income Fund, Class R6 Shares		2,898,895		571,273		748,024		26,720			30,617		181,153		2,883,955
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		1,417,157		19,085,999		19,378,721		—			3,248		1,124,435		1,124,435
	$	7,950,754					$	16,789		$	59,607			$	8,639,775

C. When Issued, Delayed Delivery Securities and Forward Commitments — The Portfolio purchased when issued securities and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when issued, delayed delivery, or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Portfolio may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when issued, delayed delivery, or forward commitment basis is not accrued until the settlement date.

The Portfolio had delayed delivery securities outstanding as of June 30, 2017, which are shown as a Receivable for Investment securities purchased-delayed delivery securities and Payable for Investment securities purchased-delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at June 30, 2017 are detailed on the SOI.

D. 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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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.

The table below discloses the volume of the Portfolio’s futures contracts activity during the six months ended June 30, 2017:

Futures Contracts:
Equity
Average Notional Balance Long	$	43,364
Ending Notional Balance Long		78,500
Foreign Exchange
Average Notional Balance Short		2,206,141
Ending Notional Balance Short		2,349,944
Interest Rate
Average Notional Balance Short		5,170,761
Ending Notional Balance Short		3,888,586

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).

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of June 30, 2017, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	8,438
Gross Liabilities:
Foreign exchange contracts	Payables, Net Assets — Unrealized Depreciation	$	(44,554	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,494	)
Total		$	(47,048	)

(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 table presents the effect of derivatives on the Statement of Operations for the six months ended June 30, 2017, by primary underlying risk exposure:

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(5,798	)
Foreign exchange contracts		(56,567	)
Interest rate contracts		(26,375	)
Total	$	(88,740	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(2,494	)
Foreign exchange contracts		(77,982	)
Interest rate contracts		(19,269	)
Total	$	(99,745	)

30 JPMORGAN INSURANCE TRUST JUNE 30, 2017

The Portfolio’s derivatives contracts held at June 30, 2017 are not accounted for as hedging instruments under GAAP.

F. 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.

G. 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. Certain Portfolios may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Portfolio. These amounts are included in Interest Income on the Statement of Operations.

H. 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.

I. 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, 2017, 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, remain subject to examination by the Internal Revenue Service.

J. 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.

K. 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.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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, 2017, 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. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to JPMDS, 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 (for all share classes), Administrator (for all share classes) and/or JPMDS (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, 2017 and is in place until at least April 30, 2018.

For the six months June 30, 2017, 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 Fees		Administration Fees		Total		Contractual Reimbursements
$	89,760	$	20,043	$	109,803	$	155

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS 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.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2017 was $1,129.

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 JPMDS. 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.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2017

During the six months ended June 30, 2017, the Portfolio purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Portfolio may use related party broker-dealers. For the six months ended June 30, 2017, the Portfolio incurred $7 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, 2017, 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
$	22,331,988	$	24,256,398	$	165,763	$	114,999

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, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	44,852,601	$	3,347,230	$	382,084	$	2,965,146

At December 31, 2016, the Portfolio had net capital loss carryforwards as follows:

Net Capital Loss:
Short-Term		Long-Term
$	610,227	$	250,130

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility 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. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 6, 2017.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2017.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 33

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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, 2017, the Adviser owned shares representing 14.2% of the Portfolio’s outstanding shares. As of June 30, 2017, the Portfolio had three omnibus accounts which represented 58.0% of the Portfolio’s outstanding shares. 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 that the Federal Reserve has recently raised interest rates and may continue to do so, the Portfolio may face a heightened level of interest rate risk. 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 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.

The Portfolio invests in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Portfolios’ fiscal year ends on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Portfolio’s financial statements and related disclosures. The adoption will have no effect on the Portfolio’s net assets or result of operations.

34 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Income Builder Portfolio
Class 1
Actual	$	1,000.00	$	1,059.40	$	3.01		0.59	%
Hypothetical		1,000.00		1,021.87		2.96		0.59
Class 2
Actual		1,000.00		1,057.50		4.34		0.85
Hypothetical		1,000.00		1,020.58		4.26		0.85

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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 35

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

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

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

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

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and 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., 2017.  All rights reserved. June 2017. SAN-JPMITIBP-617

Semi-Annual Report

JPMorgan Insurance Trust

June 30, 2017 (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	17
Financial Highlights	20
Notes to Financial Statements	22
Schedule of Shareholder Expenses	33

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

August 4, 2017 (Unaudited)

Dear Shareholder,

As the U.S. economic expansion entered its eighth year in 2017, growth in both developed and emerging market economies became increasingly synchronized even as U.S. growth cooled in the early part of the year. Amid an environment of economic growth, low inflation and rising corporate earnings, global financial markets overall produced positive returns.

  “In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017.” — George C.W. Gatch

While U.S. gross domestic product (GDP) growth slowed to 1.2% in the first quarter of 2017, it rebounded to 2.6% growth in the second quarter of 2017 on the back of a surge in consumer spending. Meanwhile, the U.S. jobless rate continued to shrink and fell to 4.4% in June 2017 from 4.8% six months earlier. In response to these numbers, along with nascent signs of price inflation, the U.S. Federal Reserve (the “Fed”) raised interest rates in June 2017 and signaled it would raise rates once more before the end of the year. Fed Chairwoman Janet Yellen also indicated she was prepared to begin partially unwinding the central bank’s $4.5 trillion balance sheet of assets purchased through its quantitative easing program.

Despite the apparent health of the U.S. economy, by mid-2017 domestic price inflation was below the Fed’s target of 2% growth and wage growth remained below economists’ expectations, the latter despite an environment of essentially full employment for U.S. workers. These trends — and the Fed’s acknowledgment of them — provided some near-term uncertainty about the central bank’s commitment to tightening monetary policy.

Throughout the first half of 2017, global energy prices continued to fall amid an oversupply of crude oil and natural gas. Despite efforts by the Organization of Petroleum Exporting

Countries to curb global production, the price of a barrel of benchmark West Texas Intermediate crude oil dropped to $46 by the end of June 2017.

Meanwhile, the leading economies of the European Union (the “EU”) continued to strengthen. Annualized GDP for the 19 core EU nations rose 1.9% in the first quarter of 2017 and 2.1% in the second quarter. The June 2017 aggregate unemployment rate for those nations fell to 9.1%, the lowest level since March 2009. Also, in separate elections, voters in the Netherlands and France largely rejected populist campaigns espousing policies to limit free trade and immigration. The election results provided another boost to global equity prices.

In the U.S., the continued economic expansion, muted inflation, corporate earnings growth and historically low volatility in financial markets helped to drive key equity market indexes to multiple record closing highs throughout the first half of 2017. U.S. investors appeared to shrug off intermittent political and policy dramas emanating from Washington, D.C. and extended the run-up in U.S. equity prices into its eighth consecutive year — one of the longest on record. For the six months ended June 30, 2017, the Standard & Poor’s 500 Index returned 9.34%.

U.S. and foreign financial markets largely rewarded those investors who remained fully invested throughout the first half of 2017, reaffirming the fundamental virtues of patience and diversification within a prudent investment strategy.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management & Institutional,

J.P. Morgan Asset Management

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 1

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

Reporting Period Return:
Portfolio (Class 2 Shares)*		9.01%
MSCI World Index (net of foreign withholding taxes)		10.66%
Global Allocation Composite Benchmark		7.24%
Net Assets as of 6/30/2017	$	58,221,867

INVESTMENT OBJECTIVE**

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

HOW DID THE MARKET PERFORM?

While U.S. equity markets continued to provide positive returns for the past six months, the magnitude of those gains slowed somewhat as key stock market indexes touched multiple closing highs and largely held near record territory. Steady global economic growth, continued low inflation and strong corporate earnings all served to support equity prices, both in the U.S. and elsewhere. Globally, emerging market equities generally outperformed the U.S. and other developed market equities during the reporting period.

While emerging market bonds and high-yield U.S. bonds (also known as “junk bonds”) generally provided positive returns, investment grade corporate bonds and U.S. Treasury bonds underperformed equity securities amid investor expectations for rising interest rates in the U.S.

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

The Portfolio’s Class 2 Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) and outperformed the Global Allocation Composite Benchmark (the “Composite”) for the six months ended June 30, 2017.

The Portfolio’s allocation to core fixed-income securities, which underperformed global equities during the reporting period, detracted from performance relative to the Benchmark.

The Portfolio’s performance relative to the Composite, which consists of 60% MSCI World Index and 40% Bloomberg

Barclays Global Aggregate Index, was helped by the Portfolio’s overweight allocation to international developed market and emerging market equities. The Fund’s overweight allocation to U.S. high-yield bonds (also known as “junk bonds”) and emerging market debt also contributed to performance relative to the Composite.

HOW WAS THE PORTFOLIO POSITIONED?

During the reporting period, the Portfolio’s managers maintained a constructive view on developed market equities and extended credit. While the Portfolio’s allocation to U.S. equities remained the Portfolio’s largest allocation during the reporting period, the managers decreased this exposure in favor of international developed and emerging market equities. The managers’ views on synchronized global growth and a tepid increase in U.S. interest rates also led to an increase in the Portfolio’s exposure to foreign currencies. The euro and emerging market currencies were the Portfolio’s largest non-U.S. currency allocations.

Within fixed income, the managers added to the Portfolio’s allocation to emerging market debt early in the reporting period given their expectations of stabilization in emerging markets, driven by improving fundamentals and attractive valuations. Additionally, the managers maintained a positive view on credit as expressed through high-yield bonds in the U.S., as well as non-agency mortgages.

Within core fixed income, the managers increased the Portfolio’s allocation to global government bonds. Given expectations for rising U.S. interest rates, the managers decreased the Portfolio’s exposure to longer duration debt. Generally when interest rates rise, bonds with longer duration will experience a larger decrease in price relative to shorter duration bonds.

2 JPMORGAN INSURANCE TRUST JUNE 30, 2017

TOP TEN LONG POSITIONS OF THE PORTFOLIO***
	1.	JPMorgan High Yield Fund, Class R6 Shares	17.4	%
	2.	JPMorgan Emerging Markets Equity Fund, Class R6 Shares	3.5
	3.	JPMorgan Emerging Markets Debt Fund, Class R6 Shares	3.0
	4.	Japan Government Bond, (Japan), 0.100%, 06/20/26	2.5
	5.	Australia Government Bond, (Australia), Reg. S, 5.250%, 03/15/19	2.4
	6.	U.S. Treasury Note, 0.750%, 01/31/18	2.0
	7.	U.K. Treasury Gilt, (United Kingdom), Reg. S, 1.500%, 07/22/26	1.1
	8.	Italy Government Bond, (Italy), 0.450%, 06/01/21	1.0
	9.	Spain Government Bond, (Spain), Reg. S, 4.000%, 04/30/20	0.9
	10.	U.S. Treasury Bond, 3.750%, 08/15/41	0.8

TOP TEN SHORT POSITIONS OF THE PORTFOLIO****
	1.	NIKE, Inc., Class B	11.2	%
	2.	General Electric Co.	8.9
	3.	General Mills, Inc.	7.2
	4.	Harley-Davidson, Inc.	6.5
	5.	Anheuser-Busch InBev SA/NV, (Belgium) ADR,	5.5
	6.	TJX Cos., Inc. (The)	4.1
	7.	Kellogg Co.	4.0
	8.	Dean Foods Co.	3.4
	9.	Ross Stores, Inc.	3.3
	10.	Papa John’s International, Inc.	3.1

LONG POSITION PORTFOLIO COMPOSITION***
Common Stocks	44.0	%
Investment Companies	23.8
Foreign Government Securities	9.6
U.S. Treasury Obligations	4.2
Asset-Backed Securities	2.7
Collateralized Mortgage Obligations	2.5
Corporate Bonds	2.5
Others (each less than 1.0%)	0.6
Short-Term Investments	10.1

SHORT POSITION PORTFOLIO COMPOSITION****
Common Stocks	100.0	%

* 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.

** 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, 2017. The Portfolio’s composition is subject to change.

**** Percentages indicated are based on total short investments as of June 30, 2017. The Portfolio’s composition is subject to change.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 3

JPMorgan Insurance Trust Global Allocation Portfolio

PORTFOLIO COMMENTARY

SIX MONTHS ENDED JUNE 30, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS 1 SHARES		December 9, 2014		9.13	%		13.70	%		5.38	%
CLASS 2 SHARES		December 9, 2014		9.01			13.41			5.11

* Not annualized.

LIFE OF PORTFOLIO PERFORMANCE (12/9/14 TO 6/30/17)

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 Bloomberg Barclays U.S. Aggregate Index, the Bloomberg Barclays Global Aggregate Index, the Global Allocation Composite Benchmark and the Lipper Variable Underlying Funds Flexible Funds Index from December 9, 2014 to June 30, 2017. 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 Bloomberg Barclays U.S. Aggregate Index is an

unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. 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 Bloomberg 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, 2017

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — 92.9%
	Asset-Backed Securities — 2.6%
		United States — 2.6%
	49,379	AMRESCO Residential Securities Corp. Mortgage Loan Trust, Series 1997-1, Class A7, 7.610%, 03/25/27		49,345
	69,874	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W5, Class M1, VAR, 2.116%, 04/25/34		68,816
		Asset-Backed Securities Corp. Home Equity Loan Trust,
	91,838	Series 2003-HE6, Class M2, VAR, 3.691%, 11/25/33		87,410
	88,187	Series 2004-HE3, Class M2, VAR, 2.896%, 06/25/34		83,557
		Bear Stearns Asset-Backed Securities Trust,
	53,459	Series 2003-2, Class M1, VAR, 3.016%, 03/25/43		53,229
	41,628	Series 2004-HE5, Class M2, VAR, 3.091%, 07/25/34		41,217
		Countrywide Asset-Backed Certificates,
	56,406	Series 2004-2, Class M1, VAR, 1.966%, 05/25/34		56,194
	113,981	Series 2006-19, Class 2A2, VAR, 1.376%, 03/25/37		110,361
	59,150	CWABS, Inc. Asset-Backed Certificates, Series 2004-1, Class M2, VAR, 2.041%, 03/25/34		57,560
		CWABS, Inc. Asset-Backed Certificates Trust,
	87,212	Series 2004-5, Class M3, VAR, 2.941%, 07/25/34		86,812
	54,507	Series 2004-5, Class M5, VAR, 3.541%, 05/25/34		52,512
	65,754	Home Equity Asset Trust, Series 2007-2, Class 2A2, VAR, 1.401%, 07/25/37		65,295
	110,971	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-B, Class 2A3, VAR, 1.406%, 06/25/36		107,734
	121,391	Long Beach Mortgage Loan Trust, Series 2004-4, Class M1, VAR, 2.116%, 10/25/34		116,201
	66,375	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-NC10, Class M1, VAR, 2.236%, 10/25/33		65,734
	53,514	Saxon Asset Securities Trust, Series 2003-3, Class M1, VAR, 2.191%, 12/25/33		51,479
	39,825	Structured Asset Investment Loan Trust, Series 2003-BC11, Class M1, VAR, 2.191%, 10/25/33		39,662

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Structured Asset Securities Corp. Mortgage Loan Trust,
	125,990	Series 2006-BC6, Class A4, VAR, 1.386%, 01/25/37		119,119
	69,522	Series 2007-WF2, Class A1, VAR, 2.216%, 08/25/37		67,283
	102,694	Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2006-3, Class A2, VAR, 1.366%, 01/25/37		101,796
		Total Asset-Backed Securities (Cost $1,415,805)		1,481,316
	Collateralized Mortgage Obligations — 2.3%
		United States — 2.3%
	52,303	American Home Mortgage Investment Trust, Series 2005-1, Class 6A, VAR, 3.413%, 06/25/45		52,196
	40,221	Banc of America Funding Trust, Series 2006-A, Class 1A1, VAR, 3.131%, 02/20/36		39,744
	38,259	Banc of America Mortgage Trust, Series 2005-A, Class 2A2, VAR, 3.475%, 02/25/35		37,873
	64,315	Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2, VAR, 3.475%, 05/25/35		64,556
	60,824	First Horizon Mortgage Pass-Through Trust, Series 2004-AR7, Class 4A1, VAR, 3.050%, 02/25/35		60,415
	103,611	GSR Mortgage Loan Trust, Series 2005-AR3, Class 1A1, VAR, 1.656%, 05/25/35		98,526
	127,742	Impac CMB Trust, Series 2004-7, Class 1A2, VAR, 2.136%, 11/25/34		119,605
	44,806	JP Morgan Mortgage Trust, Series 2005-A3, Class 4A1, VAR, 3.087%, 06/25/35		45,181
	13,670	Lehman Mortgage Trust, Series 2005-3, Class 2A3, 5.500%, 01/25/36		12,245
	33,835	Merrill Lynch Mortgage Investors Trust, Series 2007-1, Class 4A3, VAR, 5.124%, 01/25/37		32,868
	38,877	Morgan Stanley Mortgage Loan Trust, Series 2004-5AR, Class 4A, VAR, 3.491%, 07/25/34		38,144
	76,386	Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates, Series 2005-5, Class 1APT, VAR, 1.496%, 12/25/35		70,834
	27,965	Residential Asset Securitization Trust, Series 2004-A6, Class A1, 5.000%, 08/25/19		27,944
		WaMu Mortgage Pass-Through Certificates Trust
	32,962	Series 2005-AR3, Class A1, VAR, 3.033%, 03/25/35		32,273

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 5

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		United States — continued
	53,927	Series 2005-AR5, Class A6, VAR, 2.983%, 05/25/35		54,112
	51,290	Series 2005-AR10, Class 1A3, VAR, 2.808%, 09/25/35		52,288
		Wells Fargo Mortgage Backed Securities Trust
	60,956	Series 2004-EE, Class 2A2, VAR, 3.237%, 12/25/34		62,289
	124,145	Series 2004-W, Class A1, VAR, 3.010%, 11/25/34		124,367
	50,644	Series 2004-Z, Class 2A2, VAR, 2.999%, 12/25/34		51,347
	28,828	Series 2005-16, Class A8, 5.750%, 01/25/36		30,755
	21,665	Series 2005-AR2, Class 2A1, VAR, 3.162%, 03/25/35		21,620
	41,662	Series 2005-AR2, Class 2A2, VAR, 3.162%, 03/25/35		42,061
	62,151	Series 2005-AR3, Class 1A1, VAR, 3.311%, 03/25/35		63,548
	38,738	Series 2005-AR4, Class 2A2, VAR, 3.315%, 04/25/35		38,856
	76,191	Series 2006-AR3, Class A3, VAR, 3.253%, 03/25/36		75,123
		Total Collateralized Mortgage Obligations (Cost $1,307,278)		1,348,770
SHARES
	Common Stocks — 40.9%
		Australia — 1.3%
	9,232	AMP Ltd.		36,838
	5,159	Australia & New Zealand Banking Group Ltd.		113,868
	5,691	BHP Billiton Ltd.		101,436
	2,007	Commonwealth Bank of Australia		127,678
	330	CSL Ltd.		35,023
	6,921	Dexus		50,389
	12,668	Goodman Group		76,563
	959	Macquarie Group Ltd.		65,215
	921	National Australia Bank Ltd.		20,951
	3,192	Wesfarmers Ltd.		98,425
	1,138	Westpac Banking Corp.		26,645
				753,031
		Austria — 0.1%
	1,550	Erste Group Bank AG (a)		59,372
		Belgium — 0.2%
	1,218	Anheuser-Busch InBev SA/NV		134,526

SHARES		SECURITY DESCRIPTION	VALUE
		Canada — 0.8%
	2,134	Brookfield Asset Management, Inc., Class A		83,674
	1,532	Canadian Pacific Railway Ltd.		246,361
	2,058	Waste Connections, Inc.		132,576
				462,611
		Denmark — 0.2%
	2,263	Novo Nordisk A/S, Class B		97,235
		Finland — 0.4%
	586	Cargotec OYJ, Class B		37,173
	15,281	Nokia OYJ		93,699
	5,132	Outokumpu OYJ		40,952
	1,265	Wartsila OYJ Abp		74,809
				246,633
		France — 2.0%
	1,009	Air Liquide SA		124,708
	1,621	Airbus SE		133,774
	4,259	AXA SA		116,626
	1,539	BNP Paribas SA		110,797
	6,016	Natixis SA		40,384
	562	Pernod Ricard SA		75,256
	832	Renault SA		75,275
	1,281	Sanofi		122,745
	1,342	Schneider Electric SE (a)		103,132
	452	Sodexo SA		58,417
	2,162	TOTAL SA		107,337
	3,345	Vivendi SA		74,485
				1,142,936
		Germany — 2.0%
	366	adidas AG		70,180
	112	Allianz SE (Registered)		22,102
	410	BASF SE		38,052
	1,118	Bayer AG (Registered)		144,904
	1,467	Brenntag AG		85,077
	1,536	Daimler AG (Registered)		111,404
	796	Deutsche Boerse AG		84,082
	2,376	Deutsche Post AG (Registered)		89,191
	4,322	Deutsche Telekom AG (Registered)		77,904
	273	HeidelbergCement AG		26,464
	3,101	Infineon Technologies AG		65,867
	342	Linde AG		65,101
	1,444	SAP SE		151,146
	1,146	Siemens AG (Registered)		157,637
				1,189,111

SEE NOTES TO FINANCIAL STATEMENTS.

6 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Hong Kong — 0.7%
	5,000	AIA Group Ltd.		36,582
	8,052	Cheung Kong Property Holdings Ltd.		63,009
	7,552	CK Hutchison Holdings Ltd.		94,774
	2,400	Hang Seng Bank Ltd.		50,209
	5,500	Power Assets Holdings Ltd.		48,549
	7,200	Sands China Ltd.		32,958
	6,000	Wharf Holdings Ltd. (The)		49,648
				375,729
		Ireland — 0.1%
	735	Ryanair Holdings plc, ADR (a)		79,093
		Israel — 0.1%
	2,276	Teva Pharmaceutical Industries Ltd., ADR		75,609
		Italy — 0.7%
	3,258	Assicurazioni Generali SpA		53,777
	2,641	Atlantia SpA		74,290
	18,189	Enel SpA		97,557
	9,043	Intesa Sanpaolo SpA		28,764
	69,595	Telecom Italia SpA (a)		64,387
	5,667	UniCredit SpA (a)		106,150
				424,925
		Japan — 4.9%
	2,500	Bridgestone Corp.		108,079
	100	Central Japan Railway Co.		16,332
	800	Daikin Industries Ltd.		82,074
	1,500	Dentsu, Inc.		71,960
	2,700	DMG Mori Co. Ltd.		44,694
	800	East Japan Railway Co.		76,637
	16,000	Fujitsu Ltd.		118,340
	15,000	Hitachi Ltd.		92,485
	2,500	Honda Motor Co. Ltd.		68,495
	3,700	J Front Retailing Co. Ltd.		57,019
	1,700	Japan Airlines Co. Ltd.		52,659
	17,600	JXTG Holdings, Inc.		77,009
	8,000	Kajima Corp.		67,613
	1,700	KDDI Corp.		44,961
	4,100	Kirin Holdings Co. Ltd.		83,634
	2,800	Kyowa Hakko Kirin Co. Ltd.		52,077
	2,500	Kyushu Electric Power Co., Inc.		30,384
	800	Mabuchi Motor Co. Ltd.		39,986
	3,400	Mazda Motor Corp.		47,766
	16,700	Mitsubishi UFJ Financial Group, Inc.		112,642
	5,000	Mitsui & Co. Ltd.		71,579

SHARES		SECURITY DESCRIPTION	VALUE
		Japan — continued
	2,000	Mitsui Fudosan Co. Ltd.		47,917
	2,400	MS&AD Insurance Group Holdings, Inc.		80,949
	2,800	NGK Spark Plug Co. Ltd.		59,977
	400	Nidec Corp.		41,096
	3,900	Nippon Steel & Sumitomo Metal Corp.		88,377
	2,200	Nippon Telegraph & Telephone Corp.		103,849
	3,600	ORIX Corp.		56,016
	1,100	Otsuka Corp.		68,425
	1,500	Otsuka Holdings Co. Ltd.		64,043
	2,300	Seiko Epson Corp.		51,319
	2,400	Seven & i Holdings Co. Ltd.		99,035
	2,500	Sony Corp.		95,359
	2,800	Sumitomo Mitsui Financial Group, Inc.		109,325
	1,500	Suntory Beverage & Food Ltd.		69,721
	4,000	Takashimaya Co. Ltd.		38,160
	12,000	Tokyo Gas Co. Ltd.		62,504
	2,800	Toyota Motor Corp.		147,178
	1,300	West Japan Railway Co.		91,982
	2,700	Yamato Holdings Co. Ltd.		54,852
				2,846,509
		Luxembourg — 0.1%
	2,713	ArcelorMittal (a)		61,539
		Netherlands — 1.2%
	5,439	Aegon NV		27,836
	405	ASML Holding NV		52,793
	953	Heineken NV		92,665
	7,169	ING Groep NV		123,757
	16,977	Koninklijke KPN NV		54,336
	1,738	Koninklijke Philips NV		61,870
	1,373	NN Group NV		48,718
	4,630	Royal Dutch Shell plc, Class A		123,013
	4,428	Royal Dutch Shell plc, Class B		118,876
				703,864
		New Zealand — 0.1%
	21,114	Spark New Zealand Ltd.		58,504
		Norway — 0.1%
	7,793	Norsk Hydro ASA		43,127
		Portugal — 0.1%
	1,955	Galp Energia SGPS SA		29,626
		Singapore — 0.2%
	6,400	DBS Group Holdings Ltd.		96,325

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 7

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		Spain — 0.6%
	13,173	Banco Santander SA		87,467
	13,670	Bankia SA		66,118
	9,926	Iberdrola SA		78,658
	2,215	Repsol SA		33,958
	8,866	Telefonica SA		91,778
				357,979
		Sweden — 0.2%
	6,929	Nordea Bank AB		88,251
		Switzerland — 2.0%
	1,030	Cie Financiere Richemont SA (Registered)		85,231
	1,534	Credit Suisse Group AG (Registered) (a)		22,321
	1,476	LafargeHolcim Ltd. (a)		84,773
	3,935	Nestle SA (Registered)		343,201
	2,168	Novartis AG (Registered)		181,086
	893	Roche Holding AG		228,175
	5,402	UBS Group AG (Registered) (a)		91,866
	1,220	Wolseley plc		74,881
	85	Zurich Insurance Group AG		24,807
				1,136,341
		United Kingdom — 3.3%
	6,576	3i Group plc		77,318
	1,278	Associated British Foods plc		48,906
	1,879	AstraZeneca plc		125,862
	9,548	Aviva plc		65,493
	10,327	Barclays plc		27,313
	5,744	Barratt Developments plc		42,185
	13,380	BP plc		77,232
	2,802	British American Tobacco plc		190,936
	848	Burberry Group plc		18,350
	26,090	Centrica plc		68,023
	7,062	Dixons Carphone plc		26,106
	4,808	GlaxoSmithKline plc		102,349
	16,983	HSBC Holdings plc		157,656
	1,424	InterContinental Hotels Group plc		79,080
	21,753	ITV plc		51,491
	80,160	Lloyds Banking Group plc		69,080
	4,967	Prudential plc		114,011
	804	Reckitt Benckiser Group plc		81,504
	1,538	Rio Tinto Ltd.		74,745
	1,394	Rio Tinto plc		59,038
	7,251	Standard Chartered plc (a)		73,440
	21,219	Taylor Wimpey plc		48,728
	1,298	TechnipFMC plc (a)		35,106

SHARES		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	999	Unilever NV, CVA		55,147
	47,742	Vodafone Group plc		135,585
	1,961	WPP plc		41,292
				1,945,976
		United States — 19.5%
	362	3M Co.		75,365
	990	Acadia Healthcare Co., Inc. (a)		48,886
	207	Acuity Brands, Inc.		42,079
	397	Adobe Systems, Inc. (a)		56,152
	216	AdvanSix, Inc. (a)		6,748
	656	Aetna, Inc. (j)		99,600
	25	Alleghany Corp. (a)		14,870
	142	Allergan plc		34,519
	228	Alliance Data Systems Corp.		58,525
	683	Allied World Assurance Co. Holdings AG		36,131
	53	Alphabet, Inc., Class A (a)		49,273
	332	Alphabet, Inc., Class C (a) (j)		301,698
	579	Altice USA, Inc., Class A (a)		18,702
	211	Amazon.com, Inc. (a) (j)		204,248
	552	American Electric Power Co., Inc.		38,347
	2,267	American Express Co.		190,972
	1,133	American Homes 4 Rent, Class A		25,572
	1,210	American International Group, Inc.		75,649
	764	Amphenol Corp., Class A		56,398
	808	Apache Corp.		38,727
	1,626	Apple, Inc. (j)		234,177
	956	Applied Materials, Inc.		39,492
	262	Arista Networks, Inc. (a)		39,245
	450	Arrow Electronics, Inc. (a)		35,289
	427	Athene Holding Ltd., Class A (a)		21,183
	70	AutoZone, Inc. (a)		39,932
	1,436	Ball Corp.		60,614
	5,303	Bank of America Corp.		128,651
	725	Bed Bath & Beyond, Inc.		22,040
	885	Berry Global Group, Inc. (a)		50,454
	476	Best Buy Co., Inc.		27,289
	101	BlackRock, Inc.		42,663
	691	Brinker International, Inc.		26,327
	1,764	Brixmor Property Group, Inc.		31,540
	256	Broadcom Ltd.		59,661
	1,277	Capital One Financial Corp.		105,506
	467	Carlisle Cos., Inc. (j)		44,552
	580	Cavium, Inc. (a)		36,035
	2,231	CBRE Group, Inc., Class A (a)		81,208

SEE NOTES TO FINANCIAL STATEMENTS.

8 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States — continued
	718	CBS Corp. (Non-Voting), Class B		45,794
	2,988	Charles Schwab Corp. (The)		128,364
	129	Charter Communications, Inc., Class A (a)		43,454
	320	Chubb Ltd.		46,522
	131	Cigna Corp.		21,928
	1,716	Cisco Systems, Inc.		53,711
	977	Citigroup, Inc.		65,342
	1,533	Citizens Financial Group, Inc.		54,697
	1,379	Clear Channel Outdoor Holdings, Inc., Class A		6,688
	1,005	CNO Financial Group, Inc.		20,984
	1,334	Coca-Cola Co. (The)		59,830
	549	Columbia Sportswear Co.		31,875
	466	Comerica, Inc.		34,130
	536	CommScope Holding Co., Inc. (a)		20,384
	283	Concho Resources, Inc. (a)		34,393
	862	ConocoPhillips		37,894
	641	Copart, Inc. (a)		20,377
	1,908	Corning, Inc.		57,335
	1,442	Coty, Inc., Class A		27,052
	1,062	CSX Corp.		57,943
	374	CVS Health Corp.		30,092
	2,394	Delta Air Lines, Inc.		128,654
	491	DENTSPLY SIRONA, Inc.		31,836
	1,808	DISH Network Corp., Class A (a)		113,470
	478	Dover Corp.		38,345
	372	Dr Pepper Snapple Group, Inc.		33,893
	233	Duke Energy Corp.		19,476
	475	Eagle Materials, Inc.		43,899
	803	East West Bancorp, Inc.		47,040
	324	EastGroup Properties, Inc.		27,151
	1,211	Eaton Corp. plc		94,252
	450	Ecolab, Inc.		59,738
	356	Edison International		27,836
	894	Electronic Arts, Inc. (a)		94,514
	168	Energizer Holdings, Inc.		8,067
	953	Entercom Communications Corp., Class A (j)		9,864
	327	EOG Resources, Inc.		29,600
	685	EQT Corp.		40,134
	266	Equifax, Inc.		36,554
	355	Eversource Energy		21,552
	1,159	Evolent Health, Inc., Class A (a)		29,381
	923	Exact Sciences Corp. (a)		32,647
	313	Expedia, Inc.		46,621
	1,153	Exxon Mobil Corp. (j)		93,082

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,232	Facebook, Inc., Class A (a)		186,007
	478	Fidelity National Information Services, Inc.		40,821
	1,267	Fifth Third Bancorp		32,891
	493	First Republic Bank		49,349
	518	Fiserv, Inc. (a)		63,372
	756	Fortune Brands Home & Security, Inc.		49,321
	879	Gap, Inc. (The)		19,329
	407	Genuine Parts Co.		37,753
	584	Gilead Sciences, Inc.		41,336
	647	Global Payments, Inc.		58,437
	1,322	GoDaddy, Inc., Class A (a)		56,079
	2,012	Graphic Packaging Holding Co.		27,725
	391	Guidewire Software, Inc. (a)		26,866
	492	Hanesbrands, Inc.		11,395
	679	Hartford Financial Services Group, Inc. (The)		35,695
	474	HCA Healthcare, Inc. (a)		41,333
	1,881	Hewlett Packard Enterprise Co.		31,206
	765	Hilton Grand Vacations, Inc. (a)		27,586
	1,398	Hilton Worldwide Holdings, Inc.		86,466
	180	Home Depot, Inc. (The)		27,612
	427	Honeywell International, Inc.		56,915
	543	Humana, Inc.		130,657
	234	Illinois Tool Works, Inc.		33,521
	232	Illumina, Inc. (a)		40,257
	27	Intuitive Surgical, Inc. (a)		25,255
	805	Invesco Ltd.		28,328
	289	Jazz Pharmaceuticals plc (a)		44,940
	255	John Bean Technologies Corp.		24,990
	641	Johnson & Johnson		84,798
	612	KapStone Paper and Packaging Corp.		12,626
	1,760	Kimco Realty Corp.		32,296
	2,086	Kinder Morgan, Inc.		39,968
	470	Kite Pharma, Inc. (a)		48,725
	144	KLA-Tencor Corp.		13,177
	1,040	Kohl’s Corp.		40,217
	1,211	Kroger Co. (The)		28,241
	1,912	La Quinta Holdings, Inc. (a)		28,240
	206	Lam Research Corp.		29,135
	467	Lazard Ltd., Class A		21,636
	337	Lennox International, Inc.		61,887
	1,171	LKQ Corp. (a)		38,584
	1,497	Loews Corp. (j)		70,075
	300	M&T Bank Corp.		48,585
	791	Marathon Petroleum Corp.		41,393
	149	Marsh & McLennan Cos., Inc.		11,616

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 9

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States — continued
	180	Martin Marietta Materials, Inc.		40,064
	970	Mastercard, Inc., Class A		117,807
	1,143	Merck & Co., Inc.		73,255
	2,457	Microsoft Corp. (j)		169,361
	297	Mid-America Apartment Communities, Inc.		31,298
	199	Middleby Corp. (The) (a)		24,180
	979	Mohawk Industries, Inc. (a) (j)		236,615
	418	Molson Coors Brewing Co., Class B		36,090
	565	Monster Beverage Corp. (a)		28,069
	1,803	Morgan Stanley		80,342
	340	Murphy USA, Inc. (a)		25,197
	428	Nasdaq, Inc.		30,598
	290	Netflix, Inc. (a)		43,329
	2,770	Newell Brands, Inc.		148,527
	340	Nexstar Media Group, Inc., Class A		20,332
	471	NextEra Energy, Inc.		66,001
	226	Nordstrom, Inc.		10,810
	257	Northern Trust Corp.		24,983
	98	Northrop Grumman Corp.		25,158
	693	Norwegian Cruise Line Holdings Ltd. (a)		37,623
	425	NVIDIA Corp.		61,438
	358	Occidental Petroleum Corp.		21,433
	785	Old Dominion Freight Line, Inc.		74,763
	372	Oshkosh Corp.		25,623
	1,287	Outfront Media, Inc.		29,755
	197	Palo Alto Networks, Inc. (a)		26,361
	446	Park Hotels & Resorts, Inc.		12,024
	217	Parker-Hannifin Corp.		34,681
	1,715	PayPal Holdings, Inc. (a)		92,044
	1,183	PBF Energy, Inc., Class A		26,334
	219	PepsiCo, Inc.		25,292
	3,417	Pfizer, Inc.		114,777
	368	Philip Morris International, Inc.		43,222
	526	Phillips 66		43,495
	605	PNC Financial Services Group, Inc. (The)		75,546
	445	Post Holdings, Inc. (a)		34,554
	45	Priceline Group, Inc. (The) (a)		84,173
	581	Procter & Gamble Co. (The)		50,634
	229	Prudential Financial, Inc.		24,764
	555	QUALCOMM, Inc.		30,647
	1,069	Rayonier, Inc.		30,755
	154	Raytheon Co.		24,868
	299	Red Rock Resorts, Inc., Class A		7,041
	509	Revance Therapeutics, Inc. (a)		13,438

SHARES		SECURITY DESCRIPTION	VALUE
		United States — continued
	926	Robert Half International, Inc.		44,383
	360	Royal Caribbean Cruises Ltd.		39,323
	444	S&P Global, Inc.		64,820
	134	Sage Therapeutics, Inc. (a)		10,672
	646	salesforce.com, Inc. (a)		55,944
	201	Sempra Energy		22,663
	591	ServiceNow, Inc. (a)		62,646
	2,162	Shire plc		119,210
	446	Sinclair Broadcast Group, Inc., Class A		14,673
	1,149	Snap, Inc., Class A (a)		20,418
	1,092	Southwest Airlines Co.		67,857
	364	Spark Therapeutics, Inc. (a)		21,745
	675	Splunk, Inc. (a)		38,401
	426	Stanley Black & Decker, Inc.		59,951
	777	Starbucks Corp.		45,307
	1,033	SunTrust Banks, Inc.		58,592
	838	T Rowe Price Group, Inc.		62,188
	374	Take-Two Interactive Software, Inc. (a)		27,444
	453	Teladoc, Inc. (a)		15,719
	97	Tesla, Inc. (a)		35,076
	535	Texas Instruments, Inc.		41,158
	2,086	TherapeuticsMD, Inc. (a)		10,993
	439	Thermo Fisher Scientific, Inc.		76,592
	260	Tiffany & Co.		24,406
	1,064	Time Warner, Inc.		106,836
	396	Travelers Cos., Inc. (The)		50,106
	435	TreeHouse Foods, Inc. (a)		35,535
	98	Ulta Beauty, Inc. (a)		28,159
	505	Union Pacific Corp.		55,000
	491	United Technologies Corp.		59,956
	1,730	UnitedHealth Group, Inc. (j)		320,777
	643	Unum Group		29,983
	1,026	US Bancorp		53,270
	917	Vantiv, Inc., Class A (a)		58,083
	480	Veeva Systems, Inc., Class A (a)		29,429
	824	Verizon Communications, Inc.		36,800
	394	Vertex Pharmaceuticals, Inc. (a)		50,775
	1,316	Visa, Inc., Class A		123,414
	294	Vulcan Materials Co.		37,244
	457	VWR Corp. (a)		15,086
	362	WABCO Holdings, Inc. (a)		46,159
	356	Walgreens Boots Alliance, Inc.		27,878
	421	Wayfair, Inc., Class A (a)		32,366
	3,120	Wells Fargo & Co.		172,879
	814	WestRock Co.		46,121

SEE NOTES TO FINANCIAL STATEMENTS.

10 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Common Stocks — continued
		United States — continued
	468	Weyerhaeuser Co.		15,678
	828	Xcel Energy, Inc.		37,989
				11,378,360
		Total Common Stocks (Cost $20,553,025)		23,787,212
PRINCIPAL AMOUNT
	Corporate Bonds — 2.3%
		Belgium — 0.0% (g)
	20,000	Anheuser-Busch InBev Finance, Inc., 3.650%, 02/01/26		20,607
		Canada — 0.1%
	25,000	Cenovus Energy, Inc., 5.400%, 06/15/47 (e)		23,364
	10,000	Emera US Finance LP, 4.750%, 06/15/46		10,568
	25,000	TransCanada PipeLines Ltd., 4.625%, 03/01/34		27,462
				61,394
		Israel — 0.1%
	25,000	Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/01/46		23,046
		United States — 2.1%
	30,000	21st Century Fox America, Inc., 4.950%, 10/15/45		32,519
	10,000	Abbott Laboratories, 4.750%, 11/30/36		10,897
	30,000	AbbVie, Inc., 4.450%, 05/14/46		31,010
		Allergan Funding SCS,
	15,000	4.550%, 03/15/35		16,023
	4,000	4.750%, 03/15/45		4,324
	25,000	Altria Group, Inc., 3.875%, 09/16/46		24,321
		American International Group, Inc.,
	20,000	3.875%, 01/15/35		19,409
	15,000	4.800%, 07/10/45		16,031
	20,000	Amgen, Inc., 4.400%, 05/01/45		20,572
		AT&T, Inc.,
	20,000	4.350%, 06/15/45		18,588
	10,000	4.500%, 03/09/48		9,427
	10,000	5.250%, 03/01/37		10,665
	10,000	AvalonBay Communities, Inc., 4.150%, 07/01/47		10,122
		Bank of America Corp.,
	10,000	4.875%, 04/01/44		11,211
	25,000	VAR, 3.824%, 01/20/28		25,437
	15,000	Becton Dickinson and Co., 4.669%, 06/06/47		15,451

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	15,000	Brighthouse Financial, Inc., 4.700%, 06/22/47 (e)		14,747
	10,000	CBS Corp., 4.600%, 01/15/45		10,273
		Charter Communications Operating LLC,
	20,000	6.384%, 10/23/35		23,730
	15,000	6.484%, 10/23/45		18,026
		Citigroup, Inc.,
	6,000	4.650%, 07/30/45		6,534
	25,000	VAR, 3.887%, 01/10/28		25,409
	10,000	Columbia Pipeline Group, Inc., 5.800%, 06/01/45		11,912
		Comcast Corp.,
	10,000	3.400%, 07/15/46		9,120
	5,000	4.600%, 08/15/45		5,460
	5,000	4.750%, 03/01/44		5,572
	15,000	Diamond 1 Finance Corp., 8.350%, 07/15/46 (e)		19,380
	15,000	Dominion Energy Gas Holdings LLC, 4.600%, 12/15/44		15,695
	10,000	Energy Transfer LP, 5.150%, 02/01/43		9,503
	35,000	Enterprise Products Operating LLC, 4.900%, 05/15/46		37,689
	20,000	Exelon Corp., 4.450%, 04/15/46		20,700
	20,000	Express Scripts Holding Co., 4.800%, 07/15/46		20,371
		Ford Motor Co.,
	35,000	4.750%, 01/15/43		33,827
	10,000	5.291%, 12/08/46		10,277
		General Motors Co.,
	15,000	5.000%, 04/01/35		15,052
	30,000	5.200%, 04/01/45		29,470
		Gilead Sciences, Inc.,
	20,000	4.150%, 03/01/47		20,141
	15,000	4.600%, 09/01/35		16,101
		Goldman Sachs Group, Inc. (The),
	10,000	3.500%, 11/16/26		9,948
	15,000	3.850%, 01/26/27		15,261
	10,000	4.750%, 10/21/45		11,080
	15,000	Great Plains Energy, Inc., 4.850%, 04/01/47		15,456
	20,000	Halliburton Co., 5.000%, 11/15/45		21,308
	15,000	Harris Corp., 5.054%, 04/27/45		16,858
	20,000	Hess Corp., 5.800%, 04/01/47		20,191
	5,000	Intel Corp., 4.100%, 05/19/46		5,190
		Kraft Heinz Foods Co.,
	40,000	4.375%, 06/01/46		38,984
��	10,000	5.000%, 06/04/42		10,570

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 11

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Corporate Bonds — continued
		United States — continued
	25,000	Kroger Co. (The), 3.875%, 10/15/46		22,060
	10,000	Marathon Petroleum Corp., 4.750%, 09/15/44		9,513
	20,000	MetLife, Inc., 4.600%, 05/13/46		22,038
	10,000	Microsoft Corp., 4.100%, 02/06/37		10,784
		Morgan Stanley,
	10,000	3.625%, 01/20/27		10,064
	25,000	4.300%, 01/27/45		25,890
	10,000	MPLX LP, 5.200%, 03/01/47		10,256
	20,000	Mylan NV, 5.250%, 06/15/46		21,908
	17,000	Noble Energy, Inc., 5.050%, 11/15/44		17,482
	20,000	ONEOK Partners LP, 6.200%, 09/15/43		23,001
	15,000	Oracle Corp., 4.000%, 07/15/46		15,171
	20,000	Owens Corning, 4.300%, 07/15/47		19,242
	10,000	Philip Morris International, Inc., 4.875%, 11/15/43		11,188
	25,000	Phillips 66, 4.875%, 11/15/44		26,817
	5,000	Phillips 66 Partners LP, 4.900%, 10/01/46		4,938
	20,000	Prudential Financial, Inc., 4.600%, 05/15/44		21,881
	20,000	Reynolds American, Inc., 4.450%, 06/12/25		21,471
	15,000	Southern Power Co., Series F, 4.950%, 12/15/46		15,511
	15,000	Spectra Energy Partners LP, 4.500%, 03/15/45		14,804
	20,000	Sunoco Logistics Partners Operations LP, 5.350%, 05/15/45		19,628
		Verizon Communications, Inc.,
	30,000	4.125%, 08/15/46		26,738
	10,000	4.272%, 01/15/36		9,662
	15,000	5.012%, 04/15/49 (e)		15,170
	10,000	Viacom, Inc., 4.375%, 03/15/43		8,901
	10,000	Vulcan Materials Co., 4.500%, 06/15/47		10,090
				1,234,050
		Total Corporate Bonds (Cost $1,342,059)		1,339,097
	Foreign Government Securities — 8.9%
		Australia — 2.2%
	AUD 1,589,000	Australia Government Bond, Reg. S, 5.250%, 03/15/19		1,292,741
		Canada — 0.7%
	CAD 478,000	Canada Government Bond, 1.750%, 03/01/19		372,687

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		France — 0.6%
	EUR 221,000	France Government Bond, Reg. S, 3.250%, 05/25/45		335,223
		Italy — 1.3%
		Italy Government Bond,
	EUR 470,000	0.450%, 06/01/21		535,923
	EUR 109,000	Reg. S, 3.500%, 03/01/30 (e)		138,059
	EUR 66,000	Reg. S, 4.750%, 09/01/44 (e)		95,270
				769,252
		Japan — 2.3%
	JPY 150,400,000	Japan Government Bond, 0.100%, 06/20/26		1,342,669
		Spain — 0.8%
	EUR 376,000	Spain Government Bond, Reg. S, 4.000%, 04/30/20 (e)		479,673
		United Kingdom — 1.0%
	GBP 435,000	U.K. Treasury Gilt, Reg. S, 1.500%, 07/22/26		581,670
		Total Foreign Government Securities (Cost $5,156,028)		5,173,915
SHARES
	Investment Companies — 22.1% (b)
	196,077	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		1,613,716
	72,396	JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,867,097
	1,261,635	JPMorgan High Yield Fund, Class R6 Shares		9,386,565
		Total Investment Companies (Cost $11,790,622)		12,867,378
NUMBER OF CONTRACTS
	Options Purchased — 0.3%
		Call Options Purchased — 0.3%
	EUR 117	Euro STOXX 50 Index, expiring 09/15/17 at EUR 3,650.00, European Style (a)		22,022
	846	iShares MSCI Emerging Markets Fund, expiring 09/15/17 at $42.00, American Style (a)		72,756
	9	Newell Brands Inc., expiring 01/19/18 at $50.00, American Style (a)		5,355
	26	S&P 500 Index, expiring 09/15/17 at $2,450.00, European Style (a)		68,900
		Total Options Purchased (Cost $341,137)		169,033

SEE NOTES TO FINANCIAL STATEMENTS.

12 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
	Preferred Stocks — 0.2%
		Germany — 0.2%
	770	Henkel AG & Co. KGaA (Preference)		106,178
	188	Volkswagen AG (Preference)		28,718
		Total Preferred Stocks (Cost $118,496)		134,896
NUMBER OF RIGHTS
	Rights — 0.0%
		United States — 0.0%
	902	Media General, Inc. CVR (a) (Cost $—)		—
PRINCIPAL AMOUNT
	U.S. Treasury Obligations — 3.9%
		U.S. Treasury Bond,
	307,400	3.625%, 08/15/43		354,074
	369,300	3.750%, 08/15/41		432,831
	66,500	5.375%, 02/15/31		89,435
	75,300	6.125%, 08/15/29		104,952
		U.S. Treasury Note,
	1,100,000	0.750%, 01/31/18 (k)		1,097,285
	200,500	2.125%, 05/15/25		199,216
		Total U.S. Treasury Obligations (Cost $2,316,468)		2,277,793
	Short-Term Investments — 9.4%
		Foreign Government Treasury Bills — 5.3%
		Canadian Treasury Bill,
	CAD 801,000	0.588%, 10/19/17 (n)		616,377
	CAD 801,000	0.599%, 11/16/17 (n)		615,982
	CAD 801,000	0.609%, 12/14/17 (n)		615,556
	CAD 1,588,000	0.786%, 08/24/17 (n)		1,223,328
		Total Foreign Government Treasury Bills (Cost $3,013,143)		3,071,243
SHARES
		Investment Company — 4.1%
	2,406,506	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.840% (b) (l) (Cost $2,406,506)		2,406,506
		Total Short-Term Investments (Cost $5,419,649)		5,477,749
		Total Investments, Before Short Positions — 92.9% (Cost $49,760,567)		54,057,159
		Other Assets in Excess of Liabilities — 7.1%		4,164,708
		NET ASSETS — 100.0%		58,221,867

SHARES		SECURITY DESCRIPTION	VALUE
	Short Positions — 1.4%
	Common Stocks — 1.4%
		Belgium — 0.1%
	394	Anheuser-Busch InBev SA/NV, ADR		43,482
		Canada — 0.0% (g)
	366	Enbridge, Inc.		14,570
		Sweden — 0.0% (g)
	33	Autoliv, Inc.		3,623
		United States — 1.3%
	45	Aflac, Inc.		3,496
	84	Air Lease Corp.		3,138
	26	Air Products & Chemicals, Inc.		3,720
	21	Amgen, Inc.		3,617
	107	Aqua America, Inc.		3,563
	71	Bed Bath & Beyond, Inc.		2,158
	43	Cardinal Health, Inc.		3,351
	38	Carter’s, Inc.		3,380
	41	CH Robinson Worldwide, Inc.		2,816
	71	Church & Dwight Co., Inc.		3,683
	111	Cisco Systems, Inc.		3,474
	28	CME Group, Inc.		3,507
	73	ConocoPhillips		3,209
	48	Consolidated Edison, Inc.		3,879
	215	Coty, Inc., Class A		4,033
	37	Crown Castle International Corp.		3,707
	160	CVS Health Corp.		12,874
	1,585	Dean Foods Co.		26,945
	326	Discovery Communications, Inc., Class A (a)		8,421
	51	Dominion Energy, Inc.		3,908
	88	Domtar Corp.		3,381
	86	Donaldson Co., Inc.		3,916
	44	Duke Energy Corp.		3,678
	62	Emerson Electric Co.		3,696
	26	Equifax, Inc.		3,573
	2,592	General Electric Co.		70,010
	1,030	General Mills, Inc.		57,062
	64	Greif, Inc., Class A		3,570
	958	Harley-Davidson, Inc.		51,751
	274	Intel Corp.		9,245
	73	International Paper Co.		4,133
	136	Interpublic Group of Cos., Inc. (The)		3,346
	34	JB Hunt Transport Services, Inc.		3,107
	129	Juniper Networks, Inc.		3,596
	450	Kellogg Co.		31,257
	146	Kimberly-Clark Corp.		18,850
	181	Kohl’s Corp.		6,999

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 13

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Short Positions — continued
	Common Stocks — continued
		United States — continued
	158	Macy’s, Inc.		3,672
	41	Medtronic plc		3,639
	130	Molson Coors Brewing Co., Class B		11,224
	120	Murphy Oil Corp.		3,076
	46	Nasdaq, Inc.		3,289
	62	National Fuel Gas Co.		3,462
	82	National Oilwell Varco, Inc.		2,701
	81	NetApp, Inc.		3,244
	1,498	NIKE, Inc., Class B		88,382
	72	Nordstrom, Inc.		3,444
	130	Omnicom Group, Inc.		10,777
	61	ONEOK, Inc.		3,182
	36	Packaging Corp. of America		4,010
	338	Papa John’s International, Inc.		24,255
	30	Praxair, Inc.		3,976
	97	Ralph Lauren Corp.		7,159
	55	Republic Services, Inc.		3,505
	446	Ross Stores, Inc.		25,748
	52	SCANA Corp.		3,484
	47	Schlumberger Ltd.		3,094
	222	Scripps Networks Interactive, Inc., Class A		15,165
	342	Seagate Technology plc		13,252
	366	Sealed Air Corp.		16,382
	64	Sonoco Products Co.		3,291
	79	Southern Co. (The)		3,783
	64	Sysco Corp.		3,221
	444	TJX Cos., Inc. (The)		32,043
	42	Torchmark Corp.		3,213
	60	Ventas, Inc.		4,169
	458	Viacom, Inc., Class B		15,375
	48	Waste Management, Inc.		3,521
	55	Welltower, Inc.		4,117
	55	WR Berkley Corp.		3,804
	63	Xilinx, Inc.		4,053
				728,761
		Total Securities Sold Short (Proceeds $799,636)	$	790,436

Percentages indicated are based on net assets.

Summary of Investments by Industry, June 30, 2017

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

LONG PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Investment Companies		23.8	%
Foreign Government Securities		9.6
Foreign Government Treasury Bill		5.7
Banks		4.8
Pharmaceuticals		3.0
Asset-Backed Securities		2.7
Collateralized Mortgage Obligations		2.5
U.S. Treasury Notes		2.4
Oil, Gas & Consumable Fuels		2.3
Insurance		2.1
U.S. Treasury Bonds		1.8
Capital Markets		1.8
IT Services		1.5
Software		1.3
Health Care Providers & Services		1.3
Beverages		1.2
Diversified Telecommunication Services		1.2
Media		1.2
Automobiles		1.1
Household Durables		1.1
Internet Software & Services		1.1
Road & Rail		1.1
Others (each less than 1.0%)		20.9
Short-Term Investment		4.5

SEE NOTES TO FINANCIAL STATEMENTS.

14 JPMORGAN INSURANCE TRUST JUNE 30, 2017

SHORT PORTFOLIO COMPOSITION BY INDUSTRY	PERCENTAGE
Food Products		14.6	%
Textiles, Apparel & Luxury Goods		12.5
Industrial Conglomerates		8.9
Specialty Retail		7.6
Beverages		6.9
Media		6.7
Automobiles		6.5
Containers & Packaging		4.0
Hotels, Restaurants & Leisure		3.1
Oil, Gas & Consumable Fuels		3.0
Household Products		2.9
Technology Hardware, Storage & Peripherals		2.1
Food & Staples Retailing		2.0
Multiline Retail		1.8
Semiconductors & Semiconductor Equipment		1.7
Equity Real Estate Investment Trusts (REITs)		1.5
Multi-Utilities		1.4
Insurance		1.3
Chemicals		1.0
Others (each less than 1.0%)		10.5

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT JUNE 30, 2017			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	7		TOPIX Index		09/07/17		JPY		1,006,869			9,099
	4		10 Year Australian Government Bond		09/15/17		AUD		397,396			(5,708	)
	4		Euro STOXX 50 Index		09/15/17		EUR		157,000			(3,867	)
	35		Mini MSCI Emerging Markets Index		09/15/17		USD		1,764,525			15,993
	11		Mini Russell 2000		09/15/17		USD		777,865			(2,857	)
	24		EUR FX		09/18/17		USD		3,440,100			64,154
			Short Futures Outstanding
	(3	)	Euro-Buxl 30-Year Bond		09/07/17		EUR		(560,293	)		12,254
	(6	)	10 Year Mini Japanese Government Bond		09/11/17		JPY		(801,405	)		2,068
	(5	)	FTSE 100 Index		09/15/17		GBP		(471,936	)		12,546
	(9	)	10 Year U.S. Treasury Note		09/20/17		USD		(1,129,781	)		4,113
	(1	)	U.S. Treasury Long Bond		09/20/17		USD		(153,688	)		(1,377	)
	(2	)	Long Gilt		09/27/17		GBP		(327,097	)		5,783
												112,201

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 15

JPMorgan Insurance Trust Global Allocation Portfolio

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	739,375		CAD	Australia and New Zealand Banking Group Ltd.		09/27/17		558,770		570,921		12,151
CONTRACTS TO SELL				COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT JUNE 30, 2017		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,713,982		AUD	Australia and New Zealand Banking Group Ltd.		09/27/17		1,303,284		1,315,943		(12,659	)
	43,314		AUD	National Australia Bank		09/27/17		33,230		33,256		(26	)
	4,556,961		CAD	State Street Corp.		07/28/17		3,445,897		3,515,678		(69,781	)
	1,228,498		CAD	National Australia Bank		09/27/17		929,908		948,604		(18,696	)
	1,517,256		EUR	Goldman Sachs International		09/27/17		1,716,297		1,740,781		(24,484	)
	1,324,464		GBP	State Street Corp.		07/28/17		1,691,151		1,726,416		(35,265	)
	454,410		GBP	Australia and New Zealand Banking Group Ltd.		09/27/17		581,234		593,411		(12,177	)
	152,024,803		JPY	HSBC Bank, NA		09/27/17		1,367,834		1,356,726		11,108
								11,068,835		11,230,815		(161,980	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ADR	—  American Depositary Receipt
AUD	—  Australian Dollar
CAD	—  Canadian Dollar
CVA	—  Dutch Certification
CVR	—  Contingent Value Rights
EUR	—  Euro
GBP	—  British Pound
JPY	—  Japanese Yen
MSCI	—  Morgan Stanley Capital International
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
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, 2017.
(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%.
(j)	—  All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $1,032,180.
(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, 2017.
(n)	—  The rate shown is the effective yield as of June 30, 2017.

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.

16 JPMORGAN INSURANCE TRUST JUNE 30, 2017

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2017 (Unaudited)

	Global Allocation Portfolio
ASSETS:
Investments in non-affiliates, at value	$	38,783,275
Investments in affiliates, at value		15,273,884
Total investment securities, at value		54,057,159
Cash		686,176
Foreign currency, at value		92,987
Deposits at broker for futures contracts		66,000
Deposits at broker for securities sold short		1,039,277
Receivables:
Investment securities sold		2,504,907
Portfolio shares sold		3,072,201
Interest and dividends from non-affiliates		99,994
Dividends from affiliates		1,580
Tax reclaims		19,605
Variation margin on futures contracts		231,972
Unrealized appreciation on forward foreign currency exchange contracts		23,259
Total Assets		61,895,117
LIABILITIES:
Payables:
Securities sold short, at value		790,436
Dividend expense to non-affiliates on securities sold short		1,453
Investment securities purchased		2,578,404
Portfolio shares redeemed		35,366
Unrealized depreciation on forward foreign currency exchange contracts		173,088
Accrued liabilities:
Investment advisory fees		17,566
Distribution fees		10,011
Custodian and accounting fees		4,278
Trustees’ and Chief Compliance Officer’s fees		51
Other		62,597
Total Liabilities		3,673,250
Net Assets	$	58,221,867
NET ASSETS:
Paid-in-Capital	$	53,242,586
Accumulated undistributed net investment income		592,680
Accumulated net realized gains (losses)		110,677
Net unrealized appreciation (depreciation)		4,275,924
Total Net Assets	$	58,221,867
Net Assets:
Class 1	$	6,833,184
Class 2		51,388,683
Total	$	58,221,867
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class 1		420,588
Class 2		3,170,491
Net Asset Value, offering and redemption price per share (a):
Class 1	$	16.25
Class 2		16.21
Cost of investments in non-affiliates	$	35,563,439
Cost of investments in affiliates		14,197,128
Cost of foreign currency		92,082
Proceeds from securities sold short		799,636

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

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 17

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2017 (Unaudited)

	Global Allocation Portfolio
INVESTMENT INCOME:
Dividend income from non-affiliates	$	325,066
Dividend income from affiliates		395,135
Interest income from non-affiliates		125,866
Interest income from affiliates		39
Interest income from non-affiliates on securities sold short		2,054
Foreign taxes withheld		(24,716	)
Total investment income		823,444
EXPENSES:
Investment advisory fees		164,371
Administration fees		22,382
Distribution fees — Class 2		61,625
Custodian and accounting fees		24,307
Interest expense to non-affiliates		42
Interest expense to affiliates		156
Professional fees		40,361
Trustees’ and Chief Compliance Officer’s fees		13,075
Printing and mailing costs		5,357
Transfer agency fees — Class 1		56
Transfer agency fees — Class 2		514
Other		2,888
Dividend expense to non-affiliates on securities sold short		7,379
Total expenses		342,513
Less fees waived		(62,724	)
Less expense reimbursements		(22	)
Net expenses		279,767
Net investment income (loss)		543,677
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		419,702
Investments in affiliates		9,626
Futures		608,565
Securities sold short		(12,186	)
Foreign currency transactions		(260,204	)
Net realized gain (loss)		765,503
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,609,559
Investments in affiliates		658,061
Futures		262,531
Foreign currency translations		(108,235	)
Securities sold short		7,307
Change in net unrealized appreciation/depreciation		3,429,223
Net realized/unrealized gains (losses)		4,194,726
Change in net assets resulting from operations	$	4,738,403

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN INSURANCE TRUST JUNE 30, 2017

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	Global Allocation Portfolio
	Six Months Ended June 30, 2017 (Unaudited)			Year Ended December 31, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	543,677		$	939,433
Net realized gain (loss)		765,503			(83,640	)
Change in net unrealized appreciation/depreciation		3,429,223			2,112,683
Change in net assets resulting from operations		4,738,403			2,968,476
DISTRIBUTIONS TO SHAREHOLDERS:
Class 1
From net investment income		—			(138,691	)
From net realized gains		—			(51	)
Class 2
From net investment income		—			(1,379,799	)
From net realized gains		—			(555	)
Total distributions to shareholders		—			(1,519,096	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,049,991	)		20,529,111
NET ASSETS:
Change in net assets		3,688,412			21,978,491
Beginning of period		54,533,455			32,554,964
End of period	$	58,221,867		$	54,533,455
Accumulated undistributed net investment income	$	592,680		$	49,003
CAPITAL TRANSACTIONS:
Class 1
Proceeds from shares issued	$	1,768,701		$	4,816,386
Distributions reinvested		—			138,742
Cost of shares redeemed		(69,278	)		(828,102	)
Change in net assets resulting from Class 1 capital transactions	$	1,699,423		$	4,127,026
Class 2
Proceeds from shares issued	$	10,080,327		$	18,819,300
Distributions reinvested		—			1,380,354
Cost of shares redeemed		(12,829,741	)		(3,797,569	)
Change in net assets resulting from Class 2 capital transactions	$	(2,749,414	)	$	16,402,085
Total change in net assets resulting from capital transactions	$	(1,049,991	)	$	20,529,111
SHARE TRANSACTIONS:
Class 1
Issued		111,677			326,903
Reinvested		—			9,318
Redeemed		(4,410	)		(56,772	)
Change in Class 1 Shares		107,267			279,449
Class 2
Issued		630,583			1,298,330
Reinvested		—			92,827
Redeemed		(814,121	)		(255,997	)
Change in Class 2 Shares		(183,538	)		1,135,160

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 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
Global Allocation Portfolio
Class 1
Six Months Ended June 30, 2017 (Unaudited)	$	14.89		0.18	(h)	$	1.18		$	1.36		$	—		$	—		$	—
Year Ended December 31, 2016		14.46		0.35	(h)		0.54			0.89			(0.46	)		—	(j)		(0.46	)
Year Ended December 31, 2015		14.93		0.30	(h)		(0.46	)		(0.16	)		(0.23	)		(0.08	)		(0.31	)
December 9, 2014 (m) through December 31, 2014		15.00		0.03			(0.06	)		(0.03	)		(0.04	)		—			(0.04	)
Class 2
Six Months Ended June 30, 2017 (Unaudited)		14.87		0.15	(h)		1.19			1.34			—			—			—
Year Ended December 31, 2016		14.45		0.30	(h)		0.54			0.84			(0.42	)		—	(j)		(0.42	)
Year Ended December 31, 2015		14.93		0.22	(h)		(0.42	)		(0.20	)		(0.20	)		(0.08	)		(0.28	)
December 9, 2014 (m) 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 the 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) Commencing on December 31, 2016, the Portfolio presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to December 31, 2016, the Portfolio did not transact in securities sold short.

(h) Calculated based upon average shares outstanding.

(i) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class 1 are 0.77% and 1.00% for the six months ended June 30, 2017 and for Class 2 are 1.02% and 1.24% for the six months ended June 30, 2017, respectively.

(j) Amount rounds to less than $0.005.

(k) Dividend expense on securities sold short is less than 0.005%.

(l) 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.

(m) Commencement of operations.

(n) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN INSURANCE TRUST JUNE 30, 2017

		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 (including dividend expense for securities sold short)  (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (including dividend expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)(g)			Portfolio turnover rate (including securities sold short) (c)(g)
$	16.25		9.13	%	$	6,833,184		0.80	%(i)		2.25	%		1.03	%(i)		37	%		43	%
	14.89		6.13			4,664,040		0.77	(k)		2.34			1.20	(k)		60			61
	14.46		(1.06	)		489,826		0.77	(l)		2.00	(l)		1.18	(l)		50			—
	14.93		(0.23	)		99,781		0.78	(l)		3.08	(l)		6.70	(l)		0.00	(n)		—
	16.21		9.01			51,388,683		1.05	(i)		1.95			1.27	%(i)		37			43
	14.87		5.84			49,869,415		1.02	(k)		2.04			1.45	(k)		60			61
	14.45		(1.32	)		32,065,138		1.03	(l)		1.48	(l)		1.58	(l)		50			—
	14.93		(0.25	)		19,853,425		1.03	(l)		2.83	(l)		6.95	(l)		0.00	(n)		—

SEE NOTES TO FINANCIAL STATEMENTS.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 21

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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.

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 Investment 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, 2017

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, 2017.

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	$	—	$	538,480	$	942,836	$	1,481,316
Collateralized Mortgage Obligations
United States		—		1,348,770		—		1,348,770
Common Stocks
Australia		—		753,031		—		753,031
Austria		—		59,372		—		59,372
Belgium		—		134,526		—		134,526
Canada		462,611		—		—		462,611
Denmark		—		97,235		—		97,235
Finland		—		246,633		—		246,633
France		—		1,142,936		—		1,142,936
Germany		—		1,189,111		—		1,189,111
Hong Kong		—		375,729		—		375,729
Ireland		79,093		—		—		79,093
Israel		75,609		—		—		75,609
Italy		—		424,925		—		424,925
Japan		—		2,846,509		—		2,846,509
Luxembourg		61,539		—		—		61,539
Netherlands		—		703,864		—		703,864
New Zealand		—		58,504		—		58,504
Norway		—		43,127		—		43,127
Portugal		—		29,626		—		29,626
Singapore		—		96,325		—		96,325
Spain		—		357,979		—		357,979
Sweden		—		88,251		—		88,251
Switzerland		—		1,136,341		—		1,136,341
United Kingdom		—		1,945,976		—		1,945,976
United States		11,259,150		119,210		—		11,378,360
Total Common Stocks		11,938,002		11,849,210		—		23,787,212

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 23

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Corporate Bonds
Belgium	$	—		$	20,607		$	—		$	20,607
Canada		—			61,394			—			61,394
Israel		—			23,046			—			23,046
United States		—			1,234,050			—			1,234,050
Total Corporate Bonds		—			1,339,097			—			1,339,097
Foreign Government Securities		—			5,173,915			—			5,173,915
Investment Companies		12,867,378			—			—			12,867,378
Options Purchased
Call Options Purchased		147,011			22,022			—			169,033
Preferred Stocks
Germany		—			134,896			—			134,896
Rights
United States		—			—			—	(a)		—	(a)
U.S. Treasury Obligations
United States		—			2,277,793			—			2,277,793
Short-Term Investments
Foreign Government Treasury Bills		—			3,071,243			—			3,071,243
Investment Company		2,406,506			—			—			2,406,506
Total Investments in Securities	$	27,358,897		$	25,755,426		$	942,836		$	54,057,159
Liabilities
Common Stocks
Belgium	$	(43,482	)	$	—		$	—		$	(43,482	)
Canada		(14,570	)		—			—			(14,570	)
Sweden		(3,623	)		—			—			(3,623	)
United States		(728,761	)		—			—			(728,761	)
Total Common Stocks		(790,436	)		—			—			(790,436	)
Total Liabilities in Securities Sold Short	$	(790,436	)	$	—		$	—		$	(790,436	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	23,259		$	—		$	23,259
Futures Contracts		104,365			21,645		��	—			126,010
Total Appreciation in Other Financial Instruments	$	104,365		$	44,904		$	—		$	149,269
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(173,088	)	$	—		$	(173,088	)
Futures Contracts		(9,942	)		(3,867	)		—			(13,809	)
Total Depreciation in Other Financial Instruments	$	(9,942	)	$	(176,955	)	$	—		$	(186,897	)

(a) Value is zero.

Transfers between fair values are valued utilizing values as of the beginning of the year.

There were no significant transfers among any levels during six months ended June 30, 2017.

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, 2016		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, 2017
Investments in Securities
Asset-Backed Securities	$	1,667,376	$	13,768	$	20,395		$	1,973	$	126,956		$	(721,405	)	$	—	$	(166,227	)	$	942,836
Rights — United States		—		—		—	(a)		—		—	(a)		—			—		—			—	(a)
	$	1,667,376	$	13,768	$	20,395		$	1,973	$	126,956		$	(721,405	)	$	—	$	(166,227	)	$	942,836

24 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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.

(a) Value is zero.

The change in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2017, which were valued using significant unobservable inputs (level 3) amounted to $21,749. 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, 2017			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	942,836		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 10.00% (5.43%)
					Constant Default Rate		2.75% - 6.90% (4.58%)
					Yield (Discount Rate of Cash Flows)		2.71% - 6.93% (3.82%)
Asset-Backed Securities		942,836
		—	(a)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)
Rights		—
Total	$	942,836

(a) Value is zero.

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 invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Portfolio may be considered an affiliate. For the purposes of the financial statements, the Portfolio assumes the 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 six months ended June 30, 2017
Affiliate	Value at December 31, 2016		Purchase Cost		Sales Proceeds		Realized Gain/(Loss)			Dividend Income		Shares at June 30, 2017		Value at June 30, 2017
JPMorgan Emerging Markets Debt Fund, Class R6 Shares	$	1,642,285	$	38,190	$	126,559	$	(1,850	)	$	38,191		196,077	$	1,613,716
JPMorgan Emerging Markets Equity Fund, Class R6 Shares		1,898,492		—		419,889		59,116			—		72,396		1,867,097
JPMorgan High Yield Fund, Class R6 Shares		16,774,896		347,780		7,955,504		(47,640	)		347,780		1,261,635		9,386,565
JPMorgan U.S. Government Money Market Fund, Institutional Class Shares		1,660,681		19,729,897		18,984,072		—			9,164		2,406,506		2,406,506
	$	21,976,354					$	9,626		$	395,135			$	15,273,884

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.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 25

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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 may purchase and/or sell (“write”) 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).

The Portfolio may be required to post or receive collateral for over the counter options.

(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 some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. 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.

26 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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). The Portfolio may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2017, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Options (a)		Futures Contracts (b)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	24,218		$	—		$	24,218
Foreign exchange contracts	Receivables		—		64,154			23,259			87,413
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		169,033		37,638			—			206,671
Total		$	169,033	$	126,010		$	23,259		$	318,302
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(7,085	)		—		$	(7,085	)
Foreign exchange contracts	Payables		—		—			(173,088	)		(173,088	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		—		(6,724	)		—			(6,724	)
Total		$	—	$	(13,809	)	$	(173,088	)	$	(186,897	)

(a) The market value of options purchased is reported as Investments in non-affiliates, at value on the Statement of Assets and Liabilities.

(b) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflect 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, 2017, 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	$	—	$	(9,618	)	$	—		$	(9,618	)
Foreign exchange contracts		—		30,224			(284,075	)		(253,851	)
Equity contracts		523,047		587,959			—			1,111,006
Total	$	523,047	$	608,565		$	(284,075	)	$	847,537

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	$	—		$	6,754	$	—		$	6,754
Foreign exchange contracts		—			28,626		(118,658	)		(90,032	)
Equity contracts		(190,340	)		227,151		—			36,811
Total	$	(190,340	)	$	262,531	$	(118,658	)	$	(46,467	)

The Portfolio’s derivatives contracts held at June 30, 2017 are not accounted for as hedging instruments under GAAP.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 27

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (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, 2017. 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	$	8,365,646
Average Notional Balance Short		788,259
Ending Notional Balance Long		3,706,259
Ending Notional Balance Short		471,936
Foreign Exchange
Average Notional Balance Long		2,583,472
Average Notional Balance Short		2,403,500	(a)
Ending Notional Balance Long		3,440,100
Interest Rate
Average Notional Balance Long		515,044
Average Notional Balance Short		4,216,513
Ending Notional Balance Long		397,396
Ending Notional Balance Short		2,972,264
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		367,914
Average Settlement Value Sold		8,767,664
Ending Settlement Value Purchased		558,770
Ending Settlement Value Sold		11,068,835
Exchange-Traded Options:
Average Number of Contracts Purchased		784
Ending Number of Contracts Purchased		998

(a) For the period December 1, 2016 through January 31, 2017.

D. Short Sales — The Portfolio engaged in short sales as part of its normal investment activities. In a short sale, the Portfolio sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Portfolio borrows securities from a broker. To close out a short position, the Portfolio delivers the same securities to the broker.

The Portfolio is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Portfolio may receive or pay the net of the following amounts:(i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statement of Operations.

The Portfolio is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statement of Operations as dividend expense on securities sold short. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Portfolio is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Portfolio will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Portfolio replaces the borrowed security. The Portfolio will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2017, the Portfolio had outstanding short sales as listed on the SOI.

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.

28 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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.

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, 2017, 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, remain 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 0.60%.

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, 2017, 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.

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 29

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class 1 Shares do not charge a distribution fee. The Distribution Plan provides that the Portfolio shall pay distribution fees, including payments to JPMDS, 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 (for all share classes), Administrator (for all share classes) and/or JPMDS (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
	0.78	%		1.03	%

The expense limitation agreement was in effect for the six months ended June 30, 2017 and is in place until at least April 30, 2018.

For the six months ended June 30, 2017, 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 Fees		Administration Fees		Total		Contractual Reimbursements
$	38,111	$	21,494	$	59,605	$	22

Additionally, the Portfolio may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS 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.

The amount of waivers resulting from investments in these money market funds for the six months ended June 30, 2017 was $3,119.

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 JPMDS. 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, 2017, the Portfolio did not incurred 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.

30 JPMORGAN INSURANCE TRUST JUNE 30, 2017

4. Investment Transactions

During the six months ended June 30, 2017, 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		Securities Sold Short		Covers on Securities Sold Short
$	15,465,724	$	17,972,005	$	1,833,399	$	683,762	$	3,011,773	$	2,629,944

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, 2017 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	49,760,567	$	4,862,210	$	565,618	$	4,296,592

During the year ended December 31, 2016, the Portfolio had long-term capital loss carryforwards in the amount of $90,845.

6. Borrowings

The Portfolio relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Portfolio to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility 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. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Portfolio because the Portfolio and the series of the Trust are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

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 6, 2017.

The Portfolio had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended June 30, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing portfolio must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a portfolio does not comply with the aforementioned requirements, the portfolio must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing portfolio at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating portfolios pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended. The Portfolio did not utilize the Credit Facility during the six months ended June 30, 2017.

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, 2017, the Adviser owned shares representing 25.0% of the Portfolio’s net assets. As of June 30, 2017, the Portfolio had four omnibus accounts which owned 69.8% of the Portfolio’s outstanding shares. Significant shareholder transactions by these shareholders may impact the Portfolio’s performance and liquidity.

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,

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 31

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2017 (Unaudited) (continued)

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, 2017, a portion of the Portfolio’s investments 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, including futures, options, swaps, and forwards, may be riskier than other types of investments and may increase the volatility of the Portfolio. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Portfolio’s original investment. Derivatives expose the Portfolio to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Portfolio does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Portfolio may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Portfolio to risks of mispricing or improper valuation. 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.

As of June 30, 2017, the Portfolio pledged a significant portion of its assets for securities sold short to Citigroup Global Markets, Inc. and Deposits at broker for securities sold short, as noted on the Statement of Assets and Liabilities.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and will require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X will apply to Portfolio’s fiscal year end on or after August 1, 2017. At this time, management is currently evaluating the impact of the Regulation S-X amendments on the Portfolio’s financial statements and related disclosures. The adoption will have no effect on the Portfolio’s net assets or result of operations.

32 JPMORGAN INSURANCE TRUST JUNE 30, 2017

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, 2017, and continued to hold your shares at the end of the reporting period, June 30, 2017.

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, 2017		Ending Account Value June 30, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Global Allocation Portfolio
Class 1
Actual	$	1,000.00	$	1,091.30	$	4.15		0.80	%
Hypothetical		1,000.00		1,020.83		4.01		0.80
Class 2
Actual		1,000.00		1,090.10		5.44		1.05
Hypothetical		1,000.00		1,019.59		5.26		1.05

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

JUNE 30, 2017 JPMORGAN INSURANCE TRUST 33

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., 2017.  All rights reserved. June 2017. SAN-JPMITGAP-617

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, 2017

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, 2017

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	August 24, 2017